{"annotation_id":"ca23e9f6-8a4c-42bb-8a33-2918074ec8fd","file_hash":"b2d2f5e264f00929ddbab797c57459ac9cea26f77696143f1101495c04db07d2","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"e1348d23-a503-45cc-9f77-7cba0ecebc06","block_type":"box","text":"iShares, Inc.","page_number":1,"box":{"x":454,"y":69,"width":95,"height":12}},{"id":"eb96fb29-4ef6-41b0-9d22-b3502e244f99","block_type":"box","text":"Supplement dated October 23, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"33038dfb-763f-4848-a53c-b8312033c04b","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":1,"box":{"x":268,"y":108,"width":467,"height":12}},{"id":"35957215-fe38-443f-8f69-e6388f847a3a","block_type":"box","text":"Statement of Additional Information (the “SAI”) for the","page_number":1,"box":{"x":300,"y":123,"width":403,"height":13}},{"id":"1ea84d51-fde2-4e99-9680-e7d426b4cf54","block_type":"box","text":"iShares MSCI Malaysia ETF (EWM) (the “Fund”)","page_number":1,"box":{"x":327,"y":139,"width":350,"height":12}},{"id":"82bdc091-892e-4328-b2a8-d4b23f64948d","block_type":"box","text":"The Board of Directors has approved the following changes for the Fund that are expected to take effect","page_number":1,"box":{"x":116,"y":162,"width":760,"height":12}},{"id":"ea5f4e1a-84fa-4ab8-93de-b5e4703d5f2d","block_type":"box","text":"on or around December 1, 2026:","page_number":1,"box":{"x":116,"y":177,"width":241,"height":12}},{"id":"b95c9bcf-f1bd-4fdb-aaec-0976b46e1975","block_type":"box","text":"1. The Fund’s Underlying Index will change as described in the table below. All references to the","page_number":1,"box":{"x":118,"y":200,"width":712,"height":13}},{"id":"b1bec1af-308a-4a6d-9a22-d5b91fb9ba0f","block_type":"box","text":"Underlying Index for the Fund will refer to the new Underlying Index.","page_number":1,"box":{"x":151,"y":216,"width":499,"height":12}},{"id":"9ff1b73b-ca22-40b9-b060-26e08460d57a","block_type":"box","text":"Current Underlying Index New Underlying Index","page_number":1,"box":{"x":236,"y":239,"width":552,"height":13}},{"id":"7c885217-09a2-4233-8709-9e3b0a5c0b77","block_type":"box","text":"MSCI Malaysia Index MSCI Malaysia 25/50 Index","page_number":1,"box":{"x":258,"y":260,"width":546,"height":12}},{"id":"44ba89c5-d0fc-4844-9db4-81d63d985ffa","block_type":"box","text":"2. The Principal Investment Strategies section of the Summary Prospectus and Prospectus for the Fund","page_number":1,"box":{"x":117,"y":290,"width":767,"height":13}},{"id":"6e4b791c-b52f-419a-a897-ace7e9b01647","block_type":"box","text":"will be deleted and replaced with the following:","page_number":1,"box":{"x":149,"y":306,"width":346,"height":13}},{"id":"9ef2788c-f0a7-4f99-8992-9edc3c3609a7","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Malaysia 25/50 Index (the “Underlying","page_number":1,"box":{"x":149,"y":329,"width":720,"height":13}},{"id":"0d6e198f-3b77-4c8f-9a6c-40806e6d72d1","block_type":"box","text":"Index”), which is a free float-adjusted market capitalization-weighted index that is designed to","page_number":1,"box":{"x":151,"y":344,"width":686,"height":13}},{"id":"a623f6e3-54de-495c-9a2c-05d48cee7c7c","block_type":"box","text":"measure the performance of the large- and mid-capitalization segments of the equity market in","page_number":1,"box":{"x":151,"y":360,"width":695,"height":13}},{"id":"8dd7e4ae-a2bb-4c07-8150-f04a416a7103","block_type":"box","text":"Malaysia. The Underlying Index is rebalanced quarterly using an optimization process that aims to","page_number":1,"box":{"x":150,"y":375,"width":713,"height":13}},{"id":"e7dd7918-c27a-4b69-b424-b013fae1dfd8","block_type":"box","text":"minimize the constituent weight differences between the Underlying Index and the MSCI Malaysia","page_number":1,"box":{"x":151,"y":391,"width":714,"height":13}},{"id":"5207bb60-309b-4dda-9302-4e27cd307218","block_type":"box","text":"Index. The Underlying Index uses a capping methodology that limits the weight of any single “group","page_number":1,"box":{"x":151,"y":406,"width":729,"height":13}},{"id":"b1865e70-5663-4a63-b9ca-6f020d90badf","block_type":"box","text":"entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":1,"box":{"x":150,"y":422,"width":732,"height":13}},{"id":"452539dc-87d4-46d4-bf4b-2c530f24a30b","block_type":"box","text":"Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":1,"box":{"x":151,"y":437,"width":721,"height":13}},{"id":"bfac45f7-9420-4d56-b035-603f4674bd23","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an","page_number":1,"box":{"x":150,"y":453,"width":711,"height":13}},{"id":"89fd813e-cdaa-464f-aa5d-4b3b673820b5","block_type":"box","text":"affiliated corporate group but may separately issue listed securities. To determine “group entities,”","page_number":1,"box":{"x":150,"y":468,"width":718,"height":13}},{"id":"0ce81e78-1600-477d-b88e-d789cafa0afe","block_type":"box","text":"MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":1,"box":{"x":150,"y":484,"width":721,"height":13}},{"id":"aa7ce738-f1d3-4302-a554-34b7e9441626","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":1,"box":{"x":150,"y":499,"width":726,"height":13}},{"id":"9f453c93-beeb-4249-9c79-5b7b81a894df","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same","page_number":1,"box":{"x":150,"y":515,"width":736,"height":13}},{"id":"1ef42315-dcfb-4a3d-81bb-719ec366849f","block_type":"box","text":"group entity where there is reasonable evidence of control based on other information. All group","page_number":1,"box":{"x":150,"y":530,"width":705,"height":13}},{"id":"8fe3fa5a-4f39-405d-8694-09a01095d0da","block_type":"box","text":"entities are reviewed on an annual basis.","page_number":1,"box":{"x":150,"y":546,"width":297,"height":10}},{"id":"6e2ae742-c7db-492b-886c-9c8ba7810897","block_type":"box","text":"As of August 31, 2026, the Underlying Index had approximately 21 constituents, and a significant","page_number":1,"box":{"x":150,"y":569,"width":710,"height":13}},{"id":"3405dd40-ca1f-4f0f-9945-4d958092b509","block_type":"box","text":"portion of the Underlying Index was represented by securities of companies in the financials industry","page_number":1,"box":{"x":150,"y":585,"width":734,"height":12}},{"id":"8af84bc0-744a-4fb9-a1dd-230def8b4ed5","block_type":"box","text":"or sector. The components of the Underlying Index are likely to change over time.","page_number":1,"box":{"x":150,"y":600,"width":595,"height":13}},{"id":"d4c7939c-5eec-470a-9f1a-0bfbe7e59dfd","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of","page_number":1,"box":{"x":149,"y":623,"width":724,"height":13}},{"id":"4c910084-e176-4102-a176-35053fc684fc","block_type":"box","text":"the Fund. BFA uses a representative sampling indexing strategy to manage the Fund.","page_number":1,"box":{"x":149,"y":639,"width":620,"height":12}},{"id":"70d23c46-9075-47d4-93c7-509777511fc3","block_type":"box","text":"“Representative sampling” is an indexing strategy that involves investing in a representative sample","page_number":1,"box":{"x":150,"y":654,"width":726,"height":13}},{"id":"0aa45cf8-9528-491f-988a-3ee0cd9e6537","block_type":"box","text":"of securities or other instruments intended to collectively have an investment profile similar to that","page_number":1,"box":{"x":150,"y":670,"width":715,"height":12}},{"id":"542361b8-bb9b-4260-9f69-1edb3cc46ff9","block_type":"box","text":"of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":1,"box":{"x":150,"y":685,"width":716,"height":13}},{"id":"e7edd655-a210-4834-9118-645d912fdc5f","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings),","page_number":1,"box":{"x":150,"y":701,"width":726,"height":12}},{"id":"901b30c9-6c63-4b4a-ae93-fc82a120fc02","block_type":"box","text":"fundamental characteristics (such as return variability and yield) and liquidity measures similar to","page_number":1,"box":{"x":150,"y":716,"width":705,"height":13}},{"id":"2252a206-47e1-417b-b5df-ee0622dfd641","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not hold all of the components of the","page_number":1,"box":{"x":149,"y":732,"width":727,"height":12}},{"id":"602b13b6-681a-4334-8c06-675ac7befd10","block_type":"box","text":"Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of","page_number":1,"box":{"x":151,"y":747,"width":707,"height":13}},{"id":"182b2645-f192-4122-b42f-3a166b80ccd6","block_type":"box","text":"the Underlying Index or exposure to one or more market risk factors associated with such","page_number":1,"box":{"x":149,"y":763,"width":650,"height":12}},{"id":"088a18ba-61c2-40f5-a06a-f48071323a28","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash","page_number":1,"box":{"x":150,"y":778,"width":722,"height":13}},{"id":"f2c5abd0-f838-415a-8308-b2437433f052","block_type":"box","text":"equivalents, including shares of money market funds advised by BFA or its affiliates, and may also","page_number":1,"box":{"x":150,"y":794,"width":707,"height":12}},{"id":"95ff1630-0394-4aee-a113-0173fe06fba0","block_type":"box","text":"purchase and hold instruments not included in the Underlying Index when BFA believes that such","page_number":1,"box":{"x":150,"y":809,"width":705,"height":13}},{"id":"7929b48d-d8a8-46ca-bd9a-254d9487b4f3","block_type":"box","text":"instruments will help the Fund track the performance of the Underlying Index over time, including in","page_number":1,"box":{"x":150,"y":825,"width":730,"height":12}},{"id":"80ae7125-ca23-4c3e-b6a3-909da665cf71","block_type":"box","text":"light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying","page_number":1,"box":{"x":151,"y":840,"width":724,"height":13}},{"id":"28dc9b43-9a48-4ca8-8f4f-5e9aabafc1e5","block_type":"box","text":"Index, or other reasons as determined by BFA.","page_number":1,"box":{"x":151,"y":856,"width":337,"height":12}},{"id":"1ab3f3f3-a779-43a8-a1f6-9d0895d7d769","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940","page_number":1,"box":{"x":151,"y":879,"width":729,"height":12}},{"id":"06b9edf1-186b-4cae-86c0-4d07e330a206","block_type":"box","text":"Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net","page_number":1,"box":{"x":150,"y":894,"width":700,"height":13}},{"id":"ad4829fb-b1bd-4428-bb6c-3ca9dc7725fb","block_type":"box","text":"assets, plus the amount of any borrowings for investment purposes, in components of its Underlying","page_number":1,"box":{"x":150,"y":910,"width":730,"height":12}},{"id":"d4ee21ee-9436-4fc1-a2e8-fb651b5fd73e","block_type":"box","text":"Index. Investments in derivatives and other investments will be counted toward the Fund’s 80%","page_number":1,"box":{"x":151,"y":925,"width":692,"height":10}},{"id":"bab368d8-ccf5-43a9-a413-89ccd733012c","block_type":"box","text":"investment policy to the extent that they provide exposure to the components of its Underlying","page_number":2,"box":{"x":150,"y":69,"width":694,"height":13}},{"id":"6c314ee1-cc98-4aa4-87c8-3daece793efc","block_type":"box","text":"Index or exposure to one or more market risk factors associated with such components. The Fund’s","page_number":2,"box":{"x":151,"y":85,"width":727,"height":12}},{"id":"2825db5b-f905-4eb8-be88-d9bd196d9f44","block_type":"box","text":"80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon","page_number":2,"box":{"x":150,"y":100,"width":710,"height":13}},{"id":"2ad55d40-d305-4ec0-9226-c5487bcd665d","block_type":"box","text":"60 days’ notice to shareholders.","page_number":2,"box":{"x":150,"y":116,"width":234,"height":12}},{"id":"38851d4a-bb56-400e-94c4-7d9aca8b226c","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets","page_number":2,"box":{"x":149,"y":140,"width":703,"height":13}},{"id":"7d27836d-2437-44e0-a7b2-ba1f0a9aa671","block_type":"box","text":"(including the value of any collateral received).","page_number":2,"box":{"x":151,"y":155,"width":341,"height":13}},{"id":"e17822e6-c9bb-47be-8269-3d91363b2d77","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is","page_number":2,"box":{"x":149,"y":180,"width":658,"height":12}},{"id":"269d6e73-9934-45bf-a7d0-5f4182fe6192","block_type":"box","text":"independent of the Fund and BFA. The Index Provider determines the composition and relative","page_number":2,"box":{"x":150,"y":195,"width":690,"height":13}},{"id":"19be5159-1a5a-42ca-9fbb-5184ed6f1c1e","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes information regarding the market","page_number":2,"box":{"x":149,"y":211,"width":729,"height":12}},{"id":"e1eb0ba2-28ea-4515-b333-f6104806cadc","block_type":"box","text":"value of the Underlying Index.","page_number":2,"box":{"x":149,"y":226,"width":221,"height":13}},{"id":"2700d917-ac0b-49df-b18a-93f6f6b143f6","block_type":"box","text":"Industry Concentration Policy.","page_number":2,"box":{"x":151,"y":250,"width":229,"height":13}},{"id":"5044d599-e8c8-42d1-acaa-6f1eb19bf5d7","block_type":"box","text":"The Fund will concentrate its investments (i.e., hold 25% or more of","page_number":2,"box":{"x":381,"y":250,"width":501,"height":13}},{"id":"c75318e3-d73b-4b13-9b06-12c2899ff37c","block_type":"box","text":"its total assets) in a particular industry or group of industries to approximately the same extent that","page_number":2,"box":{"x":150,"y":266,"width":724,"height":12}},{"id":"8e5b8652-c0d4-4b5d-a58d-a99a3324d09f","block_type":"box","text":"the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S.","page_number":2,"box":{"x":149,"y":281,"width":653,"height":13}},{"id":"6ae56c13-1c52-4c15-b130-8337ee446b55","block_type":"box","text":"government (including its agencies and instrumentalities) and repurchase agreements collateralized","page_number":2,"box":{"x":150,"y":297,"width":730,"height":13}},{"id":"dd6800b0-ea3d-46cf-8448-7b348fb6f859","block_type":"box","text":"by U.S. government securities are not considered to be issued by members of any industry.","page_number":2,"box":{"x":151,"y":312,"width":661,"height":13}},{"id":"c4840a60-9ae6-4ce6-840a-652e8473e925","block_type":"box","text":"3. In the SAI, the index description for the MSCI Malaysia Index will be deleted and replaced with the","page_number":2,"box":{"x":116,"y":337,"width":746,"height":12}},{"id":"7b09becb-565b-400a-a407-90106f8bf3bd","block_type":"box","text":"following:","page_number":2,"box":{"x":150,"y":352,"width":75,"height":13}},{"id":"746b149e-fe6f-462e-a5ec-355f1c8eb699","block_type":"box","text":"MSCI Malaysia 25/50 Index","page_number":2,"box":{"x":150,"y":376,"width":213,"height":13}},{"id":"f4124134-3c69-4dfd-ac65-4efb0453fbfc","block_type":"box","text":"Index Description.","page_number":2,"box":{"x":151,"y":401,"width":138,"height":12}},{"id":"f76245aa-1647-4cd9-a472-558858a491f7","block_type":"box","text":"The MSCI Malaysia 25/50 Index is designed to measure the performance of the","page_number":2,"box":{"x":289,"y":401,"width":586,"height":12}},{"id":"f01e5d6a-5f7d-4cb6-b13d-8857211ec718","block_type":"box","text":"large- and mid-capitalization segments of the equity market in Malaysia. The Underlying Index is","page_number":2,"box":{"x":151,"y":416,"width":702,"height":13}},{"id":"0f953e63-e120-4b49-80ae-ffe8241213b2","block_type":"box","text":"rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":2,"box":{"x":151,"y":432,"width":704,"height":12}},{"id":"ff815ddc-f97b-4cca-a67c-b0b0ebf28034","block_type":"box","text":"differences between the Underlying Index and the MSCI Malaysia Index.","page_number":2,"box":{"x":150,"y":447,"width":524,"height":13}},{"id":"7bd5e681-0e02-41c3-bda1-3f6abd622e97","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the weight of any single “group entity”","page_number":2,"box":{"x":149,"y":471,"width":736,"height":13}},{"id":"2d9efad7-65d0-4ac1-82f6-ae298a509468","block_type":"box","text":"(constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":2,"box":{"x":151,"y":487,"width":679,"height":12}},{"id":"98321e4f-fbf8-4c06-a402-12417f872d75","block_type":"box","text":"Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":2,"box":{"x":151,"y":502,"width":721,"height":13}},{"id":"d0f758e7-c886-42ad-98c9-6864a66617c6","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an","page_number":2,"box":{"x":150,"y":518,"width":711,"height":12}},{"id":"6b13e02b-acd7-4564-a63c-0038113446bb","block_type":"box","text":"affiliated corporate group but may separately issue listed securities. To determine “group entities,”","page_number":2,"box":{"x":150,"y":533,"width":718,"height":13}},{"id":"4bcd7f40-a266-48b4-b7ad-9b9f3763e2e3","block_type":"box","text":"MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":2,"box":{"x":150,"y":549,"width":721,"height":12}},{"id":"d29765da-075e-49f6-8c28-a8077da951e0","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":2,"box":{"x":150,"y":564,"width":726,"height":13}},{"id":"e53a3809-8d62-4eb6-9c8d-75f5e8c670f8","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same","page_number":2,"box":{"x":150,"y":580,"width":736,"height":12}},{"id":"9bdd1078-028a-4365-bca0-799d1b789f42","block_type":"box","text":"group entity where there is reasonable evidence of control based on other information. All group","page_number":2,"box":{"x":150,"y":595,"width":705,"height":13}},{"id":"c8d683b0-75fb-4eaa-a4ec-bfa7888b4ac5","block_type":"box","text":"entities are reviewed on an annual basis.","page_number":2,"box":{"x":150,"y":611,"width":297,"height":10}},{"id":"7c748cfd-d596-47fd-82f5-922505e3be92","block_type":"box","text":"4. In the SAI, the Non-Fundamental Investment Policies of the Funds with respect to the Fund will be","page_number":2,"box":{"x":116,"y":635,"width":749,"height":13}},{"id":"728e369e-66e8-4b9e-829f-0898e33b8251","block_type":"box","text":"deleted and replaced with the following:","page_number":2,"box":{"x":150,"y":651,"width":295,"height":12}},{"id":"4934f5d7-1716-47a2-9f00-9e346b45ce90","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without","page_number":2,"box":{"x":151,"y":675,"width":701,"height":12}},{"id":"2a52ad1e-a1a2-4aad-9c62-aefe0f5b9436","block_type":"box","text":"shareholder approval, the Fund may not purchase shares of any registered open-end investment","page_number":2,"box":{"x":150,"y":690,"width":699,"height":13}},{"id":"2caeb216-984b-456c-bd5f-7a9cec9f306f","block_type":"box","text":"company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) of the","page_number":2,"box":{"x":150,"y":706,"width":665,"height":12}},{"id":"e742ceac-4d19-47ea-a926-0b15f798e94f","block_type":"box","text":"Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":2,"box":{"x":151,"y":721,"width":691,"height":13}},{"id":"2ef2e21b-633b-4e48-84ce-aaf2d153b37d","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of","page_number":2,"box":{"x":150,"y":737,"width":657,"height":12}},{"id":"4906a9bf-be5a-4f49-b190-bc8ccafbb945","block_type":"box","text":"Section 12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of","page_number":2,"box":{"x":150,"y":752,"width":711,"height":13}},{"id":"0589acb8-9548-4612-aff6-360feb0468bb","block_type":"box","text":"registered open-end investment companies to the extent otherwise permissible under other","page_number":2,"box":{"x":151,"y":768,"width":665,"height":12}},{"id":"2a29a471-b692-44d1-8614-49da642e109d","block_type":"box","text":"provisions of the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority","page_number":2,"box":{"x":150,"y":783,"width":714,"height":13}},{"id":"08bbae20-7354-4abb-b4bf-65dec4ed814b","block_type":"box","text":"having jurisdiction, from time to time.","page_number":2,"box":{"x":151,"y":799,"width":271,"height":12}},{"id":"6b6af766-3fca-47bd-9ec2-bd1057e5dc31","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":823,"width":516,"height":13}},{"id":"bde68e30-1fb4-425c-9fa8-769cf517168f","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"032c896a-8a1d-4049-b1e4-1eeb3bbcff06","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"950f05e2-0a40-4802-a617-6c7c9240002f","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"cd7ebc01-57d3-49f3-9f5b-7aab049da34f","block_type":"box","text":"IS-SUPP-EWM-1026","page_number":2,"box":{"x":766,"y":887,"width":117,"height":8}},{"id":"af747d71-eded-4fd0-be12-ca33a3db5532","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"1ae0e122-75c6-4b98-942c-6587a2b177b3","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"cc82cad6-4437-4e44-907a-a508ff683e71","block_type":"box","text":"iShares, Inc.","page_number":3,"box":{"x":454,"y":69,"width":95,"height":12}},{"id":"e6202b53-c09a-48ab-875a-d4583f9634b3","block_type":"box","text":"Supplement dated October 23, 2026","page_number":3,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"495a70c0-fd23-47cd-acd9-c149f476c3ff","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":3,"box":{"x":268,"y":108,"width":467,"height":13}},{"id":"7d8fc614-a22a-433d-8333-54c046daa1e7","block_type":"box","text":"Statement of Additional Information (the “SAI”) for the","page_number":3,"box":{"x":300,"y":123,"width":403,"height":13}},{"id":"b3c0c5b2-103d-4347-8d7c-f99f6d50145a","block_type":"box","text":"iShares MSCI South Korea ETF (EWY) (the “Fund”)","page_number":3,"box":{"x":317,"y":139,"width":370,"height":13}},{"id":"215d2ec6-38ff-4a40-a19d-e7b2538c19a9","block_type":"box","text":"The Board of Directors has approved the following changes for the Fund that are expected to take effect","page_number":3,"box":{"x":116,"y":162,"width":760,"height":13}},{"id":"06d8f9fe-67b0-482a-9d07-5ec001139b36","block_type":"box","text":"on or around November 9, 2026:","page_number":3,"box":{"x":116,"y":178,"width":242,"height":11}},{"id":"9dca9483-65ac-4c58-a0b1-389300951a16","block_type":"box","text":"1. The Fund’s Underlying Index will change as described in the table below. All references to the","page_number":3,"box":{"x":118,"y":201,"width":712,"height":13}},{"id":"7e6a13ea-bd49-473a-b71b-e6d536ed3015","block_type":"box","text":"Underlying Index for the Fund will refer to the new Underlying Index.","page_number":3,"box":{"x":151,"y":216,"width":499,"height":13}},{"id":"7456aa51-ec73-46fa-98b8-ec0c58840161","block_type":"box","text":"Current Underlying Index New Underlying Index","page_number":3,"box":{"x":236,"y":237,"width":552,"height":13}},{"id":"3c4c4509-6933-4a68-855b-ba686a4bca9a","block_type":"box","text":"MSCI Korea 25/50 Index MSCI Korea 25/50 Daily 25 Capped Index","page_number":3,"box":{"x":244,"y":258,"width":611,"height":12}},{"id":"c9163d98-ceb4-4aa8-941b-0f512e6df83b","block_type":"box","text":"2. The Principal Investment Strategies section of the Summary Prospectus and Prospectus for the Fund","page_number":3,"box":{"x":117,"y":289,"width":767,"height":12}},{"id":"f978f376-38b9-4197-b1bc-f6462ea564ff","block_type":"box","text":"will be deleted and replaced with the following:","page_number":3,"box":{"x":149,"y":304,"width":346,"height":13}},{"id":"1eee1937-aa7a-4769-a509-1e1cfbb147b4","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Korea 25/50 Daily 25 Capped Index (the","page_number":3,"box":{"x":149,"y":328,"width":730,"height":12}},{"id":"84deaf1f-c4f2-4ca2-9f84-2d4b4e87e05c","block_type":"box","text":"“Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is","page_number":3,"box":{"x":150,"y":343,"width":689,"height":13}},{"id":"e7f335d1-3c4d-4456-a31b-a2cdeeb1b851","block_type":"box","text":"designed to measure the performance of the large- and mid-capitalization segments of the equity","page_number":3,"box":{"x":150,"y":359,"width":712,"height":12}},{"id":"234a3128-9502-4423-8dab-91cd49f0f81e","block_type":"box","text":"market in Korea. The Underlying Index is rebalanced quarterly using an optimization process that","page_number":3,"box":{"x":151,"y":374,"width":706,"height":13}},{"id":"8867196e-f0ad-4462-8ca8-12c676fd8476","block_type":"box","text":"aims to minimize the constituent weight differences between the Underlying Index and the MSCI","page_number":3,"box":{"x":150,"y":390,"width":705,"height":12}},{"id":"77f836a5-46ee-40fa-bd0e-624e4259cb44","block_type":"box","text":"Korea Index. The Underlying Index uses a capping methodology that limits the weight of any single","page_number":3,"box":{"x":151,"y":405,"width":720,"height":13}},{"id":"800e33f2-f58c-446b-b0b2-0d03588facc0","block_type":"box","text":"“group entity” (constituents that MSCI determines have a control relationship) to a maximum of","page_number":3,"box":{"x":150,"y":421,"width":703,"height":12}},{"id":"2c45874d-5461-4e6d-8edc-0b98bf5ae8a0","block_type":"box","text":"25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an","page_number":3,"box":{"x":150,"y":436,"width":729,"height":13}},{"id":"a5fec8d1-4171-44ab-a2ff-cfd36d0b1046","block_type":"box","text":"aggregate of 50% of the Underlying Index weight. 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To determine “group entities,” MSCI analyzes financial accounts of","page_number":3,"box":{"x":150,"y":514,"width":727,"height":12}},{"id":"115d3bd6-b7ff-4c30-a221-733b98a8bc83","block_type":"box","text":"listed companies holding stakes of 20% or more in other listed companies to determine whether","page_number":3,"box":{"x":151,"y":529,"width":703,"height":13}},{"id":"636b389c-7235-41a3-85a5-c8fd2ff0db56","block_type":"box","text":"these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts,","page_number":3,"box":{"x":149,"y":545,"width":737,"height":12}},{"id":"ffbbde4d-4aaf-497e-9a16-f803590bb300","block_type":"box","text":"MSCI may also consider two companies as belonging to the same group entity where there is","page_number":3,"box":{"x":150,"y":560,"width":681,"height":13}},{"id":"0256920f-83ae-4f39-b38a-b63e0ded0694","block_type":"box","text":"reasonable evidence of control based on other information. All group entities are reviewed on an","page_number":3,"box":{"x":151,"y":576,"width":703,"height":12}},{"id":"8d85106d-431e-47b4-814a-0cd54eeea8c4","block_type":"box","text":"annual basis.","page_number":3,"box":{"x":150,"y":591,"width":98,"height":10}},{"id":"7efd3aae-5952-4c27-b8e3-cac9075db1d7","block_type":"box","text":"As of September 30, 2026, the Underlying Index had approximately 74 constituents, and a significant","page_number":3,"box":{"x":150,"y":614,"width":737,"height":13}},{"id":"61384389-54dc-4c78-9eec-86cd2048dfd4","block_type":"box","text":"portion of the Underlying Index was represented by securities of companies in the industrials and","page_number":3,"box":{"x":150,"y":630,"width":708,"height":13}},{"id":"2c5af4e9-9f35-4191-9880-c3a934e6438c","block_type":"box","text":"technology industries or sectors. The components of the Underlying Index are likely to change over","page_number":3,"box":{"x":149,"y":645,"width":724,"height":13}},{"id":"4facadc4-a006-4881-ab34-a684a951d4cb","block_type":"box","text":"time.","page_number":3,"box":{"x":149,"y":662,"width":36,"height":9}},{"id":"542bdc59-0bbe-425d-972a-3d225528cfa2","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of","page_number":3,"box":{"x":149,"y":684,"width":721,"height":13}},{"id":"34b613c6-04d4-450d-9d73-0874293d9f6d","block_type":"box","text":"the Fund. BFA uses a representative sampling indexing strategy to manage the Fund.","page_number":3,"box":{"x":149,"y":700,"width":615,"height":12}},{"id":"209a546e-62ae-411e-a53f-d49340a53ad5","block_type":"box","text":"“Representative sampling” is an indexing strategy that involves investing in a representative sample","page_number":3,"box":{"x":150,"y":715,"width":721,"height":13}},{"id":"32c84e07-120a-4db1-a2d5-82a313bf32eb","block_type":"box","text":"of securities or other instruments intended to collectively have an investment profile similar to that","page_number":3,"box":{"x":150,"y":731,"width":715,"height":12}},{"id":"84ee10de-9141-4d40-9e50-f3de67228ecb","block_type":"box","text":"of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":3,"box":{"x":150,"y":746,"width":716,"height":13}},{"id":"d5647ad0-fd52-4eda-bdbc-8778467c9004","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings),","page_number":3,"box":{"x":150,"y":762,"width":726,"height":12}},{"id":"60dd4f3c-f54b-45fa-b5d5-fba767d04a24","block_type":"box","text":"fundamental characteristics (such as return variability and yield) and liquidity measures similar to","page_number":3,"box":{"x":150,"y":777,"width":705,"height":13}},{"id":"49741047-ed99-4ea3-b5d2-1a91eab11f75","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not hold all of the components of the","page_number":3,"box":{"x":149,"y":793,"width":727,"height":12}},{"id":"9c6f9beb-7d2c-44c3-9334-c038bb6f30f9","block_type":"box","text":"Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of","page_number":3,"box":{"x":151,"y":808,"width":707,"height":13}},{"id":"1540ae09-f6e8-4633-9726-b0033439e05a","block_type":"box","text":"the Underlying Index or exposure to one or more market risk factors associated with such","page_number":3,"box":{"x":149,"y":824,"width":650,"height":12}},{"id":"ecd670dd-cc72-4560-a014-bc33bbf3def1","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash","page_number":3,"box":{"x":150,"y":839,"width":727,"height":13}},{"id":"f2645ca3-2f93-41fa-bf40-cf08a16c0199","block_type":"box","text":"equivalents, including shares of money market funds advised by BFA or its affiliates, and may also","page_number":3,"box":{"x":150,"y":855,"width":712,"height":12}},{"id":"10a9f7a9-8826-41ff-a00d-5ac363268fdb","block_type":"box","text":"purchase and hold instruments not included in the Underlying Index when BFA believes that such","page_number":3,"box":{"x":150,"y":870,"width":710,"height":13}},{"id":"c241da7f-d204-42cd-b106-bc291f89db33","block_type":"box","text":"instruments will help the Fund track the performance of the Underlying Index over time, including in","page_number":3,"box":{"x":150,"y":886,"width":730,"height":12}},{"id":"f3bed7fb-7dcd-430c-bbe1-79eb5e5169c5","block_type":"box","text":"light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying","page_number":3,"box":{"x":151,"y":901,"width":724,"height":13}},{"id":"85d5edea-c952-4fad-81de-98f76e3697b3","block_type":"box","text":"Index, or other reasons as determined by BFA.","page_number":3,"box":{"x":151,"y":917,"width":332,"height":12}},{"id":"1758e07c-3ba8-40fe-9746-848e326e5ef1","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940","page_number":4,"box":{"x":151,"y":69,"width":729,"height":13}},{"id":"e80df059-933a-43c6-b21c-3c75ee48eca5","block_type":"box","text":"Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net","page_number":4,"box":{"x":150,"y":85,"width":700,"height":12}},{"id":"a924f8bb-2f80-4cbe-b9ad-eed446a7dcf0","block_type":"box","text":"assets, plus the amount of any borrowings for investment purposes, in components of its Underlying","page_number":4,"box":{"x":150,"y":100,"width":735,"height":13}},{"id":"90c9ec03-cfaf-445a-8f15-5062b6610a78","block_type":"box","text":"Index. Investments in derivatives and other investments will be counted toward the Fund’s 80%","page_number":4,"box":{"x":151,"y":116,"width":696,"height":10}},{"id":"2ffaf58e-0956-4692-8ae2-3f6d813ae933","block_type":"box","text":"investment policy to the extent that they provide exposure to the components of its Underlying","page_number":4,"box":{"x":150,"y":131,"width":694,"height":13}},{"id":"890ecbe8-fb89-403e-b2a7-a6a82b883368","block_type":"box","text":"Index or exposure to one or more market risk factors associated with such components. The Fund’s","page_number":4,"box":{"x":151,"y":147,"width":727,"height":12}},{"id":"a17c7a71-0645-412e-a7b9-2e5aebafd9d2","block_type":"box","text":"80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60","page_number":4,"box":{"x":150,"y":162,"width":733,"height":13}},{"id":"7b1928f4-e156-41f4-a618-6035f1166e67","block_type":"box","text":"days’ notice to shareholders.","page_number":4,"box":{"x":150,"y":178,"width":211,"height":12}},{"id":"57fd0a15-4942-45f3-bd86-dfd44ccd3182","block_type":"box","text":"The Fund may not purchase a security (other than obligations of the U.S. government, its agencies or","page_number":4,"box":{"x":149,"y":201,"width":738,"height":13}},{"id":"dfa89337-bcea-49a0-b521-1f58ff95896f","block_type":"box","text":"instrumentalities) if as a result 25% or more of its total assets would be invested in a single issuer.","page_number":4,"box":{"x":150,"y":216,"width":713,"height":13}},{"id":"5c3757b8-e98d-41da-819f-469dd9cfc9a8","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets","page_number":4,"box":{"x":149,"y":240,"width":703,"height":12}},{"id":"97a1e34c-aa6d-4aaa-aac1-ca7a2537a588","block_type":"box","text":"(including the value of any collateral received).","page_number":4,"box":{"x":151,"y":255,"width":341,"height":13}},{"id":"e2604d4f-4b06-4369-aeb8-fc5079d517bc","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is","page_number":4,"box":{"x":149,"y":278,"width":658,"height":13}},{"id":"cf51cadf-9e13-4d05-908c-a48a6b8737e2","block_type":"box","text":"independent of the Fund and BFA. The Index Provider determines the composition and relative","page_number":4,"box":{"x":150,"y":294,"width":690,"height":13}},{"id":"5b08540b-6539-4c0c-b96f-e6e54c2ea37b","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes information regarding the market","page_number":4,"box":{"x":149,"y":309,"width":729,"height":13}},{"id":"80701795-e264-43b8-852a-24f5c1d6149f","block_type":"box","text":"value of the Underlying Index.","page_number":4,"box":{"x":149,"y":325,"width":221,"height":13}},{"id":"12b8ef1b-43ca-4fc7-971a-db0927e875c2","block_type":"box","text":"Industry Concentration Policy.","page_number":4,"box":{"x":151,"y":348,"width":229,"height":13}},{"id":"d6802964-be36-4730-9526-7022f2178225","block_type":"box","text":"With respect to the two most heavily weighted industries or groups","page_number":4,"box":{"x":381,"y":348,"width":498,"height":13}},{"id":"d8310c08-61fc-4adc-853f-d5220c069c28","block_type":"box","text":"of industries in its benchmark MSCI Index, the Fund will invest in securities (consistent with its","page_number":4,"box":{"x":150,"y":364,"width":688,"height":12}},{"id":"b40cfa59-522e-44a8-ab64-308189b445de","block_type":"box","text":"investment objective and other investment policies) so that the weighting of each such industry or","page_number":4,"box":{"x":150,"y":379,"width":718,"height":13}},{"id":"673bd995-e4dc-46a5-868f-b344fe6dbbf9","block_type":"box","text":"group of industries in the Fund does not diverge by more than 10% from the respective weighting of","page_number":4,"box":{"x":150,"y":395,"width":733,"height":12}},{"id":"3ed77446-1656-41da-a444-d92458f76b47","block_type":"box","text":"such industry or group of industries in its benchmark MSCI Index. An exception to this policy is that","page_number":4,"box":{"x":150,"y":410,"width":726,"height":13}},{"id":"32fb99d2-4db7-4bbf-b910-2e965557eb27","block_type":"box","text":"if investment in the stock of a single issuer would account for more than 25% of the Fund, the Fund","page_number":4,"box":{"x":150,"y":426,"width":728,"height":12}},{"id":"ec1c45fa-c375-40a9-aa1c-02776e53f740","block_type":"box","text":"will invest less than 25% of its net assets in such stock and will reallocate the excess to stock(s) in","page_number":4,"box":{"x":149,"y":441,"width":716,"height":13}},{"id":"5511cba7-1a77-4165-9989-53401acb25d0","block_type":"box","text":"the same industry or group of industries, and/or to stock(s) in another industry or group of","page_number":4,"box":{"x":149,"y":457,"width":666,"height":12}},{"id":"6f72d83d-b106-43eb-aa3d-55a53c4e9be0","block_type":"box","text":"industries, in its benchmark MSCI Index. The Fund will evaluate these industry weightings at least","page_number":4,"box":{"x":150,"y":472,"width":710,"height":13}},{"id":"b0e20e1b-bc98-41dc-b169-5fda4c481b4d","block_type":"box","text":"weekly, and at the time of evaluation will adjust its portfolio composition to the extent necessary to","page_number":4,"box":{"x":149,"y":488,"width":724,"height":12}},{"id":"7d97fa7c-b99f-4069-a87f-874471c9fdde","block_type":"box","text":"maintain compliance with the above policy. The Fund may not concentrate its investments except as","page_number":4,"box":{"x":151,"y":503,"width":734,"height":13}},{"id":"e4719775-858a-4ae8-a219-f385bd6987a6","block_type":"box","text":"discussed above.","page_number":4,"box":{"x":150,"y":519,"width":127,"height":10}},{"id":"34d295de-6ccd-4e0e-855e-1671923a27a1","block_type":"box","text":"3. In the SAI, the index description for the MSCI Korea 25/50 Index will be deleted and replaced with","page_number":4,"box":{"x":116,"y":542,"width":746,"height":13}},{"id":"b8740771-d10a-48cb-9f81-8530fcb036ba","block_type":"box","text":"the following:","page_number":4,"box":{"x":149,"y":557,"width":104,"height":13}},{"id":"078afeb6-be4f-4ddb-ae4e-f4641fc183a8","block_type":"box","text":"MSCI Korea 25/50 Daily 25 Capped Index","page_number":4,"box":{"x":150,"y":581,"width":318,"height":12}},{"id":"f39d9bd3-0273-4451-b2e3-6bb60d8ade6f","block_type":"box","text":"Index Description.","page_number":4,"box":{"x":151,"y":604,"width":138,"height":13}},{"id":"e8d6c2ff-f9e1-4b8f-84ff-471057d02280","block_type":"box","text":"The MSCI Korea 25/50 Daily 25 Capped Index is a free float-adjusted market","page_number":4,"box":{"x":289,"y":604,"width":565,"height":13}},{"id":"6589a866-a3de-4be1-9b6d-c74b6986af68","block_type":"box","text":"capitalization-weighted index that is designed to measure the performance of the large- and","page_number":4,"box":{"x":150,"y":620,"width":673,"height":12}},{"id":"ed169f90-567b-4b23-b49f-cd655ef40314","block_type":"box","text":"mid-capitalization segments of the Korean equity market. The Underlying Index is rebalanced","page_number":4,"box":{"x":151,"y":635,"width":678,"height":13}},{"id":"b52112b8-5b60-4a4c-9af7-99e94f476b6c","block_type":"box","text":"quarterly using an optimization process that aims to minimize the constituent weight differences","page_number":4,"box":{"x":150,"y":651,"width":705,"height":12}},{"id":"8ccab2bd-17de-4040-b508-5df57359032f","block_type":"box","text":"between the Underlying Index and the MSCI Korea Index. The Underlying Index uses a capping","page_number":4,"box":{"x":151,"y":666,"width":683,"height":13}},{"id":"e17e1c91-3cec-49a6-91c9-6338d75eaff4","block_type":"box","text":"methodology that limits the weight of any single “group entity” (constituents that MSCI determines","page_number":4,"box":{"x":151,"y":682,"width":720,"height":12}},{"id":"99a3fb0c-b1d7-4269-8221-4d3a1c4c8733","block_type":"box","text":"have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all","page_number":4,"box":{"x":151,"y":697,"width":730,"height":13}},{"id":"d7ac4606-7bdd-45b8-b464-ae1653a1b800","block_type":"box","text":"group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. In","page_number":4,"box":{"x":150,"y":713,"width":704,"height":12}},{"id":"0d892b88-b8a1-42f1-bbd3-c604622d2e7e","block_type":"box","text":"addition, if a group entity exceeds 25% of the Underlying Index weight as of the close of any","page_number":4,"box":{"x":150,"y":728,"width":668,"height":13}},{"id":"a79477bb-8fb8-4f3f-9285-26da35306301","block_type":"box","text":"business day between quarterly rebalances, the Underlying Index is rebalanced so that each group","page_number":4,"box":{"x":151,"y":744,"width":710,"height":12}},{"id":"06c12ab5-5d8c-43e0-8078-c1635c1bf2a0","block_type":"box","text":"entity is reduced to 22.5% of the Underlying Index. A group entity is a group of companies that","page_number":4,"box":{"x":150,"y":759,"width":688,"height":13}},{"id":"063e4f5b-965a-4111-9328-4370242bfbac","block_type":"box","text":"operate as an affiliated corporate group but may separately issue listed securities. To determine","page_number":4,"box":{"x":150,"y":775,"width":692,"height":12}},{"id":"aad1af47-33bc-4cce-b51c-1ef083f137c5","block_type":"box","text":"“group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or","page_number":4,"box":{"x":150,"y":790,"width":694,"height":13}},{"id":"b4bce2c7-59e7-4ce8-9d94-d342ab07d894","block_type":"box","text":"more in other listed companies to determine whether these stakes are controlling in nature. In","page_number":4,"box":{"x":151,"y":806,"width":680,"height":12}},{"id":"c9386968-7413-42f7-a3fd-ce4339e1a19a","block_type":"box","text":"certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies","page_number":4,"box":{"x":150,"y":821,"width":730,"height":13}},{"id":"a4c25c19-4e75-4986-8054-d96fe7b2d84a","block_type":"box","text":"as belonging to the same group entity where there is reasonable evidence of control based on other","page_number":4,"box":{"x":150,"y":837,"width":727,"height":12}},{"id":"48ec4f11-b5cd-4037-8c78-c5b6c21d426b","block_type":"box","text":"information. All group entities are reviewed on an annual basis.","page_number":4,"box":{"x":150,"y":852,"width":461,"height":13}},{"id":"c229f9e4-3ddb-494a-acdd-1244c319171e","block_type":"box","text":"4. 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The foregoing restriction does not restrict the Fund from acquiring the shares of","page_number":5,"box":{"x":150,"y":185,"width":714,"height":13}},{"id":"aa142bf6-3a56-47ec-9b1c-20419a80c5ee","block_type":"box","text":"registered open-end investment companies to the extent otherwise permissible under other","page_number":5,"box":{"x":151,"y":201,"width":669,"height":13}},{"id":"813d9a69-d98a-4640-afcc-fdebaaae55fe","block_type":"box","text":"provisions of the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority","page_number":5,"box":{"x":150,"y":216,"width":718,"height":13}},{"id":"78a8a9da-7b04-4be9-836d-fd5661cadd60","block_type":"box","text":"having jurisdiction, from time to time.","page_number":5,"box":{"x":151,"y":232,"width":276,"height":13}},{"id":"4d332d73-a7c7-4dfd-a68b-72e71e1ff136","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":5,"box":{"x":117,"y":255,"width":521,"height":13}},{"id":"908820a0-af0e-4994-b7c1-3280fc214719","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"f243cba2-6580-470b-9f97-99c6e2260fdc","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"d8a3466d-e332-467e-904e-e51b09ad5e69","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":5,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"a5d11349-b914-4120-92e2-7ae6020a15b5","block_type":"box","text":"IS-SUPP-EWY-1026","page_number":5,"box":{"x":770,"y":887,"width":113,"height":8}},{"id":"0dfec855-5e59-4f49-b06f-fae4310efbd3","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"78d59884-c543-41a0-94c4-c71cc4997ae8","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"9ea12b2e-9eb3-41ee-9a69-c669ae72beed","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":6,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"e1e3b495-2cc1-4a0a-88e6-ded9d6b9345b","block_type":"box","text":"Supplement dated October 15, 2026","page_number":6,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"5d5864a3-5b86-47ae-a311-c486436dda09","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information","page_number":6,"box":{"x":218,"y":108,"width":567,"height":13}},{"id":"2c0e1410-8967-48a8-9f6d-042e80704554","block_type":"box","text":"(the “SAI”) for the Funds listed in Appendix A (each, a “Fund”)","page_number":6,"box":{"x":274,"y":123,"width":456,"height":13}},{"id":"c453c7fc-10f1-492f-8ea4-809e9ae33184","block_type":"box","text":"Effective October 14, 2026, each Fund was added as a borrower to the syndicated line of credit for which","page_number":6,"box":{"x":117,"y":147,"width":764,"height":12}},{"id":"dcd11f63-3080-4346-b72c-b2a04e25fdb8","block_type":"box","text":"the Bank of New York Mellon serves as administrative agent for itself and the other banks.","page_number":6,"box":{"x":116,"y":162,"width":656,"height":13}},{"id":"6b90b863-788e-4173-9a50-e6659c042b96","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":6,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"cc8f8c86-46a9-40f3-bb49-d6e53961c14d","block_type":"box","text":"1) Each Fund is added to the “Borrowing” section of its Prospectus, and ”Borrowing Risk” is marked as","page_number":6,"box":{"x":118,"y":209,"width":759,"height":12}},{"id":"03096da8-c9ce-48cc-9fd8-ab591e69bfd5","block_type":"box","text":"an “Other Risk” for each Fund in the chart included in the “Additional Information About the Funds’","page_number":6,"box":{"x":150,"y":224,"width":726,"height":10}},{"id":"33f6a3be-7d42-4051-94d5-7342f7cf9d75","block_type":"box","text":"Risks” section of its Prospectus.","page_number":6,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"897632ed-230c-4d84-a726-89eb3e15b0f0","block_type":"box","text":"2) As applicable, the following language is either added to the “Borrowing” section of each Fund’s SAI","page_number":6,"box":{"x":117,"y":263,"width":755,"height":13}},{"id":"36717ce0-9dc4-4c69-bebc-a103d61f6e69","block_type":"box","text":"or updated to include a reference to the particular Fund:","page_number":6,"box":{"x":150,"y":278,"width":411,"height":13}},{"id":"ddaff82f-afe9-4c05-8612-267857a72128","block_type":"box","text":"The Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":6,"box":{"x":149,"y":302,"width":730,"height":12}},{"id":"972afbfe-8786-4aa0-afe6-ac200fe318b1","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions. The Fund, along with","page_number":6,"box":{"x":151,"y":317,"width":719,"height":13}},{"id":"e146a307-dbd4-43e2-82a5-ffcbe5beb20d","block_type":"box","text":"certain other iShares funds, has entered into a syndicated line of credit with the Bank of New York","page_number":6,"box":{"x":150,"y":333,"width":713,"height":12}},{"id":"f9b697c2-3f47-41c8-b954-385d09a47868","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated","page_number":6,"box":{"x":150,"y":348,"width":723,"height":13}},{"id":"404316b8-d702-44aa-837a-478b3b2a7eed","block_type":"box","text":"line of credit may be used for temporary or emergency purposes, including redemption, settlement","page_number":6,"box":{"x":151,"y":364,"width":720,"height":12}},{"id":"cacd626b-2e31-404b-b90c-000e6be7ac4b","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":6,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"9754be2c-ebc9-4805-bd10-1ef75f0bea8f","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing","page_number":6,"box":{"x":151,"y":402,"width":717,"height":13}},{"id":"26634ef1-57b9-4010-b741-f4bfacaee51a","block_type":"box","text":"Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread. Pursuant to the","page_number":6,"box":{"x":151,"y":418,"width":704,"height":13}},{"id":"9569889b-9a9a-4e6b-b112-3327394c851c","block_type":"box","text":"terms of the credit agreement, if SOFR were to cease being published or representative, it would be","page_number":6,"box":{"x":149,"y":433,"width":723,"height":13}},{"id":"bd41c4ed-9256-4c4a-b287-c0831aa15ef9","block_type":"box","text":"replaced by a rate based on an alternate benchmark selected by BNY.","page_number":6,"box":{"x":151,"y":449,"width":504,"height":13}},{"id":"188322ee-c04a-44be-8f42-8ae1845d248f","block_type":"box","text":"Appendix A","page_number":6,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"27fd06fd-5f3d-49a8-a3b2-ec28bebdbc40","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":6,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"0355dec9-3d27-4b69-9c4c-9c6a1a45bbcf","block_type":"box","text":"iShares China Large-Cap ETF","page_number":6,"box":{"x":117,"y":511,"width":213,"height":13}},{"id":"cba14c10-bc2a-4926-923c-619e3be0d150","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":6,"box":{"x":117,"y":526,"width":220,"height":10}},{"id":"091ec10e-10df-406f-a5d9-ef76dd6f9391","block_type":"box","text":"iShares Currency Hedged MSCI ACWI ex U.S. ETF","page_number":6,"box":{"x":117,"y":542,"width":359,"height":13}},{"id":"cc39e567-6ef4-4950-b040-28335a3a7425","block_type":"box","text":"iShares Global Healthcare ETF","page_number":6,"box":{"x":117,"y":557,"width":221,"height":10}},{"id":"22b955d5-7a0c-4b7f-96f4-03f27b9b8142","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":6,"box":{"x":511,"y":495,"width":349,"height":13}},{"id":"1cdd6313-cd3d-4b54-9ad0-c3fed8ccfd37","block_type":"box","text":"iShares MSCI Global Gold Miners ETF","page_number":6,"box":{"x":511,"y":511,"width":273,"height":10}},{"id":"f3dda79e-8445-4a8b-93c8-193590deb250","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF","page_number":6,"box":{"x":511,"y":526,"width":363,"height":10}},{"id":"137c64ce-09d5-4752-87f6-46267069b5f6","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":6,"box":{"x":511,"y":542,"width":246,"height":13}},{"id":"14ec7048-9946-44ff-8d67-3478aa527b6c","block_type":"box","text":"iShares Neuroscience and Healthcare ETF","page_number":6,"box":{"x":511,"y":557,"width":304,"height":10}},{"id":"8387f552-4761-4934-880f-a4a966838a5f","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":6,"box":{"x":117,"y":581,"width":521,"height":12}},{"id":"e6796115-e00d-4334-a878-0009b3e3bbfe","block_type":"box","text":"iShares","page_number":6,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"1a2d8682-c325-47c4-89e0-88644511e7aa","block_type":"box","text":"®","page_number":6,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"2a5fb4c7-1eab-4b06-8c0d-dcf69d6e2d58","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":"d69bdd42-3f84-42ce-8e3c-a8004e818c8c","block_type":"box","text":"IS-A-LOC-1026","page_number":6,"box":{"x":794,"y":887,"width":89,"height":8}},{"id":"c57d4ec6-3dcc-4346-8c48-dce1daae86ec","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":6,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"e4d84969-aa95-46a7-b1a7-331c3713de58","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":6,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"f6710b25-7e56-46c0-ad4d-4b8cab086c4d","block_type":"box","text":"iShares, Inc., iShares Trust, and iShares U.S. ETF Trust","page_number":7,"box":{"x":298,"y":69,"width":408,"height":12}},{"id":"b3cb1379-b97d-4909-a0af-12806ec5aab3","block_type":"box","text":"Supplement dated September 11, 2026","page_number":7,"box":{"x":352,"y":85,"width":300,"height":12}},{"id":"3e9935ec-281a-479e-849d-a020fcc03241","block_type":"box","text":"to the currently effective Statement of Additional Information (the “SAI”) for each series of","page_number":7,"box":{"x":153,"y":100,"width":696,"height":13}},{"id":"d81e4156-ca00-4b80-9362-223a61677f64","block_type":"box","text":"iShares, Inc., iShares Trust, and iShares U.S. ETF Trust (each, a “Fund”)","page_number":7,"box":{"x":234,"y":116,"width":536,"height":12}},{"id":"fd92ddf7-054f-40df-b1e0-412c4e7d2570","block_type":"box","text":"Effectively immediately, the fifth paragraph of the “Payments by BFA and its Affiliates” subsection of","page_number":7,"box":{"x":117,"y":139,"width":767,"height":13}},{"id":"7d7bfaa3-9bf1-477e-ae8c-12b3764dfac5","block_type":"box","text":"the section entitled “Investment Advisory, Administrative and Distribution Services” of the SAI for","page_number":7,"box":{"x":116,"y":154,"width":748,"height":13}},{"id":"3a7b1d41-c8c8-4803-beba-daf23495feca","block_type":"box","text":"each series is deleted in its entirety and replaced with the following:","page_number":7,"box":{"x":116,"y":170,"width":519,"height":13}},{"id":"3ccfb4b5-ed86-4235-8c3d-1f4488b6bf6e","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and","page_number":7,"box":{"x":117,"y":193,"width":719,"height":13}},{"id":"95688914-9b76-4da8-b8d8-54997ff5c0eb","block_type":"box","text":"certain other third parties that the BFA Entities believe may benefit the business of the BFA Entities or","page_number":7,"box":{"x":116,"y":209,"width":737,"height":12}},{"id":"5669604a-fd6a-4dbb-8f04-ae2781d485e1","block_type":"box","text":"facilitate investment in the Fund or certain Products. Such agreements can include payments by BFA","page_number":7,"box":{"x":116,"y":224,"width":734,"height":13}},{"id":"f7f5ce44-8530-4565-923c-32adad760b4f","block_type":"box","text":"Entities to such Intermediaries and third parties for data collection and provision, technology support,","page_number":7,"box":{"x":117,"y":240,"width":739,"height":12}},{"id":"eb4e1811-251a-4a30-80c1-0359322eb4cf","block_type":"box","text":"platform enhancement, or educational content, co-marketing and cross-promotional efforts. In certain","page_number":7,"box":{"x":116,"y":255,"width":749,"height":13}},{"id":"10272ed2-649c-4fc1-ad77-70c2af0a357c","block_type":"box","text":"cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered","page_number":7,"box":{"x":116,"y":271,"width":701,"height":12}},{"id":"61a4f347-e546-4a86-b3d5-3b44cf731cc8","block_type":"box","text":"payments. With respect to certain funds and Products, payments by the BFA Entities may take the form","page_number":7,"box":{"x":116,"y":286,"width":754,"height":13}},{"id":"bc69d13a-46d7-4dcb-acee-bd8d95b64ca2","block_type":"box","text":"of, among other things, “due diligence” payments for an Intermediary’s review of such funds and","page_number":7,"box":{"x":116,"y":302,"width":708,"height":12}},{"id":"78fef827-b3e0-42bb-9e53-733992cc7fed","block_type":"box","text":"Products; payment for providing employee training and information relating to such funds and Products;","page_number":7,"box":{"x":117,"y":317,"width":763,"height":13}},{"id":"2c27d35e-8bef-46ab-8ed0-b69b05f9a57d","block_type":"box","text":"fees for access (in some cases on a preferential basis) to an Intermediary’s registered representatives,","page_number":7,"box":{"x":116,"y":333,"width":739,"height":12}},{"id":"a12b20c0-9405-4c34-95ac-688fe1106aa4","block_type":"box","text":"salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf space”","page_number":7,"box":{"x":116,"y":348,"width":753,"height":13}},{"id":"67596a9d-78b2-4a35-a02d-b40a7761f432","block_type":"box","text":"payments for making such funds and Products available on the Intermediary’s platform or fees for","page_number":7,"box":{"x":116,"y":364,"width":716,"height":12}},{"id":"a4a31bc3-7078-4d9c-8e05-98b81f4d210a","block_type":"box","text":"providing assistance in promoting the sale of such funds and Products. In such cases, the payments to","page_number":7,"box":{"x":116,"y":379,"width":747,"height":13}},{"id":"8cc800e5-82ef-45e5-b634-a3da24875bfe","block_type":"box","text":"Intermediaries may be tiered or based on a percentage of the value of the funds and Products held by","page_number":7,"box":{"x":117,"y":395,"width":738,"height":12}},{"id":"82e1c755-82d7-434c-bac4-bcc2fbae7aee","block_type":"box","text":"customers of the applicable Intermediary and may also be subject to minimum payment levels. Payments","page_number":7,"box":{"x":116,"y":410,"width":769,"height":13}},{"id":"89a9f601-fa77-4e7d-a91e-839a07f1cce1","block_type":"box","text":"made pursuant to such arrangements may vary in any year and may be different for different","page_number":7,"box":{"x":117,"y":426,"width":677,"height":12}},{"id":"ce479f20-0ae4-4aa4-93fd-746cb564edcc","block_type":"box","text":"Intermediaries and third parties and may reflect different services provided. As of the date of this SAI, the","page_number":7,"box":{"x":117,"y":441,"width":764,"height":13}},{"id":"5519a69b-e061-43f9-8a76-5f94e4fcc7ba","block_type":"box","text":"Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the","page_number":7,"box":{"x":117,"y":457,"width":740,"height":12}},{"id":"fdf4a93c-901d-4e4c-aa5a-dfc7e19a7b9d","block_type":"box","text":"contractual payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit","page_number":7,"box":{"x":116,"y":472,"width":743,"height":13}},{"id":"8967e3ab-0796-495a-9ea4-a37d3576c02f","block_type":"box","text":"Exchange, AE Wealth Management, LLC, American Enterprise Investment Services, Inc., Avantax","page_number":7,"box":{"x":117,"y":488,"width":702,"height":12}},{"id":"e25e3420-922d-44bf-974d-50c2f509f924","block_type":"box","text":"Investment Services, Inc., BNY Mellon Capital Markets, LLC, BNY Mellon Performance & Risk Analytics,","page_number":7,"box":{"x":117,"y":503,"width":744,"height":13}},{"id":"1cbd18cc-db55-404e-ad57-849d92c07716","block_type":"box","text":"LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc., Clearstream Fund Centre AG,","page_number":7,"box":{"x":117,"y":519,"width":660,"height":12}},{"id":"b57f2fa7-7d7d-4f2f-895e-658a02cbf9d4","block_type":"box","text":"Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial Partners LLC,","page_number":7,"box":{"x":116,"y":534,"width":769,"height":13}},{"id":"e0e63e8d-fcfb-4965-b549-04672b07ba68","block_type":"box","text":"E*Trade Securities LLC, Envestnet Asset Management, Inc., Equitable Advisors, LLC, iCapital Markets LLC,","page_number":7,"box":{"x":117,"y":550,"width":767,"height":12}},{"id":"d18122c8-6d4d-416e-a0b4-57705a905899","block_type":"box","text":"Interactive Brokers LLC, LPL Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML","page_number":7,"box":{"x":117,"y":565,"width":726,"height":13}},{"id":"607113ab-2865-4474-a14c-21b6608c7e91","block_type":"box","text":"Investors Services, LLC, Morgan Stanley Smith Barney LLC, Northwestern Mutual Investment Services,","page_number":7,"box":{"x":117,"y":581,"width":742,"height":12}},{"id":"0407ed48-500e-4e77-b7ee-5b3fb95b4bd3","block_type":"box","text":"LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial Services, Inc., Riskalyze, Inc.,","page_number":7,"box":{"x":117,"y":596,"width":760,"height":13}},{"id":"03ce0323-866d-4694-bd67-cb5d9f44132e","block_type":"box","text":"Rockefeller Financial LLC, Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing","page_number":7,"box":{"x":117,"y":612,"width":763,"height":12}},{"id":"16222a51-0014-402a-9d89-727a139986c8","block_type":"box","text":"Services, LLC and Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions","page_number":7,"box":{"x":116,"y":627,"width":767,"height":13}},{"id":"47a984ae-43ac-469f-96b0-776401561078","block_type":"box","text":"to Intermediaries and other third parties listed above that have occurred since the date of this SAI are not","page_number":7,"box":{"x":116,"y":643,"width":766,"height":12}},{"id":"c1bf2494-a91d-4d1e-b28f-4fc2607777a7","block_type":"box","text":"included in the list.","page_number":7,"box":{"x":117,"y":658,"width":139,"height":10}},{"id":"736575ff-3404-4ef6-92b4-1b43a6e8f048","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":7,"box":{"x":117,"y":682,"width":516,"height":12}},{"id":"6b4c9a88-2690-4279-af16-98620f8e91fa","block_type":"box","text":"iShares","page_number":7,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"f7a09846-0a46-41d0-80f6-2f9ca17a6e23","block_type":"box","text":"®","page_number":7,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"7aa0a89f-11f2-4773-b60e-86b478c21889","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":7,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"c23fbd49-d5f7-4ef1-978b-3c3b82afd43b","block_type":"box","text":"IS-A-IntermSAI-0926","page_number":7,"box":{"x":761,"y":887,"width":122,"height":8}},{"id":"703fca94-e182-454a-b60f-b68416351cf9","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":7,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"9b887f66-e4a5-46d5-a99f-aec553d623a4","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":7,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"c2f0ee5c-d77a-4e25-9d76-7a6a62d2daae","block_type":"box","text":"iShares","page_number":8,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"1885ee5b-ce17-4aba-8537-691f0f230129","block_type":"box","text":"®","page_number":8,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"0235e9e0-df8f-4d0c-9d8e-cf07738e1136","block_type":"box","text":"iShares, Inc.","page_number":8,"box":{"x":454,"y":105,"width":95,"height":11}},{"id":"9b7974d1-50af-4970-b77d-4764bc025745","block_type":"box","text":"Supplement dated July 15, 2026","page_number":8,"box":{"x":379,"y":119,"width":245,"height":13}},{"id":"e84fff12-150f-4b87-85e8-e25d7396f55d","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":8,"box":{"x":257,"y":133,"width":488,"height":13}},{"id":"4bcf541d-9663-4445-ae16-c198dd8a3251","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":8,"box":{"x":318,"y":148,"width":368,"height":12}},{"id":"cc6bfd60-2a82-4354-be97-4d641d975eba","block_type":"box","text":"for the iShares Emerging Markets Equity Factor ETF (EMGF) (the “Fund”)","page_number":8,"box":{"x":224,"y":162,"width":555,"height":13}},{"id":"b84afcff-6675-497e-978e-a6bbd1f6e0d1","block_type":"box","text":"The Fund is updating its investment policy to indicate that it intends to be “diversified,” as defined under","page_number":8,"box":{"x":116,"y":182,"width":761,"height":13}},{"id":"aa637948-2dd7-4e8d-9bb0-cf7e561d9f34","block_type":"box","text":"the Investment Company Act of 1940, as amended (the “1940 Act”), in approximately the same","page_number":8,"box":{"x":116,"y":196,"width":700,"height":13}},{"id":"07be4edd-c00b-4c9a-b3a1-235a216712a1","block_type":"box","text":"proportion as its Underlying Index is diversified. Shareholder approval will not be sought if the Fund","page_number":8,"box":{"x":116,"y":211,"width":724,"height":12}},{"id":"5c945e3a-619d-415f-a11c-9cd067ebb2ab","block_type":"box","text":"crosses from diversified to non-diversified status due solely to a change in the relative market","page_number":8,"box":{"x":116,"y":225,"width":681,"height":13}},{"id":"a9a236ea-37c5-46e5-a2d6-3fc00050d123","block_type":"box","text":"capitalization or index weighting of the constituents of its Underlying Index.","page_number":8,"box":{"x":116,"y":239,"width":552,"height":13}},{"id":"6b6ba8e4-a9e1-4bd7-b8e7-ca497227f881","block_type":"box","text":"Accordingly, the following changes are effective immediately:","page_number":8,"box":{"x":116,"y":259,"width":450,"height":13}},{"id":"1eee000f-aaa3-40ab-8cd6-bdf52ebfb6d5","block_type":"box","text":"1. The following is added after the Industry Concentration Policy at the end of the section entitled","page_number":8,"box":{"x":151,"y":279,"width":726,"height":13}},{"id":"7ad14228-3645-44fa-a485-aa2c2d03e261","block_type":"box","text":"“Principal Investment Strategies” of the Summary Prospectus and Prospectus of the Fund:","page_number":8,"box":{"x":184,"y":294,"width":658,"height":12}},{"id":"70882cf6-6210-4ea2-8174-74a5ff723f3e","block_type":"box","text":"Diversification Policy.","page_number":8,"box":{"x":184,"y":314,"width":169,"height":12}},{"id":"029e401b-0482-440a-847a-6706b5ac8bc6","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion","page_number":8,"box":{"x":353,"y":314,"width":529,"height":12}},{"id":"340a0e8d-b2da-4c4f-8c80-bce028eb4d21","block_type":"box","text":"as the Underlying Index is diversified and to invest all or substantially all of its assets in","page_number":8,"box":{"x":184,"y":328,"width":629,"height":13}},{"id":"a52f6b79-b971-410f-bc95-446be7d7fafb","block_type":"box","text":"components of the Underlying Index in approximately the same proportion as each","page_number":8,"box":{"x":184,"y":343,"width":607,"height":12}},{"id":"37e78ef6-4461-4cd1-a568-315b2ecec35b","block_type":"box","text":"component’s weighting in the Underlying Index. This diversification policy may limit the Fund’s","page_number":8,"box":{"x":184,"y":357,"width":692,"height":13}},{"id":"712261f1-2692-4c4c-b511-4de04a14d130","block_type":"box","text":"ability to use representative sampling. The Fund may become “non-diversified,” as defined in","page_number":8,"box":{"x":184,"y":371,"width":677,"height":13}},{"id":"e997a76d-9f43-4aa8-8443-5a42f79a62db","block_type":"box","text":"the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of","page_number":8,"box":{"x":183,"y":386,"width":704,"height":12}},{"id":"382b6c99-4c46-4f28-8ad8-b1d1583e70bf","block_type":"box","text":"one or more components of the Underlying Index. Shareholder approval will not be sought if the","page_number":8,"box":{"x":184,"y":400,"width":701,"height":13}},{"id":"79f5c6aa-6d6d-41e1-894d-cbb0940d21be","block_type":"box","text":"Fund becomes “non-diversified” due solely to a change in the relative market capitalization or","page_number":8,"box":{"x":184,"y":414,"width":682,"height":13}},{"id":"7f05fa32-11cb-4277-9d4f-67b6ad514b74","block_type":"box","text":"index weighting of one or more components of the Underlying Index. The Fund discloses its","page_number":8,"box":{"x":184,"y":429,"width":669,"height":12}},{"id":"116fa55b-515f-41cb-90d9-25a6133e78ac","block_type":"box","text":"portfolio holdings and weightings at www.iShares.com.","page_number":8,"box":{"x":184,"y":443,"width":406,"height":13}},{"id":"09ce6344-6e7b-46a6-963c-2f6ee264625d","block_type":"box","text":"2. The following is added to the section entitled “Summary of Principal Risks” in the Summary","page_number":8,"box":{"x":150,"y":463,"width":701,"height":13}},{"id":"9b8947c6-cf0a-43e3-ad7e-558f5edf5c6c","block_type":"box","text":"Prospectus and Prospectus of the Fund:","page_number":8,"box":{"x":184,"y":477,"width":293,"height":13}},{"id":"7186d82f-ceff-4a25-aea0-938e3c8088e7","block_type":"box","text":"Non-Diversification Risk.","page_number":8,"box":{"x":184,"y":497,"width":189,"height":10}},{"id":"27005a02-9b8e-46ca-bd56-007739d689fc","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":8,"box":{"x":373,"y":497,"width":512,"height":13}},{"id":"34c932ec-4f72-4539-82d7-1113918843ad","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of","page_number":8,"box":{"x":184,"y":512,"width":651,"height":12}},{"id":"72234a30-81e9-4b08-9d41-304ee0f50380","block_type":"box","text":"issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":8,"box":{"x":184,"y":526,"width":682,"height":13}},{"id":"2f12e064-eb36-4b7f-8b42-83dc9ac71dab","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s performance may depend to a","page_number":8,"box":{"x":184,"y":540,"width":649,"height":13}},{"id":"c5a3c5ec-126e-4a1a-b1e0-04ae72fd65d3","block_type":"box","text":"greater extent on the performance of a small number of issuers or counterparties, which may","page_number":8,"box":{"x":184,"y":555,"width":680,"height":12}},{"id":"541f73d5-71f9-4cb5-b5ad-5b45e950b28c","block_type":"box","text":"lead to more volatility in the Fund’s NAV.","page_number":8,"box":{"x":184,"y":569,"width":299,"height":13}},{"id":"dfe96a11-ad6f-4976-a35a-6c88b801176e","block_type":"box","text":"3. In the tables under the section entitled “Additional Information About the Funds’ Risks” in the","page_number":8,"box":{"x":150,"y":589,"width":716,"height":10}},{"id":"0d69b0ba-c8a1-4702-ab4d-4f5bfc844542","block_type":"box","text":"Prospectus of the Fund, Non-Diversification Risk is checked as a Principal Risk for the Fund.","page_number":8,"box":{"x":184,"y":603,"width":661,"height":13}},{"id":"0086aa06-b3fe-4f0f-891a-34782610e7d5","block_type":"box","text":"4. In the section entitled “Diversification Status” of the SAI of the Fund:","page_number":8,"box":{"x":150,"y":623,"width":534,"height":10}},{"id":"defb25ea-985e-4c52-873b-5769762737a2","block_type":"box","text":"a. an asterisk (*) is added after the Fund’s name in the diversification status table and the","page_number":8,"box":{"x":217,"y":643,"width":668,"height":13}},{"id":"67fde82f-1134-489d-aafa-0c6795f88619","block_type":"box","text":"name of the Fund is added in alphabetical order to the funds listed in the","page_number":8,"box":{"x":252,"y":658,"width":529,"height":12}},{"id":"cd7c8b13-9755-4cce-b4d0-e1d468dfdf94","block_type":"box","text":"corresponding footnote.","page_number":8,"box":{"x":251,"y":672,"width":175,"height":13}},{"id":"10a2a542-e592-472e-937d-25b0cc249d42","block_type":"box","text":"b. the last sentence of the first paragraph following the diversification status table is","page_number":8,"box":{"x":218,"y":692,"width":622,"height":13}},{"id":"ee11e941-7734-4f0f-933b-4c973bd856df","block_type":"box","text":"deleted in its entirety and replaced with the following:","page_number":8,"box":{"x":251,"y":706,"width":388,"height":13}},{"id":"52caeaad-5238-42ab-9fdb-e7bce4945e9b","block_type":"box","text":"Š","page_number":8,"box":{"x":217,"y":729,"width":9,"height":6}},{"id":"6dd504c4-9a06-4e39-94ac-b2d2a42ed3bc","block_type":"box","text":"However, while the","page_number":8,"box":{"x":252,"y":726,"width":137,"height":12}},{"id":"ecd7db78-0bb0-4410-b933-c3cd37846799","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares Emerging","page_number":8,"box":{"x":395,"y":726,"width":435,"height":13}},{"id":"5247d030-b72b-4992-9264-596fdafc7f75","block_type":"box","text":"Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI BIC ETF and","page_number":8,"box":{"x":251,"y":741,"width":631,"height":12}},{"id":"cae5c87e-551b-42f3-99d7-1f2f524a4c91","block_type":"box","text":"iShares MSCI Emerging Markets ETF are classified as “diversified,” under applicable","page_number":8,"box":{"x":251,"y":755,"width":602,"height":13}},{"id":"1a027fbe-26a9-40a9-8485-b6b3023a8520","block_type":"box","text":"no-action relief from the SEC staff, the funds may become non-diversified, as defined","page_number":8,"box":{"x":252,"y":770,"width":615,"height":12}},{"id":"ea8c0f2e-d08b-4df1-9642-5ec83e498a24","block_type":"box","text":"under the 1940 Act, solely as a result of a change in relative market capitalization or","page_number":8,"box":{"x":251,"y":784,"width":607,"height":13}},{"id":"c22de885-6a1a-4130-bdb1-142568d6ca4d","block_type":"box","text":"index weighting of one or more constituents of their Underlying Index, and such a","page_number":8,"box":{"x":251,"y":798,"width":592,"height":13}},{"id":"445236f4-133a-4d85-b62f-dac6617ba519","block_type":"box","text":"change does not require shareholder approval.","page_number":8,"box":{"x":251,"y":813,"width":337,"height":12}},{"id":"0be1c943-1d47-4156-acac-2268f89c960e","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":8,"box":{"x":117,"y":838,"width":521,"height":13}},{"id":"1db4343d-bb11-4fe0-a79d-270df46537de","block_type":"box","text":"iShares","page_number":8,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"4fe9b003-71c5-4011-80cb-2d4e37b1a427","block_type":"box","text":"®","page_number":8,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"7d301f7e-53c5-453b-a4de-3255036b168b","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its 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Inc.","page_number":9,"box":{"x":386,"y":108,"width":232,"height":12}},{"id":"00739f3d-47a0-4c8e-9095-c4e01b7dc03b","block_type":"box","text":"Supplement dated May 26, 2026","page_number":9,"box":{"x":377,"y":123,"width":249,"height":13}},{"id":"847ed6ac-5ca4-4be4-8e7e-0ccf7e758d14","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":9,"box":{"x":257,"y":139,"width":488,"height":13}},{"id":"b67da8d2-5a2c-413b-86c1-c0398d484528","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":9,"box":{"x":318,"y":154,"width":368,"height":13}},{"id":"048f0062-956d-47ec-beab-00fe57446ae6","block_type":"box","text":"for the iShares MSCI USA Value Factor ETF (VLUE) and","page_number":9,"box":{"x":294,"y":170,"width":415,"height":13}},{"id":"e7726b99-e016-40da-9d29-e1d5afdc4412","block_type":"box","text":"the iShares ESG Aware MSCI EM ETF (ESGE) (each a 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The Fund may become “non-diversified,” as defined under the","page_number":9,"box":{"x":166,"y":371,"width":709,"height":13}},{"id":"eb70359c-e4ba-4b9c-8e35-7170f47e0052","block_type":"box","text":"1940 Act, solely as a result of a change in relative market capitalization or index weighting of one","page_number":9,"box":{"x":168,"y":387,"width":706,"height":13}},{"id":"d845d51a-3234-4a28-b736-3b4d40d9a553","block_type":"box","text":"or more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund","page_number":9,"box":{"x":167,"y":402,"width":710,"height":13}},{"id":"4d9303d6-96a2-42ef-96c3-bb6de2480f20","block_type":"box","text":"becomes “non-diversified” due solely to a change in the relative market capitalization or index","page_number":9,"box":{"x":167,"y":418,"width":685,"height":13}},{"id":"527c2980-a75d-4b57-a0e9-e14d5e136549","block_type":"box","text":"weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio","page_number":9,"box":{"x":166,"y":433,"width":692,"height":13}},{"id":"5aed1a6c-4bd6-451b-8bf5-d3d4fa18c2a5","block_type":"box","text":"holdings and weightings at www.iShares.com.","page_number":9,"box":{"x":167,"y":449,"width":340,"height":13}},{"id":"013d39e7-96f6-476e-b9de-746a03f3509a","block_type":"box","text":"2. The following is added to the sections entitled “Summary of Principal Risks” in the Summary","page_number":9,"box":{"x":133,"y":472,"width":708,"height":13}},{"id":"c9ca986b-4485-4508-9dab-868ae2437630","block_type":"box","text":"Prospectus and Prospectus of each Fund:","page_number":9,"box":{"x":168,"y":488,"width":303,"height":12}},{"id":"37c7c80f-9a9e-4467-8a0b-269de8444257","block_type":"box","text":"Non-Diversification Risk.","page_number":9,"box":{"x":167,"y":511,"width":189,"height":10}},{"id":"b919a156-c92d-4974-b89c-d0bebb7fe360","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":9,"box":{"x":356,"y":511,"width":512,"height":13}},{"id":"38a2b9ad-0029-41ba-9aac-87afa6133158","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers","page_number":9,"box":{"x":167,"y":526,"width":705,"height":13}},{"id":"adc77352-b002-4092-a2d0-9348484a15f8","block_type":"box","text":"or counterparties and thus may be more susceptible to the risks associated with these particular","page_number":9,"box":{"x":167,"y":542,"width":702,"height":13}},{"id":"7f941323-abc5-4d51-b020-1395d6bb524c","block_type":"box","text":"issuers or counterparties. As a result, the Fund’s performance may depend to a greater extent on","page_number":9,"box":{"x":167,"y":557,"width":705,"height":13}},{"id":"d842a341-4f5d-4247-804d-07e5207e5c46","block_type":"box","text":"the performance of a small number of issuers or counterparties, which may lead to more volatility","page_number":9,"box":{"x":166,"y":573,"width":714,"height":13}},{"id":"8457dacb-df4d-4e0e-950e-700ff685e264","block_type":"box","text":"in the Fund’s NAV.","page_number":9,"box":{"x":167,"y":589,"width":138,"height":9}},{"id":"5a80bb05-4c4d-4d0c-8035-1411e33d41cb","block_type":"box","text":"3. In the tables under the section entitled “Additional Information About the Funds’ Risks” in the","page_number":9,"box":{"x":133,"y":612,"width":717,"height":10}},{"id":"ba140bfb-3e88-4232-8c3e-a8c1aa8e06cf","block_type":"box","text":"Prospectus of each Fund, Non-Diversification Risk is added as a row for the iShares MSCI USA","page_number":9,"box":{"x":168,"y":627,"width":683,"height":13}},{"id":"35329e31-ddbc-49cf-b3c0-ac24fa61e8cd","block_type":"box","text":"Value Factor ETF and checked as a Principal Risk for each Fund.","page_number":9,"box":{"x":166,"y":643,"width":461,"height":12}},{"id":"23345c46-8f98-4650-bf21-0d992dcdc541","block_type":"box","text":"4. The following is added after Momentum Securities Risk in the section entitled “Additional","page_number":9,"box":{"x":133,"y":666,"width":681,"height":13}},{"id":"a3fb37ea-43bf-4bc4-98d8-e8c19cbcea0b","block_type":"box","text":"Information About the Funds’ Risks” in the Prospectus of the iShares MSCI USA Value Factor ETF:","page_number":9,"box":{"x":168,"y":682,"width":704,"height":12}},{"id":"1ad15e24-4860-45d2-b5c0-c69f12dc8eae","block_type":"box","text":"Non-Diversification Risk.","page_number":9,"box":{"x":167,"y":705,"width":189,"height":10}},{"id":"db371e78-0175-43f7-95cc-f7a7d9667fa1","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater","page_number":9,"box":{"x":361,"y":705,"width":471,"height":12}},{"id":"db9dd7c8-13be-4024-aea5-047d5aa50ba1","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers","page_number":9,"box":{"x":167,"y":720,"width":700,"height":13}},{"id":"fb367111-02f5-4136-87bb-c8cd71152177","block_type":"box","text":"or counterparties, compared with funds that are classified as “diversified.” A non-diversified Fund","page_number":9,"box":{"x":167,"y":736,"width":705,"height":12}},{"id":"6bcdcdc2-affa-484b-ad9a-f47ea04b3358","block_type":"box","text":"thus may be more susceptible to the risks associated with these particular issuers or","page_number":9,"box":{"x":166,"y":751,"width":611,"height":13}},{"id":"bb86022b-f107-4696-bc3c-6c5596fd5481","block_type":"box","text":"counterparties. The gains and losses on such holdings may have a greater impact on a","page_number":9,"box":{"x":167,"y":767,"width":626,"height":12}},{"id":"000c5a06-7818-4ebe-99fd-34d9bb256e2b","block_type":"box","text":"non-diversified Fund’s performance than they would on the performance of a diversified Fund,","page_number":9,"box":{"x":167,"y":782,"width":684,"height":13}},{"id":"3c87c59e-c859-4074-b0d2-00cafe6e2d7f","block_type":"box","text":"and a non-diversified Fund’s NAV may be more volatile.","page_number":9,"box":{"x":167,"y":798,"width":402,"height":12}},{"id":"71fb6559-a5e6-4662-a847-26492a628b47","block_type":"box","text":"5. For the iShares ESG Aware MSCI EM ETF, in the section entitled “Diversification Status” of the SAI","page_number":9,"box":{"x":133,"y":821,"width":739,"height":12}},{"id":"217cba96-7528-4d99-907f-0f14358714c4","block_type":"box","text":"of the Fund:","page_number":9,"box":{"x":167,"y":837,"width":91,"height":10}},{"id":"87aa6ead-4eed-43fe-95ec-18ab89896299","block_type":"box","text":"a. an asterisk (*) is added after the Fund’s name in the diversification status table and the","page_number":9,"box":{"x":184,"y":860,"width":667,"height":12}},{"id":"35bc128d-09fe-4a51-ac3b-15769bed54f1","block_type":"box","text":"name of the Fund is added in alphabetical order to the funds listed in the corresponding","page_number":9,"box":{"x":218,"y":875,"width":640,"height":13}},{"id":"ae75c0c9-fd11-4d9f-88cf-1dee5549bca7","block_type":"box","text":"footnote.","page_number":9,"box":{"x":217,"y":891,"width":70,"height":10}},{"id":"60683523-7bb1-49a4-b48c-bde00152477a","block_type":"box","text":"b. the last sentence of the first paragraph following the diversification status table of the","page_number":10,"box":{"x":184,"y":69,"width":658,"height":13}},{"id":"e8662ee4-936c-4c17-b985-347df417c612","block_type":"box","text":"section entitled “Diversification Status” of the SAI of the Fund is deleted in its entirety and","page_number":10,"box":{"x":217,"y":85,"width":654,"height":12}},{"id":"73ed7b3e-f909-4c03-8648-110042b5a5bf","block_type":"box","text":"replaced with the following:","page_number":10,"box":{"x":218,"y":100,"width":205,"height":13}},{"id":"c0ea6601-5bac-44cf-ae14-8f14dbec63d8","block_type":"box","text":"Š","page_number":10,"box":{"x":185,"y":126,"width":9,"height":6}},{"id":"cafc0e23-d1ca-4ef0-9e9d-98ba8631fce2","block_type":"box","text":"However, while the","page_number":10,"box":{"x":218,"y":123,"width":138,"height":12}},{"id":"c1147114-1a22-4a00-93f1-dc6765d1a9c6","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares ESG Aware MSCI EM","page_number":10,"box":{"x":361,"y":123,"width":522,"height":13}},{"id":"db14fb0d-8f17-4d33-9e87-290f0f71894e","block_type":"box","text":"ETF, iShares MSCI BIC ETF and iShares MSCI Emerging Markets ETF are classified as","page_number":10,"box":{"x":218,"y":139,"width":611,"height":13}},{"id":"0afeffc8-3049-4b4d-8f56-ab156b6dd256","block_type":"box","text":"“diversified,” under applicable no-action relief from the SEC staff, the funds may become","page_number":10,"box":{"x":218,"y":154,"width":646,"height":13}},{"id":"efba42c0-fd38-4a51-af7a-ce4e25b00da9","block_type":"box","text":"non-diversified, as defined under the 1940 Act, solely as a result of a change in relative","page_number":10,"box":{"x":218,"y":170,"width":631,"height":13}},{"id":"100c6432-81c5-4c55-bdc6-55e95b8837bd","block_type":"box","text":"market capitalization or index weighting of one or more constituents of its Underlying","page_number":10,"box":{"x":218,"y":185,"width":625,"height":13}},{"id":"4e34f9f7-ad08-432f-9807-d26b885d25fa","block_type":"box","text":"Index, and such a change does not require shareholder approval.","page_number":10,"box":{"x":218,"y":201,"width":473,"height":13}},{"id":"bc072ea8-19e9-414b-b692-523399d928ce","block_type":"box","text":"6. 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corresponding","page_number":10,"box":{"x":218,"y":278,"width":640,"height":13}},{"id":"f6684994-0412-4a5f-accd-9e28e1820dd9","block_type":"box","text":"footnote.","page_number":10,"box":{"x":217,"y":294,"width":70,"height":10}},{"id":"51fa1443-191d-4e4d-9d9e-dd008384cb2f","block_type":"box","text":"b. the last sentence of the first paragraph following the diversification status table of the","page_number":10,"box":{"x":184,"y":317,"width":658,"height":13}},{"id":"0304413d-0bac-4128-9142-0b7af51af849","block_type":"box","text":"section entitled “Diversification Status” of the SAI of the Fund is deleted in its entirety and","page_number":10,"box":{"x":217,"y":333,"width":654,"height":12}},{"id":"74a6bbd1-383a-4a03-8716-5fc5e0b1073f","block_type":"box","text":"replaced with the 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market capitalization or index weighting of one or more","page_number":10,"box":{"x":218,"y":418,"width":616,"height":13}},{"id":"8f09484f-dec6-4769-a8c7-87531c19b27c","block_type":"box","text":"constituents of its Underlying Index, and such a change does not require shareholder","page_number":10,"box":{"x":217,"y":433,"width":620,"height":13}},{"id":"7bb6d2af-21ee-4ba1-8c2f-28f960df6b14","block_type":"box","text":"approval.","page_number":10,"box":{"x":217,"y":449,"width":71,"height":13}},{"id":"6843ce04-4679-48eb-8489-b744937f2e80","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":10,"box":{"x":117,"y":472,"width":521,"height":13}},{"id":"04bbb408-4f45-4bad-8fd0-7e5207d10258","block_type":"box","text":"iShares","page_number":10,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"9799fc06-6d93-44c2-86e3-5608e8b255af","block_type":"box","text":"®","page_number":10,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"1ba94504-38a8-4d80-aa86-7c69aeba97b9","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":10,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"443f51d3-b9e6-4a26-b5c9-38a606c5ea2c","block_type":"box","text":"IS-SUPP-NAL-0526","page_number":10,"box":{"x":772,"y":887,"width":111,"height":8}},{"id":"92167699-2da6-4ec6-94ab-f69dbfea4b62","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":10,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"90a00a27-e9fb-42ef-a93f-9d4922b18ca7","block_type":"box","text":"FOR FUTURE 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(“Citibank”) will become the administrator, custodian and","page_number":11,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"6b526844-fc11-4ead-94bf-349597cb5972","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":11,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"64560ed7-043b-401d-aa0a-ab50a8233fe8","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":11,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"befb5224-a73c-41d1-a78a-66dc9105d689","block_type":"box","text":"is checked for the applicable Fund.","page_number":11,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"a7fb8ed7-97fe-46b0-83d8-dce448790bef","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":11,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"3a06c4fd-4843-4462-bcdb-7caeb94a2e11","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":11,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"cdd9207d-5b95-42bb-9043-3107f7cfd26d","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":11,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"2db5b34d-6c61-4a5c-a866-5ee7cf736045","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":11,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"1c1e4599-4a30-42d5-a1bf-1934292fd38d","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":11,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"be2418d5-aef0-4336-b31a-d1241674f779","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":11,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"5f2c0bb8-0577-4405-b63e-e6a7b60eeba5","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":11,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"8a99a916-ef0e-41f3-a683-6d3d73159607","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":11,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"076d587c-6aa9-44c1-a131-03833cfdc920","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":11,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"cd763cbf-d7dd-43ea-9aaa-99acbef88722","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":11,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"6d5bde93-4336-4dee-8543-ad201c185cd2","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":11,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"63da57a7-1da0-4095-9f17-07c4e3760575","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":11,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"abdce97c-ce2d-4128-8c39-3accc8a81e29","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":11,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"c2d94659-25af-4f63-9675-fe5bf068fce2","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":11,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"fc0379e3-9e42-4a57-9b8f-20004ea8bdb4","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":11,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"88818633-2f4a-4a75-8280-febe1492ae50","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":11,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"6a0aa886-b6e2-4e9b-ba1b-6356bc736854","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":11,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"186c4916-999a-484d-9d47-2842615d7f60","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":11,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"8ff3965a-9476-4b95-b822-948737b466bf","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":11,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"8812566b-d805-4214-991c-65474932a91f","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":11,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"44c5acd1-c2fd-4392-a5ae-5c5f54ae2e84","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":11,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"d72a85f8-64c7-4e01-ac1a-06e6df0a515f","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":11,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"62b93d35-cd07-494a-9612-4c4bc6b5e2d3","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":11,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"16b8b015-c147-466a-b817-0702a30f7dcb","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":11,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"131244e7-a918-4f96-b95f-51b2821fbde3","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":11,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"d44ec253-31ff-4e03-8d1e-98257c782728","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":11,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"27acac57-5af3-4da7-bc11-07d196a8b6d8","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":11,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"bd9cb854-34ac-4045-aef2-7c6cb6593e6d","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":11,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"e5859ea0-56d5-40c7-97b8-9da7e60e0b2b","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":11,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"98f601d1-8bd5-40c8-afc0-203cf8f3501d","block_type":"box","text":":","page_number":11,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"b1b21fdd-88c4-4e9c-bd9f-984b129429dd","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":11,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"402d854b-e15a-4278-a6b3-d2c9569f0a47","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":11,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"dce14ed8-d78e-4ef4-abd2-4e86db52920c","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":11,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"854a7268-521f-41a3-94fd-ed09eba6914c","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":11,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"2e4a3744-6fbb-47b3-b8a0-203479364678","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":11,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"b337bdf5-5939-49e0-a08e-c6b6a26beecb","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":11,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"f1a20069-bd65-4957-91f7-e31b5d75b3f2","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":11,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"25058db7-a919-42a9-8ab4-ea9856f72ffd","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":11,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"c94ebdff-07e5-4961-a2e5-2664a0862e6a","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":11,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"1828e902-19e1-4048-a53a-ef567a479a0c","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":11,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"d7f9a38f-5ba9-4f3c-88cc-673b301e8d35","block_type":"box","text":"by such custodian.","page_number":11,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"370b50a0-01e2-4267-b0f5-71ac6cfcd420","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":12,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"628dfee6-d17a-4aec-afd3-26eff5acbab1","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":12,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"70d4b0e6-4e7d-4e84-9458-78c63d492721","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":12,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"d93264f3-ddb6-4e94-b557-9c918ccb5f62","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":12,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"cfc72f7c-6505-474e-8bfe-7c120cb27d46","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":12,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"056452d9-0877-42e7-b867-152049658eee","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":12,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"a4f15e00-19c7-42cd-87c9-f8dce584d316","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":12,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"ed18a9a7-43e6-4ffa-8027-ee4356ae3be0","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":12,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"3f93519f-7e46-4848-bbda-2e91655e851d","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":12,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"73b8ebab-0837-4555-8e37-06555b1e9f78","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":12,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"d810729d-0b60-4f56-b1c8-164505727592","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":12,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"eb50d638-d3b8-4f6e-959d-12963c48b0a4","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":12,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"b1afb9d1-182e-4f9c-b5f5-d4bd74d263d7","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":12,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"3e30dcc0-b858-4e5a-8577-a89f022c2294","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":12,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"7ca58b70-68cf-49f3-a4b5-cf4498e5cb8a","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":12,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"18c0bdaa-aab5-4fde-a64a-6114dd21e5a8","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":12,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"ec051b22-a573-4a46-acaa-fd01d18f4923","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":12,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"10701ca1-8f2c-495f-92f6-6ea811f268f1","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":12,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"18d9b486-c937-4e3c-81ef-0dff1ac4a6e3","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":12,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"6606ab8a-232b-4eee-8788-0812148f8d3f","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":12,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"b1f0dc4f-beed-47e7-b2e2-e9bfea5845fc","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":12,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"8047ca9f-8902-4926-9702-a37304fe281f","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":12,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"4a99670c-560e-4019-8732-7f2d49f47c1a","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":12,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"1a68aa19-16f7-4273-968d-74ccf86dd5e3","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":12,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"3352e4e8-a68a-463f-adbb-29a8f594ab34","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":12,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"14214626-e1a0-456e-8460-99799a865a1a","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":12,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"9ff9404b-04da-40e4-a8b9-d6c85dc1bef9","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":12,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"e699cf4f-bba1-464d-b735-95780fa45b1c","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":12,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"ef04bea4-d1ad-4bb1-8a36-99108d5cc310","block_type":"box","text":"Fund","page_number":12,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"dc460146-18b4-4b4c-a591-ace668bf4ab4","block_type":"box","text":"Standard Creation","page_number":12,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"e75c2e2b-5c25-4330-a474-0091732e4c46","block_type":"box","text":"Transaction Fee","page_number":12,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"ecb7bbf3-9156-497f-9872-9cb8d619dd4b","block_type":"box","text":"Maximum Additional","page_number":12,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"843ca649-ed1e-446c-977d-dae0b4aed487","block_type":"box","text":"Charge*","page_number":12,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"418d8b89-424f-44d5-9f2f-d104760a51af","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 7.0%","page_number":12,"box":{"x":184,"y":564,"width":668,"height":12}},{"id":"b8c18c9e-1e36-4a37-9332-e9d303a5b625","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 3.0%","page_number":12,"box":{"x":184,"y":583,"width":668,"height":12}},{"id":"aac3382b-18ca-4f6e-b949-e5da77e4a290","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 7.0%","page_number":12,"box":{"x":184,"y":603,"width":668,"height":11}},{"id":"6cda05fc-a3ca-406b-9cf9-7f29e205da01","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 3.0%","page_number":12,"box":{"x":184,"y":622,"width":668,"height":12}},{"id":"e397b61d-df1c-4622-b3e3-b1ebe049e320","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 3.0%","page_number":12,"box":{"x":184,"y":641,"width":668,"height":12}},{"id":"8b225486-3e21-4d71-8e7c-266394e4db2c","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 7.0%","page_number":12,"box":{"x":184,"y":661,"width":663,"height":11}},{"id":"13b1b450-acb2-4805-8d61-5663650537af","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 3.0%","page_number":12,"box":{"x":184,"y":680,"width":663,"height":12}},{"id":"7920458b-4723-45ac-ad1a-44dec5144951","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0%","page_number":12,"box":{"x":184,"y":700,"width":663,"height":12}},{"id":"cba47a32-c4a9-46c4-af1d-c7d1a0794165","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 7.0%","page_number":12,"box":{"x":184,"y":719,"width":663,"height":12}},{"id":"02afd9b6-6dea-41fc-914d-725b5a1c5e42","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 7.0%","page_number":12,"box":{"x":184,"y":738,"width":663,"height":12}},{"id":"b3751f57-95f5-46c4-8478-b2797b1ade94","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 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3.0%","page_number":12,"box":{"x":184,"y":855,"width":668,"height":10}},{"id":"ee9a479a-efd9-4af7-b092-6a0b877529f4","block_type":"box","text":"iShares MSCI Chile ETF $960 3.0%","page_number":12,"box":{"x":184,"y":874,"width":668,"height":11}},{"id":"c59321fe-2b7e-4d14-b07e-d0c7aa39d3f9","block_type":"box","text":"iShares MSCI China A ETF $7,080 7.0%","page_number":12,"box":{"x":184,"y":893,"width":668,"height":12}},{"id":"d2e5c393-8d4a-41f7-9613-2ff4143a3ec8","block_type":"box","text":"iShares MSCI China ETF $9,190 7.0%","page_number":12,"box":{"x":184,"y":913,"width":663,"height":11}},{"id":"38d5607a-1923-4b1c-b94f-2f27b726922e","block_type":"box","text":"Fund","page_number":13,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"242b513f-4313-44a6-8af1-b3026de12c46","block_type":"box","text":"Standard Creation","page_number":13,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"d3548d50-e666-422d-8ddf-3c4dee54ace3","block_type":"box","text":"Transaction 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3.0%","page_number":13,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"5f950b93-9dba-4a10-a8e6-2c481f44abcb","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":13,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"2efe13cb-a4f3-4fa4-8e53-8cfd15256967","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":13,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"348a0f56-c536-4bcb-a984-565b1738d034","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":13,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"3744ee4b-fa5c-499c-86ad-d6958ebfb9e6","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":13,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"0cb8f3cb-c30a-40cc-ae06-93508ecccc03","block_type":"box","text":"Fund","page_number":14,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"560d4e51-8ad0-4c2d-a1dd-9efc9f040017","block_type":"box","text":"Standard 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MSCI World ex","page_number":14,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"060b6a45-709b-418e-96a1-2da73f36655a","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":14,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"fc057b3c-c419-474e-a46a-ed14a3775d79","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":14,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"75ddcefa-7e24-473f-ba63-7e910ad54dee","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":14,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"ce4587c4-84cd-4778-a73b-26936e956735","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":14,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"0a32f8e5-a698-4235-803a-6203c73ccfa7","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":14,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"bd47c3fe-fb27-4079-bcaf-3803a19cb536","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":14,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"5c687f96-70bc-4ae5-8104-f9963f15b8d7","block_type":"box","text":":","page_number":14,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"cc21e5b4-8ae6-467f-9f78-dfc230b8904d","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":14,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"f82d2dfa-8a48-4adc-902b-10a054324ba6","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":14,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"dfc62656-9947-4f55-82c2-5c2fd6a1f65c","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":14,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"7f9835e0-0b85-4c9b-862c-73511f643520","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":14,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"576f3b92-2020-486c-8b7e-85418305e6ef","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":14,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"ff71b2de-7a26-40d2-82b1-835a46c93f6e","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":14,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"67fd280a-9f51-4551-8129-e40834d1b0ff","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":14,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"06f27536-74e5-427c-8201-603c9e7dee6e","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":14,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"6c3d4bed-de3e-42d8-832e-971b67c662b8","block_type":"box","text":"amounts invoiced by such custodian.","page_number":14,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"3894d494-5e87-457b-9132-948c0a73e1f8","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":14,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"6a30e78a-f7a8-4305-bb0a-b75288ae17b7","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":14,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"a6d57b27-2ee6-4c6a-b3d9-03c08507d038","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":14,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"266df80f-013f-4109-b3cc-f1ea9abc4898","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":14,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"f7582be9-75e6-44ee-83a7-809951a3faf7","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":14,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"2e9e4e93-729a-4b74-86a2-eeb24a5f1ee7","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":14,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"2515c7e2-7f7b-42ce-99d6-e568444e5211","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":14,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"446f98d1-02c2-4fcf-ab96-6401fcb2df82","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":14,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"3fea05ab-3e55-4888-a2b5-362fc36119e7","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":14,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"52f91793-60f9-47cb-ab01-02fe40a1f46b","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":14,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"482ce0db-aedb-4fb3-82ce-5ff260235eed","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":14,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"30b46914-ca18-464d-878d-23a6fbc38ae4","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":14,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"aa14a6b3-606d-4e8a-8b47-f05e5b1aa83d","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":14,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"35771859-3dd6-43f1-89bb-75f9ebab8c23","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":14,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"ef965831-6231-4e3b-a614-c53545f8a680","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":14,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"56f6055d-329c-4dd7-8258-fdf9151c38cd","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":14,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"da091aaf-3617-4bdf-b55c-17c02c022403","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":14,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"e9b33079-9679-4e01-91cf-11fb2ee1f45d","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":14,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"d35e23d8-2ced-4098-8828-c50d3ee59030","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":14,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"93cb77c8-735f-4f91-8b96-776724d70546","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":14,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"28f0f183-7910-4c1c-95b2-d9f897437e4f","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":14,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"daa82c68-d727-4c18-9b62-0db661f570aa","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":14,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"62750908-918c-4cd4-bce4-a821a9a41974","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":14,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"f333075a-0a95-4673-8075-6c66fa6061f1","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":14,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"8c2d1073-a260-4959-9434-878e934584cc","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":14,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"8989eb40-bbb2-4a5b-a101-2512ef230e20","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":14,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"a34204db-24fb-46b0-893c-a46cb4e7976b","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":15,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"899c22d7-224c-464f-93ed-8e68ca7e847a","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described 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$1,070 2.0%","page_number":15,"box":{"x":184,"y":882,"width":668,"height":11}},{"id":"67cf1d51-d151-4490-b19f-655b457a33ac","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 2.0%","page_number":15,"box":{"x":184,"y":901,"width":668,"height":12}},{"id":"8bb11034-88bd-477a-9025-873dda4c7c2b","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 2.0%","page_number":15,"box":{"x":184,"y":920,"width":663,"height":13}},{"id":"005896d3-e377-49aa-96bf-7e75edc096ae","block_type":"box","text":"Fund","page_number":16,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"2b7fc72a-57e9-47aa-8855-867aa02ee297","block_type":"box","text":"Standard Redemption","page_number":16,"box":{"x":586,"y":66,"width":131,"height":10}},{"id":"e5b93a12-00ea-4167-bc00-3efa44988bf0","block_type":"box","text":"Transaction Fee","page_number":16,"box":{"x":603,"y":77,"width":97,"height":7}},{"id":"c113ae8b-fcf4-43d5-b43d-aecddae3fc88","block_type":"box","text":"Maximum 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2.0%","page_number":16,"box":{"x":184,"y":351,"width":668,"height":12}},{"id":"985f316f-a2ff-427b-9940-6f52ae4581a5","block_type":"box","text":"iShares MSCI South Africa ETF $550 2.0%","page_number":16,"box":{"x":184,"y":370,"width":668,"height":11}},{"id":"6d4dc4e8-1365-4dd6-8cc0-9ff4aa2f804a","block_type":"box","text":"iShares MSCI South Korea ETF $850 2.0%","page_number":16,"box":{"x":184,"y":390,"width":668,"height":10}},{"id":"7384875c-dcac-49ab-9ae5-c31ccba09370","block_type":"box","text":"iShares MSCI Spain ETF $360 2.0%","page_number":16,"box":{"x":184,"y":409,"width":668,"height":13}},{"id":"ad3d997c-1d99-4353-87c4-036fc69e0f5a","block_type":"box","text":"iShares MSCI Sweden ETF $480 2.0%","page_number":16,"box":{"x":184,"y":428,"width":668,"height":11}},{"id":"fbddb3c3-9fdc-4b3d-b697-6fbe2a76711f","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 2.0%","page_number":16,"box":{"x":184,"y":448,"width":668,"height":11}},{"id":"72243be6-2c32-41dd-bb51-bf725ad19990","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 2.0%","page_number":16,"box":{"x":184,"y":467,"width":668,"height":13}},{"id":"f304d10b-b326-4e5e-a056-0c855338dcaf","block_type":"box","text":"iShares MSCI World ETF $4,480 2.0%","page_number":16,"box":{"x":184,"y":486,"width":668,"height":12}},{"id":"754901da-5ab2-44d6-8b1b-47e37598d75f","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":16,"box":{"x":184,"y":506,"width":668,"height":12}},{"id":"e72c7cfe-6635-4dc4-9eb0-7cdbf5eb3859","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World","page_number":16,"box":{"x":184,"y":525,"width":387,"height":13}},{"id":"5218342c-c68f-4e3a-b28f-b713cfdad080","block_type":"box","text":"ex USA ETF $2,140 2.0%","page_number":16,"box":{"x":201,"y":541,"width":651,"height":11}},{"id":"c95dc9fe-7f99-4615-8ca0-d0233c468b60","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 2.0%","page_number":16,"box":{"x":184,"y":560,"width":668,"height":11}},{"id":"06727f44-6b2d-48be-a889-dc9754c87fef","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":16,"box":{"x":184,"y":589,"width":445,"height":12}},{"id":"a7236276-ea28-40fa-bf16-e03f7b8c30d4","block_type":"box","text":"Appendix A","page_number":17,"box":{"x":455,"y":69,"width":93,"height":13}},{"id":"6f0fa73c-4613-4ca1-8a33-718d106c26ca","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":17,"box":{"x":117,"y":92,"width":220,"height":10}},{"id":"a16138a2-5e6e-4d29-8f0b-a8dd7280f3e3","block_type":"box","text":"iShares ESG Advanced MSCI EAFE 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This SAI relates to the following Funds:","page_number":24,"box":{"x":89,"y":131,"width":793,"height":12}},{"id":"edef1765-79fe-4ccf-84c3-b91c5ebf19d1","block_type":"box","text":"• iShares Core MSCI Emerging Markets ETF","page_number":24,"box":{"x":121,"y":151,"width":324,"height":12}},{"id":"9a6377e4-681e-4a13-9719-502534b8e4d8","block_type":"box","text":"• iShares Emerging Markets Equity Factor ETF","page_number":24,"box":{"x":121,"y":171,"width":341,"height":12}},{"id":"ed4726dc-b5e9-4a73-9b76-6b4848574182","block_type":"box","text":"• iShares ESG Aware MSCI EM ETF","page_number":24,"box":{"x":121,"y":191,"width":262,"height":10}},{"id":"ba49c8d0-8590-4cab-a73b-675f3e444e44","block_type":"box","text":"• iShares MSCI Agriculture Producers ETF","page_number":24,"box":{"x":121,"y":211,"width":313,"height":13}},{"id":"a1dcb2c2-f0d9-4906-8ab9-1121c1448569","block_type":"box","text":"• iShares MSCI BIC ETF","page_number":24,"box":{"x":121,"y":232,"width":182,"height":9}},{"id":"a3338c72-6bb8-4f77-b796-a5f4b4258602","block_type":"box","text":"• iShares MSCI Brazil ETF","page_number":24,"box":{"x":121,"y":252,"width":196,"height":9}},{"id":"eef29084-57bc-4609-821b-e73291dece96","block_type":"box","text":"• iShares MSCI Chile ETF","page_number":24,"box":{"x":121,"y":272,"width":194,"height":10}},{"id":"9a53ad75-18e5-4e71-9f57-1a8282a904b5","block_type":"box","text":"• iShares MSCI Emerging Markets Asia ETF","page_number":24,"box":{"x":121,"y":292,"width":322,"height":12}},{"id":"f11b2d9e-95dd-49a9-9cac-7475cdfbda54","block_type":"box","text":"• iShares MSCI Emerging Markets ETF","page_number":24,"box":{"x":121,"y":312,"width":287,"height":13}},{"id":"7da4951a-d66b-4a0c-81c2-78b4634e468f","block_type":"box","text":"• iShares MSCI Emerging Markets Min Vol Factor ETF","page_number":24,"box":{"x":121,"y":332,"width":393,"height":13}},{"id":"aba417f2-76fe-4dab-99d0-4ca549c60ba7","block_type":"box","text":"• iShares MSCI Emerging Markets Small-Cap ETF","page_number":24,"box":{"x":121,"y":353,"width":364,"height":12}},{"id":"33f9e783-0c10-43a4-8fe3-f6e0eda4a8df","block_type":"box","text":"• iShares MSCI Global Gold Miners ETF","page_number":24,"box":{"x":121,"y":373,"width":294,"height":9}},{"id":"7e1425a9-1030-4cbc-9c03-61b55d9ffd0a","block_type":"box","text":"• iShares MSCI Global Metals & Mining Producers ETF","page_number":24,"box":{"x":121,"y":393,"width":399,"height":12}},{"id":"2585284c-b6a6-48f1-959b-e0fbdc9f1768","block_type":"box","text":"• iShares MSCI Global Min Vol Factor ETF","page_number":24,"box":{"x":121,"y":413,"width":309,"height":10}},{"id":"c00e00fc-4d85-4d6d-bb7f-f2069c8bac29","block_type":"box","text":"• iShares MSCI Global Silver and Metals Miners ETF","page_number":24,"box":{"x":121,"y":433,"width":380,"height":10}},{"id":"71e58eb1-541b-4e26-82f0-7c1cad96f034","block_type":"box","text":"• iShares MSCI Malaysia ETF","page_number":24,"box":{"x":121,"y":453,"width":221,"height":13}},{"id":"97a5b8b3-2fc8-4951-9fe1-f243a0586f25","block_type":"box","text":"• iShares MSCI South Korea ETF","page_number":24,"box":{"x":121,"y":473,"width":244,"height":10}},{"id":"58c9b4e8-ad0d-412c-8161-d1455c08a8a4","block_type":"box","text":"• iShares MSCI Taiwan ETF","page_number":24,"box":{"x":121,"y":494,"width":209,"height":9}},{"id":"b899ef17-ce5a-434d-858f-cd7681082e69","block_type":"box","text":"Each Fund is managed by BlackRock Fund Advisors (“BFA”), an indirect majority-owned subsidiary of BlackRock, Inc., and","page_number":24,"box":{"x":89,"y":520,"width":850,"height":12}},{"id":"1180a4e8-b396-48a6-bfe6-4e6aa8c3031a","block_type":"box","text":"generally seeks to track the investment results of the specific benchmark index identified in the applicable Prospectus for that","page_number":24,"box":{"x":89,"y":535,"width":879,"height":13}},{"id":"6ac0fc42-4072-4489-bca4-0dbfcec5ce2b","block_type":"box","text":"Fund (each, an “Underlying Index”).","page_number":24,"box":{"x":89,"y":550,"width":250,"height":13}},{"id":"dacadcdd-204e-48e8-aa60-4d851bd6bf9a","block_type":"box","text":"Each Fund offers and issues shares at their net asset value per share (“NAV”) only in aggregations of a specified number of","page_number":24,"box":{"x":89,"y":577,"width":859,"height":12}},{"id":"291d4127-7411-4b45-966c-24ac0ad0f0ae","block_type":"box","text":"shares (each, a “Creation Unit”), generally in exchange for a designated portfolio of securities, assets or other positions","page_number":24,"box":{"x":89,"y":592,"width":831,"height":12}},{"id":"00c3bcd5-3e34-49c8-8520-d7ba68373d9d","block_type":"box","text":"(including any portion of such securities for which cash may be substituted) (the “Deposit Securities” or “Creation Basket”),","page_number":24,"box":{"x":89,"y":607,"width":866,"height":12}},{"id":"cab2cd56-0dfc-43ba-8e69-410db07c598a","block_type":"box","text":"together with the deposit of a specified cash payment (the “Cash Component”). Shares of the Funds are listed for trading on","page_number":24,"box":{"x":88,"y":622,"width":871,"height":12}},{"id":"7b6d9dfe-216a-4316-84b5-c69160a30b03","block_type":"box","text":"national securities exchanges such as Cboe BZX Exchange, Inc. (“Cboe BZX”), The Nasdaq Stock Market LLC (“Nasdaq”) or","page_number":24,"box":{"x":89,"y":637,"width":862,"height":13}},{"id":"487a011a-d729-4193-85cd-ffde1be7fd73","block_type":"box","text":"NYSE Arca, Inc. (“NYSE Arca”) (each, a “Listing Exchange”). Shares of each Fund are traded in the secondary market and","page_number":24,"box":{"x":89,"y":652,"width":843,"height":13}},{"id":"f2fe5214-d5df-4207-858c-b941cd860ca3","block_type":"box","text":"elsewhere at market prices that may be at, above or below the Fund’s NAV. Shares are redeemable only in Creation Units by","page_number":24,"box":{"x":89,"y":668,"width":862,"height":12}},{"id":"e6f180d6-4323-46b2-843d-6bf32c777c7a","block_type":"box","text":"Authorized Participants (as defined in the","page_number":24,"box":{"x":88,"y":683,"width":289,"height":12}},{"id":"3d77e23a-b882-4db1-9151-1053a410a9f1","block_type":"box","text":"Creation and Redemption of Creation Units-Role of the Authorized Participant","page_number":24,"box":{"x":383,"y":683,"width":542,"height":12}},{"id":"f5933c94-5cb1-4557-bf26-d0e5dbd5b3fc","block_type":"box","text":"section of this SAI) and, generally, in exchange for portfolio securities and a Cash Amount (as defined in the","page_number":24,"box":{"x":89,"y":698,"width":753,"height":12}},{"id":"2ca4e5a1-f029-41f4-afae-f5c7426da308","block_type":"box","text":"Redemption of","page_number":24,"box":{"x":847,"y":698,"width":105,"height":12}},{"id":"a39fb35b-884a-41a6-b301-3ac9b2ec394d","block_type":"box","text":"Creation Units","page_number":24,"box":{"x":89,"y":713,"width":98,"height":10}},{"id":"e94049eb-6ac4-4cce-9820-8bbfb59b3c40","block_type":"box","text":"section of this SAI) (other than the iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Malaysia","page_number":24,"box":{"x":192,"y":713,"width":744,"height":12}},{"id":"1df56173-d6f9-426f-8c0c-9e04f3d9d9a8","block_type":"box","text":"ETF, iShares MSCI South Korea ETF and iShares MSCI Taiwan ETF, which generally redeem Creation Units of their shares","page_number":24,"box":{"x":89,"y":728,"width":838,"height":12}},{"id":"e904bb51-7d71-46e6-bef8-ab3b7fb72621","block_type":"box","text":"solely for cash). Creation Units typically are a specified number of shares, generally ranging from 50,000 to 600,000 shares or","page_number":24,"box":{"x":89,"y":743,"width":877,"height":12}},{"id":"5920376c-f06a-4af6-a431-593fd87cdbc4","block_type":"box","text":"multiples thereof.","page_number":24,"box":{"x":89,"y":758,"width":121,"height":13}},{"id":"9ed618f1-90cf-4063-b71f-a340f96d8685","block_type":"box","text":"The Company reserves the right to permit or require that creations and redemptions of shares are effected fully or partially in","page_number":24,"box":{"x":88,"y":785,"width":873,"height":12}},{"id":"92a8f6f6-c027-43df-9083-f3aee89f6f99","block_type":"box","text":"cash and reserves the right to permit or require the substitution of Deposit Securities in lieu of cash. Shares may be issued in","page_number":24,"box":{"x":89,"y":800,"width":869,"height":12}},{"id":"7f24b8df-14ba-4404-bb54-e4a7bcb03d28","block_type":"box","text":"advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized","page_number":24,"box":{"x":89,"y":815,"width":802,"height":12}},{"id":"78ace7cb-f159-4f9e-8875-addc5afb5ee3","block_type":"box","text":"Participant maintain collateral with the Company as set forth in the handbook for Authorized Participants. The Company may","page_number":24,"box":{"x":89,"y":830,"width":876,"height":12}},{"id":"604518d4-887f-4333-9ad7-7cf24fa78191","block_type":"box","text":"1","page_number":24,"box":{"x":526,"y":894,"width":3,"height":9}},{"id":"d4cd249a-47bf-45b1-8437-2d7e07b54c6c","block_type":"box","text":"use such collateral at any time to purchase Deposit Securities. See the","page_number":25,"box":{"x":89,"y":44,"width":488,"height":12}},{"id":"0693546f-ea00-473c-a70d-5e2bc4b92b50","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":25,"box":{"x":582,"y":44,"width":300,"height":12}},{"id":"945d6442-7d64-49c4-b243-7dc0da54ecc5","block_type":"box","text":"section of","page_number":25,"box":{"x":887,"y":44,"width":70,"height":10}},{"id":"ed348b6a-8418-4f39-87ae-17fc9b603551","block_type":"box","text":"this SAI. Transaction fees and other costs associated with creations or redemptions that include a cash portion may be","page_number":25,"box":{"x":88,"y":59,"width":831,"height":12}},{"id":"c80c8895-0354-466f-831d-9d3f590efdde","block_type":"box","text":"higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions","page_number":25,"box":{"x":89,"y":74,"width":849,"height":12}},{"id":"32aa2d8b-a7cc-4a68-8a75-f31bbab7fc1a","block_type":"box","text":"with respect to creations and redemptions of shares and fees will be limited in accordance with the requirements of SEC rules","page_number":25,"box":{"x":88,"y":89,"width":879,"height":13}},{"id":"f631290e-eca1-4f62-8e57-7fdb63587682","block_type":"box","text":"and regulations applicable to management investment companies offering redeemable securities.","page_number":25,"box":{"x":89,"y":104,"width":682,"height":13}},{"id":"7e9bf2f6-ac48-4cfe-ae0d-b80881a00f7d","block_type":"box","text":"Exchange Listing and Trading","page_number":25,"box":{"x":91,"y":135,"width":491,"height":30}},{"id":"a42d435e-e514-4457-8118-a34274885304","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":25,"box":{"x":88,"y":176,"width":813,"height":13}},{"id":"1eed2084-253a-44d7-aaec-4ae8a52397e6","block_type":"box","text":"Shareholder Information","page_number":25,"box":{"x":88,"y":191,"width":170,"height":12}},{"id":"230970c3-4339-4457-af05-a5c90e80c2dc","block_type":"box","text":"section of each Fund’s Prospectus. The discussion below supplements, and should be read in","page_number":25,"box":{"x":264,"y":191,"width":651,"height":13}},{"id":"454d6da4-16fb-4cb7-ae65-621e5634770e","block_type":"box","text":"conjunction with, that section of the applicable Prospectus.","page_number":25,"box":{"x":89,"y":206,"width":415,"height":13}},{"id":"192d7b32-5285-4dcd-bd23-ba2b3422d8ab","block_type":"box","text":"Shares of each Fund are listed for trading, and trade throughout the day, on the applicable Listing Exchange and in other","page_number":25,"box":{"x":88,"y":233,"width":843,"height":12}},{"id":"5e7dcfab-04ae-43a3-bc03-d4bd0369ab46","block_type":"box","text":"secondary markets. Shares of the Funds may also be listed on certain non-U.S. exchanges. There can be no assurance that","page_number":25,"box":{"x":89,"y":248,"width":857,"height":12}},{"id":"a232f7f7-4c3d-4049-a41e-78aba5d3788a","block_type":"box","text":"the requirements of the Listing Exchange necessary to maintain the listing of shares of any Fund will continue to be met. The","page_number":25,"box":{"x":88,"y":263,"width":875,"height":12}},{"id":"049ea521-6972-48d3-b3cc-c438d4dd7ddb","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":25,"box":{"x":89,"y":278,"width":875,"height":13}},{"id":"bf0af51c-7202-470b-82b4-a55cb4e298a5","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":25,"box":{"x":89,"y":293,"width":878,"height":13}},{"id":"ae3cd555-d49e-4b4f-b0f9-684b5c80db08","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":25,"box":{"x":89,"y":308,"width":803,"height":13}},{"id":"720869fc-ae83-4dc8-8332-44dbcee36f95","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":25,"box":{"x":89,"y":324,"width":857,"height":12}},{"id":"724795f7-7cf0-484a-9755-339bcff560f7","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":25,"box":{"x":89,"y":339,"width":847,"height":12}},{"id":"337d1a5e-6e09-4a85-b9b3-68b550afc174","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":25,"box":{"x":89,"y":354,"width":856,"height":12}},{"id":"62813451-0989-4867-b1d7-7ec4c6ec7427","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":25,"box":{"x":88,"y":380,"width":852,"height":13}},{"id":"c1d370fa-5b4b-4d59-9acd-a5a30f5f86a8","block_type":"box","text":"brokerage commission determined by that broker, as well as other charges.","page_number":25,"box":{"x":89,"y":395,"width":524,"height":13}},{"id":"a7ef0689-07ff-441b-b3df-1b7db14f7db5","block_type":"box","text":"The Company reserves the right to adjust the share price of a Fund in the future to maintain convenient trading ranges for","page_number":25,"box":{"x":88,"y":422,"width":854,"height":12}},{"id":"57f1ec74-4d3e-49c5-8cec-68f555b9d5a2","block_type":"box","text":"investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect","page_number":25,"box":{"x":89,"y":437,"width":859,"height":12}},{"id":"9896bc08-1713-4b77-9bd3-88245cfc63b5","block_type":"box","text":"on the net assets of a Fund or an investor’s equity interest in a Fund.","page_number":25,"box":{"x":89,"y":452,"width":477,"height":12}},{"id":"be170e95-d6c3-4b84-8f80-1800d0d0c186","block_type":"box","text":"Investment Strategies and Risks","page_number":25,"box":{"x":91,"y":483,"width":531,"height":29}},{"id":"a0b19e04-2d0c-4b0a-8edc-a7faaed175b6","block_type":"box","text":"Each Fund seeks to achieve its objective by investing primarily in securities issued by issuers that compose its relevant","page_number":25,"box":{"x":89,"y":524,"width":824,"height":12}},{"id":"b70a87f3-6f72-4826-aa2a-85913c4ae458","block_type":"box","text":"Underlying Index and in investments that provide substantially similar exposure to securities in the relevant Underlying Index.","page_number":25,"box":{"x":89,"y":539,"width":876,"height":12}},{"id":"53b730b6-d13e-444a-bfa3-5514c396240d","block_type":"box","text":"Each such Fund operates as an index fund and is not actively managed. Adverse performance of a security in such a Fund’s","page_number":25,"box":{"x":89,"y":554,"width":863,"height":12}},{"id":"673904a6-3dd5-4818-a0b1-9d471b14620d","block_type":"box","text":"portfolio will ordinarily not result in the elimination of the security from the Fund’s portfolio.","page_number":25,"box":{"x":89,"y":569,"width":642,"height":13}},{"id":"9dd1455d-52e7-4cc5-977d-96f4d91537ca","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":25,"box":{"x":89,"y":596,"width":812,"height":12}},{"id":"e3d0775b-b931-44b5-ae16-690bc72cbff6","block_type":"box","text":"collective investment profile similar to that of the Fund’s Underlying Index. Securities selected have aggregate investment","page_number":25,"box":{"x":89,"y":611,"width":848,"height":12}},{"id":"3c4361f9-de57-4d85-998c-07647800d1a6","block_type":"box","text":"characteristics (based on market capitalization and industry weightings), fundamental characteristics (such as return","page_number":25,"box":{"x":89,"y":626,"width":819,"height":12}},{"id":"1b686140-5a0a-4f13-9962-1fbdc1eba732","block_type":"box","text":"variability, earnings valuation and yield) and liquidity measures similar to those of the Fund’s Underlying Index. A fund that","page_number":25,"box":{"x":88,"y":641,"width":859,"height":12}},{"id":"963bcff8-c7f8-41c3-8cda-84938719148f","block_type":"box","text":"uses representative sampling generally does not hold all of the securities that are in its underlying index.","page_number":25,"box":{"x":89,"y":656,"width":727,"height":13}},{"id":"da795005-5836-45b7-a693-4fe058479fa9","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":25,"box":{"x":88,"y":683,"width":851,"height":12}},{"id":"ebe7d74d-f7c4-4b12-b6ac-0c0744910de0","block_type":"box","text":"described below.","page_number":25,"box":{"x":89,"y":698,"width":116,"height":9}},{"id":"ae946cd4-6079-4d65-8343-a49f16bfdc15","block_type":"box","text":"In order to permit investments by Chilean pension fund managers (Administradoras de Fondos de Pensiones) (“Chilean fund","page_number":25,"box":{"x":89,"y":724,"width":871,"height":13}},{"id":"555f9748-f276-4a58-af73-9d256ced072d","block_type":"box","text":"managers”) in the iShares MSCI Chile ETF, the iShares MSCI Chile ETF expects to restrict investments in issuances by such","page_number":25,"box":{"x":89,"y":739,"width":853,"height":13}},{"id":"35018acd-ea4a-4838-ab8f-3768010e3333","block_type":"box","text":"Chilean fund managers. This may result in tracking error because the iShares MSCI Chile ETF may not be able to invest in","page_number":25,"box":{"x":89,"y":754,"width":845,"height":13}},{"id":"16f31932-a044-456c-8f88-510d4c771c50","block_type":"box","text":"certain securities included in the Underlying Index.","page_number":25,"box":{"x":89,"y":770,"width":353,"height":12}},{"id":"e0e7abf6-c334-44dd-9ac2-d241fbc7f181","block_type":"box","text":"Borrowing.","page_number":25,"box":{"x":89,"y":797,"width":78,"height":11}},{"id":"c98bd89a-dcf6-4af4-9dbc-a551b0a684ab","block_type":"box","text":"A Fund may borrow for temporary or emergency purposes, including to meet payments due from redemptions","page_number":25,"box":{"x":176,"y":796,"width":777,"height":12}},{"id":"0b919efe-6c21-4a2b-8b11-0d9fa712222d","block_type":"box","text":"or to facilitate the settlement of securities or other transactions. The iShares Core MSCI Emerging Markets ETF, iShares","page_number":25,"box":{"x":89,"y":811,"width":830,"height":12}},{"id":"2a3f3f61-82d4-4e1a-b686-0413c7363c63","block_type":"box","text":"Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI","page_number":25,"box":{"x":89,"y":826,"width":875,"height":13}},{"id":"887f31ae-9ff6-4346-8285-d04a5e26dc74","block_type":"box","text":"BIC ETF, iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging","page_number":25,"box":{"x":89,"y":841,"width":857,"height":13}},{"id":"5c11cde9-328d-4f73-9c5d-7a3dcc2563c5","block_type":"box","text":"Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares","page_number":25,"box":{"x":89,"y":856,"width":849,"height":13}},{"id":"0f4d294b-6774-400d-be05-399ea33bf691","block_type":"box","text":"2","page_number":25,"box":{"x":525,"y":894,"width":7,"height":9}},{"id":"190918c1-94d8-490b-bfb3-56769fe49a14","block_type":"box","text":"MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Malaysia ETF, iShares","page_number":26,"box":{"x":89,"y":44,"width":846,"height":12}},{"id":"02ae176f-1816-4040-8aa5-809519afadcd","block_type":"box","text":"MSCI South Korea ETF and iShares MSCI Taiwan ETF, along with certain other iShares funds, have entered into a syndicated","page_number":26,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"011d25da-740e-4168-9e16-5aa1cd114e08","block_type":"box","text":"line of credit with the Bank of New York Mellon (“BNY”), which serves as administrative agent for itself and the other banks.","page_number":26,"box":{"x":89,"y":74,"width":864,"height":12}},{"id":"fbea9fff-c491-4ed2-b17c-2596d085f5fc","block_type":"box","text":"The syndicated line of credit may be used for temporary or emergency purposes, including redemption, settlement of trades","page_number":26,"box":{"x":88,"y":89,"width":870,"height":13}},{"id":"0e92aef7-2718-4b1a-a833-8160e4da62a0","block_type":"box","text":"and rebalancing of portfolio holdings.","page_number":26,"box":{"x":89,"y":104,"width":261,"height":13}},{"id":"d1986c76-bdca-445b-9b0f-6f93145a17ff","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing Rate (“SOFR”) published","page_number":26,"box":{"x":89,"y":131,"width":864,"height":12}},{"id":"ded195a6-fb7b-41b9-afea-71ff5b1c98a4","block_type":"box","text":"by the Federal Reserve Bank of New York plus a spread. Pursuant to the terms of the credit agreement, if SOFR were to cease","page_number":26,"box":{"x":89,"y":146,"width":870,"height":12}},{"id":"0753266a-3f3f-470f-93bc-b9d117dac854","block_type":"box","text":"being published or representative, it would be replaced by a rate based on an alternate benchmark selected by BNY.","page_number":26,"box":{"x":89,"y":161,"width":806,"height":12}},{"id":"884165d5-7fbf-4080-aaed-4ceab03d8dee","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":26,"box":{"x":88,"y":188,"width":846,"height":12}},{"id":"594dd9ee-13a6-40a1-b212-94fc09640068","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":26,"box":{"x":89,"y":203,"width":852,"height":12}},{"id":"4ca73213-0d5b-447c-beef-61d15c7e5998","block_type":"box","text":"Purchasing securities while borrowings are outstanding creates special risks, such as the potential for greater volatility in the","page_number":26,"box":{"x":89,"y":218,"width":870,"height":12}},{"id":"5f17626d-08f4-4064-bc10-b8089d0cf6bc","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":26,"box":{"x":89,"y":233,"width":874,"height":12}},{"id":"0d8c1325-af79-4a1a-bd95-2ce6f2329648","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":26,"box":{"x":89,"y":248,"width":826,"height":12}},{"id":"fa988b53-37f3-40b4-b985-440784fea0aa","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":26,"box":{"x":89,"y":263,"width":871,"height":12}},{"id":"37c4b8c5-fd89-41da-9863-758e528a80eb","block_type":"box","text":"shareholders will outweigh the current reduced return.","page_number":26,"box":{"x":89,"y":278,"width":381,"height":13}},{"id":"d988580a-73d6-4b05-ac3b-c4ef1c1e30be","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":26,"box":{"x":89,"y":305,"width":835,"height":12}},{"id":"cb10ce03-2e88-44ca-b934-de0867a15681","block_type":"box","text":"credit agreements relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":26,"box":{"x":89,"y":320,"width":873,"height":12}},{"id":"5c9c1c38-2850-4fdd-b8e2-163d8bc2099c","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":26,"box":{"x":89,"y":335,"width":800,"height":12}},{"id":"83f354e9-ff13-4488-a26d-b6bfde79d740","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":26,"box":{"x":89,"y":350,"width":868,"height":12}},{"id":"6dc80aa7-1fac-4b71-be93-73f4c774b590","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":26,"box":{"x":89,"y":365,"width":856,"height":12}},{"id":"749db9cd-ed42-48a3-a0af-7dbca0b7c0d3","block_type":"box","text":"may be disadvantageous to do so.","page_number":26,"box":{"x":89,"y":380,"width":237,"height":13}},{"id":"32d68513-24e6-478c-962d-cc077c1b0827","block_type":"box","text":"Currency Transactions.","page_number":26,"box":{"x":89,"y":407,"width":166,"height":12}},{"id":"385d2ba6-d5fe-4af2-b999-83b27f44e2e9","block_type":"box","text":"A currency forward contract is an over-the-counter (“OTC”) obligation to purchase or sell a specific","page_number":26,"box":{"x":264,"y":407,"width":696,"height":12}},{"id":"d6547bb0-291b-4cf7-afaf-3c71b0d5918b","block_type":"box","text":"currency at a future date, which may be any fixed number of days greater than two days from the date on which the contract","page_number":26,"box":{"x":89,"y":422,"width":876,"height":12}},{"id":"474e7c18-7040-4a73-bf45-8c976dc3902f","block_type":"box","text":"is agreed upon by the parties, at a price set at the time of the contract. A non-deliverable currency forward is an OTC","page_number":26,"box":{"x":89,"y":437,"width":814,"height":12}},{"id":"f6ca1f19-02bb-4c62-9da2-a8df420294ae","block_type":"box","text":"currency forward settled in a specified currency, on a specified date, based on the difference between the agreed-upon","page_number":26,"box":{"x":89,"y":452,"width":828,"height":12}},{"id":"d1e3d2df-6873-47d5-998a-c77c8fa67d89","block_type":"box","text":"exchange rate and the market exchange rate. A currency futures contract is a contract that trades on an organized futures","page_number":26,"box":{"x":89,"y":467,"width":854,"height":13}},{"id":"1488a9f4-3a9a-4807-a8f5-5de2675b2253","block_type":"box","text":"exchange involving an obligation to deliver or acquire a specified amount of a specific currency, at a specified price and at a","page_number":26,"box":{"x":89,"y":482,"width":863,"height":13}},{"id":"f7b4ace9-67fb-4b71-8a78-5ae3fad8a0f7","block_type":"box","text":"specified future time. Currency futures contracts may be settled on a net cash payment basis rather than by the sale and","page_number":26,"box":{"x":89,"y":497,"width":840,"height":13}},{"id":"cfb593c5-2162-43c2-9b06-9786a6a55fec","block_type":"box","text":"delivery of the underlying currency. The Funds do not expect to engage in currency transactions for the purpose of hedging","page_number":26,"box":{"x":89,"y":513,"width":864,"height":12}},{"id":"0278d0c8-92ef-4505-ac0a-fb8c50d76b4f","block_type":"box","text":"against declines in the value of each Fund’s assets that are denominated in a non-U.S. currency. A Fund may enter into non","page_number":26,"box":{"x":89,"y":528,"width":867,"height":12}},{"id":"e736e474-96c7-4c78-ae1b-e5a505522a7e","block_type":"box","text":"U.S. currency forward and non-U.S. currency futures transactions to facilitate local securities settlements or to protect","page_number":26,"box":{"x":89,"y":543,"width":825,"height":12}},{"id":"7e44a121-c6cc-4a43-b022-9435809f2f4e","block_type":"box","text":"against currency exposure in connection with its distributions to shareholders, but may not enter into such contracts for","page_number":26,"box":{"x":89,"y":558,"width":843,"height":12}},{"id":"63128052-9fe9-45c0-802e-4df1605165a1","block_type":"box","text":"speculative purposes.","page_number":26,"box":{"x":89,"y":573,"width":150,"height":12}},{"id":"f08f06d4-c833-4330-b6d6-f3a7ca72f8f3","block_type":"box","text":"Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are","page_number":26,"box":{"x":89,"y":599,"width":879,"height":13}},{"id":"3ea786a0-41c9-4308-b05e-11deb5754284","block_type":"box","text":"effected may be highly volatile, highly specialized and highly technical. Significant changes, including changes in liquidity and","page_number":26,"box":{"x":89,"y":615,"width":876,"height":12}},{"id":"3f0d5f78-fe0b-4078-92f2-ee95ae9659d4","block_type":"box","text":"prices, can occur in such markets within very short periods of time, often within minutes. Foreign exchange trading risks","page_number":26,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"9f39f588-c0da-4e81-8f90-56bcf64206ed","block_type":"box","text":"include, but are not limited to, exchange rate risk, counterparty risk, maturity gap, interest rate risk, and potential interference","page_number":26,"box":{"x":89,"y":645,"width":877,"height":12}},{"id":"fbf230a5-53cc-4e1b-8732-06927d235f3a","block_type":"box","text":"by foreign governments through regulation of local exchange markets, foreign investment or particular transactions in non","page_number":26,"box":{"x":89,"y":660,"width":864,"height":12}},{"id":"29da6823-c7ee-4ead-a633-72b09fbfe368","block_type":"box","text":"U.S. currency. If BFA utilizes foreign exchange transactions at an inappropriate time or judges market conditions, trends or","page_number":26,"box":{"x":89,"y":675,"width":853,"height":12}},{"id":"f7c9d6ac-1be9-4eb8-a411-c2db4090a2f0","block_type":"box","text":"correlations incorrectly, foreign exchange transactions may not serve their intended purpose of improving the correlation of a","page_number":26,"box":{"x":89,"y":690,"width":877,"height":13}},{"id":"05f516f0-7833-439f-ba81-5c5ce087df76","block_type":"box","text":"Fund’s return with the performance of its Underlying Index, when applicable, and may lower the Fund’s return. A Fund could","page_number":26,"box":{"x":89,"y":705,"width":872,"height":13}},{"id":"ef787809-687e-44a1-b8b7-e37e1cbbf312","block_type":"box","text":"experience losses if the value of its currency forwards, options or futures positions were poorly correlated with its other","page_number":26,"box":{"x":89,"y":720,"width":834,"height":13}},{"id":"49f453cf-e090-4048-afc7-41b4471da3ee","block_type":"box","text":"investments or if it could not close out its positions because of an illiquid market or otherwise. In addition, a Fund could incur","page_number":26,"box":{"x":89,"y":736,"width":877,"height":12}},{"id":"4e3d7caa-533c-4bda-b3e0-9f2ae2c597f3","block_type":"box","text":"transaction costs, including trading commissions, in connection with certain non-U.S. currency transactions.","page_number":26,"box":{"x":88,"y":751,"width":761,"height":12}},{"id":"5ee97de7-d776-4527-be40-dbff4731840d","block_type":"box","text":"Diversification Status.","page_number":26,"box":{"x":89,"y":777,"width":156,"height":10}},{"id":"671311fe-f53d-4ff9-bf0d-981286b6c10f","block_type":"box","text":"The following table sets forth the diversification status of each Fund:","page_number":26,"box":{"x":253,"y":777,"width":480,"height":12}},{"id":"9d46e6a4-7ae3-4ef4-b010-f39e29475058","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":26,"box":{"x":89,"y":807,"width":529,"height":8}},{"id":"01b9d36e-0cd3-408a-995d-6f4f536c7a83","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF* iShares MSCI Agriculture Producers ETF","page_number":26,"box":{"x":89,"y":829,"width":669,"height":12}},{"id":"5d319278-e46d-433a-bf3e-22183dc38bda","block_type":"box","text":"iShares Emerging Markets Equity Factor ETF iShares MSCI Brazil ETF","page_number":26,"box":{"x":89,"y":849,"width":557,"height":12}},{"id":"e3df38cb-0a4c-4581-911a-a1e337251e0e","block_type":"box","text":"3","page_number":26,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"be06877d-4436-4f1d-8319-0c9019cdbd66","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":27,"box":{"x":89,"y":45,"width":529,"height":7}},{"id":"036e6a2f-88e1-473f-8c4c-1599389bfd46","block_type":"box","text":"iShares ESG Aware MSCI EM ETF iShares MSCI Chile ETF","page_number":27,"box":{"x":89,"y":67,"width":555,"height":9}},{"id":"06f8baf1-9918-4d55-b864-c74b616b6b67","block_type":"box","text":"iShares MSCI BIC ETF* iShares MSCI Global Gold Miners ETF","page_number":27,"box":{"x":89,"y":87,"width":651,"height":9}},{"id":"5f1b32ca-8fe1-48c2-ad87-2e07627211c9","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF iShares MSCI Global Metals & Mining Producers ETF","page_number":27,"box":{"x":89,"y":107,"width":752,"height":12}},{"id":"e202fb00-b096-480a-9fcd-b61f560d9b35","block_type":"box","text":"iShares MSCI Emerging Markets ETF* iShares MSCI Global Silver and Metals Miners ETF","page_number":27,"box":{"x":89,"y":127,"width":734,"height":12}},{"id":"f0461f7f-9e44-4c05-8552-160c649b0dad","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF iShares MSCI Malaysia ETF","page_number":27,"box":{"x":89,"y":147,"width":581,"height":13}},{"id":"d161660a-a454-4c82-9a2f-c35b55b61598","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF iShares MSCI South Korea ETF","page_number":27,"box":{"x":89,"y":167,"width":604,"height":13}},{"id":"7dda102f-06b1-4b7e-b825-3ee622871e82","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF iShares MSCI Taiwan ETF","page_number":27,"box":{"x":89,"y":188,"width":570,"height":9}},{"id":"33061f82-f5b5-464b-8f02-47610f8a34ed","block_type":"box","text":"* The iShares Core MSCI Emerging Markets ETF, iShares MSCI BIC ETF and iShares MSCI Emerging Markets ETF intend to be diversified in","page_number":27,"box":{"x":118,"y":227,"width":769,"height":10}},{"id":"0744cd8a-f11d-435a-9796-31e1b1052b27","block_type":"box","text":"approximately the same proportion as their Underlying Indexes are diversified. The iShares Core MSCI Emerging Markets ETF, iShares MSCI BIC ETF and","page_number":27,"box":{"x":118,"y":240,"width":849,"height":10}},{"id":"9d5b39ed-215c-4573-a136-15c6ed6321c3","block_type":"box","text":"iShares MSCI Emerging Markets ETF may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market","page_number":27,"box":{"x":118,"y":252,"width":788,"height":10}},{"id":"9a8c05cb-3ada-4b77-b259-61864fb5e047","block_type":"box","text":"capitalization or index weighting of one or more constituents of their Underlying Indexes. Shareholder approval will not be sought if the iShares Cor","page_number":27,"box":{"x":118,"y":265,"width":825,"height":10}},{"id":"84cd40af-8009-4b7a-bfd0-bead609e00a3","block_type":"box","text":"e","page_number":27,"box":{"x":944,"y":267,"width":5,"height":6}},{"id":"b2fc90e3-9645-45a5-8d74-ba7505ae1ad5","block_type":"box","text":"MSCI Emerging Markets ETF, iShares MSCI BIC ETF or iShares MSCI Emerging Markets ETF crosses from diversified to non-diversified status due solely","page_number":27,"box":{"x":118,"y":278,"width":843,"height":9}},{"id":"4a0d9055-8d68-447d-9f96-c4976199f908","block_type":"box","text":"to a change in its relative market capitalization or index weighting of one or more constituents of its Underlying Index. The Funds disclose their","page_number":27,"box":{"x":117,"y":290,"width":801,"height":10}},{"id":"39531bd0-0595-493e-b8ac-53aaed3e6d8f","block_type":"box","text":"portfolio holdings and weightings at www.iShares.com.","page_number":27,"box":{"x":118,"y":303,"width":310,"height":10}},{"id":"40938d55-00a4-4a93-a6f1-417dbdebcc59","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":27,"box":{"x":88,"y":326,"width":835,"height":12}},{"id":"571ec068-3a41-4aa8-bc93-626b52edd875","block_type":"box","text":"issued or guaranteed by the U.S. government, its agencies or instrumentalities and (ii) securities of other investment","page_number":27,"box":{"x":89,"y":341,"width":813,"height":13}},{"id":"e94da1f1-9cdf-4bc1-880a-e598b629dfc2","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":27,"box":{"x":89,"y":356,"width":823,"height":13}},{"id":"88b372ec-f98e-4130-b7cc-8c96bfdc755c","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":27,"box":{"x":89,"y":371,"width":854,"height":13}},{"id":"54737908-b530-475c-9406-d2f455785d08","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":27,"box":{"x":89,"y":387,"width":876,"height":12}},{"id":"6b1cffa0-5fb2-4bc7-8f5c-0deab8be9eb4","block_type":"box","text":"Act, a fund cannot change its classification from diversified to non-diversified without shareholder approval. However, while","page_number":27,"box":{"x":88,"y":402,"width":868,"height":12}},{"id":"d4c69fa1-f0da-4597-84d3-d0116267cc28","block_type":"box","text":"the iShares Core MSCI Emerging Markets ETF, iShares MSCI BIC ETF and iShares MSCI Emerging Markets ETF are classified as","page_number":27,"box":{"x":88,"y":417,"width":879,"height":12}},{"id":"1adcc9c4-207a-45ad-9b40-8f5da3d583c7","block_type":"box","text":"“diversified,” under applicable no-action relief from the SEC staff, the funds may become non-diversified, as defined in the","page_number":27,"box":{"x":89,"y":432,"width":851,"height":12}},{"id":"5bd31a5e-caba-4fa7-9883-0d7940c1be25","block_type":"box","text":"1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of","page_number":27,"box":{"x":90,"y":447,"width":848,"height":12}},{"id":"639e8ef9-25f9-46f5-a75d-20f8367b259e","block_type":"box","text":"their Underlying Indexes and such a change does not require shareholder approval.","page_number":27,"box":{"x":88,"y":462,"width":581,"height":12}},{"id":"61e8ec14-cbbf-417e-88eb-41ad18737a1f","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":27,"box":{"x":92,"y":489,"width":864,"height":12}},{"id":"e58242c2-e95b-442c-b80e-322be9b1be1d","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":27,"box":{"x":89,"y":504,"width":876,"height":12}},{"id":"d2f24554-54d1-4bca-b73f-a1c97041d31d","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":27,"box":{"x":89,"y":519,"width":840,"height":12}},{"id":"f5aa5409-9eca-4daa-80c5-8ef5bc8b60af","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":27,"box":{"x":89,"y":534,"width":839,"height":12}},{"id":"35a76040-a36d-4a41-af74-864a6feb593a","block_type":"box","text":"experienced by more diversified investment companies.","page_number":27,"box":{"x":89,"y":549,"width":387,"height":12}},{"id":"0540124a-8387-40a7-847f-b34f62913ab3","block_type":"box","text":"Each Fund (whether diversified or non-diversified) intends to maintain the required level of diversification and otherwise","page_number":27,"box":{"x":89,"y":576,"width":841,"height":12}},{"id":"b4fd464a-151c-4a2c-8c63-a7044839da39","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":27,"box":{"x":89,"y":591,"width":865,"height":12}},{"id":"c3dfa974-c223-4fc7-b367-399ee3628fd9","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":27,"box":{"x":89,"y":606,"width":878,"height":12}},{"id":"8b626ba2-9c5a-4fe5-99f9-fe0934ad47d3","block_type":"box","text":"the extent that its earnings are distributed to shareholders, provided that the Fund satisfies a minimum distribution","page_number":27,"box":{"x":88,"y":621,"width":806,"height":12}},{"id":"873a7ade-c495-4b41-a72c-bc7fdcd7114d","block_type":"box","text":"requirement. Compliance with the diversification requirements of the Internal Revenue Code may limit the investment","page_number":27,"box":{"x":89,"y":636,"width":824,"height":12}},{"id":"9eb11d46-9cb9-4127-a240-3f802ea167c7","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":27,"box":{"x":88,"y":651,"width":790,"height":12}},{"id":"17ff79c7-9fdd-4411-8f00-3d61c8c39e33","block_type":"box","text":"Futures, Options on Futures and Securities Options.","page_number":27,"box":{"x":89,"y":678,"width":371,"height":12}},{"id":"ba3a6206-82ce-4437-9061-5c1af3d11c4b","block_type":"box","text":"Futures contracts, options on futures and securities options may be","page_number":27,"box":{"x":470,"y":678,"width":473,"height":12}},{"id":"2d5343b3-a961-4b2f-8bad-9209c1e4e8d1","block_type":"box","text":"used by a Fund to access its investable universe, simulate investments that would otherwise be eligible, facilitate trading or to","page_number":27,"box":{"x":89,"y":693,"width":877,"height":12}},{"id":"bf41894f-b10e-4a36-a9c6-dea2d22eeba7","block_type":"box","text":"reduce transaction costs. Each Fund may enter into futures contracts and options on futures that are traded on a U.S. or non","page_number":27,"box":{"x":89,"y":708,"width":877,"height":12}},{"id":"26267aa5-9065-4088-a24b-3cf5058bb50b","block_type":"box","text":"U.S. futures exchange. Each Fund will not use futures, options on futures or securities options for speculative purposes. Each","page_number":27,"box":{"x":89,"y":723,"width":871,"height":12}},{"id":"df6d96dd-c455-4431-82ed-338eec3ac3a2","block_type":"box","text":"Fund intends to use futures and options on futures in accordance with Rule 4.5 of the Commodity Futures Trading","page_number":27,"box":{"x":89,"y":738,"width":800,"height":12}},{"id":"32c55e71-69bc-445d-b0cb-cb3511cd1c35","block_type":"box","text":"Commission (the “CFTC”) promulgated under the Commodity Exchange Act (“CEA”). BFA, with respect to certain Funds, has","page_number":27,"box":{"x":89,"y":753,"width":874,"height":13}},{"id":"8188a475-5104-4ccf-aa22-81d3b98f6c11","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":27,"box":{"x":89,"y":768,"width":847,"height":13}},{"id":"f0fed57a-72b1-46fd-bd33-d8e49c935482","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":27,"box":{"x":88,"y":783,"width":870,"height":13}},{"id":"50535743-d030-47de-af4b-0f8889d37a9c","block_type":"box","text":"Regulation Regarding Derivatives","page_number":27,"box":{"x":88,"y":799,"width":231,"height":12}},{"id":"eae2f1a9-762b-4f66-8812-14b0d2858063","block_type":"box","text":"section of this SAI for more information.","page_number":27,"box":{"x":324,"y":799,"width":280,"height":9}},{"id":"71103563-c0bf-406a-a739-ac5b89f9ecc5","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":27,"box":{"x":89,"y":825,"width":861,"height":12}},{"id":"40df5ed0-aba8-46d0-a039-9263e07cb6ea","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":27,"box":{"x":89,"y":840,"width":858,"height":12}},{"id":"ca6d6f95-2ec8-42f0-a54f-a4a363893ef6","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":27,"box":{"x":89,"y":855,"width":817,"height":13}},{"id":"1f500b9b-f37b-4d83-ab41-040496074ca8","block_type":"box","text":"4","page_number":27,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"a0d55a4c-5746-4ad4-9809-4a0d3a71354a","block_type":"box","text":"contracts to purchase securities indexes when BFA anticipates purchasing the underlying securities and believes prices will","page_number":28,"box":{"x":89,"y":44,"width":858,"height":12}},{"id":"ebb3c452-027d-47d4-ac61-a612c03828af","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":28,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"b165f599-c217-4e66-92b6-098f7b309a76","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":28,"box":{"x":89,"y":74,"width":878,"height":12}},{"id":"fb7d88de-0190-4bd3-94da-49459a128223","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":28,"box":{"x":89,"y":89,"width":846,"height":13}},{"id":"fa1e474e-ffff-4ff5-8f8f-adbefbaae826","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":28,"box":{"x":89,"y":104,"width":849,"height":13}},{"id":"868a4d90-23ea-4cc1-9918-e963e11fbc3a","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":28,"box":{"x":89,"y":119,"width":878,"height":13}},{"id":"d3fe77dd-07a8-42aa-84ea-c9ce75d01703","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":28,"box":{"x":89,"y":135,"width":839,"height":12}},{"id":"ddae9ddc-ae62-4ead-889a-008df190005b","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":28,"box":{"x":89,"y":150,"width":878,"height":12}},{"id":"09f61587-b4eb-4bea-8945-2466d0e129b1","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":28,"box":{"x":89,"y":165,"width":859,"height":12}},{"id":"ce1a1206-a4c0-471d-8e80-dae0073e5d82","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":28,"box":{"x":89,"y":180,"width":825,"height":12}},{"id":"df14710d-6efe-4fa5-821f-72c27c2d8958","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":28,"box":{"x":88,"y":195,"width":877,"height":12}},{"id":"a5920bb7-9a10-431e-b22e-c73ee93179bc","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":28,"box":{"x":88,"y":210,"width":864,"height":13}},{"id":"b8ab8d1f-a0c5-487f-a423-0ee50d5ea1d6","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":28,"box":{"x":88,"y":225,"width":874,"height":13}},{"id":"4f726b77-e106-4698-80de-6dceeb771206","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":28,"box":{"x":88,"y":240,"width":843,"height":13}},{"id":"23be0a3d-168f-444a-8a0f-bc5043e72251","block_type":"box","text":"futures contract.","page_number":28,"box":{"x":88,"y":256,"width":116,"height":9}},{"id":"0553ac2e-9b8c-44bf-b54d-f629542143ea","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":28,"box":{"x":88,"y":282,"width":870,"height":12}},{"id":"c232f8d9-dfc2-47f2-b3a8-0345eb1a3f5e","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":28,"box":{"x":89,"y":297,"width":855,"height":12}},{"id":"f84c0494-b50b-4e4f-86de-05b3d29a8ccf","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":28,"box":{"x":89,"y":312,"width":867,"height":13}},{"id":"8783d7de-3bfa-4761-8d6c-ca36485eb87f","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":28,"box":{"x":89,"y":327,"width":845,"height":13}},{"id":"3c32919f-20f3-4080-b846-b489f81dc976","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":28,"box":{"x":89,"y":342,"width":875,"height":13}},{"id":"8918c069-7138-4904-af25-98caf6dac148","block_type":"box","text":"less the premium received from writing the put. Certain of the Funds may purchase and write put and call options on futures","page_number":28,"box":{"x":89,"y":358,"width":872,"height":12}},{"id":"c523aaac-6a84-441e-bba9-5f87f6f73756","block_type":"box","text":"contracts that are traded on an exchange as a hedge against changes in value of their portfolio securities or in anticipation of","page_number":28,"box":{"x":89,"y":373,"width":876,"height":12}},{"id":"5c76ef03-a3f8-49eb-8b25-f246371e8463","block_type":"box","text":"the purchase of securities, and may enter into closing transactions with respect to such options to terminate existing","page_number":28,"box":{"x":88,"y":388,"width":819,"height":12}},{"id":"82a173c7-7a6f-4b20-886c-656ce035c354","block_type":"box","text":"positions. There is no guarantee that such closing transactions can be effected.","page_number":28,"box":{"x":89,"y":403,"width":553,"height":12}},{"id":"3138a3e1-f87a-470b-9c38-94fedfaf3b12","block_type":"box","text":"Securities options may be used by a Fund to obtain access to or dispose of securities that are otherwise eligible investments","page_number":28,"box":{"x":88,"y":429,"width":867,"height":13}},{"id":"c46b5990-7870-43fb-92da-f3a79309c069","block_type":"box","text":"at favorable prices, to invest cash in a securities index that offers similar exposure to that being sought by the Fund or","page_number":28,"box":{"x":89,"y":445,"width":822,"height":12}},{"id":"1b82a5fd-b67a-4d15-a8b9-2488416cbf4d","block_type":"box","text":"otherwise to achieve the Fund’s objective. A call option gives a holder the right to purchase a specific security at a specified","page_number":28,"box":{"x":89,"y":460,"width":862,"height":12}},{"id":"4f9a2254-9131-4895-85a0-4c0d820bf3a2","block_type":"box","text":"price (“exercise price”) within a specified period of time. A put option gives a holder the right to sell a specific security at an","page_number":28,"box":{"x":89,"y":475,"width":861,"height":12}},{"id":"b8225aab-aa81-48e3-8fb4-22fa678443fd","block_type":"box","text":"exercise price within a specified period of time. The initial purchaser of a call option pays the “writer” a premium, which is","page_number":28,"box":{"x":89,"y":490,"width":851,"height":12}},{"id":"95f9559c-8202-4031-a98b-29a291803e33","block_type":"box","text":"paid at the time of purchase and is retained by the writer whether or not such option is exercised. Each Fund may purchase","page_number":28,"box":{"x":89,"y":505,"width":862,"height":12}},{"id":"9cf688f4-6ad1-4d93-8d04-911693344700","block_type":"box","text":"put options to hedge its portfolio against the risk of a decline in the market value of securities held and may purchase call","page_number":28,"box":{"x":89,"y":520,"width":848,"height":12}},{"id":"811a4f5e-3401-449c-83d4-962c33c4dede","block_type":"box","text":"options to hedge against an increase in the price of securities it is committed to purchase. Each Fund may write put and call","page_number":28,"box":{"x":89,"y":535,"width":866,"height":13}},{"id":"fe270f02-49dd-4fa1-b77c-f15d98c6c83e","block_type":"box","text":"options along with a long position in options to increase its ability to hedge against a change in the market value of the","page_number":28,"box":{"x":89,"y":550,"width":833,"height":13}},{"id":"d2ef3948-c470-4ec3-9e10-bb7f78dc8222","block_type":"box","text":"securities it holds or is committed to purchase. Each Fund may purchase or sell securities options on a U.S. or non-U.S.","page_number":28,"box":{"x":89,"y":565,"width":830,"height":13}},{"id":"a7fb0afd-d780-49a5-94a5-4f7f215903cf","block_type":"box","text":"securities exchange or in the OTC market through a transaction with a dealer. Options on a securities index are typically","page_number":28,"box":{"x":89,"y":581,"width":837,"height":12}},{"id":"55ad2d8c-eb05-4148-8adf-e858285958cb","block_type":"box","text":"settled on a net basis based on the appreciation or depreciation of the index level over the strike price. Options on single","page_number":28,"box":{"x":89,"y":596,"width":839,"height":12}},{"id":"7c199267-8c63-45dd-bf89-29d7e56f79ed","block_type":"box","text":"name securities may be cash- or physically-settled, depending upon the market in which they are traded. Options may be","page_number":28,"box":{"x":89,"y":611,"width":850,"height":12}},{"id":"4b2d77ea-84d0-4d2e-80c0-dd314717e02a","block_type":"box","text":"structured so as to be exercisable only on certain dates or on a daily basis. Options may also be structured to have conditions","page_number":28,"box":{"x":89,"y":626,"width":875,"height":12}},{"id":"cab66a98-6523-48e4-a65a-66c95f6f621b","block_type":"box","text":"to exercise (","page_number":28,"box":{"x":88,"y":641,"width":84,"height":12}},{"id":"87e9127a-c61f-4c50-ba54-1db4c8558dbb","block_type":"box","text":"i.e.","page_number":28,"box":{"x":173,"y":642,"width":18,"height":9}},{"id":"5632715f-d684-42c0-a25e-4666a6597053","block_type":"box","text":", “Knock-in Events”) or conditions that trigger termination (","page_number":28,"box":{"x":193,"y":641,"width":416,"height":12}},{"id":"fbca7855-275e-41fc-94f3-c3cf6f5a3860","block_type":"box","text":"i.e.","page_number":28,"box":{"x":610,"y":642,"width":18,"height":9}},{"id":"339a1fb8-a153-4e01-80c4-0e3214e2e2c4","block_type":"box","text":", “Knock-out Events”).","page_number":28,"box":{"x":630,"y":641,"width":154,"height":12}},{"id":"0c098737-7424-4d60-a0c5-4a6afd9cf3c8","block_type":"box","text":"Lending Portfolio Securities.","page_number":28,"box":{"x":89,"y":668,"width":202,"height":12}},{"id":"33cdada2-c4ab-4494-9b42-bbf855882019","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BFA determines to be","page_number":28,"box":{"x":301,"y":668,"width":609,"height":12}},{"id":"1d13690e-a0c3-4466-aa09-55c719efff8a","block_type":"box","text":"creditworthy, including borrowers affiliated with BFA. The borrowers provide collateral that is maintained in an amount at","page_number":28,"box":{"x":89,"y":683,"width":848,"height":12}},{"id":"6891ea97-16b2-43c8-a7bf-93478bef22b9","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":28,"box":{"x":89,"y":698,"width":858,"height":12}},{"id":"efb9f28f-8309-4a37-933c-a77bcb6847e0","block_type":"box","text":"result, the aggregate value of all securities loans of the particular Fund exceeds one-third of the value of such Fund’s total","page_number":28,"box":{"x":89,"y":713,"width":849,"height":12}},{"id":"d6e03c70-c6d4-4824-be2e-212e2fab9531","block_type":"box","text":"assets (including the value of the collateral received). A Fund may terminate a loan at any time and obtain the return of the","page_number":28,"box":{"x":89,"y":728,"width":859,"height":12}},{"id":"2de4cbab-c2d5-42fd-98f3-f53e5523830e","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":28,"box":{"x":89,"y":743,"width":794,"height":12}},{"id":"ddf3b4d4-7230-45dc-a899-e311b68db170","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":28,"box":{"x":89,"y":758,"width":794,"height":13}},{"id":"7da46247-9890-43b7-beda-1f49f2f37811","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":28,"box":{"x":88,"y":785,"width":854,"height":12}},{"id":"ce7744da-17f1-447c-83a2-b71d98f6647b","block_type":"box","text":"cash collateral. The Funds are compensated by any positive difference between the amount earned on the reinvestment of","page_number":28,"box":{"x":89,"y":800,"width":856,"height":12}},{"id":"fd0e8b99-69e8-40c2-9d86-00c2a03de93b","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":28,"box":{"x":89,"y":815,"width":876,"height":12}},{"id":"e60da8b1-0a70-434d-ba7c-ed623fb39fa0","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":28,"box":{"x":89,"y":830,"width":863,"height":12}},{"id":"4eed2644-acdc-431f-ae0f-15b0a9f7d17f","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":28,"box":{"x":88,"y":845,"width":850,"height":12}},{"id":"90aa7ce4-46c6-47d1-9ad6-89980a4cb84e","block_type":"box","text":"5","page_number":28,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"e41df0d7-319e-48b8-8cee-9d7aef3e08e8","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":29,"box":{"x":89,"y":44,"width":855,"height":12}},{"id":"c776ec86-870c-42d9-9a41-41d60f317ddc","block_type":"box","text":"are subject to investment risk.","page_number":29,"box":{"x":89,"y":59,"width":208,"height":12}},{"id":"c164e99e-4b00-4954-b229-cee2f772f190","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":29,"box":{"x":89,"y":85,"width":818,"height":13}},{"id":"f277df14-9258-418a-b957-91002947149e","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":29,"box":{"x":89,"y":101,"width":868,"height":12}},{"id":"ff5b725a-0d3e-497a-af12-1f3dd65533e6","block_type":"box","text":"extent that a Fund engages in securities lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities","page_number":29,"box":{"x":89,"y":116,"width":832,"height":12}},{"id":"0da87683-10fd-419c-a8a0-134822ef326a","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":29,"box":{"x":89,"y":131,"width":846,"height":12}},{"id":"bdc9b641-70da-410e-9e8d-3ee7c28a3bd6","block_type":"box","text":"with guidelines approved by the Company’s Board of Directors (the “Board,” the directors of which are the “Directors”).","page_number":29,"box":{"x":88,"y":146,"width":835,"height":12}},{"id":"eb88a5a7-731b-4bd5-9bdc-e16866d9eca8","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPMorgan”) serves as custodian for the Funds in connection with certain securities lending","page_number":29,"box":{"x":88,"y":161,"width":843,"height":12}},{"id":"d9b947a5-fd87-4af9-a7a9-ae2de3ee2bc5","block_type":"box","text":"activities.","page_number":29,"box":{"x":89,"y":177,"width":63,"height":9}},{"id":"3000fcf4-546c-45e1-9662-4f29873fbafd","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":29,"box":{"x":88,"y":203,"width":873,"height":12}},{"id":"609b4776-6422-4fcb-abd1-d37f3e807ece","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":29,"box":{"x":89,"y":218,"width":830,"height":12}},{"id":"3dd0d858-38b8-4dc4-8da6-edd15f9b0d32","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":29,"box":{"x":89,"y":233,"width":865,"height":12}},{"id":"2c68b960-b834-468f-a621-eb190da31d63","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":29,"box":{"x":88,"y":248,"width":852,"height":12}},{"id":"7e03c0ce-0d3b-44de-ac57-1ae7a901a7b5","block_type":"box","text":"movements in foreign exchange rates), and credit, legal, counterparty and market risks (including the risk that market events,","page_number":29,"box":{"x":89,"y":263,"width":878,"height":12}},{"id":"793025f9-791c-4574-bc58-6d7c0f7d8a04","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":29,"box":{"x":89,"y":278,"width":848,"height":13}},{"id":"d6cd595c-ccca-4972-b74c-383ff403bb4c","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":29,"box":{"x":89,"y":293,"width":852,"height":13}},{"id":"010ee297-6847-4347-b805-bb5881e931ac","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":29,"box":{"x":89,"y":308,"width":870,"height":13}},{"id":"8000ec10-89a4-46fd-9ca4-da778ca3ad0b","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":29,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"994d5921-955e-4df2-89f4-d8b5ac981155","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":29,"box":{"x":89,"y":339,"width":834,"height":12}},{"id":"cf5fbd6b-3997-4502-a187-06bdb5c84157","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":29,"box":{"x":89,"y":354,"width":863,"height":12}},{"id":"740f4b45-2488-4654-84ab-db9942259903","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":29,"box":{"x":89,"y":369,"width":833,"height":12}},{"id":"1ba40244-f20c-4f3d-ac29-15754498c1d0","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":29,"box":{"x":89,"y":384,"width":853,"height":12}},{"id":"0a1386aa-ca0f-4347-a066-1048f3509fb3","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":29,"box":{"x":89,"y":399,"width":871,"height":13}},{"id":"e063873f-1d76-4ef4-bf46-1393bb301a08","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":29,"box":{"x":88,"y":414,"width":806,"height":13}},{"id":"b1f845da-9f1e-4669-a815-1699d24a8fba","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":29,"box":{"x":89,"y":429,"width":857,"height":13}},{"id":"a274d34f-384f-43d8-a068-689b4faba69e","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":29,"box":{"x":89,"y":445,"width":866,"height":12}},{"id":"628b7ac9-0c53-4966-a941-30dcf477b74c","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":29,"box":{"x":89,"y":460,"width":858,"height":12}},{"id":"443a6ebb-a24e-47db-ad35-27c3c76d8d18","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":29,"box":{"x":88,"y":475,"width":844,"height":12}},{"id":"64f55fa9-71f1-4b07-b936-a22b7d09d968","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":29,"box":{"x":89,"y":490,"width":873,"height":12}},{"id":"d59e45f7-bd45-451f-b20c-9c72fd25cf19","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":29,"box":{"x":89,"y":505,"width":841,"height":12}},{"id":"67c51e4d-095a-4dad-8bd8-cd440f9fe783","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":29,"box":{"x":89,"y":520,"width":804,"height":12}},{"id":"f808a211-c2b9-4643-beec-36f4c13b5313","block_type":"box","text":"equivalent payments owed to a Fund (as permitted by applicable law).","page_number":29,"box":{"x":89,"y":535,"width":490,"height":13}},{"id":"66395762-abf1-477a-bdb3-51b35072f02b","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of their","page_number":29,"box":{"x":89,"y":562,"width":824,"height":12}},{"id":"628e28e3-44c6-4676-924c-ef35aec68978","block_type":"box","text":"affiliates to include in certain financial contracts, including many securities lending agreements, terms that delay or restrict","page_number":29,"box":{"x":89,"y":577,"width":859,"height":12}},{"id":"602b0567-c8cb-4f35-842b-1decce1ef008","block_type":"box","text":"the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":29,"box":{"x":88,"y":592,"width":879,"height":12}},{"id":"4c3ab72e-1a52-4173-9961-8313d692b96d","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":29,"box":{"x":89,"y":607,"width":869,"height":12}},{"id":"d9089d35-bb96-4d29-b855-0b10851cd4a8","block_type":"box","text":"of resolution or insolvency proceedings. It is possible that these requirements, as well as potential additional government","page_number":29,"box":{"x":89,"y":622,"width":846,"height":12}},{"id":"0a1a46b2-ff26-4be3-886a-209ee5caf8e3","block_type":"box","text":"regulation and other developments in the market, could adversely affect the Fund’s ability to terminate existing securities","page_number":29,"box":{"x":89,"y":637,"width":847,"height":13}},{"id":"9efcba6b-c444-4d9d-abae-e90726bbf959","block_type":"box","text":"lending agreements or to realize amounts to be received under such agreements. Prudential regulation may also favor","page_number":29,"box":{"x":89,"y":652,"width":825,"height":13}},{"id":"a91b89a3-839f-40cb-bddf-de93feb4c770","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":29,"box":{"x":89,"y":668,"width":834,"height":12}},{"id":"50e12395-96a9-4918-8243-594b406bb4b8","block_type":"box","text":"borrowers. Certain Funds expect to provide additional protections to borrowers, where permitted, pursuant to a Fund’s","page_number":29,"box":{"x":89,"y":683,"width":831,"height":12}},{"id":"e262d430-4743-4a6e-b768-cfcc8b6a8315","block_type":"box","text":"investment policies and if BFA believes doing so is in the best interest of the Fund.","page_number":29,"box":{"x":89,"y":698,"width":571,"height":12}},{"id":"1ba9b678-559b-4049-b359-85fef8ef94d1","block_type":"box","text":"Liquidity Risk Management.","page_number":29,"box":{"x":89,"y":724,"width":200,"height":13}},{"id":"c26b46f8-1365-4240-82f9-65ca23ef2cb3","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open-end funds,","page_number":29,"box":{"x":299,"y":724,"width":662,"height":13}},{"id":"8ed32cc0-7558-4f1f-be80-092ab174648a","block_type":"box","text":"including exchange-traded funds (“ETFs”) such as the Funds, to establish a liquidity risk management program (the","page_number":29,"box":{"x":89,"y":739,"width":811,"height":13}},{"id":"dbc0dfd6-2d6f-4f5d-90ba-13c4c7bf9e59","block_type":"box","text":"“Liquidity Program”) and enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have","page_number":29,"box":{"x":89,"y":754,"width":837,"height":13}},{"id":"fe0d3fdd-397d-4731-86b9-b2d4df7caefd","block_type":"box","text":"implemented a Liquidity Program, and the Board, including a majority of the Independent Directors of the Company, has","page_number":29,"box":{"x":89,"y":770,"width":841,"height":12}},{"id":"44635f38-65bb-4fe0-8b1f-721b2dbbc587","block_type":"box","text":"appointed BFA as the administrator of the Liquidity Program. Under the Liquidity Program, BFA assesses, manages, and","page_number":29,"box":{"x":89,"y":785,"width":834,"height":12}},{"id":"5602bf2d-ebe8-476f-b112-b59f0d44512d","block_type":"box","text":"periodically reviews each Fund’s liquidity risk and classifies each investment held by a Fund as a “highly liquid investment,”","page_number":29,"box":{"x":89,"y":800,"width":859,"height":12}},{"id":"a4d32142-1d80-4092-8e2d-96cd67dec809","block_type":"box","text":"“moderately liquid investment,” “less liquid investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as","page_number":29,"box":{"x":89,"y":815,"width":866,"height":12}},{"id":"1ed37129-4aec-4158-aed7-4ba335908067","block_type":"box","text":"the risk that a Fund could not meet requests to redeem shares issued by a Fund without significant dilution of the remaining","page_number":29,"box":{"x":88,"y":830,"width":871,"height":12}},{"id":"3e86d69e-bf2b-411d-be1b-3853ff2fa1a1","block_type":"box","text":"investors’ interest in a Fund. The liquidity of a Fund’s portfolio investments is determined based on relevant market, trading","page_number":29,"box":{"x":89,"y":845,"width":860,"height":12}},{"id":"cd0bf83b-7806-46c9-a95e-d99973c7ec9b","block_type":"box","text":"6","page_number":29,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"5b246795-d9d0-4876-bb72-3d0c9125dbb7","block_type":"box","text":"and investment-specific considerations under the Liquidity Program. There are exclusions from certain portions of the","page_number":30,"box":{"x":89,"y":44,"width":825,"height":12}},{"id":"7e8c14fd-268c-4949-863a-7e7a8c4ed296","block_type":"box","text":"liquidity risk management program requirements for “in-kind” ETFs, as defined in the Liquidity Rule. To the extent that an","page_number":30,"box":{"x":89,"y":59,"width":850,"height":12}},{"id":"c7032475-b551-4455-b800-9be32e198231","block_type":"box","text":"investment is deemed to be an illiquid investment or a less liquid investment, a Fund can expect to be exposed to greater","page_number":30,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"9fb22010-df5c-4455-b51d-2249d8287bde","block_type":"box","text":"liquidity risk.","page_number":30,"box":{"x":89,"y":89,"width":87,"height":13}},{"id":"3f623166-3df1-4c72-be46-1499ea384610","block_type":"box","text":"Non-U.S. Securities.","page_number":30,"box":{"x":89,"y":116,"width":141,"height":10}},{"id":"4230a234-5ec0-4eea-8331-cd6a3c08c2a2","block_type":"box","text":"Each Fund intends to purchase publicly traded common stocks of non-U.S. issuers. To the extent a","page_number":30,"box":{"x":240,"y":116,"width":690,"height":12}},{"id":"38fe296a-2635-4fff-bd95-a5d1b4d719ca","block_type":"box","text":"Fund invests in stocks of non-U.S. issuers, the Fund’s investments in such stocks may be in the form of American Depositary","page_number":30,"box":{"x":89,"y":131,"width":872,"height":12}},{"id":"81139e22-9c6e-4cf4-99ef-77045bd63fdf","block_type":"box","text":"Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”) (collectively, “depositary","page_number":30,"box":{"x":89,"y":146,"width":876,"height":12}},{"id":"a6567900-0a34-4a6f-b89a-d35da6382fc3","block_type":"box","text":"receipts”). Depositary receipts are receipts, typically issued by a bank or trust issuer, which evidence ownership of underlying","page_number":30,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"acee7ef1-2c46-4b44-9acf-e59822b0486b","block_type":"box","text":"securities issued by a non-U.S. issuer. Depositary receipts may not necessarily be denominated in the same currency as their","page_number":30,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"b61d1934-fe1d-4233-b983-a3f8f908af2a","block_type":"box","text":"underlying securities. ADRs typically are issued by a U.S. bank or trust company and evidence ownership of underlying","page_number":30,"box":{"x":89,"y":191,"width":827,"height":13}},{"id":"8c42768e-9c97-44f7-ae3c-a04197a7e764","block_type":"box","text":"securities issued by a non-U.S. issuer. EDRs, which are sometimes referred to as continental depositary receipts, are receipts","page_number":30,"box":{"x":89,"y":206,"width":865,"height":13}},{"id":"08b3a3ea-d463-4166-a866-865a121b273d","block_type":"box","text":"issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign or domestic","page_number":30,"box":{"x":89,"y":222,"width":833,"height":12}},{"id":"a278d0e0-4bc4-4c2a-8823-2bbab59140bb","block_type":"box","text":"underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading on an international","page_number":30,"box":{"x":89,"y":237,"width":862,"height":12}},{"id":"1945b4ba-289a-4bc4-8add-2eb3ea307041","block_type":"box","text":"basis. Generally, ADRs, issued in registered form, are designed for use in the U.S. securities markets, and EDRs, issued in","page_number":30,"box":{"x":89,"y":252,"width":835,"height":12}},{"id":"c8ecda35-96a8-4cee-9fe2-dc8117aa1c01","block_type":"box","text":"bearer form, are designed for use in European securities markets. GDRs are tradable both in the U.S. and in Europe and are","page_number":30,"box":{"x":89,"y":267,"width":855,"height":12}},{"id":"2aad0a61-0647-41aa-a500-5bfb2b748f22","block_type":"box","text":"designed for use throughout the world.","page_number":30,"box":{"x":89,"y":282,"width":274,"height":12}},{"id":"007340f7-e419-4ba8-8160-fe04d8d60d53","block_type":"box","text":"Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may","page_number":30,"box":{"x":89,"y":308,"width":877,"height":13}},{"id":"9c0ed90a-3208-46bc-85d8-06360577262b","block_type":"box","text":"be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose a Fund to","page_number":30,"box":{"x":89,"y":324,"width":839,"height":12}},{"id":"5c3753b7-091b-4433-9d9f-0e6dcaed97d9","block_type":"box","text":"additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the","page_number":30,"box":{"x":89,"y":339,"width":841,"height":12}},{"id":"0e162aa4-c80f-44aa-b61f-49125686b559","block_type":"box","text":"depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency","page_number":30,"box":{"x":89,"y":354,"width":859,"height":12}},{"id":"78ba1c22-f08f-4a97-9bcf-e18e63ab8b85","block_type":"box","text":"risk and liquidity risk. Unsponsored programs, which are not sanctioned by the issuer of the underlying common stock,","page_number":30,"box":{"x":89,"y":369,"width":833,"height":12}},{"id":"8f3dd78e-96ab-4a2a-913e-fe849ef2e958","block_type":"box","text":"generally expose investors to greater risks than sponsored programs and do not provide holders with many of the","page_number":30,"box":{"x":89,"y":384,"width":795,"height":12}},{"id":"d61deca5-84cf-44cf-9358-4193b2e5eaf5","block_type":"box","text":"shareholder benefits that come from investing in a sponsored depositary receipts.","page_number":30,"box":{"x":89,"y":399,"width":571,"height":13}},{"id":"ed4fa2f7-772b-4b73-ad53-c224170d91e4","block_type":"box","text":"Investing in the securities of non-U.S. issuers involves special risks and considerations not typically associated with investing","page_number":30,"box":{"x":89,"y":426,"width":868,"height":12}},{"id":"ee9eeb36-0ad2-404c-b839-8315acaee036","block_type":"box","text":"in U.S. issuers. These include differences in accounting, auditing and financial reporting standards; the possibility of","page_number":30,"box":{"x":89,"y":441,"width":808,"height":12}},{"id":"b30305ea-d83d-458d-9429-b95f0f768dee","block_type":"box","text":"expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations; political instability,","page_number":30,"box":{"x":89,"y":456,"width":853,"height":12}},{"id":"d95f838b-150e-4181-9131-427bf8dea5b2","block_type":"box","text":"which could affect U.S. investments in non-U.S. countries; and potential restrictions on the flow of international capital. Non","page_number":30,"box":{"x":88,"y":471,"width":873,"height":12}},{"id":"61ad8a19-051a-4b14-8955-fc77f8e4868b","block_type":"box","text":"U.S. issuers may be subject to less governmental regulation than U.S. issuers. Moreover, individual non-U.S. economies may","page_number":30,"box":{"x":89,"y":486,"width":864,"height":12}},{"id":"91e88f82-85fd-4b31-82fa-31960a834109","block_type":"box","text":"differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product (“GDP”), rate of","page_number":30,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"d9891384-b84a-4863-a0bd-f4ffebe03780","block_type":"box","text":"inflation, capital reinvestment, resource self-sufficiency and balance of payment positions.","page_number":30,"box":{"x":89,"y":516,"width":629,"height":13}},{"id":"a9c593e3-b6ae-4ac4-8ded-6f0e1f201b66","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":30,"box":{"x":89,"y":543,"width":242,"height":12}},{"id":"f2d2eb60-01d0-4931-9452-e0913f31257d","block_type":"box","text":"The CFTC subjects advisers to registered investment companies to regulation by the","page_number":30,"box":{"x":340,"y":543,"width":588,"height":12}},{"id":"73341f79-7f17-4c3d-acca-01ef72a4b05a","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":30,"box":{"x":89,"y":558,"width":812,"height":12}},{"id":"ed236519-bc03-49de-93c1-f9cc59271773","block_type":"box","text":"liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”) or (ii) markets itself as providing","page_number":30,"box":{"x":89,"y":573,"width":819,"height":12}},{"id":"68523780-bcb6-4374-9810-ef96e6a68bd4","block_type":"box","text":"investment exposure to such instruments. The CFTC also subjects advisers to registered investment companies to regulation","page_number":30,"box":{"x":89,"y":588,"width":872,"height":12}},{"id":"f0750237-f7f7-4b2d-a2bd-b423da31bee1","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":30,"box":{"x":89,"y":603,"width":866,"height":13}},{"id":"2a889692-62b0-4192-9912-9ebb443c5de6","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":30,"box":{"x":89,"y":618,"width":834,"height":13}},{"id":"e8316b84-ea33-465d-905c-a6410e53b2aa","block_type":"box","text":"vehicle for trading such instruments.","page_number":30,"box":{"x":88,"y":633,"width":256,"height":13}},{"id":"8745c023-6ccf-49fb-839c-19d5f7f54d43","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":30,"box":{"x":89,"y":660,"width":873,"height":12}},{"id":"347e2704-1b43-49bf-a712-f3e7e43cd5cc","block_type":"box","text":"under the CEA with respect to each of the Funds. BFA is not, therefore, subject to registration or regulation as a “commodity","page_number":30,"box":{"x":89,"y":675,"width":868,"height":12}},{"id":"58469a98-2b88-43d7-812a-de7cccdd0ea0","block_type":"box","text":"pool operator” under the CEA with respect to the Funds.","page_number":30,"box":{"x":89,"y":690,"width":393,"height":13}},{"id":"3438e796-4a3d-4de4-a9e8-e8862ee73710","block_type":"box","text":"The iShares Core MSCI Emerging Markets ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI BIC ETF, iShares MSCI Chile","page_number":30,"box":{"x":88,"y":717,"width":855,"height":12}},{"id":"92712b9f-6fc7-4ca2-ad58-6c43510667e6","block_type":"box","text":"ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol","page_number":30,"box":{"x":89,"y":732,"width":871,"height":12}},{"id":"714df691-1b25-471d-ba72-390f3ef7f124","block_type":"box","text":"Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals","page_number":30,"box":{"x":89,"y":747,"width":879,"height":12}},{"id":"57f6e8d9-3057-42f8-b1ed-98d9b0c0f671","block_type":"box","text":"& Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Global Silver and Metals Miners ETF and","page_number":30,"box":{"x":89,"y":762,"width":837,"height":12}},{"id":"0535d54c-ad4f-4c56-b067-d16dce13f418","block_type":"box","text":"iShares MSCI Malaysia ETF (the “No-Action Letter Funds”) may also have investments in “underlying funds” (and such","page_number":30,"box":{"x":89,"y":777,"width":830,"height":12}},{"id":"4f4e2704-d5a3-4a01-8d06-e8e2bb957ca7","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":30,"box":{"x":89,"y":792,"width":877,"height":13}},{"id":"b95c0611-a7a0-4939-86a6-add7859a96b6","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":30,"box":{"x":88,"y":807,"width":878,"height":13}},{"id":"8bda1505-bfad-4347-be32-6c69db65a5c9","block_type":"box","text":"real estate investment trusts (“REITs”), business development companies and investment companies that may invest in CFTC","page_number":30,"box":{"x":89,"y":822,"width":876,"height":13}},{"id":"7d434298-165d-464f-8a90-55a7506c9125","block_type":"box","text":"Derivatives or in any of the foregoing), and therefore may be viewed by the CFTC as commodity pools. BFA may not have","page_number":30,"box":{"x":89,"y":838,"width":844,"height":12}},{"id":"338a0c64-31a7-42ea-a13f-ea0defcccd26","block_type":"box","text":"transparency into the holdings of these underlying funds because they are not advised by BFA. To address this issue of lack of","page_number":30,"box":{"x":88,"y":853,"width":881,"height":12}},{"id":"0d17a833-ffac-4366-a15b-6df05e1119fa","block_type":"box","text":"7","page_number":30,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"6b522214-dd1e-432a-90f5-29f51c810fd8","block_type":"box","text":"transparency, the CFTC staff issued a no-action letter on November 29, 2012 permitting the adviser of a fund that invests in","page_number":31,"box":{"x":88,"y":44,"width":862,"height":12}},{"id":"a8dc39ce-bbb2-415a-ba4a-99f8e3112212","block_type":"box","text":"such underlying funds and that would otherwise have filed a claim of exclusion pursuant to CFTC Rule 4.5 to delay","page_number":31,"box":{"x":89,"y":59,"width":802,"height":12}},{"id":"8bf7c788-b497-4b09-97d5-3813803ebca6","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":31,"box":{"x":89,"y":74,"width":874,"height":12}},{"id":"1b583077-65f6-4f14-a467-30d6b7704589","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":31,"box":{"x":88,"y":89,"width":870,"height":13}},{"id":"7d0a4381-87f3-466b-ad07-ffb6df31cd2c","block_type":"box","text":"with the CFTC for such funds to rely on this no-action relief. Accordingly, BFA is not currently subject to registration or","page_number":31,"box":{"x":88,"y":104,"width":827,"height":13}},{"id":"f52634b4-d867-421f-89a3-4f2ada31917f","block_type":"box","text":"regulation as a “commodity pool operator” under the CEA in respect of such funds.","page_number":31,"box":{"x":89,"y":119,"width":581,"height":13}},{"id":"44fbebda-f9cd-4fd8-aeab-3a152107ccbe","block_type":"box","text":"Derivative contracts, including, without limitation, swaps, currency forwards, and non-deliverable forwards, are subject to","page_number":31,"box":{"x":89,"y":146,"width":849,"height":12}},{"id":"14062a87-2bd7-4cdc-8c3a-4c8753629986","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":31,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"08df5166-9ece-4688-81ac-cda64f96ff58","block_type":"box","text":"comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Swaps, non-deliverable forwards and certain other","page_number":31,"box":{"x":89,"y":176,"width":838,"height":13}},{"id":"b5927f0e-580d-4638-865f-c9fda369b549","block_type":"box","text":"derivatives traded in the OTC market are subject to variation margin and initial margin requirements. Implementation of the","page_number":31,"box":{"x":89,"y":191,"width":863,"height":13}},{"id":"443f705e-b1fc-4704-a7cc-6fa365aaf672","block_type":"box","text":"margining and other provisions of the Dodd-Frank Act regarding clearing, mandatory trading, reporting and documentation","page_number":31,"box":{"x":89,"y":206,"width":867,"height":13}},{"id":"66d2f9b9-aded-47d7-93dc-8a91b1b9f8f2","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":31,"box":{"x":89,"y":222,"width":863,"height":12}},{"id":"7da829bd-49e7-4b16-a9d6-e25026f9cca7","block_type":"box","text":"and, as a result, may affect returns to investors in such Fund.","page_number":31,"box":{"x":89,"y":237,"width":423,"height":12}},{"id":"4184c6cf-43a3-40ac-8f52-fd81ef493332","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":31,"box":{"x":89,"y":263,"width":866,"height":12}},{"id":"173bd774-09b8-434d-ba67-dd83a33586e6","block_type":"box","text":"certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":31,"box":{"x":89,"y":278,"width":842,"height":13}},{"id":"070ef385-1d87-432f-9290-2d41fa26ead4","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits open-end funds,","page_number":31,"box":{"x":89,"y":293,"width":823,"height":13}},{"id":"1e0082dc-e4f4-4c68-93df-a60c169846fe","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":31,"box":{"x":89,"y":308,"width":879,"height":13}},{"id":"bbc5639f-d83c-469f-94ea-fc3a8519ee63","block_type":"box","text":"to maintain 300% “asset coverage”).","page_number":31,"box":{"x":88,"y":324,"width":257,"height":12}},{"id":"37c0c3d2-79d0-42f0-b913-8f4e53eb8087","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract","page_number":31,"box":{"x":89,"y":350,"width":862,"height":12}},{"id":"b0a8412e-bfc9-4bc4-a854-b0e0e4234539","block_type":"box","text":"for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing,","page_number":31,"box":{"x":88,"y":365,"width":871,"height":12}},{"id":"a1ad773a-14d2-45f6-aeeb-16cc36c2250c","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":31,"box":{"x":89,"y":380,"width":871,"height":13}},{"id":"aa113ba9-87ec-439d-9a43-bc18c3d56d3a","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":31,"box":{"x":89,"y":395,"width":867,"height":13}},{"id":"4fd99534-8804-49f7-9dc9-3bbba64a3a90","block_type":"box","text":"(2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non","page_number":31,"box":{"x":89,"y":410,"width":864,"height":13}},{"id":"f18895a7-78c0-4ee4-9e04-ef69e0825564","block_type":"box","text":"recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions","page_number":31,"box":{"x":89,"y":426,"width":863,"height":12}},{"id":"9a3dc797-3102-479d-8c90-d4f68f6a02bf","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":31,"box":{"x":89,"y":441,"width":863,"height":12}},{"id":"57dec5c7-f22b-4c06-b10f-57f21954ba00","block_type":"box","text":"announced (“TBA”) commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to","page_number":31,"box":{"x":89,"y":456,"width":870,"height":12}},{"id":"2c8e5134-25cd-405b-8622-10a5dffcbaf8","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":31,"box":{"x":89,"y":471,"width":834,"height":12}},{"id":"22e16e1d-73bd-4796-8487-a81155114ce0","block_type":"box","text":"Securities Provision”).","page_number":31,"box":{"x":88,"y":486,"width":152,"height":12}},{"id":"89f1d737-4f69-4b49-96e4-d7c0a499f482","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":31,"box":{"x":89,"y":513,"width":872,"height":12}},{"id":"4a1c81bb-1f2b-4dd6-bfde-f2739fdbf345","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":31,"box":{"x":88,"y":528,"width":830,"height":12}},{"id":"695cc850-7c1d-4b92-9bb0-69eb05759a9c","block_type":"box","text":"comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on Fund","page_number":31,"box":{"x":89,"y":543,"width":875,"height":12}},{"id":"0409b3f2-ecde-4f62-95f0-b42d40ad73ee","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":31,"box":{"x":89,"y":558,"width":846,"height":12}},{"id":"6318f7de-7bbe-4228-969b-33b119dd3a6a","block_type":"box","text":"appointed by the Board, including a majority of Independent Directors/Trustees, and periodically reviews the DRMP and","page_number":31,"box":{"x":89,"y":573,"width":839,"height":12}},{"id":"e5c094cd-7061-4357-96c9-74ed99d65581","block_type":"box","text":"reports to the Board.","page_number":31,"box":{"x":89,"y":588,"width":142,"height":12}},{"id":"7e7ad57e-4250-44fb-987a-d7f8a6b38380","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":31,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"4f4ec8c1-9f04-4e75-a032-45c997b6cb9f","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":31,"box":{"x":89,"y":630,"width":830,"height":12}},{"id":"b720f97f-7565-43c9-a69e-0ccd22f8b980","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited","page_number":31,"box":{"x":89,"y":645,"width":850,"height":12}},{"id":"f02eed39-5baf-4113-965c-31fdf7c220fe","block_type":"box","text":"Derivatives User Exception”).","page_number":31,"box":{"x":89,"y":660,"width":201,"height":12}},{"id":"72ee50e8-66be-4b8e-9d3e-108dd9231de3","block_type":"box","text":"Repurchase Agreements.","page_number":31,"box":{"x":89,"y":686,"width":180,"height":13}},{"id":"af02b360-6efc-4e07-82e4-4ce8d9a15499","block_type":"box","text":"A repurchase agreement is an instrument under which the purchaser (","page_number":31,"box":{"x":278,"y":686,"width":494,"height":13}},{"id":"970e43b4-1b38-40ed-ae3e-009be2536c92","block_type":"box","text":"i.e.","page_number":31,"box":{"x":773,"y":687,"width":18,"height":9}},{"id":"289babc1-3781-49e0-b271-041434eddbfc","block_type":"box","text":", a Fund) acquires a","page_number":31,"box":{"x":793,"y":686,"width":136,"height":13}},{"id":"f484c4ac-aa4f-4d7b-ba89-c5a33edcb00b","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":31,"box":{"x":89,"y":702,"width":854,"height":12}},{"id":"ac7e8f3a-98c3-4119-a96c-f7d9cf719851","block_type":"box","text":"thereby determining the yield during the purchaser’s holding period. Repurchase agreements may be construed to be","page_number":31,"box":{"x":88,"y":717,"width":822,"height":12}},{"id":"5e6b5971-6fdd-4be0-9931-27dc55c5f520","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":31,"box":{"x":89,"y":732,"width":828,"height":12}},{"id":"38ca1cd7-6fcf-4e4e-a6d1-725dd5234c88","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":31,"box":{"x":89,"y":747,"width":878,"height":12}},{"id":"5e2df667-648c-4598-8b58-f7259ce77233","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":31,"box":{"x":89,"y":762,"width":860,"height":12}},{"id":"f50802be-bc6c-49c7-8f5f-db139e2e7941","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":31,"box":{"x":88,"y":777,"width":761,"height":12}},{"id":"7506da24-53ba-4b45-9b5b-2ba23d847097","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":31,"box":{"x":89,"y":804,"width":875,"height":12}},{"id":"70cc7003-fd10-4e57-a240-006ece058d86","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":31,"box":{"x":88,"y":819,"width":841,"height":12}},{"id":"87509ac1-1927-4e57-9d20-206452bb4821","block_type":"box","text":"entered into, are determined to (A) have exceptionally strong capacity to meet their financial obligations and (B) are","page_number":31,"box":{"x":89,"y":834,"width":811,"height":12}},{"id":"e3d9eb33-b846-4c7c-9efd-ee8056af38f6","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":31,"box":{"x":89,"y":849,"width":856,"height":12}},{"id":"82bb6253-5d14-4175-ab64-aa0171a0a9fe","block_type":"box","text":"seven days.","page_number":31,"box":{"x":89,"y":864,"width":78,"height":12}},{"id":"fa5a73ab-738f-445a-844a-4a12f853c8ab","block_type":"box","text":"8","page_number":31,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"05ecea2b-fab3-483d-911b-8de44cee1ae8","block_type":"box","text":"Repurchase agreements pose certain risks for a Fund that utilizes them. Such risks are not unique to the Funds, but are","page_number":32,"box":{"x":89,"y":44,"width":831,"height":12}},{"id":"a397aba6-dd40-4079-845b-43c3b3a1df89","block_type":"box","text":"inherent in repurchase agreements. The Funds seek to minimize such risks, but because of the inherent legal uncertainties","page_number":32,"box":{"x":89,"y":59,"width":855,"height":12}},{"id":"815cb07f-07ef-429c-9478-6fe18601d520","block_type":"box","text":"involved in repurchase agreements, such risks cannot be eliminated. Lower quality collateral and collateral with a longer","page_number":32,"box":{"x":89,"y":74,"width":839,"height":12}},{"id":"835d401a-7089-4949-8ea3-2c9b6fb886f9","block_type":"box","text":"maturity may be subject to greater price fluctuations than higher quality collateral and collateral with a shorter maturity. If","page_number":32,"box":{"x":89,"y":89,"width":855,"height":13}},{"id":"baacec5a-bc28-4255-a55c-355c6fe95f95","block_type":"box","text":"the repurchase agreement counterparty were to default, lower quality collateral may be more difficult to liquidate than higher","page_number":32,"box":{"x":88,"y":104,"width":878,"height":13}},{"id":"a38e3324-4f82-40a2-adb0-3b56f9196a06","block_type":"box","text":"quality collateral. Should the counterparty default and the amount of collateral not be sufficient to cover the counterparty’s","page_number":32,"box":{"x":89,"y":119,"width":860,"height":13}},{"id":"20cb5281-1cc9-448e-9c5d-66d0e71319a2","block_type":"box","text":"repurchase obligation, a Fund would likely retain the status of an unsecured creditor of the counterparty (","page_number":32,"box":{"x":89,"y":135,"width":739,"height":12}},{"id":"c88099c6-b98a-4ae1-9d48-eb57ee726a35","block_type":"box","text":"i.e.","page_number":32,"box":{"x":829,"y":136,"width":17,"height":8}},{"id":"c5d0b666-ab85-4e9b-a890-d2a9ba8fdff7","block_type":"box","text":", the position a","page_number":32,"box":{"x":849,"y":135,"width":102,"height":12}},{"id":"9eedec3a-5f23-4904-8dcf-2d3dce1f6bd1","block_type":"box","text":"Fund would normally be in if it were to hold, pursuant to its investment policies, other unsecured debt securities of the","page_number":32,"box":{"x":89,"y":150,"width":828,"height":12}},{"id":"20f3bed6-05fe-4225-8be8-56103179ba96","block_type":"box","text":"defaulting counterparty) with respect to the amount of the shortfall. As an unsecured creditor, a Fund would be at risk of","page_number":32,"box":{"x":89,"y":165,"width":847,"height":12}},{"id":"cca63ef7-de58-4c62-b55b-4f87a73349a2","block_type":"box","text":"losing some or all of the principal and income involved in the transaction.","page_number":32,"box":{"x":89,"y":180,"width":511,"height":12}},{"id":"a08d5f20-6a37-4235-939c-800c23034a83","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":32,"box":{"x":89,"y":206,"width":240,"height":13}},{"id":"35656067-8dcb-440a-86ab-39e369d656ec","block_type":"box","text":"Reverse repurchase agreements involve the sale of securities with an agreement to","page_number":32,"box":{"x":339,"y":206,"width":577,"height":13}},{"id":"16087a76-8795-4da7-a4ee-c91a87f9e334","block_type":"box","text":"repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing.","page_number":32,"box":{"x":89,"y":222,"width":839,"height":12}},{"id":"71a10a3c-08d1-41d3-879e-ee04535506c8","block_type":"box","text":"Generally, the effect of such transactions is that a Fund can recover all or most of the cash invested in the portfolio securities","page_number":32,"box":{"x":89,"y":237,"width":869,"height":12}},{"id":"c7332994-be92-47c7-a0dc-6ed0786b9f83","block_type":"box","text":"involved during the term of the reverse repurchase agreement, while in many cases the Fund is able to keep some of the","page_number":32,"box":{"x":89,"y":252,"width":840,"height":12}},{"id":"e821a5a4-9ff8-4216-a812-c27644d92ca6","block_type":"box","text":"interest income associated with those securities. Such transactions are advantageous only if a Fund has an opportunity to","page_number":32,"box":{"x":89,"y":267,"width":853,"height":12}},{"id":"8c23d290-d42c-47e7-9505-6dd13c5f51ca","block_type":"box","text":"earn a rate of interest on the cash derived from these transactions that is greater than the interest cost of obtaining the same","page_number":32,"box":{"x":89,"y":282,"width":874,"height":12}},{"id":"010e168f-f561-443b-9aa4-1f9b27a82294","block_type":"box","text":"amount of cash. Opportunities to realize earnings from the use of the proceeds equal to or greater than the interest required","page_number":32,"box":{"x":89,"y":297,"width":868,"height":12}},{"id":"5942a301-0eda-4032-83b1-d785af2afc89","block_type":"box","text":"to be paid may not always be available, and a Fund intends to use the reverse repurchase technique only when BFA believes it","page_number":32,"box":{"x":88,"y":312,"width":878,"height":13}},{"id":"5ac2bd65-0f77-4d97-8b92-f586154f8e78","block_type":"box","text":"will be advantageous to the Fund. The use of reverse repurchase agreements may exaggerate any increase or decrease in the","page_number":32,"box":{"x":88,"y":327,"width":875,"height":13}},{"id":"6ebf914f-27fc-4b51-b8a0-ca85c8f15f9a","block_type":"box","text":"value of a Fund’s assets. The use of reverse repurchase agreements is a form of leverage, and the proceeds obtained by a","page_number":32,"box":{"x":88,"y":342,"width":846,"height":13}},{"id":"9fa76642-54fa-47df-9f39-b6a59968a252","block_type":"box","text":"Fund through reverse repurchase agreements may be invested in additional securities.","page_number":32,"box":{"x":89,"y":358,"width":602,"height":12}},{"id":"e55bfc07-6c3c-46fd-8ddf-8d2011c6288c","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and similar","page_number":32,"box":{"x":89,"y":384,"width":832,"height":12}},{"id":"d6ac7e1c-6bba-4ad2-b408-d1df1040e4db","block_type":"box","text":"financing transactions (","page_number":32,"box":{"x":88,"y":399,"width":166,"height":13}},{"id":"36ef9784-eed1-41b7-a994-f3438652c289","block_type":"box","text":"e.g.,","page_number":32,"box":{"x":255,"y":402,"width":26,"height":10}},{"id":"207a0666-aa53-4574-9b95-57babbdefa65","block_type":"box","text":"recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding the","page_number":32,"box":{"x":288,"y":399,"width":613,"height":13}},{"id":"ea62036a-ff55-4490-ae59-d8c5392f3851","block_type":"box","text":"limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that a Fund either (i)","page_number":32,"box":{"x":89,"y":414,"width":855,"height":13}},{"id":"26828e79-68f6-4b22-8154-c23dd1310d4c","block_type":"box","text":"complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the aggregate, or","page_number":32,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"2c79f0eb-ca11-4614-bd86-e3b3c0f1c80b","block_type":"box","text":"(ii) treats such transactions as Derivatives Transactions under Rule 18f-4. (See “","page_number":32,"box":{"x":89,"y":445,"width":556,"height":12}},{"id":"914ef40e-df26-4996-b88f-b759c702e21e","block_type":"box","text":"Regulation Regarding Derivatives","page_number":32,"box":{"x":647,"y":445,"width":230,"height":12}},{"id":"d5bd329e-b605-44f0-9d3d-33446794e659","block_type":"box","text":"” above.)","page_number":32,"box":{"x":878,"y":445,"width":61,"height":12}},{"id":"57c36de9-4d51-4b08-90ce-7b43c2f3cbd8","block_type":"box","text":"Securities of Investment Companies.","page_number":32,"box":{"x":88,"y":471,"width":263,"height":12}},{"id":"f296f651-0bce-4ced-b5d1-8aa3846dd637","block_type":"box","text":"Each Fund may invest in the securities of other investment companies (including","page_number":32,"box":{"x":361,"y":471,"width":563,"height":12}},{"id":"7c9567f9-fa44-4e61-8619-e5ac69ed6036","block_type":"box","text":"money market funds) and REITs to the extent permitted by law. Pursuant to the 1940 Act, a Fund’s investment in registered","page_number":32,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"27fa8c0d-50f4-4f64-a1ef-e0105e6e6ed7","block_type":"box","text":"investment companies is generally limited to, subject to certain exceptions: (i) 3% of the total outstanding voting stock of","page_number":32,"box":{"x":89,"y":501,"width":852,"height":13}},{"id":"2e8fded9-bf23-4f25-b752-ad0e3ea23b42","block_type":"box","text":"any one investment company; (ii) 5% of a Fund’s total assets with respect to any one investment company; and (iii) 10% of a","page_number":32,"box":{"x":89,"y":516,"width":874,"height":13}},{"id":"eb73de6e-feee-4aad-af0b-e72b8ed7ad69","block_type":"box","text":"Fund’s total assets with respect to investment companies in the aggregate. The iShares MSCI Emerging Markets ETF, in order","page_number":32,"box":{"x":89,"y":531,"width":876,"height":13}},{"id":"b964dc4d-0ef5-4e9f-a210-bc815940fe83","block_type":"box","text":"to improve its portfolio liquidity and its ability to track the MSCI Emerging Markets Index, may invest up to 10% of its assets","page_number":32,"box":{"x":88,"y":547,"width":865,"height":12}},{"id":"04b281de-cf05-437b-9428-a4ba72f5d603","block_type":"box","text":"in shares of other iShares funds that invest in securities in the MSCI Emerging Markets ETF. BFA will not charge advisory fees","page_number":32,"box":{"x":89,"y":562,"width":870,"height":12}},{"id":"be053a8f-054c-47c0-b9b3-2d4a2f2e3877","block_type":"box","text":"on that portion of the iShares MSCI Emerging Markets ETF’s assets invested in shares of other iShares funds. Other","page_number":32,"box":{"x":89,"y":577,"width":804,"height":12}},{"id":"a37e785b-309b-46ba-9d6c-8d7138464748","block_type":"box","text":"investment companies in which a Fund may invest can be expected to incur fees and expenses for operations, such as","page_number":32,"box":{"x":89,"y":592,"width":826,"height":12}},{"id":"99375991-5085-4d2b-8e8d-95a2fce1f9d8","block_type":"box","text":"investment advisory and administration fees, which would be in addition to those incurred by the Fund. Pursuant to guidance","page_number":32,"box":{"x":89,"y":607,"width":878,"height":12}},{"id":"9c46dbf2-00fe-41eb-8492-f20d80eac073","block_type":"box","text":"issued by the SEC staff, fees and expenses of money market funds used for cash collateral received in connection with loans","page_number":32,"box":{"x":89,"y":622,"width":865,"height":12}},{"id":"d501607d-bba7-4b8c-ab7d-9fc53070e3b3","block_type":"box","text":"of securities are not treated as Acquired Fund Fees and Expenses, which reflect a Fund’s","page_number":32,"box":{"x":89,"y":637,"width":615,"height":13}},{"id":"d8f2a183-c615-401d-a640-ff999046c2f8","block_type":"box","text":"pro rata","page_number":32,"box":{"x":708,"y":639,"width":56,"height":11}},{"id":"65f9d457-0e1b-4a9d-b19e-5ced915d617a","block_type":"box","text":"share of the fees and","page_number":32,"box":{"x":769,"y":637,"width":145,"height":10}},{"id":"8e8f6d43-8244-455d-ac85-fd9d88584ab9","block_type":"box","text":"expenses incurred by investing in other investment companies (as disclosed in the Prospectus, as applicable).","page_number":32,"box":{"x":89,"y":652,"width":765,"height":13}},{"id":"940819e9-976b-4c01-bd83-f4dc5f5cd7d1","block_type":"box","text":"Short-Term Instruments and Temporary Investments.","page_number":32,"box":{"x":88,"y":679,"width":386,"height":12}},{"id":"920556e4-ab75-4cf9-aa45-d884431f4d9a","block_type":"box","text":"Each Fund may invest in short-term instruments, including money","page_number":32,"box":{"x":484,"y":679,"width":464,"height":12}},{"id":"452e272a-2275-41bf-beff-4adb92fd1c91","block_type":"box","text":"market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally","page_number":32,"box":{"x":89,"y":694,"width":858,"height":12}},{"id":"2b308360-4d39-4cd5-a5f1-95ca0bd08018","block_type":"box","text":"short-term investments that may include, but are not limited to: (i) shares of money market funds (including those advised","page_number":32,"box":{"x":89,"y":709,"width":860,"height":12}},{"id":"bf0dab59-1cc4-4836-8c6a-f05ab7f8dc09","block_type":"box","text":"by BFA or otherwise affiliated with BFA); (ii) obligations issued or guaranteed by the U.S. government, its agencies or","page_number":32,"box":{"x":89,"y":724,"width":814,"height":13}},{"id":"d5601f6a-0837-4633-8d25-b66d6521dda0","block_type":"box","text":"instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit, bankers’ acceptances,","page_number":32,"box":{"x":89,"y":739,"width":876,"height":13}},{"id":"5c13a887-4495-4b55-84b8-eab631f29df6","block_type":"box","text":"fixed-time deposits and other obligations of U.S. and non-U.S. banks (including non-U.S. branches) and similar institutions;","page_number":32,"box":{"x":88,"y":754,"width":862,"height":13}},{"id":"a0bec47b-4531-498b-b6bc-8f6773d00372","block_type":"box","text":"(iv) commercial paper rated, at the date of purchase, “Prime-1” by Moody’s","page_number":32,"box":{"x":89,"y":770,"width":526,"height":12}},{"id":"9aef1df5-81fe-4177-bfff-cbb369381b5d","block_type":"box","text":"®","page_number":32,"box":{"x":616,"y":768,"width":9,"height":6}},{"id":"0282d610-7eb8-495c-823a-bf5288bce512","block_type":"box","text":"Investors Service, Inc., “F-1” by Fitch Ratings,","page_number":32,"box":{"x":631,"y":770,"width":312,"height":12}},{"id":"8cbea272-807c-4d4b-a3ce-48107235c420","block_type":"box","text":"Inc., or “A-1” by Standard & Poor’s","page_number":32,"box":{"x":89,"y":785,"width":237,"height":12}},{"id":"2869e064-a9e7-483d-b5b3-178d597bc424","block_type":"box","text":"®","page_number":32,"box":{"x":327,"y":783,"width":9,"height":6}},{"id":"3173b6aa-4593-4b1d-b3ce-1618d238e9ca","block_type":"box","text":"Financial Services LLC, a subsidiary of S&P Global, Inc., or if unrated, of comparable","page_number":32,"box":{"x":342,"y":785,"width":580,"height":12}},{"id":"4006b4d9-fd61-4f69-a07b-abadc1f44679","block_type":"box","text":"quality as determined by BFA; (v) non-convertible corporate debt securities (","page_number":32,"box":{"x":89,"y":800,"width":534,"height":12}},{"id":"6685a0fa-bb81-49aa-ba95-a908733283c1","block_type":"box","text":"e.g.","page_number":32,"box":{"x":624,"y":803,"width":23,"height":9}},{"id":"09d57d4a-3821-448b-ae7d-4d9f1c1ff2b4","block_type":"box","text":", bonds and debentures) with remaining","page_number":32,"box":{"x":649,"y":800,"width":280,"height":12}},{"id":"44208efa-970a-4ff1-9506-3827961a0a77","block_type":"box","text":"maturities at the date of purchase of not more than 397 days and that have been determined to present minimal credit risks,","page_number":32,"box":{"x":89,"y":815,"width":870,"height":12}},{"id":"422952a7-937c-41ee-bf51-2b9145961a99","block_type":"box","text":"in accordance with the requirements set forth in Rule 2a-7 under the 1940 Act; (vi) repurchase agreements; and (vii) short","page_number":32,"box":{"x":89,"y":830,"width":861,"height":12}},{"id":"302401de-fd7d-4b7a-af05-ef6ee4c2f7b9","block_type":"box","text":"term U.S. dollar-denominated obligations of non-U.S. banks (including U.S. branches) that, in the opinion of BFA, are of","page_number":32,"box":{"x":88,"y":845,"width":836,"height":12}},{"id":"8d5fa2af-b4f1-46f1-b599-284e8b214bb2","block_type":"box","text":"comparable quality to obligations of U.S. banks that may be purchased by a Fund. Any of these instruments may be","page_number":32,"box":{"x":89,"y":860,"width":807,"height":13}},{"id":"da5985da-fc6a-43db-a11f-521c27b484cd","block_type":"box","text":"9","page_number":32,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"898c19d2-b723-41fe-9f16-3afcbb7ebee7","block_type":"box","text":"purchased on a current or forward-settled basis. Time deposits are non-negotiable deposits maintained in banking","page_number":33,"box":{"x":89,"y":44,"width":801,"height":12}},{"id":"e5af06e1-740a-4fc6-9f9a-49b8be66fa09","block_type":"box","text":"institutions for specified periods of time at stated interest rates. Bankers’ acceptances are time drafts drawn on commercial","page_number":33,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"ed184e08-08ff-45e0-8b41-f19f6a83152f","block_type":"box","text":"banks by borrowers, usually in connection with international transactions.","page_number":33,"box":{"x":89,"y":74,"width":516,"height":12}},{"id":"01c89e43-01b0-443e-82e2-109da1f073a7","block_type":"box","text":"Swap Agreements.","page_number":33,"box":{"x":88,"y":101,"width":134,"height":12}},{"id":"bd07b505-1aa8-493c-bc11-49a22daa1551","block_type":"box","text":"Swap agreements are contracts between parties in which one party agrees to make periodic payments to","page_number":33,"box":{"x":231,"y":101,"width":735,"height":12}},{"id":"a9128790-bbc8-4721-8a3d-31a74a717329","block_type":"box","text":"the other party based on a pre-determined underlying investment or notional amount. In return, the other party agrees to","page_number":33,"box":{"x":88,"y":116,"width":850,"height":12}},{"id":"cd4fcfc0-02b7-46ad-b975-90e0754efeaf","block_type":"box","text":"make periodic payments to the first party based on the return (or a differential in rate of return) earned or realized on the","page_number":33,"box":{"x":89,"y":131,"width":843,"height":12}},{"id":"9c3f3a61-5ff9-4366-bc08-7356eb7c3bb2","block_type":"box","text":"underlying investment or notional amount. Swap agreements will usually be performed on a net basis, with a Fund receiving","page_number":33,"box":{"x":89,"y":146,"width":869,"height":12}},{"id":"3f6e5b0a-85ea-474f-8682-bad584b81da7","block_type":"box","text":"or paying only the net amount of the two payments. The net amount of the excess, if any, of a Fund’s obligations over its","page_number":33,"box":{"x":89,"y":161,"width":843,"height":12}},{"id":"dedff322-b370-44f7-a495-e5e2fc79d668","block_type":"box","text":"entitlements with respect to each swap is accrued on a daily basis.","page_number":33,"box":{"x":89,"y":176,"width":464,"height":13}},{"id":"d76842c0-d8be-4a50-aae3-75f587fb03af","block_type":"box","text":"The Funds may enter into swap agreements, including currency swaps, interest rate swaps and index swaps, or total return","page_number":33,"box":{"x":88,"y":203,"width":862,"height":12}},{"id":"e95b488d-d6bb-481d-9d2c-d9e89dc3948e","block_type":"box","text":"swaps (some of which may be referred to as contracts for difference or (“CFDs”)). The use of swaps is a highly specialized","page_number":33,"box":{"x":89,"y":218,"width":853,"height":12}},{"id":"ee02413a-6508-4206-bf0b-cbc6104018a9","block_type":"box","text":"activity that involves investment techniques and risks different from those associated with ordinary portfolio security","page_number":33,"box":{"x":89,"y":233,"width":816,"height":12}},{"id":"da6a52eb-b62f-4a48-85f0-36db5fe34ea4","block_type":"box","text":"transactions. These transactions generally do not involve the delivery of securities or other underlying assets.","page_number":33,"box":{"x":88,"y":248,"width":762,"height":12}},{"id":"5526802a-06ee-4b3d-94e8-1b20bf1eaec8","block_type":"box","text":"Tracking Stocks.","page_number":33,"box":{"x":88,"y":274,"width":119,"height":13}},{"id":"62be187a-6a5c-4cb9-a2a6-d2cdb3b61421","block_type":"box","text":"A tracking stock is a separate class of common stock whose value is linked to a specific business unit or","page_number":33,"box":{"x":215,"y":274,"width":728,"height":13}},{"id":"b22df9a5-552d-4c80-a08f-0dc79df45d3e","block_type":"box","text":"operating division within a larger company and is designed to “track” the performance of such business unit or division. The","page_number":33,"box":{"x":89,"y":290,"width":869,"height":12}},{"id":"0f310976-2e17-4416-9bed-08ad96633723","block_type":"box","text":"tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the","page_number":33,"box":{"x":88,"y":305,"width":867,"height":12}},{"id":"86f2c146-afae-4b4a-915b-974a7bc97ba7","block_type":"box","text":"business unit or division, generally is the issuer of tracking stock. However, holders of the tracking stock may not have the","page_number":33,"box":{"x":89,"y":320,"width":851,"height":12}},{"id":"82f31d7e-4663-494f-8e72-af69aaaa4f3b","block_type":"box","text":"same rights as holders of the company’s common stock.","page_number":33,"box":{"x":89,"y":335,"width":395,"height":12}},{"id":"19a6e0dd-0560-4d7e-98a8-d030c8405009","block_type":"box","text":"Future Developments.","page_number":33,"box":{"x":89,"y":361,"width":157,"height":13}},{"id":"1717f4a1-66a5-4736-9e98-0bdd7b2b8141","block_type":"box","text":"The Board may, in the future, authorize each Fund to invest in securities contracts and investments,","page_number":33,"box":{"x":255,"y":361,"width":694,"height":13}},{"id":"8371da77-da5b-42e5-b167-7b1e936b9d69","block_type":"box","text":"other than those listed in this SAI and in the applicable Prospectuses, provided they are consistent with each Fund’s","page_number":33,"box":{"x":89,"y":376,"width":809,"height":13}},{"id":"6f8f9a6f-7880-4824-a42b-55a80434ce79","block_type":"box","text":"investment objective and do not violate any of its investment restrictions or policies.","page_number":33,"box":{"x":89,"y":392,"width":586,"height":12}},{"id":"a1b54677-0fe7-40d3-af35-de6f545689fb","block_type":"box","text":"General Considerations and Risks","page_number":33,"box":{"x":90,"y":422,"width":559,"height":24}},{"id":"71b650ff-673a-426a-a4a8-3531d1a46322","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":33,"box":{"x":88,"y":463,"width":876,"height":13}},{"id":"450062a0-4bf4-4e71-8fe1-e2b87f47f3e2","block_type":"box","text":"An investment in a Fund should be made with an understanding that the value of the Fund’s portfolio securities may","page_number":33,"box":{"x":88,"y":490,"width":817,"height":12}},{"id":"4fd964f6-8871-483c-8ba7-1eddf8bebf5b","block_type":"box","text":"fluctuate in accordance with changes in the financial condition of the issuers of the portfolio securities, the value of stocks in","page_number":33,"box":{"x":88,"y":505,"width":874,"height":12}},{"id":"1eb689ff-4178-49f1-a041-1e5b9565f8d9","block_type":"box","text":"general, and other factors that affect the market. The order of the below risk factors does not indicate the significance of any","page_number":33,"box":{"x":89,"y":520,"width":873,"height":12}},{"id":"f9d18267-fd11-40c6-8bf2-45e0c3cd91c0","block_type":"box","text":"particular risk factor.","page_number":33,"box":{"x":89,"y":535,"width":142,"height":13}},{"id":"a86566ac-747c-4842-8852-20d3ea19dcf4","block_type":"box","text":"Borrowing Risk.","page_number":33,"box":{"x":89,"y":562,"width":112,"height":12}},{"id":"ec5224a9-a37b-40bd-a22f-44f22f49aed5","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":33,"box":{"x":211,"y":562,"width":712,"height":12}},{"id":"73e437e1-c816-41d9-a308-b46a4c6f953f","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":33,"box":{"x":89,"y":577,"width":850,"height":12}},{"id":"aaac7f24-ea9d-48e5-8bb0-912d0fc6aba8","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":33,"box":{"x":89,"y":592,"width":831,"height":12}},{"id":"0da374d2-fb4a-48ad-9330-cd44b271fd38","block_type":"box","text":"Commodities Investment Risk.","page_number":33,"box":{"x":89,"y":618,"width":218,"height":10}},{"id":"e6a49b05-422d-4cf7-ab1d-482d76fa74da","block_type":"box","text":"Exposure to commodities markets may subject a Fund to greater volatility than investments","page_number":33,"box":{"x":317,"y":618,"width":641,"height":13}},{"id":"eee8e63a-8034-4fe4-8425-4666fed694dd","block_type":"box","text":"in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market","page_number":33,"box":{"x":89,"y":633,"width":830,"height":13}},{"id":"c1300e6c-1a74-479a-a79e-195f7a984298","block_type":"box","text":"conditions may result in rapid and substantial valuation increases or decreases in a Fund’s holdings.","page_number":33,"box":{"x":89,"y":649,"width":697,"height":12}},{"id":"6f61b17c-b9f3-48c8-a480-201e25033cf3","block_type":"box","text":"The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices","page_number":33,"box":{"x":88,"y":675,"width":857,"height":12}},{"id":"2003e0c2-f541-4e25-be84-ca1f563ebf05","block_type":"box","text":"are outside of a Fund’s control and may not be anticipated by BFA. Price movements may be influenced by, among other","page_number":33,"box":{"x":89,"y":690,"width":842,"height":13}},{"id":"d6e04cd7-dabc-43a4-bfaf-9f198b59081d","block_type":"box","text":"things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and","page_number":33,"box":{"x":88,"y":705,"width":875,"height":13}},{"id":"97eed6c7-2b20-4443-b7bc-6e43cef8eae1","block_type":"box","text":"economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease;","page_number":33,"box":{"x":89,"y":720,"width":841,"height":13}},{"id":"97440d2a-a32f-4645-9411-d87c8aea02a5","block_type":"box","text":"changing supply and demand relationships and levels of domestic production and imported commodities; changes in","page_number":33,"box":{"x":89,"y":736,"width":823,"height":12}},{"id":"f722a4cd-fe62-47ad-a4ce-c89a22115352","block_type":"box","text":"storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of","page_number":33,"box":{"x":89,"y":751,"width":858,"height":12}},{"id":"3ff37f31-75ed-480c-9186-a421a6b14581","block_type":"box","text":"exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation;","page_number":33,"box":{"x":89,"y":766,"width":823,"height":12}},{"id":"8cff3cba-99af-424b-8bad-e42b881c9fd6","block_type":"box","text":"currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest","page_number":33,"box":{"x":89,"y":781,"width":858,"height":12}},{"id":"ba50ff09-72d5-489f-a210-9178995b979b","block_type":"box","text":"rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and foreign","page_number":33,"box":{"x":89,"y":796,"width":814,"height":12}},{"id":"0dbbcc6d-6e55-494a-8dd4-dd7a8a3e7482","block_type":"box","text":"governmental regulation and taxation; war, acts of terrorism and other political upheaval and conflicts; governmental","page_number":33,"box":{"x":89,"y":811,"width":818,"height":12}},{"id":"29df112c-1c71-4936-b714-c05d5bf4b182","block_type":"box","text":"expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; and changes in","page_number":33,"box":{"x":89,"y":826,"width":827,"height":13}},{"id":"7511f610-593d-477f-9f12-b4c1b0957354","block_type":"box","text":"philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.","page_number":33,"box":{"x":89,"y":841,"width":835,"height":13}},{"id":"048df746-3f83-48f2-a1cf-f8ca9432c818","block_type":"box","text":"10","page_number":33,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"0741a7fd-eafe-493b-a518-5297ee79b4e2","block_type":"box","text":"The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or","page_number":34,"box":{"x":88,"y":44,"width":798,"height":12}},{"id":"9de8cf12-72e6-4fd6-87dd-04b593da2dc6","block_type":"box","text":"consuming regions. Certain commodities or natural resources may be produced in a limited number of countries and may be","page_number":34,"box":{"x":89,"y":59,"width":875,"height":12}},{"id":"3a37b066-957b-4a46-9d22-a40601a37511","block_type":"box","text":"controlled by a small number of producers or groups of producers. As a result, political, economic, regulatory and supply","page_number":34,"box":{"x":89,"y":74,"width":851,"height":12}},{"id":"2e63d7a0-e9b8-4b97-9812-46cc4c36253b","block_type":"box","text":"related events in such countries could have a disproportionate impact on the prices of such commodities.","page_number":34,"box":{"x":89,"y":89,"width":738,"height":13}},{"id":"716fe3a9-80a2-470e-bd03-0c17d0357b75","block_type":"box","text":"A decrease in the production of a physical commodity or a decrease in the volume of such commodity available for","page_number":34,"box":{"x":88,"y":116,"width":806,"height":12}},{"id":"a449dc36-e861-4161-8363-8d97e6132088","block_type":"box","text":"transportation, mining, processing, storage or distribution may adversely impact the financial performance of a commodity","page_number":34,"box":{"x":88,"y":131,"width":864,"height":12}},{"id":"929bc14b-f22a-4213-91c2-8050edf004db","block_type":"box","text":"or commodity-related company that devotes a portion of its business to that commodity. Production declines and volume","page_number":34,"box":{"x":89,"y":146,"width":853,"height":12}},{"id":"cefd6458-a4e3-4856-9cc3-6bdf7466016f","block_type":"box","text":"decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources,","page_number":34,"box":{"x":89,"y":161,"width":843,"height":12}},{"id":"194ebe78-bfc1-4d35-8b78-cc189296298c","block_type":"box","text":"labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance","page_number":34,"box":{"x":89,"y":176,"width":820,"height":13}},{"id":"3d36a310-888d-49c5-bf4d-a9640534a419","block_type":"box","text":"problems, import supply disruption, governmental expropriation, political upheaval or conflicts or increased competition","page_number":34,"box":{"x":89,"y":191,"width":842,"height":13}},{"id":"f597a5c1-2f36-47d3-9bce-9769736ac7a4","block_type":"box","text":"from alternative energy sources or commodity prices. Agricultural commodities may be adversely affected by weather or","page_number":34,"box":{"x":88,"y":206,"width":845,"height":13}},{"id":"ef4815f0-2c36-4b47-8143-02f53187fbcf","block_type":"box","text":"other natural phenomena, such as drought, floods and pests.","page_number":34,"box":{"x":89,"y":222,"width":427,"height":12}},{"id":"1a712a4b-18cc-41e9-ad50-743d722d8b99","block_type":"box","text":"A sustained decline in demand for such commodities could also adversely affect the financial performance of commodity","page_number":34,"box":{"x":88,"y":248,"width":856,"height":12}},{"id":"de9807bf-fe85-44e7-907c-d41ef09ba82b","block_type":"box","text":"related companies. Factors that could lead to a decline in demand include economic recession or other adverse economic","page_number":34,"box":{"x":89,"y":263,"width":851,"height":12}},{"id":"aabd7cf1-278d-49ff-a394-c811bc51b09b","block_type":"box","text":"conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts","page_number":34,"box":{"x":89,"y":278,"width":868,"height":13}},{"id":"2500a741-a5d6-4b6d-92b8-0a9b535c2ab9","block_type":"box","text":"to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.","page_number":34,"box":{"x":88,"y":293,"width":670,"height":13}},{"id":"402317a5-e9ae-41c0-8eed-bad52932b9ea","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of","page_number":34,"box":{"x":88,"y":320,"width":841,"height":12}},{"id":"b4b76891-6ca2-46ca-8b47-dfff9b037b3e","block_type":"box","text":"liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some","page_number":34,"box":{"x":89,"y":335,"width":848,"height":12}},{"id":"668ee0f4-abee-4f06-82d9-fa8a9bbb79ec","block_type":"box","text":"foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in a single business day","page_number":34,"box":{"x":88,"y":350,"width":822,"height":12}},{"id":"42be8378-84bd-43e8-b158-12f631ce58f9","block_type":"box","text":"(generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a contract as a result of these","page_number":34,"box":{"x":89,"y":365,"width":853,"height":12}},{"id":"8e97bc97-e6dc-47b4-85f7-99d31715833b","block_type":"box","text":"limits is referred to as a “limit price.” If the limit price has been reached in a particular contract, no trades may be made","page_number":34,"box":{"x":89,"y":380,"width":831,"height":13}},{"id":"5a785c6a-6299-42c1-aa65-dcdf56a378ee","block_type":"box","text":"beyond the limit price. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of","page_number":34,"box":{"x":89,"y":395,"width":860,"height":13}},{"id":"a1700ae8-3b27-49fb-a570-daf1accc5de7","block_type":"box","text":"contracts at disadvantageous times or prices.","page_number":34,"box":{"x":89,"y":410,"width":317,"height":13}},{"id":"6a5cf3a2-6acd-426e-aa6d-507b971870f3","block_type":"box","text":"Custody Risk.","page_number":34,"box":{"x":89,"y":437,"width":96,"height":12}},{"id":"166bb7a3-4be5-4f26-b8ac-cc56e66688d8","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":34,"box":{"x":195,"y":437,"width":741,"height":12}},{"id":"8b8ad333-2523-4450-8cd5-6c3838bec5b9","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":34,"box":{"x":89,"y":452,"width":838,"height":12}},{"id":"3a3363ca-0206-4125-944c-d668d1c9d353","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":34,"box":{"x":89,"y":467,"width":875,"height":13}},{"id":"307f307d-5e69-4f1b-b923-2cc60327e8ba","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":34,"box":{"x":89,"y":482,"width":857,"height":13}},{"id":"cddbd302-316c-4962-9745-df6383abc745","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":34,"box":{"x":88,"y":497,"width":880,"height":13}},{"id":"c8efd3c1-234d-49b1-95f1-30e8082d1272","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":34,"box":{"x":89,"y":513,"width":854,"height":12}},{"id":"e7921d96-27ce-40bb-b5a2-8ee2c581d58e","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":34,"box":{"x":89,"y":528,"width":833,"height":12}},{"id":"dae23bbd-1d74-4e25-9212-d7f6191afe85","block_type":"box","text":"problems. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than","page_number":34,"box":{"x":89,"y":543,"width":837,"height":12}},{"id":"87deff62-ccf7-46c3-bb98-9264aef26e97","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":34,"box":{"x":88,"y":558,"width":868,"height":12}},{"id":"b588beb0-471d-4aa9-8872-c106129b7080","block_type":"box","text":"custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence or undue","page_number":34,"box":{"x":89,"y":573,"width":814,"height":12}},{"id":"7988f817-2425-4947-9968-aa02698cd510","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":34,"box":{"x":89,"y":588,"width":845,"height":12}},{"id":"cf2f11ad-d98b-4918-8e74-af53dd7df07f","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":34,"box":{"x":89,"y":603,"width":860,"height":13}},{"id":"158ed2ec-7f02-4eee-9ea1-b985e0ef8a73","block_type":"box","text":"Fund’s ability to recover its assets if a foreign bank or depository or issuer of a security or an agent of any of the foregoing","page_number":34,"box":{"x":89,"y":618,"width":851,"height":13}},{"id":"0535e676-4d93-4153-8266-ff83ea00cf0a","block_type":"box","text":"goes bankrupt. A Fund would absorb any loss resulting from such custody problems and may have no successful claim for","page_number":34,"box":{"x":89,"y":633,"width":858,"height":13}},{"id":"e289ab93-a948-4887-8d8a-6af182a5281b","block_type":"box","text":"compensation.","page_number":34,"box":{"x":89,"y":650,"width":103,"height":11}},{"id":"ec238ab7-41b3-47e3-8b3c-6cf45b4a341f","block_type":"box","text":"Illiquid Investments Risk.","page_number":34,"box":{"x":89,"y":675,"width":178,"height":12}},{"id":"41289326-7696-475d-a84f-83a0f803f4d5","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund","page_number":34,"box":{"x":277,"y":675,"width":673,"height":12}},{"id":"9224565b-7017-42de-8ff1-92f8bbff3610","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":34,"box":{"x":88,"y":690,"width":856,"height":13}},{"id":"95db3a40-4938-4143-b326-09dad1c3607b","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":34,"box":{"x":89,"y":705,"width":859,"height":13}},{"id":"f66c3959-af89-4a15-a827-8d46409c569f","block_type":"box","text":"significantly changing the market value of the investment. The liquidity of an investment will be determined based on","page_number":34,"box":{"x":89,"y":720,"width":820,"height":13}},{"id":"a1605909-38fe-4b10-a80f-f3952a513d64","block_type":"box","text":"relevant market, trading and investment specific considerations as set out in the Liquidity Program as required by the","page_number":34,"box":{"x":89,"y":736,"width":818,"height":12}},{"id":"f522bf69-f61f-4b2b-a885-50f2a751c7c8","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":34,"box":{"x":89,"y":751,"width":856,"height":12}},{"id":"10bd294f-ae73-4309-8ddd-4d3d2148b00d","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":34,"box":{"x":89,"y":766,"width":858,"height":12}},{"id":"e85f44d0-4802-43e7-88cd-68d9731a75b7","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":34,"box":{"x":89,"y":781,"width":790,"height":12}},{"id":"36ce9f43-22a5-41f1-9b1e-ad835bb03041","block_type":"box","text":"Infectious Illness Risk.","page_number":34,"box":{"x":89,"y":807,"width":159,"height":10}},{"id":"0775a6c5-9193-4109-8a9b-08f14abbd0dc","block_type":"box","text":"A widespread outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely affect","page_number":34,"box":{"x":257,"y":807,"width":708,"height":13}},{"id":"bd4459d2-1807-44b1-b489-bf55ff54ae95","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":34,"box":{"x":88,"y":822,"width":868,"height":13}},{"id":"3d4c4ba8-33c2-4e0a-ae7e-390e560dca1d","block_type":"box","text":"cannot be foreseen. An infectious illness outbreak may result in travel restrictions, closed international borders, disruption of","page_number":34,"box":{"x":89,"y":838,"width":871,"height":12}},{"id":"424c465a-4de9-4ab0-9b3d-d4562a274340","block_type":"box","text":"healthcare services, prolonged quarantines, cancellations, supply chain disruptions, temporary and permanent business","page_number":34,"box":{"x":89,"y":853,"width":838,"height":12}},{"id":"6c7a68c8-6fb7-4bb7-8d65-6d57296d1c12","block_type":"box","text":"11","page_number":34,"box":{"x":522,"y":894,"width":11,"height":9}},{"id":"e4166ef7-bd5e-48c9-8e60-911c360a440d","block_type":"box","text":"closures, lower consumer demand, layoffs, ratings downgrades, credit defaults and other significant economic, social and","page_number":35,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"0fa8b3a8-e06b-45cc-b69a-996c435940d9","block_type":"box","text":"political impacts, as well as general concern and uncertainty. An outbreak may exacerbate other pre-existing political, social","page_number":35,"box":{"x":89,"y":59,"width":865,"height":12}},{"id":"ee050f89-2ada-4c40-b8f9-7aebcae8c67a","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":35,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"39b4069b-7d5c-4245-b863-496ded2ab191","block_type":"box","text":"could be present for an extended period of time.","page_number":35,"box":{"x":89,"y":89,"width":337,"height":13}},{"id":"33ebb3e4-d9a6-4047-82f5-04ed8bd92152","block_type":"box","text":"In addition, markets may experience temporary closures, extreme volatility, severe losses, reduced liquidity and increased","page_number":35,"box":{"x":89,"y":116,"width":845,"height":12}},{"id":"54fdcc77-c070-4853-a43b-dc15947b15f9","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":35,"box":{"x":88,"y":131,"width":857,"height":12}},{"id":"5a58e30f-fb00-4cab-b88e-0289a2fb91e8","block_type":"box","text":"sell securities or other assets. Market or economic disruptions could cause elevated tracking error and increased premiums","page_number":35,"box":{"x":89,"y":146,"width":861,"height":12}},{"id":"1cd7781b-3855-44cd-84b5-f7641711dd70","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":35,"box":{"x":89,"y":161,"width":853,"height":12}},{"id":"8e4d3674-a65a-4f02-9e11-5189c6b3e62f","block_type":"box","text":"service providers, including BFA. Governmental and quasi-governmental may respond to an outbreak and any resulting","page_number":35,"box":{"x":89,"y":176,"width":832,"height":13}},{"id":"b6d96c21-75dd-4009-9539-4018d05906fd","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":35,"box":{"x":89,"y":191,"width":820,"height":13}},{"id":"194cc07b-ea28-4d36-908e-dbbeafa50be2","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":35,"box":{"x":89,"y":206,"width":845,"height":13}},{"id":"f703eacc-9304-47e2-9e77-604b96ba0540","block_type":"box","text":"investments.","page_number":35,"box":{"x":89,"y":222,"width":87,"height":9}},{"id":"cd338374-819f-4da9-9cbc-9de488c93cdc","block_type":"box","text":"Money Market Instruments Risk.","page_number":35,"box":{"x":89,"y":248,"width":234,"height":12}},{"id":"706055b8-3a8a-4237-acb2-a98c52a5aa89","block_type":"box","text":"The value of money market instruments may be affected by changes in interest rates or in","page_number":35,"box":{"x":332,"y":248,"width":628,"height":12}},{"id":"d9334670-e2be-401f-b6d5-001ad52abca3","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":35,"box":{"x":88,"y":263,"width":843,"height":12}},{"id":"735b638c-5460-40f4-9d89-aa27f1befb34","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":35,"box":{"x":89,"y":278,"width":835,"height":13}},{"id":"559f2199-ea23-4b9d-b0d3-91ddad1fc1ae","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":35,"box":{"x":89,"y":293,"width":874,"height":13}},{"id":"e6778dff-faa3-4594-acc6-7cab6dac1ce3","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":35,"box":{"x":89,"y":308,"width":879,"height":13}},{"id":"779b4438-de33-429e-8108-65535f0da93e","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":35,"box":{"x":88,"y":324,"width":709,"height":12}},{"id":"e4f0fa1d-0cb0-4709-ab69-976d5b78a242","block_type":"box","text":"Operational and Technology Risks.","page_number":35,"box":{"x":89,"y":350,"width":250,"height":12}},{"id":"a08651bf-5771-4513-9487-0e4de5a5bd6b","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to","page_number":35,"box":{"x":348,"y":350,"width":593,"height":12}},{"id":"13f733d4-de24-4021-a9ce-5b2efae4e372","block_type":"box","text":"operational and technology risks, including those related to human errors, processing errors, communication errors, systems","page_number":35,"box":{"x":89,"y":365,"width":874,"height":12}},{"id":"32b9c813-3e40-48f0-aa6b-c9809626b36c","block_type":"box","text":"failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":35,"box":{"x":88,"y":380,"width":864,"height":13}},{"id":"f5ec9a66-671b-4a48-b408-03a44fa413c9","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":35,"box":{"x":88,"y":395,"width":839,"height":13}},{"id":"64b82a1b-b08d-433d-a955-4bcf6652bf6e","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and","page_number":35,"box":{"x":89,"y":410,"width":876,"height":13}},{"id":"7e7cb7a8-c272-42e2-8719-ee7caa097709","block_type":"box","text":"transfer agents), financial intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other","page_number":35,"box":{"x":88,"y":426,"width":853,"height":12}},{"id":"9a4dff2b-3396-4c16-9836-b8c2c524bbb3","block_type":"box","text":"financial market operators, and governmental authorities. Operational and technology risks for the issuers in which a Fund","page_number":35,"box":{"x":88,"y":441,"width":859,"height":12}},{"id":"6f55b4f4-25fd-4a31-b194-5e429f2f85c7","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":35,"box":{"x":89,"y":456,"width":852,"height":12}},{"id":"441cd4c7-faee-4a2c-8c54-26d617fbd6ad","block_type":"box","text":"issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":35,"box":{"x":89,"y":471,"width":770,"height":12}},{"id":"672d6556-efbe-4c22-80c0-b4622d0d88bc","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests,","page_number":35,"box":{"x":89,"y":497,"width":862,"height":13}},{"id":"a490dc81-bb90-41bc-80ec-8fe2e4bc2ce9","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":35,"box":{"x":88,"y":513,"width":816,"height":12}},{"id":"e4973576-e93d-4da0-8733-155ecc5e4c2a","block_type":"box","text":"misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption.","page_number":35,"box":{"x":89,"y":528,"width":808,"height":12}},{"id":"9a921a85-c9b5-433a-b301-8b2fa7524e76","block_type":"box","text":"Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or","page_number":35,"box":{"x":89,"y":543,"width":862,"height":12}},{"id":"014a1dba-f6f1-4d79-81f8-66d371552209","block_type":"box","text":"from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses;","page_number":35,"box":{"x":88,"y":558,"width":798,"height":12}},{"id":"b4ab8d48-5465-47ce-a172-8965c9414431","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to trading;","page_number":35,"box":{"x":89,"y":573,"width":815,"height":12}},{"id":"97bd7bf6-e50a-403f-848c-ea510b38a6b2","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":35,"box":{"x":89,"y":588,"width":831,"height":12}},{"id":"7b11bda2-2bd4-4cff-b889-cb60ccf363d8","block_type":"box","text":"service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational","page_number":35,"box":{"x":89,"y":603,"width":874,"height":13}},{"id":"e44df531-7567-433e-a9e1-565c446c0b72","block_type":"box","text":"damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity","page_number":35,"box":{"x":89,"y":618,"width":876,"height":13}},{"id":"00f496bd-a757-4654-83db-decb19f26c9b","block_type":"box","text":"incidents may render records of a Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":35,"box":{"x":89,"y":633,"width":857,"height":13}},{"id":"0d3eabfd-214a-43bd-9e0b-12235bbd6a8a","block_type":"box","text":"Fund shares, and other data integral to a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":35,"box":{"x":89,"y":649,"width":864,"height":12}},{"id":"dafe84c1-c4ed-4660-86c0-560a447a06fd","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by a","page_number":35,"box":{"x":89,"y":664,"width":871,"height":12}},{"id":"4b08a57f-738d-42cb-b266-032992505ebe","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":35,"box":{"x":89,"y":679,"width":850,"height":12}},{"id":"37918d86-0d92-4029-825d-182824cc02d2","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":35,"box":{"x":89,"y":694,"width":821,"height":12}},{"id":"9c637563-38a7-4e1c-baa6-6c47e6def30d","block_type":"box","text":"learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on","page_number":35,"box":{"x":89,"y":709,"width":863,"height":12}},{"id":"2bb2f1fe-f561-4b66-9e4f-7e1358fcf989","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":35,"box":{"x":88,"y":724,"width":838,"height":13}},{"id":"244a5829-9246-4788-9c28-74638507abcd","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":35,"box":{"x":89,"y":739,"width":847,"height":13}},{"id":"190edf19-ea3f-4c16-bbc4-dfa45beac1f4","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":35,"box":{"x":88,"y":754,"width":875,"height":13}},{"id":"934498a7-7ef1-4ccb-841f-c608148a0e24","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":35,"box":{"x":89,"y":770,"width":798,"height":12}},{"id":"9fce94a2-9285-444b-b6f7-fb61fc71eab9","block_type":"box","text":"infrastructures and applications. A Fund and its shareholders could be negatively impacted as a result of these risks","page_number":35,"box":{"x":89,"y":785,"width":807,"height":12}},{"id":"c6f1d5bb-fed7-4b37-868a-44590c29eccc","block_type":"box","text":"associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory","page_number":35,"box":{"x":89,"y":800,"width":832,"height":12}},{"id":"7601f57d-805d-44c7-a6cd-7e459780ed8f","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":35,"box":{"x":88,"y":815,"width":877,"height":12}},{"id":"87742736-7c25-4339-9f5f-fb928df02a8f","block_type":"box","text":"capabilities or rules and the associated risks to a Fund.","page_number":35,"box":{"x":89,"y":830,"width":380,"height":12}},{"id":"ca4a35a8-8100-4432-bdd0-fc28af64db5f","block_type":"box","text":"12","page_number":35,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"fa0d6fb2-5ff8-4996-bd12-194e601da147","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk","page_number":36,"box":{"x":88,"y":44,"width":846,"height":12}},{"id":"9735a0c4-aad9-4ea7-96a1-73cdee66829f","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":36,"box":{"x":89,"y":59,"width":872,"height":12}},{"id":"f4b2b418-84bb-4874-a9eb-c4dcb698e920","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":36,"box":{"x":89,"y":74,"width":852,"height":12}},{"id":"c6cfd74a-6038-416c-b1af-2940ecf84c51","block_type":"box","text":"reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk","page_number":36,"box":{"x":89,"y":89,"width":837,"height":13}},{"id":"fe9f1307-9727-49bb-81a4-393c87d002a2","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including the possibility that","page_number":36,"box":{"x":89,"y":104,"width":828,"height":13}},{"id":"fce74e1b-842f-4b42-93b9-3c1d5021f35f","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":36,"box":{"x":89,"y":119,"width":861,"height":13}},{"id":"208cad91-ca4a-425a-b3b3-bd421c9647eb","block_type":"box","text":"not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures","page_number":36,"box":{"x":89,"y":135,"width":864,"height":12}},{"id":"e6420070-e21e-44c5-b7a2-caab421adf89","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":36,"box":{"x":89,"y":150,"width":824,"height":12}},{"id":"47882baa-5158-43ec-86df-d3f5d4dbff6b","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":36,"box":{"x":89,"y":165,"width":868,"height":12}},{"id":"a4f1ed50-d0c4-48f0-a025-3f941385e835","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":36,"box":{"x":89,"y":180,"width":660,"height":12}},{"id":"d0c7aa19-8007-48bf-9d40-5cda49b6cc93","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably","page_number":36,"box":{"x":89,"y":206,"width":858,"height":13}},{"id":"c35c2115-b203-440b-b4d0-99bd375df34c","block_type":"box","text":"across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection.","page_number":36,"box":{"x":89,"y":222,"width":852,"height":12}},{"id":"54b6eb77-e128-41d1-9ae6-5e2e0482b107","block_type":"box","text":"Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and","page_number":36,"box":{"x":89,"y":237,"width":806,"height":12}},{"id":"72d2c8fb-4b14-44ea-b55f-69ad18502e42","block_type":"box","text":"implement required changes.","page_number":36,"box":{"x":89,"y":252,"width":204,"height":12}},{"id":"93d35774-5010-467f-81c0-9cf984ccaf3e","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":36,"box":{"x":89,"y":278,"width":244,"height":13}},{"id":"6a85203b-c6b4-4296-b249-6a10b5ac27f3","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned from, or","page_number":36,"box":{"x":342,"y":278,"width":581,"height":13}},{"id":"41620136-83f9-4245-ab00-12a273a195c4","block_type":"box","text":"continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms,","page_number":36,"box":{"x":89,"y":293,"width":839,"height":13}},{"id":"1bb55d91-77d5-493c-8252-d553ab25ead0","block_type":"box","text":"hedging strategies or investment value. The FCA, which regulates LIBOR, has ceased publishing all LIBOR settings. In April","page_number":36,"box":{"x":89,"y":308,"width":852,"height":13}},{"id":"afca70d3-b8e0-4f9a-8462-321f79a45abb","block_type":"box","text":"2023, however, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic","page_number":36,"box":{"x":89,"y":324,"width":796,"height":12}},{"id":"697b93c4-8856-4814-8956-f47152503a9e","block_type":"box","text":"methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”), which","page_number":36,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"e77d44b7-466e-4b82-9b25-fe00e30e1300","block_type":"box","text":"is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase","page_number":36,"box":{"x":89,"y":354,"width":821,"height":12}},{"id":"7862a6cd-3296-4b0c-a603-eff60c4fe14f","block_type":"box","text":"agreement market, has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S.","page_number":36,"box":{"x":89,"y":369,"width":812,"height":12}},{"id":"973591e8-9603-468d-9d79-239d8a05dcae","block_type":"box","text":"regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced","page_number":36,"box":{"x":89,"y":384,"width":873,"height":12}},{"id":"a7081661-c182-42bd-a4ce-be6bd9449cf1","block_type":"box","text":"LIBOR in different categories of financial contracts.","page_number":36,"box":{"x":89,"y":399,"width":354,"height":13}},{"id":"a1d7148e-c55e-495c-baff-7753076e5756","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":36,"box":{"x":89,"y":426,"width":842,"height":12}},{"id":"36d6a5b4-cb90-4cb5-90eb-8d0a1946c17e","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":36,"box":{"x":89,"y":441,"width":877,"height":12}},{"id":"8ba6b30e-7a6b-4b70-ac54-94d1ca9b2211","block_type":"box","text":"methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to","page_number":36,"box":{"x":89,"y":456,"width":836,"height":12}},{"id":"8e2eb89b-c860-4e0a-8ca4-964d2637ee78","block_type":"box","text":"replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains","page_number":36,"box":{"x":89,"y":471,"width":844,"height":12}},{"id":"0d69a4bd-f50d-4584-9e9c-9a6ed27303e4","block_type":"box","text":"uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing","page_number":36,"box":{"x":89,"y":486,"width":823,"height":12}},{"id":"f71539be-2c38-49e6-9861-2a98e7a4fc2c","block_type":"box","text":"instruments. Parties to contracts, securities, or other instruments using LIBOR may disagree on transition rates or the","page_number":36,"box":{"x":89,"y":501,"width":820,"height":13}},{"id":"ab7f2170-1f2c-4015-8fa2-1dc0af0de827","block_type":"box","text":"application of transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. A Fund","page_number":36,"box":{"x":89,"y":516,"width":877,"height":13}},{"id":"560527c9-0597-4d29-a912-bcb4deef265d","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":36,"box":{"x":89,"y":531,"width":773,"height":13}},{"id":"7b4ea2c2-ebe4-4625-80a5-c7aab45ff927","block_type":"box","text":"Risk of Derivatives.","page_number":36,"box":{"x":89,"y":558,"width":135,"height":10}},{"id":"05d8ac67-104a-4f8b-be90-807e317b096a","block_type":"box","text":"A derivative is a financial contract, the value of which depends on, or is derived from, the value of an","page_number":36,"box":{"x":233,"y":558,"width":701,"height":12}},{"id":"d266d379-27e3-4176-ac30-6e135f2c1c4e","block_type":"box","text":"underlying asset, such as a security, a commodity (such as gold or silver), a currency or an index (a measure of value or rates,","page_number":36,"box":{"x":89,"y":573,"width":877,"height":12}},{"id":"bfd189ae-a543-40c6-916c-462e27907a10","block_type":"box","text":"such as the S&P 500","page_number":36,"box":{"x":89,"y":588,"width":142,"height":10}},{"id":"4e43af37-083d-42dc-8919-ab30a6044abf","block_type":"box","text":"®","page_number":36,"box":{"x":232,"y":586,"width":9,"height":7}},{"id":"cf1ba71f-17b7-4f94-a186-3edb8610aeea","block_type":"box","text":"or the prime lending rate). A Fund may invest in futures contracts, securities options, CFDs and other","page_number":36,"box":{"x":247,"y":588,"width":707,"height":12}},{"id":"3d908dca-5950-44a1-91a6-9063b5dd4973","block_type":"box","text":"derivatives. Compared to securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in","page_number":36,"box":{"x":89,"y":603,"width":874,"height":13}},{"id":"355c6e8c-6c18-4e55-b4c4-88e25abab1bd","block_type":"box","text":"market prices and thus a Fund’s losses may be greater if it invests in derivatives than if it invests only in conventional","page_number":36,"box":{"x":89,"y":618,"width":813,"height":13}},{"id":"f3097406-941a-4f82-8b08-a84191e15c91","block_type":"box","text":"securities. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not","page_number":36,"box":{"x":89,"y":633,"width":852,"height":13}},{"id":"0742e0ac-5898-4e9a-99b3-6d5f018075ac","block_type":"box","text":"fulfill its contractual obligations. Derivatives generally involve the incurrence of leverage.","page_number":36,"box":{"x":88,"y":649,"width":616,"height":12}},{"id":"9d0cd96c-27e1-4146-8238-9bb81bc2b026","block_type":"box","text":"When a derivative is used as a hedge against a position that a Fund holds or is committed to purchase, any loss generated by","page_number":36,"box":{"x":88,"y":675,"width":875,"height":12}},{"id":"0b538168-f5bd-4688-96ec-805b6fa1b0d4","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While hedging can","page_number":36,"box":{"x":88,"y":690,"width":867,"height":13}},{"id":"2f42f084-431c-4b6d-85cb-1bbaa74d0c02","block_type":"box","text":"reduce or eliminate losses, it can also reduce or eliminate gains and, in some cases, hedging can cause losses that are not","page_number":36,"box":{"x":89,"y":705,"width":851,"height":13}},{"id":"fb116f55-fd6a-452d-b2bf-c7717a71d6eb","block_type":"box","text":"offset by gains, and a Fund will recognize losses on both the investment and the hedge. Hedges are sometimes subject to","page_number":36,"box":{"x":89,"y":720,"width":848,"height":13}},{"id":"2c412611-b392-4ab4-9781-01c2a54f1934","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that a Fund’s hedging","page_number":36,"box":{"x":89,"y":736,"width":875,"height":12}},{"id":"be54379a-b339-4246-ab2d-db48b5844c2a","block_type":"box","text":"transactions, which entail additional transaction costs, will be effective.","page_number":36,"box":{"x":88,"y":751,"width":497,"height":11}},{"id":"3d0b86de-4bea-4ac1-aa2a-d8f6238b5761","block_type":"box","text":"Risk of Equity Securities.","page_number":36,"box":{"x":89,"y":777,"width":176,"height":12}},{"id":"5defabb4-136d-47a3-a642-00a332244b70","block_type":"box","text":"An investment in a Fund should be made with an understanding of the risks inherent in an","page_number":36,"box":{"x":274,"y":777,"width":633,"height":12}},{"id":"4da69d54-a844-4832-b0ab-fecafef8897e","block_type":"box","text":"investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the","page_number":36,"box":{"x":89,"y":792,"width":843,"height":13}},{"id":"c732d80c-b6d8-415d-a39a-96cdcb29aabb","block_type":"box","text":"general condition of stock markets may deteriorate (either of which may cause a decrease in the value of the portfolio","page_number":36,"box":{"x":89,"y":807,"width":825,"height":13}},{"id":"66c13a4b-624d-49af-8b09-6979916e0a03","block_type":"box","text":"securities and thus in the value of shares of the Fund). Common stocks are susceptible to general stock market fluctuations","page_number":36,"box":{"x":89,"y":822,"width":865,"height":13}},{"id":"98eed3b3-c6d9-4e3d-b960-ecfffe6908d0","block_type":"box","text":"and to increases and decreases in value as market confidence and perceptions of their issuers change. These investor","page_number":36,"box":{"x":89,"y":838,"width":822,"height":12}},{"id":"a7d7ceb2-473b-4fd8-8130-3eb5bfd6eba6","block_type":"box","text":"perceptions are based on various and unpredictable factors, including expectations regarding government, economic,","page_number":36,"box":{"x":89,"y":853,"width":823,"height":12}},{"id":"760275d0-8fe9-4cd5-894a-43f7ca4d2db0","block_type":"box","text":"13","page_number":36,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"de38e77e-0760-441b-bb66-42bdf60853f1","block_type":"box","text":"monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political,","page_number":37,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"78c6d19e-878c-4a72-9594-fd5638dd7115","block_type":"box","text":"economic or banking crises. Common stocks may experience extreme price volatility due to actions taken by particular","page_number":37,"box":{"x":89,"y":59,"width":831,"height":12}},{"id":"1026ee74-4b0d-4e85-a5a7-75ce887ce4ed","block_type":"box","text":"investors or groups of investors (for example, retail investors influenced by social media activity or other media coverage or","page_number":37,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"3e01c1aa-e129-42a1-aa94-d864c9bc638c","block_type":"box","text":"significant “short” positions taken by institutional investors).","page_number":37,"box":{"x":89,"y":89,"width":422,"height":13}},{"id":"809bf451-57cd-4800-9f43-ef41d7b54f3a","block_type":"box","text":"Holders of common stocks incur more risks than holders of preferred stocks and debt obligations because common","page_number":37,"box":{"x":89,"y":116,"width":812,"height":12}},{"id":"c982f469-c8ec-4170-9bdb-aca1207f13eb","block_type":"box","text":"stockholders generally have rights to receive payments from stock issuers that are inferior to the rights of creditors, or","page_number":37,"box":{"x":89,"y":131,"width":825,"height":12}},{"id":"2173b5d4-1b8f-4fdd-a81b-5935c23c6f89","block_type":"box","text":"holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount","page_number":37,"box":{"x":89,"y":146,"width":871,"height":12}},{"id":"d8c2cdbe-07d1-46e2-980b-fdfd61c7b6f4","block_type":"box","text":"payable at maturity (the value of which, however, is subject to market fluctuations prior to maturity), or preferred stocks,","page_number":37,"box":{"x":89,"y":161,"width":843,"height":12}},{"id":"4e1259a3-12ed-4415-88a6-6e79fd49edec","block_type":"box","text":"which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions,","page_number":37,"box":{"x":88,"y":176,"width":834,"height":13}},{"id":"8e8c30a8-d94e-431d-ac21-824d46c8fd7c","block_type":"box","text":"common stocks have neither a fixed principal amount nor a maturity date. In addition, issuers may, in times of distress or at","page_number":37,"box":{"x":89,"y":191,"width":865,"height":13}},{"id":"6b19d64d-e138-4d31-a783-05fa6b97aff1","block_type":"box","text":"their own discretion, decide to reduce or eliminate dividends, which may also cause their stock price to decline.","page_number":37,"box":{"x":88,"y":206,"width":779,"height":13}},{"id":"528a1f76-3f5a-4424-84ec-2e7f40af75fc","block_type":"box","text":"Although most of the securities in each Fund’s portfolio or, when applicable, the relevant Underlying Index are listed on a","page_number":37,"box":{"x":88,"y":233,"width":847,"height":12}},{"id":"0e4596d7-0438-4c15-b3cb-a53ee5a17a46","block_type":"box","text":"securities exchange, the principal trading market for some of the securities may be in the OTC market. The existence of a","page_number":37,"box":{"x":89,"y":248,"width":845,"height":12}},{"id":"06db3ba8-5427-4a87-b99d-dcc5414f696b","block_type":"box","text":"liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can","page_number":37,"box":{"x":89,"y":263,"width":862,"height":12}},{"id":"fb77d09a-0731-4ec9-93b7-669582c77b6f","block_type":"box","text":"be no assurance that a market will be made or maintained or that any such market will be or remain liquid. The price at","page_number":37,"box":{"x":89,"y":278,"width":834,"height":13}},{"id":"220c78f4-a942-4439-b17c-0732f28a1909","block_type":"box","text":"which securities may be sold and the value of a Fund’s shares will be adversely affected if trading markets for the Fund’s","page_number":37,"box":{"x":88,"y":293,"width":840,"height":13}},{"id":"07b67ccb-2ca4-4334-8046-ec1a519ffd5f","block_type":"box","text":"portfolio securities are limited or absent, or if bid/ask spreads are wide.","page_number":37,"box":{"x":89,"y":308,"width":497,"height":13}},{"id":"1be859b0-d3cb-40f5-9c97-72b74d827a40","block_type":"box","text":"Risk of Futures and Options on Futures Transactions.","page_number":37,"box":{"x":89,"y":335,"width":381,"height":12}},{"id":"8478a6a2-53aa-4702-9134-50773b7d7f49","block_type":"box","text":"There are several risks accompanying the utilization of futures","page_number":37,"box":{"x":479,"y":335,"width":434,"height":12}},{"id":"743210bc-cc7a-42bc-ab72-b2cf4d20e34f","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":37,"box":{"x":89,"y":350,"width":858,"height":12}},{"id":"838932f2-1726-4e79-9119-04af8653d5a4","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":37,"box":{"x":89,"y":365,"width":829,"height":12}},{"id":"f688b10a-10b0-4446-8b43-f634f7a492a3","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":37,"box":{"x":89,"y":380,"width":820,"height":13}},{"id":"2d2e8fb1-cd03-411d-9937-d97fecc11347","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":37,"box":{"x":89,"y":395,"width":820,"height":13}},{"id":"843d784e-4858-41af-97f6-7345fd91e5ac","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":37,"box":{"x":88,"y":410,"width":870,"height":13}},{"id":"934b92bf-b935-4bed-b50a-a8566c5b43e6","block_type":"box","text":"the underlying instrument. In the event of adverse price movements, a Fund would continue to be required to make daily","page_number":37,"box":{"x":88,"y":426,"width":847,"height":12}},{"id":"f643155c-fa97-4102-b350-d5a5797efca9","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":37,"box":{"x":89,"y":441,"width":871,"height":12}},{"id":"7e0e829e-ac4e-4dbe-a929-241707fe710b","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":37,"box":{"x":89,"y":456,"width":868,"height":12}},{"id":"a4058751-4474-48ff-9b12-f7c12a34e350","block_type":"box","text":"required to deliver the instruments underlying the futures contracts it has sold.","page_number":37,"box":{"x":89,"y":471,"width":550,"height":12}},{"id":"1b4605ca-edac-4278-9984-1cb5bb5d36c6","block_type":"box","text":"The risk of loss in trading futures contracts or uncovered call options in some strategies (","page_number":37,"box":{"x":88,"y":497,"width":623,"height":13}},{"id":"d67e6de6-7ed9-4c69-b1c4-fa4d573038a8","block_type":"box","text":"e.g.","page_number":37,"box":{"x":713,"y":500,"width":22,"height":10}},{"id":"7b447f16-6d51-4b7e-8dfe-6111d841b47b","block_type":"box","text":", selling uncovered stock index","page_number":37,"box":{"x":738,"y":497,"width":214,"height":13}},{"id":"2b07934b-8fd9-4cf7-a948-6d87c49c90d2","block_type":"box","text":"futures contracts) is potentially unlimited. The Funds do not plan to use futures and options contracts in this way. The risk of","page_number":37,"box":{"x":88,"y":513,"width":876,"height":12}},{"id":"0d578da7-b41b-4e0d-93ce-78b8d663e1ac","block_type":"box","text":"a futures position may still be large as traditionally measured due to the low margin deposits required. In many cases, a","page_number":37,"box":{"x":89,"y":528,"width":832,"height":12}},{"id":"83e56f88-ace2-49f1-b8a9-86f3088a1a7d","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":37,"box":{"x":89,"y":543,"width":842,"height":12}},{"id":"316aaf11-70d9-4fd2-b0fa-6d9cb4d0c632","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":37,"box":{"x":89,"y":558,"width":832,"height":12}},{"id":"7ffb6aab-aa5f-4081-b3cd-656ea8988beb","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":37,"box":{"x":89,"y":573,"width":866,"height":12}},{"id":"4d31badd-ef25-45d3-b1ff-e25beea2b0f2","block_type":"box","text":"invest.","page_number":37,"box":{"x":89,"y":589,"width":43,"height":9}},{"id":"c12c3d1b-488e-4d2e-921b-95999d2aae52","block_type":"box","text":"Utilization of futures and options on futures by a Fund involves the risk of loss of margin deposits in the event of bankruptcy","page_number":37,"box":{"x":89,"y":615,"width":867,"height":12}},{"id":"4e5fe8b2-53ee-4ab2-893b-bb57382b59d5","block_type":"box","text":"of a broker with whom a Fund has an open position in the futures contract or option. The purchase of put or call options will","page_number":37,"box":{"x":89,"y":630,"width":871,"height":12}},{"id":"f443812b-37a5-4fe1-850f-3c0e8b5d59d4","block_type":"box","text":"be based upon predictions by BFA as to anticipated trends, which predictions could prove to be incorrect.","page_number":37,"box":{"x":89,"y":645,"width":735,"height":12}},{"id":"3731e0ef-f18a-4340-9236-887bc6f3e49b","block_type":"box","text":"Because the futures market generally imposes less burdensome margin requirements than the securities market, an","page_number":37,"box":{"x":89,"y":671,"width":809,"height":13}},{"id":"3db97ac4-7477-49c6-999c-ccbf4814cf5d","block_type":"box","text":"increased amount of participation by speculators in the futures market could result in price fluctuations. Certain financial","page_number":37,"box":{"x":89,"y":686,"width":845,"height":13}},{"id":"acdd1726-24cc-4001-8f24-02640525e778","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":37,"box":{"x":88,"y":702,"width":864,"height":12}},{"id":"e362ede8-e29b-4c55-8975-94e4f2bae47b","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":37,"box":{"x":89,"y":717,"width":816,"height":12}},{"id":"c7d27955-fc08-4260-b05b-049e92a986dd","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":37,"box":{"x":89,"y":732,"width":859,"height":12}},{"id":"fa7b383f-f35f-4e1c-b040-9f26d7229077","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":37,"box":{"x":89,"y":747,"width":839,"height":12}},{"id":"33e9bf33-c98d-4174-9fa4-86daf5d7d438","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":37,"box":{"x":89,"y":762,"width":869,"height":12}},{"id":"497a7e1d-3a58-4d8f-bed5-d7a71c3b382c","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":37,"box":{"x":88,"y":777,"width":871,"height":12}},{"id":"cfbacfec-6ce4-42c0-a2dc-ca746e1b498c","block_type":"box","text":"be required to make daily cash payments of variation margin.","page_number":37,"box":{"x":89,"y":792,"width":427,"height":13}},{"id":"1f8eb008-c74f-464e-8b6f-5f73cb53c6f6","block_type":"box","text":"Risk of Investing in Non-U.S. Equity Securities.","page_number":37,"box":{"x":89,"y":819,"width":332,"height":12}},{"id":"3e5654fd-cb94-4431-b2a6-f34019d45f5a","block_type":"box","text":"An investment in a Fund involves risks similar to those of investing in","page_number":37,"box":{"x":430,"y":819,"width":481,"height":12}},{"id":"08a7f868-14a2-4253-9233-f30ab740e373","block_type":"box","text":"portfolios of equity securities traded on non-U.S. exchanges. These risks include market fluctuations caused by such factors","page_number":37,"box":{"x":89,"y":834,"width":866,"height":12}},{"id":"48cb372e-213c-4d70-9169-8cdcd557ffc4","block_type":"box","text":"as economic and political developments in those foreign countries, changes in interest rates and perceived trends in stock","page_number":37,"box":{"x":89,"y":849,"width":854,"height":12}},{"id":"8a99a6d2-b59b-41f4-a752-3820fbac532b","block_type":"box","text":"prices. Investing in securities issued by issuers domiciled in countries other than the domicile of the investor and","page_number":37,"box":{"x":89,"y":864,"width":785,"height":12}},{"id":"bfce20d2-ca56-4c7d-93e8-9f64eed51374","block_type":"box","text":"14","page_number":37,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"0477bddb-7310-4d96-ad9f-f80d69d53cbd","block_type":"box","text":"denominated in currencies other than an investor’s local currency entails certain considerations and risks not typically","page_number":38,"box":{"x":89,"y":44,"width":826,"height":12}},{"id":"8e9c5f55-fd2b-42ae-a12f-52bed32c06d3","block_type":"box","text":"encountered by the investor in making investments in its home country and in that country’s currency. These considerations","page_number":38,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"a1fd97ab-c1dd-4aed-9dd6-22903760dfb5","block_type":"box","text":"include favorable or unfavorable changes in interest rates, currency exchange rates, exchange control regulations and the","page_number":38,"box":{"x":89,"y":74,"width":849,"height":12}},{"id":"7ad2bb1a-649e-4bbe-b11e-311d9dd2d156","block_type":"box","text":"costs that may be incurred in connection with conversions between various currencies. Investing in any of the Funds also","page_number":38,"box":{"x":89,"y":89,"width":847,"height":13}},{"id":"b581be76-2047-46e6-944d-36a1031b80de","block_type":"box","text":"involves certain risks and considerations not typically associated with investing in a fund whose portfolio contains exclusively","page_number":38,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"60c0a368-9310-42f7-a86f-588f86d7ef2c","block_type":"box","text":"securities of U.S. issuers. These risks include generally less liquid and less efficient securities markets; generally greater price","page_number":38,"box":{"x":89,"y":119,"width":867,"height":13}},{"id":"f230ff40-f5d0-49ca-a4da-fb644b9f1094","block_type":"box","text":"volatility; less publicly available information about issuers; the imposition of withholding or other taxes; the imposition of","page_number":38,"box":{"x":88,"y":135,"width":847,"height":12}},{"id":"b88edba9-bba8-4aff-aa68-01d58a87d3c2","block_type":"box","text":"restrictions on the expatriation of funds or other assets of the Funds; restrictions on ownership of Indian and other foreign","page_number":38,"box":{"x":89,"y":150,"width":855,"height":12}},{"id":"a100262b-de2e-4ce7-9052-f2741b282f77","block_type":"box","text":"countries’ securities by foreign entities; higher transaction and custody costs; delays and risks attendant in settlement","page_number":38,"box":{"x":89,"y":165,"width":824,"height":12}},{"id":"49f65d58-fa94-4a38-8758-bad38533c27a","block_type":"box","text":"procedures; difficulties in enforcing contractual obligations; lower liquidity and significantly smaller market capitalization;","page_number":38,"box":{"x":89,"y":180,"width":847,"height":12}},{"id":"2f6a7976-4d10-47f0-a916-37827c556851","block_type":"box","text":"different accounting and disclosure standards; lower levels of regulation of the securities markets; more substantial","page_number":38,"box":{"x":89,"y":195,"width":804,"height":12}},{"id":"d46046a1-854f-418e-9471-c6a1226a53db","block_type":"box","text":"government interference with the economy and businesses; higher rates of inflation; greater social, economic, and political","page_number":38,"box":{"x":89,"y":210,"width":859,"height":13}},{"id":"204b99fb-3b0c-4aa8-9256-42a6e353e672","block_type":"box","text":"uncertainty; the risk of nationalization or expropriation of assets; and the risk of war.","page_number":38,"box":{"x":89,"y":225,"width":588,"height":13}},{"id":"991049bd-deaf-4414-8fa3-6dfa12de021f","block_type":"box","text":"Risk of Swap Agreements.","page_number":38,"box":{"x":89,"y":252,"width":187,"height":12}},{"id":"84ac068d-fdee-4255-8f1c-2ee9b4939fc3","block_type":"box","text":"The risk of loss with respect to swaps is generally limited to the net amount of payments that a","page_number":38,"box":{"x":284,"y":252,"width":666,"height":12}},{"id":"61e8a143-0e19-421c-9282-21c7a9675497","block_type":"box","text":"Fund is contractually obligated to make. Swap agreements are subject to the risk that the swap counterparty will default on","page_number":38,"box":{"x":89,"y":267,"width":863,"height":12}},{"id":"db198874-2f2b-43aa-85b8-f050f1b1e6a3","block_type":"box","text":"its obligations. If such a default occurs, a Fund will have contractual remedies pursuant to the agreements related to the","page_number":38,"box":{"x":89,"y":282,"width":840,"height":12}},{"id":"38e10b72-3187-43c0-a1cf-bc8e2b79c6a2","block_type":"box","text":"transaction. However, such remedies may be subject to bankruptcy and insolvency laws, which could affect a Fund’s rights as","page_number":38,"box":{"x":88,"y":297,"width":878,"height":12}},{"id":"ca40b7c9-ea48-4e4c-b06d-9de5e2f5338e","block_type":"box","text":"a creditor (","page_number":38,"box":{"x":89,"y":312,"width":75,"height":13}},{"id":"5e109ff1-a62c-4c7e-a667-83e4c5c15004","block_type":"box","text":"e.g.","page_number":38,"box":{"x":165,"y":315,"width":23,"height":10}},{"id":"128785be-5cf6-4951-9469-49de47aab358","block_type":"box","text":", a Fund may not receive the net amount of payments that it is contractually entitled to receive).","page_number":38,"box":{"x":190,"y":312,"width":670,"height":13}},{"id":"a6f99d11-92be-4638-adf8-6e2a7fb92779","block_type":"box","text":"A Fund is required to post and collect variation margin and initial margin (composed of specified liquid securities subject to","page_number":38,"box":{"x":88,"y":339,"width":863,"height":12}},{"id":"e673eca6-8e37-4af3-a9d3-4b0fe35976ea","block_type":"box","text":"haircuts) in connection with trading of OTC swaps. These requirements may raise the costs for a Fund’s investment in swaps.","page_number":38,"box":{"x":89,"y":354,"width":876,"height":12}},{"id":"22ef0385-75fe-461f-9851-de598fe671e5","block_type":"box","text":"Securities Lending Risk.","page_number":38,"box":{"x":88,"y":380,"width":171,"height":13}},{"id":"b3028ac5-d940-4af1-8405-2d68f722a4bf","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose","page_number":38,"box":{"x":268,"y":380,"width":683,"height":13}},{"id":"c51f1783-73e5-4460-8904-caed5c878ef0","block_type":"box","text":"money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. A Fund could","page_number":38,"box":{"x":89,"y":395,"width":860,"height":13}},{"id":"1d9e46ee-c3b0-4c21-91bc-e1c8c6a12110","block_type":"box","text":"also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of","page_number":38,"box":{"x":89,"y":410,"width":855,"height":13}},{"id":"86940628-8089-490b-aa77-5f4f6c9d5f0f","block_type":"box","text":"any investments made with cash collateral. These events could also trigger adverse tax consequences for a Fund.","page_number":38,"box":{"x":89,"y":426,"width":791,"height":12}},{"id":"1b4c9308-650b-48b7-8e1b-2991e152817a","block_type":"box","text":"Tracking Error Risk.","page_number":38,"box":{"x":88,"y":452,"width":141,"height":12}},{"id":"47d92dd2-576a-479d-b15e-2709007d59b8","block_type":"box","text":"Each Fund that seeks to track an Underlying Index is subject to the risk of tracking error, which is the","page_number":38,"box":{"x":239,"y":452,"width":703,"height":12}},{"id":"9036f606-3664-4a61-b652-64278349a7b1","block_type":"box","text":"divergence of a Fund’s performance from that of the applicable Underlying Index. Tracking error may occur because of","page_number":38,"box":{"x":89,"y":467,"width":832,"height":13}},{"id":"a3ed5452-6126-47f2-a6c4-81fbeda7568a","block_type":"box","text":"differences between the securities and other instruments held in a Fund’s portfolio and those included in its applicable","page_number":38,"box":{"x":89,"y":482,"width":828,"height":13}},{"id":"ba00a1d0-bd74-444b-b291-31370b0075e5","block_type":"box","text":"underlying index, pricing differences, transaction costs incurred by a Fund, a Fund’s holding of uninvested cash, differences in","page_number":38,"box":{"x":89,"y":497,"width":878,"height":13}},{"id":"814b3c36-d5aa-4f37-b978-564ebd09a270","block_type":"box","text":"timing of the accrual of or the valuation of dividends or interest received by a Fund or distributions paid to a Fund’s","page_number":38,"box":{"x":88,"y":513,"width":805,"height":12}},{"id":"6bd44e3f-da16-4ee0-bb5f-c9b361fd556f","block_type":"box","text":"shareholders, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the","page_number":38,"box":{"x":89,"y":528,"width":853,"height":12}},{"id":"b0bf6b14-040a-41ba-ba6e-b0f8cda187a5","block_type":"box","text":"distribution of capital gains to shareholders, acceptance of custom baskets, changes to the applicable underlying index or","page_number":38,"box":{"x":89,"y":543,"width":853,"height":12}},{"id":"9234e160-740d-4166-9a07-92afffaf94bb","block_type":"box","text":"the costs to a Fund of complying with various new or existing regulatory requirements. This risk may be heightened during","page_number":38,"box":{"x":88,"y":558,"width":861,"height":12}},{"id":"419271f3-d891-4860-bb38-951ac49b8469","block_type":"box","text":"times of increased market volatility or other unusual market conditions. Tracking error also may result because a Fund incurs","page_number":38,"box":{"x":88,"y":573,"width":875,"height":12}},{"id":"505765bc-4af4-4236-b764-132fb56f06a0","block_type":"box","text":"fees and expenses, while its applicable underlying index does not. Tracking error may occur due to differences between the","page_number":38,"box":{"x":88,"y":588,"width":862,"height":12}},{"id":"c0b33729-f833-4e78-af5b-d7d33cb788e9","block_type":"box","text":"methodologies used in calculating the value of the applicable Underlying Index and determining a Fund’s NAV.","page_number":38,"box":{"x":89,"y":603,"width":772,"height":13}},{"id":"99dea9f4-4e35-4682-92b1-7c23418bebee","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, BFA may conduct an analysis on such","page_number":38,"box":{"x":88,"y":630,"width":846,"height":12}},{"id":"5cf6edc9-9c73-40f8-80ae-d7ff901a11fd","block_type":"box","text":"issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual price growth that does not","page_number":38,"box":{"x":89,"y":645,"width":853,"height":12}},{"id":"fac0388c-2bfe-4839-a874-4b75161abb57","block_type":"box","text":"appear to be supported by publicly available information on the business and assets of the issuer, unusual or significant short","page_number":38,"box":{"x":89,"y":660,"width":876,"height":12}},{"id":"e27fa02c-7973-44d3-8a2e-6d1899d067c1","block_type":"box","text":"interest or lending activity, negative sentiment, suspended trading or incorrect free-float calculations, which could be","page_number":38,"box":{"x":89,"y":675,"width":818,"height":12}},{"id":"4ff912fa-ee90-496d-ae5f-c1ef2b01d890","block_type":"box","text":"indicators of possible irregularities, miscalculations or even fraud). If it identifies such behavior, BFA may, where appropriate,","page_number":38,"box":{"x":89,"y":690,"width":867,"height":13}},{"id":"d07eccdb-86fb-412d-9241-ee89eaee9368","block_type":"box","text":"alert the index provider as to the alleged issue. The index provider has sole discretion for the determination as to whether to","page_number":38,"box":{"x":89,"y":705,"width":867,"height":13}},{"id":"799b81e0-ce3b-4f89-a678-d04f7babb3e5","block_type":"box","text":"continue to include the issuer’s securities in the rebalancing of its index. If the securities continue to be included in the index,","page_number":38,"box":{"x":89,"y":720,"width":873,"height":13}},{"id":"a309931e-b244-4289-ae4c-db983d21cbea","block_type":"box","text":"BFA may underweight or exclude such securities from a Fund’s portfolio and, if it does so, such a fund will be subject to","page_number":38,"box":{"x":89,"y":736,"width":835,"height":12}},{"id":"ea218b5d-328e-43f9-9498-7f6219845ff7","block_type":"box","text":"increased tracking error due to the divergence in the securities included in its portfolio from its underlying index. The","page_number":38,"box":{"x":89,"y":751,"width":817,"height":12}},{"id":"928074fd-0f35-46b4-8aee-981d8cc72b1d","block_type":"box","text":"application of the abovementioned analysis and screening to a Fund and its Underlying Index is in the sole discretion of BFA","page_number":38,"box":{"x":89,"y":766,"width":866,"height":12}},{"id":"1fa99e0a-60d2-4ed5-a4d3-54e7cf7039da","block_type":"box","text":"and its affiliates (without any guarantees). The analysis and screening may not exclude any or all high risk securities from an","page_number":38,"box":{"x":89,"y":781,"width":869,"height":12}},{"id":"2b596d4a-f47c-403a-8936-5808e38a95cb","block_type":"box","text":"Underlying Index or a Fund’s portfolio, and the inclusion of such securities will result in an adverse impact to a Fund’s net","page_number":38,"box":{"x":89,"y":796,"width":848,"height":12}},{"id":"a672189f-60bd-4280-ab42-e2238fd2a336","block_type":"box","text":"asset value if one or more such securities declines in value.","page_number":38,"box":{"x":89,"y":811,"width":410,"height":10}},{"id":"bc2f0457-b7fa-44dc-9432-efc07aa4164f","block_type":"box","text":"15","page_number":38,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"e520cb4c-411e-413e-a880-d4f045c0bc33","block_type":"box","text":"Volatility Risk.","page_number":39,"box":{"x":88,"y":44,"width":101,"height":12}},{"id":"6905734f-9bac-4e00-897a-ee8841b70ec1","block_type":"box","text":"The value of the securities in each Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. The","page_number":39,"box":{"x":198,"y":44,"width":754,"height":12}},{"id":"9a9dc837-0474-4d8c-b9a9-26a28754292e","block_type":"box","text":"value of a security may fluctuate due to factors affecting markets generally or particular industries. This volatility may affect a","page_number":39,"box":{"x":88,"y":59,"width":876,"height":12}},{"id":"6957eb4f-ee77-4a97-ab3d-e7ddd6fbcebd","block_type":"box","text":"Fund’s NAV. Although certain of the Underlying Indexes were created to seek lower absolute volatility, there is no guarantee","page_number":39,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"f667cd3c-a543-4fab-8f00-702ac7e0e422","block_type":"box","text":"that these strategies will be successful. The Index Provider may be unsuccessful in creating an index that minimizes volatility,","page_number":39,"box":{"x":88,"y":89,"width":874,"height":13}},{"id":"19b6642a-3f18-4a06-a7b3-45ab97e13e9d","block_type":"box","text":"and there is a risk that each Fund may experience more than minimum volatility. Securities in the Funds’ portfolios may be","page_number":39,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"5839bf29-ff7d-4d77-8514-0d97502c0c87","block_type":"box","text":"subject to price volatility and their prices may not be any less volatile than the market as a whole and could be more volatile.","page_number":39,"box":{"x":89,"y":119,"width":868,"height":13}},{"id":"1bb1bd51-60e3-4317-9d82-87d7417adf9d","block_type":"box","text":"Events or financial circumstances affecting individual securities or sectors may increase the volatility of the Funds.","page_number":39,"box":{"x":89,"y":135,"width":796,"height":12}},{"id":"117e41ec-5840-4950-826c-41b5de83fe2e","block_type":"box","text":"Risk of Investing in Africa.","page_number":39,"box":{"x":89,"y":161,"width":187,"height":12}},{"id":"f58dc6a2-7bb3-4c8d-95dc-5fe776aab202","block_type":"box","text":"Investments in securities of issuers in certain African countries involve heightened risks","page_number":39,"box":{"x":286,"y":161,"width":609,"height":12}},{"id":"eb5a6377-fd09-4407-8f51-2c80cb0db638","block_type":"box","text":"including, among others, expropriation and/or nationalization of assets, confiscatory taxation, political instability, including","page_number":39,"box":{"x":89,"y":176,"width":861,"height":13}},{"id":"6b820543-4b43-4081-8dd1-149e821d331b","block_type":"box","text":"authoritarian and/or military involvement in governmental decision-making, armed conflict, civil war, and social instability as","page_number":39,"box":{"x":89,"y":191,"width":874,"height":13}},{"id":"6bc81419-3bf2-4df8-9618-465ed9f1f4c5","block_type":"box","text":"a result of religious, ethnic and/or socio-economic unrest or widespread outbreaks of disease and, in certain countries,","page_number":39,"box":{"x":89,"y":206,"width":833,"height":13}},{"id":"c64e9c81-73dd-429a-8999-83d9de0d6227","block_type":"box","text":"genocidal warfare.","page_number":39,"box":{"x":89,"y":222,"width":128,"height":12}},{"id":"574e134f-d9d1-45da-8c2e-7f10ef62b40a","block_type":"box","text":"Certain countries in Africa generally have less developed capital markets than traditional emerging market countries, and,","page_number":39,"box":{"x":89,"y":248,"width":849,"height":12}},{"id":"1fb25e3e-862c-44bb-a1fe-769f6f094f29","block_type":"box","text":"consequently, the risks of investing in foreign securities are magnified in such countries. Because securities markets of","page_number":39,"box":{"x":89,"y":263,"width":828,"height":12}},{"id":"912f5b35-46b0-4d2a-949b-9ef26ab0ebf6","block_type":"box","text":"countries in Africa are generally underdeveloped and are generally less correlated to global economic cycles than those","page_number":39,"box":{"x":89,"y":278,"width":833,"height":13}},{"id":"4d34a0e8-e3cc-46ee-99b0-47c0a89a6de3","block_type":"box","text":"markets located in more developed countries, securities markets in African countries are subject to greater risks associated","page_number":39,"box":{"x":89,"y":293,"width":861,"height":13}},{"id":"3977cfc1-6356-459f-b69e-a7047cbe2589","block_type":"box","text":"with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations and","page_number":39,"box":{"x":88,"y":308,"width":851,"height":13}},{"id":"47a14155-100c-4dfa-9efe-7a151649200c","block_type":"box","text":"uncertainty regarding the existence of trading markets. Moreover, trading on African securities markets may be suspended","page_number":39,"box":{"x":89,"y":324,"width":858,"height":12}},{"id":"f63bc2b3-333c-4f75-9e29-a6145e6873a1","block_type":"box","text":"altogether.","page_number":39,"box":{"x":89,"y":339,"width":73,"height":12}},{"id":"5066d73e-5c14-430f-9d46-36f5057a061f","block_type":"box","text":"Market volatility may also be heightened by the actions of a small number of investors. Brokerage firms in certain countries in","page_number":39,"box":{"x":89,"y":365,"width":876,"height":12}},{"id":"87629ca6-0b03-4830-b2dd-20228e70d8b1","block_type":"box","text":"Africa may be fewer in number and less established than brokerage firms in more developed markets. Since a Fund may need","page_number":39,"box":{"x":88,"y":380,"width":878,"height":13}},{"id":"f44a4366-7302-4534-b145-6d6168b0174a","block_type":"box","text":"to effect securities transactions through these brokerage firms, the Fund is subject to the risk that these brokerage firms will","page_number":39,"box":{"x":88,"y":395,"width":867,"height":13}},{"id":"575e2224-3f12-4289-b2f7-4f386e02f129","block_type":"box","text":"not be able to fulfill their obligations to the Fund (","page_number":39,"box":{"x":89,"y":410,"width":347,"height":13}},{"id":"21eff69a-4ebd-46ec-a42d-0728ca4e272e","block_type":"box","text":"i.e.,","page_number":39,"box":{"x":437,"y":411,"width":21,"height":11}},{"id":"8dad3d4b-ab0d-4e82-8267-70fe914f76e0","block_type":"box","text":"counterparty risk). This risk is magnified to the extent that a Fund","page_number":39,"box":{"x":465,"y":410,"width":459,"height":13}},{"id":"ab86164f-fc8f-4669-8417-e3fbad14117d","block_type":"box","text":"effects securities transactions through a single brokerage firm or a small number of brokerage firms.","page_number":39,"box":{"x":89,"y":426,"width":700,"height":12}},{"id":"08f65d23-0c75-40e1-82b9-9c5dfeabb1d6","block_type":"box","text":"Certain governments in African countries restrict or control to varying degrees the ability of foreign investors to invest in","page_number":39,"box":{"x":89,"y":452,"width":839,"height":12}},{"id":"2f343a30-f251-4bc9-9190-c9f8109bf52f","block_type":"box","text":"securities of issuers located or operating in those countries. Moreover, certain countries in Africa require governmental","page_number":39,"box":{"x":89,"y":467,"width":829,"height":13}},{"id":"9f145756-5760-4c0c-b723-402d28df9f21","block_type":"box","text":"approval or special licenses prior to investment by foreign investors and may limit the amount of investment by foreign","page_number":39,"box":{"x":89,"y":482,"width":829,"height":13}},{"id":"4547051a-1848-46c8-ab3c-31d5619a4278","block_type":"box","text":"investors in a particular industry and/or issuer, and may limit such foreign investment to a certain class of securities of an","page_number":39,"box":{"x":89,"y":497,"width":848,"height":13}},{"id":"3f17e367-cefc-4602-bf04-944d3cbe326b","block_type":"box","text":"issuer that may have less advantageous rights than the classes available for purchase by domestic investors of the countries","page_number":39,"box":{"x":89,"y":513,"width":867,"height":12}},{"id":"836d6607-be6b-452f-b271-1d3c9a7fa9cd","block_type":"box","text":"and/or impose additional taxes on foreign investors. A delay in obtaining a government approval or a license would delay","page_number":39,"box":{"x":89,"y":528,"width":848,"height":12}},{"id":"fca43c11-9647-4e60-8e27-46fe55b99c6d","block_type":"box","text":"investments in a particular country, and, as a result, a Fund may not be able to invest in certain securities while approval is","page_number":39,"box":{"x":89,"y":543,"width":852,"height":12}},{"id":"4bb44b78-fd9a-4a33-a1a2-e9ad840c2abb","block_type":"box","text":"pending. The government of a particular country may also withdraw or decline to renew a license that enables a Fund to","page_number":39,"box":{"x":89,"y":558,"width":842,"height":12}},{"id":"9b53af57-296e-496b-8e42-fc3b3f8dbd28","block_type":"box","text":"invest in such country. These factors make investing in issuers located or operating in countries in Africa significantly riskier","page_number":39,"box":{"x":89,"y":573,"width":865,"height":12}},{"id":"a6c75644-4bf0-48c4-b653-db4fa2c286d0","block_type":"box","text":"than investing in issuers located or operating in more developed countries, and any one of these factors could cause a","page_number":39,"box":{"x":88,"y":588,"width":826,"height":12}},{"id":"6ed1e210-31af-482a-a167-34b9f89ef2bd","block_type":"box","text":"decline in the value of a Fund’s investments. Issuers located or operating in countries in Africa are generally not subject to the","page_number":39,"box":{"x":89,"y":603,"width":879,"height":13}},{"id":"51b09ed3-1f66-40e0-ae6e-d4bf54106f9b","block_type":"box","text":"same rules and regulations as issuers located or operating in more developed countries. Therefore, there may be less","page_number":39,"box":{"x":89,"y":618,"width":816,"height":13}},{"id":"9d262026-2200-46c6-a3bd-4b9c58d8402e","block_type":"box","text":"financial and other information publicly available with regard to issuers located or operating in countries in Africa and such","page_number":39,"box":{"x":88,"y":633,"width":861,"height":13}},{"id":"a9fd8a1a-f09f-4a90-ab4d-ea103755e45a","block_type":"box","text":"issuers are generally not subject to the uniform accounting, auditing and financial reporting standards applicable to issuers","page_number":39,"box":{"x":89,"y":649,"width":861,"height":12}},{"id":"50506520-632b-489e-86be-060900705551","block_type":"box","text":"located or operating in more developed countries.","page_number":39,"box":{"x":89,"y":664,"width":348,"height":12}},{"id":"7d0beb43-caaf-44b2-988c-249f034df36d","block_type":"box","text":"In addition, governments of certain countries in Africa in which a Fund may invest may levy withholding or other taxes on","page_number":39,"box":{"x":89,"y":690,"width":851,"height":13}},{"id":"5530def1-bfc4-4210-a21d-bae2656df676","block_type":"box","text":"income such as dividends, interest and realized capital gains. Although in certain countries in Africa a portion of these taxes","page_number":39,"box":{"x":89,"y":705,"width":865,"height":13}},{"id":"be25d3ea-2053-43a0-81a5-0b02fb2f52c3","block_type":"box","text":"are recoverable, the non-recovered portion of foreign withholding taxes will reduce the income received from investments in","page_number":39,"box":{"x":89,"y":720,"width":868,"height":13}},{"id":"e0b48257-c2a6-49cc-a6cd-2688fccf6ed2","block_type":"box","text":"such countries.","page_number":39,"box":{"x":89,"y":736,"width":105,"height":9}},{"id":"dcf47d7d-fed3-44a9-88ad-3c23ccb44a6e","block_type":"box","text":"Investment in countries in Africa may be subject to a greater degree of risk associated with governmental approval in","page_number":39,"box":{"x":89,"y":762,"width":818,"height":12}},{"id":"e7753a33-78bf-4cee-b0fe-7b84159d7edc","block_type":"box","text":"connection with the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In","page_number":39,"box":{"x":89,"y":777,"width":858,"height":12}},{"id":"4b3cd81a-4664-4d27-8078-2bb3c9cb216b","block_type":"box","text":"addition, there is the risk that if an African country’s balance of payments declines, such African country may impose","page_number":39,"box":{"x":89,"y":792,"width":819,"height":13}},{"id":"58ef98e9-8255-4ed5-b049-88bd13f0efba","block_type":"box","text":"temporary restrictions on foreign capital remittances. Consequently, a Fund could be adversely affected by delays in, or a","page_number":39,"box":{"x":88,"y":807,"width":844,"height":13}},{"id":"c41dbe94-5e3d-4702-aa4e-1cfefc72fa16","block_type":"box","text":"refusal to grant, required governmental approval for repatriation of capital, as well as by the application to the Fund of any","page_number":39,"box":{"x":89,"y":822,"width":853,"height":13}},{"id":"6434b21c-9df7-4165-ad7e-23e9052a4806","block_type":"box","text":"restrictions on investments. Additionally, investments in countries in Africa may require a Fund to adopt special procedures,","page_number":39,"box":{"x":89,"y":838,"width":864,"height":12}},{"id":"650b6941-e632-4441-ab86-4c0517fd66df","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs to a Fund.","page_number":39,"box":{"x":89,"y":853,"width":760,"height":12}},{"id":"22bb368e-c5db-4a86-b9c1-ba94d2b2a48e","block_type":"box","text":"16","page_number":39,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"89ba1f5f-5529-4698-8ef3-e42aef367ae9","block_type":"box","text":"Securities laws in many countries in Africa are relatively new and unsettled and, consequently, there is a risk of rapid and","page_number":40,"box":{"x":88,"y":44,"width":843,"height":12}},{"id":"5e4c0341-a179-4370-badf-c249ba3e2941","block_type":"box","text":"unpredictable change in laws regarding foreign investment, securities regulation, title to securities and shareholder rights.","page_number":40,"box":{"x":89,"y":59,"width":851,"height":12}},{"id":"ff358026-ac8b-484b-87ff-c0622a0d0f0a","block_type":"box","text":"Accordingly, foreign investors may be adversely affected by new or amended laws and regulations. In addition, there may be","page_number":40,"box":{"x":88,"y":74,"width":868,"height":12}},{"id":"8de17e6b-9d5d-4dc7-aebf-aa54e0606184","block_type":"box","text":"no single centralized securities exchange on which securities are traded in certain countries in Africa and the systems of","page_number":40,"box":{"x":89,"y":89,"width":840,"height":13}},{"id":"8a6ea42f-d114-47ed-adf4-c675bffa24b4","block_type":"box","text":"corporate governance to which issuers located in countries in Africa are subject may be less advanced than those systems to","page_number":40,"box":{"x":89,"y":104,"width":874,"height":13}},{"id":"e7495246-b655-4eb8-8150-91818a19cad0","block_type":"box","text":"which issuers located in more developed countries are subject, and, therefore, shareholders of issuers located in such","page_number":40,"box":{"x":88,"y":119,"width":821,"height":13}},{"id":"3228376b-5eeb-475b-9f66-31121c7de920","block_type":"box","text":"countries may not receive many of the protections available to shareholders of issuers located in more developed countries.","page_number":40,"box":{"x":89,"y":135,"width":864,"height":12}},{"id":"de55b628-82e9-45b1-b076-423b8706cedc","block_type":"box","text":"Even in circumstances where adequate laws and shareholder rights exist, it may not be possible to obtain swift and equitable","page_number":40,"box":{"x":89,"y":150,"width":874,"height":12}},{"id":"a4b40608-6fd0-4e22-aa09-0b6d791106af","block_type":"box","text":"enforcement of the law. In addition, the enforcement of systems of taxation at federal, regional and local levels in countries in","page_number":40,"box":{"x":89,"y":165,"width":875,"height":12}},{"id":"b246b627-8132-49d5-8451-ce40b1c7398c","block_type":"box","text":"Africa may be inconsistent and subject to sudden change.","page_number":40,"box":{"x":88,"y":180,"width":406,"height":12}},{"id":"1e9fccc6-37de-4a5f-a920-40556c76268d","block_type":"box","text":"Certain countries in Africa may be heavily dependent upon international trade and, consequently, have been and may","page_number":40,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"fe4ce4d7-ab29-40df-9e0b-3f1eb7e37604","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":40,"box":{"x":89,"y":222,"width":873,"height":12}},{"id":"ab029f15-15cd-408e-9083-af7366dab02f","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":40,"box":{"x":89,"y":237,"width":866,"height":12}},{"id":"f721b4f9-a8d8-4db6-a11b-b94cad8ffcf5","block_type":"box","text":"and may continue to be adversely affected by economic conditions in the countries with which they trade. Certain countries","page_number":40,"box":{"x":89,"y":252,"width":867,"height":12}},{"id":"4d4392ca-97d0-4f0a-90d0-ee047b693d0a","block_type":"box","text":"in Africa depend to a significant extent upon exports of primary commodities such as gold, silver, copper and diamonds.","page_number":40,"box":{"x":89,"y":267,"width":842,"height":12}},{"id":"246d1852-49d8-4260-b3fb-a0bba5adeb15","block_type":"box","text":"These countries therefore are vulnerable to changes in commodity prices, which may be affected by a variety of factors. In","page_number":40,"box":{"x":88,"y":282,"width":854,"height":12}},{"id":"2754f83d-f454-41a4-acbe-fd17dd8273c6","block_type":"box","text":"addition, certain issuers located in countries in Africa in which a Fund invests may operate in, or have dealings with, countries","page_number":40,"box":{"x":89,"y":297,"width":879,"height":12}},{"id":"eefe02d2-44e0-46e8-9bf4-28cad900786b","block_type":"box","text":"subject to sanctions and/or embargoes imposed by the U.S. government and the United Nations, and/or countries identified","page_number":40,"box":{"x":89,"y":312,"width":871,"height":13}},{"id":"2c0885aa-57b1-47b4-a0b7-8092d4a1fde8","block_type":"box","text":"by the U.S. government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":40,"box":{"x":89,"y":327,"width":835,"height":13}},{"id":"613b9690-8c6a-4285-aba4-6780b8a27f6b","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers, will be","page_number":40,"box":{"x":89,"y":342,"width":863,"height":13}},{"id":"bbfa66f1-add2-4c95-bc83-2440eb61663e","block_type":"box","text":"indirectly subject to those risks.","page_number":40,"box":{"x":89,"y":358,"width":219,"height":12}},{"id":"b5a365bb-438f-423d-9b6d-023bdce6efdc","block_type":"box","text":"The governments of certain countries in Africa may exercise substantial influence over many aspects of the private sector","page_number":40,"box":{"x":88,"y":384,"width":851,"height":12}},{"id":"e5550ccb-18bd-4278-a517-7fa67a2cb970","block_type":"box","text":"and may own or control many companies. Future government actions could have a significant effect on the economic","page_number":40,"box":{"x":89,"y":399,"width":824,"height":13}},{"id":"d218219b-0fc5-4e8a-81fd-a1a16e5ed29e","block_type":"box","text":"conditions in such countries, which could have a negative impact on private sector companies. There is also the possibility of","page_number":40,"box":{"x":89,"y":414,"width":876,"height":13}},{"id":"edac196b-df65-42e4-8ed0-024bdfdac820","block_type":"box","text":"diplomatic developments that could adversely affect investments in certain countries in Africa. Some countries in Africa may","page_number":40,"box":{"x":89,"y":429,"width":872,"height":13}},{"id":"adf8e011-0c34-454e-a300-cf01adbf1eab","block_type":"box","text":"be affected by a greater degree of public corruption and crime, including organized crime.","page_number":40,"box":{"x":89,"y":445,"width":626,"height":12}},{"id":"6e42b078-c7e9-4bf2-b4c3-80e94dcf1d0f","block_type":"box","text":"Political instability and protests in North Africa and the Middle East have caused and may in the future cause significant","page_number":40,"box":{"x":89,"y":471,"width":835,"height":12}},{"id":"d25082ad-0c39-4b49-a9e4-e225467468c4","block_type":"box","text":"disruptions to many industries. In addition, the outbreak of Ebola in Western Africa severely challenged health care industries","page_number":40,"box":{"x":89,"y":486,"width":875,"height":12}},{"id":"871a1880-1803-471a-a6d4-b4028c3e5c7c","block_type":"box","text":"in those countries and adversely impacted the region’s economy due to quarantines and disruptions of trade, which has","page_number":40,"box":{"x":89,"y":501,"width":839,"height":13}},{"id":"68f4720e-dafd-449d-a35a-94203e38ff38","block_type":"box","text":"further increased instability in the region. This instability has demonstrated that political and social unrest can spread quickly","page_number":40,"box":{"x":88,"y":516,"width":875,"height":13}},{"id":"d56aedd7-99b0-439f-a25e-2df10c7164ab","block_type":"box","text":"through the region, and that developments in one country can influence the political events in neighboring countries. Some","page_number":40,"box":{"x":88,"y":531,"width":866,"height":13}},{"id":"821b187e-b5b6-4391-94fb-e73c5949fc2d","block_type":"box","text":"protests have turned violent, and civil war and political reconstruction in certain countries such as Libya, Iraq and Syria pose a","page_number":40,"box":{"x":89,"y":547,"width":878,"height":12}},{"id":"13adc8f5-7f37-4bf6-848f-3b6cbf7bbc64","block_type":"box","text":"risk to investments in the region. Continued political and social unrest in these regions, including the ongoing warfare and","page_number":40,"box":{"x":89,"y":562,"width":853,"height":12}},{"id":"2ca7cf43-566d-4f80-b1ea-f782ff72a8c7","block_type":"box","text":"terrorist activities in the Middle East and Africa, may negatively affect the value of an investment in a Fund.","page_number":40,"box":{"x":88,"y":577,"width":746,"height":12}},{"id":"9e26e4a8-a930-4bcc-8c4f-a2826a1ced9b","block_type":"box","text":"Risk of Investing in Asia.","page_number":40,"box":{"x":89,"y":603,"width":175,"height":13}},{"id":"3ba07ac2-d8fa-4699-ae74-22c49d158b52","block_type":"box","text":"Investments in securities of issuers in certain Asian countries involve risks not typically associated","page_number":40,"box":{"x":278,"y":603,"width":682,"height":13}},{"id":"f9a3a75a-942a-4fbe-8fe7-06d466a3c6cf","block_type":"box","text":"with investments in securities of issuers in other regions. Such heightened risks include, among others, expropriation and/or","page_number":40,"box":{"x":88,"y":618,"width":874,"height":13}},{"id":"cfef6cfd-a9ab-4ac8-8b6e-8f08685a83bb","block_type":"box","text":"nationalization of assets, confiscatory taxation, piracy of intellectual property, data and other security breaches (especially of","page_number":40,"box":{"x":89,"y":633,"width":873,"height":13}},{"id":"3847326b-3de2-45dd-8c26-6950f0d6de67","block_type":"box","text":"data stored electronically), political instability, including authoritarian and/or military involvement in governmental decision","page_number":40,"box":{"x":89,"y":649,"width":870,"height":12}},{"id":"8458ce93-3ae2-4eaf-83e7-dee62a496de8","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":40,"box":{"x":89,"y":664,"width":837,"height":12}},{"id":"eb748857-952c-4687-8d84-da7c3f79eaef","block_type":"box","text":"economies have experienced rapid rates of economic growth and industrialization in recent years, and there is no assurance","page_number":40,"box":{"x":89,"y":679,"width":867,"height":12}},{"id":"a9432c72-30ac-449f-aeec-1c678e279b12","block_type":"box","text":"that these rates of economic growth and industrialization will be maintained.","page_number":40,"box":{"x":88,"y":694,"width":538,"height":12}},{"id":"b3643949-3e55-440a-ac21-8984681a9728","block_type":"box","text":"Certain Asian countries have democracies with relatively short histories, which may increase the risk of political instability.","page_number":40,"box":{"x":89,"y":720,"width":852,"height":13}},{"id":"87545038-16e3-4437-a0b0-67e0919bd795","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":40,"box":{"x":88,"y":736,"width":867,"height":12}},{"id":"181b5318-c1aa-44e0-946a-96592f34085b","block_type":"box","text":"securities markets. Indonesia and the Philippines have each experienced violence and terrorism, which has negatively","page_number":40,"box":{"x":89,"y":751,"width":821,"height":12}},{"id":"881381c6-3992-4d70-a43c-3162bb93316c","block_type":"box","text":"impacted their economies. North Korea and South Korea each have substantial military capabilities, and historical tensions","page_number":40,"box":{"x":89,"y":766,"width":855,"height":12}},{"id":"8e3a0491-bf6d-4363-864b-de4c2f36f94e","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":40,"box":{"x":89,"y":781,"width":825,"height":12}},{"id":"1aa7995a-a799-4159-9e1f-613fff2e38b9","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":40,"box":{"x":89,"y":796,"width":854,"height":11}},{"id":"f821159b-0695-4898-bbbd-db1ebac8b2f1","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":40,"box":{"x":88,"y":811,"width":860,"height":12}},{"id":"7c3381aa-a7dc-496d-8ef1-852dd83b2e49","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":40,"box":{"x":88,"y":826,"width":875,"height":13}},{"id":"d93ea873-be86-4c6c-ae2d-05c57ae35e8d","block_type":"box","text":"border disputes persist in India. India has recently experienced and may continue to experience civil unrest and hostilities","page_number":40,"box":{"x":89,"y":841,"width":847,"height":13}},{"id":"809b8aa7-ef92-4f39-af41-7bf511e66160","block_type":"box","text":"17","page_number":40,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"8e70a16d-c63c-4305-978a-c8cc78828c18","block_type":"box","text":"with certain of its neighboring countries. Increased political and social unrest in these geographic areas could adversely affect","page_number":41,"box":{"x":88,"y":44,"width":880,"height":12}},{"id":"9d20affb-4fdc-4042-a65f-af34ada34684","block_type":"box","text":"the performance of investments in this region.","page_number":41,"box":{"x":88,"y":59,"width":323,"height":12}},{"id":"0558f17a-33bb-4a79-bbc1-715774da1f68","block_type":"box","text":"Certain governments in this region administer prices on several basic goods, including fuel and electricity, within their","page_number":41,"box":{"x":89,"y":85,"width":822,"height":13}},{"id":"43902eca-a81f-4c4d-99b3-146c62ece9c8","block_type":"box","text":"respective countries. Certain governments may exercise substantial influence over many aspects of the private sector in their","page_number":41,"box":{"x":89,"y":101,"width":873,"height":12}},{"id":"b0696c8a-8128-429e-8f90-121dfe26a918","block_type":"box","text":"respective countries and may own or control many companies. Future government actions could have a significant effect on","page_number":41,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"b363e1d7-3420-4a7b-854d-b039b743c0ad","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":41,"box":{"x":88,"y":131,"width":878,"height":12}},{"id":"effcd8cd-9626-4329-b7ce-9dc909f0c4e7","block_type":"box","text":"the possibility of diplomatic developments adversely affecting investments in the region.","page_number":41,"box":{"x":88,"y":146,"width":617,"height":12}},{"id":"17396b74-6cde-4f25-a969-883c5d1c5b81","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":41,"box":{"x":89,"y":172,"width":851,"height":13}},{"id":"53b69ce7-7d3b-4ead-9058-c7318a14ee7c","block_type":"box","text":"discourage foreign investment and could negatively impact the long-term growth of certain economies in this region. In","page_number":41,"box":{"x":89,"y":188,"width":838,"height":12}},{"id":"26b1b74b-6bef-4cd8-a53c-8051f3a98468","block_type":"box","text":"addition, certain countries in the region are experiencing high unemployment and corruption, and have fragile banking","page_number":41,"box":{"x":89,"y":203,"width":830,"height":12}},{"id":"adc4c879-2ae0-4f4e-a8f6-1df0d8f23f87","block_type":"box","text":"sectors.","page_number":41,"box":{"x":89,"y":219,"width":53,"height":8}},{"id":"b89aabce-82ba-4100-be9e-09d62e0bc259","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":41,"box":{"x":88,"y":244,"width":852,"height":13}},{"id":"69650aca-b362-4a7d-8833-186a711b8bdd","block_type":"box","text":"they are strongly affected by international commodity prices and particularly vulnerable to any weakening in global demand","page_number":41,"box":{"x":88,"y":259,"width":867,"height":13}},{"id":"40c613d8-4669-4fc6-9af6-96ea6a11f040","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":41,"box":{"x":88,"y":274,"width":875,"height":13}},{"id":"a0d8e27f-c288-4b48-bb03-71ba79ed87f5","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":41,"box":{"x":89,"y":290,"width":874,"height":12}},{"id":"19cdcb62-a1f6-4ae3-88fd-8dd29e3f2507","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":41,"box":{"x":89,"y":305,"width":874,"height":12}},{"id":"34542035-bf8b-4019-99ac-742b62b9e1a8","block_type":"box","text":"economic conditions or developments in neighboring countries may increase investors’ perception of the risk of investing in","page_number":41,"box":{"x":89,"y":320,"width":867,"height":12}},{"id":"12201d15-57b9-40f8-9897-f76e6418e6f6","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":41,"box":{"x":88,"y":335,"width":840,"height":12}},{"id":"ea5f0be0-b6a6-41c5-b717-e512b19e9073","block_type":"box","text":"Risk of Investing in Australasia.","page_number":41,"box":{"x":89,"y":361,"width":224,"height":13}},{"id":"5bf82920-6c19-493e-b0aa-614b340f127b","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, are dependent on","page_number":41,"box":{"x":322,"y":361,"width":637,"height":13}},{"id":"7a2794de-5c56-4aef-b504-10417d11015c","block_type":"box","text":"exports from the agricultural and mining sectors. This makes Australasian economies susceptible to fluctuations in the","page_number":41,"box":{"x":89,"y":376,"width":832,"height":13}},{"id":"08543cd8-aac0-4a86-b8f0-bf50abf6bef6","block_type":"box","text":"commodity markets. Australasian economies are also increasingly dependent on their growing service and tourism","page_number":41,"box":{"x":89,"y":392,"width":805,"height":12}},{"id":"b47b1cfa-e513-41d9-a220-526e00c1226d","block_type":"box","text":"industries. Australia and New Zealand are located in a part of the world that has historically been prone to natural disasters,","page_number":41,"box":{"x":89,"y":407,"width":863,"height":12}},{"id":"be24216b-f847-4e3d-b9a2-d179222572df","block_type":"box","text":"such as drought and flooding. Any such event in the future could have a significant adverse impact on the economies of","page_number":41,"box":{"x":89,"y":422,"width":841,"height":12}},{"id":"a77fb00d-c6d8-479e-a308-d715eb81a3e8","block_type":"box","text":"Australia and New Zealand and affect the value of securities held by a relevant Fund. The economies of Australia and New","page_number":41,"box":{"x":88,"y":437,"width":853,"height":12}},{"id":"90b503d8-227b-4b2f-acae-f77f4a9380b0","block_type":"box","text":"Zealand are dependent on trading with certain key trading partners, including Asia and the U.S. Economic events in the U.S.,","page_number":41,"box":{"x":89,"y":452,"width":867,"height":12}},{"id":"ff82db06-8d8a-494a-bacf-eefd87e1831a","block_type":"box","text":"Asia, or in other key trading countries can have a significant economic effect on the Australasian economies. The economies","page_number":41,"box":{"x":88,"y":467,"width":872,"height":13}},{"id":"3455db7f-539f-4450-8f3c-eedcb654cd3e","block_type":"box","text":"of Australia and New Zealand are heavily dependent on the mining sector. Passage of new regulations limiting foreign","page_number":41,"box":{"x":89,"y":482,"width":823,"height":13}},{"id":"4aab10cb-271e-49de-8004-96c8da418cf7","block_type":"box","text":"ownership of companies in the mining sector or imposition of new taxes on profits of mining companies may dissuade","page_number":41,"box":{"x":89,"y":497,"width":832,"height":13}},{"id":"7407bf10-0400-4e6a-9607-db0e5ca933b6","block_type":"box","text":"foreign investment, and as a result, have a negative impact on companies to which a Fund has exposure.","page_number":41,"box":{"x":88,"y":513,"width":731,"height":12}},{"id":"b736e72f-9f07-4898-bdbd-6553e95a33f9","block_type":"box","text":"Risk of Investing in Brazil.","page_number":41,"box":{"x":89,"y":539,"width":183,"height":12}},{"id":"af0891fa-3fa4-4e18-950d-db27bca088a9","block_type":"box","text":"Investment in securities of companies domiciled in Brazil involves a high degree of risk and special","page_number":41,"box":{"x":282,"y":539,"width":684,"height":12}},{"id":"944a88c1-55cf-4701-93b5-0aac1e1d3955","block_type":"box","text":"considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include, among","page_number":41,"box":{"x":89,"y":554,"width":854,"height":12}},{"id":"5b09418b-aaeb-4872-9507-c9ef315acd0e","block_type":"box","text":"others, a high level of price volatility in the Brazilian equity and currency markets, political unrest, chronic structural public","page_number":41,"box":{"x":89,"y":569,"width":852,"height":13}},{"id":"040673a9-fee2-4f45-9e61-0638c67626b0","block_type":"box","text":"sector deficits, a rising unemployment rate and disparities of wealth.","page_number":41,"box":{"x":89,"y":584,"width":477,"height":13}},{"id":"a8f4140b-9ace-49e7-84b4-20c352d471b7","block_type":"box","text":"Brazil has historically experienced high rates of inflation and may continue to do so in the future. An increase in prices for","page_number":41,"box":{"x":89,"y":611,"width":848,"height":12}},{"id":"3d80b0af-535e-4549-8f84-b2db378514fb","block_type":"box","text":"commodities, the depreciation of the Brazilian currency (the real) and potential future governmental measures seeking to","page_number":41,"box":{"x":89,"y":626,"width":848,"height":12}},{"id":"e40722be-e667-4d03-b479-056fc3ef337f","block_type":"box","text":"maintain the value of the real in relation to the U.S. dollar, may trigger increases in inflation in Brazil and may slow the rate of","page_number":41,"box":{"x":89,"y":641,"width":871,"height":12}},{"id":"2c0b6d4d-61d1-471b-b9e9-c209cdbff8bf","block_type":"box","text":"growth of the Brazilian economy. Inflationary pressures also may limit the ability of certain Brazilian issuers to access foreign","page_number":41,"box":{"x":89,"y":656,"width":867,"height":13}},{"id":"12a36770-b116-48d7-8326-3669597dfbfc","block_type":"box","text":"financial markets and may lead to further government intervention in the economy, including the introduction of government","page_number":41,"box":{"x":88,"y":671,"width":879,"height":13}},{"id":"d3b0602d-7b6d-4d4c-bec4-8dc4579fa7cc","block_type":"box","text":"policies that may adversely affect the overall performance of the Brazilian economy, which in turn could adversely affect a","page_number":41,"box":{"x":89,"y":686,"width":848,"height":13}},{"id":"eb60b3aa-a606-4088-8c38-3260d38c0e6a","block_type":"box","text":"Fund’s investments.","page_number":41,"box":{"x":89,"y":702,"width":138,"height":9}},{"id":"ede8dfaf-d4fa-484c-a8a6-c35d0839e1cd","block_type":"box","text":"The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy, which","page_number":41,"box":{"x":88,"y":728,"width":855,"height":12}},{"id":"4c322801-3067-4bb7-9d1f-a0f46aae0d57","block_type":"box","text":"may have significant effects on Brazilian companies and on market conditions and prices of Brazilian securities. The Brazilian","page_number":41,"box":{"x":89,"y":743,"width":868,"height":12}},{"id":"a2acadf4-297f-418c-95f4-ae3bcac4bc74","block_type":"box","text":"economy has been characterized by frequent, and occasionally drastic, intervention by the Brazilian government. The Brazilian","page_number":41,"box":{"x":89,"y":758,"width":878,"height":13}},{"id":"edaee864-10ba-4cf0-8b54-ff5f30cea833","block_type":"box","text":"government has often changed monetary, taxation, credit, tariff and other policies to influence the core of Brazil’s economy.","page_number":41,"box":{"x":89,"y":773,"width":863,"height":13}},{"id":"3cb1e337-e612-4b30-a377-1faed613828d","block_type":"box","text":"The Brazilian government’s actions to control inflation and affect other economic policies have involved, among others, the","page_number":41,"box":{"x":88,"y":788,"width":861,"height":13}},{"id":"6871a58b-db7d-4a9a-bc9f-7457642d91c4","block_type":"box","text":"setting of wage and price controls, blocking access to bank accounts, fluctuation of the base interest rates, imposing","page_number":41,"box":{"x":89,"y":804,"width":816,"height":12}},{"id":"9be22823-349e-40a7-bbbe-e8be89139d4f","block_type":"box","text":"exchange controls and limiting imports into Brazil. In the past, the Brazilian government has maintained domestic price","page_number":41,"box":{"x":89,"y":819,"width":832,"height":12}},{"id":"45fc6106-25de-465c-bccf-af689162b049","block_type":"box","text":"controls, and no assurances can be given that price controls will not be re-imposed in the future.","page_number":41,"box":{"x":89,"y":834,"width":675,"height":12}},{"id":"accb5987-3a55-447e-91eb-da00427a1140","block_type":"box","text":"18","page_number":41,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"daef98d9-a382-4821-a5bb-e106d613c575","block_type":"box","text":"Investments in Brazilian securities may be subject to certain restrictions on foreign investment. Brazilian law provides that","page_number":42,"box":{"x":89,"y":44,"width":847,"height":12}},{"id":"41fe0152-48bf-44d8-92ec-c2a74d2607a8","block_type":"box","text":"whenever a serious imbalance in Brazil’s balance of payments exists or is anticipated, the Brazilian government may impose","page_number":42,"box":{"x":88,"y":59,"width":863,"height":12}},{"id":"5a247cc9-9ab9-4e1a-9e8a-681f0f89bb60","block_type":"box","text":"temporary restrictions on the remittance to foreign investors of the proceeds of their investment in Brazil and on the","page_number":42,"box":{"x":88,"y":74,"width":812,"height":12}},{"id":"8fb3e0ba-eb8b-4d0f-be52-be149bf2fa75","block_type":"box","text":"conversion of Brazilian currency into foreign currency. The likelihood of such restrictions may be affected by the extent of","page_number":42,"box":{"x":89,"y":89,"width":847,"height":13}},{"id":"d529d80b-c8ca-4acd-84c0-ffa4e04054d0","block_type":"box","text":"Brazil’s foreign currency reserves, the size of Brazil’s debt service burden relative to the economy as a whole, and political","page_number":42,"box":{"x":89,"y":104,"width":842,"height":13}},{"id":"71d83ac5-c23a-445c-bd7b-9e0c355bc1e4","block_type":"box","text":"constraints to which Brazil may be subject. There can be no assurance that the Brazilian government will not impose","page_number":42,"box":{"x":89,"y":119,"width":813,"height":13}},{"id":"c7ad9c8d-f007-43d9-9abd-8663451f284b","block_type":"box","text":"restrictions or restrictive exchange control policies in the future, which could have the effect of preventing or restricting","page_number":42,"box":{"x":89,"y":135,"width":833,"height":12}},{"id":"b5d87b84-49a9-4105-b932-350a8c42f756","block_type":"box","text":"access to foreign currency.","page_number":42,"box":{"x":89,"y":150,"width":185,"height":12}},{"id":"d4e66722-bc42-45bb-a939-eea94429ca34","block_type":"box","text":"The market for Brazilian securities is directly influenced by the flow of international capital, and economic and market","page_number":42,"box":{"x":88,"y":176,"width":822,"height":13}},{"id":"893fd9f2-b6b5-4868-a865-5155114c7093","block_type":"box","text":"conditions of certain countries, especially other emerging market countries in Central and South America. Adverse economic","page_number":42,"box":{"x":89,"y":191,"width":874,"height":13}},{"id":"5d0ebb91-9354-4c25-8bc1-4eb2ed94e9fd","block_type":"box","text":"conditions or developments in other emerging market countries have at times significantly affected the availability of credit in","page_number":42,"box":{"x":89,"y":206,"width":877,"height":13}},{"id":"aa90af5d-18d1-4fbe-b407-2a1ec09f01e8","block_type":"box","text":"the Brazilian economy and resulted in considerable outflows of funds and declines in the amount of foreign currency invested","page_number":42,"box":{"x":88,"y":222,"width":878,"height":12}},{"id":"2c7ccf6f-3cf5-44ac-b7af-76fe560296bc","block_type":"box","text":"in Brazil. Crises in neighboring emerging market countries also may increase investors’ risk aversion, which may adversely","page_number":42,"box":{"x":89,"y":237,"width":850,"height":12}},{"id":"5cef4162-b677-4eb8-b203-c51470fc6d99","block_type":"box","text":"impact the market value of the securities issued by Brazilian companies.","page_number":42,"box":{"x":89,"y":252,"width":500,"height":12}},{"id":"4473cf9e-0f51-4c50-85e7-e68422466454","block_type":"box","text":"Risk of Investing in Central and South America.","page_number":42,"box":{"x":89,"y":278,"width":339,"height":13}},{"id":"712bb41d-6331-40c7-b220-8400a635a673","block_type":"box","text":"The economies of certain countries in which the Funds invest are affected","page_number":42,"box":{"x":437,"y":278,"width":517,"height":10}},{"id":"19833d4f-7bc1-40fc-8470-0678e3edd47d","block_type":"box","text":"by the economies of other Central and South American countries, some of which have experienced high interest rates,","page_number":42,"box":{"x":89,"y":293,"width":828,"height":13}},{"id":"a4ff247b-2fb1-4178-85a7-c09c2cd6c792","block_type":"box","text":"economic volatility, inflation, currency devaluations, government defaults, high unemployment rates and political instability","page_number":42,"box":{"x":89,"y":308,"width":862,"height":13}},{"id":"2cacbc14-5154-4fb7-be27-52c541bac41f","block_type":"box","text":"which can adversely affect issuers in these countries. In addition, commodities (such as oil, gas and minerals) represent a","page_number":42,"box":{"x":88,"y":324,"width":849,"height":12}},{"id":"c2ee1668-20d0-487f-8b90-fc65c62a4190","block_type":"box","text":"significant percentage of exports for the regions and many economies in these regions are particularly sensitive to","page_number":42,"box":{"x":89,"y":339,"width":798,"height":12}},{"id":"4d9e216a-bd72-4970-b8b7-2652556d8642","block_type":"box","text":"fluctuations in commodity prices. Adverse economic events in one country may have a significant adverse effect on some or","page_number":42,"box":{"x":88,"y":354,"width":871,"height":12}},{"id":"f7f47b9b-336f-4f5b-acc4-e404d5af3638","block_type":"box","text":"all of the countries to which the Funds have exposure.","page_number":42,"box":{"x":89,"y":369,"width":377,"height":12}},{"id":"30b7ee5a-7992-49ca-a12d-7dca20ee0e3f","block_type":"box","text":"The governments of certain countries in Central and South America may exercise substantial influence over many aspects of","page_number":42,"box":{"x":88,"y":395,"width":874,"height":13}},{"id":"b4c69fcb-501f-4bf4-a14a-d7333c19ca71","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":42,"box":{"x":88,"y":410,"width":878,"height":13}},{"id":"a1697461-be55-4a02-8349-07901e98d9d1","block_type":"box","text":"economic conditions in such countries, which could have a negative impact on the securities in which a Fund invests.","page_number":42,"box":{"x":89,"y":426,"width":821,"height":12}},{"id":"e41c80b1-ba35-4cc3-8d48-131f58235fa8","block_type":"box","text":"Diplomatic developments may also adversely affect investments in certain countries in Central and South America. Some","page_number":42,"box":{"x":89,"y":441,"width":846,"height":12}},{"id":"17cb318f-d068-4a7d-a0f1-442a2fd8cd52","block_type":"box","text":"countries in Central and South America may be affected by public corruption and crime, including organized crime.","page_number":42,"box":{"x":89,"y":456,"width":804,"height":12}},{"id":"7e7b6521-0ec7-4a09-891c-26553c5bfc44","block_type":"box","text":"Certain countries in Central and South America may be heavily dependent upon international trade and, consequently, have","page_number":42,"box":{"x":89,"y":482,"width":865,"height":13}},{"id":"7a11ca8b-fdf0-45a5-ab1b-7cb529a80d91","block_type":"box","text":"been and may continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative","page_number":42,"box":{"x":89,"y":497,"width":832,"height":13}},{"id":"ae0682d0-c788-4611-a8d8-a5ffe3ca83bd","block_type":"box","text":"currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These","page_number":42,"box":{"x":89,"y":513,"width":834,"height":12}},{"id":"85b529ca-bf15-4892-bdbb-44bc3cb02a07","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":42,"box":{"x":89,"y":528,"width":876,"height":12}},{"id":"c2478482-65dc-427d-ba8c-629b12ba38eb","block_type":"box","text":"trade. In addition, certain issuers located in countries in Central and South America in which a Fund invests may be the","page_number":42,"box":{"x":88,"y":543,"width":832,"height":12}},{"id":"0fd0a434-94c1-41b8-96fb-13f9296b42bc","block_type":"box","text":"subject of sanctions (for example, the U.S. has imposed sanctions on certain Venezuelan individuals, corporate entities and","page_number":42,"box":{"x":89,"y":558,"width":859,"height":12}},{"id":"87f1b52a-915a-4cf5-a4f8-22403a3b4370","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":42,"box":{"x":88,"y":573,"width":849,"height":12}},{"id":"ae900008-f57a-4562-bf35-97388556922e","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":42,"box":{"x":89,"y":588,"width":852,"height":12}},{"id":"07339670-d51d-4ee7-aca1-535f910a61ff","block_type":"box","text":"issuer may sustain damage to its reputation if it is identified as an issuer that has dealings with such countries. A Fund may","page_number":42,"box":{"x":89,"y":603,"width":863,"height":13}},{"id":"e6260f6e-21d3-42ff-9cc1-82efdfbad7d5","block_type":"box","text":"be adversely affected if it invests in such issuers.","page_number":42,"box":{"x":89,"y":618,"width":335,"height":13}},{"id":"f27796ab-11ad-49a1-8764-5dd43d7151b0","block_type":"box","text":"Risk of Investing in China.","page_number":42,"box":{"x":89,"y":645,"width":185,"height":12}},{"id":"6417ba94-79ef-4963-b436-d6768ea3e737","block_type":"box","text":"Investments in securities of companies domiciled in China involve a high degree of risk and","page_number":42,"box":{"x":284,"y":645,"width":636,"height":12}},{"id":"45e17da8-4de2-445a-b511-a0ab6acbe63d","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include,","page_number":42,"box":{"x":89,"y":660,"width":852,"height":12}},{"id":"e3e09473-0acf-436e-af30-84494329276a","block_type":"box","text":"among others, an authoritarian government, popular unrest associated with demands for improved political, economic and","page_number":42,"box":{"x":89,"y":675,"width":863,"height":12}},{"id":"04d64d86-70b2-41e2-b091-f653768f290c","block_type":"box","text":"social conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":42,"box":{"x":89,"y":690,"width":750,"height":13}},{"id":"1eac8dd5-6464-4282-b49d-e7c66e72c1c9","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic","page_number":42,"box":{"x":89,"y":717,"width":820,"height":12}},{"id":"890f1a7d-f0af-4918-829f-74cb4e783bb7","block_type":"box","text":"development. The Chinese economy is vulnerable to the long-running disagreements and religious and nationalist disputes","page_number":42,"box":{"x":89,"y":732,"width":862,"height":12}},{"id":"e0357f72-4a75-4830-9d05-aa363d2cac00","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":42,"box":{"x":88,"y":747,"width":870,"height":12}},{"id":"455001a5-92d6-4f29-b5d4-f9dcfb270517","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":42,"box":{"x":89,"y":762,"width":875,"height":12}},{"id":"28d564dd-3de3-4b22-a6e7-4231f4ea71eb","block_type":"box","text":"and social framework. Protests and unrest have increased tensions even further. Due to the interconnected nature of the","page_number":42,"box":{"x":89,"y":777,"width":842,"height":10}},{"id":"38f24c95-f39d-4fbe-9d56-cf0f342a2c2e","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":42,"box":{"x":89,"y":792,"width":835,"height":13}},{"id":"ce175eb2-87e2-4af6-9728-4fcf04eea9bb","block_type":"box","text":"markets. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion.","page_number":42,"box":{"x":89,"y":807,"width":830,"height":13}},{"id":"5a2cc68b-29ad-4863-a8c9-740d630664c3","block_type":"box","text":"Taiwan-based companies and individuals are significant investors in China. The continuing hostility between China and","page_number":42,"box":{"x":88,"y":822,"width":834,"height":13}},{"id":"7f90e964-3639-473c-9a36-3a774627e471","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":42,"box":{"x":88,"y":838,"width":845,"height":12}},{"id":"9ac61124-030b-4ef5-8d79-be6144996dad","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":42,"box":{"x":89,"y":853,"width":811,"height":12}},{"id":"073c1a71-6e54-454f-8af3-1d2f93b4b5e1","block_type":"box","text":"19","page_number":42,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"b689086b-d53c-4274-9a0d-5d6e42752c20","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a significant adverse","page_number":43,"box":{"x":89,"y":44,"width":846,"height":12}},{"id":"ce20afdc-63f1-4fa3-b7d9-f4ea8d4dace3","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":43,"box":{"x":89,"y":59,"width":866,"height":12}},{"id":"006add12-377d-446c-97b6-d8a288ea97cd","block_type":"box","text":"relations with Japan, India, the Philippines and other neighbors due to territorial disputes, historical animosities and other","page_number":43,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"a4d29eca-7cb6-42db-ab7b-3d77ee7c780e","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":43,"box":{"x":89,"y":89,"width":851,"height":13}},{"id":"61c11f9a-2fcf-4ddc-8fd7-cbcda2eb0c12","block_type":"box","text":"leading to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":43,"box":{"x":89,"y":104,"width":871,"height":13}},{"id":"b891d4f1-55db-4506-b7c1-3cc6d890d48d","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international relations,","page_number":43,"box":{"x":89,"y":119,"width":860,"height":13}},{"id":"07ab4a83-a544-4ed1-b06a-a8a0c8ad894c","block_type":"box","text":"including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may","page_number":43,"box":{"x":89,"y":135,"width":861,"height":12}},{"id":"b3d093c3-28ef-4254-a03a-e688f4d04d4a","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":43,"box":{"x":89,"y":150,"width":873,"height":12}},{"id":"2612a66b-3d50-469b-9a8a-91547eda8eb4","block_type":"box","text":"on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese","page_number":43,"box":{"x":89,"y":165,"width":843,"height":12}},{"id":"bc387c26-c2b7-481e-a77d-301b89f91101","block_type":"box","text":"market and may adversely affect the performance of the Chinese economy.","page_number":43,"box":{"x":89,"y":180,"width":524,"height":12}},{"id":"a2d9d469-2a1c-4d9a-bd56-e9c7c92c316a","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign investment","page_number":43,"box":{"x":88,"y":206,"width":866,"height":13}},{"id":"f92b7ba5-a95f-4160-854a-68b14f53266f","block_type":"box","text":"in the economy, reduce government control of the economy and develop market mechanisms. However, the Chinese","page_number":43,"box":{"x":89,"y":222,"width":816,"height":12}},{"id":"d473ac4b-a32b-417b-b37a-dfe0ad31512d","block_type":"box","text":"government still exercises substantial influence over many aspects of the private sector and may own or control many","page_number":43,"box":{"x":89,"y":237,"width":826,"height":12}},{"id":"9f48ee1e-d976-449e-8979-e002d8d61b7f","block_type":"box","text":"companies. Chinese companies, such as those in the financial services or technology sectors, and potentially other sectors in","page_number":43,"box":{"x":89,"y":252,"width":873,"height":12}},{"id":"5b785d36-9b7a-4fa4-8b90-f30e00b17cc3","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":43,"box":{"x":88,"y":267,"width":824,"height":12}},{"id":"dd6a62aa-a2d9-4bc8-bdef-caf7d121af4e","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":43,"box":{"x":89,"y":282,"width":870,"height":12}},{"id":"23f44126-32f3-493a-9431-06019347b0c6","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":43,"box":{"x":89,"y":297,"width":849,"height":12}},{"id":"1c9fa970-14f5-4d55-80d5-39afaf323ccf","block_type":"box","text":"and on repatriation of capital invested.","page_number":43,"box":{"x":89,"y":312,"width":268,"height":13}},{"id":"b5cba983-bebc-480d-a0e7-998e40a272e6","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":43,"box":{"x":89,"y":339,"width":861,"height":12}},{"id":"fafc29f0-4330-438e-bfc8-aa47a2c3ca84","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":43,"box":{"x":89,"y":354,"width":863,"height":12}},{"id":"b62b256b-1d56-474b-922b-2242e074f321","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":43,"box":{"x":89,"y":369,"width":855,"height":12}},{"id":"1b995c6d-5698-4d5e-8ae2-347d499b64b7","block_type":"box","text":"trading rules, tender offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":43,"box":{"x":88,"y":384,"width":846,"height":12}},{"id":"91959528-a198-4d5e-816b-015e27aef528","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are in the process of","page_number":43,"box":{"x":89,"y":399,"width":842,"height":13}},{"id":"459e9cf9-b833-4ece-ad50-fb45fafdd163","block_type":"box","text":"change and further development. This may lead to trading volatility, difficulty in the settlement and recording of transactions","page_number":43,"box":{"x":89,"y":414,"width":872,"height":13}},{"id":"813790f6-30f4-4f44-8239-249f2972c9a0","block_type":"box","text":"and difficulty in interpreting and applying the relevant regulation.","page_number":43,"box":{"x":89,"y":429,"width":454,"height":13}},{"id":"e108c99c-f6e7-4bac-925e-c51d499078ed","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese","page_number":43,"box":{"x":88,"y":456,"width":849,"height":12}},{"id":"1442e947-e79f-44f1-b473-f4dcb2dd55ab","block_type":"box","text":"companies, and shareholders may have limited legal remedies. The Funds do not select investments based on investor","page_number":43,"box":{"x":89,"y":471,"width":827,"height":12}},{"id":"b9d6fe46-b4fe-4a8a-86df-1e7eb0d5d212","block_type":"box","text":"protection considerations.","page_number":43,"box":{"x":89,"y":486,"width":182,"height":12}},{"id":"0aa01138-dc35-42bf-b535-220ce7e0e67d","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":43,"box":{"x":89,"y":513,"width":835,"height":12}},{"id":"992aea00-501b-4df0-949a-fff96c51e5a7","block_type":"box","text":"foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another","page_number":43,"box":{"x":88,"y":528,"width":830,"height":12}},{"id":"21fe5680-3fae-43ad-8ac7-c57c92a6d93d","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":43,"box":{"x":88,"y":543,"width":858,"height":12}},{"id":"0b756c22-f053-469c-94cd-b4b4a795322d","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":43,"box":{"x":89,"y":558,"width":879,"height":12}},{"id":"b57260f9-52a9-4830-82ad-f595b8008cab","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":43,"box":{"x":89,"y":573,"width":875,"height":12}},{"id":"f39fa861-35c7-432f-bf26-14e4d2965d4c","block_type":"box","text":"with only economic exposure to the Chinese company and do not represent equity ownership in the operating company.","page_number":43,"box":{"x":88,"y":588,"width":845,"height":12}},{"id":"8e2bc168-039f-4a6f-9042-8aa95a16c86d","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":43,"box":{"x":88,"y":615,"width":846,"height":12}},{"id":"74a7ffac-646c-4c0e-8117-c37ba76449f6","block_type":"box","text":"recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based","page_number":43,"box":{"x":89,"y":630,"width":867,"height":12}},{"id":"f1227b83-4ce6-4faa-8bf7-3ba3ccb26d44","block_type":"box","text":"companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”)","page_number":43,"box":{"x":89,"y":645,"width":854,"height":12}},{"id":"5144f2b6-6f5b-41ca-900b-d272fa55293b","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":43,"box":{"x":89,"y":660,"width":876,"height":12}},{"id":"38ff53f6-d58b-42cc-bd03-7eb9dc65f928","block_type":"box","text":"rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. Intervention,","page_number":43,"box":{"x":89,"y":675,"width":838,"height":12}},{"id":"ebe495b9-1f35-415f-a917-be1dac0e2589","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":43,"box":{"x":89,"y":690,"width":847,"height":13}},{"id":"f81fb607-59b5-49a7-bdde-d82d41e790af","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":43,"box":{"x":89,"y":705,"width":853,"height":13}},{"id":"59ac72a6-739e-497a-89a2-863ab01f31b3","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":43,"box":{"x":89,"y":720,"width":865,"height":13}},{"id":"ce96b0d5-f2ca-4aad-b637-6915aeb27d8f","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":43,"box":{"x":89,"y":736,"width":843,"height":12}},{"id":"d82a3cf1-27db-4a78-8653-187f1db4e9c3","block_type":"box","text":"shell company are uncertain and could be ineffective. In addition to the risk of government intervention, investments through","page_number":43,"box":{"x":89,"y":751,"width":875,"height":12}},{"id":"f1b0c4ad-fb8a-4038-83ca-efa845b93497","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":43,"box":{"x":89,"y":766,"width":875,"height":12}},{"id":"1ac77512-917a-493d-a216-5ebef551853b","block_type":"box","text":"breach those contractual arrangements, or Chinese law changes in a way that adversely affects the enforceability of these","page_number":43,"box":{"x":89,"y":781,"width":851,"height":12}},{"id":"dc447819-7c34-4434-86d8-096d6c61a814","block_type":"box","text":"arrangements, or those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer","page_number":43,"box":{"x":89,"y":796,"width":827,"height":12}},{"id":"9712e00e-810b-4119-905c-e9848db4859f","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":43,"box":{"x":89,"y":811,"width":872,"height":12}},{"id":"7d03b5d8-4c42-4d02-9c88-e63d6506240f","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":43,"box":{"x":89,"y":826,"width":838,"height":13}},{"id":"953f566b-7ada-43a8-bf52-77b196d2729c","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":43,"box":{"x":89,"y":841,"width":853,"height":13}},{"id":"e71c6b2a-0504-433d-a1f5-ec0fa2d74394","block_type":"box","text":"Fund.","page_number":43,"box":{"x":89,"y":856,"width":38,"height":10}},{"id":"09429d92-3440-44a6-ab69-6cc7648bbbfb","block_type":"box","text":"20","page_number":43,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"af9e1fb3-e659-494c-ab42-677ba62a80b9","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":44,"box":{"x":88,"y":44,"width":864,"height":12}},{"id":"735e7fa8-4e71-471b-8e4d-3025d34f191d","block_type":"box","text":"recur. China may experience substantial rates of inflation, significant indebtedness or economic recessions, causing a","page_number":44,"box":{"x":89,"y":59,"width":819,"height":12}},{"id":"4aa14b58-c7dd-43b6-a4d9-6a326e92d49f","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":44,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"1f8db1a9-2c14-4f59-8c3b-ce042ccb855e","block_type":"box","text":"spending on Chinese products and services, supply chain diversification, institution of additional tariffs, sanctions or other","page_number":44,"box":{"x":89,"y":89,"width":854,"height":13}},{"id":"8397a2f1-52f9-4281-9c6f-617714ef1878","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":44,"box":{"x":88,"y":104,"width":835,"height":13}},{"id":"cc89f4a6-0be9-49bd-8124-87edefa5280d","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":44,"box":{"x":89,"y":119,"width":858,"height":13}},{"id":"ba5cac3c-be2d-43b3-9822-3268d9554139","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":44,"box":{"x":89,"y":135,"width":874,"height":12}},{"id":"070ddeb3-8907-44f7-930a-9289a6b51781","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":44,"box":{"x":88,"y":150,"width":791,"height":12}},{"id":"cb97da9d-ef2b-48d1-85c0-3a2c7bb86c6c","block_type":"box","text":"governments due to national security, human rights or other concerns of such government. For example, certain foreign","page_number":44,"box":{"x":89,"y":165,"width":840,"height":12}},{"id":"f3dc76d3-ac82-4323-af72-1961bdd7cbc4","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":44,"box":{"x":88,"y":180,"width":877,"height":12}},{"id":"fbb6bd02-bee1-4e9a-a76e-303d07f33726","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":44,"box":{"x":89,"y":195,"width":876,"height":12}},{"id":"09d6ee32-2c42-43a4-aa9f-736bc4441d93","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any","page_number":44,"box":{"x":88,"y":210,"width":845,"height":13}},{"id":"f1e38262-2d88-446b-8efd-2dbf362f30b1","block_type":"box","text":"action that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":44,"box":{"x":89,"y":225,"width":873,"height":13}},{"id":"4ebdae50-8402-46f3-9d3b-7ac8095e35d8","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":44,"box":{"x":89,"y":240,"width":840,"height":13}},{"id":"d47d7adc-62f7-4aac-8d87-93ffb6d43410","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":44,"box":{"x":89,"y":256,"width":865,"height":12}},{"id":"949f65e3-edf7-456f-bc6d-52cc78b6a47c","block_type":"box","text":"include restrictions on investments, the Fund is generally expected to invest in such companies, consistent with its objective","page_number":44,"box":{"x":89,"y":271,"width":867,"height":12}},{"id":"bc0a0458-9c2f-46fc-8c8d-3f6045fdbbe2","block_type":"box","text":"to track the performance of its Underlying Index.","page_number":44,"box":{"x":88,"y":286,"width":340,"height":12}},{"id":"0574105c-da4a-408c-8fee-749423ac7f8c","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":44,"box":{"x":88,"y":312,"width":833,"height":13}},{"id":"74c2188b-3bcd-43e5-9a22-de02b64851be","block_type":"box","text":"authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of","page_number":44,"box":{"x":89,"y":327,"width":863,"height":13}},{"id":"b9c599a3-8867-43e6-9b99-06a1533a1bc7","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":44,"box":{"x":89,"y":342,"width":849,"height":13}},{"id":"134666b6-52e1-4a19-a985-0b57846168ea","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":44,"box":{"x":89,"y":358,"width":876,"height":12}},{"id":"160853d2-ba3e-44b5-93f8-9b4ad0e57b9e","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":44,"box":{"x":89,"y":373,"width":867,"height":12}},{"id":"fa47e670-e746-4dd3-9c86-b5e0ea489b76","block_type":"box","text":"the accounting, auditing and financial reporting standards and practices applicable to Chinese companies may be less","page_number":44,"box":{"x":88,"y":388,"width":826,"height":12}},{"id":"9cbf7667-c1a6-4fd0-ba47-549e1cc84d53","block_type":"box","text":"rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting","page_number":44,"box":{"x":89,"y":403,"width":874,"height":12}},{"id":"0a25a0ce-2997-492e-8c49-c5c2b8f0b425","block_type":"box","text":"standards and practice and those prepared in accordance with international accounting standards.","page_number":44,"box":{"x":89,"y":418,"width":691,"height":12}},{"id":"90473aa4-5a1e-42c6-8488-6527291b74f5","block_type":"box","text":"Risk of Investing in Chinese Equity Markets.","page_number":44,"box":{"x":89,"y":445,"width":313,"height":12}},{"id":"4a0b8e02-bac4-4eac-bcfa-0bda703f1ff4","block_type":"box","text":"There are several types of Chinese equity securities:","page_number":44,"box":{"x":411,"y":445,"width":360,"height":12}},{"id":"7e590fe7-5968-4eeb-993e-ae032d135efe","block_type":"box","text":"• H-shares, which are securities of companies incorporated in the PRC that are denominated in Hong Kong dollars","page_number":44,"box":{"x":121,"y":465,"width":819,"height":12}},{"id":"c7c0fc23-454c-4415-91e2-ce8feaf73121","block_type":"box","text":"and listed on the Stock Exchange of Hong Kong (“SEHK”);","page_number":44,"box":{"x":154,"y":480,"width":404,"height":12}},{"id":"ba43f19a-8fe7-4d17-80f2-6f152a2395dd","block_type":"box","text":"• A-shares, which are securities of companies incorporated in the PRC that are denominated in renminbi and listed on","page_number":44,"box":{"x":121,"y":500,"width":846,"height":12}},{"id":"87fdb3bf-5880-4b95-a1f3-d17555373a6f","block_type":"box","text":"the Shanghai Stock Exchange (“SSE”) and the Shenzhen Stock Exchange (“SZSE”);","page_number":44,"box":{"x":153,"y":515,"width":579,"height":12}},{"id":"1fbb53e0-1b7c-4deb-b807-6f516004a527","block_type":"box","text":"• B-shares, which are securities of companies incorporated in the PRC that are denominated in U.S. dollars (in the","page_number":44,"box":{"x":121,"y":535,"width":815,"height":13}},{"id":"6f6112e5-5e70-4868-845e-a7fde84bb56f","block_type":"box","text":"case of the SSE) or Hong Kong dollars (in the case of the SZSE) and listed on the SSE and the SZSE;","page_number":44,"box":{"x":154,"y":550,"width":692,"height":13}},{"id":"e4f83942-c698-42fb-9f43-709b2e392159","block_type":"box","text":"• Red-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":44,"box":{"x":121,"y":570,"width":803,"height":13}},{"id":"3e8e0fda-340e-48b4-91d8-9f5a78e6ea6e","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by entities owned by the national government or local","page_number":44,"box":{"x":153,"y":586,"width":779,"height":12}},{"id":"24740194-7c49-4e67-9ef8-38ab6c177e34","block_type":"box","text":"governments in the PRC and derive substantial revenues from or allocate substantial assets in the PRC; and","page_number":44,"box":{"x":154,"y":601,"width":748,"height":12}},{"id":"06b7a142-ab2a-49b2-8dad-39c0e32036ff","block_type":"box","text":"• P-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":44,"box":{"x":121,"y":621,"width":786,"height":12}},{"id":"38a48955-904e-406b-8833-b1f30aa75276","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by individuals in the PRC and derive substantial revenues","page_number":44,"box":{"x":153,"y":636,"width":800,"height":12}},{"id":"2b925549-0095-437e-bf4a-47199cb68d3c","block_type":"box","text":"from or allocate substantial assets in the PRC.","page_number":44,"box":{"x":153,"y":651,"width":320,"height":10}},{"id":"1bd9b0b9-d38c-4a66-b43e-387c79f20bfe","block_type":"box","text":"Securities listed on the SSE or the SZSE are divided into two classes: A-shares, which are mostly limited to domestic investors,","page_number":44,"box":{"x":88,"y":678,"width":880,"height":12}},{"id":"86fdc970-6825-4ecc-97ec-ab5cd1a8072b","block_type":"box","text":"and B-shares, which are allocated for both international and domestic investors. The A-shares market is generally subject to","page_number":44,"box":{"x":89,"y":693,"width":867,"height":12}},{"id":"2472a9aa-5c8a-4a81-820a-e0f6a4b3a278","block_type":"box","text":"greater government restrictions, including trading suspensions, which may lead to increased liquidity risks. The B-shares","page_number":44,"box":{"x":89,"y":708,"width":843,"height":12}},{"id":"827b2b2c-7762-4c1d-8872-28d3b1ca3cb5","block_type":"box","text":"market is generally smaller and less liquid and has a smaller issuer base than the A-shares market, which may lead to","page_number":44,"box":{"x":89,"y":723,"width":819,"height":12}},{"id":"29c18320-d4cb-4b4c-a259-1550f44bf160","block_type":"box","text":"significant price volatility. B-shares, H-shares, P-Chips or Red-Chips of issuers that also issue A-shares may trade at","page_number":44,"box":{"x":89,"y":738,"width":804,"height":12}},{"id":"780e2f93-ba0e-436a-b102-0330609f6ba2","block_type":"box","text":"significant discounts to their A-shares counterparts. The issuance of B-shares and H-shares by Chinese companies and the","page_number":44,"box":{"x":89,"y":753,"width":860,"height":13}},{"id":"72610b16-886a-44a2-b4b4-a74fa945d4e9","block_type":"box","text":"ability to obtain a “back-door listing” through Red-Chips or P-Chips is still regarded by the Chinese authorities as an","page_number":44,"box":{"x":89,"y":768,"width":809,"height":13}},{"id":"4cfc4809-903d-4101-9715-5d63d1efbda0","block_type":"box","text":"experiment in economic reform. “Back-door listing” is a means by which a mainland Chinese company issues Red-Chips or","page_number":44,"box":{"x":89,"y":783,"width":861,"height":13}},{"id":"e3cda7fc-fd7c-40f5-bc6a-4556103decfd","block_type":"box","text":"P-Chips to obtain quick access to international listing and international capital. These share mechanisms are subject to the","page_number":44,"box":{"x":89,"y":799,"width":859,"height":12}},{"id":"3f2bd9b6-c3e9-4799-acec-8a2a1ba9c736","block_type":"box","text":"political and economic policies in China. Market developments, adverse investor perceptions, regulatory and government","page_number":44,"box":{"x":89,"y":814,"width":847,"height":12}},{"id":"336fd3c9-dacf-475c-b7aa-3f742de4b62b","block_type":"box","text":"intervention (including the possibility of widespread trading suspensions implemented by regulators) and other factors may","page_number":44,"box":{"x":89,"y":829,"width":867,"height":12}},{"id":"3d9bccca-6028-4cfa-bd04-68a8ea667928","block_type":"box","text":"make it difficult to acquire, dispose of or value Chinese securities, which would lead to adverse effects to a Fund.","page_number":44,"box":{"x":89,"y":844,"width":785,"height":12}},{"id":"9fad06e0-3cc3-4569-9021-e4fedaeff830","block_type":"box","text":"21","page_number":44,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"acc11cb9-4e3c-473a-86f1-a26712c3011d","block_type":"box","text":"Risk of Investing in A-shares through Stock Connect","page_number":45,"box":{"x":88,"y":44,"width":362,"height":12}},{"id":"7fad0452-fdb2-4ce2-81ec-6b9c0acb27f8","block_type":"box","text":". A Fund that invests in A-shares does so through the Shanghai-Hong","page_number":45,"box":{"x":451,"y":44,"width":486,"height":12}},{"id":"36550125-1df4-42ab-94e2-cbd43f499ce7","block_type":"box","text":"Kong Stock Connect program (“Shanghai Connect”) or the Shenzhen-Hong Kong Stock Connect program (“Shenzhen","page_number":45,"box":{"x":89,"y":59,"width":826,"height":12}},{"id":"4b9855b7-007d-4cc6-ad1f-602dfdc9d110","block_type":"box","text":"Connect,” and together with Shanghai Connect, “Stock Connect”). Stock Connect is a securities trading and clearing","page_number":45,"box":{"x":89,"y":74,"width":815,"height":12}},{"id":"661ef2be-3805-4992-aa10-d4e3312aef25","block_type":"box","text":"program with an aim to achieve mutual stock market access between the PRC and Hong Kong. Stock Connect was developed","page_number":45,"box":{"x":89,"y":89,"width":879,"height":13}},{"id":"99c7d1e5-61e7-4de6-a360-184bb368a41c","block_type":"box","text":"by Hong Kong Exchanges and Clearing Limited, the SSE (in the case of Shanghai Connect) or the SZSE (in the case of","page_number":45,"box":{"x":89,"y":104,"width":820,"height":13}},{"id":"eb2e9e95-64bd-4928-aade-725f3d17bae0","block_type":"box","text":"Shenzhen Connect), and China Securities Depository and Clearing Corporation Limited (“CSDCC”). Under Stock Connect, a","page_number":45,"box":{"x":88,"y":119,"width":862,"height":13}},{"id":"d377afe3-f205-4f54-850a-2987f2f6d899","block_type":"box","text":"Fund’s trading of eligible A-shares listed on the SSE or the SZSE, as applicable, would be effectuated through its Hong Kong","page_number":45,"box":{"x":89,"y":135,"width":862,"height":12}},{"id":"362a16b1-6391-4205-a394-38731c23370f","block_type":"box","text":"brokers. Investing in A-shares through Stock Connect is subject to trading, clearance, settlement and other procedures,","page_number":45,"box":{"x":89,"y":150,"width":833,"height":12}},{"id":"d378da53-5f2f-43b2-832e-9ae581bb1e41","block_type":"box","text":"which could pose risks to a Fund.","page_number":45,"box":{"x":88,"y":165,"width":233,"height":12}},{"id":"49ad5066-1011-4576-8bc2-de39b8e5fae9","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through","page_number":45,"box":{"x":88,"y":191,"width":847,"height":13}},{"id":"a7e9417b-1183-4c58-b17c-441f2024ef17","block_type":"box","text":"Stock Connect is subject to a daily quota (the “Daily Quota”), which limits the maximum net purchases under Stock Connect","page_number":45,"box":{"x":88,"y":206,"width":876,"height":13}},{"id":"d1b1f648-1bcb-4f7d-80ff-053248dc7386","block_type":"box","text":"each day. The Daily Quota does not belong to a Fund and is utilized on a first-come-first-serve basis. As such, buy orders for","page_number":45,"box":{"x":89,"y":222,"width":868,"height":12}},{"id":"838e43f3-eb57-4fa7-b7be-1bdf0e7ea35d","block_type":"box","text":"A-shares would be rejected once the Daily Quota is exceeded (although a Fund will be permitted to sell A-shares regardless","page_number":45,"box":{"x":88,"y":237,"width":865,"height":12}},{"id":"bb93b1f3-9c29-4d8f-94bc-098005ebbe62","block_type":"box","text":"of the Daily Quota balance). The Daily Quota may restrict a Fund’s ability to invest in A-shares through Stock Connect on a","page_number":45,"box":{"x":89,"y":252,"width":859,"height":12}},{"id":"fcb8e3d2-900a-4ff9-98ad-d14a9a8adf9d","block_type":"box","text":"timely basis, which could affect the Fund’s ability to effectively pursue its investment strategy. The Daily Quota is also subject","page_number":45,"box":{"x":88,"y":267,"width":875,"height":12}},{"id":"0ed7bd55-8cb6-42a9-9b88-906952f9c4e1","block_type":"box","text":"to change.","page_number":45,"box":{"x":88,"y":282,"width":73,"height":12}},{"id":"7f4dcc05-def3-4c5b-9940-01d3c41e82b3","block_type":"box","text":"A-shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect and","page_number":45,"box":{"x":88,"y":308,"width":869,"height":13}},{"id":"6f4e46c1-50f6-4bb4-857c-84e7aa3df804","block_type":"box","text":"in accordance with applicable rules. In order to comply with applicable local market rules and to facilitate orderly operations","page_number":45,"box":{"x":89,"y":324,"width":867,"height":12}},{"id":"2a555bda-00ac-46f9-93f5-1cfae72245ac","block_type":"box","text":"of a Fund, including the timely settlement of Stock Connect trades placed by or on behalf of the Fund, BFA utilizes an","page_number":45,"box":{"x":89,"y":339,"width":816,"height":12}},{"id":"c416e1ba-3242-4727-bc6c-20eed6b8fd6f","block_type":"box","text":"operating model that will only be used by iShares ETFs with investments in A-shares through Stock Connect. Such operating","page_number":45,"box":{"x":89,"y":354,"width":870,"height":12}},{"id":"aa163991-2be9-4710-baab-f31d97e201d5","block_type":"box","text":"model may reduce the risks of trade failures; however, it will also allow Stock Connect trades to be settled without the prior","page_number":45,"box":{"x":89,"y":369,"width":860,"height":12}},{"id":"717a284e-a611-41b7-bc1b-d0e6ca80a2ef","block_type":"box","text":"verification by a Fund. Accordingly, this operating model may subject a Fund to additional risks, including an increased risk of","page_number":45,"box":{"x":88,"y":384,"width":879,"height":12}},{"id":"86d98402-14e8-4b2e-9e39-6cde2c0b38a1","block_type":"box","text":"inadvertently exceeding certain trade or other restrictions or limits placed on the Fund and/or its affiliates, and a heightened","page_number":45,"box":{"x":89,"y":399,"width":869,"height":13}},{"id":"61bd71cd-b127-4b6f-8776-7115bd6da2fa","block_type":"box","text":"risk of erroneous trades, which may negatively impact the Fund.","page_number":45,"box":{"x":89,"y":414,"width":448,"height":13}},{"id":"d7430d0e-aa26-4839-ae07-4caeca6f3ee5","block_type":"box","text":"While A-shares must be designated as eligible to be traded through Stock Connect (such eligible A-shares listed on the SSE,","page_number":45,"box":{"x":88,"y":441,"width":867,"height":12}},{"id":"245fc6bb-e6d3-4749-a516-e7141017ab19","block_type":"box","text":"the “SSE Securities,” and such eligible A-shares listed on the SZSE, the “SZSE Securities”), those A-shares may also lose such","page_number":45,"box":{"x":88,"y":456,"width":873,"height":12}},{"id":"01fbaf7f-11d7-47c0-a9aa-ed349bb85cf2","block_type":"box","text":"designation, and if this occurs, such A-shares may be sold but could no longer be purchased through Stock Connect. With","page_number":45,"box":{"x":89,"y":471,"width":856,"height":12}},{"id":"11b087ea-8fe9-4dac-8e41-2b8b7e860df9","block_type":"box","text":"respect to sell orders through Stock Connect, the SEHK carries out pre-trade checks to ensure an investor has sufficient A","page_number":45,"box":{"x":89,"y":486,"width":854,"height":12}},{"id":"d2741db3-e2e4-451d-a076-37d5dade693a","block_type":"box","text":"shares in its account before the market opens on the trading day. Accordingly, if there are insufficient A-shares in an","page_number":45,"box":{"x":89,"y":501,"width":810,"height":13}},{"id":"d2762d11-c4a2-434e-a49f-2c91c3dd37a6","block_type":"box","text":"investor’s account before the market opens on the trading day, the sell order will be rejected, which may adversely impact a","page_number":45,"box":{"x":89,"y":516,"width":862,"height":13}},{"id":"ffc540e8-d7b0-47f8-b44b-b9ea7baa3cbe","block_type":"box","text":"Fund’s performance.","page_number":45,"box":{"x":89,"y":531,"width":143,"height":13}},{"id":"61b07a50-b89c-464a-bb06-7920f731facb","block_type":"box","text":"In addition, Stock Connect operates only on days when both the Chinese and the Hong Kong markets are open for trading","page_number":45,"box":{"x":89,"y":558,"width":853,"height":12}},{"id":"90e31316-d9d5-4246-b21d-2824147e248a","block_type":"box","text":"and when banking services are available in both markets on the corresponding settlement days. Therefore, an investment in","page_number":45,"box":{"x":89,"y":573,"width":865,"height":12}},{"id":"1cf73b92-afa0-4b93-a5a6-4690e19a7413","block_type":"box","text":"A-shares through Stock Connect may subject a Fund to the risk of price fluctuations on days when the Chinese markets are","page_number":45,"box":{"x":88,"y":588,"width":866,"height":12}},{"id":"efd15e24-a4a2-414e-af3e-2962152d4d6d","block_type":"box","text":"open, but Stock Connect is not trading. Each of the SEHK, SSE and SZSE reserves the right to suspend trading through Stock","page_number":45,"box":{"x":89,"y":603,"width":869,"height":13}},{"id":"8a26df49-5900-4374-92d0-76fe4e4fd77d","block_type":"box","text":"Connect under certain circumstances. Where such a suspension of trading is effected, a Fund’s ability to access A-shares","page_number":45,"box":{"x":89,"y":618,"width":846,"height":13}},{"id":"a0407627-f865-4927-94f3-9da12644612f","block_type":"box","text":"through Stock Connect will be adversely affected. In addition, if one or both of the Chinese and Hong Kong markets are","page_number":45,"box":{"x":88,"y":633,"width":834,"height":13}},{"id":"f7034bde-4c36-41ee-a418-6ed842ec34d2","block_type":"box","text":"closed on a U.S. trading day, a Fund may not be able to acquire or dispose of A-shares through Stock Connect in a timely","page_number":45,"box":{"x":89,"y":649,"width":845,"height":12}},{"id":"7b22abb8-92b7-4b8a-8a67-722237b4f178","block_type":"box","text":"manner, which could adversely affect the Fund’s performance.","page_number":45,"box":{"x":89,"y":664,"width":435,"height":12}},{"id":"c088b80d-1538-4b42-a3fa-0d2bf75aed8a","block_type":"box","text":"A Fund’s investments in A-shares through Stock Connect are held by its custodian in accounts in the Central Clearing and","page_number":45,"box":{"x":88,"y":690,"width":853,"height":13}},{"id":"487c7eb3-c90c-4049-a867-008cb9856b9b","block_type":"box","text":"Settlement System (“CCASS”) maintained by the Hong Kong Securities Clearing Company Limited (“HKSCC”), which in turn","page_number":45,"box":{"x":88,"y":705,"width":867,"height":13}},{"id":"45bcc706-0dc5-4c91-beca-584266b9ba29","block_type":"box","text":"holds the A-shares, as the nominee holder, through an omnibus securities account in its name registered with the CSDCC.","page_number":45,"box":{"x":89,"y":720,"width":853,"height":13}},{"id":"5173ad8d-67fc-4abd-99d6-14be8be4d6de","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the SSE Securities or SZSE Securities through HKSCC as","page_number":45,"box":{"x":88,"y":747,"width":853,"height":12}},{"id":"930c5f2d-d3d3-46a9-a970-5272c4821046","block_type":"box","text":"nominee is not well defined under PRC law. There is a lack of a clear definition of, and distinction between, legal ownership","page_number":45,"box":{"x":89,"y":762,"width":857,"height":12}},{"id":"f73b809f-bfb0-4de7-b1af-554486e82329","block_type":"box","text":"and beneficial ownership under PRC law and there have been few cases involving a nominee account structure in the PRC","page_number":45,"box":{"x":89,"y":777,"width":850,"height":12}},{"id":"6d8202fe-d8c7-446e-927a-d700ca8bd0a7","block_type":"box","text":"courts. The exact nature and methods of enforcement of the rights and interests of a Fund under PRC law is also uncertain.","page_number":45,"box":{"x":89,"y":792,"width":862,"height":13}},{"id":"209b1fb9-2a43-4dd6-bf83-0f9bbf1c3f47","block_type":"box","text":"In the unlikely event that HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE","page_number":45,"box":{"x":89,"y":819,"width":829,"height":12}},{"id":"beb75d51-b71f-4412-9fa1-e0c875b3e196","block_type":"box","text":"Securities or SZSE Securities may not be regarded as held for the beneficial ownership of a Fund or as part of the general","page_number":45,"box":{"x":88,"y":834,"width":843,"height":12}},{"id":"ba8701b2-f259-4d68-a8d8-9f7cc609e503","block_type":"box","text":"assets of HKSCC available for general distribution to its creditors.","page_number":45,"box":{"x":89,"y":849,"width":452,"height":12}},{"id":"0f79a710-9dce-4837-8639-b420487c0332","block_type":"box","text":"22","page_number":45,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"6b825600-9bfd-4369-bac2-96349e0490d5","block_type":"box","text":"Notwithstanding the fact that HKSCC does not claim proprietary interests in the SSE Securities or SZSE Securities held in its","page_number":46,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"1197b342-c3e4-471d-acc1-7700e79fd251","block_type":"box","text":"omnibus stock account in the CSDCC, the CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat","page_number":46,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"52d032e6-a4a4-4f10-9eea-de275d8c218e","block_type":"box","text":"HKSCC as one of the shareholders when it handles corporate actions in respect of such SSE Securities or SZSE Securities.","page_number":46,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"5254e6a4-0256-4e27-8c6a-ff28b9aa9a2b","block_type":"box","text":"HKSCC monitors the corporate actions affecting SSE Securities and SZSE Securities and keeps participants of CCASS","page_number":46,"box":{"x":89,"y":101,"width":812,"height":12}},{"id":"879f2469-8aae-49ec-ac2e-d5283a0a4af5","block_type":"box","text":"informed of all such corporate actions that require CCASS participants to take steps in order to participate in them. A Fund","page_number":46,"box":{"x":89,"y":116,"width":857,"height":12}},{"id":"08c6b90e-2e42-4d8a-87bd-48d8dd06c8da","block_type":"box","text":"will therefore depend on HKSCC for both settlement and notification and implementation of corporate actions.","page_number":46,"box":{"x":88,"y":131,"width":775,"height":12}},{"id":"fbc0084a-1e3c-4f8a-bb40-665a86146d18","block_type":"box","text":"The HKSCC is responsible for the clearing, settlement and provision of depositary, nominee and other related services of the","page_number":46,"box":{"x":88,"y":157,"width":866,"height":13}},{"id":"aa3fe6b6-5cba-4534-a37e-d26a92cb18ed","block_type":"box","text":"trades executed by Hong Kong market participants and investors. Accordingly, investors do not hold SSE Securities or SZSE","page_number":46,"box":{"x":88,"y":172,"width":860,"height":13}},{"id":"03b0b45a-b3d6-427e-b4d1-68f154e16d43","block_type":"box","text":"Securities directly; rather, they are held through their brokers’ or custodians’ accounts with CCASS. The HKSCC and the","page_number":46,"box":{"x":88,"y":188,"width":833,"height":12}},{"id":"0aef6a2a-bfad-4be7-af1f-c5efb0ccf241","block_type":"box","text":"CSDCC establish clearing links and each has become a participant of the other to facilitate clearing and settlement of cross","page_number":46,"box":{"x":89,"y":203,"width":865,"height":12}},{"id":"84a8f463-486e-4a7c-96ef-2187120d8a25","block_type":"box","text":"border trades. Should CSDCC default and the CSDCC be declared as a defaulter, HKSCC’s liabilities in Stock Connect under its","page_number":46,"box":{"x":89,"y":218,"width":875,"height":11}},{"id":"7e2a2af9-9ee0-4261-a9b1-df7dcb08667d","block_type":"box","text":"market contracts with clearing participants will be limited to assisting clearing participants in pursuing their claims against","page_number":46,"box":{"x":89,"y":233,"width":857,"height":12}},{"id":"1af5a60a-9e9b-400f-aae6-e6d7abf1d819","block_type":"box","text":"the CSDCC. In that event, a Fund may suffer delays in the recovery process or may not be able to fully recover its losses from","page_number":46,"box":{"x":88,"y":248,"width":869,"height":12}},{"id":"d2c83309-c3ea-4766-97cd-d32a3523b185","block_type":"box","text":"the CSDCC.","page_number":46,"box":{"x":88,"y":263,"width":80,"height":10}},{"id":"125730b6-d44b-4603-9f32-d44055ce6dfe","block_type":"box","text":"Market participants are able to participate in Stock Connect subject to meeting certain information technology capability, risk","page_number":46,"box":{"x":89,"y":290,"width":876,"height":12}},{"id":"4408e749-e77e-41d6-a475-6622aeec8246","block_type":"box","text":"management and other requirements as may be specified by the relevant exchange and/or clearing house. Further, the","page_number":46,"box":{"x":89,"y":305,"width":833,"height":12}},{"id":"8c81bd06-2aeb-435e-9316-8c74cb4c0f34","block_type":"box","text":"“connectivity” in Stock Connect requires the routing of orders across the borders of Hong Kong and the PRC. This requires","page_number":46,"box":{"x":89,"y":320,"width":853,"height":12}},{"id":"1bf776ef-7164-47f0-9aba-9d35c1acca37","block_type":"box","text":"the development of new information technology systems on the part of the SEHK and exchange participants. There is no","page_number":46,"box":{"x":88,"y":335,"width":845,"height":12}},{"id":"fc42dffb-cce8-48f7-83f4-68bf5ef45109","block_type":"box","text":"assurance that these systems will function properly or will continue to be adapted to changes and developments in both","page_number":46,"box":{"x":89,"y":350,"width":842,"height":12}},{"id":"7ec99454-38ef-4a12-963b-598286a32cee","block_type":"box","text":"markets. In the event that the relevant systems fail to function properly, trading in A-shares through Stock Connect could be","page_number":46,"box":{"x":89,"y":365,"width":868,"height":12}},{"id":"d6cc3494-22c1-4a32-8ab7-83ae568911a1","block_type":"box","text":"disrupted, and a Fund’s ability to achieve its investment objective may be adversely affected.","page_number":46,"box":{"x":89,"y":380,"width":644,"height":13}},{"id":"c9e3d218-20b8-4436-bbb1-e8795b64bc99","block_type":"box","text":"The Shanghai Connect program, launched in November 2014, and the Shenzhen Connect program, launched in December","page_number":46,"box":{"x":88,"y":407,"width":857,"height":12}},{"id":"47af4cbd-3585-414e-8993-7890b0d33ac4","block_type":"box","text":"2016, do not have an extensive operating history. Stock Connect is subject to regulations promulgated by regulatory","page_number":46,"box":{"x":89,"y":422,"width":812,"height":12}},{"id":"fdbc4f3a-1798-4f2b-bf6a-0178be040e33","block_type":"box","text":"authorities and implementation rules made by the stock exchanges in the PRC and Hong Kong. There is no certainty as to","page_number":46,"box":{"x":89,"y":437,"width":850,"height":12}},{"id":"71a382a3-2780-491a-a49b-dbf1668ec60f","block_type":"box","text":"how the current regulations will be applied or interpreted going forward, and new or revised regulations may be issued from","page_number":46,"box":{"x":89,"y":452,"width":868,"height":12}},{"id":"eb61117f-c7d2-46fb-85f5-494cfbd2750f","block_type":"box","text":"time to time by the regulators and stock exchanges in China and Hong Kong in connection with operations, legal","page_number":46,"box":{"x":88,"y":467,"width":789,"height":13}},{"id":"02ce5972-5829-4e99-857e-666041e18e9e","block_type":"box","text":"enforcement and cross-border trades under Stock Connect. In addition, there can be no assurance that Stock Connect will","page_number":46,"box":{"x":89,"y":482,"width":855,"height":12}},{"id":"3e4e1309-3897-4b48-8d97-0de4e4a2a3f1","block_type":"box","text":"not be discontinued. A Fund may be adversely affected as a result of such changes. Furthermore, the securities regimes and","page_number":46,"box":{"x":89,"y":497,"width":866,"height":13}},{"id":"5446d20b-f232-46dd-a1ae-1d248a06d609","block_type":"box","text":"legal systems of China and Hong Kong differ significantly and issues may arise based on these differences. Further, different","page_number":46,"box":{"x":89,"y":513,"width":863,"height":12}},{"id":"67489526-4a7b-4b0e-9e35-32dcd23ec138","block_type":"box","text":"fees, costs and taxes are imposed on foreign investors acquiring A-shares through Stock Connect, and these fees, costs and","page_number":46,"box":{"x":88,"y":528,"width":866,"height":12}},{"id":"6bf1ecb1-3b1a-4e42-a49a-19e03d2a16fc","block_type":"box","text":"taxes may be higher than comparable fees, costs and taxes imposed on owners of other Chinese securities providing similar","page_number":46,"box":{"x":88,"y":543,"width":868,"height":12}},{"id":"ead9b454-68ba-4984-ae64-f30d8458473e","block_type":"box","text":"investment exposure.","page_number":46,"box":{"x":89,"y":559,"width":148,"height":11}},{"id":"b7b636db-55d9-4cc5-b632-caf3ea8ebedd","block_type":"box","text":"A-Share Market Suspension Risk","page_number":46,"box":{"x":87,"y":584,"width":229,"height":13}},{"id":"194d92c8-ba8c-401d-9e88-788ebe772654","block_type":"box","text":". A-shares may only be bought from, or sold to, a Fund at times when the relevant A-shares","page_number":46,"box":{"x":317,"y":584,"width":639,"height":13}},{"id":"e7ee3047-9de8-43c9-91c8-559d1293ef07","block_type":"box","text":"may be sold or purchased on the relevant Chinese stock exchange. The A-shares market can have a higher propensity for","page_number":46,"box":{"x":89,"y":599,"width":848,"height":13}},{"id":"4cca5ae4-c929-44e3-adc1-474d8aaff87e","block_type":"box","text":"trading suspensions than many other global equity markets. Trading suspensions in certain stocks could lead to greater","page_number":46,"box":{"x":88,"y":615,"width":838,"height":12}},{"id":"616ab7df-3da2-4170-a862-ca1fa65abdc0","block_type":"box","text":"market execution risk, valuation risks and liquidity risks and costs for a Fund, as well as for Authorized Participants that","page_number":46,"box":{"x":89,"y":630,"width":832,"height":12}},{"id":"ecaca632-c65c-4f8b-a171-8cc4b33594ed","block_type":"box","text":"create and redeem Creation Units of the Fund. The SSE and SZSE currently apply a daily limit, set at 10%, of the amount of","page_number":46,"box":{"x":89,"y":645,"width":858,"height":12}},{"id":"f5a7e232-cfe1-4acf-9261-8109a47fe5cc","block_type":"box","text":"fluctuation permitted in the prices of A-shares during a single trading day. The daily limit refers to price movements only and","page_number":46,"box":{"x":88,"y":660,"width":873,"height":12}},{"id":"5ec34f33-286a-4148-9ac2-d8f74179d512","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will exist for","page_number":46,"box":{"x":89,"y":675,"width":879,"height":12}},{"id":"2b96b5e7-13eb-44b9-83a0-394c5783f7b7","block_type":"box","text":"any particular A-share or for any particular time. This could increase a Fund’s tracking error and/or cause a Fund to trade in","page_number":46,"box":{"x":89,"y":690,"width":864,"height":13}},{"id":"cb4c4020-7dc9-49db-975d-e68b2441a0cc","block_type":"box","text":"the market at greater bid-ask spreads or greater premiums or discounts to the Fund’s NAV. Given that the A-shares market is","page_number":46,"box":{"x":88,"y":705,"width":875,"height":13}},{"id":"293e2d10-4e27-49cb-b2b9-f9dba49bc1f8","block_type":"box","text":"considered volatile and unstable (with the risk of widespread trading suspensions or government intervention), the creation","page_number":46,"box":{"x":89,"y":720,"width":865,"height":13}},{"id":"1d711582-1560-4006-b4ec-9d71092a7c81","block_type":"box","text":"and redemption of Creation Units may also be disrupted.","page_number":46,"box":{"x":89,"y":736,"width":395,"height":12}},{"id":"ea3f4312-397c-4267-a6ca-95dc15dd27ce","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":46,"box":{"x":89,"y":762,"width":295,"height":12}},{"id":"1ebb85f2-7830-4f5f-87ab-95b09ce017a4","block_type":"box","text":"Many countries with developed markets have recently experienced significant","page_number":46,"box":{"x":393,"y":762,"width":544,"height":12}},{"id":"de9247a4-f5a8-4ab3-a7da-d54e98de3cb3","block_type":"box","text":"economic pressures. These countries generally tend to rely on the services sectors (","page_number":46,"box":{"x":89,"y":777,"width":585,"height":12}},{"id":"6b13b340-9597-4d23-97a4-d280080f7018","block_type":"box","text":"e.g.","page_number":46,"box":{"x":675,"y":780,"width":23,"height":9}},{"id":"f0b654ef-4ead-47e5-a04d-ff1c15f01952","block_type":"box","text":", the financial services sector) as the","page_number":46,"box":{"x":700,"y":777,"width":253,"height":12}},{"id":"762a14c0-ee62-49e7-b458-5b39b50f6a11","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":46,"box":{"x":89,"y":792,"width":878,"height":13}},{"id":"954e7caf-7e5d-4508-8f37-48fc35e5edba","block_type":"box","text":"in the financial services sector are subject to governmental regulation and, recently, government intervention, which may","page_number":46,"box":{"x":89,"y":807,"width":847,"height":13}},{"id":"190d264e-8494-43ce-9d8d-a1c256a61c7a","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":46,"box":{"x":89,"y":822,"width":797,"height":13}},{"id":"04e39c0a-0ec7-4d97-8b6e-e118edaf73ba","block_type":"box","text":"Dislocations in the financial sector and perceived or actual governmental influence over certain financial companies may lead","page_number":46,"box":{"x":89,"y":838,"width":876,"height":12}},{"id":"9b91bd00-5041-4b51-9e85-13c2cbc2dea7","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":46,"box":{"x":88,"y":853,"width":848,"height":12}},{"id":"d407adeb-2943-4986-a242-05c60549e894","block_type":"box","text":"23","page_number":46,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"11377489-6a93-41e1-a51a-390901092ddd","block_type":"box","text":"companies experience a prolonged decline in revenue growth, certain developed countries that rely heavily on financial","page_number":47,"box":{"x":89,"y":44,"width":832,"height":12}},{"id":"82eb0145-be5f-4c90-a0e3-d9b17df1be45","block_type":"box","text":"companies as an economic driver may experience a correlative slowdown. Concerns have emerged with respect to the","page_number":47,"box":{"x":89,"y":59,"width":828,"height":12}},{"id":"b86bf833-2ad7-4a6a-8666-3654a5702dbb","block_type":"box","text":"economic health of certain developed countries. These concerns primarily stem from heavy indebtedness of many developed","page_number":47,"box":{"x":89,"y":74,"width":876,"height":12}},{"id":"4cb12319-c052-4288-9659-7fd28727af63","block_type":"box","text":"countries and their perceived inability to continue to service high debt loads without simultaneously implementing stringent","page_number":47,"box":{"x":89,"y":89,"width":870,"height":13}},{"id":"1bd52e78-bb49-4b82-ad5e-fc29dc6414aa","block_type":"box","text":"austerity measures. Such concerns have led to tremendous downward pressure on the economies of these countries. As a","page_number":47,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"fd262c52-4526-4307-ad79-5dcd0b3cfa53","block_type":"box","text":"result, it is possible that interest rates on debt of certain developed countries may rise to levels that make it difficult for such","page_number":47,"box":{"x":89,"y":119,"width":864,"height":13}},{"id":"2204b2f0-8463-4477-b37a-48816f03c860","block_type":"box","text":"countries to service such debt. Spending on health care and retirement pensions in most developed countries has risen","page_number":47,"box":{"x":89,"y":135,"width":833,"height":12}},{"id":"1834d268-2c19-43cf-ad00-363ab80d4cb1","block_type":"box","text":"dramatically. Medical innovation, extended life expectancy and higher public expectations are likely to continue the increase","page_number":47,"box":{"x":89,"y":150,"width":867,"height":12}},{"id":"3830fc09-a783-4195-93ac-1036e8e2a91e","block_type":"box","text":"in health care and pension costs. Any increase in health care and pension costs will likely have a negative impact on the","page_number":47,"box":{"x":89,"y":165,"width":835,"height":12}},{"id":"9a9966a5-a8e3-4d15-b84a-97fcfe6411f3","block_type":"box","text":"economic growth of many developed countries. Certain developed countries rely on imports of certain key items, such as","page_number":47,"box":{"x":89,"y":180,"width":848,"height":12}},{"id":"91a394bf-b639-486d-9c45-386031e8023e","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":47,"box":{"x":89,"y":195,"width":811,"height":12}},{"id":"30dde06a-56ba-4ab3-bf7d-95aa5c030fac","block_type":"box","text":"commodities may negatively affect developed country economies. Developed market countries generally are dependent on","page_number":47,"box":{"x":89,"y":210,"width":861,"height":13}},{"id":"25b10d8a-ef1c-43a7-adc1-534db3304f19","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":47,"box":{"x":88,"y":225,"width":820,"height":13}},{"id":"2c1e59ee-44d2-48ba-b787-cd20f3668daf","block_type":"box","text":"developed countries. In addition, heavy regulation of, among others, labor and product markets may have an adverse effect","page_number":47,"box":{"x":89,"y":240,"width":862,"height":13}},{"id":"c3cc5282-4935-4f0a-84d1-7cfca91d191e","block_type":"box","text":"on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Such","page_number":47,"box":{"x":89,"y":256,"width":856,"height":12}},{"id":"bce0ad20-4d78-44d4-8d00-e4485384080f","block_type":"box","text":"risks, among others, may adversely affect the value of a Fund’s investments.","page_number":47,"box":{"x":89,"y":271,"width":531,"height":12}},{"id":"04404757-91b3-4f5d-a01a-3b7438135150","block_type":"box","text":"Risk of Investing in Eastern Europe.","page_number":47,"box":{"x":89,"y":297,"width":253,"height":12}},{"id":"e5c7ad2a-6b12-4c6a-bf18-bc5ce3bca3b9","block_type":"box","text":"Investing in the securities of issuers located or operating in Eastern Europe is highly","page_number":47,"box":{"x":352,"y":297,"width":583,"height":12}},{"id":"d9dfd9da-c568-4cbb-ae03-104285aeb43f","block_type":"box","text":"speculative and involves risks not usually associated with investing in the more developed markets of Western Europe.","page_number":47,"box":{"x":89,"y":312,"width":825,"height":13}},{"id":"06d0d55a-cc09-4d3b-9a5f-68a346ac131b","block_type":"box","text":"Certain Eastern European countries have high public debt levels, significant underground economies, high unemployment","page_number":47,"box":{"x":89,"y":327,"width":853,"height":13}},{"id":"c37d3453-bd0d-448d-a714-a108f0472f78","block_type":"box","text":"and emigration of skilled workers. Such countries generally have a history of political instability, limited infrastructure and an","page_number":47,"box":{"x":89,"y":342,"width":869,"height":13}},{"id":"aade42e3-67fd-417f-88b6-42a703f3a192","block_type":"box","text":"inefficient public sector prone to endemic corruption. Political and economic reforms are too recent to establish a definite","page_number":47,"box":{"x":89,"y":358,"width":850,"height":12}},{"id":"4822a019-2651-4708-bb77-5bbb16b96ee5","block_type":"box","text":"trend away from centrally planned economies and state-owned industries. In the past, some Eastern European governments","page_number":47,"box":{"x":88,"y":373,"width":870,"height":12}},{"id":"2cbd9f77-2db3-4881-b187-335685c7b758","block_type":"box","text":"have expropriated substantial amounts of private property, and many claims of the property owners have never been fully","page_number":47,"box":{"x":89,"y":388,"width":851,"height":12}},{"id":"abd36c02-8b99-4bb7-beb5-f22bc733e803","block_type":"box","text":"settled.","page_number":47,"box":{"x":89,"y":403,"width":49,"height":10}},{"id":"cfc6e47b-ba19-46fb-b6cb-7f7902e4316e","block_type":"box","text":"Many Eastern European countries continue to move toward market economies at different paces with different","page_number":47,"box":{"x":89,"y":429,"width":774,"height":13}},{"id":"1784d633-d6f4-4064-85a4-02e5ef71f47c","block_type":"box","text":"characteristics. Many Eastern European securities markets are generally underdeveloped with low, irregular trading volumes,","page_number":47,"box":{"x":89,"y":445,"width":869,"height":12}},{"id":"5388bd92-0dcd-4424-8250-8517ceb651a4","block_type":"box","text":"dubious investor protections, and often a dearth of reliable corporate information. Eastern European securities markets are","page_number":47,"box":{"x":89,"y":460,"width":858,"height":12}},{"id":"6c8353c2-ba42-4a06-8f93-c22be3b970cb","block_type":"box","text":"generally subject to less government supervision and regulation and may be less liquid and more volatile than securities","page_number":47,"box":{"x":89,"y":475,"width":838,"height":12}},{"id":"51c14312-2782-44c7-83bf-4dd0a134e5ad","block_type":"box","text":"markets in the U.S. or Western European countries. Legal institutions governing private and foreign investments and private","page_number":47,"box":{"x":89,"y":490,"width":863,"height":12}},{"id":"9889292d-85aa-42ce-bb71-63d6576a28d2","block_type":"box","text":"property may be relatively nascent, inefficient, and unevenly enforced or inequitably enforced. Certain Eastern European","page_number":47,"box":{"x":89,"y":505,"width":836,"height":12}},{"id":"86f7c10e-4b98-496f-ab43-df9c5f32fd43","block_type":"box","text":"governments may exercise substantial influence over many aspects of the private sector and may own or control many","page_number":47,"box":{"x":89,"y":520,"width":832,"height":12}},{"id":"e2ca975d-0c82-4aa4-bc2e-1ae50fccfb0d","block_type":"box","text":"companies. Future government actions could have a significant effect on the economic conditions in such countries, which","page_number":47,"box":{"x":89,"y":535,"width":861,"height":13}},{"id":"9044d329-d9ef-45ce-931a-7ea491ff49cf","block_type":"box","text":"could have a negative impact on a Fund’s investments. Information and transaction costs, differential taxes, and sometimes","page_number":47,"box":{"x":89,"y":550,"width":863,"height":13}},{"id":"c2113f8c-a9ea-49f1-97de-93ba44a020b3","block_type":"box","text":"political or transfer risk give a comparative advantage to the domestic investor rather than the foreign investor.","page_number":47,"box":{"x":89,"y":565,"width":772,"height":13}},{"id":"c653a6a8-abbf-45ce-9d26-bcad2d328d93","block_type":"box","text":"Eastern European economies may also be particularly susceptible to changes in the international credit markets due to their","page_number":47,"box":{"x":89,"y":592,"width":866,"height":12}},{"id":"9b957781-936b-4936-9412-f4c5694ff437","block_type":"box","text":"reliance on bank related inflows of capital. Changes to the economies of countries with substantial foreign direct investment","page_number":47,"box":{"x":89,"y":607,"width":870,"height":12}},{"id":"7057e483-a330-4f3b-be6d-8956dca2914a","block_type":"box","text":"in certain Eastern European countries may negatively affect the region’s economy. The economy of certain Eastern European","page_number":47,"box":{"x":89,"y":622,"width":870,"height":12}},{"id":"dbcfe518-cc6d-4d67-9a54-f7cfe8b65dce","block_type":"box","text":"countries may be adversely affected by global prices for manufactured goods or commodity price declines to the extent that","page_number":47,"box":{"x":89,"y":637,"width":869,"height":13}},{"id":"7653003c-0708-4973-ab30-62421f4c7342","block_type":"box","text":"a country relies on the export of such products.","page_number":47,"box":{"x":89,"y":652,"width":331,"height":13}},{"id":"a4681c8e-9bed-4453-bcd6-fe2ad818d004","block_type":"box","text":"Geopolitical events, including war, and other instability in certain Eastern European countries may cause uncertainty in the","page_number":47,"box":{"x":89,"y":679,"width":856,"height":12}},{"id":"983c06c4-2c3e-4d23-8916-b65267d71065","block_type":"box","text":"region’s financial markets and adversely affect the performance of the issuers to which a Fund has exposure. These markets","page_number":47,"box":{"x":89,"y":694,"width":867,"height":12}},{"id":"8e4c1519-d928-4f0d-aefb-3e4e6c675102","block_type":"box","text":"may be particularly sensitive to social, political, economic, and currency events in Russia and may suffer heavy losses as a","page_number":47,"box":{"x":89,"y":709,"width":848,"height":12}},{"id":"b5fc4b31-3c3d-4ba9-a133-6b0ead9c3a37","block_type":"box","text":"result of their trading and investment links to the Russian economy and currency. Russia has historically asserted its influence","page_number":47,"box":{"x":89,"y":724,"width":879,"height":13}},{"id":"ec560c48-5a2f-40dc-be99-8fbe50ef2480","block_type":"box","text":"in the region using diplomatic, informational, military, and economic instruments of national power, as it did with Georgia in","page_number":47,"box":{"x":89,"y":739,"width":867,"height":13}},{"id":"eed74723-d49c-4353-85a6-200f5e073caf","block_type":"box","text":"the summer of 2008 and Ukraine beginning in 2014, and most recently on February 24, 2022.","page_number":47,"box":{"x":88,"y":754,"width":650,"height":13}},{"id":"7926f1b4-50d3-434f-a833-7277d60b138f","block_type":"box","text":"Russian Invasion of Ukraine","page_number":47,"box":{"x":88,"y":781,"width":192,"height":11}},{"id":"1c9bf984-9aa9-4dd8-a74b-a308bcd01c1e","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":47,"box":{"x":281,"y":781,"width":680,"height":12}},{"id":"3e26b02c-6c86-4116-8d93-e381bfd0efbe","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":47,"box":{"x":89,"y":796,"width":870,"height":12}},{"id":"a28342b5-a03b-4952-844c-d56e22839522","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":47,"box":{"x":88,"y":811,"width":879,"height":12}},{"id":"40eb9882-4a0d-48d2-8f7b-9dec700ed96d","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":47,"box":{"x":89,"y":826,"width":869,"height":13}},{"id":"57d39e92-3a95-48b2-b7d5-a6fb7aab6316","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":47,"box":{"x":89,"y":841,"width":811,"height":13}},{"id":"dd9ce3ca-c5fd-4636-b76f-5da378201c1f","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":47,"box":{"x":89,"y":856,"width":862,"height":13}},{"id":"b5ad1e6d-bc24-4e8d-b31f-262aa54b025b","block_type":"box","text":"24","page_number":47,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8904d489-ae2a-45fa-b2dc-bf805680521c","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in which a Fund invests, or the","page_number":48,"box":{"x":89,"y":44,"width":863,"height":12}},{"id":"1208be3f-b52a-4d34-a8d8-bd1657c8dd95","block_type":"box","text":"economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact the markets for","page_number":48,"box":{"x":89,"y":59,"width":879,"height":12}},{"id":"7e5e5b36-dcb2-447f-8026-8604083c414e","block_type":"box","text":"certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":48,"box":{"x":89,"y":74,"width":858,"height":12}},{"id":"8262da91-b3e2-4b3d-9e90-ffebada70c24","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":48,"box":{"x":89,"y":89,"width":468,"height":13}},{"id":"ba4da2f5-a091-45be-9450-713385832b80","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":48,"box":{"x":89,"y":116,"width":276,"height":12}},{"id":"11313472-babe-49d7-9c66-6a9588154256","block_type":"box","text":"Investments in emerging market countries may be subject to greater risks than","page_number":48,"box":{"x":375,"y":116,"width":550,"height":12}},{"id":"9d51deb4-97c0-4d70-b21d-f18923a5028c","block_type":"box","text":"investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity","page_number":48,"box":{"x":89,"y":131,"width":865,"height":12}},{"id":"099bf3d4-3e61-4128-84f6-07c48ed00c3e","block_type":"box","text":"and price volatility due to smaller or limited local capital markets for such securities, or low or non-existent trading volumes;","page_number":48,"box":{"x":89,"y":146,"width":868,"height":12}},{"id":"c9c64f46-bdd0-4a47-a3e7-9c36f153c880","block_type":"box","text":"(iii) companies, custodians, clearinghouses, foreign exchanges and broker-dealers may be subject to less scrutiny and","page_number":48,"box":{"x":89,"y":161,"width":824,"height":12}},{"id":"d5387540-1488-4000-8b7f-73044eeb821c","block_type":"box","text":"regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors","page_number":48,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"9d313bd1-58c5-4251-a63a-cff567de5658","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":48,"box":{"x":89,"y":191,"width":864,"height":13}},{"id":"f6b90fcd-6685-4d6b-99b7-070edbac9cc8","block_type":"box","text":"governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains may be","page_number":48,"box":{"x":89,"y":206,"width":843,"height":13}},{"id":"1fd58f63-da4a-4bb3-953c-9dc51c8716c6","block_type":"box","text":"subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on standard payments imposed by","page_number":48,"box":{"x":89,"y":222,"width":857,"height":12}},{"id":"0dda0c0d-060f-4347-888f-797f6ceb9ad4","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":48,"box":{"x":89,"y":237,"width":862,"height":12}},{"id":"b6c86db0-cf0c-4265-b106-9b7b69b6b6e6","block_type":"box","text":"may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and","page_number":48,"box":{"x":89,"y":252,"width":855,"height":12}},{"id":"755c727c-7a95-4c49-a582-4e94b7dce97a","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":48,"box":{"x":89,"y":267,"width":825,"height":12}},{"id":"72a7d66b-a64e-4820-8818-c890b939468c","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":48,"box":{"x":89,"y":282,"width":861,"height":12}},{"id":"d330e4bc-d0cc-43e8-8ccb-51f9ef61141a","block_type":"box","text":"currency; (x) limited public information regarding the issuer may result in greater difficulty in determining market valuations","page_number":48,"box":{"x":89,"y":297,"width":868,"height":12}},{"id":"1e8f6031-336b-41e7-879a-3db69ab4c594","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":48,"box":{"x":89,"y":312,"width":865,"height":13}},{"id":"f6efbdf7-0eef-4dd9-ab7d-a44291b9ec99","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":48,"box":{"x":89,"y":327,"width":868,"height":13}},{"id":"bdf69cee-b86b-423e-b404-b90d907f1867","block_type":"box","text":"select investments based on investor protection considerations.","page_number":48,"box":{"x":89,"y":342,"width":444,"height":13}},{"id":"5028f353-adfd-4625-8090-3d73218cc4e1","block_type":"box","text":"Emerging market securities markets are typically marked by a high concentration of market capitalization and trading volume","page_number":48,"box":{"x":89,"y":369,"width":877,"height":12}},{"id":"8dee1554-8dc3-41d5-bcaf-be107c676fd9","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":48,"box":{"x":89,"y":384,"width":844,"height":12}},{"id":"059d8b52-2003-466e-b469-caf33865ba40","block_type":"box","text":"such securities by a limited number of investors. In addition, brokerage and other costs associated with transactions in","page_number":48,"box":{"x":89,"y":399,"width":829,"height":13}},{"id":"d6b1bd32-03d4-41ab-8874-b9d43bdedbbb","block_type":"box","text":"emerging market securities can be higher, sometimes significantly, than similar costs incurred in securities markets in","page_number":48,"box":{"x":89,"y":414,"width":820,"height":13}},{"id":"b933d325-7236-4307-9eea-287b2a27cc6b","block_type":"box","text":"developed countries. Although some emerging markets have become more established and tend to issue securities of higher","page_number":48,"box":{"x":89,"y":429,"width":875,"height":13}},{"id":"6bd56235-2a84-49a5-97c3-3052e36b73d8","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":48,"box":{"x":89,"y":445,"width":856,"height":12}},{"id":"936e16e1-c389-41ec-8837-6df29ad7c3b2","block_type":"box","text":"and these countries issue securities across the credit spectrum. Even the markets for relatively widely traded securities in","page_number":48,"box":{"x":89,"y":460,"width":844,"height":12}},{"id":"a13f041e-ee97-4ae0-83f6-23603eb4aa69","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":48,"box":{"x":89,"y":475,"width":863,"height":12}},{"id":"d162a55d-2cea-4ed6-949f-1754fd14f6cb","block_type":"box","text":"trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited","page_number":48,"box":{"x":88,"y":490,"width":876,"height":12}},{"id":"707d26ff-e3ea-4116-924a-529f163fc419","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":48,"box":{"x":89,"y":505,"width":803,"height":12}},{"id":"80641adf-8ed9-4fe8-a615-4d9ffd559f1e","block_type":"box","text":"soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who","page_number":48,"box":{"x":89,"y":520,"width":830,"height":12}},{"id":"4eb521a4-413d-4bdd-9644-91f4adf1e626","block_type":"box","text":"control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in","page_number":48,"box":{"x":89,"y":535,"width":854,"height":13}},{"id":"559019df-4f24-45c4-9033-b0a09c70d4fe","block_type":"box","text":"such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of","page_number":48,"box":{"x":89,"y":550,"width":843,"height":13}},{"id":"4947e060-ab7f-4e49-b040-350ac493df9e","block_type":"box","text":"emerging market country securities may also affect a Fund’s ability to accurately value its portfolio securities or to acquire or","page_number":48,"box":{"x":89,"y":565,"width":871,"height":13}},{"id":"8486d4b5-d96d-486a-a031-26489a65b478","block_type":"box","text":"dispose of securities at the price and time it wishes to do so or in order to meet redemption requests.","page_number":48,"box":{"x":89,"y":581,"width":707,"height":12}},{"id":"f5cd1c7c-7b51-4b28-b4bb-f11798e9d1ff","block_type":"box","text":"Many emerging market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be","page_number":48,"box":{"x":89,"y":607,"width":826,"height":12}},{"id":"40852279-4d5d-4de7-8879-a442c6b81776","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":48,"box":{"x":89,"y":622,"width":835,"height":12}},{"id":"7e6d5878-0b71-4692-a739-66d2fab38328","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":48,"box":{"x":89,"y":637,"width":812,"height":13}},{"id":"e5f24dbc-4622-4364-acde-82ff038a5fde","block_type":"box","text":"favorable to investors such as policies designed to expropriate or nationalize “sovereign” assets. Certain emerging market","page_number":48,"box":{"x":88,"y":652,"width":849,"height":13}},{"id":"b65342a6-d910-420b-a592-a60c9760d59f","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":48,"box":{"x":89,"y":668,"width":868,"height":12}},{"id":"d237a5d7-afc5-4f0b-8480-338f4c7831ea","block_type":"box","text":"there can be no assurance that such expropriation will not occur in the future.","page_number":48,"box":{"x":88,"y":683,"width":546,"height":12}},{"id":"0cd699ec-131e-4d47-9cbc-c8daa3b6547e","block_type":"box","text":"Investment in the securities markets of certain emerging market countries is restricted or controlled to varying degrees.","page_number":48,"box":{"x":89,"y":709,"width":834,"height":12}},{"id":"5ab131ca-a26c-4dbc-b75c-3800f1db0527","block_type":"box","text":"These restrictions may limit a Fund’s investment in certain emerging market countries and may increase the expenses of the","page_number":48,"box":{"x":88,"y":724,"width":871,"height":13}},{"id":"58b859b2-2dc5-46d9-869e-953e5c85d4d9","block_type":"box","text":"Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons or limit","page_number":48,"box":{"x":89,"y":739,"width":841,"height":13}},{"id":"42c5b6a4-865d-4658-9928-67a6fa0eb27b","block_type":"box","text":"investment by foreign persons to only a specified percentage of an issuer’s outstanding securities or a specific class of","page_number":48,"box":{"x":89,"y":754,"width":827,"height":13}},{"id":"93cb0a48-3997-48f0-a38b-ff6a3183784f","block_type":"box","text":"securities which may have less advantageous terms (including price) than securities of the company available for purchase","page_number":48,"box":{"x":89,"y":770,"width":859,"height":12}},{"id":"1378d644-83de-4a9e-a627-ba2f8a763765","block_type":"box","text":"by nationals.","page_number":48,"box":{"x":89,"y":785,"width":87,"height":12}},{"id":"d1fea8e1-171b-4ee8-ac30-46c3721676b0","block_type":"box","text":"Many emerging market countries lack the social, political, and economic stability characteristic of the U.S. Political instability","page_number":48,"box":{"x":89,"y":811,"width":870,"height":12}},{"id":"adb149da-d5c6-48ef-94c6-c82ebdb62364","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":48,"box":{"x":89,"y":826,"width":854,"height":13}},{"id":"3c3fa1e1-7135-4ee4-8d65-cef12d4b9e3b","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":48,"box":{"x":89,"y":841,"width":870,"height":13}},{"id":"2db0d878-8492-4a89-ae9a-a0c77a4bcdd4","block_type":"box","text":"high interest rates; (ii) high levels of inflation, including hyperinflation; (iii) high levels of unemployment or","page_number":48,"box":{"x":89,"y":856,"width":743,"height":13}},{"id":"a96b1cf3-b44a-491e-bddb-28ebdb49147c","block_type":"box","text":"25","page_number":48,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8c5769e7-eea3-4e71-9f6f-4666690ce87e","block_type":"box","text":"underemployment; (iv) changes in government economic and tax policies, including confiscatory taxation; and (v)","page_number":49,"box":{"x":89,"y":44,"width":800,"height":12}},{"id":"488575ab-6f0d-4712-8a0c-9848774b69d2","block_type":"box","text":"imposition of trade barriers.","page_number":49,"box":{"x":89,"y":59,"width":193,"height":12}},{"id":"030eb396-6cc2-4584-a2a5-82a18849efcf","block_type":"box","text":"A Fund’s income and, in some cases, capital gains from foreign securities will be subject to applicable taxation in certain of","page_number":49,"box":{"x":88,"y":85,"width":862,"height":13}},{"id":"a6d25edd-f062-4a4b-9f1c-8fbb1ba5c3b8","block_type":"box","text":"the emerging market countries in which it invests, and treaties between the U.S. and such countries may not be available in","page_number":49,"box":{"x":88,"y":101,"width":861,"height":12}},{"id":"04e94536-5393-4bf4-9678-c6279ba8cb3b","block_type":"box","text":"some cases to reduce the otherwise applicable tax rates.","page_number":49,"box":{"x":89,"y":116,"width":394,"height":12}},{"id":"1c426bf3-082b-41ca-ba35-96a65f64a00f","block_type":"box","text":"Emerging markets also have different clearance and settlement procedures, and in certain of these emerging markets there","page_number":49,"box":{"x":89,"y":142,"width":860,"height":12}},{"id":"274283e8-367a-43ab-a231-5603237a3530","block_type":"box","text":"have been times when settlements have been unable to keep pace with the volume of securities transactions, making it","page_number":49,"box":{"x":89,"y":157,"width":834,"height":13}},{"id":"a7ee435c-6968-4a01-b82c-7fc6432ebf84","block_type":"box","text":"difficult to conduct such transactions.","page_number":49,"box":{"x":89,"y":172,"width":264,"height":10}},{"id":"38bd8749-b61e-4dc5-a3b6-011b8a855f6f","block_type":"box","text":"In the past, certain governments in emerging market countries have become overly reliant on the international capital","page_number":49,"box":{"x":89,"y":199,"width":822,"height":12}},{"id":"6ac0babe-e056-434e-bce6-3068a8991f42","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":49,"box":{"x":89,"y":214,"width":849,"height":12}},{"id":"95ba1ca7-1806-4ab7-a052-6a1cc772208e","block_type":"box","text":"budget deficits. Often, interest payments have become too overwhelming for a government to meet, representing a large","page_number":49,"box":{"x":89,"y":229,"width":846,"height":12}},{"id":"3b7f11df-e096-4b39-8132-f3a2eb33ed9b","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":49,"box":{"x":89,"y":244,"width":872,"height":13}},{"id":"22b46f02-4ec5-466d-87b4-862351ac6363","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":49,"box":{"x":89,"y":259,"width":878,"height":13}},{"id":"7b38beec-cafc-4d86-ae03-8a515de1d935","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":49,"box":{"x":88,"y":274,"width":856,"height":13}},{"id":"d8b83e9d-8e18-4594-b202-d00a51543109","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":49,"box":{"x":89,"y":290,"width":838,"height":12}},{"id":"cb972b4c-63a9-4032-875c-1a9f92054174","block_type":"box","text":"suspension of interest payments or have defaulted. These events have adversely affected the values of securities issued by","page_number":49,"box":{"x":89,"y":305,"width":853,"height":12}},{"id":"386a80e5-d9ab-4f9a-8825-bee708f90295","block_type":"box","text":"foreign governments and corporations domiciled in those countries and have negatively affected not only their cost of","page_number":49,"box":{"x":88,"y":320,"width":829,"height":12}},{"id":"8b5b635f-9d76-477b-b936-7e75e809b0b3","block_type":"box","text":"borrowing, but their ability to borrow in the future as well.","page_number":49,"box":{"x":89,"y":335,"width":404,"height":12}},{"id":"f3553b34-40bb-4cf9-bca9-45ea1ae8916a","block_type":"box","text":"Risk of Investing in Europe.","page_number":49,"box":{"x":89,"y":361,"width":194,"height":13}},{"id":"19e7ee28-881c-4ef5-bf27-181302d74751","block_type":"box","text":"Investing in European countries exposes a Fund to the economic and political risks associated","page_number":49,"box":{"x":293,"y":361,"width":656,"height":13}},{"id":"b3736f65-e255-4076-9e24-fb50c6100492","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":49,"box":{"x":88,"y":376,"width":838,"height":13}},{"id":"84030be8-1dd9-4705-b547-3154d5dba0d7","block_type":"box","text":"countries are often closely connected and interdependent, and events in one European country can have an adverse impact","page_number":49,"box":{"x":89,"y":392,"width":865,"height":12}},{"id":"a3a5f9c6-219b-48e6-aede-2bf40003587e","block_type":"box","text":"on other European countries. A Fund makes investments in securities of issuers that are domiciled in, have significant","page_number":49,"box":{"x":89,"y":407,"width":822,"height":12}},{"id":"725e0449-25a2-4830-8927-e3e5a259fe00","block_type":"box","text":"operations in, or that are listed on at least one securities exchange within member states of the EU. A number of countries","page_number":49,"box":{"x":89,"y":422,"width":855,"height":12}},{"id":"f06be276-9f8f-48a4-97ae-2b1203069372","block_type":"box","text":"within the EU are also members of the Economic and Monetary Union (the “eurozone”) and have adopted the euro as their","page_number":49,"box":{"x":88,"y":437,"width":860,"height":12}},{"id":"234d41c1-483b-4d55-a519-f07cfcef21a2","block_type":"box","text":"currency. Eurozone membership requires member states to comply with restrictions on inflation rates, deficits, interest rates,","page_number":49,"box":{"x":89,"y":452,"width":870,"height":12}},{"id":"edeecd77-668e-48bb-9a6f-ee19d2565c9d","block_type":"box","text":"debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe. Changes in","page_number":49,"box":{"x":89,"y":467,"width":837,"height":13}},{"id":"2ed23176-73e2-4cf9-ba5a-5b67d9294814","block_type":"box","text":"import or export tariffs, changes in governmental or EU regulations on trade, changes in the exchange rate of the euro and","page_number":49,"box":{"x":89,"y":482,"width":857,"height":13}},{"id":"b9c5a0d0-8670-4f1e-bf23-b1b3993daeb3","block_type":"box","text":"other currencies of certain EU countries which are not in the eurozone, the default or threat of default by an EU member state","page_number":49,"box":{"x":89,"y":497,"width":877,"height":13}},{"id":"e56e3076-7a81-4998-a841-2e66af9d9f13","block_type":"box","text":"on its sovereign debt, and/or an economic recession in an EU member state may have a significant adverse effect on the","page_number":49,"box":{"x":89,"y":513,"width":842,"height":12}},{"id":"e4992a36-e8ed-4936-9c7d-7de156f683dc","block_type":"box","text":"economies of other EU member states and their trading partners. Although certain European countries are not in the","page_number":49,"box":{"x":89,"y":528,"width":817,"height":12}},{"id":"abe0eff9-e678-4bdc-b73c-14a0b5b74a03","block_type":"box","text":"eurozone, many of these countries are obliged to meet the criteria for joining the eurozone.","page_number":49,"box":{"x":89,"y":543,"width":635,"height":12}},{"id":"b7741758-4293-406f-ac55-90226f7e3a47","block_type":"box","text":"Consequently, these countries must comply with many of the restrictions noted above. The European financial markets have","page_number":49,"box":{"x":89,"y":569,"width":870,"height":13}},{"id":"a3fff157-8bdf-499f-a813-ca0dc4af14ce","block_type":"box","text":"experienced volatility and adverse trends due to concerns about economic downturns, government debt levels and the","page_number":49,"box":{"x":89,"y":584,"width":831,"height":13}},{"id":"c161dbd6-9e06-448d-93ab-926d635e39c9","block_type":"box","text":"possible default of government debt in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":49,"box":{"x":89,"y":599,"width":850,"height":13}},{"id":"68667949-32d9-4aa7-9ae0-32f07aa653c4","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. In order to prevent further economic deterioration, certain","page_number":49,"box":{"x":89,"y":615,"width":812,"height":12}},{"id":"f07af534-89a1-49ec-8693-2ce77605c729","block_type":"box","text":"countries, without prior warning, can institute “capital controls.” Countries may use these controls to restrict volatile","page_number":49,"box":{"x":89,"y":630,"width":814,"height":12}},{"id":"c3ec6d8a-d564-4b24-a592-acf84136a24f","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":49,"box":{"x":89,"y":645,"width":871,"height":12}},{"id":"a7686707-3d42-4e36-9d9a-df5d831464cb","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":49,"box":{"x":89,"y":660,"width":848,"height":12}},{"id":"b473a1d6-7324-4001-b3c0-82333e6f9c03","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":49,"box":{"x":89,"y":675,"width":862,"height":12}},{"id":"52d28c81-20f8-441f-ac53-06ad0cd2d8c8","block_type":"box","text":"addition, the credit ratings of certain European countries were downgraded in the past. These events have adversely affected","page_number":49,"box":{"x":89,"y":690,"width":871,"height":13}},{"id":"71eaab1b-8885-423a-bff3-258cca7fa7d9","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":49,"box":{"x":88,"y":705,"width":860,"height":13}},{"id":"a82a918f-0d6d-4caf-9c0e-f0ec2d96aac6","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":49,"box":{"x":89,"y":720,"width":857,"height":13}},{"id":"c1537f3d-1d20-4430-b3c5-3bff26b97749","block_type":"box","text":"governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may","page_number":49,"box":{"x":89,"y":736,"width":871,"height":12}},{"id":"7f3fb057-40fe-41b5-bc37-8aa3d754b4e5","block_type":"box","text":"result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further","page_number":49,"box":{"x":89,"y":751,"width":864,"height":12}},{"id":"8eb82464-2ffa-4648-99cd-a1bb7da3ab45","block_type":"box","text":"defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":49,"box":{"x":89,"y":766,"width":796,"height":12}},{"id":"2f71e932-c34e-4285-97af-4bbfb128425e","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the","page_number":49,"box":{"x":89,"y":781,"width":850,"height":12}},{"id":"bdf63587-a80a-46aa-84df-17b70ed5c572","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":49,"box":{"x":89,"y":796,"width":856,"height":12}},{"id":"c4717420-385d-40d1-9548-45be62b16bec","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":49,"box":{"x":89,"y":811,"width":816,"height":12}},{"id":"5af5c35a-1cf7-428a-b5cb-94e7f59f5afa","block_type":"box","text":"26","page_number":49,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a2f28b6a-cb76-4288-8b27-420eb6cbd418","block_type":"box","text":"The United Kingdom (the “U.K.”) left the EU (“Brexit”) on January 31, 2020. Brexit could adversely affect European or","page_number":50,"box":{"x":88,"y":44,"width":813,"height":12}},{"id":"bbfc70cf-2def-4992-a886-6c65beb9d1cb","block_type":"box","text":"worldwide political, regulatory, economic or market conditions and could contribute to instability in global political","page_number":50,"box":{"x":88,"y":59,"width":802,"height":12}},{"id":"dc4590b2-1fb7-4b5b-bef5-6a2cc2628e34","block_type":"box","text":"institutions, regulatory agencies and financial markets.","page_number":50,"box":{"x":89,"y":74,"width":382,"height":12}},{"id":"13bfeca9-fe7d-4566-933f-bc3a18c55bce","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were","page_number":50,"box":{"x":89,"y":101,"width":863,"height":12}},{"id":"dc8db184-8147-47c6-99a6-ac163ef6865c","block_type":"box","text":"to worsen, they could adversely affect European issuers that rely on the U.S. for trade. The national politics of countries in","page_number":50,"box":{"x":88,"y":116,"width":849,"height":12}},{"id":"d362ec95-0a88-45ba-b1f9-3d5c79f51789","block_type":"box","text":"Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example,","page_number":50,"box":{"x":89,"y":131,"width":872,"height":12}},{"id":"d55de32a-a7ef-49df-b431-4e50d7c7b4af","block_type":"box","text":"secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":50,"box":{"x":89,"y":146,"width":818,"height":12}},{"id":"f1a05b8b-80e6-4686-ae93-332acc347854","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and","page_number":50,"box":{"x":89,"y":161,"width":845,"height":12}},{"id":"91e52bd3-2ca0-49b4-8ee8-2490992080e2","block_type":"box","text":"significant investment losses. The occurrence of terrorist incidents throughout Europe or war in the region also could impact","page_number":50,"box":{"x":89,"y":176,"width":873,"height":13}},{"id":"7c3a7f87-fb61-4f00-aa4e-718e98b054e3","block_type":"box","text":"financial markets. The impact of these events is not clear but could be significant and far-reaching and could adversely affect","page_number":50,"box":{"x":88,"y":191,"width":876,"height":13}},{"id":"8e8050fd-7c92-4462-a60b-1fb3e4f5ccef","block_type":"box","text":"the value and liquidity of a Fund’s investments.","page_number":50,"box":{"x":88,"y":206,"width":328,"height":13}},{"id":"46b77c2e-d06d-425f-9ff9-0125a94b89ff","block_type":"box","text":"Russian Invasion of Ukraine","page_number":50,"box":{"x":88,"y":233,"width":192,"height":11}},{"id":"7cb0e4a1-06dc-42b7-94a4-05f74ac342ab","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":50,"box":{"x":281,"y":233,"width":680,"height":12}},{"id":"aaed1a5a-25e4-4253-a6b0-78ab14b82296","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":50,"box":{"x":89,"y":248,"width":870,"height":12}},{"id":"9fd5e5fa-586b-4769-bbf5-661572ec59ce","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":50,"box":{"x":88,"y":263,"width":879,"height":12}},{"id":"d24b1d72-9dc7-4cd8-9236-24ec5f4b90cd","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":50,"box":{"x":89,"y":278,"width":869,"height":13}},{"id":"760cc9c6-b738-4c61-857f-06bd686f936c","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":50,"box":{"x":89,"y":293,"width":811,"height":13}},{"id":"3393d605-1ef6-46ba-be2a-6eda1486dd6a","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":50,"box":{"x":89,"y":308,"width":862,"height":13}},{"id":"f7051817-b2da-4cab-9f35-1fae5ad3f540","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":50,"box":{"x":89,"y":324,"width":863,"height":12}},{"id":"d3157b47-24ce-4551-96a4-c54e270f8aa0","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":50,"box":{"x":89,"y":339,"width":879,"height":12}},{"id":"80623249-ef2a-4105-b8f6-89dd7bf918ea","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":50,"box":{"x":89,"y":354,"width":858,"height":12}},{"id":"c33bbc70-b25b-4a23-b485-6c85e5f07270","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":50,"box":{"x":89,"y":369,"width":468,"height":12}},{"id":"c5bc0276-2e00-43f2-8e89-8b322aec12e9","block_type":"box","text":"Risk of Investing in India.","page_number":50,"box":{"x":89,"y":395,"width":179,"height":13}},{"id":"73f5b6cf-67b6-41d7-81d5-4ca346615afe","block_type":"box","text":"India is an emerging market and demonstrates significantly higher volatility from time to time in","page_number":50,"box":{"x":279,"y":395,"width":670,"height":13}},{"id":"c33f7f2f-0f04-4d00-9dd4-490f9ced767e","block_type":"box","text":"comparison to more developed markets. Political, religious, and border disputes persist in India. India has recently","page_number":50,"box":{"x":89,"y":410,"width":795,"height":13}},{"id":"4d956009-e713-43cc-a984-6571a422658e","block_type":"box","text":"experienced and may continue to experience civil unrest and hostilities with certain of its neighboring countries, including","page_number":50,"box":{"x":89,"y":426,"width":853,"height":12}},{"id":"8eb45491-f66f-46e4-80fb-4e33b3eafb13","block_type":"box","text":"Pakistan, and the Indian government has confronted separatist movements in several Indian states, including Kashmir and","page_number":50,"box":{"x":89,"y":441,"width":855,"height":12}},{"id":"b2553dc6-7fef-4bdb-ac29-a7cfb1accf48","block_type":"box","text":"Punjab. Government control over the economy, currency fluctuations or blockage, and the risk of nationalization or","page_number":50,"box":{"x":89,"y":456,"width":804,"height":12}},{"id":"52ec71a9-d4ae-4b1d-b508-82ab73408717","block_type":"box","text":"expropriation of assets offer higher potential for losses. Governmental actions could have a negative effect on the economic","page_number":50,"box":{"x":89,"y":471,"width":865,"height":12}},{"id":"1a7f6276-bccf-4de5-892f-501cc4bc91ea","block_type":"box","text":"conditions in India, which could adversely affect the value and liquidity of investments made by a Fund. The securities","page_number":50,"box":{"x":89,"y":486,"width":823,"height":12}},{"id":"91d7e2e1-e706-48cc-8f6f-0e4e3e38757e","block_type":"box","text":"markets in India are comparatively underdeveloped and with some exceptions, consist of a small number of listed companies","page_number":50,"box":{"x":89,"y":501,"width":876,"height":13}},{"id":"2ce75c3f-a738-4e0e-b98f-5c9ff1fbf5dd","block_type":"box","text":"with small market capitalization, greater price volatility and substantially less liquidity than companies in more developed","page_number":50,"box":{"x":88,"y":516,"width":847,"height":13}},{"id":"69f6a708-6405-4b6f-9952-192b99745bd8","block_type":"box","text":"markets. Stockbrokers and other intermediaries in India may not perform as well as their counterparts in the U.S. or other,","page_number":50,"box":{"x":89,"y":531,"width":850,"height":13}},{"id":"7e59c910-7992-46d7-8a8b-d4fb9197ae80","block_type":"box","text":"more developed countries. The limited liquidity of the Indian securities markets may also affect a Fund’s ability to acquire or","page_number":50,"box":{"x":89,"y":547,"width":866,"height":12}},{"id":"fe5a79e0-0bc5-464c-901f-2deb062898d0","block_type":"box","text":"dispose of securities at the price or time that it desires or the Fund’s ability to track its Underlying Index.","page_number":50,"box":{"x":89,"y":562,"width":726,"height":12}},{"id":"fd623a68-eaec-424c-b85c-3a1fa1f8b799","block_type":"box","text":"Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. In","page_number":50,"box":{"x":89,"y":588,"width":873,"height":12}},{"id":"cadaf2e3-621c-44d4-be93-57d1e6683d4a","block_type":"box","text":"addition, the Reserve Bank of India has imposed limits on foreign ownership of Indian companies, which may decrease the","page_number":50,"box":{"x":89,"y":603,"width":856,"height":13}},{"id":"22149c96-f0bb-4fdc-945c-501eb9543da3","block_type":"box","text":"liquidity of a Fund’s portfolio and result in extreme volatility in the prices of Indian securities. In November 2016, the Indian","page_number":50,"box":{"x":89,"y":618,"width":856,"height":13}},{"id":"975d79d1-c1ff-41f3-9065-9e7dbebee322","block_type":"box","text":"government eliminated certain large denomination cash notes as legal tender, causing uncertainty in certain financial","page_number":50,"box":{"x":89,"y":633,"width":820,"height":13}},{"id":"0de5e88c-309a-4ba8-98e8-8ec185cfb948","block_type":"box","text":"markets. These factors, coupled with the lack of extensive accounting, auditing and financial reporting standards and","page_number":50,"box":{"x":89,"y":649,"width":821,"height":12}},{"id":"9296be18-b501-4b28-b4aa-4c885218c631","block_type":"box","text":"practices, as applicable in the U.S., may increase the risk of loss for a Fund.","page_number":50,"box":{"x":89,"y":664,"width":520,"height":12}},{"id":"77d4f478-b050-43cc-a543-03c2b3d88a9d","block_type":"box","text":"Securities laws in India are relatively new and unsettled and, as a result, there is a risk of significant and unpredictable change","page_number":50,"box":{"x":88,"y":690,"width":878,"height":13}},{"id":"04db3dae-0d60-4641-a01b-ab463a908009","block_type":"box","text":"in laws governing foreign investment, securities regulation, title to securities and shareholder rights. Foreign investors in","page_number":50,"box":{"x":89,"y":705,"width":837,"height":13}},{"id":"1e186708-c1ab-486e-b4a6-611273852e44","block_type":"box","text":"particular may be adversely affected by new or amended laws and regulations. Certain Indian regulatory approvals, including","page_number":50,"box":{"x":89,"y":720,"width":871,"height":13}},{"id":"bb0074fa-0406-4173-9168-02bef3fa5105","block_type":"box","text":"approvals from the Securities and Exchange Board of India, the central government and the tax authorities (to the extent that","page_number":50,"box":{"x":89,"y":736,"width":876,"height":12}},{"id":"dd5c6b60-b95d-4040-a88f-d45c8b2d8109","block_type":"box","text":"tax benefits need to be utilized), may be required before a Fund can make investments in Indian companies. Capital gains","page_number":50,"box":{"x":88,"y":751,"width":847,"height":12}},{"id":"7a52e0bf-63c3-4141-97a5-addaf38d2ba0","block_type":"box","text":"from Indian securities may be subject to local taxation.","page_number":50,"box":{"x":88,"y":766,"width":383,"height":12}},{"id":"95e4304a-ab35-45a3-88d7-096cab3df09d","block_type":"box","text":"Technology and software sectors represent a significant portion of the total capitalization of the Indian securities markets.","page_number":50,"box":{"x":88,"y":792,"width":854,"height":13}},{"id":"3b7d15bc-663b-43e3-9fc1-d75eea8e3cee","block_type":"box","text":"The value of these companies will generally fluctuate in response to technological and regulatory developments, and, as a","page_number":50,"box":{"x":88,"y":807,"width":853,"height":13}},{"id":"d89846c8-957d-4e69-ba4a-33b9e97a75d4","block_type":"box","text":"result, a Fund’s holdings are expected to experience correlated fluctuations.","page_number":50,"box":{"x":89,"y":822,"width":529,"height":13}},{"id":"0d016bac-36d3-49fe-8369-c024ecb143e3","block_type":"box","text":"Natural disasters, such as tsunamis, flooding or droughts, could occur in India or surrounding areas and could negatively","page_number":50,"box":{"x":89,"y":849,"width":846,"height":12}},{"id":"6712d7db-4316-41e4-88ce-d918f5dab96b","block_type":"box","text":"affect the Indian economy or operations of Indian companies, and, in turn, could negatively affect a Fund.","page_number":50,"box":{"x":89,"y":864,"width":737,"height":12}},{"id":"8e067fe2-77a5-4078-a162-8f0c517a1be8","block_type":"box","text":"27","page_number":50,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2a577b6b-41bc-458b-967b-14905a460578","block_type":"box","text":"Risk of Investing in the Middle East.","page_number":51,"box":{"x":89,"y":44,"width":255,"height":12}},{"id":"23708f46-6c0c-454f-949f-20f5acddbd95","block_type":"box","text":"Many Middle Eastern countries have little or no democratic tradition, and the political","page_number":51,"box":{"x":353,"y":44,"width":596,"height":12}},{"id":"ee72d3c4-8977-4b7d-b0bd-c1ab0affefa9","block_type":"box","text":"and legal systems in such countries may have an adverse impact on a Fund. Many economies in the Middle East are highly","page_number":51,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"4157c3b5-e6e8-4bdb-bc12-e3190b5b3dd0","block_type":"box","text":"reliant on income from the sale of oil and natural gas or trade with countries involved in the sale of oil and natural gas, and","page_number":51,"box":{"x":89,"y":74,"width":857,"height":12}},{"id":"6d1ccfc8-46ba-4f9d-bad0-9702f98953c1","block_type":"box","text":"their economies are therefore vulnerable to changes in the market for oil and natural gas and foreign currency values. As","page_number":51,"box":{"x":88,"y":89,"width":844,"height":13}},{"id":"245d1b0d-6e61-40d4-a4f3-ebc209e15e6b","block_type":"box","text":"global demand for oil and natural gas fluctuates, many Middle Eastern economies may be significantly impacted.","page_number":51,"box":{"x":89,"y":104,"width":789,"height":13}},{"id":"b88a02c3-60b4-4aea-90ce-a650be19f012","block_type":"box","text":"In addition, many Middle Eastern governments have exercised and continue to exercise substantial influence over many","page_number":51,"box":{"x":89,"y":131,"width":837,"height":12}},{"id":"74e861c4-7bbb-4dad-b0a3-03431d3bf7fb","block_type":"box","text":"aspects of the private sector. In certain cases, a Middle Eastern country’s government may own or control many companies,","page_number":51,"box":{"x":89,"y":146,"width":866,"height":12}},{"id":"345c1a33-a481-4ad4-8571-0108a18db40e","block_type":"box","text":"including some of the largest companies in the country. Accordingly, governmental actions in the future could have a","page_number":51,"box":{"x":89,"y":161,"width":819,"height":12}},{"id":"e5cefa4e-5c41-4989-9eb6-bc5e7b6f8ac0","block_type":"box","text":"significant effect on economic conditions in Middle Eastern countries. This could affect private sector companies and a Fund,","page_number":51,"box":{"x":89,"y":176,"width":875,"height":13}},{"id":"15561af7-8bf9-4c84-8416-302f3164b5a3","block_type":"box","text":"as well as the value of securities in a Fund’s portfolio.","page_number":51,"box":{"x":89,"y":191,"width":369,"height":13}},{"id":"ba5fe175-ada6-4508-bc4d-865d16050c92","block_type":"box","text":"Certain Middle Eastern markets are in the earliest stages of development. As a result, there may be a high concentration of","page_number":51,"box":{"x":89,"y":218,"width":858,"height":12}},{"id":"a3919af8-dade-4327-990a-95c90d3d0696","block_type":"box","text":"market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as","page_number":51,"box":{"x":89,"y":233,"width":870,"height":12}},{"id":"beb1ae24-21d7-4e35-95d7-b3bf800cb79a","block_type":"box","text":"a high concentration of investors and financial intermediaries. Brokers in Middle Eastern countries typically are fewer in","page_number":51,"box":{"x":89,"y":248,"width":832,"height":12}},{"id":"3030d238-1b0f-449d-a1ab-b563252d13b5","block_type":"box","text":"number and less capitalized than brokers in the U.S.","page_number":51,"box":{"x":89,"y":263,"width":361,"height":12}},{"id":"9d964115-0a7e-452f-b7f3-68363c326f2d","block_type":"box","text":"The legal systems in certain Middle Eastern countries also may have an adverse impact on a Fund. For example, the potential","page_number":51,"box":{"x":88,"y":290,"width":874,"height":12}},{"id":"b4cb33b3-3edb-493a-97f5-0d4b520ddb09","block_type":"box","text":"liability of a shareholder in a U.S. corporation with respect to acts of the corporation generally is limited to the amount of the","page_number":51,"box":{"x":89,"y":305,"width":871,"height":12}},{"id":"0b485cbc-0dce-4502-834c-7ae6a5146451","block_type":"box","text":"shareholder’s investment. However, the notion of limited liability is less clear in certain Middle Eastern countries. A Fund","page_number":51,"box":{"x":89,"y":320,"width":838,"height":12}},{"id":"3d61a8c4-b80c-4a30-9d84-2864c1ac18a7","block_type":"box","text":"therefore may be liable in certain Middle Eastern countries for the acts of a corporation in which it invests for an amount","page_number":51,"box":{"x":88,"y":335,"width":843,"height":12}},{"id":"d7cb8ee9-dceb-4e9b-a852-d5d5513d28da","block_type":"box","text":"greater than its actual investment in that corporation. Similarly, the rights of investors in Middle Eastern issuers may be more","page_number":51,"box":{"x":89,"y":350,"width":872,"height":12}},{"id":"f1371d94-2be3-468b-944e-0d156e65cf0d","block_type":"box","text":"limited than those of shareholders of a U.S. corporation. It may be difficult or impossible to obtain or enforce a legal","page_number":51,"box":{"x":89,"y":365,"width":807,"height":12}},{"id":"78456b6b-c7f8-4d5c-94c0-5a90166e53ca","block_type":"box","text":"judgment in a Middle Eastern country. Some Middle Eastern countries prohibit or impose substantial restrictions on","page_number":51,"box":{"x":88,"y":380,"width":809,"height":13}},{"id":"ddea58ba-e5af-40f1-b9f8-baae1782650e","block_type":"box","text":"investments in their capital markets, particularly their equity markets, by foreign entities such as a Fund. For example, certain","page_number":51,"box":{"x":89,"y":395,"width":872,"height":13}},{"id":"5fcb9def-75ae-4044-a94a-ca0734b6f23b","block_type":"box","text":"countries may require governmental approval prior to investment by foreign persons or limit the amount of investment by","page_number":51,"box":{"x":89,"y":410,"width":852,"height":13}},{"id":"21929470-e839-4b7f-8c7a-f162bd0809a6","block_type":"box","text":"foreign persons in a particular issuer. Certain Middle Eastern countries may also limit investment by foreign persons to only a","page_number":51,"box":{"x":88,"y":426,"width":873,"height":12}},{"id":"c3588994-44c8-40e6-8eb7-584c449c343b","block_type":"box","text":"specific class of securities of an issuer that may have less advantageous terms (including price) than securities of the issuer","page_number":51,"box":{"x":89,"y":441,"width":863,"height":12}},{"id":"42987d49-5331-40dc-a982-6cdc6c2422d6","block_type":"box","text":"available for purchase by nationals of the relevant Middle Eastern country.","page_number":51,"box":{"x":89,"y":456,"width":515,"height":12}},{"id":"d4e4aed7-3ccd-40ca-9589-5f2452da9b07","block_type":"box","text":"The manner in which foreign investors may invest in companies in certain Middle Eastern countries, as well as limitations on","page_number":51,"box":{"x":88,"y":482,"width":870,"height":13}},{"id":"afa7a834-6d40-4f54-9ecf-21f8e0cbf63e","block_type":"box","text":"those investments, may have an adverse impact on the operations of a Fund. For example, in certain of these countries, a","page_number":51,"box":{"x":88,"y":497,"width":847,"height":13}},{"id":"3f0e376c-1ca0-4757-9a8f-087d18ff48c2","block_type":"box","text":"Fund may be required to invest initially through a local broker or other entity and then have the shares that were purchased","page_number":51,"box":{"x":89,"y":513,"width":861,"height":12}},{"id":"6af87648-baec-4c07-bbb6-d54ff2fc49db","block_type":"box","text":"re-registered in the name of a Fund. Re-registration in some instances may not be possible on a timely basis. This may result","page_number":51,"box":{"x":89,"y":528,"width":870,"height":12}},{"id":"18d385ff-ec04-443c-b800-0ed3c249857d","block_type":"box","text":"in a delay during which a Fund may be denied certain of its rights as an investor, including rights as to dividends or to be","page_number":51,"box":{"x":89,"y":543,"width":842,"height":12}},{"id":"f99accdd-d0f9-4825-9d6e-ea5312c97c36","block_type":"box","text":"made aware of certain corporate actions. There also may be instances where a Fund places a purchase order but is","page_number":51,"box":{"x":89,"y":558,"width":803,"height":12}},{"id":"da890dd7-bc3a-457b-855c-046d04db0d21","block_type":"box","text":"subsequently informed, at the time of re-registration, that the permissible allocation of the investment to foreign investors","page_number":51,"box":{"x":89,"y":573,"width":853,"height":12}},{"id":"f97ac010-489d-49e0-b273-a00e518645ff","block_type":"box","text":"has already been filled and, consequently, a Fund may not be able to invest in the relevant company.","page_number":51,"box":{"x":89,"y":588,"width":697,"height":12}},{"id":"8898cddd-9f30-4bf9-a60d-e83a64f64632","block_type":"box","text":"Substantial limitations may exist in certain Middle Eastern countries with respect to a Fund’s ability to repatriate investment","page_number":51,"box":{"x":88,"y":615,"width":866,"height":12}},{"id":"1a7e56d4-efe3-43d5-9a6f-ecf84624fdbc","block_type":"box","text":"income or capital gains. A Fund could be adversely affected by delays in, or a refusal to grant, any required governmental","page_number":51,"box":{"x":89,"y":630,"width":844,"height":12}},{"id":"3a7fea0f-477a-4f79-9e6e-f6120b86b042","block_type":"box","text":"approval for repatriation of capital, as well as by the application to a Fund of any restrictions on investment.","page_number":51,"box":{"x":89,"y":645,"width":750,"height":12}},{"id":"371e3814-457b-4fcf-96e2-e7bb8618e0b7","block_type":"box","text":"Certain Middle Eastern countries may be heavily dependent upon international trade and, consequently, have been and may","page_number":51,"box":{"x":89,"y":671,"width":867,"height":13}},{"id":"5b5977b3-8354-475e-8239-709cbad4a5c0","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":51,"box":{"x":89,"y":686,"width":873,"height":13}},{"id":"e5fcecbc-b1f9-4ee2-a741-8d01834bf220","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":51,"box":{"x":89,"y":702,"width":866,"height":12}},{"id":"a5474e1f-7505-423b-84dc-00c32e107af5","block_type":"box","text":"and may continue to be adversely impacted by economic conditions in the countries with which they trade. In addition,","page_number":51,"box":{"x":89,"y":717,"width":835,"height":12}},{"id":"f6c07497-e303-426b-be33-621dd4fe09ab","block_type":"box","text":"certain issuers located in Middle Eastern countries in which a Fund invests may operate in, or have dealings with, countries","page_number":51,"box":{"x":89,"y":732,"width":859,"height":12}},{"id":"5ca2cfac-b75d-4d27-a2d4-6ade83ed6b36","block_type":"box","text":"subject to sanctions and/or embargoes imposed by the U.S. government and the United Nations, and/or countries identified","page_number":51,"box":{"x":89,"y":747,"width":871,"height":12}},{"id":"45a25868-77d9-4d74-9afa-268eae79e706","block_type":"box","text":"by the U.S. government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":51,"box":{"x":89,"y":762,"width":835,"height":12}},{"id":"eb9ceb8f-6c33-4c84-ab74-9862436b595f","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers, will be","page_number":51,"box":{"x":89,"y":777,"width":863,"height":12}},{"id":"1a75da73-55d4-49f3-9ed4-b1e5e05adb62","block_type":"box","text":"indirectly subject to those risks.","page_number":51,"box":{"x":89,"y":792,"width":219,"height":13}},{"id":"dcfe4593-c910-42cf-9840-74b17918a8a2","block_type":"box","text":"Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes,","page_number":51,"box":{"x":89,"y":819,"width":830,"height":12}},{"id":"d1d690bf-b302-48c7-b2eb-dfb014f1aa4f","block_type":"box","text":"historical animosities, international alliances, defense concerns or other reasons, which may adversely affect the economies","page_number":51,"box":{"x":89,"y":834,"width":865,"height":12}},{"id":"60347c07-e49e-45c4-b11a-90c714c70811","block_type":"box","text":"of these Middle Eastern countries. Certain Middle Eastern countries experience significant unemployment, as well as","page_number":51,"box":{"x":89,"y":849,"width":814,"height":12}},{"id":"56b69d4e-4e27-45e4-b318-0ec5cc73d1f1","block_type":"box","text":"widespread underemployment. There has also been a recent increase in recruitment efforts and an aggressive push for","page_number":51,"box":{"x":88,"y":864,"width":832,"height":12}},{"id":"8d044158-e3d7-4c52-9c1c-2b35a5f4f0c0","block_type":"box","text":"28","page_number":51,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"de90b0cd-5481-48a1-8ea5-c078ce6f34b2","block_type":"box","text":"territorial control by terrorist groups in the region, which has led to an outbreak of warfare and hostilities. Warfare in Syria has","page_number":52,"box":{"x":88,"y":44,"width":880,"height":12}},{"id":"29a86d48-2433-430b-ae71-43c13a53a1bd","block_type":"box","text":"spread to surrounding areas, including many portions of Iraq and Turkey. Such hostilities may continue into the future or may","page_number":52,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"89c8c430-2047-4c8c-adbb-ba2f43470210","block_type":"box","text":"escalate at any time due to ethnic, racial, political, religious or ideological tensions between groups in the region or foreign","page_number":52,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"42f2bcd5-c471-4b4b-b197-f16c9f83370b","block_type":"box","text":"intervention or lack of intervention, among other factors.","page_number":52,"box":{"x":89,"y":89,"width":397,"height":13}},{"id":"0b40ee2d-b623-4243-8fe8-1e882eafd883","block_type":"box","text":"Risk of Investing in North America.","page_number":52,"box":{"x":89,"y":116,"width":250,"height":12}},{"id":"e091f7c4-53c9-4454-9ade-7ed19d10bb16","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations or an economic recession","page_number":52,"box":{"x":348,"y":116,"width":619,"height":12}},{"id":"32d6a757-0a5a-4dfa-b12e-24fd51f1b428","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":52,"box":{"x":89,"y":131,"width":862,"height":12}},{"id":"86141515-7bb6-405a-bcaa-e9646824d493","block_type":"box","text":"all of the North American countries in which a Fund invests.","page_number":52,"box":{"x":89,"y":146,"width":418,"height":10}},{"id":"58973c5b-a8bd-4f4a-8f96-28d3ef8d558a","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":52,"box":{"x":88,"y":172,"width":817,"height":13}},{"id":"1abdafdf-18f7-4fe3-b00b-2df3ed8f3f75","block_type":"box","text":"significantly affected by developments in the U.S. economy. Since the implementation of the North American Free Trade","page_number":52,"box":{"x":89,"y":188,"width":838,"height":12}},{"id":"c8cc3e89-74c2-41f0-8df4-09d0f0830971","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":52,"box":{"x":88,"y":203,"width":866,"height":12}},{"id":"5c535522-e42f-4aa4-9751-723ec70eca5b","block_type":"box","text":"increased. However, political developments including the implementation of tariffs by the U.S., and the renegotiation of","page_number":52,"box":{"x":89,"y":218,"width":832,"height":12}},{"id":"8ad6e4cc-caa0-42af-be88-642009eef2f1","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":52,"box":{"x":89,"y":233,"width":877,"height":12}},{"id":"a88e691c-b227-4aed-981f-719506b060e4","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":52,"box":{"x":89,"y":248,"width":819,"height":12}},{"id":"dc2c1d18-2cb9-4e70-b66b-ac00b15dab65","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":52,"box":{"x":89,"y":263,"width":872,"height":12}},{"id":"9b1b9521-687e-45dc-a720-eff558ac94f3","block_type":"box","text":"of certain securities held by a Fund.","page_number":52,"box":{"x":89,"y":278,"width":246,"height":13}},{"id":"10bbd524-71d6-4d3c-96c9-29b9edb1619f","block_type":"box","text":"Risk of Investing in Russia.","page_number":52,"box":{"x":89,"y":305,"width":190,"height":12}},{"id":"f1d9d5b5-27a6-429c-8927-9e68ec9772d6","block_type":"box","text":"Investing in the Russian securities market involves a high degree of risk and special","page_number":52,"box":{"x":289,"y":305,"width":578,"height":12}},{"id":"3767b436-b305-4a98-8d27-a5bc41e2702e","block_type":"box","text":"considerations not typically associated with investing in the U.S. securities market, and should be considered highly","page_number":52,"box":{"x":89,"y":320,"width":808,"height":12}},{"id":"b686fce3-8a95-4852-8ff5-29003a97f0b0","block_type":"box","text":"speculative. Risks include: the absence of developed legal structures governing private and foreign investments and private","page_number":52,"box":{"x":89,"y":335,"width":859,"height":12}},{"id":"5831995d-0d69-499e-98d3-537b6c81eda0","block_type":"box","text":"property; the possibility of the loss of all or a substantial portion of a Fund’s assets invested in Russia as a result of","page_number":52,"box":{"x":89,"y":350,"width":798,"height":12}},{"id":"9d94545f-a14b-4f19-b841-40505914c5d7","block_type":"box","text":"expropriation; certain national policies which may restrict the Fund’s investment opportunities, including, without limitation,","page_number":52,"box":{"x":89,"y":365,"width":870,"height":12}},{"id":"1d2c5625-00a0-4ac3-bbe4-18c81d012276","block_type":"box","text":"restrictions on investing in issuers or industries deemed sensitive to relevant national interests; and potentially greater price","page_number":52,"box":{"x":89,"y":380,"width":863,"height":13}},{"id":"6a2d6cd1-239a-4130-8600-e2ac14c3fc03","block_type":"box","text":"volatility in, significantly smaller capitalization of, and relative illiquidity of, the Russian market. There can also be no","page_number":52,"box":{"x":88,"y":395,"width":808,"height":13}},{"id":"514c5f7c-1cd7-4099-9a95-3f3461fd45e9","block_type":"box","text":"assurance that a Fund’s investments in the Russian securities market would not be expropriated, nationalized or otherwise","page_number":52,"box":{"x":89,"y":410,"width":856,"height":13}},{"id":"1e19808c-f31e-4430-89a8-e92078c96bbc","block_type":"box","text":"confiscated. In the event of the settlement of any such claims or such expropriation, nationalization or other confiscation, a","page_number":52,"box":{"x":89,"y":426,"width":862,"height":12}},{"id":"e6b7b852-a9f6-4c0e-b4ad-0fc551fa746a","block_type":"box","text":"Fund could lose its entire investment. In addition, it may be difficult and more costly to obtain and enforce a judgment in the","page_number":52,"box":{"x":89,"y":441,"width":869,"height":12}},{"id":"073b0717-543c-4522-8b2e-8c13a1ca730f","block_type":"box","text":"Russian court system.","page_number":52,"box":{"x":89,"y":456,"width":152,"height":12}},{"id":"d515ee49-5594-4433-af05-4dd92aef85dc","block_type":"box","text":"Russia may also be subject to a greater degree of economic, political and social instability than is the case in other developed","page_number":52,"box":{"x":89,"y":482,"width":873,"height":13}},{"id":"cb482f00-061a-4d10-8f27-e2fa3d462ccb","block_type":"box","text":"countries. Such instability may result from, among other things, the following: (i) an authoritarian government or military","page_number":52,"box":{"x":89,"y":497,"width":848,"height":13}},{"id":"a47bf1b5-cdcc-4155-833b-65a168533103","block_type":"box","text":"involvement in political and economic decision-making, including changes in government through extra-constitutional","page_number":52,"box":{"x":89,"y":513,"width":832,"height":12}},{"id":"15d459be-34e0-4103-8c57-ffe837c2c4a2","block_type":"box","text":"means; (ii) popular unrest associated with demands for improved political, economic and social conditions; (iii) internal","page_number":52,"box":{"x":89,"y":528,"width":834,"height":12}},{"id":"da791668-ff95-4613-9791-4d034fbf2959","block_type":"box","text":"insurgencies; (iv) hostile relations, including armed conflict, with neighboring countries; and (v) ethnic, religious and racial","page_number":52,"box":{"x":89,"y":543,"width":855,"height":12}},{"id":"2257e744-7080-4a88-97b5-5ae06fbbd758","block_type":"box","text":"disaffection.","page_number":52,"box":{"x":89,"y":558,"width":83,"height":10}},{"id":"d83a2f27-13bd-4b81-b347-dac6e15f0eed","block_type":"box","text":"The Russian economy is heavily dependent upon the export of a range of commodities including most industrial metals,","page_number":52,"box":{"x":88,"y":584,"width":842,"height":13}},{"id":"7de88087-6a01-44ac-ade8-2049da49cb4e","block_type":"box","text":"forestry products and oil and gas. Accordingly, it is strongly affected by international commodity prices and is particularly","page_number":52,"box":{"x":88,"y":599,"width":849,"height":13}},{"id":"6bc2e953-5d2e-4ec1-9675-a298eccee495","block_type":"box","text":"vulnerable to any weakening in global demand for these products. Any acts of terrorism or armed conflicts in Russia or","page_number":52,"box":{"x":88,"y":615,"width":832,"height":12}},{"id":"45895fba-25b4-46eb-a04f-211081c55420","block_type":"box","text":"internationally could have an adverse effect on the financial and commodities markets and the global economy. As Russia","page_number":52,"box":{"x":89,"y":630,"width":850,"height":12}},{"id":"8bde1962-119e-4de3-a4c9-b831f9275a56","block_type":"box","text":"produces and exports large amounts of crude oil and gas, any acts of terrorism or armed conflict causing disruptions of","page_number":52,"box":{"x":89,"y":645,"width":839,"height":12}},{"id":"28780f8a-1d86-4434-8bdd-59c6e262c868","block_type":"box","text":"Russian oil and gas exports could negatively affect the Russian economy and, thus, adversely affect the financial condition,","page_number":52,"box":{"x":89,"y":660,"width":858,"height":12}},{"id":"17fd8009-9104-4db2-970f-44420a0e2c5b","block_type":"box","text":"results of operations or prospects of related companies. Current and future economic sanctions may also adversely affect the","page_number":52,"box":{"x":89,"y":675,"width":876,"height":12}},{"id":"bae71443-cba6-471a-8361-83560117aa95","block_type":"box","text":"Russian oil, banking, mining, metals, rail, pipeline and gas sectors, among other sectors.","page_number":52,"box":{"x":89,"y":690,"width":614,"height":13}},{"id":"99d2c036-f588-4374-8c8b-e81385338d84","block_type":"box","text":"The Russian government may exercise substantial influence over many aspects of the private sector and may own or control","page_number":52,"box":{"x":88,"y":717,"width":871,"height":12}},{"id":"3033ccf8-50b5-46f4-9ef3-febbb126af0d","block_type":"box","text":"many companies. Future government actions could have a significant effect on the economic conditions in Russia, which","page_number":52,"box":{"x":89,"y":732,"width":847,"height":12}},{"id":"d11c77f6-efab-4663-8b0f-2ccb091c3fc1","block_type":"box","text":"could have a negative impact on private sector companies. There is also the possibility of diplomatic developments that could","page_number":52,"box":{"x":89,"y":747,"width":878,"height":12}},{"id":"110caa8b-ac60-41fb-8651-5e1ed4781b4e","block_type":"box","text":"adversely affect investments in Russia. In recent years, the Russian government has begun to take bolder steps to re-assert its","page_number":52,"box":{"x":89,"y":762,"width":878,"height":12}},{"id":"987e0651-cc6d-4f5e-b40b-e9079d9addd8","block_type":"box","text":"regional geopolitical influence (including military steps) and launched a large-scale invasion of Ukraine on February 24, 2022.","page_number":52,"box":{"x":89,"y":777,"width":874,"height":12}},{"id":"7522e270-920b-46d6-8eb3-b22cb14fe7ae","block_type":"box","text":"Additionally, Russia is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign","page_number":52,"box":{"x":88,"y":792,"width":851,"height":13}},{"id":"1e187872-a02f-446a-b9e7-26c180c9330a","block_type":"box","text":"governments. Such steps have increased tensions between Russia and its neighbors and Western countries and may","page_number":52,"box":{"x":89,"y":807,"width":815,"height":13}},{"id":"3956fa3d-b8ba-4715-b104-1746285e1dd0","block_type":"box","text":"negatively affect economic growth. Actual and threatened responses by other nation-states to Russia’s alleged cyber activity","page_number":52,"box":{"x":89,"y":822,"width":871,"height":13}},{"id":"25b30cee-1a3c-4171-b4e2-752ea2025141","block_type":"box","text":"may have an adverse impact on the Russian economy and the Russian issuers of securities in which a Fund invests. For","page_number":52,"box":{"x":89,"y":838,"width":832,"height":12}},{"id":"c50ed37b-5679-4cd7-81ef-a907895124f6","block_type":"box","text":"example, the U.S. has added certain foreign technology companies to the U.S. Department of Commerce’s Bureau of Industry","page_number":52,"box":{"x":89,"y":853,"width":877,"height":12}},{"id":"cd66e4dd-d778-441d-915b-5d1f60302a9e","block_type":"box","text":"29","page_number":52,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a25b637a-3d5b-4897-b762-65f518ec96ad","block_type":"box","text":"and Security’s “Entity List,” which is a list of companies believed to pose a national security risk to the U.S. Actions like these","page_number":53,"box":{"x":89,"y":44,"width":869,"height":12}},{"id":"93259c37-9915-4581-af9d-10cdebd7f9ed","block_type":"box","text":"may have unanticipated and disruptive effects on the Russian economy.","page_number":53,"box":{"x":89,"y":59,"width":500,"height":12}},{"id":"bf970afe-79b9-48db-b6c8-66bb3a6d4f1e","block_type":"box","text":"Russian invasion of Ukraine","page_number":53,"box":{"x":88,"y":85,"width":191,"height":12}},{"id":"6e8cfc89-4684-4827-a8d2-5209a9ab9044","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":53,"box":{"x":280,"y":85,"width":681,"height":13}},{"id":"281ccfdb-6e24-4d96-9878-d3eee2b76fd3","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":53,"box":{"x":89,"y":101,"width":870,"height":12}},{"id":"eb378b74-ffdd-4865-af1a-e1fe562717c2","block_type":"box","text":"the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian","page_number":53,"box":{"x":88,"y":116,"width":879,"height":12}},{"id":"65a03353-1875-4c39-9aa6-52bae6a4d1f0","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":53,"box":{"x":89,"y":131,"width":869,"height":12}},{"id":"fbdae48d-fb50-435c-8088-9e36a0f895d4","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":53,"box":{"x":89,"y":146,"width":811,"height":12}},{"id":"0ac40f16-39e0-4115-9db3-42f5b8961479","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":53,"box":{"x":89,"y":161,"width":862,"height":12}},{"id":"a387ab2c-37b2-4064-b4cb-17c4b609d675","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in which a Fund invests, or the","page_number":53,"box":{"x":89,"y":176,"width":863,"height":13}},{"id":"9fa7628a-0d88-41c0-81d3-c9faa4d9c815","block_type":"box","text":"economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact the markets for","page_number":53,"box":{"x":89,"y":191,"width":879,"height":13}},{"id":"9e1d080c-8bd5-4ca1-a4f2-000f6eb744da","block_type":"box","text":"certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":53,"box":{"x":89,"y":206,"width":858,"height":13}},{"id":"b7bf1a9e-2f27-469f-ae72-bf4fe36be511","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":53,"box":{"x":89,"y":222,"width":468,"height":12}},{"id":"025cff92-b3b8-436e-b4df-c658d7b9a35c","block_type":"box","text":"Russia Sanctions","page_number":53,"box":{"x":88,"y":249,"width":117,"height":9}},{"id":"ef5486f4-58f4-4195-91bf-4fec4d6aa10b","block_type":"box","text":". Governments in the U.S. and many other countries (collectively, the “Sanctioning Bodies”) have imposed","page_number":53,"box":{"x":207,"y":248,"width":738,"height":12}},{"id":"a76b840c-bea2-4195-825c-d887223d3caf","block_type":"box","text":"economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities,","page_number":53,"box":{"x":89,"y":263,"width":816,"height":12}},{"id":"b2f14a39-8e79-4e46-83a4-c32146da399c","block_type":"box","text":"including banning Russia from global payments systems that facilitate cross-border payments. The Sanctioning Bodies, or","page_number":53,"box":{"x":89,"y":278,"width":853,"height":13}},{"id":"414dafa1-58ee-401d-a8e7-daba4b1b2cc2","block_type":"box","text":"others, could also institute broader sanctions on Russia. These sanctions, or even the threat of further sanctions, may result","page_number":53,"box":{"x":89,"y":293,"width":865,"height":13}},{"id":"2629231a-d27e-409c-ae53-0a674df67a4c","block_type":"box","text":"in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the","page_number":53,"box":{"x":89,"y":308,"width":867,"height":13}},{"id":"5b1976be-4a96-425e-bd0d-37f00b467a64","block_type":"box","text":"Russian economy. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in","page_number":53,"box":{"x":89,"y":324,"width":854,"height":12}},{"id":"977280e3-1895-4ee0-b831-41902ff63ea9","block_type":"box","text":"prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Recently, Russia","page_number":53,"box":{"x":89,"y":339,"width":875,"height":12}},{"id":"ddffd575-3cb9-4f67-89d1-7b3b87202b01","block_type":"box","text":"has issued a number of countersanctions, some of which restrict the distribution of profits by limited liability companies (","page_number":53,"box":{"x":89,"y":354,"width":850,"height":12}},{"id":"e1290663-3f22-4644-86a4-18980948f660","block_type":"box","text":"e.g.","page_number":53,"box":{"x":940,"y":357,"width":23,"height":9}},{"id":"2c55d401-e8aa-4701-a816-32e66849e35e","block_type":"box","text":",","page_number":53,"box":{"x":965,"y":362,"width":2,"height":3}},{"id":"20ec5988-010f-4c83-9d69-6cdd84b48d1c","block_type":"box","text":"dividends), and prohibits Russian persons from entering into transactions with designated persons from “unfriendly states”","page_number":53,"box":{"x":89,"y":369,"width":864,"height":12}},{"id":"72e4f064-bc62-4f83-ab01-ef1dc29ec335","block_type":"box","text":"as well as the export of raw materials or other products from Russia to certain sanctioned persons.","page_number":53,"box":{"x":89,"y":384,"width":690,"height":12}},{"id":"60d30654-2d7a-4ec1-89bc-d47060efa85a","block_type":"box","text":"The sanctions against certain Russian issuers include prohibitions on transacting in or dealing in issuances of debt or equity","page_number":53,"box":{"x":88,"y":410,"width":868,"height":13}},{"id":"689934ed-f54b-4267-a7dc-9d30bddf7579","block_type":"box","text":"of such issuers. Compliance with each of these sanctions has and may continue to impair the ability of a Fund to buy, sell,","page_number":53,"box":{"x":89,"y":426,"width":851,"height":12}},{"id":"e312fa3c-5a9b-4c9b-8560-7eb0e188a507","block_type":"box","text":"hold, receive or deliver the affected securities or other securities of such issuers. If it becomes impracticable or unlawful for a","page_number":53,"box":{"x":89,"y":441,"width":870,"height":12}},{"id":"be7bf638-a3da-41c0-b92c-d5c46287a06a","block_type":"box","text":"Fund to hold securities subject to, or otherwise affected by, sanctions (collectively, “affected securities”), or if deemed","page_number":53,"box":{"x":89,"y":456,"width":820,"height":12}},{"id":"43363dce-408d-4dcf-8b18-3a7d5447621b","block_type":"box","text":"appropriate by BFA, a Fund may prohibit in-kind deposits of the affected securities in connection with creation transactions","page_number":53,"box":{"x":89,"y":471,"width":861,"height":12}},{"id":"78d0c0da-78fd-45ed-b93e-8fe6923cf717","block_type":"box","text":"and instead require a cash deposit, which may also increase a Fund’s transaction costs. A Fund may also be legally required","page_number":53,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"e5795701-8d55-4d3a-bd30-7badec9cf170","block_type":"box","text":"to freeze assets in a blocked account.","page_number":53,"box":{"x":88,"y":501,"width":260,"height":10}},{"id":"78610b98-90f0-46e5-a8c9-8db7490ee2f0","block_type":"box","text":"Sanctions have resulted in Russia taking counter measures or retaliatory actions, which has impaired the value and liquidity","page_number":53,"box":{"x":88,"y":528,"width":864,"height":12}},{"id":"ace00e94-4652-48b0-959c-4d9a653e7754","block_type":"box","text":"of Russian securities. These retaliatory measures include the immediate freeze of Russian assets held by a Fund. Due to such","page_number":53,"box":{"x":89,"y":543,"width":870,"height":12}},{"id":"abbf6d90-65f7-437f-a4c0-0c56f211766d","block_type":"box","text":"a freeze of these assets, including depositary receipts, a Fund may need to liquidate non-restricted assets in order to satisfy","page_number":53,"box":{"x":89,"y":558,"width":861,"height":12}},{"id":"68fabf68-969c-41b8-bae1-30587bc2f7d0","block_type":"box","text":"any Fund redemption orders. The liquidation of Fund assets during this time may also result in a Fund receiving substantially","page_number":53,"box":{"x":89,"y":573,"width":872,"height":12}},{"id":"e7ed624b-f228-42ca-a4bc-7b409700965a","block_type":"box","text":"lower prices for its securities. Russia may implement additional retaliatory measures, which may further impair the value and","page_number":53,"box":{"x":89,"y":588,"width":871,"height":12}},{"id":"32d4e06f-8989-476d-a884-de4582bea271","block_type":"box","text":"liquidity of Russian securities and the ability of the Fund to receive dividend payments. Recently, Russia has issued a number","page_number":53,"box":{"x":89,"y":603,"width":869,"height":13}},{"id":"eb811376-da26-4e89-9057-6b2045a4070b","block_type":"box","text":"of countersanctions, some of which restrict the distribution of profits by limited liability companies (","page_number":53,"box":{"x":89,"y":618,"width":700,"height":13}},{"id":"6db400b8-30af-43a0-9108-78836689fef0","block_type":"box","text":"e.g.","page_number":53,"box":{"x":790,"y":621,"width":23,"height":10}},{"id":"9032c233-f5b9-41cd-aea0-47b4f6c356fc","block_type":"box","text":", dividends), and","page_number":53,"box":{"x":815,"y":618,"width":114,"height":13}},{"id":"c694d58f-7065-4582-8533-ef926fbae8a2","block_type":"box","text":"prohibits Russian persons from entering into transactions with designated persons from “unfriendly states” as well as the","page_number":53,"box":{"x":89,"y":633,"width":850,"height":13}},{"id":"fff43780-69b5-4afd-b75c-aa7b71904f90","block_type":"box","text":"export of raw materials or other products from Russia to certain sanctioned persons. Russian companies may be unable to","page_number":53,"box":{"x":89,"y":649,"width":857,"height":12}},{"id":"8be2547a-e2da-478e-924d-ffefa24d9a8d","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable to receive them.","page_number":53,"box":{"x":89,"y":664,"width":571,"height":12}},{"id":"0486525c-2c71-4903-b63d-4cbcf85c40a4","block_type":"box","text":"These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident","page_number":53,"box":{"x":88,"y":690,"width":844,"height":13}},{"id":"9bf57cf0-d5a6-41b7-b1b1-b5e784288961","block_type":"box","text":"investors from executing security sales, and other events have led to changes in the Fund’s Underlying Index. The Fund’s","page_number":53,"box":{"x":89,"y":705,"width":844,"height":13}},{"id":"500509fc-0375-48d6-a36b-46c26a7f9f03","block_type":"box","text":"Index Provider has removed Russian securities from the Underlying Index. To the extent that the Fund rebalances its portfolio","page_number":53,"box":{"x":89,"y":720,"width":875,"height":13}},{"id":"197f3167-83c4-4944-83ec-f46e3b6f0c64","block_type":"box","text":"and trades in non-Russian securities to seek to track the investment results of the underlying index, this may result in","page_number":53,"box":{"x":89,"y":736,"width":819,"height":12}},{"id":"398b6b74-f256-49c5-a42c-c46c27e407ce","block_type":"box","text":"transaction costs and increased tracking error. The Fund is currently restricted from trading in Russian securities, including","page_number":53,"box":{"x":88,"y":751,"width":858,"height":12}},{"id":"2dea99b1-a222-411e-a55e-3fed041edab7","block_type":"box","text":"those in its portfolio, while the Underlying Index has removed Russian securities. This disparity will also lead to increased","page_number":53,"box":{"x":88,"y":766,"width":844,"height":12}},{"id":"3c653444-1ffb-48b0-82b9-ec430922e523","block_type":"box","text":"tracking error. The inability of the Fund to trade in Russian securities may adversely affect the Fund’s ability to meet its","page_number":53,"box":{"x":88,"y":781,"width":828,"height":12}},{"id":"c2d0e65b-2850-4a89-afc6-1619675e4d0d","block_type":"box","text":"investment objective. It is unknown when, or if, sanctions may be lifted or the Fund’s ability to trade in Russian securities will","page_number":53,"box":{"x":89,"y":796,"width":870,"height":12}},{"id":"a4fde9d2-cab4-46ee-bfbf-e1cd817c3f4a","block_type":"box","text":"resume.","page_number":53,"box":{"x":89,"y":814,"width":54,"height":7}},{"id":"40941d2a-2b20-431c-8740-67844d41dca4","block_type":"box","text":"Also, if an affected security is included in a Fund’s underlying index, a Fund may, where practicable, seek to eliminate its","page_number":53,"box":{"x":88,"y":838,"width":838,"height":12}},{"id":"e07ca4e9-7942-4ca2-b387-e582995dfe79","block_type":"box","text":"holdings of the affected security by employing or augmenting its representative sampling strategy to seek to track the","page_number":53,"box":{"x":89,"y":853,"width":824,"height":12}},{"id":"e42b6a85-bfb4-4423-a68e-8b9000c8ba2b","block_type":"box","text":"30","page_number":53,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1fbab47a-e88d-4e92-b128-167d82382c11","block_type":"box","text":"investment results of its underlying index. The use of (or increased use of ) a representative sampling strategy may increase a","page_number":54,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"c2461e26-fb56-461f-81cd-84bb1e024735","block_type":"box","text":"Fund’s tracking error risk. If the affected securities constitute a significant percentage of the underlying index, a Fund may","page_number":54,"box":{"x":89,"y":59,"width":854,"height":12}},{"id":"54d10adc-bba9-4143-83d4-9e1c1bf729b4","block_type":"box","text":"not be able to effectively implement a representative sampling strategy, which may result in significant tracking error","page_number":54,"box":{"x":89,"y":74,"width":816,"height":12}},{"id":"aec7a788-6b60-45e7-8f99-b05502985795","block_type":"box","text":"between a Fund’s performance and the performance of its underlying index.","page_number":54,"box":{"x":89,"y":89,"width":533,"height":13}},{"id":"d4e4e4f6-33e7-4c81-909d-cf24d3713313","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":54,"box":{"x":89,"y":116,"width":236,"height":12}},{"id":"c43db2d7-5f9f-4dd9-8b14-a293c54f450a","block_type":"box","text":"The ability of foreign investors (such as the Funds) to invest in the securities of Saudi","page_number":54,"box":{"x":337,"y":116,"width":594,"height":12}},{"id":"0292348d-499f-47eb-a86b-e9faeae43bf0","block_type":"box","text":"Arabian issuers is relatively new. Such ability could be restricted by the Saudi Arabian government at any time, and","page_number":54,"box":{"x":88,"y":131,"width":801,"height":12}},{"id":"577efb09-6b97-4914-b44b-617dfd20367d","block_type":"box","text":"unforeseen risks could materialize with respect to foreign ownership in such securities. In addition, the Capital Market","page_number":54,"box":{"x":89,"y":146,"width":824,"height":12}},{"id":"e34d11c5-4747-40e2-9f11-73984b4e0833","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of the securities of Saudi Arabian issuers by foreign","page_number":54,"box":{"x":88,"y":161,"width":828,"height":12}},{"id":"9f47bad8-26e9-4d59-8224-113dc9ee9a02","block_type":"box","text":"investors, including a limitation on a Fund’s ownership of the securities of any single issuer listed on the Saudi Arabian Stock","page_number":54,"box":{"x":89,"y":176,"width":871,"height":13}},{"id":"a5b3997e-69c5-4428-8316-8f8c666831b3","block_type":"box","text":"Exchange, which may prevent a Fund from investing in accordance with its strategy. These restrictions may be changed or","page_number":54,"box":{"x":89,"y":191,"width":856,"height":13}},{"id":"bf1202b2-de6b-4661-a5b0-fed0858e5c18","block_type":"box","text":"new restrictions, such as licensing requirements, special approvals or additional foreign taxes, may be instituted at any time.","page_number":54,"box":{"x":89,"y":206,"width":867,"height":13}},{"id":"046ba820-094b-488f-a6b3-43106d2798bf","block_type":"box","text":"A Fund may not be able to obtain or maintain any such licenses or approvals and may not be able to buy and sell securities at","page_number":54,"box":{"x":88,"y":222,"width":878,"height":12}},{"id":"3ba8823d-f860-4ba7-bb61-c2c5492d21dd","block_type":"box","text":"full value. Major disruptions or regulatory changes could occur in the Saudi Arabian market, any of which could negatively","page_number":54,"box":{"x":88,"y":237,"width":857,"height":12}},{"id":"44286cdf-6f67-432f-a830-4e319afd52ce","block_type":"box","text":"impact a Fund. These risks may be exacerbated, compared to more developed markets, given the limited history of foreign","page_number":54,"box":{"x":89,"y":252,"width":855,"height":12}},{"id":"dad5200d-6f4f-48cc-ab9b-3fb6086d9a11","block_type":"box","text":"investment in the Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or","page_number":54,"box":{"x":89,"y":267,"width":839,"height":12}},{"id":"9879e8bf-aa3c-4f18-b62b-028f7a12ae09","block_type":"box","text":"nationalization of assets and property or the imposition of restrictions on additional foreign investments and repatriation of","page_number":54,"box":{"x":89,"y":282,"width":863,"height":12}},{"id":"09e9e39d-d75b-4ae7-a7fc-60b66dcfe8c5","block_type":"box","text":"capital. Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":54,"box":{"x":89,"y":297,"width":876,"height":12}},{"id":"a3db5bf9-9b66-4441-9de4-2a82f1ef7a43","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":54,"box":{"x":89,"y":312,"width":830,"height":13}},{"id":"43957454-3887-4f2a-919c-64686c80d4b7","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi Arabia has","page_number":54,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"5304e98d-f631-4599-b09a-431dc6a7893a","block_type":"box","text":"privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized companies may face","page_number":54,"box":{"x":89,"y":342,"width":832,"height":13}},{"id":"5d098141-2004-4bd4-a28f-b421a0a43b78","block_type":"box","text":"strong competition from government-sponsored competitors that have not been privatized. In some instances, investors in","page_number":54,"box":{"x":89,"y":358,"width":860,"height":12}},{"id":"5ecdcb5b-c9b6-4a7b-b269-fa832181e277","block_type":"box","text":"newly privatized entities have suffered losses due to the inability of the newly privatized entities to adjust quickly to a","page_number":54,"box":{"x":89,"y":373,"width":814,"height":12}},{"id":"68eac99a-c173-47c2-9eb7-dc3acabfe5b0","block_type":"box","text":"competitive environment or changing regulatory and legal standards or, in some cases, due to re-nationalization of such","page_number":54,"box":{"x":89,"y":388,"width":840,"height":12}},{"id":"b8dff875-b961-4e07-8f2d-739dd9196ac1","block_type":"box","text":"privatized entities. There is no assurance that similar losses will not recur. Further, under income tax laws imposed by the","page_number":54,"box":{"x":89,"y":403,"width":844,"height":12}},{"id":"bf379e57-ef89-427f-97c9-61c60a8b0d9e","block_type":"box","text":"General Authority of Zakat and Tax, dividends paid by a Saudi Arabian company to foreign stockholders are generally subject","page_number":54,"box":{"x":89,"y":418,"width":874,"height":12}},{"id":"6290fc71-e445-4570-8873-fe944b24af81","block_type":"box","text":"to a 5% withholding tax (different tax rates may apply pursuant to an applicable treaty). Saudi Arabia is highly reliant on","page_number":54,"box":{"x":88,"y":433,"width":840,"height":13}},{"id":"48dea5ee-1ed3-4292-8634-f834f723fedc","block_type":"box","text":"income from the sale of petroleum and trade with other countries involved in the sale of petroleum, and its economy is","page_number":54,"box":{"x":89,"y":448,"width":831,"height":13}},{"id":"c07b2ce4-1ffa-4dca-a36e-aa41fcf73f61","block_type":"box","text":"therefore vulnerable to changes in foreign currency values and the market for petroleum, as well as acts targeting petroleum","page_number":54,"box":{"x":88,"y":463,"width":870,"height":13}},{"id":"7e05fc98-532b-40ec-aee8-a912546b8968","block_type":"box","text":"production or processing facilities in Saudi Arabia. As global demand for petroleum fluctuates, Saudi Arabia may be","page_number":54,"box":{"x":89,"y":479,"width":807,"height":12}},{"id":"7b08e4f9-5079-44b7-8c83-95452627fb73","block_type":"box","text":"significantly impacted. In the recent past, the Saudi Arabian government has explored privatization and diversification of the","page_number":54,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"51564db8-4c02-4cd5-af4b-d255f0dd1a6c","block_type":"box","text":"economy in the wake of a diminished petroleum market.","page_number":54,"box":{"x":89,"y":509,"width":394,"height":12}},{"id":"0a5e27e4-ede7-43b7-88fc-3503499d3889","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over many aspects of","page_number":54,"box":{"x":89,"y":535,"width":876,"height":13}},{"id":"7149c325-dfc3-4629-b72a-5d4b852c7fb9","block_type":"box","text":"the private sector. Although liberalization in the wider economy is underway, in many areas it has lagged significantly:","page_number":54,"box":{"x":88,"y":550,"width":822,"height":13}},{"id":"3f8267a2-06e7-48d6-8665-bb44bdfddd42","block_type":"box","text":"restrictions on foreign ownership persist, and the government has an ownership stake in many key industries. The situation is","page_number":54,"box":{"x":89,"y":565,"width":878,"height":13}},{"id":"8401f280-0588-43cd-89e2-031f664887e7","block_type":"box","text":"exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi Arabia has historically experienced","page_number":54,"box":{"x":89,"y":581,"width":847,"height":12}},{"id":"42d355b5-166f-4963-8f91-0774d13426cc","block_type":"box","text":"strained relations with economic partners worldwide, including other countries in the Middle East, due to geopolitical events.","page_number":54,"box":{"x":89,"y":596,"width":874,"height":12}},{"id":"ac938224-1c22-4ef6-b3da-c3164f9c6700","block_type":"box","text":"Incidents involving a Middle Eastern country’s or the region’s security, including terrorism, may cause uncertainty in their","page_number":54,"box":{"x":89,"y":611,"width":847,"height":12}},{"id":"d02439aa-08aa-45d7-aa29-ca3e568fb4b4","block_type":"box","text":"markets and may adversely affect its economy and a Fund’s investments.","page_number":54,"box":{"x":89,"y":626,"width":510,"height":12}},{"id":"4db79a34-694b-458c-b65d-57e0c66e301e","block_type":"box","text":"Governmental actions in the future could have a significant effect on economic conditions in Saudi Arabia, which could affect","page_number":54,"box":{"x":89,"y":652,"width":877,"height":13}},{"id":"b9b9a0d0-42e1-451f-b40f-468ae1be8066","block_type":"box","text":"private sector companies and a Fund, as well as the value of securities in a Fund’s portfolio. Any economic sanctions on","page_number":54,"box":{"x":89,"y":668,"width":836,"height":12}},{"id":"e13dff53-bae1-4d5d-9bcf-3a2ca6bee239","block_type":"box","text":"Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat of sanctions, may result in the decline of the","page_number":54,"box":{"x":88,"y":683,"width":872,"height":12}},{"id":"2f3ff23b-b193-4982-8455-26df6a75f02f","block_type":"box","text":"value and liquidity of Saudi Arabian securities, a weakening of the Saudi riyal or other adverse consequences to the Saudi","page_number":54,"box":{"x":88,"y":698,"width":847,"height":12}},{"id":"07d39c73-bb9e-4d16-a27f-7744ece6471f","block_type":"box","text":"Arabian economy. Any sanctions could also result in the immediate freeze of Saudi Arabian securities and/or funds investing","page_number":54,"box":{"x":88,"y":713,"width":872,"height":12}},{"id":"344d0537-48b7-49ad-ace5-875b06ba1090","block_type":"box","text":"in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. In addition,","page_number":54,"box":{"x":89,"y":728,"width":859,"height":12}},{"id":"0a0d3ac3-bbf8-40f1-821e-dc065820b2c7","block_type":"box","text":"Saudi Arabia’s economy relies heavily on cheap, foreign labor, and changes in the availability of this labor supply could have","page_number":54,"box":{"x":88,"y":743,"width":864,"height":12}},{"id":"e80f16eb-86eb-46b5-87e2-d54962fe39df","block_type":"box","text":"an adverse effect on the economy.","page_number":54,"box":{"x":89,"y":758,"width":238,"height":13}},{"id":"b597ec5e-76f5-4b01-a167-a404e24d1ad2","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result, securities markets in","page_number":54,"box":{"x":88,"y":785,"width":871,"height":12}},{"id":"217a53ca-17d5-49cb-bf8f-b3f56b761f0f","block_type":"box","text":"Saudi Arabia are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume,","page_number":54,"box":{"x":88,"y":800,"width":865,"height":12}},{"id":"1fd7296d-01e8-42c3-952a-e894f5bb21b5","block_type":"box","text":"illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control","page_number":54,"box":{"x":89,"y":815,"width":860,"height":12}},{"id":"523c7313-1946-4830-88fe-4eebe3ffac94","block_type":"box","text":"and heavy regulation of labor and industry. Shares of certain Saudi Arabian companies tend to trade less frequently than","page_number":54,"box":{"x":89,"y":830,"width":840,"height":12}},{"id":"8cb40bda-bfc8-41c1-b578-09d8ec7d0fb8","block_type":"box","text":"those of companies on exchanges in more developed markets. Such infrequent trading may adversely affect the pricing of","page_number":54,"box":{"x":88,"y":845,"width":855,"height":12}},{"id":"b60bee5f-06dd-48c0-ad8b-144d788615e8","block_type":"box","text":"these securities and a Fund’s ability to sell these securities in the future.","page_number":54,"box":{"x":88,"y":860,"width":500,"height":13}},{"id":"94c50b23-2f04-4adf-b6cb-46db35697857","block_type":"box","text":"31","page_number":54,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"f7c5e012-bae9-4862-b4c2-fdbb711378fa","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political instability,","page_number":55,"box":{"x":88,"y":44,"width":866,"height":12}},{"id":"0e7f0243-a849-4110-be6a-2c19bcb71023","block_type":"box","text":"and there remains the possibility that the stability will not hold in the future or that instability in the larger Middle East region","page_number":55,"box":{"x":89,"y":59,"width":872,"height":12}},{"id":"67d0be81-8a2c-4a32-895d-e1fc897b7c48","block_type":"box","text":"could adversely impact the economy of Saudi Arabia. Instability may be caused by military developments, government","page_number":55,"box":{"x":89,"y":74,"width":827,"height":12}},{"id":"92e519e6-6427-47d3-b7cf-648e8582663c","block_type":"box","text":"interventions in the marketplace, terrorism, extremist attitudes, attempted social or political reforms, religious differences, or","page_number":55,"box":{"x":89,"y":89,"width":870,"height":13}},{"id":"564c25fc-4480-489b-8804-9ba9728175c4","block_type":"box","text":"other factors. Additionally, anti-Western views held by certain groups in the Middle East may influence government policies","page_number":55,"box":{"x":89,"y":104,"width":861,"height":13}},{"id":"032e2a07-ef51-4f4f-86cd-b7e611b15750","block_type":"box","text":"regarding foreign investment. Further developments in U.S. relations with Saudi Arabia and other Middle-Eastern countries","page_number":55,"box":{"x":89,"y":119,"width":858,"height":13}},{"id":"10ce84ab-1f65-47c3-b4b6-a5e73bf85b8a","block_type":"box","text":"may affect these attitudes and policies. The U.S. is a significant trading partner of, or foreign investor in, Saudi Arabia. As a","page_number":55,"box":{"x":89,"y":135,"width":853,"height":12}},{"id":"aa094654-58d8-4d93-89fe-f4b93666ad1f","block_type":"box","text":"result, economic conditions of Saudi Arabia may be particularly affected by changes in the U.S. economy. A decrease in U.S.","page_number":55,"box":{"x":89,"y":150,"width":862,"height":12}},{"id":"d89609b2-683f-4c6a-8319-432defa503da","block_type":"box","text":"imports or exports, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":55,"box":{"x":89,"y":165,"width":849,"height":12}},{"id":"3ec5263e-ce84-4d3f-bcae-bf3a4762b8af","block_type":"box","text":"slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia and, as a result,","page_number":55,"box":{"x":89,"y":180,"width":817,"height":12}},{"id":"dab65aa7-a4bd-4d97-8ee3-d821d8648f41","block_type":"box","text":"securities to which a Fund has exposure. Political instability in North Africa and the larger Middle East region has caused","page_number":55,"box":{"x":89,"y":195,"width":840,"height":12}},{"id":"98a59a78-bbfd-490f-849a-8bc10136879d","block_type":"box","text":"significant disruptions to many industries. Continued political and social unrest in these areas may negatively affect the value","page_number":55,"box":{"x":89,"y":210,"width":874,"height":13}},{"id":"9c93d4c6-4596-48ce-9e6f-ed4429eb6f8b","block_type":"box","text":"of securities in a Fund’s portfolio.","page_number":55,"box":{"x":89,"y":225,"width":231,"height":13}},{"id":"b9c67849-4efa-4b0b-a2fe-b7539ec4f1c0","block_type":"box","text":"Certain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions and/or","page_number":55,"box":{"x":89,"y":252,"width":806,"height":12}},{"id":"62f6b618-855d-4aeb-8311-46a7521eae2a","block_type":"box","text":"embargoes imposed by the U.S. government and the United Nations and/or countries identified by the U.S. government as","page_number":55,"box":{"x":89,"y":267,"width":856,"height":12}},{"id":"e199a287-b9f6-45a2-8508-b41e46cb4079","block_type":"box","text":"state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is identified as an issuer which","page_number":55,"box":{"x":89,"y":282,"width":850,"height":12}},{"id":"6b8f4260-6c15-4167-b697-f3eed1887eec","block_type":"box","text":"operates in, or has dealings with, such countries. A Fund, as an investor in such issuers, will be indirectly subject to those","page_number":55,"box":{"x":89,"y":297,"width":845,"height":12}},{"id":"d2c81568-82c6-40e6-ab35-aa4a498ab565","block_type":"box","text":"risks.","page_number":55,"box":{"x":89,"y":312,"width":34,"height":10}},{"id":"c0484c74-5966-4b03-a3cb-4b82c5b0ffa1","block_type":"box","text":"Risk of Investing in Taiwan.","page_number":55,"box":{"x":89,"y":339,"width":195,"height":12}},{"id":"9840942b-ecdd-4e00-bf99-44f3e19d7164","block_type":"box","text":"Investment in Taiwanese issuers will subject a Fund to loss in the event of adverse political,","page_number":55,"box":{"x":294,"y":339,"width":634,"height":12}},{"id":"f9562916-348f-4bd1-a17e-df9dda6eaffd","block_type":"box","text":"economic, regulatory and other developments that affect Taiwan, including fluctuations of the New Taiwan dollar versus the","page_number":55,"box":{"x":89,"y":354,"width":870,"height":12}},{"id":"0bfa34f7-ceb0-4086-8bee-4b616ec49f19","block_type":"box","text":"U.S. dollar. Taiwan has few natural resources. Any fluctuation or shortage in the commodity markets could have a negative","page_number":55,"box":{"x":89,"y":369,"width":857,"height":12}},{"id":"2805a331-f774-4773-b1b8-9c1af584cd7c","block_type":"box","text":"impact on the Taiwanese economy. Appreciation of the New Taiwan dollar, rising labor costs, and increasing environmental","page_number":55,"box":{"x":89,"y":384,"width":861,"height":12}},{"id":"96aed57b-4a8a-46c2-ac87-c779ebf63aa5","block_type":"box","text":"consciousness have led some labor-intensive industries to relocate to other countries with cheaper work forces. Continued","page_number":55,"box":{"x":89,"y":399,"width":859,"height":13}},{"id":"9a035315-16bb-4ab0-9c50-3acddc49efac","block_type":"box","text":"labor outsourcing may adversely affect the Taiwanese economy. Taiwanese firms are among the world’s largest suppliers of","page_number":55,"box":{"x":89,"y":414,"width":865,"height":13}},{"id":"047597d3-559e-4afd-8fcd-831c773a07ea","block_type":"box","text":"computer monitors and leaders in personal computer manufacturing. A slowdown in global demand for these products will","page_number":55,"box":{"x":89,"y":429,"width":865,"height":13}},{"id":"f5bcf00b-75f4-4f01-ae34-ac21c38dbb43","block_type":"box","text":"likely have an adverse impact on the Taiwanese economy. The Chinese government views Taiwan as a renegade province and","page_number":55,"box":{"x":89,"y":445,"width":876,"height":12}},{"id":"4658a180-b4db-438f-bcbf-1473741985ca","block_type":"box","text":"continues to contest Taiwan’s sovereignty. The outbreak of hostilities between the two nations, or even the threat of an","page_number":55,"box":{"x":89,"y":460,"width":833,"height":12}},{"id":"bfcf55c8-312f-4dcf-ac45-20ebf5ab5811","block_type":"box","text":"outbreak of hostilities, will likely adversely impact the Taiwanese economy. Such risks, among others, may adversely affect","page_number":55,"box":{"x":89,"y":475,"width":854,"height":12}},{"id":"3c6a6103-2386-4b99-b6c7-b2422158244b","block_type":"box","text":"the value of a Fund’s investments.","page_number":55,"box":{"x":88,"y":490,"width":237,"height":10}},{"id":"74e986e3-bd7f-4c1a-b5e1-e858e327f9ca","block_type":"box","text":"U.S. Economic Trading Partners Risk.","page_number":55,"box":{"x":89,"y":516,"width":264,"height":13}},{"id":"2aab6cc7-d77b-43b1-abf5-1a75925a5c9d","block_type":"box","text":"The U.S. is a significant, and in some cases the most significant, trading partner of, or","page_number":55,"box":{"x":362,"y":516,"width":597,"height":13}},{"id":"16f0581c-45ae-4bea-8d4b-2d9d56cc4e2c","block_type":"box","text":"foreign investor in, certain countries in which a Fund invests. As a result, economic conditions of such countries may be","page_number":55,"box":{"x":88,"y":531,"width":838,"height":13}},{"id":"31930287-850e-46d8-a4d1-ea603db74ead","block_type":"box","text":"particularly affected by changes in the U.S. economy. A decrease in U.S. imports or exports, new trade and financial","page_number":55,"box":{"x":89,"y":547,"width":803,"height":12}},{"id":"51b3cb65-3a29-4357-aa5e-c9399d716dce","block_type":"box","text":"regulations or tariffs, changes in the U.S. dollar exchange rate or an economic slowdown in the U.S. may have a material","page_number":55,"box":{"x":89,"y":562,"width":838,"height":12}},{"id":"74f359d2-ff6d-4dff-af26-0486c945c0e8","block_type":"box","text":"adverse effect on a country’s economic conditions and, as a result, securities to which a Fund has exposure. Circumstances","page_number":55,"box":{"x":89,"y":577,"width":862,"height":12}},{"id":"ed43a297-3f2c-4f3d-8614-d893495c3d6b","block_type":"box","text":"could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the","page_number":55,"box":{"x":89,"y":592,"width":838,"height":12}},{"id":"880a2245-a3a5-478f-abf3-d7ffdfa4e756","block_type":"box","text":"legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the","page_number":55,"box":{"x":89,"y":607,"width":874,"height":12}},{"id":"9fb9bcf4-e328-430d-851f-0b539c3ecd4f","block_type":"box","text":"global financial system.","page_number":55,"box":{"x":89,"y":622,"width":162,"height":12}},{"id":"cbd83326-d40c-4e5b-ad79-7360b54f2dc2","block_type":"box","text":"There are strained relations between the U.S. and a number of foreign countries. If these relations were to worsen, it could","page_number":55,"box":{"x":88,"y":649,"width":854,"height":12}},{"id":"571a771e-5f2e-410b-880d-84ef43611bdf","block_type":"box","text":"adversely affect U.S. issuers as well as non-U.S. issuers that rely on the U.S. for trade. The U.S. has also experienced increased","page_number":55,"box":{"x":89,"y":664,"width":873,"height":12}},{"id":"4030d730-9131-4b1f-89e7-08ef76b73540","block_type":"box","text":"internal unrest and discord. If this trend were to continue, it may have an adverse impact on the U.S. economy and many of","page_number":55,"box":{"x":89,"y":679,"width":862,"height":12}},{"id":"d50dbad9-d853-4086-92b1-d8af45436efc","block_type":"box","text":"the issuers in which a Fund invests.","page_number":55,"box":{"x":88,"y":694,"width":247,"height":10}},{"id":"91d6c8c7-237b-41e7-8673-e711f98d6194","block_type":"box","text":"Risk of Investing in the Basic Materials Industry.","page_number":55,"box":{"x":89,"y":720,"width":344,"height":13}},{"id":"e140c959-3b3d-4eb7-b1f9-3f8aadefac48","block_type":"box","text":"Issuers in the basic materials industry could be adversely affected by","page_number":55,"box":{"x":443,"y":720,"width":477,"height":13}},{"id":"e7541175-8ce6-4c13-8349-dc4f28f35279","block_type":"box","text":"commodity price volatility, inflation, exchange rate fluctuations, social and political unrest, import controls and increased","page_number":55,"box":{"x":89,"y":736,"width":845,"height":12}},{"id":"980f4a81-5e61-4139-8de7-7c5571153a28","block_type":"box","text":"competition. Companies in the basic materials industry may be subject to swift fluctuations in supply and demand.","page_number":55,"box":{"x":89,"y":751,"width":804,"height":12}},{"id":"d28e28a4-9625-405a-b424-85adc5b22c94","block_type":"box","text":"Fluctuations may be caused by events relating to political and economic developments, the environmental impact of basic","page_number":55,"box":{"x":89,"y":766,"width":854,"height":12}},{"id":"ba49ab26-2f96-4f04-8600-9d0f0c9440f5","block_type":"box","text":"materials operations, and the success of exploration projects. Production of industrial materials often exceeds demand as a","page_number":55,"box":{"x":89,"y":781,"width":862,"height":12}},{"id":"8b287499-7eb2-4e55-99f5-0a5dd883b6f8","block_type":"box","text":"result of over-building or economic downturns, leading to poor investment returns. Issuers in the basic materials industry are","page_number":55,"box":{"x":89,"y":796,"width":875,"height":12}},{"id":"8b164466-41c8-4df5-b6a6-9d0ef9945837","block_type":"box","text":"at risk for environmental damage and product liability claims and may be adversely affected by depletion of resources, delays","page_number":55,"box":{"x":89,"y":811,"width":874,"height":12}},{"id":"3418a2ca-f87b-4117-a0b2-2094b0bdbea1","block_type":"box","text":"in technical progress, labor relations, tax and government regulations related to changes to, among other things, energy and","page_number":55,"box":{"x":89,"y":826,"width":871,"height":13}},{"id":"be523797-9089-4b22-b3aa-e4666c48606b","block_type":"box","text":"environmental policies.","page_number":55,"box":{"x":89,"y":841,"width":160,"height":13}},{"id":"65511ff5-5c1c-412f-a893-954f102808e8","block_type":"box","text":"32","page_number":55,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"78e6d28e-9a3b-4479-bbe1-12ee72a9a9ee","block_type":"box","text":"Risk of Investing in the Communication Services Sector.","page_number":56,"box":{"x":89,"y":44,"width":401,"height":12}},{"id":"ac2c8464-2a70-44a7-81ba-41061595e94e","block_type":"box","text":"The communication services sector consists of both companies in","page_number":56,"box":{"x":498,"y":44,"width":464,"height":12}},{"id":"ab50dfd2-0f7f-4575-89fb-4f5fb620f43d","block_type":"box","text":"the telecommunication services industry as well as those in the media and entertainment industry. Examples of companies in","page_number":56,"box":{"x":88,"y":59,"width":877,"height":12}},{"id":"32916516-696f-4e4e-b3b0-748af8727fa1","block_type":"box","text":"the telecommunication services industry group include providers of fiber-optic, fixed-line, cellular and wireless","page_number":56,"box":{"x":88,"y":74,"width":774,"height":12}},{"id":"0b8363e9-808c-4f53-a676-910ba3463b3a","block_type":"box","text":"telecommunications networks. Companies in the media and entertainment industry group encompass a variety of services","page_number":56,"box":{"x":88,"y":89,"width":860,"height":13}},{"id":"cda9cd3e-cd49-47d5-b51d-365462093c9a","block_type":"box","text":"and products including television broadcasting, gaming products, social media, networking platforms, online classifieds,","page_number":56,"box":{"x":89,"y":104,"width":841,"height":13}},{"id":"164117ae-4141-4508-946c-000cc1030b9a","block_type":"box","text":"online review websites, and Internet search engines. Companies in the communication services sector may be affected by","page_number":56,"box":{"x":89,"y":119,"width":851,"height":13}},{"id":"85ee6e89-5f76-4fe3-a503-9c670f5f21e1","block_type":"box","text":"industry competition, substantial capital requirements, government regulation, and obsolescence of communications","page_number":56,"box":{"x":89,"y":135,"width":822,"height":12}},{"id":"dd566da6-3141-4095-88d5-02510f235aae","block_type":"box","text":"products and services due to technological advancement. Fluctuating domestic and international demand, shifting","page_number":56,"box":{"x":89,"y":150,"width":803,"height":12}},{"id":"cc037f91-e0c5-4220-986a-f838b98fc217","block_type":"box","text":"demographics and often unpredictable changes in consumer tastes can drastically affect a communication services","page_number":56,"box":{"x":89,"y":165,"width":808,"height":12}},{"id":"4a862b1b-cb54-444f-a725-d40ab781d21b","block_type":"box","text":"company’s profitability. In addition, while all companies may be susceptible to network security breaches, certain companies","page_number":56,"box":{"x":89,"y":180,"width":870,"height":12}},{"id":"0865d532-8081-4f2e-b013-1a00f2a8db6f","block_type":"box","text":"in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer","page_number":56,"box":{"x":89,"y":195,"width":848,"height":12}},{"id":"0f7ba43d-d4d2-48a8-80f5-34d7058726f4","block_type":"box","text":"information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":56,"box":{"x":89,"y":210,"width":702,"height":13}},{"id":"4581cd24-d89d-4c9f-9bc2-90fafb9dfc9f","block_type":"box","text":"The communication services sector of a country’s economy is often subject to extensive government regulation. The costs of","page_number":56,"box":{"x":88,"y":237,"width":879,"height":12}},{"id":"8707ee99-023a-4403-adf5-a0c0fefd949d","block_type":"box","text":"complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new","page_number":56,"box":{"x":89,"y":252,"width":875,"height":12}},{"id":"480940ca-ebb9-4841-a64f-6b5030c0efa8","block_type":"box","text":"regulatory requirements may negatively affect the business of communications companies. Government actions around the","page_number":56,"box":{"x":89,"y":267,"width":867,"height":12}},{"id":"9b7f7493-e809-418c-b9c7-3477685b9643","block_type":"box","text":"world, specifically in the area of pre-marketing clearance of products and prices, can be arbitrary and unpredictable. The","page_number":56,"box":{"x":88,"y":282,"width":843,"height":12}},{"id":"5e82ddab-f0a5-4baf-a096-203bdea1fd3f","block_type":"box","text":"communications services industry can also be significantly affected by intense competition for market share, including","page_number":56,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"af67e270-88ac-4533-9640-89699edc69e6","block_type":"box","text":"competition with alternative technologies such as wireless communications, product compatibility and standardization,","page_number":56,"box":{"x":89,"y":312,"width":837,"height":13}},{"id":"88bb32f9-acdc-4fa0-b654-53d2ec129648","block_type":"box","text":"consumer preferences, rapid product obsolescence, research and development of new products, lack of standardization or","page_number":56,"box":{"x":89,"y":327,"width":857,"height":13}},{"id":"12a37a3d-bdd4-4cd4-9255-feb0191d2f85","block_type":"box","text":"compatibility with existing technologies, and a dependency on patent and copyright protections. Companies in the","page_number":56,"box":{"x":89,"y":342,"width":803,"height":13}},{"id":"ac19a2e0-8736-4c8e-b9d0-b0935e6b348c","block_type":"box","text":"communication services sector may encounter distressed cash flows due to the need to commit substantial capital to meet","page_number":56,"box":{"x":89,"y":358,"width":864,"height":12}},{"id":"fbc12f5e-d118-452b-b93f-31f4d3e9c730","block_type":"box","text":"increasing competition, particularly in developing new products and services using new technology. Technological","page_number":56,"box":{"x":89,"y":373,"width":799,"height":12}},{"id":"30b51989-c884-4b3d-8f10-d7f53e73a4b7","block_type":"box","text":"innovations may make the products and services of certain communications companies obsolete.","page_number":56,"box":{"x":89,"y":388,"width":683,"height":12}},{"id":"ef8c635d-5aa2-4646-91b7-96e9995b3ef8","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":56,"box":{"x":88,"y":414,"width":850,"height":13}},{"id":"6165e52d-ea91-4633-81e0-07a66f786f14","block_type":"box","text":"provide services in a given location. Licensing and franchise rights in the telecommunications sector are limited, which may","page_number":56,"box":{"x":89,"y":429,"width":864,"height":13}},{"id":"6bc6053a-b145-46fd-a9c8-64223844a3fc","block_type":"box","text":"provide an advantage to certain participants. Limited availability of such rights, high barriers to market entry and regulatory","page_number":56,"box":{"x":89,"y":445,"width":863,"height":12}},{"id":"b70a0736-dfef-4a47-a37d-da77eb9c457d","block_type":"box","text":"oversight, among other factors, have led to consolidation of companies within the sector, which could lead to further","page_number":56,"box":{"x":89,"y":460,"width":818,"height":12}},{"id":"2489b290-09ec-416e-97aa-5573d4450f07","block_type":"box","text":"regulation or other negative effects in the future. Telecommunication providers investing in non-U.S. countries may be","page_number":56,"box":{"x":89,"y":475,"width":826,"height":12}},{"id":"c93d082f-16c1-4fab-a2e1-6e16d07fbd38","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":56,"box":{"x":89,"y":490,"width":873,"height":12}},{"id":"25629109-00a8-412b-b190-78141b29fabb","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":56,"box":{"x":89,"y":505,"width":856,"height":12}},{"id":"7dd25f27-0d96-48c4-9bea-8bdac6b55afa","block_type":"box","text":"Companies in the media and entertainment industries can be significantly affected by several factors, including competition,","page_number":56,"box":{"x":89,"y":531,"width":868,"height":13}},{"id":"85a2f79a-174c-4f13-aa17-f53b9303c3e5","block_type":"box","text":"particularly in formulation of products and services using new technologies, cyclicality of revenues and earnings, a potential","page_number":56,"box":{"x":89,"y":547,"width":866,"height":12}},{"id":"ae1f5b39-2f60-4e19-8481-e380beae97db","block_type":"box","text":"decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, and the potential","page_number":56,"box":{"x":89,"y":562,"width":833,"height":12}},{"id":"29a353e2-58d7-43c0-a236-4649bee1bd36","block_type":"box","text":"increase in government regulation. Companies in the media and entertainment industries may become obsolete quickly.","page_number":56,"box":{"x":89,"y":577,"width":840,"height":12}},{"id":"d1edf9e3-a073-45b3-9b9f-c8af3864e4e9","block_type":"box","text":"Advertising spending can be an important revenue source for media and entertainment companies. During economic","page_number":56,"box":{"x":88,"y":592,"width":823,"height":12}},{"id":"b2c8a920-2f9c-401b-bb19-ec96a6009f9e","block_type":"box","text":"downturns advertising spending typically decreases and, as a result, media and entertainment companies tend to generate","page_number":56,"box":{"x":89,"y":607,"width":859,"height":12}},{"id":"d37dc065-345b-4abc-99a8-d8543a38a0a8","block_type":"box","text":"less revenue.","page_number":56,"box":{"x":89,"y":622,"width":88,"height":10}},{"id":"ff8e4376-4961-4b78-9974-551340fb7f24","block_type":"box","text":"Risk of Investing in the Consumer Discretionary Sector.","page_number":56,"box":{"x":89,"y":649,"width":397,"height":12}},{"id":"2299a5a3-3c2a-4fd5-ba61-30fbdaba91cc","block_type":"box","text":"Companies engaged in the design, production or distribution of","page_number":56,"box":{"x":495,"y":649,"width":446,"height":12}},{"id":"b7e439c3-052b-49cc-8a22-ef13fc7de7c5","block_type":"box","text":"products or services for the consumer discretionary sector (including, without limitation, television and radio broadcasting,","page_number":56,"box":{"x":89,"y":664,"width":861,"height":12}},{"id":"7f052df3-0f31-4638-aa49-10516bd3c344","block_type":"box","text":"manufacturing, publishing, recording and musical instruments, motion pictures, photography, amusement and theme parks,","page_number":56,"box":{"x":89,"y":679,"width":872,"height":12}},{"id":"d042c5e5-7024-4575-9999-8cc2224be13c","block_type":"box","text":"gaming casinos, sporting goods and sports arenas, camping and recreational equipment, toys and games, apparel, travel","page_number":56,"box":{"x":89,"y":694,"width":850,"height":12}},{"id":"9f1dee70-8816-4ec5-ba7a-58dc6f25d760","block_type":"box","text":"related services, automobiles, hotels and motels, and fast food and other restaurants) are subject to the risk that their","page_number":56,"box":{"x":89,"y":709,"width":822,"height":12}},{"id":"19792249-0588-47a4-ac4f-e0378a2571c4","block_type":"box","text":"products or services may become obsolete quickly. The success of these companies can depend heavily on disposable","page_number":56,"box":{"x":89,"y":724,"width":827,"height":13}},{"id":"a073e6d1-8f11-4667-ad77-a5d4bcd082f5","block_type":"box","text":"household income and consumer spending. During periods of an expanding economy, the consumer discretionary sector","page_number":56,"box":{"x":89,"y":739,"width":850,"height":13}},{"id":"ef377a9b-84c2-4a73-8215-82d81c7ae009","block_type":"box","text":"may outperform the consumer staples sector, but may underperform when economic conditions worsen. Moreover, the","page_number":56,"box":{"x":89,"y":754,"width":838,"height":13}},{"id":"381295cc-678a-470c-b904-5c2155d217dc","block_type":"box","text":"consumer discretionary sector can be significantly affected by several factors, including, without limitation, the performance","page_number":56,"box":{"x":89,"y":770,"width":870,"height":12}},{"id":"16d4771f-91c0-47e9-8dff-28b095321cc2","block_type":"box","text":"of domestic and international economies, exchange rates, changing consumer preferences, demographics, marketing","page_number":56,"box":{"x":89,"y":785,"width":823,"height":12}},{"id":"9721b164-0cc4-4ebb-befc-1ed3e40bb3c0","block_type":"box","text":"campaigns, cyclical revenue generation, consumer confidence, commodity price volatility, labor relations, interest rates,","page_number":56,"box":{"x":89,"y":800,"width":834,"height":12}},{"id":"b403f562-a78e-4aa8-a3b9-e270013fa011","block_type":"box","text":"import and export controls, intense competition, technological developments and government regulation.","page_number":56,"box":{"x":89,"y":815,"width":741,"height":12}},{"id":"d091ea9e-4470-49ee-a8e4-301efa856133","block_type":"box","text":"33","page_number":56,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b6b89992-5730-4e46-8c05-1467b7a899df","block_type":"box","text":"Risk of Investing in the Consumer Staples Sector.","page_number":57,"box":{"x":89,"y":44,"width":352,"height":12}},{"id":"2836bd01-6ec9-40df-bee3-0f58cb892371","block_type":"box","text":"Companies in the consumer staples sector may be adversely affected by","page_number":57,"box":{"x":450,"y":44,"width":504,"height":12}},{"id":"4a4b4c1a-d36c-482e-9607-977aedd89d4d","block_type":"box","text":"changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production","page_number":57,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"189c8fed-5054-44f4-a54f-71b467af56f7","block_type":"box","text":"spending. Companies in the consumer staples sector may also be affected by changes in global economic, environmental","page_number":57,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"05e1eabb-cf9c-43b8-9acd-a4c787a12376","block_type":"box","text":"and political events, economic conditions, the depletion of resources, and government regulation. For instance, government","page_number":57,"box":{"x":89,"y":89,"width":867,"height":13}},{"id":"f70445b6-7552-4775-bb97-4d1da2390b9a","block_type":"box","text":"regulations may affect the permissibility of using various food additives and production methods of companies that make","page_number":57,"box":{"x":89,"y":104,"width":850,"height":13}},{"id":"53325d7e-c099-45b3-854b-35f77a29b8b4","block_type":"box","text":"food products, which could affect company profitability. In addition, tobacco companies may be adversely affected by the","page_number":57,"box":{"x":88,"y":119,"width":849,"height":13}},{"id":"76f409b1-b038-46a9-ab6a-e16ae15c23e1","block_type":"box","text":"adoption of proposed legislation and/or by litigation. Companies in the consumer staples sector also may be subject to risks","page_number":57,"box":{"x":89,"y":135,"width":869,"height":12}},{"id":"6d62eb0f-49e5-43e2-bb66-c4876772776d","block_type":"box","text":"pertaining to the supply of, demand for and prices of raw materials. The prices of raw materials fluctuate in response to a","page_number":57,"box":{"x":89,"y":150,"width":847,"height":12}},{"id":"0e02fe5a-0669-4646-bb7c-b64072731789","block_type":"box","text":"number of factors, including, without limitation, changes in government agricultural support programs, exchange rates,","page_number":57,"box":{"x":89,"y":165,"width":838,"height":12}},{"id":"d3ccae90-7af2-4583-b256-f655c48c972f","block_type":"box","text":"import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions.","page_number":57,"box":{"x":89,"y":180,"width":864,"height":12}},{"id":"5fda7611-595e-47d8-882b-3767475e9876","block_type":"box","text":"Companies in the consumer staples sector may be subject to severe competition, which may also have an adverse impact on","page_number":57,"box":{"x":89,"y":195,"width":872,"height":12}},{"id":"35ebbe44-8387-4797-8abc-b34527d78709","block_type":"box","text":"their profitability.","page_number":57,"box":{"x":88,"y":210,"width":118,"height":13}},{"id":"0a9adfcb-2f08-4461-b894-6de69ea5717c","block_type":"box","text":"Risk of Investing in the Energy Sector.","page_number":57,"box":{"x":89,"y":237,"width":270,"height":12}},{"id":"2f80b0b9-86dc-40bc-b184-3e3943922226","block_type":"box","text":"Companies in the energy sector are strongly affected by the changes in and volatility","page_number":57,"box":{"x":369,"y":237,"width":590,"height":12}},{"id":"8db5771d-d901-4198-8b37-82dcab7b5fff","block_type":"box","text":"of global energy prices, energy supply and demand, government regulations and policies, energy production and","page_number":57,"box":{"x":89,"y":252,"width":788,"height":12}},{"id":"11d12cd4-0572-4966-a797-182991af7d70","block_type":"box","text":"conservation efforts, technological change, development of alternative energy sources, and other factors that they cannot","page_number":57,"box":{"x":89,"y":267,"width":853,"height":12}},{"id":"32b3fe25-cbae-48e2-8088-c1ad41b85195","block_type":"box","text":"control. Energy companies may have relatively high levels of debt and may be more likely to restructure their businesses if","page_number":57,"box":{"x":89,"y":282,"width":852,"height":12}},{"id":"978863bd-bef1-4acf-b150-0be57207b730","block_type":"box","text":"there are downturns in energy markets or in the global economy. If an energy company in a Fund’s portfolio becomes","page_number":57,"box":{"x":88,"y":297,"width":822,"height":12}},{"id":"30e8ef60-9601-4a25-a967-f3d1f9528f3e","block_type":"box","text":"distressed, a Fund could lose all or a substantial portion of its investment. The energy sector is cyclical and is highly","page_number":57,"box":{"x":89,"y":312,"width":807,"height":13}},{"id":"5f5e5419-6592-489b-a007-1e92c40988e1","block_type":"box","text":"dependent on commodity prices. Prices and supplies of energy may fluctuate significantly over short and long periods of","page_number":57,"box":{"x":89,"y":327,"width":846,"height":13}},{"id":"82e5b084-b04a-48ce-9978-c09fc87ed414","block_type":"box","text":"time due to, among other things, national and international political changes, Organization of Petroleum Exporting Countries","page_number":57,"box":{"x":88,"y":342,"width":874,"height":13}},{"id":"8e670d46-2f38-41a7-84d5-7a285da1159e","block_type":"box","text":"(“OPEC”) policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the","page_number":57,"box":{"x":89,"y":358,"width":820,"height":12}},{"id":"15a52f4d-c950-4379-bd1f-4153c9a4afea","block_type":"box","text":"regulatory environment, taxation policies, the enactment or cessation of trade sanctions, war or other geopolitical conflicts,","page_number":57,"box":{"x":89,"y":373,"width":864,"height":12}},{"id":"ae0e3587-0c08-44b2-baba-46f5868c9ecd","block_type":"box","text":"and the economies of key energy-consuming countries. Companies in the energy sector may be adversely affected by","page_number":57,"box":{"x":89,"y":388,"width":823,"height":12}},{"id":"fa3e7507-87bd-467e-afb5-a234fe0a4dbf","block_type":"box","text":"terrorism, cyber incidents, natural disasters or other catastrophes. While certain Funds seek to invest in companies with","page_number":57,"box":{"x":88,"y":403,"width":837,"height":12}},{"id":"117939be-d8ee-43f9-8ba8-f1c74959efbf","block_type":"box","text":"positive or favorable environmental and social characteristics, companies in the energy sector are at risk of liability from","page_number":57,"box":{"x":89,"y":418,"width":836,"height":12}},{"id":"22a81867-a420-4ee9-b3e5-a26026534111","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":57,"box":{"x":89,"y":433,"width":859,"height":13}},{"id":"54dae5ac-c863-4aab-9eec-c9611ec951e1","block_type":"box","text":"deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to","page_number":57,"box":{"x":89,"y":448,"width":860,"height":13}},{"id":"0172fa37-400e-42f2-9c8f-f22e225cf2b9","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":57,"box":{"x":88,"y":463,"width":861,"height":13}},{"id":"c3b9bddd-0215-4f08-99b4-575439568077","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":57,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"eff7700b-3aab-4aab-9928-95c49b2f1a96","block_type":"box","text":"in exchange rates, interest rates, economic conditions, tax treatment, government regulation and intervention, negative","page_number":57,"box":{"x":89,"y":494,"width":836,"height":12}},{"id":"3f9706c7-5c06-4efb-995e-9bbefbbf197d","block_type":"box","text":"perception, efforts at energy conservation and world events in the regions in which the companies operate (","page_number":57,"box":{"x":89,"y":509,"width":755,"height":12}},{"id":"dc5e29b3-c6ec-47df-afc3-64dd624de4cd","block_type":"box","text":"e.g","page_number":57,"box":{"x":845,"y":512,"width":20,"height":9}},{"id":"cfd29068-be75-4dcc-8187-9d8c4f08fe2f","block_type":"box","text":".,","page_number":57,"box":{"x":866,"y":517,"width":6,"height":3}},{"id":"df0666a0-cb8f-4f31-ac6d-e9d83e97739b","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":57,"box":{"x":89,"y":524,"width":849,"height":12}},{"id":"5436dbbd-6517-4db9-924e-add50a3f48a3","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":57,"box":{"x":89,"y":539,"width":879,"height":12}},{"id":"2caf695c-c862-4467-9015-17e06802964b","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":57,"box":{"x":89,"y":554,"width":860,"height":12}},{"id":"4b5a787a-349d-4e92-8720-acecf9183d17","block_type":"box","text":"entities and utilities, governmental budget constraints may have a significant impact on companies in this sector. The energy","page_number":57,"box":{"x":89,"y":569,"width":873,"height":13}},{"id":"aaefc6ac-788c-4a80-a9cd-7cd84a2f690f","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":57,"box":{"x":89,"y":584,"width":878,"height":13}},{"id":"b7b78f24-ddda-4cf6-b6fb-cc3121646520","block_type":"box","text":"their operations by governmental agencies. Such regulation can change rapidly or over time in both scope and intensity.","page_number":57,"box":{"x":88,"y":599,"width":839,"height":13}},{"id":"98f1ad0c-609d-4cd1-99c3-999db07b98bf","block_type":"box","text":"Stricter laws, regulations or enforcement policies could be enacted, which would likely increase compliance costs and may","page_number":57,"box":{"x":88,"y":615,"width":858,"height":12}},{"id":"5a8df3ee-9ceb-4389-bd82-b9c9b9871526","block_type":"box","text":"materially adversely affect the financial performance of companies in the energy sector.","page_number":57,"box":{"x":89,"y":630,"width":611,"height":12}},{"id":"c9ffc177-c49c-4912-a91b-1aa2993c6b0d","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine on","page_number":57,"box":{"x":88,"y":656,"width":831,"height":13}},{"id":"7a591116-d84d-4ab9-ac84-f09fba7d022f","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":57,"box":{"x":89,"y":671,"width":843,"height":13}},{"id":"c011bfde-160a-4300-a054-a7facd459df7","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":57,"box":{"x":89,"y":686,"width":853,"height":13}},{"id":"13a82583-8570-40d1-8451-28a5a8f7848e","block_type":"box","text":"and other actors have enacted various sanctions and restrictions on business dealings with Russia, which include restrictions","page_number":57,"box":{"x":89,"y":702,"width":875,"height":12}},{"id":"cc9100a2-cc44-42d5-86a7-8c41c0bd8703","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":57,"box":{"x":89,"y":717,"width":871,"height":12}},{"id":"838bba4a-8112-41b7-9f06-8250284f5ddf","block_type":"box","text":"of the Russian military action, additional sanctions and associated market disruptions on the energy sector, are impossible to","page_number":57,"box":{"x":89,"y":732,"width":873,"height":12}},{"id":"44eb0c36-9049-4460-9546-52cecd8c4445","block_type":"box","text":"predict and depend on a number of factors. The effect of these events or any related developments could be significant and","page_number":57,"box":{"x":89,"y":747,"width":864,"height":12}},{"id":"13492cba-1a1c-46f0-b8eb-b8c65a105b62","block_type":"box","text":"may have a severe adverse effect on the performance of a Fund.","page_number":57,"box":{"x":89,"y":762,"width":445,"height":12}},{"id":"fbc1747b-dd20-4bf0-9fea-45ff47bab923","block_type":"box","text":"Risk of Investing in the Financials Sector.","page_number":57,"box":{"x":89,"y":788,"width":292,"height":13}},{"id":"8e66117f-0977-4e25-9074-0ab945d436aa","block_type":"box","text":"Companies in the financials sector include small, regional and money center","page_number":57,"box":{"x":391,"y":788,"width":533,"height":13}},{"id":"617b12de-3f0d-4afa-b678-41ea1e159f59","block_type":"box","text":"banks, securities brokerage firms, asset management companies, savings banks and thrift institutions, specialty finance","page_number":57,"box":{"x":89,"y":804,"width":836,"height":12}},{"id":"06d63730-892f-4601-8ea5-4c2a661e7f82","block_type":"box","text":"companies (","page_number":57,"box":{"x":89,"y":819,"width":85,"height":12}},{"id":"0d3eb746-40aa-4163-b3d0-24da1c8ad4c5","block_type":"box","text":"e.g.","page_number":57,"box":{"x":175,"y":822,"width":23,"height":9}},{"id":"af975b6d-546a-4682-a3c5-f7beb86a38dc","block_type":"box","text":", credit card, mortgage providers), insurance and insurance brokerage firms, consumer finance firms,","page_number":57,"box":{"x":200,"y":819,"width":706,"height":12}},{"id":"945513e5-3bcf-481e-8cb1-3b6170001a41","block_type":"box","text":"financial conglomerates and foreign banking and financial companies.","page_number":57,"box":{"x":88,"y":834,"width":491,"height":12}},{"id":"93ed22b3-2420-4073-8c70-778fb66ed6b8","block_type":"box","text":"34","page_number":57,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3bcdc48a-45f7-4921-b5d0-657a1a22802d","block_type":"box","text":"Most financial companies are subject to extensive governmental regulation, which limits their activities and may affect their","page_number":58,"box":{"x":89,"y":44,"width":865,"height":12}},{"id":"3a91e164-6041-41c0-a904-99a340f64417","block_type":"box","text":"ability to earn a profit from a given line of business. Government regulation may change frequently and may have significant","page_number":58,"box":{"x":89,"y":59,"width":869,"height":12}},{"id":"9b897d9a-1c52-4840-a86a-095ecf77f83f","block_type":"box","text":"adverse consequences for companies in the financials sector, including effects not intended by the regulation. Direct","page_number":58,"box":{"x":89,"y":74,"width":813,"height":12}},{"id":"7e224418-4b24-41eb-b60a-7fb460d2085d","block_type":"box","text":"governmental intervention in the operations of financial companies and financial markets may materially and adversely affect","page_number":58,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"262be4b5-1751-4d11-8734-5679f000900e","block_type":"box","text":"the companies in which a Fund invests, including legislation in many countries that may increase government regulation,","page_number":58,"box":{"x":88,"y":104,"width":848,"height":13}},{"id":"f5f4c709-3211-4e37-a0e4-309b594845fa","block_type":"box","text":"repatriation and other intervention. The impact of governmental intervention and legislative changes on any individual","page_number":58,"box":{"x":89,"y":119,"width":827,"height":13}},{"id":"b8e1ff6d-ef9d-48a7-bf74-75624b38c424","block_type":"box","text":"financial company or on the financials sector as a whole cannot be predicted. The valuation of financial companies has been","page_number":58,"box":{"x":88,"y":135,"width":871,"height":12}},{"id":"921cb5cf-5481-442e-993e-600aac206624","block_type":"box","text":"and continues to be subject to unprecedented volatility and may be influenced by unpredictable factors, including interest","page_number":58,"box":{"x":89,"y":150,"width":853,"height":12}},{"id":"03503fe1-9826-445d-9e65-40ead4dc965d","block_type":"box","text":"rate risk and sovereign debt default. Certain financial businesses are subject to intense competitive pressures, including","page_number":58,"box":{"x":89,"y":165,"width":833,"height":12}},{"id":"3e29c80b-2d23-44fd-ac95-1c2ef2354bdd","block_type":"box","text":"market share and price competition. Financial companies in foreign countries are subject to market-specific and general","page_number":58,"box":{"x":89,"y":180,"width":839,"height":12}},{"id":"803ef6e8-e6ac-4969-86f3-1f619ef5e562","block_type":"box","text":"regulatory and interest rate concerns. In particular, government regulation in certain foreign countries may include taxes and","page_number":58,"box":{"x":89,"y":195,"width":872,"height":12}},{"id":"d0b66af0-332b-4fbd-aed6-6be75c2d3b56","block_type":"box","text":"controls on interest rates, credit availability, minimum capital requirements, bans on short sales, limits on prices and","page_number":58,"box":{"x":89,"y":210,"width":810,"height":13}},{"id":"932adadf-00e2-40e6-b1e3-785d4c086845","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":58,"box":{"x":89,"y":225,"width":870,"height":13}},{"id":"309f2371-1fbd-4586-bbc9-d1c1fa91c5f7","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":58,"box":{"x":88,"y":240,"width":847,"height":13}},{"id":"4a81aa8a-cfc0-4d29-9a85-01c31c3ddbd7","block_type":"box","text":"businesses.","page_number":58,"box":{"x":89,"y":256,"width":78,"height":9}},{"id":"3ca81e50-fbee-450a-89a0-649d3baa37d0","block_type":"box","text":"The profitability of banks, savings and loan associations and other financial companies is largely dependent on the availability","page_number":58,"box":{"x":88,"y":282,"width":879,"height":12}},{"id":"adc80d79-681a-45fa-9518-170c7dd4c512","block_type":"box","text":"and cost of capital funds and can fluctuate significantly when interest rates change; for instance, when interest rates go up,","page_number":58,"box":{"x":89,"y":297,"width":863,"height":12}},{"id":"8f1bc5b8-adb7-4a96-b4d0-a8f2ca3555a6","block_type":"box","text":"the value of securities issued by many types of companies in the financials sector generally goes down. 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This interconnectedness of risk, including cross","page_number":58,"box":{"x":89,"y":475,"width":836,"height":12}},{"id":"80bfd277-3e9c-4285-9353-687b5e5b2da2","block_type":"box","text":"default risk, may result in significant negative impacts to the financial condition and reputation of companies with direct","page_number":58,"box":{"x":89,"y":490,"width":841,"height":12}},{"id":"bbbd6f4a-650d-444c-b71b-44039bf1c0a0","block_type":"box","text":"exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the financials sector","page_number":58,"box":{"x":89,"y":505,"width":814,"height":12}},{"id":"8d46eac6-87b6-4dbb-a3e1-1cbbd30195e4","block_type":"box","text":"generally. Financial companies can be highly dependent upon access to capital markets, and any impediments to such","page_number":58,"box":{"x":89,"y":520,"width":827,"height":12}},{"id":"3f82b025-3593-4c50-a036-31a6fb16ef0f","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":58,"box":{"x":89,"y":535,"width":870,"height":13}},{"id":"69369b01-1432-4474-98bc-d480d740a55b","block_type":"box","text":"financial condition or prospects, could adversely affect its business. Deterioration of credit markets can have an adverse","page_number":58,"box":{"x":88,"y":550,"width":837,"height":13}},{"id":"bcb1f662-aa32-4674-9bcb-cd4f08855f6f","block_type":"box","text":"impact on a broad range of financial markets, causing certain financial companies to incur large losses. 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In addition, there is no guarantee that governments will provide any such relief in the future. These","page_number":58,"box":{"x":89,"y":626,"width":872,"height":12}},{"id":"6728b98e-452b-43ac-ae32-2c8b9f35cb14","block_type":"box","text":"actions may cause the securities of many companies in the financials sector to decline in value.","page_number":58,"box":{"x":89,"y":641,"width":665,"height":12}},{"id":"9a5e5f8c-91c2-45d5-a8f4-85ee814bc5e0","block_type":"box","text":"Risk of Investing in the Healthcare Sector.","page_number":58,"box":{"x":89,"y":668,"width":299,"height":12}},{"id":"bf387b67-d5e1-4957-b394-bb2a40c8cbfb","block_type":"box","text":"Companies in the healthcare sector are often issuers whose profitability may be","page_number":58,"box":{"x":397,"y":668,"width":557,"height":12}},{"id":"d552a8d3-ccea-4e90-8d02-819f39531547","block_type":"box","text":"affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or","page_number":58,"box":{"x":89,"y":683,"width":839,"height":12}},{"id":"ad4fac40-ea0e-4a74-8b50-4cc8a94a0318","block_type":"box","text":"falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, a limited","page_number":58,"box":{"x":88,"y":698,"width":834,"height":12}},{"id":"2c084226-5963-4b9e-9168-d445c00df0b3","block_type":"box","text":"number of products, industry innovation, changes in technologies and other market developments. Many healthcare","page_number":58,"box":{"x":89,"y":713,"width":816,"height":12}},{"id":"2f22e6b4-a8ad-475a-9d8f-79923e87767d","block_type":"box","text":"companies are heavily dependent on patent protection and the actual or perceived safety and efficiency of their products.","page_number":58,"box":{"x":89,"y":728,"width":849,"height":12}},{"id":"5cff3073-13d1-4008-97f8-4037f6d8d32b","block_type":"box","text":"Patents have a limited duration, and, upon expiration, other companies may market substantially similar “generic” products","page_number":58,"box":{"x":89,"y":754,"width":863,"height":13}},{"id":"2339edec-7003-474f-ba21-fe5cb3aa5a7d","block_type":"box","text":"that are typically sold at a lower price than the patented product, which can cause the original developer of the product to","page_number":58,"box":{"x":88,"y":770,"width":854,"height":12}},{"id":"3a6047f1-4e9c-4d9c-a4d6-2b098cfdc2ad","block_type":"box","text":"lose market share and/or reduce the price charged for the product, resulting in lower profits for the original developer. As a","page_number":58,"box":{"x":89,"y":785,"width":860,"height":12}},{"id":"890be5c2-59d5-4526-9b45-3b017989fe74","block_type":"box","text":"result, the expiration of patents may adversely affect the profitability of these companies.","page_number":58,"box":{"x":89,"y":800,"width":621,"height":12}},{"id":"68abd668-fdfe-46af-97b0-000b930c56fb","block_type":"box","text":"In addition, because the products and services of many companies in the healthcare sector affect the health and well-being","page_number":58,"box":{"x":89,"y":826,"width":862,"height":13}},{"id":"90577838-5d15-473a-b093-7899e8c6002f","block_type":"box","text":"of many individuals, these companies are especially susceptible to extensive litigation based on product liability and similar","page_number":58,"box":{"x":89,"y":841,"width":860,"height":13}},{"id":"4575124d-2f98-48d8-97ef-1f58585b2933","block_type":"box","text":"claims. Healthcare companies are subject to competitive forces that may make it difficult to raise prices and, in fact, may","page_number":58,"box":{"x":89,"y":856,"width":842,"height":13}},{"id":"dd90630a-bed5-4d5f-8d67-4e6d13b7e15f","block_type":"box","text":"35","page_number":58,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"338ccacb-0f2a-4b31-a057-7c2131993321","block_type":"box","text":"result in price discounting. Many new products in the healthcare sector may be subject to regulatory approvals. The process","page_number":59,"box":{"x":89,"y":44,"width":868,"height":12}},{"id":"55200f41-c62e-4012-a5a9-ad08017576fb","block_type":"box","text":"of obtaining such approvals may be long and costly, which can result in increased development costs, delayed cost recovery","page_number":59,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"6a0a0e4e-699d-4bcc-a2a7-3756c386ef43","block_type":"box","text":"and loss of competitive advantage to the extent that rival companies have developed competing products or procedures,","page_number":59,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"21eb89fe-4a1f-4239-874f-cf335cbaf7c4","block_type":"box","text":"adversely affecting the company’s revenues and profitability. In other words, delays in the regulatory approval process may","page_number":59,"box":{"x":89,"y":89,"width":857,"height":13}},{"id":"49b1dfdb-4ecd-4684-92bc-582accf8c7a3","block_type":"box","text":"diminish the opportunity for a company to profit from a new product or to bring a new product to market, which could have","page_number":59,"box":{"x":89,"y":104,"width":870,"height":13}},{"id":"19599748-71d3-4f17-b4eb-93746a1cbd0d","block_type":"box","text":"a material adverse effect on a company’s business. Healthcare companies may also be strongly affected by scientific","page_number":59,"box":{"x":89,"y":119,"width":811,"height":13}},{"id":"7b0fcf9c-f4e9-446f-a2a6-37a3be852a9c","block_type":"box","text":"biotechnology or technological developments, and their products may quickly become obsolete. Also, many healthcare","page_number":59,"box":{"x":89,"y":135,"width":834,"height":12}},{"id":"c73a6f80-b654-451f-858d-51eaa80b4910","block_type":"box","text":"companies offer products and services that are subject to governmental regulation and may be adversely affected by changes","page_number":59,"box":{"x":89,"y":150,"width":878,"height":12}},{"id":"7dbe43c3-3ce1-499c-a681-ed4fa84108c9","block_type":"box","text":"in governmental policies or laws. 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It is unclear what","page_number":59,"box":{"x":89,"y":210,"width":841,"height":13}},{"id":"5e4325d9-f2fe-435b-a3d7-a03783203cf0","block_type":"box","text":"proposals will ultimately be enacted, if any, and what effect they may have on companies in the healthcare sector.","page_number":59,"box":{"x":89,"y":225,"width":793,"height":13}},{"id":"c6d74261-35a0-4730-8414-e363dcbf16fa","block_type":"box","text":"Additionally, the expansion of facilities by healthcare-related providers may be subject to “determinations of need” by certain","page_number":59,"box":{"x":88,"y":252,"width":872,"height":12}},{"id":"03d0dfff-e445-48e0-bf91-f6956ca0cd9d","block_type":"box","text":"government authorities. This process not only generally increases the time and costs involved in these expansions, but also","page_number":59,"box":{"x":89,"y":267,"width":861,"height":12}},{"id":"01891f30-0076-40ad-9e8c-c680c5663e0e","block_type":"box","text":"makes expansion plans uncertain, limiting the revenue and profitability growth potential of healthcare-related facilities","page_number":59,"box":{"x":89,"y":282,"width":828,"height":12}},{"id":"63978a22-bf2f-4b2d-9e49-97c3151fd63d","block_type":"box","text":"operators and negatively affecting the prices of their securities. Moreover, in recent years, both local and national","page_number":59,"box":{"x":89,"y":297,"width":788,"height":12}},{"id":"fd750a03-f1dc-4460-ad36-2720a3d54d19","block_type":"box","text":"governmental budgets have come under pressure to reduce spending and control healthcare costs, which could both","page_number":59,"box":{"x":89,"y":312,"width":821,"height":13}},{"id":"7f28f8fd-1613-4ab1-9eb0-2d4f92594cfa","block_type":"box","text":"adversely affect regulatory processes and public funding available for healthcare products, services and facilities.","page_number":59,"box":{"x":89,"y":327,"width":786,"height":13}},{"id":"cb38b422-5663-47c4-b4e1-f9607ce363a7","block_type":"box","text":"Risk of Investing in the Industrials Sector.","page_number":59,"box":{"x":89,"y":354,"width":297,"height":12}},{"id":"3e49634a-ced0-4e9e-b19c-79dd674659a3","block_type":"box","text":"The value of securities issued by companies in the industrials sector may be","page_number":59,"box":{"x":395,"y":354,"width":530,"height":12}},{"id":"9d6e932c-87ea-4732-aa2c-f3d3c0ce35bb","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":59,"box":{"x":89,"y":369,"width":869,"height":12}},{"id":"d84d1c68-f8f9-4614-895b-935468342b02","block_type":"box","text":"general. The products of manufacturing companies may face obsolescence due to rapid technological developments and","page_number":59,"box":{"x":89,"y":384,"width":848,"height":12}},{"id":"88df6295-7389-47b7-98b0-49eb454e4f31","block_type":"box","text":"frequent new product introduction. Government regulations, trade disputes, world events and economic conditions may","page_number":59,"box":{"x":88,"y":399,"width":844,"height":13}},{"id":"e88e1e13-131f-4e06-bffa-2a5f9f99b378","block_type":"box","text":"affect the performance of companies in the industrials sector. The industrials sector may also be adversely affected by","page_number":59,"box":{"x":89,"y":414,"width":824,"height":13}},{"id":"2ce2b8fc-afb1-4213-82e9-f8b0e3c1ac77","block_type":"box","text":"changes or trends in commodity prices, which may be influenced by unpredictable factors. For example, commodity price","page_number":59,"box":{"x":89,"y":429,"width":852,"height":13}},{"id":"8336c26d-757d-4bbc-9ebb-e3dc53513dea","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":59,"box":{"x":89,"y":445,"width":858,"height":12}},{"id":"fff7b84f-66f7-4d95-a85a-9bfdeec0d035","block_type":"box","text":"affect the sector. Furthermore, while certain Funds seek to invest in companies with positive or favorable environmental and","page_number":59,"box":{"x":89,"y":460,"width":866,"height":12}},{"id":"011f0a34-3345-491c-ba5b-8274a6470b10","block_type":"box","text":"social characteristics, companies in the industrials sector may be subject to liability for environmental damage, product","page_number":59,"box":{"x":89,"y":475,"width":834,"height":12}},{"id":"4be348ca-848b-4dfc-8c55-7bcf207ae09c","block_type":"box","text":"liability claims, depletion of resources, and mandated expenditures for safety and pollution control.","page_number":59,"box":{"x":89,"y":490,"width":691,"height":12}},{"id":"d44c06af-561e-4ae8-9805-f700d147beda","block_type":"box","text":"Risk of Investing in the Materials Sector.","page_number":59,"box":{"x":89,"y":516,"width":288,"height":13}},{"id":"13b44d2d-0f3f-452c-b0b8-3f9ad7edf032","block_type":"box","text":"Companies in the materials sector may be adversely affected by commodity price","page_number":59,"box":{"x":386,"y":516,"width":568,"height":13}},{"id":"7d0e5dd8-64b9-4c30-8318-806885ec1aa5","block_type":"box","text":"volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition,","page_number":59,"box":{"x":88,"y":531,"width":824,"height":13}},{"id":"45875f42-f5ad-4b36-8ce5-ce1e0fb9f78e","block_type":"box","text":"depletion of resources, technical progress, labor relations and government regulations, and mandated expenditures for safety","page_number":59,"box":{"x":89,"y":547,"width":878,"height":12}},{"id":"ab6a4f56-fb34-42a3-8a39-796a1c9f5eee","block_type":"box","text":"and pollution control, among other factors. Such risks may adversely affect the issuers to which a Fund has exposure. While","page_number":59,"box":{"x":89,"y":562,"width":866,"height":12}},{"id":"2dc2ec43-0b49-451a-9944-6041efcd2452","block_type":"box","text":"certain Funds seek to invest in companies with positive or favorable environmental and social characteristics, companies in","page_number":59,"box":{"x":89,"y":577,"width":859,"height":12}},{"id":"215c497f-364a-49d5-9a88-483d7d5b9ff3","block_type":"box","text":"the materials sector are also at risk of liability for environmental damage and product liability claims. Production of materials","page_number":59,"box":{"x":88,"y":592,"width":871,"height":12}},{"id":"c89dbd65-6e2a-481b-a7f3-a74c00b35f24","block_type":"box","text":"may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns. These","page_number":59,"box":{"x":89,"y":607,"width":850,"height":12}},{"id":"40587bbc-2906-41a6-b28f-c909f0e36a08","block_type":"box","text":"risks are heightened for companies in the materials sector located in foreign markets.","page_number":59,"box":{"x":89,"y":622,"width":596,"height":12}},{"id":"8a36e4c0-e753-4bed-b783-85dd2bc3c8ac","block_type":"box","text":"Risk of Investing in the Precious Metals Industry.","page_number":59,"box":{"x":89,"y":649,"width":349,"height":12}},{"id":"e6fa403c-69e2-4d7f-9802-83e587df5964","block_type":"box","text":"Prices of precious metals and of precious metal-related financial","page_number":59,"box":{"x":448,"y":649,"width":448,"height":12}},{"id":"53ebdee0-051a-4f5e-bd8d-96920625dc4b","block_type":"box","text":"instruments historically have been very volatile. The high volatility of precious metal prices may adversely affect the prices of","page_number":59,"box":{"x":89,"y":664,"width":871,"height":12}},{"id":"b84532d9-2ec9-4b77-8ede-ff25c16fca59","block_type":"box","text":"financial instruments that derive their value from the price of underlying precious metals. The production and sale of","page_number":59,"box":{"x":88,"y":679,"width":819,"height":12}},{"id":"39a3f2d5-3bfd-4347-9819-2ead7fb7056e","block_type":"box","text":"precious metals by governments or central banks or other larger holders can be affected by various economic, financial,","page_number":59,"box":{"x":89,"y":694,"width":836,"height":12}},{"id":"11ba10c1-470a-4cca-9564-f09e56148761","block_type":"box","text":"social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals.","page_number":59,"box":{"x":89,"y":709,"width":863,"height":12}},{"id":"6096d280-db2f-4501-b313-7261e1f1a3ff","block_type":"box","text":"Other factors that may affect the prices of precious metals and instruments related to them include changes in inflation, the","page_number":59,"box":{"x":89,"y":724,"width":867,"height":13}},{"id":"8ba6483b-7d93-4309-8499-719263ec74f7","block_type":"box","text":"outlook for inflation and changes in industrial and commercial demand for precious metals.","page_number":59,"box":{"x":89,"y":739,"width":641,"height":13}},{"id":"47e2e522-582e-49d3-a189-9f9e9aac6e09","block_type":"box","text":"Some precious metals mining operation companies may hedge, to varying degrees, their exposure to falls in precious metals","page_number":59,"box":{"x":88,"y":766,"width":871,"height":12}},{"id":"7336cb14-4542-46ab-bb3b-779b311ec7a0","block_type":"box","text":"prices by selling forward future production. This may affect prices of precious metals-related financial instruments, which in","page_number":59,"box":{"x":89,"y":781,"width":866,"height":12}},{"id":"4d100059-a174-460d-82ce-d8f614be3765","block_type":"box","text":"turn may limit a Fund’s ability to benefit from future increases in the price of precious metals, thereby lowering returns to a","page_number":59,"box":{"x":88,"y":796,"width":860,"height":12}},{"id":"f6b542ce-3fb0-4b37-9b0a-381c51214a4a","block_type":"box","text":"Fund.","page_number":59,"box":{"x":89,"y":811,"width":38,"height":10}},{"id":"38a7f790-b63d-491d-a683-9406eae9862e","block_type":"box","text":"36","page_number":59,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"dbf6265e-36d2-4431-81e6-cb01eaab08aa","block_type":"box","text":"Other factors that may affect the prices of precious metals and securities related to them include changes in inflation, the","page_number":60,"box":{"x":89,"y":44,"width":849,"height":12}},{"id":"f44e36aa-a314-400f-a9ab-193a19c49c8d","block_type":"box","text":"outlook for inflation and changes in industrial and commercial demand for precious metals. Additionally, increased","page_number":60,"box":{"x":89,"y":59,"width":803,"height":12}},{"id":"85f010bc-439a-47e9-9147-f63f5484d0f5","block_type":"box","text":"environmental or labor costs may depress the value of mining and metal investments.","page_number":60,"box":{"x":89,"y":74,"width":599,"height":12}},{"id":"ac4dc34d-c2b5-4d17-80d8-3ac964f30019","block_type":"box","text":"Risk of Investing in the Real Estate Industry.","page_number":60,"box":{"x":89,"y":101,"width":313,"height":12}},{"id":"7c936a8a-1948-4645-9640-ffa4bb982c35","block_type":"box","text":"Companies in the real estate industry include companies that invest in real","page_number":60,"box":{"x":411,"y":101,"width":520,"height":12}},{"id":"b10910ae-3762-404c-91bf-e81bf238a882","block_type":"box","text":"estate, such as REITs, real estate holding and operating companies or real estate development companies (collectively, “Real","page_number":60,"box":{"x":89,"y":116,"width":867,"height":12}},{"id":"089f17c1-ef4e-4b59-96ca-a52c942875e3","block_type":"box","text":"Estate Companies”). Investing in Real Estate Companies exposes investors to the risks of owning real estate directly, as well","page_number":60,"box":{"x":89,"y":131,"width":859,"height":12}},{"id":"a4aea26d-661d-43c6-9d68-a8cedc310cce","block_type":"box","text":"as to risks that relate specifically to the way in which Real Estate Companies are organized and operated. The real estate","page_number":60,"box":{"x":89,"y":146,"width":837,"height":12}},{"id":"9ab58a88-3de4-4d6f-aaaf-01d02a99ff8f","block_type":"box","text":"industry is highly sensitive to general and local economic conditions and developments, and characterized by intense","page_number":60,"box":{"x":89,"y":161,"width":819,"height":12}},{"id":"76c1ee0f-ff55-4d1e-932c-033151cff206","block_type":"box","text":"competition and periodic overbuilding. Investing in Real Estate Companies involves various risks. Some risks that are specific","page_number":60,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"2ddee165-d18e-4ca2-a430-7b261bbba549","block_type":"box","text":"to Real Estate Companies are discussed in greater detail below.","page_number":60,"box":{"x":88,"y":191,"width":439,"height":13}},{"id":"74bdea74-0553-495b-9a82-8f19fdf35c33","block_type":"box","text":"Concentration Risk.","page_number":60,"box":{"x":89,"y":218,"width":134,"height":9}},{"id":"8c0d0626-c160-497e-b2b5-9fcb44fd2be0","block_type":"box","text":"Real Estate Companies may own a limited number of properties and concentrate their investments in a","page_number":60,"box":{"x":230,"y":218,"width":718,"height":12}},{"id":"283a9e8b-08ef-4fb3-a8f5-b09fd086619a","block_type":"box","text":"particular geographic region or property type. Economic downturns affecting a particular region, industry or property type","page_number":60,"box":{"x":89,"y":233,"width":854,"height":12}},{"id":"6a342d83-59ca-4eda-a5dd-a74affc786b5","block_type":"box","text":"may lead to a high volume of defaults within a short period.","page_number":60,"box":{"x":89,"y":248,"width":416,"height":12}},{"id":"cbf476ec-6484-4d29-add3-c12bc3078089","block_type":"box","text":"Distressed Investment Risk.","page_number":60,"box":{"x":88,"y":274,"width":189,"height":10}},{"id":"04b909ef-85c0-48a9-9421-4f471b3ddfd3","block_type":"box","text":"Real Estate Companies may invest in distressed, defaulted or out-of-favor bank loans.","page_number":60,"box":{"x":284,"y":274,"width":595,"height":13}},{"id":"7e5c8cd8-bf4b-479b-b19e-9db471571fa5","block_type":"box","text":"Identification and implementation by a Real Estate Company of loan modification and restructure programs involves a high","page_number":60,"box":{"x":89,"y":290,"width":859,"height":12}},{"id":"2ad51b6b-45dd-45a9-838e-14d7de5c5ecc","block_type":"box","text":"degree of uncertainty. Even successful implementation may still require adverse compromises and may not prevent","page_number":60,"box":{"x":89,"y":305,"width":806,"height":12}},{"id":"45a5a636-bb51-491f-8117-bf63a78a2fff","block_type":"box","text":"bankruptcy. Real Estate Companies may also invest in other debt instruments that may become non-performing, including","page_number":60,"box":{"x":89,"y":320,"width":856,"height":12}},{"id":"d35b22a3-0bec-4783-a1fb-53325bd5802b","block_type":"box","text":"the securities of companies with higher credit and market risk due to financial or operational difficulties. Higher risk securities","page_number":60,"box":{"x":88,"y":335,"width":879,"height":12}},{"id":"5ce984a0-86ae-441f-9460-fea9da46932e","block_type":"box","text":"may be less liquid and more volatile than the securities of companies not in distress.","page_number":60,"box":{"x":89,"y":350,"width":587,"height":12}},{"id":"f5d9d7fa-dde9-4f08-92f0-6270363df110","block_type":"box","text":"Illiquidity Risk.","page_number":60,"box":{"x":88,"y":376,"width":98,"height":13}},{"id":"541fd30b-9626-48f5-a25c-73f2009217ac","block_type":"box","text":"Investing in Real Estate Companies may involve risks similar to those associated with investing in small","page_number":60,"box":{"x":193,"y":376,"width":722,"height":13}},{"id":"81f64d55-a6fd-4dd6-be0e-913fdbe09b8b","block_type":"box","text":"capitalization companies. Real Estate Company securities, like the securities of small-capitalization companies, may be more","page_number":60,"box":{"x":89,"y":392,"width":867,"height":12}},{"id":"2f1d60ae-47f8-4464-bbe5-57b6e11773b3","block_type":"box","text":"volatile than, and perform differently from, shares of large-capitalization companies. There may be less trading in Real Estate","page_number":60,"box":{"x":88,"y":407,"width":870,"height":12}},{"id":"381bcc7a-7560-41f2-88a5-1f9fc1a9f3a5","block_type":"box","text":"Company shares, which means that buy and sell transactions in those shares could have a magnified impact on share price,","page_number":60,"box":{"x":89,"y":422,"width":865,"height":12}},{"id":"95a281a1-ad59-4ae0-8620-afda083b4e2e","block_type":"box","text":"resulting in abrupt or erratic price fluctuations. In addition, real estate is relatively illiquid, and, therefore, a Real Estate","page_number":60,"box":{"x":89,"y":437,"width":819,"height":12}},{"id":"58e4588d-773d-48e8-b35f-16b57cc62e35","block_type":"box","text":"Company may have a limited ability to vary or liquidate properties in response to changes in economic or other conditions.","page_number":60,"box":{"x":89,"y":452,"width":857,"height":12}},{"id":"7b113977-55de-4c14-b035-9a7937d34252","block_type":"box","text":"Indian Tax Risk","page_number":60,"box":{"x":88,"y":479,"width":105,"height":9}},{"id":"85727c0e-1b83-4523-a766-143330daeac6","block_type":"box","text":": The IT Act has been amended by the Finance Act, 2020 to tax the distributions made by REITS, out of the","page_number":60,"box":{"x":194,"y":479,"width":743,"height":12}},{"id":"6ae74cad-90aa-48b7-ae4f-93de954b75eb","block_type":"box","text":"dividends received, in the hands of the unit holders. Earlier, a company distributing dividends to a REIT, was not liable to pay","page_number":60,"box":{"x":89,"y":494,"width":865,"height":12}},{"id":"cffc848c-7075-457a-8b84-8fbe1454ecf3","block_type":"box","text":"dividend distribution tax on such dividends, subject to the satisfaction of certain conditions. Such dividends were considered","page_number":60,"box":{"x":89,"y":509,"width":872,"height":12}},{"id":"8c7ec20d-caa9-4aae-a5cf-225b5707c591","block_type":"box","text":"a pass through income for the REIT and the distributions made by the REIT to the unit holders from such dividends was also","page_number":60,"box":{"x":89,"y":524,"width":868,"height":12}},{"id":"257a843f-a9d0-404c-99d6-74092d213948","block_type":"box","text":"exempt from tax in the hands of the non-resident unit holders.","page_number":60,"box":{"x":89,"y":539,"width":437,"height":12}},{"id":"9351c52f-5e1f-4935-87e8-42e2c44374aa","block_type":"box","text":"Pursuant to the Finance Act, 2020, the dividend distribution tax has been abolished. Accordingly, under the amended IT Act,","page_number":60,"box":{"x":89,"y":565,"width":869,"height":13}},{"id":"60652ca1-44fb-498b-be4c-baf4407b2c84","block_type":"box","text":"a company distributing dividends to a REIT would not be liable to pay dividend distribution tax irrespective of the satisfaction","page_number":60,"box":{"x":89,"y":581,"width":873,"height":12}},{"id":"50026ecc-d683-4b1e-8a0e-f9f68f5ee2cb","block_type":"box","text":"of any condition. However, the amended IT Act provides that though such dividend income would continue to be treated as","page_number":60,"box":{"x":89,"y":596,"width":865,"height":12}},{"id":"2aae197e-a388-4903-96e6-7f758b24877b","block_type":"box","text":"pass through income for the REIT, the distributions made from such dividends by the REITs may be taxed in the hands of the","page_number":60,"box":{"x":89,"y":611,"width":870,"height":12}},{"id":"dd89cbde-399c-413d-b4b2-438618c2136b","block_type":"box","text":"unit holders (","page_number":60,"box":{"x":89,"y":626,"width":92,"height":12}},{"id":"c63dcda5-7ea8-4683-9eee-f5f62f1adff8","block_type":"box","text":"i.e.","page_number":60,"box":{"x":182,"y":627,"width":18,"height":9}},{"id":"2565add4-254e-4756-8263-e7477260db80","block_type":"box","text":"investors) in the REIT depending on the taxation regime adopted by the investee company. This may have a","page_number":60,"box":{"x":206,"y":626,"width":750,"height":12}},{"id":"9b5c6ea4-4c5b-48d0-a544-2c7df5b52a7e","block_type":"box","text":"bearing on the returns of the Fund from investments in Indian REITs.","page_number":60,"box":{"x":89,"y":641,"width":478,"height":12}},{"id":"065c1fc9-8b71-4180-8fc1-7f68ecce48f2","block_type":"box","text":"Interest Rate Risk.","page_number":60,"box":{"x":88,"y":668,"width":124,"height":9}},{"id":"ccd9bc9f-6651-41af-a53d-734b0d3f23f5","block_type":"box","text":"Rising interest rates could result in higher costs of capital for Real Estate Companies, which could","page_number":60,"box":{"x":218,"y":668,"width":680,"height":12}},{"id":"834dfe0b-357c-4891-aeb4-2c1bf78bf44d","block_type":"box","text":"negatively impact a Real Estate Company’s ability to meet its payment obligations. Declining interest rates could result in","page_number":60,"box":{"x":89,"y":683,"width":843,"height":12}},{"id":"ed4eb7c0-2f50-4b6f-b02f-fd16f5915a2d","block_type":"box","text":"increased prepayment on loans and require redeployment of capital in less desirable investments.","page_number":60,"box":{"x":89,"y":698,"width":679,"height":12}},{"id":"0d6e58c5-878f-40c4-b4fd-d51ea15860c6","block_type":"box","text":"Leverage Risk.","page_number":60,"box":{"x":88,"y":724,"width":98,"height":13}},{"id":"3e0c4e13-a6a0-4c46-bb6d-895b3bcbf585","block_type":"box","text":"Real Estate Companies may use leverage (and some may be highly leveraged), which increases investment risk","page_number":60,"box":{"x":192,"y":724,"width":774,"height":13}},{"id":"4f38340a-63ea-4949-ae9f-20970276e33f","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":60,"box":{"x":89,"y":739,"width":875,"height":13}},{"id":"6201a0f7-e35d-469e-90ed-83bae70a280c","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":60,"box":{"x":89,"y":754,"width":875,"height":13}},{"id":"4d604c16-67a2-4bf5-b4cf-f1f70b2e6d37","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":60,"box":{"x":89,"y":770,"width":872,"height":12}},{"id":"b5863b63-182b-408d-8e0b-1ee6a41433e0","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":60,"box":{"x":89,"y":785,"width":857,"height":12}},{"id":"515d8792-d184-4d42-8d84-6002c3e54d0f","block_type":"box","text":"income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements,","page_number":60,"box":{"x":89,"y":800,"width":877,"height":12}},{"id":"7fce1f70-a416-4207-b5bd-9feaaceadd3e","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":60,"box":{"x":88,"y":815,"width":851,"height":12}},{"id":"0e2c63be-e5c1-4d04-a98e-e69fbc2110d3","block_type":"box","text":"payments of any interest and principal on its debt securities will be adversely affected.","page_number":60,"box":{"x":89,"y":830,"width":599,"height":12}},{"id":"42f93025-1043-49d3-aee5-4162b6fdba43","block_type":"box","text":"37","page_number":60,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"9318c740-b511-442e-a6bb-b58650adc33c","block_type":"box","text":"Loan Foreclosure Risk.","page_number":61,"box":{"x":88,"y":44,"width":154,"height":10}},{"id":"49b92a5e-13d3-4e42-9516-9f01caa21f13","block_type":"box","text":"Real Estate Companies may foreclose on loans that the Real Estate Company originated and/or","page_number":61,"box":{"x":249,"y":44,"width":664,"height":12}},{"id":"53c38b51-de51-4dd7-b923-5f470b2f035d","block_type":"box","text":"acquired. Foreclosure may generate negative publicity for the underlying property that affects its market value. In addition to","page_number":61,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"b34d483b-4c13-45f4-b1fb-a81381e36dac","block_type":"box","text":"the length and expense of such proceedings, the validity of the terms of the applicable loan may not be recognized in","page_number":61,"box":{"x":88,"y":74,"width":819,"height":12}},{"id":"27ee84bd-edc0-45e5-a8d5-96f984fadba7","block_type":"box","text":"foreclosure proceedings. Claims and defenses asserted by borrowers or other lenders may interfere with the enforcement of","page_number":61,"box":{"x":88,"y":89,"width":868,"height":13}},{"id":"350b8ba0-deec-4816-a9f6-d756f1905563","block_type":"box","text":"rights by a Real Estate Company. Parallel proceedings, such as bankruptcy, may also delay resolution and limit the amount of","page_number":61,"box":{"x":89,"y":104,"width":872,"height":13}},{"id":"f808c685-92d7-4a6f-a5e9-692840d51a0f","block_type":"box","text":"recovery on a foreclosed loan by a Real Estate Company even where the property underlying the loan is liquidated.","page_number":61,"box":{"x":89,"y":119,"width":796,"height":13}},{"id":"09d53ed0-996f-479c-b892-046b79affab9","block_type":"box","text":"Management Risk.","page_number":61,"box":{"x":88,"y":146,"width":130,"height":12}},{"id":"1777e1e0-ded0-44c1-95d6-f8d42d0dcd34","block_type":"box","text":"Real Estate Companies are dependent upon management skills and may have limited financial resources.","page_number":61,"box":{"x":225,"y":146,"width":733,"height":12}},{"id":"fcae67a8-3278-4819-9423-f4831df708a6","block_type":"box","text":"Real Estate Companies are generally not diversified and may be subject to heavy cash flow dependency, default by borrowers","page_number":61,"box":{"x":89,"y":161,"width":872,"height":12}},{"id":"e8bbdb6e-4593-4bc5-99a4-dc5064b98cdd","block_type":"box","text":"and voluntary liquidation. In addition, transactions between Real Estate Companies and their affiliates may be subject to","page_number":61,"box":{"x":89,"y":176,"width":838,"height":13}},{"id":"d71f0102-22f7-4d82-9fce-6d36166b2cd2","block_type":"box","text":"conflicts of interest, which may adversely affect a Real Estate Company’s shareholders. A Real Estate Company may also have","page_number":61,"box":{"x":89,"y":191,"width":875,"height":13}},{"id":"8257f234-a35e-4bcc-85c3-6682846a059e","block_type":"box","text":"joint venture investments in certain of its properties, and, consequently, its ability to control decisions relating to such","page_number":61,"box":{"x":88,"y":206,"width":822,"height":13}},{"id":"dcb8b6da-0b35-40e0-b0e1-2fdbb935d20d","block_type":"box","text":"properties may be limited.","page_number":61,"box":{"x":89,"y":222,"width":181,"height":12}},{"id":"3956fefe-7c94-4d34-864e-9c73a20ae4dc","block_type":"box","text":"Property Risk.","page_number":61,"box":{"x":88,"y":248,"width":94,"height":12}},{"id":"4da682b5-cc32-40d5-9cf4-47d76d8df746","block_type":"box","text":"Real Estate Companies may be subject to risks relating to functional obsolescence or reduced desirability of","page_number":61,"box":{"x":189,"y":248,"width":752,"height":12}},{"id":"6f368b47-40e1-454c-ad50-4d65cb586515","block_type":"box","text":"properties; extended vacancies due to economic conditions and tenant bankruptcies; catastrophic events such as","page_number":61,"box":{"x":89,"y":263,"width":794,"height":12}},{"id":"9cc1de48-d3cf-4872-b6c7-4ca6c11ea4b9","block_type":"box","text":"earthquakes, hurricanes and terrorist acts; and casualty or condemnation losses. Real estate income and values also may be","page_number":61,"box":{"x":89,"y":278,"width":867,"height":13}},{"id":"b2ac0dd6-6e87-438c-a3a9-e1612581a4d6","block_type":"box","text":"greatly affected by demographic trends, such as population shifts or changes in consumer preferences and values, or","page_number":61,"box":{"x":89,"y":293,"width":819,"height":13}},{"id":"ce6f2202-e9fb-4c6b-80ce-97bdf0fa80bf","block_type":"box","text":"increasing vacancies or declining rents resulting from legal, cultural, technological, global or local economic developments.","page_number":61,"box":{"x":89,"y":308,"width":860,"height":13}},{"id":"6c5d8695-db1a-4ba8-a81f-c7a93e8feeb1","block_type":"box","text":"Regulatory Risk.","page_number":61,"box":{"x":88,"y":335,"width":110,"height":12}},{"id":"c8067adc-8c25-4eba-b8df-9fc89716a482","block_type":"box","text":"Real estate income and values may be adversely affected by such factors as applicable domestic and foreign","page_number":61,"box":{"x":205,"y":335,"width":754,"height":12}},{"id":"9eb08c17-4a1c-4bba-8f3b-60dfa0e977d9","block_type":"box","text":"laws (including tax laws). Government actions, such as tax increases, zoning law changes, mandated closures or other","page_number":61,"box":{"x":89,"y":350,"width":828,"height":12}},{"id":"b4332809-8f50-409e-a863-2b5c1dd31d9b","block_type":"box","text":"commercial restrictions or environmental regulations, also may have a major impact on real estate income and values. In","page_number":61,"box":{"x":89,"y":365,"width":843,"height":12}},{"id":"3c58e388-ed12-421e-8d30-62a3ce8327a2","block_type":"box","text":"addition, quarterly compliance with regulations limiting the proportion of asset types held by a U.S. REIT may force certain","page_number":61,"box":{"x":89,"y":380,"width":854,"height":13}},{"id":"5c523d70-86e6-4522-a11e-7b409cf812ce","block_type":"box","text":"Real Estate Companies to liquidate or restructure otherwise attractive investments. Some countries may not recognize REITs","page_number":61,"box":{"x":89,"y":395,"width":867,"height":13}},{"id":"e177f50c-b9ea-4c46-9386-9a23476de0b1","block_type":"box","text":"or comparable structures as a viable form of real estate funds.","page_number":61,"box":{"x":89,"y":410,"width":432,"height":13}},{"id":"1800ae2e-d5f9-466a-912a-b93c65c5bb66","block_type":"box","text":"Underlying Investment Risk.","page_number":61,"box":{"x":89,"y":437,"width":192,"height":12}},{"id":"a5ada0be-dd2f-461c-8097-8b27d8d3c05b","block_type":"box","text":"Real Estate Companies make investments in a variety of debt and equity instruments with","page_number":61,"box":{"x":287,"y":437,"width":626,"height":12}},{"id":"369c52ed-62f6-4312-9dbf-dc1443ead3e8","block_type":"box","text":"varying risk profiles. For instance, Real Estate Companies may invest in debt instruments secured by commercial property","page_number":61,"box":{"x":88,"y":452,"width":849,"height":12}},{"id":"8ecd3276-d4d4-493a-86d9-68b3990dc11c","block_type":"box","text":"that have higher risks of delinquency and foreclosure than loans on single family homes due to a variety of factors associated","page_number":61,"box":{"x":88,"y":467,"width":877,"height":13}},{"id":"ffa3d3e6-6781-486f-a11c-b5e71a3dc447","block_type":"box","text":"with commercial property, including the tie between income available to service debt and productive use of the property. Real","page_number":61,"box":{"x":88,"y":482,"width":877,"height":13}},{"id":"5f438d48-f436-4754-bea7-0ebd36ae39a3","block_type":"box","text":"Estate Companies may also invest in debt instruments and preferred equity that are junior in an issuer’s capital structure and","page_number":61,"box":{"x":89,"y":497,"width":871,"height":13}},{"id":"4a5f0fc3-88c0-4d3e-b326-e1ec6f85f355","block_type":"box","text":"that involve privately negotiated structures. Subordinated debt investments, such as B-Notes and mezzanine loans, involve a","page_number":61,"box":{"x":88,"y":513,"width":868,"height":12}},{"id":"5e5ae768-2d9a-4f49-951b-a87a75c5e768","block_type":"box","text":"greater credit risk of default due to the need to service more senior debt of the issuer. Similarly, preferred equity investments","page_number":61,"box":{"x":89,"y":528,"width":867,"height":12}},{"id":"bab94fc3-8cce-4537-aa84-5969925bf294","block_type":"box","text":"involve a greater risk of loss than conventional debt financing due to their non-collateralized nature and subordinated","page_number":61,"box":{"x":89,"y":543,"width":821,"height":12}},{"id":"17cadc13-4988-4922-87ad-69df9f15001e","block_type":"box","text":"ranking. Investments in commercial mortgage-backed securities may also be junior in priority in the event of bankruptcy or","page_number":61,"box":{"x":89,"y":558,"width":862,"height":12}},{"id":"01f5caa7-3d7d-43bb-88c5-7a83d94e79b7","block_type":"box","text":"similar proceedings. Investments in senior loans may be effectively subordinated if the senior loan is pledged as collateral.","page_number":61,"box":{"x":89,"y":573,"width":849,"height":12}},{"id":"a8a155c6-6c20-4dc1-9602-4cd07bf70960","block_type":"box","text":"The ability of a holder of junior claims to proceed against a defaulting issuer is circumscribed by the terms of the particular","page_number":61,"box":{"x":88,"y":588,"width":859,"height":12}},{"id":"2ddf467b-a2e6-4a33-b134-7d110e07812d","block_type":"box","text":"contractual arrangement, which vary considerably from transaction to transaction.","page_number":61,"box":{"x":89,"y":603,"width":578,"height":13}},{"id":"1e6c7c24-1a94-4372-9929-30765c3a30e7","block_type":"box","text":"U.S. Tax Risk.","page_number":61,"box":{"x":89,"y":630,"width":89,"height":9}},{"id":"c28761c1-ea5c-43e7-91ec-0dd2b6a8d230","block_type":"box","text":"Certain U.S. Real Estate Companies are subject to special U.S. federal tax requirements. A REIT that fails to","page_number":61,"box":{"x":184,"y":630,"width":739,"height":12}},{"id":"a034473b-9377-486e-8a9b-c5840847ec61","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":61,"box":{"x":89,"y":645,"width":854,"height":12}},{"id":"edd54cf1-e154-41b5-ad2e-1c02db8f9c53","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":61,"box":{"x":89,"y":660,"width":871,"height":12}},{"id":"2f547e64-029e-4806-92f2-d5e00fa69d4c","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":61,"box":{"x":89,"y":675,"width":811,"height":12}},{"id":"566f9d47-02a7-44a5-be9b-6180c05039f8","block_type":"box","text":"successfully maintains its qualification may still become subject to U.S. federal, state and local taxes, including excise,","page_number":61,"box":{"x":89,"y":690,"width":821,"height":13}},{"id":"d0e7999f-6873-4ece-8189-3a3782cb1546","block_type":"box","text":"penalty, franchise, payroll, mortgage recording, and transfer taxes, both directly and indirectly through its subsidiaries.","page_number":61,"box":{"x":89,"y":705,"width":825,"height":13}},{"id":"95b32efc-5239-43d5-af20-ad8ba874bdeb","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":61,"box":{"x":89,"y":720,"width":867,"height":13}},{"id":"50dcdf2e-2762-4071-8094-2485ce2d8ac9","block_type":"box","text":"request permission to extend the deadline for issuing your tax reporting statement or supplement the information otherwise","page_number":61,"box":{"x":89,"y":736,"width":871,"height":12}},{"id":"de13e5d0-82af-4798-a5a5-a641fb96c566","block_type":"box","text":"provided to you.","page_number":61,"box":{"x":89,"y":751,"width":112,"height":12}},{"id":"011e53a2-7939-45e9-94a1-0f1f2864d5f7","block_type":"box","text":"Risk of Investing in Technology Companies.","page_number":61,"box":{"x":89,"y":777,"width":313,"height":12}},{"id":"b5c68df6-8ab0-4258-899b-0c1466be314b","block_type":"box","text":"Technology companies and companies that rely heavily on technological","page_number":61,"box":{"x":411,"y":777,"width":509,"height":12}},{"id":"670d60fd-4e91-49a3-ba9b-293399cd4622","block_type":"box","text":"advances may have limited product lines, markets, financial resources and personnel. These companies may face rapid","page_number":61,"box":{"x":89,"y":792,"width":830,"height":13}},{"id":"cf2e4736-78a6-478b-8b50-eba1384fe9ae","block_type":"box","text":"product obsolescence as well as unexpected risks and costs related to new product introduction and technological","page_number":61,"box":{"x":89,"y":807,"width":803,"height":13}},{"id":"2b9bc227-66ce-4cae-8e90-7dd529099d6a","block_type":"box","text":"developments, such as artificial intelligence and machine learning. Technology companies may be adversely affected by","page_number":61,"box":{"x":89,"y":822,"width":837,"height":13}},{"id":"ab91f9c9-3a8d-4e49-a2f9-dbdead5b41bb","block_type":"box","text":"disruptions to supply chains and distribution networks as well as issues at third-party partners. They are heavily dependent","page_number":61,"box":{"x":89,"y":838,"width":861,"height":12}},{"id":"8ffdb80b-23e5-4385-8e10-2a62163be62f","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":61,"box":{"x":89,"y":853,"width":815,"height":12}},{"id":"21f7abbe-c0ed-40b4-b9a0-697a52ea0893","block_type":"box","text":"38","page_number":61,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3a4e775a-ef79-4329-9c92-72971556a7d0","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or","page_number":62,"box":{"x":89,"y":44,"width":863,"height":12}},{"id":"f8f51f27-0cec-4102-8a1c-54f65a982ac9","block_type":"box","text":"legal action. These companies also may be adversely affected by, among other things, actual or perceived security","page_number":62,"box":{"x":89,"y":59,"width":796,"height":12}},{"id":"c64dabe8-c318-47e1-aca8-07cf6bf8b616","block_type":"box","text":"vulnerabilities or other defects in their products and services, which may result in lawsuits, government enforcement actions","page_number":62,"box":{"x":88,"y":74,"width":871,"height":12}},{"id":"12eb5dff-9662-41de-a5e5-e464bdf11a76","block_type":"box","text":"and other remediation costs.","page_number":62,"box":{"x":89,"y":89,"width":200,"height":10}},{"id":"0e2cd509-7902-4b33-b6b6-00cd38deb05d","block_type":"box","text":"Risk of Investing in the Telecommunications Sector.","page_number":62,"box":{"x":89,"y":116,"width":371,"height":12}},{"id":"a658bdec-8b99-4b89-ac37-bb058c152e01","block_type":"box","text":"The telecommunications sector of a country’s economy is often","page_number":62,"box":{"x":469,"y":116,"width":448,"height":12}},{"id":"6ab8c8bb-4f5c-4925-b87c-c6490234e854","block_type":"box","text":"subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to","page_number":62,"box":{"x":89,"y":131,"width":831,"height":12}},{"id":"749fd3fa-9c48-4918-bfda-539e705b6cf0","block_type":"box","text":"receive required regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of","page_number":62,"box":{"x":89,"y":146,"width":878,"height":12}},{"id":"386d1e0d-6399-4876-aa3e-1b068488c2fd","block_type":"box","text":"telecommunications companies. Government actions around the world, specifically in the area of pre-marketing clearance of","page_number":62,"box":{"x":88,"y":161,"width":877,"height":12}},{"id":"8bf46aad-75de-4b77-954e-873ffc3893b3","block_type":"box","text":"products and prices, can be arbitrary and unpredictable. Companies in the telecommunications sector may experience","page_number":62,"box":{"x":89,"y":176,"width":829,"height":13}},{"id":"1cfed47a-a0dd-44c3-82c5-daf723d5dcfa","block_type":"box","text":"distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly in","page_number":62,"box":{"x":89,"y":191,"width":798,"height":13}},{"id":"189fce71-3156-4c23-8105-0fe2bf63141a","block_type":"box","text":"developing new products and services using new technology. Technological innovations may make the products and services","page_number":62,"box":{"x":89,"y":206,"width":877,"height":13}},{"id":"1d585284-561e-4190-b3b1-ffc37b617dd5","block_type":"box","text":"of certain telecommunications companies obsolete. Finally, while all companies may be susceptible to network security","page_number":62,"box":{"x":89,"y":222,"width":835,"height":12}},{"id":"9463351d-af23-43ff-a742-9a9242b33822","block_type":"box","text":"breaches, certain companies in the telecommunications sector may be particular targets of hacking and potential theft of","page_number":62,"box":{"x":89,"y":237,"width":851,"height":12}},{"id":"f2e45c0c-b57a-46fe-9449-f00ac4d60e6f","block_type":"box","text":"proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":62,"box":{"x":89,"y":252,"width":877,"height":12}},{"id":"f0ecdb97-3cfa-4496-b543-45c2a46c6042","block_type":"box","text":"Risk of Investing in the Utilities Sector.","page_number":62,"box":{"x":89,"y":278,"width":274,"height":13}},{"id":"d5458221-63e0-4a7e-bb0c-64856f9afe26","block_type":"box","text":"The utilities sector may be adversely affected by changing commodity prices,","page_number":62,"box":{"x":372,"y":278,"width":539,"height":13}},{"id":"90c7c69a-a2d8-4ae4-88b1-500961f9b271","block_type":"box","text":"government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws, interest rate fluctuations","page_number":62,"box":{"x":89,"y":293,"width":857,"height":13}},{"id":"f382555d-8d14-4c4b-bbd1-c2c209526f20","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":62,"box":{"x":89,"y":308,"width":871,"height":13}},{"id":"0181de9c-6a92-44f3-a2c1-e4e7970fd3f9","block_type":"box","text":"natural disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation","page_number":62,"box":{"x":89,"y":324,"width":872,"height":12}},{"id":"a2da3ee2-9b59-451e-aebb-02325d28a4bf","block_type":"box","text":"and maintenance of nuclear facilities. Government regulators monitor and control utility revenues and costs, and therefore","page_number":62,"box":{"x":89,"y":339,"width":858,"height":12}},{"id":"24cd01e9-a22f-47c0-a165-99dafd61fa9e","block_type":"box","text":"may limit utility profits. In certain countries, regulatory authorities may also restrict a company’s access to new markets,","page_number":62,"box":{"x":89,"y":354,"width":839,"height":12}},{"id":"43c8e41a-6983-4587-a5c4-422513f1f6e0","block_type":"box","text":"thereby diminishing the company’s long-term prospects.","page_number":62,"box":{"x":88,"y":369,"width":397,"height":12}},{"id":"f62198da-2c0e-4832-9ffc-d5ba46047c74","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any regulatory","page_number":62,"box":{"x":88,"y":395,"width":842,"height":13}},{"id":"4be2cc06-9a3f-42e9-80ea-1d8109009aa2","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":62,"box":{"x":89,"y":410,"width":878,"height":13}},{"id":"80f54daa-d826-4640-ba5b-b4e4aa5095f2","block_type":"box","text":"grant rate increases. 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The MSCI single country standard equity indexes have covered the world’s","page_number":65,"box":{"x":88,"y":340,"width":819,"height":12}},{"id":"056227e4-be6a-42eb-b8eb-d29fb797facf","block_type":"box","text":"developed markets since 1969 and in 1987 MSCI commenced coverage of emerging markets.","page_number":65,"box":{"x":89,"y":355,"width":654,"height":12}},{"id":"2c624c8d-5949-46e4-9e20-6498e301ea78","block_type":"box","text":"Local stock exchanges traditionally calculated their own indexes, which were generally not comparable with one another due","page_number":65,"box":{"x":89,"y":382,"width":875,"height":12}},{"id":"f005e6a8-4b34-450e-b61b-af726c9375ad","block_type":"box","text":"to differences in the representation of the local market, mathematical formulas, base dates and methods of adjusting for","page_number":65,"box":{"x":88,"y":397,"width":843,"height":12}},{"id":"bc83c205-3d8a-4e6c-baf3-7594663354b6","block_type":"box","text":"capital changes. MSCI, however, applies the same calculation methodology to all markets for all single country standard","page_number":65,"box":{"x":89,"y":412,"width":838,"height":12}},{"id":"cce42ccb-3b7c-4942-8ae6-a8628366ddf4","block_type":"box","text":"equity indexes, both developed and emerging.","page_number":65,"box":{"x":89,"y":427,"width":322,"height":12}},{"id":"b5ad0580-df0c-49e9-afc1-59ceb55b5597","block_type":"box","text":"MSCI Global Investable Market Indexes","page_number":65,"box":{"x":89,"y":453,"width":281,"height":10}},{"id":"1a11908e-60b3-446f-b10f-859837e7dc0e","block_type":"box","text":"MSCI’s Global Investable Market Indexes (the “MSCI GIMI”) provide coverage and non-overlapping market segmentation by","page_number":65,"box":{"x":89,"y":480,"width":867,"height":12}},{"id":"2652938d-5f72-4527-8a04-0b63c4af688b","block_type":"box","text":"market capitalization size and by style. The MSCI GIMI intend to target approximately 99% coverage of the free float-adjusted","page_number":65,"box":{"x":89,"y":495,"width":877,"height":12}},{"id":"586c2ba1-0338-4374-a1d0-5b78b4d55a29","block_type":"box","text":"market capitalization in each market of large-, mid- and small-cap securities. In each market, MSCI creates an Investable","page_number":65,"box":{"x":89,"y":510,"width":842,"height":12}},{"id":"27a2b060-8cd5-45aa-8ff8-8168a02dc207","block_type":"box","text":"Market Index, Standard Index, Large Cap Index, Mid Cap Index and Small Cap Index. The Standard Index, Large Cap Index,","page_number":65,"box":{"x":89,"y":525,"width":854,"height":12}},{"id":"deb9cc36-8dba-487c-b49b-ffa38e2001c9","block_type":"box","text":"Mid Cap Index and Small Cap Index are each subsets of the Investable Market Index for a market. The MSCI Global Standard","page_number":65,"box":{"x":89,"y":540,"width":868,"height":13}},{"id":"404aa1bb-89ed-4425-9573-d03b2c1de123","block_type":"box","text":"Index is the aggregation of the Large Cap Index and Mid Cap Index and the MSCI GIMI is the aggregation of the MSCI Global","page_number":65,"box":{"x":89,"y":555,"width":871,"height":13}},{"id":"43e2acd7-f886-4d9f-b239-c23c3e116290","block_type":"box","text":"Standard Index and MSCI Global Small Cap Index.","page_number":65,"box":{"x":88,"y":570,"width":348,"height":13}},{"id":"1665c6a2-4995-4fcc-8935-da1d7813b98a","block_type":"box","text":"Selection Criteria.","page_number":65,"box":{"x":88,"y":597,"width":127,"height":10}},{"id":"37908b4d-ad4d-4aea-bf9a-c3836f55e8cd","block_type":"box","text":"MSCI’s index construction process involves: (i) defining the equity universe; (ii) determining the market","page_number":65,"box":{"x":221,"y":597,"width":723,"height":12}},{"id":"371756af-e2ff-4042-bdd5-c654d4cf9546","block_type":"box","text":"investable equity universe for each market; (iii) determining market capitalization size segments for each market; (iv)","page_number":65,"box":{"x":89,"y":612,"width":814,"height":12}},{"id":"c4e27c3b-5b41-4c98-9be9-4f062505a520","block_type":"box","text":"applying final size segment investability requirements; and (v) applying index continuity rules for the MSCI Global Standard","page_number":65,"box":{"x":89,"y":627,"width":860,"height":13}},{"id":"ade66021-4e65-4552-852f-78618258f9fb","block_type":"box","text":"Index.","page_number":65,"box":{"x":89,"y":642,"width":41,"height":10}},{"id":"340c8be5-5c2d-4b96-8d2c-e6a73d6730bf","block_type":"box","text":"Defining the Equity Universe","page_number":65,"box":{"x":89,"y":669,"width":204,"height":12}},{"id":"79208509-a647-47ca-a0c4-4d1d8659c5a9","block_type":"box","text":". MSCI begins with securities listed in countries in the MSCI GIMI. As of August 2025, 23 are","page_number":65,"box":{"x":294,"y":669,"width":643,"height":12}},{"id":"6782fe09-8e30-43b1-9f0f-4d8b77125e1b","block_type":"box","text":"classified as developed markets, 24 as emerging markets, and 28 as frontier markets. All listed equity securities and listed","page_number":65,"box":{"x":89,"y":684,"width":847,"height":12}},{"id":"f3c35034-5d9a-4253-bca3-2cec34641060","block_type":"box","text":"securities that exhibit characteristics of equity securities, except mutual funds, ETFs, equity derivatives, limited partnerships","page_number":65,"box":{"x":89,"y":699,"width":863,"height":12}},{"id":"2576816a-f265-4d76-8f6b-909c194f231a","block_type":"box","text":"and most investment trusts, are eligible for inclusion in the equity universe. REITs in some countries and certain income","page_number":65,"box":{"x":89,"y":714,"width":835,"height":12}},{"id":"38c1574f-eb83-4a8d-91d8-48a59bd5b4f1","block_type":"box","text":"trusts in Canada are also eligible for inclusion. Each company and its securities (","page_number":65,"box":{"x":88,"y":729,"width":559,"height":13}},{"id":"2f09b417-3233-4d3c-b5ce-b9e3941d0a46","block_type":"box","text":"i.e","page_number":65,"box":{"x":648,"y":730,"width":15,"height":9}},{"id":"73e244cc-c04e-4c08-af57-006bfa58b40e","block_type":"box","text":"., share classes) are classified in only one","page_number":65,"box":{"x":665,"y":729,"width":284,"height":13}},{"id":"4fd0df66-a528-4611-83f0-aa7bbce4045a","block_type":"box","text":"country.","page_number":65,"box":{"x":89,"y":746,"width":55,"height":11}},{"id":"27692c3a-b69f-44a6-9de9-1663a73f513b","block_type":"box","text":"Determining the Market Investable Equity Universe for Each Market.","page_number":65,"box":{"x":89,"y":771,"width":489,"height":12}},{"id":"d407cf0f-4b98-4121-a7e3-ac09cc5578f4","block_type":"box","text":"The equity universe in any market is derived by","page_number":65,"box":{"x":583,"y":771,"width":328,"height":12}},{"id":"1f697b17-10b5-48cb-9ffa-015ecbc98bef","block_type":"box","text":"applying investability screens to individual companies and securities in that market. Some investability requirements are","page_number":65,"box":{"x":89,"y":786,"width":838,"height":12}},{"id":"b57fe15c-9087-4ab6-907f-b68bf1c6da14","block_type":"box","text":"applied at the individual security level and some at the overall company level, represented by the aggregation of individual","page_number":65,"box":{"x":89,"y":801,"width":851,"height":12}},{"id":"4f9b8d41-f867-4733-949b-00b758ed281e","block_type":"box","text":"securities of the company. As a result, the inclusion or exclusion of one security does not imply the automatic inclusion or","page_number":65,"box":{"x":89,"y":816,"width":852,"height":13}},{"id":"fd34eef4-e8bd-4921-af37-f765e9899b9e","block_type":"box","text":"exclusion of other securities of the same company.","page_number":65,"box":{"x":89,"y":831,"width":353,"height":13}},{"id":"ebc38f05-f061-4411-b5aa-95ad93f785b5","block_type":"box","text":"42","page_number":65,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"21e17dd4-a7c6-4c63-af01-d6854b56ef37","block_type":"box","text":"Determining Market Capitalization Size Segments for Each Market.","page_number":66,"box":{"x":89,"y":44,"width":479,"height":12}},{"id":"bdcafa6c-f7a2-4f08-ae2c-13be17694faa","block_type":"box","text":"In order to create size components that can be","page_number":66,"box":{"x":574,"y":44,"width":325,"height":12}},{"id":"2835c800-95b2-4eb7-865b-9364ff198eca","block_type":"box","text":"meaningfully aggregated into composites, individual market size segments balance the following two objectives:","page_number":66,"box":{"x":89,"y":59,"width":786,"height":12}},{"id":"9e9866f5-3ff2-4201-81d3-4f8ea8df651b","block_type":"box","text":"• Achieving global size integrity by ensuring that companies of comparable and relevant sizes are included in a given size","page_number":66,"box":{"x":89,"y":79,"width":863,"height":13}},{"id":"61fcb8e2-e0f3-42eb-a275-a5e1a000c8f3","block_type":"box","text":"segment across all markets in a composite index; and","page_number":66,"box":{"x":121,"y":94,"width":375,"height":13}},{"id":"d94bf4e5-07d3-4784-99d3-0e83c3070c97","block_type":"box","text":"• Achieving consistent market coverage by ensuring that each market’s size segment is represented in its proportional","page_number":66,"box":{"x":89,"y":114,"width":846,"height":13}},{"id":"3664e2a8-dd86-483c-bc18-ce5e852ac06a","block_type":"box","text":"weight in the composite universe.","page_number":66,"box":{"x":121,"y":130,"width":236,"height":12}},{"id":"e061e6a3-3336-483c-a2af-b4036406901f","block_type":"box","text":"The Standard Indexes, Large Cap Indexes, Mid Cap Indexes, and Small Cap Indexes capture the following market","page_number":66,"box":{"x":88,"y":156,"width":787,"height":12}},{"id":"53311155-5649-4cb8-8cd6-f2090c984c83","block_type":"box","text":"capitalization size segments:","page_number":66,"box":{"x":89,"y":171,"width":197,"height":12}},{"id":"cd6c9f81-b58e-4981-93f5-17404c1e959d","block_type":"box","text":"• MSCI Global Standard Indexes cover all investable large- and mid-cap securities by including the largest issuers","page_number":66,"box":{"x":89,"y":191,"width":809,"height":13}},{"id":"1043a5f2-542b-4137-8f4a-f8dc6a5edaf4","block_type":"box","text":"comprising approximately 85% of each market’s free float-adjusted market capitalization.","page_number":66,"box":{"x":121,"y":206,"width":627,"height":13}},{"id":"9e2690cc-01e7-418d-a806-0d845b4a2e79","block_type":"box","text":"• MSCI Global Large Cap Indexes provide coverage of all investable large-cap securities by including the largest issuers","page_number":66,"box":{"x":89,"y":227,"width":848,"height":12}},{"id":"bb62f22e-3df6-40a7-ae99-c93f7b4eda04","block_type":"box","text":"comprising approximately 70% of each market’s free float-adjusted market capitalization.","page_number":66,"box":{"x":121,"y":242,"width":627,"height":12}},{"id":"85f9a08f-9c83-4e94-bbc9-c4e9d0414dc8","block_type":"box","text":"• MSCI Global Mid Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":66,"box":{"x":89,"y":262,"width":865,"height":12}},{"id":"a1957b79-3c55-412a-a3a5-9c8972500fb1","block_type":"box","text":"of the MSCI Global Standard Index and the MSCI Global Large Cap Index in that market.","page_number":66,"box":{"x":121,"y":277,"width":614,"height":12}},{"id":"99aad053-2fd1-4adf-ac10-69f6beb7aeb8","block_type":"box","text":"• MSCI Global Small Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":66,"box":{"x":89,"y":297,"width":876,"height":12}},{"id":"6bcd52db-bb4a-4f1e-8702-afde79b1ffb3","block_type":"box","text":"of the Investable Market Index and the MSCI Global Standard Index in that market.","page_number":66,"box":{"x":121,"y":312,"width":577,"height":10}},{"id":"da79d189-19af-4586-b5ca-7519ea463c58","block_type":"box","text":"Applying Final Size Segment Investability Requirements.","page_number":66,"box":{"x":88,"y":339,"width":404,"height":12}},{"id":"70b2b400-b967-4f51-be45-41da87b7676d","block_type":"box","text":"In order to enhance replicability of the indexes, additional size","page_number":66,"box":{"x":498,"y":339,"width":430,"height":12}},{"id":"b5b3c2c3-731a-4b1f-9506-a93f764df5a4","block_type":"box","text":"segment investability requirements are set for the MSCI GIMI and MSCI Global Standard Index. These investability","page_number":66,"box":{"x":89,"y":354,"width":796,"height":12}},{"id":"0ab5155b-80e3-4ba8-8e48-a531a9e7b2f2","block_type":"box","text":"requirements include minimum free float-adjusted market capitalization, minimum liquidity, minimum foreign limits and","page_number":66,"box":{"x":89,"y":369,"width":842,"height":12}},{"id":"b4a6acf5-eeef-41b3-b8c4-1b73ffc59789","block_type":"box","text":"minimum length of trading.","page_number":66,"box":{"x":89,"y":384,"width":192,"height":12}},{"id":"0782c1b0-1cc2-49f8-b62b-5be9cc7ccbd9","block_type":"box","text":"Applying Index Continuity Rules for the Standard Index.","page_number":66,"box":{"x":88,"y":410,"width":404,"height":13}},{"id":"c404caa0-2b8b-44e5-b58b-e82363dbeafe","block_type":"box","text":"In order to achieve index continuity as well as provide some basic","page_number":66,"box":{"x":498,"y":410,"width":456,"height":13}},{"id":"426e16a8-9220-4a35-adb9-c3eb5181ba21","block_type":"box","text":"level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a","page_number":66,"box":{"x":89,"y":426,"width":873,"height":12}},{"id":"a95c98c3-c569-476b-80d2-2ad246ee4ee9","block_type":"box","text":"minimum number of five constituents will be maintained for a developed market Standard Index and a minimum number of","page_number":66,"box":{"x":89,"y":441,"width":870,"height":12}},{"id":"e35baf89-1a1f-4891-bb4e-8c73c2591ef6","block_type":"box","text":"three constituents will be maintained for an emerging market Standard Index.","page_number":66,"box":{"x":88,"y":456,"width":544,"height":12}},{"id":"ed282cbf-ec52-474c-9c03-3012955b075e","block_type":"box","text":"Weighting.","page_number":66,"box":{"x":88,"y":482,"width":77,"height":13}},{"id":"447f165a-921b-461b-9bc5-939b08988d7d","block_type":"box","text":"All indexes of the MSCI GIMI are free float weighted,","page_number":66,"box":{"x":171,"y":482,"width":365,"height":13}},{"id":"57ddc555-0e2f-4950-8aa3-6277b31053e3","block_type":"box","text":"i.e.,","page_number":66,"box":{"x":541,"y":483,"width":21,"height":11}},{"id":"bfd27ed0-498e-48eb-8e45-c1b90bc11877","block_type":"box","text":"companies are included in the indexes at the value of","page_number":66,"box":{"x":568,"y":482,"width":373,"height":13}},{"id":"f20327fd-cefc-4977-9d43-357d64e53887","block_type":"box","text":"their free public float (free float multiplied by security price).","page_number":66,"box":{"x":88,"y":497,"width":420,"height":13}},{"id":"65ff2155-bf76-4cb2-ba69-b581c4e68601","block_type":"box","text":"Regional Weights.","page_number":66,"box":{"x":89,"y":524,"width":128,"height":12}},{"id":"cc24b004-aa82-47bd-93cc-2865d1c941a3","block_type":"box","text":"Market capitalization-weighting, combined with a consistent target of approximately 99% of free float","page_number":66,"box":{"x":223,"y":524,"width":720,"height":12}},{"id":"650bf116-7003-46d7-998e-bd8f137cdc22","block_type":"box","text":"adjusted market capitalization, helps ensure that each country’s weight in regional and international indexes approximates its","page_number":66,"box":{"x":89,"y":539,"width":878,"height":12}},{"id":"244ec4a0-1edc-49a5-adba-1b9c5f453a0f","block_type":"box","text":"weight in the total universe of developing and emerging markets. A market is equivalent to a single country except for","page_number":66,"box":{"x":88,"y":554,"width":826,"height":12}},{"id":"924131a8-cd50-42fe-a256-85ac1fcf067c","block_type":"box","text":"developed Europe, where all markets are aggregated into a single market for index construction purposes. Individual country","page_number":66,"box":{"x":89,"y":569,"width":873,"height":13}},{"id":"2a3d5cd9-d061-4977-b9a8-36d5d9da9c8a","block_type":"box","text":"indexes of the European developed markets are derived from the constituents of the MSCI GIMI Europe Index.","page_number":66,"box":{"x":89,"y":584,"width":768,"height":13}},{"id":"88e2e610-ddb3-4f05-8e15-749f564c3ee1","block_type":"box","text":"Free Float.","page_number":66,"box":{"x":89,"y":611,"width":73,"height":10}},{"id":"e13676a0-8893-4077-b833-83dbba937e90","block_type":"box","text":"MSCI defines the free float of a security as the proportion of shares outstanding that are deemed to be available","page_number":66,"box":{"x":167,"y":611,"width":781,"height":12}},{"id":"e01b3072-085e-4fa3-9345-64153af65569","block_type":"box","text":"for purchase in the public equity markets by international investors. In practice, limitations on free float available to","page_number":66,"box":{"x":88,"y":626,"width":803,"height":12}},{"id":"095e8b55-e3bc-4808-9fa2-6103475cb8f9","block_type":"box","text":"international investors include: (i) strategic and other shareholdings not considered part of available free float; and (ii) limits","page_number":66,"box":{"x":89,"y":641,"width":865,"height":12}},{"id":"c69e3b64-5b4e-4125-a2a0-c36dace14413","block_type":"box","text":"on share ownership for foreigners.","page_number":66,"box":{"x":89,"y":656,"width":239,"height":13}},{"id":"e2ed0fa0-62be-441a-8b3e-d950de07c7c1","block_type":"box","text":"MSCI calculates the free float-adjusted market capitalization of each security in the equity index universe by (i) defining and","page_number":66,"box":{"x":89,"y":683,"width":865,"height":12}},{"id":"a88ee2d1-7d72-43c8-a359-55e1f5292225","block_type":"box","text":"estimating the free float available to foreign investors; (ii) assigning a free float-adjustment factor to each security; and (iii)","page_number":66,"box":{"x":89,"y":698,"width":856,"height":12}},{"id":"256fbf72-e8ff-4877-ad70-6f3d9d698289","block_type":"box","text":"calculating the free float-adjusted market capitalization of each security.","page_number":66,"box":{"x":89,"y":713,"width":503,"height":12}},{"id":"76e7d631-505e-4da2-8a38-5edcc7edf05f","block_type":"box","text":"Under MSCI’s free float-adjustment methodology, a constituent’s inclusion factor is equal to its estimated free float, rounded","page_number":66,"box":{"x":89,"y":739,"width":872,"height":13}},{"id":"7b8c4a6e-990c-4453-b520-fac151c05cde","block_type":"box","text":"up to the closest 5% for constituents with free float equal to or exceeding 15%. For example, a constituent security with a","page_number":66,"box":{"x":89,"y":754,"width":852,"height":13}},{"id":"73c9283f-5c3b-4860-b73a-4893a87cd7dd","block_type":"box","text":"free float of 23.2% will be included in the index at 25% of its market capitalization. For securities with a free float of less than","page_number":66,"box":{"x":88,"y":770,"width":872,"height":12}},{"id":"4a539894-26c9-4e8f-a81d-c96e93b1d778","block_type":"box","text":"15%, the estimated free float is adjusted to the nearest 1%.","page_number":66,"box":{"x":90,"y":785,"width":412,"height":12}},{"id":"abe8a10f-e74e-4c1f-a28b-974b3af820e1","block_type":"box","text":"Price and Exchange Rates","page_number":66,"box":{"x":89,"y":811,"width":184,"height":12}},{"id":"8ebeb901-8afc-46ad-8564-29f933039906","block_type":"box","text":"Prices.","page_number":66,"box":{"x":89,"y":838,"width":46,"height":9}},{"id":"12f7a9dc-828c-4e23-bd20-9415d2cdf31d","block_type":"box","text":"The prices used to calculate all MSCI indexes are the official exchange closing prices or those figures accepted as","page_number":66,"box":{"x":140,"y":838,"width":791,"height":12}},{"id":"a035dda9-2a9d-4e4e-b3e8-78a5ac7c38e0","block_type":"box","text":"such. MSCI reserves the right to use an alternative pricing source on any given day.","page_number":66,"box":{"x":89,"y":853,"width":578,"height":12}},{"id":"64b61eae-fb92-4d18-8888-a1e7298de34d","block_type":"box","text":"43","page_number":66,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c468d965-028d-4d6e-a93e-5e5965020f2e","block_type":"box","text":"Exchange Rates.","page_number":67,"box":{"x":89,"y":44,"width":116,"height":12}},{"id":"6a0fb23b-99fd-4e98-8023-e18c7270d93f","block_type":"box","text":"MSCI uses the World Markets/Reuters Closing Spot Rates taken at 4:00 p.m. London time. In case World","page_number":67,"box":{"x":211,"y":44,"width":730,"height":12}},{"id":"80f712b6-a500-4591-9d0b-7f8ddc874043","block_type":"box","text":"Markets/Reuters does not provide rates for specific markets on given days (for example, Christmas Day and New Year’s Day),","page_number":67,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"9928784a-33f3-4b9d-ab16-c20d9982873a","block_type":"box","text":"the previous business day’s rates are normally used. MSCI independently monitors the exchange rates on all its indexes.","page_number":67,"box":{"x":88,"y":74,"width":839,"height":12}},{"id":"100e011d-e745-4875-9eec-712b956dd1fa","block_type":"box","text":"MSCI may under exceptional circumstances elect to use alternative sources of exchange rates if the World Markets/Reuters","page_number":67,"box":{"x":89,"y":89,"width":864,"height":13}},{"id":"14d86a59-fa3f-4adb-a661-975230a5e7a4","block_type":"box","text":"rates are not available, or if MSCI determines that the World Markets/Reuters rates are not reflective of market circumstances","page_number":67,"box":{"x":89,"y":104,"width":877,"height":12}},{"id":"01f4a1fe-6128-4c8b-afe0-5da074d31bcd","block_type":"box","text":"for a given currency on a particular day. In such circumstances, an announcement would be sent to clients with the related","page_number":67,"box":{"x":88,"y":119,"width":859,"height":13}},{"id":"97d9cb55-eac7-4fae-ae09-041707401f67","block_type":"box","text":"information. If appropriate, MSCI may conduct a consultation with the investment community to gather feedback on the","page_number":67,"box":{"x":89,"y":135,"width":845,"height":12}},{"id":"776804eb-13ea-4862-bcb6-89da429a3157","block_type":"box","text":"most relevant exchange rate.","page_number":67,"box":{"x":89,"y":150,"width":201,"height":12}},{"id":"895c6f42-7152-49d5-a50c-a09af090ae63","block_type":"box","text":"Changes to the Indexes.","page_number":67,"box":{"x":89,"y":176,"width":172,"height":13}},{"id":"50d11982-ce81-45ef-9096-8fd9532f7644","block_type":"box","text":"The MSCI GIMI are maintained with the objective of reflecting, on a timely basis, the evolution of","page_number":67,"box":{"x":266,"y":176,"width":678,"height":13}},{"id":"70723685-4801-4dd0-86d6-0d3c4dd7f377","block_type":"box","text":"the underlying equity markets. In maintaining the MSCI indexes, emphasis is also placed on continuity, replicability and","page_number":67,"box":{"x":88,"y":191,"width":833,"height":13}},{"id":"2a9a6981-eb60-44e9-882a-aa49b1b43efc","block_type":"box","text":"minimizing turnover in the indexes. Maintaining the MSCI indexes involves many aspects, including: (i) additions to, and","page_number":67,"box":{"x":89,"y":206,"width":839,"height":13}},{"id":"9ef95ba5-53bc-4420-837b-da000624dcf3","block_type":"box","text":"deletions from, the indexes; (ii) changes in number of shares; and (iii) changes in inclusion factors as a result of updated free","page_number":67,"box":{"x":89,"y":222,"width":872,"height":12}},{"id":"1c8863f2-578c-458c-b591-ca4f16d05dbe","block_type":"box","text":"float estimates.","page_number":67,"box":{"x":88,"y":237,"width":106,"height":9}},{"id":"9f25d732-2179-404e-9a09-bd8aac267a53","block_type":"box","text":"Index maintenance can be described by three broad categories of changes:","page_number":67,"box":{"x":89,"y":263,"width":524,"height":12}},{"id":"7c81d1c3-2cb1-4438-86f6-1994800c36f5","block_type":"box","text":"• Semi-Annual Index Reviews (“SAIRs”), conducted on a fixed semi-annual timetable that systematically reassess the","page_number":67,"box":{"x":89,"y":283,"width":841,"height":13}},{"id":"83f32f3b-967d-48c6-948a-7246d15ba081","block_type":"box","text":"various dimensions of the equity universe for all markets;","page_number":67,"box":{"x":121,"y":298,"width":399,"height":13}},{"id":"2e2aa503-75d0-43a0-bbfa-5f837e03fc86","block_type":"box","text":"• Quarterly Index Reviews (“QIRs”), aimed at promptly reflecting other significant market events; and","page_number":67,"box":{"x":89,"y":319,"width":728,"height":12}},{"id":"d929ae65-1473-45bf-927b-cb931a2a3982","block_type":"box","text":"• Ongoing event-related changes, such as mergers, acquisitions, spin-offs, bankruptcies, reorganizations and other similar","page_number":67,"box":{"x":89,"y":339,"width":876,"height":12}},{"id":"d22fe3e8-21d3-4c26-b118-03cd47f68539","block_type":"box","text":"corporate events, which generally are implemented in the indexes as they occur.","page_number":67,"box":{"x":121,"y":354,"width":560,"height":12}},{"id":"42627def-ac57-45dd-bc9c-ede6ec06253b","block_type":"box","text":"Potential changes in the status of countries (stand-alone, frontier, emerging and developed) follow their own implementation","page_number":67,"box":{"x":89,"y":380,"width":876,"height":13}},{"id":"dd0f4b12-fb0e-4978-9f95-6f7128f9997f","block_type":"box","text":"time tables. In addition, reviews of company involvement in ESG controversies, when applicable, may differ by index and","page_number":67,"box":{"x":88,"y":395,"width":839,"height":13}},{"id":"06b41485-2319-438b-a7d4-a65ef4e7c7e7","block_type":"box","text":"severity of the ESG controversy as determined by MSCI.","page_number":67,"box":{"x":89,"y":410,"width":387,"height":13}},{"id":"e1435325-d229-4566-af4a-cac4c8193360","block_type":"box","text":"MSCI conducts SAIRs generally as of the close of the last business day of May and November. During the SAIRs, MSCI","page_number":67,"box":{"x":89,"y":437,"width":823,"height":12}},{"id":"289175cf-96b7-418d-86a7-d4d8fe316192","block_type":"box","text":"updates the investable equity universe and reassesses size segmentation investability requirements. MSCI also conducts QIRs","page_number":67,"box":{"x":89,"y":452,"width":876,"height":12}},{"id":"962348be-5e3d-48c5-80f6-19cfd4ae66a2","block_type":"box","text":"generally as of the close of the last business day of February and August. During the QIRs, MSCI reflects changes in the index","page_number":67,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"9dee71ac-a8db-4167-8234-19f4ef8a97c0","block_type":"box","text":"that were not captured at the time of their actual occurrence, but are significant enough to be included before the next SAIR.","page_number":67,"box":{"x":88,"y":482,"width":873,"height":13}},{"id":"ded4df4f-937e-455e-8434-f3ade0cb3970","block_type":"box","text":"The results of the SAIR and QIR are generally announced at least ten business days in advance of implementation.","page_number":67,"box":{"x":88,"y":497,"width":798,"height":13}},{"id":"9ac6ccdf-2985-41ca-b3b3-8782cb570703","block_type":"box","text":"Creation of Sector and Industry Indexes using the Global Industry Classification Standard (GICS","page_number":67,"box":{"x":89,"y":524,"width":689,"height":12}},{"id":"34995951-8353-4dbe-879b-71d9c81b59e0","block_type":"box","text":"®","page_number":67,"box":{"x":779,"y":522,"width":9,"height":6}},{"id":"fc38b68f-2b84-4e2d-8e8f-44b23bb6670c","block_type":"box","text":")","page_number":67,"box":{"x":789,"y":524,"width":5,"height":12}},{"id":"b6f98220-2519-45d7-936e-6e4f8ad5b3a7","block_type":"box","text":"All securities in the Global Investable Equity Universe are assigned to the industry that best describes their business activities","page_number":67,"box":{"x":88,"y":550,"width":871,"height":13}},{"id":"d76e8659-074f-4d07-a53e-722bdcabe1ab","block_type":"box","text":"using the GICS. The GICS consists of sectors, industry groups, industries and sub-industries. Under the GICS, each company","page_number":67,"box":{"x":89,"y":565,"width":867,"height":13}},{"id":"34621e66-4cdb-4972-86a4-ac095d95d62b","block_type":"box","text":"is assigned to one unique sub-industry according to its principal business activity (generally defined as the business activity","page_number":67,"box":{"x":89,"y":581,"width":865,"height":12}},{"id":"edafb2e5-4955-4ae4-a829-5f748e4e6300","block_type":"box","text":"that generates 60% or more of the company’s revenues). Narrower indexes may be derived based on industry classification,","page_number":67,"box":{"x":88,"y":596,"width":866,"height":12}},{"id":"59a60eb6-0180-489e-8b42-a0380aa78766","block_type":"box","text":"and may contain securities belonging to specific sectors, industry groups, industries, sub-industries or a combination thereof.","page_number":67,"box":{"x":89,"y":611,"width":878,"height":12}},{"id":"7bf7669e-6206-457c-ab47-19bbcda96254","block_type":"box","text":"MSCI 25/50 Indexes","page_number":67,"box":{"x":89,"y":637,"width":147,"height":10}},{"id":"b71628d6-8830-47b5-b4a8-1dc8ea0ec2ee","block_type":"box","text":"Each of the MSCI 25/50 Indexes (the “25/50 Indexes”) is a sub-index of either an MSCI Global Standard Index or an MSCI","page_number":67,"box":{"x":89,"y":664,"width":854,"height":12}},{"id":"c431b92b-8af6-46d8-b1f6-404f7368068a","block_type":"box","text":"GIMI. Their construction reflects the diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":67,"box":{"x":89,"y":679,"width":873,"height":12}},{"id":"24ece43b-698b-43d2-8119-0291eb197fcb","block_type":"box","text":"Revenue Code. MSCI uses the concept of “group entities” for the concentration limits of the capping methodologies in the","page_number":67,"box":{"x":89,"y":694,"width":854,"height":12}},{"id":"36826236-24e5-40a8-ab66-dc5124228d6c","block_type":"box","text":"25/50 Indexes. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue","page_number":67,"box":{"x":89,"y":709,"width":873,"height":12}},{"id":"1f890f08-b467-4ac4-91eb-908f746a3b8e","block_type":"box","text":"listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20%","page_number":67,"box":{"x":89,"y":724,"width":863,"height":13}},{"id":"9438b74e-e3e8-4a33-af84-5cec006f6d06","block_type":"box","text":"or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":67,"box":{"x":89,"y":739,"width":857,"height":13}},{"id":"946f8bb7-092e-4257-a152-9b91327294d6","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where","page_number":67,"box":{"x":89,"y":754,"width":845,"height":13}},{"id":"2a2eab11-df40-4f9d-87c8-7db3080a518e","block_type":"box","text":"there is reasonable evidence of control based on other information. The 25/50 Indexes are free float-adjusted market","page_number":67,"box":{"x":88,"y":770,"width":821,"height":12}},{"id":"a74b08f2-a6a5-4397-8863-fc77a044e6e5","block_type":"box","text":"capitalization-weighted indexes with a capping methodology applied to group entity weights so that no single group entity","page_number":67,"box":{"x":89,"y":785,"width":861,"height":12}},{"id":"b60af360-214a-4208-8f1f-005ac8766361","block_type":"box","text":"exceeds 25% of index weight, and all group entities with a weight above 5% do not cumulatively exceed 50% of the index","page_number":67,"box":{"x":89,"y":800,"width":854,"height":12}},{"id":"85e5ac81-f9f0-447c-b74c-cb5f761a7e99","block_type":"box","text":"weight. A buffer of 10% of the value of each of these caps is used in order to reduce the risk of noncompliance due to short","page_number":67,"box":{"x":88,"y":815,"width":865,"height":12}},{"id":"088da557-37d1-40c2-9908-ea2ea7a0e93b","block_type":"box","text":"term market movements between rebalances. As a result, at the point of constructing or rebalancing the 25/50 Indexes, the","page_number":67,"box":{"x":88,"y":830,"width":869,"height":12}},{"id":"31a522b6-587b-4980-a6c5-9712729e8908","block_type":"box","text":"weight of any single group entity cannot exceed 22.5% of the index weight and all group entities with weight above 4.5%","page_number":67,"box":{"x":88,"y":845,"width":851,"height":12}},{"id":"357ab592-53bc-449c-b4c9-cb5d38922323","block_type":"box","text":"cannot exceed 45% of the index weight. A software application called the Barra Optimizer is utilized to calculate the capped","page_number":67,"box":{"x":89,"y":860,"width":865,"height":13}},{"id":"b33145f5-5c9b-4095-92a0-3326d5125432","block_type":"box","text":"44","page_number":67,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"739dcf3a-6da9-4973-803d-348982a882a0","block_type":"box","text":"index weights through an optimization function which is aimed at minimizing index turnover, tracking error and extreme","page_number":68,"box":{"x":89,"y":44,"width":843,"height":12}},{"id":"1a8c0d25-7864-470a-b43c-52e48d9187d7","block_type":"box","text":"deviation from the uncapped index.","page_number":68,"box":{"x":89,"y":59,"width":248,"height":12}},{"id":"ee185ed4-ee09-4192-bcbc-a13e3d03ab60","block_type":"box","text":"MSCI Global Minimum Volatility Indexes","page_number":68,"box":{"x":89,"y":85,"width":289,"height":13}},{"id":"c585daf7-f934-43a4-9c99-a2621493c7c3","block_type":"box","text":"MSCI Global Minimum Volatility Indexes are rules-based indexes and are designed to reflect lower volatility or lower risk than","page_number":68,"box":{"x":89,"y":112,"width":873,"height":12}},{"id":"77f7374a-cb7c-4e05-a95e-e603d7eb8ffc","block_type":"box","text":"the capitalization-weighted indexes on which they are based. The indexes aim to reflect the performance of equity portfolios","page_number":68,"box":{"x":88,"y":127,"width":871,"height":12}},{"id":"b6045bf3-a1ac-4992-a28d-26144e1bcdec","block_type":"box","text":"that have the lowest absolute volatility for a given set of investment constraints. Each MSCI Global Minimum Volatility Index","page_number":68,"box":{"x":88,"y":142,"width":867,"height":12}},{"id":"aee5e24c-4ba9-49f6-aa30-d9455322e062","block_type":"box","text":"seeks lower volatility than the comparable capitalization-weighted MSCI Global Standard Index.","page_number":68,"box":{"x":89,"y":157,"width":667,"height":13}},{"id":"705e8f61-f067-4efc-b38d-90f129aad31f","block_type":"box","text":"Historically, relative to the MSCI Global Standard Index, the MSCI Global Minimum Volatility Indexes have demonstrated (i)","page_number":68,"box":{"x":89,"y":184,"width":856,"height":12}},{"id":"43fa9d30-522f-412e-b24d-59f0edeeb565","block_type":"box","text":"lower portfolio beta; (ii) lower portfolio volatility; (iii) lower market capitalization bias; and (iv) bias towards securities with","page_number":68,"box":{"x":89,"y":199,"width":851,"height":12}},{"id":"fc49924e-dda2-4a6b-b572-a20f7bb4f0b8","block_type":"box","text":"lower distinctive risk.","page_number":68,"box":{"x":89,"y":214,"width":145,"height":10}},{"id":"ab7757a8-ff37-4027-a722-3b709d93047b","block_type":"box","text":"The MSCI Global Minimum Volatility Indexes begin with an existing capitalization-weighted MSCI Global Standard Index for a","page_number":68,"box":{"x":88,"y":240,"width":877,"height":13}},{"id":"ecd02df8-6911-478f-bc16-55b28426446b","block_type":"box","text":"geographic region, which will serve as the universe of eligible securities for performing total risk optimization. After","page_number":68,"box":{"x":89,"y":256,"width":805,"height":12}},{"id":"299575a8-7193-4b93-9b47-db8be0ecf813","block_type":"box","text":"identifying the investor’s base currency, the optimization is performed by applying a security covariance matrix estimated","page_number":68,"box":{"x":89,"y":271,"width":847,"height":12}},{"id":"babb0755-34f3-4d5f-b205-d1875c742887","block_type":"box","text":"from Barra’s multi-factor risk model to determine weights for securities in the index that minimizes total risk of the MSCI","page_number":68,"box":{"x":88,"y":286,"width":844,"height":12}},{"id":"ee06a3f7-4717-431a-9515-f082962bb926","block_type":"box","text":"Global Standard Index for a given set of constraints. The following investment constraints apply in constructing the MSCI","page_number":68,"box":{"x":89,"y":301,"width":846,"height":12}},{"id":"776b4a40-2e8b-4396-9215-2f210b2bc49f","block_type":"box","text":"Global Minimum Volatility Indexes:","page_number":68,"box":{"x":89,"y":316,"width":242,"height":12}},{"id":"537c55ce-7a7a-434a-907c-d0020796df27","block_type":"box","text":"• The maximum weight of an index constituent will be the lower of 1.5% or 20 times its weight in the MSCI Global","page_number":68,"box":{"x":89,"y":336,"width":820,"height":13}},{"id":"21f52ffb-4588-4925-acf7-0c2bf1c5556f","block_type":"box","text":"Standard Index;","page_number":68,"box":{"x":121,"y":351,"width":109,"height":12}},{"id":"8dd06adf-4766-40ce-80b6-ae252181b7de","block_type":"box","text":"• The minimum weight of an index constituent will be 0.05%;","page_number":68,"box":{"x":89,"y":371,"width":451,"height":13}},{"id":"33d183b5-ace8-4c8e-8474-522b6a73cb7c","block_type":"box","text":"• For countries in the MSCI Global Standard Index with weight greater than or equal to 2.5% in the parent index, the MSCI","page_number":68,"box":{"x":89,"y":392,"width":874,"height":12}},{"id":"bb998f3c-220d-42c4-be2c-8512f22fdaea","block_type":"box","text":"Global Minimum Volatility Indexes weight will not deviate by more than ±5% of its weight in the MSCI Global Standard","page_number":68,"box":{"x":121,"y":407,"width":828,"height":12}},{"id":"e67cbb38-6a8e-40d6-ba5a-dd9cb3b171db","block_type":"box","text":"Index;","page_number":68,"box":{"x":122,"y":422,"width":41,"height":11}},{"id":"4fdbdd92-8d25-4818-bed3-d0f4fd567621","block_type":"box","text":"• For countries in the MSCI Global Standard Index with weight less than 2.5% in the parent index, the maximum MSCI","page_number":68,"box":{"x":89,"y":442,"width":846,"height":12}},{"id":"80fffadf-1a41-4f21-9a18-74bc48336766","block_type":"box","text":"Global Minimum Volatility Indexes weight will be three times its weight in the MSCI Global Standard Index;","page_number":68,"box":{"x":121,"y":457,"width":745,"height":12}},{"id":"976a7ca8-784b-4234-abdc-090a043e8e44","block_type":"box","text":"• Sector weights will not deviate by more than ±5% from its weight in the MSCI Global Standard Index;","page_number":68,"box":{"x":89,"y":477,"width":739,"height":13}},{"id":"e122bda2-43d2-4c9d-b4c4-aa68900fabb2","block_type":"box","text":"• Exposure to risk indices from Barra’s multi-factor risk model, including (i) Momentum; (ii) Value; (iii) Size; (iv) Size","page_number":68,"box":{"x":89,"y":497,"width":827,"height":13}},{"id":"c560ac03-e98f-42c6-8eb3-932ce45aeafa","block_type":"box","text":"Nonlinearity; (v) Growth; (vi) Liquidity; and (vii) Financial Leverage will be limited to ±0.25 standard deviations relative to","page_number":68,"box":{"x":122,"y":513,"width":841,"height":12}},{"id":"7afac6ed-a511-4790-b79d-16bec19d5b79","block_type":"box","text":"the MSCI Global Standard Index; exposure to the volatility risk index will be unlimited; and","page_number":68,"box":{"x":121,"y":528,"width":629,"height":12}},{"id":"d079e402-7ef6-4bfd-b136-88e949adc717","block_type":"box","text":"• The maximum one-way turnover will be 10%.","page_number":68,"box":{"x":89,"y":548,"width":352,"height":12}},{"id":"7a1f45cf-2883-488b-9f90-b4e211df7903","block_type":"box","text":"MSCI conducts SAIRs of the MSCI Global Minimum Volatility Indexes at the end of May and November, coinciding with the","page_number":68,"box":{"x":89,"y":574,"width":858,"height":13}},{"id":"d3dedb1a-fd72-4709-9920-2e9a67280090","block_type":"box","text":"semi-annual reviews of the MSCI Global Standard Indexes. The security covariance matrix used in the optimization for MSCI","page_number":68,"box":{"x":89,"y":589,"width":867,"height":13}},{"id":"b87123ae-ed40-491f-ba6c-10988e86460a","block_type":"box","text":"Global Minimum Volatility Indexes is taken as of the end of April and October. Generally, the MSCI Global Minimum Volatility","page_number":68,"box":{"x":89,"y":605,"width":869,"height":12}},{"id":"ba5a51ed-fd62-4a82-aff7-d179c798ba05","block_type":"box","text":"Indexes will follow the event maintenance of the MSCI Global Standard Index. Initial public offerings (“IPOs”) and other newly","page_number":68,"box":{"x":89,"y":620,"width":879,"height":12}},{"id":"e6324c7f-311e-44c0-b185-0d267ca55708","block_type":"box","text":"listed securities will only be considered for inclusion in the MSCI Global Minimum Volatility Indexes at the next semi-annual","page_number":68,"box":{"x":89,"y":635,"width":862,"height":12}},{"id":"a972aba1-9560-4730-b1ef-c8194d1bdb89","block_type":"box","text":"index review, even if they qualify for early inclusion in the MSCI Global Standard Index. There will be no early inclusion of new","page_number":68,"box":{"x":89,"y":650,"width":877,"height":12}},{"id":"add25fdf-ed10-4b02-9266-5bfa0520e852","block_type":"box","text":"securities in the MSCI Global Minimum Volatility Indexes, except when a new security is the result of an event affecting an","page_number":68,"box":{"x":89,"y":665,"width":852,"height":12}},{"id":"8b822930-76ff-49fb-901f-d0f89443289f","block_type":"box","text":"existing index constituent, such as a merger or spin-off. An index constituent will be deleted from the MSCI Global Minimum","page_number":68,"box":{"x":89,"y":680,"width":872,"height":12}},{"id":"d02df12a-a3c1-46fe-b1d0-61f29dd96765","block_type":"box","text":"Volatility Indexes following a corporate event or following a quarterly review of the MSCI Global Standard Index in which the","page_number":68,"box":{"x":88,"y":695,"width":869,"height":13}},{"id":"96f33fd5-1ecd-4ac5-beee-074be3ee1aad","block_type":"box","text":"index constituent is simultaneously deleted from the MSCI Global Standard Index.","page_number":68,"box":{"x":89,"y":710,"width":572,"height":13}},{"id":"cdbacd9f-0a98-4345-8db1-e2f2c76c1c82","block_type":"box","text":"MSCI ACWI Select Agriculture Producers Investable Market Index (IMI)","page_number":68,"box":{"x":89,"y":737,"width":511,"height":12}},{"id":"91d04a27-4f5e-40b0-adb8-fa8b47cc5c55","block_type":"box","text":"Number of Components: approximately 122","page_number":68,"box":{"x":89,"y":763,"width":317,"height":13}},{"id":"ef959fdd-d334-4515-9421-78302aa36481","block_type":"box","text":"Index Description.","page_number":68,"box":{"x":89,"y":790,"width":131,"height":12}},{"id":"fbe83ef3-440f-4ccb-99ed-3ce1eddccff8","block_type":"box","text":"The MSCI ACWI Select Agriculture Producers IMI is a free float-adjusted market capitalization-weighted","page_number":68,"box":{"x":225,"y":790,"width":725,"height":12}},{"id":"a2644438-dc11-49b4-b326-c21d903826f6","block_type":"box","text":"index comprised of select companies in both developed and emerging markets that are primarily engaged in the business of","page_number":68,"box":{"x":89,"y":805,"width":871,"height":12}},{"id":"11eccf94-cf4b-45ef-ba75-ec4b518725b0","block_type":"box","text":"agriculture at or near the initial phase of agricultural input production. Free-float market capitalization is calculated by taking","page_number":68,"box":{"x":89,"y":820,"width":871,"height":12}},{"id":"2ec09933-ab8e-41fb-b2c9-c0dac3591e7f","block_type":"box","text":"the security’s price and multiplying it by the number of shares readily available in the market rather than the total number of","page_number":68,"box":{"x":88,"y":835,"width":871,"height":12}},{"id":"318385ed-ef23-4b4f-a494-cc846f691737","block_type":"box","text":"shares outstanding. The Underlying Index contains companies classified under the fertilizers and agricultural chemicals and","page_number":68,"box":{"x":89,"y":850,"width":864,"height":13}},{"id":"a247c786-45b7-47b5-81c1-49c667e09fc6","block_type":"box","text":"agricultural products GICS categories. In addition, companies classified under the construction and farm machinery GICS","page_number":68,"box":{"x":89,"y":865,"width":847,"height":13}},{"id":"c6f9650e-c21e-4643-8eec-4c96e4856831","block_type":"box","text":"45","page_number":68,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8ccd0afd-0126-45b7-8fcc-ea045a1936a6","block_type":"box","text":"category are included provided they derive the majority of their revenues from farm machinery and related parts. Finally,","page_number":69,"box":{"x":89,"y":44,"width":839,"height":12}},{"id":"cc9e0269-c392-48c1-a282-ff879f0a24b6","block_type":"box","text":"companies classified under the packaged foods and meats GICS category are included provided they derive the majority of","page_number":69,"box":{"x":89,"y":59,"width":859,"height":12}},{"id":"8a1b8984-bfb1-471b-9337-7b01afaf57ad","block_type":"box","text":"their revenues from production, based on the following guidelines:","page_number":69,"box":{"x":88,"y":74,"width":465,"height":12}},{"id":"29699c7c-e6f7-4a69-90f4-78378938df67","block_type":"box","text":"• Poultry and Livestock: companies are included only if they are significantly involved in the breeding of animals by","page_number":69,"box":{"x":89,"y":94,"width":822,"height":13}},{"id":"ded0cd68-cd80-4c4f-9de2-3816e8e49830","block_type":"box","text":"themselves or through contract farming;","page_number":69,"box":{"x":121,"y":109,"width":284,"height":13}},{"id":"b2be4e71-19ee-4549-a177-f72430079999","block_type":"box","text":"• Dairy: manufacturers of milk and milk products such as cheese and yogurt, are excluded due to the absence of revenue","page_number":69,"box":{"x":89,"y":130,"width":867,"height":12}},{"id":"77b38e22-f08e-405f-a42a-32795071a796","block_type":"box","text":"break up;","page_number":69,"box":{"x":122,"y":145,"width":63,"height":12}},{"id":"71562dbf-30bb-486b-92e9-5ba77cf16c36","block_type":"box","text":"• Sugar: manufacturers of sugar are included even if they do not farm sugarcane. Companies selling sweeteners, sugar","page_number":69,"box":{"x":89,"y":165,"width":852,"height":12}},{"id":"937247b0-e84b-4648-851e-8d1bd0435d4b","block_type":"box","text":"free, syrups, etc. are excluded;","page_number":69,"box":{"x":121,"y":180,"width":210,"height":12}},{"id":"bae96b5c-2022-4ad4-9b1e-04640edac6bf","block_type":"box","text":"• Edible oil: companies processing edible oil without cultivating the plantation are excluded;","page_number":69,"box":{"x":89,"y":200,"width":661,"height":12}},{"id":"0c45d65f-4f87-4a1a-972c-3e95d05e307f","block_type":"box","text":"• Confectioneries and snacks: manufacturers of finished products are excluded due to their presence at the lower","page_number":69,"box":{"x":89,"y":220,"width":814,"height":13}},{"id":"a77c7866-fbdc-4d4c-8a2e-febaf678ac48","block_type":"box","text":"spectrum of the value chain;","page_number":69,"box":{"x":121,"y":235,"width":199,"height":13}},{"id":"c895f809-599e-4718-aaff-afd222034021","block_type":"box","text":"• Coffee: coffee companies are excluded due to their reliance on external parties for raw materials; and","page_number":69,"box":{"x":89,"y":256,"width":736,"height":12}},{"id":"9c042728-dd55-4523-86e0-4c7100ecafb0","block_type":"box","text":"• Fishing: fishing companies are generally included, whether they operate fisheries or receive their catch from the ocean.","page_number":69,"box":{"x":89,"y":276,"width":863,"height":12}},{"id":"bf6491d1-7f06-4325-b760-75fa15417ac6","block_type":"box","text":"As of August 31, 2025, the Underlying Index consisted of stocks of companies in the following 25 countries or regions:","page_number":69,"box":{"x":88,"y":302,"width":829,"height":12}},{"id":"bc1433f4-73dc-46d3-b370-77fbf3067290","block_type":"box","text":"Australia, Brazil, Canada, China, Egypt, Germany, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, the Netherlands,","page_number":69,"box":{"x":88,"y":317,"width":825,"height":13}},{"id":"8cdd916d-e2de-422b-920c-9f9894db914d","block_type":"box","text":"Norway, Poland, Qatar, Saudi Arabia, Singapore, South Korea, Sweden, Taiwan, Thailand, Turkey, the U.K. and the U.S.","page_number":69,"box":{"x":89,"y":332,"width":816,"height":13}},{"id":"61e02457-92e9-428c-aee3-a567fea5d214","block_type":"box","text":"Calculation Methodology.","page_number":69,"box":{"x":89,"y":359,"width":184,"height":12}},{"id":"4e209d08-c9af-4050-ba97-6e46f3b95f63","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":69,"box":{"x":278,"y":359,"width":662,"height":12}},{"id":"997f0fae-738c-4371-8b9f-340bee93d217","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":69,"box":{"x":89,"y":374,"width":878,"height":12}},{"id":"b86f9a4c-79f8-4a2d-a515-e3c12172baa6","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":69,"box":{"x":88,"y":389,"width":864,"height":12}},{"id":"b0071669-b990-4d5f-b025-2c29df883e71","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":69,"box":{"x":89,"y":404,"width":849,"height":13}},{"id":"5f37dfda-883a-4ee6-a0ed-ba71c34b0493","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":69,"box":{"x":88,"y":419,"width":868,"height":13}},{"id":"b8be25af-052e-46c8-a106-2c0f9573db79","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":69,"box":{"x":88,"y":434,"width":474,"height":13}},{"id":"88080456-310f-472a-8dcf-73fcf986a656","block_type":"box","text":"MSCI ACWI Select Gold Miners Investable Market Index (IMI)","page_number":69,"box":{"x":89,"y":461,"width":439,"height":12}},{"id":"01780a4b-fbe7-4976-8606-d98f3998f571","block_type":"box","text":"Number of Components: approximately 41","page_number":69,"box":{"x":89,"y":480,"width":305,"height":12}},{"id":"b2a11448-3d9a-4fb4-b53a-15013887fd42","block_type":"box","text":"Index Description.","page_number":69,"box":{"x":89,"y":502,"width":131,"height":13}},{"id":"781f53fb-c16d-4292-b63d-241cd8b2166e","block_type":"box","text":"The MSCI ACWI Select Gold Miners IMI targets a minimum of 30 companies in developed and emerging","page_number":69,"box":{"x":225,"y":502,"width":728,"height":13}},{"id":"5cdc37d1-8160-4a92-94e3-e5a471d21461","block_type":"box","text":"markets that are involved in the business of gold mining. MSCI selects constituents from the MSCI ACWI Investable Market","page_number":69,"box":{"x":89,"y":518,"width":860,"height":12}},{"id":"b3a0cde9-dc41-41f9-bc4b-7a2cede2c356","block_type":"box","text":"Index (“MSCI ACWI IMI”) that are producers of gold and related products, including companies that mine or process gold","page_number":69,"box":{"x":89,"y":533,"width":850,"height":12}},{"id":"f4d6577e-881d-49ce-b142-cbcfd6f6ed49","block_type":"box","text":"and the South African finance houses which primarily invest in, but do not operate, gold mines (the “gold sub-industry”) and","page_number":69,"box":{"x":89,"y":548,"width":873,"height":12}},{"id":"824bb011-bcd9-4867-956d-16e9bde8d5f0","block_type":"box","text":"companies mining precious metals and minerals not classified in the gold sub-industry which includes companies primarily","page_number":69,"box":{"x":89,"y":563,"width":864,"height":12}},{"id":"c358f484-f7cc-4067-aa53-10a647c8f7fd","block_type":"box","text":"mining platinum. Only companies that generate revenues of which at least 50% are from gold mining are included and","page_number":69,"box":{"x":89,"y":578,"width":831,"height":12}},{"id":"40129b48-2ede-4b9f-a44b-28f24470fb5f","block_type":"box","text":"companies are excluded if they primarily invest in but do not operate gold mines or generate any revenues from gold","page_number":69,"box":{"x":89,"y":593,"width":815,"height":13}},{"id":"97ba4598-1732-4077-8403-f3c93703bb87","block_type":"box","text":"production. From this selection universe, MSCI uses the following steps in order to reach a target constituent count of 30","page_number":69,"box":{"x":89,"y":608,"width":847,"height":13}},{"id":"237759db-08fe-4285-8b18-bb1c6fccb3d3","block_type":"box","text":"companies:","page_number":69,"box":{"x":89,"y":624,"width":79,"height":12}},{"id":"7dbadb33-a5fc-493b-a72a-36c4139534ee","block_type":"box","text":"1) Companies which state as a general policy that they do not hedge their exposure to gold prices are included, as long as no","page_number":69,"box":{"x":90,"y":650,"width":874,"height":12}},{"id":"a97db37d-c6c0-476a-996f-e8d0b37338eb","block_type":"box","text":"indication of hedging activities is found in their annual reports or such hedging activities are nevertheless identified but","page_number":69,"box":{"x":89,"y":665,"width":834,"height":12}},{"id":"ef41bf27-6273-445a-ae2a-6ad0adcbaeb8","block_type":"box","text":"represent less than 10% of the business.","page_number":69,"box":{"x":89,"y":680,"width":281,"height":12}},{"id":"00bbc672-1258-476a-9d99-918285339840","block_type":"box","text":"If after step 1 above, the number of constituents is less than 30, further securities are included in the following order of","page_number":69,"box":{"x":93,"y":707,"width":832,"height":12}},{"id":"f9524959-39bf-4846-bffe-154342b19bb5","block_type":"box","text":"priority until the target constituent count of 30 companies is reached:","page_number":69,"box":{"x":89,"y":722,"width":486,"height":12}},{"id":"1e5be677-8018-43e9-bbfb-4bbbaf82780c","block_type":"box","text":"2) Securities of companies that state as a general policy that they do not hedge their exposure to gold prices but for which","page_number":69,"box":{"x":89,"y":748,"width":857,"height":12}},{"id":"67d8eeed-0cb3-4f1b-b5da-16ccd355c670","block_type":"box","text":"indications of hedging activities can nevertheless be identified in their annual reports, as long as the proportion of hedging","page_number":69,"box":{"x":89,"y":763,"width":856,"height":13}},{"id":"e7dd0534-18e6-4f23-af8e-d728a5225466","block_type":"box","text":"cannot be quantified (securities are added in descending order of free float-adjusted market capitalization).","page_number":69,"box":{"x":89,"y":778,"width":750,"height":13}},{"id":"a5a782bb-5d40-40f7-8d10-bb142db30ffa","block_type":"box","text":"3) Securities of companies that state as a general policy that they do not hedge their exposure to gold prices but for which","page_number":69,"box":{"x":89,"y":805,"width":857,"height":12}},{"id":"2a42a4b0-6e93-4385-8a08-a70f1757ebb3","block_type":"box","text":"indications of hedging activities greater than 10% can nevertheless be identified in their annual reports (securities are added","page_number":69,"box":{"x":89,"y":820,"width":870,"height":12}},{"id":"6a0d6825-1cfe-48fb-bec4-9247891230d2","block_type":"box","text":"in ascending order of percentage hedged).","page_number":69,"box":{"x":89,"y":835,"width":297,"height":12}},{"id":"3f328441-8595-46fa-998c-d39c149ab0b9","block_type":"box","text":"46","page_number":69,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"a33ed2a8-bf4e-4f93-9134-8fb687da4640","block_type":"box","text":"4) Securities of companies that state as a general policy that they hedge their exposure to gold prices and for which the","page_number":70,"box":{"x":88,"y":44,"width":838,"height":12}},{"id":"79ccd1f8-872d-48ed-8a2b-cb0b6a776567","block_type":"box","text":"proportion of such hedging can be quantified (securities are added in ascending order of percentage hedged).","page_number":70,"box":{"x":89,"y":59,"width":770,"height":12}},{"id":"bb6a0b50-174f-471a-9e7d-1087893ef57e","block_type":"box","text":"5) Securities of companies that state as a general policy that they hedge their exposure to gold prices and for which the","page_number":70,"box":{"x":89,"y":85,"width":837,"height":13}},{"id":"7acd2bd7-7ace-464f-b424-86b756ec1fe0","block_type":"box","text":"proportion of such hedging cannot be quantified (securities are added in descending order of free float-adjusted market","page_number":70,"box":{"x":89,"y":101,"width":841,"height":12}},{"id":"516212a6-90c9-462b-bd3c-9e108c261814","block_type":"box","text":"capitalization).","page_number":70,"box":{"x":89,"y":116,"width":101,"height":12}},{"id":"716c9021-3ae0-4d59-9d69-ffba31a0fbc2","block_type":"box","text":"If after applying these steps the number of constituents is less than 30, securities outside the selection universe are included","page_number":70,"box":{"x":93,"y":142,"width":869,"height":12}},{"id":"c8e69c7b-e178-48bc-917c-11a70ec04217","block_type":"box","text":"until the target number of constituents is reached in the following order:","page_number":70,"box":{"x":89,"y":157,"width":505,"height":13}},{"id":"5331e407-c71d-48ac-96d3-af0d20a25364","block_type":"box","text":"6) Securities of gold companies in the MSCI ACWI IMI that do not generate revenues from gold but are involved in gold","page_number":70,"box":{"x":89,"y":184,"width":832,"height":12}},{"id":"1060d66e-b733-4a63-91e9-4688155ee47a","block_type":"box","text":"exploration (securities are added in descending order of free float-adjusted market capitalization);","page_number":70,"box":{"x":89,"y":199,"width":684,"height":12}},{"id":"b5e87492-5e88-4ab6-80c1-2590d5a0b3d7","block_type":"box","text":"7) Securities of precious metals and minerals companies in the MSCI ACWI IMI that do not generate revenues from gold but","page_number":70,"box":{"x":89,"y":225,"width":868,"height":13}},{"id":"7052b1d8-fe86-4fa9-96b7-7e94f29e8bb0","block_type":"box","text":"are involved in gold exploration (securities are added in descending order of free float-adjusted market capitalization);","page_number":70,"box":{"x":89,"y":240,"width":824,"height":13}},{"id":"ba76cb91-3637-4b5e-8a44-8f1407c98713","block_type":"box","text":"8) Gold companies in the MSCI World Micro Cap Index (securities are added in descending order of free float-adjusted","page_number":70,"box":{"x":89,"y":267,"width":827,"height":12}},{"id":"e6d6af18-8f29-4a3c-b68b-09ef3323fd62","block_type":"box","text":"market capitalization). If the number of constituents remains under 30, the Underlying Index will only contain the number of","page_number":70,"box":{"x":89,"y":282,"width":872,"height":12}},{"id":"c43f95d6-b687-4f9c-b05e-36926ff6d370","block_type":"box","text":"selected constituents.","page_number":70,"box":{"x":89,"y":297,"width":151,"height":10}},{"id":"1f5c61ef-0811-4690-b7f9-e18b958d3207","block_type":"box","text":"During the SAIR, MSCI conducts the review in the order noted above. However, in the event the target constituent count of","page_number":70,"box":{"x":89,"y":324,"width":860,"height":12}},{"id":"7e0e8745-a005-49bd-aab8-bf67f486f61d","block_type":"box","text":"30 is reached in steps 2 through 5, all current constituents of the index assigned in the final step remain and constituents of","page_number":70,"box":{"x":89,"y":339,"width":867,"height":12}},{"id":"0a6cd880-adae-4e36-aed6-6e6286d4670b","block_type":"box","text":"following steps are removed. Otherwise, all constituents after 30 are removed.","page_number":70,"box":{"x":88,"y":354,"width":546,"height":12}},{"id":"9ac8ddc2-f2f0-49d4-a257-e6a3b4c722bd","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":380,"width":184,"height":13}},{"id":"fce17257-c4b2-428d-99fd-2d9565bad4f0","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":70,"box":{"x":278,"y":380,"width":662,"height":13}},{"id":"c6b4be6c-8162-4ee4-bd17-ab303ce3345d","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":70,"box":{"x":89,"y":395,"width":878,"height":13}},{"id":"69a522e7-6e06-4e20-beeb-08af201dc4fe","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":70,"box":{"x":88,"y":410,"width":864,"height":13}},{"id":"dfd7389c-968a-4432-bb97-9c7a304fa600","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":70,"box":{"x":89,"y":426,"width":849,"height":12}},{"id":"dcd99bd2-db28-4f24-9ef0-5fa7af7e5b18","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":70,"box":{"x":88,"y":441,"width":868,"height":12}},{"id":"4b99869e-b4d3-4afa-be4c-57addf328279","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":456,"width":474,"height":12}},{"id":"c6cd2952-d787-4b9f-9a17-c9b56c491788","block_type":"box","text":"MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index (IMI)","page_number":70,"box":{"x":89,"y":482,"width":681,"height":13}},{"id":"3c18864a-3219-4850-bff8-5ae75228aa2f","block_type":"box","text":"Number of Components: approximately 221","page_number":70,"box":{"x":89,"y":509,"width":314,"height":12}},{"id":"40af9aea-a37c-4fb7-8501-cee6b92a098b","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":535,"width":131,"height":13}},{"id":"53ffde54-0a03-49df-9145-19f24a321632","block_type":"box","text":"The MSCI ACWI Select Metals & Mining Producers ex Gold and Silver IMI is a free float-adjusted market","page_number":70,"box":{"x":225,"y":535,"width":724,"height":13}},{"id":"e5dd05d4-1bcf-4129-99e1-d61b1a3b7600","block_type":"box","text":"capitalization-weighted index comprised of companies in both developed and emerging markets that are primarily involved","page_number":70,"box":{"x":89,"y":550,"width":862,"height":13}},{"id":"4fa4d7bd-eb47-4193-b326-17e766e7b023","block_type":"box","text":"in the extraction and production of diversified metals, aluminum, steel, and precious metals and minerals, excluding gold and","page_number":70,"box":{"x":89,"y":565,"width":876,"height":13}},{"id":"68fb6247-6573-4928-ac4a-20766c7f2994","block_type":"box","text":"silver. Free-float market capitalization is calculated by taking the security’s price and multiplying it by the number of shares","page_number":70,"box":{"x":89,"y":581,"width":857,"height":12}},{"id":"5eec9650-91e4-4790-bd9c-a9483d248cdc","block_type":"box","text":"readily available in the market rather than the total number of shares outstanding. The Underlying Index includes companies","page_number":70,"box":{"x":89,"y":596,"width":871,"height":12}},{"id":"0efb07d9-2471-481f-a25e-51a85f34d245","block_type":"box","text":"classified under the aluminum, diversified metals and mining, copper, precious metals and minerals and steel GICS","page_number":70,"box":{"x":89,"y":611,"width":801,"height":12}},{"id":"e67ee8b1-fc6e-458e-8b17-377a9e943959","block_type":"box","text":"categories. In addition, companies classified under the precious metals and minerals GICS category are included, provided","page_number":70,"box":{"x":89,"y":626,"width":853,"height":12}},{"id":"d1067865-6960-4f07-a292-88a7ae97a9ae","block_type":"box","text":"they do not derive less than 50% of their revenues from gold mining or silver mining.","page_number":70,"box":{"x":88,"y":641,"width":594,"height":12}},{"id":"06704f4a-b45a-4a0d-9250-ea8703b1d622","block_type":"box","text":"As of August 31, 2025, the Underlying Index consisted of stocks of companies in the following 29 countries or regions:","page_number":70,"box":{"x":88,"y":668,"width":829,"height":12}},{"id":"5ad2bf1b-68d9-4fac-a6df-60ffb71f9df1","block_type":"box","text":"Australia, Austria, Belgium, Brazil, Canada, Chile, China, Finland, France, Germany, India, Indonesia, Japan, Malaysia, Mexico,","page_number":70,"box":{"x":88,"y":683,"width":865,"height":12}},{"id":"4c41e3ad-197c-43c9-b42a-600d5a4c165b","block_type":"box","text":"the Netherlands, Norway, Peru, Poland, Qatar, Saudi Arabia, South Africa, South Korea, Spain, Sweden, Taiwan, Turkey, the","page_number":70,"box":{"x":88,"y":698,"width":851,"height":12}},{"id":"3cfc76ba-6937-4153-8d81-fa5de2277799","block_type":"box","text":"U.K. and the U.S.","page_number":70,"box":{"x":89,"y":713,"width":114,"height":10}},{"id":"83ab26f5-8591-4645-9b40-3210760893c0","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":739,"width":184,"height":13}},{"id":"1f2fe1d7-391b-4ce1-acaa-a0d2c51552fd","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":70,"box":{"x":278,"y":739,"width":662,"height":13}},{"id":"551be202-6199-46dd-99b5-f348d9d8de0f","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":70,"box":{"x":89,"y":754,"width":878,"height":13}},{"id":"9214384a-2d97-4b35-90df-03b43995b7b0","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":70,"box":{"x":88,"y":770,"width":864,"height":12}},{"id":"eb95b955-837c-45ae-867e-0f681baa381e","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":70,"box":{"x":89,"y":785,"width":849,"height":12}},{"id":"fe6bd725-6ef1-48dc-aab5-1b9612345d71","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":70,"box":{"x":88,"y":800,"width":868,"height":12}},{"id":"c40e5fa4-db08-4daa-8893-01343560da04","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":815,"width":474,"height":12}},{"id":"11598d34-47de-4738-afe1-71a8222f30ad","block_type":"box","text":"MSCI ACWI Select Silver Miners Investable Market Index (IMI)","page_number":70,"box":{"x":89,"y":841,"width":445,"height":13}},{"id":"d972038b-e8e5-4976-a9d2-a3bcedbfa96c","block_type":"box","text":"Number of Components: approximately 30","page_number":70,"box":{"x":89,"y":860,"width":308,"height":13}},{"id":"4886f6d3-5fe9-41fd-b486-4ee07fdb6a0d","block_type":"box","text":"47","page_number":70,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"fff7611b-0bb3-41d7-abf3-4c191c6694b8","block_type":"box","text":"Index Description","page_number":71,"box":{"x":89,"y":44,"width":127,"height":12}},{"id":"b798c2e7-805d-495d-b01d-18d58e3fea30","block_type":"box","text":". The MSCI ACWI Select Silver Miners IMI focuses on approximately 25 companies in developed and","page_number":71,"box":{"x":218,"y":44,"width":697,"height":12}},{"id":"aae81e84-baef-45af-b640-95db10d5b8d8","block_type":"box","text":"emerging markets that are involved in silver mining or exploration. MSCI selects constituents in the following order to reach a","page_number":71,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"53b2f121-d7a6-49c2-b87f-f9cdb61fd364","block_type":"box","text":"target count of 25, in descending order of the percentage of revenues generated from silver-related activities, unless","page_number":71,"box":{"x":88,"y":74,"width":813,"height":12}},{"id":"33ebf64f-4171-4014-87c0-909a22527bc5","block_type":"box","text":"otherwise noted:","page_number":71,"box":{"x":89,"y":89,"width":116,"height":10}},{"id":"993a8f0f-891d-4a9d-b029-d632c18b4eb7","block_type":"box","text":"1) Companies in the MSCI ACWI Investable Market Index (“MSCI ACWI IMI”) primarily mining silver; companies that are not","page_number":71,"box":{"x":90,"y":116,"width":866,"height":12}},{"id":"ed6b6302-1d74-42ce-8c01-16fcbe132652","block_type":"box","text":"involved in silver mining are excluded;","page_number":71,"box":{"x":89,"y":131,"width":264,"height":12}},{"id":"3bbc21b1-d6c7-48c6-9a18-c4d2c1c08a40","block_type":"box","text":"2) Companies in the MSCI ACWI IMI mining precious metals and minerals (“precious metals and minerals companies”) that","page_number":71,"box":{"x":89,"y":157,"width":866,"height":13}},{"id":"d54dbd71-e780-44b3-ae62-d575ec607d5d","block_type":"box","text":"generate at least 25% of revenues from silver mining;","page_number":71,"box":{"x":89,"y":172,"width":372,"height":13}},{"id":"e03bc586-5ca8-47e2-a266-f673659b1f6a","block_type":"box","text":"3) Producers of gold and related products, including companies that mine or process gold and the South African finance","page_number":71,"box":{"x":89,"y":199,"width":844,"height":12}},{"id":"1a07d7d9-2a13-4190-9437-cb2356b9c1fa","block_type":"box","text":"houses that primarily invest in, but do not operate, gold mines (“gold companies”), in the MSCI ACWI IMI that generate at","page_number":71,"box":{"x":89,"y":214,"width":852,"height":12}},{"id":"dde66e27-22ce-49e5-8640-9c042fd1bc2e","block_type":"box","text":"least 25% of revenues from silver mining;","page_number":71,"box":{"x":89,"y":229,"width":289,"height":12}},{"id":"0ecc1b3d-23a0-44c7-b608-306802d07d78","block_type":"box","text":"4) Precious metals and minerals companies in the MSCI ACWI IMI not generating silver mining revenues but involved in silver","page_number":71,"box":{"x":88,"y":256,"width":877,"height":12}},{"id":"8bc856dc-1579-4d6e-b174-55c5fd5e9405","block_type":"box","text":"mining exploration (in descending order of free float-adjusted market capitalization);","page_number":71,"box":{"x":89,"y":271,"width":593,"height":12}},{"id":"c5bcb56b-6da8-4ccb-8036-b96b3703b09d","block_type":"box","text":"5) Gold companies in the MSCI ACWI IMI not generating silver mining revenues but involved in silver mining exploration (in","page_number":71,"box":{"x":89,"y":297,"width":862,"height":12}},{"id":"eba96687-03d1-4b73-a070-b820faef0616","block_type":"box","text":"descending order of free float-adjusted market capitalization);","page_number":71,"box":{"x":89,"y":312,"width":433,"height":13}},{"id":"94ba1e8f-2107-41b6-b1ac-282229543cc4","block_type":"box","text":"6) Precious metals and minerals companies in the MSCI ACWI IMI Index generating a part of their revenues but less than","page_number":71,"box":{"x":89,"y":339,"width":843,"height":12}},{"id":"95ff16f7-75c8-4367-9533-bbd55246de9b","block_type":"box","text":"25% from silver mining;","page_number":71,"box":{"x":89,"y":354,"width":167,"height":12}},{"id":"021892b1-145c-4f3f-baf5-51e394ca12c0","block_type":"box","text":"7) Gold companies in the MSCI ACWI IMI Index generating a part of their revenues but less than 25% from silver mining;","page_number":71,"box":{"x":89,"y":380,"width":843,"height":13}},{"id":"36fbe59a-84ff-4c40-9e1a-1d0298f6a5d4","block_type":"box","text":"8) Companies in the MSCI World Micro Cap Index primarily mining silver;","page_number":71,"box":{"x":89,"y":407,"width":511,"height":12}},{"id":"41d6d0c4-9638-4b62-bc0b-f20356f96c07","block_type":"box","text":"9) Precious metals and minerals companies in the MSCI World Micro Cap Index that generate at least 25% of revenues from","page_number":71,"box":{"x":89,"y":433,"width":868,"height":13}},{"id":"f498629d-5817-49a8-b3f3-6ea6e968480c","block_type":"box","text":"silver mining;","page_number":71,"box":{"x":89,"y":448,"width":92,"height":13}},{"id":"8f428eae-d018-4876-98b0-67a7d45b6671","block_type":"box","text":"10) Precious metals and minerals companies in the MSCI World Micro Cap Index not generating silver mining revenues but","page_number":71,"box":{"x":90,"y":475,"width":859,"height":12}},{"id":"bc100802-d8c1-4027-9baa-b2249015db23","block_type":"box","text":"involved in silver mining exploration (in descending order of free float-adjusted market capitalization);","page_number":71,"box":{"x":89,"y":490,"width":712,"height":12}},{"id":"850611c3-9960-4d4a-b961-e90dd770f018","block_type":"box","text":"11) Precious metals and minerals companies in the MSCI World Micro Cap Index generating a part of their revenues but less","page_number":71,"box":{"x":90,"y":516,"width":866,"height":13}},{"id":"f873dd24-61a2-4f48-9850-d8fff9ae8b98","block_type":"box","text":"than 25% from silver mining; and","page_number":71,"box":{"x":88,"y":531,"width":234,"height":13}},{"id":"8f64d9db-7c2b-4b2b-aada-a8348d4329fb","block_type":"box","text":"12) Gold companies in the MSCI World Micro Cap Index generating revenues from silver mining.","page_number":71,"box":{"x":90,"y":558,"width":672,"height":12}},{"id":"a9949871-e4f9-4689-a8e7-c204489973f9","block_type":"box","text":"If the number of constituents remains under 25 following all of the selection steps, the Underlying Index will contain only the","page_number":71,"box":{"x":89,"y":584,"width":874,"height":13}},{"id":"c6500d74-3ebc-478d-a338-beddc6d1d23d","block_type":"box","text":"number of selected constituents.","page_number":71,"box":{"x":89,"y":599,"width":229,"height":10}},{"id":"e1ef51b6-91c6-4946-8013-8d20e21ad48f","block_type":"box","text":"MSCI conducts the quarterly review of the index in the order noted above. All securities assigned in step 1 above are included","page_number":71,"box":{"x":89,"y":626,"width":877,"height":12}},{"id":"797e2f1c-a439-4152-b41d-5e6bf6951de5","block_type":"box","text":"in the index. If the target constituent count of 25 is reached in steps 2 through 7 above, all current constituents of the index","page_number":71,"box":{"x":89,"y":641,"width":865,"height":12}},{"id":"6353f042-4eb4-414a-8270-ed9972927bcd","block_type":"box","text":"assigned in the final step required to reach 25 constituents remain and any current constituents that had been assigned in","page_number":71,"box":{"x":89,"y":656,"width":854,"height":13}},{"id":"9a1cc00d-b495-4a18-9490-ab9d1a03e508","block_type":"box","text":"the following steps are removed. Otherwise, all constituents after 25 are removed.","page_number":71,"box":{"x":88,"y":671,"width":573,"height":13}},{"id":"45d889e1-77cf-4f29-ac06-b70c5ead8ab0","block_type":"box","text":"Any gold company that is a constituent is included at 5% of its free float market capitalization. A capping methodology limits","page_number":71,"box":{"x":88,"y":698,"width":876,"height":12}},{"id":"bba7d955-5070-4515-8230-541a3a2f2691","block_type":"box","text":"all issuer weights so that no single issuer of a component exceeds 25% of the Underlying Index, and all issuers with a weight","page_number":71,"box":{"x":89,"y":713,"width":873,"height":12}},{"id":"cf5fef21-2b94-4de1-9e91-78a20436e0cf","block_type":"box","text":"above 5% do not, in the aggregate, exceed 50% of the Underlying Index. A buffer of 10% is applied to these limits at the time","page_number":71,"box":{"x":89,"y":728,"width":876,"height":12}},{"id":"ffd069d3-d623-481b-8f74-c635403f83a0","block_type":"box","text":"of rebalancing.","page_number":71,"box":{"x":89,"y":743,"width":102,"height":12}},{"id":"a07b56b3-084f-4358-a569-07af8edcfcab","block_type":"box","text":"Calculation Methodology","page_number":71,"box":{"x":89,"y":770,"width":182,"height":12}},{"id":"a91e1ed5-4199-4101-ba24-f0c36eed7943","block_type":"box","text":". The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":71,"box":{"x":272,"y":770,"width":669,"height":12}},{"id":"ac38aead-bca7-42eb-8a47-2ca51c36f95c","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":71,"box":{"x":89,"y":785,"width":878,"height":12}},{"id":"f8053184-b5b7-48ae-be11-0d673710ebc6","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":71,"box":{"x":88,"y":800,"width":864,"height":12}},{"id":"6f1d06d2-7548-4246-8821-b837ce94ffb8","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":71,"box":{"x":89,"y":815,"width":849,"height":12}},{"id":"707f2479-b2b7-4123-af2d-fdcfb99f5252","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":71,"box":{"x":88,"y":830,"width":868,"height":12}},{"id":"24df5ad5-63f0-4b8d-bcb0-65fd1e78f04b","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":71,"box":{"x":88,"y":845,"width":474,"height":12}},{"id":"94a10fb5-8d35-4095-b618-3480f2a7270d","block_type":"box","text":"48","page_number":71,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"674160e8-6b87-49c1-9018-2c04ba5aa1a6","block_type":"box","text":"MSCI ACWI Minimum Volatility (USD) Index","page_number":72,"box":{"x":89,"y":44,"width":316,"height":12}},{"id":"ab113123-8d99-49ae-bb6f-1f54550d2a23","block_type":"box","text":"Number of Components: approximately 382","page_number":72,"box":{"x":89,"y":70,"width":317,"height":13}},{"id":"f502a6ba-8707-402b-91ae-5873b517a2f6","block_type":"box","text":"Index Description.","page_number":72,"box":{"x":89,"y":97,"width":131,"height":12}},{"id":"9b20dbbe-4ce1-4ad4-8795-ba8d1c1df18c","block_type":"box","text":"The MSCI ACWI Minimum Volatility (USD) Index measures the combined performance of equity","page_number":72,"box":{"x":225,"y":97,"width":673,"height":12}},{"id":"581daf0b-fb01-44be-860e-88e3da6f6e6c","block_type":"box","text":"securities in both developed and emerging markets that, in the aggregate, have lower volatility relative to the large- and mid","page_number":72,"box":{"x":89,"y":112,"width":872,"height":12}},{"id":"c2d77954-9bb1-419d-b483-958a39bef640","block_type":"box","text":"capitalization developed and emerging markets. Each security included in the Underlying Index is a current constituent of the","page_number":72,"box":{"x":89,"y":127,"width":875,"height":12}},{"id":"ec834854-9ad5-47ab-b276-a658fe0f7199","block_type":"box","text":"MSCI All Country World Index. The Underlying Index is reconstituted quarterly, at which time one-way turnover is capped at","page_number":72,"box":{"x":89,"y":142,"width":867,"height":12}},{"id":"628c0b0d-ffa5-4530-9352-322ccc9cc77f","block_type":"box","text":"5%.","page_number":72,"box":{"x":89,"y":158,"width":26,"height":9}},{"id":"1036841b-a613-4927-a228-a2b9b1e1014b","block_type":"box","text":"As of August 31, 2025, the Underlying Index consisted of stocks of companies in the following 36 countries or regions:","page_number":72,"box":{"x":88,"y":184,"width":829,"height":12}},{"id":"f8e26913-1c1f-41d1-83c8-788612fffcd9","block_type":"box","text":"Austria, Belgium, Brazil, Canada, Chile, China, Finland, France, Germany, Greece, Hong Kong, India, Indonesia, Israel, Italy,","page_number":72,"box":{"x":88,"y":199,"width":844,"height":12}},{"id":"ce35dbb0-65ce-494a-9bb3-ea58a4e2b35c","block_type":"box","text":"Japan, Kuwait, Malaysia, the Netherlands, New Zealand, Peru, the Philippines, Portugal, Qatar, Saudi Arabia, Singapore, South","page_number":72,"box":{"x":88,"y":214,"width":871,"height":12}},{"id":"7e6b0683-c903-4703-8a53-a2d3ad658893","block_type":"box","text":"Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, the United Arab Emirates, the United Kingdom (the “U.K.”) and","page_number":72,"box":{"x":89,"y":229,"width":866,"height":12}},{"id":"0a0ab1d4-9a88-453a-94fc-c5b879152b0f","block_type":"box","text":"the U.S.","page_number":72,"box":{"x":88,"y":244,"width":53,"height":10}},{"id":"26e652dd-a04c-4d8b-9899-d3207ef26e55","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":271,"width":184,"height":12}},{"id":"a9a0eac1-f80f-4652-a3b7-fcd69bbc0772","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":72,"box":{"x":278,"y":271,"width":662,"height":12}},{"id":"abe8e570-c330-4590-aa3c-66c821b30949","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":72,"box":{"x":89,"y":286,"width":878,"height":12}},{"id":"6de6d6a9-9cc8-432c-8469-d876dc38b405","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":72,"box":{"x":88,"y":301,"width":864,"height":12}},{"id":"03e68f77-9991-4721-b5b0-c6b6e47381ab","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":72,"box":{"x":89,"y":316,"width":849,"height":12}},{"id":"f9e813cf-a0db-4fee-84cf-8cc816ee7c87","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":72,"box":{"x":88,"y":331,"width":868,"height":12}},{"id":"a3a80233-9a9a-464c-8b45-8ab30e82df85","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":72,"box":{"x":88,"y":346,"width":474,"height":13}},{"id":"0fb46029-d38a-46b7-bfe0-14205055aba2","block_type":"box","text":"MSCI Brazil 25/50 Index","page_number":72,"box":{"x":89,"y":373,"width":175,"height":9}},{"id":"e88d2ffd-ef55-4cca-bb60-caf1e74e927e","block_type":"box","text":"Number of Components: approximately 44","page_number":72,"box":{"x":89,"y":399,"width":308,"height":13}},{"id":"cd065cae-d725-4881-b2f0-6d8e556ea888","block_type":"box","text":"Index Description.","page_number":72,"box":{"x":89,"y":426,"width":131,"height":12}},{"id":"b1be98db-1fbf-43e7-8ff0-840899715291","block_type":"box","text":"The MSCI Brazil 25/50 Index is a free float-adjusted market capitalization-weighted index designed to","page_number":72,"box":{"x":225,"y":426,"width":712,"height":12}},{"id":"674e2817-4fe4-4482-940b-d61c16ed04c6","block_type":"box","text":"measure the performance of the large- and mid-capitalization segments of the Brazilian equity market. The Underlying Index","page_number":72,"box":{"x":89,"y":441,"width":872,"height":12}},{"id":"0791f23d-4bb9-4c37-bb72-18be41a87bba","block_type":"box","text":"is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the","page_number":72,"box":{"x":89,"y":456,"width":864,"height":12}},{"id":"ba351678-f896-44bf-85f5-ac19311eb1ef","block_type":"box","text":"Underlying Index and the MSCI Brazil Index. The Underlying Index uses a capping methodology that limits the weight of any","page_number":72,"box":{"x":89,"y":471,"width":868,"height":12}},{"id":"61186111-f55d-4a94-abb7-e191f7791e02","block_type":"box","text":"single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":72,"box":{"x":89,"y":486,"width":801,"height":12}},{"id":"c42deb21-99ca-4b39-9ad4-9772410c1e5f","block_type":"box","text":"Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying","page_number":72,"box":{"x":89,"y":501,"width":874,"height":13}},{"id":"35c8fa1a-102b-4e3f-b787-49d38d65565c","block_type":"box","text":"Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue","page_number":72,"box":{"x":89,"y":516,"width":861,"height":13}},{"id":"a07a83e9-c447-487f-ad96-46505b0b51f5","block_type":"box","text":"listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20%","page_number":72,"box":{"x":89,"y":531,"width":863,"height":13}},{"id":"29966250-77cc-4077-99a0-41cdcf658944","block_type":"box","text":"or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":72,"box":{"x":89,"y":547,"width":857,"height":12}},{"id":"07dd3ec8-bdec-4048-a8c6-5ddad0d731d3","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where","page_number":72,"box":{"x":89,"y":562,"width":845,"height":12}},{"id":"5a7a077d-593c-445a-928d-3079f547972a","block_type":"box","text":"there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis.","page_number":72,"box":{"x":88,"y":577,"width":826,"height":12}},{"id":"64ef52ee-11e0-4bf1-9749-46a9ada54c36","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":603,"width":184,"height":13}},{"id":"c9b74355-dc4d-446c-814c-6badb760522e","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":72,"box":{"x":278,"y":603,"width":662,"height":13}},{"id":"9e5bceb9-03fa-48e0-bd8a-402b533a317e","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":72,"box":{"x":89,"y":618,"width":878,"height":13}},{"id":"7f5cfe9c-c0d2-4035-93d7-ffe195be8e8c","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":72,"box":{"x":88,"y":633,"width":864,"height":13}},{"id":"45281912-e9da-43e7-8149-ecd634d36ceb","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":72,"box":{"x":89,"y":649,"width":849,"height":12}},{"id":"a80c2c6c-7532-4afa-b015-df14b9c008d5","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":72,"box":{"x":88,"y":664,"width":868,"height":12}},{"id":"07a7139c-df4e-43b9-8ea4-aa0ac69a1c54","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":72,"box":{"x":88,"y":679,"width":474,"height":12}},{"id":"9a3a480b-3667-4362-a720-35ae27fe1576","block_type":"box","text":"MSCI BIC Index","page_number":72,"box":{"x":89,"y":705,"width":110,"height":10}},{"id":"fff53e0d-fefd-44cc-8c2b-b0e7de6183c9","block_type":"box","text":"Number of Components: approximately 758","page_number":72,"box":{"x":89,"y":732,"width":317,"height":12}},{"id":"8255b89a-1a2a-4b07-bbca-c9157a9eb1a9","block_type":"box","text":"Index Description.","page_number":72,"box":{"x":89,"y":758,"width":131,"height":13}},{"id":"72c79ab1-70ac-4e4a-8a50-f167a2139896","block_type":"box","text":"The MSCI BIC Index is a free float-adjusted market capitalization index that is designed to measure the","page_number":72,"box":{"x":225,"y":758,"width":717,"height":13}},{"id":"31322e66-0551-421d-b9c3-a2ddac948326","block_type":"box","text":"combined equity market performance in Brazil, India and China (BIC) and primarily consists of stocks traded on B3, National","page_number":72,"box":{"x":89,"y":773,"width":867,"height":13}},{"id":"ac7ed5ce-b64e-4a50-8f8f-f9df8e078796","block_type":"box","text":"Stock Exchange of India, SSE, SZSE and the SEHK.","page_number":72,"box":{"x":88,"y":788,"width":347,"height":13}},{"id":"635990c3-c285-4f13-a29b-439c20c88264","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":815,"width":184,"height":12}},{"id":"301ce898-3839-47fa-9cd6-c63705a812ec","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":72,"box":{"x":278,"y":815,"width":662,"height":12}},{"id":"b8f4037e-5357-455d-b73a-f69dd1d3bbc1","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":72,"box":{"x":89,"y":830,"width":878,"height":12}},{"id":"caddc5f8-7fb5-4db6-8cf0-c94eaf9ec8aa","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":72,"box":{"x":88,"y":845,"width":864,"height":12}},{"id":"45fc8214-3570-4d5d-b9a8-ff926997bdd5","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":72,"box":{"x":89,"y":860,"width":849,"height":13}},{"id":"fd742cd2-065c-4f5e-8179-333fdc537525","block_type":"box","text":"49","page_number":72,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"785fbe72-f2cd-461c-a17c-d5834fe1e5e3","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":73,"box":{"x":88,"y":44,"width":868,"height":12}},{"id":"fb999578-2c93-4ac4-9f85-ebab8cf0e372","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":73,"box":{"x":88,"y":59,"width":474,"height":12}},{"id":"c65b4f64-9f2b-4244-96f7-cba223ba7518","block_type":"box","text":"MSCI Chile IMI 25/50 Index","page_number":73,"box":{"x":89,"y":85,"width":200,"height":10}},{"id":"1fcfefec-b08f-49b5-a3a8-e5836666a681","block_type":"box","text":"Number of Components: approximately 26","page_number":73,"box":{"x":89,"y":112,"width":308,"height":12}},{"id":"78ffbb71-57af-460c-a73d-ef4bdf9bfa08","block_type":"box","text":"Index Description.","page_number":73,"box":{"x":89,"y":138,"width":131,"height":13}},{"id":"af4ebb9e-383c-458e-a02d-ecc468838dee","block_type":"box","text":"The MSCI Chile IMI 25/50 Index is a free float-adjusted market capitalization index that is designed to","page_number":73,"box":{"x":225,"y":138,"width":713,"height":13}},{"id":"a1fd4081-d51b-4c3d-a3d8-4570323f2dec","block_type":"box","text":"measure the performance of the large-, mid- and small-capitalization segments of the Chilean equity market. The Underlying","page_number":73,"box":{"x":89,"y":153,"width":874,"height":13}},{"id":"d2b4fd31-99d9-4a54-b6ff-8c28a7c70b5c","block_type":"box","text":"Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences","page_number":73,"box":{"x":89,"y":169,"width":815,"height":12}},{"id":"aa52beb2-1734-4108-ab34-38902312e004","block_type":"box","text":"between the Underlying Index and the MSCI Chile Index. The Underlying Index uses a capping methodology that limits the","page_number":73,"box":{"x":89,"y":184,"width":857,"height":12}},{"id":"1fe904f7-d0a8-4fd6-80c8-657c06e46021","block_type":"box","text":"weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of","page_number":73,"box":{"x":88,"y":199,"width":875,"height":12}},{"id":"54c8f4c4-fde1-430e-8115-71d5b7036dbe","block_type":"box","text":"the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the","page_number":73,"box":{"x":88,"y":214,"width":822,"height":12}},{"id":"98239b47-3939-4fe9-88f5-904fac6f296b","block_type":"box","text":"Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may","page_number":73,"box":{"x":89,"y":229,"width":828,"height":12}},{"id":"dae00340-6c67-49e0-8be0-f985e5ea59c0","block_type":"box","text":"separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding","page_number":73,"box":{"x":89,"y":244,"width":875,"height":13}},{"id":"58adccb8-ba77-4c96-9f53-b3fa689e4008","block_type":"box","text":"stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases,","page_number":73,"box":{"x":89,"y":259,"width":878,"height":13}},{"id":"a06cb48a-c8c2-45dc-8931-f913f0fca0cd","block_type":"box","text":"even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity","page_number":73,"box":{"x":89,"y":274,"width":879,"height":13}},{"id":"96903b14-24d5-4a9b-9c08-e4c810862175","block_type":"box","text":"where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis.","page_number":73,"box":{"x":88,"y":290,"width":873,"height":12}},{"id":"1655a10a-b0d2-4fdc-aff7-17571c3d47ac","block_type":"box","text":"Calculation Methodology.","page_number":73,"box":{"x":89,"y":316,"width":184,"height":12}},{"id":"bcae660e-4daf-451d-9869-4687545cf454","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":73,"box":{"x":278,"y":316,"width":662,"height":12}},{"id":"c9424b09-25db-42fa-bf68-ce64b6224125","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":73,"box":{"x":89,"y":331,"width":878,"height":12}},{"id":"65d536da-84a6-4662-8424-a24ae5817ea3","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":73,"box":{"x":88,"y":346,"width":864,"height":13}},{"id":"94a1d738-01cd-49ad-a715-11551842b4c5","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":73,"box":{"x":89,"y":361,"width":849,"height":13}},{"id":"9d54f665-e8a2-4b37-a85b-50586224f5f9","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":73,"box":{"x":88,"y":376,"width":868,"height":13}},{"id":"8db225d3-ca88-42d5-9d66-212519ccbf6d","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":73,"box":{"x":88,"y":392,"width":474,"height":12}},{"id":"97d9ffb1-9605-45a1-8fae-d684b36267a2","block_type":"box","text":"MSCI EM Asia Custom Capped Index","page_number":73,"box":{"x":89,"y":418,"width":264,"height":12}},{"id":"8db4c1b6-3688-4402-9e0d-554861e8e5f8","block_type":"box","text":"Number of Components: approximately 957","page_number":73,"box":{"x":89,"y":445,"width":318,"height":12}},{"id":"38d7cbfa-9f8e-4229-b01a-68aea97461ae","block_type":"box","text":"Index Description.","page_number":73,"box":{"x":89,"y":471,"width":131,"height":12}},{"id":"eab0ac98-b1d4-4292-8854-e0ae15c612f2","block_type":"box","text":"The MSCI EM Asia Custom Capped Index is designed to measure equity market performance in the","page_number":73,"box":{"x":225,"y":471,"width":695,"height":12}},{"id":"d34e6fe1-7068-4c31-8c1e-e4597158318f","block_type":"box","text":"emerging market countries of Asia. The Underlying Index is a free float-adjusted market capitalization-weighted index that","page_number":73,"box":{"x":89,"y":486,"width":858,"height":12}},{"id":"a42759ee-fc3e-4df7-9df0-0b8fa2870321","block_type":"box","text":"uses a capping methodology to limit the weight of the securities of any single issuer (as determined by MSCI Inc.) to a","page_number":73,"box":{"x":89,"y":501,"width":826,"height":13}},{"id":"a1cfcbae-af1b-4d01-8414-d91c62f61f36","block_type":"box","text":"maximum of 25% of the Underlying Index. Free-float market capitalization is calculated by taking the security’s price and","page_number":73,"box":{"x":89,"y":516,"width":846,"height":13}},{"id":"3e04266f-f955-4844-8669-41b7ed9eff97","block_type":"box","text":"multiplying it by the number of shares readily available in the market rather than the total number of shares outstanding.","page_number":73,"box":{"x":89,"y":531,"width":844,"height":13}},{"id":"bb1991e9-5b2d-4690-9b78-edde7e955de8","block_type":"box","text":"Additionally, the capping methodology limits the sum of the weights of the securities of all issuers that individually constitute","page_number":73,"box":{"x":88,"y":547,"width":878,"height":12}},{"id":"6be236c3-c52f-4d97-a9b7-c0fea9a1892f","block_type":"box","text":"more than 5% of the weight of the Underlying Index to 25% of the weight of the Underlying Index in the aggregate. In order","page_number":73,"box":{"x":89,"y":562,"width":868,"height":12}},{"id":"91428fd4-fa24-4ef5-9d77-0939b16b85dd","block_type":"box","text":"to implement this capping methodology, the Underlying Index constrains at quarterly rebalance: (i) the weight of any single","page_number":73,"box":{"x":88,"y":577,"width":865,"height":12}},{"id":"46b3f738-b8ff-4ece-986f-b0476d74cfec","block_type":"box","text":"issuer to a maximum of 22.50%, and (ii) the aggregate weight of all issuers that individually exceed 4.50% of the index","page_number":73,"box":{"x":89,"y":592,"width":833,"height":12}},{"id":"9f33b7e6-9a4c-4e08-a884-19690cf40493","block_type":"box","text":"weight to a maximum of 22.50%. Between scheduled quarterly index reviews, the Underlying Index is rebalanced at the end","page_number":73,"box":{"x":88,"y":607,"width":868,"height":12}},{"id":"8fad1074-6966-4929-996e-6d335ae3d61c","block_type":"box","text":"of any day on which the following constraints are breached: 22.50% for any single issuer and 24.00% for all issuers that","page_number":73,"box":{"x":89,"y":622,"width":837,"height":12}},{"id":"2f832a32-53b0-4610-bb01-099cc06807d5","block_type":"box","text":"individually represent more than 4.75% of the weight of the Underlying Index. In implementing this capping methodology,","page_number":73,"box":{"x":89,"y":637,"width":855,"height":13}},{"id":"b00b2005-0bfd-42b4-8af1-89dfc0f9f024","block_type":"box","text":"MSCI may consider two or more companies as belonging to the same issuer where there is reasonable evidence of common","page_number":73,"box":{"x":89,"y":652,"width":869,"height":13}},{"id":"7c3a30c5-f600-4810-a404-db3e304180ec","block_type":"box","text":"control. MSCI reviews such determinations annually.","page_number":73,"box":{"x":89,"y":668,"width":366,"height":12}},{"id":"75f0b850-b27e-42bd-af2e-bb987da65f66","block_type":"box","text":"Calculation Methodology.","page_number":73,"box":{"x":89,"y":694,"width":184,"height":12}},{"id":"9cfe719d-e60b-4d6c-98d7-6961e6dd9582","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":73,"box":{"x":278,"y":694,"width":662,"height":12}},{"id":"14be3691-e30f-4a92-a176-31990e3af2f6","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":73,"box":{"x":89,"y":709,"width":878,"height":12}},{"id":"9d53004a-df46-4f9e-8eee-e56fe590e492","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":73,"box":{"x":88,"y":724,"width":864,"height":13}},{"id":"b69b7438-8ff0-4b70-b729-3adb0154594c","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":73,"box":{"x":89,"y":739,"width":849,"height":13}},{"id":"9f6122b2-b7f5-4001-a59e-3269da81d6ff","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":73,"box":{"x":88,"y":754,"width":868,"height":13}},{"id":"5ccf0abc-2de2-4b14-a30a-62d20bfa370c","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":73,"box":{"x":88,"y":770,"width":474,"height":12}},{"id":"16f163f1-70b7-4cfa-9a12-08e17dc65d3f","block_type":"box","text":"MSCI Emerging Markets Extended ESG Focus Index","page_number":73,"box":{"x":89,"y":796,"width":369,"height":12}},{"id":"1d5129cb-92f0-426b-bebc-55c2944883c2","block_type":"box","text":"Number of Components: approximately 301","page_number":73,"box":{"x":89,"y":822,"width":314,"height":13}},{"id":"e8a0a8b1-0d92-4372-a817-3b6fae883e87","block_type":"box","text":"Index Description.","page_number":73,"box":{"x":89,"y":849,"width":131,"height":12}},{"id":"0d8904c2-f2a7-43ae-b2a0-53c1e6e73286","block_type":"box","text":"The MSCI Emerging Markets Extended ESG Focus Index is an optimized index designed to reflect the","page_number":73,"box":{"x":225,"y":849,"width":704,"height":12}},{"id":"9034a5cc-aee2-49a5-ab7e-6bd8649e8d08","block_type":"box","text":"equity performance of companies that have favorable environmental, social and governance (“ESG”) characteristics, while","page_number":73,"box":{"x":89,"y":864,"width":853,"height":12}},{"id":"82d89e94-aa4c-4196-950a-3265fd11439f","block_type":"box","text":"50","page_number":73,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"14538a95-b5f3-47fa-ba4e-b9352758e3d9","block_type":"box","text":"exhibiting risk and return characteristics similar to the MSCI Market Cap Weighted Index (the MSCI Emerging Markets Index).","page_number":74,"box":{"x":89,"y":44,"width":878,"height":12}},{"id":"a8bb071b-3e29-4873-a2b9-5e2d6b30de26","block_type":"box","text":"The index is constructed by selecting constituents from the MSCI Emerging Markets Index, the parent index, through an","page_number":74,"box":{"x":88,"y":59,"width":841,"height":12}},{"id":"db430bea-f2a6-414d-ac98-fbe987480349","block_type":"box","text":"optimization process that aims to maximize exposure to ESG factors, subject to a target tracking error constraint of 100 basis","page_number":74,"box":{"x":89,"y":74,"width":874,"height":12}},{"id":"b4af1d0a-29cd-482d-ad4c-4682ef9aec45","block_type":"box","text":"points relative to the parent index. The Fund’s Index Provider begins with the parent index and excludes securities of","page_number":74,"box":{"x":89,"y":89,"width":815,"height":13}},{"id":"a9fcc990-548b-45a3-9c47-ce381760d533","block_type":"box","text":"companies involved in the business of tobacco, companies involved with controversial weapons, producers and retailers of","page_number":74,"box":{"x":89,"y":104,"width":858,"height":13}},{"id":"d5c3c4d4-6155-42ee-bdc8-9454cb730a63","block_type":"box","text":"civilian firearms, companies involved in certain fossil fuels-related activity such as the production of thermal coal, thermal","page_number":74,"box":{"x":89,"y":119,"width":849,"height":13}},{"id":"bc0411c1-79ea-4105-9a20-e6fd6791d51d","block_type":"box","text":"coal-based power generation and extraction of oil sands based on revenue or percentage of revenue thresholds for certain","page_number":74,"box":{"x":89,"y":135,"width":855,"height":12}},{"id":"7a7fa738-20d5-4b0d-99ef-7d2056513734","block_type":"box","text":"categories (","page_number":74,"box":{"x":89,"y":150,"width":81,"height":12}},{"id":"a0568f3a-0cf6-463c-89ae-53a0f4e34280","block_type":"box","text":"e.g.","page_number":74,"box":{"x":171,"y":153,"width":23,"height":9}},{"id":"f498ed84-cd00-4bb0-b39d-e1fb9cea360c","block_type":"box","text":"$20 million or 5%) and categorical exclusions for others (","page_number":74,"box":{"x":200,"y":150,"width":402,"height":12}},{"id":"da6dcb47-8742-4e15-a189-0d35f45dc557","block_type":"box","text":"e.g.","page_number":74,"box":{"x":603,"y":153,"width":23,"height":9}},{"id":"5b522f62-56ff-4632-b5b7-67ade4970d1e","block_type":"box","text":"controversial weapons). The Index Provider also","page_number":74,"box":{"x":632,"y":150,"width":335,"height":12}},{"id":"828c723b-ca6b-4576-b54d-2bdcd5aae11f","block_type":"box","text":"excludes companies involved in very severe business controversies (in each case as determined by the Index Provider), and","page_number":74,"box":{"x":89,"y":165,"width":858,"height":12}},{"id":"a5f402e1-b3a0-48f5-9881-219e59ac1a59","block_type":"box","text":"then follows a quantitative process that is designed to determine optimal weights for securities to maximize exposure to","page_number":74,"box":{"x":88,"y":180,"width":842,"height":12}},{"id":"e0ffff43-d8e7-489e-b52c-076b174f35a9","block_type":"box","text":"securities of companies with higher ESG ratings, subject to maintaining risk and return characteristics similar to the parent","page_number":74,"box":{"x":89,"y":195,"width":858,"height":12}},{"id":"b5285fa6-2fd2-4c42-8232-10abf667dba8","block_type":"box","text":"index. At each quarterly review, the Underlying Index must have an ESG score of at least 10% better than that of the parent","page_number":74,"box":{"x":89,"y":210,"width":860,"height":13}},{"id":"f3412a8b-fe1d-49bf-9dc0-8293441864c6","block_type":"box","text":"index, as determined by the Index Provider. The Index Provider then calculates the size of each company’s exposure to each","page_number":74,"box":{"x":89,"y":225,"width":862,"height":13}},{"id":"83823ad6-c41b-475a-a389-452e6092c2d5","block_type":"box","text":"key issue based on the company’s business segment and geographic risk, and analyzes the extent to which companies have","page_number":74,"box":{"x":89,"y":240,"width":867,"height":13}},{"id":"a6f7a9bb-39a2-402d-b687-60f59e3fa47b","block_type":"box","text":"developed robust strategies and programs to manage ESG risks and opportunities. Using a sector-specific key issue","page_number":74,"box":{"x":89,"y":256,"width":807,"height":12}},{"id":"bd571a71-3d90-40e6-8363-08fd5aaacbd5","block_type":"box","text":"weighting model, companies are rated and ranked in comparison to their industry peers.","page_number":74,"box":{"x":88,"y":271,"width":619,"height":12}},{"id":"30590d19-cab3-447f-867d-9f2e0edc6ebe","block_type":"box","text":"Calculation Methodology.","page_number":74,"box":{"x":89,"y":297,"width":184,"height":12}},{"id":"55eb47ef-4da3-4509-996e-13e94c20238d","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":74,"box":{"x":278,"y":297,"width":662,"height":12}},{"id":"e8a7819c-1fd5-4f11-a708-20b9b81efe83","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":74,"box":{"x":89,"y":312,"width":878,"height":13}},{"id":"f82306ad-6e50-4056-8323-0e26fa4afeeb","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":74,"box":{"x":88,"y":327,"width":864,"height":13}},{"id":"9f99a4c0-0760-4896-9372-39b2b43f749b","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":74,"box":{"x":89,"y":342,"width":849,"height":13}},{"id":"96a5e9ce-e746-4444-9a09-a48401bb1720","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":74,"box":{"x":88,"y":358,"width":868,"height":12}},{"id":"47258fb5-4166-49b5-af57-7d7c84146493","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":74,"box":{"x":88,"y":373,"width":474,"height":12}},{"id":"d705131b-dcfd-471b-90ff-758b0f543dfc","block_type":"box","text":"MSCI Emerging Markets Index","page_number":74,"box":{"x":89,"y":399,"width":218,"height":13}},{"id":"aad81490-99d5-4459-a9f6-597a74092ff6","block_type":"box","text":"Number of Components: approximately 1,189","page_number":74,"box":{"x":89,"y":426,"width":329,"height":12}},{"id":"ebdfb4e4-8d7a-4fc0-91b4-8cf407548c55","block_type":"box","text":"Index Description.","page_number":74,"box":{"x":89,"y":452,"width":131,"height":12}},{"id":"64951bef-af4a-427d-ab2b-43296dbd3703","block_type":"box","text":"The MSCI Emerging Markets Index is designed to measure equity market performance in the global","page_number":74,"box":{"x":225,"y":452,"width":696,"height":12}},{"id":"956cb3a5-ccb4-40d8-935d-f3d13ff612dd","block_type":"box","text":"emerging markets.","page_number":74,"box":{"x":89,"y":467,"width":130,"height":13}},{"id":"0b8f8378-07b6-44ac-b3c6-24731b2f9537","block_type":"box","text":"Calculation Methodology.","page_number":74,"box":{"x":89,"y":494,"width":184,"height":12}},{"id":"4e344035-d66e-4fb0-8c46-182c24c17cdd","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":74,"box":{"x":278,"y":494,"width":662,"height":12}},{"id":"96f081e5-2b0c-41e7-8004-7d671e759149","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":74,"box":{"x":89,"y":509,"width":878,"height":12}},{"id":"0090fab4-dcfe-4272-a98a-5c2aea4c0513","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":74,"box":{"x":88,"y":524,"width":864,"height":12}},{"id":"ee0cd1be-91f3-44be-b3af-7e4546d4768e","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":74,"box":{"x":89,"y":539,"width":849,"height":12}},{"id":"a107378a-55ee-43a6-a529-7b850a901191","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":74,"box":{"x":88,"y":554,"width":868,"height":12}},{"id":"bf2373ad-4d6f-4bac-a5fa-b21c2c695a5a","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":74,"box":{"x":88,"y":569,"width":474,"height":13}},{"id":"a07f1c42-fa04-498c-a7fe-79906b920f65","block_type":"box","text":"MSCI Emerging Markets Investable Market Index (IMI)","page_number":74,"box":{"x":89,"y":596,"width":391,"height":12}},{"id":"e3485a74-b869-453c-a4cd-a9e1f4cc87b3","block_type":"box","text":"Number of Components: approximately 3,129","page_number":74,"box":{"x":89,"y":622,"width":330,"height":12}},{"id":"134c2077-edc8-4ea4-a1b9-3d8b3bbb1b10","block_type":"box","text":"Index Description.","page_number":74,"box":{"x":89,"y":649,"width":131,"height":12}},{"id":"054c4249-e454-4431-bbac-6c6ba287f191","block_type":"box","text":"The MSCI Emerging Markets IMI is designed to measure equity market performance in the global","page_number":74,"box":{"x":225,"y":649,"width":680,"height":12}},{"id":"a211157d-4c7b-4c4c-9af3-0fab37ed695b","block_type":"box","text":"emerging markets. The Underlying Index captures large-, mid- and small-cap representation across 24 emerging market","page_number":74,"box":{"x":89,"y":664,"width":842,"height":12}},{"id":"f3474718-c235-47eb-8492-80ea57266144","block_type":"box","text":"countries and covers approximately 99% of the free float-adjusted market capitalization in each country.","page_number":74,"box":{"x":89,"y":679,"width":730,"height":12}},{"id":"b5445bf6-b772-486f-80ef-6ab189075aaf","block_type":"box","text":"Calculation Methodology.","page_number":74,"box":{"x":89,"y":705,"width":184,"height":13}},{"id":"f0b7c5ab-b5ce-4a96-9530-b3fffc94b66f","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":74,"box":{"x":278,"y":705,"width":662,"height":13}},{"id":"48056390-1a0b-4324-b37b-e32fb3008a6d","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":74,"box":{"x":89,"y":720,"width":878,"height":13}},{"id":"47c2d412-e4eb-46c2-830c-94a849060ba6","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":74,"box":{"x":88,"y":736,"width":864,"height":12}},{"id":"65691152-5d63-4ae5-9b8b-d6728693958d","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":74,"box":{"x":89,"y":751,"width":849,"height":12}},{"id":"742bcf36-2389-4caa-8b37-f878a050d89f","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":74,"box":{"x":88,"y":766,"width":868,"height":12}},{"id":"04c0216f-ed1a-4380-91c8-707288d3729e","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":74,"box":{"x":88,"y":781,"width":474,"height":12}},{"id":"799d050a-e8c1-478d-8945-7b89bce89566","block_type":"box","text":"MSCI Emerging Markets Minimum Volatility (USD) Index","page_number":74,"box":{"x":89,"y":807,"width":408,"height":13}},{"id":"8bf710b3-7ffe-4b6e-b9ef-9893b7512aa5","block_type":"box","text":"Number of Components: approximately 321","page_number":74,"box":{"x":89,"y":834,"width":314,"height":12}},{"id":"0ae891b4-ab57-4d3b-8827-fdf03eac31fe","block_type":"box","text":"51","page_number":74,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"92fa274c-69de-4213-bf56-13ef43d5fc1d","block_type":"box","text":"Index Description.","page_number":75,"box":{"x":89,"y":44,"width":131,"height":12}},{"id":"2547a6dd-9d4e-47b8-a68c-d83a8d44cdb4","block_type":"box","text":"The MSCI Emerging Markets Minimum Volatility (USD) Index measures the performance of equity","page_number":75,"box":{"x":225,"y":44,"width":687,"height":12}},{"id":"c3f3b517-fb56-45a3-8cb9-59b016425db3","block_type":"box","text":"securities in global emerging markets that, in the aggregate, have lower volatility relative to the broader large- and mid","page_number":75,"box":{"x":89,"y":59,"width":833,"height":12}},{"id":"b4af229a-ee7c-429c-8258-efe8f4121a67","block_type":"box","text":"capitalization global emerging market equities. Each security included in the Underlying Index is a current constituent of the","page_number":75,"box":{"x":89,"y":74,"width":867,"height":12}},{"id":"de24f2f4-ed9a-4dc4-88ee-5619d2173050","block_type":"box","text":"MSCI Emerging Markets Index. The Underlying Index is reconstituted quarterly, at which time one-way turnover is capped at","page_number":75,"box":{"x":89,"y":89,"width":871,"height":13}},{"id":"73bdfb07-c108-4e85-a2d0-6c5fff823c9b","block_type":"box","text":"5%.","page_number":75,"box":{"x":89,"y":105,"width":26,"height":9}},{"id":"0bd3d434-2be4-4f77-b558-f5911f8f4dd3","block_type":"box","text":"Calculation Methodology.","page_number":75,"box":{"x":89,"y":131,"width":184,"height":12}},{"id":"5ebba2f6-37be-42f2-9cd6-236d28c1a5e6","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":75,"box":{"x":278,"y":131,"width":662,"height":12}},{"id":"a2101d31-4bdd-45d9-8042-52e2a8982a9f","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":75,"box":{"x":89,"y":146,"width":878,"height":12}},{"id":"c7b77e62-10f4-4e98-920a-d7d4f13253af","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":75,"box":{"x":88,"y":161,"width":864,"height":12}},{"id":"e1bcce2b-aa4c-406c-bbc8-11a06337820c","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":75,"box":{"x":89,"y":176,"width":849,"height":13}},{"id":"0db34aea-1d0b-4a4d-938d-9ac7518480f0","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":75,"box":{"x":88,"y":191,"width":868,"height":13}},{"id":"cca4aa5e-91f1-4c02-876f-3c07a12b8a30","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":75,"box":{"x":88,"y":206,"width":474,"height":13}},{"id":"f0538ec2-02bc-4d7d-8e64-a5181faaec11","block_type":"box","text":"MSCI Emerging Markets Small Cap Index","page_number":75,"box":{"x":89,"y":233,"width":295,"height":12}},{"id":"1da0a531-7a88-45be-a57d-b13164317e65","block_type":"box","text":"Number of Components: approximately 1,940","page_number":75,"box":{"x":89,"y":259,"width":331,"height":13}},{"id":"b0937793-b1d2-4723-bcb6-75686df3ee4d","block_type":"box","text":"Index Description.","page_number":75,"box":{"x":89,"y":286,"width":131,"height":12}},{"id":"49a82c8d-b776-4ce9-bb01-7e3424a8dd2f","block_type":"box","text":"The MSCI Emerging Markets Small Cap Index measures the performance of equity securities of small","page_number":75,"box":{"x":225,"y":286,"width":713,"height":12}},{"id":"e90fea85-081f-4004-a7fe-5e9e01affaa6","block_type":"box","text":"capitalization companies in emerging market countries, as measured by market capitalization.","page_number":75,"box":{"x":89,"y":301,"width":656,"height":12}},{"id":"18692a53-a038-442c-8ee9-5b020d3cfcbe","block_type":"box","text":"Calculation Methodology.","page_number":75,"box":{"x":89,"y":327,"width":184,"height":13}},{"id":"ef4931c8-413d-49fb-91bd-a448b74b943a","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":75,"box":{"x":278,"y":327,"width":662,"height":13}},{"id":"bc454632-9e7b-4dae-b5de-c416ce897bfa","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":75,"box":{"x":89,"y":342,"width":878,"height":13}},{"id":"38c85b9a-606f-45cb-ab87-e9357d339f42","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":75,"box":{"x":88,"y":358,"width":864,"height":12}},{"id":"d4ec6497-3b7a-47db-baad-aa4755dea93f","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":75,"box":{"x":89,"y":373,"width":849,"height":12}},{"id":"3d7324f7-180f-4659-b299-49bbcd94caee","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":75,"box":{"x":88,"y":388,"width":868,"height":12}},{"id":"d7defcfb-0432-4e38-a2f7-1496bd489fb1","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":75,"box":{"x":88,"y":403,"width":474,"height":12}},{"id":"0641544a-396e-4d29-9075-efbf8f09bf90","block_type":"box","text":"MSCI Korea 25/50 Index","page_number":75,"box":{"x":89,"y":429,"width":177,"height":10}},{"id":"bbd0c3d7-51a6-4335-bae6-dc28d36294dd","block_type":"box","text":"Number of Components: approximately 81","page_number":75,"box":{"x":89,"y":456,"width":305,"height":12}},{"id":"5a2522c3-1fe5-43cd-936b-6a8b25cfb3df","block_type":"box","text":"Index Description.","page_number":75,"box":{"x":89,"y":482,"width":131,"height":13}},{"id":"7c37cbe3-5166-4918-a6a4-790a7e1feffb","block_type":"box","text":"The MSCI Korea 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":75,"box":{"x":225,"y":482,"width":675,"height":13}},{"id":"5e1fc125-6924-4638-89f8-9b391667c134","block_type":"box","text":"designed to measure the performance of the large- and mid-capitalization segments of the Korean equity market. The","page_number":75,"box":{"x":89,"y":497,"width":825,"height":13}},{"id":"3d6d7e18-841e-492c-ba65-cbc0a6263be2","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":75,"box":{"x":89,"y":513,"width":816,"height":12}},{"id":"ecdba904-7589-47e9-b759-677ac41c3514","block_type":"box","text":"differences between the Underlying Index and the MSCI Korea Index. The Underlying Index uses a capping methodology that","page_number":75,"box":{"x":89,"y":528,"width":874,"height":12}},{"id":"af458c2c-3f13-42b4-a90c-e014a5a2a6ea","block_type":"box","text":"limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum","page_number":75,"box":{"x":89,"y":543,"width":868,"height":12}},{"id":"785d879b-7bcd-4ab1-8c90-5acd7f9e528c","block_type":"box","text":"of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of","page_number":75,"box":{"x":89,"y":558,"width":869,"height":12}},{"id":"547d2bdc-9084-4cba-af01-a2cc5650af74","block_type":"box","text":"the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group but may","page_number":75,"box":{"x":88,"y":573,"width":855,"height":12}},{"id":"49027939-ed8b-485f-b176-87b81aa443eb","block_type":"box","text":"separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding","page_number":75,"box":{"x":89,"y":588,"width":875,"height":12}},{"id":"19108afc-0900-4b93-8c67-a90b9c95d1a7","block_type":"box","text":"stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases,","page_number":75,"box":{"x":89,"y":603,"width":878,"height":13}},{"id":"6f914aab-7b2c-4224-852f-77b4a5a9ad09","block_type":"box","text":"even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity","page_number":75,"box":{"x":89,"y":618,"width":879,"height":13}},{"id":"93d65497-27be-4243-8aaa-4e74a5627649","block_type":"box","text":"where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis.","page_number":75,"box":{"x":88,"y":633,"width":873,"height":13}},{"id":"d100a1fb-ffde-48e3-9bc1-ccbce5b8332e","block_type":"box","text":"Calculation Methodology.","page_number":75,"box":{"x":89,"y":660,"width":184,"height":12}},{"id":"c8c1cb1b-4a63-4882-81f3-e39f603ad176","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":75,"box":{"x":278,"y":660,"width":662,"height":12}},{"id":"f7910957-0a9f-4f5d-bb8a-3255931b17c0","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":75,"box":{"x":89,"y":675,"width":878,"height":12}},{"id":"896dae54-1e9c-4b97-a2d3-385f123a93ae","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":75,"box":{"x":88,"y":690,"width":864,"height":13}},{"id":"ad2a93f5-2ebe-4030-a790-2c37eaacb367","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":75,"box":{"x":89,"y":705,"width":849,"height":13}},{"id":"66af4ebf-dfeb-4f38-a863-52d9bb6d2b7b","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":75,"box":{"x":88,"y":720,"width":868,"height":13}},{"id":"3794da70-45f4-45bb-b02f-fa6507536a2f","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":75,"box":{"x":88,"y":736,"width":474,"height":12}},{"id":"f1e8a678-01f7-431f-b344-6bd5572ff75a","block_type":"box","text":"MSCI Malaysia Index","page_number":75,"box":{"x":89,"y":762,"width":150,"height":12}},{"id":"604946d8-4709-4b76-8f65-9beeda6ce3cc","block_type":"box","text":"Number of Components: approximately 27","page_number":75,"box":{"x":89,"y":788,"width":308,"height":13}},{"id":"c2d3ec39-ce32-4c33-b82d-c77d4c13744d","block_type":"box","text":"Index Description.","page_number":75,"box":{"x":89,"y":815,"width":131,"height":12}},{"id":"6f19b39b-75bf-456c-a1be-aa46730a36aa","block_type":"box","text":"The MSCI Malaysia Index is designed to measure the performance of the large- and mid- capitalization","page_number":75,"box":{"x":225,"y":815,"width":719,"height":12}},{"id":"781c461f-a55c-445e-8832-73da31fe8f3f","block_type":"box","text":"segments of the Malaysian market.","page_number":75,"box":{"x":89,"y":830,"width":244,"height":12}},{"id":"57423cb0-0940-4715-af9e-a2dae1844170","block_type":"box","text":"52","page_number":75,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3304c987-9be9-4483-91db-af6c4f746716","block_type":"box","text":"Calculation Methodology.","page_number":76,"box":{"x":89,"y":44,"width":184,"height":12}},{"id":"946903b2-9169-47e5-8e2a-408ac733cc4d","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":76,"box":{"x":278,"y":44,"width":662,"height":12}},{"id":"0b31e350-3d90-4982-ae4c-2750d567ba51","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":76,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"896f84c4-60f8-4e9c-92e7-117a0f9c4ce7","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":76,"box":{"x":88,"y":74,"width":864,"height":12}},{"id":"63bc70d7-adb8-48e3-9d6f-29bc47dfb058","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":76,"box":{"x":89,"y":89,"width":849,"height":13}},{"id":"a9b1da58-c568-42f4-b60b-c2554965fb5c","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":76,"box":{"x":88,"y":104,"width":868,"height":13}},{"id":"ad87c5c8-c736-4bd8-9644-7c477ccf9bcd","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":76,"box":{"x":88,"y":119,"width":474,"height":13}},{"id":"45deedbd-2c4d-4ec3-a3a7-05854b765567","block_type":"box","text":"MSCI Taiwan 25/50 Index","page_number":76,"box":{"x":89,"y":146,"width":187,"height":10}},{"id":"149a5943-1080-47bb-8461-162aa4ff045c","block_type":"box","text":"Number of Components: approximately 87","page_number":76,"box":{"x":89,"y":172,"width":308,"height":13}},{"id":"2dfa721a-83fe-4b50-912c-733e9f7c4d1b","block_type":"box","text":"Index Description.","page_number":76,"box":{"x":89,"y":199,"width":131,"height":12}},{"id":"2b8523bb-49d3-42e6-b0bb-7195ba4277d2","block_type":"box","text":"The MSCI Taiwan 25/50 Index is designed to measure the performance of the large- and mid","page_number":76,"box":{"x":225,"y":199,"width":659,"height":12}},{"id":"ef2ef866-70b4-4b22-8114-e16d687c5d97","block_type":"box","text":"capitalization segments of the Taiwanese equity market. The Underlying Index is rebalanced quarterly using an optimization","page_number":76,"box":{"x":89,"y":214,"width":866,"height":12}},{"id":"df97072b-e681-4334-9620-212c4ae4a2a2","block_type":"box","text":"process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Taiwan Index.","page_number":76,"box":{"x":89,"y":229,"width":868,"height":12}},{"id":"0255b689-fd1d-4ac0-9fff-b6216474644d","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI","page_number":76,"box":{"x":88,"y":244,"width":877,"height":13}},{"id":"cdc26913-225b-4a4c-aec4-5c26eb82d729","block_type":"box","text":"determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group","page_number":76,"box":{"x":89,"y":259,"width":836,"height":13}},{"id":"24269f92-5aba-4c65-9358-66998ab844e2","block_type":"box","text":"entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity is a group of","page_number":76,"box":{"x":89,"y":274,"width":815,"height":13}},{"id":"24a02804-545c-45b5-a804-1ed6524e9db8","block_type":"box","text":"companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group","page_number":76,"box":{"x":89,"y":290,"width":831,"height":12}},{"id":"1ac6cb3f-e28c-4997-b1db-bcf1211ac3cb","block_type":"box","text":"entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to","page_number":76,"box":{"x":89,"y":305,"width":858,"height":12}},{"id":"b49d6f25-2de4-4b11-9c8c-fed44e89a5db","block_type":"box","text":"determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts,","page_number":76,"box":{"x":89,"y":320,"width":844,"height":12}},{"id":"59215ea9-ffdb-4269-b49a-c1945beb24ea","block_type":"box","text":"MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control","page_number":76,"box":{"x":89,"y":335,"width":872,"height":12}},{"id":"faba11ae-42e9-434c-a25a-483ade0dc89a","block_type":"box","text":"based on other information. All group entities are reviewed on an annual basis.","page_number":76,"box":{"x":89,"y":350,"width":550,"height":12}},{"id":"ab7689a7-93a0-412a-9aae-2d84c47b674f","block_type":"box","text":"Calculation Methodology.","page_number":76,"box":{"x":89,"y":376,"width":184,"height":13}},{"id":"4cfcbee4-ea63-4642-8fcc-4d96f2fd0577","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":76,"box":{"x":278,"y":376,"width":662,"height":13}},{"id":"c225c285-b13c-4a30-89ea-8a5eb676e736","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":76,"box":{"x":89,"y":392,"width":878,"height":12}},{"id":"20e1d674-f3e4-4e12-a8bd-e0c1207a5a1a","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":76,"box":{"x":88,"y":407,"width":864,"height":12}},{"id":"547c21b7-61ff-4bb6-9d6d-c720085b1cc6","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":76,"box":{"x":89,"y":422,"width":849,"height":12}},{"id":"0646634a-1e5d-4b23-8c8c-b1cfc8cb475f","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":76,"box":{"x":88,"y":437,"width":868,"height":12}},{"id":"8a039272-2add-44de-9ffd-bb41bfd3e24f","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":76,"box":{"x":88,"y":452,"width":474,"height":12}},{"id":"02f5625b-113c-459b-89df-2a3e9ca4ba7c","block_type":"box","text":"Additional Information.","page_number":76,"box":{"x":88,"y":479,"width":168,"height":9}},{"id":"b9a26ec0-1df2-46ab-a376-bc04a0266f1a","block_type":"box","text":"“MSCI,” MSCI ACWI Select Agriculture Producers IMI, MSCI ACWI Select Gold Miners IMI, MSCI","page_number":76,"box":{"x":262,"y":479,"width":668,"height":12}},{"id":"461c7406-b1cf-496a-b4b5-3a76ef917a98","block_type":"box","text":"ACWI Select Metals & Mining Producers ex Gold and Silver IMI, MSCI ACWI Select Silver Miners IMI, MSCI ACWI Minimum","page_number":76,"box":{"x":88,"y":494,"width":855,"height":12}},{"id":"4823e2a1-c3b2-4d4e-bd8e-09ff10c280e6","block_type":"box","text":"Volatility (USD) Index, MSCI Brazil 25/50 Index, MSCI BIC Index, MSCI Chile IMI 25/50 Index, MSCI EM Asia Custom Capped","page_number":76,"box":{"x":88,"y":509,"width":871,"height":12}},{"id":"07803e27-9cc6-4034-867d-bea9267cdb10","block_type":"box","text":"Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Index, MSCI Emerging Markets IMI, MSCI","page_number":76,"box":{"x":89,"y":524,"width":876,"height":12}},{"id":"d280d5bc-d33e-4be7-a856-0e8a94daa943","block_type":"box","text":"Emerging Markets Minimum Volatility (USD) Index, MSCI Emerging Markets Small Cap Index, MSCI Korea 25/50 Index, MSCI","page_number":76,"box":{"x":89,"y":539,"width":875,"height":12}},{"id":"2b2b59ec-fa10-4c97-a81c-3e0617eeeef8","block_type":"box","text":"Malaysia Index and MSCI Taiwan 25/50 Index are servicemarks of MSCI Inc. and have been licensed for use for certain","page_number":76,"box":{"x":89,"y":554,"width":829,"height":12}},{"id":"90754b86-c908-4afd-b541-aa24a44b8046","block_type":"box","text":"purposes by BFA or its affiliates. The Funds are neither sponsored, endorsed, sold nor promoted by MSCI Inc., and MSCI Inc.","page_number":76,"box":{"x":89,"y":569,"width":866,"height":13}},{"id":"019f9ede-60ee-44d9-a5d3-e6ead021308f","block_type":"box","text":"makes no representation regarding the advisability of investing in any of the Funds.","page_number":76,"box":{"x":89,"y":584,"width":581,"height":13}},{"id":"169782a2-61c2-4a8a-b43a-7c44dc8db182","block_type":"box","text":"The STOXX Indexes","page_number":76,"box":{"x":88,"y":612,"width":248,"height":17}},{"id":"0b12643b-2cfc-4d68-bc3d-660a2aebd900","block_type":"box","text":"STOXX Total Market Indexes","page_number":76,"box":{"x":88,"y":646,"width":206,"height":10}},{"id":"065f6074-b850-470c-bfa2-bf7e33812ac7","block_type":"box","text":"Each of the STOXX Total Market Indexes is a subset of the STOXX Global Total Market index (the “Global TMI”), which","page_number":76,"box":{"x":89,"y":673,"width":826,"height":12}},{"id":"9e9eb5ae-2d8f-4dfd-8b8f-ef222129ab70","block_type":"box","text":"represents 95 percent of the free float market capitalization worldwide, with a variable number of components. The STOXX","page_number":76,"box":{"x":89,"y":688,"width":861,"height":12}},{"id":"ee035353-522d-4374-a122-fc1d8a097074","block_type":"box","text":"global equity universe includes all common stocks and equities with similar characteristics from financial markets that","page_number":76,"box":{"x":89,"y":703,"width":828,"height":12}},{"id":"73833c9b-cac6-476e-9cc1-5ba7b5c0188a","block_type":"box","text":"provide real-time and historical component and currency pricing. The Global TMI is the fraction of the STOXX investable","page_number":76,"box":{"x":89,"y":718,"width":841,"height":12}},{"id":"7d79dfd3-3c56-48bb-9b5c-acb8eb29f339","block_type":"box","text":"universe listed on eligible stock exchanges. The STOXX Country Total Market indexes form the basis for all regional STOXX","page_number":76,"box":{"x":89,"y":733,"width":857,"height":12}},{"id":"089554ed-bcbb-4a5a-b726-cb96563bf6e6","block_type":"box","text":"Total Market indexes (each, a “Regional TMI”). Each STOXX Country Total Market index aims to represent a broad market","page_number":76,"box":{"x":88,"y":748,"width":851,"height":12}},{"id":"3af98709-5052-4f02-bbed-7e95d4a15679","block_type":"box","text":"and covers at least 95 percent of the free float market capitalization of the respective country’s investable universe. Each of","page_number":76,"box":{"x":89,"y":763,"width":859,"height":13}},{"id":"5826fa64-72c4-44fc-b927-d9d94eea064f","block_type":"box","text":"the STOXX Total Market Indexes is derived from its respective Regional TMI(s).","page_number":76,"box":{"x":88,"y":778,"width":550,"height":13}},{"id":"29db7899-96cd-420b-9462-22a6eff0ec8d","block_type":"box","text":"STOXX World Equity Indexes","page_number":76,"box":{"x":88,"y":805,"width":207,"height":12}},{"id":"2ffebd60-6ea6-4fc9-ba5a-0d00f9e7cffe","block_type":"box","text":"The STOXX World Equity Indexes includes a number of regional, country and sector equity indexes which are modular","page_number":76,"box":{"x":88,"y":831,"width":827,"height":13}},{"id":"0f907955-b000-44ef-880d-cba9bb31640e","block_type":"box","text":"components of the STOXX World AC All Cap Index (AC stand for All Countries). The STOXX World AC All Cap Index aims to","page_number":76,"box":{"x":89,"y":846,"width":862,"height":13}},{"id":"b21a3524-fc71-49ed-ba25-7140116f391d","block_type":"box","text":"provide a broad universe that includes all investable stocks, ADR’s and GDR’s from all developed and emerging markets in the","page_number":76,"box":{"x":89,"y":862,"width":878,"height":12}},{"id":"1f5b42a6-905b-4a90-9187-039164f55b7f","block_type":"box","text":"53","page_number":76,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"46bab639-19ea-4484-8b7f-511b78f92119","block_type":"box","text":"world. Large Cap, Mid Cap and Small Cap Indexes provide coverage of approximately the top 70 percent, 85 percent and 95","page_number":77,"box":{"x":88,"y":44,"width":863,"height":12}},{"id":"6de3ba6e-b3c1-43b3-9ff7-332a7b09f098","block_type":"box","text":"percent of each respective countries’ free float-adjusted market capitalization. The universe for all countries besides China, is","page_number":77,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"7016a53a-57f8-4479-9022-9359912f6b5e","block_type":"box","text":"the combination of the respective STOXX Country Total Market Index, the respective country’s constituents in the STOXX","page_number":77,"box":{"x":88,"y":74,"width":850,"height":12}},{"id":"190e4a92-9bdc-4e5f-9609-7d373b69c12c","block_type":"box","text":"GCC Total Market Index (a Regional TMI that aims to represent the Gulf Cooperation Council countries market, which","page_number":77,"box":{"x":89,"y":89,"width":821,"height":13}},{"id":"aab6ca72-ea08-4f6e-bd2a-88fdffa3f16f","block_type":"box","text":"consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) and the respective country’s","page_number":77,"box":{"x":89,"y":104,"width":800,"height":13}},{"id":"42e40d54-46d8-4972-bc14-ae1e1f6203af","block_type":"box","text":"constituents of the STOXX World DR Index (a free-float market capitalization-weighted index of depositary receipts whose","page_number":77,"box":{"x":89,"y":119,"width":856,"height":13}},{"id":"916f519e-c955-4791-b979-242600475020","block_type":"box","text":"universe includes ADRs and GDRs that are traded on the New York Stock Exchange, NASDAQ, or the London Stock","page_number":77,"box":{"x":89,"y":135,"width":803,"height":12}},{"id":"b1539223-bb8e-4116-bee9-51b3e4f70b1a","block_type":"box","text":"Exchange). For China the universe is the aggregate of the STOXX China Total Market Index, the STOXX China A Total Market","page_number":77,"box":{"x":89,"y":150,"width":870,"height":12}},{"id":"fdf2f10f-f79c-454e-a799-0375da83f7d3","block_type":"box","text":"Index, the STOXX China P-Chip Total Market Index, and the China constituents in the STOXX Global DR Index.","page_number":77,"box":{"x":89,"y":165,"width":768,"height":12}},{"id":"4a62a467-1ffe-44d6-86e9-23bc5ece6678","block_type":"box","text":"STOXX Emerging Markets Equity Factor Index","page_number":77,"box":{"x":88,"y":191,"width":330,"height":13}},{"id":"2118f4be-3c47-49a1-b706-df14666166e7","block_type":"box","text":"Number of Components: approximately 565","page_number":77,"box":{"x":89,"y":218,"width":317,"height":12}},{"id":"c945f415-d0f0-4564-9d64-2b5affd2b050","block_type":"box","text":"Index Description.","page_number":77,"box":{"x":89,"y":244,"width":131,"height":13}},{"id":"92f1b7ee-69bb-4155-bbf9-163cc3cb6caf","block_type":"box","text":"The STOXX Emerging Markets Equity Factor Index (the “Underlying Index”) is a subset of the STOXX","page_number":77,"box":{"x":225,"y":244,"width":704,"height":13}},{"id":"6661d9ec-55cb-49ca-a783-4cf95e8b66e6","block_type":"box","text":"Emerging Markets Index (the “Parent Index”), which is a free float market capitalization-weighted index designed to measure","page_number":77,"box":{"x":89,"y":259,"width":875,"height":13}},{"id":"002f2ffc-7fa8-41f8-adf4-b1fecc2e4c24","block_type":"box","text":"the performance of large- and mid-capitalization companies from emerging markets. Large- and mid-capitalization","page_number":77,"box":{"x":88,"y":274,"width":806,"height":13}},{"id":"f6dd1773-8187-47ce-8a3d-c22623da7c31","block_type":"box","text":"companies, as calculated by the Index Provider, represent approximately the top 85% of the investable market capitalization","page_number":77,"box":{"x":89,"y":290,"width":864,"height":12}},{"id":"765e8986-a1c7-4b7f-9756-ecc330834cf5","block_type":"box","text":"of each emerging market country included in the Parent Index, as defined by STOXX. Free float market capitalization is","page_number":77,"box":{"x":89,"y":305,"width":827,"height":12}},{"id":"85d4a06c-3c8b-42f1-8363-ab4c171ba1e3","block_type":"box","text":"calculated by multiplying the total market capitalization of a security by a free float factor, as determined by the Index","page_number":77,"box":{"x":89,"y":320,"width":820,"height":12}},{"id":"4ed11f49-278f-4e5e-828c-d15296b7b815","block_type":"box","text":"Provider, to reflect the market capitalization of the number of shares available in the market (rather than that of the total","page_number":77,"box":{"x":89,"y":335,"width":839,"height":12}},{"id":"4ddf9629-776f-4394-939e-407c41ceaf0c","block_type":"box","text":"number of shares outstanding). The Underlying Index is composed of large- and mid-capitalization equity securities from the","page_number":77,"box":{"x":89,"y":350,"width":876,"height":12}},{"id":"d65bd366-8813-4e61-92d3-dac0e29a73f3","block_type":"box","text":"STOXX Emerging Markets Index (the “Parent Index”) that are selected and weighted using an optimization process designed","page_number":77,"box":{"x":88,"y":365,"width":872,"height":12}},{"id":"0060af9a-a41e-4e7e-9d50-4bded684421b","block_type":"box","text":"to maximize exposure to five target factors: momentum, quality, value, low volatility and size. The Underlying Index also seeks","page_number":77,"box":{"x":88,"y":380,"width":879,"height":13}},{"id":"cd940428-336a-4695-a1bd-d89451bfff7e","block_type":"box","text":"to mitigate exposure to unintended systematic exposures, limit turnover and maintain a level of risk similar to that of the","page_number":77,"box":{"x":88,"y":395,"width":845,"height":13}},{"id":"a4e9bd05-eb8a-4fd1-9baa-e2be50eb342e","block_type":"box","text":"Parent Index.","page_number":77,"box":{"x":89,"y":410,"width":90,"height":10}},{"id":"c8cf1c1a-ace7-448d-afef-8b095c77ca35","block_type":"box","text":"Index Methodology.","page_number":77,"box":{"x":89,"y":437,"width":143,"height":12}},{"id":"a7d1eb0b-2830-47a6-a6bb-5b6269754ce4","block_type":"box","text":"The momentum score is calculated from the following signals: price momentum, earnings momentum","page_number":77,"box":{"x":237,"y":437,"width":720,"height":12}},{"id":"996d3e77-d13b-4066-80c7-5ceaac8b1a59","block_type":"box","text":"and earnings announcement drift","page_number":77,"box":{"x":89,"y":452,"width":235,"height":12}},{"id":"49848b21-bf1a-4cc5-b8f7-932c62453065","block_type":"box","text":"(i.e.","page_number":77,"box":{"x":329,"y":452,"width":23,"height":12}},{"id":"6d92bf90-576c-4fd1-a8e1-6a427ad5ee5c","block_type":"box","text":", the difference between a stock’s performance on and immediately following an","page_number":77,"box":{"x":354,"y":452,"width":561,"height":12}},{"id":"de92d860-dbe9-4750-a77f-86af447cbd2d","block_type":"box","text":"earnings announcement date).","page_number":77,"box":{"x":89,"y":467,"width":215,"height":13}},{"id":"1253fc3c-d570-44b6-b2bc-0b4540cb1da1","block_type":"box","text":"The quality score is calculated from the following signals: gross profitability, share dilution, accruals, changes in net operating","page_number":77,"box":{"x":88,"y":494,"width":877,"height":12}},{"id":"815b978f-e877-49f2-b05d-06ddedf07128","block_type":"box","text":"assets, carbon emissions intensity and greenhouse gas (“GHG”) reduction targets. Carbon emissions intensity is based on","page_number":77,"box":{"x":89,"y":509,"width":852,"height":12}},{"id":"a5f635df-8015-44df-a645-0a7449009f22","block_type":"box","text":"the issuer’s Scope 1 and Scope 2 GHG emissions (i.e., direct emissions from sources that an issuer owns or controls and","page_number":77,"box":{"x":88,"y":524,"width":841,"height":12}},{"id":"ed2b86a7-596d-4b83-8da6-3c13a1ab0abf","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”)","page_number":77,"box":{"x":89,"y":539,"width":841,"height":12}},{"id":"79d0d5b6-3584-45fe-9cda-721acba94b13","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of","page_number":77,"box":{"x":88,"y":554,"width":863,"height":12}},{"id":"7567ce83-fec9-4799-b35f-8e75db6b8169","block_type":"box","text":"an issuer’s GHG reduction targets, including whether they are part of the Science Based Targets initiative (“SBTi”) framework;","page_number":77,"box":{"x":89,"y":569,"width":876,"height":13}},{"id":"295d6269-4cd7-4897-b343-5eda0ef62c58","block_type":"box","text":"this is assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":77,"box":{"x":88,"y":584,"width":500,"height":13}},{"id":"4691b38c-1140-4bef-9284-250f3783319a","block_type":"box","text":"The value score is calculated from the following signals: current book value-to-price ratio, dividend yield (","page_number":77,"box":{"x":88,"y":611,"width":738,"height":12}},{"id":"ad5bff9c-5c14-4fb0-896d-cb80baf5563c","block_type":"box","text":"i.e.","page_number":77,"box":{"x":827,"y":612,"width":18,"height":9}},{"id":"287594b0-d2c4-4372-b18c-a178a88e86f2","block_type":"box","text":", 12-month","page_number":77,"box":{"x":847,"y":611,"width":76,"height":11}},{"id":"c0871c38-c0d6-40de-b2e9-6e84ef598e14","block_type":"box","text":"trailing dividend divided by total market capitalization), earnings yield (","page_number":77,"box":{"x":88,"y":626,"width":496,"height":12}},{"id":"aeb481e3-cab0-4eed-a80e-3ca12236ff93","block_type":"box","text":"i.e.","page_number":77,"box":{"x":585,"y":627,"width":17,"height":9}},{"id":"e3332314-212d-4c3b-8f9f-5fcf6c0b7f9d","block_type":"box","text":", 12-month net income divided by total market","page_number":77,"box":{"x":605,"y":626,"width":325,"height":12}},{"id":"d88adbbc-9e44-4bdb-b503-1651bf52ff0c","block_type":"box","text":"capitalization), cash flow yield (","page_number":77,"box":{"x":89,"y":641,"width":219,"height":12}},{"id":"f67c3389-838b-48d0-8126-80f19ba5888a","block_type":"box","text":"i.e.","page_number":77,"box":{"x":309,"y":642,"width":18,"height":9}},{"id":"934df8df-e1cb-4a6b-94b9-1f81d88b3b56","block_type":"box","text":", 12-month cash flow divided by total market capitalization) and time series normalized","page_number":77,"box":{"x":329,"y":641,"width":608,"height":12}},{"id":"78803d7b-0334-4207-aba9-ce6debeca76a","block_type":"box","text":"cash flow yield over the previous 36 months.","page_number":77,"box":{"x":89,"y":656,"width":311,"height":13}},{"id":"2d26b93b-84f3-49a5-ae57-7966256e624b","block_type":"box","text":"The low volatility score is based on prior 12-month volatility, as calculated by the Index Provider.","page_number":77,"box":{"x":88,"y":683,"width":670,"height":12}},{"id":"ac6f2755-0f61-43dd-acb2-86e8754620c1","block_type":"box","text":"The size score seeks to measure an issuer’s market capitalization relative to other companies in the Parent Index.","page_number":77,"box":{"x":88,"y":709,"width":788,"height":12}},{"id":"2eec9cd5-77d4-4e5b-a23f-58d11db4295c","block_type":"box","text":"The Index Provider derives a composite score based on a combination of the five factors at the following weights:","page_number":77,"box":{"x":88,"y":736,"width":794,"height":12}},{"id":"11a349d7-7e80-4cec-972e-1dfd18ada05d","block_type":"box","text":"momentum, 27%; quality, 36%; value, 27%; low volatility, 5%; and size, 5%. The composite score is an input to the","page_number":77,"box":{"x":89,"y":751,"width":801,"height":12}},{"id":"e6b03dd8-6b0a-4c1a-bd38-a613be533b35","block_type":"box","text":"optimization process through which the Index Provider selects securities from the Parent Index and assigns weights.","page_number":77,"box":{"x":89,"y":766,"width":813,"height":12}},{"id":"f6b46816-21e1-4bac-8211-61a8007e340f","block_type":"box","text":"The optimization process seeks to maximize the overall exposure to the five factors while applying certain constraints, which","page_number":77,"box":{"x":88,"y":792,"width":872,"height":13}},{"id":"588122c3-c622-4c77-8a59-42cd2d7f3d9b","block_type":"box","text":"include the following:","page_number":77,"box":{"x":89,"y":807,"width":149,"height":13}},{"id":"a952cce2-bd74-4e5e-a4fd-ed9dbad64d27","block_type":"box","text":"• A constituent’s minimum weight is the greater of 0% and its weight in the Parent Index minus 2%.","page_number":77,"box":{"x":89,"y":828,"width":722,"height":12}},{"id":"3dd8fc44-23c0-437e-9b21-91c4faed74b4","block_type":"box","text":"• A constituent’s maximum weight is the lesser of its weight in the Parent Index plus 2% and 20 times its Parent Index","page_number":77,"box":{"x":89,"y":848,"width":848,"height":12}},{"id":"02bbc333-567e-4c3a-ae87-33cc5e9a9f7d","block_type":"box","text":"weight.","page_number":77,"box":{"x":121,"y":863,"width":50,"height":12}},{"id":"d39c2b28-2d3b-448e-bd69-e6ae5ad83e07","block_type":"box","text":"54","page_number":77,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"6189997e-f82c-4bef-9ad5-dffb8633f3a3","block_type":"box","text":"• The maximum weight for a single issuer is 10% of the Underlying Index.","page_number":78,"box":{"x":89,"y":44,"width":536,"height":12}},{"id":"05e63e28-1840-41e0-ac30-7027b9e16d76","block_type":"box","text":"• The sum of issuer weights that are individually greater than 4.5% must be less than 22.5% of the Underlying Index.","page_number":78,"box":{"x":89,"y":64,"width":839,"height":12}},{"id":"98194193-c97b-487b-83ee-a9cd438a5552","block_type":"box","text":"• The maximum exposure to each ICB Industry (Level 1) (as defined by the Index Provider) must be within 2% of the","page_number":78,"box":{"x":89,"y":84,"width":837,"height":13}},{"id":"8a9c357b-6777-4935-ba83-3fef28c172a9","block_type":"box","text":"exposure in the Parent Index.","page_number":78,"box":{"x":121,"y":99,"width":203,"height":13}},{"id":"4b244631-850a-4d66-9270-73fbd388aa3f","block_type":"box","text":"• The exposure to a particular country must be within 5% of the exposure in the Parent Index.","page_number":78,"box":{"x":89,"y":119,"width":677,"height":13}},{"id":"6fd01d85-0648-4146-9003-9d1f995b5d6a","block_type":"box","text":"• The maximum one-way turnover at each quarterly rebalance is 5%.","page_number":78,"box":{"x":89,"y":140,"width":504,"height":12}},{"id":"fd763975-f895-4bff-a0f4-3dcc2c637ea5","block_type":"box","text":"• The maximum ex ante tracking error relative to the Parent Index is 1%.","page_number":78,"box":{"x":89,"y":160,"width":527,"height":12}},{"id":"cd20c0b0-7851-4f30-b437-65ac6f52079a","block_type":"box","text":"• Constraints are also applied for the minimum and maximum exposures to the five factors relative to the Parent Index.","page_number":78,"box":{"x":89,"y":180,"width":853,"height":12}},{"id":"cecf2ea8-c438-4ba4-9e60-e50d11a87d3d","block_type":"box","text":"• A constituent’s maximum weight is also subject to liquidity constraints.","page_number":78,"box":{"x":89,"y":200,"width":532,"height":12}},{"id":"ed5a4837-967f-4238-98ee-9324bc37a9ce","block_type":"box","text":"The Underlying Index is reviewed and rebalanced each March, June, September and December.","page_number":78,"box":{"x":88,"y":227,"width":663,"height":12}},{"id":"b0ddae63-aa1a-4844-8877-9efa7461fcdb","block_type":"box","text":"Investment Policies","page_number":78,"box":{"x":91,"y":257,"width":318,"height":24}},{"id":"6a4fb651-1f7d-4214-af9e-11367719c23a","block_type":"box","text":"The Board has adopted as fundamental policies the following numbered investment policies, which cannot be changed","page_number":78,"box":{"x":88,"y":298,"width":835,"height":13}},{"id":"6ae1d83f-4855-416c-b549-0490b88efd86","block_type":"box","text":"without the approval of the holders of a majority of the applicable Fund’s outstanding voting securities. A vote of a majority","page_number":78,"box":{"x":88,"y":313,"width":866,"height":13}},{"id":"e4498f57-7a10-41eb-937f-8c662b385a60","block_type":"box","text":"of the outstanding voting securities of a Fund is defined in the 1940 Act as the lesser of (i) 67% or more of the voting","page_number":78,"box":{"x":89,"y":329,"width":819,"height":12}},{"id":"a17b9ab9-19ba-44b6-8751-97e6005cb391","block_type":"box","text":"securities present at a shareholder meeting, if the holders of more than 50% of the outstanding voting securities of the Fund","page_number":78,"box":{"x":89,"y":344,"width":872,"height":12}},{"id":"e7e22a2d-3458-4040-bbb7-44620862af52","block_type":"box","text":"are present or represented by proxy, or (ii) more than 50% of outstanding voting securities of the Fund. Each Fund has also","page_number":78,"box":{"x":89,"y":359,"width":860,"height":12}},{"id":"dd775354-6e71-4068-824e-a5f916d584fa","block_type":"box","text":"adopted certain non-fundamental investment policies, including its investment objective. Non-fundamental investment","page_number":78,"box":{"x":89,"y":374,"width":835,"height":12}},{"id":"7ea7675b-1215-4531-b61b-3c04595d5bbb","block_type":"box","text":"policies may be changed by the Board without shareholder approval. Therefore, each Fund may change its investment","page_number":78,"box":{"x":89,"y":389,"width":825,"height":12}},{"id":"6c20641a-36aa-4b42-b1aa-28ff3fdfe391","block_type":"box","text":"objective and, when applicable, its Underlying Index without shareholder approval.","page_number":78,"box":{"x":89,"y":404,"width":577,"height":13}},{"id":"fdf95cda-be94-456b-b3c2-31bd0e11d32d","block_type":"box","text":"Fundamental Investment Policies","page_number":78,"box":{"x":89,"y":431,"width":237,"height":9}},{"id":"4b5bb896-c4b6-41de-b3fe-9bd268ba7242","block_type":"box","text":"Each of the iShares Emerging Markets Equity Factor ETF and iShares ESG Aware MSCI EM ETF, will not:","page_number":78,"box":{"x":89,"y":457,"width":737,"height":12}},{"id":"88f4c7ea-811d-4bf2-abb7-810bab4cfd48","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":78,"box":{"x":90,"y":477,"width":853,"height":13}},{"id":"0f3c018f-ba51-4e27-b82a-0d267dfbe59b","block_type":"box","text":"each Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of","page_number":78,"box":{"x":128,"y":492,"width":835,"height":13}},{"id":"2e035530-12c5-4a05-9df4-7af1dd3c5cd0","block_type":"box","text":"a particular industry or group of industries.","page_number":78,"box":{"x":128,"y":508,"width":299,"height":12}},{"id":"d55e020c-5007-4113-9800-bc3fd74d7312","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":78,"box":{"x":89,"y":528,"width":545,"height":12}},{"id":"46139f41-1b8e-41eb-af33-e63fc0d9093d","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":78,"box":{"x":89,"y":548,"width":699,"height":12}},{"id":"8cc19312-5798-432e-9f5c-46a3e8a6d229","block_type":"box","text":"4. Purchase or hold real estate, except each Fund may purchase and hold securities or other instruments that are secured","page_number":78,"box":{"x":88,"y":568,"width":872,"height":12}},{"id":"0acde832-6740-4345-aa9c-984b0e1f0db9","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":78,"box":{"x":128,"y":583,"width":826,"height":12}},{"id":"75e01f8b-070f-4abf-b3b7-cc7a1c3bb6a8","block_type":"box","text":"engaged in the real estate business, and each Fund may purchase and hold real estate as a result of the ownership of","page_number":78,"box":{"x":128,"y":598,"width":820,"height":13}},{"id":"b11ab3a2-d6a7-42fd-a186-30e0ef3ed481","block_type":"box","text":"securities or other instruments.","page_number":78,"box":{"x":128,"y":613,"width":218,"height":10}},{"id":"9ec438d4-d81b-4fd9-b7e0-ec53eb62e8f4","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of portfolio securities by each Fund may be","page_number":78,"box":{"x":89,"y":633,"width":850,"height":13}},{"id":"af153ad4-d327-4c4f-acff-263ec12de890","block_type":"box","text":"deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":78,"box":{"x":128,"y":649,"width":523,"height":12}},{"id":"f745ce30-cb1f-4024-89fd-198bed6fb419","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act.","page_number":78,"box":{"x":89,"y":669,"width":798,"height":12}},{"id":"a7d96951-2b3d-4e20-84ed-3cc61358d0e8","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":78,"box":{"x":89,"y":689,"width":521,"height":12}},{"id":"5872e2f6-d0bd-44aa-ac66-239d5a39bcee","block_type":"box","text":"Notations Regarding the iShares Emerging Markets Equity Factor ETF and iShares ESG Aware MSCI EM ETF Fundamental","page_number":78,"box":{"x":88,"y":715,"width":878,"height":13}},{"id":"a35bbe68-aca0-4efe-bc60-56af8e1c4c19","block_type":"box","text":"Investment Policies","page_number":78,"box":{"x":88,"y":730,"width":140,"height":10}},{"id":"fbdb00ee-36f6-402c-b2ec-47d60137393f","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":78,"box":{"x":88,"y":757,"width":843,"height":12}},{"id":"2bc08e8c-e554-4566-b0fd-962e85eb976b","block_type":"box","text":"change without shareholder approval.","page_number":78,"box":{"x":89,"y":772,"width":265,"height":12}},{"id":"751534b2-9e8c-406d-a4bf-4b10eda31d07","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":78,"box":{"x":88,"y":799,"width":853,"height":12}},{"id":"8e6763d4-8896-4fbc-8d87-294317e7356b","block_type":"box","text":"not define what constitutes “concentration” in an industry. The SEC staff has taken the position that investment of 25% or","page_number":78,"box":{"x":89,"y":814,"width":855,"height":12}},{"id":"55a1d519-427c-42f2-973b-8fae4a63dc2d","block_type":"box","text":"more of a fund’s total assets in one or more issuers conducting their principal activities in the same industry or group of","page_number":78,"box":{"x":89,"y":829,"width":840,"height":12}},{"id":"6f90d408-dc47-4d84-b0c3-a6ffd53a3f50","block_type":"box","text":"industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy","page_number":78,"box":{"x":89,"y":844,"width":877,"height":12}},{"id":"247b2f7d-1c1a-4c88-9c61-e09aa27d520b","block_type":"box","text":"in (1) above will be interpreted to refer to concentration as that term may be interpreted from time to time. The policy also","page_number":78,"box":{"x":89,"y":859,"width":856,"height":12}},{"id":"f18636f4-0981-4099-912b-0f4ef2781431","block_type":"box","text":"55","page_number":78,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"08a563de-0e0a-44a2-8fa4-c784ab58a076","block_type":"box","text":"will be interpreted to permit investment without limit in the following: securities of the U.S. government and its agencies or","page_number":79,"box":{"x":88,"y":44,"width":861,"height":12}},{"id":"ffe6bb7e-2345-4fcf-9cce-5885939eb26a","block_type":"box","text":"instrumentalities; securities of state, territory, possession or municipal governments and their authorities, agencies,","page_number":79,"box":{"x":89,"y":59,"width":805,"height":12}},{"id":"f89b05f8-cf66-43cf-b80f-7154fcd56b67","block_type":"box","text":"instrumentalities or political subdivisions; and repurchase agreements collateralized by any such obligations. Accordingly,","page_number":79,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"64d9cf63-d923-4115-8a4e-9b44dfddb642","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":79,"box":{"x":89,"y":89,"width":820,"height":13}},{"id":"54fd46bd-47a5-497f-8b89-804b8accbe5d","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":79,"box":{"x":89,"y":104,"width":809,"height":13}},{"id":"f8c3760c-d085-45dd-a4de-7fde9d73596b","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":79,"box":{"x":89,"y":119,"width":815,"height":13}},{"id":"d06f6358-0b41-450e-b0a0-ba2a50ea6ede","block_type":"box","text":"government will be considered to be a member of a separate industry. With respect to a Fund’s industry classifications, the","page_number":79,"box":{"x":89,"y":135,"width":858,"height":12}},{"id":"33d834d7-4d76-4306-be92-068f49d8b22d","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":79,"box":{"x":89,"y":150,"width":846,"height":12}},{"id":"9ec445cc-0619-43da-bdde-d53c2c1c0a09","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":79,"box":{"x":89,"y":165,"width":851,"height":12}},{"id":"525f87f7-2ee5-467c-9514-176fde4fc84e","block_type":"box","text":"authority to a Fund as to how to classify issuers within or among industries.","page_number":79,"box":{"x":89,"y":180,"width":530,"height":12}},{"id":"494f1815-5e01-4b35-bcfa-27e5643d719e","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":79,"box":{"x":88,"y":206,"width":844,"height":13}},{"id":"d2fd1ed4-f116-49fe-beff-c2bb0ff9b058","block_type":"box","text":"permits each Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks for any purpose,","page_number":79,"box":{"x":89,"y":222,"width":850,"height":12}},{"id":"a88a408c-eab9-44a6-9f7d-49d9e4410966","block_type":"box","text":"and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The Fund’s total","page_number":79,"box":{"x":89,"y":237,"width":844,"height":12}},{"id":"29e69330-daf2-45c9-9f36-3792c24afa82","block_type":"box","text":"assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment Company Act requires","page_number":79,"box":{"x":89,"y":252,"width":877,"height":12}},{"id":"74066f5d-5021-4477-b2c7-e99214a15029","block_type":"box","text":"each Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its borrowings. Asset coverage","page_number":79,"box":{"x":89,"y":267,"width":841,"height":12}},{"id":"871a3596-9012-40f9-8c1b-537722ab8c1b","block_type":"box","text":"means the ratio that the value of a Fund’s total assets (including amounts borrowed), minus liabilities other than borrowings,","page_number":79,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"4ec4a294-603d-4766-b33b-7f7ba2421573","block_type":"box","text":"bears to the aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known as “leveraging.”","page_number":79,"box":{"x":89,"y":297,"width":863,"height":12}},{"id":"12d2aed9-18e9-447f-aa12-5cb07b54cf99","block_type":"box","text":"Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be borrowings or","page_number":79,"box":{"x":89,"y":312,"width":860,"height":13}},{"id":"1e906849-ff75-4e5b-a493-c8ba30d99f8a","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":79,"box":{"x":89,"y":327,"width":857,"height":13}},{"id":"1ce2783e-f974-44fd-b43d-13da7c2043cf","block_type":"box","text":"Investment Company Act, when a Fund engages in reverse repurchase agreements and similar financing transactions, the","page_number":79,"box":{"x":89,"y":342,"width":853,"height":13}},{"id":"76cf125b-7d42-4266-8f36-4afd80c19b98","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":79,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"64a1f5f5-1908-4a94-a521-a3b23693b795","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":79,"box":{"x":88,"y":373,"width":855,"height":12}},{"id":"87f8b843-d65c-4970-989b-ea3b2e5d4b36","block_type":"box","text":"transactions. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to","page_number":79,"box":{"x":88,"y":388,"width":849,"height":12}},{"id":"9f60d139-6184-4c4f-bf34-515920969faf","block_type":"box","text":"securities lending will not be considered to be borrowings under the policy. Practices and investments that may involve","page_number":79,"box":{"x":89,"y":403,"width":831,"height":12}},{"id":"5fccdf9b-3eaa-446f-98f4-084db303ef63","block_type":"box","text":"leverage but are not considered to be borrowings are not subject to the policy.","page_number":79,"box":{"x":89,"y":418,"width":545,"height":12}},{"id":"64712c5d-ea16-4f34-aaa1-8c50d9591373","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":79,"box":{"x":88,"y":445,"width":875,"height":12}},{"id":"8cb72966-489b-473e-b134-e3be062f65f1","block_type":"box","text":"prohibit each Fund from engaging in the underwriting business or from underwriting the securities of other issuers; in fact, in","page_number":79,"box":{"x":89,"y":460,"width":877,"height":12}},{"id":"aca26d32-75f7-4688-a9ff-8a98cccee613","block_type":"box","text":"the case of diversified funds, the Investment Company Act permits the Fund to have underwriting commitments of up to","page_number":79,"box":{"x":88,"y":475,"width":846,"height":12}},{"id":"dcc9ddf9-5e78-4752-b757-9c6c6080637b","block_type":"box","text":"25% of its assets under certain circumstances. Those circumstances currently are that the amount of each Fund’s","page_number":79,"box":{"x":89,"y":490,"width":797,"height":12}},{"id":"24a517df-734a-4c73-bd68-6b57757e8802","block_type":"box","text":"underwriting commitments, when added to the value of the Fund’s investments in issuers where the Fund owns more than","page_number":79,"box":{"x":89,"y":505,"width":862,"height":12}},{"id":"891ed632-e68f-46d1-b69b-9205bc08295d","block_type":"box","text":"10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A fund engaging in transactions","page_number":79,"box":{"x":90,"y":520,"width":833,"height":12}},{"id":"b5aac9f0-4aa1-41f0-8e2d-d8b68977447c","block_type":"box","text":"involving the acquisition or disposition of portfolio securities may be considered to be an underwriter under the 1933 Act.","page_number":79,"box":{"x":89,"y":535,"width":850,"height":13}},{"id":"306da0ef-252c-451b-ab64-3e6daa9e889c","block_type":"box","text":"Although it is not believed that the application of the 1933 Act provisions described above would cause a Fund to be","page_number":79,"box":{"x":88,"y":550,"width":815,"height":13}},{"id":"ab7113b6-3cce-4bfe-a138-47db7c90fc11","block_type":"box","text":"engaged in the business of underwriting, the policy in (5) above will be interpreted not to prevent the Fund from engaging in","page_number":79,"box":{"x":89,"y":565,"width":872,"height":13}},{"id":"eaca2fae-88b1-4183-9ec9-506e512224ec","block_type":"box","text":"transactions involving the acquisition or disposition of portfolio securities, regardless of whether the Fund may be considered","page_number":79,"box":{"x":88,"y":581,"width":877,"height":12}},{"id":"e485130d-134a-4ab1-8680-93d5033d150b","block_type":"box","text":"to be an underwriter under the 1933 Act or is otherwise engaged in the underwriting business to the extent permitted by","page_number":79,"box":{"x":88,"y":596,"width":848,"height":12}},{"id":"4b565491-789e-41f2-8652-beb55a1f05d7","block_type":"box","text":"applicable law.","page_number":79,"box":{"x":89,"y":611,"width":100,"height":12}},{"id":"d9b3c9c2-3235-4565-8f36-48f456e642cc","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":79,"box":{"x":88,"y":637,"width":836,"height":13}},{"id":"1e6b1f5d-d46b-4cde-acc7-a79b4c382d24","block_type":"box","text":"prohibit each Fund from making loans (including lending its securities); however, SEC staff interpretations currently prohibit","page_number":79,"box":{"x":89,"y":652,"width":866,"height":13}},{"id":"b5b71dc9-128a-4b56-b0d2-a8d08b5802b7","block_type":"box","text":"funds from lending more than one-third of their total assets (including lending its securities), except through the purchase of","page_number":79,"box":{"x":88,"y":668,"width":878,"height":12}},{"id":"9b9d8ab1-68af-43fb-b146-fcc5143b78c7","block_type":"box","text":"debt obligations or the use of repurchase agreements. In addition, collateral arrangements with respect to options, forward","page_number":79,"box":{"x":89,"y":683,"width":861,"height":12}},{"id":"4632c1ea-c4c1-464d-a4e5-455707d0fa54","block_type":"box","text":"currency and futures transactions and other derivative instruments (as applicable), as well as delays in the settlement of","page_number":79,"box":{"x":89,"y":698,"width":841,"height":12}},{"id":"7e72a744-f71b-489b-b6e6-56cd588669cf","block_type":"box","text":"securities transactions, will not be considered loans.","page_number":79,"box":{"x":89,"y":713,"width":363,"height":11}},{"id":"6a08de59-22d1-4070-b3c4-b7f3f2deb02a","block_type":"box","text":"The iShares MSCI Emerging Markets ETF will not:","page_number":79,"box":{"x":88,"y":739,"width":355,"height":13}},{"id":"95d16bf0-7b8e-4209-95f2-391c1f1b2397","block_type":"box","text":"1. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":79,"box":{"x":90,"y":766,"width":842,"height":12}},{"id":"e3d70429-d375-4d4b-9ebd-425834c4902d","block_type":"box","text":"authority having jurisdiction, from time to time;","page_number":79,"box":{"x":128,"y":781,"width":331,"height":12}},{"id":"9e69d7e0-0bdc-4bd1-932d-3bf63730c096","block_type":"box","text":"2. Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by","page_number":79,"box":{"x":89,"y":807,"width":857,"height":13}},{"id":"3d312f24-ca8f-4d8f-aafa-df581e72d8a0","block_type":"box","text":"regulatory authority having jurisdiction, from time to time;","page_number":79,"box":{"x":128,"y":822,"width":407,"height":13}},{"id":"25f09a3f-bcab-410d-81ae-90b16af3ba7d","block_type":"box","text":"3. Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings. (The deposit","page_number":79,"box":{"x":89,"y":849,"width":871,"height":12}},{"id":"92cf7eed-dc07-4d5a-8087-e0365213241e","block_type":"box","text":"56","page_number":79,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"6fbc8520-792c-481c-8e57-a7d05bb1125a","block_type":"box","text":"of underlying securities and other assets in escrow and collateral arrangements with respect to initial or variation","page_number":80,"box":{"x":128,"y":44,"width":790,"height":12}},{"id":"452d95aa-616b-493c-9b96-e6a8f5eff0cc","block_type":"box","text":"margin for currency transactions and futures contracts will not be deemed to be pledges of the Fund’s assets);","page_number":80,"box":{"x":128,"y":59,"width":773,"height":12}},{"id":"bbc0d31c-9404-4125-86f5-783cc6ebe384","block_type":"box","text":"4. Purchase, hold or deal in real estate, or oil, gas or mineral interests or leases, but the Fund may purchase and sell","page_number":80,"box":{"x":88,"y":85,"width":827,"height":13}},{"id":"9362fbeb-6573-4ab1-a783-2832ea251d54","block_type":"box","text":"securities that are issued by companies that invest or deal in such assets;","page_number":80,"box":{"x":128,"y":101,"width":509,"height":12}},{"id":"54294241-f723-4371-b694-09869105c25d","block_type":"box","text":"5. Act as an underwriter of securities of other issuers, except to the extent the Fund may be deemed an underwriter in","page_number":80,"box":{"x":89,"y":127,"width":848,"height":12}},{"id":"9e1373a7-9299-4b80-9449-21a20c26b50e","block_type":"box","text":"connection with the sale of securities in its portfolio;","page_number":80,"box":{"x":128,"y":142,"width":365,"height":12}},{"id":"88b79cef-6035-4d8f-9726-34a8f5edb9d5","block_type":"box","text":"6. Purchase securities on margin, except for such short-term credits as are necessary for the clearance of transactions,","page_number":80,"box":{"x":89,"y":169,"width":850,"height":12}},{"id":"b7203534-ecad-407f-bae1-af0327c79809","block_type":"box","text":"except that the Fund may make margin deposits in connection with transactions in currencies, options, futures and","page_number":80,"box":{"x":128,"y":184,"width":807,"height":12}},{"id":"646a9d5f-dec3-4a72-81a2-25ba5bca63ab","block_type":"box","text":"options on futures;","page_number":80,"box":{"x":128,"y":199,"width":132,"height":12}},{"id":"9b67a145-6a29-4266-80de-366fc606ad20","block_type":"box","text":"7. Sell securities short; or","page_number":80,"box":{"x":89,"y":225,"width":196,"height":12}},{"id":"f420212d-3424-40b8-a56d-a16a3c70e943","block_type":"box","text":"8. Invest in commodities or commodity contracts, except that the Fund may buy and sell currencies and forward contracts","page_number":80,"box":{"x":89,"y":252,"width":878,"height":12}},{"id":"c747b2a0-ecd5-476e-b2bf-8c62398f6442","block_type":"box","text":"with respect thereto, and may transact in futures contracts on securities, stock indices and currencies and options on","page_number":80,"box":{"x":127,"y":267,"width":821,"height":12}},{"id":"27e662f6-6c99-4281-af94-b53c779fc738","block_type":"box","text":"such futures contracts and make margin deposits in connection with such contracts.","page_number":80,"box":{"x":128,"y":282,"width":593,"height":12}},{"id":"34c37348-dfbe-4ddb-81d3-3e164580dc3e","block_type":"box","text":"Each of the iShares MSCI Agriculture Producers ETF, iShares MSCI BIC ETF, iShares MSCI Chile ETF, iShares MSCI","page_number":80,"box":{"x":89,"y":308,"width":809,"height":13}},{"id":"8a04722d-1b81-4444-9abc-e9a6898f6d7f","block_type":"box","text":"Emerging Markets Asia ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small","page_number":80,"box":{"x":89,"y":324,"width":863,"height":12}},{"id":"aa6b2c88-b05f-4bfe-9ad0-e82c23c18824","block_type":"box","text":"Cap ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global","page_number":80,"box":{"x":89,"y":339,"width":869,"height":12}},{"id":"d97eabb6-1358-45c3-9497-c50f4f44f5c9","block_type":"box","text":"Min Vol Factor ETF and iShares MSCI Global Silver and Metals Miners ETF will not:","page_number":80,"box":{"x":89,"y":354,"width":589,"height":10}},{"id":"524f3329-8098-4cae-a5ea-9630854cbbef","block_type":"box","text":"1. Concentrate its investments (","page_number":80,"box":{"x":90,"y":374,"width":243,"height":12}},{"id":"aa17a8ba-f1db-4837-a831-836a80e86372","block_type":"box","text":"i.e.","page_number":80,"box":{"x":334,"y":375,"width":17,"height":9}},{"id":"e905895b-999b-45e6-8401-8a89592019a3","block_type":"box","text":", invest 25% or more of its total assets in the securities of a particular industry or group","page_number":80,"box":{"x":354,"y":374,"width":609,"height":12}},{"id":"95d7f0cb-c47f-4c4d-869b-a6d4b2b59763","block_type":"box","text":"of industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index","page_number":80,"box":{"x":128,"y":389,"width":789,"height":12}},{"id":"0cb70719-b3a3-4069-90e0-59150e6e1e23","block_type":"box","text":"concentrates in the securities of such particular industry or group of industries. For purposes of this limitation,","page_number":80,"box":{"x":128,"y":404,"width":771,"height":13}},{"id":"0443fb53-8c73-44d1-b247-4d0f295cdba2","block_type":"box","text":"securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized","page_number":80,"box":{"x":128,"y":419,"width":820,"height":13}},{"id":"30f0e003-f644-4e37-9355-6f3e9542dc9d","block_type":"box","text":"by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":80,"box":{"x":128,"y":434,"width":828,"height":13}},{"id":"67065fd9-864f-4030-87ec-da069baa4206","block_type":"box","text":"considered to be issued by members of any industry.","page_number":80,"box":{"x":128,"y":450,"width":367,"height":12}},{"id":"4a98e854-6033-47e6-be74-1c345a50eab8","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":80,"box":{"x":89,"y":470,"width":815,"height":12}},{"id":"ec83e5cc-0725-476e-b28a-831a80add049","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":80,"box":{"x":128,"y":485,"width":806,"height":12}},{"id":"0cb3938a-11cf-4d41-8265-c31792368303","block_type":"box","text":"securities; and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":80,"box":{"x":128,"y":500,"width":761,"height":12}},{"id":"c789f984-791c-4194-9857-dd83b74d0577","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":80,"box":{"x":128,"y":515,"width":756,"height":12}},{"id":"1beb0fcc-6d7d-43bf-b95f-2fb9094a398b","block_type":"box","text":"techniques. To the extent that it engages in transactions described in (i) and (ii), each Fund will be limited so that no","page_number":80,"box":{"x":127,"y":530,"width":815,"height":13}},{"id":"09ad32c8-5f68-4595-b581-c94c9957fd9a","block_type":"box","text":"more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions.","page_number":80,"box":{"x":128,"y":545,"width":827,"height":13}},{"id":"c9640d74-2125-4498-a313-e0f866e55ee5","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law.","page_number":80,"box":{"x":127,"y":560,"width":717,"height":13}},{"id":"625c013c-4f56-48b7-9823-a3684055053d","block_type":"box","text":"3. Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by","page_number":80,"box":{"x":89,"y":581,"width":857,"height":12}},{"id":"cbd8fa2a-9ad1-4edd-b79b-f97714f9ced7","block_type":"box","text":"regulatory authority having jurisdiction, from time to time.","page_number":80,"box":{"x":128,"y":596,"width":407,"height":12}},{"id":"6fcf22c4-e996-4dec-940e-4b621832ad23","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":80,"box":{"x":88,"y":616,"width":844,"height":12}},{"id":"b6ca810e-038c-4c90-9f1b-fd43d85d31af","block_type":"box","text":"authority having jurisdiction, from time to time.","page_number":80,"box":{"x":128,"y":631,"width":331,"height":12}},{"id":"0fcbf144-b4c1-45fc-820f-6d8a4077f8d6","block_type":"box","text":"5. Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this","page_number":80,"box":{"x":89,"y":651,"width":811,"height":12}},{"id":"04e9c4fd-5434-4673-833a-824ac566d328","block_type":"box","text":"restriction shall not prevent each Fund from investing in securities of companies engaged in the real estate business or","page_number":80,"box":{"x":128,"y":666,"width":830,"height":13}},{"id":"1642c9f1-cdab-440b-adf3-d57bea1e51ea","block_type":"box","text":"securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this","page_number":80,"box":{"x":128,"y":681,"width":827,"height":13}},{"id":"7703d94b-0e69-4c62-9a7c-e83c40583da7","block_type":"box","text":"restriction shall not prevent each Fund from investing in securities of companies engaged in the production, ownership","page_number":80,"box":{"x":128,"y":696,"width":833,"height":13}},{"id":"44f82796-2baa-410c-8caf-9a728e36e7b6","block_type":"box","text":"or distribution of commodities or in commodity-related businesses for the iShares MSCI Agriculture Producers ETF,","page_number":80,"box":{"x":128,"y":712,"width":806,"height":12}},{"id":"31704aef-cd4c-41f5-9224-78e8d55e6ff9","block_type":"box","text":"iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF and iShares MSCI Global","page_number":80,"box":{"x":128,"y":727,"width":809,"height":12}},{"id":"0c44478d-d0f7-4734-9f05-5adc4634381a","block_type":"box","text":"Silver and Metals Miners ETF or from trading in futures contracts and options on futures contracts, including options on","page_number":80,"box":{"x":128,"y":742,"width":839,"height":12}},{"id":"f4b318e1-5e36-4e8b-b1ba-a1008219a547","block_type":"box","text":"currencies to the extent consistent with each Fund’s investment objective and policies).","page_number":80,"box":{"x":128,"y":757,"width":612,"height":12}},{"id":"9f55034f-2e54-49f3-bfc8-954c592f9c5f","block_type":"box","text":"6. Engage in the business of underwriting securities issued by other persons, except to the extent that each Fund may","page_number":80,"box":{"x":89,"y":777,"width":846,"height":12}},{"id":"26fb5a60-65c7-4628-94a0-486c2ec69880","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities.","page_number":80,"box":{"x":127,"y":792,"width":694,"height":13}},{"id":"687a09fb-918b-476a-9192-294380895bc3","block_type":"box","text":"Each of the iShares MSCI Brazil ETF, iShares MSCI Malaysia ETF, iShares MSCI South Korea ETF and iShares MSCI Taiwan","page_number":80,"box":{"x":89,"y":819,"width":865,"height":12}},{"id":"c60622bf-114e-4910-bc5c-b6f0648f9cc7","block_type":"box","text":"ETF, will not:","page_number":80,"box":{"x":89,"y":834,"width":89,"height":11}},{"id":"51b9ead5-9938-4d1d-ae08-a0d68b214b91","block_type":"box","text":"1. Lend any funds or other assets except through the purchase of all or a portion of an issue of securities or obligations of","page_number":80,"box":{"x":90,"y":860,"width":873,"height":13}},{"id":"02a0a2b1-e80f-4974-923d-f38c073f6ea7","block_type":"box","text":"57","page_number":80,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b1562fa8-3805-44f1-bbc7-65211ccf9e12","block_type":"box","text":"the type in which it is permitted to invest (including participation interests in such securities or obligations) and except","page_number":81,"box":{"x":127,"y":44,"width":831,"height":12}},{"id":"4ccbb139-79c0-4f75-9d4b-427e1a778929","block_type":"box","text":"that a Fund may lend its portfolio securities in an amount not to exceed 33 1/3% of the value of its total assets;","page_number":81,"box":{"x":127,"y":59,"width":780,"height":12}},{"id":"9ced0f8a-9c93-43b9-9086-4933b0018c4f","block_type":"box","text":"2. Issue senior securities or borrow money, except borrowings from banks for temporary or emergency purposes in an","page_number":81,"box":{"x":89,"y":85,"width":848,"height":13}},{"id":"fe6c43cc-bad8-4b32-966d-8eed74dfeced","block_type":"box","text":"amount up to 33 1/3% of the value of the Fund’s total assets (including the amount borrowed), valued at the lesser of","page_number":81,"box":{"x":128,"y":101,"width":830,"height":12}},{"id":"c0c07812-7455-40cb-a3fd-b5708bfee602","block_type":"box","text":"cost or market, less liabilities (not including the amount borrowed) valued at the time the borrowing is made, and the","page_number":81,"box":{"x":128,"y":116,"width":821,"height":12}},{"id":"15c1d6c3-94fd-42aa-ae8d-8ae3204d2ecc","block_type":"box","text":"Fund will not purchase securities while borrowings in excess of 5% of the Fund’s total assets are outstanding, provided,","page_number":81,"box":{"x":128,"y":131,"width":836,"height":12}},{"id":"f70e1dac-da35-472e-b3db-c5a427347cb6","block_type":"box","text":"that for purposes of this restriction, short-term credits necessary for the clearance of transactions are not considered","page_number":81,"box":{"x":127,"y":146,"width":819,"height":12}},{"id":"dd4749e9-be6d-494a-b566-e251d39f6c02","block_type":"box","text":"borrowings;","page_number":81,"box":{"x":128,"y":161,"width":82,"height":12}},{"id":"28b39a45-9fd1-44e4-ae0a-67e819d1858f","block_type":"box","text":"3. Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings. (The deposit","page_number":81,"box":{"x":89,"y":188,"width":871,"height":12}},{"id":"5b7f234f-2951-4881-838f-4d261fb61083","block_type":"box","text":"of underlying securities and other assets in escrow and collateral arrangements with respect to initial or variation","page_number":81,"box":{"x":128,"y":203,"width":790,"height":12}},{"id":"38ffcc3b-2183-40ca-bbaf-d5989a52852a","block_type":"box","text":"margin for currency transactions and futures contracts will not be deemed to be pledges of the Fund’s assets);","page_number":81,"box":{"x":128,"y":218,"width":773,"height":12}},{"id":"eae80401-bae8-4638-b775-5969b59d586c","block_type":"box","text":"4. Purchase a security (other than obligations of the U.S. government, its agencies or instrumentalities) if as a result 25%","page_number":81,"box":{"x":88,"y":244,"width":868,"height":13}},{"id":"73573a68-f114-4b80-b7bf-49bcd7dc0ceb","block_type":"box","text":"or more of its total assets would be invested in a single issuer. (This restriction applies to the iShares MSCI South Korea","page_number":81,"box":{"x":128,"y":259,"width":831,"height":13}},{"id":"851d1716-2d6e-42d5-84dc-11ee214f8b2d","block_type":"box","text":"ETF only);","page_number":81,"box":{"x":128,"y":274,"width":69,"height":13}},{"id":"58e6cd90-7fba-4cfc-89ca-fff5ab548d5b","block_type":"box","text":"5. Purchase, hold or deal in real estate, or oil, gas or mineral interests or leases, but a Fund may purchase and sell","page_number":81,"box":{"x":89,"y":301,"width":811,"height":12}},{"id":"73ac72c1-93e8-42d4-a0f8-f33a768eb2a5","block_type":"box","text":"securities that are issued by companies that invest or deal in such assets;","page_number":81,"box":{"x":128,"y":316,"width":509,"height":12}},{"id":"9c4cf9c7-1441-4f54-86df-a52c37953f8d","block_type":"box","text":"6. Act as an underwriter of securities of other issuers, except to the extent the Fund may be deemed an underwriter in","page_number":81,"box":{"x":89,"y":342,"width":848,"height":13}},{"id":"da80cbc8-8688-4b6d-b0f2-966a8e967f4f","block_type":"box","text":"connection with the sale of securities in its portfolio;","page_number":81,"box":{"x":128,"y":358,"width":365,"height":12}},{"id":"3e3f04fa-1618-4d9f-b492-60fa83592ce8","block_type":"box","text":"7. Purchase securities on margin, except for such short-term credits as are necessary for the clearance of transactions,","page_number":81,"box":{"x":89,"y":384,"width":850,"height":12}},{"id":"31c3139d-63d5-4557-9fed-e9855a27ed29","block_type":"box","text":"except that a Fund may make margin deposits in connection with transactions in currencies, options, futures and","page_number":81,"box":{"x":128,"y":399,"width":793,"height":13}},{"id":"a58d116a-2bf4-4f2c-80ce-6d669bd33e04","block_type":"box","text":"options on futures;","page_number":81,"box":{"x":128,"y":414,"width":132,"height":13}},{"id":"92991fd9-c7b9-45c1-a023-cbd970fcb6c8","block_type":"box","text":"8. Sell securities short; or","page_number":81,"box":{"x":89,"y":441,"width":196,"height":11}},{"id":"25b2498c-aef6-4849-b846-1e6a64e319e2","block_type":"box","text":"9. Invest in commodities or commodity contracts, except that a Fund may buy and sell currencies and forward contracts","page_number":81,"box":{"x":89,"y":467,"width":864,"height":13}},{"id":"d7b2e162-20c7-423c-906e-5bb5e1f5f601","block_type":"box","text":"with respect thereto, and may transact in futures contracts on securities, stock indices and currencies and options on","page_number":81,"box":{"x":127,"y":482,"width":821,"height":13}},{"id":"6ee14a61-adfd-447b-9649-c072c07bb781","block_type":"box","text":"such futures contracts and make margin deposits in connection with such contracts.","page_number":81,"box":{"x":128,"y":497,"width":593,"height":13}},{"id":"6b8fc5da-a4f2-43ee-8ec2-afae67452aba","block_type":"box","text":"With respect to the fundamental policy relating to issuing senior securities and borrowing money set forth in (2) above, the","page_number":81,"box":{"x":88,"y":524,"width":863,"height":12}},{"id":"e75fc4cc-de29-487c-8a9c-54cb99ae43dd","block_type":"box","text":"Investment Company Act, including the rules and regulations thereunder, generally prohibits the Fund from issuing senior","page_number":81,"box":{"x":89,"y":539,"width":852,"height":12}},{"id":"7edd781f-4df8-4b16-8fc0-83a66253e843","block_type":"box","text":"securities or borrowing money (other than certain temporary borrowings) unless immediately after the issuance or","page_number":81,"box":{"x":89,"y":554,"width":805,"height":12}},{"id":"1f10daec-14e7-4831-92c4-70f7a6094ab7","block_type":"box","text":"borrowing the Fund has satisfied an asset coverage requirement with respect to senior securities representing indebtedness","page_number":81,"box":{"x":89,"y":569,"width":866,"height":13}},{"id":"5e6fee98-b357-4a72-9d7d-1bcdec8582b9","block_type":"box","text":"prescribed by the Investment Company Act. Certain trading practices and investments, such as derivatives transactions, may","page_number":81,"box":{"x":89,"y":584,"width":871,"height":13}},{"id":"1d2c4b5b-f0b5-4c1a-bf9b-b7d729933a32","block_type":"box","text":"be treated as senior securities. Prior to the adoption and implementation of Rule 18f-4 under the Investment Company Act,","page_number":81,"box":{"x":89,"y":599,"width":861,"height":13}},{"id":"457a3453-cf1d-4f6f-98f1-87b304132155","block_type":"box","text":"when the Fund engaged in a derivatives transaction that creates future payment obligations, consistent with SEC staff","page_number":81,"box":{"x":88,"y":615,"width":827,"height":12}},{"id":"1bd2cd24-ea33-490f-bb8c-b4ffec81d07c","block_type":"box","text":"guidance and interpretations, the Fund was permitted to segregate or earmark liquid assets, or enter into an offsetting","page_number":81,"box":{"x":89,"y":630,"width":827,"height":12}},{"id":"90899d29-9738-403f-a514-a25b12641353","block_type":"box","text":"position, in an amount at least equal to the Fund’s exposure, on a mark-to-market basis, to the transaction, instead of","page_number":81,"box":{"x":89,"y":645,"width":826,"height":12}},{"id":"094c5406-5225-411c-9117-f4076f92c421","block_type":"box","text":"meeting the asset coverage requirement with respect to senior securities prescribed by the Investment Company Act. The","page_number":81,"box":{"x":89,"y":660,"width":850,"height":12}},{"id":"5e9909bb-178e-419e-b211-872199d6c016","block_type":"box","text":"SEC staff guidance and interpretations were rescinded in connection with the adoption of Rule 18f-4, and the Fund now","page_number":81,"box":{"x":88,"y":675,"width":838,"height":12}},{"id":"bd94e105-a645-47c4-a34a-6c26fdcf27e0","block_type":"box","text":"complies with Rule 18f-4 with respect to its derivatives transactions. Thus, the fundamental policy relating to issuing senior","page_number":81,"box":{"x":89,"y":690,"width":863,"height":13}},{"id":"aacf64f3-2cc8-40ca-95da-060aaa572151","block_type":"box","text":"securities and borrowing money set forth in (2) above will not restrict the Fund from entering into derivatives transactions","page_number":81,"box":{"x":89,"y":705,"width":854,"height":13}},{"id":"1b53c636-d3d9-429b-9cf4-811c50aee3a4","block_type":"box","text":"that are treated as senior securities so long as the Fund complies with Rule 18f-4 with respect to such derivatives","page_number":81,"box":{"x":88,"y":720,"width":792,"height":13}},{"id":"02370b99-1c5c-4b28-8b0f-309191e01091","block_type":"box","text":"transactions.","page_number":81,"box":{"x":88,"y":736,"width":90,"height":9}},{"id":"59ca2663-607a-4e12-ae9a-b8119b58af07","block_type":"box","text":"The iShares Core MSCI Emerging Markets ETF will not:","page_number":81,"box":{"x":88,"y":762,"width":393,"height":12}},{"id":"9e1e3925-d2f0-4968-ba3d-9e0faa6e5399","block_type":"box","text":"1. Concentrate its investments (","page_number":81,"box":{"x":90,"y":782,"width":243,"height":12}},{"id":"41761bc1-9542-4383-b78f-aaff7f097e79","block_type":"box","text":"i.e.","page_number":81,"box":{"x":334,"y":783,"width":17,"height":9}},{"id":"78b22101-97b0-456c-ac91-5fe249b0de13","block_type":"box","text":", invest 25% or more of its total assets in the securities of a particular industry or group","page_number":81,"box":{"x":354,"y":782,"width":609,"height":12}},{"id":"22d9debe-b36a-4dea-bf79-162c0e832682","block_type":"box","text":"of industries), except that the Fund will concentrate to approximately the same extent that the Underlying Index","page_number":81,"box":{"x":128,"y":797,"width":785,"height":13}},{"id":"9b046a2f-4314-43b5-ba40-ab5b73a24109","block_type":"box","text":"concentrates in the securities of such particular industry or group of industries. For purposes of this limitation,","page_number":81,"box":{"x":128,"y":812,"width":771,"height":13}},{"id":"a27a4523-b007-4131-ada9-e1153e6f8108","block_type":"box","text":"securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized","page_number":81,"box":{"x":128,"y":828,"width":820,"height":12}},{"id":"f4ac6bd6-7814-44f1-86ce-155360242289","block_type":"box","text":"by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":81,"box":{"x":128,"y":843,"width":828,"height":12}},{"id":"a5f9d1c5-5256-4864-9e2c-4ea4777a3ce2","block_type":"box","text":"considered to be issued by members of any industry.","page_number":81,"box":{"x":128,"y":858,"width":367,"height":12}},{"id":"c8d28732-8437-4f1f-b267-791237bc1e38","block_type":"box","text":"58","page_number":81,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f6a5c735-b87d-43e9-adf6-836330845778","block_type":"box","text":"2. Borrow money, except that (i) the Fund may borrow from banks for temporary or emergency (not leveraging) purposes,","page_number":82,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"36ba6645-93e5-482e-9020-05bfe8891f67","block_type":"box","text":"including the meeting of redemption requests which might otherwise require the untimely disposition of securities; and","page_number":82,"box":{"x":128,"y":59,"width":837,"height":12}},{"id":"556daada-ea30-4ed2-9168-1638bc749895","block_type":"box","text":"(ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse","page_number":82,"box":{"x":128,"y":74,"width":791,"height":12}},{"id":"2de0a88f-003d-4184-a660-164ae3b17ba3","block_type":"box","text":"repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it","page_number":82,"box":{"x":128,"y":89,"width":838,"height":13}},{"id":"3214de76-73e6-49e0-aae2-a978c2a024d4","block_type":"box","text":"engages in transactions described in (i) and (ii), the Fund will be limited so that no more than 33 1/3% of the value of","page_number":82,"box":{"x":128,"y":104,"width":825,"height":13}},{"id":"70db897b-844a-4fdd-b68e-afe669ede4c6","block_type":"box","text":"its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to","page_number":82,"box":{"x":128,"y":119,"width":803,"height":13}},{"id":"4e5c4a86-ede3-4a96-9158-2bb15c5dd726","block_type":"box","text":"exceed this amount will be reduced in accordance with applicable law.","page_number":82,"box":{"x":128,"y":135,"width":491,"height":12}},{"id":"9960f32e-a0cb-40b5-9276-4a9628309a89","block_type":"box","text":"3. Issue “senior securities” as defined in the 1940 Act and the rules, regulations and orders thereunder, except as","page_number":82,"box":{"x":89,"y":155,"width":809,"height":12}},{"id":"f5610885-0544-4cbe-8353-3c1242884a49","block_type":"box","text":"permitted under the 1940 Act and the rules, regulation and orders thereunder.","page_number":82,"box":{"x":128,"y":170,"width":546,"height":12}},{"id":"73221d8d-4a26-4370-b547-b0a6bd70f4d6","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory","page_number":82,"box":{"x":88,"y":190,"width":874,"height":12}},{"id":"4f9f7648-1fee-49bc-bbad-f47c01ae5b9b","block_type":"box","text":"authority having jurisdiction, from time to time.","page_number":82,"box":{"x":128,"y":205,"width":331,"height":12}},{"id":"abcb1144-7db0-460c-8f96-c50d8204972d","block_type":"box","text":"5. Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this","page_number":82,"box":{"x":89,"y":225,"width":811,"height":13}},{"id":"7c3d2fff-3ce7-41e8-baaf-02a2a5303d4e","block_type":"box","text":"restriction shall not prevent the Fund from investing in securities of companies engaged in the real estate business or","page_number":82,"box":{"x":128,"y":240,"width":819,"height":13}},{"id":"c3fb44df-6ff8-4f3c-85cf-cec048e40ca2","block_type":"box","text":"securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this","page_number":82,"box":{"x":128,"y":256,"width":827,"height":12}},{"id":"7869088e-4044-4c05-9e97-2ee4c3eb2c67","block_type":"box","text":"restriction shall not prevent the Fund from trading in futures contracts and options on futures contracts, including","page_number":82,"box":{"x":128,"y":271,"width":798,"height":12}},{"id":"c4b83928-37aa-4e61-ae57-a4c8ca0bceb3","block_type":"box","text":"options on currencies to the extent consistent with the Fund’s investment objective and policies).","page_number":82,"box":{"x":128,"y":286,"width":680,"height":12}},{"id":"6db4560f-c3f8-48e8-b29b-b6fe799ee555","block_type":"box","text":"6. Engage in the business of underwriting securities issued by other persons, except to the extent that the Fund may","page_number":82,"box":{"x":89,"y":306,"width":836,"height":12}},{"id":"338e6037-c498-4cc0-80ca-64ea62efc685","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities.","page_number":82,"box":{"x":127,"y":321,"width":694,"height":12}},{"id":"123d308e-462d-47a5-9452-50992fc43625","block_type":"box","text":"Industry concentration.","page_number":82,"box":{"x":89,"y":348,"width":169,"height":12}},{"id":"da7bafe6-fbde-4429-b953-b1df946f11fa","block_type":"box","text":"Each Fund (except for the iShares Emerging Markets Equity Factor ETF and iShares MSCI South","page_number":82,"box":{"x":264,"y":348,"width":665,"height":12}},{"id":"42d0e2b2-d054-4982-adda-22409ba8891a","block_type":"box","text":"Korea ETF) will not concentrate its investments (","page_number":82,"box":{"x":89,"y":363,"width":338,"height":12}},{"id":"258a43c9-274b-4529-93dc-d84f28fe890a","block_type":"box","text":"i.e.","page_number":82,"box":{"x":429,"y":364,"width":17,"height":8}},{"id":"cf6c92e4-0b7a-48e9-9f39-d534c3ef0302","block_type":"box","text":", hold 25% or more of its total assets in the stocks of a particular industry","page_number":82,"box":{"x":448,"y":363,"width":514,"height":12}},{"id":"b1b31a1e-7e35-40e6-a50b-115c811a721f","block_type":"box","text":"or group of industries), except that, to the extent practicable, the Fund will concentrate to approximately the same extent","page_number":82,"box":{"x":89,"y":378,"width":849,"height":12}},{"id":"26f99a9f-2b2a-4835-9561-bb1591569d09","block_type":"box","text":"that its benchmark MSCI Index concentrates in the stocks of such particular industry or group of industries, provided that","page_number":82,"box":{"x":88,"y":393,"width":853,"height":12}},{"id":"17d6144c-e14b-4131-8896-5e7e0e26b011","block_type":"box","text":"each Fund will comply with the diversification requirements of the Internal Revenue Code applicable to RICs, any underlying","page_number":82,"box":{"x":89,"y":408,"width":866,"height":12}},{"id":"d0bea9d2-aed2-4e3c-9434-b774295dc2de","block_type":"box","text":"Treasury regulations or any successor provisions.","page_number":82,"box":{"x":88,"y":423,"width":344,"height":12}},{"id":"7500ec42-c0cf-4101-81bc-adc4ce6ceb57","block_type":"box","text":"The iShares MSCI South Korea ETF has the following concentration policy: With respect to the two most heavily weighted","page_number":82,"box":{"x":88,"y":450,"width":850,"height":12}},{"id":"ae5a791c-e210-4b4f-a797-b9419e995ee6","block_type":"box","text":"industries or groups of industries in its benchmark MSCI Index, the Fund will invest in securities (consistent with its","page_number":82,"box":{"x":89,"y":465,"width":806,"height":12}},{"id":"91f5400a-dc8c-4a88-8956-fb84b2161636","block_type":"box","text":"investment objective and other investment policies) so that the weighting of each such industry or group of industries in the","page_number":82,"box":{"x":89,"y":480,"width":870,"height":12}},{"id":"37e9ae2b-5b07-4e10-b074-8aad8ceb3d18","block_type":"box","text":"Fund does not diverge by more than 10% from the respective weighting of such industry or group of industries in its","page_number":82,"box":{"x":89,"y":495,"width":814,"height":12}},{"id":"799266a2-a96d-42e6-9e70-ab5ff62ea549","block_type":"box","text":"benchmark MSCI Index. An exception to this policy is that if investment in the stock of a single issuer would account for","page_number":82,"box":{"x":89,"y":510,"width":840,"height":12}},{"id":"66cfee5d-885f-46a9-a946-de9a498a3d7c","block_type":"box","text":"more than 25% of the Fund, the Fund will invest less than 25% of its net assets in such stock and will reallocate the excess to","page_number":82,"box":{"x":89,"y":525,"width":877,"height":11}},{"id":"3e56f0c4-f516-4aa4-8480-b6ae86591a10","block_type":"box","text":"stock(s) in the same industry or group of industries, and/or to stock(s) in another industry or group of industries, in its","page_number":82,"box":{"x":89,"y":540,"width":832,"height":13}},{"id":"70daed00-32f7-4f61-9c02-6c4fd61e7868","block_type":"box","text":"benchmark MSCI Index. The Fund will evaluate these industry weightings at least weekly, and at the time of evaluation will","page_number":82,"box":{"x":89,"y":555,"width":857,"height":13}},{"id":"e36a0d7b-7b8e-4607-b563-472f284e8def","block_type":"box","text":"adjust its portfolio composition to the extent necessary to maintain compliance with the above policy. The Fund may not","page_number":82,"box":{"x":89,"y":570,"width":846,"height":13}},{"id":"e73edd39-c546-49a8-bc6f-ce784c08d208","block_type":"box","text":"concentrate its investments except as discussed above. The Board has adopted this policy as fundamental, which means that","page_number":82,"box":{"x":89,"y":586,"width":876,"height":12}},{"id":"56e6cf3f-c195-414f-8e71-5399b03a6e12","block_type":"box","text":"it may not be changed with respect to a Fund without the approval of the holders of a majority of the Fund’s outstanding","page_number":82,"box":{"x":89,"y":601,"width":847,"height":12}},{"id":"f369707a-88bc-4730-90b3-c9ebbb462b47","block_type":"box","text":"voting securities.","page_number":82,"box":{"x":88,"y":617,"width":118,"height":11}},{"id":"fd6eb967-b5d0-466f-b5e7-8be0b3e31e49","block_type":"box","text":"Non-Fundamental Investment Policies of the Funds","page_number":82,"box":{"x":89,"y":642,"width":368,"height":10}},{"id":"62bce2bf-6853-4c79-bdd3-b5cf1bf9a204","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, each","page_number":82,"box":{"x":89,"y":669,"width":870,"height":12}},{"id":"d1f0facb-6ee6-44ed-a4ab-80fd63a4ce79","block_type":"box","text":"Fund may not:","page_number":82,"box":{"x":89,"y":684,"width":100,"height":12}},{"id":"e7959343-eb18-4fb0-8052-eac933a398ae","block_type":"box","text":"1. Purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on","page_number":82,"box":{"x":90,"y":704,"width":841,"height":12}},{"id":"a178d2ce-4a71-41b3-a1aa-93cb5dfed15f","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":82,"box":{"x":128,"y":719,"width":800,"height":13}},{"id":"475104be-8783-45ed-9e77-c7442a3b4922","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":82,"box":{"x":128,"y":734,"width":785,"height":13}},{"id":"8407ebf6-2a58-41d5-b410-97cbb4aa86f0","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":82,"box":{"x":129,"y":749,"width":773,"height":13}},{"id":"82ed6008-67e1-48da-9c77-5747f1792e35","block_type":"box","text":"investment companies to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted,","page_number":82,"box":{"x":128,"y":765,"width":793,"height":12}},{"id":"0c3b5c01-7a85-479c-9281-e66b0c9ec5d1","block_type":"box","text":"modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.","page_number":82,"box":{"x":128,"y":780,"width":659,"height":12}},{"id":"a2ebe965-19d8-4cf9-a27e-60664aa37e14","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":82,"box":{"x":89,"y":800,"width":878,"height":11}},{"id":"0d2ce490-a043-497f-ae26-5b8aa3d69ae1","block_type":"box","text":"net assets, plus the amount of any borrowings for investment purposes, in the component securities of its Underlying","page_number":82,"box":{"x":128,"y":815,"width":822,"height":12}},{"id":"0b9ce86c-0c13-4d7e-bdd4-07d373ecd821","block_type":"box","text":"Index or in depositary receipts representing component securities in its Underlying Index (applicable to iShares Core","page_number":82,"box":{"x":128,"y":830,"width":812,"height":12}},{"id":"f1ff883a-b187-45d0-9ede-aeb52b503578","block_type":"box","text":"MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares","page_number":82,"box":{"x":128,"y":845,"width":809,"height":12}},{"id":"0e9c1442-9af5-4303-98d6-d56aa11f3319","block_type":"box","text":"MSCI Agriculture Producers ETF, iShares MSCI BIC ETF, iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI","page_number":82,"box":{"x":128,"y":860,"width":819,"height":13}},{"id":"3e4d3453-a083-4d80-b6ea-efaf7fd8a37e","block_type":"box","text":"59","page_number":82,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8fe80046-cf0a-417e-a58e-e4ed3cfca225","block_type":"box","text":"Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF,","page_number":83,"box":{"x":128,"y":44,"width":823,"height":12}},{"id":"b27f103a-9b9b-4004-9543-edc019bb48cd","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals &","page_number":83,"box":{"x":128,"y":59,"width":813,"height":12}},{"id":"2ded46c8-ce32-4569-b620-c07b138b30ac","block_type":"box","text":"Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Global Silver and Metals Miners ETF,","page_number":83,"box":{"x":128,"y":74,"width":794,"height":12}},{"id":"b95fb2ae-6fe5-4a87-8bb5-ae2a1279b3f8","block_type":"box","text":"iShares MSCI Malaysia ETF, iShares MSCI South Korea ETF and iShares MSCI Taiwan ETF).","page_number":83,"box":{"x":128,"y":89,"width":628,"height":13}},{"id":"90900a55-6af4-4505-bc62-9f476c918e71","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":83,"box":{"x":88,"y":116,"width":808,"height":12}},{"id":"ce5bbaf4-5f31-40d1-b140-23e22e6fcd64","block_type":"box","text":"Notations Regarding each Fund’s Fundamental and Non-Fundamental Investment Policies","page_number":83,"box":{"x":88,"y":142,"width":656,"height":12}},{"id":"34b7dbd6-91c4-4237-af15-20bf35918202","block_type":"box","text":"Unless otherwise indicated, all limitations under a Fund’s fundamental or non-fundamental investment restrictions apply","page_number":83,"box":{"x":89,"y":169,"width":846,"height":12}},{"id":"660ec129-c140-4a7e-be1f-4aa222e4ad38","block_type":"box","text":"only at the time that a transaction is undertaken. Any change in the percentage of a Fund’s assets invested in certain","page_number":83,"box":{"x":89,"y":184,"width":815,"height":12}},{"id":"ee876630-abc4-4e03-a2ad-8b9a45270167","block_type":"box","text":"securities or other instruments resulting from market fluctuations or other changes in a Fund’s total assets will not require","page_number":83,"box":{"x":89,"y":199,"width":856,"height":12}},{"id":"b1bf4c4a-b801-4e9a-be9a-981cec4a88de","block_type":"box","text":"the Fund to dispose of an investment.","page_number":83,"box":{"x":88,"y":214,"width":264,"height":12}},{"id":"58e53e78-37dc-48e4-9e57-462c4b882a9a","block_type":"box","text":"Continuous Offering","page_number":83,"box":{"x":90,"y":245,"width":338,"height":29}},{"id":"4e272ef7-d0e8-437f-917d-ca225209f389","block_type":"box","text":"The method by which Creation Units are created and traded may raise certain issues under applicable securities laws.","page_number":83,"box":{"x":88,"y":286,"width":821,"height":12}},{"id":"fb127102-6356-42fe-880d-9de6659180ac","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":83,"box":{"x":89,"y":301,"width":873,"height":12}},{"id":"5dd54c52-9007-490b-a5d5-ca6974d7699f","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":83,"box":{"x":89,"y":316,"width":849,"height":12}},{"id":"1923821e-1d81-4326-9224-6b57136bde07","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":83,"box":{"x":89,"y":331,"width":849,"height":12}},{"id":"8df5da96-d716-4324-9b6a-ad66136c3402","block_type":"box","text":"them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.","page_number":83,"box":{"x":88,"y":346,"width":877,"height":13}},{"id":"1f029004-b963-494d-9189-90f151e8b11e","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":83,"box":{"x":89,"y":373,"width":860,"height":12}},{"id":"c9b9493b-7d2a-4be0-a7bc-ca447593d7f5","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":83,"box":{"x":89,"y":388,"width":853,"height":12}},{"id":"ae9a7d48-29ef-42c1-b94b-bfaf0782dc67","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":83,"box":{"x":89,"y":403,"width":868,"height":12}},{"id":"65258f31-1ca9-4106-869a-5d58dab8d466","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":83,"box":{"x":88,"y":418,"width":863,"height":12}},{"id":"9765fc1d-a7a2-45e0-83d9-fc859e6246eb","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":83,"box":{"x":88,"y":433,"width":861,"height":13}},{"id":"89dd7a90-e670-4e8e-b046-b1a7e9d3f1b9","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":83,"box":{"x":89,"y":448,"width":862,"height":13}},{"id":"70d4a678-fb44-407d-96fc-6dfda99550db","block_type":"box","text":"an underwriter.","page_number":83,"box":{"x":89,"y":463,"width":105,"height":10}},{"id":"26c7350a-eb41-4c9b-9503-850cd5def251","block_type":"box","text":"Broker-dealer firms should also note that dealers who are not “underwriters” but are effecting transactions in shares,","page_number":83,"box":{"x":89,"y":490,"width":817,"height":12}},{"id":"56a8e782-b07b-4eea-b611-0acc21e7de6f","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":83,"box":{"x":88,"y":505,"width":858,"height":12}},{"id":"80ee4f9f-eff0-4e41-9776-0ec6460ba6f5","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":83,"box":{"x":89,"y":520,"width":875,"height":12}},{"id":"ed41489d-5044-4146-b7f6-74fd36fb177a","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":83,"box":{"x":88,"y":535,"width":831,"height":13}},{"id":"f8e3da7c-a17d-4046-9a5b-e6b8a5103b30","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":83,"box":{"x":89,"y":550,"width":864,"height":13}},{"id":"338f8ff7-1601-4d08-9e7e-4b9a4a3345d4","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":83,"box":{"x":88,"y":565,"width":875,"height":13}},{"id":"45b9f311-0931-4c2c-b7e9-bcca8542a632","block_type":"box","text":"prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is","page_number":83,"box":{"x":89,"y":581,"width":845,"height":12}},{"id":"c1dc016a-ee5f-4cb2-ba63-e7dc4a679708","block_type":"box","text":"available only with respect to transactions on an exchange.","page_number":83,"box":{"x":89,"y":596,"width":412,"height":12}},{"id":"10f36acd-8d97-4b92-a477-22ca8d2dcaa9","block_type":"box","text":"Management","page_number":83,"box":{"x":90,"y":628,"width":225,"height":28}},{"id":"c74f0124-8cd8-4ee6-8057-2253b107fb58","block_type":"box","text":"Directors and Officers.","page_number":83,"box":{"x":89,"y":668,"width":161,"height":9}},{"id":"14a0cf7f-79d5-4536-9b62-2efa21561567","block_type":"box","text":"The Board has responsibility for the overall management and operations of the Funds, including","page_number":83,"box":{"x":259,"y":668,"width":670,"height":12}},{"id":"ea5ce106-cc57-4902-84a5-0d32c4da42f7","block_type":"box","text":"general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns,","page_number":83,"box":{"x":89,"y":683,"width":864,"height":12}},{"id":"2203da42-d3a6-4fb3-ab8a-7490a10910c8","block_type":"box","text":"is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and","page_number":83,"box":{"x":89,"y":698,"width":832,"height":12}},{"id":"ad223141-444a-40bd-af3f-6a27385fd26a","block_type":"box","text":"qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940","page_number":83,"box":{"x":89,"y":713,"width":866,"height":12}},{"id":"66cd7964-743f-4384-809e-156888f0b30b","block_type":"box","text":"Act) of the Company are referred to as independent directors (“Independent Directors”).","page_number":83,"box":{"x":88,"y":728,"width":619,"height":12}},{"id":"4bfb3b1d-5e70-4399-9958-39c4df9002a7","block_type":"box","text":"The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the","page_number":83,"box":{"x":88,"y":754,"width":867,"height":13}},{"id":"846997cf-3fd4-491a-af4e-6cb2f97a38f4","block_type":"box","text":"BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund","page_number":83,"box":{"x":89,"y":770,"width":857,"height":12}},{"id":"cc079d36-adad-4220-aead-7b3afb1c4273","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":83,"box":{"x":89,"y":785,"width":861,"height":12}},{"id":"ecc98105-1a21-4e1b-9a8a-f3955ebd4e2f","block_type":"box","text":"Inc. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all","page_number":83,"box":{"x":89,"y":800,"width":876,"height":11}},{"id":"9b00b6b6-0c0d-46e7-90f0-f798f1f876b4","block_type":"box","text":"of the funds within the iShares Complex, which consists of 421 funds as of December 30, 2025. With the exception of","page_number":83,"box":{"x":89,"y":815,"width":823,"height":12}},{"id":"0e4868dd-3b54-495b-b894-9cc4cb27a7ab","block_type":"box","text":"Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Director and officer is c/o BlackRock, Inc., 400","page_number":83,"box":{"x":88,"y":830,"width":865,"height":12}},{"id":"e1e6200a-3985-45eb-83a8-707d9e1a5f33","block_type":"box","text":"Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson","page_number":83,"box":{"x":89,"y":845,"width":849,"height":12}},{"id":"844edf7a-89c9-47bf-bf15-96823fff1471","block_type":"box","text":"Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue,","page_number":83,"box":{"x":88,"y":860,"width":840,"height":13}},{"id":"c1cec74f-c9f2-44e6-8aa6-92d04af4915d","block_type":"box","text":"60","page_number":83,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1b110c4a-1077-49a9-8e8d-9f58d52e218d","block_type":"box","text":"London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional","page_number":84,"box":{"x":89,"y":44,"width":848,"height":12}},{"id":"f65568f0-2be8-4316-92b2-8da2f2d73a04","block_type":"box","text":"information about the Funds’ Directors and officers may be found in this SAI, which is available without charge, upon","page_number":84,"box":{"x":89,"y":59,"width":819,"height":12}},{"id":"532ab5a0-381a-4a4f-9d8c-bab64c17a194","block_type":"box","text":"request, by calling toll-free 1-800-iShares (1-800-474-2737).","page_number":84,"box":{"x":89,"y":74,"width":419,"height":12}},{"id":"15f89f63-bb54-4430-b4be-0ec0b94335c4","block_type":"box","text":"Interested Directors","page_number":84,"box":{"x":89,"y":101,"width":142,"height":9}},{"id":"d5ae3ae6-cec1-4987-b943-513ff773d66d","block_type":"box","text":"Name (Year of Birth) Position","page_number":84,"box":{"x":103,"y":140,"width":247,"height":10}},{"id":"81c15306-acc3-4b03-8165-a958f48451b6","block_type":"box","text":"Principal Occupation(s)","page_number":84,"box":{"x":485,"y":130,"width":135,"height":10}},{"id":"cb65e311-8531-44c3-8a6a-0dabe64956c8","block_type":"box","text":"During the Past 5 Years","page_number":84,"box":{"x":486,"y":140,"width":134,"height":10}},{"id":"5bed6717-0468-4623-9b27-7f9e5a494dd9","block_type":"box","text":"Other Directorships","page_number":84,"box":{"x":780,"y":130,"width":113,"height":10}},{"id":"8db39815-c6bb-436a-b093-695edd64cd76","block_type":"box","text":"Held by Director","page_number":84,"box":{"x":790,"y":140,"width":94,"height":10}},{"id":"1a8c7ae2-3287-4582-a342-27dcb8514c95","block_type":"box","text":"Robert S. Kapito","page_number":84,"box":{"x":89,"y":162,"width":111,"height":13}},{"id":"4d0d9e61-9322-4240-9b12-1c8cd725ad71","block_type":"box","text":"1","page_number":84,"box":{"x":202,"y":161,"width":2,"height":6}},{"id":"e281e4cf-d7b5-4d05-97a7-a40f055bb6e3","block_type":"box","text":"(1957)","page_number":84,"box":{"x":89,"y":177,"width":44,"height":13}},{"id":"f0d9a951-a500-4354-8392-94dadce006c6","block_type":"box","text":"Director","page_number":84,"box":{"x":255,"y":163,"width":56,"height":9}},{"id":"32a37210-4f30-4c93-b27c-f66a9ba35889","block_type":"box","text":"(since 2009).","page_number":84,"box":{"x":255,"y":177,"width":90,"height":13}},{"id":"cffe4c2c-6432-47ce-89ac-17bd7acc73b4","block_type":"box","text":"President of BlackRock, Inc. (since","page_number":84,"box":{"x":422,"y":162,"width":237,"height":13}},{"id":"05ab0c61-bc73-44c4-a20b-b78b3cf9ff32","block_type":"box","text":"2006); Vice Chairman of BlackRock,","page_number":84,"box":{"x":421,"y":177,"width":249,"height":13}},{"id":"d35ee360-9c3c-4692-9114-0a5bba0f56c7","block_type":"box","text":"Inc. and Head of BlackRock’s","page_number":84,"box":{"x":422,"y":193,"width":200,"height":9}},{"id":"ba1f8a4a-9e75-466c-a87f-0ba9ba2bb894","block_type":"box","text":"Portfolio Management Group (since","page_number":84,"box":{"x":422,"y":208,"width":250,"height":12}},{"id":"8380c85d-d194-4e4c-8727-f53953c6a49a","block_type":"box","text":"its formation in 1998) and BlackRock,","page_number":84,"box":{"x":422,"y":223,"width":261,"height":12}},{"id":"57202a1d-605a-439b-b20c-d6234aae12a4","block_type":"box","text":"Inc.’s predecessor entities (since","page_number":84,"box":{"x":422,"y":238,"width":225,"height":12}},{"id":"3e7b01c9-4c30-4598-8225-b68e808f8bbc","block_type":"box","text":"1988); Trustee, University of","page_number":84,"box":{"x":423,"y":253,"width":196,"height":12}},{"id":"1f9d82f9-6697-4b09-8639-b4592fda17a9","block_type":"box","text":"Pennsylvania (since 2009); President","page_number":84,"box":{"x":422,"y":268,"width":255,"height":12}},{"id":"aced72ba-250b-4ce0-8c07-174393de0d25","block_type":"box","text":"of Board of Directors, Hope & Heroes","page_number":84,"box":{"x":421,"y":283,"width":258,"height":13}},{"id":"ff396a49-c986-4c34-a5e5-2543ecb2f68b","block_type":"box","text":"Children’s Cancer Fund (since 2002).","page_number":84,"box":{"x":421,"y":298,"width":257,"height":13}},{"id":"c2c60525-375d-4cae-90a2-a6002351e39a","block_type":"box","text":"Director of BlackRock, Inc. (since","page_number":84,"box":{"x":705,"y":162,"width":229,"height":13}},{"id":"da654365-dc87-4143-86a5-2e1706e11c5d","block_type":"box","text":"2006); Trustee of iShares Trust (since","page_number":84,"box":{"x":705,"y":177,"width":261,"height":13}},{"id":"9c9024f6-c7c3-4676-8317-38c7fc43a519","block_type":"box","text":"2009); Trustee of iShares U.S. ETF","page_number":84,"box":{"x":705,"y":193,"width":236,"height":12}},{"id":"45c04b6c-8888-4d7e-a9cc-fcb4e9aa8b05","block_type":"box","text":"Trust (since 2011).","page_number":84,"box":{"x":704,"y":208,"width":130,"height":12}},{"id":"d2e3067d-6c00-493a-8ba0-7f2f8b69ecba","block_type":"box","text":"Stephen Cohen","page_number":84,"box":{"x":88,"y":319,"width":107,"height":12}},{"id":"4bb018e8-4e0c-467b-b0a8-d858bacd42b1","block_type":"box","text":"2","page_number":84,"box":{"x":197,"y":317,"width":5,"height":6}},{"id":"c0b62f7a-f214-4239-8d5b-95aaeffdaeda","block_type":"box","text":"(1975)","page_number":84,"box":{"x":89,"y":334,"width":44,"height":12}},{"id":"e69e9705-95fa-4539-ac55-0591780a29aa","block_type":"box","text":"Director (since","page_number":84,"box":{"x":255,"y":319,"width":102,"height":12}},{"id":"9480f786-6b1b-4870-94da-bdbc7405d501","block_type":"box","text":"2024).","page_number":84,"box":{"x":255,"y":334,"width":43,"height":12}},{"id":"e6755379-2085-4f89-a0f3-e1f565931e81","block_type":"box","text":"Senior Managing Director, Head of","page_number":84,"box":{"x":421,"y":319,"width":243,"height":12}},{"id":"ec449205-8933-4401-bf71-2f33cd05cad9","block_type":"box","text":"Global Product Solutions of","page_number":84,"box":{"x":421,"y":334,"width":193,"height":9}},{"id":"e1b8a55a-f7de-4203-a0d2-2ef818ac231e","block_type":"box","text":"BlackRock, Inc. 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Among the","page_number":88,"box":{"x":89,"y":200,"width":833,"height":12}},{"id":"c0dc5d47-b9dc-4588-be6e-f1c8fcb7fabd","block_type":"box","text":"attributes common to all Directors are their ability to review critically, evaluate, question and discuss information provided to","page_number":88,"box":{"x":89,"y":215,"width":871,"height":13}},{"id":"0e7a802b-3419-4784-9cdb-c448dd907254","block_type":"box","text":"them, to interact effectively with the Funds’ investment adviser, other service providers, counsel and the independent","page_number":88,"box":{"x":88,"y":230,"width":819,"height":13}},{"id":"b74cf827-7710-42ab-aa2b-5d814270ca1a","block_type":"box","text":"registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Directors.","page_number":88,"box":{"x":89,"y":245,"width":876,"height":13}},{"id":"c401272c-f23c-4d53-a1d3-2909337d267b","block_type":"box","text":"A Director’s ability to perform his or her duties effectively may have been attained through the Director’s educational","page_number":88,"box":{"x":88,"y":261,"width":816,"height":12}},{"id":"560f4dce-496b-4bef-8360-1bb626f7cdd9","block_type":"box","text":"background or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":88,"box":{"x":89,"y":276,"width":869,"height":12}},{"id":"9832ad18-9692-4ba1-a1ef-3cefbcead31d","block_type":"box","text":"Board member of the Funds and the other funds in the Company (and any predecessor funds), other investment funds,","page_number":88,"box":{"x":89,"y":291,"width":834,"height":12}},{"id":"7592094c-7655-479c-aeca-abe059c1da5c","block_type":"box","text":"public companies, or non-profit entities or other organizations; and/or other life experiences. Also, set forth below is a brief","page_number":88,"box":{"x":89,"y":306,"width":863,"height":12}},{"id":"f755686a-2101-412b-b9ad-c1da3b97d27a","block_type":"box","text":"discussion of the specific experience, qualifications, attributes or skills of each Director that led the Board to conclude that he","page_number":88,"box":{"x":89,"y":321,"width":876,"height":12}},{"id":"96a326a6-7381-4e69-a824-a3841f962005","block_type":"box","text":"or she should serve (or continue to serve) as a Director.","page_number":88,"box":{"x":89,"y":336,"width":386,"height":13}},{"id":"b5fdf138-3c53-490d-aeb7-df6c6c315378","block_type":"box","text":"Robert S. Kapito has been a Director of the Company since 2009. Mr. Kapito has also served as a Trustee of iShares Trust","page_number":88,"box":{"x":89,"y":363,"width":841,"height":12}},{"id":"aea788b1-124a-4892-b1fa-b74d3e8a92a0","block_type":"box","text":"since 2009, a Trustee of iShares U.S. ETF Trust since 2011 and a Director of BlackRock, Inc. since 2006. Mr. Kapito served as a","page_number":88,"box":{"x":89,"y":378,"width":872,"height":12}},{"id":"fa23e698-dd03-4eef-9ce0-6aebce6ce91b","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":88,"box":{"x":89,"y":393,"width":877,"height":12}},{"id":"da09c384-2a4d-4b2e-aff2-85d41929f9c2","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":88,"box":{"x":89,"y":408,"width":855,"height":12}},{"id":"83b1c561-14ed-4f9e-805e-767a2c826cc3","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":88,"box":{"x":88,"y":423,"width":880,"height":12}},{"id":"7d75f367-19b1-4bd7-af52-f31b5cb47cc3","block_type":"box","text":"of BlackRock’s key operating units, including Investment Strategies, Client Businesses, Technology & Operations, and Risk &","page_number":88,"box":{"x":89,"y":438,"width":865,"height":13}},{"id":"be8fb7ae-aa68-44ad-b021-58f97918ebef","block_type":"box","text":"Quantitative Analysis. Prior to assuming his current responsibilities in 2007, Mr. Kapito served as Vice Chairman of BlackRock,","page_number":88,"box":{"x":89,"y":453,"width":876,"height":13}},{"id":"4451f376-bb85-4c21-904f-7a8e152e9606","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":88,"box":{"x":89,"y":468,"width":823,"height":13}},{"id":"1bee5fe0-7afd-429f-816a-e289abe69fbb","block_type":"box","text":"management within BlackRock, including the Fixed Income, Equity, Liquidity, and Alternative Investment Groups. Mr. Kapito","page_number":88,"box":{"x":89,"y":484,"width":864,"height":12}},{"id":"c6c10543-e069-4b0d-9a48-61458308e4c2","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":88,"box":{"x":89,"y":499,"width":841,"height":12}},{"id":"86c71197-4540-4b13-b3c9-ba92838c8c72","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":88,"box":{"x":89,"y":514,"width":853,"height":12}},{"id":"fa9c1854-a36d-4990-9b8c-dd02bf57fe43","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":88,"box":{"x":89,"y":529,"width":876,"height":12}},{"id":"6e20920a-2da9-4b6f-a44d-04cba7aab260","block_type":"box","text":"MBA degree from Harvard Business School in 1983.","page_number":88,"box":{"x":89,"y":544,"width":360,"height":12}},{"id":"0128bcf0-2e69-462b-9e52-c001ae38ef26","block_type":"box","text":"Stephen Cohen has been a Director of the Company since 2024. Mr. Cohen has also served as a Trustee of iShares Trust and a","page_number":88,"box":{"x":88,"y":570,"width":879,"height":13}},{"id":"132ff31f-383d-41a3-ba14-179108382eea","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":88,"box":{"x":88,"y":586,"width":865,"height":12}},{"id":"9a0a619d-7fe5-4dd3-8448-152a39e1cdfa","block_type":"box","text":"(UK) Limited, Director of BlackRock International Limited, and Director of BlackRock Group Limited since 2021. Mr. Cohen,","page_number":88,"box":{"x":89,"y":601,"width":854,"height":12}},{"id":"219ac8d8-f94f-4d4b-939f-6433a098004a","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":88,"box":{"x":88,"y":616,"width":869,"height":12}},{"id":"690a2812-2ac9-47b4-bab1-9a2ef37bde3c","block_type":"box","text":"is responsible for the business strategy, innovation and commercialization of BlackRock’s full investment product platform,","page_number":88,"box":{"x":89,"y":631,"width":856,"height":12}},{"id":"b2bc0e95-739c-43d9-afb8-8a8883e01f7f","block_type":"box","text":"aligning product strategies with client needs and market trends, and unlocking new growth opportunities across iShares,","page_number":88,"box":{"x":89,"y":646,"width":846,"height":12}},{"id":"ac617929-caad-4a71-9f79-da2e8d3b4959","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":88,"box":{"x":88,"y":661,"width":830,"height":13}},{"id":"96027a6a-9ff0-46a9-bf34-503d21c8679f","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":88,"box":{"x":89,"y":676,"width":866,"height":13}},{"id":"c3e5824d-a91a-441d-81e4-d3265f7de837","block_type":"box","text":"businesses in EMEA, overseeing BlackRock’s relationships with wealth management firms and platforms, the development","page_number":88,"box":{"x":89,"y":691,"width":857,"height":13}},{"id":"f2524c97-324d-4a9b-ae42-fec9d95f347c","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":88,"box":{"x":89,"y":707,"width":861,"height":12}},{"id":"308de33a-6ba9-4b51-bf45-a4f4daec6dcb","block_type":"box","text":"Having joined BlackRock in 2011, Mr. Cohen initially served as the Chief Investment Strategist for International Fixed Income","page_number":88,"box":{"x":89,"y":722,"width":865,"height":12}},{"id":"cd6d1d54-4315-4425-a4dc-49cc6ba40172","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":88,"box":{"x":89,"y":737,"width":861,"height":12}},{"id":"4405ec59-b998-4536-846b-5120c7df96e4","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":88,"box":{"x":89,"y":752,"width":845,"height":12}},{"id":"546fdb89-e67d-428b-955d-982f1fb74365","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":88,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"13d9d986-eaa7-4522-90f5-e92b0bddb6b5","block_type":"box","text":"from the University of Southampton, and holds certifications as a SFA Futures and Options Representative, a SFA Securities","page_number":88,"box":{"x":88,"y":782,"width":862,"height":12}},{"id":"a82e783f-61e8-4325-a587-3252a0c9d37d","block_type":"box","text":"Registered Representative, and an IFPR Material Risk Taker.","page_number":88,"box":{"x":89,"y":797,"width":410,"height":13}},{"id":"f7c2d28c-52ce-4840-9d90-3dfc78609f95","block_type":"box","text":"John E. Kerrigan has been a Director of the Company since 2005 and Chair of the Company’s Board since 2022. Mr. Kerrigan","page_number":88,"box":{"x":88,"y":824,"width":863,"height":12}},{"id":"c67f4eb9-d3ae-4372-ad22-cc9b724c8fec","block_type":"box","text":"has also served as a Trustee of iShares Trust since 2005, a Trustee of iShares U.S. ETF Trust since 2011, Chair of the Equity","page_number":88,"box":{"x":89,"y":839,"width":850,"height":12}},{"id":"57a3d63f-5b68-4f85-839d-f9de54f59cb2","block_type":"box","text":"Plus and Nominating and Governance Committees of each Board from 2019 to 2021, and as Chair of each Board since 2022.","page_number":88,"box":{"x":89,"y":854,"width":868,"height":12}},{"id":"8c54ce66-9ee1-4438-b2c6-cbf3fa071975","block_type":"box","text":"65","page_number":88,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2c7141db-ca26-4480-b8da-82f428b7c9f6","block_type":"box","text":"Mr. Kerrigan served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. Mr. Kerrigan served as Chief","page_number":89,"box":{"x":89,"y":44,"width":848,"height":12}},{"id":"de58d5dd-0d3f-4119-83f8-4964503064e6","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":89,"box":{"x":89,"y":59,"width":842,"height":12}},{"id":"df2a259d-df75-4a82-b211-753f944fa836","block_type":"box","text":"Lynch & Co., including the following responsibilities: Managing Director, Institutional Client Division, Western United States.","page_number":89,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"7b03b987-43ef-408f-819e-302297ab8cf5","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":89,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"50c40828-84c7-43a4-8949-16d960f519eb","block_type":"box","text":"has a BA degree from Boston College and is a Chartered Financial Analyst Charterholder.","page_number":89,"box":{"x":89,"y":104,"width":618,"height":13}},{"id":"600e7f2c-77b9-48de-936a-29540636e850","block_type":"box","text":"Jane D. Carlin has been a Director of the Company since 2015 and Chair of the Securities Lending Committee since 2025. Ms.","page_number":89,"box":{"x":88,"y":131,"width":873,"height":12}},{"id":"fc046d00-2bd6-442a-9378-ffacb2c44972","block_type":"box","text":"Carlin has also served as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust since 2015 and Chair of the","page_number":89,"box":{"x":89,"y":146,"width":822,"height":10}},{"id":"2dd9f162-f1a6-448a-b28e-6af7200b486d","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":89,"box":{"x":88,"y":161,"width":832,"height":12}},{"id":"a4e32f3a-65cc-43bb-963b-ca7572aa19be","block_type":"box","text":"served as Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head","page_number":89,"box":{"x":89,"y":176,"width":864,"height":13}},{"id":"2833ce63-6f64-4ff3-a965-cfa4999e40bd","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":89,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"4cade6ac-a326-4598-8995-332aaefdefe4","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":89,"box":{"x":89,"y":206,"width":872,"height":13}},{"id":"906ee997-b725-4bf8-a1c9-a732ab3f0417","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":89,"box":{"x":89,"y":222,"width":835,"height":12}},{"id":"29d44142-89e9-4503-a084-b7118e216861","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":89,"box":{"x":89,"y":237,"width":869,"height":12}},{"id":"7eb6b93b-f840-4ec1-8947-6a6e53822dda","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":89,"box":{"x":89,"y":252,"width":852,"height":12}},{"id":"913ee1b5-c45d-4d0f-ba89-2015b707f79a","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":89,"box":{"x":89,"y":267,"width":865,"height":11}},{"id":"469a47b1-835b-49d5-b779-870d3f0eb6e8","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":89,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"6dee9719-d5a5-4975-b288-b44238f81f21","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":89,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"6ebff526-7634-4060-adb2-b5b88f5cd033","block_type":"box","text":"Astoria Bank. Ms. Carlin was appointed by the United States Treasury to the Financial Services Sector Coordinating Council","page_number":89,"box":{"x":88,"y":312,"width":859,"height":13}},{"id":"f24a94bd-59a3-41d6-9b33-35f2eab4c57e","block_type":"box","text":"for Critical Infrastructure Protection and Homeland Security, where she served as Chairperson from 2010 to 2012 and Vice","page_number":89,"box":{"x":88,"y":327,"width":854,"height":13}},{"id":"f63fe3f2-d9a4-466d-82a7-8fa16c5a5d16","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":89,"box":{"x":89,"y":342,"width":841,"height":13}},{"id":"a9c2f575-e946-47d7-878f-a97975b5e2a3","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":89,"box":{"x":88,"y":358,"width":713,"height":12}},{"id":"0b235080-3d3a-45b1-9754-c1394085484c","block_type":"box","text":"Richard L. Fagnani has been a Director of the Company since 2017 and Chair of the 15(c) Committee since 2025. Mr. Fagnani","page_number":89,"box":{"x":89,"y":384,"width":872,"height":12}},{"id":"c724abca-f7dd-4000-90a7-c331f0ba429b","block_type":"box","text":"has also served as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust since 2017 and Chair of the 15(c)","page_number":89,"box":{"x":89,"y":399,"width":817,"height":13}},{"id":"9df4f786-a101-4c77-b1fb-d31e48a4d944","block_type":"box","text":"Committee of each Board since 2025. Mr. Fagnani served as an Advisory Board Member of the Company, iShares Trust and","page_number":89,"box":{"x":89,"y":414,"width":857,"height":13}},{"id":"ca2a7334-7c17-41ff-9a89-3ad04291918e","block_type":"box","text":"iShares U.S. ETF Trust from April 2017 to June 2017. Mr. Fagnani served as a Senior Audit Partner at KPMG LLP from 2002 to","page_number":89,"box":{"x":89,"y":429,"width":862,"height":13}},{"id":"9e144d39-9b36-44e0-bed7-18db09d3859b","block_type":"box","text":"2016, most recently as the U.S. asset management audit practice leader responsible for setting strategic direction and","page_number":89,"box":{"x":89,"y":445,"width":822,"height":12}},{"id":"577d6599-a53a-414b-b9be-a64efb5aa5b8","block_type":"box","text":"execution of the operating plan for the asset management audit practice. In addition, from 1977 to 2002, Mr. Fagnani served","page_number":89,"box":{"x":89,"y":460,"width":869,"height":12}},{"id":"f01a183e-686d-45eb-a18c-5b76ce430bb8","block_type":"box","text":"as an Audit Partner at Andersen LLP, where he developed and managed the asset management audit practice in the","page_number":89,"box":{"x":89,"y":475,"width":810,"height":12}},{"id":"253244a8-eb04-42e9-91c3-d6a550137866","block_type":"box","text":"Philadelphia office. Mr. Fagnani served as a Trustee on the Board of the Walnut Street Theater in Philadelphia from 2009 to","page_number":89,"box":{"x":89,"y":490,"width":855,"height":12}},{"id":"6d027621-a0a1-4189-a295-927485b2e8b8","block_type":"box","text":"2014 and as a member of the School of Business Advisory Board at LaSalle University from 2006 to 2014. Mr. Fagnani has","page_number":89,"box":{"x":89,"y":505,"width":848,"height":12}},{"id":"d010585b-1676-42d8-9494-0cd068a9f4cc","block_type":"box","text":"also served as a Director of One Generation Away, a non-profit which works to bring healthy food directly to people in need,","page_number":89,"box":{"x":89,"y":520,"width":866,"height":12}},{"id":"d42a0c4b-fa75-4a2f-91e3-416ed7caa5a4","block_type":"box","text":"since 2021. Mr. Fagnani has a BS degree in Accounting from LaSalle University.","page_number":89,"box":{"x":89,"y":535,"width":548,"height":13}},{"id":"49845119-b2ec-4516-af48-1097a58b0fb5","block_type":"box","text":"Laura F. Fergerson has been a Director of the Company since 2024 and Chair of the Audit Committee of the Company since","page_number":89,"box":{"x":89,"y":562,"width":861,"height":12}},{"id":"a3d43c96-b8af-4312-b341-2c94d866f9be","block_type":"box","text":"2025. Ms. Fergerson has also served as a Trustee of iShares Trust, a Trustee of iShares U.S. ETF Trust since 2024, and Chair of","page_number":89,"box":{"x":89,"y":577,"width":873,"height":12}},{"id":"8ea9ce46-3ce9-4d60-b9ea-7714050a1d25","block_type":"box","text":"the Audit Committee of each Board since 2025. From 2017 to 2024, Ms. Fergerson was the President of Franklin Templeton","page_number":89,"box":{"x":88,"y":592,"width":859,"height":12}},{"id":"3ece37f9-68e8-474c-adeb-19fc76d95322","block_type":"box","text":"Services, LLC where she led the global fund administration division. 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Ms. Fergerson has a BA degree in Economics from the University of California, Berkeley and is a","page_number":89,"box":{"x":89,"y":652,"width":819,"height":13}},{"id":"178dfa37-ef82-4edd-a453-0f9ef7c2989a","block_type":"box","text":"Certified Public Accountant (inactive) and a member of the American Institute of Certified Public Accountants.","page_number":89,"box":{"x":89,"y":668,"width":774,"height":12}},{"id":"c2e00f34-78a9-4ab7-8d07-bf862afae7c1","block_type":"box","text":"Cecilia H. Herbert has been a Director of the Company since 2005. Ms. Herbert has also served as a Trustee of iShares Trust","page_number":89,"box":{"x":89,"y":694,"width":862,"height":12}},{"id":"84da08f2-6837-4737-9694-45c99c369c84","block_type":"box","text":"since 2005, a Trustee of iShares U.S. ETF Trust since 2011 and Chair of the Company’s Board from 2016 to 2021. Ms. Herbert","page_number":89,"box":{"x":89,"y":709,"width":868,"height":12}},{"id":"93a8786d-2d81-4f7b-b952-2415d09eef43","block_type":"box","text":"served as a Director of iShares MSCI Russia Capped ETF, Inc. from 2010 to 2015. Previously, Ms. Herbert served as Trustee of","page_number":89,"box":{"x":89,"y":724,"width":869,"height":13}},{"id":"2e782ad5-c7a5-4115-8e2c-b52359ce3936","block_type":"box","text":"the Montgomery Funds from 1992 to 2003, the Pacific Select Funds from 2004 to 2005, the Forward Funds from 2009 to","page_number":89,"box":{"x":88,"y":739,"width":845,"height":13}},{"id":"bbbc8edb-2c30-42f2-9fe4-7168fea718cd","block_type":"box","text":"2018, the Salient Funds from 2015 to 2018 and the Thrivent Church Loan and Income Fund from 2019 to 2022. She has","page_number":89,"box":{"x":89,"y":754,"width":834,"height":12}},{"id":"98b0305e-a7be-4a5b-b76e-2a62a671c015","block_type":"box","text":"served as a member of the Finance, Audit and Quality Committees and Trustee of Stanford Health Care since 2016 and","page_number":89,"box":{"x":89,"y":770,"width":830,"height":12}},{"id":"c4460049-0bf4-4236-89d6-05dee051a2e6","block_type":"box","text":"became Chair of the Finance Committee of Stanford Health Care in 2019. She has served as a Trustee of WNET, New York’s","page_number":89,"box":{"x":89,"y":785,"width":858,"height":11}},{"id":"7efa473b-5f3e-46cf-89c7-a55231b5ee7c","block_type":"box","text":"public media station, since 2011 and a Member of its Audit Committee since 2018. She was appointed to the Wyoming State","page_number":89,"box":{"x":89,"y":800,"width":871,"height":12}},{"id":"15c63fb9-9738-4187-b4fd-8329e5f62d11","block_type":"box","text":"Investment Funds Committee in 2022. 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From 1973 to 1990 she worked at J.P.","page_number":89,"box":{"x":89,"y":860,"width":872,"height":13}},{"id":"61f9b7a4-b5c1-460e-a31b-2599fa32e1e7","block_type":"box","text":"66","page_number":89,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4ac41e61-fb0e-494d-92c2-a5840efcd426","block_type":"box","text":"Morgan/Morgan Guaranty Trust doing international corporate finance and corporate lending, retiring as Managing Director","page_number":90,"box":{"x":89,"y":44,"width":867,"height":12}},{"id":"98a46b14-b22c-4685-be74-a0916b800433","block_type":"box","text":"and Head of the West Coast Office. Ms. Herbert has been on numerous non-profit boards, chairing investment and finance","page_number":90,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"23f5ab40-b44f-4484-aa30-5fc85d105852","block_type":"box","text":"committees. She holds a double major in economics and communications from Stanford University and an MBA from","page_number":90,"box":{"x":89,"y":74,"width":824,"height":12}},{"id":"16bde1b8-d91b-48f4-bc54-d769509197da","block_type":"box","text":"Harvard Business School.","page_number":90,"box":{"x":89,"y":89,"width":175,"height":10}},{"id":"cb50e81e-e414-4dae-9112-07334bdf277c","block_type":"box","text":"James Lam has been a Director of the Company since 2024 and Chair of the Risk Committee of the Company since 2025. Mr.","page_number":90,"box":{"x":88,"y":116,"width":870,"height":12}},{"id":"78a2d3ff-afe4-4275-bff2-0794de0157d8","block_type":"box","text":"Lam has also served as a Trustee of iShares Trust, a Trustee of iShares U.S. ETF Trust since 2024, and Chair of the Risk","page_number":90,"box":{"x":89,"y":131,"width":821,"height":11}},{"id":"ef96ade4-e3dc-48f3-8aa7-600ab4289dda","block_type":"box","text":"Committee of each Board since 2025. 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He holds the NACD Directorship Certification and the NACD CERT","page_number":90,"box":{"x":89,"y":282,"width":804,"height":12}},{"id":"7a5203ca-31c7-4411-93cc-aaebdcc2acb3","block_type":"box","text":"Certificate in Cyber-Risk Oversight. Mr. Lam has been an adjunct professor at Carnegie Mellon University since 2018 and a","page_number":90,"box":{"x":89,"y":297,"width":853,"height":12}},{"id":"1fc1aa30-b34b-43a6-ad47-16860e6e14cd","block_type":"box","text":"member of the Zicklin School of Business Dean’s Council of Baruch College since 2017. Mr. Lam has a BBA from Baruch","page_number":90,"box":{"x":89,"y":312,"width":833,"height":13}},{"id":"2cb348be-a1cb-4833-972d-bf56c80b5f11","block_type":"box","text":"College and an MBA from the University of California, Los Angeles.","page_number":90,"box":{"x":89,"y":327,"width":465,"height":13}},{"id":"636b42b3-9240-45e2-90f5-2f18a01e09c5","block_type":"box","text":"Drew E. 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Mr. Lawton served as Director of Principal Funds, Inc.,","page_number":90,"box":{"x":89,"y":399,"width":865,"height":13}},{"id":"16bb94a7-1c8b-4013-9712-4e9f520cd122","block_type":"box","text":"Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds from March 2016 to October 2016. Mr. Lawton","page_number":90,"box":{"x":89,"y":414,"width":872,"height":13}},{"id":"92853451-1721-400f-948a-d8ffca02683b","block_type":"box","text":"has also served as a member of the Compensation and Finance and Risk Committees and Director of Jackson Financial Inc.","page_number":90,"box":{"x":89,"y":429,"width":860,"height":13}},{"id":"c7cf4705-daaf-4b16-ab39-2e53ca0cacb3","block_type":"box","text":"since 2021. Mr. Lawton served in various capacities at New York Life Insurance Company from 2010 to 2015, most recently as","page_number":90,"box":{"x":89,"y":445,"width":874,"height":12}},{"id":"6a54f96f-4a73-41f6-8a52-72aecca2ddab","block_type":"box","text":"a Senior Managing Director and Chief Executive Officer of New York Life Investment Management. From 2008 to 2010, Mr.","page_number":90,"box":{"x":89,"y":460,"width":855,"height":12}},{"id":"7dc5de18-a6e9-4337-bded-09dc12adfd56","block_type":"box","text":"Lawton was the President of Fridson Investment Advisors, LLC. Mr. Lawton previously held multiple roles at Fidelity","page_number":90,"box":{"x":89,"y":475,"width":804,"height":12}},{"id":"d185de34-6e79-42ca-bccb-c56f49287de5","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":90,"box":{"x":89,"y":490,"width":859,"height":12}},{"id":"a5e71633-baae-4d36-beb0-56a707ac27d5","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":90,"box":{"x":89,"y":505,"width":806,"height":12}},{"id":"993f54df-281c-4697-9bb9-e2afb13dc576","block_type":"box","text":"John E. Martinez has been a Director of the Company since 2003 and Chair of the Equity Plus Committee of the Company","page_number":90,"box":{"x":88,"y":531,"width":847,"height":13}},{"id":"6d07ee34-67f0-45fe-b9af-456c57c93da6","block_type":"box","text":"since 2025. Mr. Martinez has also served as a Trustee of iShares Trust since 2003, a Trustee of iShares U.S. ETF Trust since","page_number":90,"box":{"x":89,"y":547,"width":849,"height":11}},{"id":"4c3eeaff-5f21-423f-a57b-8de7b905beeb","block_type":"box","text":"2011, and Chair of the Equity Plus Committee of each Board since 2025. 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Mr. Martinez previously served as Director of Barclays Global Investors (“BGI”) UK Holdings, where he","page_number":90,"box":{"x":89,"y":622,"width":863,"height":12}},{"id":"9627769a-0fae-43af-9371-0f2688ca9a1e","block_type":"box","text":"provided governance oversight representing BGI’s shareholders (Barclays PLC, BGI management shareholders) through","page_number":90,"box":{"x":89,"y":637,"width":833,"height":13}},{"id":"096db2f2-2045-4cc3-b937-a3ffdc699644","block_type":"box","text":"oversight of BGI’s worldwide activities. Mr. Martinez also previously served as Co-Chief Executive Officer of the Global Index","page_number":90,"box":{"x":89,"y":652,"width":863,"height":13}},{"id":"1a74c4d4-fbdd-4417-9225-0eff5cba49b7","block_type":"box","text":"and Markets Group of BGI, Chairman of Barclays Global Investor Services and Chief Executive Officer of the Capital Markets","page_number":90,"box":{"x":89,"y":668,"width":860,"height":12}},{"id":"f2efe38c-45b2-4d25-b016-ec9dac8e010a","block_type":"box","text":"Group of BGI. From 2003 to 2012, he was a Director and Executive Committee Member for Larkin Street Youth Services. He","page_number":90,"box":{"x":89,"y":683,"width":858,"height":12}},{"id":"1402f04c-cda1-485d-95cd-26bc05ac5a52","block_type":"box","text":"now serves on the Larkin Street Honorary Board. From 2012 to 2016, Mr. Martinez served as a Director for Reading Partners.","page_number":90,"box":{"x":89,"y":698,"width":865,"height":12}},{"id":"0e7154e7-a2b7-471e-8d27-fbf399255c41","block_type":"box","text":"Mr. Martinez has an AB degree in economics from The University of California, Berkeley and holds an MBA degree in finance","page_number":90,"box":{"x":89,"y":713,"width":867,"height":12}},{"id":"7dd0ab73-4569-4963-9d43-15a46599f771","block_type":"box","text":"and statistics from The University of Chicago Booth School of Business.","page_number":90,"box":{"x":89,"y":728,"width":498,"height":12}},{"id":"213e62b9-0c35-4a1d-bc8c-e67d91204a2b","block_type":"box","text":"Madhav V. Rajan has been a Director of the Company since 2011 and Chair of the Nominating and Governance Committee of","page_number":90,"box":{"x":89,"y":754,"width":876,"height":13}},{"id":"81f69776-6472-4a33-95d6-9915073bc104","block_type":"box","text":"the Company since 2025. Mr. Rajan has also served as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust since","page_number":90,"box":{"x":88,"y":770,"width":874,"height":12}},{"id":"4b0116c3-30ff-4d32-b0b7-646b04e33ca7","block_type":"box","text":"2011, and Chair of the Nominating and Governance Committee of each Board since 2025. Mr. Rajan served as a Director of","page_number":90,"box":{"x":89,"y":785,"width":857,"height":12}},{"id":"5dc9b19f-7f77-4d8a-bf8b-4ad369ed4976","block_type":"box","text":"iShares MSCI Russia Capped ETF, Inc. from 2011 to 2015. 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Mr.","page_number":90,"box":{"x":89,"y":845,"width":857,"height":12}},{"id":"831b611e-8077-4eb3-956d-6a10aa9209c3","block_type":"box","text":"Rajan has served as a director of WellBe Senior Medical since 2023. From 2001 to 2017, Mr. Rajan was the Robert K. Jaedicke","page_number":90,"box":{"x":89,"y":860,"width":864,"height":13}},{"id":"d354c764-244d-409a-b8d1-29039c8caa59","block_type":"box","text":"67","page_number":90,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"3583f857-fe0e-422d-877f-fd47588ced98","block_type":"box","text":"Professor of Accounting at the Stanford University Graduate School of Business. In April 2017, he received the school’s Robert","page_number":91,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"565712a4-3664-4ca3-b970-bc8f1898f3ab","block_type":"box","text":"T. Davis Award for Lifetime Achievement and Service. He has taught accounting for over 25 years to undergraduate, MBA","page_number":91,"box":{"x":88,"y":59,"width":850,"height":12}},{"id":"ccddacd2-314d-4a81-a9dc-f45500811195","block_type":"box","text":"and law students, as well as to senior executives. From 2010 to 2016, Mr. Rajan served as the Senior Associate Dean for","page_number":91,"box":{"x":89,"y":74,"width":833,"height":12}},{"id":"29b35e70-52cd-422c-b1f2-89846ded7538","block_type":"box","text":"Academic Affairs and head of the MBA Program at the Stanford University Graduate School of Business. Mr. Rajan served as","page_number":91,"box":{"x":88,"y":89,"width":867,"height":13}},{"id":"f11429c0-b842-4bfb-94a8-76ad768617f8","block_type":"box","text":"editor of “The Accounting Review” from 2002 to 2008 and is co-author of “Cost Accounting: A Managerial Emphasis,” a","page_number":91,"box":{"x":89,"y":104,"width":842,"height":13}},{"id":"e085439b-69cf-4c37-b1e3-59cb9e1d7411","block_type":"box","text":"leading cost accounting textbook. From 2013 to 2018, Mr. Rajan served on the Board of Directors of Cavium Inc., a","page_number":91,"box":{"x":89,"y":119,"width":798,"height":13}},{"id":"7963c4b7-49c6-4697-833d-4f25351bfd12","block_type":"box","text":"semiconductor company. Mr. Rajan holds MS and PhD degrees in Accounting from Carnegie Mellon University.","page_number":91,"box":{"x":89,"y":135,"width":775,"height":12}},{"id":"201ff70e-6ec6-4f47-b24c-eb4638b56262","block_type":"box","text":"Board – Leadership Structure and Oversight Responsibilities","page_number":91,"box":{"x":89,"y":161,"width":417,"height":12}},{"id":"16819684-b59c-400c-aef2-d992a2e25a07","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":91,"box":{"x":89,"y":188,"width":867,"height":12}},{"id":"9169ecba-5647-41c2-84d7-4c1c9d3ea1f8","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":91,"box":{"x":89,"y":203,"width":855,"height":12}},{"id":"a7022ec4-0304-4eae-b197-dd8c191ed448","block_type":"box","text":"accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and the Company’s charter. The","page_number":91,"box":{"x":89,"y":218,"width":878,"height":12}},{"id":"6e7d60eb-760b-404e-8a44-377f29546038","block_type":"box","text":"Board is currently composed of eleven members, nine of whom are Independent Directors. The Board currently conducts","page_number":91,"box":{"x":89,"y":233,"width":846,"height":12}},{"id":"4cfaec51-585b-4731-aa44-95371e910126","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":91,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"fad2a421-8c8a-4975-a19c-a4372b700629","block_type":"box","text":"or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The","page_number":91,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"fa8e5653-2767-4f09-977b-9dcf853bb3fe","block_type":"box","text":"Independent Directors meet regularly outside the presence of management, in executive session or with other service","page_number":91,"box":{"x":89,"y":278,"width":824,"height":13}},{"id":"64c54bbd-6fa1-416b-a6f3-733d85fb87b6","block_type":"box","text":"providers to the Company.","page_number":91,"box":{"x":89,"y":293,"width":183,"height":13}},{"id":"1cf42880-9e75-4c59-adbc-f788428729f8","block_type":"box","text":"The Board has appointed an Independent Director to serve in the role of Board Chair. The Board Chair’s role is to preside at all","page_number":91,"box":{"x":88,"y":320,"width":876,"height":12}},{"id":"2116b333-863a-4660-bb75-655c7f0494ba","block_type":"box","text":"meetings of the Board and to act as a liaison with service providers, officers, attorneys, and other Directors generally between","page_number":91,"box":{"x":89,"y":335,"width":877,"height":12}},{"id":"5f24aeec-47ea-4549-8488-63f1056e0d0d","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":91,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"e73d391b-ac13-4477-b28a-0da365d6dc09","block_type":"box","text":"Board has established seven standing Committees: a Nominating and Governance Committee, an Audit Committee, a 15(c)","page_number":91,"box":{"x":89,"y":365,"width":863,"height":12}},{"id":"b25c38e2-78b4-493f-9872-832fef6263f5","block_type":"box","text":"Committee, a Securities Lending Committee, a Risk Committee, an Equity Plus Committee and a Fixed Income Plus","page_number":91,"box":{"x":89,"y":380,"width":803,"height":13}},{"id":"baa6108f-a8f6-4e51-8697-477840967a46","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":91,"box":{"x":89,"y":395,"width":862,"height":13}},{"id":"49efd98a-933e-41c6-a386-241f75f73703","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":91,"box":{"x":88,"y":410,"width":863,"height":13}},{"id":"5130744b-da82-4f7d-a3fb-b3973cedc6a0","block_type":"box","text":"the Funds with respect to certain specified matters. The Chair of each standing Committee is an Independent Director. The","page_number":91,"box":{"x":88,"y":426,"width":860,"height":12}},{"id":"fbf336e1-98a5-42f0-b48f-e0b8483b461f","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":91,"box":{"x":89,"y":441,"width":816,"height":12}},{"id":"a07c1549-9385-4454-b497-dcff9f7deb7f","block_type":"box","text":"providers, officers, attorneys and other Directors between meetings. Each standing Committee meets regularly to conduct","page_number":91,"box":{"x":89,"y":456,"width":855,"height":12}},{"id":"c0b05742-57f6-4d70-aa04-c5672dd08644","block_type":"box","text":"the oversight functions delegated to the Committee by the Board and reports its finding to the Board. The Board and each","page_number":91,"box":{"x":88,"y":471,"width":852,"height":12}},{"id":"b088948c-1c19-4377-b3d8-a0a2063fbb9f","block_type":"box","text":"standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that","page_number":91,"box":{"x":89,"y":486,"width":862,"height":12}},{"id":"cb17abf7-f393-406f-9ede-027c4b721e65","block_type":"box","text":"the Board’s leadership structure is appropriate because it allows the Board to exercise independent judgment over","page_number":91,"box":{"x":88,"y":501,"width":798,"height":13}},{"id":"a6a39d86-e6f3-4837-bdb8-5d0f1673f02e","block_type":"box","text":"management and it allocates areas of responsibility among committees of Independent Directors and the full Board to","page_number":91,"box":{"x":89,"y":516,"width":828,"height":13}},{"id":"f6874061-d199-4d32-8f71-d3a9c7cd25f4","block_type":"box","text":"enhance effective oversight.","page_number":91,"box":{"x":89,"y":531,"width":194,"height":13}},{"id":"0ddd5e02-9dfa-49dd-b119-3581e9467035","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":91,"box":{"x":89,"y":558,"width":866,"height":12}},{"id":"34d7d7ef-43fb-432f-994a-d3156676681c","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":91,"box":{"x":88,"y":573,"width":845,"height":12}},{"id":"06bdfee6-48d5-414c-9235-bd4d4fcae99a","block_type":"box","text":"compliance, operational, reputational, counterparty and valuation risks, among others. While there are a number of risk","page_number":91,"box":{"x":89,"y":588,"width":836,"height":12}},{"id":"73caa78d-1c0c-49dc-b11d-0aecf56aeb95","block_type":"box","text":"management functions performed by BFA and other service providers, as applicable, it is not possible to identify and","page_number":91,"box":{"x":89,"y":603,"width":813,"height":13}},{"id":"e35f12dc-2129-4e29-85e5-3dd9cef24435","block_type":"box","text":"eliminate all of the risks applicable to the Funds. The Directors have an oversight role in this area, satisfying themselves that","page_number":91,"box":{"x":89,"y":618,"width":865,"height":13}},{"id":"8a3666b0-9625-42b5-9c70-463067df0e10","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":91,"box":{"x":89,"y":633,"width":831,"height":13}},{"id":"ecd35700-9172-4d64-8202-3337ff68c83f","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":91,"box":{"x":89,"y":649,"width":824,"height":12}},{"id":"138b5c75-513b-4170-9ef5-362641805006","block_type":"box","text":"management issues are specifically addressed in presentations and discussions. For example, BFA has an independent","page_number":91,"box":{"x":89,"y":664,"width":828,"height":12}},{"id":"86e106f0-bb74-4dad-8141-93e556194bd2","block_type":"box","text":"dedicated Risk and Quantitative Analysis Group (“RQA”) that assists BFA in managing fiduciary and corporate risks, including","page_number":91,"box":{"x":89,"y":679,"width":874,"height":12}},{"id":"180a3d89-2b26-415e-99a2-33d5b9a373a2","block_type":"box","text":"investment, operational, counterparty credit and enterprise risk. Representatives of RQA meet with the Board to discuss their","page_number":91,"box":{"x":89,"y":694,"width":871,"height":12}},{"id":"38ac9fb6-b7e8-4e6f-ac13-0226ba2d7797","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":91,"box":{"x":89,"y":709,"width":858,"height":12}},{"id":"6260f55f-0fe7-48bf-9448-854b745affef","block_type":"box","text":"The Board, directly or through a committee, also reviews reports from, among others, management and the independent","page_number":91,"box":{"x":88,"y":724,"width":848,"height":13}},{"id":"d41cdb55-0e62-4965-8c7d-6ae941c4ed90","block_type":"box","text":"registered public accounting firm for the Company, as appropriate, regarding risks faced by each Fund and management’s","page_number":91,"box":{"x":89,"y":739,"width":853,"height":13}},{"id":"33d4962c-b432-484c-9234-fd33be614a49","block_type":"box","text":"risk functions. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the","page_number":91,"box":{"x":89,"y":754,"width":840,"height":13}},{"id":"15db4c03-f248-4b54-bcd5-dd7eaf0e8675","block_type":"box","text":"Company’s compliance program, including assessments by independent third parties, and reports to the Board regarding","page_number":91,"box":{"x":89,"y":770,"width":846,"height":12}},{"id":"267ed1d5-09d7-4647-9fb8-e175d75f0fe2","block_type":"box","text":"compliance matters for the Company and its principal service providers. In testing and maintaining the compliance program,","page_number":91,"box":{"x":89,"y":785,"width":871,"height":12}},{"id":"2cdc37d4-633f-4d18-a849-1a3b497797f4","block_type":"box","text":"the Chief Compliance Officer (and his or her delegates) assesses key compliance risks affecting each Fund, and addresses","page_number":91,"box":{"x":88,"y":800,"width":852,"height":12}},{"id":"eb4bdfa6-d999-4e5a-952d-953f63e189c5","block_type":"box","text":"them in periodic reports to the Board. In addition, the Audit Committee meets with both the Funds’ independent registered","page_number":91,"box":{"x":88,"y":815,"width":861,"height":12}},{"id":"36597806-a53d-456a-9f40-286f93352828","block_type":"box","text":"public accounting firm and BFA’s internal audit group to review risk controls in place that support each Fund as well as test","page_number":91,"box":{"x":89,"y":830,"width":860,"height":12}},{"id":"34e78a39-a44b-42dc-bd12-d210fac8a722","block_type":"box","text":"results. Board oversight of risk is also performed as needed between meetings through communications between BFA and","page_number":91,"box":{"x":89,"y":845,"width":855,"height":12}},{"id":"e70b7596-023d-4c9e-86f0-04b20b8e1ee3","block_type":"box","text":"the Board. The Independent Directors have engaged independent legal counsel to assist them in performing their oversight","page_number":91,"box":{"x":88,"y":860,"width":863,"height":13}},{"id":"c14bbb28-2bab-4516-bf07-b0e65e42e09e","block_type":"box","text":"68","page_number":91,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"94decd14-e8b7-4b67-b2dc-21160b5be942","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":92,"box":{"x":89,"y":44,"width":821,"height":12}},{"id":"7123b33b-6d51-48a9-ab4f-217aa2354842","block_type":"box","text":"oversight role does not make it a guarantor of the Funds’ investment performance or other activities.","page_number":92,"box":{"x":89,"y":59,"width":704,"height":12}},{"id":"96df7180-c327-4f8e-8d71-bb1073abed8e","block_type":"box","text":"Committees of the Board of Directors.","page_number":92,"box":{"x":89,"y":85,"width":273,"height":10}},{"id":"1835f574-4802-4779-8272-dbbef77de951","block_type":"box","text":"The members of the Audit Committee are Laura F. Fergerson (Chair), Richard L.","page_number":92,"box":{"x":370,"y":85,"width":556,"height":13}},{"id":"ebbfb160-263c-4d41-8287-07da33babd45","block_type":"box","text":"Fagnani (Co-Chair from January 1, 2025 to June 30, 2025), Cecilia H. Herbert and John E. Martinez, each of whom is an","page_number":92,"box":{"x":89,"y":101,"width":825,"height":12}},{"id":"f5b4cc48-b88f-4160-9bc7-839fca94d247","block_type":"box","text":"Independent Director. The purposes of the Audit Committee are to assist the Board (i) in its oversight of the Company’s","page_number":92,"box":{"x":89,"y":116,"width":834,"height":12}},{"id":"107a488b-ac74-4cb2-99ff-5bac83bdaff0","block_type":"box","text":"accounting and financial reporting principles and policies and related controls and procedures maintained by or on behalf of","page_number":92,"box":{"x":89,"y":131,"width":871,"height":12}},{"id":"8bfc614f-cb88-41fa-813d-7b90d983ae4b","block_type":"box","text":"the Company; (ii) in its oversight of the Company’s financial statements and the independent audit thereof; (iii) in selecting,","page_number":92,"box":{"x":88,"y":146,"width":864,"height":12}},{"id":"90ce4171-c263-4340-9918-bc63c7063fc9","block_type":"box","text":"evaluating and, where deemed appropriate, replacing the independent accountants (or nominating the independent","page_number":92,"box":{"x":89,"y":161,"width":814,"height":12}},{"id":"009c6663-710d-4bbd-9415-9e27d85ba124","block_type":"box","text":"accountants to be proposed for shareholder approval in any proxy statement); (iv) in evaluating the independence of the","page_number":92,"box":{"x":89,"y":176,"width":843,"height":13}},{"id":"59a736de-cd03-47ff-9259-d665df80bf36","block_type":"box","text":"independent accountants; (v) in complying with legal and regulatory requirements that relate to the Company’s accounting","page_number":92,"box":{"x":89,"y":191,"width":864,"height":13}},{"id":"576d8817-75f7-47ad-9cf3-77e7473f1794","block_type":"box","text":"and financial reporting, internal controls, compliance controls and independent audits; and (vi) to assume such other","page_number":92,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"19f47c29-43ba-4354-81a4-211c956c10ed","block_type":"box","text":"responsibilities as may be delegated by the Board. The Audit Committee met five times during the fiscal year ended August","page_number":92,"box":{"x":89,"y":222,"width":860,"height":12}},{"id":"bcea5b30-0346-485c-81ec-23287a715c76","block_type":"box","text":"31, 2025.","page_number":92,"box":{"x":89,"y":237,"width":61,"height":11}},{"id":"806166bc-7855-45b3-910c-2bb19aea3465","block_type":"box","text":"The members of the Nominating and Governance Committee are Madhav V. Rajan (Chair), Richard L. Fagnani, Laura F.","page_number":92,"box":{"x":88,"y":263,"width":830,"height":12}},{"id":"1c5a75e0-5453-46b1-ac03-819e22559025","block_type":"box","text":"Fergerson, and Cecilia H. Herbert, each of whom is an Independent Director. The Nominating and Governance Committee","page_number":92,"box":{"x":89,"y":278,"width":851,"height":13}},{"id":"02322a45-04f8-4adf-8c45-a5ac80f5c0be","block_type":"box","text":"nominates individuals for Independent Director membership on the Board and recommends appointments to the Advisory","page_number":92,"box":{"x":89,"y":293,"width":859,"height":13}},{"id":"a526cb6d-a49f-48e0-8635-685c8aff10ad","block_type":"box","text":"Board. The Nominating and Governance Committee functions include, but are not limited to, the following: (i) reviewing the","page_number":92,"box":{"x":89,"y":308,"width":866,"height":13}},{"id":"bd8dda3c-6c60-488c-83aa-76a3a510d28f","block_type":"box","text":"qualifications of any person properly identified or nominated to serve as an Independent Director; (ii) recommending to the","page_number":92,"box":{"x":89,"y":324,"width":863,"height":12}},{"id":"16dba7b5-5555-493d-9fe7-36a8317420e0","block_type":"box","text":"Board and current Independent Directors the nominee(s) for appointment as an Independent Director by the Board and","page_number":92,"box":{"x":89,"y":339,"width":836,"height":12}},{"id":"d76951ed-aa11-470c-89c5-93a43c3b91a3","block_type":"box","text":"current Independent Directors and/or for election as Independent Directors by shareholders to fill any vacancy for a position","page_number":92,"box":{"x":89,"y":354,"width":870,"height":12}},{"id":"c0e5ce06-61b5-4610-8983-e3ccd568366d","block_type":"box","text":"of Independent Director(s) on the Board; (iii) recommending to the Board and current Independent Directors the size and","page_number":92,"box":{"x":89,"y":369,"width":848,"height":12}},{"id":"d7cf8ab0-3732-4f0f-aaa9-979da7cda373","block_type":"box","text":"composition of the Board and Board committees and whether they comply with applicable laws and regulations; (iv)","page_number":92,"box":{"x":89,"y":384,"width":814,"height":12}},{"id":"1e7938ce-dce4-413c-874e-bb629e8c8097","block_type":"box","text":"recommending a current Independent Director to the Board and current Independent Directors to serve as Board Chair; (v)","page_number":92,"box":{"x":89,"y":399,"width":858,"height":13}},{"id":"040402ab-b309-426f-acb1-5d53f304b931","block_type":"box","text":"periodic review of the Board’s retirement policy; and (vi) recommending an appropriate level of compensation for the","page_number":92,"box":{"x":89,"y":414,"width":820,"height":13}},{"id":"dd17873c-dfcb-47b3-a33b-4bab875ee5c7","block_type":"box","text":"Independent Directors for their services as Directors, members or chairpersons of committees of the Board, Board Chair and","page_number":92,"box":{"x":89,"y":429,"width":868,"height":13}},{"id":"b77ab00c-5e3e-42fa-934a-90139ed36429","block_type":"box","text":"any other positions as the Nominating and Governance Committee considers appropriate. The Nominating and Governance","page_number":92,"box":{"x":89,"y":445,"width":867,"height":12}},{"id":"e0e38154-26c4-449b-96eb-1929bed38c46","block_type":"box","text":"Committee does not consider Board nominations recommended by shareholders (acting solely in their capacity as a","page_number":92,"box":{"x":89,"y":460,"width":812,"height":12}},{"id":"0a247019-bfc4-4770-a63b-1b25f3b21831","block_type":"box","text":"shareholder and not in any other capacity). The Nominating and Governance Committee met three times during the fiscal","page_number":92,"box":{"x":89,"y":475,"width":852,"height":12}},{"id":"72e5bd20-352b-4ab9-824e-544db951b785","block_type":"box","text":"year ended August 31, 2025.","page_number":92,"box":{"x":88,"y":490,"width":199,"height":12}},{"id":"4a36d293-3e19-407b-9fa2-371f82a928db","block_type":"box","text":"Each Independent Director serves on the 15(c) Committee. The Chair of the 15(c) Committee is Richard L. Fagnani. The","page_number":92,"box":{"x":89,"y":516,"width":835,"height":13}},{"id":"d9d2dbc0-2b77-480f-abb5-8284f38e8996","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":92,"box":{"x":89,"y":531,"width":865,"height":13}},{"id":"f6e7dfc4-005f-491b-b742-aaa533cf9747","block_type":"box","text":"the annual review and renewal of the Company’s advisory and sub-advisory agreements. These responsibilities include: (i)","page_number":92,"box":{"x":88,"y":547,"width":854,"height":12}},{"id":"e2e06db7-7f89-4532-b39a-60144974bc70","block_type":"box","text":"meeting with BlackRock, Inc. in advance of the Board meeting at which the Company’s advisory and sub-advisory","page_number":92,"box":{"x":89,"y":562,"width":795,"height":12}},{"id":"979af609-ca96-4ef7-8b9c-7aeefa63d015","block_type":"box","text":"agreements are to be considered to discuss generally the process for providing requested information to the Board and the","page_number":92,"box":{"x":89,"y":577,"width":859,"height":12}},{"id":"16c515c0-a2a0-4cc3-96fa-89961bc691bc","block_type":"box","text":"format in which information will be provided; and (ii) considering and discussing with BlackRock, Inc. such other matters and","page_number":92,"box":{"x":88,"y":592,"width":878,"height":12}},{"id":"57103db1-9b8c-45b5-b8a2-9b6943288d72","block_type":"box","text":"information as may be necessary and appropriate for the Board to evaluate the investment advisory and sub-advisory","page_number":92,"box":{"x":89,"y":607,"width":822,"height":12}},{"id":"9dfd5856-ac99-4413-bac6-d3f6e0dc156d","block_type":"box","text":"agreements of the Company. The 15(c) Committee met two times during the fiscal year ended August 31, 2025.","page_number":92,"box":{"x":89,"y":622,"width":782,"height":12}},{"id":"4192133e-e98e-43eb-aa2e-dcf9a0ab15be","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":92,"box":{"x":88,"y":649,"width":837,"height":12}},{"id":"5a64a751-8b82-45a6-b329-38335a5d952d","block_type":"box","text":"Martinez, each of whom is an Independent Director. The principal responsibilities of the Securities Lending Committee are to","page_number":92,"box":{"x":89,"y":664,"width":871,"height":12}},{"id":"b0fd0d61-b0fa-4322-99de-0672b47bff9d","block_type":"box","text":"support, oversee and organize on behalf of the Board the process for oversight of the Company’s securities lending activities.","page_number":92,"box":{"x":89,"y":679,"width":871,"height":12}},{"id":"3b797b0a-6e12-4398-ba3d-47a3dbacb20f","block_type":"box","text":"These responsibilities include: (i) requesting that certain information be provided to the Committee for its review and","page_number":92,"box":{"x":88,"y":694,"width":819,"height":12}},{"id":"d9af87dd-a457-44e8-8b1c-c439e15b114c","block_type":"box","text":"consideration prior to such information being provided to the Board; (ii) considering and discussing with BlackRock, Inc. such","page_number":92,"box":{"x":89,"y":709,"width":877,"height":12}},{"id":"e6343b4c-1962-4caf-94d6-463f72e6eb86","block_type":"box","text":"other matters and information as may be necessary and appropriate for the Board to oversee the Company’s securities","page_number":92,"box":{"x":89,"y":724,"width":829,"height":13}},{"id":"201d2b7f-e716-4dcc-aa0c-bb5b20e030ef","block_type":"box","text":"lending activities and make required findings and approvals; and (iii) providing a recommendation to the Board regarding the","page_number":92,"box":{"x":89,"y":739,"width":874,"height":13}},{"id":"68c94865-43c8-4ad2-9f74-d7a8cd431a1f","block_type":"box","text":"annual approval of the Company’s Securities Lending Guidelines and the required findings with respect to, and annual","page_number":92,"box":{"x":89,"y":754,"width":824,"height":13}},{"id":"281a92de-cb97-49fe-acf8-59c994dbbb77","block_type":"box","text":"approval of, the Company’s agreement with the securities lending agent. The Securities Lending Committee met five times","page_number":92,"box":{"x":89,"y":770,"width":856,"height":12}},{"id":"298b3c07-ff49-4090-b7bc-51b7ff121acb","block_type":"box","text":"during the fiscal year ended August 31, 2025.","page_number":92,"box":{"x":89,"y":785,"width":315,"height":12}},{"id":"4a6cf4bb-e8eb-416f-9752-17c508394220","block_type":"box","text":"The members of the Equity Plus Committee are John E. Martinez (Chair), Jane D. Carlin, Richard L. Fagnani, and Cecilia H.","page_number":92,"box":{"x":88,"y":811,"width":843,"height":12}},{"id":"3cdd9bd3-1b08-4891-b4c1-80a6d93672b0","block_type":"box","text":"Herbert, each of whom is an Independent Director. The principal responsibilities of the Equity Plus Committee are to support,","page_number":92,"box":{"x":89,"y":826,"width":873,"height":13}},{"id":"04e1cfba-de2f-4090-b7d5-54c81fe8c706","block_type":"box","text":"oversee and organize on behalf of the Board the process for oversight of Company performance and related matters for","page_number":92,"box":{"x":89,"y":841,"width":834,"height":13}},{"id":"f22a79bd-9876-4cbb-98a6-92e3b1d759e5","block_type":"box","text":"equity funds. These responsibilities include: (i) reviewing quarterly reports regarding Company performance, secondary","page_number":92,"box":{"x":89,"y":856,"width":836,"height":13}},{"id":"22d693c6-540c-44d3-9791-fe32720ad99a","block_type":"box","text":"69","page_number":92,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"6d52b21f-b0a1-44fa-a566-d1d2967cb36e","block_type":"box","text":"market trading and changes in net assets to identify any matters that should be brought to the attention of the Board; and (ii)","page_number":93,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"34a231e5-2247-46e6-a05c-7df03f6af94e","block_type":"box","text":"considering any performance or investment related matters as may be delegated to the Committee by the Board from time to","page_number":93,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"afc49aa8-8359-4f03-9118-140b8b97bf47","block_type":"box","text":"time and providing a report or recommendation to the Board as appropriate. The Equity Plus Committee met four times","page_number":93,"box":{"x":88,"y":74,"width":837,"height":12}},{"id":"024046d2-9e34-4517-a040-97b4ac0ec3f0","block_type":"box","text":"during the fiscal year ended August 31, 2025.","page_number":93,"box":{"x":89,"y":89,"width":315,"height":13}},{"id":"34a02ccb-edc4-4928-9192-4229226ef214","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":93,"box":{"x":88,"y":116,"width":880,"height":12}},{"id":"841b9cd7-9065-48d3-9e64-70084b5dada3","block_type":"box","text":"V. Rajan, each of whom is an Independent Director. The principal responsibilities of the Fixed Income Plus Committee are to","page_number":93,"box":{"x":88,"y":131,"width":865,"height":12}},{"id":"1318e0ea-a2a8-4982-bbce-fcaba1873d18","block_type":"box","text":"support, oversee and organize on behalf of the Board the process for oversight of Company performance and related matters","page_number":93,"box":{"x":89,"y":146,"width":873,"height":12}},{"id":"b7a48997-c80f-4391-8488-4d238be67942","block_type":"box","text":"for fixed-income or multi-asset funds. These responsibilities include: (i) reviewing quarterly reports regarding Company","page_number":93,"box":{"x":88,"y":161,"width":836,"height":12}},{"id":"33095a6f-651d-4480-8c61-d7c4b2ea2204","block_type":"box","text":"performance, secondary market trading and changes in net assets to identify any matters that should be brought to the","page_number":93,"box":{"x":89,"y":176,"width":837,"height":13}},{"id":"8379c3a9-f398-4f23-a937-d06b26ffa400","block_type":"box","text":"attention of the Board; and (ii) considering any performance or investment related matters as may be delegated to the","page_number":93,"box":{"x":89,"y":191,"width":826,"height":13}},{"id":"58836d00-0e20-405b-8625-777c150c0807","block_type":"box","text":"Committee by the Board from time to time and providing a report or recommendation to the Board as appropriate. The Fixed","page_number":93,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"615f1f2f-7eb7-429d-9e50-d738ac93157b","block_type":"box","text":"Income Plus Committee met four times during the fiscal year ended August 31, 2025.","page_number":93,"box":{"x":89,"y":222,"width":596,"height":12}},{"id":"2af348a5-0ef2-4685-88a4-7bdbfd5ccfde","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":93,"box":{"x":88,"y":248,"width":838,"height":12}},{"id":"26554c1f-34a2-4868-8364-a669844ef7bc","block_type":"box","text":"2025), Cecilia H. Herbert, Drew E. Lawton and Madhav V. Rajan, each of whom is an Independent Director. The principal","page_number":93,"box":{"x":89,"y":263,"width":837,"height":12}},{"id":"1778ea29-5d36-45ce-be98-3287de38a81e","block_type":"box","text":"responsibility of the Risk Committee is to consider and organize on behalf of the Board risk related matters of the Funds so","page_number":93,"box":{"x":89,"y":278,"width":856,"height":13}},{"id":"a87bced1-789c-4b2e-b9d5-5f3c65ace056","block_type":"box","text":"the Board may most effectively structure itself to oversee them. The Risk Committee commenced on January 1, 2016. The","page_number":93,"box":{"x":88,"y":293,"width":850,"height":13}},{"id":"cd506422-b8c0-4db5-b286-3ed102fb2497","block_type":"box","text":"Risk Committee met five times during the fiscal year ended August 31, 2025.","page_number":93,"box":{"x":89,"y":308,"width":534,"height":13}},{"id":"3d7ab68a-43d8-4147-840c-e99aacbadd43","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":93,"box":{"x":88,"y":335,"width":685,"height":12}},{"id":"7cc1fc5c-0994-4a7f-8eaf-7e19ce3ad9d7","block_type":"box","text":"The following table sets forth, as of December 31, 2024, the dollar range of equity securities beneficially owned by each","page_number":93,"box":{"x":88,"y":361,"width":833,"height":13}},{"id":"bcc85e52-9ec9-456f-a5fa-5371e0d14b38","block_type":"box","text":"Director in the Funds and in other registered investment companies overseen by the Director within the same family of","page_number":93,"box":{"x":89,"y":376,"width":831,"height":13}},{"id":"d488e661-185b-4faa-a23e-c61974322eae","block_type":"box","text":"investment companies as the Company. If a fund is not listed below, the Director did not own any securities in that fund as of","page_number":93,"box":{"x":89,"y":392,"width":875,"height":12}},{"id":"0a4eaf0f-5f37-4235-a64a-fd3a62510c1a","block_type":"box","text":"the date indicated above:","page_number":93,"box":{"x":88,"y":407,"width":176,"height":9}},{"id":"723a6fb2-fe22-40ba-a32a-6f00f66547d8","block_type":"box","text":"Name Fund","page_number":93,"box":{"x":145,"y":497,"width":302,"height":8}},{"id":"2a1c0431-b241-45c2-9669-617df35ca01f","block_type":"box","text":"Dollar Range of Equity","page_number":93,"box":{"x":647,"y":487,"width":128,"height":10}},{"id":"71e86eee-0b2d-4318-827d-a053d08b546c","block_type":"box","text":"Securities in Named Fund","page_number":93,"box":{"x":637,"y":497,"width":147,"height":8}},{"id":"8403afbc-b209-4bce-a410-54bd0b541ef2","block_type":"box","text":"Aggregate Dollar Range","page_number":93,"box":{"x":821,"y":436,"width":138,"height":10}},{"id":"3ec8baca-dff2-4ae2-90dc-a0b1e955a5f7","block_type":"box","text":"of Equity Securities in all","page_number":93,"box":{"x":820,"y":446,"width":140,"height":10}},{"id":"5d92821a-a5ee-4a3a-8294-0b88fb590929","block_type":"box","text":"Registered Investment","page_number":93,"box":{"x":826,"y":457,"width":129,"height":9}},{"id":"c66789d4-4909-48f5-9523-3c5da206d54b","block_type":"box","text":"Companies Overseen by","page_number":93,"box":{"x":821,"y":467,"width":139,"height":9}},{"id":"c3f231f7-e81d-4d8a-880b-f3ce88bdbe6d","block_type":"box","text":"Director","page_number":93,"box":{"x":867,"y":477,"width":47,"height":7}},{"id":"f2c72724-b0cd-4960-ae50-a06e116b419c","block_type":"box","text":"in Family of","page_number":93,"box":{"x":857,"y":487,"width":67,"height":10}},{"id":"202a74fc-0682-430c-a602-9f9ca9c758c4","block_type":"box","text":"Investment Companies","page_number":93,"box":{"x":825,"y":497,"width":131,"height":10}},{"id":"43c7635b-e028-4b32-85e6-272f7ffb7d5f","block_type":"box","text":"Robert S. 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Equity","page_number":94,"box":{"x":647,"y":95,"width":128,"height":10}},{"id":"6e3a5238-c057-41ed-bb0b-938d47a48ab5","block_type":"box","text":"Securities in Named Fund","page_number":94,"box":{"x":637,"y":105,"width":147,"height":8}},{"id":"81d0a13c-8468-4161-a9b8-69def077ce25","block_type":"box","text":"Aggregate Dollar Range","page_number":94,"box":{"x":821,"y":45,"width":138,"height":9}},{"id":"b1495fbf-ba13-4834-a50b-c5a35679e9ca","block_type":"box","text":"of Equity Securities in all","page_number":94,"box":{"x":820,"y":55,"width":140,"height":9}},{"id":"bee1d677-12a2-4704-a31b-beb3cef13abe","block_type":"box","text":"Registered Investment","page_number":94,"box":{"x":826,"y":65,"width":129,"height":10}},{"id":"0c25d695-ae17-45d0-9478-84780dcda4c3","block_type":"box","text":"Companies Overseen 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BlackRock may also determine to rely on the","page_number":105,"box":{"x":89,"y":206,"width":831,"height":13}},{"id":"0b283ba9-1b3f-477d-978a-dcfa4061c30a","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":105,"box":{"x":89,"y":222,"width":841,"height":12}},{"id":"c5ed7844-5c51-4a79-829f-7990d75741ce","block_type":"box","text":"behalf of the Funds.","page_number":105,"box":{"x":89,"y":237,"width":138,"height":9}},{"id":"20040eb4-fe98-40a6-95df-7f097d2c1ca6","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":105,"box":{"x":89,"y":263,"width":815,"height":12}},{"id":"1e4f14e9-7f5e-4c2d-97bc-5d834343798c","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":105,"box":{"x":89,"y":278,"width":870,"height":13}},{"id":"8a4fe3f2-ea50-4816-8fa7-d826c1a15779","block_type":"box","text":"of interest relating to asset allocation, timing of Fund purchases and redemptions or sales, and increased remuneration and","page_number":105,"box":{"x":89,"y":293,"width":863,"height":13}},{"id":"41adbdf1-a148-42c9-bfd4-291f96b43585","block_type":"box","text":"profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":105,"box":{"x":89,"y":308,"width":541,"height":13}},{"id":"95cc8d91-27b2-42ae-8b24-4ab48ec07f9c","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":105,"box":{"x":89,"y":335,"width":827,"height":12}},{"id":"0e1c7144-92ec-417d-b31c-5ff78cd99e8e","block_type":"box","text":"account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients","page_number":105,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"e429a9fd-845f-47bc-8ac3-33f8bb0269ab","block_type":"box","text":"(“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate based on each party’s","page_number":105,"box":{"x":89,"y":365,"width":804,"height":12}},{"id":"c08066a0-27ab-4657-a3cf-4e11285e02c3","block_type":"box","text":"investment objectives and guidelines, subject to applicable law and regulation. There may be potential conflicts of interest or","page_number":105,"box":{"x":89,"y":380,"width":872,"height":13}},{"id":"52d7ec4d-65dd-407f-a11c-0c2b7ab18a2f","block_type":"box","text":"regulatory issues relating to these transactions which could limit BlackRock’s decision to engage in these transactions for the","page_number":105,"box":{"x":89,"y":395,"width":875,"height":13}},{"id":"726f000e-89f1-417a-8e70-3bf54bbc6d74","block_type":"box","text":"Funds. BlackRock may have a potentially conflicting division of loyalties and responsibilities to the parties in such","page_number":105,"box":{"x":89,"y":410,"width":788,"height":13}},{"id":"224e2c69-517e-41bd-af10-4b1dc690d1a1","block_type":"box","text":"transactions.","page_number":105,"box":{"x":88,"y":427,"width":90,"height":8}},{"id":"9d6d7b2f-639e-4574-8f4e-1f8018730004","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":105,"box":{"x":89,"y":452,"width":839,"height":12}},{"id":"f7e8de25-59bf-465b-844f-ac42cc15fd06","block_type":"box","text":"activities may have an adverse effect on the Fund. 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It","page_number":105,"box":{"x":89,"y":539,"width":873,"height":12}},{"id":"16d72fb6-3646-4429-83c2-27ad5394f311","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":105,"box":{"x":89,"y":554,"width":851,"height":12}},{"id":"2c814a18-d68b-41af-89f7-ff749ffdf953","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":105,"box":{"x":89,"y":569,"width":859,"height":13}},{"id":"e03381c3-b3e4-44f6-af7f-f8f40020be83","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":105,"box":{"x":88,"y":584,"width":840,"height":13}},{"id":"07bccfbd-dd03-4767-bfad-4efd1ac41491","block_type":"box","text":"achieve significant profits. The opposite result is also possible.","page_number":105,"box":{"x":89,"y":599,"width":433,"height":13}},{"id":"c572e882-9f84-44ff-8b4c-09d1a9226030","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":105,"box":{"x":89,"y":626,"width":838,"height":12}},{"id":"78bcb46e-9e36-4775-8181-39fceefc790f","block_type":"box","text":"activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or","page_number":105,"box":{"x":89,"y":641,"width":845,"height":12}},{"id":"8f379e27-3a8d-4756-a670-2c85ae473847","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":105,"box":{"x":89,"y":656,"width":839,"height":13}},{"id":"055e44be-1707-4e29-bac6-a99652d53ae5","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":105,"box":{"x":88,"y":671,"width":850,"height":13}},{"id":"f35628e5-ea9c-4ddb-8489-dc84c5aa7c0e","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits have been reached.","page_number":105,"box":{"x":89,"y":686,"width":867,"height":13}},{"id":"64f5a54e-4373-4bb5-b8c5-6990f858e224","block_type":"box","text":"For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may","page_number":105,"box":{"x":89,"y":702,"width":850,"height":12}},{"id":"428b6fd3-623e-4d30-9f38-48d4186f2a46","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":105,"box":{"x":89,"y":717,"width":860,"height":12}},{"id":"70a66a2b-0ed1-48f9-a6f4-1d4544bc99c1","block_type":"box","text":"the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors.","page_number":105,"box":{"x":88,"y":732,"width":678,"height":12}},{"id":"d51f66a3-4ce5-479f-b514-37601ee646a9","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and proprietary","page_number":105,"box":{"x":89,"y":758,"width":859,"height":13}},{"id":"650cc122-4e83-4fe6-84ec-dd04cb3d1def","block_type":"box","text":"technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect transactions on","page_number":105,"box":{"x":88,"y":773,"width":842,"height":13}},{"id":"2ef9db8a-1a97-4a25-a620-1d0805c42403","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":105,"box":{"x":89,"y":788,"width":854,"height":13}},{"id":"e0a75cd6-d9b1-45cf-81eb-3451133c2551","block_type":"box","text":"available any information regarding its proprietary activities or strategies, or the activities or strategies used for other","page_number":105,"box":{"x":89,"y":804,"width":815,"height":12}},{"id":"4068b9e2-8e2b-486f-9048-88060bf9adab","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":105,"box":{"x":89,"y":819,"width":858,"height":12}},{"id":"32d0c011-dcb9-48f9-aa24-44254035078b","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio strategies of","page_number":105,"box":{"x":89,"y":834,"width":818,"height":12}},{"id":"2c81aef9-0fc0-446b-9156-7a94afa22a0b","block_type":"box","text":"BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict","page_number":105,"box":{"x":89,"y":849,"width":845,"height":12}},{"id":"8b46acf5-b213-44d3-bf21-bff0469f35c0","block_type":"box","text":"with the transactions and strategies employed by BlackRock in managing a Fund.","page_number":105,"box":{"x":88,"y":864,"width":568,"height":12}},{"id":"69f333d0-6a18-4c33-ad3f-31e15bf6c0a6","block_type":"box","text":"82","page_number":105,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ff021a83-037b-47c3-85ba-a74260db2f33","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":106,"box":{"x":88,"y":44,"width":852,"height":12}},{"id":"5ee1614f-f5ae-446c-9701-8ca46eee11db","block_type":"box","text":"extent clients invest in these investment models and increase the assets under management of the Funds, the investment","page_number":106,"box":{"x":89,"y":59,"width":851,"height":12}},{"id":"9bfbbb6b-af38-4c8e-a32d-7c9c8d5655a2","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":106,"box":{"x":89,"y":74,"width":875,"height":12}},{"id":"2d9e24cc-ba7d-40c8-85b6-701a9048229b","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":106,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"337326e9-ae7e-4721-8f1f-44de9de28e99","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":106,"box":{"x":89,"y":104,"width":868,"height":13}},{"id":"82dbe564-e000-4df8-b493-6724ba145b86","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may have","page_number":106,"box":{"x":89,"y":119,"width":815,"height":13}},{"id":"cb60879d-cb68-4662-9e84-c5b15c7dc95e","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":106,"box":{"x":89,"y":135,"width":865,"height":12}},{"id":"87273592-1a5e-4b11-97a0-e45034341b98","block_type":"box","text":"their clients may be a consideration of which investors in a Fund should be aware.","page_number":106,"box":{"x":88,"y":150,"width":573,"height":12}},{"id":"349b0069-7c78-45f0-91fc-ebd1afa1f9ec","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":106,"box":{"x":89,"y":176,"width":835,"height":13}},{"id":"319f3ce9-905f-4305-8582-1e8837622f2f","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":106,"box":{"x":89,"y":191,"width":817,"height":13}},{"id":"2176610e-7d6f-4761-a511-0c276d8510b4","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":106,"box":{"x":89,"y":206,"width":844,"height":13}},{"id":"465d39f0-ca74-4c7e-b057-c1c22039b8f5","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":106,"box":{"x":89,"y":222,"width":851,"height":12}},{"id":"61704d6c-50da-497d-9462-0c5bb81776eb","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":106,"box":{"x":88,"y":237,"width":839,"height":12}},{"id":"ba15ae74-924e-4c6d-9a53-3332e7943a3e","block_type":"box","text":"BlackRock.","page_number":106,"box":{"x":89,"y":252,"width":74,"height":9}},{"id":"cf314a62-385a-489f-b4ff-9f771fa5eae9","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or instruments of which","page_number":106,"box":{"x":89,"y":278,"width":872,"height":13}},{"id":"467137aa-395b-455d-a11e-c0de5eab6106","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":106,"box":{"x":89,"y":293,"width":848,"height":13}},{"id":"0f16b03c-cf28-43d3-89d4-5312d762c6f0","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":106,"box":{"x":89,"y":308,"width":827,"height":13}},{"id":"7b2ece61-9bb4-4a1b-b2aa-40bb4de0ef82","block_type":"box","text":"entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by","page_number":106,"box":{"x":89,"y":324,"width":847,"height":12}},{"id":"31b86ca7-8f15-4aaf-ab34-b2f104e93399","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":106,"box":{"x":89,"y":339,"width":837,"height":12}},{"id":"f208197e-e2f0-41f8-8cd0-7197db34b357","block_type":"box","text":"these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with","page_number":106,"box":{"x":88,"y":354,"width":857,"height":12}},{"id":"ec1e23db-5e4a-4cb8-b725-2799c7f0937e","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":106,"box":{"x":89,"y":369,"width":870,"height":12}},{"id":"86f1b24d-484c-4112-9779-2d7b008780b7","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":106,"box":{"x":89,"y":384,"width":839,"height":12}},{"id":"23864362-59c6-40ea-b02b-6ffa04c99a59","block_type":"box","text":"transactions with other clients of BlackRock where such other clients have interests adverse to those of the Fund. At times,","page_number":106,"box":{"x":88,"y":399,"width":859,"height":11}},{"id":"19a88eb4-f99d-4341-9231-a293b5424853","block_type":"box","text":"these activities may cause business units or entities within BlackRock to give advice to clients that may cause these clients to","page_number":106,"box":{"x":88,"y":414,"width":875,"height":13}},{"id":"ca1f3645-0aee-454d-8ef6-ab39105cf457","block_type":"box","text":"take actions adverse to the interests of the Fund. To the extent such transactions are permitted, a Fund will deal with","page_number":106,"box":{"x":88,"y":429,"width":817,"height":13}},{"id":"4ecbe620-f389-407a-8392-927e17c47d5e","block_type":"box","text":"BlackRock on an arms-length basis.","page_number":106,"box":{"x":89,"y":445,"width":248,"height":12}},{"id":"1d8a748c-9773-4640-bfff-6b0751bb7ddf","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":106,"box":{"x":88,"y":471,"width":801,"height":12}},{"id":"e82fbb98-bb5f-411b-a758-99995b749947","block_type":"box","text":"commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, markdowns, financial advisory fees,","page_number":106,"box":{"x":89,"y":486,"width":836,"height":12}},{"id":"b58d86d0-d68c-49db-bcf1-949c821332fc","block_type":"box","text":"underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or","page_number":106,"box":{"x":89,"y":501,"width":855,"height":13}},{"id":"33c61812-9060-467e-a43f-5d624371c00f","block_type":"box","text":"profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock,","page_number":106,"box":{"x":89,"y":516,"width":854,"height":13}},{"id":"4568c4db-c0c3-421b-b1d2-4b4c16ab8293","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":106,"box":{"x":89,"y":531,"width":855,"height":13}},{"id":"ec52a05a-0b73-4dd6-88bd-0ce1cf437e60","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":106,"box":{"x":89,"y":547,"width":858,"height":12}},{"id":"0fba63ae-6be3-4c5a-b6c7-d02862115d51","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":106,"box":{"x":89,"y":562,"width":820,"height":12}},{"id":"83658b8e-950a-443b-ab67-4fa17ab3df34","block_type":"box","text":"commercial capacities for a Fund or BlackRock.","page_number":106,"box":{"x":89,"y":577,"width":329,"height":12}},{"id":"909499df-93b4-4f64-aae7-852ff04c9e2f","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":106,"box":{"x":88,"y":603,"width":821,"height":13}},{"id":"1a486ece-4ba9-469d-876d-c5e8bd1f35c6","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":106,"box":{"x":89,"y":618,"width":850,"height":13}},{"id":"b25ed9c3-4479-4258-ae41-22087e4bb6de","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":106,"box":{"x":89,"y":633,"width":874,"height":13}},{"id":"74a362c1-b065-46ee-8e66-c6edbb946c2f","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":106,"box":{"x":89,"y":649,"width":824,"height":12}},{"id":"b13ed82d-8f58-4088-b8b0-548f17c889e4","block_type":"box","text":"amounts.","page_number":106,"box":{"x":89,"y":665,"width":65,"height":8}},{"id":"34d4366b-2d91-4a6f-9016-49bdfe31c1f0","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":106,"box":{"x":88,"y":690,"width":858,"height":13}},{"id":"4b20cb22-77b9-4d30-8a42-1f52bb424d99","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":106,"box":{"x":89,"y":705,"width":856,"height":13}},{"id":"cd5e7858-e1a2-439f-9a40-64285fcbc458","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":106,"box":{"x":89,"y":720,"width":873,"height":13}},{"id":"17c49029-ac94-4d17-9c61-1ae458f95ff4","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":106,"box":{"x":89,"y":736,"width":831,"height":12}},{"id":"8b026931-6ae1-4af9-8b2d-454bc4ce963c","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":106,"box":{"x":89,"y":751,"width":820,"height":12}},{"id":"b4fffbb8-4a77-4386-b24e-6522530a11e7","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":106,"box":{"x":89,"y":777,"width":851,"height":12}},{"id":"ef86ec0c-231c-45de-9175-acdd9f8677c5","block_type":"box","text":"securities lending revenues from, the Funds. BlackRock will also receive compensation for managing the reinvestment of the","page_number":106,"box":{"x":89,"y":792,"width":869,"height":13}},{"id":"b1cd4b2c-94cc-4f8b-8930-6b9918578cc5","block_type":"box","text":"cash collateral from securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":106,"box":{"x":89,"y":807,"width":850,"height":13}},{"id":"770f38de-1551-40c7-92f6-d400e6b9d7e4","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":106,"box":{"x":89,"y":822,"width":872,"height":13}},{"id":"522caa3b-f335-4942-8aa8-4c5684831edf","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":106,"box":{"x":89,"y":838,"width":837,"height":12}},{"id":"d2e80f63-4503-4f0f-a984-6e36f4687015","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":106,"box":{"x":89,"y":853,"width":871,"height":12}},{"id":"b036907e-468d-4a30-bf41-cfb58a5a2f66","block_type":"box","text":"83","page_number":106,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"19f71180-cb51-4446-a7a1-f4a3159d19c8","block_type":"box","text":"to clients that would provide more revenue to BlackRock. As described further below, BlackRock seeks to mitigate this","page_number":107,"box":{"x":88,"y":44,"width":825,"height":12}},{"id":"db36a8d5-4ec3-432b-b180-b71b2eacf0fa","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":107,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"cc18ae16-be83-4a7e-a8d0-5367c270f6d4","block_type":"box","text":"allocation.","page_number":107,"box":{"x":89,"y":74,"width":71,"height":10}},{"id":"c0ebe000-42ba-4d1f-b2e1-8c7890852ddb","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":107,"box":{"x":88,"y":101,"width":864,"height":12}},{"id":"8117c17b-a635-4f69-bc82-3b3450fe084f","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":107,"box":{"x":89,"y":116,"width":880,"height":12}},{"id":"3df87161-eda9-4438-9615-8dcdc6020036","block_type":"box","text":"collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities lending program. BlackRock establishes","page_number":107,"box":{"x":89,"y":131,"width":874,"height":12}},{"id":"12f35be5-9b6a-43ef-9aa3-57e1372cc1cb","block_type":"box","text":"program-wide borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock oversees the","page_number":107,"box":{"x":89,"y":146,"width":869,"height":12}},{"id":"6271151c-2ee3-45b2-9ef5-6e60df2a58a5","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":107,"box":{"x":89,"y":161,"width":848,"height":12}},{"id":"c529e52f-4ccd-4a86-9c0a-4e479a1a904e","block_type":"box","text":"market value as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending","page_number":107,"box":{"x":89,"y":176,"width":845,"height":13}},{"id":"fa438e2c-e55c-47ed-ae0d-03f5d3e95592","block_type":"box","text":"program attributes by restricting eligible collateral or reducing borrower credit limits. As a result, the management of","page_number":107,"box":{"x":89,"y":191,"width":818,"height":13}},{"id":"69d67054-206d-4df6-920f-f5ad801dd6b1","block_type":"box","text":"program-wide exposure as well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":107,"box":{"x":89,"y":206,"width":865,"height":13}},{"id":"66abb91e-ceb2-4325-b270-2b24b5051728","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":107,"box":{"x":89,"y":222,"width":863,"height":12}},{"id":"011a946d-eed7-4506-83a7-132ec165b32a","block_type":"box","text":"(including by asset type, collateral type and/or revenue profile).","page_number":107,"box":{"x":89,"y":237,"width":443,"height":12}},{"id":"c6188043-555e-4559-875c-6d1ac85d8b59","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":107,"box":{"x":89,"y":263,"width":868,"height":12}},{"id":"a1b73116-552c-48b8-9d4b-eff68c67a331","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":107,"box":{"x":89,"y":278,"width":866,"height":13}},{"id":"69d58dfc-c0c0-4ac9-bc16-3dfc5ef77a75","block_type":"box","text":"liquidity considerations, or credit considerations, which may impact Funds by reducing or eliminating the volume of lending","page_number":107,"box":{"x":89,"y":293,"width":865,"height":13}},{"id":"c10ad593-7e81-4541-ba89-29bfef76bd30","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":107,"box":{"x":89,"y":308,"width":866,"height":13}},{"id":"095a0ebd-c479-4dd0-8b5c-ca6c6934031d","block_type":"box","text":"loans overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional protections against","page_number":107,"box":{"x":89,"y":324,"width":857,"height":12}},{"id":"dab21c9f-1d8b-41ae-addf-bab4c238fa86","block_type":"box","text":"lender default that are favored by their prudential regulation.","page_number":107,"box":{"x":89,"y":339,"width":422,"height":12}},{"id":"d38646e9-42bb-438d-aac4-0bbe29d56fb5","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":107,"box":{"x":89,"y":365,"width":876,"height":12}},{"id":"7600cc2a-83ba-4d8d-85cf-d43fa6335b6c","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":107,"box":{"x":89,"y":380,"width":853,"height":13}},{"id":"368dd14f-c30a-4006-a39d-23f0f156f020","block_type":"box","text":"(","page_number":107,"box":{"x":89,"y":395,"width":4,"height":13}},{"id":"2f504d60-42fc-415c-8e84-b29bf2a97659","block_type":"box","text":"i.e","page_number":107,"box":{"x":94,"y":396,"width":15,"height":9}},{"id":"7bc7dc42-776d-45f7-8965-e54551a111fb","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":107,"box":{"x":110,"y":395,"width":825,"height":13}},{"id":"c2af59a0-b13a-45e2-b95f-fd63beaac7c2","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":107,"box":{"x":89,"y":410,"width":799,"height":13}},{"id":"e5434c35-bbbb-4089-9ce9-1023b805b7d6","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":107,"box":{"x":89,"y":426,"width":860,"height":12}},{"id":"c18bfd10-2fdd-435a-ac44-bfe2003c0e14","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the portfolio. Equal","page_number":107,"box":{"x":89,"y":441,"width":838,"height":12}},{"id":"8113008f-4c2a-4b07-a61f-b84403c5ebe4","block_type":"box","text":"opportunities for lending portfolios does not guarantee equal outcomes. Specifically, short and long-term outcomes for","page_number":107,"box":{"x":89,"y":456,"width":836,"height":12}},{"id":"d45b2976-5e9e-41c5-881e-502e24b649b9","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":107,"box":{"x":89,"y":471,"width":858,"height":12}},{"id":"5a0c1e3b-8fbc-4fb1-8de4-67a2340b5046","block_type":"box","text":"the firm.","page_number":107,"box":{"x":88,"y":486,"width":59,"height":10}},{"id":"3718368f-89b5-4371-afe0-dd848c1f1500","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":107,"box":{"x":89,"y":513,"width":875,"height":12}},{"id":"ee865966-1e73-4ea6-940f-8cb7fd457446","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":107,"box":{"x":89,"y":528,"width":848,"height":12}},{"id":"fd3993fe-d44b-4bd8-9c4b-31bc83745272","block_type":"box","text":"research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management","page_number":107,"box":{"x":89,"y":543,"width":868,"height":12}},{"id":"f6d614cf-5d51-4edc-b636-2ed34dc763ed","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":107,"box":{"x":89,"y":558,"width":864,"height":12}},{"id":"194e2b5e-8a3a-4b77-bf84-6e86e690a4ff","block_type":"box","text":"required, or in cases involving client direction.","page_number":107,"box":{"x":89,"y":573,"width":318,"height":12}},{"id":"0b62ce3b-78c2-48f3-9016-36908d4c5cbf","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":107,"box":{"x":89,"y":599,"width":873,"height":13}},{"id":"bcc4bf61-db50-42c1-bdb6-5293437b55d2","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":107,"box":{"x":89,"y":615,"width":818,"height":12}},{"id":"3e11ecdd-20b5-428e-a175-c231e42c981b","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":107,"box":{"x":89,"y":630,"width":860,"height":12}},{"id":"e4987978-331d-4a98-a574-d0734ae4ba5b","block_type":"box","text":"the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission","page_number":107,"box":{"x":88,"y":645,"width":844,"height":12}},{"id":"e7dbacfd-e46a-4733-b1f0-34e527b99060","block_type":"box","text":"equivalent rates in connection with a bunched or aggregated order.","page_number":107,"box":{"x":89,"y":660,"width":470,"height":12}},{"id":"12683319-aabd-4b8b-b795-da1ed3373f95","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":107,"box":{"x":89,"y":686,"width":847,"height":13}},{"id":"6f1763d7-d3b4-48bd-9a89-fed6dc96d4bf","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":107,"box":{"x":89,"y":702,"width":864,"height":12}},{"id":"e5321a0c-1eb9-4f85-8b4d-da1fb327c165","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":107,"box":{"x":89,"y":717,"width":856,"height":12}},{"id":"e84c3283-30a8-47d0-b7d1-4eaa5cda3f40","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":107,"box":{"x":88,"y":732,"width":844,"height":12}},{"id":"8cfbc1e3-543d-4822-a234-64dbeac67ff5","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":107,"box":{"x":89,"y":747,"width":814,"height":12}},{"id":"62b2cf98-0a3b-4c39-8244-94889f32abbf","block_type":"box","text":"BlackRock.","page_number":107,"box":{"x":89,"y":762,"width":74,"height":10}},{"id":"13ae9f13-61bc-4c74-a839-58b1e500c545","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock client accounts or","page_number":107,"box":{"x":88,"y":788,"width":879,"height":13}},{"id":"0bf1d4b9-6bc2-4e2c-8354-c9406838e856","block_type":"box","text":"personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in","page_number":107,"box":{"x":89,"y":804,"width":841,"height":12}},{"id":"bac26228-af37-465d-94bd-d79a9bca5a30","block_type":"box","text":"BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making process (including with respect to","page_number":107,"box":{"x":89,"y":819,"width":868,"height":12}},{"id":"c09c493a-19b6-4cd6-8345-3504bea60cdb","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":107,"box":{"x":88,"y":834,"width":868,"height":12}},{"id":"6f05f58a-070f-428f-8db1-4f0c424dc80e","block_type":"box","text":"law, research reports on companies, industries and securities; economic and financial data; financial publications; proxy","page_number":107,"box":{"x":89,"y":849,"width":836,"height":12}},{"id":"0e8b5a32-bf00-49a2-9462-f0e84b27a500","block_type":"box","text":"analysis; trade industry seminars; computer data bases; research-oriented software and other services and products.","page_number":107,"box":{"x":89,"y":864,"width":815,"height":12}},{"id":"da200d23-9e02-43ed-9066-dd220a8d0a96","block_type":"box","text":"84","page_number":107,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2aebc4ec-3bd4-4311-82ae-fb16cdb78507","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":108,"box":{"x":89,"y":44,"width":840,"height":12}},{"id":"1fcc4ef5-2977-49d4-a6c6-95f87cf0728a","block_type":"box","text":"client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker","page_number":108,"box":{"x":89,"y":59,"width":875,"height":12}},{"id":"cede7025-3b31-4572-be44-38f0906ddadd","block_type":"box","text":"relating to the research or other service arrangements. Such products and services may disproportionately benefit other","page_number":108,"box":{"x":89,"y":74,"width":839,"height":12}},{"id":"1b6e1955-a508-4dcd-be17-2035c8dee907","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":108,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"8cc74a9a-e0bd-4333-ab2f-000d83cffbab","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":108,"box":{"x":89,"y":104,"width":863,"height":13}},{"id":"308a0abb-f352-483d-a62e-4fa9477b1163","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":108,"box":{"x":89,"y":119,"width":841,"height":13}},{"id":"d2c320f6-45ce-486d-9bb6-2f603aff5445","block_type":"box","text":"including disproportionate benefits, of economies of scale or price discounts in connection with products and services that","page_number":108,"box":{"x":89,"y":135,"width":861,"height":12}},{"id":"15b1ddd0-59e0-4a7d-a19f-1e82749de2e7","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":108,"box":{"x":89,"y":150,"width":867,"height":12}},{"id":"ef192c16-75da-486b-9355-79f4e55fcc13","block_type":"box","text":"will not have to pay for those products and services itself.","page_number":108,"box":{"x":88,"y":165,"width":400,"height":12}},{"id":"3c5a86ef-0456-4eb3-890a-688374dd2337","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such","page_number":108,"box":{"x":89,"y":191,"width":833,"height":13}},{"id":"8d3fa4cc-98b0-4a8b-9efa-5efe1215f462","block_type":"box","text":"arrangements, provide research or other services in order to ensure the continued receipt of research or other services","page_number":108,"box":{"x":89,"y":206,"width":827,"height":13}},{"id":"9f5126a0-fc83-45c1-8218-7eb9161ee1fe","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":108,"box":{"x":89,"y":222,"width":845,"height":12}},{"id":"7a014807-9f8e-4d2b-a5d2-1d9d9dbc678a","block_type":"box","text":"engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by applicable law, may also","page_number":108,"box":{"x":89,"y":237,"width":850,"height":12}},{"id":"f5125673-c5e3-42d6-bc18-d2906e775d26","block_type":"box","text":"enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":108,"box":{"x":89,"y":252,"width":870,"height":12}},{"id":"2626f174-0e11-4964-bf1f-2d1acfb94ca9","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":108,"box":{"x":89,"y":267,"width":845,"height":12}},{"id":"6e1470c6-19a8-4292-9c7d-8a230da6e459","block_type":"box","text":"research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same","page_number":108,"box":{"x":89,"y":282,"width":825,"height":12}},{"id":"6426da60-54fa-4155-b612-66fb7fad6333","block_type":"box","text":"conflicts related to traditional soft dollars may exist.","page_number":108,"box":{"x":89,"y":297,"width":361,"height":12}},{"id":"4a30505c-deff-4cff-8ea3-b4f8522f91cc","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which BlackRock","page_number":108,"box":{"x":89,"y":324,"width":869,"height":12}},{"id":"a51d93a6-1412-495e-b58b-88f030ddfaad","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":108,"box":{"x":89,"y":339,"width":862,"height":12}},{"id":"cb28836c-adb3-4de0-be28-94468ea2d3d5","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":108,"box":{"x":89,"y":354,"width":845,"height":12}},{"id":"4de16455-6919-47c2-9938-9c05652fb5aa","block_type":"box","text":"transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":108,"box":{"x":88,"y":369,"width":843,"height":12}},{"id":"1110fe06-c9be-448a-a3f2-7556585bd30c","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities purchased. Access fees","page_number":108,"box":{"x":89,"y":384,"width":845,"height":12}},{"id":"2a8273eb-4115-403c-9e55-d8872190d6e9","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":108,"box":{"x":89,"y":399,"width":872,"height":13}},{"id":"dd4b2acc-0273-4354-b5d5-8c5ae57aa375","block_type":"box","text":"Funds. In certain circumstances, ECNs may offer volume discounts that will reduce the access fees typically paid by","page_number":108,"box":{"x":89,"y":414,"width":805,"height":13}},{"id":"3af1374c-b1a0-4c7d-8d63-ecaf512d2b62","block_type":"box","text":"BlackRock. BlackRock will only utilize ECNs consistent with its obligation to seek to obtain best execution in client","page_number":108,"box":{"x":89,"y":429,"width":793,"height":13}},{"id":"3a7cdc71-af11-47b0-b131-9315711c0069","block_type":"box","text":"transactions.","page_number":108,"box":{"x":88,"y":445,"width":90,"height":9}},{"id":"adcd7f69-008c-4621-9af4-937f0bc771f2","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":108,"box":{"x":89,"y":471,"width":821,"height":12}},{"id":"6ed54810-71e8-41fd-b7ac-6c80a0f2560a","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":108,"box":{"x":89,"y":486,"width":859,"height":12}},{"id":"04b83e7f-b888-47be-bf59-6efe72a364e7","block_type":"box","text":"for execution of orders placed by BlackRock traders on behalf of client portfolios. 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BlackRock and its sales personnel may directly or indirectly receive a portion of","page_number":109,"box":{"x":89,"y":161,"width":860,"height":12}},{"id":"cf704feb-afe9-4c0a-bb3e-4625dbedb51f","block_type":"box","text":"the fees and commissions charged to the Funds or their shareholders. BlackRock and its advisory or other personnel may","page_number":109,"box":{"x":88,"y":176,"width":849,"height":13}},{"id":"ca9a6ecc-b366-4919-8e35-372573b1dfa2","block_type":"box","text":"also benefit from increased amounts of assets under management. 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While BlackRock will generally communicate its valuation information","page_number":109,"box":{"x":89,"y":395,"width":877,"height":13}},{"id":"9dfdf4b2-5992-424b-8464-f623c2488380","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":109,"box":{"x":89,"y":410,"width":848,"height":13}},{"id":"5858c4e2-42e8-433c-9fab-b8ce7de1681f","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":109,"box":{"x":88,"y":426,"width":821,"height":12}},{"id":"35747bac-00e7-4a2e-ad5f-8ea34ee401d2","block_type":"box","text":"security or investment determined or recommended by BlackRock.","page_number":109,"box":{"x":89,"y":441,"width":466,"height":12}},{"id":"c89f3c60-b1fa-4cef-8fc8-57e847821e2b","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":109,"box":{"x":88,"y":467,"width":817,"height":13}},{"id":"6689a759-37e1-4a3a-8455-76e75e87ae0d","block_type":"box","text":"available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at fair value by BlackRock. 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The price generally may not be determined based on what a Fund","page_number":109,"box":{"x":89,"y":558,"width":844,"height":12}},{"id":"542c7797-9abb-4ef7-9a22-451b7e323b51","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":109,"box":{"x":89,"y":573,"width":863,"height":12}},{"id":"96c83d21-f044-40f4-b997-61839873de17","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":109,"box":{"x":88,"y":588,"width":835,"height":12}},{"id":"b4edcf32-0e08-4a9e-b3e8-0ec507d22875","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third party valuation","page_number":109,"box":{"x":89,"y":603,"width":845,"height":13}},{"id":"a0d0defb-039a-464b-b21b-5ab948b6826a","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":109,"box":{"x":89,"y":618,"width":876,"height":13}},{"id":"46303e4d-20b7-41c6-bdc4-f0db6e11687e","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":109,"box":{"x":89,"y":633,"width":842,"height":13}},{"id":"1a33e128-3a68-4a7a-afe1-271fb319232d","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. 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In connection with any such investments,","page_number":109,"box":{"x":89,"y":736,"width":870,"height":12}},{"id":"6727d312-c94b-4ced-b341-1390abf9b204","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":109,"box":{"x":89,"y":751,"width":857,"height":12}},{"id":"61f2cfca-6c0c-489e-9708-2733505f1190","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":109,"box":{"x":89,"y":766,"width":831,"height":12}},{"id":"d38512d8-d547-4b4b-b10c-294418d63737","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":109,"box":{"x":89,"y":792,"width":866,"height":13}},{"id":"0a70ca21-42c5-466a-9bd7-87f98ad364a6","block_type":"box","text":"and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of differing trading and","page_number":109,"box":{"x":89,"y":807,"width":865,"height":13}},{"id":"25c21f50-f5a7-47e0-a9a3-5bdf9499f155","block_type":"box","text":"investment strategies or constraints, positions may be taken by directors, officers and employees of BlackRock that are the","page_number":109,"box":{"x":89,"y":822,"width":855,"height":13}},{"id":"2d7a7ef3-136a-4980-9d56-9a608ab49b6d","block_type":"box","text":"same, different from or made at different times than positions taken for the Fund. To lessen the possibility that a Fund will be","page_number":109,"box":{"x":89,"y":838,"width":872,"height":12}},{"id":"9e9b9609-a7be-4528-aec7-30584cf72db6","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":109,"box":{"x":89,"y":853,"width":867,"height":12}},{"id":"4eb61251-2828-4e5c-8150-d7ab5ebfd420","block_type":"box","text":"86","page_number":109,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1fef135b-b249-4a60-a20e-8ea6832e3c05","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":110,"box":{"x":88,"y":44,"width":847,"height":12}},{"id":"04fa0757-7dc9-4fc8-8cb6-140967ced521","block_type":"box","text":"professionals and others who normally come into possession of information regarding the Fund’s portfolio transactions.","page_number":110,"box":{"x":89,"y":59,"width":841,"height":12}},{"id":"a2e465eb-e32b-4d69-b794-87d9d6e8eb6e","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":110,"box":{"x":89,"y":74,"width":851,"height":12}},{"id":"66af529a-8445-4deb-adbe-a3d2f9eceb6a","block_type":"box","text":"may be obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":110,"box":{"x":89,"y":89,"width":562,"height":13}},{"id":"c0fe3e61-3aaf-429d-a795-e53a914b1028","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":110,"box":{"x":89,"y":116,"width":861,"height":12}},{"id":"fae37238-e0cf-4dd9-b76d-2137c2d20a93","block_type":"box","text":"Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in transactions with","page_number":110,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"9111d7ee-72c5-4c42-b3ac-3db9e6a0a996","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":110,"box":{"x":89,"y":146,"width":877,"height":11}},{"id":"282456f6-abe3-49ce-82bc-1b137db47a20","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":110,"box":{"x":89,"y":161,"width":852,"height":12}},{"id":"df03d696-fea7-4c6a-a847-30d89bfa9821","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":110,"box":{"x":89,"y":176,"width":855,"height":13}},{"id":"9c3a8013-38e6-45ef-8115-f03e70564340","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":110,"box":{"x":89,"y":191,"width":846,"height":13}},{"id":"0f51dc33-eae5-49d5-8391-2dd63096dde8","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":110,"box":{"x":89,"y":206,"width":839,"height":13}},{"id":"345b7f9a-af7a-4f11-a6e4-d48d0580bcc2","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":110,"box":{"x":89,"y":222,"width":870,"height":12}},{"id":"30a37b8d-cfe5-4a50-b812-5dbaaf092940","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":110,"box":{"x":89,"y":237,"width":876,"height":12}},{"id":"5c90a405-64b2-4585-819c-48775b899a1b","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":110,"box":{"x":88,"y":252,"width":864,"height":12}},{"id":"f680b171-1653-4e87-b192-93d278159ecb","block_type":"box","text":"certain securities or instruments issued by or related to companies for which BlackRock is performing advisory or other","page_number":110,"box":{"x":89,"y":267,"width":834,"height":12}},{"id":"53fed76b-13ab-4fe2-ba8e-79b6a34d6e34","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management","page_number":110,"box":{"x":89,"y":282,"width":834,"height":12}},{"id":"29729a03-9199-4aa4-81dd-292ba057888a","block_type":"box","text":"services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on","page_number":110,"box":{"x":89,"y":297,"width":859,"height":12}},{"id":"0c990c53-ae16-4904-a1b1-6e0cc19ee63b","block_type":"box","text":"behalf of a Fund, particularly where such services result in BlackRock obtaining material non-public information about the","page_number":110,"box":{"x":89,"y":312,"width":853,"height":13}},{"id":"ffe6bedc-d98f-4194-8511-05e74db3b92e","block_type":"box","text":"company (","page_number":110,"box":{"x":89,"y":327,"width":73,"height":13}},{"id":"1dca75c0-82d8-4cb7-b8de-13af410763d5","block_type":"box","text":"e.g","page_number":110,"box":{"x":164,"y":330,"width":20,"height":10}},{"id":"101674b9-cdf0-42be-b3df-9ab2c4fb84c8","block_type":"box","text":"., in connection with participation in a creditors’ committee). Similar situations could arise if personnel of","page_number":110,"box":{"x":185,"y":327,"width":735,"height":13}},{"id":"95da72e8-1b06-4cf6-8131-d6f1e03c0dc8","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":110,"box":{"x":89,"y":342,"width":860,"height":13}},{"id":"1923eaaa-f1ae-44d0-baac-ea2515cf7e5f","block_type":"box","text":"by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary implementation","page_number":110,"box":{"x":89,"y":358,"width":860,"height":12}},{"id":"d23451ff-3a7e-46b3-9416-f8fc5c9a84cb","block_type":"box","text":"of appropriate information barriers), the Funds may purchase securities or instruments that are issued by such companies,","page_number":110,"box":{"x":89,"y":373,"width":857,"height":12}},{"id":"f8a2a6bc-c12f-4723-9f3d-17a317bac6a7","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":110,"box":{"x":89,"y":388,"width":863,"height":12}},{"id":"f7004637-ad99-48fb-b041-655553552824","block_type":"box","text":"or officers of the issuer.","page_number":110,"box":{"x":89,"y":403,"width":161,"height":10}},{"id":"35fb8fa4-c112-49fb-8473-82f95c6cfba9","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential conflicts that arise","page_number":110,"box":{"x":89,"y":429,"width":863,"height":13}},{"id":"266985f1-26e7-484f-a665-5d931ff0f25b","block_type":"box","text":"in connection with the advisory services BlackRock provides to Funds and other clients. Certain BlackRock advisory personnel","page_number":110,"box":{"x":89,"y":445,"width":878,"height":12}},{"id":"19508e85-c050-455f-962b-9ddaa7067533","block_type":"box","text":"may take views, and make decisions or recommendations, that are different than or opposite those of other BlackRock","page_number":110,"box":{"x":89,"y":460,"width":829,"height":12}},{"id":"a16502b1-75ea-4a7c-ae59-6d7561e58466","block_type":"box","text":"advisory personnel. Certain portfolio management teams within BlackRock may make decisions or take (or refrain from","page_number":110,"box":{"x":89,"y":475,"width":834,"height":12}},{"id":"c849720d-ed44-494d-8179-7986d43f2da5","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":110,"box":{"x":88,"y":490,"width":870,"height":12}},{"id":"d3daccb5-3bac-4c0e-8a58-3c6930e7f431","block_type":"box","text":"taken (or not taken) by the Funds’ portfolio management teams. The various portfolio management teams may not share","page_number":110,"box":{"x":88,"y":505,"width":852,"height":12}},{"id":"da5d1346-58eb-412d-8646-f6dbda213e66","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":110,"box":{"x":89,"y":520,"width":843,"height":12}},{"id":"84cc6734-9b81-46c1-b3ad-6133f15b9162","block_type":"box","text":"obligation or other duty to do so.","page_number":110,"box":{"x":89,"y":535,"width":230,"height":13}},{"id":"c5025388-8c3e-4adb-9d74-4d823580fbfb","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information between","page_number":110,"box":{"x":89,"y":562,"width":838,"height":12}},{"id":"e78d57d7-f25b-4352-9cb0-08b0a86d16e0","block_type":"box","text":"different businesses within BlackRock, including, effective on or about January 21, 2025, with respect to personnel responsible","page_number":110,"box":{"x":89,"y":577,"width":879,"height":12}},{"id":"1b9d1717-2b62-46f2-848e-3c4396e89480","block_type":"box","text":"with managing portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for","page_number":110,"box":{"x":88,"y":592,"width":834,"height":12}},{"id":"845dc30f-c731-469c-a86f-d3becb9d58d4","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":110,"box":{"x":89,"y":607,"width":875,"height":12}},{"id":"c3561c76-098d-436a-9056-fecc27926fc9","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including senior","page_number":110,"box":{"x":89,"y":622,"width":859,"height":12}},{"id":"44e4dbae-405f-464f-b093-2d9d19d70b7a","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":110,"box":{"x":89,"y":637,"width":875,"height":13}},{"id":"2585bc6d-1c51-4b76-a170-42ffc9cd62f3","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":110,"box":{"x":89,"y":652,"width":841,"height":13}},{"id":"bf4bbc32-a050-4025-acf2-3a2aeda31e3d","block_type":"box","text":"information held by certain areas of BlackRock.","page_number":110,"box":{"x":89,"y":668,"width":328,"height":12}},{"id":"39469e4f-1d3d-4e30-9d2b-7b7b3872f587","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":110,"box":{"x":89,"y":694,"width":875,"height":12}},{"id":"2ccaba69-918b-4af0-9c43-92a3826d86a4","block_type":"box","text":"the other side of the information barrier. In connection therewith, BlackRock personnel, businesses, and business units that","page_number":110,"box":{"x":88,"y":709,"width":862,"height":12}},{"id":"607ce18c-f9fc-402c-b424-0c1ac3e097e0","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":110,"box":{"x":88,"y":724,"width":873,"height":13}},{"id":"807e005f-239a-4024-a694-96a7120e983e","block_type":"box","text":"they were moved. Information obtained in connection with such changes to information barriers may limit or restrict the","page_number":110,"box":{"x":88,"y":739,"width":845,"height":13}},{"id":"ab132262-1f08-4c4f-a89c-672b2643b462","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":110,"box":{"x":89,"y":754,"width":840,"height":13}},{"id":"d35cf8e7-402c-4622-83e6-9e4fce0ac7be","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":110,"box":{"x":89,"y":770,"width":845,"height":12}},{"id":"293c871f-16cf-4d33-86b3-7627a283d544","block_type":"box","text":"barrier). Information barriers may not have their intended impact due to, for example, changes in applicable law or","page_number":110,"box":{"x":89,"y":785,"width":800,"height":12}},{"id":"acd20024-ebf7-45a7-8537-0dc8c4a13dc3","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":110,"box":{"x":89,"y":800,"width":856,"height":12}},{"id":"5f4b51cf-8fd5-470e-bb4b-af3eff650de0","block_type":"box","text":"personnel on the other side of a barrier.","page_number":110,"box":{"x":89,"y":815,"width":274,"height":12}},{"id":"b516c017-dcff-49e0-a8cf-1791a83bd136","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision making and proxy","page_number":110,"box":{"x":88,"y":841,"width":861,"height":13}},{"id":"d3c2af3f-601c-4459-905e-c79fdf7487b1","block_type":"box","text":"voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients, as well as","page_number":110,"box":{"x":88,"y":856,"width":803,"height":13}},{"id":"ea8fd189-2381-44ed-a192-8262eb1a1db5","block_type":"box","text":"87","page_number":110,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2aa472fe-16ec-4961-b63b-9687bce23513","block_type":"box","text":"BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other clients (including the","page_number":111,"box":{"x":89,"y":44,"width":862,"height":12}},{"id":"2ffaeb3c-c8ca-475a-b8b2-696f83259cc2","block_type":"box","text":"Funds). As BlackRock’s assets under management increases, BlackRock clients may face greater negative impacts due to","page_number":111,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"08db6339-4acb-4880-852f-41ee071ac3a7","block_type":"box","text":"ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in certain","page_number":111,"box":{"x":89,"y":74,"width":834,"height":12}},{"id":"ea5892be-db97-4325-9f41-db5e762b24a3","block_type":"box","text":"circumstances where a BlackRock client invests in securities issued by companies that operate in certain industries (","page_number":111,"box":{"x":89,"y":89,"width":811,"height":13}},{"id":"173bfc28-0a62-423c-a586-ba69cb36ac40","block_type":"box","text":"e.g","page_number":111,"box":{"x":901,"y":92,"width":21,"height":10}},{"id":"d506a172-7ea6-4ea6-a7a7-62adaadd99f9","block_type":"box","text":".,","page_number":111,"box":{"x":923,"y":97,"width":6,"height":4}},{"id":"0e3637af-0a10-47c5-9ab6-245e72d927b8","block_type":"box","text":"banking, insurance, and utilities) or in certain emerging or international markets, or are subject to regulatory or corporate","page_number":111,"box":{"x":89,"y":104,"width":849,"height":13}},{"id":"27528129-6780-45d4-a76d-5ad6fffed0a6","block_type":"box","text":"ownership restrictions (","page_number":111,"box":{"x":89,"y":119,"width":165,"height":13}},{"id":"eb27c883-1e55-42e3-9239-446bf8d2e494","block_type":"box","text":"e.g","page_number":111,"box":{"x":255,"y":123,"width":20,"height":9}},{"id":"e292fab4-d7dc-4020-9ceb-aabdafa288d7","block_type":"box","text":"., with mechanisms such as poison pills in place to prevent takeovers), or where a BlackRock client","page_number":111,"box":{"x":276,"y":119,"width":688,"height":13}},{"id":"a552bb74-b10f-499f-8705-7c715695eb87","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":111,"box":{"x":89,"y":135,"width":857,"height":12}},{"id":"62b6a0e8-c1d1-4d5b-a0a3-bd9c1d13ff8b","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":111,"box":{"x":89,"y":150,"width":815,"height":12}},{"id":"5846748a-4e4d-4f9e-bd35-253e84c78bae","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":111,"box":{"x":89,"y":165,"width":864,"height":12}},{"id":"b8e616f3-cd05-431a-8377-a39cabe01dce","block_type":"box","text":"subject to enforcement actions, disgorgement of share ownership or profits, regulatory restrictions, complex compliance","page_number":111,"box":{"x":89,"y":180,"width":846,"height":12}},{"id":"469ff6a6-9fc5-4d62-bc83-a680e34176fd","block_type":"box","text":"reporting, increased compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions,","page_number":111,"box":{"x":89,"y":195,"width":813,"height":12}},{"id":"bc30a12c-52d2-4859-94be-1c188a8afacf","block_type":"box","text":"BlackRock may also seek to make indirect investments (","page_number":111,"box":{"x":89,"y":210,"width":390,"height":13}},{"id":"f04b203e-723e-4730-94f2-c76cdcd10ce3","block_type":"box","text":"e.g","page_number":111,"box":{"x":480,"y":213,"width":20,"height":10}},{"id":"d8727d6a-3f6d-43b7-ad6d-a27517b5351c","block_type":"box","text":"., using derivatives) on behalf of its clients to receive exposure to","page_number":111,"box":{"x":501,"y":210,"width":451,"height":13}},{"id":"cd9e321f-9963-45aa-9951-91b5328d4987","block_type":"box","text":"certain securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":111,"box":{"x":89,"y":225,"width":854,"height":13}},{"id":"37a97517-aeee-4210-a024-c3e6130c442b","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":111,"box":{"x":89,"y":240,"width":874,"height":13}},{"id":"536bbe50-8f9f-472e-9a77-a7bf51937e7a","block_type":"box","text":"limited availability of derivatives that provide indirect exposure to an impacted security. In addition, BlackRock clients can be","page_number":111,"box":{"x":89,"y":256,"width":866,"height":12}},{"id":"33cfab97-6a6e-4c58-984c-99a99458c94d","block_type":"box","text":"subject to more than one ownership limitation depending on each client’s holdings, and each ownership limitation can","page_number":111,"box":{"x":89,"y":271,"width":831,"height":12}},{"id":"6a9a623e-7e74-484e-911e-aec9d1216666","block_type":"box","text":"impact multiple securities held by the client. Certain clients or shareholders may have their own overlapping obligations to","page_number":111,"box":{"x":89,"y":286,"width":854,"height":12}},{"id":"91c32a5b-f0df-48c9-824e-63ed36056771","block_type":"box","text":"monitor their compliance with ownership limitations across their investments.","page_number":111,"box":{"x":89,"y":301,"width":547,"height":12}},{"id":"f9515311-c95e-4766-a111-a1208d6f4f5b","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":111,"box":{"x":89,"y":327,"width":859,"height":13}},{"id":"206a5aef-4d63-4eb8-9da6-a3294f24b7cf","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":111,"box":{"x":89,"y":342,"width":878,"height":13}},{"id":"eb22d9f2-822a-481d-9ffd-16cccd2b2fc6","block_type":"box","text":"exercise rights (including voting) or undertake business transactions, may be restricted by law, regulation, rule, or","page_number":111,"box":{"x":89,"y":358,"width":793,"height":12}},{"id":"a1465015-65a7-4b34-82ad-a49d4b93b835","block_type":"box","text":"organizational documents or otherwise impaired. For example, to meet the requirements of an ownership limitation or","page_number":111,"box":{"x":89,"y":373,"width":828,"height":12}},{"id":"07d69f40-2b52-4161-b426-a8593bbe567b","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":111,"box":{"x":89,"y":388,"width":852,"height":12}},{"id":"f2985942-9b82-41e0-924d-aae46d620f41","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":111,"box":{"x":89,"y":403,"width":877,"height":12}},{"id":"9dcb594c-f0e9-4eaa-bfcf-53b167b2f1f1","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":111,"box":{"x":89,"y":418,"width":810,"height":12}},{"id":"aa70978d-abb8-4340-bc1c-a4c0b3d85b1f","block_type":"box","text":"ownership limitation or restriction because the fund cannot acquire the amount of the impacted security included in its","page_number":111,"box":{"x":89,"y":433,"width":835,"height":13}},{"id":"bf20e951-3fc6-4266-8ef3-fa9277466276","block_type":"box","text":"index. BlackRock on behalf of its clients may limit purchases, sell existing investments, utilize indirect investments, utilize","page_number":111,"box":{"x":89,"y":448,"width":841,"height":13}},{"id":"ad7adc6f-cab3-4dae-bcee-76c46d21122a","block_type":"box","text":"information barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or limiting","page_number":111,"box":{"x":89,"y":463,"width":874,"height":13}},{"id":"267bb1a7-fc9b-415b-af96-c7c99d56cc12","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":111,"box":{"x":88,"y":479,"width":876,"height":12}},{"id":"fb66d681-432d-4898-afb9-da29e9601c3b","block_type":"box","text":"potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.","page_number":111,"box":{"x":89,"y":494,"width":878,"height":12}},{"id":"98766513-8d95-4fc2-98e1-d7482f9a6af6","block_type":"box","text":"These types of restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":111,"box":{"x":88,"y":509,"width":812,"height":12}},{"id":"668334b9-5cae-43aa-b7ae-b077367b8619","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":111,"box":{"x":88,"y":535,"width":867,"height":13}},{"id":"f414b084-4265-47fb-8fb8-81ee72041170","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":111,"box":{"x":88,"y":550,"width":840,"height":13}},{"id":"b17912d1-18e6-4072-b071-d83f982e7b2e","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":111,"box":{"x":89,"y":565,"width":868,"height":13}},{"id":"34cc36dd-1a2c-4441-ab1b-f86e7cb016f7","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":111,"box":{"x":89,"y":581,"width":829,"height":12}},{"id":"ee70e1f1-b855-400f-801e-4984d9d24a79","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":111,"box":{"x":89,"y":596,"width":876,"height":12}},{"id":"0bc9a30d-dc76-4b50-95d6-22d131fe983c","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":111,"box":{"x":89,"y":611,"width":868,"height":12}},{"id":"d0e08990-14d9-4b98-8521-892bb8a09618","block_type":"box","text":"ownership thresholds or limitations must be observed, BlackRock seeks to allocate limited investment opportunities equitably","page_number":111,"box":{"x":89,"y":626,"width":879,"height":12}},{"id":"9b37e639-3f7a-44f1-90df-9b040def40c6","block_type":"box","text":"among clients, taking into consideration benchmark weight and investment strategy. BlackRock may adopt certain controls","page_number":111,"box":{"x":89,"y":641,"width":863,"height":12}},{"id":"b1c695d9-c789-404b-bca8-764bef82fe23","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":111,"box":{"x":89,"y":656,"width":874,"height":13}},{"id":"e63fc13a-9529-41b6-b851-5d62c96b134c","block_type":"box","text":"ownership in certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or,","page_number":111,"box":{"x":89,"y":671,"width":868,"height":13}},{"id":"cb2a844a-2735-4a1f-aca6-221c60ddb839","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":111,"box":{"x":88,"y":686,"width":875,"height":13}},{"id":"931f92d4-b2cb-4cf2-817f-1ccca1ee5e48","block_type":"box","text":"purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and BlackRock is","page_number":111,"box":{"x":89,"y":702,"width":840,"height":12}},{"id":"dd607137-1352-487b-8bc3-b22f5bc54b0a","block_type":"box","text":"unable to obtain relief to enable the continued holding of such investments, it may be necessary to reduce these positions to","page_number":111,"box":{"x":89,"y":717,"width":872,"height":12}},{"id":"05cdf488-5fca-4212-8262-698971ea62e1","block_type":"box","text":"meet the applicable limitations and BlackRock or such client may be subject to regulatory actions. In these cases, the","page_number":111,"box":{"x":89,"y":732,"width":817,"height":12}},{"id":"7c5f45ec-61a0-48b4-b965-bdd17c4d6b84","block_type":"box","text":"investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":111,"box":{"x":89,"y":747,"width":613,"height":12}},{"id":"ff2657b9-72f3-48db-93ad-4c7d4f26fc25","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":111,"box":{"x":89,"y":773,"width":861,"height":13}},{"id":"76d5767c-a8d0-4f17-b2df-e53944bd9602","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":111,"box":{"x":89,"y":788,"width":814,"height":13}},{"id":"178ab512-78e8-4357-8533-f74c4e6c00cb","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":111,"box":{"x":89,"y":804,"width":481,"height":12}},{"id":"2be3290e-72ec-4508-a8c5-418c12105582","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and regulatory","page_number":111,"box":{"x":89,"y":830,"width":872,"height":12}},{"id":"9c11b557-3c9e-4e74-b9f7-1f811e252001","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":111,"box":{"x":89,"y":845,"width":878,"height":12}},{"id":"cfd7abb9-6964-4e95-b86e-42b7e63cf9fa","block_type":"box","text":"to such security or asset.","page_number":111,"box":{"x":88,"y":860,"width":174,"height":13}},{"id":"32e9a116-5667-4100-9893-c7679e324a97","block_type":"box","text":"88","page_number":111,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5d0919c3-6b52-48f0-87f1-ce7087620aa3","block_type":"box","text":"BlackRock may not serve as an Authorized Participant in the creation and redemption of iShares ETFs.","page_number":112,"box":{"x":89,"y":44,"width":710,"height":12}},{"id":"259e530a-1741-4816-9d62-39d843b3a2a0","block_type":"box","text":"Under an ETF Services Agreement, certain Funds have, when applicable, retained BRIL, an affiliate of BFA, to perform certain","page_number":112,"box":{"x":89,"y":70,"width":866,"height":13}},{"id":"0a803685-5734-4102-b46d-86a27b4faeca","block_type":"box","text":"order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":112,"box":{"x":89,"y":85,"width":808,"height":13}},{"id":"55990525-db76-4e10-a471-00a736b30467","block_type":"box","text":"redemption of Creation Units of the Funds (“ETF Services”). BRIL has engaged Citibank, N.A. (“Citibank”) as a subcontractor","page_number":112,"box":{"x":89,"y":101,"width":868,"height":12}},{"id":"0d689778-a567-4a90-8558-5a40f43d9162","block_type":"box","text":"to provide certain ETF Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants","page_number":112,"box":{"x":88,"y":116,"width":861,"height":12}},{"id":"5c960120-1eb0-4448-bb65-aa4ff2204e50","block_type":"box","text":"on each creation or redemption order from the Authorized Participant for the ETF Services provided. BlackRock collaborated","page_number":112,"box":{"x":89,"y":131,"width":866,"height":12}},{"id":"a264dba7-5ac0-4985-94f7-893c935f454b","block_type":"box","text":"with, and received payment from, Citibank on the design and development of the ETF Services platform. Citibank has, and","page_number":112,"box":{"x":88,"y":146,"width":853,"height":12}},{"id":"55fa8e6a-ef97-49e4-8864-4976ab49c0d1","block_type":"box","text":"from time to time may develop, additional relationships with BlackRock or funds managed by BFA and its affiliates.","page_number":112,"box":{"x":88,"y":161,"width":801,"height":12}},{"id":"7b268724-bbe6-4dc8-a353-b939a46c08ca","block_type":"box","text":"In order to defray transaction expenses and protect against possible shareholder dilution, the Funds may collect certain fees","page_number":112,"box":{"x":89,"y":188,"width":867,"height":12}},{"id":"8b12b400-0553-4f60-8cbc-28a50c771901","block_type":"box","text":"from Authorized Participants in connection with cash substitutions for creation and redemption transactions. 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As these charges are based on estimates, where the charges exceed actual transaction-related costs","page_number":112,"box":{"x":89,"y":248,"width":870,"height":12}},{"id":"6fa41da0-610a-405c-acb8-f4642edd96f9","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":112,"box":{"x":89,"y":263,"width":855,"height":12}},{"id":"2642c243-b422-412c-8612-e5dc9475e26c","block_type":"box","text":"oversee the determination of these estimates in an effort to mitigate this conflict.","page_number":112,"box":{"x":89,"y":278,"width":566,"height":13}},{"id":"47559339-05f6-498c-8a3c-a5e8e557e00b","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":112,"box":{"x":89,"y":305,"width":877,"height":12}},{"id":"6e52f039-3199-4d36-a105-1b53ca53643d","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":112,"box":{"x":89,"y":320,"width":859,"height":12}},{"id":"4fcc4e97-bdce-4cae-a2e7-b26f4e392335","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":112,"box":{"x":89,"y":335,"width":861,"height":12}},{"id":"31459f38-19d3-4092-b471-dfffa29c20a5","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":112,"box":{"x":89,"y":350,"width":859,"height":12}},{"id":"6ab15306-a6f9-4211-97c8-933495053e1f","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":112,"box":{"x":89,"y":365,"width":856,"height":12}},{"id":"9bdc965d-2b6c-4fcd-8927-3ef0f1293a37","block_type":"box","text":"BlackRock than a third party index. BlackRock may benefit from the Funds using BlackRock indices by creating increasing","page_number":112,"box":{"x":89,"y":380,"width":846,"height":13}},{"id":"aa342471-3b63-4ebd-81be-c2a3f932ae35","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":112,"box":{"x":89,"y":395,"width":867,"height":13}},{"id":"10e88250-4e86-48a5-9977-b589e1c3f970","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":112,"box":{"x":89,"y":410,"width":852,"height":13}},{"id":"ee1088ad-d14b-4e48-9d23-7833f24f232c","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":112,"box":{"x":88,"y":426,"width":876,"height":12}},{"id":"c2b283e4-bfe6-43c5-8020-044fd85b850a","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":112,"box":{"x":89,"y":452,"width":681,"height":12}},{"id":"a0e83a9d-06f9-4e97-844a-ec407368c66c","block_type":"box","text":"e.g","page_number":112,"box":{"x":771,"y":455,"width":20,"height":9}},{"id":"4aafcfce-c163-497a-9b11-6304a885d983","block_type":"box","text":"., custodians,","page_number":112,"box":{"x":793,"y":452,"width":90,"height":11}},{"id":"32829e98-a7c2-4c6f-b60a-051ed75c0f0a","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in recognition of","page_number":112,"box":{"x":89,"y":467,"width":846,"height":13}},{"id":"f328ca12-e428-4b0e-bc9b-2468cd9d176e","block_type":"box","text":"BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual arrangements with","page_number":112,"box":{"x":89,"y":482,"width":853,"height":13}},{"id":"d0093b24-ecaf-470f-8614-de9dd08a8f4a","block_type":"box","text":"such service providers pursuant to which BlackRock incurs additional costs if the service provider’s services are terminated","page_number":112,"box":{"x":89,"y":497,"width":858,"height":13}},{"id":"57f7c618-7d41-44a1-80e8-804b82482e35","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":112,"box":{"x":88,"y":513,"width":866,"height":12}},{"id":"66172628-6e5c-452a-b3db-82eee1a9c575","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":112,"box":{"x":88,"y":528,"width":875,"height":12}},{"id":"76e78fc8-ee0c-4f58-bfae-2ee1cebf3644","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":112,"box":{"x":89,"y":543,"width":825,"height":12}},{"id":"6fab8908-b8c3-47f4-a0ad-13a3241d18d1","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":112,"box":{"x":89,"y":558,"width":843,"height":12}},{"id":"d71bd939-af53-4676-800d-d92162fa6228","block_type":"box","text":"service providers to a Fund, or the selection of such providers, particularly in circumstances where BlackRock is negotiating","page_number":112,"box":{"x":89,"y":573,"width":861,"height":12}},{"id":"dd331ccd-62bb-424f-975f-3fb976db1204","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":112,"box":{"x":89,"y":588,"width":819,"height":12}},{"id":"5f3dbaf7-af8b-4ab2-9e87-9362bb78c310","block_type":"box","text":"different fee structures.","page_number":112,"box":{"x":89,"y":603,"width":161,"height":10}},{"id":"c814fb6f-b0dd-42f3-81a2-302d1d2bca35","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts by the","page_number":112,"box":{"x":89,"y":630,"width":817,"height":12}},{"id":"31068d86-5cf8-48dd-bd91-af097a29e447","block_type":"box","text":"BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the appearance of","page_number":112,"box":{"x":89,"y":645,"width":853,"height":12}},{"id":"42a232b5-8c9b-47ef-9e6d-455b2976b785","block_type":"box","text":"actual or potential conflicts of interest because such differences could create pecuniary incentives for BlackRock to favor one","page_number":112,"box":{"x":89,"y":660,"width":872,"height":12}},{"id":"aa8bc20d-115f-4dc3-88af-973e0d1f63fb","block_type":"box","text":"client account over another.","page_number":112,"box":{"x":89,"y":675,"width":194,"height":10}},{"id":"a57f09ce-de5c-4b13-bf1d-57e03f25f2cb","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/ or information","page_number":112,"box":{"x":89,"y":702,"width":833,"height":12}},{"id":"4efbdbc0-9333-4e1a-ab7c-8fa15d656e66","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":112,"box":{"x":89,"y":717,"width":876,"height":12}},{"id":"3d8172f7-8ff0-4337-898f-5e4ebef90112","block_type":"box","text":"provision of services to accounts managed by BlackRock and funds managed and sponsored by BlackRock, including the","page_number":112,"box":{"x":89,"y":732,"width":845,"height":12}},{"id":"56410faf-a02d-4cad-83d6-7465d07e3ee5","block_type":"box","text":"Funds, that engage the service provider (typically the custodian). A Fund’s service provider remunerates BlackRock for the","page_number":112,"box":{"x":89,"y":747,"width":854,"height":12}},{"id":"07c84c71-39cd-4326-b2eb-b1954a20bb70","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":112,"box":{"x":89,"y":762,"width":808,"height":12}},{"id":"a4a5b58d-c343-4d32-b91e-8490e413803d","block_type":"box","text":"profitability of BlackRock.","page_number":112,"box":{"x":89,"y":777,"width":176,"height":12}},{"id":"eb5e9616-20c3-4edb-b6fc-69f4aa8715c3","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":112,"box":{"x":89,"y":804,"width":863,"height":12}},{"id":"65a4cf61-7f78-4975-b59f-c200d2e98028","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":112,"box":{"x":89,"y":819,"width":810,"height":12}},{"id":"790d28d2-da81-46f6-a7b8-f3a5bf27b978","block_type":"box","text":"89","page_number":112,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"95d1badc-cf40-4437-ad93-3d6ab5c0804a","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing arrangements","page_number":113,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"60fbe589-45d7-4230-85af-e3484b2464a8","block_type":"box","text":"for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund fees and expenses","page_number":113,"box":{"x":88,"y":59,"width":845,"height":12}},{"id":"3f08f9e0-a373-493f-83ef-c2140f9f0d12","block_type":"box","text":"applicable to such client’s investment in a Fund.","page_number":113,"box":{"x":89,"y":74,"width":334,"height":12}},{"id":"cdb27be5-a339-43d3-afc8-d549a0d833c2","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":113,"box":{"x":89,"y":101,"width":838,"height":12}},{"id":"39956093-bb68-403a-a84b-f4c25912a631","block_type":"box","text":"section, may give rise to additional conflicts of interest.","page_number":113,"box":{"x":89,"y":116,"width":383,"height":12}},{"id":"c973c469-072c-49e8-b78c-b2436a3eadf6","block_type":"box","text":"Investment Advisory, Administrative and","page_number":113,"box":{"x":91,"y":146,"width":676,"height":30}},{"id":"f888ddf4-1878-46e0-923d-a479db031c99","block_type":"box","text":"Distribution Services","page_number":113,"box":{"x":91,"y":177,"width":343,"height":23}},{"id":"52d45034-75e8-4c05-be32-818c94287742","block_type":"box","text":"Investment Adviser.","page_number":113,"box":{"x":89,"y":218,"width":141,"height":10}},{"id":"68635f3a-5736-4bad-88d9-675d88e043fb","block_type":"box","text":"BFA serves as investment adviser to each Fund pursuant to an investment advisory agreement between","page_number":113,"box":{"x":240,"y":218,"width":722,"height":12}},{"id":"87d5718d-5929-4e50-9709-94cfd0ed70f4","block_type":"box","text":"the Company, on behalf of each Fund, and BFA. BFA is a California corporation indirectly owned by BlackRock, Inc. and is","page_number":113,"box":{"x":88,"y":233,"width":843,"height":12}},{"id":"a085c8b5-e1a7-45e7-b4a7-50d22bde3a7d","block_type":"box","text":"registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Under the investment advisory","page_number":113,"box":{"x":89,"y":248,"width":868,"height":12}},{"id":"354ca85b-b7ae-4e90-80a9-cbbcfa4a2f60","block_type":"box","text":"agreement, BFA, subject to the supervision of the Board and in conformity with the stated investment policies of each Fund,","page_number":113,"box":{"x":89,"y":263,"width":865,"height":12}},{"id":"128daf46-be2d-4031-8a7e-097a64aabaa2","block_type":"box","text":"manages and administers the Company and the investment of each Fund’s assets. BFA is responsible for placing purchase","page_number":113,"box":{"x":89,"y":278,"width":854,"height":13}},{"id":"57f3956f-cccc-4561-b946-577440bc04d3","block_type":"box","text":"and sale orders and providing continuous supervision of the investment portfolio of each Fund.","page_number":113,"box":{"x":89,"y":293,"width":665,"height":13}},{"id":"513b1177-9eda-4eaf-b609-cb998d2cf1a1","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":113,"box":{"x":89,"y":320,"width":876,"height":12}},{"id":"58cf12a4-215f-4afe-9475-6566de336e56","block_type":"box","text":"by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BFA, to perform investment","page_number":113,"box":{"x":89,"y":335,"width":851,"height":12}},{"id":"80d23bdd-6142-4b17-9140-463b9473a513","block_type":"box","text":"advisory or other services with respect to the Funds. 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As a consequence, from time to","page_number":117,"box":{"x":88,"y":89,"width":855,"height":13}},{"id":"4a22b90d-01cd-4e95-960c-1c875b69c64b","block_type":"box","text":"time each Fund may receive a smaller allocation of an investment opportunity than it would have if the Portfolio Managers","page_number":117,"box":{"x":88,"y":104,"width":857,"height":13}},{"id":"4836e6cc-3431-418f-8f05-f8159a000655","block_type":"box","text":"and BFA and its affiliates did not manage other portfolios or accounts.","page_number":117,"box":{"x":89,"y":119,"width":489,"height":13}},{"id":"68c7fa86-13b7-4c4a-9c51-83fac939de53","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":117,"box":{"x":89,"y":146,"width":875,"height":12}},{"id":"9d203af9-8dcc-4148-b0f7-98a283b63235","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":117,"box":{"x":89,"y":161,"width":866,"height":12}},{"id":"5e0c7cc2-9823-4a27-bdd5-9131f09c4da8","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":117,"box":{"x":89,"y":176,"width":846,"height":13}},{"id":"d903a87b-4044-49ee-94cc-2e77f3d1a461","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":117,"box":{"x":89,"y":191,"width":866,"height":13}},{"id":"5f3538c8-3d3c-44af-b563-6f31e24d4f59","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":117,"box":{"x":89,"y":206,"width":834,"height":13}},{"id":"24cff66e-9372-43d0-a682-b1f9fecd4f1f","block_type":"box","text":"would otherwise be the case if BFA or any of its affiliates meets or exceeds specified performance targets. Performance-based","page_number":117,"box":{"x":88,"y":222,"width":879,"height":12}},{"id":"c60395bb-9b94-4c08-80f6-c92186169534","block_type":"box","text":"fee arrangements could present an incentive for BFA or its affiliates to devote greater resources, and allocate more","page_number":117,"box":{"x":88,"y":237,"width":799,"height":12}},{"id":"995ca443-4a21-4d87-bd73-3f7b4d70df84","block_type":"box","text":"investment opportunities, to the portfolios or accounts that have those fee arrangements, relative to other portfolios or","page_number":117,"box":{"x":89,"y":252,"width":832,"height":12}},{"id":"51a4dae0-f4af-4e8a-b187-799555722c86","block_type":"box","text":"accounts, in order to earn larger fees. Although BFA and each of its affiliates have an obligation to allocate resources and","page_number":117,"box":{"x":89,"y":267,"width":843,"height":12}},{"id":"19ea81a9-f6f3-4f58-a5f3-3ee9da9959eb","block_type":"box","text":"opportunities equitably among portfolios and accounts and intend to do so, shareholders of the Funds should be aware that,","page_number":117,"box":{"x":89,"y":282,"width":872,"height":12}},{"id":"21ea3036-88ca-457d-b489-22ad7ee7345d","block_type":"box","text":"as with any group of portfolios and accounts managed by an investment adviser and/or its affiliates pursuant to varying fee","page_number":117,"box":{"x":89,"y":297,"width":865,"height":12}},{"id":"2c5c7414-e7be-485e-b2a9-1ca834e59c4f","block_type":"box","text":"arrangements, including performance-based fee arrangements, there is the potential for a conflict of interest, which may","page_number":117,"box":{"x":89,"y":312,"width":845,"height":13}},{"id":"15c0d978-535b-4b5c-a87f-74a36cff5a43","block_type":"box","text":"result in the Portfolio Managers favoring those portfolios or accounts with performance-based fee arrangements.","page_number":117,"box":{"x":89,"y":327,"width":791,"height":13}},{"id":"322a54f3-05b4-4d35-baa9-998031c8a0b8","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":117,"box":{"x":88,"y":354,"width":861,"height":12}},{"id":"6831f03d-d5bd-4c10-914a-776388b157fe","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":117,"box":{"x":88,"y":369,"width":858,"height":12}},{"id":"e817764a-864e-4a50-866c-8e1f890d3fc2","block_type":"box","text":"fees are based on the performance of those portfolios or accounts as of August 31, 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the value senior management places on key resources. Compensation may include a variety of","page_number":118,"box":{"x":89,"y":218,"width":861,"height":12}},{"id":"d151eff1-3155-4b45-b87b-98a872838ec1","block_type":"box","text":"components and may vary from year to year based on a number of factors. The principal components of compensation","page_number":118,"box":{"x":89,"y":233,"width":836,"height":12}},{"id":"386e419e-11df-41dc-a2fe-b10668db443e","block_type":"box","text":"include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more","page_number":118,"box":{"x":89,"y":248,"width":865,"height":12}},{"id":"81b2d2ad-3e05-484f-9024-88373a952e30","block_type":"box","text":"of the incentive compensation programs established by BlackRock, Inc.","page_number":118,"box":{"x":89,"y":263,"width":496,"height":12}},{"id":"42b8bd9e-ca1e-4975-9398-c93c8f95d0cd","block_type":"box","text":"Each portfolio manager receives base compensation based on their position with the firm, as well as retirement and other","page_number":118,"box":{"x":89,"y":290,"width":850,"height":12}},{"id":"45d3b4ec-a7bc-416b-95be-30f0d7c4912e","block_type":"box","text":"benefits offered to all BlackRock employees. 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In addition,","page_number":121,"box":{"x":89,"y":290,"width":869,"height":12}},{"id":"2d47d6d3-7f2b-4c98-ad1b-f8a6daf06e15","block_type":"box","text":"State Street makes available the office space, equipment, personnel and facilities required to provide such services. Pursuant","page_number":121,"box":{"x":88,"y":305,"width":869,"height":12}},{"id":"6b5377cc-89f3-45ec-b3c9-b0768e0eae22","block_type":"box","text":"to the Service Module for Custodial Services with the Company, State Street maintains, in separate accounts, cash, securities","page_number":121,"box":{"x":88,"y":320,"width":871,"height":12}},{"id":"a660bedf-b5ce-4be8-927c-0b4328cea91c","block_type":"box","text":"and other assets of the Company and each Fund, keeps all necessary accounts and records and provides other services. State","page_number":121,"box":{"x":89,"y":335,"width":877,"height":12}},{"id":"b4971e78-a1d6-4cce-965f-c224492c6afa","block_type":"box","text":"Street is required, upon the order of the Company, to deliver securities held by State Street and to make payments for","page_number":121,"box":{"x":88,"y":350,"width":818,"height":12}},{"id":"3f13a8a6-b808-46f6-87d0-caeb2514c91a","block_type":"box","text":"securities purchased by the Company for each Fund. State Street is authorized to appoint certain foreign custodians or","page_number":121,"box":{"x":89,"y":365,"width":828,"height":12}},{"id":"54830529-8ab0-421d-97b0-8406ebbd5f80","block_type":"box","text":"foreign custody managers for Fund investments outside the U.S. Pursuant to the Service Module for Transfer Agency Services","page_number":121,"box":{"x":88,"y":380,"width":879,"height":13}},{"id":"941e2005-220d-43ad-9077-5a3a1f66af60","block_type":"box","text":"with the Company, State Street acts as a transfer agent for each Fund’s authorized and issued shares of beneficial interest,","page_number":121,"box":{"x":88,"y":395,"width":854,"height":13}},{"id":"e4ef27aa-b474-44a0-bb86-4e57807058e0","block_type":"box","text":"and as dividend disbursing agent of the Company. As compensation for these services, State Street receives certain out-of","page_number":121,"box":{"x":89,"y":410,"width":859,"height":13}},{"id":"5eec9463-5662-4dbf-8a31-4993337856b6","block_type":"box","text":"pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by BFA. BFA pays the","page_number":121,"box":{"x":89,"y":426,"width":805,"height":12}},{"id":"635b0d89-d2e6-4684-aafb-0a762b42bd47","block_type":"box","text":"compensation because it has agreed to pay these operating expenses under the Investment Advisory Agreement as","page_number":121,"box":{"x":89,"y":441,"width":809,"height":12}},{"id":"0f540dce-ce86-4519-824d-e46b5efa0d2d","block_type":"box","text":"described therein.","page_number":121,"box":{"x":89,"y":456,"width":124,"height":10}},{"id":"2e1b32c2-1449-470a-99f6-5539d6f35a2d","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares MSCI Global Metals &","page_number":121,"box":{"x":88,"y":497,"width":852,"height":13}},{"id":"73be5ab3-c9b4-49c9-bedc-5350e04fa4b0","block_type":"box","text":"Mining Producers ETF, iShares MSCI Emerging Markets ETF and iShares MSCI Taiwan ETF","page_number":121,"box":{"x":88,"y":513,"width":651,"height":12}},{"id":"0ff0fdf7-91f6-42f3-8cdf-e551fb0b5ded","block_type":"box","text":"Citibank serves as administrator, custodian and transfer agent for the above-listed Funds under the Master Services","page_number":121,"box":{"x":89,"y":539,"width":806,"height":12}},{"id":"b3dd0250-b442-443b-affa-9c0ba5dcc746","block_type":"box","text":"Agreement (the “Master Services Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":121,"box":{"x":88,"y":554,"width":853,"height":12}},{"id":"5fe89d4b-c4a9-441d-b4c5-778399550b94","block_type":"box","text":"Pursuant to the Master Services Agreement with the Company, Citibank provides necessary administrative, tax and","page_number":121,"box":{"x":89,"y":569,"width":804,"height":13}},{"id":"05013d16-87d2-42b8-83af-52ae5aba2ca9","block_type":"box","text":"accounting and financial reporting services for the maintenance and operations of the Company and each Fund. In addition,","page_number":121,"box":{"x":89,"y":584,"width":869,"height":13}},{"id":"fe877539-49b5-4ab1-b95a-ac5564a53b88","block_type":"box","text":"Citibank makes available the office space, equipment, personnel and facilities required to provide such services. Pursuant to","page_number":121,"box":{"x":89,"y":599,"width":863,"height":13}},{"id":"074433eb-060b-47b6-bbb2-4b486239b699","block_type":"box","text":"the Master Services Agreement with the Company, Citibank maintains, in separate accounts, cash, securities and other assets","page_number":121,"box":{"x":88,"y":615,"width":879,"height":12}},{"id":"69aa8a37-b1c3-45d6-9c37-89e640e859d3","block_type":"box","text":"of the Company and each Fund, keeps all necessary accounts and records and provides other services. Citibank is required,","page_number":121,"box":{"x":89,"y":630,"width":859,"height":12}},{"id":"d8c70198-183d-4672-b7d6-62f5a73089ce","block_type":"box","text":"upon the order of the Company, to deliver securities held by Citibank and to make payments for securities purchased by the","page_number":121,"box":{"x":89,"y":645,"width":863,"height":12}},{"id":"885bfc67-6ff1-46a3-b8c0-5dbd2782fb06","block_type":"box","text":"Company for each Fund. Citibank is authorized to appoint certain foreign custodians or foreign custody managers for Fund","page_number":121,"box":{"x":89,"y":660,"width":860,"height":12}},{"id":"dbfae54f-05fa-4462-8202-047082eddb96","block_type":"box","text":"investments outside the U.S. Pursuant to the Master Services Agreement with the Company, Citibank acts as a transfer agent","page_number":121,"box":{"x":89,"y":675,"width":873,"height":12}},{"id":"2a99c24d-d431-491a-b507-b53f9226b9d9","block_type":"box","text":"for each Fund’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Company. As","page_number":121,"box":{"x":88,"y":690,"width":842,"height":13}},{"id":"8b5e6dfc-2517-48fb-afc3-5db92fa35661","block_type":"box","text":"compensation for these services, Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which","page_number":121,"box":{"x":89,"y":705,"width":864,"height":13}},{"id":"50861d40-0108-4c3d-8ce8-3b1230dd5111","block_type":"box","text":"are accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to pay these operating","page_number":121,"box":{"x":89,"y":720,"width":817,"height":13}},{"id":"2636fed4-1ccf-4a23-b998-ef18f3cd6351","block_type":"box","text":"expenses under the Investment Advisory Agreement as described therein.","page_number":121,"box":{"x":89,"y":736,"width":516,"height":12}},{"id":"871a572a-1cf1-466d-8602-fbd073a47511","block_type":"box","text":"Prior to September 8, 2025, State Street served as administrator, custodian and transfer agent for the iShares MSCI Global","page_number":121,"box":{"x":89,"y":762,"width":849,"height":12}},{"id":"a6b2afe7-3950-4cbd-9b89-3846e3f1f9f0","block_type":"box","text":"Metals & Mining Producers ETF.","page_number":121,"box":{"x":89,"y":777,"width":221,"height":12}},{"id":"6885b2e0-c99e-4d42-8945-bfdd9783a492","block_type":"box","text":"Prior to November 10, 2025, State Street served as administrator, custodian and transfer agent for the iShares Core MSCI","page_number":121,"box":{"x":89,"y":804,"width":842,"height":12}},{"id":"f97ed8a2-b5c4-4e1e-b368-2c158a64f1a3","block_type":"box","text":"Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares MSCI Emerging Markets ETF and iShares MSCI","page_number":121,"box":{"x":89,"y":819,"width":861,"height":12}},{"id":"ae49994a-1924-45d9-8662-a77a56ce93b4","block_type":"box","text":"Taiwan ETF.","page_number":121,"box":{"x":88,"y":834,"width":82,"height":10}},{"id":"efbd6cc2-4e03-432b-bbb0-61c6fcca6ec2","block_type":"box","text":"98","page_number":121,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1941591c-4559-4c07-8df8-9b965402df4e","block_type":"box","text":"JPMorgan serves as custodian for the Funds in connection with certain securities lending activities under a Custody Services","page_number":122,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"2e9eb55e-6912-4ac8-a174-6f6d6b39b098","block_type":"box","text":"Agreement. JPMorgan’s principal address is 383 Madison Avenue, 11","page_number":122,"box":{"x":88,"y":59,"width":479,"height":12}},{"id":"e3ba0451-0b48-49d1-8cba-6bec2ab908b8","block_type":"box","text":"th","page_number":122,"box":{"x":570,"y":57,"width":10,"height":6}},{"id":"c2c10240-4535-4daf-a378-23130eb30667","block_type":"box","text":"Floor, New York, NY 10179. Pursuant to the Custody","page_number":122,"box":{"x":586,"y":59,"width":362,"height":12}},{"id":"f43e2c0e-0ec3-456c-bfef-7a822a1297e6","block_type":"box","text":"Services Agreement with BTC and the Company, JPMorgan provides custody and related services required to facilitate","page_number":122,"box":{"x":88,"y":74,"width":822,"height":12}},{"id":"b1f13788-2821-4f63-85e3-4eeadfc4c4ff","block_type":"box","text":"securities lending by each Fund. JPMorgan maintains custody as may be necessary to facilitate Fund securities lending","page_number":122,"box":{"x":89,"y":89,"width":827,"height":13}},{"id":"603d337d-affd-43b6-818e-029d15612a85","block_type":"box","text":"activity in coordination with other funds, maintains custodial records and provides other services. As compensation for these","page_number":122,"box":{"x":89,"y":104,"width":875,"height":13}},{"id":"be4ea2ea-be74-4e57-a3f0-890a858a0ba6","block_type":"box","text":"services, JPMorgan receives certain fees and expenses paid by BTC from its compensation for its services as securities lending","page_number":122,"box":{"x":89,"y":119,"width":876,"height":13}},{"id":"7d3549d1-dcd0-429f-9699-d1e7c662b295","block_type":"box","text":"agent.","page_number":122,"box":{"x":89,"y":136,"width":42,"height":11}},{"id":"f84225ee-854e-4401-9100-b279ab76c3c0","block_type":"box","text":"Distributor.","page_number":122,"box":{"x":89,"y":161,"width":80,"height":10}},{"id":"485bffcd-bb7d-4dc1-b1bc-469b45ec8cf5","block_type":"box","text":"The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001. Shares are continuously offered for","page_number":122,"box":{"x":178,"y":161,"width":783,"height":12}},{"id":"7331fa76-8d37-4dfc-ab98-b2b80f0f88ad","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":122,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"ad119302-3f7e-4a85-b59e-93e922bca17c","block_type":"box","text":"below in the","page_number":122,"box":{"x":89,"y":191,"width":85,"height":10}},{"id":"fc6ec405-c02c-4cab-94d2-278f31c70bdb","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":122,"box":{"x":179,"y":191,"width":300,"height":13}},{"id":"d6d627cf-d735-4bc5-8d84-f6bda11e1269","block_type":"box","text":"section of this SAI. Fund shares in amounts less than Creation Units","page_number":122,"box":{"x":484,"y":191,"width":473,"height":10}},{"id":"bf08d655-4d4b-4f24-bc8f-0469429e495a","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":122,"box":{"x":89,"y":206,"width":845,"height":13}},{"id":"2a918888-1083-43bb-aeba-908f4d2ccd0b","block_type":"box","text":"applicable Prospectus and, upon request, this SAI to persons purchasing Creation Units and will maintain records of both","page_number":122,"box":{"x":89,"y":222,"width":846,"height":12}},{"id":"4a60e4ca-9ca2-4527-a4e2-cf035701fa93","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":122,"box":{"x":89,"y":237,"width":861,"height":12}},{"id":"209bc2be-a026-4ef3-bf17-f00fd66a346d","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":122,"box":{"x":89,"y":252,"width":852,"height":12}},{"id":"7e2793db-f094-46b7-a25c-7f5c3994b2c2","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":122,"box":{"x":89,"y":267,"width":876,"height":12}},{"id":"067543ee-79d1-4aa5-bd6c-477024037a7d","block_type":"box","text":"in Puerto Rico, the U.S. Virgin Islands and the District of Columbia.","page_number":122,"box":{"x":89,"y":282,"width":462,"height":12}},{"id":"4ad3f92b-707a-422d-90a7-ce82748644cb","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":122,"box":{"x":88,"y":308,"width":829,"height":13}},{"id":"c62f7888-adb6-444f-aca4-77f0140c665b","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":122,"box":{"x":89,"y":324,"width":840,"height":12}},{"id":"82660804-f9f7-45d6-9f4f-bf0e2eacb5b7","block_type":"box","text":"Directors, or (ii) the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the relevant Fund.","page_number":122,"box":{"x":89,"y":339,"width":864,"height":12}},{"id":"c1ba9c5b-7d08-4327-a216-a5f9ba320872","block_type":"box","text":"The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).","page_number":122,"box":{"x":88,"y":354,"width":811,"height":12}},{"id":"175ce185-b53e-4343-9daa-659ecc172fe8","block_type":"box","text":"The Distributor may also enter into agreements with securities dealers (“Soliciting Dealers”) who will solicit purchases of","page_number":122,"box":{"x":88,"y":380,"width":848,"height":13}},{"id":"7cad6618-8018-4e90-81ab-f748425c6ba1","block_type":"box","text":"Creation Units of Fund shares. Such Soliciting Dealers may also be Authorized Participants (as described below), DTC","page_number":122,"box":{"x":89,"y":395,"width":818,"height":13}},{"id":"1361ebbf-3d40-42e8-ae3f-1b2c78c39a6d","block_type":"box","text":"participants and/or investor services organizations.","page_number":122,"box":{"x":89,"y":410,"width":357,"height":13}},{"id":"cf827c06-4ba0-47e7-ae12-1b8891d9de83","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":122,"box":{"x":89,"y":437,"width":847,"height":12}},{"id":"c7666a62-6a20-490e-bdbd-fd73b79e7e55","block_type":"box","text":"including payments out of its own resources to the Distributor, or to otherwise promote the sale of shares.","page_number":122,"box":{"x":89,"y":452,"width":743,"height":12}},{"id":"8e833c52-8894-423f-896a-f0528f1fa735","block_type":"box","text":"Securities Lending.","page_number":122,"box":{"x":88,"y":479,"width":137,"height":12}},{"id":"eddec1e7-aba3-4954-913c-6d28528cadbe","block_type":"box","text":"To the extent that a Fund engages in securities lending, each Fund conducts its securities lending","page_number":122,"box":{"x":234,"y":479,"width":681,"height":12}},{"id":"727b8458-a4f3-4fc7-ad8e-8076514a0951","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":122,"box":{"x":89,"y":494,"width":872,"height":12}},{"id":"c2327c18-28b3-42c3-8a6b-5006dc0b87b2","block_type":"box","text":"BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":122,"box":{"x":89,"y":509,"width":592,"height":12}},{"id":"6c239a84-17eb-4d2d-a3a8-3e3ebb5dba56","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":122,"box":{"x":89,"y":535,"width":876,"height":13}},{"id":"0d26edd2-1ef4-41cf-be90-18d89b118b0e","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":122,"box":{"x":89,"y":550,"width":833,"height":13}},{"id":"867e8b77-d892-4835-ad42-c8fabe38b412","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":122,"box":{"x":89,"y":565,"width":874,"height":13}},{"id":"aeb93053-16bd-40e4-a5cf-15a694637f05","block_type":"box","text":"and from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":122,"box":{"x":89,"y":581,"width":844,"height":12}},{"id":"53c93f95-135e-40c0-97d1-5ebf79b64b08","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":122,"box":{"x":89,"y":596,"width":859,"height":12}},{"id":"be9090e6-058e-4db1-a77c-5fa4163a5cd1","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":122,"box":{"x":89,"y":611,"width":874,"height":12}},{"id":"6f31da13-a176-47f3-b88b-6fa709dc06d9","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":122,"box":{"x":89,"y":626,"width":820,"height":12}},{"id":"460b4646-bcc2-4d5e-8631-4a226270a607","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":122,"box":{"x":89,"y":641,"width":846,"height":12}},{"id":"cd6f551b-be33-41cb-93c4-4ee4e51ba451","block_type":"box","text":"load, redemption fee, distribution fee or service fee.","page_number":122,"box":{"x":89,"y":656,"width":357,"height":13}},{"id":"1b355aed-c0c5-42fc-90fd-66301d0d86ec","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":122,"box":{"x":88,"y":683,"width":841,"height":12}},{"id":"2060e1df-86c4-43b8-a876-e390e869582e","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":122,"box":{"x":89,"y":698,"width":858,"height":12}},{"id":"10359c1b-4217-401e-bc83-fd2330681f65","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":122,"box":{"x":88,"y":713,"width":844,"height":12}},{"id":"8f256bb5-2b31-4041-8743-078f2f13ac76","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":122,"box":{"x":88,"y":728,"width":868,"height":12}},{"id":"db10f056-881d-4f22-825b-5194bc770b8f","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":122,"box":{"x":89,"y":743,"width":865,"height":12}},{"id":"83e08e1c-e289-4605-bc11-f58a07ca9927","block_type":"box","text":"fund’s net assets, unless the liquidity costs are de minimis (","page_number":122,"box":{"x":88,"y":758,"width":415,"height":13}},{"id":"12632a13-68a0-4c35-8657-62debe276cf7","block_type":"box","text":"i.e","page_number":122,"box":{"x":504,"y":759,"width":15,"height":9}},{"id":"612b9ece-52bf-4e89-90ed-53776c9b2393","block_type":"box","text":"., less than one basis point (0.01%)). 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the","page_number":123,"box":{"x":88,"y":312,"width":827,"height":13}},{"id":"48505fbe-fb75-42d0-bc3b-d1c837635c43","block_type":"box","text":"following:","page_number":123,"box":{"x":88,"y":327,"width":68,"height":13}},{"id":"35266e30-07c3-43f2-a894-8bf6f1155d30","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on","page_number":123,"box":{"x":109,"y":354,"width":817,"height":12}},{"id":"6c71a4a4-3cb1-4a35-abc5-a362310c4a8c","block_type":"box","text":"behalf of the Funds with each such borrower;","page_number":123,"box":{"x":109,"y":369,"width":316,"height":11}},{"id":"26258db1-afe1-4250-a836-3c36e03c88b5","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":123,"box":{"x":109,"y":395,"width":519,"height":13}},{"id":"47073796-66e7-4f00-addd-50aa8932c2be","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":123,"box":{"x":109,"y":422,"width":314,"height":12}},{"id":"6070cd76-1ed4-4ad7-ae38-49a62b5a3855","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":123,"box":{"x":109,"y":448,"width":836,"height":13}},{"id":"279d3265-f4b9-4203-bc33-e5c8b9042fc7","block_type":"box","text":"excess collateral, as necessary;","page_number":123,"box":{"x":108,"y":463,"width":214,"height":13}},{"id":"19bec7ca-7240-4db3-aa53-eaf9ad6a4a5a","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":123,"box":{"x":109,"y":490,"width":543,"height":12}},{"id":"eadb5fd7-c9c1-46fc-8c79-2f2caa2e5464","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":123,"box":{"x":109,"y":516,"width":652,"height":13}},{"id":"f6d9d9de-0e8c-41c3-8098-0a18612aef09","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":123,"box":{"x":109,"y":543,"width":821,"height":12}},{"id":"6a890d9b-8430-4b3c-8b3a-5230a5e86e72","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":123,"box":{"x":109,"y":558,"width":839,"height":12}},{"id":"eb712992-a345-4155-bea5-1cb670e59a27","block_type":"box","text":"securities; and","page_number":123,"box":{"x":108,"y":573,"width":100,"height":11}},{"id":"b980d933-c316-44f9-8492-10819445138e","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Funds at loan termination.","page_number":123,"box":{"x":109,"y":599,"width":793,"height":13}},{"id":"2dcb31aa-2316-4722-b5b7-39b4a0e67e5e","block_type":"box","text":"The following tables show the dollar amounts of income and fees/compensation related to the securities lending activities of","page_number":123,"box":{"x":88,"y":626,"width":878,"height":12}},{"id":"1299b1c9-bb17-411b-88e1-8b5026505484","block_type":"box","text":"each Fund during its most recent fiscal year ended August 31, 2025.","page_number":123,"box":{"x":89,"y":641,"width":475,"height":12}},{"id":"e31b72d1-01d4-46a0-8c93-72727b1bb0f8","block_type":"box","text":"Fund","page_number":123,"box":{"x":89,"y":691,"width":27,"height":8}},{"id":"ef84e216-0782-43ff-a1fa-072b619f5cb4","block_type":"box","text":"iShares Core MSCI","page_number":123,"box":{"x":337,"y":681,"width":105,"height":8}},{"id":"4b750df2-031a-47fd-bd86-9a214ab8b9a9","block_type":"box","text":"Emerging Markets ETF","page_number":123,"box":{"x":326,"y":691,"width":129,"height":10}},{"id":"9d07debd-4464-4cc3-9699-ee2ac0853ab6","block_type":"box","text":"iShares","page_number":123,"box":{"x":537,"y":671,"width":41,"height":7}},{"id":"bd30316e-444d-44c5-ac52-06e50d5dc8ca","block_type":"box","text":"Emerging Markets","page_number":123,"box":{"x":505,"y":681,"width":105,"height":10}},{"id":"a080253e-5dd9-48ad-86ba-9f5a26c585ec","block_type":"box","text":"Equity Factor ETF","page_number":123,"box":{"x":508,"y":691,"width":99,"height":10}},{"id":"e3864039-68ff-4038-9045-a0cadecf7934","block_type":"box","text":"iShares ESG Aware","page_number":123,"box":{"x":660,"y":681,"width":107,"height":8}},{"id":"be63e3f2-42c2-4f23-9386-c1073c0682c8","block_type":"box","text":"MSCI EM ETF","page_number":123,"box":{"x":675,"y":691,"width":76,"height":8}},{"id":"c1a8d9d4-41b5-400e-9306-7dcadf55b916","block_type":"box","text":"iShares MSCI","page_number":123,"box":{"x":855,"y":681,"width":74,"height":8}},{"id":"0e862a4b-7c44-42ab-bc18-8c114ab2f5c1","block_type":"box","text":"Agriculture Producers ETF","page_number":123,"box":{"x":816,"y":691,"width":152,"height":10}},{"id":"901c64b5-c0c7-4d2f-ba57-c662e430d970","block_type":"box","text":"Gross income from","page_number":123,"box":{"x":89,"y":708,"width":136,"height":10}},{"id":"f9b572d5-ca24-4c21-bed2-52a810a5b277","block_type":"box","text":"securities","page_number":123,"box":{"x":105,"y":724,"width":68,"height":9}},{"id":"88aa0d4f-b93a-40fa-9b17-021d3809087c","block_type":"box","text":"lending activities","page_number":123,"box":{"x":105,"y":739,"width":121,"height":12}},{"id":"877341a2-a539-4e53-8910-f70dcff5e918","block_type":"box","text":"$195,332,181 $535,239 $1,179,146 $147,976","page_number":123,"box":{"x":341,"y":708,"width":582,"height":12}},{"id":"0177741b-be0b-4367-bbe0-5c57a183de2a","block_type":"box","text":"Fees and/or","page_number":123,"box":{"x":88,"y":773,"width":86,"height":10}},{"id":"7c07eef7-f5d1-4a7f-8e2a-fe2ddf1332fe","block_type":"box","text":"compensation for","page_number":123,"box":{"x":105,"y":788,"width":123,"height":13}},{"id":"9a6a35c9-3579-46a0-a104-b1e6c8f85608","block_type":"box","text":"securities lending","page_number":123,"box":{"x":104,"y":804,"width":122,"height":12}},{"id":"31554f59-9f0b-4099-96e0-6fb77a39c884","block_type":"box","text":"activities and","page_number":123,"box":{"x":105,"y":819,"width":92,"height":9}},{"id":"092bb91c-d46a-457f-98b2-b0002c6be0c4","block_type":"box","text":"related services","page_number":123,"box":{"x":104,"y":834,"width":108,"height":10}},{"id":"ea93ae26-09c2-42f5-80c5-d087c9c039c7","block_type":"box","text":"100","page_number":123,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"87d9657a-e6c2-49f0-abb1-1426168f4674","block_type":"box","text":"Fund","page_number":124,"box":{"x":89,"y":65,"width":27,"height":7}},{"id":"0dad0186-1689-456d-904b-03412cfc06fe","block_type":"box","text":"iShares Core MSCI","page_number":124,"box":{"x":337,"y":55,"width":105,"height":7}},{"id":"2a52281b-3f15-4a19-a6dd-61c3c544a751","block_type":"box","text":"Emerging Markets ETF","page_number":124,"box":{"x":326,"y":65,"width":129,"height":10}},{"id":"49a2aa4c-5a9c-444f-a491-77a272fe25e6","block_type":"box","text":"iShares","page_number":124,"box":{"x":537,"y":45,"width":41,"height":7}},{"id":"88b8f8f2-3961-4725-b95e-28ed83da8d2a","block_type":"box","text":"Emerging Markets","page_number":124,"box":{"x":505,"y":55,"width":105,"height":9}},{"id":"75d224d9-9678-4cbd-af2a-1c11b07f61f9","block_type":"box","text":"Equity Factor ETF","page_number":124,"box":{"x":508,"y":65,"width":99,"height":10}},{"id":"dcf382bc-99b0-41e0-ac9f-046b0ebe74ee","block_type":"box","text":"iShares ESG Aware","page_number":124,"box":{"x":660,"y":55,"width":107,"height":7}},{"id":"eca5e50c-e3f9-412f-ba3d-4f41a8ef1764","block_type":"box","text":"MSCI EM ETF","page_number":124,"box":{"x":675,"y":65,"width":76,"height":7}},{"id":"269531a0-5b88-4405-8a31-0d3b6ce40749","block_type":"box","text":"iShares MSCI","page_number":124,"box":{"x":855,"y":55,"width":74,"height":7}},{"id":"275a80c3-b8db-441a-9eb8-eed906cfe94e","block_type":"box","text":"Agriculture Producers ETF","page_number":124,"box":{"x":816,"y":65,"width":152,"height":10}},{"id":"d53460e9-8b91-43c7-987d-b851378d0232","block_type":"box","text":"Securities lending","page_number":124,"box":{"x":118,"y":85,"width":123,"height":12}},{"id":"4d065676-f544-4106-a535-eab930587dd9","block_type":"box","text":"income paid to","page_number":124,"box":{"x":118,"y":100,"width":104,"height":12}},{"id":"58a39a9d-0485-486f-b804-a076882abad3","block_type":"box","text":"BTC for services as","page_number":124,"box":{"x":119,"y":115,"width":129,"height":10}},{"id":"1d4b7a1e-fcee-4e64-a054-231c81ad539b","block_type":"box","text":"securities","page_number":124,"box":{"x":118,"y":131,"width":65,"height":9}},{"id":"5b5e3022-bf7c-448a-bb03-d07a4c3ccef1","block_type":"box","text":"lending agent","page_number":124,"box":{"x":118,"y":145,"width":96,"height":13}},{"id":"8ebf1863-8756-4642-852b-36c0c254839f","block_type":"box","text":"20,114,754 65,678 84,227 2,348","page_number":124,"box":{"x":364,"y":83,"width":560,"height":11}},{"id":"488882d5-e35e-4714-a5b6-77f9382e8c3c","block_type":"box","text":"Cash collateral","page_number":124,"box":{"x":118,"y":178,"width":101,"height":10}},{"id":"249ee5f3-c4ef-4ac9-872c-d26953a1f5e2","block_type":"box","text":"management","page_number":124,"box":{"x":118,"y":194,"width":94,"height":12}},{"id":"f6fd7070-0a30-430d-89bd-97b9fed7d9b0","block_type":"box","text":"expenses not included","page_number":124,"box":{"x":118,"y":208,"width":156,"height":13}},{"id":"7bf75b06-cc77-4c79-a3fc-555625d4c7e0","block_type":"box","text":"in","page_number":124,"box":{"x":118,"y":224,"width":11,"height":9}},{"id":"84990fa6-eabe-4a2d-baf7-a2bb344626ef","block_type":"box","text":"securities lending","page_number":124,"box":{"x":118,"y":239,"width":121,"height":12}},{"id":"31b5b34d-63a3-4fd9-9797-55759835f956","block_type":"box","text":"income paid to","page_number":124,"box":{"x":118,"y":254,"width":104,"height":12}},{"id":"5a627762-909c-48da-a917-4bb1de339c77","block_type":"box","text":"BTC","page_number":124,"box":{"x":119,"y":269,"width":26,"height":9}},{"id":"14c905c7-51b9-4900-80d0-19f729fb0c33","block_type":"box","text":"1,342,491 2,577 8,983 1,277","page_number":124,"box":{"x":372,"y":176,"width":552,"height":11}},{"id":"dfa708a4-04fc-4371-a973-efe0639743e1","block_type":"box","text":"Administrative fees","page_number":124,"box":{"x":117,"y":302,"width":134,"height":9}},{"id":"d58254a2-a392-4c3c-856c-531588a84df8","block_type":"box","text":"not included","page_number":124,"box":{"x":118,"y":317,"width":87,"height":9}},{"id":"d92ffbd7-a05f-4c62-935e-fd711a48b489","block_type":"box","text":"in securities lending","page_number":124,"box":{"x":118,"y":332,"width":138,"height":12}},{"id":"5a58dabf-cf7c-449d-bf66-8d48d1884dae","block_type":"box","text":"income 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paid","page_number":124,"box":{"x":118,"y":440,"width":85,"height":12}},{"id":"ae86856e-8a85-4048-ba07-42d2a9d61f07","block_type":"box","text":"to BTC","page_number":124,"box":{"x":117,"y":456,"width":46,"height":9}},{"id":"4a75fe78-9a8f-4dce-9213-257ef9ac6765","block_type":"box","text":"00 0 0","page_number":124,"box":{"x":430,"y":393,"width":494,"height":9}},{"id":"3f3eed4b-b9e4-470d-b9ab-b195d3b61181","block_type":"box","text":"Rebates (paid to","page_number":124,"box":{"x":119,"y":488,"width":112,"height":12}},{"id":"b123e821-2d49-459b-b885-31fb868e8e55","block_type":"box","text":"borrowers)","page_number":124,"box":{"x":118,"y":503,"width":76,"height":12}},{"id":"4fcf3100-7933-4822-bc86-3b7ec8cad3ad","block_type":"box","text":"81,870,726 165,692 699,482 134,115","page_number":124,"box":{"x":362,"y":486,"width":561,"height":11}},{"id":"956570d0-d264-49a7-ac96-114264ff7171","block_type":"box","text":"Other fees 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These financial incentives may cause the Intermediary to recommend the Fund or other Products or otherwise","page_number":128,"box":{"x":89,"y":604,"width":827,"height":12}},{"id":"1a89c9bf-4f4c-47f7-9ed2-ac797c828342","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":128,"box":{"x":89,"y":619,"width":874,"height":12}},{"id":"4d9f8ed6-70d5-486d-b77c-917013f9d78b","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":128,"box":{"x":89,"y":634,"width":798,"height":12}},{"id":"6a88a4d1-dae8-42ee-bee9-86de8d2cb588","block_type":"box","text":"Intermediary firm.","page_number":128,"box":{"x":89,"y":649,"width":125,"height":13}},{"id":"02263f2a-e46d-48a3-845d-ca75687ab6b0","block_type":"box","text":"In addition to the payments described above, BFA Entities have developed proprietary tools, calculators and related","page_number":128,"box":{"x":89,"y":676,"width":802,"height":12}},{"id":"8d87d3e2-dddf-4a99-8e94-090e603d7689","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":128,"box":{"x":89,"y":691,"width":812,"height":12}},{"id":"1a21bc16-463f-4c86-b2ac-145771dc85bc","block_type":"box","text":"Intermediaries. 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Effective June 4, 2016, this","page_number":128,"box":{"x":89,"y":763,"width":795,"height":12}},{"id":"415ee51d-2967-45a1-9a13-5f9de78956dc","block_type":"box","text":"relationship was expanded to include National Financial Services, LLC (“NFS”), an affiliate of FBS. Pursuant to this special,","page_number":128,"box":{"x":89,"y":778,"width":847,"height":12}},{"id":"710916e2-08d8-4eb0-b227-bbf571f1ad44","block_type":"box","text":"long-term and significant arrangement (the “Marketing Program”), FBS, NFS and certain of their affiliates (collectively","page_number":128,"box":{"x":89,"y":793,"width":824,"height":12}},{"id":"5a5d2dd9-bf8e-44b7-b986-8c434c61c71e","block_type":"box","text":"“Fidelity”) have agreed, among other things, to actively promote certain funds and Products to customers, investment","page_number":128,"box":{"x":89,"y":808,"width":827,"height":12}},{"id":"45f81256-f953-4e15-b651-c62da1f5fa88","block_type":"box","text":"professionals and other intermediaries and in advertising campaigns as the preferred exchange-traded product, to offer","page_number":128,"box":{"x":89,"y":823,"width":835,"height":12}},{"id":"6e7614fc-d96d-4cb4-a6f3-92aaf97c960d","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":128,"box":{"x":89,"y":838,"width":839,"height":13}},{"id":"89ccc627-1d50-4608-a83e-002dd300c3a3","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":128,"box":{"x":89,"y":853,"width":844,"height":13}},{"id":"032bd3a7-08e7-48f4-ad08-f84dcad8439b","block_type":"box","text":"105","page_number":128,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"49437669-8b52-4209-b5cb-0fd15255087a","block_type":"box","text":"(a)","page_number":128,"box":{"x":89,"y":176,"width":11,"height":6}},{"id":"c284b68c-2e5c-4339-ba17-2a18f00d6a1a","block_type":"box","text":"Net of securities lending income tax paid of $1,985,355.","page_number":128,"box":{"x":104,"y":177,"width":311,"height":10}},{"id":"8faf7b75-3a7c-4127-9b15-abd8dfb039ec","block_type":"box","text":"Marketing Program by, among other things, making certain payments to FBS and NFS for marketing and implementing","page_number":129,"box":{"x":89,"y":44,"width":831,"height":12}},{"id":"b7578acb-0b17-471a-9316-36afa3e0a7bc","block_type":"box","text":"certain brokerage and investment programs. Upon termination of the arrangement, the BFA Entities will make additional","page_number":129,"box":{"x":89,"y":59,"width":840,"height":12}},{"id":"f69e8e90-fa6d-4f27-a871-bd2bf838e42d","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":129,"box":{"x":89,"y":74,"width":856,"height":12}},{"id":"21ea648d-1b6a-4c86-a6ed-71595aba71d2","block_type":"box","text":"the level of services provided by FBS and NFS during the wind-down period.","page_number":129,"box":{"x":88,"y":89,"width":529,"height":13}},{"id":"43c87969-255e-4e34-942f-74ac1881af7e","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and certain other third parties","page_number":129,"box":{"x":89,"y":116,"width":873,"height":12}},{"id":"bf69a160-a10e-4989-a73f-15ada1df7ab1","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":129,"box":{"x":88,"y":131,"width":824,"height":12}},{"id":"22cd42d6-2145-4846-b320-d3f88f0fee19","block_type":"box","text":"Products. Such agreements can include payments by BFA Entities to such Intermediaries and third parties for data collection","page_number":129,"box":{"x":89,"y":146,"width":868,"height":12}},{"id":"1b565bbe-f43c-4965-afb2-823cd0c35376","block_type":"box","text":"and provision, technology support, platform enhancement, or educational content, co-marketing and cross-promotional","page_number":129,"box":{"x":89,"y":161,"width":844,"height":12}},{"id":"a877b80a-295b-4e9a-a90a-4c3987729892","block_type":"box","text":"efforts. In certain cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered payments.","page_number":129,"box":{"x":89,"y":176,"width":871,"height":13}},{"id":"f01dd572-7118-4b96-a04f-de57c616b2d4","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":129,"box":{"x":88,"y":191,"width":850,"height":13}},{"id":"e83a3ffa-da3c-4e49-920c-0ce91ee3ad23","block_type":"box","text":"diligence” payments for an Intermediary’s review of such funds and Products; payment for providing employee training and","page_number":129,"box":{"x":89,"y":206,"width":863,"height":13}},{"id":"8a078e75-8705-4afe-9e68-976b38939b94","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":129,"box":{"x":89,"y":222,"width":864,"height":12}},{"id":"f1cf93b4-f0a0-4e6b-9027-4557d3297ec5","block_type":"box","text":"registered representatives, salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf","page_number":129,"box":{"x":89,"y":237,"width":861,"height":12}},{"id":"57fae3ed-e4c1-49ef-8552-0de9a9098ac3","block_type":"box","text":"space” payments for making such funds and Products available on the Intermediary’s platform or fees for providing","page_number":129,"box":{"x":89,"y":252,"width":807,"height":12}},{"id":"c752340b-e8cf-41f6-b072-303e0b933cc6","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":129,"box":{"x":89,"y":267,"width":871,"height":12}},{"id":"81c77e46-cbfa-4df6-b0ea-b9719a0ded1d","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":129,"box":{"x":89,"y":282,"width":875,"height":12}},{"id":"15dfc0d4-0148-48ff-913e-90dad167badd","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":129,"box":{"x":89,"y":297,"width":851,"height":12}},{"id":"48ec98ba-2b54-4a90-8259-82cb1a7569b9","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":129,"box":{"x":89,"y":312,"width":855,"height":13}},{"id":"55066a78-cc6c-4426-86e3-f3e0fd04d427","block_type":"box","text":"the Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the contractual","page_number":129,"box":{"x":88,"y":327,"width":821,"height":13}},{"id":"5f869314-7b15-4e08-8137-6fe926078b7a","block_type":"box","text":"payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit Exchange, AE Wealth","page_number":129,"box":{"x":89,"y":342,"width":780,"height":13}},{"id":"55cbb2af-6119-4d3a-b2f4-edce78b07a4b","block_type":"box","text":"Management, LLC, American Enterprise Investment Services, Inc., Avantax Investment Services, Inc., BNY Mellon Capital","page_number":129,"box":{"x":89,"y":358,"width":839,"height":12}},{"id":"6b1c19ff-c238-4034-9f82-0083624eed92","block_type":"box","text":"Markets, LLC, BNY Mellon Performance & Risk Analytics, LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc.,","page_number":129,"box":{"x":89,"y":373,"width":821,"height":12}},{"id":"8eb4a56d-3d2b-40f1-acaa-5c16948c3460","block_type":"box","text":"Clearstream Fund Centre AG, Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial","page_number":129,"box":{"x":89,"y":388,"width":847,"height":12}},{"id":"b4fda160-e03c-4e95-8f7b-1476abea01b3","block_type":"box","text":"Partners LLC, E*Trade Securities LLC, Envestnet Asset Management, Inc., iCapital Markets LLC, Interactive Brokers LLC, LPL","page_number":129,"box":{"x":89,"y":403,"width":858,"height":12}},{"id":"64045807-accd-4d13-99e0-f089aad8b295","block_type":"box","text":"Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML Investors Services, LLC, Morgan Stanley Smith Barney","page_number":129,"box":{"x":89,"y":418,"width":877,"height":12}},{"id":"a720aac8-e9d1-4fc7-8245-964e708af08d","block_type":"box","text":"LLC, Northwestern Mutual Investment Services, LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial","page_number":129,"box":{"x":89,"y":433,"width":862,"height":13}},{"id":"2db36bfb-e855-49a1-887a-92e86c75d68a","block_type":"box","text":"Services, Inc., Riskalyze, Inc., Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing Services, LLC and","page_number":129,"box":{"x":88,"y":448,"width":878,"height":13}},{"id":"ad86d0f5-a141-4b55-a337-36a3035e8e1d","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions to Intermediaries and other third","page_number":129,"box":{"x":88,"y":463,"width":842,"height":13}},{"id":"89e62b05-c560-4ae3-9978-921b42fadb9e","block_type":"box","text":"parties listed above that have occurred since the date of this SAI are not included in the list.","page_number":129,"box":{"x":89,"y":479,"width":637,"height":12}},{"id":"48d22ebf-a977-4688-b560-18347dab60bf","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":129,"box":{"x":89,"y":505,"width":861,"height":12}},{"id":"b4675d3f-8271-4932-a623-9987efd1ab31","block_type":"box","text":"immediately preceding paragraph. BFA Entities may determine to make such payments based on any number of metrics. For","page_number":129,"box":{"x":89,"y":520,"width":870,"height":12}},{"id":"6988797b-0dc4-40ac-b2fb-dcde1665542c","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":129,"box":{"x":89,"y":535,"width":826,"height":13}},{"id":"3da4e078-0296-46bc-b837-816f3f2e4fe6","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":129,"box":{"x":89,"y":550,"width":821,"height":13}},{"id":"5387c266-0dc8-4c84-84ae-b61010889793","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":129,"box":{"x":89,"y":565,"width":805,"height":13}},{"id":"0d5c6306-89c3-43f7-a64a-6e98b260c7ff","block_type":"box","text":"maximum payment, or any combination of the foregoing. Please contact your salesperson or other investment professional","page_number":129,"box":{"x":89,"y":581,"width":862,"height":12}},{"id":"4e0a7789-8c2e-4eb2-a4a7-bc82de514ea7","block_type":"box","text":"for more information regarding any such payments or financial incentives his or her Intermediary firm may receive. Any","page_number":129,"box":{"x":88,"y":596,"width":835,"height":12}},{"id":"8222e6f6-57f7-444e-8dfa-f0f1d0676698","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":129,"box":{"x":89,"y":611,"width":823,"height":12}},{"id":"56afb345-2c82-4666-99b6-1a0b36f79fdb","block_type":"box","text":"Intermediary to encourage customers to buy shares of the Fund or other Products.","page_number":129,"box":{"x":89,"y":626,"width":578,"height":12}},{"id":"4c4da883-8d5f-40af-8f18-c484e5dd993d","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":129,"box":{"x":88,"y":652,"width":864,"height":13}},{"id":"c3252443-fd64-4978-8918-096fe6d3d7e2","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":129,"box":{"x":89,"y":668,"width":814,"height":12}},{"id":"216fbbf5-b662-481f-880e-f0885384eeac","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":129,"box":{"x":89,"y":683,"width":859,"height":12}},{"id":"b3c2a26e-fc35-429e-9c2f-635c7d4e290a","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":129,"box":{"x":88,"y":698,"width":865,"height":12}},{"id":"5ee806e9-c285-4710-9a50-44b32dd19da7","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":129,"box":{"x":88,"y":713,"width":847,"height":12}},{"id":"6abc3185-868c-4979-97da-bf6c6d199ad3","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":129,"box":{"x":89,"y":728,"width":851,"height":12}},{"id":"d334e661-10a3-4c00-9513-ed540a19d93d","block_type":"box","text":"not be paid from any Fund assets. Other funds managed by BFA may also participate in such programs.","page_number":129,"box":{"x":89,"y":743,"width":722,"height":12}},{"id":"81c1abe9-c6eb-46c6-93f8-cb050525d7f4","block_type":"box","text":"Determination of Net Asset Value","page_number":129,"box":{"x":91,"y":774,"width":558,"height":23}},{"id":"1b958c60-beed-4213-a776-4882478bed7c","block_type":"box","text":"Valuation of Shares.","page_number":129,"box":{"x":88,"y":815,"width":144,"height":10}},{"id":"3ba1cd1e-45f8-4a9b-8d25-7efb0a5dd8f9","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":129,"box":{"x":237,"y":815,"width":717,"height":12}},{"id":"0f6e80c3-a8e3-41f9-82c8-a3a959077520","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":129,"box":{"x":88,"y":830,"width":877,"height":12}},{"id":"0207871c-4480-4bd2-bc91-d0ce569bb441","block_type":"box","text":"by a Fund is as follows:","page_number":129,"box":{"x":89,"y":845,"width":159,"height":12}},{"id":"c35524ae-c3bb-4ea2-b53f-6c756b379d9d","block_type":"box","text":"106","page_number":129,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"49cb4ac4-3f6f-4ec9-bf69-c50e50c97611","block_type":"box","text":"Equity Investments.","page_number":130,"box":{"x":89,"y":45,"width":139,"height":11}},{"id":"a5107529-7abd-4fe6-8793-7a314a89d46e","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":130,"box":{"x":235,"y":44,"width":429,"height":12}},{"id":"04954c0b-7b6d-405e-ab0c-45090f7ba44a","block_type":"box","text":"e.g.","page_number":130,"box":{"x":665,"y":47,"width":23,"height":9}},{"id":"06115268-a32d-4943-a7b2-b8b4ae38e986","block_type":"box","text":", NYSE), on separate trading boards of a","page_number":130,"box":{"x":690,"y":44,"width":277,"height":12}},{"id":"bc017ae8-f62e-4b07-a9d0-f5cf593d43fe","block_type":"box","text":"securities exchange or through a market system that provides contemporaneous transaction pricing information (each an","page_number":130,"box":{"x":89,"y":59,"width":853,"height":12}},{"id":"610f6657-1506-4bbe-b79f-342065048c9b","block_type":"box","text":"“Exchange”) are valued using information obtained via independent pricing services, generally at the Exchange closing price","page_number":130,"box":{"x":89,"y":74,"width":869,"height":12}},{"id":"2bbeedb7-32b6-44ff-bdcb-a7b2379f947d","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":130,"box":{"x":89,"y":89,"width":874,"height":13}},{"id":"3fa07a05-ef37-4047-a891-c1e7c81e72e7","block_type":"box","text":"or liabilities are valued. However, under certain circumstances, other means of determining current market value may be","page_number":130,"box":{"x":89,"y":104,"width":841,"height":13}},{"id":"3b9a292a-1e57-4e63-812a-3555066af724","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":130,"box":{"x":89,"y":119,"width":872,"height":13}},{"id":"f3084acd-d7aa-4bc7-ab29-95e262973a5d","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":130,"box":{"x":88,"y":135,"width":838,"height":12}},{"id":"a0d28139-270d-4a91-9978-efa56a746b51","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":130,"box":{"x":88,"y":150,"width":848,"height":12}},{"id":"580971cc-30fa-45d3-a049-214ef0a0a19f","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":130,"box":{"x":89,"y":165,"width":829,"height":12}},{"id":"f651bd9a-a4d6-44d2-89f4-c37f2f941e90","block_type":"box","text":"below).","page_number":130,"box":{"x":89,"y":180,"width":50,"height":12}},{"id":"f6b0313b-c769-4626-8a80-c00456fc4e94","block_type":"box","text":"Fixed-Income Investments.","page_number":130,"box":{"x":89,"y":206,"width":194,"height":10}},{"id":"4c232aaa-aee7-45b4-a682-d9b09da7c28c","block_type":"box","text":"Fixed-income securities are valued using the last available bid prices or current market","page_number":130,"box":{"x":289,"y":206,"width":603,"height":13}},{"id":"492209d0-d640-425f-8a1d-2ab5cdcace2a","block_type":"box","text":"quotations provided by dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third","page_number":130,"box":{"x":89,"y":222,"width":846,"height":12}},{"id":"e7f1b3b4-90b6-42d5-9e01-598a45f2913e","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":130,"box":{"x":89,"y":237,"width":854,"height":12}},{"id":"e803187a-be5f-482d-80ea-76d3dcc2476e","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values, including transaction data (","page_number":130,"box":{"x":88,"y":252,"width":737,"height":12}},{"id":"e63774bc-aa93-4a8c-b43c-ddf34b0da70e","block_type":"box","text":"e.g.","page_number":130,"box":{"x":826,"y":255,"width":23,"height":9}},{"id":"5f985f61-4cf5-4d61-9cf1-9ab7b7c652eb","block_type":"box","text":", recent","page_number":130,"box":{"x":851,"y":253,"width":52,"height":10}},{"id":"90670828-c651-498f-adcd-25a265b6ecbe","block_type":"box","text":"representative bids and offers), credit quality information, perceived market movements, news, and other relevant","page_number":130,"box":{"x":89,"y":267,"width":795,"height":12}},{"id":"c78e62a7-1d85-4beb-bcec-c994a0c2643c","block_type":"box","text":"information. Pricing services also may consider yields or prices of securities of comparable quality, coupon, maturity and","page_number":130,"box":{"x":89,"y":282,"width":842,"height":12}},{"id":"30aba44a-69d2-41d8-a608-ad7271c47dca","block_type":"box","text":"type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services","page_number":130,"box":{"x":88,"y":297,"width":878,"height":12}},{"id":"c688e8ee-d1a5-485e-bafb-b02745cb913b","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":130,"box":{"x":89,"y":312,"width":865,"height":13}},{"id":"3f5b7240-c97b-46ee-bb6e-d02112fca8d8","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":130,"box":{"x":89,"y":327,"width":866,"height":13}},{"id":"9d38b69d-8169-417e-9413-9466b6200a90","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":130,"box":{"x":88,"y":342,"width":860,"height":13}},{"id":"de954235-1a4b-4185-8b38-351e47688989","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":130,"box":{"x":89,"y":358,"width":819,"height":12}},{"id":"9a4aa10e-80ec-4453-938e-6a918ea38cf7","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":130,"box":{"x":89,"y":373,"width":844,"height":12}},{"id":"d1123358-82b0-48cf-ae62-25dd6d890ab3","block_type":"box","text":"income investments, including asset-backed and mortgage-related securities, may be valued based on valuation models that","page_number":130,"box":{"x":89,"y":388,"width":874,"height":12}},{"id":"dcd2e576-fc84-49ea-b46b-6a58c7a6637d","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":130,"box":{"x":89,"y":403,"width":829,"height":12}},{"id":"ffa97f4f-61c4-4884-bf5f-b6a9a7255209","block_type":"box","text":"tranche-specific spread to the benchmark yield based on the unique attributes of the tranche.","page_number":130,"box":{"x":88,"y":418,"width":656,"height":12}},{"id":"4127bbfa-07c8-4485-896e-a6e0c852c433","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":130,"box":{"x":89,"y":445,"width":337,"height":12}},{"id":"6c18dcb1-98b7-499e-9d60-9d3534853c68","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity index options","page_number":130,"box":{"x":432,"y":445,"width":518,"height":12}},{"id":"5d2a39f3-2ed8-463a-809a-ec9c70501a6b","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":130,"box":{"x":89,"y":460,"width":874,"height":12}},{"id":"e7a49f03-23f8-46fb-8957-aa222e9f3784","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":130,"box":{"x":89,"y":475,"width":868,"height":12}},{"id":"eb0fae1d-5475-4988-bb4b-ee493f96c4d9","block_type":"box","text":"price available for such exchange-traded equity option held by a Fund on a day on which a Fund values such option, the last","page_number":130,"box":{"x":89,"y":490,"width":868,"height":12}},{"id":"a52ac9a1-c03d-4a5d-9a81-194ee60586d3","block_type":"box","text":"bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If no bid or ask price is","page_number":130,"box":{"x":89,"y":505,"width":873,"height":12}},{"id":"5216c345-cc53-4c48-b65d-6567c04c2b98","block_type":"box","text":"available on a day on which a Fund values such option, the prior day’s price will be used, unless BFA determines that such","page_number":130,"box":{"x":89,"y":520,"width":850,"height":12}},{"id":"91dc41e4-c504-400e-93f0-89319f436a4d","block_type":"box","text":"prior day’s price no longer reflects the fair value of the option, in which case such option will be treated as a Fair Value Asset.","page_number":130,"box":{"x":89,"y":535,"width":871,"height":13}},{"id":"d9ff8548-aac8-45a3-9588-a0ceb526561f","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives may be valued using a","page_number":130,"box":{"x":89,"y":550,"width":856,"height":13}},{"id":"bd196a16-8fca-41dd-8981-4af170785a67","block_type":"box","text":"mathematical model which may incorporate a number of market data factors. Financial futures contracts and options","page_number":130,"box":{"x":89,"y":565,"width":824,"height":13}},{"id":"48dd8a37-cd5a-45bd-a0e5-4e7c85e3360c","block_type":"box","text":"thereon, which are traded on exchanges, are valued at their last sale price or settle price as of the close of such exchanges.","page_number":130,"box":{"x":88,"y":581,"width":857,"height":12}},{"id":"6c74e55e-4e36-499a-a9a8-f3289f8ce48b","block_type":"box","text":"Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing","page_number":130,"box":{"x":88,"y":596,"width":874,"height":12}},{"id":"0441f7c2-55d1-42df-9968-5a188801e1b9","block_type":"box","text":"service in accordance with the Valuation Procedures.","page_number":130,"box":{"x":89,"y":611,"width":368,"height":10}},{"id":"ceca365f-a395-4806-be88-3e06cd2d056a","block_type":"box","text":"Underlying Funds.","page_number":130,"box":{"x":89,"y":637,"width":130,"height":13}},{"id":"305eb787-75f4-45e1-a6a5-b3eae0abe15b","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV. Shares of","page_number":130,"box":{"x":224,"y":637,"width":694,"height":13}},{"id":"68d653fd-c895-4243-bd9e-b6f49b4a9ae4","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":130,"box":{"x":89,"y":652,"width":759,"height":13}},{"id":"b1e5c301-d7b1-42ee-a0e8-334b04c195ed","block_type":"box","text":"General Valuation Information.","page_number":130,"box":{"x":89,"y":679,"width":222,"height":10}},{"id":"f552a41c-3616-42d3-9f7d-ac830e801d33","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market","page_number":130,"box":{"x":317,"y":679,"width":612,"height":12}},{"id":"e0174880-bc8e-4728-a36d-c634807ab199","block_type":"box","text":"makers to value a Fund’s securities and other assets and liabilities are based on information available at the time a Fund","page_number":130,"box":{"x":89,"y":694,"width":836,"height":10}},{"id":"f8adeaf4-acd0-42c3-afc7-50d16dd20acb","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":130,"box":{"x":88,"y":709,"width":853,"height":12}},{"id":"b1f88e57-b3d3-4fcc-94e1-b9a483365f6c","block_type":"box","text":"which a Fund valued such security, the revised pricing service quotation generally will be applied prospectively. Such","page_number":130,"box":{"x":88,"y":724,"width":813,"height":13}},{"id":"00eeabb2-e250-4ae8-a7cf-78c1dc483fae","block_type":"box","text":"determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":130,"box":{"x":89,"y":739,"width":700,"height":13}},{"id":"902aff66-d1b3-4297-8fdd-90c11c535186","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":130,"box":{"x":88,"y":766,"width":867,"height":12}},{"id":"76de14a9-fb62-4548-aa30-d7da59f34ce8","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":130,"box":{"x":89,"y":781,"width":866,"height":12}},{"id":"19fad36d-94a2-4ca8-8740-16ad7a620b1e","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":130,"box":{"x":89,"y":796,"width":859,"height":12}},{"id":"a7022ed5-b0c7-4e2f-8a51-9f814876ea62","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":130,"box":{"x":89,"y":811,"width":846,"height":12}},{"id":"701a75c6-af7b-43a8-bf0b-3c6560d74adc","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":130,"box":{"x":89,"y":826,"width":876,"height":13}},{"id":"0e83ede6-78c7-4fce-b04c-1f8240ea57bf","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":130,"box":{"x":89,"y":841,"width":439,"height":13}},{"id":"64e87fca-7d39-4b99-8dff-9f2859d87a38","block_type":"box","text":"107","page_number":130,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"23b08141-a84c-4cef-9ed6-4a8ee5ddefca","block_type":"box","text":"All cash, receivables and current payables are carried on a Fund’s books at their fair value.","page_number":131,"box":{"x":88,"y":44,"width":627,"height":12}},{"id":"acad0571-b898-4bfd-ad47-3fca1365091c","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":131,"box":{"x":89,"y":70,"width":871,"height":13}},{"id":"f9198890-04de-4653-a4a9-1aae7e800cf2","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":131,"box":{"x":88,"y":85,"width":823,"height":13}},{"id":"8be1e9f8-726b-491b-aea3-acf1a86cf4d3","block_type":"box","text":"accordance with a method approved by BFA, each Fund’s valuation designee, as reflecting fair value. All other assets and","page_number":131,"box":{"x":89,"y":101,"width":843,"height":12}},{"id":"5da68a8b-45a6-4a5a-a6fe-69a72e0706d6","block_type":"box","text":"liabilities (including securities for which market quotations are not readily available) held by a Fund (including restricted","page_number":131,"box":{"x":89,"y":116,"width":836,"height":12}},{"id":"b0e7a980-99ee-4b86-aa1f-72d72c0fa19b","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":131,"box":{"x":89,"y":131,"width":862,"height":12}},{"id":"2c8252a9-bf7b-4175-a04f-f492cd6f16b6","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":131,"box":{"x":89,"y":146,"width":805,"height":12}},{"id":"b9d67898-0dd6-416d-a0a9-6b2209044306","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":131,"box":{"x":89,"y":172,"width":874,"height":13}},{"id":"739daaac-69be-4301-9229-ab8cd9ebd55b","block_type":"box","text":"a Fund’s NAV and the prices used in its Underlying Index, which, in turn, could result in a difference between a Fund’s","page_number":131,"box":{"x":89,"y":188,"width":820,"height":12}},{"id":"6c40a098-a92e-4bc3-b3ca-15f987ebeb62","block_type":"box","text":"performance and the performance of its Underlying Index.","page_number":131,"box":{"x":89,"y":203,"width":407,"height":12}},{"id":"579ab778-f516-4561-85d9-0785ecde5fcf","block_type":"box","text":"Fair Value.","page_number":131,"box":{"x":89,"y":229,"width":73,"height":10}},{"id":"bdbf0ae1-f41e-4cac-b9bd-e2427ac992d8","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":131,"box":{"x":167,"y":229,"width":796,"height":12}},{"id":"cb9e78e5-8c33-4e91-bd96-627f6cdba6ae","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":131,"box":{"x":88,"y":244,"width":854,"height":13}},{"id":"2c49cfd4-7f3e-400e-906e-8a3a12ba0451","block_type":"box","text":"Pursuant to Rule 2a-5 under the Investment Company Act, the Board of Directors has designated BFA as the valuation","page_number":131,"box":{"x":89,"y":259,"width":824,"height":13}},{"id":"2fa1733a-e975-48d9-be11-b3c505727e64","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":131,"box":{"x":89,"y":274,"width":837,"height":13}},{"id":"0aa73e1d-cfd4-4353-a10a-014b3e9b8b43","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":131,"box":{"x":89,"y":290,"width":855,"height":12}},{"id":"442668d2-ab9c-46c2-bfe6-37e40ddb8807","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":131,"box":{"x":89,"y":305,"width":851,"height":12}},{"id":"9ee38abf-e473-4818-b7c8-af644fbaee53","block_type":"box","text":"unreliable (","page_number":131,"box":{"x":89,"y":320,"width":77,"height":12}},{"id":"e9a47b82-530b-4b98-a8aa-cb3b9a172ecf","block_type":"box","text":"e.g.","page_number":131,"box":{"x":167,"y":323,"width":23,"height":9}},{"id":"42df5de8-24f8-48db-93cd-b5ac4e5fdd01","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":131,"box":{"x":192,"y":320,"width":745,"height":12}},{"id":"c024c489-5cc2-4360-967f-b96b4bd10c02","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":131,"box":{"x":89,"y":335,"width":839,"height":12}},{"id":"ab256b1a-97ee-4978-be74-510f0db46cf4","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":131,"box":{"x":88,"y":350,"width":822,"height":12}},{"id":"be7cac62-2b5d-4755-b14c-29144c63a681","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":131,"box":{"x":89,"y":365,"width":860,"height":12}},{"id":"ed9d8e4b-cfbd-46a1-b726-e03207b49a87","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":131,"box":{"x":89,"y":380,"width":862,"height":13}},{"id":"d4503e56-b8d6-4206-812b-895fe0ad043d","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":131,"box":{"x":89,"y":395,"width":864,"height":13}},{"id":"ab881d14-af20-4550-9781-18a7a242666f","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":131,"box":{"x":89,"y":410,"width":864,"height":13}},{"id":"a3057752-fff6-4618-ab56-e84f89acd7a8","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":131,"box":{"x":89,"y":426,"width":858,"height":12}},{"id":"0551c3c0-b372-42ae-a936-a8d2e5990baa","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":131,"box":{"x":89,"y":441,"width":829,"height":12}},{"id":"d4bdf366-03a3-4630-aebe-0b57c2ffdd45","block_type":"box","text":"liability, in which case such asset or liability would be treated as a Fair Value Asset.","page_number":131,"box":{"x":89,"y":456,"width":573,"height":12}},{"id":"fd7ff17b-51a5-43fe-8f05-f7251273ee4f","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":131,"box":{"x":89,"y":482,"width":874,"height":13}},{"id":"74e2b2d7-2830-4828-9e14-9ca8523897a0","block_type":"box","text":"a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing","page_number":131,"box":{"x":89,"y":497,"width":787,"height":13}},{"id":"6d05f319-b9d6-44cd-96c1-c25abfefc115","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":131,"box":{"x":89,"y":513,"width":867,"height":12}},{"id":"7d45c692-abfc-418d-8cf1-ebb37c188e7a","block_type":"box","text":"local markets to the prices that might have prevailed as of a Fund’s pricing time.","page_number":131,"box":{"x":89,"y":528,"width":559,"height":12}},{"id":"804bbdb8-4a87-4710-9873-0104160ae9d7","block_type":"box","text":"BFA’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type and significant","page_number":131,"box":{"x":89,"y":554,"width":843,"height":12}},{"id":"9b49a804-5f95-49fd-95b0-daad8e5db41b","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":131,"box":{"x":89,"y":569,"width":874,"height":13}},{"id":"d380e7a7-9df6-4a35-a66f-6418f312d2e2","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":131,"box":{"x":89,"y":584,"width":847,"height":13}},{"id":"d5f91a7f-59c9-4a98-85f2-3a7d7bf5d7f2","block_type":"box","text":"regularly evaluates the values assigned to the securities and other assets and liabilities of a Fund.","page_number":131,"box":{"x":89,"y":599,"width":676,"height":13}},{"id":"6c939649-0dbc-4316-aaa8-5eb780ee72d0","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":131,"box":{"x":88,"y":626,"width":868,"height":12}},{"id":"246cadf7-2e58-4322-bcbb-7a2c2267954e","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":131,"box":{"x":88,"y":641,"width":838,"height":12}},{"id":"53fb6834-8d68-4a78-8dcd-4fc497c994f8","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":131,"box":{"x":89,"y":656,"width":847,"height":13}},{"id":"97c66c8f-1993-4bd4-bf53-b7908b8a8125","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":131,"box":{"x":89,"y":671,"width":856,"height":13}},{"id":"2db5b30a-b36c-46ef-90ef-86a95c8e9f0f","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":131,"box":{"x":89,"y":686,"width":877,"height":13}},{"id":"37dab901-7946-4f5f-8f91-a5a0e48d07af","block_type":"box","text":"by BFA using proprietary or third-party valuation models.","page_number":131,"box":{"x":89,"y":702,"width":397,"height":12}},{"id":"0690be82-62be-4a3a-ad17-20e2e8747a6a","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":131,"box":{"x":89,"y":728,"width":848,"height":12}},{"id":"0158a58b-c5bb-440e-bbdb-59cea9a9f747","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":131,"box":{"x":89,"y":743,"width":865,"height":12}},{"id":"817a0072-ad0a-4168-8ff1-4d1f97f14d05","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":131,"box":{"x":89,"y":758,"width":878,"height":13}},{"id":"04368783-e7db-43d7-887c-e6e00725f01f","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":131,"box":{"x":89,"y":773,"width":795,"height":13}},{"id":"76fe6df1-6651-4dce-8d87-5d3ac864ad24","block_type":"box","text":"transactions in the relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":131,"box":{"x":88,"y":788,"width":839,"height":13}},{"id":"22059493-bdcc-4aa2-8358-1ee5a71f8800","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":131,"box":{"x":89,"y":804,"width":801,"height":12}},{"id":"f33615c6-8e63-4bd9-9d7e-e191d0b141ed","block_type":"box","text":"investment.","page_number":131,"box":{"x":89,"y":820,"width":80,"height":8}},{"id":"d2ad8195-7167-4bc3-bd11-898875dd947e","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":131,"box":{"x":88,"y":845,"width":865,"height":12}},{"id":"3c56267a-cc33-4653-8795-5d2ff1c9d5c7","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":131,"box":{"x":89,"y":860,"width":843,"height":13}},{"id":"240b93eb-ad78-4344-a16d-98097916fcc9","block_type":"box","text":"108","page_number":131,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"88cbe277-5711-4127-8f19-486fd43ea15f","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":132,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"252a3ccb-cd7c-4644-8ce3-815463d0d192","block_type":"box","text":"effect of diluting or increasing the economic interest of existing shareholders.","page_number":132,"box":{"x":89,"y":59,"width":540,"height":12}},{"id":"3dac902c-ebeb-466a-ab29-f008df0ea9eb","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles generally","page_number":132,"box":{"x":89,"y":85,"width":843,"height":13}},{"id":"27b0457d-a44e-4836-b06f-f7b754966b95","block_type":"box","text":"accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in Financial","page_number":132,"box":{"x":89,"y":101,"width":795,"height":12}},{"id":"78f706bb-5f1c-4cd7-96aa-e2a05fa093b9","block_type":"box","text":"Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures”","page_number":132,"box":{"x":88,"y":116,"width":838,"height":12}},{"id":"af958495-5d05-436c-82f4-b9d64db1f566","block_type":"box","text":"(“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and expands financial","page_number":132,"box":{"x":89,"y":131,"width":835,"height":12}},{"id":"1733e9cb-8537-45c5-997d-2fa82df02d25","block_type":"box","text":"statement disclosure requirements relating to fair value measurements.","page_number":132,"box":{"x":89,"y":146,"width":499,"height":12}},{"id":"fc040213-54cc-4f71-8d25-86e2f2612f18","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":132,"box":{"x":89,"y":172,"width":870,"height":13}},{"id":"9d0eb863-348c-4aeb-86cc-60ae9cd48291","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":132,"box":{"x":89,"y":188,"width":839,"height":12}},{"id":"0a321fb8-98b8-4f45-aabd-fe12076681ba","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":132,"box":{"x":88,"y":203,"width":863,"height":12}},{"id":"4b916159-61a1-4ada-9724-85b3f02120cb","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":132,"box":{"x":88,"y":218,"width":863,"height":12}},{"id":"01bf828c-78e7-4dfd-b8b6-b6c00ecac7d1","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":132,"box":{"x":89,"y":233,"width":778,"height":12}},{"id":"6f814fac-4836-45d6-bf17-b4e754db9eb7","block_type":"box","text":"Brokerage Transactions","page_number":132,"box":{"x":91,"y":264,"width":390,"height":29}},{"id":"a95744a5-e24d-45a6-8baf-268803068f13","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":132,"box":{"x":88,"y":305,"width":863,"height":12}},{"id":"de029280-c1c7-4853-aaae-2eb202250e5c","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":132,"box":{"x":89,"y":320,"width":835,"height":12}},{"id":"7490d531-ecc6-461a-a662-8a17ad4bca93","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":132,"box":{"x":89,"y":335,"width":824,"height":12}},{"id":"79ecd6eb-9391-47af-aadc-e9653cc5c8f5","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":132,"box":{"x":89,"y":350,"width":877,"height":12}},{"id":"2212c01e-173e-4459-8fe4-b295f83ba2a8","block_type":"box","text":"in positioning blocks of securities. While BFA generally seeks reasonable trade execution costs, a Fund does not necessarily","page_number":132,"box":{"x":89,"y":365,"width":861,"height":12}},{"id":"11ce6098-36c0-4ef4-9da6-5cc1970c6cd8","block_type":"box","text":"pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":132,"box":{"x":89,"y":380,"width":805,"height":13}},{"id":"63414b67-162a-480d-9926-2b2d948661f5","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":132,"box":{"x":89,"y":395,"width":851,"height":13}},{"id":"9f2c6a74-f99a-4b29-886f-8b6fcc1041b8","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":132,"box":{"x":89,"y":410,"width":876,"height":13}},{"id":"ece92c57-0c01-4855-8165-e17669634a35","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":132,"box":{"x":89,"y":426,"width":807,"height":12}},{"id":"8578fdcb-69f3-4276-a06c-1f18ec6d05e3","block_type":"box","text":"determines in good faith that the commission is reasonable in relation to the services provided.","page_number":132,"box":{"x":89,"y":441,"width":664,"height":12}},{"id":"7b7dc7f7-14cc-4baf-8ea1-bb97c38a8382","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":132,"box":{"x":89,"y":467,"width":825,"height":13}},{"id":"8af823f4-f6fd-4874-a450-8d81b070157b","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":132,"box":{"x":89,"y":482,"width":878,"height":13}},{"id":"f7e2e1c0-7a18-4a26-aa91-772a1308c9bc","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":132,"box":{"x":89,"y":497,"width":846,"height":13}},{"id":"27e73a64-98b0-4c5b-98c3-1df9b8992a37","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":132,"box":{"x":89,"y":513,"width":865,"height":12}},{"id":"2cc8b6a3-ed0f-4359-9873-c1f594d73055","block_type":"box","text":"the market for the particular security or instrument, including any anticipated execution difficulties; (v) the full range of","page_number":132,"box":{"x":88,"y":528,"width":835,"height":12}},{"id":"1cfd0bda-7789-48e9-84b4-1e2720e95eb5","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":132,"box":{"x":89,"y":543,"width":860,"height":12}},{"id":"736c20d1-4879-422b-a2b9-00e3db4ec20e","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":132,"box":{"x":89,"y":558,"width":816,"height":12}},{"id":"9535a4e8-cd45-4f60-824f-10b7f8b8b182","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":132,"box":{"x":89,"y":573,"width":846,"height":12}},{"id":"0276b47c-b47e-4fb4-8409-0b90a804e8c7","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":132,"box":{"x":88,"y":588,"width":870,"height":12}},{"id":"5aa9c104-4a0e-4243-98b1-c719b3abd238","block_type":"box","text":"other circumstances.","page_number":132,"box":{"x":89,"y":603,"width":146,"height":10}},{"id":"ea10f313-59b7-4dd5-bbc5-6998c651e113","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":132,"box":{"x":88,"y":630,"width":863,"height":12}},{"id":"10faee1d-c9e4-4f27-adb4-7067b9695007","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":132,"box":{"x":89,"y":645,"width":844,"height":12}},{"id":"a21aeb65-f2c0-400e-b6a7-d2730bdbbe3c","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":132,"box":{"x":89,"y":660,"width":871,"height":12}},{"id":"059be049-c21a-456c-a251-83a50810d28f","block_type":"box","text":"services provided by that broker or dealer. This includes commissions paid on riskless principal transactions in securities","page_number":132,"box":{"x":89,"y":675,"width":839,"height":12}},{"id":"19e75e08-eae2-4d5f-9a2c-7a4f16bff08c","block_type":"box","text":"under certain conditions.","page_number":132,"box":{"x":89,"y":690,"width":174,"height":10}},{"id":"31480349-e9f4-423a-a9ec-c5da2640a162","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":132,"box":{"x":89,"y":717,"width":869,"height":12}},{"id":"a12cc241-34ec-454d-84df-d8638bc0029d","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":132,"box":{"x":89,"y":732,"width":844,"height":12}},{"id":"12f52364-45c3-4e4e-95a5-6b9976a111af","block_type":"box","text":"adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the broker will","page_number":132,"box":{"x":89,"y":747,"width":831,"height":12}},{"id":"94f9f014-6255-48ea-a854-a45b52fd99bc","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":132,"box":{"x":89,"y":762,"width":807,"height":12}},{"id":"dea59adc-0982-4a58-9b4d-f5143b1330e7","block_type":"box","text":"transactions. These arrangements may not fall within the safe harbor of Section 28(e).","page_number":132,"box":{"x":88,"y":777,"width":605,"height":12}},{"id":"522e412b-81bc-4a95-bf6c-d54172583193","block_type":"box","text":"The Funds anticipate that brokerage transactions involving foreign equity securities generally will be conducted primarily on","page_number":132,"box":{"x":88,"y":804,"width":868,"height":12}},{"id":"021b1eca-6c8a-4c6f-9eb5-6ce2360744d5","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":132,"box":{"x":88,"y":819,"width":849,"height":12}},{"id":"fc971d14-625c-4895-b5f3-4acff049e68c","block_type":"box","text":"depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts may be listed on stock","page_number":132,"box":{"x":89,"y":834,"width":857,"height":12}},{"id":"11b1fccc-edfd-431b-bb74-1fb52fc28f60","block_type":"box","text":"exchanges, or traded in OTC markets in the U.S. or Europe, as the case may be. ADRs, like other securities traded in the U.S.,","page_number":132,"box":{"x":89,"y":849,"width":865,"height":12}},{"id":"6d316e3b-6362-4a70-bfb4-a299e006fbf8","block_type":"box","text":"will be subject to negotiated commission rates.","page_number":132,"box":{"x":88,"y":864,"width":330,"height":12}},{"id":"ebe440af-9771-42f2-8dfa-5f70a4e87170","block_type":"box","text":"109","page_number":132,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"e12c0b84-3745-44b5-a2cb-0e7f40ee4a0e","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government securities, are normally","page_number":133,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"dfe1f087-eb2f-4bf0-86fd-a2bae139beef","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":133,"box":{"x":88,"y":59,"width":861,"height":12}},{"id":"32e6a3bf-df21-4542-857a-183f2e278b7b","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":133,"box":{"x":89,"y":74,"width":811,"height":12}},{"id":"ed2cf083-e5a8-4482-ab5e-5a7c744c093c","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":133,"box":{"x":89,"y":89,"width":853,"height":13}},{"id":"d1c16fb7-9494-4073-88b3-83d27d50c86d","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":133,"box":{"x":88,"y":104,"width":875,"height":13}},{"id":"ff1179a2-0d8a-4345-a343-90f44403df86","block_type":"box","text":"the specific security at the time, and includes the dealer’s normal profit.","page_number":133,"box":{"x":88,"y":119,"width":501,"height":13}},{"id":"08f2e468-ab13-4d21-9bb4-62484dd4a26e","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":133,"box":{"x":89,"y":146,"width":866,"height":12}},{"id":"dd4bf60c-d2e6-49ac-a948-98054dbca1fd","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":133,"box":{"x":88,"y":161,"width":820,"height":12}},{"id":"4da1fb11-3305-4bbc-9f0a-902fc8529feb","block_type":"box","text":"transactions is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the dealers","page_number":133,"box":{"x":88,"y":176,"width":845,"height":13}},{"id":"6def093a-b6cd-480f-b92e-f56e23b94d29","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":133,"box":{"x":89,"y":191,"width":826,"height":13}},{"id":"fe37b56c-e7a8-4843-a06d-0e4367204290","block_type":"box","text":"affiliated persons in connection with such transactions. The Funds will not purchase securities during the existence of any","page_number":133,"box":{"x":89,"y":206,"width":854,"height":13}},{"id":"522efbd5-2041-4754-8f13-7e7876a5cf16","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":133,"box":{"x":89,"y":222,"width":853,"height":12}},{"id":"73ba0cec-351f-4a76-aa04-53cc8a9cd224","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":133,"box":{"x":88,"y":237,"width":875,"height":12}},{"id":"4e9afd0b-c956-4e8a-8959-ad5823e31a0e","block_type":"box","text":"Act.","page_number":133,"box":{"x":88,"y":252,"width":27,"height":9}},{"id":"d748d3e8-1cd3-438c-af03-9ef931f46648","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":133,"box":{"x":89,"y":278,"width":854,"height":13}},{"id":"fe588726-a91a-4952-ad6d-98b9d9233c7f","block_type":"box","text":"currently expect to incur any brokerage commission expense on such transactions because money market instruments are","page_number":133,"box":{"x":89,"y":293,"width":860,"height":13}},{"id":"8f5c8ac0-5b96-4c3a-8ba1-469f92d76a5a","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":133,"box":{"x":89,"y":308,"width":855,"height":13}},{"id":"5cc19fa6-e6b0-489f-8f68-cc02328b0716","block_type":"box","text":"price of the security, however, usually includes a profit to the dealer.","page_number":133,"box":{"x":89,"y":324,"width":472,"height":12}},{"id":"fd245637-0260-4aa9-8a37-0f2f64d98520","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":133,"box":{"x":89,"y":350,"width":831,"height":12}},{"id":"d77f7003-e1f6-4d57-a4fa-a56a7613459d","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":133,"box":{"x":89,"y":365,"width":865,"height":12}},{"id":"83290f58-332b-4f1f-b14a-56c9037b7d23","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":133,"box":{"x":89,"y":380,"width":867,"height":13}},{"id":"423f1823-86ea-4138-bb1b-d29445231124","block_type":"box","text":"other brokers or dealers in comparable transactions.","page_number":133,"box":{"x":89,"y":395,"width":364,"height":13}},{"id":"6911ee06-d8e7-4c16-8017-995196596bed","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred","page_number":133,"box":{"x":88,"y":422,"width":874,"height":12}},{"id":"8c81ffbd-b028-43bd-9162-f97693b8081d","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":133,"box":{"x":88,"y":437,"width":824,"height":12}},{"id":"7572408f-e99f-4b3b-b006-d3f037d3c6fc","block_type":"box","text":"commissions or discounts are paid.","page_number":133,"box":{"x":89,"y":452,"width":246,"height":12}},{"id":"de8bd0b2-f6a9-4a7e-be69-07d186d0425d","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":133,"box":{"x":89,"y":479,"width":847,"height":12}},{"id":"9f60d3f5-fe66-4c94-86d2-d04294dbaae7","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":133,"box":{"x":89,"y":494,"width":835,"height":12}},{"id":"143e16d2-11df-4009-8915-4440334990f2","block_type":"box","text":"allocations. These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":133,"box":{"x":89,"y":509,"width":854,"height":12}},{"id":"b3cbca83-210f-4207-b2a6-ceb7bc8ff7ca","block_type":"box","text":"country or region and capitalization weightings; (ii) tax considerations of an account; (iii) risk or investment concentration","page_number":133,"box":{"x":89,"y":524,"width":854,"height":12}},{"id":"56c950c6-da15-4bdf-85e6-91d3a37c2b66","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":133,"box":{"x":89,"y":539,"width":842,"height":12}},{"id":"95e7beef-93f2-44eb-aecc-e94d8bf9e453","block_type":"box","text":"cash availability and liquidity requirements for accounts; (vii) regulatory restrictions; (viii) minimum investment size of an","page_number":133,"box":{"x":89,"y":554,"width":845,"height":12}},{"id":"cf390374-7c92-48ca-a99a-953217358dbc","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":133,"box":{"x":89,"y":569,"width":812,"height":13}},{"id":"dc1725a3-a1eb-4667-9c58-c74ddcc0e028","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":133,"box":{"x":89,"y":584,"width":876,"height":13}},{"id":"03af6e33-2581-449d-b41e-7bdb25e56b43","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":133,"box":{"x":89,"y":599,"width":866,"height":13}},{"id":"f7460dce-84cd-4c7c-b841-d37dd25c8c86","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":133,"box":{"x":89,"y":615,"width":842,"height":12}},{"id":"50aa63ef-4900-4069-b70e-ec261c7438a3","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":133,"box":{"x":89,"y":630,"width":871,"height":12}},{"id":"10bd5861-bd86-4b53-8b16-cf5fe4c9ed91","block_type":"box","text":"or benefits to be rendered to BlackRock; or (v) to manage or equalize investment performance among different client","page_number":133,"box":{"x":89,"y":645,"width":817,"height":12}},{"id":"0d424872-4277-4bd5-bb19-4be671de384c","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":133,"box":{"x":89,"y":660,"width":862,"height":12}},{"id":"bbbc0100-6220-4bba-992a-5c85368d48e8","block_type":"box","text":"in which the Funds may invest.","page_number":133,"box":{"x":89,"y":675,"width":215,"height":12}},{"id":"0343d2ca-8358-4356-aa9a-8936b75eeb4d","block_type":"box","text":"IPOs of securities may be over-subscribed and subsequently trade at a premium in the secondary market. When BFA is given","page_number":133,"box":{"x":89,"y":702,"width":871,"height":12}},{"id":"e64a0bd2-6552-4aa5-914a-53bec3e4923a","block_type":"box","text":"an opportunity to invest in such an initial offering or “new” or “hot” issue, the supply of securities available for client","page_number":133,"box":{"x":89,"y":717,"width":812,"height":12}},{"id":"167acf93-e051-4ed2-8c16-73986672c172","block_type":"box","text":"accounts is often less than the amount of securities the accounts would otherwise take. In order to allocate these","page_number":133,"box":{"x":89,"y":732,"width":793,"height":9}},{"id":"9d0ec730-681b-437f-976b-64d23561da8d","block_type":"box","text":"investments fairly and equitably among client accounts over time, each portfolio manager or a member of his or her","page_number":133,"box":{"x":89,"y":747,"width":812,"height":12}},{"id":"a0675c07-2483-4908-bbf4-546294567587","block_type":"box","text":"respective investment team will indicate to BFA’s trading desk their level of interest in a particular offering with respect to","page_number":133,"box":{"x":89,"y":762,"width":844,"height":12}},{"id":"c591c07a-84b8-4036-8c55-7d8c85503cac","block_type":"box","text":"eligible clients’ accounts for which that team is responsible. IPOs of U.S. equity securities will be identified as eligible for","page_number":133,"box":{"x":89,"y":777,"width":835,"height":12}},{"id":"1ccb244b-4b2e-44f8-b395-c6825f52892f","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":133,"box":{"x":89,"y":792,"width":859,"height":13}},{"id":"1b65ba23-90ae-4c50-9dd7-6ba9ef3dd7ce","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":133,"box":{"x":89,"y":807,"width":863,"height":13}},{"id":"70f07556-19db-4b88-b3bc-39550c536e8c","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":133,"box":{"x":89,"y":822,"width":870,"height":13}},{"id":"0c26bcd8-390c-42d9-8c35-e5363c765b5b","block_type":"box","text":"shares received during the IPO will be allocated among participating client accounts within each investment mandate on a","page_number":133,"box":{"x":89,"y":838,"width":856,"height":12}},{"id":"e814a60d-8197-4c08-9e2d-d48a64f5ebba","block_type":"box","text":"pro rata","page_number":133,"box":{"x":87,"y":854,"width":56,"height":11}},{"id":"c7cf1300-fa43-4aaa-a01f-99b41c743d33","block_type":"box","text":"basis. This","page_number":133,"box":{"x":149,"y":853,"width":71,"height":9}},{"id":"1d5e526e-4781-4ade-bedc-2182dd868231","block_type":"box","text":"pro rata","page_number":133,"box":{"x":224,"y":854,"width":56,"height":11}},{"id":"75dcedae-4541-4673-a3b3-7a24b7cc422e","block_type":"box","text":"allocation may result in a Fund receiving less of a particular security than if pro-rating had not","page_number":133,"box":{"x":285,"y":853,"width":656,"height":12}},{"id":"bb1c5755-93c5-496b-aa51-06f8493f6f5f","block_type":"box","text":"110","page_number":133,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"b6552012-6b70-4005-8f1e-069eac789666","block_type":"box","text":"occurred. All allocations of securities will be subject, where relevant, to share minimums established for accounts and","page_number":134,"box":{"x":89,"y":44,"width":822,"height":12}},{"id":"d7483c8f-a4b1-4786-bee7-82f7a8f74be9","block_type":"box","text":"compliance constraints. In situations where supply is too limited to be allocated among all accounts for which the","page_number":134,"box":{"x":89,"y":59,"width":797,"height":12}},{"id":"2df29dff-95b3-49d3-b99e-9e75b7c44164","block_type":"box","text":"investment is eligible, portfolio managers may rotate such investment opportunities among one or more accounts so long as","page_number":134,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"d3523629-7584-4c05-bc66-bbf380f87ffa","block_type":"box","text":"the rotation system provides for fair access for all client accounts over time. Other allocation methodologies that are","page_number":134,"box":{"x":88,"y":89,"width":814,"height":13}},{"id":"8abd4582-4862-4282-b533-42b662b9541f","block_type":"box","text":"considered by BFA to be fair and equitable to clients may be used as well.","page_number":134,"box":{"x":89,"y":104,"width":510,"height":13}},{"id":"c32edaf8-6ebe-4f8c-8cc0-82b8c5c532d8","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BFA may buy and sell the same securities","page_number":134,"box":{"x":89,"y":131,"width":861,"height":12}},{"id":"89e9a4b6-591b-48a1-9d6f-24e6e54462e1","block_type":"box","text":"at the same time for different clients based on the particular investment objective, guidelines and strategies of those","page_number":134,"box":{"x":89,"y":146,"width":811,"height":12}},{"id":"b2bdea07-f5e5-481a-af6b-e04ce1f6c21c","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":134,"box":{"x":89,"y":161,"width":850,"height":12}},{"id":"b9cb18eb-d967-4858-8e97-e7ca3bab1edc","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":134,"box":{"x":88,"y":176,"width":878,"height":13}},{"id":"76a45b5e-bf7f-4d68-be08-e6912a738440","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":134,"box":{"x":88,"y":191,"width":860,"height":13}},{"id":"0d3d6058-4011-442e-a31d-1c29becf01ae","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":134,"box":{"x":88,"y":206,"width":865,"height":13}},{"id":"22da505f-06ac-4d73-9b70-82478d666574","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":134,"box":{"x":89,"y":222,"width":843,"height":12}},{"id":"7c33f9d9-73dd-4a1b-9051-ae7a8160325e","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":134,"box":{"x":89,"y":237,"width":831,"height":12}},{"id":"4ee0107c-0e7b-46c4-b3bb-77a1eff747ca","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":134,"box":{"x":89,"y":252,"width":854,"height":12}},{"id":"aa5233d5-0b3d-4f5a-88f2-d649a246595a","block_type":"box","text":"insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":134,"box":{"x":89,"y":267,"width":637,"height":12}},{"id":"84ba5aaf-81bc-416c-a75e-4151c853a18e","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":134,"box":{"x":89,"y":293,"width":831,"height":13}},{"id":"41026fcb-b36a-463f-8626-5bc2335769ac","block_type":"box","text":"certain contemporaneous purchases or sale orders of its advisory accounts and advisory accounts of affiliates. In general, all","page_number":134,"box":{"x":89,"y":308,"width":869,"height":13}},{"id":"788aa0b2-7e3e-4a5f-8bb4-035d21e22f08","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team will be","page_number":134,"box":{"x":89,"y":324,"width":864,"height":12}},{"id":"7f54c8cc-4ad4-4b5c-9ed0-2e42c298c767","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":134,"box":{"x":89,"y":339,"width":871,"height":12}},{"id":"e4a5c02d-6a9c-4441-b390-81245a9910aa","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":134,"box":{"x":89,"y":354,"width":844,"height":12}},{"id":"25f42dc0-f6fa-4438-a03b-4b47f4ea23c7","block_type":"box","text":"pro","page_number":134,"box":{"x":937,"y":357,"width":23,"height":9}},{"id":"9fcb0493-a835-4ac7-8c13-cadbc3df924d","block_type":"box","text":"rata","page_number":134,"box":{"x":88,"y":370,"width":28,"height":9}},{"id":"e9741e8b-8c54-4791-b626-0884a35d92e7","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":134,"box":{"x":121,"y":369,"width":838,"height":12}},{"id":"25399c15-aeda-4076-9432-8e463007e070","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":134,"box":{"x":88,"y":384,"width":857,"height":12}},{"id":"803be52d-d34b-400e-963f-c303172fb916","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":134,"box":{"x":89,"y":399,"width":877,"height":13}},{"id":"a5dae8af-91f7-4eba-8f2e-ea3288bb403b","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":134,"box":{"x":89,"y":414,"width":845,"height":13}},{"id":"b4b11e4b-a45d-4c20-ba95-ca723709c8a4","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":134,"box":{"x":89,"y":429,"width":869,"height":13}},{"id":"30b055d2-a360-4f6a-a8d5-3d3789e05fa9","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":134,"box":{"x":89,"y":445,"width":828,"height":12}},{"id":"c0074739-7d0d-4572-9ad7-7a5f1304cf22","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":134,"box":{"x":89,"y":460,"width":861,"height":12}},{"id":"5864cead-21b6-4a5e-9722-39ff0eaac32f","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":134,"box":{"x":89,"y":475,"width":831,"height":12}},{"id":"6faf971d-577a-4bb1-9c49-260f6c9d6638","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":134,"box":{"x":89,"y":490,"width":854,"height":12}},{"id":"35f99440-0766-4301-99c0-5979c0252024","block_type":"box","text":"order.","page_number":134,"box":{"x":89,"y":505,"width":38,"height":10}},{"id":"90611c88-cf24-4ab3-a09e-cfd7c29e590a","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":134,"box":{"x":88,"y":531,"width":822,"height":13}},{"id":"5b24e305-8735-4118-adb2-1e641eda8e15","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":134,"box":{"x":89,"y":547,"width":858,"height":12}},{"id":"d11c1516-4e08-4196-86a8-c0dfded06c48","block_type":"box","text":"over those periods or the magnitude of changes to the components of a Fund’s Underlying Index for each Fund that seeks to","page_number":134,"box":{"x":89,"y":562,"width":874,"height":12}},{"id":"8578f292-dbe1-4937-99df-caa5101f2b76","block_type":"box","text":"track an Underlying Index:","page_number":134,"box":{"x":88,"y":577,"width":183,"height":12}},{"id":"8a740487-eff8-4b1b-8266-5d8d63901d66","block_type":"box","text":"Fund","page_number":134,"box":{"x":89,"y":649,"width":27,"height":8}},{"id":"bb56b098-29e0-4799-8cae-1527a71cd05e","block_type":"box","text":"Brokerage","page_number":134,"box":{"x":508,"y":609,"width":57,"height":10}},{"id":"5ef22a9d-df29-44ae-926d-8454713feade","block_type":"box","text":"Commissions","page_number":134,"box":{"x":498,"y":619,"width":77,"height":8}},{"id":"3a8dd6cd-ff5b-422c-b310-4f5bfc68a371","block_type":"box","text":"Paid During","page_number":134,"box":{"x":503,"y":629,"width":67,"height":10}},{"id":"5ba2efa7-dc60-4d02-85a2-748370aac411","block_type":"box","text":"Fiscal Year","page_number":134,"box":{"x":507,"y":639,"width":60,"height":8}},{"id":"f6ff27dc-92ae-4901-a5e8-86b28e3ea80e","block_type":"box","text":"Ended August 31, 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7,392,710","page_number":134,"box":{"x":89,"y":671,"width":851,"height":13}},{"id":"95225cef-96ed-4f09-9fb4-4f255655a847","block_type":"box","text":"iShares Emerging Markets Equity Factor ETF 232,639 186,540 967,484","page_number":134,"box":{"x":89,"y":686,"width":851,"height":13}},{"id":"526e3b4e-f2bb-49da-8593-376af9cdef1a","block_type":"box","text":"iShares ESG Aware MSCI EM ETF 1,471,245 1,391,532 1,625,978","page_number":134,"box":{"x":89,"y":702,"width":851,"height":11}},{"id":"7d809f10-d3dc-4f45-9b33-1defa7fadef1","block_type":"box","text":"iShares MSCI Agriculture Producers ETF 10,061 15,504 33,427","page_number":134,"box":{"x":89,"y":717,"width":851,"height":12}},{"id":"a2492087-59f1-4f48-8907-580a7ada931e","block_type":"box","text":"iShares MSCI BIC ETF 10,477 8,461 9,815","page_number":134,"box":{"x":89,"y":732,"width":851,"height":11}},{"id":"fc6808d6-4639-429f-91fc-c45219a30cef","block_type":"box","text":"iShares MSCI Brazil ETF 1,007,404 1,498,915 1,149,577","page_number":134,"box":{"x":89,"y":747,"width":851,"height":11}},{"id":"049489cb-df25-4a2f-bbec-384494d6cc63","block_type":"box","text":"iShares MSCI Chile ETF 511,178 360,436 549,239","page_number":134,"box":{"x":89,"y":762,"width":851,"height":11}},{"id":"c5995099-82ae-4d78-a080-e97e66103c25","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF 416,758 72,138 124,854","page_number":134,"box":{"x":89,"y":777,"width":851,"height":12}},{"id":"57515835-e7fb-4de4-abc5-79233f755edb","block_type":"box","text":"iShares MSCI Emerging Markets ETF 1,811,283 4,461,763 5,014,686","page_number":134,"box":{"x":89,"y":792,"width":851,"height":13}},{"id":"1496a509-3c78-4628-926f-9851678b29af","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor","page_number":134,"box":{"x":89,"y":807,"width":330,"height":13}},{"id":"4edf0c21-c690-48e4-ba69-f19e2f8cb181","block_type":"box","text":"ETF 1,614,644 1,242,455 5,686,299","page_number":134,"box":{"x":109,"y":823,"width":831,"height":11}},{"id":"76eb3dbd-e550-43c9-8fcb-82d735a19d37","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF 96,806 114,862 141,282","page_number":134,"box":{"x":89,"y":838,"width":851,"height":12}},{"id":"05bbd8ea-c5f9-4397-8b11-9ad7c70b223e","block_type":"box","text":"iShares MSCI Global Gold Miners ETF 171,557 100,984 101,371","page_number":134,"box":{"x":89,"y":853,"width":849,"height":11}},{"id":"ca15ef12-2e8f-4f76-b183-8c057a70fac2","block_type":"box","text":"111","page_number":134,"box":{"x":518,"y":894,"width":19,"height":9}},{"id":"2efe61b2-76ff-4e14-96f1-cc84fe52cc0c","block_type":"box","text":"Fund","page_number":135,"box":{"x":89,"y":85,"width":27,"height":8}},{"id":"9faf51f5-433e-424c-9566-736cea64db18","block_type":"box","text":"Brokerage","page_number":135,"box":{"x":508,"y":45,"width":57,"height":9}},{"id":"6d195444-8229-473e-a5d9-12d0398d1c84","block_type":"box","text":"Commissions","page_number":135,"box":{"x":498,"y":55,"width":77,"height":7}},{"id":"0bb0f283-0c64-469e-970a-81a82041a4d8","block_type":"box","text":"Paid During","page_number":135,"box":{"x":503,"y":65,"width":67,"height":10}},{"id":"08189616-7df1-4712-9526-992da3a3634f","block_type":"box","text":"Fiscal 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39,954","page_number":135,"box":{"x":89,"y":182,"width":846,"height":13}},{"id":"82ada837-2155-48cb-8482-51b183f19f33","block_type":"box","text":"iShares MSCI South Korea ETF 1,423,960 986,171 851,509","page_number":135,"box":{"x":89,"y":198,"width":846,"height":11}},{"id":"b2425742-440a-4b03-aa44-325a8d584d3f","block_type":"box","text":"iShares MSCI Taiwan ETF 1,270,765 966,275 1,099,769","page_number":135,"box":{"x":89,"y":213,"width":846,"height":11}},{"id":"1dd3459d-2842-4516-8335-7982ffe61c91","block_type":"box","text":"The following table sets forth the names of the Funds’ “regular” broker-dealers, as defined under Rule 10b-1 of the 1940 Act,","page_number":135,"box":{"x":88,"y":245,"width":873,"height":13}},{"id":"d555fe50-59a5-47e0-9bfa-2c03f819663b","block_type":"box","text":"which derive more than 15% of their gross revenues from securities-related activities and in which the Funds invest, 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ETF CITIC Securities Co. 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Ltd. $ 195,724","page_number":135,"box":{"x":89,"y":436,"width":878,"height":11}},{"id":"ef3d3e41-31df-4365-ab56-fff1989d3739","block_type":"box","text":"iShares MSCI Brazil ETF Banco Bradesco SA $240,058,818","page_number":135,"box":{"x":89,"y":468,"width":878,"height":12}},{"id":"184e5068-2684-45fa-9dfe-7d8b9e9b4439","block_type":"box","text":"iShares MSCI Chile ETF Banco de Chile $ 82,894,190","page_number":135,"box":{"x":89,"y":501,"width":878,"height":12}},{"id":"df3f58e8-48b0-4ef1-ba2a-5144df216eff","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF CITIC Securities Co. Ltd. $ 1,797,100","page_number":135,"box":{"x":89,"y":534,"width":878,"height":12}},{"id":"bc3343fd-9e64-4eee-86ba-5633eabcf538","block_type":"box","text":"iShares MSCI Emerging Markets ETF CITIC Securities Co. Ltd. $ 18,994,048","page_number":135,"box":{"x":89,"y":567,"width":878,"height":12}},{"id":"14292697-5873-42f1-868a-6ed361fd1604","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF CITIC Securities Co. Ltd. $ 2,438,509","page_number":135,"box":{"x":89,"y":599,"width":878,"height":12}},{"id":"1fa0bd3e-fb44-4a09-a315-2fb2afa5fe06","block_type":"box","text":"iShares MSCI South Korea ETF Mirae Asset Securities Co. Ltd. $ 23,913,492","page_number":135,"box":{"x":89,"y":632,"width":878,"height":12}},{"id":"b06e4b31-0ced-4516-b24e-bcfa52ea04d3","block_type":"box","text":"None of the Funds paid any brokerage commissions to BRIL, an affiliate of BFA, or to any other broker-dealer that is part of","page_number":135,"box":{"x":89,"y":665,"width":857,"height":12}},{"id":"4da2a7db-0bc9-4a45-a72f-edb6e79780be","block_type":"box","text":"the BlackRock group of companies, during the fiscal year ended August 31, 2025.","page_number":135,"box":{"x":88,"y":680,"width":568,"height":12}},{"id":"0add065f-515c-4667-b737-5c04ef303a21","block_type":"box","text":"The Funds’ purchase and sale orders for securities may be combined with those of other investment companies, clients or","page_number":135,"box":{"x":88,"y":707,"width":855,"height":12}},{"id":"22d9ce70-ec9f-4d1c-b364-b5bb5a84ce20","block_type":"box","text":"accounts that BlackRock manages or advises. If purchases or sales of portfolio securities of the Funds and one or more other","page_number":135,"box":{"x":89,"y":722,"width":873,"height":12}},{"id":"8fac32e5-b325-4cf9-98c6-9b49fc5acb53","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":135,"box":{"x":89,"y":737,"width":845,"height":12}},{"id":"318a1a2d-88ab-41c3-9478-624f3e0ef138","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":135,"box":{"x":89,"y":752,"width":851,"height":12}},{"id":"2736cc27-f0d4-4e4c-a8e9-31d18f6303fb","block_type":"box","text":"procedure could have a detrimental effect on the price or volume of the security as far as the Funds are concerned. However,","page_number":135,"box":{"x":89,"y":767,"width":871,"height":12}},{"id":"3d90b66c-e597-4a3e-a342-d63bcb2b8bd4","block_type":"box","text":"in other cases, it is possible that the ability to participate in volume transactions and to negotiate lower transaction costs will","page_number":135,"box":{"x":89,"y":782,"width":870,"height":12}},{"id":"09eca411-65f8-452e-b8c8-b8ffa186a8cf","block_type":"box","text":"be beneficial to the Funds. BlackRock may deal, trade and invest for its own account in the types of securities in which the","page_number":135,"box":{"x":89,"y":797,"width":852,"height":13}},{"id":"755eeaec-8495-405c-a19f-23c77dd8d17d","block_type":"box","text":"Funds may invest. BlackRock may, from time to time, effect trades on behalf of and for the account of the Funds with brokers","page_number":135,"box":{"x":89,"y":812,"width":874,"height":13}},{"id":"e2fbae08-a6fe-4c2b-90d9-02d18c42a297","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":135,"box":{"x":89,"y":828,"width":874,"height":12}},{"id":"be6111b7-4c06-48ad-a564-f757cbe61028","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":135,"box":{"x":89,"y":843,"width":867,"height":12}},{"id":"20018035-8468-4ed0-be17-13a66dd59b64","block_type":"box","text":"112","page_number":135,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"fadb09da-29aa-4320-a8b2-2ce4b1d046e5","block_type":"box","text":"other brokers or dealers in comparable transactions. The Funds will not deal with affiliates in principal transactions unless","page_number":136,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"18f8786d-096e-49c3-bd6f-324b78791891","block_type":"box","text":"permitted by applicable SEC rules or regulations, or by SEC exemptive order.","page_number":136,"box":{"x":89,"y":59,"width":528,"height":12}},{"id":"fb4623dd-4def-40dd-88a9-71c6561c8d2d","block_type":"box","text":"Portfolio turnover may vary from year to year as well as within a year. High turnover rates may result in comparatively greater","page_number":136,"box":{"x":89,"y":85,"width":873,"height":13}},{"id":"f8d6b867-4fd0-4f13-8d04-818c0bde464e","block_type":"box","text":"brokerage expenses.","page_number":136,"box":{"x":89,"y":101,"width":142,"height":12}},{"id":"8109c90e-066d-4cfb-b2d3-00d799cbfaf3","block_type":"box","text":"The table below sets forth the portfolio turnover rates of each Fund for the fiscal years noted:","page_number":136,"box":{"x":88,"y":127,"width":651,"height":12}},{"id":"66201f7d-8a75-430d-9d78-f2c008b58a22","block_type":"box","text":"Fund","page_number":136,"box":{"x":89,"y":167,"width":27,"height":8}},{"id":"4abae1e3-5f2c-46f7-8108-8035352a2c45","block_type":"box","text":"Fiscal Year Ended","page_number":136,"box":{"x":673,"y":157,"width":99,"height":7}},{"id":"10a4ce74-eba7-4ca2-8087-7a356ddaee7a","block_type":"box","text":"August 31, 2025","page_number":136,"box":{"x":675,"y":167,"width":94,"height":10}},{"id":"818ac7b3-e12a-4ebc-bc5f-2a958cecdd12","block_type":"box","text":"Fiscal Year Ended","page_number":136,"box":{"x":869,"y":157,"width":99,"height":7}},{"id":"b086c7d8-1d4d-4799-bb98-ad0a1ee83621","block_type":"box","text":"August 31, 2024","page_number":136,"box":{"x":871,"y":167,"width":94,"height":10}},{"id":"d2ed6066-cb1c-4f7d-a7ac-c1eeb732c069","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF 6% 7%","page_number":136,"box":{"x":89,"y":189,"width":845,"height":12}},{"id":"bcb76d62-ca48-4458-b65e-d0d96e833033","block_type":"box","text":"iShares Emerging Markets Equity Factor ETF 20% 29%","page_number":136,"box":{"x":89,"y":204,"width":845,"height":12}},{"id":"b57bf5b7-61b8-4836-8b80-4582355ab99b","block_type":"box","text":"iShares ESG Aware MSCI EM ETF 35% 32%","page_number":136,"box":{"x":89,"y":219,"width":845,"height":10}},{"id":"13d41d97-af7c-4d15-b3ec-fc32ad25df15","block_type":"box","text":"iShares MSCI Agriculture Producers ETF 19% 7%","page_number":136,"box":{"x":89,"y":234,"width":845,"height":12}},{"id":"3d0db4b5-34e6-4e42-ba39-18693c686b2d","block_type":"box","text":"iShares MSCI BIC ETF 13% 10%","page_number":136,"box":{"x":89,"y":249,"width":845,"height":10}},{"id":"9a54a4c1-7ea8-4ef4-a20c-f9b47491bfc7","block_type":"box","text":"iShares MSCI Brazil ETF 19% 22%","page_number":136,"box":{"x":89,"y":264,"width":845,"height":10}},{"id":"afcdf770-0850-487f-b43f-874eeed0cd79","block_type":"box","text":"iShares MSCI Chile ETF 45% 31%","page_number":136,"box":{"x":89,"y":279,"width":845,"height":10}},{"id":"a1b46ecd-3c10-41e3-a704-51786ef17f19","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF 17% 7%","page_number":136,"box":{"x":89,"y":295,"width":845,"height":12}},{"id":"2279956d-9e4f-4e2f-ab5b-18e231627e66","block_type":"box","text":"iShares MSCI Emerging Markets ETF 8% 13%","page_number":136,"box":{"x":89,"y":310,"width":845,"height":12}},{"id":"18e2d204-c16b-448c-b85d-63e82cede5fc","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF 32% 23%","page_number":136,"box":{"x":89,"y":325,"width":845,"height":12}},{"id":"5411ca12-1a9b-4d68-851f-874b2a963254","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF 29% 33%","page_number":136,"box":{"x":89,"y":340,"width":845,"height":12}},{"id":"394cced3-2156-4d00-ae42-a7b909e8c42a","block_type":"box","text":"iShares MSCI Global Gold Miners ETF 23% 18%","page_number":136,"box":{"x":89,"y":355,"width":845,"height":10}},{"id":"981e5b01-59b8-498a-91ae-4b932959b084","block_type":"box","text":"iShares MSCI Global Metals & Mining Producers ETF 10% 11%","page_number":136,"box":{"x":89,"y":370,"width":845,"height":13}},{"id":"41650380-0517-4572-8011-16df1a40cc7e","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF 27% 25%","page_number":136,"box":{"x":89,"y":385,"width":845,"height":10}},{"id":"1cd32991-a61e-4618-9320-5362b42e48dd","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF 74% 25%","page_number":136,"box":{"x":89,"y":400,"width":845,"height":10}},{"id":"ee863c5c-f8ee-4585-8808-23fd1195f066","block_type":"box","text":"iShares MSCI Malaysia ETF 51% 18%","page_number":136,"box":{"x":89,"y":416,"width":845,"height":12}},{"id":"bb1d5d40-a474-412a-bf9b-26687f90e01b","block_type":"box","text":"iShares MSCI South Korea ETF 49% 18%","page_number":136,"box":{"x":89,"y":431,"width":845,"height":9}},{"id":"edcaf3f1-0a9d-4a9f-bdc7-b69fa884df50","block_type":"box","text":"iShares MSCI Taiwan ETF 36% 24%","page_number":136,"box":{"x":89,"y":446,"width":845,"height":9}},{"id":"cc52d8cd-630f-409e-a90b-42f6d5e985a0","block_type":"box","text":"Creation or redemption transactions, to the extent consisting of cash, may require a Fund to contemporaneously transact","page_number":136,"box":{"x":89,"y":479,"width":851,"height":12}},{"id":"d02404e9-a94e-4a08-b079-a68929375cb5","block_type":"box","text":"with broker-dealers for purchases of Deposit Securities (as defined below under","page_number":136,"box":{"x":88,"y":494,"width":559,"height":12}},{"id":"3a672f28-7f60-41a0-854f-18f90378f2ba","block_type":"box","text":"Fund Deposit","page_number":136,"box":{"x":652,"y":494,"width":92,"height":12}},{"id":"6b4e3954-bf50-4beb-b495-dbaa5f568f04","block_type":"box","text":") or sales of Fund Securities (as","page_number":136,"box":{"x":745,"y":494,"width":218,"height":12}},{"id":"58409935-e0cb-425f-a618-23a7ef2cb7e1","block_type":"box","text":"defined below under","page_number":136,"box":{"x":89,"y":509,"width":143,"height":9}},{"id":"cc079582-7137-4feb-b9b3-0414a6c8c5ec","block_type":"box","text":"Redemption of Creation Units","page_number":136,"box":{"x":237,"y":509,"width":206,"height":12}},{"id":"e53cd458-67da-49a7-a5f2-c840c29776d8","block_type":"box","text":") as applicable. Such transactions with a particular broker-dealer may be","page_number":136,"box":{"x":444,"y":509,"width":506,"height":12}},{"id":"1cbcc77a-d854-4e3d-92a5-54dcefb77568","block_type":"box","text":"conditioned upon the broker-dealer’s agreement to transact at guaranteed price levels in order to reduce transaction costs","page_number":136,"box":{"x":89,"y":524,"width":857,"height":12}},{"id":"1b0d77ad-42c1-4977-8a7f-9661d70dc807","block_type":"box","text":"the Funds would otherwise incur as a consequence of settling creation or redemption baskets in cash rather than in-kind.","page_number":136,"box":{"x":88,"y":539,"width":850,"height":12}},{"id":"804d55ae-93a7-4b87-993a-009260624eb7","block_type":"box","text":"Following each Fund’s receipt of an order to purchase or redeem creation or redemption baskets, to the extent such","page_number":136,"box":{"x":89,"y":565,"width":809,"height":13}},{"id":"dd5074c1-592a-4d1d-9578-9b717f0a9dc9","block_type":"box","text":"purchases or redemptions consist of a cash portion, the Fund will enter an order with a broker or dealer to purchase or sell","page_number":136,"box":{"x":89,"y":581,"width":856,"height":12}},{"id":"8ae5c1f8-5827-4eb0-85f5-6f3a527b9cd4","block_type":"box","text":"the Deposit Securities or Fund Securities, as applicable. The terms of such order may, depending on the timing of the","page_number":136,"box":{"x":88,"y":596,"width":819,"height":12}},{"id":"bc338748-baaa-4683-ab31-6df2fb3a893f","block_type":"box","text":"transaction and certain other factors, require the broker or dealer to guarantee that a Fund will achieve execution of its order","page_number":136,"box":{"x":88,"y":611,"width":873,"height":12}},{"id":"15662abf-8f0f-4fb9-9d48-eaa4bc1e66dd","block_type":"box","text":"at a price at least as favorable to the Fund as the Fund’s valuation of the Deposit Securities/Fund Securities used for","page_number":136,"box":{"x":89,"y":626,"width":810,"height":12}},{"id":"2df2db42-64fc-4b9d-8386-b3162290604c","block_type":"box","text":"purposes of calculating the NAV applied to the creation or redemption transaction giving rise to the order (the “Execution","page_number":136,"box":{"x":89,"y":641,"width":849,"height":12}},{"id":"5d02bdac-1bfe-45a5-aeb7-d20a650231e3","block_type":"box","text":"Performance Guarantee”). Such orders may be placed with the purchasing or redeeming Authorized Participant (or a broker","page_number":136,"box":{"x":89,"y":656,"width":872,"height":13}},{"id":"ceff9e35-c871-4d35-9e22-e44eb009e4ed","block_type":"box","text":"dealer affiliated with the Authorized Participant or a third-party broker-dealer engaged through the Authorized Participant) in","page_number":136,"box":{"x":89,"y":671,"width":874,"height":13}},{"id":"03c715da-b978-413a-8056-24b104540192","block_type":"box","text":"its capacity as a broker-dealer. The amount payable to each Fund in respect of any Execution Performance Guarantee will","page_number":136,"box":{"x":89,"y":686,"width":846,"height":13}},{"id":"42ad08e6-4290-4d18-acd9-5d47b7c4e8f5","block_type":"box","text":"depend on the results achieved by the executing firm and will vary depending on market activity, timing and a variety of other","page_number":136,"box":{"x":89,"y":702,"width":878,"height":12}},{"id":"bd518d1e-9d8f-415c-a509-6740b5338f56","block_type":"box","text":"factors. The Execution Performance Guarantee will apply for any orders executed by the Authorized Participant (or an","page_number":136,"box":{"x":88,"y":717,"width":821,"height":12}},{"id":"656be1be-69dc-471e-bb22-4d23a06a16f1","block_type":"box","text":"affiliated or unaffiliated broker-dealer), even if the trades have not settled before the redemption transaction settles.","page_number":136,"box":{"x":89,"y":732,"width":807,"height":12}},{"id":"02886ae8-6d76-490f-8a4e-f267b1ea5936","block_type":"box","text":"To ensure that an Execution Performance Guarantee will be honored on orders arising from creation transactions executed by","page_number":136,"box":{"x":88,"y":758,"width":880,"height":13}},{"id":"e537551d-7d9f-42fe-b782-a22d8372e678","block_type":"box","text":"an Authorized Participant (or an affiliated or unaffiliated broker-dealer), an Authorized Participant is required to deposit an","page_number":136,"box":{"x":89,"y":773,"width":853,"height":13}},{"id":"399fd631-8a02-476a-8e27-ad30de4bda09","block_type":"box","text":"amount with the Funds (the “Execution Performance Deposit”). If the broker-dealer executing the order achieves executions","page_number":136,"box":{"x":89,"y":788,"width":869,"height":13}},{"id":"d43a4c31-1aed-4acd-8815-f6caf00ce405","block_type":"box","text":"in market transactions at a price more favorable than the Funds’ valuation of the Deposit Securities, then the Authorized","page_number":136,"box":{"x":89,"y":804,"width":840,"height":12}},{"id":"2c2d0287-74ef-4b0f-b1fc-bda6bf5593fa","block_type":"box","text":"Participant generally may retain the benefit of the favorable executions, and the Funds will return to the Authorized","page_number":136,"box":{"x":89,"y":819,"width":803,"height":12}},{"id":"b0dadebb-d3fa-4096-93a5-1f1e52e0b86e","block_type":"box","text":"Participant the Execution Performance Deposit. If, however, the broker-dealer executing the order is unable to achieve","page_number":136,"box":{"x":89,"y":834,"width":822,"height":12}},{"id":"1269bf03-6393-4294-ad50-f624082a8e0a","block_type":"box","text":"executions in market transactions at a price at least equal to the Fund’s valuation of the securities, the Funds retain the","page_number":136,"box":{"x":89,"y":849,"width":831,"height":12}},{"id":"974b1dc8-8204-45b3-88df-15c977d601ed","block_type":"box","text":"portion of the Execution Performance Deposit equal to the full amount of the execution shortfall (including any taxes,","page_number":136,"box":{"x":89,"y":864,"width":821,"height":12}},{"id":"1f5d1f64-a422-4d49-bae9-8bcb3f0f04e5","block_type":"box","text":"113","page_number":136,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"4fa844e2-988c-4db7-b3c2-b2f03ec701c2","block_type":"box","text":"brokerage commissions or other costs) and may require the Authorized Participant to deposit any additional amount required","page_number":137,"box":{"x":89,"y":44,"width":879,"height":12}},{"id":"a0e0ece1-e376-4f21-8cc8-f0f19e32b7d0","block_type":"box","text":"to cover the full amount of the actual Execution Performance Guarantee.","page_number":137,"box":{"x":88,"y":59,"width":508,"height":10}},{"id":"fa3ee6b8-c13d-4e38-8c20-693987d14583","block_type":"box","text":"To ensure that an Execution Performance Guarantee will be honored for brokerage orders arising from redemption","page_number":137,"box":{"x":88,"y":85,"width":800,"height":13}},{"id":"f06ae5c2-6c89-4b81-9b73-aeeffef38006","block_type":"box","text":"transactions executed by an Authorized Participant (or an affiliated or unaffiliated broker-dealer) as broker-dealer, an","page_number":137,"box":{"x":88,"y":101,"width":816,"height":12}},{"id":"7b7103cd-79b0-48df-a94c-51f3d68db72f","block_type":"box","text":"Authorized Participant agrees to pay the shortfall amount (the “Execution Performance Offset”). If the broker-dealer","page_number":137,"box":{"x":88,"y":116,"width":811,"height":12}},{"id":"710376d5-2192-4e9c-a15b-eeed4f7d2415","block_type":"box","text":"executing the order achieves executions in market transactions at a price more favorable than the Funds’ valuation of the","page_number":137,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"a2d01796-6eaa-4cc1-9d0e-18ac79300e13","block_type":"box","text":"Fund Securities, then the Authorized Participant generally may retain the benefit of the favorable executions and the","page_number":137,"box":{"x":89,"y":146,"width":811,"height":12}},{"id":"677f7022-efb3-4f5a-a5b0-6672fa7ed863","block_type":"box","text":"Authorized Participant is not called upon to honor the Execution Performance Offset. If, however, the broker-dealer is unable","page_number":137,"box":{"x":88,"y":161,"width":869,"height":12}},{"id":"4e0c0a2f-4e89-4255-a826-f488ec3f6f93","block_type":"box","text":"to achieve executions in market transactions at a price at least equal to the Funds’ valuation of the securities, the Funds will","page_number":137,"box":{"x":88,"y":176,"width":864,"height":13}},{"id":"93864355-e0dd-4101-a2da-b44b4514edc8","block_type":"box","text":"be entitled to the portion of the Execution Performance Offset equal to the full amount of the execution shortfall (including","page_number":137,"box":{"x":89,"y":191,"width":859,"height":13}},{"id":"771e4288-533b-427c-a4ae-ab768093d905","block_type":"box","text":"any taxes, brokerage commissions or other costs).","page_number":137,"box":{"x":89,"y":206,"width":351,"height":13}},{"id":"e2d4a55b-ded1-4980-bafc-542ff786eccc","block_type":"box","text":"The circumstances under which the Execution Performance Guarantee will be used and the expected amount, if any, of any","page_number":137,"box":{"x":88,"y":233,"width":864,"height":12}},{"id":"840269ed-3f96-4a58-a655-ab2b405a866e","block_type":"box","text":"Execution Performance Deposit or Execution Performance Offset for a Fund will be disclosed in the procedures handbook for","page_number":137,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"981a683b-b928-4180-aeaf-19c0017f0237","block_type":"box","text":"Authorized Participants and may change from time to time based on the actual experience of the Fund.","page_number":137,"box":{"x":88,"y":263,"width":723,"height":12}},{"id":"b80966d5-64c0-4792-aa42-99da4430905f","block_type":"box","text":"Additional Information Concerning the Company","page_number":137,"box":{"x":88,"y":294,"width":825,"height":29}},{"id":"c081dd27-cb9f-4c54-956f-adbedbcd905e","block_type":"box","text":"Capital Stock.","page_number":137,"box":{"x":89,"y":335,"width":97,"height":12}},{"id":"76afd4b9-97fa-4169-9bae-996ec41d0fa0","block_type":"box","text":"Each series issues shares of common stock, par value $0.001 per share. The Company has authorized and","page_number":137,"box":{"x":200,"y":335,"width":739,"height":12}},{"id":"0eef19c9-fae9-462f-bf4b-7a043f23bf6a","block_type":"box","text":"issued the following funds as separate series of capital stock: iShares Asia/Pacific Dividend ETF, iShares Core MSCI Emerging","page_number":137,"box":{"x":89,"y":350,"width":871,"height":12}},{"id":"7f3e19b6-c047-4efb-8902-d9f727e6eb42","block_type":"box","text":"Markets ETF, iShares Currency Hedged MSCI Emerging Markets ETF, iShares Emerging Markets Dividend ETF, iShares","page_number":137,"box":{"x":89,"y":365,"width":818,"height":12}},{"id":"b449472f-f0e8-4c40-9659-9032ac67568f","block_type":"box","text":"Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares Euro High Yield Corporate Bond USD Hedged","page_number":137,"box":{"x":89,"y":380,"width":868,"height":13}},{"id":"f941defd-b52c-4808-8eaa-d05595b5d916","block_type":"box","text":"ETF, iShares J.P. Morgan EM Corporate Bond ETF, iShares J.P. Morgan EM High Yield Bond ETF, iShares J.P. Morgan EM Local","page_number":137,"box":{"x":89,"y":395,"width":856,"height":13}},{"id":"ece0b9c7-2f22-4717-8fbb-0bd0f826659d","block_type":"box","text":"Currency Bond ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares","page_number":137,"box":{"x":89,"y":410,"width":857,"height":13}},{"id":"818e0a91-ce16-4030-a0fb-e073f202e654","block_type":"box","text":"MSCI Belgium ETF, iShares MSCI BIC ETF, iShares MSCI Brazil ETF, iShares MSCI Canada ETF, iShares MSCI Chile ETF, iShares","page_number":137,"box":{"x":89,"y":426,"width":868,"height":12}},{"id":"2cb50aad-008b-4ed1-9627-07f3022ccb2c","block_type":"box","text":"MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets ex China ETF,","page_number":137,"box":{"x":89,"y":441,"width":824,"height":12}},{"id":"fb47c313-6027-4a58-9481-85926b4327da","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Eurozone","page_number":137,"box":{"x":89,"y":456,"width":866,"height":12}},{"id":"3486273d-d4cf-401e-b8e8-838f41599445","block_type":"box","text":"ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals","page_number":137,"box":{"x":89,"y":471,"width":870,"height":12}},{"id":"ca2dea51-03d7-4f60-a271-0c2142ae4b73","block_type":"box","text":"& Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares","page_number":137,"box":{"x":89,"y":486,"width":864,"height":12}},{"id":"29a04951-53ae-4cc3-a4a3-2f7e27214534","block_type":"box","text":"MSCI Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Italy ETF, iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap","page_number":137,"box":{"x":89,"y":501,"width":874,"height":13}},{"id":"e9ce6b7e-1fe1-427b-a946-cfe7fc0988a8","block_type":"box","text":"ETF, iShares MSCI Malaysia ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan ETF,","page_number":137,"box":{"x":89,"y":516,"width":868,"height":13}},{"id":"1e238c98-b786-4fd5-885e-39e0d64da4e6","block_type":"box","text":"iShares MSCI Russia ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares MSCI South Korea ETF, iShares","page_number":137,"box":{"x":89,"y":531,"width":872,"height":13}},{"id":"13702ac4-f308-4dea-9c4c-5393ebbd58f0","block_type":"box","text":"MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI Taiwan ETF, iShares MSCI Thailand","page_number":137,"box":{"x":89,"y":547,"width":861,"height":12}},{"id":"49f391be-9629-432b-b002-d3cfd5b7560e","block_type":"box","text":"ETF, iShares MSCI Turkey ETF, iShares MSCI USA Equal Weighted ETF, iShares MSCI World ETF, iShares US & Intl High Yield","page_number":137,"box":{"x":89,"y":562,"width":855,"height":12}},{"id":"dda65841-2202-492e-816f-efc1c84c15b5","block_type":"box","text":"Corp Bond ETF and iShares U.S. Power Infrastructure ETF. The Company has authorized for issuance, but is not currently","page_number":137,"box":{"x":89,"y":577,"width":840,"height":12}},{"id":"b3499f52-3aa7-4aad-a6d0-8211d68ce844","block_type":"box","text":"offering for sale to the public, nine additional series of shares of common stock. The Board may designate additional series of","page_number":137,"box":{"x":89,"y":592,"width":877,"height":12}},{"id":"bd083684-6582-490e-a890-cd4d07f2af5e","block_type":"box","text":"common stock and classify shares of a particular series into one or more classes of that series. The Amended and Restated","page_number":137,"box":{"x":89,"y":607,"width":860,"height":12}},{"id":"8a7f1b5a-f789-4da7-8d63-b45483914301","block_type":"box","text":"Articles of Incorporation confers upon the Board the power to establish the number of shares which constitute a Creation","page_number":137,"box":{"x":88,"y":622,"width":851,"height":12}},{"id":"3ed260c9-e971-4bd6-807e-4631a78540eb","block_type":"box","text":"Unit or by resolution, restrict the redemption right to Creation Units.","page_number":137,"box":{"x":89,"y":637,"width":474,"height":13}},{"id":"053c93ec-555f-450c-b391-c5d8b920f6e2","block_type":"box","text":"Each share issued by a fund has a","page_number":137,"box":{"x":89,"y":664,"width":234,"height":12}},{"id":"e73be3bd-593a-4104-977f-718c77750a32","block_type":"box","text":"pro rata","page_number":137,"box":{"x":327,"y":665,"width":56,"height":11}},{"id":"e0131215-b531-48c1-8156-98f1b0135a77","block_type":"box","text":"interest in the assets of that fund. The Company is currently authorized to issue","page_number":137,"box":{"x":388,"y":664,"width":555,"height":12}},{"id":"3dba8dd1-cc73-40d7-aef9-127d0c9ae75d","block_type":"box","text":"51.86 billion shares of common stock. The following number of shares is currently authorized for each of the funds: iShares","page_number":137,"box":{"x":89,"y":679,"width":862,"height":12}},{"id":"b08631b2-0745-4ed1-afc1-8d947e6ee575","block_type":"box","text":"Asia/Pacific Dividend ETF, 500 million shares; iShares Core MSCI Emerging Markets ETF, 15 billion shares; iShares Currency","page_number":137,"box":{"x":88,"y":694,"width":862,"height":12}},{"id":"b1d77cba-7d30-480c-b68a-bf6920178091","block_type":"box","text":"Hedged MSCI Emerging Markets ETF, 250 million shares; iShares Emerging Markets Dividend ETF, 500 million shares; iShares","page_number":137,"box":{"x":89,"y":709,"width":874,"height":12}},{"id":"fee5eb82-f9a1-4ed6-832a-976f78257f96","block_type":"box","text":"Emerging Markets Equity Factor ETF, 525 million shares; iShares ESG Aware MSCI EM ETF, 1.5 billion shares; iShares Euro","page_number":137,"box":{"x":89,"y":724,"width":844,"height":13}},{"id":"453b4ced-24ba-4ba5-bf4a-7dc64e234dd2","block_type":"box","text":"High Yield Corporate Bond USD Hedged ETF, 500 million shares; iShares J.P. Morgan EM Corporate Bond ETF, 500 million","page_number":137,"box":{"x":89,"y":739,"width":842,"height":13}},{"id":"41d90076-7a45-427d-b9ca-6f3f4cbf17d8","block_type":"box","text":"shares; iShares J.P. Morgan EM High Yield Bond ETF, 500 million shares; iShares J.P. Morgan EM Local Currency Bond ETF, 500","page_number":137,"box":{"x":89,"y":754,"width":874,"height":13}},{"id":"560ecc2f-a18c-4992-8268-afbe7799f457","block_type":"box","text":"million shares; iShares MSCI Agriculture Producers ETF, 500 million shares; iShares MSCI Australia ETF, 1 billion shares;","page_number":137,"box":{"x":89,"y":770,"width":832,"height":12}},{"id":"ff54831d-ca5d-4be0-9c19-5ee7b520845b","block_type":"box","text":"iShares MSCI Austria ETF, 100 million shares; iShares MSCI Belgium ETF, 136.2 million shares; iShares MSCI BIC ETF, 500","page_number":137,"box":{"x":89,"y":785,"width":841,"height":12}},{"id":"08f4004b-ea86-4e38-845f-b7fa01e49f7f","block_type":"box","text":"million shares; iShares MSCI Brazil ETF, 2 billion shares; iShares MSCI Canada ETF, 1 billion shares; iShares MSCI Chile ETF,","page_number":137,"box":{"x":89,"y":800,"width":851,"height":11}},{"id":"042fbde2-4ea1-4903-9bee-79799a72644d","block_type":"box","text":"300 million shares; iShares MSCI Emerging Markets Asia ETF, 500 million shares; iShares MSCI Emerging Markets ETF, 5","page_number":137,"box":{"x":89,"y":815,"width":837,"height":12}},{"id":"576bbbd5-008c-449a-bbf4-4cdc739b6cc4","block_type":"box","text":"billion shares; iShares MSCI Emerging Markets ex China ETF, 2 billion shares; iShares MSCI Emerging Markets Min Vol Factor","page_number":137,"box":{"x":89,"y":830,"width":869,"height":12}},{"id":"d72533fd-7766-45ff-ae55-3324af7f9aa1","block_type":"box","text":"ETF, 800 million shares; iShares MSCI Emerging Markets Small-Cap ETF, 500 million shares; iShares MSCI Eurozone ETF, 1.5","page_number":137,"box":{"x":89,"y":845,"width":861,"height":12}},{"id":"f33354ad-dc5e-4a23-a127-e0f79329bcca","block_type":"box","text":"billion shares; iShares MSCI France ETF, 340.2 million shares; iShares MSCI Germany ETF, 482.2 million shares; iShares MSCI","page_number":137,"box":{"x":89,"y":860,"width":866,"height":13}},{"id":"23fd0878-356c-487d-b5c6-5499836cf16a","block_type":"box","text":"114","page_number":137,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"bdbc1d8b-f3e2-48a2-b134-9fd0c7d9e4ad","block_type":"box","text":"Global Gold Miners ETF, 500 million shares; iShares MSCI Global Metals & Mining Producers ETF, 500 million shares; iShares","page_number":138,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"f4b21c26-4465-431a-ad0b-224553b59092","block_type":"box","text":"MSCI Global Min Vol Factor ETF, 500 million shares; iShares MSCI Global Silver and Metals Miners ETF, 500 million shares;","page_number":138,"box":{"x":89,"y":59,"width":850,"height":11}},{"id":"5230cf80-ab2b-4604-ae4e-94c5992239d1","block_type":"box","text":"iShares MSCI Hong Kong ETF, 375 million shares; iShares MSCI Israel ETF, 500 million shares; iShares MSCI Italy ETF, 295.4","page_number":138,"box":{"x":89,"y":74,"width":853,"height":12}},{"id":"26ce4ea1-bdcb-4735-b0d6-49aeee6f39ab","block_type":"box","text":"million shares; iShares MSCI Japan ETF, 2.5246 billion shares; iShares MSCI Japan Small-Cap ETF, 500 million shares; iShares","page_number":138,"box":{"x":89,"y":89,"width":863,"height":13}},{"id":"70ed3c8c-247d-4feb-8c4b-76c13348138d","block_type":"box","text":"MSCI Malaysia ETF, 300 million shares; iShares MSCI Mexico ETF, 255 million shares; iShares MSCI Netherlands ETF, 255","page_number":138,"box":{"x":89,"y":104,"width":840,"height":13}},{"id":"1adafce2-8e18-4916-a779-3e94d5c685bd","block_type":"box","text":"million shares; iShares MSCI Pacific ex Japan ETF, 1 billion shares; iShares MSCI Russia ETF, 1 billion shares; iShares MSCI","page_number":138,"box":{"x":89,"y":119,"width":842,"height":13}},{"id":"fe1f49e2-4638-4695-b939-78876d76d2fe","block_type":"box","text":"Singapore ETF, 300 million shares; iShares MSCI South Africa ETF, 400 million shares; iShares MSCI South Korea ETF, 700","page_number":138,"box":{"x":88,"y":135,"width":846,"height":12}},{"id":"bfa336f3-59d2-4723-947e-0c10bbb7102f","block_type":"box","text":"million shares; iShares MSCI Spain ETF, 300 million shares; iShares MSCI Sweden ETF, 100 million shares; iShares MSCI","page_number":138,"box":{"x":89,"y":150,"width":828,"height":12}},{"id":"d3cec70b-1a5a-41f2-b9c5-4d8308cbdcb5","block_type":"box","text":"Switzerland ETF, 318.625 million shares; iShares MSCI Taiwan ETF, 900 million shares; iShares MSCI Thailand ETF, 200 million","page_number":138,"box":{"x":88,"y":165,"width":875,"height":11}},{"id":"bec895b7-050e-4dfe-824b-a066d0899317","block_type":"box","text":"shares; iShares MSCI Turkey ETF, 200 million shares; iShares MSCI USA Equal Weighted ETF, 500 million shares; iShares MSCI","page_number":138,"box":{"x":89,"y":180,"width":874,"height":12}},{"id":"9dc1e156-f9f2-4901-946d-3bf620dde43c","block_type":"box","text":"World ETF, 500 million shares; iShares US & Intl High Yield Corp Bond ETF, 500 million shares; and iShares U.S. Power","page_number":138,"box":{"x":88,"y":195,"width":817,"height":12}},{"id":"48b33343-c5f2-4e44-8a81-f5f1008b3970","block_type":"box","text":"Infrastructure ETF, 500 million shares. Fractional shares will not be issued. Shares have no preemptive, exchange,","page_number":138,"box":{"x":89,"y":210,"width":789,"height":13}},{"id":"c40e0308-3026-4736-a5de-0b180506e1c0","block_type":"box","text":"subscription or conversion rights and are freely transferable. Each share is entitled to participate equally in dividends and","page_number":138,"box":{"x":89,"y":225,"width":842,"height":13}},{"id":"c5d89afd-1fd6-4d84-ac95-b4403030789d","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":138,"box":{"x":89,"y":240,"width":835,"height":13}},{"id":"936bd972-7fa3-461c-9520-e3da9872d19c","block_type":"box","text":"liquidation. Shareholders are entitled to require the Company to redeem Creation Units of their shares.","page_number":138,"box":{"x":89,"y":256,"width":713,"height":12}},{"id":"c1f72c1f-4bb7-4d40-b8f4-d4731acb7aa5","block_type":"box","text":"Each share has one vote with respect to matters upon which a stockholder vote is required consistent with the requirements","page_number":138,"box":{"x":89,"y":282,"width":871,"height":12}},{"id":"bb4283b0-aa4b-4085-ba2a-58a48bd464ef","block_type":"box","text":"of the 1940 Act and the rules promulgated thereunder and the Maryland General Corporation Law. Stockholders have no","page_number":138,"box":{"x":89,"y":297,"width":846,"height":12}},{"id":"a5f976a4-9bf4-4af8-aa99-bdd7d196d279","block_type":"box","text":"cumulative voting rights with respect to their shares. Shares of all funds vote together as a single class except that, if the","page_number":138,"box":{"x":89,"y":312,"width":841,"height":13}},{"id":"49e1a33f-5f77-47cd-819a-7c7c63d5a7df","block_type":"box","text":"matter being voted on affects only a particular fund or, if a matter affects a particular fund differently from other funds, that","page_number":138,"box":{"x":89,"y":327,"width":862,"height":13}},{"id":"d3399205-68a1-43f8-8d35-e68b6afa9c3c","block_type":"box","text":"fund will vote separately on such matter.","page_number":138,"box":{"x":88,"y":342,"width":283,"height":13}},{"id":"d3a1fc69-b04e-4686-b6ed-113d7b760d4c","block_type":"box","text":"Under Maryland law, the Company is not required to hold an annual meeting of stockholders unless required to do so under","page_number":138,"box":{"x":89,"y":369,"width":867,"height":12}},{"id":"07f56bc5-dc89-46e3-9a9e-0127b6cfa007","block_type":"box","text":"the 1940 Act. The policy of the Company is not to hold an annual meeting of stockholders unless required to do so under the","page_number":138,"box":{"x":88,"y":384,"width":877,"height":12}},{"id":"af556f12-7fa4-402f-b6ee-a83536fa1733","block_type":"box","text":"1940 Act. Under Maryland law, Directors of the Company may be removed by vote of the stockholders.","page_number":138,"box":{"x":90,"y":399,"width":717,"height":13}},{"id":"48670419-34da-40b0-80de-c3d3e2a62dba","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":138,"box":{"x":89,"y":426,"width":837,"height":12}},{"id":"7e5b6219-2d18-406a-b364-60470db0bf05","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":138,"box":{"x":88,"y":441,"width":874,"height":12}},{"id":"a1af5ac3-5f00-4ca8-9ad8-cb275f0f2cf0","block_type":"box","text":"Act. A fund cannot predict the length of time for which one or more stockholders may remain a control person of the fund.","page_number":138,"box":{"x":88,"y":456,"width":862,"height":12}},{"id":"28debccf-7ad9-49b6-84c4-3a1193b15e9a","block_type":"box","text":"Stockholders may make inquiries by writing to iShares, Inc., c/o BlackRock Investments, LLC, 1 University Square Drive,","page_number":138,"box":{"x":88,"y":482,"width":832,"height":13}},{"id":"3ebd4d30-6c6a-47cd-9139-a5b0f8d3cdc5","block_type":"box","text":"Princeton, NJ 08540.","page_number":138,"box":{"x":89,"y":498,"width":141,"height":11}},{"id":"d180a5f8-4e5c-453d-9a72-511f255b9912","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":138,"box":{"x":88,"y":524,"width":873,"height":12}},{"id":"ff68a511-698f-47d0-962b-b0dba6b24b21","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":138,"box":{"x":88,"y":539,"width":876,"height":12}},{"id":"e813b39b-73f5-4e92-a7cd-33dfe84cddee","block_type":"box","text":"addition, absent an applicable exemption or other relief from the SEC or its staff, officers and directors of a fund and","page_number":138,"box":{"x":89,"y":554,"width":810,"height":12}},{"id":"caab5521-d590-470d-83b0-377ae8166ccb","block_type":"box","text":"beneficial owners of 10% of the shares of a fund (“Insiders”) may be subject to the insider reporting, short-swing profit and","page_number":138,"box":{"x":89,"y":569,"width":864,"height":13}},{"id":"f8e5d7b8-203b-4074-a4c8-0fef4452bba5","block_type":"box","text":"short sale provisions of Section 16 of the 1934 Act and the SEC’s rules promulgated thereunder. Beneficial owners and","page_number":138,"box":{"x":89,"y":584,"width":826,"height":13}},{"id":"5e6aac2c-4179-4be2-86dd-8aa5e433eb71","block_type":"box","text":"Insiders should consult with their own legal counsel concerning their obligations under Sections 13 and 16 of the 1934 Act","page_number":138,"box":{"x":89,"y":599,"width":860,"height":13}},{"id":"0af90273-6e36-41de-a3df-a164b1f07c02","block_type":"box","text":"and existing guidance provided by the SEC staff.","page_number":138,"box":{"x":89,"y":615,"width":334,"height":12}},{"id":"2524aef3-1c50-4cae-aed9-62488e450aae","block_type":"box","text":"Termination of the Company or a Fund.","page_number":138,"box":{"x":88,"y":641,"width":284,"height":12}},{"id":"6f631cb1-a732-4aa1-bdc4-1b387d6380b6","block_type":"box","text":"The Company or a fund may be terminated by a majority vote of the Board, or the","page_number":138,"box":{"x":380,"y":641,"width":572,"height":12}},{"id":"e76544bf-3075-44c6-b0d1-9a55b23c6c36","block_type":"box","text":"affirmative vote of a supermajority of the stockholders of the Company or such fund entitled to vote on termination.","page_number":138,"box":{"x":89,"y":656,"width":811,"height":13}},{"id":"82de653a-d653-4833-b753-282d2b67f6b1","block_type":"box","text":"Although the shares are not automatically redeemable upon the occurrence of any specific event, the Company’s","page_number":138,"box":{"x":88,"y":671,"width":792,"height":13}},{"id":"850aea65-5ca2-4dbb-985d-952f10380d9d","block_type":"box","text":"organizational documents provide that the Board will have the unrestricted power to alter the number of shares in a Creation","page_number":138,"box":{"x":89,"y":686,"width":872,"height":13}},{"id":"c28c1221-e1c0-4e09-9b5b-ad69d9df79fe","block_type":"box","text":"Unit. Therefore, in the event of a termination of the Company or a fund, the Board, in its sole discretion, could determine to","page_number":138,"box":{"x":89,"y":702,"width":859,"height":12}},{"id":"6ca85f96-be6c-46a0-9fcc-6ebcbdc5e4af","block_type":"box","text":"permit the shares to be redeemable in aggregations smaller than Creation Units or to be individually redeemable. In such","page_number":138,"box":{"x":89,"y":717,"width":843,"height":12}},{"id":"9070e370-08ad-421a-b80e-4ef1afd50a4e","block_type":"box","text":"circumstance, the Company or a fund may make redemptions in-kind, for cash or for a combination of cash or securities.","page_number":138,"box":{"x":89,"y":732,"width":847,"height":12}},{"id":"4efbb269-f659-42f7-b2c1-f25a7fffc7d6","block_type":"box","text":"Further, in the event of a termination of the Company or a fund, the Company or a fund might elect to pay cash redemptions","page_number":138,"box":{"x":89,"y":747,"width":871,"height":12}},{"id":"2fd0c0c3-6602-4f99-a547-bfc86c8f7ab9","block_type":"box","text":"to all shareholders, with an in-kind election for shareholders owning in excess of a certain stated minimum amount.","page_number":138,"box":{"x":88,"y":762,"width":811,"height":12}},{"id":"bdde79a3-07fd-42d0-b58c-38b0344c4ee1","block_type":"box","text":"DTC as Securities Depository for Shares of the Funds.","page_number":138,"box":{"x":89,"y":788,"width":383,"height":13}},{"id":"b143eef3-22c8-4c0a-a278-d3da017c52d7","block_type":"box","text":"Shares of each Fund are represented by securities registered in the","page_number":138,"box":{"x":481,"y":788,"width":465,"height":13}},{"id":"658b7fa5-6067-4b2f-9541-45b1da6cebdb","block_type":"box","text":"name of DTC or its nominee and deposited with, or on behalf of, DTC.","page_number":138,"box":{"x":89,"y":804,"width":486,"height":12}},{"id":"39c787eb-5072-4202-aed0-d09342790c71","block_type":"box","text":"DTC was created in 1973 to enable electronic movement of securities between its participants (“DTC Participants”), and","page_number":138,"box":{"x":89,"y":830,"width":836,"height":12}},{"id":"12de14b5-6edc-4cf5-a607-863644f48da1","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":138,"box":{"x":89,"y":845,"width":790,"height":12}},{"id":"0872b6ba-51db-4dd4-8d22-bd3e95729d25","block_type":"box","text":"counterparty for securities trades among DTC Participants. In 1999, DTC and NSCC were consolidated within The Depository","page_number":138,"box":{"x":89,"y":860,"width":872,"height":13}},{"id":"a75a9ac8-4371-48bc-90fd-24b22b67da29","block_type":"box","text":"115","page_number":138,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"75f44a45-13b6-440f-b0e0-97f51b01c44a","block_type":"box","text":"Trust & Clearing Corporation (“DTCC”) and became wholly-owned subsidiaries of DTCC. The common stock of DTCC is","page_number":139,"box":{"x":88,"y":44,"width":837,"height":12}},{"id":"15ef81c0-fd29-4902-b2eb-9d086bd94c31","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":139,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"24cf3484-f436-4468-a702-d61b53a6b995","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":139,"box":{"x":88,"y":74,"width":848,"height":12}},{"id":"849e2c68-e83f-4964-8751-4619825855a5","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":139,"box":{"x":89,"y":89,"width":833,"height":13}},{"id":"569ea2ef-90ce-4867-a40b-f24612b93ba2","block_type":"box","text":"Participant, either directly or indirectly (“Indirect Participants”).","page_number":139,"box":{"x":89,"y":104,"width":439,"height":13}},{"id":"12ff2620-378b-49c7-9dcc-a6ee6c8b6a49","block_type":"box","text":"Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC","page_number":139,"box":{"x":89,"y":131,"width":873,"height":12}},{"id":"906f48af-e814-444f-9448-2eff508a7916","block_type":"box","text":"Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are","page_number":139,"box":{"x":89,"y":146,"width":840,"height":12}},{"id":"d0525a87-b2e0-4c88-9ed7-5657c0286532","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":139,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"85a2a748-4de8-4405-abbd-839fddf5ca29","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":139,"box":{"x":89,"y":176,"width":822,"height":13}},{"id":"69c517c1-4273-43d8-a534-10823c204da5","block_type":"box","text":"Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC","page_number":139,"box":{"x":89,"y":191,"width":848,"height":13}},{"id":"970b3fff-29f6-4452-912f-a406c3e65184","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":139,"box":{"x":89,"y":206,"width":877,"height":13}},{"id":"b1c1e973-64d3-44ef-899c-802c391712ca","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":139,"box":{"x":89,"y":222,"width":872,"height":12}},{"id":"b93fe531-ac91-42ec-b4bf-c52e5f882606","block_type":"box","text":"investors to acquire beneficial interests in shares of the Fund.","page_number":139,"box":{"x":89,"y":237,"width":426,"height":12}},{"id":"1b414446-84d5-4f3e-89d1-0490f42768a4","block_type":"box","text":"Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the","page_number":139,"box":{"x":89,"y":263,"width":873,"height":12}},{"id":"8b3ed444-e8dc-4192-84c1-07e84377ae77","block_type":"box","text":"Depositary Agreement between the Company and DTC, DTC is required to make available to the Company upon request and","page_number":139,"box":{"x":89,"y":278,"width":870,"height":13}},{"id":"596093bd-ed6f-4afc-807b-48194c0a14d5","block_type":"box","text":"for a fee to be charged to the Company a listing of the shares of each Fund held by each DTC Participant. The Company shall","page_number":139,"box":{"x":88,"y":293,"width":871,"height":13}},{"id":"308af50f-e214-4cb6-8d49-7f11066cced0","block_type":"box","text":"inquire of each such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through","page_number":139,"box":{"x":89,"y":308,"width":843,"height":13}},{"id":"b5a8653a-4514-4d3d-adee-b9ff0ba5dbb5","block_type":"box","text":"such DTC Participant. The Company shall provide each such DTC Participant with copies of such notice, statement or other","page_number":139,"box":{"x":89,"y":324,"width":861,"height":12}},{"id":"152ddc9d-6aa9-4306-88a9-c39d5cd22f4c","block_type":"box","text":"communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such","page_number":139,"box":{"x":89,"y":339,"width":871,"height":12}},{"id":"374a07f0-095e-4b1b-ae5b-1825ed5c4883","block_type":"box","text":"notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial","page_number":139,"box":{"x":89,"y":354,"width":845,"height":12}},{"id":"09b611c0-003e-4aa6-b4d7-c085dad0da9a","block_type":"box","text":"Owners. In addition, the Company shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for","page_number":139,"box":{"x":89,"y":369,"width":877,"height":12}},{"id":"d8c40208-8eaf-4f5f-a699-e68742c82014","block_type":"box","text":"the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.","page_number":139,"box":{"x":88,"y":384,"width":749,"height":12}},{"id":"48642c3e-312d-4357-82a5-5078c055cee2","block_type":"box","text":"Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all shares of the Company.","page_number":139,"box":{"x":88,"y":410,"width":854,"height":13}},{"id":"527a652d-0632-4212-99f7-391a86c437be","block_type":"box","text":"DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants’ accounts with","page_number":139,"box":{"x":89,"y":426,"width":809,"height":12}},{"id":"23774119-721b-4c79-97db-6d9bfe228258","block_type":"box","text":"payments in amounts proportionate to their respective beneficial interests in shares of each Fund as shown on the records of","page_number":139,"box":{"x":89,"y":441,"width":876,"height":12}},{"id":"f4b1d260-e86a-4416-9486-bcadeea7aef6","block_type":"box","text":"DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such","page_number":139,"box":{"x":89,"y":456,"width":875,"height":12}},{"id":"04757274-96e3-476c-a6b5-bc440c5958dc","block_type":"box","text":"DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held","page_number":139,"box":{"x":89,"y":471,"width":860,"height":12}},{"id":"2fa6d9a3-5080-40f7-8765-b903887d109b","block_type":"box","text":"for the accounts of customers in bearer form or registered in a “street name,” and will be the responsibility of such DTC","page_number":139,"box":{"x":88,"y":486,"width":836,"height":12}},{"id":"3c5d3f2f-ca0e-46c3-bcb5-fac82070b60a","block_type":"box","text":"Participants.","page_number":139,"box":{"x":89,"y":502,"width":85,"height":12}},{"id":"c3ca0d26-8569-4916-9402-76e18052c500","block_type":"box","text":"The Company has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or","page_number":139,"box":{"x":88,"y":528,"width":844,"height":12}},{"id":"34a408fe-42e7-4a9b-9dc3-f54047695ff8","block_type":"box","text":"payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any","page_number":139,"box":{"x":89,"y":543,"width":874,"height":12}},{"id":"94da2bec-42a5-48ed-aa0d-385a510b32b7","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":139,"box":{"x":89,"y":558,"width":866,"height":12}},{"id":"f4547bd7-68d1-4217-941c-8b902e6e9e4d","block_type":"box","text":"Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning","page_number":139,"box":{"x":89,"y":573,"width":855,"height":12}},{"id":"aa3a544d-4aba-47af-90b3-d72611d38dbf","block_type":"box","text":"through such DTC Participants. DTC may decide to discontinue providing its service with respect to shares of the Company at","page_number":139,"box":{"x":88,"y":588,"width":878,"height":12}},{"id":"183a3355-b54b-4009-8dd3-9e8bcf0d3a94","block_type":"box","text":"any time by giving reasonable notice to the Company and discharging its responsibilities with respect thereto under","page_number":139,"box":{"x":89,"y":603,"width":808,"height":13}},{"id":"f7c181ae-ad8e-431f-aeb9-98808103335a","block_type":"box","text":"applicable law. Under such circumstances, the Company shall take action to find a replacement for DTC to perform its","page_number":139,"box":{"x":89,"y":618,"width":823,"height":13}},{"id":"fe92ca07-f2cd-4ce9-abe5-634d593e96ab","block_type":"box","text":"functions at a comparable cost.","page_number":139,"box":{"x":88,"y":633,"width":220,"height":13}},{"id":"0d1b5952-731c-48d8-828a-39c053babe1b","block_type":"box","text":"Distribution of Shares.","page_number":139,"box":{"x":89,"y":660,"width":160,"height":10}},{"id":"798cef34-c4ed-4811-84a0-a93844423712","block_type":"box","text":"In connection with each Fund’s launch, each Fund was seeded through the sale of one or more","page_number":139,"box":{"x":259,"y":660,"width":665,"height":12}},{"id":"533aec24-c04d-41ab-89d6-28ed6cf4dd43","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":139,"box":{"x":89,"y":675,"width":859,"height":12}},{"id":"ed8d90b2-aa70-4c4e-9b41-031273a95f8f","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":139,"box":{"x":89,"y":690,"width":861,"height":13}},{"id":"ac27c6b9-23d4-4041-b0e9-935301e74fc1","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":139,"box":{"x":89,"y":705,"width":848,"height":13}},{"id":"e1f7a642-da89-491d-9f6b-a63687decebe","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":139,"box":{"x":89,"y":720,"width":873,"height":13}},{"id":"8ff4da79-acf7-4495-880f-3a3334aa4242","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":139,"box":{"x":88,"y":736,"width":833,"height":12}},{"id":"397afacf-3a61-42f7-b612-303da04ef3ea","block_type":"box","text":"shares.","page_number":139,"box":{"x":89,"y":751,"width":47,"height":9}},{"id":"6af375ab-ad97-4006-8189-a4f571e66eeb","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":139,"box":{"x":88,"y":777,"width":877,"height":12}},{"id":"a9be1a67-a144-4391-8b42-e64e60bcec50","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":139,"box":{"x":89,"y":792,"width":873,"height":13}},{"id":"2a19d2c8-7a58-4c2c-921d-4cfda0438579","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":139,"box":{"x":88,"y":807,"width":878,"height":13}},{"id":"513963f0-b48e-4d66-8c5f-947c5c78b2c1","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":139,"box":{"x":88,"y":822,"width":877,"height":13}},{"id":"c40490ef-d2a8-43e4-81a5-52c1f764a7ef","block_type":"box","text":"brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or","page_number":139,"box":{"x":89,"y":838,"width":822,"height":12}},{"id":"845f6b42-61f5-4364-8ce6-88c933f18b19","block_type":"box","text":"116","page_number":139,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"547db9b8-ef8e-4a87-b168-11379eb031c6","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":140,"box":{"x":88,"y":44,"width":875,"height":12}},{"id":"a254bc24-b813-4637-b329-3460be52874b","block_type":"box","text":"by them through an Authorized Participant.","page_number":140,"box":{"x":89,"y":59,"width":302,"height":12}},{"id":"b62568e5-fd36-4fd9-a8f1-87e1d8372ca9","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":140,"box":{"x":88,"y":85,"width":840,"height":13}},{"id":"c8e15465-0694-4c80-95eb-1eda5e4fc70d","block_type":"box","text":"“underwriters” within the meaning of Section 2(a)(11) of the 1933 Act, in connection with such sales.","page_number":140,"box":{"x":89,"y":101,"width":712,"height":12}},{"id":"ab0e21ec-985b-494f-b53e-9c99d7a84b36","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":140,"box":{"x":88,"y":127,"width":871,"height":12}},{"id":"f9740272-1810-4f38-810c-818ce7063a2e","block_type":"box","text":"1934 Act and the rules and regulations thereunder.","page_number":140,"box":{"x":90,"y":142,"width":354,"height":12}},{"id":"fb65b4b5-c1ff-458d-8a17-3e3934087c8a","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":140,"box":{"x":90,"y":173,"width":721,"height":29}},{"id":"8456ffca-12ff-445e-a9ce-a8f78e1e3d68","block_type":"box","text":"General.","page_number":140,"box":{"x":89,"y":214,"width":59,"height":10}},{"id":"e9b95d5a-3edc-4cb1-81ae-fdd3d4dbf91d","block_type":"box","text":"The Company issues and sells shares of each Fund only in Creation Units on a continuous basis through the","page_number":140,"box":{"x":156,"y":214,"width":755,"height":12}},{"id":"a193cc1d-ea4b-4ddc-93ec-5628b60020d5","block_type":"box","text":"Distributor or its agent, without a sales load, at a price based on each Fund’s NAV next determined after receipt, on any","page_number":140,"box":{"x":89,"y":229,"width":834,"height":12}},{"id":"5f304dab-60bd-4ea2-ac32-80330148221c","block_type":"box","text":"Business Day (as defined below), of an order received by the Distributor or its agent in proper form. On days when","page_number":140,"box":{"x":89,"y":244,"width":797,"height":13}},{"id":"2b4fe5bd-a90e-4a99-bf2f-26135d3c9a11","block_type":"box","text":"the applicable Listing Exchange closes earlier than normal, a Fund may require orders to be placed earlier in the day. The","page_number":140,"box":{"x":88,"y":259,"width":842,"height":13}},{"id":"1a99c126-c5c7-41ac-b058-b9faf822e946","block_type":"box","text":"following table sets forth the number of shares of a Fund that constitute a Creation Unit for such Fund and the approximate","page_number":140,"box":{"x":88,"y":274,"width":866,"height":13}},{"id":"53091553-0d8b-4f92-a4f0-c606c001bc9b","block_type":"box","text":"value of such Creation Unit as of August 31, 2025:","page_number":140,"box":{"x":88,"y":290,"width":349,"height":12}},{"id":"3162dd75-c7c9-480d-8e8a-26114f73bb97","block_type":"box","text":"Fund","page_number":140,"box":{"x":89,"y":349,"width":27,"height":8}},{"id":"0d3f8819-f22d-4554-b9db-cd6d1ea0351b","block_type":"box","text":"Shares Per","page_number":140,"box":{"x":712,"y":339,"width":61,"height":8}},{"id":"696beb81-b73e-4382-9bff-0868ef879d2c","block_type":"box","text":"Creation Unit","page_number":140,"box":{"x":705,"y":350,"width":76,"height":7}},{"id":"c8258667-f859-4a55-a575-85ee53f3fdd2","block_type":"box","text":"Approximate","page_number":140,"box":{"x":875,"y":320,"width":75,"height":9}},{"id":"af44574b-c981-4ed0-878f-81b4bb1a05e4","block_type":"box","text":"Value Per","page_number":140,"box":{"x":886,"y":329,"width":54,"height":8}},{"id":"3994f428-c348-4e60-b7f8-56cd9e8fa7b0","block_type":"box","text":"Creation","page_number":140,"box":{"x":889,"y":340,"width":48,"height":7}},{"id":"9884a556-f346-4b22-9909-e00b487c1234","block_type":"box","text":"Unit (U.S.$)","page_number":140,"box":{"x":880,"y":349,"width":65,"height":10}},{"id":"7abd1965-4f05-4597-9da8-de5b49a8295a","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF 600,000 $ 37,120,608.00","page_number":140,"box":{"x":89,"y":371,"width":879,"height":13}},{"id":"bedf35de-afc4-4aac-85c6-d0e0a6bd5b66","block_type":"box","text":"iShares Emerging Markets Equity Factor ETF 100,000 $ 5,319,625.40","page_number":140,"box":{"x":89,"y":387,"width":879,"height":12}},{"id":"45683a76-30dc-41cc-9450-f4062aa16c02","block_type":"box","text":"iShares ESG Aware MSCI EM ETF 100,000 $ 4,047,672.30","page_number":140,"box":{"x":89,"y":402,"width":879,"height":11}},{"id":"0a912575-8fa1-43f0-a16c-cddd7cae9698","block_type":"box","text":"iShares MSCI Agriculture Producers ETF 50,000 $ 2,016,931.75","page_number":140,"box":{"x":89,"y":417,"width":878,"height":12}},{"id":"5dfd16bc-b52e-414f-9cb4-d8601e0883d1","block_type":"box","text":"iShares MSCI BIC ETF 50,000 $ 2,159,953.65","page_number":140,"box":{"x":89,"y":432,"width":878,"height":11}},{"id":"2c81cc8c-6030-4bea-be6f-2fb73466efe0","block_type":"box","text":"iShares MSCI Brazil ETF 50,000 $ 1,469,335.10","page_number":140,"box":{"x":89,"y":447,"width":879,"height":11}},{"id":"9fb69e42-1776-4163-be4b-2b49d26a5bfc","block_type":"box","text":"iShares MSCI Chile ETF 50,000 $ 1,633,757.20","page_number":140,"box":{"x":89,"y":462,"width":879,"height":11}},{"id":"b891a8c3-e673-4bfc-8704-e5803e17da97","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF 100,000 $ 8,527,381.50","page_number":140,"box":{"x":89,"y":477,"width":879,"height":13}},{"id":"4bd7abf9-5404-436d-acea-f46c2e37d1a0","block_type":"box","text":"iShares MSCI Emerging Markets ETF 450,000 $22,400,794.80","page_number":140,"box":{"x":89,"y":492,"width":879,"height":13}},{"id":"141708f6-a45e-45ed-b77a-3aa734f62890","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF 100,000 $ 6,274,162.60","page_number":140,"box":{"x":89,"y":508,"width":879,"height":12}},{"id":"615992e7-eadf-401f-9108-49ada10ad0e7","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF 100,000 $ 6,652,289.50","page_number":140,"box":{"x":89,"y":523,"width":879,"height":12}},{"id":"f4f5548a-f83f-4e27-bde1-7c5c3bbbb0d7","block_type":"box","text":"iShares MSCI Global Gold Miners ETF 50,000 $ 2,686,418.55","page_number":140,"box":{"x":89,"y":538,"width":878,"height":11}},{"id":"51d4862e-6c62-40dd-99cc-8be2b984e0ad","block_type":"box","text":"iShares MSCI Global Metals & Mining Producers ETF 50,000 $ 2,052,345.05","page_number":140,"box":{"x":89,"y":553,"width":878,"height":12}},{"id":"ad1b360a-a4cc-445d-be62-dba69f2f53ab","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF 100,000 $ 11,923,247.90","page_number":140,"box":{"x":89,"y":568,"width":879,"height":11}},{"id":"69c7bc55-271f-4f4f-9ee6-9021f1bafee8","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF 100,000 $ 2,166,810.60","page_number":140,"box":{"x":89,"y":583,"width":879,"height":11}},{"id":"f4963182-6b38-4c08-9c6c-af5da00fec0a","block_type":"box","text":"iShares MSCI Malaysia ETF 75,000 $ 1,858,038.45","page_number":140,"box":{"x":89,"y":598,"width":878,"height":13}},{"id":"a1d1bb43-ef51-4c6e-af07-116a8eb85e21","block_type":"box","text":"iShares MSCI South Korea ETF 50,000 $ 3,621,871.25","page_number":140,"box":{"x":89,"y":613,"width":878,"height":12}},{"id":"43a31e5d-dd6c-47a1-aeed-e4e2d62200ee","block_type":"box","text":"iShares MSCI Taiwan ETF 100,000 $ 5,872,613.80","page_number":140,"box":{"x":89,"y":628,"width":879,"height":12}},{"id":"96b8c157-2c09-40b4-9f43-c705f92aa393","block_type":"box","text":"In its discretion, the Company reserves the right to increase or decrease the number of a Fund’s shares that constitute a","page_number":140,"box":{"x":89,"y":661,"width":837,"height":13}},{"id":"716d51e5-5819-4019-a7a0-e997db2c05c0","block_type":"box","text":"Creation Unit. The Board reserves the right to declare a split or a consolidation in the number of shares outstanding of any","page_number":140,"box":{"x":89,"y":676,"width":854,"height":13}},{"id":"54e3b37c-e0c1-4b52-8914-dbeea9d90bb3","block_type":"box","text":"Fund, and to make a corresponding change in the number of shares constituting a Creation Unit, in the event that the per","page_number":140,"box":{"x":89,"y":691,"width":851,"height":13}},{"id":"d49c1964-0483-4352-9254-0a43c16a36dc","block_type":"box","text":"share price in the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the","page_number":140,"box":{"x":89,"y":707,"width":845,"height":12}},{"id":"e42b7c2c-e868-423d-b98e-7966b67a30d6","block_type":"box","text":"Board.","page_number":140,"box":{"x":89,"y":722,"width":43,"height":9}},{"id":"56ec7f7d-6365-40d7-bfd1-20f3be55880d","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":140,"box":{"x":88,"y":748,"width":839,"height":12}},{"id":"04bb2c81-0dc0-4275-be1e-6a4890b6a575","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":140,"box":{"x":89,"y":763,"width":837,"height":13}},{"id":"94997775-4d33-43da-8b64-9881669f50cd","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":140,"box":{"x":89,"y":778,"width":877,"height":13}},{"id":"58a5461c-b358-408a-a70b-0a7c9b16188c","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":140,"box":{"x":89,"y":793,"width":821,"height":13}},{"id":"4999b18b-d053-4b36-8a5f-3b4aa59d08e3","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":140,"box":{"x":89,"y":809,"width":669,"height":12}},{"id":"e4449329-8f8c-4335-86c1-62f8da33ebbf","block_type":"box","text":"Fund Deposit.","page_number":140,"box":{"x":89,"y":835,"width":98,"height":12}},{"id":"3be5fc02-c920-4ada-9808-14d5711b7ca4","block_type":"box","text":"The consideration for purchase of Creation Units of a Fund (except for the iShares MSCI Brazil ETF, iShares","page_number":140,"box":{"x":196,"y":835,"width":744,"height":12}},{"id":"84da69a6-f25d-4ba7-8d2b-6eaf0966aeb6","block_type":"box","text":"MSCI Chile ETF, iShares MSCI Malaysia ETF, iShares MSCI South Korea ETF and iShares MSCI Taiwan ETF (each, a “Cash","page_number":140,"box":{"x":89,"y":850,"width":837,"height":13}},{"id":"99e26c48-3e73-43a0-96bc-a585984c5637","block_type":"box","text":"Fund” and collectively, the “Cash Funds”), generally consists of Deposit Securities and the Cash Component computed as","page_number":140,"box":{"x":89,"y":865,"width":850,"height":13}},{"id":"ef1f7997-0a84-4917-9b52-22c097323332","block_type":"box","text":"117","page_number":140,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"5fab840c-93d5-4ea4-87e9-cf20504dd5bc","block_type":"box","text":"described below. Together, the Deposit Securities and the Cash Component constitute the “Fund Deposit,” which will be","page_number":141,"box":{"x":89,"y":44,"width":841,"height":12}},{"id":"d02921d8-30ba-4d66-ae9f-ae030f823fbe","block_type":"box","text":"applicable (subject to possible amendment or correction) to creation requests received in proper form. The Fund Deposit","page_number":141,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"913ef82f-6ac1-4deb-a6af-77b1d2b0c2fb","block_type":"box","text":"represents the minimum initial and subsequent investment amount for a Creation Unit of any Fund. Such Fund Deposit is","page_number":141,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"9b726369-5b74-4946-a5b5-1d229586ef45","block_type":"box","text":"applicable, subject to any adjustments as described below, to purchases of Creation Units of shares of a given Fund until such","page_number":141,"box":{"x":89,"y":89,"width":878,"height":13}},{"id":"3488d43d-c2d3-4841-b635-63e16f8e13f5","block_type":"box","text":"time as the next-announced Fund Deposit is made available.","page_number":141,"box":{"x":88,"y":104,"width":423,"height":13}},{"id":"c5e95632-29f6-417a-9f02-6c3e298438c1","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":141,"box":{"x":88,"y":131,"width":824,"height":12}},{"id":"b8a9fb9a-d8c1-4408-af6d-59b8c0ee02f2","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":141,"box":{"x":89,"y":146,"width":879,"height":12}},{"id":"123ebc9f-f129-4cd6-8c2a-c7ec0a9535b3","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":141,"box":{"x":89,"y":161,"width":878,"height":12}},{"id":"a902dc0f-645f-4b63-a5c3-1831f2656784","block_type":"box","text":"expenses payable upon transfer of beneficial ownership of the Deposit Securities are the sole responsibility of the Authorized","page_number":141,"box":{"x":89,"y":176,"width":872,"height":13}},{"id":"3de2af2d-b647-4468-b247-e5d935d31515","block_type":"box","text":"Participant purchasing a Creation Unit.","page_number":141,"box":{"x":89,"y":191,"width":269,"height":13}},{"id":"03219d79-2932-4b93-ac56-7f0bffa2b44d","block_type":"box","text":"Each Cash Fund’s current policy is to accept cash in substitution for the Deposit Securities it might otherwise accept as in","page_number":141,"box":{"x":89,"y":218,"width":856,"height":12}},{"id":"08106222-32d7-4478-93a2-4b21eadac498","block_type":"box","text":"kind consideration for the purchase of Creation Units. A Cash Fund may, at times, elect to receive Deposit Securities (","page_number":141,"box":{"x":89,"y":233,"width":818,"height":12}},{"id":"b836375e-540a-4271-9b42-ee0436a5f5cd","block_type":"box","text":"i.e.","page_number":141,"box":{"x":908,"y":234,"width":18,"height":9}},{"id":"a03d41e2-5aa1-4f87-81b9-37597944c3a4","block_type":"box","text":", the","page_number":141,"box":{"x":928,"y":233,"width":29,"height":11}},{"id":"aaca75f7-1d51-4b28-ac41-8d4723c4f58b","block_type":"box","text":"in-kind deposit of a designated portfolio of securities) and a Cash Component as consideration for the purchase of Creation","page_number":141,"box":{"x":89,"y":248,"width":865,"height":12}},{"id":"1aa48a17-9237-43e4-8ab7-d5995824cc68","block_type":"box","text":"Units. If a Cash Fund elects to accept Deposit Securities, a purchaser’s delivery of the Deposit Securities together with the","page_number":141,"box":{"x":89,"y":263,"width":849,"height":12}},{"id":"5024fd5f-269f-4345-abcc-5d088373d7e8","block_type":"box","text":"Cash Component will constitute the “Fund Deposit,” which will represent the consideration for a Creation Unit of the Fund.","page_number":141,"box":{"x":89,"y":278,"width":860,"height":13}},{"id":"fa3aa6e4-fb28-4d63-9f1d-0d1f5f916651","block_type":"box","text":"The iShares Core MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF,","page_number":141,"box":{"x":88,"y":293,"width":877,"height":13}},{"id":"2934646d-a08f-4890-9982-0f0be3d4b8c8","block_type":"box","text":"iShares MSCI Agriculture Producers ETF, iShares MSCI BIC ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI","page_number":141,"box":{"x":89,"y":308,"width":831,"height":13}},{"id":"983d2fae-48a8-41eb-863b-1cbbb9d10502","block_type":"box","text":"Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF,","page_number":141,"box":{"x":89,"y":324,"width":865,"height":12}},{"id":"ec0c6c30-2b20-4013-a87b-75ea130143b6","block_type":"box","text":"iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Min Vol","page_number":141,"box":{"x":89,"y":339,"width":838,"height":12}},{"id":"5345ab66-97c9-44e7-a1bb-2b18d9d6fff3","block_type":"box","text":"Factor ETF and iShares MSCI Global Silver and Metals Miners ETF (each, a “Partial Cash Fund” and collectively, the “Partial","page_number":141,"box":{"x":89,"y":354,"width":852,"height":12}},{"id":"b661d2c2-3657-4cb1-92d7-52cc4baa2514","block_type":"box","text":"Cash Funds”) generally offer Creation Units partially for cash, but may, in certain circumstances, offer Creation Units solely for","page_number":141,"box":{"x":89,"y":369,"width":878,"height":12}},{"id":"9fbfca72-77a7-4ddf-9a0e-85d4a95f45a4","block_type":"box","text":"cash or solely in-kind. Please see the","page_number":141,"box":{"x":89,"y":384,"width":254,"height":12}},{"id":"ae0992c4-55c3-4808-8663-189062b8b837","block_type":"box","text":"Cash Purchase Method","page_number":141,"box":{"x":349,"y":384,"width":162,"height":10}},{"id":"34d97a44-3aaf-4af8-95d4-2a7beb169256","block_type":"box","text":"section below and the following discussion summarizing the","page_number":141,"box":{"x":515,"y":384,"width":423,"height":12}},{"id":"63eff907-0962-4f52-bc83-566658c9e38d","block_type":"box","text":"Deposit Security method for further information on purchasing Creation Units of the Funds.","page_number":141,"box":{"x":89,"y":399,"width":641,"height":13}},{"id":"cad6c952-8336-4d72-b9b4-9f723138b2c1","block_type":"box","text":"The identity and number of shares of the Deposit Securities change pursuant to changes in the composition of a Fund’s","page_number":141,"box":{"x":88,"y":426,"width":839,"height":12}},{"id":"942356bb-4b6b-40fc-a4e1-442767885ced","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":141,"box":{"x":89,"y":441,"width":860,"height":12}},{"id":"de908e4c-58b0-43b9-93dd-4cf332d7953c","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":141,"box":{"x":88,"y":456,"width":876,"height":12}},{"id":"7492bade-d9d1-4a34-870e-1d43aaefd396","block_type":"box","text":"to the weighting or composition of the component securities constituting the relevant Fund’s portfolio or, when applicable,","page_number":141,"box":{"x":88,"y":471,"width":861,"height":12}},{"id":"e2f7bcb3-b780-465e-be58-c94c9b54bf81","block_type":"box","text":"the relevant Underlying Index.","page_number":141,"box":{"x":88,"y":486,"width":209,"height":12}},{"id":"9dd61b17-43a0-40d8-aaa6-b4000ee7edda","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":141,"box":{"x":88,"y":513,"width":877,"height":12}},{"id":"0d494421-dd22-4672-864e-059ebf542aac","block_type":"box","text":"portion of the Fund Deposit through “systematic rounding.” The rounding methodology “rounds up” position sizes of","page_number":141,"box":{"x":89,"y":528,"width":824,"height":12}},{"id":"e1efb80e-eccd-4064-9eb0-527e1ede6d3d","block_type":"box","text":"securities in the Deposit Securities (which in turn reduces the cash portion). However, the methodology limits the maximum","page_number":141,"box":{"x":89,"y":543,"width":869,"height":12}},{"id":"fbf529bc-3fc5-43f4-a6f3-14daf5ac4371","block_type":"box","text":"allowed percentage change in weight and share quantity of any given security in the Fund Deposit.","page_number":141,"box":{"x":89,"y":558,"width":690,"height":12}},{"id":"536d226d-0d64-495b-b0b6-f12bde21c323","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":141,"box":{"x":89,"y":584,"width":879,"height":13}},{"id":"867d08a4-a352-4c21-8aa9-d8c4ebba2194","block_type":"box","text":"index additions, deletions, and re-weights.","page_number":141,"box":{"x":89,"y":599,"width":295,"height":13}},{"id":"4adad33b-d34e-44ef-8dba-ceaff6b7996b","block_type":"box","text":"The Company may, in its sole discretion, substitute a “cash in lieu” amount to be added to the Cash Component to replace","page_number":141,"box":{"x":88,"y":626,"width":856,"height":12}},{"id":"0db750b3-74fe-492f-a0fd-01fe12996821","block_type":"box","text":"any Deposit Security in certain circumstances, including: (i) when instruments are not available in sufficient quantity for","page_number":141,"box":{"x":89,"y":641,"width":837,"height":12}},{"id":"5914729e-bdde-40f6-9361-d3cf3138a075","block_type":"box","text":"delivery; (ii) when instruments are not eligible for transfer through DTC or the clearing process (as discussed below); (iii)","page_number":141,"box":{"x":89,"y":656,"width":841,"height":13}},{"id":"8cb73f13-b444-477a-9181-54ba0d46832d","block_type":"box","text":"when instruments that the Authorized Participant (or an investor on whose behalf the Authorized Participant is acting) are","page_number":141,"box":{"x":88,"y":671,"width":857,"height":13}},{"id":"0fd2cb88-5333-44ec-aa1e-bcd4e8733c0c","block_type":"box","text":"not able to be traded due to a trading restriction; (iv) when delivery of the Deposit Security by the Authorized Participant (or","page_number":141,"box":{"x":89,"y":686,"width":866,"height":13}},{"id":"cb218dc3-9cc3-465f-8777-c3c18b454184","block_type":"box","text":"by an investor on whose behalf the Authorized Participant is acting) would be restricted under applicable securities or other","page_number":141,"box":{"x":89,"y":702,"width":865,"height":12}},{"id":"fec94f25-ae12-4303-99dc-daed0d970875","block_type":"box","text":"local laws; (v) in connection with distribution payments to be made by a Fund; or (vi) in certain other situations.","page_number":141,"box":{"x":89,"y":717,"width":782,"height":12}},{"id":"b1b3f0d6-3def-4aab-b23d-aa9632496d5f","block_type":"box","text":"Cash Purchase Method.","page_number":141,"box":{"x":89,"y":743,"width":170,"height":10}},{"id":"581f724c-de91-403e-84c8-e307c35c6d7d","block_type":"box","text":"Although the Company does not generally permit partial or full cash purchases of Creation Units of","page_number":141,"box":{"x":268,"y":743,"width":694,"height":12}},{"id":"efb441ef-93e1-4ea3-99c5-bb3f42261235","block_type":"box","text":"its funds, when partial or full cash purchases of Creation Units are available or specified (Creation Units of the Cash Funds are","page_number":141,"box":{"x":89,"y":758,"width":876,"height":13}},{"id":"309a472f-1203-4e25-8560-6abe1adb466b","block_type":"box","text":"generally offered solely for cash, while Creation Units of all other Funds in this SAI are generally offered partially for cash),","page_number":141,"box":{"x":89,"y":773,"width":847,"height":13}},{"id":"9685c5a0-5c89-4b91-9a92-0d3d5a5e6dea","block_type":"box","text":"they will be effected in essentially the same manner as in-kind purchases thereof. In the case of a partial or full cash","page_number":141,"box":{"x":88,"y":788,"width":808,"height":13}},{"id":"e124f288-e629-4e84-9209-abe924f82257","block_type":"box","text":"purchase, the Authorized Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to","page_number":141,"box":{"x":89,"y":804,"width":875,"height":12}},{"id":"46a7e295-c336-47ff-821c-8d1517b77f8c","block_type":"box","text":"provide through an in-kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser. The","page_number":141,"box":{"x":89,"y":819,"width":828,"height":12}},{"id":"26d29a13-c279-4167-be0c-1e33b6d79d30","block_type":"box","text":"Authorized Participant will also be required to pay certain transaction fees and charges for cash purchases, as described","page_number":141,"box":{"x":88,"y":834,"width":838,"height":12}},{"id":"6ebab615-6825-4a47-a75e-96a5e24c114c","block_type":"box","text":"118","page_number":141,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"5bfdd12f-98fd-4cf1-9605-66b3c0022a81","block_type":"box","text":"below, and, if transacting as broker with each Fund, may be required to cover certain brokerage, tax, foreign exchange,","page_number":142,"box":{"x":89,"y":44,"width":828,"height":12}},{"id":"79dbbf29-624f-4a89-bf3b-b731f34edbf2","block_type":"box","text":"execution and price movement costs through an Execution Performance Guarantee, as described in the","page_number":142,"box":{"x":89,"y":59,"width":723,"height":12}},{"id":"5a74922d-8212-480e-a841-5efff4e60c2c","block_type":"box","text":"Brokerage","page_number":142,"box":{"x":817,"y":59,"width":70,"height":12}},{"id":"288df95a-50b3-4c6c-aab7-e7dd267e4295","block_type":"box","text":"Transactions","page_number":142,"box":{"x":89,"y":75,"width":88,"height":9}},{"id":"3d48674b-9a32-427f-9463-0ad28d04b963","block_type":"box","text":"section of this SAI.","page_number":142,"box":{"x":182,"y":74,"width":129,"height":10}},{"id":"283d8a29-47db-4c02-a220-0efc5b461b60","block_type":"box","text":"Procedures for Creation of Creation Units.","page_number":142,"box":{"x":89,"y":101,"width":301,"height":9}},{"id":"b8a516ed-4822-47e8-870f-04f088d7b580","block_type":"box","text":"To be eligible to place orders with the Distributor and to create a Creation Unit of","page_number":142,"box":{"x":398,"y":101,"width":568,"height":12}},{"id":"5665a0f2-ec0e-4fab-8d62-5a8276830ba5","block_type":"box","text":"the Funds, an entity must be: (i) a “Participating Party,”","page_number":142,"box":{"x":88,"y":116,"width":385,"height":12}},{"id":"34e5134c-3cde-4f96-8384-dee42c66c3ea","block_type":"box","text":"i.e","page_number":142,"box":{"x":478,"y":117,"width":15,"height":8}},{"id":"70955e5d-878f-4a57-a57a-81acf96206a6","block_type":"box","text":"., a broker-dealer or other participant in the clearing process","page_number":142,"box":{"x":494,"y":116,"width":420,"height":12}},{"id":"8976b8f4-dbe2-4436-a62c-0722c1eef8a6","block_type":"box","text":"through the Continuous Net Settlement System of the NSCC (the “Clearing Process”), a clearing agency that is registered","page_number":142,"box":{"x":88,"y":131,"width":847,"height":12}},{"id":"5d4122e2-0dad-4cdf-abe1-1dba4b13e2f1","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":142,"box":{"x":88,"y":146,"width":863,"height":12}},{"id":"a6a1a787-f727-4610-83b7-4973fb97d055","block_type":"box","text":"and redemptions of Creation Units (“Authorized Participant Agreement”) (discussed below). A member or participant of a","page_number":142,"box":{"x":89,"y":161,"width":851,"height":12}},{"id":"8a43e230-f1c5-4bc3-b8ed-f20ff1f6e2c7","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":142,"box":{"x":89,"y":176,"width":866,"height":13}},{"id":"c4301985-0343-4404-8368-948a3c385acb","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":142,"box":{"x":89,"y":191,"width":843,"height":13}},{"id":"98959be0-9d77-44a6-8ada-2ec31461f12e","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":142,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"32258872-225d-4fe2-af78-1fbcea896230","block_type":"box","text":"& Co. for the account of a DTC Participant.","page_number":142,"box":{"x":89,"y":222,"width":295,"height":12}},{"id":"d4c38f4c-ebd8-4314-98f7-ae3d8f7fdca5","block_type":"box","text":"Role of the Authorized Participant.","page_number":142,"box":{"x":89,"y":248,"width":247,"height":12}},{"id":"a7a8892e-5dec-46fc-9076-b4cbc63a1031","block_type":"box","text":"Creation Units may be purchased only by or through a member or participant of a","page_number":142,"box":{"x":346,"y":248,"width":570,"height":12}},{"id":"7f5e7f7b-3744-4cfb-a662-ca5b25425f07","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":142,"box":{"x":89,"y":263,"width":870,"height":12}},{"id":"d5fe8b38-08b3-4eca-9277-4e42235e037e","block_type":"box","text":"allows such member or participant to place orders for the purchase and redemption of Creation Units (an “Authorized","page_number":142,"box":{"x":89,"y":278,"width":823,"height":13}},{"id":"68b91b99-e8ce-4da1-8069-bbc01fdef3ed","block_type":"box","text":"Participant”). Such Authorized Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on","page_number":142,"box":{"x":89,"y":293,"width":875,"height":13}},{"id":"445b7ece-c94a-431e-8798-e3d5f3023572","block_type":"box","text":"behalf of itself or any investor on whose behalf it will act, to certain conditions, including that such Authorized Participant will","page_number":142,"box":{"x":89,"y":308,"width":877,"height":13}},{"id":"5778cc9b-f90b-46d5-99e7-bb06fd3e5b05","block_type":"box","text":"make available in advance of each purchase of shares an amount of cash sufficient to pay the Cash Component, once the","page_number":142,"box":{"x":89,"y":324,"width":848,"height":12}},{"id":"4289b97a-201f-41d3-b196-56ae7e39d7ce","block_type":"box","text":"NAV of a Creation Unit is next determined after receipt of the purchase order in proper form, together with the transaction","page_number":142,"box":{"x":89,"y":339,"width":854,"height":12}},{"id":"9ecebdfc-db5c-4308-a40e-e208590167a2","block_type":"box","text":"fees described below. An Authorized Participant, acting on behalf of an investor, may require the investor to enter into an","page_number":142,"box":{"x":88,"y":354,"width":844,"height":12}},{"id":"d819f5fb-3f49-47dc-8032-ec9ebbc6bc9c","block_type":"box","text":"agreement with such Authorized Participant with respect to certain matters, including payment of the Cash Component.","page_number":142,"box":{"x":89,"y":369,"width":842,"height":12}},{"id":"6cf02916-930d-4b91-9454-3a38bc066e99","block_type":"box","text":"Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors","page_number":142,"box":{"x":89,"y":384,"width":878,"height":12}},{"id":"32b94333-097e-44c2-a5f1-3f72ff0a1a95","block_type":"box","text":"should be aware that their particular broker may not be a DTC Participant or may not have executed an Authorized","page_number":142,"box":{"x":89,"y":399,"width":800,"height":13}},{"id":"7ecf6ea8-1f62-4a36-87be-2807c6f66459","block_type":"box","text":"Participant Agreement and that orders to purchase Creation Units may have to be placed by the investor’s broker through an","page_number":142,"box":{"x":89,"y":414,"width":870,"height":13}},{"id":"67742742-c8da-4a4b-aac0-3475c71ddb15","block_type":"box","text":"Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional","page_number":142,"box":{"x":88,"y":429,"width":820,"height":13}},{"id":"0e15d372-ee00-4c7c-a4a3-20b5ba3fcc76","block_type":"box","text":"charges to such investor. The Company does not expect to enter into an Authorized Participant Agreement with more than a","page_number":142,"box":{"x":89,"y":445,"width":871,"height":12}},{"id":"38b5597c-1fe2-43ad-84ff-fb4d91dea914","block_type":"box","text":"small number of DTC Participants. A list of current Authorized Participants may be obtained from the Distributor. The","page_number":142,"box":{"x":89,"y":460,"width":818,"height":12}},{"id":"1e56f1a7-d8e5-4fc3-8388-a7d0a3ce001d","block_type":"box","text":"Distributor has adopted guidelines regarding Authorized Participants’ transactions in Creation Units that are made available","page_number":142,"box":{"x":89,"y":475,"width":863,"height":12}},{"id":"69f0697b-b87d-4b79-8827-f7adaab7af0b","block_type":"box","text":"to all Authorized Participants. These guidelines set forth the processes and standards for Authorized Participants to transact","page_number":142,"box":{"x":88,"y":490,"width":867,"height":12}},{"id":"9eac003f-28ce-4dc5-8643-33f5b005ede7","block_type":"box","text":"with the Distributor and its agents in connection with creation and redemption transactions. In addition, the Distributor may","page_number":142,"box":{"x":88,"y":505,"width":872,"height":12}},{"id":"03c73601-6ac0-46f6-aff9-8eb93fb0e9e7","block_type":"box","text":"be appointed as the proxy of the Authorized Participant and may be granted a power of attorney under its Authorized","page_number":142,"box":{"x":89,"y":520,"width":820,"height":12}},{"id":"c960f7e3-97b7-45e9-9ba5-f5ba119a33fb","block_type":"box","text":"Participant Agreement.","page_number":142,"box":{"x":89,"y":536,"width":160,"height":12}},{"id":"f32d850a-135b-428c-8551-aad5b11d9754","block_type":"box","text":"Purchase Orders.","page_number":142,"box":{"x":89,"y":562,"width":122,"height":10}},{"id":"fce4b2be-7455-4b84-8023-e79190ac790d","block_type":"box","text":"Unless otherwise described below, to initiate an order for a Creation Unit, an Authorized Participant must","page_number":142,"box":{"x":225,"y":562,"width":733,"height":12}},{"id":"a77b6141-94f8-48b0-a7f2-8df3eeb00e96","block_type":"box","text":"submit to the Distributor or its agent an irrevocable order to purchase shares of a Fund, in proper form, generally before 4:00","page_number":142,"box":{"x":89,"y":577,"width":872,"height":12}},{"id":"388c47a6-8803-47c0-875f-1ff56bb3821c","block_type":"box","text":"p.m., Eastern time on any Business Day to receive that day’s NAV. The Distributor or its agent will notify BFA and the","page_number":142,"box":{"x":89,"y":592,"width":810,"height":12}},{"id":"381f6d2e-aded-4a60-9498-7248ce1077be","block_type":"box","text":"custodian of such order. The custodian will then provide such information to any appropriate sub-custodian. Procedures and","page_number":142,"box":{"x":89,"y":607,"width":873,"height":12}},{"id":"5d5094f1-0e30-4374-a59a-aaefb549caab","block_type":"box","text":"requirements governing the delivery of the Fund Deposit are set forth in the procedures handbook for Authorized Participants","page_number":142,"box":{"x":89,"y":622,"width":878,"height":12}},{"id":"3e8a0392-c4b5-43ad-a726-d5f6a8e39d81","block_type":"box","text":"and may change from time to time. Investors, other than Authorized Participants, are responsible for making arrangements","page_number":142,"box":{"x":89,"y":637,"width":861,"height":13}},{"id":"2d3621c4-8b55-483a-a0f3-62c78c54f477","block_type":"box","text":"for a creation request to be made through an Authorized Participant. The Distributor or its agent will provide a list of current","page_number":142,"box":{"x":88,"y":652,"width":869,"height":13}},{"id":"808a2838-b5da-40ce-a84f-9083ec19baf8","block_type":"box","text":"Authorized Participants upon request. Those placing orders to purchase Creation Units through an Authorized Participant","page_number":142,"box":{"x":88,"y":668,"width":851,"height":12}},{"id":"11f9afee-cc88-46fe-89e1-f3b1a6d44dba","block_type":"box","text":"should allow sufficient time to permit proper submission of the purchase order to the Distributor or its agent by the Cutoff","page_number":142,"box":{"x":89,"y":683,"width":856,"height":12}},{"id":"235c09af-dd36-4ef5-aafa-e0097363f511","block_type":"box","text":"Time (as defined below) on such Business Day.","page_number":142,"box":{"x":88,"y":698,"width":328,"height":12}},{"id":"f488e555-3c92-48c0-8a95-b20ecc24354c","block_type":"box","text":"The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to","page_number":142,"box":{"x":88,"y":724,"width":861,"height":13}},{"id":"2326d9a0-beeb-4add-9243-40eb98657125","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":142,"box":{"x":88,"y":739,"width":875,"height":13}},{"id":"922f7d44-842e-460d-a487-50dba5082e5f","block_type":"box","text":"determined after acceptance of the purchase order, together with the applicable purchase transaction fees. Those placing","page_number":142,"box":{"x":89,"y":754,"width":851,"height":13}},{"id":"bc94c3d4-d25e-437a-9dd2-d1148ecb0598","block_type":"box","text":"orders should ascertain the applicable deadline for cash transfers by contacting the operations department of the broker or","page_number":142,"box":{"x":89,"y":770,"width":861,"height":12}},{"id":"a3621cb7-49dd-479a-975a-f7e7f35602f9","block_type":"box","text":"depositary institution effectuating the transfer of the Cash Component. This deadline is likely to be significantly earlier than","page_number":142,"box":{"x":89,"y":785,"width":860,"height":12}},{"id":"99da989a-60c7-4c3e-a4f2-4369dfc84dae","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":142,"box":{"x":88,"y":800,"width":862,"height":12}},{"id":"cc8e892b-c02d-46e2-8d20-a8cbf581bd9e","block_type":"box","text":"shares placed with it to be in the particular form required by the individual Authorized Participant.","page_number":142,"box":{"x":89,"y":815,"width":681,"height":12}},{"id":"2b565213-85d3-46bf-b953-eee38f49ef30","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":142,"box":{"x":88,"y":841,"width":879,"height":13}},{"id":"9816b87c-a6ca-4ad9-a723-9a5221a1c8f4","block_type":"box","text":"amounts, in connection with any purchase order.","page_number":142,"box":{"x":89,"y":856,"width":342,"height":13}},{"id":"5ebf9a14-5adc-4ebb-882e-cdfef47551e1","block_type":"box","text":"119","page_number":142,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"02bcdc5b-15fb-4d90-95d8-b4fd07dc7820","block_type":"box","text":"Timing of Submission of Purchase Orders.","page_number":143,"box":{"x":88,"y":44,"width":304,"height":12}},{"id":"0a6a6fd8-cc59-432c-aa5e-ec7870915285","block_type":"box","text":"An Authorized Participant must submit an irrevocable order to purchase shares","page_number":143,"box":{"x":401,"y":44,"width":554,"height":12}},{"id":"005f9bd9-c3f9-4cab-80ee-70e789463450","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":143,"box":{"x":89,"y":59,"width":850,"height":12}},{"id":"faa7c5ef-ed99-4f2a-8f95-45c7a8ac3f03","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":143,"box":{"x":89,"y":74,"width":878,"height":12}},{"id":"6d307f31-1f6f-4a80-b4b9-c571e07fb3fb","block_type":"box","text":"procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or","page_number":143,"box":{"x":89,"y":89,"width":859,"height":13}},{"id":"f4e46d80-540b-4989-b763-a63b11542737","block_type":"box","text":"other communication failure, may impede the ability to reach the Distributor or its agent or an Authorized Participant. Orders","page_number":143,"box":{"x":89,"y":104,"width":875,"height":13}},{"id":"9c73004a-1fac-497a-bad7-a7c8ef3807f4","block_type":"box","text":"to create shares of a Fund that are submitted on the Business Day immediately preceding a holiday or a day (other than a","page_number":143,"box":{"x":88,"y":119,"width":850,"height":13}},{"id":"9104c64a-a3bf-47f0-aaf4-919e8d5a7372","block_type":"box","text":"weekend) when the equity markets in the relevant non-U.S. market are closed may not be accepted. Each Fund’s deadline","page_number":143,"box":{"x":88,"y":135,"width":852,"height":12}},{"id":"391e0404-211f-4683-9b82-283533429ca9","block_type":"box","text":"specified above for the submission of purchase orders is referred to as that Fund’s “Cutoff Time.” The Distributor or its agent,","page_number":143,"box":{"x":89,"y":150,"width":875,"height":12}},{"id":"8b08d45b-211b-4466-8316-8c1ef05f9b1f","block_type":"box","text":"in their discretion, may permit the submission of such orders and requests by or through an Authorized Participant at any","page_number":143,"box":{"x":89,"y":165,"width":849,"height":12}},{"id":"2e669b71-f157-4af7-873d-02aab4f11cf7","block_type":"box","text":"time (including on days on which the Listing Exchange is not open for business) via communication through the facilities of","page_number":143,"box":{"x":88,"y":180,"width":869,"height":12}},{"id":"d72e5f06-6b45-48fa-bf48-7df382493ba4","block_type":"box","text":"the Distributor’s or its agent’s proprietary website maintained for this purpose. Purchase orders and redemption requests, if","page_number":143,"box":{"x":88,"y":195,"width":867,"height":12}},{"id":"114e5782-8452-4965-9bab-68f08c404382","block_type":"box","text":"accepted by the Company, will be processed based on the NAV next determined after such acceptance in accordance with a","page_number":143,"box":{"x":89,"y":210,"width":867,"height":13}},{"id":"6f31aaf5-ab7f-4477-baf3-476be53544ef","block_type":"box","text":"Fund’s Cutoff Times as provided in the Authorized Participant Agreement and disclosed in this SAI.","page_number":143,"box":{"x":89,"y":225,"width":690,"height":13}},{"id":"2b62b1b9-0293-4cfb-9ff0-241294e520df","block_type":"box","text":"Acceptance of Orders for Creation Units.","page_number":143,"box":{"x":88,"y":252,"width":293,"height":12}},{"id":"b87b7a47-489a-49be-9989-63684c23327d","block_type":"box","text":"Subject to the conditions that (i) an irrevocable purchase order has been","page_number":143,"box":{"x":394,"y":252,"width":507,"height":12}},{"id":"4fc215a3-9ff4-4234-acea-e7a59a8648b6","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":143,"box":{"x":89,"y":267,"width":871,"height":12}},{"id":"c3f521ea-6cfa-4d69-aa55-71c4662a25f5","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":143,"box":{"x":88,"y":282,"width":858,"height":12}},{"id":"61f9bb14-8c2b-49fb-ba42-cca6a3cda204","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":143,"box":{"x":89,"y":297,"width":865,"height":12}},{"id":"3d64ecfb-c77c-4635-a7f1-c77f33c701ac","block_type":"box","text":"as set forth below.","page_number":143,"box":{"x":89,"y":312,"width":126,"height":10}},{"id":"619bf264-6146-4226-91ce-90855310b08d","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":143,"box":{"x":89,"y":339,"width":815,"height":12}},{"id":"70d4ea8e-aa44-4c22-909c-8bd28574970a","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":143,"box":{"x":89,"y":354,"width":812,"height":12}},{"id":"c8ea6cd3-955f-479c-9d9b-d88dd6ed132a","block_type":"box","text":"confirmation of acceptance to the Authorized Participant that placed the order.","page_number":143,"box":{"x":89,"y":369,"width":552,"height":12}},{"id":"396d94b7-13f1-49b1-b7a9-fa43ffa43b14","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":143,"box":{"x":89,"y":395,"width":870,"height":13}},{"id":"00329379-c8d6-44c9-8431-4b7a3e2b96ee","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":143,"box":{"x":89,"y":410,"width":860,"height":13}},{"id":"f587558a-bd80-41c4-b43e-6d3fee019e6c","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":143,"box":{"x":89,"y":426,"width":877,"height":12}},{"id":"cb8f6347-bcc9-4f3a-8aa2-117a3eb9685a","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":143,"box":{"x":89,"y":441,"width":853,"height":12}},{"id":"47da660a-a02c-42fd-ac59-c9705a0dddfa","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":143,"box":{"x":89,"y":456,"width":876,"height":12}},{"id":"67fa959e-0d9b-4bec-95f5-34fbc4930d66","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":143,"box":{"x":89,"y":471,"width":820,"height":12}},{"id":"81e62137-7a8a-41f0-97a5-17e7538d4f26","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":143,"box":{"x":89,"y":486,"width":810,"height":12}},{"id":"5f24ead7-28ce-47ee-bd9f-98d54785000e","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":143,"box":{"x":89,"y":501,"width":852,"height":13}},{"id":"c13d85d0-b4d5-456b-97ed-bf6980d18be5","block_type":"box","text":"Participant acting on behalf of such purchaser of its rejection of such order. The Funds, State Street or Citibank, as applicable,","page_number":143,"box":{"x":89,"y":516,"width":876,"height":13}},{"id":"133ba76e-18c5-459c-8a31-d8c43eda5d0e","block_type":"box","text":"the sub-custodian and the Distributor or its agent are under no duty, however, to give notification of any defects or","page_number":143,"box":{"x":88,"y":531,"width":804,"height":13}},{"id":"ae5d6ad4-6178-404b-b8f5-1ebff35d6368","block_type":"box","text":"irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for failure to give such notification.","page_number":143,"box":{"x":89,"y":547,"width":834,"height":12}},{"id":"c37f7ea3-2333-4c81-a308-6aea414c80c2","block_type":"box","text":"In addition, the Company may exercise its right to reject any creation order for shares of the iShares Core MSCI Emerging","page_number":143,"box":{"x":89,"y":573,"width":844,"height":12}},{"id":"c52705cc-19c0-420e-a60a-2e376433afc5","block_type":"box","text":"Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares MSCI BIC ETF, iShares MSCI Emerging Markets Asia ETF,","page_number":143,"box":{"x":89,"y":588,"width":857,"height":12}},{"id":"9ed257b7-3197-4d0e-86c1-bbb8f04d4d34","block_type":"box","text":"iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF and iShares MSCI Emerging","page_number":143,"box":{"x":89,"y":603,"width":820,"height":13}},{"id":"a0dcb449-28fd-4ce8-828c-16987df870c6","block_type":"box","text":"Markets Small-Cap ETF on any Business Day that is a holiday in the Indian market, but not a holiday observed in the U.S.","page_number":143,"box":{"x":89,"y":618,"width":840,"height":13}},{"id":"b5e3ea67-d74c-46ef-987c-9604bb200914","block_type":"box","text":"equity market, and certain other holidays during the settlement cycle for Fund shares, in order to protect Fund shareholders","page_number":143,"box":{"x":89,"y":633,"width":866,"height":13}},{"id":"46eb1543-0ffe-4704-b4ec-990149739813","block_type":"box","text":"from any dilutive costs that may be associated with the purchase of Deposit Securities in connection with creation orders on","page_number":143,"box":{"x":88,"y":649,"width":871,"height":12}},{"id":"df53a197-f757-4070-b02c-8afbb53756ec","block_type":"box","text":"such days.","page_number":143,"box":{"x":89,"y":664,"width":72,"height":12}},{"id":"1b0f1a94-4565-4dea-9982-a1d495541aa9","block_type":"box","text":"Issuance of a Creation Unit.","page_number":143,"box":{"x":89,"y":690,"width":197,"height":10}},{"id":"f9808588-662d-4940-83be-91b9d4963263","block_type":"box","text":"Except as provided herein, a Creation Unit will not be issued until the transfer of good title to","page_number":143,"box":{"x":300,"y":690,"width":645,"height":13}},{"id":"43fe21bc-afa1-4aa6-a999-d536456a337c","block_type":"box","text":"the applicable Fund of the Deposit Securities and the payment of the Cash Component have been completed. When the sub","page_number":143,"box":{"x":88,"y":705,"width":874,"height":13}},{"id":"3b90098f-b327-4b22-9bd6-130d1750f68d","block_type":"box","text":"custodian has confirmed to the custodian that the securities included in the Fund Deposit (or the cash value thereof ) have","page_number":143,"box":{"x":89,"y":720,"width":857,"height":13}},{"id":"2efaf66d-5dbd-4d6c-9e76-c3f3ddbae9f3","block_type":"box","text":"been delivered to the account of the relevant sub-custodian or sub-custodians, the Distributor or its agent and BFA shall be","page_number":143,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"f7ac4882-d4e3-4090-b267-0d9e5dd08795","block_type":"box","text":"notified of such delivery and the applicable Fund will issue and cause the delivery of the Creation Unit. For the iShares MSCI","page_number":143,"box":{"x":89,"y":751,"width":862,"height":12}},{"id":"ab722ccf-8415-496f-af5e-2a140331af21","block_type":"box","text":"Global Silver and Metals Miners ETF, Creation Units are generally issued on a “T+1 basis” (","page_number":143,"box":{"x":89,"y":766,"width":627,"height":12}},{"id":"ed760c8d-eb66-4541-b259-fad83ba2eac8","block_type":"box","text":"i.e.","page_number":143,"box":{"x":717,"y":767,"width":18,"height":8}},{"id":"82c26ba7-b124-4c57-83e0-810b9b412870","block_type":"box","text":", one Business Day after trade","page_number":143,"box":{"x":737,"y":766,"width":206,"height":12}},{"id":"78237bc4-078a-4416-8f9c-3284bb51280c","block_type":"box","text":"date).","page_number":143,"box":{"x":89,"y":781,"width":39,"height":12}},{"id":"f3589575-b570-4f3f-b31f-0a7092458ab3","block_type":"box","text":"For the iShares Core MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM","page_number":143,"box":{"x":89,"y":807,"width":866,"height":13}},{"id":"ebae35be-7fcd-4bd1-9485-e3c07b15e6a2","block_type":"box","text":"ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI BIC ETF, iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares","page_number":143,"box":{"x":89,"y":822,"width":865,"height":13}},{"id":"ee06a2fe-5db1-492e-995b-ca32daee0cc9","block_type":"box","text":"MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF,","page_number":143,"box":{"x":89,"y":838,"width":865,"height":12}},{"id":"9d0b4f2f-3857-4a5e-a821-03afb090793f","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global","page_number":143,"box":{"x":89,"y":853,"width":851,"height":12}},{"id":"b60377d1-1580-4d18-aafa-e8d98eb11f1b","block_type":"box","text":"120","page_number":143,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"d0393f1e-1ac6-4076-984d-f2b19ecd0a59","block_type":"box","text":"Min Vol Factor ETF, iShares MSCI Malaysia ETF, iShares MSCI South Korea ETF and iShares MSCI Taiwan ETF, Creation Units","page_number":144,"box":{"x":89,"y":44,"width":862,"height":12}},{"id":"0d16d106-372c-4431-9687-7acb498dc5ab","block_type":"box","text":"are generally issued on a “T+2 basis” (","page_number":144,"box":{"x":89,"y":59,"width":265,"height":12}},{"id":"a3d48d32-8bb8-42ff-8bf2-6e3f62bbd251","block_type":"box","text":"i.e.","page_number":144,"box":{"x":355,"y":60,"width":18,"height":9}},{"id":"bb4795ab-dfee-41de-9396-d5eff8476375","block_type":"box","text":", two Business Days after trade date).","page_number":144,"box":{"x":375,"y":59,"width":259,"height":12}},{"id":"9eef57cb-adb6-41a1-80b8-9317e9fc7e3c","block_type":"box","text":"For the iShares MSCI Global Gold Miners ETF, Creation Units are generally issued on a “T+3 basis” (","page_number":144,"box":{"x":89,"y":85,"width":690,"height":13}},{"id":"5bd5e679-c46d-4d9d-8d39-85a79d607bd6","block_type":"box","text":"i.e.","page_number":144,"box":{"x":780,"y":86,"width":18,"height":9}},{"id":"4fd9eb1a-d325-4e82-8a38-d75c87acf3f2","block_type":"box","text":", three Business Days","page_number":144,"box":{"x":800,"y":85,"width":147,"height":13}},{"id":"81a879cd-354f-4a5e-9d11-918cabe023c0","block_type":"box","text":"after trade date).","page_number":144,"box":{"x":89,"y":101,"width":116,"height":12}},{"id":"8331212b-161e-466c-80d7-4e47d70b7727","block_type":"box","text":"However, each Fund reserves the right to settle Creation Unit transactions on a different basis, if necessary or appropriate","page_number":144,"box":{"x":89,"y":127,"width":846,"height":12}},{"id":"aaad77b2-7a24-4b90-a28f-7508bd66e7bf","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":144,"box":{"x":89,"y":142,"width":772,"height":12}},{"id":"676160a1-ae99-4c2c-9a44-3fe41ba7ce06","block_type":"box","text":"accommodating non-U.S. market holiday schedules and accounting for different treatment among non-U.S. and U.S. markets","page_number":144,"box":{"x":89,"y":157,"width":878,"height":13}},{"id":"0235e292-abc9-483a-b7b3-0bcc2dcab892","block_type":"box","text":"of dividend record dates and ex-dividend dates (","page_number":144,"box":{"x":89,"y":172,"width":338,"height":13}},{"id":"af0d1f05-0c79-4a00-8a00-48827c1a54ec","block_type":"box","text":"i.e.","page_number":144,"box":{"x":428,"y":173,"width":18,"height":9}},{"id":"6a26e1d2-070a-4991-911f-f522f39ca6f3","block_type":"box","text":", the last day the holder of a security can sell the security and still receive","page_number":144,"box":{"x":448,"y":172,"width":507,"height":13}},{"id":"3edefbf1-78ac-4bab-82dd-e9fc63dbe64d","block_type":"box","text":"dividends payable on the security).","page_number":144,"box":{"x":89,"y":188,"width":242,"height":12}},{"id":"143c0a5c-0274-48c0-8cdf-498c7987a271","block_type":"box","text":"To the extent contemplated by an Authorized Participant Agreement with the Distributor, each Fund will issue Creation Units","page_number":144,"box":{"x":88,"y":214,"width":873,"height":12}},{"id":"087d43f7-f056-4f90-b135-6cc5dc73a0c2","block_type":"box","text":"to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in","page_number":144,"box":{"x":88,"y":229,"width":847,"height":12}},{"id":"bd090b39-611f-4824-9bd1-28ca162cf2b4","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":144,"box":{"x":89,"y":244,"width":876,"height":13}},{"id":"a82416dc-049f-45a9-85b1-00af8d4e254b","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":144,"box":{"x":89,"y":259,"width":878,"height":13}},{"id":"15518a6c-fef8-4399-a235-5406197ed634","block_type":"box","text":"forth in the handbook for Authorized Participants. The Company may use such collateral at any time to buy Deposit","page_number":144,"box":{"x":88,"y":274,"width":809,"height":13}},{"id":"f347aa44-004f-4760-9e27-1e0490c3941e","block_type":"box","text":"Securities for the Funds. Such collateral must be delivered no later than the time specified by a Fund or its custodian on the","page_number":144,"box":{"x":88,"y":290,"width":862,"height":12}},{"id":"078ad3cf-3658-4985-b2f8-48053acd6985","block_type":"box","text":"contractual settlement date. Information concerning the Funds’ current procedures for collateralization of missing Deposit","page_number":144,"box":{"x":89,"y":305,"width":857,"height":12}},{"id":"0d6982ea-ec98-45c0-b5a1-eccfe62cbd74","block_type":"box","text":"Securities is available from the Distributor or its agent. The Authorized Participant Agreement will permit the Funds to buy","page_number":144,"box":{"x":88,"y":320,"width":855,"height":12}},{"id":"2cb6e9c1-caf8-4bb0-bc15-e0af5a145455","block_type":"box","text":"the missing Deposit Securities at any time and will subject the Authorized Participant to liability for any shortfall between the","page_number":144,"box":{"x":88,"y":335,"width":872,"height":12}},{"id":"da02dcca-a0c8-4bb4-af7d-61fd084d1ba1","block_type":"box","text":"cost to the Funds of purchasing such securities and the collateral including, without limitation, liability for related brokerage,","page_number":144,"box":{"x":89,"y":350,"width":870,"height":12}},{"id":"55bb866e-612e-479f-9c00-4f2abbf29eb5","block_type":"box","text":"borrowings and other charges.","page_number":144,"box":{"x":89,"y":365,"width":214,"height":12}},{"id":"e375578d-9f35-46f9-b62e-25628073388f","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":144,"box":{"x":89,"y":392,"width":809,"height":12}},{"id":"336f984b-c06f-4e8d-9233-30a311d456b7","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":144,"box":{"x":89,"y":407,"width":811,"height":12}},{"id":"73f4b090-47c1-41e8-820e-6712decc0e1d","block_type":"box","text":"Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to","page_number":144,"box":{"x":88,"y":422,"width":869,"height":12}},{"id":"49603c1c-14ea-4ee0-a670-cbdb75c956bd","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":144,"box":{"x":88,"y":437,"width":876,"height":12}},{"id":"d3f97a31-6536-46be-8b27-cae4310e14ce","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":144,"box":{"x":89,"y":452,"width":837,"height":12}},{"id":"abd8b557-10e1-48aa-a00e-f3affe326dea","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":144,"box":{"x":89,"y":479,"width":325,"height":9}},{"id":"ec89abd8-c202-4184-8511-27bc588d72d6","block_type":"box","text":"iShares ESG Aware MSCI EM ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI BIC ETF, iShares MSCI Brazil ETF,","page_number":144,"box":{"x":88,"y":505,"width":873,"height":12}},{"id":"b806ee3e-41e0-41fb-9b1d-2a5be75297b2","block_type":"box","text":"iShares MSCI Chile ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets Min Vol Factor ETF,","page_number":144,"box":{"x":88,"y":520,"width":856,"height":12}},{"id":"24587f5d-e900-4ca1-b57e-59c6fa608b77","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Min Vol","page_number":144,"box":{"x":88,"y":535,"width":834,"height":13}},{"id":"fec5b4af-3802-4b66-bc34-5b43899d2f9f","block_type":"box","text":"Factor ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares MSCI Malaysia ETF and iShares MSCI South Korea","page_number":144,"box":{"x":88,"y":550,"width":873,"height":13}},{"id":"7c3c6f9c-c841-48d8-9fbc-5d94bd95dc3c","block_type":"box","text":"ETF","page_number":144,"box":{"x":88,"y":566,"width":28,"height":9}},{"id":"9793d79c-afa1-400b-a484-26572a5c1eba","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer, processing and other transaction costs associated with","page_number":144,"box":{"x":88,"y":592,"width":867,"height":12}},{"id":"5e2db76b-fc76-417c-bd5b-37c16a5ff0c2","block_type":"box","text":"the issuance of Creation Units. The standard creation transaction fee is charged on each Creation Unit created by an","page_number":144,"box":{"x":88,"y":607,"width":812,"height":12}},{"id":"248be08c-69d4-4c62-aa60-090d68a0cfce","block_type":"box","text":"Authorized Participant on the day of the transaction. The standard creation transaction fee is generally fixed at the amount","page_number":144,"box":{"x":88,"y":622,"width":859,"height":12}},{"id":"53b0a8be-c959-492d-bddc-14ce5a41ec71","block_type":"box","text":"shown in the table below regardless of the number of Creation Units being purchased, but may be reduced by a Fund if","page_number":144,"box":{"x":89,"y":637,"width":834,"height":13}},{"id":"2682a48b-8814-46fa-acde-395913aa45f7","block_type":"box","text":"transfer and processing expenses associated with the creation are anticipated to be lower than the stated fee.","page_number":144,"box":{"x":88,"y":652,"width":766,"height":13}},{"id":"9408eeac-cac9-4d80-a89f-25825e80adca","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":144,"box":{"x":89,"y":679,"width":869,"height":12}},{"id":"b7f0c199-dc6d-47da-8d46-8b1757d86e6c","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":144,"box":{"x":89,"y":694,"width":845,"height":12}},{"id":"23a81fa6-ce44-4abc-8d20-f17aa0ebfb37","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":144,"box":{"x":89,"y":709,"width":864,"height":12}},{"id":"c49f2080-fd9e-4ad5-b319-5db60522f73a","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":144,"box":{"x":88,"y":724,"width":845,"height":13}},{"id":"165623cc-0dc1-4a87-a146-49bbcf66475b","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":144,"box":{"x":89,"y":739,"width":853,"height":13}},{"id":"a0b1aa97-d58f-46e3-9c7f-61bc015aff96","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":144,"box":{"x":88,"y":754,"width":836,"height":13}},{"id":"41699d84-cb60-4dcc-90d6-b94dd26b5f1c","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":144,"box":{"x":89,"y":770,"width":866,"height":12}},{"id":"f1394994-67fe-4462-952e-6081bebac77c","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":144,"box":{"x":89,"y":785,"width":834,"height":12}},{"id":"03971cac-049e-4a64-b014-ead0c522ba64","block_type":"box","text":"maximum amounts shown below.","page_number":144,"box":{"x":89,"y":800,"width":237,"height":10}},{"id":"4a2c481d-93aa-4a7e-a1a8-edaab5cc1d1e","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs","page_number":144,"box":{"x":88,"y":826,"width":817,"height":13}},{"id":"bde650ce-a46d-4eda-be77-d7139792a754","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":144,"box":{"x":89,"y":841,"width":866,"height":13}},{"id":"273df1f2-9b20-461a-bb46-a9015c0ccdad","block_type":"box","text":"other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":144,"box":{"x":89,"y":856,"width":636,"height":13}},{"id":"788b73c3-f502-4df1-b61c-9e829243886f","block_type":"box","text":"121","page_number":144,"box":{"x":517,"y":894,"width":21,"height":9}},{"id":"422b4074-f316-4bfb-a69a-0556733977eb","block_type":"box","text":"The following table sets forth each Fund’s standard creation transaction fee and maximum additional charge (as described","page_number":145,"box":{"x":88,"y":44,"width":860,"height":12}},{"id":"affdcc28-5df1-4fdb-ae78-0a7da3b42606","block_type":"box","text":"above):","page_number":145,"box":{"x":89,"y":59,"width":50,"height":12}},{"id":"5209d604-9a4d-4f4d-9b96-01a59953707a","block_type":"box","text":"Fund","page_number":145,"box":{"x":89,"y":99,"width":27,"height":7}},{"id":"bb14169e-8a62-4c4e-a178-10ea85582d7c","block_type":"box","text":"Standard Creation","page_number":145,"box":{"x":665,"y":89,"width":103,"height":7}},{"id":"bd82aab9-c768-49bc-a9b7-fdd29b538dda","block_type":"box","text":"Transaction Fee","page_number":145,"box":{"x":671,"y":99,"width":91,"height":7}},{"id":"57a52c3c-00d5-42b7-8099-b08c72fb8f6b","block_type":"box","text":"Maximum Additional","page_number":145,"box":{"x":847,"y":89,"width":120,"height":7}},{"id":"b042ee02-5345-4c11-b5a9-d2a1b1eb9cfc","block_type":"box","text":"Charge*","page_number":145,"box":{"x":883,"y":99,"width":48,"height":10}},{"id":"38eee058-2672-418e-9c66-0bb20df2dd0f","block_type":"box","text":"iShares ESG Aware MSCI EM ETF 12,400 3.0%","page_number":145,"box":{"x":89,"y":121,"width":843,"height":11}},{"id":"94d3a70e-4611-4cdb-b1fe-3eda0112b116","block_type":"box","text":"iShares MSCI Agriculture Producers ETF 5,100 7.0%","page_number":145,"box":{"x":89,"y":136,"width":843,"height":12}},{"id":"c7327653-5b8c-46d2-aea5-c3957f5c564e","block_type":"box","text":"iShares MSCI BIC ETF 5,900 7.0%","page_number":145,"box":{"x":89,"y":151,"width":843,"height":11}},{"id":"80f44cf2-b585-4b0b-bdc4-185bfc8cf5c7","block_type":"box","text":"iShares MSCI Brazil ETF 2,400 7.0%","page_number":145,"box":{"x":89,"y":166,"width":843,"height":11}},{"id":"110ed4f0-bba4-4cfd-9e8d-d91cfc0b0dd4","block_type":"box","text":"iShares MSCI Chile ETF 3,000 3.0%","page_number":145,"box":{"x":89,"y":181,"width":843,"height":12}},{"id":"7fd972de-0fc7-4329-b4fc-5f688d341161","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF 15,000 7.0%","page_number":145,"box":{"x":89,"y":196,"width":843,"height":13}},{"id":"d0a57318-cc93-4445-a0d6-a12a41974594","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF 6,100 7.0%","page_number":145,"box":{"x":89,"y":211,"width":843,"height":13}},{"id":"53cfe860-d9ef-4340-b85e-9c3d971eff82","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF 15,000 7.0%","page_number":145,"box":{"x":89,"y":227,"width":843,"height":12}},{"id":"855ee354-1073-4323-9668-8e3aa740f782","block_type":"box","text":"iShares MSCI Global Gold Miners ETF 800 7.0%","page_number":145,"box":{"x":89,"y":242,"width":843,"height":9}},{"id":"11be7377-f88b-4fe8-b970-9ca0527115e3","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF 4,200 7.0%","page_number":145,"box":{"x":89,"y":257,"width":843,"height":11}},{"id":"c84ce58f-594f-433a-8f0b-3e85945267f9","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF 500 7.0%","page_number":145,"box":{"x":89,"y":272,"width":843,"height":10}},{"id":"44dfe06e-6943-4f55-8747-5e03533c334d","block_type":"box","text":"iShares MSCI Malaysia ETF 5,000 3.0%","page_number":145,"box":{"x":89,"y":287,"width":843,"height":12}},{"id":"914c6fcc-0b17-4a3b-88a0-82b8074b2a69","block_type":"box","text":"iShares MSCI South Korea ETF 4,000 3.0%","page_number":145,"box":{"x":89,"y":302,"width":843,"height":11}},{"id":"033df508-6030-4156-937b-db55dd3c3e78","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":145,"box":{"x":118,"y":342,"width":329,"height":10}},{"id":"10e4f58e-c8b7-4e56-9f36-f7bdc915c13f","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares MSCI Global Metals &","page_number":145,"box":{"x":88,"y":365,"width":852,"height":12}},{"id":"6099bee0-3a79-4751-8b43-64b058cbfa7d","block_type":"box","text":"Mining Producers ETF, iShares MSCI Emerging Markets ETF and iShares MSCI Taiwan ETF","page_number":145,"box":{"x":88,"y":380,"width":651,"height":13}},{"id":"3000d7a7-700c-45e3-b422-cdf667f6d688","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs associated with the issuance","page_number":145,"box":{"x":88,"y":407,"width":876,"height":12}},{"id":"938b67da-136e-4421-9849-6671a23ba7e0","block_type":"box","text":"of Creation Units. Under an ETF Services Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain","page_number":145,"box":{"x":89,"y":422,"width":840,"height":12}},{"id":"affb3a23-b3e9-4389-a973-0610441e6534","block_type":"box","text":"order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":145,"box":{"x":89,"y":437,"width":808,"height":12}},{"id":"6157169e-cca6-4516-8f87-4cabe1c74104","block_type":"box","text":"redemption of Creation Units of the Funds (“ETF Services”). BRIL will receive from an Authorized Participant a standard","page_number":145,"box":{"x":89,"y":452,"width":831,"height":12}},{"id":"2b11ebfb-fc7c-473a-ba56-39de120c5d33","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":145,"box":{"x":88,"y":467,"width":849,"height":13}},{"id":"c96b12d0-fcf4-4b5b-b8e8-f131faf147b2","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":145,"box":{"x":89,"y":482,"width":843,"height":13}},{"id":"642c01f7-0eb5-4b68-8fd0-aeaf3b44d7bf","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":145,"box":{"x":89,"y":497,"width":876,"height":13}},{"id":"d8fb4204-24f1-42b4-84ba-a21cfeb6b5fd","block_type":"box","text":"to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the applicable Fund custodian","page_number":145,"box":{"x":88,"y":513,"width":840,"height":12}},{"id":"24c33c04-9a48-49b7-a405-1f93edb51126","block_type":"box","text":"according to the amounts invoiced by such custodian.","page_number":145,"box":{"x":89,"y":528,"width":378,"height":12}},{"id":"8e3edee5-f236-4782-9ffc-7555d87af5b1","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":145,"box":{"x":88,"y":554,"width":862,"height":12}},{"id":"b7689c30-9f95-4c3e-ba18-968b178ab797","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":145,"box":{"x":88,"y":569,"width":879,"height":13}},{"id":"e9dcf038-e82b-48d3-ac6e-97718352dcc4","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":145,"box":{"x":89,"y":584,"width":834,"height":13}},{"id":"3a013301-b1ff-49cc-a415-2228966b309d","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":145,"box":{"x":89,"y":599,"width":874,"height":13}},{"id":"6ad50dba-9b19-4c74-a422-c6f5274872b0","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":145,"box":{"x":89,"y":615,"width":877,"height":12}},{"id":"5f573219-afb4-47cb-af59-b233f0dd95ff","block_type":"box","text":"Unit. The following table sets forth, for the Funds, either the actual creation transaction fee that was charged on December 1,","page_number":145,"box":{"x":89,"y":630,"width":875,"height":12}},{"id":"42b131c7-238d-4e4f-9fa9-b7d8c9bbb1d1","block_type":"box","text":"2025 or an estimate of the creation transaction fee that would have been charged if the Funds had issued a Creation Unit on","page_number":145,"box":{"x":89,"y":645,"width":868,"height":12}},{"id":"3bbf4561-32bd-4989-a791-2457bfb21105","block_type":"box","text":"that date. The actual fee that was or would have been charged to an Authorized Participant in connection with a creation","page_number":145,"box":{"x":88,"y":660,"width":847,"height":12}},{"id":"a75f3baa-51d9-4dde-8c1b-096422ff21d0","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":145,"box":{"x":89,"y":675,"width":807,"height":12}},{"id":"42b3cd36-f957-45ba-bf33-056a664a4ff9","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":145,"box":{"x":89,"y":702,"width":869,"height":12}},{"id":"06e1f514-cb9f-4392-8847-fd4153d417d1","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":145,"box":{"x":89,"y":717,"width":845,"height":12}},{"id":"1fb0b1de-0574-418e-ace0-64d58f9c24cf","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":145,"box":{"x":89,"y":732,"width":864,"height":12}},{"id":"5a2de805-7e83-42ff-b87a-4eb3aad28607","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":145,"box":{"x":88,"y":747,"width":845,"height":12}},{"id":"cc740c3c-4b69-4168-9b72-5d53bd95b4da","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":145,"box":{"x":89,"y":762,"width":853,"height":12}},{"id":"24558f02-9ea8-4f0f-abbc-7aeabe9d05f0","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":145,"box":{"x":88,"y":777,"width":836,"height":12}},{"id":"3e6a1975-fd2e-491c-aadc-3e1fc0285a66","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":145,"box":{"x":89,"y":792,"width":866,"height":13}},{"id":"b6b55b2c-4229-413b-8029-2bbd36fbd488","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":145,"box":{"x":89,"y":807,"width":834,"height":13}},{"id":"7b5dcc2f-be86-448e-af5e-481182603cb9","block_type":"box","text":"maximum amounts shown below. Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":145,"box":{"x":89,"y":822,"width":876,"height":13}},{"id":"cd6d9173-2529-434c-b026-9faff7c16337","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain circumstances. Investors who use","page_number":145,"box":{"x":89,"y":838,"width":863,"height":12}},{"id":"ebef77e2-0f71-4660-ad17-81d58c0e9928","block_type":"box","text":"the services of a broker or other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":145,"box":{"x":88,"y":853,"width":823,"height":12}},{"id":"ae169595-64b6-4fbc-b921-0556bed11498","block_type":"box","text":"122","page_number":145,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"2f2e4e42-ef1b-4285-97dc-c0f8713c9d11","block_type":"box","text":"The following table sets forth each Fund’s actual or estimated creation transaction fee as applicable as of December 1, 2025","page_number":146,"box":{"x":88,"y":44,"width":867,"height":12}},{"id":"8227f58f-4986-4d15-8758-1394679d53f5","block_type":"box","text":"and maximum additional charge (as described above):","page_number":146,"box":{"x":89,"y":59,"width":381,"height":12}},{"id":"a727a0cc-a06d-4e39-aed7-e1d727869c57","block_type":"box","text":"Fund","page_number":146,"box":{"x":89,"y":99,"width":27,"height":7}},{"id":"7ce73e51-bb1e-48d6-a0b6-885bf5da6104","block_type":"box","text":"Standard Creation","page_number":146,"box":{"x":665,"y":89,"width":103,"height":7}},{"id":"cf6febc1-1cb4-496a-8e4b-4b114c9d2ba2","block_type":"box","text":"Transaction Fee","page_number":146,"box":{"x":671,"y":99,"width":91,"height":7}},{"id":"42728a29-c590-4724-9f53-c26ad9b7f946","block_type":"box","text":"Maximum Additional","page_number":146,"box":{"x":847,"y":89,"width":120,"height":7}},{"id":"1b6311c9-c130-42b5-8d26-b997311b28a4","block_type":"box","text":"Charge*","page_number":146,"box":{"x":883,"y":99,"width":48,"height":10}},{"id":"e2bf6398-6071-4cf9-8fb1-e1d330787bfe","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF $28,990.00** 7.0%","page_number":146,"box":{"x":89,"y":121,"width":843,"height":12}},{"id":"4657cc22-3956-4807-9813-5d0707cf6857","block_type":"box","text":"iShares Emerging Markets Equity Factor ETF 4,811.70 7.0%","page_number":146,"box":{"x":89,"y":136,"width":843,"height":12}},{"id":"db9522c7-0280-4d4a-a0ce-53395c617be3","block_type":"box","text":"iShares MSCI Emerging Markets ETF 15,380.00** 7.0%","page_number":146,"box":{"x":89,"y":151,"width":843,"height":12}},{"id":"d87bc555-8cda-4069-92ec-c8b516a48c57","block_type":"box","text":"iShares MSCI Global Metals & Mining Producers ETF 2,240.00** 7.0%","page_number":146,"box":{"x":89,"y":166,"width":843,"height":12}},{"id":"0e90733a-031c-45c6-b387-97a1d345cf52","block_type":"box","text":"iShares MSCI Taiwan ETF 1,410.00** 3.0%","page_number":146,"box":{"x":89,"y":181,"width":843,"height":12}},{"id":"040d49bf-763d-4496-ac10-cfabde851723","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":146,"box":{"x":118,"y":221,"width":329,"height":10}},{"id":"0816fcb7-a9f8-4d76-9f94-d5dae5f4bfef","block_type":"box","text":"** Estimated fee.","page_number":146,"box":{"x":118,"y":236,"width":92,"height":8}},{"id":"461e9b57-0331-46ca-893a-f89b06224627","block_type":"box","text":"If a purchase consists of a cash portion and each Fund places a brokerage transaction to purchase portfolio securities with","page_number":146,"box":{"x":89,"y":259,"width":856,"height":13}},{"id":"70acadb9-9d2c-47a3-8a8e-4e085d2a7aff","block_type":"box","text":"the Authorized Participant (or an affiliated or unaffiliated broker-dealer), the Authorized Participant may be required, in its","page_number":146,"box":{"x":88,"y":274,"width":850,"height":13}},{"id":"931ae57b-9d94-4dc6-8361-41d8b3da83cc","block_type":"box","text":"capacity as broker-dealer with respect to that transaction, to cover certain brokerage, tax, foreign exchange, execution, and","page_number":146,"box":{"x":89,"y":290,"width":862,"height":12}},{"id":"1ef74b58-b634-495a-b40a-5b011189381c","block_type":"box","text":"price movement costs through an Execution Performance Guarantee, as described in the","page_number":146,"box":{"x":89,"y":305,"width":620,"height":12}},{"id":"138b207b-8f1d-4db6-85e1-4db7bdc99891","block_type":"box","text":"Brokerage Transactions","page_number":146,"box":{"x":714,"y":305,"width":163,"height":12}},{"id":"89644796-3bd9-4176-abfd-a11cdd6b5990","block_type":"box","text":"section of","page_number":146,"box":{"x":882,"y":305,"width":69,"height":9}},{"id":"16361d16-f29e-46c7-a68f-1860645dc4d5","block_type":"box","text":"this SAI.","page_number":146,"box":{"x":88,"y":320,"width":56,"height":10}},{"id":"20525ba7-cfd7-481d-a61d-f16869c153b9","block_type":"box","text":"Redemption of Creation Units.","page_number":146,"box":{"x":89,"y":346,"width":216,"height":13}},{"id":"2dac7d9d-e445-42df-a5c4-a9eec2ae8792","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":146,"box":{"x":88,"y":373,"width":836,"height":12}},{"id":"055b7665-a8a0-4d88-8cf3-9ac51fef6aef","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":146,"box":{"x":89,"y":388,"width":869,"height":12}},{"id":"63070d84-8bcb-47ff-86d7-fb3ddbf2c676","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":146,"box":{"x":89,"y":403,"width":873,"height":12}},{"id":"8697c5a7-95fc-409a-8655-68356f4b95fc","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":146,"box":{"x":89,"y":418,"width":855,"height":12}},{"id":"6817c447-5eee-4b26-9f37-e3959bccb2b3","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":146,"box":{"x":89,"y":433,"width":878,"height":13}},{"id":"c0324ebc-bc83-45ab-bf8a-c260cb945bff","block_type":"box","text":"by an Authorized Participant. Beneficial owners also may sell shares in the secondary market.","page_number":146,"box":{"x":89,"y":448,"width":649,"height":13}},{"id":"055192e9-7189-4061-a96c-a6c145a5a174","block_type":"box","text":"Each Cash Fund generally redeems Creation Units solely for cash. However, each Cash Fund reserves the right to distribute","page_number":146,"box":{"x":89,"y":475,"width":856,"height":12}},{"id":"fb15d30c-ecc7-494f-904f-a7d26578bec7","block_type":"box","text":"securities in-kind as payment for Creation Units being redeemed. Each Partial Cash Fund generally redeems Creation Units","page_number":146,"box":{"x":89,"y":490,"width":854,"height":12}},{"id":"3030ff3c-8224-4838-b8fb-3995e65f8cd0","block_type":"box","text":"partially for cash. Please see the","page_number":146,"box":{"x":89,"y":505,"width":221,"height":12}},{"id":"fae0999e-0d3c-494a-a45e-e607b0af6f09","block_type":"box","text":"Cash Redemption Method","page_number":146,"box":{"x":316,"y":505,"width":183,"height":12}},{"id":"5d166598-6913-461b-a510-dca46ca2ed6d","block_type":"box","text":"section below and the following discussion summarizing the in","page_number":146,"box":{"x":503,"y":505,"width":446,"height":12}},{"id":"33a9d703-072e-4a83-8fe4-7bf1d181268f","block_type":"box","text":"kind method for further information on redeeming Creation Units of the Funds.","page_number":146,"box":{"x":89,"y":520,"width":553,"height":12}},{"id":"6b6003a3-07a8-4edd-aaca-cb2ea89234c7","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":146,"box":{"x":89,"y":547,"width":853,"height":12}},{"id":"3df7a62c-5ee4-4c22-b240-0af470d451dc","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":146,"box":{"x":89,"y":562,"width":849,"height":12}},{"id":"3ab4eec9-9c64-48fc-be3e-88dc4d385b12","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":146,"box":{"x":88,"y":577,"width":841,"height":12}},{"id":"bc71cef7-975f-4ebb-aba8-36beefec40b4","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":146,"box":{"x":89,"y":592,"width":863,"height":12}},{"id":"5f269366-5b3d-44e3-bf4c-f6cbdbb9934e","block_type":"box","text":"next announced composition of the Fund Securities and Cash Amount is made available. The Fund Securities and Cash","page_number":146,"box":{"x":89,"y":607,"width":833,"height":12}},{"id":"56ccf4c4-8766-4f48-8478-7dd34833201a","block_type":"box","text":"Amount are subject to possible amendment or correction. Fund Securities received on redemption may not be identical to","page_number":146,"box":{"x":88,"y":622,"width":855,"height":12}},{"id":"68c5cd74-a4e4-4740-92f4-ebb036ca6781","block_type":"box","text":"Deposit Securities that are applicable to creations of Creation Units. Procedures and requirements governing redemption","page_number":146,"box":{"x":89,"y":637,"width":843,"height":13}},{"id":"bfdc6b67-3ec3-4064-9679-452ac4bd248c","block_type":"box","text":"transactions are set forth in the handbook for Authorized Participants and may change from time to time.","page_number":146,"box":{"x":88,"y":652,"width":738,"height":13}},{"id":"c6863512-8093-4c04-9c1a-bd529ea0ea73","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":146,"box":{"x":89,"y":679,"width":866,"height":12}},{"id":"eb260386-5f8d-40fe-b832-cdd6003ed9bc","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":146,"box":{"x":89,"y":694,"width":861,"height":12}},{"id":"cf969dbe-5805-4490-a203-76559e633dd0","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":146,"box":{"x":89,"y":709,"width":873,"height":12}},{"id":"7d8b96fc-f0cc-4c8b-b3bb-35989f2e9340","block_type":"box","text":"a redemption transaction fee (as described below).","page_number":146,"box":{"x":89,"y":724,"width":355,"height":13}},{"id":"f9d46894-d5e2-4e30-b14f-5e264c268c44","block_type":"box","text":"The Company may, in its sole discretion, substitute a “cash in lieu” amount to replace any Fund Security in certain","page_number":146,"box":{"x":88,"y":751,"width":795,"height":12}},{"id":"47b0049c-3fe7-4801-9387-25a46c52bb6b","block_type":"box","text":"circumstances, including: (i) when the delivery of a Fund Security to the Authorized Participant (or to an investor on whose","page_number":146,"box":{"x":89,"y":766,"width":860,"height":12}},{"id":"d1f6a233-2786-44b5-b968-f4afb409f460","block_type":"box","text":"behalf the Authorized Participant is acting) would be restricted under applicable securities or other local laws or due to a","page_number":146,"box":{"x":89,"y":781,"width":842,"height":12}},{"id":"ca6996aa-f596-4f1d-8d3c-4e140779c343","block_type":"box","text":"trading restriction; (ii) when the delivery of a Fund Security to the Authorized Participant would result in the disposition of the","page_number":146,"box":{"x":88,"y":796,"width":879,"height":12}},{"id":"cbadeb54-ed07-4bd9-8928-30c21608608b","block_type":"box","text":"Fund Security by the Authorized Participant due to restrictions under applicable securities or other local laws; (iii) when the","page_number":146,"box":{"x":89,"y":811,"width":860,"height":12}},{"id":"9cfc8166-44e6-4e40-8029-780eefa52af2","block_type":"box","text":"delivery of a Fund Security to the Authorized Participant would result in unfavorable tax treatment; (iv) when a Fund Security","page_number":146,"box":{"x":89,"y":826,"width":873,"height":13}},{"id":"7ba52406-71bf-4fbd-9730-304d929c2772","block_type":"box","text":"cannot be settled or otherwise delivered in time to facilitate an in-kind redemption; or (v) in certain other situations. The","page_number":146,"box":{"x":89,"y":841,"width":841,"height":13}},{"id":"6409fad4-01a1-4cf5-82ae-e30f880a18fa","block_type":"box","text":"amount of cash paid out in such cases will be equivalent to the value of the substituted security listed as a Fund Security. In","page_number":146,"box":{"x":89,"y":856,"width":862,"height":13}},{"id":"3f508634-3c50-4e5f-8521-d9678fa51579","block_type":"box","text":"123","page_number":146,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"ce175faf-fa8b-4653-a841-b9719f3c2f9f","block_type":"box","text":"the event that the Fund Securities have a value greater than the NAV of the shares, a compensating cash payment equal to","page_number":147,"box":{"x":88,"y":44,"width":857,"height":12}},{"id":"d7127702-a0f4-428c-9fb2-9aae506ad61a","block_type":"box","text":"the difference is required to be made by or through an Authorized Participant by the redeeming shareholder. The Cash Funds","page_number":147,"box":{"x":88,"y":59,"width":872,"height":12}},{"id":"f9077cc9-64bd-4347-b022-ea54960c136d","block_type":"box","text":"generally redeem Creation Units solely for cash. The Partial Cash Funds generally redeem Creation Units partially for cash.","page_number":147,"box":{"x":89,"y":74,"width":849,"height":12}},{"id":"82cfbfb0-f11a-494a-9114-1b105b00e8de","block_type":"box","text":"Each Fund may, in its sole discretion, provide such redeeming Authorized Participant a portfolio of securities that differs from","page_number":147,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"0e413a6b-42ec-40a8-8803-9ad4e6ca2d69","block_type":"box","text":"the exact composition of the Fund Securities, but does not differ in NAV. The Redemption Basket may also be modified to","page_number":147,"box":{"x":88,"y":104,"width":848,"height":13}},{"id":"5eb81697-648b-4193-9524-879cb9b6bb91","block_type":"box","text":"minimize the Cash Component by redistributing the cash to the Fund Securities portion of the Redemption Basket through","page_number":147,"box":{"x":89,"y":119,"width":856,"height":13}},{"id":"a586fa7b-1142-445f-8bb4-26c7f45d57d5","block_type":"box","text":"systematically rounding. The rounding methodology allows position sizes of securities in the Fund Securities to be “rounded","page_number":147,"box":{"x":89,"y":135,"width":868,"height":12}},{"id":"703663b0-774e-4cbd-930e-8a46be20db30","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":147,"box":{"x":89,"y":150,"width":823,"height":12}},{"id":"229b9d14-a818-499b-a716-41f31a9b9cd2","block_type":"box","text":"Redemption Basket. Redemption Baskets may also be modified to position a Fund that seeks to track an Underlying Index","page_number":147,"box":{"x":89,"y":165,"width":850,"height":12}},{"id":"666e2ecc-d6f1-4fb1-b43e-b7089484acfe","block_type":"box","text":"towards a forward index rebalance to reflect revisions that account for index additions, deletions, and re-weights.","page_number":147,"box":{"x":88,"y":180,"width":792,"height":12}},{"id":"f33b06ca-f83e-46d9-bf52-baa5cd73eab9","block_type":"box","text":"Cash Redemption Method.","page_number":147,"box":{"x":89,"y":206,"width":191,"height":13}},{"id":"8a2281af-1854-4495-929f-be6d4427fd1b","block_type":"box","text":"Although the Company does not generally permit partial or full cash redemptions of Creation","page_number":147,"box":{"x":293,"y":206,"width":651,"height":13}},{"id":"51a4e2ba-6764-4520-b1da-725ab91537a5","block_type":"box","text":"Units of its funds or for the Funds, including the Cash Funds, that are normally redeemed on a cash basis only, when partial","page_number":147,"box":{"x":89,"y":222,"width":860,"height":12}},{"id":"16c74801-c4fe-4c70-abce-a6b3386270ea","block_type":"box","text":"or full cash redemptions of Creation Units are available or specified (","page_number":147,"box":{"x":89,"y":237,"width":477,"height":12}},{"id":"26c1646f-f49b-4702-a4c7-561aa4cb95a5","block_type":"box","text":"e.g.,","page_number":147,"box":{"x":567,"y":240,"width":26,"height":9}},{"id":"d997ed6f-d2a4-4021-aa0d-fc76463534bd","block_type":"box","text":"Creation Units of the Cash Funds are generally","page_number":147,"box":{"x":599,"y":237,"width":324,"height":12}},{"id":"64c4f756-df68-4fe5-8584-c06168445968","block_type":"box","text":"redeemed solely for cash and Creation Units of the Partial Cash Funds are generally redeemed partially for cash or where the","page_number":147,"box":{"x":89,"y":252,"width":869,"height":12}},{"id":"1583fa4f-f6ca-41e3-b9bb-85a3ce4b9513","block_type":"box","text":"market for individual securities does not permit in-kind redemption), they will be effected in essentially the same manner as","page_number":147,"box":{"x":89,"y":267,"width":865,"height":12}},{"id":"0aff1b65-1f64-41f7-a616-bf53432067bf","block_type":"box","text":"in-kind redemptions thereof. In the case of partial or full cash redemption, the Authorized Participant receives the cash","page_number":147,"box":{"x":89,"y":282,"width":827,"height":12}},{"id":"34fd6c82-9daf-4870-abd6-a895a5c8ec28","block_type":"box","text":"equivalent of the Fund Securities and other instruments it would otherwise receive through an in-kind redemption, plus the","page_number":147,"box":{"x":89,"y":297,"width":863,"height":12}},{"id":"3675f3b1-9448-427e-82e0-a60e3a4d3290","block_type":"box","text":"same Cash Amount to be paid to an in-kind redeemer. The Authorized Participant will also be required to pay certain","page_number":147,"box":{"x":89,"y":312,"width":814,"height":13}},{"id":"5644d15f-4e15-449c-aec1-87076c46c6e1","block_type":"box","text":"transaction fees and charges for cash redemptions, as described below, and, if transacting as broker with each Fund, may be","page_number":147,"box":{"x":88,"y":327,"width":871,"height":13}},{"id":"919b8da8-583b-4adf-8b29-f0b12bceb9ec","block_type":"box","text":"required to cover certain brokerage, tax, foreign exchange, execution and price movement costs through an Execution","page_number":147,"box":{"x":89,"y":342,"width":825,"height":13}},{"id":"213c0312-1005-4797-b1c7-04969215ed3e","block_type":"box","text":"Performance Guarantee, as described in the","page_number":147,"box":{"x":89,"y":358,"width":305,"height":11}},{"id":"c604b909-49f9-4498-bdc1-2710645afd6b","block_type":"box","text":"Brokerage Transactions","page_number":147,"box":{"x":399,"y":358,"width":163,"height":12}},{"id":"58430ed5-25ff-4a87-b579-176acef91da5","block_type":"box","text":"section of this SAI.","page_number":147,"box":{"x":567,"y":358,"width":129,"height":9}},{"id":"a06069aa-98be-49de-b69d-3c5ee63d5b7a","block_type":"box","text":"Cash redemption proceeds will be paid to the Authorized Participant redeeming shares as soon as practicable after the date","page_number":147,"box":{"x":89,"y":384,"width":863,"height":12}},{"id":"b77ebb29-3cc0-4d03-bf66-9eb2227d2caf","block_type":"box","text":"of redemption or within seven calendar days thereafter. If a Fund settles redemptions on a cash basis and an Authorized","page_number":147,"box":{"x":89,"y":399,"width":838,"height":13}},{"id":"c531c1e4-d5a1-4aef-a081-b038aa947da9","block_type":"box","text":"Participant has entered into an Execution Performance Guarantee, but the Authorized Participant is unable, as determined by","page_number":147,"box":{"x":89,"y":414,"width":873,"height":13}},{"id":"6a625eac-0065-4af0-a579-54e9c95f03c9","block_type":"box","text":"BFA in its sole discretion, to execute the market transactions that are the subject of the Execution Performance Guarantee","page_number":147,"box":{"x":89,"y":429,"width":850,"height":13}},{"id":"cee51df1-e83c-4e5d-b0e9-477224edc57d","block_type":"box","text":"due to an extended market holiday that goes over seven calendar days or in certain other situations where all or a portion of","page_number":147,"box":{"x":89,"y":445,"width":869,"height":12}},{"id":"2705f176-8950-40c7-a0e9-37fd71244902","block_type":"box","text":"the transactions are unable to be executed within seven calendar days, then the Fund may pay the full amount of the","page_number":147,"box":{"x":88,"y":460,"width":819,"height":12}},{"id":"a21f99b0-cd16-4f26-a8f4-d30c2b4848ea","block_type":"box","text":"redemption order (or the remaining amount of the redemption order based on the unexecuted portion of the transaction)","page_number":147,"box":{"x":89,"y":475,"width":852,"height":12}},{"id":"42f25618-7113-4359-92c4-23023a97a8d4","block_type":"box","text":"within the original seven calendar day period by using the Fund’s overdraft facility, line of credit or cash on hand. The","page_number":147,"box":{"x":88,"y":490,"width":818,"height":12}},{"id":"0e8773db-aa61-4a07-960e-476cb6858081","block_type":"box","text":"Authorized Participant (or an affiliated or unaffiliated broker-dealer), acting on an agency basis, will subsequently enter into","page_number":147,"box":{"x":88,"y":505,"width":864,"height":12}},{"id":"fa3821c0-7c87-4fc4-a823-fbbd0532b3b9","block_type":"box","text":"one or more separate market transactions when the markets reopen or the trades are otherwise able to be executed through","page_number":147,"box":{"x":89,"y":520,"width":871,"height":12}},{"id":"118a3507-66e0-4384-8731-25e7d43881a2","block_type":"box","text":"which a Fund sells the Fund Securities (or the remaining unsold Fund Securities) subject to a guaranteed sales price. If the","page_number":147,"box":{"x":88,"y":535,"width":856,"height":13}},{"id":"c7f24de2-4fab-4b73-b64f-92a2f2b6cbdd","block_type":"box","text":"Authorized Participant (or an affiliated or unaffiliated broker-dealer) achieves executions in market transactions at a price","page_number":147,"box":{"x":88,"y":550,"width":848,"height":13}},{"id":"ff98bb51-7e96-4c79-aa6a-59f8a25e6e30","block_type":"box","text":"more favorable than a Fund’s valuation of the Fund Securities as of the NAV calculation applicable on the date of the","page_number":147,"box":{"x":89,"y":565,"width":814,"height":13}},{"id":"5faa12ab-9df1-48f3-8ef6-6c6107d714d1","block_type":"box","text":"redemption, then the Authorized Participant generally may retain the excess transaction proceeds. Specifically, if the","page_number":147,"box":{"x":89,"y":581,"width":811,"height":12}},{"id":"20edaf9b-7393-46bb-80e6-ecf92e2a5332","block_type":"box","text":"Authorized Participant is unable to achieve executions in market transactions at a price at least equal to the Fund’s valuation","page_number":147,"box":{"x":88,"y":596,"width":870,"height":12}},{"id":"a2c52a5a-0b15-4a54-ad89-909986c8cb5e","block_type":"box","text":"of the Fund Securities as of the NAV calculation applicable on the date of the redemption, then the Authorized Participant is","page_number":147,"box":{"x":89,"y":611,"width":864,"height":12}},{"id":"cdb0d16d-ed61-4ac4-95a1-94430ce37ce7","block_type":"box","text":"generally required to make the applicable shortfall payment to the Fund.","page_number":147,"box":{"x":89,"y":626,"width":504,"height":12}},{"id":"a74e67fa-883f-47c4-b0e6-6b1a0c872f76","block_type":"box","text":"In addition, if transacting as broker with a Fund in a non-U.S. jurisdiction, the Authorized Participant may be required to cover","page_number":147,"box":{"x":89,"y":652,"width":877,"height":13}},{"id":"6f5c2568-bfc2-4b9e-9dca-cb8298f61a7c","block_type":"box","text":"foreign exchange costs through an Execution Performance Guarantee, as described in the Brokerage Transactions section of","page_number":147,"box":{"x":88,"y":668,"width":871,"height":12}},{"id":"5662d5e2-ebb0-465c-8c7a-310c74a58948","block_type":"box","text":"this SAI. If the foreign exchange transaction associated with the applicable security trades can only occur upon the","page_number":147,"box":{"x":88,"y":683,"width":804,"height":12}},{"id":"c65a5f48-b506-441f-8840-1b7a8519457b","block_type":"box","text":"settlement of a security trade and such trades are unable, as determined by BFA in its sole discretion, to be settled by the","page_number":147,"box":{"x":89,"y":698,"width":843,"height":12}},{"id":"d55165a3-c2ba-4b32-a55d-0a26ff7455df","block_type":"box","text":"seventh calendar day after receipt of the Authorized Participant’s redemption order, then a Fund may pay within the original","page_number":147,"box":{"x":89,"y":713,"width":865,"height":12}},{"id":"176825d6-6ee8-4376-946a-a82bba50c7b5","block_type":"box","text":"seven calendar day period the amount due in respect of the redemption order within based on the foreign exchange rate as","page_number":147,"box":{"x":89,"y":728,"width":862,"height":12}},{"id":"efaafb47-5010-48ac-b9c9-5fee27516b48","block_type":"box","text":"of the date of the redemption order by using the Fund’s overdraft facility, line of credit or cash on hand (in addition to any","page_number":147,"box":{"x":89,"y":743,"width":849,"height":12}},{"id":"a9223250-863e-4f82-a8ac-b59fb95ac34d","block_type":"box","text":"sales proceeds from the executed portion of the original brokerage order) and subsequently enter into one or more separate","page_number":147,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"25c8c465-1a89-49f9-8814-1f8259794cb6","block_type":"box","text":"foreign exchange transactions with the Authorized Participant (or a broker-dealer affiliate of the Authorized Participant or a","page_number":147,"box":{"x":88,"y":773,"width":862,"height":13}},{"id":"41a16c3b-a407-43d7-8876-7d8239d16400","block_type":"box","text":"third-party broker-dealer engaged through the Authorized Participant), acting on an agency basis, and be subject to a","page_number":147,"box":{"x":88,"y":788,"width":824,"height":13}},{"id":"8ef2ebb0-9a12-48e2-9d91-f0d36d2093a6","block_type":"box","text":"guaranteed sales price. If the Authorized Participant achieves execution of the foreign exchange transactions at a price more","page_number":147,"box":{"x":89,"y":804,"width":869,"height":12}},{"id":"27f0e095-4db4-4399-9e59-c1a4e29f0d9e","block_type":"box","text":"favorable than the foreign exchange rate as of the NAV calculation applicable on the date of the redemption, then the","page_number":147,"box":{"x":88,"y":819,"width":821,"height":12}},{"id":"f31d52db-b604-4e8b-ba3f-d35066cd9e4d","block_type":"box","text":"Authorized Participant generally may retain the excess transaction proceeds. If the Authorized Participant is unable to achieve","page_number":147,"box":{"x":88,"y":834,"width":879,"height":12}},{"id":"619098fd-a359-4442-b7a4-6792fb95410e","block_type":"box","text":"execution of the foreign exchange transactions at a price at least equal to the foreign exchange rate as of the NAV calculation","page_number":147,"box":{"x":89,"y":849,"width":876,"height":12}},{"id":"90956cee-a526-4255-961e-cdee9cc99a70","block_type":"box","text":"124","page_number":147,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"a3965700-21da-41f9-a497-32e45c603d0d","block_type":"box","text":"applicable on the date of the redemption, then the Authorized Participant is required to make the applicable shortfall","page_number":148,"box":{"x":89,"y":44,"width":814,"height":12}},{"id":"2ea132e6-1abb-4ee1-b007-5b69b763a574","block_type":"box","text":"payment to the Fund.","page_number":148,"box":{"x":89,"y":59,"width":149,"height":12}},{"id":"9ea845d9-6851-4f89-8f9d-24ce632a17df","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":148,"box":{"x":89,"y":85,"width":351,"height":13}},{"id":"add1ebcc-b9bf-43e0-bc8d-2d5687299925","block_type":"box","text":"iShares ESG Aware MSCI EM ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI BIC ETF, iShares MSCI Brazil ETF,","page_number":148,"box":{"x":88,"y":112,"width":873,"height":12}},{"id":"c384ce99-915e-4d34-a5e8-224b13125275","block_type":"box","text":"iShares MSCI Chile ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets Min Vol Factor ETF,","page_number":148,"box":{"x":88,"y":127,"width":856,"height":12}},{"id":"81a9ecba-7ec7-4101-82a9-cea007465d0f","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Min Vol","page_number":148,"box":{"x":88,"y":142,"width":834,"height":12}},{"id":"fa2500c5-42d1-4599-8449-e0e1e9cfb521","block_type":"box","text":"Factor ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares MSCI Malaysia ETF and iShares MSCI South Korea","page_number":148,"box":{"x":88,"y":157,"width":873,"height":13}},{"id":"21987ac5-494d-4cc8-817c-24c2d281fa9a","block_type":"box","text":"ETF","page_number":148,"box":{"x":88,"y":173,"width":28,"height":9}},{"id":"25de291f-0d20-45c5-8612-4ed67e9a8030","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer, processing and other transaction costs that may be","page_number":148,"box":{"x":88,"y":199,"width":839,"height":12}},{"id":"f10894e3-203e-48d0-9771-71052347aabe","block_type":"box","text":"incurred by the relevant Fund. The standard redemption transaction fee is charged on each Creation Unit redeemed by an","page_number":148,"box":{"x":89,"y":214,"width":849,"height":12}},{"id":"66927b36-cf64-4b23-ab82-50bed6221638","block_type":"box","text":"Authorized Participant on the day of the transaction. The standard redemption transaction fee is generally fixed at the","page_number":148,"box":{"x":88,"y":229,"width":824,"height":12}},{"id":"432e84db-7b79-4ffe-a6ca-cd08d35c4fcd","block_type":"box","text":"amount shown in the table below regardless of the number of Creation Units being redeemed, but may be reduced by each","page_number":148,"box":{"x":89,"y":244,"width":861,"height":13}},{"id":"93b44b02-2552-413c-8144-38d08ab9e7d7","block_type":"box","text":"Fund if transfer and processing expenses associated with the redemption are anticipated to be lower than the stated fee.","page_number":148,"box":{"x":89,"y":259,"width":843,"height":13}},{"id":"5382b327-c34a-4e2d-8c9b-3d84bdbd620d","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":148,"box":{"x":89,"y":286,"width":810,"height":12}},{"id":"f704a597-4cdd-4676-a2ef-b905df3cca90","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":148,"box":{"x":88,"y":301,"width":869,"height":12}},{"id":"02e500b3-45a1-4e8a-80fb-4ee6a4dbd728","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":148,"box":{"x":89,"y":316,"width":831,"height":12}},{"id":"ed481e61-1b48-46b2-b5ac-33cbff152744","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":148,"box":{"x":89,"y":331,"width":853,"height":12}},{"id":"31a2db9b-2a28-4d81-8420-219c516d1a6c","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":148,"box":{"x":88,"y":346,"width":873,"height":13}},{"id":"67eeeb38-d7d5-4caa-9a8e-064fb1938558","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":148,"box":{"x":89,"y":361,"width":859,"height":13}},{"id":"5d8d1ba9-a262-41b3-b532-12a73fb90fb2","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":148,"box":{"x":88,"y":376,"width":817,"height":13}},{"id":"1f9db3b3-6ef8-47b5-bcf8-4ee84377204b","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":148,"box":{"x":89,"y":392,"width":824,"height":12}},{"id":"29ce3d69-90ea-436a-9daa-660be6da021c","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":148,"box":{"x":89,"y":407,"width":338,"height":12}},{"id":"45edbdb8-0b74-4fd2-9a30-1e3e3923e6a4","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":148,"box":{"x":88,"y":433,"width":879,"height":13}},{"id":"d860f272-a42d-4301-8c98-249291550bf6","block_type":"box","text":"Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the","page_number":148,"box":{"x":89,"y":448,"width":863,"height":13}},{"id":"1ba7ca1b-f0cb-4fa0-bb34-4b63ec2e805d","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":148,"box":{"x":89,"y":463,"width":815,"height":13}},{"id":"54aa1b06-683d-4c48-b829-fdf1c2871079","block_type":"box","text":"The following table sets forth each Fund’s standard redemption transaction fee and maximum additional charge (as","page_number":148,"box":{"x":88,"y":490,"width":812,"height":12}},{"id":"9fe370f7-3148-49b2-8636-120f454daa47","block_type":"box","text":"described above):","page_number":148,"box":{"x":89,"y":505,"width":122,"height":12}},{"id":"18256da4-41b8-428f-af3b-1201ddef1b5c","block_type":"box","text":"Fund","page_number":148,"box":{"x":89,"y":545,"width":27,"height":7}},{"id":"71d90ba3-e59d-4e02-9e53-5954d74c8797","block_type":"box","text":"Standard Redemption","page_number":148,"box":{"x":643,"y":535,"width":125,"height":9}},{"id":"7e6ba2d7-0992-4af1-ba42-764cc818514a","block_type":"box","text":"Transaction Fee","page_number":148,"box":{"x":660,"y":545,"width":91,"height":7}},{"id":"c790336f-2f8d-4a68-a0f8-4325afd6284f","block_type":"box","text":"Maximum Additional","page_number":148,"box":{"x":847,"y":535,"width":120,"height":7}},{"id":"87f01f1d-111a-4c6a-9383-442ae4bd68ad","block_type":"box","text":"Charge*","page_number":148,"box":{"x":883,"y":545,"width":48,"height":10}},{"id":"f2b748ca-95b1-4790-b9b6-28de98df885d","block_type":"box","text":"iShares ESG Aware MSCI EM ETF 12,400 2.0%","page_number":148,"box":{"x":89,"y":567,"width":843,"height":11}},{"id":"61749a98-1134-4236-b493-c193415fe191","block_type":"box","text":"iShares MSCI Agriculture Producers ETF 5,100 2.0%","page_number":148,"box":{"x":89,"y":582,"width":843,"height":12}},{"id":"84f09397-ff25-4f27-a29f-b4f4a60a0baa","block_type":"box","text":"iShares MSCI BIC ETF 5,900 2.0%","page_number":148,"box":{"x":89,"y":597,"width":843,"height":11}},{"id":"3bdad42a-30b5-4ae3-9f4f-c96fa064a391","block_type":"box","text":"iShares MSCI Brazil ETF 2,400 2.0%","page_number":148,"box":{"x":89,"y":612,"width":843,"height":11}},{"id":"f2cd99cb-a092-4ffb-908d-1aeee295d79e","block_type":"box","text":"iShares MSCI Chile ETF 3,000 2.0%","page_number":148,"box":{"x":89,"y":627,"width":843,"height":12}},{"id":"5c568b6b-2c47-4593-9dce-28da5f7cd638","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF 15,000 2.0%","page_number":148,"box":{"x":89,"y":642,"width":843,"height":13}},{"id":"6c615729-6065-4f50-81a8-6a93ba6616a2","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF 6,100 2.0%","page_number":148,"box":{"x":89,"y":657,"width":843,"height":13}},{"id":"5c253b67-426a-4bf2-a7ee-9cd81ef4d075","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF 15,000 2.0%","page_number":148,"box":{"x":89,"y":673,"width":843,"height":12}},{"id":"c8f3d5c2-74c3-49a7-8ae8-c8470df11a92","block_type":"box","text":"iShares MSCI Global Gold Miners ETF 800 2.0%","page_number":148,"box":{"x":89,"y":688,"width":843,"height":9}},{"id":"01c94c5d-dd1b-4293-a817-3db0c5048762","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF 4,200 2.0%","page_number":148,"box":{"x":89,"y":703,"width":843,"height":11}},{"id":"0b3981fc-1834-4a94-85c4-aac35cacdb78","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF 500 2.0%","page_number":148,"box":{"x":89,"y":718,"width":843,"height":10}},{"id":"55b5c86b-60d1-4c79-a22e-7b2347bf9ded","block_type":"box","text":"iShares MSCI Malaysia ETF 5,000 2.0%","page_number":148,"box":{"x":89,"y":733,"width":843,"height":12}},{"id":"4c08f7ee-abf6-48c4-998e-bf197d5c8ff5","block_type":"box","text":"iShares MSCI South Korea ETF 4,000 2.0%","page_number":148,"box":{"x":89,"y":748,"width":843,"height":11}},{"id":"97faf4e8-1019-442e-880a-fa35305c8b7f","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":148,"box":{"x":118,"y":788,"width":628,"height":10}},{"id":"b77f7d91-74de-4fb7-8f05-29c25de38a70","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares MSCI Global Metals &","page_number":148,"box":{"x":88,"y":811,"width":852,"height":12}},{"id":"d23fa818-d4d5-402a-ae2e-74a63d9b0c6f","block_type":"box","text":"Mining Producers ETF, iShares MSCI Emerging Markets ETF and iShares MSCI Taiwan ETF","page_number":148,"box":{"x":88,"y":826,"width":651,"height":13}},{"id":"2b7fb0db-0d23-4b44-8dc1-5874da7d9a19","block_type":"box","text":"125","page_number":148,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"57c2e316-7b07-4883-b2f2-fc920c271745","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":149,"box":{"x":88,"y":44,"width":866,"height":12}},{"id":"dfe1cdc0-1c53-42a2-8f98-9e42f05ce517","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":149,"box":{"x":89,"y":59,"width":848,"height":12}},{"id":"412ff493-87a4-4df3-8d98-7e6e9950345a","block_type":"box","text":"perform certain ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":149,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"431cd8e5-a91e-4bde-949b-ba10ccbc8c20","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":149,"box":{"x":89,"y":89,"width":822,"height":13}},{"id":"b4b165af-a0f4-429d-ae0d-b4e8e8a0eaf2","block_type":"box","text":"Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the","page_number":149,"box":{"x":88,"y":104,"width":815,"height":13}},{"id":"16aead3f-f97a-4c8c-9ca3-3c4988e2ab60","block_type":"box","text":"applicable Fund custodian according to the amounts invoiced by such custodian.","page_number":149,"box":{"x":89,"y":119,"width":567,"height":13}},{"id":"2b2f8904-7d0d-48eb-bdd0-9509d54c2e65","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":149,"box":{"x":88,"y":146,"width":859,"height":12}},{"id":"28684f7a-4c7a-4fa2-9995-97d1559f5f43","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":149,"box":{"x":88,"y":161,"width":879,"height":12}},{"id":"84f889e4-d96f-4925-985f-0ddc3a329f3a","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":149,"box":{"x":89,"y":176,"width":860,"height":13}},{"id":"bc07583d-947b-40cc-ad58-0f1669f0c0bf","block_type":"box","text":"certain instances, such as for redemption transactions that consist solely of cash. The actual Custody Transaction Costs vary","page_number":149,"box":{"x":89,"y":191,"width":872,"height":13}},{"id":"8961434b-520d-41aa-9bbc-5fae0e802906","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":149,"box":{"x":89,"y":206,"width":866,"height":13}},{"id":"217b6627-239f-4fc2-b981-204ce0d52e3e","block_type":"box","text":"Creation Unit. The following table sets forth, for the Funds, either the actual redemption transaction fee that was charged on","page_number":149,"box":{"x":89,"y":222,"width":870,"height":12}},{"id":"44cdb1e4-d28c-40f5-9ed6-949239311898","block_type":"box","text":"December 1, 2025 or an estimate of the redemption transaction fee that would have been charged if the Funds had","page_number":149,"box":{"x":89,"y":237,"width":806,"height":12}},{"id":"c1370b2a-5b8f-4bc1-b501-f15e0ebce569","block_type":"box","text":"redeemed a Creation Unit on that date. The actual fee that was or would have been charged to an Authorized Participant in","page_number":149,"box":{"x":89,"y":252,"width":860,"height":12}},{"id":"e2576321-11f5-4600-941f-aee98c38c48e","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed above, and may be higher than","page_number":149,"box":{"x":89,"y":267,"width":859,"height":12}},{"id":"c3ea7fc9-70af-413d-9bf0-073d4b0bc315","block_type":"box","text":"the fee set forth below.","page_number":149,"box":{"x":88,"y":282,"width":159,"height":10}},{"id":"1baf3a72-7c4f-4c76-9e16-a0fd018aa912","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":149,"box":{"x":89,"y":308,"width":810,"height":13}},{"id":"258bbbe8-8d37-45a6-a81b-419f9ffd5bcd","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":149,"box":{"x":88,"y":324,"width":869,"height":12}},{"id":"1a170669-3993-4073-907a-b95d2e0bfbc7","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":149,"box":{"x":89,"y":339,"width":831,"height":12}},{"id":"e03dc45a-2590-48f8-b170-10eebbb30d42","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":149,"box":{"x":89,"y":354,"width":853,"height":12}},{"id":"561f3819-f81b-4615-bcdb-9c1cf02b46ca","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":149,"box":{"x":88,"y":369,"width":873,"height":12}},{"id":"c966089a-afd8-4b5a-8ce3-323baa4a8135","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":149,"box":{"x":89,"y":384,"width":859,"height":12}},{"id":"fffc737d-cf1a-40e5-8a1b-f73111115596","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":149,"box":{"x":88,"y":399,"width":817,"height":13}},{"id":"d18ef493-c67f-44c7-8a25-9a9072dcefd5","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":149,"box":{"x":89,"y":414,"width":824,"height":13}},{"id":"2991dfb1-b74c-4adf-b0ba-6d297c6724cf","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":149,"box":{"x":89,"y":429,"width":338,"height":13}},{"id":"bc1e7e9e-72cb-4e86-b4b3-bc910a69f07a","block_type":"box","text":"The following table sets forth each Fund’s actual or estimated redemption transaction fee as applicable as of December 1,","page_number":149,"box":{"x":88,"y":456,"width":853,"height":12}},{"id":"ee5f6ad6-3af8-4815-81f0-d3fb6af93d0c","block_type":"box","text":"2025 and maximum additional charge (as described above):","page_number":149,"box":{"x":89,"y":471,"width":420,"height":12}},{"id":"4f43fe6e-57a7-44f2-bd4a-73dbd6f7e67a","block_type":"box","text":"Fund","page_number":149,"box":{"x":89,"y":511,"width":27,"height":7}},{"id":"5e440eb7-e85d-436d-a371-2d4418983b5f","block_type":"box","text":"Standard Redemption","page_number":149,"box":{"x":643,"y":501,"width":125,"height":9}},{"id":"bdac2b3a-55b9-48f1-a1f2-45e2ec62b4fc","block_type":"box","text":"Transaction Fee","page_number":149,"box":{"x":660,"y":511,"width":91,"height":7}},{"id":"9f2fb913-e5b1-4c7e-9f0b-98c319449644","block_type":"box","text":"Maximum Additional","page_number":149,"box":{"x":847,"y":501,"width":120,"height":7}},{"id":"a29c2058-934a-4e6d-bb8f-545b892573c3","block_type":"box","text":"Charge*","page_number":149,"box":{"x":883,"y":511,"width":48,"height":10}},{"id":"0f9707bb-1553-44eb-b5ce-4550ac70d0ea","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF $28,990.00** 2.0%","page_number":149,"box":{"x":89,"y":533,"width":843,"height":12}},{"id":"87a994cf-e5f4-438a-b8b9-3958e3e52f48","block_type":"box","text":"iShares Emerging Markets Equity Factor ETF 4,811.70 2.0%","page_number":149,"box":{"x":89,"y":548,"width":843,"height":12}},{"id":"fd2f4148-944c-4ff1-9192-9a94a4cb8b18","block_type":"box","text":"iShares MSCI Emerging Markets ETF 15,380.00** 2.0%","page_number":149,"box":{"x":89,"y":563,"width":843,"height":12}},{"id":"16289414-f3f0-4e40-87f9-b9801e4985a7","block_type":"box","text":"iShares MSCI Global Metals & Mining Producers ETF 2,240.00** 2.0%","page_number":149,"box":{"x":89,"y":578,"width":843,"height":12}},{"id":"ab88a054-f2fe-4196-8fd9-c520b219d077","block_type":"box","text":"iShares MSCI Taiwan ETF 1,410.00** 2.0%","page_number":149,"box":{"x":89,"y":593,"width":843,"height":12}},{"id":"837d136c-1baa-44d6-934a-1cefb015c93e","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":149,"box":{"x":118,"y":633,"width":628,"height":10}},{"id":"bdb9772d-23fb-4632-9837-0da2c0c3abbf","block_type":"box","text":"** Estimated fee.","page_number":149,"box":{"x":118,"y":648,"width":92,"height":8}},{"id":"e7e81afd-87cc-4df7-b3f4-16647f044eff","block_type":"box","text":"If a redemption consists of a cash portion and each Fund places a brokerage transaction to sell portfolio securities with the","page_number":149,"box":{"x":89,"y":671,"width":859,"height":13}},{"id":"8e2a411f-f8cb-43da-80fd-1b91b618f314","block_type":"box","text":"Authorized Participant (or an affiliated or unaffiliated broker-dealer), the Authorized Participant may be required, in its","page_number":149,"box":{"x":88,"y":686,"width":824,"height":13}},{"id":"3878eeb2-d5f7-4fce-a73f-7a38b189909b","block_type":"box","text":"capacity as broker-dealer with respect to that transaction, to cover certain brokerage, tax, foreign exchange, execution, and","page_number":149,"box":{"x":89,"y":702,"width":862,"height":12}},{"id":"db157807-3767-43d2-91db-36c35be7e9f7","block_type":"box","text":"price movement costs through an Execution Performance Guarantee, as described in the","page_number":149,"box":{"x":89,"y":717,"width":620,"height":12}},{"id":"9078ed21-65f7-42ff-a355-3a8789af3e2c","block_type":"box","text":"Brokerage Transactions","page_number":149,"box":{"x":714,"y":717,"width":163,"height":12}},{"id":"f250e73d-7109-4287-bd46-088a5f594c44","block_type":"box","text":"section of","page_number":149,"box":{"x":882,"y":717,"width":69,"height":9}},{"id":"41001538-453d-4c64-9793-04709b1bfe21","block_type":"box","text":"this SAI.","page_number":149,"box":{"x":88,"y":732,"width":56,"height":9}},{"id":"4faf4bb4-32f1-4e3c-8076-333e7ecd9137","block_type":"box","text":"Placement of Redemption Orders.","page_number":149,"box":{"x":89,"y":758,"width":243,"height":13}},{"id":"837740a3-6ca0-40d9-ae9f-8b9526c82f24","block_type":"box","text":"Redemption requests for Creation Units of the Funds must be submitted to the","page_number":149,"box":{"x":342,"y":758,"width":550,"height":13}},{"id":"97567cf9-4f71-487c-91e7-3303d262a8ea","block_type":"box","text":"Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable","page_number":149,"box":{"x":89,"y":773,"width":825,"height":13}},{"id":"b3fc5c34-abd8-437a-81fa-efd312c59db2","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":149,"box":{"x":89,"y":788,"width":840,"height":13}},{"id":"f338f5ab-a67f-4b18-8f8a-555db6937ed1","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":149,"box":{"x":89,"y":804,"width":843,"height":12}},{"id":"9d7eaab6-eec1-4e73-806e-6a1a115c3b73","block_type":"box","text":"Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for","page_number":149,"box":{"x":89,"y":819,"width":875,"height":12}},{"id":"41b8a437-d15e-4695-9e2e-2e65c9865a76","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":149,"box":{"x":89,"y":834,"width":869,"height":12}},{"id":"6e5efafe-c73d-4b58-a40d-d43e108d7ac8","block_type":"box","text":"Authorized Participants upon request.","page_number":149,"box":{"x":88,"y":849,"width":264,"height":12}},{"id":"d26d6783-2866-4804-ae10-ad34f6bdb2fe","block_type":"box","text":"126","page_number":149,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"624a3234-33e9-4afb-af09-fdc9403b5412","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":150,"box":{"x":88,"y":44,"width":867,"height":12}},{"id":"bb8293f8-7b97-43c4-861a-2a8e51ff1e9e","block_type":"box","text":"its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that","page_number":150,"box":{"x":89,"y":59,"width":854,"height":12}},{"id":"7892dd1b-e99d-4084-a58b-5a852401875e","block_type":"box","text":"their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem","page_number":150,"box":{"x":88,"y":74,"width":862,"height":12}},{"id":"0a25ee8b-1a34-41a7-be7c-daa8deecad82","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":150,"box":{"x":89,"y":89,"width":823,"height":13}},{"id":"ddcc2622-1e6f-4c57-9024-217afec61746","block_type":"box","text":"Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant","page_number":150,"box":{"x":88,"y":104,"width":861,"height":13}},{"id":"615fff2c-af17-4171-9682-798196402666","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":150,"box":{"x":88,"y":119,"width":877,"height":13}},{"id":"8dd4dc67-78b1-4b59-b65d-161cd47cf634","block_type":"box","text":"by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit","page_number":150,"box":{"x":89,"y":135,"width":857,"height":12}},{"id":"4c6659a8-c9bd-4b98-a88d-ff1bd42fdde5","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":150,"box":{"x":89,"y":150,"width":857,"height":12}},{"id":"f0920244-7f64-42b1-adf3-6015faa3ab09","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":150,"box":{"x":89,"y":165,"width":842,"height":12}},{"id":"67be9da3-65c8-486e-bda0-09d9c373700b","block_type":"box","text":"other financial intermediaries if such intermediaries are not Authorized Participants.","page_number":150,"box":{"x":89,"y":180,"width":585,"height":12}},{"id":"64511f02-69f9-4476-8dfa-81501f99577b","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":150,"box":{"x":88,"y":206,"width":850,"height":13}},{"id":"58dec63f-c081-4146-bad8-750a31632d52","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":150,"box":{"x":88,"y":222,"width":829,"height":12}},{"id":"0a4e6c41-6986-4d7f-9124-e0de0f0b8a5a","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":150,"box":{"x":89,"y":237,"width":833,"height":12}},{"id":"5703a57f-16df-4318-9dbc-1553338acaef","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":150,"box":{"x":89,"y":252,"width":866,"height":12}},{"id":"36fbf400-ed5b-4142-9b53-d9ba6600db27","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":150,"box":{"x":89,"y":267,"width":848,"height":12}},{"id":"438e3142-7c8b-4e0a-8523-a8d89e6eba7e","block_type":"box","text":"forth in the Authorized Participant Agreement are properly followed.","page_number":150,"box":{"x":88,"y":282,"width":477,"height":12}},{"id":"f5498651-42b7-4369-8dd3-a064cf6cd763","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":150,"box":{"x":89,"y":308,"width":843,"height":13}},{"id":"0656a4e9-f8e1-42b6-a990-d12028714209","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":150,"box":{"x":89,"y":324,"width":850,"height":12}},{"id":"d0a46fbf-fd42-4fee-a10a-354970dd6b48","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":150,"box":{"x":89,"y":339,"width":876,"height":12}},{"id":"5b608088-6121-4bc7-9f59-c21f1f9e8c5e","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":150,"box":{"x":88,"y":354,"width":869,"height":12}},{"id":"04cf2804-0b71-4836-939e-4e136b2231e0","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":150,"box":{"x":89,"y":369,"width":831,"height":12}},{"id":"3b3eea34-e20e-4410-871c-c1cc2f839e29","block_type":"box","text":"Participant submitting the redemption request.","page_number":150,"box":{"x":89,"y":384,"width":327,"height":12}},{"id":"e7730476-1e96-4d7f-80be-27ab97d4eb42","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":150,"box":{"x":88,"y":410,"width":854,"height":13}},{"id":"12b129dd-0bb6-43ae-8186-7d29c6eff0ec","block_type":"box","text":"appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in","page_number":150,"box":{"x":89,"y":426,"width":837,"height":12}},{"id":"78f50c66-c6da-4ade-90e2-17aff65901ce","block_type":"box","text":"which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.","page_number":150,"box":{"x":88,"y":441,"width":836,"height":12}},{"id":"811cbaaa-8e08-4748-a5e2-79ba5044dc25","block_type":"box","text":"For the iShares MSCI Global Silver and Metals Miners ETF, deliveries of redemption proceeds are generally made within one","page_number":150,"box":{"x":89,"y":467,"width":860,"height":13}},{"id":"363b6dbf-72a2-4c6b-80ad-d530d7779b52","block_type":"box","text":"Business Day (","page_number":150,"box":{"x":89,"y":482,"width":101,"height":13}},{"id":"ffe3c10f-29ed-41c6-8716-d9ad1e7206b8","block_type":"box","text":"i.e.","page_number":150,"box":{"x":191,"y":483,"width":17,"height":9}},{"id":"b3d8e9b3-f4d7-4ba8-bcc9-bd611861d045","block_type":"box","text":", “T+1”).","page_number":150,"box":{"x":211,"y":482,"width":56,"height":13}},{"id":"f9b9781b-a1a9-4da9-8ebd-10e6b4f90847","block_type":"box","text":"For the iShares Core MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM","page_number":150,"box":{"x":89,"y":509,"width":866,"height":12}},{"id":"25bbf4bc-08b6-493d-99b8-91065233f8b9","block_type":"box","text":"ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI BIC ETF, iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares","page_number":150,"box":{"x":89,"y":524,"width":865,"height":12}},{"id":"bdbb0aa0-0396-4cb5-803f-476f3cd5ea89","block_type":"box","text":"MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF,","page_number":150,"box":{"x":89,"y":539,"width":865,"height":12}},{"id":"5561efe8-cf75-4926-913f-0a5da1849738","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global","page_number":150,"box":{"x":89,"y":554,"width":851,"height":12}},{"id":"58f45ef5-9b72-4c7f-a4c9-ec8e8fa83520","block_type":"box","text":"Min Vol Factor ETF, iShares MSCI Malaysia ETF, iShares MSCI South Korea ETF and iShares MSCI Taiwan ETF, deliveries of","page_number":150,"box":{"x":89,"y":569,"width":848,"height":13}},{"id":"d136c6e3-1e6d-43d3-bc4f-2c4880fd073b","block_type":"box","text":"redemption proceeds are generally made within two Business Days (","page_number":150,"box":{"x":89,"y":584,"width":479,"height":13}},{"id":"4632d09b-ec88-419c-8b86-8f9c6925433e","block_type":"box","text":"i.e.","page_number":150,"box":{"x":569,"y":585,"width":17,"height":9}},{"id":"d68aa677-51a7-4c25-ac43-e16d2d6aa37f","block_type":"box","text":", “T+2”).","page_number":150,"box":{"x":589,"y":584,"width":56,"height":13}},{"id":"a44c4c94-db64-4e1e-aabe-d4cd6c11b8c4","block_type":"box","text":"For the iShares MSCI Global Gold Miners ETF, deliveries of redemption proceeds are generally made within three Business","page_number":150,"box":{"x":89,"y":611,"width":849,"height":12}},{"id":"06760f47-75ea-499a-99ee-150157acc2b3","block_type":"box","text":"Days (","page_number":150,"box":{"x":89,"y":626,"width":43,"height":12}},{"id":"b8afaa0c-3089-4789-b690-0230383aa5d1","block_type":"box","text":"i.e.","page_number":150,"box":{"x":133,"y":627,"width":17,"height":9}},{"id":"848fed12-381f-40a5-996f-6d2d66104cde","block_type":"box","text":", “T+3”).","page_number":150,"box":{"x":153,"y":626,"width":56,"height":12}},{"id":"719be613-5e5f-43e5-872c-6386be2dd96b","block_type":"box","text":"However, each Fund reserves the right to settle redemption transactions on a different basis, if necessary or appropriate","page_number":150,"box":{"x":89,"y":652,"width":835,"height":13}},{"id":"bd8aad1e-2dc1-437e-9f67-059fa013fda6","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":150,"box":{"x":89,"y":668,"width":772,"height":12}},{"id":"70c5397b-7d7a-4c25-8497-d8a63c16cda6","block_type":"box","text":"accommodating non-U.S. market holiday schedules and accounting for different treatment among non-U.S. and U.S. markets","page_number":150,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"d8c5d20b-a831-4838-b0d0-2187cfce7c6e","block_type":"box","text":"of dividend record dates and dividend ex-dates (i.e., the last date the holder of a security can sell the security and still receive","page_number":150,"box":{"x":89,"y":698,"width":872,"height":12}},{"id":"8bd1ccaa-26e4-4519-aff9-3cb60009f7b6","block_type":"box","text":"dividends payable on the security).","page_number":150,"box":{"x":89,"y":713,"width":242,"height":12}},{"id":"b46d01dd-84bf-4c3e-aaf9-e15ac8bf16c4","block_type":"box","text":"If neither the Authorized Participant nor the Beneficial Owner on whose behalf the Authorized Participant is acting has","page_number":150,"box":{"x":89,"y":739,"width":826,"height":13}},{"id":"c4fddaf8-59c2-4fb1-86a9-5a0b3911c5dd","block_type":"box","text":"appropriate arrangements to take delivery of Fund Securities in the applicable non-U.S. jurisdiction and it is not possible to","page_number":150,"box":{"x":89,"y":754,"width":856,"height":13}},{"id":"c14e86a7-8557-438b-9408-bf3762e02bc4","block_type":"box","text":"make other such arrangements, or if it is not possible to effect deliveries of Fund Securities in such jurisdiction, a Fund may in","page_number":150,"box":{"x":89,"y":770,"width":877,"height":12}},{"id":"e3c48565-a2ab-414b-ae1b-22dddd1e8089","block_type":"box","text":"its discretion exercise its option to redeem such shares in cash, and the Beneficial Owner will be required to receive its","page_number":150,"box":{"x":89,"y":785,"width":824,"height":12}},{"id":"f81e25d5-24fd-4929-ab72-b3c6e95685e6","block_type":"box","text":"redemption proceeds in cash. In such case, the investor will receive a cash payment equal to the net asset value of its shares","page_number":150,"box":{"x":89,"y":800,"width":868,"height":12}},{"id":"c4cae274-d8be-44ca-85e7-ab13f9eebf3e","block_type":"box","text":"based on the NAV of the relevant Fund next determined after the redemption request is received in proper form (minus a","page_number":150,"box":{"x":89,"y":815,"width":844,"height":12}},{"id":"726957a5-37ac-443d-a450-aa3ee2ca75dc","block_type":"box","text":"redemption transaction fee and additional charges specified above to offset the Fund’s brokerage and other transaction costs","page_number":150,"box":{"x":89,"y":830,"width":877,"height":12}},{"id":"de64485e-26ab-4962-9b2a-f9bbb168da7b","block_type":"box","text":"associated with the disposition of Fund Securities). Redemptions of shares for Fund Securities will be subject to compliance","page_number":150,"box":{"x":89,"y":845,"width":865,"height":12}},{"id":"dfd00d0c-1a86-41f2-a65a-cc81e318309d","block_type":"box","text":"with applicable U.S. federal and state securities laws and each Fund (whether or not it otherwise permits cash redemptions)","page_number":150,"box":{"x":88,"y":860,"width":867,"height":13}},{"id":"b9be322f-fb4f-429c-9584-ef3ae74baaac","block_type":"box","text":"127","page_number":150,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"5223e440-f2ac-47f7-a1ed-487162af501c","block_type":"box","text":"reserves the right to redeem Creation Units for cash to the extent that the Fund cannot lawfully deliver specific Fund","page_number":151,"box":{"x":89,"y":44,"width":812,"height":12}},{"id":"8acffcb6-aa50-4bb1-a457-16a729369203","block_type":"box","text":"Securities upon redemptions or cannot do so without first registering the Fund Securities under such laws.","page_number":151,"box":{"x":88,"y":59,"width":746,"height":12}},{"id":"ba938337-61d7-44eb-beb7-248876402790","block_type":"box","text":"Although the Company does not ordinarily permit cash redemptions of Creation Units (except that, as noted above, Creation","page_number":151,"box":{"x":88,"y":85,"width":872,"height":13}},{"id":"01e57978-4398-43ae-8766-9bc9e00ae02b","block_type":"box","text":"Units of the Partial Cash Funds generally will be redeemed partially for cash and Creation Units of the Cash Funds generally","page_number":151,"box":{"x":89,"y":101,"width":860,"height":12}},{"id":"cc15b835-0f9c-401d-8e96-a3d65dd8d31a","block_type":"box","text":"will be redeemed for cash), in the event that cash redemptions are permitted or required by the Company, proceeds will be","page_number":151,"box":{"x":88,"y":116,"width":857,"height":12}},{"id":"d592cc58-3a2e-4e69-81da-61337244ece4","block_type":"box","text":"paid to the Authorized Participant redeeming shares as soon as practicable after the date of redemption (within seven","page_number":151,"box":{"x":89,"y":131,"width":823,"height":12}},{"id":"daf80501-2c48-4a69-8581-56ccfb5b49a2","block_type":"box","text":"calendar days thereafter). If a Fund includes a foreign investment in its basket, and if a local market holiday, or series of","page_number":151,"box":{"x":89,"y":146,"width":832,"height":12}},{"id":"0ac4b634-cd5e-4ef4-a8ad-03ecd75bc57d","block_type":"box","text":"consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming Authorized","page_number":151,"box":{"x":89,"y":161,"width":800,"height":12}},{"id":"68aeb825-92f7-443f-9b86-6796039cc765","block_type":"box","text":"Participants prevents timely delivery of the foreign investment in response to a redemption request, a Fund may delay","page_number":151,"box":{"x":89,"y":176,"width":822,"height":13}},{"id":"2b76bec3-cf5e-4a46-ac00-a64c51bbc9c3","block_type":"box","text":"delivery of the foreign investment more than seven days if a Fund delivers the foreign investment as soon as practicable, but","page_number":151,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"d5675123-e8c3-4382-8c0d-bd897aa6a2ca","block_type":"box","text":"in no event later than 15 days.","page_number":151,"box":{"x":89,"y":206,"width":209,"height":13}},{"id":"9ad08782-69f8-4377-a91b-781e27c818cb","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":151,"box":{"x":88,"y":233,"width":825,"height":12}},{"id":"00096882-1606-498a-8326-f931d4ba6572","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":151,"box":{"x":88,"y":248,"width":872,"height":12}},{"id":"74599073-5c6a-42ab-84b9-49945ad723d4","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":151,"box":{"x":89,"y":263,"width":868,"height":12}},{"id":"4a8a534e-6551-4da0-8aee-1a20bbe0994e","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":151,"box":{"x":89,"y":278,"width":863,"height":13}},{"id":"0f771c07-487e-4c3d-b088-2e860c4d2f2d","block_type":"box","text":"undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be","page_number":151,"box":{"x":89,"y":293,"width":825,"height":13}},{"id":"030309e7-2216-43ce-a5e3-2cb2620e5020","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":151,"box":{"x":89,"y":308,"width":851,"height":13}},{"id":"1191386c-77da-4a43-8bbe-2c167e666e87","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":151,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"28b6ae5a-66ee-4e76-9831-eb53b7872ffc","block_type":"box","text":"after the date of submission of such redemption request and shall be held by State Street or Citibank, as applicable, and","page_number":151,"box":{"x":89,"y":339,"width":836,"height":12}},{"id":"1c8eee0d-281e-4c6b-b600-0959ac23c3d4","block_type":"box","text":"marked-to-market daily. The fees of State Street or Citibank, as applicable, and any sub-custodians in respect of the delivery,","page_number":151,"box":{"x":89,"y":354,"width":868,"height":12}},{"id":"a9b3e6b2-6cf0-4aab-aeae-462fe9a349b5","block_type":"box","text":"maintenance and redelivery of the collateral shall be payable by the Authorized Participant. The Authorized Participant","page_number":151,"box":{"x":89,"y":369,"width":825,"height":12}},{"id":"b9f49730-ea36-4b58-9487-488acabf68fa","block_type":"box","text":"Agreement permits the Funds to acquire shares of the Funds at any time and subjects the Authorized Participant to liability","page_number":151,"box":{"x":88,"y":384,"width":861,"height":12}},{"id":"4da1cedb-2968-4e60-b66f-894c43afc866","block_type":"box","text":"for any shortfall between the aggregate of the cost to the Funds of purchasing such shares, plus the value of the Cash","page_number":151,"box":{"x":88,"y":399,"width":824,"height":13}},{"id":"3969830f-cf10-429d-9fde-806fd6e05d9b","block_type":"box","text":"Amount, and the value of the collateral together with liability for related brokerage and other charges.","page_number":151,"box":{"x":88,"y":414,"width":712,"height":13}},{"id":"4247f080-9873-4ef9-9eeb-0f5bd7d48fb6","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":151,"box":{"x":89,"y":441,"width":826,"height":12}},{"id":"b25d53b2-fc62-4bcc-aa15-55da4c7ff051","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":151,"box":{"x":89,"y":456,"width":861,"height":12}},{"id":"d3c5d25d-dd65-4d39-b114-c23337964c45","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":151,"box":{"x":89,"y":471,"width":864,"height":12}},{"id":"5d8a9e02-a702-4f11-afea-9a1fb8831a0a","block_type":"box","text":"events in the relevant non-U.S. markets.","page_number":151,"box":{"x":89,"y":486,"width":277,"height":10}},{"id":"a144f412-84de-43bf-ae07-a61679101ee5","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":151,"box":{"x":88,"y":513,"width":852,"height":12}},{"id":"aa86fc9b-77f5-435a-9f7f-021d9828a70b","block_type":"box","text":"during which the applicable Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any","page_number":151,"box":{"x":89,"y":528,"width":844,"height":12}},{"id":"7a3ebfd5-4e04-4c95-bac2-59888ea367fd","block_type":"box","text":"period during which trading on the applicable Listing Exchange is suspended or restricted; (iii) for any period during which an","page_number":151,"box":{"x":89,"y":543,"width":878,"height":12}},{"id":"64869d6f-9518-4560-b1fd-1cc7aad3efc6","block_type":"box","text":"emergency exists as a result of which disposal of the shares of the Fund’s portfolio securities or determination of its NAV is","page_number":151,"box":{"x":89,"y":558,"width":859,"height":12}},{"id":"bc8a9ce0-57ae-4c6c-a028-42561a34cf17","block_type":"box","text":"not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.","page_number":151,"box":{"x":89,"y":573,"width":619,"height":12}},{"id":"54856baa-1a73-47cc-9302-be001e8057bb","block_type":"box","text":"Custom Baskets.","page_number":151,"box":{"x":89,"y":599,"width":118,"height":10}},{"id":"35bae4ab-07ea-44cb-9a9a-22de3033d0bd","block_type":"box","text":"Creation and Redemption baskets may differ and each Fund may accept “custom baskets.” A custom","page_number":151,"box":{"x":216,"y":599,"width":706,"height":13}},{"id":"aa860393-56d4-49ce-9d2f-3fdb25ee6813","block_type":"box","text":"basket may include any of the following: (i) a basket that is composed of a non-representative selection of a Fund’s portfolio","page_number":151,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"8b188b27-102f-47cb-923d-9db5a0b75b1f","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":151,"box":{"x":89,"y":630,"width":873,"height":12}},{"id":"dc454090-f252-4507-95fb-7c48bdf8c332","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":151,"box":{"x":89,"y":645,"width":877,"height":12}},{"id":"e7ccb99d-f6ec-400b-9de4-2a824757a5b3","block_type":"box","text":"procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of","page_number":151,"box":{"x":89,"y":660,"width":865,"height":12}},{"id":"2fceae4c-57bc-4d27-83ad-521f66aba795","block_type":"box","text":"custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom","page_number":151,"box":{"x":89,"y":675,"width":823,"height":12}},{"id":"a7a291a8-54f5-4dee-8cd5-67e04e4fb174","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":151,"box":{"x":89,"y":690,"width":859,"height":13}},{"id":"c4abe2e1-64e1-4d96-84e5-aa346f426362","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":151,"box":{"x":89,"y":705,"width":871,"height":13}},{"id":"10185a1a-d8e0-411c-ae93-e93e1db6d81a","block_type":"box","text":"compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of a","page_number":151,"box":{"x":89,"y":720,"width":854,"height":13}},{"id":"0fc0f7ce-a69b-4213-842c-c8050edf7ee0","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":151,"box":{"x":89,"y":736,"width":870,"height":12}},{"id":"bb6ed474-18fc-47f7-9cb7-85958f5bf69f","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":151,"box":{"x":89,"y":751,"width":856,"height":12}},{"id":"50beb7db-e237-4d0f-9fe5-8e7214ab3978","block_type":"box","text":"against potential risks of conflicts and/or overreaching by an Authorized Participant. BlackRock has established a governance","page_number":151,"box":{"x":89,"y":766,"width":877,"height":12}},{"id":"feb99005-3ea4-43ca-97fa-ff8cf74bf2b6","block_type":"box","text":"process to oversee basket compliance for the Funds, as set forth in each Fund’s policies and procedures.","page_number":151,"box":{"x":89,"y":781,"width":728,"height":12}},{"id":"4861f87b-5992-4c9d-884a-be240c5d31be","block_type":"box","text":"128","page_number":151,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"0a02a66c-4215-4bea-a40c-ce5115064d17","block_type":"box","text":"Taxation on Creations and Redemptions of Creation Units.","page_number":152,"box":{"x":88,"y":44,"width":418,"height":12}},{"id":"14461e6a-fba9-47c1-80e8-46046cae4287","block_type":"box","text":"An Authorized Participant generally will recognize either gain or","page_number":152,"box":{"x":519,"y":44,"width":445,"height":12}},{"id":"63021565-8fce-445f-b9e2-0d37ada150e9","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":152,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"8159371a-d13e-426e-b2c4-47a4ac116f02","block_type":"box","text":"the Creation Units purchased over the Authorized Participant’s aggregate basis in the Deposit Securities exchanged therefor.","page_number":152,"box":{"x":88,"y":74,"width":869,"height":12}},{"id":"454ae44b-e3d8-44bb-b835-da45fa1fc156","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":152,"box":{"x":89,"y":89,"width":870,"height":13}},{"id":"7b97e4e6-6d65-4ecb-a749-da345b2aa0dc","block_type":"box","text":"for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisors.","page_number":152,"box":{"x":88,"y":104,"width":753,"height":13}},{"id":"5a60d41a-500c-4581-ac32-14b00fd6af04","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":152,"box":{"x":89,"y":131,"width":829,"height":12}},{"id":"a2017328-ef21-437c-ad2d-a452486a10e3","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":152,"box":{"x":89,"y":146,"width":861,"height":12}},{"id":"d75efe57-7f89-4659-8b86-dcde91df690d","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":152,"box":{"x":89,"y":161,"width":859,"height":12}},{"id":"7599be34-1bf9-4fdf-9287-a3c3636e77ec","block_type":"box","text":"assets.","page_number":152,"box":{"x":89,"y":177,"width":45,"height":9}},{"id":"3960685e-49e4-4dba-983e-be22691c5500","block_type":"box","text":"Taxes","page_number":152,"box":{"x":88,"y":208,"width":94,"height":22}},{"id":"cfe62c2c-d305-4d76-852f-d3df12f552df","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":152,"box":{"x":88,"y":248,"width":878,"height":12}},{"id":"e0ad4ede-bf7c-4f01-9ead-9f8742110052","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":152,"box":{"x":89,"y":263,"width":847,"height":12}},{"id":"3f44c28d-b3f1-4344-ad7f-b423eaa335d4","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":152,"box":{"x":88,"y":278,"width":867,"height":13}},{"id":"edc7f061-8cb7-44a5-acf7-3682cad33deb","block_type":"box","text":"and prospective shareholders are urged to consult their own tax advisors with respect to the specific U.S. federal, state, local","page_number":152,"box":{"x":89,"y":293,"width":868,"height":13}},{"id":"4024bbb7-30f3-4864-9ccb-3b4224dea794","block_type":"box","text":"and non-U.S. tax consequences of investing in a Fund. The summary is based on the laws and judicial and administrative","page_number":152,"box":{"x":89,"y":308,"width":845,"height":13}},{"id":"292b5503-13bb-4992-b5fc-e743e2beb84e","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":152,"box":{"x":89,"y":324,"width":846,"height":12}},{"id":"2bb8bed8-692a-4467-9621-ec96096fc8af","block_type":"box","text":"Regulated Investment Company Qualifications.","page_number":152,"box":{"x":89,"y":350,"width":338,"height":12}},{"id":"55e87f88-5d70-471f-9264-b9ee374ff3e0","block_type":"box","text":"Each Fund intends to qualify for treatment as a separate RIC under","page_number":152,"box":{"x":437,"y":350,"width":465,"height":12}},{"id":"441a051e-e26e-4352-97db-9703d5b94129","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":152,"box":{"x":88,"y":365,"width":852,"height":12}},{"id":"6fa82a3f-aa0c-4fad-badf-8ef650157dde","block_type":"box","text":"90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains) and","page_number":152,"box":{"x":89,"y":380,"width":847,"height":13}},{"id":"b2010ed1-afb2-4c82-ad01-997534e92406","block_type":"box","text":"meet several other requirements. 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A Fund’s investments in partnerships,","page_number":152,"box":{"x":88,"y":736,"width":871,"height":12}},{"id":"2cfa4980-6049-477d-bac0-1410a16699e4","block_type":"box","text":"including in qualified publicly-traded partnerships, may result in the Fund being subject to state, local, or non-U.S. income,","page_number":152,"box":{"x":89,"y":751,"width":856,"height":12}},{"id":"c5524c18-3a56-4651-b5c9-4a490eb1b4dd","block_type":"box","text":"franchise or withholding tax liabilities.","page_number":152,"box":{"x":88,"y":766,"width":265,"height":12}},{"id":"2ab6ebbc-0557-4294-9f9d-3d041294e890","block_type":"box","text":"Taxation of RICs.","page_number":152,"box":{"x":88,"y":792,"width":121,"height":10}},{"id":"f7a8ab0b-024d-4b8d-a3e0-7c2e86b0dca0","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":152,"box":{"x":218,"y":792,"width":710,"height":13}},{"id":"09a2e156-a702-4f35-a31e-55a002a716e1","block_type":"box","text":"income and capital gains that it distributes to its shareholders, provided that it satisfies a minimum distribution requirement.","page_number":152,"box":{"x":89,"y":807,"width":871,"height":13}},{"id":"fed1ce51-8d13-4a8c-882b-b6102da0e4c6","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":152,"box":{"x":88,"y":822,"width":871,"height":13}},{"id":"a71f111d-9b84-49dd-9af7-16b54a315d72","block_type":"box","text":"“investment company taxable income” (i.e., income other than the excess of its net realized long-term capital gain over its","page_number":152,"box":{"x":89,"y":838,"width":853,"height":12}},{"id":"a3949a49-c0ee-4e79-832b-8d0316d1effb","block_type":"box","text":"net realized short-term capital loss), plus or minus certain adjustments, and (ii) 90% of its net tax-exempt income for the","page_number":152,"box":{"x":89,"y":853,"width":847,"height":12}},{"id":"008c4eb3-2640-4786-8269-80cd16e9c44d","block_type":"box","text":"129","page_number":152,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"ef1822a3-7384-416e-a83a-285844a6a586","block_type":"box","text":"taxable year. 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If a Fund fails to qualify for any taxable year as a RIC or fails to meet the distribution","page_number":153,"box":{"x":89,"y":59,"width":792,"height":12}},{"id":"ebdf7cb0-afd6-475c-910b-9ee21f455e0c","block_type":"box","text":"requirement, all of its taxable income will be subject to tax at regular corporate income tax rates without any deduction for","page_number":153,"box":{"x":89,"y":74,"width":859,"height":12}},{"id":"536ca037-6cd5-415b-a496-2c95636e5441","block_type":"box","text":"distributions to shareholders, and such distributions generally will be taxable to shareholders as ordinary dividends to the","page_number":153,"box":{"x":89,"y":89,"width":849,"height":13}},{"id":"7350ed9b-fcca-4786-9f89-eb383e676c79","block_type":"box","text":"extent of the Fund’s current and accumulated earnings and profits. In such event, distributions to individuals should be","page_number":153,"box":{"x":89,"y":104,"width":833,"height":13}},{"id":"2abb47d3-9833-42ed-9092-0bdbfd8bab83","block_type":"box","text":"eligible to be treated as qualified dividend income and distributions to corporate shareholders generally should be eligible for","page_number":153,"box":{"x":89,"y":119,"width":873,"height":13}},{"id":"ae7f6b7d-2b24-4d11-a3da-31e75fa49d9f","block_type":"box","text":"the dividends received deduction. Although each Fund intends to distribute substantially all of its net investment income and","page_number":153,"box":{"x":88,"y":135,"width":875,"height":12}},{"id":"d17a290f-40dc-4a04-97fb-cd2cb903400b","block_type":"box","text":"its capital gains for each taxable year, a Fund may decide to retain a portion of its income or gains. Each Fund will be subject","page_number":153,"box":{"x":89,"y":150,"width":869,"height":12}},{"id":"27d9d53e-d01d-451f-9e14-aa1cf5c58fbe","block_type":"box","text":"to U.S. federal income taxation and excise taxation (as described below) to the extent it does not distribute all (or, in the case","page_number":153,"box":{"x":88,"y":165,"width":874,"height":12}},{"id":"4d14553d-183b-4d5b-b402-32a7e679c45d","block_type":"box","text":"of the excise tax, substantially all) of such income or gains. 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Loss","page_number":154,"box":{"x":670,"y":55,"width":69,"height":9}},{"id":"c7c07b34-2f2e-43bf-bb30-0d48e4f8a44a","block_type":"box","text":"Carryforward","page_number":154,"box":{"x":666,"y":65,"width":76,"height":10}},{"id":"ad277605-67d4-4c7c-9733-49fe5aac151d","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF 45,313,721","page_number":154,"box":{"x":312,"y":87,"width":430,"height":11}},{"id":"611ae478-78ad-413d-898e-e68b5856ddac","block_type":"box","text":"iShares MSCI Global Silver and Metals","page_number":154,"box":{"x":312,"y":102,"width":253,"height":10}},{"id":"896d4cc2-25fc-4dc2-8f36-ec3b63d303f8","block_type":"box","text":"Miners ETF","page_number":154,"box":{"x":328,"y":117,"width":74,"height":10}},{"id":"97534581-a7ab-4a8b-8b71-887425991520","block_type":"box","text":"55,122,093","page_number":154,"box":{"x":672,"y":102,"width":72,"height":11}},{"id":"671db109-6000-4b77-8d19-7e963abafd6f","block_type":"box","text":"iShares MSCI Malaysia ETF 142,957,974","page_number":154,"box":{"x":312,"y":132,"width":432,"height":12}},{"id":"e51878d3-f468-4f77-ac7b-aad1f485a41c","block_type":"box","text":"iShares MSCI South Korea ETF 626,607,751","page_number":154,"box":{"x":312,"y":147,"width":430,"height":12}},{"id":"b9bf75b8-93f8-4a29-8181-7ca154b4e68f","block_type":"box","text":"Taxation of U.S. Shareholders.","page_number":154,"box":{"x":88,"y":180,"width":216,"height":10}},{"id":"e64d832f-f7cc-443b-ba3a-00b06856b2ea","block_type":"box","text":"Dividends and other distributions by a Fund are generally treated under the Internal Revenue","page_number":154,"box":{"x":318,"y":180,"width":647,"height":12}},{"id":"2fb9460b-f011-4fc7-9b7c-edde92e7172f","block_type":"box","text":"Code as received by the shareholders at the time the dividend or distribution is made. However, any dividend or distribution","page_number":154,"box":{"x":89,"y":195,"width":861,"height":12}},{"id":"d8e73ea2-0fda-41d5-8e73-2f91af1d80ac","block_type":"box","text":"declared by a Fund in October, November or December of any calendar year and payable to shareholders of record on a","page_number":154,"box":{"x":89,"y":210,"width":834,"height":13}},{"id":"e3dc7ef0-83f9-40d5-a070-62eb07e370e2","block_type":"box","text":"specified date in such a month shall be deemed to have been received by each shareholder on December 31 of such calendar","page_number":154,"box":{"x":89,"y":225,"width":876,"height":13}},{"id":"6d6f51b3-1c90-4cb3-8014-c92318c6e052","block_type":"box","text":"year and to have been paid by the Fund not later than such December 31, provided such dividend is actually paid by the Fund","page_number":154,"box":{"x":88,"y":240,"width":876,"height":13}},{"id":"b0e06368-116a-4071-b725-e591e19bce99","block_type":"box","text":"during January of the following calendar year.","page_number":154,"box":{"x":89,"y":256,"width":316,"height":12}},{"id":"2a72d227-a007-4c7a-84a2-0470c80efea4","block_type":"box","text":"Each Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income and","page_number":154,"box":{"x":89,"y":282,"width":860,"height":12}},{"id":"ead84ae2-583b-491b-bdfd-d428d0860e84","block_type":"box","text":"any net realized long-term capital gains in excess of net realized short-term capital losses (including any capital loss","page_number":154,"box":{"x":89,"y":297,"width":808,"height":12}},{"id":"f67ae6f6-d939-4d3b-85b4-3d508a97a85b","block_type":"box","text":"carryovers). However, if a Fund retains for investment an amount equal to all or a portion of its net long-term capital gains in","page_number":154,"box":{"x":89,"y":312,"width":870,"height":13}},{"id":"be6e9750-7492-487e-971f-cafa4a6e54b5","block_type":"box","text":"excess of its net short-term capital losses (including any capital loss carryovers), it will be subject to a corporate tax (at a flat","page_number":154,"box":{"x":89,"y":327,"width":871,"height":13}},{"id":"d19be1d4-c383-4fd9-a036-f27e935ddabf","block_type":"box","text":"rate of 21%) on the amount retained. In that event, unless the retained amount is deemed to be de minimis or the applicable","page_number":154,"box":{"x":89,"y":342,"width":872,"height":13}},{"id":"e14c3617-47c0-46f6-b91f-c0a9b7cd1517","block_type":"box","text":"tax is otherwise reimbursed by BFA or an affiliate, the Fund will generally designate such retained amounts as undistributed","page_number":154,"box":{"x":88,"y":358,"width":864,"height":12}},{"id":"251f9c00-70e3-4f59-8cbf-431dc576ef4e","block_type":"box","text":"capital gains in a notice to its shareholders who (a) will be required to include in income for U.S. federal income tax purposes,","page_number":154,"box":{"x":89,"y":373,"width":877,"height":12}},{"id":"5b260711-8a71-48ee-ad20-c7247cc618d6","block_type":"box","text":"as long-term capital gains, their proportionate shares of the undistributed amount, (b) will be entitled to credit their","page_number":154,"box":{"x":89,"y":388,"width":810,"height":12}},{"id":"c434a8c5-7025-4666-bd29-456d3a8a01e5","block_type":"box","text":"proportionate shares of the tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities,","page_number":154,"box":{"x":89,"y":403,"width":870,"height":12}},{"id":"a8be110a-8f1b-4505-a86e-6b0840ac97cc","block_type":"box","text":"if any, and to claim refunds to the extent their credits exceed their liabilities, if any, and (c) will be entitled to increase their tax","page_number":154,"box":{"x":89,"y":418,"width":875,"height":12}},{"id":"99f4927f-9702-47a7-94e5-68cfb446db1f","block_type":"box","text":"basis, for U.S. federal income tax purposes, in their shares by an amount equal to the excess of the amount in clause (a) over","page_number":154,"box":{"x":89,"y":433,"width":871,"height":13}},{"id":"37a89dcb-5209-407c-b51e-d7c9f8fafb83","block_type":"box","text":"the amount in clause (b). Organizations or persons not subject to U.S. federal income tax on such capital gains will be","page_number":154,"box":{"x":88,"y":448,"width":824,"height":13}},{"id":"c009de1a-8731-45ff-a40b-d056423a24f7","block_type":"box","text":"entitled to a refund of their","page_number":154,"box":{"x":89,"y":463,"width":188,"height":10}},{"id":"b36c410b-14d3-4b17-af19-b8158d260c76","block_type":"box","text":"pro rata","page_number":154,"box":{"x":280,"y":465,"width":56,"height":11}},{"id":"9a9816d1-3039-4c1d-b742-04d3f5cc9727","block_type":"box","text":"share of such taxes paid by the Fund upon filing appropriate returns or claims for refund","page_number":154,"box":{"x":341,"y":463,"width":617,"height":13}},{"id":"abf1bda8-7e5c-450b-b692-b1f85cf0362f","block_type":"box","text":"with the IRS.","page_number":154,"box":{"x":88,"y":479,"width":87,"height":9}},{"id":"2eeabcf3-fd46-4730-a5cf-0404ab5bc45e","block_type":"box","text":"Distributions of net realized long-term capital gains, if any, that a Fund reports as capital gains dividends are taxable as long","page_number":154,"box":{"x":89,"y":505,"width":870,"height":12}},{"id":"82a85a27-0aa6-47df-9488-c0deb6c377c4","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":154,"box":{"x":88,"y":520,"width":861,"height":12}},{"id":"333fd570-9ea3-4f7f-9c3a-ad649ca61e39","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":154,"box":{"x":88,"y":535,"width":870,"height":13}},{"id":"4253f4dc-2296-4667-b3e8-f42e803ac3c4","block_type":"box","text":"and profits (“regular dividends”) are generally subject to tax as ordinary income, subject to the discussion of qualified","page_number":154,"box":{"x":89,"y":550,"width":821,"height":13}},{"id":"af6d52b4-b791-4519-a02a-036837314918","block_type":"box","text":"dividend income below. Long-term capital gains are eligible for taxation at a maximum rate of 15% or 20% for non-corporate","page_number":154,"box":{"x":89,"y":565,"width":878,"height":13}},{"id":"a18f99d0-0527-41cd-806e-2ef3b0b6e8c0","block_type":"box","text":"shareholders, depending on whether their income exceeds certain threshold amounts.","page_number":154,"box":{"x":89,"y":581,"width":604,"height":12}},{"id":"9fd73202-b29c-4240-bc5f-6898fc90f0e5","block_type":"box","text":"If an individual receives a regular dividend qualifying for the long-term capital gains rates and such dividend constitutes an","page_number":154,"box":{"x":89,"y":607,"width":857,"height":12}},{"id":"3ee22d1c-8c63-443f-9c9a-5d1a11b1d022","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":154,"box":{"x":89,"y":622,"width":846,"height":12}},{"id":"9f422072-aead-440a-9481-77dbc3e8d2a6","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":154,"box":{"x":88,"y":637,"width":850,"height":13}},{"id":"143c2f53-a8c1-46c7-a049-02a7df093d65","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":154,"box":{"x":89,"y":652,"width":876,"height":13}},{"id":"7511a813-fc24-477b-a9c0-9d1f53279c45","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":154,"box":{"x":89,"y":668,"width":840,"height":12}},{"id":"94a09603-1338-40d7-87ae-43cc6813363a","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":154,"box":{"x":89,"y":683,"width":863,"height":12}},{"id":"ed4d5a26-a348-4291-bc59-3271d91cf765","block_type":"box","text":"of stock, aggregating dividends with ex-dividend dates within a 365-day period.","page_number":154,"box":{"x":89,"y":698,"width":558,"height":12}},{"id":"ee4077bc-39a1-4fa3-8546-8a3239fba261","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":154,"box":{"x":89,"y":724,"width":868,"height":13}},{"id":"66d1d455-16d4-4b76-a326-2be3333156f8","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":154,"box":{"x":88,"y":739,"width":855,"height":13}},{"id":"dcdc0fba-6d4a-4638-97b3-068828b2e3f5","block_type":"box","text":"shareholder holds shares of the Fund as capital assets). Distributions in excess of a Fund’s minimum distribution","page_number":154,"box":{"x":89,"y":754,"width":787,"height":13}},{"id":"7591b877-4185-424f-bef4-2303c834167d","block_type":"box","text":"requirements, but not in excess of a Fund’s earnings and profits, will be taxable to shareholders and will not constitute","page_number":154,"box":{"x":89,"y":770,"width":828,"height":12}},{"id":"fd09b138-762f-4d9e-8751-b18764d56299","block_type":"box","text":"nontaxable returns of capital. Shareholders receiving dividends or distributions in the form of additional shares should be","page_number":154,"box":{"x":89,"y":785,"width":847,"height":12}},{"id":"b984eba7-d602-465f-93b5-c77673830fad","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":154,"box":{"x":88,"y":800,"width":867,"height":12}},{"id":"62c2496d-81d1-44d8-ac87-b274eae02a02","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":154,"box":{"x":89,"y":815,"width":878,"height":12}},{"id":"ae3e9068-84e9-4dda-b120-b64e82eb1607","block_type":"box","text":"such amount.","page_number":154,"box":{"x":89,"y":830,"width":95,"height":10}},{"id":"62f1b1d3-40f8-4618-bfa9-3666601c4f9c","block_type":"box","text":"131","page_number":154,"box":{"x":517,"y":894,"width":20,"height":9}},{"id":"cb3fc7d8-8c55-482e-ba30-be2de48631b1","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":155,"box":{"x":88,"y":44,"width":854,"height":12}},{"id":"53af1094-df7a-4d4b-817a-7917609cc562","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":155,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"a21d4f81-a0ba-4629-83a5-cae076d395f8","block_type":"box","text":"filing jointly) and of estates and trusts.","page_number":155,"box":{"x":88,"y":74,"width":269,"height":12}},{"id":"edb41620-ed55-4deb-a9f3-b1e57faff207","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":155,"box":{"x":89,"y":101,"width":851,"height":12}},{"id":"67b62a38-3513-44ea-a45f-60f60ed3c83a","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":155,"box":{"x":89,"y":116,"width":864,"height":12}},{"id":"12a4ccd1-11a8-4211-811b-0f9221ac7dbe","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":155,"box":{"x":89,"y":131,"width":849,"height":12}},{"id":"1fb4e0e7-f399-48d4-a62c-5a85ee0d2351","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":155,"box":{"x":89,"y":146,"width":866,"height":12}},{"id":"d0419acb-e85c-48bf-b30b-81def88d399f","block_type":"box","text":"but as of the later of (a) the date such security became ex-dividend with respect to such dividends (","page_number":155,"box":{"x":89,"y":161,"width":698,"height":12}},{"id":"05787b9b-6f25-4ce6-b8dc-136fb95115bc","block_type":"box","text":"i.e.","page_number":155,"box":{"x":789,"y":162,"width":17,"height":9}},{"id":"7e0db6eb-3dbd-4c6f-8e86-e47ac48f0ea7","block_type":"box","text":", the date on which a","page_number":155,"box":{"x":808,"y":161,"width":146,"height":11}},{"id":"9144c489-9ddb-4090-95dd-8dbc2fbbb85e","block_type":"box","text":"buyer of the security would not be entitled to receive the declared, but unpaid, dividends); or (b) the date the Fund acquired","page_number":155,"box":{"x":89,"y":176,"width":866,"height":13}},{"id":"b5c6b032-db4c-4325-881e-24d7672a83c9","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":155,"box":{"x":89,"y":191,"width":863,"height":13}},{"id":"8a28887c-c330-4465-9d4b-6f661d3108d5","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":155,"box":{"x":89,"y":206,"width":862,"height":13}},{"id":"e5fb449e-8ab1-4b0c-8691-c06a69d5080a","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":155,"box":{"x":89,"y":233,"width":843,"height":12}},{"id":"39cd674c-9e3b-48f0-a483-566cc7b1e641","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":155,"box":{"x":89,"y":248,"width":859,"height":12}},{"id":"afd571d8-c162-4611-9aab-4f6dcf50e96e","block_type":"box","text":"sum of (i) the excess of post-October foreign currency and passive foreign investment company (“PFIC”) losses over post","page_number":155,"box":{"x":89,"y":263,"width":855,"height":12}},{"id":"0ae1030f-4f31-414b-8f99-b6b0fdf7b5d4","block_type":"box","text":"October foreign currency and PFIC gains and (ii) the excess of post-December ordinary losses over post-December ordinary","page_number":155,"box":{"x":89,"y":278,"width":868,"height":13}},{"id":"05d8ba59-46a7-4c9c-b37b-48f0d11c11b6","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":155,"box":{"x":89,"y":293,"width":845,"height":13}},{"id":"7021674b-12c2-4875-9711-a0ab99ee4b29","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":155,"box":{"x":89,"y":308,"width":870,"height":13}},{"id":"16d53355-2a03-46c6-9e63-eba8ab6a97e4","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":155,"box":{"x":89,"y":324,"width":504,"height":12}},{"id":"13f9e105-957b-40ee-af0c-a2816368b657","block_type":"box","text":"Sales of Shares.","page_number":155,"box":{"x":88,"y":350,"width":113,"height":10}},{"id":"934fde84-2875-4096-a469-cece8eb70931","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":155,"box":{"x":210,"y":350,"width":743,"height":12}},{"id":"4bf103e5-6a84-44cf-b3cf-6deb855b364b","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":155,"box":{"x":89,"y":365,"width":868,"height":12}},{"id":"7860daa7-a3d2-44e6-9828-063c7830aa5e","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":155,"box":{"x":88,"y":380,"width":876,"height":13}},{"id":"cda1f40b-967a-4eab-b8eb-80aabdd60122","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":155,"box":{"x":89,"y":395,"width":866,"height":13}},{"id":"745ccd49-8080-43f8-814a-5c89f773406b","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":155,"box":{"x":88,"y":410,"width":863,"height":13}},{"id":"59444bc9-de98-4628-a255-899d73e2b044","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":155,"box":{"x":88,"y":426,"width":875,"height":12}},{"id":"e12b1f2c-d412-4c90-ab70-cb77678aca7e","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":155,"box":{"x":89,"y":441,"width":860,"height":12}},{"id":"e9e9be2e-7334-4896-8100-00802222c5ad","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":155,"box":{"x":89,"y":456,"width":810,"height":12}},{"id":"9c5b1766-1264-4dae-a359-ac99986c8247","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":155,"box":{"x":89,"y":471,"width":871,"height":12}},{"id":"6d7dd7f6-7a31-48ea-a7b0-aaeabcd8d0c7","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":155,"box":{"x":88,"y":486,"width":841,"height":12}},{"id":"2317b4b7-757d-4df7-b340-ce52af7f9518","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":155,"box":{"x":89,"y":501,"width":865,"height":13}},{"id":"beb7e784-9b83-4213-acf8-771a89a6677b","block_type":"box","text":"Medicare contribution tax described above will apply to the sale of Fund shares.","page_number":155,"box":{"x":89,"y":516,"width":557,"height":13}},{"id":"e2a1acab-36e0-47d8-b942-ebbfd955c110","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":155,"box":{"x":89,"y":543,"width":864,"height":12}},{"id":"52ce1511-e73e-4d1b-b636-2a7a4aaf7a09","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":155,"box":{"x":89,"y":558,"width":854,"height":12}},{"id":"4fe99f40-0be4-4472-bb3a-36f1a2fad70b","block_type":"box","text":"charge is reduced by reason of a reinvestment right (","page_number":155,"box":{"x":89,"y":573,"width":368,"height":12}},{"id":"38e84f62-4f64-4565-80d3-af9b3ef67202","block_type":"box","text":"e.g.","page_number":155,"box":{"x":458,"y":576,"width":23,"height":9}},{"id":"9c837bfc-101e-4ec2-900c-2a1ac59240fd","block_type":"box","text":", an exchange privilege), the original sales charge will not be taken","page_number":155,"box":{"x":483,"y":573,"width":463,"height":12}},{"id":"2149b636-19cc-4358-85f8-07f0665e624e","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":155,"box":{"x":89,"y":588,"width":875,"height":12}},{"id":"24ba5cc1-25b8-4333-a46f-82b187eff773","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":155,"box":{"x":89,"y":603,"width":870,"height":13}},{"id":"54147eb2-97ea-4ed2-98eb-71184de99f0a","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":155,"box":{"x":89,"y":618,"width":839,"height":13}},{"id":"114db053-b6bd-49f4-884f-c1b98b4f8e2e","block_type":"box","text":"provision prevents shareholders from immediately deducting the sales charge by shifting their investments within a family of","page_number":155,"box":{"x":89,"y":633,"width":874,"height":13}},{"id":"8a74cbb3-fd4d-46d7-912c-d0a1128fb0bc","block_type":"box","text":"mutual funds.","page_number":155,"box":{"x":89,"y":649,"width":96,"height":9}},{"id":"94febcd6-97f3-4dac-9d1c-355207dd305f","block_type":"box","text":"Backup Withholding.","page_number":155,"box":{"x":89,"y":675,"width":150,"height":12}},{"id":"7458c3a7-a843-4de5-aa82-edbb81f885bb","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":155,"box":{"x":249,"y":675,"width":707,"height":12}},{"id":"73b31c04-2054-4f3e-ae54-bd7b47549f93","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":155,"box":{"x":89,"y":690,"width":868,"height":13}},{"id":"8c9460db-8de7-483d-9cb4-ee59d9102f18","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":155,"box":{"x":89,"y":705,"width":828,"height":13}},{"id":"5fec6c9c-cef3-4a77-b499-cd67b3c7c316","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":155,"box":{"x":89,"y":720,"width":874,"height":13}},{"id":"0094eafb-bf5b-4f53-98ae-ebc8bc451516","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":155,"box":{"x":89,"y":736,"width":853,"height":12}},{"id":"9e417de2-ba91-4731-9131-c440d49253d3","block_type":"box","text":"income tax liability.","page_number":155,"box":{"x":89,"y":751,"width":132,"height":12}},{"id":"e30689af-22e6-4cd6-990c-ad07cbff03ee","block_type":"box","text":"Sections 351 and 362.","page_number":155,"box":{"x":88,"y":777,"width":159,"height":10}},{"id":"a0f02afd-1dc6-4e11-a306-23f80b88bb43","block_type":"box","text":"The Company, on behalf of each Fund, has the right to reject an order for a purchase of shares of the","page_number":155,"box":{"x":256,"y":777,"width":705,"height":12}},{"id":"52c59f50-b923-41a9-86a0-f45311ae9b14","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":155,"box":{"x":89,"y":792,"width":824,"height":13}},{"id":"f2e704a8-3d0e-46dc-a1c0-5e5e3d2b10d7","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":155,"box":{"x":89,"y":807,"width":864,"height":13}},{"id":"a47f04b6-6a62-4a52-9eae-0009cd001e9c","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":155,"box":{"x":89,"y":822,"width":841,"height":13}},{"id":"6e59d55d-e6a6-4242-8fa0-457e8cc7b9d6","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":155,"box":{"x":89,"y":838,"width":865,"height":12}},{"id":"05909b62-8d57-413e-84d6-642888808e97","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":155,"box":{"x":88,"y":853,"width":861,"height":12}},{"id":"1b6be316-e5e0-498b-be87-2d115b09c87f","block_type":"box","text":"132","page_number":155,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"e83f4c17-53ee-4e63-8a3a-95066c018ef7","block_type":"box","text":"not anticipated that the Company will exercise the right of rejection except in a case where the Company determines that","page_number":156,"box":{"x":89,"y":44,"width":848,"height":12}},{"id":"cb50425f-5db1-40c4-81eb-22a43d6d907a","block_type":"box","text":"accepting the order could result in material adverse tax consequences to a Fund or its shareholders. The Company also has","page_number":156,"box":{"x":89,"y":59,"width":862,"height":12}},{"id":"4c710a1d-89ec-43fe-a656-44e29d8fbb5a","block_type":"box","text":"the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination.","page_number":156,"box":{"x":88,"y":74,"width":860,"height":12}},{"id":"a7caf8d5-cc07-44d7-8bd7-48daf6e66495","block_type":"box","text":"Taxation of Certain Derivatives.","page_number":156,"box":{"x":88,"y":101,"width":225,"height":9}},{"id":"35f260c6-f239-48b7-a322-22f856eceadb","block_type":"box","text":"A Fund’s transactions in zero coupon securities, non-U.S. currencies, forward contracts,","page_number":156,"box":{"x":322,"y":101,"width":612,"height":12}},{"id":"7712cf6e-5568-4c86-849a-65aa5a6fb42f","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":156,"box":{"x":89,"y":116,"width":865,"height":12}},{"id":"d80debe5-d29b-412a-9e85-b5f65840ba41","block_type":"box","text":"be subject to special provisions of the Internal Revenue Code (including provisions relating to “hedging transactions” and","page_number":156,"box":{"x":89,"y":131,"width":848,"height":12}},{"id":"eee7c48c-892e-46af-abc3-a220315b9585","block_type":"box","text":"“straddles”) that, among other consequences, may affect the character of gains and losses realized by the Fund (","page_number":156,"box":{"x":89,"y":146,"width":789,"height":12}},{"id":"22820d6a-d263-47b0-bf9d-6317cdd9c919","block_type":"box","text":"i.e.","page_number":156,"box":{"x":879,"y":147,"width":18,"height":9}},{"id":"43a88323-e6e1-48fd-b8e0-be9e103b8a6e","block_type":"box","text":", may","page_number":156,"box":{"x":899,"y":149,"width":37,"height":9}},{"id":"730704e9-ff40-4c01-ac3c-7f2c4763fa9b","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":156,"box":{"x":89,"y":161,"width":856,"height":12}},{"id":"fc158e63-364f-40ca-a5ee-e1cfd62e532b","block_type":"box","text":"These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also","page_number":156,"box":{"x":88,"y":176,"width":856,"height":13}},{"id":"e2a24e06-6f0f-4878-b83e-9b6888f18fc8","block_type":"box","text":"(a) will require a Fund to mark-to-market certain types of the positions in its portfolio (","page_number":156,"box":{"x":89,"y":191,"width":607,"height":13}},{"id":"dd07356d-6d22-44cb-936a-f76fa6fe91ef","block_type":"box","text":"i.e.","page_number":156,"box":{"x":697,"y":192,"width":18,"height":9}},{"id":"86cf89ee-938a-415b-bb10-db499253978e","block_type":"box","text":", treat them as if they were closed","page_number":156,"box":{"x":717,"y":191,"width":235,"height":13}},{"id":"f5de9ee1-8574-44a7-8eee-29945262211b","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":156,"box":{"x":89,"y":206,"width":819,"height":13}},{"id":"efc6d0db-ed1c-41cf-b99e-5544a24e1b19","block_type":"box","text":"dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise","page_number":156,"box":{"x":89,"y":222,"width":876,"height":12}},{"id":"f8950721-68cc-4c81-a5ef-d9bacac01c2a","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":156,"box":{"x":88,"y":237,"width":879,"height":12}},{"id":"76b393df-c29e-4cf9-aba7-06451d7c8e71","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":156,"box":{"x":89,"y":252,"width":816,"height":12}},{"id":"dd239a3a-f3a9-4133-bca7-53dadeae8680","block_type":"box","text":"contract or hedged investment in order to mitigate the effect of these rules and prevent disqualification of a Fund as a RIC.","page_number":156,"box":{"x":89,"y":267,"width":856,"height":12}},{"id":"9be80089-2191-4f23-b634-63d33beddb6b","block_type":"box","text":"A Fund’s investments in so-called “Section 1256 contracts,” such as regulated futures contracts, most non-U.S. currency","page_number":156,"box":{"x":88,"y":293,"width":846,"height":13}},{"id":"91dca9e1-6912-4982-bf4b-9c56208aeb67","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":156,"box":{"x":88,"y":308,"width":854,"height":13}},{"id":"cca428c7-27c6-4882-90f1-021b1ec60993","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":156,"box":{"x":88,"y":324,"width":870,"height":12}},{"id":"aaa54f58-792b-4ca9-8a8d-1c518d0cdc0f","block_type":"box","text":"unrealized gain or loss on those positions will be included in a Fund’s income as if each position had been sold for its fair","page_number":156,"box":{"x":89,"y":339,"width":843,"height":12}},{"id":"e3b2c649-8b50-466b-9b15-8745d3105b19","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":156,"box":{"x":89,"y":354,"width":844,"height":12}},{"id":"951b99c8-4e33-47c2-8eca-f4710f89c930","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":156,"box":{"x":89,"y":369,"width":854,"height":12}},{"id":"c840e67f-e3ed-414f-9047-2f79add5b1f5","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":156,"box":{"x":89,"y":384,"width":838,"height":12}},{"id":"0094d54d-5148-4fdc-b7e0-ee967a817df7","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":156,"box":{"x":88,"y":399,"width":860,"height":13}},{"id":"e180f4f9-3c34-48a5-a898-9c2d5ac9ca39","block_type":"box","text":"regardless of the period of time the positions were actually held by a Fund.","page_number":156,"box":{"x":89,"y":414,"width":520,"height":13}},{"id":"8d64dd76-89f8-45f4-8496-b904e98797a6","block_type":"box","text":"As a result of entering into swap contracts, a Fund may make or receive periodic net payments. A Fund may also make or","page_number":156,"box":{"x":88,"y":441,"width":849,"height":12}},{"id":"cd2bce08-28c8-441c-ad00-01a0065f1c99","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":156,"box":{"x":89,"y":456,"width":808,"height":12}},{"id":"358d5629-d704-42aa-bc02-3fb59b99f513","block_type":"box","text":"transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will","page_number":156,"box":{"x":88,"y":471,"width":864,"height":12}},{"id":"39113a07-b04c-402a-85d3-3d200e13281c","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":156,"box":{"x":89,"y":486,"width":878,"height":12}},{"id":"c5ae010f-b164-4f22-a663-f53af3c10355","block_type":"box","text":"more than one year). With respect to certain types of swaps, a Fund may be required to currently recognize income or loss","page_number":156,"box":{"x":89,"y":501,"width":855,"height":13}},{"id":"6f291b16-df5a-49db-adba-36edc8e6c3f5","block_type":"box","text":"with respect to future payments on such swaps or may elect under certain circumstances to mark such swaps to market","page_number":156,"box":{"x":88,"y":516,"width":845,"height":13}},{"id":"8f98cea9-8a81-44cf-a428-39d5586364bb","block_type":"box","text":"annually for tax purposes as ordinary income or loss.","page_number":156,"box":{"x":89,"y":531,"width":369,"height":13}},{"id":"3ba6d32d-156d-4da6-9f50-fd6eaf0b3aeb","block_type":"box","text":"Qualified Dividend Income.","page_number":156,"box":{"x":89,"y":558,"width":196,"height":11}},{"id":"7b1b1880-a234-4b34-84f0-94e2ca4a81f6","block_type":"box","text":"Distributions by a Fund of investment company taxable income (including any short-term","page_number":156,"box":{"x":294,"y":558,"width":627,"height":12}},{"id":"cbb4394c-0968-4dda-84fa-15d4974ac6fa","block_type":"box","text":"capital gains), whether received in cash or shares, will be taxable either as ordinary income or as qualified dividend income,","page_number":156,"box":{"x":89,"y":573,"width":861,"height":12}},{"id":"6853777c-ebc5-4310-a7aa-859d2fc74eb5","block_type":"box","text":"which is eligible to be taxed at long-term capital gain rates to the extent a Fund receives qualified dividend income on the","page_number":156,"box":{"x":88,"y":588,"width":850,"height":12}},{"id":"dc7499e8-c457-4529-88c0-5da8137f8e5e","block_type":"box","text":"securities it holds and a Fund reports the distribution as qualified dividend income. Qualified dividend income is, in general,","page_number":156,"box":{"x":89,"y":603,"width":861,"height":13}},{"id":"b4561ae2-fa01-4736-8c16-5db2f724697d","block_type":"box","text":"dividend income from taxable U.S. corporations (but generally not from U.S. REITs) and certain non-U.S. corporations (","page_number":156,"box":{"x":89,"y":618,"width":831,"height":13}},{"id":"94907cbc-3920-4647-9f93-0f1313191a32","block_type":"box","text":"e.g.","page_number":156,"box":{"x":921,"y":621,"width":23,"height":10}},{"id":"e5b2aa5c-b38f-457b-83df-9031333a46a2","block_type":"box","text":",","page_number":156,"box":{"x":946,"y":627,"width":2,"height":3}},{"id":"f2abef51-1691-4988-8374-7ad02cf5c89e","block_type":"box","text":"non-U.S. corporations that are not PFICs and which are incorporated in a possession of the U.S. or in certain countries with a","page_number":156,"box":{"x":89,"y":633,"width":872,"height":13}},{"id":"95939556-961c-47a3-965e-f3547e5d859a","block_type":"box","text":"comprehensive tax treaty with the U.S., or the stock of which is readily tradable on an established securities market in the","page_number":156,"box":{"x":89,"y":649,"width":848,"height":12}},{"id":"d98cfb30-25b4-43dd-b9ef-db1bcda362ff","block_type":"box","text":"U.S. (where the dividends are paid with respect to such stock)). Substitute payments received by a Fund for securities lent out","page_number":156,"box":{"x":89,"y":664,"width":879,"height":12}},{"id":"4eae2c8e-b8f1-4eae-b4d3-e8b003c19c61","block_type":"box","text":"by a Fund will not be qualified dividend income.","page_number":156,"box":{"x":89,"y":679,"width":332,"height":12}},{"id":"7d465ea2-8eea-43b9-bf17-ed3bd795cf8c","block_type":"box","text":"A dividend from a Fund will not be treated as qualified dividend income to the extent that: (i) the shareholder has not held","page_number":156,"box":{"x":88,"y":705,"width":855,"height":13}},{"id":"aaec8dab-6719-422d-9fb0-b3214757e512","block_type":"box","text":"the shares on which the dividend was paid for 61 days during the 121-day period that begins on the date that is 60 days","page_number":156,"box":{"x":88,"y":720,"width":838,"height":13}},{"id":"bea55dc3-5dcd-44f0-a9a5-514bdc950601","block_type":"box","text":"before the date on which the shares become ex-dividend with respect to such dividend or a Fund fails to satisfy those","page_number":156,"box":{"x":89,"y":736,"width":823,"height":12}},{"id":"65a5a220-a4b4-44b2-8f7b-2e65342d9156","block_type":"box","text":"holding period requirements with respect to the securities it holds that paid the dividends distributed to the shareholder (or,","page_number":156,"box":{"x":89,"y":751,"width":866,"height":12}},{"id":"9b2e965d-dc95-4e0a-b152-e5e320bdd33e","block_type":"box","text":"in the case of certain preferred stocks, the holding requirement of 91 days during the 181-day period beginning on the date","page_number":156,"box":{"x":89,"y":766,"width":860,"height":12}},{"id":"9f16fca8-eba4-4b94-8932-745ea82b3c39","block_type":"box","text":"that is 90 days before the date on which the stock becomes ex-dividend with respect to such dividend); (ii) a Fund or the","page_number":156,"box":{"x":88,"y":781,"width":847,"height":12}},{"id":"0186af0c-be19-46b1-9d69-595f183ac560","block_type":"box","text":"shareholder is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to","page_number":156,"box":{"x":89,"y":796,"width":872,"height":12}},{"id":"a451c1f9-b6fa-4dd8-97b2-e30a34fa0e66","block_type":"box","text":"substantially similar or related property; or (iii) the shareholder elects to treat such dividend as investment income under","page_number":156,"box":{"x":89,"y":811,"width":843,"height":12}},{"id":"9285f543-1f11-4906-bc32-9b5dcd05d6e9","block_type":"box","text":"Section 163(d)(4)(B) of the Internal Revenue Code. Dividends received by a Fund from a REIT or another RIC may be treated","page_number":156,"box":{"x":88,"y":826,"width":867,"height":13}},{"id":"0cecfa32-08c1-4a25-9631-f42a142d3067","block_type":"box","text":"as qualified dividend income only to the extent the dividend distributions are attributable to qualified dividend income","page_number":156,"box":{"x":89,"y":841,"width":825,"height":13}},{"id":"bcf6c49c-dfe4-4686-bb81-1db2166ed661","block_type":"box","text":"received by such REIT or other RIC. It is expected that dividends received by a Fund from a REIT and distributed to a","page_number":156,"box":{"x":89,"y":856,"width":807,"height":13}},{"id":"2c5dda9c-ff6b-4990-a430-2c36bffc62b9","block_type":"box","text":"133","page_number":156,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"56b36bc9-afe9-4c17-8b27-7ccd006da131","block_type":"box","text":"shareholder generally will be taxable to the shareholder as ordinary income. However, a non-corporate taxpayer who is a","page_number":157,"box":{"x":89,"y":44,"width":843,"height":12}},{"id":"09cc4405-899b-435b-be60-7e63598e0873","block_type":"box","text":"direct REIT shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a RIC may","page_number":157,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"ff20c336-64df-4689-a0e7-9d1475327fbf","block_type":"box","text":"report dividends as eligible for this deduction to the extent the RIC’s income is derived from ordinary REIT dividends (reduced","page_number":157,"box":{"x":89,"y":74,"width":877,"height":12}},{"id":"90c7f3b2-c1a3-4375-bfcb-8b0defdffdc3","block_type":"box","text":"by allocable RIC expenses). A shareholder may treat the dividends as such provided the RIC and the shareholder satisfy","page_number":157,"box":{"x":89,"y":89,"width":832,"height":13}},{"id":"14685efb-f436-4516-bdc3-b9d8274c4443","block_type":"box","text":"applicable holding period requirements. Distributions by a Fund of its net short-term capital gains will be taxable as ordinary","page_number":157,"box":{"x":89,"y":104,"width":870,"height":13}},{"id":"608c7b67-7dae-4e02-b416-d39ab4bf2365","block_type":"box","text":"income.","page_number":157,"box":{"x":89,"y":120,"width":54,"height":9}},{"id":"44652546-a3ea-447e-ac15-f308962fcc8e","block_type":"box","text":"Corporate Dividends Received Deduction.","page_number":157,"box":{"x":89,"y":146,"width":300,"height":12}},{"id":"4296dce4-59f4-498f-8f18-4fc8c41cda3d","block_type":"box","text":"Dividends paid by a Fund that are attributable to dividends received by the Fund","page_number":157,"box":{"x":399,"y":146,"width":557,"height":12}},{"id":"6889a9a8-a425-4f8b-95f2-fe69a3d866de","block_type":"box","text":"from U.S. corporations may qualify for the U.S. federal dividends received deduction for corporations. A 46-day minimum","page_number":157,"box":{"x":88,"y":161,"width":847,"height":12}},{"id":"8c10d765-d865-4f93-8f92-ff72f124f36f","block_type":"box","text":"holding period during the 90-day period that begins 45 days prior to ex-dividend date (or 91-day minimum holding period","page_number":157,"box":{"x":89,"y":176,"width":855,"height":13}},{"id":"aac4a79d-c9fe-4a46-84f4-c28d937ad422","block_type":"box","text":"during the 180 period beginning 90 days prior to ex-dividend date for certain preference dividends) during which risk of loss","page_number":157,"box":{"x":89,"y":191,"width":869,"height":13}},{"id":"a72c9ae9-a08f-4b54-8b3d-b349fae35154","block_type":"box","text":"may not be diminished is required for the applicable shares, at both the Fund and shareholder level, for a dividend to be","page_number":157,"box":{"x":89,"y":206,"width":835,"height":13}},{"id":"aa27a764-42f8-47f7-adb4-78042c64fd4c","block_type":"box","text":"eligible for the dividends received deduction. Restrictions may apply if indebtedness, including a short sale, is attributable to","page_number":157,"box":{"x":89,"y":222,"width":865,"height":12}},{"id":"3bd601f8-84f9-4bcc-a81d-bb4817f7a673","block_type":"box","text":"the investment.","page_number":157,"box":{"x":88,"y":237,"width":108,"height":9}},{"id":"20f2c74a-56c1-4f07-b23f-797889094165","block_type":"box","text":"Excess Inclusion Income.","page_number":157,"box":{"x":89,"y":263,"width":180,"height":10}},{"id":"ba310174-3ac7-4551-900f-21995667db9f","block_type":"box","text":"Under current law, the Funds serve to block unrelated business taxable income (“UBTI”) from","page_number":157,"box":{"x":278,"y":263,"width":652,"height":12}},{"id":"afe7f53b-041d-4d22-a8de-e18bb3a53279","block_type":"box","text":"being realized by their tax-exempt shareholders. Notwithstanding the foregoing, a tax-exempt shareholder could realize UBTI","page_number":157,"box":{"x":89,"y":278,"width":872,"height":13}},{"id":"b988f0b4-b567-48be-aba2-45b2b190d862","block_type":"box","text":"by virtue of its investment in a Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt","page_number":157,"box":{"x":89,"y":293,"width":859,"height":13}},{"id":"d1ae1d86-6a2d-4fdb-bda6-85682aa76156","block_type":"box","text":"shareholder within the meaning of Section 514(b) of the Internal Revenue Code. Certain types of income received by a Fund","page_number":157,"box":{"x":89,"y":308,"width":865,"height":13}},{"id":"f4c877ad-080c-4e14-b393-dc2655c76cb8","block_type":"box","text":"from REITs, real estate mortgage investment conduits, taxable mortgage pools or other investments may cause the Fund to","page_number":157,"box":{"x":88,"y":324,"width":864,"height":12}},{"id":"6c0abc77-bd23-480e-9843-e860f3da75e2","block_type":"box","text":"report some or all of its distributions as “excess inclusion income.” To Fund shareholders, such excess inclusion income may:","page_number":157,"box":{"x":89,"y":339,"width":873,"height":12}},{"id":"6898ffba-319c-4351-9aa8-3961b94298ee","block_type":"box","text":"(i) constitute taxable income, as UBTI for those shareholders who would otherwise be tax-exempt such as individual","page_number":157,"box":{"x":89,"y":354,"width":814,"height":12}},{"id":"88daa141-117e-460e-b7ed-dc075343d4c4","block_type":"box","text":"retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not be offset by","page_number":157,"box":{"x":89,"y":369,"width":816,"height":12}},{"id":"a9706f00-64f8-4e5f-acae-35f0f5c7cf31","block_type":"box","text":"otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non-U.S. shareholders","page_number":157,"box":{"x":89,"y":384,"width":860,"height":12}},{"id":"f63b25bc-32d4-4ec3-ad6b-5151b16ae382","block_type":"box","text":"even from tax treaty countries; and (iv) cause the Fund to be subject to tax if certain “disqualified organizations,” as defined","page_number":157,"box":{"x":89,"y":399,"width":864,"height":13}},{"id":"e6313369-0f27-4971-884d-5efc3b3fc0b8","block_type":"box","text":"by the Internal Revenue Code, are Fund shareholders. If a charitable remainder annuity trust or a charitable remainder","page_number":157,"box":{"x":89,"y":414,"width":823,"height":13}},{"id":"e6789af7-49f2-4c7a-a8d9-837531dfbee9","block_type":"box","text":"unitrust (each as defined in Section 664 of the Internal Revenue Code) has UBTI for a taxable year, a 100% excise tax on the","page_number":157,"box":{"x":89,"y":429,"width":864,"height":13}},{"id":"28d249b7-1e96-49e9-80b9-798bde99ccbe","block_type":"box","text":"UBTI is imposed on the trust.","page_number":157,"box":{"x":89,"y":445,"width":201,"height":12}},{"id":"aa4f184f-2ac1-4153-9349-5d1894a082d1","block_type":"box","text":"Each Fund tries to avoid investing in REITs that are expected to generate excess inclusion income, but a Fund may not always","page_number":157,"box":{"x":89,"y":471,"width":875,"height":12}},{"id":"df162e3e-4b87-464e-961e-d58028ba32d2","block_type":"box","text":"be successful in doing so. Because information about a REIT’s investments may be inadequate or inaccurate, or because a","page_number":157,"box":{"x":89,"y":486,"width":852,"height":12}},{"id":"83dc1c46-6c3f-4c20-81cc-ad81d5db8e8c","block_type":"box","text":"REIT may change its investment program, a Fund may not be successful in avoiding the consequences described above.","page_number":157,"box":{"x":89,"y":501,"width":838,"height":13}},{"id":"f0395f47-e6d7-4cca-970a-8049eed410cc","block_type":"box","text":"Avoidance of investments in REITs that generate excess inclusion income may require a Fund to forego otherwise attractive","page_number":157,"box":{"x":88,"y":516,"width":863,"height":13}},{"id":"30ed4dcd-9bf6-4178-a91c-485495ed1600","block_type":"box","text":"investment opportunities.","page_number":157,"box":{"x":89,"y":532,"width":179,"height":12}},{"id":"14093f7b-9c11-4042-a490-952ecb69f830","block_type":"box","text":"Non-U.S. Investments.","page_number":157,"box":{"x":89,"y":558,"width":159,"height":10}},{"id":"8bff3761-a23d-4357-a684-47e6fa6d5b12","block_type":"box","text":"Under Section 988 of the Internal Revenue Code, gains or losses attributable to fluctuations in","page_number":157,"box":{"x":257,"y":558,"width":656,"height":12}},{"id":"f47529b3-e6e2-4621-a79a-ad537a394f75","block_type":"box","text":"exchange rates between the time a Fund accrues income or receivables or expenses or other liabilities denominated in a non","page_number":157,"box":{"x":89,"y":573,"width":877,"height":12}},{"id":"55e40cf5-016f-4bb8-86a5-4d1b99f3d767","block_type":"box","text":"U.S. currency and the time a Fund actually collects such income or pays such liabilities are generally treated as ordinary","page_number":157,"box":{"x":89,"y":588,"width":834,"height":12}},{"id":"fb98e96d-1a37-4af3-8c27-bcbb5bf791a2","block_type":"box","text":"income or ordinary loss. In general, gains (and losses) realized on debt instruments will be treated as Section 988 gain (or","page_number":157,"box":{"x":89,"y":603,"width":850,"height":13}},{"id":"dfca0c01-7b19-44dd-a7d8-b659f0cd52f0","block_type":"box","text":"loss) to the extent attributable to changes in exchange rates between the U.S. dollar and the currencies in which the","page_number":157,"box":{"x":89,"y":618,"width":811,"height":13}},{"id":"3d856a52-87d5-4ba3-a910-d5389e44bb2a","block_type":"box","text":"instruments are denominated. Similarly, gains or losses on non-U.S. currency, non-U.S. currency forward contracts and","page_number":157,"box":{"x":89,"y":633,"width":830,"height":13}},{"id":"ae428059-8535-4fab-91ae-1dc7f317267e","block_type":"box","text":"certain non-U.S. currency options or futures contracts denominated in non-U.S. currency, to the extent attributable to","page_number":157,"box":{"x":89,"y":649,"width":823,"height":12}},{"id":"a2cf2edc-cba4-4b7c-8887-d538b74d2b31","block_type":"box","text":"fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss","page_number":157,"box":{"x":88,"y":664,"width":842,"height":12}},{"id":"06bc7e2b-a752-417a-a0d0-a35617f65a2c","block_type":"box","text":"unless a Fund was to elect otherwise.","page_number":157,"box":{"x":89,"y":679,"width":260,"height":10}},{"id":"f9b887db-8fb6-4d5a-b39a-962a230d748e","block_type":"box","text":"Each Fund may be subject to non-U.S. income taxes withheld at the source. Each Fund, if permitted to do so, may elect to","page_number":157,"box":{"x":89,"y":705,"width":850,"height":13}},{"id":"edbb54d4-b487-4102-b42d-e3e789c5c82a","block_type":"box","text":"“pass through” to its investors the amount of non-U.S. income taxes paid by the Fund provided that the Fund held the","page_number":157,"box":{"x":89,"y":720,"width":825,"height":13}},{"id":"29ec62d0-2afd-4165-8c2f-2cb2dfe6b407","block_type":"box","text":"security on the dividend settlement date and for at least 15 additional days immediately before and/or thereafter, with the","page_number":157,"box":{"x":89,"y":736,"width":853,"height":12}},{"id":"e567bca9-2845-4f1b-923d-644898a1c514","block_type":"box","text":"result that each investor with respect to shares of the Fund held for a minimum 16-day holding period at the time of deemed","page_number":157,"box":{"x":89,"y":751,"width":873,"height":12}},{"id":"a5abd750-4efd-40a3-81e5-5ac19ee7cd79","block_type":"box","text":"distribution will (i) include in gross income, even though not actually received, the investor’s","page_number":157,"box":{"x":89,"y":766,"width":644,"height":12}},{"id":"1d9e8c3f-8263-47a6-b96e-b9a249b31a27","block_type":"box","text":"pro rata","page_number":157,"box":{"x":737,"y":767,"width":56,"height":11}},{"id":"8508efdc-c005-460f-b597-ad0ad8717fbf","block_type":"box","text":"share of the Fund’s","page_number":157,"box":{"x":798,"y":766,"width":133,"height":9}},{"id":"8e8d34f2-88ea-4935-939d-64c7e5304854","block_type":"box","text":"non-U.S. income taxes, and (ii) either deduct (in calculating U.S. taxable income, but only for investors who itemize their","page_number":157,"box":{"x":89,"y":781,"width":840,"height":12}},{"id":"1773a3ed-e27e-47c5-beb2-d8a33268708e","block_type":"box","text":"deductions on their personal tax returns) or credit (in calculating U.S. federal income tax) the investor’s","page_number":157,"box":{"x":89,"y":796,"width":722,"height":12}},{"id":"48a0b737-c1c4-4944-bdaf-712059036453","block_type":"box","text":"pro rata","page_number":157,"box":{"x":815,"y":797,"width":56,"height":11}},{"id":"0d6601d7-a65c-4580-92c9-0b11d7cad831","block_type":"box","text":"share of the","page_number":157,"box":{"x":875,"y":796,"width":83,"height":10}},{"id":"562ed424-82f0-4cd2-8f39-5b7ba12fd1b7","block_type":"box","text":"Fund’s non-U.S. income taxes. Withholding taxes on dividends on non-U.S. securities while such securities are lent out by a","page_number":157,"box":{"x":89,"y":811,"width":861,"height":12}},{"id":"3b8c57a9-e414-4a59-af74-f484cf2e4ce2","block_type":"box","text":"Fund are not eligible for non-U.S. tax credit pass through. Taxes not “passed through” for tax purposes will not be available to","page_number":157,"box":{"x":89,"y":826,"width":878,"height":13}},{"id":"8635ef6f-1005-4616-a3ac-295939cb955f","block_type":"box","text":"shareholders for foreign tax credit purposes. A non-U.S. person invested in the Fund in a year that the Fund elects to “pass","page_number":157,"box":{"x":89,"y":841,"width":855,"height":13}},{"id":"7a62d349-66c6-4644-8de5-21edd3da4fab","block_type":"box","text":"134","page_number":157,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"99db614c-9d6a-4727-873f-861f56dc7322","block_type":"box","text":"through” its non-U.S. taxes may be treated as receiving additional dividend income subject to U.S. withholding tax. A non","page_number":158,"box":{"x":88,"y":44,"width":855,"height":12}},{"id":"8513482b-6e71-4665-b03e-b669c9fb4711","block_type":"box","text":"U.S. tax credit may not exceed the investor’s U.S. federal income tax otherwise payable with respect to the investor’s non-U.S.","page_number":158,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"de7e44f3-a3c0-4bde-9832-a9a45e08b666","block_type":"box","text":"source income. For this purpose, shareholders must treat as non-U.S. source gross income (i) their proportionate shares of","page_number":158,"box":{"x":89,"y":74,"width":860,"height":12}},{"id":"efb45d11-d8cb-4e0d-b75d-89b425b5e309","block_type":"box","text":"non-U.S. taxes paid by the Fund and (ii) the portion of any dividend paid by the Fund that represents income derived from","page_number":158,"box":{"x":89,"y":89,"width":850,"height":13}},{"id":"a6b6b268-5b66-4302-835b-2a80d11b2003","block_type":"box","text":"non-U.S. sources; the Fund’s gain from the sale of securities will generally be treated as U.S.-source income. Certain","page_number":158,"box":{"x":89,"y":104,"width":808,"height":13}},{"id":"9ce6b1aa-8807-4349-827e-23cd52e25329","block_type":"box","text":"limitations will be imposed to the extent to which the non-U.S. tax credit may be claimed. If your Fund shares are loaned","page_number":158,"box":{"x":89,"y":119,"width":841,"height":13}},{"id":"4042bbe2-bb80-46d5-8f4b-259dace690f1","block_type":"box","text":"pursuant to securities lending arrangements, you may lose the ability to use any non-U.S. tax credits passed through by a","page_number":158,"box":{"x":89,"y":135,"width":847,"height":12}},{"id":"9f127a79-59cd-4afc-96a2-d3947de6b8f2","block_type":"box","text":"Fund or to treat Fund dividends (paid while the shares are held by the borrower) as qualified dividends. Regarding a short sale","page_number":158,"box":{"x":89,"y":150,"width":879,"height":12}},{"id":"4ec83a68-4ea8-49ca-a8de-4ad0b31b12ab","block_type":"box","text":"with respect to shares of a Fund, substitute payments made to the lender of such shares may not be deductible under certain","page_number":158,"box":{"x":88,"y":165,"width":877,"height":12}},{"id":"cd0a80ca-ee44-473d-ab04-598ceb3d1086","block_type":"box","text":"circumstances. Consult your financial intermediary or tax advisor.","page_number":158,"box":{"x":89,"y":180,"width":457,"height":12}},{"id":"8274e44f-fd2b-441a-ba64-c717b53478dc","block_type":"box","text":"Passive Foreign Investment Companies.","page_number":158,"box":{"x":89,"y":207,"width":284,"height":12}},{"id":"62144672-c9bc-4933-9b1f-fdd8da806613","block_type":"box","text":"If a Fund purchases shares in PFICs, it may be subject to U.S. federal income tax on","page_number":158,"box":{"x":383,"y":206,"width":577,"height":13}},{"id":"4ce4a537-ad27-41b9-949c-e9e0d9196add","block_type":"box","text":"a portion of any “excess distribution” or gain from the disposition of such shares even if such income is distributed as a","page_number":158,"box":{"x":89,"y":222,"width":833,"height":12}},{"id":"6377d051-1aaf-48ed-b6d9-c7749501d920","block_type":"box","text":"taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in","page_number":158,"box":{"x":88,"y":237,"width":870,"height":12}},{"id":"840eafb8-6427-463f-b588-b4090bdf50ab","block_type":"box","text":"respect of deferred taxes arising from such distributions or gains.","page_number":158,"box":{"x":89,"y":252,"width":455,"height":12}},{"id":"4b1f7a48-348c-49c3-8e6a-2cf1ac75d5f9","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Internal Revenue Code, in","page_number":158,"box":{"x":89,"y":278,"width":873,"height":13}},{"id":"ad57f4bb-64a4-4776-9324-c59f266aba4d","block_type":"box","text":"lieu of the foregoing requirements, a Fund might be required to include in income each year a portion of the ordinary","page_number":158,"box":{"x":89,"y":293,"width":818,"height":13}},{"id":"7a365a98-9f61-403c-a083-f2290fbec773","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to a Fund, and such amounts would be","page_number":158,"box":{"x":89,"y":308,"width":855,"height":13}},{"id":"58dcd668-fe1d-4f08-b81e-e90f1bb9807e","block_type":"box","text":"subject to the 90% and excise tax distribution requirements described above. In order to make this election, a Fund would be","page_number":158,"box":{"x":89,"y":324,"width":874,"height":12}},{"id":"443be9a7-e6d0-4f9a-8db9-f178a87f192f","block_type":"box","text":"required to obtain certain annual information from the PFICs in which it invests, which may be difficult or impossible to","page_number":158,"box":{"x":89,"y":339,"width":832,"height":12}},{"id":"6388c88e-f054-4b41-9dea-d93cba19ac58","block_type":"box","text":"obtain.","page_number":158,"box":{"x":89,"y":354,"width":47,"height":10}},{"id":"4585d227-5b82-44c0-a073-9bbb55930fd7","block_type":"box","text":"Alternatively, a Fund may make a mark-to-market election that would result in a Fund being treated as if it had sold and","page_number":158,"box":{"x":88,"y":380,"width":838,"height":13}},{"id":"999aa33f-2b9e-44c0-a96d-39438d226ac0","block_type":"box","text":"repurchased its PFIC stock at the end of each year. In such case, a Fund would report any such gains as ordinary income and","page_number":158,"box":{"x":89,"y":395,"width":870,"height":13}},{"id":"9a0cd8ef-f72f-404a-9d41-da8e5250cec7","block_type":"box","text":"would deduct any such losses as ordinary losses to the extent of previously recognized gains. The election must be made","page_number":158,"box":{"x":88,"y":410,"width":848,"height":13}},{"id":"abc40e58-c962-42d7-83a8-2a3dbdefa98d","block_type":"box","text":"separately for each PFIC owned by a Fund and, once made, would be effective for all subsequent taxable years, unless","page_number":158,"box":{"x":89,"y":426,"width":822,"height":12}},{"id":"9be45661-75ca-4314-8d90-fa0c3621835c","block_type":"box","text":"revoked with the consent of the IRS. By making the election, a Fund could potentially ameliorate the adverse tax","page_number":158,"box":{"x":89,"y":441,"width":783,"height":12}},{"id":"57522efa-2182-4da7-be1b-24d81efab98d","block_type":"box","text":"consequences with respect to its ownership of shares in a PFIC, but in any particular year may be required to recognize","page_number":158,"box":{"x":89,"y":456,"width":830,"height":12}},{"id":"86dba7f1-360b-44db-94b0-bac2429f584f","block_type":"box","text":"income in excess of the distributions it receives from PFICs and its proceeds from dispositions of PFIC stock. A Fund may","page_number":158,"box":{"x":89,"y":471,"width":845,"height":12}},{"id":"a66d5043-c00b-4163-b4f7-923b0eea9c59","block_type":"box","text":"have to distribute this “phantom” income and gain to satisfy the 90% distribution requirement and to avoid imposition of the","page_number":158,"box":{"x":89,"y":486,"width":876,"height":12}},{"id":"1b34c00e-e75b-4e28-8e5c-c1689cc999e1","block_type":"box","text":"4% excise tax.","page_number":158,"box":{"x":88,"y":502,"width":99,"height":9}},{"id":"95e11437-5f2d-46e6-9b6e-db51ebca97e5","block_type":"box","text":"A Fund will make the appropriate tax elections, if possible, and take any additional steps that are necessary to mitigate the","page_number":158,"box":{"x":88,"y":528,"width":856,"height":12}},{"id":"6d29ed53-fe5c-401d-8e01-cd249d8f8d37","block_type":"box","text":"effects of these rules.","page_number":158,"box":{"x":89,"y":543,"width":147,"height":10}},{"id":"40cc5ebc-85e2-4168-80d6-2f0bca06cab4","block_type":"box","text":"Reporting.","page_number":158,"box":{"x":89,"y":570,"width":74,"height":12}},{"id":"c227ff77-7e7d-4215-8f8a-4340bb1ca2d7","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":158,"box":{"x":173,"y":569,"width":720,"height":13}},{"id":"bf8dbfa9-1eb1-4a1a-8a1e-b96d5d8ffc0b","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":158,"box":{"x":89,"y":584,"width":871,"height":13}},{"id":"32e8b70d-4f96-4c0f-a202-1baffd2a6a1f","block_type":"box","text":"on IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from this reporting requirement,","page_number":158,"box":{"x":89,"y":599,"width":855,"height":13}},{"id":"732befb4-e823-49d0-9749-bffed735c04d","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":158,"box":{"x":89,"y":615,"width":797,"height":12}},{"id":"ef10c8ea-151f-4f83-a545-e2aa7505308f","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":158,"box":{"x":89,"y":630,"width":851,"height":12}},{"id":"32f24a2a-7422-4aee-918a-978d1c9bd75b","block_type":"box","text":"should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":158,"box":{"x":89,"y":645,"width":868,"height":12}},{"id":"6a9cb1ee-8ee9-4488-8390-4764d12492c7","block_type":"box","text":"Other Taxes.","page_number":158,"box":{"x":89,"y":671,"width":89,"height":10}},{"id":"9c6de9f3-4f96-43f3-a486-867a88d8d6db","block_type":"box","text":"Dividends, distributions and redemption proceeds may also be subject to additional state, local and non-U.S.","page_number":158,"box":{"x":188,"y":671,"width":758,"height":13}},{"id":"01e0bbae-5f07-42ca-9c91-849b3ab81694","block_type":"box","text":"taxes depending on each shareholder’s particular situation.","page_number":158,"box":{"x":88,"y":686,"width":414,"height":13}},{"id":"0c038519-ec55-4e66-8875-35cd5e2f6c17","block_type":"box","text":"Taxation of Non-U.S. Shareholders.","page_number":158,"box":{"x":88,"y":713,"width":252,"height":10}},{"id":"c02a963c-5149-4ef0-95d5-e0350355ccdc","block_type":"box","text":"Dividends paid by a Fund to non-U.S. shareholders are generally subject to withholding","page_number":158,"box":{"x":350,"y":713,"width":608,"height":12}},{"id":"4e15c515-2ed5-446d-ae82-fc708cfd3f22","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":158,"box":{"x":88,"y":728,"width":879,"height":12}},{"id":"967f1aec-a5c2-4516-b939-2205051f2eaf","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":158,"box":{"x":89,"y":743,"width":869,"height":12}},{"id":"b4757d14-59ef-4ac8-8142-e0fe3b06a555","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":158,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"d76430a0-4668-4b81-8291-33de8f329214","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":158,"box":{"x":88,"y":773,"width":864,"height":13}},{"id":"fb3f6233-a94c-4330-97d0-81ceb734d472","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":158,"box":{"x":88,"y":788,"width":868,"height":13}},{"id":"b0ea6329-bedc-42ce-a581-9727dd23c13c","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":158,"box":{"x":89,"y":804,"width":852,"height":12}},{"id":"15da8cd7-c8ef-4beb-bc1b-fd74a57bfdbb","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":158,"box":{"x":88,"y":819,"width":828,"height":12}},{"id":"6d9cfbef-db45-4329-8cb1-6d150a11885d","block_type":"box","text":"shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional “branch","page_number":158,"box":{"x":89,"y":834,"width":837,"height":12}},{"id":"39b9a6ae-0354-48cc-9f25-cb71fb6aa16e","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":158,"box":{"x":89,"y":849,"width":876,"height":12}},{"id":"6660809d-90e1-4ed9-80a3-a1aa69ccb1ce","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":158,"box":{"x":89,"y":864,"width":751,"height":12}},{"id":"0824c08e-e3aa-49e7-9936-6471dc69e775","block_type":"box","text":"135","page_number":158,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"f9e0e656-baf8-418b-93dc-cbfab68d8762","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":159,"box":{"x":89,"y":44,"width":845,"height":12}},{"id":"f38d9557-3831-45c6-91d2-1892d25f67c9","block_type":"box","text":"Fund’s “qualified net interest income” (generally, the Fund’s U.S. source interest income, other than certain contingent","page_number":159,"box":{"x":89,"y":59,"width":827,"height":12}},{"id":"985899e5-6bd1-4d3b-8cdd-00196864cecb","block_type":"box","text":"interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder or","page_number":159,"box":{"x":89,"y":74,"width":835,"height":12}},{"id":"e24d9f7f-7af2-459d-9e2d-735205aff908","block_type":"box","text":"partner, reduced by expenses that are allocable to such income) or (ii) are paid in respect of a Fund’s “qualified short-term","page_number":159,"box":{"x":89,"y":89,"width":853,"height":13}},{"id":"1bce3c68-5312-4a33-88c6-deb47f8890c9","block_type":"box","text":"capital gains” (generally, the excess of the Fund’s net short-term capital gain over the Fund’s long-term capital loss for such","page_number":159,"box":{"x":89,"y":104,"width":866,"height":13}},{"id":"410d46e0-501d-4ad8-9b8a-fb595c0e18b4","block_type":"box","text":"taxable year). However, depending on its circumstances, a Fund may report all, some or none of its potentially eligible","page_number":159,"box":{"x":88,"y":119,"width":823,"height":13}},{"id":"d8ef6761-ccc0-4a7d-86ff-28bcc7e8a4d3","block_type":"box","text":"dividends as such qualified net interest income or as qualified short-term capital gains and/or treat such dividends, in whole","page_number":159,"box":{"x":89,"y":135,"width":870,"height":12}},{"id":"681282fd-873a-4467-bd4a-ce808dc7f4c1","block_type":"box","text":"or in part, as ineligible for this exemption from withholding. In order to qualify for this exemption from withholding, a non","page_number":159,"box":{"x":89,"y":150,"width":856,"height":12}},{"id":"f38b97ae-0879-49f4-93bf-8a1f7caf1ab8","block_type":"box","text":"U.S. shareholder will need to comply with applicable certification requirements relating to its non-U.S. status (including, in","page_number":159,"box":{"x":89,"y":165,"width":853,"height":12}},{"id":"3f9800ec-aa7e-4d8c-a352-1f8eab53601c","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":159,"box":{"x":89,"y":180,"width":838,"height":12}},{"id":"de960728-5932-470d-bcc3-322270feb945","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":159,"box":{"x":89,"y":195,"width":868,"height":12}},{"id":"a3547e67-956d-4b07-b866-41f65cfa52c2","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":159,"box":{"x":89,"y":210,"width":854,"height":13}},{"id":"aadf3d36-a3a6-46ef-8632-8352bcb99e63","block_type":"box","text":"rules to their accounts.","page_number":159,"box":{"x":89,"y":225,"width":159,"height":10}},{"id":"6dc49796-54e0-4d32-a19c-eb1253059f3a","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":159,"box":{"x":88,"y":252,"width":862,"height":12}},{"id":"3f4af3c7-5a19-42cf-a442-d09c371eca8f","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":159,"box":{"x":89,"y":267,"width":864,"height":12}},{"id":"ab56d1c3-5bcd-43c3-b5ba-8d0d689cb39b","block_type":"box","text":"Internal Revenue Code and Treasury regulations). Fund distributions that are attributable to gain from the disposition of a","page_number":159,"box":{"x":89,"y":282,"width":850,"height":12}},{"id":"84db8924-bac7-42d1-96cd-cb08aab8348b","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":159,"box":{"x":89,"y":297,"width":870,"height":12}},{"id":"e64c9e44-d41d-45dc-81e0-ee795c3df1ac","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":159,"box":{"x":88,"y":312,"width":875,"height":13}},{"id":"ceb85b0f-6843-4543-9c3e-2c9df8f7f7e6","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":159,"box":{"x":88,"y":327,"width":835,"height":13}},{"id":"b3dd7109-887a-4440-984a-9e171c8cb451","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":159,"box":{"x":89,"y":342,"width":822,"height":13}},{"id":"602c5ae6-ffea-4b6c-9499-1f2abbaf884d","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":159,"box":{"x":88,"y":358,"width":726,"height":12}},{"id":"6dd08bd8-fb85-4b3f-a71d-bd3044e575ab","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":159,"box":{"x":88,"y":384,"width":846,"height":12}},{"id":"7b14f377-d9e7-48ac-ad21-3822ab80e636","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":159,"box":{"x":89,"y":399,"width":860,"height":13}},{"id":"89a79958-c659-4110-bd56-ef9c6945b6db","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":159,"box":{"x":88,"y":414,"width":881,"height":13}},{"id":"2c104a81-b569-48c3-989b-d2f7b555e7a5","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":159,"box":{"x":89,"y":429,"width":857,"height":13}},{"id":"c9aaeebf-ccaa-4898-aebd-532cc3cbc9c5","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":159,"box":{"x":89,"y":445,"width":870,"height":12}},{"id":"a4900d3c-449a-4443-8ad8-a321ae72b8ad","block_type":"box","text":"tax advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":159,"box":{"x":88,"y":460,"width":664,"height":12}},{"id":"4e3ae152-6e3a-4021-9323-589397f57bc8","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":159,"box":{"x":88,"y":486,"width":874,"height":12}},{"id":"e2563d3f-28ce-45be-a707-1012b795dad3","block_type":"box","text":"obligations discussed above through the sale and repurchase of Fund shares.","page_number":159,"box":{"x":89,"y":501,"width":539,"height":13}},{"id":"2ddaff8c-6637-4422-81e7-07f98efadd43","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors concerning the","page_number":159,"box":{"x":88,"y":528,"width":825,"height":12}},{"id":"fd43f704-2bd6-4dab-bbee-318073b56e51","block_type":"box","text":"particular tax consequences to them of an investment in a Fund.","page_number":159,"box":{"x":89,"y":543,"width":450,"height":12}},{"id":"1e6f40bd-2bfe-45f4-8582-d6cdb072dde2","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":159,"box":{"x":88,"y":569,"width":871,"height":13}},{"id":"dc712bf2-c87c-4a36-a36e-7e84f8d29a61","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":159,"box":{"x":88,"y":584,"width":822,"height":13}},{"id":"33a20779-8dd4-4260-b8bc-81a81a5558ee","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":159,"box":{"x":89,"y":599,"width":866,"height":13}},{"id":"d342bb64-70ee-43a0-a640-ab80ad9c35a0","block_type":"box","text":"certain information regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial institutions will","page_number":159,"box":{"x":89,"y":615,"width":846,"height":12}},{"id":"0f56041a-51ff-40e6-ab43-0e9e04c8789f","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":159,"box":{"x":89,"y":630,"width":841,"height":12}},{"id":"915b5030-4a0f-4286-906c-183f38d53716","block_type":"box","text":"addresses and taxpayer identification numbers of direct and indirect U.S. account holders; comply with due diligence","page_number":159,"box":{"x":89,"y":645,"width":817,"height":12}},{"id":"3eb0f942-efa6-4a76-833d-da2f7541df00","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":159,"box":{"x":89,"y":660,"width":830,"height":12}},{"id":"c5788a69-03ff-487b-a8bb-e964e27d988c","block_type":"box","text":"accounts maintained; agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to","page_number":159,"box":{"x":89,"y":675,"width":861,"height":12}},{"id":"1bf20c21-9865-4223-918a-22c9b0cbd4ab","block_type":"box","text":"account holders who fail to provide the required information; and determine certain other information concerning their","page_number":159,"box":{"x":89,"y":690,"width":835,"height":13}},{"id":"faa49c48-2856-4bd6-ba69-655091a1bc2d","block_type":"box","text":"account holders, or (ii) in the event an intergovernmental agreement and implementing legislation are adopted, provide local","page_number":159,"box":{"x":89,"y":705,"width":873,"height":13}},{"id":"cc50dfac-7b29-46d5-8766-6a104b66ac12","block_type":"box","text":"revenue authorities with similar account holder information. Other foreign entities may need to report the name, address,","page_number":159,"box":{"x":89,"y":720,"width":849,"height":13}},{"id":"17e73cd3-b7a3-40cb-bc69-6a0bd35f1f83","block_type":"box","text":"and taxpayer identification number of each substantial U.S. owner or provide certifications of no substantial U.S. ownership","page_number":159,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"93ad3e09-4124-414a-8dd9-ba9d42f34166","block_type":"box","text":"unless certain exceptions apply.","page_number":159,"box":{"x":89,"y":751,"width":220,"height":12}},{"id":"9cc6e147-a3f9-4c85-8d98-99dd9d353d00","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":159,"box":{"x":88,"y":777,"width":857,"height":12}},{"id":"78f5366b-ea00-44e7-b219-b8c461f8fca0","block_type":"box","text":"estate tax.","page_number":159,"box":{"x":89,"y":794,"width":70,"height":8}},{"id":"01251124-4027-4edf-840a-a223633291c0","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":159,"box":{"x":88,"y":819,"width":872,"height":12}},{"id":"7ebf8062-3794-46cf-befc-27ad1260a92c","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":159,"box":{"x":89,"y":834,"width":864,"height":12}},{"id":"25474f3c-c1e1-4240-b877-c572be1dca68","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":159,"box":{"x":89,"y":849,"width":874,"height":12}},{"id":"18253293-1e74-42c2-9770-4445141c38a7","block_type":"box","text":"is based on applicable provisions of the Internal Revenue Code, regulations, judicial authority and administrative","page_number":159,"box":{"x":89,"y":864,"width":782,"height":12}},{"id":"13665a17-102d-4ac1-91ce-fd4bddbf4ee8","block_type":"box","text":"136","page_number":159,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"dd60877a-2e7f-468a-a9c7-de62e6d11faf","block_type":"box","text":"interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions","page_number":160,"box":{"x":89,"y":44,"width":826,"height":12}},{"id":"5106c856-4bcc-4584-9d8c-0de1df786113","block_type":"box","text":"discussed above, and such changes often occur.","page_number":160,"box":{"x":89,"y":59,"width":336,"height":12}},{"id":"518178ae-aec1-4505-b1be-eb9e6ede6484","block_type":"box","text":"Financial Statements","page_number":160,"box":{"x":91,"y":90,"width":348,"height":23}},{"id":"423b53ae-0947-4ebf-84f2-615bdc3c691a","block_type":"box","text":"Each Fund’s financial statements, financial highlights and notes thereto and the report therein of PricewaterhouseCoopers","page_number":160,"box":{"x":89,"y":131,"width":856,"height":12}},{"id":"64ebd4b8-c942-45d0-be57-c20b6177a879","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":160,"box":{"x":89,"y":146,"width":857,"height":12}},{"id":"61383b2c-7b93-4804-abc4-b685064a3591","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":160,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"52f9e9e1-dd53-4d8c-ba58-4365784ce8ef","block_type":"box","text":"located here. A copy of each Fund’s Annual and Semi-Annual Reports and Annual and Semi-Annual Financial Statements","page_number":160,"box":{"x":89,"y":176,"width":850,"height":13}},{"id":"2aab5695-0819-42d7-a094-d410b4f47da7","block_type":"box","text":"may be obtained without charge as described on the cover page of this SAI.","page_number":160,"box":{"x":89,"y":191,"width":528,"height":13}},{"id":"9591274c-c174-4f35-9e1e-0d1beed66e97","block_type":"box","text":"Miscellaneous Information","page_number":160,"box":{"x":90,"y":222,"width":446,"height":23}},{"id":"3ddbfe0d-03e3-4b2a-8152-692c9d25c84d","block_type":"box","text":"Counsel.","page_number":160,"box":{"x":89,"y":263,"width":61,"height":10}},{"id":"14664236-88ea-451e-89f2-c42a89237c34","block_type":"box","text":"Willkie Farr & Gallagher LLP, located at 787 Seventh Avenue, New York, NY 10019, is counsel to the Company.","page_number":160,"box":{"x":159,"y":263,"width":762,"height":12}},{"id":"b4c1e0ae-4106-4cb5-8d29-cff0e90b4952","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":160,"box":{"x":89,"y":290,"width":349,"height":12}},{"id":"07b2f9c0-7825-4b66-88e8-ffefa3406f9c","block_type":"box","text":"PricewaterhouseCoopers LLP, located at Two Commerce Square, 2001","page_number":160,"box":{"x":448,"y":290,"width":488,"height":12}},{"id":"6f7d1554-ef2f-4781-8583-f2b429ab673b","block_type":"box","text":"Market Street, Philadelphia, PA 19103, serves as the Company’s independent registered public accounting firm, audits the","page_number":160,"box":{"x":89,"y":305,"width":848,"height":12}},{"id":"f2f6aaf5-7512-4cb3-a923-fa01f86d110e","block_type":"box","text":"Funds’ financial statements, and may perform other services.","page_number":160,"box":{"x":89,"y":320,"width":427,"height":12}},{"id":"aa6bafbe-bdf8-4af8-8a0c-c74105bf3de2","block_type":"box","text":"Shareholder Communications to the Board.","page_number":160,"box":{"x":88,"y":346,"width":313,"height":10}},{"id":"1fb307ab-5e88-4e4a-9d50-e42498999d84","block_type":"box","text":"The Board has established a process for shareholders to communicate with the","page_number":160,"box":{"x":409,"y":346,"width":555,"height":13}},{"id":"4830977f-4d43-45a4-b30f-98523ca902d3","block_type":"box","text":"Board. Shareholders may contact the Board by mail. Correspondence should be addressed to iShares Board of Directors, c/o","page_number":160,"box":{"x":89,"y":361,"width":867,"height":13}},{"id":"5596954e-d336-43a7-89c6-6a164cf750a9","block_type":"box","text":"BlackRock Fund Advisors, iShares Fund Administration, 400 Howard Street, San Francisco, CA 94105. Shareholder","page_number":160,"box":{"x":89,"y":376,"width":796,"height":12}},{"id":"b6cdf0a9-519b-4a0e-87c8-863a2162982f","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":160,"box":{"x":89,"y":392,"width":868,"height":12}},{"id":"c12e59a8-6b2b-41d0-a864-f4422790ee14","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":160,"box":{"x":89,"y":407,"width":863,"height":12}},{"id":"b49371d7-6cfc-4caa-8b19-afd6251b6cd6","block_type":"box","text":"are owned indirectly through a broker, financial intermediary or other record owner, the name of the broker, financial","page_number":160,"box":{"x":89,"y":422,"width":814,"height":12}},{"id":"f6203bff-e268-4ac1-8a73-a2ea91bc8a34","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":160,"box":{"x":89,"y":437,"width":867,"height":12}},{"id":"e0a6546f-d3a8-42a3-9ac7-1a97733039ce","block_type":"box","text":"Company and reported to the Board.","page_number":160,"box":{"x":89,"y":452,"width":255,"height":12}},{"id":"25a18be7-fbf7-4ee1-bd07-0211548cba18","block_type":"box","text":"Regulation Under the Alternative Investment Fund Managers Directive.","page_number":160,"box":{"x":89,"y":479,"width":509,"height":12}},{"id":"16bf97dc-1d94-438b-84e0-fadb7fa65205","block_type":"box","text":"The Alternative Investment Fund Managers","page_number":160,"box":{"x":607,"y":479,"width":303,"height":12}},{"id":"a92d70eb-dcbe-47f6-813e-c7bd97965668","block_type":"box","text":"Directive (“AIFMD”) imposes detailed and prescriptive obligations on fund managers established in the EU (“EU Operative","page_number":160,"box":{"x":89,"y":494,"width":850,"height":12}},{"id":"b9e11fe9-fcd1-4d13-9e9f-a9c88495e4ae","block_type":"box","text":"Provisions”). These do not currently apply to managers established outside of the EU, such as BFA. Rather, non-EU managers","page_number":160,"box":{"x":89,"y":509,"width":873,"height":12}},{"id":"b89bd5bc-d7ff-4688-ab5f-64a150fee6d8","block_type":"box","text":"are only required to comply with certain disclosure, reporting and transparency obligations of AIFMD (“AIFMD Disclosure","page_number":160,"box":{"x":89,"y":524,"width":848,"height":12}},{"id":"04af8b19-9de0-453a-8614-f68412cdb46c","block_type":"box","text":"Provisions”) if such managers market a fund to EU investors.","page_number":160,"box":{"x":89,"y":539,"width":423,"height":12}},{"id":"bb723616-9b9b-4d49-becc-48c9366a05e8","block_type":"box","text":"Where the AIFMD Disclosure Provisions relate to EU Operative Provisions that do not apply to BFA, no meaningful disclosure","page_number":160,"box":{"x":88,"y":565,"width":870,"height":13}},{"id":"6e228414-f2c0-42a6-801f-c61f0dde6b71","block_type":"box","text":"can be made. These EU Operative Provisions include prescriptive rules on: measuring and capping leverage in line with","page_number":160,"box":{"x":89,"y":581,"width":828,"height":12}},{"id":"e2f70d3a-5873-45dd-8546-03cb1e0d1721","block_type":"box","text":"known European standards; the treatment of investors; the use of “depositaries”; and coverage for professional liability risks.","page_number":160,"box":{"x":89,"y":596,"width":868,"height":12}},{"id":"47dd9e82-7ac9-44b7-b1dd-124041d787f8","block_type":"box","text":"AIFMD imposes certain conditions on the marketing of funds, such as the Funds, to EU investors. AIFMD requires that an","page_number":160,"box":{"x":88,"y":622,"width":848,"height":12}},{"id":"ce674df7-26ec-4e22-b5a4-e0f25032db54","block_type":"box","text":"‘alternative investment fund manager’ (“AIFM”) be identified to meet such conditions where such marketing is sought. For","page_number":160,"box":{"x":89,"y":637,"width":857,"height":13}},{"id":"b1ef9720-96c9-4aab-9b1d-0d3a05c56ef4","block_type":"box","text":"these purposes BFA, as the legal entity responsible for performing the portfolio and risk management of the Funds, shall be","page_number":160,"box":{"x":88,"y":652,"width":862,"height":13}},{"id":"5df19b3f-44b0-4a15-83ef-a31eb82337cb","block_type":"box","text":"the AIFM.","page_number":160,"box":{"x":88,"y":668,"width":67,"height":9}},{"id":"b46afae0-3883-4391-8f1a-d03a9e44f842","block_type":"box","text":"AIFMD requires disclosure on an ongoing basis of certain information relating to the use of special arrangements, leverage,","page_number":160,"box":{"x":88,"y":694,"width":862,"height":12}},{"id":"72a40e35-cc8a-4589-ab68-390fdae6a964","block_type":"box","text":"rights of reuse of collateral, guarantees granted under leverage arrangements and the use of gates, side pockets and similar","page_number":160,"box":{"x":89,"y":709,"width":865,"height":12}},{"id":"feda6e36-3b9a-4848-818c-a97fad0c4fec","block_type":"box","text":"liquidity management tools. Given that the Funds do not use any special arrangements or allow for collateral reuse, it is not","page_number":160,"box":{"x":89,"y":724,"width":862,"height":13}},{"id":"c5c059c7-c872-4384-a93d-664ea618f363","block_type":"box","text":"intended that such disclosures will need to be made by the Funds. Each Fund will, however, to the extent relevant and","page_number":160,"box":{"x":89,"y":739,"width":822,"height":13}},{"id":"3f0fa0d6-352a-43a2-8d27-91b775581705","block_type":"box","text":"appropriate, disclose in its annual report information on the Fund’s leverage, risk profile and risk management systems","page_number":160,"box":{"x":89,"y":754,"width":831,"height":13}},{"id":"069f8b2a-cb4d-4957-8506-ab516d8074a8","block_type":"box","text":"employed by BFA. Each Fund will also disclose material changes, if any, to the liquidity management systems and procedures","page_number":160,"box":{"x":89,"y":770,"width":872,"height":12}},{"id":"0146cff2-b332-4f4e-bbc5-a0a53ba1eda2","block_type":"box","text":"employed in respect of the Fund.","page_number":160,"box":{"x":89,"y":785,"width":228,"height":12}},{"id":"8249a50f-ba26-460b-8f33-27b7061dcda8","block_type":"box","text":"BFA has registered the following Funds for marketing to investors in Finland, the Netherlands, Sweden, and the U.K.:","page_number":160,"box":{"x":89,"y":811,"width":809,"height":12}},{"id":"47d416b6-ed86-4de2-b512-294dc4ffcd8d","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF","page_number":160,"box":{"x":89,"y":838,"width":291,"height":12}},{"id":"6d174ba2-adf2-449d-8499-785193028fee","block_type":"box","text":"iShares MSCI Brazil ETF","page_number":160,"box":{"x":89,"y":853,"width":163,"height":9}},{"id":"74ae84dd-4dd3-4483-a74c-9efe6733597f","block_type":"box","text":"137","page_number":160,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"c4a28a97-3362-4e40-adc9-1b8ab759b3ee","block_type":"box","text":"iShares MSCI Emerging Markets ETF","page_number":161,"box":{"x":89,"y":44,"width":254,"height":12}},{"id":"f14299ab-07a3-4cb1-950d-cd337e3a017d","block_type":"box","text":"iShares MSCI Taiwan ETF","page_number":161,"box":{"x":89,"y":59,"width":176,"height":10}},{"id":"a94522a4-b68c-4e25-8fc8-73248eb1e337","block_type":"box","text":"BFA has registered the iShares MSCI BIC ETF, iShares MSCI Malaysia ETF and iShares MSCI South Korea ETF for marketing to","page_number":161,"box":{"x":89,"y":85,"width":870,"height":13}},{"id":"d95da099-2a7b-4212-b713-8427658ff9d7","block_type":"box","text":"investors in Finland, Sweden and the U.K.","page_number":161,"box":{"x":89,"y":101,"width":286,"height":11}},{"id":"27346fc0-db89-49f1-b2cc-3a100ac906fd","block_type":"box","text":"BFA has registered the iShares MSCI Global Metals & Mining Producers ETF for marketing to investors in the U.K.","page_number":161,"box":{"x":89,"y":127,"width":786,"height":12}},{"id":"c1d8ad75-7f65-45ea-8561-901fc91347c3","block_type":"box","text":"Investors’ Rights.","page_number":161,"box":{"x":89,"y":153,"width":122,"height":13}},{"id":"c6257825-88e3-40cb-b4f6-1b80d85ed775","block_type":"box","text":"Each Fund relies on the services of BFA and its other service providers, including the Distributor,","page_number":161,"box":{"x":221,"y":153,"width":668,"height":13}},{"id":"a2d709bc-97b8-4b2a-9aa0-5a257a71fd35","block_type":"box","text":"administrator, custodian and transfer agent. Further information about the duties and roles of these service providers is set","page_number":161,"box":{"x":89,"y":169,"width":859,"height":12}},{"id":"319a71ba-756e-4a1a-8f5c-41f5699d2b12","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":161,"box":{"x":89,"y":184,"width":869,"height":12}},{"id":"2444268c-4bf4-4dc4-83d1-370c00fceb9b","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":161,"box":{"x":89,"y":199,"width":876,"height":12}},{"id":"9e955d1a-de51-47b3-aded-3b678eb0d8dc","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":161,"box":{"x":89,"y":214,"width":876,"height":12}},{"id":"f3570027-8b3c-4752-98e8-229daca55d3f","block_type":"box","text":"relevant Authorized Participant Agreement. Investors may have certain legal rights under federal or state law against a Fund","page_number":161,"box":{"x":89,"y":229,"width":865,"height":12}},{"id":"7c31fd17-8aee-4509-8ff3-4b43e658b2df","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":161,"box":{"x":89,"y":244,"width":870,"height":13}},{"id":"92047a18-00d6-4ad9-822f-c27b0f0a630d","block_type":"box","text":"provider in connection with its investment in a Fund, such investor should consult its own legal advisor.","page_number":161,"box":{"x":89,"y":259,"width":722,"height":13}},{"id":"40cd832a-3f0e-4484-bd1a-c3e31e293f45","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":161,"box":{"x":89,"y":286,"width":872,"height":12}},{"id":"b54a39fa-d2bb-491a-977b-d518c586ad26","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":161,"box":{"x":89,"y":301,"width":829,"height":12}},{"id":"31acee31-1ef0-4127-a88e-f8b9f59f176e","block_type":"box","text":"Agreement. Jurisdiction over other claims, whether by investors or Authorized Participants, will turn on the facts of the","page_number":161,"box":{"x":88,"y":316,"width":828,"height":12}},{"id":"e2d78f3f-6b6e-4844-a83c-ebdd4f4896f3","block_type":"box","text":"particular case and the law of the jurisdiction in which the proceeding is brought.","page_number":161,"box":{"x":89,"y":331,"width":567,"height":12}},{"id":"da7c67c5-e49f-4c75-8442-56760bc6cacf","block_type":"box","text":"138","page_number":161,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"aeef1deb-6816-4402-810c-7bc791db65dd","block_type":"box","text":"Appendix A - Proxy Voting Policies","page_number":162,"box":{"x":88,"y":44,"width":578,"height":30}},{"id":"c326874b-c2fe-4a27-95a0-547f87082c51","block_type":"box","text":"A-1","page_number":162,"box":{"x":515,"y":894,"width":23,"height":9}},{"id":"73855c25-f6e3-4792-bfc7-b0108008008b","block_type":"box","text":"Open-End Active and Fixed Income Index Fund","page_number":163,"box":{"x":122,"y":44,"width":812,"height":30}},{"id":"b194c56a-7670-495e-b5a6-d75c18f20eb1","block_type":"box","text":"Proxy Voting Policy","page_number":163,"box":{"x":364,"y":77,"width":331,"height":30}},{"id":"d886a2c9-a52a-4638-a7a9-0e41446ac331","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":163,"box":{"x":88,"y":121,"width":484,"height":12}},{"id":"131cae4b-2351-4dcb-a150-4a87ab73edb3","block_type":"box","text":"Effective Date: January 1, 2025","page_number":163,"box":{"x":89,"y":147,"width":218,"height":13}},{"id":"29a77019-f47a-4a2f-80aa-ce5cf10c043e","block_type":"box","text":"________________________________________","page_number":163,"box":{"x":88,"y":184,"width":326,"height":1}},{"id":"2a5e0ed4-ec96-4030-94b0-e1f6e7f71524","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":163,"box":{"x":88,"y":200,"width":507,"height":12}},{"id":"04fdbdce-753a-44da-b290-66afb0b30e64","block_type":"box","text":"□","page_number":163,"box":{"x":89,"y":227,"width":14,"height":12}},{"id":"10e73d5e-26a8-4a8f-92b2-31f0f475324a","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":163,"box":{"x":110,"y":227,"width":391,"height":12}},{"id":"19207040-d7b8-43b3-a7cf-c055997e2f50","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":163,"box":{"x":109,"y":253,"width":596,"height":12}},{"id":"383d329c-29af-4043-84c8-4c9ab171fbb7","block_type":"box","text":"□","page_number":163,"box":{"x":89,"y":280,"width":14,"height":11}},{"id":"2d01f2c5-767d-404d-b82c-c5391cbd9b58","block_type":"box","text":"Money Market Funds","page_number":163,"box":{"x":109,"y":279,"width":148,"height":13}},{"id":"0a849304-1aed-4e76-8ae0-af25c24433f8","block_type":"box","text":"□","page_number":163,"box":{"x":89,"y":307,"width":14,"height":11}},{"id":"2f519ea1-a7cd-4097-84d6-251977b6b1c5","block_type":"box","text":"Closed-End Funds","page_number":163,"box":{"x":109,"y":306,"width":126,"height":10}},{"id":"d4a1ef74-cb59-4568-923e-a2bbfe59341b","block_type":"box","text":"□","page_number":163,"box":{"x":89,"y":333,"width":14,"height":11}},{"id":"855206f0-0fd5-474a-a699-473043aa20c8","block_type":"box","text":"Other","page_number":163,"box":{"x":109,"y":332,"width":40,"height":10}},{"id":"e0f70d23-a209-469f-b790-85144ffc372c","block_type":"box","text":"________________________________________","page_number":163,"box":{"x":88,"y":369,"width":326,"height":1}},{"id":"918fabd6-1268-46e1-bf56-ebf76e8197db","block_type":"box","text":"Objective and Scope","page_number":163,"box":{"x":89,"y":385,"width":146,"height":13}},{"id":"763d443a-17f3-4363-a107-67b047157d1f","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":163,"box":{"x":88,"y":412,"width":623,"height":12}},{"id":"827cac71-a398-4f96-aaa7-275ded7f7f47","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":163,"box":{"x":89,"y":438,"width":356,"height":13}},{"id":"00bd54fb-b934-4550-aa10-1f26e5da16ad","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":163,"box":{"x":88,"y":465,"width":873,"height":12}},{"id":"4a0914e2-f07e-459b-895e-b77eb9f0edb1","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":163,"box":{"x":89,"y":480,"width":835,"height":12}},{"id":"bc1e67dd-889c-4634-b974-5f649be6d3ba","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":163,"box":{"x":89,"y":495,"width":853,"height":12}},{"id":"450d8a12-92a8-4b8d-b40b-b502fd4c99a5","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":163,"box":{"x":88,"y":510,"width":878,"height":12}},{"id":"878155fa-4f19-415c-a5ca-087759bf60e4","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":163,"box":{"x":88,"y":525,"width":850,"height":12}},{"id":"a39eb66c-066b-44b2-96b8-e62748297164","block_type":"box","text":"agreements.","page_number":163,"box":{"x":89,"y":542,"width":85,"height":11}},{"id":"d4012db1-25ad-4619-940c-8b821bb04b5e","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (as from","page_number":163,"box":{"x":89,"y":567,"width":849,"height":12}},{"id":"7f6687e0-5e75-4b68-bd6d-4c1b521de5c0","block_type":"box","text":"time to time amended, the “Guidelines”) governing proxy voting by active and fixed income index Funds managed by","page_number":163,"box":{"x":88,"y":582,"width":821,"height":12}},{"id":"c5927c9d-ce26-4fa9-862d-5cfbb3b13d9b","block_type":"box","text":"BlackRock. The Guidelines include “climate and decarbonization” guidelines which apply to the Funds listed in Appendix A, if","page_number":163,"box":{"x":89,"y":597,"width":874,"height":12}},{"id":"e0e71473-5ee7-424c-b178-d7af8259824a","block_type":"box","text":"any.","page_number":163,"box":{"x":89,"y":615,"width":25,"height":9}},{"id":"42f99eea-c40f-4caf-9c37-051224de8a59","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":163,"box":{"x":89,"y":639,"width":876,"height":12}},{"id":"f0b05496-eae8-4371-bbe3-2c5d1f4b9d46","block_type":"box","text":"held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":163,"box":{"x":89,"y":654,"width":611,"height":12}},{"id":"ac2e0f2c-582e-4af7-a373-01771eec39d2","block_type":"box","text":"Conflicts Management","page_number":163,"box":{"x":89,"y":680,"width":164,"height":12}},{"id":"355eae4d-11ba-469b-9ee4-6a13d6d15dd5","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent undue influence","page_number":163,"box":{"x":89,"y":707,"width":860,"height":12}},{"id":"1b702d5d-9d19-43fb-9080-285ea4c90f9b","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":163,"box":{"x":89,"y":722,"width":775,"height":12}},{"id":"bf5877fa-dfd0-4c10-a3f1-05fb3e9d7dd5","block_type":"box","text":"responsibilities. Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship","page_number":163,"box":{"x":89,"y":737,"width":851,"height":12}},{"id":"cdbb4eec-8481-44cc-8381-58443775abfd","block_type":"box","text":"between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates","page_number":163,"box":{"x":89,"y":752,"width":875,"height":12}},{"id":"20dd64bc-106b-467b-8c6e-b4772dd7fb10","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":163,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"70f1a7b7-459e-4989-b610-ae8eb000ff1d","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines.","page_number":163,"box":{"x":89,"y":782,"width":646,"height":12}},{"id":"26261a03-45dd-4c29-aaa1-4980ccef53d3","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy voting","page_number":163,"box":{"x":89,"y":809,"width":769,"height":12}},{"id":"a8963f0b-7179-4dbf-98f0-f7b258153d0e","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":163,"box":{"x":89,"y":824,"width":784,"height":12}},{"id":"27a15763-6294-4089-92d0-0359aec59c9e","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":163,"box":{"x":89,"y":839,"width":452,"height":12}},{"id":"d0348294-8242-4cb6-ac9d-66ecd20cd4c0","block_type":"box","text":"A-2","page_number":163,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"0a6284ff-f593-4b17-8725-66559aee60a4","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":164,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"6c989d7f-94f6-4cd0-923a-36c0fcd71f96","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":164,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"7c52aaf7-217c-4c2e-bda7-e7a8e1ace5d4","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":164,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"830b65b5-1882-4e82-9bf3-745258532581","block_type":"box","text":"Reports to the Board","page_number":164,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"a5b98537-daa2-4409-bdf3-eb432a5f367a","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":164,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"85790ce9-d05f-4710-a582-a7fa711e45de","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":164,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"fe75adef-a567-47e3-bb37-63860a5bbc47","block_type":"box","text":"Guidelines and (2) any material changes to the Guidelines, including material changes to conflicts management practices,","page_number":164,"box":{"x":89,"y":157,"width":854,"height":13}},{"id":"7713619b-34f3-4ef2-ba1c-309116438ccd","block_type":"box","text":"that have not previously been reported.","page_number":164,"box":{"x":88,"y":172,"width":275,"height":13}},{"id":"8df090cf-4c8d-47fb-8c00-6ef63a62b6e6","block_type":"box","text":"Appendix A","page_number":164,"box":{"x":88,"y":199,"width":85,"height":12}},{"id":"011e90d0-55a6-4578-817d-17713248f4ea","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":164,"box":{"x":89,"y":225,"width":336,"height":10}},{"id":"5affbc9b-d441-4de3-9ebd-51a7bdf5ec57","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":164,"box":{"x":89,"y":252,"width":402,"height":9}},{"id":"380359dc-3777-4449-9fd0-78a511a53e3f","block_type":"box","text":"A-3","page_number":164,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"efc80f78-eab3-4800-9cc5-40810a34a1b3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":165,"box":{"x":168,"y":44,"width":721,"height":30}},{"id":"474f6969-a6ff-4820-8fb3-14232590c785","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":165,"box":{"x":89,"y":88,"width":303,"height":12}},{"id":"a8e6f78f-0412-4e97-97a9-dda9fa44d6b7","block_type":"box","text":"Effective as of January 2025","page_number":165,"box":{"x":106,"y":114,"width":197,"height":13}},{"id":"c23eeff2-1cf5-450c-b4c8-054b057ce5bf","block_type":"box","text":"Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":165,"box":{"x":170,"y":177,"width":716,"height":9}},{"id":"752516b0-62fa-4aa5-825e-922b3012aebf","block_type":"box","text":"Introduction to BlackRock","page_number":165,"box":{"x":171,"y":195,"width":180,"height":10}},{"id":"9868137d-e526-42cd-8999-138bfbe06992","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":165,"box":{"x":356,"y":196,"width":530,"height":9}},{"id":"75cc48c2-dcc3-441c-84c3-98f3c975cf76","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":165,"box":{"x":170,"y":214,"width":340,"height":12}},{"id":"0740cd9f-5fb4-4a89-9df6-cf0184532cb8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":165,"box":{"x":512,"y":214,"width":374,"height":10}},{"id":"efc1eefe-e897-483f-a8d9-5c7f4cffc2d0","block_type":"box","text":"Our approach to stewardship within active equities","page_number":165,"box":{"x":170,"y":233,"width":356,"height":12}},{"id":"5e2e4d4d-1f3f-4b2b-9719-3726c9ebfdeb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":165,"box":{"x":532,"y":233,"width":354,"height":10}},{"id":"5f0c6235-46db-482b-9713-88cd7c747e61","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":165,"box":{"x":170,"y":252,"width":347,"height":12}},{"id":"7c337f47-0cb5-474b-b595-8cb50992c49d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":165,"box":{"x":519,"y":252,"width":367,"height":9}},{"id":"27774fb6-007d-461c-9839-a62898c75f51","block_type":"box","text":"Boards of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":165,"box":{"x":171,"y":271,"width":715,"height":9}},{"id":"6a5e6589-d500-4b0c-bd56-d926d7830173","block_type":"box","text":"Executive compensation","page_number":165,"box":{"x":171,"y":290,"width":169,"height":12}},{"id":"8f71af6a-dc21-40a5-9ff1-6387991fea02","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-8","page_number":165,"box":{"x":343,"y":290,"width":543,"height":9}},{"id":"dc7065ce-8ba0-47d9-afc9-0ce8a0a8caf3","block_type":"box","text":"Non-executive director compensation","page_number":165,"box":{"x":171,"y":308,"width":263,"height":13}},{"id":"211cae52-ef44-407d-a37d-aa3245346fbf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":165,"box":{"x":440,"y":309,"width":446,"height":9}},{"id":"582c199c-05a2-48ca-9e6d-54a2612c7f2c","block_type":"box","text":"Capital structure","page_number":165,"box":{"x":170,"y":327,"width":116,"height":13}},{"id":"57238217-2a4e-465e-a8c8-f9cbb83e0a32","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":165,"box":{"x":290,"y":328,"width":596,"height":9}},{"id":"ceb1f8ec-f6bb-40cf-a018-b289927df317","block_type":"box","text":"Transactions and special situations","page_number":165,"box":{"x":169,"y":346,"width":245,"height":13}},{"id":"b2a11463-b35d-409b-a339-3e2b6a03a9e3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":165,"box":{"x":421,"y":347,"width":465,"height":9}},{"id":"016e439f-994c-4536-b1d4-012db517b9c5","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":165,"box":{"x":170,"y":365,"width":341,"height":12}},{"id":"a5c2893c-0e13-490e-998f-18daa5ad0152","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-11","page_number":165,"box":{"x":512,"y":366,"width":371,"height":9}},{"id":"b79cf3ad-b192-47e7-a5c3-d56a79aca396","block_type":"box","text":"Shareholder rights and protections","page_number":165,"box":{"x":170,"y":384,"width":243,"height":12}},{"id":"7fb50bf1-ebc7-4ec1-9053-93ba11f0ff04","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-12","page_number":165,"box":{"x":421,"y":385,"width":465,"height":9}},{"id":"53c8d321-b985-4592-b5fd-4cc270ef4db1","block_type":"box","text":"Shareholder proposals","page_number":165,"box":{"x":170,"y":403,"width":156,"height":12}},{"id":"4212dbd2-d867-49c9-a05e-37dfd142a95a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":165,"box":{"x":329,"y":403,"width":557,"height":10}},{"id":"591bbac4-9525-4a77-98f1-c814e8535b5c","block_type":"box","text":"Corporate political activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":165,"box":{"x":170,"y":422,"width":716,"height":12}},{"id":"490029e6-b3c0-4170-9fa9-6fe9fb6e7f52","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":165,"box":{"x":170,"y":441,"width":405,"height":12}},{"id":"0dc6b6fb-b6a3-4071-815f-28842323073d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":165,"box":{"x":577,"y":441,"width":309,"height":9}},{"id":"b3e96d51-62c8-4112-9b03-b983a97a1f53","block_type":"box","text":"Key stakeholders","page_number":165,"box":{"x":171,"y":460,"width":116,"height":12}},{"id":"2b7f1365-20c8-4495-8c04-18c784c96a8c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":165,"box":{"x":290,"y":460,"width":596,"height":9}},{"id":"aa158a44-5c19-4114-9e21-67749d3b0aaa","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":165,"box":{"x":170,"y":479,"width":357,"height":12}},{"id":"8200c452-4e60-41de-b32c-c90186c7147b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":165,"box":{"x":532,"y":479,"width":354,"height":9}},{"id":"cc7a8acf-a3b6-4998-bd20-a12b6c92ac5d","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":165,"box":{"x":170,"y":497,"width":621,"height":13}},{"id":"a43bb399-7788-46d4-bf59-9284f88b84b2","block_type":"box","text":". . . . . . . . . .A-14","page_number":165,"box":{"x":793,"y":498,"width":93,"height":9}},{"id":"ca02bf59-9559-45eb-b7db-ca0436d9012c","block_type":"box","text":"Overview","page_number":165,"box":{"x":89,"y":531,"width":67,"height":9}},{"id":"1e3961ff-04a6-45b4-a50d-93cf4658f51d","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate","page_number":165,"box":{"x":88,"y":557,"width":828,"height":12}},{"id":"3e938d32-2c08-4c14-8bad-26f74753a751","block_type":"box","text":"governance matters that are commonly put to a shareholder vote, or on which investors engage with issuers. BAIS works in","page_number":165,"box":{"x":89,"y":572,"width":864,"height":12}},{"id":"4f5395af-f09e-4d1a-83e4-1aa44738eed5","block_type":"box","text":"partnership with BlackRock’s investment teams, excluding index equity, providing expertise on investment stewardship,","page_number":165,"box":{"x":89,"y":587,"width":834,"height":12}},{"id":"f14f6456-39d5-4d68-92d3-070399c4fd96","block_type":"box","text":"engaging with companies on behalf of those teams when appropriate, and assisting in recommending, operationalizing and","page_number":165,"box":{"x":89,"y":602,"width":867,"height":12}},{"id":"460ebba4-fd0d-4d8c-bed6-b6c62cf65fbe","block_type":"box","text":"reporting on voting decisions. The guidance informs BAIS’ voting recommendations to BlackRock’s active portfolio","page_number":165,"box":{"x":89,"y":617,"width":802,"height":12}},{"id":"3e78a488-63d1-4ae5-b780-fb07bb193c5c","block_type":"box","text":"managers. It applies to active equity holdings in BlackRock’s fundamental equity, systematic equity and multi-asset solutions","page_number":165,"box":{"x":89,"y":632,"width":873,"height":13}},{"id":"7d7f8ac6-0321-4045-8fd9-07091936608f","block_type":"box","text":"strategies. It also may apply to holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies","page_number":165,"box":{"x":89,"y":647,"width":878,"height":13}},{"id":"0722ba0b-b5ce-4d7b-9bab-c805348d7bd4","block_type":"box","text":"hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have","page_number":165,"box":{"x":89,"y":662,"width":864,"height":13}},{"id":"6805f154-f067-4fa4-9d01-a3a30c1ff036","block_type":"box","text":"discretion as to how they integrate these guidelines within their investment processes in light of their clients’ or funds’","page_number":165,"box":{"x":89,"y":678,"width":827,"height":12}},{"id":"e745698c-b006-4532-94c9-6775224ca607","block_type":"box","text":"investment objectives. There are separate, independently developed principles and voting policies that are applied to","page_number":165,"box":{"x":89,"y":693,"width":813,"height":12}},{"id":"98f6272b-719f-44cb-a9b9-3147776091dc","block_type":"box","text":"BlackRock’s index equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":165,"box":{"x":89,"y":708,"width":792,"height":12}},{"id":"fade097a-de7a-467f-a65a-f75a89fa89ac","block_type":"box","text":"Introduction to BlackRock","page_number":165,"box":{"x":89,"y":734,"width":187,"height":10}},{"id":"8c49eab1-3afa-4f96-a4ae-135a292fa4c9","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on behalf of","page_number":165,"box":{"x":89,"y":761,"width":825,"height":12}},{"id":"6e50391b-0a8f-49c2-a6e9-59af57bfb62e","block_type":"box","text":"institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base","page_number":165,"box":{"x":89,"y":776,"width":871,"height":12}},{"id":"3eb4379c-f265-4aa6-b852-daacb2507465","block_type":"box","text":"includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as","page_number":165,"box":{"x":89,"y":791,"width":865,"height":12}},{"id":"88725835-345a-4117-adf5-6718aba223e5","block_type":"box","text":"well as individuals around the world.","page_number":165,"box":{"x":88,"y":806,"width":255,"height":10}},{"id":"407bfed7-a50b-41b2-97e7-4ac335430ed9","block_type":"box","text":"A-4","page_number":165,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"b4c46d1d-10f1-4d04-a024-0b3ba8e7ba7b","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":166,"box":{"x":88,"y":44,"width":351,"height":12}},{"id":"8be09758-6b91-4b95-9cf2-2805cd674c56","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages","page_number":166,"box":{"x":89,"y":70,"width":861,"height":13}},{"id":"af55f0d9-cf78-42b5-9e38-3170afad840d","block_type":"box","text":"BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also","page_number":166,"box":{"x":89,"y":85,"width":822,"height":13}},{"id":"7d44deed-397c-4e15-bc94-3ed09159558b","block_type":"box","text":"responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by","page_number":166,"box":{"x":89,"y":101,"width":861,"height":12}},{"id":"86b60942-65f8-4a38-8176-35e74a86b5c6","block_type":"box","text":"these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active investment analysts and portfolio","page_number":166,"box":{"x":88,"y":116,"width":879,"height":12}},{"id":"a45e4b58-e87a-48a5-a36a-9601ffcb91ab","block_type":"box","text":"managers, with whom we work closely in engaging companies and voting at shareholder meetings.","page_number":166,"box":{"x":89,"y":131,"width":697,"height":12}},{"id":"c0b0c0ee-71d6-45de-96e3-909aa9b1fd23","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.","page_number":166,"box":{"x":89,"y":157,"width":857,"height":13}},{"id":"6c638ba4-c29f-4aa2-a968-ea95a65fd6ee","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and","page_number":166,"box":{"x":88,"y":172,"width":862,"height":13}},{"id":"13b938e5-0249-427e-a53b-9b9a3e676f6c","block_type":"box","text":"opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and stewardship specialists","page_number":166,"box":{"x":89,"y":188,"width":844,"height":12}},{"id":"089dd229-db90-4545-9f67-2b7b1cf1a968","block_type":"box","text":"engage jointly on substantive matters. Our discussions focus on topics relevant to a company’s success over time including","page_number":166,"box":{"x":89,"y":203,"width":863,"height":12}},{"id":"8f509e8b-68fb-4674-b712-fe993b6bbe42","block_type":"box","text":"governance and leadership, corporate strategy, capital structure and financial performance, operations and sustainability","page_number":166,"box":{"x":89,"y":218,"width":850,"height":12}},{"id":"953ee932-e999-4588-a8af-dae47dbdd155","block_type":"box","text":"related risks, as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are","page_number":166,"box":{"x":89,"y":233,"width":837,"height":12}},{"id":"fa859258-c20c-44b4-8730-d51ae998369c","block_type":"box","text":"generally supportive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":166,"box":{"x":89,"y":248,"width":873,"height":12}},{"id":"6208af51-621c-4474-bd99-5606122fb378","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":166,"box":{"x":89,"y":263,"width":635,"height":12}},{"id":"c2738c0d-57ba-4bcc-b212-f16b30eddeb1","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude the portfolio","page_number":166,"box":{"x":89,"y":290,"width":850,"height":12}},{"id":"28d32cad-a1f3-462c-8ab4-bd1980651b40","block_type":"box","text":"manager has to make independent voting decisions aligned with their portfolio objectives and investment strategy. For","page_number":166,"box":{"x":89,"y":305,"width":830,"height":12}},{"id":"d62f6995-67dd-4c64-b1fa-292fd1d22f1a","block_type":"box","text":"example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We","page_number":166,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"5e6cc28e-8651-47a9-8b72-587e2eb9894a","block_type":"box","text":"provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on","page_number":166,"box":{"x":89,"y":335,"width":874,"height":12}},{"id":"76708cbc-3c0b-4423-95c7-eacd1ecf8634","block_type":"box","text":"their portfolio investment objectives and strategy.","page_number":166,"box":{"x":88,"y":350,"width":346,"height":12}},{"id":"e4c8f319-7d02-4c32-9fd7-c89eae6a732e","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and board","page_number":166,"box":{"x":88,"y":376,"width":818,"height":13}},{"id":"b4326dfa-842e-4aad-9519-762bc5608743","block_type":"box","text":"directors","page_number":166,"box":{"x":89,"y":392,"width":60,"height":9}},{"id":"27f161d4-7036-42bd-937c-e04d894e6aeb","block_type":"box","text":"(1)","page_number":166,"box":{"x":151,"y":390,"width":14,"height":8}},{"id":"699216e4-ef93-42ca-9896-36d062c97b02","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate governance norms","page_number":166,"box":{"x":170,"y":392,"width":789,"height":12}},{"id":"8e7501be-5c97-4ae2-b230-28b12907e458","block_type":"box","text":"can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a","page_number":166,"box":{"x":89,"y":407,"width":860,"height":12}},{"id":"64bbab55-e4b6-4172-9868-b2725bc80192","block_type":"box","text":"company’s ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe","page_number":166,"box":{"x":89,"y":422,"width":865,"height":12}},{"id":"57a3aaed-4a82-40cb-b9f8-7ede40cabe08","block_type":"box","text":"companies should observe accepted corporate governance norms within their local markets or, particularly in markets","page_number":166,"box":{"x":89,"y":437,"width":827,"height":12}},{"id":"33e9b25f-c1c6-4cea-b4e6-ec097f78a908","block_type":"box","text":"without well-established norms, aspire to widely recognized international best practices. As one of many minority","page_number":166,"box":{"x":88,"y":452,"width":796,"height":12}},{"id":"94dc5271-98ef-4979-a9b0-22710e3743e1","block_type":"box","text":"shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation. We look to","page_number":166,"box":{"x":89,"y":467,"width":820,"height":13}},{"id":"90af862c-5b5f-40ac-ad33-084151544521","block_type":"box","text":"companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial","page_number":166,"box":{"x":89,"y":482,"width":842,"height":13}},{"id":"63d865cd-f5d4-40c5-85c7-81086f60c8bb","block_type":"box","text":"interests of their investors.","page_number":166,"box":{"x":89,"y":497,"width":184,"height":10}},{"id":"80c5daa0-ec22-43b0-9d35-7347b4cf5f76","block_type":"box","text":"Our approach to stewardship within active equities","page_number":166,"box":{"x":89,"y":524,"width":368,"height":12}},{"id":"117032dc-8eb4-4db4-ba0a-b154e402066c","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to vote on","page_number":166,"box":{"x":88,"y":550,"width":838,"height":13}},{"id":"4d0a38f2-c8c8-4ebe-9c26-b1e899700f21","block_type":"box","text":"proposals put forth by a company’s management or its shareholders. The voting rights attached to these clients’ holdings are","page_number":166,"box":{"x":89,"y":565,"width":876,"height":13}},{"id":"9ddc9f35-b361-465e-98ec-ed4d9eb6cb96","block_type":"box","text":"an important mechanism for investors to express support for, or concern about, a company’s performance. As a fiduciary,","page_number":166,"box":{"x":89,"y":581,"width":850,"height":12}},{"id":"5a17ef1b-7d5f-409d-b353-dbb3ce1f815d","block_type":"box","text":"BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority","page_number":166,"box":{"x":89,"y":596,"width":863,"height":12}},{"id":"87045540-1cca-4adf-bf12-dfc4a805981c","block_type":"box","text":"to us, in a manner that is consistent with their investment objectives.","page_number":166,"box":{"x":88,"y":611,"width":482,"height":12}},{"id":"8c699d1f-8626-4ea1-83bc-6b071ce1b988","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":166,"box":{"x":89,"y":637,"width":876,"height":13}},{"id":"0c3f034c-e107-4624-82e1-8d9bf9018082","block_type":"box","text":"vote against management recommendations when we have concerns about how companies are serving the financial","page_number":166,"box":{"x":88,"y":652,"width":821,"height":13}},{"id":"75c61a3f-af98-4409-b65b-d8be79dd446a","block_type":"box","text":"interests of our clients as their shareholders. We take a globally consistent approach to voting but consider the different","page_number":166,"box":{"x":89,"y":668,"width":835,"height":12}},{"id":"8a05dc56-e45c-40cf-a23c-e7622048d169","block_type":"box","text":"corporate governance regulations and norms in various markets. Votes are determined on a case-by-case basis, in the","page_number":166,"box":{"x":89,"y":683,"width":825,"height":12}},{"id":"33fa6336-07e3-4d3f-afe3-0e115f7f60f0","block_type":"box","text":"context of a company’s situation and the investment mandate we have from clients. Please see page 16 for more information","page_number":166,"box":{"x":89,"y":698,"width":874,"height":12}},{"id":"820aba6f-7413-48f6-8eae-b0102de92b01","block_type":"box","text":"about how we fulfil and oversee BlackRock’s non-index equity investment stewardship responsibilities.","page_number":166,"box":{"x":89,"y":713,"width":716,"height":12}},{"id":"76701f9b-69c0-47d8-b239-bc4d1c8f5a09","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":166,"box":{"x":89,"y":739,"width":358,"height":13}},{"id":"3e147813-c495-48ff-a4c8-9086a5bff959","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":166,"box":{"x":88,"y":766,"width":880,"height":12}},{"id":"0bf55932-dfe8-44e2-8d5f-de414f0f23c1","block_type":"box","text":"fixed income investment strategies at BlackRock, particularly those with sustainability objectives in addition to financial","page_number":166,"box":{"x":88,"y":781,"width":834,"height":12}},{"id":"9540e506-2806-491e-83fd-2f4f54fa3a99","block_type":"box","text":"objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active","page_number":166,"box":{"x":89,"y":796,"width":843,"height":12}},{"id":"04a0ed1f-27ac-46db-90e1-edd891e224b5","block_type":"box","text":"investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed","page_number":166,"box":{"x":89,"y":811,"width":873,"height":12}},{"id":"d4d50090-242c-4d96-920f-e464f90aa2b3","block_type":"box","text":"(1) References to the board, board directors or non-executive directors should be understood to include supervisory boards and their members, where","page_number":166,"box":{"x":89,"y":856,"width":854,"height":10}},{"id":"e751b30c-bfce-48e8-b5ef-467de9adc3a5","block_type":"box","text":"relevant.","page_number":166,"box":{"x":121,"y":868,"width":47,"height":8}},{"id":"b38c07f7-dfdd-4e25-9591-f56a7db26845","block_type":"box","text":"A-5","page_number":166,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"50800929-1d1f-46b7-a766-2876457d780b","block_type":"box","text":"income investment teams can help inform an issuer’s approach to structuring specialist issuances, such as green bonds, and","page_number":167,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"2130372b-f83d-439e-8209-cefe1fe3071c","block_type":"box","text":"the standard terms and information in bond documentation.","page_number":167,"box":{"x":88,"y":59,"width":424,"height":10}},{"id":"4b908cb3-c5b6-4a05-97d7-0525ab1eff8b","block_type":"box","text":"Boards of Directors","page_number":167,"box":{"x":89,"y":85,"width":138,"height":10}},{"id":"43855c78-9f9a-429c-9038-372951f021c0","block_type":"box","text":"Roles and responsibilities","page_number":167,"box":{"x":106,"y":112,"width":181,"height":12}},{"id":"5e77dd17-b654-4e31-8ec4-f8456f308969","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":167,"box":{"x":88,"y":138,"width":852,"height":13}},{"id":"9c2ade62-c73d-4985-b8a5-26c018905d46","block_type":"box","text":"able to advise and supervise management in an independent and objective manner","page_number":167,"box":{"x":89,"y":153,"width":583,"height":13}},{"id":"c51054f0-b824-489e-8dc5-cde1306c87f5","block_type":"box","text":"(2)","page_number":167,"box":{"x":673,"y":151,"width":14,"height":9}},{"id":"d765e5eb-403a-4db0-8f9b-f9deea699e10","block_type":"box","text":".","page_number":167,"box":{"x":688,"y":162,"width":2,"height":1}},{"id":"babfdc88-7920-4a82-a240-6f500bc96261","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":167,"box":{"x":88,"y":180,"width":850,"height":12}},{"id":"35704d33-007d-4496-87d3-9615588e2634","block_type":"box","text":"company’s strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a","page_number":167,"box":{"x":89,"y":195,"width":835,"height":12}},{"id":"6cb524d8-41ef-4f43-b63d-1d2802c785c9","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":167,"box":{"x":89,"y":210,"width":833,"height":13}},{"id":"f4a3acf1-0c6d-45b8-9e53-7685e7e9d0a6","block_type":"box","text":"misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.","page_number":167,"box":{"x":89,"y":225,"width":772,"height":13}},{"id":"781f97b5-8e10-4a02-b5cf-23d68ba6ce17","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures are in place to","page_number":167,"box":{"x":89,"y":252,"width":873,"height":12}},{"id":"708140b0-40ff-4f8b-b170-aea825adada7","block_type":"box","text":"help management meet its strategic objectives within an agreed risk tolerance.","page_number":167,"box":{"x":89,"y":267,"width":550,"height":12}},{"id":"31e53d23-ad74-49d9-94a0-1dc2c7340a72","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":167,"box":{"x":89,"y":293,"width":848,"height":13}},{"id":"c9416df8-1f2d-47c7-bbec-1a40c9947c66","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":167,"box":{"x":89,"y":308,"width":848,"height":13}},{"id":"15d09de3-5f94-4846-a8a8-f30cd216445a","block_type":"box","text":"determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and","page_number":167,"box":{"x":89,"y":324,"width":850,"height":12}},{"id":"09c32dd4-cfba-4769-adfe-216fd59915f1","block_type":"box","text":"engaging with shareholders, and other stakeholders, as necessary.","page_number":167,"box":{"x":89,"y":339,"width":463,"height":12}},{"id":"b4fc3ec3-91c2-46a7-8ce5-5bd80418f627","block_type":"box","text":"Composition and effectiveness","page_number":167,"box":{"x":89,"y":365,"width":221,"height":12}},{"id":"dd190591-d7ad-4c2d-adad-25b3b9ea3053","block_type":"box","text":"Appointment process","page_number":167,"box":{"x":104,"y":392,"width":156,"height":12}},{"id":"00441f53-f3eb-452f-90be-698cb3697529","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is","page_number":167,"box":{"x":88,"y":418,"width":823,"height":12}},{"id":"0e283fa2-f4e3-4f78-a502-1af64ba7f31d","block_type":"box","text":"composed of directors with the appropriate mix of skills and experience. The board or a sub-committee should determine","page_number":167,"box":{"x":89,"y":433,"width":852,"height":13}},{"id":"3bf899f8-a0da-4aa8-aa4c-3c96b4f5e3eb","block_type":"box","text":"the general criteria given the company’s circumstances (e.g., sector, maturity, geographic footprint) and any additional","page_number":167,"box":{"x":88,"y":448,"width":829,"height":13}},{"id":"249ca718-c64a-43a9-93ef-1a982965e008","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":167,"box":{"x":89,"y":463,"width":850,"height":13}},{"id":"9ac81f3b-4c91-4d75-b10d-375a44ca97ed","block_type":"box","text":"companies to review the skills and experience of incumbent directors to identify any gaps and whether a director candidate’s","page_number":167,"box":{"x":89,"y":479,"width":875,"height":12}},{"id":"2b1d6238-c61e-49d4-a0a5-22b06d48750f","block_type":"box","text":"characteristics would be additive. We welcome disclosures that explain how the board considered different skills,","page_number":167,"box":{"x":89,"y":494,"width":787,"height":12}},{"id":"ea4d6561-255a-4647-8487-9505fa6b555e","block_type":"box","text":"backgrounds and experience to ensure the directors collectively can be effective in fulfilling their responsibilities. We assess a","page_number":167,"box":{"x":89,"y":509,"width":872,"height":12}},{"id":"0e96b67d-9b18-4571-8dee-aa5524f83e17","block_type":"box","text":"company’s board composition against that of its peer group and local market requirements.","page_number":167,"box":{"x":89,"y":524,"width":642,"height":12}},{"id":"a207f3ca-85f2-4c05-8fe7-26a042f3ebe3","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote against the","page_number":167,"box":{"x":88,"y":550,"width":829,"height":13}},{"id":"af6336ca-3c78-4e29-8a80-6f217479994d","block_type":"box","text":"election of the most senior independent director, or the chair of the relevant committee, where a company has not","page_number":167,"box":{"x":89,"y":565,"width":800,"height":13}},{"id":"edf9f87a-279c-42b2-a492-bc4b0c7b3ab0","block_type":"box","text":"demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of","page_number":167,"box":{"x":89,"y":581,"width":853,"height":12}},{"id":"81747bcd-1fc5-4788-ae0e-cfc612cfea4b","block_type":"box","text":"skills, backgrounds and experience amongst the directors to support strong financial performance over time. We may vote","page_number":167,"box":{"x":89,"y":596,"width":856,"height":12}},{"id":"7194fb5d-dc4d-40ac-b73e-3f981f8cf172","block_type":"box","text":"against newly nominated directors who do not seem to have the appropriate skills or experience to contribute to the board’s","page_number":167,"box":{"x":89,"y":611,"width":871,"height":12}},{"id":"505d484f-bfc1-41d9-ac28-b24d1d79e400","block_type":"box","text":"effectiveness.","page_number":167,"box":{"x":89,"y":626,"width":92,"height":10}},{"id":"e385640c-1868-4bbb-b9b8-d66cae7ef45a","block_type":"box","text":"Independence","page_number":167,"box":{"x":106,"y":652,"width":101,"height":13}},{"id":"a92d196c-ce18-48f1-929f-f07f2e89247d","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is","page_number":167,"box":{"x":89,"y":679,"width":871,"height":12}},{"id":"9af0ed6f-cd59-4d2d-994a-0336eeb6e3cf","block_type":"box","text":"of paramount importance to the protection of the interests of minority shareholders such as BlackRock’s clients. At least half","page_number":167,"box":{"x":89,"y":694,"width":874,"height":12}},{"id":"76364324-77c7-4975-9e16-4c6b090d2ffd","block_type":"box","text":"of the directors should be independent and free from conflicts of interest or undue influence","page_number":167,"box":{"x":89,"y":709,"width":646,"height":12}},{"id":"4fc16855-c7ce-40f6-a782-3d5b964ab1de","block_type":"box","text":"(3)","page_number":167,"box":{"x":736,"y":707,"width":14,"height":8}},{"id":"73626264-745a-4a17-aa58-564cb3e425b0","block_type":"box","text":". This ensures sufficient","page_number":167,"box":{"x":752,"y":709,"width":164,"height":10}},{"id":"1017b209-063f-4fe5-9329-398c45d67af3","block_type":"box","text":"independent directors to have appropriately independent board committees. Companies domiciled in markets with a higher","page_number":167,"box":{"x":89,"y":724,"width":866,"height":13}},{"id":"f41c3455-7a4c-47be-acc9-28bd8268a21f","block_type":"box","text":"threshold for board independence should meet those requirements.","page_number":167,"box":{"x":88,"y":739,"width":474,"height":13}},{"id":"13970ac8-677f-4d7e-a172-2d10f618b726","block_type":"box","text":"(2) See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance principles of the US Business Roundtable as","page_number":167,"box":{"x":89,"y":803,"width":871,"height":10}},{"id":"1de0bb3f-9434-4921-b62e-aff032d175e6","block_type":"box","text":"examples.","page_number":167,"box":{"x":121,"y":816,"width":55,"height":9}},{"id":"884422d1-8acb-4cbf-9e07-80ff290dd9ed","block_type":"box","text":"(3) Common impediments to independence may include but are not limited to: current or recent employment at the company or a subsidiary; being, or","page_number":167,"box":{"x":89,"y":831,"width":860,"height":10}},{"id":"3a320d6f-cb1c-49be-8758-f12d654fb698","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":167,"box":{"x":121,"y":843,"width":809,"height":10}},{"id":"62512e15-04c7-4919-8689-040b28c0f37c","block_type":"box","text":"rest,","page_number":167,"box":{"x":931,"y":844,"width":23,"height":8}},{"id":"8ddb2cf8-7820-4afc-8175-f34a2f5591b7","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":167,"box":{"x":121,"y":856,"width":800,"height":10}},{"id":"6f7d296a-05ba-4ee4-b055-8e27233df909","block_type":"box","text":"terests","page_number":167,"box":{"x":922,"y":857,"width":37,"height":7}},{"id":"9097518b-5fc9-475c-aafb-dd0cd896a728","block_type":"box","text":"of the company and shareholders.","page_number":167,"box":{"x":121,"y":868,"width":190,"height":10}},{"id":"ce82c2b1-3eba-4cc8-bacc-06f4c5f153f4","block_type":"box","text":"A-6","page_number":167,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"340c3af6-c336-4f11-892d-9d5bb2b495f8","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":168,"box":{"x":88,"y":44,"width":789,"height":12}},{"id":"d49678fa-441e-43ee-88f6-fd90e267cb79","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":168,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"a2681c1d-8c46-4b93-a72d-5bd4c481f0e6","block_type":"box","text":"is a perennial issue.","page_number":168,"box":{"x":89,"y":74,"width":134,"height":12}},{"id":"1e6ae72f-564a-44ca-9246-5ce159780acb","block_type":"box","text":"Independent board leadership","page_number":168,"box":{"x":106,"y":101,"width":216,"height":12}},{"id":"a76af710-350e-4e9a-8cbc-52327b60ffbc","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent board","page_number":168,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"a35bd5cd-b6a6-4111-95e9-5744ff0f9818","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":168,"box":{"x":89,"y":142,"width":856,"height":12}},{"id":"69cb2021-aba3-443d-b06e-fae032b8d69f","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":168,"box":{"x":89,"y":157,"width":853,"height":13}},{"id":"c9d8751d-c68c-463d-a0f0-785b3db08227","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":168,"box":{"x":89,"y":172,"width":851,"height":13}},{"id":"1463fe04-0ffa-4350-89ea-21302ee363d2","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":168,"box":{"x":88,"y":188,"width":858,"height":12}},{"id":"260be557-1597-41fe-8c37-9376581cf3a5","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":168,"box":{"x":89,"y":203,"width":819,"height":12}},{"id":"40c0ba03-a305-41ac-9551-ac73744cd2f8","block_type":"box","text":"available to investors to discuss board governance matters such as CEO succession, executive pay, and board performance.","page_number":168,"box":{"x":89,"y":218,"width":860,"height":12}},{"id":"4b929179-bc43-45b1-9ab0-a7e9d32f80b5","block_type":"box","text":"We look to boards to explain their independent board leadership model and how it serves the interests of shareholders.","page_number":168,"box":{"x":88,"y":233,"width":832,"height":12}},{"id":"3736ee14-6994-41bf-89ec-92cb30ed5992","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":168,"box":{"x":88,"y":259,"width":873,"height":13}},{"id":"84d3f029-bbf9-467e-ac23-43c7e896fe46","block_type":"box","text":"independent leader of the board with clear responsibilities for board performance. We may vote against the most senior","page_number":168,"box":{"x":89,"y":274,"width":837,"height":13}},{"id":"0ce14dde-bd88-4d12-b1bb-05bd8725f5d9","block_type":"box","text":"independent director if the board has a policy of not engaging with shareholders.","page_number":168,"box":{"x":89,"y":290,"width":566,"height":12}},{"id":"965a53fd-684c-409b-b531-bed30cee1419","block_type":"box","text":"Tenure and succession","page_number":168,"box":{"x":104,"y":316,"width":165,"height":10}},{"id":"5567b2ec-edb9-4873-9d10-406949f3117f","block_type":"box","text":"Boards should establish the length of time a director would normally be expected to serve, in line with market norms where","page_number":168,"box":{"x":89,"y":342,"width":863,"height":13}},{"id":"2d94a4f4-735d-4de4-92e9-34c4f97c7fa5","block_type":"box","text":"those exist. In such markets, we find it helpful when companies disclose their approach to director tenure particularly around","page_number":168,"box":{"x":88,"y":358,"width":875,"height":12}},{"id":"97ec1e3b-be13-43c4-afc8-2e7b25771ad7","block_type":"box","text":"the contributions of directors who have served for longer periods than provided for in local practices. In our experience, long","page_number":168,"box":{"x":88,"y":373,"width":877,"height":12}},{"id":"23ce8589-d46b-4e7e-91b2-b74a19c41566","block_type":"box","text":"serving directors could become less independent given their relationship with management and involvement in past board","page_number":168,"box":{"x":89,"y":388,"width":857,"height":12}},{"id":"6cfb4cb2-f3c5-4801-a43c-7ce6492a8a42","block_type":"box","text":"decisions.","page_number":168,"box":{"x":89,"y":403,"width":67,"height":10}},{"id":"70212ead-32bc-4507-b901-a08ff8509ea5","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the","page_number":168,"box":{"x":88,"y":429,"width":851,"height":13}},{"id":"8856a44f-83cb-4670-aab3-29556b344a3b","block_type":"box","text":"regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with","page_number":168,"box":{"x":89,"y":445,"width":872,"height":12}},{"id":"1b9f3d25-e79b-4a5a-a581-eb26a25038e8","block_type":"box","text":"long-term knowledge of the board and company.","page_number":168,"box":{"x":89,"y":460,"width":343,"height":12}},{"id":"a9822a81-327a-46b8-992e-41dc3efc54aa","block_type":"box","text":"In markets where there is not specific director tenure guidance, we may vote against the election of the chair of the","page_number":168,"box":{"x":89,"y":486,"width":806,"height":12}},{"id":"97df6217-1b51-4cf5-8b78-80008ccb85b4","block_type":"box","text":"committee responsible for board composition if there is not a clearly disclosed approach to director tenure and board","page_number":168,"box":{"x":89,"y":501,"width":820,"height":13}},{"id":"c40dc5db-fa47-47b2-bcfd-0c113fa84051","block_type":"box","text":"renewal. We may vote against the election of directors who have served for longer duration than typical in markets with","page_number":168,"box":{"x":89,"y":516,"width":836,"height":13}},{"id":"1b59f054-9273-4a8e-880c-f31930446f11","block_type":"box","text":"specific guidance, where the case for their continued service is not evident.","page_number":168,"box":{"x":89,"y":531,"width":524,"height":13}},{"id":"6a70ca3f-ee47-4759-9734-bbb6111b2941","block_type":"box","text":"Capacity","page_number":168,"box":{"x":105,"y":558,"width":62,"height":12}},{"id":"d8e91566-c005-4071-891a-de871060b51e","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should assess the","page_number":168,"box":{"x":88,"y":584,"width":836,"height":13}},{"id":"4135a76d-d696-4274-bc5a-65622f961216","block_type":"box","text":"ability of its members to maintain an appropriate focus on board matters and the company taking into consideration","page_number":168,"box":{"x":89,"y":599,"width":816,"height":13}},{"id":"39a85f01-162d-4880-9ac1-d6967748eb31","block_type":"box","text":"competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time","page_number":168,"box":{"x":89,"y":615,"width":873,"height":12}},{"id":"cb8ae70e-fe94-4205-b389-0f7a47c1cb53","block_type":"box","text":"commitment but note that they are generally more intensive than a standard directorship. We will take local norms and","page_number":168,"box":{"x":89,"y":630,"width":833,"height":12}},{"id":"ace9c319-2b6f-44c0-af52-89371a2be6a9","block_type":"box","text":"practices into consideration when making our voting determinations across markets.","page_number":168,"box":{"x":89,"y":645,"width":594,"height":12}},{"id":"6b205d56-f126-4ac3-88d1-3c885df60923","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":168,"box":{"x":88,"y":671,"width":859,"height":13}},{"id":"a05053b4-d912-4edc-90e9-b5b7f7d97464","block_type":"box","text":"the board and company.","page_number":168,"box":{"x":88,"y":686,"width":169,"height":13}},{"id":"2ebfd716-85d9-4f9c-9377-7a318bf6edda","block_type":"box","text":"Director elections","page_number":168,"box":{"x":106,"y":713,"width":126,"height":10}},{"id":"a6e807e0-d9be-48ee-bd65-f2b7a0020c55","block_type":"box","text":"In support of director accountability to shareholders, directors should stand for election on a regular basis, ideally annually. A","page_number":168,"box":{"x":89,"y":739,"width":874,"height":13}},{"id":"466acd3c-ab4a-42c4-9dcd-6985fc878584","block_type":"box","text":"classified board structure may be justified by a company when it needs consistency and stability during a time of transition,","page_number":168,"box":{"x":89,"y":754,"width":862,"height":13}},{"id":"f24bb1d0-b764-46a0-a035-1e960e43c678","block_type":"box","text":"or on the basis of its business model, e.g., a non-operating company such as closed-end funds.","page_number":168,"box":{"x":89,"y":770,"width":664,"height":12}},{"id":"4229e0a4-feca-4167-98fd-50fbea04ac5a","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look","page_number":168,"box":{"x":88,"y":796,"width":876,"height":12}},{"id":"3bd454c4-f722-4b5d-8b80-e3006b5e4201","block_type":"box","text":"to companies to provide sufficient information on each director standing for election so that shareholders can assess their","page_number":168,"box":{"x":88,"y":811,"width":856,"height":12}},{"id":"608c601e-376a-4537-bcaa-9d8eb9cb1a39","block_type":"box","text":"capabilities and suitability. We will not support the election of directors whose names and biographical details have not been","page_number":168,"box":{"x":89,"y":826,"width":869,"height":13}},{"id":"17b769cd-9853-4982-865f-a8edc6dca3d7","block_type":"box","text":"disclosed sufficiently in advance of the shareholder meeting.","page_number":168,"box":{"x":89,"y":841,"width":422,"height":13}},{"id":"304c98d3-b6d5-4122-b1d5-559eac8fc506","block_type":"box","text":"A-7","page_number":168,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"49e6861b-490a-4df9-b239-cb544d0decf0","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":169,"box":{"x":89,"y":44,"width":817,"height":12}},{"id":"56d7bfd9-ba9a-4418-8638-a9ef8f080f2b","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":169,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"0160aefb-7053-4871-a5c9-9d722f1ebe4d","block_type":"box","text":"best serves investors’ interests.","page_number":169,"box":{"x":89,"y":74,"width":215,"height":10}},{"id":"8bf1eaf8-4017-4d8d-a398-e90ce981f8c3","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":169,"box":{"x":88,"y":101,"width":846,"height":12}},{"id":"8a1e5b15-2017-447f-a101-81b61e08fe1a","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":169,"box":{"x":89,"y":116,"width":849,"height":12}},{"id":"01b0a224-f993-4b35-8d09-ecadb8eb1bfa","block_type":"box","text":"slate if we have concerns about the profile or performance of an individual director.","page_number":169,"box":{"x":89,"y":131,"width":581,"height":12}},{"id":"db0b56ea-f9ba-446e-b863-e82b6825d064","block_type":"box","text":"Committees","page_number":169,"box":{"x":105,"y":158,"width":86,"height":9}},{"id":"f2b980f4-ad86-4463-b5b8-f52d0e6a527c","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":169,"box":{"x":89,"y":184,"width":859,"height":12}},{"id":"89d72900-7541-4aeb-b84c-1461efb199c3","block_type":"box","text":"human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees","page_number":169,"box":{"x":89,"y":199,"width":855,"height":12}},{"id":"0bae9832-2c3a-4d5c-b56a-618ef36d4f8a","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":169,"box":{"x":88,"y":214,"width":798,"height":12}},{"id":"df4c297a-c311-4b2a-b893-9daf4edf419d","block_type":"box","text":"appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee","page_number":169,"box":{"x":89,"y":229,"width":847,"height":12}},{"id":"108f4ab3-3e4b-40d2-907a-35b545a5302d","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":169,"box":{"x":89,"y":244,"width":840,"height":13}},{"id":"5ca8268e-c6c9-40c5-96ee-d97d223e189b","block_type":"box","text":"committees. The board should disclose to shareholders the structure, membership, proportion of independent directors, and","page_number":169,"box":{"x":89,"y":259,"width":872,"height":13}},{"id":"17017041-b481-4a7c-b2d5-7d27d2855c90","block_type":"box","text":"responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees","page_number":169,"box":{"x":89,"y":274,"width":843,"height":13}},{"id":"ab8c73cf-7b54-4393-8837-3c2cb1fecbdb","block_type":"box","text":"include:","page_number":169,"box":{"x":89,"y":290,"width":53,"height":9}},{"id":"c19e71e4-7179-4535-a83f-3647d2bf0736","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance","page_number":169,"box":{"x":121,"y":310,"width":830,"height":12}},{"id":"d0291b49-5a51-4fac-b314-1aed04fdeab1","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":169,"box":{"x":153,"y":325,"width":807,"height":12}},{"id":"e3f1e6a4-581b-4371-8bee-24ff234db1a6","block_type":"box","text":"whistleblowing mechanisms.","page_number":169,"box":{"x":153,"y":340,"width":203,"height":12}},{"id":"8cf71594-3a6b-471a-abfd-9e1533c32daa","block_type":"box","text":"• Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":169,"box":{"x":121,"y":360,"width":826,"height":12}},{"id":"f82d7d80-83b4-4d9d-9a40-3b0b6cf19ac9","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":169,"box":{"x":154,"y":375,"width":779,"height":13}},{"id":"43649584-8339-4f92-a610-f95b912ec432","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":169,"box":{"x":154,"y":390,"width":759,"height":13}},{"id":"816f91e0-4deb-418b-a0de-03d8cfbe4ce4","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":169,"box":{"x":154,"y":405,"width":456,"height":13}},{"id":"4b6ce16f-c380-4975-88a3-381b9405acec","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":169,"box":{"x":121,"y":426,"width":817,"height":12}},{"id":"a618e39d-0f2a-4863-8e7f-d93d8f26cb6e","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm","page_number":169,"box":{"x":154,"y":441,"width":808,"height":12}},{"id":"ce3c27c3-22f1-4a00-b7bf-170c802d290f","block_type":"box","text":"wide compensation policies.","page_number":169,"box":{"x":153,"y":456,"width":199,"height":12}},{"id":"61a503bb-818c-48c4-aa66-78fc058a0829","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":169,"box":{"x":88,"y":482,"width":866,"height":13}},{"id":"72ace16e-2eb9-4670-a4b8-8b57c2fc4c73","block_type":"box","text":"our concerns and provide feedback on how a committee has undertaken its responsibilities. We may vote against the election","page_number":169,"box":{"x":89,"y":497,"width":877,"height":13}},{"id":"7130508f-a117-43ab-82a7-82ded7bde556","block_type":"box","text":"of the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":169,"box":{"x":89,"y":513,"width":742,"height":12}},{"id":"488f1e20-ef4a-4d9f-a436-7f96c05254a1","block_type":"box","text":"Board and director evaluation","page_number":169,"box":{"x":106,"y":539,"width":212,"height":10}},{"id":"00a91488-9a6c-4710-8af4-e745448bd07f","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":169,"box":{"x":88,"y":565,"width":853,"height":13}},{"id":"c1127a79-cd3d-43dc-a4ee-63bff906eebc","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":169,"box":{"x":88,"y":581,"width":853,"height":12}},{"id":"c8f6473d-fc95-43f8-9035-a6979cac107f","block_type":"box","text":"objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to","page_number":169,"box":{"x":89,"y":596,"width":871,"height":12}},{"id":"85e0fe77-fb75-4845-959a-87f015339ef1","block_type":"box","text":"and objectives of evaluations, including any changes made to the board’s approach as a result.","page_number":169,"box":{"x":89,"y":611,"width":661,"height":12}},{"id":"2bed7def-dace-4fa0-a732-175d632f5df3","block_type":"box","text":"Access to independent advice","page_number":169,"box":{"x":104,"y":637,"width":216,"height":13}},{"id":"e1164ba7-5371-4ca5-a03c-039d14b5e997","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":169,"box":{"x":88,"y":664,"width":840,"height":12}},{"id":"000806a8-b469-4346-8edd-17a0e69b67a9","block_type":"box","text":"independent advice. When circumstances warrant, boards should be able to retain independent third parties to advise on","page_number":169,"box":{"x":89,"y":679,"width":846,"height":12}},{"id":"18df0f54-2f5f-4e33-9033-fd80cf54d0ad","block_type":"box","text":"critical matters. These might include new industry developments such as emergent and disruptive technology, operating","page_number":169,"box":{"x":89,"y":694,"width":843,"height":12}},{"id":"9f8d5cb7-9e7d-455a-bc08-6af0b1de89f0","block_type":"box","text":"events with material consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":169,"box":{"x":89,"y":709,"width":841,"height":12}},{"id":"777dc6de-7774-4cd0-842e-97887a44ece5","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and","page_number":169,"box":{"x":89,"y":724,"width":805,"height":13}},{"id":"48d65ecb-a8fb-4162-b07b-44d1b31faf75","block_type":"box","text":"succession planning.","page_number":169,"box":{"x":89,"y":739,"width":145,"height":13}},{"id":"9b75256d-2a4a-4afc-9254-a33edf328824","block_type":"box","text":"Executive compensation","page_number":169,"box":{"x":89,"y":766,"width":174,"height":12}},{"id":"6ff9c9ea-2c6d-4bbf-814f-54deaa296573","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the caliber of","page_number":169,"box":{"x":89,"y":792,"width":848,"height":13}},{"id":"58613eb1-90cb-4aba-912c-580f52dc6c1c","block_type":"box","text":"executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus","page_number":169,"box":{"x":89,"y":807,"width":864,"height":13}},{"id":"9da24d77-8f04-42c2-a430-c09522ef625b","block_type":"box","text":"on alignment between variable pay and a company’s financial performance.","page_number":169,"box":{"x":89,"y":822,"width":529,"height":13}},{"id":"bd7972ab-e9fc-4cfb-aa1e-93c57236d12b","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":169,"box":{"x":89,"y":849,"width":787,"height":12}},{"id":"86fb45b4-6e55-48fb-a7d4-811906230784","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics, and","page_number":169,"box":{"x":89,"y":864,"width":851,"height":12}},{"id":"3a6090ae-8ce3-4c1b-af3b-6ce4164b06ee","block_type":"box","text":"A-8","page_number":169,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"25e15842-cc39-41fb-9e35-17752cb72871","block_type":"box","text":"pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market norms and","page_number":170,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"79d1c9a3-f7e1-4366-a7fb-d0b8df64e6be","block_type":"box","text":"benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to the company, its","page_number":170,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"8c05c0e9-4429-476a-ab35-56f2da938daa","block_type":"box","text":"sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":170,"box":{"x":89,"y":74,"width":701,"height":12}},{"id":"90e65e32-7520-4f43-ad4c-a2067b81a1df","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s approach to","page_number":170,"box":{"x":89,"y":101,"width":819,"height":12}},{"id":"986937c3-7146-4773-91d4-ce456b7f41b5","block_type":"box","text":"executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative","page_number":170,"box":{"x":89,"y":116,"width":836,"height":12}},{"id":"89876d69-79a1-4304-890a-317287749095","block_type":"box","text":"information in their disclosures to enable shareholders to understand the compensation arrangements and assess the","page_number":170,"box":{"x":89,"y":131,"width":825,"height":12}},{"id":"68f4feec-2781-4230-9e50-c2d0e5a50d96","block_type":"box","text":"alignment with investors’ interests. Features we look for in compensation arrangements include:","page_number":170,"box":{"x":89,"y":146,"width":673,"height":12}},{"id":"1a9e7c79-3608-4a5c-829d-c6933d3ae836","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the","page_number":170,"box":{"x":121,"y":166,"width":823,"height":12}},{"id":"8f7a75bb-182b-43fc-9b36-e66a27147310","block_type":"box","text":"company’s size, sector and market.","page_number":170,"box":{"x":154,"y":181,"width":244,"height":13}},{"id":"5d184035-240b-4634-a48d-a9e7ef6e357a","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":170,"box":{"x":121,"y":201,"width":840,"height":13}},{"id":"399ddff1-106c-4840-b952-16a3d6c7b23b","block_type":"box","text":"objectives.","page_number":170,"box":{"x":154,"y":216,"width":72,"height":13}},{"id":"bd3ba250-2fd6-4f90-af73-c796748f78b0","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":170,"box":{"x":121,"y":237,"width":637,"height":12}},{"id":"229900f8-236c-46ea-86da-3bf3e95b5f28","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":170,"box":{"x":121,"y":257,"width":805,"height":12}},{"id":"c1a832eb-2e36-4d0c-bb26-248fa505056f","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":170,"box":{"x":154,"y":272,"width":778,"height":12}},{"id":"26652dd0-aa38-4c1e-bbc6-49a5e5a532ed","block_type":"box","text":"• Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":170,"box":{"x":121,"y":292,"width":651,"height":12}},{"id":"79283885-9856-40da-beeb-1a4c805b8b2d","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":170,"box":{"x":121,"y":312,"width":752,"height":13}},{"id":"86fea625-7835-4f3a-81e2-ffd78a8017ec","block_type":"box","text":"transparently.","page_number":170,"box":{"x":153,"y":327,"width":94,"height":13}},{"id":"a987aacf-acdc-4d2d-9a12-a45f0a61d055","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":170,"box":{"x":121,"y":348,"width":822,"height":12}},{"id":"712a9e8d-7bd0-40dd-8dca-f6bc6d631720","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":170,"box":{"x":154,"y":363,"width":470,"height":12}},{"id":"07110873-623e-4107-9352-60253e5b1f02","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":170,"box":{"x":121,"y":383,"width":737,"height":12}},{"id":"a124f828-99d3-41c6-96a5-0718d8d59437","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":170,"box":{"x":121,"y":403,"width":774,"height":12}},{"id":"64fe87d3-341b-417d-b477-566e8c02b9c0","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.","page_number":170,"box":{"x":154,"y":418,"width":805,"height":12}},{"id":"74d9bedc-7ffd-4f32-9e87-69524859981b","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":170,"box":{"x":121,"y":438,"width":756,"height":13}},{"id":"306a7984-32e1-47ae-9f84-78b321f8c8c3","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":170,"box":{"x":88,"y":465,"width":857,"height":12}},{"id":"1f643a75-255f-4c95-9961-86f4d09e7dee","block_type":"box","text":"compensation report where we do not see alignment between executive compensation arrangements and our clients’","page_number":170,"box":{"x":89,"y":480,"width":825,"height":12}},{"id":"0b92bb7e-0401-4c0d-98ae-a62611ae3167","block_type":"box","text":"financial interests. When there is not an alternative, or where there have been multi-year issues with compensation","page_number":170,"box":{"x":88,"y":495,"width":804,"height":12}},{"id":"7566cfad-3b9f-48d6-9f48-49398a18bf5a","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":170,"box":{"x":89,"y":510,"width":874,"height":12}},{"id":"608b1b7d-cc0d-458c-ae72-827ea447d0eb","block_type":"box","text":"independent director.","page_number":170,"box":{"x":89,"y":525,"width":148,"height":12}},{"id":"17c2a85a-de69-478b-9756-1e2494297bcd","block_type":"box","text":"Non-executive director compensation","page_number":170,"box":{"x":89,"y":552,"width":272,"height":12}},{"id":"d38e3681-9628-43e9-bc0b-f1e4b9cfcf03","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":170,"box":{"x":89,"y":578,"width":875,"height":12}},{"id":"cc8ade3d-8533-47a9-80f8-75345ab7364d","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":170,"box":{"x":89,"y":593,"width":845,"height":13}},{"id":"3cf6e61f-f7af-4b13-b120-ffa37c7c6f18","block_type":"box","text":"executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and","page_number":170,"box":{"x":89,"y":608,"width":832,"height":13}},{"id":"f393f4ae-0f72-4558-b839-6364341ef28b","block_type":"box","text":"undermine their independence from management, whom they oversee.","page_number":170,"box":{"x":89,"y":623,"width":501,"height":13}},{"id":"a35a87d7-fc8c-4a11-bc33-175e3cb5f96e","block_type":"box","text":"Capital structure","page_number":170,"box":{"x":89,"y":650,"width":119,"height":12}},{"id":"06e11a39-b36a-4fa4-83b3-c3c561b1b05a","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate","page_number":170,"box":{"x":89,"y":676,"width":859,"height":13}},{"id":"2b8c60bc-efcb-4c1f-9258-00fd637ca301","block_type":"box","text":"capital allocation and management in support of long-term financial resilience.","page_number":170,"box":{"x":89,"y":691,"width":553,"height":13}},{"id":"3b9c85f4-9218-4bd3-bbb4-a1c439343640","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":170,"box":{"x":88,"y":718,"width":876,"height":12}},{"id":"aa26ef4f-e1ae-40c5-b568-a31e32a6f980","block_type":"box","text":"to be aligned with shareholders’ interests. We may vote against management proposals seeking capital-related authorities or","page_number":170,"box":{"x":88,"y":733,"width":875,"height":12}},{"id":"12c22f68-ce31-4e2b-a693-437c6d85c457","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":170,"box":{"x":88,"y":748,"width":873,"height":12}},{"id":"3683c3c9-c502-498c-9c84-35e11bb93913","block_type":"box","text":"a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":170,"box":{"x":89,"y":763,"width":838,"height":13}},{"id":"2d198466-756a-4360-92a4-4759f55d8c3d","block_type":"box","text":"Share issuance","page_number":170,"box":{"x":105,"y":790,"width":107,"height":9}},{"id":"8cc2c031-e044-484e-90e1-07816bd809f5","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":170,"box":{"x":88,"y":816,"width":807,"height":13}},{"id":"11f769c1-afa5-4729-b61b-3173d09be250","block_type":"box","text":"authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. Companies should","page_number":170,"box":{"x":89,"y":831,"width":868,"height":13}},{"id":"75708c3a-01d0-46a3-8176-656d3c80f9eb","block_type":"box","text":"seek regular approval of these authorities to allow shareholders to take into consideration how prior authorities were used, as","page_number":170,"box":{"x":89,"y":846,"width":877,"height":13}},{"id":"f16ec8a5-0082-4465-980d-bb0be90e8e71","block_type":"box","text":"well as the current circumstances of the company and the market environment.","page_number":170,"box":{"x":88,"y":862,"width":558,"height":12}},{"id":"8b1e51ad-aa06-4d9a-b100-dbe7567c5de8","block_type":"box","text":"A-9","page_number":170,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"3024d7ec-8cb5-4ebb-886c-3897fff239d5","block_type":"box","text":"Share buybacks","page_number":171,"box":{"x":105,"y":44,"width":113,"height":12}},{"id":"5e4f90a4-f82c-4ae9-96ce-deffbcb074c5","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":171,"box":{"x":88,"y":70,"width":786,"height":13}},{"id":"24d85ce2-6233-4ad8-9925-0eda077defa3","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of the","page_number":171,"box":{"x":89,"y":85,"width":844,"height":13}},{"id":"41f7ee92-a8e5-474a-86c3-fc41495f5b3a","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":171,"box":{"x":89,"y":101,"width":872,"height":12}},{"id":"fe007fbb-fee3-4e83-847b-4a6109b153a3","block_type":"box","text":"balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market","page_number":171,"box":{"x":89,"y":116,"width":858,"height":12}},{"id":"06ac30b7-30a7-4fb5-b668-6260c06db481","block_type":"box","text":"price. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior","page_number":171,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"11f431d4-0936-4215-adf0-34d9b425d487","block_type":"box","text":"authorities were used, as well as the current circumstances of the company and the market environment.","page_number":171,"box":{"x":89,"y":146,"width":735,"height":12}},{"id":"8cd25224-05b6-4db2-844e-87c2387d3893","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as treasury shares,","page_number":171,"box":{"x":88,"y":172,"width":854,"height":13}},{"id":"3ca7ef56-87e0-43a4-bd3c-29ed5ed3da96","block_type":"box","text":"management should provide a detailed rationale in the context of the disclosed capital management strategy.","page_number":171,"box":{"x":89,"y":188,"width":767,"height":12}},{"id":"05c3eb69-f766-47ef-892f-eecb09b29f49","block_type":"box","text":"Dividends","page_number":171,"box":{"x":106,"y":214,"width":70,"height":10}},{"id":"0eb729df-543c-4f0a-9272-0987ad16f913","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":171,"box":{"x":88,"y":240,"width":852,"height":13}},{"id":"05ff3295-ff57-4555-8531-41e4eeeb9e69","block_type":"box","text":"proposed dividend appears out of line with the company’s financial position.","page_number":171,"box":{"x":89,"y":256,"width":534,"height":12}},{"id":"24a812e3-f601-40e9-a661-dd8963d686f4","block_type":"box","text":"Differentiated voting rights","page_number":171,"box":{"x":106,"y":282,"width":193,"height":12}},{"id":"c6d25f67-589f-48d6-8bcb-a190a6c43001","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":171,"box":{"x":88,"y":308,"width":862,"height":13}},{"id":"77d4b157-1e32-4820-9cad-79a8b9a044a1","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":171,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"9f666bde-0615-4128-8851-71af07fe30e1","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":171,"box":{"x":89,"y":339,"width":860,"height":12}},{"id":"e46a029a-0bf1-4507-a8ad-91e20c331440","block_type":"box","text":"periodic basis.","page_number":171,"box":{"x":89,"y":354,"width":98,"height":12}},{"id":"d7f12758-a613-47e5-997e-45862621510d","block_type":"box","text":"Transactions and special situations","page_number":171,"box":{"x":88,"y":380,"width":253,"height":13}},{"id":"eea097bc-c9d9-4d29-9cb1-91cca42f453d","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed analyses of","page_number":171,"box":{"x":88,"y":407,"width":813,"height":12}},{"id":"33582a01-89ee-4ecb-9215-71af0456b874","block_type":"box","text":"proposals.","page_number":171,"box":{"x":89,"y":422,"width":70,"height":12}},{"id":"670a827c-85fa-4b5c-8805-a9be85a0982f","block_type":"box","text":"Mergers and acquisitions","page_number":171,"box":{"x":105,"y":448,"width":182,"height":13}},{"id":"f5c6ad18-7db7-4fce-9ed2-9b48a2608798","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders.","page_number":171,"box":{"x":88,"y":475,"width":856,"height":12}},{"id":"38a0274e-468e-4264-843f-a0b01e501eda","block_type":"box","text":"Management should provide an assessment of the proposed transaction’s strategic and financial rationale, along with its","page_number":171,"box":{"x":89,"y":490,"width":846,"height":12}},{"id":"e7745ba7-0cf0-4f85-8283-1b302c9cca86","block_type":"box","text":"execution and operational risks. We review each transaction independently based on these factors and the degree to which","page_number":171,"box":{"x":89,"y":505,"width":861,"height":12}},{"id":"a3d5f568-e548-402b-b463-611322f7a4fb","block_type":"box","text":"the transaction enhances shareholder value. The board should consider establishing an ad hoc transaction committee to","page_number":171,"box":{"x":88,"y":520,"width":845,"height":12}},{"id":"d0c68281-451f-4691-b928-cf38489a43b0","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to","page_number":171,"box":{"x":89,"y":535,"width":855,"height":13}},{"id":"9b766e8b-62d4-4bd5-bb71-2f1d9be72b34","block_type":"box","text":"shareholders.","page_number":171,"box":{"x":89,"y":550,"width":93,"height":10}},{"id":"d392cad7-c370-4ddf-ad7b-b85719bcded7","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":171,"box":{"x":88,"y":577,"width":727,"height":12}},{"id":"86c2f9b2-c96e-4b73-b658-9d65bbb62baa","block_type":"box","text":"Anti-takeover defenses","page_number":171,"box":{"x":104,"y":603,"width":167,"height":10}},{"id":"48b2e1d8-7235-4883-973a-ff2a3e479792","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":171,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"595dae9b-1116-4ae4-b0df-e90924236974","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":171,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"e4aa6218-290e-44b4-a653-593bd1e7880a","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":171,"box":{"x":89,"y":660,"width":865,"height":12}},{"id":"e8632d7e-8ba8-4fc8-ae5e-8a1a331b448f","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":171,"box":{"x":89,"y":675,"width":832,"height":12}},{"id":"9c929f4a-8a3e-48ed-af48-45685ee39c31","block_type":"box","text":"campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances","page_number":171,"box":{"x":89,"y":690,"width":856,"height":13}},{"id":"434b0d16-7e05-4b55-9b0e-fa93be69a58b","block_type":"box","text":"should be limited in term and threshold, and also be closely monitored by the independent members of the board. We look","page_number":171,"box":{"x":89,"y":705,"width":859,"height":13}},{"id":"779d54df-b30e-45e7-a5c5-28afa068adb1","block_type":"box","text":"for a shareholder vote for any mechanisms expected to be in place for more than 12 months.","page_number":171,"box":{"x":88,"y":720,"width":650,"height":13}},{"id":"f8368ba5-ee0b-4175-b680-bfa7761ce457","block_type":"box","text":"Shareholder activism","page_number":171,"box":{"x":105,"y":747,"width":151,"height":10}},{"id":"043d9870-c75e-4e66-87ae-490ef1e53aaf","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their analysis and","page_number":171,"box":{"x":88,"y":773,"width":857,"height":13}},{"id":"15193a2e-6e10-4d26-938b-769474050b05","block_type":"box","text":"objectives, once they have gone public. We will also engage with company management and possibly board members,","page_number":171,"box":{"x":89,"y":788,"width":829,"height":13}},{"id":"3f7b36e4-35bb-437f-a86e-8ed80c85bb71","block_type":"box","text":"especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the","page_number":171,"box":{"x":89,"y":804,"width":811,"height":12}},{"id":"d170821e-45f4-4798-8841-08d7d3582bf8","block_type":"box","text":"concerns raised by the activist and the case for change; the quality of both the activist’s and management’s plans; and the","page_number":171,"box":{"x":89,"y":819,"width":855,"height":12}},{"id":"0f876ed9-6e57-4468-87b7-43c46f7f9b9d","block_type":"box","text":"qualifications of each party’s candidates. We evaluate each contested situation by assessing the potential financial outcome","page_number":171,"box":{"x":89,"y":834,"width":866,"height":12}},{"id":"2b66d0e5-90b6-443f-9616-7ef0959eb1b8","block_type":"box","text":"for our clients as minority shareholders.","page_number":171,"box":{"x":88,"y":849,"width":278,"height":12}},{"id":"2822024b-f65d-4864-8ccf-36aa798272b8","block_type":"box","text":"A-10","page_number":171,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"cf34969e-a3fc-43ed-82be-ecee9199795c","block_type":"box","text":"We may support board candidates nominated by a shareholder activist if the activist has demonstrated that their case for","page_number":172,"box":{"x":88,"y":44,"width":849,"height":12}},{"id":"d94a2a92-b78e-4146-9240-9e1e27092a66","block_type":"box","text":"change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise","page_number":172,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"94ff8473-89d9-4111-ba15-387e7d266336","block_type":"box","text":"or have a poor track record of protecting shareholders’ interests.","page_number":172,"box":{"x":89,"y":74,"width":449,"height":12}},{"id":"c4152c2c-21ce-4a54-bd96-3dde37dbbacf","block_type":"box","text":"Significant shareholders and related party transactions","page_number":172,"box":{"x":105,"y":101,"width":396,"height":12}},{"id":"27dce72a-919f-48c1-baa3-38707c3bd1e0","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests of all","page_number":172,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"d2773ddc-ad63-4222-a74c-f841eef0b82b","block_type":"box","text":"shareholders are given equitable consideration.","page_number":172,"box":{"x":89,"y":142,"width":329,"height":12}},{"id":"079a4056-9efe-467a-9c10-aad83f76d265","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public company, should","page_number":172,"box":{"x":88,"y":169,"width":871,"height":12}},{"id":"4e923a30-079b-472c-be8b-64fd51d90e56","block_type":"box","text":"be disclosed in detail and conducted on terms similar to what would objectively have been agreed with a non-related party.","page_number":172,"box":{"x":89,"y":184,"width":861,"height":12}},{"id":"9d8e4c17-39e4-48f1-a708-74a4c9f878f8","block_type":"box","text":"Such transactions should be reviewed and approved by the independent members of the board, and if voted on, only","page_number":172,"box":{"x":88,"y":199,"width":818,"height":12}},{"id":"3dea9828-e59e-4eac-b4ec-e36bb013de28","block_type":"box","text":"disinterested shareholders should vote.","page_number":172,"box":{"x":89,"y":214,"width":273,"height":10}},{"id":"6402c52e-0937-4d8d-bd0f-5f8608ea0478","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":172,"box":{"x":89,"y":240,"width":352,"height":13}},{"id":"657dce66-604b-4bc5-bf8b-5c818e476a1b","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":172,"box":{"x":89,"y":267,"width":783,"height":12}},{"id":"9f4c9bc3-d1ea-4d1b-8dad-7fee117a9940","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and potential for","page_number":172,"box":{"x":89,"y":282,"width":868,"height":12}},{"id":"56d8b708-739d-4980-a6e1-9841f80ba549","block_type":"box","text":"the company to create shareholder value over time. The board should oversee corporate reporting and the policies and","page_number":172,"box":{"x":88,"y":297,"width":831,"height":12}},{"id":"81691ebc-c8fe-4d2c-8d18-f8f9e144cd19","block_type":"box","text":"procedures underpinning the internal audit function and external audit.","page_number":172,"box":{"x":89,"y":312,"width":499,"height":13}},{"id":"d3ed0b6e-078e-48d9-a375-7294e1220d1c","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders on its","page_number":172,"box":{"x":88,"y":339,"width":829,"height":12}},{"id":"d9271db2-ae8f-44a4-9030-be5b8c5a29aa","block_type":"box","text":"financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the","page_number":172,"box":{"x":88,"y":354,"width":879,"height":12}},{"id":"e6b9cd06-4292-4634-ac84-128e2df75b56","block_type":"box","text":"company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the","page_number":172,"box":{"x":89,"y":369,"width":862,"height":12}},{"id":"ef0d024d-d4d1-4d4d-8c15-39bf488a5ed8","block_type":"box","text":"auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":172,"box":{"x":89,"y":384,"width":864,"height":12}},{"id":"a085fe1a-afc6-42b2-8eb0-cea33f25e385","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted accounting principles","page_number":172,"box":{"x":89,"y":399,"width":862,"height":13}},{"id":"5792c4fa-1c5a-41c8-afe7-82ca644e2dc1","block_type":"box","text":"should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions,","page_number":172,"box":{"x":89,"y":414,"width":862,"height":13}},{"id":"3bd133e9-b20f-4bec-a3a4-d3236d4f781c","block_type":"box","text":"and the implications of these, disclosed.","page_number":172,"box":{"x":89,"y":429,"width":279,"height":13}},{"id":"bf18dff6-cf0c-4563-95c5-4428e99a128d","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":172,"box":{"x":89,"y":456,"width":819,"height":12}},{"id":"e13c82d8-f3b3-4cea-baab-6be934776b69","block_type":"box","text":"oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial information, internal","page_number":172,"box":{"x":89,"y":471,"width":844,"height":12}},{"id":"c1c7323b-08ba-4199-9c49-50a7f9ddb67d","block_type":"box","text":"control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens","page_number":172,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"464d16bd-6b75-44e0-9b7f-00b20821f252","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":172,"box":{"x":88,"y":501,"width":878,"height":13}},{"id":"2d231342-7239-4a11-a0a5-966db0d13cf4","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":172,"box":{"x":88,"y":516,"width":840,"height":13}},{"id":"e7e5bfb4-6f36-43f4-83dd-c66656f12f00","block_type":"box","text":"external audit process annually.","page_number":172,"box":{"x":89,"y":531,"width":219,"height":13}},{"id":"6de6e672-fc59-4e68-9239-df7f5bd4412c","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates revenue","page_number":172,"box":{"x":88,"y":558,"width":834,"height":12}},{"id":"3788de21-aa76-4145-bf95-779b719fad37","block_type":"box","text":"should be disclosed. In our view, the standards developed by the International Sustainability Standards Board, can be helpful","page_number":172,"box":{"x":89,"y":573,"width":867,"height":12}},{"id":"b434db4f-267b-4c84-93f8-3ef5497d31cc","block_type":"box","text":"to companies in preparing such reports","page_number":172,"box":{"x":88,"y":588,"width":275,"height":12}},{"id":"7735ebc3-5f23-41d1-b0e0-1739abe6f47f","block_type":"box","text":"(4)","page_number":172,"box":{"x":365,"y":586,"width":14,"height":8}},{"id":"ec08bd19-1a45-4fdb-9a7e-bcbb9dade0a7","block_type":"box","text":".","page_number":172,"box":{"x":381,"y":596,"width":2,"height":2}},{"id":"84014384-2db5-4032-bfd6-cb9d5bda213d","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the company’s business,","page_number":172,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"3354e74c-3a80-46f2-9380-d8101c9b354c","block_type":"box","text":"risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other","page_number":172,"box":{"x":89,"y":630,"width":797,"height":12}},{"id":"7bc144b6-a6f8-4283-81fd-d76e4ac4ad44","block_type":"box","text":"stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential","page_number":172,"box":{"x":89,"y":645,"width":813,"height":12}},{"id":"6a214c39-0a59-446b-bc5f-c1515b7f0497","block_type":"box","text":"misconduct or breaches in risk management and internal control processes.","page_number":172,"box":{"x":89,"y":660,"width":532,"height":12}},{"id":"364e0298-f6ed-483d-9b83-bedbb2199e98","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate","page_number":172,"box":{"x":88,"y":686,"width":879,"height":13}},{"id":"2ce1b321-5c70-49ed-9ef2-346e5e2202e7","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":172,"box":{"x":89,"y":702,"width":856,"height":12}},{"id":"4725ab77-78cd-4e8a-bc43-4172d55115e0","block_type":"box","text":"audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive,","page_number":172,"box":{"x":89,"y":717,"width":850,"height":12}},{"id":"691658e2-60b2-427f-99ef-7e547b46075e","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":172,"box":{"x":89,"y":732,"width":867,"height":12}},{"id":"611b2d7a-62f2-42e9-a0df-30c9634f429e","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":172,"box":{"x":88,"y":747,"width":837,"height":12}},{"id":"4f907540-454a-42ca-9fe8-91e818dceecd","block_type":"box","text":"position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":172,"box":{"x":89,"y":762,"width":618,"height":12}},{"id":"23a33188-dbb5-4de4-a734-be46533eb531","block_type":"box","text":"(4) The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclos","page_number":172,"box":{"x":89,"y":818,"width":813,"height":10}},{"id":"706de4b9-70b1-4399-85fd-4d17062953e9","block_type":"box","text":"e informa","page_number":172,"box":{"x":903,"y":818,"width":57,"height":8}},{"id":"739590a8-c143-4ba1-9348-1db2845b2c5e","block_type":"box","text":"tion about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decis","page_number":172,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"9b89e858-521b-46f2-a334-5d74a8c0e6ca","block_type":"box","text":"ions","page_number":172,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"d5ae97f5-22fa-4e3e-92b1-b3591499b395","block_type":"box","text":"relating to providing resources to the entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information a","page_number":172,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"865e466a-dac0-40c5-9b54-f166c5fe8c5f","block_type":"box","text":"bout its","page_number":172,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"b30771c9-8234-41ad-adaa-7b89732c6b35","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to provi","page_number":172,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"343abc14-848d-49b8-acac-15006e65ed96","block_type":"box","text":"ding","page_number":172,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"83291458-38ae-4dce-8df1-00fae420b79f","block_type":"box","text":"resources to the entity.","page_number":172,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"6a2b455d-b576-43ae-a0f0-328087b498cc","block_type":"box","text":"A-11","page_number":172,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"40b4a733-5e58-4b1b-a3fd-f0c9d74ea24b","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":173,"box":{"x":88,"y":44,"width":824,"height":12}},{"id":"732ed357-ae6a-4264-a125-a6b24415e333","block_type":"box","text":"misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial","page_number":173,"box":{"x":89,"y":59,"width":826,"height":12}},{"id":"53543f85-d58e-4717-8221-38ebf16732e9","block_type":"box","text":"statements or the discharge of the board when we are concerned about the quality of the reporting or the audit. We may","page_number":173,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"22df7b53-3710-48fb-aa76-47fe73da53c8","block_type":"box","text":"vote against proposals to appoint the auditor, ratify the audit report, or approve the audit fee if we are concerned about the","page_number":173,"box":{"x":88,"y":89,"width":861,"height":13}},{"id":"d9be2ba6-6c26-4a79-ad72-b9d62419c752","block_type":"box","text":"auditor’s independence, the quality of the audit, or there are material misstatements in financial reports and the board has","page_number":173,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"b66cee3a-4d3d-492e-8349-62c06e7eba03","block_type":"box","text":"not established reasonable remediation plans.","page_number":173,"box":{"x":89,"y":119,"width":320,"height":13}},{"id":"13fb6cc8-b67d-4105-a208-de6a11221938","block_type":"box","text":"Shareholder rights and protections","page_number":173,"box":{"x":88,"y":146,"width":252,"height":12}},{"id":"e8d57583-c21f-435b-aae0-8b3aa089d9cf","block_type":"box","text":"General shareholder meetings","page_number":173,"box":{"x":105,"y":172,"width":217,"height":13}},{"id":"c899ae0e-07d4-4c68-ad09-4325080265e3","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":173,"box":{"x":89,"y":199,"width":875,"height":12}},{"id":"68cdd194-69d9-431f-9b69-0ecdc1022f65","block_type":"box","text":"discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials","page_number":173,"box":{"x":89,"y":214,"width":831,"height":12}},{"id":"8a3aa86a-c244-41df-94c6-7c04245f3b81","block_type":"box","text":"relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their","page_number":173,"box":{"x":89,"y":229,"width":846,"height":12}},{"id":"1488f764-69dd-45d9-b09d-490bfc4792ec","block_type":"box","text":"voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst","page_number":173,"box":{"x":88,"y":244,"width":823,"height":13}},{"id":"c86570b4-67b5-4e71-8b02-2b1fa3548597","block_type":"box","text":"welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.","page_number":173,"box":{"x":88,"y":259,"width":774,"height":13}},{"id":"a895043b-174b-4b5c-909c-9beab4d55b14","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":173,"box":{"x":88,"y":286,"width":877,"height":12}},{"id":"2bbb8356-8323-458b-a2b9-2fdd14730a6e","block_type":"box","text":"manner or do not provide sufficient information for us to take an informed voting decision. We may vote against directors if","page_number":173,"box":{"x":89,"y":301,"width":865,"height":12}},{"id":"998eddde-6b21-4a69-82e8-fc576182c107","block_type":"box","text":"the format of the shareholder meeting does not accommodate reasonable shareholder participation.","page_number":173,"box":{"x":88,"y":316,"width":704,"height":12}},{"id":"dd5ae6e1-dd2e-4d92-98a4-ab307ca6fa19","block_type":"box","text":"Bylaw amendments","page_number":173,"box":{"x":106,"y":342,"width":140,"height":13}},{"id":"b7cb2e36-76f8-4548-9aa2-d310991dca32","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":173,"box":{"x":88,"y":369,"width":860,"height":12}},{"id":"49a30177-4a51-4c56-af8a-2ca413d332b5","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":173,"box":{"x":89,"y":384,"width":873,"height":12}},{"id":"830523c2-d2ee-4889-b1b2-a877ed7a380b","block_type":"box","text":"to a shareholder vote.","page_number":173,"box":{"x":88,"y":399,"width":151,"height":10}},{"id":"666dc20b-ddf1-486f-94a0-41b17910894f","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against directors if","page_number":173,"box":{"x":88,"y":426,"width":853,"height":12}},{"id":"48d3e9b0-565d-4d09-818b-0b6760d17aed","block_type":"box","text":"material changes are made to the bylaws without shareholder approval.","page_number":173,"box":{"x":89,"y":441,"width":501,"height":12}},{"id":"a6db0fbc-d04b-4ac2-a869-b3cc0064bbba","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":173,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"7c27833e-4082-4daf-b6e3-82dc9b53babc","block_type":"box","text":"meaningful shareholding the right to call a special meeting of shareholders. The shareholding required to exercise this right","page_number":173,"box":{"x":89,"y":482,"width":864,"height":13}},{"id":"967844ff-a11b-4704-8e69-ea93f41b00b3","block_type":"box","text":"should balance its utility with the cost to the company of holding special meetings.","page_number":173,"box":{"x":89,"y":497,"width":579,"height":13}},{"id":"47bc3bab-db22-48bb-a3aa-8e483eeb8ee4","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":173,"box":{"x":89,"y":524,"width":876,"height":12}},{"id":"be07235a-f4dd-4666-804e-5b99b6115c19","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":173,"box":{"x":89,"y":539,"width":859,"height":12}},{"id":"65e06a43-881a-4f09-b64e-779bd4fa2967","block_type":"box","text":"so that shareholders can exercise it without being unduly disruptive to the board’s own nomination process.","page_number":173,"box":{"x":89,"y":554,"width":756,"height":12}},{"id":"eac9b42c-d866-4c7e-93a5-b2a3664ba437","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":173,"box":{"x":88,"y":581,"width":878,"height":12}},{"id":"5d7cbb40-f2b0-45c5-9d4b-3457e0486cff","block_type":"box","text":"for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":173,"box":{"x":88,"y":596,"width":696,"height":12}},{"id":"3b8b83ff-5c3a-4f16-b11e-8d6760af723c","block_type":"box","text":"Change of domicile","page_number":173,"box":{"x":105,"y":622,"width":139,"height":12}},{"id":"bb1cce48-46ac-4a15-a010-133fb022a7c7","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":173,"box":{"x":88,"y":649,"width":842,"height":12}},{"id":"a3475a7b-a20f-4424-bf53-a316564ddfcb","block_type":"box","text":"consistent with the company’s long-term strategy and business model and the related costs are immaterial.","page_number":173,"box":{"x":89,"y":664,"width":754,"height":12}},{"id":"a336fa9d-b7c7-483d-a320-8f48d79daeee","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":173,"box":{"x":88,"y":690,"width":878,"height":13}},{"id":"f7f77df2-d07f-4bcd-a44a-02a84ed7386a","block_type":"box","text":"financial interests.","page_number":173,"box":{"x":88,"y":705,"width":126,"height":10}},{"id":"613d4e49-be38-48db-bdf6-2e4ffa96f718","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":173,"box":{"x":105,"y":732,"width":446,"height":12}},{"id":"57ec9334-be6f-4420-b50d-a509b3298e8c","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":173,"box":{"x":89,"y":758,"width":826,"height":13}},{"id":"0b4c1b3b-1ada-40e3-8362-000a6c7b16c0","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":173,"box":{"x":89,"y":773,"width":823,"height":13}},{"id":"daec79b5-95ed-4221-beb3-2e23987576bd","block_type":"box","text":"suitability of a company for their investment strategy or portfolio.","page_number":173,"box":{"x":89,"y":788,"width":455,"height":13}},{"id":"cf5faaa6-e3d8-44c2-9aaa-798f4312e519","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":173,"box":{"x":88,"y":815,"width":871,"height":12}},{"id":"c12f438c-c046-4351-bae8-d3de65e06aed","block_type":"box","text":"not provided a credible argument for change.","page_number":173,"box":{"x":89,"y":830,"width":316,"height":12}},{"id":"d93dc7e0-6762-4773-9c38-a4fb7878cdbf","block_type":"box","text":"A-12","page_number":173,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"d247588e-cb29-4c37-85b9-d958a74c24e0","block_type":"box","text":"Shareholder proposals","page_number":174,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"ac86bb7f-bd98-4cdc-bc19-c179e1cec8ae","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general","page_number":174,"box":{"x":88,"y":70,"width":813,"height":13}},{"id":"21498c33-de3c-4e96-b26b-d8e4ad8cf8fd","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":174,"box":{"x":89,"y":85,"width":846,"height":13}},{"id":"00a479b0-91d4-4be8-9218-f1006f4d6855","block_type":"box","text":"majority of votes cast at the meeting. The topics raised address a range of governance, social and environmental matters that","page_number":174,"box":{"x":89,"y":101,"width":879,"height":12}},{"id":"3508deb4-76c1-49c9-85fd-fa4f5bbfca84","block_type":"box","text":"may be relevant to a company’s business. Shareholder proposals are considered by many investors to be an escalation tool","page_number":174,"box":{"x":89,"y":116,"width":857,"height":12}},{"id":"3bcb4150-4087-4b9d-96e9-b42cc4d684d8","block_type":"box","text":"when a company is unresponsive to their engagement.","page_number":174,"box":{"x":88,"y":131,"width":384,"height":12}},{"id":"21328de5-7e3e-41be-a2d9-b1f1b61daf6c","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":174,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"9727e293-7712-432e-9937-98fe61dc13c3","block_type":"box","text":"its current approach, whether the actions sought are consistent with shareholders’ interests, and what impact the proposal","page_number":174,"box":{"x":89,"y":172,"width":861,"height":13}},{"id":"3b650cbd-7656-404a-8bc1-ca247ab21e85","block_type":"box","text":"being acted upon might have on financial performance.","page_number":174,"box":{"x":89,"y":188,"width":388,"height":12}},{"id":"4cb008d6-dab9-4c1e-8444-4898ec9dafb3","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":174,"box":{"x":89,"y":214,"width":861,"height":12}},{"id":"8a374562-dc0d-4a0d-ab5d-366b08b93430","block_type":"box","text":"understand the apparent difference in perspective. If we continue to believe the company is not acting in shareholders’","page_number":174,"box":{"x":89,"y":229,"width":829,"height":12}},{"id":"a93715fd-4a55-4096-ace0-b90cf05602ff","block_type":"box","text":"financial interests, we may vote against the election of directors. We may support a relevant shareholder proposal if doing so","page_number":174,"box":{"x":88,"y":244,"width":871,"height":13}},{"id":"4de5f405-7ec6-445a-b300-347166a5de27","block_type":"box","text":"reinforces the points made in our engagement or is aligned with our clients’ financial interests. We generally do not support","page_number":174,"box":{"x":89,"y":259,"width":865,"height":13}},{"id":"e1875d2e-2e7e-4848-b5b1-05c8e8aa33bd","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its operations, or","page_number":174,"box":{"x":89,"y":274,"width":868,"height":13}},{"id":"a8d322ba-408b-40e5-a792-7ac1de96b51b","block_type":"box","text":"are unrelated to how a company manages risk or generates financial returns.","page_number":174,"box":{"x":89,"y":290,"width":537,"height":12}},{"id":"5ff3239b-8894-40eb-bb13-574fc5e81879","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on how we can","page_number":174,"box":{"x":89,"y":316,"width":851,"height":12}},{"id":"1af6a092-f0ab-461a-8381-064e36fbc25d","block_type":"box","text":"interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder proposals.","page_number":174,"box":{"x":89,"y":331,"width":876,"height":12}},{"id":"01672f27-0982-4702-86b2-d3f0dc1360a4","block_type":"box","text":"We can vote on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":174,"box":{"x":88,"y":346,"width":647,"height":13}},{"id":"5a64721e-2f2b-4f6a-a204-701525ef0a4e","block_type":"box","text":"Corporate political activities","page_number":174,"box":{"x":89,"y":373,"width":202,"height":12}},{"id":"10bbd222-0c26-4be7-b69d-1cdf72071694","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making process is","page_number":174,"box":{"x":88,"y":399,"width":841,"height":13}},{"id":"040c2ab9-e668-42da-9b12-109ec4b7bb5b","block_type":"box","text":"consistent with their public statements on policy matters important to the company’s long-term strategy. The board should","page_number":174,"box":{"x":89,"y":414,"width":865,"height":13}},{"id":"09d803d6-1f20-4294-8e64-659d754c88e0","block_type":"box","text":"be aware of the approach taken to corporate political activities as there can be reputational risks arising from inconsistencies.","page_number":174,"box":{"x":89,"y":429,"width":876,"height":13}},{"id":"75f88dc3-75c0-4cc5-abfc-4e75c6de8a22","block_type":"box","text":"Companies should, as a minimum, meet all regulatory disclosure requirements on political activities, and ideally, provide","page_number":174,"box":{"x":89,"y":445,"width":839,"height":12}},{"id":"fe583de4-cfc9-4348-8a1e-da2892ac13f0","block_type":"box","text":"accessible and clear disclosures to shareholders on policy positions, public policy engagement activities and political","page_number":174,"box":{"x":89,"y":460,"width":814,"height":12}},{"id":"9924628f-1ee6-4e9b-876c-14faffa85a85","block_type":"box","text":"donations. To mitigate the risk of inconsistencies, companies can usefully assess the alignment between their policy priorities","page_number":174,"box":{"x":89,"y":475,"width":878,"height":12}},{"id":"ea19c594-d138-4da7-8de5-431996391097","block_type":"box","text":"and the policy positions of the trade associations of which they are active members and any engagements undertaken by","page_number":174,"box":{"x":89,"y":490,"width":849,"height":12}},{"id":"73c7f3c2-0ec0-4ec5-b2e6-edda7e082833","block_type":"box","text":"trade associations on behalf of members.","page_number":174,"box":{"x":88,"y":505,"width":289,"height":10}},{"id":"6e12a4f3-9a9b-487b-aaf3-9586c2f3fff8","block_type":"box","text":"Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote against directors,","page_number":174,"box":{"x":89,"y":531,"width":872,"height":13}},{"id":"d473472b-bdf0-410d-8bad-6d67a9a3423b","block_type":"box","text":"where a company’s disclosures are insufficient, or it becomes public that there is a material contradiction in a company’s","page_number":174,"box":{"x":88,"y":547,"width":845,"height":12}},{"id":"1bcfb610-1251-4169-9f1a-7729064d4279","block_type":"box","text":"public policy positions and its policy engagement.","page_number":174,"box":{"x":89,"y":562,"width":348,"height":12}},{"id":"4c55fde6-5680-494c-9d0e-fba3762817c5","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":174,"box":{"x":88,"y":588,"width":421,"height":12}},{"id":"83f90cac-2f24-489a-8a7d-5c46f9992e24","block_type":"box","text":"We seek to understand how companies manage the risks and opportunities inherent in their business operations. In our","page_number":174,"box":{"x":88,"y":615,"width":840,"height":12}},{"id":"14f85dee-e96d-4401-9e27-7b7ed26fc66d","block_type":"box","text":"experience, sustainability-related factors","page_number":174,"box":{"x":89,"y":630,"width":282,"height":12}},{"id":"180808c0-ffe7-4b10-a807-224d938c73f9","block_type":"box","text":"(5)","page_number":174,"box":{"x":373,"y":628,"width":14,"height":8}},{"id":"51cebed3-8951-4dce-be41-60cdc1627db1","block_type":"box","text":"that are relevant to a company’s business or material to its financial performance,","page_number":174,"box":{"x":392,"y":630,"width":571,"height":12}},{"id":"2c3d3eed-d74d-49b3-b1aa-9bd8a600f999","block_type":"box","text":"are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may","page_number":174,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"65f77695-41bf-40a4-a5b9-949cf656aa26","block_type":"box","text":"also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer","page_number":174,"box":{"x":89,"y":660,"width":868,"height":12}},{"id":"1eed43fc-116b-4a9c-b93e-d5ce08853485","block_type":"box","text":"demand or adapting supply chains in response to changing regulatory requirements.","page_number":174,"box":{"x":89,"y":675,"width":593,"height":12}},{"id":"a3a506b6-8dbf-45e6-82d2-6c43d5206ee9","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":174,"box":{"x":88,"y":702,"width":864,"height":12}},{"id":"1a977856-5642-4d93-8f6c-4c06c0310f6c","block_type":"box","text":"company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures","page_number":174,"box":{"x":89,"y":717,"width":862,"height":12}},{"id":"caf43d3a-75f4-452a-9e63-f3129ba88402","block_type":"box","text":"and our engagement, we aim to understand how management is identifying, assessing and integrating material","page_number":174,"box":{"x":89,"y":732,"width":783,"height":12}},{"id":"65e105ef-f3c7-43af-b195-caa752b63d15","block_type":"box","text":"(5) By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company’s business mod","page_number":174,"box":{"x":89,"y":793,"width":831,"height":10}},{"id":"0dbd340f-1de6-4171-8c00-e06987d7208c","block_type":"box","text":"el that","page_number":174,"box":{"x":922,"y":793,"width":34,"height":8}},{"id":"f29ac160-2e09-40e2-83b4-4de78bbd33c5","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":805,"width":826,"height":10}},{"id":"52e5da16-e096-4dd0-bd0d-33a69f2ee7e0","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":818,"width":832,"height":10}},{"id":"275fd9ae-5b8b-4c87-8312-d76091d77771","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":174,"box":{"x":121,"y":831,"width":818,"height":10}},{"id":"93402bab-7c7f-4951-ad32-4f9b53273353","block_type":"box","text":"e","page_number":174,"box":{"x":940,"y":833,"width":5,"height":5}},{"id":"417b5449-6529-40d5-a54a-216752d24c6e","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":174,"box":{"x":121,"y":843,"width":823,"height":10}},{"id":"bae7122d-98d8-4fb9-a5e5-75890f5b13a8","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":174,"box":{"x":121,"y":856,"width":785,"height":10}},{"id":"0fdd35c3-88c4-4472-9073-9a9891795ff8","block_type":"box","text":"onsider","page_number":174,"box":{"x":907,"y":856,"width":46,"height":8}},{"id":"1abc0b90-24d6-4eb1-823f-3bca13541585","block_type":"box","text":"ations is a component of a sound governance framework.","page_number":174,"box":{"x":121,"y":868,"width":323,"height":10}},{"id":"3a934249-9ee5-4137-b9ec-ba836b20f151","block_type":"box","text":"A-13","page_number":174,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"ca1d8c37-198e-4cf3-9704-58a8e8d702df","block_type":"box","text":"sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake","page_number":175,"box":{"x":89,"y":44,"width":871,"height":12}},{"id":"f2ff066d-d0b4-49e0-8254-a62bccd1c88e","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":175,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"9d3189b4-c576-463c-8135-c5e4c3107170","block_type":"box","text":"investment.","page_number":175,"box":{"x":89,"y":75,"width":80,"height":9}},{"id":"3232aabf-13cd-4f7f-b3ed-48c86fab6eab","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":175,"box":{"x":88,"y":101,"width":834,"height":12}},{"id":"b4c5e9a9-918c-413c-aa2d-5a4ff68a3872","block_type":"box","text":"managing or disclosing its approach to material sustainability-related risks that may impact financial returns.","page_number":175,"box":{"x":89,"y":116,"width":762,"height":12}},{"id":"8ac1e6aa-ca9b-47d4-b3c0-4a8f161765ec","block_type":"box","text":"Key stakeholders","page_number":175,"box":{"x":89,"y":142,"width":121,"height":12}},{"id":"08a78395-0e79-4a29-9277-e9fd918e3e22","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":175,"box":{"x":89,"y":169,"width":842,"height":12}},{"id":"81c5cfab-95cd-4337-bc55-8c4734048f9e","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":175,"box":{"x":89,"y":184,"width":858,"height":12}},{"id":"06c26384-9838-4f3d-8565-581d2921f3dd","block_type":"box","text":"their business and long-term financial performance. For many companies, key stakeholders include employees, business","page_number":175,"box":{"x":88,"y":199,"width":843,"height":12}},{"id":"ebb08503-c3f3-4b85-be2f-b5070908593c","block_type":"box","text":"partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":175,"box":{"x":89,"y":214,"width":872,"height":12}},{"id":"e40a3283-6444-4500-9bc0-9de58eae1ed3","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to","page_number":175,"box":{"x":89,"y":229,"width":865,"height":12}},{"id":"31be7ca1-3526-41ba-9bcc-5ccd0eeebb4a","block_type":"box","text":"be financially resilient over time.","page_number":175,"box":{"x":89,"y":244,"width":223,"height":13}},{"id":"735164a8-00b6-44d8-aa28-9211f80e782c","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":175,"box":{"x":89,"y":271,"width":367,"height":12}},{"id":"da2b6417-40de-46ec-b378-4ce52a39fb75","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent","page_number":175,"box":{"x":89,"y":297,"width":847,"height":12}},{"id":"3293b2d5-4f30-45ad-a565-6798b0db0406","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":175,"box":{"x":88,"y":312,"width":875,"height":13}},{"id":"4a17b1e0-0d53-4354-adf3-5210b2144ceb","block_type":"box","text":"some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for those funds’ holdings, we look","page_number":175,"box":{"x":89,"y":327,"width":864,"height":13}},{"id":"bb50b9e8-8ce0-4b1e-933d-d8035606b1e5","block_type":"box","text":"to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":175,"box":{"x":88,"y":342,"width":878,"height":13}},{"id":"08bc890e-5939-47e1-b0d1-3bf68a979492","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":175,"box":{"x":88,"y":358,"width":849,"height":12}},{"id":"1b78efce-99ee-41ec-b19e-da49a03610ad","block_type":"box","text":"levels. This approach is only taken following BlackRock receiving the explicit approval from the applicable fund board.","page_number":175,"box":{"x":89,"y":373,"width":820,"height":12}},{"id":"ff4557b1-c313-43b9-83b5-7b5d94018174","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real","page_number":175,"box":{"x":88,"y":399,"width":859,"height":13}},{"id":"7007e2c1-5e5b-4040-a295-7b4cd7fa7f33","block_type":"box","text":"world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition,","page_number":175,"box":{"x":88,"y":414,"width":867,"height":13}},{"id":"a66d2193-268c-4dc9-ac6c-b774a3cdab30","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures","page_number":175,"box":{"x":89,"y":429,"width":872,"height":13}},{"id":"41c48c36-1680-448a-9675-5dcc03d675fe","block_type":"box","text":"that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization.","page_number":175,"box":{"x":88,"y":445,"width":842,"height":12}},{"id":"6dc0c0ee-239e-4ec1-99ae-d405de0c1b8f","block_type":"box","text":"These disclosures should include an explanation of the decarbonization scenarios a company is using in its near- and long","page_number":175,"box":{"x":88,"y":460,"width":862,"height":12}},{"id":"79143415-70e1-4b51-b99f-5daeb740127c","block_type":"box","text":"term planning, as well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets","page_number":175,"box":{"x":88,"y":475,"width":860,"height":12}},{"id":"19f7036e-d381-4aa8-8413-55c57f2722d0","block_type":"box","text":"for scope 1 and 2 emissions. As with the BAIS benchmark policies, we consider the climate-risk reporting standard issued by","page_number":175,"box":{"x":88,"y":490,"width":873,"height":12}},{"id":"c43dbb45-51da-42fe-bfd0-8e2f2a926206","block_type":"box","text":"the International Sustainability Standards Board, IFRS S2, a useful reference for such reporting.","page_number":175,"box":{"x":88,"y":505,"width":661,"height":12}},{"id":"c630f754-0d0d-4354-bd3a-49aa9d260bae","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a","page_number":175,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"fa1b5eae-8a0b-472a-bb18-8d051e885721","block_type":"box","text":"relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing material climate","page_number":175,"box":{"x":89,"y":547,"width":838,"height":12}},{"id":"3ae6ea52-4f7c-4712-bc85-886a36656c01","block_type":"box","text":"related risks. We may recommend supporting shareholder proposals seeking information relevant to a company’s stated low","page_number":175,"box":{"x":89,"y":562,"width":876,"height":12}},{"id":"e168374e-169e-4341-989f-83ec5808ce14","block_type":"box","text":"carbon transition strategy and targets that the company does not currently provide and that would be helpful to investment","page_number":175,"box":{"x":89,"y":577,"width":866,"height":12}},{"id":"2beda55b-bff4-4e80-99e3-85e731bdad0c","block_type":"box","text":"decision-making. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting","page_number":175,"box":{"x":89,"y":592,"width":875,"height":12}},{"id":"6a544ad0-9e20-463c-ba98-a2d9a4436ae7","block_type":"box","text":"consistent with their investment mandate and fund objectives.","page_number":175,"box":{"x":89,"y":607,"width":437,"height":12}},{"id":"55ad8db7-2a14-4cc9-9675-b49746c64d75","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":175,"box":{"x":88,"y":633,"width":643,"height":13}},{"id":"b1f7809b-8c1d-4859-943c-465fc0b151b4","block_type":"box","text":"Oversight","page_number":175,"box":{"x":105,"y":660,"width":69,"height":12}},{"id":"55b3a656-7cf9-4851-8617-f351d480a97b","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":175,"box":{"x":88,"y":686,"width":865,"height":13}},{"id":"d05756bd-0be0-4873-9311-06fd161f329a","block_type":"box","text":"with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the Guidelines”), which","page_number":175,"box":{"x":88,"y":702,"width":835,"height":12}},{"id":"0c6f9b7a-0d56-4316-b853-f06f146f0d48","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances, as well as input","page_number":175,"box":{"x":89,"y":717,"width":878,"height":12}},{"id":"070d7f1f-cbab-4d9e-8fa5-4759dc3aaae6","block_type":"box","text":"from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":175,"box":{"x":88,"y":732,"width":868,"height":12}},{"id":"55eec5d2-ae4c-4593-8d48-312f85e2dd87","block_type":"box","text":"reporting lines, and oversight.","page_number":175,"box":{"x":89,"y":747,"width":207,"height":12}},{"id":"935b6c9e-49ad-45ca-a0f7-e0effac8b0f9","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active investment, legal","page_number":175,"box":{"x":88,"y":773,"width":873,"height":13}},{"id":"b41ccab6-c120-4fd3-b869-0bf9abd3b566","block_type":"box","text":"and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting Guidelines. The Committee also","page_number":175,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"747ec634-75ce-492b-a793-58cfa408523e","block_type":"box","text":"considers developments in corporate governance, related public policy, and market norms and how these might influence","page_number":175,"box":{"x":89,"y":804,"width":852,"height":12}},{"id":"f046dfb9-63c4-4c62-a96a-cfe1d8a829a4","block_type":"box","text":"BAIS’ policies and practices. The Committee does not determine voting decisions, which are the responsibility of BAIS and","page_number":175,"box":{"x":89,"y":819,"width":853,"height":12}},{"id":"87c04da2-3151-4a70-8db8-a3116c908fb8","block_type":"box","text":"the relevant active equity investors.","page_number":175,"box":{"x":88,"y":834,"width":246,"height":12}},{"id":"7c7a5779-a6e3-42b7-bc15-b16e6b4f869e","block_type":"box","text":"A-14","page_number":175,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"cb208461-0f89-4d42-94a6-f001623a7ec1","block_type":"box","text":"In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high-profile votes","page_number":176,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"dac1c1c9-07f4-4572-a3fe-07c0ffc6d84a","block_type":"box","text":"before a recommendation is finalized and escalated to the portfolio managers with holdings in the company under","page_number":176,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"b1b3c376-65d8-4169-b7c0-023428df1a47","block_type":"box","text":"consideration. This group also formally reviews any revisions to the Engagement and Voting Guidelines proposed by BAIS as","page_number":176,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"c024166c-00cc-4faa-a9c2-6a3c6e44d014","block_type":"box","text":"part of its annual review.","page_number":176,"box":{"x":89,"y":89,"width":170,"height":13}},{"id":"953f553e-112e-4247-833a-82ebfe54b0d3","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and","page_number":176,"box":{"x":89,"y":116,"width":862,"height":12}},{"id":"cab543d7-1a8e-480e-9b21-36ebf29b3feb","block_type":"box","text":"conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also","page_number":176,"box":{"x":89,"y":131,"width":873,"height":12}},{"id":"c1be08a5-79b3-4c76-8c6b-ef696fa81588","block_type":"box","text":"conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast","page_number":176,"box":{"x":89,"y":146,"width":874,"height":12}},{"id":"57f8ffde-5a16-4208-8a77-de3ea13dec86","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":176,"box":{"x":89,"y":161,"width":878,"height":12}},{"id":"8de694dd-d282-4bae-bda6-5446718a4ed7","block_type":"box","text":"and performs oversight of those third parties (see “Use and oversight of third-party vote services providers” below).","page_number":176,"box":{"x":89,"y":176,"width":807,"height":13}},{"id":"90b0bb4f-4300-414c-951c-07cbd7e11313","block_type":"box","text":"Voting guidelines and vote execution","page_number":176,"box":{"x":104,"y":203,"width":267,"height":12}},{"id":"d76cc618-69ff-4b0c-8ee7-0fc621bb7214","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":176,"box":{"x":89,"y":229,"width":866,"height":12}},{"id":"587ff6a9-b0f4-4aa8-8320-268658937fe5","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":176,"box":{"x":88,"y":244,"width":863,"height":13}},{"id":"2341676e-a889-4d0d-ac06-4bbd29a4a906","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":176,"box":{"x":88,"y":259,"width":863,"height":13}},{"id":"8e7c2c58-2cb9-4e35-b9bb-77b4a22b412a","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":176,"box":{"x":88,"y":274,"width":877,"height":13}},{"id":"6b951a07-69a6-488c-a9be-0601598717f6","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":176,"box":{"x":88,"y":290,"width":848,"height":12}},{"id":"2049e73c-a1ba-4ebc-aa84-d0c3c296dc2a","block_type":"box","text":"any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and procedures,”","page_number":176,"box":{"x":89,"y":305,"width":841,"height":12}},{"id":"488f9de6-c9ce-431e-a6e6-ea4f181a043d","block_type":"box","text":"below).","page_number":176,"box":{"x":89,"y":320,"width":50,"height":12}},{"id":"a00a567f-72c8-4629-8a4f-2eed767f9e1c","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although","page_number":176,"box":{"x":88,"y":346,"width":859,"height":13}},{"id":"e99f36da-917b-4675-8d8c-29e84f8c2387","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":176,"box":{"x":89,"y":361,"width":846,"height":13}},{"id":"3a8d7deb-cfb6-46ea-b2f2-aacbf1ee1b65","block_type":"box","text":"investment objective and financial interests of clients invested in the funds they manage.","page_number":176,"box":{"x":89,"y":376,"width":619,"height":13}},{"id":"d3b7bd73-ef7c-4c8b-b7b3-75391e7fc344","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":176,"box":{"x":88,"y":403,"width":862,"height":12}},{"id":"8f472820-7e1a-4aed-9d0b-8b6979829209","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":176,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"6ac6f23e-e320-4741-846e-26f318b23932","block_type":"box","text":"BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide","page_number":176,"box":{"x":89,"y":433,"width":827,"height":13}},{"id":"8690877c-d9ff-421d-9840-f1f0fc24e865","block_type":"box","text":"insight into how we typically approach issues that commonly arise on corporate ballots. The Guidelines are reviewed","page_number":176,"box":{"x":89,"y":448,"width":815,"height":13}},{"id":"3deed50d-b54d-439b-a1b6-bd72a913976e","block_type":"box","text":"annually and updated as necessary to reflect changes in market practices, developments in corporate governance and","page_number":176,"box":{"x":89,"y":463,"width":826,"height":13}},{"id":"80a1ae83-7375-46aa-8428-2e288cbf1aff","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":176,"box":{"x":88,"y":479,"width":854,"height":12}},{"id":"a8b19ffc-517a-4f85-aa66-0dd001718813","block_type":"box","text":"practices most aligned with clients’ long-term financial interests.","page_number":176,"box":{"x":89,"y":494,"width":452,"height":12}},{"id":"c4b0421e-fa5f-4d6f-9b62-b81f1b25d693","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":176,"box":{"x":89,"y":520,"width":846,"height":12}},{"id":"253d3ae6-6814-4339-889b-94b9a447ce61","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":176,"box":{"x":89,"y":535,"width":867,"height":13}},{"id":"3da2c9d4-a740-4ae6-a144-5e8fbca99ae8","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":176,"box":{"x":89,"y":550,"width":804,"height":13}},{"id":"9ce8b786-0deb-4d33-b9b6-f9d5a9cbe659","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":176,"box":{"x":89,"y":565,"width":820,"height":13}},{"id":"dfaf18b2-5aef-4cd4-8f6b-619ce8bb7e95","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":176,"box":{"x":89,"y":581,"width":830,"height":12}},{"id":"cfc6c14b-5c74-487a-89c6-84b68c26819a","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":176,"box":{"x":89,"y":596,"width":788,"height":12}},{"id":"3ccabebf-5013-4250-aa0f-89e9e197fa99","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":611,"width":807,"height":12}},{"id":"fac37116-8711-41a5-b94f-49fefec363d5","block_type":"box","text":"burdensome administrative requirements.","page_number":176,"box":{"x":89,"y":626,"width":292,"height":12}},{"id":"470bc643-bcf2-4386-82a8-1a53dbf0986e","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":176,"box":{"x":89,"y":652,"width":878,"height":13}},{"id":"e3fc6069-261c-4155-a115-09bc6d987edc","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":668,"width":869,"height":12}},{"id":"989b5212-89a4-48ea-9801-420cf56c5ba1","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":683,"width":878,"height":12}},{"id":"336dff42-b6d5-42b1-a212-51ed107379c6","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":176,"box":{"x":89,"y":698,"width":397,"height":12}},{"id":"22b4fc1c-b53e-483b-9303-ffb91671a85c","block_type":"box","text":"Voting Choice","page_number":176,"box":{"x":104,"y":724,"width":101,"height":13}},{"id":"ed97d418-5832-435a-ae05-bd99b9312e66","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy","page_number":176,"box":{"x":89,"y":751,"width":855,"height":12}},{"id":"8a6a70b3-3adf-496b-9e29-17062e4780b9","block_type":"box","text":"voting process where legally and operationally viable.","page_number":176,"box":{"x":88,"y":766,"width":373,"height":12}},{"id":"bc6c0a2e-a72c-4174-972a-59482f7850fa","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":176,"box":{"x":88,"y":792,"width":823,"height":13}},{"id":"449fd463-cfc5-41b0-9d6b-53263169b9b4","block_type":"box","text":"Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately","page_number":176,"box":{"x":89,"y":807,"width":832,"height":13}},{"id":"1c819f8b-1f5c-43e0-a199-62ae24c2daae","block_type":"box","text":"managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies","page_number":176,"box":{"x":89,"y":822,"width":756,"height":13}},{"id":"2151f462-122b-4738-9122-0568b3f74b5e","block_type":"box","text":"(6)","page_number":176,"box":{"x":847,"y":820,"width":14,"height":8}},{"id":"51b710ea-9d36-425f-a65b-1eedd307a152","block_type":"box","text":".","page_number":176,"box":{"x":863,"y":831,"width":2,"height":1}},{"id":"bf436a1b-8ec7-4431-8634-1db9ce03389c","block_type":"box","text":"(6) With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with th","page_number":176,"box":{"x":89,"y":856,"width":844,"height":10}},{"id":"389e3dfc-954f-4d46-b789-996fedbe128e","block_type":"box","text":"eir","page_number":176,"box":{"x":934,"y":857,"width":13,"height":7}},{"id":"4643dde7-9e37-43ca-87bd-312ac9cc8df2","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":176,"box":{"x":121,"y":868,"width":752,"height":10}},{"id":"23062a6d-32bf-4808-b557-07012e13bd0f","block_type":"box","text":"A-15","page_number":176,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"d7a3b1af-c1da-4d21-a8b7-254eee2a09a2","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":177,"box":{"x":88,"y":44,"width":880,"height":12}},{"id":"3d34a27b-3d2c-447f-828a-0a2079a2117f","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":177,"box":{"x":89,"y":59,"width":833,"height":12}},{"id":"26b76cf6-0d81-4a7c-87c4-f071c4e432ef","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":74,"width":863,"height":12}},{"id":"ebea8101-c4ba-4f8f-9eba-0c82c085d0ef","block_type":"box","text":"because of Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy,","page_number":177,"box":{"x":89,"y":89,"width":826,"height":13}},{"id":"d59a6028-c60f-4021-ba1c-8d75b795c859","block_type":"box","text":"without client consent.","page_number":177,"box":{"x":88,"y":104,"width":160,"height":10}},{"id":"fefda962-9085-49e2-b4f5-853d61c80057","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":177,"box":{"x":105,"y":131,"width":400,"height":12}},{"id":"183c9e87-adb9-45d1-bc81-5cb7c5b20f4c","block_type":"box","text":"Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well","page_number":177,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"8de3b34d-0568-435e-962c-a1c7d58cb22c","block_type":"box","text":"as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services provider ISS and","page_number":177,"box":{"x":89,"y":172,"width":833,"height":13}},{"id":"8dd637d2-7efd-4706-9a3a-5ba0ca51e763","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use","page_number":177,"box":{"x":89,"y":188,"width":848,"height":12}},{"id":"1b279a59-d09f-435e-8fac-50d9705ac5c6","block_type":"box","text":"Glass Lewis’ research and analysis as an input into our voting process. It is important to note that, although proxy research","page_number":177,"box":{"x":89,"y":203,"width":858,"height":12}},{"id":"4935cfd5-1fc9-4cc8-a337-ed71d6f603b7","block_type":"box","text":"firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting","page_number":177,"box":{"x":88,"y":218,"width":767,"height":12}},{"id":"509b6d9f-772b-4277-ad40-3ba9e8016dea","block_type":"box","text":"recommendations. A company’s disclosures, our past engagements and voting, investment colleagues’ insights and our","page_number":177,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"d9b1890e-d5ab-4ca6-a25e-dc9af4c933a0","block_type":"box","text":"voting guidelines are important inputs into our voting decisions on behalf of clients.","page_number":177,"box":{"x":88,"y":248,"width":586,"height":12}},{"id":"f2d6b9c7-df1f-4348-8d46-4676443eca2c","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting","page_number":177,"box":{"x":89,"y":274,"width":824,"height":13}},{"id":"de1251bf-6745-44c7-8600-e573859acfa4","block_type":"box","text":"process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder meeting","page_number":177,"box":{"x":89,"y":290,"width":840,"height":12}},{"id":"681cf95b-b299-4ec4-851f-4ffeaed1aeda","block_type":"box","text":"agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as necessary to the","page_number":177,"box":{"x":89,"y":305,"width":826,"height":12}},{"id":"07ef401d-bb78-474b-81ea-fabf85f79879","block_type":"box","text":"relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at","page_number":177,"box":{"x":89,"y":320,"width":856,"height":12}},{"id":"07709c45-c87b-41e8-9926-d93474efb49b","block_type":"box","text":"any time prior to the vote deadline. Both BAIS and the vote services provider actively monitor securities filings, research","page_number":177,"box":{"x":89,"y":335,"width":833,"height":12}},{"id":"89d8ec3e-a6ec-42d9-9edf-a518426dc399","block_type":"box","text":"reports, company announcements, and direct communications from companies to ensure awareness of supplemental","page_number":177,"box":{"x":89,"y":350,"width":826,"height":12}},{"id":"c1d11a00-951a-4407-95c9-dd09d27c0c0d","block_type":"box","text":"disclosures and proxy materials that may require a modification of votes.","page_number":177,"box":{"x":89,"y":365,"width":508,"height":12}},{"id":"283d86a9-d657-4cb0-9629-d64eeb8cf7c2","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":177,"box":{"x":89,"y":392,"width":850,"height":12}},{"id":"e461def0-2bc6-4b05-b2eb-4dd55c2ad8b6","block_type":"box","text":"level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight","page_number":177,"box":{"x":89,"y":407,"width":872,"height":12}},{"id":"c89ecdaf-47af-491c-a222-6b11cd42f9ea","block_type":"box","text":"of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well","page_number":177,"box":{"x":89,"y":422,"width":869,"height":12}},{"id":"f6a73947-bc27-45eb-8bb0-a7981c6aa5ef","block_type":"box","text":"as annual due diligence meetings in accordance with BlackRock’s firmwide policies.","page_number":177,"box":{"x":89,"y":437,"width":584,"height":12}},{"id":"c01c01b5-0b60-46ae-9f7d-4ca3d5eb9070","block_type":"box","text":"Conflicts management policies and procedures","page_number":177,"box":{"x":105,"y":463,"width":340,"height":13}},{"id":"1cb3547e-e1d8-4e82-bd3e-eddd297ae391","block_type":"box","text":"BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":177,"box":{"x":89,"y":490,"width":833,"height":12}},{"id":"189c63ac-01dc-4684-a78e-60af84c26bce","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":177,"box":{"x":89,"y":505,"width":829,"height":12}},{"id":"899c2531-cf68-4b7c-a1c7-8020c7474190","block_type":"box","text":"shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees. 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In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":177,"box":{"x":154,"y":783,"width":777,"height":13}},{"id":"f62f0719-6526-43fd-b400-67759132ef14","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":177,"box":{"x":154,"y":799,"width":797,"height":12}},{"id":"8312432a-b5c3-4853-a696-2ec7f7040d23","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access. BAIS","page_number":177,"box":{"x":153,"y":814,"width":752,"height":12}},{"id":"81cdf847-4a8d-4513-ae55-7bf756c21656","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":177,"box":{"x":154,"y":829,"width":803,"height":12}},{"id":"48e32a0a-33a1-44fe-a622-df6da1e63db7","block_type":"box","text":"a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for","page_number":177,"box":{"x":154,"y":844,"width":802,"height":12}},{"id":"da28da71-c7b1-4b90-977f-91c08cfdb46d","block_type":"box","text":"the economic value of the company. Within the normal course of business, BAIS may engage directly with","page_number":177,"box":{"x":153,"y":859,"width":741,"height":12}},{"id":"161d0fc6-c6c4-4a6f-a8c3-734832a2aaac","block_type":"box","text":"A-16","page_number":177,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"70c570f2-2a13-4753-a4fc-9bba390c96c7","block_type":"box","text":"BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management,","page_number":178,"box":{"x":154,"y":44,"width":798,"height":12}},{"id":"6ca59676-1869-4e12-aed1-5136a1a1eda2","block_type":"box","text":"or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance","page_number":178,"box":{"x":154,"y":59,"width":803,"height":12}},{"id":"52e58b07-0e3a-4af4-a09c-bdd643c597fe","block_type":"box","text":"matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":178,"box":{"x":154,"y":74,"width":741,"height":12}},{"id":"b5fd189e-d701-4719-aeec-f4e264155ce7","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":178,"box":{"x":121,"y":94,"width":846,"height":13}},{"id":"12face47-ba71-48f7-a504-9b101694358a","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":178,"box":{"x":154,"y":109,"width":784,"height":13}},{"id":"738ecab7-4db9-49b0-9f24-5734a683c615","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. 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BlackRock may also","page_number":178,"box":{"x":154,"y":170,"width":790,"height":12}},{"id":"a91000a7-c81d-4fac-ac22-874e63772a91","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":178,"box":{"x":154,"y":185,"width":693,"height":12}},{"id":"a1459e8b-9208-4de7-9e4c-b0d72e70cb04","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":178,"box":{"x":187,"y":205,"width":592,"height":12}},{"id":"af6cb790-5de0-4332-b624-a2ed19cd5e46","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":178,"box":{"x":187,"y":225,"width":761,"height":13}},{"id":"141de1e1-0403-4117-a0e1-f73f0579d9fe","block_type":"box","text":"the board of directors","page_number":178,"box":{"x":218,"y":240,"width":152,"height":10}},{"id":"42cc1775-198a-471f-82d9-21e0618d3e79","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":178,"box":{"x":187,"y":261,"width":646,"height":12}},{"id":"a3c9b1b8-5b06-43ad-b21e-85c7212229d5","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":178,"box":{"x":187,"y":281,"width":513,"height":12}},{"id":"3883078d-fd32-42e7-b689-0096b1bb8a8f","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":178,"box":{"x":187,"y":301,"width":764,"height":12}},{"id":"904eea21-1097-4368-833c-af83e8c3ec75","block_type":"box","text":"party voting service provider","page_number":178,"box":{"x":219,"y":316,"width":199,"height":12}},{"id":"61bd4acf-3b0d-47d4-b88c-216de0c5a8d7","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":178,"box":{"x":89,"y":342,"width":873,"height":13}},{"id":"9574d31c-8807-49fa-8581-7f1e5654208a","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":178,"box":{"x":89,"y":358,"width":826,"height":12}},{"id":"32f63f55-8ee4-49a5-9c4b-be143ef3bb28","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":178,"box":{"x":89,"y":373,"width":836,"height":12}},{"id":"77b839d6-6727-443f-a98d-50fb407d6740","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":178,"box":{"x":89,"y":388,"width":829,"height":12}},{"id":"4826bb93-9234-42c7-8ed8-5e4ad36b2002","block_type":"box","text":"provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider. The Active","page_number":178,"box":{"x":89,"y":403,"width":804,"height":12}},{"id":"5a09cee6-506e-496f-bb94-9f1806313303","block_type":"box","text":"Investment Stewardship Oversight Committee appoints and reviews the performance of the independent third-party voting","page_number":178,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"25c7be47-5662-47a3-bbdc-a1a5aa037075","block_type":"box","text":"service providers, generally on an annual basis.","page_number":178,"box":{"x":89,"y":433,"width":327,"height":13}},{"id":"ba82f956-d9fb-4c34-af46-78a2c06378e6","block_type":"box","text":"Securities lending","page_number":178,"box":{"x":105,"y":460,"width":128,"height":12}},{"id":"483f89aa-f8fb-47b4-a390-9c198fb9266a","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. 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It also enables funds to generate additional returns while allowing fund","page_number":178,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"11edb7a9-4a40-4342-8531-e8814e5dc35d","block_type":"box","text":"providers to keep fund expenses lower.","page_number":178,"box":{"x":89,"y":516,"width":270,"height":13}},{"id":"49776068-03ae-43ce-8ebe-423d02b49b76","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":178,"box":{"x":88,"y":543,"width":867,"height":12}},{"id":"e6b7af25-4585-4c21-8e1d-531193e8f786","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":178,"box":{"x":89,"y":558,"width":827,"height":12}},{"id":"092274a6-d455-4209-b8a9-7acf89e9bc92","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":178,"box":{"x":89,"y":573,"width":866,"height":12}},{"id":"f348a0e3-4878-4470-97cc-5d65b84091ec","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":178,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"87fe0e68-77bd-4bbf-bf67-4a604749aa89","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":178,"box":{"x":89,"y":603,"width":838,"height":13}},{"id":"406aaae5-812e-4118-b8b5-c27a4c481fc7","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration). BAIS works with","page_number":178,"box":{"x":89,"y":618,"width":844,"height":13}},{"id":"f1e469c5-d517-44e5-bb72-1a2ec08424a9","block_type":"box","text":"active portfolio managers, as well as colleagues in the Securities Lending and Risk and Quantitative Analysis teams, to","page_number":178,"box":{"x":89,"y":633,"width":825,"height":13}},{"id":"c6dbe984-564a-4a82-81d5-0516af28e8ee","block_type":"box","text":"evaluate the costs and benefits to clients of recalling shares on loan.","page_number":178,"box":{"x":89,"y":649,"width":475,"height":12}},{"id":"5c3debd1-1a80-4a13-9816-723826b81717","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":178,"box":{"x":89,"y":675,"width":851,"height":12}},{"id":"403a6544-94d4-42f1-bc8b-dae6f96c88e9","block_type":"box","text":"not warrant recalling securities on loan. However, in certain instances, BlackRock may determine, in our independent","page_number":178,"box":{"x":89,"y":690,"width":816,"height":13}},{"id":"15ce949d-c748-4b28-8660-843fe7f31371","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":178,"box":{"x":89,"y":705,"width":867,"height":13}},{"id":"def9ea4c-4e12-426a-ac95-e5f11686354b","block_type":"box","text":"therefore recall shares to be voted in those instances.","page_number":178,"box":{"x":88,"y":720,"width":372,"height":10}},{"id":"77284e14-c591-4122-8d6c-001f20b1d747","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":178,"box":{"x":89,"y":747,"width":840,"height":12}},{"id":"82ab2020-5806-4fe5-b07a-c6e6013e94b7","block_type":"box","text":"modify it as necessary.","page_number":178,"box":{"x":89,"y":762,"width":156,"height":12}},{"id":"fe0b449b-190b-4a2d-9de9-8d5e45f98d2d","block_type":"box","text":"Reporting and vote transparency","page_number":178,"box":{"x":106,"y":788,"width":236,"height":13}},{"id":"f0cd095b-c73d-441f-97cc-8aa9c8da1d2f","block_type":"box","text":"BAIS is committed to transparency in the stewardship work we do on behalf of clients. 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Reliance upon this information is at the","page_number":179,"box":{"x":88,"y":97,"width":855,"height":12}},{"id":"74499ed8-5718-4e2f-8aea-0f2952a09520","block_type":"box","text":"sole discretion of the reader.","page_number":179,"box":{"x":89,"y":112,"width":196,"height":10}},{"id":"2d1b4f61-2aee-4194-a2d7-74158e84d72a","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":179,"box":{"x":89,"y":138,"width":190,"height":13}},{"id":"3eef4c35-9740-46c3-92a1-26b71bf81a3f","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":179,"box":{"x":89,"y":165,"width":289,"height":12}},{"id":"b6b35253-3697-48d0-98a4-51ac0f516720","block_type":"box","text":"BLACKROCK","page_number":179,"box":{"x":384,"y":165,"width":89,"height":10}},{"id":"8dabb903-bddf-4fba-a3a3-12bec125ccaa","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":179,"box":{"x":478,"y":165,"width":450,"height":11}},{"id":"21d37e4c-930e-4ee4-b4e8-ace7ef29c381","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":179,"box":{"x":88,"y":180,"width":558,"height":12}},{"id":"3e305729-8f84-47cb-85e6-6f05d1df9647","block_type":"box","text":"A-18","page_number":179,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"4dbaa2da-b954-43a6-a251-aafe31853b8f","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":180,"box":{"x":203,"y":44,"width":653,"height":30}},{"id":"4eea94f5-4828-47ed-805a-f47e9556f81f","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":180,"box":{"x":89,"y":88,"width":483,"height":12}},{"id":"3708fb12-efd5-4b6b-8a9e-664faf12e41f","block_type":"box","text":"Effective Date: January 1, 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Funds","page_number":180,"box":{"x":109,"y":220,"width":596,"height":13}},{"id":"b19cb0cc-8307-44b2-ab80-a11bcdfa4f7b","block_type":"box","text":"□","page_number":180,"box":{"x":89,"y":247,"width":14,"height":12}},{"id":"9ae32f5e-51fd-4618-8b86-f9c57c9e3da1","block_type":"box","text":"Money Market Funds","page_number":180,"box":{"x":109,"y":247,"width":148,"height":12}},{"id":"b4a8dfdc-4ac0-4beb-8f0c-67b154f3e63b","block_type":"box","text":"□","page_number":180,"box":{"x":89,"y":274,"width":14,"height":11}},{"id":"b17568bc-71cd-4c0f-9e65-029780c5ffac","block_type":"box","text":"Closed-End 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to the principles outlined in this Policy, as part of BlackRock’s authority","page_number":180,"box":{"x":88,"y":477,"width":878,"height":13}},{"id":"c172db9d-ea56-4874-9418-2f5fe8ffc440","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":180,"box":{"x":88,"y":492,"width":850,"height":13}},{"id":"dc6ca834-0bac-47bf-a2cd-337cda4292da","block_type":"box","text":"agreements.","page_number":180,"box":{"x":89,"y":509,"width":85,"height":11}},{"id":"531a0acf-fd48-4ae0-9efd-b8031b7f0e50","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy(“Guidelines”) (as from time to time","page_number":180,"box":{"x":89,"y":534,"width":869,"height":12}},{"id":"abf8fc0c-6f18-4c9e-9aa6-21bee6480836","block_type":"box","text":"amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for the 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In addition, BlackRock has adopted guidelines and procedures (as from time to time amended, the","page_number":180,"box":{"x":89,"y":564,"width":822,"height":13}},{"id":"1c7ea033-aa90-4caa-8aec-513d0c8bacd1","block_type":"box","text":"“BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for matters covered in the","page_number":180,"box":{"x":89,"y":579,"width":818,"height":13}},{"id":"9db12aaf-e672-405c-a909-e1e94f3f40b0","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in Appendix A.","page_number":180,"box":{"x":89,"y":594,"width":689,"height":13}},{"id":"5296af1d-12a1-449d-b310-de27cc346475","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":180,"box":{"x":89,"y":621,"width":876,"height":12}},{"id":"065dc2e2-170b-41ae-85e8-d357bf2a6596","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":180,"box":{"x":89,"y":636,"width":829,"height":12}},{"id":"6b3a6742-3773-468c-836d-1714450eb0ad","block_type":"box","text":"Decarbonization Stewardship Guidelines, as applicable.","page_number":180,"box":{"x":89,"y":651,"width":384,"height":12}},{"id":"9431d33e-7342-4bda-9cfb-dac35e547a4d","block_type":"box","text":"Conflicts Management","page_number":180,"box":{"x":89,"y":678,"width":164,"height":12}},{"id":"e882831b-e497-4e5f-9cf3-dd3fd187fa4b","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue influence on","page_number":180,"box":{"x":89,"y":704,"width":824,"height":12}},{"id":"48bbc31e-1d47-45a3-bbc8-bb49b7a2e2d6","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":180,"box":{"x":89,"y":719,"width":865,"height":13}},{"id":"528bef17-75cf-456f-bc80-e5b6d4afa3d2","block_type":"box","text":"Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship between the","page_number":180,"box":{"x":89,"y":734,"width":831,"height":13}},{"id":"f28ffeb0-9e2b-4994-b0b8-fa66dcf00ffd","block_type":"box","text":"investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates or","page_number":180,"box":{"x":89,"y":749,"width":803,"height":13}},{"id":"da3ff6e7-e869-4dce-9ecd-4d16b380b5eb","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":180,"box":{"x":89,"y":765,"width":825,"height":12}},{"id":"287c0369-d47c-47d5-a5f1-e8ce475ec33c","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BIS will adhere to the Guidelines.","page_number":180,"box":{"x":89,"y":780,"width":635,"height":12}},{"id":"e1731ae0-bb01-4aad-b82f-33e07da83871","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":180,"box":{"x":89,"y":806,"width":758,"height":12}},{"id":"deeb053c-5194-4e02-be64-c66908083f13","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":180,"box":{"x":89,"y":821,"width":784,"height":13}},{"id":"6e6a3fff-0099-4ac9-a8dc-7f6746b002be","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":180,"box":{"x":89,"y":836,"width":452,"height":13}},{"id":"eb04ed7a-554b-479b-bd90-e5827eb9e54a","block_type":"box","text":"A-19","page_number":180,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"7833ca07-8018-4471-8141-435182034fd7","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":181,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"7842ca53-4f6d-4afc-abd0-3d4010f2037f","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":181,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"12118925-4f6b-40b6-bbb5-25f9c761bb93","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy 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to","page_number":181,"box":{"x":89,"y":157,"width":878,"height":13}},{"id":"0cca3412-32b6-42a5-b921-15cf897668a1","block_type":"box","text":"the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines, including material changes to","page_number":181,"box":{"x":88,"y":172,"width":826,"height":13}},{"id":"b8fd1ac3-4b19-42ad-ba0d-4b8d15622edd","block_type":"box","text":"conflicts management practices, that have not previously been reported.","page_number":181,"box":{"x":89,"y":188,"width":507,"height":12}},{"id":"ab52f8d6-aae5-4271-b782-9fea508a0cfa","block_type":"box","text":"Appendix A","page_number":181,"box":{"x":88,"y":214,"width":85,"height":12}},{"id":"336bf7b7-fc05-4d76-a278-85cd27edf7be","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":181,"box":{"x":89,"y":240,"width":380,"height":10}},{"id":"7a276d0f-ddfd-4f75-85cc-710ae5ae0c57","block_type":"box","text":"iShares ESG Advanced MSCI EAFE 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.A-21","page_number":182,"box":{"x":531,"y":233,"width":353,"height":10}},{"id":"6ee616fc-288c-4610-9bda-5ab9ab9c3a50","block_type":"box","text":"Philosophy on investment stewardship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":182,"box":{"x":170,"y":252,"width":717,"height":12}},{"id":"2e2d296d-ef8a-48fe-a11d-c9c9fa771a04","block_type":"box","text":"Shareholder rights","page_number":182,"box":{"x":169,"y":271,"width":128,"height":12}},{"id":"3e7bdbfd-8768-4129-9a4b-7b0845193c7d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":182,"box":{"x":303,"y":271,"width":584,"height":9}},{"id":"428f46a0-cf41-41e8-9633-f876824900f9","block_type":"box","text":"Stewardship in practice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":182,"box":{"x":169,"y":290,"width":718,"height":12}},{"id":"5cca43af-fdde-4a3f-970b-a408ebcbfbdb","block_type":"box","text":"Key themes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-23","page_number":182,"box":{"x":170,"y":308,"width":717,"height":13}},{"id":"d1232b92-2a07-40fb-bde1-cd4efc4d496e","block_type":"box","text":"Boards and directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-23","page_number":182,"box":{"x":170,"y":327,"width":717,"height":10}},{"id":"fb075639-2ee8-425b-9317-e43bc11d8634","block_type":"box","text":"Auditors and audit-related 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-32","page_number":182,"box":{"x":270,"y":498,"width":617,"height":9}},{"id":"42fbd8dd-5834-40aa-8129-14e9fde2e77d","block_type":"box","text":"Conflicts management policies and procedures","page_number":182,"box":{"x":169,"y":516,"width":330,"height":13}},{"id":"f75b9ecb-9013-4429-87f4-5407ff2ae75a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-33","page_number":182,"box":{"x":505,"y":517,"width":382,"height":9}},{"id":"012d54be-58e5-463a-b1c0-5972b307bb40","block_type":"box","text":"Securities lending","page_number":182,"box":{"x":169,"y":535,"width":123,"height":13}},{"id":"7afc3f2b-2c37-4c24-a710-fcdaa86ea985","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":182,"box":{"x":296,"y":536,"width":591,"height":9}},{"id":"5025d525-9fbc-4229-bb85-698947ff75ce","block_type":"box","text":"Reporting and vote transparency","page_number":182,"box":{"x":170,"y":554,"width":228,"height":12}},{"id":"e4b73dc3-58ab-42f0-99fc-e8553f02457e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":182,"box":{"x":401,"y":555,"width":486,"height":9}},{"id":"1e35cb2f-7984-4897-adad-fe10d518c284","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":182,"box":{"x":89,"y":587,"width":365,"height":12}},{"id":"82ab8417-994e-4996-80f9-9bca3bbd1a67","block_type":"box","text":"BlackRock’s clients depend on us to help them meet their varied investment goals. 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Engaging with companies in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":182,"box":{"x":90,"y":751,"width":859,"height":12}},{"id":"f9f8f0a3-e69f-4730-a822-0c02cbcf36df","block_type":"box","text":"voting decisions.","page_number":182,"box":{"x":127,"y":766,"width":117,"height":12}},{"id":"4bf27247-5815-4e63-9187-61bd951cf3e0","block_type":"box","text":"(1) BIS’ Benchmark Policies, and the vote decisions made consistent with these policies, take a financial materiality-based approach and are focuse","page_number":182,"box":{"x":89,"y":805,"width":834,"height":10}},{"id":"3023611d-215a-4936-a0c4-55d3e3383ff7","block_type":"box","text":"d solely","page_number":182,"box":{"x":924,"y":805,"width":42,"height":10}},{"id":"ad833cd8-2c7d-4bc8-9028-0584bebae8d9","block_type":"box","text":"on advancing clients’ financial interests. BIS’ Benchmark Policies– comprised of the BIS Global Principles, regional voting guidelines, and engag","page_number":182,"box":{"x":121,"y":818,"width":798,"height":10}},{"id":"a04289bd-d5a1-49b2-93ef-7dd125bff12d","block_type":"box","text":"ement","page_number":182,"box":{"x":920,"y":819,"width":36,"height":7}},{"id":"2bc983f8-3fca-4268-827e-a7e20c7914f0","block_type":"box","text":"priorities – apply to clients’ assets invested through index strategies and provide guidance on our position on common corporate governance matters","page_number":182,"box":{"x":121,"y":831,"width":837,"height":10}},{"id":"6bbe18da-bf7a-4431-86f8-3ccd82929b79","block_type":"box","text":".","page_number":182,"box":{"x":960,"y":837,"width":1,"height":1}},{"id":"ebb18cd9-6ed2-44d7-b849-7422a8456325","block_type":"box","text":"We take a globally consistent approach, while recognizing the unique markets and sectors in which companies operate. BlackRock offers a wide range","page_number":182,"box":{"x":121,"y":843,"width":840,"height":10}},{"id":"3300efbb-b2f0-4888-9e5c-47287bc7d514","block_type":"box","text":"of investment products and funds to support our clients’ unique and varied investment objectives. Other materials on the BIS website might also pro","page_number":182,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"3038d8d7-a1a3-4a1f-b79e-a2c0d881a232","block_type":"box","text":"vide useful context.","page_number":182,"box":{"x":121,"y":868,"width":108,"height":8}},{"id":"bd3cdbb2-cac6-4798-9f49-42817e71d9ee","block_type":"box","text":"A-21","page_number":182,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"25502f7b-5282-4c9d-82d6-a0e7c4279f52","block_type":"box","text":"2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have delegated","page_number":183,"box":{"x":89,"y":44,"width":852,"height":12}},{"id":"dd0e252f-2c9a-471c-bf9b-5f092935b81a","block_type":"box","text":"voting authority to BlackRock.","page_number":183,"box":{"x":127,"y":59,"width":210,"height":12}},{"id":"85314c5c-3682-4465-a412-738b610f9d31","block_type":"box","text":"3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our clients’","page_number":183,"box":{"x":89,"y":79,"width":845,"height":13}},{"id":"c29365dc-154a-464d-84f9-d75713661fdf","block_type":"box","text":"investments.","page_number":183,"box":{"x":128,"y":95,"width":87,"height":9}},{"id":"7e531320-5377-4417-885f-dd1093a1e514","block_type":"box","text":"4. Reporting on our activities to inform clients about our stewardship efforts on their behalf through a range of","page_number":183,"box":{"x":88,"y":114,"width":798,"height":13}},{"id":"55998e3a-4560-4030-a9ee-d98a868b3ab5","block_type":"box","text":"publications and direct reporting.","page_number":183,"box":{"x":128,"y":130,"width":232,"height":12}},{"id":"9890e7a8-3e1a-4c1d-81d8-1c0115f69b76","block_type":"box","text":"Philosophy on investment stewardship","page_number":183,"box":{"x":89,"y":156,"width":278,"height":12}},{"id":"3dbed95e-b852-4af9-b988-80ee0e0ac99d","block_type":"box","text":"Sound governance is critical to the success of a company, the protection of investors’ interests, and long-term financial value","page_number":183,"box":{"x":88,"y":182,"width":874,"height":13}},{"id":"19b79ba8-9289-40be-8d6f-d5748edfe421","block_type":"box","text":"creation. Research indicates that high-performing companies will effectively evaluate and address risks and opportunities","page_number":183,"box":{"x":89,"y":198,"width":848,"height":12}},{"id":"f002f675-a71a-481b-9711-7991fb5fed64","block_type":"box","text":"relevant to their businesses, which supports durable, long-term financial value creation.","page_number":183,"box":{"x":89,"y":213,"width":612,"height":12}},{"id":"a763c9b4-0d5d-48c5-8d5c-cb815d410898","block_type":"box","text":"(2)","page_number":183,"box":{"x":703,"y":211,"width":14,"height":8}},{"id":"e0c81172-e79a-416e-8898-8cb052c7ad33","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many minority","page_number":183,"box":{"x":88,"y":239,"width":851,"height":13}},{"id":"04ee2fee-e47b-4834-93dd-7cab6e1d8ce9","block_type":"box","text":"shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation. 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We","page_number":183,"box":{"x":89,"y":285,"width":877,"height":12}},{"id":"16699133-d40e-445d-ab1c-e63bd2dae702","block_type":"box","text":"aim to take a globally consistent approach, while recognizing the unique markets and sectors in which companies operate.","page_number":183,"box":{"x":89,"y":300,"width":858,"height":12}},{"id":"47559091-c192-4e00-a0a1-22983537610e","block_type":"box","text":"Shareholder rights","page_number":183,"box":{"x":88,"y":326,"width":134,"height":12}},{"id":"7a647e4b-1d88-463c-99ec-03c4a969cb44","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish certain fundamental rights attached to shareholding.","page_number":183,"box":{"x":89,"y":353,"width":857,"height":12}},{"id":"110dbeea-82ca-440d-8fb7-b1ec156d5174","block_type":"box","text":"Shareholders should have the right to:","page_number":183,"box":{"x":88,"y":368,"width":266,"height":12}},{"id":"d6b4c713-cb7d-4b24-b61c-de27fdebcbde","block_type":"box","text":"• Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or by","page_number":183,"box":{"x":89,"y":388,"width":868,"height":12}},{"id":"6d154628-f93e-40d3-a0c6-86fd4fbe2a38","block_type":"box","text":"laws.","page_number":183,"box":{"x":122,"y":403,"width":33,"height":10}},{"id":"5b8121b1-96be-40df-9bb7-2e77c6821a7d","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":183,"box":{"x":89,"y":423,"width":872,"height":12}},{"id":"7044ebd3-dbe6-4948-853c-d85725b3c398","block_type":"box","text":"to the purpose of the business, dilution levels and pre-emptive rights, and the distribution of income and capital","page_number":183,"box":{"x":121,"y":438,"width":783,"height":13}},{"id":"7e70316f-c5d4-4771-b083-1ffc87219cc3","block_type":"box","text":"structure.","page_number":183,"box":{"x":121,"y":455,"width":66,"height":8}},{"id":"1311bdf2-4383-4c5d-8ca7-cb8825767fd7","block_type":"box","text":"• Access sufficient and timely information on material governance, strategic, and business matters to make informed","page_number":183,"box":{"x":89,"y":473,"width":840,"height":13}},{"id":"5e808005-375a-418b-b893-acd024a995cd","block_type":"box","text":"decisions.","page_number":183,"box":{"x":121,"y":489,"width":68,"height":9}},{"id":"546d2ce2-316f-44b3-af9b-236a7ea84fa3","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":183,"box":{"x":88,"y":515,"width":844,"height":12}},{"id":"24ec0df2-d2a8-4a5b-8db0-f06210d956e4","block_type":"box","text":"should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve this balance.","page_number":183,"box":{"x":89,"y":530,"width":823,"height":13}},{"id":"95b75032-4fe8-4a8f-baff-8d78ce501323","block_type":"box","text":"Stewardship in practice","page_number":183,"box":{"x":88,"y":557,"width":169,"height":12}},{"id":"e2cb6411-2737-45b0-bdce-09761e57527f","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers, official","page_number":183,"box":{"x":88,"y":583,"width":821,"height":12}},{"id":"e8573b99-fbdf-49d8-a208-4cefe4f146d5","block_type":"box","text":"institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the individual investors that","page_number":183,"box":{"x":89,"y":598,"width":872,"height":13}},{"id":"8c76ccc9-79b0-4981-b1cb-8060b4e63c2c","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":183,"box":{"x":88,"y":613,"width":873,"height":13}},{"id":"e10a7003-b238-43e2-af5e-66de2db23c6f","block_type":"box","text":"of whom are saving for long-term goals, such as retirement.","page_number":183,"box":{"x":89,"y":628,"width":419,"height":13}},{"id":"7cfe77cb-e3a0-4791-acdc-b143c6d2beb5","block_type":"box","text":"As shareholders of public companies, our clients have the right to vote on matters proposed by a company’s management or","page_number":183,"box":{"x":88,"y":655,"width":875,"height":12}},{"id":"f58f5aeb-db71-4c68-8a46-3fd4c7b93604","block_type":"box","text":"its shareholders. Voting is an important mechanism for investors to express support for, or concern about, a company’s","page_number":183,"box":{"x":89,"y":670,"width":834,"height":12}},{"id":"ac81151b-72f6-4b05-8c2c-6cd278d81b36","block_type":"box","text":"performance and most of our clients authorize BlackRock to exercise this right on their behalf. For those clients, and as a","page_number":183,"box":{"x":89,"y":685,"width":842,"height":12}},{"id":"9f3f21b9-42c1-4652-8760-d105ade67662","block_type":"box","text":"fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is consistent with their","page_number":183,"box":{"x":88,"y":700,"width":813,"height":13}},{"id":"d6ca9ac0-0512-428d-a732-5d67e005f1eb","block_type":"box","text":"investment objectives. BIS does this by casting votes in favor of proposals that, in our assessment, will promote stronger","page_number":183,"box":{"x":89,"y":715,"width":840,"height":13}},{"id":"81cd8bbd-e0c1-47e5-9e7a-cbf0661c895d","block_type":"box","text":"governance and better operating practices and, in turn, potentially enhance long-term shareholder value. Our vote decisions","page_number":183,"box":{"x":89,"y":730,"width":869,"height":13}},{"id":"2ea1dfb7-9fe1-4b98-b3b2-7f79c314c2c9","block_type":"box","text":"are informed by our in-depth analysis of company disclosures, engagement with boards and management teams, third-party","page_number":183,"box":{"x":89,"y":746,"width":875,"height":12}},{"id":"f983ce20-6469-456a-8689-743d6326c13f","block_type":"box","text":"research, and comparisons against a company’s industry peers.","page_number":183,"box":{"x":89,"y":761,"width":443,"height":12}},{"id":"3c809d10-653f-4f93-9ea6-d334438893b9","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment horizons of the","page_number":183,"box":{"x":89,"y":787,"width":861,"height":13}},{"id":"664fe194-dfe4-452d-87a9-537043745c0a","block_type":"box","text":"majority of our clients. An engagement is a meeting between BIS and a company’s board and management that helps","page_number":183,"box":{"x":89,"y":802,"width":825,"height":13}},{"id":"3a3b0e51-3338-41d7-9530-bea4ce4157d1","block_type":"box","text":"improve our understanding of the company’s business model and material risks and opportunities, to inform our voting","page_number":183,"box":{"x":89,"y":817,"width":836,"height":13}},{"id":"36fb0d47-c905-454a-9d3e-53278ee3f3ed","block_type":"box","text":"(2) PwC, “The 3 things all high-performing companies do”. Harvard Business Review, “6 Strategic Concepts That Set High-Performing Companies Apart”","page_number":183,"box":{"x":89,"y":856,"width":866,"height":10}},{"id":"72960caa-f1ac-47fb-a983-d378ee046876","block_type":"box","text":",","page_number":183,"box":{"x":955,"y":862,"width":2,"height":3}},{"id":"a3d96c59-c2d4-485a-817f-a2a44d475829","block_type":"box","text":"March 2024.","page_number":183,"box":{"x":121,"y":868,"width":69,"height":8}},{"id":"cb814eef-0363-49c4-90d9-956cbe7c4b06","block_type":"box","text":"A-22","page_number":183,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"d6140b44-b589-4a2d-9a28-2105033e8857","block_type":"box","text":"decisions on behalf of clients who authorize us to vote on their behalf. In these two-way conversations, we listen to and learn","page_number":184,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"3b189fd4-9263-4f5b-80d6-87af29cc45d1","block_type":"box","text":"directly from company directors and executives and ask questions relevant to their business. Either a company or BIS can","page_number":184,"box":{"x":89,"y":59,"width":846,"height":12}},{"id":"0bf4c2df-892b-4841-bee2-5ed5dd947c69","block_type":"box","text":"request an engagement. Many of the engagements are initiated by companies to discuss their long-term strategy, risk and","page_number":184,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"21a87c3b-079f-4c22-8a02-21894bd4e244","block_type":"box","text":"opportunity set, and management’s plan to deliver financial returns through business cycles. The ongoing, multiyear nature","page_number":184,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"de5d39ed-276d-4762-9b0b-88f62708adee","block_type":"box","text":"of our engagements allows us to build strong relationships with company leadership and mutual understanding on key","page_number":184,"box":{"x":89,"y":104,"width":835,"height":13}},{"id":"221c3cdb-ec81-4a2d-8721-c34830c60a6c","block_type":"box","text":"matters of corporate governance and the drivers of long-term financial performance.","page_number":184,"box":{"x":89,"y":119,"width":593,"height":13}},{"id":"2c279c8d-c665-4d35-af53-06a83237e736","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of concerns, we","page_number":184,"box":{"x":89,"y":146,"width":819,"height":12}},{"id":"1d17e6a3-dfd1-4d6f-991d-f234af160cfd","block_type":"box","text":"typically raise these through dialogue with board members and management teams first. When we determine it is in our","page_number":184,"box":{"x":88,"y":161,"width":844,"height":12}},{"id":"fb5d2410-8430-4b28-a9a7-93f242a6c808","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we do so in two forms: we might not support the","page_number":184,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"53ce85e6-0064-4402-ae4e-aa295db5e2c2","block_type":"box","text":"election of directors or other management proposals, or we might not support management’s voting recommendation on a","page_number":184,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"ef6a4da1-a9de-4a99-8c0a-ab5a33d524bf","block_type":"box","text":"shareholder proposal.","page_number":184,"box":{"x":89,"y":206,"width":151,"height":13}},{"id":"3aa7f8dd-1679-4980-a229-dfbc43451931","block_type":"box","text":"Key themes","page_number":184,"box":{"x":89,"y":233,"width":82,"height":12}},{"id":"9aea92e6-2381-46d9-9742-2d3f9c3db817","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience, there are","page_number":184,"box":{"x":88,"y":259,"width":833,"height":13}},{"id":"78e3c353-61d3-49fc-bccd-a1461ae8e2ce","block_type":"box","text":"certain globally applicable fundamental elements of corporate governance that contribute to a company’s ability to create","page_number":184,"box":{"x":89,"y":274,"width":853,"height":13}},{"id":"107f22df-dd97-48e5-870a-b4123ddcd022","block_type":"box","text":"long-term financial value for shareholders. These global themes are set out in this overarching set of principles (the","page_number":184,"box":{"x":89,"y":290,"width":806,"height":12}},{"id":"d402400f-3b9f-4e67-bd47-7a845321c990","block_type":"box","text":"“Principles”), which are anchored in transparency and accountability.","page_number":184,"box":{"x":89,"y":305,"width":482,"height":12}},{"id":"060a8934-c2fc-4801-b7b4-922d7637a721","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in their domestic","page_number":184,"box":{"x":88,"y":331,"width":871,"height":12}},{"id":"2299020f-ca02-4c7f-97ac-b75ee6f883eb","block_type":"box","text":"market,","page_number":184,"box":{"x":89,"y":346,"width":52,"height":12}},{"id":"09c082c6-6c16-40b5-ab26-ada1615e2069","block_type":"box","text":"(3)","page_number":184,"box":{"x":142,"y":344,"width":14,"height":8}},{"id":"2b332b40-9c34-4066-bab5-e7fd28be13f3","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better supports durable, long-term financial value","page_number":184,"box":{"x":162,"y":346,"width":799,"height":13}},{"id":"a3f98de6-6607-4e14-955a-e3eec1339b3b","block_type":"box","text":"creation.","page_number":184,"box":{"x":89,"y":362,"width":59,"height":9}},{"id":"87c85874-4542-4cb1-aff4-4bf61d8b4cff","block_type":"box","text":"These Principles cover seven key subjects:","page_number":184,"box":{"x":104,"y":388,"width":304,"height":12}},{"id":"a1548c53-ed70-4eda-b324-192b20969bdc","block_type":"box","text":"• Boards and directors","page_number":184,"box":{"x":89,"y":408,"width":176,"height":10}},{"id":"a176ed1d-5652-4e60-abcf-c2824467f86c","block_type":"box","text":"• Auditors and audit-related issues","page_number":184,"box":{"x":89,"y":428,"width":264,"height":10}},{"id":"e90326d9-c8c6-4bb5-810e-c0c9b5f41935","block_type":"box","text":"• Capital structure, mergers, asset sales, and other special transactions","page_number":184,"box":{"x":89,"y":448,"width":515,"height":13}},{"id":"b214bda6-2a46-4961-96de-c56dcd6e8cd4","block_type":"box","text":"• Executive compensation","page_number":184,"box":{"x":89,"y":469,"width":202,"height":12}},{"id":"ef32839d-e1b3-484b-a90e-13f71b9f7646","block_type":"box","text":"• Material sustainability-related risks and opportunities","page_number":184,"box":{"x":89,"y":489,"width":405,"height":12}},{"id":"09d46e17-5f89-47f9-bdc2-07f7f667f3d2","block_type":"box","text":"• Other corporate governance matters and shareholder protections","page_number":184,"box":{"x":89,"y":509,"width":491,"height":12}},{"id":"b974a088-024c-4640-8cae-bc0eba3a4fd5","block_type":"box","text":"• Shareholder proposals","page_number":184,"box":{"x":89,"y":529,"width":188,"height":12}},{"id":"2967de13-b2fb-4bdb-9d82-eb11ca06f529","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in relation to","page_number":184,"box":{"x":89,"y":555,"width":846,"height":13}},{"id":"f5e96ac8-f1f6-4b95-99c0-80bb79cccd40","block_type":"box","text":"common ballot items for shareholder meetings in those markets. Alongside the Principles and regional voting guidelines, BIS","page_number":184,"box":{"x":89,"y":570,"width":872,"height":13}},{"id":"f03e2c39-2c6c-4abd-84bc-6820d353329f","block_type":"box","text":"publishes our engagement priorities which reflect the five themes on which we most frequently engage companies, where","page_number":184,"box":{"x":89,"y":586,"width":857,"height":12}},{"id":"3b5036af-274f-4452-b26e-5fbbc348441b","block_type":"box","text":"they are relevant, as these can be a source of material business risk or opportunity. Collectively, these BIS policies set out the","page_number":184,"box":{"x":88,"y":601,"width":869,"height":12}},{"id":"4c999397-063e-47c5-bfad-dd9d8a07ca39","block_type":"box","text":"core elements of corporate governance that guide our investment stewardship program globally and within each market. The","page_number":184,"box":{"x":89,"y":616,"width":878,"height":12}},{"id":"c82a7124-fea5-4bc9-867b-dc33d53954ea","block_type":"box","text":"BIS policies are not prescriptive, applied on a pragmatic, case-by-case basis, taking into consideration a number of factors,","page_number":184,"box":{"x":89,"y":631,"width":855,"height":12}},{"id":"2c769b28-2c7a-483e-81c4-0588088afc8c","block_type":"box","text":"including the sector, market, and business environment within which a company is operating.","page_number":184,"box":{"x":89,"y":646,"width":654,"height":12}},{"id":"e788be82-c75c-432a-bc50-9f90db67190e","block_type":"box","text":"Boards and directors","page_number":184,"box":{"x":89,"y":673,"width":148,"height":9}},{"id":"c4961e13-4c73-4adc-af1d-6ebd21d41699","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional characteristics","page_number":184,"box":{"x":89,"y":699,"width":829,"height":12}},{"id":"db645f00-0b3b-4a19-9bf3-5efa4cc12117","block_type":"box","text":"relevant to a company’s business enhance the ability of the board to add value and be the voice of shareholders in board","page_number":184,"box":{"x":89,"y":714,"width":842,"height":12}},{"id":"c99d435c-54a5-4aa4-a276-fa356942a64a","block_type":"box","text":"discussions. A strong board gives a company a competitive advantage, providing valuable oversight and contributing to the","page_number":184,"box":{"x":89,"y":729,"width":863,"height":13}},{"id":"35727b33-771e-49c6-bc73-5344ebfd4da3","block_type":"box","text":"most important management decisions that support long-term financial performance. As part of their responsibilities, board","page_number":184,"box":{"x":89,"y":744,"width":871,"height":13}},{"id":"40df7343-b166-4717-a38a-c532d08a9913","block_type":"box","text":"members have a fiduciary duty to shareholders to oversee the strategic direction, operations, and risk management of a","page_number":184,"box":{"x":89,"y":759,"width":837,"height":13}},{"id":"e15c3d56-db8e-4a6c-94a6-6e620afd80e0","block_type":"box","text":"company. This is why our investment stewardship efforts have always started with the performance of the board of directors,","page_number":184,"box":{"x":89,"y":775,"width":873,"height":12}},{"id":"efecd235-1a1d-4c65-b5da-ba890a8c69a4","block_type":"box","text":"and why we see engagement with, and the election of, directors as one of our most important responsibilities. We engage, as","page_number":184,"box":{"x":89,"y":790,"width":875,"height":12}},{"id":"d27586b8-6f76-447c-96a9-f920110943c6","block_type":"box","text":"necessary, with members of the board’s nominating and/or governance committee to assess whether governance practices","page_number":184,"box":{"x":89,"y":805,"width":867,"height":12}},{"id":"2719434c-b039-43bf-b566-087920db1d2f","block_type":"box","text":"(3) Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and norms. Depending on the market,","page_number":184,"box":{"x":89,"y":856,"width":856,"height":10}},{"id":"56e25056-d20b-4150-8659-050beb31b143","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other factors.","page_number":184,"box":{"x":121,"y":868,"width":774,"height":10}},{"id":"742b4667-8ed9-416e-9df8-e0c0e641dfa3","block_type":"box","text":"A-23","page_number":184,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"fb74ab48-5d3e-4ec1-b2fd-b01f5f2b973e","block_type":"box","text":"and board composition are appropriate given a company’s business model and we take into consideration a number of","page_number":185,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"1ae56204-a0e9-4988-b1e9-ba899ec98228","block_type":"box","text":"factors, including the sector, market, and business environment within which a company is operating.","page_number":185,"box":{"x":88,"y":59,"width":711,"height":12}},{"id":"f478ab6f-12d5-410e-bb65-cefa98e6c6ce","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective governance","page_number":185,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"8e8c958b-3339-454e-9eab-e91fa655a6c8","block_type":"box","text":"mechanisms to support its oversight of the company’s strategy and operations consistent with the long-term economic","page_number":185,"box":{"x":89,"y":101,"width":838,"height":12}},{"id":"a0c35ad3-ee61-49e2-a829-24574cc5c310","block_type":"box","text":"interests of investors. There should be clear descriptions of the role of the board and the committees of the board and how","page_number":185,"box":{"x":89,"y":116,"width":859,"height":12}},{"id":"485c1868-aeeb-49cc-a9f4-a800d30b58b9","block_type":"box","text":"directors engage with and oversee management. Disclosure of material risks that may affect a company’s long-term strategy","page_number":185,"box":{"x":89,"y":131,"width":874,"height":12}},{"id":"c2f48874-83c6-443d-b8d3-645698249fed","block_type":"box","text":"and financial value creation, including material sustainability-related factors when relevant, is helpful for investors to","page_number":185,"box":{"x":89,"y":146,"width":813,"height":12}},{"id":"1a9c7f84-9818-4647-bb87-fc3f40173b12","block_type":"box","text":"appropriately understand and assess how effectively management is identifying, managing, and mitigating such risks.","page_number":185,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"ff3abc30-adc2-4e96-8cb0-92dea646762d","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should assess its","page_number":185,"box":{"x":88,"y":188,"width":835,"height":12}},{"id":"d7dbd0d9-6d03-4655-b036-7d062863ef85","block_type":"box","text":"implementation. If any strategic targets are significantly missed or materially restated, we find it helpful when company","page_number":185,"box":{"x":89,"y":203,"width":834,"height":12}},{"id":"88832869-ce0b-4a00-8317-bd838c444690","block_type":"box","text":"disclosures provide a detailed explanation of the changes and an indication of the board’s role in reviewing the revised","page_number":185,"box":{"x":89,"y":218,"width":827,"height":12}},{"id":"8ba08e30-376d-41ec-994e-cc3cb5aa2bfb","block_type":"box","text":"targets. We look to the board to articulate the effectiveness of these mechanisms in overseeing the management of business","page_number":185,"box":{"x":88,"y":233,"width":872,"height":12}},{"id":"0318fc08-c8c3-489f-b7b8-132da418d156","block_type":"box","text":"risks and opportunities and the fulfillment of the company’s strategy.","page_number":185,"box":{"x":89,"y":248,"width":481,"height":12}},{"id":"ba90aa38-b825-40d5-b24b-0703871561f7","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate governance","page_number":185,"box":{"x":88,"y":274,"width":851,"height":13}},{"id":"09b27900-3da5-4be5-b656-da4cf9c74d38","block_type":"box","text":"and risk oversight responsibilities, we may consider voting against the election of directors who, on our assessment, have","page_number":185,"box":{"x":89,"y":290,"width":848,"height":12}},{"id":"180fb750-bb21-413a-9dd6-ab5c91885b8c","block_type":"box","text":"particular responsibility for the issues. We assess director performance on a case-by-case basis and in light of each","page_number":185,"box":{"x":89,"y":305,"width":801,"height":12}},{"id":"5c9a4ae4-6161-4317-8f30-9c214a7519fc","block_type":"box","text":"company’s circumstances, taking into consideration its governance, business practices that support durable, long-term","page_number":185,"box":{"x":89,"y":320,"width":834,"height":12}},{"id":"75702344-9f2c-4add-a05a-0c9d05458565","block_type":"box","text":"financial value creation, and performance. Set out below are factors we may take into consideration.","page_number":185,"box":{"x":88,"y":335,"width":701,"height":12}},{"id":"ae34d478-3c28-4b1f-8c39-deda96166e79","block_type":"box","text":"Regular accountability through director elections","page_number":185,"box":{"x":106,"y":361,"width":354,"height":13}},{"id":"97b8dfb6-a627-4e2e-9f3c-b3c35292f95e","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a regular basis,","page_number":185,"box":{"x":88,"y":388,"width":849,"height":12}},{"id":"91b243d5-52d8-4bf2-84fb-f20025bea454","block_type":"box","text":"ideally annually.","page_number":185,"box":{"x":89,"y":403,"width":109,"height":12}},{"id":"48304199-69d2-43f9-8d7a-037268218139","block_type":"box","text":"(4)","page_number":185,"box":{"x":200,"y":401,"width":14,"height":8}},{"id":"d3c6f72e-a46c-4572-961e-1ba16ae010f4","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board members and/or hold","page_number":185,"box":{"x":219,"y":403,"width":713,"height":12}},{"id":"22ad3b51-fce9-4c7e-8864-6ae60a10daf0","block_type":"box","text":"them accountable for their decisions in a timely manner. When board members are not elected annually, in our experience, it","page_number":185,"box":{"x":88,"y":418,"width":873,"height":12}},{"id":"bd30afcb-0008-42e2-9098-27010e619d41","block_type":"box","text":"is good practice for boards to have a rotation policy to ensure that, through a board cycle, all directors have had their","page_number":185,"box":{"x":89,"y":433,"width":816,"height":13}},{"id":"d5037fef-dc83-4524-8078-ea193f2309fa","block_type":"box","text":"appointment re-confirmed, with a proportion of directors being put forward for election at each annual general meeting.","page_number":185,"box":{"x":89,"y":448,"width":843,"height":13}},{"id":"6c205d5d-93f4-4cb6-8985-711a9d19e6cf","block_type":"box","text":"Effective board composition","page_number":185,"box":{"x":105,"y":475,"width":201,"height":12}},{"id":"6f5ecfe2-b883-417c-9aeb-bfe06a84bc70","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":185,"box":{"x":89,"y":501,"width":794,"height":13}},{"id":"19e469fe-feb0-4375-8b3c-9fa0ff741364","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":185,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"1a15e103-e805-47cb-923e-78458e480035","block_type":"box","text":"brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and appropriate","page_number":185,"box":{"x":89,"y":531,"width":819,"height":13}},{"id":"c4ec2852-3e20-4985-9a62-a7f86f539346","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":185,"box":{"x":89,"y":547,"width":850,"height":12}},{"id":"a3b39757-1704-4afa-ab63-0479676f0a73","block_type":"box","text":"experience of longer-serving directors and the fresh perspectives of directors who joined more recently.","page_number":185,"box":{"x":89,"y":562,"width":723,"height":12}},{"id":"e287ade6-ac4c-4c34-b3cd-9088ac5541bd","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess directors","page_number":185,"box":{"x":88,"y":588,"width":817,"height":12}},{"id":"73b83e3f-c7d2-4b4b-b137-176745efa87f","block_type":"box","text":"nominated for election in the context of the composition of the board as a whole. In our view, the company’s assessment","page_number":185,"box":{"x":89,"y":603,"width":848,"height":13}},{"id":"49c5dcf5-f01a-4a6c-b6e5-c580447a99e7","block_type":"box","text":"should consider a number of factors, including each director’s independence and time commitments, as well as the breadth","page_number":185,"box":{"x":89,"y":618,"width":867,"height":13}},{"id":"098b2f37-63d0-400c-aab2-332d592e3df7","block_type":"box","text":"and relevance of director experiences and skillsets, and how these collectively contribute to the board’s effectiveness in","page_number":185,"box":{"x":89,"y":633,"width":832,"height":13}},{"id":"aabb5fb9-153d-4046-90b0-0b71f3ea15e0","block_type":"box","text":"advising and overseeing management in delivering long-term financial returns.","page_number":185,"box":{"x":89,"y":649,"width":551,"height":12}},{"id":"2b850a96-d729-4da8-8811-a134afe05f8d","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties – is a central tenet of sound","page_number":185,"box":{"x":89,"y":675,"width":857,"height":12}},{"id":"ebabca31-5155-42cc-bfb1-17968eb34c77","block_type":"box","text":"corporate governance across markets.","page_number":185,"box":{"x":89,"y":690,"width":267,"height":13}},{"id":"f425057f-f6eb-4115-91e1-54bbea8f3bde","block_type":"box","text":"(5)","page_number":185,"box":{"x":357,"y":688,"width":15,"height":8}},{"id":"33ede76f-cc24-4f5e-9307-f043eba29b27","block_type":"box","text":"We encourage boards to have a sufficient number of independent directors, free","page_number":185,"box":{"x":377,"y":690,"width":559,"height":13}},{"id":"46647601-379c-474e-b6c9-c0428d4170b5","block_type":"box","text":"from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board and its ability to","page_number":185,"box":{"x":88,"y":705,"width":829,"height":13}},{"id":"236d7fea-7fce-418f-8c23-c451458da0c5","block_type":"box","text":"oversee management. We generally consider it good practice for independent directors to make a majority of the board, or in","page_number":185,"box":{"x":89,"y":720,"width":874,"height":13}},{"id":"46bb06b4-066b-4a20-80d4-a914b1a73446","block_type":"box","text":"the case of controlled companies, at least one-third.","page_number":185,"box":{"x":88,"y":736,"width":364,"height":12}},{"id":"3e5d8c9e-245a-4a3f-a5b4-4fedc309542d","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":185,"box":{"x":89,"y":762,"width":528,"height":12}},{"id":"49758438-f660-4c3b-98dc-14a7cf4ce76e","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":185,"box":{"x":89,"y":782,"width":465,"height":12}},{"id":"8d88a17f-5a58-4039-802b-78cd7ea698e3","block_type":"box","text":"(4) In most markets directors stand for re-election on an annual or triennial basis, as determined by corporate law, market regulation or voluntary be","page_number":185,"box":{"x":89,"y":828,"width":843,"height":10}},{"id":"4337990b-f0fd-48eb-9156-d348b02b7bd1","block_type":"box","text":"st","page_number":185,"box":{"x":933,"y":829,"width":9,"height":7}},{"id":"f38f4048-2ef3-45ee-9a38-d16c6d882eb6","block_type":"box","text":"practice.","page_number":185,"box":{"x":121,"y":842,"width":47,"height":9}},{"id":"170808b2-690d-4755-81aa-17c0dafbd3c2","block_type":"box","text":"(5) Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Reporting Council. “UK Corporate Governance","page_number":185,"box":{"x":89,"y":856,"width":841,"height":10}},{"id":"14f9cb6b-9c90-4985-9422-7f15614c9101","block_type":"box","text":"Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance Principles for US Listed Companies.”","page_number":185,"box":{"x":121,"y":868,"width":619,"height":10}},{"id":"c3435023-5d28-472d-8165-f0973faa867c","block_type":"box","text":"A-24","page_number":185,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"d5d683e1-ef2d-416f-82cd-e622f5f08d73","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":186,"box":{"x":89,"y":44,"width":627,"height":12}},{"id":"774bb7d0-c83d-44af-9254-bbb65afd1d11","block_type":"box","text":"• Interlocking directorships","page_number":186,"box":{"x":89,"y":64,"width":210,"height":12}},{"id":"c378e67a-87c9-42a8-af7b-020f1b62b69b","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially","page_number":186,"box":{"x":89,"y":84,"width":853,"height":13}},{"id":"9bf34fd1-e5fc-4759-a2a2-88f1d0f8cbc8","block_type":"box","text":"interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":186,"box":{"x":122,"y":99,"width":646,"height":13}},{"id":"6aed1c96-5170-4051-8e90-99b48424bc87","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior, independent","page_number":186,"box":{"x":89,"y":126,"width":848,"height":12}},{"id":"a35dbe47-f529-4447-8170-d1357e8b6f4f","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":186,"box":{"x":89,"y":141,"width":838,"height":12}},{"id":"5afb7bbe-39b0-4189-ae30-fb0bc854a8e9","block_type":"box","text":"designated as a lead independent director. The role of this director is to enhance the effectiveness of the independent","page_number":186,"box":{"x":89,"y":156,"width":821,"height":12}},{"id":"260c7b97-230f-472a-bc42-18e87c7433ca","block_type":"box","text":"members of the board through shaping the agenda, ensuring adequate information is provided to the board, and","page_number":186,"box":{"x":89,"y":171,"width":790,"height":12}},{"id":"afb2c680-e4f2-40b7-914d-baf27d31a1fa","block_type":"box","text":"encouraging independent director participation in board deliberations. The lead independent director or another appropriate","page_number":186,"box":{"x":89,"y":186,"width":871,"height":13}},{"id":"7fb13e49-f01c-47fe-a0df-64139825510f","block_type":"box","text":"director should be available to meet with shareholders in those situations where an independent director is best placed to","page_number":186,"box":{"x":89,"y":201,"width":851,"height":13}},{"id":"3f03e0c5-2be4-4655-8501-ce2b978b6030","block_type":"box","text":"explain and contextualize a company’s approach.","page_number":186,"box":{"x":89,"y":216,"width":343,"height":13}},{"id":"94ad1a61-f52d-47d8-8a9c-b5990fae1d19","block_type":"box","text":"There are matters for which the board has responsibility that may involve a conflict of interest for executives or for affiliated","page_number":186,"box":{"x":88,"y":243,"width":863,"height":12}},{"id":"dd705640-a6c0-482c-8eb4-832946eccd3f","block_type":"box","text":"directors or require additional focus. It is our view that objective oversight of such matters is best achieved when the board","page_number":186,"box":{"x":89,"y":258,"width":858,"height":12}},{"id":"643256c9-a7fb-4205-a86a-4aa38b2bd467","block_type":"box","text":"forms committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":186,"box":{"x":88,"y":273,"width":825,"height":13}},{"id":"7c93e33f-0f6b-4d07-bcc5-dda0f79d9c43","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and compensation","page_number":186,"box":{"x":89,"y":288,"width":833,"height":13}},{"id":"af8ab037-5b27-45c9-8777-f67298ed8ba7","block_type":"box","text":"matters. An ad hoc committee might also be formed to decide on a special transaction, particularly one involving a related","page_number":186,"box":{"x":89,"y":303,"width":855,"height":13}},{"id":"328ac258-dbc0-424e-b940-0c1bd7f444ce","block_type":"box","text":"party, or to investigate a significant adverse event.","page_number":186,"box":{"x":89,"y":319,"width":348,"height":12}},{"id":"c54163f9-a862-41d2-8d1d-4021d8929221","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual candidates","page_number":186,"box":{"x":88,"y":345,"width":877,"height":12}},{"id":"3abeac21-0011-42d5-81f5-d22fda092af8","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":186,"box":{"x":89,"y":360,"width":854,"height":12}},{"id":"6d4f745f-6b54-4ab8-9506-1380cafe029d","block_type":"box","text":"composition. These disclosures should give an understanding of how the collective experience and expertise of the board, as","page_number":186,"box":{"x":89,"y":375,"width":873,"height":13}},{"id":"27db8503-6053-401c-92ce-4fc4f14533cd","block_type":"box","text":"well as the particular skill sets of individual directors, aligns with the company’s long-term strategy and business model.","page_number":186,"box":{"x":88,"y":390,"width":839,"height":13}},{"id":"43445cd6-05eb-4416-a0d4-ae9a6ed2eca2","block_type":"box","text":"Highly qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":186,"box":{"x":89,"y":405,"width":865,"height":13}},{"id":"ff9649b5-4b39-4e8d-9bb0-5cca251b4625","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":186,"box":{"x":88,"y":421,"width":631,"height":12}},{"id":"de2091f4-d3ca-4993-b03b-eed00d34eb75","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":186,"box":{"x":89,"y":447,"width":860,"height":12}},{"id":"17881ce0-e11a-449b-8152-7a9226c95a12","block_type":"box","text":"as a means of promoting diversity of thought to avoid “group think” in the board’s exercise of its responsibilities to advise","page_number":186,"box":{"x":89,"y":462,"width":849,"height":12}},{"id":"8cc8bb4b-2e41-4a22-a901-b46c95b7a982","block_type":"box","text":"and oversee management.","page_number":186,"box":{"x":89,"y":477,"width":185,"height":13}},{"id":"923771de-240d-49c9-ab96-0102ac37c09e","block_type":"box","text":"In assessing board composition, we take a case-by-case approach based on a company’s board size, business model,","page_number":186,"box":{"x":89,"y":504,"width":817,"height":12}},{"id":"bc3f963c-a879-4ce7-9c9a-47928f8074e5","block_type":"box","text":"strategy, location and market capitalization. We look for companies to explain how their approach to board composition","page_number":186,"box":{"x":89,"y":519,"width":838,"height":12}},{"id":"bbf81f50-bead-4942-88d3-492699a97f89","block_type":"box","text":"supports the company’s governance practices.","page_number":186,"box":{"x":89,"y":534,"width":325,"height":12}},{"id":"a967cb1e-4db5-4208-b844-5522cab9b5d8","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with companies,","page_number":186,"box":{"x":88,"y":560,"width":857,"height":13}},{"id":"1fc9d9ae-ff8a-4ce5-8dfa-25af8fe893b5","block_type":"box","text":"particularly if there is a risk their board composition may be misaligned. We ask boards to disclose, consistent with local laws,","page_number":186,"box":{"x":89,"y":576,"width":876,"height":12}},{"id":"0e1f1a88-bed6-4fd8-b1d6-f8cbb6242c58","block_type":"box","text":"how diversity, including professional and personal characteristics, is considered in board composition, given the company’s","page_number":186,"box":{"x":89,"y":591,"width":861,"height":12}},{"id":"3e7f8a91-4940-4a24-88f4-b11f947182d3","block_type":"box","text":"long-term strategy and business model.","page_number":186,"box":{"x":89,"y":606,"width":278,"height":12}},{"id":"2e1d9519-c89f-4b86-9a35-75cc9d5609f3","block_type":"box","text":"(6)","page_number":186,"box":{"x":369,"y":604,"width":14,"height":8}},{"id":"0461f401-3d7d-40d3-ab64-af0bd7081380","block_type":"box","text":"Sufficient capacity","page_number":186,"box":{"x":105,"y":632,"width":133,"height":13}},{"id":"b7b9dd51-2dd8-492b-98e0-e48a6be89c5d","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":186,"box":{"x":88,"y":659,"width":836,"height":12}},{"id":"4ea89088-a3e2-4dd4-86c2-b1dba7767901","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":186,"box":{"x":89,"y":674,"width":806,"height":12}},{"id":"f0082cfc-2010-4654-9fb6-07b71ceb18da","block_type":"box","text":"responsibilities - including when there are unforeseen events – and therefore, they should not take on an excessive number of","page_number":186,"box":{"x":89,"y":689,"width":880,"height":12}},{"id":"3e327bd4-b4f6-434a-b22f-4a8443ea55f2","block_type":"box","text":"roles that would impair their ability to fulfill their duties.","page_number":186,"box":{"x":89,"y":704,"width":387,"height":12}},{"id":"e63fd443-4634-404f-960d-f0b1741847f1","block_type":"box","text":"Auditors and audit-related issues","page_number":186,"box":{"x":88,"y":730,"width":240,"height":10}},{"id":"abbb0c88-51ff-434c-b67c-69e08e5f9df3","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture of a","page_number":186,"box":{"x":89,"y":757,"width":821,"height":12}},{"id":"33283fb9-7fd0-4af9-a44a-e7f7adefa121","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by the auditor","page_number":186,"box":{"x":89,"y":772,"width":870,"height":12}},{"id":"ae486ea9-e8c4-4fe4-b5f9-3daac105c536","block_type":"box","text":"in preparing the financial statements to be reasonable and justified.","page_number":186,"box":{"x":89,"y":787,"width":471,"height":13}},{"id":"f2c183ce-969c-451b-a094-5e4905d9edb5","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted under","page_number":186,"box":{"x":88,"y":814,"width":843,"height":12}},{"id":"ac345391-304c-4726-8c99-c37b9ca8d7de","block_type":"box","text":"market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize that a broader","page_number":186,"box":{"x":89,"y":829,"width":862,"height":12}},{"id":"2ca05fb9-7a52-4a52-87bf-055b69c663e4","block_type":"box","text":"(6) Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status; LGBTQ+; and national, Indig","page_number":186,"box":{"x":89,"y":856,"width":795,"height":10}},{"id":"61512594-0e10-49df-8b8c-6ce5e6004645","block_type":"box","text":"enous, reli","page_number":186,"box":{"x":885,"y":856,"width":61,"height":9}},{"id":"29775dba-6a8f-4d32-a1c9-7986ffaa59d6","block_type":"box","text":"gious, or cultural identity.","page_number":186,"box":{"x":121,"y":868,"width":141,"height":10}},{"id":"69ede5f9-5f63-4ead-91c2-0f9778c0141c","block_type":"box","text":"A-25","page_number":186,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"a9ea2973-0e2b-40cf-ab41-d894e59a2004","block_type":"box","text":"range of risks and opportunities have the potential to materially impact financial performance. Over time, we anticipate","page_number":187,"box":{"x":89,"y":44,"width":833,"height":12}},{"id":"915273ad-9e01-4eb1-8431-e72265bf4628","block_type":"box","text":"investors and other users of company reporting will increasingly seek to understand and scrutinize the assumptions","page_number":187,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"ae78e363-05fd-4b81-8057-eb21b6f81c80","block_type":"box","text":"underlying financial statements, particularly those that pertain to the impact of the transition to a low-carbon economy on a","page_number":187,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"1d4229a1-7d43-4fee-9b8b-157c2ddf60d4","block_type":"box","text":"company’s business model and asset mix. We recognize that this is an area of evolving practice and note that international","page_number":187,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"6e073ea2-5029-4d85-9a83-075e22637e84","block_type":"box","text":"standards setters, such as the International Financial Reporting Standards (IFRS) Board and the International Auditing and","page_number":187,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"2497143f-c377-4cf5-9b19-a27873e8cec6","block_type":"box","text":"Assurance Standards Board (IAASB), continue to develop their guidance to companies.","page_number":187,"box":{"x":88,"y":119,"width":608,"height":13}},{"id":"13e4368b-0dd8-485a-9cc7-c0bd22a865b7","block_type":"box","text":"(7)","page_number":187,"box":{"x":698,"y":117,"width":14,"height":8}},{"id":"f11ee687-fb36-4515-9070-5a3f05df2be1","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial reporting system by providing","page_number":187,"box":{"x":89,"y":146,"width":828,"height":12}},{"id":"c47fd82d-4029-4c1b-b9b9-fbc34a35656f","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":187,"box":{"x":89,"y":161,"width":795,"height":12}},{"id":"cfb55864-f455-4223-b49f-a82022e5dbce","block_type":"box","text":"information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can","page_number":187,"box":{"x":89,"y":176,"width":871,"height":12}},{"id":"53bbed32-a517-4c2a-9036-8cb791015e99","block_type":"box","text":"provide oversight of Enterprise Risk Management systems.","page_number":187,"box":{"x":89,"y":191,"width":409,"height":13}},{"id":"78eaa02e-ef7a-4f72-a58d-27ac6ffda466","block_type":"box","text":"(8)","page_number":187,"box":{"x":500,"y":189,"width":14,"height":8}},{"id":"94800541-f9c3-40ab-908d-2252ba57dd7a","block_type":"box","text":"In our view, effective audit committee oversight strengthens the","page_number":187,"box":{"x":520,"y":191,"width":446,"height":13}},{"id":"b1beb55e-51e7-46cd-9d3d-15268d8c9e43","block_type":"box","text":"quality and reliability of a company’s financial statements and provides an important level of reassurance to shareholders.","page_number":187,"box":{"x":89,"y":206,"width":850,"height":13}},{"id":"14912f41-ac79-4df9-9632-a1acb0bae72e","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and have a rotation","page_number":187,"box":{"x":88,"y":233,"width":869,"height":12}},{"id":"3f5d4680-90cf-491a-a04d-61a4c07b8a26","block_type":"box","text":"plan in place that allows for a periodic refreshment of the committee membership to introduce fresh perspectives to audit","page_number":187,"box":{"x":89,"y":248,"width":853,"height":12}},{"id":"4629dea9-8de9-44eb-a63d-6fe51bbcfbdc","block_type":"box","text":"oversight. We recognize that audit committees will rely on management, internal audit, and the independent auditor in","page_number":187,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"58cc5df0-3699-401c-8c53-83ca79d1f168","block_type":"box","text":"fulfilling their responsibilities but look to committee members to demonstrate they have relevant expertise to monitor and","page_number":187,"box":{"x":88,"y":278,"width":854,"height":13}},{"id":"86af717f-ecb3-4162-80d1-7b275a0f3664","block_type":"box","text":"oversee the audit process and related activities.","page_number":187,"box":{"x":89,"y":293,"width":329,"height":13}},{"id":"45542d08-fd9e-49d2-8121-831446786493","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements,","page_number":187,"box":{"x":88,"y":320,"width":871,"height":12}},{"id":"0503fa8c-1011-4fb3-b8aa-05b4c1af1688","block_type":"box","text":"or ad hoc notifications of material financial weakness. In this respect, audit committees should provide timely disclosure on","page_number":187,"box":{"x":89,"y":335,"width":863,"height":12}},{"id":"ae18c98b-767b-4d98-9a31-aaa04fb7c345","block_type":"box","text":"the remediation of Key and Critical Audit Matters identified either by the external auditor or internal audit function.","page_number":187,"box":{"x":88,"y":350,"width":802,"height":12}},{"id":"8e780e47-3320-4a95-9e95-554a95290069","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective check on","page_number":187,"box":{"x":88,"y":376,"width":853,"height":13}},{"id":"c68a564f-a26a-4889-92f2-182ae8ddf06d","block_type":"box","text":"management. To that end, it is important that auditors are, and are seen to be, independent. Where an audit firm provides","page_number":187,"box":{"x":89,"y":392,"width":853,"height":12}},{"id":"a0d3488b-6235-4ea7-bf09-31d33ef04cab","block_type":"box","text":"services to the company in addition to the audit, we look for the fees earned to be disclosed and explained. We look for Audit","page_number":187,"box":{"x":89,"y":407,"width":874,"height":12}},{"id":"9af49940-cf40-4359-b0c7-d89891d6c89a","block_type":"box","text":"committees to have in place a procedure for assessing annually the independence of the auditor and the quality of the","page_number":187,"box":{"x":89,"y":422,"width":827,"height":12}},{"id":"73c84870-962c-4f25-af24-50226223667a","block_type":"box","text":"external audit process.","page_number":187,"box":{"x":89,"y":437,"width":157,"height":12}},{"id":"a1d895fd-f93a-4531-9b4f-32dbdeb333a6","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk management","page_number":187,"box":{"x":89,"y":463,"width":817,"height":13}},{"id":"76678288-f6d5-4ff1-80f6-8d142947dda0","block_type":"box","text":"practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee to periodically review","page_number":187,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"cd7697f7-2bc1-47f2-97be-4eb047fb4f26","block_type":"box","text":"the company’s risk assessment and risk management policies and the significant risks and exposures identified by","page_number":187,"box":{"x":88,"y":494,"width":800,"height":12}},{"id":"ed961a27-ad2d-4a58-bd76-a318b7e1c5c4","block_type":"box","text":"management, the internal auditors or the independent auditors and management’s steps to address them. In the absence of","page_number":187,"box":{"x":89,"y":509,"width":873,"height":12}},{"id":"48012155-9062-4835-9966-1dabf011f961","block_type":"box","text":"detailed disclosures, we may reasonably conclude that companies are not adequately managing risk.","page_number":187,"box":{"x":89,"y":524,"width":704,"height":12}},{"id":"fd4b62f3-5944-4c04-81f4-24423674b824","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":187,"box":{"x":89,"y":550,"width":500,"height":13}},{"id":"7a7bff13-6141-443e-98ef-ad83d280531c","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":187,"box":{"x":88,"y":577,"width":853,"height":12}},{"id":"f1aa32cd-820e-4399-b7ea-a522611a539f","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":187,"box":{"x":88,"y":592,"width":841,"height":12}},{"id":"17215f77-f013-4c53-ad55-dd0408725b7f","block_type":"box","text":"shareholders against the dilution of their interests.","page_number":187,"box":{"x":89,"y":607,"width":351,"height":12}},{"id":"a7fc5c9e-c3bc-4bc0-92d9-2b4fd62ba7e3","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance. Shareholders, as the","page_number":187,"box":{"x":89,"y":633,"width":858,"height":13}},{"id":"31611ee1-a62f-4c02-b1c9-80cc6f8d9d98","block_type":"box","text":"residual claimants, have the strongest interest in protecting the financial value of the company, and voting rights should","page_number":187,"box":{"x":89,"y":649,"width":837,"height":12}},{"id":"baf18b05-bd44-46e6-ba85-0d3c9268a95a","block_type":"box","text":"match economic exposure, i.e., one share, one vote.","page_number":187,"box":{"x":89,"y":664,"width":361,"height":12}},{"id":"31775b50-fcf2-40d6-b862-586d04cbbdf6","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential, differentiated","page_number":187,"box":{"x":89,"y":690,"width":872,"height":13}},{"id":"cb07430c-9d58-4dd6-8879-149e0acdd3a2","block_type":"box","text":"voting rights. In our view, this structure violates the fundamental corporate governance principle of proportionality and","page_number":187,"box":{"x":88,"y":705,"width":833,"height":13}},{"id":"7def089b-83cf-4973-880b-238027848783","block_type":"box","text":"results in a concentration of power in the hands of a few shareholders, thus disenfranchising other shareholders and","page_number":187,"box":{"x":89,"y":720,"width":815,"height":13}},{"id":"e1ca8e60-f57b-4b5b-abcd-65deb6d539b8","block_type":"box","text":"amplifying any potential conflicts of interest. However, we recognize that in certain markets, at least for a period of time,","page_number":187,"box":{"x":89,"y":736,"width":839,"height":12}},{"id":"3a1dedf2-1214-4524-8116-a797eb72241f","block_type":"box","text":"companies may have a valid argument for listing dual classes of shares with differentiated voting rights. In our view, such","page_number":187,"box":{"x":89,"y":751,"width":845,"height":12}},{"id":"4ab1d4f2-818b-4182-b9c0-24fed8749f3c","block_type":"box","text":"companies should review these share class structures on a regular basis or as company circumstances change. Additionally,","page_number":187,"box":{"x":89,"y":766,"width":867,"height":12}},{"id":"3c7c12bc-28e9-4aee-976b-e86a68018f9c","block_type":"box","text":"(7) IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and IAASB, “IAASB Launches Pu","page_number":187,"box":{"x":89,"y":803,"width":833,"height":10}},{"id":"30d8a6e4-d293-4564-bb5e-ab9f563e95a1","block_type":"box","text":"blic","page_number":187,"box":{"x":923,"y":803,"width":18,"height":8}},{"id":"f0c79502-8382-4420-8ae4-2f9364ea188c","block_type":"box","text":"Consultation on Landmark Proposed Global Sustainability Assurance Standard”, August 2023.","page_number":187,"box":{"x":121,"y":816,"width":525,"height":9}},{"id":"133eac5b-fd83-49a3-9587-2166d13e67cb","block_type":"box","text":"(8) Enterprise risk management is a process, effected by the entity’s board of directors, management, and other personnel, applied in strategy setti","page_number":187,"box":{"x":89,"y":831,"width":833,"height":10}},{"id":"89683704-1fb7-4639-b788-7fb52fd1ca78","block_type":"box","text":"ng and","page_number":187,"box":{"x":924,"y":831,"width":37,"height":10}},{"id":"056317b2-98ea-43c4-b709-bbdeda9fab91","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":187,"box":{"x":121,"y":843,"width":818,"height":10}},{"id":"ebaaeff9-cb54-44fd-a2af-b8d64de745c4","block_type":"box","text":"son","page_number":187,"box":{"x":940,"y":846,"width":24,"height":5}},{"id":"c41f7ff5-8547-4140-9a58-03f8c4881a4a","block_type":"box","text":"able assurance regarding the achievement of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":187,"box":{"x":121,"y":856,"width":842,"height":10}},{"id":"b3808d08-65ca-4ad5-8f53-722b8e766a66","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":187,"box":{"x":121,"y":868,"width":208,"height":10}},{"id":"216754f2-4f0f-4764-a903-f76fe2588ac4","block_type":"box","text":"A-26","page_number":187,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"83530327-65ac-4cf7-a5a9-8a648ce3f3d5","block_type":"box","text":"they should seek shareholder approval of their capital structure on a periodic basis via a management proposal at the","page_number":188,"box":{"x":88,"y":44,"width":822,"height":12}},{"id":"61447e84-740d-4633-acac-69727c7e0533","block_type":"box","text":"company’s shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":188,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"984d9c46-7792-42d7-9ff5-9eb3ae4604e7","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs","page_number":188,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"a59d63ff-6927-461e-a9ff-935d8d9deea7","block_type":"box","text":"to shareholders.","page_number":188,"box":{"x":88,"y":89,"width":112,"height":10}},{"id":"efedd68d-1cd7-494e-950a-ef9419c88c49","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long-term economic","page_number":188,"box":{"x":89,"y":116,"width":875,"height":12}},{"id":"4c6ea0ac-3129-4069-b923-511280c209e8","block_type":"box","text":"interests of our clients as shareholders. Boards proposing a transaction should clearly explain the economic and strategic","page_number":188,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"a8729b08-7ad0-4373-b9d5-b5db6398630c","block_type":"box","text":"rationale behind it. We will review a proposed transaction to determine the degree to which it can enhance long-term","page_number":188,"box":{"x":89,"y":146,"width":820,"height":12}},{"id":"a5ce66d1-8526-4464-8b0f-914a3f92691e","block_type":"box","text":"shareholder value. We find long-term investors like our clients typically benefit when proposed transactions have the","page_number":188,"box":{"x":89,"y":161,"width":815,"height":12}},{"id":"eebfd3d8-7492-4d97-afdf-137a19e90357","block_type":"box","text":"unanimous support of the board and have been negotiated at arm’s length. We may seek reassurance from the board that","page_number":188,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"67aeefd0-e6bf-4030-a477-767ed64c7177","block_type":"box","text":"the financial interests of executives and/or board members in a given transaction have not adversely affected their ability to","page_number":188,"box":{"x":88,"y":191,"width":865,"height":13}},{"id":"fb89ce96-e893-41d9-bb61-47641b24e617","block_type":"box","text":"place shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":188,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"fbc106c8-1b05-47c2-b090-b1cde5a0d623","block_type":"box","text":"support should come from the independent directors, a best practice in most markets, and ideally, the terms should have","page_number":188,"box":{"x":89,"y":222,"width":846,"height":12}},{"id":"16b9234e-a2a5-4bc2-9fde-6afb8a119d3e","block_type":"box","text":"been assessed through an independent appraisal process. In addition, it is good practice that it be approved by a separate","page_number":188,"box":{"x":89,"y":237,"width":849,"height":12}},{"id":"8404f286-8e96-4f5b-abb4-7ac10e862a5e","block_type":"box","text":"vote of the non-conflicted parties.","page_number":188,"box":{"x":88,"y":252,"width":237,"height":12}},{"id":"d96d4c6b-9afd-42c4-b3df-1ac321d83542","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":188,"box":{"x":88,"y":278,"width":827,"height":13}},{"id":"49de7e35-e58d-4426-9a2e-d08851da2418","block_type":"box","text":"market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’ ability to sell their","page_number":188,"box":{"x":89,"y":293,"width":877,"height":13}},{"id":"89b16a68-05bb-4526-9819-da972e2c456b","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":188,"box":{"x":89,"y":308,"width":863,"height":13}},{"id":"f69c464d-4574-4e32-b14a-1e38dfc339d8","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":188,"box":{"x":89,"y":324,"width":819,"height":12}},{"id":"72fdfc48-f18a-48bb-9388-62efc2a70eb0","block_type":"box","text":"encourage any so-called “shareholder rights plans” proposed by a board to be subject to shareholder approval upon","page_number":188,"box":{"x":89,"y":339,"width":811,"height":12}},{"id":"8b5a8c19-fa42-4360-87ed-2b8af31f9a8b","block_type":"box","text":"introduction and periodically thereafter.","page_number":188,"box":{"x":89,"y":354,"width":276,"height":12}},{"id":"9b8b78cc-486d-40da-b0d1-bd50f21f3b05","block_type":"box","text":"Executive compensation","page_number":188,"box":{"x":89,"y":381,"width":174,"height":12}},{"id":"48c8a819-f241-4fbb-b669-f52ef95d2264","block_type":"box","text":"In most markets, one of the most important roles for a company’s board of directors is to put in place a compensation","page_number":188,"box":{"x":89,"y":407,"width":826,"height":12}},{"id":"19ccacf4-6021-450a-a4d8-26d796e8edca","block_type":"box","text":"structure that incentivizes and rewards executives appropriately. Executive compensation is an important tool used by","page_number":188,"box":{"x":89,"y":422,"width":824,"height":12}},{"id":"0aa1c06b-3ea8-4b14-846c-6c2ff33f8950","block_type":"box","text":"companies to support long-term financial value creation. In our experience, well-structured compensation policies reward","page_number":188,"box":{"x":89,"y":437,"width":853,"height":12}},{"id":"da867715-9344-4196-a664-ab7d1aab7dae","block_type":"box","text":"the successful delivery of strategic, operational, and/or financial goals, encourage an appropriate risk appetite, and align the","page_number":188,"box":{"x":88,"y":452,"width":870,"height":12}},{"id":"5b76991c-1f9e-4d6c-b936-4417f1783a5f","block_type":"box","text":"interests of shareholders and executives through equity ownership.","page_number":188,"box":{"x":89,"y":467,"width":469,"height":13}},{"id":"cd45a7e5-c33a-47d8-872b-f64f289c9768","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial performance. Performance metrics","page_number":188,"box":{"x":88,"y":494,"width":848,"height":12}},{"id":"7bb4ef7c-ea28-449d-a7d3-2c646273ccf2","block_type":"box","text":"should be stretching and aligned with a company’s strategy and business model. BIS does not have a position on whether","page_number":188,"box":{"x":89,"y":509,"width":852,"height":12}},{"id":"5a78913a-ffbf-4f41-8391-e45ef5e0ffd6","block_type":"box","text":"companies should use sustainability-related criteria in compensation structures, but, where they are included, we look to","page_number":188,"box":{"x":89,"y":524,"width":846,"height":12}},{"id":"06351ca7-e071-496c-a01d-a9be0862ee1e","block_type":"box","text":"companies to be as rigorous as they would be in setting other financial or operational targets. Long-term incentive plans","page_number":188,"box":{"x":89,"y":539,"width":843,"height":12}},{"id":"a41fdbd5-6017-4924-900e-bf3aa73e85af","block_type":"box","text":"should encompass timeframes that 1) are distinct from annual executive compensation structures and metrics, and 2)","page_number":188,"box":{"x":89,"y":554,"width":828,"height":12}},{"id":"1658b98b-0566-4e87-8105-15e327952a0a","block_type":"box","text":"encourage the delivery of strong financial results over a period of years.","page_number":188,"box":{"x":89,"y":569,"width":498,"height":13}},{"id":"da47680a-1d6c-4ecd-857e-961693097370","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees – or board","page_number":188,"box":{"x":88,"y":596,"width":847,"height":12}},{"id":"d8bf7385-3855-4751-8e54-766a808faf0b","block_type":"box","text":"members responsible for setting executive compensation – should carefully consider the company’s specific circumstances,","page_number":188,"box":{"x":89,"y":611,"width":866,"height":12}},{"id":"34812e85-6a67-4234-849b-dd6ce45ebefd","block_type":"box","text":"such as its risk profile, the environment in which it operates, and the individuals the board is trying to attract, retain and","page_number":188,"box":{"x":89,"y":626,"width":835,"height":12}},{"id":"5e8b1abd-42c8-4759-ac79-876bcfaa1718","block_type":"box","text":"incentivize. We look to the compensation committees to guard against contractual arrangements that would entitle","page_number":188,"box":{"x":89,"y":641,"width":808,"height":12}},{"id":"b1ccd4f6-d514-4e6b-a4ce-752882a0a7f3","block_type":"box","text":"executives to material compensation for early termination of their employment. Finally, pension contributions and other","page_number":188,"box":{"x":89,"y":656,"width":839,"height":13}},{"id":"97001256-a3f9-46ab-975c-892ea793d8d1","block_type":"box","text":"deferred compensation arrangements should be reasonable in light of market practices or the company’s business and","page_number":188,"box":{"x":89,"y":671,"width":831,"height":13}},{"id":"9d40822b-260d-4c66-b3e6-a066850702c6","block_type":"box","text":"executive compensation strategies.","page_number":188,"box":{"x":89,"y":687,"width":245,"height":12}},{"id":"9dccc5b0-c0e2-450b-b380-207f11aa325d","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":188,"box":{"x":88,"y":713,"width":862,"height":12}},{"id":"dcbf09e2-ec12-4494-8952-9708f906526a","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":188,"box":{"x":89,"y":728,"width":874,"height":12}},{"id":"caaf7e7b-c756-4e41-b5e8-4c11efc17204","block_type":"box","text":"was used, and how the adjusted outcome is aligned with the interests of shareholders. We acknowledge that the use of peer","page_number":188,"box":{"x":88,"y":743,"width":871,"height":12}},{"id":"1cc2b977-09dc-4e7e-8ebf-815f562cd90c","block_type":"box","text":"group evaluation by compensation committees can help ensure competitive pay; however, we are concerned when the","page_number":188,"box":{"x":89,"y":758,"width":830,"height":13}},{"id":"bf4e0377-709d-48dc-8b33-258eaf678313","block_type":"box","text":"rationale for increases in total compensation at a company is solely based on peer benchmarking, rather than also","page_number":188,"box":{"x":89,"y":773,"width":797,"height":13}},{"id":"d8f9a852-a0b3-4891-a771-86e34c9587df","block_type":"box","text":"considering rigorous measures of outperformance. We encourage companies to clearly explain how compensation outcomes","page_number":188,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"037ec259-7253-4090-bab6-7053bdb4031e","block_type":"box","text":"have rewarded performance.","page_number":188,"box":{"x":89,"y":804,"width":199,"height":12}},{"id":"0cef52c3-b5fd-4faa-b3e4-faf5ae2f128e","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could clawback","page_number":188,"box":{"x":88,"y":830,"width":846,"height":12}},{"id":"462ecdf5-9afd-49c3-b326-092a87c039d5","block_type":"box","text":"compensation or require executives to forgo awards when compensation was based on faulty financial statements or","page_number":188,"box":{"x":89,"y":845,"width":821,"height":12}},{"id":"2acde01e-1eb9-48b8-9b81-3e39004afc81","block_type":"box","text":"deceptive business practices. We also favor recoupment from or the foregoing of the grant of any awards by any senior","page_number":188,"box":{"x":89,"y":860,"width":831,"height":13}},{"id":"6a23567a-1744-4085-9c69-ed313ae59b20","block_type":"box","text":"A-27","page_number":188,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"6e5fdec9-b5e0-4a0b-a547-e859a4671ebc","block_type":"box","text":"executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or","page_number":189,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"43e0bb7c-0375-4c82-b188-80907745f8f3","block_type":"box","text":"resulted in a criminal investigation, even if such actions did not ultimately result in a material restatement of past results.","page_number":189,"box":{"x":89,"y":59,"width":843,"height":12}},{"id":"13c19308-cd3c-49c2-87cc-3035dffd3546","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":189,"box":{"x":89,"y":85,"width":839,"height":13}},{"id":"33d21475-1569-4ea2-beb6-85dddfef8e20","block_type":"box","text":"expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk","page_number":189,"box":{"x":89,"y":101,"width":832,"height":12}},{"id":"11955f3f-31e4-4f24-8855-2b77797a0fa9","block_type":"box","text":"compromising directors’ independence or aligning their interests too closely with those of the management, whom they are","page_number":189,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"d947a698-fe69-4beb-a3f0-f37b8b2148fe","block_type":"box","text":"charged with overseeing.","page_number":189,"box":{"x":89,"y":131,"width":174,"height":12}},{"id":"9ca4dffc-b272-4cd1-8744-fd26c79ae04c","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they are on the","page_number":189,"box":{"x":89,"y":157,"width":874,"height":13}},{"id":"c5279289-3cfb-46e7-b45e-9723e96576fb","block_type":"box","text":"agenda. We may also vote against members of the compensation committee or equivalent board members for poor","page_number":189,"box":{"x":89,"y":172,"width":810,"height":13}},{"id":"6d559f05-3896-445a-a7d4-fd5434baf2f2","block_type":"box","text":"compensation practices or structures.","page_number":189,"box":{"x":89,"y":188,"width":264,"height":12}},{"id":"2790e274-a0ab-442a-beb7-6f8fb5e0ffa8","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":189,"box":{"x":89,"y":214,"width":387,"height":12}},{"id":"54354d95-fc62-4a36-a758-dca32a0972bf","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and","page_number":189,"box":{"x":89,"y":240,"width":842,"height":13}},{"id":"4a57c65a-f4a2-4fb1-ace6-c6b3dc85a7d5","block_type":"box","text":"opportunities relevant to their businesses.","page_number":189,"box":{"x":89,"y":256,"width":292,"height":12}},{"id":"40963288-9b7b-4d73-b53e-844cc30a73f9","block_type":"box","text":"(9)","page_number":189,"box":{"x":383,"y":254,"width":14,"height":8}},{"id":"f7fb1a86-1225-40e6-a899-5402a166a55c","block_type":"box","text":"As with all risks and opportunities in a company’s business model, appropriate","page_number":189,"box":{"x":402,"y":256,"width":550,"height":12}},{"id":"966f5379-a060-4e60-89b1-6d890c262291","block_type":"box","text":"oversight of material sustainability considerations is a core component of having an effective governance framework that","page_number":189,"box":{"x":89,"y":271,"width":848,"height":12}},{"id":"07292178-f2e7-474c-9318-f0f9b161b1cc","block_type":"box","text":"supports durable, long-term financial value creation.","page_number":189,"box":{"x":89,"y":286,"width":366,"height":12}},{"id":"f3aed7ad-2731-4e97-a7ed-56f0173becdc","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to material","page_number":189,"box":{"x":89,"y":312,"width":835,"height":13}},{"id":"651657fb-cf2c-44ef-992f-919436e7982a","block_type":"box","text":"sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate that they have a","page_number":189,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"ee30be64-109e-431b-a83a-fc8c8fbd0c18","block_type":"box","text":"resilient business model that integrates material sustainability-related risks and opportunities into their strategy, risk","page_number":189,"box":{"x":89,"y":342,"width":813,"height":13}},{"id":"5919125a-2497-4f92-bd82-d8bc1030b680","block_type":"box","text":"management, and metrics and targets, including industry-specific metrics. The International Sustainability Standards Board","page_number":189,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"19bbbb3c-9f4e-43b2-a95a-371a2feb5f57","block_type":"box","text":"(ISSB) standards, IFRS S1 and S2","page_number":189,"box":{"x":89,"y":373,"width":227,"height":12}},{"id":"92d0a6f0-87aa-4d64-80fe-2f0d07f4cbfc","block_type":"box","text":"(10)","page_number":189,"box":{"x":318,"y":371,"width":21,"height":8}},{"id":"aa30a8fc-b4ee-4310-91c5-c781fc684f77","block_type":"box","text":"may prove helpful to companies in preparing this disclosure. The standards build on the","page_number":189,"box":{"x":345,"y":373,"width":613,"height":12}},{"id":"41810331-ee2b-4b1c-a98c-02dcda2feeae","block_type":"box","text":"Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the","page_number":189,"box":{"x":88,"y":388,"width":838,"height":12}},{"id":"6158dfa4-9eea-4468-80d4-a23348e2cd47","block_type":"box","text":"Sustainability Accounting Standards Board (SASB), which have both converged under the ISSB. We recognize that companies","page_number":189,"box":{"x":88,"y":403,"width":876,"height":12}},{"id":"d8875fb8-0b1a-4e78-b404-7c6c16ef4a9d","block_type":"box","text":"may phase in reporting aligned with the ISSB standards over several years. We also recognize that some companies may","page_number":189,"box":{"x":89,"y":418,"width":839,"height":12}},{"id":"fa25c604-26d8-4279-8e53-4c28e7a44e58","block_type":"box","text":"report using different standards, which may be required by regulation, or one of a number of voluntary standards. In such","page_number":189,"box":{"x":89,"y":433,"width":849,"height":13}},{"id":"9c61d0c9-95e2-475c-a091-d99a27a989ec","block_type":"box","text":"cases, we ask that companies highlight the metrics that are industry- or company-specific.","page_number":189,"box":{"x":89,"y":448,"width":634,"height":13}},{"id":"0934e41e-9eb5-4369-bf89-22e43e2d4a1f","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and aggregate data from","page_number":189,"box":{"x":88,"y":475,"width":874,"height":12}},{"id":"838ff966-e80b-44e4-bd88-49fa3336c264","block_type":"box","text":"various internal and external sources. We recognize that the practical realities of data collection and reporting may not line up","page_number":189,"box":{"x":88,"y":490,"width":879,"height":12}},{"id":"07cab6e4-fb3b-498e-af44-72871dd7e3bf","block_type":"box","text":"with financial reporting cycles and companies may require additional time after their fiscal year-end to accurately collect,","page_number":189,"box":{"x":88,"y":505,"width":847,"height":12}},{"id":"9b40fb68-539a-4f30-b5d3-15f1ee4eb036","block_type":"box","text":"analyze, and report this data to investors. That said, while we do not prescribe timelines regarding when companies make","page_number":189,"box":{"x":89,"y":520,"width":850,"height":12}},{"id":"80068c7b-eedd-48fd-bce0-6c1c21aa01c7","block_type":"box","text":"these disclosures, we encourage them to produce climate and other sustainability-related disclosures sufficiently in advance","page_number":189,"box":{"x":88,"y":535,"width":870,"height":13}},{"id":"5df2e6f2-2ed5-4766-9b23-f436223d1ec7","block_type":"box","text":"of their annual meeting, to the best of their abilities to provide investors with time to assess the data and make informed","page_number":189,"box":{"x":89,"y":550,"width":842,"height":13}},{"id":"465e1c42-48ea-44cc-ae27-c89e60a739c3","block_type":"box","text":"decisions.","page_number":189,"box":{"x":89,"y":565,"width":67,"height":10}},{"id":"edc6fb18-3470-4605-a03c-c56a82b91684","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct issued by","page_number":189,"box":{"x":89,"y":592,"width":823,"height":12}},{"id":"f7f585be-7fa9-434f-a4e4-1983b2b0b561","block_type":"box","text":"supranational organizations such as the United Nations or the Organization for Economic Cooperation and Development.","page_number":189,"box":{"x":89,"y":607,"width":847,"height":12}},{"id":"76db4cd1-abd6-4276-bd0c-a3c2f65d5767","block_type":"box","text":"Further, industry initiatives on managing specific operational risks may provide useful guidance to companies on best","page_number":189,"box":{"x":89,"y":622,"width":822,"height":12}},{"id":"453ff454-d7d5-4329-a764-de785e020a2c","block_type":"box","text":"practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk when companies","page_number":189,"box":{"x":89,"y":637,"width":879,"height":13}},{"id":"8152ab33-5d7e-4175-aa76-de9efbd69ebc","block_type":"box","text":"disclose any relevant global climate and other sustainability-related standards adopted, the industry initiatives in which they","page_number":189,"box":{"x":89,"y":652,"width":868,"height":13}},{"id":"3b485a87-58ce-48ea-ad0d-939f9225d173","block_type":"box","text":"participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their","page_number":189,"box":{"x":89,"y":668,"width":831,"height":12}},{"id":"4f203b33-68d3-4b81-9424-e158bc826e93","block_type":"box","text":"approach to sustainable and responsible business practices.","page_number":189,"box":{"x":89,"y":683,"width":418,"height":12}},{"id":"0e169af5-1078-4b8d-a052-d1ac7d5a44a2","block_type":"box","text":"(9) By material sustainability-related risks and opportunities, we mean the drivers of risk and financial value creation in a company’s business mod","page_number":189,"box":{"x":89,"y":765,"width":831,"height":10}},{"id":"65906e37-9dc2-466e-af9e-8a9243a14303","block_type":"box","text":"el that","page_number":189,"box":{"x":922,"y":765,"width":34,"height":8}},{"id":"c8eb92db-82d7-479a-84f4-9e1b0e9d51ff","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":189,"box":{"x":121,"y":778,"width":826,"height":10}},{"id":"75133c92-6982-4d5d-9246-2cc446d12827","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":189,"box":{"x":121,"y":790,"width":832,"height":10}},{"id":"cbd38acd-cc33-4668-b594-af76fd300f0c","block_type":"box","text":"which a company operates, customer loyalty, and relationships with regulators.","page_number":189,"box":{"x":121,"y":803,"width":443,"height":10}},{"id":"1b923f40-26f4-4bec-9885-d54636c8acb0","block_type":"box","text":"(10) The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to require an entity to disclo","page_number":189,"box":{"x":89,"y":818,"width":807,"height":10}},{"id":"2188c61c-b30e-4174-8fd0-f3e72dda43e0","block_type":"box","text":"se informa","page_number":189,"box":{"x":897,"y":818,"width":63,"height":8}},{"id":"e213d685-1d21-4d53-80e4-fcf6cf8a9999","block_type":"box","text":"tion about its sustainability-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decis","page_number":189,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"09247a20-29fd-4803-acc7-ee97a73077b3","block_type":"box","text":"ions","page_number":189,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"caeb8652-e203-40b0-b9cb-f0cb3fcd0dba","block_type":"box","text":"relating to providing resources to the entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information a","page_number":189,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"4983485f-47cc-459f-8967-144e1fdb1477","block_type":"box","text":"bout its","page_number":189,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"a7fc9fd4-4b89-42c9-b4d4-9c923501b6f9","block_type":"box","text":"climate-related risks and opportunities that is useful to primary users of general-purpose financial reports in making decisions relating to provi","page_number":189,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"83332092-f53f-4647-b69c-da07650c6093","block_type":"box","text":"ding","page_number":189,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"7797db9f-b459-4817-adf4-73268b6be068","block_type":"box","text":"resources to the entity.","page_number":189,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"5587c078-1a26-4ff8-9286-b25796b7f34a","block_type":"box","text":"A-28","page_number":189,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"1ba261b6-b38f-40d2-ba1c-e3e3eda1db14","block_type":"box","text":"Climate and nature-related risk","page_number":190,"box":{"x":105,"y":44,"width":225,"height":10}},{"id":"6a05a93d-db78-4516-8e61-22aabb538cec","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":190,"box":{"x":89,"y":70,"width":707,"height":13}},{"id":"fa728f69-2a01-48f3-a888-4edaa5a2dbbe","block_type":"box","text":"(11)","page_number":190,"box":{"x":798,"y":68,"width":19,"height":8}},{"id":"a32513cc-cd2f-4bdd-8ff8-8db217b8400b","block_type":"box","text":"Our research shows","page_number":190,"box":{"x":823,"y":70,"width":139,"height":10}},{"id":"9d6f2639-bea4-4b6c-8c4c-c0503896f918","block_type":"box","text":"that the low-carbon transition is a structural shift in the global economy that will be shaped by changes in government","page_number":190,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"aae8aedb-d0ff-4b9a-b49c-2f059d92ed60","block_type":"box","text":"policies, technology, and consumer and investor preferences, which may be material for many companies.","page_number":190,"box":{"x":89,"y":101,"width":742,"height":12}},{"id":"e0ced4ea-2b69-412f-bf41-b046bda24e1a","block_type":"box","text":"(12)","page_number":190,"box":{"x":832,"y":99,"width":21,"height":8}},{"id":"efa1de24-efb4-47aa-96cc-b4df047e69ac","block_type":"box","text":"Yet the path to","page_number":190,"box":{"x":858,"y":101,"width":101,"height":12}},{"id":"dbdb31dd-fcce-49d0-b489-dff57daddc75","block_type":"box","text":"a low-carbon economy is uncertain and uneven, with different parts of the economy moving at different speeds. BIS","page_number":190,"box":{"x":89,"y":116,"width":809,"height":12}},{"id":"05da4b05-0f5d-4b46-bd30-d1749923b4f6","block_type":"box","text":"recognizes that it can be challenging for companies to predict the impact of climate-related risk and opportunity on their","page_number":190,"box":{"x":89,"y":131,"width":845,"height":12}},{"id":"5f0d57cd-6a89-4816-a5ce-17ba46f70162","block_type":"box","text":"businesses and operating environments. Many companies are assessing how to navigate the low-carbon transition while","page_number":190,"box":{"x":89,"y":146,"width":845,"height":12}},{"id":"5e42fe26-f67a-4f5c-97c3-478308e9ef19","block_type":"box","text":"delivering long-term financial value to investors. At companies where these climate-related risks are material, we find it","page_number":190,"box":{"x":89,"y":161,"width":834,"height":12}},{"id":"297cd59f-f848-4e69-8608-f4b5df117274","block_type":"box","text":"helpful when they publicly disclose, consistent with their business model and sector, how they intend to deliver long-term","page_number":190,"box":{"x":89,"y":176,"width":852,"height":13}},{"id":"7c4517d7-16c3-4fd7-a936-2f42f3185945","block_type":"box","text":"financial performance through the transition to a low-carbon economy, including where available, their transition plan.","page_number":190,"box":{"x":88,"y":191,"width":830,"height":13}},{"id":"e8265350-7074-4804-9408-2beb422662da","block_type":"box","text":"(13)","page_number":190,"box":{"x":920,"y":189,"width":20,"height":8}},{"id":"ab733309-3c28-4401-b6f5-67a671cd52eb","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors assess company","page_number":190,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"28e2ddb1-5d49-450a-bb93-b25edb00a7de","block_type":"box","text":"specific climate-related risks and opportunities, and inform investment decisions.","page_number":190,"box":{"x":89,"y":233,"width":568,"height":12}},{"id":"600f966d-1ef3-4561-95c0-6f7a6bede82a","block_type":"box","text":"(14)","page_number":190,"box":{"x":659,"y":231,"width":20,"height":8}},{"id":"9b6187a4-3549-4556-84c5-16fbec91486c","block_type":"box","text":"Such disclosures also provide investors","page_number":190,"box":{"x":684,"y":233,"width":272,"height":12}},{"id":"b3383ba1-d713-4861-ab06-0a0e88d1a7d9","block_type":"box","text":"with insights into how companies are managing the risks associated with climate change by managing their own carbon","page_number":190,"box":{"x":88,"y":248,"width":846,"height":12}},{"id":"41c53648-e360-4067-ae51-8dd61be47a40","block_type":"box","text":"emissions or emissions intensities to the extent financially practicable. Recognizing the value of these disclosures, in some","page_number":190,"box":{"x":89,"y":263,"width":854,"height":12}},{"id":"bdcda8ac-724c-489c-b473-78b981c37abe","block_type":"box","text":"jurisdictions, like the U.K, large companies must disclose such climate-related financial information on a mandatory basis,","page_number":190,"box":{"x":88,"y":278,"width":852,"height":13}},{"id":"30009b78-e3cf-45b1-9a27-f69b4d82112a","block_type":"box","text":"while in other jurisdictions these disclosures are viewed as best practice in the market.","page_number":190,"box":{"x":88,"y":293,"width":603,"height":13}},{"id":"9606e086-1ec0-470e-a69e-1c3d3f3152ea","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures and","page_number":190,"box":{"x":89,"y":320,"width":816,"height":12}},{"id":"4020d0e1-1b53-4fc0-8428-d8ff44970f7f","block_type":"box","text":"engagement, the strategies companies have in place to manage material risks to, and opportunities for, their long-term","page_number":190,"box":{"x":89,"y":335,"width":832,"height":12}},{"id":"39e1a0f9-b349-4cd8-9aff-309033eecfa9","block_type":"box","text":"business model associated with a range of climate-related scenarios. This includes a scenario in which global warming is","page_number":190,"box":{"x":89,"y":350,"width":845,"height":12}},{"id":"a1ad71ad-f81e-43c1-a981-3a64a08a57ab","block_type":"box","text":"limited to well below 2°C, considering ambitions to achieve a limit of 1.5°C, the temperature goal recently reaffirmed by G20","page_number":190,"box":{"x":89,"y":365,"width":867,"height":12}},{"id":"0e7c7aaa-5508-417c-9ca1-a023055bd221","block_type":"box","text":"members as part of the 2024 Leader’s Declaration.","page_number":190,"box":{"x":89,"y":380,"width":352,"height":13}},{"id":"b20e766f-21e2-4520-945b-b386affb53a3","block_type":"box","text":"(15)","page_number":190,"box":{"x":443,"y":378,"width":20,"height":8}},{"id":"527c27d8-5ac5-4141-a09e-997d5bdf12ea","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term targets,","page_number":190,"box":{"x":88,"y":407,"width":836,"height":12}},{"id":"63eda7a6-f778-44ec-8dde-22c0b92d34a7","block_type":"box","text":"ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas emissions (GHG)","page_number":190,"box":{"x":89,"y":422,"width":803,"height":12}},{"id":"c294bbb9-68ef-4e71-bba4-8aa1799778dc","block_type":"box","text":"reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.","page_number":190,"box":{"x":89,"y":437,"width":833,"height":12}},{"id":"a0333163-4fd5-46cf-af2b-d53c3ee05c54","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":190,"box":{"x":88,"y":463,"width":871,"height":13}},{"id":"373dbd79-6135-40ba-b718-6ad0897d8ff3","block_type":"box","text":"3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about","page_number":190,"box":{"x":89,"y":479,"width":824,"height":12}},{"id":"2d3755bf-bf0f-4736-ae22-27476eb5a15e","block_type":"box","text":"double-counting, and lack of direct control by companies. We welcome disclosures and commitments companies choose to","page_number":190,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"73a10ed8-dee4-4327-b0b9-05d5c3cf9e02","block_type":"box","text":"make regarding material scope 3 emissions and recognize these are provided on a good-faith basis as methodology develops.","page_number":190,"box":{"x":89,"y":509,"width":879,"height":12}},{"id":"93429526-fe04-4605-aab4-2101caa87f84","block_type":"box","text":"Our publicly available commentary provides more information on our approach to climate-related risks and opportunities.","page_number":190,"box":{"x":89,"y":524,"width":853,"height":12}},{"id":"15b1c848-e6d4-4000-aca6-f054f844828a","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a component","page_number":190,"box":{"x":89,"y":550,"width":874,"height":13}},{"id":"e70ddcc2-0d15-43a6-af90-e8a9249d4c89","block_type":"box","text":"of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly where a company’s","page_number":190,"box":{"x":89,"y":565,"width":869,"height":13}},{"id":"f684010a-803a-4060-99a9-8635cd9bc9ae","block_type":"box","text":"(11) BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":190,"box":{"x":89,"y":619,"width":485,"height":10}},{"id":"af00282d-2e92-4502-ab78-d68da61dc0f3","block_type":"box","text":"(12) BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":190,"box":{"x":89,"y":634,"width":476,"height":10}},{"id":"fdb64321-02ca-405d-b0b0-d2e83071e813","block_type":"box","text":"(13) We have observed that more companies are developing such plans, and public policymakers in a number of markets are signaling their intentions to","page_number":190,"box":{"x":89,"y":649,"width":861,"height":10}},{"id":"6893edc5-963f-4b13-9d3d-0b09e5d6b510","block_type":"box","text":"require them or already have requirements in place, such as Australia, Brazil, and the European Union. We view transition plans as a method for a com","page_number":190,"box":{"x":121,"y":662,"width":843,"height":10}},{"id":"78f3ff4e-2392-499a-9418-bd9a21a3f4f0","block_type":"box","text":"pany to both internally assess and externally communicate its long-term strategy, ambition, objectives, and actions to create financial value thro","page_number":190,"box":{"x":121,"y":674,"width":807,"height":10}},{"id":"4ba8fb7f-7a60-4119-bf79-e4717f26e034","block_type":"box","text":"ugh","page_number":190,"box":{"x":929,"y":674,"width":21,"height":10}},{"id":"8de0df6b-9470-4484-9603-3ce9ecab5186","block_type":"box","text":"the global transition towards a low-carbon economy. Transition plans are building momentum internationally, with increased focus from policy make","page_number":190,"box":{"x":121,"y":687,"width":834,"height":10}},{"id":"b0ef7333-bfc5-4c68-b294-7691c4992ecf","block_type":"box","text":"rs","page_number":190,"box":{"x":956,"y":689,"width":9,"height":6}},{"id":"f78359f4-8a7b-4f04-a35e-c3aa1529e642","block_type":"box","text":"and supervisors, including in the EU, UK, G7, G20, and from the financial industry. While many initiatives across jurisdictions outline a framework fo","page_number":190,"box":{"x":121,"y":700,"width":816,"height":10}},{"id":"cd1d7353-6cfb-48b2-a883-1c480d3c93de","block_type":"box","text":"for","page_number":190,"box":{"x":937,"y":702,"width":11,"height":5}},{"id":"2c972e5b-7027-4439-9255-a3e51b033124","block_type":"box","text":"transition plans, there is no consensus on the key elements these plans should contain. We view useful disclosure as one that communicates a compa","page_number":190,"box":{"x":121,"y":712,"width":845,"height":10}},{"id":"c23ab520-b9b1-4070-b1da-08bd04f50b24","block_type":"box","text":"ny’s approach to managing financially material business relevant risks and opportunities – including climate-related risks – to deliver long-term","page_number":190,"box":{"x":121,"y":725,"width":801,"height":10}},{"id":"ae578ccc-6bb3-4785-896e-f845c5e195ff","block_type":"box","text":"finan","page_number":190,"box":{"x":926,"y":725,"width":33,"height":8}},{"id":"a84344be-75e4-4cbe-8517-3dde1f924c19","block_type":"box","text":"cial performance, which allows investors to make more informed decisions. While transition plans can be helpful disclosure, BIS does not make the","page_number":190,"box":{"x":121,"y":737,"width":821,"height":10}},{"id":"35aa1042-58b0-44da-ab3b-c0ed23d75875","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":190,"box":{"x":121,"y":750,"width":835,"height":10}},{"id":"288d67b7-fc53-4806-a1aa-140e05cdfec8","block_type":"box","text":"their planned actions and resource implications.","page_number":190,"box":{"x":121,"y":763,"width":269,"height":10}},{"id":"0ff690c4-8bba-43aa-9780-e986ae63376d","block_type":"box","text":"(14) BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that companies may phase in reporting alig","page_number":190,"box":{"x":89,"y":778,"width":835,"height":10}},{"id":"e2c18f2d-1606-4889-9dd5-5c4d725aee59","block_type":"box","text":"ned","page_number":190,"box":{"x":926,"y":778,"width":20,"height":8}},{"id":"029df062-343b-453f-9a3f-664b7473f24c","block_type":"box","text":"with the ISSB standards over several years, depending on local requirements. We also recognize and respect that some companies may report using","page_number":190,"box":{"x":121,"y":790,"width":826,"height":10}},{"id":"88ab20f8-0d30-4291-974e-84848602e78e","block_type":"box","text":"different local standards, which may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies dis","page_number":190,"box":{"x":121,"y":803,"width":831,"height":10}},{"id":"031d87a9-6301-4993-9360-a54975506224","block_type":"box","text":"close their rationale for reporting in line with the specific disclosure framework chosen and highlight the metrics that are industry- or company","page_number":190,"box":{"x":121,"y":816,"width":805,"height":9}},{"id":"9a6b73fb-1977-48a4-845b-db5c8a4d5fd3","block_type":"box","text":"specific.","page_number":190,"box":{"x":121,"y":828,"width":44,"height":10}},{"id":"2cd939ad-ce6d-49a0-8242-c50f87f869f0","block_type":"box","text":"(15) In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as part of the Leader’s Declaration. G20 members include the","page_number":190,"box":{"x":89,"y":843,"width":846,"height":10}},{"id":"b1c35ffb-31fc-442f-96ab-955a3b40d858","block_type":"box","text":"world’s major economies (19 countries and two regional bodies, the European Union and African Union), representing 85% of global Gross Domestic","page_number":190,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"8060a78d-4758-41ab-b833-5065eaadab1b","block_type":"box","text":"Product, over 75% of international trade, and about two-thirds of the world population.","page_number":190,"box":{"x":122,"y":868,"width":488,"height":10}},{"id":"6d3b8beb-53cd-4ce3-8603-f7f8d2584437","block_type":"box","text":"A-29","page_number":190,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"bb36c3e9-aaf7-45c4-a574-66fe3c06e435","block_type":"box","text":"strategy is heavily reliant on the availability of natural capital, or whose supply chains are exposed to locations with nature","page_number":191,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"f005f1c6-7f35-414d-8339-72815815512f","block_type":"box","text":"related risks. We look for such companies to disclose how they manage any reliance and impact on, as well as use of, natural","page_number":191,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"21f4dd22-2fcd-4db4-8023-e5d6d4959b75","block_type":"box","text":"capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated","page_number":191,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"733bb90c-49d4-4512-b7ae-5e15a8f45b67","block_type":"box","text":"into strategy. We will evaluate these disclosures to inform our view of how a company is managing material nature-related","page_number":191,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"a118f9da-6426-4424-b709-d805b531d533","block_type":"box","text":"risks and opportunities. We rely on company disclosures when determining how to vote on shareholder proposals addressing","page_number":191,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"fc9f3e2c-5844-4719-afe0-e823873c80c4","block_type":"box","text":"natural capital issues. Our publicly available commentary provides more information on our approach to natural capital.","page_number":191,"box":{"x":89,"y":119,"width":836,"height":13}},{"id":"15fd1592-930d-45eb-8898-482c38a1a097","block_type":"box","text":"(16)","page_number":191,"box":{"x":927,"y":117,"width":21,"height":8}},{"id":"1572a8af-55de-4c4c-9198-f1b054b1936b","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":191,"box":{"x":105,"y":146,"width":519,"height":12}},{"id":"61eae0d6-ed06-41e1-b779-a829a2f42260","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various parties on","page_number":191,"box":{"x":89,"y":172,"width":837,"height":13}},{"id":"e452f814-e48c-4f4f-bf5d-d2da7273cbc7","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on what is","page_number":191,"box":{"x":88,"y":188,"width":863,"height":12}},{"id":"bc2f6e66-60a5-44b9-9119-735688318d34","block_type":"box","text":"material to their business and long-term financial performance. For many companies, key stakeholders include employees,","page_number":191,"box":{"x":89,"y":203,"width":857,"height":12}},{"id":"4ee030cc-8b9a-48d7-b333-3704a2b1bda9","block_type":"box","text":"business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they","page_number":191,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"9c81c00e-f4e1-4a0b-9df5-7336454ddc8e","block_type":"box","text":"operate.","page_number":191,"box":{"x":89,"y":234,"width":56,"height":11}},{"id":"001f1027-d8b0-4978-b07b-6b4f24f3b508","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":191,"box":{"x":88,"y":259,"width":844,"height":13}},{"id":"ce446049-2f79-4414-8c84-d7d926fcf1f2","block_type":"box","text":"their key stakeholders and considered their interests in business decision-making. In addition to understanding broader","page_number":191,"box":{"x":88,"y":274,"width":837,"height":13}},{"id":"bcb2144b-b06f-42ca-825e-aa8385c4ed6c","block_type":"box","text":"stakeholder relationships, BIS finds it helpful when companies discuss how they consider the needs of their workforce today,","page_number":191,"box":{"x":89,"y":290,"width":870,"height":12}},{"id":"f657bbcd-37d3-4780-8235-9f2847ba0357","block_type":"box","text":"and the skills required for their future business strategy. We are also interested to understand how the board monitors and","page_number":191,"box":{"x":89,"y":305,"width":854,"height":12}},{"id":"9abbc48d-6a50-4e41-9994-cce3b2e6a015","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":191,"box":{"x":89,"y":320,"width":860,"height":12}},{"id":"7e0a9314-b3fd-4ddb-ac56-3112d35e6d02","block_type":"box","text":"aligns with the company’s strategy.","page_number":191,"box":{"x":89,"y":335,"width":245,"height":12}},{"id":"3e4d75be-a40f-4c36-826e-358d0e554f80","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business practices and","page_number":191,"box":{"x":89,"y":361,"width":857,"height":13}},{"id":"e5b4edc3-5a10-406e-87cd-004cd7a0942c","block_type":"box","text":"affect critical relationships with their stakeholders. We encourage companies to implement, to the extent appropriate,","page_number":191,"box":{"x":89,"y":376,"width":822,"height":13}},{"id":"a7b8ad8c-a69c-4b5d-bd88-d1354a34069b","block_type":"box","text":"monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance","page_number":191,"box":{"x":89,"y":392,"width":854,"height":12}},{"id":"26dcfb66-528c-42a1-b423-f314c913d11e","block_type":"box","text":"mechanisms to remediate any actual adverse material impacts. In our view, maintaining trust within these relationships can","page_number":191,"box":{"x":89,"y":407,"width":864,"height":12}},{"id":"29b93894-85c2-4981-99fd-74034a38829d","block_type":"box","text":"contribute to a company’s long-term success.","page_number":191,"box":{"x":89,"y":422,"width":320,"height":12}},{"id":"1cb59299-d551-4f2d-9ff8-1ff02552ca5d","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":191,"box":{"x":89,"y":448,"width":473,"height":13}},{"id":"924ffc14-aafd-4f13-b3b9-fac950918e0c","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial performance and viability of the","page_number":191,"box":{"x":89,"y":475,"width":846,"height":12}},{"id":"25040739-4c68-40e0-8551-1d19570153c2","block_type":"box","text":"companies in which they invest. In addition, companies should publish information on the governance structures in place","page_number":191,"box":{"x":89,"y":490,"width":850,"height":12}},{"id":"62d9d03d-b915-4457-b84a-1c57212819fd","block_type":"box","text":"and the rights of shareholders to influence these structures. The reporting and disclosure provided by companies help","page_number":191,"box":{"x":89,"y":505,"width":824,"height":12}},{"id":"fb51a237-c66c-4179-9c66-20282f01aa40","block_type":"box","text":"shareholders assess the effectiveness of the board’s oversight of management and whether investors’ economic interests","page_number":191,"box":{"x":89,"y":520,"width":848,"height":12}},{"id":"8fb3339b-a7f6-4f17-a3e3-cda086f33865","block_type":"box","text":"have been protected. As a general principle, we believe shareholders should have the right to vote on key corporate","page_number":191,"box":{"x":89,"y":535,"width":805,"height":13}},{"id":"bae79034-b388-4682-beac-9555d897cc61","block_type":"box","text":"governance matters, including changes to governance mechanisms, to submit proposals to the shareholders’ meeting, and","page_number":191,"box":{"x":89,"y":550,"width":862,"height":13}},{"id":"2391155a-d8ec-42ae-91ff-7c9d0cf89c9c","block_type":"box","text":"to call special meetings of shareholders.","page_number":191,"box":{"x":88,"y":565,"width":280,"height":13}},{"id":"c246a136-8b12-4c1d-8818-17a64af9f57a","block_type":"box","text":"Corporate form","page_number":191,"box":{"x":105,"y":592,"width":110,"height":12}},{"id":"724326b2-a6de-4f7d-b65d-d1208ce71347","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":191,"box":{"x":89,"y":618,"width":875,"height":13}},{"id":"3a1a233e-879e-427f-8ecc-ddba5db2ba00","block_type":"box","text":"purpose and business model.","page_number":191,"box":{"x":89,"y":633,"width":204,"height":13}},{"id":"c5caa962-febc-42e4-b05a-258bc1e7140f","block_type":"box","text":"(17)","page_number":191,"box":{"x":295,"y":631,"width":19,"height":9}},{"id":"aaa626a0-0044-42b4-a6bc-fb7750c4d99e","block_type":"box","text":"Companies proposing to change their corporate form to a public benefit corporation or","page_number":191,"box":{"x":320,"y":633,"width":611,"height":13}},{"id":"967f227e-8a63-4cb7-af71-816e98f38515","block_type":"box","text":"similar entity should put it to a shareholder vote if not already required to do so under applicable law. We appreciate when","page_number":191,"box":{"x":89,"y":649,"width":852,"height":12}},{"id":"964fdca2-8f63-4fbd-bec7-79a94d6c549f","block_type":"box","text":"supporting documentation from companies or shareholder proponents proposing to alter the corporate form clearly explains","page_number":191,"box":{"x":89,"y":664,"width":876,"height":12}},{"id":"4c113d4c-891f-4a95-9d6d-1b04259dbaf9","block_type":"box","text":"how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting","page_number":191,"box":{"x":89,"y":679,"width":838,"height":12}},{"id":"ab76b652-57e4-43ad-b37e-b791ebfa5e08","block_type":"box","text":"mechanisms that would be available to shareholders. We generally support management proposals if our analysis indicates","page_number":191,"box":{"x":89,"y":694,"width":863,"height":12}},{"id":"c0651b5a-74b8-464f-9b94-e71eb36d57c9","block_type":"box","text":"that shareholders’ economic interests are adequately protected. Relevant shareholder proposals are evaluated on a case-by","page_number":191,"box":{"x":88,"y":709,"width":868,"height":12}},{"id":"c560c437-a78d-459c-8015-c29fc2d1b0af","block_type":"box","text":"case basis.","page_number":191,"box":{"x":89,"y":724,"width":73,"height":10}},{"id":"02487f6a-414d-4303-b1a9-1970ea8998a9","block_type":"box","text":"(16) Given the growing awareness of the materiality of these issues for certain businesses, enhanced reporting on a company’s natural capital depend","page_number":191,"box":{"x":89,"y":816,"width":845,"height":9}},{"id":"baf7c012-9770-4813-a1ca-72da63ce9fd6","block_type":"box","text":"en","page_number":191,"box":{"x":935,"y":818,"width":17,"height":5}},{"id":"48a444bf-fe1b-41aa-afaf-1f0f45abd7d7","block_type":"box","text":"cies and impacts would aid investors’ understanding. In our view, the final recommendations of the Taskforce on Nature-related Financial Disclosur","page_number":191,"box":{"x":121,"y":828,"width":825,"height":10}},{"id":"2c8a4da4-ce0e-425f-b9bd-baf7f6b36841","block_type":"box","text":"es","page_number":191,"box":{"x":946,"y":831,"width":12,"height":5}},{"id":"84dcb21d-6c61-4447-9386-e4fca819ab47","block_type":"box","text":"(TNFD) may prove useful to some companies. We recognize that some companies may report using different standards, which may be required by","page_number":191,"box":{"x":121,"y":841,"width":820,"height":10}},{"id":"56b19e9b-d4d8-43d0-a731-7c67f6cb3fdb","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned reporting is not a voting issue.","page_number":191,"box":{"x":121,"y":853,"width":615,"height":10}},{"id":"588370fb-251a-44c0-9751-21f731d16137","block_type":"box","text":"(17) Corporate form refers to the legal structure by which a business is organized.","page_number":191,"box":{"x":89,"y":868,"width":462,"height":10}},{"id":"9e7d4866-9f7a-4886-9744-318a47473a1f","block_type":"box","text":"A-30","page_number":191,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"e8e2a6df-974f-4227-900d-a4d4b82238ef","block_type":"box","text":"Shareholder proposals","page_number":192,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"634bab20-4d43-445a-a6f5-898e97c50920","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals to be voted","page_number":192,"box":{"x":89,"y":70,"width":869,"height":13}},{"id":"45076091-1757-4f76-8de3-2c5af7230c51","block_type":"box","text":"on at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are met. The matters","page_number":192,"box":{"x":89,"y":85,"width":861,"height":13}},{"id":"f99323bf-6c23-4e0f-9265-9c3e76eb752e","block_type":"box","text":"that we see put forward by shareholders address a wide range of topics, including governance reforms, capital management,","page_number":192,"box":{"x":88,"y":101,"width":874,"height":12}},{"id":"3408b356-27a4-45fa-9fda-7ed49accfe4c","block_type":"box","text":"and improvements in the management or disclosure of sustainability-related risks.","page_number":192,"box":{"x":89,"y":116,"width":576,"height":12}},{"id":"958194e5-cb6f-434f-b4ee-af81ebf7d4cf","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on how BlackRock","page_number":192,"box":{"x":89,"y":142,"width":874,"height":12}},{"id":"52e3c3bc-1522-4436-b1a2-5c5d117a5426","block_type":"box","text":"can interact with the companies in which we invest on behalf of our clients, including our ability to submit shareholder","page_number":192,"box":{"x":89,"y":157,"width":830,"height":13}},{"id":"79f72a6e-4f1f-4183-b8cc-8275518384c0","block_type":"box","text":"proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put forth by others.","page_number":192,"box":{"x":89,"y":172,"width":726,"height":13}},{"id":"47c5120b-64ef-4381-9115-2e9bae267db8","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s individual","page_number":192,"box":{"x":88,"y":199,"width":819,"height":12}},{"id":"d94e6d2d-e7a8-4592-919c-4c2d561606ca","block_type":"box","text":"circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value creation. BIS’","page_number":192,"box":{"x":89,"y":214,"width":848,"height":12}},{"id":"26b89f7e-277a-42f0-8363-3d5236bebd24","block_type":"box","text":"evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged, may impact a","page_number":192,"box":{"x":89,"y":229,"width":815,"height":12}},{"id":"3466422f-2f24-4d4c-926d-6862fae6a285","block_type":"box","text":"company’s long-term performance. We look for consistency between the specific request formally made in the proposal, the","page_number":192,"box":{"x":89,"y":244,"width":870,"height":13}},{"id":"7abc7df9-311c-4375-bb61-426ffd358cdf","block_type":"box","text":"supporting documentation, and the proponents’ other communications on the issues. We also assess the company’s","page_number":192,"box":{"x":89,"y":259,"width":818,"height":13}},{"id":"d005e599-9012-49de-9d74-afa9b50b0127","block_type":"box","text":"practices and disclosures and the costs and benefits to the company of meeting the request made in the proposal. We take","page_number":192,"box":{"x":89,"y":274,"width":859,"height":13}},{"id":"2c3df865-9a3b-46a6-af89-c556109b7606","block_type":"box","text":"into consideration a company’s governance practices and disclosures against those of their peers.","page_number":192,"box":{"x":89,"y":290,"width":684,"height":12}},{"id":"289aca41-199c-45b7-bb5b-cb40a078f27b","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":192,"box":{"x":89,"y":316,"width":857,"height":12}},{"id":"99f76c57-3755-4604-a439-59d045ff9f75","block_type":"box","text":"advised on the proposal.","page_number":192,"box":{"x":89,"y":331,"width":170,"height":12}},{"id":"6a307f02-d435-4fc3-ae13-9fc06c7289ed","block_type":"box","text":"We would not support proposals that we believe would result in over-reaching into the basic business decisions of the","page_number":192,"box":{"x":88,"y":358,"width":826,"height":12}},{"id":"b0baadc0-7c26-40cf-b16b-d3b60fa32781","block_type":"box","text":"company, are unduly prescriptive or constraining on management. We take into consideration the legal effect of the proposal,","page_number":192,"box":{"x":89,"y":373,"width":877,"height":12}},{"id":"279e1213-e227-410f-9a81-d1ea2bbbb880","block_type":"box","text":"as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests","page_number":192,"box":{"x":89,"y":388,"width":862,"height":12}},{"id":"a4962c57-8609-4d58-95e6-e0ebae7c4746","block_type":"box","text":"that would be deemed illegal in a given jurisdiction.","page_number":192,"box":{"x":88,"y":403,"width":359,"height":12}},{"id":"f6495ca6-3d85-467b-8719-74069d5a4cfb","block_type":"box","text":"BIS is likely to support shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":192,"box":{"x":89,"y":429,"width":853,"height":13}},{"id":"e2f99bcb-ac49-4dce-a19d-9114b41e2be1","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them, especially","page_number":192,"box":{"x":89,"y":445,"width":865,"height":12}},{"id":"7e0fd8cf-1077-40c3-aebf-b00e69a46eca","block_type":"box","text":"where this information is additive given the company’s existing disclosures. We may also support shareholder proposals that","page_number":192,"box":{"x":88,"y":460,"width":872,"height":12}},{"id":"607f91e1-da0c-4e33-beb8-d689aebcf27e","block_type":"box","text":"are focused on a material business risk that we agree needs to be addressed and the intended outcome is consistent with","page_number":192,"box":{"x":89,"y":475,"width":850,"height":12}},{"id":"25a1792f-b302-4a0c-8d4c-1dfac6b9bc56","block_type":"box","text":"long-term financial value creation.","page_number":192,"box":{"x":89,"y":490,"width":239,"height":12}},{"id":"436fd676-2ea9-46f8-8c0c-26a75383fe55","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s supporting","page_number":192,"box":{"x":88,"y":516,"width":861,"height":13}},{"id":"789f2c6f-1b7c-4d00-8d50-7693cb891124","block_type":"box","text":"statement may refer to topics that are not directly related to the request made in the proposal. In voting on behalf of clients,","page_number":192,"box":{"x":89,"y":531,"width":866,"height":13}},{"id":"919da3c5-7963-409c-90ad-f2ebbc6308c2","block_type":"box","text":"we do not submit or edit proposals or the supporting statements – we must vote yes or no on the proposal as phrased by the","page_number":192,"box":{"x":88,"y":547,"width":876,"height":12}},{"id":"fbf0e931-962e-4f8d-aaba-5bba53d66587","block_type":"box","text":"proponent. Therefore, when we vote in support of a proposal, we are not necessarily endorsing every element of the proposal","page_number":192,"box":{"x":89,"y":562,"width":877,"height":12}},{"id":"1cdd79f1-888c-4655-9894-f82f837e3958","block_type":"box","text":"or the reasoning, objectives, or supporting statement of the proponent. We may support a proposal for different reasons from","page_number":192,"box":{"x":89,"y":577,"width":878,"height":12}},{"id":"5eb91ad4-501a-4520-beab-b8a90e82aac4","block_type":"box","text":"those put forth by the proponent, when we believe that, overall, it can advance our clients’ long-term financial interests. We","page_number":192,"box":{"x":88,"y":592,"width":863,"height":12}},{"id":"0d257293-7a8e-4451-8fe6-6ba2e7587b23","block_type":"box","text":"typically explain to the company our rationale for supporting such proposals.","page_number":192,"box":{"x":88,"y":607,"width":538,"height":12}},{"id":"3de00132-ae2d-47c2-8976-569b8040f55c","block_type":"box","text":"Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the board has","page_number":192,"box":{"x":88,"y":633,"width":852,"height":13}},{"id":"ba059175-982d-4bdf-96b2-c91ae62ebda0","block_type":"box","text":"not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also support a proposal if","page_number":192,"box":{"x":89,"y":649,"width":835,"height":12}},{"id":"495c4c61-b496-405b-9d42-3dada64d6b3d","block_type":"box","text":"management is on track, but we believe that voting in favor might accelerate efforts to address a material risk.","page_number":192,"box":{"x":89,"y":664,"width":769,"height":12}},{"id":"ea5f7137-4722-40eb-832b-bc27b4b54187","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":192,"box":{"x":89,"y":690,"width":441,"height":13}},{"id":"c1a3210c-35bf-40d5-84d5-50a28912ab02","block_type":"box","text":"Oversight","page_number":192,"box":{"x":105,"y":717,"width":69,"height":12}},{"id":"92f88394-849b-450f-b793-0e55b27a0c0a","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior BlackRock","page_number":192,"box":{"x":89,"y":743,"width":843,"height":12}},{"id":"4fe18268-86d1-4b7a-8a7d-ad729aca546d","block_type":"box","text":"index investment professionals and/or senior employees with practical boardroom experience. The Stewardship Advisory","page_number":192,"box":{"x":89,"y":758,"width":849,"height":13}},{"id":"55c0b23c-eda0-40aa-9293-4a7e503997b1","block_type":"box","text":"Committees review and advise on amendments to BIS regional proxy voting guidelines (the Guidelines). The advisory","page_number":192,"box":{"x":89,"y":773,"width":820,"height":13}},{"id":"444cc775-443d-4b84-ba4b-21d6f02828fa","block_type":"box","text":"committees do not determine voting decisions, which are the responsibility of BIS.","page_number":192,"box":{"x":89,"y":788,"width":574,"height":13}},{"id":"8ea9faa4-5662-4b27-b9ae-a7c88f1500d3","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee (Global","page_number":192,"box":{"x":89,"y":815,"width":827,"height":12}},{"id":"822fba64-9b88-485a-b546-4f5f0a85afe0","block_type":"box","text":"Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship (Global Head),","page_number":192,"box":{"x":89,"y":830,"width":868,"height":12}},{"id":"af522cfa-4ff9-4521-b0f1-cf0b373eb1d2","block_type":"box","text":"and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The Global Committee does","page_number":192,"box":{"x":89,"y":845,"width":875,"height":12}},{"id":"7dc58eac-e767-4516-b013-40bd6c59c77f","block_type":"box","text":"not determine voting decisions, which are the responsibility of BIS.","page_number":192,"box":{"x":89,"y":860,"width":464,"height":13}},{"id":"50e2f8cd-6343-49a4-bcfb-0583fef7aeeb","block_type":"box","text":"A-31","page_number":192,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"9c278d55-ff60-48d5-a386-54d73f6eecb5","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the Guidelines, which","page_number":193,"box":{"x":88,"y":44,"width":841,"height":12}},{"id":"3e7bced0-c159-4110-8609-f6a7edf41887","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances. The Global","page_number":193,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"7ebd37e9-964e-4010-965e-d418cc6a19fc","block_type":"box","text":"Committee reviews and approves amendments to these Principles. The Global Committee also reviews and approves","page_number":193,"box":{"x":89,"y":74,"width":817,"height":12}},{"id":"3289d087-f4a4-465b-8030-312e1a4baca4","block_type":"box","text":"amendments to the regional Guidelines.","page_number":193,"box":{"x":89,"y":89,"width":279,"height":13}},{"id":"64cf74bc-c653-4aab-9400-11aee167d87a","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic reports regarding the votes cast by BIS, as well as updates on","page_number":193,"box":{"x":89,"y":116,"width":876,"height":12}},{"id":"a983b24d-ef46-4511-b72a-3364ea7716d0","block_type":"box","text":"material process issues, procedural changes, and other risk oversight considerations. The Global Committee reviews these","page_number":193,"box":{"x":89,"y":131,"width":855,"height":12}},{"id":"ec692602-14c2-4b74-8359-2225f8885fe8","block_type":"box","text":"reports in an oversight capacity as informed by the Guidelines.","page_number":193,"box":{"x":89,"y":146,"width":435,"height":12}},{"id":"a96de31a-4622-4f28-9059-7b8e3398965e","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including maintaining","page_number":193,"box":{"x":89,"y":172,"width":843,"height":13}},{"id":"542a2d20-de77-47ff-b7ba-d627077e8eb6","block_type":"box","text":"records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research on corporate","page_number":193,"box":{"x":89,"y":188,"width":805,"height":12}},{"id":"1b94d654-5e42-4f85-80ca-d8f78267b7df","block_type":"box","text":"governance issues and participates in industry discussions to contribute to and keep abreast of important developments in","page_number":193,"box":{"x":89,"y":203,"width":859,"height":12}},{"id":"791275b4-8e17-43f8-bbde-8ee232b681a9","block_type":"box","text":"the corporate governance field. BIS may utilize third parties for certain of the foregoing activities and performs oversight of","page_number":193,"box":{"x":88,"y":218,"width":859,"height":12}},{"id":"29a62bc4-bf0a-43cb-925a-48a6a89a192f","block_type":"box","text":"those third parties. BIS may discuss complicated or particularly controversial matters with senior specialists internally, on an","page_number":193,"box":{"x":88,"y":233,"width":866,"height":12}},{"id":"afd59890-e9ed-456c-bb54-4f9ef1c796e9","block_type":"box","text":"advisory basis, prior to making a voting decision.","page_number":193,"box":{"x":89,"y":248,"width":340,"height":12}},{"id":"f7aa8d5e-4080-48fe-912a-b69021a10038","block_type":"box","text":"Voting guidelines and vote execution","page_number":193,"box":{"x":88,"y":274,"width":267,"height":13}},{"id":"ed21c2cb-3fbf-4cd0-91d6-3d523c00406f","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted to funds and","page_number":193,"box":{"x":89,"y":301,"width":877,"height":12}},{"id":"b59f34d4-cf7e-4dc3-9772-11909f594c77","block_type":"box","text":"other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or refrains from voting)","page_number":193,"box":{"x":89,"y":316,"width":841,"height":12}},{"id":"700d1a89-f658-471f-a97d-e45e41b111e4","block_type":"box","text":"proxies for each Fund for which we have voting authority based on our evaluation of the alignment of the voting items with","page_number":193,"box":{"x":89,"y":331,"width":862,"height":12}},{"id":"0177fed5-97bf-41e3-808d-4b151d3858bb","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":193,"box":{"x":88,"y":346,"width":877,"height":13}},{"id":"a899294a-a416-4478-a7ef-011713a3fa2d","block_type":"box","text":"the relationship of the issuer of the proxy (or any shareholder proponent or dissident shareholder) to the Fund, the Fund’s","page_number":193,"box":{"x":88,"y":361,"width":853,"height":13}},{"id":"edc9f7c3-9e72-4975-829d-7089374aa8a1","block_type":"box","text":"affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and","page_number":193,"box":{"x":89,"y":376,"width":828,"height":13}},{"id":"cb615115-b7fb-479f-8743-d944ee91675f","block_type":"box","text":"procedures,” below).","page_number":193,"box":{"x":89,"y":392,"width":144,"height":12}},{"id":"05d480b7-ad03-469c-9cac-116adf987a38","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines for the","page_number":193,"box":{"x":88,"y":418,"width":828,"height":12}},{"id":"6000beac-5145-4abd-aebe-43bac6adff3e","block_type":"box","text":"relevant market, as well as the Principles. The voting guidelines published for each region/country in which we vote are","page_number":193,"box":{"x":89,"y":433,"width":834,"height":13}},{"id":"535c9c11-68ef-459c-8f59-762947207ca5","block_type":"box","text":"intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in the proxy voting","page_number":193,"box":{"x":89,"y":448,"width":869,"height":13}},{"id":"038a2f36-796d-4783-990a-52b1145ad151","block_type":"box","text":"context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS applies the Guidelines on a","page_number":193,"box":{"x":89,"y":463,"width":851,"height":13}},{"id":"f36d7754-12a9-499b-ab79-4b19f45d4ed5","block_type":"box","text":"case-by-case basis, in the context of the individual circumstances of each company and the specific issue under review. As","page_number":193,"box":{"x":89,"y":479,"width":858,"height":12}},{"id":"e9afec3d-7698-4245-a9f5-d34ede921695","block_type":"box","text":"such, the Guidelines do not indicate how BIS will vote in every instance. Rather, they reflect our view about corporate","page_number":193,"box":{"x":89,"y":494,"width":817,"height":12}},{"id":"2e2781ba-2b0b-4bca-aea5-8b5308674ef6","block_type":"box","text":"governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate","page_number":193,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"4da14f35-6c93-42e8-96b0-f316429ac61c","block_type":"box","text":"ballots. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments","page_number":193,"box":{"x":89,"y":524,"width":875,"height":12}},{"id":"9d3f973d-d585-48d1-b0a3-e99760cf44f4","block_type":"box","text":"in corporate governance and feedback from companies and clients. In this way, BIS aims to maintain policies that explain our","page_number":193,"box":{"x":89,"y":539,"width":874,"height":12}},{"id":"2e8ab351-ec75-43c3-bf07-f7314fc481f5","block_type":"box","text":"approach to governance practices most aligned with clients’ long-term financial interests. BIS analysts may exercise their","page_number":193,"box":{"x":89,"y":554,"width":846,"height":12}},{"id":"a25d0973-9426-462f-8f23-33f28bb17653","block_type":"box","text":"professional judgment in determining how to vote if they conclude that the Guidelines do not cover the specific matter raised","page_number":193,"box":{"x":89,"y":569,"width":877,"height":13}},{"id":"ab07fb7d-ee48-4363-8ddd-9b0271761ea1","block_type":"box","text":"by a ballot item or that an exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":193,"box":{"x":89,"y":584,"width":858,"height":13}},{"id":"571065ee-ef6d-47c7-ace8-68585e9c7863","block_type":"box","text":"In certain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as well as the","page_number":193,"box":{"x":89,"y":611,"width":835,"height":12}},{"id":"e02f2479-38a9-4a21-ab42-1abf1f2aa5f7","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":193,"box":{"x":89,"y":626,"width":867,"height":12}},{"id":"704d08de-fd46-49a7-b33f-e6e5f88e58ca","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":193,"box":{"x":89,"y":641,"width":804,"height":12}},{"id":"e37c9111-6b5e-480c-81e2-52b2688ed984","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":193,"box":{"x":89,"y":656,"width":820,"height":13}},{"id":"0cb3ddfa-cdad-4f5c-8c6d-9c83747bda33","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":193,"box":{"x":89,"y":671,"width":830,"height":13}},{"id":"2fff5f7a-a083-4c10-89b2-010bd93c8fda","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":193,"box":{"x":89,"y":686,"width":788,"height":13}},{"id":"4684c432-ddbf-4e33-be9c-96c03e1d2fe5","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":193,"box":{"x":89,"y":702,"width":807,"height":12}},{"id":"53d0ed52-1b9f-42b5-ab94-4c6b07e2ca73","block_type":"box","text":"burdensome administrative requirements.","page_number":193,"box":{"x":89,"y":717,"width":292,"height":12}},{"id":"4659b73f-abd3-42ab-8901-9f8ccf7195a6","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-efforts” basis. In addition, BIS may determine that it is generally in the","page_number":193,"box":{"x":89,"y":743,"width":867,"height":12}},{"id":"3f5b972a-7c36-4d9f-9222-78ff50527f3e","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":193,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"95d6894f-cb1a-4c42-9d13-daccf31bf61d","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":193,"box":{"x":89,"y":773,"width":878,"height":13}},{"id":"4dcd5784-2c6d-4adb-88c8-ab514778b2be","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":193,"box":{"x":89,"y":788,"width":397,"height":13}},{"id":"69a9179b-0199-4667-8d46-a260612e084f","block_type":"box","text":"Voting Choice","page_number":193,"box":{"x":88,"y":815,"width":101,"height":12}},{"id":"4c151d10-c50a-4bb8-8831-a7fe250e30c9","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in the proxy","page_number":193,"box":{"x":89,"y":841,"width":851,"height":13}},{"id":"31d3cac3-be0e-4cad-bee1-708d7d61e26b","block_type":"box","text":"voting process where legally and operationally viable.","page_number":193,"box":{"x":88,"y":856,"width":373,"height":13}},{"id":"e1dc2c41-97eb-421b-8f89-957bc6f434dd","block_type":"box","text":"A-32","page_number":193,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"61072da1-c26c-4e2d-a0b6-f89a64273b6c","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in certain institutional pooled funds in the U.S., UK, Ireland, and","page_number":194,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"c7df3047-385c-4d4e-995a-b9b40da83bd9","block_type":"box","text":"Canada that utilize certain equity index investment strategies, as well as eligible clients in certain institutional pooled funds in","page_number":194,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"df02296f-5c36-4205-ae19-a3beb36424f6","block_type":"box","text":"the U.S., UK, and Canada that use systematic active equity (SAE) strategies. In addition, institutional clients in separately","page_number":194,"box":{"x":88,"y":74,"width":840,"height":12}},{"id":"29fca18a-2584-4a78-a4bc-323d2a5faa5f","block_type":"box","text":"managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice regardless of their investment strategies.","page_number":194,"box":{"x":89,"y":89,"width":840,"height":13}},{"id":"1e99001d-b506-483f-bc5b-d451f5ac796e","block_type":"box","text":"(18)","page_number":194,"box":{"x":931,"y":87,"width":20,"height":8}},{"id":"97dd2121-7b7d-4363-b84c-347045a7b273","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible shareholder accounts in a U.S. Fund.","page_number":194,"box":{"x":89,"y":104,"width":758,"height":13}},{"id":"89a1d397-4e26-4cb1-a4bf-336f3739c6ac","block_type":"box","text":"(19)","page_number":194,"box":{"x":848,"y":102,"width":21,"height":8}},{"id":"e2a033e0-7d20-4a18-b5b2-decea6229d27","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":194,"box":{"x":88,"y":131,"width":880,"height":12}},{"id":"7c5ed6cc-7822-45e9-8c7e-9d0e1e7e4d9f","block_type":"box","text":"clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a third-party policy, or have","page_number":194,"box":{"x":89,"y":146,"width":876,"height":12}},{"id":"a5e089d3-99f1-4f1b-a6e0-1bb5561e04d0","block_type":"box","text":"elected to vote shares in accordance with their own policy. Our clients have greater control over proxy voting because of","page_number":194,"box":{"x":89,"y":161,"width":841,"height":12}},{"id":"ab44be61-fdfb-4910-be49-b9e2c5872c68","block_type":"box","text":"Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy, without client","page_number":194,"box":{"x":88,"y":176,"width":848,"height":13}},{"id":"aed380e6-14e5-4dca-8e43-047e85d8d343","block_type":"box","text":"consent.","page_number":194,"box":{"x":89,"y":193,"width":58,"height":8}},{"id":"25f2be8d-be92-446a-9254-7b0f7eeaa09c","block_type":"box","text":"Conflicts management policies and procedures","page_number":194,"box":{"x":89,"y":218,"width":340,"height":12}},{"id":"edf22e6c-3100-47a4-a335-6fd83eb80a12","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":194,"box":{"x":89,"y":244,"width":822,"height":13}},{"id":"590d1b71-eb37-4ceb-92b3-d4f4b74b8c36","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":194,"box":{"x":89,"y":259,"width":829,"height":13}},{"id":"13f57b6c-e09f-48c7-8073-7f7eb3c54768","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":194,"box":{"x":89,"y":274,"width":855,"height":13}},{"id":"2dede07d-ca17-4bed-9326-5dc7e3b6b5a0","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":194,"box":{"x":89,"y":290,"width":459,"height":12}},{"id":"300cdbc6-e37e-46c3-ae12-91b4c31d786b","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":194,"box":{"x":121,"y":310,"width":676,"height":12}},{"id":"c14b35ad-402c-46cb-b445-63be764dd1a1","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":194,"box":{"x":121,"y":330,"width":781,"height":12}},{"id":"ed8854fc-d153-423e-8513-4e75f7b97fee","block_type":"box","text":"resolutions","page_number":194,"box":{"x":154,"y":345,"width":76,"height":10}},{"id":"6b38f309-5fce-4a7f-be2f-b7d11872385b","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":194,"box":{"x":121,"y":365,"width":785,"height":12}},{"id":"91a09dbf-c3d7-404d-9121-00d923b86100","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":194,"box":{"x":121,"y":385,"width":780,"height":13}},{"id":"dd759f31-e0e7-4024-8929-4f2a26ca757b","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":194,"box":{"x":121,"y":405,"width":714,"height":13}},{"id":"5c35475e-b9a9-4b43-8cdf-c33237c0540b","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":194,"box":{"x":121,"y":426,"width":801,"height":12}},{"id":"33daa2ab-e2f0-4f46-8269-dd781703d185","block_type":"box","text":"managed by BlackRock","page_number":194,"box":{"x":154,"y":441,"width":162,"height":12}},{"id":"fa3c0c24-5103-4dc8-8fc6-03e9a8c01114","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":194,"box":{"x":89,"y":467,"width":839,"height":13}},{"id":"e4ea86d8-4d71-4bd7-81c1-d8baf4e2181f","block_type":"box","text":"• Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies","page_number":194,"box":{"x":121,"y":487,"width":838,"height":13}},{"id":"866a4581-db21-4eba-8f99-23555d2f3d7e","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":194,"box":{"x":154,"y":502,"width":294,"height":10}},{"id":"eca34f46-9e95-4324-b0fd-f789319e5a1d","block_type":"box","text":"• Established a reporting structure that separates BIS from employees with sales, vendor management, or business","page_number":194,"box":{"x":121,"y":523,"width":824,"height":12}},{"id":"d0e5bb91-2cb3-4a1c-89ad-a85730e7d943","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":194,"box":{"x":154,"y":538,"width":777,"height":12}},{"id":"4c164563-df7c-47f7-a843-a0dec1ce25e3","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":194,"box":{"x":154,"y":553,"width":797,"height":12}},{"id":"f213551d-a6f1-4611-91fe-2630e7c77345","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS","page_number":194,"box":{"x":153,"y":568,"width":786,"height":12}},{"id":"d5338b3b-9c1c-472b-a637-1543a015440e","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":194,"box":{"x":154,"y":583,"width":803,"height":12}},{"id":"9c83caf4-c3ed-4eeb-b015-2fe41faa56be","block_type":"box","text":"a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for","page_number":194,"box":{"x":154,"y":598,"width":802,"height":13}},{"id":"f58df0cb-64e7-4404-836a-18d47deb354f","block_type":"box","text":"the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock","page_number":194,"box":{"x":153,"y":613,"width":807,"height":13}},{"id":"a941aaad-5971-4205-97e1-9d4e4f3d3393","block_type":"box","text":"clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business","page_number":194,"box":{"x":154,"y":628,"width":806,"height":13}},{"id":"beb8f4c3-b8de-4e27-8582-3ef506fbc09b","block_type":"box","text":"partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters,","page_number":194,"box":{"x":154,"y":644,"width":781,"height":12}},{"id":"1ac3692e-541a-46b5-95d5-8571d5374678","block_type":"box","text":"client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":194,"box":{"x":154,"y":659,"width":679,"height":12}},{"id":"6ffb1315-c47b-4191-9558-3ebfb1902e86","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":194,"box":{"x":121,"y":679,"width":846,"height":12}},{"id":"d4d921b9-0614-4722-b531-165d7bf11a40","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":194,"box":{"x":154,"y":694,"width":784,"height":12}},{"id":"867200d9-a7f9-47f1-a697-d3921c14a56f","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":194,"box":{"x":154,"y":709,"width":780,"height":12}},{"id":"f94eed3a-c11c-4184-8888-8cb3c43779ae","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":194,"box":{"x":154,"y":724,"width":793,"height":13}},{"id":"620513c4-4288-4915-bf4a-270054b259e3","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":194,"box":{"x":154,"y":739,"width":799,"height":13}},{"id":"976fcae3-0a6e-4ee7-b0b0-20655baa2702","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":194,"box":{"x":154,"y":754,"width":790,"height":13}},{"id":"2a79e190-f851-4d60-8385-2ea1345acc9c","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":194,"box":{"x":154,"y":770,"width":693,"height":12}},{"id":"610dbfe1-6634-4758-adac-36b34af751ff","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":194,"box":{"x":187,"y":790,"width":592,"height":12}},{"id":"e973ab60-8e46-4ad4-98d4-551a37f3a606","block_type":"box","text":"(18) With Voting Choice, SMAs have the ability to select from a set of voting policies from third-party proxy advisers the policy that best aligns with t","page_number":194,"box":{"x":89,"y":841,"width":837,"height":10}},{"id":"44bc6e7a-9ffa-4373-a9b8-c8939eeb32bb","block_type":"box","text":"heir","page_number":194,"box":{"x":927,"y":841,"width":20,"height":8}},{"id":"b7ea32c9-efff-4e0c-825f-5c024b43945c","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":194,"box":{"x":121,"y":853,"width":752,"height":10}},{"id":"04f65a78-d1d2-4530-9748-384a6db20b91","block_type":"box","text":"(19) Read more about BlackRock Voting Choice on our website.","page_number":194,"box":{"x":89,"y":868,"width":360,"height":10}},{"id":"4bafcec5-cc88-4129-8afc-d1b9c06622c0","block_type":"box","text":"A-33","page_number":194,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"e4d38bd0-eeef-45cb-92ff-54fbbd9d6a38","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":195,"box":{"x":187,"y":44,"width":761,"height":12}},{"id":"d737b1db-6373-47db-9e0e-ec213c818f0a","block_type":"box","text":"the board of directors","page_number":195,"box":{"x":218,"y":59,"width":152,"height":10}},{"id":"99847187-0df6-436a-9e37-9e06044817bd","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":195,"box":{"x":187,"y":79,"width":646,"height":13}},{"id":"1e4516ed-e075-444d-9ada-918e8cbc47ee","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":195,"box":{"x":187,"y":99,"width":513,"height":13}},{"id":"4906cba4-4a67-4108-86d3-d2dd31942be3","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":195,"box":{"x":187,"y":119,"width":764,"height":13}},{"id":"be1efe66-6ffe-43c7-90be-ddcfbf11a774","block_type":"box","text":"party voting service provider","page_number":195,"box":{"x":219,"y":135,"width":199,"height":12}},{"id":"43e2000c-e86b-43eb-a961-3087c3aaec95","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":195,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"a43976e5-ad52-4235-ad40-e426e4c3ae99","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":195,"box":{"x":89,"y":176,"width":826,"height":13}},{"id":"17db14b5-cc14-4711-bd48-e52b56fe9b7c","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":195,"box":{"x":89,"y":191,"width":836,"height":13}},{"id":"fc160a24-7f0e-46d1-8861-437973ad720d","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":195,"box":{"x":89,"y":206,"width":829,"height":13}},{"id":"84f947f7-f896-4144-a22d-eb14b2ef7cd9","block_type":"box","text":"provider, in part to mitigate potential or perceived conflicts of interest at a single voting service provider. The Global","page_number":195,"box":{"x":89,"y":222,"width":804,"height":12}},{"id":"64ef3e04-d00b-444b-96bb-c533bc512fe0","block_type":"box","text":"Committee appoints and reviews the performance of the independent third-party voting service providers, generally on an","page_number":195,"box":{"x":89,"y":237,"width":855,"height":12}},{"id":"c6e8bebe-d81f-43c2-92b3-5ae352c7eeb2","block_type":"box","text":"annual basis.","page_number":195,"box":{"x":89,"y":252,"width":89,"height":9}},{"id":"2f18cd77-996a-4503-85c2-a1492d405c53","block_type":"box","text":"Securities lending","page_number":195,"box":{"x":88,"y":278,"width":128,"height":13}},{"id":"b6571f57-0dd8-4984-b53f-1584198123c1","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a well-regulated","page_number":195,"box":{"x":88,"y":305,"width":855,"height":12}},{"id":"1bc141d5-5850-4c13-b72e-09752983abae","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":195,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"1ab55412-05ba-4460-8b4c-3c99d807c482","block_type":"box","text":"providers to keep fund expenses lower.","page_number":195,"box":{"x":89,"y":335,"width":270,"height":12}},{"id":"d9fb60a3-b9f9-4e87-91b1-051a292541f0","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":195,"box":{"x":88,"y":361,"width":867,"height":13}},{"id":"6b07467d-fd85-46ce-981b-ed28b359966f","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":195,"box":{"x":89,"y":376,"width":827,"height":13}},{"id":"9aef7cfd-172a-4fc7-8b72-131bfe0719a0","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":195,"box":{"x":89,"y":392,"width":866,"height":12}},{"id":"b8b0e9a2-5ca8-4dc7-b4ff-fffe3ecb6cec","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":195,"box":{"x":89,"y":407,"width":853,"height":12}},{"id":"27ed0034-e8bb-4838-a61a-3ec606fca4e2","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":195,"box":{"x":89,"y":422,"width":838,"height":12}},{"id":"747d6180-34b8-43e6-bd81-2cf4d445a365","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration).","page_number":195,"box":{"x":89,"y":437,"width":726,"height":12}},{"id":"3813d016-7826-478d-96f8-75652360752a","block_type":"box","text":"(20)","page_number":195,"box":{"x":816,"y":435,"width":21,"height":8}},{"id":"988d195b-152c-44c1-927e-a4186fd3e018","block_type":"box","text":"BIS works with","page_number":195,"box":{"x":843,"y":437,"width":102,"height":10}},{"id":"0a9ed8b4-e1e4-4e70-b36e-75025bfbd7e5","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":195,"box":{"x":89,"y":452,"width":873,"height":12}},{"id":"bdea6cc3-bcd6-4ada-ada6-0fee9435748e","block_type":"box","text":"recalling shares on loan.","page_number":195,"box":{"x":89,"y":467,"width":167,"height":13}},{"id":"6d1c1167-21cd-4658-900a-a8232f6aa4ef","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting shares would","page_number":195,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"2d96ade4-da48-45b1-9127-807bfd8ae667","block_type":"box","text":"be less than the potential revenue the loan may provide the Fund. However, in certain instances, BlackRock may determine, in","page_number":195,"box":{"x":89,"y":509,"width":876,"height":12}},{"id":"0a6322ef-91e0-4b57-a807-4260fa7b87c0","block_type":"box","text":"our independent business judgment as a fiduciary, that the value of voting outweighs the securities lending revenue loss to","page_number":195,"box":{"x":89,"y":524,"width":860,"height":12}},{"id":"cc93c485-a834-4f34-8d7d-5c1047d0d1af","block_type":"box","text":"clients and would therefore recall shares to be voted in those instances.","page_number":195,"box":{"x":89,"y":539,"width":499,"height":10}},{"id":"a30dc95b-ef75-4075-b119-47a4125e3b08","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":195,"box":{"x":89,"y":565,"width":840,"height":13}},{"id":"7c6fc3bd-5510-4b08-8afd-618f94501e00","block_type":"box","text":"modify it as necessary.","page_number":195,"box":{"x":89,"y":581,"width":156,"height":12}},{"id":"4fdf24dc-597f-4f23-b6cb-15722c4d0201","block_type":"box","text":"Reporting and vote transparency","page_number":195,"box":{"x":89,"y":607,"width":236,"height":12}},{"id":"67774ce0-7e72-4a06-8a95-5c3dc59f2a81","block_type":"box","text":"We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our","page_number":195,"box":{"x":88,"y":633,"width":804,"height":13}},{"id":"6b5e1028-9cbd-4da9-b7a6-fc7d924bbabb","block_type":"box","text":"engagement and voting policies and activities through direct communication and through disclosure on our website.","page_number":195,"box":{"x":89,"y":649,"width":819,"height":12}},{"id":"c789bc88-5241-43ea-a0f7-18b65e6bad10","block_type":"box","text":"Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies in which we","page_number":195,"box":{"x":88,"y":664,"width":854,"height":12}},{"id":"fc935646-ad65-477e-a335-4c509f873178","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our perspective on market developments and emerging key","page_number":195,"box":{"x":89,"y":679,"width":852,"height":12}},{"id":"a59020f9-d6ea-4256-83e2-e18afda6ed87","block_type":"box","text":"themes.","page_number":195,"box":{"x":88,"y":694,"width":55,"height":10}},{"id":"32d624be-f72e-40f5-ac4f-6a32e18ac44f","block_type":"box","text":"At a more granular level, on a quarterly basis, we publish our vote record for each company that held a shareholder meeting","page_number":195,"box":{"x":88,"y":720,"width":866,"height":13}},{"id":"85ae41c8-a9d9-442d-9de8-af74e5f703f2","block_type":"box","text":"during the period, showing how BIS voted on each proposal and providing our rationale for any votes against management","page_number":195,"box":{"x":89,"y":736,"width":861,"height":12}},{"id":"61b1bb6d-49ef-4380-9c86-bf342271201a","block_type":"box","text":"proposals and on shareholder proposals. For shareholder meetings where a vote might be high profile or of significant","page_number":195,"box":{"x":89,"y":751,"width":826,"height":12}},{"id":"3c81c4fd-831a-4d98-8928-1f967a6c956e","block_type":"box","text":"(20) Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record date of a shareholder meeting typic","page_number":195,"box":{"x":89,"y":805,"width":848,"height":10}},{"id":"f59a83c5-e183-4e92-9b84-cf421c7ba6d1","block_type":"box","text":"ally","page_number":195,"box":{"x":938,"y":805,"width":18,"height":10}},{"id":"e2851e8b-8aa9-452b-904e-257e812d5179","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":195,"box":{"x":121,"y":818,"width":817,"height":10}},{"id":"4a109928-68c4-4e78-b873-e5c5d9eefcf6","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":195,"box":{"x":121,"y":831,"width":831,"height":10}},{"id":"018e669d-8fcc-401f-b470-13f3bdd592fb","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":195,"box":{"x":121,"y":843,"width":810,"height":10}},{"id":"dcc6b1a6-ed51-4ae1-95c8-a39dda24156e","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":195,"box":{"x":121,"y":856,"width":832,"height":10}},{"id":"f3952be3-aaf2-4b31-a08d-be1a1c86e232","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":195,"box":{"x":121,"y":868,"width":745,"height":10}},{"id":"8a54291c-e13e-452b-bde2-9b67ee1fa7a9","block_type":"box","text":"A-34","page_number":195,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"7e8a1079-407e-43c7-9455-cc93fba52c70","block_type":"box","text":"interest to clients, we may publish a vote bulletin after the meeting, disclosing and explaining our vote on key proposals. We","page_number":196,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"579611cf-4775-46ea-b3c3-e9b789e010b7","block_type":"box","text":"also publish a quarterly list of all companies with which we engaged and the key topics addressed in the engagement","page_number":196,"box":{"x":89,"y":59,"width":822,"height":12}},{"id":"2855bb8c-5be0-436a-81a1-7dacd157cecb","block_type":"box","text":"meeting.","page_number":196,"box":{"x":89,"y":75,"width":60,"height":11}},{"id":"d960a3ec-6080-48f4-bfbf-20abac294d0a","block_type":"box","text":"In this way, we help inform our clients about the work we do on their behalf in promoting the governance and business","page_number":196,"box":{"x":89,"y":101,"width":833,"height":12}},{"id":"aff7a4ce-ead8-48da-8b98-1f2bcd59fcb2","block_type":"box","text":"practices that support durable, long-term financial value creation by companies.","page_number":196,"box":{"x":89,"y":116,"width":560,"height":12}},{"id":"0665487f-2c27-4793-ab5b-b7254096dbb7","block_type":"box","text":"Want to know more?","page_number":196,"box":{"x":88,"y":142,"width":149,"height":10}},{"id":"60809710-d140-49c6-9903-879a22c2a021","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":196,"box":{"x":89,"y":169,"width":464,"height":12}},{"id":"88d52311-7d5e-4813-bc47-d723402c8897","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":196,"box":{"x":88,"y":195,"width":827,"height":12}},{"id":"ab40c947-41bc-46d0-9eb6-93ba646d3692","block_type":"box","text":"principal.","page_number":196,"box":{"x":89,"y":210,"width":62,"height":13}},{"id":"98fb258d-0c88-49fe-bdf5-b134bac0d373","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":196,"box":{"x":89,"y":237,"width":190,"height":12}},{"id":"6fb31387-6ed4-4360-aeda-9ec10d8f3da5","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":196,"box":{"x":89,"y":263,"width":289,"height":12}},{"id":"f5cfed8a-8c2a-4bd5-abf0-5321f15392ba","block_type":"box","text":"BLACKROCK","page_number":196,"box":{"x":384,"y":264,"width":89,"height":9}},{"id":"a12f7466-cb63-4243-9a8a-6c1c894c02de","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":196,"box":{"x":478,"y":263,"width":450,"height":11}},{"id":"0a24e971-1fdb-4d7b-bffd-14358b489e66","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":196,"box":{"x":88,"y":278,"width":558,"height":13}},{"id":"5af55929-0083-423a-b338-9948c8c54d63","block_type":"box","text":"A-35","page_number":196,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"c5145975-673c-4c68-b00d-fad8538569bc","block_type":"box","text":"BlackRock Investment Stewardship","page_number":197,"box":{"x":227,"y":44,"width":604,"height":30}},{"id":"b23978f1-ef9b-435d-9450-9d27fdc09b05","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":197,"box":{"x":89,"y":88,"width":382,"height":12}},{"id":"a1d973d4-5c6d-40bc-b9d2-384ac8525b73","block_type":"box","text":"Published July 2024","page_number":197,"box":{"x":106,"y":114,"width":139,"height":13}},{"id":"0339d162-b3ed-4a7e-a64e-cb7476d11c62","block_type":"box","text":"BlackRock climate and decarbonization stewardship guidelines","page_number":197,"box":{"x":89,"y":141,"width":454,"height":12}},{"id":"49b94d79-7e6f-4b99-ae25-d9487dc3adcf","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":197,"box":{"x":89,"y":167,"width":365,"height":13}},{"id":"67c51c26-0e2b-47b4-8cf9-f17e9f07ced6","block_type":"box","text":"BlackRock’s clients depend on us to help them meet their varied investment goals. We consider it one of our responsibilities","page_number":197,"box":{"x":89,"y":194,"width":863,"height":12}},{"id":"69d69288-3245-4f39-a564-6cc80cd82cfb","block_type":"box","text":"to be an informed, engaged shareholder on their behalf, given the business decisions that companies make have a direct","page_number":197,"box":{"x":88,"y":209,"width":844,"height":12}},{"id":"df001718-bf84-46db-b623-954b410d3e9e","block_type":"box","text":"impact on our clients’ long-term investment outcomes and financial well-being. BlackRock Investment Stewardship (BIS) is a","page_number":197,"box":{"x":89,"y":224,"width":873,"height":12}},{"id":"fa4898f9-f4cf-479c-8fa7-f0db455c860e","block_type":"box","text":"dedicated function within BlackRock, which serves as a link between BlackRock’s clients and the companies we invest in on","page_number":197,"box":{"x":89,"y":239,"width":862,"height":13}},{"id":"7b8298d8-b8c7-4df5-9a57-fea74d35bdb9","block_type":"box","text":"their behalf. BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the majority of","page_number":197,"box":{"x":88,"y":254,"width":865,"height":13}},{"id":"41d78642-e348-4981-9db8-188dc2818841","block_type":"box","text":"our clients. BIS does this through:","page_number":197,"box":{"x":89,"y":269,"width":234,"height":13}},{"id":"ff726f69-cea8-45ac-8564-ff863a60ae25","block_type":"box","text":"1.","page_number":197,"box":{"x":90,"y":290,"width":10,"height":9}},{"id":"17be3e2a-84d4-4f5f-80b5-84df0055567d","block_type":"box","text":"Engaging with companies","page_number":197,"box":{"x":128,"y":290,"width":186,"height":12}},{"id":"f76ee3b6-c8e6-41b1-9b35-af3aad92c488","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":197,"box":{"x":320,"y":290,"width":634,"height":12}},{"id":"979bce47-e7e8-4ade-b06d-e0e6df619a70","block_type":"box","text":"voting decisions.","page_number":197,"box":{"x":127,"y":305,"width":117,"height":12}},{"id":"61fed79e-6bca-49da-a2e2-62587610bb9d","block_type":"box","text":"2.","page_number":197,"box":{"x":89,"y":325,"width":11,"height":10}},{"id":"3bae16d9-4660-4b45-a09d-81081ceb2231","block_type":"box","text":"Voting at shareholder meetings","page_number":197,"box":{"x":127,"y":325,"width":227,"height":12}},{"id":"ca5fedb0-bfbf-4191-8345-8dcc9a1b5132","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have delegated","page_number":197,"box":{"x":359,"y":325,"width":589,"height":12}},{"id":"3bb784ed-5405-45ee-8752-9cba9dde5fcf","block_type":"box","text":"voting authority to BlackRock.","page_number":197,"box":{"x":127,"y":340,"width":210,"height":12}},{"id":"2c73de32-f795-47d2-8b46-452b58abf26b","block_type":"box","text":"3.","page_number":197,"box":{"x":89,"y":361,"width":11,"height":9}},{"id":"d0a251c1-c962-4a40-98fd-5cddceb3db9c","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":197,"box":{"x":128,"y":360,"width":356,"height":12}},{"id":"761f0803-20a3-42e1-9174-05200ee63f76","block_type":"box","text":"to share our perspectives on matters that may impact our clients’","page_number":197,"box":{"x":489,"y":360,"width":457,"height":12}},{"id":"d10171cf-fc32-4f71-b77c-8b0e3e7a758d","block_type":"box","text":"investments.","page_number":197,"box":{"x":128,"y":376,"width":87,"height":9}},{"id":"b8bc2597-cc4f-40c2-878c-01515763efd5","block_type":"box","text":"4.","page_number":197,"box":{"x":88,"y":396,"width":12,"height":9}},{"id":"22c1171c-dc53-4f99-aac9-7e0c38f42405","block_type":"box","text":"Reporting on our activities","page_number":197,"box":{"x":128,"y":396,"width":190,"height":12}},{"id":"46341def-1524-4f45-9d26-8eb1a09a912d","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":197,"box":{"x":323,"y":395,"width":570,"height":13}},{"id":"63d54217-8626-4d99-8668-189f25a2a2fa","block_type":"box","text":"publications and direct reporting.","page_number":197,"box":{"x":128,"y":410,"width":232,"height":13}},{"id":"84560da5-d7d6-43ed-a550-9a3dffa0f273","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":197,"box":{"x":88,"y":437,"width":629,"height":12}},{"id":"129feb68-6900-4462-a31d-fe7689bda565","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied investment","page_number":197,"box":{"x":89,"y":463,"width":822,"height":13}},{"id":"4f4479fa-8a00-4fed-a107-0e47c1c97316","block_type":"box","text":"objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization stewardship option for","page_number":197,"box":{"x":89,"y":479,"width":870,"height":12}},{"id":"60fdafac-efd6-45d7-ae59-613dca3663cc","block_type":"box","text":"those clients who explicitly direct BlackRock to invest their assets with decarbonization investment objectives. An increasing","page_number":197,"box":{"x":88,"y":494,"width":868,"height":12}},{"id":"f4d47cfa-1c8e-4f00-acc2-20169019d8d4","block_type":"box","text":"number of clients are seeking to minimize the financial risk, and maximize the financial opportunities, associated with the","page_number":197,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"2f691dda-7089-4854-aefa-4047f41590d2","block_type":"box","text":"transition to a low-carbon economy, and thus are interested in sustainable and transition investing, with some including","page_number":197,"box":{"x":88,"y":524,"width":839,"height":12}},{"id":"96629fc4-e380-4222-a70c-0e3770665492","block_type":"box","text":"decarbonization as an investment objective in their mandates with BlackRock. In Europe for example, all of our largest,","page_number":197,"box":{"x":89,"y":539,"width":827,"height":12}},{"id":"5b70ffc8-de4f-4fed-8479-545790e5165e","block_type":"box","text":"strategic relationship clients have net zero commitments for their organizations, and globally a growing number have made","page_number":197,"box":{"x":89,"y":554,"width":862,"height":12}},{"id":"c5fa87cc-b2b1-4e50-bcc7-5549531e6975","block_type":"box","text":"similar commitments, which those clients believe, will shape financial opportunities in the transition to a low-carbon","page_number":197,"box":{"x":89,"y":569,"width":814,"height":13}},{"id":"cd6d13df-e881-4f83-a362-cba40b93b3e6","block_type":"box","text":"economy. A survey of 200 institutional investors globally, representing nearly $9tn in assets under management, indicated","page_number":197,"box":{"x":89,"y":584,"width":853,"height":13}},{"id":"d0d7fff1-1ec3-4969-b68d-0dfcd9a2f56f","block_type":"box","text":"that 98% of them have set some kind of transition investment objective for their portfolios.","page_number":197,"box":{"x":88,"y":599,"width":636,"height":13}},{"id":"40f105de-c070-4554-a64d-60e1d894c3db","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with explicit","page_number":197,"box":{"x":88,"y":626,"width":818,"height":12}},{"id":"21e4e366-d457-43e5-a959-d7605fe1dc95","block_type":"box","text":"decarbonization or climate-related investment objectives, and, when appropriate, engagement with corporate leadership to","page_number":197,"box":{"x":89,"y":641,"width":864,"height":12}},{"id":"9da9f407-6665-495b-8fd5-5e7834f76509","block_type":"box","text":"support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct BlackRock to apply","page_number":197,"box":{"x":89,"y":656,"width":850,"height":13}},{"id":"19f6506c-c246-4283-8d52-b4245608ffaa","block_type":"box","text":"these guidelines to their holdings. Both in the case of funds and separately managed accounts, these guidelines are only","page_number":197,"box":{"x":88,"y":671,"width":842,"height":13}},{"id":"45160414-2e2c-45c4-af68-aa8cde5fc497","block_type":"box","text":"implemented upon explicit selection and approval by the applicable fund board or client.","page_number":197,"box":{"x":89,"y":686,"width":617,"height":13}},{"id":"bda4f10d-1c65-4e49-84ac-e0549de8992e","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies and are focused on matters related to climate","page_number":197,"box":{"x":88,"y":713,"width":860,"height":12}},{"id":"7fc5e155-2fb7-4a5b-92dd-c8f62181475b","block_type":"box","text":"risks and the transition to a low-carbon economy at companies that are held by funds and clients who have selected these","page_number":197,"box":{"x":89,"y":728,"width":856,"height":12}},{"id":"aab317a6-0f3b-4809-8819-b17cebb16d87","block_type":"box","text":"guidelines. These guidelines differ from the benchmark policies in that they consider, in addition to financial considerations","page_number":197,"box":{"x":89,"y":743,"width":860,"height":12}},{"id":"211cb1eb-5770-48c7-953a-3f8b565a4d78","block_type":"box","text":"and consistent with the investment objective of each fund or account that has selected these guidelines, the alignment of","page_number":197,"box":{"x":89,"y":758,"width":852,"height":13}},{"id":"af9ce3ac-c6b0-48bb-8890-c2725188d900","block_type":"box","text":"companies’ business model and strategies with the financial opportunities presented by the transition to a low-carbon","page_number":197,"box":{"x":89,"y":773,"width":827,"height":13}},{"id":"8ac67f9a-6a96-476e-b47d-9cedb7602928","block_type":"box","text":"economy and the more ambitious goal of the Paris Agreement, namely to limit average temperature rise to 1.5°C above pre","page_number":197,"box":{"x":89,"y":788,"width":867,"height":13}},{"id":"93aa863d-8871-4109-bdce-05404f5a6d88","block_type":"box","text":"industrial levels.","page_number":197,"box":{"x":89,"y":804,"width":110,"height":9}},{"id":"3407d638-28c4-4d4a-8eba-7eb241514a8e","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world decarbonization or","page_number":197,"box":{"x":88,"y":830,"width":873,"height":12}},{"id":"db8c32f3-4576-4025-8308-c9d7eaeeab6a","block_type":"box","text":"have a carbon intensive business model and face outsized impacts from the low-carbon transition, based on reported and","page_number":197,"box":{"x":89,"y":845,"width":851,"height":12}},{"id":"66a87b01-48d0-4b5b-9e63-bf33de1f91a4","block_type":"box","text":"estimated scopes 1, 2, and 3 greenhouse gas emissions. We estimate these companies represent the vast majority of the","page_number":197,"box":{"x":89,"y":860,"width":843,"height":13}},{"id":"26cf741d-1efb-4390-99b9-71202938c365","block_type":"box","text":"A-36","page_number":197,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"9e241a07-a5c4-4ca4-9408-306c6c1f0598","block_type":"box","text":"value chain emissions of the companies held by funds and clients that have selected these guidelines. For all other companies","page_number":198,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"12d425c0-12ff-4c5f-b1a9-3d8556aa3b85","block_type":"box","text":"held by these funds and clients, BIS’ benchmark voting guidelines apply.","page_number":198,"box":{"x":89,"y":59,"width":502,"height":12}},{"id":"616ef0e6-3140-409c-94e7-0feddefe2b82","block_type":"box","text":"On other matters not related to climate risks and the transition to a low-carbon economy, BIS will apply our benchmark","page_number":198,"box":{"x":89,"y":85,"width":835,"height":13}},{"id":"0cf56040-b62c-4588-a576-dad236d73ad9","block_type":"box","text":"policies.","page_number":198,"box":{"x":89,"y":101,"width":55,"height":12}},{"id":"b95f977d-2284-4cfa-9bc6-abeca77acdde","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment objective, BIS will","page_number":198,"box":{"x":89,"y":127,"width":878,"height":12}},{"id":"01a5ffe0-613e-4e04-8ce3-dbd17a42788d","block_type":"box","text":"continue to undertake our stewardship responsibilities in line with our benchmark policies, with a sole focus on advancing","page_number":198,"box":{"x":89,"y":142,"width":854,"height":12}},{"id":"505494a7-8315-439e-958f-103038a86ca7","block_type":"box","text":"those clients’ long-term economic interests. This will include consideration of climate-related risks and opportunities in a","page_number":198,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"5a1a1a4f-c052-4fda-81a8-d204133d9bb5","block_type":"box","text":"company’s business model, where material to the company’s ability to deliver long-term financial returns.","page_number":198,"box":{"x":89,"y":172,"width":738,"height":13}},{"id":"d3448327-1a0c-48f1-a889-240a2a49fa52","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization policies on items","page_number":198,"box":{"x":89,"y":199,"width":870,"height":12}},{"id":"4687127d-c70d-4fad-a792-d8650041f885","block_type":"box","text":"related to climate risk and the transition to a low-carbon economy.","page_number":198,"box":{"x":89,"y":214,"width":466,"height":12}},{"id":"53df1c08-1e16-489c-baae-cfd4af621ecd","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy","page_number":198,"box":{"x":89,"y":240,"width":621,"height":13}},{"id":"ea0876be-13d9-4d17-9190-62e761f67fdf","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology, and","page_number":198,"box":{"x":89,"y":267,"width":811,"height":12}},{"id":"098f4c09-f8cb-494c-a105-57a1a8f4ee75","block_type":"box","text":"consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are moving at","page_number":198,"box":{"x":89,"y":282,"width":827,"height":12}},{"id":"4faa46b1-fd88-4760-b03a-9b5afabdb1a8","block_type":"box","text":"uneven speeds across sectors and regions. For example—some technologies like renewable power are already being","page_number":198,"box":{"x":89,"y":297,"width":813,"height":12}},{"id":"7242e773-602e-4490-b127-203fed4ddb22","block_type":"box","text":"deployed at scale in some regions, while in other sectors and regions less cost-effective low-carbon alternatives exist. We","page_number":198,"box":{"x":89,"y":312,"width":846,"height":13}},{"id":"cf0e8bba-ded8-4cd5-bd28-1ea70b951e8a","block_type":"box","text":"have heard from certain clients that they see the low-carbon transition as a series of shifts over decades that will reshape","page_number":198,"box":{"x":89,"y":327,"width":846,"height":13}},{"id":"166c4b93-21bb-4ee0-ba03-9ce6378d5ea4","block_type":"box","text":"production and consumption, spur significant capital investment and create risks, opportunities and a wider range of","page_number":198,"box":{"x":89,"y":342,"width":820,"height":13}},{"id":"57880da6-e920-46f8-8f3f-a00e37e4f61e","block_type":"box","text":"financial and competitive outcomes for companies.","page_number":198,"box":{"x":88,"y":358,"width":359,"height":12}},{"id":"a9720a06-7aec-4189-89d9-c2d90fcbd005","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding risks and","page_number":198,"box":{"x":89,"y":384,"width":860,"height":12}},{"id":"8b573c74-0491-40d5-8f22-78cd8e814566","block_type":"box","text":"opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered by Aladdin","page_number":198,"box":{"x":89,"y":399,"width":820,"height":13}},{"id":"cd8dffc8-e7bd-40fc-88c3-d56b4f151a56","block_type":"box","text":"®","page_number":198,"box":{"x":911,"y":398,"width":9,"height":6}},{"id":"6714ca43-b100-44e5-b6c4-36f573ee3061","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to play out based on","page_number":198,"box":{"x":88,"y":414,"width":871,"height":13}},{"id":"385b28fa-ee10-4789-9a9c-6015fb1db92f","block_type":"box","text":"what we know and expect today. It can help inform a top-down assessment of a company’s business risk arising from the","page_number":198,"box":{"x":88,"y":429,"width":852,"height":13}},{"id":"5c41322e-b143-49fe-a996-6bba33c3e444","block_type":"box","text":"transition. BII based its key assumptions on rigorous research, and the input of BlackRock’s portfolio managers and other","page_number":198,"box":{"x":88,"y":445,"width":848,"height":12}},{"id":"d974aea6-aa12-40eb-b5b7-7a64c541077c","block_type":"box","text":"experts.","page_number":198,"box":{"x":89,"y":461,"width":54,"height":11}},{"id":"3c5d8547-5f66-43ba-80ed-e16213d39750","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will draw on the","page_number":198,"box":{"x":89,"y":486,"width":855,"height":12}},{"id":"3fdfc8fc-e2b7-4e0c-b124-86c8c483b375","block_type":"box","text":"insights generated by BIITS and Aladdin","page_number":198,"box":{"x":89,"y":501,"width":277,"height":13}},{"id":"a0f93e19-3d4b-4bfe-960e-3e6538325b98","block_type":"box","text":"®","page_number":198,"box":{"x":368,"y":500,"width":9,"height":6}},{"id":"f669531f-0902-4c34-bacc-28d233302bcf","block_type":"box","text":"Climate, as well as our own analysis and engagement, in applying these guidelines.","page_number":198,"box":{"x":382,"y":501,"width":580,"height":13}},{"id":"f3aa6cb8-8a72-444f-829e-701e159fed8e","block_type":"box","text":"In doing so, we will take into consideration the fact that the necessary data to assess individual companies currently has","page_number":198,"box":{"x":89,"y":516,"width":840,"height":13}},{"id":"c53819f5-ce2f-4ca1-9536-1b5990c68c25","block_type":"box","text":"limitations, but is improving as a result of disclosure requirements in an increasing number of jurisdictions.","page_number":198,"box":{"x":89,"y":531,"width":746,"height":13}},{"id":"07e00b82-f51f-4afe-b7ae-8957a2c8b75e","block_type":"box","text":"Decarbonization stewardship guidelines design principles","page_number":198,"box":{"x":89,"y":558,"width":416,"height":12}},{"id":"3a726f28-409e-4410-934f-d46bda22704e","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":198,"box":{"x":88,"y":584,"width":348,"height":13}},{"id":"abb38408-e5b6-4ac5-9782-85ff723c70ed","block_type":"box","text":"•","page_number":198,"box":{"x":89,"y":608,"width":4,"height":3}},{"id":"f3f3d76a-4262-42e4-881d-288a59af8d60","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":198,"box":{"x":122,"y":605,"width":661,"height":12}},{"id":"f0e6d923-6f8c-46d1-9e08-db849ea0b0ee","block_type":"box","text":"This includes companies","page_number":198,"box":{"x":788,"y":605,"width":172,"height":12}},{"id":"a105708d-906a-4c38-8256-48322af6b27d","block_type":"box","text":"which produce goods and services that contribute to real world decarbonization or have a carbon intensive business","page_number":198,"box":{"x":121,"y":620,"width":815,"height":12}},{"id":"1044f2e2-b74f-4994-9f85-3c7a0db4e95a","block_type":"box","text":"model and face outsized impacts from the low-carbon transition.","page_number":198,"box":{"x":122,"y":635,"width":453,"height":12}},{"id":"e77f4170-76c1-4228-8e84-5f7c0ac549ba","block_type":"box","text":"•","page_number":198,"box":{"x":89,"y":659,"width":4,"height":3}},{"id":"23cc5b0b-01b0-4727-804e-dfb097b77a62","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition across","page_number":198,"box":{"x":121,"y":655,"width":816,"height":12}},{"id":"6bf37612-72e4-4715-9070-a9b8500510da","block_type":"box","text":"sectors and markets:","page_number":198,"box":{"x":121,"y":670,"width":149,"height":10}},{"id":"bfbc692f-42ac-44e5-9003-56b96f4c7783","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can decarbonize","page_number":198,"box":{"x":275,"y":670,"width":652,"height":12}},{"id":"e149e1ab-fe98-4612-8fc1-09968c33681f","block_type":"box","text":"based on technological feasibility, consumer demand, government policy, regulatory frameworks and other factors.","page_number":198,"box":{"x":122,"y":685,"width":805,"height":12}},{"id":"b0bebc62-9be4-43cf-a115-7a5b40d36b52","block_type":"box","text":"Further, we recognize that these factors are uncertain and dynamic, which will require that we evolve our approach as","page_number":198,"box":{"x":122,"y":700,"width":823,"height":13}},{"id":"67047815-a622-4f6c-8a80-5f8df47e1113","block_type":"box","text":"necessary.","page_number":198,"box":{"x":122,"y":718,"width":70,"height":10}},{"id":"b0bb11b1-6874-4343-984e-1c1d79fe846a","block_type":"box","text":"•","page_number":198,"box":{"x":89,"y":739,"width":4,"height":3}},{"id":"abc10992-9c9b-4e18-9e89-6c0714355b48","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and their key","page_number":198,"box":{"x":121,"y":736,"width":835,"height":12}},{"id":"31fff097-98d9-4d70-925a-658181f69b0d","block_type":"box","text":"stakeholders:","page_number":198,"box":{"x":121,"y":751,"width":95,"height":9}},{"id":"e74ecc99-1b01-4e30-b0fb-4116c974c8c7","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their business models. It is","page_number":198,"box":{"x":222,"y":751,"width":743,"height":12}},{"id":"42bbeb45-795d-43cf-9ea4-13b9220fbf0d","block_type":"box","text":"premised on the views of interested clients that a transition where companies adapt and continue to deliver financial","page_number":198,"box":{"x":121,"y":766,"width":816,"height":12}},{"id":"07fcc11d-8450-4069-b24f-26e305185ae1","block_type":"box","text":"returns throughout, is a better long-term investment outcome for them, and less disruptive to a company’s other key","page_number":198,"box":{"x":122,"y":781,"width":818,"height":12}},{"id":"5583c792-33fa-41c7-9f02-590e532b1789","block_type":"box","text":"stakeholders, than a transition that is uneven. Further, we consider the differences between the actions and outcomes","page_number":198,"box":{"x":121,"y":796,"width":824,"height":11}},{"id":"8b3e7c34-560c-4341-9e0a-2865a2075d0f","block_type":"box","text":"over which company management has influence, and those it does not.","page_number":198,"box":{"x":121,"y":811,"width":501,"height":12}},{"id":"cb90a275-0354-40f9-9c12-521706e89087","block_type":"box","text":"•","page_number":198,"box":{"x":89,"y":835,"width":4,"height":3}},{"id":"54650ce2-923e-4e8d-9722-187ff8db667b","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data limitations:","page_number":198,"box":{"x":122,"y":831,"width":803,"height":13}},{"id":"d8e3e9f9-54e4-48a2-a410-ef251593b36c","block_type":"box","text":"The","page_number":198,"box":{"x":930,"y":831,"width":26,"height":10}},{"id":"9d6f885d-1213-440a-bad3-cc5b0f605f39","block_type":"box","text":"policy will seek disclosures that outline key milestones and dependencies underpinning the company’s low-carbon","page_number":198,"box":{"x":121,"y":846,"width":802,"height":13}},{"id":"1dc9c992-1c72-494c-b658-d0a546f641d8","block_type":"box","text":"transition strategy; explain the trade-offs required to adapt the business model; and include relevant data and narrative.","page_number":198,"box":{"x":121,"y":862,"width":836,"height":12}},{"id":"a1f31a1c-968f-401c-b2fc-c081af92e801","block_type":"box","text":"A-37","page_number":198,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"664cf33b-063a-45c2-94ad-c00a40e29f25","block_type":"box","text":"•","page_number":199,"box":{"x":89,"y":47,"width":4,"height":4}},{"id":"b793b150-3678-4ebe-b3a6-b8b20f5f978c","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":199,"box":{"x":122,"y":44,"width":559,"height":12}},{"id":"c87c2440-b6b6-4a2f-a776-4a33f55e6548","block_type":"box","text":"The boards and executive leadership of","page_number":199,"box":{"x":686,"y":44,"width":276,"height":12}},{"id":"62cbbc52-5ffb-4df0-951d-fbd3c25cd72c","block_type":"box","text":"companies determine a company’s strategy and its implementation. We make decisions on how to engage companies","page_number":199,"box":{"x":121,"y":59,"width":827,"height":12}},{"id":"57d7825f-48cc-4711-839a-762c29464192","block_type":"box","text":"and vote proxies independently, based on our professional judgment of the priorities and outcomes most aligned with","page_number":199,"box":{"x":121,"y":74,"width":825,"height":12}},{"id":"8cbe8870-efff-4c5c-b028-8c9c0b7f8c15","block_type":"box","text":"clients’ investment objectives.","page_number":199,"box":{"x":121,"y":89,"width":208,"height":13}},{"id":"d17e5202-0ead-4700-9f16-973051b807be","block_type":"box","text":"Voting guidelines","page_number":199,"box":{"x":88,"y":116,"width":125,"height":12}},{"id":"a928c73d-cad5-413c-a69c-f585dee80b46","block_type":"box","text":"Consistent with the investment objective of each fund or client that has selected these guidelines, BIS will look to companies","page_number":199,"box":{"x":89,"y":142,"width":870,"height":12}},{"id":"9d950eb4-2438-4ef0-b03f-1476111f9b0e","block_type":"box","text":"to demonstrate the following:","page_number":199,"box":{"x":88,"y":157,"width":207,"height":13}},{"id":"a6692524-5e05-4e11-85e6-aa1122f4d489","block_type":"box","text":"Corporate Disclosures","page_number":199,"box":{"x":105,"y":184,"width":160,"height":12}},{"id":"97170ca5-7d58-4c06-847e-3a353c730a29","block_type":"box","text":"In the context of these guidelines, we look for companies to provide sufficient corporate disclosure to allow us to determine","page_number":199,"box":{"x":89,"y":210,"width":865,"height":13}},{"id":"28168dbb-dbf6-4c35-a10d-a99fec59886f","block_type":"box","text":"the extent to which decarbonization and the low-carbon transition are strategic priorities. As a general point, we would","page_number":199,"box":{"x":88,"y":225,"width":834,"height":13}},{"id":"34a29869-669c-46b0-a115-dfb12e45b0ee","block_type":"box","text":"expect companies that have disclosed their aim to participate in the transition to a low-carbon economy to make disclosures","page_number":199,"box":{"x":89,"y":240,"width":872,"height":13}},{"id":"2b37f7df-e135-4428-8dd5-d00e177e70c7","block_type":"box","text":"that help explain the strategy and governance systems they have determined most appropriate, which may include:","page_number":199,"box":{"x":88,"y":256,"width":809,"height":12}},{"id":"7830ab37-e943-4df0-8df9-c8ca82e60531","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average temperature","page_number":199,"box":{"x":89,"y":276,"width":866,"height":12}},{"id":"8838f448-606f-46f3-828f-421bf8d0f222","block_type":"box","text":"rise to 1.5°C above pre-industrial levels. This would normally mean that they have a long-term strategy to achieve net","page_number":199,"box":{"x":128,"y":291,"width":827,"height":12}},{"id":"88763eb4-7ff1-4cfb-b440-0a501f389c97","block_type":"box","text":"zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term milestones to assess their","page_number":199,"box":{"x":127,"y":306,"width":813,"height":12}},{"id":"f10f7b5a-79cb-455d-a2b7-5b6e43b073ac","block_type":"box","text":"progress.","page_number":199,"box":{"x":128,"y":324,"width":63,"height":9}},{"id":"c48bb10a-e942-4fc4-a545-2cfa07889e94","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":199,"box":{"x":89,"y":341,"width":842,"height":13}},{"id":"53c76b1a-9ad8-4911-9ba6-05dd9465da18","block_type":"box","text":"Standards Board (ISSB). IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the","page_number":199,"box":{"x":128,"y":356,"width":834,"height":13}},{"id":"9372734c-5495-4c63-abb0-dcc2661704f3","block_type":"box","text":"disclosures that would provide investors with decision-useful information about a company’s most significant climate","page_number":199,"box":{"x":128,"y":371,"width":830,"height":13}},{"id":"401b44fb-9bad-431c-8006-90d29f07c556","block_type":"box","text":"and low-carbon transition-related risks and opportunities. As audit and assurance standards are developed, it would be","page_number":199,"box":{"x":128,"y":387,"width":834,"height":12}},{"id":"9b97cb10-640b-4fcb-9006-1dc8a41cc411","block_type":"box","text":"helpful to investors’ confidence in such disclosures for companies to seek independent, third-party assurance.","page_number":199,"box":{"x":128,"y":402,"width":769,"height":12}},{"id":"39b076ce-871c-42e6-87bf-a7c74a7d2359","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions. In addition, we look to companies to disclose their","page_number":199,"box":{"x":89,"y":422,"width":809,"height":12}},{"id":"5f27f59e-4fc4-4e25-9768-e2684ddbd0c4","block_type":"box","text":"reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of targets or","page_number":199,"box":{"x":128,"y":437,"width":800,"height":12}},{"id":"d28080de-0278-4b76-b151-df2b2b6c83d2","block_type":"box","text":"indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that these would be","page_number":199,"box":{"x":128,"y":452,"width":814,"height":12}},{"id":"17cd03c5-9148-4768-a18c-a258dfc470a8","block_type":"box","text":"provided on a ‘best efforts’ basis given the methodological challenges these currently present for reporters. Scope 3","page_number":199,"box":{"x":128,"y":467,"width":807,"height":13}},{"id":"40946f38-4d4a-4bc7-9ea9-1a6e3e091d66","block_type":"box","text":"information, including how a company is working with its value chain to accelerate reductions in GHG intensity,","page_number":199,"box":{"x":128,"y":482,"width":780,"height":13}},{"id":"f2ff7ed8-ff8f-4e2a-84f3-7fcfa025ecb9","block_type":"box","text":"provides useful insight to investors focused on investing in the low-carbon transition and understanding the impact of","page_number":199,"box":{"x":128,"y":497,"width":828,"height":13}},{"id":"1a1fbe43-e646-4937-bafa-25708c42ba34","block_type":"box","text":"their investments on their decarbonization goals. However, we recognize that companies have varying ability to","page_number":199,"box":{"x":127,"y":513,"width":777,"height":12}},{"id":"265d6cfd-eec8-4bc5-965c-006a451a21e7","block_type":"box","text":"influence the emissions across the different parts of their value chain and it is helpful when disclosures explain the","page_number":199,"box":{"x":128,"y":528,"width":798,"height":12}},{"id":"ade1cc05-fab6-4e47-ae5d-66bd4b31dc35","block_type":"box","text":"implications for the achievement of their decarbonization targets.","page_number":199,"box":{"x":128,"y":543,"width":457,"height":12}},{"id":"5ddf51ac-3a02-4109-b660-f2b539499613","block_type":"box","text":"Transition plans","page_number":199,"box":{"x":104,"y":569,"width":116,"height":13}},{"id":"9dd28644-69aa-4c5e-961e-8df1e41692b2","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low-carbon","page_number":199,"box":{"x":88,"y":596,"width":832,"height":12}},{"id":"1ef18f33-e650-4954-a0cc-2693c89a9bd0","block_type":"box","text":"transition strategy by, as defined by the ISSB, “lay[ing] out the entity’s targets, actions or resources for its transition towards a","page_number":199,"box":{"x":88,"y":611,"width":879,"height":12}},{"id":"eb1c94ac-aeed-44bf-ad24-884c6bc6399e","block_type":"box","text":"lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see appendix 1).","page_number":199,"box":{"x":89,"y":626,"width":754,"height":12}},{"id":"a3f06341-3c43-45c3-8057-782b8e9865b5","block_type":"box","text":"We note the work being undertaken in a number of jurisdictions on establishing a common approach in a market to","page_number":199,"box":{"x":88,"y":652,"width":811,"height":13}},{"id":"c019e95f-961a-4f1c-9d4e-b4b8036afcf5","block_type":"box","text":"corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and production of","page_number":199,"box":{"x":89,"y":668,"width":845,"height":12}},{"id":"49d2819f-bfb1-42da-a157-e99b40b9b0cf","block_type":"box","text":"transition plans a voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their","page_number":199,"box":{"x":88,"y":683,"width":865,"height":12}},{"id":"6238131b-9b74-4fb9-bf63-634f88ef2a7d","block_type":"box","text":"planned actions and resource implications in accordance with anticipated requirements.","page_number":199,"box":{"x":89,"y":698,"width":617,"height":12}},{"id":"22187230-1a46-41f4-95e5-c268a7caa4ce","block_type":"box","text":"Boards and directors","page_number":199,"box":{"x":106,"y":724,"width":148,"height":10}},{"id":"8d1fc250-3b90-4db4-b9d0-0c8e6df24009","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company’s","page_number":199,"box":{"x":88,"y":751,"width":847,"height":12}},{"id":"bb7ddb93-4574-4214-a711-c1663d926c0f","block_type":"box","text":"management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon transition strategy.","page_number":199,"box":{"x":89,"y":766,"width":827,"height":12}},{"id":"7e7835ac-d9c7-4cc4-941a-00a958f1afce","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":199,"box":{"x":89,"y":792,"width":685,"height":13}},{"id":"eeecc35e-554d-41b7-b872-8dd6b88c55a6","block_type":"box","text":"• The board has clear oversight responsibilities for climate and low-carbon transition-related risks and opportunities in the","page_number":199,"box":{"x":89,"y":812,"width":877,"height":13}},{"id":"52b819e8-a9c2-4395-89ac-0542f230cb11","block_type":"box","text":"company’s business model. We consider the whole board to have responsibility for oversight of the company’s long","page_number":199,"box":{"x":121,"y":828,"width":813,"height":12}},{"id":"c5deb3f6-e556-4ad7-98c8-2e29fe509591","block_type":"box","text":"term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":199,"box":{"x":121,"y":843,"width":622,"height":12}},{"id":"cba02c65-85b5-47ba-94fc-7bfb8ebd2602","block_type":"box","text":"A-38","page_number":199,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"831e4cc3-b171-4d0b-a40a-66c5a37a5348","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":200,"box":{"x":89,"y":44,"width":779,"height":12}},{"id":"828accc9-0d9b-430c-a85a-76501c2e4ec4","block_type":"box","text":"accountability for delivery by senior executives.","page_number":200,"box":{"x":121,"y":59,"width":329,"height":12}},{"id":"aa33c34c-97a0-4876-a23a-8c6a77aecc6d","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional and next generation)","page_number":200,"box":{"x":89,"y":79,"width":867,"height":13}},{"id":"525713f3-073f-4f44-9741-8f2fdc1aa3b8","block_type":"box","text":"business lines and innovation, and returns cash to shareholders, consistent with the low-carbon transition strategy.","page_number":200,"box":{"x":122,"y":94,"width":805,"height":13}},{"id":"967f0213-599b-468b-b5ce-51ae6235b928","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":200,"box":{"x":89,"y":114,"width":828,"height":13}},{"id":"9070541b-a413-455c-bf5b-e5df104c0ab9","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":200,"box":{"x":121,"y":130,"width":454,"height":12}},{"id":"ffcab1ce-cdae-4075-abd3-ff83d485e1ab","block_type":"box","text":"• The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified where","page_number":200,"box":{"x":89,"y":150,"width":850,"height":12}},{"id":"5c0987f0-0d54-452e-a736-49efd7af07da","block_type":"box","text":"possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no more than","page_number":200,"box":{"x":121,"y":165,"width":807,"height":12}},{"id":"82a72f17-b974-41ac-aa2e-2595c6726724","block_type":"box","text":"1.5°C above pre-industrial levels.","page_number":200,"box":{"x":123,"y":180,"width":226,"height":12}},{"id":"0447330e-9f53-41c3-93f7-c7e268fdaa82","block_type":"box","text":"• There is a clear link between the company’s scope 1 & 2 GHG emissions reduction targets over time and its long-term","page_number":200,"box":{"x":89,"y":200,"width":856,"height":12}},{"id":"f3451e13-f273-44f4-9b8d-fcb367388705","block_type":"box","text":"low-carbon transition strategy.","page_number":200,"box":{"x":122,"y":215,"width":213,"height":13}},{"id":"a7ea0b3a-458b-468e-8783-f0f661a57f86","block_type":"box","text":"• The company is monitoring its material scope 3 emissions and disclosing these where it is confident in the data. Given","page_number":200,"box":{"x":89,"y":235,"width":860,"height":13}},{"id":"5b045b7f-f028-4ffe-92c7-609d9acd71bb","block_type":"box","text":"forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily disclosing scope 3","page_number":200,"box":{"x":121,"y":250,"width":783,"height":13}},{"id":"e4a56353-f3a6-4d53-81e2-20af1a5c742e","block_type":"box","text":"emissions reductions targets and plans, setting out how they are working on decarbonization with the different","page_number":200,"box":{"x":121,"y":266,"width":778,"height":12}},{"id":"721bc84c-7b4e-4cfd-98f9-5c80da63111f","block_type":"box","text":"constituents in their value chain.","page_number":200,"box":{"x":121,"y":281,"width":227,"height":9}},{"id":"a0a687d7-e106-40e5-be0d-52fc16fd4c12","block_type":"box","text":"• The board oversees, and management has a formalized approach to, the company’s lobbying activities, including trade","page_number":200,"box":{"x":89,"y":301,"width":862,"height":12}},{"id":"5630e261-b7c1-403c-9c33-ec2a02438851","block_type":"box","text":"association memberships. Policy engagement should be consistent with a company’s stated strategic policy objectives,","page_number":200,"box":{"x":121,"y":316,"width":834,"height":12}},{"id":"4679f545-556c-4601-a49c-0c82329f8b96","block_type":"box","text":"including those related to the low-carbon transition.","page_number":200,"box":{"x":122,"y":331,"width":364,"height":12}},{"id":"ad26a0d2-401f-4ec4-835c-2ab0986a0a79","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":200,"box":{"x":104,"y":358,"width":413,"height":12}},{"id":"0ec5e945-828c-428c-b9a7-82d381b31008","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where, in BIS’","page_number":200,"box":{"x":89,"y":384,"width":833,"height":12}},{"id":"5c8fea5f-b556-4054-a5d9-a087fef68209","block_type":"box","text":"assessment based on company disclosures and engagement, a company is executing on its commitment to align with the","page_number":200,"box":{"x":89,"y":399,"width":854,"height":13}},{"id":"4bb2c414-b9cf-495b-a454-b97607bf4f80","block_type":"box","text":"transition to a low-carbon economy, as defined above. Where BIS determines this is not the case, we may vote against the","page_number":200,"box":{"x":88,"y":414,"width":853,"height":13}},{"id":"05f8569b-e484-4be0-919a-1db7a3e0ec91","block_type":"box","text":"election of one or more directors who have responsibility for the issue. The directors most likely to be in focus are the chair of","page_number":200,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"6ca38b58-111a-4c83-83bf-84163ab459d6","block_type":"box","text":"the board sub-committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members","page_number":200,"box":{"x":88,"y":445,"width":867,"height":12}},{"id":"ddd6c3b1-3df2-4a92-aa83-244608734c2a","block_type":"box","text":"of the relevant committee, the lead independent director or the non-executive chair of the board. In certain markets, we may","page_number":200,"box":{"x":89,"y":460,"width":872,"height":12}},{"id":"b03d2509-477e-495a-aab7-47c7fd396088","block_type":"box","text":"withhold support for the discharge of the supervisory board or equivalent.","page_number":200,"box":{"x":88,"y":475,"width":518,"height":12}},{"id":"88cb1cda-30e0-457f-b2bd-5b403c567f42","block_type":"box","text":"Where we have not supported director elections over climate concerns in a prior year, and the company has not subsequently","page_number":200,"box":{"x":88,"y":501,"width":880,"height":13}},{"id":"51a95e66-308d-4e1e-a73d-175346075a01","block_type":"box","text":"made progress towards aligning with the transition to a low-carbon economy, we may escalate by voting against the re","page_number":200,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"4f5952d1-6d14-4031-9061-98814911fc63","block_type":"box","text":"election of additional responsible directors to signal our heightened concerns.","page_number":200,"box":{"x":89,"y":531,"width":544,"height":13}},{"id":"d54d998c-de62-47fe-a246-9baa5d35705e","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":200,"box":{"x":105,"y":558,"width":521,"height":12}},{"id":"02324a68-2a46-4c0d-ae77-675d6cbd507c","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate action plans","page_number":200,"box":{"x":89,"y":584,"width":862,"height":13}},{"id":"fb57d41b-289d-471a-85bb-c5d48daa0750","block_type":"box","text":"or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s climate strategy","page_number":200,"box":{"x":89,"y":599,"width":824,"height":13}},{"id":"5eed5e4c-eb67-4de8-a7c4-3affb7ccc3c2","block_type":"box","text":"proposal if, in our assessment based on these guidelines, the strategy is aligned with the low-carbon transition. Similarly, we","page_number":200,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"a556b0bd-29c6-42e8-ac43-d9ada109bd77","block_type":"box","text":"will generally support management’s proposal on a progress report if the company has clearly explained its progress against,","page_number":200,"box":{"x":88,"y":630,"width":874,"height":12}},{"id":"cc4c6327-bdee-4d1f-af7a-b5e1aa960953","block_type":"box","text":"and any deviations from or changes to, its stated transition plan and targets.","page_number":200,"box":{"x":89,"y":645,"width":533,"height":12}},{"id":"d6b910e1-98db-4ecc-9d6b-c6e0dce01eb4","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":200,"box":{"x":105,"y":671,"width":494,"height":13}},{"id":"02b30f83-ff2b-4289-b8d7-eeb8725a327f","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered on their","page_number":200,"box":{"x":88,"y":698,"width":836,"height":12}},{"id":"16fd7615-b64f-4b91-99e8-2cf506898871","block_type":"box","text":"merit. Our assessment will take into consideration the implications for, and the relevance to, the company’s stated low","page_number":200,"box":{"x":89,"y":713,"width":833,"height":12}},{"id":"3c0167f1-7801-4240-812b-0ba48caea3e3","block_type":"box","text":"carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a company to:","page_number":200,"box":{"x":89,"y":728,"width":806,"height":12}},{"id":"12f1c02e-5b22-4505-9890-676259c02519","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":200,"box":{"x":187,"y":748,"width":776,"height":12}},{"id":"143339a4-475f-438a-b743-28f7d3e79b7f","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":200,"box":{"x":219,"y":763,"width":371,"height":13}},{"id":"8ca6d377-245a-4330-afe4-708c91e302a6","block_type":"box","text":"• Align their scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with,","page_number":200,"box":{"x":187,"y":783,"width":775,"height":13}},{"id":"1196afdf-22d1-49a8-9e54-72cd62c614f2","block_type":"box","text":"a long-term goal of the company achieving net zero GHG emissions by 2050","page_number":200,"box":{"x":219,"y":799,"width":533,"height":12}},{"id":"490da8db-f65e-43f5-8657-8d3fcd67f1ea","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":200,"box":{"x":187,"y":819,"width":707,"height":12}},{"id":"d27676cc-16f3-4cba-bc12-8e1ca370fab7","block_type":"box","text":"• Improve disclosures on how a company’s climate-related lobbying (including trade association","page_number":200,"box":{"x":187,"y":839,"width":694,"height":12}},{"id":"3e7a7545-80d0-4157-bc13-c2ec4d9ab5d4","block_type":"box","text":"memberships and other indirect lobbying) is aligned with its strategic policy positions.","page_number":200,"box":{"x":219,"y":854,"width":603,"height":12}},{"id":"548cfae2-a732-481b-8d5c-7651988ca091","block_type":"box","text":"A-39","page_number":200,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"b892bb9e-19e7-4eb2-a8ac-3b8c3904bdbf","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or direct specific","page_number":201,"box":{"x":88,"y":44,"width":876,"height":12}},{"id":"dc4a6aaa-46ff-4c4a-89f6-ff915a1da739","block_type":"box","text":"business or strategic decisions. This includes proposals that seek to change a company’s articles of association or charter to","page_number":201,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"59b0cf55-0973-40f6-9f7c-6667c88546ab","block_type":"box","text":"require commitments or actions related to climate risk or the low-carbon transition.","page_number":201,"box":{"x":89,"y":74,"width":585,"height":12}},{"id":"137b14aa-aaea-49c3-9b19-89867c105355","block_type":"box","text":"Related matters","page_number":201,"box":{"x":89,"y":101,"width":112,"height":9}},{"id":"20ec7ccf-31cb-4e57-9565-6b73769046f4","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":201,"box":{"x":88,"y":127,"width":870,"height":12}},{"id":"7f8216aa-d063-4fbd-959c-01951a9326d7","block_type":"box","text":"to the transition to a low-carbon economy. Under these guidelines, BIS is most likely to engage, where appropriate, if we seek","page_number":201,"box":{"x":88,"y":142,"width":877,"height":12}},{"id":"03a076fc-4e68-4af5-9911-27cb49c6a158","block_type":"box","text":"to enhance our understanding of a company’s approach. Generally, our voting on these matters would be covered by BIS’","page_number":201,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"d6883c7d-b4be-4009-8bde-d916cf32d6cd","block_type":"box","text":"benchmark guidelines.","page_number":201,"box":{"x":89,"y":172,"width":157,"height":13}},{"id":"e117914d-df22-43b8-a11a-47697efe1ad7","block_type":"box","text":"Executive compensation","page_number":201,"box":{"x":106,"y":199,"width":173,"height":12}},{"id":"12d694c1-6901-45b5-b54e-d3a964a85525","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives appropriately.","page_number":201,"box":{"x":88,"y":225,"width":871,"height":13}},{"id":"9bbd05c4-d76e-4a7a-aba7-f34265a14502","block_type":"box","text":"Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions reduction targets or low","page_number":201,"box":{"x":88,"y":240,"width":878,"height":13}},{"id":"be67f341-60ea-4ffb-bc87-8a2106e58f80","block_type":"box","text":"carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to understand the alignment","page_number":201,"box":{"x":89,"y":256,"width":834,"height":12}},{"id":"5ecf88ed-101d-4273-a327-29b0b5f324ab","block_type":"box","text":"between those metrics and the company’s stated climate strategy.","page_number":201,"box":{"x":89,"y":271,"width":463,"height":12}},{"id":"dd09f255-e127-4756-b1d5-239792afe522","block_type":"box","text":"Auditors and audit-related issues","page_number":201,"box":{"x":104,"y":297,"width":240,"height":10}},{"id":"b5b1a08b-40f9-43b7-99a7-d4cb56c60c1a","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is interested to","page_number":201,"box":{"x":89,"y":324,"width":809,"height":12}},{"id":"753e1da5-e0e4-47d7-9552-c710c32a848e","block_type":"box","text":"understand whether the company considers and, if relevant, quantifies, and accounts for material climate-related risks in its","page_number":201,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"ad0724c1-8845-4a9f-bbd3-a0f5c71d84e2","block_type":"box","text":"financial statements, including if the company explains such risks within the context of its audit report. We note that work is","page_number":201,"box":{"x":88,"y":354,"width":870,"height":12}},{"id":"27e55d1d-1be8-4030-affc-0db02bedea13","block_type":"box","text":"being undertaken to develop audit and assurance standards in relation to climate and transition reporting, which may impact","page_number":201,"box":{"x":89,"y":369,"width":876,"height":12}},{"id":"8183fd5b-98cb-480e-939d-9285f2db076e","block_type":"box","text":"the future reporting requirements of companies. We note that assurance of corporate disclosures related to climate risk and","page_number":201,"box":{"x":88,"y":384,"width":867,"height":12}},{"id":"ba9abbd8-cd51-4c1d-9859-62a64b3f9159","block_type":"box","text":"the transition to a low-carbon economy is still nascent.","page_number":201,"box":{"x":88,"y":399,"width":384,"height":13}},{"id":"7848b46f-6c9a-474b-8558-471b58fed34a","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":201,"box":{"x":105,"y":426,"width":448,"height":12}},{"id":"5399f6c6-9bbd-4928-923b-ed4fdbf0285e","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors under these","page_number":201,"box":{"x":88,"y":452,"width":844,"height":12}},{"id":"131b4dc9-6725-4298-be22-7046b3e0acf0","block_type":"box","text":"guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder activist has proposed","page_number":201,"box":{"x":89,"y":467,"width":852,"height":13}},{"id":"9d4de49f-230a-4289-aca6-15e4f6c33041","block_type":"box","text":"governance, strategic or operational changes that may impact its climate strategy. BIS does not promote changes in","page_number":201,"box":{"x":89,"y":482,"width":810,"height":13}},{"id":"8564b1cc-f612-4139-b9b7-b873df48d795","block_type":"box","text":"corporate control, nor does it invoke formal governance mechanisms that rise to the level of shareholder activism.","page_number":201,"box":{"x":89,"y":497,"width":797,"height":13}},{"id":"11658d31-6751-4461-b480-cd855f8225eb","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":201,"box":{"x":105,"y":524,"width":499,"height":12}},{"id":"95619d9b-062a-4ecc-9717-b26240e57321","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability-related","page_number":201,"box":{"x":89,"y":550,"width":849,"height":13}},{"id":"e747675b-39c2-403f-80c5-9fe32201e929","block_type":"box","text":"risks and opportunities that may be relevant to a company’s business model and long-term performance. These include a","page_number":201,"box":{"x":89,"y":565,"width":850,"height":13}},{"id":"3003760c-7f69-4d6e-be56-5830eff706ca","block_type":"box","text":"company’s impacts or dependencies on natural capital and key stakeholders. In the context of these guidelines, we may","page_number":201,"box":{"x":89,"y":581,"width":838,"height":12}},{"id":"13fc4246-ce3e-4395-ad61-ee2f839df98c","block_type":"box","text":"engage companies to better understand how they are managing the impact on people (e.g., employees, suppliers, customers","page_number":201,"box":{"x":89,"y":596,"width":875,"height":12}},{"id":"edf9ff71-784c-4bed-923e-0cd10e4f6b8d","block_type":"box","text":"and communities) of any strategic or operational changes they are making in relation to their transition to a low-carbon","page_number":201,"box":{"x":89,"y":611,"width":838,"height":12}},{"id":"86cb8312-20d5-45f9-8f31-aaec156e4e06","block_type":"box","text":"economy. Similarly, we may engage companies that face risks and opportunities related to land use and deforestation, access","page_number":201,"box":{"x":89,"y":626,"width":876,"height":12}},{"id":"eba856c2-2d5a-4c90-8391-461228653c85","block_type":"box","text":"to fresh water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":201,"box":{"x":88,"y":641,"width":735,"height":12}},{"id":"80d590d1-2760-4bb3-8317-b404c1e0890b","block_type":"box","text":"Appendix 1","page_number":201,"box":{"x":88,"y":668,"width":80,"height":12}},{"id":"961ca944-2b97-4761-8f2b-4855b7c6dd0e","block_type":"box","text":"Terminology","page_number":201,"box":{"x":104,"y":694,"width":92,"height":12}},{"id":"8e266e01-c51c-40e9-9402-3b159c556bd8","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":201,"box":{"x":88,"y":720,"width":550,"height":13}},{"id":"b12caa81-c1fd-4663-95b8-c53ba6e1f68d","block_type":"box","text":"Climate risk:","page_number":201,"box":{"x":89,"y":747,"width":88,"height":10}},{"id":"1b47fb04-32fd-4b4b-ba4d-eaf52d0b4eaa","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct impact of","page_number":201,"box":{"x":183,"y":747,"width":743,"height":12}},{"id":"f9dd6687-d6ec-4c9f-b242-e3400d3ad07b","block_type":"box","text":"changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a low-carbon","page_number":201,"box":{"x":89,"y":762,"width":816,"height":12}},{"id":"c067521c-403d-4d86-b0df-49760d5f8937","block_type":"box","text":"economy on a company’s long-term profitability.","page_number":201,"box":{"x":89,"y":777,"width":340,"height":12}},{"id":"755b306a-2bc7-4b7f-b579-bf0189fa76b6","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":201,"box":{"x":88,"y":804,"width":455,"height":12}},{"id":"80b63641-5595-4535-b9d4-72c6e7c048ac","block_type":"box","text":"The global economic shift toward lower emissions across","page_number":201,"box":{"x":547,"y":804,"width":401,"height":12}},{"id":"12391834-e78f-40b2-9af7-fe4fcfa972dc","block_type":"box","text":"many sectors and business models. The economic transformation is being driven by changes in government policy,","page_number":201,"box":{"x":89,"y":819,"width":806,"height":12}},{"id":"07d07be0-de8a-4814-897f-92d47a56d69c","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":201,"box":{"x":88,"y":834,"width":877,"height":12}},{"id":"4eff6579-8c75-4093-96db-9cf3da2aeea4","block_type":"box","text":"and can potentially have a material impact on clients’ investments and portfolios.","page_number":201,"box":{"x":89,"y":849,"width":567,"height":12}},{"id":"89fd7006-0f69-455b-b2fd-d6cf541b721c","block_type":"box","text":"A-40","page_number":201,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"b3553865-a604-4d58-9db1-72031e751ccb","block_type":"box","text":"Decarbonization:","page_number":202,"box":{"x":89,"y":44,"width":121,"height":10}},{"id":"d4b6a4d7-4463-486b-be12-1bbfdfbc3f52","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity and","page_number":202,"box":{"x":215,"y":44,"width":691,"height":12}},{"id":"fbbb259b-1e44-4e18-8491-a895e459cb84","block_type":"box","text":"removing carbon currently in the atmosphere. This can be carried out by countries, companies and even individual","page_number":202,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"d916a326-0ae9-4d2f-97f1-6f1239092b1e","block_type":"box","text":"consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG, e.g., methane.","page_number":202,"box":{"x":89,"y":74,"width":842,"height":12}},{"id":"0c05fc4e-8379-4624-94f3-d14fd5714793","block_type":"box","text":"Climate-related risks and opportunities:","page_number":202,"box":{"x":89,"y":101,"width":286,"height":12}},{"id":"6ee9c3e3-8f8d-4e83-85df-0b108e765c09","block_type":"box","text":"The investment opportunities and risks associated with the transition to a low","page_number":202,"box":{"x":380,"y":101,"width":551,"height":12}},{"id":"0e176d0b-e8f4-44eb-bdcb-bca659d22d8a","block_type":"box","text":"carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting to physical","page_number":202,"box":{"x":89,"y":116,"width":844,"height":12}},{"id":"e09d8ab6-e4e3-43f8-bd03-fcca7bd31413","block_type":"box","text":"climate change.","page_number":202,"box":{"x":89,"y":131,"width":109,"height":12}},{"id":"58bf137e-ef6e-48fb-9530-362125289ee5","block_type":"box","text":"Climate-related transition plan: “","page_number":202,"box":{"x":89,"y":157,"width":235,"height":13}},{"id":"7f1b27a8-be9f-4520-8263-0bd117a0cc02","block_type":"box","text":"An aspect of an entity’s overall strategy that lays out the entity’s targets, actions or","page_number":202,"box":{"x":325,"y":157,"width":580,"height":13}},{"id":"895c5e64-b221-47a8-8424-012a3b273819","block_type":"box","text":"resources for its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas","page_number":202,"box":{"x":89,"y":172,"width":808,"height":13}},{"id":"88b1c365-73f8-498d-8883-04f0f1a3e946","block_type":"box","text":"emissions.”","page_number":202,"box":{"x":89,"y":188,"width":79,"height":9}},{"id":"d285225e-8c54-419c-81c7-7db666d09b19","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":202,"box":{"x":88,"y":214,"width":352,"height":12}},{"id":"061f677f-6061-4828-89a2-da08ca35c2a5","block_type":"box","text":"Targets that “","page_number":202,"box":{"x":445,"y":214,"width":94,"height":12}},{"id":"3cfae273-a09d-49f7-9f3f-efd1b06f9de6","block_type":"box","text":"are in line with what the latest climate science deems","page_number":202,"box":{"x":549,"y":214,"width":373,"height":10}},{"id":"3f4dd14f-2553-4756-bb20-72b5b238065f","block_type":"box","text":"necessary to meet the goals of the Paris Agreement – limiting global warming to 1.5°C above pre-industrial levels. Science","page_number":202,"box":{"x":89,"y":229,"width":859,"height":12}},{"id":"8ad3ddec-ca2b-4f6a-a2d7-e5a26bab2b95","block_type":"box","text":"based targets give companies a clearly defined path to reduce greenhouse gas emissions in line with limiting global warming","page_number":202,"box":{"x":89,"y":244,"width":872,"height":13}},{"id":"859374d4-d547-4acc-9882-ef8fcac762dc","block_type":"box","text":"to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line with the Paris Agreement","page_number":202,"box":{"x":88,"y":259,"width":878,"height":13}},{"id":"d360ef34-ffe3-45bc-a848-197f889c65fd","block_type":"box","text":"goals.”","page_number":202,"box":{"x":89,"y":274,"width":46,"height":13}},{"id":"d283a87d-2937-400a-aba8-8d1502179ab9","block_type":"box","text":"Appendix 2","page_number":202,"box":{"x":88,"y":301,"width":82,"height":12}},{"id":"33ef0e21-0245-4ec0-ac5b-9b0537b7d1d8","block_type":"box","text":"Comparison of key differences between how the BIS benchmark considers climate-related risks, where appropriate, and","page_number":202,"box":{"x":89,"y":327,"width":866,"height":13}},{"id":"1edc5395-4ea9-4a67-83c5-820dc044b604","block_type":"box","text":"the decarbonization guidelines","page_number":202,"box":{"x":88,"y":342,"width":222,"height":13}},{"id":"9c440853-10d8-47e1-bc29-0fcd1c5ca860","block_type":"box","text":"BIS Benchmark Policy Decarbonization Policy","page_number":202,"box":{"x":333,"y":367,"width":445,"height":10}},{"id":"296b166a-b71b-40a8-a582-d8c1cda046f6","block_type":"box","text":"Key concepts Focuses on financial performance and","page_number":202,"box":{"x":118,"y":382,"width":471,"height":12}},{"id":"3bdedb65-9335-4e46-b483-1f0fe7e17238","block_type":"box","text":"engages companies on climate and","page_number":202,"box":{"x":333,"y":397,"width":237,"height":12}},{"id":"f3794cac-23e7-4beb-8074-0182c96f5560","block_type":"box","text":"transition topics when material to their","page_number":202,"box":{"x":332,"y":412,"width":263,"height":12}},{"id":"6b9df61c-c0b6-4391-9983-c1ab0ac1033d","block_type":"box","text":"business Prioritizes the disclosure of how a","page_number":202,"box":{"x":334,"y":427,"width":286,"height":10}},{"id":"6ad4a7f0-21a3-478b-be76-3cb96eb04289","block_type":"box","text":"company is managing material climate 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