{"annotation_id":"6c0bb59c-6e87-4fd8-b86e-9d1d1b9286ef","file_hash":"4d6a655c8ba242e32b69b67450ac7ad32bfe343ffbfe70440996c916a8806510","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"c846e8eb-b841-4dd6-a09c-869f53987eab","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":1,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"8bd3ea9f-545d-47ed-82b8-02b3bc70919d","block_type":"box","text":"Supplement dated October 15, 2026","page_number":1,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"a91d0897-9176-4f4c-a81c-1e91c88ecab8","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information","page_number":1,"box":{"x":218,"y":108,"width":567,"height":13}},{"id":"b471ae3b-af3c-46fe-91b7-8e80d12c0c3a","block_type":"box","text":"(the “SAI”) for the Funds listed in Appendix A (each, a “Fund”)","page_number":1,"box":{"x":274,"y":123,"width":456,"height":13}},{"id":"05d320be-ff93-49fc-adc0-332fedd5e67d","block_type":"box","text":"Effective October 14, 2026, each Fund was added as a borrower to the syndicated line of credit for which","page_number":1,"box":{"x":117,"y":147,"width":764,"height":12}},{"id":"87a60fb7-2434-48b5-a2e8-6f7e03b052fa","block_type":"box","text":"the Bank of New York Mellon serves as administrative agent for itself and the other banks.","page_number":1,"box":{"x":116,"y":162,"width":656,"height":13}},{"id":"83282074-f279-415c-ae63-40f762a36ec3","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":1,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"3120f94f-c52e-4607-8bca-0b156bd61af6","block_type":"box","text":"1) Each Fund is added to the “Borrowing” section of its Prospectus, and ”Borrowing Risk” is marked as","page_number":1,"box":{"x":118,"y":209,"width":759,"height":12}},{"id":"90b535da-9906-4cb7-b074-761fa74dc67d","block_type":"box","text":"an “Other Risk” for each Fund in the chart included in the “Additional Information About the Funds’","page_number":1,"box":{"x":150,"y":224,"width":726,"height":10}},{"id":"589271f5-8f0b-425a-8a99-832b0eb408f9","block_type":"box","text":"Risks” section of its Prospectus.","page_number":1,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"cf2ddf31-0da5-41ed-b251-9600cafa85f5","block_type":"box","text":"2) As applicable, the following language is either added to the “Borrowing” section of each Fund’s SAI","page_number":1,"box":{"x":117,"y":263,"width":755,"height":13}},{"id":"a5b4f0e8-ab07-4dab-baa8-d67c4721a8f6","block_type":"box","text":"or updated to include a reference to the particular Fund:","page_number":1,"box":{"x":150,"y":278,"width":411,"height":13}},{"id":"6867f0ef-9ce3-4135-b2ca-55f5da314c21","block_type":"box","text":"The Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":1,"box":{"x":149,"y":302,"width":730,"height":12}},{"id":"f2a2ce5d-33e7-4350-9d62-4d887a6b57fb","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions. The Fund, along with","page_number":1,"box":{"x":151,"y":317,"width":719,"height":13}},{"id":"bf3b5e0a-b2bc-4bd3-9bc9-6d719583756b","block_type":"box","text":"certain other iShares funds, has entered into a syndicated line of credit with the Bank of New York","page_number":1,"box":{"x":150,"y":333,"width":713,"height":12}},{"id":"d61f6bf4-df58-4192-b73c-b5430e5922dc","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated","page_number":1,"box":{"x":150,"y":348,"width":723,"height":13}},{"id":"9cced69e-c1d6-4467-a2bf-bb699363c944","block_type":"box","text":"line of credit may be used for temporary or emergency purposes, including redemption, settlement","page_number":1,"box":{"x":151,"y":364,"width":720,"height":12}},{"id":"93a330e4-47c5-40d5-bbe8-7c14af91ee36","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":1,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"c631a97e-dac4-430d-8173-7b39c6049538","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing","page_number":1,"box":{"x":151,"y":402,"width":717,"height":13}},{"id":"7103414e-74f6-4d88-af5a-90fae5581b8e","block_type":"box","text":"Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread. Pursuant to the","page_number":1,"box":{"x":151,"y":418,"width":704,"height":13}},{"id":"c0f06e24-4b4a-4ecf-b3f7-1ff7a0dadcf1","block_type":"box","text":"terms of the credit agreement, if SOFR were to cease being published or representative, it would be","page_number":1,"box":{"x":149,"y":433,"width":723,"height":13}},{"id":"d157beca-c868-4fef-b5f6-35243467d65b","block_type":"box","text":"replaced by a rate based on an alternate benchmark selected by BNY.","page_number":1,"box":{"x":151,"y":449,"width":504,"height":13}},{"id":"89016257-014d-42bc-94a0-f1477987098d","block_type":"box","text":"Appendix A","page_number":1,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"7d74991f-f40b-48b4-84ee-6c182eb16fc9","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":1,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"068190e3-3c4a-4390-9482-0ca662e15378","block_type":"box","text":"iShares China Large-Cap 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Such agreements can include payments by BFA","page_number":5,"box":{"x":116,"y":224,"width":734,"height":13}},{"id":"3ba5f2cc-21c2-4ad5-8c04-5c1c5d6774b3","block_type":"box","text":"Entities to such Intermediaries and third parties for data collection and provision, technology support,","page_number":5,"box":{"x":117,"y":240,"width":739,"height":12}},{"id":"a4b988fe-3733-4000-b407-86129cafccba","block_type":"box","text":"platform enhancement, or educational content, co-marketing and cross-promotional efforts. In certain","page_number":5,"box":{"x":116,"y":255,"width":749,"height":13}},{"id":"9dcd779d-c238-4eea-8ae3-48e70c6d4bfd","block_type":"box","text":"cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered","page_number":5,"box":{"x":116,"y":271,"width":701,"height":12}},{"id":"fb938b03-fb2c-4f2f-a2f4-a147c96ed27d","block_type":"box","text":"payments. With respect to certain funds and Products, payments by the BFA Entities may take the form","page_number":5,"box":{"x":116,"y":286,"width":754,"height":13}},{"id":"ef646202-6e0d-408e-8f5a-458bc6869c17","block_type":"box","text":"of, among other things, “due diligence” payments for an Intermediary’s review of such funds and","page_number":5,"box":{"x":116,"y":302,"width":708,"height":12}},{"id":"13ca5028-6841-4097-9094-82072bf4b17b","block_type":"box","text":"Products; payment for providing employee training and information relating to such funds and Products;","page_number":5,"box":{"x":117,"y":317,"width":763,"height":13}},{"id":"20bff7b1-e449-4475-9c13-bdcf298c418a","block_type":"box","text":"fees for access (in some cases on a preferential basis) to an Intermediary’s registered representatives,","page_number":5,"box":{"x":116,"y":333,"width":739,"height":12}},{"id":"062d07df-d3a3-4094-a617-156b834998e9","block_type":"box","text":"salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf space”","page_number":5,"box":{"x":116,"y":348,"width":753,"height":13}},{"id":"c47f624b-c7a7-448f-a2ae-b8c33bb05398","block_type":"box","text":"payments for making such funds and Products available on the Intermediary’s platform or fees for","page_number":5,"box":{"x":116,"y":364,"width":716,"height":12}},{"id":"4dc86312-3538-4415-a833-566b86be3263","block_type":"box","text":"providing assistance in promoting the sale of such funds and Products. In such cases, the payments to","page_number":5,"box":{"x":116,"y":379,"width":747,"height":13}},{"id":"6e98a7b0-6c1e-48a7-961d-24e7a918da5d","block_type":"box","text":"Intermediaries may be tiered or based on a percentage of the value of the funds and Products held by","page_number":5,"box":{"x":117,"y":395,"width":738,"height":12}},{"id":"d3638012-4f18-42e5-af1a-5df38419c2dd","block_type":"box","text":"customers of the applicable Intermediary and may also be subject to minimum payment levels. Payments","page_number":5,"box":{"x":116,"y":410,"width":769,"height":13}},{"id":"0dd9863a-ae7b-4be0-a47a-ff2452426847","block_type":"box","text":"made pursuant to such arrangements may vary in any year and may be different for different","page_number":5,"box":{"x":117,"y":426,"width":677,"height":12}},{"id":"10311d8b-34cd-42f0-af18-a1af6ad9b4f0","block_type":"box","text":"Intermediaries and third parties and may reflect different services provided. As of the date of this SAI, the","page_number":5,"box":{"x":117,"y":441,"width":764,"height":13}},{"id":"4a4a551c-d9a5-411b-b9bc-f6550e0921bd","block_type":"box","text":"Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the","page_number":5,"box":{"x":117,"y":457,"width":740,"height":12}},{"id":"66c3d876-9aa7-44ac-962c-3e0a05402c95","block_type":"box","text":"contractual payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit","page_number":5,"box":{"x":116,"y":472,"width":743,"height":13}},{"id":"703f4d73-af60-4a5a-93cd-e6936bf1acae","block_type":"box","text":"Exchange, AE Wealth Management, LLC, American Enterprise Investment Services, Inc., Avantax","page_number":5,"box":{"x":117,"y":488,"width":702,"height":12}},{"id":"98380c02-8d75-4ce0-990d-a4712d805e43","block_type":"box","text":"Investment Services, Inc., BNY Mellon Capital Markets, LLC, BNY Mellon Performance & Risk Analytics,","page_number":5,"box":{"x":117,"y":503,"width":744,"height":13}},{"id":"ab7f5c1e-c25c-4023-b9ae-f1e216bebc5f","block_type":"box","text":"LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc., Clearstream Fund Centre AG,","page_number":5,"box":{"x":117,"y":519,"width":660,"height":12}},{"id":"3995b074-8ae7-4533-8df5-f11aa90adb85","block_type":"box","text":"Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial Partners LLC,","page_number":5,"box":{"x":116,"y":534,"width":769,"height":13}},{"id":"c0be500a-aefe-4362-88eb-8273ddd223f6","block_type":"box","text":"E*Trade Securities LLC, Envestnet Asset Management, Inc., Equitable Advisors, LLC, iCapital Markets LLC,","page_number":5,"box":{"x":117,"y":550,"width":767,"height":12}},{"id":"9bfb5a9c-586c-4894-a3cc-7747f43fd2ad","block_type":"box","text":"Interactive Brokers LLC, LPL Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML","page_number":5,"box":{"x":117,"y":565,"width":726,"height":13}},{"id":"202b8d4a-d3b2-4bd5-8e4e-9394a4444290","block_type":"box","text":"Investors Services, LLC, Morgan Stanley Smith Barney LLC, Northwestern Mutual Investment Services,","page_number":5,"box":{"x":117,"y":581,"width":742,"height":12}},{"id":"83c4d0ad-86e4-47dc-a8d6-6942a7386102","block_type":"box","text":"LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial Services, Inc., Riskalyze, Inc.,","page_number":5,"box":{"x":117,"y":596,"width":760,"height":13}},{"id":"bd8a3aeb-65a2-456a-98a9-0191f35cd7b8","block_type":"box","text":"Rockefeller Financial LLC, Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing","page_number":5,"box":{"x":117,"y":612,"width":763,"height":12}},{"id":"25f161aa-97de-4611-b0d9-8d808e885494","block_type":"box","text":"Services, LLC and Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions","page_number":5,"box":{"x":116,"y":627,"width":767,"height":13}},{"id":"aec6e33c-03a7-49cc-8956-2f28a51600d5","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":5,"box":{"x":116,"y":643,"width":766,"height":12}},{"id":"831cc5c0-1fc8-4e35-bd13-c05f4211b770","block_type":"box","text":"included in the list.","page_number":5,"box":{"x":117,"y":658,"width":139,"height":10}},{"id":"f0bf71ef-b31a-4c6b-acc4-fc17d651d7b1","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":682,"width":516,"height":12}},{"id":"26514db3-7015-4561-88d5-4673484157d5","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"60fa5975-1414-4927-b288-4b1bc111a5f8","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"f3384b81-6a79-4ec0-a5cf-0971f619263f","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":"495f641b-c1eb-4a07-bfab-740eafe0fdfd","block_type":"box","text":"IS-A-IntermSAI-0926","page_number":5,"box":{"x":761,"y":887,"width":122,"height":8}},{"id":"fe0fa106-5eec-4b36-9ed2-d3cb7fc17d2e","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"285f0d04-f77a-4c41-ac49-0ba0aac857de","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"3af2f3ba-30b1-48a2-ac4f-4f51a05ef048","block_type":"box","text":"iShares","page_number":6,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"41ca0d81-c212-4a39-873c-cc3c879b93ad","block_type":"box","text":"®","page_number":6,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"fd2b59a0-cf79-4048-a8e7-9f8f22a56931","block_type":"box","text":"iShares, Inc.","page_number":6,"box":{"x":454,"y":105,"width":95,"height":11}},{"id":"cdad8dc7-b575-4006-8e6c-819797f19cee","block_type":"box","text":"Supplement dated July 15, 2026","page_number":6,"box":{"x":379,"y":119,"width":245,"height":13}},{"id":"b91012f4-dd7d-40d7-8448-a12191ff0780","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":6,"box":{"x":257,"y":133,"width":488,"height":13}},{"id":"d62cd121-7f0b-4478-a506-190f0c240789","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":6,"box":{"x":318,"y":148,"width":368,"height":12}},{"id":"fb240b7c-3b5b-4762-bf4b-cba4e236f268","block_type":"box","text":"for the iShares Emerging Markets Equity Factor ETF (EMGF) (the “Fund”)","page_number":6,"box":{"x":224,"y":162,"width":555,"height":13}},{"id":"c53aa12e-acdb-496a-902a-1cb021c0448e","block_type":"box","text":"The Fund is updating its investment policy to indicate that it intends to be “diversified,” as defined under","page_number":6,"box":{"x":116,"y":182,"width":761,"height":13}},{"id":"e8bb7724-cde3-4ffd-b0a3-50e252c04fc1","block_type":"box","text":"the Investment Company Act of 1940, as amended (the “1940 Act”), in approximately the same","page_number":6,"box":{"x":116,"y":196,"width":700,"height":13}},{"id":"97da0e01-e410-44f0-abd2-076ad9fea8bb","block_type":"box","text":"proportion as its Underlying Index is diversified. Shareholder approval will not be sought if the Fund","page_number":6,"box":{"x":116,"y":211,"width":724,"height":12}},{"id":"13161785-5376-4d5f-b2df-df17cd5848f6","block_type":"box","text":"crosses from diversified to non-diversified status due solely to a change in the relative market","page_number":6,"box":{"x":116,"y":225,"width":681,"height":13}},{"id":"ba79340a-a074-4367-9d82-d30a746a39bb","block_type":"box","text":"capitalization or index weighting of the constituents of its Underlying Index.","page_number":6,"box":{"x":116,"y":239,"width":552,"height":13}},{"id":"51ffada1-4494-4eca-a3f5-5713c8b05100","block_type":"box","text":"Accordingly, the following changes are effective immediately:","page_number":6,"box":{"x":116,"y":259,"width":450,"height":13}},{"id":"777b380d-a81b-4d88-91f7-4546c7eb2b7f","block_type":"box","text":"1. The following is added after the Industry Concentration Policy at the end of the section entitled","page_number":6,"box":{"x":151,"y":279,"width":726,"height":13}},{"id":"bbe28b70-1308-48b1-97f5-5d51ecbbe49d","block_type":"box","text":"“Principal Investment Strategies” of the Summary Prospectus and Prospectus of the Fund:","page_number":6,"box":{"x":184,"y":294,"width":658,"height":12}},{"id":"4245accd-ca26-4812-ac87-eb0f86606062","block_type":"box","text":"Diversification Policy.","page_number":6,"box":{"x":184,"y":314,"width":169,"height":12}},{"id":"2469d8e8-144f-4b83-8e72-9e087c9c660e","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion","page_number":6,"box":{"x":353,"y":314,"width":529,"height":12}},{"id":"96c3a291-fc58-496d-96df-f761171a5282","block_type":"box","text":"as the Underlying Index is diversified and to invest all or substantially all of its assets in","page_number":6,"box":{"x":184,"y":328,"width":629,"height":13}},{"id":"d70a5de2-cb09-41ec-ba48-773b68aad3ed","block_type":"box","text":"components of the Underlying Index in approximately the same proportion as each","page_number":6,"box":{"x":184,"y":343,"width":607,"height":12}},{"id":"29e1984b-c0ac-439f-909b-8ec3a3ac6356","block_type":"box","text":"component’s weighting in the Underlying Index. This diversification policy may limit the Fund’s","page_number":6,"box":{"x":184,"y":357,"width":692,"height":13}},{"id":"65cfce19-e59d-47db-a253-4fbcbf7d9f8c","block_type":"box","text":"ability to use representative sampling. The Fund may become “non-diversified,” as defined in","page_number":6,"box":{"x":184,"y":371,"width":677,"height":13}},{"id":"55888b9f-b067-4f43-9a2b-3c89a7c5d1a9","block_type":"box","text":"the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of","page_number":6,"box":{"x":183,"y":386,"width":704,"height":12}},{"id":"63333285-3827-41d9-b2a7-233f380f20a3","block_type":"box","text":"one or more components of the Underlying Index. Shareholder approval will not be sought if the","page_number":6,"box":{"x":184,"y":400,"width":701,"height":13}},{"id":"a0a86e5d-fd6f-42c4-9426-45d1e031045e","block_type":"box","text":"Fund becomes “non-diversified” due solely to a change in the relative market capitalization or","page_number":6,"box":{"x":184,"y":414,"width":682,"height":13}},{"id":"e7ad9a6f-1fd6-41a4-ad6d-c57374822eaf","block_type":"box","text":"index weighting of one or more components of the Underlying Index. The Fund discloses its","page_number":6,"box":{"x":184,"y":429,"width":669,"height":12}},{"id":"548187e8-5208-4cba-aaf7-9a6422d040f9","block_type":"box","text":"portfolio holdings and weightings at www.iShares.com.","page_number":6,"box":{"x":184,"y":443,"width":406,"height":13}},{"id":"e48c0269-516c-41df-9ce8-240a3be67e1a","block_type":"box","text":"2. The following is added to the section entitled “Summary of Principal Risks” in the Summary","page_number":6,"box":{"x":150,"y":463,"width":701,"height":13}},{"id":"b2968796-9718-413a-8806-a99c8e419b0f","block_type":"box","text":"Prospectus and Prospectus of the Fund:","page_number":6,"box":{"x":184,"y":477,"width":293,"height":13}},{"id":"f9da246d-d35d-4ee5-add8-d669294b3b2c","block_type":"box","text":"Non-Diversification Risk.","page_number":6,"box":{"x":184,"y":497,"width":189,"height":10}},{"id":"081e5417-de38-4ef5-8011-4049d5447fe2","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":6,"box":{"x":373,"y":497,"width":512,"height":13}},{"id":"547f2b7a-03b4-4e57-856b-6f2d7b79a938","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of","page_number":6,"box":{"x":184,"y":512,"width":651,"height":12}},{"id":"d81d496b-ab29-4204-8d8d-0bdd8bfc66c9","block_type":"box","text":"issuers or counterparties and thus may be more susceptible to the risks associated with these","page_number":6,"box":{"x":184,"y":526,"width":682,"height":13}},{"id":"93280128-bd45-4d81-a9ea-2b55f481992d","block_type":"box","text":"particular issuers or counterparties. As a result, the Fund’s performance may depend to a","page_number":6,"box":{"x":184,"y":540,"width":649,"height":13}},{"id":"3f0289df-f9da-4192-b5cd-7ae0a9aa1d4c","block_type":"box","text":"greater extent on the performance of a small number of issuers or counterparties, which may","page_number":6,"box":{"x":184,"y":555,"width":680,"height":12}},{"id":"3584eaa3-d7a8-418d-9cc2-c667459b3499","block_type":"box","text":"lead to more volatility in the Fund’s NAV.","page_number":6,"box":{"x":184,"y":569,"width":299,"height":13}},{"id":"92b5c3bb-5c0a-469b-867e-c41c4aee66da","block_type":"box","text":"3. In the tables under the section entitled “Additional Information About the Funds’ Risks” in the","page_number":6,"box":{"x":150,"y":589,"width":716,"height":10}},{"id":"e86f2f82-1f43-48db-96ef-b5f5d60fec28","block_type":"box","text":"Prospectus of the Fund, Non-Diversification Risk is checked as a Principal Risk for the Fund.","page_number":6,"box":{"x":184,"y":603,"width":661,"height":13}},{"id":"26f8f8eb-f4bc-47ac-ade4-26681c12cc3b","block_type":"box","text":"4. In the section entitled “Diversification Status” of the SAI of the Fund:","page_number":6,"box":{"x":150,"y":623,"width":534,"height":10}},{"id":"c7f04002-c1ea-43d1-be6a-90f8cba4dbe3","block_type":"box","text":"a. an asterisk (*) is added after the Fund’s name in the diversification status table and the","page_number":6,"box":{"x":217,"y":643,"width":668,"height":13}},{"id":"80430ddf-338e-4bd2-a6a5-6c607666d47f","block_type":"box","text":"name of the Fund is added in alphabetical order to the funds listed in the","page_number":6,"box":{"x":252,"y":658,"width":529,"height":12}},{"id":"71ccfb3f-97cb-47f2-b9b0-afe456f68c4d","block_type":"box","text":"corresponding footnote.","page_number":6,"box":{"x":251,"y":672,"width":175,"height":13}},{"id":"daa086e7-a3c1-4601-8f0b-0aac8baa67ca","block_type":"box","text":"b. the last sentence of the first paragraph following the diversification status table is","page_number":6,"box":{"x":218,"y":692,"width":622,"height":13}},{"id":"d6b84956-ce95-4f32-baa0-6324860f439a","block_type":"box","text":"deleted in its entirety and replaced with the following:","page_number":6,"box":{"x":251,"y":706,"width":388,"height":13}},{"id":"4845f2df-d84f-4549-b14e-b7df4245b5c5","block_type":"box","text":"Š","page_number":6,"box":{"x":217,"y":729,"width":9,"height":6}},{"id":"69ef77b4-87d4-468d-b8e0-e3f22472a6b1","block_type":"box","text":"However, while the","page_number":6,"box":{"x":252,"y":726,"width":137,"height":12}},{"id":"4416f376-ab4f-4477-84a9-f51bfb3015eb","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares Emerging","page_number":6,"box":{"x":395,"y":726,"width":435,"height":13}},{"id":"b9343df1-60d3-48e5-a638-c3d13d0c68f4","block_type":"box","text":"Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI BIC ETF and","page_number":6,"box":{"x":251,"y":741,"width":631,"height":12}},{"id":"39ab0aa8-ffa8-4e2d-bd2f-58c1128a108d","block_type":"box","text":"iShares MSCI Emerging Markets ETF are classified as “diversified,” under applicable","page_number":6,"box":{"x":251,"y":755,"width":602,"height":13}},{"id":"7d7669da-e31e-4ba5-96c4-bdce22fad226","block_type":"box","text":"no-action relief from the SEC staff, the funds may become non-diversified, as defined","page_number":6,"box":{"x":252,"y":770,"width":615,"height":12}},{"id":"c424e84a-a9b6-40e5-8e4e-f216910be35d","block_type":"box","text":"under the 1940 Act, solely as a result of a change in relative market capitalization or","page_number":6,"box":{"x":251,"y":784,"width":607,"height":13}},{"id":"152fb3db-c610-44cb-b403-324f83f8dfe3","block_type":"box","text":"index weighting of one or more constituents of their Underlying Index, and such a","page_number":6,"box":{"x":251,"y":798,"width":592,"height":13}},{"id":"44d6b249-1427-4f86-80c7-911bf8ff1034","block_type":"box","text":"change does not require shareholder approval.","page_number":6,"box":{"x":251,"y":813,"width":337,"height":12}},{"id":"844faaed-6558-47eb-a8af-e219792c6256","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":838,"width":521,"height":13}},{"id":"d11ea991-57f2-4429-acd4-873fb9f8a3ce","block_type":"box","text":"iShares","page_number":6,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"833fd6ab-8727-461a-832e-ef1170079e8e","block_type":"box","text":"®","page_number":6,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"501048f3-aaab-4a7c-9e65-7c9a33c0923b","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":"0662bff1-5b2f-4291-b286-f61da59341b0","block_type":"box","text":"IS-SUPP-NAL-0726","page_number":6,"box":{"x":772,"y":887,"width":111,"height":8}},{"id":"001450e6-b59e-4bf3-a87b-d2caa9398c7a","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":6,"box":{"x":368,"y":911,"width":265,"height":10}},{"id":"92988fb4-3f2a-445d-9602-2a5546c2f975","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":6,"box":{"x":407,"y":927,"width":186,"height":9}},{"id":"f194217c-6ad0-4ab5-a16e-9b99f3bc2db9","block_type":"box","text":"iShares","page_number":7,"box":{"x":420,"y":71,"width":128,"height":24}},{"id":"d2a46001-6951-46ef-8773-3188682e727c","block_type":"box","text":"®","page_number":7,"box":{"x":551,"y":70,"width":23,"height":17}},{"id":"c147866a-19e5-4e76-a49f-1213c5c0453e","block_type":"box","text":"iShares Trust and iShares, Inc.","page_number":7,"box":{"x":386,"y":108,"width":232,"height":12}},{"id":"51c3aedb-5014-4807-8d0c-328c6c668003","block_type":"box","text":"Supplement dated May 26, 2026","page_number":7,"box":{"x":377,"y":123,"width":249,"height":13}},{"id":"8b0848d0-1435-4be8-9386-9a6adea63a01","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":7,"box":{"x":257,"y":139,"width":488,"height":13}},{"id":"73ba7f9f-7a03-420a-b544-98394e49f73e","block_type":"box","text":"Statement of Additional Information (the “SAI”)","page_number":7,"box":{"x":318,"y":154,"width":368,"height":13}},{"id":"126842ae-a348-4dbc-8ada-8efcdb5d8d57","block_type":"box","text":"for the iShares MSCI USA Value Factor ETF (VLUE) and","page_number":7,"box":{"x":294,"y":170,"width":415,"height":13}},{"id":"a660c603-73eb-4faf-afff-762a2e7ebe73","block_type":"box","text":"the iShares ESG Aware MSCI EM ETF (ESGE) (each a “Fund”)","page_number":7,"box":{"x":273,"y":185,"width":457,"height":13}},{"id":"42cf0fdf-ad7f-4357-8f0c-896ca349359e","block_type":"box","text":"Each Fund is updating its investment policy to indicate that it intends to be “diversified,” as defined under","page_number":7,"box":{"x":117,"y":209,"width":767,"height":12}},{"id":"88f90e4a-e803-46ed-a0e2-2d50459bd4ba","block_type":"box","text":"the Investment Company Act of 1940, as amended (the “1940 Act”), in approximately the same","page_number":7,"box":{"x":116,"y":224,"width":700,"height":13}},{"id":"21b666b1-4925-4fbd-acb9-eaba2e3d40fa","block_type":"box","text":"proportion as its Underlying Index is diversified. Shareholder approval will not be sought if a Fund crosses","page_number":7,"box":{"x":116,"y":240,"width":768,"height":12}},{"id":"e24383ae-0b00-47ac-9f25-935a62ede1bf","block_type":"box","text":"from diversified to non-diversified status due solely to a change in the relative market capitalization or","page_number":7,"box":{"x":116,"y":255,"width":743,"height":13}},{"id":"417b04e9-4949-4631-aaf7-630d7f39e973","block_type":"box","text":"index weighting of the constituents of its Underlying Index.","page_number":7,"box":{"x":117,"y":271,"width":431,"height":12}},{"id":"b0b232cf-0047-4bec-a175-aceca22bb490","block_type":"box","text":"Accordingly, the following changes are effective immediately:","page_number":7,"box":{"x":116,"y":294,"width":450,"height":13}},{"id":"6acc4e35-a7d0-4dc0-ad7d-e91ad03473db","block_type":"box","text":"1. The following is added after the Industry Concentration Policy at the end of the sections entitled","page_number":7,"box":{"x":135,"y":317,"width":732,"height":13}},{"id":"a3b17198-5c5e-42fa-8131-7c2803f68435","block_type":"box","text":"“Principal Investment Strategies” of the Summary Prospectus and Prospectus of each Fund:","page_number":7,"box":{"x":167,"y":333,"width":669,"height":12}},{"id":"08dad149-143f-439b-8eeb-d04c996d029c","block_type":"box","text":"Diversification Policy.","page_number":7,"box":{"x":167,"y":356,"width":169,"height":13}},{"id":"00ec493c-436b-40b2-ae61-1cb84adc5103","block_type":"box","text":"The Fund intends to be diversified in approximately the same proportion as","page_number":7,"box":{"x":336,"y":356,"width":549,"height":13}},{"id":"4321a00d-6da4-4522-bcc6-e8cdee307e68","block_type":"box","text":"the Underlying Index is diversified. The Fund may become “non-diversified,” as defined under the","page_number":7,"box":{"x":166,"y":371,"width":709,"height":13}},{"id":"4d7febe2-81cb-4926-815e-e94f332d6b20","block_type":"box","text":"1940 Act, solely as a result of a change in relative market capitalization or index weighting of one","page_number":7,"box":{"x":168,"y":387,"width":706,"height":13}},{"id":"355bd4bd-38ac-4353-9c78-19879ac379a5","block_type":"box","text":"or more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund","page_number":7,"box":{"x":167,"y":402,"width":710,"height":13}},{"id":"aa317efa-c80b-4aa7-9420-7ad66202d203","block_type":"box","text":"becomes “non-diversified” due solely to a change in the relative market capitalization or index","page_number":7,"box":{"x":167,"y":418,"width":685,"height":13}},{"id":"f2e37c62-6676-4d5a-911c-18e007456bed","block_type":"box","text":"weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio","page_number":7,"box":{"x":166,"y":433,"width":692,"height":13}},{"id":"00c33d3c-690a-49cb-a048-cc4d8b3563b8","block_type":"box","text":"holdings and weightings at www.iShares.com.","page_number":7,"box":{"x":167,"y":449,"width":340,"height":13}},{"id":"b91d083d-c809-4be5-82cf-c25fff70a0a2","block_type":"box","text":"2. The following is added to the sections entitled “Summary of Principal Risks” in the Summary","page_number":7,"box":{"x":133,"y":472,"width":708,"height":13}},{"id":"a94f3ddf-5861-48aa-bcc4-2c3befc30f56","block_type":"box","text":"Prospectus and Prospectus of each Fund:","page_number":7,"box":{"x":168,"y":488,"width":303,"height":12}},{"id":"1088e60e-4778-4a8d-9fa3-a97c29314772","block_type":"box","text":"Non-Diversification Risk.","page_number":7,"box":{"x":167,"y":511,"width":189,"height":10}},{"id":"88037a79-c557-4694-a6ef-f4da6879626d","block_type":"box","text":"To the extent the Fund is non-diversified, the Fund may invest a large","page_number":7,"box":{"x":356,"y":511,"width":512,"height":13}},{"id":"9cd80d80-4b4c-4052-84ad-d9ba19710815","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers","page_number":7,"box":{"x":167,"y":526,"width":705,"height":13}},{"id":"8f806adb-61b3-4ea1-b377-243e933d7357","block_type":"box","text":"or counterparties and thus may be more susceptible to the risks associated with these particular","page_number":7,"box":{"x":167,"y":542,"width":702,"height":13}},{"id":"9c646ca0-77b4-4377-9523-3ecfc573b9ed","block_type":"box","text":"issuers or counterparties. As a result, the Fund’s performance may depend to a greater extent on","page_number":7,"box":{"x":167,"y":557,"width":705,"height":13}},{"id":"1bf299d5-695f-4d3d-a1d4-91d6949cbc7a","block_type":"box","text":"the performance of a small number of issuers or counterparties, which may lead to more volatility","page_number":7,"box":{"x":166,"y":573,"width":714,"height":13}},{"id":"ae93a4d8-6ce5-4332-a32f-29d5a86a0a8f","block_type":"box","text":"in the Fund’s NAV.","page_number":7,"box":{"x":167,"y":589,"width":138,"height":9}},{"id":"7e6d5e95-63d8-4c20-be84-902049de6b0a","block_type":"box","text":"3. In the tables under the section entitled “Additional Information About the Funds’ Risks” in the","page_number":7,"box":{"x":133,"y":612,"width":717,"height":10}},{"id":"428e6c89-d21e-446a-8642-477831d6459a","block_type":"box","text":"Prospectus of each Fund, Non-Diversification Risk is added as a row for the iShares MSCI USA","page_number":7,"box":{"x":168,"y":627,"width":683,"height":13}},{"id":"5eeac087-e40a-421e-8aae-c37be2e39350","block_type":"box","text":"Value Factor ETF and checked as a Principal Risk for each Fund.","page_number":7,"box":{"x":166,"y":643,"width":461,"height":12}},{"id":"9626daab-8794-4a39-b181-2a7a662b37f2","block_type":"box","text":"4. The following is added after Momentum Securities Risk in the section entitled “Additional","page_number":7,"box":{"x":133,"y":666,"width":681,"height":13}},{"id":"7c86673d-55c2-4f49-b1e4-d5551271c293","block_type":"box","text":"Information About the Funds’ Risks” in the Prospectus of the iShares MSCI USA Value Factor ETF:","page_number":7,"box":{"x":168,"y":682,"width":704,"height":12}},{"id":"c3f17ac3-a8c7-4058-96fe-59da6fd22da3","block_type":"box","text":"Non-Diversification Risk.","page_number":7,"box":{"x":167,"y":705,"width":189,"height":10}},{"id":"b5b424da-37bc-419f-970a-52dc6aaafcc5","block_type":"box","text":"A Fund that is classified as “non-diversified” may invest a greater","page_number":7,"box":{"x":361,"y":705,"width":471,"height":12}},{"id":"243f756e-f7db-4267-ba34-3380e12002ca","block_type":"box","text":"percentage of its assets in securities or other instruments representing a small number of issuers","page_number":7,"box":{"x":167,"y":720,"width":700,"height":13}},{"id":"ce4df96a-9d8e-4f3e-aac0-a131ed366aa4","block_type":"box","text":"or counterparties, compared with funds that are classified as “diversified.” A non-diversified Fund","page_number":7,"box":{"x":167,"y":736,"width":705,"height":12}},{"id":"cf671aff-5113-49df-897d-38c31f8f5058","block_type":"box","text":"thus may be more susceptible to the risks associated with these particular issuers or","page_number":7,"box":{"x":166,"y":751,"width":611,"height":13}},{"id":"c458358d-6ff6-4dcb-b5a2-220527cd1f87","block_type":"box","text":"counterparties. The gains and losses on such holdings may have a greater impact on a","page_number":7,"box":{"x":167,"y":767,"width":626,"height":12}},{"id":"6f29634c-7b35-4309-b22a-3c53bf86dbd8","block_type":"box","text":"non-diversified Fund’s performance than they would on the performance of a diversified Fund,","page_number":7,"box":{"x":167,"y":782,"width":684,"height":13}},{"id":"fbfd5c20-667d-4df0-b1e0-2fa3b46b78df","block_type":"box","text":"and a non-diversified Fund’s NAV may be more volatile.","page_number":7,"box":{"x":167,"y":798,"width":402,"height":12}},{"id":"905ced56-1c26-4df2-9e2e-49241507f04d","block_type":"box","text":"5. For the iShares ESG Aware MSCI EM ETF, in the section entitled “Diversification Status” of the SAI","page_number":7,"box":{"x":133,"y":821,"width":739,"height":12}},{"id":"28202512-f1eb-40d8-b04d-b293d9f599d2","block_type":"box","text":"of the Fund:","page_number":7,"box":{"x":167,"y":837,"width":91,"height":10}},{"id":"d57914d1-98a0-4103-82b2-5b4ba7d1a8d9","block_type":"box","text":"a. an asterisk (*) is added after the Fund’s name in the diversification status table and the","page_number":7,"box":{"x":184,"y":860,"width":667,"height":12}},{"id":"d83ece88-f979-4781-bb19-47680f9f8abb","block_type":"box","text":"name of the Fund is added in alphabetical order to the funds listed in the corresponding","page_number":7,"box":{"x":218,"y":875,"width":640,"height":13}},{"id":"4123a8b7-95f1-4124-9fdc-d118d63fdcb3","block_type":"box","text":"footnote.","page_number":7,"box":{"x":217,"y":891,"width":70,"height":10}},{"id":"f4a357f4-325d-4ec0-8bc9-beb1def4d449","block_type":"box","text":"b. the last sentence of the first paragraph following the diversification status table of the","page_number":8,"box":{"x":184,"y":69,"width":658,"height":13}},{"id":"44544da2-d81a-46a4-83a7-77969f3ed30e","block_type":"box","text":"section entitled “Diversification Status” of the SAI of the Fund is deleted in its entirety and","page_number":8,"box":{"x":217,"y":85,"width":654,"height":12}},{"id":"cf9a9f8b-11a5-4b29-96c7-0cc376b67e32","block_type":"box","text":"replaced with the following:","page_number":8,"box":{"x":218,"y":100,"width":205,"height":13}},{"id":"ed369f9f-f38b-4dad-95d5-cca203e1af24","block_type":"box","text":"Š","page_number":8,"box":{"x":185,"y":126,"width":9,"height":6}},{"id":"9ee8715a-3776-498e-ba34-9ee28d472b19","block_type":"box","text":"However, while the","page_number":8,"box":{"x":218,"y":123,"width":138,"height":12}},{"id":"dc84c4af-74da-4a18-97bb-13e1677f09f2","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares ESG Aware MSCI EM","page_number":8,"box":{"x":361,"y":123,"width":522,"height":13}},{"id":"12d0a6bf-a3d0-491b-8dc4-8ed428d4a767","block_type":"box","text":"ETF, iShares MSCI BIC ETF and iShares MSCI Emerging Markets ETF are classified as","page_number":8,"box":{"x":218,"y":139,"width":611,"height":13}},{"id":"f58088f9-f614-41f6-9162-f3732ef2494b","block_type":"box","text":"“diversified,” under applicable no-action relief from the SEC staff, the funds may become","page_number":8,"box":{"x":218,"y":154,"width":646,"height":13}},{"id":"1ec59e99-826a-4b4d-844f-60c672fa820a","block_type":"box","text":"non-diversified, as defined under the 1940 Act, solely as a result of a change in relative","page_number":8,"box":{"x":218,"y":170,"width":631,"height":13}},{"id":"bc562a4f-ce1f-4d71-92ee-fca1d2d20ac7","block_type":"box","text":"market capitalization or index weighting of one or more constituents of its Underlying","page_number":8,"box":{"x":218,"y":185,"width":625,"height":13}},{"id":"9732f26d-cc8e-4450-8da2-10ad3a19c689","block_type":"box","text":"Index, and such a change does not require shareholder approval.","page_number":8,"box":{"x":218,"y":201,"width":473,"height":13}},{"id":"8562ba4a-be26-4252-a38f-34116b663252","block_type":"box","text":"6. 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corresponding","page_number":8,"box":{"x":218,"y":278,"width":640,"height":13}},{"id":"3591ff98-1494-440e-9f6e-5a37c1ca5b16","block_type":"box","text":"footnote.","page_number":8,"box":{"x":217,"y":294,"width":70,"height":10}},{"id":"8e7611c9-c432-4ea7-a0e3-a0a83fbfbd62","block_type":"box","text":"b. the last sentence of the first paragraph following the diversification status table of the","page_number":8,"box":{"x":184,"y":317,"width":658,"height":13}},{"id":"d6776f51-6daa-46f1-a729-c1e00e8f868c","block_type":"box","text":"section entitled “Diversification Status” of the SAI of the Fund is deleted in its entirety and","page_number":8,"box":{"x":217,"y":333,"width":654,"height":12}},{"id":"bd163c7a-dceb-4181-a6f0-1e828f0e6224","block_type":"box","text":"replaced with the 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capitalization or index weighting of one or more","page_number":8,"box":{"x":218,"y":418,"width":616,"height":13}},{"id":"966f8e1a-e0ca-4ae4-949f-015dc19cd192","block_type":"box","text":"constituents of its Underlying Index, and such a change does not require shareholder","page_number":8,"box":{"x":217,"y":433,"width":620,"height":13}},{"id":"157208f1-6e70-43ab-924b-e9f24ba93655","block_type":"box","text":"approval.","page_number":8,"box":{"x":217,"y":449,"width":71,"height":13}},{"id":"fd246b0f-2bda-4352-a306-5db1def9f077","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":472,"width":521,"height":13}},{"id":"0746f652-d5fb-4874-b3d0-14761525b532","block_type":"box","text":"iShares","page_number":8,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"01964639-79ad-4bb0-9e50-de870fe82d45","block_type":"box","text":"®","page_number":8,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"923a8e2b-08eb-4c9f-828c-d3ab6cb0d982","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":8,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"c3f38283-8620-44b8-8adf-c1b028540f32","block_type":"box","text":"IS-SUPP-NAL-0526","page_number":8,"box":{"x":772,"y":887,"width":111,"height":8}},{"id":"115bddc5-e868-4a9c-85ec-bda162d30dcb","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":8,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"7657ca74-f3b0-4d1f-b58f-ef62260d3d8e","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":8,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"5ea430f5-8f20-4c2e-bfc9-b20763b85286","block_type":"box","text":"iShares","page_number":9,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"6870de71-5b78-462f-ad1a-efb2491e8e44","block_type":"box","text":"®","page_number":9,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"0610e3f3-3eac-4b33-9a21-c4d8378a07cf","block_type":"box","text":"iShares, Inc.","page_number":9,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"0f075c4b-db1f-4bb8-b208-7a5d937a73e0","block_type":"box","text":"iShares Trust","page_number":9,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"db5340b0-83ff-42ef-a2ac-8eb934d01ce3","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":9,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"f8be3763-496c-4574-96e7-8716322e2d36","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":9,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"5c9e3aad-93dc-4cc3-bfea-3a3469afdeda","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":9,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"7e0e02c3-4c66-4ab7-9b80-d1c4b2f411c5","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":9,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"cfacb7b3-011c-42fa-8496-ad9cee0d85b7","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":9,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"07d55fb1-d7c4-4382-8a7f-ac9fb46be8b3","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":9,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"e69a540c-8d3e-4510-924b-960af197eae5","block_type":"box","text":"is checked for the applicable Fund.","page_number":9,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"0526072f-3615-4494-8329-caa1fb2929d7","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":9,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"ca1200aa-7909-41d6-abcc-7e71128f0d4e","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":9,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"92eb7436-ea3e-4342-92a5-e641cead155b","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":9,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"63662a28-810f-4eab-b092-bc30937114ac","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":9,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"d500cdca-b0e1-4377-8fd2-fc62479c3156","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":9,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"3727108e-2456-4012-8d5d-984dd6f395fc","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":9,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"b5c306e1-6129-4232-9099-10818998fe45","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":9,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"e0fd0083-eff1-4414-9cfa-7e485d5b8db2","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":9,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"8a3f2b81-bef3-4bdd-ae7f-4d29ce06d7b9","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":9,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"ee20745e-6343-435f-af76-616f0093ac10","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":9,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"6541ab3f-4bbc-40a6-91bd-bcab14cc5699","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":9,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"a6f013da-3cbb-4e1d-8b63-3edfeba68fe1","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":9,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"57eb8ff8-82d8-4ac2-b403-5ba79d3cfbd5","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":9,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"375a8d11-20b9-4dc8-bf38-977ffde465a1","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":9,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"9d5431ff-161b-46fc-995f-7c7310648963","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":9,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"5a8f22a4-8662-4abb-87cb-b62df5340078","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":9,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"3e71a666-a3a8-40e3-a48f-58957a772650","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":9,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"6078f43a-80dd-4518-b505-f5247af19ff6","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":9,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"c34a21ae-b512-48e4-b153-60facf00a58f","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":9,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"e05386c7-8b57-49a1-ae3a-992b92b88620","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":9,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"f886faa6-8fc4-4896-8aa7-ff55a7f791aa","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":9,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"dcbf8d91-d2a1-4155-aa26-d53e7b838f99","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":9,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"c66cbc21-590f-4a83-be13-cb63ae2bd994","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":9,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"8e3452a0-b214-4dbb-bc6f-dbef52e65074","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":9,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"bfc7a0dd-9b91-4017-905e-3caba239376b","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":9,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"4ef3dae3-ec73-4862-bd01-44d7a97688e8","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":9,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"0c4aa02f-d355-4aba-ad7d-71521a473787","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":9,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"9389336f-76ea-4110-8c03-01ce4c3fa8c3","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":9,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"2579860f-07a4-412f-83cc-59c8849c2083","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":9,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"dd20a8df-3198-431d-b8fe-2ea79b4feee8","block_type":"box","text":":","page_number":9,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"09aec1cf-07cd-4e86-abd4-e0c2036aa96f","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":9,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"1cf8be66-d936-436f-85b9-17d1824c503a","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":9,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"d8129c4c-3a3d-44c8-8d50-7aba16992d5c","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":9,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"6b6c404d-2cc9-4a0f-b4c7-e08a6c9075c3","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":9,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"b24c98af-5450-462a-abb2-3b645a52697b","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":9,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"28897b0c-b412-45d6-a018-c3675618e98f","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":9,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"bba4f6ad-a6c5-4151-af8f-f47d1c6e29af","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":9,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"066720c8-b6a2-46ae-8eb5-50a79b1bf8bf","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":9,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"a93e4f25-59e8-45f5-a134-c24c10d1fafc","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":9,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"e8be96a1-4a50-436c-b324-cbfaffe961a8","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":9,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"462e4436-05f4-4285-9d09-08f4ad0341d3","block_type":"box","text":"by such custodian.","page_number":9,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"310432f1-4da7-45df-b44d-b76a0d993d64","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":10,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"0b10c67d-6249-4f40-91a1-16dd1d42c182","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":10,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"dacec499-8a4f-4fbb-b30c-d2605fb98282","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":10,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"75a4dcb5-823c-4544-9452-9b93286cf7f6","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":10,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"34573c24-66cb-4d49-b49e-a885db22f21e","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":10,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"db00f41a-dcca-4a42-98b8-ff539ca14f65","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":10,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"48e32150-f244-4e9f-b952-112c11ba6c89","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":10,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"ddb91ef0-bc53-47a5-a37d-b7694c2470a4","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":10,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"50fbeee4-da5b-4073-8ee2-2a32e1fc7f63","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":10,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"df277380-dd46-434c-9424-33ee724b8898","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":10,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"1a18c98b-3480-44fe-91cd-ccb01b4ca337","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":10,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"a439388b-e6fa-4be1-b5bf-86834df902fc","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":10,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"debd45c5-2a11-4890-bdad-722049d19518","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":10,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"901f4429-7bbc-4132-82ea-0afdf37e3741","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":10,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"d468f1c5-25dc-41d2-bd7d-9b396b47f9b3","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":10,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"98742d3d-cd40-4194-ae5b-ebcdb74f98f5","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":10,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"1bd16c52-5edb-43ea-97ca-9072b195a3c1","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":10,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"99871154-f078-4f24-8107-11ea47ab7c47","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":10,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"d38b8c47-7a85-4047-9c8f-200d70a68367","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":10,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"628e5e30-a57c-4696-9cce-9d7d2a66c3a1","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":10,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"693d1a1b-2bb5-4a97-a37d-2553d7ac4c8c","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":10,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"85fd3f2e-9df8-4fd9-b6d1-8ca705bb71e2","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":10,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"3c865038-37b0-4b01-bb75-80893ccde523","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":10,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"6e5d7e24-70a5-4967-8e40-06b7e29b4e5b","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":10,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"35d9534e-cbee-4309-af6b-842f85ab28ed","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":10,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"2ab32b46-d6d1-4ffa-bc75-818a1331415b","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":10,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"b88183f8-af8c-4f25-bca2-70d698f13840","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":10,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"3483affc-41fc-49a8-89e5-acbea267877e","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":10,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"73121d47-6bac-46ca-9bb4-4b37e3b1ae95","block_type":"box","text":"Fund","page_number":10,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"b7606797-f5e1-47ea-b8b1-a0554e1ad514","block_type":"box","text":"Standard Creation","page_number":10,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"c62cb64c-69b7-4500-9ba9-41bdf2461573","block_type":"box","text":"Transaction Fee","page_number":10,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"de3d7418-c3ae-4889-bcdb-c9566966cc30","block_type":"box","text":"Maximum Additional","page_number":10,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"c0722f94-644a-41c6-b28a-6543e9ba3ab2","block_type":"box","text":"Charge*","page_number":10,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"06af183a-584d-4bc1-8c2e-5a346ece968e","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 7.0%","page_number":10,"box":{"x":184,"y":564,"width":668,"height":12}},{"id":"52976c0a-1733-45a3-808e-7e3800d3aa40","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 3.0%","page_number":10,"box":{"x":184,"y":583,"width":668,"height":12}},{"id":"ae81e8c6-4a52-4679-b7a5-f6c84d8fbcdc","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 7.0%","page_number":10,"box":{"x":184,"y":603,"width":668,"height":11}},{"id":"0be102d7-2b4c-43fa-bfd3-c4bc2b24b6b9","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 3.0%","page_number":10,"box":{"x":184,"y":622,"width":668,"height":12}},{"id":"668c59bf-1e16-4539-b4de-2bd0392db436","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 3.0%","page_number":10,"box":{"x":184,"y":641,"width":668,"height":12}},{"id":"d0876a2c-0fde-4bc6-aeac-bdd5b6ff614e","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 7.0%","page_number":10,"box":{"x":184,"y":661,"width":663,"height":11}},{"id":"440b48ab-eb40-4097-b333-01e43dbb9839","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 3.0%","page_number":10,"box":{"x":184,"y":680,"width":663,"height":12}},{"id":"df606698-6c3a-4911-ac52-f0c28006c54e","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0%","page_number":10,"box":{"x":184,"y":700,"width":663,"height":12}},{"id":"6d112dfe-b6e6-4715-8670-9841387ed555","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 7.0%","page_number":10,"box":{"x":184,"y":719,"width":663,"height":12}},{"id":"851e44dd-6d15-422d-a791-7117caad20a5","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 7.0%","page_number":10,"box":{"x":184,"y":738,"width":663,"height":12}},{"id":"ca19a7c6-2fa1-4422-bc8a-580ec2961558","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 7.0%","page_number":10,"box":{"x":184,"y":758,"width":663,"height":12}},{"id":"7109a2d6-ce2d-4ef4-9985-21c0ae3d64f6","block_type":"box","text":"iShares MSCI Belgium ETF $450 3.0%","page_number":10,"box":{"x":184,"y":777,"width":663,"height":13}},{"id":"ed3b535f-c554-48a0-a9fe-51a2d0e5cd00","block_type":"box","text":"iShares MSCI BIC ETF $8,630 7.0%","page_number":10,"box":{"x":184,"y":797,"width":663,"height":11}},{"id":"b4d27afd-5a06-4df6-9beb-366ce6738cfc","block_type":"box","text":"iShares MSCI Brazil ETF $860 7.0%","page_number":10,"box":{"x":184,"y":816,"width":663,"height":11}},{"id":"15c6e123-c4c3-42fc-b68e-46c8450006ce","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 3.0%","page_number":10,"box":{"x":184,"y":835,"width":668,"height":13}},{"id":"78f0b70d-7fca-44cd-90f6-8b6c787cd720","block_type":"box","text":"iShares MSCI Canada ETF $630 3.0%","page_number":10,"box":{"x":184,"y":855,"width":668,"height":10}},{"id":"849b585c-2669-4a2d-b4c0-a3a4bce78506","block_type":"box","text":"iShares MSCI Chile ETF $960 3.0%","page_number":10,"box":{"x":184,"y":874,"width":668,"height":11}},{"id":"41329b18-a204-45ac-aefd-94aaaf19738b","block_type":"box","text":"iShares MSCI China A ETF $7,080 7.0%","page_number":10,"box":{"x":184,"y":893,"width":668,"height":12}},{"id":"e55e62bc-00a9-4adc-b3cd-a408a4c0a05a","block_type":"box","text":"iShares MSCI China ETF $9,190 7.0%","page_number":10,"box":{"x":184,"y":913,"width":663,"height":11}},{"id":"f98c9252-cf92-4a8b-a6d1-9303e169e061","block_type":"box","text":"Fund","page_number":11,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"89e09388-fe1c-4cd3-8b7e-34b6635f1857","block_type":"box","text":"Standard Creation","page_number":11,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"9d7ec1e7-8d31-43a8-99a2-713bd1239303","block_type":"box","text":"Transaction Fee","page_number":11,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"ddd58fd2-6492-4a3c-b320-df0b82ade921","block_type":"box","text":"Maximum Additional","page_number":11,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"35d82e99-6989-42bf-b3aa-f8ed801183f0","block_type":"box","text":"Charge*","page_number":11,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"0f01ce4f-ce43-4c2d-b1d2-be06ca9c3e67","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 5.0%","page_number":11,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"3e3fe45c-a808-4b28-9670-0ad3919ac9d7","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 7.0%","page_number":11,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"ce009684-77c2-48c2-a6ed-cfb32478576e","block_type":"box","text":"iShares MSCI Denmark ETF $470 3.0%","page_number":11,"box":{"x":184,"y":138,"width":668,"height":10}},{"id":"4b28a690-249b-4a9a-97f0-48f80f5aa892","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 7.0%","page_number":11,"box":{"x":184,"y":157,"width":668,"height":13}},{"id":"0e7479d4-7d90-4a81-bdd9-9929d6df51cb","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 7.0%","page_number":11,"box":{"x":184,"y":176,"width":668,"height":13}},{"id":"a10ded56-243d-4b41-aac1-f63b17839e37","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 7.0%","page_number":11,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"80d9eda9-d0ff-43dc-852f-435ca9c62f50","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 7.0%","page_number":11,"box":{"x":184,"y":215,"width":668,"height":13}},{"id":"64ba2713-73d7-4f44-8504-47f13a21ec98","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 7.0%","page_number":11,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"02cb07d3-e92a-4b47-8d34-ec15f6da9f63","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 7.0%","page_number":11,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"7409aa39-0d31-457f-a488-e7d9216d6eca","block_type":"box","text":"iShares MSCI France ETF $500 3.0%","page_number":11,"box":{"x":184,"y":273,"width":668,"height":11}},{"id":"0a5b917f-8ba9-48aa-a519-e1224288fdb5","block_type":"box","text":"iShares MSCI Germany ETF $460 3.0%","page_number":11,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"197b66b2-4d04-4866-8a48-6f78993afa22","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 7.0%","page_number":11,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"32225e1a-36c0-4a22-b7d2-0356e6929810","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 7.0%","page_number":11,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"0d242673-07d3-4d54-9a1f-860bb56a1c80","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 7.0%","page_number":11,"box":{"x":184,"y":351,"width":668,"height":12}},{"id":"1cd5f270-983a-42a6-9ae7-47c6c7167a5d","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 7.0%","page_number":11,"box":{"x":184,"y":370,"width":668,"height":11}},{"id":"87fda651-478b-4792-9b7c-ab93510cd326","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":11,"box":{"x":184,"y":390,"width":384,"height":12}},{"id":"25fd368d-5dc9-4276-a839-0302e918f60d","block_type":"box","text":"ETF $1,420 7.0%","page_number":11,"box":{"x":201,"y":405,"width":651,"height":12}},{"id":"220e5ccf-f739-4a6f-a3c0-a7fa783ea426","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 7.0%","page_number":11,"box":{"x":184,"y":424,"width":668,"height":13}},{"id":"4ddcc206-d81b-496f-b5d1-a75f8f331e3d","block_type":"box","text":"iShares MSCI India ETF $1,230 3.0%","page_number":11,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"c46fdd81-787e-4156-97a9-095c99d56bc3","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 3.0%","page_number":11,"box":{"x":184,"y":463,"width":668,"height":13}},{"id":"99db9025-2396-444a-8690-6ddc1a2965d3","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 3.0%","page_number":11,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"0b4a9251-589a-4f99-a36a-dfe34808609f","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 7.0%","page_number":11,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"eb4083a6-4706-488a-a231-47b31cf7206e","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 7.0%","page_number":11,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"417825c6-eb71-4d75-b6e0-4ee331eb4418","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 7.0%","page_number":11,"box":{"x":184,"y":541,"width":668,"height":11}},{"id":"4b51ed51-98ab-4d4f-b612-f2fbda45ae0f","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 3.0%","page_number":11,"box":{"x":184,"y":560,"width":668,"height":13}},{"id":"b300137e-6748-4dbc-bb4a-90233431c547","block_type":"box","text":"iShares MSCI Japan Value ETF $580 3.0%","page_number":11,"box":{"x":184,"y":579,"width":668,"height":13}},{"id":"fadf5b3e-d675-48d1-9580-2009bb44f3a7","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 7.0%","page_number":11,"box":{"x":184,"y":599,"width":668,"height":11}},{"id":"39a2e73b-a9fc-42e9-ae55-d70f6f420e8b","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 7.0%","page_number":11,"box":{"x":184,"y":618,"width":668,"height":12}},{"id":"98a2f67e-3f93-4f08-ac86-c3b551449ff7","block_type":"box","text":"iShares MSCI Malaysia ETF $900 3.0%","page_number":11,"box":{"x":184,"y":638,"width":668,"height":12}},{"id":"898486a0-23de-4386-be40-2e8be11717c5","block_type":"box","text":"iShares MSCI New Zealand ETF $500 3.0%","page_number":11,"box":{"x":184,"y":657,"width":668,"height":11}},{"id":"476ca664-2f4a-496c-bd65-c423a7134f90","block_type":"box","text":"iShares MSCI Norway ETF $770 3.0%","page_number":11,"box":{"x":184,"y":676,"width":663,"height":13}},{"id":"6530c599-dd35-4a98-9e5e-fe90c90a7225","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF $820 7.0%","page_number":11,"box":{"x":184,"y":696,"width":663,"height":12}},{"id":"9eabe17b-f2ab-4a22-b103-ce30d88a7795","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF $1,020 3.0%","page_number":11,"box":{"x":184,"y":715,"width":663,"height":13}},{"id":"d36d6b32-f48b-4542-94d5-7cb0517765ad","block_type":"box","text":"iShares MSCI Philippines ETF $800 3.0%","page_number":11,"box":{"x":184,"y":734,"width":663,"height":13}},{"id":"76b516d8-0448-4de5-b4e1-f96ce74fb3a2","block_type":"box","text":"iShares MSCI Poland ETF $530 3.0%","page_number":11,"box":{"x":184,"y":754,"width":663,"height":11}},{"id":"2589478c-d69f-4686-8605-efe1db80004c","block_type":"box","text":"iShares MSCI Qatar ETF $2,250 3.0%","page_number":11,"box":{"x":184,"y":773,"width":663,"height":12}},{"id":"0f68a332-152d-417e-ae13-99ff6e3ab9cb","block_type":"box","text":"iShares MSCI Singapore ETF $480 3.0%","page_number":11,"box":{"x":184,"y":793,"width":663,"height":12}},{"id":"33eea6e1-bcbb-48d1-959a-913d748a034b","block_type":"box","text":"iShares MSCI South Africa ETF $550 3.0%","page_number":11,"box":{"x":184,"y":812,"width":663,"height":11}},{"id":"2286d4fa-ab77-4040-b67b-ed1b494dc5ae","block_type":"box","text":"iShares MSCI South Korea ETF $850 3.0%","page_number":11,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"86ca0d83-1776-4c75-a8d9-c4534029f47f","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":11,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"68bf99f3-a93f-4239-a1f5-cbcd4c92aed2","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":11,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"bccd61bc-d43f-40bb-9da7-05bc8385b41c","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":11,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"9d595835-70b2-4c8f-8757-00ad3258ad91","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":11,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"b87c2deb-a517-49fd-ac88-464571f49439","block_type":"box","text":"Fund","page_number":12,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"0a0feee4-447b-4cf1-8fb8-c87e518431a2","block_type":"box","text":"Standard Creation","page_number":12,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"79b70860-482e-427c-9351-1fce6b1d02a1","block_type":"box","text":"Transaction Fee","page_number":12,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"2e5a79fe-480d-4ae6-b001-397ad8ef233a","block_type":"box","text":"Maximum Additional","page_number":12,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"1ce2343e-3400-4ad7-80d4-923fd21b757f","block_type":"box","text":"Charge*","page_number":12,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"51782da8-fe9a-4c28-bbc7-296e9a95fd8d","block_type":"box","text":"iShares MSCI World ETF $4,480 7.0%","page_number":12,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"3a7b12c4-1a1c-4b7e-ad1b-754c29750e2a","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":12,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"418681c2-f899-49a5-be23-81c85fa375cd","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex","page_number":12,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"aa37a7bf-c6f5-44f9-8f6a-fff9ae18a6e5","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":12,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"b4e3daa0-197b-4a2d-baa3-971fa1fa6f59","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":12,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"da563d47-f057-4201-a15f-ab42696690d1","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":12,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"fe1fdc85-53dc-4353-8b78-f071c481f3fc","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":12,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"3ea7d74f-1bf6-4b4f-b95d-6886ba498793","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":12,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"cd71c096-8cd5-4314-8d94-820596a77f40","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":12,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"b3ba0bd7-cd92-470c-8984-3f1aa203364b","block_type":"box","text":":","page_number":12,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"704a4ec4-59a2-42b1-83c8-c492e5612ad7","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":12,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"a1c1a26c-4d06-4751-9abb-64eca245e441","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":12,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"1327a081-906d-424f-b93f-a133bdd3e19b","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":12,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"7cd5c56b-d5d2-4d1a-a200-8de9ba1a2231","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":12,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"f5acdc65-818f-4d17-8503-6e1ab80b3693","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":12,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"37b83724-71dc-486e-a7d9-9ded181210de","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":12,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"57897cf6-4a2a-43ea-aa9a-b1aba57be52f","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":12,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"d4b52eb2-c182-42e3-93c2-2841e0293b75","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":12,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"110219b2-7d97-487a-bd33-ccc280c8694b","block_type":"box","text":"amounts invoiced by such custodian.","page_number":12,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"785bf6ec-9c7a-4ccc-8d53-46eb2305db92","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":433,"width":674,"height":13}},{"id":"c92fa4f3-e5e7-4886-a88b-a12e0617ac86","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":12,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"6a1b3ab9-b87d-42f2-bbb4-82dd8362bce8","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":464,"width":674,"height":13}},{"id":"3aa1c1c3-d3b2-4ae0-bf95-33674fe187fe","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":12,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"89786872-6d1b-453d-adeb-0df4b6ba7d73","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":12,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"d7f29891-da28-4cad-a130-c6082cffe290","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":511,"width":686,"height":13}},{"id":"71ccc530-cc5e-4408-8585-a72a93e0d841","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":12,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"bf6fb16b-f5c1-450f-8645-5b4dd863e253","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":12,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"a928d9e8-17de-47d8-b1e8-d78461791146","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":12,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"71b091b9-51bc-4248-941a-4c5a4dc0a33f","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":12,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"1bf1a5e9-fbef-441d-938f-8ede436109cc","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":12,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"2da4d3fd-2bbf-499e-831c-70c8ee2757d3","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":612,"width":666,"height":12}},{"id":"4d351f5f-488a-4e70-8b22-178f192d4586","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":12,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"475c4dec-de39-4778-9b94-2690494d7765","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":12,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"8dac2eac-8405-489a-a66a-c0866fe99158","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":12,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"e4d171da-d7ee-4f66-8355-b4f50976a3c4","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":12,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"73dc04aa-8d69-4c5a-8a8c-e3975aa4f797","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":12,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"7f5ffa65-40a2-44ac-b2df-ec9c9cb472c7","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":12,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"7646bcd7-9836-4d3f-b0fd-d4dcfd674aea","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":12,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"2b1ad8b4-2c05-4104-b7d2-0b8372147644","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":12,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"162321bf-826c-4c5b-a2d5-ddd02e3188ca","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":12,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"ddcee907-5561-4ed4-9be6-0565c0d22595","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":12,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"36a9eeeb-22ed-40d1-b3fe-77d888004e6d","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":12,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"9d1b2b07-f809-4858-a494-32d8b2256fc8","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":12,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"f4c0ebc0-54a7-46b7-ace8-77081a581812","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":12,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"43aa9684-895e-49c9-adad-68cc71db5ff6","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":12,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"3753b456-4810-4595-9abf-470af770867a","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":13,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"cbdfdb42-56c4-4ad4-b3de-13ded912807c","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":13,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"caf64d58-d3f7-4cf4-81c6-867a824b0afa","block_type":"box","text":"Fund","page_number":13,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"ffcc404b-856e-4f43-b549-03fcdd3649e6","block_type":"box","text":"Standard Redemption","page_number":13,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"016790ce-6874-4949-8acb-544ecfb7b456","block_type":"box","text":"Transaction Fee","page_number":13,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"51c2e485-a96c-466f-b0e7-f6cdbd45c646","block_type":"box","text":"Maximum Additional","page_number":13,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"dbab03ea-c103-4660-b31a-bfcbc800eedb","block_type":"box","text":"Charge*","page_number":13,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"bea69170-2426-44d5-9e41-bba1fb6ba958","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":13,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"6d8ac57d-762a-4def-a91b-733a5369222d","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":13,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"9e2ea5b1-ccc8-4cba-80ca-6c1d72451978","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":13,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"a844e884-6f74-4ef3-8976-abb97c65b5af","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":13,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"48f70360-6124-476e-a754-3acf0a627f1f","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":13,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"477de416-3a44-4476-a4f3-b574b05cf79c","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":13,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"8549f181-b58a-494d-9709-2fba09f92fd3","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":13,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"d4bbb4be-ca15-4b95-b006-53c6576dd3cd","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":13,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"ed71029c-226d-4d21-96c3-e83e1279a3d0","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":13,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"6da19ccf-8162-491f-bfdf-2c19664de74c","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":13,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"9268bf86-caab-41f7-aa70-996ca57007ec","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":13,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"5135700b-eee2-4b5f-97b7-93445bacb2aa","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":13,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"05609ee1-9336-44ec-a3e1-1a3065ac53a2","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":13,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"ac05d91a-2ab2-4751-9352-a8e193d09c64","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":13,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"efbf1488-995a-45c6-a53c-092d7f3b5844","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":13,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"a16e1ca6-10ce-43a4-bc86-9996d89e3162","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":13,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"2bcf550b-bab0-43db-9adf-ff2b6645e8e5","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":13,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"61a73f57-e98b-4c14-b696-e709e6953b0c","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":13,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"7d9275e9-7761-4fdd-8ae5-bbf1da216d56","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":13,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"f9a82f49-d042-49dd-af87-2d7d24d096ac","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":13,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"372fbd54-e8a5-4907-a2be-ff23c8280e7d","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 2.0%","page_number":13,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"b07fe28c-b1ad-431d-9832-c2d9cad56160","block_type":"box","text":"iShares MSCI Denmark ETF $470 2.0%","page_number":13,"box":{"x":184,"y":540,"width":668,"height":11}},{"id":"37483576-7999-4e79-a16f-59670b4937d5","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 2.0%","page_number":13,"box":{"x":184,"y":560,"width":668,"height":12}},{"id":"3595a3a2-a34d-4737-a6d2-b664e9f81053","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 2.0%","page_number":13,"box":{"x":184,"y":579,"width":668,"height":12}},{"id":"75d6632c-80a1-4ed9-b4a0-fc9b8023c694","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0%","page_number":13,"box":{"x":184,"y":598,"width":668,"height":13}},{"id":"6a56eaf7-e2b6-4f44-9891-403c38bd38a1","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 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In all cases, conditions","page_number":23,"box":{"x":89,"y":74,"width":849,"height":12}},{"id":"6a1a31b4-0c9e-41e9-b85d-1d095b0a8bb1","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":23,"box":{"x":88,"y":89,"width":879,"height":13}},{"id":"ab2f5b02-749a-4472-bbf5-548e207c27a0","block_type":"box","text":"and regulations applicable to management investment companies offering redeemable securities.","page_number":23,"box":{"x":89,"y":104,"width":682,"height":13}},{"id":"3f346dc9-aeba-4bc8-bb73-7a2ec48ece06","block_type":"box","text":"Exchange Listing and Trading","page_number":23,"box":{"x":91,"y":135,"width":491,"height":30}},{"id":"d0829bce-0cc3-4d12-b76d-145c710ef355","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":23,"box":{"x":88,"y":176,"width":813,"height":13}},{"id":"f5ca3109-efb7-4e0f-aa14-34e8d4251922","block_type":"box","text":"Shareholder Information","page_number":23,"box":{"x":88,"y":191,"width":170,"height":12}},{"id":"7a73bb90-94d3-4e23-9a45-95dc6211a99e","block_type":"box","text":"section of each Fund’s Prospectus. The discussion below supplements, and should be read in","page_number":23,"box":{"x":264,"y":191,"width":651,"height":13}},{"id":"8159e281-6e61-4133-acbe-7ea72dc64c6f","block_type":"box","text":"conjunction with, that section of the applicable Prospectus.","page_number":23,"box":{"x":89,"y":206,"width":415,"height":13}},{"id":"05c24c43-8643-4a15-842c-3d2f1c6af470","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":23,"box":{"x":88,"y":233,"width":843,"height":12}},{"id":"b809d851-1482-464c-9638-919866685bb7","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":23,"box":{"x":89,"y":248,"width":857,"height":12}},{"id":"78af12bc-4cd5-40f3-80a6-eb35e9929ebd","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":23,"box":{"x":88,"y":263,"width":875,"height":12}},{"id":"9d0ca4de-7642-4751-99ba-a3b6e0880313","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":23,"box":{"x":89,"y":278,"width":875,"height":13}},{"id":"06371d6d-2598-4b22-b5ec-27c7a1309974","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":23,"box":{"x":89,"y":293,"width":878,"height":13}},{"id":"a4695b4e-7c5e-4482-b97a-f5c67696fdfb","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":23,"box":{"x":89,"y":308,"width":803,"height":13}},{"id":"2d72d3c2-15c6-465b-903a-50bb84794d31","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":23,"box":{"x":89,"y":324,"width":857,"height":12}},{"id":"252e9f6f-865a-4a8f-a72a-091684ed8b35","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":23,"box":{"x":89,"y":339,"width":847,"height":12}},{"id":"f6d0b36e-e24f-4b9a-b4dc-ed1e318adacf","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":23,"box":{"x":89,"y":354,"width":856,"height":12}},{"id":"c2cdd887-121f-455f-b094-7312898c696c","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":23,"box":{"x":88,"y":380,"width":852,"height":13}},{"id":"60bba923-687c-43af-9dfc-e32db6c5063e","block_type":"box","text":"brokerage commission determined by that broker, as well as other charges.","page_number":23,"box":{"x":89,"y":395,"width":524,"height":13}},{"id":"4b132d15-631e-41a6-91ae-2b1edbfab68e","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":23,"box":{"x":88,"y":422,"width":854,"height":12}},{"id":"2bd8c8b9-48b0-4b07-8436-df1697d852cf","block_type":"box","text":"investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect","page_number":23,"box":{"x":89,"y":437,"width":859,"height":12}},{"id":"fec3d759-0765-4a33-9249-7007bf61fbb4","block_type":"box","text":"on the net assets of a Fund or an investor’s equity interest in a Fund.","page_number":23,"box":{"x":89,"y":452,"width":477,"height":12}},{"id":"dafea65b-10e6-477c-ab9d-73ffdff6dcf1","block_type":"box","text":"Investment Strategies and Risks","page_number":23,"box":{"x":91,"y":483,"width":531,"height":29}},{"id":"4a84c558-c8a9-4bbd-a400-9ae927b3d35e","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":23,"box":{"x":89,"y":524,"width":824,"height":12}},{"id":"db32630a-6047-4a5e-b580-fe074955db5e","block_type":"box","text":"Underlying Index and in investments that provide substantially similar exposure to securities in the relevant Underlying Index.","page_number":23,"box":{"x":89,"y":539,"width":876,"height":12}},{"id":"531c6576-c08b-4512-9afa-4fb991ba8e2e","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":23,"box":{"x":89,"y":554,"width":863,"height":12}},{"id":"2a889d84-069e-43e3-af1f-52428a2fea00","block_type":"box","text":"portfolio will ordinarily not result in the elimination of the security from the Fund’s portfolio.","page_number":23,"box":{"x":89,"y":569,"width":642,"height":13}},{"id":"f7cc08d3-bfa9-495f-9712-51604daa81b3","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":23,"box":{"x":89,"y":596,"width":812,"height":12}},{"id":"ddd2be06-a1c2-4b09-97fb-60397881b013","block_type":"box","text":"collective investment profile similar to that of the Fund’s Underlying Index. Securities selected have aggregate investment","page_number":23,"box":{"x":89,"y":611,"width":848,"height":12}},{"id":"9f766593-2b4c-43f8-9143-0deba1d04233","block_type":"box","text":"characteristics (based on market capitalization and industry weightings), fundamental characteristics (such as return","page_number":23,"box":{"x":89,"y":626,"width":819,"height":12}},{"id":"3afd3b79-2bb4-445c-9a12-5fc78f069ce6","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":23,"box":{"x":88,"y":641,"width":859,"height":12}},{"id":"c81725da-1a8f-4513-b216-c92cd70a09e5","block_type":"box","text":"uses representative sampling generally does not hold all of the securities that are in its underlying index.","page_number":23,"box":{"x":89,"y":656,"width":727,"height":13}},{"id":"ebe94710-68f3-4356-839a-457b60ab0967","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":23,"box":{"x":88,"y":683,"width":851,"height":12}},{"id":"2c79b71b-8065-417b-9214-89172f646a83","block_type":"box","text":"described below.","page_number":23,"box":{"x":89,"y":698,"width":116,"height":9}},{"id":"e891ac0a-126b-4c19-8a39-0fd5693925b0","block_type":"box","text":"In order to permit investments by Chilean pension fund managers (Administradoras de Fondos de Pensiones) (“Chilean fund","page_number":23,"box":{"x":89,"y":724,"width":871,"height":13}},{"id":"6910cae8-8bad-4a12-ae01-ef385b720c72","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":23,"box":{"x":89,"y":739,"width":853,"height":13}},{"id":"12621b66-2e36-4f19-adf0-e6bb826e0601","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":23,"box":{"x":89,"y":754,"width":845,"height":13}},{"id":"497b86f3-f893-4c13-8872-40c4557364a4","block_type":"box","text":"certain securities included in the Underlying Index.","page_number":23,"box":{"x":89,"y":770,"width":353,"height":12}},{"id":"81d19036-9ef2-40f8-8243-cadfa1e96f6b","block_type":"box","text":"Borrowing.","page_number":23,"box":{"x":89,"y":797,"width":78,"height":11}},{"id":"04f82f0b-1835-4e5d-8097-23893e0bd5cb","block_type":"box","text":"A Fund may borrow for temporary or emergency purposes, including to meet payments due from redemptions","page_number":23,"box":{"x":176,"y":796,"width":777,"height":12}},{"id":"ee802d05-0bf0-42ca-bf9e-fd10fed56bf6","block_type":"box","text":"or to facilitate the settlement of securities or other transactions. The iShares Core MSCI Emerging Markets ETF, iShares","page_number":23,"box":{"x":89,"y":811,"width":830,"height":12}},{"id":"85fe7d4e-17f4-4582-8459-3cde5c52f421","block_type":"box","text":"Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI","page_number":23,"box":{"x":89,"y":826,"width":875,"height":13}},{"id":"ee714798-9bd4-4031-9ccf-da004aee0e6d","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":23,"box":{"x":89,"y":841,"width":857,"height":13}},{"id":"7bb1b8ed-dba6-417c-ae5f-1dc637caf188","block_type":"box","text":"Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares","page_number":23,"box":{"x":89,"y":856,"width":849,"height":13}},{"id":"88242f5c-0449-4558-bcec-fecea5fcdfab","block_type":"box","text":"2","page_number":23,"box":{"x":525,"y":894,"width":7,"height":9}},{"id":"6cdabf8a-765c-459a-9a46-1bccb1e36d4a","block_type":"box","text":"MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Malaysia ETF, iShares","page_number":24,"box":{"x":89,"y":44,"width":846,"height":12}},{"id":"4bd86f09-4e5b-4205-8bc9-fad04f585a8c","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":24,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"0e5341b3-a785-40db-a127-5f103f04f554","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":24,"box":{"x":89,"y":74,"width":864,"height":12}},{"id":"2cd9f7b4-dc40-4cc7-837c-4835c7c78085","block_type":"box","text":"The syndicated line of credit may be used for temporary or emergency purposes, including redemption, settlement of trades","page_number":24,"box":{"x":88,"y":89,"width":870,"height":13}},{"id":"95b7c823-3e7a-4bab-b68a-1f7feb84b6ed","block_type":"box","text":"and rebalancing of portfolio holdings.","page_number":24,"box":{"x":89,"y":104,"width":261,"height":13}},{"id":"1709d9b7-b079-4297-91c2-db6b7ea203c0","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":24,"box":{"x":89,"y":131,"width":864,"height":12}},{"id":"60dbf3dc-a7d8-4d56-91fb-e5aa89b555ed","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":24,"box":{"x":89,"y":146,"width":870,"height":12}},{"id":"82191692-5afa-4d14-a17f-8436b79d3941","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":24,"box":{"x":89,"y":161,"width":806,"height":12}},{"id":"76966b70-95f6-44a0-9548-bf549a25b4fb","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":24,"box":{"x":88,"y":188,"width":846,"height":12}},{"id":"6846854a-dc04-4b9f-83d9-c6b0cc7da01f","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":24,"box":{"x":89,"y":203,"width":852,"height":12}},{"id":"4b3af713-5f00-4d63-886c-f9e38e918aaf","block_type":"box","text":"Purchasing securities while borrowings are outstanding creates special risks, such as the potential for greater volatility in the","page_number":24,"box":{"x":89,"y":218,"width":870,"height":12}},{"id":"d0666b6b-7171-4b02-9ce9-805f756b5cbe","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":24,"box":{"x":89,"y":233,"width":874,"height":12}},{"id":"592d08ea-6115-4503-91b4-91ac60be4cf5","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":24,"box":{"x":89,"y":248,"width":826,"height":12}},{"id":"516da2c5-46a4-4ac4-a9b8-ff5d65a035ea","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":24,"box":{"x":89,"y":263,"width":871,"height":12}},{"id":"626e002c-4149-48f1-a6c5-22008618f540","block_type":"box","text":"shareholders will outweigh the current reduced return.","page_number":24,"box":{"x":89,"y":278,"width":381,"height":13}},{"id":"0c2e50e4-3951-4e68-b73e-a8d398153aae","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":24,"box":{"x":89,"y":305,"width":835,"height":12}},{"id":"4fe9be61-4be7-491c-9b0d-eb16bc6c1971","block_type":"box","text":"credit agreements relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":24,"box":{"x":89,"y":320,"width":873,"height":12}},{"id":"98e683aa-d73c-4b0c-a19c-e449517e320d","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":24,"box":{"x":89,"y":335,"width":800,"height":12}},{"id":"3f277d6c-1861-4855-8f00-c8347b14fb42","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":24,"box":{"x":89,"y":350,"width":868,"height":12}},{"id":"9fd5e35d-e36a-46d1-8f3b-b215e8be6500","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":24,"box":{"x":89,"y":365,"width":856,"height":12}},{"id":"28c50ce7-6308-4b0b-8e37-15f6aef536f9","block_type":"box","text":"may be disadvantageous to do so.","page_number":24,"box":{"x":89,"y":380,"width":237,"height":13}},{"id":"73d8b4bf-e64b-4d4c-8ddf-daa31ebdeb2f","block_type":"box","text":"Currency Transactions.","page_number":24,"box":{"x":89,"y":407,"width":166,"height":12}},{"id":"674a27f4-033f-4d67-98e6-09c9a56a1c5b","block_type":"box","text":"A currency forward contract is an over-the-counter (“OTC”) obligation to purchase or sell a specific","page_number":24,"box":{"x":264,"y":407,"width":696,"height":12}},{"id":"af3d2024-d125-4499-9524-8227582a700c","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":24,"box":{"x":89,"y":422,"width":876,"height":12}},{"id":"4e14cf13-1753-48be-9598-42027a10c67a","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":24,"box":{"x":89,"y":437,"width":814,"height":12}},{"id":"8d9f8193-f290-4ce8-9007-85e7931dfb84","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":24,"box":{"x":89,"y":452,"width":828,"height":12}},{"id":"b7db9012-b0ca-4273-89dd-d2609510e9b5","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":24,"box":{"x":89,"y":467,"width":854,"height":13}},{"id":"f92ce180-ef78-4910-94e2-3c1a4f838f38","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":24,"box":{"x":89,"y":482,"width":863,"height":13}},{"id":"b926361b-2308-4687-a322-b4b3527e1194","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":24,"box":{"x":89,"y":497,"width":840,"height":13}},{"id":"889fbd6a-e25a-4bec-8df3-a4a231a8bfe5","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":24,"box":{"x":89,"y":513,"width":864,"height":12}},{"id":"71899ee3-fbef-4cfc-b0be-1caa1dfab87e","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":24,"box":{"x":89,"y":528,"width":867,"height":12}},{"id":"f20b1aa5-bc41-4bfe-bf5c-dcea15b4fdc9","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":24,"box":{"x":89,"y":543,"width":825,"height":12}},{"id":"9f3647bd-df1c-4537-9263-a0cc1880c091","block_type":"box","text":"against currency exposure in connection with its distributions to shareholders, but may not enter into such contracts for","page_number":24,"box":{"x":89,"y":558,"width":843,"height":12}},{"id":"3cccb73a-72a6-4b5f-8f11-ad9d6c61dc14","block_type":"box","text":"speculative purposes.","page_number":24,"box":{"x":89,"y":573,"width":150,"height":12}},{"id":"32b113c4-b77a-479f-9593-ef427124bc3e","block_type":"box","text":"Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are","page_number":24,"box":{"x":89,"y":599,"width":879,"height":13}},{"id":"eab590f2-ff58-4404-942a-87094b9cb0d6","block_type":"box","text":"effected may be highly volatile, highly specialized and highly technical. Significant changes, including changes in liquidity and","page_number":24,"box":{"x":89,"y":615,"width":876,"height":12}},{"id":"39cb0e5a-48c2-4cd5-abe3-8499435f3b59","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":24,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"4278bd2b-598d-49d0-8c67-f8126f3366c6","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":24,"box":{"x":89,"y":645,"width":877,"height":12}},{"id":"be3666a4-71ff-4f9a-88ac-6aa69547f272","block_type":"box","text":"by foreign governments through regulation of local exchange markets, foreign investment or particular transactions in non","page_number":24,"box":{"x":89,"y":660,"width":864,"height":12}},{"id":"442096f0-3f04-49cd-bea4-db875b36b994","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":24,"box":{"x":89,"y":675,"width":853,"height":12}},{"id":"f8d222de-11b7-41cb-ab55-4984630792bf","block_type":"box","text":"correlations incorrectly, foreign exchange transactions may not serve their intended purpose of improving the correlation of a","page_number":24,"box":{"x":89,"y":690,"width":877,"height":13}},{"id":"915342e1-5a19-460e-a295-a44d4935ce0c","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":24,"box":{"x":89,"y":705,"width":872,"height":13}},{"id":"c839376e-17ba-43cf-93d1-e50c7d5022e6","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":24,"box":{"x":89,"y":720,"width":834,"height":13}},{"id":"69a62573-5544-4d8e-a97f-505df5edb2ab","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":24,"box":{"x":89,"y":736,"width":877,"height":12}},{"id":"8d1e1d23-7064-47c9-877a-3901fdf12ed1","block_type":"box","text":"transaction costs, including trading commissions, in connection with certain non-U.S. currency transactions.","page_number":24,"box":{"x":88,"y":751,"width":761,"height":12}},{"id":"c69358d2-f01d-4f7d-8363-ac3b5a4233b6","block_type":"box","text":"Diversification Status.","page_number":24,"box":{"x":89,"y":777,"width":156,"height":10}},{"id":"da3d2c97-a61d-460a-9fc0-817bb3a6125b","block_type":"box","text":"The following table sets forth the diversification status of each Fund:","page_number":24,"box":{"x":253,"y":777,"width":480,"height":12}},{"id":"b876b35b-f7f0-4737-9f9d-dc59af2453d9","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":24,"box":{"x":89,"y":807,"width":529,"height":8}},{"id":"0636c605-efb2-4ef7-a93c-5153d0d33859","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF* iShares MSCI Agriculture Producers ETF","page_number":24,"box":{"x":89,"y":829,"width":669,"height":12}},{"id":"d33aff30-db4f-4f63-8db5-e4d62943baad","block_type":"box","text":"iShares Emerging Markets Equity Factor ETF iShares MSCI Brazil ETF","page_number":24,"box":{"x":89,"y":849,"width":557,"height":12}},{"id":"cfeae804-0b8d-4424-abec-9b68d8a4663c","block_type":"box","text":"3","page_number":24,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"d8f4d6af-fd37-4781-9405-ab4dc4509508","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":25,"box":{"x":89,"y":45,"width":529,"height":7}},{"id":"e8d9a078-375c-4f34-9e74-e53e9d8ab8a5","block_type":"box","text":"iShares ESG Aware MSCI EM ETF iShares MSCI Chile ETF","page_number":25,"box":{"x":89,"y":67,"width":555,"height":9}},{"id":"3da47584-b461-4ad8-b1c8-9241616b5827","block_type":"box","text":"iShares MSCI BIC ETF* iShares MSCI Global Gold Miners ETF","page_number":25,"box":{"x":89,"y":87,"width":651,"height":9}},{"id":"101cb68b-58de-4ce4-9d43-c60a3b673918","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF iShares MSCI Global Metals & Mining Producers ETF","page_number":25,"box":{"x":89,"y":107,"width":752,"height":12}},{"id":"76410d83-920b-483a-90a8-0ae715ae5fc2","block_type":"box","text":"iShares MSCI Emerging Markets ETF* iShares MSCI Global Silver and Metals Miners ETF","page_number":25,"box":{"x":89,"y":127,"width":734,"height":12}},{"id":"b9efe984-689f-44fb-bc89-7d2d7089058c","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF iShares MSCI Malaysia ETF","page_number":25,"box":{"x":89,"y":147,"width":581,"height":13}},{"id":"7c1becb1-35a4-4a67-aa1b-4c629e438ef7","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF iShares MSCI South Korea ETF","page_number":25,"box":{"x":89,"y":167,"width":604,"height":13}},{"id":"ca69cbb2-db7e-4d00-8573-a50978497910","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF iShares MSCI Taiwan ETF","page_number":25,"box":{"x":89,"y":188,"width":570,"height":9}},{"id":"ed816418-1df5-48dd-8717-fa32a8b990c5","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":25,"box":{"x":118,"y":227,"width":769,"height":10}},{"id":"e63e6de3-04e3-4024-b143-97354384b5ef","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":25,"box":{"x":118,"y":240,"width":849,"height":10}},{"id":"17224b27-e242-4d63-b2c8-6b920a75ebc3","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":25,"box":{"x":118,"y":252,"width":788,"height":10}},{"id":"1335cf70-4e81-4d9c-b0a0-d745be179c71","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":25,"box":{"x":118,"y":265,"width":825,"height":10}},{"id":"3ffaf554-c077-45e8-ab76-6ad39fc9f645","block_type":"box","text":"e","page_number":25,"box":{"x":944,"y":267,"width":5,"height":6}},{"id":"f23f5b13-2e52-4795-aa77-16eb8fb8fb9d","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":25,"box":{"x":118,"y":278,"width":843,"height":9}},{"id":"9f09472e-a056-4608-a4ab-65bcf423fc41","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":25,"box":{"x":117,"y":290,"width":801,"height":10}},{"id":"ee9fb418-6499-401e-bda8-f93fcc2f81d6","block_type":"box","text":"portfolio holdings and weightings at www.iShares.com.","page_number":25,"box":{"x":118,"y":303,"width":310,"height":10}},{"id":"684e20cf-2fa6-4e37-bf93-0681eb8a643e","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":25,"box":{"x":88,"y":326,"width":835,"height":12}},{"id":"3e98e3e9-48ff-47f5-96d7-5c2ec5e8d06e","block_type":"box","text":"issued or guaranteed by the U.S. government, its agencies or instrumentalities and (ii) securities of other investment","page_number":25,"box":{"x":89,"y":341,"width":813,"height":13}},{"id":"5817512d-a915-49c8-bc76-82fc73847013","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":25,"box":{"x":89,"y":356,"width":823,"height":13}},{"id":"66069877-f394-46dc-9f15-1b237f22148b","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":25,"box":{"x":89,"y":371,"width":854,"height":13}},{"id":"019dd958-f59b-45d1-8b95-8c0f70f85026","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":25,"box":{"x":89,"y":387,"width":876,"height":12}},{"id":"f33a0083-792b-44f2-9a95-b28ab85c4ce5","block_type":"box","text":"Act, a fund cannot change its classification from diversified to non-diversified without shareholder approval. However, while","page_number":25,"box":{"x":88,"y":402,"width":868,"height":12}},{"id":"5df7aebc-0953-42a5-ade0-4872921d9bc9","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":25,"box":{"x":88,"y":417,"width":879,"height":12}},{"id":"0c8785cd-06ff-4c14-b1c3-0a870e361950","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":25,"box":{"x":89,"y":432,"width":851,"height":12}},{"id":"dc73bfa1-be01-43bf-b099-00e77ac24cb2","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":25,"box":{"x":90,"y":447,"width":848,"height":12}},{"id":"1816776a-4583-457e-8d9a-d106502ede91","block_type":"box","text":"their Underlying Indexes and such a change does not require shareholder approval.","page_number":25,"box":{"x":88,"y":462,"width":581,"height":12}},{"id":"b5fd4c22-8f16-4b0a-9ade-2641acdf7032","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":25,"box":{"x":92,"y":489,"width":864,"height":12}},{"id":"8b76cf24-ee35-4192-a6c6-c62e7a77917d","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":25,"box":{"x":89,"y":504,"width":876,"height":12}},{"id":"8fdce296-04f6-4fda-9eb2-c86e51de3dc3","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":25,"box":{"x":89,"y":519,"width":840,"height":12}},{"id":"33f838ba-b415-4759-8ad5-374eb50b87d1","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":25,"box":{"x":89,"y":534,"width":839,"height":12}},{"id":"5720bcd5-5445-4d7c-ac69-2d234699dcc4","block_type":"box","text":"experienced by more diversified investment companies.","page_number":25,"box":{"x":89,"y":549,"width":387,"height":12}},{"id":"af712f0a-6580-4f41-8dc1-6999d7aa5350","block_type":"box","text":"Each Fund (whether diversified or non-diversified) intends to maintain the required level of diversification and otherwise","page_number":25,"box":{"x":89,"y":576,"width":841,"height":12}},{"id":"035da8f9-faf3-41c0-bae4-f5f6fdc1984d","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":25,"box":{"x":89,"y":591,"width":865,"height":12}},{"id":"6e5a0294-4d0d-4a24-be00-50358ebbb008","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":25,"box":{"x":89,"y":606,"width":878,"height":12}},{"id":"64c7bf87-c7cf-4cbe-a5fe-8ac9aeb87796","block_type":"box","text":"the extent that its earnings are distributed to shareholders, provided that the Fund satisfies a minimum distribution","page_number":25,"box":{"x":88,"y":621,"width":806,"height":12}},{"id":"b68eb985-6f82-429c-942c-eb626a03be83","block_type":"box","text":"requirement. Compliance with the diversification requirements of the Internal Revenue Code may limit the investment","page_number":25,"box":{"x":89,"y":636,"width":824,"height":12}},{"id":"01c1c12c-5324-4f2b-a6a5-14c76fa1e8c6","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":25,"box":{"x":88,"y":651,"width":790,"height":12}},{"id":"cd77b22e-0375-4cb1-bc77-ade436c49225","block_type":"box","text":"Futures, Options on Futures and Securities Options.","page_number":25,"box":{"x":89,"y":678,"width":371,"height":12}},{"id":"2d5955e8-defd-46fb-af17-e06f64138541","block_type":"box","text":"Futures contracts, options on futures and securities options may be","page_number":25,"box":{"x":470,"y":678,"width":473,"height":12}},{"id":"a6d1432a-3fd2-4edb-98b9-b4026bbb7479","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":25,"box":{"x":89,"y":693,"width":877,"height":12}},{"id":"8790bd67-c1c9-4fc3-927a-8034c0a74d9c","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":25,"box":{"x":89,"y":708,"width":877,"height":12}},{"id":"f2b560fe-fbb1-4002-8ae6-b6e1b4e681fb","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":25,"box":{"x":89,"y":723,"width":871,"height":12}},{"id":"faba5f7e-9758-4b18-a515-2010cec74329","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":25,"box":{"x":89,"y":738,"width":800,"height":12}},{"id":"2529a0ac-3160-461e-b3bd-737378a6b363","block_type":"box","text":"Commission (the “CFTC”) promulgated under the Commodity Exchange Act (“CEA”). BFA, with respect to certain Funds, has","page_number":25,"box":{"x":89,"y":753,"width":874,"height":13}},{"id":"39f72a1a-50c0-42aa-af31-f9c0a7117231","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":25,"box":{"x":89,"y":768,"width":847,"height":13}},{"id":"4cbdf185-c1f4-4925-8384-1abd5d907901","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":25,"box":{"x":88,"y":783,"width":870,"height":13}},{"id":"b49bb1c0-85f7-4b29-a858-6fa2d42ae40f","block_type":"box","text":"Regulation Regarding Derivatives","page_number":25,"box":{"x":88,"y":799,"width":231,"height":12}},{"id":"d662663e-9e3b-4ec5-bbe7-eb97f12cf71e","block_type":"box","text":"section of this SAI for more information.","page_number":25,"box":{"x":324,"y":799,"width":280,"height":9}},{"id":"4fec24a4-ad6d-41c3-b882-93654d6405f4","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":25,"box":{"x":89,"y":825,"width":861,"height":12}},{"id":"2786ec63-2bf8-44c5-90fa-3e9c74913037","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":25,"box":{"x":89,"y":840,"width":858,"height":12}},{"id":"35c86877-e17a-48ae-a8cf-e45a56eccb29","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":25,"box":{"x":89,"y":855,"width":817,"height":13}},{"id":"f9e5b02e-a6e4-41d5-9f5b-4ca2075cca67","block_type":"box","text":"4","page_number":25,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"331d2dde-27cf-49b1-abd7-a11b9c244346","block_type":"box","text":"contracts to purchase securities indexes when BFA anticipates purchasing the underlying securities and believes prices will","page_number":26,"box":{"x":89,"y":44,"width":858,"height":12}},{"id":"d7770da7-21fe-411d-b493-dde1d8c471d2","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":26,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"23679b1a-5738-413f-a7bd-5636a87ffba9","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":26,"box":{"x":89,"y":74,"width":878,"height":12}},{"id":"5d542117-59ec-49d1-8a67-3df252ea48dd","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":26,"box":{"x":89,"y":89,"width":846,"height":13}},{"id":"03f275d3-bb17-44cd-9c1d-166c5932c0e2","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":26,"box":{"x":89,"y":104,"width":849,"height":13}},{"id":"e82d2230-03c7-4e08-b4da-11fdea3add40","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":26,"box":{"x":89,"y":119,"width":878,"height":13}},{"id":"06670feb-db79-4c96-b333-c392569129b5","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":26,"box":{"x":89,"y":135,"width":839,"height":12}},{"id":"550fef7b-89b5-4558-9414-0f74646429f6","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":26,"box":{"x":89,"y":150,"width":878,"height":12}},{"id":"c0d16dbe-bdff-41a6-a5fb-6978e91634f6","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":26,"box":{"x":89,"y":165,"width":859,"height":12}},{"id":"38a5058d-b9c0-4f9b-aa6e-ca3fecd3cd4f","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":26,"box":{"x":89,"y":180,"width":825,"height":12}},{"id":"60ce7a5c-86ab-4368-baa6-c52967859182","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":26,"box":{"x":88,"y":195,"width":877,"height":12}},{"id":"68d3955d-e187-47dc-a957-f2cdb72dd190","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":26,"box":{"x":88,"y":210,"width":864,"height":13}},{"id":"01f39471-650a-4d12-88b7-1a2807828023","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":26,"box":{"x":88,"y":225,"width":874,"height":13}},{"id":"2eaaf8e6-38ee-484e-9cc3-ce359a661dfe","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":26,"box":{"x":88,"y":240,"width":843,"height":13}},{"id":"8aef4c97-5422-4cf5-a2d0-c041e835623b","block_type":"box","text":"futures contract.","page_number":26,"box":{"x":88,"y":256,"width":116,"height":9}},{"id":"7be5998e-d320-49f9-abf6-98fb1f9a51d3","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":26,"box":{"x":88,"y":282,"width":870,"height":12}},{"id":"dc69fbc8-48d8-402b-a9d3-166f9e9a9640","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":26,"box":{"x":89,"y":297,"width":855,"height":12}},{"id":"3e608503-2e5e-42ab-9b9c-8d99ba273f6a","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":26,"box":{"x":89,"y":312,"width":867,"height":13}},{"id":"63b66b1f-29cd-4fa5-9916-3bd0550f4109","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":26,"box":{"x":89,"y":327,"width":845,"height":13}},{"id":"0588261b-8cb6-4cda-ac6d-e6d039992012","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":26,"box":{"x":89,"y":342,"width":875,"height":13}},{"id":"625990d6-a30d-4b70-a4ea-47dfd3ed890a","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":26,"box":{"x":89,"y":358,"width":872,"height":12}},{"id":"9a87199a-80e1-4e7b-af27-3192d35884d0","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":26,"box":{"x":89,"y":373,"width":876,"height":12}},{"id":"55d76bbd-d0e2-4328-879e-8b4fd8a220e2","block_type":"box","text":"the purchase of securities, and may enter into closing transactions with respect to such options to terminate existing","page_number":26,"box":{"x":88,"y":388,"width":819,"height":12}},{"id":"62210dc8-3d14-4c1c-8d88-223076f373cd","block_type":"box","text":"positions. There is no guarantee that such closing transactions can be effected.","page_number":26,"box":{"x":89,"y":403,"width":553,"height":12}},{"id":"df26aa23-9990-4987-a628-e798cccf2fcf","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":26,"box":{"x":88,"y":429,"width":867,"height":13}},{"id":"b7ec2291-74e7-42be-8e8c-59e38dd49a50","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":26,"box":{"x":89,"y":445,"width":822,"height":12}},{"id":"2bf7f1ce-8116-4e82-be16-bf7038ead03c","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":26,"box":{"x":89,"y":460,"width":862,"height":12}},{"id":"79531896-fb73-4ebc-8192-a0a06d9e8af9","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":26,"box":{"x":89,"y":475,"width":861,"height":12}},{"id":"4f187f97-45c5-4194-b766-2657b4c24081","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":26,"box":{"x":89,"y":490,"width":851,"height":12}},{"id":"bc11f6b9-e9f3-41b9-af8b-4d2c6381658d","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":26,"box":{"x":89,"y":505,"width":862,"height":12}},{"id":"41520df6-e600-42ec-a0c8-623ef88e0e63","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":26,"box":{"x":89,"y":520,"width":848,"height":12}},{"id":"4bab401e-5634-4d52-b311-11338748c48d","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":26,"box":{"x":89,"y":535,"width":866,"height":13}},{"id":"10b2c16a-8038-4973-8b46-b7c33928554b","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":26,"box":{"x":89,"y":550,"width":833,"height":13}},{"id":"50e32b06-e065-4b89-bfa4-edb193fa6a62","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":26,"box":{"x":89,"y":565,"width":830,"height":13}},{"id":"d586dbf4-05bf-46cf-bbb9-4f789b51719e","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":26,"box":{"x":89,"y":581,"width":837,"height":12}},{"id":"a2da5199-d6a5-4ad6-8f8a-505a3a4ee2e9","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":26,"box":{"x":89,"y":596,"width":839,"height":12}},{"id":"8a8a9d00-6c51-4d9c-9934-1df30e19143d","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":26,"box":{"x":89,"y":611,"width":850,"height":12}},{"id":"007bf826-e864-478d-89db-7b15195c6bc0","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":26,"box":{"x":89,"y":626,"width":875,"height":12}},{"id":"e005bb1d-5679-4d47-9e01-2febe068e154","block_type":"box","text":"to exercise (","page_number":26,"box":{"x":88,"y":641,"width":84,"height":12}},{"id":"7aaee28b-cdc6-4aa9-8a0f-8c0bce43fbe8","block_type":"box","text":"i.e.","page_number":26,"box":{"x":173,"y":642,"width":18,"height":9}},{"id":"b5545a6c-9ef1-446f-a753-dc5a8eaa2e59","block_type":"box","text":", “Knock-in Events”) or conditions that trigger termination (","page_number":26,"box":{"x":193,"y":641,"width":416,"height":12}},{"id":"e7acaf63-3b81-4d49-b1bd-a8c2682a5d29","block_type":"box","text":"i.e.","page_number":26,"box":{"x":610,"y":642,"width":18,"height":9}},{"id":"59b50d65-caf2-433e-9bb2-3a7af424280c","block_type":"box","text":", “Knock-out Events”).","page_number":26,"box":{"x":630,"y":641,"width":154,"height":12}},{"id":"cf6c3d50-9577-491b-8b2b-966a539c8b4b","block_type":"box","text":"Lending Portfolio Securities.","page_number":26,"box":{"x":89,"y":668,"width":202,"height":12}},{"id":"36061677-229a-42e7-9545-ac406e7fd009","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BFA determines to be","page_number":26,"box":{"x":301,"y":668,"width":609,"height":12}},{"id":"b7f9bc7b-d59a-44e3-8430-cee5fa6b61a9","block_type":"box","text":"creditworthy, including borrowers affiliated with BFA. The borrowers provide collateral that is maintained in an amount at","page_number":26,"box":{"x":89,"y":683,"width":848,"height":12}},{"id":"c47f2c4a-7987-42fc-9314-4ffc54eac106","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":26,"box":{"x":89,"y":698,"width":858,"height":12}},{"id":"02142882-5e10-4a3a-88f5-89b9093473bd","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":26,"box":{"x":89,"y":713,"width":849,"height":12}},{"id":"411f0f5c-1892-4103-adb1-bb9c872064f3","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":26,"box":{"x":89,"y":728,"width":859,"height":12}},{"id":"d691f9e7-4056-479d-a1d5-94c4574773c4","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":26,"box":{"x":89,"y":743,"width":794,"height":12}},{"id":"ea94c61a-86e2-4a6c-b033-05583f17a106","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":26,"box":{"x":89,"y":758,"width":794,"height":13}},{"id":"72173736-6936-4395-85fb-73c7fa00c3d6","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":26,"box":{"x":88,"y":785,"width":854,"height":12}},{"id":"7dbcd134-360e-49e2-83ab-37cd842ac604","block_type":"box","text":"cash collateral. The Funds are compensated by any positive difference between the amount earned on the reinvestment of","page_number":26,"box":{"x":89,"y":800,"width":856,"height":12}},{"id":"14216a3e-2c14-41e5-a23f-d3ed668184a8","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":26,"box":{"x":89,"y":815,"width":876,"height":12}},{"id":"a8fa1a93-f08c-4a2e-afd6-828b754be224","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":26,"box":{"x":89,"y":830,"width":863,"height":12}},{"id":"bd79c57c-93ce-44b0-9b7f-b3c52737fd10","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":26,"box":{"x":88,"y":845,"width":850,"height":12}},{"id":"2c9dfc61-f272-4550-a30e-ccf73429a2cb","block_type":"box","text":"5","page_number":26,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"7612b5af-2dcc-4a55-9154-554167a52bba","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":27,"box":{"x":89,"y":44,"width":855,"height":12}},{"id":"38ec77dd-eb2c-4a78-8f14-4e8ab52f889b","block_type":"box","text":"are subject to investment risk.","page_number":27,"box":{"x":89,"y":59,"width":208,"height":12}},{"id":"f3e0efcc-4d74-4449-9bfa-6638f37426db","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":27,"box":{"x":89,"y":85,"width":818,"height":13}},{"id":"47fdee63-fb52-4dcf-a621-51c9db749e99","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":27,"box":{"x":89,"y":101,"width":868,"height":12}},{"id":"bc1e4f9a-d243-41b9-8c87-188b3bab2e54","block_type":"box","text":"extent that a Fund engages in securities lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities","page_number":27,"box":{"x":89,"y":116,"width":832,"height":12}},{"id":"1a30aa09-9b64-4d84-bb2d-2c8c3ed6dff0","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":27,"box":{"x":89,"y":131,"width":846,"height":12}},{"id":"251411bd-a4a9-4bd9-9704-c9e98d542eee","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":27,"box":{"x":88,"y":146,"width":835,"height":12}},{"id":"4dc32d68-484c-43fb-8ffc-4743d0277393","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPMorgan”) serves as custodian for the Funds in connection with certain securities lending","page_number":27,"box":{"x":88,"y":161,"width":843,"height":12}},{"id":"6fa32759-1c9f-4974-876c-9c5b914ce8ef","block_type":"box","text":"activities.","page_number":27,"box":{"x":89,"y":177,"width":63,"height":9}},{"id":"34c287c2-0619-4952-bc78-156706bc5ca5","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":27,"box":{"x":88,"y":203,"width":873,"height":12}},{"id":"df9dfadb-f7da-4f0c-8754-6121a9efa2d6","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":27,"box":{"x":89,"y":218,"width":830,"height":12}},{"id":"cd9c0b81-295c-44e3-a502-6535bdf75f53","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":27,"box":{"x":89,"y":233,"width":865,"height":12}},{"id":"c8b083e7-f235-4436-8b52-a011b243fbd1","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":27,"box":{"x":88,"y":248,"width":852,"height":12}},{"id":"470fa412-67b8-4b99-820d-8baad1e5624a","block_type":"box","text":"movements in foreign exchange rates), and credit, legal, counterparty and market risks (including the risk that market events,","page_number":27,"box":{"x":89,"y":263,"width":878,"height":12}},{"id":"92f328cb-39db-474c-a24a-6f9de6594fae","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":27,"box":{"x":89,"y":278,"width":848,"height":13}},{"id":"267787c7-43bc-4487-82ad-c4462452dd6a","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":27,"box":{"x":89,"y":293,"width":852,"height":13}},{"id":"5ed5e7b9-f5c2-40ad-94f4-24e4abb22da8","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":27,"box":{"x":89,"y":308,"width":870,"height":13}},{"id":"6a0d3bb2-1735-4c83-b705-c4e5f6bd4cb4","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":27,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"026c93d1-95ad-46fb-8872-ad6f710a2dc9","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":27,"box":{"x":89,"y":339,"width":834,"height":12}},{"id":"da002f9d-a2a4-4cc6-b979-e71d330ce31d","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":27,"box":{"x":89,"y":354,"width":863,"height":12}},{"id":"18356d30-470a-4c24-97dc-eb801c34a588","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":27,"box":{"x":89,"y":369,"width":833,"height":12}},{"id":"ebd1c27d-9ff6-4120-83b1-bb1f9660d94f","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":27,"box":{"x":89,"y":384,"width":853,"height":12}},{"id":"037cfd75-2bc7-4008-a9aa-e51a378cf07d","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":27,"box":{"x":89,"y":399,"width":871,"height":13}},{"id":"85138b59-f8bf-499e-b41d-cb9c9d70061e","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":27,"box":{"x":88,"y":414,"width":806,"height":13}},{"id":"67f66cb1-5f5c-4b68-b742-16274ea760ef","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":27,"box":{"x":89,"y":429,"width":857,"height":13}},{"id":"387554f4-3b15-4b46-bb6d-431e9bd77f83","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":27,"box":{"x":89,"y":445,"width":866,"height":12}},{"id":"b291cddb-7532-442e-940b-3f95d5689018","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":27,"box":{"x":89,"y":460,"width":858,"height":12}},{"id":"b9678a69-1374-4879-b822-7da506ef693c","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":27,"box":{"x":88,"y":475,"width":844,"height":12}},{"id":"dabe7a69-4473-4e85-94cc-06b975e06e68","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":27,"box":{"x":89,"y":490,"width":873,"height":12}},{"id":"01c58373-f2aa-4218-afa2-e322fa6a5f18","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":27,"box":{"x":89,"y":505,"width":841,"height":12}},{"id":"e1fa3578-018f-4caf-9794-a586ea883bde","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":27,"box":{"x":89,"y":520,"width":804,"height":12}},{"id":"14b46837-c78f-40c4-97fd-1b86682eea87","block_type":"box","text":"equivalent payments owed to a Fund (as permitted by applicable law).","page_number":27,"box":{"x":89,"y":535,"width":490,"height":13}},{"id":"37df1928-dc5c-4736-9052-f837118bdda5","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of their","page_number":27,"box":{"x":89,"y":562,"width":824,"height":12}},{"id":"8917014a-8d78-43c8-9978-5fe97177a977","block_type":"box","text":"affiliates to include in certain financial contracts, including many securities lending agreements, terms that delay or restrict","page_number":27,"box":{"x":89,"y":577,"width":859,"height":12}},{"id":"dfe9feff-3d04-4c02-b169-673831e20a9b","block_type":"box","text":"the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":27,"box":{"x":88,"y":592,"width":879,"height":12}},{"id":"559e0fde-52e3-41a2-8ce4-5b035bc4da9a","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":27,"box":{"x":89,"y":607,"width":869,"height":12}},{"id":"4e0aadf7-c7cb-4807-a65c-d5fe6dfc88e3","block_type":"box","text":"of resolution or insolvency proceedings. It is possible that these requirements, as well as potential additional government","page_number":27,"box":{"x":89,"y":622,"width":846,"height":12}},{"id":"9b7f5c25-9e1c-4fd5-a38c-5513782357f7","block_type":"box","text":"regulation and other developments in the market, could adversely affect the Fund’s ability to terminate existing securities","page_number":27,"box":{"x":89,"y":637,"width":847,"height":13}},{"id":"109042df-6baf-42e5-bc6e-982825102749","block_type":"box","text":"lending agreements or to realize amounts to be received under such agreements. Prudential regulation may also favor","page_number":27,"box":{"x":89,"y":652,"width":825,"height":13}},{"id":"2dca1933-a820-4cad-b32c-54cad99c07cc","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":27,"box":{"x":89,"y":668,"width":834,"height":12}},{"id":"8e9c2db9-197b-495f-a3c4-c4193ab5b661","block_type":"box","text":"borrowers. Certain Funds expect to provide additional protections to borrowers, where permitted, pursuant to a Fund’s","page_number":27,"box":{"x":89,"y":683,"width":831,"height":12}},{"id":"9dba5429-56a4-4fab-bf06-1cac6e17d6d5","block_type":"box","text":"investment policies and if BFA believes doing so is in the best interest of the Fund.","page_number":27,"box":{"x":89,"y":698,"width":571,"height":12}},{"id":"41a0ecce-c235-45d5-94f0-00790c30ee5f","block_type":"box","text":"Liquidity Risk Management.","page_number":27,"box":{"x":89,"y":724,"width":200,"height":13}},{"id":"c36e5965-7415-4579-bb81-dbbda14d95d5","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open-end funds,","page_number":27,"box":{"x":299,"y":724,"width":662,"height":13}},{"id":"aa805576-c352-43c3-8573-b0d11e018b02","block_type":"box","text":"including exchange-traded funds (“ETFs”) such as the Funds, to establish a liquidity risk management program (the","page_number":27,"box":{"x":89,"y":739,"width":811,"height":13}},{"id":"abecc95f-3907-487d-836b-6ce5a3814945","block_type":"box","text":"“Liquidity Program”) and enhance disclosures regarding fund liquidity. As required by the Liquidity Rule, the Funds have","page_number":27,"box":{"x":89,"y":754,"width":837,"height":13}},{"id":"c9b018b2-c110-41d8-bc55-07e85c85ea7d","block_type":"box","text":"implemented a Liquidity Program, and the Board, including a majority of the Independent Directors of the Company, has","page_number":27,"box":{"x":89,"y":770,"width":841,"height":12}},{"id":"329e819f-ffc6-4647-a53a-0f2a743d9122","block_type":"box","text":"appointed BFA as the administrator of the Liquidity Program. Under the Liquidity Program, BFA assesses, manages, and","page_number":27,"box":{"x":89,"y":785,"width":834,"height":12}},{"id":"65f560bb-a31e-4750-891a-c1588202259e","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":27,"box":{"x":89,"y":800,"width":859,"height":12}},{"id":"57921a42-961c-445b-9d35-2c721929b61b","block_type":"box","text":"“moderately liquid investment,” “less liquid investment” or “illiquid investment.” The Liquidity Rule defines “liquidity risk” as","page_number":27,"box":{"x":89,"y":815,"width":866,"height":12}},{"id":"6f45e9f1-12b9-473e-a6c7-659692eef3c4","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":27,"box":{"x":88,"y":830,"width":871,"height":12}},{"id":"fc0db713-0f97-4290-a6e9-d471be389a6c","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":27,"box":{"x":89,"y":845,"width":860,"height":12}},{"id":"71dbb909-6483-4534-94b1-7a9afd593236","block_type":"box","text":"6","page_number":27,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"15a8a5a6-9bb4-42ed-9a4b-8b5a679a95f4","block_type":"box","text":"and investment-specific considerations under the Liquidity Program. There are exclusions from certain portions of the","page_number":28,"box":{"x":89,"y":44,"width":825,"height":12}},{"id":"fcb0c6df-5c7d-4884-8bde-1189f9edabd7","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":28,"box":{"x":89,"y":59,"width":850,"height":12}},{"id":"6b47c7e0-5073-4760-b289-c3e3720ee405","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":28,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"9ec474cb-4bde-420e-9e28-575a9f82d979","block_type":"box","text":"liquidity risk.","page_number":28,"box":{"x":89,"y":89,"width":87,"height":13}},{"id":"1e5d0487-678f-4ac8-a052-4be1de661334","block_type":"box","text":"Non-U.S. Securities.","page_number":28,"box":{"x":89,"y":116,"width":141,"height":10}},{"id":"cad9c804-1d34-4f3c-a3aa-69226f9a7143","block_type":"box","text":"Each Fund intends to purchase publicly traded common stocks of non-U.S. issuers. To the extent a","page_number":28,"box":{"x":240,"y":116,"width":690,"height":12}},{"id":"dad5be13-ebe8-421e-b574-4f8f1a94c056","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":28,"box":{"x":89,"y":131,"width":872,"height":12}},{"id":"bc23d640-fefb-4864-8c64-692ad80440dc","block_type":"box","text":"Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”) (collectively, “depositary","page_number":28,"box":{"x":89,"y":146,"width":876,"height":12}},{"id":"9f3c1d55-baae-4c2e-a8d6-f88672f61f29","block_type":"box","text":"receipts”). Depositary receipts are receipts, typically issued by a bank or trust issuer, which evidence ownership of underlying","page_number":28,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"b16e07b0-e30d-4b77-b53f-561fc58d70c5","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":28,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"d0472ebf-075f-4901-95c2-a0643be1e349","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":28,"box":{"x":89,"y":191,"width":827,"height":13}},{"id":"04d020b4-3016-4367-b0e7-4922ff1f1909","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":28,"box":{"x":89,"y":206,"width":865,"height":13}},{"id":"06a27a2f-ad3c-465d-979a-bd43392d8ea7","block_type":"box","text":"issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign or domestic","page_number":28,"box":{"x":89,"y":222,"width":833,"height":12}},{"id":"920e6433-80d7-47cd-9463-c64b814b4de4","block_type":"box","text":"underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading on an international","page_number":28,"box":{"x":89,"y":237,"width":862,"height":12}},{"id":"756f2c2a-dabb-4aa2-b0e7-43e7f6e4d8a2","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":28,"box":{"x":89,"y":252,"width":835,"height":12}},{"id":"c8ce5c8b-64cc-4248-a7f2-025dbbbfc7c2","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":28,"box":{"x":89,"y":267,"width":855,"height":12}},{"id":"6f3f8ef0-f8b3-4261-a429-ffd2d26a6b24","block_type":"box","text":"designed for use throughout the world.","page_number":28,"box":{"x":89,"y":282,"width":274,"height":12}},{"id":"0d1ba734-be2b-4471-889c-4a114f21e59f","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":28,"box":{"x":89,"y":308,"width":877,"height":13}},{"id":"6f5c4d0b-ab2d-4036-8bf2-3fb0f9992c94","block_type":"box","text":"be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose a Fund to","page_number":28,"box":{"x":89,"y":324,"width":839,"height":12}},{"id":"dfa47310-fe12-4cf1-af6a-108e7fcc1b83","block_type":"box","text":"additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the","page_number":28,"box":{"x":89,"y":339,"width":841,"height":12}},{"id":"da654e1d-7d0c-45a9-8726-27728d1eece3","block_type":"box","text":"depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency","page_number":28,"box":{"x":89,"y":354,"width":859,"height":12}},{"id":"4800a8ba-8237-46b2-ab75-10bec8401f67","block_type":"box","text":"risk and liquidity risk. Unsponsored programs, which are not sanctioned by the issuer of the underlying common stock,","page_number":28,"box":{"x":89,"y":369,"width":833,"height":12}},{"id":"c0bbf076-fecb-4615-b659-f3f00e53072f","block_type":"box","text":"generally expose investors to greater risks than sponsored programs and do not provide holders with many of the","page_number":28,"box":{"x":89,"y":384,"width":795,"height":12}},{"id":"e30e4d38-c3fd-4d1d-be81-50b36cd048c2","block_type":"box","text":"shareholder benefits that come from investing in a sponsored depositary receipts.","page_number":28,"box":{"x":89,"y":399,"width":571,"height":13}},{"id":"e7323e69-8145-432a-82d4-0cd93d1f339b","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":28,"box":{"x":89,"y":426,"width":868,"height":12}},{"id":"992584aa-332e-41d1-a5c8-5ad2aa82617e","block_type":"box","text":"in U.S. issuers. These include differences in accounting, auditing and financial reporting standards; the possibility of","page_number":28,"box":{"x":89,"y":441,"width":808,"height":12}},{"id":"e160a1d3-54e4-4d98-b61a-eac661060de7","block_type":"box","text":"expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations; political instability,","page_number":28,"box":{"x":89,"y":456,"width":853,"height":12}},{"id":"8fedeba5-ebf6-4fa0-84bc-9c38c2fb4f87","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":28,"box":{"x":88,"y":471,"width":873,"height":12}},{"id":"18dee983-32d0-4660-bfdd-d758e2ecc3e6","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":28,"box":{"x":89,"y":486,"width":864,"height":12}},{"id":"4907ca0a-82ff-4325-b30d-58c4fcffca64","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":28,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"2cbd7a96-9731-4de3-8167-61d4a22b0a14","block_type":"box","text":"inflation, capital reinvestment, resource self-sufficiency and balance of payment positions.","page_number":28,"box":{"x":89,"y":516,"width":629,"height":13}},{"id":"aa337975-da9b-4a87-ba72-5d8a8de58f4d","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":28,"box":{"x":89,"y":543,"width":242,"height":12}},{"id":"bc996208-cb4a-4ee4-bebd-222782803a5f","block_type":"box","text":"The CFTC subjects advisers to registered investment companies to regulation by the","page_number":28,"box":{"x":340,"y":543,"width":588,"height":12}},{"id":"846c71aa-99d1-4ec8-8589-4648846e19bc","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":28,"box":{"x":89,"y":558,"width":812,"height":12}},{"id":"e204971c-8e14-4b0e-9f22-f85340f7c6a6","block_type":"box","text":"liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”) or (ii) markets itself as providing","page_number":28,"box":{"x":89,"y":573,"width":819,"height":12}},{"id":"7a8505af-54ef-4257-874b-8fa4dac6a3cb","block_type":"box","text":"investment exposure to such instruments. The CFTC also subjects advisers to registered investment companies to regulation","page_number":28,"box":{"x":89,"y":588,"width":872,"height":12}},{"id":"45f90bf4-2537-40dd-94d4-ae9628c0246f","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":28,"box":{"x":89,"y":603,"width":866,"height":13}},{"id":"8686d8bd-eaf3-45f7-a84f-3abf733f6697","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":28,"box":{"x":89,"y":618,"width":834,"height":13}},{"id":"29de2e05-92e7-4c42-87cb-b9872c69c8f8","block_type":"box","text":"vehicle for trading such instruments.","page_number":28,"box":{"x":88,"y":633,"width":256,"height":13}},{"id":"9ac05c90-954f-41f2-a4d6-d64e44f02b97","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":28,"box":{"x":89,"y":660,"width":873,"height":12}},{"id":"bb1b21ae-b3fb-4862-ad4f-c2b6bf92b352","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":28,"box":{"x":89,"y":675,"width":868,"height":12}},{"id":"e47d2952-f673-4b9b-8d88-185892c4829a","block_type":"box","text":"pool operator” under the CEA with respect to the Funds.","page_number":28,"box":{"x":89,"y":690,"width":393,"height":13}},{"id":"1710ad8f-640b-4f20-b119-67b61fa4993b","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":28,"box":{"x":88,"y":717,"width":855,"height":12}},{"id":"5e23029a-a022-400a-91ea-1fe5121fdd2f","block_type":"box","text":"ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol","page_number":28,"box":{"x":89,"y":732,"width":871,"height":12}},{"id":"d2f51e60-5923-409a-a10d-34886b84c99c","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":28,"box":{"x":89,"y":747,"width":879,"height":12}},{"id":"93bb7b82-d630-468a-9125-f89e93b18f94","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":28,"box":{"x":89,"y":762,"width":837,"height":12}},{"id":"1866bf88-34f8-4c65-acf5-71a85a08c19d","block_type":"box","text":"iShares MSCI Malaysia ETF (the “No-Action Letter Funds”) may also have investments in “underlying funds” (and such","page_number":28,"box":{"x":89,"y":777,"width":830,"height":12}},{"id":"9958c6c6-be09-464c-b390-faea7a6ab987","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":28,"box":{"x":89,"y":792,"width":877,"height":13}},{"id":"320103f7-d443-45b0-8b62-689d3a699931","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":28,"box":{"x":88,"y":807,"width":878,"height":13}},{"id":"8454e618-996d-4451-8bca-8c9351fde79e","block_type":"box","text":"real estate investment trusts (“REITs”), business development companies and investment companies that may invest in CFTC","page_number":28,"box":{"x":89,"y":822,"width":876,"height":13}},{"id":"0c7b9c17-0848-4abc-9ee5-1ca34cbf1a26","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":28,"box":{"x":89,"y":838,"width":844,"height":12}},{"id":"2ee2be9a-43e1-4dcb-a021-c14932c272ed","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":28,"box":{"x":88,"y":853,"width":881,"height":12}},{"id":"7608abf3-8282-419a-bf0e-36e726d25b81","block_type":"box","text":"7","page_number":28,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"3fe3f7a6-8f8c-40dc-8131-9935630f870a","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":29,"box":{"x":88,"y":44,"width":862,"height":12}},{"id":"db153772-9620-4a6c-9cef-cfd85295d050","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":29,"box":{"x":89,"y":59,"width":802,"height":12}},{"id":"ac9a2640-d68a-4460-ba02-23342f98b0ef","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":29,"box":{"x":89,"y":74,"width":874,"height":12}},{"id":"e119776f-2040-43d4-8a93-145d8707151f","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":29,"box":{"x":88,"y":89,"width":870,"height":13}},{"id":"9fa552fe-f863-4f30-9a3c-a5b81f9e5178","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":29,"box":{"x":88,"y":104,"width":827,"height":13}},{"id":"fc85bad8-10eb-4590-8175-6c592d2d3e47","block_type":"box","text":"regulation as a “commodity pool operator” under the CEA in respect of such funds.","page_number":29,"box":{"x":89,"y":119,"width":581,"height":13}},{"id":"9b8e12f5-b300-4c11-8542-e6855cc0cdaf","block_type":"box","text":"Derivative contracts, including, without limitation, swaps, currency forwards, and non-deliverable forwards, are subject to","page_number":29,"box":{"x":89,"y":146,"width":849,"height":12}},{"id":"e0dca6e7-9f1b-4bb7-b8fe-d4982f0603f3","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":29,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"c6280d16-0449-4445-b5e2-3d174126ca96","block_type":"box","text":"comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Swaps, non-deliverable forwards and certain other","page_number":29,"box":{"x":89,"y":176,"width":838,"height":13}},{"id":"c3e1fafa-3224-484f-8f2e-ea2609cb5bee","block_type":"box","text":"derivatives traded in the OTC market are subject to variation margin and initial margin requirements. Implementation of the","page_number":29,"box":{"x":89,"y":191,"width":863,"height":13}},{"id":"711e2e53-5f4f-4491-ac38-70f4d1f6ff1c","block_type":"box","text":"margining and other provisions of the Dodd-Frank Act regarding clearing, mandatory trading, reporting and documentation","page_number":29,"box":{"x":89,"y":206,"width":867,"height":13}},{"id":"8f89f488-f5de-49bb-9c45-ddd10d29db0c","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":29,"box":{"x":89,"y":222,"width":863,"height":12}},{"id":"306b9bac-ca63-45bb-8bdc-07f321ebc6e2","block_type":"box","text":"and, as a result, may affect returns to investors in such Fund.","page_number":29,"box":{"x":89,"y":237,"width":423,"height":12}},{"id":"c3f9b4e0-faef-4506-bc34-712bb95ec314","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":29,"box":{"x":89,"y":263,"width":866,"height":12}},{"id":"324b9a8b-020a-44d6-926e-f5319ba0cfdd","block_type":"box","text":"certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":29,"box":{"x":89,"y":278,"width":842,"height":13}},{"id":"f5fe2082-7516-4541-ba84-5e142783dffe","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits open-end funds,","page_number":29,"box":{"x":89,"y":293,"width":823,"height":13}},{"id":"1c416bf2-8cdd-4545-9319-e632a0ddcf4d","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":29,"box":{"x":89,"y":308,"width":879,"height":13}},{"id":"714c3f13-3782-49d1-9104-a9f4705f7645","block_type":"box","text":"to maintain 300% “asset coverage”).","page_number":29,"box":{"x":88,"y":324,"width":257,"height":12}},{"id":"fdb38011-fcfb-43e3-a2fa-ed730d310b8c","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract","page_number":29,"box":{"x":89,"y":350,"width":862,"height":12}},{"id":"bec3f007-b0b5-4b63-a11f-72930cb1e785","block_type":"box","text":"for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing,","page_number":29,"box":{"x":88,"y":365,"width":871,"height":12}},{"id":"a6668b98-b7d7-43f3-903b-6f7530847aa6","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":29,"box":{"x":89,"y":380,"width":871,"height":13}},{"id":"7b48c51f-7488-4cec-b76f-244a0dd49e37","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":29,"box":{"x":89,"y":395,"width":867,"height":13}},{"id":"400bf97d-ffa8-433a-8dc0-aea73145ce04","block_type":"box","text":"(2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non","page_number":29,"box":{"x":89,"y":410,"width":864,"height":13}},{"id":"7efd5ed1-3af1-402b-8f75-c7652a843f21","block_type":"box","text":"recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions","page_number":29,"box":{"x":89,"y":426,"width":863,"height":12}},{"id":"e6e3abb7-d3a3-4a5f-be25-11ac62412412","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":29,"box":{"x":89,"y":441,"width":863,"height":12}},{"id":"1dbfbb30-77e9-425b-aa3c-dc1ba6470f6a","block_type":"box","text":"announced (“TBA”) commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to","page_number":29,"box":{"x":89,"y":456,"width":870,"height":12}},{"id":"69aee8db-bb93-48a8-a4ac-6ad8dc12176f","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":29,"box":{"x":89,"y":471,"width":834,"height":12}},{"id":"3a2709c7-3a78-457f-b086-a948c1393cf3","block_type":"box","text":"Securities Provision”).","page_number":29,"box":{"x":88,"y":486,"width":152,"height":12}},{"id":"96442a55-fdcf-463c-8add-d8e853a60c45","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":29,"box":{"x":89,"y":513,"width":872,"height":12}},{"id":"c03da1d9-5901-4346-abe9-b86f65bbba55","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":29,"box":{"x":88,"y":528,"width":830,"height":12}},{"id":"85a6e55f-7df6-44dc-813f-570ad91843e7","block_type":"box","text":"comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on Fund","page_number":29,"box":{"x":89,"y":543,"width":875,"height":12}},{"id":"fc4f1f97-b812-4cdc-a9f0-e033db419a9c","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":29,"box":{"x":89,"y":558,"width":846,"height":12}},{"id":"1ae8cbc1-9872-4d49-ac10-b327e534f925","block_type":"box","text":"appointed by the Board, including a majority of Independent Directors/Trustees, and periodically reviews the DRMP and","page_number":29,"box":{"x":89,"y":573,"width":839,"height":12}},{"id":"eb5bbd62-dcd9-4622-a892-6c6912ca5f65","block_type":"box","text":"reports to the Board.","page_number":29,"box":{"x":89,"y":588,"width":142,"height":12}},{"id":"0c984838-09a4-4f71-8a95-424274063609","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":29,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"d088c546-33c1-45f7-9a36-34ba7a40f2e4","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":29,"box":{"x":89,"y":630,"width":830,"height":12}},{"id":"ec72e542-8417-49cf-90b7-2f6700980634","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited","page_number":29,"box":{"x":89,"y":645,"width":850,"height":12}},{"id":"52ed9dc9-5f0c-4d96-9cbe-858b3d039ecc","block_type":"box","text":"Derivatives User Exception”).","page_number":29,"box":{"x":89,"y":660,"width":201,"height":12}},{"id":"94d4af12-93c3-478a-b5ef-5117acb1841c","block_type":"box","text":"Repurchase Agreements.","page_number":29,"box":{"x":89,"y":686,"width":180,"height":13}},{"id":"7f87ee32-d4ea-4c1b-9072-413ac75c1716","block_type":"box","text":"A repurchase agreement is an instrument under which the purchaser (","page_number":29,"box":{"x":278,"y":686,"width":494,"height":13}},{"id":"375b25b8-3a8a-4db6-8d59-1a4515335d1a","block_type":"box","text":"i.e.","page_number":29,"box":{"x":773,"y":687,"width":18,"height":9}},{"id":"ef423173-dbbe-4a83-82c8-dbb6ac754853","block_type":"box","text":", a Fund) acquires a","page_number":29,"box":{"x":793,"y":686,"width":136,"height":13}},{"id":"cd9a3e5f-e203-49a8-8f15-7f7efc5922bd","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":29,"box":{"x":89,"y":702,"width":854,"height":12}},{"id":"ebaeb58d-9e4c-4354-b84e-e15d56971a46","block_type":"box","text":"thereby determining the yield during the purchaser’s holding period. Repurchase agreements may be construed to be","page_number":29,"box":{"x":88,"y":717,"width":822,"height":12}},{"id":"519d387d-a2ff-4a5a-a49a-dbbfcceeca7d","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":29,"box":{"x":89,"y":732,"width":828,"height":12}},{"id":"0ce1beb0-42b3-44e8-b2dc-f632ef508aaf","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":29,"box":{"x":89,"y":747,"width":878,"height":12}},{"id":"bb277165-59a9-4a79-8379-9f7f85902ccc","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":29,"box":{"x":89,"y":762,"width":860,"height":12}},{"id":"0da9de3f-6688-43e0-9ea7-29af176f9032","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":29,"box":{"x":88,"y":777,"width":761,"height":12}},{"id":"69cb5934-08a6-4249-8bae-1fef44a08a8d","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":29,"box":{"x":89,"y":804,"width":875,"height":12}},{"id":"486d1f96-a0a1-4db9-97d8-4a88867f3d02","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":29,"box":{"x":88,"y":819,"width":841,"height":12}},{"id":"6b9c6b04-1ca3-48dd-a4cf-1c3a59b5c328","block_type":"box","text":"entered into, are determined to (A) have exceptionally strong capacity to meet their financial obligations and (B) are","page_number":29,"box":{"x":89,"y":834,"width":811,"height":12}},{"id":"407b07d4-8885-4bf9-a79c-638827ec0eb4","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":29,"box":{"x":89,"y":849,"width":856,"height":12}},{"id":"c8cc8c39-065a-4fcf-b64e-e13b469f88f2","block_type":"box","text":"seven days.","page_number":29,"box":{"x":89,"y":864,"width":78,"height":12}},{"id":"e496b307-35ca-48a3-9dfb-090dd1aaff41","block_type":"box","text":"8","page_number":29,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"3e4b2ab8-0b46-4554-9feb-8d7062fba5d9","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":30,"box":{"x":89,"y":44,"width":831,"height":12}},{"id":"ac857901-4647-4630-9c33-cebd60fd2c49","block_type":"box","text":"inherent in repurchase agreements. The Funds seek to minimize such risks, but because of the inherent legal uncertainties","page_number":30,"box":{"x":89,"y":59,"width":855,"height":12}},{"id":"a5f7f2be-9eec-489d-9756-b0d96e1ec310","block_type":"box","text":"involved in repurchase agreements, such risks cannot be eliminated. Lower quality collateral and collateral with a longer","page_number":30,"box":{"x":89,"y":74,"width":839,"height":12}},{"id":"ab1e3da4-a3a6-4901-87d7-052a1e8de52e","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":30,"box":{"x":89,"y":89,"width":855,"height":13}},{"id":"3f118f44-668c-41b2-aa51-e48b864549f5","block_type":"box","text":"the repurchase agreement counterparty were to default, lower quality collateral may be more difficult to liquidate than higher","page_number":30,"box":{"x":88,"y":104,"width":878,"height":13}},{"id":"62ad675c-3d2a-446e-95e4-9eb05e94bed4","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":30,"box":{"x":89,"y":119,"width":860,"height":13}},{"id":"dfd6df87-8368-4b82-bb48-30574d9cb83a","block_type":"box","text":"repurchase obligation, a Fund would likely retain the status of an unsecured creditor of the counterparty (","page_number":30,"box":{"x":89,"y":135,"width":739,"height":12}},{"id":"f3aa9a7a-74cc-457e-8008-21afcadfebca","block_type":"box","text":"i.e.","page_number":30,"box":{"x":829,"y":136,"width":17,"height":8}},{"id":"684d9761-419c-4549-8ccd-3ec236fcc53b","block_type":"box","text":", the position a","page_number":30,"box":{"x":849,"y":135,"width":102,"height":12}},{"id":"bad4c74c-cd6a-4dd6-ae48-5f4859580496","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":30,"box":{"x":89,"y":150,"width":828,"height":12}},{"id":"4bea5e4a-a033-4bf3-8c90-af0c41a9fe6d","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":30,"box":{"x":89,"y":165,"width":847,"height":12}},{"id":"7b941548-c94c-4cbf-9673-d0f993cec232","block_type":"box","text":"losing some or all of the principal and income involved in the transaction.","page_number":30,"box":{"x":89,"y":180,"width":511,"height":12}},{"id":"d78b2f22-1c66-4286-be92-b8449158e017","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":30,"box":{"x":89,"y":206,"width":240,"height":13}},{"id":"f747824c-80e2-4547-8cbc-08d4239e6542","block_type":"box","text":"Reverse repurchase agreements involve the sale of securities with an agreement to","page_number":30,"box":{"x":339,"y":206,"width":577,"height":13}},{"id":"595e2548-e79c-4fe2-8798-ffb9f46238b0","block_type":"box","text":"repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing.","page_number":30,"box":{"x":89,"y":222,"width":839,"height":12}},{"id":"6f4e2cc2-43b0-47d6-8dee-6488e484d481","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":30,"box":{"x":89,"y":237,"width":869,"height":12}},{"id":"7b1baff0-f3c3-4b7d-8ed0-59af178997fb","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":30,"box":{"x":89,"y":252,"width":840,"height":12}},{"id":"a6832d8e-723b-40ad-9720-b32bf286dcae","block_type":"box","text":"interest income associated with those securities. Such transactions are advantageous only if a Fund has an opportunity to","page_number":30,"box":{"x":89,"y":267,"width":853,"height":12}},{"id":"631cbe0f-0ac6-497c-9d43-1c81d746fd41","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":30,"box":{"x":89,"y":282,"width":874,"height":12}},{"id":"ac42f974-af83-44cd-b84e-71702558dc8a","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":30,"box":{"x":89,"y":297,"width":868,"height":12}},{"id":"5b50e6c5-04d6-4579-91ee-5f0169ae76c7","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":30,"box":{"x":88,"y":312,"width":878,"height":13}},{"id":"d3451b3b-6473-4e50-afb8-802bd4cbfe13","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":30,"box":{"x":88,"y":327,"width":875,"height":13}},{"id":"83661693-cf8a-48dc-b577-7b7ffb34d260","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":30,"box":{"x":88,"y":342,"width":846,"height":13}},{"id":"cb13de3d-5ab0-4eff-843d-0b3c3f3e012e","block_type":"box","text":"Fund through reverse repurchase agreements may be invested in additional securities.","page_number":30,"box":{"x":89,"y":358,"width":602,"height":12}},{"id":"5129c48d-64bc-48fd-b27a-6d010f9d0fed","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":30,"box":{"x":89,"y":384,"width":832,"height":12}},{"id":"aeabaa04-55e2-4584-89f3-31e581d203c1","block_type":"box","text":"financing transactions (","page_number":30,"box":{"x":88,"y":399,"width":166,"height":13}},{"id":"4dabdaed-1758-4468-bbc8-09a424a9013f","block_type":"box","text":"e.g.,","page_number":30,"box":{"x":255,"y":402,"width":26,"height":10}},{"id":"ce09477e-dc84-4c51-916d-e5d60e6b1eed","block_type":"box","text":"recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding the","page_number":30,"box":{"x":288,"y":399,"width":613,"height":13}},{"id":"9c591285-6d77-4547-a0fe-c2253dd05a85","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":30,"box":{"x":89,"y":414,"width":855,"height":13}},{"id":"c192a2bc-ca98-4985-b34e-117aba57c0c6","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":30,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"9ee81371-75c0-4e23-9341-7cd16d122434","block_type":"box","text":"(ii) treats such transactions as Derivatives Transactions under Rule 18f-4. (See “","page_number":30,"box":{"x":89,"y":445,"width":556,"height":12}},{"id":"943f7a91-a5c1-480a-af6a-24da284af19b","block_type":"box","text":"Regulation Regarding Derivatives","page_number":30,"box":{"x":647,"y":445,"width":230,"height":12}},{"id":"65c69148-377b-437a-a511-c7ca54bc5fcf","block_type":"box","text":"” above.)","page_number":30,"box":{"x":878,"y":445,"width":61,"height":12}},{"id":"934438a2-c676-41e8-a5c5-258696ff7d88","block_type":"box","text":"Securities of Investment Companies.","page_number":30,"box":{"x":88,"y":471,"width":263,"height":12}},{"id":"2c5a3611-1333-4f26-a9d8-c5dcb0754592","block_type":"box","text":"Each Fund may invest in the securities of other investment companies (including","page_number":30,"box":{"x":361,"y":471,"width":563,"height":12}},{"id":"b1009c3c-4520-483c-b348-d497736755cd","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":30,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"6449c1dd-5daf-4a38-9a11-f37141f2baa1","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":30,"box":{"x":89,"y":501,"width":852,"height":13}},{"id":"2af9764d-9cdd-4e0b-bde3-56c8aec88f5b","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":30,"box":{"x":89,"y":516,"width":874,"height":13}},{"id":"0d6c62f8-7fa6-4959-ada5-8a41097ce232","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":30,"box":{"x":89,"y":531,"width":876,"height":13}},{"id":"543fc2fa-de75-4c4c-8964-10f3329da834","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":30,"box":{"x":88,"y":547,"width":865,"height":12}},{"id":"eb13e082-0781-4753-8cf2-2b05bee66362","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":30,"box":{"x":89,"y":562,"width":870,"height":12}},{"id":"3177a50c-9c25-4a75-b687-bc7a14efb94a","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":30,"box":{"x":89,"y":577,"width":804,"height":12}},{"id":"95faa3a5-ca96-4bfe-bec3-9aba4e0f1863","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":30,"box":{"x":89,"y":592,"width":826,"height":12}},{"id":"3caf6288-21c9-445b-9217-570c07a9dd10","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":30,"box":{"x":89,"y":607,"width":878,"height":12}},{"id":"a29fb707-a02a-44fa-8561-931f360263f5","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":30,"box":{"x":89,"y":622,"width":865,"height":12}},{"id":"f0a70cea-fbad-4145-9216-81f7370ecd22","block_type":"box","text":"of securities are not treated as Acquired Fund Fees and Expenses, which reflect a Fund’s","page_number":30,"box":{"x":89,"y":637,"width":615,"height":13}},{"id":"8fb55767-9cfc-4440-9461-3cf29369367a","block_type":"box","text":"pro rata","page_number":30,"box":{"x":708,"y":639,"width":56,"height":11}},{"id":"a24b3347-4d7e-4860-a48b-8e3da7a782c0","block_type":"box","text":"share of the fees and","page_number":30,"box":{"x":769,"y":637,"width":145,"height":10}},{"id":"554a7dca-475e-42b5-8529-eb7d53b35c9f","block_type":"box","text":"expenses incurred by investing in other investment companies (as disclosed in the Prospectus, as applicable).","page_number":30,"box":{"x":89,"y":652,"width":765,"height":13}},{"id":"4acf1304-2a8d-4d7b-a051-e488d3aea82f","block_type":"box","text":"Short-Term Instruments and Temporary Investments.","page_number":30,"box":{"x":88,"y":679,"width":386,"height":12}},{"id":"345592f2-2c89-485e-b772-f58b9365b74d","block_type":"box","text":"Each Fund may invest in short-term instruments, including money","page_number":30,"box":{"x":484,"y":679,"width":464,"height":12}},{"id":"f66ffb7f-1c7f-48a6-8b18-bcb3f589f876","block_type":"box","text":"market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally","page_number":30,"box":{"x":89,"y":694,"width":858,"height":12}},{"id":"021243c1-8794-4a92-9e3c-5f750a3e5342","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":30,"box":{"x":89,"y":709,"width":860,"height":12}},{"id":"47c0aa9d-a8aa-4d24-b1ed-a9945374e35a","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":30,"box":{"x":89,"y":724,"width":814,"height":13}},{"id":"4ffbc0c0-e932-42d8-a6e4-87a4936f4403","block_type":"box","text":"instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit, bankers’ acceptances,","page_number":30,"box":{"x":89,"y":739,"width":876,"height":13}},{"id":"d156af7e-7eaa-494e-b278-02d5347cac60","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":30,"box":{"x":88,"y":754,"width":862,"height":13}},{"id":"f85ad872-ae05-473d-bc4a-01ad36621f04","block_type":"box","text":"(iv) commercial paper rated, at the date of purchase, “Prime-1” by Moody’s","page_number":30,"box":{"x":89,"y":770,"width":526,"height":12}},{"id":"02794452-f829-43cf-b8a3-8b44366dd757","block_type":"box","text":"®","page_number":30,"box":{"x":616,"y":768,"width":9,"height":6}},{"id":"d0fa9b9a-6a29-460e-845d-f57c95166de3","block_type":"box","text":"Investors Service, Inc., “F-1” by Fitch Ratings,","page_number":30,"box":{"x":631,"y":770,"width":312,"height":12}},{"id":"c0798b77-2a7f-4c62-97c1-d2d9c5c1f801","block_type":"box","text":"Inc., or “A-1” by Standard & Poor’s","page_number":30,"box":{"x":89,"y":785,"width":237,"height":12}},{"id":"76017b2f-c078-432b-b806-5682dae73913","block_type":"box","text":"®","page_number":30,"box":{"x":327,"y":783,"width":9,"height":6}},{"id":"d954f09a-9d80-434d-bbd3-fb22cf7b88bf","block_type":"box","text":"Financial Services LLC, a subsidiary of S&P Global, Inc., or if unrated, of comparable","page_number":30,"box":{"x":342,"y":785,"width":580,"height":12}},{"id":"ddc15c80-55b4-4501-b447-fb9676ff2e99","block_type":"box","text":"quality as determined by BFA; (v) non-convertible corporate debt securities (","page_number":30,"box":{"x":89,"y":800,"width":534,"height":12}},{"id":"b9f7a147-86b3-4b30-9a98-604d0213b686","block_type":"box","text":"e.g.","page_number":30,"box":{"x":624,"y":803,"width":23,"height":9}},{"id":"7bb36351-e101-474f-bba3-daf84a4af9ad","block_type":"box","text":", bonds and debentures) with remaining","page_number":30,"box":{"x":649,"y":800,"width":280,"height":12}},{"id":"d533a969-d405-4f76-b2d2-23d47a142aac","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":30,"box":{"x":89,"y":815,"width":870,"height":12}},{"id":"750485c1-81e9-4a35-a50e-c33ae940ebcb","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":30,"box":{"x":89,"y":830,"width":861,"height":12}},{"id":"ca7bdd20-e7b4-4827-a475-653610a5f202","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":30,"box":{"x":88,"y":845,"width":836,"height":12}},{"id":"af77d246-1549-406b-bec2-3b84ead30a55","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":30,"box":{"x":89,"y":860,"width":807,"height":13}},{"id":"0a40ec2c-56cf-4a10-85f9-f0151ba2309d","block_type":"box","text":"9","page_number":30,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"360a2b65-4d11-4687-b6c4-683882424e16","block_type":"box","text":"purchased on a current or forward-settled basis. Time deposits are non-negotiable deposits maintained in banking","page_number":31,"box":{"x":89,"y":44,"width":801,"height":12}},{"id":"ec5301aa-4f19-4da9-a5ca-1b2cca4b8e69","block_type":"box","text":"institutions for specified periods of time at stated interest rates. Bankers’ acceptances are time drafts drawn on commercial","page_number":31,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"d7a4021d-9fcb-403c-9fbd-7fb6bb607f5e","block_type":"box","text":"banks by borrowers, usually in connection with international transactions.","page_number":31,"box":{"x":89,"y":74,"width":516,"height":12}},{"id":"c4a87d0c-2ef7-48f3-af3e-ce86a4fbe20c","block_type":"box","text":"Swap Agreements.","page_number":31,"box":{"x":88,"y":101,"width":134,"height":12}},{"id":"820049aa-4106-4612-a047-28654f22c24f","block_type":"box","text":"Swap agreements are contracts between parties in which one party agrees to make periodic payments to","page_number":31,"box":{"x":231,"y":101,"width":735,"height":12}},{"id":"33c9b9e6-e2c9-4709-819f-023b93ee0820","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":31,"box":{"x":88,"y":116,"width":850,"height":12}},{"id":"aab2d9be-30f0-4b54-b8e0-ce2b96f3b20f","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":31,"box":{"x":89,"y":131,"width":843,"height":12}},{"id":"7c809499-19b7-4ca1-a2d9-df0c5a5fb17d","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":31,"box":{"x":89,"y":146,"width":869,"height":12}},{"id":"3ff5b639-5a80-4073-9697-836f3b92f75d","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":31,"box":{"x":89,"y":161,"width":843,"height":12}},{"id":"6aed7d94-9782-4336-93f5-67e5b7efac1c","block_type":"box","text":"entitlements with respect to each swap is accrued on a daily basis.","page_number":31,"box":{"x":89,"y":176,"width":464,"height":13}},{"id":"eda20570-b94c-43cd-abe7-0afcecf378e7","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":31,"box":{"x":88,"y":203,"width":862,"height":12}},{"id":"39e460a3-c71b-44b4-bbe5-0ec8ce4eaf18","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":31,"box":{"x":89,"y":218,"width":853,"height":12}},{"id":"372c309f-ccb0-4f78-8dbc-f3d3941c920f","block_type":"box","text":"activity that involves investment techniques and risks different from those associated with ordinary portfolio security","page_number":31,"box":{"x":89,"y":233,"width":816,"height":12}},{"id":"cac35c0f-cb77-434f-a102-20b6fe049f30","block_type":"box","text":"transactions. These transactions generally do not involve the delivery of securities or other underlying assets.","page_number":31,"box":{"x":88,"y":248,"width":762,"height":12}},{"id":"db48f389-a427-44ea-8a04-9a535d0ff183","block_type":"box","text":"Tracking Stocks.","page_number":31,"box":{"x":88,"y":274,"width":119,"height":13}},{"id":"ee244b1d-0b5c-437d-b6e2-64bae3e3fbc9","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":31,"box":{"x":215,"y":274,"width":728,"height":13}},{"id":"6547867b-4d26-4006-bcb2-8efc81e31650","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":31,"box":{"x":89,"y":290,"width":869,"height":12}},{"id":"54636a9a-eecf-425a-b1fe-6c3f4b0f5272","block_type":"box","text":"tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the","page_number":31,"box":{"x":88,"y":305,"width":867,"height":12}},{"id":"b74798be-ffc2-4cbb-be81-65bb18283949","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":31,"box":{"x":89,"y":320,"width":851,"height":12}},{"id":"fd7c0efc-961c-47c5-bddb-6e2688b63c3b","block_type":"box","text":"same rights as holders of the company’s common stock.","page_number":31,"box":{"x":89,"y":335,"width":395,"height":12}},{"id":"49535000-eda8-4ff9-9c2f-f3972d831a51","block_type":"box","text":"Future Developments.","page_number":31,"box":{"x":89,"y":361,"width":157,"height":13}},{"id":"cc291b53-7119-415b-80bd-8a3b6d25b747","block_type":"box","text":"The Board may, in the future, authorize each Fund to invest in securities contracts and investments,","page_number":31,"box":{"x":255,"y":361,"width":694,"height":13}},{"id":"515b9913-6a90-495b-9ef7-4861748b6518","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":31,"box":{"x":89,"y":376,"width":809,"height":13}},{"id":"f8ec8c4d-cdd1-4114-8ae1-01d880cb6a09","block_type":"box","text":"investment objective and do not violate any of its investment restrictions or policies.","page_number":31,"box":{"x":89,"y":392,"width":586,"height":12}},{"id":"323f7139-2bd8-48a0-9409-f402d35abea4","block_type":"box","text":"General Considerations and Risks","page_number":31,"box":{"x":90,"y":422,"width":559,"height":24}},{"id":"dfb7e7d1-8cb2-49cd-bd1b-b0117873fddf","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":31,"box":{"x":88,"y":463,"width":876,"height":13}},{"id":"454c727a-d0cd-4670-a9f6-cf4fc3f42544","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":31,"box":{"x":88,"y":490,"width":817,"height":12}},{"id":"cae69c32-c076-403d-a137-1004777ee2a8","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":31,"box":{"x":88,"y":505,"width":874,"height":12}},{"id":"3307ac61-0a56-483c-ac1a-06121cae3c1d","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":31,"box":{"x":89,"y":520,"width":873,"height":12}},{"id":"0880591c-c228-4f27-a103-d5f94f24a0b7","block_type":"box","text":"particular risk factor.","page_number":31,"box":{"x":89,"y":535,"width":142,"height":13}},{"id":"8d3654c2-31c9-41d5-a34c-d7efd78334ca","block_type":"box","text":"Borrowing Risk.","page_number":31,"box":{"x":89,"y":562,"width":112,"height":12}},{"id":"7418ff4c-de4d-4449-87b7-7d4293b6f908","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":31,"box":{"x":211,"y":562,"width":712,"height":12}},{"id":"6603bbdd-5d3f-4c38-af20-4dbe00d8817d","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":31,"box":{"x":89,"y":577,"width":850,"height":12}},{"id":"a0f987db-3c92-49b5-8b21-7eac9e419967","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":31,"box":{"x":89,"y":592,"width":831,"height":12}},{"id":"17a230b2-33ef-4e17-802d-a4bee5a535d6","block_type":"box","text":"Commodities Investment Risk.","page_number":31,"box":{"x":89,"y":618,"width":218,"height":10}},{"id":"4483c58d-f61e-4c7f-8f26-bbe27dbea76b","block_type":"box","text":"Exposure to commodities markets may subject a Fund to greater volatility than investments","page_number":31,"box":{"x":317,"y":618,"width":641,"height":13}},{"id":"5c41a7bd-7edd-4cc3-989a-109e47f5e1cf","block_type":"box","text":"in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market","page_number":31,"box":{"x":89,"y":633,"width":830,"height":13}},{"id":"41004c81-091d-4e1a-89a0-e08af92ca170","block_type":"box","text":"conditions may result in rapid and substantial valuation increases or decreases in a Fund’s holdings.","page_number":31,"box":{"x":89,"y":649,"width":697,"height":12}},{"id":"09be71e5-e4c7-44e5-a2e0-8d5a0510cff1","block_type":"box","text":"The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment prices","page_number":31,"box":{"x":88,"y":675,"width":857,"height":12}},{"id":"443da618-3125-4e08-9570-5b0d7ce29128","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":31,"box":{"x":89,"y":690,"width":842,"height":13}},{"id":"0153aafd-22d8-4078-94c2-29575c66f1a6","block_type":"box","text":"things: governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; changing market and","page_number":31,"box":{"x":88,"y":705,"width":875,"height":13}},{"id":"00d5c6fe-cb8d-49a9-bc99-3d12f7b08910","block_type":"box","text":"economic conditions; market liquidity; weather and climate conditions, including droughts and floods; livestock disease;","page_number":31,"box":{"x":89,"y":720,"width":841,"height":13}},{"id":"eccf9401-a62f-4f2e-8069-3acaa89aefcf","block_type":"box","text":"changing supply and demand relationships and levels of domestic production and imported commodities; changes in","page_number":31,"box":{"x":89,"y":736,"width":823,"height":12}},{"id":"88fbb6f4-24c0-41ee-90fc-d869a6699267","block_type":"box","text":"storage costs; the availability of local, intrastate and interstate transportation systems; energy conservation; the success of","page_number":31,"box":{"x":89,"y":751,"width":858,"height":12}},{"id":"aee9a1d9-8cad-4fe5-a550-28fd920a4870","block_type":"box","text":"exploration projects; changes in international balances of payments and trade; domestic and foreign rates of inflation;","page_number":31,"box":{"x":89,"y":766,"width":823,"height":12}},{"id":"cc0f1fbf-d3ed-43d9-a30b-8a2b50d86cb2","block_type":"box","text":"currency devaluations and revaluations; domestic and foreign political and economic events; domestic and foreign interest","page_number":31,"box":{"x":89,"y":781,"width":858,"height":12}},{"id":"0c02be76-ea40-44bd-86af-ac2568d0b184","block_type":"box","text":"rates and/or investor expectations concerning interest rates; foreign currency/exchange rates; domestic and foreign","page_number":31,"box":{"x":89,"y":796,"width":814,"height":12}},{"id":"8790a85e-e158-442d-8785-274777cc35e5","block_type":"box","text":"governmental regulation and taxation; war, acts of terrorism and other political upheaval and conflicts; governmental","page_number":31,"box":{"x":89,"y":811,"width":818,"height":12}},{"id":"d838e9ad-e598-4672-9afe-aadf7c747fd7","block_type":"box","text":"expropriation; investment and trading activities of mutual funds, hedge funds and commodities funds; and changes in","page_number":31,"box":{"x":89,"y":826,"width":827,"height":13}},{"id":"84e87556-cf27-49c7-9d31-aeaf3a6f97f2","block_type":"box","text":"philosophies and emotions of market participants. The frequency and magnitude of such changes cannot be predicted.","page_number":31,"box":{"x":89,"y":841,"width":835,"height":13}},{"id":"eb58c704-a7e2-43b7-8d39-9f33405c5c4f","block_type":"box","text":"10","page_number":31,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"6f141be6-2b14-4c68-85f2-1d99c08be221","block_type":"box","text":"The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or","page_number":32,"box":{"x":88,"y":44,"width":798,"height":12}},{"id":"46b9e187-1ad4-40b3-ae24-c83f90bd2e3b","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":32,"box":{"x":89,"y":59,"width":875,"height":12}},{"id":"296bbd42-fc1c-4d37-9cbe-fcf64f3a01b7","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":32,"box":{"x":89,"y":74,"width":851,"height":12}},{"id":"3c210901-1541-432f-a284-8a2a173a2aff","block_type":"box","text":"related events in such countries could have a disproportionate impact on the prices of such commodities.","page_number":32,"box":{"x":89,"y":89,"width":738,"height":13}},{"id":"f0c49fb6-2243-4455-9bef-54f4ee59e70c","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":32,"box":{"x":88,"y":116,"width":806,"height":12}},{"id":"e855470f-b417-4f00-86ff-98f84c68fb34","block_type":"box","text":"transportation, mining, processing, storage or distribution may adversely impact the financial performance of a commodity","page_number":32,"box":{"x":88,"y":131,"width":864,"height":12}},{"id":"ea2e48b3-fbfa-43c1-8220-0c3a22060a40","block_type":"box","text":"or commodity-related company that devotes a portion of its business to that commodity. Production declines and volume","page_number":32,"box":{"x":89,"y":146,"width":853,"height":12}},{"id":"500172d0-bd77-48ed-adba-4efcda8fbf24","block_type":"box","text":"decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources,","page_number":32,"box":{"x":89,"y":161,"width":843,"height":12}},{"id":"548c29c4-ac1c-440e-8165-7b3be1222ea5","block_type":"box","text":"labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance","page_number":32,"box":{"x":89,"y":176,"width":820,"height":13}},{"id":"4cc8e38b-93c7-494f-80f3-55b3b4f57fd3","block_type":"box","text":"problems, import supply disruption, governmental expropriation, political upheaval or conflicts or increased competition","page_number":32,"box":{"x":89,"y":191,"width":842,"height":13}},{"id":"b0012fcd-57cc-4559-97fb-53ad2c2780eb","block_type":"box","text":"from alternative energy sources or commodity prices. Agricultural commodities may be adversely affected by weather or","page_number":32,"box":{"x":88,"y":206,"width":845,"height":13}},{"id":"e9cb9665-0306-4e55-8cd1-4bd71833124d","block_type":"box","text":"other natural phenomena, such as drought, floods and pests.","page_number":32,"box":{"x":89,"y":222,"width":427,"height":12}},{"id":"e63e3dac-9343-4c46-9a24-d79a6fd204da","block_type":"box","text":"A sustained decline in demand for such commodities could also adversely affect the financial performance of commodity","page_number":32,"box":{"x":88,"y":248,"width":856,"height":12}},{"id":"47fcb71d-4290-4275-b0a8-f9cd36734a32","block_type":"box","text":"related companies. Factors that could lead to a decline in demand include economic recession or other adverse economic","page_number":32,"box":{"x":89,"y":263,"width":851,"height":12}},{"id":"de144926-a04e-4a2d-81bb-08973fc9ea5a","block_type":"box","text":"conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts","page_number":32,"box":{"x":89,"y":278,"width":868,"height":13}},{"id":"84a0349e-7a86-48cb-9a34-cecee40a8d76","block_type":"box","text":"to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.","page_number":32,"box":{"x":88,"y":293,"width":670,"height":13}},{"id":"283b4f72-2a21-4097-9e1e-ea075530f6c0","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of","page_number":32,"box":{"x":88,"y":320,"width":841,"height":12}},{"id":"08994e24-43c0-4d47-87f1-7136ca9656bd","block_type":"box","text":"liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some","page_number":32,"box":{"x":89,"y":335,"width":848,"height":12}},{"id":"0c6a4eda-e16b-4dab-90f4-9849aa1ea29d","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":32,"box":{"x":88,"y":350,"width":822,"height":12}},{"id":"e5b24120-06e0-4d12-b555-030965d1dd9a","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":32,"box":{"x":89,"y":365,"width":853,"height":12}},{"id":"32702eae-6f6a-4588-a0a9-494169a20b6f","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":32,"box":{"x":89,"y":380,"width":831,"height":13}},{"id":"f05a5558-6610-4407-baf9-c33284d6b0aa","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":32,"box":{"x":89,"y":395,"width":860,"height":13}},{"id":"0049e834-2381-4aa3-a553-26731599fecc","block_type":"box","text":"contracts at disadvantageous times or prices.","page_number":32,"box":{"x":89,"y":410,"width":317,"height":13}},{"id":"80498418-d61f-4ed3-99a6-2d6894595a79","block_type":"box","text":"Custody Risk.","page_number":32,"box":{"x":89,"y":437,"width":96,"height":12}},{"id":"ed3cced2-5922-487c-8edc-1937fe00e073","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":32,"box":{"x":195,"y":437,"width":741,"height":12}},{"id":"585b1668-2cd6-4b04-978a-ea772a23ff89","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":32,"box":{"x":89,"y":452,"width":838,"height":12}},{"id":"114f8b38-4d55-47b6-8734-fd70725d4a39","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":32,"box":{"x":89,"y":467,"width":875,"height":13}},{"id":"1daaa2ef-e94b-4762-b280-de20344bb8aa","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":32,"box":{"x":89,"y":482,"width":857,"height":13}},{"id":"ab798a13-b9bc-41eb-806f-280500e1eb53","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":32,"box":{"x":88,"y":497,"width":880,"height":13}},{"id":"695bf2b6-61af-4f47-af37-aefe018ea50c","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":32,"box":{"x":89,"y":513,"width":854,"height":12}},{"id":"e1fd16ee-38d5-490d-a357-6f3f45a09a4e","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":32,"box":{"x":89,"y":528,"width":833,"height":12}},{"id":"6b32c2be-406d-4f5e-8c2e-6a64513daecd","block_type":"box","text":"problems. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than","page_number":32,"box":{"x":89,"y":543,"width":837,"height":12}},{"id":"77751f97-6341-40ab-9751-c4fab8d2d597","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":32,"box":{"x":88,"y":558,"width":868,"height":12}},{"id":"da73a7f4-2a2a-4665-8181-210c15cd7918","block_type":"box","text":"custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence or undue","page_number":32,"box":{"x":89,"y":573,"width":814,"height":12}},{"id":"c2a6bb71-d852-47d5-a81a-ed2cabd04048","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":32,"box":{"x":89,"y":588,"width":845,"height":12}},{"id":"ee6ce090-973e-4ecd-a7e9-992b85d79dff","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":32,"box":{"x":89,"y":603,"width":860,"height":13}},{"id":"f2b0843f-5c4a-4f64-bd6d-6a4f7c7f4542","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":32,"box":{"x":89,"y":618,"width":851,"height":13}},{"id":"e9ae8150-5e6d-4e0d-9438-225ae96742c8","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":32,"box":{"x":89,"y":633,"width":858,"height":13}},{"id":"f305fbea-3ff7-45ad-b90b-4fe999646ed6","block_type":"box","text":"compensation.","page_number":32,"box":{"x":89,"y":650,"width":103,"height":11}},{"id":"d91a4ab8-2b4e-4b7a-8d80-92ff16bbb0df","block_type":"box","text":"Illiquid Investments Risk.","page_number":32,"box":{"x":89,"y":675,"width":178,"height":12}},{"id":"18eae45b-98e9-4452-ba22-71ade59696ea","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund","page_number":32,"box":{"x":277,"y":675,"width":673,"height":12}},{"id":"a36e346b-74b8-4cf5-b8d4-daf9b9e2ce93","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":32,"box":{"x":88,"y":690,"width":856,"height":13}},{"id":"e92cfa92-0f59-4268-b963-a6c66e6577eb","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":32,"box":{"x":89,"y":705,"width":859,"height":13}},{"id":"2db0eac0-b64d-472c-910d-7c8c59f3e397","block_type":"box","text":"significantly changing the market value of the investment. The liquidity of an investment will be determined based on","page_number":32,"box":{"x":89,"y":720,"width":820,"height":13}},{"id":"d858edb3-0698-4011-aa41-89ea98e64bce","block_type":"box","text":"relevant market, trading and investment specific considerations as set out in the Liquidity Program as required by the","page_number":32,"box":{"x":89,"y":736,"width":818,"height":12}},{"id":"9f3e0294-5811-44c9-8ba3-2af3f45f15d3","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":32,"box":{"x":89,"y":751,"width":856,"height":12}},{"id":"81b0dfce-f033-4b43-a17f-e7e8aafdfb04","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":32,"box":{"x":89,"y":766,"width":858,"height":12}},{"id":"eb77cf3f-b3d9-48f3-af7e-cfbc892039ce","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":32,"box":{"x":89,"y":781,"width":790,"height":12}},{"id":"1f416148-9d69-4dee-af60-eb1be52c4d6a","block_type":"box","text":"Infectious Illness Risk.","page_number":32,"box":{"x":89,"y":807,"width":159,"height":10}},{"id":"b6f50711-2263-4cab-af8f-84944687305d","block_type":"box","text":"A widespread outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely affect","page_number":32,"box":{"x":257,"y":807,"width":708,"height":13}},{"id":"e3130e3d-9c74-4e82-897c-e520b9663fe4","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":32,"box":{"x":88,"y":822,"width":868,"height":13}},{"id":"4d440dcf-85a3-4bed-92bb-21a879dea3e5","block_type":"box","text":"cannot be foreseen. An infectious illness outbreak may result in travel restrictions, closed international borders, disruption of","page_number":32,"box":{"x":89,"y":838,"width":871,"height":12}},{"id":"0e94f44d-b4a4-4055-9ed9-431255807b3a","block_type":"box","text":"healthcare services, prolonged quarantines, cancellations, supply chain disruptions, temporary and permanent business","page_number":32,"box":{"x":89,"y":853,"width":838,"height":12}},{"id":"bd8c3323-1571-4664-8356-c36920cc6f4a","block_type":"box","text":"11","page_number":32,"box":{"x":522,"y":894,"width":11,"height":9}},{"id":"5359d7c6-a0a8-4c7f-9a7f-3bad6763f22c","block_type":"box","text":"closures, lower consumer demand, layoffs, ratings downgrades, credit defaults and other significant economic, social and","page_number":33,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"764d55b9-b3c9-4bf6-98ce-8555dd134864","block_type":"box","text":"political impacts, as well as general concern and uncertainty. An outbreak may exacerbate other pre-existing political, social","page_number":33,"box":{"x":89,"y":59,"width":865,"height":12}},{"id":"40f7aa05-c5b0-4185-866f-f38b1817c213","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":33,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"d5441c2d-2024-45ae-b472-5359cea50e70","block_type":"box","text":"could be present for an extended period of time.","page_number":33,"box":{"x":89,"y":89,"width":337,"height":13}},{"id":"a8af134a-9ad2-4f09-9509-470e2bfb4095","block_type":"box","text":"In addition, markets may experience temporary closures, extreme volatility, severe losses, reduced liquidity and increased","page_number":33,"box":{"x":89,"y":116,"width":845,"height":12}},{"id":"debc5202-ec0e-41f3-a3a8-5354df2820c7","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":33,"box":{"x":88,"y":131,"width":857,"height":12}},{"id":"3317a203-cc3b-411c-aa3c-fdd030724afa","block_type":"box","text":"sell securities or other assets. Market or economic disruptions could cause elevated tracking error and increased premiums","page_number":33,"box":{"x":89,"y":146,"width":861,"height":12}},{"id":"423f1e39-b4d8-455c-8ab7-06bce3171b1f","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":33,"box":{"x":89,"y":161,"width":853,"height":12}},{"id":"48078e44-a292-47c7-9fca-6dcb2fcf55ca","block_type":"box","text":"service providers, including BFA. Governmental and quasi-governmental may respond to an outbreak and any resulting","page_number":33,"box":{"x":89,"y":176,"width":832,"height":13}},{"id":"ef440d59-251f-43f3-99d7-88fbad9d3bb3","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":33,"box":{"x":89,"y":191,"width":820,"height":13}},{"id":"95a85d31-32b0-4786-ac12-bb4ece3d8cbc","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":33,"box":{"x":89,"y":206,"width":845,"height":13}},{"id":"5fc8e753-3532-4103-bed8-4ad0c7c9c0bc","block_type":"box","text":"investments.","page_number":33,"box":{"x":89,"y":222,"width":87,"height":9}},{"id":"5780d34e-c3f0-4bf6-b5a2-d62985bef06b","block_type":"box","text":"Money Market Instruments Risk.","page_number":33,"box":{"x":89,"y":248,"width":234,"height":12}},{"id":"a29e336c-d4f0-4712-b5f7-af62e995dde9","block_type":"box","text":"The value of money market instruments may be affected by changes in interest rates or in","page_number":33,"box":{"x":332,"y":248,"width":628,"height":12}},{"id":"25074797-68fb-4613-9125-f7bca3d3e3a3","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":33,"box":{"x":88,"y":263,"width":843,"height":12}},{"id":"507191f8-8d7a-4132-bfca-019d9ed1ba3c","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":33,"box":{"x":89,"y":278,"width":835,"height":13}},{"id":"30ca0186-c697-4898-be9d-7351495ff644","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":33,"box":{"x":89,"y":293,"width":874,"height":13}},{"id":"0103363d-d9c7-4c17-a33e-5456be0e012e","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":33,"box":{"x":89,"y":308,"width":879,"height":13}},{"id":"9e59ac2d-761f-4172-a172-a2186c3dffcc","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":33,"box":{"x":88,"y":324,"width":709,"height":12}},{"id":"2a401dcf-c38c-4f41-b560-07ceb8a5a96e","block_type":"box","text":"Operational and Technology Risks.","page_number":33,"box":{"x":89,"y":350,"width":250,"height":12}},{"id":"ed49a35d-9c33-4c81-aa2d-11f10781f6c1","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to","page_number":33,"box":{"x":348,"y":350,"width":593,"height":12}},{"id":"3e8af7d0-6540-42ee-97fd-c28f7055f538","block_type":"box","text":"operational and technology risks, including those related to human errors, processing errors, communication errors, systems","page_number":33,"box":{"x":89,"y":365,"width":874,"height":12}},{"id":"db9a6fb0-9ea6-4e5f-ac1b-384fe9c67bb2","block_type":"box","text":"failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":33,"box":{"x":88,"y":380,"width":864,"height":13}},{"id":"515bd804-78c3-4219-b054-9d162a1f8665","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":33,"box":{"x":88,"y":395,"width":839,"height":13}},{"id":"dc1e156a-fde9-45e3-aad2-d990fafa3de9","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and","page_number":33,"box":{"x":89,"y":410,"width":876,"height":13}},{"id":"3ea0d2f8-3390-4107-a522-94aabf5a0b5d","block_type":"box","text":"transfer agents), financial intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other","page_number":33,"box":{"x":88,"y":426,"width":853,"height":12}},{"id":"4904a143-af97-491e-9fe7-18f0d77fe49b","block_type":"box","text":"financial market operators, and governmental authorities. Operational and technology risks for the issuers in which a Fund","page_number":33,"box":{"x":88,"y":441,"width":859,"height":12}},{"id":"2b7d2baf-0e13-4fe4-96ae-d8884fa57c6b","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":33,"box":{"x":89,"y":456,"width":852,"height":12}},{"id":"0b01eb62-3fc4-4127-8927-9b6523c2e1f0","block_type":"box","text":"issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":33,"box":{"x":89,"y":471,"width":770,"height":12}},{"id":"9192e234-8a59-40f1-b4bd-0b085be5f5c4","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests,","page_number":33,"box":{"x":89,"y":497,"width":862,"height":13}},{"id":"d5acb81a-45f3-4916-ae0a-b1e78f52ec26","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":33,"box":{"x":88,"y":513,"width":816,"height":12}},{"id":"2c14499e-9060-482c-afe4-0fa2fcedb37e","block_type":"box","text":"misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption.","page_number":33,"box":{"x":89,"y":528,"width":808,"height":12}},{"id":"d4223ed7-a241-47b1-8892-97f78973b2a3","block_type":"box","text":"Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or","page_number":33,"box":{"x":89,"y":543,"width":862,"height":12}},{"id":"86ac21f1-cbc3-4adf-b088-82d915039f84","block_type":"box","text":"from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses;","page_number":33,"box":{"x":88,"y":558,"width":798,"height":12}},{"id":"20652a72-0008-454c-8a94-967abdd320fd","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to trading;","page_number":33,"box":{"x":89,"y":573,"width":815,"height":12}},{"id":"68eb6862-37bd-49fb-8215-dc7b057ed1b4","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":33,"box":{"x":89,"y":588,"width":831,"height":12}},{"id":"5dac52bd-3ad2-4752-985d-e8ca2dd1a37f","block_type":"box","text":"service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational","page_number":33,"box":{"x":89,"y":603,"width":874,"height":13}},{"id":"59a6281c-6792-40a1-8508-416f2b8d937b","block_type":"box","text":"damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity","page_number":33,"box":{"x":89,"y":618,"width":876,"height":13}},{"id":"7eee6a86-0ab9-4440-a3dd-6bd12f72d4e5","block_type":"box","text":"incidents may render records of a Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":33,"box":{"x":89,"y":633,"width":857,"height":13}},{"id":"7fdcfce1-95bb-4639-96ef-2f6d57f3a24d","block_type":"box","text":"Fund shares, and other data integral to a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":33,"box":{"x":89,"y":649,"width":864,"height":12}},{"id":"9602048b-6982-46b8-9e0b-9b689b7627db","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by a","page_number":33,"box":{"x":89,"y":664,"width":871,"height":12}},{"id":"5ab7ff12-baa4-4ef2-b037-fb778e88e67d","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":33,"box":{"x":89,"y":679,"width":850,"height":12}},{"id":"7f16231d-985a-455c-a00a-3ed7e6eabe56","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":33,"box":{"x":89,"y":694,"width":821,"height":12}},{"id":"1f2678cc-960d-4617-b6db-3f780c3481c3","block_type":"box","text":"learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on","page_number":33,"box":{"x":89,"y":709,"width":863,"height":12}},{"id":"d0bf193f-8855-40d0-81fe-c7d882fbe315","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":33,"box":{"x":88,"y":724,"width":838,"height":13}},{"id":"0a3eb2f4-affe-454c-a43a-143d295ccd1f","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":33,"box":{"x":89,"y":739,"width":847,"height":13}},{"id":"46369025-29da-4608-b587-c70d2c148742","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":33,"box":{"x":88,"y":754,"width":875,"height":13}},{"id":"c7248aef-d8f1-4a2a-a642-fb0881b3d33e","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":33,"box":{"x":89,"y":770,"width":798,"height":12}},{"id":"096f5868-6895-477b-86ac-08bf1df8e1ba","block_type":"box","text":"infrastructures and applications. A Fund and its shareholders could be negatively impacted as a result of these risks","page_number":33,"box":{"x":89,"y":785,"width":807,"height":12}},{"id":"6289b3af-b66b-4626-9221-70e4930a19db","block_type":"box","text":"associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory","page_number":33,"box":{"x":89,"y":800,"width":832,"height":12}},{"id":"c5532ea6-3f3c-4281-b435-b8f0c56704b3","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":33,"box":{"x":88,"y":815,"width":877,"height":12}},{"id":"82b2834b-81f5-4799-98f0-a5f202d04bb9","block_type":"box","text":"capabilities or rules and the associated risks to a Fund.","page_number":33,"box":{"x":89,"y":830,"width":380,"height":12}},{"id":"f26dbf15-70bb-43f1-9cb4-4ba1466e89e5","block_type":"box","text":"12","page_number":33,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"22285f0b-0a29-4561-94f0-99b3003732a8","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk","page_number":34,"box":{"x":88,"y":44,"width":846,"height":12}},{"id":"d971abab-e6fb-4fbf-8279-14a41e723150","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":34,"box":{"x":89,"y":59,"width":872,"height":12}},{"id":"7783c0aa-ee95-45fa-9c81-194b67cd3a27","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":34,"box":{"x":89,"y":74,"width":852,"height":12}},{"id":"f3d91d2a-fc3e-413b-811e-802f5cab8b60","block_type":"box","text":"reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk","page_number":34,"box":{"x":89,"y":89,"width":837,"height":13}},{"id":"49761df2-b5a4-4d75-ba81-3a6e705c2ed0","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including the possibility that","page_number":34,"box":{"x":89,"y":104,"width":828,"height":13}},{"id":"991e5950-2b15-4099-9193-cccc382d82e2","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":34,"box":{"x":89,"y":119,"width":861,"height":13}},{"id":"347f106c-964f-4d98-a4ae-150b58d958ae","block_type":"box","text":"not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures","page_number":34,"box":{"x":89,"y":135,"width":864,"height":12}},{"id":"84eaaf3a-d5ea-4130-88fc-fa51ef62eeff","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":34,"box":{"x":89,"y":150,"width":824,"height":12}},{"id":"f8329ccb-ee12-4f2e-b890-569ec630f8ca","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":34,"box":{"x":89,"y":165,"width":868,"height":12}},{"id":"44cccf98-d08d-4326-8cf0-6f418ca89feb","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":34,"box":{"x":89,"y":180,"width":660,"height":12}},{"id":"a2996199-2244-4209-b2e6-ce4c7d7c36b8","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably","page_number":34,"box":{"x":89,"y":206,"width":858,"height":13}},{"id":"4528647b-c089-471f-bcbd-a08a1f8650a8","block_type":"box","text":"across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection.","page_number":34,"box":{"x":89,"y":222,"width":852,"height":12}},{"id":"fd43c242-bf0d-4fac-b139-e11df6f40608","block_type":"box","text":"Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and","page_number":34,"box":{"x":89,"y":237,"width":806,"height":12}},{"id":"f339c2a8-b2bc-4d1a-80ac-848c824e1ff0","block_type":"box","text":"implement required changes.","page_number":34,"box":{"x":89,"y":252,"width":204,"height":12}},{"id":"a8ba6a23-0d02-4368-a546-2ef7cd90cca5","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":34,"box":{"x":89,"y":278,"width":244,"height":13}},{"id":"a72892c0-1be2-4fae-9615-2cd499493f5f","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned from, or","page_number":34,"box":{"x":342,"y":278,"width":581,"height":13}},{"id":"965b184f-f93c-41d5-b547-c0c757359fe0","block_type":"box","text":"continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms,","page_number":34,"box":{"x":89,"y":293,"width":839,"height":13}},{"id":"fe6509c9-601f-455b-aa98-a623096f5bba","block_type":"box","text":"hedging strategies or investment value. The FCA, which regulates LIBOR, has ceased publishing all LIBOR settings. In April","page_number":34,"box":{"x":89,"y":308,"width":852,"height":13}},{"id":"e606c46a-51f4-416e-84d5-1ef0537e8af5","block_type":"box","text":"2023, however, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic","page_number":34,"box":{"x":89,"y":324,"width":796,"height":12}},{"id":"5002ac21-0360-447a-b52b-fa9a63e87d01","block_type":"box","text":"methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”), which","page_number":34,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"8e326529-34c7-486f-b3c8-c07f3e82b0c3","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":34,"box":{"x":89,"y":354,"width":821,"height":12}},{"id":"5e774082-48f9-43f2-880d-4d2d189ef57c","block_type":"box","text":"agreement market, has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S.","page_number":34,"box":{"x":89,"y":369,"width":812,"height":12}},{"id":"e6a5fe42-a784-49e4-ac30-adb6e2e95bdc","block_type":"box","text":"regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced","page_number":34,"box":{"x":89,"y":384,"width":873,"height":12}},{"id":"8fcdabfe-d843-41a2-b556-16522917e7ab","block_type":"box","text":"LIBOR in different categories of financial contracts.","page_number":34,"box":{"x":89,"y":399,"width":354,"height":13}},{"id":"d76c6c8a-f777-4bb9-b7f6-a0671e3eff92","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":34,"box":{"x":89,"y":426,"width":842,"height":12}},{"id":"8c4e68f4-9852-4946-a537-7c3113ebd0b4","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":34,"box":{"x":89,"y":441,"width":877,"height":12}},{"id":"c8bff645-bff0-4b6f-8ef0-a2ee32b03b97","block_type":"box","text":"methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to","page_number":34,"box":{"x":89,"y":456,"width":836,"height":12}},{"id":"2f51fe69-e2da-4eb7-aead-58552945f2d4","block_type":"box","text":"replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains","page_number":34,"box":{"x":89,"y":471,"width":844,"height":12}},{"id":"05ce12ae-dc40-42b9-ab71-93fb09be762f","block_type":"box","text":"uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing","page_number":34,"box":{"x":89,"y":486,"width":823,"height":12}},{"id":"b2729b92-7fe9-4117-8376-416c17a51311","block_type":"box","text":"instruments. Parties to contracts, securities, or other instruments using LIBOR may disagree on transition rates or the","page_number":34,"box":{"x":89,"y":501,"width":820,"height":13}},{"id":"6f5b876e-a3da-49bb-a796-16015aed8a83","block_type":"box","text":"application of transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. A Fund","page_number":34,"box":{"x":89,"y":516,"width":877,"height":13}},{"id":"9bd4ed1e-51bc-4a9f-a532-650810b015fa","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":34,"box":{"x":89,"y":531,"width":773,"height":13}},{"id":"4988fcd5-73c8-4ac3-b3dd-dcc7ba7a46b3","block_type":"box","text":"Risk of Derivatives.","page_number":34,"box":{"x":89,"y":558,"width":135,"height":10}},{"id":"744fbc59-82d0-4a84-966c-0e31b866d702","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":34,"box":{"x":233,"y":558,"width":701,"height":12}},{"id":"24658bee-860e-48e9-a1fe-42f33dca8776","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":34,"box":{"x":89,"y":573,"width":877,"height":12}},{"id":"db6820ff-a29f-4b74-b60b-33c9ba0bbecd","block_type":"box","text":"such as the S&P 500","page_number":34,"box":{"x":89,"y":588,"width":142,"height":10}},{"id":"bcc23eab-3f53-4210-abc6-c5d8ce5c765a","block_type":"box","text":"®","page_number":34,"box":{"x":232,"y":586,"width":9,"height":7}},{"id":"cebc5e1f-0401-4de6-b110-3360dfc3093f","block_type":"box","text":"or the prime lending rate). A Fund may invest in futures contracts, securities options, CFDs and other","page_number":34,"box":{"x":247,"y":588,"width":707,"height":12}},{"id":"43b061b4-7675-4335-a30f-24d3fd340465","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":34,"box":{"x":89,"y":603,"width":874,"height":13}},{"id":"b521a6e6-176a-4971-914f-9c8fbb34aac5","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":34,"box":{"x":89,"y":618,"width":813,"height":13}},{"id":"59da284e-b1d3-4547-a29e-97778ce6420e","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":34,"box":{"x":89,"y":633,"width":852,"height":13}},{"id":"e88cce3d-523d-4a57-87f3-9a89a509d881","block_type":"box","text":"fulfill its contractual obligations. Derivatives generally involve the incurrence of leverage.","page_number":34,"box":{"x":88,"y":649,"width":616,"height":12}},{"id":"3ffdcc70-e0ce-4452-a203-9956ff5613de","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":34,"box":{"x":88,"y":675,"width":875,"height":12}},{"id":"d9d961e1-21c1-49f2-9153-7bc7b97c7ead","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":34,"box":{"x":88,"y":690,"width":867,"height":13}},{"id":"fa0d0996-2605-41da-aff0-3d0edc68003e","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":34,"box":{"x":89,"y":705,"width":851,"height":13}},{"id":"b144d175-3dd9-42d1-992c-fce5b110e988","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":34,"box":{"x":89,"y":720,"width":848,"height":13}},{"id":"364f5dc9-f804-430a-bb60-706c0c27c75e","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":34,"box":{"x":89,"y":736,"width":875,"height":12}},{"id":"62841be3-4ec2-4e2a-bb4d-46507eb61753","block_type":"box","text":"transactions, which entail additional transaction costs, will be effective.","page_number":34,"box":{"x":88,"y":751,"width":497,"height":11}},{"id":"bb182a28-6967-46c8-b122-b1d496e711f0","block_type":"box","text":"Risk of Equity Securities.","page_number":34,"box":{"x":89,"y":777,"width":176,"height":12}},{"id":"15eb1542-47ec-4d77-8439-f885cdbdfbfc","block_type":"box","text":"An investment in a Fund should be made with an understanding of the risks inherent in an","page_number":34,"box":{"x":274,"y":777,"width":633,"height":12}},{"id":"ea295a30-d123-4b5a-a73f-54d65b5c2db0","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":34,"box":{"x":89,"y":792,"width":843,"height":13}},{"id":"601e34c9-9134-46b8-bae1-f9d44f83da4a","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":34,"box":{"x":89,"y":807,"width":825,"height":13}},{"id":"35407325-d7a0-4270-9f2d-378cdebd5974","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":34,"box":{"x":89,"y":822,"width":865,"height":13}},{"id":"f195e64e-8979-4804-9fb2-15f51e4137c8","block_type":"box","text":"and to increases and decreases in value as market confidence and perceptions of their issuers change. These investor","page_number":34,"box":{"x":89,"y":838,"width":822,"height":12}},{"id":"ed4af3f5-3f5e-4de5-9869-b90a782a59cd","block_type":"box","text":"perceptions are based on various and unpredictable factors, including expectations regarding government, economic,","page_number":34,"box":{"x":89,"y":853,"width":823,"height":12}},{"id":"28d3ec6c-0c90-4626-a892-0406aae6a7e2","block_type":"box","text":"13","page_number":34,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"e5f55d46-abcb-4b54-a528-20fbf4a73390","block_type":"box","text":"monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political,","page_number":35,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"4af6baf8-a970-487f-938c-569c98df6c31","block_type":"box","text":"economic or banking crises. Common stocks may experience extreme price volatility due to actions taken by particular","page_number":35,"box":{"x":89,"y":59,"width":831,"height":12}},{"id":"8232017a-ffae-4185-a08b-2ca306b21468","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":35,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"a00fb614-7cf7-4afd-906b-0dd77f77bbbd","block_type":"box","text":"significant “short” positions taken by institutional investors).","page_number":35,"box":{"x":89,"y":89,"width":422,"height":13}},{"id":"148997a0-6867-42f0-8372-aa2db0b8cfac","block_type":"box","text":"Holders of common stocks incur more risks than holders of preferred stocks and debt obligations because common","page_number":35,"box":{"x":89,"y":116,"width":812,"height":12}},{"id":"cef861f6-68bb-4082-af19-a0bc002b3596","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":35,"box":{"x":89,"y":131,"width":825,"height":12}},{"id":"05d7b161-9023-4675-8200-9f8700091aac","block_type":"box","text":"holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount","page_number":35,"box":{"x":89,"y":146,"width":871,"height":12}},{"id":"7a171cad-86a7-4cc1-8630-1b4a208f4785","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":35,"box":{"x":89,"y":161,"width":843,"height":12}},{"id":"f239fae4-8831-4035-a6bb-621bdf273cc8","block_type":"box","text":"which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions,","page_number":35,"box":{"x":88,"y":176,"width":834,"height":13}},{"id":"37d3134b-0a4b-41e7-9212-624040b844f0","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":35,"box":{"x":89,"y":191,"width":865,"height":13}},{"id":"a5518289-3b16-4688-90ef-3fca670c7e30","block_type":"box","text":"their own discretion, decide to reduce or eliminate dividends, which may also cause their stock price to decline.","page_number":35,"box":{"x":88,"y":206,"width":779,"height":13}},{"id":"56934bd2-2bc1-4f73-8c87-ede0aeb52421","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":35,"box":{"x":88,"y":233,"width":847,"height":12}},{"id":"fd5cadde-f659-4160-9b8b-53f86cb239c1","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":35,"box":{"x":89,"y":248,"width":845,"height":12}},{"id":"6047779d-1518-42cd-b0ef-0986a849b0f8","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":35,"box":{"x":89,"y":263,"width":862,"height":12}},{"id":"bc8be5bc-8590-4007-b521-9a82c0e86e5e","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":35,"box":{"x":89,"y":278,"width":834,"height":13}},{"id":"6bc4fb7f-c09a-4014-ae05-53feaa8fb8c1","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":35,"box":{"x":88,"y":293,"width":840,"height":13}},{"id":"f4e37f52-a6a9-45a1-bb0a-6cc189bc5226","block_type":"box","text":"portfolio securities are limited or absent, or if bid/ask spreads are wide.","page_number":35,"box":{"x":89,"y":308,"width":497,"height":13}},{"id":"ae730455-d515-4513-94e2-fd71dd942a08","block_type":"box","text":"Risk of Futures and Options on Futures Transactions.","page_number":35,"box":{"x":89,"y":335,"width":381,"height":12}},{"id":"d238b824-bdb4-41c6-91dc-1bab336ad17e","block_type":"box","text":"There are several risks accompanying the utilization of futures","page_number":35,"box":{"x":479,"y":335,"width":434,"height":12}},{"id":"5a918b82-8b10-4c3a-8996-6931805d178e","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":35,"box":{"x":89,"y":350,"width":858,"height":12}},{"id":"e20f56b0-dd7b-41c1-9479-b9d8f93272d2","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":35,"box":{"x":89,"y":365,"width":829,"height":12}},{"id":"a79902f5-bc21-4acd-a557-f9747ba4d09c","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":35,"box":{"x":89,"y":380,"width":820,"height":13}},{"id":"656eb870-3596-4dbb-a083-c775c9b9a364","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":35,"box":{"x":89,"y":395,"width":820,"height":13}},{"id":"c3cb65cf-118f-4e04-a692-d97859d2a254","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":35,"box":{"x":88,"y":410,"width":870,"height":13}},{"id":"bbeb26f9-d70d-4e69-8bd1-d5b69352922c","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":35,"box":{"x":88,"y":426,"width":847,"height":12}},{"id":"f7815f4b-0919-4e4d-bfd0-d8fa388f59e4","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":35,"box":{"x":89,"y":441,"width":871,"height":12}},{"id":"c17dad11-23ed-48d6-9181-97c8a7fe2959","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":35,"box":{"x":89,"y":456,"width":868,"height":12}},{"id":"499a075a-0d0a-4d5c-b718-ded2b9b784b0","block_type":"box","text":"required to deliver the instruments underlying the futures contracts it has sold.","page_number":35,"box":{"x":89,"y":471,"width":550,"height":12}},{"id":"5a3e2582-130e-4dfe-aa00-ba21f0ddbd36","block_type":"box","text":"The risk of loss in trading futures contracts or uncovered call options in some strategies (","page_number":35,"box":{"x":88,"y":497,"width":623,"height":13}},{"id":"dcf7ebe2-7891-44d3-97b5-99c9be23b304","block_type":"box","text":"e.g.","page_number":35,"box":{"x":713,"y":500,"width":22,"height":10}},{"id":"bc239a4c-9a44-420a-a3bc-1ea4f57b1284","block_type":"box","text":", selling uncovered stock index","page_number":35,"box":{"x":738,"y":497,"width":214,"height":13}},{"id":"8b05fb74-9fce-4d18-8d5c-8cfb8cfa1610","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":35,"box":{"x":88,"y":513,"width":876,"height":12}},{"id":"0ca14cb2-a121-4132-9f05-216af22a51e9","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":35,"box":{"x":89,"y":528,"width":832,"height":12}},{"id":"5eb40d8a-c5c1-4bed-aea6-3d22a1acee35","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":35,"box":{"x":89,"y":543,"width":842,"height":12}},{"id":"a6f803ff-b8b9-4283-89a9-0a6a91369920","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":35,"box":{"x":89,"y":558,"width":832,"height":12}},{"id":"6282fe40-3194-4685-8004-ef878ae64c20","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":35,"box":{"x":89,"y":573,"width":866,"height":12}},{"id":"d19ca5f1-5d43-480f-a7c2-1765263df933","block_type":"box","text":"invest.","page_number":35,"box":{"x":89,"y":589,"width":43,"height":9}},{"id":"527b019f-b921-4b89-9f7d-b4eb752f00c5","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":35,"box":{"x":89,"y":615,"width":867,"height":12}},{"id":"192e17d5-86f5-4456-9cbc-48f66ca67491","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":35,"box":{"x":89,"y":630,"width":871,"height":12}},{"id":"4efdd91a-639a-48bd-b09d-b6c71fe5e286","block_type":"box","text":"be based upon predictions by BFA as to anticipated trends, which predictions could prove to be incorrect.","page_number":35,"box":{"x":89,"y":645,"width":735,"height":12}},{"id":"6730cbb0-111f-4940-bf08-8871477bbd79","block_type":"box","text":"Because the futures market generally imposes less burdensome margin requirements than the securities market, an","page_number":35,"box":{"x":89,"y":671,"width":809,"height":13}},{"id":"0dbb19fc-6cf6-4011-a579-5fce781063b5","block_type":"box","text":"increased amount of participation by speculators in the futures market could result in price fluctuations. Certain financial","page_number":35,"box":{"x":89,"y":686,"width":845,"height":13}},{"id":"6bd1004f-5412-4e96-9f7d-c7af998c1d34","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":35,"box":{"x":88,"y":702,"width":864,"height":12}},{"id":"f3153746-c5e1-43fd-8076-f6c915eabb42","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":35,"box":{"x":89,"y":717,"width":816,"height":12}},{"id":"4b1f6c12-3c16-4d0f-b318-ff03711ad3dc","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":35,"box":{"x":89,"y":732,"width":859,"height":12}},{"id":"f9c6c8b4-e496-4063-aac4-882db37ab54a","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":35,"box":{"x":89,"y":747,"width":839,"height":12}},{"id":"2bff70ff-42ee-4f51-a672-c13d11658608","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":35,"box":{"x":89,"y":762,"width":869,"height":12}},{"id":"aa9a7926-4b51-4f4e-a31c-c07263950850","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":35,"box":{"x":88,"y":777,"width":871,"height":12}},{"id":"2a76a921-b0da-4892-b00a-6455d20864e4","block_type":"box","text":"be required to make daily cash payments of variation margin.","page_number":35,"box":{"x":89,"y":792,"width":427,"height":13}},{"id":"cdd3e7c2-5da8-4fea-b70e-2697fcdb359f","block_type":"box","text":"Risk of Investing in Non-U.S. Equity Securities.","page_number":35,"box":{"x":89,"y":819,"width":332,"height":12}},{"id":"e1f08533-bb62-426a-a759-f01595a21075","block_type":"box","text":"An investment in a Fund involves risks similar to those of investing in","page_number":35,"box":{"x":430,"y":819,"width":481,"height":12}},{"id":"f1360acb-9b85-49e0-90c7-43dd62cdd5c4","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":35,"box":{"x":89,"y":834,"width":866,"height":12}},{"id":"9a52a2ec-1d32-47ac-a184-5f20d3d8e542","block_type":"box","text":"as economic and political developments in those foreign countries, changes in interest rates and perceived trends in stock","page_number":35,"box":{"x":89,"y":849,"width":854,"height":12}},{"id":"bfcaf3f9-6f62-46a7-a558-c3c1674a3d7c","block_type":"box","text":"prices. Investing in securities issued by issuers domiciled in countries other than the domicile of the investor and","page_number":35,"box":{"x":89,"y":864,"width":785,"height":12}},{"id":"b43a52f2-a7d7-4f7e-9ace-49fc972b4569","block_type":"box","text":"14","page_number":35,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"de6de116-f6fd-4bbb-8f11-1bae3a2d518d","block_type":"box","text":"denominated in currencies other than an investor’s local currency entails certain considerations and risks not typically","page_number":36,"box":{"x":89,"y":44,"width":826,"height":12}},{"id":"76c6a782-8909-48ae-8da2-e14b5038fcbc","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":36,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"ee3edd32-3176-4021-b229-f9b36a716717","block_type":"box","text":"include favorable or unfavorable changes in interest rates, currency exchange rates, exchange control regulations and the","page_number":36,"box":{"x":89,"y":74,"width":849,"height":12}},{"id":"675f617a-8f8f-4f55-9953-41a448a08a55","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":36,"box":{"x":89,"y":89,"width":847,"height":13}},{"id":"511392b9-1763-49e5-b0b6-bdc5155617c3","block_type":"box","text":"involves certain risks and considerations not typically associated with investing in a fund whose portfolio contains exclusively","page_number":36,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"c31fc38a-e211-478f-8c88-06132a5b294d","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":36,"box":{"x":89,"y":119,"width":867,"height":13}},{"id":"8b736816-350e-4586-a652-9c24a5eb06d0","block_type":"box","text":"volatility; less publicly available information about issuers; the imposition of withholding or other taxes; the imposition of","page_number":36,"box":{"x":88,"y":135,"width":847,"height":12}},{"id":"f01243cb-1a05-4af6-905a-e44dfb914a5e","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":36,"box":{"x":89,"y":150,"width":855,"height":12}},{"id":"a568bc7a-ed0a-427a-adc3-120ce04f2a1a","block_type":"box","text":"countries’ securities by foreign entities; higher transaction and custody costs; delays and risks attendant in settlement","page_number":36,"box":{"x":89,"y":165,"width":824,"height":12}},{"id":"1bdfc33f-036a-4672-8596-b158bec034a8","block_type":"box","text":"procedures; difficulties in enforcing contractual obligations; lower liquidity and significantly smaller market capitalization;","page_number":36,"box":{"x":89,"y":180,"width":847,"height":12}},{"id":"2eb353ff-a447-4d8e-a786-25f6be8295ef","block_type":"box","text":"different accounting and disclosure standards; lower levels of regulation of the securities markets; more substantial","page_number":36,"box":{"x":89,"y":195,"width":804,"height":12}},{"id":"6f296a45-903b-4466-acae-9ba2337a9a45","block_type":"box","text":"government interference with the economy and businesses; higher rates of inflation; greater social, economic, and political","page_number":36,"box":{"x":89,"y":210,"width":859,"height":13}},{"id":"d3cfbe7b-4aec-4f26-9764-c73a472aaff5","block_type":"box","text":"uncertainty; the risk of nationalization or expropriation of assets; and the risk of war.","page_number":36,"box":{"x":89,"y":225,"width":588,"height":13}},{"id":"8bedb289-034d-4141-aeb4-f4dd8f5ca16b","block_type":"box","text":"Risk of Swap Agreements.","page_number":36,"box":{"x":89,"y":252,"width":187,"height":12}},{"id":"b73573af-6bee-4362-926f-a2ddacf5586b","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":36,"box":{"x":284,"y":252,"width":666,"height":12}},{"id":"246db055-5e67-4e71-b445-87d47ef709ce","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":36,"box":{"x":89,"y":267,"width":863,"height":12}},{"id":"c38392b3-0bc7-4062-be10-fad7aea4eef4","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":36,"box":{"x":89,"y":282,"width":840,"height":12}},{"id":"2ce3f5ad-7b37-4f4e-847a-cd6646730c4f","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":36,"box":{"x":88,"y":297,"width":878,"height":12}},{"id":"6a3204a9-1419-4e73-85b4-d2db2863a34c","block_type":"box","text":"a creditor (","page_number":36,"box":{"x":89,"y":312,"width":75,"height":13}},{"id":"5118ce60-d9c0-4bf5-b2e5-bb8ff821db4f","block_type":"box","text":"e.g.","page_number":36,"box":{"x":165,"y":315,"width":23,"height":10}},{"id":"f6fbe06a-3543-452b-877b-068bdb9f6ef4","block_type":"box","text":", a Fund may not receive the net amount of payments that it is contractually entitled to receive).","page_number":36,"box":{"x":190,"y":312,"width":670,"height":13}},{"id":"21e83bd5-550a-4a53-b3fd-8153855a27a0","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":36,"box":{"x":88,"y":339,"width":863,"height":12}},{"id":"c263b768-dd71-43d2-95ee-23ab96026f71","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":36,"box":{"x":89,"y":354,"width":876,"height":12}},{"id":"be3f6388-5eb6-4dea-a72e-365228a271a8","block_type":"box","text":"Securities Lending Risk.","page_number":36,"box":{"x":88,"y":380,"width":171,"height":13}},{"id":"30726e4e-df11-4f24-a6d9-f6c16420d846","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose","page_number":36,"box":{"x":268,"y":380,"width":683,"height":13}},{"id":"194f5e84-dec2-4552-8656-11b5f1212063","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":36,"box":{"x":89,"y":395,"width":860,"height":13}},{"id":"d057cd17-aa01-4628-b420-d69c0e1834f6","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":36,"box":{"x":89,"y":410,"width":855,"height":13}},{"id":"4c2c3fe1-af47-48dd-b00e-1ffca0526b52","block_type":"box","text":"any investments made with cash collateral. These events could also trigger adverse tax consequences for a Fund.","page_number":36,"box":{"x":89,"y":426,"width":791,"height":12}},{"id":"1bf7d361-91dc-4c8a-ac94-34a54f9010f0","block_type":"box","text":"Tracking Error Risk.","page_number":36,"box":{"x":88,"y":452,"width":141,"height":12}},{"id":"15fbfb14-618e-437b-9aed-77432f3c9d0d","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":36,"box":{"x":239,"y":452,"width":703,"height":12}},{"id":"97e7eec1-02f2-4203-a353-eae2e43b44eb","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":36,"box":{"x":89,"y":467,"width":832,"height":13}},{"id":"195fee93-a61b-4b31-9ef3-04bde4592c38","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":36,"box":{"x":89,"y":482,"width":828,"height":13}},{"id":"406f7651-a873-416e-ac7f-7ab2c3da1004","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":36,"box":{"x":89,"y":497,"width":878,"height":13}},{"id":"245d90d2-4ca0-45e9-a0ac-53d1332dcbeb","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":36,"box":{"x":88,"y":513,"width":805,"height":12}},{"id":"7aa4c4f1-3f0f-46f7-8f15-5267d983c6cc","block_type":"box","text":"shareholders, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the","page_number":36,"box":{"x":89,"y":528,"width":853,"height":12}},{"id":"459e999f-db1c-4225-a37d-2ebbd4309bbc","block_type":"box","text":"distribution of capital gains to shareholders, acceptance of custom baskets, changes to the applicable underlying index or","page_number":36,"box":{"x":89,"y":543,"width":853,"height":12}},{"id":"135c3163-8c89-43e4-91da-33d628db1834","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":36,"box":{"x":88,"y":558,"width":861,"height":12}},{"id":"c86a0d05-346f-4942-a987-d5352f115dce","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":36,"box":{"x":88,"y":573,"width":875,"height":12}},{"id":"fa90e7a6-9582-4585-bc44-b58b4ed75c6e","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":36,"box":{"x":88,"y":588,"width":862,"height":12}},{"id":"fe5f57fe-9766-40d4-99bb-22a47cde7990","block_type":"box","text":"methodologies used in calculating the value of the applicable Underlying Index and determining a Fund’s NAV.","page_number":36,"box":{"x":89,"y":603,"width":772,"height":13}},{"id":"edc2b587-5de9-4762-b398-faf40d9e0272","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":36,"box":{"x":88,"y":630,"width":846,"height":12}},{"id":"c65b3c1b-bf2e-4893-b080-995ac422c2f6","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":36,"box":{"x":89,"y":645,"width":853,"height":12}},{"id":"33d05da3-12c5-4e3a-820b-9031b14556e9","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":36,"box":{"x":89,"y":660,"width":876,"height":12}},{"id":"e26b4f9a-e6b6-41fa-992c-4d20a578fadd","block_type":"box","text":"interest or lending activity, negative sentiment, suspended trading or incorrect free-float calculations, which could be","page_number":36,"box":{"x":89,"y":675,"width":818,"height":12}},{"id":"066eb844-f150-4428-b465-42fabcb97bdd","block_type":"box","text":"indicators of possible irregularities, miscalculations or even fraud). If it identifies such behavior, BFA may, where appropriate,","page_number":36,"box":{"x":89,"y":690,"width":867,"height":13}},{"id":"2b1f94c6-818b-4a24-992e-59f817d96d15","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":36,"box":{"x":89,"y":705,"width":867,"height":13}},{"id":"61486b7a-a578-4dd1-ae0f-747f9672c855","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":36,"box":{"x":89,"y":720,"width":873,"height":13}},{"id":"ada41baa-e336-4d56-bb4f-62a7998d88b3","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":36,"box":{"x":89,"y":736,"width":835,"height":12}},{"id":"d2b89102-05b1-4d31-ab6b-e53324e0ffe7","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":36,"box":{"x":89,"y":751,"width":817,"height":12}},{"id":"06368691-a2d3-4b99-b62c-5c901273c28b","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":36,"box":{"x":89,"y":766,"width":866,"height":12}},{"id":"73b34779-eaa8-404f-ad39-b710b3a826b2","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":36,"box":{"x":89,"y":781,"width":869,"height":12}},{"id":"b16c952f-32a1-4620-955e-2a04af9518af","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":36,"box":{"x":89,"y":796,"width":848,"height":12}},{"id":"12febb9a-3782-45f3-8dec-d898aa1cb642","block_type":"box","text":"asset value if one or more such securities declines in value.","page_number":36,"box":{"x":89,"y":811,"width":410,"height":10}},{"id":"805597ea-e641-4509-9206-73e960180bb2","block_type":"box","text":"15","page_number":36,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"eb35a46d-132f-48f1-8950-7703d6311b40","block_type":"box","text":"Volatility Risk.","page_number":37,"box":{"x":88,"y":44,"width":101,"height":12}},{"id":"3940d3d3-a493-4f38-9aa6-6071a10a53af","block_type":"box","text":"The value of the securities in each Fund’s portfolio may fluctuate, sometimes rapidly and unpredictably. The","page_number":37,"box":{"x":198,"y":44,"width":754,"height":12}},{"id":"45cc5ad7-e6c5-4379-b97a-360fc288838c","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":37,"box":{"x":88,"y":59,"width":876,"height":12}},{"id":"b371a231-68da-4bbc-a5c5-31ad9ed8fde9","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":37,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"2e036925-fc17-47d9-9604-d21c271b4732","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":37,"box":{"x":88,"y":89,"width":874,"height":13}},{"id":"aee471e7-1d6c-49a0-8d01-dd6ca55f7c9d","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":37,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"d0951d20-2d26-465e-9007-ba6f1aa47986","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":37,"box":{"x":89,"y":119,"width":868,"height":13}},{"id":"b68d99b8-4210-425a-9174-f4919ed8f16c","block_type":"box","text":"Events or financial circumstances affecting individual securities or sectors may increase the volatility of the Funds.","page_number":37,"box":{"x":89,"y":135,"width":796,"height":12}},{"id":"7ba76508-d75f-4db7-b7fa-5acf9dae6019","block_type":"box","text":"Risk of Investing in Africa.","page_number":37,"box":{"x":89,"y":161,"width":187,"height":12}},{"id":"37286a91-8770-44b2-a35c-7955501a32f9","block_type":"box","text":"Investments in securities of issuers in certain African countries involve heightened risks","page_number":37,"box":{"x":286,"y":161,"width":609,"height":12}},{"id":"c32f60b0-bba4-4894-8758-f56253efb7dd","block_type":"box","text":"including, among others, expropriation and/or nationalization of assets, confiscatory taxation, political instability, including","page_number":37,"box":{"x":89,"y":176,"width":861,"height":13}},{"id":"fc7beb08-5188-4dc9-8b90-443ef619e6e7","block_type":"box","text":"authoritarian and/or military involvement in governmental decision-making, armed conflict, civil war, and social instability as","page_number":37,"box":{"x":89,"y":191,"width":874,"height":13}},{"id":"978537e4-4c82-4f75-be17-8b594731d0c5","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":37,"box":{"x":89,"y":206,"width":833,"height":13}},{"id":"b2bc6a58-ef58-4a8e-8b25-43e516e0c491","block_type":"box","text":"genocidal warfare.","page_number":37,"box":{"x":89,"y":222,"width":128,"height":12}},{"id":"0b43527a-abae-4b7b-a928-6adddde9d91b","block_type":"box","text":"Certain countries in Africa generally have less developed capital markets than traditional emerging market countries, and,","page_number":37,"box":{"x":89,"y":248,"width":849,"height":12}},{"id":"c99514e5-4713-446d-b831-e1a029308c43","block_type":"box","text":"consequently, the risks of investing in foreign securities are magnified in such countries. Because securities markets of","page_number":37,"box":{"x":89,"y":263,"width":828,"height":12}},{"id":"06b6a9a8-08cd-466a-90d1-ddbcdb52f35c","block_type":"box","text":"countries in Africa are generally underdeveloped and are generally less correlated to global economic cycles than those","page_number":37,"box":{"x":89,"y":278,"width":833,"height":13}},{"id":"5680dfdc-acf3-4a9d-9120-569e15f17b3a","block_type":"box","text":"markets located in more developed countries, securities markets in African countries are subject to greater risks associated","page_number":37,"box":{"x":89,"y":293,"width":861,"height":13}},{"id":"7087e6d5-f778-4097-b200-871498a7be8d","block_type":"box","text":"with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations and","page_number":37,"box":{"x":88,"y":308,"width":851,"height":13}},{"id":"1dcbe99b-a9e0-4dfe-8b79-bf44ddf5ef9e","block_type":"box","text":"uncertainty regarding the existence of trading markets. Moreover, trading on African securities markets may be suspended","page_number":37,"box":{"x":89,"y":324,"width":858,"height":12}},{"id":"6d35ac2f-0670-42ac-bf3d-96a3235851a1","block_type":"box","text":"altogether.","page_number":37,"box":{"x":89,"y":339,"width":73,"height":12}},{"id":"f66b8f20-7cbd-44b6-8edd-0b595ffa72b9","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":37,"box":{"x":89,"y":365,"width":876,"height":12}},{"id":"24a35763-a1c6-4c71-9218-ef6ecf29b0bb","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":37,"box":{"x":88,"y":380,"width":878,"height":13}},{"id":"92907481-32cf-47a2-ac65-de11e245b5dc","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":37,"box":{"x":88,"y":395,"width":867,"height":13}},{"id":"a188e980-fed1-4643-a244-65046eb45d2e","block_type":"box","text":"not be able to fulfill their obligations to the Fund (","page_number":37,"box":{"x":89,"y":410,"width":347,"height":13}},{"id":"5f670e6a-ef4a-465f-a145-9d2fb887caa6","block_type":"box","text":"i.e.,","page_number":37,"box":{"x":437,"y":411,"width":21,"height":11}},{"id":"165bb767-05ca-412c-abd4-39526eadddf1","block_type":"box","text":"counterparty risk). This risk is magnified to the extent that a Fund","page_number":37,"box":{"x":465,"y":410,"width":459,"height":13}},{"id":"7f2c65f3-93e0-43c4-bfae-e57cb809dff0","block_type":"box","text":"effects securities transactions through a single brokerage firm or a small number of brokerage firms.","page_number":37,"box":{"x":89,"y":426,"width":700,"height":12}},{"id":"0a89fb57-aaa0-4342-94e1-b86ad97bf223","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":37,"box":{"x":89,"y":452,"width":839,"height":12}},{"id":"4730bb1c-4ac5-4d1a-8029-3f26b7d82f3c","block_type":"box","text":"securities of issuers located or operating in those countries. Moreover, certain countries in Africa require governmental","page_number":37,"box":{"x":89,"y":467,"width":829,"height":13}},{"id":"3c8dbfbd-bb47-4068-9f24-371e716e628f","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":37,"box":{"x":89,"y":482,"width":829,"height":13}},{"id":"61925c9e-d8c6-4e0a-a381-c02930a93669","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":37,"box":{"x":89,"y":497,"width":848,"height":13}},{"id":"28e4b2f6-45ed-44ae-8133-4949f86a3e44","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":37,"box":{"x":89,"y":513,"width":867,"height":12}},{"id":"37a4acbd-62fc-49ee-8ebb-0185c7a3531f","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":37,"box":{"x":89,"y":528,"width":848,"height":12}},{"id":"e3953cd1-792d-4ae4-a6d5-de3c3359bbb3","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":37,"box":{"x":89,"y":543,"width":852,"height":12}},{"id":"7d5b90c5-65e8-46b5-a91c-b2e7a23168d0","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":37,"box":{"x":89,"y":558,"width":842,"height":12}},{"id":"8966e090-41fe-49c2-8ada-a662788a7256","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":37,"box":{"x":89,"y":573,"width":865,"height":12}},{"id":"3ec01690-90ed-48b2-8ecf-e826b3115b2e","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":37,"box":{"x":88,"y":588,"width":826,"height":12}},{"id":"3857ac9b-91ad-421d-a064-f026ec88e938","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":37,"box":{"x":89,"y":603,"width":879,"height":13}},{"id":"4fcc756b-c31c-4be8-bdb9-9d9e66190f1e","block_type":"box","text":"same rules and regulations as issuers located or operating in more developed countries. Therefore, there may be less","page_number":37,"box":{"x":89,"y":618,"width":816,"height":13}},{"id":"7760807d-6ce6-4793-9ecc-36a3a87ad31c","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":37,"box":{"x":88,"y":633,"width":861,"height":13}},{"id":"73e885aa-fef7-438a-8001-6b7646a51a06","block_type":"box","text":"issuers are generally not subject to the uniform accounting, auditing and financial reporting standards applicable to issuers","page_number":37,"box":{"x":89,"y":649,"width":861,"height":12}},{"id":"c0c08443-fe5c-471f-a597-f8756063f27c","block_type":"box","text":"located or operating in more developed countries.","page_number":37,"box":{"x":89,"y":664,"width":348,"height":12}},{"id":"dd5ee21d-d8c8-480d-9cd5-09cef38b4b5e","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":37,"box":{"x":89,"y":690,"width":851,"height":13}},{"id":"c927d1c9-e475-45ab-8fd3-729e0fa6b599","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":37,"box":{"x":89,"y":705,"width":865,"height":13}},{"id":"534882ab-4e41-4613-b15e-6ea0715ca7ef","block_type":"box","text":"are recoverable, the non-recovered portion of foreign withholding taxes will reduce the income received from investments in","page_number":37,"box":{"x":89,"y":720,"width":868,"height":13}},{"id":"fd517dcf-223a-4cb4-bd69-19a335f39a52","block_type":"box","text":"such countries.","page_number":37,"box":{"x":89,"y":736,"width":105,"height":9}},{"id":"eb0660dd-9f5f-4c81-b549-fac9fded0d32","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":37,"box":{"x":89,"y":762,"width":818,"height":12}},{"id":"8194ebcb-d977-4c33-aa0a-5b4017e799a9","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":37,"box":{"x":89,"y":777,"width":858,"height":12}},{"id":"61b7a6de-a3ce-4e19-884a-3f602e01897f","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":37,"box":{"x":89,"y":792,"width":819,"height":13}},{"id":"efa13dd2-6861-48d2-86f9-905e67f55945","block_type":"box","text":"temporary restrictions on foreign capital remittances. Consequently, a Fund could be adversely affected by delays in, or a","page_number":37,"box":{"x":88,"y":807,"width":844,"height":13}},{"id":"16c52a52-3624-42f4-b4d9-d1c17db480ef","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":37,"box":{"x":89,"y":822,"width":853,"height":13}},{"id":"2348f770-5357-45c8-8b47-886a6770b68c","block_type":"box","text":"restrictions on investments. Additionally, investments in countries in Africa may require a Fund to adopt special procedures,","page_number":37,"box":{"x":89,"y":838,"width":864,"height":12}},{"id":"cd01b8d1-f770-4b28-b4f1-726e385e0807","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs to a Fund.","page_number":37,"box":{"x":89,"y":853,"width":760,"height":12}},{"id":"6b29aa73-7cd6-4071-a276-2ed2fb225325","block_type":"box","text":"16","page_number":37,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"aa54f250-f9b2-4e93-840a-54a1fb6bd4f7","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":38,"box":{"x":88,"y":44,"width":843,"height":12}},{"id":"2365850c-214c-4dfe-b49f-a0ad598f0596","block_type":"box","text":"unpredictable change in laws regarding foreign investment, securities regulation, title to securities and shareholder rights.","page_number":38,"box":{"x":89,"y":59,"width":851,"height":12}},{"id":"574ed700-6b3a-4968-883c-1d5e0cabbb30","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":38,"box":{"x":88,"y":74,"width":868,"height":12}},{"id":"cf160c05-d396-4e4c-91e4-fd7baba64bd4","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":38,"box":{"x":89,"y":89,"width":840,"height":13}},{"id":"e62e1418-dd32-4137-bdfa-701e65528a62","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":38,"box":{"x":89,"y":104,"width":874,"height":13}},{"id":"aabe163e-90f7-4d8d-801d-0eff9fdaf1fb","block_type":"box","text":"which issuers located in more developed countries are subject, and, therefore, shareholders of issuers located in such","page_number":38,"box":{"x":88,"y":119,"width":821,"height":13}},{"id":"7eb23f44-931f-4df0-aa76-45f724b79069","block_type":"box","text":"countries may not receive many of the protections available to shareholders of issuers located in more developed countries.","page_number":38,"box":{"x":89,"y":135,"width":864,"height":12}},{"id":"4e20444a-57a4-4c1a-b17c-1ea26609b8a3","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":38,"box":{"x":89,"y":150,"width":874,"height":12}},{"id":"1f52b1ea-82da-4196-9b1a-e7dc60f78873","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":38,"box":{"x":89,"y":165,"width":875,"height":12}},{"id":"463b8b1c-e8a5-432c-8664-08c46e050563","block_type":"box","text":"Africa may be inconsistent and subject to sudden change.","page_number":38,"box":{"x":88,"y":180,"width":406,"height":12}},{"id":"8e83c095-5873-485c-96c0-410f6712cefe","block_type":"box","text":"Certain countries in Africa may be heavily dependent upon international trade and, consequently, have been and may","page_number":38,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"ca25356f-5366-4afd-9629-31cbcbc1cd69","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":38,"box":{"x":89,"y":222,"width":873,"height":12}},{"id":"e2b1163a-a928-4b74-ba39-d22bb3d3372d","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":38,"box":{"x":89,"y":237,"width":866,"height":12}},{"id":"8b41714a-a021-4123-86ff-f4c99420ea47","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":38,"box":{"x":89,"y":252,"width":867,"height":12}},{"id":"46c819f0-66f7-4b39-915c-1bcb24c4a076","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":38,"box":{"x":89,"y":267,"width":842,"height":12}},{"id":"595f7bd5-dfac-4312-90c1-238624da5d4b","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":38,"box":{"x":88,"y":282,"width":854,"height":12}},{"id":"589ebab4-01a0-4b79-b3a7-88528edf1aff","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":38,"box":{"x":89,"y":297,"width":879,"height":12}},{"id":"68c2967b-10aa-424a-b4e2-5bf6dfc09b77","block_type":"box","text":"subject to sanctions and/or embargoes imposed by the U.S. government and the United Nations, and/or countries identified","page_number":38,"box":{"x":89,"y":312,"width":871,"height":13}},{"id":"c5c199f6-2652-4ad8-ae34-803785dbf891","block_type":"box","text":"by the U.S. government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":38,"box":{"x":89,"y":327,"width":835,"height":13}},{"id":"999b2709-43fa-461b-820e-9330595a2b55","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers, will be","page_number":38,"box":{"x":89,"y":342,"width":863,"height":13}},{"id":"aebcdc76-c3ee-4922-875e-f27465dd0113","block_type":"box","text":"indirectly subject to those risks.","page_number":38,"box":{"x":89,"y":358,"width":219,"height":12}},{"id":"b5970dbd-1ba4-40c0-afa1-4056344b72f7","block_type":"box","text":"The governments of certain countries in Africa may exercise substantial influence over many aspects of the private sector","page_number":38,"box":{"x":88,"y":384,"width":851,"height":12}},{"id":"561fd65f-2174-42f1-8d5d-627be45b4321","block_type":"box","text":"and may own or control many companies. Future government actions could have a significant effect on the economic","page_number":38,"box":{"x":89,"y":399,"width":824,"height":13}},{"id":"8aa9c27a-c99b-4273-a60f-432edffd7e83","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":38,"box":{"x":89,"y":414,"width":876,"height":13}},{"id":"5879d808-d932-4cd9-8632-4deff1ef9d96","block_type":"box","text":"diplomatic developments that could adversely affect investments in certain countries in Africa. Some countries in Africa may","page_number":38,"box":{"x":89,"y":429,"width":872,"height":13}},{"id":"d8df1acb-531a-4c7d-86cd-4bac72f838dc","block_type":"box","text":"be affected by a greater degree of public corruption and crime, including organized crime.","page_number":38,"box":{"x":89,"y":445,"width":626,"height":12}},{"id":"73ca674d-0728-478d-9d92-943bd65f392e","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":38,"box":{"x":89,"y":471,"width":835,"height":12}},{"id":"0a434a5a-b712-4fa8-b7df-dadffcb0a4b2","block_type":"box","text":"disruptions to many industries. In addition, the outbreak of Ebola in Western Africa severely challenged health care industries","page_number":38,"box":{"x":89,"y":486,"width":875,"height":12}},{"id":"6ebee456-ee7f-4a9c-9a71-db5ca55b4223","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":38,"box":{"x":89,"y":501,"width":839,"height":13}},{"id":"faa8aceb-1421-423c-bba2-da993cce8941","block_type":"box","text":"further increased instability in the region. This instability has demonstrated that political and social unrest can spread quickly","page_number":38,"box":{"x":88,"y":516,"width":875,"height":13}},{"id":"aa1db0bf-7222-43db-9667-b851d615d85b","block_type":"box","text":"through the region, and that developments in one country can influence the political events in neighboring countries. Some","page_number":38,"box":{"x":88,"y":531,"width":866,"height":13}},{"id":"0de93966-5a13-435c-a406-4cd26ddc5135","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":38,"box":{"x":89,"y":547,"width":878,"height":12}},{"id":"926d46b7-a7df-4b6c-9034-ec1a1d5a2727","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":38,"box":{"x":89,"y":562,"width":853,"height":12}},{"id":"c4cce18d-3147-4b2e-8753-f7ecd97c1475","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":38,"box":{"x":88,"y":577,"width":746,"height":12}},{"id":"2a314c40-798d-4cac-b1a2-bc2dfe555205","block_type":"box","text":"Risk of Investing in Asia.","page_number":38,"box":{"x":89,"y":603,"width":175,"height":13}},{"id":"a277020f-c192-41b7-8f98-b4cdea762d3b","block_type":"box","text":"Investments in securities of issuers in certain Asian countries involve risks not typically associated","page_number":38,"box":{"x":278,"y":603,"width":682,"height":13}},{"id":"f2a1af7e-b814-461e-814b-7d04b2e0d921","block_type":"box","text":"with investments in securities of issuers in other regions. Such heightened risks include, among others, expropriation and/or","page_number":38,"box":{"x":88,"y":618,"width":874,"height":13}},{"id":"85841767-24b2-44e7-a83d-5154411e03bb","block_type":"box","text":"nationalization of assets, confiscatory taxation, piracy of intellectual property, data and other security breaches (especially of","page_number":38,"box":{"x":89,"y":633,"width":873,"height":13}},{"id":"649ca654-1c0b-4fb5-ba84-66f80cfcdcdf","block_type":"box","text":"data stored electronically), political instability, including authoritarian and/or military involvement in governmental decision","page_number":38,"box":{"x":89,"y":649,"width":870,"height":12}},{"id":"77d4c8af-a37d-4713-a199-1872e0ad377f","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":38,"box":{"x":89,"y":664,"width":837,"height":12}},{"id":"9d91ac63-2943-47da-a0ef-26618d099ba6","block_type":"box","text":"economies have experienced rapid rates of economic growth and industrialization in recent years, and there is no assurance","page_number":38,"box":{"x":89,"y":679,"width":867,"height":12}},{"id":"54efe74b-e574-46df-876d-fb76ec998049","block_type":"box","text":"that these rates of economic growth and industrialization will be maintained.","page_number":38,"box":{"x":88,"y":694,"width":538,"height":12}},{"id":"99e31c8f-df88-45f1-85ba-98f7f3e95ecf","block_type":"box","text":"Certain Asian countries have democracies with relatively short histories, which may increase the risk of political instability.","page_number":38,"box":{"x":89,"y":720,"width":852,"height":13}},{"id":"ec3f0a97-f760-4874-aa82-8189a1a27977","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":38,"box":{"x":88,"y":736,"width":867,"height":12}},{"id":"5eca28c0-16f9-4b82-b6a2-2d51f0ec15fe","block_type":"box","text":"securities markets. Indonesia and the Philippines have each experienced violence and terrorism, which has negatively","page_number":38,"box":{"x":89,"y":751,"width":821,"height":12}},{"id":"0d1a9f0e-a913-4834-8b55-f5adf942e581","block_type":"box","text":"impacted their economies. North Korea and South Korea each have substantial military capabilities, and historical tensions","page_number":38,"box":{"x":89,"y":766,"width":855,"height":12}},{"id":"321fe58d-a4ec-4f04-94c8-4052cc7bf7aa","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":38,"box":{"x":89,"y":781,"width":825,"height":12}},{"id":"80a88ac8-0caa-4d2d-b72c-68aecde00495","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":38,"box":{"x":89,"y":796,"width":854,"height":11}},{"id":"c8a0abea-1026-4ef0-9917-c0b2a4ddfd97","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":38,"box":{"x":88,"y":811,"width":860,"height":12}},{"id":"fad03c8d-2981-49f3-b911-7ee8ea3b787d","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":38,"box":{"x":88,"y":826,"width":875,"height":13}},{"id":"36653300-6fdb-4037-ab1f-bd7715b0807d","block_type":"box","text":"border disputes persist in India. India has recently experienced and may continue to experience civil unrest and hostilities","page_number":38,"box":{"x":89,"y":841,"width":847,"height":13}},{"id":"1beb100b-a341-4405-839c-bebe5afde4bc","block_type":"box","text":"17","page_number":38,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"7209badc-3e40-447b-946d-82f4dab90510","block_type":"box","text":"with certain of its neighboring countries. Increased political and social unrest in these geographic areas could adversely affect","page_number":39,"box":{"x":88,"y":44,"width":880,"height":12}},{"id":"a8d3e1b4-79aa-4307-91fe-a93dda2f43f1","block_type":"box","text":"the performance of investments in this region.","page_number":39,"box":{"x":88,"y":59,"width":323,"height":12}},{"id":"46732d20-0993-43d4-a5c7-7f89991e1ae1","block_type":"box","text":"Certain governments in this region administer prices on several basic goods, including fuel and electricity, within their","page_number":39,"box":{"x":89,"y":85,"width":822,"height":13}},{"id":"a1a27c23-7b14-4773-a8b7-c9bfb5599c0a","block_type":"box","text":"respective countries. Certain governments may exercise substantial influence over many aspects of the private sector in their","page_number":39,"box":{"x":89,"y":101,"width":873,"height":12}},{"id":"a8911512-8b98-45ee-8d5f-76dae584e2f1","block_type":"box","text":"respective countries and may own or control many companies. Future government actions could have a significant effect on","page_number":39,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"83d3ecf4-dd39-434a-953d-88d16946f3c3","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":39,"box":{"x":88,"y":131,"width":878,"height":12}},{"id":"5130a036-c1f0-4ac8-a3ca-90efde84f826","block_type":"box","text":"the possibility of diplomatic developments adversely affecting investments in the region.","page_number":39,"box":{"x":88,"y":146,"width":617,"height":12}},{"id":"100d60dc-ba75-4009-9684-2cb0d63e3069","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":39,"box":{"x":89,"y":172,"width":851,"height":13}},{"id":"bf40c9b1-45bb-413d-8886-9f8269d9823b","block_type":"box","text":"discourage foreign investment and could negatively impact the long-term growth of certain economies in this region. In","page_number":39,"box":{"x":89,"y":188,"width":838,"height":12}},{"id":"6fd396f5-a3ed-4ec4-bba9-236e1194ab6d","block_type":"box","text":"addition, certain countries in the region are experiencing high unemployment and corruption, and have fragile banking","page_number":39,"box":{"x":89,"y":203,"width":830,"height":12}},{"id":"6b8c0f12-7dca-4de0-bbd6-8b0fc4ef5a76","block_type":"box","text":"sectors.","page_number":39,"box":{"x":89,"y":219,"width":53,"height":8}},{"id":"cbbb93c3-5873-4538-99d9-40c9ed3be4a7","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":39,"box":{"x":88,"y":244,"width":852,"height":13}},{"id":"a9dadf44-f50b-4db5-9dcc-dd38ab5ab99d","block_type":"box","text":"they are strongly affected by international commodity prices and particularly vulnerable to any weakening in global demand","page_number":39,"box":{"x":88,"y":259,"width":867,"height":13}},{"id":"81100f7a-3f56-488a-97d6-4f2d6c299deb","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":39,"box":{"x":88,"y":274,"width":875,"height":13}},{"id":"2cf30cef-5ff8-40a8-8132-2b2cce4fafd9","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":39,"box":{"x":89,"y":290,"width":874,"height":12}},{"id":"ce14ea09-2c32-4746-bdd4-e2d7a2098aaa","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":39,"box":{"x":89,"y":305,"width":874,"height":12}},{"id":"7f8ea8ae-6f13-44a9-9b27-707b2ca6d7c1","block_type":"box","text":"economic conditions or developments in neighboring countries may increase investors’ perception of the risk of investing in","page_number":39,"box":{"x":89,"y":320,"width":867,"height":12}},{"id":"01964492-864d-4995-a1b6-e1c181f5095a","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":39,"box":{"x":88,"y":335,"width":840,"height":12}},{"id":"0cdf7b70-848c-474e-ab90-bbe8d8b874f8","block_type":"box","text":"Risk of Investing in Australasia.","page_number":39,"box":{"x":89,"y":361,"width":224,"height":13}},{"id":"1242a7d1-7977-479b-8118-f097632a473d","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, are dependent on","page_number":39,"box":{"x":322,"y":361,"width":637,"height":13}},{"id":"a190ad2e-b9e8-4e9c-bd96-a2a7044f1ad2","block_type":"box","text":"exports from the agricultural and mining sectors. This makes Australasian economies susceptible to fluctuations in the","page_number":39,"box":{"x":89,"y":376,"width":832,"height":13}},{"id":"4f24b8a1-43b5-4892-80c8-0dbe89570f13","block_type":"box","text":"commodity markets. Australasian economies are also increasingly dependent on their growing service and tourism","page_number":39,"box":{"x":89,"y":392,"width":805,"height":12}},{"id":"02b145fe-1dae-4a3f-b5e4-fd2dc6bcc702","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":39,"box":{"x":89,"y":407,"width":863,"height":12}},{"id":"b300218c-2283-4f73-b527-cdcc0811a7df","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":39,"box":{"x":89,"y":422,"width":841,"height":12}},{"id":"8b9114c7-f35b-42cf-958a-4c4375447746","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":39,"box":{"x":88,"y":437,"width":853,"height":12}},{"id":"4d483126-4971-4ef7-bc8a-bc6e36bb3c2b","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":39,"box":{"x":89,"y":452,"width":867,"height":12}},{"id":"b7faee62-9ee7-4372-a0a7-26dfe6514417","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":39,"box":{"x":88,"y":467,"width":872,"height":13}},{"id":"a0314213-ec8d-43ab-8d59-55814c50877e","block_type":"box","text":"of Australia and New Zealand are heavily dependent on the mining sector. Passage of new regulations limiting foreign","page_number":39,"box":{"x":89,"y":482,"width":823,"height":13}},{"id":"92ba52e8-dc33-4375-8bd8-aad034d3defc","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":39,"box":{"x":89,"y":497,"width":832,"height":13}},{"id":"8931c374-ba07-4019-96d8-6ef5126d4aee","block_type":"box","text":"foreign investment, and as a result, have a negative impact on companies to which a Fund has exposure.","page_number":39,"box":{"x":88,"y":513,"width":731,"height":12}},{"id":"dcf4c0f5-eff1-4928-bea6-6e52bd63dc40","block_type":"box","text":"Risk of Investing in Brazil.","page_number":39,"box":{"x":89,"y":539,"width":183,"height":12}},{"id":"9f868a29-76a6-4ab3-be5f-cf45f4b3b85c","block_type":"box","text":"Investment in securities of companies domiciled in Brazil involves a high degree of risk and special","page_number":39,"box":{"x":282,"y":539,"width":684,"height":12}},{"id":"acfb5055-86f7-48e7-a25f-7cb3801c32e3","block_type":"box","text":"considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include, among","page_number":39,"box":{"x":89,"y":554,"width":854,"height":12}},{"id":"834f0adf-6b87-4a17-b70f-0473e76a39c7","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":39,"box":{"x":89,"y":569,"width":852,"height":13}},{"id":"2a1713dd-682b-4ca0-b0cc-f6befbe3f86e","block_type":"box","text":"sector deficits, a rising unemployment rate and disparities of wealth.","page_number":39,"box":{"x":89,"y":584,"width":477,"height":13}},{"id":"1d5af654-6201-43d0-818d-7dd8af3df259","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":39,"box":{"x":89,"y":611,"width":848,"height":12}},{"id":"3b5bc673-af77-4fbe-b444-34b706a99d24","block_type":"box","text":"commodities, the depreciation of the Brazilian currency (the real) and potential future governmental measures seeking to","page_number":39,"box":{"x":89,"y":626,"width":848,"height":12}},{"id":"d4b2d972-edfa-46b8-86dd-431f7dcec833","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":39,"box":{"x":89,"y":641,"width":871,"height":12}},{"id":"465b5fe2-ece7-4863-b4d5-9282663451fa","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":39,"box":{"x":89,"y":656,"width":867,"height":13}},{"id":"55ef6aaf-951b-4a81-a16c-0de72ab0c895","block_type":"box","text":"financial markets and may lead to further government intervention in the economy, including the introduction of government","page_number":39,"box":{"x":88,"y":671,"width":879,"height":13}},{"id":"077f414d-f399-4964-96af-bf23e9f64121","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":39,"box":{"x":89,"y":686,"width":848,"height":13}},{"id":"fd38a212-58b0-47ad-b84c-d56d47110815","block_type":"box","text":"Fund’s investments.","page_number":39,"box":{"x":89,"y":702,"width":138,"height":9}},{"id":"fd5488aa-c7e2-413d-b70e-376995266535","block_type":"box","text":"The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy, which","page_number":39,"box":{"x":88,"y":728,"width":855,"height":12}},{"id":"a54fe3b6-8454-47b0-8782-d716ac06ccd6","block_type":"box","text":"may have significant effects on Brazilian companies and on market conditions and prices of Brazilian securities. The Brazilian","page_number":39,"box":{"x":89,"y":743,"width":868,"height":12}},{"id":"dfec1827-fdfc-4dba-8612-815261fd692a","block_type":"box","text":"economy has been characterized by frequent, and occasionally drastic, intervention by the Brazilian government. The Brazilian","page_number":39,"box":{"x":89,"y":758,"width":878,"height":13}},{"id":"48049b2b-c0f1-4cc2-b6c8-a3c2f8725a47","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":39,"box":{"x":89,"y":773,"width":863,"height":13}},{"id":"f8f475a2-6501-43bf-911f-9d5ac1ee97f6","block_type":"box","text":"The Brazilian government’s actions to control inflation and affect other economic policies have involved, among others, the","page_number":39,"box":{"x":88,"y":788,"width":861,"height":13}},{"id":"d516a82f-29fc-416b-8a98-59b6210c3e50","block_type":"box","text":"setting of wage and price controls, blocking access to bank accounts, fluctuation of the base interest rates, imposing","page_number":39,"box":{"x":89,"y":804,"width":816,"height":12}},{"id":"aa72a37d-cac3-474a-aa47-56358582f7ca","block_type":"box","text":"exchange controls and limiting imports into Brazil. In the past, the Brazilian government has maintained domestic price","page_number":39,"box":{"x":89,"y":819,"width":832,"height":12}},{"id":"0428e0aa-3882-42bb-b1c2-02a8db84ac31","block_type":"box","text":"controls, and no assurances can be given that price controls will not be re-imposed in the future.","page_number":39,"box":{"x":89,"y":834,"width":675,"height":12}},{"id":"6823dbab-1f0a-44ad-806b-37ef3043f28e","block_type":"box","text":"18","page_number":39,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"2e3d8edb-1948-42be-858e-d6ba7ea187ff","block_type":"box","text":"Investments in Brazilian securities may be subject to certain restrictions on foreign investment. Brazilian law provides that","page_number":40,"box":{"x":89,"y":44,"width":847,"height":12}},{"id":"3d19f184-852a-4166-867c-9e6e8be2104a","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":40,"box":{"x":88,"y":59,"width":863,"height":12}},{"id":"6c24e9b6-47e7-4c3a-9908-8d24cbf60a32","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":40,"box":{"x":88,"y":74,"width":812,"height":12}},{"id":"ca0b528c-9b0b-4176-9ea3-94951356076b","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":40,"box":{"x":89,"y":89,"width":847,"height":13}},{"id":"5c749b39-66af-4e4b-a860-6710834dba51","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":40,"box":{"x":89,"y":104,"width":842,"height":13}},{"id":"9f8a69b2-db7f-4cd3-b931-5cb76affd64d","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":40,"box":{"x":89,"y":119,"width":813,"height":13}},{"id":"ab786a7e-b6ed-45f5-a0a9-307252fd5221","block_type":"box","text":"restrictions or restrictive exchange control policies in the future, which could have the effect of preventing or restricting","page_number":40,"box":{"x":89,"y":135,"width":833,"height":12}},{"id":"6c563c4d-a29b-4ba2-86d7-4fc00878fc88","block_type":"box","text":"access to foreign currency.","page_number":40,"box":{"x":89,"y":150,"width":185,"height":12}},{"id":"b716ba65-0fd5-4780-a15e-60d14028149d","block_type":"box","text":"The market for Brazilian securities is directly influenced by the flow of international capital, and economic and market","page_number":40,"box":{"x":88,"y":176,"width":822,"height":13}},{"id":"a57a3a0e-fbf2-4d03-bb5a-e4a489c9ebd7","block_type":"box","text":"conditions of certain countries, especially other emerging market countries in Central and South America. Adverse economic","page_number":40,"box":{"x":89,"y":191,"width":874,"height":13}},{"id":"f3ebb716-593b-4b42-912a-e46025fa45b6","block_type":"box","text":"conditions or developments in other emerging market countries have at times significantly affected the availability of credit in","page_number":40,"box":{"x":89,"y":206,"width":877,"height":13}},{"id":"609df243-0a13-47e5-b9fd-614f5044a45d","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":40,"box":{"x":88,"y":222,"width":878,"height":12}},{"id":"7a8a3e49-25e2-4463-ade2-07d7abc93576","block_type":"box","text":"in Brazil. Crises in neighboring emerging market countries also may increase investors’ risk aversion, which may adversely","page_number":40,"box":{"x":89,"y":237,"width":850,"height":12}},{"id":"703b3582-58d0-457b-9425-736fd9dc8fce","block_type":"box","text":"impact the market value of the securities issued by Brazilian companies.","page_number":40,"box":{"x":89,"y":252,"width":500,"height":12}},{"id":"60577455-dddc-4c90-94f5-84b7e1936583","block_type":"box","text":"Risk of Investing in Central and South America.","page_number":40,"box":{"x":89,"y":278,"width":339,"height":13}},{"id":"151f8a4e-d7cf-4e74-a20f-9a2ae7770e06","block_type":"box","text":"The economies of certain countries in which the Funds invest are affected","page_number":40,"box":{"x":437,"y":278,"width":517,"height":10}},{"id":"61db4230-9a24-47a8-bf05-bd3bf51e1f48","block_type":"box","text":"by the economies of other Central and South American countries, some of which have experienced high interest rates,","page_number":40,"box":{"x":89,"y":293,"width":828,"height":13}},{"id":"3ff19e2b-6471-47c4-af12-3a0a423eeaf3","block_type":"box","text":"economic volatility, inflation, currency devaluations, government defaults, high unemployment rates and political instability","page_number":40,"box":{"x":89,"y":308,"width":862,"height":13}},{"id":"d2105bc5-7d65-4884-bf31-73e506bc681d","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":40,"box":{"x":88,"y":324,"width":849,"height":12}},{"id":"3442b4cd-1b82-4948-845c-48ce7c0225fc","block_type":"box","text":"significant percentage of exports for the regions and many economies in these regions are particularly sensitive to","page_number":40,"box":{"x":89,"y":339,"width":798,"height":12}},{"id":"a866a2f1-cd6b-44d5-afb3-d6e60ade283d","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":40,"box":{"x":88,"y":354,"width":871,"height":12}},{"id":"50ca2662-cf3c-4b6b-98b4-f3759c4a55e2","block_type":"box","text":"all of the countries to which the Funds have exposure.","page_number":40,"box":{"x":89,"y":369,"width":377,"height":12}},{"id":"702961ef-b64a-4c86-b0a3-ce23caca63f8","block_type":"box","text":"The governments of certain countries in Central and South America may exercise substantial influence over many aspects of","page_number":40,"box":{"x":88,"y":395,"width":874,"height":13}},{"id":"5b532b82-c35d-4d93-84b3-f657c4a8874b","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":40,"box":{"x":88,"y":410,"width":878,"height":13}},{"id":"4b47102c-bc66-45b5-9a51-b301bbb69c33","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":40,"box":{"x":89,"y":426,"width":821,"height":12}},{"id":"dc5050ed-b546-47f3-b64e-1cdab05f17c5","block_type":"box","text":"Diplomatic developments may also adversely affect investments in certain countries in Central and South America. Some","page_number":40,"box":{"x":89,"y":441,"width":846,"height":12}},{"id":"e90f10ba-bb0e-4db3-af22-a04e78486f36","block_type":"box","text":"countries in Central and South America may be affected by public corruption and crime, including organized crime.","page_number":40,"box":{"x":89,"y":456,"width":804,"height":12}},{"id":"01331a41-c5e3-4cd6-829a-b9f07556040d","block_type":"box","text":"Certain countries in Central and South America may be heavily dependent upon international trade and, consequently, have","page_number":40,"box":{"x":89,"y":482,"width":865,"height":13}},{"id":"49c2d9c9-ff99-4ddd-9e7e-59bef896cb7b","block_type":"box","text":"been and may continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative","page_number":40,"box":{"x":89,"y":497,"width":832,"height":13}},{"id":"60f7eeee-46ee-4066-b825-3e0e83290a78","block_type":"box","text":"currency values and other protectionist measures imposed or negotiated by the countries with which they trade. These","page_number":40,"box":{"x":89,"y":513,"width":834,"height":12}},{"id":"de28678c-b0b9-4bd6-a1ba-b460c137530f","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":40,"box":{"x":89,"y":528,"width":876,"height":12}},{"id":"6882f84e-1b92-44f9-b1a9-b5618b6f18a7","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":40,"box":{"x":88,"y":543,"width":832,"height":12}},{"id":"83719837-a104-46b0-856b-92854234dffa","block_type":"box","text":"subject of sanctions (for example, the U.S. has imposed sanctions on certain Venezuelan individuals, corporate entities and","page_number":40,"box":{"x":89,"y":558,"width":859,"height":12}},{"id":"202b2d94-c074-49c8-840b-2d59c14e3a40","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":40,"box":{"x":88,"y":573,"width":849,"height":12}},{"id":"85362add-f6d1-4ac7-9757-b7231e39a7c1","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":40,"box":{"x":89,"y":588,"width":852,"height":12}},{"id":"26c32cbb-2924-4158-866e-da1ce6e3544b","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":40,"box":{"x":89,"y":603,"width":863,"height":13}},{"id":"a083c487-ef0b-4ad4-ac4f-7d433201e215","block_type":"box","text":"be adversely affected if it invests in such issuers.","page_number":40,"box":{"x":89,"y":618,"width":335,"height":13}},{"id":"f00aa7a2-feee-4733-a541-27b37db6c91a","block_type":"box","text":"Risk of Investing in China.","page_number":40,"box":{"x":89,"y":645,"width":185,"height":12}},{"id":"a03d7cfe-ae93-481f-8a8e-73c1d965ecec","block_type":"box","text":"Investments in securities of companies domiciled in China involve a high degree of risk and","page_number":40,"box":{"x":284,"y":645,"width":636,"height":12}},{"id":"3a53b300-66e6-42e6-bc9a-2872ae891bcd","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include,","page_number":40,"box":{"x":89,"y":660,"width":852,"height":12}},{"id":"ac8ddcf6-4256-418a-a3b1-07e6403287b3","block_type":"box","text":"among others, an authoritarian government, popular unrest associated with demands for improved political, economic and","page_number":40,"box":{"x":89,"y":675,"width":863,"height":12}},{"id":"cbbb4f8a-6ff0-4dd0-85d9-418e889fe7fb","block_type":"box","text":"social conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":40,"box":{"x":89,"y":690,"width":750,"height":13}},{"id":"11326783-1747-492a-bf29-9d1a111ce113","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic","page_number":40,"box":{"x":89,"y":717,"width":820,"height":12}},{"id":"16c3cf88-80f6-4966-82e7-f9ddd7a5d736","block_type":"box","text":"development. The Chinese economy is vulnerable to the long-running disagreements and religious and nationalist disputes","page_number":40,"box":{"x":89,"y":732,"width":862,"height":12}},{"id":"fd4a180a-c9be-4f10-97bf-8cc17f8b0e66","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":40,"box":{"x":88,"y":747,"width":870,"height":12}},{"id":"d03f0ff4-ecb0-457a-a65e-26eef39a787c","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":40,"box":{"x":89,"y":762,"width":875,"height":12}},{"id":"949f96ff-577f-4c9d-a133-382fda6eda2b","block_type":"box","text":"and social framework. Protests and unrest have increased tensions even further. Due to the interconnected nature of the","page_number":40,"box":{"x":89,"y":777,"width":842,"height":10}},{"id":"74706c63-41b8-4c4e-b7ec-a53da6091ab1","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":40,"box":{"x":89,"y":792,"width":835,"height":13}},{"id":"f6abf13d-7899-4ce6-8741-8907d81664a6","block_type":"box","text":"markets. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion.","page_number":40,"box":{"x":89,"y":807,"width":830,"height":13}},{"id":"36bbf41f-c2c1-4f80-b44d-477de8f4cf7d","block_type":"box","text":"Taiwan-based companies and individuals are significant investors in China. The continuing hostility between China and","page_number":40,"box":{"x":88,"y":822,"width":834,"height":13}},{"id":"d4b160ba-740e-4711-9d1b-07e0f08c6f8f","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":40,"box":{"x":88,"y":838,"width":845,"height":12}},{"id":"5f05299d-5ecc-4086-9dac-2fab98f0bf86","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":40,"box":{"x":89,"y":853,"width":811,"height":12}},{"id":"fd750deb-64e6-40f3-b30b-a86dac94090f","block_type":"box","text":"19","page_number":40,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"45cacb7b-4825-4954-a6b5-1d888e18bcc9","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a significant adverse","page_number":41,"box":{"x":89,"y":44,"width":846,"height":12}},{"id":"08710b51-8368-424e-aafa-63fc14f586f7","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":41,"box":{"x":89,"y":59,"width":866,"height":12}},{"id":"a6b951df-050a-4019-85f2-05a901c45bd8","block_type":"box","text":"relations with Japan, India, the Philippines and other neighbors due to territorial disputes, historical animosities and other","page_number":41,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"8dd5cb8f-5a80-4052-b9a2-4d565c74ed6d","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":41,"box":{"x":89,"y":89,"width":851,"height":13}},{"id":"1f3de967-cd2a-474e-849d-26d1db7adf02","block_type":"box","text":"leading to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":41,"box":{"x":89,"y":104,"width":871,"height":13}},{"id":"1f608123-f387-49ff-888c-ca1ea02567bc","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international relations,","page_number":41,"box":{"x":89,"y":119,"width":860,"height":13}},{"id":"faeed87c-b723-4bb0-ad48-56544819f694","block_type":"box","text":"including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may","page_number":41,"box":{"x":89,"y":135,"width":861,"height":12}},{"id":"77a0b75d-c8f4-4aa6-b9f9-b09ce7f5fbd3","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":41,"box":{"x":89,"y":150,"width":873,"height":12}},{"id":"907a2d75-33c0-4084-a1ab-f8d6b05f0086","block_type":"box","text":"on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese","page_number":41,"box":{"x":89,"y":165,"width":843,"height":12}},{"id":"a86883d4-ab28-4d1b-8450-3c8616d2a249","block_type":"box","text":"market and may adversely affect the performance of the Chinese economy.","page_number":41,"box":{"x":89,"y":180,"width":524,"height":12}},{"id":"d5a86670-1d76-445e-b1e3-cc34c8997991","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign investment","page_number":41,"box":{"x":88,"y":206,"width":866,"height":13}},{"id":"838d8eac-2d45-4eb6-9d7f-633bbca9cae4","block_type":"box","text":"in the economy, reduce government control of the economy and develop market mechanisms. However, the Chinese","page_number":41,"box":{"x":89,"y":222,"width":816,"height":12}},{"id":"5fed9eae-4eb1-4a3d-b635-dd1dbed4f7c9","block_type":"box","text":"government still exercises substantial influence over many aspects of the private sector and may own or control many","page_number":41,"box":{"x":89,"y":237,"width":826,"height":12}},{"id":"a3fba7a1-ff85-4d0e-a1dc-dcdc9eb7a68f","block_type":"box","text":"companies. Chinese companies, such as those in the financial services or technology sectors, and potentially other sectors in","page_number":41,"box":{"x":89,"y":252,"width":873,"height":12}},{"id":"e630e615-b52a-407b-b64d-b4f9615a9638","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":41,"box":{"x":88,"y":267,"width":824,"height":12}},{"id":"07d85efb-c390-4164-8a90-18be9666f445","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":41,"box":{"x":89,"y":282,"width":870,"height":12}},{"id":"d3f0d9d2-98ec-466f-a729-0fef165df225","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":41,"box":{"x":89,"y":297,"width":849,"height":12}},{"id":"2ae7a2f5-356e-4781-a0f0-1db14a6afd3d","block_type":"box","text":"and on repatriation of capital invested.","page_number":41,"box":{"x":89,"y":312,"width":268,"height":13}},{"id":"5770787a-441b-416d-a743-2c6bd78bce21","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":41,"box":{"x":89,"y":339,"width":861,"height":12}},{"id":"7dd6250c-0d92-4ca5-91a6-f87a2421cd19","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":41,"box":{"x":89,"y":354,"width":863,"height":12}},{"id":"93e21b8f-97a8-4e12-aef4-567f9f4782a1","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":41,"box":{"x":89,"y":369,"width":855,"height":12}},{"id":"64e28833-93ee-4c64-bc72-fe578dff383d","block_type":"box","text":"trading rules, tender offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":41,"box":{"x":88,"y":384,"width":846,"height":12}},{"id":"3fbf8425-e9fa-4438-b9fb-3751e74d2e3f","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are in the process of","page_number":41,"box":{"x":89,"y":399,"width":842,"height":13}},{"id":"84ff7ec9-289e-47df-bb15-139656f1a754","block_type":"box","text":"change and further development. This may lead to trading volatility, difficulty in the settlement and recording of transactions","page_number":41,"box":{"x":89,"y":414,"width":872,"height":13}},{"id":"d0eb77c6-7674-45cc-8fd2-355b32f2682d","block_type":"box","text":"and difficulty in interpreting and applying the relevant regulation.","page_number":41,"box":{"x":89,"y":429,"width":454,"height":13}},{"id":"078accf8-4857-4986-ac9f-559b9fdd2f68","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese","page_number":41,"box":{"x":88,"y":456,"width":849,"height":12}},{"id":"67d123a7-9f1c-4969-a96e-7d0ec64f865b","block_type":"box","text":"companies, and shareholders may have limited legal remedies. The Funds do not select investments based on investor","page_number":41,"box":{"x":89,"y":471,"width":827,"height":12}},{"id":"4029f8b3-f154-458b-8ed5-2d8dd5b5508f","block_type":"box","text":"protection considerations.","page_number":41,"box":{"x":89,"y":486,"width":182,"height":12}},{"id":"5b263f4b-65a7-4ef8-9c2e-a57bce585302","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":41,"box":{"x":89,"y":513,"width":835,"height":12}},{"id":"b76b8721-0fc0-4bd7-ba5d-2c10b6925317","block_type":"box","text":"foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another","page_number":41,"box":{"x":88,"y":528,"width":830,"height":12}},{"id":"d3ca14ef-403f-41b8-ad2b-6bc2a388f49d","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":41,"box":{"x":88,"y":543,"width":858,"height":12}},{"id":"0c340d24-6c95-43c4-ab72-6a9fb64b3859","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":41,"box":{"x":89,"y":558,"width":879,"height":12}},{"id":"08b84a4d-7658-4fdb-a4af-b24d6c174db3","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":41,"box":{"x":89,"y":573,"width":875,"height":12}},{"id":"032ef616-ac0e-4de6-b618-bfd703976dee","block_type":"box","text":"with only economic exposure to the Chinese company and do not represent equity ownership in the operating company.","page_number":41,"box":{"x":88,"y":588,"width":845,"height":12}},{"id":"a560a431-e48c-425a-9d34-38b2f722465e","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":41,"box":{"x":88,"y":615,"width":846,"height":12}},{"id":"bc6f53a9-d464-4bfd-82d7-17daf92a8558","block_type":"box","text":"recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based","page_number":41,"box":{"x":89,"y":630,"width":867,"height":12}},{"id":"b9ab3344-a5b4-493e-84aa-fe9dd1cae7d3","block_type":"box","text":"companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”)","page_number":41,"box":{"x":89,"y":645,"width":854,"height":12}},{"id":"e719fdaa-da44-46da-b9fb-26279be40b07","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":41,"box":{"x":89,"y":660,"width":876,"height":12}},{"id":"044f5ba1-5acd-4d11-9711-73872c80e359","block_type":"box","text":"rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. Intervention,","page_number":41,"box":{"x":89,"y":675,"width":838,"height":12}},{"id":"a9ba32e4-0dc6-4796-9fc5-4ef2df3bbc3a","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":41,"box":{"x":89,"y":690,"width":847,"height":13}},{"id":"674701e0-ab4f-408f-b988-547615243d1f","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":41,"box":{"x":89,"y":705,"width":853,"height":13}},{"id":"e01deb23-269d-4793-ba83-d0a3655c7c83","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":41,"box":{"x":89,"y":720,"width":865,"height":13}},{"id":"fbb37812-b4eb-4c5f-9165-27117a807e00","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":41,"box":{"x":89,"y":736,"width":843,"height":12}},{"id":"6d5499c3-6c26-44ae-ac50-add6395b7901","block_type":"box","text":"shell company are uncertain and could be ineffective. In addition to the risk of government intervention, investments through","page_number":41,"box":{"x":89,"y":751,"width":875,"height":12}},{"id":"9cb2cacf-5ff7-46bd-9fc0-febd77ce1054","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":41,"box":{"x":89,"y":766,"width":875,"height":12}},{"id":"f8074e44-ac8a-4441-bae6-5430d4de9bea","block_type":"box","text":"breach those contractual arrangements, or Chinese law changes in a way that adversely affects the enforceability of these","page_number":41,"box":{"x":89,"y":781,"width":851,"height":12}},{"id":"eb26f2c1-30e5-4415-8733-c5146c3ec672","block_type":"box","text":"arrangements, or those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer","page_number":41,"box":{"x":89,"y":796,"width":827,"height":12}},{"id":"75cb7774-3e19-422d-8539-379c1fd98ea4","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":41,"box":{"x":89,"y":811,"width":872,"height":12}},{"id":"8c8ff8d6-5ab0-428a-9db0-4650bf00b2a7","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":41,"box":{"x":89,"y":826,"width":838,"height":13}},{"id":"02061c62-9661-453c-80f8-f4a4711c3589","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":41,"box":{"x":89,"y":841,"width":853,"height":13}},{"id":"69d03be7-c7ea-4614-aaae-fa1a757e7fca","block_type":"box","text":"Fund.","page_number":41,"box":{"x":89,"y":856,"width":38,"height":10}},{"id":"d0031d48-0fcf-45eb-8268-be961ef9f00f","block_type":"box","text":"20","page_number":41,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"67a08f9e-6a3e-4288-a1be-3228b283e658","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":42,"box":{"x":88,"y":44,"width":864,"height":12}},{"id":"4b7e3c24-12e6-4526-8cae-3edb6c8af312","block_type":"box","text":"recur. China may experience substantial rates of inflation, significant indebtedness or economic recessions, causing a","page_number":42,"box":{"x":89,"y":59,"width":819,"height":12}},{"id":"15665973-807e-478e-a014-d9b05cebc1d0","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":42,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"5e37f125-7b66-4e60-ac93-ce06e28e6db1","block_type":"box","text":"spending on Chinese products and services, supply chain diversification, institution of additional tariffs, sanctions or other","page_number":42,"box":{"x":89,"y":89,"width":854,"height":13}},{"id":"b1ff74e0-a04a-4ec9-b3ee-f287fee1a9e6","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":42,"box":{"x":88,"y":104,"width":835,"height":13}},{"id":"294693af-0f27-471e-928a-3867807203c6","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":42,"box":{"x":89,"y":119,"width":858,"height":13}},{"id":"a0feed55-9431-4bf9-9403-9c5a8f9c279a","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":42,"box":{"x":89,"y":135,"width":874,"height":12}},{"id":"dc2ab749-311d-4b80-aebd-f663fa7a038e","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":42,"box":{"x":88,"y":150,"width":791,"height":12}},{"id":"6c15f833-0988-4061-aadf-eb9603e59fef","block_type":"box","text":"governments due to national security, human rights or other concerns of such government. For example, certain foreign","page_number":42,"box":{"x":89,"y":165,"width":840,"height":12}},{"id":"1cf28b99-acdf-41ac-8c2a-cb0767763a68","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":42,"box":{"x":88,"y":180,"width":877,"height":12}},{"id":"28c1e637-03a7-46e9-84c4-04e543038361","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":42,"box":{"x":89,"y":195,"width":876,"height":12}},{"id":"8412c586-1536-42f7-9750-d20be15cb84c","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any","page_number":42,"box":{"x":88,"y":210,"width":845,"height":13}},{"id":"cad7b00e-4db8-487e-b8c9-8ebec63c727f","block_type":"box","text":"action that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":42,"box":{"x":89,"y":225,"width":873,"height":13}},{"id":"e03c805c-b760-4ea3-b823-d8dd37bb0c94","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":42,"box":{"x":89,"y":240,"width":840,"height":13}},{"id":"846f4619-402b-475f-8848-7c676d207e70","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":42,"box":{"x":89,"y":256,"width":865,"height":12}},{"id":"3b27bb41-1bc4-425b-976b-717c735521f4","block_type":"box","text":"include restrictions on investments, the Fund is generally expected to invest in such companies, consistent with its objective","page_number":42,"box":{"x":89,"y":271,"width":867,"height":12}},{"id":"5f5a6623-f9be-4292-897a-32a9f20b2a85","block_type":"box","text":"to track the performance of its Underlying Index.","page_number":42,"box":{"x":88,"y":286,"width":340,"height":12}},{"id":"3f490cac-8d81-4eb7-8991-68cdfd756393","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":42,"box":{"x":88,"y":312,"width":833,"height":13}},{"id":"ca6fecf0-90b2-41b1-92f1-c97d4ebc82fe","block_type":"box","text":"authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of","page_number":42,"box":{"x":89,"y":327,"width":863,"height":13}},{"id":"802a278e-dc08-4f03-9aa8-7c6206bd713a","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":42,"box":{"x":89,"y":342,"width":849,"height":13}},{"id":"e8c7e6b2-7f31-40bc-877a-60969c58b3c0","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":42,"box":{"x":89,"y":358,"width":876,"height":12}},{"id":"99056771-fb38-44d0-a9dc-6fd9af87ff42","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":42,"box":{"x":89,"y":373,"width":867,"height":12}},{"id":"0bd8dc4d-94ee-40cd-9dff-0c49257f8298","block_type":"box","text":"the accounting, auditing and financial reporting standards and practices applicable to Chinese companies may be less","page_number":42,"box":{"x":88,"y":388,"width":826,"height":12}},{"id":"0b9d9992-bad8-404c-93d5-4e6c9577e4a2","block_type":"box","text":"rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting","page_number":42,"box":{"x":89,"y":403,"width":874,"height":12}},{"id":"79cac482-8ced-4184-a608-fe090e767618","block_type":"box","text":"standards and practice and those prepared in accordance with international accounting standards.","page_number":42,"box":{"x":89,"y":418,"width":691,"height":12}},{"id":"18c33db3-4a94-4759-8ea7-2a14810882ee","block_type":"box","text":"Risk of Investing in Chinese Equity Markets.","page_number":42,"box":{"x":89,"y":445,"width":313,"height":12}},{"id":"8a9f2cf0-8764-4d6b-9b69-192c8548544b","block_type":"box","text":"There are several types of Chinese equity securities:","page_number":42,"box":{"x":411,"y":445,"width":360,"height":12}},{"id":"e7d0cc86-8f7b-44c3-a0d7-0605188015f2","block_type":"box","text":"• H-shares, which are securities of companies incorporated in the PRC that are denominated in Hong Kong dollars","page_number":42,"box":{"x":121,"y":465,"width":819,"height":12}},{"id":"39142979-7009-4223-8157-412dd1590abf","block_type":"box","text":"and listed on the Stock Exchange of Hong Kong (“SEHK”);","page_number":42,"box":{"x":154,"y":480,"width":404,"height":12}},{"id":"5e659c80-dbe3-47b4-a5b2-a616404194a1","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":42,"box":{"x":121,"y":500,"width":846,"height":12}},{"id":"e3607519-dafb-4c41-94d3-af8ac2743d66","block_type":"box","text":"the Shanghai Stock Exchange (“SSE”) and the Shenzhen Stock Exchange (“SZSE”);","page_number":42,"box":{"x":153,"y":515,"width":579,"height":12}},{"id":"b09d48eb-74c6-4439-bf37-60049466f9d9","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":42,"box":{"x":121,"y":535,"width":815,"height":13}},{"id":"5c8c9ba5-e423-43cf-9893-2f904942d3aa","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":42,"box":{"x":154,"y":550,"width":692,"height":13}},{"id":"92f62b04-56ce-4678-8498-d2c22f89a3c1","block_type":"box","text":"• Red-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":42,"box":{"x":121,"y":570,"width":803,"height":13}},{"id":"89b685f6-37d8-474b-91b9-a0213913d18c","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by entities owned by the national government or local","page_number":42,"box":{"x":153,"y":586,"width":779,"height":12}},{"id":"4b779041-5740-48df-b935-7cc1cb934d02","block_type":"box","text":"governments in the PRC and derive substantial revenues from or allocate substantial assets in the PRC; and","page_number":42,"box":{"x":154,"y":601,"width":748,"height":12}},{"id":"f4f1f0ef-3e1f-46c2-97fc-bd5f7f4b7149","block_type":"box","text":"• P-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":42,"box":{"x":121,"y":621,"width":786,"height":12}},{"id":"23393bab-71f6-4ac8-be72-02214d499389","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by individuals in the PRC and derive substantial revenues","page_number":42,"box":{"x":153,"y":636,"width":800,"height":12}},{"id":"15198fd3-b03b-47df-ac57-84b37a76a50f","block_type":"box","text":"from or allocate substantial assets in the PRC.","page_number":42,"box":{"x":153,"y":651,"width":320,"height":10}},{"id":"5a9c50d7-a308-4be3-bb3b-c44d2874c7b5","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":42,"box":{"x":88,"y":678,"width":880,"height":12}},{"id":"6ec37583-d4d8-49a2-99b7-ae387e08d460","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":42,"box":{"x":89,"y":693,"width":867,"height":12}},{"id":"0befb74e-8a51-477c-b406-e781a502eade","block_type":"box","text":"greater government restrictions, including trading suspensions, which may lead to increased liquidity risks. The B-shares","page_number":42,"box":{"x":89,"y":708,"width":843,"height":12}},{"id":"e2b3c423-0c5a-461d-a492-58503117df15","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":42,"box":{"x":89,"y":723,"width":819,"height":12}},{"id":"d4733d5a-0cff-45c4-8c4b-301876777551","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":42,"box":{"x":89,"y":738,"width":804,"height":12}},{"id":"da4f357b-58de-4d0a-a514-a6bfeb328ee1","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":42,"box":{"x":89,"y":753,"width":860,"height":13}},{"id":"e1dadb88-1bf8-403b-bf9d-c81b79d19488","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":42,"box":{"x":89,"y":768,"width":809,"height":13}},{"id":"7dcd5175-b65c-43ab-a329-a853693d5231","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":42,"box":{"x":89,"y":783,"width":861,"height":13}},{"id":"9fb24232-6b10-4c99-a984-bff372e5902c","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":42,"box":{"x":89,"y":799,"width":859,"height":12}},{"id":"c7a74b54-5f99-43cb-b4cc-f59296fdc397","block_type":"box","text":"political and economic policies in China. Market developments, adverse investor perceptions, regulatory and government","page_number":42,"box":{"x":89,"y":814,"width":847,"height":12}},{"id":"0a0fc65a-c980-4871-9b73-cccd70182cd0","block_type":"box","text":"intervention (including the possibility of widespread trading suspensions implemented by regulators) and other factors may","page_number":42,"box":{"x":89,"y":829,"width":867,"height":12}},{"id":"0bc67a13-fa3f-4e90-906e-d9b6fb956f32","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":42,"box":{"x":89,"y":844,"width":785,"height":12}},{"id":"4defc8be-f478-49ef-8d6b-b08df9ab22f2","block_type":"box","text":"21","page_number":42,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"a89ea373-de6b-4af0-aeb6-9eff038b2cda","block_type":"box","text":"Risk of Investing in A-shares through Stock Connect","page_number":43,"box":{"x":88,"y":44,"width":362,"height":12}},{"id":"c25f9131-b707-458d-8b7b-29d4ff6704b5","block_type":"box","text":". A Fund that invests in A-shares does so through the Shanghai-Hong","page_number":43,"box":{"x":451,"y":44,"width":486,"height":12}},{"id":"c696899f-89e0-4927-83ba-b00bc77e9a6f","block_type":"box","text":"Kong Stock Connect program (“Shanghai Connect”) or the Shenzhen-Hong Kong Stock Connect program (“Shenzhen","page_number":43,"box":{"x":89,"y":59,"width":826,"height":12}},{"id":"85114409-ae34-4003-ac34-d08a8017d714","block_type":"box","text":"Connect,” and together with Shanghai Connect, “Stock Connect”). Stock Connect is a securities trading and clearing","page_number":43,"box":{"x":89,"y":74,"width":815,"height":12}},{"id":"60be3c30-1355-4b7c-b8fc-b0f96de2d45a","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":43,"box":{"x":89,"y":89,"width":879,"height":13}},{"id":"354816ba-9c1a-4eb3-a6b1-b4a136568fef","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":43,"box":{"x":89,"y":104,"width":820,"height":13}},{"id":"a28a9ff1-3843-42dc-8e90-716459eff44c","block_type":"box","text":"Shenzhen Connect), and China Securities Depository and Clearing Corporation Limited (“CSDCC”). Under Stock Connect, a","page_number":43,"box":{"x":88,"y":119,"width":862,"height":13}},{"id":"97171fdb-0d26-4acd-9462-40768cf9d527","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":43,"box":{"x":89,"y":135,"width":862,"height":12}},{"id":"8cd4617a-9bd3-4596-b3b7-65f9a2e00dd4","block_type":"box","text":"brokers. Investing in A-shares through Stock Connect is subject to trading, clearance, settlement and other procedures,","page_number":43,"box":{"x":89,"y":150,"width":833,"height":12}},{"id":"cbaed557-7868-4a12-801a-064aa3e91c8c","block_type":"box","text":"which could pose risks to a Fund.","page_number":43,"box":{"x":88,"y":165,"width":233,"height":12}},{"id":"763beabc-038f-4839-92ee-ff8903befcf1","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through","page_number":43,"box":{"x":88,"y":191,"width":847,"height":13}},{"id":"5a51a617-dc4b-48d4-9064-bf24def0ecfd","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":43,"box":{"x":88,"y":206,"width":876,"height":13}},{"id":"413fa9da-4302-4aff-9536-8a51ea6c3b46","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":43,"box":{"x":89,"y":222,"width":868,"height":12}},{"id":"e81eb992-3f55-4591-8c85-a8912bda280c","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":43,"box":{"x":88,"y":237,"width":865,"height":12}},{"id":"e13e8a95-65ec-48ed-a3fb-612fda66b1f1","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":43,"box":{"x":89,"y":252,"width":859,"height":12}},{"id":"0098ce64-e16d-496a-85f5-1d0e6abcc303","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":43,"box":{"x":88,"y":267,"width":875,"height":12}},{"id":"c510655b-fb65-4d52-99b6-877df986be73","block_type":"box","text":"to change.","page_number":43,"box":{"x":88,"y":282,"width":73,"height":12}},{"id":"4ca46f9c-3e55-4f4a-adfb-342aa16de964","block_type":"box","text":"A-shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect and","page_number":43,"box":{"x":88,"y":308,"width":869,"height":13}},{"id":"fa3f26e9-0405-47d1-82c9-1c8a3042f3ab","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":43,"box":{"x":89,"y":324,"width":867,"height":12}},{"id":"f94d1d43-7196-40b8-9317-ce2bc06475db","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":43,"box":{"x":89,"y":339,"width":816,"height":12}},{"id":"029d32b7-5a5f-411b-a873-786482e5ab5b","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":43,"box":{"x":89,"y":354,"width":870,"height":12}},{"id":"712614de-a679-4eb6-8ecb-909b5abbf1f2","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":43,"box":{"x":89,"y":369,"width":860,"height":12}},{"id":"490b3e45-f837-4206-a62b-c7d36bb2df55","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":43,"box":{"x":88,"y":384,"width":879,"height":12}},{"id":"35f9c0a3-d5aa-4e6a-9e0f-c0e4b033483a","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":43,"box":{"x":89,"y":399,"width":869,"height":13}},{"id":"131aa152-2a85-42e4-beeb-08a75725bd3b","block_type":"box","text":"risk of erroneous trades, which may negatively impact the Fund.","page_number":43,"box":{"x":89,"y":414,"width":448,"height":13}},{"id":"b6a9be28-5e89-463f-b1fe-75e63497dc6b","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":43,"box":{"x":88,"y":441,"width":867,"height":12}},{"id":"684e23f8-b32c-4728-860f-04de36819b3c","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":43,"box":{"x":88,"y":456,"width":873,"height":12}},{"id":"519668d4-92c0-410e-971a-ecf7b984167a","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":43,"box":{"x":89,"y":471,"width":856,"height":12}},{"id":"dcadd3e3-3645-4360-b7b5-30b284bc57bf","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":43,"box":{"x":89,"y":486,"width":854,"height":12}},{"id":"b357c938-4382-4926-821e-a32401430834","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":43,"box":{"x":89,"y":501,"width":810,"height":13}},{"id":"90a6c7fc-8069-49ca-83b0-24cdd640ebfb","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":43,"box":{"x":89,"y":516,"width":862,"height":13}},{"id":"16540af4-7db5-4250-8489-72c30aea5e88","block_type":"box","text":"Fund’s performance.","page_number":43,"box":{"x":89,"y":531,"width":143,"height":13}},{"id":"7e3fca23-53cc-4f3e-ab46-0ae4b991485d","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":43,"box":{"x":89,"y":558,"width":853,"height":12}},{"id":"3775f94e-6a67-486a-a292-169f8cf3bbe1","block_type":"box","text":"and when banking services are available in both markets on the corresponding settlement days. Therefore, an investment in","page_number":43,"box":{"x":89,"y":573,"width":865,"height":12}},{"id":"18155296-bf71-4b23-80dc-026811ea3527","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":43,"box":{"x":88,"y":588,"width":866,"height":12}},{"id":"01fa0895-3523-49c4-bedc-f117ba383ee8","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":43,"box":{"x":89,"y":603,"width":869,"height":13}},{"id":"05117478-3ac8-4010-a917-c3b58cc8ef62","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":43,"box":{"x":89,"y":618,"width":846,"height":13}},{"id":"8ab0adfc-b00c-42aa-ad11-0ef6c89a29c5","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":43,"box":{"x":88,"y":633,"width":834,"height":13}},{"id":"5ed3fd41-2d8b-450b-81c5-3c21f6331afe","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":43,"box":{"x":89,"y":649,"width":845,"height":12}},{"id":"5853019e-0bda-4e2e-88fb-aed3fd5cf090","block_type":"box","text":"manner, which could adversely affect the Fund’s performance.","page_number":43,"box":{"x":89,"y":664,"width":435,"height":12}},{"id":"e4991b65-6faf-40a0-b79a-fc0fd29b5e34","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":43,"box":{"x":88,"y":690,"width":853,"height":13}},{"id":"cd3b7ad4-747b-4e94-b57f-86ee4e6d6af6","block_type":"box","text":"Settlement System (“CCASS”) maintained by the Hong Kong Securities Clearing Company Limited (“HKSCC”), which in turn","page_number":43,"box":{"x":88,"y":705,"width":867,"height":13}},{"id":"371d446f-53d9-4964-9a6b-e31b1a993b2d","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":43,"box":{"x":89,"y":720,"width":853,"height":13}},{"id":"88eb5a1a-bf14-49b9-9bbb-db30a6fda140","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":43,"box":{"x":88,"y":747,"width":853,"height":12}},{"id":"dbcec56c-ffe4-447c-9848-13263aa2b0be","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":43,"box":{"x":89,"y":762,"width":857,"height":12}},{"id":"6d003ac4-1134-4431-91c7-9b452d9f17d5","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":43,"box":{"x":89,"y":777,"width":850,"height":12}},{"id":"44e2dccd-6c79-423f-83c6-9dd8f4448f02","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":43,"box":{"x":89,"y":792,"width":862,"height":13}},{"id":"ed471ee2-54ca-4bc4-b4d1-f7c3d8b0f9bc","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":43,"box":{"x":89,"y":819,"width":829,"height":12}},{"id":"554aeca7-7a1a-4994-8d9f-cb8e4628c145","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":43,"box":{"x":88,"y":834,"width":843,"height":12}},{"id":"9105e1af-7df5-4962-8633-845bf3269372","block_type":"box","text":"assets of HKSCC available for general distribution to its creditors.","page_number":43,"box":{"x":89,"y":849,"width":452,"height":12}},{"id":"edf1745f-9e65-499a-9f67-931e14088cf2","block_type":"box","text":"22","page_number":43,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"818981ce-0821-4315-8b81-9e6550e168b2","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":44,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"4b979a3b-0093-4130-bbe9-e1c2a3712694","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":44,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"46f760f9-e227-46a6-b42b-e3db6c983d0d","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":44,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"749c6e15-a635-4636-a69a-5a53f5cba513","block_type":"box","text":"HKSCC monitors the corporate actions affecting SSE Securities and SZSE Securities and keeps participants of CCASS","page_number":44,"box":{"x":89,"y":101,"width":812,"height":12}},{"id":"867a7227-a7aa-4e5e-b8cf-e98b47c31882","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":44,"box":{"x":89,"y":116,"width":857,"height":12}},{"id":"18abc89a-1c73-4893-bc50-3d18794875fa","block_type":"box","text":"will therefore depend on HKSCC for both settlement and notification and implementation of corporate actions.","page_number":44,"box":{"x":88,"y":131,"width":775,"height":12}},{"id":"9facfda7-7f50-4356-a534-56d1ee15d5fc","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":44,"box":{"x":88,"y":157,"width":866,"height":13}},{"id":"d204446e-855b-44b8-9791-a06fd8e1d3f0","block_type":"box","text":"trades executed by Hong Kong market participants and investors. Accordingly, investors do not hold SSE Securities or SZSE","page_number":44,"box":{"x":88,"y":172,"width":860,"height":13}},{"id":"8c48697f-74de-4f7f-80f3-4e939bf90943","block_type":"box","text":"Securities directly; rather, they are held through their brokers’ or custodians’ accounts with CCASS. The HKSCC and the","page_number":44,"box":{"x":88,"y":188,"width":833,"height":12}},{"id":"a25bfd42-a5f1-4f1f-a5a8-522d13bf8414","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":44,"box":{"x":89,"y":203,"width":865,"height":12}},{"id":"ee028000-3f75-41ee-a4bf-665ea24c68ce","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":44,"box":{"x":89,"y":218,"width":875,"height":11}},{"id":"736f924b-9fba-4db6-ba96-5d4b947fe97c","block_type":"box","text":"market contracts with clearing participants will be limited to assisting clearing participants in pursuing their claims against","page_number":44,"box":{"x":89,"y":233,"width":857,"height":12}},{"id":"0506eb6f-c2f6-48a5-8ebe-243c0fd11c00","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":44,"box":{"x":88,"y":248,"width":869,"height":12}},{"id":"11035eb3-b207-46ef-be86-4bb410988ff8","block_type":"box","text":"the CSDCC.","page_number":44,"box":{"x":88,"y":263,"width":80,"height":10}},{"id":"e0df6641-f1d4-4061-92d5-dbde0751f362","block_type":"box","text":"Market participants are able to participate in Stock Connect subject to meeting certain information technology capability, risk","page_number":44,"box":{"x":89,"y":290,"width":876,"height":12}},{"id":"a4b13419-a961-45fa-8603-19090e1c9f18","block_type":"box","text":"management and other requirements as may be specified by the relevant exchange and/or clearing house. Further, the","page_number":44,"box":{"x":89,"y":305,"width":833,"height":12}},{"id":"b17fee9e-af88-436c-a685-971df35e7529","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":44,"box":{"x":89,"y":320,"width":853,"height":12}},{"id":"690948e9-f348-4e9f-ad94-518fab421092","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":44,"box":{"x":88,"y":335,"width":845,"height":12}},{"id":"5e92a535-e962-4ad1-ad77-3769058e6c2f","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":44,"box":{"x":89,"y":350,"width":842,"height":12}},{"id":"ab62be85-ec67-4bf3-ae1e-2fa4680dc4cb","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":44,"box":{"x":89,"y":365,"width":868,"height":12}},{"id":"d7265d70-859d-4201-ac57-1bc9f01ffba0","block_type":"box","text":"disrupted, and a Fund’s ability to achieve its investment objective may be adversely affected.","page_number":44,"box":{"x":89,"y":380,"width":644,"height":13}},{"id":"e2c2f7b3-304c-4ebb-9cdb-b016038bdb35","block_type":"box","text":"The Shanghai Connect program, launched in November 2014, and the Shenzhen Connect program, launched in December","page_number":44,"box":{"x":88,"y":407,"width":857,"height":12}},{"id":"c61a9c70-ecda-4c4c-8397-bb0a76e6f038","block_type":"box","text":"2016, do not have an extensive operating history. Stock Connect is subject to regulations promulgated by regulatory","page_number":44,"box":{"x":89,"y":422,"width":812,"height":12}},{"id":"6a99d67e-5000-42da-b3b8-e0f93499999b","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":44,"box":{"x":89,"y":437,"width":850,"height":12}},{"id":"8c9dd672-7bd1-4e5c-a79f-e83d0e042e02","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":44,"box":{"x":89,"y":452,"width":868,"height":12}},{"id":"cf22c9a8-1521-4504-a81c-d6c95ff740bc","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":44,"box":{"x":88,"y":467,"width":789,"height":13}},{"id":"76fe6f11-3fb2-4a4e-919f-66582dd5f83c","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":44,"box":{"x":89,"y":482,"width":855,"height":12}},{"id":"637b623a-b020-4521-a715-d94bc60063fa","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":44,"box":{"x":89,"y":497,"width":866,"height":13}},{"id":"a7746abf-4795-4f87-968d-1a313d4a307a","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":44,"box":{"x":89,"y":513,"width":863,"height":12}},{"id":"7435f6e0-8129-410c-aaf3-6a53509efe48","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":44,"box":{"x":88,"y":528,"width":866,"height":12}},{"id":"6f75cf2f-833c-43bb-bc2f-31ebc4e938e9","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":44,"box":{"x":88,"y":543,"width":868,"height":12}},{"id":"79b69283-4cc3-4c60-84cb-08614f47d429","block_type":"box","text":"investment exposure.","page_number":44,"box":{"x":89,"y":559,"width":148,"height":11}},{"id":"486f0511-2efa-42fa-aa13-daca0096b634","block_type":"box","text":"A-Share Market Suspension Risk","page_number":44,"box":{"x":87,"y":584,"width":229,"height":13}},{"id":"da0440c5-fc4a-43bb-920d-ffec0e4777a4","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":44,"box":{"x":317,"y":584,"width":639,"height":13}},{"id":"b174b5a1-7257-41ed-82f0-a5fb0bc4afa2","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":44,"box":{"x":89,"y":599,"width":848,"height":13}},{"id":"ffa68037-d61f-42f9-85e5-8641d4abbf0e","block_type":"box","text":"trading suspensions than many other global equity markets. Trading suspensions in certain stocks could lead to greater","page_number":44,"box":{"x":88,"y":615,"width":838,"height":12}},{"id":"fc4c3871-2da2-4893-a330-2d973cba2fcb","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":44,"box":{"x":89,"y":630,"width":832,"height":12}},{"id":"503f2d4e-d6cf-4356-9821-76195d51ee89","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":44,"box":{"x":89,"y":645,"width":858,"height":12}},{"id":"0d3c5e6c-c6c7-4e4b-88c5-386d8b74943b","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":44,"box":{"x":88,"y":660,"width":873,"height":12}},{"id":"6b36adcb-0cd9-4d06-9d95-9a71c6a5158c","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":44,"box":{"x":89,"y":675,"width":879,"height":12}},{"id":"f3b0142b-2209-4f22-8baa-5540165f9bc7","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":44,"box":{"x":89,"y":690,"width":864,"height":13}},{"id":"c3901e34-249d-4013-9393-30ab2b22ed7c","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":44,"box":{"x":88,"y":705,"width":875,"height":13}},{"id":"cd117d1f-43b8-4879-a6ee-0f75483b3b38","block_type":"box","text":"considered volatile and unstable (with the risk of widespread trading suspensions or government intervention), the creation","page_number":44,"box":{"x":89,"y":720,"width":865,"height":13}},{"id":"9d39f7ae-879e-431f-b08c-74d8fc62c596","block_type":"box","text":"and redemption of Creation Units may also be disrupted.","page_number":44,"box":{"x":89,"y":736,"width":395,"height":12}},{"id":"070ffb6a-aac9-455b-adfb-0124a18fbf47","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":44,"box":{"x":89,"y":762,"width":295,"height":12}},{"id":"08372181-e385-43d8-8eec-af1ee8eef784","block_type":"box","text":"Many countries with developed markets have recently experienced significant","page_number":44,"box":{"x":393,"y":762,"width":544,"height":12}},{"id":"e07a15dc-4965-422d-ba5d-a127524fc6ee","block_type":"box","text":"economic pressures. These countries generally tend to rely on the services sectors (","page_number":44,"box":{"x":89,"y":777,"width":585,"height":12}},{"id":"0512f6e4-46aa-466c-8f33-2d76b69480aa","block_type":"box","text":"e.g.","page_number":44,"box":{"x":675,"y":780,"width":23,"height":9}},{"id":"e1a20420-3fc5-4a46-a2a5-1fb2a607dcd3","block_type":"box","text":", the financial services sector) as the","page_number":44,"box":{"x":700,"y":777,"width":253,"height":12}},{"id":"e76f78a4-8b4a-45f9-a179-f0e7bf699694","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":44,"box":{"x":89,"y":792,"width":878,"height":13}},{"id":"6987b3fd-b0dd-4187-ac28-282fe98b96cc","block_type":"box","text":"in the financial services sector are subject to governmental regulation and, recently, government intervention, which may","page_number":44,"box":{"x":89,"y":807,"width":847,"height":13}},{"id":"b4354558-f943-469d-b4b3-2c22bb075deb","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":44,"box":{"x":89,"y":822,"width":797,"height":13}},{"id":"6ea8da0a-36d2-4157-a2a6-e68f0db077cc","block_type":"box","text":"Dislocations in the financial sector and perceived or actual governmental influence over certain financial companies may lead","page_number":44,"box":{"x":89,"y":838,"width":876,"height":12}},{"id":"f48642e9-2e02-4ffd-b1a7-aaa4b345c6d0","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":44,"box":{"x":88,"y":853,"width":848,"height":12}},{"id":"3c10a848-8dcf-412a-ba1b-b5d7f30cc2a3","block_type":"box","text":"23","page_number":44,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"e85738ed-6394-481f-8455-9b18a285e4b3","block_type":"box","text":"companies experience a prolonged decline in revenue growth, certain developed countries that rely heavily on financial","page_number":45,"box":{"x":89,"y":44,"width":832,"height":12}},{"id":"ce445b23-3e8b-4c90-8238-8d7319e6f61a","block_type":"box","text":"companies as an economic driver may experience a correlative slowdown. Concerns have emerged with respect to the","page_number":45,"box":{"x":89,"y":59,"width":828,"height":12}},{"id":"28786e3b-3ed7-41e2-aece-d6a1ed1cbca3","block_type":"box","text":"economic health of certain developed countries. These concerns primarily stem from heavy indebtedness of many developed","page_number":45,"box":{"x":89,"y":74,"width":876,"height":12}},{"id":"945589ef-b6ad-4c50-8cfe-5652917d054c","block_type":"box","text":"countries and their perceived inability to continue to service high debt loads without simultaneously implementing stringent","page_number":45,"box":{"x":89,"y":89,"width":870,"height":13}},{"id":"29459026-a31b-4c16-8576-cbba77507915","block_type":"box","text":"austerity measures. Such concerns have led to tremendous downward pressure on the economies of these countries. As a","page_number":45,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"89958c06-417e-421e-ae8a-958ae78fe6c4","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":45,"box":{"x":89,"y":119,"width":864,"height":13}},{"id":"2d288367-ca0e-4b72-8743-dce6035301cc","block_type":"box","text":"countries to service such debt. Spending on health care and retirement pensions in most developed countries has risen","page_number":45,"box":{"x":89,"y":135,"width":833,"height":12}},{"id":"c35c9c30-4fdf-4bfb-bad4-e4fd819882ce","block_type":"box","text":"dramatically. Medical innovation, extended life expectancy and higher public expectations are likely to continue the increase","page_number":45,"box":{"x":89,"y":150,"width":867,"height":12}},{"id":"738ca614-8c34-44e4-bf32-8b2426b8a1a4","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":45,"box":{"x":89,"y":165,"width":835,"height":12}},{"id":"eae91e56-4db6-4d95-852d-3baa48ff4514","block_type":"box","text":"economic growth of many developed countries. Certain developed countries rely on imports of certain key items, such as","page_number":45,"box":{"x":89,"y":180,"width":848,"height":12}},{"id":"2d397b8c-f597-4849-b6e5-2967fc53018d","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":45,"box":{"x":89,"y":195,"width":811,"height":12}},{"id":"d057c867-9f48-4664-ac7c-4fbc44f3535c","block_type":"box","text":"commodities may negatively affect developed country economies. Developed market countries generally are dependent on","page_number":45,"box":{"x":89,"y":210,"width":861,"height":13}},{"id":"69700169-75c1-402c-8349-cd3fbb624eb4","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":45,"box":{"x":88,"y":225,"width":820,"height":13}},{"id":"ee548160-1f30-4cbd-aa88-a38c284e0293","block_type":"box","text":"developed countries. In addition, heavy regulation of, among others, labor and product markets may have an adverse effect","page_number":45,"box":{"x":89,"y":240,"width":862,"height":13}},{"id":"64c3445b-b978-4050-8386-56cede2b993b","block_type":"box","text":"on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Such","page_number":45,"box":{"x":89,"y":256,"width":856,"height":12}},{"id":"fb7114cb-fee4-4d9a-99ea-2a47b8fa902e","block_type":"box","text":"risks, among others, may adversely affect the value of a Fund’s investments.","page_number":45,"box":{"x":89,"y":271,"width":531,"height":12}},{"id":"cd08c284-b9f5-4b32-a6c3-ffc98ea3b889","block_type":"box","text":"Risk of Investing in Eastern Europe.","page_number":45,"box":{"x":89,"y":297,"width":253,"height":12}},{"id":"52b9af66-b115-4434-85bb-67bc8146f98f","block_type":"box","text":"Investing in the securities of issuers located or operating in Eastern Europe is highly","page_number":45,"box":{"x":352,"y":297,"width":583,"height":12}},{"id":"02f13301-a421-4fc9-97bd-dbb21657edf2","block_type":"box","text":"speculative and involves risks not usually associated with investing in the more developed markets of Western Europe.","page_number":45,"box":{"x":89,"y":312,"width":825,"height":13}},{"id":"e692f8bd-8b4a-410a-aebe-23601a217859","block_type":"box","text":"Certain Eastern European countries have high public debt levels, significant underground economies, high unemployment","page_number":45,"box":{"x":89,"y":327,"width":853,"height":13}},{"id":"996f2c88-0dc0-4df8-9211-483da5c90b2f","block_type":"box","text":"and emigration of skilled workers. Such countries generally have a history of political instability, limited infrastructure and an","page_number":45,"box":{"x":89,"y":342,"width":869,"height":13}},{"id":"ee334e3c-47ed-4937-a381-bb3decbb1ca3","block_type":"box","text":"inefficient public sector prone to endemic corruption. Political and economic reforms are too recent to establish a definite","page_number":45,"box":{"x":89,"y":358,"width":850,"height":12}},{"id":"b9c487a7-b8a7-48b5-81c3-7be5e9aac145","block_type":"box","text":"trend away from centrally planned economies and state-owned industries. In the past, some Eastern European governments","page_number":45,"box":{"x":88,"y":373,"width":870,"height":12}},{"id":"651cbad6-a342-41e9-9a39-a3e220a9c900","block_type":"box","text":"have expropriated substantial amounts of private property, and many claims of the property owners have never been fully","page_number":45,"box":{"x":89,"y":388,"width":851,"height":12}},{"id":"5c5aa165-1c79-482f-8866-b809f95afd40","block_type":"box","text":"settled.","page_number":45,"box":{"x":89,"y":403,"width":49,"height":10}},{"id":"0c905d62-0cbd-44b5-a208-087f3bd518d3","block_type":"box","text":"Many Eastern European countries continue to move toward market economies at different paces with different","page_number":45,"box":{"x":89,"y":429,"width":774,"height":13}},{"id":"0d45b024-3bdf-4cbe-805a-546c275f545d","block_type":"box","text":"characteristics. Many Eastern European securities markets are generally underdeveloped with low, irregular trading volumes,","page_number":45,"box":{"x":89,"y":445,"width":869,"height":12}},{"id":"cf4917d1-d44b-4322-8020-808d8cc7f716","block_type":"box","text":"dubious investor protections, and often a dearth of reliable corporate information. Eastern European securities markets are","page_number":45,"box":{"x":89,"y":460,"width":858,"height":12}},{"id":"2d88f593-ad60-4271-bc89-cca51be131ed","block_type":"box","text":"generally subject to less government supervision and regulation and may be less liquid and more volatile than securities","page_number":45,"box":{"x":89,"y":475,"width":838,"height":12}},{"id":"e2a46f91-eb58-4886-a48c-b5fad71d2263","block_type":"box","text":"markets in the U.S. or Western European countries. Legal institutions governing private and foreign investments and private","page_number":45,"box":{"x":89,"y":490,"width":863,"height":12}},{"id":"d4bcee43-3c12-4406-bfaf-3e6faa2f3c72","block_type":"box","text":"property may be relatively nascent, inefficient, and unevenly enforced or inequitably enforced. Certain Eastern European","page_number":45,"box":{"x":89,"y":505,"width":836,"height":12}},{"id":"bf8943ec-7c6f-462b-9b6e-a31f1eb78096","block_type":"box","text":"governments may exercise substantial influence over many aspects of the private sector and may own or control many","page_number":45,"box":{"x":89,"y":520,"width":832,"height":12}},{"id":"f4d6bbfa-d153-4ad9-8abd-1c4eedb8c667","block_type":"box","text":"companies. Future government actions could have a significant effect on the economic conditions in such countries, which","page_number":45,"box":{"x":89,"y":535,"width":861,"height":13}},{"id":"80e91232-1f7e-495a-984c-922a46acf7e6","block_type":"box","text":"could have a negative impact on a Fund’s investments. Information and transaction costs, differential taxes, and sometimes","page_number":45,"box":{"x":89,"y":550,"width":863,"height":13}},{"id":"ec9842af-e5db-4767-89cf-9b96bfe3237a","block_type":"box","text":"political or transfer risk give a comparative advantage to the domestic investor rather than the foreign investor.","page_number":45,"box":{"x":89,"y":565,"width":772,"height":13}},{"id":"69c4d7ed-7980-43f2-b85c-a2e416269c29","block_type":"box","text":"Eastern European economies may also be particularly susceptible to changes in the international credit markets due to their","page_number":45,"box":{"x":89,"y":592,"width":866,"height":12}},{"id":"eecd2a78-45bd-4887-928c-fd9016da461d","block_type":"box","text":"reliance on bank related inflows of capital. Changes to the economies of countries with substantial foreign direct investment","page_number":45,"box":{"x":89,"y":607,"width":870,"height":12}},{"id":"1df72cb4-860b-467f-ae61-73b4bf374d80","block_type":"box","text":"in certain Eastern European countries may negatively affect the region’s economy. The economy of certain Eastern European","page_number":45,"box":{"x":89,"y":622,"width":870,"height":12}},{"id":"e694f8ee-7bc0-4e0a-8f54-2b11c3adbd9b","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":45,"box":{"x":89,"y":637,"width":869,"height":13}},{"id":"054587dd-3395-4ef6-92ec-d6cfc1395c85","block_type":"box","text":"a country relies on the export of such products.","page_number":45,"box":{"x":89,"y":652,"width":331,"height":13}},{"id":"0b4d4fbd-81c3-4b82-8a67-abad05d9ea4f","block_type":"box","text":"Geopolitical events, including war, and other instability in certain Eastern European countries may cause uncertainty in the","page_number":45,"box":{"x":89,"y":679,"width":856,"height":12}},{"id":"7df222fa-3431-4db4-805d-db0950a43b51","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":45,"box":{"x":89,"y":694,"width":867,"height":12}},{"id":"0f352216-3d88-48fb-9816-53eda3e99874","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":45,"box":{"x":89,"y":709,"width":848,"height":12}},{"id":"bb62c5be-5a89-4f1a-b69a-ed9f9f187f90","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":45,"box":{"x":89,"y":724,"width":879,"height":13}},{"id":"ec23f448-8225-4481-85f2-99eb907277a1","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":45,"box":{"x":89,"y":739,"width":867,"height":13}},{"id":"cd8fe0d9-b43c-4718-bcff-b3ea0d793686","block_type":"box","text":"the summer of 2008 and Ukraine beginning in 2014, and most recently on February 24, 2022.","page_number":45,"box":{"x":88,"y":754,"width":650,"height":13}},{"id":"ac736cc8-3899-47a7-81f5-3dc338b79fb6","block_type":"box","text":"Russian Invasion of Ukraine","page_number":45,"box":{"x":88,"y":781,"width":192,"height":11}},{"id":"1a1cc04f-863e-44ca-afe6-0f065df3e57c","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":45,"box":{"x":281,"y":781,"width":680,"height":12}},{"id":"7b89ec71-4735-40b5-94df-4a3e05742b48","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":45,"box":{"x":89,"y":796,"width":870,"height":12}},{"id":"73367a55-337b-4246-bce8-8e3a54c880fa","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":45,"box":{"x":88,"y":811,"width":879,"height":12}},{"id":"10ce356d-2000-4411-a7df-a454b8399c70","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":45,"box":{"x":89,"y":826,"width":869,"height":13}},{"id":"50a874af-96b5-4316-a07f-d5a243c5da72","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":45,"box":{"x":89,"y":841,"width":811,"height":13}},{"id":"bd22c26d-df3a-45d2-8479-75224d53cb72","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":45,"box":{"x":89,"y":856,"width":862,"height":13}},{"id":"eaf7ef51-c2dc-4994-92ec-443a748e482c","block_type":"box","text":"24","page_number":45,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8cb7c176-d980-46e1-a46d-9e804a9564e4","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":46,"box":{"x":89,"y":44,"width":863,"height":12}},{"id":"b0e7e4f4-2e8c-4fdc-9a90-2edf5accaab1","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":46,"box":{"x":89,"y":59,"width":879,"height":12}},{"id":"a214bbe3-5f03-4e53-95de-07f94362a906","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":46,"box":{"x":89,"y":74,"width":858,"height":12}},{"id":"8373a800-fcc2-47ef-b0ca-1469eec26e06","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":46,"box":{"x":89,"y":89,"width":468,"height":13}},{"id":"1fd2578e-71e0-4e68-91ff-f29b519cfaa0","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":46,"box":{"x":89,"y":116,"width":276,"height":12}},{"id":"9dd297b2-29d3-43de-b6b8-d9cf15e56af6","block_type":"box","text":"Investments in emerging market countries may be subject to greater risks than","page_number":46,"box":{"x":375,"y":116,"width":550,"height":12}},{"id":"42020577-63b5-438c-af49-0b277a11f39e","block_type":"box","text":"investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity","page_number":46,"box":{"x":89,"y":131,"width":865,"height":12}},{"id":"820e0266-0705-4e26-955e-b06dec5c522e","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":46,"box":{"x":89,"y":146,"width":868,"height":12}},{"id":"cf624518-d0de-4fc2-9857-01bdb57b52b4","block_type":"box","text":"(iii) companies, custodians, clearinghouses, foreign exchanges and broker-dealers may be subject to less scrutiny and","page_number":46,"box":{"x":89,"y":161,"width":824,"height":12}},{"id":"e83e45fd-dc0c-4d83-bdc0-940229e7be73","block_type":"box","text":"regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors","page_number":46,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"b8018ad4-1111-4af3-b3e9-cef70bef0131","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":46,"box":{"x":89,"y":191,"width":864,"height":13}},{"id":"16636e6b-2ab7-4944-b81e-a5eeaa567047","block_type":"box","text":"governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains may be","page_number":46,"box":{"x":89,"y":206,"width":843,"height":13}},{"id":"a320a229-309d-4926-9bee-bef557d079f5","block_type":"box","text":"subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on standard payments imposed by","page_number":46,"box":{"x":89,"y":222,"width":857,"height":12}},{"id":"f227e2c2-5685-4045-9564-85a3ddec2a95","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":46,"box":{"x":89,"y":237,"width":862,"height":12}},{"id":"98ebbd05-f45d-483f-9275-2e71503352d9","block_type":"box","text":"may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and","page_number":46,"box":{"x":89,"y":252,"width":855,"height":12}},{"id":"16cd9a1a-fbac-486f-ba59-94aa209252c9","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":46,"box":{"x":89,"y":267,"width":825,"height":12}},{"id":"e1ddb630-ed3d-4a85-a1bc-30136f7ef3d5","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":46,"box":{"x":89,"y":282,"width":861,"height":12}},{"id":"9b91dc7e-5e54-482d-9232-828afc5ce45d","block_type":"box","text":"currency; (x) limited public information regarding the issuer may result in greater difficulty in determining market valuations","page_number":46,"box":{"x":89,"y":297,"width":868,"height":12}},{"id":"444f7162-ce27-47a9-9d7e-18ed48afc21e","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":46,"box":{"x":89,"y":312,"width":865,"height":13}},{"id":"c1decb60-195c-41e7-ac74-a193a109c329","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":46,"box":{"x":89,"y":327,"width":868,"height":13}},{"id":"20fdbf16-509a-42c7-ab02-063cca6fde0d","block_type":"box","text":"select investments based on investor protection considerations.","page_number":46,"box":{"x":89,"y":342,"width":444,"height":13}},{"id":"cd217e77-39cf-4bcb-b7e0-d1c178608a98","block_type":"box","text":"Emerging market securities markets are typically marked by a high concentration of market capitalization and trading volume","page_number":46,"box":{"x":89,"y":369,"width":877,"height":12}},{"id":"2c2da629-583e-4647-86f5-613a16995783","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":46,"box":{"x":89,"y":384,"width":844,"height":12}},{"id":"87972870-ad64-44c6-bbd5-3945159ba934","block_type":"box","text":"such securities by a limited number of investors. In addition, brokerage and other costs associated with transactions in","page_number":46,"box":{"x":89,"y":399,"width":829,"height":13}},{"id":"c2e88294-5f9b-4417-9dca-aeed336671a2","block_type":"box","text":"emerging market securities can be higher, sometimes significantly, than similar costs incurred in securities markets in","page_number":46,"box":{"x":89,"y":414,"width":820,"height":13}},{"id":"bfcffe13-fd30-490b-9f5c-a30bfd4ce8a7","block_type":"box","text":"developed countries. Although some emerging markets have become more established and tend to issue securities of higher","page_number":46,"box":{"x":89,"y":429,"width":875,"height":13}},{"id":"65d301e5-6383-4383-8ff2-41c74c48d4f6","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":46,"box":{"x":89,"y":445,"width":856,"height":12}},{"id":"ba2dbb58-7642-42b4-99ee-bce88849a212","block_type":"box","text":"and these countries issue securities across the credit spectrum. Even the markets for relatively widely traded securities in","page_number":46,"box":{"x":89,"y":460,"width":844,"height":12}},{"id":"8e2737d4-e74c-497e-b3ad-2c83bf5aef07","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":46,"box":{"x":89,"y":475,"width":863,"height":12}},{"id":"cc6c840d-1d04-4f2c-9603-a5c0cbe40905","block_type":"box","text":"trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited","page_number":46,"box":{"x":88,"y":490,"width":876,"height":12}},{"id":"04dfa46a-75c6-4851-9a6a-65bcb8fef05b","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":46,"box":{"x":89,"y":505,"width":803,"height":12}},{"id":"4db44796-31b6-4983-a261-8097ff1023d7","block_type":"box","text":"soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who","page_number":46,"box":{"x":89,"y":520,"width":830,"height":12}},{"id":"68107124-1286-43a4-b378-34112054a85b","block_type":"box","text":"control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in","page_number":46,"box":{"x":89,"y":535,"width":854,"height":13}},{"id":"a36e4fca-1391-44c8-b6c6-68d0acc9bc1e","block_type":"box","text":"such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of","page_number":46,"box":{"x":89,"y":550,"width":843,"height":13}},{"id":"190a3fac-67be-4f5e-b01f-1888e34d4674","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":46,"box":{"x":89,"y":565,"width":871,"height":13}},{"id":"a00ef67c-2ae0-430b-b815-b953af56eb1c","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":46,"box":{"x":89,"y":581,"width":707,"height":12}},{"id":"d1654ab5-3c57-4690-ac2d-4f7b74f61948","block_type":"box","text":"Many emerging market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be","page_number":46,"box":{"x":89,"y":607,"width":826,"height":12}},{"id":"e87f97db-1ce9-4abc-a10e-bd7c29e6421f","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":46,"box":{"x":89,"y":622,"width":835,"height":12}},{"id":"88cc6b6c-9d6c-4f0d-9940-2c30f8254d3c","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":46,"box":{"x":89,"y":637,"width":812,"height":13}},{"id":"94a9f2f3-1a3a-4fb5-9828-fab911f6d9d5","block_type":"box","text":"favorable to investors such as policies designed to expropriate or nationalize “sovereign” assets. Certain emerging market","page_number":46,"box":{"x":88,"y":652,"width":849,"height":13}},{"id":"7903293e-2ca8-496a-89c6-deef51a3c80a","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":46,"box":{"x":89,"y":668,"width":868,"height":12}},{"id":"c9caa1a2-04c6-4b34-96e3-42e2c817260c","block_type":"box","text":"there can be no assurance that such expropriation will not occur in the future.","page_number":46,"box":{"x":88,"y":683,"width":546,"height":12}},{"id":"e955949f-3322-4676-aa7e-c27dadc0d9bd","block_type":"box","text":"Investment in the securities markets of certain emerging market countries is restricted or controlled to varying degrees.","page_number":46,"box":{"x":89,"y":709,"width":834,"height":12}},{"id":"3aea8bd9-f0c4-4509-8370-c35b373788fd","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":46,"box":{"x":88,"y":724,"width":871,"height":13}},{"id":"5bf3a0af-b62f-4ba0-81e0-339744b85caf","block_type":"box","text":"Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons or limit","page_number":46,"box":{"x":89,"y":739,"width":841,"height":13}},{"id":"05a34d5a-640f-4cb5-bcad-ef05089ec13a","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":46,"box":{"x":89,"y":754,"width":827,"height":13}},{"id":"0d562dca-a0af-4640-8dfa-c8b16c1bca7c","block_type":"box","text":"securities which may have less advantageous terms (including price) than securities of the company available for purchase","page_number":46,"box":{"x":89,"y":770,"width":859,"height":12}},{"id":"c0a9bf8f-def6-4697-a2f6-ae87406a931e","block_type":"box","text":"by nationals.","page_number":46,"box":{"x":89,"y":785,"width":87,"height":12}},{"id":"b46c633a-ac29-441d-aa9e-17dc26c4e507","block_type":"box","text":"Many emerging market countries lack the social, political, and economic stability characteristic of the U.S. Political instability","page_number":46,"box":{"x":89,"y":811,"width":870,"height":12}},{"id":"4b4345fe-5b87-497c-af35-28ee9c3f0a61","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":46,"box":{"x":89,"y":826,"width":854,"height":13}},{"id":"4fc71e04-6147-4f67-9029-e52b945c4fb6","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":46,"box":{"x":89,"y":841,"width":870,"height":13}},{"id":"e26315a0-f49b-425d-9478-2a09da580e26","block_type":"box","text":"high interest rates; (ii) high levels of inflation, including hyperinflation; (iii) high levels of unemployment or","page_number":46,"box":{"x":89,"y":856,"width":743,"height":13}},{"id":"7dba7276-e22b-492f-962d-85ea99448556","block_type":"box","text":"25","page_number":46,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b4d93295-b1f2-4e5c-a804-ad8696c19d54","block_type":"box","text":"underemployment; (iv) changes in government economic and tax policies, including confiscatory taxation; and (v)","page_number":47,"box":{"x":89,"y":44,"width":800,"height":12}},{"id":"895e2ac2-e8e5-497a-96ba-09d2d90fb66b","block_type":"box","text":"imposition of trade barriers.","page_number":47,"box":{"x":89,"y":59,"width":193,"height":12}},{"id":"dc3a5a52-4d1f-4431-8362-66af6416f991","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":47,"box":{"x":88,"y":85,"width":862,"height":13}},{"id":"8e43f699-e8c2-4fa6-83b8-83fbb6e378a0","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":47,"box":{"x":88,"y":101,"width":861,"height":12}},{"id":"3cb43b77-bd57-4079-a8be-835a29ca284b","block_type":"box","text":"some cases to reduce the otherwise applicable tax rates.","page_number":47,"box":{"x":89,"y":116,"width":394,"height":12}},{"id":"68887079-d10f-4681-9341-c973097b3c00","block_type":"box","text":"Emerging markets also have different clearance and settlement procedures, and in certain of these emerging markets there","page_number":47,"box":{"x":89,"y":142,"width":860,"height":12}},{"id":"8c5bd3bb-c185-450a-9013-b4e73f893751","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":47,"box":{"x":89,"y":157,"width":834,"height":13}},{"id":"89b331c8-1206-401b-9ac1-5ca30422c2e3","block_type":"box","text":"difficult to conduct such transactions.","page_number":47,"box":{"x":89,"y":172,"width":264,"height":10}},{"id":"9069bc09-abee-4aea-8089-947e04bd0ca4","block_type":"box","text":"In the past, certain governments in emerging market countries have become overly reliant on the international capital","page_number":47,"box":{"x":89,"y":199,"width":822,"height":12}},{"id":"4a62874b-82f4-4f91-a3a5-2381ce8cf034","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":47,"box":{"x":89,"y":214,"width":849,"height":12}},{"id":"0b105b45-c9a9-4aeb-983c-82825cf7a21c","block_type":"box","text":"budget deficits. Often, interest payments have become too overwhelming for a government to meet, representing a large","page_number":47,"box":{"x":89,"y":229,"width":846,"height":12}},{"id":"eb3fe06b-eb68-4b79-8b1d-ca907b0207b0","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":47,"box":{"x":89,"y":244,"width":872,"height":13}},{"id":"a3796350-6a21-4350-942f-e09c8b50a9cd","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":47,"box":{"x":89,"y":259,"width":878,"height":13}},{"id":"4be671e6-a99a-45b6-885b-542d42c8f78d","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":47,"box":{"x":88,"y":274,"width":856,"height":13}},{"id":"242f03de-2222-401d-adda-014e0178c8e6","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":47,"box":{"x":89,"y":290,"width":838,"height":12}},{"id":"afb6de22-3dc3-4b41-b22d-dd273152aa91","block_type":"box","text":"suspension of interest payments or have defaulted. These events have adversely affected the values of securities issued by","page_number":47,"box":{"x":89,"y":305,"width":853,"height":12}},{"id":"23fef8ee-a0d6-4a33-afea-9e771d68713a","block_type":"box","text":"foreign governments and corporations domiciled in those countries and have negatively affected not only their cost of","page_number":47,"box":{"x":88,"y":320,"width":829,"height":12}},{"id":"29d28784-4184-4988-a45b-aa188d5a7b07","block_type":"box","text":"borrowing, but their ability to borrow in the future as well.","page_number":47,"box":{"x":89,"y":335,"width":404,"height":12}},{"id":"e9f95979-60be-4f22-9cdf-b9f1e7da4a74","block_type":"box","text":"Risk of Investing in Europe.","page_number":47,"box":{"x":89,"y":361,"width":194,"height":13}},{"id":"947e5b0f-c8ec-41d0-b433-6c047f0aecd6","block_type":"box","text":"Investing in European countries exposes a Fund to the economic and political risks associated","page_number":47,"box":{"x":293,"y":361,"width":656,"height":13}},{"id":"5371c511-1d24-45a2-b91f-65b97aa0737c","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":47,"box":{"x":88,"y":376,"width":838,"height":13}},{"id":"b5eba4ee-40d9-4e0e-81a5-22d970ec734f","block_type":"box","text":"countries are often closely connected and interdependent, and events in one European country can have an adverse impact","page_number":47,"box":{"x":89,"y":392,"width":865,"height":12}},{"id":"fcad2d3d-a6d4-49aa-9409-e5d8975e453a","block_type":"box","text":"on other European countries. A Fund makes investments in securities of issuers that are domiciled in, have significant","page_number":47,"box":{"x":89,"y":407,"width":822,"height":12}},{"id":"5ebb6dd6-1a58-4a33-ba49-14179d8021d1","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":47,"box":{"x":89,"y":422,"width":855,"height":12}},{"id":"5111ba95-2281-46b8-9adf-6f54b9900def","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":47,"box":{"x":88,"y":437,"width":860,"height":12}},{"id":"bdab9b0b-b58c-4482-a5d6-51b01f2f5ae8","block_type":"box","text":"currency. Eurozone membership requires member states to comply with restrictions on inflation rates, deficits, interest rates,","page_number":47,"box":{"x":89,"y":452,"width":870,"height":12}},{"id":"80611fe0-cfe8-4dfe-9881-9456887d4283","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":47,"box":{"x":89,"y":467,"width":837,"height":13}},{"id":"5af78f56-1f9b-4954-b489-177f4a99a7fb","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":47,"box":{"x":89,"y":482,"width":857,"height":13}},{"id":"2fee182b-970b-48d7-9b89-daaf35f2be22","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":47,"box":{"x":89,"y":497,"width":877,"height":13}},{"id":"5606bacc-1904-43f9-8416-9c088aa45986","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":47,"box":{"x":89,"y":513,"width":842,"height":12}},{"id":"b2b878bf-3f2e-4e39-8aa1-32797d7344a1","block_type":"box","text":"economies of other EU member states and their trading partners. Although certain European countries are not in the","page_number":47,"box":{"x":89,"y":528,"width":817,"height":12}},{"id":"5c84c6fd-e44d-4298-9263-699bbca24bf1","block_type":"box","text":"eurozone, many of these countries are obliged to meet the criteria for joining the eurozone.","page_number":47,"box":{"x":89,"y":543,"width":635,"height":12}},{"id":"fc851253-b1dc-4489-93c6-57094e4859a9","block_type":"box","text":"Consequently, these countries must comply with many of the restrictions noted above. The European financial markets have","page_number":47,"box":{"x":89,"y":569,"width":870,"height":13}},{"id":"fd1f215d-eb9e-48e9-b02b-f237c7dd97c6","block_type":"box","text":"experienced volatility and adverse trends due to concerns about economic downturns, government debt levels and the","page_number":47,"box":{"x":89,"y":584,"width":831,"height":13}},{"id":"8c944d9a-9d3e-4259-b961-d0dc41a1d874","block_type":"box","text":"possible default of government debt in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":47,"box":{"x":89,"y":599,"width":850,"height":13}},{"id":"fb02d25c-f4a5-4a00-b728-b8e43fe20c5f","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. In order to prevent further economic deterioration, certain","page_number":47,"box":{"x":89,"y":615,"width":812,"height":12}},{"id":"e1ae9140-ab0b-4ddc-9550-71e6d8397791","block_type":"box","text":"countries, without prior warning, can institute “capital controls.” Countries may use these controls to restrict volatile","page_number":47,"box":{"x":89,"y":630,"width":814,"height":12}},{"id":"b3eb1566-7521-415b-ad63-3c9974cd9af7","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":47,"box":{"x":89,"y":645,"width":871,"height":12}},{"id":"5acd229b-565c-4245-9f6d-3cd13bee3e27","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":47,"box":{"x":89,"y":660,"width":848,"height":12}},{"id":"6064ecec-067f-41ba-91d9-d09946bc5e81","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":47,"box":{"x":89,"y":675,"width":862,"height":12}},{"id":"e43dae74-bb64-4619-bb9c-ab7d2ca23bc6","block_type":"box","text":"addition, the credit ratings of certain European countries were downgraded in the past. These events have adversely affected","page_number":47,"box":{"x":89,"y":690,"width":871,"height":13}},{"id":"c6084218-1e07-4faa-8d87-2e4a56ad4308","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":47,"box":{"x":88,"y":705,"width":860,"height":13}},{"id":"daba5607-ef0e-4b3e-92e1-701b562e79a1","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":47,"box":{"x":89,"y":720,"width":857,"height":13}},{"id":"5716c17b-debf-4d36-a822-84d6417dfba4","block_type":"box","text":"governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may","page_number":47,"box":{"x":89,"y":736,"width":871,"height":12}},{"id":"ec7554b2-c44b-43ee-9c6c-092bd3cf5627","block_type":"box","text":"result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further","page_number":47,"box":{"x":89,"y":751,"width":864,"height":12}},{"id":"7fe2b085-8e34-4564-89c7-6749b3b0b502","block_type":"box","text":"defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":47,"box":{"x":89,"y":766,"width":796,"height":12}},{"id":"aa43135f-3039-478a-98f0-2633bb9c064d","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the","page_number":47,"box":{"x":89,"y":781,"width":850,"height":12}},{"id":"dd3aa2e5-e6a9-41d7-9c92-b193934b9b16","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":47,"box":{"x":89,"y":796,"width":856,"height":12}},{"id":"4e9bce1b-562b-48cc-a040-644b56ccdd40","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":47,"box":{"x":89,"y":811,"width":816,"height":12}},{"id":"64f45757-fd2a-45f0-ac54-cf95d2ff955b","block_type":"box","text":"26","page_number":47,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"0db2de4e-6b22-42df-927e-cf6942df3c7f","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":48,"box":{"x":88,"y":44,"width":813,"height":12}},{"id":"0377c741-306c-4ca8-9ae4-baf7f9b837b8","block_type":"box","text":"worldwide political, regulatory, economic or market conditions and could contribute to instability in global political","page_number":48,"box":{"x":88,"y":59,"width":802,"height":12}},{"id":"ee8dc55e-4084-4d80-be96-95f8c5054fb3","block_type":"box","text":"institutions, regulatory agencies and financial markets.","page_number":48,"box":{"x":89,"y":74,"width":382,"height":12}},{"id":"455e3044-e4fe-419d-b8b7-a8ccff7b5960","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were","page_number":48,"box":{"x":89,"y":101,"width":863,"height":12}},{"id":"9bc81e36-0729-4b5c-8ac6-99de619ea7d2","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":48,"box":{"x":88,"y":116,"width":849,"height":12}},{"id":"3253d469-afbb-4098-85c9-057f49407e6a","block_type":"box","text":"Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example,","page_number":48,"box":{"x":89,"y":131,"width":872,"height":12}},{"id":"b7ecd320-0c93-40da-bcb9-972fa0efa6f3","block_type":"box","text":"secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":48,"box":{"x":89,"y":146,"width":818,"height":12}},{"id":"df29f7b6-f415-415f-b500-57ee9877f921","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and","page_number":48,"box":{"x":89,"y":161,"width":845,"height":12}},{"id":"5b568e33-1c96-4b57-8257-8d77a4ea9361","block_type":"box","text":"significant investment losses. The occurrence of terrorist incidents throughout Europe or war in the region also could impact","page_number":48,"box":{"x":89,"y":176,"width":873,"height":13}},{"id":"aca59380-c1ec-4533-bf9b-1077043fd967","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":48,"box":{"x":88,"y":191,"width":876,"height":13}},{"id":"da6222bb-0f74-4d70-9025-b9cf259aa80f","block_type":"box","text":"the value and liquidity of a Fund’s investments.","page_number":48,"box":{"x":88,"y":206,"width":328,"height":13}},{"id":"42ac30c7-21f3-4e60-9d0b-803cb0bfada5","block_type":"box","text":"Russian Invasion of Ukraine","page_number":48,"box":{"x":88,"y":233,"width":192,"height":11}},{"id":"dc2e78fd-85fd-412e-afb3-62b28afc6b0b","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":48,"box":{"x":281,"y":233,"width":680,"height":12}},{"id":"a6bc73dc-bc17-47e5-b457-37eb32c61125","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":48,"box":{"x":89,"y":248,"width":870,"height":12}},{"id":"f3c4494d-2569-44a6-aa39-f437d7081182","block_type":"box","text":"the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian","page_number":48,"box":{"x":88,"y":263,"width":879,"height":12}},{"id":"2dd63ade-a077-4e88-bbdd-6f42182d5803","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":48,"box":{"x":89,"y":278,"width":869,"height":13}},{"id":"fe3ab830-0331-4b7b-a0b8-3504e93aa552","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":48,"box":{"x":89,"y":293,"width":811,"height":13}},{"id":"712c5ca6-079d-422b-af9c-b450edb4afc7","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":48,"box":{"x":89,"y":308,"width":862,"height":13}},{"id":"e316ef13-73f7-42b2-a97b-d050694cca69","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":324,"width":863,"height":12}},{"id":"1e4c1305-6a88-4bb1-9dea-32688e1d0e9f","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":339,"width":879,"height":12}},{"id":"98c3e44d-fee2-4a05-b743-c8035246f565","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":354,"width":858,"height":12}},{"id":"7f2ece05-9af8-4d38-bb67-fc99ec8aef55","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":48,"box":{"x":89,"y":369,"width":468,"height":12}},{"id":"c94575bf-cbf6-4b67-8e6a-1362813d3b9e","block_type":"box","text":"Risk of Investing in India.","page_number":48,"box":{"x":89,"y":395,"width":179,"height":13}},{"id":"85508469-2c37-45b5-98df-f836846f1442","block_type":"box","text":"India is an emerging market and demonstrates significantly higher volatility from time to time in","page_number":48,"box":{"x":279,"y":395,"width":670,"height":13}},{"id":"0bde46d3-34d0-4343-bc6b-300b244c2d4c","block_type":"box","text":"comparison to more developed markets. Political, religious, and border disputes persist in India. India has recently","page_number":48,"box":{"x":89,"y":410,"width":795,"height":13}},{"id":"26d907d8-2154-4f5a-9712-cbdf327bb323","block_type":"box","text":"experienced and may continue to experience civil unrest and hostilities with certain of its neighboring countries, including","page_number":48,"box":{"x":89,"y":426,"width":853,"height":12}},{"id":"65fcb25b-589c-455f-857d-b57717761258","block_type":"box","text":"Pakistan, and the Indian government has confronted separatist movements in several Indian states, including Kashmir and","page_number":48,"box":{"x":89,"y":441,"width":855,"height":12}},{"id":"0f191113-994d-4b9c-98e8-ff5c8a9c008a","block_type":"box","text":"Punjab. Government control over the economy, currency fluctuations or blockage, and the risk of nationalization or","page_number":48,"box":{"x":89,"y":456,"width":804,"height":12}},{"id":"91cc9235-766d-4872-af59-c9221d6ff5c9","block_type":"box","text":"expropriation of assets offer higher potential for losses. Governmental actions could have a negative effect on the economic","page_number":48,"box":{"x":89,"y":471,"width":865,"height":12}},{"id":"636469c0-5a1c-46ff-a53e-727b225460b7","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":48,"box":{"x":89,"y":486,"width":823,"height":12}},{"id":"254d65ed-b49b-42af-ac08-3e1e0420fe54","block_type":"box","text":"markets in India are comparatively underdeveloped and with some exceptions, consist of a small number of listed companies","page_number":48,"box":{"x":89,"y":501,"width":876,"height":13}},{"id":"25903857-ae29-467f-91d4-b858ed8e1fad","block_type":"box","text":"with small market capitalization, greater price volatility and substantially less liquidity than companies in more developed","page_number":48,"box":{"x":88,"y":516,"width":847,"height":13}},{"id":"ff9cd253-8667-429a-9ce6-eaa5be9c98de","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":48,"box":{"x":89,"y":531,"width":850,"height":13}},{"id":"6913f797-802d-486d-b30c-e4cda3ba8f99","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":48,"box":{"x":89,"y":547,"width":866,"height":12}},{"id":"25a4bca9-6e85-4e95-b206-6243f7ed36c1","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":48,"box":{"x":89,"y":562,"width":726,"height":12}},{"id":"3a66524b-dae0-4405-98d0-debca4829845","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":48,"box":{"x":89,"y":588,"width":873,"height":12}},{"id":"22ed5ec8-9126-457f-9d1c-c6bf4f2758b7","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":48,"box":{"x":89,"y":603,"width":856,"height":13}},{"id":"2464ea70-0482-40ce-a374-ff001a3a6f46","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":48,"box":{"x":89,"y":618,"width":856,"height":13}},{"id":"da5b282b-aa1b-4106-8e1c-405bd6b8d94a","block_type":"box","text":"government eliminated certain large denomination cash notes as legal tender, causing uncertainty in certain financial","page_number":48,"box":{"x":89,"y":633,"width":820,"height":13}},{"id":"273ba299-2e8e-436c-977e-8a57ddea7e8d","block_type":"box","text":"markets. These factors, coupled with the lack of extensive accounting, auditing and financial reporting standards and","page_number":48,"box":{"x":89,"y":649,"width":821,"height":12}},{"id":"ed0a7299-5cdb-4fd3-b6c8-66cef3ffc774","block_type":"box","text":"practices, as applicable in the U.S., may increase the risk of loss for a Fund.","page_number":48,"box":{"x":89,"y":664,"width":520,"height":12}},{"id":"1405fb1c-dfe1-4a9e-a981-cbfef49e4c1e","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":48,"box":{"x":88,"y":690,"width":878,"height":13}},{"id":"489cb51b-de5c-4885-bc85-1a726e858e48","block_type":"box","text":"in laws governing foreign investment, securities regulation, title to securities and shareholder rights. Foreign investors in","page_number":48,"box":{"x":89,"y":705,"width":837,"height":13}},{"id":"e2bb41e8-0f31-419b-a959-1bbf8ddbd888","block_type":"box","text":"particular may be adversely affected by new or amended laws and regulations. Certain Indian regulatory approvals, including","page_number":48,"box":{"x":89,"y":720,"width":871,"height":13}},{"id":"d97959bd-ede1-40b6-822e-14046a624d39","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":48,"box":{"x":89,"y":736,"width":876,"height":12}},{"id":"b9407e76-c155-4cec-899f-ab17b2ece4e6","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":48,"box":{"x":88,"y":751,"width":847,"height":12}},{"id":"5772c743-edc7-4aeb-8cdc-2cd63f961dca","block_type":"box","text":"from Indian securities may be subject to local taxation.","page_number":48,"box":{"x":88,"y":766,"width":383,"height":12}},{"id":"4f9fc4aa-c207-4b8e-a3df-3daa55622680","block_type":"box","text":"Technology and software sectors represent a significant portion of the total capitalization of the Indian securities markets.","page_number":48,"box":{"x":88,"y":792,"width":854,"height":13}},{"id":"ff04ca3f-ce97-4f2a-9127-eae49703883c","block_type":"box","text":"The value of these companies will generally fluctuate in response to technological and regulatory developments, and, as a","page_number":48,"box":{"x":88,"y":807,"width":853,"height":13}},{"id":"4394d51d-81bd-439a-a751-2dbd40d44f78","block_type":"box","text":"result, a Fund’s holdings are expected to experience correlated fluctuations.","page_number":48,"box":{"x":89,"y":822,"width":529,"height":13}},{"id":"7b96b910-32ca-4697-b85f-056c6e841c6f","block_type":"box","text":"Natural disasters, such as tsunamis, flooding or droughts, could occur in India or surrounding areas and could negatively","page_number":48,"box":{"x":89,"y":849,"width":846,"height":12}},{"id":"340156f8-c4c3-4ceb-a47b-55b6805bba8b","block_type":"box","text":"affect the Indian economy or operations of Indian companies, and, in turn, could negatively affect a Fund.","page_number":48,"box":{"x":89,"y":864,"width":737,"height":12}},{"id":"8c8f0d8b-a328-4f94-a6a1-cf5ff281657b","block_type":"box","text":"27","page_number":48,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2fb4fee1-13c4-4ea6-81ba-ec0e456438a3","block_type":"box","text":"Risk of Investing in the Middle East.","page_number":49,"box":{"x":89,"y":44,"width":255,"height":12}},{"id":"798fa8fc-dfba-4fc6-a046-92c1431f6fd1","block_type":"box","text":"Many Middle Eastern countries have little or no democratic tradition, and the political","page_number":49,"box":{"x":353,"y":44,"width":596,"height":12}},{"id":"ad883b11-6ff3-4e04-87eb-dd41e52018e5","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":49,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"64d97d49-567a-4abb-92ea-7798cbba54fa","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":49,"box":{"x":89,"y":74,"width":857,"height":12}},{"id":"f8f227b2-c638-46e3-ac68-02d589968a92","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":49,"box":{"x":88,"y":89,"width":844,"height":13}},{"id":"659d85e5-cfba-4606-bf8f-b536acac74b2","block_type":"box","text":"global demand for oil and natural gas fluctuates, many Middle Eastern economies may be significantly impacted.","page_number":49,"box":{"x":89,"y":104,"width":789,"height":13}},{"id":"4a61f32a-2c72-4011-a8c9-54bc9b9432ab","block_type":"box","text":"In addition, many Middle Eastern governments have exercised and continue to exercise substantial influence over many","page_number":49,"box":{"x":89,"y":131,"width":837,"height":12}},{"id":"712d5768-8336-428c-a4d9-374051a00984","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":49,"box":{"x":89,"y":146,"width":866,"height":12}},{"id":"8192e055-6df6-49a6-b26f-6ca5ad7d96c8","block_type":"box","text":"including some of the largest companies in the country. Accordingly, governmental actions in the future could have a","page_number":49,"box":{"x":89,"y":161,"width":819,"height":12}},{"id":"0985414e-0f95-4d35-b7de-6d9f59a0c8fd","block_type":"box","text":"significant effect on economic conditions in Middle Eastern countries. This could affect private sector companies and a Fund,","page_number":49,"box":{"x":89,"y":176,"width":875,"height":13}},{"id":"c05ca3e5-3225-4b7f-925e-6f50d1adf08c","block_type":"box","text":"as well as the value of securities in a Fund’s portfolio.","page_number":49,"box":{"x":89,"y":191,"width":369,"height":13}},{"id":"3c65348d-6ee1-4def-a4f2-ae60dc81bc03","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":49,"box":{"x":89,"y":218,"width":858,"height":12}},{"id":"3cc5f4d5-54bc-4b32-9c72-77445ad6f62e","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":49,"box":{"x":89,"y":233,"width":870,"height":12}},{"id":"a5d97f38-180b-40b2-92e8-22f92a4400c8","block_type":"box","text":"a high concentration of investors and financial intermediaries. Brokers in Middle Eastern countries typically are fewer in","page_number":49,"box":{"x":89,"y":248,"width":832,"height":12}},{"id":"1a1af503-f2f6-478c-ae87-cd6a01b3d874","block_type":"box","text":"number and less capitalized than brokers in the U.S.","page_number":49,"box":{"x":89,"y":263,"width":361,"height":12}},{"id":"2079553b-3631-4d95-b46c-4302b1cb9d2d","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":49,"box":{"x":88,"y":290,"width":874,"height":12}},{"id":"c9896d6a-2c4e-4203-a460-44babe3406bf","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":49,"box":{"x":89,"y":305,"width":871,"height":12}},{"id":"97131a26-0ee2-425b-9638-25f42159b0c4","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":49,"box":{"x":89,"y":320,"width":838,"height":12}},{"id":"4f977637-1521-4906-86f7-a53646366f71","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":49,"box":{"x":88,"y":335,"width":843,"height":12}},{"id":"df32ce6d-57ad-4332-b8eb-6621b6647e24","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":49,"box":{"x":89,"y":350,"width":872,"height":12}},{"id":"b57246a8-e6ee-49a1-86d1-ba2281f8a6fb","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":49,"box":{"x":89,"y":365,"width":807,"height":12}},{"id":"cdd88b12-4439-46f5-9348-7719645e9bbe","block_type":"box","text":"judgment in a Middle Eastern country. Some Middle Eastern countries prohibit or impose substantial restrictions on","page_number":49,"box":{"x":88,"y":380,"width":809,"height":13}},{"id":"24c6782d-2873-42a8-9c9f-973cc8328982","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":49,"box":{"x":89,"y":395,"width":872,"height":13}},{"id":"03719947-b8d8-45f8-b882-8433e9d3764a","block_type":"box","text":"countries may require governmental approval prior to investment by foreign persons or limit the amount of investment by","page_number":49,"box":{"x":89,"y":410,"width":852,"height":13}},{"id":"a9ae9ce0-a9bb-4694-a652-47b345447bee","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":49,"box":{"x":88,"y":426,"width":873,"height":12}},{"id":"b2ee49f5-3389-4599-89bb-0523e1caaae5","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":49,"box":{"x":89,"y":441,"width":863,"height":12}},{"id":"d0f76421-4c11-4ae6-b0a1-054dc7d12b73","block_type":"box","text":"available for purchase by nationals of the relevant Middle Eastern country.","page_number":49,"box":{"x":89,"y":456,"width":515,"height":12}},{"id":"69f9a848-3510-469d-b28a-0687c6395376","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":49,"box":{"x":88,"y":482,"width":870,"height":13}},{"id":"ba1c3e89-7719-446a-a714-af47414758eb","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":49,"box":{"x":88,"y":497,"width":847,"height":13}},{"id":"23bc64a0-bf65-48ec-a1b7-0d273a21e125","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":49,"box":{"x":89,"y":513,"width":861,"height":12}},{"id":"219ef10d-d176-478c-9875-1cc5cd2befe1","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":49,"box":{"x":89,"y":528,"width":870,"height":12}},{"id":"4bc4a7b1-74ac-43cb-99ca-91993b6bf39d","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":49,"box":{"x":89,"y":543,"width":842,"height":12}},{"id":"dace29fb-2d36-4b7c-a849-10db4be0d3d4","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":49,"box":{"x":89,"y":558,"width":803,"height":12}},{"id":"f2b61763-b96b-401c-8e7c-6d97746ae83b","block_type":"box","text":"subsequently informed, at the time of re-registration, that the permissible allocation of the investment to foreign investors","page_number":49,"box":{"x":89,"y":573,"width":853,"height":12}},{"id":"e66ef4c4-b8ab-441f-8d80-6a933b5a0fe4","block_type":"box","text":"has already been filled and, consequently, a Fund may not be able to invest in the relevant company.","page_number":49,"box":{"x":89,"y":588,"width":697,"height":12}},{"id":"bad56cc5-b16c-4e1b-94a5-bf7dc31c4a7c","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":49,"box":{"x":88,"y":615,"width":866,"height":12}},{"id":"b38fc59f-52bf-4ff4-bae7-f1a3646dc8a6","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":49,"box":{"x":89,"y":630,"width":844,"height":12}},{"id":"f3e1823f-f381-4680-a966-d6f946766016","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":49,"box":{"x":89,"y":645,"width":750,"height":12}},{"id":"08705061-c0de-4de7-a1e5-3c0feb0ef5b0","block_type":"box","text":"Certain Middle Eastern countries may be heavily dependent upon international trade and, consequently, have been and may","page_number":49,"box":{"x":89,"y":671,"width":867,"height":13}},{"id":"26eb7983-3901-4074-8a75-b0e2fd69e002","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":49,"box":{"x":89,"y":686,"width":873,"height":13}},{"id":"a5c5240e-8fe2-4967-a59c-bc32571217d2","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":49,"box":{"x":89,"y":702,"width":866,"height":12}},{"id":"57167f06-46e3-4c6e-bed1-1cf4e5592a07","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":49,"box":{"x":89,"y":717,"width":835,"height":12}},{"id":"fc21ba63-ad45-4731-b2a4-dfc7b2f3dccc","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":49,"box":{"x":89,"y":732,"width":859,"height":12}},{"id":"8a83593d-01c5-48c1-bd9f-c2eb221f9c1d","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":49,"box":{"x":89,"y":747,"width":871,"height":12}},{"id":"064fe1e5-80a4-4a52-9b40-689160416eb6","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":49,"box":{"x":89,"y":762,"width":835,"height":12}},{"id":"6b056eff-4b29-4840-827d-9853a5e70129","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":49,"box":{"x":89,"y":777,"width":863,"height":12}},{"id":"40d7f7cb-da71-496a-b916-79ecdcd14a33","block_type":"box","text":"indirectly subject to those risks.","page_number":49,"box":{"x":89,"y":792,"width":219,"height":13}},{"id":"18f5e3ab-0ee5-47b2-97c8-cc0478b56eaa","block_type":"box","text":"Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes,","page_number":49,"box":{"x":89,"y":819,"width":830,"height":12}},{"id":"c4930cd3-3d0e-44e8-a3f3-48a021b343f9","block_type":"box","text":"historical animosities, international alliances, defense concerns or other reasons, which may adversely affect the economies","page_number":49,"box":{"x":89,"y":834,"width":865,"height":12}},{"id":"cbff2efa-ab9c-40a1-9b30-3a1d2e5b13c7","block_type":"box","text":"of these Middle Eastern countries. Certain Middle Eastern countries experience significant unemployment, as well as","page_number":49,"box":{"x":89,"y":849,"width":814,"height":12}},{"id":"00cde456-9de8-4b60-9aa1-51251ff8f40f","block_type":"box","text":"widespread underemployment. There has also been a recent increase in recruitment efforts and an aggressive push for","page_number":49,"box":{"x":88,"y":864,"width":832,"height":12}},{"id":"ce783942-e4ab-4561-af67-bc7b4d1a06c4","block_type":"box","text":"28","page_number":49,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"36241119-b53b-4c01-bebe-e8c92e687a83","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":50,"box":{"x":88,"y":44,"width":880,"height":12}},{"id":"a67dfdd5-2a88-49d2-b6c1-aa0d301a355b","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":50,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"4fbd99e0-ec81-4f86-9ab4-c2a0272c634c","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":50,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"547e054d-5649-4eb6-879d-2139a08ddacc","block_type":"box","text":"intervention or lack of intervention, among other factors.","page_number":50,"box":{"x":89,"y":89,"width":397,"height":13}},{"id":"ecdd2d01-a7b1-496e-bbde-9dbf505f6a96","block_type":"box","text":"Risk of Investing in North America.","page_number":50,"box":{"x":89,"y":116,"width":250,"height":12}},{"id":"cd62c64c-67ff-4802-b3d4-c9b01a6f72a2","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations or an economic recession","page_number":50,"box":{"x":348,"y":116,"width":619,"height":12}},{"id":"46736de3-ba4f-40ce-949b-51a38b2c402e","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":50,"box":{"x":89,"y":131,"width":862,"height":12}},{"id":"dfaff3f0-a695-464c-874c-de583e442344","block_type":"box","text":"all of the North American countries in which a Fund invests.","page_number":50,"box":{"x":89,"y":146,"width":418,"height":10}},{"id":"a88cdb06-2fed-42d8-a4b8-eda7c3a94fb6","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":50,"box":{"x":88,"y":172,"width":817,"height":13}},{"id":"a0263a42-f5c4-4dee-aa48-15e91d3e75b3","block_type":"box","text":"significantly affected by developments in the U.S. economy. Since the implementation of the North American Free Trade","page_number":50,"box":{"x":89,"y":188,"width":838,"height":12}},{"id":"dee33db1-60d6-4b4a-bb94-1ea305200374","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":50,"box":{"x":88,"y":203,"width":866,"height":12}},{"id":"126d1b3e-0f59-4116-a1aa-d673c5e74efb","block_type":"box","text":"increased. However, political developments including the implementation of tariffs by the U.S., and the renegotiation of","page_number":50,"box":{"x":89,"y":218,"width":832,"height":12}},{"id":"b3cb7ee0-5fc4-4bf5-8154-a056a2ec09ec","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":50,"box":{"x":89,"y":233,"width":877,"height":12}},{"id":"58c9e034-8592-437a-9714-f4ac3412c3f8","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":50,"box":{"x":89,"y":248,"width":819,"height":12}},{"id":"4ee0cb97-7aac-4fbe-95c9-339d236a09d6","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":50,"box":{"x":89,"y":263,"width":872,"height":12}},{"id":"d5ee3da2-7fd3-4266-96e1-a1bebb2fa81a","block_type":"box","text":"of certain securities held by a Fund.","page_number":50,"box":{"x":89,"y":278,"width":246,"height":13}},{"id":"dd51cf88-9573-4c23-bab8-ef4682861524","block_type":"box","text":"Risk of Investing in Russia.","page_number":50,"box":{"x":89,"y":305,"width":190,"height":12}},{"id":"12792941-9e4e-43a9-9555-38af375a7c29","block_type":"box","text":"Investing in the Russian securities market involves a high degree of risk and special","page_number":50,"box":{"x":289,"y":305,"width":578,"height":12}},{"id":"8614ccf1-f48a-4e2a-85fa-e9e96a411fb5","block_type":"box","text":"considerations not typically associated with investing in the U.S. securities market, and should be considered highly","page_number":50,"box":{"x":89,"y":320,"width":808,"height":12}},{"id":"a77163c7-5e9f-4f41-a1d0-d384af411566","block_type":"box","text":"speculative. Risks include: the absence of developed legal structures governing private and foreign investments and private","page_number":50,"box":{"x":89,"y":335,"width":859,"height":12}},{"id":"121e51bd-dc56-4565-b472-8ad7f3cf268a","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":50,"box":{"x":89,"y":350,"width":798,"height":12}},{"id":"e51eb4a3-e953-4a42-9862-fd0c3da05349","block_type":"box","text":"expropriation; certain national policies which may restrict the Fund’s investment opportunities, including, without limitation,","page_number":50,"box":{"x":89,"y":365,"width":870,"height":12}},{"id":"d621e37f-e8e5-4c18-b55a-35a7bee3feeb","block_type":"box","text":"restrictions on investing in issuers or industries deemed sensitive to relevant national interests; and potentially greater price","page_number":50,"box":{"x":89,"y":380,"width":863,"height":13}},{"id":"a23e9b5b-2476-402b-af79-76ffce7cebe8","block_type":"box","text":"volatility in, significantly smaller capitalization of, and relative illiquidity of, the Russian market. There can also be no","page_number":50,"box":{"x":88,"y":395,"width":808,"height":13}},{"id":"d9c4b623-7aa7-4b19-acc5-c1f897d4af8c","block_type":"box","text":"assurance that a Fund’s investments in the Russian securities market would not be expropriated, nationalized or otherwise","page_number":50,"box":{"x":89,"y":410,"width":856,"height":13}},{"id":"19c0b31b-2c28-4f88-93aa-6a4bd3f1cdf6","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":50,"box":{"x":89,"y":426,"width":862,"height":12}},{"id":"2cad67a3-e504-492f-86ef-e7517b2ce073","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":50,"box":{"x":89,"y":441,"width":869,"height":12}},{"id":"27b49d70-931f-461c-a061-a5a13644ff55","block_type":"box","text":"Russian court system.","page_number":50,"box":{"x":89,"y":456,"width":152,"height":12}},{"id":"200481b4-8dee-4b5a-acbd-cd5957062467","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":50,"box":{"x":89,"y":482,"width":873,"height":13}},{"id":"5a2990cd-66f7-4733-9d60-d02197766ad4","block_type":"box","text":"countries. Such instability may result from, among other things, the following: (i) an authoritarian government or military","page_number":50,"box":{"x":89,"y":497,"width":848,"height":13}},{"id":"053babe7-f1d5-4533-983e-890cbe988d1b","block_type":"box","text":"involvement in political and economic decision-making, including changes in government through extra-constitutional","page_number":50,"box":{"x":89,"y":513,"width":832,"height":12}},{"id":"86132c11-aa30-47d6-940c-094b21c84165","block_type":"box","text":"means; (ii) popular unrest associated with demands for improved political, economic and social conditions; (iii) internal","page_number":50,"box":{"x":89,"y":528,"width":834,"height":12}},{"id":"3a69a9b3-1f1c-4846-aa36-3a1edfa51158","block_type":"box","text":"insurgencies; (iv) hostile relations, including armed conflict, with neighboring countries; and (v) ethnic, religious and racial","page_number":50,"box":{"x":89,"y":543,"width":855,"height":12}},{"id":"3d33e793-6bf2-4f54-b9eb-971296c4df0e","block_type":"box","text":"disaffection.","page_number":50,"box":{"x":89,"y":558,"width":83,"height":10}},{"id":"0b725f09-7a07-4a51-a21a-463a8884c27d","block_type":"box","text":"The Russian economy is heavily dependent upon the export of a range of commodities including most industrial metals,","page_number":50,"box":{"x":88,"y":584,"width":842,"height":13}},{"id":"b0278c44-c4a2-4914-b6ec-c7f714a35fc8","block_type":"box","text":"forestry products and oil and gas. Accordingly, it is strongly affected by international commodity prices and is particularly","page_number":50,"box":{"x":88,"y":599,"width":849,"height":13}},{"id":"eebebd13-1a6b-4ef1-bf93-c0f95ec4b651","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":50,"box":{"x":88,"y":615,"width":832,"height":12}},{"id":"ad38efeb-2190-49b0-97fc-729bf7365391","block_type":"box","text":"internationally could have an adverse effect on the financial and commodities markets and the global economy. As Russia","page_number":50,"box":{"x":89,"y":630,"width":850,"height":12}},{"id":"960e9b27-5c40-4e89-8c10-d0857185f836","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":50,"box":{"x":89,"y":645,"width":839,"height":12}},{"id":"01281a7b-f84e-41b2-80d5-886b1ef21948","block_type":"box","text":"Russian oil and gas exports could negatively affect the Russian economy and, thus, adversely affect the financial condition,","page_number":50,"box":{"x":89,"y":660,"width":858,"height":12}},{"id":"81a36f01-b881-4059-b1ba-241d88acea7d","block_type":"box","text":"results of operations or prospects of related companies. Current and future economic sanctions may also adversely affect the","page_number":50,"box":{"x":89,"y":675,"width":876,"height":12}},{"id":"e1a486e1-5943-4f6d-9c61-c73c71a89e44","block_type":"box","text":"Russian oil, banking, mining, metals, rail, pipeline and gas sectors, among other sectors.","page_number":50,"box":{"x":89,"y":690,"width":614,"height":13}},{"id":"7a122516-fc3e-46a6-a89a-a7476ee44f1d","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":50,"box":{"x":88,"y":717,"width":871,"height":12}},{"id":"9bc97935-11ba-409d-a4bc-16c0a765a0dc","block_type":"box","text":"many companies. Future government actions could have a significant effect on the economic conditions in Russia, which","page_number":50,"box":{"x":89,"y":732,"width":847,"height":12}},{"id":"f45febab-2475-47c4-b76b-2aa1ded5e22a","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":50,"box":{"x":89,"y":747,"width":878,"height":12}},{"id":"805649dd-362a-4191-af8b-b4616c4e9eeb","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":50,"box":{"x":89,"y":762,"width":878,"height":12}},{"id":"b9f5f1b4-4019-4a86-8a90-d67a65cc8238","block_type":"box","text":"regional geopolitical influence (including military steps) and launched a large-scale invasion of Ukraine on February 24, 2022.","page_number":50,"box":{"x":89,"y":777,"width":874,"height":12}},{"id":"4b5dca67-e6b3-4e9c-867f-34c3017b632b","block_type":"box","text":"Additionally, Russia is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign","page_number":50,"box":{"x":88,"y":792,"width":851,"height":13}},{"id":"235b7dcf-8272-494b-a83a-d6fe1197b0a8","block_type":"box","text":"governments. Such steps have increased tensions between Russia and its neighbors and Western countries and may","page_number":50,"box":{"x":89,"y":807,"width":815,"height":13}},{"id":"68e17b71-0f72-4b8f-9ca3-4a5b8a30f963","block_type":"box","text":"negatively affect economic growth. Actual and threatened responses by other nation-states to Russia’s alleged cyber activity","page_number":50,"box":{"x":89,"y":822,"width":871,"height":13}},{"id":"21d0a429-a2f5-4f11-8e17-9c7ff5d7d6bd","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":50,"box":{"x":89,"y":838,"width":832,"height":12}},{"id":"a2379b21-5173-468a-9e92-761d67f166af","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":50,"box":{"x":89,"y":853,"width":877,"height":12}},{"id":"d850f9e1-845a-416a-b56a-172bb2ae2f12","block_type":"box","text":"29","page_number":50,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2636e9b2-113a-4441-b2e0-65bc3b0754b0","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":51,"box":{"x":89,"y":44,"width":869,"height":12}},{"id":"746920fa-9153-4b2f-aef5-40bed83feeb5","block_type":"box","text":"may have unanticipated and disruptive effects on the Russian economy.","page_number":51,"box":{"x":89,"y":59,"width":500,"height":12}},{"id":"8a1e2d46-275f-4d87-9431-58dee33e4e44","block_type":"box","text":"Russian invasion of Ukraine","page_number":51,"box":{"x":88,"y":85,"width":191,"height":12}},{"id":"191338c4-2515-4e47-9598-a7305840e9f6","block_type":"box","text":". Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration","page_number":51,"box":{"x":280,"y":85,"width":681,"height":13}},{"id":"1479d41c-50ec-48ad-a355-e3aa517efa6e","block_type":"box","text":"of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and","page_number":51,"box":{"x":89,"y":101,"width":870,"height":12}},{"id":"c1dc4a09-10e1-44c7-ba3c-406eb2e38095","block_type":"box","text":"the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian","page_number":51,"box":{"x":88,"y":116,"width":879,"height":12}},{"id":"0bf1854c-e357-4a52-8883-e3cdf518d800","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such","page_number":51,"box":{"x":89,"y":131,"width":869,"height":12}},{"id":"859726c5-bf7c-4435-9ad7-5eaff35b73ae","block_type":"box","text":"activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences,","page_number":51,"box":{"x":89,"y":146,"width":811,"height":12}},{"id":"988d94fa-811e-4257-95e9-7db05f65d8a6","block_type":"box","text":"sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":51,"box":{"x":89,"y":161,"width":862,"height":12}},{"id":"184f70d2-53c4-43b1-96bd-5966b39b91f7","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy, Russian issuers of securities in which a Fund invests, or the","page_number":51,"box":{"x":89,"y":176,"width":863,"height":13}},{"id":"85f46d1b-235d-4d4c-96bf-4e0def2d16d1","block_type":"box","text":"economies of Europe as a whole. Actual and threatened responses to Russian military action may also impact the markets for","page_number":51,"box":{"x":89,"y":191,"width":879,"height":13}},{"id":"9b230ffa-70d9-4242-b71d-db2aa4badd53","block_type":"box","text":"certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to","page_number":51,"box":{"x":89,"y":206,"width":858,"height":13}},{"id":"cf2eff6a-b0a1-462c-a45a-a747c13a46f7","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":51,"box":{"x":89,"y":222,"width":468,"height":12}},{"id":"a51af7de-418a-45ff-8cf8-c9b3853c6bf4","block_type":"box","text":"Russia Sanctions","page_number":51,"box":{"x":88,"y":249,"width":117,"height":9}},{"id":"5505c001-b744-46de-8ffc-4668c50fde3b","block_type":"box","text":". Governments in the U.S. and many other countries (collectively, the “Sanctioning Bodies”) have imposed","page_number":51,"box":{"x":207,"y":248,"width":738,"height":12}},{"id":"35dce4b3-f04e-46ce-89d2-50734db2d6a4","block_type":"box","text":"economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities,","page_number":51,"box":{"x":89,"y":263,"width":816,"height":12}},{"id":"ccec12aa-6d92-45cf-9f21-5d4324848780","block_type":"box","text":"including banning Russia from global payments systems that facilitate cross-border payments. The Sanctioning Bodies, or","page_number":51,"box":{"x":89,"y":278,"width":853,"height":13}},{"id":"751637ec-6102-454c-98c6-9f6fd9f2e543","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":51,"box":{"x":89,"y":293,"width":865,"height":13}},{"id":"5b33ed0e-51f8-441d-b0c9-f6c5c5af13cd","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":51,"box":{"x":89,"y":308,"width":867,"height":13}},{"id":"2a8c4aba-78e8-4968-8000-c8e489ba7bc2","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":51,"box":{"x":89,"y":324,"width":854,"height":12}},{"id":"c47a4961-603f-4fc4-9d72-f1602a003f22","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":51,"box":{"x":89,"y":339,"width":875,"height":12}},{"id":"e12cde09-623d-4dac-b6d5-95c792dc4bd2","block_type":"box","text":"has issued a number of countersanctions, some of which restrict the distribution of profits by limited liability companies (","page_number":51,"box":{"x":89,"y":354,"width":850,"height":12}},{"id":"ead4c51f-25c2-4dfc-aea5-04c8eefe27ab","block_type":"box","text":"e.g.","page_number":51,"box":{"x":940,"y":357,"width":23,"height":9}},{"id":"96ec048b-91d9-4f35-b107-e2062e44e153","block_type":"box","text":",","page_number":51,"box":{"x":965,"y":362,"width":2,"height":3}},{"id":"6c727462-47ac-4776-a25c-966a784dbd3a","block_type":"box","text":"dividends), and prohibits Russian persons from entering into transactions with designated persons from “unfriendly states”","page_number":51,"box":{"x":89,"y":369,"width":864,"height":12}},{"id":"e86c4758-115a-4f33-91ff-9bd5f2389c98","block_type":"box","text":"as well as the export of raw materials or other products from Russia to certain sanctioned persons.","page_number":51,"box":{"x":89,"y":384,"width":690,"height":12}},{"id":"b5de2d9b-5327-4aed-a449-cd976462830f","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":51,"box":{"x":88,"y":410,"width":868,"height":13}},{"id":"aea94e93-f061-4c04-a1b3-876c3b57573d","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":51,"box":{"x":89,"y":426,"width":851,"height":12}},{"id":"6559f92d-1cb1-4921-9118-5d7c56e39d4d","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":51,"box":{"x":89,"y":441,"width":870,"height":12}},{"id":"cf68380e-511c-4501-a321-eb24d7de58b7","block_type":"box","text":"Fund to hold securities subject to, or otherwise affected by, sanctions (collectively, “affected securities”), or if deemed","page_number":51,"box":{"x":89,"y":456,"width":820,"height":12}},{"id":"c5fb6fd5-8c35-4c9a-af8d-f724d720569b","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":51,"box":{"x":89,"y":471,"width":861,"height":12}},{"id":"feafc142-59fc-4ac4-aa29-28f7b4e5fa32","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":51,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"cfae7bde-1265-4e09-878b-9021dba6d4f4","block_type":"box","text":"to freeze assets in a blocked account.","page_number":51,"box":{"x":88,"y":501,"width":260,"height":10}},{"id":"9e24cf50-35a1-4792-8a0e-84d7caf92280","block_type":"box","text":"Sanctions have resulted in Russia taking counter measures or retaliatory actions, which has impaired the value and liquidity","page_number":51,"box":{"x":88,"y":528,"width":864,"height":12}},{"id":"0115005b-49bd-4d6a-92f4-afe1c9bd5f39","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":51,"box":{"x":89,"y":543,"width":870,"height":12}},{"id":"90c40a50-0c68-446e-881c-be9168080c7a","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":51,"box":{"x":89,"y":558,"width":861,"height":12}},{"id":"13494e6f-2fd0-44a3-baae-47aeebd9c4e1","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":51,"box":{"x":89,"y":573,"width":872,"height":12}},{"id":"71e883d7-691d-40f0-bf47-b49f97bdcd6c","block_type":"box","text":"lower prices for its securities. Russia may implement additional retaliatory measures, which may further impair the value and","page_number":51,"box":{"x":89,"y":588,"width":871,"height":12}},{"id":"32e63184-c662-4031-be6b-ba7d153c595d","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":51,"box":{"x":89,"y":603,"width":869,"height":13}},{"id":"63fb846c-2b4d-4f74-a57f-b9e5b614b755","block_type":"box","text":"of countersanctions, some of which restrict the distribution of profits by limited liability companies (","page_number":51,"box":{"x":89,"y":618,"width":700,"height":13}},{"id":"92311d2f-fdf3-4cc1-a6ec-53901e9a94ab","block_type":"box","text":"e.g.","page_number":51,"box":{"x":790,"y":621,"width":23,"height":10}},{"id":"e022dcd7-a75f-40f4-bc30-6c6e1264a6f7","block_type":"box","text":", dividends), and","page_number":51,"box":{"x":815,"y":618,"width":114,"height":13}},{"id":"8868a035-d0d4-43e6-af86-ba1641595ca5","block_type":"box","text":"prohibits Russian persons from entering into transactions with designated persons from “unfriendly states” as well as the","page_number":51,"box":{"x":89,"y":633,"width":850,"height":13}},{"id":"e31ab45e-9523-406d-af3b-fed779e15a1d","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":51,"box":{"x":89,"y":649,"width":857,"height":12}},{"id":"901872bc-ccd6-4885-8e84-22caa93c8d4a","block_type":"box","text":"pay dividends and, if they pay dividends, the Fund may be unable to receive them.","page_number":51,"box":{"x":89,"y":664,"width":571,"height":12}},{"id":"5b7265f0-8420-4f6e-bfca-3743a1ef2e97","block_type":"box","text":"These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident","page_number":51,"box":{"x":88,"y":690,"width":844,"height":13}},{"id":"d083d27d-c55d-44df-bec9-e0122cb80ff1","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":51,"box":{"x":89,"y":705,"width":844,"height":13}},{"id":"8b29a2fa-7f0f-48c8-ae0d-134bb8e56c9b","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":51,"box":{"x":89,"y":720,"width":875,"height":13}},{"id":"be8b0d42-ab74-4b93-834e-8aaaaa5d2f21","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":51,"box":{"x":89,"y":736,"width":819,"height":12}},{"id":"f5ad7ccc-6860-48b6-93f1-c8d42e7fed67","block_type":"box","text":"transaction costs and increased tracking error. The Fund is currently restricted from trading in Russian securities, including","page_number":51,"box":{"x":88,"y":751,"width":858,"height":12}},{"id":"6e3df8c2-41f1-46d7-886d-7f75af3b09e5","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":51,"box":{"x":88,"y":766,"width":844,"height":12}},{"id":"bf543d5d-c75f-4120-9dd8-5626598b80cf","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":51,"box":{"x":88,"y":781,"width":828,"height":12}},{"id":"284d6b0a-83b2-47c3-b6aa-1c4950e048c2","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":51,"box":{"x":89,"y":796,"width":870,"height":12}},{"id":"9bd8b885-6bfd-4516-9cbc-f160bf17396e","block_type":"box","text":"resume.","page_number":51,"box":{"x":89,"y":814,"width":54,"height":7}},{"id":"0798e404-10c4-4405-80c9-07a0d25869c2","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":51,"box":{"x":88,"y":838,"width":838,"height":12}},{"id":"563a6b0a-083e-4892-8ccc-f6355460be18","block_type":"box","text":"holdings of the affected security by employing or augmenting its representative sampling strategy to seek to track the","page_number":51,"box":{"x":89,"y":853,"width":824,"height":12}},{"id":"b1cf6b25-868e-4481-9424-54eaef39e3c9","block_type":"box","text":"30","page_number":51,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a1b14c01-5d99-41a8-ace1-81969a119f41","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":52,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"b027aae7-2d54-4729-bbab-792dcb41ba62","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":52,"box":{"x":89,"y":59,"width":854,"height":12}},{"id":"4f91073a-7aa8-4352-be9f-dc30a1e0130d","block_type":"box","text":"not be able to effectively implement a representative sampling strategy, which may result in significant tracking error","page_number":52,"box":{"x":89,"y":74,"width":816,"height":12}},{"id":"c9c14a3a-e908-449b-b56d-13055e802a02","block_type":"box","text":"between a Fund’s performance and the performance of its underlying index.","page_number":52,"box":{"x":89,"y":89,"width":533,"height":13}},{"id":"8e7f1d9c-08a0-45bb-8148-3d0ef6028ddd","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":52,"box":{"x":89,"y":116,"width":236,"height":12}},{"id":"7c6757cf-e582-41c4-977b-90787b628612","block_type":"box","text":"The ability of foreign investors (such as the Funds) to invest in the securities of Saudi","page_number":52,"box":{"x":337,"y":116,"width":594,"height":12}},{"id":"cf870ee1-d857-43ca-9055-3ad921728ec5","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":52,"box":{"x":88,"y":131,"width":801,"height":12}},{"id":"f09d7116-3d63-4cc6-b0b7-8d3325ca2b43","block_type":"box","text":"unforeseen risks could materialize with respect to foreign ownership in such securities. In addition, the Capital Market","page_number":52,"box":{"x":89,"y":146,"width":824,"height":12}},{"id":"ecabd21d-a25f-46e0-94fb-7cb2a492a34a","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of the securities of Saudi Arabian issuers by foreign","page_number":52,"box":{"x":88,"y":161,"width":828,"height":12}},{"id":"efce9699-dcb3-4f5f-ad97-d6ddfe8ae5c0","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":52,"box":{"x":89,"y":176,"width":871,"height":13}},{"id":"fe12b2b7-8019-45de-96e2-b3925c4b8894","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":52,"box":{"x":89,"y":191,"width":856,"height":13}},{"id":"79cbb3e3-415d-44d2-ae14-478fef0ae758","block_type":"box","text":"new restrictions, such as licensing requirements, special approvals or additional foreign taxes, may be instituted at any time.","page_number":52,"box":{"x":89,"y":206,"width":867,"height":13}},{"id":"d4137a41-8dc7-40d9-8cb8-704dcb5e9d67","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":52,"box":{"x":88,"y":222,"width":878,"height":12}},{"id":"c9037497-8ef2-4ceb-861d-54a3a6796c3b","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":52,"box":{"x":88,"y":237,"width":857,"height":12}},{"id":"dbaddd4a-2637-4211-80c4-d7b7b86516a5","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":52,"box":{"x":89,"y":252,"width":855,"height":12}},{"id":"a47f9d97-a981-4a0e-84c8-572701fab0a4","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":52,"box":{"x":89,"y":267,"width":839,"height":12}},{"id":"89a3ffaa-94cc-4e7d-8b5a-c2bd748e31aa","block_type":"box","text":"nationalization of assets and property or the imposition of restrictions on additional foreign investments and repatriation of","page_number":52,"box":{"x":89,"y":282,"width":863,"height":12}},{"id":"316f02b7-5885-4aa3-bc92-fdb70474e9aa","block_type":"box","text":"capital. Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":52,"box":{"x":89,"y":297,"width":876,"height":12}},{"id":"bc7e7af3-4ec5-4877-a35e-85a3147e79c0","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":52,"box":{"x":89,"y":312,"width":830,"height":13}},{"id":"5de7e0bb-47ca-4a74-9d88-caba692ee113","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":52,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"12c1b5c9-9d97-4bb0-84df-0124c3bd0638","block_type":"box","text":"privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized companies may face","page_number":52,"box":{"x":89,"y":342,"width":832,"height":13}},{"id":"271e1ff1-241d-4c73-8100-056261b46d36","block_type":"box","text":"strong competition from government-sponsored competitors that have not been privatized. In some instances, investors in","page_number":52,"box":{"x":89,"y":358,"width":860,"height":12}},{"id":"4bd76b48-420b-489a-a2be-ed412078319f","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":52,"box":{"x":89,"y":373,"width":814,"height":12}},{"id":"2ea5dd72-2af7-417c-8e78-677c544d8bcd","block_type":"box","text":"competitive environment or changing regulatory and legal standards or, in some cases, due to re-nationalization of such","page_number":52,"box":{"x":89,"y":388,"width":840,"height":12}},{"id":"4ccdb6b7-d8a6-4314-9684-92f958143b3f","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":52,"box":{"x":89,"y":403,"width":844,"height":12}},{"id":"11cf795c-17d5-431a-81eb-c9bd7d7409f3","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":52,"box":{"x":89,"y":418,"width":874,"height":12}},{"id":"cffb5814-623e-46cd-8396-c8858e079629","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":52,"box":{"x":88,"y":433,"width":840,"height":13}},{"id":"d0aa3dd2-caae-4d2c-984b-584057a9d67e","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":52,"box":{"x":89,"y":448,"width":831,"height":13}},{"id":"f6bb6915-fdf5-47d5-a84e-98b2eab60ddf","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":52,"box":{"x":88,"y":463,"width":870,"height":13}},{"id":"861fee07-e4b9-4822-babd-cc9d6f677702","block_type":"box","text":"production or processing facilities in Saudi Arabia. As global demand for petroleum fluctuates, Saudi Arabia may be","page_number":52,"box":{"x":89,"y":479,"width":807,"height":12}},{"id":"d5ad450c-c31a-437b-80ca-edbc3ee5443d","block_type":"box","text":"significantly impacted. In the recent past, the Saudi Arabian government has explored privatization and diversification of the","page_number":52,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"33291b7f-8b58-4c2e-a780-75bb895a03d0","block_type":"box","text":"economy in the wake of a diminished petroleum market.","page_number":52,"box":{"x":89,"y":509,"width":394,"height":12}},{"id":"a0c4aab5-0672-4ef7-9958-4e8041866423","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over many aspects of","page_number":52,"box":{"x":89,"y":535,"width":876,"height":13}},{"id":"6ab5694b-9247-4f21-974c-683c6be6a95a","block_type":"box","text":"the private sector. Although liberalization in the wider economy is underway, in many areas it has lagged significantly:","page_number":52,"box":{"x":88,"y":550,"width":822,"height":13}},{"id":"d55867fc-bbfd-4f1f-ac0b-d9d7ff311449","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":52,"box":{"x":89,"y":565,"width":878,"height":13}},{"id":"e4e0497e-5590-41b7-bc35-bad5f1f0c614","block_type":"box","text":"exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi Arabia has historically experienced","page_number":52,"box":{"x":89,"y":581,"width":847,"height":12}},{"id":"163f8d84-4bc6-469d-bebc-fbb30d26354f","block_type":"box","text":"strained relations with economic partners worldwide, including other countries in the Middle East, due to geopolitical events.","page_number":52,"box":{"x":89,"y":596,"width":874,"height":12}},{"id":"5badc70d-41b0-49bb-bb1f-3177d69aea80","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":52,"box":{"x":89,"y":611,"width":847,"height":12}},{"id":"1edcd6aa-2c89-41b6-9b3d-515a5ca13063","block_type":"box","text":"markets and may adversely affect its economy and a Fund’s investments.","page_number":52,"box":{"x":89,"y":626,"width":510,"height":12}},{"id":"818581be-9f04-4de8-a1f2-3bc8b6f4f10c","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":52,"box":{"x":89,"y":652,"width":877,"height":13}},{"id":"faf01fde-fdf5-4719-8e90-75e6c27dc75c","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":52,"box":{"x":89,"y":668,"width":836,"height":12}},{"id":"1bc49702-a00e-4219-a159-95ada0a8eabf","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":52,"box":{"x":88,"y":683,"width":872,"height":12}},{"id":"362564a7-ff8b-4b91-b288-ecee0f98cb62","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":52,"box":{"x":88,"y":698,"width":847,"height":12}},{"id":"1bf89fb5-d67f-47a0-93df-0eb86a7d771e","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":52,"box":{"x":88,"y":713,"width":872,"height":12}},{"id":"82fb2722-bb60-495a-b5dc-40c719efe8af","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":52,"box":{"x":89,"y":728,"width":859,"height":12}},{"id":"4e638bcb-a357-450e-8854-c656ceb7d697","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":52,"box":{"x":88,"y":743,"width":864,"height":12}},{"id":"c080682a-8364-45fb-bd1d-7f6130f99b03","block_type":"box","text":"an adverse effect on the economy.","page_number":52,"box":{"x":89,"y":758,"width":238,"height":13}},{"id":"83ae137f-fa81-4fd5-8aa5-a34ce8710df7","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":52,"box":{"x":88,"y":785,"width":871,"height":12}},{"id":"85c59f8a-f0e6-41c9-8882-40602dfe8ccc","block_type":"box","text":"Saudi Arabia are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume,","page_number":52,"box":{"x":88,"y":800,"width":865,"height":12}},{"id":"645fe47b-b420-4c25-9be8-045c4cad2907","block_type":"box","text":"illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control","page_number":52,"box":{"x":89,"y":815,"width":860,"height":12}},{"id":"b4b1fa3d-cbc6-4cfb-a324-76d17a996fc4","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":52,"box":{"x":89,"y":830,"width":840,"height":12}},{"id":"841852a7-1e78-43c1-800d-84615ccc17dc","block_type":"box","text":"those of companies on exchanges in more developed markets. Such infrequent trading may adversely affect the pricing of","page_number":52,"box":{"x":88,"y":845,"width":855,"height":12}},{"id":"3c0fa8e8-4c5e-4877-a5b3-6b55cf700e42","block_type":"box","text":"these securities and a Fund’s ability to sell these securities in the future.","page_number":52,"box":{"x":88,"y":860,"width":500,"height":13}},{"id":"6985c9b1-4203-4483-84c1-0d9dda2ea83b","block_type":"box","text":"31","page_number":52,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"afba3ddd-6bb6-4278-87b9-d41e2527b6cd","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political instability,","page_number":53,"box":{"x":88,"y":44,"width":866,"height":12}},{"id":"f355edd4-6219-4e5f-bc5a-119eb9693fba","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":53,"box":{"x":89,"y":59,"width":872,"height":12}},{"id":"387c7aff-5510-4765-8bc5-dce01d96e01a","block_type":"box","text":"could adversely impact the economy of Saudi Arabia. Instability may be caused by military developments, government","page_number":53,"box":{"x":89,"y":74,"width":827,"height":12}},{"id":"ce4b1274-f8eb-4443-b91d-4242150de7ab","block_type":"box","text":"interventions in the marketplace, terrorism, extremist attitudes, attempted social or political reforms, religious differences, or","page_number":53,"box":{"x":89,"y":89,"width":870,"height":13}},{"id":"2c3dcdb1-5dfd-4e43-aa63-3eaebfe2ac1e","block_type":"box","text":"other factors. Additionally, anti-Western views held by certain groups in the Middle East may influence government policies","page_number":53,"box":{"x":89,"y":104,"width":861,"height":13}},{"id":"fd6f8afd-7661-4e5d-96e9-7672e8e2ec8a","block_type":"box","text":"regarding foreign investment. Further developments in U.S. relations with Saudi Arabia and other Middle-Eastern countries","page_number":53,"box":{"x":89,"y":119,"width":858,"height":13}},{"id":"24c1b298-c1a9-446e-9493-fe052b1f2420","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":53,"box":{"x":89,"y":135,"width":853,"height":12}},{"id":"62abc168-40df-4193-9471-73e8a51100e9","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":53,"box":{"x":89,"y":150,"width":862,"height":12}},{"id":"45f55649-56ab-46bd-9a05-eaa8b85ecf71","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":53,"box":{"x":89,"y":165,"width":849,"height":12}},{"id":"516521c9-33bd-4cf8-85de-298c66047b06","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":53,"box":{"x":89,"y":180,"width":817,"height":12}},{"id":"05dc2a8f-8ef3-44fd-a77f-61e0024f48c9","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":53,"box":{"x":89,"y":195,"width":840,"height":12}},{"id":"696b478e-1ec2-447b-a56e-16a77f53c169","block_type":"box","text":"significant disruptions to many industries. Continued political and social unrest in these areas may negatively affect the value","page_number":53,"box":{"x":89,"y":210,"width":874,"height":13}},{"id":"99a0152d-fc87-4946-a31e-e1841ad4259c","block_type":"box","text":"of securities in a Fund’s portfolio.","page_number":53,"box":{"x":89,"y":225,"width":231,"height":13}},{"id":"027d3279-aa4a-497e-b5bd-12ec55c2c3bf","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":53,"box":{"x":89,"y":252,"width":806,"height":12}},{"id":"6f82de3e-c75a-43c1-85c4-114103bc5914","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":53,"box":{"x":89,"y":267,"width":856,"height":12}},{"id":"a547a919-c777-41d0-b4e2-de3c39aee2dd","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":53,"box":{"x":89,"y":282,"width":850,"height":12}},{"id":"a2557ed2-584b-43aa-b411-464d3cd47ce6","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":53,"box":{"x":89,"y":297,"width":845,"height":12}},{"id":"c361d424-063b-4e15-955b-1ac09909dfc1","block_type":"box","text":"risks.","page_number":53,"box":{"x":89,"y":312,"width":34,"height":10}},{"id":"3827ccd4-5507-4fc2-9703-4b76fa7d523f","block_type":"box","text":"Risk of Investing in Taiwan.","page_number":53,"box":{"x":89,"y":339,"width":195,"height":12}},{"id":"e920ea01-03e2-42e4-8a2c-9a9967d3a4c7","block_type":"box","text":"Investment in Taiwanese issuers will subject a Fund to loss in the event of adverse political,","page_number":53,"box":{"x":294,"y":339,"width":634,"height":12}},{"id":"aec7c4fa-e744-40d2-a108-0c4c36420b61","block_type":"box","text":"economic, regulatory and other developments that affect Taiwan, including fluctuations of the New Taiwan dollar versus the","page_number":53,"box":{"x":89,"y":354,"width":870,"height":12}},{"id":"33500ba4-a47f-4316-a16d-7de0c83e994b","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":53,"box":{"x":89,"y":369,"width":857,"height":12}},{"id":"94c21d13-0e45-4e51-bb3c-d3597ccd9f0c","block_type":"box","text":"impact on the Taiwanese economy. Appreciation of the New Taiwan dollar, rising labor costs, and increasing environmental","page_number":53,"box":{"x":89,"y":384,"width":861,"height":12}},{"id":"cad01270-7aa0-4fbe-9d5a-e24ab31dace0","block_type":"box","text":"consciousness have led some labor-intensive industries to relocate to other countries with cheaper work forces. Continued","page_number":53,"box":{"x":89,"y":399,"width":859,"height":13}},{"id":"4a40f60f-4aa8-4ece-ac97-33c5275777c1","block_type":"box","text":"labor outsourcing may adversely affect the Taiwanese economy. Taiwanese firms are among the world’s largest suppliers of","page_number":53,"box":{"x":89,"y":414,"width":865,"height":13}},{"id":"e7dbee8f-5976-4805-902c-0dde226e9943","block_type":"box","text":"computer monitors and leaders in personal computer manufacturing. A slowdown in global demand for these products will","page_number":53,"box":{"x":89,"y":429,"width":865,"height":13}},{"id":"d53377e2-d14d-485d-a71f-5a19224f57e3","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":53,"box":{"x":89,"y":445,"width":876,"height":12}},{"id":"ce74be58-dda8-4954-a38e-c482f4188a9f","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":53,"box":{"x":89,"y":460,"width":833,"height":12}},{"id":"5031b620-2ace-4b60-b189-4f332d3712c5","block_type":"box","text":"outbreak of hostilities, will likely adversely impact the Taiwanese economy. Such risks, among others, may adversely affect","page_number":53,"box":{"x":89,"y":475,"width":854,"height":12}},{"id":"ec9f5bbb-b0cb-4db1-8b29-f624b402b784","block_type":"box","text":"the value of a Fund’s investments.","page_number":53,"box":{"x":88,"y":490,"width":237,"height":10}},{"id":"f5a4c45b-d82f-4ba9-9473-43a6df63d1b1","block_type":"box","text":"U.S. Economic Trading Partners Risk.","page_number":53,"box":{"x":89,"y":516,"width":264,"height":13}},{"id":"a52d4f36-2be8-409d-84ee-6bfa8975f2e8","block_type":"box","text":"The U.S. is a significant, and in some cases the most significant, trading partner of, or","page_number":53,"box":{"x":362,"y":516,"width":597,"height":13}},{"id":"03276917-af55-4937-9490-318ca12631ea","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":53,"box":{"x":88,"y":531,"width":838,"height":13}},{"id":"ea1e0dc2-9f21-4642-8314-28ef6b6068f0","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":53,"box":{"x":89,"y":547,"width":803,"height":12}},{"id":"797df918-def5-44db-8f57-2a4ce4849041","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":53,"box":{"x":89,"y":562,"width":838,"height":12}},{"id":"6b3e1e75-eda9-4316-b6a8-919640b8816d","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":53,"box":{"x":89,"y":577,"width":862,"height":12}},{"id":"f3879a5e-87b1-425a-9210-f5621d0c0ff9","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":53,"box":{"x":89,"y":592,"width":838,"height":12}},{"id":"244720ea-aff1-4b16-897b-1306631fe395","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":53,"box":{"x":89,"y":607,"width":874,"height":12}},{"id":"55b0e37f-ca5a-4f72-abaf-db073288583e","block_type":"box","text":"global financial system.","page_number":53,"box":{"x":89,"y":622,"width":162,"height":12}},{"id":"043b2555-58fb-4a57-a869-21a5268930e8","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":53,"box":{"x":88,"y":649,"width":854,"height":12}},{"id":"a92eaa83-8921-4e1c-8e40-4abcd16a2aa8","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":53,"box":{"x":89,"y":664,"width":873,"height":12}},{"id":"1ba4d400-64ed-4719-a309-e387ba5b99c5","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":53,"box":{"x":89,"y":679,"width":862,"height":12}},{"id":"a3ac26a7-623f-479c-a9d8-1bd7d8548372","block_type":"box","text":"the issuers in which a Fund invests.","page_number":53,"box":{"x":88,"y":694,"width":247,"height":10}},{"id":"bd2d899a-a903-4cd9-84cd-9c7c7e179587","block_type":"box","text":"Risk of Investing in the Basic Materials Industry.","page_number":53,"box":{"x":89,"y":720,"width":344,"height":13}},{"id":"0110209b-a3da-4980-97c9-af124629c6cd","block_type":"box","text":"Issuers in the basic materials industry could be adversely affected by","page_number":53,"box":{"x":443,"y":720,"width":477,"height":13}},{"id":"3cedd85e-413f-45ef-aad7-0b90f0c3828d","block_type":"box","text":"commodity price volatility, inflation, exchange rate fluctuations, social and political unrest, import controls and increased","page_number":53,"box":{"x":89,"y":736,"width":845,"height":12}},{"id":"4cbc1f3a-61fe-457b-9022-e14352be2ff7","block_type":"box","text":"competition. Companies in the basic materials industry may be subject to swift fluctuations in supply and demand.","page_number":53,"box":{"x":89,"y":751,"width":804,"height":12}},{"id":"3bf64566-3fb8-4032-bdd2-6dfa6f7faa96","block_type":"box","text":"Fluctuations may be caused by events relating to political and economic developments, the environmental impact of basic","page_number":53,"box":{"x":89,"y":766,"width":854,"height":12}},{"id":"18b060c0-d1fd-4a4d-aeea-4175dbd0169e","block_type":"box","text":"materials operations, and the success of exploration projects. Production of industrial materials often exceeds demand as a","page_number":53,"box":{"x":89,"y":781,"width":862,"height":12}},{"id":"abdb1854-fe8b-466b-a60a-c403eaf3e223","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":53,"box":{"x":89,"y":796,"width":875,"height":12}},{"id":"4ed4c6df-2ba2-4bb7-8bae-3aa8cdcadae4","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":53,"box":{"x":89,"y":811,"width":874,"height":12}},{"id":"e7a5356c-2aff-4778-9a94-220840fc4d33","block_type":"box","text":"in technical progress, labor relations, tax and government regulations related to changes to, among other things, energy and","page_number":53,"box":{"x":89,"y":826,"width":871,"height":13}},{"id":"4f37203a-a82b-4117-bb2f-efb90d6bb190","block_type":"box","text":"environmental policies.","page_number":53,"box":{"x":89,"y":841,"width":160,"height":13}},{"id":"aa69dc87-3635-4d48-9dc8-0439db91a718","block_type":"box","text":"32","page_number":53,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5e559c68-2652-4563-a63a-14e85718d3aa","block_type":"box","text":"Risk of Investing in the Communication Services Sector.","page_number":54,"box":{"x":89,"y":44,"width":401,"height":12}},{"id":"9606ad12-7919-4985-b01f-92024483f72b","block_type":"box","text":"The communication services sector consists of both companies in","page_number":54,"box":{"x":498,"y":44,"width":464,"height":12}},{"id":"72b005cc-edb7-448f-b177-0f9f806a0b1c","block_type":"box","text":"the telecommunication services industry as well as those in the media and entertainment industry. Examples of companies in","page_number":54,"box":{"x":88,"y":59,"width":877,"height":12}},{"id":"31b9c2fc-4e2f-470e-aaf5-d2f88f431152","block_type":"box","text":"the telecommunication services industry group include providers of fiber-optic, fixed-line, cellular and wireless","page_number":54,"box":{"x":88,"y":74,"width":774,"height":12}},{"id":"2fc1faad-0de4-47b9-a159-fa1abc2a3096","block_type":"box","text":"telecommunications networks. Companies in the media and entertainment industry group encompass a variety of services","page_number":54,"box":{"x":88,"y":89,"width":860,"height":13}},{"id":"50c259c1-8f34-4848-9deb-34c3b3d7891c","block_type":"box","text":"and products including television broadcasting, gaming products, social media, networking platforms, online classifieds,","page_number":54,"box":{"x":89,"y":104,"width":841,"height":13}},{"id":"a48b912a-9649-4911-9d2c-e436d5d426be","block_type":"box","text":"online review websites, and Internet search engines. Companies in the communication services sector may be affected by","page_number":54,"box":{"x":89,"y":119,"width":851,"height":13}},{"id":"3eaf8276-ee12-4803-86b2-06ad4a7c5bd0","block_type":"box","text":"industry competition, substantial capital requirements, government regulation, and obsolescence of communications","page_number":54,"box":{"x":89,"y":135,"width":822,"height":12}},{"id":"81b2b1b2-b3a4-40c2-aac8-83fa1c9814f8","block_type":"box","text":"products and services due to technological advancement. Fluctuating domestic and international demand, shifting","page_number":54,"box":{"x":89,"y":150,"width":803,"height":12}},{"id":"02bddcfe-889c-485b-9e28-67c84669e689","block_type":"box","text":"demographics and often unpredictable changes in consumer tastes can drastically affect a communication services","page_number":54,"box":{"x":89,"y":165,"width":808,"height":12}},{"id":"afd3f8ca-f013-42fe-93a5-cfd4ab035960","block_type":"box","text":"company’s profitability. In addition, while all companies may be susceptible to network security breaches, certain companies","page_number":54,"box":{"x":89,"y":180,"width":870,"height":12}},{"id":"4d3a04ea-cd6e-46e4-9439-4bb10ab77956","block_type":"box","text":"in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer","page_number":54,"box":{"x":89,"y":195,"width":848,"height":12}},{"id":"28f7cdad-eff1-4e91-a687-4f15cb10eb3c","block_type":"box","text":"information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":54,"box":{"x":89,"y":210,"width":702,"height":13}},{"id":"4bf12dc1-13c1-438f-8b57-e8a6964d0312","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":54,"box":{"x":88,"y":237,"width":879,"height":12}},{"id":"2968404f-4326-4225-9cea-e2cb0b2d254a","block_type":"box","text":"complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new","page_number":54,"box":{"x":89,"y":252,"width":875,"height":12}},{"id":"c17d6351-5bdf-41e0-9bbd-ec4d720b8e05","block_type":"box","text":"regulatory requirements may negatively affect the business of communications companies. Government actions around the","page_number":54,"box":{"x":89,"y":267,"width":867,"height":12}},{"id":"4a7044de-976a-4afd-9de2-17789d6fc305","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":54,"box":{"x":88,"y":282,"width":843,"height":12}},{"id":"dd9d80ca-657c-4d13-973a-7296138a8b03","block_type":"box","text":"communications services industry can also be significantly affected by intense competition for market share, including","page_number":54,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"96852da1-b2d3-4fcf-8667-222feb2f2602","block_type":"box","text":"competition with alternative technologies such as wireless communications, product compatibility and standardization,","page_number":54,"box":{"x":89,"y":312,"width":837,"height":13}},{"id":"fed32193-1e5d-46f3-94a9-e0f091b64cca","block_type":"box","text":"consumer preferences, rapid product obsolescence, research and development of new products, lack of standardization or","page_number":54,"box":{"x":89,"y":327,"width":857,"height":13}},{"id":"14abc604-dd85-4977-906e-ab02f73fe00b","block_type":"box","text":"compatibility with existing technologies, and a dependency on patent and copyright protections. Companies in the","page_number":54,"box":{"x":89,"y":342,"width":803,"height":13}},{"id":"7c3e0b8e-5730-48c2-91f2-908e2c7612ca","block_type":"box","text":"communication services sector may encounter distressed cash flows due to the need to commit substantial capital to meet","page_number":54,"box":{"x":89,"y":358,"width":864,"height":12}},{"id":"1567222d-fd42-4040-9f27-9470f8c5fc2f","block_type":"box","text":"increasing competition, particularly in developing new products and services using new technology. Technological","page_number":54,"box":{"x":89,"y":373,"width":799,"height":12}},{"id":"eb29e741-303d-42c8-a654-1d848c378885","block_type":"box","text":"innovations may make the products and services of certain communications companies obsolete.","page_number":54,"box":{"x":89,"y":388,"width":683,"height":12}},{"id":"ac219b30-c87c-4044-813f-2a8742366812","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":54,"box":{"x":88,"y":414,"width":850,"height":13}},{"id":"8c000228-3015-469b-9a0d-3aa65bae2061","block_type":"box","text":"provide services in a given location. Licensing and franchise rights in the telecommunications sector are limited, which may","page_number":54,"box":{"x":89,"y":429,"width":864,"height":13}},{"id":"852f21b1-fb7a-4830-bdc4-0d14083e3373","block_type":"box","text":"provide an advantage to certain participants. Limited availability of such rights, high barriers to market entry and regulatory","page_number":54,"box":{"x":89,"y":445,"width":863,"height":12}},{"id":"6faecf49-10f6-4498-a7ca-048711aaa9f8","block_type":"box","text":"oversight, among other factors, have led to consolidation of companies within the sector, which could lead to further","page_number":54,"box":{"x":89,"y":460,"width":818,"height":12}},{"id":"faad3063-f476-4ccc-891e-9235b8a75c68","block_type":"box","text":"regulation or other negative effects in the future. Telecommunication providers investing in non-U.S. countries may be","page_number":54,"box":{"x":89,"y":475,"width":826,"height":12}},{"id":"b697e11c-1b70-4106-bcbe-a945b4420988","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":54,"box":{"x":89,"y":490,"width":873,"height":12}},{"id":"fea10cba-095c-49fa-902e-a7e1c89869b8","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":54,"box":{"x":89,"y":505,"width":856,"height":12}},{"id":"cb18912f-1c97-445b-8c15-3ce34a2d9101","block_type":"box","text":"Companies in the media and entertainment industries can be significantly affected by several factors, including competition,","page_number":54,"box":{"x":89,"y":531,"width":868,"height":13}},{"id":"27d9f2ea-b4e5-493f-8b0a-f1fe8083e340","block_type":"box","text":"particularly in formulation of products and services using new technologies, cyclicality of revenues and earnings, a potential","page_number":54,"box":{"x":89,"y":547,"width":866,"height":12}},{"id":"acf15a9a-278c-49a7-9cc1-393bf530a303","block_type":"box","text":"decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, and the potential","page_number":54,"box":{"x":89,"y":562,"width":833,"height":12}},{"id":"af96ee6f-8925-4da5-a26e-78396bda7688","block_type":"box","text":"increase in government regulation. Companies in the media and entertainment industries may become obsolete quickly.","page_number":54,"box":{"x":89,"y":577,"width":840,"height":12}},{"id":"4b59bd1f-0062-440e-837c-5d5370aebc9d","block_type":"box","text":"Advertising spending can be an important revenue source for media and entertainment companies. During economic","page_number":54,"box":{"x":88,"y":592,"width":823,"height":12}},{"id":"71bed400-53ad-46ab-87fa-dffead290641","block_type":"box","text":"downturns advertising spending typically decreases and, as a result, media and entertainment companies tend to generate","page_number":54,"box":{"x":89,"y":607,"width":859,"height":12}},{"id":"8390a7d4-e970-4221-acb8-abb73f1813f1","block_type":"box","text":"less revenue.","page_number":54,"box":{"x":89,"y":622,"width":88,"height":10}},{"id":"258de562-0990-4600-8d7e-e3c968f582f5","block_type":"box","text":"Risk of Investing in the Consumer Discretionary Sector.","page_number":54,"box":{"x":89,"y":649,"width":397,"height":12}},{"id":"91250bb7-53ca-469a-af5d-3c316a85a326","block_type":"box","text":"Companies engaged in the design, production or distribution of","page_number":54,"box":{"x":495,"y":649,"width":446,"height":12}},{"id":"ef75f489-11d4-41da-96fa-7b52b5db49c9","block_type":"box","text":"products or services for the consumer discretionary sector (including, without limitation, television and radio broadcasting,","page_number":54,"box":{"x":89,"y":664,"width":861,"height":12}},{"id":"82ea23a9-99a1-4227-a1d0-e5ddc9bfc374","block_type":"box","text":"manufacturing, publishing, recording and musical instruments, motion pictures, photography, amusement and theme parks,","page_number":54,"box":{"x":89,"y":679,"width":872,"height":12}},{"id":"1e321ed3-e7d2-4510-81ed-09c14ebb00c2","block_type":"box","text":"gaming casinos, sporting goods and sports arenas, camping and recreational equipment, toys and games, apparel, travel","page_number":54,"box":{"x":89,"y":694,"width":850,"height":12}},{"id":"87f3d268-170c-40b5-afb3-c4bd0fe72ba9","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":54,"box":{"x":89,"y":709,"width":822,"height":12}},{"id":"e911a361-bc7d-4e38-a075-1168a8c97f38","block_type":"box","text":"products or services may become obsolete quickly. The success of these companies can depend heavily on disposable","page_number":54,"box":{"x":89,"y":724,"width":827,"height":13}},{"id":"d69235b5-bbe2-4076-9296-7e375064e3f2","block_type":"box","text":"household income and consumer spending. During periods of an expanding economy, the consumer discretionary sector","page_number":54,"box":{"x":89,"y":739,"width":850,"height":13}},{"id":"dd1257e2-45b3-40d6-b51a-c9d2dcdf2e46","block_type":"box","text":"may outperform the consumer staples sector, but may underperform when economic conditions worsen. Moreover, the","page_number":54,"box":{"x":89,"y":754,"width":838,"height":13}},{"id":"c92a1c28-0952-48e5-997d-a2bac74bad7f","block_type":"box","text":"consumer discretionary sector can be significantly affected by several factors, including, without limitation, the performance","page_number":54,"box":{"x":89,"y":770,"width":870,"height":12}},{"id":"8bfed22c-71cb-4e26-8216-da0d2ee0d121","block_type":"box","text":"of domestic and international economies, exchange rates, changing consumer preferences, demographics, marketing","page_number":54,"box":{"x":89,"y":785,"width":823,"height":12}},{"id":"ea7d717a-15ed-48dd-805e-3d14fbaf77aa","block_type":"box","text":"campaigns, cyclical revenue generation, consumer confidence, commodity price volatility, labor relations, interest rates,","page_number":54,"box":{"x":89,"y":800,"width":834,"height":12}},{"id":"eb698f6c-4dc9-48f3-bb62-a169f84ace65","block_type":"box","text":"import and export controls, intense competition, technological developments and government regulation.","page_number":54,"box":{"x":89,"y":815,"width":741,"height":12}},{"id":"3c593a32-f8a0-4f9f-b303-926f1f3a880e","block_type":"box","text":"33","page_number":54,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f59e3164-b621-484f-825f-75de5c3a2d7a","block_type":"box","text":"Risk of Investing in the Consumer Staples Sector.","page_number":55,"box":{"x":89,"y":44,"width":352,"height":12}},{"id":"d8949f44-01bf-4cb1-b601-8126730ce721","block_type":"box","text":"Companies in the consumer staples sector may be adversely affected by","page_number":55,"box":{"x":450,"y":44,"width":504,"height":12}},{"id":"0f084838-cb6a-4888-b033-71ed6e1b45aa","block_type":"box","text":"changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production","page_number":55,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"8408056d-e038-4768-9d23-f5119efd8652","block_type":"box","text":"spending. Companies in the consumer staples sector may also be affected by changes in global economic, environmental","page_number":55,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"3b0b0a2c-92e6-4cb8-98e6-1ec9afb1425f","block_type":"box","text":"and political events, economic conditions, the depletion of resources, and government regulation. For instance, government","page_number":55,"box":{"x":89,"y":89,"width":867,"height":13}},{"id":"f6d2db11-e767-44ad-99e8-c94bb43d9008","block_type":"box","text":"regulations may affect the permissibility of using various food additives and production methods of companies that make","page_number":55,"box":{"x":89,"y":104,"width":850,"height":13}},{"id":"da8e7e91-e6b5-4127-ad46-8601c0a62eb4","block_type":"box","text":"food products, which could affect company profitability. In addition, tobacco companies may be adversely affected by the","page_number":55,"box":{"x":88,"y":119,"width":849,"height":13}},{"id":"223a7493-c5c4-4361-8479-5839e147b67b","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":55,"box":{"x":89,"y":135,"width":869,"height":12}},{"id":"5d5117b1-9437-4dfd-86ac-6af8850537b2","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":55,"box":{"x":89,"y":150,"width":847,"height":12}},{"id":"ecc93479-9c70-482c-b68d-bd30530a8a4c","block_type":"box","text":"number of factors, including, without limitation, changes in government agricultural support programs, exchange rates,","page_number":55,"box":{"x":89,"y":165,"width":838,"height":12}},{"id":"4949e657-d2bf-4341-a2ee-6204caa51552","block_type":"box","text":"import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions.","page_number":55,"box":{"x":89,"y":180,"width":864,"height":12}},{"id":"4d99a935-b0ac-4e52-8585-84b385596117","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":55,"box":{"x":89,"y":195,"width":872,"height":12}},{"id":"9088447c-f5d0-4d31-a041-2fe69534e0e4","block_type":"box","text":"their profitability.","page_number":55,"box":{"x":88,"y":210,"width":118,"height":13}},{"id":"e04f37e1-a247-4b54-81d0-537f439cac7c","block_type":"box","text":"Risk of Investing in the Energy Sector.","page_number":55,"box":{"x":89,"y":237,"width":270,"height":12}},{"id":"a6b3bac3-2cf0-4c0d-a783-feaf91fea677","block_type":"box","text":"Companies in the energy sector are strongly affected by the changes in and volatility","page_number":55,"box":{"x":369,"y":237,"width":590,"height":12}},{"id":"0b623f24-40a9-4991-81fb-5ad1de2f254d","block_type":"box","text":"of global energy prices, energy supply and demand, government regulations and policies, energy production and","page_number":55,"box":{"x":89,"y":252,"width":788,"height":12}},{"id":"b57461af-a9a7-48cd-a1ec-658a6ceb97f9","block_type":"box","text":"conservation efforts, technological change, development of alternative energy sources, and other factors that they cannot","page_number":55,"box":{"x":89,"y":267,"width":853,"height":12}},{"id":"b2602b74-b95a-4efc-83bf-0391d99b92e5","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":55,"box":{"x":89,"y":282,"width":852,"height":12}},{"id":"77d3db99-142c-4301-ae87-0eeaa4a56d2b","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":55,"box":{"x":88,"y":297,"width":822,"height":12}},{"id":"29e320aa-ce31-434a-926a-d48f59daf578","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":55,"box":{"x":89,"y":312,"width":807,"height":13}},{"id":"2d753fc1-d350-4577-9eec-73b024db1030","block_type":"box","text":"dependent on commodity prices. Prices and supplies of energy may fluctuate significantly over short and long periods of","page_number":55,"box":{"x":89,"y":327,"width":846,"height":13}},{"id":"6d511597-f699-4f74-b87f-6bf2b60d6a03","block_type":"box","text":"time due to, among other things, national and international political changes, Organization of Petroleum Exporting Countries","page_number":55,"box":{"x":88,"y":342,"width":874,"height":13}},{"id":"362e43e8-0244-4f54-ab98-9f179f5d0ae4","block_type":"box","text":"(“OPEC”) policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the","page_number":55,"box":{"x":89,"y":358,"width":820,"height":12}},{"id":"151a89c0-48aa-4901-b87d-55a3a1d02da2","block_type":"box","text":"regulatory environment, taxation policies, the enactment or cessation of trade sanctions, war or other geopolitical conflicts,","page_number":55,"box":{"x":89,"y":373,"width":864,"height":12}},{"id":"119bd7d6-0485-4212-ad9f-a96d5d643e68","block_type":"box","text":"and the economies of key energy-consuming countries. Companies in the energy sector may be adversely affected by","page_number":55,"box":{"x":89,"y":388,"width":823,"height":12}},{"id":"8fad0a4f-b412-482e-ac74-4a068d94bfaf","block_type":"box","text":"terrorism, cyber incidents, natural disasters or other catastrophes. While certain Funds seek to invest in companies with","page_number":55,"box":{"x":88,"y":403,"width":837,"height":12}},{"id":"7702ecaa-c40b-4949-85bd-eb2424c2f48f","block_type":"box","text":"positive or favorable environmental and social characteristics, companies in the energy sector are at risk of liability from","page_number":55,"box":{"x":89,"y":418,"width":836,"height":12}},{"id":"b8964a9f-ad33-42ff-8316-503b5f58fdc3","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":55,"box":{"x":89,"y":433,"width":859,"height":13}},{"id":"2a119ac0-d36b-4d11-abd2-4b60d575b3f4","block_type":"box","text":"deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to","page_number":55,"box":{"x":89,"y":448,"width":860,"height":13}},{"id":"cf4a2642-424c-4716-ae57-f8095535f330","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":55,"box":{"x":88,"y":463,"width":861,"height":13}},{"id":"a782e7c5-ec69-464c-b128-c3ddd0c57bbe","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":55,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"a623d8a0-8137-4bbe-98cb-506a3d0e8cf6","block_type":"box","text":"in exchange rates, interest rates, economic conditions, tax treatment, government regulation and intervention, negative","page_number":55,"box":{"x":89,"y":494,"width":836,"height":12}},{"id":"f5c93069-2cb7-4703-ba4c-46f065b311dd","block_type":"box","text":"perception, efforts at energy conservation and world events in the regions in which the companies operate (","page_number":55,"box":{"x":89,"y":509,"width":755,"height":12}},{"id":"ba36e052-6fdd-4bc0-86bf-9f19fb2cfa94","block_type":"box","text":"e.g","page_number":55,"box":{"x":845,"y":512,"width":20,"height":9}},{"id":"aaedb1ec-7c2e-45c8-9ca1-f9941db4822a","block_type":"box","text":".,","page_number":55,"box":{"x":866,"y":517,"width":6,"height":3}},{"id":"adf3ba1c-1084-4690-a204-1ddc2beca3a2","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":55,"box":{"x":89,"y":524,"width":849,"height":12}},{"id":"d393d5a6-0bcc-4a6b-890d-db720d6b7a53","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":55,"box":{"x":89,"y":539,"width":879,"height":12}},{"id":"87e9d239-00cf-499d-84d1-e603f73560a0","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":55,"box":{"x":89,"y":554,"width":860,"height":12}},{"id":"0475158d-f45b-4e7f-8ffd-afbb7a812dba","block_type":"box","text":"entities and utilities, governmental budget constraints may have a significant impact on companies in this sector. The energy","page_number":55,"box":{"x":89,"y":569,"width":873,"height":13}},{"id":"2f2b2e13-ea8a-4f7a-9608-97ee4367a9cf","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":55,"box":{"x":89,"y":584,"width":878,"height":13}},{"id":"220a283e-e3f0-4721-84d0-51f26aafc77a","block_type":"box","text":"their operations by governmental agencies. Such regulation can change rapidly or over time in both scope and intensity.","page_number":55,"box":{"x":88,"y":599,"width":839,"height":13}},{"id":"505289d0-a2a1-418a-97e6-5028ceeeb068","block_type":"box","text":"Stricter laws, regulations or enforcement policies could be enacted, which would likely increase compliance costs and may","page_number":55,"box":{"x":88,"y":615,"width":858,"height":12}},{"id":"4e4519fe-0b0f-4718-8b16-baaf800e7c9c","block_type":"box","text":"materially adversely affect the financial performance of companies in the energy sector.","page_number":55,"box":{"x":89,"y":630,"width":611,"height":12}},{"id":"46458058-362a-4343-a760-b08388f62b1d","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine on","page_number":55,"box":{"x":88,"y":656,"width":831,"height":13}},{"id":"40a1fa04-7cf8-431c-88c4-9b39f967e737","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":55,"box":{"x":89,"y":671,"width":843,"height":13}},{"id":"5de299bf-d7bc-464c-8767-0fdfdca51914","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":55,"box":{"x":89,"y":686,"width":853,"height":13}},{"id":"2a324af8-f88c-40ac-9260-353e3358aaf0","block_type":"box","text":"and other actors have enacted various sanctions and restrictions on business dealings with Russia, which include restrictions","page_number":55,"box":{"x":89,"y":702,"width":875,"height":12}},{"id":"0ea0659d-88db-4f9d-b2f2-92e9107b9d33","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":55,"box":{"x":89,"y":717,"width":871,"height":12}},{"id":"24bda011-78a7-4dea-b3ed-f993f8080665","block_type":"box","text":"of the Russian military action, additional sanctions and associated market disruptions on the energy sector, are impossible to","page_number":55,"box":{"x":89,"y":732,"width":873,"height":12}},{"id":"0f7d3b50-139b-4406-8561-6dba2692ea56","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":55,"box":{"x":89,"y":747,"width":864,"height":12}},{"id":"a58e9441-9049-486b-9338-c90fb1573e91","block_type":"box","text":"may have a severe adverse effect on the performance of a Fund.","page_number":55,"box":{"x":89,"y":762,"width":445,"height":12}},{"id":"9fbeb7ec-a3a8-483e-8d61-a0c3c403aa7c","block_type":"box","text":"Risk of Investing in the Financials Sector.","page_number":55,"box":{"x":89,"y":788,"width":292,"height":13}},{"id":"3572fe74-56c1-4bcf-99a1-b4d82c4e84cc","block_type":"box","text":"Companies in the financials sector include small, regional and money center","page_number":55,"box":{"x":391,"y":788,"width":533,"height":13}},{"id":"31935d0e-2d4b-4618-a155-e8f6b49198ac","block_type":"box","text":"banks, securities brokerage firms, asset management companies, savings banks and thrift institutions, specialty finance","page_number":55,"box":{"x":89,"y":804,"width":836,"height":12}},{"id":"44233fb4-0c6b-43a6-b901-e401670e451d","block_type":"box","text":"companies (","page_number":55,"box":{"x":89,"y":819,"width":85,"height":12}},{"id":"d6358466-b2bb-4b83-a5b7-8bb696745d76","block_type":"box","text":"e.g.","page_number":55,"box":{"x":175,"y":822,"width":23,"height":9}},{"id":"fb8211c2-6bb6-4af6-80c1-be6d19422bff","block_type":"box","text":", credit card, mortgage providers), insurance and insurance brokerage firms, consumer finance firms,","page_number":55,"box":{"x":200,"y":819,"width":706,"height":12}},{"id":"fdc57298-1aeb-4864-a5fc-31504e9f2752","block_type":"box","text":"financial conglomerates and foreign banking and financial companies.","page_number":55,"box":{"x":88,"y":834,"width":491,"height":12}},{"id":"c4d11bc8-429a-4f6a-aa77-bc1f4de7d354","block_type":"box","text":"34","page_number":55,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"964dcd45-2b94-43fc-9453-d702e0558c40","block_type":"box","text":"Most financial companies are subject to extensive governmental regulation, which limits their activities and may affect their","page_number":56,"box":{"x":89,"y":44,"width":865,"height":12}},{"id":"9fa1e0a0-9b99-4787-bee6-8ebc98e3fcea","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":56,"box":{"x":89,"y":59,"width":869,"height":12}},{"id":"e1170687-ea2a-43b4-a7f7-ce7ca9d599b2","block_type":"box","text":"adverse consequences for companies in the financials sector, including effects not intended by the regulation. Direct","page_number":56,"box":{"x":89,"y":74,"width":813,"height":12}},{"id":"e117047c-2f2b-4cc8-90ba-e0d2ce1a76d3","block_type":"box","text":"governmental intervention in the operations of financial companies and financial markets may materially and adversely affect","page_number":56,"box":{"x":89,"y":89,"width":877,"height":13}},{"id":"a2482cd1-5d03-4f32-af64-cced7adf5700","block_type":"box","text":"the companies in which a Fund invests, including legislation in many countries that may increase government regulation,","page_number":56,"box":{"x":88,"y":104,"width":848,"height":13}},{"id":"dc6000ff-8d8f-4ce7-8770-29ce70dde78d","block_type":"box","text":"repatriation and other intervention. The impact of governmental intervention and legislative changes on any individual","page_number":56,"box":{"x":89,"y":119,"width":827,"height":13}},{"id":"33e90714-030e-4627-b908-869d5135ee6c","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":56,"box":{"x":88,"y":135,"width":871,"height":12}},{"id":"dcdb86a9-e75a-433b-b092-b6d2958ba52c","block_type":"box","text":"and continues to be subject to unprecedented volatility and may be influenced by unpredictable factors, including interest","page_number":56,"box":{"x":89,"y":150,"width":853,"height":12}},{"id":"5f5a973c-6c53-4ed9-ae53-1ce8d73ca17c","block_type":"box","text":"rate risk and sovereign debt default. Certain financial businesses are subject to intense competitive pressures, including","page_number":56,"box":{"x":89,"y":165,"width":833,"height":12}},{"id":"e5b2378d-d5e2-4983-b26c-68f656077262","block_type":"box","text":"market share and price competition. Financial companies in foreign countries are subject to market-specific and general","page_number":56,"box":{"x":89,"y":180,"width":839,"height":12}},{"id":"2cee0774-a865-4ab9-ae73-56a8f3d6aca7","block_type":"box","text":"regulatory and interest rate concerns. In particular, government regulation in certain foreign countries may include taxes and","page_number":56,"box":{"x":89,"y":195,"width":872,"height":12}},{"id":"de0e5c13-6663-4c80-857c-924aa8b21dd8","block_type":"box","text":"controls on interest rates, credit availability, minimum capital requirements, bans on short sales, limits on prices and","page_number":56,"box":{"x":89,"y":210,"width":810,"height":13}},{"id":"6ecd1d66-6d0b-411d-af7e-c8576cc885ff","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":56,"box":{"x":89,"y":225,"width":870,"height":13}},{"id":"7a11612d-2b49-41ec-acab-65993d4aa74d","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":56,"box":{"x":88,"y":240,"width":847,"height":13}},{"id":"0792aa39-af53-4f37-af59-59d9dd6eac50","block_type":"box","text":"businesses.","page_number":56,"box":{"x":89,"y":256,"width":78,"height":9}},{"id":"32c08bb6-88d1-4125-b7ea-e629aa1eb5a1","block_type":"box","text":"The profitability of banks, savings and loan associations and other financial companies is largely dependent on the availability","page_number":56,"box":{"x":88,"y":282,"width":879,"height":12}},{"id":"7529cdfc-2ada-423f-8830-5a3a45f29ad9","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":56,"box":{"x":89,"y":297,"width":863,"height":12}},{"id":"8d62902a-14a9-4eb0-86f5-adf6c7db57f5","block_type":"box","text":"the value of securities issued by many types of companies in the financials sector generally goes down. In other words,","page_number":56,"box":{"x":88,"y":312,"width":831,"height":13}},{"id":"52984331-8ffe-4fea-bd10-9177e8046ae9","block_type":"box","text":"financial companies may be adversely affected in certain market cycles, including, without limitation, during periods of rising","page_number":56,"box":{"x":88,"y":327,"width":873,"height":13}},{"id":"9aa67dac-2326-4d7b-814e-5138f9db69c4","block_type":"box","text":"interest rates, which may restrict the availability and increase the cost of capital, and during periods of declining economic","page_number":56,"box":{"x":89,"y":342,"width":855,"height":13}},{"id":"f81596a6-7d8d-416c-8e3a-39d174af24d7","block_type":"box","text":"conditions, which may cause, among other things, credit losses due to financial difficulties of borrowers.","page_number":56,"box":{"x":89,"y":358,"width":730,"height":12}},{"id":"2d2dde19-fb3f-4f4e-a405-bff0048acd70","block_type":"box","text":"In addition, general economic conditions are important to the operations of these companies, and financial difficulties of","page_number":56,"box":{"x":89,"y":384,"width":845,"height":12}},{"id":"d8ce35b5-3d30-473f-9281-3a5cf2d8d142","block_type":"box","text":"borrowers may have an adverse effect on the profitability of financial companies. Companies in the financials sector are","page_number":56,"box":{"x":89,"y":399,"width":835,"height":13}},{"id":"fa42d546-d01c-4de2-9b07-5a3429025e53","block_type":"box","text":"exposed directly to the credit risk of their borrowers and counterparties, who may be leveraged to an unknown degree,","page_number":56,"box":{"x":89,"y":414,"width":831,"height":13}},{"id":"cf94248c-f825-438a-8b2c-23645a4baed0","block_type":"box","text":"including through swaps and other derivatives products, and who at times may be unable to meet their obligations to the","page_number":56,"box":{"x":89,"y":429,"width":850,"height":13}},{"id":"f090476d-987d-42e7-9798-da95e3ed467b","block_type":"box","text":"financial services companies. Financial services companies may have significant exposure to the same borrowers and","page_number":56,"box":{"x":88,"y":445,"width":821,"height":12}},{"id":"53b55848-32a0-411b-bd2d-5868ed63c722","block_type":"box","text":"counterparties, with the result that a borrower’s or counterparty’s inability to meet its obligations to one company may affect","page_number":56,"box":{"x":89,"y":460,"width":875,"height":12}},{"id":"2b546d9f-5814-41ce-94bd-4f8469ebeb4f","block_type":"box","text":"other companies with exposure to the same borrower or counterparty. This interconnectedness of risk, including cross","page_number":56,"box":{"x":89,"y":475,"width":836,"height":12}},{"id":"d134464e-acb8-4022-a03e-64bad76dcc7f","block_type":"box","text":"default risk, may result in significant negative impacts to the financial condition and reputation of companies with direct","page_number":56,"box":{"x":89,"y":490,"width":841,"height":12}},{"id":"e4240055-44e6-4c94-ac8d-58b824013882","block_type":"box","text":"exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the financials sector","page_number":56,"box":{"x":89,"y":505,"width":814,"height":12}},{"id":"e5a49bc4-c2ad-4074-861d-4b90dcafa966","block_type":"box","text":"generally. Financial companies can be highly dependent upon access to capital markets, and any impediments to such","page_number":56,"box":{"x":89,"y":520,"width":827,"height":12}},{"id":"2b6248cf-81d6-45ba-87ce-2701b60f5845","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":56,"box":{"x":89,"y":535,"width":870,"height":13}},{"id":"587efb14-1cc0-404e-87cf-610046fd7752","block_type":"box","text":"financial condition or prospects, could adversely affect its business. Deterioration of credit markets can have an adverse","page_number":56,"box":{"x":88,"y":550,"width":837,"height":13}},{"id":"245c536f-ac18-442e-ac82-6961c44c2311","block_type":"box","text":"impact on a broad range of financial markets, causing certain financial companies to incur large losses. In these conditions,","page_number":56,"box":{"x":89,"y":565,"width":862,"height":13}},{"id":"d37ad407-380e-4e9e-a363-672682827f47","block_type":"box","text":"companies in the financials sector may experience significant declines in the valuation of their assets, take actions to raise","page_number":56,"box":{"x":89,"y":581,"width":853,"height":12}},{"id":"1668f3b8-1ef8-4d2b-af3d-ec19953ed796","block_type":"box","text":"capital and even cease operations. Some financial companies may also be required to accept or borrow significant amounts","page_number":56,"box":{"x":89,"y":596,"width":865,"height":12}},{"id":"4ae21ef1-3bbd-4e2c-81ec-7e4114188527","block_type":"box","text":"of capital from government sources and may face future government-imposed restrictions on their businesses or increased","page_number":56,"box":{"x":89,"y":611,"width":863,"height":12}},{"id":"7fea5c36-cbec-4436-ae91-b0bc70b51c67","block_type":"box","text":"government intervention. In addition, there is no guarantee that governments will provide any such relief in the future. These","page_number":56,"box":{"x":89,"y":626,"width":872,"height":12}},{"id":"9a099038-9d37-4d77-8e47-b784ca0c2841","block_type":"box","text":"actions may cause the securities of many companies in the financials sector to decline in value.","page_number":56,"box":{"x":89,"y":641,"width":665,"height":12}},{"id":"3eae5594-957f-473c-85e3-b623267d69f7","block_type":"box","text":"Risk of Investing in the Healthcare Sector.","page_number":56,"box":{"x":89,"y":668,"width":299,"height":12}},{"id":"87f0fdb3-7f8e-43f3-b457-770ca0814a15","block_type":"box","text":"Companies in the healthcare sector are often issuers whose profitability may be","page_number":56,"box":{"x":397,"y":668,"width":557,"height":12}},{"id":"a7284c53-30e3-44a2-9478-0767f0a93876","block_type":"box","text":"affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or","page_number":56,"box":{"x":89,"y":683,"width":839,"height":12}},{"id":"bbff92f5-060a-4f17-8a03-4595a6bbec53","block_type":"box","text":"falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, a limited","page_number":56,"box":{"x":88,"y":698,"width":834,"height":12}},{"id":"7e1bd1ec-3c76-4e24-a1fb-c60e1de73d4a","block_type":"box","text":"number of products, industry innovation, changes in technologies and other market developments. Many healthcare","page_number":56,"box":{"x":89,"y":713,"width":816,"height":12}},{"id":"6ea0f148-fbcf-46b8-aa30-ba2769d8ad98","block_type":"box","text":"companies are heavily dependent on patent protection and the actual or perceived safety and efficiency of their products.","page_number":56,"box":{"x":89,"y":728,"width":849,"height":12}},{"id":"9b0cdd8d-955f-43bd-92a2-98349c45ae77","block_type":"box","text":"Patents have a limited duration, and, upon expiration, other companies may market substantially similar “generic” products","page_number":56,"box":{"x":89,"y":754,"width":863,"height":13}},{"id":"40be292b-a075-415f-a3d4-f32528e23dfc","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":56,"box":{"x":88,"y":770,"width":854,"height":12}},{"id":"08d80821-3656-46b0-b2ef-07399f2a33b8","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":56,"box":{"x":89,"y":785,"width":860,"height":12}},{"id":"766f3a33-b301-4dc2-9498-2450ae61f781","block_type":"box","text":"result, the expiration of patents may adversely affect the profitability of these companies.","page_number":56,"box":{"x":89,"y":800,"width":621,"height":12}},{"id":"a88459b1-f3db-4054-ab14-cf1709069859","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":56,"box":{"x":89,"y":826,"width":862,"height":13}},{"id":"72065900-7961-483a-81d0-3cffdaa84177","block_type":"box","text":"of many individuals, these companies are especially susceptible to extensive litigation based on product liability and similar","page_number":56,"box":{"x":89,"y":841,"width":860,"height":13}},{"id":"099cef96-261b-4bb6-a3fa-7a5239de44a3","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":56,"box":{"x":89,"y":856,"width":842,"height":13}},{"id":"e53e7fb4-2688-4274-8d94-cfe04124e69b","block_type":"box","text":"35","page_number":56,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5c333c00-fce7-48b4-8468-d7cb7787baeb","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":57,"box":{"x":89,"y":44,"width":868,"height":12}},{"id":"f9e00f9a-95ae-4468-9b0d-66a102ea698a","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":57,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"1f30d427-d68b-4a96-b900-09cbc427e9cf","block_type":"box","text":"and loss of competitive advantage to the extent that rival companies have developed competing products or procedures,","page_number":57,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"11872a43-cedb-488b-8edd-a511624a85ac","block_type":"box","text":"adversely affecting the company’s revenues and profitability. In other words, delays in the regulatory approval process may","page_number":57,"box":{"x":89,"y":89,"width":857,"height":13}},{"id":"753c10c5-9c4d-472e-989f-fde566cea6ec","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":57,"box":{"x":89,"y":104,"width":870,"height":13}},{"id":"dcf09571-c967-4484-820d-0db6980315b9","block_type":"box","text":"a material adverse effect on a company’s business. Healthcare companies may also be strongly affected by scientific","page_number":57,"box":{"x":89,"y":119,"width":811,"height":13}},{"id":"b9e7fd28-0fde-4bc6-b7a4-d803adeeed9f","block_type":"box","text":"biotechnology or technological developments, and their products may quickly become obsolete. Also, many healthcare","page_number":57,"box":{"x":89,"y":135,"width":834,"height":12}},{"id":"6d597f09-ddf0-4c55-9a81-c8777502ebf1","block_type":"box","text":"companies offer products and services that are subject to governmental regulation and may be adversely affected by changes","page_number":57,"box":{"x":89,"y":150,"width":878,"height":12}},{"id":"2621257c-972a-4c4e-a52c-81b928267148","block_type":"box","text":"in governmental policies or laws. Changes in governmental policies or laws may span a wide range of topics, including cost","page_number":57,"box":{"x":89,"y":165,"width":861,"height":12}},{"id":"8b369eef-83c2-43c2-8f1d-066110818550","block_type":"box","text":"control, national health insurance, incentives for compensation in the provision of healthcare services, tax incentives and","page_number":57,"box":{"x":89,"y":180,"width":844,"height":12}},{"id":"672de7bb-05b6-44f0-8ff5-a2aaa5377eb8","block_type":"box","text":"penalties related to healthcare insurance premiums, and promotion of prepaid healthcare plans. In addition, a number of","page_number":57,"box":{"x":89,"y":195,"width":845,"height":12}},{"id":"dfb45be6-e77e-4898-89d1-c91f8e3f7c17","block_type":"box","text":"legislative proposals concerning healthcare have been considered by the U.S. Congress in recent years. It is unclear what","page_number":57,"box":{"x":89,"y":210,"width":841,"height":13}},{"id":"175308f1-e7d7-45c9-86a2-700d66215fbc","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":57,"box":{"x":89,"y":225,"width":793,"height":13}},{"id":"0cb81089-1873-465e-b0fc-0a907ea2576d","block_type":"box","text":"Additionally, the expansion of facilities by healthcare-related providers may be subject to “determinations of need” by certain","page_number":57,"box":{"x":88,"y":252,"width":872,"height":12}},{"id":"8c36fff0-0ff1-43d8-94fa-e0e4f5755ad4","block_type":"box","text":"government authorities. This process not only generally increases the time and costs involved in these expansions, but also","page_number":57,"box":{"x":89,"y":267,"width":861,"height":12}},{"id":"1ed20200-ae14-49c7-8777-b1c9d28795ab","block_type":"box","text":"makes expansion plans uncertain, limiting the revenue and profitability growth potential of healthcare-related facilities","page_number":57,"box":{"x":89,"y":282,"width":828,"height":12}},{"id":"c3081601-3a4d-4ff0-a152-dcf331ce401d","block_type":"box","text":"operators and negatively affecting the prices of their securities. Moreover, in recent years, both local and national","page_number":57,"box":{"x":89,"y":297,"width":788,"height":12}},{"id":"5cb3cac8-4589-4eda-b874-3330306122e5","block_type":"box","text":"governmental budgets have come under pressure to reduce spending and control healthcare costs, which could both","page_number":57,"box":{"x":89,"y":312,"width":821,"height":13}},{"id":"4c73a19d-ccab-435e-b627-ee1671f2ed08","block_type":"box","text":"adversely affect regulatory processes and public funding available for healthcare products, services and facilities.","page_number":57,"box":{"x":89,"y":327,"width":786,"height":13}},{"id":"b56acac3-da02-4ea5-8144-45a394066976","block_type":"box","text":"Risk of Investing in the Industrials Sector.","page_number":57,"box":{"x":89,"y":354,"width":297,"height":12}},{"id":"fb92b1da-409b-44af-92b1-2144d73ca26d","block_type":"box","text":"The value of securities issued by companies in the industrials sector may be","page_number":57,"box":{"x":395,"y":354,"width":530,"height":12}},{"id":"d793ccfe-cd4f-4615-8ad6-602015be9b18","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":57,"box":{"x":89,"y":369,"width":869,"height":12}},{"id":"1675c63c-ce35-489d-86a8-1a9b1f4a16b2","block_type":"box","text":"general. The products of manufacturing companies may face obsolescence due to rapid technological developments and","page_number":57,"box":{"x":89,"y":384,"width":848,"height":12}},{"id":"3b9b2cc9-a0bc-4a37-9a5f-5a45fdfb8947","block_type":"box","text":"frequent new product introduction. Government regulations, trade disputes, world events and economic conditions may","page_number":57,"box":{"x":88,"y":399,"width":844,"height":13}},{"id":"8b178964-391c-47ca-9183-f8c2ea0de698","block_type":"box","text":"affect the performance of companies in the industrials sector. The industrials sector may also be adversely affected by","page_number":57,"box":{"x":89,"y":414,"width":824,"height":13}},{"id":"f2f76e40-65c6-4e24-a271-5db37b448469","block_type":"box","text":"changes or trends in commodity prices, which may be influenced by unpredictable factors. For example, commodity price","page_number":57,"box":{"x":89,"y":429,"width":852,"height":13}},{"id":"b4f2ff52-6517-4434-a606-beebbf25f576","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":57,"box":{"x":89,"y":445,"width":858,"height":12}},{"id":"c8272842-d813-4be9-b356-a295c7fa6147","block_type":"box","text":"affect the sector. Furthermore, while certain Funds seek to invest in companies with positive or favorable environmental and","page_number":57,"box":{"x":89,"y":460,"width":866,"height":12}},{"id":"341297c2-ac3e-444d-a08f-871f7bad9340","block_type":"box","text":"social characteristics, companies in the industrials sector may be subject to liability for environmental damage, product","page_number":57,"box":{"x":89,"y":475,"width":834,"height":12}},{"id":"f0c352d1-277e-4463-b035-3d6bbea6979c","block_type":"box","text":"liability claims, depletion of resources, and mandated expenditures for safety and pollution control.","page_number":57,"box":{"x":89,"y":490,"width":691,"height":12}},{"id":"6d7935cc-9860-4c1a-bb24-17a59a7d7623","block_type":"box","text":"Risk of Investing in the Materials Sector.","page_number":57,"box":{"x":89,"y":516,"width":288,"height":13}},{"id":"cfbd7fc3-03f3-4e8e-a667-bf335f79e232","block_type":"box","text":"Companies in the materials sector may be adversely affected by commodity price","page_number":57,"box":{"x":386,"y":516,"width":568,"height":13}},{"id":"047091b7-f84c-465e-82dc-5bb6540dbe92","block_type":"box","text":"volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition,","page_number":57,"box":{"x":88,"y":531,"width":824,"height":13}},{"id":"7ac01eb4-fdb8-47e7-aaea-32038a0e19d6","block_type":"box","text":"depletion of resources, technical progress, labor relations and government regulations, and mandated expenditures for safety","page_number":57,"box":{"x":89,"y":547,"width":878,"height":12}},{"id":"4d70ce4f-3fd2-4169-b49c-40c0af816b52","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":57,"box":{"x":89,"y":562,"width":866,"height":12}},{"id":"508a372d-00ba-44d4-9498-e31a6dceb43c","block_type":"box","text":"certain Funds seek to invest in companies with positive or favorable environmental and social characteristics, companies in","page_number":57,"box":{"x":89,"y":577,"width":859,"height":12}},{"id":"c41dfd7b-e7e9-4a7e-a49e-8925dba07799","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":57,"box":{"x":88,"y":592,"width":871,"height":12}},{"id":"d3e34d59-95cc-443d-bb36-fd3d701e3030","block_type":"box","text":"may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns. These","page_number":57,"box":{"x":89,"y":607,"width":850,"height":12}},{"id":"fd1dccc2-c014-4739-9dd1-59b9fe36705c","block_type":"box","text":"risks are heightened for companies in the materials sector located in foreign markets.","page_number":57,"box":{"x":89,"y":622,"width":596,"height":12}},{"id":"76a4d086-9384-481d-ac97-a777fb566eb8","block_type":"box","text":"Risk of Investing in the Precious Metals Industry.","page_number":57,"box":{"x":89,"y":649,"width":349,"height":12}},{"id":"4e034865-d6c3-4fe0-987b-dc3013493c6e","block_type":"box","text":"Prices of precious metals and of precious metal-related financial","page_number":57,"box":{"x":448,"y":649,"width":448,"height":12}},{"id":"d007705b-728f-43a7-b2c8-847436e7b635","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":57,"box":{"x":89,"y":664,"width":871,"height":12}},{"id":"af37abd6-83c5-4855-b1e1-a8cf7c836604","block_type":"box","text":"financial instruments that derive their value from the price of underlying precious metals. The production and sale of","page_number":57,"box":{"x":88,"y":679,"width":819,"height":12}},{"id":"5784e6ef-b989-49c5-a4af-769e23b41924","block_type":"box","text":"precious metals by governments or central banks or other larger holders can be affected by various economic, financial,","page_number":57,"box":{"x":89,"y":694,"width":836,"height":12}},{"id":"baab5032-5567-43b6-bed2-d4ed2052e1d1","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":57,"box":{"x":89,"y":709,"width":863,"height":12}},{"id":"8be46fc6-6c08-412a-bdbd-ed5a4f26a48f","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":57,"box":{"x":89,"y":724,"width":867,"height":13}},{"id":"af69c861-5c4f-49c1-8a3c-130ce38a8649","block_type":"box","text":"outlook for inflation and changes in industrial and commercial demand for precious metals.","page_number":57,"box":{"x":89,"y":739,"width":641,"height":13}},{"id":"943be604-e221-4c54-9d02-270a08f4ae33","block_type":"box","text":"Some precious metals mining operation companies may hedge, to varying degrees, their exposure to falls in precious metals","page_number":57,"box":{"x":88,"y":766,"width":871,"height":12}},{"id":"f9d9ef2f-4530-42c0-9f63-776f5cd4830d","block_type":"box","text":"prices by selling forward future production. This may affect prices of precious metals-related financial instruments, which in","page_number":57,"box":{"x":89,"y":781,"width":866,"height":12}},{"id":"f15cd59f-9a61-4976-9641-7e8bc3c54d0e","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":57,"box":{"x":88,"y":796,"width":860,"height":12}},{"id":"f7700476-6ec6-44d6-8e5f-01c8d5887ad6","block_type":"box","text":"Fund.","page_number":57,"box":{"x":89,"y":811,"width":38,"height":10}},{"id":"f732b139-1e28-47eb-8946-c4afe91c58cb","block_type":"box","text":"36","page_number":57,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"949bc86b-f4d8-459c-b350-0661600f53d3","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":58,"box":{"x":89,"y":44,"width":849,"height":12}},{"id":"96fd3a47-7c4d-486e-9327-1ffaa0eb490f","block_type":"box","text":"outlook for inflation and changes in industrial and commercial demand for precious metals. Additionally, increased","page_number":58,"box":{"x":89,"y":59,"width":803,"height":12}},{"id":"48ac22be-8106-4984-a100-59f2a793650e","block_type":"box","text":"environmental or labor costs may depress the value of mining and metal investments.","page_number":58,"box":{"x":89,"y":74,"width":599,"height":12}},{"id":"2153d078-fb76-4336-94d2-a2e2bf706464","block_type":"box","text":"Risk of Investing in the Real Estate Industry.","page_number":58,"box":{"x":89,"y":101,"width":313,"height":12}},{"id":"32809af4-9489-4a02-8233-1757f4b75379","block_type":"box","text":"Companies in the real estate industry include companies that invest in real","page_number":58,"box":{"x":411,"y":101,"width":520,"height":12}},{"id":"c6c0523b-b51c-4520-8dda-b34909c80445","block_type":"box","text":"estate, such as REITs, real estate holding and operating companies or real estate development companies (collectively, “Real","page_number":58,"box":{"x":89,"y":116,"width":867,"height":12}},{"id":"2fa7cc9b-a24d-4e63-86c7-50bcad340b9b","block_type":"box","text":"Estate Companies”). Investing in Real Estate Companies exposes investors to the risks of owning real estate directly, as well","page_number":58,"box":{"x":89,"y":131,"width":859,"height":12}},{"id":"c583c41c-5333-42ba-9cb4-0318547a098b","block_type":"box","text":"as to risks that relate specifically to the way in which Real Estate Companies are organized and operated. The real estate","page_number":58,"box":{"x":89,"y":146,"width":837,"height":12}},{"id":"10703d5f-5788-4719-8617-264d631c8e34","block_type":"box","text":"industry is highly sensitive to general and local economic conditions and developments, and characterized by intense","page_number":58,"box":{"x":89,"y":161,"width":819,"height":12}},{"id":"c8bebe40-32a4-49bf-a6b9-9bd31b82849b","block_type":"box","text":"competition and periodic overbuilding. Investing in Real Estate Companies involves various risks. Some risks that are specific","page_number":58,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"f24d4c74-bddb-48e2-ad9e-f9a788bd4505","block_type":"box","text":"to Real Estate Companies are discussed in greater detail below.","page_number":58,"box":{"x":88,"y":191,"width":439,"height":13}},{"id":"51d0004f-ca40-4f18-8d9f-7ff1cd59798c","block_type":"box","text":"Concentration Risk.","page_number":58,"box":{"x":89,"y":218,"width":134,"height":9}},{"id":"79868153-eef8-42cb-856f-4bc0fd6a2389","block_type":"box","text":"Real Estate Companies may own a limited number of properties and concentrate their investments in a","page_number":58,"box":{"x":230,"y":218,"width":718,"height":12}},{"id":"84bdd3c9-29ad-4f8c-9f17-567860bfbfeb","block_type":"box","text":"particular geographic region or property type. Economic downturns affecting a particular region, industry or property type","page_number":58,"box":{"x":89,"y":233,"width":854,"height":12}},{"id":"39da32ce-3146-42d2-821c-04ff795d7efb","block_type":"box","text":"may lead to a high volume of defaults within a short period.","page_number":58,"box":{"x":89,"y":248,"width":416,"height":12}},{"id":"99af3910-04a5-4241-9b97-88dbfe7083b4","block_type":"box","text":"Distressed Investment Risk.","page_number":58,"box":{"x":88,"y":274,"width":189,"height":10}},{"id":"a3379862-8031-4a8c-8f10-b055dd781d3b","block_type":"box","text":"Real Estate Companies may invest in distressed, defaulted or out-of-favor bank loans.","page_number":58,"box":{"x":284,"y":274,"width":595,"height":13}},{"id":"97a03107-bb5f-4223-a2e9-a06fff371498","block_type":"box","text":"Identification and implementation by a Real Estate Company of loan modification and restructure programs involves a high","page_number":58,"box":{"x":89,"y":290,"width":859,"height":12}},{"id":"45bbbb93-fa2d-4340-b0cd-d15bdb5d054d","block_type":"box","text":"degree of uncertainty. Even successful implementation may still require adverse compromises and may not prevent","page_number":58,"box":{"x":89,"y":305,"width":806,"height":12}},{"id":"cd9695a4-4379-437f-ba6a-511640092bfb","block_type":"box","text":"bankruptcy. Real Estate Companies may also invest in other debt instruments that may become non-performing, including","page_number":58,"box":{"x":89,"y":320,"width":856,"height":12}},{"id":"2eb064ce-f8c4-4d7b-bd63-8c901be02d8d","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":58,"box":{"x":88,"y":335,"width":879,"height":12}},{"id":"e7237d70-b666-44f9-a4ad-b7e9914f66b4","block_type":"box","text":"may be less liquid and more volatile than the securities of companies not in distress.","page_number":58,"box":{"x":89,"y":350,"width":587,"height":12}},{"id":"a37594e7-9526-460a-983c-0e08f494fe5a","block_type":"box","text":"Illiquidity Risk.","page_number":58,"box":{"x":88,"y":376,"width":98,"height":13}},{"id":"0e13e029-8617-49b5-acbe-8ddd98533c0b","block_type":"box","text":"Investing in Real Estate Companies may involve risks similar to those associated with investing in small","page_number":58,"box":{"x":193,"y":376,"width":722,"height":13}},{"id":"97b10a7c-491e-4f5c-9a0b-cc3635d063f6","block_type":"box","text":"capitalization companies. Real Estate Company securities, like the securities of small-capitalization companies, may be more","page_number":58,"box":{"x":89,"y":392,"width":867,"height":12}},{"id":"32187002-1178-4ece-b2ea-0b488b3c8545","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":58,"box":{"x":88,"y":407,"width":870,"height":12}},{"id":"b786ce6a-a8b1-496a-a879-715fcf7ad971","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":58,"box":{"x":89,"y":422,"width":865,"height":12}},{"id":"196cabf9-794f-439c-95a0-3e3099eb1aff","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":58,"box":{"x":89,"y":437,"width":819,"height":12}},{"id":"0808809a-2451-422e-8001-6734946f487b","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":58,"box":{"x":89,"y":452,"width":857,"height":12}},{"id":"d32a11c9-65be-45b1-a2a2-8033ba7cff8c","block_type":"box","text":"Indian Tax Risk","page_number":58,"box":{"x":88,"y":479,"width":105,"height":9}},{"id":"cf58eb43-68c9-4615-9f8c-a497f3b4d8c5","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":58,"box":{"x":194,"y":479,"width":743,"height":12}},{"id":"bf69adb5-63be-4bf4-8853-a583b5004ee5","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":58,"box":{"x":89,"y":494,"width":865,"height":12}},{"id":"4a7802ed-fd8e-4e44-86e7-7ecd3aa99169","block_type":"box","text":"dividend distribution tax on such dividends, subject to the satisfaction of certain conditions. Such dividends were considered","page_number":58,"box":{"x":89,"y":509,"width":872,"height":12}},{"id":"d7b8ecea-8156-48fd-a7cc-a73bb4f3e25f","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":58,"box":{"x":89,"y":524,"width":868,"height":12}},{"id":"1ec89fff-4e1d-426e-bbd3-1b3b49a16841","block_type":"box","text":"exempt from tax in the hands of the non-resident unit holders.","page_number":58,"box":{"x":89,"y":539,"width":437,"height":12}},{"id":"2767936b-8979-4796-8b08-90ded457d8a8","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":58,"box":{"x":89,"y":565,"width":869,"height":13}},{"id":"8f21e1f3-ae39-4651-9f2f-900faca7394c","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":58,"box":{"x":89,"y":581,"width":873,"height":12}},{"id":"c7418ed9-33f3-4035-be4f-b95d1c45ee60","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":58,"box":{"x":89,"y":596,"width":865,"height":12}},{"id":"90f585df-0470-4970-98a1-4ea4a58a6375","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":58,"box":{"x":89,"y":611,"width":870,"height":12}},{"id":"0538d6fb-3106-46b5-8963-df0f74acca4a","block_type":"box","text":"unit holders (","page_number":58,"box":{"x":89,"y":626,"width":92,"height":12}},{"id":"fc69e163-f207-4ace-846f-608c6339f661","block_type":"box","text":"i.e.","page_number":58,"box":{"x":182,"y":627,"width":18,"height":9}},{"id":"aa9e1f99-f3f2-487c-858a-f3129e983035","block_type":"box","text":"investors) in the REIT depending on the taxation regime adopted by the investee company. This may have a","page_number":58,"box":{"x":206,"y":626,"width":750,"height":12}},{"id":"965ed1ae-a332-4ab9-8e8b-ce0e5946568a","block_type":"box","text":"bearing on the returns of the Fund from investments in Indian REITs.","page_number":58,"box":{"x":89,"y":641,"width":478,"height":12}},{"id":"b8b56d74-2049-4c95-9b62-b9a6f8aa10a8","block_type":"box","text":"Interest Rate Risk.","page_number":58,"box":{"x":88,"y":668,"width":124,"height":9}},{"id":"c03c6904-b1de-4a9b-9955-d3c5e30857dc","block_type":"box","text":"Rising interest rates could result in higher costs of capital for Real Estate Companies, which could","page_number":58,"box":{"x":218,"y":668,"width":680,"height":12}},{"id":"833c092e-d7cc-4a79-bc55-46fdea1f9057","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":58,"box":{"x":89,"y":683,"width":843,"height":12}},{"id":"eed37dd9-6160-4697-841b-4c83b4dbd2a9","block_type":"box","text":"increased prepayment on loans and require redeployment of capital in less desirable investments.","page_number":58,"box":{"x":89,"y":698,"width":679,"height":12}},{"id":"566710e2-1939-4d95-b61a-1346b72d54b5","block_type":"box","text":"Leverage Risk.","page_number":58,"box":{"x":88,"y":724,"width":98,"height":13}},{"id":"69cf60ce-55fa-4281-9614-58ef0ee85400","block_type":"box","text":"Real Estate Companies may use leverage (and some may be highly leveraged), which increases investment risk","page_number":58,"box":{"x":192,"y":724,"width":774,"height":13}},{"id":"a0c957ac-52be-4438-8d7a-09db2caec9fe","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":58,"box":{"x":89,"y":739,"width":875,"height":13}},{"id":"b3b8a7e6-243e-4df9-b8be-8d4213dbd818","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":58,"box":{"x":89,"y":754,"width":875,"height":13}},{"id":"5d7ce0c8-b049-47c7-9ab5-1a323cd31aa6","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":58,"box":{"x":89,"y":770,"width":872,"height":12}},{"id":"081da042-165b-4db0-a78a-b03a25c7c80c","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":58,"box":{"x":89,"y":785,"width":857,"height":12}},{"id":"7f104780-a155-4029-b78b-883207ca59bc","block_type":"box","text":"income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements,","page_number":58,"box":{"x":89,"y":800,"width":877,"height":12}},{"id":"43a4cd50-d5a1-466a-aec5-c082a046bddb","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":58,"box":{"x":88,"y":815,"width":851,"height":12}},{"id":"a034804d-b44b-4fbc-ace7-0406ef3760dd","block_type":"box","text":"payments of any interest and principal on its debt securities will be adversely affected.","page_number":58,"box":{"x":89,"y":830,"width":599,"height":12}},{"id":"4d181720-1ce4-4ef8-a987-f2e062a8ae8a","block_type":"box","text":"37","page_number":58,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a724e1ce-7382-49b8-b9df-556749c385f8","block_type":"box","text":"Loan Foreclosure Risk.","page_number":59,"box":{"x":88,"y":44,"width":154,"height":10}},{"id":"f958d081-e1eb-4d98-ba8e-fbbbaccbf4c6","block_type":"box","text":"Real Estate Companies may foreclose on loans that the Real Estate Company originated and/or","page_number":59,"box":{"x":249,"y":44,"width":664,"height":12}},{"id":"5bd10c9f-6513-4b65-a62b-69d6c440c4a3","block_type":"box","text":"acquired. Foreclosure may generate negative publicity for the underlying property that affects its market value. In addition to","page_number":59,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"2f6e8c5d-2a91-46c0-9adb-db8dc0fae633","block_type":"box","text":"the length and expense of such proceedings, the validity of the terms of the applicable loan may not be recognized in","page_number":59,"box":{"x":88,"y":74,"width":819,"height":12}},{"id":"2724790e-c754-4aa0-9abf-5b7ecac6308a","block_type":"box","text":"foreclosure proceedings. Claims and defenses asserted by borrowers or other lenders may interfere with the enforcement of","page_number":59,"box":{"x":88,"y":89,"width":868,"height":13}},{"id":"1029dcf0-4bd3-4eaf-888a-ee209cd9eaaa","block_type":"box","text":"rights by a Real Estate Company. Parallel proceedings, such as bankruptcy, may also delay resolution and limit the amount of","page_number":59,"box":{"x":89,"y":104,"width":872,"height":13}},{"id":"35a93ab8-6c8c-4744-8613-83a9c579a484","block_type":"box","text":"recovery on a foreclosed loan by a Real Estate Company even where the property underlying the loan is liquidated.","page_number":59,"box":{"x":89,"y":119,"width":796,"height":13}},{"id":"ccaf0688-87dd-4990-8a27-f9f12473d14e","block_type":"box","text":"Management Risk.","page_number":59,"box":{"x":88,"y":146,"width":130,"height":12}},{"id":"df3f707c-a514-4cda-9413-d2f9e6847192","block_type":"box","text":"Real Estate Companies are dependent upon management skills and may have limited financial resources.","page_number":59,"box":{"x":225,"y":146,"width":733,"height":12}},{"id":"ab732286-bb93-4688-8c96-e96ad4e713aa","block_type":"box","text":"Real Estate Companies are generally not diversified and may be subject to heavy cash flow dependency, default by borrowers","page_number":59,"box":{"x":89,"y":161,"width":872,"height":12}},{"id":"fd8a296d-ad13-4cc6-a0c8-2495f5f5e1ed","block_type":"box","text":"and voluntary liquidation. In addition, transactions between Real Estate Companies and their affiliates may be subject to","page_number":59,"box":{"x":89,"y":176,"width":838,"height":13}},{"id":"6461eda3-92d4-4409-8eb7-48ede62eff65","block_type":"box","text":"conflicts of interest, which may adversely affect a Real Estate Company’s shareholders. A Real Estate Company may also have","page_number":59,"box":{"x":89,"y":191,"width":875,"height":13}},{"id":"9486143c-f2de-4682-b780-6d885e3c99fb","block_type":"box","text":"joint venture investments in certain of its properties, and, consequently, its ability to control decisions relating to such","page_number":59,"box":{"x":88,"y":206,"width":822,"height":13}},{"id":"cb1f8960-82d6-4f1b-9e1a-f3805742989e","block_type":"box","text":"properties may be limited.","page_number":59,"box":{"x":89,"y":222,"width":181,"height":12}},{"id":"39f569c7-98a6-4f32-9efc-409d8ae80c3f","block_type":"box","text":"Property Risk.","page_number":59,"box":{"x":88,"y":248,"width":94,"height":12}},{"id":"751eb53a-766f-4f24-81a5-c49a348d17c9","block_type":"box","text":"Real Estate Companies may be subject to risks relating to functional obsolescence or reduced desirability of","page_number":59,"box":{"x":189,"y":248,"width":752,"height":12}},{"id":"f3b33dcd-4239-418f-94a5-88849aa3c41d","block_type":"box","text":"properties; extended vacancies due to economic conditions and tenant bankruptcies; catastrophic events such as","page_number":59,"box":{"x":89,"y":263,"width":794,"height":12}},{"id":"9c502e90-ac24-42ac-b9cf-1df03394a526","block_type":"box","text":"earthquakes, hurricanes and terrorist acts; and casualty or condemnation losses. Real estate income and values also may be","page_number":59,"box":{"x":89,"y":278,"width":867,"height":13}},{"id":"c7a91c2b-49f3-4fe0-b24d-ae5a7b106937","block_type":"box","text":"greatly affected by demographic trends, such as population shifts or changes in consumer preferences and values, or","page_number":59,"box":{"x":89,"y":293,"width":819,"height":13}},{"id":"e5661448-bf01-4cf8-9dab-b890eed1bf10","block_type":"box","text":"increasing vacancies or declining rents resulting from legal, cultural, technological, global or local economic developments.","page_number":59,"box":{"x":89,"y":308,"width":860,"height":13}},{"id":"d5e93b3f-d112-4d26-b863-bf8949a82c37","block_type":"box","text":"Regulatory Risk.","page_number":59,"box":{"x":88,"y":335,"width":110,"height":12}},{"id":"a640192c-7ccf-439d-86fe-5cbcf30d6ac4","block_type":"box","text":"Real estate income and values may be adversely affected by such factors as applicable domestic and foreign","page_number":59,"box":{"x":205,"y":335,"width":754,"height":12}},{"id":"7bd99de4-19a9-4d45-811b-f427f771eff0","block_type":"box","text":"laws (including tax laws). Government actions, such as tax increases, zoning law changes, mandated closures or other","page_number":59,"box":{"x":89,"y":350,"width":828,"height":12}},{"id":"c647fbd5-303f-472f-a407-ec4e06340996","block_type":"box","text":"commercial restrictions or environmental regulations, also may have a major impact on real estate income and values. In","page_number":59,"box":{"x":89,"y":365,"width":843,"height":12}},{"id":"49e95556-0351-4af9-a339-5be1bb42faec","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":59,"box":{"x":89,"y":380,"width":854,"height":13}},{"id":"88eeb62f-d2df-4564-b5cb-4f394262b5b0","block_type":"box","text":"Real Estate Companies to liquidate or restructure otherwise attractive investments. Some countries may not recognize REITs","page_number":59,"box":{"x":89,"y":395,"width":867,"height":13}},{"id":"fcb36ab8-3df4-4dbb-9d39-d7510cc58fd7","block_type":"box","text":"or comparable structures as a viable form of real estate funds.","page_number":59,"box":{"x":89,"y":410,"width":432,"height":13}},{"id":"5a8e9e52-b31d-45d9-a6f0-f32c3ff5af68","block_type":"box","text":"Underlying Investment Risk.","page_number":59,"box":{"x":89,"y":437,"width":192,"height":12}},{"id":"3b96a2b0-1bef-428d-b55a-da68b80d9160","block_type":"box","text":"Real Estate Companies make investments in a variety of debt and equity instruments with","page_number":59,"box":{"x":287,"y":437,"width":626,"height":12}},{"id":"118dbb28-c169-43b8-b8d0-80b8d475b4bb","block_type":"box","text":"varying risk profiles. For instance, Real Estate Companies may invest in debt instruments secured by commercial property","page_number":59,"box":{"x":88,"y":452,"width":849,"height":12}},{"id":"f30ce771-3daf-4cee-89d3-fdc459da70e8","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":59,"box":{"x":88,"y":467,"width":877,"height":13}},{"id":"c9c6edfb-aad1-4a1a-ac78-190a0625e4e8","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":59,"box":{"x":88,"y":482,"width":877,"height":13}},{"id":"62dfa285-3221-4514-ab24-e8c7452b1786","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":59,"box":{"x":89,"y":497,"width":871,"height":13}},{"id":"2a300f32-f013-4c52-b24b-0570139c5569","block_type":"box","text":"that involve privately negotiated structures. Subordinated debt investments, such as B-Notes and mezzanine loans, involve a","page_number":59,"box":{"x":88,"y":513,"width":868,"height":12}},{"id":"fb82d4d5-4f95-421e-9ae7-2efa1411dc75","block_type":"box","text":"greater credit risk of default due to the need to service more senior debt of the issuer. 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A REIT that fails to","page_number":59,"box":{"x":184,"y":630,"width":739,"height":12}},{"id":"d828b784-6059-4b0b-a759-6e37e456ee0d","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":59,"box":{"x":89,"y":645,"width":854,"height":12}},{"id":"2cbce68e-305f-4c85-8c68-461539bc2b64","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":59,"box":{"x":89,"y":660,"width":871,"height":12}},{"id":"7320326e-d3ff-4cf0-a209-13ffcc5f19fb","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":59,"box":{"x":89,"y":675,"width":811,"height":12}},{"id":"8bb75288-27b0-4272-ba24-227466724614","block_type":"box","text":"successfully maintains its qualification may still become subject to U.S. federal, state and local taxes, including excise,","page_number":59,"box":{"x":89,"y":690,"width":821,"height":13}},{"id":"00522174-c29b-4560-8800-ef07e33adf57","block_type":"box","text":"penalty, franchise, payroll, mortgage recording, and transfer taxes, both directly and indirectly through its subsidiaries.","page_number":59,"box":{"x":89,"y":705,"width":825,"height":13}},{"id":"e393fe89-5106-493f-bb35-d2132ebca4b9","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":59,"box":{"x":89,"y":720,"width":867,"height":13}},{"id":"6b221d2b-0864-4544-961f-7b861f4bca08","block_type":"box","text":"request permission to extend the deadline for issuing your tax reporting statement or supplement the information otherwise","page_number":59,"box":{"x":89,"y":736,"width":871,"height":12}},{"id":"6ba23313-53af-4a96-a9bd-441de3864291","block_type":"box","text":"provided to you.","page_number":59,"box":{"x":89,"y":751,"width":112,"height":12}},{"id":"cc769edc-d7ba-48ef-a9b5-9f87609a272a","block_type":"box","text":"Risk of Investing in Technology Companies.","page_number":59,"box":{"x":89,"y":777,"width":313,"height":12}},{"id":"5f6fcb8b-e2a8-4251-9d96-f579565922dd","block_type":"box","text":"Technology companies and companies that rely heavily on technological","page_number":59,"box":{"x":411,"y":777,"width":509,"height":12}},{"id":"b5819842-09e7-4967-ac2b-9040cf458f3a","block_type":"box","text":"advances may have limited product lines, markets, financial resources and personnel. 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These companies also may be adversely affected by, among other things, actual or perceived security","page_number":60,"box":{"x":89,"y":59,"width":796,"height":12}},{"id":"b9a26076-5129-43bf-81f3-bdc9b20f9a7c","block_type":"box","text":"vulnerabilities or other defects in their products and services, which may result in lawsuits, government enforcement actions","page_number":60,"box":{"x":88,"y":74,"width":871,"height":12}},{"id":"46f68771-0b4f-4e9a-949f-296cda690ddf","block_type":"box","text":"and other remediation costs.","page_number":60,"box":{"x":89,"y":89,"width":200,"height":10}},{"id":"8b170e0f-3b89-4b30-821a-2b67289bad11","block_type":"box","text":"Risk of Investing in the Telecommunications Sector.","page_number":60,"box":{"x":89,"y":116,"width":371,"height":12}},{"id":"3e20f1ab-ab93-4812-8e22-116709f1a00d","block_type":"box","text":"The telecommunications sector of a country’s economy is often","page_number":60,"box":{"x":469,"y":116,"width":448,"height":12}},{"id":"8cc4c13c-90e8-4b7e-a045-b2d1a3423eef","block_type":"box","text":"subject to extensive government regulation. The costs of complying with governmental regulations, delays or failure to","page_number":60,"box":{"x":89,"y":131,"width":831,"height":12}},{"id":"58e1be93-979b-45ed-86d0-d8249662040b","block_type":"box","text":"receive required regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of","page_number":60,"box":{"x":89,"y":146,"width":878,"height":12}},{"id":"57343151-3e80-414e-86ec-eeeaf9ee2f09","block_type":"box","text":"telecommunications companies. Government actions around the world, specifically in the area of pre-marketing clearance of","page_number":60,"box":{"x":88,"y":161,"width":877,"height":12}},{"id":"bc5a06be-580f-433a-90ee-09c1eb55f9bf","block_type":"box","text":"products and prices, can be arbitrary and unpredictable. Companies in the telecommunications sector may experience","page_number":60,"box":{"x":89,"y":176,"width":829,"height":13}},{"id":"485eb710-1e26-492f-a7bf-c6e51cc3fdf2","block_type":"box","text":"distressed cash flows due to the need to commit substantial capital to meet increasing competition, particularly in","page_number":60,"box":{"x":89,"y":191,"width":798,"height":13}},{"id":"0ae2e51a-62df-4064-b6b0-71669da53805","block_type":"box","text":"developing new products and services using new technology. Technological innovations may make the products and services","page_number":60,"box":{"x":89,"y":206,"width":877,"height":13}},{"id":"e6305900-378a-4730-b12e-8cf31ae3d1b9","block_type":"box","text":"of certain telecommunications companies obsolete. Finally, while all companies may be susceptible to network security","page_number":60,"box":{"x":89,"y":222,"width":835,"height":12}},{"id":"ea035340-6c6a-49be-bcda-78df4f4c283c","block_type":"box","text":"breaches, certain companies in the telecommunications sector may be particular targets of hacking and potential theft of","page_number":60,"box":{"x":89,"y":237,"width":851,"height":12}},{"id":"4596c209-cf19-4e3b-8107-18e276c9e9f8","block_type":"box","text":"proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":60,"box":{"x":89,"y":252,"width":877,"height":12}},{"id":"b13e4264-9701-4a67-a58c-de35c606b5ac","block_type":"box","text":"Risk of Investing in the Utilities Sector.","page_number":60,"box":{"x":89,"y":278,"width":274,"height":13}},{"id":"4404e196-46a3-4aa4-b6a4-f18afc99686f","block_type":"box","text":"The utilities sector may be adversely affected by changing commodity prices,","page_number":60,"box":{"x":372,"y":278,"width":539,"height":13}},{"id":"c2941921-427e-480e-93f2-27013a62af19","block_type":"box","text":"government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws, interest rate fluctuations","page_number":60,"box":{"x":89,"y":293,"width":857,"height":13}},{"id":"1f4b182c-468d-495f-9031-bed388533979","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":60,"box":{"x":89,"y":308,"width":871,"height":13}},{"id":"4bf86891-95ac-4ada-8b32-d4b690f3bdf6","block_type":"box","text":"natural disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation","page_number":60,"box":{"x":89,"y":324,"width":872,"height":12}},{"id":"e4829eea-4633-49b7-8acd-a8a0974cb936","block_type":"box","text":"and maintenance of nuclear facilities. Government regulators monitor and control utility revenues and costs, and therefore","page_number":60,"box":{"x":89,"y":339,"width":858,"height":12}},{"id":"ad254bf2-d3da-4df7-915b-2eb7e7303499","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":60,"box":{"x":89,"y":354,"width":839,"height":12}},{"id":"231c21b0-44d9-43ac-b287-3dc95a70e74b","block_type":"box","text":"thereby diminishing the company’s long-term prospects.","page_number":60,"box":{"x":88,"y":369,"width":397,"height":12}},{"id":"170c3d1f-9138-4530-9c34-de0bd58ae2c3","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any regulatory","page_number":60,"box":{"x":88,"y":395,"width":842,"height":13}},{"id":"6e6c6a17-5b9f-49b0-b541-cc0555bcce0c","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":60,"box":{"x":89,"y":410,"width":878,"height":13}},{"id":"3137320b-5625-43bd-b068-1ff058c2faf3","block_type":"box","text":"grant rate increases. 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Please refer to the table below,","page_number":60,"box":{"x":88,"y":751,"width":864,"height":12}},{"id":"70603bed-36af-4e90-ab20-1fef2d249469","block_type":"box","text":"which discloses the policy applicable to each Fund in this SAI. Information that does not apply to a Fund does not form a part","page_number":60,"box":{"x":88,"y":766,"width":879,"height":12}},{"id":"c7145b93-dc56-489a-9037-c0693620729f","block_type":"box","text":"of that Fund’s SAI and should not be relied on by investors in that Fund. Only information that is clearly identified as","page_number":60,"box":{"x":89,"y":781,"width":810,"height":12}},{"id":"327852c6-5548-46a6-9541-f95af06ba55d","block_type":"box","text":"applicable to a Fund is considered to form a part of that Fund’s SAI.","page_number":60,"box":{"x":89,"y":796,"width":471,"height":12}},{"id":"7f0f1eb9-e1b7-4170-a1ae-08281d3b924c","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, BFA has adopted the BlackRock Active Investment","page_number":60,"box":{"x":88,"y":822,"width":844,"height":13}},{"id":"ae56af77-26c5-4534-91e5-e61cb1c6d617","block_type":"box","text":"Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such Funds, as listed within the","page_number":60,"box":{"x":88,"y":838,"width":866,"height":12}},{"id":"21f00704-64ca-4533-a20e-9dfb7241660a","block_type":"box","text":"Active Fund Proxy Voting Policy and as disclosed in the table below, follow supplemental guidelines within the BAIS","page_number":60,"box":{"x":88,"y":853,"width":806,"height":12}},{"id":"cc1c617f-d62c-4b8b-b58b-723174be6391","block_type":"box","text":"39","page_number":60,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"9ef8742f-fda1-4f33-ae28-2ac9ecfb5329","block_type":"box","text":"Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS Climate and Decarbonization","page_number":61,"box":{"x":89,"y":44,"width":811,"height":12}},{"id":"44647d3e-2852-4813-bf6d-d07f2f3b784d","block_type":"box","text":"Stewardship Guidelines”).","page_number":61,"box":{"x":88,"y":59,"width":180,"height":12}},{"id":"85fb3f96-b98c-43b6-8f7f-1cfdb25373ab","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, BFA has adopted the BlackRock Investment","page_number":61,"box":{"x":88,"y":85,"width":839,"height":13}},{"id":"8241652b-d25a-4c0e-b0af-180101ebef96","block_type":"box","text":"Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for Benchmark Policies, regional voting","page_number":61,"box":{"x":88,"y":101,"width":840,"height":12}},{"id":"abc1a007-eecf-4c6e-aaee-c5a106daa0ff","block_type":"box","text":"guidelines, and engagement priorities, which are each available upon request. In addition, certain of such Funds, as listed","page_number":61,"box":{"x":89,"y":116,"width":847,"height":12}},{"id":"af0ccb9a-c8af-4595-9f89-4e52746b225b","block_type":"box","text":"within the Index Equity Fund Proxy Voting Policy and as disclosed in the table below, follow supplemental guidelines that are","page_number":61,"box":{"x":88,"y":131,"width":870,"height":12}},{"id":"3c1026f6-e330-4a9b-8578-7e71cd5bd2eb","block_type":"box","text":"applicable to certain climate and decarbonization issues (the “BIS Climate and Decarbonization Stewardship 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Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end","page_number":62,"box":{"x":122,"y":718,"width":828,"height":12}},{"id":"e9dd9abd-b707-4c98-9404-ce250317613b","block_type":"box","text":"requires a non-disclosure or confidentiality agreement and approval of the Company’s Chief Compliance Officer.","page_number":62,"box":{"x":122,"y":733,"width":783,"height":12}},{"id":"b18c02f6-498f-4f78-a67b-29a7fabbb1b6","block_type":"box","text":"Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the","page_number":62,"box":{"x":122,"y":748,"width":791,"height":12}},{"id":"464ad486-d79a-4947-a90d-86c4f3596d63","block_type":"box","text":"approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any","page_number":62,"box":{"x":121,"y":763,"width":815,"height":13}},{"id":"d657430a-8d40-4adb-a012-3a18f4a192ec","block_type":"box","text":"party.","page_number":62,"box":{"x":121,"y":780,"width":37,"height":11}},{"id":"4a447e6f-ecb5-402d-88cf-b7526b076fc5","block_type":"box","text":"The Company’s Chief Compliance Officer or his delegate may authorize disclosure of portfolio holdings information pursuant","page_number":62,"box":{"x":88,"y":805,"width":876,"height":12}},{"id":"9ce517f3-8048-4c47-8f5f-5187aac6377e","block_type":"box","text":"to the above policy and procedures, subject to restrictions on selective disclosure imposed by applicable law. The Board","page_number":62,"box":{"x":88,"y":820,"width":834,"height":12}},{"id":"348a6834-7661-4d69-98b2-32655cf00713","block_type":"box","text":"reviews the policy and procedures for disclosure of portfolio holdings information at least annually.","page_number":62,"box":{"x":89,"y":835,"width":691,"height":12}},{"id":"db9ae468-8bd4-48dd-9cab-5e47cbf2fa41","block_type":"box","text":"41","page_number":62,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"9ad92480-2bf2-49aa-8dc3-92d0bc7fe164","block_type":"box","text":"Construction and Maintenance of the Underlying","page_number":63,"box":{"x":90,"y":44,"width":822,"height":30}},{"id":"015bedd7-2d20-4b26-bcb8-c5c6d6603c2f","block_type":"box","text":"Indexes","page_number":63,"box":{"x":91,"y":75,"width":125,"height":23}},{"id":"35a6845e-266b-44bc-ae82-b59d587376ee","block_type":"box","text":"Descriptions of the Underlying Indexes are provided below.","page_number":63,"box":{"x":89,"y":116,"width":410,"height":12}},{"id":"5401fb0b-ed2d-4f26-93fb-057f05093b5b","block_type":"box","text":"With respect to certain underlying indexes of the iShares funds, BFA or its affiliates have held discussions with the applicable","page_number":63,"box":{"x":88,"y":142,"width":870,"height":12}},{"id":"da9fb1e6-ee6c-4c22-9051-a6dc28d93f77","block_type":"box","text":"index provider regarding their business interest in licensing an index to track a particular market segment and conveyed","page_number":63,"box":{"x":89,"y":157,"width":837,"height":13}},{"id":"aaa49d3b-8543-488f-92b1-a006989cd7f5","block_type":"box","text":"investment concepts and strategies that could be considered for the index. The index provider designed and constituted such","page_number":63,"box":{"x":89,"y":172,"width":878,"height":13}},{"id":"06c0a265-5b45-4a5c-8933-1258f31c91bb","block_type":"box","text":"indices using concepts conveyed by BFA or its affiliates. For certain of these indices, the relevant fund may be the first or sole","page_number":63,"box":{"x":89,"y":188,"width":871,"height":12}},{"id":"59e5339c-befe-4125-b824-75bd545cb707","block_type":"box","text":"user of the underlying index. In its sole discretion, the index provider determines the composition of the securities and other","page_number":63,"box":{"x":89,"y":203,"width":868,"height":12}},{"id":"1cbc6d01-93e0-4c2c-be94-2c736a1be98f","block_type":"box","text":"instruments in such underlying index, the rebalance protocols of the underlying index, the weightings of the securities and","page_number":63,"box":{"x":89,"y":218,"width":857,"height":12}},{"id":"89f5feff-7b04-44f4-aab4-b9dfa74843d8","block_type":"box","text":"other instruments in the underlying index, and any updates to the methodology. From time to time, BFA or its affiliates may","page_number":63,"box":{"x":89,"y":233,"width":863,"height":12}},{"id":"0b9d7523-7a2a-47cd-add6-a2f088f4dfe3","block_type":"box","text":"also provide input relating to possible methodology changes of such underlying index pursuant to the index provider’s","page_number":63,"box":{"x":89,"y":248,"width":828,"height":12}},{"id":"059e018a-be31-42ed-994d-f2fe8469ba88","block_type":"box","text":"consultation process or pursuant to other communications with the index provider.","page_number":63,"box":{"x":89,"y":263,"width":583,"height":12}},{"id":"334f9f64-5275-4d89-acd6-4f8f350cf006","block_type":"box","text":"The MSCI Indexes","page_number":63,"box":{"x":88,"y":291,"width":227,"height":17}},{"id":"3d140cb0-6fd1-475f-8e4d-6ba56bdb0fdd","block_type":"box","text":"The MSCI indexes were founded in 1969 by Capital International S.A. as international performance benchmarks constructed","page_number":63,"box":{"x":88,"y":325,"width":869,"height":12}},{"id":"d73f3814-2239-4201-85be-738654c04636","block_type":"box","text":"to facilitate comparison of world markets. The MSCI single country standard equity indexes have covered the world’s","page_number":63,"box":{"x":88,"y":340,"width":819,"height":12}},{"id":"e119348b-f355-45d7-bfe6-42d6d24655fd","block_type":"box","text":"developed markets since 1969 and in 1987 MSCI commenced coverage of emerging markets.","page_number":63,"box":{"x":89,"y":355,"width":654,"height":12}},{"id":"a94c52c7-fe5b-4890-bc86-3cfa5639f63c","block_type":"box","text":"Local stock exchanges traditionally calculated their own indexes, which were generally not comparable with one another due","page_number":63,"box":{"x":89,"y":382,"width":875,"height":12}},{"id":"26cb8592-5dd4-449c-8002-108d5f8c12a5","block_type":"box","text":"to differences in the representation of the local market, mathematical formulas, base dates and methods of adjusting for","page_number":63,"box":{"x":88,"y":397,"width":843,"height":12}},{"id":"f8f89aa5-2d89-4f5f-ae14-8539f0b0fc0f","block_type":"box","text":"capital changes. MSCI, however, applies the same calculation methodology to all markets for all single country standard","page_number":63,"box":{"x":89,"y":412,"width":838,"height":12}},{"id":"c60e8e85-51bf-451e-91b4-8d2327c8bb97","block_type":"box","text":"equity indexes, both developed and emerging.","page_number":63,"box":{"x":89,"y":427,"width":322,"height":12}},{"id":"615ea29d-87d2-471d-b192-2572dca511b9","block_type":"box","text":"MSCI Global Investable Market Indexes","page_number":63,"box":{"x":89,"y":453,"width":281,"height":10}},{"id":"c2d695b3-886e-42b3-b0ed-72f4ceedc78b","block_type":"box","text":"MSCI’s Global Investable Market Indexes (the “MSCI GIMI”) provide coverage and non-overlapping market segmentation by","page_number":63,"box":{"x":89,"y":480,"width":867,"height":12}},{"id":"3bad4697-dccf-47bc-ba8f-bd337e78e637","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":63,"box":{"x":89,"y":495,"width":877,"height":12}},{"id":"a99f6db2-0965-4660-905d-b806da81876a","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":63,"box":{"x":89,"y":510,"width":842,"height":12}},{"id":"35285a5a-6ca3-4147-8d00-465fe733b45f","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":63,"box":{"x":89,"y":525,"width":854,"height":12}},{"id":"f8682538-1cdb-4e5b-8c35-3b33f6701009","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":63,"box":{"x":89,"y":540,"width":868,"height":13}},{"id":"fb603c53-73f6-4f75-9e82-4a2b6c185426","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":63,"box":{"x":89,"y":555,"width":871,"height":13}},{"id":"8dd553fb-f444-486f-99bc-eee25adb8406","block_type":"box","text":"Standard Index and MSCI Global Small Cap Index.","page_number":63,"box":{"x":88,"y":570,"width":348,"height":13}},{"id":"dcfeea41-0c99-4a71-933b-326877c7807d","block_type":"box","text":"Selection Criteria.","page_number":63,"box":{"x":88,"y":597,"width":127,"height":10}},{"id":"20a1ef1f-b6cd-4b4b-bb56-39f1fc3ae2e1","block_type":"box","text":"MSCI’s index construction process involves: (i) defining the equity universe; (ii) determining the market","page_number":63,"box":{"x":221,"y":597,"width":723,"height":12}},{"id":"c46bc089-e96c-4a6f-b09b-840c1112af3d","block_type":"box","text":"investable equity universe for each market; (iii) determining market capitalization size segments for each market; (iv)","page_number":63,"box":{"x":89,"y":612,"width":814,"height":12}},{"id":"ad1d3b60-6aaf-4bdc-ba3e-bf71830784b4","block_type":"box","text":"applying final size segment investability requirements; and (v) applying index continuity rules for the MSCI Global Standard","page_number":63,"box":{"x":89,"y":627,"width":860,"height":13}},{"id":"72d5f1f7-fcc0-40f7-8705-91400ffff381","block_type":"box","text":"Index.","page_number":63,"box":{"x":89,"y":642,"width":41,"height":10}},{"id":"3e8c765c-3c8b-4955-8615-e1942358aac4","block_type":"box","text":"Defining the Equity Universe","page_number":63,"box":{"x":89,"y":669,"width":204,"height":12}},{"id":"b65298e0-8678-4859-99c5-6cf57219e991","block_type":"box","text":". MSCI begins with securities listed in countries in the MSCI GIMI. As of August 2025, 23 are","page_number":63,"box":{"x":294,"y":669,"width":643,"height":12}},{"id":"90b73e6a-8118-4b77-bac4-90ec3dc7e40e","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":63,"box":{"x":89,"y":684,"width":847,"height":12}},{"id":"8641126a-cdb5-4503-95bf-3ed7d9c514c7","block_type":"box","text":"securities that exhibit characteristics of equity securities, except mutual funds, ETFs, equity derivatives, limited partnerships","page_number":63,"box":{"x":89,"y":699,"width":863,"height":12}},{"id":"962021c6-e61e-47e4-8038-234047d22b84","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":63,"box":{"x":89,"y":714,"width":835,"height":12}},{"id":"b0e87719-f2d9-4448-a742-cd051bc7115d","block_type":"box","text":"trusts in Canada are also eligible for inclusion. Each company and its securities (","page_number":63,"box":{"x":88,"y":729,"width":559,"height":13}},{"id":"f9532f0e-fb32-45d6-afcd-d118708e81bf","block_type":"box","text":"i.e","page_number":63,"box":{"x":648,"y":730,"width":15,"height":9}},{"id":"30d9ec82-176f-403f-abeb-f1899805ad9f","block_type":"box","text":"., share classes) are classified in only one","page_number":63,"box":{"x":665,"y":729,"width":284,"height":13}},{"id":"c140d60c-bad4-4d28-97ca-60e6971710fe","block_type":"box","text":"country.","page_number":63,"box":{"x":89,"y":746,"width":55,"height":11}},{"id":"b3ad319a-e8e3-48ee-8a73-b7978c83ea0e","block_type":"box","text":"Determining the Market Investable Equity Universe for Each Market.","page_number":63,"box":{"x":89,"y":771,"width":489,"height":12}},{"id":"c8c4ff63-5de8-4e6b-949d-0a08ed2227d2","block_type":"box","text":"The equity universe in any market is derived by","page_number":63,"box":{"x":583,"y":771,"width":328,"height":12}},{"id":"b5d1e726-aaed-47c2-9761-4a28504248bc","block_type":"box","text":"applying investability screens to individual companies and securities in that market. Some investability requirements are","page_number":63,"box":{"x":89,"y":786,"width":838,"height":12}},{"id":"50846e0c-684c-40e6-b100-adfdf19d9e29","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":63,"box":{"x":89,"y":801,"width":851,"height":12}},{"id":"4f280939-4420-4f11-87c3-65f121f6d1d0","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":63,"box":{"x":89,"y":816,"width":852,"height":13}},{"id":"a591240e-e3f9-4d7a-bead-c73981951ded","block_type":"box","text":"exclusion of other securities of the same company.","page_number":63,"box":{"x":89,"y":831,"width":353,"height":13}},{"id":"b24a1989-f5a5-4702-9cf2-847702ea707a","block_type":"box","text":"42","page_number":63,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c32c8c1e-0659-44d7-a16a-1fa515cf82b2","block_type":"box","text":"Determining Market Capitalization Size Segments for Each Market.","page_number":64,"box":{"x":89,"y":44,"width":479,"height":12}},{"id":"0ed73e00-d156-46c5-b523-c2ead8ecdfed","block_type":"box","text":"In order to create size components that can be","page_number":64,"box":{"x":574,"y":44,"width":325,"height":12}},{"id":"ab535048-946d-45d5-81f1-3fb473cc04c9","block_type":"box","text":"meaningfully aggregated into composites, individual market size segments balance the following two objectives:","page_number":64,"box":{"x":89,"y":59,"width":786,"height":12}},{"id":"0af822dc-5d99-42a2-a279-7fc23f57f824","block_type":"box","text":"• Achieving global size integrity by ensuring that companies of comparable and relevant sizes are included in a given size","page_number":64,"box":{"x":89,"y":79,"width":863,"height":13}},{"id":"cef10169-1778-46f6-9af8-b3c35f899542","block_type":"box","text":"segment across all markets in a composite index; and","page_number":64,"box":{"x":121,"y":94,"width":375,"height":13}},{"id":"dfc9f8b6-63d6-4e3d-865c-9efe751b1a2f","block_type":"box","text":"• Achieving consistent market coverage by ensuring that each market’s size segment is represented in its proportional","page_number":64,"box":{"x":89,"y":114,"width":846,"height":13}},{"id":"6d120a0f-03ed-4c07-acf5-96ca680649e1","block_type":"box","text":"weight in the composite universe.","page_number":64,"box":{"x":121,"y":130,"width":236,"height":12}},{"id":"19d89d04-b209-470e-a227-ddcb89457bb5","block_type":"box","text":"The Standard Indexes, Large Cap Indexes, Mid Cap Indexes, and Small Cap Indexes capture the following market","page_number":64,"box":{"x":88,"y":156,"width":787,"height":12}},{"id":"ec3c3e0c-e440-46cc-97d0-1673bf3d8b6d","block_type":"box","text":"capitalization size segments:","page_number":64,"box":{"x":89,"y":171,"width":197,"height":12}},{"id":"3d265538-ecb2-49d8-a8c3-ea9bb7e7887c","block_type":"box","text":"• MSCI Global Standard Indexes cover all investable large- and mid-cap securities by including the largest issuers","page_number":64,"box":{"x":89,"y":191,"width":809,"height":13}},{"id":"24bd560b-ccac-4329-8c41-47eebe458c43","block_type":"box","text":"comprising approximately 85% of each market’s free float-adjusted market capitalization.","page_number":64,"box":{"x":121,"y":206,"width":627,"height":13}},{"id":"71c9c968-93f3-4a78-a35a-659dcb6844b1","block_type":"box","text":"• MSCI Global Large Cap Indexes provide coverage of all investable large-cap securities by including the largest issuers","page_number":64,"box":{"x":89,"y":227,"width":848,"height":12}},{"id":"45a15e18-d41c-434b-ac5f-ac3cae9b7fd1","block_type":"box","text":"comprising approximately 70% of each market’s free float-adjusted market capitalization.","page_number":64,"box":{"x":121,"y":242,"width":627,"height":12}},{"id":"6b4a97eb-23d7-4eee-b2f6-dbff7a557c43","block_type":"box","text":"• MSCI Global Mid Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":64,"box":{"x":89,"y":262,"width":865,"height":12}},{"id":"8e327810-8bb8-4383-ab4b-c2ee2335f346","block_type":"box","text":"of the MSCI Global Standard Index and the MSCI Global Large Cap Index in that market.","page_number":64,"box":{"x":121,"y":277,"width":614,"height":12}},{"id":"9d04dab9-0f7b-4ff3-9873-e5c77b13f005","block_type":"box","text":"• MSCI Global Small Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":64,"box":{"x":89,"y":297,"width":876,"height":12}},{"id":"9849321d-a8a9-4cad-9461-be8c12c97e1d","block_type":"box","text":"of the Investable Market Index and the MSCI Global Standard Index in that market.","page_number":64,"box":{"x":121,"y":312,"width":577,"height":10}},{"id":"5ee7546b-4a07-40cd-9790-42679c93d85d","block_type":"box","text":"Applying Final Size Segment Investability Requirements.","page_number":64,"box":{"x":88,"y":339,"width":404,"height":12}},{"id":"e4469963-5481-4a38-b9eb-e499254168b2","block_type":"box","text":"In order to enhance replicability of the indexes, additional size","page_number":64,"box":{"x":498,"y":339,"width":430,"height":12}},{"id":"8e026b0e-856d-4429-a14c-a41c65d0e78b","block_type":"box","text":"segment investability requirements are set for the MSCI GIMI and MSCI Global Standard Index. These investability","page_number":64,"box":{"x":89,"y":354,"width":796,"height":12}},{"id":"0f7af300-172a-44c1-bb23-4e655078044e","block_type":"box","text":"requirements include minimum free float-adjusted market capitalization, minimum liquidity, minimum foreign limits and","page_number":64,"box":{"x":89,"y":369,"width":842,"height":12}},{"id":"e08530ee-f8f6-49dd-aedf-8160484b142f","block_type":"box","text":"minimum length of trading.","page_number":64,"box":{"x":89,"y":384,"width":192,"height":12}},{"id":"96e59e4a-99e1-4b4f-b7e2-bcebe65508b3","block_type":"box","text":"Applying Index Continuity Rules for the Standard Index.","page_number":64,"box":{"x":88,"y":410,"width":404,"height":13}},{"id":"560734b0-027b-4ea4-a608-83c113eb1c1c","block_type":"box","text":"In order to achieve index continuity as well as provide some basic","page_number":64,"box":{"x":498,"y":410,"width":456,"height":13}},{"id":"99a03690-a613-4b6f-b8e2-251c34a819a2","block_type":"box","text":"level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a","page_number":64,"box":{"x":89,"y":426,"width":873,"height":12}},{"id":"3b928ab9-afde-46a3-aaa3-724d7d9b1d83","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":64,"box":{"x":89,"y":441,"width":870,"height":12}},{"id":"12bf79d8-24c7-4bd2-a4e9-a059a8b34d20","block_type":"box","text":"three constituents will be maintained for an emerging market Standard Index.","page_number":64,"box":{"x":88,"y":456,"width":544,"height":12}},{"id":"6da92c5c-b01e-4d4a-9f17-4011821e74e8","block_type":"box","text":"Weighting.","page_number":64,"box":{"x":88,"y":482,"width":77,"height":13}},{"id":"8134723c-5d72-4b56-9e56-51d4a3b14569","block_type":"box","text":"All indexes of the MSCI GIMI are free float weighted,","page_number":64,"box":{"x":171,"y":482,"width":365,"height":13}},{"id":"7007f27a-8d2e-42db-a55b-9ae206dc677d","block_type":"box","text":"i.e.,","page_number":64,"box":{"x":541,"y":483,"width":21,"height":11}},{"id":"ef7c4026-7a71-4bef-bf04-9e9d441f21e9","block_type":"box","text":"companies are included in the indexes at the value of","page_number":64,"box":{"x":568,"y":482,"width":373,"height":13}},{"id":"7f6c486e-6385-40a3-af79-24445c82e72e","block_type":"box","text":"their free public float (free float multiplied by security price).","page_number":64,"box":{"x":88,"y":497,"width":420,"height":13}},{"id":"ed04832f-5289-4e58-914b-1b49c59cfc72","block_type":"box","text":"Regional Weights.","page_number":64,"box":{"x":89,"y":524,"width":128,"height":12}},{"id":"78e7619b-855b-4163-97f0-f99ac08ad728","block_type":"box","text":"Market capitalization-weighting, combined with a consistent target of approximately 99% of free float","page_number":64,"box":{"x":223,"y":524,"width":720,"height":12}},{"id":"4041bb4b-88d3-4bda-80dc-8b8e7fc6d9e4","block_type":"box","text":"adjusted market capitalization, helps ensure that each country’s weight in regional and international indexes approximates its","page_number":64,"box":{"x":89,"y":539,"width":878,"height":12}},{"id":"bfdd2c2a-c5cd-4ae6-b82f-04ad145b3e26","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":64,"box":{"x":88,"y":554,"width":826,"height":12}},{"id":"1eb47979-78c7-4331-a36b-3f6a4ac2b9e1","block_type":"box","text":"developed Europe, where all markets are aggregated into a single market for index construction purposes. Individual country","page_number":64,"box":{"x":89,"y":569,"width":873,"height":13}},{"id":"502eda76-be84-400b-9b2b-af0e269f07ea","block_type":"box","text":"indexes of the European developed markets are derived from the constituents of the MSCI GIMI Europe Index.","page_number":64,"box":{"x":89,"y":584,"width":768,"height":13}},{"id":"e52f1baa-68b8-47c6-a38e-374697ec3f10","block_type":"box","text":"Free Float.","page_number":64,"box":{"x":89,"y":611,"width":73,"height":10}},{"id":"50bbaaf2-bc8b-42f5-bd1b-eb661c9d3f0c","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":64,"box":{"x":167,"y":611,"width":781,"height":12}},{"id":"986a81cf-0b8d-4dea-943f-14318afb966d","block_type":"box","text":"for purchase in the public equity markets by international investors. In practice, limitations on free float available to","page_number":64,"box":{"x":88,"y":626,"width":803,"height":12}},{"id":"419efcc1-05d0-4953-bada-c285d1f594ed","block_type":"box","text":"international investors include: (i) strategic and other shareholdings not considered part of available free float; and (ii) limits","page_number":64,"box":{"x":89,"y":641,"width":865,"height":12}},{"id":"b979c78c-b6a8-4783-82ec-a20502d6ef4c","block_type":"box","text":"on share ownership for foreigners.","page_number":64,"box":{"x":89,"y":656,"width":239,"height":13}},{"id":"fe19fe93-049e-4ad2-bffd-a67998257eaa","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":64,"box":{"x":89,"y":683,"width":865,"height":12}},{"id":"b0d9ab32-064c-4204-9e01-609b8e6cbc61","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":64,"box":{"x":89,"y":698,"width":856,"height":12}},{"id":"b4723cb5-3491-42e8-adc3-078d79070294","block_type":"box","text":"calculating the free float-adjusted market capitalization of each security.","page_number":64,"box":{"x":89,"y":713,"width":503,"height":12}},{"id":"8f07fcf8-aa72-48e7-8c30-a71afe83362c","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":64,"box":{"x":89,"y":739,"width":872,"height":13}},{"id":"26357251-f4b4-4aef-97a8-fcae64652bfc","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":64,"box":{"x":89,"y":754,"width":852,"height":13}},{"id":"cf867fea-80d7-4bf4-8486-fb585fd614c2","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":64,"box":{"x":88,"y":770,"width":872,"height":12}},{"id":"3893d775-10cd-4917-9177-0fa84c1ce2f9","block_type":"box","text":"15%, the estimated free float is adjusted to the nearest 1%.","page_number":64,"box":{"x":90,"y":785,"width":412,"height":12}},{"id":"9fe1f8be-1bc6-4a2c-b764-57652ae81ed5","block_type":"box","text":"Price and Exchange Rates","page_number":64,"box":{"x":89,"y":811,"width":184,"height":12}},{"id":"35898ca9-afcc-4b44-a8cd-56b39b30b04b","block_type":"box","text":"Prices.","page_number":64,"box":{"x":89,"y":838,"width":46,"height":9}},{"id":"e14de837-9e67-47c4-a1e2-710d07c80e9d","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":64,"box":{"x":140,"y":838,"width":791,"height":12}},{"id":"81277c17-4550-498b-bccf-5171eb696564","block_type":"box","text":"such. MSCI reserves the right to use an alternative pricing source on any given day.","page_number":64,"box":{"x":89,"y":853,"width":578,"height":12}},{"id":"002f9f9f-10d1-4914-b210-9ecdcaf2a6ef","block_type":"box","text":"43","page_number":64,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a796701b-b78d-48ee-82fe-f3c8fdf7848d","block_type":"box","text":"Exchange Rates.","page_number":65,"box":{"x":89,"y":44,"width":116,"height":12}},{"id":"a41a8cc2-1226-46de-a9d7-2a8fbbed4e68","block_type":"box","text":"MSCI uses the World Markets/Reuters Closing Spot Rates taken at 4:00 p.m. London time. In case World","page_number":65,"box":{"x":211,"y":44,"width":730,"height":12}},{"id":"61a70e82-1297-40ac-b3d8-3e4788ca7c56","block_type":"box","text":"Markets/Reuters does not provide rates for specific markets on given days (for example, Christmas Day and New Year’s Day),","page_number":65,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"e1bbc55f-f367-4a4e-97fd-c5c6f0d79794","block_type":"box","text":"the previous business day’s rates are normally used. MSCI independently monitors the exchange rates on all its indexes.","page_number":65,"box":{"x":88,"y":74,"width":839,"height":12}},{"id":"a388d168-8c13-4c6c-b3e1-e21cbfd4b147","block_type":"box","text":"MSCI may under exceptional circumstances elect to use alternative sources of exchange rates if the World Markets/Reuters","page_number":65,"box":{"x":89,"y":89,"width":864,"height":13}},{"id":"cc7e7af9-0bd0-4cbd-8af6-2ccd0f706222","block_type":"box","text":"rates are not available, or if MSCI determines that the World Markets/Reuters rates are not reflective of market circumstances","page_number":65,"box":{"x":89,"y":104,"width":877,"height":12}},{"id":"f78f8803-c7d5-4736-a4a3-d82184e1396a","block_type":"box","text":"for a given currency on a particular day. In such circumstances, an announcement would be sent to clients with the related","page_number":65,"box":{"x":88,"y":119,"width":859,"height":13}},{"id":"337ed32a-16b9-4e56-9f3b-21104796493b","block_type":"box","text":"information. If appropriate, MSCI may conduct a consultation with the investment community to gather feedback on the","page_number":65,"box":{"x":89,"y":135,"width":845,"height":12}},{"id":"f518ad2c-78db-43ff-8068-55672fb11313","block_type":"box","text":"most relevant exchange rate.","page_number":65,"box":{"x":89,"y":150,"width":201,"height":12}},{"id":"61020c7d-0d68-4a8e-803b-c7f0dc48b883","block_type":"box","text":"Changes to the Indexes.","page_number":65,"box":{"x":89,"y":176,"width":172,"height":13}},{"id":"9f1c4d6d-d440-4917-92aa-8432356e6d37","block_type":"box","text":"The MSCI GIMI are maintained with the objective of reflecting, on a timely basis, the evolution of","page_number":65,"box":{"x":266,"y":176,"width":678,"height":13}},{"id":"80002e10-bb52-41f9-b3a5-4dc01b5a1e41","block_type":"box","text":"the underlying equity markets. In maintaining the MSCI indexes, emphasis is also placed on continuity, replicability and","page_number":65,"box":{"x":88,"y":191,"width":833,"height":13}},{"id":"e27e744f-3327-4995-8ef8-c6bfd6492dab","block_type":"box","text":"minimizing turnover in the indexes. Maintaining the MSCI indexes involves many aspects, including: (i) additions to, and","page_number":65,"box":{"x":89,"y":206,"width":839,"height":13}},{"id":"3288dca8-510a-432c-a6c1-e511561ea604","block_type":"box","text":"deletions from, the indexes; (ii) changes in number of shares; and (iii) changes in inclusion factors as a result of updated free","page_number":65,"box":{"x":89,"y":222,"width":872,"height":12}},{"id":"ff129abf-0802-49fa-a8b1-d5da55762615","block_type":"box","text":"float estimates.","page_number":65,"box":{"x":88,"y":237,"width":106,"height":9}},{"id":"519bdab0-4954-47db-8b8c-9007a39f855c","block_type":"box","text":"Index maintenance can be described by three broad categories of changes:","page_number":65,"box":{"x":89,"y":263,"width":524,"height":12}},{"id":"b243b98a-04b1-46fe-a60a-96e037ef947a","block_type":"box","text":"• Semi-Annual Index Reviews (“SAIRs”), conducted on a fixed semi-annual timetable that systematically reassess the","page_number":65,"box":{"x":89,"y":283,"width":841,"height":13}},{"id":"5658573b-a6fc-4fb8-8082-2006ebe8458c","block_type":"box","text":"various dimensions of the equity universe for all markets;","page_number":65,"box":{"x":121,"y":298,"width":399,"height":13}},{"id":"36c9d57e-5c1b-4107-b5c2-d649af08a35d","block_type":"box","text":"• Quarterly Index Reviews (“QIRs”), aimed at promptly reflecting other significant market events; and","page_number":65,"box":{"x":89,"y":319,"width":728,"height":12}},{"id":"d31b8f4c-9012-469a-bc8c-111d55708bd6","block_type":"box","text":"• Ongoing event-related changes, such as mergers, acquisitions, spin-offs, bankruptcies, reorganizations and other similar","page_number":65,"box":{"x":89,"y":339,"width":876,"height":12}},{"id":"a6772236-8a21-4d73-a834-b801e70384b0","block_type":"box","text":"corporate events, which generally are implemented in the indexes as they occur.","page_number":65,"box":{"x":121,"y":354,"width":560,"height":12}},{"id":"60a569f5-d9d2-488e-9053-c3ad3a76468a","block_type":"box","text":"Potential changes in the status of countries (stand-alone, frontier, emerging and developed) follow their own implementation","page_number":65,"box":{"x":89,"y":380,"width":876,"height":13}},{"id":"8d5c7e16-aff3-4361-ae35-f660e152f49e","block_type":"box","text":"time tables. In addition, reviews of company involvement in ESG controversies, when applicable, may differ by index and","page_number":65,"box":{"x":88,"y":395,"width":839,"height":13}},{"id":"93d357ac-9e0e-44f0-8c30-ffc92b9f0cfc","block_type":"box","text":"severity of the ESG controversy as determined by MSCI.","page_number":65,"box":{"x":89,"y":410,"width":387,"height":13}},{"id":"b4fcf2d2-546b-4055-94f4-b86904d2850e","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":65,"box":{"x":89,"y":437,"width":823,"height":12}},{"id":"043b0f6a-69a3-47dc-b33b-b4df7f37d4e1","block_type":"box","text":"updates the investable equity universe and reassesses size segmentation investability requirements. MSCI also conducts QIRs","page_number":65,"box":{"x":89,"y":452,"width":876,"height":12}},{"id":"aec46ffb-3a7d-4695-94ce-872ec6debc75","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":65,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"8ffa599e-94ab-47df-8411-00a7adc455ed","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":65,"box":{"x":88,"y":482,"width":873,"height":13}},{"id":"73cf0ad1-f200-4b1f-aa84-4115b093bc5b","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":65,"box":{"x":88,"y":497,"width":798,"height":13}},{"id":"82c704bb-edcd-4650-9df9-5dcf3cdec980","block_type":"box","text":"Creation of Sector and Industry Indexes using the Global Industry Classification Standard (GICS","page_number":65,"box":{"x":89,"y":524,"width":689,"height":12}},{"id":"66ac4323-ef28-482b-89bd-33daabe03467","block_type":"box","text":"®","page_number":65,"box":{"x":779,"y":522,"width":9,"height":6}},{"id":"7cc93ca4-6fe8-492c-95b1-d3a47d36b6d0","block_type":"box","text":")","page_number":65,"box":{"x":789,"y":524,"width":5,"height":12}},{"id":"52f3e6af-847f-4d84-914a-9dcbf44514b9","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":65,"box":{"x":88,"y":550,"width":871,"height":13}},{"id":"e47becfd-8366-4676-856c-00fdd2280ac5","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":65,"box":{"x":89,"y":565,"width":867,"height":13}},{"id":"80f5d7ce-ac11-4a4c-ac95-65d03a5809a6","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":65,"box":{"x":89,"y":581,"width":865,"height":12}},{"id":"e6328657-4cd5-47aa-9ed6-1883264fc48f","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":65,"box":{"x":88,"y":596,"width":866,"height":12}},{"id":"802034b4-8307-4695-8948-f35e6aa5cd2e","block_type":"box","text":"and may contain securities belonging to specific sectors, industry groups, industries, sub-industries or a combination thereof.","page_number":65,"box":{"x":89,"y":611,"width":878,"height":12}},{"id":"e3b939e7-b000-4291-b404-88fb8924cfb3","block_type":"box","text":"MSCI 25/50 Indexes","page_number":65,"box":{"x":89,"y":637,"width":147,"height":10}},{"id":"637ca4aa-e2d6-42a4-9aa6-cc966305e3c1","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":65,"box":{"x":89,"y":664,"width":854,"height":12}},{"id":"26edf299-7aa8-49f9-9d12-f71b1e4ec8bd","block_type":"box","text":"GIMI. Their construction reflects the diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":65,"box":{"x":89,"y":679,"width":873,"height":12}},{"id":"a366f113-cea6-4cc5-b47f-593011bf6fa5","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":65,"box":{"x":89,"y":694,"width":854,"height":12}},{"id":"7db3662b-d5f0-46f4-b6ed-8fc3d5625a2b","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":65,"box":{"x":89,"y":709,"width":873,"height":12}},{"id":"d9dd15a5-e7ee-41ef-84d5-c592a028787b","block_type":"box","text":"listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20%","page_number":65,"box":{"x":89,"y":724,"width":863,"height":13}},{"id":"0cc6a6e6-78d0-45ca-b854-77fe64d15017","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":65,"box":{"x":89,"y":739,"width":857,"height":13}},{"id":"e9db59ca-4c49-49f3-9c56-540bcd097aa2","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where","page_number":65,"box":{"x":89,"y":754,"width":845,"height":13}},{"id":"e176da0d-04e1-4bd2-9f3b-a99dc1264a34","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":65,"box":{"x":88,"y":770,"width":821,"height":12}},{"id":"11aac723-d400-4b33-84cd-bfd6c6936dfd","block_type":"box","text":"capitalization-weighted indexes with a capping methodology applied to group entity weights so that no single group entity","page_number":65,"box":{"x":89,"y":785,"width":861,"height":12}},{"id":"874d191b-9e95-41d9-bac8-cc52abcea29a","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":65,"box":{"x":89,"y":800,"width":854,"height":12}},{"id":"b4971b45-7e5c-4405-a564-f10a50bae6b4","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":65,"box":{"x":88,"y":815,"width":865,"height":12}},{"id":"3c0d9b31-c473-4cb3-bc6b-e69043042196","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":65,"box":{"x":88,"y":830,"width":869,"height":12}},{"id":"3ef69db3-c58b-4370-a78c-b04f14cba524","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":65,"box":{"x":88,"y":845,"width":851,"height":12}},{"id":"6278c638-82a6-485e-b57c-6db89702a804","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":65,"box":{"x":89,"y":860,"width":865,"height":13}},{"id":"2dfc6d20-68a7-4aaa-8959-d7429ef2e7f7","block_type":"box","text":"44","page_number":65,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"48b986bf-c28e-4303-a8c0-0b7ba690d38d","block_type":"box","text":"index weights through an optimization function which is aimed at minimizing index turnover, tracking error and extreme","page_number":66,"box":{"x":89,"y":44,"width":843,"height":12}},{"id":"1b45699e-7c1a-4b9e-acb5-cd1fa5d83ee2","block_type":"box","text":"deviation from the uncapped index.","page_number":66,"box":{"x":89,"y":59,"width":248,"height":12}},{"id":"dd0e5173-8463-408b-b217-f8a0cd235366","block_type":"box","text":"MSCI Global Minimum Volatility Indexes","page_number":66,"box":{"x":89,"y":85,"width":289,"height":13}},{"id":"4f12ccec-77ca-4ece-8dd9-6359720a96dc","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":66,"box":{"x":89,"y":112,"width":873,"height":12}},{"id":"a1b1743e-f73d-4f6f-bb15-7aec24e71a1b","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":66,"box":{"x":88,"y":127,"width":871,"height":12}},{"id":"397bcd68-575d-4d16-b153-23fc6d272270","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":66,"box":{"x":88,"y":142,"width":867,"height":12}},{"id":"638ee112-f16d-43b3-9788-9ee672ee5723","block_type":"box","text":"seeks lower volatility than the comparable capitalization-weighted MSCI Global Standard Index.","page_number":66,"box":{"x":89,"y":157,"width":667,"height":13}},{"id":"76bf6dab-bcf4-48a5-8ffd-c892084f2cb8","block_type":"box","text":"Historically, relative to the MSCI Global Standard Index, the MSCI Global Minimum Volatility Indexes have demonstrated (i)","page_number":66,"box":{"x":89,"y":184,"width":856,"height":12}},{"id":"a20eed63-21ca-4638-b9e7-58e692ee68a1","block_type":"box","text":"lower portfolio beta; (ii) lower portfolio volatility; (iii) lower market capitalization bias; and (iv) bias towards securities with","page_number":66,"box":{"x":89,"y":199,"width":851,"height":12}},{"id":"0bdf3093-8e23-4831-8961-68dc50c72738","block_type":"box","text":"lower distinctive risk.","page_number":66,"box":{"x":89,"y":214,"width":145,"height":10}},{"id":"4d0fe397-bc46-4cfe-b77f-d7b7fd18b9dd","block_type":"box","text":"The MSCI Global Minimum Volatility Indexes begin with an existing capitalization-weighted MSCI Global Standard Index for a","page_number":66,"box":{"x":88,"y":240,"width":877,"height":13}},{"id":"2fd7e94b-a579-40eb-b931-3e8f4c8724b9","block_type":"box","text":"geographic region, which will serve as the universe of eligible securities for performing total risk optimization. After","page_number":66,"box":{"x":89,"y":256,"width":805,"height":12}},{"id":"74e5512d-f047-4c55-aa8a-8def3d9ab842","block_type":"box","text":"identifying the investor’s base currency, the optimization is performed by applying a security covariance matrix estimated","page_number":66,"box":{"x":89,"y":271,"width":847,"height":12}},{"id":"f118adaf-9240-4d3e-b9a9-fb741a5df4bb","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":66,"box":{"x":88,"y":286,"width":844,"height":12}},{"id":"a645de77-1eea-4316-8ccc-68359fccda05","block_type":"box","text":"Global Standard Index for a given set of constraints. The following investment constraints apply in constructing the MSCI","page_number":66,"box":{"x":89,"y":301,"width":846,"height":12}},{"id":"f81da3c8-80f8-4c3b-8d6b-9887fbecaac0","block_type":"box","text":"Global Minimum Volatility Indexes:","page_number":66,"box":{"x":89,"y":316,"width":242,"height":12}},{"id":"745cb242-6b91-4952-8ecf-fdd7b9d25f89","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":66,"box":{"x":89,"y":336,"width":820,"height":13}},{"id":"e9e19901-ef78-46e9-a833-b47614cfb9b3","block_type":"box","text":"Standard Index;","page_number":66,"box":{"x":121,"y":351,"width":109,"height":12}},{"id":"01996514-5163-456f-94fa-97ffa8f7efdd","block_type":"box","text":"• The minimum weight of an index constituent will be 0.05%;","page_number":66,"box":{"x":89,"y":371,"width":451,"height":13}},{"id":"98d86d94-93a5-46c1-ade8-0ed61c0e72f6","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":66,"box":{"x":89,"y":392,"width":874,"height":12}},{"id":"e3b44977-5273-4dcf-ba17-c254460e6519","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":66,"box":{"x":121,"y":407,"width":828,"height":12}},{"id":"da99f7dd-6370-4365-9087-c5f27e2c45c9","block_type":"box","text":"Index;","page_number":66,"box":{"x":122,"y":422,"width":41,"height":11}},{"id":"17edc13c-e7f6-4bee-bc4d-c56914b63490","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":66,"box":{"x":89,"y":442,"width":846,"height":12}},{"id":"0d00d9de-5aa3-48a0-a285-774ca5ed579c","block_type":"box","text":"Global Minimum Volatility Indexes weight will be three times its weight in the MSCI Global Standard Index;","page_number":66,"box":{"x":121,"y":457,"width":745,"height":12}},{"id":"2d9731de-5563-44b5-867b-02c814bdec5c","block_type":"box","text":"• Sector weights will not deviate by more than ±5% from its weight in the MSCI Global Standard Index;","page_number":66,"box":{"x":89,"y":477,"width":739,"height":13}},{"id":"15c3e6ce-f35f-4330-9aee-ff738aaa6b32","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":66,"box":{"x":89,"y":497,"width":827,"height":13}},{"id":"0051875e-ae7c-4aec-8239-b2c88e847ccf","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":66,"box":{"x":122,"y":513,"width":841,"height":12}},{"id":"6e8b00e8-f2cb-45f5-8b2d-2aa453dda974","block_type":"box","text":"the MSCI Global Standard Index; exposure to the volatility risk index will be unlimited; and","page_number":66,"box":{"x":121,"y":528,"width":629,"height":12}},{"id":"deb8c95b-55e6-4efe-8d7a-59417803e317","block_type":"box","text":"• The maximum one-way turnover will be 10%.","page_number":66,"box":{"x":89,"y":548,"width":352,"height":12}},{"id":"c298f8bb-9186-475f-865d-6b258b401eb0","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":66,"box":{"x":89,"y":574,"width":858,"height":13}},{"id":"2eb343e6-9601-4fe5-a8cb-93e05a1c4b46","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":66,"box":{"x":89,"y":589,"width":867,"height":13}},{"id":"56751664-b4b7-4656-9a73-843465dd0ca6","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":66,"box":{"x":89,"y":605,"width":869,"height":12}},{"id":"d054fec4-3b96-431a-803c-4ff45449bb42","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":66,"box":{"x":89,"y":620,"width":879,"height":12}},{"id":"203e7bf0-53ae-4555-b6ff-e3921e812e91","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":66,"box":{"x":89,"y":635,"width":862,"height":12}},{"id":"fe00bafe-47b2-44b2-bed4-183625673703","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":66,"box":{"x":89,"y":650,"width":877,"height":12}},{"id":"2c125828-1901-4291-92bf-c7dcd0f8660f","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":66,"box":{"x":89,"y":665,"width":852,"height":12}},{"id":"5db5abf0-4454-4e92-888f-807deafc0fe9","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":66,"box":{"x":89,"y":680,"width":872,"height":12}},{"id":"4d75dc52-100b-432b-ad06-23c8fb8ed50e","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":66,"box":{"x":88,"y":695,"width":869,"height":13}},{"id":"6145dbdb-8b5a-4c28-a566-c8e4cb489acd","block_type":"box","text":"index constituent is simultaneously deleted from the MSCI Global Standard Index.","page_number":66,"box":{"x":89,"y":710,"width":572,"height":13}},{"id":"5173caa2-5afc-4070-a065-2346286467e8","block_type":"box","text":"MSCI ACWI Select Agriculture Producers Investable Market Index (IMI)","page_number":66,"box":{"x":89,"y":737,"width":511,"height":12}},{"id":"70dfeb43-b836-451c-9542-7bd25db59274","block_type":"box","text":"Number of Components: approximately 122","page_number":66,"box":{"x":89,"y":763,"width":317,"height":13}},{"id":"ea950202-046c-49eb-8c5d-b6191f46b959","block_type":"box","text":"Index Description.","page_number":66,"box":{"x":89,"y":790,"width":131,"height":12}},{"id":"281711c5-130a-4dc0-bd06-8d424423ea46","block_type":"box","text":"The MSCI ACWI Select Agriculture Producers IMI is a free float-adjusted market capitalization-weighted","page_number":66,"box":{"x":225,"y":790,"width":725,"height":12}},{"id":"416f9e55-f06c-4852-b6a9-7a21862a57a8","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":66,"box":{"x":89,"y":805,"width":871,"height":12}},{"id":"113b5997-2ead-4af8-8032-011b574173f4","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":66,"box":{"x":89,"y":820,"width":871,"height":12}},{"id":"17fa68d6-e273-4e1e-a12f-e02126b22832","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":66,"box":{"x":88,"y":835,"width":871,"height":12}},{"id":"9014397b-4a24-4052-bcea-f24a335a48be","block_type":"box","text":"shares outstanding. The Underlying Index contains companies classified under the fertilizers and agricultural chemicals and","page_number":66,"box":{"x":89,"y":850,"width":864,"height":13}},{"id":"b9695e7e-7a54-434b-b66e-fcbe0fa1558a","block_type":"box","text":"agricultural products GICS categories. In addition, companies classified under the construction and farm machinery GICS","page_number":66,"box":{"x":89,"y":865,"width":847,"height":13}},{"id":"7daab896-c4de-4001-b3b3-30b182f6e87a","block_type":"box","text":"45","page_number":66,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"63b70a64-247b-4ffc-83a8-8ebf96734548","block_type":"box","text":"category are included provided they derive the majority of their revenues from farm machinery and related parts. Finally,","page_number":67,"box":{"x":89,"y":44,"width":839,"height":12}},{"id":"bde0ea51-a0f1-4f41-afd1-1a2a8b30af77","block_type":"box","text":"companies classified under the packaged foods and meats GICS category are included provided they derive the majority of","page_number":67,"box":{"x":89,"y":59,"width":859,"height":12}},{"id":"a1481a26-82da-4aa2-9015-537f54562472","block_type":"box","text":"their revenues from production, based on the following guidelines:","page_number":67,"box":{"x":88,"y":74,"width":465,"height":12}},{"id":"5fe6a8ef-086b-4220-ab35-3639c0e9024d","block_type":"box","text":"• Poultry and Livestock: companies are included only if they are significantly involved in the breeding of animals by","page_number":67,"box":{"x":89,"y":94,"width":822,"height":13}},{"id":"863668ae-3754-4d2a-b2d0-5c60ad5361d6","block_type":"box","text":"themselves or through contract farming;","page_number":67,"box":{"x":121,"y":109,"width":284,"height":13}},{"id":"70db25f7-a3b7-4f4d-8e85-f890bc0604b2","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":67,"box":{"x":89,"y":130,"width":867,"height":12}},{"id":"4364c355-35cd-4960-9d66-b6360d7b759c","block_type":"box","text":"break up;","page_number":67,"box":{"x":122,"y":145,"width":63,"height":12}},{"id":"0b4e2eb2-d265-42a6-aae6-8a1a251ff448","block_type":"box","text":"• Sugar: manufacturers of sugar are included even if they do not farm sugarcane. Companies selling sweeteners, sugar","page_number":67,"box":{"x":89,"y":165,"width":852,"height":12}},{"id":"d43ab500-6f69-4f07-94e4-3c73a93f7a5a","block_type":"box","text":"free, syrups, etc. are excluded;","page_number":67,"box":{"x":121,"y":180,"width":210,"height":12}},{"id":"71d3459e-998e-4567-938b-403c5a666b40","block_type":"box","text":"• Edible oil: companies processing edible oil without cultivating the plantation are excluded;","page_number":67,"box":{"x":89,"y":200,"width":661,"height":12}},{"id":"a0e4d927-40b9-4373-8301-921f5a2ddd67","block_type":"box","text":"• Confectioneries and snacks: manufacturers of finished products are excluded due to their presence at the lower","page_number":67,"box":{"x":89,"y":220,"width":814,"height":13}},{"id":"d5f275a6-e55c-407b-94e8-28c497ee4e01","block_type":"box","text":"spectrum of the value chain;","page_number":67,"box":{"x":121,"y":235,"width":199,"height":13}},{"id":"425afae6-79cb-4e40-a051-776e772085e7","block_type":"box","text":"• Coffee: coffee companies are excluded due to their reliance on external parties for raw materials; and","page_number":67,"box":{"x":89,"y":256,"width":736,"height":12}},{"id":"15ab6480-4aca-4eee-980a-2f75f2e098e0","block_type":"box","text":"• Fishing: fishing companies are generally included, whether they operate fisheries or receive their catch from the ocean.","page_number":67,"box":{"x":89,"y":276,"width":863,"height":12}},{"id":"cc5daba9-6cfb-4f6e-b83a-29ef967fcdba","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":67,"box":{"x":88,"y":302,"width":829,"height":12}},{"id":"7c806c9b-dac3-44fc-bf9c-0da076587d67","block_type":"box","text":"Australia, Brazil, Canada, China, Egypt, Germany, Hong Kong, India, Indonesia, Israel, Japan, Malaysia, the Netherlands,","page_number":67,"box":{"x":88,"y":317,"width":825,"height":13}},{"id":"761793d2-0890-4289-ba1e-8c9f36f0d81f","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":67,"box":{"x":89,"y":332,"width":816,"height":13}},{"id":"9bbaaedb-8616-45ec-9c8c-692f985e94b6","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":359,"width":184,"height":12}},{"id":"fda2c97d-fb12-480c-adc3-850464ecac2a","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":67,"box":{"x":278,"y":359,"width":662,"height":12}},{"id":"b03f743b-0901-4d64-b202-c26b9eaa1540","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":67,"box":{"x":89,"y":374,"width":878,"height":12}},{"id":"616140bd-bc7e-499c-b958-1521604f1e33","block_type":"box","text":"the net dividends. The regular cash dividend is reinvested after deduction of withholding tax by applying the maximum rate","page_number":67,"box":{"x":88,"y":389,"width":864,"height":12}},{"id":"2d8e36e2-1d2d-443c-923c-3375ecab417c","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":67,"box":{"x":89,"y":404,"width":849,"height":13}},{"id":"7f8e0711-4f5f-4103-87cb-a144413bdef1","block_type":"box","text":"withheld at the rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Such","page_number":67,"box":{"x":88,"y":419,"width":868,"height":13}},{"id":"37d134a7-130d-4c03-9678-0a50a30900b2","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":434,"width":474,"height":13}},{"id":"8c0955d8-0c50-4f6d-9f31-05efee923476","block_type":"box","text":"MSCI ACWI Select Gold Miners Investable Market Index (IMI)","page_number":67,"box":{"x":89,"y":461,"width":439,"height":12}},{"id":"bd5ec975-b856-46dc-b569-c324e2c05bf9","block_type":"box","text":"Number of Components: approximately 41","page_number":67,"box":{"x":89,"y":480,"width":305,"height":12}},{"id":"7761e975-7fed-466f-9a65-662b55968b17","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":502,"width":131,"height":13}},{"id":"834102ad-7e52-47b7-94b4-15256b859699","block_type":"box","text":"The MSCI ACWI Select Gold Miners IMI targets a minimum of 30 companies in developed and emerging","page_number":67,"box":{"x":225,"y":502,"width":728,"height":13}},{"id":"639a033d-530f-4633-b830-cbdff36f7509","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":67,"box":{"x":89,"y":518,"width":860,"height":12}},{"id":"9442171f-7d95-46cc-b55b-062a047ea94d","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":67,"box":{"x":89,"y":533,"width":850,"height":12}},{"id":"a6fb27fa-bc95-40a6-8879-39ea12082bea","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":67,"box":{"x":89,"y":548,"width":873,"height":12}},{"id":"3771cd11-3ea7-432f-a01b-1e72b1b6d48c","block_type":"box","text":"companies mining precious metals and minerals not classified in the gold sub-industry which includes companies primarily","page_number":67,"box":{"x":89,"y":563,"width":864,"height":12}},{"id":"b2d07c7b-4afb-43d5-bbe5-a02e46fec1e6","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":67,"box":{"x":89,"y":578,"width":831,"height":12}},{"id":"99bdee70-07fd-49aa-a6c7-158c8173c707","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":67,"box":{"x":89,"y":593,"width":815,"height":13}},{"id":"e4a7ca47-abab-4b91-9bfe-88f5f4749ce6","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":67,"box":{"x":89,"y":608,"width":847,"height":13}},{"id":"1b74485c-0c55-4b52-9037-eb54e6fdd4a3","block_type":"box","text":"companies:","page_number":67,"box":{"x":89,"y":624,"width":79,"height":12}},{"id":"3ad6fa5e-54a4-47f9-8de5-92acd96c1456","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":67,"box":{"x":90,"y":650,"width":874,"height":12}},{"id":"564ba614-8d43-4ad2-90ce-3304e5a360c2","block_type":"box","text":"indication of hedging activities is found in their annual reports or such hedging activities are nevertheless identified but","page_number":67,"box":{"x":89,"y":665,"width":834,"height":12}},{"id":"9c809628-09bf-40c6-95c6-8053f5039e3e","block_type":"box","text":"represent less than 10% of the business.","page_number":67,"box":{"x":89,"y":680,"width":281,"height":12}},{"id":"8f9ddcb9-9b9a-45c1-ae59-26113bd1e88a","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":67,"box":{"x":93,"y":707,"width":832,"height":12}},{"id":"1bd54e64-d8e7-4885-a0bb-68256903cd93","block_type":"box","text":"priority until the target constituent count of 30 companies is reached:","page_number":67,"box":{"x":89,"y":722,"width":486,"height":12}},{"id":"4bc3f6fe-0df7-4616-9fb7-c29886790345","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":67,"box":{"x":89,"y":748,"width":857,"height":12}},{"id":"966f0c77-cafe-4701-a937-b84ffbd54ca3","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":67,"box":{"x":89,"y":763,"width":856,"height":13}},{"id":"fbb84664-058a-4226-8be8-6f380f06cdd8","block_type":"box","text":"cannot be quantified (securities are added in descending order of free float-adjusted market capitalization).","page_number":67,"box":{"x":89,"y":778,"width":750,"height":13}},{"id":"e8eda398-c593-423b-9361-4c7417c86f58","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":67,"box":{"x":89,"y":805,"width":857,"height":12}},{"id":"1e7b22f9-0e99-4e55-993d-6641f0c5b9f1","block_type":"box","text":"indications of hedging activities greater than 10% can nevertheless be identified in their annual reports (securities are added","page_number":67,"box":{"x":89,"y":820,"width":870,"height":12}},{"id":"95909d77-c6dc-4731-b772-81b7b05d07ce","block_type":"box","text":"in ascending order of percentage hedged).","page_number":67,"box":{"x":89,"y":835,"width":297,"height":12}},{"id":"3dcbb6df-baa2-423e-b5ca-5b104915428a","block_type":"box","text":"46","page_number":67,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"b8b89674-6b95-4eb3-bb72-5bed0c683d1e","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":68,"box":{"x":88,"y":44,"width":838,"height":12}},{"id":"b586bd2b-3796-4359-a543-0fe656e97681","block_type":"box","text":"proportion of such hedging can be quantified (securities are added in ascending order of percentage hedged).","page_number":68,"box":{"x":89,"y":59,"width":770,"height":12}},{"id":"86038204-0736-4cac-8fae-afe1950fccae","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":68,"box":{"x":89,"y":85,"width":837,"height":13}},{"id":"e1aa200f-b800-433b-b3a1-a629d11df654","block_type":"box","text":"proportion of such hedging cannot be quantified (securities are added in descending order of free float-adjusted market","page_number":68,"box":{"x":89,"y":101,"width":841,"height":12}},{"id":"42149dba-129f-4395-87be-314a08a2eb44","block_type":"box","text":"capitalization).","page_number":68,"box":{"x":89,"y":116,"width":101,"height":12}},{"id":"46901c3f-b395-4dcf-b222-a5c599edfbec","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":68,"box":{"x":93,"y":142,"width":869,"height":12}},{"id":"265097dd-fe49-4841-b742-9e739cd9a100","block_type":"box","text":"until the target number of constituents is reached in the following order:","page_number":68,"box":{"x":89,"y":157,"width":505,"height":13}},{"id":"130039fe-52a5-453d-976c-ff16657136dc","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":68,"box":{"x":89,"y":184,"width":832,"height":12}},{"id":"bee98e2a-d9ae-4e82-a39c-13636964edf8","block_type":"box","text":"exploration (securities are added in descending order of free float-adjusted market capitalization);","page_number":68,"box":{"x":89,"y":199,"width":684,"height":12}},{"id":"3997078c-abbc-45f3-9adb-82dbbf3b827f","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":68,"box":{"x":89,"y":225,"width":868,"height":13}},{"id":"a2dd3012-0155-49e8-97c0-d8cfa96470ef","block_type":"box","text":"are involved in gold exploration (securities are added in descending order of free float-adjusted market capitalization);","page_number":68,"box":{"x":89,"y":240,"width":824,"height":13}},{"id":"f3554da4-b583-4d51-b5d8-cbe00bf7bf66","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":68,"box":{"x":89,"y":267,"width":827,"height":12}},{"id":"0e902dc7-cfc2-40fd-bc2a-a13efb31a0ea","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":68,"box":{"x":89,"y":282,"width":872,"height":12}},{"id":"0721fc63-03a7-4e27-82d5-b1bb7e70b7ff","block_type":"box","text":"selected constituents.","page_number":68,"box":{"x":89,"y":297,"width":151,"height":10}},{"id":"beee6dae-e99a-4722-9f78-269eb93bb1ad","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":68,"box":{"x":89,"y":324,"width":860,"height":12}},{"id":"c61e67ad-6c1f-4974-bc08-ab46256f9b32","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":68,"box":{"x":89,"y":339,"width":867,"height":12}},{"id":"e0141096-0547-407c-b3dc-402ab41048fb","block_type":"box","text":"following steps are removed. Otherwise, all constituents after 30 are removed.","page_number":68,"box":{"x":88,"y":354,"width":546,"height":12}},{"id":"7f3c7d50-c778-42c9-a909-f663820f27f8","block_type":"box","text":"Calculation Methodology.","page_number":68,"box":{"x":89,"y":380,"width":184,"height":13}},{"id":"f450c02c-0f14-41e9-ac03-8c7fe906358b","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":68,"box":{"x":278,"y":380,"width":662,"height":13}},{"id":"91c9e56f-061d-48c3-8ac3-edfd6283833c","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":68,"box":{"x":89,"y":395,"width":878,"height":13}},{"id":"3429aae2-adff-4f8a-8b41-d2aaaba82017","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":68,"box":{"x":88,"y":410,"width":864,"height":13}},{"id":"77ce462a-80f2-4734-bdca-3ef7e4c291af","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":68,"box":{"x":89,"y":426,"width":849,"height":12}},{"id":"3092cb6d-d1e4-4af0-aaf2-4988d87ce7db","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":68,"box":{"x":88,"y":441,"width":868,"height":12}},{"id":"b40364af-4dcf-48ff-b1f5-76592a010df0","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":68,"box":{"x":88,"y":456,"width":474,"height":12}},{"id":"ea307f89-f4f1-4f39-9579-1f10d59f1e49","block_type":"box","text":"MSCI ACWI Select Metals & Mining Producers ex Gold and Silver Investable Market Index (IMI)","page_number":68,"box":{"x":89,"y":482,"width":681,"height":13}},{"id":"d146da2d-e55b-4fd7-ab45-b567571fed34","block_type":"box","text":"Number of Components: approximately 221","page_number":68,"box":{"x":89,"y":509,"width":314,"height":12}},{"id":"a061adeb-41fe-4b30-bdb3-fb20a3a05e01","block_type":"box","text":"Index Description.","page_number":68,"box":{"x":89,"y":535,"width":131,"height":13}},{"id":"4ecc0306-e1ea-4193-afe5-52b04e2e2087","block_type":"box","text":"The MSCI ACWI Select Metals & Mining Producers ex Gold and Silver IMI is a free float-adjusted market","page_number":68,"box":{"x":225,"y":535,"width":724,"height":13}},{"id":"a50f060c-5349-4e78-a0c8-ce6884d1f831","block_type":"box","text":"capitalization-weighted index comprised of companies in both developed and emerging markets that are primarily involved","page_number":68,"box":{"x":89,"y":550,"width":862,"height":13}},{"id":"89a09d4f-a7d8-4b6f-938c-12c0d60165fe","block_type":"box","text":"in the extraction and production of diversified metals, aluminum, steel, and precious metals and minerals, excluding gold and","page_number":68,"box":{"x":89,"y":565,"width":876,"height":13}},{"id":"41937318-b592-46c9-8122-97e69d0ac4b9","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":68,"box":{"x":89,"y":581,"width":857,"height":12}},{"id":"a004a4c3-e3a3-4649-a7f0-bd9b5716fd36","block_type":"box","text":"readily available in the market rather than the total number of shares outstanding. The Underlying Index includes companies","page_number":68,"box":{"x":89,"y":596,"width":871,"height":12}},{"id":"feaac743-9e76-42ca-acb0-4bad0b1a8505","block_type":"box","text":"classified under the aluminum, diversified metals and mining, copper, precious metals and minerals and steel GICS","page_number":68,"box":{"x":89,"y":611,"width":801,"height":12}},{"id":"3e2b4270-3eef-464e-9aae-d3da02483af9","block_type":"box","text":"categories. In addition, companies classified under the precious metals and minerals GICS category are included, provided","page_number":68,"box":{"x":89,"y":626,"width":853,"height":12}},{"id":"aa59bec6-e529-49c1-99e0-e31b4cae0820","block_type":"box","text":"they do not derive less than 50% of their revenues from gold mining or silver mining.","page_number":68,"box":{"x":88,"y":641,"width":594,"height":12}},{"id":"2a349496-37ad-4bc5-bc3c-8c860f9bcabc","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":68,"box":{"x":88,"y":668,"width":829,"height":12}},{"id":"af88b5a3-1bb5-4132-83eb-22dd76d12fbb","block_type":"box","text":"Australia, Austria, Belgium, Brazil, Canada, Chile, China, Finland, France, Germany, India, Indonesia, Japan, Malaysia, Mexico,","page_number":68,"box":{"x":88,"y":683,"width":865,"height":12}},{"id":"99af9e4d-5678-4d11-9466-ca75d0b88448","block_type":"box","text":"the Netherlands, Norway, Peru, Poland, Qatar, Saudi Arabia, South Africa, South Korea, Spain, Sweden, Taiwan, Turkey, the","page_number":68,"box":{"x":88,"y":698,"width":851,"height":12}},{"id":"335e5957-0ca8-46fb-9db2-3cf330ce95ff","block_type":"box","text":"U.K. and the U.S.","page_number":68,"box":{"x":89,"y":713,"width":114,"height":10}},{"id":"38b87d3f-0870-483d-b8fa-eb29783676c7","block_type":"box","text":"Calculation Methodology.","page_number":68,"box":{"x":89,"y":739,"width":184,"height":13}},{"id":"aef6e302-30bb-4179-a047-4b76d2431f1f","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":68,"box":{"x":278,"y":739,"width":662,"height":13}},{"id":"331d59cb-076a-4f44-88f9-46cd4650ffe5","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":68,"box":{"x":89,"y":754,"width":878,"height":13}},{"id":"4cfae180-0246-428b-9e34-0335932a4453","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":68,"box":{"x":88,"y":770,"width":864,"height":12}},{"id":"9bdd9aa1-2da4-404d-ae85-1bf0d2318adb","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":68,"box":{"x":89,"y":785,"width":849,"height":12}},{"id":"1aeecf9a-0db0-4f27-b742-4591af7eea18","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":68,"box":{"x":88,"y":800,"width":868,"height":12}},{"id":"fd1d618d-c8aa-4fb3-911a-89b1bfbebb04","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":68,"box":{"x":88,"y":815,"width":474,"height":12}},{"id":"9b64b2ad-cce6-4da7-b2aa-48d28e833385","block_type":"box","text":"MSCI ACWI Select Silver Miners Investable Market Index (IMI)","page_number":68,"box":{"x":89,"y":841,"width":445,"height":13}},{"id":"252aa2c0-f644-4053-b077-ccd99bef5fa7","block_type":"box","text":"Number of Components: approximately 30","page_number":68,"box":{"x":89,"y":860,"width":308,"height":13}},{"id":"7e50d6f3-bda5-4fb8-8967-24eb2e804bf5","block_type":"box","text":"47","page_number":68,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"50057263-a58e-4ece-a7f9-1ad8c68bda44","block_type":"box","text":"Index Description","page_number":69,"box":{"x":89,"y":44,"width":127,"height":12}},{"id":"cb8c691b-0f0d-4137-9a50-4a42a9886bd1","block_type":"box","text":". The MSCI ACWI Select Silver Miners IMI focuses on approximately 25 companies in developed and","page_number":69,"box":{"x":218,"y":44,"width":697,"height":12}},{"id":"b2dbece7-ae3d-4828-bd5c-fe20b49c5570","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":69,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"6dc24dcc-7c0d-4ec5-ae83-98cf628276f0","block_type":"box","text":"target count of 25, in descending order of the percentage of revenues generated from silver-related activities, unless","page_number":69,"box":{"x":88,"y":74,"width":813,"height":12}},{"id":"feeb39d6-2447-4530-a5c5-11b916a37ef8","block_type":"box","text":"otherwise noted:","page_number":69,"box":{"x":89,"y":89,"width":116,"height":10}},{"id":"cfb06454-dabf-4f43-ae0a-bf6db5b89f4c","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":69,"box":{"x":90,"y":116,"width":866,"height":12}},{"id":"f5fbeba0-4d01-4061-ae15-0e7e0c78cee4","block_type":"box","text":"involved in silver mining are excluded;","page_number":69,"box":{"x":89,"y":131,"width":264,"height":12}},{"id":"8b0d09ab-5532-4e7c-b1c5-fac9635f1239","block_type":"box","text":"2) Companies in the MSCI ACWI IMI mining precious metals and minerals (“precious metals and minerals companies”) that","page_number":69,"box":{"x":89,"y":157,"width":866,"height":13}},{"id":"362d1154-63ec-4479-a425-afd85f073c76","block_type":"box","text":"generate at least 25% of revenues from silver mining;","page_number":69,"box":{"x":89,"y":172,"width":372,"height":13}},{"id":"812ba85f-a8bc-4e01-a85f-e9626527eab1","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":69,"box":{"x":89,"y":199,"width":844,"height":12}},{"id":"d9365568-6199-4d5d-b54d-e68a60c60551","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":69,"box":{"x":89,"y":214,"width":852,"height":12}},{"id":"4b2ea515-f267-4b9e-abbe-108deb879858","block_type":"box","text":"least 25% of revenues from silver mining;","page_number":69,"box":{"x":89,"y":229,"width":289,"height":12}},{"id":"d453d30a-63f1-4c58-969a-752f75f338b3","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":69,"box":{"x":88,"y":256,"width":877,"height":12}},{"id":"8bf34329-6e69-45c5-af7a-abec1977a802","block_type":"box","text":"mining exploration (in descending order of free float-adjusted market capitalization);","page_number":69,"box":{"x":89,"y":271,"width":593,"height":12}},{"id":"81d798a2-54e2-4900-880a-c97ce3ae51f1","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":69,"box":{"x":89,"y":297,"width":862,"height":12}},{"id":"9be34de2-63af-47ed-a37c-2a0151759ed9","block_type":"box","text":"descending order of free float-adjusted market capitalization);","page_number":69,"box":{"x":89,"y":312,"width":433,"height":13}},{"id":"d050bb93-18e7-4d24-97a6-25288d7bea0b","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":69,"box":{"x":89,"y":339,"width":843,"height":12}},{"id":"f1200cb9-6bb3-47cd-8f4e-8834f35a3f82","block_type":"box","text":"25% from silver mining;","page_number":69,"box":{"x":89,"y":354,"width":167,"height":12}},{"id":"7b6ec2fa-d9a8-425b-9d9e-64c3a8e2665f","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":69,"box":{"x":89,"y":380,"width":843,"height":13}},{"id":"a2adcb96-ac2a-4948-9b59-3d7639cac017","block_type":"box","text":"8) Companies in the MSCI World Micro Cap Index primarily mining silver;","page_number":69,"box":{"x":89,"y":407,"width":511,"height":12}},{"id":"de9aaa49-ba84-4b2b-bef0-bd2c97c6e953","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":69,"box":{"x":89,"y":433,"width":868,"height":13}},{"id":"f540ead0-b951-437c-9de3-9badc141a7d1","block_type":"box","text":"silver mining;","page_number":69,"box":{"x":89,"y":448,"width":92,"height":13}},{"id":"b03b0a75-3be3-4f86-b0f3-1f942a2ccb9b","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":69,"box":{"x":90,"y":475,"width":859,"height":12}},{"id":"517985b6-3cb9-4d1b-b497-53be192978e6","block_type":"box","text":"involved in silver mining exploration (in descending order of free float-adjusted market capitalization);","page_number":69,"box":{"x":89,"y":490,"width":712,"height":12}},{"id":"b0f1bcc5-5a03-417b-834f-67e53c3bc923","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":69,"box":{"x":90,"y":516,"width":866,"height":13}},{"id":"9787290f-11b4-4ece-957e-20b858234636","block_type":"box","text":"than 25% from silver mining; and","page_number":69,"box":{"x":88,"y":531,"width":234,"height":13}},{"id":"1415ec39-3a46-47bf-bd85-8ae4daf568ed","block_type":"box","text":"12) Gold companies in the MSCI World Micro Cap Index generating revenues from silver mining.","page_number":69,"box":{"x":90,"y":558,"width":672,"height":12}},{"id":"b2e6e40e-f98e-4a1c-90d4-745aeb173296","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":69,"box":{"x":89,"y":584,"width":874,"height":13}},{"id":"7f037ec4-2946-4630-b579-8e098c2dfe45","block_type":"box","text":"number of selected constituents.","page_number":69,"box":{"x":89,"y":599,"width":229,"height":10}},{"id":"1bcf17e1-0aac-4d4c-9945-8bf6b5b0efb0","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":69,"box":{"x":89,"y":626,"width":877,"height":12}},{"id":"c7d17242-fd9e-4e22-8fb9-dbcba1d93c1f","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":69,"box":{"x":89,"y":641,"width":865,"height":12}},{"id":"d510e29a-4cb2-47db-9387-7f3b7b91386e","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":69,"box":{"x":89,"y":656,"width":854,"height":13}},{"id":"16fc3049-8a29-4049-b993-d491df2203cf","block_type":"box","text":"the following steps are removed. Otherwise, all constituents after 25 are removed.","page_number":69,"box":{"x":88,"y":671,"width":573,"height":13}},{"id":"fc709ffb-9c41-4551-aac1-1f8496e289ce","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":69,"box":{"x":88,"y":698,"width":876,"height":12}},{"id":"3d4076b9-ba04-425e-bb52-c8013395b089","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":69,"box":{"x":89,"y":713,"width":873,"height":12}},{"id":"d185f7e1-0450-4965-a979-9ac7d41a10d6","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":69,"box":{"x":89,"y":728,"width":876,"height":12}},{"id":"8111c88f-1009-4c63-9918-b98025b0e9e0","block_type":"box","text":"of rebalancing.","page_number":69,"box":{"x":89,"y":743,"width":102,"height":12}},{"id":"10bcc030-c7db-4b3e-89b5-c87c7f2f16a0","block_type":"box","text":"Calculation Methodology","page_number":69,"box":{"x":89,"y":770,"width":182,"height":12}},{"id":"9bfb6d8f-e539-4a4a-b550-6e7cec907bb4","block_type":"box","text":". The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":69,"box":{"x":272,"y":770,"width":669,"height":12}},{"id":"4808b2ae-12f5-4116-9780-58ce98a3cf2b","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":785,"width":878,"height":12}},{"id":"c01c40ab-7297-42cb-8c2e-4d54f6358e11","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":800,"width":864,"height":12}},{"id":"5cd76e4a-8360-4c5a-96f9-aee818e3a2f2","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":815,"width":849,"height":12}},{"id":"78f6bf97-a162-4b4c-906a-93f7944203a0","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":830,"width":868,"height":12}},{"id":"50391cd0-933c-42ba-b141-10e5930c3d14","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":69,"box":{"x":88,"y":845,"width":474,"height":12}},{"id":"c1e7e709-9b47-48eb-a46c-fde1177866e3","block_type":"box","text":"48","page_number":69,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"a8885c64-ca4f-41b8-9994-9201d0c626ee","block_type":"box","text":"MSCI ACWI Minimum Volatility (USD) Index","page_number":70,"box":{"x":89,"y":44,"width":316,"height":12}},{"id":"c79d69b0-f0ae-4df8-b99d-6ade67fcdc56","block_type":"box","text":"Number of Components: approximately 382","page_number":70,"box":{"x":89,"y":70,"width":317,"height":13}},{"id":"4b3a2cc8-c98e-45a4-b67b-7c414a3142b0","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":97,"width":131,"height":12}},{"id":"98052e93-c0d8-44e6-a9fd-1b958648e3af","block_type":"box","text":"The MSCI ACWI Minimum Volatility (USD) Index measures the combined performance of equity","page_number":70,"box":{"x":225,"y":97,"width":673,"height":12}},{"id":"d2f491d9-9051-48ee-8aed-eeae19e9350f","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":70,"box":{"x":89,"y":112,"width":872,"height":12}},{"id":"3b649a48-d05a-492a-88bf-47516af1aede","block_type":"box","text":"capitalization developed and emerging markets. Each security included in the Underlying Index is a current constituent of the","page_number":70,"box":{"x":89,"y":127,"width":875,"height":12}},{"id":"be5739c4-6ed5-4e21-8b93-54e15d43b504","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":70,"box":{"x":89,"y":142,"width":867,"height":12}},{"id":"6cd9240f-2a52-4012-9099-2ff83dba66bb","block_type":"box","text":"5%.","page_number":70,"box":{"x":89,"y":158,"width":26,"height":9}},{"id":"451978aa-a8b4-4a34-a7da-45e79fd57e6a","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":70,"box":{"x":88,"y":184,"width":829,"height":12}},{"id":"4e948587-cce7-48a6-8863-c9fc6d5deda1","block_type":"box","text":"Austria, Belgium, Brazil, Canada, Chile, China, Finland, France, Germany, Greece, Hong Kong, India, Indonesia, Israel, Italy,","page_number":70,"box":{"x":88,"y":199,"width":844,"height":12}},{"id":"bdad5431-3512-4a5b-a05f-7e8a2b940d5f","block_type":"box","text":"Japan, Kuwait, Malaysia, the Netherlands, New Zealand, Peru, the Philippines, Portugal, Qatar, Saudi Arabia, Singapore, South","page_number":70,"box":{"x":88,"y":214,"width":871,"height":12}},{"id":"9c9d0b4c-edde-4df4-94a3-50c1ce70b946","block_type":"box","text":"Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, the United Arab Emirates, the United Kingdom (the “U.K.”) and","page_number":70,"box":{"x":89,"y":229,"width":866,"height":12}},{"id":"3ef9f6e5-ed59-4141-807b-4162e860e7a2","block_type":"box","text":"the U.S.","page_number":70,"box":{"x":88,"y":244,"width":53,"height":10}},{"id":"d849b0d3-27e8-4657-b450-02c907ef1404","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":271,"width":184,"height":12}},{"id":"84412072-c8dc-4399-b3aa-4e5388f0cadb","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":271,"width":662,"height":12}},{"id":"38d0b537-c84e-43f5-a26e-79fed7bb749f","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":286,"width":878,"height":12}},{"id":"987c8012-50ea-42a2-a809-533d63e9cae3","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":301,"width":864,"height":12}},{"id":"c61414e3-e543-4d56-a66c-b626576574da","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":316,"width":849,"height":12}},{"id":"89ad3c8b-406c-43af-9906-a28987c2ca80","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":331,"width":868,"height":12}},{"id":"fb051a5d-50ee-47ee-955b-ad6f79ce91c1","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":346,"width":474,"height":13}},{"id":"654b8d7a-5d30-4a56-9a11-739953d00a1c","block_type":"box","text":"MSCI Brazil 25/50 Index","page_number":70,"box":{"x":89,"y":373,"width":175,"height":9}},{"id":"ba240762-54de-46ef-a59e-4f2f0af14675","block_type":"box","text":"Number of Components: approximately 44","page_number":70,"box":{"x":89,"y":399,"width":308,"height":13}},{"id":"362dae53-fda9-449f-940a-c7f4367f3b7d","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":426,"width":131,"height":12}},{"id":"5ae04cff-7c32-463d-bc64-387e9186a436","block_type":"box","text":"The MSCI Brazil 25/50 Index is a free float-adjusted market capitalization-weighted index designed to","page_number":70,"box":{"x":225,"y":426,"width":712,"height":12}},{"id":"376644fb-4b08-486e-ba75-ff2d0dd5c10b","block_type":"box","text":"measure the performance of the large- and mid-capitalization segments of the Brazilian equity market. The Underlying Index","page_number":70,"box":{"x":89,"y":441,"width":872,"height":12}},{"id":"99621d4d-f25a-4fa3-9d8b-49fb4888ef98","block_type":"box","text":"is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the","page_number":70,"box":{"x":89,"y":456,"width":864,"height":12}},{"id":"c221eca7-1dc6-427e-9fc4-d2b07aab4e8c","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":70,"box":{"x":89,"y":471,"width":868,"height":12}},{"id":"61e296af-22fc-49fa-92c9-fd753092c48f","block_type":"box","text":"single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":70,"box":{"x":89,"y":486,"width":801,"height":12}},{"id":"0f7caa32-537e-437b-acc9-c6afab651fc6","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":70,"box":{"x":89,"y":501,"width":874,"height":13}},{"id":"24b3feec-8045-41da-b6bf-4b9e2caee4f2","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":70,"box":{"x":89,"y":516,"width":861,"height":13}},{"id":"e9a641d3-56a9-4ef6-9061-c968688d116c","block_type":"box","text":"listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20%","page_number":70,"box":{"x":89,"y":531,"width":863,"height":13}},{"id":"359c3dff-7fc0-4102-9a5b-032205ca8665","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":70,"box":{"x":89,"y":547,"width":857,"height":12}},{"id":"b0c2279e-2c50-4755-a666-d3190a64dedf","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where","page_number":70,"box":{"x":89,"y":562,"width":845,"height":12}},{"id":"180f4c09-7d88-41d2-bef8-ee0e28d3ccb4","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":70,"box":{"x":88,"y":577,"width":826,"height":12}},{"id":"5e246657-99ca-4f03-88a1-1d11b13d05e4","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":603,"width":184,"height":13}},{"id":"7baf9d2a-b436-4b60-a525-95055ce9174a","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":603,"width":662,"height":13}},{"id":"eca963a7-f9ee-40c1-b505-6aee6bda06c0","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":618,"width":878,"height":13}},{"id":"9aedf0e3-400c-4442-8150-9a9fbfb0239d","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":633,"width":864,"height":13}},{"id":"638003d8-a618-474e-8541-1ee6090bf48c","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":649,"width":849,"height":12}},{"id":"8aada7a3-d511-4744-be8d-ee1850942b78","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":664,"width":868,"height":12}},{"id":"2553abce-1a5b-4e9c-9099-972f1dab108a","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":679,"width":474,"height":12}},{"id":"86588e58-ae78-4d8c-8d7d-df5548d5b68e","block_type":"box","text":"MSCI BIC Index","page_number":70,"box":{"x":89,"y":705,"width":110,"height":10}},{"id":"46819534-7778-4d73-ab5e-40be69a218a3","block_type":"box","text":"Number of Components: approximately 758","page_number":70,"box":{"x":89,"y":732,"width":317,"height":12}},{"id":"1eb9a045-4acb-42f7-9657-816da79dc2ad","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":758,"width":131,"height":13}},{"id":"3c66fc00-45f9-4752-a237-9df381b9af36","block_type":"box","text":"The MSCI BIC Index is a free float-adjusted market capitalization index that is designed to measure the","page_number":70,"box":{"x":225,"y":758,"width":717,"height":13}},{"id":"e273294d-2db5-4dfd-aeb6-da63451d3cee","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":70,"box":{"x":89,"y":773,"width":867,"height":13}},{"id":"433cbf7b-0aac-405b-81bb-decd1f2d531b","block_type":"box","text":"Stock Exchange of India, SSE, SZSE and the SEHK.","page_number":70,"box":{"x":88,"y":788,"width":347,"height":13}},{"id":"8dd62c98-b319-4398-9cc5-db93f6d08b37","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":815,"width":184,"height":12}},{"id":"c751f9ce-2cfb-4e2e-b15c-4a3d9274c329","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":815,"width":662,"height":12}},{"id":"f4a2a47d-9d42-4e92-af41-57553e4101bf","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":830,"width":878,"height":12}},{"id":"9c3e0652-7a50-485e-977b-43f50295b4c8","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":845,"width":864,"height":12}},{"id":"98caa1e7-f779-47e2-b7e3-af10500c7697","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":860,"width":849,"height":13}},{"id":"0d988cc0-4772-4fa5-ad44-f2d814525160","block_type":"box","text":"49","page_number":70,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"54f7187c-b171-41de-beee-a88d770ea4aa","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":44,"width":868,"height":12}},{"id":"129fd0de-f109-4a1f-b396-e8eb0ddc83e1","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":71,"box":{"x":88,"y":59,"width":474,"height":12}},{"id":"fbd8a40f-ee40-49cc-afc2-e47a59110939","block_type":"box","text":"MSCI Chile IMI 25/50 Index","page_number":71,"box":{"x":89,"y":85,"width":200,"height":10}},{"id":"d589b956-f643-4137-8044-170f5761894e","block_type":"box","text":"Number of Components: approximately 26","page_number":71,"box":{"x":89,"y":112,"width":308,"height":12}},{"id":"df41be7f-b30a-4431-8e76-47e6f56544d9","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":138,"width":131,"height":13}},{"id":"85d1cd29-b406-4ab2-ade9-609d75836fa0","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":71,"box":{"x":225,"y":138,"width":713,"height":13}},{"id":"ecc6898b-50ad-4f1b-a6a5-6d804372b914","block_type":"box","text":"measure the performance of the large-, mid- and small-capitalization segments of the Chilean equity market. The Underlying","page_number":71,"box":{"x":89,"y":153,"width":874,"height":13}},{"id":"e769f48c-bbef-4646-8fd0-7f251225ef2a","block_type":"box","text":"Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences","page_number":71,"box":{"x":89,"y":169,"width":815,"height":12}},{"id":"3020c545-545a-4a16-9816-41c25cddaf82","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":71,"box":{"x":89,"y":184,"width":857,"height":12}},{"id":"edf5a050-c8de-4a55-bf6e-ad58e704f520","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":71,"box":{"x":88,"y":199,"width":875,"height":12}},{"id":"440c5178-fb64-4a80-b4bc-a7b80a7f604b","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":71,"box":{"x":88,"y":214,"width":822,"height":12}},{"id":"11b56b96-9e6e-4edf-9bde-3597b83ce28d","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":71,"box":{"x":89,"y":229,"width":828,"height":12}},{"id":"26041f27-16e9-49e5-9e4a-606ec8e00f1a","block_type":"box","text":"separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding","page_number":71,"box":{"x":89,"y":244,"width":875,"height":13}},{"id":"994d73b8-d75b-4a25-92e5-fb70ac58d9f4","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":71,"box":{"x":89,"y":259,"width":878,"height":13}},{"id":"c244dd91-1b69-4754-8b0a-85fda63241ff","block_type":"box","text":"even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity","page_number":71,"box":{"x":89,"y":274,"width":879,"height":13}},{"id":"8199bfaf-936b-49ca-bde3-32f4e7883491","block_type":"box","text":"where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis.","page_number":71,"box":{"x":88,"y":290,"width":873,"height":12}},{"id":"40446f61-1068-48b3-aaee-bf3e7c4412ec","block_type":"box","text":"Calculation Methodology.","page_number":71,"box":{"x":89,"y":316,"width":184,"height":12}},{"id":"3fa50940-a4fa-4621-ac35-09698aa77b14","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":71,"box":{"x":278,"y":316,"width":662,"height":12}},{"id":"6896983e-bf75-4ebd-8a66-9a5421ba3494","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":331,"width":878,"height":12}},{"id":"f983d16e-0d9f-4740-aa16-6ffbe30afb60","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":346,"width":864,"height":13}},{"id":"56fbc824-92d6-425d-8118-7350b5837ac4","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":361,"width":849,"height":13}},{"id":"0a04dfde-ff06-422d-ad7e-7089e9b6d90f","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":376,"width":868,"height":13}},{"id":"1dcb5df4-738b-4200-adc3-26da57a31834","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":71,"box":{"x":88,"y":392,"width":474,"height":12}},{"id":"3b774b22-05ee-4ee3-8b4a-7607f6b71eb4","block_type":"box","text":"MSCI EM Asia Custom Capped Index","page_number":71,"box":{"x":89,"y":418,"width":264,"height":12}},{"id":"302be619-1224-4980-9674-edf22c5b9c89","block_type":"box","text":"Number of Components: approximately 957","page_number":71,"box":{"x":89,"y":445,"width":318,"height":12}},{"id":"45aab587-7a61-46c2-a4c0-1b5c265a8fe8","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":471,"width":131,"height":12}},{"id":"dfd56eb0-1ba3-4edf-b644-1148bc0e9791","block_type":"box","text":"The MSCI EM Asia Custom Capped Index is designed to measure equity market performance in the","page_number":71,"box":{"x":225,"y":471,"width":695,"height":12}},{"id":"02e37641-5a1d-4102-961c-5d2dd3e06371","block_type":"box","text":"emerging market countries of Asia. The Underlying Index is a free float-adjusted market capitalization-weighted index that","page_number":71,"box":{"x":89,"y":486,"width":858,"height":12}},{"id":"171a03a0-0e1a-49e5-8eef-f8cce2890e7d","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":71,"box":{"x":89,"y":501,"width":826,"height":13}},{"id":"4f9817aa-d491-4af1-87e0-a276e0f290a1","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":71,"box":{"x":89,"y":516,"width":846,"height":13}},{"id":"9b35266d-7804-4711-a822-1df80a2d7dfc","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":71,"box":{"x":89,"y":531,"width":844,"height":13}},{"id":"fc28f944-0db1-47a8-8ebf-8881b457d8fb","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":71,"box":{"x":88,"y":547,"width":878,"height":12}},{"id":"f64a5c62-a6d5-47e8-8c29-42ee86b4efee","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":71,"box":{"x":89,"y":562,"width":868,"height":12}},{"id":"e282161a-6293-4124-a248-92acf9b8b347","block_type":"box","text":"to implement this capping methodology, the Underlying Index constrains at quarterly rebalance: (i) the weight of any single","page_number":71,"box":{"x":88,"y":577,"width":865,"height":12}},{"id":"e1354756-ca59-4646-b103-f1fd60f64eae","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":71,"box":{"x":89,"y":592,"width":833,"height":12}},{"id":"ded2c17d-e4c4-44bb-b300-7b118d3e5928","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":71,"box":{"x":88,"y":607,"width":868,"height":12}},{"id":"f8d5289e-a072-4474-b6f0-101fb75059ed","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":71,"box":{"x":89,"y":622,"width":837,"height":12}},{"id":"49be181c-de2a-4b4c-bb9c-6acdf65f3c11","block_type":"box","text":"individually represent more than 4.75% of the weight of the Underlying Index. In implementing this capping methodology,","page_number":71,"box":{"x":89,"y":637,"width":855,"height":13}},{"id":"523571f1-a39a-4c6c-b80f-ac47b1ebc7d1","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":71,"box":{"x":89,"y":652,"width":869,"height":13}},{"id":"2993653a-e6bf-4a8b-85ba-a63cd4ebc93f","block_type":"box","text":"control. MSCI reviews such determinations annually.","page_number":71,"box":{"x":89,"y":668,"width":366,"height":12}},{"id":"71356a6a-a1dd-41b2-a8e2-0e1246d3a7f3","block_type":"box","text":"Calculation Methodology.","page_number":71,"box":{"x":89,"y":694,"width":184,"height":12}},{"id":"652700ec-2314-42aa-9d0d-d098f127ebfc","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":71,"box":{"x":278,"y":694,"width":662,"height":12}},{"id":"dd1e2957-e20a-4f7f-9a1e-1708b498c6a0","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":709,"width":878,"height":12}},{"id":"077485c4-ce2f-4b05-bf78-cb140cd15ed7","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":724,"width":864,"height":13}},{"id":"b1b70c63-53bf-4118-ba58-950938f7353f","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":739,"width":849,"height":13}},{"id":"3e1a5f7b-42fa-4808-9774-61c62b85c6fd","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":754,"width":868,"height":13}},{"id":"02d6bbcc-b296-4ec4-9b7d-0588e2094133","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":71,"box":{"x":88,"y":770,"width":474,"height":12}},{"id":"6f02d5cb-ea4a-4f58-9f4c-84b8d0728825","block_type":"box","text":"MSCI Emerging Markets Extended ESG Focus Index","page_number":71,"box":{"x":89,"y":796,"width":369,"height":12}},{"id":"f061ca73-1103-418e-a901-2e66bd954494","block_type":"box","text":"Number of Components: approximately 301","page_number":71,"box":{"x":89,"y":822,"width":314,"height":13}},{"id":"eb4d37df-dafc-41b4-8ae2-810e7fc7db47","block_type":"box","text":"Index Description.","page_number":71,"box":{"x":89,"y":849,"width":131,"height":12}},{"id":"485025dd-1ce6-44ab-887a-c16889d7b036","block_type":"box","text":"The MSCI Emerging Markets Extended ESG Focus Index is an optimized index designed to reflect the","page_number":71,"box":{"x":225,"y":849,"width":704,"height":12}},{"id":"2dbc5129-0861-47f5-83e3-b5d6d43d51c6","block_type":"box","text":"equity performance of companies that have favorable environmental, social and governance (“ESG”) characteristics, while","page_number":71,"box":{"x":89,"y":864,"width":853,"height":12}},{"id":"9f599542-10d1-4b74-9f76-4153aba176c2","block_type":"box","text":"50","page_number":71,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"10fa29dc-4149-4278-887a-8405237cde9c","block_type":"box","text":"exhibiting risk and return characteristics similar to the MSCI Market Cap Weighted Index (the MSCI Emerging Markets Index).","page_number":72,"box":{"x":89,"y":44,"width":878,"height":12}},{"id":"e1f0cb17-1053-4265-a7b0-094c227cdaae","block_type":"box","text":"The index is constructed by selecting constituents from the MSCI Emerging Markets Index, the parent index, through an","page_number":72,"box":{"x":88,"y":59,"width":841,"height":12}},{"id":"8fc3b2df-9247-4387-80dd-d7649afa7630","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":72,"box":{"x":89,"y":74,"width":874,"height":12}},{"id":"c3da96cc-748c-4362-89be-a7b6b5290a99","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":72,"box":{"x":89,"y":89,"width":815,"height":13}},{"id":"f853cb76-b4e5-4d95-a182-ce7197bf6c3f","block_type":"box","text":"companies involved in the business of tobacco, companies involved with controversial weapons, producers and retailers of","page_number":72,"box":{"x":89,"y":104,"width":858,"height":13}},{"id":"a8ebc7ca-10dd-4261-954c-becf49bd67a5","block_type":"box","text":"civilian firearms, companies involved in certain fossil fuels-related activity such as the production of thermal coal, thermal","page_number":72,"box":{"x":89,"y":119,"width":849,"height":13}},{"id":"b6be49d5-e2ee-4ee4-a58a-51d88eca9b42","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":72,"box":{"x":89,"y":135,"width":855,"height":12}},{"id":"22b7c187-24e5-421f-a5dd-daa37551c445","block_type":"box","text":"categories (","page_number":72,"box":{"x":89,"y":150,"width":81,"height":12}},{"id":"915672f9-d7fb-429d-87fb-40b489d8d04d","block_type":"box","text":"e.g.","page_number":72,"box":{"x":171,"y":153,"width":23,"height":9}},{"id":"279a83f1-6488-4147-8c1c-09dd50234f32","block_type":"box","text":"$20 million or 5%) and categorical exclusions for others (","page_number":72,"box":{"x":200,"y":150,"width":402,"height":12}},{"id":"c5c20348-ffbd-424c-aa3b-35f2bd26b73a","block_type":"box","text":"e.g.","page_number":72,"box":{"x":603,"y":153,"width":23,"height":9}},{"id":"9cb40329-cfa8-4fee-aa86-a98b41f49db9","block_type":"box","text":"controversial weapons). The Index Provider also","page_number":72,"box":{"x":632,"y":150,"width":335,"height":12}},{"id":"aaff01d4-4f08-4992-a545-bbeea0ed5727","block_type":"box","text":"excludes companies involved in very severe business controversies (in each case as determined by the Index Provider), and","page_number":72,"box":{"x":89,"y":165,"width":858,"height":12}},{"id":"f19b5ba9-ffb8-4fec-ac4e-a2d5abef7c0a","block_type":"box","text":"then follows a quantitative process that is designed to determine optimal weights for securities to maximize exposure to","page_number":72,"box":{"x":88,"y":180,"width":842,"height":12}},{"id":"f81082ca-6136-4faf-880f-0bb09cbf25e6","block_type":"box","text":"securities of companies with higher ESG ratings, subject to maintaining risk and return characteristics similar to the parent","page_number":72,"box":{"x":89,"y":195,"width":858,"height":12}},{"id":"22079a13-e596-498a-a865-ec3af139d09f","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":72,"box":{"x":89,"y":210,"width":860,"height":13}},{"id":"3dcf366a-22ac-4a82-88c3-85e1e49579dd","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":72,"box":{"x":89,"y":225,"width":862,"height":13}},{"id":"dfbe1146-2968-4044-8da5-cb7128616d05","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":72,"box":{"x":89,"y":240,"width":867,"height":13}},{"id":"e11f4329-523e-4920-b401-483a5fc629cc","block_type":"box","text":"developed robust strategies and programs to manage ESG risks and opportunities. Using a sector-specific key issue","page_number":72,"box":{"x":89,"y":256,"width":807,"height":12}},{"id":"96477403-2332-4b09-b7ac-d70af33b4898","block_type":"box","text":"weighting model, companies are rated and ranked in comparison to their industry peers.","page_number":72,"box":{"x":88,"y":271,"width":619,"height":12}},{"id":"a5c23415-e468-4d3f-9338-5316192260a8","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":297,"width":184,"height":12}},{"id":"28b1e887-ad10-4f5f-a09f-adb2f30daa67","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":297,"width":662,"height":12}},{"id":"29e83a84-ed01-41cd-b5ff-2f093339e97e","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":312,"width":878,"height":13}},{"id":"c79339f8-ec55-49ff-bb49-02c98e749259","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":327,"width":864,"height":13}},{"id":"81d59e86-72d7-498e-a72b-88a140011c89","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":342,"width":849,"height":13}},{"id":"d4ffbc19-f78b-49c1-a2dd-8497ebcdb6af","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":358,"width":868,"height":12}},{"id":"1853a191-62a6-47b6-ae6d-e06900758829","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":72,"box":{"x":88,"y":373,"width":474,"height":12}},{"id":"b1bd1e6f-9db8-4ecb-8134-94dee9ec407c","block_type":"box","text":"MSCI Emerging Markets Index","page_number":72,"box":{"x":89,"y":399,"width":218,"height":13}},{"id":"af73300e-cfb3-44fe-afef-7e0c7aec7278","block_type":"box","text":"Number of Components: approximately 1,189","page_number":72,"box":{"x":89,"y":426,"width":329,"height":12}},{"id":"65db10f0-ecf0-4fca-a1e5-4ccf0a29c1c9","block_type":"box","text":"Index Description.","page_number":72,"box":{"x":89,"y":452,"width":131,"height":12}},{"id":"834325ac-18e4-41ec-b8fa-54c7d86f7037","block_type":"box","text":"The MSCI Emerging Markets Index is designed to measure equity market performance in the global","page_number":72,"box":{"x":225,"y":452,"width":696,"height":12}},{"id":"88ebe509-4cea-43aa-b98f-fddf5951e1b0","block_type":"box","text":"emerging markets.","page_number":72,"box":{"x":89,"y":467,"width":130,"height":13}},{"id":"247676d3-707d-4f11-abc9-b866828c7a74","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":494,"width":184,"height":12}},{"id":"963d84b7-94db-494b-91b0-92a3e244da8e","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":494,"width":662,"height":12}},{"id":"5795527d-4acf-4a87-a95b-756f2a4a8dcd","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":509,"width":878,"height":12}},{"id":"52efcba1-bd51-44ae-830b-79a5097f5e50","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":524,"width":864,"height":12}},{"id":"1b6addbf-c0f3-4b7e-9c52-cff4464a8a5e","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":539,"width":849,"height":12}},{"id":"f7e92a9c-7c2a-46d2-aec9-4a92da7aca53","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":554,"width":868,"height":12}},{"id":"3b87dd61-4425-4d0a-ab15-7e26b03c1baf","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":72,"box":{"x":88,"y":569,"width":474,"height":13}},{"id":"e4a27dfb-bebd-423f-a872-1572cfa562eb","block_type":"box","text":"MSCI Emerging Markets Investable Market Index (IMI)","page_number":72,"box":{"x":89,"y":596,"width":391,"height":12}},{"id":"a4a328c9-9be3-4859-9393-827739d9d954","block_type":"box","text":"Number of Components: approximately 3,129","page_number":72,"box":{"x":89,"y":622,"width":330,"height":12}},{"id":"1c30e867-7eca-4690-92ab-641bd5295695","block_type":"box","text":"Index Description.","page_number":72,"box":{"x":89,"y":649,"width":131,"height":12}},{"id":"f6255e5c-7ac0-4d93-8d42-f9b4e161bec7","block_type":"box","text":"The MSCI Emerging Markets IMI is designed to measure equity market performance in the global","page_number":72,"box":{"x":225,"y":649,"width":680,"height":12}},{"id":"176b928e-237c-4280-8c7d-048098bd8f30","block_type":"box","text":"emerging markets. The Underlying Index captures large-, mid- and small-cap representation across 24 emerging market","page_number":72,"box":{"x":89,"y":664,"width":842,"height":12}},{"id":"c1db4c0f-de1a-40cd-b920-e3789e65db17","block_type":"box","text":"countries and covers approximately 99% of the free float-adjusted market capitalization in each country.","page_number":72,"box":{"x":89,"y":679,"width":730,"height":12}},{"id":"ec644f8b-1b0b-49a1-b3b2-1092328b2b92","block_type":"box","text":"Calculation Methodology.","page_number":72,"box":{"x":89,"y":705,"width":184,"height":13}},{"id":"7ebcc2ac-423f-42ac-9667-8c1ad97f701d","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":705,"width":662,"height":13}},{"id":"c19e760c-9293-4abf-8a0f-8f30481e1ab1","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":720,"width":878,"height":13}},{"id":"1d5a05f3-7d3c-4c78-bed8-b30e776c1c3d","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":736,"width":864,"height":12}},{"id":"17d4015d-d2db-4770-8094-3f48a5e12140","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":751,"width":849,"height":12}},{"id":"d23201b3-bf51-436b-a1c8-671c88f2855c","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":766,"width":868,"height":12}},{"id":"fdb55fc0-bcdc-4ad6-96d5-67ebbae6c66a","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":72,"box":{"x":88,"y":781,"width":474,"height":12}},{"id":"738002ca-2e67-4a11-82f6-82c960fe0311","block_type":"box","text":"MSCI Emerging Markets Minimum Volatility (USD) Index","page_number":72,"box":{"x":89,"y":807,"width":408,"height":13}},{"id":"332cc1a1-00f8-4b91-aaac-0a54f268b931","block_type":"box","text":"Number of Components: approximately 321","page_number":72,"box":{"x":89,"y":834,"width":314,"height":12}},{"id":"a0ff07e4-fad2-43fe-9a0a-09a8faac6020","block_type":"box","text":"51","page_number":72,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"f6b3c215-0414-4991-863e-c61feea252aa","block_type":"box","text":"Index Description.","page_number":73,"box":{"x":89,"y":44,"width":131,"height":12}},{"id":"f5b3c13d-df97-492d-99a4-80831ef090e4","block_type":"box","text":"The MSCI Emerging Markets Minimum Volatility (USD) Index measures the performance of equity","page_number":73,"box":{"x":225,"y":44,"width":687,"height":12}},{"id":"b15580d8-1b73-46b7-a5d3-c7e25f4d3a7b","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":73,"box":{"x":89,"y":59,"width":833,"height":12}},{"id":"5ddaac44-1fd4-456c-ae07-a41c4df37ac2","block_type":"box","text":"capitalization global emerging market equities. Each security included in the Underlying Index is a current constituent of the","page_number":73,"box":{"x":89,"y":74,"width":867,"height":12}},{"id":"5498a527-f178-46dc-91e0-a1706b4caecc","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":73,"box":{"x":89,"y":89,"width":871,"height":13}},{"id":"0447ea74-1058-40a1-9d6c-073379c79fc7","block_type":"box","text":"5%.","page_number":73,"box":{"x":89,"y":105,"width":26,"height":9}},{"id":"1f81b7dd-b37b-4afb-8c34-fa40b127a45a","block_type":"box","text":"Calculation Methodology.","page_number":73,"box":{"x":89,"y":131,"width":184,"height":12}},{"id":"87e267bb-1a92-453a-b45a-6d300b2d39bd","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":131,"width":662,"height":12}},{"id":"e0bd68a2-801c-4c03-bb22-c34e8089be7f","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":146,"width":878,"height":12}},{"id":"f5b65ae7-9dcd-4206-88b5-19a0f392a9a6","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":161,"width":864,"height":12}},{"id":"de94a84e-9f47-4c58-97d1-afbe28349169","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":176,"width":849,"height":13}},{"id":"d64d5d8c-d351-4554-96c6-b3890f7e9067","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":191,"width":868,"height":13}},{"id":"23793067-990a-495b-b12e-0af75ed8340d","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":73,"box":{"x":88,"y":206,"width":474,"height":13}},{"id":"1f3342b7-92d3-4d09-a01c-74d176d7d056","block_type":"box","text":"MSCI Emerging Markets Small Cap Index","page_number":73,"box":{"x":89,"y":233,"width":295,"height":12}},{"id":"8fc94940-bab1-483e-8fc3-e89a7c121b64","block_type":"box","text":"Number of Components: approximately 1,940","page_number":73,"box":{"x":89,"y":259,"width":331,"height":13}},{"id":"34c9859b-8d81-4b07-b962-aa40d5df421f","block_type":"box","text":"Index Description.","page_number":73,"box":{"x":89,"y":286,"width":131,"height":12}},{"id":"0ef3bc24-d9e7-432e-a387-f5f5a5339670","block_type":"box","text":"The MSCI Emerging Markets Small Cap Index measures the performance of equity securities of small","page_number":73,"box":{"x":225,"y":286,"width":713,"height":12}},{"id":"957818f7-80e8-4dbb-9923-b0442dda351e","block_type":"box","text":"capitalization companies in emerging market countries, as measured by market capitalization.","page_number":73,"box":{"x":89,"y":301,"width":656,"height":12}},{"id":"906c36bf-c813-492b-b13b-663e79af6356","block_type":"box","text":"Calculation Methodology.","page_number":73,"box":{"x":89,"y":327,"width":184,"height":13}},{"id":"ca502ee7-8152-4742-8dbe-90b527dfc594","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":327,"width":662,"height":13}},{"id":"0506e4b7-0183-4114-ab7c-37b8af32faaf","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":342,"width":878,"height":13}},{"id":"70ff679c-3d9e-4f72-8482-7dcf1d95a36f","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":358,"width":864,"height":12}},{"id":"678c4eff-493e-43ba-b29a-79a1eb1d8dec","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":373,"width":849,"height":12}},{"id":"3e94a5f1-03e0-4902-84a3-f093995c2091","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":388,"width":868,"height":12}},{"id":"91d9abc0-0865-4493-99a0-48ee7964b719","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":73,"box":{"x":88,"y":403,"width":474,"height":12}},{"id":"9f3b2f32-6027-4cae-8542-1ac80fcbd74f","block_type":"box","text":"MSCI Korea 25/50 Index","page_number":73,"box":{"x":89,"y":429,"width":177,"height":10}},{"id":"0fb3bece-174c-4dfc-a7c4-cd950763751a","block_type":"box","text":"Number of Components: approximately 81","page_number":73,"box":{"x":89,"y":456,"width":305,"height":12}},{"id":"ba41ac62-19dc-46da-b345-f5e0e3f56663","block_type":"box","text":"Index Description.","page_number":73,"box":{"x":89,"y":482,"width":131,"height":13}},{"id":"59b4beea-1dde-491d-ab73-f1f2cd89a8b6","block_type":"box","text":"The MSCI Korea 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":73,"box":{"x":225,"y":482,"width":675,"height":13}},{"id":"17ea29e9-9a41-4cf8-88d1-58345c1a8312","block_type":"box","text":"designed to measure the performance of the large- and mid-capitalization segments of the Korean equity market. The","page_number":73,"box":{"x":89,"y":497,"width":825,"height":13}},{"id":"61d3b834-6767-4cde-95c0-3f3a4ff3de76","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":73,"box":{"x":89,"y":513,"width":816,"height":12}},{"id":"f75296c9-aaea-4cd9-b093-2df90715d112","block_type":"box","text":"differences between the Underlying Index and the MSCI Korea Index. The Underlying Index uses a capping methodology that","page_number":73,"box":{"x":89,"y":528,"width":874,"height":12}},{"id":"056f748b-4d51-44ee-b87d-7403f89a7672","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":73,"box":{"x":89,"y":543,"width":868,"height":12}},{"id":"7a339368-3677-4a43-bff5-ea22f18337ad","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":73,"box":{"x":89,"y":558,"width":869,"height":12}},{"id":"e4a9b855-2257-4016-b520-adbdd17735c6","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":73,"box":{"x":88,"y":573,"width":855,"height":12}},{"id":"a4d28251-a1dc-4d73-97da-ae29ef8d32b0","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":588,"width":875,"height":12}},{"id":"596b1675-afeb-4627-96bf-435de24e09be","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":603,"width":878,"height":13}},{"id":"ae3ce2f6-e4a6-4301-ad4c-ee2401dcedf4","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":618,"width":879,"height":13}},{"id":"0b1257d9-863b-48b7-b167-b2794bb6e63b","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":633,"width":873,"height":13}},{"id":"fbd0d4fd-7219-43c5-bccb-93a76b74532d","block_type":"box","text":"Calculation Methodology.","page_number":73,"box":{"x":89,"y":660,"width":184,"height":12}},{"id":"8a4b664a-840f-4163-b6b3-cb33dcd5b715","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":660,"width":662,"height":12}},{"id":"b99c81b8-73d8-467e-b8ef-1bf24c43079a","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":675,"width":878,"height":12}},{"id":"3ad0aa10-12de-4638-942f-f2512d6ce3e6","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":690,"width":864,"height":13}},{"id":"3985e63f-7f3e-4bc5-8a1a-2dd481c3d4d4","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":705,"width":849,"height":13}},{"id":"1db8db49-739e-4223-99a9-485fd80548a2","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":720,"width":868,"height":13}},{"id":"ca9e6c17-93e5-4303-a2f6-af14c946a5c5","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":73,"box":{"x":88,"y":736,"width":474,"height":12}},{"id":"433f83ae-ca07-4554-bd5e-439ec3e24f8d","block_type":"box","text":"MSCI Malaysia Index","page_number":73,"box":{"x":89,"y":762,"width":150,"height":12}},{"id":"63294fe4-043e-4996-b035-cf982b806272","block_type":"box","text":"Number of Components: approximately 27","page_number":73,"box":{"x":89,"y":788,"width":308,"height":13}},{"id":"3e0315e2-73ee-4155-a699-ce862a8c6a93","block_type":"box","text":"Index Description.","page_number":73,"box":{"x":89,"y":815,"width":131,"height":12}},{"id":"848530cf-6966-4b20-9aba-bdc97f30aa35","block_type":"box","text":"The MSCI Malaysia Index is designed to measure the performance of the large- and mid- capitalization","page_number":73,"box":{"x":225,"y":815,"width":719,"height":12}},{"id":"2ce4c88f-9fae-4e07-8695-33d9b22dc372","block_type":"box","text":"segments of the Malaysian market.","page_number":73,"box":{"x":89,"y":830,"width":244,"height":12}},{"id":"1a8da260-22c7-4ef1-bf7b-c063ebc2dd3d","block_type":"box","text":"52","page_number":73,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b74e8a0a-666f-4b17-8d6a-c28c29782756","block_type":"box","text":"Calculation Methodology.","page_number":74,"box":{"x":89,"y":44,"width":184,"height":12}},{"id":"3bd9634c-cabb-431d-8fe4-fca18181196e","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":44,"width":662,"height":12}},{"id":"9a990459-ae34-490a-b16f-1eb09378b6e7","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":59,"width":878,"height":12}},{"id":"692bdc7b-2398-4cfc-9fb0-4f523076d355","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":74,"width":864,"height":12}},{"id":"2d8bfcba-7958-4460-92bc-1e77d5e9bc40","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":89,"width":849,"height":13}},{"id":"c7391a8a-0d97-4593-912e-1b76aa59f7cc","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":104,"width":868,"height":13}},{"id":"3dcf8d87-1f2c-4c72-a035-d8557e7ca9db","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":74,"box":{"x":88,"y":119,"width":474,"height":13}},{"id":"67c87ab8-669b-4b60-a30d-97f65ffe9758","block_type":"box","text":"MSCI Taiwan 25/50 Index","page_number":74,"box":{"x":89,"y":146,"width":187,"height":10}},{"id":"601304d5-8fd6-4bd5-bd7a-5078022c2730","block_type":"box","text":"Number of Components: approximately 87","page_number":74,"box":{"x":89,"y":172,"width":308,"height":13}},{"id":"6c3470c0-dc8f-46da-b6a4-4e1b42d0067a","block_type":"box","text":"Index Description.","page_number":74,"box":{"x":89,"y":199,"width":131,"height":12}},{"id":"b268271a-a769-46c6-ac89-6431579ef053","block_type":"box","text":"The MSCI Taiwan 25/50 Index is designed to measure the performance of the large- and mid","page_number":74,"box":{"x":225,"y":199,"width":659,"height":12}},{"id":"3c000fc2-9767-43b0-bb6e-ef9962ca066b","block_type":"box","text":"capitalization segments of the Taiwanese equity market. The Underlying Index is rebalanced quarterly using an optimization","page_number":74,"box":{"x":89,"y":214,"width":866,"height":12}},{"id":"e0a65f78-5c8d-4b55-ae07-0610336a2c12","block_type":"box","text":"process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Taiwan Index.","page_number":74,"box":{"x":89,"y":229,"width":868,"height":12}},{"id":"b935652e-57cb-4376-ac44-69766f796e07","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":74,"box":{"x":88,"y":244,"width":877,"height":13}},{"id":"e5341f8f-d35e-4024-8c6a-32168ee9badf","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":74,"box":{"x":89,"y":259,"width":836,"height":13}},{"id":"226a9dc1-13dd-462a-af9b-07f2ee76a8fe","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":74,"box":{"x":89,"y":274,"width":815,"height":13}},{"id":"f3d1b922-3b71-4199-870a-6a4510b97d2b","block_type":"box","text":"companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group","page_number":74,"box":{"x":89,"y":290,"width":831,"height":12}},{"id":"9e601125-f513-499c-b3b2-f3299ebfc353","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":74,"box":{"x":89,"y":305,"width":858,"height":12}},{"id":"616268c5-eed8-4db0-982a-3ed1de7e2f2a","block_type":"box","text":"determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts,","page_number":74,"box":{"x":89,"y":320,"width":844,"height":12}},{"id":"40d73c93-3c56-4ee9-9f45-ade892d42113","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":74,"box":{"x":89,"y":335,"width":872,"height":12}},{"id":"75cb60bd-bb35-4dd2-a06f-7b1e327f84fa","block_type":"box","text":"based on other information. All group entities are reviewed on an annual basis.","page_number":74,"box":{"x":89,"y":350,"width":550,"height":12}},{"id":"2c26c766-c1ee-4565-a4d6-6432927742cf","block_type":"box","text":"Calculation Methodology.","page_number":74,"box":{"x":89,"y":376,"width":184,"height":13}},{"id":"1ace54cb-0eab-4379-b3c2-a02e11f9c15c","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":376,"width":662,"height":13}},{"id":"087d83dd-f5e3-4017-8cb7-c3cc6ec110ac","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":392,"width":878,"height":12}},{"id":"8bfafd58-c17b-42e1-8d68-fad079c233fc","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":407,"width":864,"height":12}},{"id":"24b249fa-2109-468f-89cc-695b04108d3b","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":422,"width":849,"height":12}},{"id":"b61edeb2-29b9-4288-bef5-637fdaa0f054","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":437,"width":868,"height":12}},{"id":"c647b8fc-bfee-4ed5-afb4-aca124555aae","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":74,"box":{"x":88,"y":452,"width":474,"height":12}},{"id":"eb780877-2b25-4001-bd4b-2780c84b4dd6","block_type":"box","text":"Additional Information.","page_number":74,"box":{"x":88,"y":479,"width":168,"height":9}},{"id":"f36937a1-585f-4d21-b403-7ae50e5c7e05","block_type":"box","text":"“MSCI,” MSCI ACWI Select Agriculture Producers IMI, MSCI ACWI Select Gold Miners IMI, MSCI","page_number":74,"box":{"x":262,"y":479,"width":668,"height":12}},{"id":"d8f0fe2b-6cc1-4fa0-b4e1-6f18e14f5624","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":74,"box":{"x":88,"y":494,"width":855,"height":12}},{"id":"a0ec5a85-9da5-4c89-959d-e6377ebf5d49","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":74,"box":{"x":88,"y":509,"width":871,"height":12}},{"id":"b74e92c9-307c-4c2c-a256-2e11ca08b0e8","block_type":"box","text":"Index, MSCI Emerging Markets Extended ESG Focus Index, MSCI Emerging Markets Index, MSCI Emerging Markets IMI, MSCI","page_number":74,"box":{"x":89,"y":524,"width":876,"height":12}},{"id":"042d35a5-3269-4fcf-93dc-8a8166afa367","block_type":"box","text":"Emerging Markets Minimum Volatility (USD) Index, MSCI Emerging Markets Small Cap Index, MSCI Korea 25/50 Index, MSCI","page_number":74,"box":{"x":89,"y":539,"width":875,"height":12}},{"id":"8f019675-9f1b-46d0-be80-08d7339946fe","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":74,"box":{"x":89,"y":554,"width":829,"height":12}},{"id":"418ac93e-1c38-4eb2-a2ce-57562bc8ae1a","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":74,"box":{"x":89,"y":569,"width":866,"height":13}},{"id":"195ac93c-c017-4a5c-b59d-81771eca9f04","block_type":"box","text":"makes no representation regarding the advisability of investing in any of the Funds.","page_number":74,"box":{"x":89,"y":584,"width":581,"height":13}},{"id":"03a2d2df-7080-4817-8716-4c19572245b6","block_type":"box","text":"The STOXX Indexes","page_number":74,"box":{"x":88,"y":612,"width":248,"height":17}},{"id":"fbef2cd9-8e1d-4419-a71b-4941c8c7702c","block_type":"box","text":"STOXX Total Market Indexes","page_number":74,"box":{"x":88,"y":646,"width":206,"height":10}},{"id":"5e769f5d-4a75-45eb-9690-478f4bbbd279","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":74,"box":{"x":89,"y":673,"width":826,"height":12}},{"id":"b91cfd69-0078-4440-a097-231719d52e27","block_type":"box","text":"represents 95 percent of the free float market capitalization worldwide, with a variable number of components. The STOXX","page_number":74,"box":{"x":89,"y":688,"width":861,"height":12}},{"id":"75bc3fce-ca8a-4af5-adfb-76f9bad9880a","block_type":"box","text":"global equity universe includes all common stocks and equities with similar characteristics from financial markets that","page_number":74,"box":{"x":89,"y":703,"width":828,"height":12}},{"id":"0f870cc9-bf2d-4e52-bc3e-a87580a71edf","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":74,"box":{"x":89,"y":718,"width":841,"height":12}},{"id":"6180fbc6-ec36-4856-9983-e85edb9ca275","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":74,"box":{"x":89,"y":733,"width":857,"height":12}},{"id":"e818e8b9-0050-4e4b-bae6-8b7a2517a63c","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":74,"box":{"x":88,"y":748,"width":851,"height":12}},{"id":"7365cd31-47a4-4fb9-9987-065f7eb0be19","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":74,"box":{"x":89,"y":763,"width":859,"height":13}},{"id":"9e19bb1c-b3ab-46b0-86ae-f3ed8ae51588","block_type":"box","text":"the STOXX Total Market Indexes is derived from its respective Regional TMI(s).","page_number":74,"box":{"x":88,"y":778,"width":550,"height":13}},{"id":"ee6a6820-3672-4707-9ddd-e627530f31d9","block_type":"box","text":"STOXX World Equity Indexes","page_number":74,"box":{"x":88,"y":805,"width":207,"height":12}},{"id":"1ee97a4e-817a-4338-bdfc-02bddb205f0d","block_type":"box","text":"The STOXX World Equity Indexes includes a number of regional, country and sector equity indexes which are modular","page_number":74,"box":{"x":88,"y":831,"width":827,"height":13}},{"id":"ac1d5830-266f-4199-b4ff-d7b2cfb47011","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":74,"box":{"x":89,"y":846,"width":862,"height":13}},{"id":"f665f787-7100-47ae-9363-907e56927341","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":74,"box":{"x":89,"y":862,"width":878,"height":12}},{"id":"fec54ef7-5495-4cc8-abda-f4132346c4e9","block_type":"box","text":"53","page_number":74,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"61209d89-712b-4da8-9197-119a0f5d593e","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":75,"box":{"x":88,"y":44,"width":863,"height":12}},{"id":"e1c06aad-aef1-4439-bbbe-e2ccd5161d4f","block_type":"box","text":"percent of each respective countries’ free float-adjusted market capitalization. The universe for all countries besides China, is","page_number":75,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"be0ee9a4-f300-4bd2-b50f-90b263f9888e","block_type":"box","text":"the combination of the respective STOXX Country Total Market Index, the respective country’s constituents in the STOXX","page_number":75,"box":{"x":88,"y":74,"width":850,"height":12}},{"id":"752ffad7-d450-4548-8b23-78449a7140b3","block_type":"box","text":"GCC Total Market Index (a Regional TMI that aims to represent the Gulf Cooperation Council countries market, which","page_number":75,"box":{"x":89,"y":89,"width":821,"height":13}},{"id":"96c6f702-4647-4b28-a6d7-0718acaa1ae1","block_type":"box","text":"consists of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) and the respective country’s","page_number":75,"box":{"x":89,"y":104,"width":800,"height":13}},{"id":"e6d5ce7e-a45c-40a8-a86f-2bb6d29ef6fe","block_type":"box","text":"constituents of the STOXX World DR Index (a free-float market capitalization-weighted index of depositary receipts whose","page_number":75,"box":{"x":89,"y":119,"width":856,"height":13}},{"id":"b84eaf1f-e133-4ca5-bf02-834da8886164","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":75,"box":{"x":89,"y":135,"width":803,"height":12}},{"id":"a5467d37-728d-400e-9064-e093c0f6f179","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":75,"box":{"x":89,"y":150,"width":870,"height":12}},{"id":"6f517d00-86b6-445b-88a5-9f96cc939d1e","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":75,"box":{"x":89,"y":165,"width":768,"height":12}},{"id":"87555424-762e-408c-a43f-6f5fcae194a6","block_type":"box","text":"STOXX Emerging Markets Equity Factor Index","page_number":75,"box":{"x":88,"y":191,"width":330,"height":13}},{"id":"22d488d0-1ed7-4bfe-bb47-2758681f68c8","block_type":"box","text":"Number of Components: approximately 565","page_number":75,"box":{"x":89,"y":218,"width":317,"height":12}},{"id":"6ea1725e-82e9-4ec9-9d1f-f777e9ee5e78","block_type":"box","text":"Index Description.","page_number":75,"box":{"x":89,"y":244,"width":131,"height":13}},{"id":"01a676cd-5692-457d-86ae-cfe818a562c3","block_type":"box","text":"The STOXX Emerging Markets Equity Factor Index (the “Underlying Index”) is a subset of the STOXX","page_number":75,"box":{"x":225,"y":244,"width":704,"height":13}},{"id":"ebf70a67-f02a-4888-974b-273dd43ecde1","block_type":"box","text":"Emerging Markets Index (the “Parent Index”), which is a free float market capitalization-weighted index designed to measure","page_number":75,"box":{"x":89,"y":259,"width":875,"height":13}},{"id":"78fe2837-4aec-4dcd-9f29-6856c530c498","block_type":"box","text":"the performance of large- and mid-capitalization companies from emerging markets. Large- and mid-capitalization","page_number":75,"box":{"x":88,"y":274,"width":806,"height":13}},{"id":"0b870fba-d98d-4c2c-ac5f-c278d24cc8bd","block_type":"box","text":"companies, as calculated by the Index Provider, represent approximately the top 85% of the investable market capitalization","page_number":75,"box":{"x":89,"y":290,"width":864,"height":12}},{"id":"de8a800c-206c-49eb-95d7-e55c3c9fc5e7","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":75,"box":{"x":89,"y":305,"width":827,"height":12}},{"id":"62cf7c8a-a2b9-4d39-af76-c220c2cd4611","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":75,"box":{"x":89,"y":320,"width":820,"height":12}},{"id":"97e3e03e-70fd-4925-8c74-673d80ea8215","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":75,"box":{"x":89,"y":335,"width":839,"height":12}},{"id":"d1b5d546-2bec-4677-bb65-e3dc70df0e05","block_type":"box","text":"number of shares outstanding). The Underlying Index is composed of large- and mid-capitalization equity securities from the","page_number":75,"box":{"x":89,"y":350,"width":876,"height":12}},{"id":"16b78cd9-052c-43d0-808a-5990faca8e62","block_type":"box","text":"STOXX Emerging Markets Index (the “Parent Index”) that are selected and weighted using an optimization process designed","page_number":75,"box":{"x":88,"y":365,"width":872,"height":12}},{"id":"b74235fa-cd08-4187-9892-132ea5211867","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":75,"box":{"x":88,"y":380,"width":879,"height":13}},{"id":"bf999a01-0622-4b62-9094-95c1274b8fa5","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":75,"box":{"x":88,"y":395,"width":845,"height":13}},{"id":"90cbd10c-e9d8-4a84-a668-cb6f6a81bf75","block_type":"box","text":"Parent Index.","page_number":75,"box":{"x":89,"y":410,"width":90,"height":10}},{"id":"68d10e0f-d963-4f1d-b1fc-9049228ab3ef","block_type":"box","text":"Index Methodology.","page_number":75,"box":{"x":89,"y":437,"width":143,"height":12}},{"id":"498da5ed-ef3c-4ca7-97fb-6c019da23f43","block_type":"box","text":"The momentum score is calculated from the following signals: price momentum, earnings momentum","page_number":75,"box":{"x":237,"y":437,"width":720,"height":12}},{"id":"27972160-f74c-48d9-9d5a-558936966c90","block_type":"box","text":"and earnings announcement drift","page_number":75,"box":{"x":89,"y":452,"width":235,"height":12}},{"id":"01ebd59b-aeab-4d68-a5c1-5cbbb069ce7c","block_type":"box","text":"(i.e.","page_number":75,"box":{"x":329,"y":452,"width":23,"height":12}},{"id":"6183bcd4-f3e9-4234-9a1f-5ffd6befc77c","block_type":"box","text":", the difference between a stock’s performance on and immediately following an","page_number":75,"box":{"x":354,"y":452,"width":561,"height":12}},{"id":"3f0972d3-e90b-4edb-b0b7-ca5fb5928d98","block_type":"box","text":"earnings announcement date).","page_number":75,"box":{"x":89,"y":467,"width":215,"height":13}},{"id":"4b4e8cb6-5137-41a9-94f9-920668f4b791","block_type":"box","text":"The quality score is calculated from the following signals: gross profitability, share dilution, accruals, changes in net operating","page_number":75,"box":{"x":88,"y":494,"width":877,"height":12}},{"id":"dd5e09fd-b88e-4661-aa8b-5492da3886e6","block_type":"box","text":"assets, carbon emissions intensity and greenhouse gas (“GHG”) reduction targets. Carbon emissions intensity is based on","page_number":75,"box":{"x":89,"y":509,"width":852,"height":12}},{"id":"ab8d8848-7f8b-4a56-9aaf-529a064705b6","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":75,"box":{"x":88,"y":524,"width":841,"height":12}},{"id":"c56c24ad-8aea-4470-bcbf-e504e745dec7","block_type":"box","text":"indirect emissions from the issuer’s purchase of energy) relative to peers in its Industry Classification Benchmark (“ICB”)","page_number":75,"box":{"x":89,"y":539,"width":841,"height":12}},{"id":"801da376-1dd0-4a68-b5f8-aa0c29fb0c59","block_type":"box","text":"Supersector, as reported by Institutional Shareholder Services (“ISS”). The GHG targets signal is based on the robustness of","page_number":75,"box":{"x":88,"y":554,"width":863,"height":12}},{"id":"dc8b9b88-c09a-4fb2-95b6-20ccd5665baf","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":75,"box":{"x":89,"y":569,"width":876,"height":13}},{"id":"19b94b6f-6454-4c2b-9122-53875ed57c7b","block_type":"box","text":"this is assessed by ISS based on its own ESG ratings data and SBTi data.","page_number":75,"box":{"x":88,"y":584,"width":500,"height":13}},{"id":"5df2f148-3e1a-4cdd-94b5-90db32e7aa8b","block_type":"box","text":"The value score is calculated from the following signals: current book value-to-price ratio, dividend yield (","page_number":75,"box":{"x":88,"y":611,"width":738,"height":12}},{"id":"6012d8e8-8025-4ae0-af9c-09cae5dfb85f","block_type":"box","text":"i.e.","page_number":75,"box":{"x":827,"y":612,"width":18,"height":9}},{"id":"e655b24d-655f-451d-a7a3-b7d8a7ee712d","block_type":"box","text":", 12-month","page_number":75,"box":{"x":847,"y":611,"width":76,"height":11}},{"id":"84ee96e9-3ee8-42c1-80f0-cf7633bc963e","block_type":"box","text":"trailing dividend divided by total market capitalization), earnings yield (","page_number":75,"box":{"x":88,"y":626,"width":496,"height":12}},{"id":"fc042ab3-d4ca-4e29-a0fe-0a291e5ba048","block_type":"box","text":"i.e.","page_number":75,"box":{"x":585,"y":627,"width":17,"height":9}},{"id":"dbfce8a1-e51d-4b46-89cd-25a301109fac","block_type":"box","text":", 12-month net income divided by total market","page_number":75,"box":{"x":605,"y":626,"width":325,"height":12}},{"id":"8dad49f7-40c1-426b-8735-b73fa0ad0dfd","block_type":"box","text":"capitalization), cash flow yield (","page_number":75,"box":{"x":89,"y":641,"width":219,"height":12}},{"id":"70bc0b05-e93b-4d2c-b942-a2d7b24ae305","block_type":"box","text":"i.e.","page_number":75,"box":{"x":309,"y":642,"width":18,"height":9}},{"id":"e0966943-9b10-40b4-930a-4011a3dfec3d","block_type":"box","text":", 12-month cash flow divided by total market capitalization) and time series normalized","page_number":75,"box":{"x":329,"y":641,"width":608,"height":12}},{"id":"d351c918-d222-480d-a4ef-05b3341fc26a","block_type":"box","text":"cash flow yield over the previous 36 months.","page_number":75,"box":{"x":89,"y":656,"width":311,"height":13}},{"id":"393bd657-c0a1-4fe3-b900-6349eb54c4b0","block_type":"box","text":"The low volatility score is based on prior 12-month volatility, as calculated by the Index Provider.","page_number":75,"box":{"x":88,"y":683,"width":670,"height":12}},{"id":"e08f0bcf-3ab7-4fdd-b029-82dac732490b","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":75,"box":{"x":88,"y":709,"width":788,"height":12}},{"id":"8706b587-eea7-4663-aa75-78a91c21004c","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":75,"box":{"x":88,"y":736,"width":794,"height":12}},{"id":"bc6f7550-42d7-4d89-a8c4-c87f404e1d74","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":75,"box":{"x":89,"y":751,"width":801,"height":12}},{"id":"7fd5a074-d2ce-4e63-8977-82155f1f3186","block_type":"box","text":"optimization process through which the Index Provider selects securities from the Parent Index and assigns weights.","page_number":75,"box":{"x":89,"y":766,"width":813,"height":12}},{"id":"8c67f642-217d-4713-aca5-f2cd020a8e40","block_type":"box","text":"The optimization process seeks to maximize the overall exposure to the five factors while applying certain constraints, which","page_number":75,"box":{"x":88,"y":792,"width":872,"height":13}},{"id":"a57a52eb-7c06-4779-b330-3be97ef848ec","block_type":"box","text":"include the following:","page_number":75,"box":{"x":89,"y":807,"width":149,"height":13}},{"id":"6d37883c-95e6-43e2-b7ea-2e08e53a8af8","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":75,"box":{"x":89,"y":828,"width":722,"height":12}},{"id":"c414c433-7382-44dd-9936-fc7094181487","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":75,"box":{"x":89,"y":848,"width":848,"height":12}},{"id":"eb022774-e086-4c41-8092-44a5590bb9ea","block_type":"box","text":"weight.","page_number":75,"box":{"x":121,"y":863,"width":50,"height":12}},{"id":"ddcc1685-c820-4094-9e6e-73fffc37363d","block_type":"box","text":"54","page_number":75,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"e947686f-9a19-4a67-8d1c-ae9a459b884b","block_type":"box","text":"• The maximum weight for a single issuer is 10% of the Underlying Index.","page_number":76,"box":{"x":89,"y":44,"width":536,"height":12}},{"id":"6b40174a-bdf8-490d-89a3-823c9a470198","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":76,"box":{"x":89,"y":64,"width":839,"height":12}},{"id":"ad1499cc-473c-499e-be3e-d994b417b31c","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":76,"box":{"x":89,"y":84,"width":837,"height":13}},{"id":"b3ba1ea3-e177-4b22-8909-78cea821bab0","block_type":"box","text":"exposure in the Parent Index.","page_number":76,"box":{"x":121,"y":99,"width":203,"height":13}},{"id":"a04d6db7-c95a-4838-a230-85bf326655dc","block_type":"box","text":"• The exposure to a particular country must be within 5% of the exposure in the Parent Index.","page_number":76,"box":{"x":89,"y":119,"width":677,"height":13}},{"id":"5c8a91ad-3eac-4724-b428-41ca96b8cf85","block_type":"box","text":"• The maximum one-way turnover at each quarterly rebalance is 5%.","page_number":76,"box":{"x":89,"y":140,"width":504,"height":12}},{"id":"12665645-298a-4a73-b085-d476c17c5c08","block_type":"box","text":"• The maximum ex ante tracking error relative to the Parent Index is 1%.","page_number":76,"box":{"x":89,"y":160,"width":527,"height":12}},{"id":"1a3d44ef-bdda-4adb-9456-b0d7a2e868dc","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":76,"box":{"x":89,"y":180,"width":853,"height":12}},{"id":"142c683e-c05b-41d2-9cf9-d41e3c72b1a5","block_type":"box","text":"• A constituent’s maximum weight is also subject to liquidity constraints.","page_number":76,"box":{"x":89,"y":200,"width":532,"height":12}},{"id":"d201e3d7-4171-4eb4-8fd9-79c68cdbc843","block_type":"box","text":"The Underlying Index is reviewed and rebalanced each March, June, September and December.","page_number":76,"box":{"x":88,"y":227,"width":663,"height":12}},{"id":"21881450-da33-41bf-a82c-e510197e7c16","block_type":"box","text":"Investment Policies","page_number":76,"box":{"x":91,"y":257,"width":318,"height":24}},{"id":"12c635c5-a5c4-481f-89b0-6402ffbd58ed","block_type":"box","text":"The Board has adopted as fundamental policies the following numbered investment policies, which cannot be changed","page_number":76,"box":{"x":88,"y":298,"width":835,"height":13}},{"id":"86a41979-20bb-472f-b2b7-e0ab1c903a2f","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":76,"box":{"x":88,"y":313,"width":866,"height":13}},{"id":"1b54025c-fe2a-4e90-baf8-6776823949f1","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":76,"box":{"x":89,"y":329,"width":819,"height":12}},{"id":"fd825d85-77d8-4e04-8326-f0a73cbb6359","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":76,"box":{"x":89,"y":344,"width":872,"height":12}},{"id":"898cf654-e7b3-4af8-aeda-3a069732a94b","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":76,"box":{"x":89,"y":359,"width":860,"height":12}},{"id":"8c45464d-45aa-4ac6-bc73-778357ab1687","block_type":"box","text":"adopted certain non-fundamental investment policies, including its investment objective. Non-fundamental investment","page_number":76,"box":{"x":89,"y":374,"width":835,"height":12}},{"id":"61c6e797-2cc8-4580-a08a-b04aa96fff32","block_type":"box","text":"policies may be changed by the Board without shareholder approval. Therefore, each Fund may change its investment","page_number":76,"box":{"x":89,"y":389,"width":825,"height":12}},{"id":"34fca105-fa33-4c5e-b6a6-8d9e681403a6","block_type":"box","text":"objective and, when applicable, its Underlying Index without shareholder approval.","page_number":76,"box":{"x":89,"y":404,"width":577,"height":13}},{"id":"18df0bad-e3c7-42d0-b15f-4983679b388c","block_type":"box","text":"Fundamental Investment Policies","page_number":76,"box":{"x":89,"y":431,"width":237,"height":9}},{"id":"d08c0767-7962-4131-8e07-1c3462ded7b9","block_type":"box","text":"Each of the iShares Emerging Markets Equity Factor ETF and iShares ESG Aware MSCI EM ETF, will not:","page_number":76,"box":{"x":89,"y":457,"width":737,"height":12}},{"id":"bc9fcc7e-ea8e-487e-9545-bb9e33309493","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":76,"box":{"x":90,"y":477,"width":853,"height":13}},{"id":"700dffe7-97f7-4222-9a5a-ae407dc6c346","block_type":"box","text":"each Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of","page_number":76,"box":{"x":128,"y":492,"width":835,"height":13}},{"id":"65198d9a-826c-4f21-a49e-864ea5651f01","block_type":"box","text":"a particular industry or group of industries.","page_number":76,"box":{"x":128,"y":508,"width":299,"height":12}},{"id":"1845fe00-1662-4e2d-a6f3-7836becdb6a0","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":76,"box":{"x":89,"y":528,"width":545,"height":12}},{"id":"aeed94a6-999c-4058-9431-0687ccbe5fc6","block_type":"box","text":"3. Issue senior securities to the extent such issuance would violate the Investment Company Act.","page_number":76,"box":{"x":89,"y":548,"width":699,"height":12}},{"id":"0b233a4d-9a73-4b2d-aa8c-54ada7e318aa","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":76,"box":{"x":88,"y":568,"width":872,"height":12}},{"id":"903abb98-3bac-4a09-ae7d-d46220813ce5","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":76,"box":{"x":128,"y":583,"width":826,"height":12}},{"id":"e08de0d3-8d31-44c2-a0cd-6788ee06042e","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":76,"box":{"x":128,"y":598,"width":820,"height":13}},{"id":"a035a3c3-2279-45c0-9161-411b19ee83e6","block_type":"box","text":"securities or other instruments.","page_number":76,"box":{"x":128,"y":613,"width":218,"height":10}},{"id":"db9f18e5-7e53-42fa-bb4c-521ec72575b1","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":76,"box":{"x":89,"y":633,"width":850,"height":13}},{"id":"af6829b8-8699-41ed-a19c-bfec1bb84f85","block_type":"box","text":"deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":76,"box":{"x":128,"y":649,"width":523,"height":12}},{"id":"f8814354-7d8b-401b-895d-43898a9f3ba3","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act.","page_number":76,"box":{"x":89,"y":669,"width":798,"height":12}},{"id":"ee119c3c-16ec-45bc-bfd5-d4cf54b82292","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":76,"box":{"x":89,"y":689,"width":521,"height":12}},{"id":"21276a12-715e-472c-aad4-b70c64db018d","block_type":"box","text":"Notations Regarding the iShares Emerging Markets Equity Factor ETF and iShares ESG Aware MSCI EM ETF Fundamental","page_number":76,"box":{"x":88,"y":715,"width":878,"height":13}},{"id":"c368745c-ece2-41bb-9bce-15cc0258e34c","block_type":"box","text":"Investment Policies","page_number":76,"box":{"x":88,"y":730,"width":140,"height":10}},{"id":"1dceb413-ebb9-4254-8cf3-ef3c511905b1","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":76,"box":{"x":88,"y":757,"width":843,"height":12}},{"id":"85df85d5-eae4-4bfd-a437-0fe7b81f22e8","block_type":"box","text":"change without shareholder approval.","page_number":76,"box":{"x":89,"y":772,"width":265,"height":12}},{"id":"4a2efc65-2d2f-4477-8dc2-f315c1863202","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":76,"box":{"x":88,"y":799,"width":853,"height":12}},{"id":"b997c360-0f22-44ed-80d5-b8692e7501b1","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":76,"box":{"x":89,"y":814,"width":855,"height":12}},{"id":"296714f4-b2c3-4e57-9996-b582d88846f1","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":76,"box":{"x":89,"y":829,"width":840,"height":12}},{"id":"756e802e-e09e-4483-8ae7-e546ef4ab74f","block_type":"box","text":"industries constitutes concentration. It is possible that interpretations of concentration could change in the future. The policy","page_number":76,"box":{"x":89,"y":844,"width":877,"height":12}},{"id":"f7688d00-e395-40e2-a776-3be937bca2b4","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":76,"box":{"x":89,"y":859,"width":856,"height":12}},{"id":"2b2b5080-68e6-436e-97e9-89ceb322be67","block_type":"box","text":"55","page_number":76,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"95ea64c0-7ad9-428f-88af-9857367da56f","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":77,"box":{"x":88,"y":44,"width":861,"height":12}},{"id":"d1d0bc94-750b-48cc-9308-f9c0a5668119","block_type":"box","text":"instrumentalities; securities of state, territory, possession or municipal governments and their authorities, agencies,","page_number":77,"box":{"x":89,"y":59,"width":805,"height":12}},{"id":"6b15894e-09b7-4d30-8d4b-1adf57435621","block_type":"box","text":"instrumentalities or political subdivisions; and repurchase agreements collateralized by any such obligations. Accordingly,","page_number":77,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"f1fe78f9-9fbb-4aab-8aa5-33b425c9c0cf","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":77,"box":{"x":89,"y":89,"width":820,"height":13}},{"id":"38a1a634-5c10-41b8-9e54-67949832c478","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":77,"box":{"x":89,"y":104,"width":809,"height":13}},{"id":"ac61ba22-5774-4a35-bba8-f62cc1fd6de7","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":77,"box":{"x":89,"y":119,"width":815,"height":13}},{"id":"c9245fad-8d83-4bb5-a3ca-758f2b363a04","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":77,"box":{"x":89,"y":135,"width":858,"height":12}},{"id":"93bbc0d0-bc94-49dc-8921-b73b49768c7d","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":77,"box":{"x":89,"y":150,"width":846,"height":12}},{"id":"acab2170-707e-4603-960b-0663fd4e98df","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":77,"box":{"x":89,"y":165,"width":851,"height":12}},{"id":"e205bb3f-24dd-4f66-af22-58a09658ba6e","block_type":"box","text":"authority to a Fund as to how to classify issuers within or among industries.","page_number":77,"box":{"x":89,"y":180,"width":530,"height":12}},{"id":"ba3a05d2-7572-42ac-9412-9ee386cea554","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":77,"box":{"x":88,"y":206,"width":844,"height":13}},{"id":"3925cdf1-63a5-4128-ba13-8df965e1cc9b","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":77,"box":{"x":89,"y":222,"width":850,"height":12}},{"id":"eebc6736-bf36-4fa4-9a31-33ac91991590","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":77,"box":{"x":89,"y":237,"width":844,"height":12}},{"id":"c0ff3337-31c1-4597-a543-e9dbccb1cbd5","block_type":"box","text":"assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment Company Act requires","page_number":77,"box":{"x":89,"y":252,"width":877,"height":12}},{"id":"c10dc429-9d0c-42d3-aa2d-232b9367d371","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":77,"box":{"x":89,"y":267,"width":841,"height":12}},{"id":"29ded35b-fb5e-4a77-b551-ef99b0a52920","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":77,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"a0ee1ffb-a554-4e58-a7c2-7738cf82179d","block_type":"box","text":"bears to the aggregate amount of all borrowings. Borrowing money to increase portfolio holdings is known as “leveraging.”","page_number":77,"box":{"x":89,"y":297,"width":863,"height":12}},{"id":"a8ca0860-4eeb-4a70-bfd6-a0ee2370c5cd","block_type":"box","text":"Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be borrowings or","page_number":77,"box":{"x":89,"y":312,"width":860,"height":13}},{"id":"46b41a87-d681-4b47-9caa-3d18ba494a6d","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":77,"box":{"x":89,"y":327,"width":857,"height":13}},{"id":"b49e7f11-8274-410f-9568-4f03f0f736d4","block_type":"box","text":"Investment Company Act, when a Fund engages in reverse repurchase agreements and similar financing transactions, the","page_number":77,"box":{"x":89,"y":342,"width":853,"height":13}},{"id":"c25047ae-51d3-46d2-8e7b-64f9301973e6","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":77,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"ce1cba21-f409-43fe-97f8-895e52a3a329","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":77,"box":{"x":88,"y":373,"width":855,"height":12}},{"id":"1021ca80-c9d3-4344-971e-b589f1b40e5c","block_type":"box","text":"transactions. Short-term credits necessary for the settlement of securities transactions and arrangements with respect to","page_number":77,"box":{"x":88,"y":388,"width":849,"height":12}},{"id":"2e82e261-059d-4d96-a7e4-e6f2fe6d284f","block_type":"box","text":"securities lending will not be considered to be borrowings under the policy. Practices and investments that may involve","page_number":77,"box":{"x":89,"y":403,"width":831,"height":12}},{"id":"95db0779-3741-42ad-a2b8-00bef2131c34","block_type":"box","text":"leverage but are not considered to be borrowings are not subject to the policy.","page_number":77,"box":{"x":89,"y":418,"width":545,"height":12}},{"id":"ad6080aa-57fb-4f94-b083-c2ed96b95cbf","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":77,"box":{"x":88,"y":445,"width":875,"height":12}},{"id":"9c4db9ef-de3a-4c44-a864-ed09d054878a","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":77,"box":{"x":89,"y":460,"width":877,"height":12}},{"id":"f6b07228-edac-4d05-8fe8-f975cc6cef08","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":77,"box":{"x":88,"y":475,"width":846,"height":12}},{"id":"a7409264-2ded-419b-8d94-a7ed6ee79df1","block_type":"box","text":"25% of its assets under certain circumstances. Those circumstances currently are that the amount of each Fund’s","page_number":77,"box":{"x":89,"y":490,"width":797,"height":12}},{"id":"042f374a-127b-404b-b292-6403cb789eb2","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":77,"box":{"x":89,"y":505,"width":862,"height":12}},{"id":"7772e593-12da-4c3f-a84a-49648b733f70","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":77,"box":{"x":90,"y":520,"width":833,"height":12}},{"id":"2b4e8af0-e7d0-4166-94f9-0d7096a4253b","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":77,"box":{"x":89,"y":535,"width":850,"height":13}},{"id":"a5f32618-74c8-4ae4-8a89-0eeb3b642f0d","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":77,"box":{"x":88,"y":550,"width":815,"height":13}},{"id":"da089868-98b9-4556-b981-963044e6e80f","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":77,"box":{"x":89,"y":565,"width":872,"height":13}},{"id":"d227bed6-7f6c-4e0c-a255-fd69e47f3ce9","block_type":"box","text":"transactions involving the acquisition or disposition of portfolio securities, regardless of whether the Fund may be considered","page_number":77,"box":{"x":88,"y":581,"width":877,"height":12}},{"id":"9df69f21-686e-4150-80bf-7d848ca86606","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":77,"box":{"x":88,"y":596,"width":848,"height":12}},{"id":"b2f7c1b5-e529-449a-84cf-61363584735b","block_type":"box","text":"applicable law.","page_number":77,"box":{"x":89,"y":611,"width":100,"height":12}},{"id":"e1503ea2-c720-42c6-a44e-bbef972e5d62","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":77,"box":{"x":88,"y":637,"width":836,"height":13}},{"id":"0a077b11-6dbe-4565-aa25-9987eb61b7ec","block_type":"box","text":"prohibit each Fund from making loans (including lending its securities); however, SEC staff interpretations currently prohibit","page_number":77,"box":{"x":89,"y":652,"width":866,"height":13}},{"id":"e07942b3-5e36-4d79-b57a-651fd092489b","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":77,"box":{"x":88,"y":668,"width":878,"height":12}},{"id":"093ae6d8-d642-4330-bfe1-21d96ddca4f4","block_type":"box","text":"debt obligations or the use of repurchase agreements. In addition, collateral arrangements with respect to options, forward","page_number":77,"box":{"x":89,"y":683,"width":861,"height":12}},{"id":"6a0a9b79-cffb-411a-bba6-a4f729aa3aa7","block_type":"box","text":"currency and futures transactions and other derivative instruments (as applicable), as well as delays in the settlement of","page_number":77,"box":{"x":89,"y":698,"width":841,"height":12}},{"id":"3a0f0d42-9040-4a5d-baf4-9cf0426baf4c","block_type":"box","text":"securities transactions, will not be considered loans.","page_number":77,"box":{"x":89,"y":713,"width":363,"height":11}},{"id":"dd0adb92-735c-4b80-bce8-bbe8791b3c1f","block_type":"box","text":"The iShares MSCI Emerging Markets ETF will not:","page_number":77,"box":{"x":88,"y":739,"width":355,"height":13}},{"id":"c5ddf0c9-7b72-4d72-9248-3cd5d16d29c8","block_type":"box","text":"1. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":77,"box":{"x":90,"y":766,"width":842,"height":12}},{"id":"452d8c4d-eb2c-4910-a756-651ac9de399c","block_type":"box","text":"authority having jurisdiction, from time to time;","page_number":77,"box":{"x":128,"y":781,"width":331,"height":12}},{"id":"8243a5ff-6ac1-444b-891d-b8a6f8015301","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":77,"box":{"x":89,"y":807,"width":857,"height":13}},{"id":"4d02d32a-c339-4b61-b03a-d831d454bd0c","block_type":"box","text":"regulatory authority having jurisdiction, from time to time;","page_number":77,"box":{"x":128,"y":822,"width":407,"height":13}},{"id":"4569c524-c26e-4eb5-81b1-453f734b59a8","block_type":"box","text":"3. Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings. (The deposit","page_number":77,"box":{"x":89,"y":849,"width":871,"height":12}},{"id":"2e03cb5e-d9b3-4d23-849d-e4dba289ebbc","block_type":"box","text":"56","page_number":77,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"102e74d9-2103-40b8-a1bc-61b7b2560c2c","block_type":"box","text":"of underlying securities and other assets in escrow and collateral arrangements with respect to initial or variation","page_number":78,"box":{"x":128,"y":44,"width":790,"height":12}},{"id":"b1b04c44-c918-4aad-9c5b-fa77def3481b","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":78,"box":{"x":128,"y":59,"width":773,"height":12}},{"id":"77e3b4bb-527c-45a8-b4c7-ff65f2e91a7c","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":78,"box":{"x":88,"y":85,"width":827,"height":13}},{"id":"70b7e6db-2cde-454f-9dc5-9368857e7b8b","block_type":"box","text":"securities that are issued by companies that invest or deal in such assets;","page_number":78,"box":{"x":128,"y":101,"width":509,"height":12}},{"id":"6a2e17dd-54c9-4fab-89bf-aa1b487d10fd","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":78,"box":{"x":89,"y":127,"width":848,"height":12}},{"id":"6aa2b68f-c9b4-4658-94b4-9d3747faa636","block_type":"box","text":"connection with the sale of securities in its portfolio;","page_number":78,"box":{"x":128,"y":142,"width":365,"height":12}},{"id":"286884b3-ca72-4c36-949e-51ec10091941","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":78,"box":{"x":89,"y":169,"width":850,"height":12}},{"id":"e231fb0d-2798-4804-81a4-b77b7615b79a","block_type":"box","text":"except that the Fund may make margin deposits in connection with transactions in currencies, options, futures and","page_number":78,"box":{"x":128,"y":184,"width":807,"height":12}},{"id":"13ced8c3-4b96-473b-9bfb-2a663d8dcb13","block_type":"box","text":"options on futures;","page_number":78,"box":{"x":128,"y":199,"width":132,"height":12}},{"id":"4a404c16-6aa2-48b9-a0d5-d487e4271d21","block_type":"box","text":"7. Sell securities short; or","page_number":78,"box":{"x":89,"y":225,"width":196,"height":12}},{"id":"5bad5783-66f4-4722-910e-b69f0ec97b0d","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":78,"box":{"x":89,"y":252,"width":878,"height":12}},{"id":"bc32755e-db37-4366-8960-79b0878aeab3","block_type":"box","text":"with respect thereto, and may transact in futures contracts on securities, stock indices and currencies and options on","page_number":78,"box":{"x":127,"y":267,"width":821,"height":12}},{"id":"dc4909c4-3d59-439e-805a-ae317d7dc01b","block_type":"box","text":"such futures contracts and make margin deposits in connection with such contracts.","page_number":78,"box":{"x":128,"y":282,"width":593,"height":12}},{"id":"699b0b24-4d87-4c57-9951-e434fdc8fcbe","block_type":"box","text":"Each of the iShares MSCI Agriculture Producers ETF, iShares MSCI BIC ETF, iShares MSCI Chile ETF, iShares MSCI","page_number":78,"box":{"x":89,"y":308,"width":809,"height":13}},{"id":"a58b067f-4871-4da7-95a7-e26984bc7d3a","block_type":"box","text":"Emerging Markets Asia ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small","page_number":78,"box":{"x":89,"y":324,"width":863,"height":12}},{"id":"da84db7a-dbe0-4dbe-bdfe-b5b1c0e6287e","block_type":"box","text":"Cap ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global","page_number":78,"box":{"x":89,"y":339,"width":869,"height":12}},{"id":"f8f75a4d-9b22-4745-b72a-edca26f4068c","block_type":"box","text":"Min Vol Factor ETF and iShares MSCI Global Silver and Metals Miners ETF will not:","page_number":78,"box":{"x":89,"y":354,"width":589,"height":10}},{"id":"84370e61-6637-44e3-a0e2-361af64dcc22","block_type":"box","text":"1. Concentrate its investments (","page_number":78,"box":{"x":90,"y":374,"width":243,"height":12}},{"id":"8b67bbf6-6be1-4c1c-8628-37962393ce16","block_type":"box","text":"i.e.","page_number":78,"box":{"x":334,"y":375,"width":17,"height":9}},{"id":"d12561ce-3dbf-439c-a3cb-334286d98886","block_type":"box","text":", invest 25% or more of its total assets in the securities of a particular industry or group","page_number":78,"box":{"x":354,"y":374,"width":609,"height":12}},{"id":"a42db26c-c897-4bab-a0ff-793008299ef6","block_type":"box","text":"of industries), except that each Fund will concentrate to approximately the same extent that its Underlying Index","page_number":78,"box":{"x":128,"y":389,"width":789,"height":12}},{"id":"faa89330-5a0f-4cce-a4f6-1bf03b2a3b97","block_type":"box","text":"concentrates in the securities of such particular industry or group of industries. For purposes of this limitation,","page_number":78,"box":{"x":128,"y":404,"width":771,"height":13}},{"id":"e74cea57-f08a-42e1-aecd-9aac271052df","block_type":"box","text":"securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized","page_number":78,"box":{"x":128,"y":419,"width":820,"height":13}},{"id":"69e59d9b-7f21-459c-a685-9747058d14e9","block_type":"box","text":"by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":78,"box":{"x":128,"y":434,"width":828,"height":13}},{"id":"62fb589e-fc38-48b0-b919-cbc636ccfc6e","block_type":"box","text":"considered to be issued by members of any industry.","page_number":78,"box":{"x":128,"y":450,"width":367,"height":12}},{"id":"da4e8df8-5f93-4419-a617-385959a9f3ed","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":78,"box":{"x":89,"y":470,"width":815,"height":12}},{"id":"603bf8e0-4569-4586-8bdb-071400b67cf2","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":78,"box":{"x":128,"y":485,"width":806,"height":12}},{"id":"3b1b46da-9581-4511-a9eb-9ee349acf32d","block_type":"box","text":"securities; and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":78,"box":{"x":128,"y":500,"width":761,"height":12}},{"id":"fdc91b00-1666-49e2-8bf9-77c1ec0a60b7","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":78,"box":{"x":128,"y":515,"width":756,"height":12}},{"id":"68ce3a02-08ea-47ac-b2fb-ffc0e9e359cb","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":78,"box":{"x":127,"y":530,"width":815,"height":13}},{"id":"c86d20b8-996e-467f-a3ab-ff5a648f5bc3","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":78,"box":{"x":128,"y":545,"width":827,"height":13}},{"id":"e841d80a-6af5-4faa-998f-a635fdc3c5d7","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law.","page_number":78,"box":{"x":127,"y":560,"width":717,"height":13}},{"id":"ed2ccc71-d1c7-4250-9710-accf0e6d3bbd","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":78,"box":{"x":89,"y":581,"width":857,"height":12}},{"id":"4e0ff0a6-f542-478a-8e77-8a6c324da016","block_type":"box","text":"regulatory authority having jurisdiction, from time to time.","page_number":78,"box":{"x":128,"y":596,"width":407,"height":12}},{"id":"02c452bf-42af-464c-9e45-5fd36b401903","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":78,"box":{"x":88,"y":616,"width":844,"height":12}},{"id":"c12daa2e-38b9-4770-9f48-0845333e0577","block_type":"box","text":"authority having jurisdiction, from time to time.","page_number":78,"box":{"x":128,"y":631,"width":331,"height":12}},{"id":"b8a92cdc-4b03-4e44-a202-61d689c8e8a8","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":78,"box":{"x":89,"y":651,"width":811,"height":12}},{"id":"58684858-1705-4753-a2cc-740c9f1dded8","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":78,"box":{"x":128,"y":666,"width":830,"height":13}},{"id":"c3f881db-4c71-4499-b6e5-97a47c9eebb2","block_type":"box","text":"securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this","page_number":78,"box":{"x":128,"y":681,"width":827,"height":13}},{"id":"4e071adf-b1ec-437d-b42c-548434cf1582","block_type":"box","text":"restriction shall not prevent each Fund from investing in securities of companies engaged in the production, ownership","page_number":78,"box":{"x":128,"y":696,"width":833,"height":13}},{"id":"3643eb9b-8f1b-442b-ae2d-7366d5a78312","block_type":"box","text":"or distribution of commodities or in commodity-related businesses for the iShares MSCI Agriculture Producers ETF,","page_number":78,"box":{"x":128,"y":712,"width":806,"height":12}},{"id":"bc89518e-b90f-401b-8d38-d6ac2cd893b2","block_type":"box","text":"iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF and iShares MSCI Global","page_number":78,"box":{"x":128,"y":727,"width":809,"height":12}},{"id":"577289f7-1bab-4cd8-9e90-a1eb7af1f1d8","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":78,"box":{"x":128,"y":742,"width":839,"height":12}},{"id":"3e59e98b-a87b-4479-8c53-46889ea09a05","block_type":"box","text":"currencies to the extent consistent with each Fund’s investment objective and policies).","page_number":78,"box":{"x":128,"y":757,"width":612,"height":12}},{"id":"c9488dd0-6b28-410f-9be0-6eb8c54bd9b7","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":78,"box":{"x":89,"y":777,"width":846,"height":12}},{"id":"07b39cf2-09ef-4949-9773-c48949a91c7f","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities.","page_number":78,"box":{"x":127,"y":792,"width":694,"height":13}},{"id":"a99f0b35-99b9-4ee6-8cab-e567afdb27fb","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":78,"box":{"x":89,"y":819,"width":865,"height":12}},{"id":"7626e74f-00f8-4f48-a11d-c747b122ded4","block_type":"box","text":"ETF, will not:","page_number":78,"box":{"x":89,"y":834,"width":89,"height":11}},{"id":"42585930-349b-472e-ab73-bbc90d1c09e9","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":78,"box":{"x":90,"y":860,"width":873,"height":13}},{"id":"76af31bd-1326-45c0-9474-d6889a47aea7","block_type":"box","text":"57","page_number":78,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8998b8e1-b1df-42aa-a691-8dee95d9640a","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":79,"box":{"x":127,"y":44,"width":831,"height":12}},{"id":"8b70b9da-96e9-4d98-b939-3b2e5d19571b","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":79,"box":{"x":127,"y":59,"width":780,"height":12}},{"id":"4d30f32e-28ee-4c80-8d1d-aaa2c54cbfbd","block_type":"box","text":"2. Issue senior securities or borrow money, except borrowings from banks for temporary or emergency purposes in an","page_number":79,"box":{"x":89,"y":85,"width":848,"height":13}},{"id":"942963fa-47f6-4fe0-8301-eda22b875b05","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":79,"box":{"x":128,"y":101,"width":830,"height":12}},{"id":"630d8550-b85b-4837-b6a0-2e1a26fe9522","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":79,"box":{"x":128,"y":116,"width":821,"height":12}},{"id":"91ddedd4-6f3a-4e2a-a2d3-3ca0572fedd5","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":79,"box":{"x":128,"y":131,"width":836,"height":12}},{"id":"b558fd12-1e73-4d2e-a745-4433c41184e5","block_type":"box","text":"that for purposes of this restriction, short-term credits necessary for the clearance of transactions are not considered","page_number":79,"box":{"x":127,"y":146,"width":819,"height":12}},{"id":"0eb32953-bdbe-4ace-9616-abd982f7ef3b","block_type":"box","text":"borrowings;","page_number":79,"box":{"x":128,"y":161,"width":82,"height":12}},{"id":"9e57659e-a9c1-494a-a1b6-d795d5878284","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":188,"width":871,"height":12}},{"id":"44dc7913-92fd-47cc-a612-c9ec62ebba32","block_type":"box","text":"of underlying securities and other assets in escrow and collateral arrangements with respect to initial or variation","page_number":79,"box":{"x":128,"y":203,"width":790,"height":12}},{"id":"d1626858-36dc-42aa-b1e4-6b11bdb11acd","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":79,"box":{"x":128,"y":218,"width":773,"height":12}},{"id":"21e36564-177e-4e60-8b12-a4447c868455","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":79,"box":{"x":88,"y":244,"width":868,"height":13}},{"id":"66dc7cb7-85fa-42ab-9d32-c1aa68d0602a","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":79,"box":{"x":128,"y":259,"width":831,"height":13}},{"id":"eec5ec07-b6e2-43c3-881a-3de318242562","block_type":"box","text":"ETF only);","page_number":79,"box":{"x":128,"y":274,"width":69,"height":13}},{"id":"ef4ae736-e06a-4638-9590-490550c76652","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":79,"box":{"x":89,"y":301,"width":811,"height":12}},{"id":"17b3803d-2cd4-4b4c-9846-bfa86fdcc922","block_type":"box","text":"securities that are issued by companies that invest or deal in such assets;","page_number":79,"box":{"x":128,"y":316,"width":509,"height":12}},{"id":"94f7f873-1ece-4dc7-96e8-4aebc2cd0324","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":79,"box":{"x":89,"y":342,"width":848,"height":13}},{"id":"42bd3986-e0f2-4ac7-aa4e-18d8f78d2e6e","block_type":"box","text":"connection with the sale of securities in its portfolio;","page_number":79,"box":{"x":128,"y":358,"width":365,"height":12}},{"id":"301fe678-5a55-46e1-bba0-eec24f701ff6","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":79,"box":{"x":89,"y":384,"width":850,"height":12}},{"id":"58ab3902-f485-4a28-8959-27532b4b309b","block_type":"box","text":"except that a Fund may make margin deposits in connection with transactions in currencies, options, futures and","page_number":79,"box":{"x":128,"y":399,"width":793,"height":13}},{"id":"c787f761-fabe-4400-bc32-9ffec44b8b5c","block_type":"box","text":"options on futures;","page_number":79,"box":{"x":128,"y":414,"width":132,"height":13}},{"id":"8695582c-d148-4664-8db9-eed8d4559395","block_type":"box","text":"8. Sell securities short; or","page_number":79,"box":{"x":89,"y":441,"width":196,"height":11}},{"id":"519aba07-e9e1-4a27-b089-238c81cb705e","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":79,"box":{"x":89,"y":467,"width":864,"height":13}},{"id":"84b73bab-e505-416d-859e-f5166a108674","block_type":"box","text":"with respect thereto, and may transact in futures contracts on securities, stock indices and currencies and options on","page_number":79,"box":{"x":127,"y":482,"width":821,"height":13}},{"id":"dfbf0ac5-8937-4cef-b67e-d18aeb513774","block_type":"box","text":"such futures contracts and make margin deposits in connection with such contracts.","page_number":79,"box":{"x":128,"y":497,"width":593,"height":13}},{"id":"84fcde08-1a06-420a-a315-41818969f9ab","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":79,"box":{"x":88,"y":524,"width":863,"height":12}},{"id":"7566654c-a68f-46a5-92dc-64243adcb0c8","block_type":"box","text":"Investment Company Act, including the rules and regulations thereunder, generally prohibits the Fund from issuing senior","page_number":79,"box":{"x":89,"y":539,"width":852,"height":12}},{"id":"ec8c7cb6-b035-4d6f-8ac4-6ca2dc48d273","block_type":"box","text":"securities or borrowing money (other than certain temporary borrowings) unless immediately after the issuance or","page_number":79,"box":{"x":89,"y":554,"width":805,"height":12}},{"id":"6499eafa-1e0d-4327-aa15-37b4b6fa75cb","block_type":"box","text":"borrowing the Fund has satisfied an asset coverage requirement with respect to senior securities representing indebtedness","page_number":79,"box":{"x":89,"y":569,"width":866,"height":13}},{"id":"6e238300-8465-49ce-8320-ae84edf87d86","block_type":"box","text":"prescribed by the Investment Company Act. Certain trading practices and investments, such as derivatives transactions, may","page_number":79,"box":{"x":89,"y":584,"width":871,"height":13}},{"id":"8da3f5ed-42f3-4ef1-a8cb-33f1cd8fb838","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":79,"box":{"x":89,"y":599,"width":861,"height":13}},{"id":"6b2f61b1-64d9-48ae-9c07-e3b46d017862","block_type":"box","text":"when the Fund engaged in a derivatives transaction that creates future payment obligations, consistent with SEC staff","page_number":79,"box":{"x":88,"y":615,"width":827,"height":12}},{"id":"c4e3ca86-7283-405f-88f5-13d55a3b6488","block_type":"box","text":"guidance and interpretations, the Fund was permitted to segregate or earmark liquid assets, or enter into an offsetting","page_number":79,"box":{"x":89,"y":630,"width":827,"height":12}},{"id":"949a53e6-aa5f-44f4-8857-6f913513b13a","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":79,"box":{"x":89,"y":645,"width":826,"height":12}},{"id":"bda03b07-74cd-4f66-9c28-0c1b5b80960d","block_type":"box","text":"meeting the asset coverage requirement with respect to senior securities prescribed by the Investment Company Act. The","page_number":79,"box":{"x":89,"y":660,"width":850,"height":12}},{"id":"0dd3d40f-4873-49dd-98cd-2e3e857cbc2d","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":79,"box":{"x":88,"y":675,"width":838,"height":12}},{"id":"70371757-913d-4d14-abce-7020bc9719c1","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":79,"box":{"x":89,"y":690,"width":863,"height":13}},{"id":"61a8a386-ce22-4583-9edd-eabdd20ab1df","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":79,"box":{"x":89,"y":705,"width":854,"height":13}},{"id":"247b7de1-1413-4d08-bedd-e574d9888144","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":79,"box":{"x":88,"y":720,"width":792,"height":13}},{"id":"9b1883b3-90e0-4a88-a119-0b69efa0515f","block_type":"box","text":"transactions.","page_number":79,"box":{"x":88,"y":736,"width":90,"height":9}},{"id":"62e7c712-8541-4049-a04d-5ab4805bd83f","block_type":"box","text":"The iShares Core MSCI Emerging Markets ETF will not:","page_number":79,"box":{"x":88,"y":762,"width":393,"height":12}},{"id":"bd22abb4-f2df-41c5-bd82-aa095283dab0","block_type":"box","text":"1. Concentrate its investments (","page_number":79,"box":{"x":90,"y":782,"width":243,"height":12}},{"id":"a0ab504d-542c-4c5f-bc3a-d677f7133e90","block_type":"box","text":"i.e.","page_number":79,"box":{"x":334,"y":783,"width":17,"height":9}},{"id":"2a3a2526-b02f-4e75-a119-83f75570a733","block_type":"box","text":", invest 25% or more of its total assets in the securities of a particular industry or group","page_number":79,"box":{"x":354,"y":782,"width":609,"height":12}},{"id":"d3cd9ae8-a6a5-4128-b72e-09c749fdcde3","block_type":"box","text":"of industries), except that the Fund will concentrate to approximately the same extent that the Underlying Index","page_number":79,"box":{"x":128,"y":797,"width":785,"height":13}},{"id":"f5223bc5-bc55-4b92-ab13-918833c6ebc6","block_type":"box","text":"concentrates in the securities of such particular industry or group of industries. For purposes of this limitation,","page_number":79,"box":{"x":128,"y":812,"width":771,"height":13}},{"id":"12d2ef1e-44dc-4e8d-96e0-a01472fff062","block_type":"box","text":"securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized","page_number":79,"box":{"x":128,"y":828,"width":820,"height":12}},{"id":"a768ebdc-7c1c-4c6f-a60c-17217b8f978e","block_type":"box","text":"by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":79,"box":{"x":128,"y":843,"width":828,"height":12}},{"id":"66edbc55-77c8-4305-a453-939d5738bc73","block_type":"box","text":"considered to be issued by members of any industry.","page_number":79,"box":{"x":128,"y":858,"width":367,"height":12}},{"id":"e257b57c-5f3e-49ba-a502-272dd9acd05f","block_type":"box","text":"58","page_number":79,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2d882f35-3a9f-4e5d-8cc9-517b02a38282","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":80,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"2edd192d-acef-4f6f-b40a-e0fc3d150b2b","block_type":"box","text":"including the meeting of redemption requests which might otherwise require the untimely disposition of securities; and","page_number":80,"box":{"x":128,"y":59,"width":837,"height":12}},{"id":"8b1fef1a-d2ab-4ec2-8c71-73e922d974a5","block_type":"box","text":"(ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse","page_number":80,"box":{"x":128,"y":74,"width":791,"height":12}},{"id":"d3fc9d5c-120f-4564-83fc-c7499688ac92","block_type":"box","text":"repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it","page_number":80,"box":{"x":128,"y":89,"width":838,"height":13}},{"id":"c02dc4e4-94b2-4a67-b10d-4cacb277ced5","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":80,"box":{"x":128,"y":104,"width":825,"height":13}},{"id":"87b545b0-933c-48d6-8a9a-304e34de2990","block_type":"box","text":"its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to","page_number":80,"box":{"x":128,"y":119,"width":803,"height":13}},{"id":"8e098a3f-eb9d-456a-90a9-f10ec06dc662","block_type":"box","text":"exceed this amount will be reduced in accordance with applicable law.","page_number":80,"box":{"x":128,"y":135,"width":491,"height":12}},{"id":"96690763-d720-474a-92df-4fa75f27d258","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":80,"box":{"x":89,"y":155,"width":809,"height":12}},{"id":"28a47ddb-a42f-436c-8973-e309029b106a","block_type":"box","text":"permitted under the 1940 Act and the rules, regulation and orders thereunder.","page_number":80,"box":{"x":128,"y":170,"width":546,"height":12}},{"id":"2b981084-198f-4105-90f9-c31c0dd3ffbe","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":80,"box":{"x":88,"y":190,"width":874,"height":12}},{"id":"47646a67-4e5a-4d9c-97dd-13e5e8edc9bc","block_type":"box","text":"authority having jurisdiction, from time to time.","page_number":80,"box":{"x":128,"y":205,"width":331,"height":12}},{"id":"043174d1-15c3-4874-804a-33c30cfb8e49","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":225,"width":811,"height":13}},{"id":"39106404-7254-4c75-9a8b-e810f5d7533a","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":80,"box":{"x":128,"y":240,"width":819,"height":13}},{"id":"c6fe6b54-80dd-40b8-8b45-e3730be8a5d4","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":256,"width":827,"height":12}},{"id":"7c9a16f0-dcee-4962-871c-bfd15d5f212e","block_type":"box","text":"restriction shall not prevent the Fund from trading in futures contracts and options on futures contracts, including","page_number":80,"box":{"x":128,"y":271,"width":798,"height":12}},{"id":"c1b551d2-f3af-426b-9df1-80adc3b42781","block_type":"box","text":"options on currencies to the extent consistent with the Fund’s investment objective and policies).","page_number":80,"box":{"x":128,"y":286,"width":680,"height":12}},{"id":"657122da-b00f-4d21-aa0e-5a81827b72e3","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":80,"box":{"x":89,"y":306,"width":836,"height":12}},{"id":"98abd025-9cb5-4f83-9a70-4e20db39d34a","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":321,"width":694,"height":12}},{"id":"1327816e-9b4b-4588-b136-5456e0954ada","block_type":"box","text":"Industry concentration.","page_number":80,"box":{"x":89,"y":348,"width":169,"height":12}},{"id":"1a241087-ae3b-450c-9f6d-59dbc950898b","block_type":"box","text":"Each Fund (except for the iShares Emerging Markets Equity Factor ETF and iShares MSCI South","page_number":80,"box":{"x":264,"y":348,"width":665,"height":12}},{"id":"83b86120-378c-4b95-80d1-171a2e294cda","block_type":"box","text":"Korea ETF) will not concentrate its investments (","page_number":80,"box":{"x":89,"y":363,"width":338,"height":12}},{"id":"6b73b145-de14-4181-87a6-6138c640de3d","block_type":"box","text":"i.e.","page_number":80,"box":{"x":429,"y":364,"width":17,"height":8}},{"id":"20d49f03-60a5-4292-8c81-83efbba4b95a","block_type":"box","text":", hold 25% or more of its total assets in the stocks of a particular industry","page_number":80,"box":{"x":448,"y":363,"width":514,"height":12}},{"id":"46d46c86-eb0a-465b-b10a-34f2c6429994","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":80,"box":{"x":89,"y":378,"width":849,"height":12}},{"id":"2fedb067-08c3-41db-8560-c5115768ef3a","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":80,"box":{"x":88,"y":393,"width":853,"height":12}},{"id":"60137698-3496-4f42-a644-7cb6405dad00","block_type":"box","text":"each Fund will comply with the diversification requirements of the Internal Revenue Code applicable to RICs, any underlying","page_number":80,"box":{"x":89,"y":408,"width":866,"height":12}},{"id":"b3ad379f-dba5-4350-a56c-3a83d4d0b13e","block_type":"box","text":"Treasury regulations or any successor provisions.","page_number":80,"box":{"x":88,"y":423,"width":344,"height":12}},{"id":"57cae444-d3de-4a5a-8c33-ba34ee2347e8","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":80,"box":{"x":88,"y":450,"width":850,"height":12}},{"id":"6dec3eb9-a6f9-4956-b3a1-eca2a2f0273e","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":80,"box":{"x":89,"y":465,"width":806,"height":12}},{"id":"9fb88f78-2613-4c8e-844e-3a68c1650044","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":80,"box":{"x":89,"y":480,"width":870,"height":12}},{"id":"5ed64840-23c4-4064-9c0a-640671c9069d","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":80,"box":{"x":89,"y":495,"width":814,"height":12}},{"id":"9548c2cf-3e06-4d99-88c8-1f5768803d2b","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":80,"box":{"x":89,"y":510,"width":840,"height":12}},{"id":"4d158854-974f-4d55-bf1a-c04c2dd612b0","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":80,"box":{"x":89,"y":525,"width":877,"height":11}},{"id":"394984eb-dfb0-4e8e-abeb-90394e797419","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":80,"box":{"x":89,"y":540,"width":832,"height":13}},{"id":"2dc40579-d620-46d5-b286-ff8dfda11c13","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":80,"box":{"x":89,"y":555,"width":857,"height":13}},{"id":"6425bc78-5d91-4bc3-8a60-589a393ae190","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":80,"box":{"x":89,"y":570,"width":846,"height":13}},{"id":"7f9cb8d9-c3c9-4481-992e-cb50ca0645ad","block_type":"box","text":"concentrate its investments except as discussed above. The Board has adopted this policy as fundamental, which means that","page_number":80,"box":{"x":89,"y":586,"width":876,"height":12}},{"id":"69d68df6-6c82-45a8-924b-08cd5be9804c","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":80,"box":{"x":89,"y":601,"width":847,"height":12}},{"id":"7921510f-4e35-4009-b649-1cbb45e0d806","block_type":"box","text":"voting securities.","page_number":80,"box":{"x":88,"y":617,"width":118,"height":11}},{"id":"d2bd1d07-561f-4514-a5f4-57395481a601","block_type":"box","text":"Non-Fundamental Investment Policies of the Funds","page_number":80,"box":{"x":89,"y":642,"width":368,"height":10}},{"id":"4222a9e4-3c51-47f8-aec3-bb895ca5d63c","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, each","page_number":80,"box":{"x":89,"y":669,"width":870,"height":12}},{"id":"cbefae3e-3527-46bc-b722-ba151e624a88","block_type":"box","text":"Fund may not:","page_number":80,"box":{"x":89,"y":684,"width":100,"height":12}},{"id":"6dd01a7b-0bc2-43f9-a0e8-44e26170576d","block_type":"box","text":"1. Purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on","page_number":80,"box":{"x":90,"y":704,"width":841,"height":12}},{"id":"13ef672e-d2cb-41df-b668-d0dfd64b79bc","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":80,"box":{"x":128,"y":719,"width":800,"height":13}},{"id":"bedb6b7a-21ce-4d32-b6e8-1aec921e6a1d","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":80,"box":{"x":128,"y":734,"width":785,"height":13}},{"id":"243a0c8f-22b9-4233-bdf0-50d964094b28","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":80,"box":{"x":129,"y":749,"width":773,"height":13}},{"id":"ed9a76db-2a90-476e-95b5-dd782c2de255","block_type":"box","text":"investment companies to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted,","page_number":80,"box":{"x":128,"y":765,"width":793,"height":12}},{"id":"e89feaaf-a9c0-40f0-8812-555ad88627de","block_type":"box","text":"modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.","page_number":80,"box":{"x":128,"y":780,"width":659,"height":12}},{"id":"a5514a2f-0d7f-49e3-a1a9-6635708d1b9c","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":80,"box":{"x":89,"y":800,"width":878,"height":11}},{"id":"27101206-8cd3-437e-ba68-d90115ce9aa4","block_type":"box","text":"net assets, plus the amount of any borrowings for investment purposes, in the component securities of its Underlying","page_number":80,"box":{"x":128,"y":815,"width":822,"height":12}},{"id":"e1723779-72cb-4009-bace-cff8c0bfc5d6","block_type":"box","text":"Index or in depositary receipts representing component securities in its Underlying Index (applicable to iShares Core","page_number":80,"box":{"x":128,"y":830,"width":812,"height":12}},{"id":"61e2eed8-31b1-4955-a1f3-3b71ea284096","block_type":"box","text":"MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares","page_number":80,"box":{"x":128,"y":845,"width":809,"height":12}},{"id":"bb691bd7-cb0f-46fa-9948-5bb3179c49ea","block_type":"box","text":"MSCI Agriculture Producers ETF, iShares MSCI BIC ETF, iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI","page_number":80,"box":{"x":128,"y":860,"width":819,"height":13}},{"id":"851e3dd0-79d3-4854-993c-934d3e3c99a4","block_type":"box","text":"59","page_number":80,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"07d16f4e-b0a0-4749-8fca-5148e64ac0bc","block_type":"box","text":"Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF,","page_number":81,"box":{"x":128,"y":44,"width":823,"height":12}},{"id":"26bdec64-5099-43b5-9066-a7aeccbae196","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals &","page_number":81,"box":{"x":128,"y":59,"width":813,"height":12}},{"id":"3e60a98a-e4cb-4225-930a-f3c9851a43e9","block_type":"box","text":"Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Global Silver and Metals Miners ETF,","page_number":81,"box":{"x":128,"y":74,"width":794,"height":12}},{"id":"0c7d1578-e938-4bc5-9bda-549319c1dede","block_type":"box","text":"iShares MSCI Malaysia ETF, iShares MSCI South Korea ETF and iShares MSCI Taiwan ETF).","page_number":81,"box":{"x":128,"y":89,"width":628,"height":13}},{"id":"f062a9ab-18b5-4ec0-95e5-5d5aea352a54","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":81,"box":{"x":88,"y":116,"width":808,"height":12}},{"id":"604a9e2b-d3c8-4b8a-86ca-1d1a41b5287c","block_type":"box","text":"Notations Regarding each Fund’s Fundamental and Non-Fundamental Investment Policies","page_number":81,"box":{"x":88,"y":142,"width":656,"height":12}},{"id":"02d78a2b-07e4-49cb-922a-9383267df796","block_type":"box","text":"Unless otherwise indicated, all limitations under a Fund’s fundamental or non-fundamental investment restrictions apply","page_number":81,"box":{"x":89,"y":169,"width":846,"height":12}},{"id":"b9ac847a-a83f-4532-9c45-3ad90ffe3093","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":81,"box":{"x":89,"y":184,"width":815,"height":12}},{"id":"482e0f1f-a6d9-4648-8dca-558ba18b9d7d","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":81,"box":{"x":89,"y":199,"width":856,"height":12}},{"id":"01e5394b-f6bb-4ecd-a4a7-57c2013cbedf","block_type":"box","text":"the Fund to dispose of an investment.","page_number":81,"box":{"x":88,"y":214,"width":264,"height":12}},{"id":"34444956-2dd8-44c2-9fbe-384acc542fde","block_type":"box","text":"Continuous Offering","page_number":81,"box":{"x":90,"y":245,"width":338,"height":29}},{"id":"99e84d7e-e673-4988-855f-53f8eed9b012","block_type":"box","text":"The method by which Creation Units are created and traded may raise certain issues under applicable securities laws.","page_number":81,"box":{"x":88,"y":286,"width":821,"height":12}},{"id":"50cbc622-682c-4f3b-b56e-9082c2cf69a7","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":81,"box":{"x":89,"y":301,"width":873,"height":12}},{"id":"07b0b51b-9165-4ec0-9d45-e4ca928f4f31","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":81,"box":{"x":89,"y":316,"width":849,"height":12}},{"id":"446fdbe0-f934-4fac-82e6-a02ac6206191","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":81,"box":{"x":89,"y":331,"width":849,"height":12}},{"id":"b9c254d3-4e72-486a-8f67-a881fc584c30","block_type":"box","text":"them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.","page_number":81,"box":{"x":88,"y":346,"width":877,"height":13}},{"id":"f68a462c-867e-44c7-952d-d197b73afee0","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":81,"box":{"x":89,"y":373,"width":860,"height":12}},{"id":"db2b5bf5-bce1-4660-bbac-53ce61ab62f3","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":81,"box":{"x":89,"y":388,"width":853,"height":12}},{"id":"bb5aad76-074c-4cc8-ae4b-9f81d4bf4e4e","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":81,"box":{"x":89,"y":403,"width":868,"height":12}},{"id":"cb07a074-c23c-489f-a9c2-07e778dc3974","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":81,"box":{"x":88,"y":418,"width":863,"height":12}},{"id":"dedfe559-6493-47f6-b14a-69aaa144e35d","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":81,"box":{"x":88,"y":433,"width":861,"height":13}},{"id":"e1b2f6fa-8cbd-4b11-a850-8d01b6054d39","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":81,"box":{"x":89,"y":448,"width":862,"height":13}},{"id":"eda02af7-7cb1-4786-a067-7c6f4b4fb710","block_type":"box","text":"an underwriter.","page_number":81,"box":{"x":89,"y":463,"width":105,"height":10}},{"id":"532c15f5-de8a-4f8d-9be5-312dbbdb726e","block_type":"box","text":"Broker-dealer firms should also note that dealers who are not “underwriters” but are effecting transactions in shares,","page_number":81,"box":{"x":89,"y":490,"width":817,"height":12}},{"id":"140b7e99-ad53-400d-8a3c-5d61c685e5a3","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":81,"box":{"x":88,"y":505,"width":858,"height":12}},{"id":"d97634b0-a101-47c9-beb8-00c44bd126bf","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":81,"box":{"x":89,"y":520,"width":875,"height":12}},{"id":"01834329-cc27-4ead-89c2-162182a2ee7a","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":81,"box":{"x":88,"y":535,"width":831,"height":13}},{"id":"0f5a2ffb-780a-48fb-8573-fab8340e0796","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":81,"box":{"x":89,"y":550,"width":864,"height":13}},{"id":"fdb9b7cd-3596-456e-bf30-ee8ca353108b","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":81,"box":{"x":88,"y":565,"width":875,"height":13}},{"id":"911c40c6-b9b6-4317-a596-05b8148000c0","block_type":"box","text":"prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is","page_number":81,"box":{"x":89,"y":581,"width":845,"height":12}},{"id":"0e898d7c-3822-4666-9250-44e53811c36e","block_type":"box","text":"available only with respect to transactions on an exchange.","page_number":81,"box":{"x":89,"y":596,"width":412,"height":12}},{"id":"6fd407b4-79ef-4d57-bacb-744baf7e0eec","block_type":"box","text":"Management","page_number":81,"box":{"x":90,"y":628,"width":225,"height":28}},{"id":"8857ade9-c974-4079-8945-588485a3c22d","block_type":"box","text":"Directors and Officers.","page_number":81,"box":{"x":89,"y":668,"width":161,"height":9}},{"id":"cc64598d-0be2-4c4a-b74c-9081077797f2","block_type":"box","text":"The Board has responsibility for the overall management and operations of the Funds, including","page_number":81,"box":{"x":259,"y":668,"width":670,"height":12}},{"id":"8426be1f-92ed-45c1-b925-8488d77c58e8","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":81,"box":{"x":89,"y":683,"width":864,"height":12}},{"id":"0d83230c-e671-4f61-8bfd-c81672dabd8a","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":81,"box":{"x":89,"y":698,"width":832,"height":12}},{"id":"2675d6d9-1137-4e9c-beff-f9ed6127ce1f","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":81,"box":{"x":89,"y":713,"width":866,"height":12}},{"id":"d525038e-45fe-4ce7-bba8-98e87b48b35e","block_type":"box","text":"Act) of the Company are referred to as independent directors (“Independent Directors”).","page_number":81,"box":{"x":88,"y":728,"width":619,"height":12}},{"id":"0fb9c562-2de2-4224-8d11-8b110a389210","block_type":"box","text":"The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the","page_number":81,"box":{"x":88,"y":754,"width":867,"height":13}},{"id":"3326fc54-2ce5-4188-9434-b293826721b2","block_type":"box","text":"BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund","page_number":81,"box":{"x":89,"y":770,"width":857,"height":12}},{"id":"13a3c877-24f7-48a8-b8f7-fd154f654d51","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":81,"box":{"x":89,"y":785,"width":861,"height":12}},{"id":"e4e1e6c3-70e9-4f1c-815b-24e845d7eab2","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":81,"box":{"x":89,"y":800,"width":876,"height":11}},{"id":"ab4fc09c-c31a-4f18-b76e-373ad3426ec7","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":81,"box":{"x":89,"y":815,"width":823,"height":12}},{"id":"9be8582b-12e6-47a9-98f2-1ed64540a305","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":81,"box":{"x":88,"y":830,"width":865,"height":12}},{"id":"6a6728e6-4015-425e-ba4c-0b8744675170","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":81,"box":{"x":89,"y":845,"width":849,"height":12}},{"id":"2de2ccdd-dca5-4f64-b914-2eb6940709e7","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":81,"box":{"x":88,"y":860,"width":840,"height":13}},{"id":"6b151567-7bef-4766-8f17-11fbe26f06d9","block_type":"box","text":"60","page_number":81,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f0511cf2-d0ac-4a2d-926c-4f3c031c60d3","block_type":"box","text":"London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional","page_number":82,"box":{"x":89,"y":44,"width":848,"height":12}},{"id":"d7a994b0-967f-4b6c-a355-a2f635f96641","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":82,"box":{"x":89,"y":59,"width":819,"height":12}},{"id":"88624ad5-5132-41f9-9aac-f93b073c8e5f","block_type":"box","text":"request, by calling toll-free 1-800-iShares (1-800-474-2737).","page_number":82,"box":{"x":89,"y":74,"width":419,"height":12}},{"id":"788e2eb1-a73c-44e8-9a91-7824909f4c32","block_type":"box","text":"Interested Directors","page_number":82,"box":{"x":89,"y":101,"width":142,"height":9}},{"id":"c49a5490-7f36-4c11-a77c-d8bf8240fd40","block_type":"box","text":"Name (Year of Birth) Position","page_number":82,"box":{"x":103,"y":140,"width":247,"height":10}},{"id":"3f18acae-af36-4271-bd1f-5e5d77fd3367","block_type":"box","text":"Principal Occupation(s)","page_number":82,"box":{"x":485,"y":130,"width":135,"height":10}},{"id":"e49fa129-9c0c-4ea1-bc82-638cc8eb7cc9","block_type":"box","text":"During the Past 5 Years","page_number":82,"box":{"x":486,"y":140,"width":134,"height":10}},{"id":"2a80f719-3a19-46e6-9f2a-dfb9d3ed7ada","block_type":"box","text":"Other Directorships","page_number":82,"box":{"x":780,"y":130,"width":113,"height":10}},{"id":"ec1ca450-ebc4-4c99-8516-5933c484c32d","block_type":"box","text":"Held by Director","page_number":82,"box":{"x":790,"y":140,"width":94,"height":10}},{"id":"f7ce4460-0bf6-4b6c-8bc1-5a75fad8bcf1","block_type":"box","text":"Robert S. Kapito","page_number":82,"box":{"x":89,"y":162,"width":111,"height":13}},{"id":"5d18a206-b9c8-4fc8-bfb5-a13cd4bd0055","block_type":"box","text":"1","page_number":82,"box":{"x":202,"y":161,"width":2,"height":6}},{"id":"f137ccca-8dd6-40a6-a08a-99987103839f","block_type":"box","text":"(1957)","page_number":82,"box":{"x":89,"y":177,"width":44,"height":13}},{"id":"ef427c57-0346-4ee2-ac83-4ce8f4ef5e39","block_type":"box","text":"Director","page_number":82,"box":{"x":255,"y":163,"width":56,"height":9}},{"id":"5a266f42-ef35-47a2-976f-c9239466c22f","block_type":"box","text":"(since 2009).","page_number":82,"box":{"x":255,"y":177,"width":90,"height":13}},{"id":"8e6579e4-e7ba-4644-ad3d-0540f4575883","block_type":"box","text":"President of BlackRock, Inc. 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(since 2020).","page_number":85,"box":{"x":706,"y":720,"width":118,"height":13}},{"id":"b0965f78-42b4-4c63-8c30-72bc2396b329","block_type":"box","text":"Elise Terry","page_number":85,"box":{"x":89,"y":741,"width":70,"height":12}},{"id":"0ffdff70-bf79-489a-8fdb-489f9ae69ed7","block_type":"box","text":"(1977)","page_number":85,"box":{"x":89,"y":756,"width":45,"height":12}},{"id":"b0e878a1-bf52-451a-8947-cbdf8184367a","block_type":"box","text":"Executive Vice","page_number":85,"box":{"x":397,"y":741,"width":99,"height":9}},{"id":"0587710f-5052-424c-93e3-c54d7a3eaf25","block_type":"box","text":"President (since","page_number":85,"box":{"x":397,"y":756,"width":111,"height":12}},{"id":"0522bfb8-4fd1-4497-aaa0-473f5dc01710","block_type":"box","text":"2025).","page_number":85,"box":{"x":397,"y":771,"width":43,"height":12}},{"id":"d1662fa0-981a-4107-933a-a5aa93a1622b","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":85,"box":{"x":705,"y":741,"width":258,"height":12}},{"id":"4ce6a59a-c893-4411-8b42-a85d9ccd8230","block_type":"box","text":"(since 2016); Head of U.S. iShares","page_number":85,"box":{"x":705,"y":756,"width":234,"height":12}},{"id":"5ea5aa8c-bf23-43e2-b87f-79137b123892","block_type":"box","text":"(since 2024); Co-Head of Distribution","page_number":85,"box":{"x":705,"y":771,"width":261,"height":12}},{"id":"592d97dd-b2aa-48fa-bce9-4ef2332b0add","block_type":"box","text":"for U.S. Wealth Advisory (2023-2024);","page_number":85,"box":{"x":704,"y":786,"width":264,"height":12}},{"id":"ba28085d-3972-4489-9814-1ea0e1d6fdee","block_type":"box","text":"National Sales Manager, Wirehouse","page_number":85,"box":{"x":705,"y":801,"width":247,"height":12}},{"id":"1a78c619-9c3f-431a-a23f-acb439b0c258","block_type":"box","text":"Channel (2020-2023).","page_number":85,"box":{"x":705,"y":816,"width":151,"height":13}},{"id":"73d13173-98e1-4554-905c-2e1ed2f45120","block_type":"box","text":"64","page_number":85,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d47dd487-6e1f-44a2-867d-596ba42d1ae1","block_type":"box","text":"Name (Year of Birth) Position","page_number":86,"box":{"x":103,"y":55,"width":389,"height":9}},{"id":"2f7a2d4d-5b6b-4748-bdf9-c82da633c8b1","block_type":"box","text":"Principal Occupation(s)","page_number":86,"box":{"x":769,"y":45,"width":135,"height":9}},{"id":"cf235785-2c35-4eb9-8d4c-8c4a84379e28","block_type":"box","text":"During the Past 5 Years","page_number":86,"box":{"x":770,"y":55,"width":133,"height":9}},{"id":"7ff5da7a-9f77-468d-9686-8434a87d7665","block_type":"box","text":"Daniel Prince","page_number":86,"box":{"x":89,"y":77,"width":91,"height":9}},{"id":"53b40891-9538-4b98-a084-e46a949d4810","block_type":"box","text":"(1981)","page_number":86,"box":{"x":89,"y":92,"width":44,"height":12}},{"id":"3ebf864a-a157-49e9-b283-cbc441c25e53","block_type":"box","text":"Executive Vice","page_number":86,"box":{"x":397,"y":77,"width":99,"height":9}},{"id":"f5fa79ab-2ece-45b3-bf28-2e1151aeafe6","block_type":"box","text":"President (since","page_number":86,"box":{"x":397,"y":92,"width":111,"height":12}},{"id":"69aa96b2-0e8c-4dc8-b7d0-cb200ae8015e","block_type":"box","text":"2025).","page_number":86,"box":{"x":397,"y":107,"width":43,"height":12}},{"id":"04468579-2a24-4c21-81c2-3a90d9823869","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":86,"box":{"x":705,"y":77,"width":258,"height":12}},{"id":"a2fbabe1-f4be-4817-bb2a-fad25033f300","block_type":"box","text":"(since 2023); Director of BlackRock,","page_number":86,"box":{"x":705,"y":92,"width":249,"height":12}},{"id":"d338924f-6a7c-4da0-963e-6645d2483413","block_type":"box","text":"Inc. (2015-2022); Head of U.S.","page_number":86,"box":{"x":706,"y":107,"width":207,"height":12}},{"id":"bef3dbc0-e2f2-4eb3-b2b7-b6402d01cc74","block_type":"box","text":"iShares Product (since 2025); Head","page_number":86,"box":{"x":705,"y":122,"width":245,"height":12}},{"id":"d538679f-794a-4193-9e82-2497717cb621","block_type":"box","text":"of iShares Product Consulting","page_number":86,"box":{"x":705,"y":137,"width":207,"height":12}},{"id":"cf1cfb8d-80d6-424c-95ed-6f25748e33b6","block_type":"box","text":"(2015-2025).","page_number":86,"box":{"x":705,"y":152,"width":89,"height":13}},{"id":"95378d0d-49cf-4414-b52d-cba9f8cde11b","block_type":"box","text":"The Board has concluded that, based on each Director’s experience, qualifications, attributes or skills on an individual basis","page_number":86,"box":{"x":88,"y":185,"width":861,"height":12}},{"id":"821eec5b-916b-4bfb-8dc5-e2130edf5c8d","block_type":"box","text":"and in combination with those of the other Directors, each Director should serve as a Director of the Board. Among the","page_number":86,"box":{"x":89,"y":200,"width":833,"height":12}},{"id":"5533328a-fcbb-4357-ae4d-5f3e0b8b9c1d","block_type":"box","text":"attributes common to all Directors are their ability to review critically, evaluate, question and discuss information provided to","page_number":86,"box":{"x":89,"y":215,"width":871,"height":13}},{"id":"e4f54e50-9629-43e1-b921-291ce4981d5d","block_type":"box","text":"them, to interact effectively with the Funds’ investment adviser, other service providers, counsel and the independent","page_number":86,"box":{"x":88,"y":230,"width":819,"height":13}},{"id":"33ccba08-d259-49ae-ac81-253f9371edfb","block_type":"box","text":"registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Directors.","page_number":86,"box":{"x":89,"y":245,"width":876,"height":13}},{"id":"f1ee2a94-7f6b-48d8-9d29-8c21db19f7eb","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":86,"box":{"x":88,"y":261,"width":816,"height":12}},{"id":"22abd497-160b-4a35-9f0e-1f272ecb2963","block_type":"box","text":"background or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":86,"box":{"x":89,"y":276,"width":869,"height":12}},{"id":"5d3c3f6c-dcfb-410f-8d57-5a2c14dd808b","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":86,"box":{"x":89,"y":291,"width":834,"height":12}},{"id":"c27eeb9a-5ecd-4063-b820-57f7086bec90","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":86,"box":{"x":89,"y":306,"width":863,"height":12}},{"id":"39b93a1d-30a4-445c-994e-96cc12449aa9","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":86,"box":{"x":89,"y":321,"width":876,"height":12}},{"id":"271129e7-967e-4456-8355-54b893637850","block_type":"box","text":"or she should serve (or continue to serve) as a Director.","page_number":86,"box":{"x":89,"y":336,"width":386,"height":13}},{"id":"7bf9aa22-ef70-467a-8d04-c76773d4704f","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":86,"box":{"x":89,"y":363,"width":841,"height":12}},{"id":"06c9d209-c3ed-4b77-b3cd-72fa3221b2bd","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":86,"box":{"x":89,"y":378,"width":872,"height":12}},{"id":"4fedd135-163f-4924-b871-0fe203d9b5c5","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":86,"box":{"x":89,"y":393,"width":877,"height":12}},{"id":"9d45aa44-8634-4af1-90a4-9377e3b0570e","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":86,"box":{"x":89,"y":408,"width":855,"height":12}},{"id":"28baaa46-4ca7-490a-a04a-23f331a0338f","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":86,"box":{"x":88,"y":423,"width":880,"height":12}},{"id":"3f77d8bb-6a17-4c00-82a1-28be04eade28","block_type":"box","text":"of BlackRock’s key operating units, including Investment Strategies, Client Businesses, Technology & Operations, and Risk &","page_number":86,"box":{"x":89,"y":438,"width":865,"height":13}},{"id":"6da50042-5596-4f1d-90a3-2bee71dcfa40","block_type":"box","text":"Quantitative Analysis. Prior to assuming his current responsibilities in 2007, Mr. Kapito served as Vice Chairman of BlackRock,","page_number":86,"box":{"x":89,"y":453,"width":876,"height":13}},{"id":"e697cf40-714e-46f4-8adc-073bb4922f57","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":86,"box":{"x":89,"y":468,"width":823,"height":13}},{"id":"795d35db-3d48-4b17-9fea-2ff8a2fc997c","block_type":"box","text":"management within BlackRock, including the Fixed Income, Equity, Liquidity, and Alternative Investment Groups. Mr. Kapito","page_number":86,"box":{"x":89,"y":484,"width":864,"height":12}},{"id":"36dff4e5-b00c-4d2f-aa7b-c90e9a656f11","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":86,"box":{"x":89,"y":499,"width":841,"height":12}},{"id":"802d9934-7b4d-46c6-b96e-2b48a7dd17a0","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":86,"box":{"x":89,"y":514,"width":853,"height":12}},{"id":"aaf072f2-3b6a-4f0d-a9ed-e9d6fb44b067","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":86,"box":{"x":89,"y":529,"width":876,"height":12}},{"id":"fb89f868-9ffc-4662-bcb8-8526eda48f68","block_type":"box","text":"MBA degree from Harvard Business School in 1983.","page_number":86,"box":{"x":89,"y":544,"width":360,"height":12}},{"id":"eaeac42a-e580-4b6e-8d34-fb5dbf4ed605","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":86,"box":{"x":88,"y":570,"width":879,"height":13}},{"id":"f7ace49a-abe1-4ae5-be18-c18a3d8c6840","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":86,"box":{"x":88,"y":586,"width":865,"height":12}},{"id":"cafdd6d6-a3ac-4cf5-bfc5-30045e4c8809","block_type":"box","text":"(UK) Limited, Director of BlackRock International Limited, and Director of BlackRock Group Limited since 2021. Mr. Cohen,","page_number":86,"box":{"x":89,"y":601,"width":854,"height":12}},{"id":"35e37bef-bdcb-4d57-8f6c-ce96ae0893bf","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":86,"box":{"x":88,"y":616,"width":869,"height":12}},{"id":"0d063482-d592-4231-8778-88c1ce839ade","block_type":"box","text":"is responsible for the business strategy, innovation and commercialization of BlackRock’s full investment product platform,","page_number":86,"box":{"x":89,"y":631,"width":856,"height":12}},{"id":"b7b713ea-f053-43cc-b335-eeb6100ead93","block_type":"box","text":"aligning product strategies with client needs and market trends, and unlocking new growth opportunities across iShares,","page_number":86,"box":{"x":89,"y":646,"width":846,"height":12}},{"id":"ae3a5e39-d907-4571-94ea-fade9ea8f033","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":86,"box":{"x":88,"y":661,"width":830,"height":13}},{"id":"faabf96f-306f-415a-a0e2-73f12cb1799f","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":86,"box":{"x":89,"y":676,"width":866,"height":13}},{"id":"8b929427-06cf-48ca-8c73-99a91c0825e3","block_type":"box","text":"businesses in EMEA, overseeing BlackRock’s relationships with wealth management firms and platforms, the development","page_number":86,"box":{"x":89,"y":691,"width":857,"height":13}},{"id":"2068af3b-5640-4040-aa32-ffe51be0be51","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":86,"box":{"x":89,"y":707,"width":861,"height":12}},{"id":"44f81bbf-5d1d-4178-a630-002618184266","block_type":"box","text":"Having joined BlackRock in 2011, Mr. Cohen initially served as the Chief Investment Strategist for International Fixed Income","page_number":86,"box":{"x":89,"y":722,"width":865,"height":12}},{"id":"709cb00b-641a-4acf-ad0e-d768649871b3","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":86,"box":{"x":89,"y":737,"width":861,"height":12}},{"id":"166d233f-9527-4a56-9f7d-26af819c1007","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":86,"box":{"x":89,"y":752,"width":845,"height":12}},{"id":"b478c229-8b1a-430d-8298-68ea371bc274","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":86,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"711ce24d-6b3f-4203-ba10-28987ddde3d9","block_type":"box","text":"from the University of Southampton, and holds certifications as a SFA Futures and Options Representative, a SFA Securities","page_number":86,"box":{"x":88,"y":782,"width":862,"height":12}},{"id":"0b224dda-47fc-4603-9a6d-c34bdc4c0d7a","block_type":"box","text":"Registered Representative, and an IFPR Material Risk Taker.","page_number":86,"box":{"x":89,"y":797,"width":410,"height":13}},{"id":"77880251-d429-4919-bbc9-a02e4cabb7e1","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":86,"box":{"x":88,"y":824,"width":863,"height":12}},{"id":"fbec41a7-73c8-4cb5-8268-20842b49b068","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":86,"box":{"x":89,"y":839,"width":850,"height":12}},{"id":"92d082a4-2f5c-4a98-80d2-10810ed859b1","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":86,"box":{"x":89,"y":854,"width":868,"height":12}},{"id":"26b2aec8-2441-4d7b-a114-c25842d3effd","block_type":"box","text":"65","page_number":86,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a07678bb-1715-42c9-8489-2c2db7fdeaba","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":87,"box":{"x":89,"y":44,"width":848,"height":12}},{"id":"c048e94a-8598-400a-a267-337b439f290a","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":87,"box":{"x":89,"y":59,"width":842,"height":12}},{"id":"628bb2bd-461c-4bdc-8f68-92159e42460b","block_type":"box","text":"Lynch & Co., including the following responsibilities: Managing Director, Institutional Client Division, Western United States.","page_number":87,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"75dd987a-7c3c-4cce-a6e6-0129f80ffd11","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":87,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"aa4378ae-739e-4c6e-9716-c993679682b7","block_type":"box","text":"has a BA degree from Boston College and is a Chartered Financial Analyst Charterholder.","page_number":87,"box":{"x":89,"y":104,"width":618,"height":13}},{"id":"36d5f104-579f-485b-9ecb-1bb399f1689c","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":87,"box":{"x":88,"y":131,"width":873,"height":12}},{"id":"7431b02d-97b7-420f-b813-9b124248ece3","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":87,"box":{"x":89,"y":146,"width":822,"height":10}},{"id":"6ec29bb9-5fc6-4f57-97f9-8002568a8c35","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":87,"box":{"x":88,"y":161,"width":832,"height":12}},{"id":"7c7dde63-f698-4179-9e13-8fc8f5646569","block_type":"box","text":"served as Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head","page_number":87,"box":{"x":89,"y":176,"width":864,"height":13}},{"id":"10b837e8-bbe3-4494-8010-671e024c586d","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":87,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"14d244b1-0721-4a48-abab-a1a071031ec6","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":87,"box":{"x":89,"y":206,"width":872,"height":13}},{"id":"cce66f2e-f8a3-4cc4-9767-c5fdb0b04651","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":87,"box":{"x":89,"y":222,"width":835,"height":12}},{"id":"941f8ec9-7aa1-4d7b-9f83-5b43531f4d5f","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":87,"box":{"x":89,"y":237,"width":869,"height":12}},{"id":"ff57e33d-6d34-44b1-bcef-209ff7c2faa4","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":87,"box":{"x":89,"y":252,"width":852,"height":12}},{"id":"575234d0-17bc-423c-930d-091d98c38f57","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":87,"box":{"x":89,"y":267,"width":865,"height":11}},{"id":"85e11b48-ce40-47cd-89ff-1271ff65ddb0","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":87,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"ce7d8a56-c6ff-43c7-9b98-de102c8276d6","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":87,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"9b8b12de-a43d-4508-875a-edc9cf8f270d","block_type":"box","text":"Astoria Bank. Ms. Carlin was appointed by the United States Treasury to the Financial Services Sector Coordinating Council","page_number":87,"box":{"x":88,"y":312,"width":859,"height":13}},{"id":"dcfce297-c507-4cb1-8741-0b5a958c1a6c","block_type":"box","text":"for Critical Infrastructure Protection and Homeland Security, where she served as Chairperson from 2010 to 2012 and Vice","page_number":87,"box":{"x":88,"y":327,"width":854,"height":13}},{"id":"5125e419-cd8b-481e-a374-37786cf1953d","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":87,"box":{"x":89,"y":342,"width":841,"height":13}},{"id":"4f0f078b-a3ad-4805-a8c7-d188dfcb9c02","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":87,"box":{"x":88,"y":358,"width":713,"height":12}},{"id":"5e4a4d79-7699-4a49-9d06-5466aa1ed834","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":87,"box":{"x":89,"y":384,"width":872,"height":12}},{"id":"df8e8d84-ddb3-4752-bdb3-74420c754d76","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":87,"box":{"x":89,"y":399,"width":817,"height":13}},{"id":"469f0cc6-aff2-4414-b0ab-07178903ec7d","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":87,"box":{"x":89,"y":414,"width":857,"height":13}},{"id":"9ecc9d3e-35ae-4def-9a2b-42beff139856","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":87,"box":{"x":89,"y":429,"width":862,"height":13}},{"id":"b23240dc-44e6-44b6-a23c-1f01d75a013d","block_type":"box","text":"2016, most recently as the U.S. asset management audit practice leader responsible for setting strategic direction and","page_number":87,"box":{"x":89,"y":445,"width":822,"height":12}},{"id":"5b32a5da-8e7a-452f-a879-7bc595eedf05","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":87,"box":{"x":89,"y":460,"width":869,"height":12}},{"id":"084ec286-90d2-4bcf-bf7f-b09afbe882ed","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":87,"box":{"x":89,"y":475,"width":810,"height":12}},{"id":"e08eb709-1470-41bf-81d4-6b99a56dc14f","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":87,"box":{"x":89,"y":490,"width":855,"height":12}},{"id":"8505331e-bf0c-45fb-a900-bd77eec29806","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":87,"box":{"x":89,"y":505,"width":848,"height":12}},{"id":"49ec035f-35a9-457f-a464-ec969096e67b","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":87,"box":{"x":89,"y":520,"width":866,"height":12}},{"id":"3f83b6aa-57cb-4c26-ba24-50c4a38332a3","block_type":"box","text":"since 2021. Mr. Fagnani has a BS degree in Accounting from LaSalle University.","page_number":87,"box":{"x":89,"y":535,"width":548,"height":13}},{"id":"0b96ad8f-8c42-4217-b4ff-1e97c498439a","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":87,"box":{"x":89,"y":562,"width":861,"height":12}},{"id":"992f3b35-3764-4535-a43c-80a87db4850b","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":87,"box":{"x":89,"y":577,"width":873,"height":12}},{"id":"f855b7cb-7b3d-4a98-80a2-c2e51b470af6","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":87,"box":{"x":88,"y":592,"width":859,"height":12}},{"id":"35bf683e-bb56-4e24-b9d4-3a8070f5e48b","block_type":"box","text":"Services, LLC where she led the global fund administration division. Prior to that, she held various roles at Franklin Templeton","page_number":87,"box":{"x":88,"y":607,"width":875,"height":12}},{"id":"fb9d8964-092b-4b05-a685-8968a4598e4d","block_type":"box","text":"since 1993, which included managing financial and regulatory reporting and global fund tax. Ms. Fergerson has been a","page_number":87,"box":{"x":89,"y":622,"width":830,"height":12}},{"id":"e28ec39c-4368-47b7-932f-5be71d3f8ec2","block_type":"box","text":"Director, since 2019, of the Crocker Art Museum Association and was the President, from 2022 to 2023, of the Crocker Art","page_number":87,"box":{"x":89,"y":637,"width":854,"height":12}},{"id":"e474d330-981e-45c9-8e09-60f9b4bf8744","block_type":"box","text":"Museum Foundation. Ms. Fergerson has a BA degree in Economics from the University of California, Berkeley and is a","page_number":87,"box":{"x":89,"y":652,"width":819,"height":13}},{"id":"a36ddb80-4ad9-45ad-b55b-3f1c4040d948","block_type":"box","text":"Certified Public Accountant (inactive) and a member of the American Institute of Certified Public Accountants.","page_number":87,"box":{"x":89,"y":668,"width":774,"height":12}},{"id":"71ea58c1-f64c-4f08-8943-f2965ac5e3de","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":87,"box":{"x":89,"y":694,"width":862,"height":12}},{"id":"1905624f-c754-4300-a0ed-d7434d4728b3","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":87,"box":{"x":89,"y":709,"width":868,"height":12}},{"id":"d69dc37e-81d2-4378-bbc0-6f62a932d970","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":87,"box":{"x":89,"y":724,"width":869,"height":13}},{"id":"aeadd157-ca7e-4508-9b36-1fe7c305dd2c","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":87,"box":{"x":88,"y":739,"width":845,"height":13}},{"id":"8d47bc86-3fda-4354-aab8-6dc31c119ef1","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":87,"box":{"x":89,"y":754,"width":834,"height":12}},{"id":"014d8d67-b229-4c02-9bb9-f35101d45295","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":87,"box":{"x":89,"y":770,"width":830,"height":12}},{"id":"f8414935-7c00-41aa-b74f-0c67d491631a","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":87,"box":{"x":89,"y":785,"width":858,"height":11}},{"id":"f5fab8e8-320c-4036-b8da-af7835a8081a","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":87,"box":{"x":89,"y":800,"width":871,"height":12}},{"id":"b4e9699b-8cd8-4268-b30c-10c5633186d4","block_type":"box","text":"Investment Funds Committee in 2022. She became a member of the Governing Council of the Independent Directors Council","page_number":87,"box":{"x":89,"y":815,"width":875,"height":12}},{"id":"ed48dac2-bff0-4e4d-bb0a-aceb252a4fa9","block_type":"box","text":"in 2018. She served as a Director of the Senior Center of Jackson Hole from 2020 to 2023 and of the Jackson Hole Center for","page_number":87,"box":{"x":89,"y":830,"width":863,"height":11}},{"id":"81b3ed25-2ea2-4d25-849b-62069ac1308d","block_type":"box","text":"the Arts since 2021. She was President of the Board of Catholic Charities CYO, the largest social services agency in the San","page_number":87,"box":{"x":88,"y":845,"width":853,"height":12}},{"id":"2bbb1fe1-b05c-43f2-8aaa-3237763dac32","block_type":"box","text":"Francisco Bay Area, from 2007 to 2011 and a member of that board from 1992 to 2013. From 1973 to 1990 she worked at J.P.","page_number":87,"box":{"x":89,"y":860,"width":872,"height":13}},{"id":"94ad31c8-b1bf-4917-b35c-9e94ae2e5eac","block_type":"box","text":"66","page_number":87,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"0d439bf7-3c83-498b-8db1-73bf534f717d","block_type":"box","text":"Morgan/Morgan Guaranty Trust doing international corporate finance and corporate lending, retiring as Managing Director","page_number":88,"box":{"x":89,"y":44,"width":867,"height":12}},{"id":"b6776b4e-ed0d-4b03-8b2b-18f0547cd617","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":88,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"5da8673d-f533-4607-a914-ccb25fd0aea4","block_type":"box","text":"committees. She holds a double major in economics and communications from Stanford University and an MBA from","page_number":88,"box":{"x":89,"y":74,"width":824,"height":12}},{"id":"d7763333-09fe-4b37-8dd7-7efddfe0f7cd","block_type":"box","text":"Harvard Business School.","page_number":88,"box":{"x":89,"y":89,"width":175,"height":10}},{"id":"cf92c1db-3cbd-4410-a7d7-65f5bf9f07bd","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":88,"box":{"x":88,"y":116,"width":870,"height":12}},{"id":"94ae9ebe-8ee9-48d7-943e-521d3abb3f56","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":88,"box":{"x":89,"y":131,"width":821,"height":11}},{"id":"3e944658-80f5-42a8-be53-d27cb2696bea","block_type":"box","text":"Committee of each Board since 2025. Mr. Lam has over 40 years of experience in corporate governance and risk","page_number":88,"box":{"x":89,"y":146,"width":783,"height":12}},{"id":"7103fc7a-ee9d-43f2-a3cc-eeffd1ea0922","block_type":"box","text":"management as a board director, management consultant, and chief risk officer. He has previously served as a director on","page_number":88,"box":{"x":89,"y":161,"width":851,"height":12}},{"id":"159ca673-3a70-4cbd-baa1-22e45d2dee87","block_type":"box","text":"public, private, and fund boards, including leadership roles as the chair of the risk, audit, and compliance committees. From","page_number":88,"box":{"x":89,"y":176,"width":863,"height":13}},{"id":"e2369ae8-5292-4f8b-a4d2-4f0089c3a00f","block_type":"box","text":"2012 to 2020, Mr. Lam was a Director of E*TRADE Financial and E*TRADE Bank, where he served as Risk Oversight","page_number":88,"box":{"x":89,"y":191,"width":803,"height":13}},{"id":"c43a399e-acb2-403e-97df-3781f2c1a2cf","block_type":"box","text":"Committee Chair and Audit Committee Member. Mr. Lam has been President of James Lam & Associates, Inc., a risk","page_number":88,"box":{"x":89,"y":206,"width":810,"height":12}},{"id":"b5ed242a-05d4-49de-b1c9-fa29de5fdb09","block_type":"box","text":"management consulting firm serving global clients across all major industry sectors, since 2002. Previously, Mr. Lam served","page_number":88,"box":{"x":89,"y":222,"width":862,"height":12}},{"id":"8408c5d5-e60c-4ef7-9111-a22ebb9c2bb8","block_type":"box","text":"as Founder and President of ERisk, a Partner of Oliver Wyman, and the Chief Risk Officer of Fidelity Investments. Mr. Lam has","page_number":88,"box":{"x":89,"y":237,"width":871,"height":12}},{"id":"4dfd00c2-a169-4ffb-85af-b33d363fe174","block_type":"box","text":"served as a Director of the FAIR Institute, a not-for-profit organization dedicated to advancing the discipline of cyber risk","page_number":88,"box":{"x":89,"y":252,"width":842,"height":12}},{"id":"775b7167-929b-4340-97e5-83d5d30e3db5","block_type":"box","text":"quantification, since 2020. Mr. Lam is the author of “Enterprise Risk Management” and “Implementing Enterprise Risk","page_number":88,"box":{"x":89,"y":267,"width":825,"height":12}},{"id":"8e0f14e4-c1e6-451c-a3e3-4e37adecdec8","block_type":"box","text":"Management,” leading risk management books. He holds the NACD Directorship Certification and the NACD CERT","page_number":88,"box":{"x":89,"y":282,"width":804,"height":12}},{"id":"043c6de2-44a1-46bd-82e2-395b00894fda","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":88,"box":{"x":89,"y":297,"width":853,"height":12}},{"id":"30c39b14-d122-4c6d-bfd3-dab0269f6fae","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":88,"box":{"x":89,"y":312,"width":833,"height":13}},{"id":"80738bdd-cac1-4e91-949c-4cea2e340105","block_type":"box","text":"College and an MBA from the University of California, Los Angeles.","page_number":88,"box":{"x":89,"y":327,"width":465,"height":13}},{"id":"1f2e5ddf-a99d-4882-9679-c68b4d41c43e","block_type":"box","text":"Drew E. Lawton has been a Director of the Company since 2017 and Chair of the Fixed Income Plus Committee of the","page_number":88,"box":{"x":89,"y":354,"width":820,"height":12}},{"id":"7bb10728-06f5-42ac-bb44-0d4bbb52b93a","block_type":"box","text":"Company since 2025. Mr. Lawton has also served as a Trustee of iShares Trust, a Trustee of iShares U.S. ETF Trust, and Chair","page_number":88,"box":{"x":89,"y":369,"width":868,"height":12}},{"id":"04268c5a-e746-4130-930b-4fe11ab2cc6d","block_type":"box","text":"of the Fixed Income Plus Committee of each Board since 2025. Mr. Lawton also served as an Advisory Board Member of the","page_number":88,"box":{"x":89,"y":384,"width":863,"height":12}},{"id":"aa63b415-9fd1-485c-a182-0bea3455d599","block_type":"box","text":"Company, iShares Trust and iShares U.S. ETF Trust from 2016 to 2017. Mr. Lawton served as Director of Principal Funds, Inc.,","page_number":88,"box":{"x":89,"y":399,"width":865,"height":13}},{"id":"e094b9af-72a5-433c-be21-011bff0f7536","block_type":"box","text":"Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds from March 2016 to October 2016. Mr. Lawton","page_number":88,"box":{"x":89,"y":414,"width":872,"height":13}},{"id":"812210aa-cc7d-491e-af29-54077f01b210","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":88,"box":{"x":89,"y":429,"width":860,"height":13}},{"id":"7deec58b-f456-4768-8190-e7a7a1dce3d8","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":88,"box":{"x":89,"y":445,"width":874,"height":12}},{"id":"6caf0a20-0de9-40de-831f-e4dda98f3724","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":88,"box":{"x":89,"y":460,"width":855,"height":12}},{"id":"0edaed2e-c234-4b52-8471-7fa689f69869","block_type":"box","text":"Lawton was the President of Fridson Investment Advisors, LLC. Mr. Lawton previously held multiple roles at Fidelity","page_number":88,"box":{"x":89,"y":475,"width":804,"height":12}},{"id":"f52fe85c-408b-4edd-adcf-ba0534976ba2","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":88,"box":{"x":89,"y":490,"width":859,"height":12}},{"id":"e23355fa-b8af-49de-a3dc-9f0f32bc3ca0","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":88,"box":{"x":89,"y":505,"width":806,"height":12}},{"id":"53db121b-4866-4e20-95f4-dd6d9cd6dc41","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":88,"box":{"x":88,"y":531,"width":847,"height":13}},{"id":"04c99638-5197-4c85-b9fd-470c76794b32","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":88,"box":{"x":89,"y":547,"width":849,"height":11}},{"id":"24952ce0-9a95-4d3c-b7c5-59417d5013df","block_type":"box","text":"2011, and Chair of the Equity Plus Committee of each Board since 2025. Mr. Martinez served as a Director of iShares MSCI","page_number":88,"box":{"x":89,"y":562,"width":849,"height":12}},{"id":"e808e95a-b975-40fa-b2be-f2a6baca1bf8","block_type":"box","text":"Russia Capped ETF, Inc. from 2010 to 2015. Mr. Martinez is a Director of Real Estate Equity Exchange, Inc., providing","page_number":88,"box":{"x":89,"y":577,"width":806,"height":12}},{"id":"dca819ac-45fc-4710-b587-2df6c1a64bd0","block_type":"box","text":"governance oversight and consulting services to this privately held firm that develops products and strategies for","page_number":88,"box":{"x":89,"y":592,"width":790,"height":12}},{"id":"384fe269-5f01-4fcc-95f4-b2261c27e104","block_type":"box","text":"homeowners in managing the equity in their homes. From 2017 to 2020, Mr. Martinez served as a Board member for the","page_number":88,"box":{"x":89,"y":607,"width":840,"height":12}},{"id":"a7bc7ce9-3df8-4427-994e-dbfa3ea52c74","block_type":"box","text":"Cloudera Foundation. Mr. Martinez previously served as Director of Barclays Global Investors (“BGI”) UK Holdings, where he","page_number":88,"box":{"x":89,"y":622,"width":863,"height":12}},{"id":"a7ae7792-ba12-4abe-9f1b-8d9d0c2874f7","block_type":"box","text":"provided governance oversight representing BGI’s shareholders (Barclays PLC, BGI management shareholders) through","page_number":88,"box":{"x":89,"y":637,"width":833,"height":13}},{"id":"db4e7ba2-9a06-46a5-8f55-a243b7c818dd","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":88,"box":{"x":89,"y":652,"width":863,"height":13}},{"id":"7636e8ba-6d4a-46b6-ba6d-19af198f7067","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":88,"box":{"x":89,"y":668,"width":860,"height":12}},{"id":"154fe99c-63fe-408f-81fd-bb2a29feb276","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":88,"box":{"x":89,"y":683,"width":858,"height":12}},{"id":"7cd806bb-f0d8-4921-938a-6c1a271097f2","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":88,"box":{"x":89,"y":698,"width":865,"height":12}},{"id":"d8704f29-98ad-4d57-b8f4-dc7f8763aea1","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":88,"box":{"x":89,"y":713,"width":867,"height":12}},{"id":"76237d88-fa35-4bb2-bd78-0540cea24356","block_type":"box","text":"and statistics from The University of Chicago Booth School of Business.","page_number":88,"box":{"x":89,"y":728,"width":498,"height":12}},{"id":"768d0425-a817-46a3-ba47-adf2d1cd3cb0","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":88,"box":{"x":89,"y":754,"width":876,"height":13}},{"id":"058e0782-47db-4459-bed2-1acd722b865c","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":88,"box":{"x":88,"y":770,"width":874,"height":12}},{"id":"422b6b2c-e509-4757-96f4-a16396cb8ac2","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":88,"box":{"x":89,"y":785,"width":857,"height":12}},{"id":"f8463b39-3a45-4274-a6de-6b7583d9bb09","block_type":"box","text":"iShares MSCI Russia Capped ETF, Inc. from 2011 to 2015. Mr. Rajan is the Dean and George Pratt Shultz Professor of","page_number":88,"box":{"x":89,"y":800,"width":810,"height":12}},{"id":"2050b010-ba5b-4daa-a796-49e9cc26e349","block_type":"box","text":"Accounting at the University of Chicago Booth School of Business and also serves as Chair of the Board for the Center for","page_number":88,"box":{"x":88,"y":815,"width":848,"height":12}},{"id":"c035405b-81aa-449a-afff-8a54f6b87f34","block_type":"box","text":"Research in Security Prices, LLC, an affiliate of the University of Chicago Booth School of Business, since 2020. He has served","page_number":88,"box":{"x":89,"y":830,"width":869,"height":12}},{"id":"3dd6ea15-38d8-4719-9956-960d81b4bed5","block_type":"box","text":"on the Advisory Board of C.M. Capital Corporation since 2016 and as a Director of C.M. Capital Corporation since 2020. Mr.","page_number":88,"box":{"x":89,"y":845,"width":857,"height":12}},{"id":"b8200c97-a7de-4444-b623-aa1967b60fb3","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":88,"box":{"x":89,"y":860,"width":864,"height":13}},{"id":"84591a65-531c-4e60-8a95-57efe3738974","block_type":"box","text":"67","page_number":88,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"31642d07-3166-4cc1-834f-935aa1724b55","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":89,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"da688333-408d-4307-a0b1-e8c5a7c63eb2","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":89,"box":{"x":88,"y":59,"width":850,"height":12}},{"id":"b55b42f2-bf73-4a8b-b58b-9ff946eca267","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":89,"box":{"x":89,"y":74,"width":833,"height":12}},{"id":"9ecebc6f-5963-43e2-8b8f-0854e4a7d092","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":89,"box":{"x":88,"y":89,"width":867,"height":13}},{"id":"deef3851-edad-4b75-b793-74833c82911a","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":89,"box":{"x":89,"y":104,"width":842,"height":13}},{"id":"69fa2552-0699-4619-9aca-85cbb8fa6eb2","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":89,"box":{"x":89,"y":119,"width":798,"height":13}},{"id":"03dd9e36-5445-4c18-a36b-f3336127e4bd","block_type":"box","text":"semiconductor company. Mr. Rajan holds MS and PhD degrees in Accounting from Carnegie Mellon University.","page_number":89,"box":{"x":89,"y":135,"width":775,"height":12}},{"id":"c3254261-94ef-41d9-9882-554a9b3cfc75","block_type":"box","text":"Board – Leadership Structure and Oversight Responsibilities","page_number":89,"box":{"x":89,"y":161,"width":417,"height":12}},{"id":"1e130c59-b6e9-4d20-bfe0-b762f429df96","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":89,"box":{"x":89,"y":188,"width":867,"height":12}},{"id":"fda8fed9-649f-4afc-8db5-3640f1644492","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":89,"box":{"x":89,"y":203,"width":855,"height":12}},{"id":"eb901f07-4043-4605-a381-b52df68abd7a","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":89,"box":{"x":89,"y":218,"width":878,"height":12}},{"id":"6f19457a-98ed-440b-b5f6-aed02f8c6359","block_type":"box","text":"Board is currently composed of eleven members, nine of whom are Independent Directors. The Board currently conducts","page_number":89,"box":{"x":89,"y":233,"width":846,"height":12}},{"id":"fae7642c-9782-4cfe-9110-b7a9e539e6e9","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":89,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"c5822c71-cbf3-421f-91be-62cf40fccea6","block_type":"box","text":"or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The","page_number":89,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"a5c13692-9d27-4e38-8fec-967460bf6aa5","block_type":"box","text":"Independent Directors meet regularly outside the presence of management, in executive session or with other service","page_number":89,"box":{"x":89,"y":278,"width":824,"height":13}},{"id":"653ef4dc-cd54-439b-8298-3885677a0774","block_type":"box","text":"providers to the Company.","page_number":89,"box":{"x":89,"y":293,"width":183,"height":13}},{"id":"8dd3c7c1-7a12-44a3-ba2f-9aed2059fdb0","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":89,"box":{"x":88,"y":320,"width":876,"height":12}},{"id":"5e524c84-a488-4e9a-978a-9e835f979adf","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":89,"box":{"x":89,"y":335,"width":877,"height":12}},{"id":"ecccfa89-df7f-48c7-8c54-ed2a14468da8","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":89,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"4411f09a-f91c-4993-9e90-6513c36f30bd","block_type":"box","text":"Board has established seven standing Committees: a Nominating and Governance Committee, an Audit Committee, a 15(c)","page_number":89,"box":{"x":89,"y":365,"width":863,"height":12}},{"id":"486c69f7-61f3-4afd-a554-fd44cc4fba36","block_type":"box","text":"Committee, a Securities Lending Committee, a Risk Committee, an Equity Plus Committee and a Fixed Income Plus","page_number":89,"box":{"x":89,"y":380,"width":803,"height":13}},{"id":"71544141-996c-4c7f-8976-c9b886d0f9eb","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":89,"box":{"x":89,"y":395,"width":862,"height":13}},{"id":"aba08186-b8ba-42f9-a624-38d20beae7a0","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":89,"box":{"x":88,"y":410,"width":863,"height":13}},{"id":"c2c8aaba-0a0e-4b84-a075-9e551edc9a29","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":89,"box":{"x":88,"y":426,"width":860,"height":12}},{"id":"d1794bc0-4d14-4140-9d5a-afcc8e841ccb","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":89,"box":{"x":89,"y":441,"width":816,"height":12}},{"id":"967c9308-dd45-4444-9461-bc4b1012625a","block_type":"box","text":"providers, officers, attorneys and other Directors between meetings. Each standing Committee meets regularly to conduct","page_number":89,"box":{"x":89,"y":456,"width":855,"height":12}},{"id":"8b9dff70-000d-49b0-b357-cc831c722469","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":89,"box":{"x":88,"y":471,"width":852,"height":12}},{"id":"d550ccaa-0bdc-44bd-9d06-ae717ffe76d4","block_type":"box","text":"standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that","page_number":89,"box":{"x":89,"y":486,"width":862,"height":12}},{"id":"0b823f4a-0db8-43e9-861d-96b5a7a73034","block_type":"box","text":"the Board’s leadership structure is appropriate because it allows the Board to exercise independent judgment over","page_number":89,"box":{"x":88,"y":501,"width":798,"height":13}},{"id":"c8d52cb2-6551-4f27-9432-bedd59ab74c5","block_type":"box","text":"management and it allocates areas of responsibility among committees of Independent Directors and the full Board to","page_number":89,"box":{"x":89,"y":516,"width":828,"height":13}},{"id":"de90aae1-95d4-4fa1-85d5-047e6d8d7fe7","block_type":"box","text":"enhance effective oversight.","page_number":89,"box":{"x":89,"y":531,"width":194,"height":13}},{"id":"bc3a9c43-da26-42ed-88b3-e0c48041bd89","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":89,"box":{"x":89,"y":558,"width":866,"height":12}},{"id":"7283a0b7-599a-4d99-9de0-282ede7c9935","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":89,"box":{"x":88,"y":573,"width":845,"height":12}},{"id":"aac45f33-1387-4791-aaef-f5462f265478","block_type":"box","text":"compliance, operational, reputational, counterparty and valuation risks, among others. While there are a number of risk","page_number":89,"box":{"x":89,"y":588,"width":836,"height":12}},{"id":"bcae3713-441b-4b15-9633-a56d2032fc4d","block_type":"box","text":"management functions performed by BFA and other service providers, as applicable, it is not possible to identify and","page_number":89,"box":{"x":89,"y":603,"width":813,"height":13}},{"id":"9990a593-0847-4b7e-9b5b-799684bb1e0d","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":89,"box":{"x":89,"y":618,"width":865,"height":13}},{"id":"1ccd9cf2-9524-408a-b5e2-24098d37be0d","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":89,"box":{"x":89,"y":633,"width":831,"height":13}},{"id":"f165a61b-de5a-443d-b1ee-35f2a17691f7","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":89,"box":{"x":89,"y":649,"width":824,"height":12}},{"id":"670d0362-a7a9-48a2-9d25-ad853feb1198","block_type":"box","text":"management issues are specifically addressed in presentations and discussions. For example, BFA has an independent","page_number":89,"box":{"x":89,"y":664,"width":828,"height":12}},{"id":"a47b8330-752f-4e30-91b7-d6662fd0fd26","block_type":"box","text":"dedicated Risk and Quantitative Analysis Group (“RQA”) that assists BFA in managing fiduciary and corporate risks, including","page_number":89,"box":{"x":89,"y":679,"width":874,"height":12}},{"id":"f4281854-ab1c-4065-8022-4f68259e0b65","block_type":"box","text":"investment, operational, counterparty credit and enterprise risk. Representatives of RQA meet with the Board to discuss their","page_number":89,"box":{"x":89,"y":694,"width":871,"height":12}},{"id":"1221b510-6654-43b7-97cc-f58b2731ab5b","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":89,"box":{"x":89,"y":709,"width":858,"height":12}},{"id":"d281af8e-de72-469f-b422-65834c828f49","block_type":"box","text":"The Board, directly or through a committee, also reviews reports from, among others, management and the independent","page_number":89,"box":{"x":88,"y":724,"width":848,"height":13}},{"id":"8a25c057-07ef-4c08-a074-523ed8217b55","block_type":"box","text":"registered public accounting firm for the Company, as appropriate, regarding risks faced by each Fund and management’s","page_number":89,"box":{"x":89,"y":739,"width":853,"height":13}},{"id":"60c84a81-1744-40e4-8a9b-cf0ac3a748e2","block_type":"box","text":"risk functions. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the","page_number":89,"box":{"x":89,"y":754,"width":840,"height":13}},{"id":"5c8b0848-f3a3-4fa4-a5e3-0c46ef6625c1","block_type":"box","text":"Company’s compliance program, including assessments by independent third parties, and reports to the Board regarding","page_number":89,"box":{"x":89,"y":770,"width":846,"height":12}},{"id":"7462b3c0-4141-4ca6-9199-c6c347ac1089","block_type":"box","text":"compliance matters for the Company and its principal service providers. In testing and maintaining the compliance program,","page_number":89,"box":{"x":89,"y":785,"width":871,"height":12}},{"id":"28a51ffb-e26c-4a84-9263-379f65c34c17","block_type":"box","text":"the Chief Compliance Officer (and his or her delegates) assesses key compliance risks affecting each Fund, and addresses","page_number":89,"box":{"x":88,"y":800,"width":852,"height":12}},{"id":"d0dc80eb-8b3f-45ac-b307-70eedcc609cf","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":89,"box":{"x":88,"y":815,"width":861,"height":12}},{"id":"a84a3962-7fa1-4301-ada8-f4d4345df43b","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":89,"box":{"x":89,"y":830,"width":860,"height":12}},{"id":"d8cf20dc-0467-47c9-8a9f-58fd5d0020fa","block_type":"box","text":"results. Board oversight of risk is also performed as needed between meetings through communications between BFA and","page_number":89,"box":{"x":89,"y":845,"width":855,"height":12}},{"id":"56b032e5-8146-4b7b-8b7d-5f274c8fa5bb","block_type":"box","text":"the Board. The Independent Directors have engaged independent legal counsel to assist them in performing their oversight","page_number":89,"box":{"x":88,"y":860,"width":863,"height":13}},{"id":"38872d7c-b8af-4822-99cc-93c4d03b54d7","block_type":"box","text":"68","page_number":89,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"33438bd3-7ff6-4f44-bf81-cec76d4cd689","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":90,"box":{"x":89,"y":44,"width":821,"height":12}},{"id":"c9fe4809-7487-4586-893d-d2df83e6a9e3","block_type":"box","text":"oversight role does not make it a guarantor of the Funds’ investment performance or other activities.","page_number":90,"box":{"x":89,"y":59,"width":704,"height":12}},{"id":"9cb28ae2-c80e-47c6-bc96-7319225573a4","block_type":"box","text":"Committees of the Board of Directors.","page_number":90,"box":{"x":89,"y":85,"width":273,"height":10}},{"id":"ee254fff-c733-4e3d-91ea-baa941f42d46","block_type":"box","text":"The members of the Audit Committee are Laura F. Fergerson (Chair), Richard L.","page_number":90,"box":{"x":370,"y":85,"width":556,"height":13}},{"id":"6e768695-846a-4058-ae2f-4b8d66631072","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":90,"box":{"x":89,"y":101,"width":825,"height":12}},{"id":"7e3995f2-3fc6-418e-9e47-07541ba4c7d3","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":90,"box":{"x":89,"y":116,"width":834,"height":12}},{"id":"cdeca72e-848d-43e1-9909-800702f0a89e","block_type":"box","text":"accounting and financial reporting principles and policies and related controls and procedures maintained by or on behalf of","page_number":90,"box":{"x":89,"y":131,"width":871,"height":12}},{"id":"fb2a38a2-8b39-43f5-848f-455236e75aaf","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":90,"box":{"x":88,"y":146,"width":864,"height":12}},{"id":"b6a10f8d-048e-4acf-8d6f-f40438168107","block_type":"box","text":"evaluating and, where deemed appropriate, replacing the independent accountants (or nominating the independent","page_number":90,"box":{"x":89,"y":161,"width":814,"height":12}},{"id":"b4cc7022-887d-467a-997a-d4d438d1c332","block_type":"box","text":"accountants to be proposed for shareholder approval in any proxy statement); (iv) in evaluating the independence of the","page_number":90,"box":{"x":89,"y":176,"width":843,"height":13}},{"id":"47062542-c890-4bf8-98e1-e12614070074","block_type":"box","text":"independent accountants; (v) in complying with legal and regulatory requirements that relate to the Company’s accounting","page_number":90,"box":{"x":89,"y":191,"width":864,"height":13}},{"id":"d9b68626-226a-4517-9604-383da97920fa","block_type":"box","text":"and financial reporting, internal controls, compliance controls and independent audits; and (vi) to assume such other","page_number":90,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"913f1040-a3f6-4bc4-80e7-6163b8074a63","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":90,"box":{"x":89,"y":222,"width":860,"height":12}},{"id":"5b507f68-59bb-4e8e-ad51-be8f1c7be4cf","block_type":"box","text":"31, 2025.","page_number":90,"box":{"x":89,"y":237,"width":61,"height":11}},{"id":"528c32fb-88f3-4183-ae64-6f8974593d13","block_type":"box","text":"The members of the Nominating and Governance Committee are Madhav V. Rajan (Chair), Richard L. Fagnani, Laura F.","page_number":90,"box":{"x":88,"y":263,"width":830,"height":12}},{"id":"49bc6015-440f-49ca-911f-50f87ccd9223","block_type":"box","text":"Fergerson, and Cecilia H. Herbert, each of whom is an Independent Director. The Nominating and Governance Committee","page_number":90,"box":{"x":89,"y":278,"width":851,"height":13}},{"id":"57dd315e-705e-4a4d-950e-51a2e6a13ee7","block_type":"box","text":"nominates individuals for Independent Director membership on the Board and recommends appointments to the Advisory","page_number":90,"box":{"x":89,"y":293,"width":859,"height":13}},{"id":"bbb49930-a114-44ac-9692-d63218c2e1c9","block_type":"box","text":"Board. The Nominating and Governance Committee functions include, but are not limited to, the following: (i) reviewing the","page_number":90,"box":{"x":89,"y":308,"width":866,"height":13}},{"id":"cec59831-a525-41ad-9ea3-027094ca8196","block_type":"box","text":"qualifications of any person properly identified or nominated to serve as an Independent Director; (ii) recommending to the","page_number":90,"box":{"x":89,"y":324,"width":863,"height":12}},{"id":"0634949c-d1cd-4e55-9e03-a7e9df14ab9d","block_type":"box","text":"Board and current Independent Directors the nominee(s) for appointment as an Independent Director by the Board and","page_number":90,"box":{"x":89,"y":339,"width":836,"height":12}},{"id":"6562d2ce-637b-49e0-9979-fee8c7cfad25","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":90,"box":{"x":89,"y":354,"width":870,"height":12}},{"id":"5d0e8b5c-e2c8-4036-a98d-3fb2b2e5658b","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":90,"box":{"x":89,"y":369,"width":848,"height":12}},{"id":"0a89f6ee-0cd1-4d96-bdf7-143184330946","block_type":"box","text":"composition of the Board and Board committees and whether they comply with applicable laws and regulations; (iv)","page_number":90,"box":{"x":89,"y":384,"width":814,"height":12}},{"id":"98a7e9d0-bf90-4750-9da6-27660edaa2aa","block_type":"box","text":"recommending a current Independent Director to the Board and current Independent Directors to serve as Board Chair; (v)","page_number":90,"box":{"x":89,"y":399,"width":858,"height":13}},{"id":"898dd85a-eaa7-4bb3-9191-f6ffd14d0c94","block_type":"box","text":"periodic review of the Board’s retirement policy; and (vi) recommending an appropriate level of compensation for the","page_number":90,"box":{"x":89,"y":414,"width":820,"height":13}},{"id":"f197cd9e-335f-49ce-b472-c47a20fa8cb3","block_type":"box","text":"Independent Directors for their services as Directors, members or chairpersons of committees of the Board, Board Chair and","page_number":90,"box":{"x":89,"y":429,"width":868,"height":13}},{"id":"dfa5c678-be4e-4d49-b472-d899f9f2ff1f","block_type":"box","text":"any other positions as the Nominating and Governance Committee considers appropriate. The Nominating and Governance","page_number":90,"box":{"x":89,"y":445,"width":867,"height":12}},{"id":"17527216-962a-4f83-bfb0-6ab0e2c5b7bf","block_type":"box","text":"Committee does not consider Board nominations recommended by shareholders (acting solely in their capacity as a","page_number":90,"box":{"x":89,"y":460,"width":812,"height":12}},{"id":"f1db8916-6677-4bd3-ab25-e4edd755db2f","block_type":"box","text":"shareholder and not in any other capacity). The Nominating and Governance Committee met three times during the fiscal","page_number":90,"box":{"x":89,"y":475,"width":852,"height":12}},{"id":"e6b62046-7c8b-4a06-9368-4e74410ed25e","block_type":"box","text":"year ended August 31, 2025.","page_number":90,"box":{"x":88,"y":490,"width":199,"height":12}},{"id":"91a46a74-3ad4-494f-8690-617ce334e0b6","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":90,"box":{"x":89,"y":516,"width":835,"height":13}},{"id":"5f0fb078-ffb6-4a5e-b800-cc13bc28221a","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":90,"box":{"x":89,"y":531,"width":865,"height":13}},{"id":"6704f6d8-1f32-4397-ac8e-d968ce40e555","block_type":"box","text":"the annual review and renewal of the Company’s advisory and sub-advisory agreements. These responsibilities include: (i)","page_number":90,"box":{"x":88,"y":547,"width":854,"height":12}},{"id":"1e3d30a4-c198-4c6a-beff-c76d67baa38a","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":90,"box":{"x":89,"y":562,"width":795,"height":12}},{"id":"fa7666ca-828e-4884-a005-13e310310bfe","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":90,"box":{"x":89,"y":577,"width":859,"height":12}},{"id":"4bc3d570-1a82-4fd5-815a-2be0f58fd42f","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":90,"box":{"x":88,"y":592,"width":878,"height":12}},{"id":"c789262b-d1b0-41be-bb62-b6d290a75bc5","block_type":"box","text":"information as may be necessary and appropriate for the Board to evaluate the investment advisory and sub-advisory","page_number":90,"box":{"x":89,"y":607,"width":822,"height":12}},{"id":"99361d34-a2e4-4bcc-9e51-781aa7d94a22","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":90,"box":{"x":89,"y":622,"width":782,"height":12}},{"id":"8f923717-f9af-48d7-9e10-8ad0d08c3b1b","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":90,"box":{"x":88,"y":649,"width":837,"height":12}},{"id":"4abec667-cd68-4212-8fa4-2461cfaddeeb","block_type":"box","text":"Martinez, each of whom is an Independent Director. The principal responsibilities of the Securities Lending Committee are to","page_number":90,"box":{"x":89,"y":664,"width":871,"height":12}},{"id":"a79e33a1-6e94-4f53-a8f9-a78ac775155f","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":90,"box":{"x":89,"y":679,"width":871,"height":12}},{"id":"b9f3b08c-b60b-4510-9a78-a7d591c1063d","block_type":"box","text":"These responsibilities include: (i) requesting that certain information be provided to the Committee for its review and","page_number":90,"box":{"x":88,"y":694,"width":819,"height":12}},{"id":"622b0de7-1dac-4f14-b2d4-8f485cfbbd30","block_type":"box","text":"consideration prior to such information being provided to the Board; (ii) considering and discussing with BlackRock, Inc. such","page_number":90,"box":{"x":89,"y":709,"width":877,"height":12}},{"id":"5d7d7c3b-122a-4a93-8117-e1764a0d2c92","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":90,"box":{"x":89,"y":724,"width":829,"height":13}},{"id":"da15ff72-dc8b-482f-91d0-84a4ec64ef27","block_type":"box","text":"lending activities and make required findings and approvals; and (iii) providing a recommendation to the Board regarding the","page_number":90,"box":{"x":89,"y":739,"width":874,"height":13}},{"id":"e3fe5252-c01a-4efb-a187-7d1ecb995460","block_type":"box","text":"annual approval of the Company’s Securities Lending Guidelines and the required findings with respect to, and annual","page_number":90,"box":{"x":89,"y":754,"width":824,"height":13}},{"id":"bd0d8593-c7ff-4c8c-a591-a3b54c58a180","block_type":"box","text":"approval of, the Company’s agreement with the securities lending agent. The Securities Lending Committee met five times","page_number":90,"box":{"x":89,"y":770,"width":856,"height":12}},{"id":"db3a3674-d16c-40ef-9f67-c93923047508","block_type":"box","text":"during the fiscal year ended August 31, 2025.","page_number":90,"box":{"x":89,"y":785,"width":315,"height":12}},{"id":"8d13ea63-bf12-4ef8-a1b2-4ccf88c30fb3","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":90,"box":{"x":88,"y":811,"width":843,"height":12}},{"id":"0627bf18-0ad3-4a9c-8487-f7d9cf1aff59","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":90,"box":{"x":89,"y":826,"width":873,"height":13}},{"id":"12d8f55f-840d-443a-bd0f-096fcdea69ec","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":90,"box":{"x":89,"y":841,"width":834,"height":13}},{"id":"c5473b12-15d9-49cb-b52a-07a4f9577113","block_type":"box","text":"equity funds. These responsibilities include: (i) reviewing quarterly reports regarding Company performance, secondary","page_number":90,"box":{"x":89,"y":856,"width":836,"height":13}},{"id":"6eae2fbb-1355-4477-ae05-6a2047e6db34","block_type":"box","text":"69","page_number":90,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c48c52d1-81ba-416a-8908-00d4eab0e83d","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":91,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"e48ef53c-e9f3-4942-8c3f-2ee2ce05b9f3","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":91,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"18436d0e-f80a-4521-87f6-761f6b3d157c","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":91,"box":{"x":88,"y":74,"width":837,"height":12}},{"id":"41d48101-29f2-40a5-a2bb-d3295d680779","block_type":"box","text":"during the fiscal year ended August 31, 2025.","page_number":91,"box":{"x":89,"y":89,"width":315,"height":13}},{"id":"6074e4d3-b83b-4998-bc97-6ae1527b10a0","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":91,"box":{"x":88,"y":116,"width":880,"height":12}},{"id":"7724fd40-4fcc-4ceb-ba7c-55fa37a0779f","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":91,"box":{"x":88,"y":131,"width":865,"height":12}},{"id":"5c18c424-9789-46cd-a27f-5550d9fc5f1e","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":91,"box":{"x":89,"y":146,"width":873,"height":12}},{"id":"36c7d004-2246-4a31-9ba3-b6ba28ab5a84","block_type":"box","text":"for fixed-income or multi-asset funds. These responsibilities include: (i) reviewing quarterly reports regarding Company","page_number":91,"box":{"x":88,"y":161,"width":836,"height":12}},{"id":"7145c227-09e4-4457-97e3-bb83f99f238e","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":91,"box":{"x":89,"y":176,"width":837,"height":13}},{"id":"75491b1b-2eb3-4137-bdd4-e261cd68edff","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":91,"box":{"x":89,"y":191,"width":826,"height":13}},{"id":"8dfb32d9-54bc-4a81-ac39-75749f82b3e1","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":91,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"fb831422-6f9a-4ccd-95f7-d9e31255b760","block_type":"box","text":"Income Plus Committee met four times during the fiscal year ended August 31, 2025.","page_number":91,"box":{"x":89,"y":222,"width":596,"height":12}},{"id":"bddc372b-78f9-4333-a126-958d4fce9e7e","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":91,"box":{"x":88,"y":248,"width":838,"height":12}},{"id":"4e42bcd9-71cc-4f60-9d89-4aa047d91ebd","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":91,"box":{"x":89,"y":263,"width":837,"height":12}},{"id":"6580bf9b-66a0-4fb0-85a0-245110fd6804","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":91,"box":{"x":89,"y":278,"width":856,"height":13}},{"id":"faad5ca3-e211-4e45-9209-d561f7080d6c","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":91,"box":{"x":88,"y":293,"width":850,"height":13}},{"id":"2579bb89-0b7c-45fb-a379-edb2cb396f87","block_type":"box","text":"Risk Committee met five times during the fiscal year ended August 31, 2025.","page_number":91,"box":{"x":89,"y":308,"width":534,"height":13}},{"id":"e07bfd7c-6433-41db-a636-c8087b8453bf","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":91,"box":{"x":88,"y":335,"width":685,"height":12}},{"id":"e27db2b1-3923-47b3-b10b-15e48c466038","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":91,"box":{"x":88,"y":361,"width":833,"height":13}},{"id":"05e0def9-5e19-44b6-88ea-60d7019a7b94","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":91,"box":{"x":89,"y":376,"width":831,"height":13}},{"id":"8f4395e5-abed-417d-a6e0-51bd00ee9f77","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":91,"box":{"x":89,"y":392,"width":875,"height":12}},{"id":"d585f50b-47de-434c-981b-524c44f1e1a9","block_type":"box","text":"the date indicated above:","page_number":91,"box":{"x":88,"y":407,"width":176,"height":9}},{"id":"7ffe7ae4-4ae1-48eb-9c17-e456ef92a521","block_type":"box","text":"Name Fund","page_number":91,"box":{"x":145,"y":497,"width":302,"height":8}},{"id":"7955fe7d-2e6e-45c1-820b-e5473bddeef8","block_type":"box","text":"Dollar Range of Equity","page_number":91,"box":{"x":647,"y":487,"width":128,"height":10}},{"id":"458254cd-c137-424d-b095-665e22472335","block_type":"box","text":"Securities in Named Fund","page_number":91,"box":{"x":637,"y":497,"width":147,"height":8}},{"id":"44837c0e-6094-4f0c-8655-1da8ee907228","block_type":"box","text":"Aggregate Dollar Range","page_number":91,"box":{"x":821,"y":436,"width":138,"height":10}},{"id":"18656a34-7567-4c21-b6ac-bdb2913d11c4","block_type":"box","text":"of Equity Securities in all","page_number":91,"box":{"x":820,"y":446,"width":140,"height":10}},{"id":"10fe9be4-4f24-4681-998d-e7db0bcdd513","block_type":"box","text":"Registered Investment","page_number":91,"box":{"x":826,"y":457,"width":129,"height":9}},{"id":"be2a661c-6866-4be9-8554-aedb6c2550a6","block_type":"box","text":"Companies Overseen by","page_number":91,"box":{"x":821,"y":467,"width":139,"height":9}},{"id":"cdb3952d-aee0-492a-80dd-935af90434b4","block_type":"box","text":"Director","page_number":91,"box":{"x":867,"y":477,"width":47,"height":7}},{"id":"ceba86e0-8598-463e-b959-c2623dab1dc7","block_type":"box","text":"in Family of","page_number":91,"box":{"x":857,"y":487,"width":67,"height":10}},{"id":"763514b4-b83f-4334-8908-b593dd2ca679","block_type":"box","text":"Investment Companies","page_number":91,"box":{"x":825,"y":497,"width":131,"height":10}},{"id":"8082318b-7c12-446a-88dc-b1b976c70140","block_type":"box","text":"Robert S. 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The annual retainer for services as an Advisory Board Member is the same as the annual","page_number":94,"box":{"x":89,"y":756,"width":866,"height":12}},{"id":"adfdf95b-1a02-4da3-bc79-6f6b382ed133","block_type":"box","text":"retainer for services as a Board member. The Independent Chair of the Board is paid an additional annual retainer of","page_number":94,"box":{"x":89,"y":771,"width":809,"height":12}},{"id":"ca47d1eb-b8aa-412a-b3b3-621d97effcd7","block_type":"box","text":"$125,000. The Chair of each of the Audit Committee, Risk Committee, Equity Plus Committee, Fixed Income Plus Committee,","page_number":94,"box":{"x":89,"y":786,"width":873,"height":12}},{"id":"602c2a57-1fcc-4e35-a075-2e0ecc676bdb","block_type":"box","text":"Securities Lending Committee, Nominating and Governance Committee and 15(c) Committee is paid an additional annual","page_number":94,"box":{"x":88,"y":801,"width":854,"height":12}},{"id":"bd6bb099-7fba-43a1-ba00-ffedc26e60d6","block_type":"box","text":"retainer of $50,000. The Co-Chair of each of the Audit Committee and Risk Committee was paid an additional retainer of","page_number":94,"box":{"x":89,"y":816,"width":846,"height":13}},{"id":"8e98bbfa-d133-4807-83fe-86fcf6e9aea0","block_type":"box","text":"$25,000. 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For","page_number":102,"box":{"x":89,"y":831,"width":878,"height":13}},{"id":"be962294-588f-40f7-b421-67300ef3796c","block_type":"box","text":"example, the sale of a long position or establishment of a short position by a Fund may impair the price of the same security","page_number":102,"box":{"x":89,"y":846,"width":869,"height":13}},{"id":"c3c537eb-1d46-4299-958b-59f6fbec41b3","block_type":"box","text":"sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the purchase of a security or covering of a","page_number":102,"box":{"x":89,"y":862,"width":874,"height":12}},{"id":"8320c167-9516-4992-ba36-0e249f5ae5ff","block_type":"box","text":"81","page_number":102,"box":{"x":521,"y":894,"width":12,"height":9}},{"id":"10ae4fca-1111-4602-9bed-df477656fc64","block_type":"box","text":"short position in a security by a Fund may increase the price of the same security held by (and therefore benefit) BlackRock or","page_number":103,"box":{"x":89,"y":44,"width":879,"height":12}},{"id":"f9a9e9d0-ee95-46d0-a50d-8c31c54f4f78","block_type":"box","text":"its other accounts or funds.","page_number":103,"box":{"x":89,"y":59,"width":191,"height":10}},{"id":"3adee56c-3446-478d-8151-6e7e0c1c941f","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or extend credit","page_number":103,"box":{"x":89,"y":85,"width":875,"height":13}},{"id":"ea97dc6f-e76c-4442-bc15-19e57a7e3a4b","block_type":"box","text":"to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide advice or engage in other","page_number":103,"box":{"x":88,"y":101,"width":854,"height":12}},{"id":"4d98979d-84e2-4260-bab7-4a1d4a599bb1","block_type":"box","text":"activities, or refrain from pursuing rights, providing advice or engaging in other activities, on behalf of other clients with","page_number":103,"box":{"x":89,"y":116,"width":835,"height":12}},{"id":"0768afc7-52c8-4128-822b-96c941acc49d","block_type":"box","text":"respect to an issuer in which a Fund has invested, and such actions (or refraining from action) may have a material adverse","page_number":103,"box":{"x":89,"y":131,"width":861,"height":12}},{"id":"afbe2fbf-6d4a-40af-bedc-3ef58e05b620","block_type":"box","text":"effect on the Fund. In situations in which clients of BlackRock (including the Funds) hold positions in multiple parts of the","page_number":103,"box":{"x":89,"y":146,"width":850,"height":12}},{"id":"dd62d939-0029-4241-9bf6-3cae8282de3e","block_type":"box","text":"capital structure of an issuer, BlackRock may not pursue certain actions or remedies that may be available to a Fund, as a","page_number":103,"box":{"x":89,"y":161,"width":845,"height":12}},{"id":"a9beea9b-b0ba-4e01-8037-12d7f521e3f1","block_type":"box","text":"result of legal and regulatory requirements or otherwise. BlackRock addresses these and other potential conflicts of interest","page_number":103,"box":{"x":89,"y":176,"width":864,"height":13}},{"id":"2ad69eeb-c5cc-4e3b-96a3-cae352b7dd5a","block_type":"box","text":"based on the facts and circumstances of particular situations. For example, BlackRock may determine to rely on information","page_number":103,"box":{"x":89,"y":191,"width":866,"height":13}},{"id":"9e2e678b-3cb6-4aee-b77f-bbde547a4381","block_type":"box","text":"barriers between different business units or portfolio management teams. BlackRock may also determine to rely on the","page_number":103,"box":{"x":89,"y":206,"width":831,"height":13}},{"id":"187c4893-8db9-4d9e-91d0-bdfd532ef294","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":103,"box":{"x":89,"y":222,"width":841,"height":12}},{"id":"0992f8c1-c119-49de-879e-37fded963f0b","block_type":"box","text":"behalf of the Funds.","page_number":103,"box":{"x":89,"y":237,"width":138,"height":9}},{"id":"714e96eb-0b4f-4616-8ea1-7321a4287b69","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":103,"box":{"x":89,"y":263,"width":815,"height":12}},{"id":"557fde90-1d03-4d04-be47-b965655a239e","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":103,"box":{"x":89,"y":278,"width":870,"height":13}},{"id":"619d18d0-38c4-4c5d-9222-d801dea4f938","block_type":"box","text":"of interest relating to asset allocation, timing of Fund purchases and redemptions or sales, and increased remuneration and","page_number":103,"box":{"x":89,"y":293,"width":863,"height":13}},{"id":"5dad8a90-c631-48b1-b72a-60c4d76a2f59","block_type":"box","text":"profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":103,"box":{"x":89,"y":308,"width":541,"height":13}},{"id":"257f53fc-4d73-47b9-a0f5-b3fb53ddd62e","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":103,"box":{"x":89,"y":335,"width":827,"height":12}},{"id":"44638b07-f3de-495c-a305-7d1563e4ca6e","block_type":"box","text":"account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients","page_number":103,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"3e82a7ba-f5f0-4378-b21c-81f6c2bd9e07","block_type":"box","text":"(“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate based on each party’s","page_number":103,"box":{"x":89,"y":365,"width":804,"height":12}},{"id":"d68cf1f9-f2e8-4e39-9acb-8f255cdc1520","block_type":"box","text":"investment objectives and guidelines, subject to applicable law and regulation. There may be potential conflicts of interest or","page_number":103,"box":{"x":89,"y":380,"width":872,"height":13}},{"id":"933639cc-b86a-4134-ad57-b41a0bcb920d","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":103,"box":{"x":89,"y":395,"width":875,"height":13}},{"id":"354af06b-b5ae-4949-9486-6a7103787632","block_type":"box","text":"Funds. BlackRock may have a potentially conflicting division of loyalties and responsibilities to the parties in such","page_number":103,"box":{"x":89,"y":410,"width":788,"height":13}},{"id":"94b639d4-bc23-44b5-8bbd-138846a00568","block_type":"box","text":"transactions.","page_number":103,"box":{"x":88,"y":427,"width":90,"height":8}},{"id":"7800869a-84a6-4a80-aeaa-e2313fe36f62","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":103,"box":{"x":89,"y":452,"width":839,"height":12}},{"id":"57937a72-242a-4447-aec5-995755bf9ee2","block_type":"box","text":"activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the Fund’s investments","page_number":103,"box":{"x":89,"y":467,"width":878,"height":13}},{"id":"2f11a278-a739-43b1-aa45-40f335453f1d","block_type":"box","text":"may be negatively impacted by the activities of BlackRock or its clients, and transactions for the Fund may be impaired or","page_number":103,"box":{"x":89,"y":482,"width":847,"height":13}},{"id":"59315f94-c9fb-482b-ba6d-3f9699654302","block_type":"box","text":"effected at prices or terms that may be less favorable than would otherwise have been the case.","page_number":103,"box":{"x":89,"y":497,"width":667,"height":13}},{"id":"cf04abbb-0f98-499a-8a84-de406eaa58ef","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for its proprietary","page_number":103,"box":{"x":88,"y":524,"width":874,"height":12}},{"id":"c3627a1e-23e8-4f50-a17c-1bb8da126300","block_type":"box","text":"accounts or other accounts (including investment companies or collective investment vehicles) that it manages or advises. It","page_number":103,"box":{"x":89,"y":539,"width":873,"height":12}},{"id":"4fd74070-4d4d-4fcf-8f6b-525b666bbb7e","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":103,"box":{"x":89,"y":554,"width":851,"height":12}},{"id":"2bf2934d-d57b-4e8e-bf89-52dd06b62965","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":103,"box":{"x":89,"y":569,"width":859,"height":13}},{"id":"643864c4-0977-442b-a751-d48c46b844f3","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":103,"box":{"x":88,"y":584,"width":840,"height":13}},{"id":"dfafff4b-5fe9-429e-aba8-ce9670d69ca2","block_type":"box","text":"achieve significant profits. The opposite result is also possible.","page_number":103,"box":{"x":89,"y":599,"width":433,"height":13}},{"id":"7add0a88-486d-40ba-a985-4f1735f0183a","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":103,"box":{"x":89,"y":626,"width":838,"height":12}},{"id":"87e555fe-88d2-4261-94a4-f60c452bf0e2","block_type":"box","text":"activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or","page_number":103,"box":{"x":89,"y":641,"width":845,"height":12}},{"id":"77c647d4-2707-420d-96a9-934b542fba34","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":103,"box":{"x":89,"y":656,"width":839,"height":13}},{"id":"40370ea3-5cf1-4dda-8d3d-cab28a12c9d8","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":103,"box":{"x":88,"y":671,"width":850,"height":13}},{"id":"2a4f42f5-df83-48da-93ff-22a01c423c2e","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits have been reached.","page_number":103,"box":{"x":89,"y":686,"width":867,"height":13}},{"id":"c123f7db-8657-4a74-a1d4-2fd3df3b19a0","block_type":"box","text":"For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may","page_number":103,"box":{"x":89,"y":702,"width":850,"height":12}},{"id":"04624fc4-af03-492a-bff2-d86300ff5eb3","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":103,"box":{"x":89,"y":717,"width":860,"height":12}},{"id":"74c6d98e-b78c-4c00-a66f-22ab11f03f50","block_type":"box","text":"the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors.","page_number":103,"box":{"x":88,"y":732,"width":678,"height":12}},{"id":"393f7000-7403-4fa8-9c4a-9516c762c81e","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and proprietary","page_number":103,"box":{"x":89,"y":758,"width":859,"height":13}},{"id":"0bd17bc6-2ad0-4e0b-9510-6c3b34991c91","block_type":"box","text":"technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect transactions on","page_number":103,"box":{"x":88,"y":773,"width":842,"height":13}},{"id":"42b0dc3b-8442-4927-bbde-c1cd5e7161ae","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":103,"box":{"x":89,"y":788,"width":854,"height":13}},{"id":"a9923da4-6324-4667-b394-bc593179d3bd","block_type":"box","text":"available any information regarding its proprietary activities or strategies, or the activities or strategies used for other","page_number":103,"box":{"x":89,"y":804,"width":815,"height":12}},{"id":"32abc9c2-9435-4c64-8a75-1156a792abec","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":103,"box":{"x":89,"y":819,"width":858,"height":12}},{"id":"81e97fea-e87e-4cec-aee6-01429cb02666","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio strategies of","page_number":103,"box":{"x":89,"y":834,"width":818,"height":12}},{"id":"e2f6dd0f-5bc9-4061-aa0f-70351a94896c","block_type":"box","text":"BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict","page_number":103,"box":{"x":89,"y":849,"width":845,"height":12}},{"id":"2514183d-d1ae-4206-b91b-82b3aa670b9b","block_type":"box","text":"with the transactions and strategies employed by BlackRock in managing a Fund.","page_number":103,"box":{"x":88,"y":864,"width":568,"height":12}},{"id":"e9ad163f-c7f9-43c9-908e-ea8d4988c637","block_type":"box","text":"82","page_number":103,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5e67f793-26ce-4d34-a914-332720e060b2","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":104,"box":{"x":88,"y":44,"width":852,"height":12}},{"id":"67c8ca75-9243-489e-8833-e4408a12947c","block_type":"box","text":"extent clients invest in these investment models and increase the assets under management of the Funds, the investment","page_number":104,"box":{"x":89,"y":59,"width":851,"height":12}},{"id":"10972dcb-72ad-4e3f-8d72-378591a21240","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":104,"box":{"x":89,"y":74,"width":875,"height":12}},{"id":"00466c38-2922-4424-b055-76c34d0ff847","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":104,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"cb25bb00-6ab9-426e-994b-85f926f93e12","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":104,"box":{"x":89,"y":104,"width":868,"height":13}},{"id":"e957524f-bccf-475a-b650-8b57651a54fd","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may have","page_number":104,"box":{"x":89,"y":119,"width":815,"height":13}},{"id":"ef642bed-f165-4cab-ab3f-17a6ed90c6d2","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":104,"box":{"x":89,"y":135,"width":865,"height":12}},{"id":"98f5aea6-b321-466e-9ad8-d03233cb57b6","block_type":"box","text":"their clients may be a consideration of which investors in a Fund should be aware.","page_number":104,"box":{"x":88,"y":150,"width":573,"height":12}},{"id":"39c8c17b-6809-49e7-bf33-1ec4413b723a","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":104,"box":{"x":89,"y":176,"width":835,"height":13}},{"id":"22649177-69cf-41ae-87f3-bcf5cf138d3b","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":104,"box":{"x":89,"y":191,"width":817,"height":13}},{"id":"d57d9d18-d557-48e1-be2a-8a456e0e0e35","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":104,"box":{"x":89,"y":206,"width":844,"height":13}},{"id":"f388e95f-d27f-40d1-bca6-50a4e2819edd","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":104,"box":{"x":89,"y":222,"width":851,"height":12}},{"id":"75b01a58-56e5-4f1e-8d7e-b216e9e5ea26","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":104,"box":{"x":88,"y":237,"width":839,"height":12}},{"id":"b70b50a5-9d86-4e39-a644-e993851cd66f","block_type":"box","text":"BlackRock.","page_number":104,"box":{"x":89,"y":252,"width":74,"height":9}},{"id":"c24154a2-82ba-4f57-9f9f-31c365be482e","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or instruments of which","page_number":104,"box":{"x":89,"y":278,"width":872,"height":13}},{"id":"f75ec02f-52a5-4b6c-858f-df0b714dfead","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":104,"box":{"x":89,"y":293,"width":848,"height":13}},{"id":"e67164c3-9aa8-4cef-8636-0be2f6b717e8","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":104,"box":{"x":89,"y":308,"width":827,"height":13}},{"id":"107f2518-4b39-459b-b754-f5a5a4fe73d0","block_type":"box","text":"entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by","page_number":104,"box":{"x":89,"y":324,"width":847,"height":12}},{"id":"50c52881-048f-441c-b2fc-bd97ab449f29","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":104,"box":{"x":89,"y":339,"width":837,"height":12}},{"id":"7dc90f5a-6066-4b91-adaa-fb128fb0c6d3","block_type":"box","text":"these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with","page_number":104,"box":{"x":88,"y":354,"width":857,"height":12}},{"id":"58b92b27-7082-4a69-8cfc-09543c8860ab","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":104,"box":{"x":89,"y":369,"width":870,"height":12}},{"id":"23e29f5d-561d-43c5-bc3d-36779777dd94","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":104,"box":{"x":89,"y":384,"width":839,"height":12}},{"id":"aa271568-7492-4503-9347-18c274c741dc","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":104,"box":{"x":88,"y":399,"width":859,"height":11}},{"id":"259dc1b3-26b1-4a91-a50b-ad9051fdff5a","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":104,"box":{"x":88,"y":414,"width":875,"height":13}},{"id":"6441a108-648c-4fc7-8c62-20a509b28023","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":104,"box":{"x":88,"y":429,"width":817,"height":13}},{"id":"bd5dbde2-612e-471d-bf7a-f42ad775123e","block_type":"box","text":"BlackRock on an arms-length basis.","page_number":104,"box":{"x":89,"y":445,"width":248,"height":12}},{"id":"256a86ea-6829-445a-87bf-efc9d1774c89","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":104,"box":{"x":88,"y":471,"width":801,"height":12}},{"id":"6bdbc214-c382-46fc-bbe8-bb8d21bb38bf","block_type":"box","text":"commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, markdowns, financial advisory fees,","page_number":104,"box":{"x":89,"y":486,"width":836,"height":12}},{"id":"f5035212-5135-474c-bfc5-f151a38385e0","block_type":"box","text":"underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or","page_number":104,"box":{"x":89,"y":501,"width":855,"height":13}},{"id":"7639c673-6137-4eb2-b961-d1d8ee044350","block_type":"box","text":"profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock,","page_number":104,"box":{"x":89,"y":516,"width":854,"height":13}},{"id":"e6fc1f7c-a7a4-4d6e-86b9-f707b2507615","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":104,"box":{"x":89,"y":531,"width":855,"height":13}},{"id":"acc1346c-4750-4938-a039-1fd7e08a5775","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":104,"box":{"x":89,"y":547,"width":858,"height":12}},{"id":"ae10ebb8-fded-4364-b871-ac6c509154bc","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":104,"box":{"x":89,"y":562,"width":820,"height":12}},{"id":"88beed22-3975-4aae-b336-f6b6a9c9537e","block_type":"box","text":"commercial capacities for a Fund or BlackRock.","page_number":104,"box":{"x":89,"y":577,"width":329,"height":12}},{"id":"063ac98e-b933-42eb-b54e-3c5d3761060a","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":104,"box":{"x":88,"y":603,"width":821,"height":13}},{"id":"01e4a5b6-b65a-4e9b-8abb-f0634ac05b7a","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":104,"box":{"x":89,"y":618,"width":850,"height":13}},{"id":"cea1584d-7ee0-43a7-9a59-5d804041ec83","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":104,"box":{"x":89,"y":633,"width":874,"height":13}},{"id":"4c6e5f80-0bd5-4fde-9bdc-f8b992003b3f","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":104,"box":{"x":89,"y":649,"width":824,"height":12}},{"id":"a41f3d55-c74a-4788-bb29-ffd6e4639f40","block_type":"box","text":"amounts.","page_number":104,"box":{"x":89,"y":665,"width":65,"height":8}},{"id":"a71a20ab-ad94-49b7-85ec-bbda5c661a2f","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":104,"box":{"x":88,"y":690,"width":858,"height":13}},{"id":"909592e7-dd76-468a-846e-4cd32bb409a7","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":104,"box":{"x":89,"y":705,"width":856,"height":13}},{"id":"5b846434-66ba-4394-8e48-b29830f60094","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":104,"box":{"x":89,"y":720,"width":873,"height":13}},{"id":"f1bdab23-0fa5-4ad3-a89c-7effccd36c54","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":104,"box":{"x":89,"y":736,"width":831,"height":12}},{"id":"f1a20ec5-eb1a-4d38-b938-20fccb3ef82d","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":104,"box":{"x":89,"y":751,"width":820,"height":12}},{"id":"8a576fa3-787b-4ba3-90bd-d6a9b1ff89af","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":104,"box":{"x":89,"y":777,"width":851,"height":12}},{"id":"4a3b2d00-6a66-4b75-82ab-de1179345f46","block_type":"box","text":"securities lending revenues from, the Funds. BlackRock will also receive compensation for managing the reinvestment of the","page_number":104,"box":{"x":89,"y":792,"width":869,"height":13}},{"id":"a8db4219-0a18-4938-9d16-840f8d24c44b","block_type":"box","text":"cash collateral from securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":104,"box":{"x":89,"y":807,"width":850,"height":13}},{"id":"04641cb6-eb6d-4298-bd03-1fd40cc1ce0e","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":104,"box":{"x":89,"y":822,"width":872,"height":13}},{"id":"2389a713-7b45-452e-8c97-b391efceeb88","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":104,"box":{"x":89,"y":838,"width":837,"height":12}},{"id":"b8c76f1f-2c5b-4c1a-ae69-8b12b79bf83b","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":104,"box":{"x":89,"y":853,"width":871,"height":12}},{"id":"e5574930-dc48-498d-a4a5-a48f31037009","block_type":"box","text":"83","page_number":104,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"57a46098-65e3-464b-82f4-78851e112f4f","block_type":"box","text":"to clients that would provide more revenue to BlackRock. As described further below, BlackRock seeks to mitigate this","page_number":105,"box":{"x":88,"y":44,"width":825,"height":12}},{"id":"d610d97d-a3a6-440c-8359-8cdec70f57ad","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":105,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"f7c7543f-4b59-4341-8569-1d00677e61ff","block_type":"box","text":"allocation.","page_number":105,"box":{"x":89,"y":74,"width":71,"height":10}},{"id":"333bbbed-3c01-4b95-a989-a21a3b15c304","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":105,"box":{"x":88,"y":101,"width":864,"height":12}},{"id":"1bf280d1-301a-444d-8bef-38d139a65876","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":105,"box":{"x":89,"y":116,"width":880,"height":12}},{"id":"6282c6d9-2105-4ffa-be21-e1979e2c03fd","block_type":"box","text":"collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities lending program. BlackRock establishes","page_number":105,"box":{"x":89,"y":131,"width":874,"height":12}},{"id":"ff40422a-1abe-4eb2-a9b1-46adea17a7f4","block_type":"box","text":"program-wide borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock oversees the","page_number":105,"box":{"x":89,"y":146,"width":869,"height":12}},{"id":"8e5dfe91-fa19-49a9-bec3-37343998d170","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":105,"box":{"x":89,"y":161,"width":848,"height":12}},{"id":"838d1f17-f4a2-4558-b4d7-50c9f571a83d","block_type":"box","text":"market value as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending","page_number":105,"box":{"x":89,"y":176,"width":845,"height":13}},{"id":"fdc7d831-b06f-47e0-a41e-a133809db000","block_type":"box","text":"program attributes by restricting eligible collateral or reducing borrower credit limits. As a result, the management of","page_number":105,"box":{"x":89,"y":191,"width":818,"height":13}},{"id":"22506094-cb74-4848-bc9a-86f135b05dee","block_type":"box","text":"program-wide exposure as well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":105,"box":{"x":89,"y":206,"width":865,"height":13}},{"id":"5bdc366e-b9cc-4837-b5e9-8967e2715236","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":105,"box":{"x":89,"y":222,"width":863,"height":12}},{"id":"71a01046-4b30-4206-bae5-074215a1a7bd","block_type":"box","text":"(including by asset type, collateral type and/or revenue profile).","page_number":105,"box":{"x":89,"y":237,"width":443,"height":12}},{"id":"29c8bdc2-37fb-4a9e-bf12-f4f3145fbc30","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":105,"box":{"x":89,"y":263,"width":868,"height":12}},{"id":"bc7f4ea6-de2c-4a19-916f-407293b9566b","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":105,"box":{"x":89,"y":278,"width":866,"height":13}},{"id":"7b8fd8d7-d6e5-4020-a0e5-3556ba9ce0a6","block_type":"box","text":"liquidity considerations, or credit considerations, which may impact Funds by reducing or eliminating the volume of lending","page_number":105,"box":{"x":89,"y":293,"width":865,"height":13}},{"id":"9dc04dc5-d453-4fe8-8778-a359844787bc","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":105,"box":{"x":89,"y":308,"width":866,"height":13}},{"id":"a5385a1b-586e-4ce6-bb0c-8b97792833cc","block_type":"box","text":"loans overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional protections against","page_number":105,"box":{"x":89,"y":324,"width":857,"height":12}},{"id":"4ed48412-5769-44e4-8fa8-1becb9d33310","block_type":"box","text":"lender default that are favored by their prudential regulation.","page_number":105,"box":{"x":89,"y":339,"width":422,"height":12}},{"id":"1c492d3d-e79c-4571-b8ca-475c97149463","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":105,"box":{"x":89,"y":365,"width":876,"height":12}},{"id":"92a7c09c-5b70-4cc1-af68-e1e2ac47de2d","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":105,"box":{"x":89,"y":380,"width":853,"height":13}},{"id":"36d9a28a-f4d7-4f43-bc01-5d46d1c7a91d","block_type":"box","text":"(","page_number":105,"box":{"x":89,"y":395,"width":4,"height":13}},{"id":"c1bd089b-bf3a-4918-845f-2f21bdd3e959","block_type":"box","text":"i.e","page_number":105,"box":{"x":94,"y":396,"width":15,"height":9}},{"id":"14dad919-3071-427b-b66c-bbd1ef812bf3","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":105,"box":{"x":110,"y":395,"width":825,"height":13}},{"id":"f90cc0f1-bfcf-465e-97a9-e2ac80bf6fd5","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":105,"box":{"x":89,"y":410,"width":799,"height":13}},{"id":"ff549d71-ca2c-41cd-8ad2-7a43656f59c9","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":105,"box":{"x":89,"y":426,"width":860,"height":12}},{"id":"9a0759dd-5601-4091-92b2-d8e2953b5573","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the portfolio. Equal","page_number":105,"box":{"x":89,"y":441,"width":838,"height":12}},{"id":"d421d7b4-8394-445e-bc35-1cc516277a3a","block_type":"box","text":"opportunities for lending portfolios does not guarantee equal outcomes. Specifically, short and long-term outcomes for","page_number":105,"box":{"x":89,"y":456,"width":836,"height":12}},{"id":"70733721-604f-48fd-bbc2-81ebf5846998","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":105,"box":{"x":89,"y":471,"width":858,"height":12}},{"id":"1010faea-e329-4d66-a1d5-c4f7cacdcd30","block_type":"box","text":"the firm.","page_number":105,"box":{"x":88,"y":486,"width":59,"height":10}},{"id":"284297b4-5727-46e5-966d-dd20fc2ca31c","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":105,"box":{"x":89,"y":513,"width":875,"height":12}},{"id":"8d730b42-afe1-42be-957e-a91371c8894d","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":105,"box":{"x":89,"y":528,"width":848,"height":12}},{"id":"782d93a0-c372-4cbf-a6bc-f543445a6f44","block_type":"box","text":"research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management","page_number":105,"box":{"x":89,"y":543,"width":868,"height":12}},{"id":"a5e546b9-cce2-4da2-9519-972602ab1d12","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":105,"box":{"x":89,"y":558,"width":864,"height":12}},{"id":"2e2f2775-213a-4631-904a-d253f7ee6119","block_type":"box","text":"required, or in cases involving client direction.","page_number":105,"box":{"x":89,"y":573,"width":318,"height":12}},{"id":"9e6dfadb-7b16-4514-a3cf-e6e36770412c","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":105,"box":{"x":89,"y":599,"width":873,"height":13}},{"id":"080dfeb8-e54e-4a1d-b9b7-127fa8bb1737","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":105,"box":{"x":89,"y":615,"width":818,"height":12}},{"id":"f7cd1afb-b16b-42b4-8399-faf684a624b9","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":105,"box":{"x":89,"y":630,"width":860,"height":12}},{"id":"33d0622b-2f8a-49d1-bc81-a85de17bd84d","block_type":"box","text":"the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission","page_number":105,"box":{"x":88,"y":645,"width":844,"height":12}},{"id":"02bdf5fa-e190-4f80-a6c1-82b11acf922b","block_type":"box","text":"equivalent rates in connection with a bunched or aggregated order.","page_number":105,"box":{"x":89,"y":660,"width":470,"height":12}},{"id":"31483051-b0ae-49de-972a-4d25d671d83e","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":105,"box":{"x":89,"y":686,"width":847,"height":13}},{"id":"45064870-b172-4c1e-8339-d9ad8244661c","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":105,"box":{"x":89,"y":702,"width":864,"height":12}},{"id":"25c9894a-6231-4e3b-bc64-7c167671199e","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":105,"box":{"x":89,"y":717,"width":856,"height":12}},{"id":"5d28af88-08aa-483b-a09e-37fb9168f96c","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":105,"box":{"x":88,"y":732,"width":844,"height":12}},{"id":"ca67d936-042e-4249-9729-7e2ebf9bc2cc","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":105,"box":{"x":89,"y":747,"width":814,"height":12}},{"id":"05df0b1f-0d5e-431e-85f7-9e68568644d7","block_type":"box","text":"BlackRock.","page_number":105,"box":{"x":89,"y":762,"width":74,"height":10}},{"id":"1f163d9b-3243-4d76-8def-3705502c47dc","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock client accounts or","page_number":105,"box":{"x":88,"y":788,"width":879,"height":13}},{"id":"e5621954-491b-40d3-be29-83ed25fc1c84","block_type":"box","text":"personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in","page_number":105,"box":{"x":89,"y":804,"width":841,"height":12}},{"id":"5051c963-14e8-472d-bf35-4dcc42ac438f","block_type":"box","text":"BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making process (including with respect to","page_number":105,"box":{"x":89,"y":819,"width":868,"height":12}},{"id":"ab4366b0-4c1b-4ed2-a45a-cc746ae3ddd4","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":105,"box":{"x":88,"y":834,"width":868,"height":12}},{"id":"077ec602-2c7d-4707-b5ea-5613945994c4","block_type":"box","text":"law, research reports on companies, industries and securities; economic and financial data; financial publications; proxy","page_number":105,"box":{"x":89,"y":849,"width":836,"height":12}},{"id":"fea451f6-a2d9-4ac8-851c-ad539c4621c8","block_type":"box","text":"analysis; trade industry seminars; computer data bases; research-oriented software and other services and products.","page_number":105,"box":{"x":89,"y":864,"width":815,"height":12}},{"id":"9581b629-7219-4c9f-8a20-c01b2d42b24a","block_type":"box","text":"84","page_number":105,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"72b2e261-e708-445f-82a8-571dd2597f48","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":106,"box":{"x":89,"y":44,"width":840,"height":12}},{"id":"5fd9f157-bbd1-47b1-ad17-8de7668193e9","block_type":"box","text":"client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker","page_number":106,"box":{"x":89,"y":59,"width":875,"height":12}},{"id":"d2571fcc-fa00-44bb-8f73-0ca227ba0ffb","block_type":"box","text":"relating to the research or other service arrangements. Such products and services may disproportionately benefit other","page_number":106,"box":{"x":89,"y":74,"width":839,"height":12}},{"id":"78f184db-4011-406a-b1f7-49f8a1b45f93","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":106,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"707837d5-11bb-4153-a1a3-d2f6decd2cde","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":106,"box":{"x":89,"y":104,"width":863,"height":13}},{"id":"d1bd12a8-773f-418c-8641-fe4f232b2e15","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":106,"box":{"x":89,"y":119,"width":841,"height":13}},{"id":"6320b214-f63d-43ff-a16f-3def391e7c01","block_type":"box","text":"including disproportionate benefits, of economies of scale or price discounts in connection with products and services that","page_number":106,"box":{"x":89,"y":135,"width":861,"height":12}},{"id":"4c0917d6-d971-4206-b045-44f0a0c33c1c","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":106,"box":{"x":89,"y":150,"width":867,"height":12}},{"id":"20b56d74-200c-4a8b-9c33-476e45e79cba","block_type":"box","text":"will not have to pay for those products and services itself.","page_number":106,"box":{"x":88,"y":165,"width":400,"height":12}},{"id":"3309a1a3-6494-4699-8818-d51160fd665c","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such","page_number":106,"box":{"x":89,"y":191,"width":833,"height":13}},{"id":"c405f2b2-e92b-482d-84d9-c477570415cc","block_type":"box","text":"arrangements, provide research or other services in order to ensure the continued receipt of research or other services","page_number":106,"box":{"x":89,"y":206,"width":827,"height":13}},{"id":"6a4b5529-5dc3-4f27-907a-11e868c85f13","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":106,"box":{"x":89,"y":222,"width":845,"height":12}},{"id":"6d00b1eb-bb9b-41fb-b0f8-029dfbff6e8f","block_type":"box","text":"engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by applicable law, may also","page_number":106,"box":{"x":89,"y":237,"width":850,"height":12}},{"id":"880eb9c5-9501-4eef-be75-149991ec3ef4","block_type":"box","text":"enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":106,"box":{"x":89,"y":252,"width":870,"height":12}},{"id":"a8c264f7-8fa1-4387-91fc-bad3aba2b690","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":106,"box":{"x":89,"y":267,"width":845,"height":12}},{"id":"07d76971-e41f-454f-ba61-009f7b2c7b3c","block_type":"box","text":"research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same","page_number":106,"box":{"x":89,"y":282,"width":825,"height":12}},{"id":"9175b4e6-d3f4-4588-b2a0-041cd49bae3a","block_type":"box","text":"conflicts related to traditional soft dollars may exist.","page_number":106,"box":{"x":89,"y":297,"width":361,"height":12}},{"id":"0355ad15-0cfe-4d3e-8ecb-b6b64470d6a2","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which BlackRock","page_number":106,"box":{"x":89,"y":324,"width":869,"height":12}},{"id":"3bd12219-30c5-4e57-91e2-b8b40cdc7481","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":106,"box":{"x":89,"y":339,"width":862,"height":12}},{"id":"5db30ab5-1537-4d86-8438-2df75e52415e","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":106,"box":{"x":89,"y":354,"width":845,"height":12}},{"id":"81678a69-11c4-42a6-b65b-5c9d84ed910a","block_type":"box","text":"transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":106,"box":{"x":88,"y":369,"width":843,"height":12}},{"id":"706a9e60-1d68-4f43-9186-e279c5b9b846","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities purchased. Access fees","page_number":106,"box":{"x":89,"y":384,"width":845,"height":12}},{"id":"3a336659-28aa-40ab-98d4-f2301f4e30ca","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":106,"box":{"x":89,"y":399,"width":872,"height":13}},{"id":"f794b3b3-b51a-4b2b-bcf5-236cbd6c7cb9","block_type":"box","text":"Funds. In certain circumstances, ECNs may offer volume discounts that will reduce the access fees typically paid by","page_number":106,"box":{"x":89,"y":414,"width":805,"height":13}},{"id":"3a547a95-5908-448d-a6ef-45ddb00fbe51","block_type":"box","text":"BlackRock. BlackRock will only utilize ECNs consistent with its obligation to seek to obtain best execution in client","page_number":106,"box":{"x":89,"y":429,"width":793,"height":13}},{"id":"d1205a60-d9b6-4c1d-b848-cfdb0400dbb6","block_type":"box","text":"transactions.","page_number":106,"box":{"x":88,"y":445,"width":90,"height":9}},{"id":"7ee5ae30-46cb-4bd0-a28f-b07212301dd3","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":106,"box":{"x":89,"y":471,"width":821,"height":12}},{"id":"df152842-6e12-4fd9-a3a9-49d3c6fc80f4","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":106,"box":{"x":89,"y":486,"width":859,"height":12}},{"id":"1dee5815-6f95-4b10-809c-8d65f84fd017","block_type":"box","text":"for execution of orders placed by BlackRock traders on behalf of client portfolios. In addition, transactions in ETF shares may","page_number":106,"box":{"x":88,"y":501,"width":870,"height":13}},{"id":"76c52079-d261-4a80-b820-e6dd396160b6","block_type":"box","text":"be executed on MEMX if third party brokers select MEMX as the appropriate venue for the execution of such orders.","page_number":106,"box":{"x":89,"y":516,"width":810,"height":13}},{"id":"1db012bb-5556-45cc-98c6-f572bccf9476","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting","page_number":106,"box":{"x":89,"y":543,"width":826,"height":12}},{"id":"5823ab08-0216-4868-b6cd-0a06d9fdb888","block_type":"box","text":"decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such decisions are made in","page_number":106,"box":{"x":89,"y":558,"width":872,"height":12}},{"id":"1a0481ce-0149-4f1e-b009-169afad7b088","block_type":"box","text":"accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding such proxy voting policies and","page_number":106,"box":{"x":89,"y":573,"width":876,"height":12}},{"id":"6783a0bd-9870-4ee0-bd36-0928b85566d1","block_type":"box","text":"procedures, actual proxy voting decisions of BlackRock may have the effect of favoring the interests of other clients or","page_number":106,"box":{"x":89,"y":588,"width":824,"height":12}},{"id":"a3883308-89fa-42ab-8164-ea80e07a4f9e","block_type":"box","text":"businesses of other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in","page_number":106,"box":{"x":89,"y":603,"width":801,"height":13}},{"id":"9ccc69e7-6d1d-4371-9a9a-964c9c6f252c","block_type":"box","text":"accordance with its fiduciary obligations. For a more detailed discussion of these policies and procedures, see “Proxy Voting","page_number":106,"box":{"x":89,"y":618,"width":865,"height":13}},{"id":"7f209fee-2076-4956-8f92-c5d51c41d2d7","block_type":"box","text":"Policies.”","page_number":106,"box":{"x":89,"y":633,"width":61,"height":10}},{"id":"7dd7ef79-3150-4ff1-9a09-b52176c86bf3","block_type":"box","text":"It is also possible that, from time to time, BlackRock and /or its advisory clients (including other funds and separately","page_number":106,"box":{"x":89,"y":660,"width":819,"height":12}},{"id":"1573d883-84ce-4134-b95d-5ed6107c3386","block_type":"box","text":"managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund. Increasing a Fund’s","page_number":106,"box":{"x":89,"y":675,"width":875,"height":12}},{"id":"4ab75aea-0cf2-4c7b-b9bb-4c328cf80b69","block_type":"box","text":"assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce","page_number":106,"box":{"x":89,"y":690,"width":860,"height":13}},{"id":"06b7f294-6c8e-42a8-99f4-1ec1c0395b1f","block_type":"box","text":"the Fund’s expense ratio.","page_number":106,"box":{"x":88,"y":705,"width":174,"height":13}},{"id":"4b1b6f49-8a81-49d5-88d6-84333d5f43c7","block_type":"box","text":"BlackRock reserves the right, subject to compliance with applicable law, to sell into the market or redeem in Creation Units","page_number":106,"box":{"x":89,"y":732,"width":855,"height":12}},{"id":"483b544b-d9ea-40bd-a3c0-5abb9f2b3c65","block_type":"box","text":"through an Authorized Participant at any time some or all of the shares of the Fund acquired for its own accounts or the","page_number":106,"box":{"x":88,"y":747,"width":840,"height":12}},{"id":"090cc903-d696-479b-a483-1a899d63d8ea","block_type":"box","text":"account of a BlackRock advisory client. A large sale or redemption of shares of the Fund by BlackRock itself or a BlackRock","page_number":106,"box":{"x":89,"y":762,"width":855,"height":12}},{"id":"c9256f92-ee8e-476f-ad2a-e8bb39b9872f","block_type":"box","text":"advisory client could significantly reduce the asset size of the Fund, which might have an adverse effect on the Fund’s","page_number":106,"box":{"x":89,"y":777,"width":822,"height":12}},{"id":"ebeec4f9-f558-4c4a-8a9e-0c1e2695b019","block_type":"box","text":"liquidity, investment flexibility, portfolio diversification, expense ratio or ability to comply with the listing requirements for the","page_number":106,"box":{"x":89,"y":792,"width":872,"height":13}},{"id":"302f9413-d480-46c9-b69a-2926037667e9","block_type":"box","text":"Fund.","page_number":106,"box":{"x":89,"y":807,"width":38,"height":10}},{"id":"f84667d6-0aa4-473f-89d2-a7a4338f7869","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which BlackRock has","page_number":106,"box":{"x":89,"y":834,"width":828,"height":12}},{"id":"56d31c10-c8a8-429c-a24c-a0c68f4ec64f","block_type":"box","text":"significant debt or equity investments or other interests. A Fund may also invest in issuances (such as structured notes) by","page_number":106,"box":{"x":89,"y":849,"width":857,"height":12}},{"id":"b871b234-abd6-44c8-82da-6eb21f6d8934","block_type":"box","text":"entities for which BlackRock provides and is compensated for cash management services relating to the proceeds from the","page_number":106,"box":{"x":89,"y":864,"width":860,"height":12}},{"id":"ff5c3d10-4611-419e-967a-37f000df17a9","block_type":"box","text":"85","page_number":106,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7ba46d17-3b2e-4579-a4de-03975cf6c5db","block_type":"box","text":"sale of such issuances. In making investment decisions for a Fund, BlackRock is not permitted to obtain or use material non","page_number":107,"box":{"x":89,"y":44,"width":869,"height":12}},{"id":"17b5a9a7-3a7c-41d4-b86e-9dc834d0395e","block_type":"box","text":"public information acquired by any unit of BlackRock, in the course of these activities. In addition, from time to time, the","page_number":107,"box":{"x":89,"y":59,"width":839,"height":12}},{"id":"5c0ddc2f-f8f9-4334-9a98-7d69701a285f","block_type":"box","text":"activities of BlackRock may limit a Fund’s flexibility in purchases and sales of securities. As indicated below, BlackRock may","page_number":107,"box":{"x":89,"y":74,"width":859,"height":12}},{"id":"ac84ec8b-8fb6-44fe-86ff-ee2ef86b7158","block_type":"box","text":"engage in transactions with companies in which BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":107,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"96fe3f1b-bd97-4bc5-aa11-8ca376a4b876","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the Funds. With","page_number":107,"box":{"x":89,"y":116,"width":856,"height":12}},{"id":"16e3d5a1-06f7-498c-a6f9-79f396c62cd8","block_type":"box","text":"respect to BlackRock and its personnel, the remuneration and profitability relating to services to and sales of the Funds or","page_number":107,"box":{"x":89,"y":131,"width":850,"height":12}},{"id":"2de78602-ff95-4537-bc06-dddf0d9678ee","block_type":"box","text":"other products may be greater than remuneration and profitability relating to services to and sales of certain funds or other","page_number":107,"box":{"x":89,"y":146,"width":863,"height":12}},{"id":"b388ebc3-2f67-4965-9745-0dfc26f28e6a","block_type":"box","text":"products that might be provided or offered. BlackRock and its sales personnel may directly or indirectly receive a portion of","page_number":107,"box":{"x":89,"y":161,"width":860,"height":12}},{"id":"aba0cad7-0991-4681-9b9d-e2494fe3edab","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":107,"box":{"x":88,"y":176,"width":849,"height":13}},{"id":"11638758-4775-482c-9b6e-ba612c4e702a","block_type":"box","text":"also benefit from increased amounts of assets under management. Fees and commissions may also be higher than for other","page_number":107,"box":{"x":89,"y":191,"width":871,"height":13}},{"id":"544ad1dd-1fcd-4a48-887d-16827f79c74a","block_type":"box","text":"products or services, and the remuneration and profitability to BlackRock and such personnel resulting from transactions on","page_number":107,"box":{"x":89,"y":206,"width":868,"height":13}},{"id":"56fb8118-b793-4617-ae00-668601392e1b","block_type":"box","text":"behalf of or management of the Funds may be greater than the remuneration and profitability resulting from other funds or","page_number":107,"box":{"x":89,"y":222,"width":865,"height":12}},{"id":"479423b4-00c0-44d4-b20c-e9c1e3c1fa11","block_type":"box","text":"products.","page_number":107,"box":{"x":89,"y":237,"width":65,"height":12}},{"id":"aac1ff83-d464-4f1c-a3a8-d5d9b93d370e","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not limited to,","page_number":107,"box":{"x":88,"y":263,"width":820,"height":12}},{"id":"112fb628-071b-4982-98ae-9b9cb9168ee2","block_type":"box","text":"marketing and promotional activities and presentations, educational training programs and conferences) for registered","page_number":107,"box":{"x":89,"y":278,"width":832,"height":13}},{"id":"848c55f0-c0dc-48c9-b1e8-623ba0800c18","block_type":"box","text":"representatives, other professionals and individual investors. There is a potential conflict of interest as such sponsorships","page_number":107,"box":{"x":89,"y":293,"width":845,"height":13}},{"id":"d3984965-ebf6-47a6-8646-663bbca3a4d7","block_type":"box","text":"may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock to retain such third parties to","page_number":107,"box":{"x":89,"y":308,"width":876,"height":13}},{"id":"4ba07c54-4634-430b-b634-014a89703c9a","block_type":"box","text":"provide services to the Fund.","page_number":107,"box":{"x":89,"y":324,"width":200,"height":12}},{"id":"aa86014d-7d30-4966-a9a4-aa406284eda1","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other investments and the","page_number":107,"box":{"x":89,"y":350,"width":867,"height":12}},{"id":"84eb7c1d-833b-49d0-84eb-ad7fd9778fd3","block_type":"box","text":"valuation recommendations made for such clients’ accounts may differ from the valuations for the same securities or","page_number":107,"box":{"x":88,"y":365,"width":821,"height":12}},{"id":"51a2044f-24c9-4aa7-9a6f-d6cbee8aadfd","block_type":"box","text":"investments assigned by a Fund’s pricing vendors, especially if such valuations are based on broker-dealer quotes or other","page_number":107,"box":{"x":89,"y":380,"width":855,"height":13}},{"id":"85473071-fe80-4489-a6a1-b6b83def50eb","block_type":"box","text":"data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally communicate its valuation information","page_number":107,"box":{"x":89,"y":395,"width":877,"height":13}},{"id":"e6972b8f-c279-421d-85cc-8872165d0771","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":107,"box":{"x":89,"y":410,"width":848,"height":13}},{"id":"68a62596-de5b-45e7-af06-b952b182c60a","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":107,"box":{"x":88,"y":426,"width":821,"height":12}},{"id":"664e9eda-983d-48ce-b8f5-8040e609fdfc","block_type":"box","text":"security or investment determined or recommended by BlackRock.","page_number":107,"box":{"x":89,"y":441,"width":466,"height":12}},{"id":"e7113693-3846-4be3-a983-b93a9cf5c7f1","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":107,"box":{"x":88,"y":467,"width":817,"height":13}},{"id":"d41078c6-8ad4-4cba-8da6-a29d706ec15d","block_type":"box","text":"available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at fair value by BlackRock. BlackRock","page_number":107,"box":{"x":89,"y":482,"width":869,"height":13}},{"id":"5555f9ec-d0ca-4f30-b1fc-49b29a3bf939","block_type":"box","text":"has been designated as the Fund’s valuation designee pursuant to Rule 2a-5 under the Investment Company Act and acts","page_number":107,"box":{"x":89,"y":497,"width":851,"height":13}},{"id":"89d2783a-4edd-4503-9d13-ad2b0a125c10","block_type":"box","text":"through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with assistance from other BlackRock pricing committees","page_number":107,"box":{"x":88,"y":513,"width":879,"height":12}},{"id":"cbe35c52-3539-45a5-9a5a-3875b511c478","block_type":"box","text":"and in accordance with BlackRock’s policies and procedures (the “Valuation Procedures”). When determining a “fair value","page_number":107,"box":{"x":89,"y":528,"width":853,"height":12}},{"id":"b3bc6750-6e73-47fe-8898-0b4abf809c05","block_type":"box","text":"price,” the 2a-5 Committee seeks to determine the price that a Fund might reasonably expect to receive from the current sale","page_number":107,"box":{"x":89,"y":543,"width":877,"height":12}},{"id":"6f1412fb-9493-4350-aa7a-9f2b0d311332","block_type":"box","text":"of that asset or liability in an arm’s-length transaction. The price generally may not be determined based on what a Fund","page_number":107,"box":{"x":89,"y":558,"width":844,"height":12}},{"id":"8136506b-2e7a-406f-8058-19bb588d1240","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":107,"box":{"x":89,"y":573,"width":863,"height":12}},{"id":"8a411d1e-fd17-4cc9-81c7-13a55637914f","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":107,"box":{"x":88,"y":588,"width":835,"height":12}},{"id":"f1d33f44-6552-4948-bc82-1f85f020a31f","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third party valuation","page_number":107,"box":{"x":89,"y":603,"width":845,"height":13}},{"id":"6ae5957e-900d-4cbd-a0e1-062d116391de","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":107,"box":{"x":89,"y":618,"width":876,"height":13}},{"id":"54b2a469-c1a3-47a8-8b75-9ed2536bcd2a","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":107,"box":{"x":89,"y":633,"width":842,"height":13}},{"id":"eb78937c-4ed7-471c-90a9-4ee749d557f9","block_type":"box","text":"period in which the particular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or redemption of","page_number":107,"box":{"x":89,"y":649,"width":864,"height":12}},{"id":"8c4525db-6f4d-4491-8988-01e2cf459743","block_type":"box","text":"its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value, may have the effect of","page_number":107,"box":{"x":89,"y":664,"width":873,"height":12}},{"id":"f055052e-ae94-473b-aa82-af69501af754","block_type":"box","text":"diluting or increasing the economic interest of existing shareholders and may affect the amount of revenue received by","page_number":107,"box":{"x":89,"y":679,"width":832,"height":12}},{"id":"b1d2c28a-f5d2-498d-a4ff-ff4a4f1228c9","block_type":"box","text":"BlackRock with respect to services for which it receives an asset-based fee.","page_number":107,"box":{"x":89,"y":694,"width":522,"height":12}},{"id":"388763d5-3a72-4754-8eb8-b687b7451f3b","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its short term cash investments in any money","page_number":107,"box":{"x":88,"y":720,"width":847,"height":13}},{"id":"f2c53dd8-b5ad-4710-a0fb-979b6e6c1a2c","block_type":"box","text":"market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any such investments,","page_number":107,"box":{"x":89,"y":736,"width":870,"height":12}},{"id":"b7ffa9c7-fc0b-4ea4-b1e7-02d663e36e33","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":107,"box":{"x":89,"y":751,"width":857,"height":12}},{"id":"ded8de0f-d476-4caa-8d84-6b38926c5829","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":107,"box":{"x":89,"y":766,"width":831,"height":12}},{"id":"a2366631-f2d3-4589-894f-50161a236850","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":107,"box":{"x":89,"y":792,"width":866,"height":13}},{"id":"fbf0e3a8-f5cd-46f7-b629-c22b6ab20b99","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":107,"box":{"x":89,"y":807,"width":865,"height":13}},{"id":"36076cb9-f3b8-4ce5-b395-af927781183f","block_type":"box","text":"investment strategies or constraints, positions may be taken by directors, officers and employees of BlackRock that are the","page_number":107,"box":{"x":89,"y":822,"width":855,"height":13}},{"id":"9cf379d8-3381-45ee-8a42-e9ffcad7dfd0","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":107,"box":{"x":89,"y":838,"width":872,"height":12}},{"id":"e5cbcf70-50a5-4625-873b-18d4f367ded9","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":107,"box":{"x":89,"y":853,"width":867,"height":12}},{"id":"47d7b85d-a3a1-40c9-be8d-c684060c553e","block_type":"box","text":"86","page_number":107,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"65614deb-203a-4503-9b4e-b2a9d39a222f","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":108,"box":{"x":88,"y":44,"width":847,"height":12}},{"id":"96a57c03-2072-4e13-9672-0346cf6d6467","block_type":"box","text":"professionals and others who normally come into possession of information regarding the Fund’s portfolio transactions.","page_number":108,"box":{"x":89,"y":59,"width":841,"height":12}},{"id":"6e75dedb-a289-4caa-a50d-7552aec29c1e","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":108,"box":{"x":89,"y":74,"width":851,"height":12}},{"id":"7248e5b6-00aa-43e8-bed3-58decb347f80","block_type":"box","text":"may be obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":108,"box":{"x":89,"y":89,"width":562,"height":13}},{"id":"8c0aa365-542e-4b73-b9dc-29313440cd2d","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":108,"box":{"x":89,"y":116,"width":861,"height":12}},{"id":"91bd5f67-9e5f-4b60-b908-00dcf416d751","block_type":"box","text":"Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in transactions with","page_number":108,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"5237e8a9-2f56-4e39-8fd2-331c48d677fe","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":108,"box":{"x":89,"y":146,"width":877,"height":11}},{"id":"b0fe1c6c-d393-4620-a87e-195964fc25db","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":108,"box":{"x":89,"y":161,"width":852,"height":12}},{"id":"f72eafa3-eac2-4726-a452-3150a2e8be18","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":108,"box":{"x":89,"y":176,"width":855,"height":13}},{"id":"2467c251-24e4-439a-a4a8-fee465b73734","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":108,"box":{"x":89,"y":191,"width":846,"height":13}},{"id":"ee8583aa-0447-4d03-9d8b-b3ffd06968d7","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":108,"box":{"x":89,"y":206,"width":839,"height":13}},{"id":"20f853f0-9d2a-41e9-ad60-74c6bd7da62f","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":108,"box":{"x":89,"y":222,"width":870,"height":12}},{"id":"041c8921-47c0-4bfe-9e73-f887e361767a","block_type":"box","text":"requirements. A client not advised by BlackRock would not be subject to some of those considerations. 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For example, when BlackRock is engaged to provide advisory or risk management","page_number":108,"box":{"x":89,"y":282,"width":834,"height":12}},{"id":"ff1242d9-df72-4a76-b17a-4160f8dd0a91","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":108,"box":{"x":89,"y":297,"width":859,"height":12}},{"id":"af55b1e7-b99c-4fae-a317-483dfdbe8b95","block_type":"box","text":"behalf of a Fund, particularly where such services result in BlackRock obtaining material non-public information about the","page_number":108,"box":{"x":89,"y":312,"width":853,"height":13}},{"id":"8a1aac38-5508-48ff-b19b-ec0c4a9dc52d","block_type":"box","text":"company (","page_number":108,"box":{"x":89,"y":327,"width":73,"height":13}},{"id":"d9f2b567-e922-433b-a1e3-3e93d9869aab","block_type":"box","text":"e.g","page_number":108,"box":{"x":164,"y":330,"width":20,"height":10}},{"id":"2a9e459b-044b-4270-a6ec-68caebbe90fb","block_type":"box","text":"., in connection with participation in a creditors’ committee). Similar situations could arise if personnel of","page_number":108,"box":{"x":185,"y":327,"width":735,"height":13}},{"id":"942d33cb-accb-4e00-85b6-15a283dd9376","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":108,"box":{"x":89,"y":342,"width":860,"height":13}},{"id":"d3a5d012-c13f-40de-a0ff-61c7137a10fb","block_type":"box","text":"by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary implementation","page_number":108,"box":{"x":89,"y":358,"width":860,"height":12}},{"id":"7e383187-aa36-4f8f-840e-fb30e63a6251","block_type":"box","text":"of appropriate information barriers), the Funds may purchase securities or instruments that are issued by such companies,","page_number":108,"box":{"x":89,"y":373,"width":857,"height":12}},{"id":"28245954-c3c5-4ded-a389-3bbf5baa8dad","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":108,"box":{"x":89,"y":388,"width":863,"height":12}},{"id":"2669cdaf-8bbf-444e-993c-ed594821228d","block_type":"box","text":"or officers of the issuer.","page_number":108,"box":{"x":89,"y":403,"width":161,"height":10}},{"id":"10924619-2c5d-40b0-9c24-399c92907b94","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential conflicts that arise","page_number":108,"box":{"x":89,"y":429,"width":863,"height":13}},{"id":"6e5e6ea0-3b10-42ee-bdcd-35a7ab1c4ec4","block_type":"box","text":"in connection with the advisory services BlackRock provides to Funds and other clients. Certain BlackRock advisory personnel","page_number":108,"box":{"x":89,"y":445,"width":878,"height":12}},{"id":"b698bb20-9ebb-492d-9057-8bb79932d249","block_type":"box","text":"may take views, and make decisions or recommendations, that are different than or opposite those of other BlackRock","page_number":108,"box":{"x":89,"y":460,"width":829,"height":12}},{"id":"57446745-e5ac-4a99-abb3-8870961c4fc9","block_type":"box","text":"advisory personnel. Certain portfolio management teams within BlackRock may make decisions or take (or refrain from","page_number":108,"box":{"x":89,"y":475,"width":834,"height":12}},{"id":"c3019719-b08c-4da4-870a-cf5d2f095f6a","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":108,"box":{"x":88,"y":490,"width":870,"height":12}},{"id":"c605298e-6ec6-4d2f-b791-3cb8d945c00d","block_type":"box","text":"taken (or not taken) by the Funds’ portfolio management teams. The various portfolio management teams may not share","page_number":108,"box":{"x":88,"y":505,"width":852,"height":12}},{"id":"ccef1ce9-05fa-48cd-9cc4-d5ffd0432145","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":108,"box":{"x":89,"y":520,"width":843,"height":12}},{"id":"c9e469d5-207c-4c27-b1f1-6ad9331b577c","block_type":"box","text":"obligation or other duty to do so.","page_number":108,"box":{"x":89,"y":535,"width":230,"height":13}},{"id":"d8091b9c-bf51-4c0f-bec2-ab1e1bfe580d","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information between","page_number":108,"box":{"x":89,"y":562,"width":838,"height":12}},{"id":"a259ed6c-fd06-49b2-ba7f-85f502163832","block_type":"box","text":"different businesses within BlackRock, including, effective on or about January 21, 2025, with respect to personnel responsible","page_number":108,"box":{"x":89,"y":577,"width":879,"height":12}},{"id":"4bb5ea16-c40f-482c-bfb1-a52fa5262218","block_type":"box","text":"with managing portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for","page_number":108,"box":{"x":88,"y":592,"width":834,"height":12}},{"id":"14bda182-5353-4ae6-b802-36790e4d3a2b","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":108,"box":{"x":89,"y":607,"width":875,"height":12}},{"id":"13b122b9-378f-426f-b61a-a087129259d0","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including senior","page_number":108,"box":{"x":89,"y":622,"width":859,"height":12}},{"id":"957da622-5c8f-4836-b0e9-a6a1d62f0451","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":108,"box":{"x":89,"y":637,"width":875,"height":13}},{"id":"9ad5dd55-1f0f-46f8-a6bf-f19b4ba93711","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":108,"box":{"x":89,"y":652,"width":841,"height":13}},{"id":"d98f3446-6016-4ec1-846b-5d66d3837f8c","block_type":"box","text":"information held by certain areas of BlackRock.","page_number":108,"box":{"x":89,"y":668,"width":328,"height":12}},{"id":"afcccc63-6b59-47ef-843b-ba319bc77aa4","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":108,"box":{"x":89,"y":694,"width":875,"height":12}},{"id":"9354b23f-464f-4b7d-a944-bd9eed2b4556","block_type":"box","text":"the other side of the information barrier. In connection therewith, BlackRock personnel, businesses, and business units that","page_number":108,"box":{"x":88,"y":709,"width":862,"height":12}},{"id":"8071cc08-e592-473f-9612-6df1da9f603e","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":108,"box":{"x":88,"y":724,"width":873,"height":13}},{"id":"45c14f18-eb55-4e80-b144-ab9d23d106ea","block_type":"box","text":"they were moved. Information obtained in connection with such changes to information barriers may limit or restrict the","page_number":108,"box":{"x":88,"y":739,"width":845,"height":13}},{"id":"d11aa3cd-06b8-432b-8d66-298ad642fd77","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":108,"box":{"x":89,"y":754,"width":840,"height":13}},{"id":"10558865-04f2-4ffc-ac45-ebf5a7b01a8a","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":108,"box":{"x":89,"y":770,"width":845,"height":12}},{"id":"bac05155-0ec2-45d5-b280-a1e0ab128909","block_type":"box","text":"barrier). Information barriers may not have their intended impact due to, for example, changes in applicable law or","page_number":108,"box":{"x":89,"y":785,"width":800,"height":12}},{"id":"d3a1b31e-f72f-430a-a60a-2de56eba21b1","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":108,"box":{"x":89,"y":800,"width":856,"height":12}},{"id":"b0d3c653-7749-4ead-9e0a-4756fd851c21","block_type":"box","text":"personnel on the other side of a barrier.","page_number":108,"box":{"x":89,"y":815,"width":274,"height":12}},{"id":"55d5f954-626f-4081-b783-322c026f75b7","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision making and proxy","page_number":108,"box":{"x":88,"y":841,"width":861,"height":13}},{"id":"dd13a19f-9e96-4661-ac90-e04f5dadc981","block_type":"box","text":"voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients, as well as","page_number":108,"box":{"x":88,"y":856,"width":803,"height":13}},{"id":"e9d2392f-1fd7-4088-b2dc-4aeb6aa57e3c","block_type":"box","text":"87","page_number":108,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"536f2457-a37e-4b03-83a5-449e857b460b","block_type":"box","text":"BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other clients (including the","page_number":109,"box":{"x":89,"y":44,"width":862,"height":12}},{"id":"cec5be87-989b-4e28-817a-852ae1f195b1","block_type":"box","text":"Funds). As BlackRock’s assets under management increases, BlackRock clients may face greater negative impacts due to","page_number":109,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"3949aa6d-884d-4786-9a30-cfb3bffcf5bb","block_type":"box","text":"ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in certain","page_number":109,"box":{"x":89,"y":74,"width":834,"height":12}},{"id":"8a1aa953-6062-428c-8198-aae020a4acf6","block_type":"box","text":"circumstances where a BlackRock client invests in securities issued by companies that operate in certain industries (","page_number":109,"box":{"x":89,"y":89,"width":811,"height":13}},{"id":"ab030729-58a7-44b7-bc13-a7e9817a4935","block_type":"box","text":"e.g","page_number":109,"box":{"x":901,"y":92,"width":21,"height":10}},{"id":"43195a4b-885f-413a-83f9-24a703b834be","block_type":"box","text":".,","page_number":109,"box":{"x":923,"y":97,"width":6,"height":4}},{"id":"151598d2-2af8-4ab0-8830-51663c539205","block_type":"box","text":"banking, insurance, and utilities) or in certain emerging or international markets, or are subject to regulatory or corporate","page_number":109,"box":{"x":89,"y":104,"width":849,"height":13}},{"id":"d48531fa-d437-46ed-98a2-b4464cb359e7","block_type":"box","text":"ownership restrictions (","page_number":109,"box":{"x":89,"y":119,"width":165,"height":13}},{"id":"3c1452c1-92ff-42e3-8f26-0afe185e7e7b","block_type":"box","text":"e.g","page_number":109,"box":{"x":255,"y":123,"width":20,"height":9}},{"id":"94a146af-4bb3-489f-966f-2080d64e4142","block_type":"box","text":"., with mechanisms such as poison pills in place to prevent takeovers), or where a BlackRock client","page_number":109,"box":{"x":276,"y":119,"width":688,"height":13}},{"id":"cc2e341f-f145-47cd-98c6-98717f13037b","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":109,"box":{"x":89,"y":135,"width":857,"height":12}},{"id":"7d03d54d-ed82-4c13-984d-d72bb392b61c","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":109,"box":{"x":89,"y":150,"width":815,"height":12}},{"id":"0113716c-4e3b-4801-a367-bae5484d1467","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":109,"box":{"x":89,"y":165,"width":864,"height":12}},{"id":"91219927-12ee-4227-88c0-ae5d4c37574b","block_type":"box","text":"subject to enforcement actions, disgorgement of share ownership or profits, regulatory restrictions, complex compliance","page_number":109,"box":{"x":89,"y":180,"width":846,"height":12}},{"id":"0522bf95-4b0c-4051-9112-9b7823452b26","block_type":"box","text":"reporting, increased compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions,","page_number":109,"box":{"x":89,"y":195,"width":813,"height":12}},{"id":"31eda32a-1b4d-4e25-a81d-d5be36f11c3a","block_type":"box","text":"BlackRock may also seek to make indirect investments (","page_number":109,"box":{"x":89,"y":210,"width":390,"height":13}},{"id":"2436fb97-7e61-4300-92ff-672e6af258d3","block_type":"box","text":"e.g","page_number":109,"box":{"x":480,"y":213,"width":20,"height":10}},{"id":"8dc254b5-3536-4e85-b97e-de58cf94607a","block_type":"box","text":"., using derivatives) on behalf of its clients to receive exposure to","page_number":109,"box":{"x":501,"y":210,"width":451,"height":13}},{"id":"5b36ba75-d7c9-43cd-a79d-1b008c080fd2","block_type":"box","text":"certain securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":109,"box":{"x":89,"y":225,"width":854,"height":13}},{"id":"35d1afe2-7483-4d01-96f7-d41a4026213c","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":109,"box":{"x":89,"y":240,"width":874,"height":13}},{"id":"989bd80a-9290-491e-a72b-d7fad1ca31f7","block_type":"box","text":"limited availability of derivatives that provide indirect exposure to an impacted security. In addition, BlackRock clients can be","page_number":109,"box":{"x":89,"y":256,"width":866,"height":12}},{"id":"2da34809-55b2-4571-8491-28f7cf0dde5b","block_type":"box","text":"subject to more than one ownership limitation depending on each client’s holdings, and each ownership limitation can","page_number":109,"box":{"x":89,"y":271,"width":831,"height":12}},{"id":"5ac1f72c-a68c-4299-8c1c-6b470a57fe15","block_type":"box","text":"impact multiple securities held by the client. Certain clients or shareholders may have their own overlapping obligations to","page_number":109,"box":{"x":89,"y":286,"width":854,"height":12}},{"id":"80cd5a58-aa16-4d89-a92b-8521bed4a22d","block_type":"box","text":"monitor their compliance with ownership limitations across their investments.","page_number":109,"box":{"x":89,"y":301,"width":547,"height":12}},{"id":"d2a9d818-6ae1-4656-ae47-77517ad8d9f3","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":109,"box":{"x":89,"y":327,"width":859,"height":13}},{"id":"a4f92469-3a40-40b7-ae8c-419dce345be1","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":109,"box":{"x":89,"y":342,"width":878,"height":13}},{"id":"ee23af2e-59e8-4a61-9b2b-3522c956ad3d","block_type":"box","text":"exercise rights (including voting) or undertake business transactions, may be restricted by law, regulation, rule, or","page_number":109,"box":{"x":89,"y":358,"width":793,"height":12}},{"id":"d33cb020-870f-435f-a65a-46a69d15b9fd","block_type":"box","text":"organizational documents or otherwise impaired. For example, to meet the requirements of an ownership limitation or","page_number":109,"box":{"x":89,"y":373,"width":828,"height":12}},{"id":"5d909117-d6ca-4285-99a3-ad63d30bcab1","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":109,"box":{"x":89,"y":388,"width":852,"height":12}},{"id":"6966a1da-2f7c-4a31-beb9-ef1893d0fa8b","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":109,"box":{"x":89,"y":403,"width":877,"height":12}},{"id":"50bf9cb6-c11e-4b88-bf52-ea190016db2b","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":109,"box":{"x":89,"y":418,"width":810,"height":12}},{"id":"9abfa51b-8f4a-42cf-bb89-27a35a3f6cb1","block_type":"box","text":"ownership limitation or restriction because the fund cannot acquire the amount of the impacted security included in its","page_number":109,"box":{"x":89,"y":433,"width":835,"height":13}},{"id":"54cb3da9-97da-4721-bec8-e7f861dea9cc","block_type":"box","text":"index. BlackRock on behalf of its clients may limit purchases, sell existing investments, utilize indirect investments, utilize","page_number":109,"box":{"x":89,"y":448,"width":841,"height":13}},{"id":"2175984d-1268-44c7-a8e1-e36648b49c9c","block_type":"box","text":"information barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or limiting","page_number":109,"box":{"x":89,"y":463,"width":874,"height":13}},{"id":"66d03239-cb39-4f2b-907c-b377af62473a","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":109,"box":{"x":88,"y":479,"width":876,"height":12}},{"id":"de18517c-ab24-46d6-97d5-cac34882d418","block_type":"box","text":"potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.","page_number":109,"box":{"x":89,"y":494,"width":878,"height":12}},{"id":"d0f175b7-2b29-4d3a-b614-4a68e655bd24","block_type":"box","text":"These types of restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":109,"box":{"x":88,"y":509,"width":812,"height":12}},{"id":"62551983-ba0a-4daf-8cc4-62ccec544d6b","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":109,"box":{"x":88,"y":535,"width":867,"height":13}},{"id":"0c30164f-e320-4914-825b-d4a3b9ed16e1","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":109,"box":{"x":88,"y":550,"width":840,"height":13}},{"id":"696b7006-337e-44b5-844c-4dac9457bbe8","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":109,"box":{"x":89,"y":565,"width":868,"height":13}},{"id":"d56e554b-d5dd-481e-a522-6240912bbe1a","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":109,"box":{"x":89,"y":581,"width":829,"height":12}},{"id":"dd91de68-218e-40eb-abf0-11f728f29971","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":109,"box":{"x":89,"y":596,"width":876,"height":12}},{"id":"9e95d498-adb2-425b-935f-5e580134d15d","block_type":"box","text":"outweigh the costs and may limit BlackRock from taking actions that it otherwise would take. 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BlackRock may adopt certain controls","page_number":109,"box":{"x":89,"y":641,"width":863,"height":12}},{"id":"8a8d24b5-a1b3-46cf-8942-350f5825a3a7","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":109,"box":{"x":89,"y":656,"width":874,"height":13}},{"id":"1d8452c4-fe14-4415-a0b6-e9e27a9b3202","block_type":"box","text":"ownership in certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or,","page_number":109,"box":{"x":89,"y":671,"width":868,"height":13}},{"id":"a90b956a-44c6-490f-8c04-f622aec756eb","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":109,"box":{"x":88,"y":686,"width":875,"height":13}},{"id":"cf6adba5-dfdc-40fd-8eaa-76f4194d5379","block_type":"box","text":"purchases of Creation Units of such Fund. 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It is possible that, despite BlackRock’s intent to either comply with or be granted","page_number":109,"box":{"x":89,"y":773,"width":861,"height":13}},{"id":"16532bb5-dde6-4e21-8113-5d56f52cb35c","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":109,"box":{"x":89,"y":788,"width":814,"height":13}},{"id":"caead474-fb85-476b-8f3f-71a6f6ec4280","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":109,"box":{"x":89,"y":804,"width":481,"height":12}},{"id":"60c4f1d8-6aff-4cef-869a-cd72bf0587ff","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and regulatory","page_number":109,"box":{"x":89,"y":830,"width":872,"height":12}},{"id":"7a533aef-7fe0-4638-90ef-3714c0bc8af4","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":109,"box":{"x":89,"y":845,"width":878,"height":12}},{"id":"ab31f685-55db-4f6d-a790-db0929e1457d","block_type":"box","text":"to such security or asset.","page_number":109,"box":{"x":88,"y":860,"width":174,"height":13}},{"id":"74964aea-9fa2-4ebe-9bc2-ba8521a4864f","block_type":"box","text":"88","page_number":109,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4479c948-70c1-4e19-b5fb-7606c36f7c4b","block_type":"box","text":"BlackRock may not serve as an Authorized Participant in the creation and redemption of iShares ETFs.","page_number":110,"box":{"x":89,"y":44,"width":710,"height":12}},{"id":"0e819e5a-6417-4ae7-b048-2bb424b62cf4","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":110,"box":{"x":89,"y":70,"width":866,"height":13}},{"id":"7b2db604-7be4-4996-9202-44b9de46641f","block_type":"box","text":"order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":110,"box":{"x":89,"y":85,"width":808,"height":13}},{"id":"f1879205-1d1d-4c6c-aa75-7298798e1a3f","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":110,"box":{"x":89,"y":101,"width":868,"height":12}},{"id":"8ed8a30d-3d91-4b0b-9127-e6801fee056f","block_type":"box","text":"to provide certain ETF Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants","page_number":110,"box":{"x":88,"y":116,"width":861,"height":12}},{"id":"8afd625a-d735-4878-96f6-aa32d7cac3ad","block_type":"box","text":"on each creation or redemption order from the Authorized Participant for the ETF Services provided. BlackRock collaborated","page_number":110,"box":{"x":89,"y":131,"width":866,"height":12}},{"id":"ee7cd366-d019-4bca-8e41-8580eb868b68","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":110,"box":{"x":88,"y":146,"width":853,"height":12}},{"id":"21da2ce5-0b66-4cb7-93bf-d1658e8773e3","block_type":"box","text":"from time to time may develop, additional relationships with BlackRock or funds managed by BFA and its affiliates.","page_number":110,"box":{"x":88,"y":161,"width":801,"height":12}},{"id":"2ef45820-a33d-402b-bf4b-cab94260c87a","block_type":"box","text":"In order to defray transaction expenses and protect against possible shareholder dilution, the Funds may collect certain fees","page_number":110,"box":{"x":89,"y":188,"width":867,"height":12}},{"id":"86af76ba-a435-44f7-9220-5438565c3833","block_type":"box","text":"from Authorized Participants in connection with cash substitutions for creation and redemption transactions. 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To the extent permitted by applicable laws, the Funds may seek to license and use","page_number":110,"box":{"x":89,"y":305,"width":877,"height":12}},{"id":"e754712b-3360-4a85-8afa-f93ebbce21f4","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":110,"box":{"x":89,"y":320,"width":859,"height":12}},{"id":"938a6c7c-ff11-48d1-9686-27ece1a0df2e","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":110,"box":{"x":89,"y":335,"width":861,"height":12}},{"id":"83d02038-f3c2-4345-944c-86dc83d581dd","block_type":"box","text":"permitted by applicable law), may be paid licensing fees for use of their index or index name. 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Any Fund that enters into a license for a BlackRock index cannot be assured","page_number":110,"box":{"x":89,"y":410,"width":852,"height":13}},{"id":"eed1511f-45da-45e9-96e5-368336605558","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":110,"box":{"x":88,"y":426,"width":876,"height":12}},{"id":"1ab0cf58-65ea-4918-a3b8-b848c88350a9","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":110,"box":{"x":89,"y":452,"width":681,"height":12}},{"id":"0f700aa4-017f-48ac-b817-5538b9be874a","block_type":"box","text":"e.g","page_number":110,"box":{"x":771,"y":455,"width":20,"height":9}},{"id":"5f5bb22b-a022-4dc2-9be1-c3fb332b86df","block_type":"box","text":"., custodians,","page_number":110,"box":{"x":793,"y":452,"width":90,"height":11}},{"id":"3e5ad084-33a4-46df-acc7-5217d51013c1","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in recognition of","page_number":110,"box":{"x":89,"y":467,"width":846,"height":13}},{"id":"4161ef44-beb6-4c13-af49-c9f1f34d7b42","block_type":"box","text":"BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual arrangements with","page_number":110,"box":{"x":89,"y":482,"width":853,"height":13}},{"id":"7ab1494a-7683-4352-b608-13fde60b4c29","block_type":"box","text":"such service providers pursuant to which BlackRock incurs additional costs if the service provider’s services are terminated","page_number":110,"box":{"x":89,"y":497,"width":858,"height":13}},{"id":"67176f8a-3639-437e-9566-bf0b360e6987","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":110,"box":{"x":88,"y":513,"width":866,"height":12}},{"id":"541de5e8-94be-4611-a2b9-b3b554a3fb26","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":110,"box":{"x":88,"y":528,"width":875,"height":12}},{"id":"8b0044ff-4c1e-4617-936f-18aa3bf88a23","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":110,"box":{"x":89,"y":543,"width":825,"height":12}},{"id":"c6395d46-958d-4d74-8513-1315781782e2","block_type":"box","text":"providers to a Fund. 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A Fund service provider’s payments to BlackRock for the use of these systems may enhance the","page_number":110,"box":{"x":89,"y":762,"width":808,"height":12}},{"id":"18203335-28c7-48cb-acf8-5f7f1241e69c","block_type":"box","text":"profitability of BlackRock.","page_number":110,"box":{"x":89,"y":777,"width":176,"height":12}},{"id":"42038664-d521-4685-9906-cc8dd7ceb7a2","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":110,"box":{"x":89,"y":804,"width":863,"height":12}},{"id":"8f3e199c-e526-47ec-9f1c-94562939d189","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":110,"box":{"x":89,"y":819,"width":810,"height":12}},{"id":"ec3b0dbe-fb0e-4560-8aa6-218973992afa","block_type":"box","text":"89","page_number":110,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"13461488-540e-4707-81bc-eae52dc711c9","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing arrangements","page_number":111,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"e06823af-50b2-431c-bfe6-6b1d0c1ff590","block_type":"box","text":"for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund fees and expenses","page_number":111,"box":{"x":88,"y":59,"width":845,"height":12}},{"id":"491ca3ad-221d-4e26-b922-01db8acf1b41","block_type":"box","text":"applicable to such client’s investment in a Fund.","page_number":111,"box":{"x":89,"y":74,"width":334,"height":12}},{"id":"04bf3fe1-5a00-4df7-b986-438b561d77ea","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":111,"box":{"x":89,"y":101,"width":838,"height":12}},{"id":"1538a53b-be00-4390-8b74-aef708ba60e5","block_type":"box","text":"section, may give rise to additional conflicts of interest.","page_number":111,"box":{"x":89,"y":116,"width":383,"height":12}},{"id":"299748ea-ee84-49b4-a1ca-c690ef3cad33","block_type":"box","text":"Investment Advisory, Administrative and","page_number":111,"box":{"x":91,"y":146,"width":676,"height":30}},{"id":"5624c16e-7cc3-4d87-8194-163ee2d89295","block_type":"box","text":"Distribution Services","page_number":111,"box":{"x":91,"y":177,"width":343,"height":23}},{"id":"b16d1b0c-48ef-4e4d-b4f2-58fcc64faeb1","block_type":"box","text":"Investment Adviser.","page_number":111,"box":{"x":89,"y":218,"width":141,"height":10}},{"id":"91d55142-adaf-4913-b4ba-b26ad096ff5b","block_type":"box","text":"BFA serves as investment adviser to each Fund pursuant to an investment advisory agreement between","page_number":111,"box":{"x":240,"y":218,"width":722,"height":12}},{"id":"35b2059f-527d-4cc8-9da7-863ef9d49e3c","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":111,"box":{"x":88,"y":233,"width":843,"height":12}},{"id":"f6bdfb6f-4df2-45df-89c0-7907b0c40b05","block_type":"box","text":"registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Under the investment advisory","page_number":111,"box":{"x":89,"y":248,"width":868,"height":12}},{"id":"5dc6ec2c-021c-467a-a250-e113a751290c","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":111,"box":{"x":89,"y":263,"width":865,"height":12}},{"id":"b724f5e0-a787-4bb6-bfa3-4a7df8d9fdd4","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":111,"box":{"x":89,"y":278,"width":854,"height":13}},{"id":"60994bf0-99c8-4f03-b44a-44a11023fbd8","block_type":"box","text":"and sale orders and providing continuous supervision of the investment portfolio of each Fund.","page_number":111,"box":{"x":89,"y":293,"width":665,"height":13}},{"id":"fe45cf4d-e62e-4e84-92a0-24e587a65e7e","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":111,"box":{"x":89,"y":320,"width":876,"height":12}},{"id":"34fa4ffc-0f9f-4ee6-abe4-44e979e0bdbc","block_type":"box","text":"by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BFA, to perform investment","page_number":111,"box":{"x":89,"y":335,"width":851,"height":12}},{"id":"0d3374d9-5a58-459e-876a-e4fe3a085ca4","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":115,"box":{"x":88,"y":89,"width":855,"height":13}},{"id":"6782f222-373b-4aa2-a490-4d3a6a2379da","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":115,"box":{"x":88,"y":104,"width":857,"height":13}},{"id":"1ae4c7fc-6604-4722-880d-02157fd63dad","block_type":"box","text":"and BFA and its affiliates did not manage other portfolios or accounts.","page_number":115,"box":{"x":89,"y":119,"width":489,"height":13}},{"id":"63730a8a-be01-4925-a81f-6d46439d5426","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":115,"box":{"x":89,"y":146,"width":875,"height":12}},{"id":"7ddcf0f6-b2e3-4c93-80ba-5f4f636082b4","block_type":"box","text":"portfolio management generally pay an asset-based fee to BFA or its affiliates, as applicable, for its advisory services. 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A portfolio or account with a performance-based fee would pay BFA","page_number":115,"box":{"x":89,"y":191,"width":866,"height":13}},{"id":"d3a72548-238f-4bb8-86d1-e1d2376f111d","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":115,"box":{"x":89,"y":206,"width":834,"height":13}},{"id":"865f9dbb-093e-4836-91d0-505361569bde","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":115,"box":{"x":88,"y":222,"width":879,"height":12}},{"id":"222b432c-e200-4800-9cc4-0b87bdeb75cd","block_type":"box","text":"fee arrangements could present an incentive for BFA or its affiliates to devote greater resources, and allocate more","page_number":115,"box":{"x":88,"y":237,"width":799,"height":12}},{"id":"a66ff180-10ac-4520-ba7f-88530354cddc","block_type":"box","text":"investment opportunities, to the portfolios or accounts that have those fee arrangements, relative to other portfolios or","page_number":115,"box":{"x":89,"y":252,"width":832,"height":12}},{"id":"baedb038-9439-40e8-b086-76fde3fc92cf","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":115,"box":{"x":89,"y":267,"width":843,"height":12}},{"id":"7bfef1ee-0ae2-465f-a739-4fba2bc58166","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":115,"box":{"x":89,"y":282,"width":872,"height":12}},{"id":"9f5f83de-70b0-4dd6-b153-4b71869c897d","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":115,"box":{"x":89,"y":297,"width":865,"height":12}},{"id":"c506c95d-7961-4c4e-ba97-7269133f2fda","block_type":"box","text":"arrangements, including performance-based fee arrangements, there is the potential for a conflict of interest, which may","page_number":115,"box":{"x":89,"y":312,"width":845,"height":13}},{"id":"bacc7d71-cd0f-4e35-84b9-0c7f6431071c","block_type":"box","text":"result in the Portfolio Managers favoring those portfolios or accounts with performance-based fee arrangements.","page_number":115,"box":{"x":89,"y":327,"width":791,"height":13}},{"id":"b13aaff2-9d5b-4176-a32f-17a29b2d472a","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":115,"box":{"x":88,"y":354,"width":861,"height":12}},{"id":"a1546961-1fb9-40f0-aa63-a0638b648c13","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":115,"box":{"x":88,"y":369,"width":858,"height":12}},{"id":"3a6fda51-5a7c-4a41-a21b-ef4146481f62","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":116,"box":{"x":89,"y":218,"width":861,"height":12}},{"id":"5b884fe3-4dfc-47fd-8013-9c656c358ee1","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":116,"box":{"x":89,"y":233,"width":836,"height":12}},{"id":"b209c8c7-3bc4-408b-b4c0-0f9b089af750","block_type":"box","text":"include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more","page_number":116,"box":{"x":89,"y":248,"width":865,"height":12}},{"id":"f34ce095-9061-483c-9a31-4e4b61722586","block_type":"box","text":"of the incentive compensation programs established by BlackRock, Inc.","page_number":116,"box":{"x":89,"y":263,"width":496,"height":12}},{"id":"d55af4c6-805c-4b58-860e-7f550052316b","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":116,"box":{"x":89,"y":290,"width":850,"height":12}},{"id":"61876b63-08a0-47cb-9f97-c70ea728e231","block_type":"box","text":"benefits offered to all BlackRock employees. 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State","page_number":119,"box":{"x":89,"y":335,"width":877,"height":12}},{"id":"11a75a26-a819-4d4e-b501-4a5e4d3f74c1","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":119,"box":{"x":88,"y":350,"width":818,"height":12}},{"id":"26981371-3302-44e5-ae1e-48331364d33f","block_type":"box","text":"securities purchased by the Company for each Fund. State Street is authorized to appoint certain foreign custodians or","page_number":119,"box":{"x":89,"y":365,"width":828,"height":12}},{"id":"888104f7-502e-4e25-9f5b-8e5791405961","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":119,"box":{"x":88,"y":380,"width":879,"height":13}},{"id":"188a076e-e4e3-45ec-a2e0-580916e9ea47","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":119,"box":{"x":88,"y":395,"width":854,"height":13}},{"id":"dc029f7b-fd49-49d9-8129-a0a1762c99b9","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":119,"box":{"x":89,"y":410,"width":859,"height":13}},{"id":"aa563197-982d-4123-8c7f-c9cd5620e66b","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":119,"box":{"x":89,"y":426,"width":805,"height":12}},{"id":"c0a8dee4-5ae8-4b60-854b-3a251d5d7316","block_type":"box","text":"compensation because it has agreed to pay these operating expenses under the Investment Advisory Agreement as","page_number":119,"box":{"x":89,"y":441,"width":809,"height":12}},{"id":"5c2f97de-1ad9-4cd6-93d8-8f33dc76e2cd","block_type":"box","text":"described therein.","page_number":119,"box":{"x":89,"y":456,"width":124,"height":10}},{"id":"b4bf615f-ca0c-41f3-9838-4bee496cdb84","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares MSCI Global Metals &","page_number":119,"box":{"x":88,"y":497,"width":852,"height":13}},{"id":"41c3b798-3420-4e05-8ea2-91ffa786fd28","block_type":"box","text":"Mining Producers ETF, iShares MSCI Emerging Markets ETF and iShares MSCI Taiwan ETF","page_number":119,"box":{"x":88,"y":513,"width":651,"height":12}},{"id":"9dd9bc5e-a11f-48c9-bc4f-40d0c5b9ea63","block_type":"box","text":"Citibank serves as administrator, custodian and transfer agent for the above-listed Funds under the Master Services","page_number":119,"box":{"x":89,"y":539,"width":806,"height":12}},{"id":"5ddee2b0-e924-47bc-a4e1-8d28f7450da6","block_type":"box","text":"Agreement (the “Master Services Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":119,"box":{"x":88,"y":554,"width":853,"height":12}},{"id":"9ee54f88-8397-48d3-bdeb-6aabc03a0417","block_type":"box","text":"Pursuant to the Master Services Agreement with the Company, Citibank provides necessary administrative, tax and","page_number":119,"box":{"x":89,"y":569,"width":804,"height":13}},{"id":"6b153a8d-c402-497e-b068-e38f365484a9","block_type":"box","text":"accounting and financial reporting services for the maintenance and operations of the Company and each Fund. In addition,","page_number":119,"box":{"x":89,"y":584,"width":869,"height":13}},{"id":"c180db18-5b81-44bb-bee7-58043564fe14","block_type":"box","text":"Citibank makes available the office space, equipment, personnel and facilities required to provide such services. Pursuant to","page_number":119,"box":{"x":89,"y":599,"width":863,"height":13}},{"id":"1cb7697c-8304-46ca-9df4-cf04666a2c82","block_type":"box","text":"the Master Services Agreement with the Company, Citibank maintains, in separate accounts, cash, securities and other assets","page_number":119,"box":{"x":88,"y":615,"width":879,"height":12}},{"id":"c2539df8-899a-46d9-99d0-0e03bb384976","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":119,"box":{"x":89,"y":630,"width":859,"height":12}},{"id":"84e30691-a853-4086-8f23-34855c8f257b","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":119,"box":{"x":89,"y":645,"width":863,"height":12}},{"id":"243eb67e-2370-4043-a110-3188106a7916","block_type":"box","text":"Company for each Fund. Citibank is authorized to appoint certain foreign custodians or foreign custody managers for Fund","page_number":119,"box":{"x":89,"y":660,"width":860,"height":12}},{"id":"dbb9ee98-689b-4be7-9da8-89b84f5bd9ed","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":119,"box":{"x":89,"y":675,"width":873,"height":12}},{"id":"4e5329de-80a3-4108-9d31-aaeaeeb33163","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":119,"box":{"x":88,"y":690,"width":842,"height":13}},{"id":"1bcf2422-7582-459c-9cfd-932050bb882e","block_type":"box","text":"compensation for these services, Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which","page_number":119,"box":{"x":89,"y":705,"width":864,"height":13}},{"id":"a1132d50-b628-48e0-ac59-8c4b2fe6aafe","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":119,"box":{"x":89,"y":720,"width":817,"height":13}},{"id":"686a6999-b806-4927-8292-632e1395173b","block_type":"box","text":"expenses under the Investment Advisory Agreement as described therein.","page_number":119,"box":{"x":89,"y":736,"width":516,"height":12}},{"id":"927ea01d-45ec-44ac-88f9-fc603682265f","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":119,"box":{"x":89,"y":762,"width":849,"height":12}},{"id":"d4c5aa2b-e9e5-41e8-b4ab-f42efd9c9cb7","block_type":"box","text":"Metals & Mining Producers ETF.","page_number":119,"box":{"x":89,"y":777,"width":221,"height":12}},{"id":"9df25b07-bde9-4dd3-90d7-2b8b3743f7b1","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":119,"box":{"x":89,"y":804,"width":842,"height":12}},{"id":"b03eae00-d3f7-44bd-815d-b9666484de50","block_type":"box","text":"Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares MSCI Emerging Markets ETF and iShares MSCI","page_number":119,"box":{"x":89,"y":819,"width":861,"height":12}},{"id":"d33cbc5b-968c-40ac-837f-9e0b05c45c85","block_type":"box","text":"Taiwan ETF.","page_number":119,"box":{"x":88,"y":834,"width":82,"height":10}},{"id":"e9111f8f-9c0c-42fd-83fb-4346e3594d6e","block_type":"box","text":"98","page_number":119,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"29f29de9-b321-4789-a4bb-0f7cfe4fab9d","block_type":"box","text":"JPMorgan serves as custodian for the Funds in connection with certain securities lending activities under a Custody Services","page_number":120,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"703f7a8e-df72-4caa-bfd3-6c9d2bbd85fb","block_type":"box","text":"Agreement. JPMorgan’s principal address is 383 Madison Avenue, 11","page_number":120,"box":{"x":88,"y":59,"width":479,"height":12}},{"id":"6216d1a9-9690-443e-b072-20c67471f8b1","block_type":"box","text":"th","page_number":120,"box":{"x":570,"y":57,"width":10,"height":6}},{"id":"79d87cf2-c618-4c9c-949e-e5a97242cbe4","block_type":"box","text":"Floor, New York, NY 10179. Pursuant to the Custody","page_number":120,"box":{"x":586,"y":59,"width":362,"height":12}},{"id":"cdfac66f-0069-4603-bb53-a9b04bcf266b","block_type":"box","text":"Services Agreement with BTC and the Company, JPMorgan provides custody and related services required to facilitate","page_number":120,"box":{"x":88,"y":74,"width":822,"height":12}},{"id":"c8a972e1-3e3e-49a6-b7fe-50b3d933fcfe","block_type":"box","text":"securities lending by each Fund. JPMorgan maintains custody as may be necessary to facilitate Fund securities lending","page_number":120,"box":{"x":89,"y":89,"width":827,"height":13}},{"id":"7c3e8f37-1bdc-408e-a031-5199eb13cd80","block_type":"box","text":"activity in coordination with other funds, maintains custodial records and provides other services. As compensation for these","page_number":120,"box":{"x":89,"y":104,"width":875,"height":13}},{"id":"c71bbd2e-d3c0-419b-b756-18fa40ddc2d3","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":120,"box":{"x":89,"y":119,"width":876,"height":13}},{"id":"e543820b-4ec4-47a7-9cee-1bf2a60a2ea8","block_type":"box","text":"agent.","page_number":120,"box":{"x":89,"y":136,"width":42,"height":11}},{"id":"42ea1439-67eb-41ba-af11-eebd33c14f63","block_type":"box","text":"Distributor.","page_number":120,"box":{"x":89,"y":161,"width":80,"height":10}},{"id":"35e8b081-7443-4416-87c0-a494fd2e9543","block_type":"box","text":"The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001. Shares are continuously offered for","page_number":120,"box":{"x":178,"y":161,"width":783,"height":12}},{"id":"3df46857-203b-4ef9-9a13-3373ded4bd9b","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":120,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"86dfffce-285c-4dac-adcd-92b7c95b84a9","block_type":"box","text":"below in the","page_number":120,"box":{"x":89,"y":191,"width":85,"height":10}},{"id":"16769dd8-2794-4878-bf61-ccc3db7db5b6","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":120,"box":{"x":179,"y":191,"width":300,"height":13}},{"id":"0261cc1a-5e8e-4871-afe9-81fefdcab0d1","block_type":"box","text":"section of this SAI. Fund shares in amounts less than Creation Units","page_number":120,"box":{"x":484,"y":191,"width":473,"height":10}},{"id":"e9f204bc-cd9d-43f1-80ba-c9038470bf3f","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":120,"box":{"x":89,"y":206,"width":845,"height":13}},{"id":"44a324e8-ec76-492a-a9f4-c4db1b7a5b2c","block_type":"box","text":"applicable Prospectus and, upon request, this SAI to persons purchasing Creation Units and will maintain records of both","page_number":120,"box":{"x":89,"y":222,"width":846,"height":12}},{"id":"3898bf77-391a-4357-877f-7d9fd6c4112a","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":120,"box":{"x":89,"y":237,"width":861,"height":12}},{"id":"bb295a00-a726-4510-8f57-fc10f3dfc006","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":120,"box":{"x":89,"y":252,"width":852,"height":12}},{"id":"2fb1480c-3956-474e-b3fb-6f9f4877d6b8","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":120,"box":{"x":89,"y":267,"width":876,"height":12}},{"id":"b9c12108-36bd-40dc-9c23-ca7e0d8af23b","block_type":"box","text":"in Puerto Rico, the U.S. Virgin Islands and the District of Columbia.","page_number":120,"box":{"x":89,"y":282,"width":462,"height":12}},{"id":"19006ce3-34ed-4dc2-82cc-cf617ea44392","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":120,"box":{"x":88,"y":308,"width":829,"height":13}},{"id":"24aa7865-8582-4002-88b9-eb6f8ab80f5d","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":120,"box":{"x":89,"y":324,"width":840,"height":12}},{"id":"cb738a82-3e62-440f-960a-1395ef9320d7","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":120,"box":{"x":89,"y":339,"width":864,"height":12}},{"id":"950a0bc2-02e1-4819-ad2b-4a26fe1c2a33","block_type":"box","text":"The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).","page_number":120,"box":{"x":88,"y":354,"width":811,"height":12}},{"id":"156480de-d9ad-4d46-8b84-05d990fa96a7","block_type":"box","text":"The Distributor may also enter into agreements with securities dealers (“Soliciting Dealers”) who will solicit purchases of","page_number":120,"box":{"x":88,"y":380,"width":848,"height":13}},{"id":"87a531e1-cb02-45f0-82cb-6cb002a46cee","block_type":"box","text":"Creation Units of Fund shares. Such Soliciting Dealers may also be Authorized Participants (as described below), DTC","page_number":120,"box":{"x":89,"y":395,"width":818,"height":13}},{"id":"59d9bac3-54fb-42ff-9581-90024044b6a7","block_type":"box","text":"participants and/or investor services organizations.","page_number":120,"box":{"x":89,"y":410,"width":357,"height":13}},{"id":"f3d53328-ed61-433b-a7b7-93b7d5b8b7e8","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":120,"box":{"x":89,"y":437,"width":847,"height":12}},{"id":"33c8a416-d88a-4129-a62a-cd5d2014a894","block_type":"box","text":"including payments out of its own resources to the Distributor, or to otherwise promote the sale of shares.","page_number":120,"box":{"x":89,"y":452,"width":743,"height":12}},{"id":"4141cbce-3653-4421-9e85-fd8ed81e4323","block_type":"box","text":"Securities Lending.","page_number":120,"box":{"x":88,"y":479,"width":137,"height":12}},{"id":"74663c4c-a0df-4e2d-89f4-6ccb62b7a76c","block_type":"box","text":"To the extent that a Fund engages in securities lending, each Fund conducts its securities lending","page_number":120,"box":{"x":234,"y":479,"width":681,"height":12}},{"id":"d9956326-9643-4b12-9fbb-f848152d4c26","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":120,"box":{"x":89,"y":494,"width":872,"height":12}},{"id":"0d13afa0-ef60-48da-acda-65fd85df6ccc","block_type":"box","text":"BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":120,"box":{"x":89,"y":509,"width":592,"height":12}},{"id":"4dad8759-3d25-4f9e-8552-aa7349069b1d","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":120,"box":{"x":89,"y":535,"width":876,"height":13}},{"id":"86a8f809-06f3-49ed-b476-5387bb527118","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":120,"box":{"x":89,"y":550,"width":833,"height":13}},{"id":"20bc3e72-bac3-482a-ab2d-e199cb366901","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":120,"box":{"x":89,"y":565,"width":874,"height":13}},{"id":"2272c2b7-034f-4bce-bbdf-496db5c198b4","block_type":"box","text":"and from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":120,"box":{"x":89,"y":581,"width":844,"height":12}},{"id":"1c6eb26e-56df-4418-91c6-df1c6ac81a22","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":120,"box":{"x":89,"y":596,"width":859,"height":12}},{"id":"6af364aa-b193-43db-a39f-4e8082737481","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":120,"box":{"x":89,"y":611,"width":874,"height":12}},{"id":"9058c6fb-d5bd-4470-b6c5-98eca074a6da","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":120,"box":{"x":89,"y":626,"width":820,"height":12}},{"id":"bbead602-d5ba-4ee4-a7cb-c4f6f192feb0","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":120,"box":{"x":89,"y":641,"width":846,"height":12}},{"id":"9100aa89-7dff-480f-aab8-e909cb1ad4b7","block_type":"box","text":"load, redemption fee, distribution fee or service fee.","page_number":120,"box":{"x":89,"y":656,"width":357,"height":13}},{"id":"b650141d-1030-443f-aff3-e11f1398cbdb","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":120,"box":{"x":88,"y":683,"width":841,"height":12}},{"id":"7f081957-0b36-4af7-b2c8-53d826cc5a65","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":120,"box":{"x":89,"y":698,"width":858,"height":12}},{"id":"da696e43-848d-41a1-89b1-4f4b0ccb63e6","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":120,"box":{"x":88,"y":713,"width":844,"height":12}},{"id":"f6fae405-0179-447f-bc94-a02b364a8e1a","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":120,"box":{"x":88,"y":728,"width":868,"height":12}},{"id":"fdd1fb81-bfc1-4968-ad23-7f3e63eb3eb7","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":120,"box":{"x":89,"y":743,"width":865,"height":12}},{"id":"3aa5cb42-c761-4054-a73a-e6e68b62efbc","block_type":"box","text":"fund’s net assets, unless the liquidity costs are de minimis (","page_number":120,"box":{"x":88,"y":758,"width":415,"height":13}},{"id":"36e75f42-8a6d-4d6b-ac17-15e2e5a3f93e","block_type":"box","text":"i.e","page_number":120,"box":{"x":504,"y":759,"width":15,"height":9}},{"id":"d192d009-676e-49e6-a9e0-af47d1c358ea","block_type":"box","text":"., less than one basis point (0.01%)). The money market fund","page_number":120,"box":{"x":520,"y":758,"width":429,"height":13}},{"id":"bbe5ec7d-78de-420d-839b-13d974e5a291","block_type":"box","text":"will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund","page_number":120,"box":{"x":88,"y":773,"width":879,"height":13}},{"id":"080021ce-f380-4b3c-a007-e6928907b6f9","block_type":"box","text":"would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on","page_number":120,"box":{"x":88,"y":788,"width":861,"height":13}},{"id":"e6aa1857-23c0-410b-8620-6873423fc648","block_type":"box","text":"that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot estimate the costs of","page_number":120,"box":{"x":88,"y":804,"width":841,"height":12}},{"id":"3d78d583-5833-4503-8a40-87399d0ed0c5","block_type":"box","text":"selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default","page_number":120,"box":{"x":89,"y":819,"width":831,"height":12}},{"id":"fe48b223-3269-44a4-a54f-ddab4f87dfa0","block_type":"box","text":"liquidity fee of 1% on the value of shares redeemed on that day. The imposition of any such discretionary or mandatory","page_number":120,"box":{"x":89,"y":834,"width":835,"height":12}},{"id":"0eaf7d76-8dd8-4aea-9074-3ec259e4f1c0","block_type":"box","text":"liquidity fee would reduce the Fund’s returns on securities lending.","page_number":120,"box":{"x":89,"y":849,"width":464,"height":12}},{"id":"6ed13886-10c1-4a04-85ac-5509c1eb1107","block_type":"box","text":"99","page_number":120,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"53a144a9-7ab9-431f-8003-fd30873e7361","block_type":"box","text":"Under the securities lending program, the Funds are categorized into one of several specific asset classes. 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BFA Entities also make payments to Intermediaries for","page_number":126,"box":{"x":88,"y":381,"width":841,"height":12}},{"id":"ef745b6e-5795-4d71-a465-04ba38367e03","block_type":"box","text":"certain printing, publishing and mailing costs or materials relating to the Fund or other Products (“Publishing Costs”). 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The same conflicts of interest and financial incentives exist with","page_number":126,"box":{"x":89,"y":619,"width":874,"height":12}},{"id":"b574b590-d8ec-4e5d-9acf-f8c57468b9c1","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":126,"box":{"x":89,"y":634,"width":798,"height":12}},{"id":"659c3b55-5036-4288-b70b-d93ec39087e8","block_type":"box","text":"Intermediary firm.","page_number":126,"box":{"x":89,"y":649,"width":125,"height":13}},{"id":"c7c6a7ec-643e-4d7a-acef-d321b755941c","block_type":"box","text":"In addition to the payments described above, BFA Entities have developed proprietary tools, calculators and related","page_number":126,"box":{"x":89,"y":676,"width":802,"height":12}},{"id":"05ee948b-af4f-4976-bb01-b1afb3b3ef63","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":126,"box":{"x":89,"y":691,"width":812,"height":12}},{"id":"a3f79f8f-efeb-4bd9-8bbd-816ac319ec6b","block_type":"box","text":"Intermediaries. BlackRock may configure these tools and calculators and localize the content for Intermediaries as part of its","page_number":126,"box":{"x":89,"y":706,"width":868,"height":12}},{"id":"ed658509-2a4c-4b6d-98b9-bd5d43f1f547","block_type":"box","text":"customary digital marketing support and promotion of the Fund or other Products.","page_number":126,"box":{"x":89,"y":721,"width":581,"height":12}},{"id":"7b288298-f96b-4b42-9c7d-fe6bac699d89","block_type":"box","text":"As of March 1, 2013, BFA Entities have contractual arrangements to make payments (in addition to payments for Education","page_number":126,"box":{"x":88,"y":748,"width":862,"height":12}},{"id":"592f1efb-25e6-479a-a27a-c1bd7af68f35","block_type":"box","text":"Costs or Publishing Costs) to one Intermediary, Fidelity Brokerage Services LLC (“FBS”). Effective June 4, 2016, this","page_number":126,"box":{"x":89,"y":763,"width":795,"height":12}},{"id":"00b4a02c-c34a-486a-8ab6-a24770e8c368","block_type":"box","text":"relationship was expanded to include National Financial Services, LLC (“NFS”), an affiliate of FBS. Pursuant to this special,","page_number":126,"box":{"x":89,"y":778,"width":847,"height":12}},{"id":"a53d05a5-5e5d-4259-9fa4-c6a23571156c","block_type":"box","text":"long-term and significant arrangement (the “Marketing Program”), FBS, NFS and certain of their affiliates (collectively","page_number":126,"box":{"x":89,"y":793,"width":824,"height":12}},{"id":"f37803f9-3673-4efe-9c45-6743c6161c22","block_type":"box","text":"“Fidelity”) have agreed, among other things, to actively promote certain funds and Products to customers, investment","page_number":126,"box":{"x":89,"y":808,"width":827,"height":12}},{"id":"cb0e6722-82d9-4bd7-aa65-45ede3ad137e","block_type":"box","text":"professionals and other intermediaries and in advertising campaigns as the preferred exchange-traded product, to offer","page_number":126,"box":{"x":89,"y":823,"width":835,"height":12}},{"id":"fb186e19-f4e0-4c80-847b-d5b1df0a0197","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":126,"box":{"x":89,"y":838,"width":839,"height":13}},{"id":"8c737ff0-0815-4b85-b10b-322ac1d2c691","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":126,"box":{"x":89,"y":853,"width":844,"height":13}},{"id":"8d23f661-5f28-4f14-8e14-2d8a450b0fa8","block_type":"box","text":"105","page_number":126,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"34b38838-7c95-4527-9d10-8a39d5730e13","block_type":"box","text":"(a)","page_number":126,"box":{"x":89,"y":176,"width":11,"height":6}},{"id":"8bed1ea4-98e3-48e5-9d24-604c9627968a","block_type":"box","text":"Net of securities lending income tax paid of $1,985,355.","page_number":126,"box":{"x":104,"y":177,"width":311,"height":10}},{"id":"a181419d-338f-4349-999b-ebad54aefffe","block_type":"box","text":"Marketing Program by, among other things, making certain payments to FBS and NFS for marketing and implementing","page_number":127,"box":{"x":89,"y":44,"width":831,"height":12}},{"id":"1fb8093e-c17a-4f23-aa28-8770543c22ca","block_type":"box","text":"certain brokerage and investment programs. Upon termination of the arrangement, the BFA Entities will make additional","page_number":127,"box":{"x":89,"y":59,"width":840,"height":12}},{"id":"5db3d637-4b98-4a70-a5e9-be7fcf77e556","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":127,"box":{"x":89,"y":74,"width":856,"height":12}},{"id":"7fa070c1-ad1a-48dc-933d-ad35d85937b4","block_type":"box","text":"the level of services provided by FBS and NFS during the wind-down period.","page_number":127,"box":{"x":88,"y":89,"width":529,"height":13}},{"id":"303ee229-e3d4-488a-9db0-2cdf09bed96a","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and certain other third parties","page_number":127,"box":{"x":89,"y":116,"width":873,"height":12}},{"id":"dfae3de1-6d13-4356-972d-f2a00af77c7b","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":127,"box":{"x":88,"y":131,"width":824,"height":12}},{"id":"a193db8c-6d34-4a08-a25b-6799b845c785","block_type":"box","text":"Products. Such agreements can include payments by BFA Entities to such Intermediaries and third parties for data collection","page_number":127,"box":{"x":89,"y":146,"width":868,"height":12}},{"id":"0696d684-3195-401d-82f0-1ad82513020e","block_type":"box","text":"and provision, technology support, platform enhancement, or educational content, co-marketing and cross-promotional","page_number":127,"box":{"x":89,"y":161,"width":844,"height":12}},{"id":"4ef9646d-6b40-480f-addd-72804b936e97","block_type":"box","text":"efforts. In certain cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered payments.","page_number":127,"box":{"x":89,"y":176,"width":871,"height":13}},{"id":"b54f1ef2-a767-4bee-8e45-5ea5b82ea213","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":127,"box":{"x":88,"y":191,"width":850,"height":13}},{"id":"b65f6092-be1b-4e92-88a7-638e82342b8e","block_type":"box","text":"diligence” payments for an Intermediary’s review of such funds and Products; payment for providing employee training and","page_number":127,"box":{"x":89,"y":206,"width":863,"height":13}},{"id":"95384a73-cdf8-4699-92b1-e02a0e8bbb12","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":127,"box":{"x":89,"y":222,"width":864,"height":12}},{"id":"9fa5cca9-f53b-41a3-995a-ada59edb7788","block_type":"box","text":"registered representatives, salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf","page_number":127,"box":{"x":89,"y":237,"width":861,"height":12}},{"id":"8121ac14-0ae9-479e-b816-607bd0d50dda","block_type":"box","text":"space” payments for making such funds and Products available on the Intermediary’s platform or fees for providing","page_number":127,"box":{"x":89,"y":252,"width":807,"height":12}},{"id":"d0ea270c-a1a7-4cf8-a07e-1ceeee587289","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":127,"box":{"x":89,"y":267,"width":871,"height":12}},{"id":"2b379ac6-9adb-4efc-ac5b-557dfbf1b8a4","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":127,"box":{"x":89,"y":282,"width":875,"height":12}},{"id":"d032cf10-ffca-4f54-9005-735489a3eade","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":127,"box":{"x":89,"y":297,"width":851,"height":12}},{"id":"8ea65662-4563-48f3-be34-5a2d18fe6878","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":127,"box":{"x":89,"y":312,"width":855,"height":13}},{"id":"96fe4ecf-c7df-458b-9bae-649cf23dbbb2","block_type":"box","text":"the Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the contractual","page_number":127,"box":{"x":88,"y":327,"width":821,"height":13}},{"id":"e67d9d4c-34dc-4bac-b6af-22132ef318cf","block_type":"box","text":"payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit Exchange, AE Wealth","page_number":127,"box":{"x":89,"y":342,"width":780,"height":13}},{"id":"4391e1be-536f-43df-b23a-a282cfd9f876","block_type":"box","text":"Management, LLC, American Enterprise Investment Services, Inc., Avantax Investment Services, Inc., BNY Mellon Capital","page_number":127,"box":{"x":89,"y":358,"width":839,"height":12}},{"id":"a6c11a4b-40a8-46a7-8f6c-53fbc83f0ae2","block_type":"box","text":"Markets, LLC, BNY Mellon Performance & Risk Analytics, LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc.,","page_number":127,"box":{"x":89,"y":373,"width":821,"height":12}},{"id":"e4688b76-0f76-4699-9dc4-9b6c63ba8934","block_type":"box","text":"Clearstream Fund Centre AG, Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial","page_number":127,"box":{"x":89,"y":388,"width":847,"height":12}},{"id":"a85773bc-3208-4e4e-9727-7ee7ae3b9e9a","block_type":"box","text":"Partners LLC, E*Trade Securities LLC, Envestnet Asset Management, Inc., iCapital Markets LLC, Interactive Brokers LLC, LPL","page_number":127,"box":{"x":89,"y":403,"width":858,"height":12}},{"id":"50f77664-b0f4-4dbe-9dd6-ca1c1e211e7b","block_type":"box","text":"Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML Investors Services, LLC, Morgan Stanley Smith Barney","page_number":127,"box":{"x":89,"y":418,"width":877,"height":12}},{"id":"207cae36-2677-4cb0-b0bc-f16a6ad2f570","block_type":"box","text":"LLC, Northwestern Mutual Investment Services, LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial","page_number":127,"box":{"x":89,"y":433,"width":862,"height":13}},{"id":"c885efde-98dd-4a20-b2c4-55d2a2d7e777","block_type":"box","text":"Services, Inc., Riskalyze, Inc., Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing Services, LLC and","page_number":127,"box":{"x":88,"y":448,"width":878,"height":13}},{"id":"802fa7e0-c649-4282-8687-e06a2175d2f0","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions to Intermediaries and other third","page_number":127,"box":{"x":88,"y":463,"width":842,"height":13}},{"id":"4e546e68-9ca0-45f0-aec3-ce8f6692d875","block_type":"box","text":"parties listed above that have occurred since the date of this SAI are not included in the list.","page_number":127,"box":{"x":89,"y":479,"width":637,"height":12}},{"id":"fceda391-9573-4bf9-88c5-fe602d09f6d7","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":127,"box":{"x":89,"y":505,"width":861,"height":12}},{"id":"f001f3d4-b6be-4c7c-ad77-79f9069b4db4","block_type":"box","text":"immediately preceding paragraph. BFA Entities may determine to make such payments based on any number of metrics. For","page_number":127,"box":{"x":89,"y":520,"width":870,"height":12}},{"id":"3140d246-5d0c-47ff-8dc4-05650f728b47","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":127,"box":{"x":89,"y":535,"width":826,"height":13}},{"id":"36cc0144-1958-4376-86ad-3f0d6f2a177c","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":127,"box":{"x":89,"y":550,"width":821,"height":13}},{"id":"ece43126-f131-4fda-a5e3-1f183772cd23","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":127,"box":{"x":89,"y":565,"width":805,"height":13}},{"id":"7c6aaf62-ec1f-4d37-a83f-d90c56778967","block_type":"box","text":"maximum payment, or any combination of the foregoing. Please contact your salesperson or other investment professional","page_number":127,"box":{"x":89,"y":581,"width":862,"height":12}},{"id":"b50689d0-60f5-4b4f-8ad2-ce84c43b52ec","block_type":"box","text":"for more information regarding any such payments or financial incentives his or her Intermediary firm may receive. Any","page_number":127,"box":{"x":88,"y":596,"width":835,"height":12}},{"id":"f3c7c7da-849c-4db6-b567-a3df0a2cb5e3","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":127,"box":{"x":89,"y":611,"width":823,"height":12}},{"id":"cf729dfc-1ebc-4366-9996-f1e54ae1daef","block_type":"box","text":"Intermediary to encourage customers to buy shares of the Fund or other Products.","page_number":127,"box":{"x":89,"y":626,"width":578,"height":12}},{"id":"97fe1725-c71f-4f27-9f24-23e0165a0932","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":127,"box":{"x":88,"y":652,"width":864,"height":13}},{"id":"ab4d3a7e-7668-478a-ac8d-ad833cbe99ec","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":127,"box":{"x":89,"y":668,"width":814,"height":12}},{"id":"e2bfe35d-2b86-451c-98bc-2b1fdd321373","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":127,"box":{"x":89,"y":683,"width":859,"height":12}},{"id":"5b3af705-8ef1-4a88-9fc1-d07aa201d8e4","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":127,"box":{"x":88,"y":698,"width":865,"height":12}},{"id":"2bc64593-e533-42a2-8b52-ed1a908a69d8","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":127,"box":{"x":88,"y":713,"width":847,"height":12}},{"id":"990d2ef7-bd4a-4d54-8415-2b4e267c9e87","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":127,"box":{"x":89,"y":728,"width":851,"height":12}},{"id":"07493409-95e0-42d2-a30b-63cc41edd213","block_type":"box","text":"not be paid from any Fund assets. Other funds managed by BFA may also participate in such programs.","page_number":127,"box":{"x":89,"y":743,"width":722,"height":12}},{"id":"042e9f41-2a50-49bb-9e80-14c09f928fa5","block_type":"box","text":"Determination of Net Asset Value","page_number":127,"box":{"x":91,"y":774,"width":558,"height":23}},{"id":"2101e50e-e9aa-40db-9319-7664500595ba","block_type":"box","text":"Valuation of Shares.","page_number":127,"box":{"x":88,"y":815,"width":144,"height":10}},{"id":"cdec68f1-0e62-42d8-ae9f-2345f6b8948c","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":127,"box":{"x":237,"y":815,"width":717,"height":12}},{"id":"0ec1c4b0-3d93-4eed-bd54-ca65380c7787","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":127,"box":{"x":88,"y":830,"width":877,"height":12}},{"id":"f5841cba-d7dc-4a86-baa2-98f3d32d2729","block_type":"box","text":"by a Fund is as follows:","page_number":127,"box":{"x":89,"y":845,"width":159,"height":12}},{"id":"e57643f5-edf3-464b-b66f-65ab2e663b1e","block_type":"box","text":"106","page_number":127,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"d3f84d7e-d331-492c-aff4-64544131028a","block_type":"box","text":"Equity Investments.","page_number":128,"box":{"x":89,"y":45,"width":139,"height":11}},{"id":"432bcac4-8c0d-4b7e-9dd0-6d3b56a4b59a","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":128,"box":{"x":235,"y":44,"width":429,"height":12}},{"id":"c13f2322-40d8-49ce-96b3-1fab3b45b9d6","block_type":"box","text":"e.g.","page_number":128,"box":{"x":665,"y":47,"width":23,"height":9}},{"id":"fb86c5be-d185-4d2b-aa6b-749522f425db","block_type":"box","text":", NYSE), on separate trading boards of a","page_number":128,"box":{"x":690,"y":44,"width":277,"height":12}},{"id":"676885bd-acc9-44a0-a6e9-c67ee45ed785","block_type":"box","text":"securities exchange or through a market system that provides contemporaneous transaction pricing information (each an","page_number":128,"box":{"x":89,"y":59,"width":853,"height":12}},{"id":"36ee9868-699f-44f5-8359-2ad6212f4dd7","block_type":"box","text":"“Exchange”) are valued using information obtained via independent pricing services, generally at the Exchange closing price","page_number":128,"box":{"x":89,"y":74,"width":869,"height":12}},{"id":"1d6fc787-a777-4cc2-a044-c490a36e5426","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":128,"box":{"x":89,"y":89,"width":874,"height":13}},{"id":"bed22918-2ae2-4eec-baa8-7b50d9de0845","block_type":"box","text":"or liabilities are valued. However, under certain circumstances, other means of determining current market value may be","page_number":128,"box":{"x":89,"y":104,"width":841,"height":13}},{"id":"fdfff0f4-fbc3-48ae-9be2-4a60dbb0e068","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":128,"box":{"x":89,"y":119,"width":872,"height":13}},{"id":"00b86b40-e37b-494d-ad44-fca6ed55c84c","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":128,"box":{"x":88,"y":135,"width":838,"height":12}},{"id":"49d8217f-a3ee-4826-b490-5762a3b755b7","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":128,"box":{"x":88,"y":150,"width":848,"height":12}},{"id":"83891bb7-1586-4fe2-860b-a75954741737","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":128,"box":{"x":89,"y":165,"width":829,"height":12}},{"id":"da9fda69-6ac8-408c-b3e8-0226b1a65149","block_type":"box","text":"below).","page_number":128,"box":{"x":89,"y":180,"width":50,"height":12}},{"id":"79bddcf1-ef07-4ca7-be0b-4f5bfb56ca53","block_type":"box","text":"Fixed-Income Investments.","page_number":128,"box":{"x":89,"y":206,"width":194,"height":10}},{"id":"992fe87a-d98f-4094-9f15-72673e4046cc","block_type":"box","text":"Fixed-income securities are valued using the last available bid prices or current market","page_number":128,"box":{"x":289,"y":206,"width":603,"height":13}},{"id":"6bb29351-b24a-4ccb-890a-892c61f0cc0a","block_type":"box","text":"quotations provided by dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third","page_number":128,"box":{"x":89,"y":222,"width":846,"height":12}},{"id":"582ea93f-0230-4c06-8fda-dc592e8e7ac7","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":128,"box":{"x":89,"y":237,"width":854,"height":12}},{"id":"611d7b48-341c-4f28-b5c8-e90d943b37b9","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values, including transaction data (","page_number":128,"box":{"x":88,"y":252,"width":737,"height":12}},{"id":"20ec8f61-ac69-4192-8975-fa613d8b082d","block_type":"box","text":"e.g.","page_number":128,"box":{"x":826,"y":255,"width":23,"height":9}},{"id":"ae7dcb66-133b-4fa4-a348-295440d38a58","block_type":"box","text":", recent","page_number":128,"box":{"x":851,"y":253,"width":52,"height":10}},{"id":"9de1d527-7d21-4d31-b1de-8e7b8ff0485c","block_type":"box","text":"representative bids and offers), credit quality information, perceived market movements, news, and other relevant","page_number":128,"box":{"x":89,"y":267,"width":795,"height":12}},{"id":"f39f82c8-b2d6-4454-9d76-ae217f3b9f5b","block_type":"box","text":"information. Pricing services also may consider yields or prices of securities of comparable quality, coupon, maturity and","page_number":128,"box":{"x":89,"y":282,"width":842,"height":12}},{"id":"bb4c5c75-8783-45f7-acc1-c05df625b891","block_type":"box","text":"type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services","page_number":128,"box":{"x":88,"y":297,"width":878,"height":12}},{"id":"f6be04b4-383f-43a3-8b50-15d1a7c16d9f","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":128,"box":{"x":89,"y":312,"width":865,"height":13}},{"id":"ad51a68e-ca76-4e37-8326-add106fd44b8","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":128,"box":{"x":89,"y":327,"width":866,"height":13}},{"id":"93778c9d-d40a-45ea-8e9e-4ff6fabff243","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":128,"box":{"x":88,"y":342,"width":860,"height":13}},{"id":"a177c24c-3797-49bd-bc00-a568dcc479c8","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":128,"box":{"x":89,"y":358,"width":819,"height":12}},{"id":"3d412d3a-3671-4b3a-99bf-0ca5c7175fc1","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":128,"box":{"x":89,"y":373,"width":844,"height":12}},{"id":"dc5d2190-0520-4188-89a3-5acaa6c88acc","block_type":"box","text":"income investments, including asset-backed and mortgage-related securities, may be valued based on valuation models that","page_number":128,"box":{"x":89,"y":388,"width":874,"height":12}},{"id":"80d516be-7cc7-4c57-91a9-d07dc2502db2","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":128,"box":{"x":89,"y":403,"width":829,"height":12}},{"id":"f34cdae6-1d5d-4f3d-8136-2f2624b5f6c2","block_type":"box","text":"tranche-specific spread to the benchmark yield based on the unique attributes of the tranche.","page_number":128,"box":{"x":88,"y":418,"width":656,"height":12}},{"id":"b0d865e3-52cc-4455-aad7-d9a4c59f2de1","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":128,"box":{"x":89,"y":445,"width":337,"height":12}},{"id":"87319ffe-69c4-4af1-87bf-e87cf4ba81ee","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity index options","page_number":128,"box":{"x":432,"y":445,"width":518,"height":12}},{"id":"53bbb5a1-339a-403b-832f-8619fcc0bcf1","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":128,"box":{"x":89,"y":460,"width":874,"height":12}},{"id":"d3030399-7a39-4c1a-9d85-be9a1d738a29","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":128,"box":{"x":89,"y":475,"width":868,"height":12}},{"id":"c815fb7d-1388-4442-b348-2f328b84d2f9","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":128,"box":{"x":89,"y":490,"width":868,"height":12}},{"id":"a3d66439-cdd3-49f2-b3bb-51f14f14422e","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":128,"box":{"x":89,"y":505,"width":873,"height":12}},{"id":"e40496b2-eadb-4bd6-afd9-2694a2d00875","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":128,"box":{"x":89,"y":520,"width":850,"height":12}},{"id":"af1f6964-0b78-4578-9450-7a7ee778c4bb","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":128,"box":{"x":89,"y":535,"width":871,"height":13}},{"id":"8fb08f45-eea9-40af-9a35-0df122f3cc9b","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives may be valued using a","page_number":128,"box":{"x":89,"y":550,"width":856,"height":13}},{"id":"9c8214a3-71e7-4be3-9fea-72f4432769bd","block_type":"box","text":"mathematical model which may incorporate a number of market data factors. Financial futures contracts and options","page_number":128,"box":{"x":89,"y":565,"width":824,"height":13}},{"id":"bf80482a-7b3f-4df8-9192-1b4cb3834939","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":128,"box":{"x":88,"y":581,"width":857,"height":12}},{"id":"81112c48-11a5-494f-ae0e-15aced74ecc9","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":128,"box":{"x":88,"y":596,"width":874,"height":12}},{"id":"c3a0c165-fb65-41ba-8ae2-aab15bcd502a","block_type":"box","text":"service in accordance with the Valuation Procedures.","page_number":128,"box":{"x":89,"y":611,"width":368,"height":10}},{"id":"6f6ffe61-5d4d-4bc6-8afc-1453c8776f8a","block_type":"box","text":"Underlying Funds.","page_number":128,"box":{"x":89,"y":637,"width":130,"height":13}},{"id":"87b34cfd-d2b3-4b4e-b199-948087701d35","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV. Shares of","page_number":128,"box":{"x":224,"y":637,"width":694,"height":13}},{"id":"ddbf1b15-3b99-4a12-b0d3-d1a292e3e275","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":128,"box":{"x":89,"y":652,"width":759,"height":13}},{"id":"7180fbc0-fbf6-4067-8aa3-4054ececdb6b","block_type":"box","text":"General Valuation Information.","page_number":128,"box":{"x":89,"y":679,"width":222,"height":10}},{"id":"f1694f95-b273-416a-885b-d5667e027eea","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market","page_number":128,"box":{"x":317,"y":679,"width":612,"height":12}},{"id":"99c004fa-fce6-4cb2-b914-07c95af09707","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":128,"box":{"x":89,"y":694,"width":836,"height":10}},{"id":"e144570a-c490-46cf-b02c-64b9daf29bd4","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":128,"box":{"x":88,"y":709,"width":853,"height":12}},{"id":"0c47301a-7195-444c-a5ea-181f39cbe134","block_type":"box","text":"which a Fund valued such security, the revised pricing service quotation generally will be applied prospectively. Such","page_number":128,"box":{"x":88,"y":724,"width":813,"height":13}},{"id":"57a55b03-c34e-447c-9c7b-603385f1fb9a","block_type":"box","text":"determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":128,"box":{"x":89,"y":739,"width":700,"height":13}},{"id":"4ff29d95-2499-43ac-b907-ad13febc0eed","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":128,"box":{"x":88,"y":766,"width":867,"height":12}},{"id":"55a31740-81af-4216-83ae-36b1ec2bc2fe","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":128,"box":{"x":89,"y":781,"width":866,"height":12}},{"id":"0e3259fb-5f8c-428f-9b12-dd1468ecc8a6","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":128,"box":{"x":89,"y":796,"width":859,"height":12}},{"id":"f043c1fa-5d63-4893-960e-b2395b72504e","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":128,"box":{"x":89,"y":811,"width":846,"height":12}},{"id":"23f75c8d-9205-4dee-844d-5db2e2779661","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":128,"box":{"x":89,"y":826,"width":876,"height":13}},{"id":"1e5fc802-5e43-4d47-801d-da93e4df1a8c","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":128,"box":{"x":89,"y":841,"width":439,"height":13}},{"id":"619241c9-3b81-4273-b1a5-2ec8c7067535","block_type":"box","text":"107","page_number":128,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"d1e99cbc-840f-41e7-9610-5961271c6f37","block_type":"box","text":"All cash, receivables and current payables are carried on a Fund’s books at their fair value.","page_number":129,"box":{"x":88,"y":44,"width":627,"height":12}},{"id":"b5ccf2ea-42ca-47d9-859d-546d5f2663d3","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":129,"box":{"x":89,"y":70,"width":871,"height":13}},{"id":"4628b5bd-c833-425b-addf-6e528981005b","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":129,"box":{"x":88,"y":85,"width":823,"height":13}},{"id":"1b9a368f-3e92-422a-9cac-6a62282e5953","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":129,"box":{"x":89,"y":101,"width":843,"height":12}},{"id":"8ebc629b-1810-464d-973b-045c9deb8ee0","block_type":"box","text":"liabilities (including securities for which market quotations are not readily available) held by a Fund (including restricted","page_number":129,"box":{"x":89,"y":116,"width":836,"height":12}},{"id":"07e6acc7-2d39-47d9-81a5-7c8c7c452bb0","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":129,"box":{"x":89,"y":131,"width":862,"height":12}},{"id":"d9f7a269-35c9-4f12-8cc4-466532b560cf","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":129,"box":{"x":89,"y":146,"width":805,"height":12}},{"id":"7af3f7be-8760-4610-908f-b58d034e50e3","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":129,"box":{"x":89,"y":172,"width":874,"height":13}},{"id":"751e8864-e02b-4ee7-9aec-f803ec3ec0b3","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":129,"box":{"x":89,"y":188,"width":820,"height":12}},{"id":"69d44bfa-c3f6-4eaf-8049-267fec9f6149","block_type":"box","text":"performance and the performance of its Underlying Index.","page_number":129,"box":{"x":89,"y":203,"width":407,"height":12}},{"id":"180be9a9-b06d-4eaf-8968-fd4098f10ca3","block_type":"box","text":"Fair Value.","page_number":129,"box":{"x":89,"y":229,"width":73,"height":10}},{"id":"24cbd9e6-8b6c-4ae5-9673-87eadc93d6c2","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":129,"box":{"x":167,"y":229,"width":796,"height":12}},{"id":"2120dbde-7cdf-41f2-98a0-0412ab03812f","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":129,"box":{"x":88,"y":244,"width":854,"height":13}},{"id":"27065a17-b20b-4172-b6bf-3fcc700f60e1","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":129,"box":{"x":89,"y":259,"width":824,"height":13}},{"id":"e8088373-3125-4ef7-ae8b-d1c0b2bfe425","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":129,"box":{"x":89,"y":274,"width":837,"height":13}},{"id":"ee0e9857-8207-4a2e-920c-a120a5facb2e","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":129,"box":{"x":89,"y":290,"width":855,"height":12}},{"id":"41056a40-d95c-425e-a8d1-df1b76fb417e","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":129,"box":{"x":89,"y":305,"width":851,"height":12}},{"id":"e850937c-909f-432a-bb43-1fd2fd56aa07","block_type":"box","text":"unreliable (","page_number":129,"box":{"x":89,"y":320,"width":77,"height":12}},{"id":"c18f2f5c-775f-4ce4-92b8-b5c93da251f3","block_type":"box","text":"e.g.","page_number":129,"box":{"x":167,"y":323,"width":23,"height":9}},{"id":"dd087aa6-0c91-4f66-9a83-06a2ba46c315","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":129,"box":{"x":192,"y":320,"width":745,"height":12}},{"id":"9f83cc68-d622-4687-838c-7db7bb9f73c6","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":129,"box":{"x":89,"y":335,"width":839,"height":12}},{"id":"dbe94198-6ff1-44ed-b1a5-2bcb8fb54fca","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":129,"box":{"x":88,"y":350,"width":822,"height":12}},{"id":"4adac4fd-88a4-47b1-a7ee-cad7dbee60d5","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":129,"box":{"x":89,"y":365,"width":860,"height":12}},{"id":"d83ca0be-48e3-4555-9eff-a11acf0c1bc1","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":129,"box":{"x":89,"y":380,"width":862,"height":13}},{"id":"5f903f2e-59b3-482b-84de-81fd32bf2792","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":129,"box":{"x":89,"y":395,"width":864,"height":13}},{"id":"ca8a72bf-05c9-45c8-8147-c633de40d8af","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":129,"box":{"x":89,"y":410,"width":864,"height":13}},{"id":"18fb6517-471d-4217-a368-676cb85dbbd7","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":129,"box":{"x":89,"y":426,"width":858,"height":12}},{"id":"d79e5624-f032-4186-a0cf-489c63296aad","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":129,"box":{"x":89,"y":441,"width":829,"height":12}},{"id":"ec3ec0b5-09a5-4216-b659-1b8917b7281e","block_type":"box","text":"liability, in which case such asset or liability would be treated as a Fair Value Asset.","page_number":129,"box":{"x":89,"y":456,"width":573,"height":12}},{"id":"25cc6894-ae0f-4277-9f39-830a47ae976f","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":129,"box":{"x":89,"y":482,"width":874,"height":13}},{"id":"8c60b81e-e629-4eb6-91f7-eb15cda41be6","block_type":"box","text":"a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing","page_number":129,"box":{"x":89,"y":497,"width":787,"height":13}},{"id":"c800edb1-cbc3-49b5-89e3-965426ba3bc1","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":129,"box":{"x":89,"y":513,"width":867,"height":12}},{"id":"260296a1-eae3-40ec-9256-e0860bf64a6d","block_type":"box","text":"local markets to the prices that might have prevailed as of a Fund’s pricing time.","page_number":129,"box":{"x":89,"y":528,"width":559,"height":12}},{"id":"3e312cdc-82af-42bb-9a62-bc54c2631c0e","block_type":"box","text":"BFA’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type and significant","page_number":129,"box":{"x":89,"y":554,"width":843,"height":12}},{"id":"3e46c90b-bdb8-47f5-858b-90013dbe8d57","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":129,"box":{"x":89,"y":569,"width":874,"height":13}},{"id":"f42b3db0-5679-4963-8829-3f71f8bbec1a","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":129,"box":{"x":89,"y":584,"width":847,"height":13}},{"id":"8f5a2468-d589-42cf-bdc0-71d4f51eaeb5","block_type":"box","text":"regularly evaluates the values assigned to the securities and other assets and liabilities of a Fund.","page_number":129,"box":{"x":89,"y":599,"width":676,"height":13}},{"id":"19624ace-f415-416b-bf2c-ac563cded7d1","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":129,"box":{"x":88,"y":626,"width":868,"height":12}},{"id":"4682d7f0-c5df-4650-8576-0355c3aeabad","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":129,"box":{"x":88,"y":641,"width":838,"height":12}},{"id":"3a8e415d-a12f-4374-b95f-a7cdae0f4d1a","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":129,"box":{"x":89,"y":656,"width":847,"height":13}},{"id":"30bcdd75-70dc-45e6-80b7-6ee3ae1e9272","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":129,"box":{"x":89,"y":671,"width":856,"height":13}},{"id":"dde7e789-2694-494a-8f46-ff3741671aa1","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":129,"box":{"x":89,"y":686,"width":877,"height":13}},{"id":"cb9059df-21b5-4a91-b9ea-e518e0e05a96","block_type":"box","text":"by BFA using proprietary or third-party valuation models.","page_number":129,"box":{"x":89,"y":702,"width":397,"height":12}},{"id":"d17dedf6-6380-485b-a4fa-c1719fe0a669","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":129,"box":{"x":89,"y":728,"width":848,"height":12}},{"id":"a7894659-ce22-47a7-af9e-7d56c7286dd6","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":129,"box":{"x":89,"y":743,"width":865,"height":12}},{"id":"a0377b07-4204-4169-b855-471e0645fd45","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":129,"box":{"x":89,"y":758,"width":878,"height":13}},{"id":"7a3bfd33-5aac-42c4-b316-028040c330c0","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":129,"box":{"x":89,"y":773,"width":795,"height":13}},{"id":"5e9e87c3-e642-4e77-ba72-05627ff0e78d","block_type":"box","text":"transactions in the relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":129,"box":{"x":88,"y":788,"width":839,"height":13}},{"id":"11b3501c-ec42-432b-b989-9a87108c071a","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":129,"box":{"x":89,"y":804,"width":801,"height":12}},{"id":"a1ce1740-26d2-4a48-b448-ec903bc17b80","block_type":"box","text":"investment.","page_number":129,"box":{"x":89,"y":820,"width":80,"height":8}},{"id":"3de2f750-5d4f-4189-8d12-6b2957a9b6b5","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":129,"box":{"x":88,"y":845,"width":865,"height":12}},{"id":"c63244f5-64e9-476e-955b-f59649c6c537","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":129,"box":{"x":89,"y":860,"width":843,"height":13}},{"id":"a70266a0-902a-4475-a63b-39a0df6fe05e","block_type":"box","text":"108","page_number":129,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"644751da-ef5e-4163-8f5b-e5d4e8b2bd49","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":130,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"6cc9661f-2533-4aef-9446-47c7501e820b","block_type":"box","text":"effect of diluting or increasing the economic interest of existing shareholders.","page_number":130,"box":{"x":89,"y":59,"width":540,"height":12}},{"id":"932bfcf3-6534-47c7-8b88-cebc8aa6e042","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles generally","page_number":130,"box":{"x":89,"y":85,"width":843,"height":13}},{"id":"33184c1f-b04e-4511-8558-7ef74f396dac","block_type":"box","text":"accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in Financial","page_number":130,"box":{"x":89,"y":101,"width":795,"height":12}},{"id":"7c8dfbf1-61e8-4d52-a958-553d4a9a9523","block_type":"box","text":"Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures”","page_number":130,"box":{"x":88,"y":116,"width":838,"height":12}},{"id":"7cb3bef0-c88f-4821-972e-d07ae76ccc2d","block_type":"box","text":"(“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and expands financial","page_number":130,"box":{"x":89,"y":131,"width":835,"height":12}},{"id":"0fbf48ab-66e7-4f1c-a471-b3c3c9d0dcb1","block_type":"box","text":"statement disclosure requirements relating to fair value measurements.","page_number":130,"box":{"x":89,"y":146,"width":499,"height":12}},{"id":"efc663e5-eac2-4b99-bb60-45980605000b","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":130,"box":{"x":89,"y":172,"width":870,"height":13}},{"id":"c2923f16-890f-41f1-a12d-491137e518d3","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":130,"box":{"x":89,"y":188,"width":839,"height":12}},{"id":"1508f474-0e4e-4c18-8008-05a7a6ea8b20","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":130,"box":{"x":88,"y":203,"width":863,"height":12}},{"id":"e9f93a4e-245a-4c5e-af41-c22d321c2276","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":130,"box":{"x":88,"y":218,"width":863,"height":12}},{"id":"8b93f357-2d6e-477a-92dc-c965bd12c56c","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":130,"box":{"x":89,"y":233,"width":778,"height":12}},{"id":"ea39e16f-212c-41bd-8248-145a7833aa12","block_type":"box","text":"Brokerage Transactions","page_number":130,"box":{"x":91,"y":264,"width":390,"height":29}},{"id":"66837eb9-6537-4150-9e7a-94e242a2e959","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":130,"box":{"x":88,"y":305,"width":863,"height":12}},{"id":"ddfaa5ae-c2b9-471b-b8b8-469e34bea3c5","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":130,"box":{"x":89,"y":320,"width":835,"height":12}},{"id":"0694cf8d-73b6-4586-ada8-2ec523997d54","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":130,"box":{"x":89,"y":335,"width":824,"height":12}},{"id":"994a9bca-a678-4249-bd7a-2cabf4bac082","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":130,"box":{"x":89,"y":350,"width":877,"height":12}},{"id":"9be812cc-4c6b-489a-a928-eb57e641a7b3","block_type":"box","text":"in positioning blocks of securities. While BFA generally seeks reasonable trade execution costs, a Fund does not necessarily","page_number":130,"box":{"x":89,"y":365,"width":861,"height":12}},{"id":"501bf885-a6a2-484d-a559-3e0ba29d1c5f","block_type":"box","text":"pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":130,"box":{"x":89,"y":380,"width":805,"height":13}},{"id":"db041141-e33b-4b3e-be90-cda8e22b2a89","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":130,"box":{"x":89,"y":395,"width":851,"height":13}},{"id":"2287f4b3-b9ea-4f4d-ad9a-d2d8e71d47f5","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":130,"box":{"x":89,"y":410,"width":876,"height":13}},{"id":"5bdb5d85-b3fa-489e-9bdd-af5dd43a77fc","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":130,"box":{"x":89,"y":426,"width":807,"height":12}},{"id":"08ffa5e6-8639-4d07-9653-3e684bf6dc38","block_type":"box","text":"determines in good faith that the commission is reasonable in relation to the services provided.","page_number":130,"box":{"x":89,"y":441,"width":664,"height":12}},{"id":"80ca6f26-f737-4aa5-bff5-90a12c7ad5a5","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":130,"box":{"x":89,"y":467,"width":825,"height":13}},{"id":"2c52b85a-5139-4804-9ef1-944f8f6b117c","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":130,"box":{"x":89,"y":482,"width":878,"height":13}},{"id":"4b2c1e68-f958-4439-810b-3ea640775075","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":130,"box":{"x":89,"y":497,"width":846,"height":13}},{"id":"4844d2a8-888e-4022-94d6-8ee393ec8c7e","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":130,"box":{"x":89,"y":513,"width":865,"height":12}},{"id":"77a5d7b7-6d5a-4911-815e-0cc49a5565d2","block_type":"box","text":"the market for the particular security or instrument, including any anticipated execution difficulties; (v) the full range of","page_number":130,"box":{"x":88,"y":528,"width":835,"height":12}},{"id":"745397c8-a6e9-43fb-ad59-e746744c4e63","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":130,"box":{"x":89,"y":543,"width":860,"height":12}},{"id":"a46542a6-ec07-4792-acc9-688a9f64c9ba","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":130,"box":{"x":89,"y":558,"width":816,"height":12}},{"id":"51696435-a136-4c98-b0f1-f9e9a7c04ec3","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":130,"box":{"x":89,"y":573,"width":846,"height":12}},{"id":"50a0f65a-e4a2-4ba9-b3aa-aaadf72f57d1","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":130,"box":{"x":88,"y":588,"width":870,"height":12}},{"id":"fc52bbe6-013e-4b39-908e-383ff61830b3","block_type":"box","text":"other circumstances.","page_number":130,"box":{"x":89,"y":603,"width":146,"height":10}},{"id":"c7e30745-245a-4b79-9d5d-37c5bad6c12a","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":130,"box":{"x":88,"y":630,"width":863,"height":12}},{"id":"d4fbafb5-c0e7-4280-882b-de484b44d9c1","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":130,"box":{"x":89,"y":645,"width":844,"height":12}},{"id":"b36a707c-31a2-420e-a1de-a47e8da0b96f","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":130,"box":{"x":89,"y":660,"width":871,"height":12}},{"id":"414c9ca5-afae-467f-a809-9ca6991f4b12","block_type":"box","text":"services provided by that broker or dealer. This includes commissions paid on riskless principal transactions in securities","page_number":130,"box":{"x":89,"y":675,"width":839,"height":12}},{"id":"e890bc56-4676-4c04-bad2-e9c43b9cc514","block_type":"box","text":"under certain conditions.","page_number":130,"box":{"x":89,"y":690,"width":174,"height":10}},{"id":"d253a751-0a20-4e25-a481-e1a4fa2a3782","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":130,"box":{"x":89,"y":717,"width":869,"height":12}},{"id":"64fea0cf-79e3-4ec5-869b-233b725f2af1","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":130,"box":{"x":89,"y":732,"width":844,"height":12}},{"id":"415e24c4-e632-4289-b529-84621267cf83","block_type":"box","text":"adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the broker will","page_number":130,"box":{"x":89,"y":747,"width":831,"height":12}},{"id":"879b2f16-c46d-4f4a-b6ac-4e85735e149f","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":130,"box":{"x":89,"y":762,"width":807,"height":12}},{"id":"f337a5dc-a5e2-4e34-9554-aec90552d0a4","block_type":"box","text":"transactions. These arrangements may not fall within the safe harbor of Section 28(e).","page_number":130,"box":{"x":88,"y":777,"width":605,"height":12}},{"id":"c495a3b0-b818-48b3-b5b3-0facc9c86535","block_type":"box","text":"The Funds anticipate that brokerage transactions involving foreign equity securities generally will be conducted primarily on","page_number":130,"box":{"x":88,"y":804,"width":868,"height":12}},{"id":"03affe71-6b5f-4d17-979b-e35f65ecaed5","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":130,"box":{"x":88,"y":819,"width":849,"height":12}},{"id":"aac891e5-cf02-4ed0-a4d9-200ece6178d3","block_type":"box","text":"depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts may be listed on stock","page_number":130,"box":{"x":89,"y":834,"width":857,"height":12}},{"id":"9a21eed3-c460-42a6-ad27-90fe65158989","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":130,"box":{"x":89,"y":849,"width":865,"height":12}},{"id":"84e7e04e-591f-4f2c-833d-3d05f05f208d","block_type":"box","text":"will be subject to negotiated commission rates.","page_number":130,"box":{"x":88,"y":864,"width":330,"height":12}},{"id":"f14a1c77-0c33-4afe-967a-f628403062a1","block_type":"box","text":"109","page_number":130,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"c20a7b38-5dd2-4cd9-8b78-1c6537170e07","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government securities, are normally","page_number":131,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"77a0898d-7f99-4b85-afb4-09a83083b22a","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":131,"box":{"x":88,"y":59,"width":861,"height":12}},{"id":"ede7c411-5ee7-4f82-b248-0b1ed092b2a5","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":131,"box":{"x":89,"y":74,"width":811,"height":12}},{"id":"9ee4b6d4-369d-419a-8653-ef17bbf101b8","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":131,"box":{"x":89,"y":89,"width":853,"height":13}},{"id":"cb93286c-f6c3-4216-a8cf-4d6e29e9c49e","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":131,"box":{"x":88,"y":104,"width":875,"height":13}},{"id":"97354a18-49e5-41b5-bea5-1f692f0b9cf9","block_type":"box","text":"the specific security at the time, and includes the dealer’s normal profit.","page_number":131,"box":{"x":88,"y":119,"width":501,"height":13}},{"id":"f2eb12e3-d6d5-4997-8026-a84220865cbb","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":131,"box":{"x":89,"y":146,"width":866,"height":12}},{"id":"76d30b4e-08e2-4210-b498-ff8ae80a4116","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":131,"box":{"x":88,"y":161,"width":820,"height":12}},{"id":"e172dc6c-7a3c-4f6c-a771-0333459f0960","block_type":"box","text":"transactions is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the dealers","page_number":131,"box":{"x":88,"y":176,"width":845,"height":13}},{"id":"49a50a80-ed85-4acb-b32a-8f727c732afc","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":131,"box":{"x":89,"y":191,"width":826,"height":13}},{"id":"b33bb9e1-0774-4b99-8ad4-04aff7db88ab","block_type":"box","text":"affiliated persons in connection with such transactions. The Funds will not purchase securities during the existence of any","page_number":131,"box":{"x":89,"y":206,"width":854,"height":13}},{"id":"a9ab2670-e3c2-4740-95f2-3caec493551a","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":131,"box":{"x":89,"y":222,"width":853,"height":12}},{"id":"0c676ba4-52b0-43e1-bfac-b91e640502a3","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":131,"box":{"x":88,"y":237,"width":875,"height":12}},{"id":"09991acc-8494-4e3b-9efb-a037df13e44b","block_type":"box","text":"Act.","page_number":131,"box":{"x":88,"y":252,"width":27,"height":9}},{"id":"5ad8ca43-77b2-460c-91e6-d86716a50d56","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":131,"box":{"x":89,"y":278,"width":854,"height":13}},{"id":"26c78971-2a35-4985-93a5-cd2e3b10b630","block_type":"box","text":"currently expect to incur any brokerage commission expense on such transactions because money market instruments are","page_number":131,"box":{"x":89,"y":293,"width":860,"height":13}},{"id":"a84c34b8-2024-483b-bac0-3ef80261ecd9","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":131,"box":{"x":89,"y":308,"width":855,"height":13}},{"id":"83ddc668-d760-496e-b4d1-28668e845dde","block_type":"box","text":"price of the security, however, usually includes a profit to the dealer.","page_number":131,"box":{"x":89,"y":324,"width":472,"height":12}},{"id":"65e82474-7e90-4fbc-9c4e-909aefd654a2","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":131,"box":{"x":89,"y":350,"width":831,"height":12}},{"id":"ba450af5-88c5-4ead-b8bd-9bf266f8a8e8","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":131,"box":{"x":89,"y":365,"width":865,"height":12}},{"id":"6d3f3ca8-c023-40d9-96de-ce5cf499e9f0","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":131,"box":{"x":89,"y":380,"width":867,"height":13}},{"id":"89d20011-ce2d-4886-9a09-e9d73a2f50f9","block_type":"box","text":"other brokers or dealers in comparable transactions.","page_number":131,"box":{"x":89,"y":395,"width":364,"height":13}},{"id":"cf2c0e0e-03ee-4dea-95f1-16f4e692effd","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred","page_number":131,"box":{"x":88,"y":422,"width":874,"height":12}},{"id":"aeef59e6-3a8c-4ea0-882a-e123f7929ef6","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":131,"box":{"x":88,"y":437,"width":824,"height":12}},{"id":"2e51ca2e-4766-4f45-abdd-e35164b7d556","block_type":"box","text":"commissions or discounts are paid.","page_number":131,"box":{"x":89,"y":452,"width":246,"height":12}},{"id":"b065af9d-ac71-4635-94a0-ffca5adbea4b","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":131,"box":{"x":89,"y":479,"width":847,"height":12}},{"id":"11e12465-bb94-4e2f-90e4-f614c76b2290","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":131,"box":{"x":89,"y":494,"width":835,"height":12}},{"id":"eacc6a40-2adc-4aba-aefd-90ea7e0b82ff","block_type":"box","text":"allocations. These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":131,"box":{"x":89,"y":509,"width":854,"height":12}},{"id":"c1774fbf-bc84-4b87-b41b-50cb0c5b2614","block_type":"box","text":"country or region and capitalization weightings; (ii) tax considerations of an account; (iii) risk or investment concentration","page_number":131,"box":{"x":89,"y":524,"width":854,"height":12}},{"id":"f6587ebe-751c-4873-ab1f-7e396c10ca86","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":131,"box":{"x":89,"y":539,"width":842,"height":12}},{"id":"03b5c149-ee8a-490f-87e6-47f49f7edb40","block_type":"box","text":"cash availability and liquidity requirements for accounts; (vii) regulatory restrictions; (viii) minimum investment size of an","page_number":131,"box":{"x":89,"y":554,"width":845,"height":12}},{"id":"3812b13e-8a5a-41df-8ed5-49b64aa01f91","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":131,"box":{"x":89,"y":569,"width":812,"height":13}},{"id":"228b1942-3fa6-4769-bd40-78fc378a6dd8","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":131,"box":{"x":89,"y":584,"width":876,"height":13}},{"id":"8c37e677-c0b9-4fa3-99c9-36844da7a6ee","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":131,"box":{"x":89,"y":599,"width":866,"height":13}},{"id":"0f9ccae8-db51-46c1-b63e-6b565a4b8607","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":131,"box":{"x":89,"y":615,"width":842,"height":12}},{"id":"e4fa85a2-3776-45f5-8012-e9498846c24d","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":131,"box":{"x":89,"y":630,"width":871,"height":12}},{"id":"651ec007-56b7-4641-870b-a508a90db66c","block_type":"box","text":"or benefits to be rendered to BlackRock; or (v) to manage or equalize investment performance among different client","page_number":131,"box":{"x":89,"y":645,"width":817,"height":12}},{"id":"8ac961e0-5097-481f-ba40-ac1dd7ded389","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":131,"box":{"x":89,"y":660,"width":862,"height":12}},{"id":"f140335e-8c50-4586-81b8-0116dbe83b0b","block_type":"box","text":"in which the Funds may invest.","page_number":131,"box":{"x":89,"y":675,"width":215,"height":12}},{"id":"9437e224-e6a9-4037-96c7-a5c6265c5435","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":131,"box":{"x":89,"y":702,"width":871,"height":12}},{"id":"bf068a2d-52c2-42ff-bea1-f3b378d7cc92","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":131,"box":{"x":89,"y":717,"width":812,"height":12}},{"id":"13239a28-b7ed-4fa6-896f-47ea960564dd","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":131,"box":{"x":89,"y":732,"width":793,"height":9}},{"id":"674cd7d2-34e5-408a-b144-b118ed71ec62","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":131,"box":{"x":89,"y":747,"width":812,"height":12}},{"id":"7cb8c4a1-eab7-4900-8ebf-adced247012e","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":131,"box":{"x":89,"y":762,"width":844,"height":12}},{"id":"020115e2-81ce-479a-bf05-d77ea72e9b55","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":131,"box":{"x":89,"y":777,"width":835,"height":12}},{"id":"f950ee3e-dd6f-476b-bcee-27cb059c327b","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":131,"box":{"x":89,"y":792,"width":859,"height":13}},{"id":"8276a3a4-0a7d-492a-b180-a430d0dbe792","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":131,"box":{"x":89,"y":807,"width":863,"height":13}},{"id":"f37aa558-eb00-4559-ad19-7d2bf19955c5","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":131,"box":{"x":89,"y":822,"width":870,"height":13}},{"id":"27c24826-fb6c-4d21-8cdd-6dace4842f9d","block_type":"box","text":"shares received during the IPO will be allocated among participating client accounts within each investment mandate on a","page_number":131,"box":{"x":89,"y":838,"width":856,"height":12}},{"id":"c7f98aaa-6c9c-4593-9844-215a7b42c097","block_type":"box","text":"pro rata","page_number":131,"box":{"x":87,"y":854,"width":56,"height":11}},{"id":"07498d54-1d98-4553-bfc2-5e803a090406","block_type":"box","text":"basis. This","page_number":131,"box":{"x":149,"y":853,"width":71,"height":9}},{"id":"8cb1f76f-4bed-47e9-a118-d8c569392363","block_type":"box","text":"pro rata","page_number":131,"box":{"x":224,"y":854,"width":56,"height":11}},{"id":"9fe5fdd7-a8f0-42cc-a9aa-3f7457cf059d","block_type":"box","text":"allocation may result in a Fund receiving less of a particular security than if pro-rating had not","page_number":131,"box":{"x":285,"y":853,"width":656,"height":12}},{"id":"80f95cdf-4c92-4789-ac9a-40786a24122c","block_type":"box","text":"110","page_number":131,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"8750ab93-5a70-4595-8a1f-6bc8ff3f4a00","block_type":"box","text":"occurred. All allocations of securities will be subject, where relevant, to share minimums established for accounts and","page_number":132,"box":{"x":89,"y":44,"width":822,"height":12}},{"id":"c4c0328b-f71a-4f52-a698-1cf3ff907368","block_type":"box","text":"compliance constraints. In situations where supply is too limited to be allocated among all accounts for which the","page_number":132,"box":{"x":89,"y":59,"width":797,"height":12}},{"id":"2cd63d75-f9c5-4419-9cbc-56ba25580d82","block_type":"box","text":"investment is eligible, portfolio managers may rotate such investment opportunities among one or more accounts so long as","page_number":132,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"79aeac38-dbf9-46a8-ac76-9f2c81037edd","block_type":"box","text":"the rotation system provides for fair access for all client accounts over time. Other allocation methodologies that are","page_number":132,"box":{"x":88,"y":89,"width":814,"height":13}},{"id":"1bf02d95-1afb-4b16-bd1f-14ed9f678d54","block_type":"box","text":"considered by BFA to be fair and equitable to clients may be used as well.","page_number":132,"box":{"x":89,"y":104,"width":510,"height":13}},{"id":"bc1eecbc-18ad-4bd0-977a-2da4ccd71aa4","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BFA may buy and sell the same securities","page_number":132,"box":{"x":89,"y":131,"width":861,"height":12}},{"id":"112a9c1d-11b9-456e-8f85-ca6754e3bbe2","block_type":"box","text":"at the same time for different clients based on the particular investment objective, guidelines and strategies of those","page_number":132,"box":{"x":89,"y":146,"width":811,"height":12}},{"id":"8e78d129-9ee5-4059-8f6e-4e3b1081e576","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":132,"box":{"x":89,"y":161,"width":850,"height":12}},{"id":"79b933de-a467-401e-b76f-e89c58932f62","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":132,"box":{"x":88,"y":176,"width":878,"height":13}},{"id":"91da97c8-ee90-4521-a808-177c32f09b73","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":132,"box":{"x":88,"y":191,"width":860,"height":13}},{"id":"b34c62b8-b42d-445c-8591-b149871c25fe","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":132,"box":{"x":88,"y":206,"width":865,"height":13}},{"id":"50139e90-31cb-48ef-a5d5-d2b51a05c6c1","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":132,"box":{"x":89,"y":222,"width":843,"height":12}},{"id":"55d9fb97-71ac-4bad-be13-dff38112ada4","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":132,"box":{"x":89,"y":237,"width":831,"height":12}},{"id":"a7386449-961b-4563-a05e-222e64d2341d","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":132,"box":{"x":89,"y":252,"width":854,"height":12}},{"id":"1d83a23e-dbef-43d9-968f-f2011622fd58","block_type":"box","text":"insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":132,"box":{"x":89,"y":267,"width":637,"height":12}},{"id":"c8e200d3-0e26-4ab5-acd4-6cde9e2e6e3c","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":132,"box":{"x":89,"y":293,"width":831,"height":13}},{"id":"252ee7b0-bf59-43e2-93e4-b544465b246b","block_type":"box","text":"certain contemporaneous purchases or sale orders of its advisory accounts and advisory accounts of affiliates. In general, all","page_number":132,"box":{"x":89,"y":308,"width":869,"height":13}},{"id":"26b5d131-1262-4bd5-a65c-eca40b63a7ed","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team will be","page_number":132,"box":{"x":89,"y":324,"width":864,"height":12}},{"id":"a6b1aaae-67b8-43db-90bc-2d1c2da456ea","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":132,"box":{"x":89,"y":339,"width":871,"height":12}},{"id":"d0a5000d-bf80-4a81-8d26-6a5f3119339f","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":132,"box":{"x":89,"y":354,"width":844,"height":12}},{"id":"79762e15-d9b6-42ec-ba11-92aeb34de7aa","block_type":"box","text":"pro","page_number":132,"box":{"x":937,"y":357,"width":23,"height":9}},{"id":"7e16e821-c2c0-4cac-84fb-7b3413ec58c4","block_type":"box","text":"rata","page_number":132,"box":{"x":88,"y":370,"width":28,"height":9}},{"id":"bef582e1-e8fd-4912-9096-859ccbe4d6eb","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":132,"box":{"x":121,"y":369,"width":838,"height":12}},{"id":"9322e429-72cf-49a7-8b53-ac1b46a26744","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":132,"box":{"x":88,"y":384,"width":857,"height":12}},{"id":"e3ee5fdf-ab05-4251-9cb9-f7c5861231ed","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":132,"box":{"x":89,"y":399,"width":877,"height":13}},{"id":"5524977e-6d47-4864-b0d8-e078c897ab9e","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":132,"box":{"x":89,"y":414,"width":845,"height":13}},{"id":"93493ccf-2630-4c62-aad0-88e382e7d23b","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":132,"box":{"x":89,"y":429,"width":869,"height":13}},{"id":"0f645575-a903-41b7-b59c-8b2e2ca93a2b","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":132,"box":{"x":89,"y":445,"width":828,"height":12}},{"id":"8af21191-85d9-47f8-b8e7-20966eaa9ef9","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":132,"box":{"x":89,"y":460,"width":861,"height":12}},{"id":"3fe29621-7930-4d2b-8036-a2360d3fd01a","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":132,"box":{"x":89,"y":475,"width":831,"height":12}},{"id":"41e032cc-a189-45fb-bdd7-0fa123e4e8ae","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":132,"box":{"x":89,"y":490,"width":854,"height":12}},{"id":"cf2776cd-15c9-406e-9cdc-fe593ec1b473","block_type":"box","text":"order.","page_number":132,"box":{"x":89,"y":505,"width":38,"height":10}},{"id":"16711e20-9608-41cc-a48c-dcc2cfa095c7","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":132,"box":{"x":88,"y":531,"width":822,"height":13}},{"id":"a7c753a1-0250-4577-a3f4-bed74310e412","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":132,"box":{"x":89,"y":547,"width":858,"height":12}},{"id":"074253f8-dda1-4288-8583-1733a8fb5f5c","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":132,"box":{"x":89,"y":562,"width":874,"height":12}},{"id":"5aa6a69c-f0bd-4dd0-bdc9-b9f0cf87aa4d","block_type":"box","text":"track an Underlying Index:","page_number":132,"box":{"x":88,"y":577,"width":183,"height":12}},{"id":"c5323886-6eae-4e9d-aed7-d9499e9ebf3f","block_type":"box","text":"Fund","page_number":132,"box":{"x":89,"y":649,"width":27,"height":8}},{"id":"832edcdd-dd1f-4eed-8f89-4a48f4905a37","block_type":"box","text":"Brokerage","page_number":132,"box":{"x":508,"y":609,"width":57,"height":10}},{"id":"c952b679-715b-49b7-b869-7eda2bb81d3a","block_type":"box","text":"Commissions","page_number":132,"box":{"x":498,"y":619,"width":77,"height":8}},{"id":"b1a287e5-75b7-43aa-8c37-f4fed95e79fd","block_type":"box","text":"Paid During","page_number":132,"box":{"x":503,"y":629,"width":67,"height":10}},{"id":"ef8f0939-a660-4568-8445-546d305808eb","block_type":"box","text":"Fiscal Year","page_number":132,"box":{"x":507,"y":639,"width":60,"height":8}},{"id":"4ffa2987-4ae9-4bc6-9878-8b0b1c2e774e","block_type":"box","text":"Ended August 31, 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7,392,710","page_number":132,"box":{"x":89,"y":671,"width":851,"height":13}},{"id":"cc35c615-4f30-44df-b740-c66cb5dda6f8","block_type":"box","text":"iShares Emerging Markets Equity Factor ETF 232,639 186,540 967,484","page_number":132,"box":{"x":89,"y":686,"width":851,"height":13}},{"id":"9c862b60-dc43-4baa-978d-9224eafa1388","block_type":"box","text":"iShares ESG Aware MSCI EM ETF 1,471,245 1,391,532 1,625,978","page_number":132,"box":{"x":89,"y":702,"width":851,"height":11}},{"id":"44f0c234-baa2-4cad-9d78-55191f163fbb","block_type":"box","text":"iShares MSCI Agriculture Producers ETF 10,061 15,504 33,427","page_number":132,"box":{"x":89,"y":717,"width":851,"height":12}},{"id":"9a571501-30e4-4b84-9379-1d52db6d345f","block_type":"box","text":"iShares MSCI BIC ETF 10,477 8,461 9,815","page_number":132,"box":{"x":89,"y":732,"width":851,"height":11}},{"id":"9fc7c153-5396-4a50-8ae5-2d6cdab61237","block_type":"box","text":"iShares MSCI Brazil ETF 1,007,404 1,498,915 1,149,577","page_number":132,"box":{"x":89,"y":747,"width":851,"height":11}},{"id":"a2490940-865b-4514-8ff8-4b3b40d8c040","block_type":"box","text":"iShares MSCI Chile ETF 511,178 360,436 549,239","page_number":132,"box":{"x":89,"y":762,"width":851,"height":11}},{"id":"af8e6c8c-f290-4786-b5df-6e9a9bb304e5","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF 416,758 72,138 124,854","page_number":132,"box":{"x":89,"y":777,"width":851,"height":12}},{"id":"9800a9fc-3d6e-4cfa-864f-0198baae0777","block_type":"box","text":"iShares MSCI Emerging Markets ETF 1,811,283 4,461,763 5,014,686","page_number":132,"box":{"x":89,"y":792,"width":851,"height":13}},{"id":"11f29268-f8ac-4e4e-b021-8444d8e9a787","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor","page_number":132,"box":{"x":89,"y":807,"width":330,"height":13}},{"id":"0d08d0fa-e6fa-470d-b36a-2ffad290ffd1","block_type":"box","text":"ETF 1,614,644 1,242,455 5,686,299","page_number":132,"box":{"x":109,"y":823,"width":831,"height":11}},{"id":"948e7317-dce0-4026-968d-02b0c70e97f2","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF 96,806 114,862 141,282","page_number":132,"box":{"x":89,"y":838,"width":851,"height":12}},{"id":"d47d73b9-452e-4db5-845f-181d1c085a77","block_type":"box","text":"iShares MSCI Global Gold Miners ETF 171,557 100,984 101,371","page_number":132,"box":{"x":89,"y":853,"width":849,"height":11}},{"id":"63d1f12d-e2f6-4d48-9426-72c11f41ce68","block_type":"box","text":"111","page_number":132,"box":{"x":518,"y":894,"width":19,"height":9}},{"id":"aa1e5f35-0b89-41b2-a829-037e470d227a","block_type":"box","text":"Fund","page_number":133,"box":{"x":89,"y":85,"width":27,"height":8}},{"id":"dc5a83b1-b48c-4f5d-ab31-10c8191b5934","block_type":"box","text":"Brokerage","page_number":133,"box":{"x":508,"y":45,"width":57,"height":9}},{"id":"781d1f30-66bc-4f3a-b1b8-0f8a6bba6ccb","block_type":"box","text":"Commissions","page_number":133,"box":{"x":498,"y":55,"width":77,"height":7}},{"id":"8993489c-4439-41c8-8868-b1197cdb03ef","block_type":"box","text":"Paid During","page_number":133,"box":{"x":503,"y":65,"width":67,"height":10}},{"id":"1429439f-d9fd-4e8e-ba48-648ad066a8c0","block_type":"box","text":"Fiscal 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Mining","page_number":133,"box":{"x":89,"y":107,"width":259,"height":12}},{"id":"ae48354a-39e6-4b40-8da7-9bb29c298aa6","block_type":"box","text":"Producers ETF 62,588 150,140 153,234","page_number":133,"box":{"x":109,"y":122,"width":826,"height":11}},{"id":"b16fa0d4-6532-4475-83a0-1b09b0f71928","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF 438,141 426,620 426,604","page_number":133,"box":{"x":89,"y":137,"width":846,"height":11}},{"id":"03ae2b18-da54-4564-894a-3f24641c7f82","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners","page_number":133,"box":{"x":89,"y":152,"width":316,"height":10}},{"id":"470e587e-27b4-465a-ab14-8c38c5f358b3","block_type":"box","text":"ETF 218,219 97,209 61,187","page_number":133,"box":{"x":109,"y":168,"width":826,"height":11}},{"id":"36b7c503-4df7-449f-b2e4-c6e17b8b55f9","block_type":"box","text":"iShares MSCI Malaysia ETF 155,333 41,478 39,954","page_number":133,"box":{"x":89,"y":182,"width":846,"height":13}},{"id":"91a81aac-cb25-46e9-ac02-c3a56e753ad1","block_type":"box","text":"iShares MSCI South Korea ETF 1,423,960 986,171 851,509","page_number":133,"box":{"x":89,"y":198,"width":846,"height":11}},{"id":"92f8267a-87b0-40b5-abd8-c69bcefbad68","block_type":"box","text":"iShares MSCI Taiwan ETF 1,270,765 966,275 1,099,769","page_number":133,"box":{"x":89,"y":213,"width":846,"height":11}},{"id":"42c0b5ec-639a-47e6-9d8d-f073aa7d9521","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":133,"box":{"x":88,"y":245,"width":873,"height":13}},{"id":"3055ab3e-4823-4a00-abf0-18151cfcaf4d","block_type":"box","text":"which derive more than 15% of their gross revenues from securities-related activities and in which the Funds invest, together","page_number":133,"box":{"x":88,"y":261,"width":877,"height":12}},{"id":"16cdcb7f-40a4-4f4d-88c7-40e625e7bd36","block_type":"box","text":"with the market value of each investment as of the fiscal year ended August 31, 2025:","page_number":133,"box":{"x":88,"y":276,"width":599,"height":12}},{"id":"15f113f8-b43a-4755-950f-3763a0a71c09","block_type":"box","text":"Fund","page_number":133,"box":{"x":89,"y":315,"width":27,"height":8}},{"id":"e0c90cb5-f361-4238-9a08-21256bc0f19b","block_type":"box","text":"Issuer","page_number":133,"box":{"x":562,"y":316,"width":34,"height":7}},{"id":"e8be397a-debf-4b05-a843-10a447cfc469","block_type":"box","text":"Market Value of","page_number":133,"box":{"x":877,"y":305,"width":92,"height":8}},{"id":"18b6614c-6baa-4424-a725-01ce854102f7","block_type":"box","text":"Investment","page_number":133,"box":{"x":891,"y":316,"width":64,"height":7}},{"id":"d8d4ce94-103f-4a6e-9b6f-8c091accb312","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF CITIC Securities Co. Ltd. $ 81,545,126","page_number":133,"box":{"x":89,"y":337,"width":878,"height":13}},{"id":"527a1b9a-c5b6-40e4-b462-48f0ba2bd49e","block_type":"box","text":"iShares Emerging Markets Equity Factor ETF CITIC Securities Co. Ltd. $ 409,275","page_number":133,"box":{"x":89,"y":370,"width":878,"height":13}},{"id":"29f5c0cb-ea4c-40f4-822d-ba7f64ecfad0","block_type":"box","text":"iShares ESG Aware MSCI EM ETF CITIC Securities Co. Ltd. $ 13,308,205","page_number":133,"box":{"x":89,"y":403,"width":878,"height":11}},{"id":"f3ef713a-d58b-4097-9ee3-736e280e3d52","block_type":"box","text":"iShares MSCI BIC ETF CITIC Securities Co. 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Ltd. $ 18,994,048","page_number":133,"box":{"x":89,"y":567,"width":878,"height":12}},{"id":"32ddc618-ab10-4b0a-8a9d-3156d1f770a7","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF CITIC Securities Co. Ltd. $ 2,438,509","page_number":133,"box":{"x":89,"y":599,"width":878,"height":12}},{"id":"ad31cc5c-6d5c-4632-8a8a-2244f9d65fbc","block_type":"box","text":"iShares MSCI South Korea ETF Mirae Asset Securities Co. 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BlackRock may, from time to time, effect trades on behalf of and for the account of the Funds with brokers","page_number":133,"box":{"x":89,"y":812,"width":874,"height":13}},{"id":"142a2421-997a-4b67-b1e2-5776bd33e96f","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":133,"box":{"x":89,"y":828,"width":874,"height":12}},{"id":"6797f126-edc3-4bb1-a58a-a7822b538e3f","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":843,"width":867,"height":12}},{"id":"9336c831-4d79-4edc-a98d-78aadf6495df","block_type":"box","text":"112","page_number":133,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"922cb5e1-1a27-4a2c-be76-f29ba1c8d03a","block_type":"box","text":"other brokers or dealers in comparable transactions. The Funds will not deal with affiliates in principal transactions unless","page_number":134,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"c9320d54-6813-4212-959d-40a03439f84a","block_type":"box","text":"permitted by applicable SEC rules or regulations, or by SEC exemptive order.","page_number":134,"box":{"x":89,"y":59,"width":528,"height":12}},{"id":"907cc8ba-54a6-48e5-a2ea-703c5bc74c42","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":134,"box":{"x":89,"y":85,"width":873,"height":13}},{"id":"98ba817c-e063-4640-bc60-d9132ad886ab","block_type":"box","text":"brokerage expenses.","page_number":134,"box":{"x":89,"y":101,"width":142,"height":12}},{"id":"6fc4e7f6-ad9a-4844-a3b5-f1a43370affb","block_type":"box","text":"The table below sets forth the portfolio turnover rates of each Fund for the fiscal years noted:","page_number":134,"box":{"x":88,"y":127,"width":651,"height":12}},{"id":"c21871f1-1e5b-4f8e-889d-783e498fc20a","block_type":"box","text":"Fund","page_number":134,"box":{"x":89,"y":167,"width":27,"height":8}},{"id":"81fa1c6a-72db-4d72-ab1c-79d7249a4105","block_type":"box","text":"Fiscal Year Ended","page_number":134,"box":{"x":673,"y":157,"width":99,"height":7}},{"id":"417bf582-01be-4a97-95b2-9aa32b755abe","block_type":"box","text":"August 31, 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32%","page_number":134,"box":{"x":89,"y":219,"width":845,"height":10}},{"id":"6a060086-3900-411c-9648-a32e236ad829","block_type":"box","text":"iShares MSCI Agriculture Producers ETF 19% 7%","page_number":134,"box":{"x":89,"y":234,"width":845,"height":12}},{"id":"3b848548-1cfa-4f99-ab22-ca47a52f79a4","block_type":"box","text":"iShares MSCI BIC ETF 13% 10%","page_number":134,"box":{"x":89,"y":249,"width":845,"height":10}},{"id":"15d8d9cd-aeda-423d-80b8-af31edd9d0aa","block_type":"box","text":"iShares MSCI Brazil ETF 19% 22%","page_number":134,"box":{"x":89,"y":264,"width":845,"height":10}},{"id":"dea47317-1c5c-4ad0-9465-3923f02aef60","block_type":"box","text":"iShares MSCI Chile ETF 45% 31%","page_number":134,"box":{"x":89,"y":279,"width":845,"height":10}},{"id":"3f5474a9-f9e9-4e55-9245-9162d0e4fd77","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF 17% 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under","page_number":134,"box":{"x":89,"y":509,"width":143,"height":9}},{"id":"dd6451fa-3795-47ad-a8ff-187835df4b3d","block_type":"box","text":"Redemption of Creation Units","page_number":134,"box":{"x":237,"y":509,"width":206,"height":12}},{"id":"da61e4d8-c725-449a-8c34-2d6bee2b6240","block_type":"box","text":") as applicable. Such transactions with a particular broker-dealer may be","page_number":134,"box":{"x":444,"y":509,"width":506,"height":12}},{"id":"3a7f1a78-e119-4f24-abe3-2ed0a5e2a636","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":134,"box":{"x":89,"y":524,"width":857,"height":12}},{"id":"70a34f44-5e70-452b-be7e-8dcda379eaa9","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":134,"box":{"x":88,"y":539,"width":850,"height":12}},{"id":"51f6e601-176c-4a8b-bf9a-2126ef2e9041","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":134,"box":{"x":89,"y":565,"width":809,"height":13}},{"id":"d1895ccd-e79c-4809-926b-8e859b03a42f","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":134,"box":{"x":89,"y":581,"width":856,"height":12}},{"id":"c707ad54-f55b-4a12-bda3-fb76814dc567","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":134,"box":{"x":88,"y":596,"width":819,"height":12}},{"id":"5d13ff5d-7044-4e62-a75e-f1c679246cfe","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":134,"box":{"x":88,"y":611,"width":873,"height":12}},{"id":"1d22e3ad-97ff-48c2-a929-42546efb2847","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":134,"box":{"x":89,"y":626,"width":810,"height":12}},{"id":"add37aa3-7a58-4725-a4fb-d18d8099609f","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":134,"box":{"x":89,"y":641,"width":849,"height":12}},{"id":"e05452a0-a852-4595-96bb-ffa0dfda0d44","block_type":"box","text":"Performance Guarantee”). Such orders may be placed with the purchasing or redeeming Authorized Participant (or a broker","page_number":134,"box":{"x":89,"y":656,"width":872,"height":13}},{"id":"2e08b40e-8554-4dfd-82b7-4fd197276829","block_type":"box","text":"dealer affiliated with the Authorized Participant or a third-party broker-dealer engaged through the Authorized Participant) in","page_number":134,"box":{"x":89,"y":671,"width":874,"height":13}},{"id":"abe85294-7dfe-4576-8402-a2ff070ddc7a","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":134,"box":{"x":89,"y":686,"width":846,"height":13}},{"id":"d5c413b2-aabe-4f12-91a1-fdd9a4971374","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":134,"box":{"x":89,"y":702,"width":878,"height":12}},{"id":"96947aae-109a-473a-b068-d3ef54d2dea1","block_type":"box","text":"factors. The Execution Performance Guarantee will apply for any orders executed by the Authorized Participant (or an","page_number":134,"box":{"x":88,"y":717,"width":821,"height":12}},{"id":"d3c679d1-451e-415a-874a-939d9db105d2","block_type":"box","text":"affiliated or unaffiliated broker-dealer), even if the trades have not settled before the redemption transaction settles.","page_number":134,"box":{"x":89,"y":732,"width":807,"height":12}},{"id":"f1a51d32-44c6-48f6-a047-c82125b40f69","block_type":"box","text":"To ensure that an Execution Performance Guarantee will be honored on orders arising from creation transactions executed by","page_number":134,"box":{"x":88,"y":758,"width":880,"height":13}},{"id":"cb9c27d4-6a90-4c57-9377-a815c81dbc34","block_type":"box","text":"an Authorized Participant (or an affiliated or unaffiliated broker-dealer), an Authorized Participant is required to deposit an","page_number":134,"box":{"x":89,"y":773,"width":853,"height":13}},{"id":"8b7eea39-cce9-48f7-a7dd-b41eab062607","block_type":"box","text":"amount with the Funds (the “Execution Performance Deposit”). If the broker-dealer executing the order achieves executions","page_number":134,"box":{"x":89,"y":788,"width":869,"height":13}},{"id":"d32dcb11-a787-4558-98d7-3b28b4a1dacc","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":134,"box":{"x":89,"y":804,"width":840,"height":12}},{"id":"c069cff7-f053-426f-ad44-93eb367dd3c3","block_type":"box","text":"Participant generally may retain the benefit of the favorable executions, and the Funds will return to the Authorized","page_number":134,"box":{"x":89,"y":819,"width":803,"height":12}},{"id":"6babf2a2-c6a0-446a-b7b5-927973e19c1e","block_type":"box","text":"Participant the Execution Performance Deposit. If, however, the broker-dealer executing the order is unable to achieve","page_number":134,"box":{"x":89,"y":834,"width":822,"height":12}},{"id":"eaa63d99-2641-4f24-b3b5-74d3f89dd988","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":134,"box":{"x":89,"y":849,"width":831,"height":12}},{"id":"41e015b1-175a-4072-a315-761a0be3127e","block_type":"box","text":"portion of the Execution Performance Deposit equal to the full amount of the execution shortfall (including any taxes,","page_number":134,"box":{"x":89,"y":864,"width":821,"height":12}},{"id":"df20f48a-2d45-42fc-be5e-0c0e0c488788","block_type":"box","text":"113","page_number":134,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"1359f3ce-cb07-4486-aa42-4573de11c2a9","block_type":"box","text":"brokerage commissions or other costs) and may require the Authorized Participant to deposit any additional amount required","page_number":135,"box":{"x":89,"y":44,"width":879,"height":12}},{"id":"a40f7b28-d30c-42a9-acac-c850e8d31c0d","block_type":"box","text":"to cover the full amount of the actual Execution Performance Guarantee.","page_number":135,"box":{"x":88,"y":59,"width":508,"height":10}},{"id":"1d26e945-1beb-4474-af56-9e760945c4a2","block_type":"box","text":"To ensure that an Execution Performance Guarantee will be honored for brokerage orders arising from redemption","page_number":135,"box":{"x":88,"y":85,"width":800,"height":13}},{"id":"941123b2-145a-4053-b62c-14afa42a7927","block_type":"box","text":"transactions executed by an Authorized Participant (or an affiliated or unaffiliated broker-dealer) as broker-dealer, an","page_number":135,"box":{"x":88,"y":101,"width":816,"height":12}},{"id":"4fb75202-7fdb-4b4f-a60f-1ccb6741142e","block_type":"box","text":"Authorized Participant agrees to pay the shortfall amount (the “Execution Performance Offset”). If the broker-dealer","page_number":135,"box":{"x":88,"y":116,"width":811,"height":12}},{"id":"f4f0932e-aec7-4d24-84d3-02e3d76ebb59","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":135,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"6308d5b1-13ea-45b4-a024-380cee891650","block_type":"box","text":"Fund Securities, then the Authorized Participant generally may retain the benefit of the favorable executions and the","page_number":135,"box":{"x":89,"y":146,"width":811,"height":12}},{"id":"7f12bd26-6d9e-49ab-b809-e40aeda64d79","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":135,"box":{"x":88,"y":161,"width":869,"height":12}},{"id":"46b12575-bae3-4b15-9aeb-b46b8b0f4bc5","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":135,"box":{"x":88,"y":176,"width":864,"height":13}},{"id":"5c6aaa64-ce69-47e0-ac77-fc300dd568f4","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":135,"box":{"x":89,"y":191,"width":859,"height":13}},{"id":"00566c03-86c1-4108-aee9-ab21fa92b6a3","block_type":"box","text":"any taxes, brokerage commissions or other costs).","page_number":135,"box":{"x":89,"y":206,"width":351,"height":13}},{"id":"a6568330-e160-46a2-9a5a-000fcba41470","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":135,"box":{"x":88,"y":233,"width":864,"height":12}},{"id":"3f64b316-e9d0-4fd6-a1c0-59e4795bdaec","block_type":"box","text":"Execution Performance Deposit or Execution Performance Offset for a Fund will be disclosed in the procedures handbook for","page_number":135,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"94b0b9d4-68fe-4b37-9625-212884bace3f","block_type":"box","text":"Authorized Participants and may change from time to time based on the actual experience of the Fund.","page_number":135,"box":{"x":88,"y":263,"width":723,"height":12}},{"id":"f1f5023e-c781-45d0-92b8-cf616fcb54bf","block_type":"box","text":"Additional Information Concerning the Company","page_number":135,"box":{"x":88,"y":294,"width":825,"height":29}},{"id":"78c0ef9b-6dbf-4c9b-a3b3-8c266f35664c","block_type":"box","text":"Capital Stock.","page_number":135,"box":{"x":89,"y":335,"width":97,"height":12}},{"id":"ce7c74e5-b48a-4d69-84cb-74461793b5ab","block_type":"box","text":"Each series issues shares of common stock, par value $0.001 per share. The Company has authorized and","page_number":135,"box":{"x":200,"y":335,"width":739,"height":12}},{"id":"1f267128-f026-442d-b82b-38b614eeb425","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":135,"box":{"x":89,"y":350,"width":871,"height":12}},{"id":"4890d9a3-cfa0-44ea-9ca4-cf393f37a075","block_type":"box","text":"Markets ETF, iShares Currency Hedged MSCI Emerging Markets ETF, iShares Emerging Markets Dividend ETF, iShares","page_number":135,"box":{"x":89,"y":365,"width":818,"height":12}},{"id":"55291a6f-8ee1-483f-a821-5ffd8d99e627","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":135,"box":{"x":89,"y":380,"width":868,"height":13}},{"id":"1e737d23-68bc-484a-8af5-d670b9591fcf","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":135,"box":{"x":89,"y":395,"width":856,"height":13}},{"id":"1ec75ad5-6155-4964-a148-74fcd019878d","block_type":"box","text":"Currency Bond ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares","page_number":135,"box":{"x":89,"y":410,"width":857,"height":13}},{"id":"8d91acb7-f921-4ac1-9d5c-4bef8822254d","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":135,"box":{"x":89,"y":426,"width":868,"height":12}},{"id":"2fd6dabd-a087-421d-a2e6-944dbf602a48","block_type":"box","text":"MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets ex China ETF,","page_number":135,"box":{"x":89,"y":441,"width":824,"height":12}},{"id":"3efda04c-4599-4d4a-9064-f6dad2fe7cc7","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Eurozone","page_number":135,"box":{"x":89,"y":456,"width":866,"height":12}},{"id":"c8705081-a7f6-4d29-9353-d57d30510ecd","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":135,"box":{"x":89,"y":471,"width":870,"height":12}},{"id":"6329a421-ed2f-493c-9ad3-9de266100f2e","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":135,"box":{"x":89,"y":486,"width":864,"height":12}},{"id":"62404218-edc0-4fb4-b02a-f36c875f4077","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":135,"box":{"x":89,"y":501,"width":874,"height":13}},{"id":"794285fe-fdc4-4535-b68c-6bcb11a5c3f7","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":135,"box":{"x":89,"y":516,"width":868,"height":13}},{"id":"80e5dadb-ad0f-486b-a2f6-bd23ae20dbd2","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":135,"box":{"x":89,"y":531,"width":872,"height":13}},{"id":"043b75af-0374-43f9-92f5-7153704d19e8","block_type":"box","text":"MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI Taiwan ETF, iShares MSCI Thailand","page_number":135,"box":{"x":89,"y":547,"width":861,"height":12}},{"id":"076f57dd-83ea-4c0f-a8f2-4d3fbb98e5d7","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":135,"box":{"x":89,"y":562,"width":855,"height":12}},{"id":"656ef1fd-842c-4cd1-934d-391ba82962c2","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":135,"box":{"x":89,"y":577,"width":840,"height":12}},{"id":"9910c58e-72e7-40c5-8b6b-620da6accb23","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":135,"box":{"x":89,"y":592,"width":877,"height":12}},{"id":"4cd0b558-c59d-4c1a-af5b-4e0e35c7aa7f","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":135,"box":{"x":89,"y":607,"width":860,"height":12}},{"id":"3774e86e-191f-43dd-9594-4abd0da0ed3a","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":135,"box":{"x":88,"y":622,"width":851,"height":12}},{"id":"283732b5-dd3f-40f1-be74-6aad88b2d0b9","block_type":"box","text":"Unit or by resolution, restrict the redemption right to Creation Units.","page_number":135,"box":{"x":89,"y":637,"width":474,"height":13}},{"id":"647004f1-b38f-4a8b-914b-50a747fbca15","block_type":"box","text":"Each share issued by a fund has a","page_number":135,"box":{"x":89,"y":664,"width":234,"height":12}},{"id":"b0c075b0-7931-4d46-814f-e150a247cb57","block_type":"box","text":"pro rata","page_number":135,"box":{"x":327,"y":665,"width":56,"height":11}},{"id":"5a29c89e-f8e1-4856-a640-17c43be0da9d","block_type":"box","text":"interest in the assets of that fund. The Company is currently authorized to issue","page_number":135,"box":{"x":388,"y":664,"width":555,"height":12}},{"id":"de55cbbe-f535-4ba4-af09-02812dcaea6a","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":135,"box":{"x":89,"y":679,"width":862,"height":12}},{"id":"eac2125b-1863-48d8-9059-dc6d84b699a9","block_type":"box","text":"Asia/Pacific Dividend ETF, 500 million shares; iShares Core MSCI Emerging Markets ETF, 15 billion shares; iShares Currency","page_number":135,"box":{"x":88,"y":694,"width":862,"height":12}},{"id":"52acd901-d668-4e8c-a0ec-2a9c67cd436f","block_type":"box","text":"Hedged MSCI Emerging Markets ETF, 250 million shares; iShares Emerging Markets Dividend ETF, 500 million shares; iShares","page_number":135,"box":{"x":89,"y":709,"width":874,"height":12}},{"id":"d5562866-e44a-42ab-a8cb-8adb988b427d","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":135,"box":{"x":89,"y":724,"width":844,"height":13}},{"id":"eb5d66a9-e720-4912-921b-3c2b70d2d48f","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":135,"box":{"x":89,"y":739,"width":842,"height":13}},{"id":"0195263f-b192-400d-9ab0-036775cb191a","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":135,"box":{"x":89,"y":754,"width":874,"height":13}},{"id":"92e539a8-65c1-470d-bc87-0e3040197e3c","block_type":"box","text":"million shares; iShares MSCI Agriculture Producers ETF, 500 million shares; iShares MSCI Australia ETF, 1 billion shares;","page_number":135,"box":{"x":89,"y":770,"width":832,"height":12}},{"id":"50e39cf6-d04a-4216-89ac-bf7a119f94c9","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":135,"box":{"x":89,"y":785,"width":841,"height":12}},{"id":"eb772853-be15-41ea-bffd-bfc8742704a5","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":135,"box":{"x":89,"y":800,"width":851,"height":11}},{"id":"7dfed621-69c0-484c-b5ac-56fb63136a27","block_type":"box","text":"300 million shares; iShares MSCI Emerging Markets Asia ETF, 500 million shares; iShares MSCI Emerging Markets ETF, 5","page_number":135,"box":{"x":89,"y":815,"width":837,"height":12}},{"id":"4746bb1f-0e3a-4359-9cfa-166f57718fb2","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":135,"box":{"x":89,"y":830,"width":869,"height":12}},{"id":"98059ff1-05f8-4dd2-b86f-960c083b088d","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":135,"box":{"x":89,"y":845,"width":861,"height":12}},{"id":"50720ead-b815-483b-a8a3-ce862565d627","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":135,"box":{"x":89,"y":860,"width":866,"height":13}},{"id":"21dfd663-16dd-45e4-b2fd-1de92e791e4d","block_type":"box","text":"114","page_number":135,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"0df5cd96-7f6e-4f1e-995e-75d1e528bf4d","block_type":"box","text":"Global Gold Miners ETF, 500 million shares; iShares MSCI Global Metals & Mining Producers ETF, 500 million shares; iShares","page_number":136,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"6ac25999-a42b-4e60-ba28-9feeb9047d4f","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":136,"box":{"x":89,"y":59,"width":850,"height":11}},{"id":"0d53334f-66a4-4572-9045-a37d8b22604c","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":136,"box":{"x":89,"y":74,"width":853,"height":12}},{"id":"31be3a5d-0078-4b08-b699-d8cacfadc03f","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":136,"box":{"x":89,"y":89,"width":863,"height":13}},{"id":"c8a5723f-258c-4132-8c11-a56680db6813","block_type":"box","text":"MSCI Malaysia ETF, 300 million shares; iShares MSCI Mexico ETF, 255 million shares; iShares MSCI Netherlands ETF, 255","page_number":136,"box":{"x":89,"y":104,"width":840,"height":13}},{"id":"2fcc1c38-3ca9-4d5d-8c56-3d5d4a53f5f9","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":136,"box":{"x":89,"y":119,"width":842,"height":13}},{"id":"4e5f9558-cd6f-4bcd-995a-d5a67dcdc321","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":136,"box":{"x":88,"y":135,"width":846,"height":12}},{"id":"23b77498-d590-4c9a-ba22-987285c7ac02","block_type":"box","text":"million shares; iShares MSCI Spain ETF, 300 million shares; iShares MSCI Sweden ETF, 100 million shares; iShares MSCI","page_number":136,"box":{"x":89,"y":150,"width":828,"height":12}},{"id":"3b892e06-b9c3-43d3-82f3-382d872504b1","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":136,"box":{"x":88,"y":165,"width":875,"height":11}},{"id":"3962c250-8c4e-42e4-9b8a-ddf62716416b","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":136,"box":{"x":89,"y":180,"width":874,"height":12}},{"id":"532f255d-ea39-4a82-b505-b202eea1f6c2","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":136,"box":{"x":88,"y":195,"width":817,"height":12}},{"id":"be2c698e-9cdd-4c23-a4e4-90e52c8be845","block_type":"box","text":"Infrastructure ETF, 500 million shares. Fractional shares will not be issued. Shares have no preemptive, exchange,","page_number":136,"box":{"x":89,"y":210,"width":789,"height":13}},{"id":"08777b3a-ff6e-473b-bc7b-bfb6bd7805ca","block_type":"box","text":"subscription or conversion rights and are freely transferable. Each share is entitled to participate equally in dividends and","page_number":136,"box":{"x":89,"y":225,"width":842,"height":13}},{"id":"bed618e3-6401-47b3-a041-bc0d7c884395","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":136,"box":{"x":89,"y":240,"width":835,"height":13}},{"id":"45b379aa-8a27-4fa8-bcda-56f478eb0147","block_type":"box","text":"liquidation. Shareholders are entitled to require the Company to redeem Creation Units of their shares.","page_number":136,"box":{"x":89,"y":256,"width":713,"height":12}},{"id":"61bd29b2-6dc0-4dd7-b85f-8a72ff374754","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":136,"box":{"x":89,"y":282,"width":871,"height":12}},{"id":"8c322236-f799-4dfd-bb64-afaab20791ba","block_type":"box","text":"of the 1940 Act and the rules promulgated thereunder and the Maryland General Corporation Law. Stockholders have no","page_number":136,"box":{"x":89,"y":297,"width":846,"height":12}},{"id":"46a5bf83-6779-4c80-b9ef-c0fa5fb9dedd","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":136,"box":{"x":89,"y":312,"width":841,"height":13}},{"id":"53f34db8-79cb-4121-b78e-b33788f1779d","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":136,"box":{"x":89,"y":327,"width":862,"height":13}},{"id":"8d4d20be-4f5f-4aba-af29-8bae674a71b9","block_type":"box","text":"fund will vote separately on such matter.","page_number":136,"box":{"x":88,"y":342,"width":283,"height":13}},{"id":"266ae85e-ae53-4f9b-8b01-cf0879351f59","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":136,"box":{"x":89,"y":369,"width":867,"height":12}},{"id":"a8438962-ad03-4cac-a42c-4f4dc5efa03d","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":136,"box":{"x":88,"y":384,"width":877,"height":12}},{"id":"716c5922-5b61-425f-8297-5d8a18de8e6e","block_type":"box","text":"1940 Act. Under Maryland law, Directors of the Company may be removed by vote of the stockholders.","page_number":136,"box":{"x":90,"y":399,"width":717,"height":13}},{"id":"251ead39-0052-4ea0-b91e-c1b7b50da21d","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":136,"box":{"x":89,"y":426,"width":837,"height":12}},{"id":"8e27b752-1b9a-4ee6-83b7-0f4e85695450","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":136,"box":{"x":88,"y":441,"width":874,"height":12}},{"id":"f0653bb3-4f35-453f-85f4-d55f75441ab6","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":136,"box":{"x":88,"y":456,"width":862,"height":12}},{"id":"2a77efa6-579e-4268-b2f7-8719872378af","block_type":"box","text":"Stockholders may make inquiries by writing to iShares, Inc., c/o BlackRock Investments, LLC, 1 University Square Drive,","page_number":136,"box":{"x":88,"y":482,"width":832,"height":13}},{"id":"a5e0766f-0883-411c-8e4f-32f5413d30b8","block_type":"box","text":"Princeton, NJ 08540.","page_number":136,"box":{"x":89,"y":498,"width":141,"height":11}},{"id":"1697d6ac-e029-48fc-b852-38c57d8512e6","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":136,"box":{"x":88,"y":524,"width":873,"height":12}},{"id":"22edcc6e-14c3-4f18-9f01-b25b652c5f0d","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":136,"box":{"x":88,"y":539,"width":876,"height":12}},{"id":"43c23d15-319a-4059-a108-ad8f0e543f2b","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":136,"box":{"x":89,"y":554,"width":810,"height":12}},{"id":"3130144d-596e-44d6-bb65-64ec34c51f01","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":136,"box":{"x":89,"y":569,"width":864,"height":13}},{"id":"5aa8bef8-e8bd-4af8-be80-ba663eaf391a","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":136,"box":{"x":89,"y":584,"width":826,"height":13}},{"id":"072220e4-5840-4a9d-88e5-8672084eca46","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":136,"box":{"x":89,"y":599,"width":860,"height":13}},{"id":"6b4c61bd-a976-45d7-b9eb-0df079f63ef4","block_type":"box","text":"and existing guidance provided by the SEC staff.","page_number":136,"box":{"x":89,"y":615,"width":334,"height":12}},{"id":"730b2852-a16d-466d-a0ca-845d1fa7c55a","block_type":"box","text":"Termination of the Company or a Fund.","page_number":136,"box":{"x":88,"y":641,"width":284,"height":12}},{"id":"08513624-0657-42f7-81b0-824888450bf6","block_type":"box","text":"The Company or a fund may be terminated by a majority vote of the Board, or the","page_number":136,"box":{"x":380,"y":641,"width":572,"height":12}},{"id":"d0b68157-bac7-4229-b264-6bd09aa3a4c1","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":136,"box":{"x":89,"y":656,"width":811,"height":13}},{"id":"ae9945ca-441f-4933-9571-f45a3ac21051","block_type":"box","text":"Although the shares are not automatically redeemable upon the occurrence of any specific event, the Company’s","page_number":136,"box":{"x":88,"y":671,"width":792,"height":13}},{"id":"c436e7cd-a9f4-4abb-942a-bac504b3d669","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":136,"box":{"x":89,"y":686,"width":872,"height":13}},{"id":"2ae93fbb-f9c8-498e-942e-542f89e5eb7b","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":136,"box":{"x":89,"y":702,"width":859,"height":12}},{"id":"659193aa-219b-4518-aa38-2dff225e526d","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":136,"box":{"x":89,"y":717,"width":843,"height":12}},{"id":"8d381666-9608-4793-8856-5bee463323f0","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":136,"box":{"x":89,"y":732,"width":847,"height":12}},{"id":"d59b9b2d-645c-4bca-8c93-535bbff9d23d","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":136,"box":{"x":89,"y":747,"width":871,"height":12}},{"id":"4134a855-9e7f-404e-8a73-db4c1d63fc94","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":136,"box":{"x":88,"y":762,"width":811,"height":12}},{"id":"efa60734-258c-479c-8241-572e0644364f","block_type":"box","text":"DTC as Securities Depository for Shares of the Funds.","page_number":136,"box":{"x":89,"y":788,"width":383,"height":13}},{"id":"5982bdb5-0eaf-462c-8527-865310d893b1","block_type":"box","text":"Shares of each Fund are represented by securities registered in the","page_number":136,"box":{"x":481,"y":788,"width":465,"height":13}},{"id":"e8494e76-e505-4d61-b31c-c7d21392f39b","block_type":"box","text":"name of DTC or its nominee and deposited with, or on behalf of, DTC.","page_number":136,"box":{"x":89,"y":804,"width":486,"height":12}},{"id":"c897ca46-208c-42ef-baa7-228b8a4956f7","block_type":"box","text":"DTC was created in 1973 to enable electronic movement of securities between its participants (“DTC Participants”), and","page_number":136,"box":{"x":89,"y":830,"width":836,"height":12}},{"id":"9f91de70-12c9-4b06-8c23-6b7fbbd7b55c","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":136,"box":{"x":89,"y":845,"width":790,"height":12}},{"id":"6029f07c-eca5-46a1-b015-71419305b15e","block_type":"box","text":"counterparty for securities trades among DTC Participants. In 1999, DTC and NSCC were consolidated within The Depository","page_number":136,"box":{"x":89,"y":860,"width":872,"height":13}},{"id":"96210d4e-ffda-493b-a831-db2daf5f1d1b","block_type":"box","text":"115","page_number":136,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"80405227-1b1f-4828-8833-2262040254ec","block_type":"box","text":"Trust & Clearing Corporation (“DTCC”) and became wholly-owned subsidiaries of DTCC. The common stock of DTCC is","page_number":137,"box":{"x":88,"y":44,"width":837,"height":12}},{"id":"8f522063-1d9b-49b6-9fdd-ad738d6774d1","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":137,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"a72453ae-d555-4185-bbe1-d774e6ede444","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":137,"box":{"x":88,"y":74,"width":848,"height":12}},{"id":"2da84534-2cc4-4f5a-8483-310df34c13db","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":137,"box":{"x":89,"y":89,"width":833,"height":13}},{"id":"4c72b813-4624-4596-bdd4-d4b333564d92","block_type":"box","text":"Participant, either directly or indirectly (“Indirect Participants”).","page_number":137,"box":{"x":89,"y":104,"width":439,"height":13}},{"id":"7b0d364c-4613-44aa-b3f5-df8f2bdd3307","block_type":"box","text":"Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC","page_number":137,"box":{"x":89,"y":131,"width":873,"height":12}},{"id":"1352244d-1228-4079-b2ce-2399b7e11715","block_type":"box","text":"Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are","page_number":137,"box":{"x":89,"y":146,"width":840,"height":12}},{"id":"54207462-b422-4373-96b2-d80147bb96eb","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":137,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"db7c91f7-9bf4-41f1-9196-72c9c9353a9a","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":137,"box":{"x":89,"y":176,"width":822,"height":13}},{"id":"51a29e1c-e9b2-4b87-a94d-181e84639f37","block_type":"box","text":"Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC","page_number":137,"box":{"x":89,"y":191,"width":848,"height":13}},{"id":"c8150c39-b44c-45cb-9c69-342cde87c6bc","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":137,"box":{"x":89,"y":206,"width":877,"height":13}},{"id":"50ae5d9b-9bcb-4840-9f8e-50a8e17abe07","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":137,"box":{"x":89,"y":222,"width":872,"height":12}},{"id":"8c7902d0-e6de-490d-beac-be860a951275","block_type":"box","text":"investors to acquire beneficial interests in shares of the Fund.","page_number":137,"box":{"x":89,"y":237,"width":426,"height":12}},{"id":"419542aa-f656-435b-a14a-f74215683907","block_type":"box","text":"Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the","page_number":137,"box":{"x":89,"y":263,"width":873,"height":12}},{"id":"88d756d2-83ea-432d-ac0a-d4776c5ddca1","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":137,"box":{"x":89,"y":278,"width":870,"height":13}},{"id":"6995fc33-9b1e-4b79-a5fe-6ce0847c367d","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":137,"box":{"x":88,"y":293,"width":871,"height":13}},{"id":"a28052bc-75c3-409e-b734-5a549c106926","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":137,"box":{"x":89,"y":308,"width":843,"height":13}},{"id":"4dcaa1f9-a262-4334-a3e3-9ededdb3c2bd","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":137,"box":{"x":89,"y":324,"width":861,"height":12}},{"id":"654257b2-56fa-44d2-bb37-0d467750b4fc","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":137,"box":{"x":89,"y":339,"width":871,"height":12}},{"id":"6bf78786-acb4-4a1e-829d-c48e098985f8","block_type":"box","text":"notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial","page_number":137,"box":{"x":89,"y":354,"width":845,"height":12}},{"id":"1b3a7857-4cb0-402c-ba4d-5b0e892cb339","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":137,"box":{"x":89,"y":369,"width":877,"height":12}},{"id":"9d94ca7a-50b6-4312-9100-e8bb73283638","block_type":"box","text":"the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.","page_number":137,"box":{"x":88,"y":384,"width":749,"height":12}},{"id":"2506c248-ecff-4c7c-b438-14b0be48655d","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":137,"box":{"x":88,"y":410,"width":854,"height":13}},{"id":"c8bf32a9-aae4-48ff-9dff-2b3fa99ce08a","block_type":"box","text":"DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants’ accounts with","page_number":137,"box":{"x":89,"y":426,"width":809,"height":12}},{"id":"9603614b-53a6-41f8-ac44-6d3e07e3a03e","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":137,"box":{"x":89,"y":441,"width":876,"height":12}},{"id":"a874f934-9afc-41c3-b4a2-231e026bdaea","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":137,"box":{"x":89,"y":456,"width":875,"height":12}},{"id":"9621c024-103c-4e43-855e-a75f5722de11","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":137,"box":{"x":89,"y":471,"width":860,"height":12}},{"id":"a1aa2f76-1176-47b8-865b-9c3c3fcecbe8","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":137,"box":{"x":88,"y":486,"width":836,"height":12}},{"id":"674adc25-76e1-48a5-b696-8b37b2443bb7","block_type":"box","text":"Participants.","page_number":137,"box":{"x":89,"y":502,"width":85,"height":12}},{"id":"ee1730b1-430c-4b7d-be14-6381f7f8f679","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":137,"box":{"x":88,"y":528,"width":844,"height":12}},{"id":"703c8e07-6110-4823-8fd2-c56964798527","block_type":"box","text":"payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any","page_number":137,"box":{"x":89,"y":543,"width":874,"height":12}},{"id":"1398a47d-2e93-40d6-9314-d1ff39d7cb8a","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":137,"box":{"x":89,"y":558,"width":866,"height":12}},{"id":"dc38b959-e756-4b8a-ae1c-f3694cc5ff10","block_type":"box","text":"Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning","page_number":137,"box":{"x":89,"y":573,"width":855,"height":12}},{"id":"c6b53fcf-a270-4a46-bdbd-b9b148837906","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":137,"box":{"x":88,"y":588,"width":878,"height":12}},{"id":"9d1d3089-d298-4e8f-8f26-2266cd59b5eb","block_type":"box","text":"any time by giving reasonable notice to the Company and discharging its responsibilities with respect thereto under","page_number":137,"box":{"x":89,"y":603,"width":808,"height":13}},{"id":"73a5204c-4f6d-4be7-8572-4129c23f1d5b","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":137,"box":{"x":89,"y":618,"width":823,"height":13}},{"id":"ec648aca-e0ff-4ef0-85b1-fe6671348711","block_type":"box","text":"functions at a comparable cost.","page_number":137,"box":{"x":88,"y":633,"width":220,"height":13}},{"id":"eb98eebc-acca-4690-91a0-3ab574d82bde","block_type":"box","text":"Distribution of Shares.","page_number":137,"box":{"x":89,"y":660,"width":160,"height":10}},{"id":"060c81a5-cd28-4413-bf7e-386d899ca5ac","block_type":"box","text":"In connection with each Fund’s launch, each Fund was seeded through the sale of one or more","page_number":137,"box":{"x":259,"y":660,"width":665,"height":12}},{"id":"257999c6-6414-429e-a6c8-7fa27acab31d","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":137,"box":{"x":89,"y":675,"width":859,"height":12}},{"id":"6293a21a-84af-4f63-888c-8525ece19334","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":137,"box":{"x":89,"y":690,"width":861,"height":13}},{"id":"cef79eba-a8f9-43eb-b91c-0a7cb2036207","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":137,"box":{"x":89,"y":705,"width":848,"height":13}},{"id":"844e10e0-9e60-428d-be7f-476936723eff","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":137,"box":{"x":89,"y":720,"width":873,"height":13}},{"id":"e715bef6-7843-4c6e-bbda-58e119ac0905","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":137,"box":{"x":88,"y":736,"width":833,"height":12}},{"id":"be6c9c74-1753-4bce-80b3-9168a6f67d04","block_type":"box","text":"shares.","page_number":137,"box":{"x":89,"y":751,"width":47,"height":9}},{"id":"dd823bf6-c463-495e-8d80-ecc963724d55","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":137,"box":{"x":88,"y":777,"width":877,"height":12}},{"id":"e5b9754f-8df4-4f31-8a5f-8616c76fdcee","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":137,"box":{"x":89,"y":792,"width":873,"height":13}},{"id":"7fe143b1-8fdf-4921-b0ba-4e3bc2ec05a2","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":137,"box":{"x":88,"y":807,"width":878,"height":13}},{"id":"b6cc5361-2405-4d3b-889d-c10956c7259e","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":137,"box":{"x":88,"y":822,"width":877,"height":13}},{"id":"be153ac5-b476-4b6c-a0ec-4170ed34fd65","block_type":"box","text":"brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or","page_number":137,"box":{"x":89,"y":838,"width":822,"height":12}},{"id":"8ef9b6cb-ac03-4485-a1bc-499e7756ea9f","block_type":"box","text":"116","page_number":137,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"3632a9f5-46c7-42f4-9633-d872b4f632f4","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":138,"box":{"x":88,"y":44,"width":875,"height":12}},{"id":"01c34f4e-7920-4df5-8140-1badbcfdbea4","block_type":"box","text":"by them through an Authorized Participant.","page_number":138,"box":{"x":89,"y":59,"width":302,"height":12}},{"id":"8686edba-6619-4f1f-ac9b-0eb0cf84734e","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":138,"box":{"x":88,"y":85,"width":840,"height":13}},{"id":"6845e5fc-4138-4956-a1dc-7da749e4a734","block_type":"box","text":"“underwriters” within the meaning of Section 2(a)(11) of the 1933 Act, in connection with such sales.","page_number":138,"box":{"x":89,"y":101,"width":712,"height":12}},{"id":"fcd79267-dfda-4beb-863c-b1a57e2255c2","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":138,"box":{"x":88,"y":127,"width":871,"height":12}},{"id":"e2464568-d4d1-4862-b885-c3dfd198132a","block_type":"box","text":"1934 Act and the rules and regulations thereunder.","page_number":138,"box":{"x":90,"y":142,"width":354,"height":12}},{"id":"24f8cb83-c460-464f-8c52-dd46cb295a56","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":138,"box":{"x":90,"y":173,"width":721,"height":29}},{"id":"185abefa-47b2-44b5-8182-5e53ab8d66cc","block_type":"box","text":"General.","page_number":138,"box":{"x":89,"y":214,"width":59,"height":10}},{"id":"278e5239-b655-48f5-b310-671ad92162e2","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":138,"box":{"x":156,"y":214,"width":755,"height":12}},{"id":"3442cac2-37e1-4441-a04a-0e82f449febb","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":138,"box":{"x":89,"y":229,"width":834,"height":12}},{"id":"bc0ca28e-6930-4e27-a1b1-d38a8ed3eccd","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":138,"box":{"x":89,"y":244,"width":797,"height":13}},{"id":"393be335-7a75-4142-bb02-e1cfc761cd94","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":138,"box":{"x":88,"y":259,"width":842,"height":13}},{"id":"7143ee7a-4ba2-497c-aee3-410bb82194df","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":138,"box":{"x":88,"y":274,"width":866,"height":13}},{"id":"3fd3c666-20ef-4dc1-b82c-f1e53adaf4c3","block_type":"box","text":"value of such Creation Unit as of August 31, 2025:","page_number":138,"box":{"x":88,"y":290,"width":349,"height":12}},{"id":"0ac58497-e32d-409b-b3d4-b76ab820501a","block_type":"box","text":"Fund","page_number":138,"box":{"x":89,"y":349,"width":27,"height":8}},{"id":"376a5f35-b62c-4cb0-bf06-19e5a7f65e8e","block_type":"box","text":"Shares Per","page_number":138,"box":{"x":712,"y":339,"width":61,"height":8}},{"id":"71c945d5-4cf0-4562-8d8b-9dda650440d9","block_type":"box","text":"Creation 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5,319,625.40","page_number":138,"box":{"x":89,"y":387,"width":879,"height":12}},{"id":"f8c4f44e-f7ed-455a-b340-b88852d214d6","block_type":"box","text":"iShares ESG Aware MSCI EM ETF 100,000 $ 4,047,672.30","page_number":138,"box":{"x":89,"y":402,"width":879,"height":11}},{"id":"b26b7788-4c35-4550-bbc2-d300a45d3db1","block_type":"box","text":"iShares MSCI Agriculture Producers ETF 50,000 $ 2,016,931.75","page_number":138,"box":{"x":89,"y":417,"width":878,"height":12}},{"id":"99836917-0654-4449-9a49-2e3c687ee827","block_type":"box","text":"iShares MSCI BIC ETF 50,000 $ 2,159,953.65","page_number":138,"box":{"x":89,"y":432,"width":878,"height":11}},{"id":"8438a2e9-60b6-4c99-bdc2-23b649e63b8a","block_type":"box","text":"iShares MSCI Brazil ETF 50,000 $ 1,469,335.10","page_number":138,"box":{"x":89,"y":447,"width":879,"height":11}},{"id":"9feaa1e9-aeeb-4b4c-8e6b-ca334b323a86","block_type":"box","text":"iShares MSCI Chile ETF 50,000 $ 1,633,757.20","page_number":138,"box":{"x":89,"y":462,"width":879,"height":11}},{"id":"8fbafb04-ebf4-4857-8886-3d4fad2efaec","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF 100,000 $ 8,527,381.50","page_number":138,"box":{"x":89,"y":477,"width":879,"height":13}},{"id":"ee3f698d-ce8d-4c66-8f7a-2f8a1dd15fc6","block_type":"box","text":"iShares MSCI Emerging Markets ETF 450,000 $22,400,794.80","page_number":138,"box":{"x":89,"y":492,"width":879,"height":13}},{"id":"9f36db99-2e6e-4839-b112-329afdd837bf","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF 100,000 $ 6,274,162.60","page_number":138,"box":{"x":89,"y":508,"width":879,"height":12}},{"id":"9504000d-930b-4025-9fa7-0fcc03f2f6a9","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF 100,000 $ 6,652,289.50","page_number":138,"box":{"x":89,"y":523,"width":879,"height":12}},{"id":"595b105c-a3fe-4622-86bd-483f22b39b13","block_type":"box","text":"iShares MSCI Global Gold Miners ETF 50,000 $ 2,686,418.55","page_number":138,"box":{"x":89,"y":538,"width":878,"height":11}},{"id":"4e0002ee-7995-43af-b918-ac4de8dd39ae","block_type":"box","text":"iShares MSCI Global Metals & Mining Producers ETF 50,000 $ 2,052,345.05","page_number":138,"box":{"x":89,"y":553,"width":878,"height":12}},{"id":"a16ce891-a16b-4396-8ed3-e0bf3e16a156","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF 100,000 $ 11,923,247.90","page_number":138,"box":{"x":89,"y":568,"width":879,"height":11}},{"id":"0d4c9a3e-c11e-4924-b41f-9dac61a1a070","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF 100,000 $ 2,166,810.60","page_number":138,"box":{"x":89,"y":583,"width":879,"height":11}},{"id":"de84d8cd-ad2f-4bf6-b7fa-164cacbe6247","block_type":"box","text":"iShares MSCI Malaysia ETF 75,000 $ 1,858,038.45","page_number":138,"box":{"x":89,"y":598,"width":878,"height":13}},{"id":"ae80f56d-a0f3-4860-8b23-a23a4d6e3ff0","block_type":"box","text":"iShares MSCI South Korea ETF 50,000 $ 3,621,871.25","page_number":138,"box":{"x":89,"y":613,"width":878,"height":12}},{"id":"a4c11571-6a8d-4879-90df-7cd313810a86","block_type":"box","text":"iShares MSCI Taiwan ETF 100,000 $ 5,872,613.80","page_number":138,"box":{"x":89,"y":628,"width":879,"height":12}},{"id":"e030ac5b-387f-4324-9baf-e72be6970460","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":138,"box":{"x":89,"y":661,"width":837,"height":13}},{"id":"7a73b153-65ee-4408-b539-078dc14127a2","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":138,"box":{"x":89,"y":676,"width":854,"height":13}},{"id":"73dd0d4a-fd26-47c9-8b8d-c34e93e776bc","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":138,"box":{"x":89,"y":691,"width":851,"height":13}},{"id":"b784a848-2374-45ea-b071-d59a156f6388","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":138,"box":{"x":89,"y":707,"width":845,"height":12}},{"id":"8b661a2d-f470-4c4a-8b06-1f30c12f3c53","block_type":"box","text":"Board.","page_number":138,"box":{"x":89,"y":722,"width":43,"height":9}},{"id":"9832f9d0-ba8c-4c80-a3f1-028228e9100d","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":138,"box":{"x":88,"y":748,"width":839,"height":12}},{"id":"0651773e-4154-47a3-a25c-6d0f753ed26b","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":138,"box":{"x":89,"y":763,"width":837,"height":13}},{"id":"c19fb332-bfc8-4d9f-a92e-5e81627b3b18","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":138,"box":{"x":89,"y":778,"width":877,"height":13}},{"id":"3ffa9405-b0e3-4848-8b6f-a29f8c2dcc32","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":138,"box":{"x":89,"y":793,"width":821,"height":13}},{"id":"1bee5f2d-8cae-486d-92aa-3a9586b3a426","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":138,"box":{"x":89,"y":809,"width":669,"height":12}},{"id":"fd566de4-9ae2-4091-a0e1-dad14c0f73b3","block_type":"box","text":"Fund Deposit.","page_number":138,"box":{"x":89,"y":835,"width":98,"height":12}},{"id":"cfd20f00-f159-4a0f-b615-af074e88c383","block_type":"box","text":"The consideration for purchase of Creation Units of a Fund (except for the iShares MSCI Brazil ETF, iShares","page_number":138,"box":{"x":196,"y":835,"width":744,"height":12}},{"id":"cb521bc9-e071-4aac-ad9a-c082cf5f6895","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":138,"box":{"x":89,"y":850,"width":837,"height":13}},{"id":"1469b4fb-0c40-495a-ba1b-6410e7c86b39","block_type":"box","text":"Fund” and collectively, the “Cash Funds”), generally consists of Deposit Securities and the Cash Component computed as","page_number":138,"box":{"x":89,"y":865,"width":850,"height":13}},{"id":"1d57ab63-4033-4be3-92b6-8bdbcdfa8c04","block_type":"box","text":"117","page_number":138,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"ed0325aa-2139-4142-9b1e-9186d346183c","block_type":"box","text":"described below. Together, the Deposit Securities and the Cash Component constitute the “Fund Deposit,” which will be","page_number":139,"box":{"x":89,"y":44,"width":841,"height":12}},{"id":"cbd6d8ac-4ad9-4511-a22c-0276f9e156be","block_type":"box","text":"applicable (subject to possible amendment or correction) to creation requests received in proper form. The Fund Deposit","page_number":139,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"f4317dcd-5d9c-4490-8723-59f3e4d1b9e3","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":139,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"590db1b7-32e3-4374-ac2b-2ede41256ad4","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":139,"box":{"x":89,"y":89,"width":878,"height":13}},{"id":"3dce5a3d-4eeb-485b-b42a-c597bbad75ad","block_type":"box","text":"time as the next-announced Fund Deposit is made available.","page_number":139,"box":{"x":88,"y":104,"width":423,"height":13}},{"id":"ce20d3ab-fb4f-44ea-ba9c-53bf7ead6182","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":139,"box":{"x":88,"y":131,"width":824,"height":12}},{"id":"240ee451-96b3-4f27-a5b0-76f4f8d32ee5","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":139,"box":{"x":89,"y":146,"width":879,"height":12}},{"id":"b7c19e69-79a8-4f7a-83a3-f44debee55f7","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":139,"box":{"x":89,"y":161,"width":878,"height":12}},{"id":"8313733c-dc74-4bb8-ad72-133665d0f9fe","block_type":"box","text":"expenses payable upon transfer of beneficial ownership of the Deposit Securities are the sole responsibility of the Authorized","page_number":139,"box":{"x":89,"y":176,"width":872,"height":13}},{"id":"7a6c0c5c-a73c-45ba-b901-b31802bae232","block_type":"box","text":"Participant purchasing a Creation Unit.","page_number":139,"box":{"x":89,"y":191,"width":269,"height":13}},{"id":"5ffa2848-323c-45a0-87a0-a70d2ad83464","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":139,"box":{"x":89,"y":218,"width":856,"height":12}},{"id":"59e8416a-c639-4a78-b1dc-ffdae49aee63","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":139,"box":{"x":89,"y":233,"width":818,"height":12}},{"id":"d5fa872d-3880-4d34-b195-910ada895c9f","block_type":"box","text":"i.e.","page_number":139,"box":{"x":908,"y":234,"width":18,"height":9}},{"id":"da8b16fa-845b-42b0-a756-aaf48e731605","block_type":"box","text":", the","page_number":139,"box":{"x":928,"y":233,"width":29,"height":11}},{"id":"80edb048-c3dc-4fbb-9156-48d20e92050d","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":139,"box":{"x":89,"y":248,"width":865,"height":12}},{"id":"d44f23c5-ed93-4ca3-81d7-ea4f142f8f74","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":139,"box":{"x":89,"y":263,"width":849,"height":12}},{"id":"748872d9-3cc3-48e8-bca1-d83e1f25ba71","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":139,"box":{"x":89,"y":278,"width":860,"height":13}},{"id":"d923dbb4-345c-41a7-bf65-d80df708dc8d","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":139,"box":{"x":88,"y":293,"width":877,"height":13}},{"id":"2d00a1f5-c37c-4104-93ed-efb6a0ee0c35","block_type":"box","text":"iShares MSCI Agriculture Producers ETF, iShares MSCI BIC ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI","page_number":139,"box":{"x":89,"y":308,"width":831,"height":13}},{"id":"ba73bbb9-d133-4c2c-ada0-26a1f954ad14","block_type":"box","text":"Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF,","page_number":139,"box":{"x":89,"y":324,"width":865,"height":12}},{"id":"4934602c-9a88-4c59-bc0d-5ecd39bf5ddd","block_type":"box","text":"iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Min Vol","page_number":139,"box":{"x":89,"y":339,"width":838,"height":12}},{"id":"742a7cc0-a382-4fd9-9901-f32235cec094","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":139,"box":{"x":89,"y":354,"width":852,"height":12}},{"id":"290aa910-3afe-4ce7-9a5f-a42388ecf607","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":139,"box":{"x":89,"y":369,"width":878,"height":12}},{"id":"2ed23722-69ac-4645-853f-bdf487cd2f0e","block_type":"box","text":"cash or solely in-kind. Please see the","page_number":139,"box":{"x":89,"y":384,"width":254,"height":12}},{"id":"d4f97067-ce90-47a2-a4e5-56c80253899f","block_type":"box","text":"Cash Purchase Method","page_number":139,"box":{"x":349,"y":384,"width":162,"height":10}},{"id":"1e6e3f8b-2bc6-464c-a2d7-eedc95621745","block_type":"box","text":"section below and the following discussion summarizing the","page_number":139,"box":{"x":515,"y":384,"width":423,"height":12}},{"id":"6de8cf90-e7a5-40ad-acc4-8f73fac8e3b2","block_type":"box","text":"Deposit Security method for further information on purchasing Creation Units of the Funds.","page_number":139,"box":{"x":89,"y":399,"width":641,"height":13}},{"id":"d61f80ea-deee-42ad-88be-b465c18dd620","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":139,"box":{"x":88,"y":426,"width":839,"height":12}},{"id":"57ff96e1-5f4e-4959-8ab8-74c57b8c9de2","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":139,"box":{"x":89,"y":441,"width":860,"height":12}},{"id":"02450554-10ac-42a0-aed9-6264b91adec0","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":139,"box":{"x":88,"y":456,"width":876,"height":12}},{"id":"cdfadb93-1a52-4f72-8a58-ab55e4580528","block_type":"box","text":"to the weighting or composition of the component securities constituting the relevant Fund’s portfolio or, when applicable,","page_number":139,"box":{"x":88,"y":471,"width":861,"height":12}},{"id":"36fc7270-0eac-40a3-ba77-3643a8a9a8ca","block_type":"box","text":"the relevant Underlying Index.","page_number":139,"box":{"x":88,"y":486,"width":209,"height":12}},{"id":"a971c43b-03a1-46b0-8f3d-1228cbfcadc7","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":139,"box":{"x":88,"y":513,"width":877,"height":12}},{"id":"4575f02d-5eb2-47ce-b1ce-cc7142b3cc9c","block_type":"box","text":"portion of the Fund Deposit through “systematic rounding.” The rounding methodology “rounds up” position sizes of","page_number":139,"box":{"x":89,"y":528,"width":824,"height":12}},{"id":"d67e54a9-7e42-4747-b70b-f7191a16a045","block_type":"box","text":"securities in the Deposit Securities (which in turn reduces the cash portion). However, the methodology limits the maximum","page_number":139,"box":{"x":89,"y":543,"width":869,"height":12}},{"id":"e78d01fa-8416-4895-93db-c46861a122a7","block_type":"box","text":"allowed percentage change in weight and share quantity of any given security in the Fund Deposit.","page_number":139,"box":{"x":89,"y":558,"width":690,"height":12}},{"id":"10f78121-2359-4322-8ddd-28d532e932a5","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":139,"box":{"x":89,"y":584,"width":879,"height":13}},{"id":"6aed3132-5450-4399-a22f-e39cccc31ca9","block_type":"box","text":"index additions, deletions, and re-weights.","page_number":139,"box":{"x":89,"y":599,"width":295,"height":13}},{"id":"c3ff4fcd-47df-4aef-b6a2-27e52c641207","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":139,"box":{"x":88,"y":626,"width":856,"height":12}},{"id":"42deec5e-abf7-4f76-b556-2dc3f3cf3f71","block_type":"box","text":"any Deposit Security in certain circumstances, including: (i) when instruments are not available in sufficient quantity for","page_number":139,"box":{"x":89,"y":641,"width":837,"height":12}},{"id":"2241f4d1-87c3-4141-98b3-135463021fed","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":139,"box":{"x":89,"y":656,"width":841,"height":13}},{"id":"154a0f38-e288-440b-a4cc-5165ef9f1b04","block_type":"box","text":"when instruments that the Authorized Participant (or an investor on whose behalf the Authorized Participant is acting) are","page_number":139,"box":{"x":88,"y":671,"width":857,"height":13}},{"id":"fd05281d-73f4-4b94-92e4-6facf3a0c529","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":139,"box":{"x":89,"y":686,"width":866,"height":13}},{"id":"97e58c01-dce0-4b9c-86f0-0f9441fcf093","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":139,"box":{"x":89,"y":702,"width":865,"height":12}},{"id":"53961216-47aa-4ef4-95d1-d05a7599954a","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":139,"box":{"x":89,"y":717,"width":782,"height":12}},{"id":"d625ca44-2b43-4894-91ff-92532182b0e5","block_type":"box","text":"Cash Purchase Method.","page_number":139,"box":{"x":89,"y":743,"width":170,"height":10}},{"id":"46f15b14-d4e3-4132-88f2-532d68e0a940","block_type":"box","text":"Although the Company does not generally permit partial or full cash purchases of Creation Units of","page_number":139,"box":{"x":268,"y":743,"width":694,"height":12}},{"id":"d5112bcc-bc82-424d-83fc-2f2c401f6db7","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":139,"box":{"x":89,"y":758,"width":876,"height":13}},{"id":"5923013c-e1b4-4a94-ab4a-9eb730a68902","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":139,"box":{"x":89,"y":773,"width":847,"height":13}},{"id":"1002bf1b-522f-4527-a2fd-63c3e1d631cd","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":139,"box":{"x":88,"y":788,"width":808,"height":13}},{"id":"c8433733-e1aa-475c-a3ab-534fff1d7cd2","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":139,"box":{"x":89,"y":804,"width":875,"height":12}},{"id":"9e223e3c-ba07-4cbb-b7cc-232a2b28ea84","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":139,"box":{"x":89,"y":819,"width":828,"height":12}},{"id":"71b4530a-5200-4dc8-8450-9cc34c1c780b","block_type":"box","text":"Authorized Participant will also be required to pay certain transaction fees and charges for cash purchases, as described","page_number":139,"box":{"x":88,"y":834,"width":838,"height":12}},{"id":"6d74839d-7208-4a58-8091-d412c5f06b7e","block_type":"box","text":"118","page_number":139,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"a9734500-8d7e-4d4f-8975-dd6ec326ce57","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":140,"box":{"x":89,"y":44,"width":828,"height":12}},{"id":"a0704f7e-37e3-4e83-a188-36815842bdba","block_type":"box","text":"execution and price movement costs through an Execution Performance Guarantee, as described in the","page_number":140,"box":{"x":89,"y":59,"width":723,"height":12}},{"id":"5e309250-187e-4858-be2d-5427fdf5f479","block_type":"box","text":"Brokerage","page_number":140,"box":{"x":817,"y":59,"width":70,"height":12}},{"id":"447278b8-e0b3-40ef-8025-c98c56864173","block_type":"box","text":"Transactions","page_number":140,"box":{"x":89,"y":75,"width":88,"height":9}},{"id":"d01fccc1-0033-42d5-a2f6-149caf0187c3","block_type":"box","text":"section of this SAI.","page_number":140,"box":{"x":182,"y":74,"width":129,"height":10}},{"id":"fd9a622c-5d20-4863-bd05-c709f98e743f","block_type":"box","text":"Procedures for Creation of Creation Units.","page_number":140,"box":{"x":89,"y":101,"width":301,"height":9}},{"id":"1d74d750-3388-4dc8-942a-8f5c560897da","block_type":"box","text":"To be eligible to place orders with the Distributor and to create a Creation Unit of","page_number":140,"box":{"x":398,"y":101,"width":568,"height":12}},{"id":"12e2bb04-57c4-4f03-b3ed-6042b74a4d93","block_type":"box","text":"the Funds, an entity must be: (i) a “Participating Party,”","page_number":140,"box":{"x":88,"y":116,"width":385,"height":12}},{"id":"a5bf6aed-ba46-4987-b626-30e6c3e198df","block_type":"box","text":"i.e","page_number":140,"box":{"x":478,"y":117,"width":15,"height":8}},{"id":"5b8a180c-099d-4f90-8364-38ec2d8ba546","block_type":"box","text":"., a broker-dealer or other participant in the clearing process","page_number":140,"box":{"x":494,"y":116,"width":420,"height":12}},{"id":"6b741cf7-9cd6-4a37-95cc-f416a035d32a","block_type":"box","text":"through the Continuous Net Settlement System of the NSCC (the “Clearing Process”), a clearing agency that is registered","page_number":140,"box":{"x":88,"y":131,"width":847,"height":12}},{"id":"379db32b-79f6-447e-a800-9e96283e74bf","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":140,"box":{"x":88,"y":146,"width":863,"height":12}},{"id":"a7675095-70c7-4ee9-bc8d-d74b68601402","block_type":"box","text":"and redemptions of Creation Units (“Authorized Participant Agreement”) (discussed below). A member or participant of a","page_number":140,"box":{"x":89,"y":161,"width":851,"height":12}},{"id":"66dfb132-7716-40b9-81a8-09afb444e70c","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":140,"box":{"x":89,"y":176,"width":866,"height":13}},{"id":"af824459-ce84-49fa-b744-bc6b95320112","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":140,"box":{"x":89,"y":191,"width":843,"height":13}},{"id":"c70484c5-5f0a-4e86-8643-69e434e4f3b7","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":140,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"038771f3-abbc-4ad2-b68f-9906017d5aaa","block_type":"box","text":"& Co. for the account of a DTC Participant.","page_number":140,"box":{"x":89,"y":222,"width":295,"height":12}},{"id":"6963fa8b-5fda-4e5f-a68b-b28fcadf257f","block_type":"box","text":"Role of the Authorized Participant.","page_number":140,"box":{"x":89,"y":248,"width":247,"height":12}},{"id":"838422c1-e116-48c0-81b6-c8a1fea0829e","block_type":"box","text":"Creation Units may be purchased only by or through a member or participant of a","page_number":140,"box":{"x":346,"y":248,"width":570,"height":12}},{"id":"8d197791-a335-4aa6-a7ae-b7f3b89678ef","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":140,"box":{"x":89,"y":263,"width":870,"height":12}},{"id":"161e2808-ed53-41c7-ba2f-8400e03dc3a8","block_type":"box","text":"allows such member or participant to place orders for the purchase and redemption of Creation Units (an “Authorized","page_number":140,"box":{"x":89,"y":278,"width":823,"height":13}},{"id":"e9235ee7-10b9-4fb7-a1c9-f4274331afb6","block_type":"box","text":"Participant”). Such Authorized Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on","page_number":140,"box":{"x":89,"y":293,"width":875,"height":13}},{"id":"25e58a7b-f7ea-4418-9a41-82cf0568961b","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":140,"box":{"x":89,"y":308,"width":877,"height":13}},{"id":"a2b0a1a6-211b-4216-abcd-f9d6c87cebff","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":140,"box":{"x":89,"y":324,"width":848,"height":12}},{"id":"7715ff79-6eb5-4cb6-ad3c-77570c5fbf25","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":140,"box":{"x":89,"y":339,"width":854,"height":12}},{"id":"dc6f0d38-6e51-45b3-a895-954954b1aa23","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":140,"box":{"x":88,"y":354,"width":844,"height":12}},{"id":"4e8e03f1-cca5-43b8-b7f8-8dc0355cdd8a","block_type":"box","text":"agreement with such Authorized Participant with respect to certain matters, including payment of the Cash Component.","page_number":140,"box":{"x":89,"y":369,"width":842,"height":12}},{"id":"2dce6e86-f8ce-4f4d-aac5-f8c263e50bc4","block_type":"box","text":"Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors","page_number":140,"box":{"x":89,"y":384,"width":878,"height":12}},{"id":"ab140e9e-c7b2-4f4a-afe5-c6226e0c8fd3","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":140,"box":{"x":89,"y":399,"width":800,"height":13}},{"id":"7be2c15b-d0b5-4174-b0d2-9f0d627e3d86","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":140,"box":{"x":89,"y":414,"width":870,"height":13}},{"id":"705b9e66-1bda-4207-9ae5-e765dc2faf20","block_type":"box","text":"Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional","page_number":140,"box":{"x":88,"y":429,"width":820,"height":13}},{"id":"a3c81fbe-2426-4773-b7fe-b579e9f114df","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":140,"box":{"x":89,"y":445,"width":871,"height":12}},{"id":"382949dc-498a-4ca0-a3ce-fd6ae05c9286","block_type":"box","text":"small number of DTC Participants. A list of current Authorized Participants may be obtained from the Distributor. The","page_number":140,"box":{"x":89,"y":460,"width":818,"height":12}},{"id":"e9b61e96-1277-4c42-b97e-ba4c70ee0751","block_type":"box","text":"Distributor has adopted guidelines regarding Authorized Participants’ transactions in Creation Units that are made available","page_number":140,"box":{"x":89,"y":475,"width":863,"height":12}},{"id":"30d55ddb-96c2-4d87-a517-3fda94cf8587","block_type":"box","text":"to all Authorized Participants. These guidelines set forth the processes and standards for Authorized Participants to transact","page_number":140,"box":{"x":88,"y":490,"width":867,"height":12}},{"id":"f87cfede-5083-4f5f-ae75-05ed45b3d2c9","block_type":"box","text":"with the Distributor and its agents in connection with creation and redemption transactions. In addition, the Distributor may","page_number":140,"box":{"x":88,"y":505,"width":872,"height":12}},{"id":"437ecdbb-f599-464b-a84c-f00990aa5a6d","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":140,"box":{"x":89,"y":520,"width":820,"height":12}},{"id":"1ed7d335-00b0-468f-9a65-1bc193935371","block_type":"box","text":"Participant Agreement.","page_number":140,"box":{"x":89,"y":536,"width":160,"height":12}},{"id":"665ef872-a5c0-4ab7-8bdd-19c31d8574af","block_type":"box","text":"Purchase Orders.","page_number":140,"box":{"x":89,"y":562,"width":122,"height":10}},{"id":"e854129a-032e-4865-97b0-2b4ca4f9972f","block_type":"box","text":"Unless otherwise described below, to initiate an order for a Creation Unit, an Authorized Participant must","page_number":140,"box":{"x":225,"y":562,"width":733,"height":12}},{"id":"1c0702af-7c5c-4dfb-bade-722a8ff85e6e","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":140,"box":{"x":89,"y":577,"width":872,"height":12}},{"id":"1585b916-5613-4aac-9b94-cd4a8d12921d","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":140,"box":{"x":89,"y":592,"width":810,"height":12}},{"id":"3b68c75e-c6f8-4c52-ad1e-8a1b3b85c777","block_type":"box","text":"custodian of such order. The custodian will then provide such information to any appropriate sub-custodian. Procedures and","page_number":140,"box":{"x":89,"y":607,"width":873,"height":12}},{"id":"392bd0c8-dab5-4d50-9b59-35790d2aec34","block_type":"box","text":"requirements governing the delivery of the Fund Deposit are set forth in the procedures handbook for Authorized Participants","page_number":140,"box":{"x":89,"y":622,"width":878,"height":12}},{"id":"51a0bcd3-ca47-42cc-a679-82db0e14cc41","block_type":"box","text":"and may change from time to time. Investors, other than Authorized Participants, are responsible for making arrangements","page_number":140,"box":{"x":89,"y":637,"width":861,"height":13}},{"id":"587d3625-ac78-4d0a-bf07-ae5128e9a7a1","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":140,"box":{"x":88,"y":652,"width":869,"height":13}},{"id":"acbadb08-e762-4f10-bb8a-e33410472228","block_type":"box","text":"Authorized Participants upon request. Those placing orders to purchase Creation Units through an Authorized Participant","page_number":140,"box":{"x":88,"y":668,"width":851,"height":12}},{"id":"a65570b4-728f-4f0d-90f9-ef9fd6f323d0","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":140,"box":{"x":89,"y":683,"width":856,"height":12}},{"id":"938ceefc-70e7-4356-92df-4b40e93ac611","block_type":"box","text":"Time (as defined below) on such Business Day.","page_number":140,"box":{"x":88,"y":698,"width":328,"height":12}},{"id":"fe5feeaf-c8a2-4656-a7b5-7508505c4300","block_type":"box","text":"The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to","page_number":140,"box":{"x":88,"y":724,"width":861,"height":13}},{"id":"fb65780c-7dbd-4fbb-b364-a1042eb234d4","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":140,"box":{"x":88,"y":739,"width":875,"height":13}},{"id":"bfee0546-4c3a-4465-b140-0eeacdfc1f5f","block_type":"box","text":"determined after acceptance of the purchase order, together with the applicable purchase transaction fees. Those placing","page_number":140,"box":{"x":89,"y":754,"width":851,"height":13}},{"id":"eef6ec0b-fcdb-4af5-80be-38069e86ebba","block_type":"box","text":"orders should ascertain the applicable deadline for cash transfers by contacting the operations department of the broker or","page_number":140,"box":{"x":89,"y":770,"width":861,"height":12}},{"id":"6c42d333-02bb-4a8d-8951-90313c5a1776","block_type":"box","text":"depositary institution effectuating the transfer of the Cash Component. This deadline is likely to be significantly earlier than","page_number":140,"box":{"x":89,"y":785,"width":860,"height":12}},{"id":"73775bc4-37ba-4b29-8a9e-285f9690d1d1","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":140,"box":{"x":88,"y":800,"width":862,"height":12}},{"id":"2945e7ab-88ac-4e60-83e8-06cb2804e827","block_type":"box","text":"shares placed with it to be in the particular form required by the individual Authorized Participant.","page_number":140,"box":{"x":89,"y":815,"width":681,"height":12}},{"id":"28c6539f-99cc-4036-b10f-16818ad46f9a","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":140,"box":{"x":88,"y":841,"width":879,"height":13}},{"id":"fed1db36-06ed-4b88-a1e8-c56e16451c1e","block_type":"box","text":"amounts, in connection with any purchase order.","page_number":140,"box":{"x":89,"y":856,"width":342,"height":13}},{"id":"1365311f-1937-48c5-a805-e1e3ce11690c","block_type":"box","text":"119","page_number":140,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"7bddc033-2073-49a1-894a-ec907f518536","block_type":"box","text":"Timing of Submission of Purchase Orders.","page_number":141,"box":{"x":88,"y":44,"width":304,"height":12}},{"id":"cdd621f5-f9f9-495c-8924-d7d804df8da4","block_type":"box","text":"An Authorized Participant must submit an irrevocable order to purchase shares","page_number":141,"box":{"x":401,"y":44,"width":554,"height":12}},{"id":"ec815cb8-5c5d-4bd5-a477-401bd2c17cda","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":141,"box":{"x":89,"y":59,"width":850,"height":12}},{"id":"35a6faea-9948-4b1f-b700-b73c0a21791d","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":141,"box":{"x":89,"y":74,"width":878,"height":12}},{"id":"5725ea2f-eb09-49c9-8044-9e3996c3a735","block_type":"box","text":"procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or","page_number":141,"box":{"x":89,"y":89,"width":859,"height":13}},{"id":"c11f6031-b407-489d-a2cb-4c06342b6d4d","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":141,"box":{"x":89,"y":104,"width":875,"height":13}},{"id":"24260ac2-16ee-4837-9324-ba2b9ca2fd00","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":141,"box":{"x":88,"y":119,"width":850,"height":13}},{"id":"3c81d1b8-96d9-422f-8b30-e62ad4d6a16c","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":141,"box":{"x":88,"y":135,"width":852,"height":12}},{"id":"7a3dd509-1124-4637-928f-bddc8ec686fe","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":141,"box":{"x":89,"y":150,"width":875,"height":12}},{"id":"4d2953f7-87e4-4b07-82da-db7994a96270","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":141,"box":{"x":89,"y":165,"width":849,"height":12}},{"id":"407b411d-e7e8-4339-8025-9de9b79da3da","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":141,"box":{"x":88,"y":180,"width":869,"height":12}},{"id":"b73cdf9c-877b-4fb0-851e-0d782fc3068d","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":141,"box":{"x":88,"y":195,"width":867,"height":12}},{"id":"0fd0539c-1478-462c-bdab-691b2ba4fcc6","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":141,"box":{"x":89,"y":210,"width":867,"height":13}},{"id":"526f3107-3ec2-4686-9063-7947e9f5797a","block_type":"box","text":"Fund’s Cutoff Times as provided in the Authorized Participant Agreement and disclosed in this SAI.","page_number":141,"box":{"x":89,"y":225,"width":690,"height":13}},{"id":"c8dd2939-5b65-4e30-a347-9703590cc34d","block_type":"box","text":"Acceptance of Orders for Creation Units.","page_number":141,"box":{"x":88,"y":252,"width":293,"height":12}},{"id":"97e4a18f-0340-4ce9-abe5-8fb6936cf3fc","block_type":"box","text":"Subject to the conditions that (i) an irrevocable purchase order has been","page_number":141,"box":{"x":394,"y":252,"width":507,"height":12}},{"id":"ffb46967-5e08-4ad3-bcb9-e107ddc72c4c","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":141,"box":{"x":89,"y":267,"width":871,"height":12}},{"id":"9e7d6df7-8e16-4fc6-b32d-90725b5ee872","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":141,"box":{"x":88,"y":282,"width":858,"height":12}},{"id":"114b8322-b3e1-4dd4-b581-894056613895","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":141,"box":{"x":89,"y":297,"width":865,"height":12}},{"id":"3b68803c-2b9b-473a-85ac-4be9123ce5b9","block_type":"box","text":"as set forth below.","page_number":141,"box":{"x":89,"y":312,"width":126,"height":10}},{"id":"386f690a-fbfc-4650-9069-75328eb99281","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":141,"box":{"x":89,"y":339,"width":815,"height":12}},{"id":"2d33c018-136c-4422-9eec-5d654ac2a662","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":141,"box":{"x":89,"y":354,"width":812,"height":12}},{"id":"045c6447-93f9-4a7a-a305-c1bf9f89c85b","block_type":"box","text":"confirmation of acceptance to the Authorized Participant that placed the order.","page_number":141,"box":{"x":89,"y":369,"width":552,"height":12}},{"id":"a43d9e2e-a7d5-4b4d-8923-7e1152b85ddd","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":141,"box":{"x":89,"y":395,"width":870,"height":13}},{"id":"350f31a7-8f87-4825-93fc-f4b5ba034e40","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":141,"box":{"x":89,"y":410,"width":860,"height":13}},{"id":"86e5dfc7-e467-41c7-9810-5ec7a8edc35a","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":141,"box":{"x":89,"y":426,"width":877,"height":12}},{"id":"d5e4d2db-6ffe-4d08-8e24-92840aa0ea45","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":141,"box":{"x":89,"y":441,"width":853,"height":12}},{"id":"627bcd76-fb6b-4f31-9aa9-96871cd3e895","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":141,"box":{"x":89,"y":456,"width":876,"height":12}},{"id":"57c0fed3-925a-4a30-a873-f1703e78803e","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":141,"box":{"x":89,"y":471,"width":820,"height":12}},{"id":"88b557da-fd00-4366-81dd-af85ff53b460","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":141,"box":{"x":89,"y":486,"width":810,"height":12}},{"id":"c936940d-1cc3-4173-addb-dc198208051e","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":141,"box":{"x":89,"y":501,"width":852,"height":13}},{"id":"c3c41c0b-f984-4075-8bcf-c398c119f48a","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":141,"box":{"x":89,"y":516,"width":876,"height":13}},{"id":"5d24614e-3fbd-45bf-8b33-115e1ecb1817","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":141,"box":{"x":88,"y":531,"width":804,"height":13}},{"id":"6b36a795-c576-4053-9ccc-b7d022076f26","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":141,"box":{"x":89,"y":547,"width":834,"height":12}},{"id":"e48a7be7-f96d-4f08-952f-ab2b97122411","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":141,"box":{"x":89,"y":573,"width":844,"height":12}},{"id":"2598248c-cea3-4597-a2f8-7b821d2dddfc","block_type":"box","text":"Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares MSCI BIC ETF, iShares MSCI Emerging Markets Asia ETF,","page_number":141,"box":{"x":89,"y":588,"width":857,"height":12}},{"id":"bbef5ba7-c8d5-4027-a4dc-c74c68f3d04b","block_type":"box","text":"iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF and iShares MSCI Emerging","page_number":141,"box":{"x":89,"y":603,"width":820,"height":13}},{"id":"b05241f2-e346-4b20-901f-1c58ff88a8c0","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":141,"box":{"x":89,"y":618,"width":840,"height":13}},{"id":"3445df37-75a0-45fb-878c-a7dd8a6e2b9b","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":141,"box":{"x":89,"y":633,"width":866,"height":13}},{"id":"05e4c399-2310-4625-ae40-e3c123ff646f","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":141,"box":{"x":88,"y":649,"width":871,"height":12}},{"id":"702bb98c-5d6d-40bc-8156-51fb8348a725","block_type":"box","text":"such days.","page_number":141,"box":{"x":89,"y":664,"width":72,"height":12}},{"id":"5cc096d7-8ebd-4399-8b36-63d88c8c7e16","block_type":"box","text":"Issuance of a Creation Unit.","page_number":141,"box":{"x":89,"y":690,"width":197,"height":10}},{"id":"01154e02-f740-4a6e-8469-2682ae2e4bfc","block_type":"box","text":"Except as provided herein, a Creation Unit will not be issued until the transfer of good title to","page_number":141,"box":{"x":300,"y":690,"width":645,"height":13}},{"id":"73b5bfb5-b73c-46d5-adca-b7f2ecbb7fb1","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":141,"box":{"x":88,"y":705,"width":874,"height":13}},{"id":"086877fd-5075-4e6e-8ea7-9f125f543386","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":141,"box":{"x":89,"y":720,"width":857,"height":13}},{"id":"dfafac5f-9d1e-4c61-8fb6-1076d35e04f5","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":141,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"6546fbd4-4fe2-41ca-986c-4f0a09d448fb","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":141,"box":{"x":89,"y":751,"width":862,"height":12}},{"id":"02fdcdf0-d18b-4d76-b26f-59619ff8405b","block_type":"box","text":"Global Silver and Metals Miners ETF, Creation Units are generally issued on a “T+1 basis” (","page_number":141,"box":{"x":89,"y":766,"width":627,"height":12}},{"id":"d5f36a5b-c38d-413b-8eea-f711b6efae2a","block_type":"box","text":"i.e.","page_number":141,"box":{"x":717,"y":767,"width":18,"height":8}},{"id":"4786ddac-2af1-41fa-b8c1-b87c88f17747","block_type":"box","text":", one Business Day after trade","page_number":141,"box":{"x":737,"y":766,"width":206,"height":12}},{"id":"53b10a4b-0f8d-4e5a-98f1-c1d4199eda8c","block_type":"box","text":"date).","page_number":141,"box":{"x":89,"y":781,"width":39,"height":12}},{"id":"293a08a4-a062-4f71-adc5-cdd579bda1c1","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":141,"box":{"x":89,"y":807,"width":866,"height":13}},{"id":"91b14702-8ae0-4be4-80e8-c3d3ed6313ad","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":141,"box":{"x":89,"y":822,"width":865,"height":13}},{"id":"847daeac-a5e7-4d4c-90e2-7374bb0acf1e","block_type":"box","text":"MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF,","page_number":141,"box":{"x":89,"y":838,"width":865,"height":12}},{"id":"2312544f-369e-49cf-9f24-dcf1886463a2","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global","page_number":141,"box":{"x":89,"y":853,"width":851,"height":12}},{"id":"d5513919-5c1a-4818-ba08-52d84f213265","block_type":"box","text":"120","page_number":141,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"c3457ef5-5dfc-448e-9311-83517495f8ec","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":142,"box":{"x":89,"y":44,"width":862,"height":12}},{"id":"d71acbf7-bdee-4e6d-87d2-4ce54522588e","block_type":"box","text":"are generally issued on a “T+2 basis” (","page_number":142,"box":{"x":89,"y":59,"width":265,"height":12}},{"id":"b6b5bebf-d3aa-487c-9891-29fc20cf5040","block_type":"box","text":"i.e.","page_number":142,"box":{"x":355,"y":60,"width":18,"height":9}},{"id":"e596f1ad-3cd8-452d-87e3-c95da1521fd5","block_type":"box","text":", two Business Days after trade date).","page_number":142,"box":{"x":375,"y":59,"width":259,"height":12}},{"id":"0be63119-37fd-48a5-bec2-c8f4317f21e7","block_type":"box","text":"For the iShares MSCI Global Gold Miners ETF, Creation Units are generally issued on a “T+3 basis” (","page_number":142,"box":{"x":89,"y":85,"width":690,"height":13}},{"id":"a7f9b682-cf26-4a79-bb65-6a172f16b20e","block_type":"box","text":"i.e.","page_number":142,"box":{"x":780,"y":86,"width":18,"height":9}},{"id":"af4b3614-4c0d-4a59-b62b-68633136dbb0","block_type":"box","text":", three Business Days","page_number":142,"box":{"x":800,"y":85,"width":147,"height":13}},{"id":"a822e51f-206a-4c85-b345-19d720ef0112","block_type":"box","text":"after trade date).","page_number":142,"box":{"x":89,"y":101,"width":116,"height":12}},{"id":"8664d3aa-ca65-4d8e-a724-197cb932e9f0","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":142,"box":{"x":89,"y":127,"width":846,"height":12}},{"id":"cbacdffd-7fc7-4718-b361-bbc5af700602","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":142,"box":{"x":89,"y":142,"width":772,"height":12}},{"id":"d8dfeb92-e1de-4c69-ba14-9d71356d645b","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":142,"box":{"x":89,"y":157,"width":878,"height":13}},{"id":"48126c89-c9f0-482a-aa89-0667e652761f","block_type":"box","text":"of dividend record dates and ex-dividend dates (","page_number":142,"box":{"x":89,"y":172,"width":338,"height":13}},{"id":"f9248534-33d1-4c7e-a9d2-f4f99ba0f554","block_type":"box","text":"i.e.","page_number":142,"box":{"x":428,"y":173,"width":18,"height":9}},{"id":"f534dc6c-6a8b-4ed8-a2fc-1146dc635dbc","block_type":"box","text":", the last day the holder of a security can sell the security and still receive","page_number":142,"box":{"x":448,"y":172,"width":507,"height":13}},{"id":"69aa7365-bc1e-44e4-b05e-6d9d5c0f6235","block_type":"box","text":"dividends payable on the security).","page_number":142,"box":{"x":89,"y":188,"width":242,"height":12}},{"id":"f668a979-74d5-4cc4-b92d-f7ea65576439","block_type":"box","text":"To the extent contemplated by an Authorized Participant Agreement with the Distributor, each Fund will issue Creation Units","page_number":142,"box":{"x":88,"y":214,"width":873,"height":12}},{"id":"afe03b34-da3a-4044-9c03-a23ee630a42e","block_type":"box","text":"to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in","page_number":142,"box":{"x":88,"y":229,"width":847,"height":12}},{"id":"c975a920-932f-4faf-97e8-2b37dc6562ba","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":142,"box":{"x":89,"y":244,"width":876,"height":13}},{"id":"cf385aea-e413-4196-af48-c8535cc1d44b","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":142,"box":{"x":89,"y":259,"width":878,"height":13}},{"id":"6513b98e-daa5-4b95-b9cb-57c0631741c1","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":142,"box":{"x":88,"y":274,"width":809,"height":13}},{"id":"7685acb2-6e76-4c07-8e15-5e2b60edceed","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":142,"box":{"x":88,"y":290,"width":862,"height":12}},{"id":"e3edf0c0-d56b-4574-877c-b069ab7884d7","block_type":"box","text":"contractual settlement date. Information concerning the Funds’ current procedures for collateralization of missing Deposit","page_number":142,"box":{"x":89,"y":305,"width":857,"height":12}},{"id":"fc4db116-ea0c-426f-b95c-32a81a6344a7","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":142,"box":{"x":88,"y":320,"width":855,"height":12}},{"id":"099efbce-7e26-470b-9eca-a85a11f2e26d","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":142,"box":{"x":88,"y":335,"width":872,"height":12}},{"id":"34aa655e-a0ae-4c0c-ad0f-c7de71d271e1","block_type":"box","text":"cost to the Funds of purchasing such securities and the collateral including, without limitation, liability for related brokerage,","page_number":142,"box":{"x":89,"y":350,"width":870,"height":12}},{"id":"7e788522-ddf4-4c5f-a159-aadbd6747db0","block_type":"box","text":"borrowings and other charges.","page_number":142,"box":{"x":89,"y":365,"width":214,"height":12}},{"id":"8f092a7e-8ca7-42ca-8c66-fefae47c903c","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":142,"box":{"x":89,"y":392,"width":809,"height":12}},{"id":"01386bb1-697f-4b09-8fcc-dfea2954d6bd","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":142,"box":{"x":89,"y":407,"width":811,"height":12}},{"id":"c638fd6b-eb12-4214-befb-1bb12362150a","block_type":"box","text":"Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to","page_number":142,"box":{"x":88,"y":422,"width":869,"height":12}},{"id":"cc96ceed-0126-4dab-9ad2-47ea2e15de81","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":142,"box":{"x":88,"y":437,"width":876,"height":12}},{"id":"d748d6a9-f439-4ba1-bc40-a00ba550e2ca","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":142,"box":{"x":89,"y":452,"width":837,"height":12}},{"id":"ebce8272-77f3-4908-8ff6-64a5bca9eb33","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":142,"box":{"x":89,"y":479,"width":325,"height":9}},{"id":"dfdc006b-da6b-497b-b6e7-a38c4ee59288","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":142,"box":{"x":88,"y":505,"width":873,"height":12}},{"id":"733369c5-7c62-4dab-a64e-89f02b8c942a","block_type":"box","text":"iShares MSCI Chile ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets Min Vol Factor ETF,","page_number":142,"box":{"x":88,"y":520,"width":856,"height":12}},{"id":"0ae8b34f-3cd7-4e19-9072-c45ec7fc187a","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Min Vol","page_number":142,"box":{"x":88,"y":535,"width":834,"height":13}},{"id":"67df4b3a-92b4-46ba-abcd-9ed580a06441","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":142,"box":{"x":88,"y":550,"width":873,"height":13}},{"id":"9c667845-11ff-462a-afb4-db26fddb0981","block_type":"box","text":"ETF","page_number":142,"box":{"x":88,"y":566,"width":28,"height":9}},{"id":"9455ac89-6a98-49ec-9013-87d9d536d886","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer, processing and other transaction costs associated with","page_number":142,"box":{"x":88,"y":592,"width":867,"height":12}},{"id":"37930216-3025-4c20-b4e1-f7e139de6dbc","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":142,"box":{"x":88,"y":607,"width":812,"height":12}},{"id":"09a68138-e671-4dec-8be8-55e644a11249","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":142,"box":{"x":88,"y":622,"width":859,"height":12}},{"id":"6f145bcf-1c88-4a7c-8e4a-70ea5aa48934","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":142,"box":{"x":89,"y":637,"width":834,"height":13}},{"id":"b38f441e-35bc-4468-8fbe-e03882db5587","block_type":"box","text":"transfer and processing expenses associated with the creation are anticipated to be lower than the stated fee.","page_number":142,"box":{"x":88,"y":652,"width":766,"height":13}},{"id":"df47a305-3e9f-48a4-b8ef-68b6eedb1e87","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":142,"box":{"x":89,"y":679,"width":869,"height":12}},{"id":"64398d1d-4d90-4016-a6d2-5ca585643b3e","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":142,"box":{"x":89,"y":694,"width":845,"height":12}},{"id":"1e6ce319-7088-467d-9d40-8fad877e7a41","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":142,"box":{"x":89,"y":709,"width":864,"height":12}},{"id":"94cb9937-2901-4888-82f9-4a07a55355d2","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":142,"box":{"x":88,"y":724,"width":845,"height":13}},{"id":"5478ac93-bc07-4494-9107-62617e0fc122","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":142,"box":{"x":89,"y":739,"width":853,"height":13}},{"id":"3a153a4f-5859-4c97-a435-e394582ceeac","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":142,"box":{"x":88,"y":754,"width":836,"height":13}},{"id":"4fd7935a-2ac7-4c9c-a349-308ea674e596","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":142,"box":{"x":89,"y":770,"width":866,"height":12}},{"id":"2f3993fa-1ee7-4460-9b21-631cca75ea5b","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":142,"box":{"x":89,"y":785,"width":834,"height":12}},{"id":"94bc2056-80d0-42ee-bb21-cab15aabb91d","block_type":"box","text":"maximum amounts shown below.","page_number":142,"box":{"x":89,"y":800,"width":237,"height":10}},{"id":"49832572-4fb2-42ca-a400-9bc28d43d30b","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs","page_number":142,"box":{"x":88,"y":826,"width":817,"height":13}},{"id":"0fe54e53-62eb-4838-8048-74a62fa932fd","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":142,"box":{"x":89,"y":841,"width":866,"height":13}},{"id":"1e485b0b-cad5-4db3-b0aa-301fe9fda233","block_type":"box","text":"other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":142,"box":{"x":89,"y":856,"width":636,"height":13}},{"id":"993eacbe-6b0b-4a30-8c3d-9f8dbce275fe","block_type":"box","text":"121","page_number":142,"box":{"x":517,"y":894,"width":21,"height":9}},{"id":"fb7dff7e-c890-4d69-9f9e-7e4425f51a2a","block_type":"box","text":"The following table sets forth each Fund’s standard creation transaction fee and maximum additional charge (as described","page_number":143,"box":{"x":88,"y":44,"width":860,"height":12}},{"id":"f48757b5-d57d-4f46-b191-d39ec93cdf14","block_type":"box","text":"above):","page_number":143,"box":{"x":89,"y":59,"width":50,"height":12}},{"id":"40e12fcd-ae06-4e5f-97d2-edf46ce4cb7a","block_type":"box","text":"Fund","page_number":143,"box":{"x":89,"y":99,"width":27,"height":7}},{"id":"d1849bf3-bdc6-42cd-afe5-3f036db0f06b","block_type":"box","text":"Standard Creation","page_number":143,"box":{"x":665,"y":89,"width":103,"height":7}},{"id":"9f355a4a-2e37-4e73-b4aa-0061aa27b91b","block_type":"box","text":"Transaction Fee","page_number":143,"box":{"x":671,"y":99,"width":91,"height":7}},{"id":"5f663d21-5c64-40d1-a2f9-2791c03c6efe","block_type":"box","text":"Maximum Additional","page_number":143,"box":{"x":847,"y":89,"width":120,"height":7}},{"id":"5656c3c0-c3a9-4887-9d45-7a17dda0faed","block_type":"box","text":"Charge*","page_number":143,"box":{"x":883,"y":99,"width":48,"height":10}},{"id":"13edb5cf-7ea8-4655-b18a-d8120074ee51","block_type":"box","text":"iShares ESG Aware MSCI EM ETF 12,400 3.0%","page_number":143,"box":{"x":89,"y":121,"width":843,"height":11}},{"id":"928979a4-5923-4c74-bfa1-a3928c2d983f","block_type":"box","text":"iShares MSCI Agriculture Producers ETF 5,100 7.0%","page_number":143,"box":{"x":89,"y":136,"width":843,"height":12}},{"id":"1d9ba59e-4c2c-458c-9649-c2d5558c4c0d","block_type":"box","text":"iShares MSCI BIC ETF 5,900 7.0%","page_number":143,"box":{"x":89,"y":151,"width":843,"height":11}},{"id":"d157571a-cc7c-47f0-b4df-b82d12c4b138","block_type":"box","text":"iShares MSCI Brazil ETF 2,400 7.0%","page_number":143,"box":{"x":89,"y":166,"width":843,"height":11}},{"id":"c793f5d4-50ea-407b-b4de-1e347c8c3c80","block_type":"box","text":"iShares MSCI Chile ETF 3,000 3.0%","page_number":143,"box":{"x":89,"y":181,"width":843,"height":12}},{"id":"9670ac42-059e-4da1-84a6-7700357b6e78","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF 15,000 7.0%","page_number":143,"box":{"x":89,"y":196,"width":843,"height":13}},{"id":"a6804644-ceea-4fe3-915e-d42793d1761f","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF 6,100 7.0%","page_number":143,"box":{"x":89,"y":211,"width":843,"height":13}},{"id":"670553d6-7a8e-4c1c-8275-b090230a072d","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF 15,000 7.0%","page_number":143,"box":{"x":89,"y":227,"width":843,"height":12}},{"id":"13074a5f-83aa-4a9d-91f5-d92f589ea279","block_type":"box","text":"iShares MSCI Global Gold Miners ETF 800 7.0%","page_number":143,"box":{"x":89,"y":242,"width":843,"height":9}},{"id":"48e4673c-3540-45ee-9ddc-c297a04eebb2","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF 4,200 7.0%","page_number":143,"box":{"x":89,"y":257,"width":843,"height":11}},{"id":"383cd494-a311-4621-8cac-abcde479b158","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF 500 7.0%","page_number":143,"box":{"x":89,"y":272,"width":843,"height":10}},{"id":"ac172ccf-05bb-4c43-a3f1-9ecf431e1d6c","block_type":"box","text":"iShares MSCI Malaysia ETF 5,000 3.0%","page_number":143,"box":{"x":89,"y":287,"width":843,"height":12}},{"id":"f1382e19-2125-4753-b584-1f2110f8190d","block_type":"box","text":"iShares MSCI South Korea ETF 4,000 3.0%","page_number":143,"box":{"x":89,"y":302,"width":843,"height":11}},{"id":"e43195b1-1642-475b-99ed-c0e89a93b0d1","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":143,"box":{"x":118,"y":342,"width":329,"height":10}},{"id":"67b3959c-e417-4b2a-9e19-683441105862","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares MSCI Global Metals &","page_number":143,"box":{"x":88,"y":365,"width":852,"height":12}},{"id":"7e4343a4-3878-4866-8622-7c54dc048c52","block_type":"box","text":"Mining Producers ETF, iShares MSCI Emerging Markets ETF and iShares MSCI Taiwan ETF","page_number":143,"box":{"x":88,"y":380,"width":651,"height":13}},{"id":"d95bcac5-9a96-4972-960d-6db100dbbc0b","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":143,"box":{"x":88,"y":407,"width":876,"height":12}},{"id":"7698ea3e-c10f-4efc-874f-55b3c408a88b","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":143,"box":{"x":89,"y":422,"width":840,"height":12}},{"id":"80278403-b87c-47bb-a084-2214bb1328c9","block_type":"box","text":"order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":143,"box":{"x":89,"y":437,"width":808,"height":12}},{"id":"5f0e3d46-ef5f-44ca-b9a7-2d6fc2f2c300","block_type":"box","text":"redemption of Creation Units of the Funds (“ETF Services”). BRIL will receive from an Authorized Participant a standard","page_number":143,"box":{"x":89,"y":452,"width":831,"height":12}},{"id":"5798afa1-d39a-4898-ba74-0d524e253c82","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":143,"box":{"x":88,"y":467,"width":849,"height":13}},{"id":"d61b2ce0-7511-49d7-95df-812b9a73d93a","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":143,"box":{"x":89,"y":482,"width":843,"height":13}},{"id":"eb5e3690-6375-4fc4-b95c-1421c7ca0530","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":143,"box":{"x":89,"y":497,"width":876,"height":13}},{"id":"c9db6063-a532-43c2-acc4-19c475b4525f","block_type":"box","text":"to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the applicable Fund custodian","page_number":143,"box":{"x":88,"y":513,"width":840,"height":12}},{"id":"5d75c13a-ac2b-4bbb-a6aa-d9023cf20784","block_type":"box","text":"according to the amounts invoiced by such custodian.","page_number":143,"box":{"x":89,"y":528,"width":378,"height":12}},{"id":"94085356-1da0-45f9-90ff-c2a62cc3d68f","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":143,"box":{"x":88,"y":554,"width":862,"height":12}},{"id":"faf85171-4ea7-4342-b4a1-f3ea4a70fa68","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":143,"box":{"x":88,"y":569,"width":879,"height":13}},{"id":"226f5993-9020-4ddd-87c9-c6cfc92fb9f2","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":143,"box":{"x":89,"y":584,"width":834,"height":13}},{"id":"c181ebf1-be33-474c-a6ce-417878cb13f6","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":143,"box":{"x":89,"y":599,"width":874,"height":13}},{"id":"85fa3507-0bae-4469-9f4c-d383ef0b1679","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":143,"box":{"x":89,"y":615,"width":877,"height":12}},{"id":"73f6d7da-2368-4f72-9324-25f149cb54fc","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":143,"box":{"x":89,"y":630,"width":875,"height":12}},{"id":"f8fb2574-1ab1-4a76-b98a-badfc34ed487","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":143,"box":{"x":89,"y":645,"width":868,"height":12}},{"id":"7d322c2b-5734-4e8a-b859-9494c9020f48","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":143,"box":{"x":88,"y":660,"width":847,"height":12}},{"id":"78d46467-ffc4-46e4-b179-6cb0a3a609ae","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":143,"box":{"x":89,"y":675,"width":807,"height":12}},{"id":"b8dc0c0e-4165-4392-a6f6-7d76e7c8af4f","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":143,"box":{"x":89,"y":702,"width":869,"height":12}},{"id":"95dc5821-9abf-428c-9547-8da1cf4a97b4","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":143,"box":{"x":89,"y":717,"width":845,"height":12}},{"id":"456a46f9-de15-4149-af4e-584fc01073d8","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":143,"box":{"x":89,"y":732,"width":864,"height":12}},{"id":"d2511de0-10d3-403a-94d4-94905be7b212","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":143,"box":{"x":88,"y":747,"width":845,"height":12}},{"id":"1487c813-0eee-4cf3-ac74-c514f2407622","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":143,"box":{"x":89,"y":762,"width":853,"height":12}},{"id":"5e07585e-6615-4eed-b06e-6feb51ac9209","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":143,"box":{"x":88,"y":777,"width":836,"height":12}},{"id":"231df3de-e4e1-40a9-a6e7-0ae7613b97b2","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":143,"box":{"x":89,"y":792,"width":866,"height":13}},{"id":"3a9ae753-0100-462d-99ec-e7e6e64cd705","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":143,"box":{"x":89,"y":807,"width":834,"height":13}},{"id":"8709ca44-d3b7-4532-ab83-a01bff0a0148","block_type":"box","text":"maximum amounts shown below. Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":143,"box":{"x":89,"y":822,"width":876,"height":13}},{"id":"ad5bf80a-5d46-4565-8513-d8caad5e764d","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain circumstances. Investors who use","page_number":143,"box":{"x":89,"y":838,"width":863,"height":12}},{"id":"eee25f10-becc-4419-94c0-ff8dc573ced4","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":143,"box":{"x":88,"y":853,"width":823,"height":12}},{"id":"6706faaa-27dc-4da9-a230-b50b87ba5e55","block_type":"box","text":"122","page_number":143,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"f5401399-723a-48f0-aaca-b4bb9abcab05","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":144,"box":{"x":88,"y":44,"width":867,"height":12}},{"id":"6c40e828-1fd3-4a50-adb8-9f12737ba3a3","block_type":"box","text":"and maximum additional charge (as described above):","page_number":144,"box":{"x":89,"y":59,"width":381,"height":12}},{"id":"e36ff851-b224-495c-b81e-9947ef4485f4","block_type":"box","text":"Fund","page_number":144,"box":{"x":89,"y":99,"width":27,"height":7}},{"id":"bb38b6a5-3aff-4cee-8202-1774100eadba","block_type":"box","text":"Standard Creation","page_number":144,"box":{"x":665,"y":89,"width":103,"height":7}},{"id":"234ba81f-57ba-4743-8d1d-15d927866aac","block_type":"box","text":"Transaction Fee","page_number":144,"box":{"x":671,"y":99,"width":91,"height":7}},{"id":"990fcca8-451b-42da-842f-8f5e94bf0580","block_type":"box","text":"Maximum Additional","page_number":144,"box":{"x":847,"y":89,"width":120,"height":7}},{"id":"efe7e7fb-7060-4a44-877b-0b993187eb0a","block_type":"box","text":"Charge*","page_number":144,"box":{"x":883,"y":99,"width":48,"height":10}},{"id":"eb6f6fce-9077-4fdf-ac40-e2081f1bb9c7","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF $28,990.00** 7.0%","page_number":144,"box":{"x":89,"y":121,"width":843,"height":12}},{"id":"bd7a38a0-062f-4df7-8dba-c9c9522a8c79","block_type":"box","text":"iShares Emerging Markets Equity Factor ETF 4,811.70 7.0%","page_number":144,"box":{"x":89,"y":136,"width":843,"height":12}},{"id":"3c376e02-5f4b-4383-8c7d-1db5f1826150","block_type":"box","text":"iShares MSCI Emerging Markets ETF 15,380.00** 7.0%","page_number":144,"box":{"x":89,"y":151,"width":843,"height":12}},{"id":"ff873705-ec45-4260-8e38-8beafd00dff8","block_type":"box","text":"iShares MSCI Global Metals & Mining Producers ETF 2,240.00** 7.0%","page_number":144,"box":{"x":89,"y":166,"width":843,"height":12}},{"id":"dc3d274f-135b-4e63-9d70-72402522ea33","block_type":"box","text":"iShares MSCI Taiwan ETF 1,410.00** 3.0%","page_number":144,"box":{"x":89,"y":181,"width":843,"height":12}},{"id":"d6bbada1-e2b3-44b5-a314-eb4bbe531b6d","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":144,"box":{"x":118,"y":221,"width":329,"height":10}},{"id":"62157358-4bba-4ebe-ad9b-a9901408c1c8","block_type":"box","text":"** Estimated fee.","page_number":144,"box":{"x":118,"y":236,"width":92,"height":8}},{"id":"161126cf-f245-4ea9-affa-26eb867c5fe5","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":144,"box":{"x":89,"y":259,"width":856,"height":13}},{"id":"92a274b5-919a-4b92-af12-f98bbad87b50","block_type":"box","text":"the Authorized Participant (or an affiliated or unaffiliated broker-dealer), the Authorized Participant may be required, in its","page_number":144,"box":{"x":88,"y":274,"width":850,"height":13}},{"id":"e236349f-b812-434c-8fbb-9df68eb3d605","block_type":"box","text":"capacity as broker-dealer with respect to that transaction, to cover certain brokerage, tax, foreign exchange, execution, and","page_number":144,"box":{"x":89,"y":290,"width":862,"height":12}},{"id":"8eb43fbf-04f8-4fab-8cb4-6f9c1f45b6f2","block_type":"box","text":"price movement costs through an Execution Performance Guarantee, as described in the","page_number":144,"box":{"x":89,"y":305,"width":620,"height":12}},{"id":"7b2c3a15-fdc5-4bfb-b624-75e35269581b","block_type":"box","text":"Brokerage Transactions","page_number":144,"box":{"x":714,"y":305,"width":163,"height":12}},{"id":"01f1602e-fa11-4681-ad9e-b2bd6182229c","block_type":"box","text":"section of","page_number":144,"box":{"x":882,"y":305,"width":69,"height":9}},{"id":"2c3c8f4c-9c9b-4663-b239-151e31696edc","block_type":"box","text":"this SAI.","page_number":144,"box":{"x":88,"y":320,"width":56,"height":10}},{"id":"c6278317-38be-4e23-a985-585e4b67246b","block_type":"box","text":"Redemption of Creation Units.","page_number":144,"box":{"x":89,"y":346,"width":216,"height":13}},{"id":"f129c6be-3f4c-49e7-8c36-ca40ce464eec","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":144,"box":{"x":88,"y":373,"width":836,"height":12}},{"id":"b7a25a97-1a99-4b16-8ff6-d63a939d6ae0","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":144,"box":{"x":89,"y":388,"width":869,"height":12}},{"id":"62914aff-9be8-48d9-b50b-d95911267cc9","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":144,"box":{"x":89,"y":403,"width":873,"height":12}},{"id":"6d797b96-5bbc-4dd5-9fa0-dad8495c0112","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":144,"box":{"x":89,"y":418,"width":855,"height":12}},{"id":"32b7972a-1ecf-4226-9914-6000ce5a75ba","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":144,"box":{"x":89,"y":433,"width":878,"height":13}},{"id":"56443703-b6eb-4b12-acf5-697f447cdd0d","block_type":"box","text":"by an Authorized Participant. Beneficial owners also may sell shares in the secondary market.","page_number":144,"box":{"x":89,"y":448,"width":649,"height":13}},{"id":"0fd0ef10-e074-43a0-a585-cc3bbca83842","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":144,"box":{"x":89,"y":475,"width":856,"height":12}},{"id":"47f043a6-330b-4a01-9793-d04ce21cf9b0","block_type":"box","text":"securities in-kind as payment for Creation Units being redeemed. Each Partial Cash Fund generally redeems Creation Units","page_number":144,"box":{"x":89,"y":490,"width":854,"height":12}},{"id":"bceb1c98-9581-441f-9270-2aa6ba02710b","block_type":"box","text":"partially for cash. Please see the","page_number":144,"box":{"x":89,"y":505,"width":221,"height":12}},{"id":"e79db169-87e3-4f61-a0ea-9966dce19aee","block_type":"box","text":"Cash Redemption Method","page_number":144,"box":{"x":316,"y":505,"width":183,"height":12}},{"id":"810ea33b-53ac-4e03-9f5a-724154e6a53c","block_type":"box","text":"section below and the following discussion summarizing the in","page_number":144,"box":{"x":503,"y":505,"width":446,"height":12}},{"id":"65724f06-f583-4913-90a5-865bf9f72f1c","block_type":"box","text":"kind method for further information on redeeming Creation Units of the Funds.","page_number":144,"box":{"x":89,"y":520,"width":553,"height":12}},{"id":"215dd62a-ac05-4cf7-bbf3-19617c9e3432","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":144,"box":{"x":89,"y":547,"width":853,"height":12}},{"id":"efff4a20-09f3-4fd7-981b-3934c1c24648","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":144,"box":{"x":89,"y":562,"width":849,"height":12}},{"id":"ad61b661-e8f2-4ed0-9dd1-ddcebcaec418","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":144,"box":{"x":88,"y":577,"width":841,"height":12}},{"id":"a1c4dfce-a170-4442-8e94-246671e70eca","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":144,"box":{"x":89,"y":592,"width":863,"height":12}},{"id":"33a584dc-cda1-4605-afe7-0aadef5641dc","block_type":"box","text":"next announced composition of the Fund Securities and Cash Amount is made available. The Fund Securities and Cash","page_number":144,"box":{"x":89,"y":607,"width":833,"height":12}},{"id":"fb40fdb8-ca22-4b2c-a0dd-8369c2fd095d","block_type":"box","text":"Amount are subject to possible amendment or correction. Fund Securities received on redemption may not be identical to","page_number":144,"box":{"x":88,"y":622,"width":855,"height":12}},{"id":"655759ab-04c5-4156-91dd-016d6937adca","block_type":"box","text":"Deposit Securities that are applicable to creations of Creation Units. Procedures and requirements governing redemption","page_number":144,"box":{"x":89,"y":637,"width":843,"height":13}},{"id":"7ae53cf1-9e1f-41b4-b8ea-3547c1029033","block_type":"box","text":"transactions are set forth in the handbook for Authorized Participants and may change from time to time.","page_number":144,"box":{"x":88,"y":652,"width":738,"height":13}},{"id":"fdfdc97b-d887-4a1f-9710-ff6ee6772f3d","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":144,"box":{"x":89,"y":679,"width":866,"height":12}},{"id":"232ac020-87bd-4744-a9ed-7c96c37951c8","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":144,"box":{"x":89,"y":694,"width":861,"height":12}},{"id":"b5dee3ec-8010-44c7-88a2-7d9c217bf7c7","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":144,"box":{"x":89,"y":709,"width":873,"height":12}},{"id":"f719cc90-e6cf-47bd-8399-9738bbc6774c","block_type":"box","text":"a redemption transaction fee (as described below).","page_number":144,"box":{"x":89,"y":724,"width":355,"height":13}},{"id":"ff8524a0-bcbf-4e91-89f1-493e0039c2d8","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":144,"box":{"x":88,"y":751,"width":795,"height":12}},{"id":"bedadd18-9447-42e3-afe1-acc825c4c0dd","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":144,"box":{"x":89,"y":766,"width":860,"height":12}},{"id":"be340737-0090-4fc7-809a-f51a42933283","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":144,"box":{"x":89,"y":781,"width":842,"height":12}},{"id":"b5790039-85a9-463f-91a2-2756e0850c51","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":144,"box":{"x":88,"y":796,"width":879,"height":12}},{"id":"90798be5-841f-4dc5-97b2-acc72ad88efb","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":144,"box":{"x":89,"y":811,"width":860,"height":12}},{"id":"07818c26-4f07-4583-8d2a-06f35273bd44","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":144,"box":{"x":89,"y":826,"width":873,"height":13}},{"id":"c231f1cb-f1d4-4b35-9c1b-f8f4000fa8e4","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":144,"box":{"x":89,"y":841,"width":841,"height":13}},{"id":"499a764c-5ce9-481f-a710-1e079793b2a5","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":144,"box":{"x":89,"y":856,"width":862,"height":13}},{"id":"75fb12ee-23f8-4a74-96fb-494a85ca0099","block_type":"box","text":"123","page_number":144,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"1c43abc5-4606-468f-afe0-8c7ee9d21a1e","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":145,"box":{"x":88,"y":44,"width":857,"height":12}},{"id":"96fe2807-1ba8-4615-be19-5b6bec0c1f58","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":145,"box":{"x":88,"y":59,"width":872,"height":12}},{"id":"13b73c31-2d78-448a-ad8f-0ee4cf565e22","block_type":"box","text":"generally redeem Creation Units solely for cash. The Partial Cash Funds generally redeem Creation Units partially for cash.","page_number":145,"box":{"x":89,"y":74,"width":849,"height":12}},{"id":"5fd46efd-033f-4865-9a60-26d09d3df610","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":145,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"04e597e8-c46f-451f-ad7d-4c50bbf871cc","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":145,"box":{"x":88,"y":104,"width":848,"height":13}},{"id":"e2a5342c-3cc3-45de-90b3-418a1a1edbc8","block_type":"box","text":"minimize the Cash Component by redistributing the cash to the Fund Securities portion of the Redemption Basket through","page_number":145,"box":{"x":89,"y":119,"width":856,"height":13}},{"id":"278c8522-8f98-4b3e-98a3-5ef675675841","block_type":"box","text":"systematically rounding. The rounding methodology allows position sizes of securities in the Fund Securities to be “rounded","page_number":145,"box":{"x":89,"y":135,"width":868,"height":12}},{"id":"8d99c143-e6a6-44e6-911d-5c6ca2f6ba49","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":145,"box":{"x":89,"y":150,"width":823,"height":12}},{"id":"938897e0-910b-4a17-a86c-7947f07e979c","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":145,"box":{"x":89,"y":165,"width":850,"height":12}},{"id":"ed58b24b-0bbe-4d9c-a15a-cdf0e93e0989","block_type":"box","text":"towards a forward index rebalance to reflect revisions that account for index additions, deletions, and re-weights.","page_number":145,"box":{"x":88,"y":180,"width":792,"height":12}},{"id":"8728432b-d13c-4cc1-9bae-8de19817ce07","block_type":"box","text":"Cash Redemption Method.","page_number":145,"box":{"x":89,"y":206,"width":191,"height":13}},{"id":"24677263-ade1-45f7-8af9-9450d1efefb3","block_type":"box","text":"Although the Company does not generally permit partial or full cash redemptions of Creation","page_number":145,"box":{"x":293,"y":206,"width":651,"height":13}},{"id":"5c4ab789-62ca-4655-8f0b-28689095b2f9","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":145,"box":{"x":89,"y":222,"width":860,"height":12}},{"id":"3a80a2c3-ed11-4e7d-9e65-fb1fe0a37dd0","block_type":"box","text":"or full cash redemptions of Creation Units are available or specified (","page_number":145,"box":{"x":89,"y":237,"width":477,"height":12}},{"id":"a83de9a8-df49-46ba-90f0-8882137e18f6","block_type":"box","text":"e.g.,","page_number":145,"box":{"x":567,"y":240,"width":26,"height":9}},{"id":"66f2ed3e-9701-4c47-8493-fc7ff8981d00","block_type":"box","text":"Creation Units of the Cash Funds are generally","page_number":145,"box":{"x":599,"y":237,"width":324,"height":12}},{"id":"6ae583fe-8f7a-493a-878c-8363ffd1ff77","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":145,"box":{"x":89,"y":252,"width":869,"height":12}},{"id":"14f13d0a-f53e-48df-8e4e-47f0eb4de1ec","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":145,"box":{"x":89,"y":267,"width":865,"height":12}},{"id":"1ce8bfac-7225-432a-bcda-779b28495921","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":145,"box":{"x":89,"y":282,"width":827,"height":12}},{"id":"f037ce45-914b-483d-b51f-ab6657281dc7","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":145,"box":{"x":89,"y":297,"width":863,"height":12}},{"id":"d8d624cf-59b6-4ed5-8a1a-aa9207b2e077","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":145,"box":{"x":89,"y":312,"width":814,"height":13}},{"id":"466fbeaf-db70-4ba5-89f3-9bf81608ce64","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":145,"box":{"x":88,"y":327,"width":871,"height":13}},{"id":"5665c068-9c59-43e3-9b25-3324077a8c4e","block_type":"box","text":"required to cover certain brokerage, tax, foreign exchange, execution and price movement costs through an Execution","page_number":145,"box":{"x":89,"y":342,"width":825,"height":13}},{"id":"a935b69d-ff4a-4ed0-9b7d-460554b1414d","block_type":"box","text":"Performance Guarantee, as described in the","page_number":145,"box":{"x":89,"y":358,"width":305,"height":11}},{"id":"4cb2b301-5a71-4d78-9097-2dc094c327df","block_type":"box","text":"Brokerage Transactions","page_number":145,"box":{"x":399,"y":358,"width":163,"height":12}},{"id":"3dfd808b-009a-44c1-a7b5-c223d2aa8a6d","block_type":"box","text":"section of this SAI.","page_number":145,"box":{"x":567,"y":358,"width":129,"height":9}},{"id":"b938b675-e7f0-42f1-b223-3c7b8860b1bd","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":145,"box":{"x":89,"y":384,"width":863,"height":12}},{"id":"2fa7d1c9-8624-4517-8fac-5e982f5cbd36","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":145,"box":{"x":89,"y":399,"width":838,"height":13}},{"id":"681652fe-ef37-445f-8bfb-0c2bd301290f","block_type":"box","text":"Participant has entered into an Execution Performance Guarantee, but the Authorized Participant is unable, as determined by","page_number":145,"box":{"x":89,"y":414,"width":873,"height":13}},{"id":"76092f69-678b-4bca-9210-60d4a0355f82","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":145,"box":{"x":89,"y":429,"width":850,"height":13}},{"id":"25a0acb8-c8e5-4f90-99fb-013a9d3a7d51","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":145,"box":{"x":89,"y":445,"width":869,"height":12}},{"id":"31959e76-5cd2-44fe-8449-974f12693d08","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":145,"box":{"x":88,"y":460,"width":819,"height":12}},{"id":"9cb74d20-9417-444e-9588-6184b761f864","block_type":"box","text":"redemption order (or the remaining amount of the redemption order based on the unexecuted portion of the transaction)","page_number":145,"box":{"x":89,"y":475,"width":852,"height":12}},{"id":"c9f2059e-f8d8-4544-94af-bb0364a828a5","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":145,"box":{"x":88,"y":490,"width":818,"height":12}},{"id":"50daf61e-52fd-49e1-9144-44a0c3400bd0","block_type":"box","text":"Authorized Participant (or an affiliated or unaffiliated broker-dealer), acting on an agency basis, will subsequently enter into","page_number":145,"box":{"x":88,"y":505,"width":864,"height":12}},{"id":"a8025ac8-17a6-4f2a-ab8c-d13f60ddc49a","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":145,"box":{"x":89,"y":520,"width":871,"height":12}},{"id":"7a144f94-25c2-4fdd-a335-304c991b5066","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":145,"box":{"x":88,"y":535,"width":856,"height":13}},{"id":"cff55127-f735-4eef-aae3-7f6a2c05eef0","block_type":"box","text":"Authorized Participant (or an affiliated or unaffiliated broker-dealer) achieves executions in market transactions at a price","page_number":145,"box":{"x":88,"y":550,"width":848,"height":13}},{"id":"f757e695-8dc9-4034-9e97-f49d3ec57157","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":145,"box":{"x":89,"y":565,"width":814,"height":13}},{"id":"3b87cb7e-7183-4779-8b68-3ce234058cd4","block_type":"box","text":"redemption, then the Authorized Participant generally may retain the excess transaction proceeds. Specifically, if the","page_number":145,"box":{"x":89,"y":581,"width":811,"height":12}},{"id":"be995c27-9cd2-466b-8dd1-c63936a7745f","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":145,"box":{"x":88,"y":596,"width":870,"height":12}},{"id":"aad9e4d7-7aa2-478c-891f-2fe2643e483e","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":145,"box":{"x":89,"y":611,"width":864,"height":12}},{"id":"1210381e-62d7-4084-b1be-09722e278bc2","block_type":"box","text":"generally required to make the applicable shortfall payment to the Fund.","page_number":145,"box":{"x":89,"y":626,"width":504,"height":12}},{"id":"51762bef-01b8-4537-8519-0e1e0df5cc7a","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":145,"box":{"x":89,"y":652,"width":877,"height":13}},{"id":"88ac9c4f-c762-426c-b833-85a51c43e7a2","block_type":"box","text":"foreign exchange costs through an Execution Performance Guarantee, as described in the Brokerage Transactions section of","page_number":145,"box":{"x":88,"y":668,"width":871,"height":12}},{"id":"b2a911ab-b55d-4b3e-bf99-973fb63d69c9","block_type":"box","text":"this SAI. If the foreign exchange transaction associated with the applicable security trades can only occur upon the","page_number":145,"box":{"x":88,"y":683,"width":804,"height":12}},{"id":"5c92b13e-55e1-4ef1-923d-acc5d864c6b4","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":145,"box":{"x":89,"y":698,"width":843,"height":12}},{"id":"3b69d964-8741-4583-94cd-f636cb21b8da","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":145,"box":{"x":89,"y":713,"width":865,"height":12}},{"id":"4b457e66-a572-479c-945e-953b216cd783","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":145,"box":{"x":89,"y":728,"width":862,"height":12}},{"id":"2f5aa9a5-a904-4f74-9a7f-210880e4b0dd","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":145,"box":{"x":89,"y":743,"width":849,"height":12}},{"id":"581f9ca2-582f-4447-ba48-10c56cf4a10a","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":145,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"a704dad3-b4c7-438f-844b-234e4d722498","block_type":"box","text":"foreign exchange transactions with the Authorized Participant (or a broker-dealer affiliate of the Authorized Participant or a","page_number":145,"box":{"x":88,"y":773,"width":862,"height":13}},{"id":"e6fee6e2-3881-4f1a-a078-8fcbbe8d88c4","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":145,"box":{"x":88,"y":788,"width":824,"height":13}},{"id":"74112d3a-e49a-4be0-8705-1373f0cf6967","block_type":"box","text":"guaranteed sales price. If the Authorized Participant achieves execution of the foreign exchange transactions at a price more","page_number":145,"box":{"x":89,"y":804,"width":869,"height":12}},{"id":"82c9aea1-c657-4a1c-9c48-9c437215165c","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":145,"box":{"x":88,"y":819,"width":821,"height":12}},{"id":"7fc55302-ee8b-429a-b2e4-4c64b01ba581","block_type":"box","text":"Authorized Participant generally may retain the excess transaction proceeds. If the Authorized Participant is unable to achieve","page_number":145,"box":{"x":88,"y":834,"width":879,"height":12}},{"id":"7e858c01-b28c-498b-9a00-46402041392c","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":145,"box":{"x":89,"y":849,"width":876,"height":12}},{"id":"cb79aa26-14ba-48b4-a19c-e153032942d8","block_type":"box","text":"124","page_number":145,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"66bbaf6a-45af-4aff-b3eb-f0b54ba3dbc9","block_type":"box","text":"applicable on the date of the redemption, then the Authorized Participant is required to make the applicable shortfall","page_number":146,"box":{"x":89,"y":44,"width":814,"height":12}},{"id":"64626408-a21d-43d1-b7be-8a43f4651266","block_type":"box","text":"payment to the Fund.","page_number":146,"box":{"x":89,"y":59,"width":149,"height":12}},{"id":"6ce856c0-4a19-4c4f-bfaf-77102a86be49","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":146,"box":{"x":89,"y":85,"width":351,"height":13}},{"id":"71dd3aa2-f095-4047-9127-3d373b278138","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":146,"box":{"x":88,"y":112,"width":873,"height":12}},{"id":"f8fef75b-1642-4de5-8b25-a213efbbae71","block_type":"box","text":"iShares MSCI Chile ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets Min Vol Factor ETF,","page_number":146,"box":{"x":88,"y":127,"width":856,"height":12}},{"id":"68ca4ee1-620a-47ec-bc08-5132fc33b2e1","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Min Vol","page_number":146,"box":{"x":88,"y":142,"width":834,"height":12}},{"id":"8f7f3139-ff63-47ef-81eb-d5240d892f6c","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":146,"box":{"x":88,"y":157,"width":873,"height":13}},{"id":"4e20adf0-4e31-46e6-9d5a-aef4c2a3d712","block_type":"box","text":"ETF","page_number":146,"box":{"x":88,"y":173,"width":28,"height":9}},{"id":"89b7b249-a87d-43d8-be82-d84babec2981","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer, processing and other transaction costs that may be","page_number":146,"box":{"x":88,"y":199,"width":839,"height":12}},{"id":"2263535f-0d73-4bb9-a01e-8970e8d4148e","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":146,"box":{"x":89,"y":214,"width":849,"height":12}},{"id":"2d4e3251-313f-4a21-bb83-9425386f2ad7","block_type":"box","text":"Authorized Participant on the day of the transaction. The standard redemption transaction fee is generally fixed at the","page_number":146,"box":{"x":88,"y":229,"width":824,"height":12}},{"id":"78967a30-0020-4e22-91eb-00afbaa03b83","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":146,"box":{"x":89,"y":244,"width":861,"height":13}},{"id":"4deee6db-c719-42ba-abe4-7e640008c721","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":146,"box":{"x":89,"y":259,"width":843,"height":13}},{"id":"c67c443f-945d-4bdc-99e1-0e4189d17ec5","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":146,"box":{"x":89,"y":286,"width":810,"height":12}},{"id":"3161a331-00b2-4627-8b75-588a55c8f4eb","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":146,"box":{"x":88,"y":301,"width":869,"height":12}},{"id":"1626cf04-d751-4253-a121-f13ad304af32","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":146,"box":{"x":89,"y":316,"width":831,"height":12}},{"id":"99ec078e-b282-4644-987c-8bd3cde3a70a","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":146,"box":{"x":89,"y":331,"width":853,"height":12}},{"id":"ec5abf7a-6cde-4381-bbd5-7539c4e603c8","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":146,"box":{"x":88,"y":346,"width":873,"height":13}},{"id":"44021352-0f2a-47e4-9388-09baca4e89af","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":146,"box":{"x":89,"y":361,"width":859,"height":13}},{"id":"d69be167-0ba0-4065-bedc-bbfa95255dfa","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":146,"box":{"x":88,"y":376,"width":817,"height":13}},{"id":"0a8827a2-d6fc-4c67-8ff4-fa6ad5b162df","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":146,"box":{"x":89,"y":392,"width":824,"height":12}},{"id":"3c1cec1e-e3ca-4db1-9078-685d4bc1567c","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":146,"box":{"x":89,"y":407,"width":338,"height":12}},{"id":"d8a4ca4b-9f2d-4769-acce-fb64cdc4df8e","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":146,"box":{"x":88,"y":433,"width":879,"height":13}},{"id":"06d6afb5-2cc1-4be8-bd94-a85ff467ae84","block_type":"box","text":"Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the","page_number":146,"box":{"x":89,"y":448,"width":863,"height":13}},{"id":"a65046c4-0392-46ab-9ace-efd1161dde4b","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":146,"box":{"x":89,"y":463,"width":815,"height":13}},{"id":"a4c72419-1a38-4374-b786-d8f7d1ce2f64","block_type":"box","text":"The following table sets forth each Fund’s standard redemption transaction fee and maximum additional charge (as","page_number":146,"box":{"x":88,"y":490,"width":812,"height":12}},{"id":"c72c5ba6-2b12-4924-a921-639d13038eb4","block_type":"box","text":"described above):","page_number":146,"box":{"x":89,"y":505,"width":122,"height":12}},{"id":"78c61653-7f1f-4134-aaf9-01fe65ed3544","block_type":"box","text":"Fund","page_number":146,"box":{"x":89,"y":545,"width":27,"height":7}},{"id":"d0e2655b-d830-4132-b160-e5b327d2b3ca","block_type":"box","text":"Standard Redemption","page_number":146,"box":{"x":643,"y":535,"width":125,"height":9}},{"id":"ed7d9ccb-f81f-4017-a636-24a37b46d9b8","block_type":"box","text":"Transaction Fee","page_number":146,"box":{"x":660,"y":545,"width":91,"height":7}},{"id":"030bb34d-446b-4c60-abcc-52a1549b3d12","block_type":"box","text":"Maximum Additional","page_number":146,"box":{"x":847,"y":535,"width":120,"height":7}},{"id":"8b6d6442-0df8-4844-8b1f-02a652e280bd","block_type":"box","text":"Charge*","page_number":146,"box":{"x":883,"y":545,"width":48,"height":10}},{"id":"32b43340-fe48-4cc9-836b-5094574f233f","block_type":"box","text":"iShares ESG Aware MSCI EM ETF 12,400 2.0%","page_number":146,"box":{"x":89,"y":567,"width":843,"height":11}},{"id":"bf5075cd-8bc8-4ce0-8920-ccce5e5f5960","block_type":"box","text":"iShares MSCI Agriculture Producers ETF 5,100 2.0%","page_number":146,"box":{"x":89,"y":582,"width":843,"height":12}},{"id":"ad8d2c8b-e4de-4e49-980e-d41ecc09eb33","block_type":"box","text":"iShares MSCI BIC ETF 5,900 2.0%","page_number":146,"box":{"x":89,"y":597,"width":843,"height":11}},{"id":"b1dfd9df-2b70-48ef-a2df-1c29440a7da6","block_type":"box","text":"iShares MSCI Brazil ETF 2,400 2.0%","page_number":146,"box":{"x":89,"y":612,"width":843,"height":11}},{"id":"1c3bc1ff-4f25-4889-a207-b73f9384b844","block_type":"box","text":"iShares MSCI Chile ETF 3,000 2.0%","page_number":146,"box":{"x":89,"y":627,"width":843,"height":12}},{"id":"eabbce1d-a720-4719-9ec8-bd301cbb858d","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF 15,000 2.0%","page_number":146,"box":{"x":89,"y":642,"width":843,"height":13}},{"id":"bf587c7d-5ccb-4470-971c-e609e278f507","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF 6,100 2.0%","page_number":146,"box":{"x":89,"y":657,"width":843,"height":13}},{"id":"2cb1e390-0dd0-4c85-8d42-c6461b7d6000","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF 15,000 2.0%","page_number":146,"box":{"x":89,"y":673,"width":843,"height":12}},{"id":"30133279-384f-4642-b75d-b53fbfe263a6","block_type":"box","text":"iShares MSCI Global Gold Miners ETF 800 2.0%","page_number":146,"box":{"x":89,"y":688,"width":843,"height":9}},{"id":"134ff724-d8ee-44ad-b1a6-925776785076","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF 4,200 2.0%","page_number":146,"box":{"x":89,"y":703,"width":843,"height":11}},{"id":"ec76ad52-3df5-461d-9c08-5aa974598a36","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF 500 2.0%","page_number":146,"box":{"x":89,"y":718,"width":843,"height":10}},{"id":"9673de00-73a5-4e30-ba6c-8492dd9f9792","block_type":"box","text":"iShares MSCI Malaysia ETF 5,000 2.0%","page_number":146,"box":{"x":89,"y":733,"width":843,"height":12}},{"id":"057e3d2a-04f0-484a-8363-2ef08d24aaca","block_type":"box","text":"iShares MSCI South Korea ETF 4,000 2.0%","page_number":146,"box":{"x":89,"y":748,"width":843,"height":11}},{"id":"7d1a4f57-2f5f-4ffb-8205-24a33e1193f2","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":146,"box":{"x":118,"y":788,"width":628,"height":10}},{"id":"f45ed925-314b-490e-936d-b7bcb8492a6f","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF, iShares Emerging Markets Equity Factor ETF, iShares MSCI Global Metals &","page_number":146,"box":{"x":88,"y":811,"width":852,"height":12}},{"id":"18b14190-b10b-4364-b417-e6ce5aef85bd","block_type":"box","text":"Mining Producers ETF, iShares MSCI Emerging Markets ETF and iShares MSCI Taiwan ETF","page_number":146,"box":{"x":88,"y":826,"width":651,"height":13}},{"id":"072d15f3-4344-4c4b-bf23-6cb9d076cacd","block_type":"box","text":"125","page_number":146,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"89978fa4-776b-4c48-90e1-096a8e5560f1","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":147,"box":{"x":88,"y":44,"width":866,"height":12}},{"id":"147b3fc9-8b1b-4e6f-949e-97d21d712493","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":147,"box":{"x":89,"y":59,"width":848,"height":12}},{"id":"4b384128-4fb8-47c0-92e2-3f430218796c","block_type":"box","text":"perform certain ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":147,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"5ee3a8b8-4c36-4f16-9deb-3b8b7fbc43d9","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":147,"box":{"x":89,"y":89,"width":822,"height":13}},{"id":"e50c4386-3939-49a8-bf58-41a864d149dd","block_type":"box","text":"Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the","page_number":147,"box":{"x":88,"y":104,"width":815,"height":13}},{"id":"76581741-0ab9-442a-bc73-05e2a25aa3d0","block_type":"box","text":"applicable Fund custodian according to the amounts invoiced by such custodian.","page_number":147,"box":{"x":89,"y":119,"width":567,"height":13}},{"id":"9e840506-862c-4684-a025-6a8f7ef853b3","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":147,"box":{"x":88,"y":146,"width":859,"height":12}},{"id":"961d9d3c-63e1-4123-b525-452959dbb27a","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":147,"box":{"x":88,"y":161,"width":879,"height":12}},{"id":"e2c831a8-38f4-4bfb-aae0-3528e1eba43e","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":147,"box":{"x":89,"y":176,"width":860,"height":13}},{"id":"ce937727-0002-4885-bb1d-1a1c3cbb902c","block_type":"box","text":"certain instances, such as for redemption transactions that consist solely of cash. The actual Custody Transaction Costs vary","page_number":147,"box":{"x":89,"y":191,"width":872,"height":13}},{"id":"6b6c0d75-3d46-42f3-a57f-926e51c17753","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":147,"box":{"x":89,"y":206,"width":866,"height":13}},{"id":"ca08d976-9a8a-4bef-b7fa-e03e5acddfc2","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":147,"box":{"x":89,"y":222,"width":870,"height":12}},{"id":"62225c2f-a1cb-4dbf-8ce0-dd2f9c9c4e2c","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":147,"box":{"x":89,"y":237,"width":806,"height":12}},{"id":"e4766d50-3445-4195-a345-61d5999b3458","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":147,"box":{"x":89,"y":252,"width":860,"height":12}},{"id":"7f51d62b-9b05-48e8-93f9-b16fb84fc633","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":147,"box":{"x":89,"y":267,"width":859,"height":12}},{"id":"956864ee-4632-4dcc-be99-19cfd5a7972c","block_type":"box","text":"the fee set forth below.","page_number":147,"box":{"x":88,"y":282,"width":159,"height":10}},{"id":"35717b8b-b66e-4c31-94dc-aa6665d2ac49","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":147,"box":{"x":89,"y":308,"width":810,"height":13}},{"id":"cfd4373b-6471-4f33-b451-72613781ce41","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":147,"box":{"x":88,"y":324,"width":869,"height":12}},{"id":"52aeaccb-25a9-4910-ab34-bea1dd8dd2c8","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":147,"box":{"x":89,"y":339,"width":831,"height":12}},{"id":"b5411f57-ad76-42c0-bbf7-5309e0167b75","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":147,"box":{"x":89,"y":354,"width":853,"height":12}},{"id":"98967c85-ffed-422e-8e47-26f97aa2e0b5","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":147,"box":{"x":88,"y":369,"width":873,"height":12}},{"id":"78a872e3-4276-4d6a-b8eb-9f976d4e614c","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":147,"box":{"x":89,"y":384,"width":859,"height":12}},{"id":"cea2fc1c-9b97-41ba-9490-5cff4f3fdc19","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":147,"box":{"x":88,"y":399,"width":817,"height":13}},{"id":"5d595eb2-a699-4c7e-95cf-67dfbe3cdbc5","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":147,"box":{"x":89,"y":414,"width":824,"height":13}},{"id":"f604b138-9bad-4a29-8130-2b6400439534","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":147,"box":{"x":89,"y":429,"width":338,"height":13}},{"id":"2e7b1238-65e0-4c66-b1be-817dc639e313","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":147,"box":{"x":88,"y":456,"width":853,"height":12}},{"id":"ffd02292-f028-4b02-9a65-3f9b89fdddd6","block_type":"box","text":"2025 and maximum additional charge (as described above):","page_number":147,"box":{"x":89,"y":471,"width":420,"height":12}},{"id":"43f1c446-8c9e-49f3-ae5d-2810df3f2671","block_type":"box","text":"Fund","page_number":147,"box":{"x":89,"y":511,"width":27,"height":7}},{"id":"0b5a1e95-8582-4f2b-bcd9-a83d201f6588","block_type":"box","text":"Standard Redemption","page_number":147,"box":{"x":643,"y":501,"width":125,"height":9}},{"id":"c9976bfd-68e7-4a8d-8e46-ac1895bc57d5","block_type":"box","text":"Transaction Fee","page_number":147,"box":{"x":660,"y":511,"width":91,"height":7}},{"id":"39e5630d-12c5-41ad-b417-d119112026a2","block_type":"box","text":"Maximum Additional","page_number":147,"box":{"x":847,"y":501,"width":120,"height":7}},{"id":"befa752a-4b5c-470a-b099-7fccf5e2cdac","block_type":"box","text":"Charge*","page_number":147,"box":{"x":883,"y":511,"width":48,"height":10}},{"id":"eeb6d947-13c9-48e1-8fba-972084ac14c0","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF $28,990.00** 2.0%","page_number":147,"box":{"x":89,"y":533,"width":843,"height":12}},{"id":"2e485229-12c2-4c93-8d8a-fa46425fa88c","block_type":"box","text":"iShares Emerging Markets Equity Factor ETF 4,811.70 2.0%","page_number":147,"box":{"x":89,"y":548,"width":843,"height":12}},{"id":"fb49d81a-99dc-47f5-adff-e6dbed8385c2","block_type":"box","text":"iShares MSCI Emerging Markets ETF 15,380.00** 2.0%","page_number":147,"box":{"x":89,"y":563,"width":843,"height":12}},{"id":"608c0fa2-5cd4-4e92-81c2-c3fae907e03f","block_type":"box","text":"iShares MSCI Global Metals & Mining Producers ETF 2,240.00** 2.0%","page_number":147,"box":{"x":89,"y":578,"width":843,"height":12}},{"id":"3b079980-bfc6-402b-8842-3d7343cec0c9","block_type":"box","text":"iShares MSCI Taiwan ETF 1,410.00** 2.0%","page_number":147,"box":{"x":89,"y":593,"width":843,"height":12}},{"id":"2d901134-ce23-425a-b0e5-5bf87876acd9","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":147,"box":{"x":118,"y":633,"width":628,"height":10}},{"id":"c1d43394-d9e3-4ef5-9491-0f5aae3221dd","block_type":"box","text":"** Estimated fee.","page_number":147,"box":{"x":118,"y":648,"width":92,"height":8}},{"id":"a5006bc0-68f7-4e8e-b587-0559656de992","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":147,"box":{"x":89,"y":671,"width":859,"height":13}},{"id":"1c353594-4d82-4e16-b41e-aeed7ba57f97","block_type":"box","text":"Authorized Participant (or an affiliated or unaffiliated broker-dealer), the Authorized Participant may be required, in its","page_number":147,"box":{"x":88,"y":686,"width":824,"height":13}},{"id":"4aee9341-9b1e-42f3-84ce-19e515356544","block_type":"box","text":"capacity as broker-dealer with respect to that transaction, to cover certain brokerage, tax, foreign exchange, execution, and","page_number":147,"box":{"x":89,"y":702,"width":862,"height":12}},{"id":"ed4d5cec-11a8-45b9-abb4-5004216eb960","block_type":"box","text":"price movement costs through an Execution Performance Guarantee, as described in the","page_number":147,"box":{"x":89,"y":717,"width":620,"height":12}},{"id":"a5d0c6bb-da84-4eb0-b341-58fccb415154","block_type":"box","text":"Brokerage Transactions","page_number":147,"box":{"x":714,"y":717,"width":163,"height":12}},{"id":"e0cb2c28-0637-4ecc-8c7f-a2e36fcb3d27","block_type":"box","text":"section of","page_number":147,"box":{"x":882,"y":717,"width":69,"height":9}},{"id":"fdacf18d-5a68-48e1-9a85-c662f181b0ce","block_type":"box","text":"this SAI.","page_number":147,"box":{"x":88,"y":732,"width":56,"height":9}},{"id":"a95ffce7-7ee0-48fb-8cc5-8ad5bf9d3e35","block_type":"box","text":"Placement of Redemption Orders.","page_number":147,"box":{"x":89,"y":758,"width":243,"height":13}},{"id":"3a05cdaa-c88d-4620-b2da-bc6da36ea755","block_type":"box","text":"Redemption requests for Creation Units of the Funds must be submitted to the","page_number":147,"box":{"x":342,"y":758,"width":550,"height":13}},{"id":"d8e74e58-8d28-41dc-a586-c9458c7fb416","block_type":"box","text":"Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable","page_number":147,"box":{"x":89,"y":773,"width":825,"height":13}},{"id":"5d50ab51-ed98-4e68-a743-db296226362e","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":147,"box":{"x":89,"y":788,"width":840,"height":13}},{"id":"36805c5e-4c64-49cc-8d75-74c73da1133d","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":147,"box":{"x":89,"y":804,"width":843,"height":12}},{"id":"b92fe012-02dd-4381-9247-3e165e00d3be","block_type":"box","text":"Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for","page_number":147,"box":{"x":89,"y":819,"width":875,"height":12}},{"id":"4eebcac0-9492-4552-886f-336b86e09ca3","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":147,"box":{"x":89,"y":834,"width":869,"height":12}},{"id":"5208d1aa-7d0d-4b04-b894-79867e360cb6","block_type":"box","text":"Authorized Participants upon request.","page_number":147,"box":{"x":88,"y":849,"width":264,"height":12}},{"id":"fdfe7460-1de5-499b-81c4-cca99755d9ce","block_type":"box","text":"126","page_number":147,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"4ff0cd5e-a1e3-4d7c-8299-b1ada18dc2f5","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":148,"box":{"x":88,"y":44,"width":867,"height":12}},{"id":"b25fa9c7-b5e3-4113-947e-19344ccae9d0","block_type":"box","text":"its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that","page_number":148,"box":{"x":89,"y":59,"width":854,"height":12}},{"id":"076990e4-766d-4764-bfd4-58374ec49ae2","block_type":"box","text":"their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem","page_number":148,"box":{"x":88,"y":74,"width":862,"height":12}},{"id":"1a1b11ac-751e-48b0-8621-5a4d20b2121c","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":148,"box":{"x":89,"y":89,"width":823,"height":13}},{"id":"2bef3c9e-4dbb-4de4-8df6-26640b0100c8","block_type":"box","text":"Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant","page_number":148,"box":{"x":88,"y":104,"width":861,"height":13}},{"id":"31206e16-c920-42b6-86fd-171d9315b743","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":148,"box":{"x":88,"y":119,"width":877,"height":13}},{"id":"d4b83342-aff8-4830-a7b4-25ef4c36959e","block_type":"box","text":"by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit","page_number":148,"box":{"x":89,"y":135,"width":857,"height":12}},{"id":"ac6ecf4d-d405-420b-82cb-46bd61bf2589","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":148,"box":{"x":89,"y":150,"width":857,"height":12}},{"id":"fba86b75-5e3c-4ab2-ad71-b591574e7bd4","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":148,"box":{"x":89,"y":165,"width":842,"height":12}},{"id":"8581698e-3b32-4a61-9ee3-15baa599a38e","block_type":"box","text":"other financial intermediaries if such intermediaries are not Authorized Participants.","page_number":148,"box":{"x":89,"y":180,"width":585,"height":12}},{"id":"8948c4d2-3cd7-4373-96ef-d349846da379","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":148,"box":{"x":88,"y":206,"width":850,"height":13}},{"id":"08d39efb-60d0-4449-9d97-4510fdd85824","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":148,"box":{"x":88,"y":222,"width":829,"height":12}},{"id":"aacb10ca-cb95-47b4-827e-e5163bebfdbe","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":148,"box":{"x":89,"y":237,"width":833,"height":12}},{"id":"c2d68417-aa79-414a-95cd-b5a5c990d072","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":148,"box":{"x":89,"y":252,"width":866,"height":12}},{"id":"158288f7-cba8-420d-962d-f07553f86272","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":148,"box":{"x":89,"y":267,"width":848,"height":12}},{"id":"74426b73-acee-4a6a-81e4-743a25d138ea","block_type":"box","text":"forth in the Authorized Participant Agreement are properly followed.","page_number":148,"box":{"x":88,"y":282,"width":477,"height":12}},{"id":"624bebeb-c6f1-4ca5-8fe8-8363043f8201","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":148,"box":{"x":89,"y":308,"width":843,"height":13}},{"id":"12cd7ba3-f5bf-401f-9b8e-789f3d0daac9","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":148,"box":{"x":89,"y":324,"width":850,"height":12}},{"id":"388602d9-70ae-4587-a69d-85243ba4e79b","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":148,"box":{"x":89,"y":339,"width":876,"height":12}},{"id":"ac346645-c4a7-4e51-bb79-20a19c6e72a3","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":148,"box":{"x":88,"y":354,"width":869,"height":12}},{"id":"3d5cfeba-ae57-4f8f-b830-e143426e4eb7","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":148,"box":{"x":89,"y":369,"width":831,"height":12}},{"id":"665d6606-7950-4204-a1a0-f74740a285b4","block_type":"box","text":"Participant submitting the redemption request.","page_number":148,"box":{"x":89,"y":384,"width":327,"height":12}},{"id":"b8301fb6-f10c-436b-915f-0ba419e3f028","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":148,"box":{"x":88,"y":410,"width":854,"height":13}},{"id":"3ee16d8f-7c26-4299-ae4d-33751723fce4","block_type":"box","text":"appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in","page_number":148,"box":{"x":89,"y":426,"width":837,"height":12}},{"id":"d4f60653-e34d-4d62-9a62-a59696dcd08d","block_type":"box","text":"which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.","page_number":148,"box":{"x":88,"y":441,"width":836,"height":12}},{"id":"6708f021-b332-4a88-a540-70e0081f7b79","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":148,"box":{"x":89,"y":467,"width":860,"height":13}},{"id":"8a819c29-cfeb-4de4-a0a9-ecd35f7698b0","block_type":"box","text":"Business Day (","page_number":148,"box":{"x":89,"y":482,"width":101,"height":13}},{"id":"39afb5c9-d64d-4ea9-a361-a892eb4db311","block_type":"box","text":"i.e.","page_number":148,"box":{"x":191,"y":483,"width":17,"height":9}},{"id":"e5462173-5cb7-4512-8442-30173312ed18","block_type":"box","text":", “T+1”).","page_number":148,"box":{"x":211,"y":482,"width":56,"height":13}},{"id":"f9e42e74-5a13-4088-9fbb-d29f1c4feeb8","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":148,"box":{"x":89,"y":509,"width":866,"height":12}},{"id":"6bc44742-dcd7-432f-bb46-4df98cbb330d","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":148,"box":{"x":89,"y":524,"width":865,"height":12}},{"id":"b4a04946-b33c-4a51-850f-012de98dc76f","block_type":"box","text":"MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets Min Vol Factor ETF,","page_number":148,"box":{"x":89,"y":539,"width":865,"height":12}},{"id":"ae3d3c0f-5612-45de-9965-04d06257706c","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global","page_number":148,"box":{"x":89,"y":554,"width":851,"height":12}},{"id":"4ba4d918-2be9-44dc-943b-666182cd6874","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":148,"box":{"x":89,"y":569,"width":848,"height":13}},{"id":"cc995910-9523-45a0-b0bc-7976d74ac780","block_type":"box","text":"redemption proceeds are generally made within two Business Days (","page_number":148,"box":{"x":89,"y":584,"width":479,"height":13}},{"id":"f50e782b-dd42-4c57-96bf-ed2de2a10ec7","block_type":"box","text":"i.e.","page_number":148,"box":{"x":569,"y":585,"width":17,"height":9}},{"id":"8e5282e0-a8e1-46a7-b0a8-d2a7bc2506fd","block_type":"box","text":", “T+2”).","page_number":148,"box":{"x":589,"y":584,"width":56,"height":13}},{"id":"33691ac3-13d5-420a-823e-531390595dcb","block_type":"box","text":"For the iShares MSCI Global Gold Miners ETF, deliveries of redemption proceeds are generally made within three Business","page_number":148,"box":{"x":89,"y":611,"width":849,"height":12}},{"id":"41b1ef31-5003-48ad-a59b-e367829564ff","block_type":"box","text":"Days (","page_number":148,"box":{"x":89,"y":626,"width":43,"height":12}},{"id":"39aa8ad3-7f51-445f-9289-beebea1540ec","block_type":"box","text":"i.e.","page_number":148,"box":{"x":133,"y":627,"width":17,"height":9}},{"id":"53c7e169-0454-4302-94a8-77380ac3d65b","block_type":"box","text":", “T+3”).","page_number":148,"box":{"x":153,"y":626,"width":56,"height":12}},{"id":"1b7a1666-e33b-4bd2-abfa-e8312900ed75","block_type":"box","text":"However, each Fund reserves the right to settle redemption transactions on a different basis, if necessary or appropriate","page_number":148,"box":{"x":89,"y":652,"width":835,"height":13}},{"id":"444d0240-554f-4cc6-8739-9790bee678ff","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":148,"box":{"x":89,"y":668,"width":772,"height":12}},{"id":"0f758666-0ab9-477c-b4b8-8d9329153804","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":148,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"d6cb35bd-06d0-491c-ac57-fcc579ea8c2d","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":148,"box":{"x":89,"y":698,"width":872,"height":12}},{"id":"b44882d2-c46c-4bde-ac39-f8e1635f1785","block_type":"box","text":"dividends payable on the security).","page_number":148,"box":{"x":89,"y":713,"width":242,"height":12}},{"id":"eb7bd9ab-136a-4577-a6e1-3e20e635b741","block_type":"box","text":"If neither the Authorized Participant nor the Beneficial Owner on whose behalf the Authorized Participant is acting has","page_number":148,"box":{"x":89,"y":739,"width":826,"height":13}},{"id":"252a50c6-01f0-4a73-ab41-8183a60772d7","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":148,"box":{"x":89,"y":754,"width":856,"height":13}},{"id":"5bbc1d13-7334-4982-be2e-5cedc6ec5072","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":148,"box":{"x":89,"y":770,"width":877,"height":12}},{"id":"dcc9ebf6-c7cc-461a-bd74-c27a42bd887b","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":148,"box":{"x":89,"y":785,"width":824,"height":12}},{"id":"7308c12b-d9d5-4d09-bc98-cc6418b9abd0","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":148,"box":{"x":89,"y":800,"width":868,"height":12}},{"id":"d709533c-41ec-4e9a-830e-431f7c5b20ff","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":148,"box":{"x":89,"y":815,"width":844,"height":12}},{"id":"e039ee06-4a70-4cba-82c9-dddb7dfd2700","block_type":"box","text":"redemption transaction fee and additional charges specified above to offset the Fund’s brokerage and other transaction costs","page_number":148,"box":{"x":89,"y":830,"width":877,"height":12}},{"id":"a43368dc-d08d-4e90-9399-ef0652281412","block_type":"box","text":"associated with the disposition of Fund Securities). Redemptions of shares for Fund Securities will be subject to compliance","page_number":148,"box":{"x":89,"y":845,"width":865,"height":12}},{"id":"3566d8e4-a6cb-4700-9768-1336f81f2d2c","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":148,"box":{"x":88,"y":860,"width":867,"height":13}},{"id":"d300e181-bdd7-46d9-be2a-625e7ba1f234","block_type":"box","text":"127","page_number":148,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"0199ee8e-5b8b-40d7-8a5e-f7f16dbc7105","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":149,"box":{"x":89,"y":44,"width":812,"height":12}},{"id":"dfe622b7-c76b-4325-890d-8633e53fa092","block_type":"box","text":"Securities upon redemptions or cannot do so without first registering the Fund Securities under such laws.","page_number":149,"box":{"x":88,"y":59,"width":746,"height":12}},{"id":"e230e425-6a6c-4b46-9291-e64e0d214319","block_type":"box","text":"Although the Company does not ordinarily permit cash redemptions of Creation Units (except that, as noted above, Creation","page_number":149,"box":{"x":88,"y":85,"width":872,"height":13}},{"id":"fea7337e-b0be-4117-96c9-b97933fe4063","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":149,"box":{"x":89,"y":101,"width":860,"height":12}},{"id":"860aacc4-943f-450e-b9e3-0ff0d1c4644d","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":149,"box":{"x":88,"y":116,"width":857,"height":12}},{"id":"bda46edb-7e1b-4c46-bd58-e564cefc43a3","block_type":"box","text":"paid to the Authorized Participant redeeming shares as soon as practicable after the date of redemption (within seven","page_number":149,"box":{"x":89,"y":131,"width":823,"height":12}},{"id":"6d30c47e-2213-44c3-bb5b-3f443d9b11e0","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":149,"box":{"x":89,"y":146,"width":832,"height":12}},{"id":"97441624-592a-4f3f-bd1a-3c911af8ecb8","block_type":"box","text":"consecutive holidays, or the extended delivery cycles for transferring foreign investments to redeeming Authorized","page_number":149,"box":{"x":89,"y":161,"width":800,"height":12}},{"id":"21ab10d4-d686-42a6-b5a6-95015bc91e9e","block_type":"box","text":"Participants prevents timely delivery of the foreign investment in response to a redemption request, a Fund may delay","page_number":149,"box":{"x":89,"y":176,"width":822,"height":13}},{"id":"f2d52445-517e-4b17-bda8-ec1b3ba696aa","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":149,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"1272b018-7471-4dbf-b80e-cebc8f6066bb","block_type":"box","text":"in no event later than 15 days.","page_number":149,"box":{"x":89,"y":206,"width":209,"height":13}},{"id":"f8290cc7-4d8f-4cb6-b459-9678635c3a51","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":149,"box":{"x":88,"y":233,"width":825,"height":12}},{"id":"04984cbb-8f74-4fd1-8311-065199b310e4","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":149,"box":{"x":88,"y":248,"width":872,"height":12}},{"id":"d4a02cc9-946c-4495-8c25-a28aa93aef5b","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":149,"box":{"x":89,"y":263,"width":868,"height":12}},{"id":"a7d150eb-e736-44a0-950a-a855d1d306c8","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":149,"box":{"x":89,"y":278,"width":863,"height":13}},{"id":"a7e84bbb-0342-4fc9-95ae-738d45268f82","block_type":"box","text":"undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be","page_number":149,"box":{"x":89,"y":293,"width":825,"height":13}},{"id":"c2f60503-42df-4083-bec3-7bf35faa1e8b","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":149,"box":{"x":89,"y":308,"width":851,"height":13}},{"id":"d56e4cb4-b15b-4ff5-a4c8-e13c9521b3de","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":149,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"1cc94d46-bc79-4fc3-806e-c2d612033378","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":149,"box":{"x":89,"y":339,"width":836,"height":12}},{"id":"62767e0f-2e5a-4bba-a0cd-5577fef3ed4e","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":149,"box":{"x":89,"y":354,"width":868,"height":12}},{"id":"83f25948-8aed-4109-9647-09dde6b5d09a","block_type":"box","text":"maintenance and redelivery of the collateral shall be payable by the Authorized Participant. The Authorized Participant","page_number":149,"box":{"x":89,"y":369,"width":825,"height":12}},{"id":"84f17e05-c084-40d2-87be-1209de2b2307","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":149,"box":{"x":88,"y":384,"width":861,"height":12}},{"id":"ebbc7907-31de-4c4b-a7a6-8a7db9039ee4","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":149,"box":{"x":88,"y":399,"width":824,"height":13}},{"id":"2fb9b337-df0a-4b26-b5a7-4c78ffc8d3cd","block_type":"box","text":"Amount, and the value of the collateral together with liability for related brokerage and other charges.","page_number":149,"box":{"x":88,"y":414,"width":712,"height":13}},{"id":"c0501df7-c91e-425d-abdc-aecfdfa9cc6f","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":149,"box":{"x":89,"y":441,"width":826,"height":12}},{"id":"717f4cab-925d-4628-9fda-2fa203c9f5d5","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":149,"box":{"x":89,"y":456,"width":861,"height":12}},{"id":"f98bb4eb-ebf0-45d5-93a9-7283f148eafb","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":149,"box":{"x":89,"y":471,"width":864,"height":12}},{"id":"952d8b19-3e20-413a-847f-488860001770","block_type":"box","text":"events in the relevant non-U.S. markets.","page_number":149,"box":{"x":89,"y":486,"width":277,"height":10}},{"id":"a806eaba-6ad9-44f8-80ba-743bfebc8d02","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":149,"box":{"x":88,"y":513,"width":852,"height":12}},{"id":"780d9f2a-38e2-41e6-aeac-27cbab2ca557","block_type":"box","text":"during which the applicable Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any","page_number":149,"box":{"x":89,"y":528,"width":844,"height":12}},{"id":"d7b7a43f-b15c-4c4a-8587-052e67678916","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":149,"box":{"x":89,"y":543,"width":878,"height":12}},{"id":"4505d956-d531-4c72-b3e5-52984d938cbb","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":149,"box":{"x":89,"y":558,"width":859,"height":12}},{"id":"e1353bb8-db0f-4257-87f0-5e448ae6d970","block_type":"box","text":"not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.","page_number":149,"box":{"x":89,"y":573,"width":619,"height":12}},{"id":"59b2bb60-56c0-4205-a2f8-556b7c5169a7","block_type":"box","text":"Custom Baskets.","page_number":149,"box":{"x":89,"y":599,"width":118,"height":10}},{"id":"3ab57f94-f7d4-4b66-8363-13101698dcfe","block_type":"box","text":"Creation and Redemption baskets may differ and each Fund may accept “custom baskets.” A custom","page_number":149,"box":{"x":216,"y":599,"width":706,"height":13}},{"id":"5ff98ef6-ccb8-40b7-be9b-8ef3927d2f48","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":149,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"b6ccec04-d9b1-4fd2-b60b-0674eafebefb","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":149,"box":{"x":89,"y":630,"width":873,"height":12}},{"id":"de5156f8-bf2e-4427-ac17-0f52cb299598","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":149,"box":{"x":89,"y":645,"width":877,"height":12}},{"id":"bbf546fb-10b4-4214-a630-62b0342c24f1","block_type":"box","text":"procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of","page_number":149,"box":{"x":89,"y":660,"width":865,"height":12}},{"id":"fc9be8d5-93fe-49cd-87d3-94369c6c4928","block_type":"box","text":"custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom","page_number":149,"box":{"x":89,"y":675,"width":823,"height":12}},{"id":"e79bb0a7-77f3-4dee-a27e-06357a14e7cb","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":149,"box":{"x":89,"y":690,"width":859,"height":13}},{"id":"237575f0-060e-4d58-a0c6-45b57170aa2e","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":149,"box":{"x":89,"y":705,"width":871,"height":13}},{"id":"11f474d0-422e-4b8f-b6ba-9dc62403e875","block_type":"box","text":"compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of a","page_number":149,"box":{"x":89,"y":720,"width":854,"height":13}},{"id":"0473f72e-024e-4f22-95c5-5e21868c1db4","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":149,"box":{"x":89,"y":736,"width":870,"height":12}},{"id":"8077bfaf-256f-43fc-b51b-e1da331416dd","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":149,"box":{"x":89,"y":751,"width":856,"height":12}},{"id":"e5cf2d7f-0ad9-46fe-8814-cf2f9520048c","block_type":"box","text":"against potential risks of conflicts and/or overreaching by an Authorized Participant. BlackRock has established a governance","page_number":149,"box":{"x":89,"y":766,"width":877,"height":12}},{"id":"b2e99ca4-310e-4008-925a-abb1a05cc78b","block_type":"box","text":"process to oversee basket compliance for the Funds, as set forth in each Fund’s policies and procedures.","page_number":149,"box":{"x":89,"y":781,"width":728,"height":12}},{"id":"b850d9d9-c84c-4b3f-b477-8f8286260d80","block_type":"box","text":"128","page_number":149,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"9d6a4da4-5e5c-42c4-8d64-2cbdb38f6c42","block_type":"box","text":"Taxation on Creations and Redemptions of Creation Units.","page_number":150,"box":{"x":88,"y":44,"width":418,"height":12}},{"id":"2a3b898e-0be4-4634-97a9-ee795037cd2e","block_type":"box","text":"An Authorized Participant generally will recognize either gain or","page_number":150,"box":{"x":519,"y":44,"width":445,"height":12}},{"id":"1a8e1523-eaff-4d5e-9fe0-44837b3a20ae","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":150,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"50f48957-95e4-4b45-9fe1-6da8a7cca4e9","block_type":"box","text":"the Creation Units purchased over the Authorized Participant’s aggregate basis in the Deposit Securities exchanged therefor.","page_number":150,"box":{"x":88,"y":74,"width":869,"height":12}},{"id":"d8c40ee8-34e3-4e06-b3ee-3b570cbe12b7","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":150,"box":{"x":89,"y":89,"width":870,"height":13}},{"id":"ff28cd53-ba93-4088-b69c-44954594e50c","block_type":"box","text":"for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisors.","page_number":150,"box":{"x":88,"y":104,"width":753,"height":13}},{"id":"0533d1d5-a78c-42da-bf48-b402b59e667c","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":150,"box":{"x":89,"y":131,"width":829,"height":12}},{"id":"85e15318-c237-4c6f-9e4c-cb46185fe8b1","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":150,"box":{"x":89,"y":146,"width":861,"height":12}},{"id":"501acd75-3e54-4637-9f24-449fb1de1a40","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":150,"box":{"x":89,"y":161,"width":859,"height":12}},{"id":"54a83747-3e4c-44bb-95ee-169478145a9a","block_type":"box","text":"assets.","page_number":150,"box":{"x":89,"y":177,"width":45,"height":9}},{"id":"89714200-6fcd-4030-8f44-f4c5705badf8","block_type":"box","text":"Taxes","page_number":150,"box":{"x":88,"y":208,"width":94,"height":22}},{"id":"4d11e420-5636-48bb-9df5-f687395f62c2","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":150,"box":{"x":88,"y":248,"width":878,"height":12}},{"id":"2b538f69-62cb-4232-ab9d-d97a1d3a0216","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":150,"box":{"x":89,"y":263,"width":847,"height":12}},{"id":"561abd8c-91bf-4268-ace0-38effed719b0","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":150,"box":{"x":88,"y":278,"width":867,"height":13}},{"id":"15464198-7a66-4582-a631-e137384483c7","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":150,"box":{"x":89,"y":293,"width":868,"height":13}},{"id":"58535968-61ac-4bf4-b9a6-aeb69d01b703","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":150,"box":{"x":89,"y":308,"width":845,"height":13}},{"id":"f2bf6456-5a30-4a02-b5e6-f484955c41fb","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":150,"box":{"x":89,"y":324,"width":846,"height":12}},{"id":"cd432b81-3d13-429c-bf85-5d49bf89e857","block_type":"box","text":"Regulated Investment Company Qualifications.","page_number":150,"box":{"x":89,"y":350,"width":338,"height":12}},{"id":"59eb6102-7369-4a5f-917b-1fa62eadb5aa","block_type":"box","text":"Each Fund intends to qualify for treatment as a separate RIC under","page_number":150,"box":{"x":437,"y":350,"width":465,"height":12}},{"id":"da02f516-0560-4eb9-9fcf-6dfc0de108ce","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":150,"box":{"x":88,"y":365,"width":852,"height":12}},{"id":"934f6266-bd25-4b1e-9e57-c13fb49a7de5","block_type":"box","text":"90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains) and","page_number":150,"box":{"x":89,"y":380,"width":847,"height":13}},{"id":"bc16f8e7-3cca-471b-91f3-651edcd4235e","block_type":"box","text":"meet several other requirements. Among such other requirements are the following: (i) at least 90% of each Fund’s annual","page_number":150,"box":{"x":89,"y":395,"width":858,"height":13}},{"id":"04a069da-e333-49eb-a8e8-ce8ff5dedda3","block_type":"box","text":"gross income must be derived from dividends, interest, payments with respect to securities loans, gains from the sale or","page_number":150,"box":{"x":89,"y":410,"width":839,"height":13}},{"id":"4ef2b353-09b1-4af0-84b9-33222d50da01","block_type":"box","text":"other disposition of stock or securities or non-U.S. currencies, other income (including, but not limited to, gains from options,","page_number":150,"box":{"x":89,"y":426,"width":878,"height":12}},{"id":"9b84e86d-4002-41be-af64-a8e633218379","block_type":"box","text":"futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net","page_number":150,"box":{"x":88,"y":441,"width":868,"height":12}},{"id":"3f3c3e35-ad51-4076-a940-af861a873087","block_type":"box","text":"income derived from interests in qualified publicly-traded partnerships (","page_number":150,"box":{"x":89,"y":456,"width":502,"height":12}},{"id":"d57aa232-2635-4b99-ba35-5b044d80971d","block_type":"box","text":"i.e.,","page_number":150,"box":{"x":592,"y":457,"width":22,"height":10}},{"id":"7af541fb-f328-4d3a-8738-2c1567078b04","block_type":"box","text":"partnerships that are traded on an established","page_number":150,"box":{"x":620,"y":456,"width":322,"height":12}},{"id":"a4f70c46-5a8b-4bec-b596-d988a4be6a18","block_type":"box","text":"securities market or tradable on a secondary market, other than partnerships that derive at least 90% of their income from","page_number":150,"box":{"x":89,"y":471,"width":857,"height":12}},{"id":"ae278fb2-4253-46dd-8c09-f8af143450c4","block_type":"box","text":"interest, dividends, capital gains and other traditionally permitted RIC income); and (ii) at the close of each quarter of each","page_number":150,"box":{"x":89,"y":486,"width":856,"height":12}},{"id":"f6ca2371-db1c-405f-8e4f-2db8818bb0bb","block_type":"box","text":"Fund’s taxable year, (a) at least 50% of the market value of each Fund’s total assets must be represented by cash and cash","page_number":150,"box":{"x":89,"y":501,"width":856,"height":13}},{"id":"394e1273-4ab1-4941-b89a-889107ec65ff","block_type":"box","text":"items, U.S. government securities, securities of other RICs and other securities, with such other securities limited for purposes","page_number":150,"box":{"x":89,"y":516,"width":879,"height":13}},{"id":"344b8b80-f0db-4425-96fa-872890c8e1bb","block_type":"box","text":"of this calculation in respect of any one issuer to an amount not greater than 5% of the value of the Fund’s assets and not","page_number":150,"box":{"x":89,"y":531,"width":853,"height":13}},{"id":"e82272b0-6027-432d-94da-f0f9fd5688bf","block_type":"box","text":"greater than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of each Fund’s","page_number":150,"box":{"x":89,"y":547,"width":868,"height":12}},{"id":"1a4ba050-e50e-446d-beca-7be564f0c39a","block_type":"box","text":"total assets may be invested in the securities (other than U.S. government securities or the securities of other RICs) of any","page_number":150,"box":{"x":88,"y":562,"width":852,"height":12}},{"id":"64d8e141-cd5e-4ac9-a5d7-a6619eccf6be","block_type":"box","text":"one issuer, of two or more issuers of which 20% or more of the voting stock is held by the Fund and that are engaged in the","page_number":150,"box":{"x":89,"y":577,"width":865,"height":12}},{"id":"88d983c0-c25b-4e1f-a5b4-c562eb644dff","block_type":"box","text":"same or similar trades or businesses or related trades or businesses, or the securities of one or more qualified publicly-traded","page_number":150,"box":{"x":89,"y":592,"width":875,"height":12}},{"id":"0f96645b-3542-49a7-bf05-5c3946686532","block_type":"box","text":"partnerships.","page_number":150,"box":{"x":89,"y":607,"width":90,"height":12}},{"id":"d27e9e17-87b3-475c-a16a-2d6c450e948f","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a failure to","page_number":150,"box":{"x":88,"y":633,"width":836,"height":13}},{"id":"6103c75b-0359-4fdd-b111-263c56e18b49","block_type":"box","text":"diversify its holdings in the manner described above by paying a tax and/or by disposing of certain assets. If, in any taxable","page_number":150,"box":{"x":89,"y":649,"width":858,"height":12}},{"id":"cd0cd683-bcea-4209-a738-fd3453c4f451","block_type":"box","text":"year, a Fund fails one of these tests and does not timely cure the failure, that Fund will be taxed in the same manner as an","page_number":150,"box":{"x":88,"y":664,"width":850,"height":12}},{"id":"baba5f6a-9215-4eaa-ad79-52503dda8753","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by that Fund in computing its taxable","page_number":150,"box":{"x":89,"y":679,"width":821,"height":12}},{"id":"61cac4cd-e613-4d02-93fe-eda3f8591730","block_type":"box","text":"income.","page_number":150,"box":{"x":89,"y":695,"width":54,"height":9}},{"id":"79462050-dc49-42c5-9223-a3c74f4a68e4","block_type":"box","text":"Although, in general, the passive loss rules of the Internal Revenue Code do not apply to RICs, such rules do apply to a RIC","page_number":150,"box":{"x":88,"y":720,"width":854,"height":13}},{"id":"1af6cdd7-9ae5-4dcf-aa0d-981d618bea40","block_type":"box","text":"with respect to items attributable to interests in qualified publicly-traded partnerships. 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142,957,974","page_number":152,"box":{"x":312,"y":132,"width":432,"height":12}},{"id":"170c7ddf-bb02-4ebf-8415-45a0ec7042c0","block_type":"box","text":"iShares MSCI South Korea ETF 626,607,751","page_number":152,"box":{"x":312,"y":147,"width":430,"height":12}},{"id":"121ccc6b-1237-4302-82d3-5c7f2ac1bee4","block_type":"box","text":"Taxation of U.S. Shareholders.","page_number":152,"box":{"x":88,"y":180,"width":216,"height":10}},{"id":"ff0f1cee-dd5d-45b8-9a85-c97b006807d1","block_type":"box","text":"Dividends and other distributions by a Fund are generally treated under the Internal Revenue","page_number":152,"box":{"x":318,"y":180,"width":647,"height":12}},{"id":"3cf5ccc3-1286-4851-892a-15439a176140","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":152,"box":{"x":89,"y":195,"width":861,"height":12}},{"id":"0db9ce74-57b8-4b27-b699-e987c1187c7d","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":152,"box":{"x":89,"y":210,"width":834,"height":13}},{"id":"f88d6e48-60c4-4327-b6af-7d85738b09cc","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":152,"box":{"x":89,"y":225,"width":876,"height":13}},{"id":"3e4e908f-d968-4a02-b0c2-4b27d25c2d86","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":152,"box":{"x":88,"y":240,"width":876,"height":13}},{"id":"23231508-f463-4cfa-99f2-9b80af03aa0d","block_type":"box","text":"during January of the following calendar year.","page_number":152,"box":{"x":89,"y":256,"width":316,"height":12}},{"id":"410be6b5-c994-4756-8c73-401b26dfb5a9","block_type":"box","text":"Each Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income and","page_number":152,"box":{"x":89,"y":282,"width":860,"height":12}},{"id":"e9e05fdc-afe3-4a94-be71-d06337068840","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":152,"box":{"x":89,"y":297,"width":808,"height":12}},{"id":"1237cdd8-866e-4739-9a42-143d1aa4296c","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":152,"box":{"x":89,"y":312,"width":870,"height":13}},{"id":"cd5e2bd5-f7b0-4f68-a4a5-cb719721d415","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":152,"box":{"x":89,"y":327,"width":871,"height":13}},{"id":"7e3643a6-61a0-421a-b8c3-59926689bde5","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":152,"box":{"x":89,"y":342,"width":872,"height":13}},{"id":"84b8877d-fd0f-496f-8846-0b0eb1c027a5","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":152,"box":{"x":88,"y":358,"width":864,"height":12}},{"id":"16f9bfa5-41de-489b-9d33-7a05f953fdb2","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":152,"box":{"x":89,"y":373,"width":877,"height":12}},{"id":"974922a0-d557-4f07-a852-00c6e049c03b","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":152,"box":{"x":89,"y":388,"width":810,"height":12}},{"id":"63ae4876-1158-4b14-ae4e-71c68e40fbe1","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":152,"box":{"x":89,"y":403,"width":870,"height":12}},{"id":"a3465cbe-b2c2-44b6-954d-0b3aa8969037","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":152,"box":{"x":89,"y":418,"width":875,"height":12}},{"id":"5f232eee-8c09-43fc-9bb4-b44ee78a16d9","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":152,"box":{"x":89,"y":433,"width":871,"height":13}},{"id":"c99eda6d-bd1c-4d14-9ba3-3654b1ebd720","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":152,"box":{"x":88,"y":448,"width":824,"height":13}},{"id":"121206fe-2309-4ecd-b96c-d72035f66e13","block_type":"box","text":"entitled to a refund of their","page_number":152,"box":{"x":89,"y":463,"width":188,"height":10}},{"id":"ff25c7c8-6d92-4d2f-9112-f0a848ede54e","block_type":"box","text":"pro rata","page_number":152,"box":{"x":280,"y":465,"width":56,"height":11}},{"id":"389269ba-4711-4e45-b5f7-ae26630b2fd4","block_type":"box","text":"share of such taxes paid by the Fund upon filing appropriate returns or claims for refund","page_number":152,"box":{"x":341,"y":463,"width":617,"height":13}},{"id":"71604d99-5b4f-4b3e-a119-a3f7c8f65224","block_type":"box","text":"with the IRS.","page_number":152,"box":{"x":88,"y":479,"width":87,"height":9}},{"id":"df81614d-4a42-4693-82c9-fe96790a9d66","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":152,"box":{"x":89,"y":505,"width":870,"height":12}},{"id":"13e08b5d-ee9d-4e8f-82eb-371d217a8694","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":152,"box":{"x":88,"y":520,"width":861,"height":12}},{"id":"64485b83-8fe2-4056-b615-737bf73bd683","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":152,"box":{"x":88,"y":535,"width":870,"height":13}},{"id":"83eaa87e-2b4a-47c1-93ba-679240c6ee9b","block_type":"box","text":"and profits (“regular dividends”) are generally subject to tax as ordinary income, subject to the discussion of qualified","page_number":152,"box":{"x":89,"y":550,"width":821,"height":13}},{"id":"9c405b41-c09e-4ec7-b445-5deceed7abd0","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":152,"box":{"x":89,"y":565,"width":878,"height":13}},{"id":"ce4ede7d-f1e7-411b-b3c3-5b797186493f","block_type":"box","text":"shareholders, depending on whether their income exceeds certain threshold amounts.","page_number":152,"box":{"x":89,"y":581,"width":604,"height":12}},{"id":"4b0e6e97-c3e8-4a45-b26b-d4fbc39f88bc","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":152,"box":{"x":89,"y":607,"width":857,"height":12}},{"id":"f809f822-497e-4f83-a2ff-fe81a21a706d","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":152,"box":{"x":89,"y":622,"width":846,"height":12}},{"id":"d96b0110-8c70-4856-9ab7-b7e8caf27c33","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":152,"box":{"x":88,"y":637,"width":850,"height":13}},{"id":"dd4c7c0d-5754-4208-a34c-f55e31b87b14","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":152,"box":{"x":89,"y":652,"width":876,"height":13}},{"id":"0f4406ad-a69e-48ee-850d-49b62bccc820","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":152,"box":{"x":89,"y":668,"width":840,"height":12}},{"id":"3b2e8f02-0654-4bb1-a23a-129e00fd70ed","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":152,"box":{"x":89,"y":683,"width":863,"height":12}},{"id":"c4933d4e-0074-431b-9642-f3c597d1b724","block_type":"box","text":"of stock, aggregating dividends with ex-dividend dates within a 365-day period.","page_number":152,"box":{"x":89,"y":698,"width":558,"height":12}},{"id":"b8451223-910d-48cb-b6ae-0faebbfc3e04","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":152,"box":{"x":89,"y":724,"width":868,"height":13}},{"id":"b3dc7cd9-3a52-48ce-b1bf-588831339153","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":152,"box":{"x":88,"y":739,"width":855,"height":13}},{"id":"9bbd169d-8d8f-483a-9aef-633b01177c4f","block_type":"box","text":"shareholder holds shares of the Fund as capital assets). Distributions in excess of a Fund’s minimum distribution","page_number":152,"box":{"x":89,"y":754,"width":787,"height":13}},{"id":"9da14ea1-ba30-419b-b923-ea0b50964180","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":152,"box":{"x":89,"y":770,"width":828,"height":12}},{"id":"d0d8b9b6-0801-4926-b905-d3ccc233a43a","block_type":"box","text":"nontaxable returns of capital. Shareholders receiving dividends or distributions in the form of additional shares should be","page_number":152,"box":{"x":89,"y":785,"width":847,"height":12}},{"id":"d95d8132-b3c9-4fff-9ada-5c4b68db97c9","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":152,"box":{"x":88,"y":800,"width":867,"height":12}},{"id":"b0df75f3-c563-4d93-9138-dc32438c9bc5","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":152,"box":{"x":89,"y":815,"width":878,"height":12}},{"id":"95333aa9-1c92-45de-93f6-1699f061c2b2","block_type":"box","text":"such amount.","page_number":152,"box":{"x":89,"y":830,"width":95,"height":10}},{"id":"13de2304-99a7-402b-b01c-f82e0e6c0f1e","block_type":"box","text":"131","page_number":152,"box":{"x":517,"y":894,"width":20,"height":9}},{"id":"eab456f5-29f9-4b66-aa53-7727a19ec990","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":153,"box":{"x":88,"y":44,"width":854,"height":12}},{"id":"d78cac28-3120-40b2-bcbe-befe4a2ca8c7","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":153,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"ccb20473-5236-4a11-b6fe-4f82edb1d297","block_type":"box","text":"filing jointly) and of estates and trusts.","page_number":153,"box":{"x":88,"y":74,"width":269,"height":12}},{"id":"1a50b029-74ca-42fd-a1ba-ff4d447681d2","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":153,"box":{"x":89,"y":101,"width":851,"height":12}},{"id":"2e45c8b8-58d5-4131-9fe6-616eeb448a30","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":153,"box":{"x":89,"y":116,"width":864,"height":12}},{"id":"9caec950-4d46-4f67-a0e8-936f4223d26e","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":153,"box":{"x":89,"y":131,"width":849,"height":12}},{"id":"cffb9c4a-0188-4757-b61a-45b20b37c174","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":153,"box":{"x":89,"y":146,"width":866,"height":12}},{"id":"46021aae-4950-4c43-8af8-beea328eabbb","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":153,"box":{"x":89,"y":161,"width":698,"height":12}},{"id":"293018fb-d18b-4708-81a3-19b2960313a9","block_type":"box","text":"i.e.","page_number":153,"box":{"x":789,"y":162,"width":17,"height":9}},{"id":"c4df2e6f-f9a3-4855-acc0-453b9fdbc4c4","block_type":"box","text":", the date on which a","page_number":153,"box":{"x":808,"y":161,"width":146,"height":11}},{"id":"eef51675-f1b1-4ff5-8f94-975b83b189cb","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":153,"box":{"x":89,"y":176,"width":866,"height":13}},{"id":"af934285-f978-4047-8acd-5d180c0fc9cd","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":153,"box":{"x":89,"y":191,"width":863,"height":13}},{"id":"4abf7bec-ab53-460a-bf99-9f337746f7f2","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":153,"box":{"x":89,"y":206,"width":862,"height":13}},{"id":"87580a8b-4bab-4e2e-9515-21a59d3f8a77","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":153,"box":{"x":89,"y":233,"width":843,"height":12}},{"id":"82364714-b057-4377-8646-80fcbbe4d11a","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":153,"box":{"x":89,"y":248,"width":859,"height":12}},{"id":"a7083a44-bbf7-40eb-a889-2669d0d83460","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":153,"box":{"x":89,"y":263,"width":855,"height":12}},{"id":"c7e57c0c-16cb-49f8-a6d8-4abd3db32b8f","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":153,"box":{"x":89,"y":278,"width":868,"height":13}},{"id":"b7eb2b2a-8d51-47f5-bcc7-54c26e6936c3","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":153,"box":{"x":89,"y":293,"width":845,"height":13}},{"id":"2353f214-25d0-4fb0-b28d-1a22b23c6c2e","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":153,"box":{"x":89,"y":308,"width":870,"height":13}},{"id":"04bb70ae-52f5-4f36-9fd8-260ff576a545","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":153,"box":{"x":89,"y":324,"width":504,"height":12}},{"id":"3849a501-31d8-4f5f-890e-6fbb18becd51","block_type":"box","text":"Sales of Shares.","page_number":153,"box":{"x":88,"y":350,"width":113,"height":10}},{"id":"8de86df7-ca28-4521-8792-337f9f006f74","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":153,"box":{"x":210,"y":350,"width":743,"height":12}},{"id":"4f4ad32d-ccc9-4773-9348-2f77938a6bc2","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":153,"box":{"x":89,"y":365,"width":868,"height":12}},{"id":"0652d770-acd0-41c4-ab5f-5f925832a415","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":153,"box":{"x":88,"y":380,"width":876,"height":13}},{"id":"ace09220-98ad-4ec4-b71b-f3cf34497790","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":153,"box":{"x":89,"y":395,"width":866,"height":13}},{"id":"5a2a17bd-d94b-4521-a7b0-df6c9d65b427","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":153,"box":{"x":88,"y":410,"width":863,"height":13}},{"id":"e5d41ab8-9320-4fa9-a53a-bf7e6539ffc9","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":153,"box":{"x":88,"y":426,"width":875,"height":12}},{"id":"d205a289-33e0-4353-80e2-10c19565d92f","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":153,"box":{"x":89,"y":441,"width":860,"height":12}},{"id":"079f034b-9e5b-48a1-9e08-451261c93385","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":153,"box":{"x":89,"y":456,"width":810,"height":12}},{"id":"a408ba9a-f8ed-4af7-84c8-a58f3e34ed44","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":153,"box":{"x":89,"y":471,"width":871,"height":12}},{"id":"942b50f9-7bcd-48f9-b6ac-9f722bad3207","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":153,"box":{"x":88,"y":486,"width":841,"height":12}},{"id":"55d2ece0-7b15-437a-8156-9840d5f8fcfb","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":153,"box":{"x":89,"y":501,"width":865,"height":13}},{"id":"bc2aa3ef-82d6-4ca6-9e12-dad9d10627c4","block_type":"box","text":"Medicare contribution tax described above will apply to the sale of Fund shares.","page_number":153,"box":{"x":89,"y":516,"width":557,"height":13}},{"id":"1fd0bb01-29b6-4322-8402-a73837aa5e7f","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":153,"box":{"x":89,"y":543,"width":864,"height":12}},{"id":"b2cc08fd-445a-4d9a-99ad-713c1eed4d54","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":153,"box":{"x":89,"y":558,"width":854,"height":12}},{"id":"cbd2f832-886f-4f48-85da-5058919aafbf","block_type":"box","text":"charge is reduced by reason of a reinvestment right (","page_number":153,"box":{"x":89,"y":573,"width":368,"height":12}},{"id":"31844726-2e15-4d9f-833e-811b8f9a30f5","block_type":"box","text":"e.g.","page_number":153,"box":{"x":458,"y":576,"width":23,"height":9}},{"id":"5da718e3-56df-4d33-b294-cdff16e8f446","block_type":"box","text":", an exchange privilege), the original sales charge will not be taken","page_number":153,"box":{"x":483,"y":573,"width":463,"height":12}},{"id":"52ab8d45-8d98-4b37-95d8-d5cb0a128f4a","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":153,"box":{"x":89,"y":588,"width":875,"height":12}},{"id":"c4c23243-7ae8-442c-9b57-05241c4fa84d","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":153,"box":{"x":89,"y":603,"width":870,"height":13}},{"id":"397c0d5e-1765-418a-8bba-f182281fca83","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":153,"box":{"x":89,"y":618,"width":839,"height":13}},{"id":"590d9a36-4c2a-43da-8222-b828868e1036","block_type":"box","text":"provision prevents shareholders from immediately deducting the sales charge by shifting their investments within a family of","page_number":153,"box":{"x":89,"y":633,"width":874,"height":13}},{"id":"b5b6af15-8ec2-467e-9572-30a668a61ba2","block_type":"box","text":"mutual funds.","page_number":153,"box":{"x":89,"y":649,"width":96,"height":9}},{"id":"60cb8e50-356e-4c5e-9c21-f46035365ba4","block_type":"box","text":"Backup Withholding.","page_number":153,"box":{"x":89,"y":675,"width":150,"height":12}},{"id":"fb6ae26d-0d5b-424a-95b7-b21548d6162c","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":153,"box":{"x":249,"y":675,"width":707,"height":12}},{"id":"245ddd99-997c-410d-8835-db67c9fcc04c","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":153,"box":{"x":89,"y":690,"width":868,"height":13}},{"id":"2bf189f2-5f8e-4443-bf6f-ce95b7b5f203","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":153,"box":{"x":89,"y":705,"width":828,"height":13}},{"id":"9c936a1f-7a89-4a00-9c0e-dd912d2418d8","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":153,"box":{"x":89,"y":720,"width":874,"height":13}},{"id":"8ed9fc8d-e029-4f1e-b276-d4318b98e8bf","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":153,"box":{"x":89,"y":736,"width":853,"height":12}},{"id":"4c3d87fa-ce5f-4a63-a278-cdf1e60a1660","block_type":"box","text":"income tax liability.","page_number":153,"box":{"x":89,"y":751,"width":132,"height":12}},{"id":"851f7b9c-bd33-49a8-a054-9b10d02844c3","block_type":"box","text":"Sections 351 and 362.","page_number":153,"box":{"x":88,"y":777,"width":159,"height":10}},{"id":"16537546-c1a3-4530-8f52-4d60b71615e8","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":153,"box":{"x":256,"y":777,"width":705,"height":12}},{"id":"8687d4e8-db45-4fe3-b619-ab6f3ecc2887","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":153,"box":{"x":89,"y":792,"width":824,"height":13}},{"id":"00352d94-5842-41f9-80ce-687f96808479","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":153,"box":{"x":89,"y":807,"width":864,"height":13}},{"id":"dc637b3c-9c58-473c-9703-9816b140fbd6","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":153,"box":{"x":89,"y":822,"width":841,"height":13}},{"id":"623f68c8-17ff-4ada-ad18-ba0bb51d05e7","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":153,"box":{"x":89,"y":838,"width":865,"height":12}},{"id":"8836045d-3b52-4eab-8732-106464138c2a","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":153,"box":{"x":88,"y":853,"width":861,"height":12}},{"id":"8d537c5e-e165-4452-b56c-33945ed53281","block_type":"box","text":"132","page_number":153,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"122b3791-944e-41fe-9afb-d31cd67356a5","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":154,"box":{"x":89,"y":44,"width":848,"height":12}},{"id":"d3234c4e-86eb-4e4d-84e8-c4faa82cf264","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":154,"box":{"x":89,"y":59,"width":862,"height":12}},{"id":"16c76127-726d-4b31-8ae1-232f1224ea11","block_type":"box","text":"the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination.","page_number":154,"box":{"x":88,"y":74,"width":860,"height":12}},{"id":"090c5664-1021-4924-beb3-0d119a4b89fc","block_type":"box","text":"Taxation of Certain Derivatives.","page_number":154,"box":{"x":88,"y":101,"width":225,"height":9}},{"id":"9aa55e0a-7d0e-4c78-9c1a-6115c5bf3f33","block_type":"box","text":"A Fund’s transactions in zero coupon securities, non-U.S. currencies, forward contracts,","page_number":154,"box":{"x":322,"y":101,"width":612,"height":12}},{"id":"62ddb9f4-8e53-4aab-b0d9-340020a62e47","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":154,"box":{"x":89,"y":116,"width":865,"height":12}},{"id":"ad97d32a-2ede-410b-9555-7aed1da1e43b","block_type":"box","text":"be subject to special provisions of the Internal Revenue Code (including provisions relating to “hedging transactions” and","page_number":154,"box":{"x":89,"y":131,"width":848,"height":12}},{"id":"08d61cc0-8564-473c-b778-83ebae062640","block_type":"box","text":"“straddles”) that, among other consequences, may affect the character of gains and losses realized by the Fund (","page_number":154,"box":{"x":89,"y":146,"width":789,"height":12}},{"id":"e9a3cb32-362b-49f6-9fcd-f1662edcaae4","block_type":"box","text":"i.e.","page_number":154,"box":{"x":879,"y":147,"width":18,"height":9}},{"id":"2d03884c-7725-4549-a517-56d5f0ec65f5","block_type":"box","text":", may","page_number":154,"box":{"x":899,"y":149,"width":37,"height":9}},{"id":"af2d301c-29d6-416b-a512-a3cbe66e98a8","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":154,"box":{"x":89,"y":161,"width":856,"height":12}},{"id":"1010f0e5-2307-4e6d-a7de-582825b7ab3b","block_type":"box","text":"These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also","page_number":154,"box":{"x":88,"y":176,"width":856,"height":13}},{"id":"5c451472-566a-410d-879b-48a025144d0d","block_type":"box","text":"(a) will require a Fund to mark-to-market certain types of the positions in its portfolio (","page_number":154,"box":{"x":89,"y":191,"width":607,"height":13}},{"id":"c5fa6699-2587-4799-b26f-1c1f1f43d1af","block_type":"box","text":"i.e.","page_number":154,"box":{"x":697,"y":192,"width":18,"height":9}},{"id":"badeaa0e-9076-4210-8725-4b1d89aefa74","block_type":"box","text":", treat them as if they were closed","page_number":154,"box":{"x":717,"y":191,"width":235,"height":13}},{"id":"f1a5b746-0c05-428c-9385-62e5ec4626ac","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":154,"box":{"x":89,"y":206,"width":819,"height":13}},{"id":"cd3a4196-015f-4d20-88c4-c309bdda4c04","block_type":"box","text":"dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise","page_number":154,"box":{"x":89,"y":222,"width":876,"height":12}},{"id":"432ac9b1-10c1-4da5-9611-360fadf6e924","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":154,"box":{"x":88,"y":237,"width":879,"height":12}},{"id":"ce98f44e-92e1-47b6-8f37-bf2508bd4a9e","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":154,"box":{"x":89,"y":252,"width":816,"height":12}},{"id":"353a7727-9f8c-4f4f-a897-0775524e6950","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":154,"box":{"x":89,"y":267,"width":856,"height":12}},{"id":"dc2ef67f-27f0-4ddc-8014-ad11fa364e5e","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":154,"box":{"x":88,"y":293,"width":846,"height":13}},{"id":"e7b81e65-c653-4ade-9d5d-23a4890bd9b1","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":154,"box":{"x":88,"y":308,"width":854,"height":13}},{"id":"7a196472-ca89-4e92-8100-e249943707eb","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":154,"box":{"x":88,"y":324,"width":870,"height":12}},{"id":"4875bd17-a118-4939-8e48-27c9c36576d9","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":154,"box":{"x":89,"y":339,"width":843,"height":12}},{"id":"e4a5d2e2-a7f4-4259-ae82-67e930723aee","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":154,"box":{"x":89,"y":354,"width":844,"height":12}},{"id":"8e1b2fff-b1df-453f-be7e-7090f2d2d4ad","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":154,"box":{"x":89,"y":369,"width":854,"height":12}},{"id":"5f19edc7-6f8c-4440-a0ca-6c624eac1a53","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":154,"box":{"x":89,"y":384,"width":838,"height":12}},{"id":"4269a0b7-33bc-49b0-bf11-ab0d04ac8941","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":154,"box":{"x":88,"y":399,"width":860,"height":13}},{"id":"cfa09589-70e8-4c09-b4a6-f3a9f77cefa1","block_type":"box","text":"regardless of the period of time the positions were actually held by a Fund.","page_number":154,"box":{"x":89,"y":414,"width":520,"height":13}},{"id":"a57c6e89-97d6-44ca-8fde-f771444a29f5","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":154,"box":{"x":88,"y":441,"width":849,"height":12}},{"id":"17ea5d16-ab4e-472a-9bfd-5db670d06445","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":154,"box":{"x":89,"y":456,"width":808,"height":12}},{"id":"ac409a1d-0f7c-4295-9497-ba3cde93ed4d","block_type":"box","text":"transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will","page_number":154,"box":{"x":88,"y":471,"width":864,"height":12}},{"id":"5bdba85d-4071-4f0d-b985-6e484beb70d6","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":154,"box":{"x":89,"y":486,"width":878,"height":12}},{"id":"24876b19-6b3c-40c8-9915-43164450b1c4","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":154,"box":{"x":89,"y":501,"width":855,"height":13}},{"id":"dc433ae8-5ae9-4638-852e-dbd41eee7dc1","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":154,"box":{"x":88,"y":516,"width":845,"height":13}},{"id":"1a46c345-76c1-4e97-a54c-1f4a2bd3bfb6","block_type":"box","text":"annually for tax purposes as ordinary income or loss.","page_number":154,"box":{"x":89,"y":531,"width":369,"height":13}},{"id":"68066743-53dd-4cda-9e3d-d5e9cf966184","block_type":"box","text":"Qualified Dividend Income.","page_number":154,"box":{"x":89,"y":558,"width":196,"height":11}},{"id":"e54dce7f-543b-4e91-803d-8700ac6c5b1e","block_type":"box","text":"Distributions by a Fund of investment company taxable income (including any short-term","page_number":154,"box":{"x":294,"y":558,"width":627,"height":12}},{"id":"c8c21a91-25dc-4030-9756-d57aaa637e6f","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":154,"box":{"x":89,"y":573,"width":861,"height":12}},{"id":"ac045491-ca28-40a1-b3d3-788456e83ca3","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":154,"box":{"x":88,"y":588,"width":850,"height":12}},{"id":"83f6b7bf-1391-4cb8-8853-38375a61cb1e","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":154,"box":{"x":89,"y":603,"width":861,"height":13}},{"id":"7a2243f7-dc9c-424b-a821-c62fab532406","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":154,"box":{"x":89,"y":618,"width":831,"height":13}},{"id":"1569d2e1-b485-4e14-b414-d3cfb8bb5687","block_type":"box","text":"e.g.","page_number":154,"box":{"x":921,"y":621,"width":23,"height":10}},{"id":"2558dc76-8ce6-4c63-beeb-a1b7c32f05e3","block_type":"box","text":",","page_number":154,"box":{"x":946,"y":627,"width":2,"height":3}},{"id":"9a72d20f-53ed-48fa-a843-b498abcdb5c2","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":154,"box":{"x":89,"y":633,"width":872,"height":13}},{"id":"3f69006e-e7a3-40ef-9b4a-4d91d4e43d87","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":154,"box":{"x":89,"y":649,"width":848,"height":12}},{"id":"6ab894c8-6a5f-4e24-8563-c7e95febd38e","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":154,"box":{"x":89,"y":664,"width":879,"height":12}},{"id":"a6f28628-c6c7-445b-8471-ddacb35df805","block_type":"box","text":"by a Fund will not be qualified dividend income.","page_number":154,"box":{"x":89,"y":679,"width":332,"height":12}},{"id":"4f7c216a-8c9a-4e53-816b-48097fdd21f5","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":154,"box":{"x":88,"y":705,"width":855,"height":13}},{"id":"f4935a44-aa06-495d-9660-9163bf908093","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":154,"box":{"x":88,"y":720,"width":838,"height":13}},{"id":"afe232f0-48ea-4472-af1d-b0b3d242818f","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":154,"box":{"x":89,"y":736,"width":823,"height":12}},{"id":"9c2110ae-7a26-4c66-ab27-48fe0c8a32a7","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":154,"box":{"x":89,"y":751,"width":866,"height":12}},{"id":"a17d191c-9423-4f35-8ae4-0a889de7e02c","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":154,"box":{"x":89,"y":766,"width":860,"height":12}},{"id":"1ab9fa12-635c-4281-ab39-1c8ae9457325","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":154,"box":{"x":88,"y":781,"width":847,"height":12}},{"id":"d81b3d9a-7837-4404-864a-c77ae7f270f2","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":154,"box":{"x":89,"y":796,"width":872,"height":12}},{"id":"20cdf82b-f6d6-4bf6-9aa0-4d67c9fd42a2","block_type":"box","text":"substantially similar or related property; or (iii) the shareholder elects to treat such dividend as investment income under","page_number":154,"box":{"x":89,"y":811,"width":843,"height":12}},{"id":"65a3520d-4063-47c4-ba97-acd63f0fcfa8","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":154,"box":{"x":88,"y":826,"width":867,"height":13}},{"id":"8e11a9e1-07c2-494a-a72a-3c69b30962d5","block_type":"box","text":"as qualified dividend income only to the extent the dividend distributions are attributable to qualified dividend income","page_number":154,"box":{"x":89,"y":841,"width":825,"height":13}},{"id":"c2602851-b084-42d1-8f4b-31a9469daa4c","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":154,"box":{"x":89,"y":856,"width":807,"height":13}},{"id":"2e07df55-52bf-42b4-ba46-9fd9a62eb151","block_type":"box","text":"133","page_number":154,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"3d060ed1-89ff-4b7e-9321-f051343c6daf","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":155,"box":{"x":89,"y":44,"width":843,"height":12}},{"id":"298a91ca-e6cf-462a-9566-be1586dd181a","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":155,"box":{"x":89,"y":59,"width":864,"height":12}},{"id":"56350c7f-6a5b-4efd-a9d1-8eab044e734d","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":155,"box":{"x":89,"y":74,"width":877,"height":12}},{"id":"3244e826-335a-43f1-a196-7cc5fa9e17c9","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":155,"box":{"x":89,"y":89,"width":832,"height":13}},{"id":"7038e521-055a-4847-acf0-ed5a058425f3","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":155,"box":{"x":89,"y":104,"width":870,"height":13}},{"id":"4ab4397c-d546-46c5-81bf-8b60b595a75c","block_type":"box","text":"income.","page_number":155,"box":{"x":89,"y":120,"width":54,"height":9}},{"id":"85bf81af-1125-4998-8043-8dd95113c706","block_type":"box","text":"Corporate Dividends Received Deduction.","page_number":155,"box":{"x":89,"y":146,"width":300,"height":12}},{"id":"ef799be1-16db-4165-91c9-f21955d1373b","block_type":"box","text":"Dividends paid by a Fund that are attributable to dividends received by the Fund","page_number":155,"box":{"x":399,"y":146,"width":557,"height":12}},{"id":"f6258ad1-7ad2-4725-a607-05b6f1820110","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":155,"box":{"x":88,"y":161,"width":847,"height":12}},{"id":"5d407f03-da0b-4987-b9ba-4c787a9f19aa","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":155,"box":{"x":89,"y":176,"width":855,"height":13}},{"id":"e68bdaeb-8c23-45d9-aed0-b2aab657ace6","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":155,"box":{"x":89,"y":191,"width":869,"height":13}},{"id":"b984e917-2123-47e2-ac97-7baf83f52444","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":155,"box":{"x":89,"y":206,"width":835,"height":13}},{"id":"5b3cede2-b21e-45e6-b514-4e6cc955d698","block_type":"box","text":"eligible for the dividends received deduction. Restrictions may apply if indebtedness, including a short sale, is attributable to","page_number":155,"box":{"x":89,"y":222,"width":865,"height":12}},{"id":"067ec4e6-8e39-4826-be03-514329a2f217","block_type":"box","text":"the investment.","page_number":155,"box":{"x":88,"y":237,"width":108,"height":9}},{"id":"7a82bc75-91b4-48f8-9a14-45d1a7bfc9a6","block_type":"box","text":"Excess Inclusion Income.","page_number":155,"box":{"x":89,"y":263,"width":180,"height":10}},{"id":"d64f1ec0-980a-454f-a613-52a32c6d3ca3","block_type":"box","text":"Under current law, the Funds serve to block unrelated business taxable income (“UBTI”) from","page_number":155,"box":{"x":278,"y":263,"width":652,"height":12}},{"id":"4fae2a27-0053-429c-aca6-7939b319de20","block_type":"box","text":"being realized by their tax-exempt shareholders. Notwithstanding the foregoing, a tax-exempt shareholder could realize UBTI","page_number":155,"box":{"x":89,"y":278,"width":872,"height":13}},{"id":"fbafacfe-2e67-4e00-a5a4-7189892680de","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":155,"box":{"x":89,"y":293,"width":859,"height":13}},{"id":"bd7c09f8-c141-4824-a63f-415ade652aa3","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":155,"box":{"x":89,"y":308,"width":865,"height":13}},{"id":"163df4c5-682e-415d-9df8-350185406869","block_type":"box","text":"from REITs, real estate mortgage investment conduits, taxable mortgage pools or other investments may cause the Fund to","page_number":155,"box":{"x":88,"y":324,"width":864,"height":12}},{"id":"61b63716-089a-4d5e-be13-9581322e1930","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":155,"box":{"x":89,"y":339,"width":873,"height":12}},{"id":"73cce6d9-9122-4574-a06f-05613e6fc107","block_type":"box","text":"(i) constitute taxable income, as UBTI for those shareholders who would otherwise be tax-exempt such as individual","page_number":155,"box":{"x":89,"y":354,"width":814,"height":12}},{"id":"a634e0c7-315d-4b58-bd85-75cad52fc9ad","block_type":"box","text":"retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not be offset by","page_number":155,"box":{"x":89,"y":369,"width":816,"height":12}},{"id":"1a84419a-8281-4a4c-a6b5-33e7d5006081","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":155,"box":{"x":89,"y":384,"width":860,"height":12}},{"id":"a1b37e9c-183e-4801-a974-75afdf16f97b","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":155,"box":{"x":89,"y":399,"width":864,"height":13}},{"id":"c38b112f-1c90-4f8f-ab3d-339dda5e105a","block_type":"box","text":"by the Internal Revenue Code, are Fund shareholders. If a charitable remainder annuity trust or a charitable remainder","page_number":155,"box":{"x":89,"y":414,"width":823,"height":13}},{"id":"8a0c00e5-0c9c-4ada-a062-c3349fc022cd","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":155,"box":{"x":89,"y":429,"width":864,"height":13}},{"id":"8f11fff1-b0b0-483c-90ee-38b0525cf33f","block_type":"box","text":"UBTI is imposed on the trust.","page_number":155,"box":{"x":89,"y":445,"width":201,"height":12}},{"id":"c01858b1-5dac-452b-b361-f9db9ab620de","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":155,"box":{"x":89,"y":471,"width":875,"height":12}},{"id":"7d0805f7-62db-42da-b3aa-cab118e2fabc","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":155,"box":{"x":89,"y":486,"width":852,"height":12}},{"id":"199afbf3-2f23-4df4-a08f-05c942a77d9f","block_type":"box","text":"REIT may change its investment program, a Fund may not be successful in avoiding the consequences described above.","page_number":155,"box":{"x":89,"y":501,"width":838,"height":13}},{"id":"0e09c862-95f3-48d9-9b76-461085495849","block_type":"box","text":"Avoidance of investments in REITs that generate excess inclusion income may require a Fund to forego otherwise attractive","page_number":155,"box":{"x":88,"y":516,"width":863,"height":13}},{"id":"df1f86fb-6936-4a76-9f88-3784a0d516cd","block_type":"box","text":"investment opportunities.","page_number":155,"box":{"x":89,"y":532,"width":179,"height":12}},{"id":"fe4a01ce-7d7f-4307-862a-be35fb89ffc6","block_type":"box","text":"Non-U.S. Investments.","page_number":155,"box":{"x":89,"y":558,"width":159,"height":10}},{"id":"462f9482-876f-4830-8f31-577e640cbf7b","block_type":"box","text":"Under Section 988 of the Internal Revenue Code, gains or losses attributable to fluctuations in","page_number":155,"box":{"x":257,"y":558,"width":656,"height":12}},{"id":"17d2a3d2-4523-48e8-983a-fc5486b94407","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":155,"box":{"x":89,"y":573,"width":877,"height":12}},{"id":"5f6d27dc-0f14-4012-aa47-fa26affc4f96","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":155,"box":{"x":89,"y":588,"width":834,"height":12}},{"id":"c9c670df-cf2f-4ddc-b009-e4050dc0bcc9","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":155,"box":{"x":89,"y":603,"width":850,"height":13}},{"id":"9a04c3cd-b8fa-4528-9700-9b61b8829f87","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":155,"box":{"x":89,"y":618,"width":811,"height":13}},{"id":"71c25c92-003c-49bc-b88e-acd06a8df872","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":155,"box":{"x":89,"y":633,"width":830,"height":13}},{"id":"46c9773f-5234-4334-822b-eec9eef58342","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":155,"box":{"x":89,"y":649,"width":823,"height":12}},{"id":"8940c720-53de-4dfe-8789-a34e03c5a68b","block_type":"box","text":"fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss","page_number":155,"box":{"x":88,"y":664,"width":842,"height":12}},{"id":"a9f0f4cc-d18f-4436-912c-abe6da1eacd0","block_type":"box","text":"unless a Fund was to elect otherwise.","page_number":155,"box":{"x":89,"y":679,"width":260,"height":10}},{"id":"b2acd083-058e-465a-8636-eae9ae397ee1","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":155,"box":{"x":89,"y":705,"width":850,"height":13}},{"id":"bc777acd-a0c7-4ad3-b74a-30f9924dcf33","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":155,"box":{"x":89,"y":720,"width":825,"height":13}},{"id":"0d828f1f-3aac-4bd8-84ec-7332774fa39e","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":155,"box":{"x":89,"y":736,"width":853,"height":12}},{"id":"c12a6312-1a98-43b8-bcd7-4dbe83f27952","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":155,"box":{"x":89,"y":751,"width":873,"height":12}},{"id":"12736b33-cd6f-42c1-8fec-2a2a9da5faa0","block_type":"box","text":"distribution will (i) include in gross income, even though not actually received, the investor’s","page_number":155,"box":{"x":89,"y":766,"width":644,"height":12}},{"id":"b3922449-7d0a-4ae7-a306-84cc98a72938","block_type":"box","text":"pro rata","page_number":155,"box":{"x":737,"y":767,"width":56,"height":11}},{"id":"6535e4c4-0e6b-4584-a8a1-715ef447974a","block_type":"box","text":"share of the Fund’s","page_number":155,"box":{"x":798,"y":766,"width":133,"height":9}},{"id":"96b182d0-467f-4b53-8e40-55c750785a6e","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":155,"box":{"x":89,"y":781,"width":840,"height":12}},{"id":"b650c223-8ffb-47bc-beb6-ed4ef02eb878","block_type":"box","text":"deductions on their personal tax returns) or credit (in calculating U.S. federal income tax) the investor’s","page_number":155,"box":{"x":89,"y":796,"width":722,"height":12}},{"id":"157cb2f7-43a3-42c4-bca9-12d9ba151a25","block_type":"box","text":"pro rata","page_number":155,"box":{"x":815,"y":797,"width":56,"height":11}},{"id":"4965b1e7-fd48-44cd-999f-d51bd35d552d","block_type":"box","text":"share of the","page_number":155,"box":{"x":875,"y":796,"width":83,"height":10}},{"id":"ceb3c2f4-de7d-4598-9069-52e4cbdadf77","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":155,"box":{"x":89,"y":811,"width":861,"height":12}},{"id":"f050e630-ee80-4fba-b9b4-428bf3612fb8","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":155,"box":{"x":89,"y":826,"width":878,"height":13}},{"id":"195412d7-3a8c-4a52-b7b6-426b8b637548","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":155,"box":{"x":89,"y":841,"width":855,"height":13}},{"id":"641775e4-2597-4165-8d18-4ea8848b67b6","block_type":"box","text":"134","page_number":155,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"a175d935-583d-4f49-92e1-439a361704cb","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":156,"box":{"x":88,"y":44,"width":855,"height":12}},{"id":"639e322f-4da0-478b-873b-156d1c65620d","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":156,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"39831aca-b1d2-4ca3-bdcc-d2c7b3e1cdb3","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":156,"box":{"x":89,"y":74,"width":860,"height":12}},{"id":"a93b282a-dcec-4ee2-85e0-9ccef5260e1d","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":156,"box":{"x":89,"y":89,"width":850,"height":13}},{"id":"b7ed9844-05e9-4869-a851-332653bcd70a","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":156,"box":{"x":89,"y":104,"width":808,"height":13}},{"id":"f2beb4d2-80b1-450a-8ff7-cbfe2382ca22","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":156,"box":{"x":89,"y":119,"width":841,"height":13}},{"id":"6afa3674-6a4a-42d5-860e-103169064f97","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":156,"box":{"x":89,"y":135,"width":847,"height":12}},{"id":"3b659841-8e56-41a7-8547-fa32233bd2ae","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":156,"box":{"x":89,"y":150,"width":879,"height":12}},{"id":"84bd9fde-a0d5-4a9b-a461-b16f46dd1857","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":156,"box":{"x":88,"y":165,"width":877,"height":12}},{"id":"1feba788-577a-49dc-9692-fbd5810a3ae2","block_type":"box","text":"circumstances. Consult your financial intermediary or tax advisor.","page_number":156,"box":{"x":89,"y":180,"width":457,"height":12}},{"id":"e7ceec13-fc1c-499b-a823-77bf0500fe3b","block_type":"box","text":"Passive Foreign Investment Companies.","page_number":156,"box":{"x":89,"y":207,"width":284,"height":12}},{"id":"c836ca49-952a-46e1-a711-8e316d08004f","block_type":"box","text":"If a Fund purchases shares in PFICs, it may be subject to U.S. federal income tax on","page_number":156,"box":{"x":383,"y":206,"width":577,"height":13}},{"id":"3b82c181-6c2f-4616-b6d4-3985c55e6dc4","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":156,"box":{"x":89,"y":222,"width":833,"height":12}},{"id":"00410eae-79ab-4cc4-807a-bdf1ccaf4361","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":156,"box":{"x":88,"y":237,"width":870,"height":12}},{"id":"85b9bb55-f842-4937-a5d7-5e9399dd41e4","block_type":"box","text":"respect of deferred taxes arising from such distributions or gains.","page_number":156,"box":{"x":89,"y":252,"width":455,"height":12}},{"id":"228f5f3f-43f8-4e95-91a9-27d8433409d4","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":156,"box":{"x":89,"y":278,"width":873,"height":13}},{"id":"c8a5d000-e4f1-4b9a-9afb-56a9b973b698","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":156,"box":{"x":89,"y":293,"width":818,"height":13}},{"id":"f31dc184-7e46-46e8-b731-51f642c7a080","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":156,"box":{"x":89,"y":308,"width":855,"height":13}},{"id":"04fa27ca-2d86-45bd-af87-0c75d47bfaaf","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":156,"box":{"x":89,"y":324,"width":874,"height":12}},{"id":"01c2bc6c-6a88-44f8-83ef-a158b454a533","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":156,"box":{"x":89,"y":339,"width":832,"height":12}},{"id":"a00a3d1b-5c51-42b1-add5-2821c6e85390","block_type":"box","text":"obtain.","page_number":156,"box":{"x":89,"y":354,"width":47,"height":10}},{"id":"61eae0ae-8b88-45e2-bc9d-0836443d7837","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":156,"box":{"x":88,"y":380,"width":838,"height":13}},{"id":"7ea4f4fe-0125-49e2-85c0-ab8087015d10","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":156,"box":{"x":89,"y":395,"width":870,"height":13}},{"id":"9d2d8488-6ea0-4870-9beb-53e749d550d0","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":156,"box":{"x":88,"y":410,"width":848,"height":13}},{"id":"057bb2fb-8a8d-4e00-8825-236568b788d0","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":156,"box":{"x":89,"y":426,"width":822,"height":12}},{"id":"d55c7403-7dd5-4068-89a6-20f1b81e90c5","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":156,"box":{"x":89,"y":441,"width":783,"height":12}},{"id":"6ecfa1ee-2085-4919-95be-b5d480f6b102","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":156,"box":{"x":89,"y":456,"width":830,"height":12}},{"id":"c633154d-5194-4605-9071-8c91da99a91e","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":156,"box":{"x":89,"y":471,"width":845,"height":12}},{"id":"699c284f-9acb-4d15-8d26-b0c148a7dc2b","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":156,"box":{"x":89,"y":486,"width":876,"height":12}},{"id":"cf4b064c-a23c-4b0a-8b1a-65d4dc65773b","block_type":"box","text":"4% excise tax.","page_number":156,"box":{"x":88,"y":502,"width":99,"height":9}},{"id":"4642d3d1-211c-4a63-b41e-7dc64d7fbbb6","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":156,"box":{"x":88,"y":528,"width":856,"height":12}},{"id":"adca5675-13a5-42cb-8116-4d61fa70f5eb","block_type":"box","text":"effects of these rules.","page_number":156,"box":{"x":89,"y":543,"width":147,"height":10}},{"id":"d140eac7-6fc4-4edf-8e45-62dde1e36aed","block_type":"box","text":"Reporting.","page_number":156,"box":{"x":89,"y":570,"width":74,"height":12}},{"id":"c01ca6a4-c422-4c67-8a5a-8f82dce0e43a","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":156,"box":{"x":173,"y":569,"width":720,"height":13}},{"id":"8a4f74fd-c664-4eff-8e34-0359a9ed29ad","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":156,"box":{"x":89,"y":584,"width":871,"height":13}},{"id":"3f205d95-c003-4524-86be-466a1a3cce16","block_type":"box","text":"on IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from this reporting requirement,","page_number":156,"box":{"x":89,"y":599,"width":855,"height":13}},{"id":"4a90a8ef-9fbd-4311-af05-05f00dc919c8","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":156,"box":{"x":89,"y":615,"width":797,"height":12}},{"id":"03620f5f-649f-4ea1-8b7d-073b485d41dd","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":156,"box":{"x":89,"y":630,"width":851,"height":12}},{"id":"b6f030c6-b199-41cc-9e6c-06a06fb02994","block_type":"box","text":"should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":156,"box":{"x":89,"y":645,"width":868,"height":12}},{"id":"e1689951-837c-42b7-844b-2aeec1be86db","block_type":"box","text":"Other Taxes.","page_number":156,"box":{"x":89,"y":671,"width":89,"height":10}},{"id":"f234038d-8074-411e-8fe8-ec71c2d2c6a5","block_type":"box","text":"Dividends, distributions and redemption proceeds may also be subject to additional state, local and non-U.S.","page_number":156,"box":{"x":188,"y":671,"width":758,"height":13}},{"id":"2f843445-a9e5-4130-97c6-4d8414f9ec88","block_type":"box","text":"taxes depending on each shareholder’s particular situation.","page_number":156,"box":{"x":88,"y":686,"width":414,"height":13}},{"id":"44bb933a-f747-4caf-8c7b-c06f25a0e14c","block_type":"box","text":"Taxation of Non-U.S. Shareholders.","page_number":156,"box":{"x":88,"y":713,"width":252,"height":10}},{"id":"ca509b6f-3fff-48be-bac0-1113fceb1bb9","block_type":"box","text":"Dividends paid by a Fund to non-U.S. shareholders are generally subject to withholding","page_number":156,"box":{"x":350,"y":713,"width":608,"height":12}},{"id":"5ff14db8-d4d7-4620-89dc-465d711064f4","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":156,"box":{"x":88,"y":728,"width":879,"height":12}},{"id":"eb4bd6a8-9f27-438e-b0f8-803ca6ab9abd","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":156,"box":{"x":89,"y":743,"width":869,"height":12}},{"id":"85fc62bd-d10c-4015-bf3c-9ad76a76a633","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":156,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"071ffa4f-8082-4e01-bc75-cdd732446243","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":156,"box":{"x":88,"y":773,"width":864,"height":13}},{"id":"b910742c-f7e7-44d1-b9e8-87e444e12c6f","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":156,"box":{"x":88,"y":788,"width":868,"height":13}},{"id":"4f92c760-b0c2-4c75-bd3c-45b7c4d2ca1f","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":156,"box":{"x":89,"y":804,"width":852,"height":12}},{"id":"54c6910b-3f39-46c0-8954-8cdc3d75dbab","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":156,"box":{"x":88,"y":819,"width":828,"height":12}},{"id":"bcb5e91c-2375-4e1e-b8ea-93872a9e58cd","block_type":"box","text":"shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional “branch","page_number":156,"box":{"x":89,"y":834,"width":837,"height":12}},{"id":"3041f180-86dd-4a8d-b708-f96b932bd2cd","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":156,"box":{"x":89,"y":849,"width":876,"height":12}},{"id":"089cc396-b837-49f8-aa5a-34264e9743a2","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":156,"box":{"x":89,"y":864,"width":751,"height":12}},{"id":"e4a065e0-c36c-4189-8d95-e2fee9872b00","block_type":"box","text":"135","page_number":156,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"08b72f4b-df95-4e6c-b427-ff366d64da15","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":157,"box":{"x":89,"y":44,"width":845,"height":12}},{"id":"b2bc4345-4a37-4119-aa08-39ddd3c99850","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":157,"box":{"x":89,"y":59,"width":827,"height":12}},{"id":"ab93e627-afe4-41e1-9411-6ac4247f7178","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":157,"box":{"x":89,"y":74,"width":835,"height":12}},{"id":"7498ca2a-e8c8-4059-bec7-6fed7787f04d","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":157,"box":{"x":89,"y":89,"width":853,"height":13}},{"id":"340fbd3c-90b8-4159-b1a6-9ff41acfd4b7","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":157,"box":{"x":89,"y":104,"width":866,"height":13}},{"id":"a0e950c8-9195-4b5d-ae59-982be4619494","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":157,"box":{"x":88,"y":119,"width":823,"height":13}},{"id":"392e6270-b164-4f68-b293-7fabe37e1289","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":157,"box":{"x":89,"y":135,"width":870,"height":12}},{"id":"e8601a4e-65aa-4b3f-87b9-1104123b51c8","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":157,"box":{"x":89,"y":150,"width":856,"height":12}},{"id":"ee99019b-cbb4-4e8a-bf22-40847400e639","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":157,"box":{"x":89,"y":165,"width":853,"height":12}},{"id":"814a1571-81ea-448c-84c1-0b597c233f27","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":157,"box":{"x":89,"y":180,"width":838,"height":12}},{"id":"0ddef0dd-a72a-4e9c-a12f-b3412a0743f0","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":157,"box":{"x":89,"y":195,"width":868,"height":12}},{"id":"f0468b4f-4424-486b-a60d-4ab87ec88cbd","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":157,"box":{"x":89,"y":210,"width":854,"height":13}},{"id":"585f1bc6-4a83-4c13-9d37-5223ddb76ae1","block_type":"box","text":"rules to their accounts.","page_number":157,"box":{"x":89,"y":225,"width":159,"height":10}},{"id":"38008e97-ff33-4f89-a09c-23be21be74dc","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":157,"box":{"x":88,"y":252,"width":862,"height":12}},{"id":"2b6b0da0-e55e-45fd-a09a-1177fe2d22c3","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":157,"box":{"x":89,"y":267,"width":864,"height":12}},{"id":"0b220963-217e-4c96-b3cd-70778d031467","block_type":"box","text":"Internal Revenue Code and Treasury regulations). Fund distributions that are attributable to gain from the disposition of a","page_number":157,"box":{"x":89,"y":282,"width":850,"height":12}},{"id":"82e8796a-fb7d-4032-8835-921b110d05a8","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":157,"box":{"x":89,"y":297,"width":870,"height":12}},{"id":"7ffa33b3-8e82-4182-aa64-c5e90d5723e3","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":157,"box":{"x":88,"y":312,"width":875,"height":13}},{"id":"07171911-b375-4f27-b00a-224c135c88ba","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":157,"box":{"x":88,"y":327,"width":835,"height":13}},{"id":"bfbc00f4-bef2-4314-9ff9-a797b417d231","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":157,"box":{"x":89,"y":342,"width":822,"height":13}},{"id":"3ad361d8-2930-431f-a181-8ac182e1ba02","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":157,"box":{"x":88,"y":358,"width":726,"height":12}},{"id":"0ef9fb61-3eb4-4848-8a65-02fc6eeebd1c","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":157,"box":{"x":88,"y":384,"width":846,"height":12}},{"id":"eff2b637-5ba4-4af2-9ebe-7cabada71a9a","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":157,"box":{"x":89,"y":399,"width":860,"height":13}},{"id":"72304001-8767-4bb6-8ea6-d67a0076a3b9","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":157,"box":{"x":88,"y":414,"width":881,"height":13}},{"id":"054677e3-1c18-43e0-aadb-22385cd62ab5","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":157,"box":{"x":89,"y":429,"width":857,"height":13}},{"id":"a42464f9-514d-4a47-aede-2f7fec4222c1","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":157,"box":{"x":89,"y":445,"width":870,"height":12}},{"id":"60edb2b6-11a5-4d5e-9dc8-5ed53e2520df","block_type":"box","text":"tax advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":157,"box":{"x":88,"y":460,"width":664,"height":12}},{"id":"c67a5f6e-52e3-43ee-bd81-9d019d8d02c8","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":157,"box":{"x":88,"y":486,"width":874,"height":12}},{"id":"f7d165b8-29ae-438e-9b07-e9760d4d1a36","block_type":"box","text":"obligations discussed above through the sale and repurchase of Fund shares.","page_number":157,"box":{"x":89,"y":501,"width":539,"height":13}},{"id":"bc408f7a-df4a-4863-b760-e1f84d1557bb","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors concerning the","page_number":157,"box":{"x":88,"y":528,"width":825,"height":12}},{"id":"6ebf700a-614e-40f8-868f-ab83a477b5af","block_type":"box","text":"particular tax consequences to them of an investment in a Fund.","page_number":157,"box":{"x":89,"y":543,"width":450,"height":12}},{"id":"5a0a5d31-3d8d-4779-9acb-b95e12c1486a","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":157,"box":{"x":88,"y":569,"width":871,"height":13}},{"id":"c37cd5c7-580f-4775-8f3a-362bdd7d090a","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":157,"box":{"x":88,"y":584,"width":822,"height":13}},{"id":"9b20a315-237e-4ea9-9e30-4a07b95f415e","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":157,"box":{"x":89,"y":599,"width":866,"height":13}},{"id":"f0e312b7-41d8-483d-8462-80a71e6ed117","block_type":"box","text":"certain information regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial institutions will","page_number":157,"box":{"x":89,"y":615,"width":846,"height":12}},{"id":"6280f85b-c500-459f-a965-f511866132b4","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":157,"box":{"x":89,"y":630,"width":841,"height":12}},{"id":"74bc7f96-aaa4-40ef-8921-11625c7ab821","block_type":"box","text":"addresses and taxpayer identification numbers of direct and indirect U.S. account holders; comply with due diligence","page_number":157,"box":{"x":89,"y":645,"width":817,"height":12}},{"id":"71af900e-3944-4a6c-9444-0d97e799976d","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":157,"box":{"x":89,"y":660,"width":830,"height":12}},{"id":"83050373-bb3d-45ac-8fc4-57f5ef5eb840","block_type":"box","text":"accounts maintained; agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to","page_number":157,"box":{"x":89,"y":675,"width":861,"height":12}},{"id":"d0900154-5f98-413b-b0ad-7b567537fae4","block_type":"box","text":"account holders who fail to provide the required information; and determine certain other information concerning their","page_number":157,"box":{"x":89,"y":690,"width":835,"height":13}},{"id":"120d810e-a16a-443d-b6b9-65cae8e4f7c3","block_type":"box","text":"account holders, or (ii) in the event an intergovernmental agreement and implementing legislation are adopted, provide local","page_number":157,"box":{"x":89,"y":705,"width":873,"height":13}},{"id":"100912e4-e4a2-4c3a-959e-692467b66ae1","block_type":"box","text":"revenue authorities with similar account holder information. Other foreign entities may need to report the name, address,","page_number":157,"box":{"x":89,"y":720,"width":849,"height":13}},{"id":"4aa7135f-418d-46e7-bd2b-5c555423b021","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":157,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"83a6e294-8eb6-4c0c-9dfb-472522f75d14","block_type":"box","text":"unless certain exceptions apply.","page_number":157,"box":{"x":89,"y":751,"width":220,"height":12}},{"id":"76e96063-6b44-4288-9f2a-fc4232741e3c","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":157,"box":{"x":88,"y":777,"width":857,"height":12}},{"id":"525ff25a-1c63-4845-8de0-c76ee7f2f210","block_type":"box","text":"estate tax.","page_number":157,"box":{"x":89,"y":794,"width":70,"height":8}},{"id":"dd17c945-5a67-4d9d-b807-2904e73444af","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":157,"box":{"x":88,"y":819,"width":872,"height":12}},{"id":"757cd599-7bf3-4fcb-a174-2df92cfdc3ba","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":157,"box":{"x":89,"y":834,"width":864,"height":12}},{"id":"8865346a-cbe3-4fa2-a6ed-6e7ca40fc8d3","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":157,"box":{"x":89,"y":849,"width":874,"height":12}},{"id":"5946647b-996f-4a03-9d11-8be8ad71c38b","block_type":"box","text":"is based on applicable provisions of the Internal Revenue Code, regulations, judicial authority and administrative","page_number":157,"box":{"x":89,"y":864,"width":782,"height":12}},{"id":"ddd4f63c-4681-4210-895c-2f4873c54054","block_type":"box","text":"136","page_number":157,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"8e3dce1a-2c1b-41d2-8e64-b2a68e3f05a4","block_type":"box","text":"interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions","page_number":158,"box":{"x":89,"y":44,"width":826,"height":12}},{"id":"18d4155d-234b-4a98-9065-a6f59852909e","block_type":"box","text":"discussed above, and such changes often occur.","page_number":158,"box":{"x":89,"y":59,"width":336,"height":12}},{"id":"8b24273c-102c-488b-9a16-361658fd61e7","block_type":"box","text":"Financial Statements","page_number":158,"box":{"x":91,"y":90,"width":348,"height":23}},{"id":"4c66677b-e89a-4ac9-96f6-4024f76dda5b","block_type":"box","text":"Each Fund’s financial statements, financial highlights and notes thereto and the report therein of PricewaterhouseCoopers","page_number":158,"box":{"x":89,"y":131,"width":856,"height":12}},{"id":"c5215070-8505-40cc-9c5e-9d4a5d91d846","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":158,"box":{"x":89,"y":146,"width":857,"height":12}},{"id":"cc374b94-976c-4868-970b-f68a6fc913b8","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":158,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"ceb20f13-266c-4515-a488-8b382cdf8e21","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":158,"box":{"x":89,"y":176,"width":850,"height":13}},{"id":"2f23b94d-aca4-4902-858a-ad933c4ffddb","block_type":"box","text":"may be obtained without charge as described on the cover page of this SAI.","page_number":158,"box":{"x":89,"y":191,"width":528,"height":13}},{"id":"cbf60c66-e662-4613-a2ee-bbc3dbb1323e","block_type":"box","text":"Miscellaneous Information","page_number":158,"box":{"x":90,"y":222,"width":446,"height":23}},{"id":"99c242f2-adc0-4f27-8350-0dae019ae9dd","block_type":"box","text":"Counsel.","page_number":158,"box":{"x":89,"y":263,"width":61,"height":10}},{"id":"d8deec1d-fd1c-40bd-a6f5-8b1dd0dd4755","block_type":"box","text":"Willkie Farr & Gallagher LLP, located at 787 Seventh Avenue, New York, NY 10019, is counsel to the Company.","page_number":158,"box":{"x":159,"y":263,"width":762,"height":12}},{"id":"1beba3e3-1368-4331-aede-3e42f0443429","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":158,"box":{"x":89,"y":290,"width":349,"height":12}},{"id":"c8af3f38-4a0d-4085-9e25-bab3afb50f9f","block_type":"box","text":"PricewaterhouseCoopers LLP, located at Two Commerce Square, 2001","page_number":158,"box":{"x":448,"y":290,"width":488,"height":12}},{"id":"5b5154d6-cf6f-4d80-96a9-ae0859961e66","block_type":"box","text":"Market Street, Philadelphia, PA 19103, serves as the Company’s independent registered public accounting firm, audits the","page_number":158,"box":{"x":89,"y":305,"width":848,"height":12}},{"id":"df724bea-8900-4e67-9ba0-76b6093f5e5a","block_type":"box","text":"Funds’ financial statements, and may perform other services.","page_number":158,"box":{"x":89,"y":320,"width":427,"height":12}},{"id":"51e19f76-5738-410e-a9cc-a0bd5ecfc8d7","block_type":"box","text":"Shareholder Communications to the Board.","page_number":158,"box":{"x":88,"y":346,"width":313,"height":10}},{"id":"a2e80155-a661-4c61-aed7-feae9de68a6b","block_type":"box","text":"The Board has established a process for shareholders to communicate with the","page_number":158,"box":{"x":409,"y":346,"width":555,"height":13}},{"id":"6477c308-eac8-4716-b3a9-825d5a2e1ca6","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":158,"box":{"x":89,"y":361,"width":867,"height":13}},{"id":"bc5f1630-0ca0-4b0c-9158-0e7bb678f6e3","block_type":"box","text":"BlackRock Fund Advisors, iShares Fund Administration, 400 Howard Street, San Francisco, CA 94105. Shareholder","page_number":158,"box":{"x":89,"y":376,"width":796,"height":12}},{"id":"af7d56e9-52f1-4f36-9acc-050e898b29c7","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":158,"box":{"x":89,"y":392,"width":868,"height":12}},{"id":"7ace775f-475e-4393-bc29-06dc2d5877a2","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":158,"box":{"x":89,"y":407,"width":863,"height":12}},{"id":"74c0e154-ab3e-4ab2-b949-129ecf7fd650","block_type":"box","text":"are owned indirectly through a broker, financial intermediary or other record owner, the name of the broker, financial","page_number":158,"box":{"x":89,"y":422,"width":814,"height":12}},{"id":"11092a33-a918-4613-aaaa-21547ec54443","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":158,"box":{"x":89,"y":437,"width":867,"height":12}},{"id":"0430bc6e-212e-4439-a050-65e65b795e82","block_type":"box","text":"Company and reported to the Board.","page_number":158,"box":{"x":89,"y":452,"width":255,"height":12}},{"id":"97c6c36d-bbe9-472a-acaa-0b96d670a827","block_type":"box","text":"Regulation Under the Alternative Investment Fund Managers Directive.","page_number":158,"box":{"x":89,"y":479,"width":509,"height":12}},{"id":"09eb7f7f-b0f1-452b-90c5-6f1f4c529382","block_type":"box","text":"The Alternative Investment Fund Managers","page_number":158,"box":{"x":607,"y":479,"width":303,"height":12}},{"id":"5bfe18d5-9a7c-438b-a6ec-0ed633eff554","block_type":"box","text":"Directive (“AIFMD”) imposes detailed and prescriptive obligations on fund managers established in the EU (“EU Operative","page_number":158,"box":{"x":89,"y":494,"width":850,"height":12}},{"id":"af81d823-ef05-4115-88a0-a49f656c17b3","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":158,"box":{"x":89,"y":509,"width":873,"height":12}},{"id":"c8f85b9e-5f7c-4aee-b5be-3ce48b8eff37","block_type":"box","text":"are only required to comply with certain disclosure, reporting and transparency obligations of AIFMD (“AIFMD Disclosure","page_number":158,"box":{"x":89,"y":524,"width":848,"height":12}},{"id":"50f18ced-940b-4536-9dd2-47b9b68d2c38","block_type":"box","text":"Provisions”) if such managers market a fund to EU investors.","page_number":158,"box":{"x":89,"y":539,"width":423,"height":12}},{"id":"065f7857-7480-432e-9912-d07508c6710c","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":158,"box":{"x":88,"y":565,"width":870,"height":13}},{"id":"585f4d2a-cd96-41bd-920a-b1412aa05ffb","block_type":"box","text":"can be made. These EU Operative Provisions include prescriptive rules on: measuring and capping leverage in line with","page_number":158,"box":{"x":89,"y":581,"width":828,"height":12}},{"id":"9dbcea63-48e3-4ac3-92c2-5e2a4b3cad26","block_type":"box","text":"known European standards; the treatment of investors; the use of “depositaries”; and coverage for professional liability risks.","page_number":158,"box":{"x":89,"y":596,"width":868,"height":12}},{"id":"eba96306-a4e9-432b-af5b-876936907e64","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":158,"box":{"x":88,"y":622,"width":848,"height":12}},{"id":"a9698e91-0816-4cd8-ae23-061b131f2fe9","block_type":"box","text":"‘alternative investment fund manager’ (“AIFM”) be identified to meet such conditions where such marketing is sought. For","page_number":158,"box":{"x":89,"y":637,"width":857,"height":13}},{"id":"a8f9def1-c50f-4e02-ba52-b84da9c68b5f","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":158,"box":{"x":88,"y":652,"width":862,"height":13}},{"id":"303f5a43-6c19-4782-bbf7-a3ff3043929d","block_type":"box","text":"the AIFM.","page_number":158,"box":{"x":88,"y":668,"width":67,"height":9}},{"id":"2e23835d-79cc-496c-968f-1b09da2393b4","block_type":"box","text":"AIFMD requires disclosure on an ongoing basis of certain information relating to the use of special arrangements, leverage,","page_number":158,"box":{"x":88,"y":694,"width":862,"height":12}},{"id":"8eb80307-0098-4469-98e0-e5fd4ab6e25b","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":158,"box":{"x":89,"y":709,"width":865,"height":12}},{"id":"feb71b16-b82d-4284-9f4e-66154eb5c516","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":158,"box":{"x":89,"y":724,"width":862,"height":13}},{"id":"c48450ab-1ec1-4fae-9599-86bf70efa942","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":158,"box":{"x":89,"y":739,"width":822,"height":13}},{"id":"6ffdd9c3-2953-43e2-823c-8a83409676cc","block_type":"box","text":"appropriate, disclose in its annual report information on the Fund’s leverage, risk profile and risk management systems","page_number":158,"box":{"x":89,"y":754,"width":831,"height":13}},{"id":"a45c080e-f812-4acc-9749-543a0c2808b4","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":158,"box":{"x":89,"y":770,"width":872,"height":12}},{"id":"a0f59e09-6752-43cb-89fe-e0058181fd2c","block_type":"box","text":"employed in respect of the Fund.","page_number":158,"box":{"x":89,"y":785,"width":228,"height":12}},{"id":"9f0f63a2-72a2-4e1c-8775-f917c0afe649","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":158,"box":{"x":89,"y":811,"width":809,"height":12}},{"id":"fb8d2118-c28e-405e-ab6e-9058ced86df9","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF","page_number":158,"box":{"x":89,"y":838,"width":291,"height":12}},{"id":"e14aff59-71df-4d56-aecd-e48dc295847f","block_type":"box","text":"iShares MSCI Brazil ETF","page_number":158,"box":{"x":89,"y":853,"width":163,"height":9}},{"id":"833eb624-45bd-4c00-a1cc-3028216f743b","block_type":"box","text":"137","page_number":158,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"4e074418-4e54-4650-9fa5-86a4d7e893cd","block_type":"box","text":"iShares MSCI Emerging Markets ETF","page_number":159,"box":{"x":89,"y":44,"width":254,"height":12}},{"id":"3ab25152-317c-427f-adc1-d9439e8b2e34","block_type":"box","text":"iShares MSCI Taiwan ETF","page_number":159,"box":{"x":89,"y":59,"width":176,"height":10}},{"id":"3e965f39-753f-4f00-9aab-7534be84483d","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":159,"box":{"x":89,"y":85,"width":870,"height":13}},{"id":"a768cf99-7e5c-46e7-ac9a-096b9ddbb5b8","block_type":"box","text":"investors in Finland, Sweden and the U.K.","page_number":159,"box":{"x":89,"y":101,"width":286,"height":11}},{"id":"b7e79b0c-d247-435f-9265-eec261415bc8","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":159,"box":{"x":89,"y":127,"width":786,"height":12}},{"id":"f0cf8592-8d46-44e0-8fa0-48904bf06ba5","block_type":"box","text":"Investors’ Rights.","page_number":159,"box":{"x":89,"y":153,"width":122,"height":13}},{"id":"de1a467b-7d75-4c81-a038-5cbaf71b25d4","block_type":"box","text":"Each Fund relies on the services of BFA and its other service providers, including the Distributor,","page_number":159,"box":{"x":221,"y":153,"width":668,"height":13}},{"id":"31b477b9-8e11-4dc1-83aa-41702bef679f","block_type":"box","text":"administrator, custodian and transfer agent. Further information about the duties and roles of these service providers is set","page_number":159,"box":{"x":89,"y":169,"width":859,"height":12}},{"id":"9afd2a0f-9114-47e8-9198-c01fbb328de0","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":159,"box":{"x":89,"y":184,"width":869,"height":12}},{"id":"edcbec79-48a7-493b-a8ff-834c19dc74c1","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":159,"box":{"x":89,"y":199,"width":876,"height":12}},{"id":"11b3a9fc-47f4-4ed1-8602-47eb5c1ca4c5","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":159,"box":{"x":89,"y":214,"width":876,"height":12}},{"id":"0aed7ca7-02e6-49e8-91ec-09d4f01d0df9","block_type":"box","text":"relevant Authorized Participant Agreement. Investors may have certain legal rights under federal or state law against a Fund","page_number":159,"box":{"x":89,"y":229,"width":865,"height":12}},{"id":"cac3f4e4-c577-4cbb-8c76-b0a64be3a856","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":159,"box":{"x":89,"y":244,"width":870,"height":13}},{"id":"b2eb7d7e-52a0-4bc0-ad48-267754ef7d91","block_type":"box","text":"provider in connection with its investment in a Fund, such investor should consult its own legal advisor.","page_number":159,"box":{"x":89,"y":259,"width":722,"height":13}},{"id":"b4767426-978f-44cd-b65a-1b457e35b88e","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":159,"box":{"x":89,"y":286,"width":872,"height":12}},{"id":"01425a4f-e677-4166-865c-93666c2a4edf","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":159,"box":{"x":89,"y":301,"width":829,"height":12}},{"id":"49efeb89-3b7a-49bc-b2d4-e1963a7e0206","block_type":"box","text":"Agreement. Jurisdiction over other claims, whether by investors or Authorized Participants, will turn on the facts of the","page_number":159,"box":{"x":88,"y":316,"width":828,"height":12}},{"id":"c10be3a3-245c-4875-9d80-de07cd67b980","block_type":"box","text":"particular case and the law of the jurisdiction in which the proceeding is brought.","page_number":159,"box":{"x":89,"y":331,"width":567,"height":12}},{"id":"9571acb6-1b7d-4d89-8aed-4495b28552a7","block_type":"box","text":"138","page_number":159,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"64be97cc-12e6-473b-82f0-30df020c399f","block_type":"box","text":"Appendix A - Proxy Voting Policies","page_number":160,"box":{"x":88,"y":44,"width":578,"height":30}},{"id":"9e2594af-d8d6-4c88-9150-d8a02f8c9faa","block_type":"box","text":"A-1","page_number":160,"box":{"x":515,"y":894,"width":23,"height":9}},{"id":"18b46594-9f59-4c10-994d-fca11a20d60e","block_type":"box","text":"Open-End Active and Fixed Income Index Fund","page_number":161,"box":{"x":122,"y":44,"width":812,"height":30}},{"id":"7dd510cb-d6bf-46d7-9d73-8f8147c31461","block_type":"box","text":"Proxy Voting Policy","page_number":161,"box":{"x":364,"y":77,"width":331,"height":30}},{"id":"130951c1-9024-4209-aeac-6f40d17b0aa3","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":161,"box":{"x":88,"y":121,"width":484,"height":12}},{"id":"b3ea69b4-9d68-4d53-8c08-c7a9778c03e6","block_type":"box","text":"Effective Date: January 1, 2025","page_number":161,"box":{"x":89,"y":147,"width":218,"height":13}},{"id":"2ad11cfc-dba0-4b8a-9cfc-7777215427b2","block_type":"box","text":"________________________________________","page_number":161,"box":{"x":88,"y":184,"width":326,"height":1}},{"id":"c4557573-7442-4180-aec4-ca3f75ff4c19","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":161,"box":{"x":88,"y":200,"width":507,"height":12}},{"id":"81a590f1-3d2d-4bbd-9db5-dd1258eaef0d","block_type":"box","text":"□","page_number":161,"box":{"x":89,"y":227,"width":14,"height":12}},{"id":"cbb34a29-ba97-4414-a5e6-61f0c88ade03","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":161,"box":{"x":110,"y":227,"width":391,"height":12}},{"id":"1919b01e-b345-4956-9a85-3630bf4d8aca","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":161,"box":{"x":109,"y":253,"width":596,"height":12}},{"id":"4fc79f4a-9689-47aa-954f-dace0096fa97","block_type":"box","text":"□","page_number":161,"box":{"x":89,"y":280,"width":14,"height":11}},{"id":"9ee75616-21a2-493d-bf17-e981b1c3b866","block_type":"box","text":"Money Market Funds","page_number":161,"box":{"x":109,"y":279,"width":148,"height":13}},{"id":"e696e8c0-1069-4492-b54a-7bebd3054b5d","block_type":"box","text":"□","page_number":161,"box":{"x":89,"y":307,"width":14,"height":11}},{"id":"5d811e5a-565e-4ba3-abcb-7daeebfa78e0","block_type":"box","text":"Closed-End Funds","page_number":161,"box":{"x":109,"y":306,"width":126,"height":10}},{"id":"e9ee82cd-423e-4f09-a94b-1c6f42a4aa40","block_type":"box","text":"□","page_number":161,"box":{"x":89,"y":333,"width":14,"height":11}},{"id":"1a45c58e-b8e8-4388-b9ef-ff6e87e5c3c8","block_type":"box","text":"Other","page_number":161,"box":{"x":109,"y":332,"width":40,"height":10}},{"id":"9b78781f-e44d-49bd-b25a-cd8d452b1096","block_type":"box","text":"________________________________________","page_number":161,"box":{"x":88,"y":369,"width":326,"height":1}},{"id":"159bdb6c-549d-4bcb-b61b-25dfd7080d5a","block_type":"box","text":"Objective and Scope","page_number":161,"box":{"x":89,"y":385,"width":146,"height":13}},{"id":"98503b98-9c9b-4241-8db0-822a1d22fd76","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":161,"box":{"x":88,"y":412,"width":623,"height":12}},{"id":"7592fd1e-8b4c-40ab-a92f-528ee231605d","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":161,"box":{"x":89,"y":438,"width":356,"height":13}},{"id":"8c1b4df5-4949-4853-b1c6-02da84a65c58","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":161,"box":{"x":88,"y":465,"width":873,"height":12}},{"id":"db0e6ca3-1305-4916-8382-c1b9fe76cfb9","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":161,"box":{"x":89,"y":480,"width":835,"height":12}},{"id":"b998a7de-ea5a-4490-916b-bc5d8f23a7a2","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":161,"box":{"x":89,"y":495,"width":853,"height":12}},{"id":"3e4e864f-e03f-4a51-8092-ba1d53a6058c","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":161,"box":{"x":88,"y":510,"width":878,"height":12}},{"id":"68ccc18e-806d-4307-ae39-503a05368bd0","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":161,"box":{"x":88,"y":525,"width":850,"height":12}},{"id":"641ffe53-f4e0-4310-bbc6-34aa52443ad5","block_type":"box","text":"agreements.","page_number":161,"box":{"x":89,"y":542,"width":85,"height":11}},{"id":"723474dd-b90a-4f36-bb07-077597ee9472","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (as from","page_number":161,"box":{"x":89,"y":567,"width":849,"height":12}},{"id":"a8cec1cb-3f31-48ce-b1f8-493ddef00ffc","block_type":"box","text":"time to time amended, the “Guidelines”) governing proxy voting by active and fixed income index Funds managed by","page_number":161,"box":{"x":88,"y":582,"width":821,"height":12}},{"id":"bc03e0ca-5da0-49bf-a8e9-0431037e0567","block_type":"box","text":"BlackRock. The Guidelines include “climate and decarbonization” guidelines which apply to the Funds listed in Appendix A, if","page_number":161,"box":{"x":89,"y":597,"width":874,"height":12}},{"id":"3ec70cb9-7336-4c37-9dcc-f792b0f039dc","block_type":"box","text":"any.","page_number":161,"box":{"x":89,"y":615,"width":25,"height":9}},{"id":"2747c0c0-58d0-455b-bdf5-81c22af38590","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":161,"box":{"x":89,"y":639,"width":876,"height":12}},{"id":"1f501815-6879-49e5-aa1a-57477cc374a4","block_type":"box","text":"held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":161,"box":{"x":89,"y":654,"width":611,"height":12}},{"id":"fe43cc24-b20b-45ca-8f10-8c43e0194947","block_type":"box","text":"Conflicts Management","page_number":161,"box":{"x":89,"y":680,"width":164,"height":12}},{"id":"60549645-0515-4711-89c8-8054603595d9","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent undue influence","page_number":161,"box":{"x":89,"y":707,"width":860,"height":12}},{"id":"5c051a37-6ad1-477e-aa59-e8f95d9eccea","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":161,"box":{"x":89,"y":722,"width":775,"height":12}},{"id":"4a875195-8e58-453f-9b8c-89f4c06cf0ec","block_type":"box","text":"responsibilities. Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship","page_number":161,"box":{"x":89,"y":737,"width":851,"height":12}},{"id":"250c56d8-d195-4abb-9213-10300e23ddea","block_type":"box","text":"between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates","page_number":161,"box":{"x":89,"y":752,"width":875,"height":12}},{"id":"d4708464-96a5-454c-8335-fcc37d84b502","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":161,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"1b5db82f-bbc9-48f8-8ca4-0c657b268f6a","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines.","page_number":161,"box":{"x":89,"y":782,"width":646,"height":12}},{"id":"1b6dc592-452a-45e2-b56a-26bf19c8e593","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy voting","page_number":161,"box":{"x":89,"y":809,"width":769,"height":12}},{"id":"0dc3f77e-c6ea-4cf5-abf1-b3c1ee85d021","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":161,"box":{"x":89,"y":824,"width":784,"height":12}},{"id":"290a6d2f-10ea-44ea-9247-e88dd0dc992d","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":161,"box":{"x":89,"y":839,"width":452,"height":12}},{"id":"39d3691d-463e-4f03-99f4-543ed2f4a4cc","block_type":"box","text":"A-2","page_number":161,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"fcb5c7fc-aa1e-4b93-b19b-a8646ebd456c","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":162,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"0eb855b1-db44-4b4b-90b4-12642f94d7ca","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":162,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"d06cf0dc-41ae-4d27-ac36-1fc063a29e73","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":162,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"af8d533c-74a8-435b-b68a-bac284b659e8","block_type":"box","text":"Reports to the Board","page_number":162,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"019110c5-9cd8-44da-8b7c-54997c7906e6","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":162,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"24f960a2-4875-4f38-8dee-992b07166edd","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":162,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"dfd7b963-f18f-400c-ae8e-72a28ce88b48","block_type":"box","text":"Guidelines and (2) any material changes to the Guidelines, including material changes to conflicts management practices,","page_number":162,"box":{"x":89,"y":157,"width":854,"height":13}},{"id":"d8995dc8-9861-48e5-a49e-07aa65731ae2","block_type":"box","text":"that have not previously been reported.","page_number":162,"box":{"x":88,"y":172,"width":275,"height":13}},{"id":"3877fc34-f679-4b99-995e-9a5ed6c1e167","block_type":"box","text":"Appendix A","page_number":162,"box":{"x":88,"y":199,"width":85,"height":12}},{"id":"83b15e2e-e14b-471d-9862-cc39a6a72a08","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":162,"box":{"x":89,"y":225,"width":336,"height":10}},{"id":"84a02fc1-fc63-4d53-8938-48b410f4a74a","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":162,"box":{"x":89,"y":252,"width":402,"height":9}},{"id":"3433430a-75f0-440a-a6c5-241d56c95b8f","block_type":"box","text":"A-3","page_number":162,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"80d8452a-50cf-4c81-a6a9-5a08055776a1","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":163,"box":{"x":168,"y":44,"width":721,"height":30}},{"id":"8f6ce390-6efa-4000-907b-a48e8737ef12","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":163,"box":{"x":89,"y":88,"width":303,"height":12}},{"id":"82053e2c-675d-4f3d-ad2c-461f1e75dea5","block_type":"box","text":"Effective as of January 2025","page_number":163,"box":{"x":106,"y":114,"width":197,"height":13}},{"id":"5e18cbda-bec5-45b5-b5ec-44fac0efaa5e","block_type":"box","text":"Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":163,"box":{"x":170,"y":177,"width":716,"height":9}},{"id":"36ec0319-8010-42e8-b3cb-bd7b26168100","block_type":"box","text":"Introduction to BlackRock","page_number":163,"box":{"x":171,"y":195,"width":180,"height":10}},{"id":"3dc8c655-65f7-4306-9c63-ecbb29ff3b90","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":163,"box":{"x":356,"y":196,"width":530,"height":9}},{"id":"35a24e2a-a998-4f39-af42-704ac838822a","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":163,"box":{"x":170,"y":214,"width":340,"height":12}},{"id":"496a0db7-7485-4440-a736-a0488826b106","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":163,"box":{"x":512,"y":214,"width":374,"height":10}},{"id":"f4b7c525-b9a3-4228-b3c0-4bf3cd030dc2","block_type":"box","text":"Our approach to stewardship within active equities","page_number":163,"box":{"x":170,"y":233,"width":356,"height":12}},{"id":"c3070808-20e6-4c55-ba76-047c4bbb3080","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":163,"box":{"x":532,"y":233,"width":354,"height":10}},{"id":"c05e7a0c-a7f9-4159-8ea6-039934af4be9","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":163,"box":{"x":170,"y":252,"width":347,"height":12}},{"id":"0fd2eec1-3ff9-4489-b38c-8f3d1bdaae51","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":163,"box":{"x":519,"y":252,"width":367,"height":9}},{"id":"60e52678-270d-47a7-9037-7abe8bb7b314","block_type":"box","text":"Boards of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":163,"box":{"x":171,"y":271,"width":715,"height":9}},{"id":"dbd8b785-00c9-4e96-8b77-d32ed9911863","block_type":"box","text":"Executive compensation","page_number":163,"box":{"x":171,"y":290,"width":169,"height":12}},{"id":"04b19d8c-e90b-4f86-9b87-0fce7087fab2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-8","page_number":163,"box":{"x":343,"y":290,"width":543,"height":9}},{"id":"fbe3cbe3-10ab-42b8-9f91-1a68f48b72f4","block_type":"box","text":"Non-executive director compensation","page_number":163,"box":{"x":171,"y":308,"width":263,"height":13}},{"id":"504f3a7e-697d-43b4-b5ff-f998d3893c50","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":163,"box":{"x":440,"y":309,"width":446,"height":9}},{"id":"e709e5ab-0e8e-426e-8b01-eff6ee71c813","block_type":"box","text":"Capital structure","page_number":163,"box":{"x":170,"y":327,"width":116,"height":13}},{"id":"b894c776-9798-49b3-9c3e-aba4d3d7db43","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":163,"box":{"x":290,"y":328,"width":596,"height":9}},{"id":"afba5775-9131-46b8-bc03-9a462c90846c","block_type":"box","text":"Transactions and special situations","page_number":163,"box":{"x":169,"y":346,"width":245,"height":13}},{"id":"469baf0a-25d1-46a5-a9fd-9601423023a5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":163,"box":{"x":421,"y":347,"width":465,"height":9}},{"id":"14bf1503-ca7d-4af8-b9f8-6fe71218a962","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":163,"box":{"x":170,"y":365,"width":341,"height":12}},{"id":"01fd6f62-cc8c-4127-b4b2-8f81ea79a84d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-11","page_number":163,"box":{"x":512,"y":366,"width":371,"height":9}},{"id":"bea52123-f273-4a02-9faf-a655e6bcd57f","block_type":"box","text":"Shareholder rights and protections","page_number":163,"box":{"x":170,"y":384,"width":243,"height":12}},{"id":"5d9ae228-18f3-4dc3-a364-f46b6195d545","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-12","page_number":163,"box":{"x":421,"y":385,"width":465,"height":9}},{"id":"9389a941-b7be-46d4-806d-44c9ef3670fe","block_type":"box","text":"Shareholder proposals","page_number":163,"box":{"x":170,"y":403,"width":156,"height":12}},{"id":"ad8d85b4-2262-44cf-a288-29280f21a61a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":163,"box":{"x":329,"y":403,"width":557,"height":10}},{"id":"f590cdd8-8224-426c-b937-6df9ef3513fe","block_type":"box","text":"Corporate political activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":163,"box":{"x":170,"y":422,"width":716,"height":12}},{"id":"6dc93f81-e352-41d4-a64c-8809b8745fb6","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":163,"box":{"x":170,"y":441,"width":405,"height":12}},{"id":"dc37855f-e221-493c-b490-075146f95834","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":163,"box":{"x":577,"y":441,"width":309,"height":9}},{"id":"c7595778-c4e7-4adc-86cf-f59b6c1a339a","block_type":"box","text":"Key stakeholders","page_number":163,"box":{"x":171,"y":460,"width":116,"height":12}},{"id":"fd39930f-94ab-4a19-a0e9-00aec86696f1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":163,"box":{"x":290,"y":460,"width":596,"height":9}},{"id":"11b6c4e3-744f-400f-b422-b14ae5aacc3e","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":163,"box":{"x":170,"y":479,"width":357,"height":12}},{"id":"62cc0fc1-0531-4e36-9769-12e1ce983af1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":163,"box":{"x":532,"y":479,"width":354,"height":9}},{"id":"14440c0f-aa6b-4418-8b27-30808bd4a036","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":163,"box":{"x":170,"y":497,"width":621,"height":13}},{"id":"29ad04cf-d885-4eb5-87dd-defd9eb9acec","block_type":"box","text":". . . . . . . . . .A-14","page_number":163,"box":{"x":793,"y":498,"width":93,"height":9}},{"id":"d573c228-f131-4d95-8c13-8672671929e5","block_type":"box","text":"Overview","page_number":163,"box":{"x":89,"y":531,"width":67,"height":9}},{"id":"63ba007c-3574-42ec-9039-3cc826534b79","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate","page_number":163,"box":{"x":88,"y":557,"width":828,"height":12}},{"id":"ff2b23b4-ee48-490c-aa7b-e3267a314772","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":163,"box":{"x":89,"y":572,"width":864,"height":12}},{"id":"a3d0bb3e-7dd8-4685-b694-ee88bf693b7d","block_type":"box","text":"partnership with BlackRock’s investment teams, excluding index equity, providing expertise on investment stewardship,","page_number":163,"box":{"x":89,"y":587,"width":834,"height":12}},{"id":"6d35581f-5f5b-4038-9a73-4d0fec264c3f","block_type":"box","text":"engaging with companies on behalf of those teams when appropriate, and assisting in recommending, operationalizing and","page_number":163,"box":{"x":89,"y":602,"width":867,"height":12}},{"id":"67805e1e-f2b1-41f3-9925-f3eed10573c3","block_type":"box","text":"reporting on voting decisions. The guidance informs BAIS’ voting recommendations to BlackRock’s active portfolio","page_number":163,"box":{"x":89,"y":617,"width":802,"height":12}},{"id":"858f1967-bf55-407d-83f2-b45d97235a0b","block_type":"box","text":"managers. It applies to active equity holdings in BlackRock’s fundamental equity, systematic equity and multi-asset solutions","page_number":163,"box":{"x":89,"y":632,"width":873,"height":13}},{"id":"9ab75ceb-f8f3-4df7-8047-d48d645cc4a5","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":163,"box":{"x":89,"y":647,"width":878,"height":13}},{"id":"1f890f07-61c7-438b-8ee7-ecdb4596ca3e","block_type":"box","text":"hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have","page_number":163,"box":{"x":89,"y":662,"width":864,"height":13}},{"id":"1e39e6db-30a5-4af8-9b2f-dd2461d1f28d","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":163,"box":{"x":89,"y":678,"width":827,"height":12}},{"id":"067b984b-fe6a-43e2-99e1-3c2c77e9a6cd","block_type":"box","text":"investment objectives. There are separate, independently developed principles and voting policies that are applied to","page_number":163,"box":{"x":89,"y":693,"width":813,"height":12}},{"id":"04210ba8-72d2-4b5e-baa2-5f7808b799f4","block_type":"box","text":"BlackRock’s index equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":163,"box":{"x":89,"y":708,"width":792,"height":12}},{"id":"bf286f16-e973-4738-ad0f-cd7196c7be3a","block_type":"box","text":"Introduction to BlackRock","page_number":163,"box":{"x":89,"y":734,"width":187,"height":10}},{"id":"b8317956-2554-4f2e-8d57-7ab216b18eb0","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":163,"box":{"x":89,"y":761,"width":825,"height":12}},{"id":"12d7404e-1b5d-414f-86f0-4d6ee97de38e","block_type":"box","text":"institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base","page_number":163,"box":{"x":89,"y":776,"width":871,"height":12}},{"id":"d712e57f-8a14-436d-bbc9-a78f6bcd3835","block_type":"box","text":"includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as","page_number":163,"box":{"x":89,"y":791,"width":865,"height":12}},{"id":"3126fa7e-4208-4c2f-922d-53530dfa836f","block_type":"box","text":"well as individuals around the world.","page_number":163,"box":{"x":88,"y":806,"width":255,"height":10}},{"id":"e78d3809-59aa-41ed-aec2-cdbf05a5d618","block_type":"box","text":"A-4","page_number":163,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"362c2df6-75ba-42fd-b3fe-aeb3e9882ce0","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":164,"box":{"x":88,"y":44,"width":351,"height":12}},{"id":"a4de8896-c9c6-4cfb-ab37-b09552d2fd3e","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages","page_number":164,"box":{"x":89,"y":70,"width":861,"height":13}},{"id":"da808b78-af64-4c0a-afe9-df5e685f6435","block_type":"box","text":"BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also","page_number":164,"box":{"x":89,"y":85,"width":822,"height":13}},{"id":"8bb9a1c9-70b3-49cd-812f-c5c162a050f2","block_type":"box","text":"responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by","page_number":164,"box":{"x":89,"y":101,"width":861,"height":12}},{"id":"f6be805b-7461-49cd-93c8-907e473f3a59","block_type":"box","text":"these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active investment analysts and portfolio","page_number":164,"box":{"x":88,"y":116,"width":879,"height":12}},{"id":"8cc932ac-c89e-44c6-a91b-523bfdfc4790","block_type":"box","text":"managers, with whom we work closely in engaging companies and voting at shareholder meetings.","page_number":164,"box":{"x":89,"y":131,"width":697,"height":12}},{"id":"1d308562-0622-4314-8c5b-c6e1fb1efb9d","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.","page_number":164,"box":{"x":89,"y":157,"width":857,"height":13}},{"id":"50eedf32-357d-4594-8ea6-159294980226","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and","page_number":164,"box":{"x":88,"y":172,"width":862,"height":13}},{"id":"bb29e564-a65c-4e11-a25d-d37029255626","block_type":"box","text":"opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and stewardship specialists","page_number":164,"box":{"x":89,"y":188,"width":844,"height":12}},{"id":"fbafa0d0-ede3-42f2-8f0a-82e94982f76b","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":164,"box":{"x":89,"y":203,"width":863,"height":12}},{"id":"9a09e2cb-7a9b-45e0-b746-6cf835a78423","block_type":"box","text":"governance and leadership, corporate strategy, capital structure and financial performance, operations and sustainability","page_number":164,"box":{"x":89,"y":218,"width":850,"height":12}},{"id":"2a517f1f-e4d8-47b4-9782-1e32e835c280","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":164,"box":{"x":89,"y":233,"width":837,"height":12}},{"id":"29702608-52f9-4abb-bfd3-b4cf1a31591c","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":164,"box":{"x":89,"y":248,"width":873,"height":12}},{"id":"9b9c92ed-0761-4244-9518-b28e36ad29b8","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":164,"box":{"x":89,"y":263,"width":635,"height":12}},{"id":"e158ce33-bdda-43f3-9632-753fe91547da","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude the portfolio","page_number":164,"box":{"x":89,"y":290,"width":850,"height":12}},{"id":"e69eda81-b84d-4f6c-b88b-421bd52b846b","block_type":"box","text":"manager has to make independent voting decisions aligned with their portfolio objectives and investment strategy. For","page_number":164,"box":{"x":89,"y":305,"width":830,"height":12}},{"id":"576871ad-10da-4ac4-80f2-418268b1c269","block_type":"box","text":"example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We","page_number":164,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"6c25d915-78a5-4544-a895-17a37a206daf","block_type":"box","text":"provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on","page_number":164,"box":{"x":89,"y":335,"width":874,"height":12}},{"id":"49c2c852-941d-4a54-8ddc-5625f6ce45c4","block_type":"box","text":"their portfolio investment objectives and strategy.","page_number":164,"box":{"x":88,"y":350,"width":346,"height":12}},{"id":"0a486ade-c14c-4739-9813-525890f4af1c","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and board","page_number":164,"box":{"x":88,"y":376,"width":818,"height":13}},{"id":"031d0ef9-3e29-425d-96e0-5826521bdbea","block_type":"box","text":"directors","page_number":164,"box":{"x":89,"y":392,"width":60,"height":9}},{"id":"12500103-b52f-4397-ac7b-4b6febad0e64","block_type":"box","text":"(1)","page_number":164,"box":{"x":151,"y":390,"width":14,"height":8}},{"id":"c3e93711-3a13-4352-835c-2259786ec865","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate governance norms","page_number":164,"box":{"x":170,"y":392,"width":789,"height":12}},{"id":"fb32effa-1090-4a5c-8634-fddd924a3bde","block_type":"box","text":"can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a","page_number":164,"box":{"x":89,"y":407,"width":860,"height":12}},{"id":"93fa762b-c498-4baf-99d1-55e4b2b03576","block_type":"box","text":"company’s ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe","page_number":164,"box":{"x":89,"y":422,"width":865,"height":12}},{"id":"393f7663-85d1-41d0-8a3c-1eb2fb74fcad","block_type":"box","text":"companies should observe accepted corporate governance norms within their local markets or, particularly in markets","page_number":164,"box":{"x":89,"y":437,"width":827,"height":12}},{"id":"e26623f9-d9f3-4826-9b19-8c11673e724c","block_type":"box","text":"without well-established norms, aspire to widely recognized international best practices. As one of many minority","page_number":164,"box":{"x":88,"y":452,"width":796,"height":12}},{"id":"992b592c-cd6d-4ce6-bb69-facfa8efd2a0","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":164,"box":{"x":89,"y":467,"width":820,"height":13}},{"id":"7d9f8fcc-9366-4b29-bf4d-4c8a84a20cb1","block_type":"box","text":"companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial","page_number":164,"box":{"x":89,"y":482,"width":842,"height":13}},{"id":"7b252458-8bf5-4723-b9fc-90ddd5dedd87","block_type":"box","text":"interests of their investors.","page_number":164,"box":{"x":89,"y":497,"width":184,"height":10}},{"id":"8f532cc5-7c94-4e8c-acbb-3944eba6d777","block_type":"box","text":"Our approach to stewardship within active equities","page_number":164,"box":{"x":89,"y":524,"width":368,"height":12}},{"id":"bae8d16d-9967-40b8-9cc8-73901ce8c23e","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to vote on","page_number":164,"box":{"x":88,"y":550,"width":838,"height":13}},{"id":"eb77559c-3f1d-4368-b8c9-c7d1bcb2a812","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":164,"box":{"x":89,"y":565,"width":876,"height":13}},{"id":"ee875805-b191-44d1-beda-152bcb0e2ab9","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":164,"box":{"x":89,"y":581,"width":850,"height":12}},{"id":"d9d1fd04-b1f3-433c-acf7-5a12a52f7494","block_type":"box","text":"BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority","page_number":164,"box":{"x":89,"y":596,"width":863,"height":12}},{"id":"9a1c1c7a-01fa-4724-9fce-0333870f7c26","block_type":"box","text":"to us, in a manner that is consistent with their investment objectives.","page_number":164,"box":{"x":88,"y":611,"width":482,"height":12}},{"id":"739691f6-0249-4114-93a3-a13bdf29bb41","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":164,"box":{"x":89,"y":637,"width":876,"height":13}},{"id":"e50c18e8-8dd3-4ac6-98b6-ed2fd7da1b0c","block_type":"box","text":"vote against management recommendations when we have concerns about how companies are serving the financial","page_number":164,"box":{"x":88,"y":652,"width":821,"height":13}},{"id":"8836e86e-0869-4c4c-ab60-1dc71baffe5b","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":164,"box":{"x":89,"y":668,"width":835,"height":12}},{"id":"ee117372-5c0f-4947-9149-3dfb2a6e4cf8","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":164,"box":{"x":89,"y":683,"width":825,"height":12}},{"id":"e936245d-14c2-4925-80f0-a21e28f484a8","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":164,"box":{"x":89,"y":698,"width":874,"height":12}},{"id":"321d719e-e81d-4226-8083-26d19b482512","block_type":"box","text":"about how we fulfil and oversee BlackRock’s non-index equity investment stewardship responsibilities.","page_number":164,"box":{"x":89,"y":713,"width":716,"height":12}},{"id":"986731c3-646c-457d-b3db-06407e784302","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":164,"box":{"x":89,"y":739,"width":358,"height":13}},{"id":"b510abde-b4e6-485c-9032-40dbaa9d8ddf","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":164,"box":{"x":88,"y":766,"width":880,"height":12}},{"id":"0d43b927-d18f-4622-bc7b-136907d3e7a8","block_type":"box","text":"fixed income investment strategies at BlackRock, particularly those with sustainability objectives in addition to financial","page_number":164,"box":{"x":88,"y":781,"width":834,"height":12}},{"id":"c287d156-aaab-452d-bc46-b5a9adc118f1","block_type":"box","text":"objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active","page_number":164,"box":{"x":89,"y":796,"width":843,"height":12}},{"id":"3624282b-eb17-43bd-9449-2eec42f12bf1","block_type":"box","text":"investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed","page_number":164,"box":{"x":89,"y":811,"width":873,"height":12}},{"id":"d743ae0b-c243-47dc-b6c5-f4e651d6656e","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":164,"box":{"x":89,"y":856,"width":854,"height":10}},{"id":"7e1d2990-2147-429d-992c-714521f444d9","block_type":"box","text":"relevant.","page_number":164,"box":{"x":121,"y":868,"width":47,"height":8}},{"id":"c17e16b3-3848-4b77-8806-6e1016133308","block_type":"box","text":"A-5","page_number":164,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"70fe9710-932d-4fb1-b629-593a37957362","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":165,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"b820ea6b-2a3c-417c-b6ca-1d581f43d83c","block_type":"box","text":"the standard terms and information in bond documentation.","page_number":165,"box":{"x":88,"y":59,"width":424,"height":10}},{"id":"ec11fce0-9092-4f69-8cb4-5add248ccd29","block_type":"box","text":"Boards of Directors","page_number":165,"box":{"x":89,"y":85,"width":138,"height":10}},{"id":"90dfa40c-802c-4f79-ab7a-e5d8231615bd","block_type":"box","text":"Roles and responsibilities","page_number":165,"box":{"x":106,"y":112,"width":181,"height":12}},{"id":"c4790972-18c5-4bf2-87de-a089e018784d","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":165,"box":{"x":88,"y":138,"width":852,"height":13}},{"id":"02448b47-e9ea-4620-b546-9151d1757d35","block_type":"box","text":"able to advise and supervise management in an independent and objective manner","page_number":165,"box":{"x":89,"y":153,"width":583,"height":13}},{"id":"9463d71a-9ac5-468b-bc7e-487376bc719a","block_type":"box","text":"(2)","page_number":165,"box":{"x":673,"y":151,"width":14,"height":9}},{"id":"45bee908-411d-4c81-9d58-1af478826bdf","block_type":"box","text":".","page_number":165,"box":{"x":688,"y":162,"width":2,"height":1}},{"id":"4f42d8a1-c992-4955-acbd-27ea4acdda1e","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":165,"box":{"x":88,"y":180,"width":850,"height":12}},{"id":"a2b456ba-5421-4928-9fe5-3a288dabefc6","block_type":"box","text":"company’s strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a","page_number":165,"box":{"x":89,"y":195,"width":835,"height":12}},{"id":"de0d68a5-9ebd-4efe-8f0a-8e11d46ee66e","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":165,"box":{"x":89,"y":210,"width":833,"height":13}},{"id":"80b9214d-11cb-4dba-afcf-417403d7739c","block_type":"box","text":"misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.","page_number":165,"box":{"x":89,"y":225,"width":772,"height":13}},{"id":"a9ce42c1-a572-4345-902f-63f6c31e7d4f","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":165,"box":{"x":89,"y":252,"width":873,"height":12}},{"id":"5b6b6097-c65c-4249-8460-0fc08bd44478","block_type":"box","text":"help management meet its strategic objectives within an agreed risk tolerance.","page_number":165,"box":{"x":89,"y":267,"width":550,"height":12}},{"id":"3bc33b53-2c75-48ef-95f6-76ea3b1407fd","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":165,"box":{"x":89,"y":293,"width":848,"height":13}},{"id":"316d6555-916b-4c92-96d7-302044702393","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":165,"box":{"x":89,"y":308,"width":848,"height":13}},{"id":"46d7a318-7188-48fc-99a1-aad1d8164fbb","block_type":"box","text":"determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and","page_number":165,"box":{"x":89,"y":324,"width":850,"height":12}},{"id":"f8ca7bcf-93ea-424c-89cd-7c129b29b64a","block_type":"box","text":"engaging with shareholders, and other stakeholders, as necessary.","page_number":165,"box":{"x":89,"y":339,"width":463,"height":12}},{"id":"135fb8b5-bacd-48fa-add7-d9fc91dc5224","block_type":"box","text":"Composition and effectiveness","page_number":165,"box":{"x":89,"y":365,"width":221,"height":12}},{"id":"a1a630a5-2f01-4b82-a27a-db8bd7f5959d","block_type":"box","text":"Appointment process","page_number":165,"box":{"x":104,"y":392,"width":156,"height":12}},{"id":"0a3a6792-0418-42a9-8866-be4124956102","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is","page_number":165,"box":{"x":88,"y":418,"width":823,"height":12}},{"id":"f85974c6-eece-4b5f-be42-dcf01883a25b","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":165,"box":{"x":89,"y":433,"width":852,"height":13}},{"id":"6662eccb-76ad-4b35-a9bf-5a01ab0f2121","block_type":"box","text":"the general criteria given the company’s circumstances (e.g., sector, maturity, geographic footprint) and any additional","page_number":165,"box":{"x":88,"y":448,"width":829,"height":13}},{"id":"09df5aba-d99a-45a5-a91e-3c82df1e31ec","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":165,"box":{"x":89,"y":463,"width":850,"height":13}},{"id":"aba1f1f6-91b3-4469-9a4d-27260f37553a","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":165,"box":{"x":89,"y":479,"width":875,"height":12}},{"id":"771305da-c351-4db5-80db-0f41524b11e6","block_type":"box","text":"characteristics would be additive. We welcome disclosures that explain how the board considered different skills,","page_number":165,"box":{"x":89,"y":494,"width":787,"height":12}},{"id":"ca008a95-a849-498a-96c1-c32b3acae1b7","block_type":"box","text":"backgrounds and experience to ensure the directors collectively can be effective in fulfilling their responsibilities. We assess a","page_number":165,"box":{"x":89,"y":509,"width":872,"height":12}},{"id":"3dc7300c-e026-46b2-a529-71c8fa510a28","block_type":"box","text":"company’s board composition against that of its peer group and local market requirements.","page_number":165,"box":{"x":89,"y":524,"width":642,"height":12}},{"id":"98cad3c0-edb2-4275-a522-a443278c1f86","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":165,"box":{"x":88,"y":550,"width":829,"height":13}},{"id":"b3e7c589-855a-4133-9097-a4bc520fbe79","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":165,"box":{"x":89,"y":565,"width":800,"height":13}},{"id":"b77c124d-7d04-498c-88f4-321a28678178","block_type":"box","text":"demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of","page_number":165,"box":{"x":89,"y":581,"width":853,"height":12}},{"id":"5a44c77c-43ba-4c22-aadf-186cef070648","block_type":"box","text":"skills, backgrounds and experience amongst the directors to support strong financial performance over time. We may vote","page_number":165,"box":{"x":89,"y":596,"width":856,"height":12}},{"id":"25d7573b-4985-406d-95af-10f643a2c8f4","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":165,"box":{"x":89,"y":611,"width":871,"height":12}},{"id":"b9b1c23c-6e8e-4589-9254-9a0573a3e61c","block_type":"box","text":"effectiveness.","page_number":165,"box":{"x":89,"y":626,"width":92,"height":10}},{"id":"41f8f678-a026-4032-a34f-ad2ac0bf8d1e","block_type":"box","text":"Independence","page_number":165,"box":{"x":106,"y":652,"width":101,"height":13}},{"id":"c88b1fb6-b914-4d09-84a3-d7bc2066cbff","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is","page_number":165,"box":{"x":89,"y":679,"width":871,"height":12}},{"id":"8306e2a1-8dc8-4b8d-80d4-4e1725d1a4f7","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":165,"box":{"x":89,"y":694,"width":874,"height":12}},{"id":"d1dc60a0-27b7-46b3-9fdc-97fb9600d800","block_type":"box","text":"of the directors should be independent and free from conflicts of interest or undue influence","page_number":165,"box":{"x":89,"y":709,"width":646,"height":12}},{"id":"166c547c-7873-4a9b-8167-6350635649e1","block_type":"box","text":"(3)","page_number":165,"box":{"x":736,"y":707,"width":14,"height":8}},{"id":"49ae6e21-e3ae-4e86-92c6-2a37817a514a","block_type":"box","text":". This ensures sufficient","page_number":165,"box":{"x":752,"y":709,"width":164,"height":10}},{"id":"493830d7-fc51-4e3c-b86b-89536fe20f29","block_type":"box","text":"independent directors to have appropriately independent board committees. Companies domiciled in markets with a higher","page_number":165,"box":{"x":89,"y":724,"width":866,"height":13}},{"id":"bc3d5176-8b6b-4d7e-b053-0f1c01f14487","block_type":"box","text":"threshold for board independence should meet those requirements.","page_number":165,"box":{"x":88,"y":739,"width":474,"height":13}},{"id":"edbc7aad-81fa-4232-bf04-f8b55399cbbc","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":165,"box":{"x":89,"y":803,"width":871,"height":10}},{"id":"f5504e8f-5b89-42b2-bcb9-f734685a87d9","block_type":"box","text":"examples.","page_number":165,"box":{"x":121,"y":816,"width":55,"height":9}},{"id":"44460374-13b0-42e4-ba40-5d8b725d559f","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":165,"box":{"x":89,"y":831,"width":860,"height":10}},{"id":"72d8034c-5dde-4217-9915-6d6698f4eb59","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":165,"box":{"x":121,"y":843,"width":809,"height":10}},{"id":"eef20fcf-ce9f-454b-a49e-6b7a565d5c62","block_type":"box","text":"rest,","page_number":165,"box":{"x":931,"y":844,"width":23,"height":8}},{"id":"ddb6f792-d14c-4d83-afc6-4fb4589584f1","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":165,"box":{"x":121,"y":856,"width":800,"height":10}},{"id":"58c40990-df61-482c-b4b5-4eb7482239d4","block_type":"box","text":"terests","page_number":165,"box":{"x":922,"y":857,"width":37,"height":7}},{"id":"f3d5f0b3-2ec7-4b28-8b49-acbb7a4b447d","block_type":"box","text":"of the company and shareholders.","page_number":165,"box":{"x":121,"y":868,"width":190,"height":10}},{"id":"cd0d2610-e760-4c11-82a8-e86c36fe8cb7","block_type":"box","text":"A-6","page_number":165,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"3bc8d01b-5f6c-4aea-ada4-9480a002a2e4","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":166,"box":{"x":88,"y":44,"width":789,"height":12}},{"id":"0efae642-468c-4eb5-a140-d4eeff69df6f","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":166,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"f275832b-76a9-4324-a05a-90855cd07f92","block_type":"box","text":"is a perennial issue.","page_number":166,"box":{"x":89,"y":74,"width":134,"height":12}},{"id":"b3180a07-b216-4399-8950-ffad7d16b275","block_type":"box","text":"Independent board leadership","page_number":166,"box":{"x":106,"y":101,"width":216,"height":12}},{"id":"0b362d7d-96a7-4d7d-a147-09fb4effdf20","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent board","page_number":166,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"caba21be-4feb-4e5a-b5cf-bf28653e4b6d","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":166,"box":{"x":89,"y":142,"width":856,"height":12}},{"id":"81c49986-baff-4d57-9d53-22361deadede","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":166,"box":{"x":89,"y":157,"width":853,"height":13}},{"id":"a4a6d353-41b3-41fb-929e-d36a49d9d308","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":166,"box":{"x":89,"y":172,"width":851,"height":13}},{"id":"3caa7f86-9b12-4394-b9ce-6c2282f12746","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":166,"box":{"x":88,"y":188,"width":858,"height":12}},{"id":"d5a38166-2f65-4798-9ed7-c807e44dd549","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":166,"box":{"x":89,"y":203,"width":819,"height":12}},{"id":"4a8ee2a8-333e-4e7d-808e-6a1983e80605","block_type":"box","text":"available to investors to discuss board governance matters such as CEO succession, executive pay, and board performance.","page_number":166,"box":{"x":89,"y":218,"width":860,"height":12}},{"id":"660fb337-d4b9-4970-8a4a-40f93a650ecf","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":166,"box":{"x":88,"y":233,"width":832,"height":12}},{"id":"28c16f8b-f234-488b-a021-72041e0bc93b","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":166,"box":{"x":88,"y":259,"width":873,"height":13}},{"id":"0f41c1e0-6193-40bf-ac20-be7ee5fb676c","block_type":"box","text":"independent leader of the board with clear responsibilities for board performance. We may vote against the most senior","page_number":166,"box":{"x":89,"y":274,"width":837,"height":13}},{"id":"20bd4e4a-1fb7-47d6-8a27-8b062624acd8","block_type":"box","text":"independent director if the board has a policy of not engaging with shareholders.","page_number":166,"box":{"x":89,"y":290,"width":566,"height":12}},{"id":"0d69d2ea-11d8-496b-89b6-545b8752ae18","block_type":"box","text":"Tenure and succession","page_number":166,"box":{"x":104,"y":316,"width":165,"height":10}},{"id":"5dddcc4c-aad8-46e2-825d-7bf888f9e785","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":166,"box":{"x":89,"y":342,"width":863,"height":13}},{"id":"9d727570-494b-4e89-b00d-dc7b52c0933c","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":166,"box":{"x":88,"y":358,"width":875,"height":12}},{"id":"e5e92281-fb87-4885-a1e8-67aff1c7500d","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":166,"box":{"x":88,"y":373,"width":877,"height":12}},{"id":"477eaca8-6c35-44b9-a065-3c0c99245e14","block_type":"box","text":"serving directors could become less independent given their relationship with management and involvement in past board","page_number":166,"box":{"x":89,"y":388,"width":857,"height":12}},{"id":"127b0876-f005-42dc-8a47-308a4441d4f7","block_type":"box","text":"decisions.","page_number":166,"box":{"x":89,"y":403,"width":67,"height":10}},{"id":"63be5ef2-296f-4275-987d-31deae3acd95","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the","page_number":166,"box":{"x":88,"y":429,"width":851,"height":13}},{"id":"978093ce-0d3d-47d8-b75f-45dd9cb598fc","block_type":"box","text":"regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with","page_number":166,"box":{"x":89,"y":445,"width":872,"height":12}},{"id":"ad3ceb15-5018-465b-8521-98b21c5288e2","block_type":"box","text":"long-term knowledge of the board and company.","page_number":166,"box":{"x":89,"y":460,"width":343,"height":12}},{"id":"4f70a0d9-5680-48eb-9338-4fb30bd1f5ae","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":166,"box":{"x":89,"y":486,"width":806,"height":12}},{"id":"1ce05fdf-3932-4314-8b97-2fd58412ab0d","block_type":"box","text":"committee responsible for board composition if there is not a clearly disclosed approach to director tenure and board","page_number":166,"box":{"x":89,"y":501,"width":820,"height":13}},{"id":"7c744dcd-c046-4c9d-a2b5-fa81cac405df","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":166,"box":{"x":89,"y":516,"width":836,"height":13}},{"id":"83ac7739-040e-4409-a522-0ea5847a7946","block_type":"box","text":"specific guidance, where the case for their continued service is not evident.","page_number":166,"box":{"x":89,"y":531,"width":524,"height":13}},{"id":"fdbe7fef-b243-4731-b3bd-084d8a6cd088","block_type":"box","text":"Capacity","page_number":166,"box":{"x":105,"y":558,"width":62,"height":12}},{"id":"e4e4b7bf-69d1-463e-8bf8-5ac92350c6f9","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":166,"box":{"x":88,"y":584,"width":836,"height":13}},{"id":"2b13d9c1-6913-4ca2-9f70-b3cc0ce66eb5","block_type":"box","text":"ability of its members to maintain an appropriate focus on board matters and the company taking into consideration","page_number":166,"box":{"x":89,"y":599,"width":816,"height":13}},{"id":"683b492a-cccf-48c3-bea3-2531d1444fc9","block_type":"box","text":"competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time","page_number":166,"box":{"x":89,"y":615,"width":873,"height":12}},{"id":"5713e31d-956b-4261-b290-0bd7b81f736f","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":166,"box":{"x":89,"y":630,"width":833,"height":12}},{"id":"0e10557f-228e-4f4d-acd8-a95fc7d02320","block_type":"box","text":"practices into consideration when making our voting determinations across markets.","page_number":166,"box":{"x":89,"y":645,"width":594,"height":12}},{"id":"f83d3493-6529-4b42-9e45-e398ceb4aef9","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":166,"box":{"x":88,"y":671,"width":859,"height":13}},{"id":"5b2b500c-149c-465c-b629-460fd886971a","block_type":"box","text":"the board and company.","page_number":166,"box":{"x":88,"y":686,"width":169,"height":13}},{"id":"0cfc3b4d-2131-47b6-b0fa-455f27651acd","block_type":"box","text":"Director elections","page_number":166,"box":{"x":106,"y":713,"width":126,"height":10}},{"id":"e2595e6b-d4ab-451f-b9f0-27dce5093d1a","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":166,"box":{"x":89,"y":739,"width":874,"height":13}},{"id":"2694249a-09bb-49b2-9b8c-926b769f1d24","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":166,"box":{"x":89,"y":754,"width":862,"height":13}},{"id":"79516f76-0543-4a8d-ae08-6dc7378174f7","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":166,"box":{"x":89,"y":770,"width":664,"height":12}},{"id":"3dc5b99d-0784-457b-b694-63e80dc2bea7","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look","page_number":166,"box":{"x":88,"y":796,"width":876,"height":12}},{"id":"94b3d01c-bf71-4900-af1e-604aa3bd42f2","block_type":"box","text":"to companies to provide sufficient information on each director standing for election so that shareholders can assess their","page_number":166,"box":{"x":88,"y":811,"width":856,"height":12}},{"id":"bf5d8702-9252-4ae0-9eca-708baf6df017","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":166,"box":{"x":89,"y":826,"width":869,"height":13}},{"id":"bc776b59-52a9-4f8f-a3f6-818a89dd16a7","block_type":"box","text":"disclosed sufficiently in advance of the shareholder meeting.","page_number":166,"box":{"x":89,"y":841,"width":422,"height":13}},{"id":"6652fb41-a0fb-4cde-90cb-1736f8e71b27","block_type":"box","text":"A-7","page_number":166,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"3d602375-f3a2-41c7-8de0-a90eef42655c","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":167,"box":{"x":89,"y":44,"width":817,"height":12}},{"id":"c9f3b398-4f97-4790-8e51-9a6ee25131a6","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":167,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"a519ed16-8592-457c-9121-68d8e861bcb1","block_type":"box","text":"best serves investors’ interests.","page_number":167,"box":{"x":89,"y":74,"width":215,"height":10}},{"id":"603ecc1d-0432-42ad-af1c-b1986b6d2058","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":167,"box":{"x":88,"y":101,"width":846,"height":12}},{"id":"a43d5c19-285f-4a40-bb9c-de24a88cfb22","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":167,"box":{"x":89,"y":116,"width":849,"height":12}},{"id":"e2b7a6df-9c53-4407-b44c-2505a0e7e4b1","block_type":"box","text":"slate if we have concerns about the profile or performance of an individual director.","page_number":167,"box":{"x":89,"y":131,"width":581,"height":12}},{"id":"aabaac49-6a7a-4f0f-b895-1d8626105ffd","block_type":"box","text":"Committees","page_number":167,"box":{"x":105,"y":158,"width":86,"height":9}},{"id":"6a3c0208-f80c-4976-83b2-d479778280e5","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":167,"box":{"x":89,"y":184,"width":859,"height":12}},{"id":"c5e5ecd7-3f75-4064-8850-25c52f221450","block_type":"box","text":"human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees","page_number":167,"box":{"x":89,"y":199,"width":855,"height":12}},{"id":"6683dd4b-5a01-4aec-be4d-024ccf9752f3","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":167,"box":{"x":88,"y":214,"width":798,"height":12}},{"id":"843d9fc7-53e9-4d1f-9f43-f3186505292b","block_type":"box","text":"appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee","page_number":167,"box":{"x":89,"y":229,"width":847,"height":12}},{"id":"289a63ec-237d-423e-bb36-37f83d910fc3","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":167,"box":{"x":89,"y":244,"width":840,"height":13}},{"id":"0a0b501b-e336-4f47-9c6c-de421c2cd639","block_type":"box","text":"committees. The board should disclose to shareholders the structure, membership, proportion of independent directors, and","page_number":167,"box":{"x":89,"y":259,"width":872,"height":13}},{"id":"0d4011e7-8da8-469d-8485-fcbe98b3d84d","block_type":"box","text":"responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees","page_number":167,"box":{"x":89,"y":274,"width":843,"height":13}},{"id":"ea16eb2b-8124-4645-8462-4e3adca9dc01","block_type":"box","text":"include:","page_number":167,"box":{"x":89,"y":290,"width":53,"height":9}},{"id":"8620747e-daf1-4516-b784-d6f548a9f2c1","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance","page_number":167,"box":{"x":121,"y":310,"width":830,"height":12}},{"id":"4fe4b1e8-6032-4b88-9e7f-15dde1c8e651","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":167,"box":{"x":153,"y":325,"width":807,"height":12}},{"id":"a5c58150-1728-4ec2-a0b7-1009c133aca3","block_type":"box","text":"whistleblowing mechanisms.","page_number":167,"box":{"x":153,"y":340,"width":203,"height":12}},{"id":"c5be6eb9-7a8a-4a19-b976-88dfa5c65a77","block_type":"box","text":"• Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":167,"box":{"x":121,"y":360,"width":826,"height":12}},{"id":"17c778fc-d1ef-4b38-a02e-61ff45e7027e","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":167,"box":{"x":154,"y":375,"width":779,"height":13}},{"id":"81ca817c-de16-481d-bf59-3d77a6cc4304","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":167,"box":{"x":154,"y":390,"width":759,"height":13}},{"id":"4bde5eb1-8fff-48f1-b8ee-c5e082dc6835","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":167,"box":{"x":154,"y":405,"width":456,"height":13}},{"id":"734316a5-b755-4c9f-a21b-d2e5cf3d6f98","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":167,"box":{"x":121,"y":426,"width":817,"height":12}},{"id":"26cdb470-1295-4441-bc04-e9696c88ffe4","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm","page_number":167,"box":{"x":154,"y":441,"width":808,"height":12}},{"id":"df231300-5626-449a-8a5c-9381a09f1340","block_type":"box","text":"wide compensation policies.","page_number":167,"box":{"x":153,"y":456,"width":199,"height":12}},{"id":"bd1e8905-3db2-4325-babf-33cc74d37156","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":167,"box":{"x":88,"y":482,"width":866,"height":13}},{"id":"63377882-1c91-49c2-af14-47918119b1bf","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":167,"box":{"x":89,"y":497,"width":877,"height":13}},{"id":"0bd30913-72f9-4203-9b23-ee7de92e8817","block_type":"box","text":"of the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":167,"box":{"x":89,"y":513,"width":742,"height":12}},{"id":"279b1d7f-661c-46b6-832d-81b124c7815d","block_type":"box","text":"Board and director evaluation","page_number":167,"box":{"x":106,"y":539,"width":212,"height":10}},{"id":"c316ab1d-4bfd-47d9-a2b0-baa2ceb59527","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":167,"box":{"x":88,"y":565,"width":853,"height":13}},{"id":"8e97ce62-da99-4770-8fbb-f56692c8a836","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":167,"box":{"x":88,"y":581,"width":853,"height":12}},{"id":"d577f681-5e9a-4c8b-9475-55a66e24ed2e","block_type":"box","text":"objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to","page_number":167,"box":{"x":89,"y":596,"width":871,"height":12}},{"id":"dd177651-3412-414b-8eb3-555da43c2adc","block_type":"box","text":"and objectives of evaluations, including any changes made to the board’s approach as a result.","page_number":167,"box":{"x":89,"y":611,"width":661,"height":12}},{"id":"f9442424-ebe5-4086-abc1-680f3edc5cb6","block_type":"box","text":"Access to independent advice","page_number":167,"box":{"x":104,"y":637,"width":216,"height":13}},{"id":"9da5a974-407b-4d10-a25a-d61d8a20a5fa","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":167,"box":{"x":88,"y":664,"width":840,"height":12}},{"id":"b74be3a5-1a70-488f-9279-69428a8a19d8","block_type":"box","text":"independent advice. When circumstances warrant, boards should be able to retain independent third parties to advise on","page_number":167,"box":{"x":89,"y":679,"width":846,"height":12}},{"id":"a56577a2-450f-467d-871d-5ee348026210","block_type":"box","text":"critical matters. These might include new industry developments such as emergent and disruptive technology, operating","page_number":167,"box":{"x":89,"y":694,"width":843,"height":12}},{"id":"305d28e0-0894-4853-8305-7175bdb6bfe0","block_type":"box","text":"events with material consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":167,"box":{"x":89,"y":709,"width":841,"height":12}},{"id":"07216465-06e0-4199-ad01-cf329df9eb7d","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and","page_number":167,"box":{"x":89,"y":724,"width":805,"height":13}},{"id":"0626b03f-5da8-4fdb-abd6-6046d557621f","block_type":"box","text":"succession planning.","page_number":167,"box":{"x":89,"y":739,"width":145,"height":13}},{"id":"0ecdfd7e-2a49-492e-8eb3-592ddf2ec8ee","block_type":"box","text":"Executive compensation","page_number":167,"box":{"x":89,"y":766,"width":174,"height":12}},{"id":"6427ac61-ab76-4cf6-83fa-f940c12e26eb","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the caliber of","page_number":167,"box":{"x":89,"y":792,"width":848,"height":13}},{"id":"c978102e-6b3d-474f-a9b5-d67c50b40220","block_type":"box","text":"executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus","page_number":167,"box":{"x":89,"y":807,"width":864,"height":13}},{"id":"6f216e69-ec10-4ce8-ac0d-339e93d1d3ad","block_type":"box","text":"on alignment between variable pay and a company’s financial performance.","page_number":167,"box":{"x":89,"y":822,"width":529,"height":13}},{"id":"819b564e-2833-4269-b114-07f84e7e2f18","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":167,"box":{"x":89,"y":849,"width":787,"height":12}},{"id":"6b53858e-f2f6-4c07-a245-e53f973be842","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics, and","page_number":167,"box":{"x":89,"y":864,"width":851,"height":12}},{"id":"c194d113-69e7-4c7f-8b7e-b596b7fb8fb3","block_type":"box","text":"A-8","page_number":167,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"8790f4c9-88ce-45f2-bda5-a8ac9db93be9","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":168,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"ca2e1355-e01b-4a31-a513-d83631de275c","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":168,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"fcb0e7f5-d09e-49e4-88aa-67edaaa91830","block_type":"box","text":"sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":168,"box":{"x":89,"y":74,"width":701,"height":12}},{"id":"6fac8ab6-220a-48f1-bf24-88a6a6141629","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s approach to","page_number":168,"box":{"x":89,"y":101,"width":819,"height":12}},{"id":"200cbd21-06e8-4332-ad55-ddf04b91b8f4","block_type":"box","text":"executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative","page_number":168,"box":{"x":89,"y":116,"width":836,"height":12}},{"id":"b81e207e-524d-4809-8ee2-8da3a6d599c9","block_type":"box","text":"information in their disclosures to enable shareholders to understand the compensation arrangements and assess the","page_number":168,"box":{"x":89,"y":131,"width":825,"height":12}},{"id":"0d8c8f42-504a-4cf5-bc7a-6084ebe64341","block_type":"box","text":"alignment with investors’ interests. Features we look for in compensation arrangements include:","page_number":168,"box":{"x":89,"y":146,"width":673,"height":12}},{"id":"6802b73c-d0bd-49c6-9518-466a04a7e5c4","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the","page_number":168,"box":{"x":121,"y":166,"width":823,"height":12}},{"id":"902344f1-2afe-47fe-888d-36acd1a1aea5","block_type":"box","text":"company’s size, sector and market.","page_number":168,"box":{"x":154,"y":181,"width":244,"height":13}},{"id":"e7f38878-824b-4857-87d7-20ef8ea1fbd9","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":168,"box":{"x":121,"y":201,"width":840,"height":13}},{"id":"fce6f1df-03af-448b-82a6-e6e59be79782","block_type":"box","text":"objectives.","page_number":168,"box":{"x":154,"y":216,"width":72,"height":13}},{"id":"a2ed9eca-50ed-4087-8e92-910f4435c599","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":168,"box":{"x":121,"y":237,"width":637,"height":12}},{"id":"cd34584d-ac65-4f52-8f26-4e1c91c500e7","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":168,"box":{"x":121,"y":257,"width":805,"height":12}},{"id":"f2f6df49-d90d-4d49-a0be-e405eeb795c6","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":168,"box":{"x":154,"y":272,"width":778,"height":12}},{"id":"e6e5c8d5-2d7b-41b4-8a2e-c59066e1bee5","block_type":"box","text":"• Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":168,"box":{"x":121,"y":292,"width":651,"height":12}},{"id":"5a4192c0-fcd5-4230-8803-e4885353d10e","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":168,"box":{"x":121,"y":312,"width":752,"height":13}},{"id":"858cb0e8-1277-4942-8011-cf3d7af50a99","block_type":"box","text":"transparently.","page_number":168,"box":{"x":153,"y":327,"width":94,"height":13}},{"id":"da2a1538-c452-42d8-abd2-5ac42d7ff271","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":168,"box":{"x":121,"y":348,"width":822,"height":12}},{"id":"da196fde-9d82-433c-9e44-453092abe187","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":168,"box":{"x":154,"y":363,"width":470,"height":12}},{"id":"44df8afd-ca07-44c1-b390-9dd88d49b164","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":168,"box":{"x":121,"y":383,"width":737,"height":12}},{"id":"7ba5d731-bae1-4ea9-9d12-65b4ffc33134","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":168,"box":{"x":121,"y":403,"width":774,"height":12}},{"id":"518431e6-9a2f-43ef-80ab-2ec51416a797","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.","page_number":168,"box":{"x":154,"y":418,"width":805,"height":12}},{"id":"1c1bbbca-d142-4877-9b76-96ef167af54f","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":168,"box":{"x":121,"y":438,"width":756,"height":13}},{"id":"090b7255-d47c-4de4-bcff-9895301fb9fe","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":168,"box":{"x":88,"y":465,"width":857,"height":12}},{"id":"f862ec3d-782c-49cd-929b-05cf80836a10","block_type":"box","text":"compensation report where we do not see alignment between executive compensation arrangements and our clients’","page_number":168,"box":{"x":89,"y":480,"width":825,"height":12}},{"id":"dc222c1d-1d7b-4411-9c7d-d67488387ca8","block_type":"box","text":"financial interests. When there is not an alternative, or where there have been multi-year issues with compensation","page_number":168,"box":{"x":88,"y":495,"width":804,"height":12}},{"id":"9a14b868-e287-40ea-894c-39d2438705d6","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":168,"box":{"x":89,"y":510,"width":874,"height":12}},{"id":"1f2b06e8-5ac7-47a1-aa97-7db96c54df99","block_type":"box","text":"independent director.","page_number":168,"box":{"x":89,"y":525,"width":148,"height":12}},{"id":"7dc0735f-ddee-49f9-bde4-743e3d83d071","block_type":"box","text":"Non-executive director compensation","page_number":168,"box":{"x":89,"y":552,"width":272,"height":12}},{"id":"555fd3cf-3a74-4000-9af7-c799261190ee","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":168,"box":{"x":89,"y":578,"width":875,"height":12}},{"id":"26655956-8a70-401c-aa4a-a8ef1b483c11","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":168,"box":{"x":89,"y":593,"width":845,"height":13}},{"id":"c373767c-dead-4497-8741-8f3cc38ea9bc","block_type":"box","text":"executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and","page_number":168,"box":{"x":89,"y":608,"width":832,"height":13}},{"id":"4d98e642-854f-4255-b8e3-a25173070251","block_type":"box","text":"undermine their independence from management, whom they oversee.","page_number":168,"box":{"x":89,"y":623,"width":501,"height":13}},{"id":"0fa941bb-f3c8-4344-ae4d-559df940eb84","block_type":"box","text":"Capital structure","page_number":168,"box":{"x":89,"y":650,"width":119,"height":12}},{"id":"bf97ce08-6872-4dc8-9e6c-5c73f0539fef","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate","page_number":168,"box":{"x":89,"y":676,"width":859,"height":13}},{"id":"8337c3f7-c42a-40dd-a916-85c1677252b1","block_type":"box","text":"capital allocation and management in support of long-term financial resilience.","page_number":168,"box":{"x":89,"y":691,"width":553,"height":13}},{"id":"20375131-ef66-479e-9000-874d90e75c49","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":168,"box":{"x":88,"y":718,"width":876,"height":12}},{"id":"cd37f83e-f054-4d3d-9db2-c7a37b2cbc35","block_type":"box","text":"to be aligned with shareholders’ interests. We may vote against management proposals seeking capital-related authorities or","page_number":168,"box":{"x":88,"y":733,"width":875,"height":12}},{"id":"078b8838-af0a-4a3d-b9ff-0daafe4a129f","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":168,"box":{"x":88,"y":748,"width":873,"height":12}},{"id":"ae84d74e-d1a9-4e7a-9ad4-ae54b529ad3a","block_type":"box","text":"a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":168,"box":{"x":89,"y":763,"width":838,"height":13}},{"id":"3f98e975-68fc-47ac-adeb-7de4981befe7","block_type":"box","text":"Share issuance","page_number":168,"box":{"x":105,"y":790,"width":107,"height":9}},{"id":"25145a67-2fd5-4eca-96da-d5c76e85fbb4","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":168,"box":{"x":88,"y":816,"width":807,"height":13}},{"id":"e080f596-0df6-4518-b4b3-c1964ef127ef","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":168,"box":{"x":89,"y":831,"width":868,"height":13}},{"id":"93f3dda4-9e40-4836-b022-0c5d342b6c8f","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":168,"box":{"x":89,"y":846,"width":877,"height":13}},{"id":"84899262-bfd9-4201-817f-7e7037031f51","block_type":"box","text":"well as the current circumstances of the company and the market environment.","page_number":168,"box":{"x":88,"y":862,"width":558,"height":12}},{"id":"3aa30403-47f3-4a93-adad-f8f8ce201ed9","block_type":"box","text":"A-9","page_number":168,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"22840b4f-025e-4b1a-95a5-f1b196b4cb26","block_type":"box","text":"Share buybacks","page_number":169,"box":{"x":105,"y":44,"width":113,"height":12}},{"id":"afd6072a-1941-4f55-98a5-44c47d72829d","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":169,"box":{"x":88,"y":70,"width":786,"height":13}},{"id":"c6749cc8-3c56-469a-84e0-8732d2688da4","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of the","page_number":169,"box":{"x":89,"y":85,"width":844,"height":13}},{"id":"6b5c0878-ad7f-4e65-ae75-067b94812528","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":169,"box":{"x":89,"y":101,"width":872,"height":12}},{"id":"39cf2c81-9df8-4d2d-8b4b-f943e1ba117c","block_type":"box","text":"balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market","page_number":169,"box":{"x":89,"y":116,"width":858,"height":12}},{"id":"3bac4add-f31e-4e07-9597-4e78517e7e9c","block_type":"box","text":"price. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior","page_number":169,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"0f79f6e8-1efe-4a45-970a-5d873224500e","block_type":"box","text":"authorities were used, as well as the current circumstances of the company and the market environment.","page_number":169,"box":{"x":89,"y":146,"width":735,"height":12}},{"id":"7394d334-93c7-4ac8-bb92-ad78f7d9be9d","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":169,"box":{"x":88,"y":172,"width":854,"height":13}},{"id":"68dfb9c8-2ea7-4cda-a90e-dd421046f44d","block_type":"box","text":"management should provide a detailed rationale in the context of the disclosed capital management strategy.","page_number":169,"box":{"x":89,"y":188,"width":767,"height":12}},{"id":"0e19e6aa-98bb-4c56-9eac-ebf3b1278771","block_type":"box","text":"Dividends","page_number":169,"box":{"x":106,"y":214,"width":70,"height":10}},{"id":"941e50af-21fe-42ed-8504-7c71d148e4b1","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":169,"box":{"x":88,"y":240,"width":852,"height":13}},{"id":"d492d605-d220-480e-a887-092fa6db9559","block_type":"box","text":"proposed dividend appears out of line with the company’s financial position.","page_number":169,"box":{"x":89,"y":256,"width":534,"height":12}},{"id":"fb917a2a-c740-4c6f-b0be-a88f5c4a6c5e","block_type":"box","text":"Differentiated voting rights","page_number":169,"box":{"x":106,"y":282,"width":193,"height":12}},{"id":"3d9d3181-251d-429a-9a93-4a2da6fb60a2","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":169,"box":{"x":88,"y":308,"width":862,"height":13}},{"id":"80cf7005-08b0-41f5-b5ab-642ec443b7ab","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":169,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"b1777e13-5a7d-41f9-8d72-e2c7198f900b","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":169,"box":{"x":89,"y":339,"width":860,"height":12}},{"id":"92d1e6bc-2018-4617-a40c-86b9a80a0446","block_type":"box","text":"periodic basis.","page_number":169,"box":{"x":89,"y":354,"width":98,"height":12}},{"id":"25fe2b0d-e7da-4319-b5c6-7497a88fa65c","block_type":"box","text":"Transactions and special situations","page_number":169,"box":{"x":88,"y":380,"width":253,"height":13}},{"id":"99735df7-4fb0-46cc-a415-7920e7df2df6","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed analyses of","page_number":169,"box":{"x":88,"y":407,"width":813,"height":12}},{"id":"4249886e-c2de-4a49-869c-20f3334d692d","block_type":"box","text":"proposals.","page_number":169,"box":{"x":89,"y":422,"width":70,"height":12}},{"id":"8ba92f8e-30be-4728-af18-1e1054f1fef0","block_type":"box","text":"Mergers and acquisitions","page_number":169,"box":{"x":105,"y":448,"width":182,"height":13}},{"id":"6186adb5-7691-44e1-9936-58974eca69a5","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders.","page_number":169,"box":{"x":88,"y":475,"width":856,"height":12}},{"id":"35dd45b2-03f2-44c1-accf-1d111cda79e4","block_type":"box","text":"Management should provide an assessment of the proposed transaction’s strategic and financial rationale, along with its","page_number":169,"box":{"x":89,"y":490,"width":846,"height":12}},{"id":"b442a7f4-6bde-4879-abbf-99cff7ee40c4","block_type":"box","text":"execution and operational risks. We review each transaction independently based on these factors and the degree to which","page_number":169,"box":{"x":89,"y":505,"width":861,"height":12}},{"id":"f289a6f9-d03c-4ee5-a4d9-f8adc2d03095","block_type":"box","text":"the transaction enhances shareholder value. The board should consider establishing an ad hoc transaction committee to","page_number":169,"box":{"x":88,"y":520,"width":845,"height":12}},{"id":"bb89e561-a41f-4675-994b-75dd44ba95ac","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to","page_number":169,"box":{"x":89,"y":535,"width":855,"height":13}},{"id":"1d56f2a3-b1ea-4c80-83ce-a1c4af468d95","block_type":"box","text":"shareholders.","page_number":169,"box":{"x":89,"y":550,"width":93,"height":10}},{"id":"5e1c16d2-8182-41db-8cab-ceb88cdca317","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":169,"box":{"x":88,"y":577,"width":727,"height":12}},{"id":"4f37325c-4360-4c52-847a-e8f16ab2c76f","block_type":"box","text":"Anti-takeover defenses","page_number":169,"box":{"x":104,"y":603,"width":167,"height":10}},{"id":"a0cdda23-0c8b-413d-bf00-2e0f94d63a96","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":169,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"dceb1034-5cec-453b-bb1e-8283f637c11c","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":169,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"6de52d0e-9c3a-4dab-938a-9fc9e5b5f7df","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":169,"box":{"x":89,"y":660,"width":865,"height":12}},{"id":"d7060f20-2def-4049-afb2-c8c0dc820d37","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":169,"box":{"x":89,"y":675,"width":832,"height":12}},{"id":"5ad4447b-9e8b-449f-88fe-9e78eb952936","block_type":"box","text":"campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances","page_number":169,"box":{"x":89,"y":690,"width":856,"height":13}},{"id":"5aefae62-8ee0-4f35-96ee-56ffcb57f7b5","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":169,"box":{"x":89,"y":705,"width":859,"height":13}},{"id":"bbcf0c05-e96a-4c40-be8e-047889bbd93c","block_type":"box","text":"for a shareholder vote for any mechanisms expected to be in place for more than 12 months.","page_number":169,"box":{"x":88,"y":720,"width":650,"height":13}},{"id":"ccea659e-94f0-4e3e-a4cf-c7fcfd409788","block_type":"box","text":"Shareholder activism","page_number":169,"box":{"x":105,"y":747,"width":151,"height":10}},{"id":"99db3dc1-9b25-4787-b2a1-c83695f71cd5","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":169,"box":{"x":88,"y":773,"width":857,"height":13}},{"id":"0779e9db-1224-4c8d-a89a-a095f2319f53","block_type":"box","text":"objectives, once they have gone public. We will also engage with company management and possibly board members,","page_number":169,"box":{"x":89,"y":788,"width":829,"height":13}},{"id":"688153b4-7800-4a95-9e77-a1101137b737","block_type":"box","text":"especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the","page_number":169,"box":{"x":89,"y":804,"width":811,"height":12}},{"id":"5a219155-785d-41e4-b5e0-650901ec6680","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":169,"box":{"x":89,"y":819,"width":855,"height":12}},{"id":"246a08bc-3423-41cc-954e-c7035fd2c3b7","block_type":"box","text":"qualifications of each party’s candidates. We evaluate each contested situation by assessing the potential financial outcome","page_number":169,"box":{"x":89,"y":834,"width":866,"height":12}},{"id":"3ae1a576-162f-47b0-9673-8a6c6fc4e50b","block_type":"box","text":"for our clients as minority shareholders.","page_number":169,"box":{"x":88,"y":849,"width":278,"height":12}},{"id":"58ae0f38-db76-49a7-8671-83b2cbc64cc9","block_type":"box","text":"A-10","page_number":169,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"ff7e5329-7d59-41a4-ba00-5e68b5c1bb93","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":170,"box":{"x":88,"y":44,"width":849,"height":12}},{"id":"ed050e40-48ac-48b1-8478-79f1618225be","block_type":"box","text":"change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise","page_number":170,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"2b147f33-29f8-42b5-a8e6-0568dc016536","block_type":"box","text":"or have a poor track record of protecting shareholders’ interests.","page_number":170,"box":{"x":89,"y":74,"width":449,"height":12}},{"id":"1d042e8f-05bb-4d43-8ede-a743884e2022","block_type":"box","text":"Significant shareholders and related party transactions","page_number":170,"box":{"x":105,"y":101,"width":396,"height":12}},{"id":"f3653950-7fb1-4d5d-8f48-c729b5a0e7f0","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests of all","page_number":170,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"77018949-85c7-47d8-a462-24be7df1ce43","block_type":"box","text":"shareholders are given equitable consideration.","page_number":170,"box":{"x":89,"y":142,"width":329,"height":12}},{"id":"ef8f4d5d-5fd4-49eb-a00a-aa153ec4f860","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public company, should","page_number":170,"box":{"x":88,"y":169,"width":871,"height":12}},{"id":"fa8fc2ad-6495-41da-8caf-f2f1752c40c9","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":170,"box":{"x":89,"y":184,"width":861,"height":12}},{"id":"fc555ccb-6b7e-4d5c-b431-db6654cb1ebe","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":170,"box":{"x":88,"y":199,"width":818,"height":12}},{"id":"58052276-a128-41c5-8c80-e986eec33983","block_type":"box","text":"disinterested shareholders should vote.","page_number":170,"box":{"x":89,"y":214,"width":273,"height":10}},{"id":"75f702b6-268b-41aa-80e3-7f7c4e85ea7c","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":170,"box":{"x":89,"y":240,"width":352,"height":13}},{"id":"0195533b-13d5-408d-bdfe-db2a0f376290","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":170,"box":{"x":89,"y":267,"width":783,"height":12}},{"id":"af3cf904-c2af-4b07-b3e8-4c2bf0892b83","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and potential for","page_number":170,"box":{"x":89,"y":282,"width":868,"height":12}},{"id":"45a6b6ec-b455-4d62-bf30-0bf190bdcb20","block_type":"box","text":"the company to create shareholder value over time. The board should oversee corporate reporting and the policies and","page_number":170,"box":{"x":88,"y":297,"width":831,"height":12}},{"id":"89a0a0f7-4f9e-4a87-ad23-09e634f4657b","block_type":"box","text":"procedures underpinning the internal audit function and external audit.","page_number":170,"box":{"x":89,"y":312,"width":499,"height":13}},{"id":"7764b837-dccc-42a4-b679-3e16cb69e340","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders on its","page_number":170,"box":{"x":88,"y":339,"width":829,"height":12}},{"id":"8687bc10-a7d9-456a-bdc9-3ed9964594cd","block_type":"box","text":"financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the","page_number":170,"box":{"x":88,"y":354,"width":879,"height":12}},{"id":"c1053a31-d816-4354-88eb-3b75361264bb","block_type":"box","text":"company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the","page_number":170,"box":{"x":89,"y":369,"width":862,"height":12}},{"id":"75de13bc-9e5c-48ac-87c4-dd9097c857da","block_type":"box","text":"auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":170,"box":{"x":89,"y":384,"width":864,"height":12}},{"id":"b8964b4c-784f-49c8-8edc-0b61ebd81a51","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted accounting principles","page_number":170,"box":{"x":89,"y":399,"width":862,"height":13}},{"id":"dd04bd5b-748f-46af-afd4-1f9efa9394c1","block_type":"box","text":"should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions,","page_number":170,"box":{"x":89,"y":414,"width":862,"height":13}},{"id":"f3b50482-1be2-4bb2-af6e-854f576027fe","block_type":"box","text":"and the implications of these, disclosed.","page_number":170,"box":{"x":89,"y":429,"width":279,"height":13}},{"id":"69460e61-607a-467a-b77c-f571ad85ebb7","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":170,"box":{"x":89,"y":456,"width":819,"height":12}},{"id":"5f6a9621-955b-458d-9b74-47002a602363","block_type":"box","text":"oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial information, internal","page_number":170,"box":{"x":89,"y":471,"width":844,"height":12}},{"id":"86a4b9d5-b26e-4fc3-b0b4-5ee6caf69188","block_type":"box","text":"control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens","page_number":170,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"01674e68-e5d0-438d-ab36-9da179186741","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":170,"box":{"x":88,"y":501,"width":878,"height":13}},{"id":"7d56cb38-f489-4310-b358-bc07dbb0d891","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":170,"box":{"x":88,"y":516,"width":840,"height":13}},{"id":"9c6af419-c612-4ee4-9934-7fbe2098137d","block_type":"box","text":"external audit process annually.","page_number":170,"box":{"x":89,"y":531,"width":219,"height":13}},{"id":"15920cbf-e60f-4727-88a2-cb1b64aad73c","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates revenue","page_number":170,"box":{"x":88,"y":558,"width":834,"height":12}},{"id":"99e94782-d38c-428e-9ca4-eb9a318b8fac","block_type":"box","text":"should be disclosed. In our view, the standards developed by the International Sustainability Standards Board, can be helpful","page_number":170,"box":{"x":89,"y":573,"width":867,"height":12}},{"id":"12f0ea38-1347-4adf-ba15-164791193f7a","block_type":"box","text":"to companies in preparing such reports","page_number":170,"box":{"x":88,"y":588,"width":275,"height":12}},{"id":"dd92a986-b0de-4289-a795-60d1886c9acc","block_type":"box","text":"(4)","page_number":170,"box":{"x":365,"y":586,"width":14,"height":8}},{"id":"f47d2adc-7815-41f7-8b66-9060f22f822a","block_type":"box","text":".","page_number":170,"box":{"x":381,"y":596,"width":2,"height":2}},{"id":"7947c9c3-d8b5-4b26-a288-6c90bf7d6165","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the company’s business,","page_number":170,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"0903344e-50a7-48e4-a47b-01a4369e68a6","block_type":"box","text":"risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other","page_number":170,"box":{"x":89,"y":630,"width":797,"height":12}},{"id":"361ea50f-6bfd-439d-818b-f9652c5af3e3","block_type":"box","text":"stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential","page_number":170,"box":{"x":89,"y":645,"width":813,"height":12}},{"id":"049f4a83-7493-4ab9-b2b3-7bebacd4dd50","block_type":"box","text":"misconduct or breaches in risk management and internal control processes.","page_number":170,"box":{"x":89,"y":660,"width":532,"height":12}},{"id":"80bd19a5-f729-4dfc-af08-8db604dbc423","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate","page_number":170,"box":{"x":88,"y":686,"width":879,"height":13}},{"id":"bcc886ae-6a26-41e9-9c66-09ab00d4ebc1","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":170,"box":{"x":89,"y":702,"width":856,"height":12}},{"id":"83aa56e4-a795-48f8-bd37-68312b9efe0b","block_type":"box","text":"audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive,","page_number":170,"box":{"x":89,"y":717,"width":850,"height":12}},{"id":"8420d225-a3f8-4336-83aa-3304c9c0021a","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":170,"box":{"x":89,"y":732,"width":867,"height":12}},{"id":"a155408d-886e-4320-aca3-b61e4b5ac83e","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":170,"box":{"x":88,"y":747,"width":837,"height":12}},{"id":"3d92de62-974c-42a6-b5cb-c97441fb4455","block_type":"box","text":"position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":170,"box":{"x":89,"y":762,"width":618,"height":12}},{"id":"7a39d853-31ae-4e65-8a87-5d43c45be02c","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":170,"box":{"x":89,"y":818,"width":813,"height":10}},{"id":"91a8e12e-7111-444c-9ac2-ea2a272ea52e","block_type":"box","text":"e informa","page_number":170,"box":{"x":903,"y":818,"width":57,"height":8}},{"id":"853ee68b-e16f-4936-a688-c1a0593b9856","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":170,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"6ecfd2a9-515c-44cd-a052-fa6bba584439","block_type":"box","text":"ions","page_number":170,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"a810824e-70ef-41a7-8683-1ad6b3114b7d","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":170,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"661e42da-56f8-4225-8a79-c08e2e7a6d00","block_type":"box","text":"bout its","page_number":170,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"6c495e93-7225-445c-b299-d515173b87cb","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":170,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"d1d1fe71-7efa-499b-8629-f38f9ddc5eec","block_type":"box","text":"ding","page_number":170,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"806e6b49-71b8-443a-a451-609b5a1ea36f","block_type":"box","text":"resources to the entity.","page_number":170,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"6141abcc-eaaa-414f-9072-93a788eb5566","block_type":"box","text":"A-11","page_number":170,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"5183a219-0a89-412a-989c-a0f1f5478d1e","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":171,"box":{"x":88,"y":44,"width":824,"height":12}},{"id":"969536b0-d431-4bfc-bd43-97c5fe8732b5","block_type":"box","text":"misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial","page_number":171,"box":{"x":89,"y":59,"width":826,"height":12}},{"id":"551a3fb4-6996-40ec-875a-03c70cabb6a1","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":171,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"71bc63c6-b526-4f68-a9bd-91a2c5a210b3","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":171,"box":{"x":88,"y":89,"width":861,"height":13}},{"id":"f35b2ce6-7042-4af8-a492-bc0b8ebdbb2b","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":171,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"dfa9ea4c-2022-4c14-b8dd-b1f3198ec627","block_type":"box","text":"not established reasonable remediation plans.","page_number":171,"box":{"x":89,"y":119,"width":320,"height":13}},{"id":"2858dfd2-8ce8-4007-b1dd-307df487842a","block_type":"box","text":"Shareholder rights and protections","page_number":171,"box":{"x":88,"y":146,"width":252,"height":12}},{"id":"4c27ab5a-8d92-49a9-b128-a35ccda6e126","block_type":"box","text":"General shareholder meetings","page_number":171,"box":{"x":105,"y":172,"width":217,"height":13}},{"id":"9caeec1e-ad26-4ac5-b10a-27b7bd9d7d3e","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":171,"box":{"x":89,"y":199,"width":875,"height":12}},{"id":"ab5cfbff-ca55-4f13-a44b-b6efb2401159","block_type":"box","text":"discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials","page_number":171,"box":{"x":89,"y":214,"width":831,"height":12}},{"id":"4ec4ff14-1134-4ae3-9e42-221596248f72","block_type":"box","text":"relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their","page_number":171,"box":{"x":89,"y":229,"width":846,"height":12}},{"id":"e0ab76cd-cc6a-4e03-81b9-7c28ba0cf49e","block_type":"box","text":"voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst","page_number":171,"box":{"x":88,"y":244,"width":823,"height":13}},{"id":"9a2ad05f-b92e-4701-ac48-fcd310c036a2","block_type":"box","text":"welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.","page_number":171,"box":{"x":88,"y":259,"width":774,"height":13}},{"id":"b7755351-b548-4eb4-bc5e-032f2f48c3de","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":171,"box":{"x":88,"y":286,"width":877,"height":12}},{"id":"e17db67f-dfa6-4977-bbec-0aef781ba56b","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":171,"box":{"x":89,"y":301,"width":865,"height":12}},{"id":"b7d6b27f-5457-4825-bdd4-297fb8880511","block_type":"box","text":"the format of the shareholder meeting does not accommodate reasonable shareholder participation.","page_number":171,"box":{"x":88,"y":316,"width":704,"height":12}},{"id":"302f4b79-33b0-44f6-925b-0b22e1574b25","block_type":"box","text":"Bylaw amendments","page_number":171,"box":{"x":106,"y":342,"width":140,"height":13}},{"id":"341709d5-80fb-45d2-b6d6-6a61bd5e5987","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":171,"box":{"x":88,"y":369,"width":860,"height":12}},{"id":"e0a23dc7-0945-4d93-8f1c-19d8180a1a11","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":171,"box":{"x":89,"y":384,"width":873,"height":12}},{"id":"0530adfd-4371-4747-953e-3078167c5726","block_type":"box","text":"to a shareholder vote.","page_number":171,"box":{"x":88,"y":399,"width":151,"height":10}},{"id":"56f7031f-c1b3-43b1-b39e-d483d0e2c51e","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against directors if","page_number":171,"box":{"x":88,"y":426,"width":853,"height":12}},{"id":"d9bad368-7b36-48bc-b6c9-59e45bf67ae4","block_type":"box","text":"material changes are made to the bylaws without shareholder approval.","page_number":171,"box":{"x":89,"y":441,"width":501,"height":12}},{"id":"a0b8fea7-d6e1-482f-91db-6e60b7ef9d2b","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":171,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"a2c1c414-3720-435a-a6a6-4f0c62d83c99","block_type":"box","text":"meaningful shareholding the right to call a special meeting of shareholders. The shareholding required to exercise this right","page_number":171,"box":{"x":89,"y":482,"width":864,"height":13}},{"id":"58772f8d-be87-4c9b-8f46-422b9948cc0c","block_type":"box","text":"should balance its utility with the cost to the company of holding special meetings.","page_number":171,"box":{"x":89,"y":497,"width":579,"height":13}},{"id":"e9e4fca3-917c-4b4e-ab32-2db7f4e0b1be","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":171,"box":{"x":89,"y":524,"width":876,"height":12}},{"id":"52fc8420-a1ad-4d4d-83ea-c5132d1cb5cd","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":171,"box":{"x":89,"y":539,"width":859,"height":12}},{"id":"2da76249-5436-4e92-9b98-874c1e5a3e18","block_type":"box","text":"so that shareholders can exercise it without being unduly disruptive to the board’s own nomination process.","page_number":171,"box":{"x":89,"y":554,"width":756,"height":12}},{"id":"7f947ee3-50d7-4d8d-9751-9e372e7eace8","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":171,"box":{"x":88,"y":581,"width":878,"height":12}},{"id":"1f42f24f-36c0-489d-a9a0-f13d7eb4c25a","block_type":"box","text":"for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":171,"box":{"x":88,"y":596,"width":696,"height":12}},{"id":"1eeb77a4-66e0-40a0-9717-d111a6b5add0","block_type":"box","text":"Change of domicile","page_number":171,"box":{"x":105,"y":622,"width":139,"height":12}},{"id":"ead00b4f-de2f-4d02-a531-beb4d9b61872","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":171,"box":{"x":88,"y":649,"width":842,"height":12}},{"id":"10a16b81-9468-44ea-ab33-80f3c58097d6","block_type":"box","text":"consistent with the company’s long-term strategy and business model and the related costs are immaterial.","page_number":171,"box":{"x":89,"y":664,"width":754,"height":12}},{"id":"b806ba29-78eb-4f96-b945-431e5c72fd71","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":171,"box":{"x":88,"y":690,"width":878,"height":13}},{"id":"9c3af4fd-4b0b-4400-8fee-76fa28b55149","block_type":"box","text":"financial interests.","page_number":171,"box":{"x":88,"y":705,"width":126,"height":10}},{"id":"8e17c4e4-fd5b-46f4-b374-eb3274751a28","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":171,"box":{"x":105,"y":732,"width":446,"height":12}},{"id":"0713bf02-02c2-469b-8e07-d5d197917477","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":171,"box":{"x":89,"y":758,"width":826,"height":13}},{"id":"b044c38d-f0d7-491b-9207-6db31eaf1966","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":171,"box":{"x":89,"y":773,"width":823,"height":13}},{"id":"d18b21b6-d061-4b92-ac05-632a8dbe7dbd","block_type":"box","text":"suitability of a company for their investment strategy or portfolio.","page_number":171,"box":{"x":89,"y":788,"width":455,"height":13}},{"id":"872d1150-7ef4-4948-a279-f979d97b5a71","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":171,"box":{"x":88,"y":815,"width":871,"height":12}},{"id":"8a1ba8f9-33e8-4da3-ab05-0ac28a0d846e","block_type":"box","text":"not provided a credible argument for change.","page_number":171,"box":{"x":89,"y":830,"width":316,"height":12}},{"id":"32592f96-e3b9-4bd4-8b63-4e9cfad81c73","block_type":"box","text":"A-12","page_number":171,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"45ea7bd4-584f-429e-8d1e-e1ec8e5c7181","block_type":"box","text":"Shareholder proposals","page_number":172,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"66c122af-ca40-4f6d-9ad7-4dad546d7fa7","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general","page_number":172,"box":{"x":88,"y":70,"width":813,"height":13}},{"id":"f2f1c9cd-e826-40f2-99d8-2763e4c48e80","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":172,"box":{"x":89,"y":85,"width":846,"height":13}},{"id":"ef79df56-d08a-486c-90a7-a897d1a55c30","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":172,"box":{"x":89,"y":101,"width":879,"height":12}},{"id":"0f6c013e-e997-4c62-9e92-056ddc0d38a2","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":172,"box":{"x":89,"y":116,"width":857,"height":12}},{"id":"443ceadd-ec98-4304-b0ac-11614b1486aa","block_type":"box","text":"when a company is unresponsive to their engagement.","page_number":172,"box":{"x":88,"y":131,"width":384,"height":12}},{"id":"2426a699-d8f9-4c6d-a504-40b51b47070e","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":172,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"3a5f4f45-5dec-4b62-b150-31eb0c108c57","block_type":"box","text":"its current approach, whether the actions sought are consistent with shareholders’ interests, and what impact the proposal","page_number":172,"box":{"x":89,"y":172,"width":861,"height":13}},{"id":"f2cb2c9d-146e-4628-a9a0-1fb890dfb302","block_type":"box","text":"being acted upon might have on financial performance.","page_number":172,"box":{"x":89,"y":188,"width":388,"height":12}},{"id":"466c4859-3ca1-43ce-b3e4-c5a975242c72","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":172,"box":{"x":89,"y":214,"width":861,"height":12}},{"id":"306ef60b-53c6-4742-abc8-9ca966917bd0","block_type":"box","text":"understand the apparent difference in perspective. If we continue to believe the company is not acting in shareholders’","page_number":172,"box":{"x":89,"y":229,"width":829,"height":12}},{"id":"b9510d7f-7982-4e08-8e20-5cbc1baff181","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":172,"box":{"x":88,"y":244,"width":871,"height":13}},{"id":"361b0810-ff18-4f8e-885d-35c367b0315b","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":172,"box":{"x":89,"y":259,"width":865,"height":13}},{"id":"ae0d94e6-b354-4a5d-8d53-169f1aa78c31","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":172,"box":{"x":89,"y":274,"width":868,"height":13}},{"id":"db73133d-f128-4f9c-9dd1-c40c51ffb1c2","block_type":"box","text":"are unrelated to how a company manages risk or generates financial returns.","page_number":172,"box":{"x":89,"y":290,"width":537,"height":12}},{"id":"8ea96823-2e69-4aec-8139-a2a7c31761a3","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":172,"box":{"x":89,"y":316,"width":851,"height":12}},{"id":"9b0f22eb-d19d-480e-a2a2-a47b25bf9978","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":172,"box":{"x":89,"y":331,"width":876,"height":12}},{"id":"171bae11-12ff-43dc-99b8-1603988cc51a","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":172,"box":{"x":88,"y":346,"width":647,"height":13}},{"id":"049f9d89-3a42-482c-9708-c556929c7c01","block_type":"box","text":"Corporate political activities","page_number":172,"box":{"x":89,"y":373,"width":202,"height":12}},{"id":"1398affa-7edf-45f7-857c-d373678aff08","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":172,"box":{"x":88,"y":399,"width":841,"height":13}},{"id":"bfef3cf8-28cf-45b0-af8d-c08567a79e11","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":172,"box":{"x":89,"y":414,"width":865,"height":13}},{"id":"64a85cd8-86af-4819-b491-6cae4093cef2","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":172,"box":{"x":89,"y":429,"width":876,"height":13}},{"id":"9a88ee4d-c067-4194-9413-3deb41e356ba","block_type":"box","text":"Companies should, as a minimum, meet all regulatory disclosure requirements on political activities, and ideally, provide","page_number":172,"box":{"x":89,"y":445,"width":839,"height":12}},{"id":"077bb873-21bc-4ed8-8375-c4fb12a81dfd","block_type":"box","text":"accessible and clear disclosures to shareholders on policy positions, public policy engagement activities and political","page_number":172,"box":{"x":89,"y":460,"width":814,"height":12}},{"id":"9ef103b9-f84f-4ec5-a5ad-3bf2ecd8e50e","block_type":"box","text":"donations. To mitigate the risk of inconsistencies, companies can usefully assess the alignment between their policy priorities","page_number":172,"box":{"x":89,"y":475,"width":878,"height":12}},{"id":"f1ba1efe-54d9-4ff7-a723-810fc01bc9a5","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":172,"box":{"x":89,"y":490,"width":849,"height":12}},{"id":"4fab9f02-860f-40b9-b120-be64c3293e32","block_type":"box","text":"trade associations on behalf of members.","page_number":172,"box":{"x":88,"y":505,"width":289,"height":10}},{"id":"272b3783-b1c0-4a64-bbeb-2468a89dc24c","block_type":"box","text":"Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote against directors,","page_number":172,"box":{"x":89,"y":531,"width":872,"height":13}},{"id":"91b133e2-c845-4292-b21c-60304198050e","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":172,"box":{"x":88,"y":547,"width":845,"height":12}},{"id":"aa7c67d9-92ad-42c9-85eb-f92c32b40688","block_type":"box","text":"public policy positions and its policy engagement.","page_number":172,"box":{"x":89,"y":562,"width":348,"height":12}},{"id":"b162b84d-6cf9-45d6-8e1d-f4a5d628d9b0","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":172,"box":{"x":88,"y":588,"width":421,"height":12}},{"id":"5719c17b-4316-4239-a8c9-519bce032241","block_type":"box","text":"We seek to understand how companies manage the risks and opportunities inherent in their business operations. In our","page_number":172,"box":{"x":88,"y":615,"width":840,"height":12}},{"id":"fec4f843-6170-467f-90e0-542d1b742cfd","block_type":"box","text":"experience, sustainability-related factors","page_number":172,"box":{"x":89,"y":630,"width":282,"height":12}},{"id":"93136747-7e9c-4dba-8217-f93b9a405802","block_type":"box","text":"(5)","page_number":172,"box":{"x":373,"y":628,"width":14,"height":8}},{"id":"aa0ed9e1-dd65-4baf-bf9e-421c73aaa4cc","block_type":"box","text":"that are relevant to a company’s business or material to its financial performance,","page_number":172,"box":{"x":392,"y":630,"width":571,"height":12}},{"id":"60fa1277-6152-471b-8fe3-76346739a841","block_type":"box","text":"are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may","page_number":172,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"04d16095-c092-4426-8b9e-286764b5a381","block_type":"box","text":"also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer","page_number":172,"box":{"x":89,"y":660,"width":868,"height":12}},{"id":"4b19b15c-1025-48b6-9362-db91f864306f","block_type":"box","text":"demand or adapting supply chains in response to changing regulatory requirements.","page_number":172,"box":{"x":89,"y":675,"width":593,"height":12}},{"id":"298f3234-f6bf-4911-894d-d8cfb80b7bdb","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":172,"box":{"x":88,"y":702,"width":864,"height":12}},{"id":"d53ab2d6-e395-4e6b-a8de-2981786f9bcc","block_type":"box","text":"company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures","page_number":172,"box":{"x":89,"y":717,"width":862,"height":12}},{"id":"b9d7292a-c2c9-4e51-a6b5-558b949bbb1f","block_type":"box","text":"and our engagement, we aim to understand how management is identifying, assessing and integrating material","page_number":172,"box":{"x":89,"y":732,"width":783,"height":12}},{"id":"f088ad7b-6df9-4574-a033-a31e0b324ffc","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":172,"box":{"x":89,"y":793,"width":831,"height":10}},{"id":"dc4e958a-a0d7-4268-add0-4073d096a180","block_type":"box","text":"el that","page_number":172,"box":{"x":922,"y":793,"width":34,"height":8}},{"id":"0a4a7316-c9c6-4ee3-8962-b1dd7dc818d6","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":172,"box":{"x":121,"y":805,"width":826,"height":10}},{"id":"11f252db-2ee6-4236-8b3c-1e4c0df19226","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":172,"box":{"x":121,"y":818,"width":832,"height":10}},{"id":"230a0c20-fab1-4a5c-a482-51ae0c1052d6","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":172,"box":{"x":121,"y":831,"width":818,"height":10}},{"id":"8e7da6df-784a-4862-af10-013265a66f57","block_type":"box","text":"e","page_number":172,"box":{"x":940,"y":833,"width":5,"height":5}},{"id":"fa4e2183-234d-4643-8ee1-e00e0fa7c6c2","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":172,"box":{"x":121,"y":843,"width":823,"height":10}},{"id":"50f3ff95-2a0b-4cf8-a30e-750bcb13e3e1","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":172,"box":{"x":121,"y":856,"width":785,"height":10}},{"id":"4d1a8f8f-08ea-4894-b5c9-df1c05ccc94e","block_type":"box","text":"onsider","page_number":172,"box":{"x":907,"y":856,"width":46,"height":8}},{"id":"153580e1-0773-4fce-b5c9-ac1b38f0cbb6","block_type":"box","text":"ations is a component of a sound governance framework.","page_number":172,"box":{"x":121,"y":868,"width":323,"height":10}},{"id":"945f0811-5619-42ae-b9d9-559409b91662","block_type":"box","text":"A-13","page_number":172,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"fb592954-fad7-4f9f-bfca-7e52021beb84","block_type":"box","text":"sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake","page_number":173,"box":{"x":89,"y":44,"width":871,"height":12}},{"id":"ff0730d7-f3eb-4987-99d8-604d0e47fbf0","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":173,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"531862c4-6b7f-49e8-9a2e-5c54d396d5ee","block_type":"box","text":"investment.","page_number":173,"box":{"x":89,"y":75,"width":80,"height":9}},{"id":"b8ccbabf-30d2-4590-8302-73ea57299f80","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":173,"box":{"x":88,"y":101,"width":834,"height":12}},{"id":"25fbb56b-0438-491c-b245-4689e606fda7","block_type":"box","text":"managing or disclosing its approach to material sustainability-related risks that may impact financial returns.","page_number":173,"box":{"x":89,"y":116,"width":762,"height":12}},{"id":"dea1e3cb-f5e4-4f18-b26e-bc79027d0209","block_type":"box","text":"Key stakeholders","page_number":173,"box":{"x":89,"y":142,"width":121,"height":12}},{"id":"125a439d-6bbc-476e-8de7-184b2e797d72","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":173,"box":{"x":89,"y":169,"width":842,"height":12}},{"id":"741c9833-656b-42cc-aa3c-d80cca982ff2","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":173,"box":{"x":89,"y":184,"width":858,"height":12}},{"id":"ff860fb0-2961-49b3-a04b-1060eca653c7","block_type":"box","text":"their business and long-term financial performance. For many companies, key stakeholders include employees, business","page_number":173,"box":{"x":88,"y":199,"width":843,"height":12}},{"id":"cc117a74-b2e9-4722-8cc5-6768087f4d7a","block_type":"box","text":"partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":173,"box":{"x":89,"y":214,"width":872,"height":12}},{"id":"ef99974a-73bf-43f9-b137-c5a945df1d61","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to","page_number":173,"box":{"x":89,"y":229,"width":865,"height":12}},{"id":"e1f44e96-0e8e-4df8-b579-fecf1e203e91","block_type":"box","text":"be financially resilient over time.","page_number":173,"box":{"x":89,"y":244,"width":223,"height":13}},{"id":"ee5d0a6c-fec0-4cf1-aa96-e6c42592a92f","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":173,"box":{"x":89,"y":271,"width":367,"height":12}},{"id":"834726d7-616f-4361-a7af-bbcae0a5abe4","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent","page_number":173,"box":{"x":89,"y":297,"width":847,"height":12}},{"id":"4efa5de3-5e01-4099-b1c3-0ce9c8a759fc","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":173,"box":{"x":88,"y":312,"width":875,"height":13}},{"id":"0c1ce11d-c7d5-45a3-a10b-a98d8235abb0","block_type":"box","text":"some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for those funds’ holdings, we look","page_number":173,"box":{"x":89,"y":327,"width":864,"height":13}},{"id":"87544bfc-9e02-484b-a951-7a1feb7dd771","block_type":"box","text":"to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":173,"box":{"x":88,"y":342,"width":878,"height":13}},{"id":"fca836b4-1803-4b41-8ff5-b0fffb3083b8","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":173,"box":{"x":88,"y":358,"width":849,"height":12}},{"id":"4224533d-9a34-405b-8b08-c35e3cf8b127","block_type":"box","text":"levels. This approach is only taken following BlackRock receiving the explicit approval from the applicable fund board.","page_number":173,"box":{"x":89,"y":373,"width":820,"height":12}},{"id":"6f082ea5-f23e-413e-9e7f-c0ce1323208c","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real","page_number":173,"box":{"x":88,"y":399,"width":859,"height":13}},{"id":"3a5116f1-a93f-4acb-8b2a-9b2cfe9804d9","block_type":"box","text":"world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition,","page_number":173,"box":{"x":88,"y":414,"width":867,"height":13}},{"id":"548ce896-e44e-40a2-8fdd-91d1a30f6a3a","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures","page_number":173,"box":{"x":89,"y":429,"width":872,"height":13}},{"id":"67178b04-e7d7-468e-a4c6-6f17793728da","block_type":"box","text":"that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization.","page_number":173,"box":{"x":88,"y":445,"width":842,"height":12}},{"id":"68850717-d6e8-4dbe-a998-f8268f5d217f","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":173,"box":{"x":88,"y":460,"width":862,"height":12}},{"id":"f3ec9269-8d17-4512-9856-3cc1ad4bacb1","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":173,"box":{"x":88,"y":475,"width":860,"height":12}},{"id":"4b0eed4b-8619-4e7b-95d1-bc49b4c5b44a","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":173,"box":{"x":88,"y":490,"width":873,"height":12}},{"id":"69d7322f-44f4-429e-aa65-2a6a6cb3aad4","block_type":"box","text":"the International Sustainability Standards Board, IFRS S2, a useful reference for such reporting.","page_number":173,"box":{"x":88,"y":505,"width":661,"height":12}},{"id":"dde2aa6d-adab-4ef3-96ae-ec3d501cab75","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a","page_number":173,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"ae736a90-fab7-4928-8288-8d24fae340a6","block_type":"box","text":"relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing material climate","page_number":173,"box":{"x":89,"y":547,"width":838,"height":12}},{"id":"0b156ff7-aaf3-4c88-8b72-63fd7ea22899","block_type":"box","text":"related risks. We may recommend supporting shareholder proposals seeking information relevant to a company’s stated low","page_number":173,"box":{"x":89,"y":562,"width":876,"height":12}},{"id":"b6564fcf-d6e9-42fc-bca3-ce1d9791db7c","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":173,"box":{"x":89,"y":577,"width":866,"height":12}},{"id":"a56e19f3-0019-4254-a8f6-8692e65a421e","block_type":"box","text":"decision-making. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting","page_number":173,"box":{"x":89,"y":592,"width":875,"height":12}},{"id":"f018bb08-c81e-456c-8618-56e0d71534aa","block_type":"box","text":"consistent with their investment mandate and fund objectives.","page_number":173,"box":{"x":89,"y":607,"width":437,"height":12}},{"id":"21f966cd-4248-46b1-85f3-f401a5691533","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":173,"box":{"x":88,"y":633,"width":643,"height":13}},{"id":"113a1662-6858-4391-8533-e7a33aa5152a","block_type":"box","text":"Oversight","page_number":173,"box":{"x":105,"y":660,"width":69,"height":12}},{"id":"ff0e2871-b678-4453-b4bc-0c9f5d5d26e9","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":173,"box":{"x":88,"y":686,"width":865,"height":13}},{"id":"1aa01fd0-0b17-4015-b76d-a9176e41dba6","block_type":"box","text":"with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the Guidelines”), which","page_number":173,"box":{"x":88,"y":702,"width":835,"height":12}},{"id":"0709caa5-b0f5-49f9-b557-4999e92249b3","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances, as well as input","page_number":173,"box":{"x":89,"y":717,"width":878,"height":12}},{"id":"08340831-90ef-4b64-91dd-65436df48941","block_type":"box","text":"from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":173,"box":{"x":88,"y":732,"width":868,"height":12}},{"id":"15e09735-1aba-427f-b81a-69a7afbb8e98","block_type":"box","text":"reporting lines, and oversight.","page_number":173,"box":{"x":89,"y":747,"width":207,"height":12}},{"id":"94488f5b-35db-4778-a859-936489894f10","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active investment, legal","page_number":173,"box":{"x":88,"y":773,"width":873,"height":13}},{"id":"efbf39c0-041f-4fec-8693-b19dbca0ba26","block_type":"box","text":"and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting Guidelines. The Committee also","page_number":173,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"ed0f93ed-c588-4510-89ba-94863b4e1ff0","block_type":"box","text":"considers developments in corporate governance, related public policy, and market norms and how these might influence","page_number":173,"box":{"x":89,"y":804,"width":852,"height":12}},{"id":"0c86fdfa-f4a6-4861-9a63-6f3433ab256f","block_type":"box","text":"BAIS’ policies and practices. The Committee does not determine voting decisions, which are the responsibility of BAIS and","page_number":173,"box":{"x":89,"y":819,"width":853,"height":12}},{"id":"8f68c870-82a9-4a5d-8a21-cd8dfd4111f1","block_type":"box","text":"the relevant active equity investors.","page_number":173,"box":{"x":88,"y":834,"width":246,"height":12}},{"id":"a9666504-1eb2-408e-94f2-63d12c69f078","block_type":"box","text":"A-14","page_number":173,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"7cd3dc2f-4bcc-4ccf-afa5-1302f0a89748","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":174,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"aec2a110-add9-4720-a1e9-69a0c0171f91","block_type":"box","text":"before a recommendation is finalized and escalated to the portfolio managers with holdings in the company under","page_number":174,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"2c59930c-59cb-4828-8280-b70d3c1d615d","block_type":"box","text":"consideration. This group also formally reviews any revisions to the Engagement and Voting Guidelines proposed by BAIS as","page_number":174,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"d59524c3-30b3-427f-8187-766a4f7703fc","block_type":"box","text":"part of its annual review.","page_number":174,"box":{"x":89,"y":89,"width":170,"height":13}},{"id":"62f79473-014d-4a5b-aec5-de09bb4c8063","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and","page_number":174,"box":{"x":89,"y":116,"width":862,"height":12}},{"id":"1f7283d7-1f61-4975-9787-23f9c7031758","block_type":"box","text":"conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also","page_number":174,"box":{"x":89,"y":131,"width":873,"height":12}},{"id":"744b3dca-4e7e-4288-abeb-84aaf3f8dc6a","block_type":"box","text":"conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast","page_number":174,"box":{"x":89,"y":146,"width":874,"height":12}},{"id":"13126587-cf3e-4f6f-95c5-b7877cd463a1","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":174,"box":{"x":89,"y":161,"width":878,"height":12}},{"id":"79917669-49c8-4f77-9a91-28a59c2de167","block_type":"box","text":"and performs oversight of those third parties (see “Use and oversight of third-party vote services providers” below).","page_number":174,"box":{"x":89,"y":176,"width":807,"height":13}},{"id":"637bc50a-339f-4fcb-8f36-684639489808","block_type":"box","text":"Voting guidelines and vote execution","page_number":174,"box":{"x":104,"y":203,"width":267,"height":12}},{"id":"c41c362d-de9f-40b2-aecb-66b6b67854cc","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":174,"box":{"x":89,"y":229,"width":866,"height":12}},{"id":"c580a8cb-09a5-495e-b9c1-4b5a8743340e","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":174,"box":{"x":88,"y":244,"width":863,"height":13}},{"id":"1b6a51e4-f7fe-4a19-bee8-28a1e44daff8","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":174,"box":{"x":88,"y":259,"width":863,"height":13}},{"id":"bae58664-6ab7-4b8e-b81b-9b15ef4b3e25","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":174,"box":{"x":88,"y":274,"width":877,"height":13}},{"id":"01594ba8-2ab6-4944-88f5-ae4bd2c9076f","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":174,"box":{"x":88,"y":290,"width":848,"height":12}},{"id":"d9803c3d-225e-4d7a-9c7e-5f66a2af0e0b","block_type":"box","text":"any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and procedures,”","page_number":174,"box":{"x":89,"y":305,"width":841,"height":12}},{"id":"7d35df81-a45f-4ed8-9294-5e1a6adcac7d","block_type":"box","text":"below).","page_number":174,"box":{"x":89,"y":320,"width":50,"height":12}},{"id":"a8510537-a2d2-4ec2-99be-33028d8278e9","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although","page_number":174,"box":{"x":88,"y":346,"width":859,"height":13}},{"id":"705f3938-6c24-498b-8abc-0dc7f8216790","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":174,"box":{"x":89,"y":361,"width":846,"height":13}},{"id":"a8774fc6-07f3-444d-a685-cf40a45894e6","block_type":"box","text":"investment objective and financial interests of clients invested in the funds they manage.","page_number":174,"box":{"x":89,"y":376,"width":619,"height":13}},{"id":"ae5509db-8b77-46a7-9f33-a771f124676f","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":174,"box":{"x":88,"y":403,"width":862,"height":12}},{"id":"892f16c5-b6e0-4420-89c4-0b115efa3306","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":174,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"d0cbff32-6b6d-4bef-b1bc-54ff6ad79ab8","block_type":"box","text":"BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide","page_number":174,"box":{"x":89,"y":433,"width":827,"height":13}},{"id":"c41a4eb4-022c-4f6c-a6ea-df633f3c9fe9","block_type":"box","text":"insight into how we typically approach issues that commonly arise on corporate ballots. The Guidelines are reviewed","page_number":174,"box":{"x":89,"y":448,"width":815,"height":13}},{"id":"33d15760-c5aa-4d51-8036-5f6dbf897655","block_type":"box","text":"annually and updated as necessary to reflect changes in market practices, developments in corporate governance and","page_number":174,"box":{"x":89,"y":463,"width":826,"height":13}},{"id":"be73f2e4-5290-46f8-ae8d-8798a754f727","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":174,"box":{"x":88,"y":479,"width":854,"height":12}},{"id":"f13ed6d6-36bd-4378-b406-ade6e0bf86d9","block_type":"box","text":"practices most aligned with clients’ long-term financial interests.","page_number":174,"box":{"x":89,"y":494,"width":452,"height":12}},{"id":"12cf455c-2bf5-45fe-8b44-faf780131c3e","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":174,"box":{"x":89,"y":520,"width":846,"height":12}},{"id":"ad79f989-fc63-4ea1-bef2-d8af49e94157","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":174,"box":{"x":89,"y":535,"width":867,"height":13}},{"id":"2d302093-b811-494d-abd9-8957df433af5","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":174,"box":{"x":89,"y":550,"width":804,"height":13}},{"id":"a42b018b-4983-408b-8300-dbc9dfbc7c45","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":174,"box":{"x":89,"y":565,"width":820,"height":13}},{"id":"e1203d94-42c6-46ef-b2b8-3ecd6b79a376","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":174,"box":{"x":89,"y":581,"width":830,"height":12}},{"id":"2c161a8e-7186-4319-9146-b69cb22bf081","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":174,"box":{"x":89,"y":596,"width":788,"height":12}},{"id":"50cc01d7-7a3f-49f5-9d50-9093da87630a","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":174,"box":{"x":89,"y":611,"width":807,"height":12}},{"id":"c0e3bdd4-8f91-4577-bbef-5c7c361085a3","block_type":"box","text":"burdensome administrative requirements.","page_number":174,"box":{"x":89,"y":626,"width":292,"height":12}},{"id":"e5b86b57-f3b4-4661-b20f-dbf5d5b2329f","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":174,"box":{"x":89,"y":652,"width":878,"height":13}},{"id":"f2bcf6fd-b565-4699-abf3-1b34fc32c55f","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":174,"box":{"x":89,"y":668,"width":869,"height":12}},{"id":"d63e5c63-d077-4f65-801e-b80300ff96f3","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":174,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"3d2710e1-fb7a-472c-8960-db0f44ce8603","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":174,"box":{"x":89,"y":698,"width":397,"height":12}},{"id":"50072c49-91b5-40f5-874e-3b0517551618","block_type":"box","text":"Voting Choice","page_number":174,"box":{"x":104,"y":724,"width":101,"height":13}},{"id":"809fabf5-9184-43d5-9d01-64009faaf50e","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy","page_number":174,"box":{"x":89,"y":751,"width":855,"height":12}},{"id":"eb2b5f72-ea9b-4004-ab77-ab150b350174","block_type":"box","text":"voting process where legally and operationally viable.","page_number":174,"box":{"x":88,"y":766,"width":373,"height":12}},{"id":"121255a6-6ed0-4be6-9054-5a7be751fdfb","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":174,"box":{"x":88,"y":792,"width":823,"height":13}},{"id":"c31aeea0-f8b4-4ff0-84d7-ef7162f2b63b","block_type":"box","text":"Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately","page_number":174,"box":{"x":89,"y":807,"width":832,"height":13}},{"id":"bfb4c798-83a2-431c-a846-aa80ef65cc80","block_type":"box","text":"managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies","page_number":174,"box":{"x":89,"y":822,"width":756,"height":13}},{"id":"e1398f4c-4844-4c0c-8fbe-da9fdd969079","block_type":"box","text":"(6)","page_number":174,"box":{"x":847,"y":820,"width":14,"height":8}},{"id":"253c4026-b719-4007-ab90-a811bfd65fea","block_type":"box","text":".","page_number":174,"box":{"x":863,"y":831,"width":2,"height":1}},{"id":"2215387d-4cf0-46b5-8b75-4d3a88534e98","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":174,"box":{"x":89,"y":856,"width":844,"height":10}},{"id":"c9c74193-e90e-4b08-b6ce-dfc6b51eb9fb","block_type":"box","text":"eir","page_number":174,"box":{"x":934,"y":857,"width":13,"height":7}},{"id":"4eb6bb01-1430-4cc0-9b7e-2424fdecff4e","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":174,"box":{"x":121,"y":868,"width":752,"height":10}},{"id":"cb995e9b-6cba-4fe9-ad77-0bfb7c5a1670","block_type":"box","text":"A-15","page_number":174,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"d8cb9373-8d59-48fa-83de-cba2463ee93d","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":175,"box":{"x":88,"y":44,"width":880,"height":12}},{"id":"90519eea-65ac-42fb-88fa-fa1b28f25c96","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":175,"box":{"x":89,"y":59,"width":833,"height":12}},{"id":"9bb45368-2950-4c20-9338-ebb1fae97763","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":175,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"1573df31-36a1-4588-8274-cce8314ec01f","block_type":"box","text":"because of Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy,","page_number":175,"box":{"x":89,"y":89,"width":826,"height":13}},{"id":"b4555552-57fb-4c06-9c7d-db234ee1cd16","block_type":"box","text":"without client consent.","page_number":175,"box":{"x":88,"y":104,"width":160,"height":10}},{"id":"06a30706-2927-4863-9a16-787c700c292e","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":175,"box":{"x":105,"y":131,"width":400,"height":12}},{"id":"6a40abfc-a1f8-42cc-9cfa-ad3aaa793ce7","block_type":"box","text":"Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well","page_number":175,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"e3b57e9e-ad9b-4596-9734-d33307c2983e","block_type":"box","text":"as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services provider ISS and","page_number":175,"box":{"x":89,"y":172,"width":833,"height":13}},{"id":"b17be724-6459-4b4b-b658-bbf34d88e019","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use","page_number":175,"box":{"x":89,"y":188,"width":848,"height":12}},{"id":"17b0a1e3-776c-42df-8610-50a3888bf54b","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":175,"box":{"x":89,"y":203,"width":858,"height":12}},{"id":"6b05dd73-293e-4de1-a009-5fd9130d94b3","block_type":"box","text":"firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting","page_number":175,"box":{"x":88,"y":218,"width":767,"height":12}},{"id":"706bc981-f7ce-47c7-97d9-44a5d85c5941","block_type":"box","text":"recommendations. A company’s disclosures, our past engagements and voting, investment colleagues’ insights and our","page_number":175,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"091c76d2-8a71-4ff7-8bd0-aeb684188a10","block_type":"box","text":"voting guidelines are important inputs into our voting decisions on behalf of clients.","page_number":175,"box":{"x":88,"y":248,"width":586,"height":12}},{"id":"0209de4e-fd67-4de2-8457-ce26ab2772b7","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting","page_number":175,"box":{"x":89,"y":274,"width":824,"height":13}},{"id":"40eb0916-c066-462c-a39c-f469480c6937","block_type":"box","text":"process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder meeting","page_number":175,"box":{"x":89,"y":290,"width":840,"height":12}},{"id":"06dac0ce-ea82-4785-ba2a-e8ac89f324a9","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":175,"box":{"x":89,"y":305,"width":826,"height":12}},{"id":"8cc4fc0a-14fa-4866-948c-78436b9f8c5e","block_type":"box","text":"relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at","page_number":175,"box":{"x":89,"y":320,"width":856,"height":12}},{"id":"d7e1de73-1133-4aa2-8e2d-4edde0712b7a","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":175,"box":{"x":89,"y":335,"width":833,"height":12}},{"id":"e3f19de6-07fb-4dba-85cb-7de973687b24","block_type":"box","text":"reports, company announcements, and direct communications from companies to ensure awareness of supplemental","page_number":175,"box":{"x":89,"y":350,"width":826,"height":12}},{"id":"75f5247d-fb6c-4745-b328-3e9d4891e328","block_type":"box","text":"disclosures and proxy materials that may require a modification of votes.","page_number":175,"box":{"x":89,"y":365,"width":508,"height":12}},{"id":"d4d8a779-c4c0-47d3-9d24-154a77234286","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":175,"box":{"x":89,"y":392,"width":850,"height":12}},{"id":"06f8a61e-1f83-463f-b65b-cd9231f1abb3","block_type":"box","text":"level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight","page_number":175,"box":{"x":89,"y":407,"width":872,"height":12}},{"id":"7c82bf9d-73cd-4bbe-9ba4-bc864f80c46a","block_type":"box","text":"of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well","page_number":175,"box":{"x":89,"y":422,"width":869,"height":12}},{"id":"d4aa1011-c088-4d49-bb67-e203595d338d","block_type":"box","text":"as annual due diligence meetings in accordance with BlackRock’s firmwide policies.","page_number":175,"box":{"x":89,"y":437,"width":584,"height":12}},{"id":"2401d83b-e68c-4831-ab8f-d4562b62592b","block_type":"box","text":"Conflicts management policies and procedures","page_number":175,"box":{"x":105,"y":463,"width":340,"height":13}},{"id":"75a90dd8-f2cd-4535-9c97-43bde33d89d4","block_type":"box","text":"BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":175,"box":{"x":89,"y":490,"width":833,"height":12}},{"id":"4edb8d23-bb3d-41ad-b568-3e6caf2e42ba","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":175,"box":{"x":89,"y":505,"width":829,"height":12}},{"id":"a010b00d-2d0c-4bb4-8a4e-673b9016f4aa","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":175,"box":{"x":154,"y":783,"width":777,"height":13}},{"id":"59002057-366b-4262-b34a-fb2cbd336b97","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":175,"box":{"x":154,"y":799,"width":797,"height":12}},{"id":"589779db-e610-487d-83c7-382c6c9a0b2b","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access. BAIS","page_number":175,"box":{"x":153,"y":814,"width":752,"height":12}},{"id":"405aaf29-151b-4398-95de-28e05ed5316d","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":175,"box":{"x":154,"y":829,"width":803,"height":12}},{"id":"4d3c5d8a-5bb9-4aec-a340-e6aff8a5d77a","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":175,"box":{"x":154,"y":844,"width":802,"height":12}},{"id":"8cdd7f59-5af9-438e-af9c-1771707c6f2b","block_type":"box","text":"the economic value of the company. Within the normal course of business, BAIS may engage directly with","page_number":175,"box":{"x":153,"y":859,"width":741,"height":12}},{"id":"911547f8-5670-4198-80e8-35fb5e73b8cb","block_type":"box","text":"A-16","page_number":175,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"27ad5c33-2c7e-4b45-99d2-8232251c8873","block_type":"box","text":"BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management,","page_number":176,"box":{"x":154,"y":44,"width":798,"height":12}},{"id":"0b5f456d-b4bf-4cee-ae8e-a3e817c1a68a","block_type":"box","text":"or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance","page_number":176,"box":{"x":154,"y":59,"width":803,"height":12}},{"id":"9ef56c80-dc54-4cf6-81ad-905ee869331e","block_type":"box","text":"matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":176,"box":{"x":154,"y":74,"width":741,"height":12}},{"id":"af61c0d4-516a-4594-8792-c9951b70bf08","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":176,"box":{"x":121,"y":94,"width":846,"height":13}},{"id":"bd99c548-3852-48c9-aff5-957ef8b3853e","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":176,"box":{"x":154,"y":109,"width":784,"height":13}},{"id":"4ea0dcc4-8fcc-4431-a438-d19bf607fabf","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":176,"box":{"x":154,"y":125,"width":780,"height":12}},{"id":"3be944a9-e039-478f-9a49-5804ee9799d4","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":176,"box":{"x":154,"y":140,"width":793,"height":12}},{"id":"7208718f-d738-4916-851e-9aa98a02c7e5","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":176,"box":{"x":154,"y":155,"width":799,"height":12}},{"id":"520a2885-2c72-44b4-9492-4e8a505581ce","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":176,"box":{"x":154,"y":170,"width":790,"height":12}},{"id":"d89d031b-b7a3-46fa-8ad4-adf80d4c4be8","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":176,"box":{"x":154,"y":185,"width":693,"height":12}},{"id":"51c2cf77-cb62-4ae8-a703-e605df1c0c78","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":176,"box":{"x":187,"y":205,"width":592,"height":12}},{"id":"281cdc4b-e062-4f89-b5bf-e25465095c7a","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":176,"box":{"x":187,"y":225,"width":761,"height":13}},{"id":"d15b1407-9af4-4c99-8233-5679177083bd","block_type":"box","text":"the board of directors","page_number":176,"box":{"x":218,"y":240,"width":152,"height":10}},{"id":"3ef2489a-6620-4e05-b14f-3664b7de3e3c","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":176,"box":{"x":187,"y":261,"width":646,"height":12}},{"id":"9b66aaad-efaa-46b8-9416-b6d35c860dd1","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":176,"box":{"x":187,"y":281,"width":513,"height":12}},{"id":"0abe40b0-03f1-4e05-94b9-bf0d901bcbf5","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":176,"box":{"x":187,"y":301,"width":764,"height":12}},{"id":"b7b9bd3c-305c-4647-9c47-c2aa72fd2842","block_type":"box","text":"party voting service provider","page_number":176,"box":{"x":219,"y":316,"width":199,"height":12}},{"id":"6676ae70-40a2-42d7-8292-0ebc3cca143c","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":176,"box":{"x":89,"y":342,"width":873,"height":13}},{"id":"8e0c30db-e66a-4aa4-ba74-aedc62213dc3","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":176,"box":{"x":89,"y":358,"width":826,"height":12}},{"id":"82580d52-432d-47b3-a797-08a5dfc23c3b","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":176,"box":{"x":89,"y":373,"width":836,"height":12}},{"id":"8915689a-1b4a-47c9-a331-bbd84628dbf4","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":176,"box":{"x":89,"y":388,"width":829,"height":12}},{"id":"b6d560f2-b5c3-485f-8e41-0d6ac5dbce73","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":176,"box":{"x":89,"y":403,"width":804,"height":12}},{"id":"b94fdde3-086a-466c-a40d-85ab243b1c4a","block_type":"box","text":"Investment Stewardship Oversight Committee appoints and reviews the performance of the independent third-party voting","page_number":176,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"5771113d-3af6-4e9f-9286-624e275f1279","block_type":"box","text":"service providers, generally on an annual basis.","page_number":176,"box":{"x":89,"y":433,"width":327,"height":13}},{"id":"b48b3ecf-a13e-4720-869e-41dd4202fa83","block_type":"box","text":"Securities lending","page_number":176,"box":{"x":105,"y":460,"width":128,"height":12}},{"id":"ad9b1787-52a6-48c2-9f1b-6c6d2549f434","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":176,"box":{"x":88,"y":486,"width":855,"height":12}},{"id":"4a60a2dc-0751-42fc-b41c-fae3b5cb5ce0","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":176,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"a77cafe5-fd77-445e-8ad9-05cea6cf24f2","block_type":"box","text":"providers to keep fund expenses lower.","page_number":176,"box":{"x":89,"y":516,"width":270,"height":13}},{"id":"49a3b673-e3b7-4876-9de0-0ce32f224451","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on loan and may","page_number":176,"box":{"x":88,"y":543,"width":867,"height":12}},{"id":"f8fe938f-4985-4ac9-aac1-1d3ec1857a41","block_type":"box","text":"determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients in helping them","page_number":176,"box":{"x":89,"y":558,"width":827,"height":12}},{"id":"25ed8ef0-4696-4646-9df1-f244870af7b2","block_type":"box","text":"achieve their investment goals. While this has occurred in a limited number of cases, the decision to recall securities on loan","page_number":176,"box":{"x":89,"y":573,"width":866,"height":12}},{"id":"96b95214-3ec0-4be5-941d-6ad944503e3b","block_type":"box","text":"as part of BlackRock’s securities lending program in order to vote is based on an evaluation of various factors that include,","page_number":176,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"bee02067-1e2e-453f-b074-1673344b5181","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":176,"box":{"x":89,"y":603,"width":838,"height":13}},{"id":"5c10b3b2-0088-48d0-a678-de1347c63f89","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":176,"box":{"x":89,"y":618,"width":844,"height":13}},{"id":"419330bc-0ebe-495c-8f52-ef0a7384ffc4","block_type":"box","text":"active portfolio managers, as well as colleagues in the Securities Lending and Risk and Quantitative Analysis teams, to","page_number":176,"box":{"x":89,"y":633,"width":825,"height":13}},{"id":"fa61917b-49b9-423f-9c38-632ed0c8116f","block_type":"box","text":"evaluate the costs and benefits to clients of recalling shares on loan.","page_number":176,"box":{"x":89,"y":649,"width":475,"height":12}},{"id":"849e87aa-36be-4df0-8b3b-008304775a31","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":176,"box":{"x":89,"y":675,"width":851,"height":12}},{"id":"173c7c52-032c-4e3d-a057-52eeb4edbc32","block_type":"box","text":"not warrant recalling securities on loan. However, in certain instances, BlackRock may determine, in our independent","page_number":176,"box":{"x":89,"y":690,"width":816,"height":13}},{"id":"feed793b-5bb7-4e07-a57d-e2564b7cb226","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":176,"box":{"x":89,"y":705,"width":867,"height":13}},{"id":"98588888-3a2e-4ff3-aa7f-618ca5cc4249","block_type":"box","text":"therefore recall shares to be voted in those instances.","page_number":176,"box":{"x":88,"y":720,"width":372,"height":10}},{"id":"2f04de90-5007-439c-9a3f-d1998f804acf","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":176,"box":{"x":89,"y":747,"width":840,"height":12}},{"id":"ec0145b3-0aee-417e-aa51-05cfeeeb9ec2","block_type":"box","text":"modify it as necessary.","page_number":176,"box":{"x":89,"y":762,"width":156,"height":12}},{"id":"6f9fd21f-4ba9-47f6-a5b4-d363ea0d6df5","block_type":"box","text":"Reporting and vote transparency","page_number":176,"box":{"x":106,"y":788,"width":236,"height":13}},{"id":"a172c453-34ae-48ca-ae04-ad137f4e745e","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":177,"box":{"x":88,"y":97,"width":855,"height":12}},{"id":"b15b9864-77a5-4f1c-a6e6-86565e2b741f","block_type":"box","text":"sole discretion of the reader.","page_number":177,"box":{"x":89,"y":112,"width":196,"height":10}},{"id":"2cc17156-970b-4e05-a4fe-07282c95b697","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":177,"box":{"x":89,"y":138,"width":190,"height":13}},{"id":"0860f209-8dac-48b8-a67d-0a7bce2d29c3","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":177,"box":{"x":89,"y":165,"width":289,"height":12}},{"id":"44259dbc-86b4-497c-8fc2-8b6ac9c95b55","block_type":"box","text":"BLACKROCK","page_number":177,"box":{"x":384,"y":165,"width":89,"height":10}},{"id":"bf911467-c202-4693-a558-a3daa305c03e","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":177,"box":{"x":478,"y":165,"width":450,"height":11}},{"id":"03e16f3a-e65b-437b-a4a1-4d4d57981494","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":177,"box":{"x":88,"y":180,"width":558,"height":12}},{"id":"4eca3783-84e3-4fe3-8b4c-e9c1d14109f0","block_type":"box","text":"A-18","page_number":177,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"7511b018-3207-4867-b0b8-ce58f8c2909f","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":178,"box":{"x":203,"y":44,"width":653,"height":30}},{"id":"c468e94e-0962-473f-b29f-6326d8461050","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":178,"box":{"x":89,"y":88,"width":483,"height":12}},{"id":"bb4b25f1-709f-4a5a-9b60-5f01ccd6ec8e","block_type":"box","text":"Effective Date: January 1, 2025","page_number":178,"box":{"x":106,"y":114,"width":217,"height":13}},{"id":"d3cae72e-1421-4155-8a98-677606cd4a64","block_type":"box","text":"________________________________________","page_number":178,"box":{"x":88,"y":151,"width":326,"height":1}},{"id":"398c2dbd-501b-4fdd-81c1-20937b7e52f8","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":178,"box":{"x":88,"y":167,"width":507,"height":13}},{"id":"78beef8d-1298-4c95-8704-5252efe92044","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":178,"box":{"x":110,"y":194,"width":391,"height":12}},{"id":"ba848f46-c215-47ce-bd41-674f838a0624","block_type":"box","text":"□","page_number":178,"box":{"x":89,"y":221,"width":14,"height":11}},{"id":"cdcd1dd9-a90f-4adc-aaa6-95daeadc4247","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":178,"box":{"x":109,"y":220,"width":596,"height":13}},{"id":"c6135253-1abf-4245-968e-af0d1edc416a","block_type":"box","text":"□","page_number":178,"box":{"x":89,"y":247,"width":14,"height":12}},{"id":"2efe4699-a6cd-4f8f-9cc2-d70af9254648","block_type":"box","text":"Money Market Funds","page_number":178,"box":{"x":109,"y":247,"width":148,"height":12}},{"id":"62fab50f-c2eb-4147-a5e9-c6656cab8548","block_type":"box","text":"□","page_number":178,"box":{"x":89,"y":274,"width":14,"height":11}},{"id":"99799a9d-4012-4a90-8199-8a8a5731afa2","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":178,"box":{"x":88,"y":477,"width":878,"height":13}},{"id":"d83a6cf3-5c1c-4b4c-b2a6-0396fd2c43b7","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":178,"box":{"x":88,"y":492,"width":850,"height":13}},{"id":"9dde192a-03b4-4553-b192-821329ccddbd","block_type":"box","text":"agreements.","page_number":178,"box":{"x":89,"y":509,"width":85,"height":11}},{"id":"5341980a-8c45-4cd2-9983-f697b9865717","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy(“Guidelines”) (as from time to time","page_number":178,"box":{"x":89,"y":534,"width":869,"height":12}},{"id":"7b46e3d3-7898-4563-853e-6a1af68a60cf","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":178,"box":{"x":89,"y":564,"width":822,"height":13}},{"id":"e17403fd-0169-46b4-9089-7834a38e76d2","block_type":"box","text":"“BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for matters covered in the","page_number":178,"box":{"x":89,"y":579,"width":818,"height":13}},{"id":"2d38eb1d-84ac-4bef-99ef-9d30a0677885","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in Appendix A.","page_number":178,"box":{"x":89,"y":594,"width":689,"height":13}},{"id":"72641fd0-e25a-49f3-adcf-fdb915d7f0b0","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":178,"box":{"x":89,"y":621,"width":876,"height":12}},{"id":"0deb2dcb-2418-45de-9d5b-26e44c17a3d4","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":178,"box":{"x":89,"y":636,"width":829,"height":12}},{"id":"09c989cf-9076-4600-ba8c-bac7d3fc7775","block_type":"box","text":"Decarbonization Stewardship Guidelines, as applicable.","page_number":178,"box":{"x":89,"y":651,"width":384,"height":12}},{"id":"dff3734a-ab08-4518-a8a9-f731159704af","block_type":"box","text":"Conflicts Management","page_number":178,"box":{"x":89,"y":678,"width":164,"height":12}},{"id":"7279c11d-733a-419c-9add-00ffcea1c787","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue influence on","page_number":178,"box":{"x":89,"y":704,"width":824,"height":12}},{"id":"077b0e45-5576-4ea6-8c6a-4db0e6386d2d","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":178,"box":{"x":89,"y":719,"width":865,"height":13}},{"id":"c0673c40-aa65-438b-8544-7b7fcad31024","block_type":"box","text":"Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship between the","page_number":178,"box":{"x":89,"y":734,"width":831,"height":13}},{"id":"1cabc2c6-5587-4cc3-a19b-158df0efd829","block_type":"box","text":"investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates or","page_number":178,"box":{"x":89,"y":749,"width":803,"height":13}},{"id":"ff6cf2ce-0022-4ace-b05a-ad4dd93d5c58","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":178,"box":{"x":89,"y":765,"width":825,"height":12}},{"id":"3b0d68af-7446-41c2-8c67-9544c7377e85","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BIS will adhere to the Guidelines.","page_number":178,"box":{"x":89,"y":780,"width":635,"height":12}},{"id":"1519ed54-0f44-46df-8b70-2b9ad3e80a1d","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":178,"box":{"x":89,"y":806,"width":758,"height":12}},{"id":"7cda8a2f-6904-47af-9f9f-0362427e2804","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":178,"box":{"x":89,"y":821,"width":784,"height":13}},{"id":"08db362c-9ba5-4d1e-8509-417b8af66a83","block_type":"box","text":"requirements, or as may be otherwise required by applicable 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.A-21","page_number":180,"box":{"x":531,"y":233,"width":353,"height":10}},{"id":"3a962c10-635f-4531-9633-9bbc4604cd16","block_type":"box","text":"Philosophy on investment stewardship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":180,"box":{"x":170,"y":252,"width":717,"height":12}},{"id":"6e500603-1c1c-40f4-8a31-cc64a14d16c6","block_type":"box","text":"Shareholder rights","page_number":180,"box":{"x":169,"y":271,"width":128,"height":12}},{"id":"f2b85e35-5e4c-4038-b782-4d94cd03a800","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":180,"box":{"x":303,"y":271,"width":584,"height":9}},{"id":"1f33fad7-67af-46d6-9e24-fd11f936eae8","block_type":"box","text":"Stewardship in practice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":180,"box":{"x":169,"y":290,"width":718,"height":12}},{"id":"4357186a-4bbb-4d96-982b-015396fa6333","block_type":"box","text":"Key themes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-23","page_number":180,"box":{"x":170,"y":308,"width":717,"height":13}},{"id":"ab277015-12d8-4971-96d1-b88ca698ae47","block_type":"box","text":"Boards and directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-23","page_number":180,"box":{"x":170,"y":327,"width":717,"height":10}},{"id":"0026a28d-b904-457b-abda-9a988e9101f9","block_type":"box","text":"Auditors and audit-related 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-32","page_number":180,"box":{"x":270,"y":498,"width":617,"height":9}},{"id":"59c5d7f0-ce18-4165-8e23-1511ee16623f","block_type":"box","text":"Conflicts management policies and procedures","page_number":180,"box":{"x":169,"y":516,"width":330,"height":13}},{"id":"c579762b-c39a-445d-9099-f2e81382fcf7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-33","page_number":180,"box":{"x":505,"y":517,"width":382,"height":9}},{"id":"9df61278-1234-48f0-8b32-11f6a26de707","block_type":"box","text":"Securities lending","page_number":180,"box":{"x":169,"y":535,"width":123,"height":13}},{"id":"96cbaffd-732c-44f7-b6f8-de8818958421","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":180,"box":{"x":296,"y":536,"width":591,"height":9}},{"id":"6764cae6-3551-4f71-a233-ab7bb4b92a7b","block_type":"box","text":"Reporting and vote transparency","page_number":180,"box":{"x":170,"y":554,"width":228,"height":12}},{"id":"e514a0a3-234b-48f0-bc2b-a643a9fe3265","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":180,"box":{"x":401,"y":555,"width":486,"height":9}},{"id":"d7c1cd06-8ed4-4a6d-9320-75ec143441aa","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":180,"box":{"x":89,"y":587,"width":365,"height":12}},{"id":"b45a7ad4-c1f3-4a4f-8758-44e4c7856dbb","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":180,"box":{"x":90,"y":751,"width":859,"height":12}},{"id":"d741d0c1-1245-4a55-b970-399e0da4d914","block_type":"box","text":"voting decisions.","page_number":180,"box":{"x":127,"y":766,"width":117,"height":12}},{"id":"3a75f15f-c334-4a2d-b63f-1d170e847d93","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":180,"box":{"x":89,"y":805,"width":834,"height":10}},{"id":"429d5c69-3b59-46a2-bb09-19b9c2742944","block_type":"box","text":"d solely","page_number":180,"box":{"x":924,"y":805,"width":42,"height":10}},{"id":"15172c06-fa23-4c9d-aa5b-b0d9c4da80b8","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":180,"box":{"x":121,"y":818,"width":798,"height":10}},{"id":"052bbe79-0b38-491e-a422-db2c9073ab24","block_type":"box","text":"ement","page_number":180,"box":{"x":920,"y":819,"width":36,"height":7}},{"id":"5849e4c4-6ec4-4df6-993f-ab0d584ac631","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":180,"box":{"x":121,"y":831,"width":837,"height":10}},{"id":"f0024854-f47c-45e7-92c6-0fb6b3a20df3","block_type":"box","text":".","page_number":180,"box":{"x":960,"y":837,"width":1,"height":1}},{"id":"fbd5040e-f842-431b-8d67-e0ad69e5454e","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":180,"box":{"x":121,"y":843,"width":840,"height":10}},{"id":"36e9f486-9a7a-4785-9d62-3c643c794116","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":180,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"fb16ea4c-c2bf-4ab7-9e0f-7925b92fd284","block_type":"box","text":"vide useful context.","page_number":180,"box":{"x":121,"y":868,"width":108,"height":8}},{"id":"de06c417-eb26-438d-a603-063526df1751","block_type":"box","text":"A-21","page_number":180,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"76b082fe-be71-4c1b-80be-bb45035659b1","block_type":"box","text":"2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have delegated","page_number":181,"box":{"x":89,"y":44,"width":852,"height":12}},{"id":"ac88d45a-9920-4459-af54-c1a823e967d1","block_type":"box","text":"voting authority to BlackRock.","page_number":181,"box":{"x":127,"y":59,"width":210,"height":12}},{"id":"c65ac1de-feab-4016-9811-d426b82547a0","block_type":"box","text":"3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our clients’","page_number":181,"box":{"x":89,"y":79,"width":845,"height":13}},{"id":"1bbe51ee-17bc-4863-8e20-f898feccf134","block_type":"box","text":"investments.","page_number":181,"box":{"x":128,"y":95,"width":87,"height":9}},{"id":"19141d56-f9d9-4aff-933e-bbbc45c40288","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":181,"box":{"x":88,"y":114,"width":798,"height":13}},{"id":"5502847e-7839-4490-b8e9-92494397803f","block_type":"box","text":"publications and direct reporting.","page_number":181,"box":{"x":128,"y":130,"width":232,"height":12}},{"id":"56d64b38-c084-4d23-b5c8-b7c68e8b8a84","block_type":"box","text":"Philosophy on investment stewardship","page_number":181,"box":{"x":89,"y":156,"width":278,"height":12}},{"id":"82c8d62c-80b8-4200-a659-81b89dd37ddf","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":181,"box":{"x":88,"y":182,"width":874,"height":13}},{"id":"f44b747f-dd0b-4e34-8492-c5d73d37ab60","block_type":"box","text":"creation. Research indicates that high-performing companies will effectively evaluate and address risks and opportunities","page_number":181,"box":{"x":89,"y":198,"width":848,"height":12}},{"id":"e15a80a2-aa26-4855-9c86-66ac59a57e24","block_type":"box","text":"relevant to their businesses, which supports durable, long-term financial value creation.","page_number":181,"box":{"x":89,"y":213,"width":612,"height":12}},{"id":"ac5fe037-3a99-4416-9ead-f458d7804334","block_type":"box","text":"(2)","page_number":181,"box":{"x":703,"y":211,"width":14,"height":8}},{"id":"e8139899-9fe4-481f-9432-efb7a08a6bb6","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many minority","page_number":181,"box":{"x":88,"y":239,"width":851,"height":13}},{"id":"fe03aafd-9e70-40d2-8581-49a1e74a62ce","block_type":"box","text":"shareholders, BlackRock cannot – and does not try to – direct a company’s strategy or its implementation. Our role, on behalf","page_number":181,"box":{"x":89,"y":254,"width":877,"height":13}},{"id":"d7780acc-3d26-4483-bca3-aac4b04feab7","block_type":"box","text":"of BlackRock’s clients as long-term investors, is to better understand how corporate leadership is managing material risks","page_number":181,"box":{"x":89,"y":269,"width":851,"height":13}},{"id":"36220b64-4699-4b05-a279-ddad023af482","block_type":"box","text":"and capitalizing on opportunities to help protect and enhance the company’s ability to deliver long-term financial returns. We","page_number":181,"box":{"x":89,"y":285,"width":877,"height":12}},{"id":"f2749380-6c39-4922-8e84-49e09ae7d32a","block_type":"box","text":"aim to take a globally consistent approach, while recognizing the unique markets and sectors in which companies operate.","page_number":181,"box":{"x":89,"y":300,"width":858,"height":12}},{"id":"ebd105d4-cd39-4c0d-b1b9-76d5b2b06f4e","block_type":"box","text":"Shareholder rights","page_number":181,"box":{"x":88,"y":326,"width":134,"height":12}},{"id":"66e9b051-79b0-4b15-80c2-4b59953ee9b4","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish certain fundamental rights attached to shareholding.","page_number":181,"box":{"x":89,"y":353,"width":857,"height":12}},{"id":"40775e70-0f07-4c34-a4e3-a115c41b150a","block_type":"box","text":"Shareholders should have the right to:","page_number":181,"box":{"x":88,"y":368,"width":266,"height":12}},{"id":"18d84fd5-a87c-4570-aadb-bc24c8aa27d7","block_type":"box","text":"• Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or by","page_number":181,"box":{"x":89,"y":388,"width":868,"height":12}},{"id":"f95a1de5-5ca9-46ec-948f-c923d8f32f41","block_type":"box","text":"laws.","page_number":181,"box":{"x":122,"y":403,"width":33,"height":10}},{"id":"ad0fab5a-8e86-422f-81b6-ad4d3541d82e","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":181,"box":{"x":89,"y":423,"width":872,"height":12}},{"id":"45198856-7d12-48e0-9b14-510595dbb8ea","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":181,"box":{"x":121,"y":438,"width":783,"height":13}},{"id":"4a6ca1dc-56a6-4bd5-a95f-c9ff8e38d69e","block_type":"box","text":"structure.","page_number":181,"box":{"x":121,"y":455,"width":66,"height":8}},{"id":"7b2b397e-156b-459e-9a67-1a0794865815","block_type":"box","text":"• Access sufficient and timely information on material governance, strategic, and business matters to make informed","page_number":181,"box":{"x":89,"y":473,"width":840,"height":13}},{"id":"2278228b-b739-48ff-9872-8fc5febcb82c","block_type":"box","text":"decisions.","page_number":181,"box":{"x":121,"y":489,"width":68,"height":9}},{"id":"b9b73fbc-5590-4f5c-bfa3-6f6d71ba8eeb","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":181,"box":{"x":88,"y":515,"width":844,"height":12}},{"id":"c3cd4f88-92ea-4070-9e94-8e8405d5c6fc","block_type":"box","text":"should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve this balance.","page_number":181,"box":{"x":89,"y":530,"width":823,"height":13}},{"id":"b7688139-4242-4437-9c17-488e3d081c79","block_type":"box","text":"Stewardship in practice","page_number":181,"box":{"x":88,"y":557,"width":169,"height":12}},{"id":"a1045043-5d33-49c5-9931-11d8ab00fbc6","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers, official","page_number":181,"box":{"x":88,"y":583,"width":821,"height":12}},{"id":"8baed6e2-d37f-4974-9fcd-31a40e8874d5","block_type":"box","text":"institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the individual investors that","page_number":181,"box":{"x":89,"y":598,"width":872,"height":13}},{"id":"c92d8acc-10b9-461c-bd3b-02799183b505","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":181,"box":{"x":88,"y":613,"width":873,"height":13}},{"id":"614ad138-1d29-418b-9564-9340d87c446a","block_type":"box","text":"of whom are saving for long-term goals, such as retirement.","page_number":181,"box":{"x":89,"y":628,"width":419,"height":13}},{"id":"1406c3c1-6e1a-43b0-932f-8053520ce230","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":181,"box":{"x":88,"y":655,"width":875,"height":12}},{"id":"a006f89e-74ec-42fc-a8e2-60bf49106f45","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":181,"box":{"x":89,"y":670,"width":834,"height":12}},{"id":"28ccaeaf-6890-44ec-93b2-08bfdd5a4c86","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":181,"box":{"x":89,"y":685,"width":842,"height":12}},{"id":"4bca8872-14a3-4250-8cef-5c7ab48db3eb","block_type":"box","text":"fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is consistent with their","page_number":181,"box":{"x":88,"y":700,"width":813,"height":13}},{"id":"aa2020cf-9b03-48a3-9848-261428f92839","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":181,"box":{"x":89,"y":715,"width":840,"height":13}},{"id":"8a99ce98-754a-460d-8a39-078803b585ea","block_type":"box","text":"governance and better operating practices and, in turn, potentially enhance long-term shareholder value. Our vote decisions","page_number":181,"box":{"x":89,"y":730,"width":869,"height":13}},{"id":"e10b45ee-ea0b-43bb-a61c-02967875460e","block_type":"box","text":"are informed by our in-depth analysis of company disclosures, engagement with boards and management teams, third-party","page_number":181,"box":{"x":89,"y":746,"width":875,"height":12}},{"id":"e499296c-7097-4aac-b84e-fb4bd061372c","block_type":"box","text":"research, and comparisons against a company’s industry peers.","page_number":181,"box":{"x":89,"y":761,"width":443,"height":12}},{"id":"6f0dab61-b937-4f7a-a7e5-8599319dd7ec","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment horizons of the","page_number":181,"box":{"x":89,"y":787,"width":861,"height":13}},{"id":"b7cd20d8-1281-45c0-a68a-edfe30bcbaad","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":181,"box":{"x":89,"y":802,"width":825,"height":13}},{"id":"cebbb77d-45ac-402b-83b7-fa86f76f0b52","block_type":"box","text":"improve our understanding of the company’s business model and material risks and opportunities, to inform our voting","page_number":181,"box":{"x":89,"y":817,"width":836,"height":13}},{"id":"f9be7ca3-00e7-406e-a16e-02f4e8ab0353","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":181,"box":{"x":89,"y":856,"width":866,"height":10}},{"id":"a623c3cd-da0f-4410-bc34-a3ecf205183a","block_type":"box","text":",","page_number":181,"box":{"x":955,"y":862,"width":2,"height":3}},{"id":"ac03719a-6f22-4a32-bd4d-47c9edf36290","block_type":"box","text":"March 2024.","page_number":181,"box":{"x":121,"y":868,"width":69,"height":8}},{"id":"c81cdd35-d719-430a-96e5-4284fa0e5799","block_type":"box","text":"A-22","page_number":181,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"2845c443-b253-45f5-aa74-e542f80bda35","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":182,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"55ad31bb-4664-4a7f-873e-73857f318556","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":182,"box":{"x":89,"y":59,"width":846,"height":12}},{"id":"df2e4ed9-38e3-4652-8537-abf0cc94d6de","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":182,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"19458d4e-472f-41d9-ae6f-034fc4f72cd4","block_type":"box","text":"opportunity set, and management’s plan to deliver financial returns through business cycles. The ongoing, multiyear nature","page_number":182,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"3fa94be8-84c7-4189-8347-ac839b418d99","block_type":"box","text":"of our engagements allows us to build strong relationships with company leadership and mutual understanding on key","page_number":182,"box":{"x":89,"y":104,"width":835,"height":13}},{"id":"15585548-6fb1-4699-a8cc-276e10e43fa3","block_type":"box","text":"matters of corporate governance and the drivers of long-term financial performance.","page_number":182,"box":{"x":89,"y":119,"width":593,"height":13}},{"id":"f22af9a5-3bd0-45c0-8948-561664d7bb5f","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of concerns, we","page_number":182,"box":{"x":89,"y":146,"width":819,"height":12}},{"id":"24771bf5-6bf2-453f-9ee9-e9ce1790739e","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":182,"box":{"x":88,"y":161,"width":844,"height":12}},{"id":"6e760e64-0346-420c-9acf-9b6b4f664675","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":182,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"d3302f18-9a5c-4da7-983f-bdc6bc17fd01","block_type":"box","text":"election of directors or other management proposals, or we might not support management’s voting recommendation on a","page_number":182,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"bc861466-a618-43cd-b9b0-4474cd4e9dde","block_type":"box","text":"shareholder proposal.","page_number":182,"box":{"x":89,"y":206,"width":151,"height":13}},{"id":"ef832d2c-5c6a-4284-9636-0169644f1d53","block_type":"box","text":"Key themes","page_number":182,"box":{"x":89,"y":233,"width":82,"height":12}},{"id":"2c573bf1-04b9-4ce6-83b7-2772178b17ad","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience, there are","page_number":182,"box":{"x":88,"y":259,"width":833,"height":13}},{"id":"56c88eae-d716-4e27-9d8a-8e95e0b73009","block_type":"box","text":"certain globally applicable fundamental elements of corporate governance that contribute to a company’s ability to create","page_number":182,"box":{"x":89,"y":274,"width":853,"height":13}},{"id":"159f869b-983d-4b4d-8d79-d64a695736e7","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":182,"box":{"x":89,"y":290,"width":806,"height":12}},{"id":"d32982d0-3f03-43c9-ac01-ad8d57ceeee7","block_type":"box","text":"“Principles”), which are anchored in transparency and accountability.","page_number":182,"box":{"x":89,"y":305,"width":482,"height":12}},{"id":"14fce669-ba4c-421f-95f0-09bf64491fa0","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":182,"box":{"x":88,"y":331,"width":871,"height":12}},{"id":"9a9b8402-1ea3-4994-8367-f597f2d82c69","block_type":"box","text":"market,","page_number":182,"box":{"x":89,"y":346,"width":52,"height":12}},{"id":"396b410d-69a0-4bb0-930a-ea5e8a16028b","block_type":"box","text":"(3)","page_number":182,"box":{"x":142,"y":344,"width":14,"height":8}},{"id":"70793b08-b86d-4784-9cf6-e4be25907f66","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":182,"box":{"x":162,"y":346,"width":799,"height":13}},{"id":"ac04ded2-e006-4f67-895a-d217e70713ec","block_type":"box","text":"creation.","page_number":182,"box":{"x":89,"y":362,"width":59,"height":9}},{"id":"2e2921b3-22de-4e14-b31d-722eae8b7d3a","block_type":"box","text":"These Principles cover seven key subjects:","page_number":182,"box":{"x":104,"y":388,"width":304,"height":12}},{"id":"45705eda-1f76-444b-8129-a116a341102d","block_type":"box","text":"• Boards and directors","page_number":182,"box":{"x":89,"y":408,"width":176,"height":10}},{"id":"0367596f-1566-451d-96de-1bd42a19c5ea","block_type":"box","text":"• Auditors and audit-related issues","page_number":182,"box":{"x":89,"y":428,"width":264,"height":10}},{"id":"07ba4a19-3faf-474b-a179-5b127f6f7c90","block_type":"box","text":"• Capital structure, mergers, asset sales, and other special transactions","page_number":182,"box":{"x":89,"y":448,"width":515,"height":13}},{"id":"85aa49c8-c3a9-4786-80df-e757c1e3f863","block_type":"box","text":"• Executive compensation","page_number":182,"box":{"x":89,"y":469,"width":202,"height":12}},{"id":"1109375a-dd08-469a-8752-31269ce0d69a","block_type":"box","text":"• Material sustainability-related risks and opportunities","page_number":182,"box":{"x":89,"y":489,"width":405,"height":12}},{"id":"8f5e23a0-b69e-41bf-afd2-d5664cab7b2b","block_type":"box","text":"• Other corporate governance matters and shareholder protections","page_number":182,"box":{"x":89,"y":509,"width":491,"height":12}},{"id":"091fb129-46ff-439a-83ad-8a5e55b8d815","block_type":"box","text":"• Shareholder proposals","page_number":182,"box":{"x":89,"y":529,"width":188,"height":12}},{"id":"f9167343-2a7c-41e4-b123-d194a1fa8d5d","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in relation to","page_number":182,"box":{"x":89,"y":555,"width":846,"height":13}},{"id":"eeeefacf-005a-41f7-9167-410b260157c6","block_type":"box","text":"common ballot items for shareholder meetings in those markets. Alongside the Principles and regional voting guidelines, BIS","page_number":182,"box":{"x":89,"y":570,"width":872,"height":13}},{"id":"6b69d392-760c-4068-8286-894c002c521c","block_type":"box","text":"publishes our engagement priorities which reflect the five themes on which we most frequently engage companies, where","page_number":182,"box":{"x":89,"y":586,"width":857,"height":12}},{"id":"e3639405-b0d4-4ec7-8125-d73f52519de6","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":182,"box":{"x":88,"y":601,"width":869,"height":12}},{"id":"dd751e02-0a83-4fd5-8fb5-b4800390f1c3","block_type":"box","text":"core elements of corporate governance that guide our investment stewardship program globally and within each market. The","page_number":182,"box":{"x":89,"y":616,"width":878,"height":12}},{"id":"fc2ec98b-7b8d-4de5-b5c8-58f00eed8551","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":182,"box":{"x":89,"y":631,"width":855,"height":12}},{"id":"7a7e054e-4368-462a-8b79-0a40a2237d23","block_type":"box","text":"including the sector, market, and business environment within which a company is operating.","page_number":182,"box":{"x":89,"y":646,"width":654,"height":12}},{"id":"21f9708a-79be-4bb2-8d9c-37fcf33704b6","block_type":"box","text":"Boards and directors","page_number":182,"box":{"x":89,"y":673,"width":148,"height":9}},{"id":"5a3a5733-8213-461e-8058-0f0c4a8d2528","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional characteristics","page_number":182,"box":{"x":89,"y":699,"width":829,"height":12}},{"id":"7b6046de-7066-4bb6-80fe-a4185d079cc3","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":182,"box":{"x":89,"y":714,"width":842,"height":12}},{"id":"1c83f50e-0c9b-49ee-8bdb-cc1bd0be43a1","block_type":"box","text":"discussions. A strong board gives a company a competitive advantage, providing valuable oversight and contributing to the","page_number":182,"box":{"x":89,"y":729,"width":863,"height":13}},{"id":"82203465-a84f-48a7-ab5e-4c295d20761a","block_type":"box","text":"most important management decisions that support long-term financial performance. As part of their responsibilities, board","page_number":182,"box":{"x":89,"y":744,"width":871,"height":13}},{"id":"ba1b75ad-0444-49b9-99d5-046979251b85","block_type":"box","text":"members have a fiduciary duty to shareholders to oversee the strategic direction, operations, and risk management of a","page_number":182,"box":{"x":89,"y":759,"width":837,"height":13}},{"id":"7a87f979-59b1-4b02-94c5-dcef10b817ee","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":182,"box":{"x":89,"y":775,"width":873,"height":12}},{"id":"b63fb650-9fa5-4b93-8214-05cc07808975","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":182,"box":{"x":89,"y":790,"width":875,"height":12}},{"id":"1c408cb9-d5b4-45f0-90f1-1cfa8456c68e","block_type":"box","text":"necessary, with members of the board’s nominating and/or governance committee to assess whether governance practices","page_number":182,"box":{"x":89,"y":805,"width":867,"height":12}},{"id":"1a762715-e93a-44e2-ad39-2dc999dec1c6","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":182,"box":{"x":89,"y":856,"width":856,"height":10}},{"id":"bbe5daeb-3e21-43d3-85d6-0d14abc3156c","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other factors.","page_number":182,"box":{"x":121,"y":868,"width":774,"height":10}},{"id":"e2ea79e6-69ff-4d67-8c06-c9fb186c0f66","block_type":"box","text":"A-23","page_number":182,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"5918474b-a33f-4ffc-be9d-258ce55ca40c","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":183,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"1214bf34-df2c-4e6a-8984-711c22089855","block_type":"box","text":"factors, including the sector, market, and business environment within which a company is operating.","page_number":183,"box":{"x":88,"y":59,"width":711,"height":12}},{"id":"55408e88-ea21-476c-b16b-b6762dbc2d58","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":183,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"4edc93ed-c052-4a3e-9d2a-d7b70964260d","block_type":"box","text":"mechanisms to support its oversight of the company’s strategy and operations consistent with the long-term economic","page_number":183,"box":{"x":89,"y":101,"width":838,"height":12}},{"id":"b6c352c5-cf28-429f-947f-174eb2d012ad","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":183,"box":{"x":89,"y":116,"width":859,"height":12}},{"id":"c9a6af64-e21e-4ea6-b375-3e4ad64182f4","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":183,"box":{"x":89,"y":131,"width":874,"height":12}},{"id":"24eaa923-433b-41db-b216-da128af46a47","block_type":"box","text":"and financial value creation, including material sustainability-related factors when relevant, is helpful for investors to","page_number":183,"box":{"x":89,"y":146,"width":813,"height":12}},{"id":"69e32a74-43a9-4ea1-9468-bf1705012c5d","block_type":"box","text":"appropriately understand and assess how effectively management is identifying, managing, and mitigating such risks.","page_number":183,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"cef93650-5217-47bd-8cac-b57fbe66dedb","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should assess its","page_number":183,"box":{"x":88,"y":188,"width":835,"height":12}},{"id":"e53cf942-0513-4c5d-92de-7520271bcf43","block_type":"box","text":"implementation. If any strategic targets are significantly missed or materially restated, we find it helpful when company","page_number":183,"box":{"x":89,"y":203,"width":834,"height":12}},{"id":"3bb2a5bc-a149-4185-9552-45f8d6fbbc5d","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":183,"box":{"x":89,"y":218,"width":827,"height":12}},{"id":"4996a997-8f38-47bd-8a04-2ce5d0a77764","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":183,"box":{"x":88,"y":233,"width":872,"height":12}},{"id":"4421a445-6bb6-4879-af5d-79971ac5ddf2","block_type":"box","text":"risks and opportunities and the fulfillment of the company’s strategy.","page_number":183,"box":{"x":89,"y":248,"width":481,"height":12}},{"id":"24de943e-5b30-4ba7-ae70-f3286436ed7f","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate governance","page_number":183,"box":{"x":88,"y":274,"width":851,"height":13}},{"id":"9c4feacb-1f52-44f8-8235-575d01c13331","block_type":"box","text":"and risk oversight responsibilities, we may consider voting against the election of directors who, on our assessment, have","page_number":183,"box":{"x":89,"y":290,"width":848,"height":12}},{"id":"bede8de9-10d8-45d3-8e14-5690f9f35868","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":183,"box":{"x":89,"y":305,"width":801,"height":12}},{"id":"e0a5420d-6bc1-4e12-9e2f-c2eb15163a49","block_type":"box","text":"company’s circumstances, taking into consideration its governance, business practices that support durable, long-term","page_number":183,"box":{"x":89,"y":320,"width":834,"height":12}},{"id":"fc4f3db4-cbbf-4925-95f8-c519379c1036","block_type":"box","text":"financial value creation, and performance. Set out below are factors we may take into consideration.","page_number":183,"box":{"x":88,"y":335,"width":701,"height":12}},{"id":"dd3cb4ac-bdf1-4d1d-b33d-ed265140fc53","block_type":"box","text":"Regular accountability through director elections","page_number":183,"box":{"x":106,"y":361,"width":354,"height":13}},{"id":"d58d98bb-6583-4e9b-8b1e-788adb79f8b7","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":183,"box":{"x":88,"y":388,"width":849,"height":12}},{"id":"e0500ee2-e361-467d-bb63-dd4f67e9180b","block_type":"box","text":"ideally annually.","page_number":183,"box":{"x":89,"y":403,"width":109,"height":12}},{"id":"b7714f44-e153-40fd-8e8a-8022e67f6404","block_type":"box","text":"(4)","page_number":183,"box":{"x":200,"y":401,"width":14,"height":8}},{"id":"fd2e6c8f-892e-48a3-8e3d-6b3a271e2848","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board members and/or hold","page_number":183,"box":{"x":219,"y":403,"width":713,"height":12}},{"id":"ebc0cd94-62ce-4e66-a3a8-feb0c15ecd6b","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":183,"box":{"x":88,"y":418,"width":873,"height":12}},{"id":"ca1bc93a-62f7-44a8-8a94-8872c918eb7c","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":183,"box":{"x":89,"y":433,"width":816,"height":13}},{"id":"2fdd03a4-7885-4403-a675-4a4b16b484fe","block_type":"box","text":"appointment re-confirmed, with a proportion of directors being put forward for election at each annual general meeting.","page_number":183,"box":{"x":89,"y":448,"width":843,"height":13}},{"id":"559ba7e8-3955-4f2a-8342-0958ff44615d","block_type":"box","text":"Effective board composition","page_number":183,"box":{"x":105,"y":475,"width":201,"height":12}},{"id":"cb8000d6-6cf9-44d6-8aa8-6102bb00ea80","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":183,"box":{"x":89,"y":501,"width":794,"height":13}},{"id":"239541be-0155-4f76-a3c8-cd3122cb5d54","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":183,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"04dd2b2a-22f0-45c3-9acd-71c6803ddbb6","block_type":"box","text":"brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and appropriate","page_number":183,"box":{"x":89,"y":531,"width":819,"height":13}},{"id":"b4a655ff-9e7e-41a7-9d50-bf0c6b6d9fc8","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":183,"box":{"x":89,"y":547,"width":850,"height":12}},{"id":"ed2585bf-7105-4009-8bfe-12b2f1db1982","block_type":"box","text":"experience of longer-serving directors and the fresh perspectives of directors who joined more recently.","page_number":183,"box":{"x":89,"y":562,"width":723,"height":12}},{"id":"e65a9ae7-8a4b-4f04-92b7-338e474aee30","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess directors","page_number":183,"box":{"x":88,"y":588,"width":817,"height":12}},{"id":"30244582-0570-43d8-905e-72d5753720ba","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":183,"box":{"x":89,"y":603,"width":848,"height":13}},{"id":"74e78d76-ca68-48e8-895d-81eaadc5060e","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":183,"box":{"x":89,"y":618,"width":867,"height":13}},{"id":"57e19dbe-39bd-42cc-98c2-dd32eee659fb","block_type":"box","text":"and relevance of director experiences and skillsets, and how these collectively contribute to the board’s effectiveness in","page_number":183,"box":{"x":89,"y":633,"width":832,"height":13}},{"id":"4a58d425-e9ba-4ec6-95d1-de1e00b97574","block_type":"box","text":"advising and overseeing management in delivering long-term financial returns.","page_number":183,"box":{"x":89,"y":649,"width":551,"height":12}},{"id":"fe3671a6-914b-460d-87fb-1be5ee0cb446","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties – is a central tenet of sound","page_number":183,"box":{"x":89,"y":675,"width":857,"height":12}},{"id":"10fd4688-e3cd-4b2f-8a41-5aa1b5b587c8","block_type":"box","text":"corporate governance across markets.","page_number":183,"box":{"x":89,"y":690,"width":267,"height":13}},{"id":"86ccb189-1f92-419c-9e00-8b4d7b8764a7","block_type":"box","text":"(5)","page_number":183,"box":{"x":357,"y":688,"width":15,"height":8}},{"id":"343725e6-4bfe-4146-ab20-04d74059dc57","block_type":"box","text":"We encourage boards to have a sufficient number of independent directors, free","page_number":183,"box":{"x":377,"y":690,"width":559,"height":13}},{"id":"2ddafdd2-42dd-4cad-8738-efb95d02a95d","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":183,"box":{"x":88,"y":705,"width":829,"height":13}},{"id":"4f1e48b9-e11d-4184-9177-00e286df4aa2","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":183,"box":{"x":89,"y":720,"width":874,"height":13}},{"id":"fb025e2a-a5a3-4d39-bfac-cb2ec03305b1","block_type":"box","text":"the case of controlled companies, at least one-third.","page_number":183,"box":{"x":88,"y":736,"width":364,"height":12}},{"id":"71227369-202e-4579-b2ef-e5aa3f2f4eaa","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":183,"box":{"x":89,"y":762,"width":528,"height":12}},{"id":"0dff2627-1cbb-4fc1-9123-172d04f994a4","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":183,"box":{"x":89,"y":782,"width":465,"height":12}},{"id":"71cf0427-e363-4ce0-aaa6-f9e34a864404","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":183,"box":{"x":89,"y":828,"width":843,"height":10}},{"id":"f3242f9e-dd65-4670-a30f-3d2f88fdbf62","block_type":"box","text":"st","page_number":183,"box":{"x":933,"y":829,"width":9,"height":7}},{"id":"daba67b9-7a3a-4fcf-9208-9aae0a856b24","block_type":"box","text":"practice.","page_number":183,"box":{"x":121,"y":842,"width":47,"height":9}},{"id":"75da55e4-77ae-4cd3-837d-73ca0abee6fb","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":183,"box":{"x":89,"y":856,"width":841,"height":10}},{"id":"8b6ae390-4849-42ee-a588-2e5b9d3288eb","block_type":"box","text":"Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance Principles for US Listed Companies.”","page_number":183,"box":{"x":121,"y":868,"width":619,"height":10}},{"id":"7a0f8cc0-da1f-4f5e-b702-a3cf562d55bb","block_type":"box","text":"A-24","page_number":183,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"fffcdb30-6dc0-4172-9d27-f65da0eb3362","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":184,"box":{"x":89,"y":44,"width":627,"height":12}},{"id":"8c0ae084-9b62-4349-8b6b-ac40b868e517","block_type":"box","text":"• Interlocking directorships","page_number":184,"box":{"x":89,"y":64,"width":210,"height":12}},{"id":"d607e243-7ef7-488e-a262-75fe10d4c3c7","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially","page_number":184,"box":{"x":89,"y":84,"width":853,"height":13}},{"id":"ccf38650-8238-4cd7-9465-8acddf89fe0e","block_type":"box","text":"interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":184,"box":{"x":122,"y":99,"width":646,"height":13}},{"id":"95d246f1-0fdc-41e7-a062-18a402403565","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior, independent","page_number":184,"box":{"x":89,"y":126,"width":848,"height":12}},{"id":"af120621-5864-4b99-be53-cff2c123eebc","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":184,"box":{"x":89,"y":141,"width":838,"height":12}},{"id":"dd680587-fb6c-4a72-a489-dc287f82f5b7","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":184,"box":{"x":89,"y":156,"width":821,"height":12}},{"id":"7fae3a33-053d-4b86-92fc-a356440e1aa5","block_type":"box","text":"members of the board through shaping the agenda, ensuring adequate information is provided to the board, and","page_number":184,"box":{"x":89,"y":171,"width":790,"height":12}},{"id":"131eb507-5cb7-4613-826e-3b124b7eb355","block_type":"box","text":"encouraging independent director participation in board deliberations. The lead independent director or another appropriate","page_number":184,"box":{"x":89,"y":186,"width":871,"height":13}},{"id":"e1df5dd1-9557-4311-8227-1b41d6c1cb69","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":184,"box":{"x":89,"y":201,"width":851,"height":13}},{"id":"ec3fca9c-d9f8-4297-bb30-56a8849e6f8c","block_type":"box","text":"explain and contextualize a company’s approach.","page_number":184,"box":{"x":89,"y":216,"width":343,"height":13}},{"id":"68ef5ef8-77ec-4990-8252-9f715fd84bcb","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":184,"box":{"x":88,"y":243,"width":863,"height":12}},{"id":"c0acbb3e-d259-4908-8bca-10de9ba15eff","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":184,"box":{"x":89,"y":258,"width":858,"height":12}},{"id":"da110bfa-2c5c-4275-bec0-d1523426ff02","block_type":"box","text":"forms committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":184,"box":{"x":88,"y":273,"width":825,"height":13}},{"id":"d3a08c80-4cf3-4dfd-a721-ba75444de02d","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and compensation","page_number":184,"box":{"x":89,"y":288,"width":833,"height":13}},{"id":"fe16b916-4479-4590-8a45-dccbc53004d3","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":184,"box":{"x":89,"y":303,"width":855,"height":13}},{"id":"533d3b08-9e39-4519-81ef-9e9acd6ac533","block_type":"box","text":"party, or to investigate a significant adverse event.","page_number":184,"box":{"x":89,"y":319,"width":348,"height":12}},{"id":"bc216775-d449-40b5-b5b3-74e5aa786f56","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual candidates","page_number":184,"box":{"x":88,"y":345,"width":877,"height":12}},{"id":"0c39e298-e221-48db-be67-cd38dcbb5fb6","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":184,"box":{"x":89,"y":360,"width":854,"height":12}},{"id":"33adb310-6730-42cb-8a14-e2ad93efd863","block_type":"box","text":"composition. These disclosures should give an understanding of how the collective experience and expertise of the board, as","page_number":184,"box":{"x":89,"y":375,"width":873,"height":13}},{"id":"3bf142c7-a148-4279-94ba-65000230aa83","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":184,"box":{"x":88,"y":390,"width":839,"height":13}},{"id":"b923477b-b023-4325-9d0b-79c1f0a00c75","block_type":"box","text":"Highly qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":184,"box":{"x":89,"y":405,"width":865,"height":13}},{"id":"54bfa62a-14c9-4df6-85f3-c98424f9096b","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":184,"box":{"x":88,"y":421,"width":631,"height":12}},{"id":"252e320f-9a07-4e4e-b1e5-5b1df095271e","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":184,"box":{"x":89,"y":447,"width":860,"height":12}},{"id":"4e6a1ae9-927f-4048-b0f8-afb003634b0c","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":184,"box":{"x":89,"y":462,"width":849,"height":12}},{"id":"0d32da07-4dda-49ad-9f0f-c7ee94effebb","block_type":"box","text":"and oversee management.","page_number":184,"box":{"x":89,"y":477,"width":185,"height":13}},{"id":"c9bfd656-ae80-47ed-a04f-61112be64f9e","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":184,"box":{"x":89,"y":504,"width":817,"height":12}},{"id":"9dc602f9-3cdb-4da4-841b-e71de6b4b65a","block_type":"box","text":"strategy, location and market capitalization. We look for companies to explain how their approach to board composition","page_number":184,"box":{"x":89,"y":519,"width":838,"height":12}},{"id":"6ac9517e-7e8d-4652-8252-867b2e58134c","block_type":"box","text":"supports the company’s governance practices.","page_number":184,"box":{"x":89,"y":534,"width":325,"height":12}},{"id":"e4364896-e0c5-4a5b-9f2d-96c7050f36a2","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":184,"box":{"x":88,"y":560,"width":857,"height":13}},{"id":"a6561712-a43a-49d5-8d63-7938e4f668ac","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":184,"box":{"x":89,"y":576,"width":876,"height":12}},{"id":"2a66d763-f774-48c7-ab73-bfac063f572a","block_type":"box","text":"how diversity, including professional and personal characteristics, is considered in board composition, given the company’s","page_number":184,"box":{"x":89,"y":591,"width":861,"height":12}},{"id":"c4ab4904-771a-4075-aa11-35008086d228","block_type":"box","text":"long-term strategy and business model.","page_number":184,"box":{"x":89,"y":606,"width":278,"height":12}},{"id":"aca23e9f-3a18-469e-bb80-96a9df4521d2","block_type":"box","text":"(6)","page_number":184,"box":{"x":369,"y":604,"width":14,"height":8}},{"id":"73e1de9d-06fd-42db-9f3a-8f9cd6550854","block_type":"box","text":"Sufficient capacity","page_number":184,"box":{"x":105,"y":632,"width":133,"height":13}},{"id":"a18f1462-90d6-400d-9deb-29c9dcbbddaa","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":184,"box":{"x":88,"y":659,"width":836,"height":12}},{"id":"38e9bead-0c1c-4bf1-8202-dd351b093e61","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":184,"box":{"x":89,"y":674,"width":806,"height":12}},{"id":"dd2fc457-3022-4177-99dc-8412711cc58b","block_type":"box","text":"responsibilities - including when there are unforeseen events – and therefore, they should not take on an excessive number of","page_number":184,"box":{"x":89,"y":689,"width":880,"height":12}},{"id":"ef641d8b-3880-412c-bdf4-88d52fee11fd","block_type":"box","text":"roles that would impair their ability to fulfill their duties.","page_number":184,"box":{"x":89,"y":704,"width":387,"height":12}},{"id":"8f2ad0fc-29af-4e4c-9f51-d302cbd105bf","block_type":"box","text":"Auditors and audit-related issues","page_number":184,"box":{"x":88,"y":730,"width":240,"height":10}},{"id":"13c21795-93b3-45c2-a779-0f78da67a946","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture of a","page_number":184,"box":{"x":89,"y":757,"width":821,"height":12}},{"id":"35854f78-e33a-4b4f-80d7-e56e30de8575","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by the auditor","page_number":184,"box":{"x":89,"y":772,"width":870,"height":12}},{"id":"0d4445c9-c80e-4cf1-a979-8a5151277ad0","block_type":"box","text":"in preparing the financial statements to be reasonable and justified.","page_number":184,"box":{"x":89,"y":787,"width":471,"height":13}},{"id":"af15a1e6-ac02-4b8a-935c-566a490f4547","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted under","page_number":184,"box":{"x":88,"y":814,"width":843,"height":12}},{"id":"7622160a-f1b8-45bf-ae70-39f977e2e8a3","block_type":"box","text":"market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize that a broader","page_number":184,"box":{"x":89,"y":829,"width":862,"height":12}},{"id":"b85a1287-5321-493c-80a5-3dedecd41dd6","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":184,"box":{"x":89,"y":856,"width":795,"height":10}},{"id":"6b07bcef-eac2-418e-8f59-ef65c926722a","block_type":"box","text":"enous, reli","page_number":184,"box":{"x":885,"y":856,"width":61,"height":9}},{"id":"0d38e9ba-56e3-41e8-8e64-89b17ed45381","block_type":"box","text":"gious, or cultural identity.","page_number":184,"box":{"x":121,"y":868,"width":141,"height":10}},{"id":"5725123c-2495-466b-9bfe-1dcb61e15243","block_type":"box","text":"A-25","page_number":184,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"8217af29-9ae7-473a-a56c-6517012ca618","block_type":"box","text":"range of risks and opportunities have the potential to materially impact financial performance. Over time, we anticipate","page_number":185,"box":{"x":89,"y":44,"width":833,"height":12}},{"id":"4e04fcb2-4a52-4c6e-b3e7-07acc1eac8d0","block_type":"box","text":"investors and other users of company reporting will increasingly seek to understand and scrutinize the assumptions","page_number":185,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"d5614145-7409-4804-a9b3-4935ffa94615","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":185,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"a2e0097f-d055-4990-a041-58a00c51a72d","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":185,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"cdd88374-a0ee-495e-8d38-c3e4ae63accd","block_type":"box","text":"standards setters, such as the International Financial Reporting Standards (IFRS) Board and the International Auditing and","page_number":185,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"468b708b-c792-45f8-8e4a-c9eba5888f16","block_type":"box","text":"Assurance Standards Board (IAASB), continue to develop their guidance to companies.","page_number":185,"box":{"x":88,"y":119,"width":608,"height":13}},{"id":"84d31e71-40fb-49af-a70c-245e3a88c2dd","block_type":"box","text":"(7)","page_number":185,"box":{"x":698,"y":117,"width":14,"height":8}},{"id":"bac88f5b-5e51-40b0-ac4f-e09c04bf3b59","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":185,"box":{"x":89,"y":146,"width":828,"height":12}},{"id":"b6c620d1-d4cc-4d2f-8d42-9793f03d5439","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":185,"box":{"x":89,"y":161,"width":795,"height":12}},{"id":"74d32e20-642b-441e-9996-4f7214b8069a","block_type":"box","text":"information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can","page_number":185,"box":{"x":89,"y":176,"width":871,"height":12}},{"id":"140b272f-433e-47b1-86fb-7133152a8fe4","block_type":"box","text":"provide oversight of Enterprise Risk Management systems.","page_number":185,"box":{"x":89,"y":191,"width":409,"height":13}},{"id":"0d27084a-7d68-41a3-9d59-3b112102f537","block_type":"box","text":"(8)","page_number":185,"box":{"x":500,"y":189,"width":14,"height":8}},{"id":"6d4b6ecc-e8ab-492f-8e19-3984131a6b63","block_type":"box","text":"In our view, effective audit committee oversight strengthens the","page_number":185,"box":{"x":520,"y":191,"width":446,"height":13}},{"id":"d6d5eab4-4f38-4298-bd0e-0bfc5000c089","block_type":"box","text":"quality and reliability of a company’s financial statements and provides an important level of reassurance to shareholders.","page_number":185,"box":{"x":89,"y":206,"width":850,"height":13}},{"id":"6a1b9d50-31cd-4680-a2db-cbb7b9d7a9bb","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and have a rotation","page_number":185,"box":{"x":88,"y":233,"width":869,"height":12}},{"id":"ba8d8351-f594-40db-88f5-933a596b13bc","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":185,"box":{"x":89,"y":248,"width":853,"height":12}},{"id":"5674d648-0a6a-43f3-ba28-cf67c5705de3","block_type":"box","text":"oversight. We recognize that audit committees will rely on management, internal audit, and the independent auditor in","page_number":185,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"43ce36dc-a752-47ff-b536-6508bd8bdc4e","block_type":"box","text":"fulfilling their responsibilities but look to committee members to demonstrate they have relevant expertise to monitor and","page_number":185,"box":{"x":88,"y":278,"width":854,"height":13}},{"id":"8b0f7f93-9988-42a4-84e1-1616335aef50","block_type":"box","text":"oversee the audit process and related activities.","page_number":185,"box":{"x":89,"y":293,"width":329,"height":13}},{"id":"69a514cc-633f-4830-bf61-a41d9bac9b6f","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements,","page_number":185,"box":{"x":88,"y":320,"width":871,"height":12}},{"id":"23419316-dc5f-400d-a200-393f0054cc77","block_type":"box","text":"or ad hoc notifications of material financial weakness. In this respect, audit committees should provide timely disclosure on","page_number":185,"box":{"x":89,"y":335,"width":863,"height":12}},{"id":"559f5010-c44b-4222-98ce-1a4787f5f4b3","block_type":"box","text":"the remediation of Key and Critical Audit Matters identified either by the external auditor or internal audit function.","page_number":185,"box":{"x":88,"y":350,"width":802,"height":12}},{"id":"3df6db02-3b7a-48b6-ad4f-7fbb95533d6c","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":185,"box":{"x":88,"y":376,"width":853,"height":13}},{"id":"144c0e19-246d-453d-9b9e-ae42dad6830f","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":185,"box":{"x":89,"y":392,"width":853,"height":12}},{"id":"7cc60f29-6806-4c23-8a0c-bd74b2219060","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":185,"box":{"x":89,"y":407,"width":874,"height":12}},{"id":"c1cd1a72-c5e3-4c5a-a473-64ab4103f1c8","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":185,"box":{"x":89,"y":422,"width":827,"height":12}},{"id":"c47f89bc-6b3d-49ab-8abd-633e012377c9","block_type":"box","text":"external audit process.","page_number":185,"box":{"x":89,"y":437,"width":157,"height":12}},{"id":"bc747c4a-a171-42fe-a7d9-5028ef572e2f","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk management","page_number":185,"box":{"x":89,"y":463,"width":817,"height":13}},{"id":"a9a5775a-6a62-4d98-85a4-cb9861f65064","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":185,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"817df307-f3bd-40b7-9c5f-c1f93dd7361d","block_type":"box","text":"the company’s risk assessment and risk management policies and the significant risks and exposures identified by","page_number":185,"box":{"x":88,"y":494,"width":800,"height":12}},{"id":"159c1e08-8541-4bda-9d09-72ed62778c7a","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":185,"box":{"x":89,"y":509,"width":873,"height":12}},{"id":"f0f22613-855a-4990-b5fa-f9a50991aa00","block_type":"box","text":"detailed disclosures, we may reasonably conclude that companies are not adequately managing risk.","page_number":185,"box":{"x":89,"y":524,"width":704,"height":12}},{"id":"74d311c5-bc07-4a42-ba1f-343f286ffc14","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":185,"box":{"x":89,"y":550,"width":500,"height":13}},{"id":"a3458e0c-3a2d-48c1-9b36-bcaf272b798b","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":185,"box":{"x":88,"y":577,"width":853,"height":12}},{"id":"23f79c5c-2684-4909-a2aa-9a74dfc29332","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":185,"box":{"x":88,"y":592,"width":841,"height":12}},{"id":"b9dddc9c-c9e6-4567-b1a7-1b9901a05a01","block_type":"box","text":"shareholders against the dilution of their interests.","page_number":185,"box":{"x":89,"y":607,"width":351,"height":12}},{"id":"81f0f136-ccd5-4406-8e6e-c4b1db8257d9","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":185,"box":{"x":89,"y":633,"width":858,"height":13}},{"id":"af2b79c4-27c2-4768-aecd-1df165e34bb5","block_type":"box","text":"residual claimants, have the strongest interest in protecting the financial value of the company, and voting rights should","page_number":185,"box":{"x":89,"y":649,"width":837,"height":12}},{"id":"82eef23d-df3c-465f-8202-21c7722b6f4d","block_type":"box","text":"match economic exposure, i.e., one share, one vote.","page_number":185,"box":{"x":89,"y":664,"width":361,"height":12}},{"id":"df359847-e277-4ed5-9492-e89436ca20ad","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential, differentiated","page_number":185,"box":{"x":89,"y":690,"width":872,"height":13}},{"id":"9b7cdec7-10f6-42a8-87bd-5638d705184b","block_type":"box","text":"voting rights. In our view, this structure violates the fundamental corporate governance principle of proportionality and","page_number":185,"box":{"x":88,"y":705,"width":833,"height":13}},{"id":"be68d842-ad5b-4727-bcc2-721ab61e6e9c","block_type":"box","text":"results in a concentration of power in the hands of a few shareholders, thus disenfranchising other shareholders and","page_number":185,"box":{"x":89,"y":720,"width":815,"height":13}},{"id":"d58290ad-1b60-475f-b29d-b22f8fb0fa6d","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":185,"box":{"x":89,"y":736,"width":839,"height":12}},{"id":"e9393d93-41a7-48ef-bdef-c8b0032758bc","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":185,"box":{"x":89,"y":751,"width":845,"height":12}},{"id":"6e069841-2e39-4923-a866-655847908c9a","block_type":"box","text":"companies should review these share class structures on a regular basis or as company circumstances change. Additionally,","page_number":185,"box":{"x":89,"y":766,"width":867,"height":12}},{"id":"f1bc1abf-7888-40ae-9938-3ab86d179023","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":185,"box":{"x":89,"y":803,"width":833,"height":10}},{"id":"c57487ae-3fc4-4acb-a0d1-16c1d002e6aa","block_type":"box","text":"blic","page_number":185,"box":{"x":923,"y":803,"width":18,"height":8}},{"id":"6445f564-71eb-4ddb-8248-a51a87f07116","block_type":"box","text":"Consultation on Landmark Proposed Global Sustainability Assurance Standard”, August 2023.","page_number":185,"box":{"x":121,"y":816,"width":525,"height":9}},{"id":"cfa32938-52c9-4cfc-b840-48de3b4c7e36","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":185,"box":{"x":89,"y":831,"width":833,"height":10}},{"id":"2dbe724d-6405-4268-a642-ec34757d88bb","block_type":"box","text":"ng and","page_number":185,"box":{"x":924,"y":831,"width":37,"height":10}},{"id":"e556a4c0-e34e-48ac-80c3-bf785352b10f","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":185,"box":{"x":121,"y":843,"width":818,"height":10}},{"id":"2f9b1c2e-8c91-42f1-a741-c2f8179949f7","block_type":"box","text":"son","page_number":185,"box":{"x":940,"y":846,"width":24,"height":5}},{"id":"eeef6f76-4c36-41f5-8295-da49784c42d7","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":185,"box":{"x":121,"y":856,"width":842,"height":10}},{"id":"ad902784-6a60-449a-9779-88dadb4bf571","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":185,"box":{"x":121,"y":868,"width":208,"height":10}},{"id":"392e1d45-c568-4a17-8779-27113cdb5a76","block_type":"box","text":"A-26","page_number":185,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"be26c26f-4ff8-4e8c-89f9-3bc3d9939ba0","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":186,"box":{"x":88,"y":44,"width":822,"height":12}},{"id":"8de1f751-2835-4886-87fd-02c23bd6e382","block_type":"box","text":"company’s shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":186,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"e2d33e29-35d1-4216-a482-aa1648f952d2","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs","page_number":186,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"1917c278-88fc-453c-b5f4-89bfef3f3f90","block_type":"box","text":"to shareholders.","page_number":186,"box":{"x":88,"y":89,"width":112,"height":10}},{"id":"6289247c-ba88-4eeb-aaa1-59369a65356e","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long-term economic","page_number":186,"box":{"x":89,"y":116,"width":875,"height":12}},{"id":"710900da-6bed-4c05-b1b1-e15c25a4833e","block_type":"box","text":"interests of our clients as shareholders. Boards proposing a transaction should clearly explain the economic and strategic","page_number":186,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"760cb6f8-0070-4678-ab7b-f69a56654eac","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":186,"box":{"x":89,"y":146,"width":820,"height":12}},{"id":"df0783b6-bd98-4dc8-89c8-d840f4c60a84","block_type":"box","text":"shareholder value. We find long-term investors like our clients typically benefit when proposed transactions have the","page_number":186,"box":{"x":89,"y":161,"width":815,"height":12}},{"id":"e522cf2f-736a-4192-9ca0-8a9c51f6bdb1","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":186,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"86049247-2bfa-421e-a526-b64c2be8c6e0","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":186,"box":{"x":88,"y":191,"width":865,"height":13}},{"id":"0e649ba3-07ef-4c87-a24b-2f848c5ea15e","block_type":"box","text":"place shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":186,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"e2101b16-8e0b-4c3f-8e70-4f3b10ff09d3","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":186,"box":{"x":89,"y":222,"width":846,"height":12}},{"id":"4a8ddc39-a20d-4099-803c-9a51ee699e8a","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":186,"box":{"x":89,"y":237,"width":849,"height":12}},{"id":"bb09aadf-7600-41ee-acf6-9435c0b34759","block_type":"box","text":"vote of the non-conflicted parties.","page_number":186,"box":{"x":88,"y":252,"width":237,"height":12}},{"id":"7d0d8acc-89b4-43d4-a13f-4eb5e2810a8b","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":186,"box":{"x":88,"y":278,"width":827,"height":13}},{"id":"595eb891-e112-4db7-a94e-1b91e9951561","block_type":"box","text":"market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’ ability to sell their","page_number":186,"box":{"x":89,"y":293,"width":877,"height":13}},{"id":"3be79c72-8330-44eb-b64a-cc37c4db6247","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":186,"box":{"x":89,"y":308,"width":863,"height":13}},{"id":"f7bb3f1d-73dc-4dc4-b488-34ae1ab4396c","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":186,"box":{"x":89,"y":324,"width":819,"height":12}},{"id":"13e95fef-6777-49d3-9a98-819cb0c6b54b","block_type":"box","text":"encourage any so-called “shareholder rights plans” proposed by a board to be subject to shareholder approval upon","page_number":186,"box":{"x":89,"y":339,"width":811,"height":12}},{"id":"ca08ff78-6d47-453d-abc3-745ea9a6c402","block_type":"box","text":"introduction and periodically thereafter.","page_number":186,"box":{"x":89,"y":354,"width":276,"height":12}},{"id":"d6bbfe91-f19b-4775-95e6-aa5d5f5f6f76","block_type":"box","text":"Executive compensation","page_number":186,"box":{"x":89,"y":381,"width":174,"height":12}},{"id":"3160b5c2-cea8-44f4-8bfe-526431ae52d7","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":186,"box":{"x":89,"y":407,"width":826,"height":12}},{"id":"a178c377-b440-4cad-8480-e760763c34fc","block_type":"box","text":"structure that incentivizes and rewards executives appropriately. Executive compensation is an important tool used by","page_number":186,"box":{"x":89,"y":422,"width":824,"height":12}},{"id":"73b87640-81c9-4525-8c0c-f8836863e606","block_type":"box","text":"companies to support long-term financial value creation. In our experience, well-structured compensation policies reward","page_number":186,"box":{"x":89,"y":437,"width":853,"height":12}},{"id":"387d308f-7e00-4d49-a026-036092ffe0b7","block_type":"box","text":"the successful delivery of strategic, operational, and/or financial goals, encourage an appropriate risk appetite, and align the","page_number":186,"box":{"x":88,"y":452,"width":870,"height":12}},{"id":"4a754b48-35f4-4e99-b9e2-d4ba9266c878","block_type":"box","text":"interests of shareholders and executives through equity ownership.","page_number":186,"box":{"x":89,"y":467,"width":469,"height":13}},{"id":"b5d757f5-80cf-44d0-8edf-27951e69731a","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":186,"box":{"x":88,"y":494,"width":848,"height":12}},{"id":"9a17d525-0539-4b06-b8d2-6f503d98f907","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":186,"box":{"x":89,"y":509,"width":852,"height":12}},{"id":"fe901406-726d-4be8-8077-463bb5c984e5","block_type":"box","text":"companies should use sustainability-related criteria in compensation structures, but, where they are included, we look to","page_number":186,"box":{"x":89,"y":524,"width":846,"height":12}},{"id":"0ad871ed-f967-4c6e-bdcb-a2d720c59920","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":186,"box":{"x":89,"y":539,"width":843,"height":12}},{"id":"e89e1412-a932-4fca-b85a-549a6356ac4a","block_type":"box","text":"should encompass timeframes that 1) are distinct from annual executive compensation structures and metrics, and 2)","page_number":186,"box":{"x":89,"y":554,"width":828,"height":12}},{"id":"323ef820-8d08-437c-8247-6972b2875749","block_type":"box","text":"encourage the delivery of strong financial results over a period of years.","page_number":186,"box":{"x":89,"y":569,"width":498,"height":13}},{"id":"903e88de-80d8-4cd4-b057-2191abd9b52c","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees – or board","page_number":186,"box":{"x":88,"y":596,"width":847,"height":12}},{"id":"a4d28a10-3f2f-4f36-9a4d-51dcf83aa1e5","block_type":"box","text":"members responsible for setting executive compensation – should carefully consider the company’s specific circumstances,","page_number":186,"box":{"x":89,"y":611,"width":866,"height":12}},{"id":"39401879-1dbb-45c0-b89d-e48169ca3f10","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":186,"box":{"x":89,"y":626,"width":835,"height":12}},{"id":"6769a7dd-ded3-4112-9539-2a9df73cfdff","block_type":"box","text":"incentivize. We look to the compensation committees to guard against contractual arrangements that would entitle","page_number":186,"box":{"x":89,"y":641,"width":808,"height":12}},{"id":"0131a5fc-2f40-4a56-842a-4422d261dd8e","block_type":"box","text":"executives to material compensation for early termination of their employment. Finally, pension contributions and other","page_number":186,"box":{"x":89,"y":656,"width":839,"height":13}},{"id":"07e16533-7da0-41b1-ae3a-8c7b28ad634e","block_type":"box","text":"deferred compensation arrangements should be reasonable in light of market practices or the company’s business and","page_number":186,"box":{"x":89,"y":671,"width":831,"height":13}},{"id":"96822b61-0feb-4043-ad13-7de3e8051565","block_type":"box","text":"executive compensation strategies.","page_number":186,"box":{"x":89,"y":687,"width":245,"height":12}},{"id":"bad98c6d-725b-414e-99fa-7a7400189bda","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":186,"box":{"x":88,"y":713,"width":862,"height":12}},{"id":"3d2894af-8c82-4317-9849-2cf95bc004e4","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":186,"box":{"x":89,"y":728,"width":874,"height":12}},{"id":"9f066ef0-6994-4191-a75a-0f047d993e65","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":186,"box":{"x":88,"y":743,"width":871,"height":12}},{"id":"bac825b7-2f09-4fe8-80aa-7b80d00a7626","block_type":"box","text":"group evaluation by compensation committees can help ensure competitive pay; however, we are concerned when the","page_number":186,"box":{"x":89,"y":758,"width":830,"height":13}},{"id":"af08803a-3a88-4e90-a0cd-e0dfaed3d7aa","block_type":"box","text":"rationale for increases in total compensation at a company is solely based on peer benchmarking, rather than also","page_number":186,"box":{"x":89,"y":773,"width":797,"height":13}},{"id":"c7ac1b17-9fcb-40a0-80ec-79de5caf58b6","block_type":"box","text":"considering rigorous measures of outperformance. We encourage companies to clearly explain how compensation outcomes","page_number":186,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"bb0ea565-f497-4315-95aa-3f1fc2c245d6","block_type":"box","text":"have rewarded performance.","page_number":186,"box":{"x":89,"y":804,"width":199,"height":12}},{"id":"50e9e9f5-3750-483b-9160-a65da92992a6","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could clawback","page_number":186,"box":{"x":88,"y":830,"width":846,"height":12}},{"id":"7d6a640b-f2b1-486d-bf95-fb47ea921374","block_type":"box","text":"compensation or require executives to forgo awards when compensation was based on faulty financial statements or","page_number":186,"box":{"x":89,"y":845,"width":821,"height":12}},{"id":"8f577555-30ad-441b-a2d2-ae4ca99bc8ca","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":186,"box":{"x":89,"y":860,"width":831,"height":13}},{"id":"ea58991f-cdf2-490f-805d-92a04232bfdf","block_type":"box","text":"A-27","page_number":186,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"5b6f20c6-b45a-411e-ba66-5b03b5c6a891","block_type":"box","text":"executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or","page_number":187,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"c1042da0-a222-4c8b-a2ed-192f15ed22ce","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":187,"box":{"x":89,"y":59,"width":843,"height":12}},{"id":"2cc61e39-a3d1-4d38-b916-9b7456f95fee","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":187,"box":{"x":89,"y":85,"width":839,"height":13}},{"id":"d51858b2-f4fd-4a6d-b174-7af5d2d3ff04","block_type":"box","text":"expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk","page_number":187,"box":{"x":89,"y":101,"width":832,"height":12}},{"id":"c1d964d9-c489-40d9-ad77-f15d394bfde4","block_type":"box","text":"compromising directors’ independence or aligning their interests too closely with those of the management, whom they are","page_number":187,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"25a6c745-0ca8-44d1-bc76-c62478e9ecc6","block_type":"box","text":"charged with overseeing.","page_number":187,"box":{"x":89,"y":131,"width":174,"height":12}},{"id":"027bde31-91aa-4621-9e81-9a9e166ef112","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they are on the","page_number":187,"box":{"x":89,"y":157,"width":874,"height":13}},{"id":"f5572b3d-b1ca-4fe5-b787-50a934c2cfaa","block_type":"box","text":"agenda. We may also vote against members of the compensation committee or equivalent board members for poor","page_number":187,"box":{"x":89,"y":172,"width":810,"height":13}},{"id":"d2367e1c-a15f-4524-ac53-0f3c2e8398f9","block_type":"box","text":"compensation practices or structures.","page_number":187,"box":{"x":89,"y":188,"width":264,"height":12}},{"id":"0732cc42-1856-4012-8b01-fe498261f547","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":187,"box":{"x":89,"y":214,"width":387,"height":12}},{"id":"ae54daa7-cde9-4c21-879b-b8314dd79e3f","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and","page_number":187,"box":{"x":89,"y":240,"width":842,"height":13}},{"id":"6cb3ddc9-dff5-4464-ab44-4c9c558d215a","block_type":"box","text":"opportunities relevant to their businesses.","page_number":187,"box":{"x":89,"y":256,"width":292,"height":12}},{"id":"b0f4d327-d158-461a-a1eb-dfdf517ac035","block_type":"box","text":"(9)","page_number":187,"box":{"x":383,"y":254,"width":14,"height":8}},{"id":"03e6223f-3fa2-4c65-a94c-261c5e56e570","block_type":"box","text":"As with all risks and opportunities in a company’s business model, appropriate","page_number":187,"box":{"x":402,"y":256,"width":550,"height":12}},{"id":"ead86f60-a04d-4204-bd9d-2c63c485f66f","block_type":"box","text":"oversight of material sustainability considerations is a core component of having an effective governance framework that","page_number":187,"box":{"x":89,"y":271,"width":848,"height":12}},{"id":"69b1549c-84ad-4f2f-8b6b-aeeca841ddcf","block_type":"box","text":"supports durable, long-term financial value creation.","page_number":187,"box":{"x":89,"y":286,"width":366,"height":12}},{"id":"10213862-578c-495f-b7b9-5fb3963c824b","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to material","page_number":187,"box":{"x":89,"y":312,"width":835,"height":13}},{"id":"7eeba85a-5ac5-41fe-b2d2-d01c46e2f487","block_type":"box","text":"sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate that they have a","page_number":187,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"91b10cfe-0c6f-4abb-b9a3-c5e0a1226fce","block_type":"box","text":"resilient business model that integrates material sustainability-related risks and opportunities into their strategy, risk","page_number":187,"box":{"x":89,"y":342,"width":813,"height":13}},{"id":"6d935015-031a-454b-bee2-83398256e9b8","block_type":"box","text":"management, and metrics and targets, including industry-specific metrics. The International Sustainability Standards Board","page_number":187,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"ffc5a751-e0f0-4afc-8e17-951047b574fb","block_type":"box","text":"(ISSB) standards, IFRS S1 and S2","page_number":187,"box":{"x":89,"y":373,"width":227,"height":12}},{"id":"6dd82f2a-ba1c-430e-9465-1fe5733711fc","block_type":"box","text":"(10)","page_number":187,"box":{"x":318,"y":371,"width":21,"height":8}},{"id":"7f78f37d-b83a-4ff1-ba41-95106b1c95b1","block_type":"box","text":"may prove helpful to companies in preparing this disclosure. The standards build on the","page_number":187,"box":{"x":345,"y":373,"width":613,"height":12}},{"id":"8c786fed-1e46-43e9-a283-37f544d1b33a","block_type":"box","text":"Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the","page_number":187,"box":{"x":88,"y":388,"width":838,"height":12}},{"id":"3d5eada1-2bba-4cb1-8ed7-2913197b6260","block_type":"box","text":"Sustainability Accounting Standards Board (SASB), which have both converged under the ISSB. We recognize that companies","page_number":187,"box":{"x":88,"y":403,"width":876,"height":12}},{"id":"37f4ead7-7703-415a-827c-5fc3159eae56","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":187,"box":{"x":89,"y":418,"width":839,"height":12}},{"id":"f368e398-92d6-4d01-bf69-7727a12566b6","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":187,"box":{"x":89,"y":433,"width":849,"height":13}},{"id":"6ba7a53b-f6f8-4c26-ac90-227b5295fff3","block_type":"box","text":"cases, we ask that companies highlight the metrics that are industry- or company-specific.","page_number":187,"box":{"x":89,"y":448,"width":634,"height":13}},{"id":"d3cdd1df-f980-4530-b3b9-fdd206dd4384","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and aggregate data from","page_number":187,"box":{"x":88,"y":475,"width":874,"height":12}},{"id":"2f91ad0d-e868-4167-bbf3-9fc2817ca624","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":187,"box":{"x":88,"y":490,"width":879,"height":12}},{"id":"c92586ed-9847-4f92-b64d-cdd12ee35a27","block_type":"box","text":"with financial reporting cycles and companies may require additional time after their fiscal year-end to accurately collect,","page_number":187,"box":{"x":88,"y":505,"width":847,"height":12}},{"id":"b50298b5-ecdc-4bd2-b65e-6fbac4a759cc","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":187,"box":{"x":89,"y":520,"width":850,"height":12}},{"id":"f20ab852-c833-492b-bd19-c219cceb5a77","block_type":"box","text":"these disclosures, we encourage them to produce climate and other sustainability-related disclosures sufficiently in advance","page_number":187,"box":{"x":88,"y":535,"width":870,"height":13}},{"id":"d317ee83-04bb-4911-8160-0068d8791998","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":187,"box":{"x":89,"y":550,"width":842,"height":13}},{"id":"48a546b8-77ef-4e65-a5a2-8420cb7a69d1","block_type":"box","text":"decisions.","page_number":187,"box":{"x":89,"y":565,"width":67,"height":10}},{"id":"abaeb291-0dbe-437d-a99a-a29cd65c9acf","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct issued by","page_number":187,"box":{"x":89,"y":592,"width":823,"height":12}},{"id":"f393176f-25cf-4421-9e49-7ab9acb19e2c","block_type":"box","text":"supranational organizations such as the United Nations or the Organization for Economic Cooperation and Development.","page_number":187,"box":{"x":89,"y":607,"width":847,"height":12}},{"id":"0037cd38-c64b-44a0-9146-b5afbeaa2241","block_type":"box","text":"Further, industry initiatives on managing specific operational risks may provide useful guidance to companies on best","page_number":187,"box":{"x":89,"y":622,"width":822,"height":12}},{"id":"173b0f7f-1a1c-490e-a7ec-a6fbbcfb7fdc","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":187,"box":{"x":89,"y":637,"width":879,"height":13}},{"id":"f2caa790-a597-46b6-9a4e-b31ee1ac0263","block_type":"box","text":"disclose any relevant global climate and other sustainability-related standards adopted, the industry initiatives in which they","page_number":187,"box":{"x":89,"y":652,"width":868,"height":13}},{"id":"eec008c6-e894-4639-b43b-fe141070a64f","block_type":"box","text":"participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their","page_number":187,"box":{"x":89,"y":668,"width":831,"height":12}},{"id":"91857c21-293b-4050-b740-2840f3330968","block_type":"box","text":"approach to sustainable and responsible business practices.","page_number":187,"box":{"x":89,"y":683,"width":418,"height":12}},{"id":"59fed838-ab19-44a0-94e3-b3bfd7417f13","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":187,"box":{"x":89,"y":765,"width":831,"height":10}},{"id":"c4dc28f2-7334-4226-9ab8-21ebe8734191","block_type":"box","text":"el that","page_number":187,"box":{"x":922,"y":765,"width":34,"height":8}},{"id":"2bfc3303-6c2f-41d6-8835-3d7117264c63","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":187,"box":{"x":121,"y":778,"width":826,"height":10}},{"id":"b1b4cb20-47e6-4640-8e65-c0e6498cafc4","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":187,"box":{"x":121,"y":790,"width":832,"height":10}},{"id":"60bf2693-60cf-4a03-a48d-e25008e342f0","block_type":"box","text":"which a company operates, customer loyalty, and relationships with regulators.","page_number":187,"box":{"x":121,"y":803,"width":443,"height":10}},{"id":"f7c39635-4735-40ee-a4b4-390848575a6b","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":187,"box":{"x":89,"y":818,"width":807,"height":10}},{"id":"92f136bb-0734-4b22-807d-f3d4f6cf3dc9","block_type":"box","text":"se informa","page_number":187,"box":{"x":897,"y":818,"width":63,"height":8}},{"id":"a8cef193-c1b5-46b4-8ca6-3e0f3a5167dc","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":187,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"ddfb6ed3-2bc2-4463-bc35-5dd76f0c4f14","block_type":"box","text":"ions","page_number":187,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"ccbf8ce6-d51e-4bfc-b075-7adeaff45d38","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":187,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"6f9fa5cf-1d60-4879-86c2-08ad39d75463","block_type":"box","text":"bout its","page_number":187,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"df5c7aaa-010b-4f0c-a7b4-4cf576e8f5d1","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":187,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"cf759e27-83cd-4eb8-aa71-dd3f57a3df61","block_type":"box","text":"ding","page_number":187,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"8a981377-a977-4095-9297-9375210da34a","block_type":"box","text":"resources to the entity.","page_number":187,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"32d28fe3-bfa9-4376-9989-0b1e5e073e14","block_type":"box","text":"A-28","page_number":187,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"6b8bd097-c355-4a35-a3c7-d3fc07533f61","block_type":"box","text":"Climate and nature-related risk","page_number":188,"box":{"x":105,"y":44,"width":225,"height":10}},{"id":"241898b5-7856-48a5-9e0b-ed1b6a340759","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":188,"box":{"x":89,"y":70,"width":707,"height":13}},{"id":"b28fe732-6ccb-4df5-b62c-d749e0fe9df7","block_type":"box","text":"(11)","page_number":188,"box":{"x":798,"y":68,"width":19,"height":8}},{"id":"a0f39e19-917e-4bc1-9a2b-d7731e614447","block_type":"box","text":"Our research shows","page_number":188,"box":{"x":823,"y":70,"width":139,"height":10}},{"id":"2d56f59d-701f-4782-b50c-ac6bfbb4117d","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":188,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"7cadea8e-7d67-42e9-8d0f-8c91c0f0cc6c","block_type":"box","text":"policies, technology, and consumer and investor preferences, which may be material for many companies.","page_number":188,"box":{"x":89,"y":101,"width":742,"height":12}},{"id":"537bf4d2-329c-4a07-b834-a8294971ea1c","block_type":"box","text":"(12)","page_number":188,"box":{"x":832,"y":99,"width":21,"height":8}},{"id":"dc3325f8-b937-4e66-ba7e-a934c1d18e03","block_type":"box","text":"Yet the path to","page_number":188,"box":{"x":858,"y":101,"width":101,"height":12}},{"id":"cc3b2c62-0525-4724-a17f-2fdcd6ef492e","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":188,"box":{"x":89,"y":116,"width":809,"height":12}},{"id":"85e286fd-1263-411a-9132-adeac90f3d00","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":188,"box":{"x":89,"y":131,"width":845,"height":12}},{"id":"ae951636-2436-4009-a8be-ba73d7de1d2a","block_type":"box","text":"businesses and operating environments. Many companies are assessing how to navigate the low-carbon transition while","page_number":188,"box":{"x":89,"y":146,"width":845,"height":12}},{"id":"d09ff4b0-ec3f-4084-a208-cb591516ef2c","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":188,"box":{"x":89,"y":161,"width":834,"height":12}},{"id":"3c3083c4-4968-4e9b-a71a-3d66d043cdd1","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":188,"box":{"x":89,"y":176,"width":852,"height":13}},{"id":"05004b2f-8470-4a10-adbc-59c3c21bbdaf","block_type":"box","text":"financial performance through the transition to a low-carbon economy, including where available, their transition plan.","page_number":188,"box":{"x":88,"y":191,"width":830,"height":13}},{"id":"6f97549c-12b6-450c-9a9e-d4e4fdc69d9b","block_type":"box","text":"(13)","page_number":188,"box":{"x":920,"y":189,"width":20,"height":8}},{"id":"a23e0271-7bf3-4682-9366-d4c1832e9a87","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors assess company","page_number":188,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"ad4fe18d-220c-40d3-ba34-b3bfbe7ab043","block_type":"box","text":"specific climate-related risks and opportunities, and inform investment decisions.","page_number":188,"box":{"x":89,"y":233,"width":568,"height":12}},{"id":"8c6c4238-6ea0-42d5-af84-5072faf67326","block_type":"box","text":"(14)","page_number":188,"box":{"x":659,"y":231,"width":20,"height":8}},{"id":"ee72d4be-6950-4a62-aea2-4cb0786103cb","block_type":"box","text":"Such disclosures also provide investors","page_number":188,"box":{"x":684,"y":233,"width":272,"height":12}},{"id":"1bfa6817-a028-486d-b8da-7618e6d09b7b","block_type":"box","text":"with insights into how companies are managing the risks associated with climate change by managing their own carbon","page_number":188,"box":{"x":88,"y":248,"width":846,"height":12}},{"id":"5c32c59f-2a14-4e59-95c3-e282e1ee9e9f","block_type":"box","text":"emissions or emissions intensities to the extent financially practicable. Recognizing the value of these disclosures, in some","page_number":188,"box":{"x":89,"y":263,"width":854,"height":12}},{"id":"79685c52-e002-420a-82fc-8cbb0dd7bf8b","block_type":"box","text":"jurisdictions, like the U.K, large companies must disclose such climate-related financial information on a mandatory basis,","page_number":188,"box":{"x":88,"y":278,"width":852,"height":13}},{"id":"308c6087-36c6-4e12-b2a0-2e5177797b05","block_type":"box","text":"while in other jurisdictions these disclosures are viewed as best practice in the market.","page_number":188,"box":{"x":88,"y":293,"width":603,"height":13}},{"id":"792fc18a-f800-469c-aa76-ac420d4d1a47","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures and","page_number":188,"box":{"x":89,"y":320,"width":816,"height":12}},{"id":"4a19c338-2d94-4015-a5ba-cdacc269a611","block_type":"box","text":"engagement, the strategies companies have in place to manage material risks to, and opportunities for, their long-term","page_number":188,"box":{"x":89,"y":335,"width":832,"height":12}},{"id":"56da686d-e607-4adf-a65a-c1467b8b6a20","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":188,"box":{"x":89,"y":350,"width":845,"height":12}},{"id":"2f50d6a9-e9e6-462b-a66f-b189fdb5c288","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":188,"box":{"x":89,"y":365,"width":867,"height":12}},{"id":"11ef7ba1-9822-43a5-b931-423e1c565b17","block_type":"box","text":"members as part of the 2024 Leader’s Declaration.","page_number":188,"box":{"x":89,"y":380,"width":352,"height":13}},{"id":"8327a7bf-fe37-4c2e-b61e-d0277624684c","block_type":"box","text":"(15)","page_number":188,"box":{"x":443,"y":378,"width":20,"height":8}},{"id":"d8f29f6c-bfa9-410d-98a6-b5631ca00ab8","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term targets,","page_number":188,"box":{"x":88,"y":407,"width":836,"height":12}},{"id":"71181406-fe2e-4f05-9e5d-522a97111218","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":188,"box":{"x":89,"y":422,"width":803,"height":12}},{"id":"6b0f2b7c-bd0a-4b2e-8703-f8b7a4492197","block_type":"box","text":"reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.","page_number":188,"box":{"x":89,"y":437,"width":833,"height":12}},{"id":"73309241-dcb9-4c6d-a673-d7ce7839940a","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":188,"box":{"x":88,"y":463,"width":871,"height":13}},{"id":"19962ddc-53f3-4ae3-8124-03ad947e72d9","block_type":"box","text":"3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about","page_number":188,"box":{"x":89,"y":479,"width":824,"height":12}},{"id":"31d694ca-7fd8-4ff8-8b2d-d8123d4f52c6","block_type":"box","text":"double-counting, and lack of direct control by companies. We welcome disclosures and commitments companies choose to","page_number":188,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"b847bfe7-a81b-439c-83e6-b79dab725574","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":188,"box":{"x":89,"y":509,"width":879,"height":12}},{"id":"89d7636a-01e6-4771-927e-49b12fad3de0","block_type":"box","text":"Our publicly available commentary provides more information on our approach to climate-related risks and opportunities.","page_number":188,"box":{"x":89,"y":524,"width":853,"height":12}},{"id":"320f05d7-d252-4c5f-98cf-02f2e1662666","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a component","page_number":188,"box":{"x":89,"y":550,"width":874,"height":13}},{"id":"df2ae25f-881c-48fe-b176-5eff546b2579","block_type":"box","text":"of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly where a company’s","page_number":188,"box":{"x":89,"y":565,"width":869,"height":13}},{"id":"29be7b4b-0313-4f4a-ba47-9807931b5362","block_type":"box","text":"(11) BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":188,"box":{"x":89,"y":619,"width":485,"height":10}},{"id":"cbf4c37e-8595-441e-8460-32d20aea7b7c","block_type":"box","text":"(12) BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":188,"box":{"x":89,"y":634,"width":476,"height":10}},{"id":"3fb57aac-7ca2-490f-9f94-f0c0be31ff00","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":188,"box":{"x":89,"y":649,"width":861,"height":10}},{"id":"ba828158-3cbf-4b8b-a5f5-eb4b76ef8935","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":188,"box":{"x":121,"y":662,"width":843,"height":10}},{"id":"18205e76-a180-4230-b047-354c49d65904","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":188,"box":{"x":121,"y":674,"width":807,"height":10}},{"id":"dbbf1650-c005-48c6-a445-8eba1a907376","block_type":"box","text":"ugh","page_number":188,"box":{"x":929,"y":674,"width":21,"height":10}},{"id":"ff1de625-69ed-4dd5-892a-83f98e6e9f01","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":188,"box":{"x":121,"y":687,"width":834,"height":10}},{"id":"58698a1f-004c-430e-86b4-48342c5a5fbb","block_type":"box","text":"rs","page_number":188,"box":{"x":956,"y":689,"width":9,"height":6}},{"id":"bddec434-bd39-4a6d-a54f-ce989f01e95d","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":188,"box":{"x":121,"y":700,"width":816,"height":10}},{"id":"028eb68d-1ec0-46d2-9306-bc21f4bd5ac1","block_type":"box","text":"for","page_number":188,"box":{"x":937,"y":702,"width":11,"height":5}},{"id":"bbe15deb-21e8-4b0a-bbf1-48904228e862","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":188,"box":{"x":121,"y":712,"width":845,"height":10}},{"id":"951c7565-e80b-4ef7-a7a8-77bc6d54599f","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":188,"box":{"x":121,"y":725,"width":801,"height":10}},{"id":"a1b1600c-6505-4b19-9a07-50d8a6ce7b53","block_type":"box","text":"finan","page_number":188,"box":{"x":926,"y":725,"width":33,"height":8}},{"id":"fb0d410c-9bf9-4e3a-9d39-957dfb89293c","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":188,"box":{"x":121,"y":737,"width":821,"height":10}},{"id":"c53b0c66-89d3-4fda-ab19-88af03077607","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":188,"box":{"x":121,"y":750,"width":835,"height":10}},{"id":"bce29441-63af-4311-9e8a-20e373d8b47c","block_type":"box","text":"their planned actions and resource implications.","page_number":188,"box":{"x":121,"y":763,"width":269,"height":10}},{"id":"ec9d151b-36de-49b6-9390-003383d2c281","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":188,"box":{"x":89,"y":778,"width":835,"height":10}},{"id":"8d72a325-b509-45c6-8659-d677b9eadcfa","block_type":"box","text":"ned","page_number":188,"box":{"x":926,"y":778,"width":20,"height":8}},{"id":"ee8ef54f-67cc-470a-a25d-0eed38c76459","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":188,"box":{"x":121,"y":790,"width":826,"height":10}},{"id":"18fe06ab-96d7-40a9-bae0-c7d5c617a8e0","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":188,"box":{"x":121,"y":803,"width":831,"height":10}},{"id":"f9454d37-accb-47a6-9b56-c0815afe87dc","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":188,"box":{"x":121,"y":816,"width":805,"height":9}},{"id":"93532016-1034-479d-b0b4-d65a0553b9af","block_type":"box","text":"specific.","page_number":188,"box":{"x":121,"y":828,"width":44,"height":10}},{"id":"7d1ec6e6-765f-4738-8c7b-51dcc72de2e2","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":188,"box":{"x":89,"y":843,"width":846,"height":10}},{"id":"2453aeb5-ce7b-4a5f-be21-dac636a4157a","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":188,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"1f74ea9a-6391-434e-957c-f0f5eea61ee1","block_type":"box","text":"Product, over 75% of international trade, and about two-thirds of the world population.","page_number":188,"box":{"x":122,"y":868,"width":488,"height":10}},{"id":"12117cb7-4670-44b0-b016-59bab8586f91","block_type":"box","text":"A-29","page_number":188,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"fec6ad9e-0b24-4ca5-9ad1-488c3b5a6172","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":189,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"17f2afaf-cf27-475d-9a9b-4764a1de6afe","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":189,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"1e2bd3f4-810a-49de-9238-69a0a45e4626","block_type":"box","text":"capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated","page_number":189,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"84459bb9-ce84-4be0-aca9-bbd47e5d225e","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":189,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"48b692d6-4cd1-47fd-aa75-61ae4c1a6ea7","block_type":"box","text":"risks and opportunities. We rely on company disclosures when determining how to vote on shareholder proposals addressing","page_number":189,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"d389e021-d515-4b29-87cb-58dc9b6b70ec","block_type":"box","text":"natural capital issues. Our publicly available commentary provides more information on our approach to natural capital.","page_number":189,"box":{"x":89,"y":119,"width":836,"height":13}},{"id":"a6ce0aa6-6405-4282-b72a-3e35b280f000","block_type":"box","text":"(16)","page_number":189,"box":{"x":927,"y":117,"width":21,"height":8}},{"id":"63e429ef-332a-40da-a5b0-0794b0385a24","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":189,"box":{"x":105,"y":146,"width":519,"height":12}},{"id":"a1d5ce8d-973d-4351-8445-0e465b50b3eb","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various parties on","page_number":189,"box":{"x":89,"y":172,"width":837,"height":13}},{"id":"0c7720d9-e6ca-44a0-8f68-d01575ad8d5b","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":189,"box":{"x":88,"y":188,"width":863,"height":12}},{"id":"27c94b79-6f54-4f7d-a3c8-1bfe6d57278b","block_type":"box","text":"material to their business and long-term financial performance. For many companies, key stakeholders include employees,","page_number":189,"box":{"x":89,"y":203,"width":857,"height":12}},{"id":"9931f961-78fd-4370-9d7b-2da5006d01d7","block_type":"box","text":"business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they","page_number":189,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"4d482e8d-2448-44f5-b663-b0385eda0bfb","block_type":"box","text":"operate.","page_number":189,"box":{"x":89,"y":234,"width":56,"height":11}},{"id":"785be3b4-8e60-4aaa-ac61-3d6e93db69b6","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":189,"box":{"x":88,"y":259,"width":844,"height":13}},{"id":"0fd55e29-d9d6-4c2b-b4f6-804a3594dc1d","block_type":"box","text":"their key stakeholders and considered their interests in business decision-making. In addition to understanding broader","page_number":189,"box":{"x":88,"y":274,"width":837,"height":13}},{"id":"6750296e-0671-4161-84c5-6f4941421cd2","block_type":"box","text":"stakeholder relationships, BIS finds it helpful when companies discuss how they consider the needs of their workforce today,","page_number":189,"box":{"x":89,"y":290,"width":870,"height":12}},{"id":"32911da5-e5dc-4ccc-9539-d56ef5699b65","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":189,"box":{"x":89,"y":305,"width":854,"height":12}},{"id":"4d4a6011-a1a3-417c-adeb-4ba76166801f","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":189,"box":{"x":89,"y":320,"width":860,"height":12}},{"id":"436fb709-5a44-4255-a071-1372f2b145d5","block_type":"box","text":"aligns with the company’s strategy.","page_number":189,"box":{"x":89,"y":335,"width":245,"height":12}},{"id":"99178829-01c1-4de3-b69f-3eefb698252c","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business practices and","page_number":189,"box":{"x":89,"y":361,"width":857,"height":13}},{"id":"6a30061d-8005-4a3d-a9c3-191de5b09cac","block_type":"box","text":"affect critical relationships with their stakeholders. We encourage companies to implement, to the extent appropriate,","page_number":189,"box":{"x":89,"y":376,"width":822,"height":13}},{"id":"6fc653d8-a272-4ca0-902b-bfdafc03dc07","block_type":"box","text":"monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance","page_number":189,"box":{"x":89,"y":392,"width":854,"height":12}},{"id":"080ea513-34eb-448c-ba83-a4417d64dc83","block_type":"box","text":"mechanisms to remediate any actual adverse material impacts. In our view, maintaining trust within these relationships can","page_number":189,"box":{"x":89,"y":407,"width":864,"height":12}},{"id":"873c6863-6eb3-4aa9-ba1e-ec3c2ecca2c3","block_type":"box","text":"contribute to a company’s long-term success.","page_number":189,"box":{"x":89,"y":422,"width":320,"height":12}},{"id":"efa5e7ec-dee0-4bf3-b985-cacb8b1365b7","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":189,"box":{"x":89,"y":448,"width":473,"height":13}},{"id":"3b5ed11b-b2d0-4932-9aae-ca25bc8f457f","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":189,"box":{"x":89,"y":475,"width":846,"height":12}},{"id":"024f50b6-1c99-4c6b-8816-6278c9576686","block_type":"box","text":"companies in which they invest. In addition, companies should publish information on the governance structures in place","page_number":189,"box":{"x":89,"y":490,"width":850,"height":12}},{"id":"9c16725e-0154-4939-9301-7794f6150e27","block_type":"box","text":"and the rights of shareholders to influence these structures. The reporting and disclosure provided by companies help","page_number":189,"box":{"x":89,"y":505,"width":824,"height":12}},{"id":"249535db-d177-49b1-9703-77ee1ac558a8","block_type":"box","text":"shareholders assess the effectiveness of the board’s oversight of management and whether investors’ economic interests","page_number":189,"box":{"x":89,"y":520,"width":848,"height":12}},{"id":"2a436a81-0cbc-480a-b595-40b98d918a05","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":189,"box":{"x":89,"y":535,"width":805,"height":13}},{"id":"60c3f87a-bcf0-479b-bcd0-2e6ffe9c32c1","block_type":"box","text":"governance matters, including changes to governance mechanisms, to submit proposals to the shareholders’ meeting, and","page_number":189,"box":{"x":89,"y":550,"width":862,"height":13}},{"id":"bb4660f3-53e0-4722-b18f-49656e32ecc7","block_type":"box","text":"to call special meetings of shareholders.","page_number":189,"box":{"x":88,"y":565,"width":280,"height":13}},{"id":"83c6855f-b921-4d39-8400-d603a8d0e07d","block_type":"box","text":"Corporate form","page_number":189,"box":{"x":105,"y":592,"width":110,"height":12}},{"id":"5c662f38-2826-4f3f-afcd-1ac7bcb5cc3c","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":189,"box":{"x":89,"y":618,"width":875,"height":13}},{"id":"83b688ed-b150-48df-bfe3-922fcd9b801d","block_type":"box","text":"purpose and business model.","page_number":189,"box":{"x":89,"y":633,"width":204,"height":13}},{"id":"556848f2-7e31-46b3-971c-61c0c91da2bc","block_type":"box","text":"(17)","page_number":189,"box":{"x":295,"y":631,"width":19,"height":9}},{"id":"61053e90-da2e-4b55-affc-351ea1abaaa8","block_type":"box","text":"Companies proposing to change their corporate form to a public benefit corporation or","page_number":189,"box":{"x":320,"y":633,"width":611,"height":13}},{"id":"71109b5e-9281-47f6-8d8e-ee292583d0f5","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":189,"box":{"x":89,"y":649,"width":852,"height":12}},{"id":"aae06fc7-65ca-4921-9815-ea44f448e3d5","block_type":"box","text":"supporting documentation from companies or shareholder proponents proposing to alter the corporate form clearly explains","page_number":189,"box":{"x":89,"y":664,"width":876,"height":12}},{"id":"55cbbe63-a217-41b4-8487-81921bb6e3bf","block_type":"box","text":"how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting","page_number":189,"box":{"x":89,"y":679,"width":838,"height":12}},{"id":"e80d6259-4c9d-4143-9459-f4d18b9e3f8f","block_type":"box","text":"mechanisms that would be available to shareholders. We generally support management proposals if our analysis indicates","page_number":189,"box":{"x":89,"y":694,"width":863,"height":12}},{"id":"6e5d58db-b9fc-4032-888e-a55f270e552b","block_type":"box","text":"that shareholders’ economic interests are adequately protected. Relevant shareholder proposals are evaluated on a case-by","page_number":189,"box":{"x":88,"y":709,"width":868,"height":12}},{"id":"39eb4536-09df-4236-971f-a7957e39b7fe","block_type":"box","text":"case basis.","page_number":189,"box":{"x":89,"y":724,"width":73,"height":10}},{"id":"bbd0cf07-3b4a-4d1e-89fb-40f54098884f","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":189,"box":{"x":89,"y":816,"width":845,"height":9}},{"id":"28424ca6-6ffc-4df5-a084-9d251d327a7b","block_type":"box","text":"en","page_number":189,"box":{"x":935,"y":818,"width":17,"height":5}},{"id":"1c4e5ab4-3a6d-4e73-bf65-9137fce29b07","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":189,"box":{"x":121,"y":828,"width":825,"height":10}},{"id":"eb44ecf8-aa3c-48ff-9c82-34b649370009","block_type":"box","text":"es","page_number":189,"box":{"x":946,"y":831,"width":12,"height":5}},{"id":"7a99d7e2-cbba-4556-a494-d01f2b229b58","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":189,"box":{"x":121,"y":841,"width":820,"height":10}},{"id":"e22ea861-048e-4154-9cf0-88df6fe62561","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":189,"box":{"x":121,"y":853,"width":615,"height":10}},{"id":"3a4c3185-b34a-4d47-9a38-0a2917cec4dc","block_type":"box","text":"(17) Corporate form refers to the legal structure by which a business is organized.","page_number":189,"box":{"x":89,"y":868,"width":462,"height":10}},{"id":"ff8b93d0-2ae8-44c9-954f-d25f4f88c2c0","block_type":"box","text":"A-30","page_number":189,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"12a78440-4d7f-40c9-8d01-6704182d4fa2","block_type":"box","text":"Shareholder proposals","page_number":190,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"c55bd637-4a77-4667-99c3-6802d1608239","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":190,"box":{"x":89,"y":70,"width":869,"height":13}},{"id":"9fb991fb-159c-4800-ab60-d7bc23090711","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":190,"box":{"x":89,"y":85,"width":861,"height":13}},{"id":"14974523-a4da-462f-a154-64ac7ec35aa2","block_type":"box","text":"that we see put forward by shareholders address a wide range of topics, including governance reforms, capital management,","page_number":190,"box":{"x":88,"y":101,"width":874,"height":12}},{"id":"20f69543-b186-439a-b561-54188aa93e8e","block_type":"box","text":"and improvements in the management or disclosure of sustainability-related risks.","page_number":190,"box":{"x":89,"y":116,"width":576,"height":12}},{"id":"9581caef-c12c-4951-8e75-b43156e3c2ad","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":190,"box":{"x":89,"y":142,"width":874,"height":12}},{"id":"90d4a559-e5b5-4825-afbe-d1fa28931acf","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":190,"box":{"x":89,"y":157,"width":830,"height":13}},{"id":"5d5a7656-ca5c-4a5b-9905-6a37352fae77","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":190,"box":{"x":89,"y":172,"width":726,"height":13}},{"id":"bca9e712-f2ef-4479-bef8-6e17383c019d","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s individual","page_number":190,"box":{"x":88,"y":199,"width":819,"height":12}},{"id":"429c9c31-d0aa-4130-ab19-c813e0563443","block_type":"box","text":"circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value creation. BIS’","page_number":190,"box":{"x":89,"y":214,"width":848,"height":12}},{"id":"2fc7897b-3fbd-42ea-a315-5c015340fb12","block_type":"box","text":"evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged, may impact a","page_number":190,"box":{"x":89,"y":229,"width":815,"height":12}},{"id":"d0e0c0eb-7714-4c66-9167-b1a3b6306dfd","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":190,"box":{"x":89,"y":244,"width":870,"height":13}},{"id":"6ac2d08f-fd9a-4ab0-8e72-cdf089442c9b","block_type":"box","text":"supporting documentation, and the proponents’ other communications on the issues. We also assess the company’s","page_number":190,"box":{"x":89,"y":259,"width":818,"height":13}},{"id":"b00b4b38-881d-4bf0-93f9-e27ccbf1e31f","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":190,"box":{"x":89,"y":274,"width":859,"height":13}},{"id":"22e05e9d-07c8-4c46-84cc-d031a06e12fa","block_type":"box","text":"into consideration a company’s governance practices and disclosures against those of their peers.","page_number":190,"box":{"x":89,"y":290,"width":684,"height":12}},{"id":"7b360027-d8ae-4469-962c-e422019b7683","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":190,"box":{"x":89,"y":316,"width":857,"height":12}},{"id":"f5e5b4b9-7220-41a2-bb99-49819e7d86c5","block_type":"box","text":"advised on the proposal.","page_number":190,"box":{"x":89,"y":331,"width":170,"height":12}},{"id":"69b54561-6596-455c-9b39-92756765857f","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":190,"box":{"x":88,"y":358,"width":826,"height":12}},{"id":"2df41d19-a7d3-4c83-a729-9e2c5b72e17c","block_type":"box","text":"company, are unduly prescriptive or constraining on management. We take into consideration the legal effect of the proposal,","page_number":190,"box":{"x":89,"y":373,"width":877,"height":12}},{"id":"76c6debb-96af-4a5f-b970-436488bc2365","block_type":"box","text":"as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests","page_number":190,"box":{"x":89,"y":388,"width":862,"height":12}},{"id":"4abbb635-8cc1-4aea-afa9-b8084062343c","block_type":"box","text":"that would be deemed illegal in a given jurisdiction.","page_number":190,"box":{"x":88,"y":403,"width":359,"height":12}},{"id":"58a81dd9-799d-44bf-81cf-430acf61bd3a","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":190,"box":{"x":89,"y":429,"width":853,"height":13}},{"id":"72fd48be-7f5f-4633-9892-fba1a6b46528","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them, especially","page_number":190,"box":{"x":89,"y":445,"width":865,"height":12}},{"id":"da9e39ee-81ea-46f4-88ed-e32493595759","block_type":"box","text":"where this information is additive given the company’s existing disclosures. We may also support shareholder proposals that","page_number":190,"box":{"x":88,"y":460,"width":872,"height":12}},{"id":"5ac79929-ca68-4a2f-9460-f51ce954c9cb","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":190,"box":{"x":89,"y":475,"width":850,"height":12}},{"id":"967f53e5-d9da-4e91-bbac-3ef80667e0c7","block_type":"box","text":"long-term financial value creation.","page_number":190,"box":{"x":89,"y":490,"width":239,"height":12}},{"id":"5b838ab8-78d6-4327-8e1a-e47cef09bbd6","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s supporting","page_number":190,"box":{"x":88,"y":516,"width":861,"height":13}},{"id":"8ada4ba6-ca10-4601-a5d9-e52a9249d993","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":190,"box":{"x":89,"y":531,"width":866,"height":13}},{"id":"92517dc7-791b-42c2-9a22-e82fd0ac4c88","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":190,"box":{"x":88,"y":547,"width":876,"height":12}},{"id":"3b0d91a2-a2af-42c4-a69b-ebaf53846e28","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":190,"box":{"x":89,"y":562,"width":877,"height":12}},{"id":"8833470f-e29a-4e1f-9756-edf6e6cc0dc0","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":190,"box":{"x":89,"y":577,"width":878,"height":12}},{"id":"bee5af02-52af-470d-b2cc-aaa6d872aa3c","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":190,"box":{"x":88,"y":592,"width":863,"height":12}},{"id":"84b00b9d-ad94-4f14-9c5b-46299c9aca57","block_type":"box","text":"typically explain to the company our rationale for supporting such proposals.","page_number":190,"box":{"x":88,"y":607,"width":538,"height":12}},{"id":"92df23b0-c54f-428d-a532-d1e3613049fc","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":190,"box":{"x":88,"y":633,"width":852,"height":13}},{"id":"07c8b5e2-2375-4df6-ac2d-6f80e8e639c2","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":190,"box":{"x":89,"y":649,"width":835,"height":12}},{"id":"d765b39d-a1cd-42f8-8f3d-ed86c8d22c4c","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":190,"box":{"x":89,"y":664,"width":769,"height":12}},{"id":"cab35471-e548-45cf-a1c9-d94ae04ba8fc","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":190,"box":{"x":89,"y":690,"width":441,"height":13}},{"id":"e00a7872-5a02-49b5-ab61-e2321f00eba8","block_type":"box","text":"Oversight","page_number":190,"box":{"x":105,"y":717,"width":69,"height":12}},{"id":"808df48d-869a-4f4a-a1d9-e3981710fd6a","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior BlackRock","page_number":190,"box":{"x":89,"y":743,"width":843,"height":12}},{"id":"52ecb9ca-f291-4f86-808e-d8f55089f271","block_type":"box","text":"index investment professionals and/or senior employees with practical boardroom experience. The Stewardship Advisory","page_number":190,"box":{"x":89,"y":758,"width":849,"height":13}},{"id":"8b467c23-6963-494e-9e9b-3bea037cbaab","block_type":"box","text":"Committees review and advise on amendments to BIS regional proxy voting guidelines (the Guidelines). The advisory","page_number":190,"box":{"x":89,"y":773,"width":820,"height":13}},{"id":"1826126b-d0cb-426f-853f-bae3d4be230a","block_type":"box","text":"committees do not determine voting decisions, which are the responsibility of BIS.","page_number":190,"box":{"x":89,"y":788,"width":574,"height":13}},{"id":"19be360d-cc56-437a-9769-07996f0ba33d","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee (Global","page_number":190,"box":{"x":89,"y":815,"width":827,"height":12}},{"id":"68cebfe4-033b-4941-9c2d-b48e9a6ca103","block_type":"box","text":"Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship (Global Head),","page_number":190,"box":{"x":89,"y":830,"width":868,"height":12}},{"id":"51fd40a6-d3b4-4f20-836d-5e3b02f230ae","block_type":"box","text":"and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The Global Committee does","page_number":190,"box":{"x":89,"y":845,"width":875,"height":12}},{"id":"05b0d5ae-999e-4663-9afa-c323fe999801","block_type":"box","text":"not determine voting decisions, which are the responsibility of BIS.","page_number":190,"box":{"x":89,"y":860,"width":464,"height":13}},{"id":"d1af8ca3-79ee-4c4b-88bf-9097f0016eb4","block_type":"box","text":"A-31","page_number":190,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"a1efa5f6-bcfd-42fc-bf6d-f403de28cb73","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":191,"box":{"x":88,"y":44,"width":841,"height":12}},{"id":"1a853f90-36e4-4b79-ac4c-8ed9bc0bae0d","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances. The Global","page_number":191,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"c73254a7-52e3-43c6-a7bf-e2f8c0b074f6","block_type":"box","text":"Committee reviews and approves amendments to these Principles. The Global Committee also reviews and approves","page_number":191,"box":{"x":89,"y":74,"width":817,"height":12}},{"id":"b0078a08-8124-4ebf-a679-be0374895b40","block_type":"box","text":"amendments to the regional Guidelines.","page_number":191,"box":{"x":89,"y":89,"width":279,"height":13}},{"id":"08912bdf-a840-4f73-8531-6634107c7b07","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":191,"box":{"x":89,"y":116,"width":876,"height":12}},{"id":"44e9fdd0-2319-4785-8c03-b7fd06137013","block_type":"box","text":"material process issues, procedural changes, and other risk oversight considerations. The Global Committee reviews these","page_number":191,"box":{"x":89,"y":131,"width":855,"height":12}},{"id":"1fb7e85e-efa1-4421-8d69-91b93f150d43","block_type":"box","text":"reports in an oversight capacity as informed by the Guidelines.","page_number":191,"box":{"x":89,"y":146,"width":435,"height":12}},{"id":"8f6eb73b-6994-4acd-98e4-273d29fdb81f","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including maintaining","page_number":191,"box":{"x":89,"y":172,"width":843,"height":13}},{"id":"5ac5e195-0866-4b08-8523-72da99b564dc","block_type":"box","text":"records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research on corporate","page_number":191,"box":{"x":89,"y":188,"width":805,"height":12}},{"id":"7040340a-57f0-450e-a649-80e798de3f4a","block_type":"box","text":"governance issues and participates in industry discussions to contribute to and keep abreast of important developments in","page_number":191,"box":{"x":89,"y":203,"width":859,"height":12}},{"id":"5ed80e56-2116-42f7-87eb-68acc5600063","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":191,"box":{"x":88,"y":218,"width":859,"height":12}},{"id":"9341dcf2-f86b-439e-88e1-dbc637646b3c","block_type":"box","text":"those third parties. BIS may discuss complicated or particularly controversial matters with senior specialists internally, on an","page_number":191,"box":{"x":88,"y":233,"width":866,"height":12}},{"id":"9cb9bb19-0447-477c-ac2b-b30024a218ea","block_type":"box","text":"advisory basis, prior to making a voting decision.","page_number":191,"box":{"x":89,"y":248,"width":340,"height":12}},{"id":"e87af620-1797-42bb-a57c-b4ff4fd205ca","block_type":"box","text":"Voting guidelines and vote execution","page_number":191,"box":{"x":88,"y":274,"width":267,"height":13}},{"id":"3de383a1-5e28-49c7-97af-8314e55dac5d","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":191,"box":{"x":89,"y":301,"width":877,"height":12}},{"id":"07568efe-1287-4a6d-95e3-38d26e97be47","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":191,"box":{"x":89,"y":316,"width":841,"height":12}},{"id":"225a3bf9-38b0-4bcf-a933-3d8cffec9d72","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":191,"box":{"x":89,"y":331,"width":862,"height":12}},{"id":"c42be4aa-ea26-4916-a822-30d31fde894c","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":191,"box":{"x":88,"y":346,"width":877,"height":13}},{"id":"de8ef4c3-2c9e-40b6-9f72-6c485fb5f4f5","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":191,"box":{"x":88,"y":361,"width":853,"height":13}},{"id":"58dacf93-543e-4de7-8b25-c2f5deb2ba10","block_type":"box","text":"affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and","page_number":191,"box":{"x":89,"y":376,"width":828,"height":13}},{"id":"c19afcd8-6dde-4b30-80f3-5e0db90afe01","block_type":"box","text":"procedures,” below).","page_number":191,"box":{"x":89,"y":392,"width":144,"height":12}},{"id":"6035874d-dc6d-4dfc-a638-ec498b4558b9","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":191,"box":{"x":88,"y":418,"width":828,"height":12}},{"id":"4f184cf2-f1cd-4c12-b760-2e5419440348","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":191,"box":{"x":89,"y":433,"width":834,"height":13}},{"id":"4f11e548-70f2-460c-a008-b470a245598d","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":191,"box":{"x":89,"y":448,"width":869,"height":13}},{"id":"ad392a01-fb23-4277-a188-4851fd74c402","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":191,"box":{"x":89,"y":463,"width":851,"height":13}},{"id":"6e75cbc5-c95f-4e91-bcf5-0cda0a82e2df","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":191,"box":{"x":89,"y":479,"width":858,"height":12}},{"id":"380f0dd0-b23e-4bf6-b835-4c1aa5008b2d","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":191,"box":{"x":89,"y":494,"width":817,"height":12}},{"id":"c10d3ee1-88df-49d9-986f-57730ce5c79b","block_type":"box","text":"governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate","page_number":191,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"2bb7b828-3ec1-4872-ad2a-56bd55a383a4","block_type":"box","text":"ballots. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments","page_number":191,"box":{"x":89,"y":524,"width":875,"height":12}},{"id":"99349414-5411-4289-a5cf-da4c25df2a97","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":191,"box":{"x":89,"y":539,"width":874,"height":12}},{"id":"a691d11d-e9f9-4d1d-ab38-b20bd87be7e0","block_type":"box","text":"approach to governance practices most aligned with clients’ long-term financial interests. BIS analysts may exercise their","page_number":191,"box":{"x":89,"y":554,"width":846,"height":12}},{"id":"7c32a321-a8e2-41ca-a1b9-46b853d137aa","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":191,"box":{"x":89,"y":569,"width":877,"height":13}},{"id":"d6941bb7-36b3-4f1b-b672-043978c0495d","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":191,"box":{"x":89,"y":584,"width":858,"height":13}},{"id":"25a39391-9253-4dc9-971e-a05a35f125b2","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":191,"box":{"x":89,"y":611,"width":835,"height":12}},{"id":"a8c337cd-cd3a-4e47-beb1-96188f759f09","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":191,"box":{"x":89,"y":626,"width":867,"height":12}},{"id":"33a9921d-65a9-41d0-ba5f-82c2aa75a587","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":191,"box":{"x":89,"y":641,"width":804,"height":12}},{"id":"e9b77ac8-7149-4786-81cd-4aae1eb9b6a5","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":191,"box":{"x":89,"y":656,"width":820,"height":13}},{"id":"6d9641e6-b653-4b12-8f77-c14b2576cf5c","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":191,"box":{"x":89,"y":671,"width":830,"height":13}},{"id":"71c3360d-876a-4716-b3b9-f28107ce47fc","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":191,"box":{"x":89,"y":686,"width":788,"height":13}},{"id":"00c65328-f6f1-4d00-ba77-c5e097cba7ee","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":191,"box":{"x":89,"y":702,"width":807,"height":12}},{"id":"7d70505c-cba1-4e6d-87cc-f47557e20184","block_type":"box","text":"burdensome administrative requirements.","page_number":191,"box":{"x":89,"y":717,"width":292,"height":12}},{"id":"fb4cdedd-f31a-4001-b521-c9ba1ef1ca2c","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":191,"box":{"x":89,"y":743,"width":867,"height":12}},{"id":"058bb4e8-4c50-4c22-8957-b4daa371ab16","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":191,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"5f5a036b-bc2c-4161-8e22-1657aa24a2b8","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":191,"box":{"x":89,"y":773,"width":878,"height":13}},{"id":"5a9d1d0c-f499-4ae6-86f2-e1033e54dcbc","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":191,"box":{"x":89,"y":788,"width":397,"height":13}},{"id":"7a93577d-a74a-4ac3-9df9-85a338943545","block_type":"box","text":"Voting Choice","page_number":191,"box":{"x":88,"y":815,"width":101,"height":12}},{"id":"2165a920-9d91-49d3-b73c-4ac5bc909646","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in the proxy","page_number":191,"box":{"x":89,"y":841,"width":851,"height":13}},{"id":"c102ad3c-8350-4ca9-87d9-02fa1f38a8fd","block_type":"box","text":"voting process where legally and operationally viable.","page_number":191,"box":{"x":88,"y":856,"width":373,"height":13}},{"id":"ee50ba00-ae66-483a-ac23-7bb08fd1ff2f","block_type":"box","text":"A-32","page_number":191,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"57b3d8c7-d2ad-4c18-9dbe-4a186e2a9ae4","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":192,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"5455eecc-bcfd-4b40-a21f-93ce045544ce","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":192,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"670eb5a5-07a9-48f0-b037-2932b8f0c8ce","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":192,"box":{"x":88,"y":74,"width":840,"height":12}},{"id":"c5c0a831-9563-4321-92c3-af797d5fcebd","block_type":"box","text":"managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice regardless of their investment strategies.","page_number":192,"box":{"x":89,"y":89,"width":840,"height":13}},{"id":"8c38f347-80b0-468c-a1f0-098ca6258977","block_type":"box","text":"(18)","page_number":192,"box":{"x":931,"y":87,"width":20,"height":8}},{"id":"1504cb65-0c12-446b-b8c0-3a641d0c573d","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":192,"box":{"x":89,"y":104,"width":758,"height":13}},{"id":"8b96d1f0-4d94-4c27-90ed-062d352f5b7d","block_type":"box","text":"(19)","page_number":192,"box":{"x":848,"y":102,"width":21,"height":8}},{"id":"ce3b8d08-0bba-4dbe-b3ad-7fc663a396c4","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":192,"box":{"x":88,"y":131,"width":880,"height":12}},{"id":"496d9be9-bcb4-4077-aae3-7f16ad182308","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":192,"box":{"x":89,"y":146,"width":876,"height":12}},{"id":"6e127f3f-ef37-4f83-b2cc-7a43e0ed6591","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":192,"box":{"x":89,"y":161,"width":841,"height":12}},{"id":"9d01387d-1514-4ab1-9de7-36425e6e5263","block_type":"box","text":"Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy, without client","page_number":192,"box":{"x":88,"y":176,"width":848,"height":13}},{"id":"d73aac71-a0c9-4cdc-b1f1-16de31950a84","block_type":"box","text":"consent.","page_number":192,"box":{"x":89,"y":193,"width":58,"height":8}},{"id":"3c9efaf6-a0f8-435b-8ff6-178cc66e061c","block_type":"box","text":"Conflicts management policies and procedures","page_number":192,"box":{"x":89,"y":218,"width":340,"height":12}},{"id":"9fee073f-4ef0-4a4e-a692-7de92799daf0","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":192,"box":{"x":89,"y":244,"width":822,"height":13}},{"id":"7a32136d-465f-48df-81a0-9d19adbcbf6e","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":192,"box":{"x":89,"y":259,"width":829,"height":13}},{"id":"2c932c04-7a67-44ba-8ccc-158ffd164648","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":192,"box":{"x":89,"y":274,"width":855,"height":13}},{"id":"ca9fdae3-10a7-4ffa-a576-a9f3057401ad","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":192,"box":{"x":89,"y":290,"width":459,"height":12}},{"id":"4fdd2075-b6a1-4dfc-9326-893a41d7e47b","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":192,"box":{"x":121,"y":310,"width":676,"height":12}},{"id":"831e76fd-98c6-4a1d-af86-363ca26244b6","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":192,"box":{"x":121,"y":330,"width":781,"height":12}},{"id":"487c222f-9fca-4561-ada7-cf9dac5438bc","block_type":"box","text":"resolutions","page_number":192,"box":{"x":154,"y":345,"width":76,"height":10}},{"id":"8a01841d-bd47-4c2b-a943-467024021b48","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":192,"box":{"x":121,"y":365,"width":785,"height":12}},{"id":"c30c0174-b000-494f-958c-c3bc37f1d47f","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":192,"box":{"x":121,"y":385,"width":780,"height":13}},{"id":"438cb65a-b53a-4b03-9022-6fe6c7918051","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":192,"box":{"x":121,"y":405,"width":714,"height":13}},{"id":"17cbf963-6c9e-4d1e-9590-983f963c2c5c","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":192,"box":{"x":121,"y":426,"width":801,"height":12}},{"id":"2c358f34-bf2b-4a9e-a3ff-5eb751d6ce14","block_type":"box","text":"managed by BlackRock","page_number":192,"box":{"x":154,"y":441,"width":162,"height":12}},{"id":"286b1a85-e4b8-43f4-8955-b361f788264a","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":192,"box":{"x":89,"y":467,"width":839,"height":13}},{"id":"9eeea99c-a350-42a2-9ee0-4b89dc8e664e","block_type":"box","text":"• Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies","page_number":192,"box":{"x":121,"y":487,"width":838,"height":13}},{"id":"d4a557dc-9adb-4a28-9e5d-d46b6f61917a","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":192,"box":{"x":154,"y":502,"width":294,"height":10}},{"id":"48d1d1ae-4a62-4202-b4d6-12af5a3d726d","block_type":"box","text":"• Established a reporting structure that separates BIS from employees with sales, vendor management, or business","page_number":192,"box":{"x":121,"y":523,"width":824,"height":12}},{"id":"d565977c-35cf-4102-ab80-87f216ffd1a2","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":192,"box":{"x":154,"y":538,"width":777,"height":12}},{"id":"1e64fe25-c14e-484d-a785-1e11e819fb9f","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":192,"box":{"x":154,"y":553,"width":797,"height":12}},{"id":"0071d94b-7735-4051-913d-f27428930127","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS","page_number":192,"box":{"x":153,"y":568,"width":786,"height":12}},{"id":"98dbb43d-89a7-4ff1-935f-f7ada4ff594f","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":192,"box":{"x":154,"y":583,"width":803,"height":12}},{"id":"72abd531-3d01-4f74-913b-b438dba9af38","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":192,"box":{"x":154,"y":598,"width":802,"height":13}},{"id":"21e54469-da89-4135-8250-588ae8b8b3c0","block_type":"box","text":"the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock","page_number":192,"box":{"x":153,"y":613,"width":807,"height":13}},{"id":"10fb8c56-fff7-48fd-9db9-8f0be60a33e5","block_type":"box","text":"clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business","page_number":192,"box":{"x":154,"y":628,"width":806,"height":13}},{"id":"1216a828-1cc8-4677-81e0-98ecf62345c8","block_type":"box","text":"partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters,","page_number":192,"box":{"x":154,"y":644,"width":781,"height":12}},{"id":"d3a190c3-7167-49bf-9b7f-08b0f244d589","block_type":"box","text":"client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":192,"box":{"x":154,"y":659,"width":679,"height":12}},{"id":"932628bf-202a-4b54-a720-83ea5f9aa749","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":192,"box":{"x":121,"y":679,"width":846,"height":12}},{"id":"3e467196-b031-4782-a921-29da09d8bdde","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":192,"box":{"x":154,"y":694,"width":784,"height":12}},{"id":"14b491f1-397d-4aa9-9d97-c1cc0523415c","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":192,"box":{"x":154,"y":709,"width":780,"height":12}},{"id":"35648771-c17b-4a2b-b476-4034f80aca5b","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":192,"box":{"x":154,"y":724,"width":793,"height":13}},{"id":"163b71f5-556c-4839-b973-9cdd78e07c91","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":192,"box":{"x":154,"y":739,"width":799,"height":13}},{"id":"4c929a76-d0ca-4183-89f3-ee80aae976ad","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":192,"box":{"x":154,"y":754,"width":790,"height":13}},{"id":"d29afb6a-c1c4-494f-b260-5e3a50241970","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":192,"box":{"x":154,"y":770,"width":693,"height":12}},{"id":"7a8b2f2f-e286-4a41-9ec0-4c9541e1b89e","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":192,"box":{"x":187,"y":790,"width":592,"height":12}},{"id":"bd33473c-b799-4aa6-91a4-1b13d32c5737","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":192,"box":{"x":89,"y":841,"width":837,"height":10}},{"id":"c531ad9e-b64e-4320-b6b2-acde83f9bbc3","block_type":"box","text":"heir","page_number":192,"box":{"x":927,"y":841,"width":20,"height":8}},{"id":"130ddbc9-a171-488f-ae73-7f23f809016c","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":192,"box":{"x":121,"y":853,"width":752,"height":10}},{"id":"f712555d-0fe2-4976-aea1-f99a871d525c","block_type":"box","text":"(19) Read more about BlackRock Voting Choice on our website.","page_number":192,"box":{"x":89,"y":868,"width":360,"height":10}},{"id":"d35494f5-c38a-48a4-98ed-c2cf5864e326","block_type":"box","text":"A-33","page_number":192,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"fe63603b-935a-4b68-b73b-7eeb36714218","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":193,"box":{"x":187,"y":44,"width":761,"height":12}},{"id":"673bef23-8b53-41fe-9d8c-720303bdb255","block_type":"box","text":"the board of directors","page_number":193,"box":{"x":218,"y":59,"width":152,"height":10}},{"id":"4dd9c3ac-b010-47ab-844d-0fef4e9fee44","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":193,"box":{"x":187,"y":79,"width":646,"height":13}},{"id":"3f172784-b453-4778-bda2-3e39db27bad4","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":193,"box":{"x":187,"y":99,"width":513,"height":13}},{"id":"6e6bf2fa-9a7d-4f8a-87fa-364aa52dcef6","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":193,"box":{"x":187,"y":119,"width":764,"height":13}},{"id":"e49cc4d0-e261-4080-85e4-edd265ad18eb","block_type":"box","text":"party voting service provider","page_number":193,"box":{"x":219,"y":135,"width":199,"height":12}},{"id":"93625e77-39f8-48b7-ad38-07843db6c9f7","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":193,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"47cc07d6-74ce-4426-86a4-674bfb46dd67","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":193,"box":{"x":89,"y":176,"width":826,"height":13}},{"id":"cb195806-3f36-4e0e-9d93-902f232f1fc7","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":193,"box":{"x":89,"y":191,"width":836,"height":13}},{"id":"632410a4-9832-4945-b714-c1ef7ab5d407","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":193,"box":{"x":89,"y":206,"width":829,"height":13}},{"id":"e1fd2bf6-7498-4c1e-b834-7b53a326f5a0","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":193,"box":{"x":89,"y":222,"width":804,"height":12}},{"id":"0f3f7c2e-59ac-4da1-b408-add880834e5a","block_type":"box","text":"Committee appoints and reviews the performance of the independent third-party voting service providers, generally on an","page_number":193,"box":{"x":89,"y":237,"width":855,"height":12}},{"id":"0379fbbc-8587-4927-ae2f-0e9210a686a5","block_type":"box","text":"annual basis.","page_number":193,"box":{"x":89,"y":252,"width":89,"height":9}},{"id":"b86683d0-37f7-42d5-8e79-7ebfb17afb35","block_type":"box","text":"Securities lending","page_number":193,"box":{"x":88,"y":278,"width":128,"height":13}},{"id":"0a85da4a-b7db-4292-a902-b7be97944363","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":193,"box":{"x":88,"y":305,"width":855,"height":12}},{"id":"eeb0eb98-1dd7-4062-a678-a6e867f8bacf","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":193,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"304225e0-6807-4fd6-953e-e79a30832cd6","block_type":"box","text":"providers to keep fund expenses lower.","page_number":193,"box":{"x":89,"y":335,"width":270,"height":12}},{"id":"8a2935f8-583f-47bd-988a-42b20ba8ea00","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":193,"box":{"x":88,"y":361,"width":867,"height":13}},{"id":"f36d67df-7c84-4e70-8582-de39c79086b9","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":193,"box":{"x":89,"y":376,"width":827,"height":13}},{"id":"3419ca52-4b1a-4a91-9032-6f006c30f614","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":193,"box":{"x":89,"y":392,"width":866,"height":12}},{"id":"72ca7782-e031-4fe8-ae2d-6aaad02dd651","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":193,"box":{"x":89,"y":407,"width":853,"height":12}},{"id":"5dc4e121-7b7c-4432-b345-3bb8e2481472","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":193,"box":{"x":89,"y":422,"width":838,"height":12}},{"id":"80998278-42c0-41a7-a94c-c6759af4e1e1","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration).","page_number":193,"box":{"x":89,"y":437,"width":726,"height":12}},{"id":"fd02a0a3-9959-4dd7-9bfb-bc969793590b","block_type":"box","text":"(20)","page_number":193,"box":{"x":816,"y":435,"width":21,"height":8}},{"id":"10747b9d-a6dd-4d20-8101-d05a86db4f9e","block_type":"box","text":"BIS works with","page_number":193,"box":{"x":843,"y":437,"width":102,"height":10}},{"id":"bbcd03ac-0d52-42e7-b40f-33c0bc641d7c","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":193,"box":{"x":89,"y":452,"width":873,"height":12}},{"id":"0e6a08c2-8ddb-4d4a-934b-76908700af5b","block_type":"box","text":"recalling shares on loan.","page_number":193,"box":{"x":89,"y":467,"width":167,"height":13}},{"id":"3c25efca-a64e-4aa1-b320-bdc49228618f","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":193,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"c766e207-1776-4b64-ba01-8d4e07b3f8ec","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":193,"box":{"x":89,"y":509,"width":876,"height":12}},{"id":"404adb48-d48a-479a-abac-fa36ca4d2be9","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":193,"box":{"x":89,"y":524,"width":860,"height":12}},{"id":"4cc31f67-2151-42a1-8f98-2eddbe168aa2","block_type":"box","text":"clients and would therefore recall shares to be voted in those instances.","page_number":193,"box":{"x":89,"y":539,"width":499,"height":10}},{"id":"3564667a-ce51-45c2-af71-2fa10b82c480","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":193,"box":{"x":89,"y":565,"width":840,"height":13}},{"id":"bda7f2bd-f255-408f-b66d-34ad02960445","block_type":"box","text":"modify it as necessary.","page_number":193,"box":{"x":89,"y":581,"width":156,"height":12}},{"id":"29781bfd-0281-4349-b112-76bfd5dd0c25","block_type":"box","text":"Reporting and vote transparency","page_number":193,"box":{"x":89,"y":607,"width":236,"height":12}},{"id":"54c35130-c44a-4888-9ada-7e232ee0c49c","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":193,"box":{"x":88,"y":633,"width":804,"height":13}},{"id":"c28794c9-1515-495d-87dc-b294404c8d8e","block_type":"box","text":"engagement and voting policies and activities through direct communication and through disclosure on our website.","page_number":193,"box":{"x":89,"y":649,"width":819,"height":12}},{"id":"c45ac270-dc1a-4329-b065-ee296dedb873","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":193,"box":{"x":88,"y":664,"width":854,"height":12}},{"id":"0215356b-26e1-43d7-aa4c-223cd1681850","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our perspective on market developments and emerging key","page_number":193,"box":{"x":89,"y":679,"width":852,"height":12}},{"id":"04e62294-5ac7-4f52-b479-5b11102f4bd2","block_type":"box","text":"themes.","page_number":193,"box":{"x":88,"y":694,"width":55,"height":10}},{"id":"9079b9fc-9316-4000-babf-a360af06ddcd","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":193,"box":{"x":88,"y":720,"width":866,"height":13}},{"id":"8abd076b-3469-4b79-b3d9-ae4213ab1f0c","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":193,"box":{"x":89,"y":736,"width":861,"height":12}},{"id":"f9ffac15-b0ff-482b-ab8a-9aa55f398290","block_type":"box","text":"proposals and on shareholder proposals. For shareholder meetings where a vote might be high profile or of significant","page_number":193,"box":{"x":89,"y":751,"width":826,"height":12}},{"id":"3ee8df17-ae13-45b9-b989-3e10cbf796a5","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":193,"box":{"x":89,"y":805,"width":848,"height":10}},{"id":"6fb305f4-6597-47a4-93a3-988c82ca1a50","block_type":"box","text":"ally","page_number":193,"box":{"x":938,"y":805,"width":18,"height":10}},{"id":"a6ad1136-78a1-4a9a-a7e5-0c1af142e789","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":193,"box":{"x":121,"y":818,"width":817,"height":10}},{"id":"a14cff92-059a-40d3-bea1-cc57f7326e9e","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":193,"box":{"x":121,"y":831,"width":831,"height":10}},{"id":"d9a3ee31-3280-4ab9-b733-3e1b02cd1b4a","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":193,"box":{"x":121,"y":843,"width":810,"height":10}},{"id":"1f83a746-3a07-41fd-af0c-93c2434b2d9a","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":193,"box":{"x":121,"y":856,"width":832,"height":10}},{"id":"2133799c-6667-4892-aec3-930c8394e5fc","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":193,"box":{"x":121,"y":868,"width":745,"height":10}},{"id":"d1849bf2-b3d9-4bd0-ab0c-f603eb64b5ce","block_type":"box","text":"A-34","page_number":193,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"2b74c977-6071-4571-8467-0ca8124273a5","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":194,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"d46430bb-15b2-4227-99af-333fed01b92b","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":194,"box":{"x":89,"y":59,"width":822,"height":12}},{"id":"df157420-bb25-433c-adc0-5c32756c3f51","block_type":"box","text":"meeting.","page_number":194,"box":{"x":89,"y":75,"width":60,"height":11}},{"id":"b3f83905-edcf-4131-bb4b-2382dcf1f1c7","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":194,"box":{"x":89,"y":101,"width":833,"height":12}},{"id":"1d940214-9fe0-4457-abd6-6396965d4dfd","block_type":"box","text":"practices that support durable, long-term financial value creation by companies.","page_number":194,"box":{"x":89,"y":116,"width":560,"height":12}},{"id":"f1f8b6a2-7fdb-4466-9285-460745bb3fe0","block_type":"box","text":"Want to know more?","page_number":194,"box":{"x":88,"y":142,"width":149,"height":10}},{"id":"070fe263-05c0-493a-9a01-b64ed538fcc7","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":194,"box":{"x":89,"y":169,"width":464,"height":12}},{"id":"cdc99e08-00bc-492c-9e20-d56f221154dd","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":194,"box":{"x":88,"y":195,"width":827,"height":12}},{"id":"b1079464-fcb4-4e95-b268-357c4e128606","block_type":"box","text":"principal.","page_number":194,"box":{"x":89,"y":210,"width":62,"height":13}},{"id":"6421d097-1c9d-4213-bce4-5a0238081344","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":194,"box":{"x":89,"y":237,"width":190,"height":12}},{"id":"143f30c7-e18b-4f94-a4ad-6282234e3ff7","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":194,"box":{"x":89,"y":263,"width":289,"height":12}},{"id":"b6de210e-1056-4c6f-8921-f547d35c9e57","block_type":"box","text":"BLACKROCK","page_number":194,"box":{"x":384,"y":264,"width":89,"height":9}},{"id":"7bdf1e84-5b95-474f-8c24-a4cb226881a9","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":194,"box":{"x":478,"y":263,"width":450,"height":11}},{"id":"c5a245db-3ae6-4a38-9866-66b16ba971ce","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":194,"box":{"x":88,"y":278,"width":558,"height":13}},{"id":"297cdd70-14a7-4cc4-b93d-483b27755e54","block_type":"box","text":"A-35","page_number":194,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"9ae9115b-47d1-4ad7-8148-24830456f39c","block_type":"box","text":"BlackRock Investment Stewardship","page_number":195,"box":{"x":227,"y":44,"width":604,"height":30}},{"id":"19dcb325-5dc9-4128-a48d-723b1c5b2e8e","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":195,"box":{"x":89,"y":88,"width":382,"height":12}},{"id":"be67d210-9e23-4534-acee-bbe81320cdd2","block_type":"box","text":"Published July 2024","page_number":195,"box":{"x":106,"y":114,"width":139,"height":13}},{"id":"b5f31661-33d5-4c05-9ff7-0cdfe0fcaef4","block_type":"box","text":"BlackRock climate and decarbonization stewardship guidelines","page_number":195,"box":{"x":89,"y":141,"width":454,"height":12}},{"id":"0a1f53c3-d1fb-4cce-8ad2-58941db1e92b","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":195,"box":{"x":89,"y":167,"width":365,"height":13}},{"id":"53f81b36-7a5c-44df-ad3f-3ced9d2a91fd","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":195,"box":{"x":89,"y":194,"width":863,"height":12}},{"id":"cf6a6779-c599-4b9e-9d73-ef92eeab4ab4","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":195,"box":{"x":88,"y":209,"width":844,"height":12}},{"id":"52626a0c-16bb-44cf-93cc-4a3d9521df41","block_type":"box","text":"impact on our clients’ long-term investment outcomes and financial well-being. BlackRock Investment Stewardship (BIS) is a","page_number":195,"box":{"x":89,"y":224,"width":873,"height":12}},{"id":"1a8ac88d-7f16-465a-8b77-2d8171f9a299","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":195,"box":{"x":89,"y":239,"width":862,"height":13}},{"id":"ae5e9adc-aa91-4880-bac4-1cb21269821f","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":195,"box":{"x":88,"y":254,"width":865,"height":13}},{"id":"88b572de-39ff-4515-ae94-7d3bf14b970d","block_type":"box","text":"our clients. BIS does this through:","page_number":195,"box":{"x":89,"y":269,"width":234,"height":13}},{"id":"47dbd538-d2f6-4924-ba13-63343810e4c9","block_type":"box","text":"1.","page_number":195,"box":{"x":90,"y":290,"width":10,"height":9}},{"id":"1a817417-d94b-4687-b83e-4018aac16452","block_type":"box","text":"Engaging with companies","page_number":195,"box":{"x":128,"y":290,"width":186,"height":12}},{"id":"2a62b3f9-9f37-48e3-b8e1-ba0d20798794","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":195,"box":{"x":320,"y":290,"width":634,"height":12}},{"id":"1cd46ca6-6811-493f-9e75-94311874db00","block_type":"box","text":"voting decisions.","page_number":195,"box":{"x":127,"y":305,"width":117,"height":12}},{"id":"6c2a28fb-eaea-42f7-b5f9-6c3ec6866486","block_type":"box","text":"2.","page_number":195,"box":{"x":89,"y":325,"width":11,"height":10}},{"id":"8945e33d-808f-4d3e-a7f3-4d8b8259c85f","block_type":"box","text":"Voting at shareholder meetings","page_number":195,"box":{"x":127,"y":325,"width":227,"height":12}},{"id":"7ad0da9f-6a3d-4019-924e-87bf1bb8310b","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have delegated","page_number":195,"box":{"x":359,"y":325,"width":589,"height":12}},{"id":"6689f8b3-c0d1-4e45-8f28-08dc36f33818","block_type":"box","text":"voting authority to BlackRock.","page_number":195,"box":{"x":127,"y":340,"width":210,"height":12}},{"id":"e9528a28-a028-4184-a073-8b8906575080","block_type":"box","text":"3.","page_number":195,"box":{"x":89,"y":361,"width":11,"height":9}},{"id":"07cba8b1-e9ea-4b14-a8dd-c824239cdf82","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":195,"box":{"x":128,"y":360,"width":356,"height":12}},{"id":"6252f547-c90c-4ba5-a8cf-22a6c4f66bbc","block_type":"box","text":"to share our perspectives on matters that may impact our clients’","page_number":195,"box":{"x":489,"y":360,"width":457,"height":12}},{"id":"119cbdbb-e071-4a57-b671-a26918e1c7f7","block_type":"box","text":"investments.","page_number":195,"box":{"x":128,"y":376,"width":87,"height":9}},{"id":"b4fd97b7-2627-4c07-b293-e2890ed9c30b","block_type":"box","text":"4.","page_number":195,"box":{"x":88,"y":396,"width":12,"height":9}},{"id":"6d41b5bd-3707-4bc0-ac2e-a7cde1a50e11","block_type":"box","text":"Reporting on our activities","page_number":195,"box":{"x":128,"y":396,"width":190,"height":12}},{"id":"ffc7331d-709e-4eab-8d2c-e60a4edf4678","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":195,"box":{"x":323,"y":395,"width":570,"height":13}},{"id":"1e1af3ad-1cba-401f-b14d-017690da3cb0","block_type":"box","text":"publications and direct reporting.","page_number":195,"box":{"x":128,"y":410,"width":232,"height":13}},{"id":"96ff3e49-45f4-4fc1-b7c0-0683efd919b1","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":195,"box":{"x":88,"y":437,"width":629,"height":12}},{"id":"91418153-edaf-4284-9704-1aa5ba2d7032","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied investment","page_number":195,"box":{"x":89,"y":463,"width":822,"height":13}},{"id":"ebc829be-ec12-4f13-837d-296650b1131a","block_type":"box","text":"objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization stewardship option for","page_number":195,"box":{"x":89,"y":479,"width":870,"height":12}},{"id":"08b08799-13f3-43f7-8514-a9d83b684477","block_type":"box","text":"those clients who explicitly direct BlackRock to invest their assets with decarbonization investment objectives. An increasing","page_number":195,"box":{"x":88,"y":494,"width":868,"height":12}},{"id":"79ce3e6c-7b18-406a-a976-41d3ae13740e","block_type":"box","text":"number of clients are seeking to minimize the financial risk, and maximize the financial opportunities, associated with the","page_number":195,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"6b854504-d887-4132-8961-67a9e14c5239","block_type":"box","text":"transition to a low-carbon economy, and thus are interested in sustainable and transition investing, with some including","page_number":195,"box":{"x":88,"y":524,"width":839,"height":12}},{"id":"e13089f6-c827-407f-ac93-3d7fbbc42266","block_type":"box","text":"decarbonization as an investment objective in their mandates with BlackRock. In Europe for example, all of our largest,","page_number":195,"box":{"x":89,"y":539,"width":827,"height":12}},{"id":"0b231449-be1f-4364-9918-cf6404c00240","block_type":"box","text":"strategic relationship clients have net zero commitments for their organizations, and globally a growing number have made","page_number":195,"box":{"x":89,"y":554,"width":862,"height":12}},{"id":"028fc2eb-fcb9-4fee-a0e7-364bc7733e6c","block_type":"box","text":"similar commitments, which those clients believe, will shape financial opportunities in the transition to a low-carbon","page_number":195,"box":{"x":89,"y":569,"width":814,"height":13}},{"id":"f04a581e-ed08-46a1-a795-4cba81d0e04a","block_type":"box","text":"economy. A survey of 200 institutional investors globally, representing nearly $9tn in assets under management, indicated","page_number":195,"box":{"x":89,"y":584,"width":853,"height":13}},{"id":"429393ba-cd18-41f1-adc9-4276818a9ae1","block_type":"box","text":"that 98% of them have set some kind of transition investment objective for their portfolios.","page_number":195,"box":{"x":88,"y":599,"width":636,"height":13}},{"id":"84a33dae-6a1d-4e60-ae98-145231cb106f","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with explicit","page_number":195,"box":{"x":88,"y":626,"width":818,"height":12}},{"id":"f291d02c-2551-4b3c-b3d4-0cb0a6573aa8","block_type":"box","text":"decarbonization or climate-related investment objectives, and, when appropriate, engagement with corporate leadership to","page_number":195,"box":{"x":89,"y":641,"width":864,"height":12}},{"id":"6c23c7cd-b858-4a77-8a5a-7760de93cdf2","block_type":"box","text":"support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct BlackRock to apply","page_number":195,"box":{"x":89,"y":656,"width":850,"height":13}},{"id":"7ad6e6bf-9c10-44a1-a222-0a4eeda69e37","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":195,"box":{"x":88,"y":671,"width":842,"height":13}},{"id":"50a8c2ee-74f2-417e-a819-d120c93647e5","block_type":"box","text":"implemented upon explicit selection and approval by the applicable fund board or client.","page_number":195,"box":{"x":89,"y":686,"width":617,"height":13}},{"id":"80c28a5b-1aff-48a1-8af1-c42ee3fbda5b","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":195,"box":{"x":88,"y":713,"width":860,"height":12}},{"id":"fb53156b-69bb-497d-8a23-1d32676d612e","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":195,"box":{"x":89,"y":728,"width":856,"height":12}},{"id":"889b71ef-7e20-4ed2-8cbc-0b7958b62cd6","block_type":"box","text":"guidelines. These guidelines differ from the benchmark policies in that they consider, in addition to financial considerations","page_number":195,"box":{"x":89,"y":743,"width":860,"height":12}},{"id":"cfa8904e-1985-47cc-abe6-60ffa2ba4c71","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":195,"box":{"x":89,"y":758,"width":852,"height":13}},{"id":"8e5ce1f5-0044-4377-b9ad-f48a11dc4881","block_type":"box","text":"companies’ business model and strategies with the financial opportunities presented by the transition to a low-carbon","page_number":195,"box":{"x":89,"y":773,"width":827,"height":13}},{"id":"2ea01675-e84b-4fde-b34e-b176a41a8efb","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":195,"box":{"x":89,"y":788,"width":867,"height":13}},{"id":"35de40df-9822-40ff-bf17-4187a7c66daa","block_type":"box","text":"industrial levels.","page_number":195,"box":{"x":89,"y":804,"width":110,"height":9}},{"id":"0c41ae58-c4fd-4731-a2b9-c315c18a1820","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world decarbonization or","page_number":195,"box":{"x":88,"y":830,"width":873,"height":12}},{"id":"fa7a33c7-b01c-42a3-9402-1eb55d9ba727","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":195,"box":{"x":89,"y":845,"width":851,"height":12}},{"id":"f284f469-09d0-45ea-8c6a-d2b67f9ded19","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":195,"box":{"x":89,"y":860,"width":843,"height":13}},{"id":"fc95fd9b-aa8e-4dd7-a78d-9edc935debb0","block_type":"box","text":"A-36","page_number":195,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"b5b8a5d2-421c-4167-874b-045687035ebd","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":196,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"2b69a438-fe71-4e64-9733-c4bf7323afe2","block_type":"box","text":"held by these funds and clients, BIS’ benchmark voting guidelines apply.","page_number":196,"box":{"x":89,"y":59,"width":502,"height":12}},{"id":"30bba7ad-cfd5-49ef-89f8-1abc05038696","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":196,"box":{"x":89,"y":85,"width":835,"height":13}},{"id":"68c83a5e-f89f-438a-95d1-8a1686658108","block_type":"box","text":"policies.","page_number":196,"box":{"x":89,"y":101,"width":55,"height":12}},{"id":"2bce8dd7-2a45-43ca-8405-78a68335e388","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":196,"box":{"x":89,"y":127,"width":878,"height":12}},{"id":"3aa3a5d2-2551-4e50-bca4-89e209cf0cf7","block_type":"box","text":"continue to undertake our stewardship responsibilities in line with our benchmark policies, with a sole focus on advancing","page_number":196,"box":{"x":89,"y":142,"width":854,"height":12}},{"id":"bc7fe190-ca99-439a-85fd-3d13cc5715d2","block_type":"box","text":"those clients’ long-term economic interests. This will include consideration of climate-related risks and opportunities in a","page_number":196,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"21b68f8d-ebf2-4d79-a4ba-478f91b702b0","block_type":"box","text":"company’s business model, where material to the company’s ability to deliver long-term financial returns.","page_number":196,"box":{"x":89,"y":172,"width":738,"height":13}},{"id":"13252e0c-22a3-4629-bc5f-ab9aac787434","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":196,"box":{"x":89,"y":199,"width":870,"height":12}},{"id":"fff6f007-53f9-4011-bde8-3b34c2971854","block_type":"box","text":"related to climate risk and the transition to a low-carbon economy.","page_number":196,"box":{"x":89,"y":214,"width":466,"height":12}},{"id":"895b7b7f-db0b-49ba-bc65-5077b4722324","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy","page_number":196,"box":{"x":89,"y":240,"width":621,"height":13}},{"id":"08d4f455-6551-4d5d-80c9-87ecad582cbf","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology, and","page_number":196,"box":{"x":89,"y":267,"width":811,"height":12}},{"id":"2679f53f-49a5-416a-8a70-ab5615793ac5","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":196,"box":{"x":89,"y":282,"width":827,"height":12}},{"id":"def0f1e7-db36-43d9-ab76-4ed989a53f8d","block_type":"box","text":"uneven speeds across sectors and regions. For example—some technologies like renewable power are already being","page_number":196,"box":{"x":89,"y":297,"width":813,"height":12}},{"id":"321ad870-d690-475e-8eeb-f4df965a186b","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":196,"box":{"x":89,"y":312,"width":846,"height":13}},{"id":"28ceaacd-6507-46aa-a46f-79629282ed40","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":196,"box":{"x":89,"y":327,"width":846,"height":13}},{"id":"0ea9fec8-ad9f-4b89-8835-d3fb17b6eb02","block_type":"box","text":"production and consumption, spur significant capital investment and create risks, opportunities and a wider range of","page_number":196,"box":{"x":89,"y":342,"width":820,"height":13}},{"id":"92ca9f18-0a05-419d-8780-018500d9ba82","block_type":"box","text":"financial and competitive outcomes for companies.","page_number":196,"box":{"x":88,"y":358,"width":359,"height":12}},{"id":"74c883b8-7e2d-49dd-9d83-063d587d8682","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":196,"box":{"x":89,"y":384,"width":860,"height":12}},{"id":"f8667758-0191-4226-83aa-f8d47c6762d7","block_type":"box","text":"opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered by Aladdin","page_number":196,"box":{"x":89,"y":399,"width":820,"height":13}},{"id":"3c8feac3-6513-4fc2-abf5-89f71caeb209","block_type":"box","text":"®","page_number":196,"box":{"x":911,"y":398,"width":9,"height":6}},{"id":"23c5fc28-565c-4493-a55b-1f589cbb2c87","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":196,"box":{"x":88,"y":414,"width":871,"height":13}},{"id":"1ad1b165-beb0-4530-890c-263a9178e570","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":196,"box":{"x":88,"y":429,"width":852,"height":13}},{"id":"5f9c0103-f23d-4b9a-ab0b-fec71465cefc","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":196,"box":{"x":88,"y":445,"width":848,"height":12}},{"id":"d87ee855-ac56-4880-924d-1a5a9877affd","block_type":"box","text":"experts.","page_number":196,"box":{"x":89,"y":461,"width":54,"height":11}},{"id":"6c1f6b44-bb6e-4016-bb7d-343d9c42954d","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":196,"box":{"x":89,"y":486,"width":855,"height":12}},{"id":"946b06d1-f13a-4b01-90ea-afb2dd2901d7","block_type":"box","text":"insights generated by BIITS and Aladdin","page_number":196,"box":{"x":89,"y":501,"width":277,"height":13}},{"id":"90dd9bd2-a742-46d2-857e-ba4fd3c82d5b","block_type":"box","text":"®","page_number":196,"box":{"x":368,"y":500,"width":9,"height":6}},{"id":"7c3b3030-c28b-42ea-969d-817b54634a88","block_type":"box","text":"Climate, as well as our own analysis and engagement, in applying these guidelines.","page_number":196,"box":{"x":382,"y":501,"width":580,"height":13}},{"id":"b963ca3c-925a-41cf-aecf-aa47c0d50183","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":196,"box":{"x":89,"y":516,"width":840,"height":13}},{"id":"caeee700-8cb9-4665-88f3-2e0abd3cca04","block_type":"box","text":"limitations, but is improving as a result of disclosure requirements in an increasing number of jurisdictions.","page_number":196,"box":{"x":89,"y":531,"width":746,"height":13}},{"id":"94223052-c738-4282-ab03-b6c7f26601b7","block_type":"box","text":"Decarbonization stewardship guidelines design principles","page_number":196,"box":{"x":89,"y":558,"width":416,"height":12}},{"id":"74a38e2c-ac60-4be3-bb77-c70f1f1199a4","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":196,"box":{"x":88,"y":584,"width":348,"height":13}},{"id":"336e974c-99e0-4473-ad01-52fbac484510","block_type":"box","text":"•","page_number":196,"box":{"x":89,"y":608,"width":4,"height":3}},{"id":"1269f6c5-389e-4a2b-a47b-91ce03af4adf","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":196,"box":{"x":122,"y":605,"width":661,"height":12}},{"id":"15b242f3-45f0-4d60-b29a-cb99b6fddc80","block_type":"box","text":"This includes companies","page_number":196,"box":{"x":788,"y":605,"width":172,"height":12}},{"id":"852dd723-f5f2-41d0-8cf7-445d1820e546","block_type":"box","text":"which produce goods and services that contribute to real world decarbonization or have a carbon intensive business","page_number":196,"box":{"x":121,"y":620,"width":815,"height":12}},{"id":"d3e4f41c-10aa-4011-b274-1494841d58ae","block_type":"box","text":"model and face outsized impacts from the low-carbon transition.","page_number":196,"box":{"x":122,"y":635,"width":453,"height":12}},{"id":"45f1d923-a826-44a1-89b7-953554597bc0","block_type":"box","text":"•","page_number":196,"box":{"x":89,"y":659,"width":4,"height":3}},{"id":"dc4e9b76-2d48-4c85-ba74-bfb6322efdab","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition across","page_number":196,"box":{"x":121,"y":655,"width":816,"height":12}},{"id":"c77a1abc-8348-401f-bdf1-b02493bf73f9","block_type":"box","text":"sectors and markets:","page_number":196,"box":{"x":121,"y":670,"width":149,"height":10}},{"id":"601f5929-0fb6-4d78-a78a-6306bb5b1254","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can decarbonize","page_number":196,"box":{"x":275,"y":670,"width":652,"height":12}},{"id":"9f40c215-f36f-4f49-8da2-22f14469adf6","block_type":"box","text":"based on technological feasibility, consumer demand, government policy, regulatory frameworks and other factors.","page_number":196,"box":{"x":122,"y":685,"width":805,"height":12}},{"id":"7f0b607c-7a7b-41f4-be30-9a68fba78661","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":196,"box":{"x":122,"y":700,"width":823,"height":13}},{"id":"cb795607-c9a1-4898-82bb-778146f93e09","block_type":"box","text":"necessary.","page_number":196,"box":{"x":122,"y":718,"width":70,"height":10}},{"id":"7a9f9801-dd67-4507-9d13-2da2fb47d203","block_type":"box","text":"•","page_number":196,"box":{"x":89,"y":739,"width":4,"height":3}},{"id":"5b56c2a8-77c0-4180-8040-f95ae40df50a","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and their key","page_number":196,"box":{"x":121,"y":736,"width":835,"height":12}},{"id":"07f4e5ee-e7d8-4aa0-8d50-ab2bc7092294","block_type":"box","text":"stakeholders:","page_number":196,"box":{"x":121,"y":751,"width":95,"height":9}},{"id":"7f070f1c-73c4-48da-80a8-b44285b34b23","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their business models. It is","page_number":196,"box":{"x":222,"y":751,"width":743,"height":12}},{"id":"392386c2-2acb-46a2-be4c-f813a0b2c191","block_type":"box","text":"premised on the views of interested clients that a transition where companies adapt and continue to deliver financial","page_number":196,"box":{"x":121,"y":766,"width":816,"height":12}},{"id":"29bd9f53-eb01-48e6-bf78-42e25a7bba19","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":196,"box":{"x":122,"y":781,"width":818,"height":12}},{"id":"264115f1-c09b-4633-9918-2d78005a9c55","block_type":"box","text":"stakeholders, than a transition that is uneven. Further, we consider the differences between the actions and outcomes","page_number":196,"box":{"x":121,"y":796,"width":824,"height":11}},{"id":"a4396cfd-61f5-4ce7-a12b-e234ec97460b","block_type":"box","text":"over which company management has influence, and those it does not.","page_number":196,"box":{"x":121,"y":811,"width":501,"height":12}},{"id":"7956cb66-4641-4157-920d-a1c11ab368be","block_type":"box","text":"•","page_number":196,"box":{"x":89,"y":835,"width":4,"height":3}},{"id":"8618991f-cf76-4834-889b-3db0e25d1c53","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data limitations:","page_number":196,"box":{"x":122,"y":831,"width":803,"height":13}},{"id":"74ccb150-5dd0-4e24-bd38-ddc64d4ac546","block_type":"box","text":"The","page_number":196,"box":{"x":930,"y":831,"width":26,"height":10}},{"id":"41d35c57-62f3-43d0-8d0c-928bfed42ee8","block_type":"box","text":"policy will seek disclosures that outline key milestones and dependencies underpinning the company’s low-carbon","page_number":196,"box":{"x":121,"y":846,"width":802,"height":13}},{"id":"64d2e6a4-9cb1-4292-b219-fe269d2b682c","block_type":"box","text":"transition strategy; explain the trade-offs required to adapt the business model; and include relevant data and narrative.","page_number":196,"box":{"x":121,"y":862,"width":836,"height":12}},{"id":"29f81646-c3ed-43f5-b3b5-fb5035a09c6d","block_type":"box","text":"A-37","page_number":196,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"da5a0a59-948d-43c6-81b2-feb53335f68a","block_type":"box","text":"•","page_number":197,"box":{"x":89,"y":47,"width":4,"height":4}},{"id":"42b993e4-f41e-4e96-b278-fc932d708afe","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":197,"box":{"x":122,"y":44,"width":559,"height":12}},{"id":"b0a74d50-01b6-4053-97b6-5f7fc50a90b3","block_type":"box","text":"The boards and executive leadership of","page_number":197,"box":{"x":686,"y":44,"width":276,"height":12}},{"id":"8769607a-4262-4c4a-9ebe-fea99712b473","block_type":"box","text":"companies determine a company’s strategy and its implementation. We make decisions on how to engage companies","page_number":197,"box":{"x":121,"y":59,"width":827,"height":12}},{"id":"4af8781b-9161-4ed7-91a4-06d79f9493b5","block_type":"box","text":"and vote proxies independently, based on our professional judgment of the priorities and outcomes most aligned with","page_number":197,"box":{"x":121,"y":74,"width":825,"height":12}},{"id":"5458a9bd-f282-426b-a155-4021957b0e6d","block_type":"box","text":"clients’ investment objectives.","page_number":197,"box":{"x":121,"y":89,"width":208,"height":13}},{"id":"756cb17f-c124-420b-9ed6-679f1503b24c","block_type":"box","text":"Voting guidelines","page_number":197,"box":{"x":88,"y":116,"width":125,"height":12}},{"id":"3a252ecf-a3e1-4c0b-8c17-b79384bf91f3","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":197,"box":{"x":89,"y":142,"width":870,"height":12}},{"id":"3e72923d-17a0-44d5-85e4-6ed04012e891","block_type":"box","text":"to demonstrate the following:","page_number":197,"box":{"x":88,"y":157,"width":207,"height":13}},{"id":"3bc84d81-dce1-4af9-a406-3aafc768f194","block_type":"box","text":"Corporate Disclosures","page_number":197,"box":{"x":105,"y":184,"width":160,"height":12}},{"id":"2d2fb5fc-0d48-4c7a-92ff-3646f7cfeb48","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":197,"box":{"x":89,"y":210,"width":865,"height":13}},{"id":"ebf3147f-bab0-4051-a2e7-8fae68d2e398","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":197,"box":{"x":88,"y":225,"width":834,"height":13}},{"id":"157afdb6-0716-4972-bd4c-4f211c5eca13","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":197,"box":{"x":89,"y":240,"width":872,"height":13}},{"id":"271a5837-9456-4df9-be53-d5e87a38d494","block_type":"box","text":"that help explain the strategy and governance systems they have determined most appropriate, which may include:","page_number":197,"box":{"x":88,"y":256,"width":809,"height":12}},{"id":"205dc314-0076-491d-adc0-25d844bf0219","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average temperature","page_number":197,"box":{"x":89,"y":276,"width":866,"height":12}},{"id":"464451d7-caa4-4dce-8796-2c5f3f71dc32","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":197,"box":{"x":128,"y":291,"width":827,"height":12}},{"id":"740e0b05-258c-4cdf-9b11-9ef2dd16eb50","block_type":"box","text":"zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term milestones to assess their","page_number":197,"box":{"x":127,"y":306,"width":813,"height":12}},{"id":"42f771a7-3209-4489-89e4-28e739cdb533","block_type":"box","text":"progress.","page_number":197,"box":{"x":128,"y":324,"width":63,"height":9}},{"id":"4f37024d-f58c-4a49-ab2b-b6d23da882bf","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":197,"box":{"x":89,"y":341,"width":842,"height":13}},{"id":"e80b76d7-172c-47e2-b800-e3f4ce32a767","block_type":"box","text":"Standards Board (ISSB). IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the","page_number":197,"box":{"x":128,"y":356,"width":834,"height":13}},{"id":"6cbce3d3-50f4-4dd8-a29a-c65bdf52507d","block_type":"box","text":"disclosures that would provide investors with decision-useful information about a company’s most significant climate","page_number":197,"box":{"x":128,"y":371,"width":830,"height":13}},{"id":"7d46cdf8-ca6a-4047-a3ad-5976f2017b53","block_type":"box","text":"and low-carbon transition-related risks and opportunities. As audit and assurance standards are developed, it would be","page_number":197,"box":{"x":128,"y":387,"width":834,"height":12}},{"id":"1753623b-1666-41e4-809a-a6de93526351","block_type":"box","text":"helpful to investors’ confidence in such disclosures for companies to seek independent, third-party assurance.","page_number":197,"box":{"x":128,"y":402,"width":769,"height":12}},{"id":"90157d3f-db4c-4728-92ef-8779cf6e5c2e","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":197,"box":{"x":89,"y":422,"width":809,"height":12}},{"id":"a38098f3-4889-4e2b-930a-b760da69b9d8","block_type":"box","text":"reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of targets or","page_number":197,"box":{"x":128,"y":437,"width":800,"height":12}},{"id":"628ba6a1-3164-483d-be3e-765639a45799","block_type":"box","text":"indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that these would be","page_number":197,"box":{"x":128,"y":452,"width":814,"height":12}},{"id":"eef8e63d-b413-4cd4-ae22-99133e9907f3","block_type":"box","text":"provided on a ‘best efforts’ basis given the methodological challenges these currently present for reporters. Scope 3","page_number":197,"box":{"x":128,"y":467,"width":807,"height":13}},{"id":"d8b5284e-68d7-4aad-82ee-05d0100d8182","block_type":"box","text":"information, including how a company is working with its value chain to accelerate reductions in GHG intensity,","page_number":197,"box":{"x":128,"y":482,"width":780,"height":13}},{"id":"e69c943e-5fcd-45f6-9fd6-9ca66e62217f","block_type":"box","text":"provides useful insight to investors focused on investing in the low-carbon transition and understanding the impact of","page_number":197,"box":{"x":128,"y":497,"width":828,"height":13}},{"id":"e4227d2d-2815-488f-a8e7-ddf7fe973eda","block_type":"box","text":"their investments on their decarbonization goals. However, we recognize that companies have varying ability to","page_number":197,"box":{"x":127,"y":513,"width":777,"height":12}},{"id":"75ae5ccd-0417-42c8-a26f-611e1898f2fe","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":197,"box":{"x":128,"y":528,"width":798,"height":12}},{"id":"d63007ab-2c11-47ca-8634-4ec1512c7462","block_type":"box","text":"implications for the achievement of their decarbonization targets.","page_number":197,"box":{"x":128,"y":543,"width":457,"height":12}},{"id":"1bf9c96a-fff5-4fb9-aca0-fb25d0f780be","block_type":"box","text":"Transition plans","page_number":197,"box":{"x":104,"y":569,"width":116,"height":13}},{"id":"0955f4ce-c130-4032-b897-b7a2a57df0ea","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low-carbon","page_number":197,"box":{"x":88,"y":596,"width":832,"height":12}},{"id":"23571155-c4e4-449d-bca5-65bd0443adb7","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":197,"box":{"x":88,"y":611,"width":879,"height":12}},{"id":"e9244f32-9a94-4161-a3a3-120a8f380aa5","block_type":"box","text":"lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see appendix 1).","page_number":197,"box":{"x":89,"y":626,"width":754,"height":12}},{"id":"9a32ae67-58d4-4d28-91ae-ed6073f39aa7","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":197,"box":{"x":88,"y":652,"width":811,"height":13}},{"id":"3589eee6-d5a7-4088-a21c-36f33f7c20ae","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":197,"box":{"x":89,"y":668,"width":845,"height":12}},{"id":"47f1c529-c99d-4861-b7ef-5fffa0429003","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":197,"box":{"x":88,"y":683,"width":865,"height":12}},{"id":"0bfc2b60-b119-4c8c-8faa-a90a2da61eff","block_type":"box","text":"planned actions and resource implications in accordance with anticipated requirements.","page_number":197,"box":{"x":89,"y":698,"width":617,"height":12}},{"id":"fb446955-ea56-49ae-a4b6-3c1d6dd4e483","block_type":"box","text":"Boards and directors","page_number":197,"box":{"x":106,"y":724,"width":148,"height":10}},{"id":"411fd0ac-ba8d-4ad5-9e17-f60d4c072b8d","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company’s","page_number":197,"box":{"x":88,"y":751,"width":847,"height":12}},{"id":"076912a2-9d6f-4b60-9f05-903c69a42bf0","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":197,"box":{"x":89,"y":766,"width":827,"height":12}},{"id":"1011fcac-b5aa-4b57-843c-eb6087300960","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":197,"box":{"x":89,"y":792,"width":685,"height":13}},{"id":"8dbe60e6-7483-49c0-9cbf-61cc2c8736ad","block_type":"box","text":"• The board has clear oversight responsibilities for climate and low-carbon transition-related risks and opportunities in the","page_number":197,"box":{"x":89,"y":812,"width":877,"height":13}},{"id":"4f4ed087-8f03-4fd1-9296-e22c98888293","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":197,"box":{"x":121,"y":828,"width":813,"height":12}},{"id":"869469fc-a352-400d-abc2-6c8bad5a5bae","block_type":"box","text":"term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":197,"box":{"x":121,"y":843,"width":622,"height":12}},{"id":"c6043f0d-1eab-4441-b62f-10979ebc2826","block_type":"box","text":"A-38","page_number":197,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"8735bf19-adb4-4f04-8b40-33da09122db5","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":198,"box":{"x":89,"y":44,"width":779,"height":12}},{"id":"850d6208-0d38-4274-b986-01009decd331","block_type":"box","text":"accountability for delivery by senior executives.","page_number":198,"box":{"x":121,"y":59,"width":329,"height":12}},{"id":"93f0f7b1-7f55-43f6-a189-03221c9650ed","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional and next generation)","page_number":198,"box":{"x":89,"y":79,"width":867,"height":13}},{"id":"cdfb4944-880e-4035-aae0-780942bcb7bc","block_type":"box","text":"business lines and innovation, and returns cash to shareholders, consistent with the low-carbon transition strategy.","page_number":198,"box":{"x":122,"y":94,"width":805,"height":13}},{"id":"99722e87-51bc-42d6-908e-3eaba606daf6","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":198,"box":{"x":89,"y":114,"width":828,"height":13}},{"id":"a450ba35-9f51-4524-8939-eb7bab0753cf","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":198,"box":{"x":121,"y":130,"width":454,"height":12}},{"id":"0b25872f-51d4-4710-a4cc-d46a2e89ddf6","block_type":"box","text":"• The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified where","page_number":198,"box":{"x":89,"y":150,"width":850,"height":12}},{"id":"344b18c2-0459-43d1-96eb-5fcc0f9ba96a","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":198,"box":{"x":121,"y":165,"width":807,"height":12}},{"id":"4c208ada-fea6-4c6b-930b-21f32f22eaeb","block_type":"box","text":"1.5°C above pre-industrial levels.","page_number":198,"box":{"x":123,"y":180,"width":226,"height":12}},{"id":"d7f5cda7-28b8-46fd-8fbd-059d3a5a0560","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":198,"box":{"x":89,"y":200,"width":856,"height":12}},{"id":"9802d827-26d2-4cac-826c-2c1b2dd180c9","block_type":"box","text":"low-carbon transition strategy.","page_number":198,"box":{"x":122,"y":215,"width":213,"height":13}},{"id":"bdefe6f5-ce36-4301-a5d9-d37a319f6562","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":198,"box":{"x":89,"y":235,"width":860,"height":13}},{"id":"46d738d0-0cfe-4e7b-bb0f-619dba3de4f3","block_type":"box","text":"forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily disclosing scope 3","page_number":198,"box":{"x":121,"y":250,"width":783,"height":13}},{"id":"41e7de5a-7623-40a8-b957-f1ce39c64293","block_type":"box","text":"emissions reductions targets and plans, setting out how they are working on decarbonization with the different","page_number":198,"box":{"x":121,"y":266,"width":778,"height":12}},{"id":"1a0d29c8-384a-4106-a195-4adefd248fe7","block_type":"box","text":"constituents in their value chain.","page_number":198,"box":{"x":121,"y":281,"width":227,"height":9}},{"id":"95aac7b4-b747-4689-9044-b1d725dece7e","block_type":"box","text":"• The board oversees, and management has a formalized approach to, the company’s lobbying activities, including trade","page_number":198,"box":{"x":89,"y":301,"width":862,"height":12}},{"id":"8c54fd2e-ad9e-4285-975e-c569f3afcd93","block_type":"box","text":"association memberships. Policy engagement should be consistent with a company’s stated strategic policy objectives,","page_number":198,"box":{"x":121,"y":316,"width":834,"height":12}},{"id":"edd8594c-c034-4594-a43a-9eb78d848352","block_type":"box","text":"including those related to the low-carbon transition.","page_number":198,"box":{"x":122,"y":331,"width":364,"height":12}},{"id":"a71856d1-6d66-45d5-8d73-43ba197bfc4b","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":198,"box":{"x":104,"y":358,"width":413,"height":12}},{"id":"6f93daea-229f-4b59-b657-1f6ffa38055c","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where, in BIS’","page_number":198,"box":{"x":89,"y":384,"width":833,"height":12}},{"id":"8143ca2f-c474-4173-a1e6-777e2cc83dec","block_type":"box","text":"assessment based on company disclosures and engagement, a company is executing on its commitment to align with the","page_number":198,"box":{"x":89,"y":399,"width":854,"height":13}},{"id":"43112a6f-525a-4d32-a5b5-0eb27a0b1450","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":198,"box":{"x":88,"y":414,"width":853,"height":13}},{"id":"442e6451-95a6-4bec-be3b-be3bdcbb3a48","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":198,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"0e749e02-e84d-41c4-8384-09f8e55f57c5","block_type":"box","text":"the board sub-committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members","page_number":198,"box":{"x":88,"y":445,"width":867,"height":12}},{"id":"5274c68e-ac1f-43e3-bc17-4d2ad158ccb7","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":198,"box":{"x":89,"y":460,"width":872,"height":12}},{"id":"aa179360-576b-404a-b5dd-57eed2dd40b4","block_type":"box","text":"withhold support for the discharge of the supervisory board or equivalent.","page_number":198,"box":{"x":88,"y":475,"width":518,"height":12}},{"id":"86327113-3d57-4b81-a0a2-981b2775450f","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":198,"box":{"x":88,"y":501,"width":880,"height":13}},{"id":"0bb7015c-508b-4364-a450-d388f67a4f46","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":198,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"1a0fa84c-1ced-4103-9822-75c683224690","block_type":"box","text":"election of additional responsible directors to signal our heightened concerns.","page_number":198,"box":{"x":89,"y":531,"width":544,"height":13}},{"id":"402d7d7e-6c97-4788-819c-f0560330705d","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":198,"box":{"x":105,"y":558,"width":521,"height":12}},{"id":"f2cf6cde-48b4-48cf-b139-f255e4c02bce","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate action plans","page_number":198,"box":{"x":89,"y":584,"width":862,"height":13}},{"id":"19473a10-923f-4352-8686-e107577650fa","block_type":"box","text":"or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s climate strategy","page_number":198,"box":{"x":89,"y":599,"width":824,"height":13}},{"id":"37493168-e03a-4648-bec9-733be22fc6b8","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":198,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"d8b050b9-2f6f-4332-b63e-e3ed0983451e","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":198,"box":{"x":88,"y":630,"width":874,"height":12}},{"id":"22467fc5-4605-4968-965a-846bd3f2b8e0","block_type":"box","text":"and any deviations from or changes to, its stated transition plan and targets.","page_number":198,"box":{"x":89,"y":645,"width":533,"height":12}},{"id":"f12f756b-6bce-4f9f-97d3-71e809ec0e3b","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":198,"box":{"x":105,"y":671,"width":494,"height":13}},{"id":"bcc622fc-5c6b-4341-9abf-2aa653b735ca","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":198,"box":{"x":88,"y":698,"width":836,"height":12}},{"id":"3078fdd9-889d-45c2-9f03-7a5678d15f28","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":198,"box":{"x":89,"y":713,"width":833,"height":12}},{"id":"48012879-e7ca-4737-aaed-5b9bb121fb43","block_type":"box","text":"carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a company to:","page_number":198,"box":{"x":89,"y":728,"width":806,"height":12}},{"id":"e314b35f-6ad7-428e-aec9-2a6bd3f86373","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":198,"box":{"x":187,"y":748,"width":776,"height":12}},{"id":"d5bceb34-2508-428a-a3f5-33e269cdf98e","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":198,"box":{"x":219,"y":763,"width":371,"height":13}},{"id":"888f37b5-286a-4993-8253-e7288282578d","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":198,"box":{"x":187,"y":783,"width":775,"height":13}},{"id":"37cc2935-f2a0-4566-94d7-8d3505c128de","block_type":"box","text":"a long-term goal of the company achieving net zero GHG emissions by 2050","page_number":198,"box":{"x":219,"y":799,"width":533,"height":12}},{"id":"bec7680c-20ab-4fb2-918e-4eeefac11063","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":198,"box":{"x":187,"y":819,"width":707,"height":12}},{"id":"9ed36e7d-937d-4a3f-a5ce-4904af2b1d69","block_type":"box","text":"• Improve disclosures on how a company’s climate-related lobbying (including trade association","page_number":198,"box":{"x":187,"y":839,"width":694,"height":12}},{"id":"a71a835a-2ac3-4f18-bbf8-1a13488a8fb4","block_type":"box","text":"memberships and other indirect lobbying) is aligned with its strategic policy positions.","page_number":198,"box":{"x":219,"y":854,"width":603,"height":12}},{"id":"95ff486c-8a0f-4824-8433-c98d2290c47d","block_type":"box","text":"A-39","page_number":198,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"703504de-f4e3-4d70-b4b6-2a5a48ea7785","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or direct specific","page_number":199,"box":{"x":88,"y":44,"width":876,"height":12}},{"id":"fbcfca2c-e05a-41ff-8f24-bae2e653daf4","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":199,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"4aed3874-1f91-48ac-a07d-71bf329ec6eb","block_type":"box","text":"require commitments or actions related to climate risk or the low-carbon transition.","page_number":199,"box":{"x":89,"y":74,"width":585,"height":12}},{"id":"bf3010e1-b475-4cd2-a4e3-db9d10c3916c","block_type":"box","text":"Related matters","page_number":199,"box":{"x":89,"y":101,"width":112,"height":9}},{"id":"16ec3932-e040-4e33-bf7a-28c4fa572dc8","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":199,"box":{"x":88,"y":127,"width":870,"height":12}},{"id":"728f2b54-0996-43c6-bc04-9285782a990c","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":199,"box":{"x":88,"y":142,"width":877,"height":12}},{"id":"c007b7b2-6a38-4cff-a6e8-2ed66f281152","block_type":"box","text":"to enhance our understanding of a company’s approach. 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In such cases, BIS would engage to understand the alignment","page_number":199,"box":{"x":89,"y":256,"width":834,"height":12}},{"id":"a67da7e9-56ea-4494-a3d0-51443ad36e1b","block_type":"box","text":"between those metrics and the company’s stated climate strategy.","page_number":199,"box":{"x":89,"y":271,"width":463,"height":12}},{"id":"b0ca5743-2fe9-4301-bdd7-e1dd25a9e9a0","block_type":"box","text":"Auditors and audit-related issues","page_number":199,"box":{"x":104,"y":297,"width":240,"height":10}},{"id":"288cf114-9287-4641-a863-a8fdf6baa2b4","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is interested to","page_number":199,"box":{"x":89,"y":324,"width":809,"height":12}},{"id":"bc0069f4-7ec8-4e73-82b2-a6821a6a3d06","block_type":"box","text":"understand whether the company considers and, if relevant, quantifies, and accounts for material climate-related risks in its","page_number":199,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"4631d831-c838-4048-a9cb-bc1b3a775da4","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":199,"box":{"x":88,"y":354,"width":870,"height":12}},{"id":"e6938dbb-1f23-4dec-94ad-cc2d5ea40bdb","block_type":"box","text":"being undertaken to develop audit and assurance standards in relation to climate and transition reporting, which may impact","page_number":199,"box":{"x":89,"y":369,"width":876,"height":12}},{"id":"01aa2cac-10c4-4fb4-8924-f8e337354408","block_type":"box","text":"the future reporting requirements of companies. We note that assurance of corporate disclosures related to climate risk and","page_number":199,"box":{"x":88,"y":384,"width":867,"height":12}},{"id":"a40e269f-d6fc-48e0-8ffa-3ac412b389c1","block_type":"box","text":"the transition to a low-carbon economy is still nascent.","page_number":199,"box":{"x":88,"y":399,"width":384,"height":13}},{"id":"6a11aba7-2311-4406-91f3-25ff8bb4cc2f","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":199,"box":{"x":105,"y":426,"width":448,"height":12}},{"id":"80986f05-077a-4f61-84d1-770c22b97f92","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":199,"box":{"x":88,"y":452,"width":844,"height":12}},{"id":"7f1c6b01-67de-4c69-a1d1-069e879848f6","block_type":"box","text":"guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder activist has proposed","page_number":199,"box":{"x":89,"y":467,"width":852,"height":13}},{"id":"908172ea-6c4d-4660-9a48-9a9117d9b2ab","block_type":"box","text":"governance, strategic or operational changes that may impact its climate strategy. BIS does not promote changes in","page_number":199,"box":{"x":89,"y":482,"width":810,"height":13}},{"id":"d55d1b92-1a88-4bfc-9805-5a6ebe4b9fa8","block_type":"box","text":"corporate control, nor does it invoke formal governance mechanisms that rise to the level of shareholder activism.","page_number":199,"box":{"x":89,"y":497,"width":797,"height":13}},{"id":"5aa571d0-ee45-4e60-b08b-830be8650dce","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":199,"box":{"x":105,"y":524,"width":499,"height":12}},{"id":"a454b927-ead5-4128-b170-15c617e58450","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":199,"box":{"x":89,"y":550,"width":849,"height":13}},{"id":"5711f317-5fd8-4524-92e1-95670b6d056a","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":199,"box":{"x":89,"y":565,"width":850,"height":13}},{"id":"2da422b7-22be-4b71-bed3-27c3db266551","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":199,"box":{"x":89,"y":581,"width":838,"height":12}},{"id":"d3b3846a-b413-4cbf-bea6-71d5255d744f","block_type":"box","text":"engage companies to better understand how they are managing the impact on people (e.g., employees, suppliers, customers","page_number":199,"box":{"x":89,"y":596,"width":875,"height":12}},{"id":"1d71ce1d-8402-4531-9907-ce1c69b2d11a","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":199,"box":{"x":89,"y":611,"width":838,"height":12}},{"id":"5536e27f-3ca1-48a4-b76c-8b06ed1f74dd","block_type":"box","text":"economy. Similarly, we may engage companies that face risks and opportunities related to land use and deforestation, access","page_number":199,"box":{"x":89,"y":626,"width":876,"height":12}},{"id":"b03bf705-303b-4696-9773-5c19b69cd7fc","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":199,"box":{"x":88,"y":641,"width":735,"height":12}},{"id":"e7b5a63c-fd2d-47a8-9e2a-346b99d96b66","block_type":"box","text":"Appendix 1","page_number":199,"box":{"x":88,"y":668,"width":80,"height":12}},{"id":"6bacf433-7b6e-4d71-8f9c-585ffcc84d80","block_type":"box","text":"Terminology","page_number":199,"box":{"x":104,"y":694,"width":92,"height":12}},{"id":"54222691-52f7-45ba-afca-5e7711f967ce","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":199,"box":{"x":88,"y":720,"width":550,"height":13}},{"id":"163017d1-2980-4127-8b95-c0927f358e15","block_type":"box","text":"Climate risk:","page_number":199,"box":{"x":89,"y":747,"width":88,"height":10}},{"id":"a9e8a314-1b10-47b0-9070-00e78c1c6659","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct impact of","page_number":199,"box":{"x":183,"y":747,"width":743,"height":12}},{"id":"6a8a735a-e04b-4ccd-be64-6faa8128e2ae","block_type":"box","text":"changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a low-carbon","page_number":199,"box":{"x":89,"y":762,"width":816,"height":12}},{"id":"4e3cfd2d-c1e2-401b-bc80-1f96f7b435b6","block_type":"box","text":"economy on a company’s long-term profitability.","page_number":199,"box":{"x":89,"y":777,"width":340,"height":12}},{"id":"6720475f-62d4-42a0-8670-26307dede88a","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":199,"box":{"x":88,"y":804,"width":455,"height":12}},{"id":"f4012301-d1ee-4b56-bd84-8f32abf2f41f","block_type":"box","text":"The global economic shift toward lower emissions across","page_number":199,"box":{"x":547,"y":804,"width":401,"height":12}},{"id":"a4ace722-a911-4a94-8870-ad2516b7daf7","block_type":"box","text":"many sectors and business models. The economic transformation is being driven by changes in government policy,","page_number":199,"box":{"x":89,"y":819,"width":806,"height":12}},{"id":"96e327fa-0ba3-417c-84b5-fe4b67d530bb","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":199,"box":{"x":88,"y":834,"width":877,"height":12}},{"id":"cc8be257-d81d-4817-a81b-c8db3583dc56","block_type":"box","text":"and can potentially have a material impact on clients’ investments and portfolios.","page_number":199,"box":{"x":89,"y":849,"width":567,"height":12}},{"id":"392f48a2-1f9c-4217-83a8-0cc7e07e36f6","block_type":"box","text":"A-40","page_number":199,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"00b24dd4-3eb0-4dbf-aed4-b3cc8285086b","block_type":"box","text":"Decarbonization:","page_number":200,"box":{"x":89,"y":44,"width":121,"height":10}},{"id":"6fe0fd04-c99b-473b-a4e9-5ef270853bfb","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity and","page_number":200,"box":{"x":215,"y":44,"width":691,"height":12}},{"id":"cd9ef0df-587a-4dd6-b402-28020f77258c","block_type":"box","text":"removing carbon currently in the atmosphere. This can be carried out by countries, companies and even individual","page_number":200,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"36b0c51c-dc73-4dd8-be3b-7ecc50f32b96","block_type":"box","text":"consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG, e.g., methane.","page_number":200,"box":{"x":89,"y":74,"width":842,"height":12}},{"id":"73b2047b-044a-4a2d-aadc-2dcc8bbd46cb","block_type":"box","text":"Climate-related risks and opportunities:","page_number":200,"box":{"x":89,"y":101,"width":286,"height":12}},{"id":"cc8b4063-f598-4886-beff-83b7d5aa8d71","block_type":"box","text":"The investment opportunities and risks associated with the transition to a low","page_number":200,"box":{"x":380,"y":101,"width":551,"height":12}},{"id":"dc84d14c-746b-4399-b539-7e17176b4acd","block_type":"box","text":"carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting to physical","page_number":200,"box":{"x":89,"y":116,"width":844,"height":12}},{"id":"f28cadb4-33bd-4940-9f73-d7df63f3ba14","block_type":"box","text":"climate change.","page_number":200,"box":{"x":89,"y":131,"width":109,"height":12}},{"id":"d1b14b4e-0eb5-4378-b0f7-20df2d3a7e71","block_type":"box","text":"Climate-related transition plan: “","page_number":200,"box":{"x":89,"y":157,"width":235,"height":13}},{"id":"fe50672e-c0d6-4b68-9746-58d2be670f03","block_type":"box","text":"An aspect of an entity’s overall strategy that lays out the entity’s targets, actions or","page_number":200,"box":{"x":325,"y":157,"width":580,"height":13}},{"id":"da8ae331-3955-4412-99c9-b8faa72e77a6","block_type":"box","text":"resources for its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas","page_number":200,"box":{"x":89,"y":172,"width":808,"height":13}},{"id":"2cdc34a2-86a9-47fb-aeb1-38ae75214bdc","block_type":"box","text":"emissions.”","page_number":200,"box":{"x":89,"y":188,"width":79,"height":9}},{"id":"edcc65da-3912-41ef-b53a-3d0f895a4b93","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":200,"box":{"x":88,"y":214,"width":352,"height":12}},{"id":"46d99b71-418c-4b2c-a063-9c8c72b4c445","block_type":"box","text":"Targets that “","page_number":200,"box":{"x":445,"y":214,"width":94,"height":12}},{"id":"aa49a7be-7aeb-4e81-a660-93aeeb4f0846","block_type":"box","text":"are in line with what the latest climate science deems","page_number":200,"box":{"x":549,"y":214,"width":373,"height":10}},{"id":"b027eba8-ab96-46ef-a177-51c7f1e61a3d","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":200,"box":{"x":89,"y":229,"width":859,"height":12}},{"id":"b74d055c-8ec2-4533-8897-aaa6113690db","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":200,"box":{"x":89,"y":244,"width":872,"height":13}},{"id":"853124f2-1f65-46d0-8d6a-2b11a98eb8f1","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":200,"box":{"x":88,"y":259,"width":878,"height":13}},{"id":"599836ba-a065-4485-8592-ed0167dc3913","block_type":"box","text":"goals.”","page_number":200,"box":{"x":89,"y":274,"width":46,"height":13}},{"id":"6baf3aeb-8a9c-43c2-b10a-fccfa8d87527","block_type":"box","text":"Appendix 2","page_number":200,"box":{"x":88,"y":301,"width":82,"height":12}},{"id":"1c2b1927-8adc-49bd-9025-79d3ad0898e7","block_type":"box","text":"Comparison of key differences between how the BIS benchmark considers climate-related risks, where appropriate, and","page_number":200,"box":{"x":89,"y":327,"width":866,"height":13}},{"id":"86d14a18-a01a-4002-b564-b1b1dba79d72","block_type":"box","text":"the decarbonization guidelines","page_number":200,"box":{"x":88,"y":342,"width":222,"height":13}},{"id":"e7aa1581-6f8e-4c29-8a3b-da08bfc074c7","block_type":"box","text":"BIS Benchmark Policy 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