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On August 3, 2022, the SEC granted exemptive relief to the Fund pe","page_number":10,"box":{"x":40,"y":507,"width":825,"height":11}},{"id":"c5c6a25d-91d1-4509-bb19-6c2d39182d0d","block_type":"box","text":"rmitting the Fund","page_number":10,"box":{"x":867,"y":507,"width":90,"height":11}},{"id":"70757378-3c15-4c74-8a30-ef0e5cd75d64","block_type":"box","text":"to suspend the right of redemption with respect to shares of the Fund. On August 17, 2022, the Fund made an initial liquidating distribution to sharehol","page_number":10,"box":{"x":40,"y":521,"width":796,"height":11}},{"id":"79a3432a-12ff-4302-81cb-d6c97719072b","block_type":"box","text":"ders of available cash,","page_number":10,"box":{"x":838,"y":521,"width":119,"height":10}},{"id":"ba1977bb-c180-4f2e-be1e-f9eb42c4d6b9","block_type":"box","text":"less a reserve estimated to meet the Fund’s expected transaction costs associated with the liquidation. The Fund has been able to dispose of certain Ru","page_number":10,"box":{"x":41,"y":535,"width":818,"height":11}},{"id":"8cf0b64a-7f8d-46eb-a1d8-2f590cf8d03f","block_type":"box","text":"ssian investments","page_number":10,"box":{"x":860,"y":535,"width":97,"height":9}},{"id":"28fb8065-66ea-4735-adfd-41c2ac0be677","block_type":"box","text":"in accordance with applicable sanctions laws since entering into liquidation. The Fund has also made liquidating distributions to shareholders of a","page_number":10,"box":{"x":41,"y":549,"width":803,"height":11}},{"id":"5f25f56c-aa17-4db2-b57a-da64545c8b98","block_type":"box","text":"vailable cash, less a","page_number":10,"box":{"x":845,"y":549,"width":112,"height":10}},{"id":"2120c130-8f59-4fbe-b8e8-cd29e3cfdf38","block_type":"box","text":"reserve estimated to meet the Fund's expected transaction costs associated with the liquidation. 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There are no assurances that the securities will become liquid during that time. If the Fund's Russian securities have not been s","page_number":10,"box":{"x":41,"y":630,"width":795,"height":11}},{"id":"923c7008-308f-47c0-b70e-e104aa104420","block_type":"box","text":"old or are unable to be","page_number":10,"box":{"x":837,"y":631,"width":120,"height":8}},{"id":"25413299-08c0-466d-b2ce-a22e88adc00c","block_type":"box","text":"converted as of the date the Fund is terminated, the Fund's remaining portfolio assets will be permanently written off, in each case as determined by BFA","page_number":10,"box":{"x":40,"y":645,"width":816,"height":11}},{"id":"65e72fa4-95e4-415d-8eef-b8407e295622","block_type":"box","text":"FA and approved by","page_number":10,"box":{"x":856,"y":645,"width":101,"height":11}},{"id":"4c98fe44-c9ce-44b9-b704-0c6fcaca7840","block_type":"box","text":"the Board. The Fund may be terminated sooner if all of the Russian securities have been sold before that date (or they cease to represent valid interests","page_number":10,"box":{"x":40,"y":659,"width":827,"height":11}},{"id":"8ee9eff1-be89-4f9c-9ebb-253bfd4f82a0","block_type":"box","text":"in their issuers).","page_number":10,"box":{"x":871,"y":659,"width":86,"height":11}},{"id":"7bb2c2c8-66f9-466b-8fee-e526fdde7eb0","block_type":"box","text":"While the Fund is in the process of liquidating its portfolio, the Fund will hold cash and securities that may not be consistent with the Fund's investme","page_number":10,"box":{"x":40,"y":673,"width":803,"height":11}},{"id":"223df8f7-0c2a-4a63-94c4-b63f77b63daa","block_type":"box","text":"nt objective and prior","page_number":10,"box":{"x":844,"y":673,"width":114,"height":11}},{"id":"d7fa74cf-4266-4049-9638-4ef2b64d7272","block_type":"box","text":"investment strategies. 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Actual","page_number":10,"box":{"x":855,"y":773,"width":102,"height":11}},{"id":"5d208052-bf7f-4cb9-987e-520cd5e9a3cd","block_type":"box","text":"results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guid","page_number":10,"box":{"x":41,"y":787,"width":830,"height":11}},{"id":"93a6ca37-e66c-4b77-bc3f-582ca51f11c1","block_type":"box","text":"ance applicable","page_number":10,"box":{"x":872,"y":787,"width":85,"height":11}},{"id":"02a3ca9a-d36f-4241-adac-e721d8bde295","block_type":"box","text":"to investment companies. Below is a summary of significant accounting policies:","page_number":10,"box":{"x":40,"y":801,"width":438,"height":11}},{"id":"b1207480-48f4-4a60-81cd-2630b635be0b","block_type":"box","text":"Investment Transactions and Income Recognition:","page_number":10,"box":{"x":41,"y":826,"width":292,"height":11}},{"id":"b08a1655-6e10-4f5f-aeb0-2b0eb2649504","block_type":"box","text":"For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.","page_number":10,"box":{"x":338,"y":826,"width":619,"height":11}},{"id":"2b4d1fd5-9a5c-47e7-8af0-1dd7f4a0c495","block_type":"box","text":"Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain dis","page_number":10,"box":{"x":41,"y":840,"width":805,"height":11}},{"id":"ba01899e-ec42-466a-a251-1f4367127dcd","block_type":"box","text":"tributions, if any, are","page_number":10,"box":{"x":847,"y":840,"width":110,"height":11}},{"id":"8546af1c-c1a1-4c6e-9582-4c8fda9c6a49","block_type":"box","text":"recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortiz","page_number":10,"box":{"x":41,"y":854,"width":798,"height":11}},{"id":"cb99456b-c014-4dc5-a292-3c0e323490ee","block_type":"box","text":"ation and accretion of","page_number":10,"box":{"x":840,"y":854,"width":118,"height":9}},{"id":"b8b18dad-dc72-4972-8f15-31b4500f207f","block_type":"box","text":"premiums and discounts on debt securities, is recognized daily on an accrual basis.","page_number":10,"box":{"x":41,"y":868,"width":455,"height":11}},{"id":"7301a076-d942-407a-a8a8-e662ff67e8b2","block_type":"box","text":"Certain Russian securities held by the Fund declared dividends during the period. However, there is no assurance these dividends can be collected by t","page_number":10,"box":{"x":40,"y":893,"width":833,"height":11}},{"id":"345796eb-c7bd-4111-97a3-6d77871e90a3","block_type":"box","text":"he Fund due to","page_number":10,"box":{"x":874,"y":893,"width":83,"height":8}},{"id":"84d3b076-ba85-4608-9f36-e59e0e3b52c6","block_type":"box","text":"restrictions imposed by the Russian government. As a result, the Fund has not recognized investment income associated with these Russian securities","page_number":10,"box":{"x":41,"y":907,"width":851,"height":11}},{"id":"86d2db02-f138-4fd6-b51a-7fc4bda14ce5","block_type":"box","text":". Any future","page_number":10,"box":{"x":893,"y":907,"width":64,"height":11}},{"id":"f3915634-b5eb-4eca-bdfd-b095932e1678","block_type":"box","text":"Notes to Financial Statements","page_number":10,"box":{"x":41,"y":39,"width":256,"height":13}},{"id":"26b33df3-f334-47e0-922e-7665f5ad7882","block_type":"box","text":"N","page_number":10,"box":{"x":41,"y":966,"width":6,"height":7}},{"id":"4a9fd608-c507-4353-aebb-def750aa4497","block_type":"box","text":"OTES TO","page_number":10,"box":{"x":52,"y":968,"width":58,"height":6}},{"id":"3fa9a591-461d-4301-86ed-e7e739265434","block_type":"box","text":"F","page_number":10,"box":{"x":122,"y":966,"width":5,"height":7}},{"id":"5cafffb9-e1d8-4c1d-8c48-42540970a554","block_type":"box","text":"INANCIAL","page_number":10,"box":{"x":132,"y":968,"width":63,"height":6}},{"id":"14e6e07b-fd78-426b-924c-248c5e8642f1","block_type":"box","text":"S","page_number":10,"box":{"x":206,"y":966,"width":6,"height":8}},{"id":"4ca465ca-3132-4b02-b24e-409fa943c90f","block_type":"box","text":"TATEMENTS","page_number":10,"box":{"x":217,"y":968,"width":76,"height":6}},{"id":"6528ab63-12a5-4eb9-a829-81cf1183cc2b","block_type":"box","text":"NM1026U-6054798-10/24","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"06c204e0-4c55-4b58-9aca-045300dc4a7f","block_type":"box","text":"10","page_number":10,"box":{"x":943,"y":965,"width":13,"height":9}},{"id":"f05e4e1a-d036-4fd7-a93c-92931ebcd5ea","block_type":"box","text":"recognition of these dividend payments, or other dividends of Russian securities declared in prior periods subject to the same or similar restrictio","page_number":11,"box":{"x":41,"y":81,"width":782,"height":11}},{"id":"49d8c476-04c6-4554-88f5-8783c27cd5e2","block_type":"box","text":"ns imposed by Russia or","page_number":11,"box":{"x":824,"y":81,"width":134,"height":11}},{"id":"36165518-dcff-445f-bc80-2ab625f0e191","block_type":"box","text":"other government agencies, could have a material accretive effect on the Fund’s net asset value per share.","page_number":11,"box":{"x":40,"y":95,"width":585,"height":11}},{"id":"de6df568-b484-46fe-8a57-f06ff10ee207","block_type":"box","text":"Foreign Currency Translation:","page_number":11,"box":{"x":41,"y":120,"width":173,"height":11}},{"id":"5706a90f-d05e-49bc-936b-097c77b1128d","block_type":"box","text":"The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies","page_number":11,"box":{"x":218,"y":120,"width":739,"height":11}},{"id":"ac1c19dd-788d-41b9-b7ba-0cc0d21b2b97","block_type":"box","text":"are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sale","page_number":11,"box":{"x":40,"y":134,"width":829,"height":11}},{"id":"d1d3b1ae-75ca-44b2-a23e-3ae971cfc5fe","block_type":"box","text":"s of investments","page_number":11,"box":{"x":870,"y":134,"width":87,"height":8}},{"id":"989baf24-d57c-42dd-b3f3-56263f5ecb80","block_type":"box","text":"are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a","page_number":11,"box":{"x":40,"y":148,"width":803,"height":11}},{"id":"5eca46e3-3a1d-4ba5-a4be-62fc491ccaef","block_type":"box","text":"foreign currency, the","page_number":11,"box":{"x":847,"y":148,"width":110,"height":11}},{"id":"566e39f1-921d-401b-92b4-720f09acf19c","block_type":"box","text":"investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.","page_number":11,"box":{"x":41,"y":162,"width":665,"height":11}},{"id":"c355f2bd-d735-4bc3-a5a6-03684aa78ca7","block_type":"box","text":"The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for f","page_number":11,"box":{"x":40,"y":187,"width":823,"height":11}},{"id":"718e941c-184a-46f4-9a07-52f5cd8f1e1f","block_type":"box","text":"inancial reporting","page_number":11,"box":{"x":863,"y":187,"width":94,"height":11}},{"id":"1f7767d8-fad8-4c7d-a545-1f3ddfcb9ba6","block_type":"box","text":"purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of c","page_number":11,"box":{"x":41,"y":201,"width":822,"height":11}},{"id":"7ddd44b9-60d9-422d-994e-d10f2aa7d573","block_type":"box","text":"hanges in market","page_number":11,"box":{"x":864,"y":201,"width":94,"height":11}},{"id":"d7d5497b-542c-4fd1-baeb-46aaee798f71","block_type":"box","text":"prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. 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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5100","page_number":12,"box":{"x":292,"y":631,"width":631,"height":7}},{"id":"a9ab9dab-faca-4217-94f4-cf77f3b381f1","block_type":"box","text":"Over $24 billion, up to and including $32 billion","page_number":12,"box":{"x":61,"y":643,"width":226,"height":10}},{"id":"a39a4726-7b70-41ee-924c-a13e7903acb0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4800","page_number":12,"box":{"x":292,"y":643,"width":631,"height":8}},{"id":"c5696557-bcb8-4ab2-b4f8-a608c5eb70e1","block_type":"box","text":"Over $32 billion, up to and including $40 billion","page_number":12,"box":{"x":61,"y":656,"width":226,"height":10}},{"id":"85f16028-a6b4-4d36-ba54-0624c1eab593","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4500","page_number":12,"box":{"x":292,"y":656,"width":631,"height":8}},{"id":"280b114d-2111-4799-a08b-cdee51dc7b3c","block_type":"box","text":"Over $40 billion","page_number":12,"box":{"x":61,"y":669,"width":75,"height":9}},{"id":"6a32e846-1865-4be9-9e25-8b64f998fbb0","block_type":"box","text":"...............................................................................................................................","page_number":12,"box":{"x":140,"y":676,"width":636,"height":1}},{"id":"7c8be96d-4ec0-4b0d-bf45-a141238f658c","block_type":"box","text":"0.4275","page_number":12,"box":{"x":890,"y":669,"width":33,"height":8}},{"id":"1dc91e88-34f5-4e7d-9ec4-0b44174aa6de","block_type":"box","text":"Expense 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The","page_number":18,"box":{"x":871,"y":329,"width":86,"height":8}},{"id":"4e2b6a6a-db45-4ec9-ad5f-a25c05a1c526","block_type":"box","text":"Independent Board Members considered that: (i) the Fund no longer offers its shares for purchase and is currently in the process of liquidation, subje","page_number":18,"box":{"x":41,"y":343,"width":793,"height":11}},{"id":"32ae0449-ec0d-4862-9a94-b3e50a0d22e3","block_type":"box","text":"ct to a Board-approved","page_number":18,"box":{"x":835,"y":343,"width":122,"height":10}},{"id":"ddf4e15c-33e1-46fc-b092-a4468a3ae929","block_type":"box","text":"Plan of Liquidation, exemptive relief granted by the Securities and Exchange Commission in 2022, and other relevant law and regulation; (ii) BFA bega","page_number":18,"box":{"x":41,"y":357,"width":807,"height":11}},{"id":"16ecae5b-7579-4df9-826e-3650c9072d8f","block_type":"box","text":"n voluntarily waiving","page_number":18,"box":{"x":849,"y":357,"width":108,"height":11}},{"id":"c90ac545-7725-47a9-b3af-32f7acec2863","block_type":"box","text":"management fees paid pursuant to the Advisory Agreement, which was applied to management fees beginning on February 1, 2022 (the period from and after","page_number":18,"box":{"x":41,"y":371,"width":851,"height":11}},{"id":"5bed256d-0d16-4969-9a43-b3a4f6df6b2d","block_type":"box","text":"February 1,","page_number":18,"box":{"x":896,"y":371,"width":61,"height":11}},{"id":"70a091b6-050a-400e-b9e8-7a464d80e9bd","block_type":"box","text":"2022 is the “Waiver Period”); and (iii) as a condition of the exemptive relief, BFA, its affiliates and their associated persons will not receive any fe","page_number":18,"box":{"x":40,"y":385,"width":780,"height":11}},{"id":"ae6dbbf7-cfbb-4439-bd8e-18282cd96ac9","block_type":"box","text":"e for managing the Fund.","page_number":18,"box":{"x":821,"y":385,"width":136,"height":11}},{"id":"d0829625-111d-4d2e-bd9e-62e4d42eba5f","block_type":"box","text":"In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various other fa","page_number":18,"box":{"x":41,"y":399,"width":820,"height":11}},{"id":"57c93edc-77d0-4109-95a7-8563334096bc","block_type":"box","text":"ctors to the extent","page_number":18,"box":{"x":862,"y":400,"width":96,"height":8}},{"id":"16a4ecbc-c1c5-4341-b3c2-37aa0285afb2","block_type":"box","text":"relevant in light of the liquidation process, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the servi","page_number":18,"box":{"x":41,"y":414,"width":779,"height":10}},{"id":"4476fe12-62cb-4aa7-b453-a7c194e75bde","block_type":"box","text":"ces provided by BFA; (iii)","page_number":18,"box":{"x":822,"y":414,"width":135,"height":10}},{"id":"ed8c7c7c-0e34-4d71-9d8f-cfae28e0f4fb","block_type":"box","text":"the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related b","page_number":18,"box":{"x":40,"y":428,"width":790,"height":11}},{"id":"e8cf549a-ce4b-44fb-a337-bf2bf478a322","block_type":"box","text":"enefits; (v) the fees and","page_number":18,"box":{"x":831,"y":428,"width":126,"height":11}},{"id":"39ca8f3d-5002-4522-9a83-41e30d75fb16","block_type":"box","text":"services provided for other comparable funds/accounts managed by BFA and its affiliates if any; and (vi) other benefits to BFA and/or its affiliates.","page_number":18,"box":{"x":40,"y":442,"width":793,"height":11}},{"id":"a7fe2e97-c73a-41e1-9f16-4b2a58fac5b5","block_type":"box","text":"The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed differ","page_number":18,"box":{"x":40,"y":466,"width":821,"height":11}},{"id":"2a746682-3413-4194-b2de-be0dd0e4e28e","block_type":"box","text":"ent weights to the","page_number":18,"box":{"x":862,"y":467,"width":95,"height":10}},{"id":"faab8d21-99fd-409c-82d0-12196b0c3f3e","block_type":"box","text":"various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Ind","page_number":18,"box":{"x":40,"y":481,"width":827,"height":10}},{"id":"08ac3238-a7ce-4cac-bb98-2c0503d0a2fb","block_type":"box","text":"ependent Board","page_number":18,"box":{"x":868,"y":481,"width":89,"height":10}},{"id":"de56848d-e1ae-4ec6-9269-627fd693c9e5","block_type":"box","text":"Members, to approve the continuance of the Advisory Agreement are discussed below.","page_number":18,"box":{"x":41,"y":495,"width":473,"height":11}},{"id":"1a683ede-132c-43b6-b430-1757d678183e","block_type":"box","text":"Expenses and Performance of the Fund:","page_number":18,"box":{"x":41,"y":519,"width":234,"height":11}},{"id":"dc4f9f60-d85f-4c48-bb95-251b1e2e000f","block_type":"box","text":"The Board reviewed information related to the liquidation status of the Fund, and the ongoing arrangement for BFA to provide","page_number":18,"box":{"x":280,"y":519,"width":677,"height":11}},{"id":"75faa8a8-bf93-42f6-b41e-e3dcebac85b6","block_type":"box","text":"management services without a fee from the Fund. The Board concluded, based on this review and the other relevant factors and information considered a","page_number":18,"box":{"x":41,"y":533,"width":844,"height":11}},{"id":"26bc1f24-a654-4685-a1f8-736d569ce9aa","block_type":"box","text":"t the meeting","page_number":18,"box":{"x":886,"y":534,"width":71,"height":10}},{"id":"911cdb01-24e4-4292-81d9-09f20cf0126d","block_type":"box","text":"that the current arrangement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.","page_number":18,"box":{"x":40,"y":548,"width":697,"height":11}},{"id":"55775bee-5263-4db3-b178-bcef0b437597","block_type":"box","text":"Nature, Extent and Quality of Services Provided:","page_number":18,"box":{"x":41,"y":572,"width":287,"height":11}},{"id":"e093a11d-250f-46aa-ade6-013d891d2ccd","block_type":"box","text":"Based on management’s representations, including information about ongoing enhancements and initiatives with","page_number":18,"box":{"x":334,"y":572,"width":623,"height":11}},{"id":"7a82f948-8e3c-4233-81b2-09982a99ed9f","block_type":"box","text":"respect to the iShares ETF product line and platform and BFA’s business, including with respect to capital markets support and analysis, technology,","page_number":18,"box":{"x":41,"y":586,"width":791,"height":11}},{"id":"4a539db5-c08a-48b1-935a-2bbc5c75b8dd","block_type":"box","text":"portfolio management,","page_number":18,"box":{"x":836,"y":586,"width":121,"height":11}},{"id":"06251a90-06ba-420f-a26c-7e16c7043b62","block_type":"box","text":"product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminu","page_number":18,"box":{"x":41,"y":601,"width":826,"height":10}},{"id":"13f70ae3-fd41-4aa7-af1b-5c9753ff816c","block_type":"box","text":"tion in the scope","page_number":18,"box":{"x":868,"y":601,"width":89,"height":10}},{"id":"34b6482a-0f5e-40ea-84ef-f98d4e062546","block_type":"box","text":"of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during","page_number":18,"box":{"x":40,"y":615,"width":852,"height":11}},{"id":"a09bb2df-7f0b-4747-bf93-57e28dfe1492","block_type":"box","text":"prior years.","page_number":18,"box":{"x":897,"y":615,"width":60,"height":11}},{"id":"9296f531-870b-4898-a959-d0f8e17fcdd7","block_type":"box","text":"In reviewing the scope of these services, the Board considered the circumstances related to the Fund’s liquidation (as described above) and noted the","page_number":18,"box":{"x":41,"y":629,"width":826,"height":11}},{"id":"c2d58bab-604a-4591-b59d-13bc89b7f921","block_type":"box","text":"attention to and","page_number":18,"box":{"x":872,"y":629,"width":85,"height":8}},{"id":"b15a09b7-b05d-4609-99be-d383357b8872","block_type":"box","text":"support for the Fund that BFA and its affiliates have provided during the Fund’s Waiver Period. The Board also considered BFA’s compliance program and","page_number":18,"box":{"x":40,"y":643,"width":835,"height":11}},{"id":"d0f79ba5-6106-495b-91fe-93e35af1c646","block_type":"box","text":"its compliance","page_number":18,"box":{"x":880,"y":643,"width":77,"height":11}},{"id":"21b69475-7996-41d0-a9ba-395d2d329603","block_type":"box","text":"record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA","page_number":18,"box":{"x":41,"y":657,"width":799,"height":11}},{"id":"e485eaab-9cea-45c8-8b3b-a2c4e22eea93","block_type":"box","text":"FAreports to the Board","page_number":18,"box":{"x":840,"y":657,"width":117,"height":11}},{"id":"6b20899a-7ea4-441f-9aa7-1bf1bdad4f33","block_type":"box","text":"about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occa","page_number":18,"box":{"x":40,"y":671,"width":814,"height":11}},{"id":"e6f29c3b-b641-4ba9-958e-28b8f860822e","block_type":"box","text":"sions as necessary","page_number":18,"box":{"x":855,"y":672,"width":103,"height":10}},{"id":"bc61d8d8-5392-42a6-b97d-c5b9563d11e2","block_type":"box","text":"and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provi","page_number":18,"box":{"x":40,"y":686,"width":803,"height":10}},{"id":"baee8f13-00e5-4c57-851f-7f95b9af0dea","block_type":"box","text":"de further assistance","page_number":18,"box":{"x":844,"y":686,"width":113,"height":8}},{"id":"755aec4d-0aae-42e8-8c20-34b6ef2588cb","block_type":"box","text":"with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as wel","page_number":18,"box":{"x":40,"y":700,"width":875,"height":11}},{"id":"dbb0006d-f239-4000-9ece-54162174db73","block_type":"box","text":"l as the","page_number":18,"box":{"x":917,"y":700,"width":40,"height":8}},{"id":"2fec84c3-4d90-4f4e-a5b7-afa26c8479df","block_type":"box","text":"resources available to them in managing the Fund through its liquidation. In addition to the above considerations, the Board reviewed and considered","page_number":18,"box":{"x":41,"y":714,"width":793,"height":11}},{"id":"add983d5-8309-4c69-a014-62398c486b3f","block_type":"box","text":"detailed presentations","page_number":18,"box":{"x":838,"y":714,"width":119,"height":11}},{"id":"efb18a97-cd69-4ed6-ab9d-e90ba04c849b","block_type":"box","text":"regarding, among other things, matters related to BFA’s portfolio compliance program and other compliance programs and services.","page_number":18,"box":{"x":41,"y":728,"width":720,"height":11}},{"id":"648057ec-1566-4cc1-b784-641d0ba65050","block_type":"box","text":"Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of serv","page_number":18,"box":{"x":41,"y":753,"width":810,"height":10}},{"id":"455b4b93-5507-4c5f-860b-680411415466","block_type":"box","text":"ices provided to the","page_number":18,"box":{"x":852,"y":753,"width":105,"height":10}},{"id":"acf709b6-7c5f-4b41-838e-c45800de9e4b","block_type":"box","text":"Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.","page_number":18,"box":{"x":41,"y":767,"width":737,"height":11}},{"id":"036ad7d7-29ac-4f12-a680-5ba81e0d13f3","block_type":"box","text":"Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:","page_number":18,"box":{"x":40,"y":791,"width":493,"height":11}},{"id":"593fd983-9014-420f-8e7c-3a1eabdaf30e","block_type":"box","text":"The Board reviewed information about the estimated profitability to BlackRock","page_number":18,"box":{"x":537,"y":791,"width":421,"height":11}},{"id":"59ef1f86-1d61-48e4-b594-9d3a2492370b","block_type":"box","text":"in managing the Fund, noting that BFA was providing its services to the Fund for no fee. 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