{"annotation_id":"07701f03-5833-48a6-91de-d7e9ab272be8","file_hash":"6f29f6880fc6ebfcdd614b6adc6c63d93017b5ae202a716a830b35ec1ef58900","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"1467f872-ed64-4781-af12-59dc1b98850f","block_type":"box","text":"iShares, Inc.","page_number":1,"box":{"x":454,"y":69,"width":95,"height":12}},{"id":"79f6aad6-681a-476b-8317-92886d59b602","block_type":"box","text":"Supplement dated October 23, 2026","page_number":1,"box":{"x":367,"y":91,"width":269,"height":12}},{"id":"7d756af3-525f-4a8a-ac18-9c5774a51fbc","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":1,"box":{"x":268,"y":106,"width":467,"height":13}},{"id":"a6ff31ff-5132-4e14-8b2b-09566cd4cdd4","block_type":"box","text":"Statement of Additional Information (the “SAI”) for the","page_number":1,"box":{"x":300,"y":122,"width":403,"height":12}},{"id":"3d448930-c3e6-4bca-82ef-644a499cc845","block_type":"box","text":"iShares MSCI Germany ETF (EWG) (the “Fund”)","page_number":1,"box":{"x":328,"y":137,"width":349,"height":13}},{"id":"b8517df5-fcf2-494f-9ed6-285005f590dd","block_type":"box","text":"The Board of Directors has approved the following changes for the Fund that are expected to take effect","page_number":1,"box":{"x":116,"y":159,"width":760,"height":13}},{"id":"aa997479-22a7-4e0b-9ad5-4d9db5befcd8","block_type":"box","text":"on or around December 1, 2026:","page_number":1,"box":{"x":116,"y":174,"width":241,"height":12}},{"id":"98859513-06d6-478e-97ab-1c54fb3d576e","block_type":"box","text":"1. The Fund’s Underlying Index will change as described in the table below. All references to the","page_number":1,"box":{"x":118,"y":196,"width":712,"height":13}},{"id":"f57ee215-f61a-41f2-aac8-5d9b046551f8","block_type":"box","text":"Underlying Index for the Fund will refer to the new Underlying Index.","page_number":1,"box":{"x":151,"y":212,"width":499,"height":12}},{"id":"7d8ef926-98be-4a82-af0f-f6e4c810a790","block_type":"box","text":"Current Underlying Index New Underlying Index","page_number":1,"box":{"x":236,"y":231,"width":552,"height":12}},{"id":"9fd37def-95ae-49be-b483-0c81593d039a","block_type":"box","text":"MSCI Germany Index MSCI Germany 25/50 Index","page_number":1,"box":{"x":257,"y":251,"width":549,"height":13}},{"id":"e1ba558a-d66b-4344-88ee-03a898b81d13","block_type":"box","text":"2. The Principal Investment Strategies section of the Summary Prospectus and Prospectus for the Fund","page_number":1,"box":{"x":117,"y":281,"width":767,"height":12}},{"id":"9ae6dc05-d3e8-4a16-a222-c2f1e60731b6","block_type":"box","text":"will be deleted and replaced with the following:","page_number":1,"box":{"x":149,"y":296,"width":346,"height":13}},{"id":"131e57af-1cf7-463e-886f-dc7430479922","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Germany 25/50 Index (the “Underlying","page_number":1,"box":{"x":149,"y":318,"width":723,"height":12}},{"id":"4e0006b5-edad-4e64-8855-ca7779b7df37","block_type":"box","text":"Index”), which is a free float-adjusted market capitalization-weighted index that is designed to","page_number":1,"box":{"x":151,"y":333,"width":686,"height":13}},{"id":"80f3d1c9-889c-4ea2-9321-ec87f4ba3e76","block_type":"box","text":"measure the performance of the large- and mid-capitalization segments of the equity market in","page_number":1,"box":{"x":151,"y":349,"width":695,"height":13}},{"id":"1bad3f42-b86d-4bb7-b51d-ff93e7b3ebb4","block_type":"box","text":"Germany. The Underlying Index is rebalanced quarterly using an optimization process that aims to","page_number":1,"box":{"x":150,"y":364,"width":716,"height":13}},{"id":"cd1278c4-99df-4e37-88fb-929c1f659d9b","block_type":"box","text":"minimize the constituent weight differences between the Underlying Index and the MSCI Germany","page_number":1,"box":{"x":151,"y":380,"width":717,"height":13}},{"id":"79574f7b-5a6c-4f81-9159-88f3ed3c7684","block_type":"box","text":"Index. The Underlying Index uses a capping methodology that limits the weight of any single “group","page_number":1,"box":{"x":151,"y":395,"width":729,"height":13}},{"id":"a8bc6f8e-d8c8-47eb-bc5c-f965986a538b","block_type":"box","text":"entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":1,"box":{"x":150,"y":411,"width":732,"height":13}},{"id":"ae9b4688-12a2-4b5a-9f74-bd2489d4ddbf","block_type":"box","text":"Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":1,"box":{"x":151,"y":426,"width":721,"height":13}},{"id":"eecc797b-b5dd-4eef-ada5-b55b8a4e8d6a","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an","page_number":1,"box":{"x":150,"y":442,"width":711,"height":13}},{"id":"c41f1589-729c-4aad-8e3c-d4975642a66e","block_type":"box","text":"affiliated corporate group but may separately issue listed securities. To determine “group entities,”","page_number":1,"box":{"x":150,"y":457,"width":718,"height":13}},{"id":"f915b27a-01eb-437e-bcd5-92c14b09e27a","block_type":"box","text":"MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":1,"box":{"x":150,"y":473,"width":721,"height":13}},{"id":"eaf06f16-52d8-46ce-afd5-0f66f1a09d70","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":1,"box":{"x":150,"y":488,"width":726,"height":13}},{"id":"e62173df-fca6-4ab0-93f9-5df911e148d7","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same","page_number":1,"box":{"x":150,"y":504,"width":736,"height":13}},{"id":"8a69f322-ab7c-4b2f-a8e1-fd7b344bd6a4","block_type":"box","text":"group entity where there is reasonable evidence of control based on other information. All group","page_number":1,"box":{"x":150,"y":519,"width":705,"height":13}},{"id":"2ec51bde-299a-4e67-9b2a-3be12a713518","block_type":"box","text":"entities are reviewed on an annual basis.","page_number":1,"box":{"x":150,"y":535,"width":297,"height":10}},{"id":"163056c4-8cf1-4534-bbb5-8cb239c58f73","block_type":"box","text":"As of August 31, 2026, the Underlying Index had approximately 52 constituents, and a significant","page_number":1,"box":{"x":150,"y":557,"width":710,"height":12}},{"id":"fb16dd61-b8d2-4117-8142-7e1fbebb8d04","block_type":"box","text":"portion of the Underlying Index was represented by securities of companies in the financials,","page_number":1,"box":{"x":150,"y":572,"width":674,"height":13}},{"id":"f9da2188-87bc-420f-b4a0-584bc342b381","block_type":"box","text":"industrials and technology industries or sectors. The components of the Underlying Index are likely","page_number":1,"box":{"x":150,"y":588,"width":721,"height":12}},{"id":"25de3c60-ad77-47ce-b4f4-5092933cf259","block_type":"box","text":"to change over time.","page_number":1,"box":{"x":149,"y":603,"width":154,"height":13}},{"id":"52e4dfb0-c5a0-4c83-976b-98db78836806","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of","page_number":1,"box":{"x":149,"y":625,"width":724,"height":12}},{"id":"70e77183-3be9-49b1-83d3-eb165168cb3d","block_type":"box","text":"the Fund. BFA uses a representative sampling indexing strategy to manage the Fund.","page_number":1,"box":{"x":149,"y":640,"width":620,"height":13}},{"id":"21e7f722-64b9-4037-8b0e-9efcdbb6a499","block_type":"box","text":"“Representative sampling” is an indexing strategy that involves investing in a representative sample","page_number":1,"box":{"x":150,"y":656,"width":726,"height":12}},{"id":"ae563774-5435-4f8b-9dc7-d7c1dc93fbf5","block_type":"box","text":"of securities or other instruments intended to collectively have an investment profile similar to that","page_number":1,"box":{"x":150,"y":671,"width":715,"height":13}},{"id":"53f6f686-9d51-4cf4-830d-edd7b1e06f2e","block_type":"box","text":"of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":1,"box":{"x":150,"y":687,"width":716,"height":12}},{"id":"a5231007-89fb-437d-b8c8-952d037c9ab4","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings),","page_number":1,"box":{"x":150,"y":702,"width":726,"height":13}},{"id":"7e175354-2b26-48bd-a095-d3eeb9ae0dae","block_type":"box","text":"fundamental characteristics (such as return variability and yield) and liquidity measures similar to","page_number":1,"box":{"x":150,"y":718,"width":705,"height":12}},{"id":"fbcb2d1a-62ff-4305-8ba7-b478e86e4308","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not hold all of the components of the","page_number":1,"box":{"x":149,"y":733,"width":727,"height":13}},{"id":"7a323c0c-abfc-413a-94f5-70e267621683","block_type":"box","text":"Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of","page_number":1,"box":{"x":151,"y":749,"width":707,"height":12}},{"id":"68230617-b6b6-427b-b71b-2ca50473d7ae","block_type":"box","text":"the Underlying Index or exposure to one or more market risk factors associated with such","page_number":1,"box":{"x":149,"y":764,"width":650,"height":13}},{"id":"49c77a3a-28c0-4633-8a1f-6c5ecd0ab8ed","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash","page_number":1,"box":{"x":150,"y":780,"width":722,"height":12}},{"id":"6fb60099-16e2-46a6-bc6c-b06aed4ec11b","block_type":"box","text":"equivalents, including shares of money market funds advised by BFA or its affiliates, and may also","page_number":1,"box":{"x":150,"y":795,"width":707,"height":13}},{"id":"919cab3c-d204-447e-a375-dbc97a0af44a","block_type":"box","text":"purchase and hold instruments not included in the Underlying Index when BFA believes that such","page_number":1,"box":{"x":150,"y":811,"width":705,"height":12}},{"id":"2295498a-ef74-4828-a7fe-b522dd760dad","block_type":"box","text":"instruments will help the Fund track the performance of the Underlying Index over time, including in","page_number":1,"box":{"x":150,"y":826,"width":730,"height":13}},{"id":"52ef255e-c410-4b7b-9de7-da2d5025fb7d","block_type":"box","text":"light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying","page_number":1,"box":{"x":151,"y":842,"width":724,"height":12}},{"id":"4ba394ea-b628-4e83-be8a-0812130ba7aa","block_type":"box","text":"Index, or other reasons as determined by BFA.","page_number":1,"box":{"x":151,"y":857,"width":337,"height":13}},{"id":"e1505329-d850-446c-aca8-38025d7610c3","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940","page_number":1,"box":{"x":151,"y":879,"width":729,"height":13}},{"id":"b8813b05-53d7-41d3-8820-c5082af8c474","block_type":"box","text":"Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net","page_number":1,"box":{"x":150,"y":894,"width":700,"height":13}},{"id":"12dc0be5-b6f4-487d-b5ec-37809428c187","block_type":"box","text":"assets, plus the amount of any borrowings for investment purposes, in components of its Underlying","page_number":1,"box":{"x":150,"y":910,"width":730,"height":13}},{"id":"912358d3-ecf4-4060-8810-ee393aad5862","block_type":"box","text":"Index. Investments in derivatives and other investments will be counted toward the Fund’s 80%","page_number":1,"box":{"x":151,"y":925,"width":692,"height":10}},{"id":"f97e6c6f-3980-4d04-8e61-ad60b8adcd2f","block_type":"box","text":"investment policy to the extent that they provide exposure to the components of its Underlying","page_number":2,"box":{"x":150,"y":69,"width":694,"height":13}},{"id":"d8302ed5-e940-4edf-b077-8a5bf3467d0b","block_type":"box","text":"Index or exposure to one or more market risk factors associated with such components. The Fund’s","page_number":2,"box":{"x":151,"y":85,"width":727,"height":12}},{"id":"67d5ea3e-533f-4d8d-a311-dbe1c5befeff","block_type":"box","text":"80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60","page_number":2,"box":{"x":150,"y":100,"width":733,"height":13}},{"id":"a201dccd-1d79-4da0-927b-0121bbc1c56d","block_type":"box","text":"days’ notice to shareholders.","page_number":2,"box":{"x":150,"y":116,"width":211,"height":12}},{"id":"f9416342-e5b8-4741-901b-a3e4a2548f1a","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets","page_number":2,"box":{"x":149,"y":139,"width":703,"height":13}},{"id":"2e37923a-f1db-4cd9-9e4b-88f789de1851","block_type":"box","text":"(including the value of any collateral received).","page_number":2,"box":{"x":151,"y":154,"width":341,"height":13}},{"id":"6a361584-d6fd-43a4-81af-b69d418efd43","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is","page_number":2,"box":{"x":149,"y":178,"width":658,"height":12}},{"id":"c667fce7-47fa-4be9-a83e-f1486bf7b021","block_type":"box","text":"independent of the Fund and BFA. The Index Provider determines the composition and relative","page_number":2,"box":{"x":150,"y":193,"width":690,"height":13}},{"id":"f7ab053f-225d-42a0-a418-55f18138bea3","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes information regarding the market","page_number":2,"box":{"x":149,"y":209,"width":729,"height":12}},{"id":"9a0e1491-c2dc-4a4d-b70a-f448dd334b73","block_type":"box","text":"value of the Underlying Index.","page_number":2,"box":{"x":149,"y":224,"width":221,"height":13}},{"id":"faf5e35f-97c9-413b-8ac9-286e930b4ff8","block_type":"box","text":"Industry Concentration Policy.","page_number":2,"box":{"x":151,"y":247,"width":229,"height":13}},{"id":"eee57616-ad12-4669-9b53-8863e974977e","block_type":"box","text":"The Fund will concentrate its investments (i.e., hold 25% or more of","page_number":2,"box":{"x":381,"y":247,"width":501,"height":13}},{"id":"63213882-680e-482e-871f-125447048314","block_type":"box","text":"its total assets) in a particular industry or group of industries to approximately the same extent that","page_number":2,"box":{"x":150,"y":263,"width":724,"height":13}},{"id":"65fced86-28b7-4699-8763-59fd274fd9ed","block_type":"box","text":"the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S.","page_number":2,"box":{"x":149,"y":278,"width":653,"height":13}},{"id":"cff1adf6-8615-455d-bb11-3c109c4b1585","block_type":"box","text":"government (including its agencies and instrumentalities) and repurchase agreements collateralized","page_number":2,"box":{"x":150,"y":294,"width":730,"height":13}},{"id":"8416d0c3-7c42-442d-be94-b30b3c889541","block_type":"box","text":"by U.S. government securities are not considered to be issued by members of any industry.","page_number":2,"box":{"x":151,"y":309,"width":661,"height":13}},{"id":"efaa4848-2364-40ae-8485-1b6ce8b79c66","block_type":"box","text":"3. In the SAI, the index description for the MSCI Germany Index will be deleted and replaced with the","page_number":2,"box":{"x":116,"y":333,"width":749,"height":12}},{"id":"3ae6f444-b6c8-465d-bf54-cb10e7ee7d73","block_type":"box","text":"following:","page_number":2,"box":{"x":150,"y":348,"width":75,"height":13}},{"id":"68637e4c-3144-4516-a3de-198299451299","block_type":"box","text":"MSCI Germany 25/50 Index","page_number":2,"box":{"x":150,"y":371,"width":215,"height":13}},{"id":"f441e4fd-aab6-4960-a7a4-2a790f1297be","block_type":"box","text":"Index Description.","page_number":2,"box":{"x":151,"y":395,"width":138,"height":12}},{"id":"e1db433a-8fe0-494f-a476-c862f40d6439","block_type":"box","text":"The MSCI Germany 25/50 Index is designed to measure the performance of the","page_number":2,"box":{"x":289,"y":395,"width":589,"height":12}},{"id":"55f52323-2b6e-4f57-9254-fcfdd7fdda4a","block_type":"box","text":"large- and mid-capitalization segments of the equity market in Germany. The Underlying Index is","page_number":2,"box":{"x":151,"y":410,"width":705,"height":13}},{"id":"896dcee9-7052-411b-84e9-e75013669393","block_type":"box","text":"rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":2,"box":{"x":151,"y":426,"width":704,"height":12}},{"id":"148a1384-771c-4fb7-8afc-5a4eb033bda5","block_type":"box","text":"differences between the Underlying Index and the MSCI Germany Index.","page_number":2,"box":{"x":150,"y":441,"width":527,"height":13}},{"id":"827fe238-2be5-4d36-a485-e7091e8b7cd2","block_type":"box","text":"The Underlying Index uses a capping methodology that limits the weight of any single “group entity”","page_number":2,"box":{"x":149,"y":464,"width":736,"height":13}},{"id":"8de55209-4e24-4641-b74d-f83d29a28889","block_type":"box","text":"(constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":2,"box":{"x":151,"y":480,"width":679,"height":13}},{"id":"b987209b-0d78-4703-ab77-ab6f36d039d5","block_type":"box","text":"Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":2,"box":{"x":151,"y":495,"width":721,"height":13}},{"id":"3eeebfd9-be7c-4abd-8939-2f468ae38989","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an","page_number":2,"box":{"x":150,"y":511,"width":711,"height":13}},{"id":"3f1795fb-b546-48c0-b877-8c100b50e945","block_type":"box","text":"affiliated corporate group but may separately issue listed securities. To determine “group entities,”","page_number":2,"box":{"x":150,"y":526,"width":718,"height":13}},{"id":"4a9f7061-56d1-481e-9a0f-f607f1bfd71f","block_type":"box","text":"MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":2,"box":{"x":150,"y":542,"width":721,"height":13}},{"id":"4015cfd1-2bc6-48f3-ab82-f601a4434aa9","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the","page_number":2,"box":{"x":150,"y":557,"width":726,"height":13}},{"id":"09e8a2a4-b6fc-41d7-a5ee-7a743212e50c","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same","page_number":2,"box":{"x":150,"y":573,"width":736,"height":13}},{"id":"cab7f08c-4e17-4427-a20c-fbd23e97f33b","block_type":"box","text":"group entity where there is reasonable evidence of control based on other information. All group","page_number":2,"box":{"x":150,"y":589,"width":705,"height":12}},{"id":"fbfbbcdd-7d90-41e6-8640-4a9b69feb6ef","block_type":"box","text":"entities are reviewed on an annual basis.","page_number":2,"box":{"x":150,"y":604,"width":297,"height":10}},{"id":"f9c84d95-4c4b-4bc4-a2ab-fa2fe7744331","block_type":"box","text":"4. In the SAI, the Non-Fundamental Investment Policies of the Funds with respect to the Fund will be","page_number":2,"box":{"x":116,"y":627,"width":749,"height":13}},{"id":"757e0192-280c-4094-9d1a-46caf36b6c5f","block_type":"box","text":"deleted and replaced with the following:","page_number":2,"box":{"x":150,"y":643,"width":295,"height":12}},{"id":"499d84d4-50b7-497a-abef-55a10af87bc9","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without","page_number":2,"box":{"x":151,"y":666,"width":701,"height":13}},{"id":"5cf041b3-db5d-43f6-9064-e37d6cde3072","block_type":"box","text":"shareholder approval, the Fund may not purchase shares of any registered open-end investment","page_number":2,"box":{"x":150,"y":682,"width":699,"height":12}},{"id":"880275f1-4d50-4765-9eee-f9eb011d8079","block_type":"box","text":"company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) of the","page_number":2,"box":{"x":150,"y":697,"width":665,"height":13}},{"id":"4fc42537-14aa-4176-a323-c282f0f21b57","block_type":"box","text":"Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":2,"box":{"x":151,"y":713,"width":691,"height":12}},{"id":"9fb156de-5c6e-4322-b064-5a4ff06e75d6","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of","page_number":2,"box":{"x":150,"y":728,"width":657,"height":13}},{"id":"20614383-d445-4cb7-8186-c720543d462e","block_type":"box","text":"Section 12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of","page_number":2,"box":{"x":150,"y":744,"width":711,"height":12}},{"id":"18894b4b-4150-49f5-b758-5544cb74c481","block_type":"box","text":"registered open-end investment companies to the extent otherwise permissible under other","page_number":2,"box":{"x":151,"y":759,"width":665,"height":13}},{"id":"4668e450-9269-4f5e-8fc0-646ce270ef16","block_type":"box","text":"provisions of the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority","page_number":2,"box":{"x":150,"y":775,"width":714,"height":12}},{"id":"3bb8d795-6b04-4bfc-91d2-5e61e4810539","block_type":"box","text":"having jurisdiction, from time to time.","page_number":2,"box":{"x":151,"y":790,"width":271,"height":13}},{"id":"6242a79a-1335-4d56-9c10-fa53c7d6f66b","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":2,"box":{"x":117,"y":813,"width":516,"height":13}},{"id":"5c5b82f4-6055-4051-bf14-04600709cfad","block_type":"box","text":"iShares","page_number":2,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"a4f6ef5c-cbcd-4dd0-896a-16cd2ccadc0b","block_type":"box","text":"®","page_number":2,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"370338b9-3c39-4a6d-8461-ccc7e55c5bec","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":2,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"4cdacf9d-42cd-43a4-a7bc-40f412cb9bb5","block_type":"box","text":"IS-SUPP-EWG-1026","page_number":2,"box":{"x":768,"y":887,"width":115,"height":8}},{"id":"ed0b17a1-02e8-41bb-ae00-f076f40f1d9e","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":2,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"2a3c2b72-9f0b-4a5e-b227-4033cc21f943","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":2,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"bac9a85d-97fe-4f48-94a9-f979749e286d","block_type":"box","text":"iShares, Inc.","page_number":3,"box":{"x":454,"y":69,"width":95,"height":12}},{"id":"54a850bc-4afe-4e68-8c99-efa2ab5b2b36","block_type":"box","text":"Supplement dated October 23, 2026","page_number":3,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"e854f89f-a001-4754-9e7c-8c7c33342d5b","block_type":"box","text":"to the currently effective Summary Prospectus, Prospectus, and","page_number":3,"box":{"x":268,"y":108,"width":467,"height":13}},{"id":"0acdd1d9-6b43-4ec4-b772-3c5ea89bfd1f","block_type":"box","text":"Statement of Additional Information (the “SAI”) for the","page_number":3,"box":{"x":300,"y":123,"width":403,"height":13}},{"id":"b2a9a11d-6237-42c4-b715-1c30f92f4f07","block_type":"box","text":"iShares MSCI Singapore ETF (EWS) (the “Fund”)","page_number":3,"box":{"x":326,"y":139,"width":353,"height":13}},{"id":"35477efc-e6e9-4671-a8a2-518c1b9f9a4c","block_type":"box","text":"The Board of Directors has approved the following changes for the Fund that are expected to take effect","page_number":3,"box":{"x":116,"y":162,"width":760,"height":13}},{"id":"33a34719-dd0c-4b00-9575-1006ef8d7add","block_type":"box","text":"on or around November 9, 2026:","page_number":3,"box":{"x":116,"y":178,"width":242,"height":11}},{"id":"387d8b50-4233-494b-85c5-7cbc91653019","block_type":"box","text":"1. The Fund’s Underlying Index will change as described in the table below. All references to the","page_number":3,"box":{"x":118,"y":201,"width":712,"height":13}},{"id":"6fbb1db0-8536-4f35-919a-2ccc61c8fac0","block_type":"box","text":"Underlying Index for the Fund will refer to the new Underlying Index.","page_number":3,"box":{"x":151,"y":216,"width":499,"height":13}},{"id":"a3994f4f-e701-40d4-b920-3535a03bdf6a","block_type":"box","text":"Current Underlying Index New Underlying Index","page_number":3,"box":{"x":236,"y":237,"width":552,"height":13}},{"id":"a8645228-49b7-42e5-9fd7-8e3a6727176e","block_type":"box","text":"MSCI Singapore 25/50 Index MSCI Singapore 25/50 Daily 25 Capped Index","page_number":3,"box":{"x":229,"y":258,"width":642,"height":12}},{"id":"70345f7f-c0fd-4367-bd5c-dc0950d4ff39","block_type":"box","text":"2. The Principal Investment Strategies section of the Summary Prospectus and Prospectus for the Fund","page_number":3,"box":{"x":117,"y":289,"width":767,"height":12}},{"id":"06c74288-302d-40e3-9ea4-30975cb119ff","block_type":"box","text":"will be deleted and replaced with the following:","page_number":3,"box":{"x":149,"y":304,"width":346,"height":13}},{"id":"0886367b-4aac-4a31-8cc4-12532a4b0000","block_type":"box","text":"The Fund seeks to track the investment results of the MSCI Singapore 25/50 Daily 25 Capped Index","page_number":3,"box":{"x":149,"y":328,"width":728,"height":12}},{"id":"53e04480-28c9-4707-8091-fd0ac545f20d","block_type":"box","text":"(the “Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is","page_number":3,"box":{"x":151,"y":343,"width":721,"height":13}},{"id":"49d3688d-4e74-499c-ace9-6d3d71bd9ba8","block_type":"box","text":"designed to measure the performance of the large- and mid-capitalization segments of the equity","page_number":3,"box":{"x":150,"y":359,"width":712,"height":12}},{"id":"17636009-5f38-494e-b78e-362cf144b63e","block_type":"box","text":"market in Singapore. The Underlying Index is rebalanced quarterly using an optimization process","page_number":3,"box":{"x":151,"y":374,"width":704,"height":13}},{"id":"304e2188-6273-4060-9c37-2a111a6a5788","block_type":"box","text":"that aims to minimize the constituent weight differences between the Underlying Index and the","page_number":3,"box":{"x":149,"y":390,"width":696,"height":12}},{"id":"f2a228a7-20fd-490b-9008-b27a2bdc2ca7","block_type":"box","text":"MSCI Singapore Index. The Underlying Index uses a capping methodology that limits the weight of","page_number":3,"box":{"x":150,"y":405,"width":718,"height":13}},{"id":"46a89ab8-a99d-48e0-af1d-e1e521360ad6","block_type":"box","text":"any single “group entity” (constituents that MSCI determines have a control relationship) to a","page_number":3,"box":{"x":150,"y":421,"width":682,"height":12}},{"id":"3b72f1da-2b55-4386-80f4-09e691b9d7d2","block_type":"box","text":"maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight","page_number":3,"box":{"x":151,"y":436,"width":708,"height":13}},{"id":"8f09e7da-32e2-4572-b58a-ebe6ca47f80b","block_type":"box","text":"above 5% to an aggregate of 50% of the Underlying Index weight. In addition, if a group entity","page_number":3,"box":{"x":150,"y":452,"width":689,"height":12}},{"id":"28fe482f-0482-49be-81b2-eea2ab586127","block_type":"box","text":"exceeds 25% of the Underlying Index weight as of the close of any business day between quarterly","page_number":3,"box":{"x":150,"y":467,"width":720,"height":13}},{"id":"7bbafc8b-3923-4e07-8523-5d89616229fb","block_type":"box","text":"rebalances, the Underlying Index is rebalanced so that each group entity is reduced to 22.5% of the","page_number":3,"box":{"x":151,"y":483,"width":722,"height":12}},{"id":"a1387d9e-e365-4aa2-885f-748262f4b9ff","block_type":"box","text":"Underlying Index. A group entity is a group of companies that operate as an affiliated corporate","page_number":3,"box":{"x":151,"y":498,"width":694,"height":13}},{"id":"c3ed78ef-bdd9-4072-ab35-479d0447714b","block_type":"box","text":"group but may separately issue listed securities. To determine “group entities,” MSCI analyzes","page_number":3,"box":{"x":150,"y":514,"width":684,"height":12}},{"id":"b4f48f0d-cdc5-422d-bc95-bdab3f588fa2","block_type":"box","text":"financial accounts of listed companies holding stakes of 20% or more in other listed companies to","page_number":3,"box":{"x":150,"y":529,"width":716,"height":13}},{"id":"86f08111-7920-49b2-8e8e-1c5ca68a7fde","block_type":"box","text":"determine whether these stakes are controlling in nature. In certain cases, even in the absence of","page_number":3,"box":{"x":150,"y":545,"width":706,"height":12}},{"id":"70864d77-80d3-4fbf-a54d-a696abbc8a9f","block_type":"box","text":"consolidated accounts, MSCI may also consider two companies as belonging to the same group","page_number":3,"box":{"x":150,"y":560,"width":701,"height":13}},{"id":"5b3c64cc-f012-4f4f-b170-4d323213c9d9","block_type":"box","text":"entity where there is reasonable evidence of control based on other information. All group entities","page_number":3,"box":{"x":150,"y":576,"width":714,"height":12}},{"id":"9161e1f1-7b2f-477c-878c-2dee5ffaba7b","block_type":"box","text":"are reviewed on an annual basis.","page_number":3,"box":{"x":150,"y":591,"width":240,"height":10}},{"id":"4e4aa155-f79c-4276-99f3-015bdd0787f2","block_type":"box","text":"As of September 30, 2026, the Underlying Index had approximately 15 constituents, and a significant","page_number":3,"box":{"x":150,"y":614,"width":737,"height":13}},{"id":"094177a4-b2e0-4169-8bf6-506cf894be82","block_type":"box","text":"portion of the Underlying Index was represented by securities of companies in the consumer goods","page_number":3,"box":{"x":150,"y":630,"width":724,"height":13}},{"id":"a3260dec-5ec5-4b50-9bd7-351b4b60eae5","block_type":"box","text":"and services, financials and industrials industries or sectors. The components of the Underlying","page_number":3,"box":{"x":150,"y":645,"width":694,"height":13}},{"id":"a45cf2f8-e9be-42d7-b9ae-d37eb8f33520","block_type":"box","text":"Index are likely to change over time.","page_number":3,"box":{"x":151,"y":661,"width":259,"height":13}},{"id":"1bfc0a17-29b6-43de-8688-9f937ec6e4b1","block_type":"box","text":"The Fund seeks to track the investment results of the Underlying Index before fees and expenses of","page_number":3,"box":{"x":149,"y":684,"width":721,"height":13}},{"id":"a513394c-55b7-4cb3-93dd-10402871cbe4","block_type":"box","text":"the Fund. BFA uses a representative sampling indexing strategy to manage the Fund.","page_number":3,"box":{"x":149,"y":700,"width":615,"height":12}},{"id":"0d59346b-7d87-4530-a977-dac4bb9ca387","block_type":"box","text":"“Representative sampling” is an indexing strategy that involves investing in a representative sample","page_number":3,"box":{"x":150,"y":715,"width":721,"height":13}},{"id":"12c03609-09b5-4dc6-937d-fa2e78f0e174","block_type":"box","text":"of securities or other instruments intended to collectively have an investment profile similar to that","page_number":3,"box":{"x":150,"y":731,"width":715,"height":12}},{"id":"f08ca8a1-95aa-403d-bf33-f0f4ace79667","block_type":"box","text":"of an applicable underlying index. The instruments selected are expected to have, in the aggregate,","page_number":3,"box":{"x":150,"y":746,"width":716,"height":13}},{"id":"826529ab-0c7d-4c3c-a281-6ba19ebe615e","block_type":"box","text":"investment characteristics (based on factors such as market capitalization and industry weightings),","page_number":3,"box":{"x":150,"y":762,"width":726,"height":12}},{"id":"9848e4e1-d494-4bdc-b4d7-91f21b4cf702","block_type":"box","text":"fundamental characteristics (such as return variability and yield) and liquidity measures similar to","page_number":3,"box":{"x":150,"y":777,"width":705,"height":13}},{"id":"5954a96f-22ca-49ca-8970-12e664631f09","block_type":"box","text":"those of an applicable underlying index. The Fund may or may not hold all of the components of the","page_number":3,"box":{"x":149,"y":793,"width":727,"height":12}},{"id":"2f2322e8-9b1f-4f89-915f-3dc4a723f9b5","block_type":"box","text":"Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of","page_number":3,"box":{"x":151,"y":808,"width":707,"height":13}},{"id":"29da4f0e-1313-4607-b343-86c60ad731fd","block_type":"box","text":"the Underlying Index or exposure to one or more market risk factors associated with such","page_number":3,"box":{"x":149,"y":824,"width":650,"height":12}},{"id":"ea84e1c8-64f6-4ad1-9ecd-b29c523263a8","block_type":"box","text":"components. Subject to the limits described herein, the Fund may purchase and hold cash and cash","page_number":3,"box":{"x":150,"y":839,"width":727,"height":13}},{"id":"9be434d5-be07-4578-9e8b-f219d60ae1e9","block_type":"box","text":"equivalents, including shares of money market funds advised by BFA or its affiliates, and may also","page_number":3,"box":{"x":150,"y":855,"width":712,"height":12}},{"id":"6b78644a-53ae-4cea-b0a8-55ab4420bb41","block_type":"box","text":"purchase and hold instruments not included in the Underlying Index when BFA believes that such","page_number":3,"box":{"x":150,"y":870,"width":710,"height":13}},{"id":"0252f1ff-c142-48e5-8f01-0339841d4ead","block_type":"box","text":"instruments will help the Fund track the performance of the Underlying Index over time, including in","page_number":3,"box":{"x":150,"y":886,"width":730,"height":12}},{"id":"e36ad746-fb73-437f-884a-f737212fdd76","block_type":"box","text":"light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying","page_number":3,"box":{"x":151,"y":901,"width":724,"height":13}},{"id":"33bf225d-8501-4729-8c43-842eecf382ee","block_type":"box","text":"Index, or other reasons as determined by BFA.","page_number":3,"box":{"x":151,"y":917,"width":332,"height":12}},{"id":"b4b449fb-543a-479d-8ffb-c34bda7dfe98","block_type":"box","text":"In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940","page_number":4,"box":{"x":151,"y":69,"width":729,"height":13}},{"id":"ddec7fb3-7b1a-49c0-af19-5a6d885d17fc","block_type":"box","text":"Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net","page_number":4,"box":{"x":150,"y":85,"width":700,"height":12}},{"id":"6782abf5-77e2-4cc6-8f52-0cf5b72452ea","block_type":"box","text":"assets, plus the amount of any borrowings for investment purposes, in components of its Underlying","page_number":4,"box":{"x":150,"y":100,"width":735,"height":13}},{"id":"5dbe3d1b-0e10-4b90-be0b-80e39c0c52b7","block_type":"box","text":"Index. Investments in derivatives and other investments will be counted toward the Fund’s 80%","page_number":4,"box":{"x":151,"y":116,"width":696,"height":10}},{"id":"f6ed299e-af25-4da5-810b-18d475a68c49","block_type":"box","text":"investment policy to the extent that they provide exposure to the components of its Underlying","page_number":4,"box":{"x":150,"y":131,"width":694,"height":13}},{"id":"bcc265e2-2ea3-44ce-b387-fcb7bdb13c46","block_type":"box","text":"Index or exposure to one or more market risk factors associated with such components. The Fund’s","page_number":4,"box":{"x":151,"y":147,"width":727,"height":12}},{"id":"31b4b1de-d1a4-42f2-b0dd-2ffe48491ad0","block_type":"box","text":"80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60","page_number":4,"box":{"x":150,"y":162,"width":733,"height":13}},{"id":"1d61d400-a2af-431c-988f-596367062fb3","block_type":"box","text":"days’ notice to shareholders.","page_number":4,"box":{"x":150,"y":178,"width":211,"height":12}},{"id":"7811c97f-2ac0-47e4-b9e2-764a3816a76d","block_type":"box","text":"The Fund may not purchase a security (other than obligations of the U.S. government, its agencies or","page_number":4,"box":{"x":149,"y":201,"width":738,"height":13}},{"id":"c3719c06-ebf0-42f3-8e8c-c87ecffc3462","block_type":"box","text":"instrumentalities) if as a result 25% or more of its total assets would be invested in a single issuer.","page_number":4,"box":{"x":150,"y":216,"width":713,"height":13}},{"id":"630523a4-24b9-4659-b6bc-f2c4375fe33a","block_type":"box","text":"The Fund may lend securities representing up to one-third of the value of the Fund’s total assets","page_number":4,"box":{"x":149,"y":240,"width":703,"height":12}},{"id":"afd05bfd-100f-48aa-adc1-1710d828b133","block_type":"box","text":"(including the value of any collateral received).","page_number":4,"box":{"x":151,"y":255,"width":341,"height":13}},{"id":"1cbd7c5d-83de-4af8-805b-1fc3c4af0887","block_type":"box","text":"The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is","page_number":4,"box":{"x":149,"y":278,"width":658,"height":13}},{"id":"1defe02b-2c5d-4aab-9836-80a3dafa5fb8","block_type":"box","text":"independent of the Fund and BFA. The Index Provider determines the composition and relative","page_number":4,"box":{"x":150,"y":294,"width":690,"height":13}},{"id":"0e62bf72-1d89-4a6e-9382-33f77a221ed7","block_type":"box","text":"weightings of the securities in the Underlying Index and publishes information regarding the market","page_number":4,"box":{"x":149,"y":309,"width":729,"height":13}},{"id":"43856bb2-090d-46bb-99d4-419ec242be97","block_type":"box","text":"value of the Underlying Index.","page_number":4,"box":{"x":149,"y":325,"width":221,"height":13}},{"id":"6359f965-ffe5-4973-9dba-e78bc2d1c272","block_type":"box","text":"Industry Concentration Policy.","page_number":4,"box":{"x":151,"y":348,"width":229,"height":13}},{"id":"b3453cbe-3e09-40b6-9104-865ea92e7229","block_type":"box","text":"With respect to the two most heavily weighted industries or groups","page_number":4,"box":{"x":381,"y":348,"width":498,"height":13}},{"id":"67104032-0d38-4ead-b036-d403bee05690","block_type":"box","text":"of industries in its benchmark MSCI Index, the Fund will invest in securities (consistent with its","page_number":4,"box":{"x":150,"y":364,"width":688,"height":12}},{"id":"c6e585e0-864e-4174-9053-16132052c37a","block_type":"box","text":"investment objective and other investment policies) so that the weighting of each such industry or","page_number":4,"box":{"x":150,"y":379,"width":718,"height":13}},{"id":"b1f5065b-69c5-41c2-b6aa-bc3552c1a3c4","block_type":"box","text":"group of industries in the Fund does not diverge by more than 10% from the respective weighting of","page_number":4,"box":{"x":150,"y":395,"width":733,"height":12}},{"id":"a2a61900-6cd8-4419-9877-1a38ef84f93d","block_type":"box","text":"such industry or group of industries in its benchmark MSCI Index. An exception to this policy is that","page_number":4,"box":{"x":150,"y":410,"width":726,"height":13}},{"id":"e92f3189-412f-45a0-9869-54faf6baeb61","block_type":"box","text":"if investment in the stock of a single issuer would account for more than 25% of the Fund, the Fund","page_number":4,"box":{"x":150,"y":426,"width":728,"height":12}},{"id":"8a8442bf-7238-4f1b-9982-fb80267617dd","block_type":"box","text":"will invest less than 25% of its net assets in such stock and will reallocate the excess to stock(s) in","page_number":4,"box":{"x":149,"y":441,"width":716,"height":13}},{"id":"2a9a44cc-9ef7-484c-9637-1d2b49b2a990","block_type":"box","text":"the same industry or group of industries, and/or to stock(s) in another industry or group of","page_number":4,"box":{"x":149,"y":457,"width":666,"height":12}},{"id":"5932e483-996e-41cb-817d-b5b778a07fd5","block_type":"box","text":"industries, in its benchmark MSCI Index. The Fund will evaluate these industry weightings at least","page_number":4,"box":{"x":150,"y":472,"width":710,"height":13}},{"id":"05c98d80-7913-4003-8c9e-0b7c9721dccd","block_type":"box","text":"weekly, and at the time of evaluation will adjust its portfolio composition to the extent necessary to","page_number":4,"box":{"x":149,"y":488,"width":724,"height":12}},{"id":"5d4c7d7e-6f74-42e7-9077-56e552f78047","block_type":"box","text":"maintain compliance with the above policy. The Fund may not concentrate its investments except as","page_number":4,"box":{"x":151,"y":503,"width":734,"height":13}},{"id":"07e9f98d-0956-457e-95e8-47082c24176a","block_type":"box","text":"discussed above.","page_number":4,"box":{"x":150,"y":519,"width":127,"height":10}},{"id":"3de06cd4-15ca-4c1c-a360-7a28f5b5d38a","block_type":"box","text":"3. In the SAI, the index description for the MSCI Singapore 25/50 Index will be deleted and replaced","page_number":4,"box":{"x":116,"y":542,"width":742,"height":13}},{"id":"866dd13e-cb1b-4d12-b9bd-2da618723969","block_type":"box","text":"with the following:","page_number":4,"box":{"x":149,"y":557,"width":140,"height":13}},{"id":"16d04788-5b3f-4f4e-be78-4e904f7da9d5","block_type":"box","text":"MSCI Singapore 25/50 Daily 25 Capped Index","page_number":4,"box":{"x":150,"y":581,"width":351,"height":12}},{"id":"0323e0af-3437-4add-b615-3ee40604359d","block_type":"box","text":"Index Description.","page_number":4,"box":{"x":151,"y":604,"width":142,"height":13}},{"id":"76f90d0c-795a-4380-bc95-4e60bbfa6b59","block_type":"box","text":"The MSCI Singapore 25/50 Daily 25 Capped Index is a free float-adjusted market","page_number":4,"box":{"x":293,"y":604,"width":592,"height":13}},{"id":"04026894-795e-4af6-b858-9c8226336cb6","block_type":"box","text":"capitalization-weighted index that is designed to measure the performance of the large- and","page_number":4,"box":{"x":150,"y":620,"width":673,"height":12}},{"id":"c77817c8-5c8f-4caf-aa56-c627406648c9","block_type":"box","text":"mid-capitalization segments of the equity market in Singapore. The Underlying Index is rebalanced","page_number":4,"box":{"x":151,"y":635,"width":718,"height":13}},{"id":"aea8ad84-644b-4e59-8453-24dd1712c285","block_type":"box","text":"quarterly using an optimization process that aims to minimize the constituent weight differences","page_number":4,"box":{"x":150,"y":651,"width":705,"height":12}},{"id":"4be4b18a-1a97-490d-8c68-aee8f78c143e","block_type":"box","text":"between the Underlying Index and the MSCI Singapore Index. The Underlying Index uses a capping","page_number":4,"box":{"x":151,"y":666,"width":714,"height":13}},{"id":"a9de08cc-5901-4922-a1a3-4d1fb515eb02","block_type":"box","text":"methodology that limits the weight of any single “group entity” (constituents that MSCI determines","page_number":4,"box":{"x":151,"y":682,"width":720,"height":12}},{"id":"2e807afa-49be-4cc5-bf1e-cbbfcc9ce0f7","block_type":"box","text":"have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all","page_number":4,"box":{"x":151,"y":697,"width":730,"height":13}},{"id":"685b8c67-3d24-4311-aaa8-fc71cb999f8e","block_type":"box","text":"group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. In","page_number":4,"box":{"x":150,"y":713,"width":704,"height":12}},{"id":"83c0cdec-b5a1-4e50-a4a4-94ade8df660b","block_type":"box","text":"addition, if a group entity exceeds 25% of the Underlying Index weight as of the close of any","page_number":4,"box":{"x":150,"y":728,"width":668,"height":13}},{"id":"148cb974-edfe-481c-9e9f-aa15cb2c2a7f","block_type":"box","text":"business day between quarterly rebalances, the Underlying Index is rebalanced so that each group","page_number":4,"box":{"x":151,"y":744,"width":710,"height":12}},{"id":"7a348613-ab94-4172-a07c-c588df574588","block_type":"box","text":"entity is reduced to 22.5% of the Underlying Index. A group entity is a group of companies that","page_number":4,"box":{"x":150,"y":759,"width":688,"height":13}},{"id":"cb9c0013-e47d-434c-ae35-b0b1cf931b00","block_type":"box","text":"operate as an affiliated corporate group but may separately issue listed securities. To determine","page_number":4,"box":{"x":150,"y":775,"width":692,"height":12}},{"id":"acf8e84a-0d01-43e7-92b2-487d28463d2a","block_type":"box","text":"“group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or","page_number":4,"box":{"x":150,"y":790,"width":694,"height":13}},{"id":"782ffd01-396d-403c-bc10-ba6bb531bf44","block_type":"box","text":"more in other listed companies to determine whether these stakes are controlling in nature. In","page_number":4,"box":{"x":151,"y":806,"width":680,"height":12}},{"id":"3e7519f5-8978-48ab-9df4-cc1ae416f75a","block_type":"box","text":"certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies","page_number":4,"box":{"x":150,"y":821,"width":730,"height":13}},{"id":"adc0ae26-57ec-4a35-81eb-ca66305e284a","block_type":"box","text":"as belonging to the same group entity where there is reasonable evidence of control based on other","page_number":4,"box":{"x":150,"y":837,"width":727,"height":12}},{"id":"771855ff-a3d0-4f13-a590-1353cd3de941","block_type":"box","text":"information. All group entities are reviewed on an annual basis.","page_number":4,"box":{"x":150,"y":852,"width":461,"height":13}},{"id":"1ae20d81-1ba5-4b4f-a889-5895a697c2dd","block_type":"box","text":"4. In the SAI, the Non-Fundamental Investment Policies of the Funds with respect to the Fund will be","page_number":5,"box":{"x":116,"y":69,"width":749,"height":13}},{"id":"f9c7d406-ccda-4bc9-8769-e9c8a4f23ef4","block_type":"box","text":"deleted and replaced with the following:","page_number":5,"box":{"x":150,"y":85,"width":295,"height":12}},{"id":"c5cc314c-5cdb-4e7e-9c46-ae49f1617fc9","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without","page_number":5,"box":{"x":151,"y":108,"width":705,"height":13}},{"id":"d8f56e9d-4ceb-4ebf-b88a-fd0c45c2e9bc","block_type":"box","text":"shareholder approval, the Fund may not purchase shares of any registered open-end investment","page_number":5,"box":{"x":150,"y":123,"width":704,"height":13}},{"id":"bc8476c3-13ab-4405-a62e-1af3d2c145aa","block_type":"box","text":"company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) of the","page_number":5,"box":{"x":150,"y":139,"width":670,"height":13}},{"id":"fe91aaa8-f224-42c5-b8a8-2f2d5daa08d9","block_type":"box","text":"Investment Company Act, at any time the Fund has knowledge that its shares are purchased by","page_number":5,"box":{"x":151,"y":154,"width":695,"height":13}},{"id":"c21daf7a-eae9-499e-baa8-205abfdf218d","block_type":"box","text":"another investment company investor in reliance on the provisions of subparagraph (G) of","page_number":5,"box":{"x":150,"y":170,"width":660,"height":13}},{"id":"72fbb6b7-5fe0-4217-92e7-5fe29b54075d","block_type":"box","text":"Section 12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of","page_number":5,"box":{"x":150,"y":185,"width":714,"height":13}},{"id":"d6ef9406-881f-4dfa-9f12-c951e6ea6a98","block_type":"box","text":"registered open-end investment companies to the extent otherwise permissible under other","page_number":5,"box":{"x":151,"y":201,"width":669,"height":13}},{"id":"d1b49185-d9f5-46b6-9b74-4f37ca996001","block_type":"box","text":"provisions of the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority","page_number":5,"box":{"x":150,"y":216,"width":718,"height":13}},{"id":"c8685106-c2fa-4df0-8427-81e4e1a4af69","block_type":"box","text":"having jurisdiction, from time to time.","page_number":5,"box":{"x":151,"y":232,"width":276,"height":13}},{"id":"06181d89-8486-4d7c-9664-c7da36f9cfde","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":5,"box":{"x":117,"y":255,"width":521,"height":13}},{"id":"1651372d-348f-4581-83a8-858d8b34015e","block_type":"box","text":"iShares","page_number":5,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"eedcf978-6306-4cc2-a281-4a152908c2bc","block_type":"box","text":"®","page_number":5,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"c02b854d-97c1-4e8d-9471-4d4efd90a4ff","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":"0c8df5c4-66c0-4a74-9858-29af24af41c6","block_type":"box","text":"IS-SUPP-EWS-1026","page_number":5,"box":{"x":771,"y":887,"width":112,"height":8}},{"id":"1fc20c13-fbf6-47c2-958b-c7198750e908","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":5,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"6a0b650f-6078-449b-9cfd-83f3d04aa192","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":5,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"0a81a372-6239-4c2b-ba16-1089d925f96c","block_type":"box","text":"iShares, Inc. and iShares Trust","page_number":6,"box":{"x":386,"y":69,"width":231,"height":12}},{"id":"1f4af02b-b036-49dc-82a2-1b06b77bcee6","block_type":"box","text":"Supplement dated October 15, 2026","page_number":6,"box":{"x":367,"y":92,"width":269,"height":13}},{"id":"7c27428a-517f-40cf-9b9f-33223e4b3ab0","block_type":"box","text":"to the currently effective Prospectus and Statement of Additional Information","page_number":6,"box":{"x":218,"y":108,"width":567,"height":13}},{"id":"d726526f-5291-4686-be59-641d45b6cd23","block_type":"box","text":"(the “SAI”) for the Funds listed in Appendix A (each, a “Fund”)","page_number":6,"box":{"x":274,"y":123,"width":456,"height":13}},{"id":"6c431923-9836-419f-9b81-c137de581011","block_type":"box","text":"Effective October 14, 2026, each Fund was added as a borrower to the syndicated line of credit for which","page_number":6,"box":{"x":117,"y":147,"width":764,"height":12}},{"id":"65e3c284-8653-4f43-a570-1afdd58cf53a","block_type":"box","text":"the Bank of New York Mellon serves as administrative agent for itself and the other banks.","page_number":6,"box":{"x":116,"y":162,"width":656,"height":13}},{"id":"b852264e-953f-44da-b033-0ce01b407bab","block_type":"box","text":"Effective immediately, the following changes are made:","page_number":6,"box":{"x":117,"y":185,"width":404,"height":13}},{"id":"4f3ac1ba-e697-44a7-93a9-730c6df7b4a1","block_type":"box","text":"1) Each Fund is added to the “Borrowing” section of its Prospectus, and ”Borrowing Risk” is marked as","page_number":6,"box":{"x":118,"y":209,"width":759,"height":12}},{"id":"58abc6c7-e244-4f55-8d76-15f4e089e61d","block_type":"box","text":"an “Other Risk” for each Fund in the chart included in the “Additional Information About the Funds’","page_number":6,"box":{"x":150,"y":224,"width":726,"height":10}},{"id":"28951a06-653c-44ac-b9e0-b5c1b1b3a2fb","block_type":"box","text":"Risks” section of its Prospectus.","page_number":6,"box":{"x":151,"y":240,"width":233,"height":12}},{"id":"e753711b-8ad5-44b2-85eb-99a72f1428cc","block_type":"box","text":"2) As applicable, the following language is either added to the “Borrowing” section of each Fund’s SAI","page_number":6,"box":{"x":117,"y":263,"width":755,"height":13}},{"id":"65cdf705-b19d-455d-9972-8fb029402875","block_type":"box","text":"or updated to include a reference to the particular Fund:","page_number":6,"box":{"x":150,"y":278,"width":411,"height":13}},{"id":"12fc7827-4987-46f3-b9e9-9f06fd655a88","block_type":"box","text":"The Fund may borrow for temporary or emergency purposes, including to meet payments due from","page_number":6,"box":{"x":149,"y":302,"width":730,"height":12}},{"id":"c68d7694-8307-44e5-bfc4-a4f79f5a0cfc","block_type":"box","text":"redemptions or to facilitate the settlement of securities or other transactions. The Fund, along with","page_number":6,"box":{"x":151,"y":317,"width":719,"height":13}},{"id":"e8a0238d-42a6-4e01-806c-29154f050c55","block_type":"box","text":"certain other iShares funds, has entered into a syndicated line of credit with the Bank of New York","page_number":6,"box":{"x":150,"y":333,"width":713,"height":12}},{"id":"cf96adbd-70dc-4d11-a87b-cfca1ef40604","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated","page_number":6,"box":{"x":150,"y":348,"width":723,"height":13}},{"id":"a2cc0ebc-3a40-480b-8c0d-bf9a112071b0","block_type":"box","text":"line of credit may be used for temporary or emergency purposes, including redemption, settlement","page_number":6,"box":{"x":151,"y":364,"width":720,"height":12}},{"id":"a3a9a521-0033-4e8e-84ac-82db542d1a91","block_type":"box","text":"of trades and rebalancing of portfolio holdings.","page_number":6,"box":{"x":150,"y":379,"width":345,"height":13}},{"id":"3e97833c-920b-49d1-950d-a94f406cee58","block_type":"box","text":"Interest rates related to the syndicated line of credit are based on the Secured Overnight Financing","page_number":6,"box":{"x":151,"y":402,"width":717,"height":13}},{"id":"8aa8a062-fef9-461f-8d3c-fc14f4e2d565","block_type":"box","text":"Rate (“SOFR”) published by the Federal Reserve Bank of New York plus a spread. Pursuant to the","page_number":6,"box":{"x":151,"y":418,"width":704,"height":13}},{"id":"605fc82f-fdbc-4caa-810e-5ba1388502ec","block_type":"box","text":"terms of the credit agreement, if SOFR were to cease being published or representative, it would be","page_number":6,"box":{"x":149,"y":433,"width":723,"height":13}},{"id":"d8ae86ab-fbe0-4507-a81d-8d090630ec06","block_type":"box","text":"replaced by a rate based on an alternate benchmark selected by BNY.","page_number":6,"box":{"x":151,"y":449,"width":504,"height":13}},{"id":"939ac645-773a-4afb-aec6-3cff8a172aa6","block_type":"box","text":"Appendix A","page_number":6,"box":{"x":456,"y":472,"width":92,"height":13}},{"id":"b0ab78d8-9db4-441b-8882-fb69b370040d","block_type":"box","text":"iShares Blockchain and Tech ETF","page_number":6,"box":{"x":117,"y":495,"width":242,"height":10}},{"id":"f6579484-4d44-4fc6-8358-d0b7ebb7d9fc","block_type":"box","text":"iShares China Large-Cap ETF","page_number":6,"box":{"x":117,"y":511,"width":213,"height":13}},{"id":"d1488a66-806d-41ce-84de-36d4145ee457","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":6,"box":{"x":117,"y":526,"width":220,"height":10}},{"id":"293fd936-9e56-400f-8f08-68fcacadd0fd","block_type":"box","text":"iShares Currency Hedged MSCI ACWI ex U.S. ETF","page_number":6,"box":{"x":117,"y":542,"width":359,"height":13}},{"id":"d197d6d4-86a9-4d9f-b2c2-98e92f997855","block_type":"box","text":"iShares Global Healthcare ETF","page_number":6,"box":{"x":117,"y":557,"width":221,"height":10}},{"id":"79908c53-00e3-41ee-ab96-5aa285c14dc6","block_type":"box","text":"iShares International Developed Real Estate ETF","page_number":6,"box":{"x":511,"y":495,"width":349,"height":13}},{"id":"6667c487-49d1-4c6a-9ebb-032555d31705","block_type":"box","text":"iShares MSCI Global Gold Miners ETF","page_number":6,"box":{"x":511,"y":511,"width":273,"height":10}},{"id":"6a07e594-5634-4ae1-ba26-b4258358f56a","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF","page_number":6,"box":{"x":511,"y":526,"width":363,"height":10}},{"id":"f4dd26d9-dec5-4be9-9fa9-7641bc521005","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":6,"box":{"x":511,"y":542,"width":246,"height":13}},{"id":"cbbadb96-3baf-497a-b699-2f0539ce84b1","block_type":"box","text":"iShares Neuroscience and Healthcare ETF","page_number":6,"box":{"x":511,"y":557,"width":304,"height":10}},{"id":"7adab7ff-a908-4eae-9d2a-5255386ccb4c","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":6,"box":{"x":117,"y":581,"width":521,"height":12}},{"id":"b87dbf82-4d8b-425e-982e-45310d4d57df","block_type":"box","text":"iShares","page_number":6,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"41181315-01f6-44cd-b9b8-4b87c2a40ee9","block_type":"box","text":"®","page_number":6,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"3a9fb6b3-4420-4e60-b205-cbf54c7b8f0a","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":"74bab7cf-391a-49ac-8a7f-53ba3395c120","block_type":"box","text":"IS-A-LOC-1026","page_number":6,"box":{"x":794,"y":887,"width":89,"height":8}},{"id":"f8ee83e5-7c3e-474a-8e02-3a115f7278d6","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":6,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"c6353635-69b0-48eb-b507-ead10244911f","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":6,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"89ca64db-2b3c-4188-aee2-d530c84fa4eb","block_type":"box","text":"iShares, Inc., iShares Trust, and iShares U.S. ETF Trust","page_number":7,"box":{"x":298,"y":69,"width":408,"height":12}},{"id":"781579e1-75be-46be-9951-49ba51c9b5cd","block_type":"box","text":"Supplement dated September 11, 2026","page_number":7,"box":{"x":352,"y":85,"width":300,"height":12}},{"id":"f58188c5-8f42-4f58-8119-f9ca6af588c8","block_type":"box","text":"to the currently effective Statement of Additional Information (the “SAI”) for each series of","page_number":7,"box":{"x":153,"y":100,"width":696,"height":13}},{"id":"3152f610-9409-4a6e-b141-e10fb28ed256","block_type":"box","text":"iShares, Inc., iShares Trust, and iShares U.S. ETF Trust (each, a “Fund”)","page_number":7,"box":{"x":234,"y":116,"width":536,"height":12}},{"id":"1e4878ce-7833-456c-b034-509afaea773a","block_type":"box","text":"Effectively immediately, the fifth paragraph of the “Payments by BFA and its Affiliates” subsection of","page_number":7,"box":{"x":117,"y":139,"width":767,"height":13}},{"id":"2899c882-bc8a-4ff9-9996-17b945dd6e34","block_type":"box","text":"the section entitled “Investment Advisory, Administrative and Distribution Services” of the SAI for","page_number":7,"box":{"x":116,"y":154,"width":748,"height":13}},{"id":"17dcc706-8cff-4337-a187-a98fc1a3c488","block_type":"box","text":"each series is deleted in its entirety and replaced with the following:","page_number":7,"box":{"x":116,"y":170,"width":519,"height":13}},{"id":"030dc293-f95c-4544-9d91-ff17432206bc","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and","page_number":7,"box":{"x":117,"y":193,"width":719,"height":13}},{"id":"cb33fcb0-d525-48cd-a7cf-bc0d998d2314","block_type":"box","text":"certain other third parties that the BFA Entities believe may benefit the business of the BFA Entities or","page_number":7,"box":{"x":116,"y":209,"width":737,"height":12}},{"id":"693286d5-bb40-4ea6-9f88-a107f3bbacbd","block_type":"box","text":"facilitate investment in the Fund or certain Products. Such agreements can include payments by BFA","page_number":7,"box":{"x":116,"y":224,"width":734,"height":13}},{"id":"4c1e1b0a-bdd7-41f7-834d-5a68f6318bbb","block_type":"box","text":"Entities to such Intermediaries and third parties for data collection and provision, technology support,","page_number":7,"box":{"x":117,"y":240,"width":739,"height":12}},{"id":"1cd9e4ef-42e9-482d-85f8-39ca8cc18a09","block_type":"box","text":"platform enhancement, or educational content, co-marketing and cross-promotional efforts. In certain","page_number":7,"box":{"x":116,"y":255,"width":749,"height":13}},{"id":"176b8849-4f6e-48e3-b438-8ab3bd677523","block_type":"box","text":"cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered","page_number":7,"box":{"x":116,"y":271,"width":701,"height":12}},{"id":"208334d1-fc36-4795-b760-a0b35bac98ad","block_type":"box","text":"payments. With respect to certain funds and Products, payments by the BFA Entities may take the form","page_number":7,"box":{"x":116,"y":286,"width":754,"height":13}},{"id":"06d28262-1360-489a-b860-abedfb746d91","block_type":"box","text":"of, among other things, “due diligence” payments for an Intermediary’s review of such funds and","page_number":7,"box":{"x":116,"y":302,"width":708,"height":12}},{"id":"f424ff13-4fe3-43b6-8b85-ea3da7793bb9","block_type":"box","text":"Products; payment for providing employee training and information relating to such funds and Products;","page_number":7,"box":{"x":117,"y":317,"width":763,"height":13}},{"id":"78554920-76c7-4cf8-9c7b-d9008e0ed073","block_type":"box","text":"fees for access (in some cases on a preferential basis) to an Intermediary’s registered representatives,","page_number":7,"box":{"x":116,"y":333,"width":739,"height":12}},{"id":"ae38cd76-2678-4979-9341-4fce2ad8472b","block_type":"box","text":"salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf space”","page_number":7,"box":{"x":116,"y":348,"width":753,"height":13}},{"id":"8fc180a4-cbae-4f77-8f46-f86707740240","block_type":"box","text":"payments for making such funds and Products available on the Intermediary’s platform or fees for","page_number":7,"box":{"x":116,"y":364,"width":716,"height":12}},{"id":"c5436b45-28f4-4745-b6fb-8e58a244bd91","block_type":"box","text":"providing assistance in promoting the sale of such funds and Products. In such cases, the payments to","page_number":7,"box":{"x":116,"y":379,"width":747,"height":13}},{"id":"bcad5aa5-ec7b-435b-b1fd-66c6054ac9b0","block_type":"box","text":"Intermediaries may be tiered or based on a percentage of the value of the funds and Products held by","page_number":7,"box":{"x":117,"y":395,"width":738,"height":12}},{"id":"82a05713-0ea3-4610-9d7f-fd4ae8a49cc3","block_type":"box","text":"customers of the applicable Intermediary and may also be subject to minimum payment levels. Payments","page_number":7,"box":{"x":116,"y":410,"width":769,"height":13}},{"id":"a31eac12-492d-402b-8db7-c27f4e95d886","block_type":"box","text":"made pursuant to such arrangements may vary in any year and may be different for different","page_number":7,"box":{"x":117,"y":426,"width":677,"height":12}},{"id":"70c19c90-f6be-4f53-bab4-4b11b2c8a21d","block_type":"box","text":"Intermediaries and third parties and may reflect different services provided. As of the date of this SAI, the","page_number":7,"box":{"x":117,"y":441,"width":764,"height":13}},{"id":"0812edcd-1eb3-4d0f-ad13-220c6e1eac18","block_type":"box","text":"Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the","page_number":7,"box":{"x":117,"y":457,"width":740,"height":12}},{"id":"024b9a95-d278-406b-8fec-2ed12ac1bde1","block_type":"box","text":"contractual payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit","page_number":7,"box":{"x":116,"y":472,"width":743,"height":13}},{"id":"fd6e6e4c-f009-4eea-bb69-865ff7b0d5ed","block_type":"box","text":"Exchange, AE Wealth Management, LLC, American Enterprise Investment Services, Inc., Avantax","page_number":7,"box":{"x":117,"y":488,"width":702,"height":12}},{"id":"604cb51a-ca7c-4f71-bc75-52c7cf06af20","block_type":"box","text":"Investment Services, Inc., BNY Mellon Capital Markets, LLC, BNY Mellon Performance & Risk Analytics,","page_number":7,"box":{"x":117,"y":503,"width":744,"height":13}},{"id":"10196067-dc79-49af-a5fd-ab4e65c6ff3d","block_type":"box","text":"LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc., Clearstream Fund Centre AG,","page_number":7,"box":{"x":117,"y":519,"width":660,"height":12}},{"id":"dcf6547e-b84b-448b-9dec-9c342f35c941","block_type":"box","text":"Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial Partners LLC,","page_number":7,"box":{"x":116,"y":534,"width":769,"height":13}},{"id":"404f19a9-aa7c-4757-9e01-9bff3dea6147","block_type":"box","text":"E*Trade Securities LLC, Envestnet Asset Management, Inc., Equitable Advisors, LLC, iCapital Markets LLC,","page_number":7,"box":{"x":117,"y":550,"width":767,"height":12}},{"id":"d2e6f4ad-3820-4712-ade1-2acf26a9d309","block_type":"box","text":"Interactive Brokers LLC, LPL Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML","page_number":7,"box":{"x":117,"y":565,"width":726,"height":13}},{"id":"260cc1b3-3f2d-4c88-aab2-46bfe7f16e85","block_type":"box","text":"Investors Services, LLC, Morgan Stanley Smith Barney LLC, Northwestern Mutual Investment Services,","page_number":7,"box":{"x":117,"y":581,"width":742,"height":12}},{"id":"df7b1e2a-00fd-46ff-97aa-d0e5b522b7ac","block_type":"box","text":"LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial Services, Inc., Riskalyze, Inc.,","page_number":7,"box":{"x":117,"y":596,"width":760,"height":13}},{"id":"779da07c-eb60-4e1c-9a89-3d04464292b0","block_type":"box","text":"Rockefeller Financial LLC, Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing","page_number":7,"box":{"x":117,"y":612,"width":763,"height":12}},{"id":"238435fc-f07e-4a89-b27b-8f57410a7a40","block_type":"box","text":"Services, LLC and Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions","page_number":7,"box":{"x":116,"y":627,"width":767,"height":13}},{"id":"636f5202-4d3d-4a40-9d23-40dfb57bf046","block_type":"box","text":"to Intermediaries and other third parties listed above that have occurred since the date of this SAI are not","page_number":7,"box":{"x":116,"y":643,"width":766,"height":12}},{"id":"9c4aec8d-5242-458a-bb31-3b13ec5bf41a","block_type":"box","text":"included in the list.","page_number":7,"box":{"x":117,"y":658,"width":139,"height":10}},{"id":"f089a274-b54e-440c-a5d6-8dc752997068","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":7,"box":{"x":117,"y":682,"width":516,"height":12}},{"id":"316a96ee-74d8-41c1-becf-ea68acd65a6f","block_type":"box","text":"iShares","page_number":7,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"ace9ba00-c2ee-498a-970a-999c0584b296","block_type":"box","text":"®","page_number":7,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"0ab8f3b8-aced-424a-a9aa-289456bc7eb9","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":7,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"2c3d1835-e4db-445a-8e6e-1e46b6b89f5d","block_type":"box","text":"IS-A-IntermSAI-0926","page_number":7,"box":{"x":761,"y":887,"width":122,"height":8}},{"id":"e0402953-b576-4063-80f3-7443a764e51e","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":7,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"3611b600-08c4-4dba-8f87-7d566e04c5cc","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":7,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"8a25a33d-edeb-406a-9227-cf6c870ba4f5","block_type":"box","text":"iShares","page_number":8,"box":{"x":423,"y":71,"width":128,"height":24}},{"id":"6682e6fd-7cc8-47d2-8e89-28c83776c14d","block_type":"box","text":"®","page_number":8,"box":{"x":554,"y":70,"width":23,"height":17}},{"id":"029743c3-c0de-4cf7-a515-2d1aefbcd4a7","block_type":"box","text":"iShares, Inc.","page_number":8,"box":{"x":454,"y":108,"width":95,"height":12}},{"id":"a34cae51-3002-4cb5-84d0-78b79af6fcc0","block_type":"box","text":"iShares Trust","page_number":8,"box":{"x":450,"y":123,"width":103,"height":10}},{"id":"bf4a167f-2caf-42ab-afa4-8ad29cfcd627","block_type":"box","text":"Supplement dated February 13, 2026 to the","page_number":8,"box":{"x":335,"y":139,"width":333,"height":13}},{"id":"3538cc17-18c0-47a5-bb5e-600a4143f58f","block_type":"box","text":"currently effective Prospectus and Statement of Additional Information (“SAI”)","page_number":8,"box":{"x":199,"y":154,"width":605,"height":13}},{"id":"0be620fc-fb60-4354-8423-202559688ea2","block_type":"box","text":"for each of the funds listed in Appendix A (each, a “Fund”)","page_number":8,"box":{"x":278,"y":170,"width":447,"height":13}},{"id":"d8a696c4-dcf6-4b6f-98c0-be5670891b59","block_type":"box","text":"On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and","page_number":8,"box":{"x":116,"y":193,"width":751,"height":13}},{"id":"4c0480c2-0b54-4215-9675-7cd440ad2afa","block_type":"box","text":"transfer agent for each Fund. Effective upon this change, the following changes will be made:","page_number":8,"box":{"x":116,"y":209,"width":680,"height":12}},{"id":"d58a400d-3582-4419-b718-c06864345e01","block_type":"box","text":"1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank","page_number":8,"box":{"x":151,"y":232,"width":726,"height":13}},{"id":"6c52b1ab-b614-4d09-9dda-d35aed4eb03d","block_type":"box","text":"is checked for the applicable Fund.","page_number":8,"box":{"x":184,"y":247,"width":255,"height":13}},{"id":"e4b71c96-90b5-4212-b24a-f2d85ea08c91","block_type":"box","text":"2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following","page_number":8,"box":{"x":150,"y":271,"width":725,"height":12}},{"id":"327f7a5a-8dd0-4463-b669-608a87f5240e","block_type":"box","text":"language is included to apply to the applicable Fund:","page_number":8,"box":{"x":184,"y":286,"width":385,"height":13}},{"id":"6be43564-0dea-444d-9b4e-eb5361e7c780","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":8,"box":{"x":183,"y":309,"width":353,"height":13}},{"id":"a696b6db-1798-42c4-a9d4-827021b2dbad","block_type":"box","text":"Citibank serves as administrator, custodian and","page_number":8,"box":{"x":536,"y":309,"width":348,"height":12}},{"id":"d825e42b-0470-4f05-bad5-0dd3180a38b4","block_type":"box","text":"transfer agent for the Funds under the Master Services Agreement (the “Master Services","page_number":8,"box":{"x":183,"y":325,"width":646,"height":13}},{"id":"c48ad7fc-72a7-44bb-9be5-79fbf3afb5fa","block_type":"box","text":"Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":8,"box":{"x":183,"y":340,"width":646,"height":13}},{"id":"f7ff626a-b65a-4ecc-81b8-8abdf54ab6e5","block_type":"box","text":"Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary","page_number":8,"box":{"x":184,"y":356,"width":637,"height":13}},{"id":"18bba850-7fe4-41f6-b1b7-27e531f5b055","block_type":"box","text":"administrative, tax and accounting and financial reporting services for the maintenance and","page_number":8,"box":{"x":184,"y":371,"width":669,"height":13}},{"id":"79948d30-5daf-4acc-af65-09f596fc88b4","block_type":"box","text":"operations of the Trust and each Fund. In addition, Citibank makes available the office space,","page_number":8,"box":{"x":184,"y":387,"width":677,"height":13}},{"id":"b078c758-e8fc-4dfb-abc1-cbbec2d99449","block_type":"box","text":"equipment, personnel and facilities required to provide such services. Pursuant to the Master","page_number":8,"box":{"x":184,"y":402,"width":676,"height":13}},{"id":"5a9828ab-b0cf-4945-b293-84e14e817a37","block_type":"box","text":"Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities","page_number":8,"box":{"x":184,"y":418,"width":676,"height":13}},{"id":"de3e4bfd-7134-448d-b2e0-d61dd83cca83","block_type":"box","text":"and other assets of the Trust and each Fund, keeps all necessary accounts and records and","page_number":8,"box":{"x":184,"y":433,"width":664,"height":13}},{"id":"901a1351-cb28-46a4-a957-bd5c9076df2f","block_type":"box","text":"provides other services. Citibank is required, upon the order of the Trust, to deliver securities","page_number":8,"box":{"x":184,"y":449,"width":673,"height":13}},{"id":"c89a794e-6d81-4a63-a1d8-1c590dc47539","block_type":"box","text":"held by Citibank and to make payments for securities purchased by the Trust for each Fund.","page_number":8,"box":{"x":184,"y":464,"width":670,"height":13}},{"id":"15eca396-85f6-4747-a143-dd5afc02a67f","block_type":"box","text":"Citibank is authorized to appoint certain foreign custodians or foreign custody managers for","page_number":8,"box":{"x":184,"y":480,"width":671,"height":13}},{"id":"303f7cb1-7f6f-41fd-84c8-62892d131f94","block_type":"box","text":"Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust,","page_number":8,"box":{"x":184,"y":495,"width":682,"height":13}},{"id":"20e36425-595f-456a-bb11-ec578b4f300b","block_type":"box","text":"Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial","page_number":8,"box":{"x":184,"y":511,"width":660,"height":13}},{"id":"30c77231-abab-4f56-908f-61de7421bb3c","block_type":"box","text":"interest, and as dividend disbursing agent of the Trust. As compensation for these services,","page_number":8,"box":{"x":184,"y":526,"width":664,"height":13}},{"id":"4b344edb-2dca-46cf-b826-64ae6475d9c3","block_type":"box","text":"Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are","page_number":8,"box":{"x":184,"y":542,"width":685,"height":13}},{"id":"ab54025d-c515-4ee6-bc63-dbc0f76ada78","block_type":"box","text":"accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to","page_number":8,"box":{"x":184,"y":557,"width":679,"height":13}},{"id":"5520f325-0de0-4042-ab44-a0476f417378","block_type":"box","text":"pay these operating expenses under the Investment Advisory Agreement as described therein.","page_number":8,"box":{"x":184,"y":573,"width":687,"height":13}},{"id":"824a8306-de86-4260-a10e-09d08fd26e37","block_type":"box","text":"Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as","page_number":8,"box":{"x":184,"y":596,"width":645,"height":13}},{"id":"7747fcee-6327-4fc0-a946-ffa2b5567ba0","block_type":"box","text":"administrator, custodian and transfer agent for each Fund.","page_number":8,"box":{"x":184,"y":612,"width":428,"height":12}},{"id":"ceb971f8-6c36-4335-84f4-ccd4ac52a853","block_type":"box","text":"3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the","page_number":8,"box":{"x":150,"y":635,"width":700,"height":13}},{"id":"06dba6af-2135-4299-b89c-ac15cdf8e326","block_type":"box","text":"sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation","page_number":8,"box":{"x":184,"y":651,"width":695,"height":12}},{"id":"a9ee3f1c-02e8-4af0-b55e-9ba4f2b5538d","block_type":"box","text":"Units” and “Placement of Redemption Orders.”","page_number":8,"box":{"x":184,"y":666,"width":339,"height":13}},{"id":"f35de605-3ac0-44e8-bc0f-8e71dbda3eaa","block_type":"box","text":"4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is","page_number":8,"box":{"x":150,"y":689,"width":717,"height":13}},{"id":"5e4b03d3-212b-47ee-aa86-c91902735021","block_type":"box","text":"deleted in its entirety and replaced with the following, although each SAI will include a","page_number":8,"box":{"x":184,"y":705,"width":623,"height":12}},{"id":"97c3bc1b-8488-4864-b455-8a59fe3744b1","block_type":"box","text":"“Standard Creation Transaction Fee” table only for applicable Funds","page_number":8,"box":{"x":184,"y":720,"width":491,"height":13}},{"id":"51dbefae-64af-4719-bfbc-73c3d2b30e28","block_type":"box","text":":","page_number":8,"box":{"x":677,"y":724,"width":2,"height":6}},{"id":"174f1944-854f-4b6b-a668-890c488527ba","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":8,"box":{"x":184,"y":744,"width":342,"height":10}},{"id":"1fc7a45d-0d5b-451e-b141-922adbce3dd4","block_type":"box","text":"A standard creation transaction fee is imposed to offset the transfer and other transaction costs","page_number":8,"box":{"x":183,"y":767,"width":695,"height":12}},{"id":"33a81019-8a33-43ee-8e68-3be9b5f974ab","block_type":"box","text":"associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds","page_number":8,"box":{"x":184,"y":782,"width":668,"height":13}},{"id":"de59fc58-26fa-40ab-b702-39a6a0dddcd5","block_type":"box","text":"have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an","page_number":8,"box":{"x":184,"y":798,"width":664,"height":12}},{"id":"a902f942-aa69-446b-8412-9d2654abc40f","block_type":"box","text":"Authorized Participant a standard transaction fee on each creation order, which consists of (1) a","page_number":8,"box":{"x":183,"y":813,"width":698,"height":13}},{"id":"ce82584d-b7d7-4cf0-8f3a-05419be108c9","block_type":"box","text":"fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and","page_number":8,"box":{"x":183,"y":829,"width":670,"height":12}},{"id":"dc9b1924-a681-4aa4-8a18-d75140811df5","block_type":"box","text":"other transaction costs charged by a Fund custodian in connection with the issuance of","page_number":8,"box":{"x":184,"y":844,"width":639,"height":13}},{"id":"10502a2e-2e02-40aa-8a1b-d15cf4f57d73","block_type":"box","text":"Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain","page_number":8,"box":{"x":184,"y":860,"width":684,"height":12}},{"id":"9ab3490f-f558-42c3-8f93-7e200e1cdbe7","block_type":"box","text":"the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any","page_number":8,"box":{"x":183,"y":875,"width":662,"height":13}},{"id":"9836c0b2-445c-41fd-a3f1-c6bb48fc7169","block_type":"box","text":"Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced","page_number":8,"box":{"x":184,"y":891,"width":698,"height":12}},{"id":"161ac40e-699e-4f25-9d91-dda92604b356","block_type":"box","text":"by such custodian.","page_number":8,"box":{"x":184,"y":906,"width":139,"height":13}},{"id":"9de392ad-032c-428c-9979-f23bd019f7cd","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":9,"box":{"x":183,"y":69,"width":674,"height":13}},{"id":"660d0cd3-6de5-43b7-962d-89f523d3c6cf","block_type":"box","text":"purchased, which amount will vary among different Funds based on a number of factors,","page_number":9,"box":{"x":184,"y":85,"width":649,"height":12}},{"id":"30836ea3-f529-4142-a6cd-39ee5b52191b","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":9,"box":{"x":184,"y":100,"width":674,"height":13}},{"id":"9fc8c5f0-4142-40f7-984e-49362f44a329","block_type":"box","text":"Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in","page_number":9,"box":{"x":184,"y":116,"width":681,"height":12}},{"id":"2a2b3ccd-3dad-45e1-a3ef-ef905897de45","block_type":"box","text":"certain instances, such as for creation transactions that consist solely of cash. The actual","page_number":9,"box":{"x":184,"y":131,"width":648,"height":13}},{"id":"6e97da18-2340-4f94-91a7-174681fbbed3","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets","page_number":9,"box":{"x":184,"y":147,"width":682,"height":12}},{"id":"694c1e9a-60af-40a8-85db-072a9fbcf47c","block_type":"box","text":"and settlement locations associated with the issuance of a Creation Unit. The following table","page_number":9,"box":{"x":184,"y":162,"width":675,"height":13}},{"id":"3009e25c-911d-4384-9456-3f8fd33df1a4","block_type":"box","text":"sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based","page_number":9,"box":{"x":184,"y":178,"width":682,"height":11}},{"id":"025e2cb0-927a-41d3-935a-1e2af04893cb","block_type":"box","text":"on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":9,"box":{"x":184,"y":193,"width":625,"height":13}},{"id":"53101b67-4346-4b3b-bb6a-788c5c2529b9","block_type":"box","text":"connection with a creation order will vary over time depending on the factors discussed above,","page_number":9,"box":{"x":184,"y":209,"width":692,"height":12}},{"id":"637e8c00-2bf6-40d6-94bc-eeb93033f688","block_type":"box","text":"and may be higher than the fee set forth below.","page_number":9,"box":{"x":184,"y":224,"width":348,"height":13}},{"id":"4863dcdf-d028-4224-ae07-629859346e73","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":9,"box":{"x":184,"y":247,"width":666,"height":13}},{"id":"1d41212f-4a8c-4183-8f22-217e9c49c5a4","block_type":"box","text":"dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant","page_number":9,"box":{"x":184,"y":263,"width":684,"height":13}},{"id":"96a663c0-1eac-4104-82d6-b3a4490feeed","block_type":"box","text":"may also be required to cover (up to the maximum amount shown below) certain brokerage,","page_number":9,"box":{"x":184,"y":278,"width":678,"height":13}},{"id":"6414090c-b7b1-4ed1-b3a2-537f5f2520ad","block_type":"box","text":"tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":9,"box":{"x":183,"y":294,"width":656,"height":13}},{"id":"dd801a1c-dc34-4679-812b-d5c72177ef30","block_type":"box","text":"trades resulting from such transaction (which may, in certain instances, be based on a good","page_number":9,"box":{"x":183,"y":309,"width":672,"height":13}},{"id":"e99f3ab8-6389-4ca0-b08e-fc1c2c06d9e5","block_type":"box","text":"faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s","page_number":9,"box":{"x":183,"y":325,"width":654,"height":13}},{"id":"5d4f337e-4e4f-4bfc-bf9e-a310c2f2098f","block_type":"box","text":"discretion, and may include part or all of the spread between the expected bid and offer side of","page_number":9,"box":{"x":184,"y":340,"width":691,"height":13}},{"id":"b65256e9-e021-4f3b-9e76-efda875cec71","block_type":"box","text":"the market and anticipated market impact). However, a Fund is not obligated to trade identical","page_number":9,"box":{"x":183,"y":356,"width":691,"height":13}},{"id":"d43b8541-b3b6-4253-92bf-4718dce1af93","block_type":"box","text":"securities to the securities identified by BlackRock in estimating these transaction and other","page_number":9,"box":{"x":184,"y":371,"width":668,"height":13}},{"id":"db09deec-88dd-44ce-aa37-5bed68d54131","block_type":"box","text":"costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to","page_number":9,"box":{"x":184,"y":387,"width":695,"height":13}},{"id":"93bbf9e5-1959-4e3d-9067-de73a1ff5d9e","block_type":"box","text":"deviate from the regular charge, subject to the maximum amounts shown below.","page_number":9,"box":{"x":184,"y":402,"width":593,"height":13}},{"id":"67ebfa01-2a3f-4d4e-8be4-3cbd77b3a9cc","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":9,"box":{"x":183,"y":426,"width":661,"height":12}},{"id":"4d2343db-4898-40f8-9215-39688c473d55","block_type":"box","text":"Funds. Certain fees/costs associated with creation transactions may be waived in certain","page_number":9,"box":{"x":184,"y":441,"width":649,"height":13}},{"id":"e6ef28c8-1459-458a-9f41-c1f529c85e7c","block_type":"box","text":"circumstances. Investors who use the services of a broker or other financial intermediary to","page_number":9,"box":{"x":184,"y":457,"width":666,"height":12}},{"id":"8bd7f4ec-5514-4388-9d0f-f3a7dfa50403","block_type":"box","text":"acquire Fund shares may be charged a fee for such services.","page_number":9,"box":{"x":184,"y":472,"width":439,"height":13}},{"id":"41d1ad3f-571e-4a7f-8767-e13d84b75768","block_type":"box","text":"The following table sets forth each Fund’s estimated creation transaction fee based on data as","page_number":9,"box":{"x":183,"y":495,"width":688,"height":13}},{"id":"62fb9e14-b5dc-4fe7-bee0-81b5a3e98c9d","block_type":"box","text":"of February 2, 2026 and maximum additional charge (as described above):","page_number":9,"box":{"x":184,"y":511,"width":545,"height":13}},{"id":"fb0cfb2c-5cba-4723-bd25-4320d551ba08","block_type":"box","text":"Fund","page_number":9,"box":{"x":184,"y":541,"width":29,"height":8}},{"id":"2554d823-ded0-4901-bff1-39df486d94c9","block_type":"box","text":"Standard Creation","page_number":9,"box":{"x":608,"y":531,"width":109,"height":8}},{"id":"a6b243c4-e2b6-46a9-995f-5a75135a254d","block_type":"box","text":"Transaction Fee","page_number":9,"box":{"x":614,"y":542,"width":97,"height":7}},{"id":"e625d96d-1ab2-4eb7-92fc-6dbdae349d75","block_type":"box","text":"Maximum Additional","page_number":9,"box":{"x":756,"y":531,"width":127,"height":8}},{"id":"79e9c1e9-0519-4d1f-bfac-6f21611c6b6a","block_type":"box","text":"Charge*","page_number":9,"box":{"x":794,"y":541,"width":51,"height":11}},{"id":"ce29dd9c-6707-475c-991d-cf94bc9eb08d","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 7.0%","page_number":9,"box":{"x":184,"y":564,"width":668,"height":12}},{"id":"48e76285-1583-4ecc-8f82-307b2ccf493f","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 3.0%","page_number":9,"box":{"x":184,"y":583,"width":668,"height":12}},{"id":"fc3f7f6f-1238-414a-ad4c-91b8ecdbdc97","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 7.0%","page_number":9,"box":{"x":184,"y":603,"width":668,"height":11}},{"id":"41116327-ca5f-4078-88c4-4f317fe879a5","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 3.0%","page_number":9,"box":{"x":184,"y":622,"width":668,"height":12}},{"id":"32606dbc-acde-401d-af68-13d8f3396ff1","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 3.0%","page_number":9,"box":{"x":184,"y":641,"width":668,"height":12}},{"id":"257ac4c2-9d88-4f9d-ae7d-116ce2a66ebc","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 7.0%","page_number":9,"box":{"x":184,"y":661,"width":663,"height":11}},{"id":"a293c6cb-32cf-4513-84d4-7f5a4026a260","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 3.0%","page_number":9,"box":{"x":184,"y":680,"width":663,"height":12}},{"id":"67be2779-7d32-4a78-8b37-6de393ad8f68","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0%","page_number":9,"box":{"x":184,"y":700,"width":663,"height":12}},{"id":"da137d8b-60a5-4d4a-a6d9-698d4099d877","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 7.0%","page_number":9,"box":{"x":184,"y":719,"width":663,"height":12}},{"id":"3be10685-d361-4497-ab6d-c96153b1364b","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 7.0%","page_number":9,"box":{"x":184,"y":738,"width":663,"height":12}},{"id":"c92838dd-fb9e-44b2-9618-ee786dbaed83","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 7.0%","page_number":9,"box":{"x":184,"y":758,"width":663,"height":12}},{"id":"d4e9af68-05b4-48b1-865a-4eb5f61a1146","block_type":"box","text":"iShares MSCI Belgium ETF $450 3.0%","page_number":9,"box":{"x":184,"y":777,"width":663,"height":13}},{"id":"9f8bbd8d-5ac0-4ac9-b359-8093a4971e99","block_type":"box","text":"iShares MSCI BIC ETF $8,630 7.0%","page_number":9,"box":{"x":184,"y":797,"width":663,"height":11}},{"id":"54f6dad8-2e70-4cf0-bebd-3ecabf4a51fb","block_type":"box","text":"iShares MSCI Brazil ETF $860 7.0%","page_number":9,"box":{"x":184,"y":816,"width":663,"height":11}},{"id":"e4e6958e-c30e-4e7d-8d2b-565f17cdbdf6","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 3.0%","page_number":9,"box":{"x":184,"y":835,"width":668,"height":13}},{"id":"c5b8364a-f60e-4ccb-8746-b8a24153cc9f","block_type":"box","text":"iShares MSCI Canada ETF $630 3.0%","page_number":9,"box":{"x":184,"y":855,"width":668,"height":10}},{"id":"93c4faad-8257-4e32-aec2-adb54b9ec5df","block_type":"box","text":"iShares MSCI Chile ETF $960 3.0%","page_number":9,"box":{"x":184,"y":874,"width":668,"height":11}},{"id":"302fff0e-f7f1-41bd-a680-006245e45c1d","block_type":"box","text":"iShares MSCI China A ETF $7,080 7.0%","page_number":9,"box":{"x":184,"y":893,"width":668,"height":12}},{"id":"ab31ca7a-4af5-482f-919c-53fd51fcb99d","block_type":"box","text":"iShares MSCI China ETF $9,190 7.0%","page_number":9,"box":{"x":184,"y":913,"width":663,"height":11}},{"id":"ea046783-d078-46a9-9191-1f7fc8baa4ad","block_type":"box","text":"Fund","page_number":10,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"44a19933-46b7-43de-a34d-4d7049465b98","block_type":"box","text":"Standard Creation","page_number":10,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"34fb5114-8a90-494f-b16d-d9a30d67555b","block_type":"box","text":"Transaction Fee","page_number":10,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"5e66702a-46ff-4544-a2ca-aeacbbab0357","block_type":"box","text":"Maximum Additional","page_number":10,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"51a728d5-0fa5-4662-b2aa-770decf733ff","block_type":"box","text":"Charge*","page_number":10,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"5fd10e52-1973-4b67-8890-bad7ccaefc58","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 5.0%","page_number":10,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"14371d2d-36fb-4787-a3a3-5a7b63d010c7","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 7.0%","page_number":10,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"15bd8409-494d-477e-ab9e-c13db59ef09e","block_type":"box","text":"iShares MSCI Denmark ETF $470 3.0%","page_number":10,"box":{"x":184,"y":138,"width":668,"height":10}},{"id":"4ad9184d-76e0-416e-88b2-e0dad15b2cb7","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 7.0%","page_number":10,"box":{"x":184,"y":157,"width":668,"height":13}},{"id":"a1478059-7a7c-4ec0-a201-8d7e242fd978","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 7.0%","page_number":10,"box":{"x":184,"y":176,"width":668,"height":13}},{"id":"565c0836-17d6-4fdb-b882-38a19ea2b64f","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 7.0%","page_number":10,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"ddd5a2ba-4874-4847-a0e4-9642b07e5052","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 7.0%","page_number":10,"box":{"x":184,"y":215,"width":668,"height":13}},{"id":"3652dbda-2c74-4620-9450-d2b72da036ac","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 7.0%","page_number":10,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"37717453-4aef-496d-b830-f728d911ab5c","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 7.0%","page_number":10,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"7c21a18d-e417-414f-8aec-7f4c7dff21f9","block_type":"box","text":"iShares MSCI France ETF $500 3.0%","page_number":10,"box":{"x":184,"y":273,"width":668,"height":11}},{"id":"28ca9d3e-7674-4378-8fe3-70394f0d4bce","block_type":"box","text":"iShares MSCI Germany ETF $460 3.0%","page_number":10,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"49d53a57-9b79-41d0-8c80-e1dbf1ed17c3","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 7.0%","page_number":10,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"699cbda7-7ede-4bb1-8b65-3a4b499b5fa3","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 7.0%","page_number":10,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"7a0328c3-146e-4553-9dc1-6616ab4bbc61","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 7.0%","page_number":10,"box":{"x":184,"y":351,"width":668,"height":12}},{"id":"55a874e5-5c80-4f75-81a8-8992f77e8321","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 7.0%","page_number":10,"box":{"x":184,"y":370,"width":668,"height":11}},{"id":"2dcbfe70-b423-4c99-bf16-c4e4c30ed53a","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":10,"box":{"x":184,"y":390,"width":384,"height":12}},{"id":"3c3cb7f6-d4f9-4b86-a2d7-5bfa5ad5e79c","block_type":"box","text":"ETF $1,420 7.0%","page_number":10,"box":{"x":201,"y":405,"width":651,"height":12}},{"id":"0cae2061-e937-4e2c-9145-b1115fe4b6ff","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 7.0%","page_number":10,"box":{"x":184,"y":424,"width":668,"height":13}},{"id":"b779b9d0-7ec1-4c8e-9955-848dc8e132b8","block_type":"box","text":"iShares MSCI India ETF $1,230 3.0%","page_number":10,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"3c11f4a3-3c34-401a-8e2d-9ec64dcf4a9f","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 3.0%","page_number":10,"box":{"x":184,"y":463,"width":668,"height":13}},{"id":"e6d274ee-c766-4125-a46d-9fea9716433b","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 3.0%","page_number":10,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"ec29930f-ff82-4e94-99ee-679fa3816deb","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 7.0%","page_number":10,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"b9fa640c-36aa-4a35-a7e7-0a9c7b363fd5","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 7.0%","page_number":10,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"87f55cc5-9a30-4cbe-8f76-d67dafd9e34c","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 7.0%","page_number":10,"box":{"x":184,"y":541,"width":668,"height":11}},{"id":"09b09c86-8647-43e1-b462-c0a252c651fc","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 3.0%","page_number":10,"box":{"x":184,"y":560,"width":668,"height":13}},{"id":"99a2b6b9-8239-4970-9bf6-be6170fe1553","block_type":"box","text":"iShares MSCI Japan Value ETF $580 3.0%","page_number":10,"box":{"x":184,"y":579,"width":668,"height":13}},{"id":"a582906a-869a-494f-bd35-52c1c74c021b","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 7.0%","page_number":10,"box":{"x":184,"y":599,"width":668,"height":11}},{"id":"fbc75b60-5d5d-4ff0-9cca-1a8d29103d09","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 7.0%","page_number":10,"box":{"x":184,"y":618,"width":668,"height":12}},{"id":"966e0680-3d4d-4366-8292-459ab1e9c30b","block_type":"box","text":"iShares MSCI Malaysia ETF $900 3.0%","page_number":10,"box":{"x":184,"y":638,"width":668,"height":12}},{"id":"813570a9-d9d0-42ae-b079-cd322a4ba793","block_type":"box","text":"iShares MSCI New Zealand ETF $500 3.0%","page_number":10,"box":{"x":184,"y":657,"width":668,"height":11}},{"id":"41c19aee-f91a-48d0-8f14-8a2e2305d6bf","block_type":"box","text":"iShares MSCI Norway ETF $770 3.0%","page_number":10,"box":{"x":184,"y":676,"width":663,"height":13}},{"id":"2d5c8183-88b8-4257-be07-23dbea88b73c","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF $820 7.0%","page_number":10,"box":{"x":184,"y":696,"width":663,"height":12}},{"id":"9e04a05c-2145-44ee-87f3-32e24acb27e7","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF $1,020 3.0%","page_number":10,"box":{"x":184,"y":715,"width":663,"height":13}},{"id":"9215abd9-49a9-41d5-904f-2dafc82e9814","block_type":"box","text":"iShares MSCI Philippines ETF $800 3.0%","page_number":10,"box":{"x":184,"y":734,"width":663,"height":13}},{"id":"4391065e-0aa5-4d0d-acc6-bf42ac470aa2","block_type":"box","text":"iShares MSCI Poland ETF $530 3.0%","page_number":10,"box":{"x":184,"y":754,"width":663,"height":11}},{"id":"503221bb-75b7-401c-a6ce-59b1823b431e","block_type":"box","text":"iShares MSCI Qatar ETF $2,250 3.0%","page_number":10,"box":{"x":184,"y":773,"width":663,"height":12}},{"id":"ca39df6d-9a01-420a-b92c-745b30864948","block_type":"box","text":"iShares MSCI Singapore ETF $480 3.0%","page_number":10,"box":{"x":184,"y":793,"width":663,"height":12}},{"id":"1e20865f-f736-49a3-b5e2-37481688a673","block_type":"box","text":"iShares MSCI South Africa ETF $550 3.0%","page_number":10,"box":{"x":184,"y":812,"width":663,"height":11}},{"id":"98c5e660-3931-4e8e-ac4c-9984dc68f322","block_type":"box","text":"iShares MSCI South Korea ETF $850 3.0%","page_number":10,"box":{"x":184,"y":831,"width":668,"height":11}},{"id":"234f128d-dd88-46bf-95ae-d7aec911dd98","block_type":"box","text":"iShares MSCI Spain ETF $360 3.0%","page_number":10,"box":{"x":184,"y":851,"width":668,"height":12}},{"id":"3017ff44-f355-4197-908e-601e4bb223ae","block_type":"box","text":"iShares MSCI Sweden ETF $480 3.0%","page_number":10,"box":{"x":184,"y":870,"width":668,"height":11}},{"id":"46874b63-b1c0-4523-8d60-afe1d570ffa7","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 3.0%","page_number":10,"box":{"x":184,"y":890,"width":668,"height":11}},{"id":"dbc2d465-89c3-4293-abc5-5993f1ab8923","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 3.0%","page_number":10,"box":{"x":184,"y":909,"width":663,"height":13}},{"id":"e771937f-5c2a-4074-9232-6949a3b07ae7","block_type":"box","text":"Fund","page_number":11,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"4cae1845-a3b2-4e92-8bdc-9750080fa1fc","block_type":"box","text":"Standard Creation","page_number":11,"box":{"x":608,"y":66,"width":109,"height":8}},{"id":"cecc348b-5ffd-4206-8e80-cd5b3cad2f5e","block_type":"box","text":"Transaction Fee","page_number":11,"box":{"x":614,"y":77,"width":97,"height":7}},{"id":"e045038c-17a5-46b3-bcf3-774d3165fe0e","block_type":"box","text":"Maximum Additional","page_number":11,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"5115386c-e593-4ef2-bd6a-4704fad438fc","block_type":"box","text":"Charge*","page_number":11,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"7c260b7d-ca23-4f54-b597-b46b25b6806f","block_type":"box","text":"iShares MSCI World ETF $4,480 7.0%","page_number":11,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"b308b86f-775e-4208-9008-a8854ffee5be","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":11,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"e9716c28-5bc1-44fa-ba7c-e53de540553c","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex","page_number":11,"box":{"x":184,"y":138,"width":408,"height":12}},{"id":"75487e75-e145-43bb-b11f-d139505213dd","block_type":"box","text":"USA ETF $2,140 3.0%","page_number":11,"box":{"x":201,"y":153,"width":651,"height":12}},{"id":"aafef77d-c7ae-4dcd-b3ff-133d91e3a17e","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 3.0%","page_number":11,"box":{"x":184,"y":172,"width":668,"height":11}},{"id":"8dbb102d-e762-4a78-a4af-b74a98e8e832","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":11,"box":{"x":184,"y":201,"width":445,"height":13}},{"id":"0614889c-a965-43a9-9fc1-1a44edd63d38","block_type":"box","text":"5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions”","page_number":11,"box":{"x":150,"y":224,"width":734,"height":13}},{"id":"d4186a8b-9129-49a4-be23-d5fb0cdcbc6d","block_type":"box","text":"is deleted in its entirety and replaced with the following, although each SAI will include a","page_number":11,"box":{"x":184,"y":240,"width":644,"height":12}},{"id":"d50a297b-775b-417e-9677-722e88138715","block_type":"box","text":"“Standard Redemption Transaction Fee” table only for applicable Funds","page_number":11,"box":{"x":184,"y":255,"width":519,"height":13}},{"id":"88d0ad4c-78cf-433f-a90b-a1681f7d6cc7","block_type":"box","text":":","page_number":11,"box":{"x":704,"y":259,"width":7,"height":6}},{"id":"a48281e0-6e6e-4d53-bb22-711dbbe0be15","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":11,"box":{"x":184,"y":278,"width":374,"height":13}},{"id":"04dc8861-932e-4d1b-bc62-b85312794d05","block_type":"box","text":"A standard redemption transaction fee is imposed to offset transfer and other transaction costs","page_number":11,"box":{"x":183,"y":302,"width":697,"height":12}},{"id":"d3c7fe27-cf0c-45df-81ec-f147bdf39f8c","block_type":"box","text":"that may be incurred by the relevant Fund. As described above, under an ETF Services","page_number":11,"box":{"x":183,"y":317,"width":626,"height":13}},{"id":"44a29f85-cb33-4988-97e8-9cef404570cc","block_type":"box","text":"Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services.","page_number":11,"box":{"x":183,"y":333,"width":680,"height":12}},{"id":"93d93765-b76a-46b5-a52b-19ec7ae568cd","block_type":"box","text":"BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":11,"box":{"x":184,"y":348,"width":694,"height":13}},{"id":"1be182a2-8b41-4b87-9bf6-eb8bc77b51d0","block_type":"box","text":"order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is","page_number":11,"box":{"x":184,"y":364,"width":675,"height":12}},{"id":"aee73e8b-d1c2-4e98-97c6-50559344dccc","block_type":"box","text":"entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will","page_number":11,"box":{"x":184,"y":379,"width":677,"height":13}},{"id":"cbce6934-91a1-4246-a500-deb321adb80b","block_type":"box","text":"reimburse any Custody Transaction Costs to the applicable Fund custodian according to the","page_number":11,"box":{"x":184,"y":395,"width":672,"height":12}},{"id":"74b669b1-3da2-4df5-aee4-b28150b2debb","block_type":"box","text":"amounts invoiced by such custodian.","page_number":11,"box":{"x":184,"y":410,"width":273,"height":13}},{"id":"f6e42786-3c2c-4e8a-bca3-9dfbe19ae977","block_type":"box","text":"The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being","page_number":11,"box":{"x":183,"y":433,"width":674,"height":13}},{"id":"b8649405-aeab-4340-b636-47cb523d53e7","block_type":"box","text":"redeemed, which amount will vary among different Funds based on a number of factors,","page_number":11,"box":{"x":184,"y":449,"width":646,"height":13}},{"id":"cbc804ab-84eb-4b3c-8fd9-5419b5a11400","block_type":"box","text":"including the complexity of the order and the types of securities or instruments included in a","page_number":11,"box":{"x":184,"y":464,"width":674,"height":13}},{"id":"56ecf70f-c806-4185-8bfd-d3dd0ba4283b","block_type":"box","text":"Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero","page_number":11,"box":{"x":184,"y":480,"width":690,"height":13}},{"id":"8ef0c224-3e49-4918-b9bb-a9a6d3c3b82e","block_type":"box","text":"in certain instances, such as for redemption transactions that consist solely of cash. The actual","page_number":11,"box":{"x":184,"y":495,"width":690,"height":13}},{"id":"ba34ebf3-ddb6-4d27-a447-fea0d0669d42","block_type":"box","text":"Custody Transaction Costs vary per order based on the number of trades, underlying markets,","page_number":11,"box":{"x":184,"y":511,"width":686,"height":13}},{"id":"e6fad5b5-6c25-4cb5-a26d-0df23a5f8422","block_type":"box","text":"and settlement locations associated with the redemption of a Creation Unit. The following table","page_number":11,"box":{"x":184,"y":526,"width":696,"height":13}},{"id":"6985bd02-3300-403b-9bc4-8567a90ea40d","block_type":"box","text":"sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit","page_number":11,"box":{"x":184,"y":542,"width":660,"height":13}},{"id":"8f3d96ba-e799-4e7a-b517-730d6acb9a15","block_type":"box","text":"based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in","page_number":11,"box":{"x":184,"y":557,"width":672,"height":13}},{"id":"7e43546b-013e-4a94-9a4d-e2a26faa8598","block_type":"box","text":"connection with a redemption order will vary over time depending on the factors discussed","page_number":11,"box":{"x":184,"y":573,"width":665,"height":13}},{"id":"e72c42af-da94-4343-98dd-b9ad4ea6b796","block_type":"box","text":"above, and may be higher than the fee set forth below.","page_number":11,"box":{"x":184,"y":589,"width":400,"height":12}},{"id":"9cfcdf28-25de-416e-8071-beb5e1e9b3e2","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder","page_number":11,"box":{"x":184,"y":612,"width":666,"height":12}},{"id":"10e769af-5aa5-4f81-89d6-96e92f377e40","block_type":"box","text":"dilution, if a redemption transaction consists solely or partially of cash, the Authorized","page_number":11,"box":{"x":184,"y":627,"width":626,"height":13}},{"id":"0ed1ab05-b8b2-4adc-a0bf-3b1b0f015204","block_type":"box","text":"Participant may also be required to cover (up to the maximum amount shown below) certain","page_number":11,"box":{"x":184,"y":643,"width":679,"height":12}},{"id":"d5485c12-436b-4908-b41b-ead5dd9a108f","block_type":"box","text":"brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":11,"box":{"x":184,"y":658,"width":642,"height":13}},{"id":"9ecf6861-29c3-44f5-88be-de7b975e8183","block_type":"box","text":"execution of trades resulting from such transaction (which may, in certain instances, be based","page_number":11,"box":{"x":184,"y":674,"width":682,"height":12}},{"id":"adc764d9-8ffc-4439-97d8-7217771f6ea9","block_type":"box","text":"on a good faith estimate of transaction costs based on historical data or other inputs, at","page_number":11,"box":{"x":184,"y":689,"width":636,"height":13}},{"id":"4dcf9876-ac4d-4538-8392-71e63eb3a6f2","block_type":"box","text":"BlackRock’s discretion, and may include part or all of the spread between the expected bid and","page_number":11,"box":{"x":184,"y":705,"width":686,"height":12}},{"id":"f61a93a6-4d7c-4137-be87-a301eb27757c","block_type":"box","text":"offer side of the market and anticipated market impact). However, a Fund is not obligated to","page_number":11,"box":{"x":184,"y":720,"width":668,"height":13}},{"id":"1c7d16c9-0a61-4dcc-9253-555569ee4c6d","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction","page_number":11,"box":{"x":183,"y":736,"width":697,"height":12}},{"id":"361c87a1-fbb2-4915-a9b0-426da42ecbbf","block_type":"box","text":"and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its","page_number":11,"box":{"x":184,"y":751,"width":670,"height":13}},{"id":"96456dfa-7cc0-4345-b161-ef06d7cd0aa7","block_type":"box","text":"discretion to deviate from the regular charge, subject to the maximum amounts shown below.","page_number":11,"box":{"x":184,"y":767,"width":683,"height":12}},{"id":"aefa6d68-852e-447c-a722-fcbf89ef5b3f","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund","page_number":11,"box":{"x":183,"y":790,"width":683,"height":13}},{"id":"8cc94982-760a-4f32-845b-5850d6cb1fbe","block_type":"box","text":"to their account on their order. Certain fees/costs associated with redemption transactions may","page_number":11,"box":{"x":183,"y":806,"width":696,"height":12}},{"id":"8ee0752e-79e7-43fd-a8e0-573260c38413","block_type":"box","text":"be waived in certain circumstances. Investors who use the services of a broker or other financial","page_number":11,"box":{"x":184,"y":821,"width":694,"height":10}},{"id":"31bc8913-a1c5-4346-a791-0a691701d722","block_type":"box","text":"intermediary to dispose of Fund shares may be charged a fee for such services.","page_number":11,"box":{"x":184,"y":837,"width":575,"height":12}},{"id":"0e44ef6d-8ca4-4f32-a116-2d1a32ce7419","block_type":"box","text":"The following table sets forth each Fund’s estimated redemption transaction fee based on data","page_number":12,"box":{"x":183,"y":69,"width":693,"height":13}},{"id":"ea525b17-fb92-439e-a832-bf1fb58fa9e7","block_type":"box","text":"as of February 2, 2026 and maximum additional charge (as described above):","page_number":12,"box":{"x":184,"y":85,"width":565,"height":12}},{"id":"f4602dc3-f40a-47bb-bc47-e2f50e73ad9f","block_type":"box","text":"Fund","page_number":12,"box":{"x":184,"y":115,"width":29,"height":8}},{"id":"b58266cf-e618-42be-955f-7af12c64a2c8","block_type":"box","text":"Standard Redemption","page_number":12,"box":{"x":586,"y":105,"width":131,"height":10}},{"id":"6be7a942-7133-4663-922f-256bff6f35bd","block_type":"box","text":"Transaction Fee","page_number":12,"box":{"x":603,"y":115,"width":97,"height":8}},{"id":"d9cd8054-d4e5-4f30-af5e-29c7a83d93cf","block_type":"box","text":"Maximum Additional","page_number":12,"box":{"x":756,"y":105,"width":127,"height":8}},{"id":"e0e5759b-0bb1-4e7c-84cc-b61914b647a8","block_type":"box","text":"Charge*","page_number":12,"box":{"x":794,"y":115,"width":51,"height":10}},{"id":"fed92261-c98b-41cb-9e6d-bfe5021f831e","block_type":"box","text":"iShares Core MSCI Pacific ETF $4,700 2.0%","page_number":12,"box":{"x":184,"y":137,"width":668,"height":12}},{"id":"6551975e-2ec6-4b31-9de3-b9bdd2ba30c0","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1,950 2.0%","page_number":12,"box":{"x":184,"y":157,"width":668,"height":11}},{"id":"fb14c869-6a66-498e-9b82-99e892897646","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF $6,720 2.0%","page_number":12,"box":{"x":184,"y":176,"width":668,"height":11}},{"id":"bb1192ac-4807-4b2f-ad2e-aa54adc8e843","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $1,970 2.0%","page_number":12,"box":{"x":184,"y":195,"width":668,"height":12}},{"id":"42036dbe-1a2e-4f2b-848c-d0fe0f2985a1","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $3,600 2.0%","page_number":12,"box":{"x":184,"y":214,"width":668,"height":12}},{"id":"cd43171e-4527-4938-a9c4-c22574fc66a2","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF $5,540 2.0%","page_number":12,"box":{"x":184,"y":233,"width":668,"height":12}},{"id":"3550838a-59c6-4106-b8ef-8f6dd454ecc8","block_type":"box","text":"iShares JPX-Nikkei 400 ETF $1,270 2.0%","page_number":12,"box":{"x":184,"y":253,"width":668,"height":11}},{"id":"669712b1-2924-4c21-9a95-94575a2748a8","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0%","page_number":12,"box":{"x":184,"y":272,"width":668,"height":12}},{"id":"defca828-64d4-478a-a357-d83c39bfef13","block_type":"box","text":"iShares MSCI ACWI ETF $14,710 2.0%","page_number":12,"box":{"x":184,"y":291,"width":668,"height":12}},{"id":"30c016c1-3791-4828-ac7c-08897b6e1093","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $14,320 2.0%","page_number":12,"box":{"x":184,"y":310,"width":668,"height":12}},{"id":"55df08e8-1fb8-4896-9d73-6696312fc2fc","block_type":"box","text":"iShares MSCI Agriculture Producers ETF $1,640 2.0%","page_number":12,"box":{"x":184,"y":329,"width":668,"height":13}},{"id":"c675422c-ae57-43be-a97b-b4a8c33ca28a","block_type":"box","text":"iShares MSCI Belgium ETF $450 2.0%","page_number":12,"box":{"x":184,"y":348,"width":668,"height":13}},{"id":"e496a1ec-b893-4d38-bdfb-853550a5bc36","block_type":"box","text":"iShares MSCI BIC ETF $8,630 2.0%","page_number":12,"box":{"x":184,"y":368,"width":668,"height":11}},{"id":"96e6b047-e47a-4ab5-b5c5-6b88972d32ae","block_type":"box","text":"iShares MSCI Brazil ETF $860 2.0%","page_number":12,"box":{"x":184,"y":387,"width":668,"height":11}},{"id":"99e970d2-d65d-4b91-974b-3c8cf69f329c","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF $1,020 2.0%","page_number":12,"box":{"x":184,"y":406,"width":668,"height":13}},{"id":"9d026a37-3ae0-4e30-b830-1b6a88c0d9e5","block_type":"box","text":"iShares MSCI Canada ETF $630 2.0%","page_number":12,"box":{"x":184,"y":425,"width":668,"height":11}},{"id":"e5656f4d-ea63-4b9f-92d2-5c269d1aa977","block_type":"box","text":"iShares MSCI Chile ETF $960 2.0%","page_number":12,"box":{"x":184,"y":444,"width":668,"height":11}},{"id":"14435b56-9924-4785-810f-d395b6385b84","block_type":"box","text":"iShares MSCI China A ETF $7,080 2.0%","page_number":12,"box":{"x":184,"y":464,"width":668,"height":11}},{"id":"3c88fbc4-e303-4929-a65f-5c6d1fa997b7","block_type":"box","text":"iShares MSCI China ETF $9,190 2.0%","page_number":12,"box":{"x":184,"y":483,"width":668,"height":11}},{"id":"1b4e5e77-4a9e-4ca9-920b-4416e8b69240","block_type":"box","text":"iShares MSCI China Multisector Tech ETF $3,080 2.0%","page_number":12,"box":{"x":184,"y":502,"width":668,"height":12}},{"id":"568d4bce-3b7e-40c9-af34-664b59c981e2","block_type":"box","text":"iShares MSCI China Small-Cap ETF $3,640 2.0%","page_number":12,"box":{"x":184,"y":521,"width":668,"height":13}},{"id":"838dc2da-28f3-487e-aa56-8ad8b1003e5e","block_type":"box","text":"iShares MSCI Denmark ETF $470 2.0%","page_number":12,"box":{"x":184,"y":540,"width":668,"height":11}},{"id":"6796a4d7-d97e-4f8c-b701-8e904e5e6539","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF $8,440 2.0%","page_number":12,"box":{"x":184,"y":560,"width":668,"height":12}},{"id":"e555160d-f371-44c1-8000-15c2afbcbe84","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF $10,090 2.0%","page_number":12,"box":{"x":184,"y":579,"width":668,"height":12}},{"id":"d229f174-f5f5-4ee8-95e5-249c2c674fea","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0%","page_number":12,"box":{"x":184,"y":598,"width":668,"height":13}},{"id":"85a03d31-86b8-4563-84cb-b4d721a731f8","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF $3,970 2.0%","page_number":12,"box":{"x":184,"y":617,"width":668,"height":13}},{"id":"1acc877e-1ed3-4bd1-adc6-34aeb22228ee","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF $14,990 2.0%","page_number":12,"box":{"x":184,"y":636,"width":668,"height":13}},{"id":"54c1a3f1-6022-419d-8c53-5d9d7e014a39","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF $3,500 2.0%","page_number":12,"box":{"x":184,"y":655,"width":668,"height":13}},{"id":"417a23b7-f8cb-4d83-9a5a-76af658acebd","block_type":"box","text":"iShares MSCI France ETF $500 2.0%","page_number":12,"box":{"x":184,"y":675,"width":663,"height":10}},{"id":"7cb9ae13-126a-4fbc-944e-d9ca575636ca","block_type":"box","text":"iShares MSCI Germany ETF $460 2.0%","page_number":12,"box":{"x":184,"y":694,"width":663,"height":12}},{"id":"a41a57d2-9df9-45f5-a5c7-afb4298bf247","block_type":"box","text":"iShares MSCI Global Gold Miners ETF $820 2.0%","page_number":12,"box":{"x":184,"y":713,"width":663,"height":11}},{"id":"635b102b-b310-41f6-a033-5fae20d997c6","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF $3,220 2.0%","page_number":12,"box":{"x":184,"y":732,"width":663,"height":12}},{"id":"c18e83c5-08b3-4550-bfcc-fddad787c148","block_type":"box","text":"iShares MSCI Global Quality Factor ETF $2,500 2.0%","page_number":12,"box":{"x":184,"y":751,"width":663,"height":13}},{"id":"98fd0633-d1cb-4cc8-ae28-5a171a613cf9","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF $430 2.0%","page_number":12,"box":{"x":184,"y":771,"width":663,"height":10}},{"id":"7ab4a741-7afd-4eb3-8d98-b3f0cb6bd633","block_type":"box","text":"iShares MSCI Global Sustainable Development Goals","page_number":12,"box":{"x":184,"y":790,"width":379,"height":12}},{"id":"1cfffa6e-21af-4850-b7c5-b80129d4d5a4","block_type":"box","text":"ETF","page_number":12,"box":{"x":201,"y":806,"width":26,"height":9}},{"id":"1f48cc7b-0b9d-454f-9837-a5169cf877e6","block_type":"box","text":"$1,420 2.0%","page_number":12,"box":{"x":627,"y":805,"width":220,"height":12}},{"id":"2253815d-ddb5-42d0-aefd-e84365085fa8","block_type":"box","text":"iShares MSCI Hong Kong ETF $430 2.0%","page_number":12,"box":{"x":184,"y":824,"width":663,"height":13}},{"id":"5a4efda2-07be-4345-ac38-b994be9ec5c3","block_type":"box","text":"iShares MSCI India ETF $1,230 2.0%","page_number":12,"box":{"x":184,"y":843,"width":668,"height":12}},{"id":"bdd7e6ad-1eea-4a72-bdb0-5edf395f378d","block_type":"box","text":"iShares MSCI India Small-Cap ETF $2,700 2.0%","page_number":12,"box":{"x":184,"y":863,"width":668,"height":12}},{"id":"b7508df6-0df7-4c38-94c0-b97e0438ff89","block_type":"box","text":"iShares MSCI Indonesia ETF $1,070 2.0%","page_number":12,"box":{"x":184,"y":882,"width":668,"height":11}},{"id":"3f90d4b3-1bcf-4ab4-9bd1-5e1dc96b1cda","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF $1,500 2.0%","page_number":12,"box":{"x":184,"y":901,"width":668,"height":12}},{"id":"34efbaee-7cd4-4e58-a83e-cd4c06f1c60f","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF $1,350 2.0%","page_number":12,"box":{"x":184,"y":920,"width":663,"height":13}},{"id":"478995ae-9854-43d8-91c6-991c314c2776","block_type":"box","text":"Fund","page_number":13,"box":{"x":184,"y":76,"width":29,"height":8}},{"id":"da1b1669-e111-4478-a404-d6b9f62b96c5","block_type":"box","text":"Standard Redemption","page_number":13,"box":{"x":586,"y":66,"width":131,"height":10}},{"id":"073c7ee6-0f14-422a-b0e9-28080fa94c98","block_type":"box","text":"Transaction Fee","page_number":13,"box":{"x":603,"y":77,"width":97,"height":7}},{"id":"55aa1a16-6390-492b-872d-a1c87bd46c75","block_type":"box","text":"Maximum Additional","page_number":13,"box":{"x":756,"y":66,"width":127,"height":8}},{"id":"e906f848-2618-451f-9558-35335ae0e116","block_type":"box","text":"Charge*","page_number":13,"box":{"x":794,"y":76,"width":51,"height":10}},{"id":"775f8731-8f79-4b48-b74b-e3382bbe132c","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $1,570 2.0%","page_number":13,"box":{"x":184,"y":99,"width":668,"height":11}},{"id":"f05f6f2a-e398-44d4-8f26-30192ad7ef9d","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF $2,590 2.0%","page_number":13,"box":{"x":184,"y":118,"width":668,"height":13}},{"id":"b6ffbb07-d51d-456f-a1b2-981b7b5e99f7","block_type":"box","text":"iShares MSCI Japan Value ETF $580 2.0%","page_number":13,"box":{"x":184,"y":138,"width":668,"height":12}},{"id":"276b95c5-a33b-4792-aee1-b2cdc9c42973","block_type":"box","text":"iShares MSCI Kokusai ETF $4,020 2.0%","page_number":13,"box":{"x":184,"y":157,"width":668,"height":12}},{"id":"c430428d-3876-4f30-8965-de2d68c2976e","block_type":"box","text":"iShares MSCI Kuwait ETF $2,040 2.0%","page_number":13,"box":{"x":184,"y":176,"width":668,"height":12}},{"id":"873d2859-faf0-48d0-97c9-7f7664611bc6","block_type":"box","text":"iShares MSCI Malaysia ETF $900 2.0%","page_number":13,"box":{"x":184,"y":196,"width":668,"height":12}},{"id":"d7b64e2d-8057-4540-b2e8-436f1560999c","block_type":"box","text":"iShares MSCI New Zealand ETF $500 2.0%","page_number":13,"box":{"x":184,"y":215,"width":668,"height":11}},{"id":"9890999c-6ce3-411e-b761-1b3b105c24c3","block_type":"box","text":"iShares MSCI Norway ETF $770 2.0%","page_number":13,"box":{"x":184,"y":235,"width":668,"height":12}},{"id":"6bbdeb00-c9e6-41a8-966b-27e41333d3ab","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF $820 2.0%","page_number":13,"box":{"x":184,"y":254,"width":668,"height":13}},{"id":"36841fbb-3798-4023-b0db-2c2a36b4a8a7","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF $1,020 2.0%","page_number":13,"box":{"x":184,"y":273,"width":668,"height":13}},{"id":"273ef5c9-b21f-467f-a693-e17037973892","block_type":"box","text":"iShares MSCI Philippines ETF $800 2.0%","page_number":13,"box":{"x":184,"y":293,"width":668,"height":12}},{"id":"738c378e-45a1-4b1f-aa61-d6dfa07bd120","block_type":"box","text":"iShares MSCI Poland ETF $530 2.0%","page_number":13,"box":{"x":184,"y":312,"width":668,"height":11}},{"id":"4d0fa7b6-0753-4b8d-a53f-2283e0a786d4","block_type":"box","text":"iShares MSCI Qatar ETF $2,250 2.0%","page_number":13,"box":{"x":184,"y":331,"width":668,"height":12}},{"id":"0b82af17-5583-403f-af33-831139e4f8ef","block_type":"box","text":"iShares MSCI Singapore ETF $480 2.0%","page_number":13,"box":{"x":184,"y":351,"width":668,"height":12}},{"id":"c7e1b1ad-6f01-47a9-8615-b903bb6e98cd","block_type":"box","text":"iShares MSCI South Africa ETF $550 2.0%","page_number":13,"box":{"x":184,"y":370,"width":668,"height":11}},{"id":"1397343d-bcdc-4e86-8997-2f577e1636f7","block_type":"box","text":"iShares MSCI South Korea ETF $850 2.0%","page_number":13,"box":{"x":184,"y":390,"width":668,"height":10}},{"id":"00ac3bc7-b283-4901-bd30-2c88b2912de2","block_type":"box","text":"iShares MSCI Spain ETF $360 2.0%","page_number":13,"box":{"x":184,"y":409,"width":668,"height":13}},{"id":"9c764c91-cd3d-4724-8fc6-41d119c31757","block_type":"box","text":"iShares MSCI Sweden ETF $480 2.0%","page_number":13,"box":{"x":184,"y":428,"width":668,"height":11}},{"id":"cecb8b73-bfdb-4f3f-9f3a-1c48aea76c57","block_type":"box","text":"iShares MSCI Thailand ETF $1,200 2.0%","page_number":13,"box":{"x":184,"y":448,"width":668,"height":11}},{"id":"68c9acf9-7946-4ab6-9aa6-27150af41147","block_type":"box","text":"iShares MSCI United Kingdom ETF $420 2.0%","page_number":13,"box":{"x":184,"y":467,"width":668,"height":13}},{"id":"bc742a9d-cc2d-4e1e-94f8-121eac20adb8","block_type":"box","text":"iShares MSCI World ETF $4,480 2.0%","page_number":13,"box":{"x":184,"y":486,"width":668,"height":12}},{"id":"955b2e11-967a-4219-ad48-a13494fa1a4e","block_type":"box","text":"iShares MSCI World Small-Cap ETF $10,090 7.0%","page_number":13,"box":{"x":184,"y":506,"width":668,"height":12}},{"id":"60169aad-de5e-4b84-9a47-ec509c4b9b01","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World","page_number":13,"box":{"x":184,"y":525,"width":387,"height":13}},{"id":"972dfc37-4021-404b-9dfd-7330e86104f8","block_type":"box","text":"ex USA ETF $2,140 2.0%","page_number":13,"box":{"x":201,"y":541,"width":651,"height":11}},{"id":"78e1493d-7cc7-4646-84e6-cf2393033948","block_type":"box","text":"iShares U.S. Power Infrastructure ETF $240 2.0%","page_number":13,"box":{"x":184,"y":560,"width":668,"height":11}},{"id":"c578b38e-98c0-406f-8af9-9ee208a91d64","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":13,"box":{"x":184,"y":589,"width":445,"height":12}},{"id":"dc511c76-f3d7-4eb4-887b-7249c6a29582","block_type":"box","text":"Appendix A","page_number":14,"box":{"x":455,"y":69,"width":93,"height":13}},{"id":"7070744a-8e31-441b-9114-5f69467f5a34","block_type":"box","text":"iShares Core MSCI Pacific ETF","page_number":14,"box":{"x":117,"y":92,"width":220,"height":10}},{"id":"ecfed6cd-f5d4-4db9-9d57-8760df2c5e73","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF","page_number":14,"box":{"x":117,"y":108,"width":281,"height":10}},{"id":"471cff7e-f6a2-4500-a45b-d6da18b32b60","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF","page_number":14,"box":{"x":117,"y":123,"width":268,"height":10}},{"id":"3854d427-1f1f-4951-b658-2ad24872c082","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF","page_number":14,"box":{"x":117,"y":139,"width":255,"height":10}},{"id":"abbf7c83-c86d-4acf-8d0e-b5eca2bbebb5","block_type":"box","text":"iShares ESG Aware MSCI EM ETF","page_number":14,"box":{"x":117,"y":154,"width":242,"height":10}},{"id":"70dd281c-c416-4606-9dab-ae6c087b96da","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF","page_number":14,"box":{"x":117,"y":170,"width":252,"height":10}},{"id":"73f64049-c93c-4c49-9c62-438e596eb0e6","block_type":"box","text":"iShares JPX-Nikkei 400 ETF","page_number":14,"box":{"x":117,"y":185,"width":198,"height":12}},{"id":"1636f4dc-8d20-41fb-960b-f4361c9e0d27","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF","page_number":14,"box":{"x":117,"y":201,"width":347,"height":13}},{"id":"ca9e791d-3adb-423c-837f-fbed6cccc3b8","block_type":"box","text":"iShares MSCI ACWI ETF","page_number":14,"box":{"x":117,"y":216,"width":175,"height":10}},{"id":"909c209b-4dc1-4b22-9d61-9db812bc3dcd","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF","page_number":14,"box":{"x":117,"y":232,"width":228,"height":10}},{"id":"64e24280-97f7-4535-b7f5-bc4a1f114ae0","block_type":"box","text":"iShares MSCI Agriculture Producers ETF","page_number":14,"box":{"x":117,"y":247,"width":293,"height":13}},{"id":"d0d231ef-fc07-4940-8345-a7a7e1c7a94b","block_type":"box","text":"iShares MSCI Belgium ETF","page_number":14,"box":{"x":117,"y":263,"width":193,"height":13}},{"id":"8771740c-5669-401d-bfec-2561d7321c20","block_type":"box","text":"iShares MSCI BIC ETF","page_number":14,"box":{"x":117,"y":278,"width":158,"height":10}},{"id":"57787d16-4805-49f9-addc-1eacda5fee51","block_type":"box","text":"iShares MSCI Brazil ETF","page_number":14,"box":{"x":117,"y":294,"width":172,"height":10}},{"id":"d57e9a9a-057d-4641-93a4-282a7b7149e6","block_type":"box","text":"iShares MSCI Brazil Small-Cap ETF","page_number":14,"box":{"x":117,"y":309,"width":252,"height":13}},{"id":"bfe65a48-317a-4c46-a232-392349f15668","block_type":"box","text":"iShares MSCI Canada ETF","page_number":14,"box":{"x":117,"y":325,"width":189,"height":10}},{"id":"de6bac16-1381-4f7a-b9ea-c2f4cff50370","block_type":"box","text":"iShares MSCI Chile ETF","page_number":14,"box":{"x":117,"y":340,"width":170,"height":10}},{"id":"6ae8fcdf-59bd-4b2f-9519-6100815ed7fd","block_type":"box","text":"iShares MSCI China A ETF","page_number":14,"box":{"x":117,"y":356,"width":191,"height":10}},{"id":"b6467646-bf49-4bbf-bb49-03bd021da14c","block_type":"box","text":"iShares MSCI China ETF","page_number":14,"box":{"x":117,"y":371,"width":176,"height":10}},{"id":"0a6f6ad5-7a35-470c-97bf-c07bd05d8019","block_type":"box","text":"iShares MSCI China Multisector Tech ETF","page_number":14,"box":{"x":117,"y":387,"width":303,"height":10}},{"id":"6f5a3ab2-125c-4154-aeaa-ca90de09657e","block_type":"box","text":"iShares MSCI China Small-Cap ETF","page_number":14,"box":{"x":117,"y":402,"width":255,"height":13}},{"id":"f5abb345-ef44-4e29-bad6-ccbd73d279bb","block_type":"box","text":"iShares MSCI Denmark ETF","page_number":14,"box":{"x":117,"y":418,"width":201,"height":10}},{"id":"9ffc2a89-4ce6-4359-b206-74f10cb74cb9","block_type":"box","text":"iShares MSCI EAFE Small-Cap ETF","page_number":14,"box":{"x":117,"y":433,"width":250,"height":13}},{"id":"c49e96ad-3e73-439a-91f7-2ee96986b756","block_type":"box","text":"iShares MSCI Emerging Markets Asia ETF","page_number":14,"box":{"x":117,"y":449,"width":302,"height":13}},{"id":"00a657e3-65eb-4f12-87ee-4024137bd455","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor","page_number":14,"box":{"x":117,"y":464,"width":347,"height":13}},{"id":"3edbe8ef-6678-4c15-ad68-c80a6eb7cd20","block_type":"box","text":"ETF","page_number":14,"box":{"x":134,"y":481,"width":30,"height":9}},{"id":"891a0d63-251d-4050-be06-9ed0deafe757","block_type":"box","text":"iShares MSCI Emerging Markets Quality Factor ETF","page_number":14,"box":{"x":117,"y":495,"width":374,"height":13}},{"id":"1a59493d-1acf-4458-93ce-159a55ba936c","block_type":"box","text":"iShares MSCI Emerging Markets Small-Cap ETF","page_number":14,"box":{"x":117,"y":511,"width":346,"height":13}},{"id":"ad3c2fb2-bd5d-40ac-afa8-e832ea5c023a","block_type":"box","text":"iShares MSCI Emerging Markets Value Factor ETF","page_number":14,"box":{"x":117,"y":526,"width":363,"height":13}},{"id":"b9112b20-304d-426c-8356-2ba5b489bb37","block_type":"box","text":"iShares MSCI France ETF","page_number":14,"box":{"x":117,"y":542,"width":183,"height":10}},{"id":"03c5b84e-52a1-4fce-9190-55a8ee274674","block_type":"box","text":"iShares MSCI Germany ETF","page_number":14,"box":{"x":117,"y":557,"width":201,"height":13}},{"id":"94d64824-da89-4851-8d55-e67f6f46e9fd","block_type":"box","text":"iShares MSCI Global Gold Miners ETF","page_number":14,"box":{"x":117,"y":573,"width":273,"height":10}},{"id":"e6660ddb-3678-4937-8e66-2e6c46d51291","block_type":"box","text":"iShares MSCI Global Min Vol Factor ETF","page_number":14,"box":{"x":117,"y":589,"width":291,"height":9}},{"id":"33cb953c-84c0-4401-8c7d-b7c5099d6b86","block_type":"box","text":"iShares MSCI Global Quality Factor ETF","page_number":14,"box":{"x":117,"y":604,"width":287,"height":13}},{"id":"63e67e46-abdb-4960-837f-c642cc93647b","block_type":"box","text":"iShares MSCI Global Silver and Metals Miners ETF","page_number":14,"box":{"x":511,"y":92,"width":363,"height":10}},{"id":"eacc01c8-efb4-416b-be97-1b61786df110","block_type":"box","text":"iShares MSCI Global Sustainable Development","page_number":14,"box":{"x":511,"y":108,"width":339,"height":13}},{"id":"9695fe5b-a9bb-4b4c-831d-194ba052b7d2","block_type":"box","text":"Goals ETF","page_number":14,"box":{"x":527,"y":123,"width":76,"height":10}},{"id":"9b02663a-a7fb-4afb-8422-079a2cafee3e","block_type":"box","text":"iShares MSCI Hong Kong ETF","page_number":14,"box":{"x":511,"y":139,"width":216,"height":13}},{"id":"ea379409-3c50-4c51-bbd9-a5b49048d9c3","block_type":"box","text":"iShares MSCI India ETF","page_number":14,"box":{"x":511,"y":154,"width":169,"height":10}},{"id":"2353da01-6c37-4c9c-a5bd-bfd595aa07d4","block_type":"box","text":"iShares MSCI India Small-Cap ETF","page_number":14,"box":{"x":511,"y":170,"width":249,"height":13}},{"id":"978481c9-afd1-451e-93c7-2a11809bd55d","block_type":"box","text":"iShares MSCI Indonesia ETF","page_number":14,"box":{"x":511,"y":185,"width":204,"height":10}},{"id":"be5f1310-fd90-4484-9c05-4baa633d590f","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF","page_number":14,"box":{"x":511,"y":201,"width":298,"height":10}},{"id":"e2add44b-d61e-473e-88c5-4f87c19678d2","block_type":"box","text":"iShares MSCI Intl Quality Factor ETF","page_number":14,"box":{"x":511,"y":216,"width":264,"height":13}},{"id":"0b89a165-88a7-4c05-af32-fd8b593aca39","block_type":"box","text":"iShares MSCI Intl Value Factor ETF","page_number":14,"box":{"x":511,"y":232,"width":253,"height":10}},{"id":"7a280ff4-5df5-4336-8b40-6c4d7b85aae4","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF","page_number":14,"box":{"x":511,"y":247,"width":253,"height":13}},{"id":"cfc1bd17-9a67-4171-a8a1-c75782bc613b","block_type":"box","text":"iShares MSCI Japan Value ETF","page_number":14,"box":{"x":511,"y":263,"width":219,"height":13}},{"id":"2d2ceb76-a594-4997-9b88-1e61677783b7","block_type":"box","text":"iShares MSCI Kokusai ETF","page_number":14,"box":{"x":511,"y":278,"width":191,"height":10}},{"id":"d841285f-033e-42cb-93ec-6a5f41357ed6","block_type":"box","text":"iShares MSCI Kuwait ETF","page_number":14,"box":{"x":511,"y":294,"width":184,"height":10}},{"id":"117a1999-5293-47d8-882d-53c23496d1bc","block_type":"box","text":"iShares MSCI Malaysia ETF","page_number":14,"box":{"x":511,"y":309,"width":198,"height":13}},{"id":"22d07d3a-574e-4401-bcca-7427e21b9950","block_type":"box","text":"iShares MSCI New Zealand ETF","page_number":14,"box":{"x":511,"y":325,"width":229,"height":10}},{"id":"bf78892a-16ed-4256-b24a-e669d39f9341","block_type":"box","text":"iShares MSCI Norway ETF","page_number":14,"box":{"x":511,"y":340,"width":190,"height":13}},{"id":"cbc4e96c-e6a7-4950-91be-da81f664585b","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF","page_number":14,"box":{"x":511,"y":356,"width":246,"height":13}},{"id":"a522c198-ea78-49c2-9d75-7d2e2a0275ee","block_type":"box","text":"iShares MSCI Peru and Global Exposure ETF","page_number":14,"box":{"x":511,"y":371,"width":321,"height":13}},{"id":"8c3afb13-0f29-4e97-8b07-846f39ad5aec","block_type":"box","text":"iShares MSCI Philippines ETF","page_number":14,"box":{"x":511,"y":387,"width":212,"height":13}},{"id":"31f2158e-cb6f-43b9-9320-d6f23694c3b2","block_type":"box","text":"iShares MSCI Poland ETF","page_number":14,"box":{"x":511,"y":402,"width":184,"height":10}},{"id":"ffe70831-292f-4778-a8e1-4d22b3132b31","block_type":"box","text":"iShares MSCI Qatar ETF","page_number":14,"box":{"x":511,"y":418,"width":175,"height":11}},{"id":"1b6937eb-9036-4948-a551-0e14d1b3201d","block_type":"box","text":"iShares MSCI Singapore ETF","page_number":14,"box":{"x":511,"y":433,"width":207,"height":13}},{"id":"4946d364-0313-45de-870f-f3910fa3fc07","block_type":"box","text":"iShares MSCI South Africa ETF","page_number":14,"box":{"x":511,"y":449,"width":224,"height":10}},{"id":"c4484e12-4a5f-4efc-abc1-3ec3b9338f52","block_type":"box","text":"iShares MSCI South Korea ETF","page_number":14,"box":{"x":511,"y":464,"width":223,"height":10}},{"id":"109cab05-1719-4c60-ab5e-36957b6d92f6","block_type":"box","text":"iShares MSCI Spain ETF","page_number":14,"box":{"x":511,"y":480,"width":174,"height":13}},{"id":"4f11a846-1760-4e51-b615-bcb166bca4a7","block_type":"box","text":"iShares MSCI Sweden ETF","page_number":14,"box":{"x":511,"y":495,"width":191,"height":10}},{"id":"cd67c062-df8a-4601-9a55-1d3c6344a9cf","block_type":"box","text":"iShares MSCI Thailand ETF","page_number":14,"box":{"x":511,"y":511,"width":197,"height":10}},{"id":"25c9a323-9655-45ac-9773-0e86cafc41b4","block_type":"box","text":"iShares MSCI United Kingdom ETF","page_number":14,"box":{"x":511,"y":526,"width":252,"height":13}},{"id":"fcdb0965-2f3a-4d2f-af88-82d04611f806","block_type":"box","text":"iShares MSCI World ETF","page_number":14,"box":{"x":511,"y":542,"width":178,"height":10}},{"id":"60c5ee60-fad4-477b-be4c-f4770aed6db6","block_type":"box","text":"iShares MSCI World Small-Cap ETF","page_number":14,"box":{"x":511,"y":557,"width":257,"height":13}},{"id":"0bbee139-8bda-4146-907a-4fa95b2d3b00","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI","page_number":14,"box":{"x":511,"y":573,"width":338,"height":13}},{"id":"cc14fbe4-820a-4f90-9aa2-2583f9b29a8b","block_type":"box","text":"World ex USA ETF","page_number":14,"box":{"x":527,"y":589,"width":135,"height":9}},{"id":"2f9de29b-54dc-4314-811a-01406451d2ee","block_type":"box","text":"iShares U.S. Power Infrastructure ETF","page_number":14,"box":{"x":511,"y":604,"width":273,"height":10}},{"id":"3e59f53a-cf45-4c16-9454-fb3a95faf990","block_type":"box","text":"If you have any questions, please call 1-800-iShares (1-800-474-2737).","page_number":14,"box":{"x":117,"y":627,"width":521,"height":13}},{"id":"34ea4f91-af87-45fd-9394-562d47d48e66","block_type":"box","text":"iShares","page_number":14,"box":{"x":117,"y":869,"width":40,"height":8}},{"id":"9f380a0e-a92b-4ab4-99c0-40e648651f11","block_type":"box","text":"®","page_number":14,"box":{"x":158,"y":869,"width":8,"height":5}},{"id":"a65bee11-25b1-4b05-8407-85ba48729fc2","block_type":"box","text":"is a registered trademark of BlackRock Fund Advisors and its affiliates.","page_number":14,"box":{"x":170,"y":869,"width":406,"height":10}},{"id":"5cb699e4-9f2f-4c31-8132-bb3b8fd4ab52","block_type":"box","text":"IS-A-CITI-0226","page_number":14,"box":{"x":796,"y":887,"width":87,"height":8}},{"id":"8ee9b9eb-16ff-45a0-8902-5b5dd033a5bc","block_type":"box","text":"PLEASE RETAIN THIS SUPPLEMENT","page_number":14,"box":{"x":368,"y":911,"width":265,"height":9}},{"id":"c8193bd1-7403-4ce2-a8b4-713a1d747bae","block_type":"box","text":"FOR FUTURE REFERENCE","page_number":14,"box":{"x":407,"y":926,"width":186,"height":10}},{"id":"864f8e43-d29e-4343-a3ce-3630979c1e6e","block_type":"box","text":"iShares","page_number":15,"box":{"x":90,"y":45,"width":139,"height":23}},{"id":"51235600-c554-4b74-bd9b-f1a421bd1846","block_type":"box","text":"®","page_number":15,"box":{"x":232,"y":41,"width":12,"height":7}},{"id":"e51e3f11-e338-4b30-ae76-c911905fb995","block_type":"box","text":", Inc.","page_number":15,"box":{"x":246,"y":46,"width":87,"height":26}},{"id":"21780533-bc1a-41a8-820c-91b28f669a19","block_type":"box","text":"Statement of Additional Information","page_number":15,"box":{"x":89,"y":89,"width":496,"height":16}},{"id":"21d58e0f-506c-409b-9504-e7c1949cc8d2","block_type":"box","text":"Dated December 30, 2025","page_number":15,"box":{"x":90,"y":114,"width":199,"height":10}},{"id":"cb2d59c7-22af-4921-852c-611ecc4e648f","block_type":"box","text":"This combined Statement of Additional Information (“SAI”) is not a prospectus. It should be read in conjunction","page_number":15,"box":{"x":88,"y":136,"width":846,"height":12}},{"id":"76aa448c-149b-4124-bafb-4d1f99b90f8e","block_type":"box","text":"with the current prospectuses (each, a “Prospectus” and collectively, the “Prospectuses”) for the following series of","page_number":15,"box":{"x":88,"y":151,"width":872,"height":12}},{"id":"9c32f8e0-9cd1-416b-9f7b-c372aaf3890f","block_type":"box","text":"iShares, Inc. (the “Company”):","page_number":15,"box":{"x":89,"y":166,"width":225,"height":12}},{"id":"8b547aa7-87f9-4619-859b-5dfa079b21e5","block_type":"box","text":"Funds","page_number":15,"box":{"x":89,"y":196,"width":38,"height":8}},{"id":"ad539028-e509-4b97-b374-91988591f301","block_type":"box","text":"Ticker Listing Exchange","page_number":15,"box":{"x":698,"y":196,"width":270,"height":10}},{"id":"ce6bd1b4-1c3d-49d5-8940-c5409067bff3","block_type":"box","text":"iShares MSCI Australia ETF EWA NYSE Arca","page_number":15,"box":{"x":89,"y":218,"width":863,"height":9}},{"id":"6653898e-9b11-4451-8ac6-e03ee23b3f57","block_type":"box","text":"iShares MSCI Austria ETF EWO NYSE Arca","page_number":15,"box":{"x":89,"y":233,"width":863,"height":10}},{"id":"ced9e2d8-d252-4579-8f2f-7cab8dcc85c0","block_type":"box","text":"iShares MSCI Belgium ETF EWK NYSE Arca","page_number":15,"box":{"x":89,"y":249,"width":863,"height":11}},{"id":"aa35b2af-37e2-4ad2-82f5-c02b08770a60","block_type":"box","text":"iShares MSCI Canada ETF EWC NYSE Arca","page_number":15,"box":{"x":89,"y":264,"width":863,"height":9}},{"id":"f5fe6972-7aa4-4af9-a8eb-77873c07ba69","block_type":"box","text":"iShares MSCI Eurozone ETF EZU Cboe BZX","page_number":15,"box":{"x":89,"y":279,"width":861,"height":9}},{"id":"7f72622c-0ed5-46f8-9158-e23a04259775","block_type":"box","text":"iShares MSCI France ETF EWQ NYSE Arca","page_number":15,"box":{"x":89,"y":294,"width":863,"height":10}},{"id":"a6b94d68-649a-4b61-8dfe-756341f43cb7","block_type":"box","text":"iShares MSCI Germany ETF EWG NYSE Arca","page_number":15,"box":{"x":89,"y":309,"width":863,"height":12}},{"id":"c092063e-2cc2-4cb1-92e1-97187af3aeda","block_type":"box","text":"iShares MSCI Hong Kong ETF EWH NYSE Arca","page_number":15,"box":{"x":89,"y":324,"width":863,"height":12}},{"id":"812cbefe-2d35-4b3c-bb3a-92397414cdb7","block_type":"box","text":"iShares MSCI Israel ETF EIS NYSE Arca","page_number":15,"box":{"x":89,"y":339,"width":863,"height":9}},{"id":"c3c6286f-a303-462b-82cd-764dfadb4325","block_type":"box","text":"iShares MSCI Italy ETF EWI NYSE Arca","page_number":15,"box":{"x":89,"y":354,"width":863,"height":12}},{"id":"cd57af93-94a0-430a-a879-6a7de826badc","block_type":"box","text":"iShares MSCI Japan ETF EWJ NYSE Arca","page_number":15,"box":{"x":89,"y":370,"width":863,"height":11}},{"id":"d795f7c8-f4d7-466b-bb11-eb6ac670dfe4","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF SCJ NYSE Arca","page_number":15,"box":{"x":89,"y":385,"width":863,"height":11}},{"id":"133b9fea-3b66-4731-bffb-8dc500af7d53","block_type":"box","text":"iShares MSCI Mexico ETF EWW NYSE Arca","page_number":15,"box":{"x":89,"y":400,"width":863,"height":9}},{"id":"4b39ca4d-d449-4ad5-aab6-b97dfbad3f8b","block_type":"box","text":"iShares MSCI Netherlands ETF EWN NYSE Arca","page_number":15,"box":{"x":89,"y":415,"width":863,"height":9}},{"id":"ed5519aa-a8ca-4dd0-8549-a0db5a5d587d","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF EPP NYSE Arca","page_number":15,"box":{"x":89,"y":430,"width":863,"height":11}},{"id":"4433fe32-d166-44ea-a72e-7425293eaa5e","block_type":"box","text":"iShares MSCI Singapore ETF EWS NYSE Arca","page_number":15,"box":{"x":89,"y":445,"width":863,"height":12}},{"id":"5b188504-bcfd-482e-b0f4-45ebaec1bfc1","block_type":"box","text":"iShares MSCI South Africa ETF EZA NYSE Arca","page_number":15,"box":{"x":89,"y":460,"width":863,"height":9}},{"id":"411e3a73-c80d-4024-8587-b328c402af20","block_type":"box","text":"iShares MSCI Spain ETF EWP NYSE Arca","page_number":15,"box":{"x":89,"y":475,"width":863,"height":12}},{"id":"d4c62d3c-8ab4-42ea-9627-7ee2790b370c","block_type":"box","text":"iShares MSCI Sweden ETF EWD NYSE Arca","page_number":15,"box":{"x":89,"y":490,"width":863,"height":10}},{"id":"fbec3955-7529-40de-98ad-f671e4f1f280","block_type":"box","text":"iShares MSCI Switzerland ETF EWL NYSE Arca","page_number":15,"box":{"x":89,"y":506,"width":863,"height":9}},{"id":"db6b09c7-e6fc-4900-be23-05d79283ff37","block_type":"box","text":"iShares MSCI Thailand ETF THD NYSE Arca","page_number":15,"box":{"x":89,"y":521,"width":863,"height":9}},{"id":"080c5487-45b1-49a0-a8c8-cec9fc7942d2","block_type":"box","text":"iShares MSCI Turkey ETF TUR Nasdaq","page_number":15,"box":{"x":89,"y":536,"width":852,"height":12}},{"id":"3d5e7cec-71bc-4172-b7cd-d839d9b6eace","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF EUSA NYSE Arca","page_number":15,"box":{"x":89,"y":551,"width":863,"height":12}},{"id":"09c78501-b9c6-47a1-a942-3bd57216ca77","block_type":"box","text":"iShares MSCI World ETF URTH NYSE Arca","page_number":15,"box":{"x":89,"y":566,"width":863,"height":9}},{"id":"57d93cb7-45b6-49ff-bbdb-cc50ae20bd73","block_type":"box","text":"The Prospectuses for the above-listed funds (each, a “Fund” and collectively, the “Funds”) are dated December 30, 2025, as","page_number":15,"box":{"x":88,"y":598,"width":865,"height":13}},{"id":"100ceede-87fc-484f-b612-a85bb8b7d0ac","block_type":"box","text":"amended and supplemented from time to time. Capitalized terms used herein that are not defined have the same meaning as","page_number":15,"box":{"x":89,"y":613,"width":877,"height":13}},{"id":"4e720988-5aff-4077-a476-10100fda686c","block_type":"box","text":"in the applicable Prospectus, unless otherwise noted. Each Fund’s financial statements, financial highlights and notes thereto","page_number":15,"box":{"x":89,"y":628,"width":876,"height":13}},{"id":"2137babd-83ff-4e84-8760-780d2b82ebbf","block_type":"box","text":"and the report therein appearing in the Fund’s Form N-CSR are incorporated in this SAI by reference as described in the","page_number":15,"box":{"x":89,"y":644,"width":833,"height":12}},{"id":"a532cad3-444f-4c85-9482-66868c8a5c34","block_type":"box","text":"section entitled Financial Statements. A copy of each Fund’s Prospectus, Annual and Semi-Annual Report, and Annual and","page_number":15,"box":{"x":89,"y":659,"width":858,"height":12}},{"id":"906e2a4f-eac1-413d-b6d4-9e4d197a7faf","block_type":"box","text":"Semi-Annual Financial Statements, when available, may be obtained without charge by writing to the Fund’s distributor,","page_number":15,"box":{"x":88,"y":674,"width":840,"height":12}},{"id":"656617f0-7390-4910-ad81-3325d8e84c8c","block_type":"box","text":"BlackRock Investments, LLC (the “Distributor” or “BRIL”), 1 University Square Drive, Princeton, NJ 08540, by calling 1-800-","page_number":15,"box":{"x":89,"y":689,"width":850,"height":12}},{"id":"14bea69e-acdb-4f85-929c-9314c1fb6c9d","block_type":"box","text":"iShares (1-800-474- 2737), or by visiting www.ishares.com.","page_number":15,"box":{"x":89,"y":704,"width":413,"height":12}},{"id":"ff6e09f5-0378-4305-8f2d-32dfa7e5d46b","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act” or the “1940","page_number":15,"box":{"x":90,"y":727,"width":837,"height":12}},{"id":"a7fc4ad5-7ca9-44fa-b145-d227ca25b32b","block_type":"box","text":"Act”), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":15,"box":{"x":88,"y":742,"width":860,"height":12}},{"id":"fb619a87-62d5-405c-a85e-e2e2b289126c","block_type":"box","text":"modifications by the Securities and Exchange Commission (the “SEC”), SEC staff or other authority with","page_number":15,"box":{"x":89,"y":757,"width":792,"height":12}},{"id":"6e29d42c-d98a-4a1b-9196-73f28a99d210","block_type":"box","text":"appropriate jurisdiction, including court interpretations, and exemptive, no action or other relief or permission from","page_number":15,"box":{"x":89,"y":773,"width":877,"height":11}},{"id":"7f7fb739-9e23-4936-8c59-e303aba2a8c7","block_type":"box","text":"the SEC, SEC staff or other authority.","page_number":15,"box":{"x":88,"y":788,"width":281,"height":11}},{"id":"d6b38fe6-edb2-4b96-8f57-322da100bb0d","block_type":"box","text":"iShares","page_number":15,"box":{"x":89,"y":810,"width":56,"height":10}},{"id":"bd981b14-baa6-421a-8693-9384fd0f368a","block_type":"box","text":"®","page_number":15,"box":{"x":146,"y":808,"width":5,"height":3}},{"id":"138ac0be-9d3c-4f3f-88c5-6d2c88974490","block_type":"box","text":"and BlackRock","page_number":15,"box":{"x":156,"y":811,"width":113,"height":9}},{"id":"18463abb-296e-40e4-a5cf-ba4d19c38055","block_type":"box","text":"®","page_number":15,"box":{"x":269,"y":808,"width":5,"height":3}},{"id":"5c76ff6e-6cf2-4996-872e-885e729905bd","block_type":"box","text":"are registered trademarks of BlackRock Fund Advisors and its affiliates.","page_number":15,"box":{"x":279,"y":810,"width":543,"height":12}},{"id":"a25c8396-ca5d-4032-bd97-0220907cadc6","block_type":"box","text":"TABLE OF CONTENTS","page_number":16,"box":{"x":435,"y":45,"width":186,"height":11}},{"id":"145a0cdd-d436-4675-a860-e7d07e3b6cf6","block_type":"box","text":"Page","page_number":16,"box":{"x":936,"y":77,"width":26,"height":9}},{"id":"77993b66-10cd-42c5-a41c-c09a6519e6aa","block_type":"box","text":"General Description of the Company and the Funds 1","page_number":16,"box":{"x":89,"y":98,"width":876,"height":12}},{"id":"cd3eb564-466d-415c-b0b4-ed30201e61fa","block_type":"box","text":"Exchange Listing and Trading","page_number":16,"box":{"x":89,"y":119,"width":205,"height":13}},{"id":"2cd43377-0a51-4132-84eb-2bb6caa220a4","block_type":"box","text":"2","page_number":16,"box":{"x":960,"y":120,"width":7,"height":9}},{"id":"644e6cf3-1989-48b6-b945-0e32829711a4","block_type":"box","text":"Investment Strategies and Risks","page_number":16,"box":{"x":89,"y":141,"width":221,"height":12}},{"id":"d9ceeacd-e14d-4b7e-86d6-c9dbb6c116b1","block_type":"box","text":"2","page_number":16,"box":{"x":960,"y":141,"width":7,"height":9}},{"id":"cc09c857-bbcf-49a6-b11e-eb9381fcb15c","block_type":"box","text":"Borrowing","page_number":16,"box":{"x":128,"y":163,"width":71,"height":12}},{"id":"729a89f2-423f-4e17-9da8-c73ebd95b3fe","block_type":"box","text":"2","page_number":16,"box":{"x":960,"y":163,"width":7,"height":9}},{"id":"4123204f-787e-4868-b804-e390afe35594","block_type":"box","text":"Currency Transactions","page_number":16,"box":{"x":128,"y":184,"width":156,"height":12}},{"id":"f3872898-556f-4e2a-82c7-62769d5eca0c","block_type":"box","text":"3","page_number":16,"box":{"x":960,"y":184,"width":7,"height":9}},{"id":"ccb56fe9-6303-42bd-8ff2-3b623a9b6512","block_type":"box","text":"Diversification Status","page_number":16,"box":{"x":128,"y":205,"width":147,"height":10}},{"id":"9782b4c0-0319-4b7d-94dc-fbbcbac018f6","block_type":"box","text":"3","page_number":16,"box":{"x":960,"y":206,"width":7,"height":9}},{"id":"8e6572e2-53c8-485a-8f6b-cd23d3736956","block_type":"box","text":"Futures, Options on Futures and Securities Options 4","page_number":16,"box":{"x":128,"y":227,"width":840,"height":12}},{"id":"6fd163f1-3ccb-4998-80ac-6efdbc131689","block_type":"box","text":"Lending Portfolio Securities","page_number":16,"box":{"x":128,"y":248,"width":191,"height":12}},{"id":"882e9af6-071d-420c-8356-83f9cd534abf","block_type":"box","text":"5","page_number":16,"box":{"x":960,"y":249,"width":7,"height":9}},{"id":"406e371c-5fb4-422d-aef9-896092d33e18","block_type":"box","text":"Liquidity Risk Management","page_number":16,"box":{"x":128,"y":269,"width":191,"height":13}},{"id":"234fc8f8-f829-48b3-af9d-bda55e6e1880","block_type":"box","text":"7","page_number":16,"box":{"x":960,"y":270,"width":7,"height":9}},{"id":"d451de4d-b6e9-4a40-ad50-d2a76f9e8ccd","block_type":"box","text":"Non-U.S. Securities","page_number":16,"box":{"x":128,"y":291,"width":133,"height":10}},{"id":"fcc1a5db-1d20-43c9-9a31-96013b110d40","block_type":"box","text":"7","page_number":16,"box":{"x":960,"y":292,"width":7,"height":8}},{"id":"21eb100d-5ec7-40cd-85a6-ff4dff71e8f6","block_type":"box","text":"Regulation Regarding Derivatives","page_number":16,"box":{"x":128,"y":312,"width":230,"height":13}},{"id":"c79985f8-70d1-40ee-90d4-64f118ba51e0","block_type":"box","text":"7","page_number":16,"box":{"x":960,"y":313,"width":7,"height":9}},{"id":"c5016d0a-6f7a-465d-8f9b-8a5821f0c18b","block_type":"box","text":"Repurchase Agreements","page_number":16,"box":{"x":128,"y":334,"width":170,"height":12}},{"id":"8e614215-9ff5-4746-bcfa-e6029e8fdcb2","block_type":"box","text":"9","page_number":16,"box":{"x":960,"y":334,"width":7,"height":9}},{"id":"cff161bc-17c4-4cd5-9cd2-6075214885a2","block_type":"box","text":"Reverse Repurchase Agreements","page_number":16,"box":{"x":128,"y":355,"width":229,"height":12}},{"id":"be7164a8-8d41-4c2c-9dc0-e069068e2354","block_type":"box","text":"9","page_number":16,"box":{"x":960,"y":356,"width":7,"height":9}},{"id":"edcea4ab-82d4-4f25-bcda-e3370074f6f7","block_type":"box","text":"Securities of Investment Companies","page_number":16,"box":{"x":128,"y":376,"width":250,"height":13}},{"id":"8fe141a4-b1a4-44e4-b5f3-a4c25ad12225","block_type":"box","text":"9","page_number":16,"box":{"x":960,"y":377,"width":7,"height":9}},{"id":"95773866-8bfe-445f-81cb-3f683124061b","block_type":"box","text":"Short-Term Instruments and Temporary Investments 10","page_number":16,"box":{"x":128,"y":398,"width":840,"height":12}},{"id":"d5e5c8a6-e118-4bff-9600-752efedf8ca5","block_type":"box","text":"Swap Agreements","page_number":16,"box":{"x":128,"y":420,"width":127,"height":12}},{"id":"0bb1fe05-5def-4aab-94c8-47dfbda09825","block_type":"box","text":"10","page_number":16,"box":{"x":953,"y":420,"width":15,"height":9}},{"id":"3f78b4f0-7f53-4b21-b89a-f84e21b5a6c5","block_type":"box","text":"Tracking Stocks","page_number":16,"box":{"x":127,"y":441,"width":111,"height":12}},{"id":"e47badbc-04f3-4bba-9e20-7b6f582c4248","block_type":"box","text":"10","page_number":16,"box":{"x":953,"y":441,"width":15,"height":9}},{"id":"3d2f6744-e0c5-440f-9dae-76a1cb6012c8","block_type":"box","text":"Future Developments","page_number":16,"box":{"x":128,"y":462,"width":150,"height":12}},{"id":"48c317ae-89de-4126-b22c-159b9c7240bd","block_type":"box","text":"10","page_number":16,"box":{"x":953,"y":463,"width":15,"height":9}},{"id":"c1418573-2160-4bc2-9d67-35b2b02469f7","block_type":"box","text":"General Considerations and Risks","page_number":16,"box":{"x":89,"y":484,"width":233,"height":9}},{"id":"bcaee607-59ad-41c4-9d25-d3fcffb62117","block_type":"box","text":"10","page_number":16,"box":{"x":953,"y":484,"width":15,"height":9}},{"id":"b47f68dc-d8c4-4ca9-9d66-67cf03d5e7c5","block_type":"box","text":"Borrowing Risk","page_number":16,"box":{"x":128,"y":505,"width":105,"height":12}},{"id":"77ecc040-234c-43c6-abc6-6cfea070a411","block_type":"box","text":"10","page_number":16,"box":{"x":953,"y":506,"width":15,"height":9}},{"id":"7b107985-566c-44e1-895d-07686e38a0df","block_type":"box","text":"Commodities Investment Risk","page_number":16,"box":{"x":128,"y":526,"width":209,"height":10}},{"id":"19bdcc1f-fe4a-41b1-be85-941c5b6ce2e3","block_type":"box","text":"10","page_number":16,"box":{"x":953,"y":527,"width":15,"height":9}},{"id":"eb5ae609-a021-4e9f-94de-8a44f90658c6","block_type":"box","text":"Custody Risk","page_number":16,"box":{"x":128,"y":548,"width":90,"height":12}},{"id":"bba0143e-2934-459b-a37f-64b9f9097791","block_type":"box","text":"11","page_number":16,"box":{"x":954,"y":548,"width":11,"height":9}},{"id":"e3819388-17f7-404d-8826-90c98d05029a","block_type":"box","text":"Illiquid Investments Risk","page_number":16,"box":{"x":128,"y":569,"width":168,"height":13}},{"id":"efd9ab88-3adb-4f2d-8b46-71bf442ca962","block_type":"box","text":"12","page_number":16,"box":{"x":953,"y":570,"width":14,"height":9}},{"id":"e5c85c87-456d-4aa0-b5c0-5a9ac8e482b9","block_type":"box","text":"Infectious Illness Risk","page_number":16,"box":{"x":128,"y":591,"width":149,"height":9}},{"id":"10f0ff04-07c1-4a57-9868-20cd8714bbc2","block_type":"box","text":"12","page_number":16,"box":{"x":953,"y":591,"width":14,"height":9}},{"id":"dae13773-cccf-4672-aeea-67b802806500","block_type":"box","text":"Money Market Instruments Risk","page_number":16,"box":{"x":128,"y":612,"width":224,"height":12}},{"id":"0677b191-34d9-4260-a675-9fc2e2c7406e","block_type":"box","text":"12","page_number":16,"box":{"x":953,"y":613,"width":14,"height":9}},{"id":"54e7411b-92b8-47dc-ba90-8e33262d8b2f","block_type":"box","text":"Operational and Technology Risks","page_number":16,"box":{"x":128,"y":633,"width":238,"height":13}},{"id":"82f99470-45c3-4b8f-a570-415f66c57a0b","block_type":"box","text":"12","page_number":16,"box":{"x":953,"y":634,"width":14,"height":9}},{"id":"f95e6ac7-4d20-4fb3-8802-78c5511cd66c","block_type":"box","text":"Reference Rate Replacement Risk","page_number":16,"box":{"x":128,"y":655,"width":233,"height":12}},{"id":"8235d8b4-16b9-4b4d-b91b-8d60c31ed221","block_type":"box","text":"13","page_number":16,"box":{"x":953,"y":655,"width":14,"height":10}},{"id":"e3e4fd3e-94c2-41ff-84f8-b64000f0cd0a","block_type":"box","text":"Risk of Derivatives","page_number":16,"box":{"x":128,"y":676,"width":127,"height":10}},{"id":"8cfc4e56-526e-4154-a669-6b15c1afbcc7","block_type":"box","text":"13","page_number":16,"box":{"x":953,"y":677,"width":14,"height":9}},{"id":"85c7c809-3b51-4e80-bb5e-d0c9453efa5a","block_type":"box","text":"Risk of Equity Securities","page_number":16,"box":{"x":128,"y":698,"width":165,"height":12}},{"id":"a59d215d-5cc9-4f42-af0c-c174db49ba35","block_type":"box","text":"14","page_number":16,"box":{"x":953,"y":698,"width":15,"height":9}},{"id":"a7d72b32-902e-47c4-98b5-708ecde51284","block_type":"box","text":"Risk of Futures and Options on Futures Transactions 14","page_number":16,"box":{"x":128,"y":719,"width":840,"height":13}},{"id":"15d277aa-0f0a-481e-a10b-5ff58ad3ad23","block_type":"box","text":"Risk of Investing in Non-U.S. Equity Securities 15","page_number":16,"box":{"x":128,"y":741,"width":839,"height":12}},{"id":"ff5f65ee-7ac7-4398-9aa4-9e2e9a68c7da","block_type":"box","text":"Risk of Swap Agreements","page_number":16,"box":{"x":128,"y":762,"width":178,"height":12}},{"id":"1e5fe9e8-78a9-4607-93cf-9f217acf918c","block_type":"box","text":"15","page_number":16,"box":{"x":953,"y":763,"width":14,"height":9}},{"id":"80f217ee-2e19-4b9e-af92-7f15435deff1","block_type":"box","text":"Securities Lending Risk","page_number":16,"box":{"x":128,"y":783,"width":161,"height":13}},{"id":"9e45a6d0-0c23-4163-8099-bfd084d985f4","block_type":"box","text":"15","page_number":16,"box":{"x":953,"y":784,"width":14,"height":9}},{"id":"0511b410-ff68-415a-a182-7b6e5a2eaa12","block_type":"box","text":"Tracking Error Risk","page_number":16,"box":{"x":127,"y":805,"width":132,"height":12}},{"id":"f4990ced-038a-4358-b446-e5092274cf73","block_type":"box","text":"15","page_number":16,"box":{"x":953,"y":805,"width":14,"height":10}},{"id":"e41e5d72-99f5-4a09-8303-5db5e2a49651","block_type":"box","text":"Risk of Investing in Africa","page_number":16,"box":{"x":128,"y":826,"width":176,"height":13}},{"id":"2a6de649-4df1-4bcc-8f88-65c793dc0c81","block_type":"box","text":"16","page_number":16,"box":{"x":953,"y":827,"width":15,"height":9}},{"id":"540a7f40-79c9-4021-a1b7-ec156f95edbc","block_type":"box","text":"Risk of Investing in Asia","page_number":16,"box":{"x":128,"y":848,"width":164,"height":12}},{"id":"f35eeb4f-5902-4a7a-ba92-c602ec6cf3b0","block_type":"box","text":"17","page_number":16,"box":{"x":954,"y":848,"width":13,"height":9}},{"id":"bc183d63-9d6e-4a73-9577-0f47f8bc97a4","block_type":"box","text":"i","page_number":16,"box":{"x":527,"y":894,"width":2,"height":9}},{"id":"219c7a1c-304a-48b4-bf25-5298cc37133e","block_type":"box","text":"Page","page_number":17,"box":{"x":936,"y":60,"width":26,"height":10}},{"id":"74aeec1a-ed37-48d9-b0bd-7ee5741c6acb","block_type":"box","text":"Risk of Investing in Australasia","page_number":17,"box":{"x":128,"y":82,"width":212,"height":12}},{"id":"2409944b-cb37-40c2-8519-067952b82836","block_type":"box","text":"18","page_number":17,"box":{"x":953,"y":82,"width":14,"height":9}},{"id":"9c0b36b3-b1aa-4622-8e66-e9e0fcc592dc","block_type":"box","text":"Risk of Investing in Australia","page_number":17,"box":{"x":128,"y":103,"width":196,"height":12}},{"id":"2ce51e07-85eb-490e-b2c9-44fed07fb1c3","block_type":"box","text":"18","page_number":17,"box":{"x":953,"y":104,"width":14,"height":9}},{"id":"7ba59bb3-339c-4fed-8273-292321088522","block_type":"box","text":"Risk of Investing in Belgium","page_number":17,"box":{"x":128,"y":125,"width":191,"height":12}},{"id":"cb2f24b2-b978-47bb-b6d0-0cd35ee29fba","block_type":"box","text":"18","page_number":17,"box":{"x":953,"y":125,"width":14,"height":9}},{"id":"0f9408d9-4bad-412f-9e34-417f37fd86c6","block_type":"box","text":"Risk of Investing in China","page_number":17,"box":{"x":128,"y":146,"width":175,"height":12}},{"id":"cffde215-9849-4d7a-9894-49f9eb0d5c7d","block_type":"box","text":"19","page_number":17,"box":{"x":953,"y":146,"width":14,"height":10}},{"id":"52683ef5-5689-4e34-bd9c-7de7ecf35c6a","block_type":"box","text":"Risk of Investing in Chinese Equity Markets","page_number":17,"box":{"x":128,"y":167,"width":299,"height":13}},{"id":"0840a4e3-b7ee-4ce1-9df7-f451c8bf63e0","block_type":"box","text":"20","page_number":17,"box":{"x":951,"y":168,"width":17,"height":9}},{"id":"9e2830f9-1dd9-4449-a242-2df8484b7866","block_type":"box","text":"Risk of Investing in Developed Countries","page_number":17,"box":{"x":128,"y":189,"width":281,"height":12}},{"id":"c3cc7fa6-5ddf-4dad-9e01-532937b10b8b","block_type":"box","text":"23","page_number":17,"box":{"x":951,"y":189,"width":16,"height":9}},{"id":"5b112e39-1d86-4c36-b1de-2cc1bb759151","block_type":"box","text":"Risk of Investing in Emerging Markets","page_number":17,"box":{"x":128,"y":210,"width":263,"height":13}},{"id":"79dc288d-2f76-43d3-bfbd-9cac3bec1fdb","block_type":"box","text":"23","page_number":17,"box":{"x":951,"y":211,"width":16,"height":9}},{"id":"ecd26b08-63a8-42ee-9dc2-e8660a2de656","block_type":"box","text":"Risk of Investing in Europe","page_number":17,"box":{"x":128,"y":232,"width":184,"height":12}},{"id":"236422db-6c10-4087-84dd-e6f19bd1371b","block_type":"box","text":"24","page_number":17,"box":{"x":952,"y":232,"width":16,"height":9}},{"id":"06754954-e9e4-4795-a78d-0cb5db3c83da","block_type":"box","text":"Risk of Investing in France","page_number":17,"box":{"x":128,"y":253,"width":182,"height":12}},{"id":"d3497f89-dd14-47a7-ac19-f4fbeecda3de","block_type":"box","text":"25","page_number":17,"box":{"x":951,"y":254,"width":16,"height":9}},{"id":"4a600d96-f1a2-440d-bbea-bd042e2403fa","block_type":"box","text":"Risk of Investing in Germany","page_number":17,"box":{"x":128,"y":274,"width":199,"height":13}},{"id":"f879613b-9117-43de-bf35-a30728d3e791","block_type":"box","text":"26","page_number":17,"box":{"x":951,"y":275,"width":17,"height":9}},{"id":"03714771-2570-4253-983a-d8761a4cb6e5","block_type":"box","text":"Risk of Investing in Italy","page_number":17,"box":{"x":128,"y":296,"width":164,"height":12}},{"id":"3b16922d-cdf8-48c7-8492-ff8b63045ea4","block_type":"box","text":"26","page_number":17,"box":{"x":951,"y":296,"width":17,"height":10}},{"id":"9057b0eb-a50c-4067-b0d5-b4e8fcf62b9d","block_type":"box","text":"Risk of Investing in Japan","page_number":17,"box":{"x":128,"y":317,"width":173,"height":13}},{"id":"0a5037fc-c746-4df6-b9de-b2eb15078681","block_type":"box","text":"26","page_number":17,"box":{"x":951,"y":318,"width":17,"height":9}},{"id":"6836eb46-a638-4200-a162-3672ce0ebeb0","block_type":"box","text":"Risk of Investing in Mexico","page_number":17,"box":{"x":128,"y":339,"width":186,"height":12}},{"id":"7f18eafb-c4ca-41c3-b9e6-a6dd53b82a26","block_type":"box","text":"26","page_number":17,"box":{"x":951,"y":339,"width":17,"height":9}},{"id":"17402620-8e59-49d8-a4e2-70a19c3a5f30","block_type":"box","text":"Risk of Investing in the Middle East","page_number":17,"box":{"x":128,"y":360,"width":243,"height":12}},{"id":"62f81a15-187f-42f6-838b-57458e3bfe02","block_type":"box","text":"27","page_number":17,"box":{"x":952,"y":361,"width":15,"height":9}},{"id":"0815d73f-6ba4-490a-8a1b-768f50d5555c","block_type":"box","text":"Risk of Investing in the Netherlands","page_number":17,"box":{"x":128,"y":382,"width":246,"height":12}},{"id":"65a47c85-a1eb-453b-8fe1-f8e26a9438b5","block_type":"box","text":"28","page_number":17,"box":{"x":951,"y":382,"width":16,"height":9}},{"id":"06c17649-f738-4204-9534-fdb652ee61a9","block_type":"box","text":"Risk of Investing in North America","page_number":17,"box":{"x":128,"y":403,"width":238,"height":12}},{"id":"0365ae85-9ea5-49e5-8e76-fb4438ca9e25","block_type":"box","text":"29","page_number":17,"box":{"x":951,"y":403,"width":16,"height":10}},{"id":"1a7e8076-11f8-44ee-a7b4-f9621d841c48","block_type":"box","text":"Risk of Investing in Saudi Arabia","page_number":17,"box":{"x":128,"y":424,"width":223,"height":13}},{"id":"7bf6abe5-6af3-49c9-9d28-f3cc8a52a76c","block_type":"box","text":"29","page_number":17,"box":{"x":951,"y":425,"width":16,"height":9}},{"id":"2482bfbf-636d-4678-a57b-3bf495d181a1","block_type":"box","text":"Risk of Investing in Switzerland","page_number":17,"box":{"x":128,"y":446,"width":215,"height":12}},{"id":"62ef2b3c-2645-4f45-ab7b-928c70079641","block_type":"box","text":"30","page_number":17,"box":{"x":951,"y":446,"width":17,"height":9}},{"id":"c28caa11-1ca0-4756-a87e-c42c53c9c6cd","block_type":"box","text":"U.S. Economic Trading Partners Risk","page_number":17,"box":{"x":128,"y":467,"width":253,"height":13}},{"id":"b0895540-15c6-4b75-8492-e1a3b1728000","block_type":"box","text":"30","page_number":17,"box":{"x":951,"y":468,"width":17,"height":9}},{"id":"3d8f7552-17c3-42bb-b651-88ca2c1e4507","block_type":"box","text":"Risk of Investing in the Communication Services Sector 31","page_number":17,"box":{"x":128,"y":489,"width":837,"height":12}},{"id":"b35d714a-f8ce-4f6a-9f11-8d038b5830cd","block_type":"box","text":"Risk of Investing in the Consumer Discretionary Sector 31","page_number":17,"box":{"x":128,"y":510,"width":837,"height":12}},{"id":"717cc0f2-c04a-4e79-af37-a2300e36aac2","block_type":"box","text":"Risk of Investing in the Consumer Staples Sector 32","page_number":17,"box":{"x":128,"y":531,"width":839,"height":13}},{"id":"5c06aa06-a4d0-41e3-a5b0-216eb1f79a90","block_type":"box","text":"Risk of Investing in the Energy Sector","page_number":17,"box":{"x":128,"y":553,"width":259,"height":12}},{"id":"36c6077e-0ab2-402a-9792-4e893e4cb616","block_type":"box","text":"32","page_number":17,"box":{"x":952,"y":553,"width":15,"height":10}},{"id":"32b7ed89-e535-4de8-beac-238a0b4e6ce7","block_type":"box","text":"Risk of Investing in the Financials Sector","page_number":17,"box":{"x":128,"y":574,"width":280,"height":13}},{"id":"3d2ccdde-476d-4c8d-836f-58acb6301975","block_type":"box","text":"32","page_number":17,"box":{"x":952,"y":575,"width":15,"height":9}},{"id":"e6262de6-e210-405c-9222-6da6283c4d07","block_type":"box","text":"Risk of Investing in the Healthcare Sector","page_number":17,"box":{"x":128,"y":596,"width":287,"height":12}},{"id":"3caa676d-61b3-43ea-bf39-edc95f05c6d5","block_type":"box","text":"33","page_number":17,"box":{"x":951,"y":596,"width":16,"height":9}},{"id":"51a5178f-787a-4b2f-9edf-0cb1e6836e22","block_type":"box","text":"Risk of Investing in the Industrials Sector","page_number":17,"box":{"x":128,"y":617,"width":284,"height":12}},{"id":"9045f925-585f-48db-9442-8f4f59cb8c52","block_type":"box","text":"34","page_number":17,"box":{"x":951,"y":618,"width":17,"height":9}},{"id":"e62a66c1-44cd-4509-a3ff-967723fcaf85","block_type":"box","text":"Risk of Investing in the Materials Sector","page_number":17,"box":{"x":128,"y":639,"width":276,"height":12}},{"id":"83bb2cce-2d35-4863-904a-12dacd33061e","block_type":"box","text":"34","page_number":17,"box":{"x":951,"y":639,"width":17,"height":9}},{"id":"60d4afae-2f65-41ba-9223-d2006710be14","block_type":"box","text":"Risk of Investing in the Real Estate Industry","page_number":17,"box":{"x":128,"y":660,"width":300,"height":12}},{"id":"3798d86f-7cf1-4e4e-8065-6b6f0c429b4d","block_type":"box","text":"34","page_number":17,"box":{"x":951,"y":660,"width":17,"height":10}},{"id":"cfb9504f-0795-414f-b58e-2a1d6c698dd0","block_type":"box","text":"Risk of Investing in Technology Companies","page_number":17,"box":{"x":128,"y":681,"width":299,"height":13}},{"id":"407cd52f-49b7-4198-972e-e3fc73825e24","block_type":"box","text":"36","page_number":17,"box":{"x":951,"y":682,"width":17,"height":9}},{"id":"0bb2500c-8609-4248-893a-6b1d23d1ec1c","block_type":"box","text":"Risk of Investing in the Utilities Sector","page_number":17,"box":{"x":128,"y":703,"width":263,"height":12}},{"id":"042ab2ff-ccb1-44f6-9130-695715768f51","block_type":"box","text":"36","page_number":17,"box":{"x":951,"y":703,"width":17,"height":10}},{"id":"08b09e34-5186-4c1f-a454-faaa62c109f0","block_type":"box","text":"Proxy Voting Policies","page_number":17,"box":{"x":89,"y":724,"width":143,"height":13}},{"id":"075b96e1-e7cb-4c94-aa02-47648b109dbb","block_type":"box","text":"37","page_number":17,"box":{"x":952,"y":725,"width":15,"height":9}},{"id":"df5d76de-0c09-4d76-af08-a036da1bebc8","block_type":"box","text":"Portfolio Holdings Information","page_number":17,"box":{"x":89,"y":746,"width":211,"height":12}},{"id":"16d3abe8-d2c3-4ef1-9a22-591d3ad8a413","block_type":"box","text":"38","page_number":17,"box":{"x":951,"y":746,"width":16,"height":9}},{"id":"7f168d48-b242-4b89-8d60-f965f3202647","block_type":"box","text":"Construction and Maintenance of the Underlying Indexes 39","page_number":17,"box":{"x":89,"y":767,"width":878,"height":12}},{"id":"db82b22c-48ac-489e-aca0-007640ad3e30","block_type":"box","text":"The MSCI Indexes","page_number":17,"box":{"x":88,"y":788,"width":126,"height":10}},{"id":"23f388d0-3f9a-4c2f-a214-0c7204e41cce","block_type":"box","text":"39","page_number":17,"box":{"x":951,"y":789,"width":16,"height":9}},{"id":"72eba33b-c3fe-4b53-8f1e-b9e7ce7884fa","block_type":"box","text":"MSCI Australia Index","page_number":17,"box":{"x":128,"y":810,"width":146,"height":10}},{"id":"a4311fb4-45a3-4b86-9329-48da6c4c824d","block_type":"box","text":"42","page_number":17,"box":{"x":951,"y":810,"width":16,"height":9}},{"id":"40d37c4c-db0b-4935-a5e0-3d8a33d4a672","block_type":"box","text":"MSCI Austria IMI 25/50 Index","page_number":17,"box":{"x":128,"y":831,"width":210,"height":10}},{"id":"c1d6d188-0d0c-4991-ae7d-c9ccd9e1f919","block_type":"box","text":"42","page_number":17,"box":{"x":951,"y":832,"width":16,"height":9}},{"id":"ae7ab5a7-5ac5-4c85-b5e2-c0b1361a5e1f","block_type":"box","text":"MSCI Belgium IMI 25/50 Index","page_number":17,"box":{"x":128,"y":853,"width":217,"height":12}},{"id":"66360047-ac5b-408d-a962-a70e84e1708d","block_type":"box","text":"43","page_number":17,"box":{"x":951,"y":853,"width":16,"height":9}},{"id":"df4e04ea-89de-4df9-9fd5-f52c73426fbf","block_type":"box","text":"ii","page_number":17,"box":{"x":525,"y":894,"width":6,"height":9}},{"id":"5912b6b5-bec5-4c21-9aab-880290745493","block_type":"box","text":"Page","page_number":18,"box":{"x":936,"y":60,"width":26,"height":10}},{"id":"f9e61973-b5d2-4fdd-8b2d-ce1189de8799","block_type":"box","text":"MSCI Canada Custom Capped Index","page_number":18,"box":{"x":128,"y":82,"width":255,"height":12}},{"id":"5489d551-ff02-4011-ad23-cfbb7eda7cfe","block_type":"box","text":"43","page_number":18,"box":{"x":951,"y":82,"width":16,"height":9}},{"id":"4466ec48-8fc1-4696-b14b-93ec38714753","block_type":"box","text":"MSCI EMU Index","page_number":18,"box":{"x":128,"y":103,"width":117,"height":10}},{"id":"703e0f58-7b3a-4405-9709-863a274bee90","block_type":"box","text":"43","page_number":18,"box":{"x":951,"y":104,"width":16,"height":9}},{"id":"662cd8b8-b234-45ae-93c5-2e58b6a1a754","block_type":"box","text":"MSCI France Index","page_number":18,"box":{"x":128,"y":125,"width":131,"height":9}},{"id":"e0d57dd4-f615-4739-9064-ea756afcef47","block_type":"box","text":"44","page_number":18,"box":{"x":951,"y":125,"width":17,"height":9}},{"id":"a69de21c-b028-4d5b-b4b1-3a651b3feec8","block_type":"box","text":"MSCI Germany Index","page_number":18,"box":{"x":128,"y":146,"width":148,"height":12}},{"id":"c3a80b26-71e1-4b1f-8241-0de9d0bee0a6","block_type":"box","text":"44","page_number":18,"box":{"x":951,"y":146,"width":17,"height":10}},{"id":"8a414c33-7d70-4d93-a44e-385bddd07e59","block_type":"box","text":"MSCI Hong Kong 25/50 Index","page_number":18,"box":{"x":128,"y":167,"width":211,"height":13}},{"id":"049cd5c7-89c6-4a65-adf5-d223382c7c39","block_type":"box","text":"44","page_number":18,"box":{"x":951,"y":168,"width":17,"height":9}},{"id":"159ff494-08f8-42b6-96b1-8d34898337b0","block_type":"box","text":"MSCI Israel Capped Investable Market Index (IMI) 44","page_number":18,"box":{"x":128,"y":189,"width":840,"height":12}},{"id":"2eb1f41c-8a70-4abb-8e32-108b650ebe1a","block_type":"box","text":"MSCI Italy 25/50 Index","page_number":18,"box":{"x":128,"y":210,"width":162,"height":13}},{"id":"db5ef055-5ad7-464b-a17d-f0cc1cf07e48","block_type":"box","text":"45","page_number":18,"box":{"x":951,"y":211,"width":16,"height":9}},{"id":"24f26e47-fca8-4422-9265-00af91958efc","block_type":"box","text":"MSCI Japan Index","page_number":18,"box":{"x":128,"y":232,"width":123,"height":12}},{"id":"ca186657-a9bc-477d-a63f-99fee6ff5194","block_type":"box","text":"45","page_number":18,"box":{"x":951,"y":232,"width":16,"height":9}},{"id":"6dc77a3a-2bc2-4cd4-b65f-59327905c15f","block_type":"box","text":"MSCI Japan Small Cap Index","page_number":18,"box":{"x":128,"y":253,"width":197,"height":12}},{"id":"0712f4c0-cdf4-4224-89c7-6a51509c663b","block_type":"box","text":"46","page_number":18,"box":{"x":951,"y":254,"width":17,"height":9}},{"id":"5a66a689-9a0e-464c-b284-adcd8350af88","block_type":"box","text":"MSCI Mexico IMI 25/50 Index","page_number":18,"box":{"x":128,"y":274,"width":211,"height":10}},{"id":"2e18dc6d-e160-4a45-87b6-3b13490904bf","block_type":"box","text":"46","page_number":18,"box":{"x":951,"y":275,"width":17,"height":9}},{"id":"3f7d1ed2-83e0-4b5f-92b8-b25fb56ba5ce","block_type":"box","text":"MSCI Netherlands IMI 25/50 Index","page_number":18,"box":{"x":128,"y":296,"width":245,"height":10}},{"id":"42476e0e-0d47-442a-a26e-688824ac6838","block_type":"box","text":"46","page_number":18,"box":{"x":951,"y":296,"width":17,"height":10}},{"id":"319a3fc9-9a1e-4452-b16d-aca4e1f1df75","block_type":"box","text":"MSCI Pacific ex Japan Index","page_number":18,"box":{"x":128,"y":317,"width":192,"height":13}},{"id":"0eaadb59-983e-4ad7-8c38-00ad8964841f","block_type":"box","text":"47","page_number":18,"box":{"x":951,"y":318,"width":16,"height":9}},{"id":"3e573acf-e485-4f9a-958c-b096e3ddcd87","block_type":"box","text":"MSCI Singapore 25/50 Index","page_number":18,"box":{"x":128,"y":339,"width":203,"height":12}},{"id":"04fa6bcf-f08d-4b2b-8549-d17b7620c437","block_type":"box","text":"47","page_number":18,"box":{"x":951,"y":339,"width":16,"height":9}},{"id":"6fa07731-5f90-4068-be62-28bd5abaeb2f","block_type":"box","text":"MSCI South Africa 25/50 Index","page_number":18,"box":{"x":128,"y":360,"width":220,"height":10}},{"id":"3ed86f9a-f16a-4754-8ccd-90ba005b61cd","block_type":"box","text":"47","page_number":18,"box":{"x":951,"y":361,"width":16,"height":9}},{"id":"4b019f0e-73f5-4a8f-984a-b0b4d1ad51c7","block_type":"box","text":"MSCI Spain 25/50 Index","page_number":18,"box":{"x":128,"y":382,"width":171,"height":12}},{"id":"37fbcb30-b597-4403-9d66-bed546fb84c7","block_type":"box","text":"48","page_number":18,"box":{"x":951,"y":382,"width":16,"height":9}},{"id":"6557b021-a4e3-48de-b13a-04b25ea35719","block_type":"box","text":"MSCI Sweden 25/50 Index","page_number":18,"box":{"x":128,"y":403,"width":188,"height":10}},{"id":"f056307d-ab29-42a9-8a07-b11df6055f2a","block_type":"box","text":"48","page_number":18,"box":{"x":951,"y":403,"width":16,"height":10}},{"id":"3c9a2e2f-9856-4b89-bd12-7078e735bfdb","block_type":"box","text":"MSCI Switzerland 25/50 Index","page_number":18,"box":{"x":128,"y":424,"width":213,"height":10}},{"id":"8b6f8d34-0cc0-4980-a9a8-ab79d5320349","block_type":"box","text":"49","page_number":18,"box":{"x":951,"y":425,"width":16,"height":9}},{"id":"e66d020b-83fd-453d-b20e-73151081306f","block_type":"box","text":"MSCI Thailand IMI 25/50 Index","page_number":18,"box":{"x":128,"y":446,"width":221,"height":9}},{"id":"86eca052-71e5-4456-84e1-29908015caa3","block_type":"box","text":"49","page_number":18,"box":{"x":951,"y":446,"width":16,"height":9}},{"id":"e3da2e15-859c-490e-96b2-5cc988af465d","block_type":"box","text":"MSCI Turkey IMI 25/50 Index","page_number":18,"box":{"x":128,"y":467,"width":207,"height":13}},{"id":"0e7d89d8-d2f8-47f9-bc27-d90f93a93100","block_type":"box","text":"50","page_number":18,"box":{"x":951,"y":468,"width":17,"height":9}},{"id":"117f065e-1206-4c56-8247-ea05c1a8169f","block_type":"box","text":"MSCI USA Equal Weighted Index","page_number":18,"box":{"x":128,"y":489,"width":228,"height":12}},{"id":"baf8d961-7bad-4a99-b272-fb2b61d24314","block_type":"box","text":"50","page_number":18,"box":{"x":951,"y":489,"width":17,"height":9}},{"id":"a7935761-3cb7-4b5f-99c8-020574721bbf","block_type":"box","text":"MSCI World Index","page_number":18,"box":{"x":128,"y":510,"width":126,"height":10}},{"id":"55713138-4354-4ce2-bbf1-47ba890447c0","block_type":"box","text":"50","page_number":18,"box":{"x":951,"y":511,"width":17,"height":9}},{"id":"ed426e99-c98d-408e-8f95-5f2972a1f72d","block_type":"box","text":"Investment Policies","page_number":18,"box":{"x":89,"y":531,"width":133,"height":10}},{"id":"db54eb54-ae62-481c-a243-a815935a449d","block_type":"box","text":"51","page_number":18,"box":{"x":952,"y":532,"width":13,"height":9}},{"id":"1d5c6efa-3388-45d3-88e0-5e63db8fc20e","block_type":"box","text":"Fundamental Investment Policies","page_number":18,"box":{"x":128,"y":553,"width":230,"height":10}},{"id":"d0489f82-1c6c-4581-8865-c989ffda3dbc","block_type":"box","text":"51","page_number":18,"box":{"x":952,"y":553,"width":13,"height":10}},{"id":"3edbd6fd-2a57-4b4b-b9cd-69ac6c54b6b8","block_type":"box","text":"Non-Fundamental Investment Policies of the Funds 53","page_number":18,"box":{"x":128,"y":574,"width":839,"height":10}},{"id":"b10b7409-9eda-4174-8912-0a463560004a","block_type":"box","text":"Continuous Offering","page_number":18,"box":{"x":89,"y":596,"width":141,"height":12}},{"id":"ea6091ad-9827-40c9-bd3d-c7bc9588de34","block_type":"box","text":"54","page_number":18,"box":{"x":951,"y":596,"width":17,"height":9}},{"id":"a53f6373-43bc-4f9b-90c5-3e50afd1c0b2","block_type":"box","text":"Management","page_number":18,"box":{"x":89,"y":618,"width":93,"height":11}},{"id":"683b774f-0f6d-449d-8cc4-8f377e1432d6","block_type":"box","text":"54","page_number":18,"box":{"x":951,"y":618,"width":17,"height":9}},{"id":"7343c2f4-6e4a-49de-9a6d-8b46945424b1","block_type":"box","text":"Directors and Officers","page_number":18,"box":{"x":128,"y":639,"width":152,"height":9}},{"id":"06078dc4-affc-49ce-b4bd-15ef9e28a8f1","block_type":"box","text":"54","page_number":18,"box":{"x":951,"y":639,"width":17,"height":9}},{"id":"47fe8a04-0301-4493-bf06-716a56e8a622","block_type":"box","text":"Committees of the Board of Directors","page_number":18,"box":{"x":128,"y":660,"width":261,"height":10}},{"id":"2d00ecf1-79ea-48c9-a3d7-77643e5018ad","block_type":"box","text":"63","page_number":18,"box":{"x":951,"y":660,"width":16,"height":10}},{"id":"9bc01900-1cf1-48b0-abcb-e2bc73d17e0b","block_type":"box","text":"Remuneration of Directors and Advisory Board Members 67","page_number":18,"box":{"x":128,"y":681,"width":839,"height":13}},{"id":"4f817e53-e8c0-4e07-8d73-ae1a72df5091","block_type":"box","text":"Control Persons and Principal Holders of Securities 68","page_number":18,"box":{"x":128,"y":703,"width":839,"height":12}},{"id":"fcc787a8-ed47-4c91-b827-2a1f165cf21f","block_type":"box","text":"Conflicts of Interest","page_number":18,"box":{"x":128,"y":724,"width":136,"height":10}},{"id":"091381f0-a985-4caf-992d-7c9d749d5935","block_type":"box","text":"79","page_number":18,"box":{"x":951,"y":725,"width":16,"height":9}},{"id":"57bea0a4-8587-460b-b990-94436806e078","block_type":"box","text":"Investment Advisory, Administrative and Distribution Services 88","page_number":18,"box":{"x":89,"y":746,"width":878,"height":12}},{"id":"25eb9229-4fbd-4de8-a3db-225a412966a7","block_type":"box","text":"Investment Adviser","page_number":18,"box":{"x":128,"y":767,"width":134,"height":10}},{"id":"c3a8516d-85f7-4c36-963c-0fd48366792e","block_type":"box","text":"88","page_number":18,"box":{"x":951,"y":768,"width":16,"height":9}},{"id":"7b993553-1119-456a-baf5-784a98063bec","block_type":"box","text":"Portfolio Managers","page_number":18,"box":{"x":128,"y":788,"width":132,"height":13}},{"id":"76551fc5-923c-4240-8126-57f9506843e5","block_type":"box","text":"90","page_number":18,"box":{"x":951,"y":789,"width":17,"height":9}},{"id":"fe12da88-bfcd-431b-96fe-f6c6d91c1243","block_type":"box","text":"Codes of Ethics","page_number":18,"box":{"x":128,"y":810,"width":106,"height":10}},{"id":"0c2b5e72-db9d-460c-8e74-2073cb93d109","block_type":"box","text":"95","page_number":18,"box":{"x":951,"y":810,"width":16,"height":10}},{"id":"74793bae-4e94-4c50-ac21-8d574483a2ed","block_type":"box","text":"Anti-Money Laundering Requirements","page_number":18,"box":{"x":127,"y":831,"width":269,"height":13}},{"id":"dff1e6dc-bb49-4826-8668-7d8cedbc1ef5","block_type":"box","text":"95","page_number":18,"box":{"x":951,"y":832,"width":16,"height":9}},{"id":"e2b44927-5a6a-425f-bd46-8f881af5b8cb","block_type":"box","text":"Administrator, Custodian and Transfer Agent 95","page_number":18,"box":{"x":127,"y":853,"width":840,"height":12}},{"id":"a84e85a2-4fe0-4988-b49d-37067b39ee21","block_type":"box","text":"iii","page_number":18,"box":{"x":524,"y":894,"width":9,"height":9}},{"id":"d7237a79-3b79-46e4-86e1-13ed6aedee59","block_type":"box","text":"Page","page_number":19,"box":{"x":936,"y":60,"width":26,"height":10}},{"id":"a86c94fb-c2af-44d6-91f7-2cb6766f3beb","block_type":"box","text":"Distributor","page_number":19,"box":{"x":128,"y":82,"width":75,"height":9}},{"id":"f8154c97-951b-4511-aa00-a03c4c065fb6","block_type":"box","text":"96","page_number":19,"box":{"x":951,"y":82,"width":17,"height":9}},{"id":"cfbf1dcd-d67b-4aab-b83e-49ffa0dfb1d1","block_type":"box","text":"Securities Lending","page_number":19,"box":{"x":128,"y":103,"width":127,"height":12}},{"id":"b8dec572-f1db-41ed-a0b5-853148e8a683","block_type":"box","text":"97","page_number":19,"box":{"x":951,"y":104,"width":16,"height":9}},{"id":"ef0c5c2a-a6e0-4225-b8c2-fa7b5c114158","block_type":"box","text":"Payments by BFA and its Affiliates","page_number":19,"box":{"x":128,"y":125,"width":235,"height":12}},{"id":"010a390e-8262-4efe-b042-7595536008ce","block_type":"box","text":"103","page_number":19,"box":{"x":944,"y":125,"width":23,"height":9}},{"id":"6cf1d6d2-52cb-43db-9198-2472a81c477e","block_type":"box","text":"Determination of Net Asset Value","page_number":19,"box":{"x":89,"y":146,"width":233,"height":10}},{"id":"bd713359-d8b8-4fd7-811b-1740ec04c3d5","block_type":"box","text":"105","page_number":19,"box":{"x":944,"y":146,"width":23,"height":10}},{"id":"7c80154f-6e9a-4c38-b9b8-6a37e8ba82d7","block_type":"box","text":"Brokerage Transactions","page_number":19,"box":{"x":89,"y":167,"width":163,"height":13}},{"id":"ad2903d9-40bc-435a-b999-299605bd5b81","block_type":"box","text":"107","page_number":19,"box":{"x":944,"y":168,"width":23,"height":9}},{"id":"059989c9-20a1-4d6a-8c39-a2220243ae4c","block_type":"box","text":"Additional Information Concerning the Company 112","page_number":19,"box":{"x":88,"y":189,"width":879,"height":12}},{"id":"d6a2fa80-1509-46ee-8907-5f0ecfcd1ead","block_type":"box","text":"Capital Stock","page_number":19,"box":{"x":128,"y":210,"width":91,"height":13}},{"id":"3344592b-d537-41fd-913a-6f8e22e44bbb","block_type":"box","text":"112","page_number":19,"box":{"x":945,"y":211,"width":22,"height":9}},{"id":"fcf1b683-17d3-4c14-8d08-157dc7774fc9","block_type":"box","text":"Termination of the Company or a Fund","page_number":19,"box":{"x":127,"y":232,"width":272,"height":12}},{"id":"88dd0ce8-b4ad-4c62-9f34-c3fa83bd6484","block_type":"box","text":"113","page_number":19,"box":{"x":945,"y":232,"width":22,"height":9}},{"id":"9f9c97d0-0f37-4729-8f5f-0390ecc5a85b","block_type":"box","text":"DTC as Securities Depository for Shares of the Funds 114","page_number":19,"box":{"x":128,"y":253,"width":840,"height":12}},{"id":"20a283de-301b-405b-824d-9002893612ea","block_type":"box","text":"Distribution of Shares","page_number":19,"box":{"x":128,"y":274,"width":151,"height":10}},{"id":"e73fc8a7-86d5-4dc6-862a-594329730ab6","block_type":"box","text":"114","page_number":19,"box":{"x":945,"y":275,"width":23,"height":9}},{"id":"f293d88e-d8eb-4c58-a23e-4eaf32d3ba05","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":19,"box":{"x":89,"y":296,"width":300,"height":12}},{"id":"fdd65291-e9ab-4c81-99c1-72828b0c3891","block_type":"box","text":"115","page_number":19,"box":{"x":945,"y":296,"width":22,"height":10}},{"id":"a6fbe48d-2572-45da-a325-5d6053471c25","block_type":"box","text":"General","page_number":19,"box":{"x":128,"y":317,"width":52,"height":10}},{"id":"0560f36d-cc3b-4813-a086-75fdcb283f5d","block_type":"box","text":"115","page_number":19,"box":{"x":945,"y":318,"width":22,"height":9}},{"id":"a6f1e07a-19dd-44f1-aa58-172d6292d18b","block_type":"box","text":"Fund Deposit","page_number":19,"box":{"x":128,"y":339,"width":93,"height":12}},{"id":"7a0cebad-1dc5-4bac-a123-5f986ade5ea3","block_type":"box","text":"116","page_number":19,"box":{"x":945,"y":339,"width":23,"height":9}},{"id":"0e6429b2-329f-4b58-bcec-106a73bdb955","block_type":"box","text":"Cash Purchase Method","page_number":19,"box":{"x":128,"y":360,"width":161,"height":10}},{"id":"b2428953-c481-4fb0-85d0-0374ab8a0e63","block_type":"box","text":"116","page_number":19,"box":{"x":945,"y":361,"width":23,"height":9}},{"id":"89d30f82-b29d-4b9b-b790-373611639cbc","block_type":"box","text":"Procedures for Creation of Creation Units","page_number":19,"box":{"x":128,"y":382,"width":287,"height":9}},{"id":"63dc96ef-fa73-4ab2-909c-3f55f92b0692","block_type":"box","text":"116","page_number":19,"box":{"x":945,"y":382,"width":23,"height":9}},{"id":"d7a552d2-31df-4535-807d-2ce074ef502b","block_type":"box","text":"Role of the Authorized Participant","page_number":19,"box":{"x":128,"y":403,"width":235,"height":12}},{"id":"ee66119f-bb6c-42fe-b2d3-17d03ab33d0f","block_type":"box","text":"117","page_number":19,"box":{"x":946,"y":403,"width":21,"height":10}},{"id":"16252574-1c54-407b-8b79-0a36735446f4","block_type":"box","text":"Purchase Orders","page_number":19,"box":{"x":128,"y":424,"width":115,"height":10}},{"id":"31ed79e9-12a2-427f-978d-784aa9e86674","block_type":"box","text":"117","page_number":19,"box":{"x":946,"y":425,"width":21,"height":9}},{"id":"fd824942-ab27-48e5-90f0-376183b1941d","block_type":"box","text":"Timing of Submission of Purchase Orders","page_number":19,"box":{"x":127,"y":446,"width":291,"height":12}},{"id":"423628a8-777f-4c80-9dd4-d21f2fc634f7","block_type":"box","text":"117","page_number":19,"box":{"x":946,"y":446,"width":21,"height":9}},{"id":"4d289df8-b027-4c74-8214-924879943c1a","block_type":"box","text":"Acceptance of Orders for Creation Units","page_number":19,"box":{"x":127,"y":467,"width":280,"height":13}},{"id":"cdc40963-89a5-4292-9f06-af95c93595d7","block_type":"box","text":"118","page_number":19,"box":{"x":945,"y":468,"width":22,"height":9}},{"id":"b2aa4b39-dc58-4e1b-b8e7-1dc1c828d40b","block_type":"box","text":"Issuance of a Creation Unit","page_number":19,"box":{"x":128,"y":489,"width":188,"height":9}},{"id":"9851cb98-0272-4548-97b2-03335e5c4db7","block_type":"box","text":"118","page_number":19,"box":{"x":945,"y":489,"width":22,"height":9}},{"id":"062aaa3a-9422-42fa-b59e-8b327ead961d","block_type":"box","text":"Costs Associated with Creation Transactions 119","page_number":19,"box":{"x":128,"y":510,"width":839,"height":10}},{"id":"f7d093e3-f09a-4577-a37e-78e942295b49","block_type":"box","text":"Redemption of Creation Units","page_number":19,"box":{"x":128,"y":531,"width":206,"height":13}},{"id":"4ef9aa5c-0815-4dd9-887f-64d529992c92","block_type":"box","text":"121","page_number":19,"box":{"x":944,"y":532,"width":21,"height":9}},{"id":"9449f92b-95a6-40f4-b1b3-ae7b4b7acacc","block_type":"box","text":"Cash Redemption Method","page_number":19,"box":{"x":128,"y":553,"width":182,"height":12}},{"id":"de932e6c-27a3-46d0-80cf-8aa70a948ede","block_type":"box","text":"122","page_number":19,"box":{"x":944,"y":553,"width":23,"height":9}},{"id":"b4c64570-ee07-4684-9764-741acb5fe0a2","block_type":"box","text":"Costs Associated with Redemption Transactions 122","page_number":19,"box":{"x":128,"y":574,"width":839,"height":13}},{"id":"c93cccfc-f637-4676-959b-e5791a00f1e2","block_type":"box","text":"Placement of Redemption Orders","page_number":19,"box":{"x":128,"y":596,"width":232,"height":12}},{"id":"8675707b-debd-4758-be7a-658e1b946ee2","block_type":"box","text":"123","page_number":19,"box":{"x":944,"y":596,"width":23,"height":9}},{"id":"4a54f98f-0d1a-43b4-970f-8e93b0e2447c","block_type":"box","text":"Custom Baskets","page_number":19,"box":{"x":128,"y":617,"width":111,"height":10}},{"id":"29edddf3-16f8-4553-9a1b-e70170dae8f5","block_type":"box","text":"125","page_number":19,"box":{"x":944,"y":618,"width":23,"height":9}},{"id":"cd2c3a35-16c0-44b0-802a-ca2cbb99f0f2","block_type":"box","text":"Taxation on Creations and Redemptions of Creation Units 125","page_number":19,"box":{"x":127,"y":639,"width":840,"height":12}},{"id":"27d25e41-0e40-4f51-849b-9df5b12aadd1","block_type":"box","text":"Taxes","page_number":19,"box":{"x":88,"y":661,"width":39,"height":9}},{"id":"44edda5a-966c-40a4-827b-9c10bec9ec5e","block_type":"box","text":"126","page_number":19,"box":{"x":944,"y":660,"width":24,"height":10}},{"id":"77e625d9-cc9e-4b3e-afd5-28e64e995c9c","block_type":"box","text":"Regulated Investment Company Qualifications 126","page_number":19,"box":{"x":128,"y":681,"width":840,"height":13}},{"id":"5661e34c-8c89-4aaf-a247-2041ae9c55fc","block_type":"box","text":"Taxation of RICs","page_number":19,"box":{"x":127,"y":703,"width":113,"height":10}},{"id":"500b1fd0-8742-451c-a76a-4ee65f3af56d","block_type":"box","text":"126","page_number":19,"box":{"x":944,"y":703,"width":24,"height":10}},{"id":"db680947-34a0-4d78-b56f-1a8e7fa117be","block_type":"box","text":"Excise Tax","page_number":19,"box":{"x":128,"y":725,"width":71,"height":9}},{"id":"9cda8628-d419-45ce-be8e-a95ca423a83c","block_type":"box","text":"127","page_number":19,"box":{"x":944,"y":725,"width":23,"height":9}},{"id":"f02c3ab6-1007-4daf-ba73-f9be1b614688","block_type":"box","text":"Net Capital Loss Carryforwards","page_number":19,"box":{"x":128,"y":746,"width":216,"height":12}},{"id":"314f2dfb-55bf-4025-809c-1c3eff566c54","block_type":"box","text":"127","page_number":19,"box":{"x":944,"y":746,"width":23,"height":9}},{"id":"34de5812-a16f-4ae5-b5d0-9e2ee2ce7b0d","block_type":"box","text":"Taxation of U.S. Shareholders","page_number":19,"box":{"x":127,"y":767,"width":205,"height":10}},{"id":"7ee59f74-1db9-429a-9faa-d4367e375993","block_type":"box","text":"128","page_number":19,"box":{"x":944,"y":768,"width":23,"height":9}},{"id":"3aca6eb9-260e-44be-b0f4-53e748cc809a","block_type":"box","text":"Sales of Shares","page_number":19,"box":{"x":128,"y":788,"width":104,"height":10}},{"id":"09c25a32-ed7b-4c5a-901f-c8b1d5ae7fc7","block_type":"box","text":"129","page_number":19,"box":{"x":944,"y":789,"width":23,"height":9}},{"id":"328e5674-3388-42c3-957e-afd95e428737","block_type":"box","text":"Backup Withholding","page_number":19,"box":{"x":128,"y":810,"width":141,"height":12}},{"id":"7fd54262-6cf5-432d-ba4c-9d444f0c7e02","block_type":"box","text":"129","page_number":19,"box":{"x":944,"y":810,"width":23,"height":10}},{"id":"97e4895b-3c45-4097-a878-2811cd3430f9","block_type":"box","text":"Sections 351 and 362","page_number":19,"box":{"x":128,"y":831,"width":149,"height":10}},{"id":"821e34a3-b50a-4e65-8489-2beb37c3c2e7","block_type":"box","text":"129","page_number":19,"box":{"x":944,"y":832,"width":23,"height":9}},{"id":"2e3ae3c3-6181-47f7-aae0-ad1ed66f4d36","block_type":"box","text":"Taxation of Certain Derivatives","page_number":19,"box":{"x":127,"y":853,"width":214,"height":9}},{"id":"e7b47e62-b75d-47c2-9bad-956d3e60b5af","block_type":"box","text":"129","page_number":19,"box":{"x":944,"y":853,"width":23,"height":9}},{"id":"df212e27-7921-4fd1-b704-d7d8594540ce","block_type":"box","text":"iv","page_number":19,"box":{"x":523,"y":894,"width":11,"height":9}},{"id":"44d5aea7-87c5-429c-8d51-cd9d7a6b1bb0","block_type":"box","text":"Page","page_number":20,"box":{"x":936,"y":60,"width":26,"height":10}},{"id":"c3d7e7ff-baa2-4c5c-a088-bac495f5cc5d","block_type":"box","text":"Qualified Dividend Income","page_number":20,"box":{"x":128,"y":82,"width":185,"height":11}},{"id":"dfef23a8-2551-4619-b171-043d28daa42f","block_type":"box","text":"130","page_number":20,"box":{"x":944,"y":82,"width":24,"height":9}},{"id":"29e212fe-8ab4-412c-864e-feb4582c82a5","block_type":"box","text":"Corporate Dividends Received Deduction","page_number":20,"box":{"x":128,"y":103,"width":286,"height":12}},{"id":"d6c6c223-e6ef-4712-8beb-1cbbd6cc3a42","block_type":"box","text":"130","page_number":20,"box":{"x":944,"y":104,"width":24,"height":9}},{"id":"5036dddb-9f78-4855-b1f6-83baa7b48373","block_type":"box","text":"Excess Inclusion Income","page_number":20,"box":{"x":128,"y":125,"width":170,"height":9}},{"id":"8bc72339-dfe5-4a6e-a6c7-0ac4a716eb67","block_type":"box","text":"131","page_number":20,"box":{"x":945,"y":125,"width":20,"height":9}},{"id":"6cfd3a9c-31de-4306-bd34-d8115172b070","block_type":"box","text":"Non-U.S. Investments","page_number":20,"box":{"x":128,"y":146,"width":151,"height":10}},{"id":"d22fc8be-81b5-413e-93a3-567c3af91dca","block_type":"box","text":"131","page_number":20,"box":{"x":945,"y":146,"width":20,"height":10}},{"id":"62460575-dda9-47b6-b0da-2e4ac57f2728","block_type":"box","text":"Passive Foreign Investment Companies","page_number":20,"box":{"x":128,"y":168,"width":271,"height":12}},{"id":"8c568b33-554f-43e0-8942-9b6cc3acde8b","block_type":"box","text":"132","page_number":20,"box":{"x":945,"y":168,"width":22,"height":9}},{"id":"632dfa73-6fa3-439e-ac64-e5d8bb83cda2","block_type":"box","text":"Reporting","page_number":20,"box":{"x":128,"y":189,"width":67,"height":12}},{"id":"c3d4a741-9349-400f-a5b5-d38f026be351","block_type":"box","text":"132","page_number":20,"box":{"x":945,"y":189,"width":22,"height":9}},{"id":"ffdc51a0-a6a2-4e70-9e36-4b05437f950a","block_type":"box","text":"Other Taxes","page_number":20,"box":{"x":128,"y":210,"width":83,"height":10}},{"id":"d1157ef4-7338-4b3d-a161-d05662967bf6","block_type":"box","text":"132","page_number":20,"box":{"x":945,"y":211,"width":22,"height":9}},{"id":"19c5702a-fc88-4684-8545-3bded4f4d01c","block_type":"box","text":"Taxation of Non-U.S. Shareholders","page_number":20,"box":{"x":127,"y":232,"width":241,"height":9}},{"id":"4b79ca70-4b6a-41ca-ae93-5e7241b6f519","block_type":"box","text":"132","page_number":20,"box":{"x":945,"y":232,"width":22,"height":9}},{"id":"8e1eeb21-c1e4-4971-b6c1-12ebfb741445","block_type":"box","text":"Financial Statements","page_number":20,"box":{"x":89,"y":253,"width":145,"height":10}},{"id":"959759a3-ebac-4978-95dd-bf98dc87a4a7","block_type":"box","text":"134","page_number":20,"box":{"x":944,"y":254,"width":24,"height":9}},{"id":"e833f0a5-01c2-428c-9850-a9ba4a6b120c","block_type":"box","text":"Miscellaneous Information","page_number":20,"box":{"x":89,"y":274,"width":185,"height":10}},{"id":"d31e3e11-2e44-4f92-aeb3-b477d1f7f0f1","block_type":"box","text":"134","page_number":20,"box":{"x":944,"y":275,"width":24,"height":9}},{"id":"aabcb569-6f37-4c08-bcb9-3bb2b030a33c","block_type":"box","text":"Counsel","page_number":20,"box":{"x":128,"y":296,"width":55,"height":10}},{"id":"f2aea6a7-040b-4e2c-8db1-4092063e8126","block_type":"box","text":"134","page_number":20,"box":{"x":944,"y":296,"width":24,"height":10}},{"id":"07b170f4-1ecf-4e7f-bbfd-6a305a71448c","block_type":"box","text":"Independent Registered Public Accounting Firm 134","page_number":20,"box":{"x":128,"y":317,"width":840,"height":13}},{"id":"73d33c33-6ffc-490c-82fc-2e3096d3faf2","block_type":"box","text":"Shareholder Communications to the Board 134","page_number":20,"box":{"x":128,"y":339,"width":840,"height":9}},{"id":"2884305b-6825-4e8b-b455-b0f94dd30305","block_type":"box","text":"Regulation Under the Alternative Investment Fund Managers Directive 134","page_number":20,"box":{"x":128,"y":360,"width":840,"height":12}},{"id":"096b2d6f-06c2-4735-937b-4545afd2ddc0","block_type":"box","text":"Investors’ Rights","page_number":20,"box":{"x":128,"y":382,"width":114,"height":12}},{"id":"176ca2ef-a3fe-4cc2-810f-0270395ac31e","block_type":"box","text":"135","page_number":20,"box":{"x":944,"y":382,"width":23,"height":9}},{"id":"384e8085-5526-4b17-b374-dcddb0795b11","block_type":"box","text":"Appendix A - Proxy Voting Policies","page_number":20,"box":{"x":88,"y":403,"width":241,"height":12}},{"id":"b1c44a2a-1a4b-4f74-86ba-f6207a2556ea","block_type":"box","text":"A-1","page_number":20,"box":{"x":942,"y":403,"width":23,"height":10}},{"id":"f930ab1e-300e-4f20-9a00-b890256300da","block_type":"box","text":"v","page_number":20,"box":{"x":524,"y":896,"width":8,"height":7}},{"id":"eda08bdc-6dd1-4fb4-bd97-20bac31d1d29","block_type":"box","text":"General Description of the Company and the Funds","page_number":21,"box":{"x":90,"y":44,"width":861,"height":30}},{"id":"dca6ea1b-ba6d-4031-a7fe-298145d6f1a7","block_type":"box","text":"The Company currently consists of more than 50 investment series or portfolios. The Company was organized as a Maryland","page_number":21,"box":{"x":88,"y":85,"width":873,"height":13}},{"id":"075a3f21-1b35-42a1-859d-d0c9f4c90232","block_type":"box","text":"corporation on September 1, 1994 and is authorized to have multiple series or portfolios. The Company is an open-end","page_number":21,"box":{"x":89,"y":101,"width":830,"height":12}},{"id":"12c7f6b6-3f95-437c-922d-dfebffff73a9","block_type":"box","text":"management investment company registered with the SEC under the 1940 Act. The offering of the Company’s shares is","page_number":21,"box":{"x":89,"y":116,"width":837,"height":12}},{"id":"05050236-a71b-41c2-b048-0c5d819f6fde","block_type":"box","text":"registered under the Securities Act of 1933, as amended (the “1933 Act”). This SAI relates to the following Funds:","page_number":21,"box":{"x":89,"y":131,"width":793,"height":12}},{"id":"af3bc63e-d83c-4fad-8359-ddc2a5ab25f5","block_type":"box","text":"• iShares MSCI Australia ETF","page_number":21,"box":{"x":121,"y":151,"width":221,"height":10}},{"id":"169d3d3f-6d35-4ce8-a8b1-3884a2ba6d7e","block_type":"box","text":"• iShares MSCI Austria ETF","page_number":21,"box":{"x":121,"y":171,"width":210,"height":10}},{"id":"8704380e-aa7f-408e-9700-cb75ff45cc57","block_type":"box","text":"• iShares MSCI Belgium ETF","page_number":21,"box":{"x":121,"y":191,"width":216,"height":13}},{"id":"e444fef8-4c19-46ac-8847-f89387c960ba","block_type":"box","text":"• iShares MSCI Canada ETF","page_number":21,"box":{"x":121,"y":211,"width":212,"height":10}},{"id":"52f4e0b5-8943-40ae-95ba-679ea0c26657","block_type":"box","text":"• iShares MSCI Eurozone ETF","page_number":21,"box":{"x":121,"y":232,"width":224,"height":9}},{"id":"d6079dbc-d7df-4b7f-861d-d3feb1bf6149","block_type":"box","text":"• iShares MSCI France ETF","page_number":21,"box":{"x":121,"y":252,"width":206,"height":9}},{"id":"a51f0ca0-0399-462f-8f6c-7d2c41109969","block_type":"box","text":"• iShares MSCI Germany ETF","page_number":21,"box":{"x":121,"y":272,"width":223,"height":12}},{"id":"2b441605-ce69-423c-a934-74a9943b203a","block_type":"box","text":"• iShares MSCI Hong Kong ETF","page_number":21,"box":{"x":121,"y":292,"width":238,"height":12}},{"id":"5cc37b61-9718-4488-b688-4044505fd419","block_type":"box","text":"• iShares MSCI Israel ETF","page_number":21,"box":{"x":121,"y":312,"width":196,"height":10}},{"id":"90690e49-9fa2-4d8f-9276-3f7c3bdafecb","block_type":"box","text":"• iShares MSCI Italy ETF","page_number":21,"box":{"x":121,"y":332,"width":189,"height":13}},{"id":"1183fe22-7820-4518-8c13-31fb9bf1070f","block_type":"box","text":"• iShares MSCI Japan ETF","page_number":21,"box":{"x":121,"y":353,"width":198,"height":12}},{"id":"a3b9acec-edd5-4add-abaf-b949420495fb","block_type":"box","text":"• iShares MSCI Japan Small-Cap ETF","page_number":21,"box":{"x":121,"y":373,"width":274,"height":12}},{"id":"ff83c4d2-9d12-4eda-b7b0-2cf2926546ea","block_type":"box","text":"• iShares MSCI Mexico ETF","page_number":21,"box":{"x":121,"y":393,"width":210,"height":10}},{"id":"c4927283-22ea-4a52-8b71-73ac729aa2d3","block_type":"box","text":"• iShares MSCI Netherlands ETF","page_number":21,"box":{"x":121,"y":413,"width":244,"height":10}},{"id":"b09fc3c2-5075-4d1e-9413-a802f5b3654f","block_type":"box","text":"• iShares MSCI Pacific ex Japan ETF","page_number":21,"box":{"x":121,"y":433,"width":267,"height":13}},{"id":"741650d6-6da3-4162-815d-c8ae9d704d41","block_type":"box","text":"• iShares MSCI Singapore ETF","page_number":21,"box":{"x":121,"y":453,"width":230,"height":13}},{"id":"2b9fef4f-747a-4bb5-9c41-9b057a5e39d8","block_type":"box","text":"• iShares MSCI South Africa ETF","page_number":21,"box":{"x":121,"y":473,"width":246,"height":10}},{"id":"93ed48c5-96b7-4da2-9974-2a1a34b99743","block_type":"box","text":"• iShares MSCI Spain ETF","page_number":21,"box":{"x":121,"y":494,"width":198,"height":12}},{"id":"6613e2ac-393a-451e-809b-87faf84caa4e","block_type":"box","text":"• iShares MSCI Sweden ETF","page_number":21,"box":{"x":121,"y":514,"width":214,"height":10}},{"id":"e49d01f0-0db0-4a24-8573-f5157d45855b","block_type":"box","text":"• iShares MSCI Switzerland ETF","page_number":21,"box":{"x":121,"y":534,"width":240,"height":10}},{"id":"0927dac8-a3e1-4567-a01d-7b916cbf1988","block_type":"box","text":"• iShares MSCI Thailand ETF","page_number":21,"box":{"x":121,"y":554,"width":220,"height":10}},{"id":"dbcc5ed9-c60d-4352-a588-4f5459722e8a","block_type":"box","text":"• iShares MSCI Turkey ETF","page_number":21,"box":{"x":121,"y":574,"width":206,"height":13}},{"id":"7b4ac5ad-5545-4fac-87f0-27b5db51a85d","block_type":"box","text":"• iShares MSCI USA Equal Weighted ETF","page_number":21,"box":{"x":121,"y":594,"width":303,"height":13}},{"id":"fe0762bc-fcfb-4459-8169-864444246f51","block_type":"box","text":"• iShares MSCI World ETF","page_number":21,"box":{"x":121,"y":615,"width":201,"height":9}},{"id":"38a6e977-bae0-49a5-8477-6e873aaeb178","block_type":"box","text":"Each Fund is managed by BlackRock Fund Advisors (“BFA”), an indirect majority-owned subsidiary of BlackRock, Inc., and","page_number":21,"box":{"x":89,"y":641,"width":850,"height":12}},{"id":"38a7adaf-32f3-40dc-ae26-e513a9db4625","block_type":"box","text":"generally seeks to track the investment results of the specific benchmark index identified in the applicable Prospectus for that","page_number":21,"box":{"x":89,"y":656,"width":879,"height":13}},{"id":"14ce3aed-b72b-484b-9087-93776dcb71e2","block_type":"box","text":"Fund (each, an “Underlying Index”).","page_number":21,"box":{"x":89,"y":671,"width":250,"height":13}},{"id":"e8a053a2-829c-45a4-8382-f2c1d2745cbc","block_type":"box","text":"Each Fund offers and issues shares at their net asset value per share (“NAV”) only in aggregations of a specified number of","page_number":21,"box":{"x":89,"y":698,"width":859,"height":12}},{"id":"ac014e52-1c3c-402a-851b-7b13645a4d10","block_type":"box","text":"shares (each, a “Creation Unit”), generally in exchange for a designated portfolio of securities, assets or other positions","page_number":21,"box":{"x":89,"y":713,"width":831,"height":12}},{"id":"722d44a8-0156-480c-b0af-b13832525b82","block_type":"box","text":"(including any portion of such securities for which cash may be substituted) included in its Underlying Index (the “Deposit","page_number":21,"box":{"x":89,"y":728,"width":857,"height":12}},{"id":"abbbf154-b50e-4ac5-be09-7625ae1024b3","block_type":"box","text":"Securities” or “Creation Basket”), together with the deposit of a specified cash payment (the “Cash Component”). Shares of","page_number":21,"box":{"x":88,"y":743,"width":867,"height":12}},{"id":"955b9875-ed53-4de3-9485-ceb6281f1eb0","block_type":"box","text":"the Funds are listed for trading on national securities exchanges such as Cboe BZX Exchange, Inc. (“Cboe BZX”), The Nasdaq","page_number":21,"box":{"x":88,"y":758,"width":875,"height":13}},{"id":"df3dbfe3-d74e-4512-8cb0-fc7cdd71a365","block_type":"box","text":"Stock Market LLC (“Nasdaq”) or NYSE Arca, Inc. (“NYSE Arca”) (each, a “Listing Exchange”). Shares of each Fund are traded","page_number":21,"box":{"x":88,"y":773,"width":869,"height":13}},{"id":"11d1cae2-6b05-49df-b70e-d4b99466f4aa","block_type":"box","text":"in the secondary market and elsewhere at market prices that may be at, above or below the Fund’s NAV. Shares are","page_number":21,"box":{"x":89,"y":788,"width":804,"height":13}},{"id":"022dc22a-afec-436e-9459-53197df7bcc7","block_type":"box","text":"redeemable only in Creation Units by Authorized Participants (as defined in the","page_number":21,"box":{"x":89,"y":804,"width":550,"height":12}},{"id":"466911c8-94ee-47cb-8574-c3137b506beb","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":21,"box":{"x":645,"y":804,"width":305,"height":12}},{"id":"9d70d00d-604a-4dd1-98a5-9c64d2b9801e","block_type":"box","text":"Role of the Authorized Participant","page_number":21,"box":{"x":88,"y":819,"width":235,"height":12}},{"id":"4a569d93-74ef-4cdb-937f-220c60c9a0cf","block_type":"box","text":"section of this SAI) and, generally, in exchange for portfolio securities and a Cash Amount","page_number":21,"box":{"x":328,"y":819,"width":628,"height":12}},{"id":"4e7b841c-cd9d-46a8-ad49-222b48313d03","block_type":"box","text":"1","page_number":21,"box":{"x":526,"y":894,"width":3,"height":9}},{"id":"1d0251e7-725a-44dc-a388-da383f661555","block_type":"box","text":"(as defined in the","page_number":22,"box":{"x":89,"y":44,"width":120,"height":12}},{"id":"4d773e23-676f-4b45-ab84-b1cd64eb509b","block_type":"box","text":"Redemption of Creation Units","page_number":22,"box":{"x":214,"y":44,"width":206,"height":12}},{"id":"149bf771-1838-4f60-a78c-e867cacf5e4b","block_type":"box","text":"section of this SAI). Creation Units typically are a specified number of shares,","page_number":22,"box":{"x":425,"y":44,"width":537,"height":12}},{"id":"be62e50c-bfd8-42e7-bc22-63cae84adcd2","block_type":"box","text":"generally ranging from 50,000 to 300,000 shares or multiples thereof.","page_number":22,"box":{"x":89,"y":59,"width":487,"height":12}},{"id":"1cb302b6-ceac-46e8-9ad9-693a77a4c7b2","block_type":"box","text":"The Company reserves the right to permit or require that creations and redemptions of shares are effected fully or partially in","page_number":22,"box":{"x":88,"y":85,"width":873,"height":13}},{"id":"18b77aad-877b-4268-9d68-c9fec7dda257","block_type":"box","text":"cash and reserves the right to permit or require the substitution of Deposit Securities in lieu of cash. Shares may be issued in","page_number":22,"box":{"x":89,"y":101,"width":869,"height":12}},{"id":"b65fe359-3d4d-451d-91df-746585725668","block_type":"box","text":"advance of receipt of Deposit Securities, subject to various conditions, including a requirement that the Authorized","page_number":22,"box":{"x":89,"y":116,"width":802,"height":12}},{"id":"1c132c7d-4d39-4e7b-a637-765a7d1a4836","block_type":"box","text":"Participant maintain collateral with the Company as set forth in the handbook for Authorized Participants. The Company may","page_number":22,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"9c897f1c-33e1-4590-89af-b7b53566e864","block_type":"box","text":"use such collateral at any time to purchase Deposit Securities. See the","page_number":22,"box":{"x":89,"y":146,"width":488,"height":12}},{"id":"35afad77-25d7-4097-840d-1f3c2ffec58d","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":22,"box":{"x":582,"y":146,"width":300,"height":12}},{"id":"9fd1b382-dfaf-4e4b-b806-308e4b2eaa16","block_type":"box","text":"section of","page_number":22,"box":{"x":887,"y":146,"width":70,"height":10}},{"id":"4c97d40d-28e2-48fc-823e-9c6fa4c0bd56","block_type":"box","text":"this SAI. Transaction fees and other costs associated with creations or redemptions that include a cash portion may be","page_number":22,"box":{"x":88,"y":161,"width":831,"height":12}},{"id":"260f9855-ecd4-4294-bf85-f88c3ea310a7","block_type":"box","text":"higher than the transaction fees and other costs associated with in-kind creations or redemptions. In all cases, conditions","page_number":22,"box":{"x":89,"y":176,"width":849,"height":13}},{"id":"36b1d6a4-a819-4087-8fd1-87c993467abe","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":22,"box":{"x":88,"y":191,"width":879,"height":13}},{"id":"06f04bad-de38-4aef-ac3c-6014d08c8cf1","block_type":"box","text":"and regulations applicable to management investment companies offering redeemable securities.","page_number":22,"box":{"x":89,"y":206,"width":682,"height":13}},{"id":"afee788b-3710-41bc-9f94-e861d0670650","block_type":"box","text":"Exchange Listing and Trading","page_number":22,"box":{"x":91,"y":237,"width":491,"height":30}},{"id":"8f77cecb-9f89-4459-bb2e-f40852880285","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":22,"box":{"x":88,"y":278,"width":813,"height":13}},{"id":"3c5ab6df-455f-42c9-ac33-94046f9dec90","block_type":"box","text":"Shareholder Information","page_number":22,"box":{"x":88,"y":293,"width":170,"height":12}},{"id":"2de6f0e6-d7a4-4af1-885e-e2caffcf9a22","block_type":"box","text":"section of each Fund’s Prospectus. The discussion below supplements, and should be read in","page_number":22,"box":{"x":264,"y":293,"width":651,"height":13}},{"id":"e1856aae-10fa-46a0-b4f6-a027bf89fd72","block_type":"box","text":"conjunction with, that section of the applicable Prospectus.","page_number":22,"box":{"x":89,"y":308,"width":415,"height":13}},{"id":"11772cd5-983a-4eb8-947e-ff4088832657","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":22,"box":{"x":88,"y":335,"width":843,"height":12}},{"id":"84efc687-df08-49fd-a678-de56c4dd572d","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":22,"box":{"x":89,"y":350,"width":857,"height":12}},{"id":"8aa95d9d-b9b7-43dd-9238-9efe11ba7f43","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":22,"box":{"x":88,"y":365,"width":875,"height":12}},{"id":"9d9c5d04-6f2b-483f-9c67-b12309a5fcc2","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":22,"box":{"x":89,"y":380,"width":875,"height":13}},{"id":"b5944473-0e95-4c69-bb34-91549bea6e8b","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":22,"box":{"x":89,"y":395,"width":878,"height":13}},{"id":"586e13e6-0723-45a1-8691-79f6c45713e5","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":22,"box":{"x":89,"y":410,"width":803,"height":13}},{"id":"5abcb229-40c2-4d1a-a1e4-17a84e61ef8d","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":22,"box":{"x":89,"y":426,"width":857,"height":12}},{"id":"e27ddd96-2964-40ab-8d85-7b20a634a8f2","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":22,"box":{"x":89,"y":441,"width":847,"height":12}},{"id":"a7cde545-80a3-4724-9d03-54151e085185","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":22,"box":{"x":89,"y":456,"width":856,"height":12}},{"id":"93a7c32e-d23b-4956-9de9-2047e5e0f11e","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":22,"box":{"x":88,"y":482,"width":852,"height":13}},{"id":"1c2519b8-a9cb-411a-8832-c4ccb3b09978","block_type":"box","text":"brokerage commission determined by that broker, as well as other charges.","page_number":22,"box":{"x":89,"y":497,"width":524,"height":13}},{"id":"00b6081b-6328-4eb5-ab3c-b4031f1e9275","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":22,"box":{"x":88,"y":524,"width":854,"height":12}},{"id":"556c15e9-55d8-482a-998a-b3db05100f86","block_type":"box","text":"investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect","page_number":22,"box":{"x":89,"y":539,"width":859,"height":12}},{"id":"a0e76ff8-67e2-43ed-ab66-af4790c88ab2","block_type":"box","text":"on the net assets of a Fund or an investor’s equity interest in a Fund.","page_number":22,"box":{"x":89,"y":554,"width":477,"height":12}},{"id":"bb282600-074d-4bde-9ab9-15024cda6d6c","block_type":"box","text":"Investment Strategies and Risks","page_number":22,"box":{"x":91,"y":585,"width":531,"height":29}},{"id":"1dcd54b2-0736-467c-a62e-36bf285960e6","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":22,"box":{"x":89,"y":626,"width":824,"height":12}},{"id":"03045f75-0a92-4e14-b1b1-15f6b0cd614a","block_type":"box","text":"Underlying Index and in investments that provide substantially similar exposure to securities in the Underlying Index. Each","page_number":22,"box":{"x":89,"y":641,"width":853,"height":12}},{"id":"37de5076-aa1b-4a89-a107-cdae7218f5a7","block_type":"box","text":"Fund operates as an index fund and is not actively managed. Adverse performance of a security in a Fund’s portfolio will","page_number":22,"box":{"x":89,"y":656,"width":841,"height":13}},{"id":"3e0f5f79-1e9b-4eae-b4a5-a6200f4e0e12","block_type":"box","text":"ordinarily not result in the elimination of the security from the Fund’s portfolio.","page_number":22,"box":{"x":89,"y":671,"width":550,"height":13}},{"id":"b0b2c656-5f84-44b0-8e5f-cd4a6599b65b","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":22,"box":{"x":89,"y":698,"width":812,"height":12}},{"id":"2ccf5f58-09cb-46d0-ba6e-bd40010b40cd","block_type":"box","text":"collective investment profile similar to that of the Fund’s Underlying Index. Securities selected have aggregate investment","page_number":22,"box":{"x":89,"y":713,"width":848,"height":12}},{"id":"be356b69-1c32-473b-8874-6bc02ede07d0","block_type":"box","text":"characteristics (based on market capitalization and industry weightings), fundamental characteristics (such as return","page_number":22,"box":{"x":89,"y":728,"width":819,"height":12}},{"id":"99532c09-1462-47da-b010-00a1c7888b30","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":22,"box":{"x":88,"y":743,"width":859,"height":12}},{"id":"2012d8ad-6c95-4ef9-a0c1-73f57d8e8051","block_type":"box","text":"uses representative sampling generally does not hold all of the securities that are in its underlying index.","page_number":22,"box":{"x":89,"y":758,"width":727,"height":13}},{"id":"4790fbbc-30b0-4bab-a8df-7f0d35852c75","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":22,"box":{"x":88,"y":785,"width":851,"height":12}},{"id":"5da7ba42-db8f-44ec-a842-69066e8bfe21","block_type":"box","text":"described below.","page_number":22,"box":{"x":89,"y":800,"width":116,"height":10}},{"id":"5634e443-360f-4d32-9cd7-ac012a605e28","block_type":"box","text":"Borrowing.","page_number":22,"box":{"x":89,"y":827,"width":78,"height":12}},{"id":"c0a3df56-a6e2-4545-8fb8-ee56c6d30476","block_type":"box","text":"A Fund may borrow for temporary or emergency purposes, including to meet payments due from redemptions","page_number":22,"box":{"x":176,"y":826,"width":777,"height":13}},{"id":"0978013e-ed5e-41b2-b9f0-0fa512cf90e9","block_type":"box","text":"or to facilitate the settlement of securities or other transactions. The iShares MSCI Australia ETF, iShares MSCI Austria ETF,","page_number":22,"box":{"x":89,"y":841,"width":856,"height":12}},{"id":"738e3281-cf8c-4af9-8b00-c67c31f1c8fd","block_type":"box","text":"iShares MSCI Belgium ETF, iShares MSCI Canada ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI","page_number":22,"box":{"x":89,"y":856,"width":846,"height":13}},{"id":"599bc06f-56ba-40fe-b835-7b7d2f53d832","block_type":"box","text":"2","page_number":22,"box":{"x":525,"y":894,"width":7,"height":9}},{"id":"7f80f6b7-bc5b-42cc-a53a-9ef90d36407c","block_type":"box","text":"Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Italy ETF, iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF,","page_number":23,"box":{"x":89,"y":44,"width":864,"height":12}},{"id":"c7ecf5b4-173d-4b8e-ad72-427f8957b0ea","block_type":"box","text":"iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares","page_number":23,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"ac638621-68ce-4fe3-87b9-5599576d4290","block_type":"box","text":"MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI Thailand ETF and iShares MSCI","page_number":23,"box":{"x":89,"y":74,"width":834,"height":12}},{"id":"e9e422fc-bdbb-4b7d-836b-8b04b29d79a1","block_type":"box","text":"Turkey ETF, along with certain other iShares funds, have entered into a syndicated line of credit with the Bank of New York","page_number":23,"box":{"x":88,"y":89,"width":855,"height":13}},{"id":"a9dc8683-e5b2-486a-b813-0e597aed5912","block_type":"box","text":"Mellon (“BNY”), which serves as administrative agent for itself and the other banks. The syndicated line of credit may be used","page_number":23,"box":{"x":89,"y":104,"width":878,"height":13}},{"id":"33591ffb-25e8-47ae-a908-024b1bfcfa16","block_type":"box","text":"for temporary or emergency purposes, including redemption, settlement of trades and rebalancing of portfolio holdings.","page_number":23,"box":{"x":88,"y":119,"width":842,"height":13}},{"id":"6ca3de80-01f8-4f5f-bb3c-775c6973c832","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":23,"box":{"x":89,"y":146,"width":864,"height":12}},{"id":"a981e551-6f1f-45a2-88d9-fc9b729e02e7","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":23,"box":{"x":89,"y":161,"width":870,"height":12}},{"id":"9fba9577-9beb-463e-a978-a6d0597de353","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":23,"box":{"x":89,"y":176,"width":806,"height":13}},{"id":"4e3784f7-6010-4618-8a0b-96b511871930","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":23,"box":{"x":88,"y":203,"width":846,"height":12}},{"id":"36836df1-b41f-4ab3-ae1b-baccf1b4b793","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":23,"box":{"x":89,"y":218,"width":852,"height":12}},{"id":"ad04b9c8-047f-408f-a1a0-bc9770e40052","block_type":"box","text":"Purchasing securities while borrowings are outstanding creates special risks, such as the potential for greater volatility in the","page_number":23,"box":{"x":89,"y":233,"width":870,"height":12}},{"id":"e1b19910-2983-478a-94b8-32718817c89f","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":23,"box":{"x":89,"y":248,"width":874,"height":12}},{"id":"fe46de19-c725-4771-84a2-0d8eac59753d","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":23,"box":{"x":89,"y":263,"width":826,"height":12}},{"id":"a85776ec-7d5c-41dd-a173-9a33ed5fd5e9","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":23,"box":{"x":89,"y":278,"width":871,"height":13}},{"id":"f673758b-d5d1-4ab2-9c7b-00966b7919c7","block_type":"box","text":"shareholders will outweigh the current reduced return.","page_number":23,"box":{"x":89,"y":293,"width":381,"height":13}},{"id":"6d1bc936-adba-4212-9864-af7a3d8b58a2","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":23,"box":{"x":89,"y":320,"width":835,"height":12}},{"id":"9d77d9b6-8c28-4a96-b3dc-a65a1577c93f","block_type":"box","text":"credit agreements relating to asset coverage, portfolio composition requirements and other matters. It is not anticipated that","page_number":23,"box":{"x":89,"y":335,"width":873,"height":12}},{"id":"c2d89f86-eab5-4fb3-b7e3-08ee7805c6ed","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":23,"box":{"x":89,"y":350,"width":800,"height":12}},{"id":"dfdf9e79-2104-4fcf-95a9-dea8d250a71c","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":23,"box":{"x":89,"y":365,"width":868,"height":12}},{"id":"ef07fddc-15b8-477c-81dd-92c94ac97efc","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":23,"box":{"x":89,"y":380,"width":856,"height":13}},{"id":"e1c70ad3-d89f-4c3d-8e17-d51ca17446fe","block_type":"box","text":"may be disadvantageous to do so.","page_number":23,"box":{"x":89,"y":395,"width":237,"height":13}},{"id":"340cacaf-1b90-4992-b4e1-8f4e73b16b13","block_type":"box","text":"Currency Transactions.","page_number":23,"box":{"x":89,"y":422,"width":166,"height":12}},{"id":"272ef84c-8ef4-481d-b1b3-d5b9b6b7eec8","block_type":"box","text":"A currency forward contract is an over-the-counter (“OTC”) obligation to purchase or sell a specific","page_number":23,"box":{"x":264,"y":422,"width":696,"height":12}},{"id":"7a74fc85-c30c-4222-8fd4-053f413098c1","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":23,"box":{"x":89,"y":437,"width":876,"height":12}},{"id":"c5efd1ab-e737-49cb-a7df-a0eaf9166b39","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":23,"box":{"x":89,"y":452,"width":814,"height":12}},{"id":"fd313d6d-27b4-4e1e-ac0a-fdbbc1820acd","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":23,"box":{"x":89,"y":467,"width":828,"height":13}},{"id":"0350a1e4-6d6f-4d0e-948a-e753a1634c77","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":23,"box":{"x":89,"y":482,"width":854,"height":13}},{"id":"84c112ce-4169-4e3e-9b35-b463126552d4","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":23,"box":{"x":89,"y":497,"width":863,"height":13}},{"id":"7b60fec8-aa19-4d3e-8bab-accbc1e891d7","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":23,"box":{"x":89,"y":513,"width":840,"height":12}},{"id":"22d42940-2a21-475b-b274-45403e09b5b8","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":23,"box":{"x":89,"y":528,"width":864,"height":12}},{"id":"087e2972-b78b-49e4-9411-86450c4aa132","block_type":"box","text":"against declines in the value of the Funds’ assets that are denominated in a non-U.S. currency. A Fund may enter into non","page_number":23,"box":{"x":89,"y":543,"width":857,"height":12}},{"id":"9fd0d46d-77cc-428d-8e8f-3836c1500a84","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":23,"box":{"x":89,"y":558,"width":825,"height":12}},{"id":"3893da71-db09-4661-bf7c-43d43ff9c1e5","block_type":"box","text":"against currency exposure in connection with its distributions to shareholders, but may not enter into such contracts for","page_number":23,"box":{"x":89,"y":573,"width":843,"height":12}},{"id":"bd2422df-b00c-4473-857b-0763c7f4d22f","block_type":"box","text":"speculative purposes.","page_number":23,"box":{"x":89,"y":588,"width":150,"height":12}},{"id":"da694d06-1720-494c-8dc2-5186fb232737","block_type":"box","text":"Foreign exchange transactions involve a significant degree of risk and the markets in which foreign exchange transactions are","page_number":23,"box":{"x":89,"y":615,"width":879,"height":12}},{"id":"46624f8f-c6f8-4afe-9f37-7373ea992343","block_type":"box","text":"effected may be highly volatile, highly specialized and highly technical. Significant changes, including changes in liquidity and","page_number":23,"box":{"x":89,"y":630,"width":876,"height":12}},{"id":"5fc2ef40-7084-443b-bf3c-2bf990b904eb","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":23,"box":{"x":89,"y":645,"width":842,"height":12}},{"id":"322b222a-7d7b-47e8-893e-962e50edb275","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":23,"box":{"x":89,"y":660,"width":877,"height":12}},{"id":"d97b019a-6c7b-4b13-860f-e2529298e8e4","block_type":"box","text":"by foreign governments through regulation of local exchange markets, foreign investment or particular transactions in non","page_number":23,"box":{"x":89,"y":675,"width":864,"height":12}},{"id":"5ae04f12-0dd8-4de9-b2ca-13ff175616bd","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":23,"box":{"x":89,"y":690,"width":853,"height":13}},{"id":"5eba164d-57f8-4198-99f5-81fc369e9790","block_type":"box","text":"correlations incorrectly, foreign exchange transactions may not serve their intended purpose of improving the correlation of a","page_number":23,"box":{"x":89,"y":705,"width":877,"height":13}},{"id":"590f7eb7-10cc-452a-9349-fb5f5980f097","block_type":"box","text":"Fund’s return with the performance of its Underlying Index and may lower the Fund’s return. A Fund could experience losses","page_number":23,"box":{"x":89,"y":720,"width":873,"height":13}},{"id":"09045f3f-8372-4d23-a693-19bdda2e2b35","block_type":"box","text":"if the value of its currency forwards, options or futures positions were poorly correlated with its other investments or if it","page_number":23,"box":{"x":89,"y":736,"width":841,"height":12}},{"id":"5691a3d6-792f-4070-9bf2-544b36385124","block_type":"box","text":"could not close out its positions because of an illiquid market or otherwise. In addition, a Fund could incur transaction costs,","page_number":23,"box":{"x":89,"y":751,"width":870,"height":12}},{"id":"2e9b81af-db45-4f02-ba72-c7c28c030a5d","block_type":"box","text":"including trading commissions, in connection with certain non-U.S. currency transactions.","page_number":23,"box":{"x":89,"y":766,"width":632,"height":12}},{"id":"14c06399-8c7b-4d80-a679-7321cb031f48","block_type":"box","text":"Diversification Status.","page_number":23,"box":{"x":89,"y":792,"width":156,"height":10}},{"id":"623dbdba-922d-41a4-b2b5-72be211aa7fb","block_type":"box","text":"The following table sets forth the diversification status of each Fund:","page_number":23,"box":{"x":253,"y":792,"width":480,"height":13}},{"id":"2c144bca-ddad-4277-9d51-0e931230f52f","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":23,"box":{"x":89,"y":822,"width":529,"height":8}},{"id":"54729159-58fa-4fa5-95e4-34ca73b8396a","block_type":"box","text":"iShares MSCI Canada ETF iShares MSCI Australia ETF","page_number":23,"box":{"x":89,"y":844,"width":582,"height":10}},{"id":"82a9fb34-d681-4a9d-9ddc-214478cb815e","block_type":"box","text":"3","page_number":23,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"8bd45b88-ba8e-4407-b868-222f1a47117e","block_type":"box","text":"Diversified Funds Non-Diversified Funds","page_number":24,"box":{"x":89,"y":45,"width":529,"height":7}},{"id":"a3db8e0a-3972-4714-b36f-11336e118354","block_type":"box","text":"iShares MSCI Eu","page_number":24,"box":{"x":89,"y":67,"width":108,"height":9}},{"id":"1ab123b9-5c55-4cf2-9e2b-2b27abb04942","block_type":"box","text":"rozone ETF iShares MSCI Austria ETF","page_number":24,"box":{"x":199,"y":67,"width":460,"height":9}},{"id":"686cd21e-050c-4699-ad90-75491b4ff286","block_type":"box","text":"iShares MSCI Japan ETF iShares MSCI Belgium ETF","page_number":24,"box":{"x":89,"y":87,"width":577,"height":12}},{"id":"72f81e7f-d5f4-4f6d-adb7-4c65be17ab14","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF iShares MSCI France ETF","page_number":24,"box":{"x":89,"y":107,"width":567,"height":12}},{"id":"bc5f851d-d2f1-4558-83b0-f6b0c170de0d","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF* iShares MSCI Germany ETF","page_number":24,"box":{"x":89,"y":127,"width":583,"height":12}},{"id":"2c96ee62-aadb-4610-bead-8af87dd30d32","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF iShares MSCI Hong Kong ETF","page_number":24,"box":{"x":89,"y":147,"width":597,"height":13}},{"id":"30fb30f9-8d25-489b-b14f-2d7f68c5613d","block_type":"box","text":"iShares MSCI World ETF iShares MSCI Israel ETF","page_number":24,"box":{"x":89,"y":167,"width":557,"height":10}},{"id":"46ca64d8-abdd-4432-85d3-25b86018e06b","block_type":"box","text":"iShares MSCI Italy ETF","page_number":24,"box":{"x":490,"y":188,"width":149,"height":12}},{"id":"0b43d21d-2811-4838-9f78-d3c7eaf635e9","block_type":"box","text":"iShares MSCI Mexico ETF","page_number":24,"box":{"x":490,"y":208,"width":170,"height":9}},{"id":"2c5091aa-9977-46fa-9039-4451fc3988ee","block_type":"box","text":"iShares MSCI Netherlands ETF","page_number":24,"box":{"x":490,"y":228,"width":203,"height":10}},{"id":"1d529b43-1dac-4c0f-ac4a-ec9affff27f7","block_type":"box","text":"iShares MSCI Singapore ETF","page_number":24,"box":{"x":490,"y":248,"width":189,"height":12}},{"id":"c0e34856-8240-4c13-9b9d-7ee299e4c4bd","block_type":"box","text":"iShares MSCI South Africa ETF","page_number":24,"box":{"x":490,"y":268,"width":205,"height":10}},{"id":"e11bb0c0-184c-43ee-a62d-b8fb9e59a1a4","block_type":"box","text":"iShares MSCI Spain ETF","page_number":24,"box":{"x":490,"y":288,"width":158,"height":13}},{"id":"0b1d5e90-d939-4f51-8472-42d3585b1955","block_type":"box","text":"iShares MSCI Sweden ETF","page_number":24,"box":{"x":490,"y":308,"width":174,"height":10}},{"id":"7ee86a50-77c4-4451-80f8-6b7d24ddaca7","block_type":"box","text":"iShares MSCI Switzerland ETF","page_number":24,"box":{"x":490,"y":329,"width":199,"height":9}},{"id":"562b8e65-50bb-4c59-8bea-beafde01a96f","block_type":"box","text":"iShares MSCI Thailand ETF","page_number":24,"box":{"x":490,"y":349,"width":180,"height":9}},{"id":"ab240a54-c98d-41b8-b700-140b1b5862f6","block_type":"box","text":"iShares MSCI Turkey ETF","page_number":24,"box":{"x":490,"y":369,"width":166,"height":12}},{"id":"ce5193cb-2431-4810-829f-1b358b9f4396","block_type":"box","text":"* The iShares MSCI Pacific ex Japan ETF intends to be diversified in approximately the same proportion as its Underlying Index is diversified. The iSha","page_number":24,"box":{"x":118,"y":409,"width":832,"height":10}},{"id":"e1872e59-1b00-4543-9d5f-d1f9020e992c","block_type":"box","text":"res","page_number":24,"box":{"x":952,"y":411,"width":15,"height":5}},{"id":"3388cd58-06c5-4f72-9a90-c145bd11bc31","block_type":"box","text":"MSCI Pacific ex Japan ETF may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or","page_number":24,"box":{"x":118,"y":421,"width":821,"height":10}},{"id":"6f058bd4-f861-415a-b995-13fbd85d93ce","block_type":"box","text":"index weighting of one or more constituents of its Underlying Index. Shareholder approval will not be sought if the iShares MSCI Pacific ex Japan ETF","page_number":24,"box":{"x":118,"y":434,"width":832,"height":10}},{"id":"51cb259c-3e77-4880-90b8-c92d1c59b8fb","block_type":"box","text":"crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more","page_number":24,"box":{"x":118,"y":446,"width":790,"height":10}},{"id":"bcab7b52-1b98-4644-9a80-c2d6b1005588","block_type":"box","text":"constituents of its Underlying Index. The Fund discloses its portfolio holdings and weightings at www.iShares.com.","page_number":24,"box":{"x":118,"y":459,"width":643,"height":10}},{"id":"0cc19d26-d45c-4556-8e60-b57bf0657a41","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":24,"box":{"x":88,"y":482,"width":835,"height":13}},{"id":"1a4c1f0e-96c1-4ab2-9eac-049c928889de","block_type":"box","text":"issued or guaranteed by the U.S. government, its agencies or instrumentalities and (ii) securities of other investment","page_number":24,"box":{"x":89,"y":497,"width":813,"height":13}},{"id":"c1c34dcb-d740-44f6-92f3-ea5d8614db63","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":24,"box":{"x":89,"y":513,"width":823,"height":12}},{"id":"1fe3625a-8de2-4365-b43e-33637e86ef21","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":24,"box":{"x":89,"y":528,"width":854,"height":12}},{"id":"20ff04d0-e6d4-4402-9dc5-0b8baceefe25","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":24,"box":{"x":89,"y":543,"width":876,"height":12}},{"id":"c7500765-8319-4c2f-b7f6-2164e20c365f","block_type":"box","text":"Act, a fund cannot change its classification from diversified to non-diversified without shareholder approval. However, while","page_number":24,"box":{"x":88,"y":558,"width":868,"height":12}},{"id":"2f057e0d-b721-489a-ac87-6ab46d24e106","block_type":"box","text":"the iShares MSCI Pacific ex Japan ETF is classified as “diversified,” under applicable no-action relief from the SEC staff, the","page_number":24,"box":{"x":88,"y":573,"width":849,"height":12}},{"id":"8cbcaf71-5750-47ed-a9b0-b026f13226ed","block_type":"box","text":"fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or","page_number":24,"box":{"x":88,"y":588,"width":879,"height":12}},{"id":"1e215336-685a-4e9b-b6be-007803f4f037","block_type":"box","text":"index weighting of one or more constituents of its Underlying Index and such a change does not require shareholder","page_number":24,"box":{"x":89,"y":603,"width":816,"height":13}},{"id":"7ab37b2f-d60a-46a4-83f3-287926cc3366","block_type":"box","text":"approval.","page_number":24,"box":{"x":89,"y":618,"width":62,"height":13}},{"id":"ba867cb6-858c-42fd-8e71-8aefcd52cb79","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":24,"box":{"x":92,"y":645,"width":864,"height":12}},{"id":"7354c1be-5b19-49a9-8ea9-31218be1ce65","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":24,"box":{"x":89,"y":660,"width":876,"height":12}},{"id":"5587b3f5-fb3c-4957-a895-030d21539ede","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":24,"box":{"x":89,"y":675,"width":840,"height":12}},{"id":"8b178ad7-a4d0-4f3a-bd76-ac7c5485bc8c","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":24,"box":{"x":89,"y":690,"width":839,"height":13}},{"id":"d0bc72a1-21cd-458d-9e2a-397748865a19","block_type":"box","text":"experienced by more diversified investment companies.","page_number":24,"box":{"x":89,"y":705,"width":387,"height":13}},{"id":"639991f0-215a-492a-af7f-74e7fd7e5045","block_type":"box","text":"Each Fund (whether diversified or non-diversified) intends to maintain the required level of diversification and otherwise","page_number":24,"box":{"x":89,"y":732,"width":841,"height":12}},{"id":"eaab81fb-51c6-4589-9f4c-ae87bc590586","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":24,"box":{"x":89,"y":747,"width":865,"height":12}},{"id":"67fdbe32-3835-4e26-8d50-a39359aff9e6","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":24,"box":{"x":89,"y":762,"width":878,"height":12}},{"id":"541d4807-0946-4e14-99dd-0bb2b6728aa3","block_type":"box","text":"the extent that its earnings are distributed to shareholders, provided that the Fund satisfies a minimum distribution","page_number":24,"box":{"x":88,"y":777,"width":806,"height":12}},{"id":"cddf4587-b223-453f-8a7d-ab49a8b234ea","block_type":"box","text":"requirement. Compliance with the diversification requirements of the Internal Revenue Code may limit the investment","page_number":24,"box":{"x":89,"y":792,"width":824,"height":13}},{"id":"7c6984ca-c4ea-4515-8678-8f8052e60cf0","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":24,"box":{"x":88,"y":807,"width":790,"height":13}},{"id":"631d6924-0481-4c1a-8672-b4845c43bd74","block_type":"box","text":"Futures, Options on Futures and Securities Options.","page_number":24,"box":{"x":89,"y":834,"width":371,"height":12}},{"id":"f1f110c2-8c73-452b-aa75-7ff2c6b568b2","block_type":"box","text":"Futures contracts, options on futures and securities options may be","page_number":24,"box":{"x":470,"y":834,"width":473,"height":12}},{"id":"a742ce15-d873-4a28-9886-b19e76ef5294","block_type":"box","text":"used by a Fund to simulate investment in its Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund","page_number":24,"box":{"x":89,"y":849,"width":866,"height":12}},{"id":"7663092c-e64f-453a-a68c-610e82cb349a","block_type":"box","text":"may enter into futures contracts and options on futures that are traded on a U.S. or non-U.S. futures exchange. Each Fund","page_number":24,"box":{"x":89,"y":864,"width":853,"height":12}},{"id":"acb09cfe-9f64-4acb-b432-75000f3a8947","block_type":"box","text":"4","page_number":24,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"d1d4c6e3-ce83-4370-9f5c-0f92586b522b","block_type":"box","text":"will not use futures, options on futures or securities options for speculative purposes. Each Fund intends to use futures and","page_number":25,"box":{"x":88,"y":44,"width":862,"height":12}},{"id":"2cdf7ea6-d925-490a-9272-cf1333127772","block_type":"box","text":"options on futures in accordance with Rule 4.5 of the Commodity Futures Trading Commission (the “CFTC”) promulgated","page_number":25,"box":{"x":89,"y":59,"width":855,"height":12}},{"id":"0afe427a-3dfc-40fc-b28b-19157ee35a9e","block_type":"box","text":"under the Commodity Exchange Act (“CEA”). BFA, with respect to certain Funds, has claimed an exclusion from the definition","page_number":25,"box":{"x":89,"y":74,"width":878,"height":12}},{"id":"e3d7862e-84a7-42ef-903e-c65653eaf0ec","block_type":"box","text":"of the term “commodity pool operator” in accordance with Rule 4.5 so that BFA, with respect to such Funds, is not subject to","page_number":25,"box":{"x":89,"y":89,"width":875,"height":13}},{"id":"77895e9f-83cb-432a-821d-db40f33d47c1","block_type":"box","text":"registration or regulation as a commodity pool operator under the CEA. See the","page_number":25,"box":{"x":89,"y":104,"width":555,"height":13}},{"id":"39da182d-a74d-4f19-893f-ace6d0736cb5","block_type":"box","text":"Regulation Regarding Derivatives","page_number":25,"box":{"x":649,"y":104,"width":230,"height":13}},{"id":"d8a86d35-07a0-4554-8bc0-82ab8470beff","block_type":"box","text":"section of","page_number":25,"box":{"x":884,"y":104,"width":70,"height":10}},{"id":"70345372-e429-407c-9a3f-66feb3312bfc","block_type":"box","text":"this SAI for more information.","page_number":25,"box":{"x":88,"y":119,"width":208,"height":10}},{"id":"0881abd8-cf2f-48d7-a39a-1b68dec0acda","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":146,"width":861,"height":12}},{"id":"a47802c9-b926-4dc1-96be-dbfab9f8da63","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":161,"width":858,"height":12}},{"id":"7612d353-8776-41a4-96d2-e3db6df97bbc","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":176,"width":817,"height":13}},{"id":"c19c4acf-5b89-494a-8a36-4cf179073efe","block_type":"box","text":"contracts to purchase securities indexes when BFA anticipates purchasing the underlying securities and believes prices will","page_number":25,"box":{"x":89,"y":191,"width":858,"height":13}},{"id":"232088a1-1a84-4c58-9142-4e7c717e9366","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":25,"box":{"x":89,"y":206,"width":834,"height":13}},{"id":"a2981f4d-45ac-4518-828d-29803bcdd3bb","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":25,"box":{"x":89,"y":222,"width":878,"height":12}},{"id":"8ffb175f-5cb7-4611-bda0-c33529ca46ad","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":25,"box":{"x":89,"y":237,"width":846,"height":12}},{"id":"7b358d32-296b-4dd2-80b9-e39ed583a8a4","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":25,"box":{"x":89,"y":252,"width":849,"height":12}},{"id":"e0913194-8cf8-48ab-b792-5124eed6b8a3","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":25,"box":{"x":89,"y":267,"width":878,"height":12}},{"id":"94b6d826-ab5e-46a6-a835-51bea14927c8","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":25,"box":{"x":89,"y":282,"width":839,"height":12}},{"id":"de902715-547d-4f95-b914-012fe6df55c1","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":25,"box":{"x":89,"y":297,"width":878,"height":12}},{"id":"ace4416b-8dc2-4fa2-8b35-887174593d07","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":25,"box":{"x":89,"y":312,"width":859,"height":13}},{"id":"e8f668e3-7997-45a3-bbd2-fc5cc3892a68","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":25,"box":{"x":89,"y":327,"width":825,"height":13}},{"id":"58adf52e-9dab-4620-a666-e2ab5dab2e73","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":25,"box":{"x":88,"y":342,"width":877,"height":13}},{"id":"bb6ea251-0101-4e0e-914f-8d63bfb96e50","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":25,"box":{"x":88,"y":358,"width":864,"height":12}},{"id":"776ef141-f13e-4778-b2a0-9236e8fa28ae","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":25,"box":{"x":88,"y":373,"width":874,"height":12}},{"id":"2c7bb707-43b9-48d6-b702-e5dc8f73ba5d","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":25,"box":{"x":88,"y":388,"width":843,"height":12}},{"id":"9ad3f21f-c0fe-4ff0-bb97-84236fae35c5","block_type":"box","text":"futures contract.","page_number":25,"box":{"x":88,"y":403,"width":116,"height":10}},{"id":"3b7291ec-29f5-4a6d-90dd-473f99ec8e5c","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":25,"box":{"x":88,"y":429,"width":870,"height":13}},{"id":"ce534fa0-ca9b-419d-9aad-7e866da45d59","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":25,"box":{"x":89,"y":445,"width":855,"height":12}},{"id":"457b7298-53b6-4ad0-ab63-3482e232f67e","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":25,"box":{"x":89,"y":460,"width":867,"height":12}},{"id":"29821628-33ba-4c6c-9ac8-2daaf1e093db","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":25,"box":{"x":89,"y":475,"width":845,"height":12}},{"id":"2de7115b-256b-4de9-8dc8-b63e7835b5d1","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":25,"box":{"x":89,"y":490,"width":875,"height":12}},{"id":"503a58c2-095f-4126-87bf-f1aa9acef3c6","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":25,"box":{"x":89,"y":505,"width":872,"height":12}},{"id":"62c852e8-4f73-417a-9192-3f13a453cca9","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":25,"box":{"x":89,"y":520,"width":876,"height":12}},{"id":"cce7c273-fddc-4819-89ea-c47c07415fb9","block_type":"box","text":"the purchase of securities, and may enter into closing transactions with respect to such options to terminate existing","page_number":25,"box":{"x":88,"y":535,"width":819,"height":13}},{"id":"b4201d1b-2f86-4f05-9503-261f3f20a1ad","block_type":"box","text":"positions. There is no guarantee that such closing transactions can be effected.","page_number":25,"box":{"x":89,"y":550,"width":553,"height":13}},{"id":"60fff9de-f3ef-484c-bdf6-b5188d1f4770","block_type":"box","text":"Securities options may be used by a Fund to obtain access to securities in its Underlying Index or to dispose of securities in","page_number":25,"box":{"x":88,"y":577,"width":859,"height":12}},{"id":"2cb3c544-8410-4ae4-b3d9-c2e4b498e11e","block_type":"box","text":"its Underlying Index at favorable prices, to invest cash in a securities index that offers similar exposure to that provided by its","page_number":25,"box":{"x":89,"y":592,"width":869,"height":12}},{"id":"7c2e40a7-6a74-4aef-a8ea-749b2bf27730","block_type":"box","text":"Underlying Index or otherwise to achieve the Fund’s objective of tracking its Underlying Index. A call option gives a holder the","page_number":25,"box":{"x":89,"y":607,"width":878,"height":12}},{"id":"95e88dae-500c-4ae0-84ac-00d4b8f9232b","block_type":"box","text":"right to purchase a specific security at a specified price (“exercise price”) within a specified period of time. A put option gives","page_number":25,"box":{"x":89,"y":622,"width":873,"height":12}},{"id":"209547d0-8b2c-4d53-bce7-50c5bcc72ab4","block_type":"box","text":"a holder the right to sell a specific security at an exercise price within a specified period of time. The initial purchaser of a call","page_number":25,"box":{"x":89,"y":637,"width":871,"height":13}},{"id":"eaa4418e-06f4-4dfe-9e10-1dcc4f54ab58","block_type":"box","text":"option pays the “writer” a premium, which is paid at the time of purchase and is retained by the writer whether or not such","page_number":25,"box":{"x":89,"y":652,"width":860,"height":13}},{"id":"299ed0a6-84e4-42db-aeee-f64dc9f256dc","block_type":"box","text":"option is exercised. Each Fund may purchase put options to hedge its portfolio against the risk of a decline in the market","page_number":25,"box":{"x":89,"y":668,"width":843,"height":12}},{"id":"735a37fa-c5f5-4da6-8ae1-545da34c4152","block_type":"box","text":"value of securities held and may purchase call options to hedge against an increase in the price of securities it is committed","page_number":25,"box":{"x":88,"y":683,"width":864,"height":12}},{"id":"1b67c008-3e1b-4541-9e15-e6e2618e19ca","block_type":"box","text":"to purchase. Each Fund may write put and call options along with a long position in options to increase its ability to hedge","page_number":25,"box":{"x":88,"y":698,"width":856,"height":12}},{"id":"050f7541-2f37-4729-9e34-d3d1afcb4299","block_type":"box","text":"against a change in the market value of the securities it holds or is committed to purchase. Each Fund may purchase or sell","page_number":25,"box":{"x":89,"y":713,"width":860,"height":12}},{"id":"1b43c7cc-5cb7-465b-bf30-eae34e2e29c6","block_type":"box","text":"securities options on a U.S. or non-U.S. securities exchange or in the OTC market through a transaction with a dealer. Options","page_number":25,"box":{"x":89,"y":728,"width":878,"height":12}},{"id":"c752f146-f362-472c-9344-261320b007b4","block_type":"box","text":"on a securities index are typically settled on a net basis based on the appreciation or depreciation of the index level over the","page_number":25,"box":{"x":89,"y":743,"width":863,"height":12}},{"id":"2215c5d3-e1a6-4a28-8795-bf8b0cbc0acd","block_type":"box","text":"strike price. Options on single name securities may be cash- or physically-settled, depending upon the market in which they","page_number":25,"box":{"x":89,"y":758,"width":868,"height":13}},{"id":"82bb3b62-760f-4291-9727-b826bc7c6c4c","block_type":"box","text":"are traded. Options may be structured so as to be exercisable only on certain dates or on a daily basis. Options may also be","page_number":25,"box":{"x":89,"y":773,"width":860,"height":13}},{"id":"1e9939bd-36b7-4de8-b3fe-91cd95615434","block_type":"box","text":"structured to have conditions to exercise (","page_number":25,"box":{"x":89,"y":788,"width":294,"height":13}},{"id":"f59fbf5c-beea-4244-a5c0-b6c4e94fad87","block_type":"box","text":"i.e.","page_number":25,"box":{"x":384,"y":789,"width":18,"height":9}},{"id":"93a8f25b-4001-45cf-8814-e1c339827db2","block_type":"box","text":", “Knock-in Events”) or conditions that trigger termination (","page_number":25,"box":{"x":404,"y":788,"width":416,"height":13}},{"id":"58546574-0bdd-413a-b91b-67d72efefd6b","block_type":"box","text":"i.e.","page_number":25,"box":{"x":821,"y":789,"width":18,"height":9}},{"id":"0fe85f22-2d72-40b1-8731-85e0900c4f73","block_type":"box","text":", “Knock-out","page_number":25,"box":{"x":841,"y":788,"width":88,"height":12}},{"id":"e9f59713-dafb-4bec-ae91-ed026a474707","block_type":"box","text":"Events”).","page_number":25,"box":{"x":89,"y":804,"width":61,"height":12}},{"id":"1716a6f7-6555-4a5b-943c-af40ebc648ff","block_type":"box","text":"Lending Portfolio Securities.","page_number":25,"box":{"x":89,"y":830,"width":202,"height":12}},{"id":"5d8ccd4f-8684-4e03-919f-4d67276deaae","block_type":"box","text":"Each Fund may lend portfolio securities to certain borrowers that BFA determines to be","page_number":25,"box":{"x":301,"y":830,"width":609,"height":12}},{"id":"c9aab054-e915-4b3a-b10b-076cfc4f583a","block_type":"box","text":"creditworthy, including borrowers affiliated with BFA. The borrowers provide collateral that is maintained in an amount at","page_number":25,"box":{"x":89,"y":845,"width":848,"height":12}},{"id":"ccb0d754-f899-42d3-a827-0175a8628cde","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":25,"box":{"x":89,"y":860,"width":858,"height":13}},{"id":"d08b32b6-a438-4198-a6a7-8590bfebba2a","block_type":"box","text":"5","page_number":25,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"fb5b9956-517a-4213-9945-f77214b613d0","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":44,"width":849,"height":12}},{"id":"c1c37d18-715d-4576-bdb9-9b7eef0ae537","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":59,"width":859,"height":12}},{"id":"d9b0452a-0b7e-4104-927b-b25bc4268395","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":74,"width":794,"height":12}},{"id":"15d97f30-ee4a-494f-944d-fd1aa330c57a","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":89,"width":794,"height":13}},{"id":"ee35d353-76dc-4106-9154-b244a9bfe8d7","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":116,"width":854,"height":12}},{"id":"0eefb761-1222-45d2-99ea-cf57b0b66b16","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":131,"width":856,"height":12}},{"id":"f2a481ac-db01-4b79-a0b1-053f8d3edc8d","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":146,"width":876,"height":12}},{"id":"9d0f2079-f69f-46e2-bcb3-a47930cbc719","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":161,"width":863,"height":12}},{"id":"38f0786d-450d-49b5-b2bf-92cde7693c76","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":176,"width":850,"height":13}},{"id":"97760121-5d58-453a-b3d2-dba37d70a613","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":26,"box":{"x":89,"y":191,"width":855,"height":13}},{"id":"c81496be-e6ab-4e5a-8f1d-6fc4f999b5b6","block_type":"box","text":"are subject to investment risk.","page_number":26,"box":{"x":89,"y":206,"width":208,"height":13}},{"id":"7b4d657d-c85f-4ccb-ba23-925597a4f4ae","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":26,"box":{"x":89,"y":233,"width":818,"height":12}},{"id":"745b4284-1d0e-4cc2-9205-c0e815a6e06c","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":26,"box":{"x":89,"y":248,"width":868,"height":12}},{"id":"e9e8d82d-864a-4dd0-90ce-cd3c9bca8ba9","block_type":"box","text":"extent that a Fund engages in securities lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities","page_number":26,"box":{"x":89,"y":263,"width":832,"height":12}},{"id":"6a19d879-1469-45b7-ad71-2909e2cefe24","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":26,"box":{"x":89,"y":278,"width":846,"height":13}},{"id":"6eea61f6-ba52-4524-b361-39ba7aff4fbf","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":26,"box":{"x":88,"y":293,"width":835,"height":13}},{"id":"a0572696-0e3d-425a-b98c-48611df4ef6a","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPMorgan”) serves as custodian for the Funds in connection with certain securities lending","page_number":26,"box":{"x":88,"y":308,"width":843,"height":13}},{"id":"179d6421-65a2-4e18-ba31-e5bcabbd6c25","block_type":"box","text":"activities.","page_number":26,"box":{"x":89,"y":325,"width":63,"height":8}},{"id":"1a63f7c7-bd45-4bb9-953a-98e5f89700e2","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":26,"box":{"x":88,"y":350,"width":873,"height":12}},{"id":"b7913b88-7fa6-4a87-8982-605c034d3c72","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":26,"box":{"x":89,"y":365,"width":830,"height":12}},{"id":"a4abfebd-9c66-41fe-9d95-c43aea44c41c","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":26,"box":{"x":89,"y":380,"width":865,"height":13}},{"id":"724711fe-824a-412c-bd55-c887288f97ea","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":26,"box":{"x":88,"y":395,"width":852,"height":13}},{"id":"a14e43c1-44a3-40d1-9b13-53476efc27ae","block_type":"box","text":"movements in foreign exchange rates), and credit, legal, counterparty and market risks (including the risk that market events,","page_number":26,"box":{"x":89,"y":410,"width":878,"height":13}},{"id":"97c1dcb5-999d-4594-82c8-1553386f1d7f","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":26,"box":{"x":89,"y":426,"width":848,"height":12}},{"id":"ccbdbf84-a6a6-4e1c-b62f-b6ac283636d4","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":26,"box":{"x":89,"y":441,"width":852,"height":12}},{"id":"86c48e8f-ff2c-4f47-b5be-9c304c239f66","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":26,"box":{"x":89,"y":456,"width":870,"height":12}},{"id":"bad803fd-45d5-4632-a70d-787b218b9750","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":26,"box":{"x":89,"y":471,"width":875,"height":12}},{"id":"17adf409-f0f1-4b35-9d6a-be79423b8f63","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":26,"box":{"x":89,"y":486,"width":834,"height":12}},{"id":"5f620064-0dd1-49ac-a9f5-5ddca380d3da","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":26,"box":{"x":89,"y":501,"width":863,"height":13}},{"id":"b21dd4f2-e8fa-4678-94f7-034ac22d5c6f","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":26,"box":{"x":89,"y":516,"width":833,"height":13}},{"id":"8eb57225-869c-4ca8-8206-3d31249cf3ce","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":26,"box":{"x":89,"y":531,"width":853,"height":13}},{"id":"142bf0d4-405e-4e69-936e-56d65ec1b63b","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":26,"box":{"x":89,"y":547,"width":871,"height":12}},{"id":"ffe2c84e-1208-471e-a638-19f20a8caff6","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":26,"box":{"x":88,"y":562,"width":806,"height":12}},{"id":"b5a72e30-af31-4228-988e-0a515e590b9e","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":26,"box":{"x":89,"y":577,"width":857,"height":12}},{"id":"f47c7d03-224c-433c-ac6f-b02c8f36e2be","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":26,"box":{"x":89,"y":592,"width":866,"height":12}},{"id":"2a03d1a6-cb38-418a-80f7-8b6e02251cb1","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":26,"box":{"x":89,"y":607,"width":858,"height":12}},{"id":"230cb81f-930d-45c0-849a-003578da749c","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":26,"box":{"x":88,"y":622,"width":844,"height":12}},{"id":"899ec5fe-68fd-42ce-9391-c5f10ba92780","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":26,"box":{"x":89,"y":637,"width":873,"height":13}},{"id":"7bca68f7-b6e3-4f16-8f16-1efc5ea542c4","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":26,"box":{"x":89,"y":652,"width":841,"height":13}},{"id":"6a885aa8-dceb-4e49-b25b-b3ce2ef25672","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":26,"box":{"x":89,"y":668,"width":804,"height":12}},{"id":"b7dc5b86-8825-475a-9057-859d086f7737","block_type":"box","text":"equivalent payments owed to a Fund (as permitted by applicable law).","page_number":26,"box":{"x":89,"y":683,"width":490,"height":12}},{"id":"13a02d60-ef05-4db2-9d90-f054ed57a561","block_type":"box","text":"Regulations adopted by global prudential regulators require certain bank-regulated counterparties and certain of their","page_number":26,"box":{"x":89,"y":709,"width":824,"height":12}},{"id":"f1987821-8fe7-4643-b26d-fa8989a72602","block_type":"box","text":"affiliates to include in certain financial contracts, including many securities lending agreements, terms that delay or restrict","page_number":26,"box":{"x":89,"y":724,"width":859,"height":13}},{"id":"4e972a3e-42ee-4bd3-a7ae-4977f2b65be6","block_type":"box","text":"the rights of counterparties, such as the Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":26,"box":{"x":88,"y":739,"width":879,"height":13}},{"id":"4e31eed8-b9a3-46c9-806c-91b47272eb9d","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":26,"box":{"x":89,"y":754,"width":869,"height":13}},{"id":"84cc5764-3c24-4b40-a29f-bcea83c99fdd","block_type":"box","text":"of resolution or insolvency proceedings. It is possible that these requirements, as well as potential additional government","page_number":26,"box":{"x":89,"y":770,"width":846,"height":12}},{"id":"503dd3ce-ae57-468c-98d5-4e1898421f71","block_type":"box","text":"regulation and other developments in the market, could adversely affect the Fund’s ability to terminate existing securities","page_number":26,"box":{"x":89,"y":785,"width":847,"height":12}},{"id":"6037ee65-92c4-46c0-b5d0-150aa66c99b5","block_type":"box","text":"lending agreements or to realize amounts to be received under such agreements. Prudential regulation may also favor","page_number":26,"box":{"x":89,"y":800,"width":825,"height":12}},{"id":"fa08d070-bb8d-4a0b-bb7c-81996f379a2f","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":26,"box":{"x":89,"y":815,"width":834,"height":12}},{"id":"b96966b2-81d4-4ef8-9c25-86b4ed990e70","block_type":"box","text":"borrowers. Certain Funds expect to provide additional protections to borrowers, where permitted, pursuant to a Fund’s","page_number":26,"box":{"x":89,"y":830,"width":831,"height":12}},{"id":"325c44f9-b7c6-48c1-8d84-eb2dc4f17960","block_type":"box","text":"investment policies and if BFA believes doing so is in the best interest of the Fund.","page_number":26,"box":{"x":89,"y":845,"width":571,"height":12}},{"id":"49ff8e2f-0979-4109-a25e-dc04d4f2d02f","block_type":"box","text":"6","page_number":26,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"6714092a-fb47-400a-a9b0-cee0418a5c78","block_type":"box","text":"Liquidity Risk Management.","page_number":27,"box":{"x":89,"y":44,"width":200,"height":12}},{"id":"4f8d8c11-523c-4437-9889-122c2791851a","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":44,"width":662,"height":12}},{"id":"7d0d1488-8746-49d9-87d3-4710ef0d8151","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":59,"width":811,"height":12}},{"id":"e4896c00-7df5-4971-ae84-1254ae1a098d","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":74,"width":837,"height":12}},{"id":"9b29bc5b-0de3-4657-a3ad-4a2fea57885f","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":89,"width":841,"height":13}},{"id":"f25f8cee-0cdd-4975-b37c-aceca86f2fe4","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":104,"width":834,"height":13}},{"id":"d560fa07-1776-41f9-b151-951e2dd63443","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":119,"width":859,"height":13}},{"id":"7cc7b289-bf13-49c9-9d9e-904a306ec081","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":135,"width":866,"height":12}},{"id":"9746fcc3-e65d-4ace-be1d-213234bb36ec","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":150,"width":871,"height":12}},{"id":"35648a35-9229-48ab-8baf-3acd34a8f720","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":165,"width":860,"height":12}},{"id":"706817ad-54d6-4082-b804-f762e8a29d7e","block_type":"box","text":"and investment-specific considerations under the Liquidity Program. There are exclusions from certain portions of the","page_number":27,"box":{"x":89,"y":180,"width":825,"height":12}},{"id":"543db42d-aeac-4a84-b038-63fbae5b413b","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":27,"box":{"x":89,"y":195,"width":850,"height":12}},{"id":"8ba94207-7c46-4c9f-98a0-387522376ee8","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":27,"box":{"x":89,"y":210,"width":845,"height":13}},{"id":"4d585fdb-73c8-4abb-8d04-ed3cb692172a","block_type":"box","text":"liquidity risk.","page_number":27,"box":{"x":89,"y":225,"width":87,"height":13}},{"id":"964d2187-5c7d-418e-8e1a-2f979aa414a8","block_type":"box","text":"Non-U.S. Securities.","page_number":27,"box":{"x":89,"y":252,"width":141,"height":10}},{"id":"c861c30c-e7e7-4706-848d-44304d6d2526","block_type":"box","text":"Certain Funds intend to purchase publicly traded common stocks of non-U.S. issuers. To the extent a","page_number":27,"box":{"x":240,"y":252,"width":706,"height":12}},{"id":"2f5444a7-6f8f-43c0-91b1-1824bdf234d3","block_type":"box","text":"Fund invests in stocks of non-U.S. issuers, certain of the Fund’s investments in such stocks may be in the form of American","page_number":27,"box":{"x":89,"y":267,"width":861,"height":12}},{"id":"a69217e1-16fd-424e-ae99-d3cf6d943286","block_type":"box","text":"Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), Non-Voting Depositary Receipts (“NVDRs”) and","page_number":27,"box":{"x":89,"y":282,"width":813,"height":12}},{"id":"ba633af6-3b6b-461f-88e0-1111cc1e3439","block_type":"box","text":"European Depositary Receipts (“EDRs”) (collectively, “depositary receipts”). Depositary receipts are receipts, typically issued","page_number":27,"box":{"x":89,"y":297,"width":864,"height":12}},{"id":"95aebd62-ceb6-4621-92a3-983b506d4da6","block_type":"box","text":"by a bank or trust issuer, which evidence ownership of underlying securities issued by a non-U.S. issuer. Depositary receipts","page_number":27,"box":{"x":89,"y":312,"width":862,"height":13}},{"id":"1c896306-58a8-4e2e-a0f0-14a7b21c6c67","block_type":"box","text":"may not necessarily be denominated in the same currency as their underlying securities. ADRs typically are issued by a U.S.","page_number":27,"box":{"x":89,"y":327,"width":861,"height":13}},{"id":"0c97fcb9-a1e1-43f9-ab0b-b1d6053d97ce","block_type":"box","text":"bank or trust company and evidence ownership of underlying securities issued by a non-U.S. issuer. EDRs, which are","page_number":27,"box":{"x":89,"y":342,"width":813,"height":13}},{"id":"a362f256-1c3b-4ffb-9eec-94100d2c51e1","block_type":"box","text":"sometimes referred to as continental depositary receipts, are receipts issued in Europe, typically by foreign banks and trust","page_number":27,"box":{"x":89,"y":358,"width":856,"height":12}},{"id":"edcb1b8c-2709-4cff-acf3-45c8b56416d1","block_type":"box","text":"companies, that evidence ownership of either foreign or domestic underlying securities. GDRs are depositary receipts","page_number":27,"box":{"x":89,"y":373,"width":820,"height":12}},{"id":"63d3742c-8c9e-4092-8ed6-70cf9847b725","block_type":"box","text":"structured like global debt issues to facilitate trading on an international basis. Generally, ADRs, issued in registered form, are","page_number":27,"box":{"x":89,"y":388,"width":872,"height":12}},{"id":"65b050d7-f320-4994-9560-89070627cbb4","block_type":"box","text":"designed for use in the U.S. securities markets, and EDRs, issued in bearer form, are designed for use in European securities","page_number":27,"box":{"x":89,"y":403,"width":861,"height":12}},{"id":"c8d7da80-74f9-40cf-8e18-dc3d50ea9525","block_type":"box","text":"markets. NVDRs are designed for use in the Thai securities market. GDRs are tradable both in the U.S. and in Europe and are","page_number":27,"box":{"x":89,"y":418,"width":866,"height":12}},{"id":"9ac34ee1-040c-4e83-b01c-93e04770d243","block_type":"box","text":"designed for use throughout the world.","page_number":27,"box":{"x":89,"y":433,"width":274,"height":13}},{"id":"1830fd23-cf35-406f-9681-fa620e3fcab4","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":27,"box":{"x":89,"y":460,"width":877,"height":12}},{"id":"d6e6ac48-5e59-4d29-8593-ad31a40edd8d","block_type":"box","text":"be converted. In addition to investment risks associated with the underlying issuer, depositary receipts expose a Fund to","page_number":27,"box":{"x":89,"y":475,"width":839,"height":12}},{"id":"cb789b3d-a3dc-4561-8028-98b03d0b96b6","block_type":"box","text":"additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the","page_number":27,"box":{"x":89,"y":490,"width":841,"height":12}},{"id":"cf0d1e2e-5428-4e05-99fb-641f23966ccf","block_type":"box","text":"depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency","page_number":27,"box":{"x":89,"y":505,"width":859,"height":12}},{"id":"435c7bf7-4a1c-4d87-b88e-446013147f85","block_type":"box","text":"risk and liquidity risk. Unsponsored programs, which are not sanctioned by the issuer of the underlying common stock,","page_number":27,"box":{"x":89,"y":520,"width":833,"height":12}},{"id":"4bce7355-7b5a-4c85-872e-cf81068b3db2","block_type":"box","text":"generally expose investors to greater risks than sponsored programs and do not provide holders with many of the","page_number":27,"box":{"x":89,"y":535,"width":795,"height":13}},{"id":"6123ad5a-cb8c-4270-9936-22424c11ed20","block_type":"box","text":"shareholder benefits that come from investing in a sponsored depositary receipts.","page_number":27,"box":{"x":89,"y":550,"width":571,"height":13}},{"id":"fa917b17-7ebb-458d-94c0-e67399c1fe6d","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":27,"box":{"x":89,"y":577,"width":868,"height":12}},{"id":"2fd83bfd-48a6-44fc-9aa8-1bc068734786","block_type":"box","text":"in U.S. issuers. These include differences in accounting, auditing and financial reporting standards; the possibility of","page_number":27,"box":{"x":89,"y":592,"width":808,"height":12}},{"id":"5194d491-347c-4ef2-825f-e8e4495acd98","block_type":"box","text":"expropriation or confiscatory taxation; adverse changes in investment or exchange control regulations; political instability,","page_number":27,"box":{"x":89,"y":607,"width":853,"height":12}},{"id":"c84ab431-ff4a-49e8-a9cc-3dc591c45152","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":27,"box":{"x":88,"y":622,"width":873,"height":12}},{"id":"c82dc4a8-fcba-466d-96e3-b980e1842833","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":27,"box":{"x":89,"y":637,"width":864,"height":13}},{"id":"d7d31f61-3d5c-4ce5-b4c6-3827c9c3e8cc","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":27,"box":{"x":89,"y":652,"width":870,"height":13}},{"id":"6996a22a-1928-433e-aa3a-21eee1389c7e","block_type":"box","text":"inflation, capital reinvestment, resource self-sufficiency and balance of payment positions.","page_number":27,"box":{"x":89,"y":668,"width":629,"height":12}},{"id":"35ac1fe1-bc75-40b0-8321-57f8d6128104","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":27,"box":{"x":89,"y":694,"width":242,"height":12}},{"id":"e04c9e1b-ebf0-4d4c-bacd-2ecf6bf6813b","block_type":"box","text":"The CFTC subjects advisers to registered investment companies to regulation by the","page_number":27,"box":{"x":340,"y":694,"width":588,"height":12}},{"id":"d17f6775-ef5b-46d9-a943-bcab5d03de4b","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":27,"box":{"x":89,"y":709,"width":812,"height":12}},{"id":"d0f3ab0b-5088-4718-b030-d430256e4026","block_type":"box","text":"liquidation value in CFTC-regulated futures, options and swaps (“CFTC Derivatives”) or (ii) markets itself as providing","page_number":27,"box":{"x":89,"y":724,"width":819,"height":13}},{"id":"b001891b-b823-4f8d-8208-039b52c76341","block_type":"box","text":"investment exposure to such instruments. The CFTC also subjects advisers to registered investment companies to regulation","page_number":27,"box":{"x":89,"y":739,"width":872,"height":13}},{"id":"d99b9326-bbe6-4e4c-a46a-8a3b81952fee","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":27,"box":{"x":89,"y":754,"width":866,"height":13}},{"id":"1e42af64-42f9-4f32-8869-b0f21bcbb114","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":27,"box":{"x":89,"y":770,"width":834,"height":12}},{"id":"3c574a1a-2744-46ac-83cf-a8d16d2537a6","block_type":"box","text":"vehicle for trading such instruments.","page_number":27,"box":{"x":88,"y":785,"width":256,"height":12}},{"id":"96b58ff9-061c-4287-a21f-e117ab72d084","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":27,"box":{"x":89,"y":811,"width":873,"height":12}},{"id":"a4d396ce-98b3-4950-a00d-79e6286af952","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":27,"box":{"x":89,"y":826,"width":868,"height":13}},{"id":"da05b4f4-23b8-479c-81c4-7e933f570964","block_type":"box","text":"pool operator” under the CEA with respect to the Funds.","page_number":27,"box":{"x":89,"y":841,"width":393,"height":13}},{"id":"3c494086-c320-485c-93f1-b84201fd5ad0","block_type":"box","text":"7","page_number":27,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"cc3106ab-9519-44e7-9dc4-68040f9807b6","block_type":"box","text":"The iShares MSCI Australia ETF, iShares MSCI Belgium ETF, iShares MSCI Canada ETF, iShares MSCI Eurozone ETF, iShares","page_number":28,"box":{"x":88,"y":44,"width":853,"height":12}},{"id":"747393d4-b287-49c1-8acc-35703b994279","block_type":"box","text":"MSCI France ETF, iShares MSCI Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Italy ETF, iShares MSCI Japan ETF,","page_number":28,"box":{"x":89,"y":59,"width":838,"height":12}},{"id":"f936f190-a40a-4053-8172-f154613a4fb9","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan","page_number":28,"box":{"x":89,"y":74,"width":856,"height":12}},{"id":"397ee809-fae1-43b8-a85b-bc5604c80164","block_type":"box","text":"ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares MSCI Spain ETF, iShares MSCI Thailand ETF, iShares","page_number":28,"box":{"x":89,"y":89,"width":874,"height":13}},{"id":"9202cfd4-d12c-420e-9ce9-0cb20e4bd1fb","block_type":"box","text":"MSCI Turkey ETF, iShares MSCI USA Equal Weighted ETF and iShares MSCI World ETF (the “No-Action Letter Funds”) may","page_number":28,"box":{"x":89,"y":104,"width":856,"height":13}},{"id":"51c30b85-8ae9-4fa5-903e-72d5b4921f66","block_type":"box","text":"also have investments in “underlying funds” (and such underlying funds themselves may invest in underlying funds) not","page_number":28,"box":{"x":89,"y":119,"width":842,"height":13}},{"id":"8679b48e-2f65-4460-8b9a-4abdc55b7abd","block_type":"box","text":"advised by BFA (the term “underlying fund” for purposes of the no-action letter referenced below may include, but is not","page_number":28,"box":{"x":89,"y":135,"width":844,"height":12}},{"id":"0fbdfb93-8e3e-4356-8a9e-1058bec3dd8d","block_type":"box","text":"limited to, certain securitized vehicles, mortgage or international real estate investment trusts (“REITs”), business","page_number":28,"box":{"x":89,"y":150,"width":789,"height":12}},{"id":"c3ebb352-7a94-40c1-a0fd-a888cdde5d86","block_type":"box","text":"development companies and investment companies that may invest in CFTC Derivatives or in any of the foregoing), and","page_number":28,"box":{"x":89,"y":165,"width":839,"height":12}},{"id":"70e1eb6b-4cce-4e93-95e7-7ecfae7fcab1","block_type":"box","text":"therefore may be viewed by the CFTC as commodity pools. BFA may not have transparency into the holdings of these","page_number":28,"box":{"x":88,"y":180,"width":821,"height":12}},{"id":"3e82f4ea-71aa-431e-9f0a-3e3e664f326f","block_type":"box","text":"underlying funds because they are not advised by BFA. To address this issue of lack of transparency, the CFTC staff issued a","page_number":28,"box":{"x":89,"y":195,"width":862,"height":12}},{"id":"366c5076-dc1a-49a8-af78-0663cd31287c","block_type":"box","text":"no-action letter on November 29, 2012 permitting the adviser of a fund that invests in such underlying funds and that would","page_number":28,"box":{"x":89,"y":210,"width":870,"height":13}},{"id":"48269d23-ca7e-49fe-b569-80573d9830e6","block_type":"box","text":"otherwise have filed a claim of exclusion pursuant to CFTC Rule 4.5 to delay registration as a “commodity pool operator” until","page_number":28,"box":{"x":89,"y":225,"width":878,"height":13}},{"id":"d209775c-2ac6-4c42-b5ab-94377fc8aad6","block_type":"box","text":"six months from the date on which the CFTC issues additional guidance on the treatment of CFTC Derivatives held by","page_number":28,"box":{"x":89,"y":240,"width":823,"height":13}},{"id":"c303b62d-5f84-47b7-a7ab-a390344ef7c5","block_type":"box","text":"underlying funds. BFA, the adviser of the No-Action Letter Funds, has filed a claim with the CFTC for such funds to rely on","page_number":28,"box":{"x":89,"y":256,"width":851,"height":12}},{"id":"48b7a677-3dfa-49c9-a323-1688459d7d5e","block_type":"box","text":"this no-action relief. Accordingly, BFA is not currently subject to registration or regulation as a “commodity pool operator”","page_number":28,"box":{"x":88,"y":271,"width":852,"height":12}},{"id":"ccc9392f-f932-4337-a21c-6f76faa36be8","block_type":"box","text":"under the CEA in respect of such funds.","page_number":28,"box":{"x":89,"y":286,"width":276,"height":12}},{"id":"75ca65a4-dd2c-47f5-ac89-987616623a40","block_type":"box","text":"Derivative contracts, including, without limitation, swaps, currency forwards, and non-deliverable forwards, are subject to","page_number":28,"box":{"x":89,"y":312,"width":849,"height":13}},{"id":"d896b39d-105b-4551-a817-427be79b9813","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":28,"box":{"x":89,"y":327,"width":873,"height":13}},{"id":"205efadf-6de9-41bb-b54a-19df90c176f4","block_type":"box","text":"comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Swaps, non-deliverable forwards and certain other","page_number":28,"box":{"x":89,"y":342,"width":838,"height":13}},{"id":"3b8d7a98-177d-4b31-8e97-083163bd30ec","block_type":"box","text":"derivatives traded in the OTC market are subject to variation margin and initial margin requirements. Implementation of the","page_number":28,"box":{"x":89,"y":358,"width":863,"height":12}},{"id":"21760435-88bb-4e44-a34f-1c64797d9b55","block_type":"box","text":"margining and other provisions of the Dodd-Frank Act regarding clearing, mandatory trading, reporting and documentation","page_number":28,"box":{"x":89,"y":373,"width":867,"height":12}},{"id":"9eb02a1a-0641-4573-9a6b-b0dfbcfd45bb","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":28,"box":{"x":89,"y":388,"width":863,"height":12}},{"id":"9071fac8-c877-412f-9b2b-a6e72fbf9cda","block_type":"box","text":"and, as a result, may affect returns to investors in such Fund.","page_number":28,"box":{"x":89,"y":403,"width":423,"height":12}},{"id":"e7827d69-7d6c-42e9-94e1-f7fc33f7d96a","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":28,"box":{"x":89,"y":429,"width":866,"height":13}},{"id":"4b92e4fe-a0f3-4793-947f-e754d26cbc61","block_type":"box","text":"certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the","page_number":28,"box":{"x":89,"y":445,"width":842,"height":12}},{"id":"77f7f3d3-fb84-43b1-9af6-223e24abd036","block_type":"box","text":"Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits open-end funds,","page_number":28,"box":{"x":89,"y":460,"width":823,"height":12}},{"id":"a7b5fd05-a085-48e7-9254-c106f9af2ae5","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":28,"box":{"x":89,"y":475,"width":879,"height":12}},{"id":"1df9edd0-15db-4371-9755-36d808cdb60f","block_type":"box","text":"to maintain 300% “asset coverage”).","page_number":28,"box":{"x":88,"y":490,"width":257,"height":12}},{"id":"bc0dbcf3-44ef-4b9a-bc1d-f8a45678c0dc","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract","page_number":28,"box":{"x":89,"y":516,"width":862,"height":13}},{"id":"689f26e4-7dad-44b0-829f-732ae3f4960d","block_type":"box","text":"for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing,","page_number":28,"box":{"x":88,"y":531,"width":871,"height":13}},{"id":"dca468e1-0e2f-4037-86d9-6ec6d6d875d9","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":28,"box":{"x":89,"y":547,"width":871,"height":12}},{"id":"9b3d806c-53ee-42c2-b332-3d400702e287","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":28,"box":{"x":89,"y":562,"width":867,"height":12}},{"id":"b81abfe1-7f5f-4d2f-969e-097d7cc5b88c","block_type":"box","text":"(2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non","page_number":28,"box":{"x":89,"y":577,"width":864,"height":12}},{"id":"4ac17d40-8f8f-4405-8c23-f6e24f989683","block_type":"box","text":"recourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions","page_number":28,"box":{"x":89,"y":592,"width":863,"height":12}},{"id":"08d34d28-97ec-4154-a315-11bc691a9087","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":28,"box":{"x":89,"y":607,"width":863,"height":12}},{"id":"410f4211-7c75-4e08-98b5-6c398ad661cb","block_type":"box","text":"announced (“TBA”) commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to","page_number":28,"box":{"x":89,"y":622,"width":870,"height":12}},{"id":"4baafd56-18d0-4234-883e-5c7df127944f","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":28,"box":{"x":89,"y":637,"width":834,"height":13}},{"id":"46b18f36-0a3c-4f5c-88c3-d62683d63d50","block_type":"box","text":"Securities Provision”).","page_number":28,"box":{"x":88,"y":652,"width":152,"height":13}},{"id":"4d51baa0-f694-4539-a15b-f81e8a0ffa05","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":28,"box":{"x":89,"y":679,"width":872,"height":12}},{"id":"59abcd7c-8c5b-46c3-af57-3d8dc00bf387","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":28,"box":{"x":88,"y":694,"width":830,"height":12}},{"id":"6ae9c3d1-08a0-417f-a8a8-7a95145f1eb8","block_type":"box","text":"comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on Fund","page_number":28,"box":{"x":89,"y":709,"width":875,"height":12}},{"id":"6b2810a3-9c49-4f87-abd9-1b18347d4969","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":28,"box":{"x":89,"y":724,"width":846,"height":13}},{"id":"c1119c48-6219-4fb4-b4a1-21651a7746a4","block_type":"box","text":"appointed by the Board, including a majority of Independent Directors/Trustees, and periodically reviews the DRMP and","page_number":28,"box":{"x":89,"y":739,"width":839,"height":13}},{"id":"8350ff67-47dd-4ea0-8fe1-786d43dbd7e7","block_type":"box","text":"reports to the Board.","page_number":28,"box":{"x":89,"y":754,"width":142,"height":13}},{"id":"8dabc235-93aa-4a2a-b4db-97624b32dec3","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":28,"box":{"x":89,"y":781,"width":868,"height":12}},{"id":"6ee22083-ec8a-44c9-a675-f2ddf21af003","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":28,"box":{"x":89,"y":796,"width":830,"height":12}},{"id":"be10e772-cecc-406d-b572-c57e0d5355bd","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited","page_number":28,"box":{"x":89,"y":811,"width":850,"height":12}},{"id":"7151ed27-7c5e-4186-9311-02813233379c","block_type":"box","text":"Derivatives User Exception”).","page_number":28,"box":{"x":89,"y":826,"width":201,"height":13}},{"id":"01413fe4-11a1-4ca8-9071-1b1f50816c45","block_type":"box","text":"8","page_number":28,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"1992dd1a-6513-4014-84ef-b366ad31125c","block_type":"box","text":"Repurchase Agreements.","page_number":29,"box":{"x":89,"y":44,"width":180,"height":12}},{"id":"0bcf51bd-3d01-42be-b8cb-d77f9860a175","block_type":"box","text":"A repurchase agreement is an instrument under which the purchaser (","page_number":29,"box":{"x":278,"y":44,"width":494,"height":12}},{"id":"142b2ff3-8ac6-4ce4-a8b2-1cf56adf72d1","block_type":"box","text":"i.e.","page_number":29,"box":{"x":773,"y":45,"width":18,"height":9}},{"id":"acf36e53-bf52-4c9f-8992-5b9a11e8e12a","block_type":"box","text":", a Fund) acquires a","page_number":29,"box":{"x":793,"y":44,"width":136,"height":12}},{"id":"cff2c6a0-e1b7-43d6-a053-23e940f9be22","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":59,"width":854,"height":12}},{"id":"6aecd922-b2a6-4918-a02f-915fa4ad11cf","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":74,"width":822,"height":12}},{"id":"89874704-3b24-49df-bb23-ac5adc0f1da8","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":89,"width":828,"height":13}},{"id":"17e0b907-44cd-4aa7-8427-c8b3833dbe52","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":104,"width":878,"height":13}},{"id":"a515f49a-2f63-4218-bb5b-aba4b9aae753","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":119,"width":860,"height":13}},{"id":"ae01c529-1408-45e8-83fd-24ceef227045","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":135,"width":761,"height":12}},{"id":"19ace7fb-ff69-4ea4-9fd7-9a39489de197","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":161,"width":875,"height":12}},{"id":"a069640a-de16-445f-afd3-a0c0c6e32989","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":176,"width":841,"height":13}},{"id":"02ac222c-c765-451f-ad47-8a73e75117a5","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":191,"width":811,"height":13}},{"id":"e2be0a33-8041-4e17-8ace-19c781847bbd","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":206,"width":856,"height":13}},{"id":"eedb2bc4-a5d4-49bd-898b-9b6426e7f194","block_type":"box","text":"seven days.","page_number":29,"box":{"x":89,"y":222,"width":78,"height":12}},{"id":"838113e1-3026-4447-8c56-c0a64074ea64","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":29,"box":{"x":89,"y":248,"width":831,"height":12}},{"id":"f6802aa7-07c2-4b66-86b9-1874129a5a31","block_type":"box","text":"inherent in repurchase agreements. The Funds seek to minimize such risks, but because of the inherent legal uncertainties","page_number":29,"box":{"x":89,"y":263,"width":855,"height":12}},{"id":"3556b40b-c8d1-4a9e-9e9e-c7a82aafd9ec","block_type":"box","text":"involved in repurchase agreements, such risks cannot be eliminated. Lower quality collateral and collateral with a longer","page_number":29,"box":{"x":89,"y":278,"width":839,"height":13}},{"id":"71a33fe0-3573-4fd5-8124-1bb42caa7810","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":29,"box":{"x":89,"y":293,"width":855,"height":13}},{"id":"5cd279da-778e-4729-8823-15ac99147c35","block_type":"box","text":"the repurchase agreement counterparty were to default, lower quality collateral may be more difficult to liquidate than higher","page_number":29,"box":{"x":88,"y":308,"width":878,"height":13}},{"id":"ba8054d1-ecb7-4d96-8aad-e46ae7e215e7","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":29,"box":{"x":89,"y":324,"width":860,"height":12}},{"id":"b9427259-0483-495b-afe8-7f6d8ff429f0","block_type":"box","text":"repurchase obligation, a Fund would likely retain the status of an unsecured creditor of the counterparty (","page_number":29,"box":{"x":89,"y":339,"width":739,"height":12}},{"id":"0d6c1e34-88aa-43ef-bdee-1d4b52095e7a","block_type":"box","text":"i.e.","page_number":29,"box":{"x":829,"y":340,"width":17,"height":8}},{"id":"eb8a616d-0f73-43f7-a2c4-0f5515cb6b24","block_type":"box","text":", the position a","page_number":29,"box":{"x":849,"y":339,"width":102,"height":12}},{"id":"9a9550a3-6a57-4060-84c4-9daa736d6896","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":29,"box":{"x":89,"y":354,"width":828,"height":12}},{"id":"f3024ec8-e32e-494e-995d-e756b3e14213","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":29,"box":{"x":89,"y":369,"width":847,"height":12}},{"id":"a1a573d2-5ee0-4bce-9e9f-195d671e1cec","block_type":"box","text":"losing some or all of the principal and income involved in the transaction.","page_number":29,"box":{"x":89,"y":384,"width":511,"height":12}},{"id":"70509523-f5e4-4d65-9292-92f3d2c2d532","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":29,"box":{"x":89,"y":410,"width":240,"height":13}},{"id":"d35635d2-c029-42ec-8c3d-b12e027c7273","block_type":"box","text":"Reverse repurchase agreements involve the sale of securities with an agreement to","page_number":29,"box":{"x":339,"y":410,"width":577,"height":13}},{"id":"63749011-afa3-4674-bb9c-f08d77ae9baf","block_type":"box","text":"repurchase the securities at an agreed-upon price, date and interest payment and have the characteristics of borrowing.","page_number":29,"box":{"x":89,"y":426,"width":839,"height":12}},{"id":"b634ac92-4427-479b-8261-e3af74f0d4c3","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":29,"box":{"x":89,"y":441,"width":869,"height":12}},{"id":"8f2db9e4-956b-4350-ba2f-24f2c6ba40a6","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":29,"box":{"x":89,"y":456,"width":840,"height":12}},{"id":"3a17b11c-d40f-4030-91df-0bf4fcffabb5","block_type":"box","text":"interest income associated with those securities. Such transactions are advantageous only if a Fund has an opportunity to","page_number":29,"box":{"x":89,"y":471,"width":853,"height":12}},{"id":"2b4b4c7d-b49f-4db1-8fa5-89c03d191cd6","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":29,"box":{"x":89,"y":486,"width":874,"height":12}},{"id":"c2bdcd48-bf10-4efd-b0b9-8efa01ec40bd","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":29,"box":{"x":89,"y":501,"width":868,"height":13}},{"id":"2ec674b9-050a-44d1-ae4c-34e1a2a4cb55","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":29,"box":{"x":88,"y":516,"width":878,"height":13}},{"id":"9e59d01c-6397-45ea-b928-9226503198bc","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":29,"box":{"x":88,"y":531,"width":875,"height":13}},{"id":"9bb718b1-0530-4115-8805-af38b3f12f4c","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":29,"box":{"x":88,"y":547,"width":846,"height":12}},{"id":"93676563-7a2c-40ba-87a9-54267de692fc","block_type":"box","text":"Fund through reverse repurchase agreements may be invested in additional securities.","page_number":29,"box":{"x":89,"y":562,"width":602,"height":12}},{"id":"7405e104-c34b-4aa6-a8b3-7917e3a2de88","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":29,"box":{"x":89,"y":588,"width":832,"height":12}},{"id":"dff60349-6c4a-48f0-b7b3-288c720076ef","block_type":"box","text":"financing transactions (","page_number":29,"box":{"x":88,"y":603,"width":166,"height":13}},{"id":"480d0930-a834-4696-833e-e7b93cdbd8dd","block_type":"box","text":"e.g.,","page_number":29,"box":{"x":255,"y":606,"width":26,"height":10}},{"id":"53b1db20-8e61-4cbc-9203-7c756c3cb22d","block_type":"box","text":"recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding the","page_number":29,"box":{"x":288,"y":603,"width":613,"height":13}},{"id":"03c18ca6-2fae-435e-a75f-a8cb7817970c","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":29,"box":{"x":89,"y":618,"width":855,"height":13}},{"id":"4d48e7cc-5646-40b5-9f53-a296fc7a5a4f","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":29,"box":{"x":89,"y":633,"width":878,"height":13}},{"id":"42edcd0f-32b7-4410-9051-571f0f2da354","block_type":"box","text":"(ii) treats such transactions as Derivatives Transactions under Rule 18f-4. (See “","page_number":29,"box":{"x":89,"y":649,"width":556,"height":12}},{"id":"f510b0d6-216f-4cde-a2b5-4de772bbcaaf","block_type":"box","text":"Regulation Regarding Derivatives","page_number":29,"box":{"x":647,"y":649,"width":230,"height":12}},{"id":"367a5dce-6259-4ee1-a0ae-20dcfca7fad5","block_type":"box","text":"” above.)","page_number":29,"box":{"x":878,"y":649,"width":61,"height":12}},{"id":"010d8337-bb7c-4e7e-9253-1c95a6261c2a","block_type":"box","text":"Securities of Investment Companies.","page_number":29,"box":{"x":88,"y":675,"width":263,"height":12}},{"id":"bc529736-89d4-4229-8ae8-a7a876aced48","block_type":"box","text":"Each Fund may invest in the securities of other investment companies (including","page_number":29,"box":{"x":361,"y":675,"width":563,"height":12}},{"id":"1f28d115-a98e-43e2-b83c-c2c079f80e83","block_type":"box","text":"money market funds) to the extent permitted by law. Pursuant to the 1940 Act, a Fund’s investment in registered investment","page_number":29,"box":{"x":89,"y":690,"width":873,"height":13}},{"id":"fa3a60dd-c911-47af-a509-03e003211848","block_type":"box","text":"companies is generally limited to, subject to certain exceptions: (i) 3% of the total outstanding voting stock of any one","page_number":29,"box":{"x":89,"y":705,"width":828,"height":13}},{"id":"c4afd312-b3bc-4ed3-876b-0b947b7911e0","block_type":"box","text":"investment company; (ii) 5% of a Fund’s total assets with respect to any one investment company; and (iii) 10% of a Fund’s","page_number":29,"box":{"x":89,"y":720,"width":865,"height":13}},{"id":"61be018f-1323-4df7-8062-eb38c2fd1e24","block_type":"box","text":"total assets with respect to investment companies in the aggregate. Other investment companies in which a Fund may invest","page_number":29,"box":{"x":88,"y":736,"width":877,"height":12}},{"id":"208fc637-37e3-4634-bd05-382257ed6c8a","block_type":"box","text":"can be expected to incur fees and expenses for operations, such as investment advisory and administration fees, which","page_number":29,"box":{"x":89,"y":751,"width":833,"height":12}},{"id":"1ff78882-5c88-4b6c-be07-a1b8947519dd","block_type":"box","text":"would be in addition to those incurred by the Fund. Pursuant to guidance issued by the SEC staff, fees and expenses of","page_number":29,"box":{"x":88,"y":766,"width":831,"height":12}},{"id":"a6010ae7-868a-4246-8b67-b445446e3c07","block_type":"box","text":"money market funds used for cash collateral received in connection with loans of securities are not treated as Acquired Fund","page_number":29,"box":{"x":89,"y":781,"width":873,"height":12}},{"id":"a0b28393-a563-466a-9bdd-66db3857165f","block_type":"box","text":"Fees and Expenses, which reflect a Fund’s","page_number":29,"box":{"x":89,"y":796,"width":291,"height":12}},{"id":"bcf76d16-668b-4dab-8715-7897bc914650","block_type":"box","text":"pro rata","page_number":29,"box":{"x":385,"y":797,"width":55,"height":11}},{"id":"6335fdac-fc55-4b55-b2f6-7d4de3f48333","block_type":"box","text":"share of the fees and expenses incurred by investing in other investment","page_number":29,"box":{"x":445,"y":796,"width":506,"height":12}},{"id":"908f3cfb-64ac-4197-ba09-8a2d8dde4c26","block_type":"box","text":"companies (as disclosed in the Prospectus, as applicable).","page_number":29,"box":{"x":89,"y":811,"width":404,"height":12}},{"id":"e5f0be46-25c2-46eb-b2f9-07804d5afb72","block_type":"box","text":"9","page_number":29,"box":{"x":524,"y":894,"width":8,"height":9}},{"id":"d7b3ef6d-47d1-47b3-9258-b668749b78bf","block_type":"box","text":"Short-Term Instruments and Temporary Investments.","page_number":30,"box":{"x":88,"y":44,"width":386,"height":12}},{"id":"b517fa7b-6b0f-4d86-ab2c-394ee04b6bf9","block_type":"box","text":"Each Fund may invest in short-term instruments, including money","page_number":30,"box":{"x":484,"y":44,"width":464,"height":12}},{"id":"4e9d4e61-0116-4834-957f-6ae7dfa6ed6f","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":59,"width":858,"height":12}},{"id":"cd871c9c-62da-4e8b-8944-0516fd3c6cc3","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":74,"width":860,"height":12}},{"id":"ff9397d0-d47f-4904-909a-7df6dd036a20","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":89,"width":814,"height":13}},{"id":"902ee8f9-b24e-49d0-86a4-48a9caa16389","block_type":"box","text":"instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit, bankers’ acceptances,","page_number":30,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"b92c3cb6-218b-4b70-8891-b6a10cef220c","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":119,"width":862,"height":13}},{"id":"146228a6-d53a-40c4-a261-cad962351b33","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":135,"width":526,"height":12}},{"id":"07d528c3-80b0-4978-a52a-a3e843d30c20","block_type":"box","text":"®","page_number":30,"box":{"x":616,"y":133,"width":9,"height":6}},{"id":"3ce51bc6-9960-47fa-a2f7-d74343be5a19","block_type":"box","text":"Investors Service, Inc., “F-1” by Fitch Ratings,","page_number":30,"box":{"x":631,"y":135,"width":312,"height":12}},{"id":"08e8ec00-2a4b-471c-894b-eed9ab5ffa31","block_type":"box","text":"Inc., or “A-1” by Standard & Poor’s","page_number":30,"box":{"x":89,"y":150,"width":237,"height":12}},{"id":"85f0e2aa-9509-48d7-a130-9abc063ef76f","block_type":"box","text":"®","page_number":30,"box":{"x":327,"y":148,"width":9,"height":6}},{"id":"c81fffed-cb62-4039-ad25-2bdbef0246db","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":150,"width":580,"height":12}},{"id":"5e6cd357-b1f7-4ef7-82ba-11cdda1ff438","block_type":"box","text":"quality as determined by BFA; (v) non-convertible corporate debt securities (","page_number":30,"box":{"x":89,"y":165,"width":534,"height":12}},{"id":"f79c5e55-d9ea-4503-b029-c1f239a1f455","block_type":"box","text":"e.g.","page_number":30,"box":{"x":624,"y":168,"width":23,"height":9}},{"id":"9111688e-5fd3-467f-91aa-bf89bd5996be","block_type":"box","text":", bonds and debentures) with remaining","page_number":30,"box":{"x":649,"y":165,"width":280,"height":12}},{"id":"084c8066-c608-440f-89f5-175be52dbc54","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":180,"width":870,"height":12}},{"id":"3d5558a7-394f-4581-896c-72335dfb65a6","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":195,"width":861,"height":12}},{"id":"5e57acb4-610e-46bb-848c-2d9f8fa5822a","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":210,"width":836,"height":13}},{"id":"44761267-be3b-4b17-aae2-150a55c6832d","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":225,"width":807,"height":13}},{"id":"905a808a-378f-416e-a519-9e0c85b48452","block_type":"box","text":"purchased on a current or forward-settled basis. Time deposits are non-negotiable deposits maintained in banking","page_number":30,"box":{"x":89,"y":240,"width":801,"height":13}},{"id":"06428b68-ccf5-4946-9b31-051c9acdda61","block_type":"box","text":"institutions for specified periods of time at stated interest rates. Bankers’ acceptances are time drafts drawn on commercial","page_number":30,"box":{"x":89,"y":256,"width":861,"height":12}},{"id":"08261f46-d62f-407a-9807-97200c0ae67a","block_type":"box","text":"banks by borrowers, usually in connection with international transactions.","page_number":30,"box":{"x":89,"y":271,"width":516,"height":12}},{"id":"5bc371ab-c52e-4d1e-a782-de1b3923a2a0","block_type":"box","text":"Swap Agreements.","page_number":30,"box":{"x":88,"y":298,"width":134,"height":11}},{"id":"47b22c3a-67f8-4824-9ad0-28dde41502ea","block_type":"box","text":"Swap agreements are contracts between parties in which one party agrees to make periodic payments to","page_number":30,"box":{"x":231,"y":297,"width":735,"height":12}},{"id":"cb61efbe-97af-475d-88bc-5ec0b92e307f","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":30,"box":{"x":88,"y":312,"width":850,"height":13}},{"id":"c2898630-bcec-4e9b-b39a-7f058d2cc61c","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":30,"box":{"x":89,"y":327,"width":843,"height":13}},{"id":"13eb77cf-d79b-441f-a44d-93b5536674e7","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":30,"box":{"x":89,"y":342,"width":869,"height":13}},{"id":"1ab1ce52-3987-41ba-a847-89233e1d54d3","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":30,"box":{"x":89,"y":358,"width":843,"height":12}},{"id":"d72ec8e3-f1fe-4546-8a85-79dd0c014fa5","block_type":"box","text":"entitlements with respect to each swap is accrued on a daily basis.","page_number":30,"box":{"x":89,"y":373,"width":464,"height":12}},{"id":"5fd09e4d-b11a-40af-9e56-e41cb0a5d451","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":30,"box":{"x":88,"y":399,"width":862,"height":13}},{"id":"8a252c1a-b205-4a13-a9ef-378bbcba78b3","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":30,"box":{"x":89,"y":414,"width":853,"height":13}},{"id":"0e8c1b85-74b7-4476-9877-eacfa2d97914","block_type":"box","text":"activity that involves investment techniques and risks different from those associated with ordinary portfolio security","page_number":30,"box":{"x":89,"y":429,"width":816,"height":13}},{"id":"699833d1-39ba-4084-9deb-668644fa0353","block_type":"box","text":"transactions. These transactions generally do not involve the delivery of securities or other underlying assets.","page_number":30,"box":{"x":88,"y":445,"width":762,"height":12}},{"id":"45c47cd5-5e22-41c3-941f-d00cd3c8a037","block_type":"box","text":"Tracking Stocks.","page_number":30,"box":{"x":88,"y":471,"width":119,"height":12}},{"id":"b486d027-e23f-4367-80ff-cd245f9af60a","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":30,"box":{"x":215,"y":471,"width":728,"height":12}},{"id":"eb4e1aba-e371-4d47-9fb6-c2b913697aff","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":30,"box":{"x":89,"y":486,"width":869,"height":12}},{"id":"4b5de823-a159-4a48-8bc5-a8387b518840","block_type":"box","text":"tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the","page_number":30,"box":{"x":88,"y":501,"width":867,"height":13}},{"id":"61e260c9-88b6-4171-8062-dc7f768e5008","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":30,"box":{"x":89,"y":516,"width":851,"height":13}},{"id":"9d9fa4d6-951b-4f47-b27f-ea2b7972d711","block_type":"box","text":"same rights as holders of the company’s common stock.","page_number":30,"box":{"x":89,"y":531,"width":395,"height":13}},{"id":"42209348-bef1-4a91-90c2-6edfb102e8a5","block_type":"box","text":"Future Developments.","page_number":30,"box":{"x":89,"y":558,"width":157,"height":12}},{"id":"7c4e09e9-3e7a-4440-9c50-1c0d4ee38349","block_type":"box","text":"The Board may, in the future, authorize each Fund to invest in securities contracts and investments,","page_number":30,"box":{"x":255,"y":558,"width":694,"height":12}},{"id":"21980bb8-0af7-471c-b08c-303585aaa3c4","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":30,"box":{"x":89,"y":573,"width":809,"height":12}},{"id":"ecb849f4-f99b-4459-9ea0-a8850892e08f","block_type":"box","text":"investment objective and do not violate any of its investment restrictions or policies.","page_number":30,"box":{"x":89,"y":588,"width":586,"height":12}},{"id":"d53d1083-c937-49bd-83ad-69fd03103cbf","block_type":"box","text":"General Considerations and Risks","page_number":30,"box":{"x":90,"y":619,"width":559,"height":23}},{"id":"771819c1-93f2-43aa-b624-b360388e7af4","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":30,"box":{"x":88,"y":660,"width":876,"height":12}},{"id":"41bbbd00-c5e2-43d5-9578-2feb82b630a6","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":30,"box":{"x":88,"y":686,"width":817,"height":13}},{"id":"c8f1dc51-746c-4a89-bad8-80b391bd390d","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":30,"box":{"x":88,"y":702,"width":874,"height":12}},{"id":"c69870f4-b37a-4413-acda-9724d5091406","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":30,"box":{"x":89,"y":717,"width":873,"height":12}},{"id":"4f09a1d6-6b0b-4b8a-9123-6996778873c9","block_type":"box","text":"particular risk factor.","page_number":30,"box":{"x":89,"y":732,"width":142,"height":12}},{"id":"df2c5227-51f1-4db8-ac31-aa4c56f837db","block_type":"box","text":"Borrowing Risk.","page_number":30,"box":{"x":89,"y":758,"width":112,"height":13}},{"id":"c83631b2-7058-47c0-a011-c788fb5f536d","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":30,"box":{"x":211,"y":758,"width":712,"height":13}},{"id":"9721223e-8d9c-4db1-95a9-78337ccea469","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":30,"box":{"x":89,"y":773,"width":850,"height":13}},{"id":"422bb8fb-1c74-4394-9c5d-b1d8d054f277","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":30,"box":{"x":89,"y":788,"width":831,"height":13}},{"id":"14987e99-631a-4756-8b0c-ca386af6c117","block_type":"box","text":"Commodities Investment Risk.","page_number":30,"box":{"x":89,"y":815,"width":218,"height":10}},{"id":"ded6bfd0-237b-4cf8-9b74-b500e9c9b6b6","block_type":"box","text":"Exposure to commodities markets may subject a Fund to greater volatility than investments","page_number":30,"box":{"x":317,"y":815,"width":641,"height":12}},{"id":"a2c27977-f70b-4761-8a18-14caed99782e","block_type":"box","text":"in traditional securities. The commodities markets have experienced periods of extreme volatility. Similar future market","page_number":30,"box":{"x":89,"y":830,"width":830,"height":12}},{"id":"72133275-dfff-4f01-9dd4-b7e0ce5b5101","block_type":"box","text":"conditions may result in rapid and substantial valuation increases or decreases in a Fund’s holdings.","page_number":30,"box":{"x":89,"y":845,"width":697,"height":12}},{"id":"73090b1f-9498-48c8-9440-f7aa4d286909","block_type":"box","text":"10","page_number":30,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"9afb1e59-89d2-4e7f-a3a7-1ec08b9e0d55","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":44,"width":857,"height":12}},{"id":"4af523bc-640f-4f4e-b023-ce1122384f58","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":59,"width":842,"height":12}},{"id":"94ac929d-65d2-4771-a237-ca9b5a76ca8f","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":74,"width":875,"height":12}},{"id":"1a748ed0-a77b-41f8-b0f5-28a8be5ac15d","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":89,"width":841,"height":13}},{"id":"de1602a7-8f93-4b2f-af5d-551966a02ebb","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":104,"width":823,"height":13}},{"id":"bce181e9-f26a-46b7-a1d5-ea522e794d41","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":119,"width":858,"height":13}},{"id":"6eda896d-168b-422c-839d-442cbf29eafa","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":135,"width":823,"height":12}},{"id":"d9345bcf-801a-4c03-91c1-f95581c3e1e7","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":150,"width":858,"height":12}},{"id":"619a9f8c-7494-48c6-a514-f20ee4461956","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":165,"width":814,"height":12}},{"id":"6abbe40f-2dd0-4d60-81de-96e28e764fe3","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":180,"width":818,"height":12}},{"id":"1c6afa94-8be4-4c12-899f-dd2d13e3a8e1","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":195,"width":827,"height":12}},{"id":"3d16cfe2-427c-4bfb-b812-c65c00390c80","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":210,"width":835,"height":13}},{"id":"cd943cfb-7625-474f-9389-a07a7c21e1f9","block_type":"box","text":"The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or","page_number":31,"box":{"x":88,"y":237,"width":798,"height":12}},{"id":"c431efbb-4964-4519-bb15-9be5c73cd02c","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":31,"box":{"x":89,"y":252,"width":875,"height":12}},{"id":"cd0aea7f-50d2-4fef-9f8b-ff47087f1908","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":31,"box":{"x":89,"y":267,"width":851,"height":12}},{"id":"2d021741-0774-43d8-8d03-cf6f23ec5436","block_type":"box","text":"related events in such countries could have a disproportionate impact on the prices of such commodities.","page_number":31,"box":{"x":89,"y":282,"width":738,"height":12}},{"id":"d8417d14-4a3a-4522-a281-bd35a725187b","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":31,"box":{"x":88,"y":308,"width":806,"height":13}},{"id":"66ab362b-36ce-46e0-a7a2-ed1c9de4c6d6","block_type":"box","text":"transportation, mining, processing, storage or distribution may adversely impact the financial performance of a commodity","page_number":31,"box":{"x":88,"y":324,"width":864,"height":12}},{"id":"56ac3510-0f68-49a9-9686-b6b4796b9a8a","block_type":"box","text":"or commodity-related company that devotes a portion of its business to that commodity. Production declines and volume","page_number":31,"box":{"x":89,"y":339,"width":853,"height":12}},{"id":"4f198f8f-13c8-4b87-91a4-855db825952e","block_type":"box","text":"decreases could be caused by various factors, including catastrophic events affecting production, depletion of resources,","page_number":31,"box":{"x":89,"y":354,"width":843,"height":12}},{"id":"42c325f2-dc0e-4ce5-9f75-ab08cdf0c2e3","block_type":"box","text":"labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance","page_number":31,"box":{"x":89,"y":369,"width":820,"height":12}},{"id":"5a7a4d28-f3bc-43e1-9d4e-8bc02a7f75f5","block_type":"box","text":"problems, import supply disruption, governmental expropriation, political upheaval or conflicts or increased competition","page_number":31,"box":{"x":89,"y":384,"width":842,"height":12}},{"id":"72711081-4442-46ec-9b97-5d1633fc737b","block_type":"box","text":"from alternative energy sources or commodity prices. Agricultural commodities may be adversely affected by weather or","page_number":31,"box":{"x":88,"y":399,"width":845,"height":13}},{"id":"fa2a49d5-4f8a-4dcf-9923-f2abd63441e3","block_type":"box","text":"other natural phenomena, such as drought, floods and pests.","page_number":31,"box":{"x":89,"y":414,"width":427,"height":13}},{"id":"0b1b0f27-b2fd-42e2-a61b-66de3ce7f55d","block_type":"box","text":"A sustained decline in demand for such commodities could also adversely affect the financial performance of commodity","page_number":31,"box":{"x":88,"y":441,"width":856,"height":12}},{"id":"2c736b8d-d53d-485e-a213-dcb96b841936","block_type":"box","text":"related companies. Factors that could lead to a decline in demand include economic recession or other adverse economic","page_number":31,"box":{"x":89,"y":456,"width":851,"height":12}},{"id":"5a3fecee-d54c-4b59-b2b4-91c9c0df4975","block_type":"box","text":"conditions, higher taxes on commodities or increased governmental regulations, increases in fuel economy, consumer shifts","page_number":31,"box":{"x":89,"y":471,"width":868,"height":12}},{"id":"e4152c8a-91b6-4f5f-92dd-8d863455c9b9","block_type":"box","text":"to the use of alternative commodities or fuel sources, changes in commodity prices, or weather.","page_number":31,"box":{"x":88,"y":486,"width":670,"height":12}},{"id":"74a28811-8b75-4e16-b15e-b1ef565866e1","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of","page_number":31,"box":{"x":88,"y":513,"width":841,"height":12}},{"id":"0dcc0a3b-9e15-4532-a828-b19b625afb10","block_type":"box","text":"liquidity, the participation of speculators, and government regulation and other actions. U.S. futures exchanges and some","page_number":31,"box":{"x":89,"y":528,"width":848,"height":12}},{"id":"4c63d061-932a-46ba-bba0-504bc02c2ef6","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":31,"box":{"x":88,"y":543,"width":822,"height":12}},{"id":"fb160cca-29b6-4882-ab68-dfc99f572d0c","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":31,"box":{"x":89,"y":558,"width":853,"height":12}},{"id":"2b84dad8-658b-4eee-8b8f-ce39e10b5bf6","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":31,"box":{"x":89,"y":573,"width":831,"height":12}},{"id":"f93b6841-d110-4a6c-a8da-0f078dfebe63","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":31,"box":{"x":89,"y":588,"width":860,"height":12}},{"id":"d6b676c1-30f3-46fe-b94f-a5936a268058","block_type":"box","text":"contracts at disadvantageous times or prices.","page_number":31,"box":{"x":89,"y":603,"width":317,"height":13}},{"id":"c2b3976a-9006-4050-baed-775ca1aacf02","block_type":"box","text":"Custody Risk.","page_number":31,"box":{"x":89,"y":630,"width":96,"height":12}},{"id":"ec1da349-e7c9-45d5-8ca8-33ecb1e4bd84","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":31,"box":{"x":195,"y":630,"width":741,"height":12}},{"id":"06725b2f-d07c-47e8-b0a0-34aee6cbc577","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":31,"box":{"x":89,"y":645,"width":838,"height":12}},{"id":"81950597-840d-4e28-9135-4ebdef7381e5","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":31,"box":{"x":89,"y":660,"width":875,"height":12}},{"id":"ffa0881f-72ee-4268-af52-28a45c4cdf2c","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":31,"box":{"x":89,"y":675,"width":857,"height":12}},{"id":"b836a0cd-66a8-4d64-8446-5694090b7cac","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":31,"box":{"x":88,"y":690,"width":880,"height":13}},{"id":"95fa785f-340d-4d5e-98c2-60d1dc8e9569","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":31,"box":{"x":89,"y":705,"width":854,"height":13}},{"id":"ed125168-d791-413a-b5e3-dc11867a06ac","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":31,"box":{"x":89,"y":720,"width":833,"height":13}},{"id":"63c0a75d-2b32-4e63-b209-8510052eb26d","block_type":"box","text":"problems. Practices in relation to the settlement of securities transactions in emerging markets involve higher risks than","page_number":31,"box":{"x":89,"y":736,"width":837,"height":12}},{"id":"d148df8f-6628-4fc8-9192-d9ade0e210e4","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":31,"box":{"x":88,"y":751,"width":868,"height":12}},{"id":"6fe06c1f-dfec-459d-8c1a-61c34eb15a03","block_type":"box","text":"custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence or undue","page_number":31,"box":{"x":89,"y":766,"width":814,"height":12}},{"id":"ec7130af-e112-4683-8738-7fdc500bfd76","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":31,"box":{"x":89,"y":781,"width":845,"height":12}},{"id":"7660535a-009a-42b7-a4b2-18b89edb8a06","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":31,"box":{"x":89,"y":796,"width":860,"height":12}},{"id":"0c437e72-0a97-428b-bd73-43c579ea240e","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":31,"box":{"x":89,"y":811,"width":851,"height":12}},{"id":"ca8129e0-2119-469f-9dd5-5053ec4bd141","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":31,"box":{"x":89,"y":826,"width":858,"height":13}},{"id":"6f9ca31f-2382-45b6-b73a-6dddf5d3f8cc","block_type":"box","text":"compensation.","page_number":31,"box":{"x":89,"y":842,"width":103,"height":12}},{"id":"a57da2fd-ece4-4e11-989b-5295880149b1","block_type":"box","text":"11","page_number":31,"box":{"x":522,"y":894,"width":11,"height":9}},{"id":"166dfa23-0f88-42f8-8f59-4e15c8f7db96","block_type":"box","text":"Illiquid Investments Risk.","page_number":32,"box":{"x":89,"y":44,"width":178,"height":12}},{"id":"7f901732-0260-4aa0-9920-28cc524598eb","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":44,"width":673,"height":12}},{"id":"73b930ba-4a64-459f-b9ae-0f56eaefebd7","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":59,"width":856,"height":12}},{"id":"04bbf78b-9826-4923-a6c2-6fb3c4c13981","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":74,"width":859,"height":12}},{"id":"34933516-dd44-49d6-b03d-c0fc97f4bb02","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":89,"width":820,"height":13}},{"id":"b156a49c-d9ce-4f63-b6f4-b55105b9582a","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":104,"width":818,"height":13}},{"id":"5326f811-7736-4e89-b6e8-046edb8a8a45","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":119,"width":856,"height":13}},{"id":"039d79c7-1fdb-4328-a3e5-95ca5f7bfa63","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":135,"width":858,"height":12}},{"id":"210d62ef-27ab-4133-ac02-f20357bc1f19","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":150,"width":790,"height":12}},{"id":"4c23f264-5872-40fc-833a-f63809bce058","block_type":"box","text":"Infectious Illness Risk.","page_number":32,"box":{"x":89,"y":176,"width":159,"height":10}},{"id":"1c8d5f96-959a-4ef3-bd35-61a1e3861b76","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":176,"width":708,"height":13}},{"id":"40f13ba5-565a-4d2f-a1ca-a3b5a3c8285d","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":191,"width":868,"height":13}},{"id":"55fab195-8677-4ef6-83d3-c42c5f19da11","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":206,"width":871,"height":13}},{"id":"6694bb63-da8e-425d-9082-07e02b39778e","block_type":"box","text":"healthcare services, prolonged quarantines, cancellations, supply chain disruptions, temporary and permanent business","page_number":32,"box":{"x":89,"y":222,"width":838,"height":12}},{"id":"357fe003-58bc-494f-af28-9a81d4627627","block_type":"box","text":"closures, lower consumer demand, layoffs, ratings downgrades, credit defaults and other significant economic, social and","page_number":32,"box":{"x":89,"y":237,"width":850,"height":12}},{"id":"8ff930d7-1eb0-4f67-b0b8-a9d71390b085","block_type":"box","text":"political impacts, as well as general concern and uncertainty. An outbreak may exacerbate other pre-existing political, social","page_number":32,"box":{"x":89,"y":252,"width":865,"height":12}},{"id":"704246de-afa7-4890-9099-f96b3ff72236","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":32,"box":{"x":89,"y":267,"width":863,"height":12}},{"id":"233f5cf6-d7d4-4041-b13f-1c60a8754ac3","block_type":"box","text":"could be present for an extended period of time.","page_number":32,"box":{"x":89,"y":282,"width":337,"height":12}},{"id":"71a408ab-40f8-42e0-9da4-522bd9f84d21","block_type":"box","text":"In addition, markets may experience temporary closures, extreme volatility, severe losses, reduced liquidity and increased","page_number":32,"box":{"x":89,"y":308,"width":845,"height":13}},{"id":"23fe9fd2-241d-4f82-837e-fc3e8a971175","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":32,"box":{"x":88,"y":324,"width":857,"height":12}},{"id":"1306be40-9632-40f1-a3a7-46a9e60275c8","block_type":"box","text":"sell securities or other assets. Market or economic disruptions could cause elevated tracking error and increased premiums","page_number":32,"box":{"x":89,"y":339,"width":861,"height":12}},{"id":"684d7df2-3c43-43c1-9fef-86db893383ee","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":32,"box":{"x":89,"y":354,"width":853,"height":12}},{"id":"65792209-990f-43b5-be33-f4c97d590452","block_type":"box","text":"service providers, including BFA. Governmental and quasi-governmental may respond to an outbreak and any resulting","page_number":32,"box":{"x":89,"y":369,"width":832,"height":12}},{"id":"b80e2012-ebfc-40c7-842a-9946e927aa23","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":32,"box":{"x":89,"y":384,"width":820,"height":12}},{"id":"c119fa27-2195-4a4f-ae1b-6e3cf54ea2a8","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":32,"box":{"x":89,"y":399,"width":845,"height":13}},{"id":"7e22adb0-0e76-4fd7-828f-4baa1075bcbd","block_type":"box","text":"investments.","page_number":32,"box":{"x":89,"y":415,"width":87,"height":9}},{"id":"7bf97c7b-161c-4f78-bb2d-43e687666462","block_type":"box","text":"Money Market Instruments Risk.","page_number":32,"box":{"x":89,"y":441,"width":234,"height":12}},{"id":"a82ad980-467e-4973-855f-fb0631c99641","block_type":"box","text":"The value of money market instruments may be affected by changes in interest rates or in","page_number":32,"box":{"x":332,"y":441,"width":628,"height":12}},{"id":"3ffce819-1f0b-4c04-8468-9f68b8be4507","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":32,"box":{"x":88,"y":456,"width":843,"height":12}},{"id":"4ff4c6cb-158a-446e-bb51-ac0038dd7c19","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":32,"box":{"x":89,"y":471,"width":835,"height":12}},{"id":"059d630f-77b8-4b59-b872-a3ee861fa38a","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":32,"box":{"x":89,"y":486,"width":874,"height":12}},{"id":"f3f42fa7-19ce-4b38-8961-503f6060ab11","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":32,"box":{"x":89,"y":501,"width":879,"height":13}},{"id":"de1fbbae-c480-457b-9fcd-6f67167a8c51","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":32,"box":{"x":88,"y":516,"width":709,"height":13}},{"id":"253263f8-265a-480b-9250-098cb89c9e13","block_type":"box","text":"Operational and Technology Risks.","page_number":32,"box":{"x":89,"y":543,"width":250,"height":12}},{"id":"cb4a2655-d119-446d-a4dd-514e32611113","block_type":"box","text":"A Fund and the entities with which it interacts directly or indirectly are susceptible to","page_number":32,"box":{"x":348,"y":543,"width":593,"height":12}},{"id":"b3d4f1e4-0d08-4180-8d46-f31c969b1e02","block_type":"box","text":"operational and technology risks, including those related to human errors, processing errors, communication errors, systems","page_number":32,"box":{"x":89,"y":558,"width":874,"height":12}},{"id":"86be8924-0e15-47b5-8b18-ab65be19355e","block_type":"box","text":"failures, cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":32,"box":{"x":88,"y":573,"width":864,"height":12}},{"id":"597cee52-edd3-46ca-9cad-f09b7942dffa","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":32,"box":{"x":88,"y":588,"width":839,"height":12}},{"id":"374234e0-8074-4e8e-8637-0e00aee9c22b","block_type":"box","text":"adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and","page_number":32,"box":{"x":89,"y":603,"width":876,"height":13}},{"id":"64ea0aa1-cdad-4c1e-a2b0-618a0858a3ec","block_type":"box","text":"transfer agents), financial intermediaries, counterparties, market makers, Authorized Participants, listing exchanges, other","page_number":32,"box":{"x":88,"y":618,"width":853,"height":13}},{"id":"38cb3118-974d-45e6-a219-8529b14a63ee","block_type":"box","text":"financial market operators, and governmental authorities. Operational and technology risks for the issuers in which a Fund","page_number":32,"box":{"x":88,"y":633,"width":859,"height":13}},{"id":"7313c07d-1a61-47a4-8a78-9c7496bab6a5","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":32,"box":{"x":89,"y":649,"width":852,"height":12}},{"id":"30849827-765f-43cb-b1ea-ed478ffdfa60","block_type":"box","text":"issuers to lose value. A Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":32,"box":{"x":89,"y":664,"width":770,"height":12}},{"id":"f724172f-b939-4062-84d3-ebfd32a18b80","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which a Fund invests,","page_number":32,"box":{"x":89,"y":690,"width":862,"height":13}},{"id":"0eea1e02-0463-48ab-b4d6-17e804abf138","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":32,"box":{"x":88,"y":705,"width":816,"height":13}},{"id":"ec7f3b23-eaf9-4bc5-ba29-8673983b165b","block_type":"box","text":"misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption.","page_number":32,"box":{"x":89,"y":720,"width":808,"height":13}},{"id":"fc64d246-068a-49e4-a7aa-4f4aae8f5968","block_type":"box","text":"Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or","page_number":32,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"3d29d867-d65d-4dec-b0da-1093669b762d","block_type":"box","text":"from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses;","page_number":32,"box":{"x":88,"y":751,"width":798,"height":12}},{"id":"62af349c-c85b-4db1-beae-d81f86ef50d6","block_type":"box","text":"interference with a Fund’s ability to calculate its NAV; disclosure of confidential information; impediments to trading;","page_number":32,"box":{"x":89,"y":766,"width":815,"height":12}},{"id":"c816c406-0c71-4e08-b8c7-2104576297a4","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":32,"box":{"x":89,"y":781,"width":831,"height":12}},{"id":"07fb1572-f4ae-4464-9033-256b5a0f51f5","block_type":"box","text":"service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational","page_number":32,"box":{"x":89,"y":796,"width":874,"height":12}},{"id":"8fa437fb-1bdb-415b-85a5-8b7fc98f57ad","block_type":"box","text":"damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity","page_number":32,"box":{"x":89,"y":811,"width":876,"height":12}},{"id":"57683125-d250-412a-9dd6-d67c1b85a8cf","block_type":"box","text":"incidents may render records of a Fund, including records relating to its assets and transactions, shareholder ownership of","page_number":32,"box":{"x":89,"y":826,"width":857,"height":13}},{"id":"c062d76a-31af-4d80-83ed-a935743d5e04","block_type":"box","text":"Fund shares, and other data integral to a Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":32,"box":{"x":89,"y":841,"width":864,"height":13}},{"id":"8175f4bd-07f2-4cc5-8e5c-c186a4e1f04c","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by a","page_number":32,"box":{"x":89,"y":856,"width":871,"height":13}},{"id":"034a14fa-a8a9-4c04-a758-1265609815e2","block_type":"box","text":"12","page_number":32,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"06e5ee1b-4333-41cd-9d92-a73cac1bf173","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":44,"width":850,"height":12}},{"id":"3c280525-e5c1-4966-88fc-55cb70223d11","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":59,"width":821,"height":12}},{"id":"050f3a3a-0953-4d36-b64f-7f1a70fe8731","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":74,"width":863,"height":12}},{"id":"fe09166a-a009-4ce5-a160-4b66ac7bd1c3","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":89,"width":838,"height":13}},{"id":"9915a0bb-1ce0-4ce1-9b9f-758829c97779","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":104,"width":847,"height":13}},{"id":"da9abb23-5ed3-4037-b1e5-26b3e5838603","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":119,"width":875,"height":13}},{"id":"92f3e83a-8893-4394-a995-fb082d2ef30b","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":135,"width":798,"height":12}},{"id":"d0f1b03c-507f-4877-a574-3acc801f284c","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":150,"width":807,"height":12}},{"id":"e82fb3bf-6bfc-44a8-ab64-d1dc23954d1a","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":165,"width":832,"height":12}},{"id":"bc5d3703-d526-4158-984f-cdb03e4519b1","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":180,"width":877,"height":12}},{"id":"b04a3d76-26b5-424d-b9f6-53243d05f9a7","block_type":"box","text":"capabilities or rules and the associated risks to a Fund.","page_number":33,"box":{"x":89,"y":195,"width":380,"height":12}},{"id":"99367fc9-3639-41fd-acc9-0e99adcc6081","block_type":"box","text":"While a Fund’s service providers are required to have appropriate operational, information security and cybersecurity risk","page_number":33,"box":{"x":88,"y":222,"width":846,"height":12}},{"id":"6c5c51c6-89ec-410f-8e09-f25da50e644b","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":33,"box":{"x":89,"y":237,"width":872,"height":12}},{"id":"906900b0-a63b-41c2-bc90-edd3abba800a","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":33,"box":{"x":89,"y":252,"width":852,"height":12}},{"id":"c391932d-1bc5-4a8e-b5aa-76cba362e4d8","block_type":"box","text":"reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk","page_number":33,"box":{"x":89,"y":267,"width":837,"height":12}},{"id":"b8aab67d-6ef9-41e5-92e9-c6b5a1d32684","block_type":"box","text":"management systems. However, there are inherent limitations in such plans and systems, including the possibility that","page_number":33,"box":{"x":89,"y":282,"width":828,"height":12}},{"id":"4efc0b95-5cb3-4721-9440-e03a56a44724","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":33,"box":{"x":89,"y":297,"width":861,"height":12}},{"id":"5f594214-58cd-425a-915f-2e9847ff0296","block_type":"box","text":"not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures","page_number":33,"box":{"x":89,"y":312,"width":864,"height":13}},{"id":"050626e3-6ce9-436d-b4ba-e5a6aef8dccc","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":33,"box":{"x":89,"y":327,"width":824,"height":13}},{"id":"28100e6c-97e6-4ffe-b7f4-542509320cbc","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":33,"box":{"x":89,"y":342,"width":868,"height":13}},{"id":"635a4f90-020c-4f90-be13-60b00c640762","block_type":"box","text":"or its service providers, counterparties, and other third parties whose activities affect the Fund.","page_number":33,"box":{"x":89,"y":358,"width":660,"height":12}},{"id":"1762ab28-ad71-4fe9-b03d-eebe18e3febb","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably","page_number":33,"box":{"x":89,"y":384,"width":858,"height":12}},{"id":"93ce9a0b-ac32-4efa-9720-cf1f4bed1e4a","block_type":"box","text":"across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection.","page_number":33,"box":{"x":89,"y":399,"width":852,"height":13}},{"id":"e42a38bd-c45c-4c7e-85c0-3e2493bad286","block_type":"box","text":"Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and","page_number":33,"box":{"x":89,"y":414,"width":806,"height":13}},{"id":"17e47134-75fb-4fa0-a0fd-260b6366425d","block_type":"box","text":"implement required changes.","page_number":33,"box":{"x":89,"y":429,"width":204,"height":13}},{"id":"f44a494b-73c8-47d1-a3e1-14b62ada8831","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":33,"box":{"x":89,"y":456,"width":244,"height":12}},{"id":"3059959a-1215-4f30-853f-e8f4f752a629","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned from, or","page_number":33,"box":{"x":342,"y":456,"width":581,"height":12}},{"id":"c87abb52-6104-4f37-9c12-7cbf92c76465","block_type":"box","text":"continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms,","page_number":33,"box":{"x":89,"y":471,"width":839,"height":12}},{"id":"40109729-f3bb-42b8-8713-8b2b2e9025ca","block_type":"box","text":"hedging strategies or investment value. The FCA, which regulates LIBOR, has ceased publishing all LIBOR settings. In April","page_number":33,"box":{"x":89,"y":486,"width":852,"height":12}},{"id":"cc8534e7-141b-4589-86a2-328b616f4f99","block_type":"box","text":"2023, however, the FCA announced that some USD LIBOR settings will continue to be published under a synthetic","page_number":33,"box":{"x":89,"y":501,"width":796,"height":13}},{"id":"bbdd2642-df3a-48e6-90b1-15cc075a71e4","block_type":"box","text":"methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”), which","page_number":33,"box":{"x":89,"y":516,"width":866,"height":13}},{"id":"2cccd311-a534-4ea2-97a7-9d28b85cd31f","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":33,"box":{"x":89,"y":531,"width":821,"height":13}},{"id":"384e5560-5192-4612-a189-fd362a022faa","block_type":"box","text":"agreement market, has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S.","page_number":33,"box":{"x":89,"y":547,"width":812,"height":12}},{"id":"c631c1f2-d3b3-4d56-b130-96d6b5cb83ca","block_type":"box","text":"regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced","page_number":33,"box":{"x":89,"y":562,"width":873,"height":12}},{"id":"d1d662ca-77ec-4068-b1d2-a481d694a343","block_type":"box","text":"LIBOR in different categories of financial contracts.","page_number":33,"box":{"x":89,"y":577,"width":354,"height":12}},{"id":"c00ea86e-6e82-45b8-89b5-765c402b05eb","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":33,"box":{"x":89,"y":603,"width":842,"height":13}},{"id":"19314461-00d9-463b-87f8-8a440502ab33","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":33,"box":{"x":89,"y":618,"width":877,"height":13}},{"id":"59a35e2b-fbd3-40cb-9e13-1092e6a08b5e","block_type":"box","text":"methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to","page_number":33,"box":{"x":89,"y":633,"width":836,"height":13}},{"id":"adf5240f-2f05-4856-b926-45c5e4bd8108","block_type":"box","text":"replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains","page_number":33,"box":{"x":89,"y":649,"width":844,"height":12}},{"id":"cf87ae12-7b67-4c2c-9007-c45725ca3eb6","block_type":"box","text":"uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing","page_number":33,"box":{"x":89,"y":664,"width":823,"height":12}},{"id":"914086bd-2ef4-4827-b437-290830da1b2d","block_type":"box","text":"instruments. Parties to contracts, securities, or other instruments using LIBOR may disagree on transition rates or the","page_number":33,"box":{"x":89,"y":679,"width":820,"height":12}},{"id":"683a338b-c9d6-4303-9a56-26031d5bae6d","block_type":"box","text":"application of transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. A Fund","page_number":33,"box":{"x":89,"y":694,"width":877,"height":12}},{"id":"ccb84eb4-d891-4de9-8990-72c0b3b46570","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":33,"box":{"x":89,"y":709,"width":773,"height":12}},{"id":"fbaaadfc-b79d-400d-bbe4-e00f4b237c1f","block_type":"box","text":"Risk of Derivatives.","page_number":33,"box":{"x":89,"y":736,"width":135,"height":9}},{"id":"1e0d5bac-50b2-4f01-8950-53588e7f385c","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":33,"box":{"x":233,"y":736,"width":701,"height":12}},{"id":"fa6f0889-1a61-4696-acbe-6e58fac59022","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":33,"box":{"x":89,"y":751,"width":877,"height":12}},{"id":"14fb11d7-6dee-4e72-a9f0-7fbe70e7e32a","block_type":"box","text":"such as the S&P 500","page_number":33,"box":{"x":89,"y":766,"width":142,"height":10}},{"id":"8e56cc19-1c14-4ee1-b834-59b725f2680d","block_type":"box","text":"®","page_number":33,"box":{"x":232,"y":764,"width":9,"height":6}},{"id":"116f1148-8abd-46bd-8a1e-9c7130f93db2","block_type":"box","text":"or the prime lending rate). A Fund may invest in futures contracts, securities options, CFDs and other","page_number":33,"box":{"x":247,"y":766,"width":707,"height":12}},{"id":"eda2e7cb-ac17-4252-b91d-e3c53a7eb1ae","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":33,"box":{"x":89,"y":781,"width":874,"height":12}},{"id":"44cc74e3-564f-45d5-83a5-31c7f4c7dffb","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":33,"box":{"x":89,"y":796,"width":813,"height":12}},{"id":"ccc9b744-9b49-4287-9fbe-9b526425d54e","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":33,"box":{"x":89,"y":811,"width":852,"height":12}},{"id":"ad88d8a9-e8f7-4abe-8b89-ba494f53a7a3","block_type":"box","text":"fulfill its contractual obligations. Derivatives generally involve the incurrence of leverage.","page_number":33,"box":{"x":88,"y":826,"width":616,"height":13}},{"id":"4d397505-33d6-460e-8f57-e70031db4b49","block_type":"box","text":"13","page_number":33,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"9bb1c5bd-266e-42de-8278-25a253464b02","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":44,"width":875,"height":12}},{"id":"95ec8504-7166-4b8e-9ddd-079b475c42c5","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":59,"width":867,"height":12}},{"id":"8f57483c-5676-42b1-a732-fc62bbb05e51","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":74,"width":851,"height":12}},{"id":"d4a01b8f-2dcb-473a-9879-66300a6dd941","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":89,"width":848,"height":13}},{"id":"151d8b80-a5a5-4a40-b2da-596c87e6f8ea","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":104,"width":875,"height":13}},{"id":"60353aaf-d82e-47ed-bcb8-1b0d3a23f6e3","block_type":"box","text":"transactions, which entail additional transaction costs, will be effective.","page_number":34,"box":{"x":88,"y":119,"width":497,"height":12}},{"id":"ad9942c9-2f84-42cc-92cf-63105e2e159f","block_type":"box","text":"Risk of Equity Securities.","page_number":34,"box":{"x":89,"y":146,"width":176,"height":12}},{"id":"20ea18ca-3ac4-40dd-b9d7-a1e4d75decfb","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":146,"width":633,"height":12}},{"id":"b45ee786-cd05-4f60-9862-f52b5f7aed74","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":161,"width":843,"height":12}},{"id":"3b72fbd4-b52e-4a18-bd98-fcb823859da6","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":176,"width":825,"height":13}},{"id":"89ba032a-af80-4306-8fa7-6116c1a09fba","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":191,"width":865,"height":13}},{"id":"4d8507d7-7258-4862-bf9b-2b0a31770ef3","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":206,"width":822,"height":13}},{"id":"6b01c15d-387c-44cc-8289-d73bcd14ea31","block_type":"box","text":"perceptions are based on various and unpredictable factors, including expectations regarding government, economic,","page_number":34,"box":{"x":89,"y":222,"width":823,"height":12}},{"id":"8b8f77ee-3806-466d-b993-6b7988205925","block_type":"box","text":"monetary and fiscal policies, inflation and interest rates, economic expansion or contraction, and global or regional political,","page_number":34,"box":{"x":89,"y":237,"width":866,"height":12}},{"id":"06514126-3868-456a-8d8d-ad91f84bf60c","block_type":"box","text":"economic or banking crises. Common stocks may experience extreme price volatility due to actions taken by particular","page_number":34,"box":{"x":89,"y":252,"width":831,"height":12}},{"id":"2d6fbbb1-34f6-4a67-986d-781bc56ae4c9","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":34,"box":{"x":89,"y":267,"width":861,"height":12}},{"id":"8a47208b-a414-4144-9a39-a16f6ea80d9c","block_type":"box","text":"significant “short” positions taken by institutional investors).","page_number":34,"box":{"x":89,"y":282,"width":422,"height":12}},{"id":"68663530-8d8b-48b0-8318-845a0c06c944","block_type":"box","text":"Holders of common stocks incur more risks than holders of preferred stocks and debt obligations because common","page_number":34,"box":{"x":89,"y":308,"width":812,"height":13}},{"id":"5878b5eb-a664-4cda-8695-e7153595f35f","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":34,"box":{"x":89,"y":324,"width":825,"height":12}},{"id":"ccccf81f-b6ed-4b7f-b2e1-4a1d0c0504ac","block_type":"box","text":"holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount","page_number":34,"box":{"x":89,"y":339,"width":871,"height":12}},{"id":"ea1ef30c-71fb-4c38-84de-05c65f779919","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":34,"box":{"x":89,"y":354,"width":843,"height":12}},{"id":"bcb39be2-5f76-4a01-b6fa-10617d09356c","block_type":"box","text":"which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions,","page_number":34,"box":{"x":88,"y":369,"width":834,"height":12}},{"id":"5fe13bd4-39f3-4a1c-a4fb-03a1b89a0ab9","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":34,"box":{"x":89,"y":384,"width":865,"height":12}},{"id":"ff64ef4a-e3f8-42d8-b2e7-8c7433557d27","block_type":"box","text":"their own discretion, decide to reduce or eliminate dividends, which may also cause their stock price to decline.","page_number":34,"box":{"x":88,"y":399,"width":779,"height":13}},{"id":"df4e0ceb-ff87-4899-a17b-f1e02f036633","block_type":"box","text":"Although most of the securities in each Underlying Index are listed on a securities exchange, the principal trading market for","page_number":34,"box":{"x":88,"y":426,"width":871,"height":12}},{"id":"9e29bec8-f64b-463c-9fb4-79f15ce75c31","block_type":"box","text":"some of the securities may be in the OTC market. The existence of a liquid trading market for certain securities may depend","page_number":34,"box":{"x":89,"y":441,"width":864,"height":12}},{"id":"b344bf36-0c9a-4fc6-ba41-6ae06318009f","block_type":"box","text":"on whether dealers will make a market in such securities. There can be no assurance that a market will be made or","page_number":34,"box":{"x":89,"y":456,"width":803,"height":10}},{"id":"128f6ef5-17f1-443b-b902-6fd69475b22a","block_type":"box","text":"maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of a","page_number":34,"box":{"x":89,"y":471,"width":840,"height":12}},{"id":"3f9f4f6d-b298-48be-acdb-8c936ba7b699","block_type":"box","text":"Fund’s shares will be adversely affected if trading markets for the Fund’s portfolio securities are limited or absent, or if","page_number":34,"box":{"x":89,"y":486,"width":824,"height":12}},{"id":"bc34e3ef-354a-4033-ac97-4b04c4bfeb91","block_type":"box","text":"bid/ask spreads are wide.","page_number":34,"box":{"x":89,"y":501,"width":178,"height":13}},{"id":"b1350c19-8b8e-4136-a106-c0e123fb488b","block_type":"box","text":"Risk of Futures and Options on Futures Transactions.","page_number":34,"box":{"x":89,"y":528,"width":381,"height":12}},{"id":"f49464e4-28f8-48a2-82d4-12f3a81d1990","block_type":"box","text":"There are several risks accompanying the utilization of futures","page_number":34,"box":{"x":479,"y":528,"width":434,"height":12}},{"id":"d0d1cea7-11af-4b28-ab8e-c99b80cfa443","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":34,"box":{"x":89,"y":543,"width":858,"height":12}},{"id":"6ed1755f-eebe-4c8b-84b6-ac616a456120","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":34,"box":{"x":89,"y":558,"width":829,"height":12}},{"id":"cdb90809-1476-497d-a1d9-c85d55d3af36","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":34,"box":{"x":89,"y":573,"width":820,"height":12}},{"id":"c5535d03-97a0-44a5-9c53-f21d50a88300","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":34,"box":{"x":89,"y":588,"width":820,"height":12}},{"id":"ce6a7b86-2d47-433c-9bc3-bac2cc96cec2","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":34,"box":{"x":88,"y":603,"width":870,"height":13}},{"id":"46e731ba-ff92-47ad-8aa0-cdee133a7108","block_type":"box","text":"a Fund’s Underlying Index. In the event of adverse price movements, a Fund would continue to be required to make daily","page_number":34,"box":{"x":89,"y":618,"width":845,"height":13}},{"id":"9fc483ec-7724-4188-91d5-8b63a4265bf3","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":34,"box":{"x":89,"y":633,"width":871,"height":13}},{"id":"99bde603-0215-45ad-b074-59063e3e778d","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":34,"box":{"x":89,"y":649,"width":868,"height":12}},{"id":"8dfde12b-520d-4922-a5bb-2ed7e40e3ee3","block_type":"box","text":"required to deliver the instruments underlying the futures contracts it has sold.","page_number":34,"box":{"x":89,"y":664,"width":550,"height":12}},{"id":"d9434eea-55f7-40ff-85d9-50c4dc507a8d","block_type":"box","text":"The risk of loss in trading futures contracts or uncovered call options in some strategies (","page_number":34,"box":{"x":88,"y":690,"width":623,"height":13}},{"id":"6fbfa832-ca10-4921-ac68-72f673357de1","block_type":"box","text":"e.g.","page_number":34,"box":{"x":713,"y":693,"width":22,"height":10}},{"id":"220b5499-f7a9-4974-9474-8ee2db91b27c","block_type":"box","text":", selling uncovered stock index","page_number":34,"box":{"x":738,"y":690,"width":214,"height":13}},{"id":"646c38c3-805f-4c89-bdde-fcd931d720d9","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":34,"box":{"x":88,"y":705,"width":876,"height":13}},{"id":"f07af68e-eaf1-4db8-a8d0-0ab0ce665a65","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":34,"box":{"x":89,"y":720,"width":832,"height":13}},{"id":"ffec8740-8aeb-48f1-a992-9cd3ffa81b33","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":34,"box":{"x":89,"y":736,"width":842,"height":12}},{"id":"daf417d2-cecd-4fee-9ade-65a39e07e58a","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":34,"box":{"x":89,"y":751,"width":832,"height":12}},{"id":"d062a3b1-881b-4766-aa51-452d51705cf9","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":34,"box":{"x":89,"y":766,"width":866,"height":12}},{"id":"cbf44c49-d01c-48cc-9282-532584760ef9","block_type":"box","text":"invest.","page_number":34,"box":{"x":89,"y":782,"width":43,"height":9}},{"id":"2a0cad40-25c4-46f8-9dd4-2605ec9610ef","block_type":"box","text":"Utilization of futures and options on futures by a Fund involves the risk of imperfect or even negative correlation to its","page_number":34,"box":{"x":89,"y":807,"width":821,"height":13}},{"id":"cc4ea0bf-a1cb-4350-8bb9-899d9f5ae995","block_type":"box","text":"Underlying Index if the index underlying the futures contract differs from the Underlying Index. There is also the risk of loss of","page_number":34,"box":{"x":89,"y":822,"width":879,"height":13}},{"id":"89f72004-9776-45d6-a38e-9f4bc5ca104f","block_type":"box","text":"margin deposits in the event of bankruptcy of a broker with whom a Fund has an open position in the futures contract or","page_number":34,"box":{"x":89,"y":838,"width":848,"height":12}},{"id":"0164230b-3f07-4ad4-91b1-4382b2a7b195","block_type":"box","text":"14","page_number":34,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"3aea2b85-9279-42dc-892f-19fd0b503a11","block_type":"box","text":"option. The purchase of put or call options will be based upon predictions by BFA as to anticipated trends, which predictions","page_number":35,"box":{"x":89,"y":44,"width":869,"height":12}},{"id":"fe4f8415-7ef9-4b9b-8fa6-7a69b63ddfa5","block_type":"box","text":"could prove to be incorrect.","page_number":35,"box":{"x":89,"y":59,"width":191,"height":12}},{"id":"f2154cc3-79c3-40f2-8cb8-74195c46be66","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":85,"width":809,"height":13}},{"id":"f4c69b08-3d12-4938-a692-1f66b64c8ba3","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":101,"width":845,"height":12}},{"id":"eb81e30a-9f5e-4118-8249-117dbd1fe791","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":116,"width":864,"height":12}},{"id":"22c19e22-cfc1-4024-99e1-268afa5be5a3","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":131,"width":816,"height":12}},{"id":"79220680-e7ce-4c72-86c1-1bb96cec6d67","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":146,"width":859,"height":12}},{"id":"5750bb41-a37e-46c8-a86e-14a13863ebd7","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":161,"width":839,"height":12}},{"id":"f52be9ac-bd4d-4ac2-95fb-c7a488b6cf01","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":176,"width":869,"height":13}},{"id":"a2153a7c-a0d6-49af-a235-29b4d48af37e","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":191,"width":871,"height":13}},{"id":"59f07e27-0f8b-4c4c-830e-81edbf3f66ea","block_type":"box","text":"be required to make daily cash payments of variation margin.","page_number":35,"box":{"x":89,"y":206,"width":427,"height":13}},{"id":"b4ac154b-bda8-42b5-b6b1-1280cc789846","block_type":"box","text":"Risk of Investing in Non-U.S. Equity Securities.","page_number":35,"box":{"x":89,"y":233,"width":332,"height":12}},{"id":"44e252c3-8c7a-4238-aa77-32aa5bec572f","block_type":"box","text":"An investment in a Fund involves risks similar to those of investing in","page_number":35,"box":{"x":430,"y":233,"width":481,"height":12}},{"id":"4c8eb469-d7bf-4e2c-91e8-6f896295d168","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":248,"width":866,"height":12}},{"id":"2654e85f-760b-4e70-b48f-df24b28e4df9","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":263,"width":854,"height":12}},{"id":"f4d3760b-a116-467f-9218-4cb6e20f3cd4","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":278,"width":785,"height":13}},{"id":"ee2acbd0-df5d-4bcc-bbe0-7f73fb5b4fa1","block_type":"box","text":"denominated in currencies other than an investor’s local currency entails certain considerations and risks not typically","page_number":35,"box":{"x":89,"y":293,"width":826,"height":13}},{"id":"dd70cb9d-33cf-4070-9236-b663526946b5","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":35,"box":{"x":89,"y":308,"width":870,"height":13}},{"id":"e88f0a1f-fbc3-4e47-99fd-88d5105a3ee5","block_type":"box","text":"include favorable or unfavorable changes in interest rates, currency exchange rates, exchange control regulations and the","page_number":35,"box":{"x":89,"y":324,"width":849,"height":12}},{"id":"258708ce-3ddf-4678-9ba8-aa1b1a42ede3","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":35,"box":{"x":89,"y":339,"width":847,"height":12}},{"id":"a9125dec-5dc1-4ed4-907f-edf525ff310b","block_type":"box","text":"involves certain risks and considerations not typically associated with investing in a fund whose portfolio contains exclusively","page_number":35,"box":{"x":89,"y":354,"width":876,"height":12}},{"id":"41fe1fdd-de24-482e-8fa4-d7a67852b7e4","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":35,"box":{"x":89,"y":369,"width":867,"height":12}},{"id":"307da5e2-788f-4d23-83ac-d1232b6cf8fc","block_type":"box","text":"volatility; less publicly available information about issuers; the imposition of withholding or other taxes; the imposition of","page_number":35,"box":{"x":88,"y":384,"width":847,"height":12}},{"id":"43b306e3-daf6-4bdd-87e0-b9474bc96295","block_type":"box","text":"restrictions on the expatriation of funds or other assets of the Funds; higher transaction and custody costs; delays and risks","page_number":35,"box":{"x":89,"y":399,"width":864,"height":13}},{"id":"3186c9b2-5ccc-4155-b72f-1917b1450835","block_type":"box","text":"attendant in settlement procedures; difficulties in enforcing contractual obligations; lower liquidity and significantly smaller","page_number":35,"box":{"x":89,"y":414,"width":861,"height":13}},{"id":"9c12889c-18f1-4fe1-9b9e-919a9c67397f","block_type":"box","text":"market capitalization; different accounting and disclosure standards; lower levels of regulation of the securities markets; more","page_number":35,"box":{"x":89,"y":429,"width":879,"height":13}},{"id":"8bc52c85-b85f-4f17-a949-11be364fdf3a","block_type":"box","text":"substantial government interference with the economy and businesses; higher rates of inflation; greater social, economic,","page_number":35,"box":{"x":89,"y":445,"width":850,"height":12}},{"id":"9cafe66f-96b2-46d1-9a5c-1a07d4e412a3","block_type":"box","text":"and political uncertainty; the risk of nationalization or expropriation of assets; and the risk of war.","page_number":35,"box":{"x":89,"y":460,"width":678,"height":12}},{"id":"5faead3f-8148-4e87-8b55-0233d5487369","block_type":"box","text":"Risk of Swap Agreements.","page_number":35,"box":{"x":89,"y":486,"width":187,"height":12}},{"id":"a4255d1b-a7f4-4a57-8985-d7f24276ef92","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":35,"box":{"x":284,"y":486,"width":666,"height":12}},{"id":"f8759407-19a2-4c83-b64f-6a4fe411a64e","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":35,"box":{"x":89,"y":501,"width":863,"height":13}},{"id":"529b5f3b-4e97-4953-a13c-d660810f24a2","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":35,"box":{"x":89,"y":516,"width":840,"height":13}},{"id":"64224fc8-25ae-44ad-99b4-760e525f20af","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":35,"box":{"x":88,"y":531,"width":878,"height":13}},{"id":"50b116b3-3498-4454-8a09-46dc3fdc1718","block_type":"box","text":"a creditor (","page_number":35,"box":{"x":89,"y":547,"width":75,"height":12}},{"id":"076a7a7d-df54-4be6-a6c9-5d020bb7f4d2","block_type":"box","text":"e.g.","page_number":35,"box":{"x":165,"y":550,"width":23,"height":9}},{"id":"1b44b64f-a620-42eb-a611-a1a25014f4c8","block_type":"box","text":", a Fund may not receive the net amount of payments that it is contractually entitled to receive).","page_number":35,"box":{"x":190,"y":547,"width":670,"height":12}},{"id":"c4da3a4a-f000-4696-988b-ccd48a0050b3","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":35,"box":{"x":88,"y":573,"width":863,"height":12}},{"id":"428f1f93-267b-4ae2-bb42-7c0af1f0f2c3","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":35,"box":{"x":89,"y":588,"width":876,"height":12}},{"id":"ae945414-1a13-4d21-a1ff-771e7945a94e","block_type":"box","text":"Securities Lending Risk.","page_number":35,"box":{"x":88,"y":615,"width":171,"height":12}},{"id":"3930511d-67ad-402d-ac5e-3653f3894638","block_type":"box","text":"A Fund may engage in securities lending. Securities lending involves the risk that a Fund may lose","page_number":35,"box":{"x":268,"y":615,"width":683,"height":12}},{"id":"c38a4d54-106f-48d8-901f-a5f5c48a76cf","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":35,"box":{"x":89,"y":630,"width":860,"height":12}},{"id":"bc4e14c8-eedb-4334-ae25-06addd920e38","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":35,"box":{"x":89,"y":645,"width":855,"height":12}},{"id":"94009665-4a6b-4242-a041-c2ceeed05efe","block_type":"box","text":"any investments made with cash collateral. These events could also trigger adverse tax consequences for a Fund.","page_number":35,"box":{"x":89,"y":660,"width":791,"height":12}},{"id":"e243edec-f0b5-4d15-a899-43b7c377f525","block_type":"box","text":"Tracking Error Risk.","page_number":35,"box":{"x":88,"y":686,"width":141,"height":13}},{"id":"30fb818d-8dd4-4812-bd4a-7b9415f425e4","block_type":"box","text":"A Fund may be subject to tracking error, which is the divergence of a Fund’s performance from that of","page_number":35,"box":{"x":238,"y":686,"width":716,"height":13}},{"id":"cadd0275-c9df-40a2-a252-33fa687979fe","block_type":"box","text":"the applicable underlying index. Tracking error may occur because of differences between the securities and other","page_number":35,"box":{"x":88,"y":702,"width":800,"height":12}},{"id":"59bf2dc9-c634-4166-a5f6-8751bb75386a","block_type":"box","text":"instruments held in a Fund’s portfolio and those included in its applicable underlying index, pricing differences, transaction","page_number":35,"box":{"x":89,"y":717,"width":858,"height":12}},{"id":"26df756c-e61d-4627-8d44-ef923cf75406","block_type":"box","text":"costs incurred by a Fund, a Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of","page_number":35,"box":{"x":89,"y":732,"width":834,"height":12}},{"id":"b245864e-f553-4d8f-80f3-03e384885d7b","block_type":"box","text":"dividends or interest received by a Fund or distributions paid to a Fund’s shareholders, the requirements to maintain pass","page_number":35,"box":{"x":89,"y":747,"width":853,"height":12}},{"id":"d9870d45-1677-4b33-80a1-4faad0a91918","block_type":"box","text":"through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders,","page_number":35,"box":{"x":88,"y":762,"width":820,"height":12}},{"id":"ab567326-08cc-42b9-b03d-0c5fb448d97e","block_type":"box","text":"acceptance of custom baskets, changes to the applicable underlying index or the costs to a Fund of complying with various","page_number":35,"box":{"x":89,"y":777,"width":865,"height":12}},{"id":"8b8549f8-f925-41eb-b219-1b4223600ea8","block_type":"box","text":"new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other","page_number":35,"box":{"x":89,"y":792,"width":845,"height":13}},{"id":"9507fc21-c1f6-4850-a45d-73fb755c3977","block_type":"box","text":"unusual market conditions. Tracking error also may result because a Fund incurs fees and expenses, while its applicable","page_number":35,"box":{"x":89,"y":807,"width":838,"height":13}},{"id":"4e70b888-a535-459b-9e36-4b4ad11ba378","block_type":"box","text":"underlying index does not. Tracking error may occur due to differences between the methodologies used in calculating the","page_number":35,"box":{"x":89,"y":822,"width":859,"height":13}},{"id":"ceee6aa5-0f76-424c-add9-2146ed707ad5","block_type":"box","text":"value of the applicable Underlying Index and determining a Fund’s NAV.","page_number":35,"box":{"x":88,"y":838,"width":501,"height":12}},{"id":"1d448dcf-ca41-41a2-9fe9-24857d8a217b","block_type":"box","text":"15","page_number":35,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"e676cbf9-7e70-4805-9e03-85427786697f","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":44,"width":846,"height":12}},{"id":"ea65d5cb-14da-4551-9bbb-23f8f1e978ce","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":59,"width":853,"height":12}},{"id":"9bd9f025-8e6d-4717-ad08-c0c3710b20a2","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":74,"width":876,"height":12}},{"id":"aada0881-3cc9-4364-838b-d79850bb6139","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":89,"width":818,"height":13}},{"id":"019d15c7-42a3-4be8-a7c5-dcd0ba6e9409","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":104,"width":867,"height":13}},{"id":"d6a8560a-fc46-4330-ae8d-4dcc759fe6d5","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":119,"width":867,"height":13}},{"id":"0b00dd96-67c1-40fb-98a5-c79ae33b4795","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":135,"width":873,"height":12}},{"id":"c804b862-18b9-4c1f-a1d8-8832b4213172","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":150,"width":835,"height":12}},{"id":"421c7a8e-d36b-4a61-a46e-944d21d19e50","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":165,"width":817,"height":12}},{"id":"353f98f6-c84e-49f2-a980-084fb422d9fe","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":180,"width":866,"height":12}},{"id":"4ade5544-97ef-4cf4-bf86-eb2979787f39","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":195,"width":869,"height":12}},{"id":"753c42dc-deb5-472d-b355-9f2f66feb1b8","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":210,"width":848,"height":13}},{"id":"22d3bf52-b833-44e7-b00a-23e71ba8be34","block_type":"box","text":"asset value if one or more such securities declines in value.","page_number":36,"box":{"x":89,"y":225,"width":410,"height":10}},{"id":"2e3239e4-aac4-4e01-96b7-827099495083","block_type":"box","text":"Risk of Investing in Africa.","page_number":36,"box":{"x":89,"y":252,"width":187,"height":12}},{"id":"acc4880b-0861-4574-bbe8-e6092b7d6734","block_type":"box","text":"Investments in securities of issuers in certain African countries involve heightened risks","page_number":36,"box":{"x":286,"y":252,"width":609,"height":12}},{"id":"7844887e-0134-4f55-8a93-e566c10ccf02","block_type":"box","text":"including, among others, expropriation and/or nationalization of assets, confiscatory taxation, political instability, including","page_number":36,"box":{"x":89,"y":267,"width":861,"height":12}},{"id":"5e97e0dc-f059-4ca5-8323-120b1981c502","block_type":"box","text":"authoritarian and/or military involvement in governmental decision-making, armed conflict, civil war, and social instability as","page_number":36,"box":{"x":89,"y":282,"width":874,"height":12}},{"id":"e4b03e99-2b54-4547-b0f3-f051e59c3ff5","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":36,"box":{"x":89,"y":297,"width":833,"height":12}},{"id":"cb7ad941-6232-4897-8789-d389bf56aafc","block_type":"box","text":"genocidal warfare.","page_number":36,"box":{"x":89,"y":312,"width":128,"height":13}},{"id":"cbe4c7b7-7534-415f-a3e4-12cd69b17ff1","block_type":"box","text":"Certain countries in Africa generally have less developed capital markets than traditional emerging market countries, and,","page_number":36,"box":{"x":89,"y":339,"width":849,"height":12}},{"id":"a5befd79-46b1-40b1-890a-e42a514d678e","block_type":"box","text":"consequently, the risks of investing in foreign securities are magnified in such countries. Because securities markets of","page_number":36,"box":{"x":89,"y":354,"width":828,"height":12}},{"id":"88d124b2-3f57-4aae-8bab-4c057a321dd3","block_type":"box","text":"countries in Africa are generally underdeveloped and are generally less correlated to global economic cycles than those","page_number":36,"box":{"x":89,"y":369,"width":833,"height":12}},{"id":"c8a3ebd6-7b18-421a-ae68-56dec3074d46","block_type":"box","text":"markets located in more developed countries, securities markets in African countries are subject to greater risks associated","page_number":36,"box":{"x":89,"y":384,"width":861,"height":12}},{"id":"e5fdc67a-6aeb-4e5d-ba95-7876b25ea070","block_type":"box","text":"with market volatility, lower market capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations and","page_number":36,"box":{"x":88,"y":399,"width":851,"height":13}},{"id":"74d6af62-7f74-4eae-80e2-eed379bd8aef","block_type":"box","text":"uncertainty regarding the existence of trading markets. Moreover, trading on African securities markets may be suspended","page_number":36,"box":{"x":89,"y":414,"width":858,"height":13}},{"id":"47239629-cdf9-4279-a445-e5a95ba73242","block_type":"box","text":"altogether.","page_number":36,"box":{"x":89,"y":429,"width":73,"height":13}},{"id":"daa3bee0-a3fb-4421-852c-7c2f4181038a","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":36,"box":{"x":89,"y":456,"width":876,"height":12}},{"id":"bba099fe-9cc3-42ea-a39e-d5e9317ae9b1","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":36,"box":{"x":88,"y":471,"width":878,"height":12}},{"id":"fc5e962b-ceac-4048-9319-11992e3a5eb7","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":36,"box":{"x":88,"y":486,"width":867,"height":12}},{"id":"05c38c7f-57a2-4e22-90ba-1544cfbfd17f","block_type":"box","text":"not be able to fulfill their obligations to the Fund (","page_number":36,"box":{"x":89,"y":501,"width":347,"height":13}},{"id":"ef0aa91c-d885-4e0e-9c4e-7dfda861f23a","block_type":"box","text":"i.e.,","page_number":36,"box":{"x":437,"y":502,"width":21,"height":11}},{"id":"fdeb9ee9-1b82-4374-bf74-c823d42859a6","block_type":"box","text":"counterparty risk). This risk is magnified to the extent that a Fund","page_number":36,"box":{"x":465,"y":501,"width":459,"height":13}},{"id":"a8dfc8a3-b472-4148-aab3-6f40e7316338","block_type":"box","text":"effects securities transactions through a single brokerage firm or a small number of brokerage firms.","page_number":36,"box":{"x":89,"y":516,"width":700,"height":13}},{"id":"17e7d58c-028c-4edf-ba94-44cb8c0ff930","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":36,"box":{"x":89,"y":543,"width":839,"height":12}},{"id":"dfd5aead-e978-46a4-8d5f-ff4d755e9167","block_type":"box","text":"securities of issuers located or operating in those countries. Moreover, certain countries in Africa require governmental","page_number":36,"box":{"x":89,"y":558,"width":829,"height":12}},{"id":"70eea79e-db27-4fb7-a88c-d17071931488","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":36,"box":{"x":89,"y":573,"width":829,"height":12}},{"id":"6f0ae1f0-05d4-460d-ae91-1eb3c6282052","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":36,"box":{"x":89,"y":588,"width":848,"height":12}},{"id":"013536cb-63c4-44ab-bd71-556ee1787db1","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":36,"box":{"x":89,"y":603,"width":867,"height":13}},{"id":"1f176e0d-3c08-48a1-a166-e3ef149a6e60","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":36,"box":{"x":89,"y":618,"width":848,"height":13}},{"id":"7c8b818d-7f16-4136-9046-6ecdb519ab04","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":36,"box":{"x":89,"y":633,"width":852,"height":13}},{"id":"993b9c44-0e8b-468d-a2f1-aa2ce6301800","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":36,"box":{"x":89,"y":649,"width":842,"height":12}},{"id":"a452578d-5621-4679-8bd0-4654e257abfd","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":36,"box":{"x":89,"y":664,"width":865,"height":12}},{"id":"d66696e7-eb94-46d3-850e-a06bfc243233","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":36,"box":{"x":88,"y":679,"width":826,"height":12}},{"id":"1be63715-b824-4072-87c7-e1e8798f6143","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":36,"box":{"x":89,"y":694,"width":879,"height":12}},{"id":"52b652ef-9dc7-4b98-a80a-a92c6ad3305e","block_type":"box","text":"same rules and regulations as issuers located or operating in more developed countries. Therefore, there may be less","page_number":36,"box":{"x":89,"y":709,"width":816,"height":12}},{"id":"6e00761c-1c38-4364-92c4-8650d331ea8b","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":36,"box":{"x":88,"y":724,"width":861,"height":13}},{"id":"08a62e61-afaf-40e0-8240-09c45ab3e8f3","block_type":"box","text":"issuers are generally not subject to the uniform accounting, auditing and financial reporting standards applicable to issuers","page_number":36,"box":{"x":89,"y":739,"width":861,"height":13}},{"id":"a9550219-f358-48c9-9ced-b3704286f164","block_type":"box","text":"located or operating in more developed countries.","page_number":36,"box":{"x":89,"y":754,"width":348,"height":13}},{"id":"0aab41b1-b6c5-4981-9647-94a948c5b7cd","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":36,"box":{"x":89,"y":781,"width":851,"height":12}},{"id":"6c3067b0-0c0b-4f56-be4b-c9702dbcce2e","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":36,"box":{"x":89,"y":796,"width":865,"height":12}},{"id":"a5b19acb-e6df-4368-8adf-469144b8a704","block_type":"box","text":"are recoverable, the non-recovered portion of foreign withholding taxes will reduce the income received from investments in","page_number":36,"box":{"x":89,"y":811,"width":868,"height":12}},{"id":"f044ea61-b6aa-4659-941a-6937074e79c3","block_type":"box","text":"such countries.","page_number":36,"box":{"x":89,"y":826,"width":105,"height":10}},{"id":"25bf03b4-6379-491b-b353-f576adcbe51a","block_type":"box","text":"16","page_number":36,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"1b3119c3-0c12-47d0-9531-b19bed6f2634","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":44,"width":818,"height":12}},{"id":"59406c61-107e-42bf-b9e5-8f80a8d669b4","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":59,"width":858,"height":12}},{"id":"6f40aaa3-d7cd-46d8-835a-3f7ae85c1951","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":74,"width":819,"height":12}},{"id":"0781a370-fab5-4f38-8c26-4198e1ce8717","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":89,"width":844,"height":13}},{"id":"e70d13c4-def0-4b98-b453-4be0e8cb7f15","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":104,"width":853,"height":13}},{"id":"aa8711bb-5f19-4150-9040-d5f68cc6b3e7","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":119,"width":864,"height":13}},{"id":"75c5f0a2-32f9-49f4-b962-8a30a27fc8d6","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":135,"width":760,"height":12}},{"id":"2762932a-80eb-4d28-ae94-56c5629b342c","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":37,"box":{"x":88,"y":161,"width":843,"height":12}},{"id":"17305cae-3aa8-47e0-af31-756121e8405f","block_type":"box","text":"unpredictable change in laws regarding foreign investment, securities regulation, title to securities and shareholder rights.","page_number":37,"box":{"x":89,"y":176,"width":851,"height":13}},{"id":"abeb5c1d-2502-4008-822f-6696d6b1ef87","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":37,"box":{"x":88,"y":191,"width":868,"height":13}},{"id":"8b943b05-30d8-4a41-a067-38b92e5050b2","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":37,"box":{"x":89,"y":206,"width":840,"height":13}},{"id":"3a475880-5442-4192-98d3-6626220e2067","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":37,"box":{"x":89,"y":222,"width":874,"height":12}},{"id":"f21c5c4c-a463-45ed-888c-cbe3e289888a","block_type":"box","text":"which issuers located in more developed countries are subject, and, therefore, shareholders of issuers located in such","page_number":37,"box":{"x":88,"y":237,"width":821,"height":12}},{"id":"c3315f34-fe97-444b-9ea2-e0ebb8c19262","block_type":"box","text":"countries may not receive many of the protections available to shareholders of issuers located in more developed countries.","page_number":37,"box":{"x":89,"y":252,"width":864,"height":12}},{"id":"23a31621-ca6c-41f0-a359-99a4a429ac4d","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":37,"box":{"x":89,"y":267,"width":874,"height":12}},{"id":"0b1a856e-c8b7-4640-8496-577bbbe982ac","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":37,"box":{"x":89,"y":282,"width":875,"height":12}},{"id":"f88391bf-b701-4bfa-99da-410e307be41d","block_type":"box","text":"Africa may be inconsistent and subject to sudden change.","page_number":37,"box":{"x":88,"y":297,"width":406,"height":12}},{"id":"9f7a235a-c534-4322-b98e-a002eca8b3ae","block_type":"box","text":"Certain countries in Africa may be heavily dependent upon international trade and, consequently, have been and may","page_number":37,"box":{"x":89,"y":324,"width":821,"height":12}},{"id":"3cdcd892-712c-440a-9d69-4a952415d06f","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":37,"box":{"x":89,"y":339,"width":873,"height":12}},{"id":"82257704-da63-4c14-aa3b-ad448bc7218f","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":37,"box":{"x":89,"y":354,"width":866,"height":12}},{"id":"9a258679-268b-4a1b-8e24-18d90a54b837","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":37,"box":{"x":89,"y":369,"width":867,"height":12}},{"id":"82e2aabf-ad38-46e8-8841-2df0b5eaccf2","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":37,"box":{"x":89,"y":384,"width":842,"height":12}},{"id":"f13b5de9-0089-4b3a-a7ae-37be9137c59a","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":37,"box":{"x":88,"y":399,"width":854,"height":13}},{"id":"79e8903b-0388-40af-8a02-a6755b4a0a8e","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":37,"box":{"x":89,"y":414,"width":879,"height":13}},{"id":"9ebf9983-29b7-4c64-95ab-013cce262c1b","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":37,"box":{"x":89,"y":429,"width":871,"height":13}},{"id":"da52025c-2a8e-461d-a4ea-e498c8e7cc85","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":37,"box":{"x":89,"y":445,"width":835,"height":12}},{"id":"510e11ab-8fc1-43bb-9299-7e7b91aef04e","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":37,"box":{"x":89,"y":460,"width":863,"height":12}},{"id":"829253bd-d983-4a55-bee4-e3d336f5812e","block_type":"box","text":"indirectly subject to those risks.","page_number":37,"box":{"x":89,"y":475,"width":219,"height":12}},{"id":"e1a6ad94-302d-4f1e-b254-a74a9440b54e","block_type":"box","text":"The governments of certain countries in Africa may exercise substantial influence over many aspects of the private sector","page_number":37,"box":{"x":88,"y":501,"width":851,"height":13}},{"id":"795ed60d-cbef-40ee-9a92-086d45187391","block_type":"box","text":"and may own or control many companies. Future government actions could have a significant effect on the economic","page_number":37,"box":{"x":89,"y":516,"width":824,"height":13}},{"id":"ac05446f-198f-4f38-b6df-312203a0acef","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":37,"box":{"x":89,"y":531,"width":876,"height":13}},{"id":"f8527089-9a8a-410a-8d65-751fc023e833","block_type":"box","text":"diplomatic developments that could adversely affect investments in certain countries in Africa. Some countries in Africa may","page_number":37,"box":{"x":89,"y":547,"width":872,"height":12}},{"id":"2563863b-4e6f-4c85-ac0d-5a9150dd8e5f","block_type":"box","text":"be affected by a greater degree of public corruption and crime, including organized crime.","page_number":37,"box":{"x":89,"y":562,"width":626,"height":12}},{"id":"c9d7a3b1-afb2-4ccd-a13b-b66f3c852e91","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":37,"box":{"x":89,"y":588,"width":835,"height":12}},{"id":"64a7487b-efe6-499d-8af5-29f0eee4771a","block_type":"box","text":"disruptions to many industries. In addition, the outbreak of Ebola in Western Africa severely challenged health care industries","page_number":37,"box":{"x":89,"y":603,"width":875,"height":13}},{"id":"9faede1e-89ae-4361-8a67-471ae48dce02","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":37,"box":{"x":89,"y":618,"width":839,"height":13}},{"id":"59a83b37-296d-4966-914e-29b79c05952e","block_type":"box","text":"further increased instability in the region. This instability has demonstrated that political and social unrest can spread quickly","page_number":37,"box":{"x":88,"y":633,"width":875,"height":13}},{"id":"acb6686a-b5e1-4fa2-8f4b-d1c17172f93c","block_type":"box","text":"through the region, and that developments in one country can influence the political events in neighboring countries. Some","page_number":37,"box":{"x":88,"y":649,"width":866,"height":12}},{"id":"54f3c2bb-adde-4fdc-9515-21a0a8d57698","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":37,"box":{"x":89,"y":664,"width":878,"height":12}},{"id":"597c1162-cb29-4265-b9f7-d9bc2d8c038b","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":37,"box":{"x":89,"y":679,"width":853,"height":12}},{"id":"709a9582-843c-4037-a680-c34a4e21abf3","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":37,"box":{"x":88,"y":694,"width":746,"height":12}},{"id":"7aad5cdf-7ded-461a-afff-2169be1fcde7","block_type":"box","text":"Risk of Investing in Asia.","page_number":37,"box":{"x":89,"y":720,"width":175,"height":13}},{"id":"4a1947f9-2e2c-4bfa-b409-31afb8262862","block_type":"box","text":"Investments in securities of issuers in certain Asian countries involve risks not typically associated","page_number":37,"box":{"x":278,"y":720,"width":682,"height":13}},{"id":"37fa8a4a-ae44-4eec-aa40-8de840b16700","block_type":"box","text":"with investments in securities of issuers in other regions. Such heightened risks include, among others, expropriation and/or","page_number":37,"box":{"x":88,"y":736,"width":874,"height":12}},{"id":"d05bcbc2-17c2-41e3-9f8a-5f5641275d5f","block_type":"box","text":"nationalization of assets, confiscatory taxation, piracy of intellectual property, data and other security breaches (especially of","page_number":37,"box":{"x":89,"y":751,"width":873,"height":12}},{"id":"d442c4df-c76b-4123-8955-bcb9a5c1e613","block_type":"box","text":"data stored electronically), political instability, including authoritarian and/or military involvement in governmental decision","page_number":37,"box":{"x":89,"y":766,"width":870,"height":12}},{"id":"120a42bc-066a-427f-b5dd-6c0b54a70591","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":37,"box":{"x":89,"y":781,"width":837,"height":12}},{"id":"0246e759-b603-499c-a7b4-da014c7aa7de","block_type":"box","text":"economies have experienced rapid rates of economic growth and industrialization in recent years, and there is no assurance","page_number":37,"box":{"x":89,"y":796,"width":867,"height":12}},{"id":"771c1df3-3851-4a16-a627-6dc2f233f265","block_type":"box","text":"that these rates of economic growth and industrialization will be maintained.","page_number":37,"box":{"x":88,"y":811,"width":538,"height":12}},{"id":"87ca77af-0d48-41f0-932b-08a939158414","block_type":"box","text":"Certain Asian countries have democracies with relatively short histories, which may increase the risk of political instability.","page_number":37,"box":{"x":89,"y":838,"width":852,"height":12}},{"id":"5d55061e-5ca1-42e7-955f-583ec046fd81","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":37,"box":{"x":88,"y":853,"width":867,"height":12}},{"id":"6caf8b16-d45a-4364-89f8-25fc676166e3","block_type":"box","text":"17","page_number":37,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"9ce356a5-5360-4bf9-b8df-98c29d82a31b","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":44,"width":821,"height":12}},{"id":"c7da40a9-986a-45a5-9756-aca9b6cbab02","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":59,"width":855,"height":12}},{"id":"3c7589ff-272e-43dd-89ec-a50c7f79ace5","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":74,"width":825,"height":12}},{"id":"04957b76-4dd6-4317-9bd2-d7d4c77ccb4b","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":89,"width":854,"height":12}},{"id":"81770972-63fb-4e80-b7f0-d1caa6d0add9","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":104,"width":860,"height":13}},{"id":"b997eaff-a8bb-46f4-9fd2-005377ed38ea","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":119,"width":875,"height":13}},{"id":"f183b499-b066-4747-8b8c-926b82593413","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":135,"width":847,"height":12}},{"id":"cfb9621c-9139-472e-b762-02cfc54c2498","block_type":"box","text":"with certain of its neighboring countries. Increased political and social unrest in these geographic areas could adversely affect","page_number":38,"box":{"x":88,"y":150,"width":880,"height":12}},{"id":"814e02fe-2a8a-4d5c-856b-ac4818bbe560","block_type":"box","text":"the performance of investments in this region.","page_number":38,"box":{"x":88,"y":165,"width":323,"height":12}},{"id":"e337d550-80a0-4ef7-94e5-c1454d1b5266","block_type":"box","text":"Certain governments in this region administer prices on several basic goods, including fuel and electricity, within their","page_number":38,"box":{"x":89,"y":191,"width":822,"height":13}},{"id":"6712854c-5742-40d7-8361-d93833eeb170","block_type":"box","text":"respective countries. Certain governments may exercise substantial influence over many aspects of the private sector in their","page_number":38,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"56c78697-42e0-4220-b9bf-971629a35a8f","block_type":"box","text":"respective countries and may own or control many companies. Future government actions could have a significant effect on","page_number":38,"box":{"x":89,"y":222,"width":868,"height":12}},{"id":"c59b781d-a478-452a-a74a-7fc3447b91d4","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":38,"box":{"x":88,"y":237,"width":878,"height":12}},{"id":"e74b1e21-8077-40ff-9fb0-49e3216f71c8","block_type":"box","text":"the possibility of diplomatic developments adversely affecting investments in the region.","page_number":38,"box":{"x":88,"y":252,"width":617,"height":12}},{"id":"7ac6247d-533d-4b8a-b063-02171ea15ed4","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":38,"box":{"x":89,"y":278,"width":851,"height":13}},{"id":"a298bc1c-b231-42d3-866f-1feecacd53d5","block_type":"box","text":"discourage foreign investment and could negatively impact the long-term growth of certain economies in this region. In","page_number":38,"box":{"x":89,"y":293,"width":838,"height":13}},{"id":"ec0e06c3-a4e7-4ade-a895-82b0c8649d85","block_type":"box","text":"addition, certain countries in the region are experiencing high unemployment and corruption, and have fragile banking","page_number":38,"box":{"x":89,"y":308,"width":830,"height":13}},{"id":"20f01ea4-2d1f-4ce2-92b8-fbcb13779773","block_type":"box","text":"sectors.","page_number":38,"box":{"x":89,"y":325,"width":53,"height":8}},{"id":"da867288-5a3e-45ff-bcbc-cd4bddb95d47","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":38,"box":{"x":88,"y":350,"width":852,"height":12}},{"id":"02227043-98dc-4011-a1d6-52f79130afcf","block_type":"box","text":"they are strongly affected by international commodity prices and particularly vulnerable to any weakening in global demand","page_number":38,"box":{"x":88,"y":365,"width":867,"height":12}},{"id":"412405fd-08d2-4d20-b73c-9c3617979175","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":38,"box":{"x":88,"y":380,"width":875,"height":13}},{"id":"ed7e56d4-602d-4964-b7ce-0e57549b38ca","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":38,"box":{"x":89,"y":395,"width":874,"height":13}},{"id":"3f5e9170-bc8d-48b5-af43-a84219f3f4b0","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":38,"box":{"x":89,"y":410,"width":874,"height":13}},{"id":"697dc42c-e151-4eb3-8e45-92d5477b45c7","block_type":"box","text":"economic conditions or developments in neighboring countries may increase investors’ perception of the risk of investing in","page_number":38,"box":{"x":89,"y":426,"width":867,"height":12}},{"id":"44d878b0-ab55-4f3f-b0b2-ded12058d09e","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":38,"box":{"x":88,"y":441,"width":840,"height":12}},{"id":"015804d9-bccc-4661-a83c-99ccf65efbe7","block_type":"box","text":"Risk of Investing in Australasia.","page_number":38,"box":{"x":89,"y":467,"width":224,"height":13}},{"id":"0b2472d0-4f78-4925-8b43-3b1779860bbd","block_type":"box","text":"The economies of Australasia, which include Australia and New Zealand, are dependent on","page_number":38,"box":{"x":322,"y":467,"width":637,"height":13}},{"id":"7b0b518b-b297-40fc-b6d1-85117a7750d2","block_type":"box","text":"exports from the agricultural and mining sectors. This makes Australasian economies susceptible to fluctuations in the","page_number":38,"box":{"x":89,"y":482,"width":832,"height":13}},{"id":"105a0b63-681a-4a51-bf57-1eab021d2cab","block_type":"box","text":"commodity markets. Australasian economies are also increasingly dependent on their growing service and tourism","page_number":38,"box":{"x":89,"y":497,"width":805,"height":13}},{"id":"bb36c0be-ddaf-486b-9121-f24907593a7e","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":38,"box":{"x":89,"y":513,"width":863,"height":12}},{"id":"002376d1-dffa-4fbb-b862-4e9f3599d09f","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":38,"box":{"x":89,"y":528,"width":841,"height":12}},{"id":"fdcb9a1e-042b-4581-9179-645448392c10","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":38,"box":{"x":88,"y":543,"width":853,"height":12}},{"id":"718c18b6-e180-4294-9b00-f01b9a3d564a","block_type":"box","text":"Zealand are dependent on trading with certain key trading partners, including Asia and the U.S. The economies of Australia","page_number":38,"box":{"x":89,"y":558,"width":861,"height":12}},{"id":"3b5ad75e-eb79-4728-ac7d-7f8729b6f799","block_type":"box","text":"and New Zealand are heavily dependent on the mining sector. Passage of new regulations limiting foreign ownership of","page_number":38,"box":{"x":89,"y":573,"width":836,"height":12}},{"id":"2ea6d1ea-7ec7-46cf-93b8-f8d4fb706834","block_type":"box","text":"companies in the mining sector or imposition of new taxes on profits of mining companies may dissuade foreign investment,","page_number":38,"box":{"x":89,"y":588,"width":875,"height":12}},{"id":"57102849-b8da-475d-83d2-ee918124f68a","block_type":"box","text":"and as a result, have a negative impact on companies to which a Fund has exposure.","page_number":38,"box":{"x":89,"y":603,"width":591,"height":13}},{"id":"d759c612-d101-4975-8a12-569a9b4a949e","block_type":"box","text":"Risk of Investing in Australia.","page_number":38,"box":{"x":89,"y":630,"width":208,"height":12}},{"id":"5bd27f75-668f-41cf-a0c4-c55369543301","block_type":"box","text":"A Fund’s investment in Australian issuers will subject the Fund to loss in the event of adverse","page_number":38,"box":{"x":306,"y":630,"width":651,"height":12}},{"id":"033dd977-c9db-4b45-8b7f-e3d81f017999","block_type":"box","text":"political, economic, regulatory and other developments that affect Australia, including fluctuations of Australian currency","page_number":38,"box":{"x":89,"y":645,"width":849,"height":12}},{"id":"e8e1db54-93f8-4385-b29d-5835aa310d73","block_type":"box","text":"versus the U.S. dollar. Also, Australia is located in a part of the world that has historically been prone to natural disasters, such","page_number":38,"box":{"x":88,"y":660,"width":879,"height":12}},{"id":"bbc41741-fff9-4475-b70d-52cc51d047ac","block_type":"box","text":"as drought and flooding. Any such event in the future could have a significant adverse impact on the Australian economy.","page_number":38,"box":{"x":89,"y":675,"width":850,"height":12}},{"id":"a269b275-2f20-417f-95f2-2121ce60ffc1","block_type":"box","text":"The Australian economy is dependent on trading with certain key trading partners. The Australia–U.S. Free Trade Agreement","page_number":38,"box":{"x":88,"y":690,"width":873,"height":13}},{"id":"33539138-a63a-4023-801d-853ee5fc9d8a","block_type":"box","text":"has significantly expanded the trading relationship between the U.S. and Australia. Economic events in the U.S., Asia, or in","page_number":38,"box":{"x":89,"y":705,"width":851,"height":13}},{"id":"f1ffff95-08c1-4ff9-99ac-3305196de281","block_type":"box","text":"other key trading countries can have a significant economic effect on the Australian economy and companies to which the","page_number":38,"box":{"x":89,"y":720,"width":858,"height":13}},{"id":"d87fbb15-5ff5-493e-860a-28dc05028d1d","block_type":"box","text":"Fund has exposure.","page_number":38,"box":{"x":89,"y":736,"width":135,"height":12}},{"id":"67fd6bf7-707b-422a-ba01-aae2dff9d6f9","block_type":"box","text":"Risk of Investing in Belgium.","page_number":38,"box":{"x":89,"y":762,"width":203,"height":12}},{"id":"86a44d25-3787-4b28-a585-29b2fac37c0f","block_type":"box","text":"Investment in Belgian issuers will subject a Fund to legal, regulatory, political, currency,","page_number":38,"box":{"x":302,"y":762,"width":605,"height":12}},{"id":"422bb46c-f035-4ebb-9fe7-fd8212a77809","block_type":"box","text":"security, and economic risk specific to Belgium. Although Belgium has few natural resources and imports substantial","page_number":38,"box":{"x":89,"y":777,"width":816,"height":12}},{"id":"0185b863-b957-43ac-af3c-3d0f0042a972","block_type":"box","text":"amounts of raw materials, it has an established industrial sector, which is responsible for exporting large volume of finished","page_number":38,"box":{"x":89,"y":792,"width":863,"height":13}},{"id":"bf36d0d5-1b5e-4dd5-bdac-c5ae0971d927","block_type":"box","text":"goods to other European countries. Belgium relies heavily on trade with key trading partners. Most of Belgium’s trade is with","page_number":38,"box":{"x":89,"y":807,"width":869,"height":13}},{"id":"4cd49efd-4cb5-4659-8966-b59841377c25","block_type":"box","text":"fellow EU members.","page_number":38,"box":{"x":88,"y":822,"width":139,"height":10}},{"id":"8acab7a4-2fd7-4f9c-b653-778cc5c710e8","block_type":"box","text":"18","page_number":38,"box":{"x":522,"y":894,"width":14,"height":9}},{"id":"3b81c225-0193-4f80-93aa-f44fbacc8407","block_type":"box","text":"Risk of Investing in China.","page_number":39,"box":{"x":89,"y":44,"width":185,"height":12}},{"id":"fb0140db-8a54-4150-83a8-ea167f7353d2","block_type":"box","text":"Investments in securities of companies domiciled in China involve a high degree of risk and","page_number":39,"box":{"x":284,"y":44,"width":636,"height":12}},{"id":"11e72b3d-9588-40c4-ab5f-ab911dd7455d","block_type":"box","text":"special considerations not typically associated with investing in the U.S. securities markets. Such heightened risks include,","page_number":39,"box":{"x":89,"y":59,"width":852,"height":12}},{"id":"8784dada-9d35-4b4a-860a-c6dc1e3dd4d3","block_type":"box","text":"among others, an authoritarian government, popular unrest associated with demands for improved political, economic and","page_number":39,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"a48c0575-a0ce-403e-bc55-5298a626ccdd","block_type":"box","text":"social conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":39,"box":{"x":89,"y":89,"width":750,"height":13}},{"id":"5db7da26-77e5-4272-98e9-9a4d14802dac","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt economic","page_number":39,"box":{"x":89,"y":116,"width":820,"height":12}},{"id":"90df9ef8-7844-49fe-819c-90a4175c282a","block_type":"box","text":"development. The Chinese economy is vulnerable to the long-running disagreements and religious and nationalist disputes","page_number":39,"box":{"x":89,"y":131,"width":862,"height":12}},{"id":"1dd890aa-641a-4687-878d-aa85360de33b","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":39,"box":{"x":88,"y":146,"width":870,"height":12}},{"id":"c6edcf5c-2adc-4db2-9226-9bc9e3cc0e17","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":39,"box":{"x":89,"y":161,"width":875,"height":12}},{"id":"805717be-d5ee-4107-ba06-dca69f7f4505","block_type":"box","text":"and social framework. Protests and unrest have increased tensions even further. Due to the interconnected nature of the","page_number":39,"box":{"x":89,"y":176,"width":842,"height":10}},{"id":"ef41aab7-c4e7-4245-8176-9cea6e1203d9","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":39,"box":{"x":89,"y":191,"width":835,"height":13}},{"id":"2f4c1869-441f-447d-9e50-a5d873634b2f","block_type":"box","text":"markets. China has a complex territorial dispute regarding the sovereignty of Taiwan and has made threats of invasion.","page_number":39,"box":{"x":89,"y":206,"width":830,"height":13}},{"id":"0c93b65e-1055-4380-bc7a-6cb207afa8d7","block_type":"box","text":"Taiwan-based companies and individuals are significant investors in China. The continuing hostility between China and","page_number":39,"box":{"x":88,"y":222,"width":834,"height":12}},{"id":"cf47b6cc-2ae2-4a2a-900f-8f6ad586aef6","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":39,"box":{"x":88,"y":237,"width":845,"height":12}},{"id":"960a3b26-cbd0-402b-a588-fd139d44cc83","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":39,"box":{"x":89,"y":252,"width":811,"height":12}},{"id":"c04a212e-b962-492d-8a60-e6fe39b79192","block_type":"box","text":"impracticable or impossible. Any escalation of hostility between China and Taiwan would likely have a significant adverse","page_number":39,"box":{"x":89,"y":267,"width":846,"height":12}},{"id":"26b45093-add6-4252-98ef-f535544a94b9","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":39,"box":{"x":89,"y":282,"width":866,"height":12}},{"id":"9c600c08-b01b-4f94-b09e-f63fa1a1c5d3","block_type":"box","text":"relations with Japan, India, the Philippines and other neighbors due to territorial disputes, historical animosities and other","page_number":39,"box":{"x":89,"y":297,"width":848,"height":12}},{"id":"268f0de2-62e2-4d93-b49c-604f2c8853db","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":39,"box":{"x":89,"y":312,"width":851,"height":13}},{"id":"b8b91b15-e18e-4a97-85f4-b49547b452ce","block_type":"box","text":"leading to military conflict. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign","page_number":39,"box":{"x":89,"y":327,"width":871,"height":13}},{"id":"8b6a8077-86cb-41bd-bb84-0bdebd594848","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international relations,","page_number":39,"box":{"x":89,"y":342,"width":860,"height":13}},{"id":"ab59ed21-a9db-4f0c-b90a-fc893c463bb5","block_type":"box","text":"including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may","page_number":39,"box":{"x":89,"y":358,"width":861,"height":12}},{"id":"10cb7b22-2afa-451e-9f2d-81be9df78fc1","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":39,"box":{"x":89,"y":373,"width":873,"height":12}},{"id":"ab18e977-3ce5-4046-8bd5-aba416db7658","block_type":"box","text":"on the Korean peninsula or internal instability within North Korea. These situations may cause uncertainty in the Chinese","page_number":39,"box":{"x":89,"y":388,"width":843,"height":12}},{"id":"9f1e5d68-fa63-446e-8892-4c1e9f168e1a","block_type":"box","text":"market and may adversely affect the performance of the Chinese economy.","page_number":39,"box":{"x":89,"y":403,"width":524,"height":12}},{"id":"3eb79717-ab0d-4d5d-85f4-8a8d59b5d74d","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign investment","page_number":39,"box":{"x":88,"y":429,"width":866,"height":13}},{"id":"108a1f34-fbfe-4e35-ab70-bce908b168e7","block_type":"box","text":"in the economy, reduce government control of the economy and develop market mechanisms. However, the Chinese","page_number":39,"box":{"x":89,"y":445,"width":816,"height":12}},{"id":"a2286ee9-9de2-40c2-a057-c5b143b3f89a","block_type":"box","text":"government still exercises substantial influence over many aspects of the private sector and may own or control many","page_number":39,"box":{"x":89,"y":460,"width":826,"height":12}},{"id":"be24aa71-16af-4fb6-b1eb-1e353ebb5c3a","block_type":"box","text":"companies. Chinese companies, such as those in the financial services or technology sectors, and potentially other sectors in","page_number":39,"box":{"x":89,"y":475,"width":873,"height":12}},{"id":"5ceec708-6769-41c2-a6d1-3d47078e3872","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":39,"box":{"x":88,"y":490,"width":824,"height":12}},{"id":"8bc23334-0f9e-4df0-9edd-7c88d236a113","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":39,"box":{"x":89,"y":505,"width":870,"height":12}},{"id":"fc322cd5-42b8-478f-afe0-e08620f569b2","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":39,"box":{"x":89,"y":520,"width":849,"height":12}},{"id":"8bc17640-26bb-4c24-91d0-c9eb98b432e2","block_type":"box","text":"and on repatriation of capital invested.","page_number":39,"box":{"x":89,"y":535,"width":268,"height":13}},{"id":"deff926a-af30-46b8-b86f-4f08489f0983","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":39,"box":{"x":89,"y":562,"width":861,"height":12}},{"id":"799bdf33-8f5b-486b-9afe-2f3913ea563e","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":39,"box":{"x":89,"y":577,"width":863,"height":12}},{"id":"5a1ef7fb-12bd-4962-9444-79ae0b0979fb","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":39,"box":{"x":89,"y":592,"width":855,"height":12}},{"id":"263a3cdf-890f-45f8-9adc-492918f7ea1b","block_type":"box","text":"trading rules, tender offer regulation, accounting standards or auditor oversight, stockholder proxy requirements and the","page_number":39,"box":{"x":88,"y":607,"width":846,"height":12}},{"id":"7e5476cb-665b-4a86-beb5-61d405cac9a8","block_type":"box","text":"requirements mandating timely and accurate disclosure of information. Securities markets in China are in the process of","page_number":39,"box":{"x":89,"y":622,"width":842,"height":12}},{"id":"4f270d9f-f59c-4f8b-a99d-8b60ff3d5fbb","block_type":"box","text":"change and further development. This may lead to trading volatility, difficulty in the settlement and recording of transactions","page_number":39,"box":{"x":89,"y":637,"width":872,"height":13}},{"id":"cb73a5fd-10dc-4281-8fff-8e00eedb0a9f","block_type":"box","text":"and difficulty in interpreting and applying the relevant regulation.","page_number":39,"box":{"x":89,"y":652,"width":454,"height":13}},{"id":"9704eb44-b955-4fc8-ad36-6ea6aa4d3f82","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese","page_number":39,"box":{"x":88,"y":679,"width":849,"height":12}},{"id":"390514f5-65bc-464c-bb2f-34edfee67194","block_type":"box","text":"companies, and shareholders may have limited legal remedies. The Funds do not select investments based on investor","page_number":39,"box":{"x":89,"y":694,"width":827,"height":12}},{"id":"e584d121-4a32-4644-bfa9-e0942478d635","block_type":"box","text":"protection considerations.","page_number":39,"box":{"x":89,"y":709,"width":182,"height":12}},{"id":"efeafc12-cdc2-42ec-bbf2-1c89372023c5","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":39,"box":{"x":89,"y":736,"width":835,"height":12}},{"id":"3550e7d0-f4a7-4c29-a14e-d5ca6d0f4279","block_type":"box","text":"foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company in another","page_number":39,"box":{"x":88,"y":751,"width":830,"height":12}},{"id":"a02693a3-ef1a-4c27-88d9-7d0318a58533","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":39,"box":{"x":88,"y":766,"width":858,"height":12}},{"id":"48e17066-6cf5-476d-995f-c3e13f165a24","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":39,"box":{"x":89,"y":781,"width":879,"height":12}},{"id":"9722e1a4-2733-418d-877b-ce5cf37211f9","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":39,"box":{"x":89,"y":796,"width":875,"height":12}},{"id":"ab5b56d3-4ec7-48bf-901c-999e69b0034f","block_type":"box","text":"with only economic exposure to the Chinese company and do not represent equity ownership in the operating company.","page_number":39,"box":{"x":88,"y":811,"width":845,"height":12}},{"id":"0f92d6c9-b47f-433a-8dd8-00fe01e71b28","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":39,"box":{"x":88,"y":838,"width":846,"height":12}},{"id":"b943fc6e-29c8-4a28-aa96-cb884d862f4f","block_type":"box","text":"recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on Chinese-based","page_number":39,"box":{"x":89,"y":853,"width":867,"height":12}},{"id":"37d90ea7-3fe4-4948-8520-46eb8b3528ef","block_type":"box","text":"19","page_number":39,"box":{"x":521,"y":894,"width":15,"height":9}},{"id":"55f2998b-4d7f-4857-b3df-e54023ea0343","block_type":"box","text":"companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory Commission (“CSRC”)","page_number":40,"box":{"x":89,"y":44,"width":854,"height":12}},{"id":"13ed33d3-e8ec-42b2-b443-b90a5f6ddeaf","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":40,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"46fcbd82-3551-405f-8b42-4ffe4145ba62","block_type":"box","text":"rules, however, may cause Chinese companies to undergo greater scrutiny and add costs to VIE structures. Intervention,","page_number":40,"box":{"x":89,"y":74,"width":838,"height":12}},{"id":"7ab67b02-232f-4ecd-8cbe-e461e3ea1995","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":40,"box":{"x":89,"y":89,"width":847,"height":13}},{"id":"a54222a9-4563-4384-9b4b-b405265c8ec9","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":40,"box":{"x":89,"y":104,"width":853,"height":13}},{"id":"df0beec4-23ab-41bd-8267-10b512379dfc","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":40,"box":{"x":89,"y":119,"width":865,"height":13}},{"id":"cb2819f1-5c6d-45aa-8e8e-0595e84a2935","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":40,"box":{"x":89,"y":135,"width":843,"height":12}},{"id":"1614e70b-c77c-4f99-96e0-930964fe6e73","block_type":"box","text":"shell company are uncertain and could be ineffective. In addition to the risk of government intervention, investments through","page_number":40,"box":{"x":89,"y":150,"width":875,"height":12}},{"id":"11ce6b0d-0dda-4481-8c5d-ec7c08a5faef","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":40,"box":{"x":89,"y":165,"width":875,"height":12}},{"id":"dd764db3-264a-4a9b-933a-d9aa5a20aa51","block_type":"box","text":"breach those contractual arrangements, or Chinese law changes in a way that adversely affects the enforceability of these","page_number":40,"box":{"x":89,"y":180,"width":851,"height":12}},{"id":"5d9ad67b-1278-4cab-9ac5-bd19f1f80cc9","block_type":"box","text":"arrangements, or those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer","page_number":40,"box":{"x":89,"y":195,"width":827,"height":12}},{"id":"c73840fb-7c92-462a-8838-cbee7429cdb9","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":40,"box":{"x":89,"y":210,"width":872,"height":13}},{"id":"939ca772-d1af-41f8-a4aa-4acf0f8fa2e7","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":40,"box":{"x":89,"y":225,"width":838,"height":13}},{"id":"fb50ffdd-6aea-4a40-9e5e-528a55a03236","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":40,"box":{"x":89,"y":240,"width":853,"height":13}},{"id":"7063bd12-f9c8-4fbf-adc8-4dfc7bb55673","block_type":"box","text":"Fund.","page_number":40,"box":{"x":89,"y":256,"width":38,"height":9}},{"id":"e6ee6a33-f26c-495f-abd0-c3a6e0a73875","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":40,"box":{"x":88,"y":282,"width":864,"height":12}},{"id":"4b43a797-2128-4305-ae90-b9caafff7546","block_type":"box","text":"recur. China may experience substantial rates of inflation, significant indebtedness or economic recessions, causing a","page_number":40,"box":{"x":89,"y":297,"width":819,"height":12}},{"id":"09314204-b3bc-4aae-ba9f-7f0153bba589","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":40,"box":{"x":89,"y":312,"width":873,"height":13}},{"id":"83d4b1e6-cc22-4fa0-8616-b6b715d68ac5","block_type":"box","text":"spending on Chinese products and services, supply chain diversification, institution of additional tariffs, sanctions or other","page_number":40,"box":{"x":89,"y":327,"width":854,"height":13}},{"id":"5c0dee82-7d50-4d20-9a4f-a821eb3e9bcd","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":40,"box":{"x":88,"y":342,"width":835,"height":13}},{"id":"d639dd65-c97c-4ccb-8b8a-c1fb946a8759","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":40,"box":{"x":89,"y":358,"width":858,"height":12}},{"id":"46e873db-a967-410e-a840-e5fb482edf94","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":40,"box":{"x":89,"y":373,"width":874,"height":12}},{"id":"aea77b3e-ec4b-4b28-b962-0203650a4542","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":40,"box":{"x":88,"y":388,"width":791,"height":12}},{"id":"34da80ab-09e5-4937-a268-f2bb2f57b8bd","block_type":"box","text":"governments due to national security, human rights or other concerns of such government. For example, certain foreign","page_number":40,"box":{"x":89,"y":403,"width":840,"height":12}},{"id":"b47390ef-fe2a-4cea-bf00-ff226f04a416","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":40,"box":{"x":88,"y":418,"width":877,"height":12}},{"id":"b3c4d39f-2316-4a97-b1f5-c0cd29b9e50a","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":40,"box":{"x":89,"y":433,"width":876,"height":13}},{"id":"7cc72638-8999-4cf8-b768-0467ba14a278","block_type":"box","text":"forced labor. Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any","page_number":40,"box":{"x":88,"y":448,"width":845,"height":13}},{"id":"86e665dd-0485-4306-a08b-c13e0cbdedc1","block_type":"box","text":"action that targets Chinese financial markets or securities exchanges could interfere with orderly trading, delay settlement or","page_number":40,"box":{"x":89,"y":463,"width":873,"height":13}},{"id":"6817b948-55ef-4756-b7d8-1b1c0d9780b0","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":40,"box":{"x":89,"y":479,"width":840,"height":12}},{"id":"9738d43f-725b-4549-8cc3-e46fbf041c88","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":40,"box":{"x":89,"y":494,"width":865,"height":12}},{"id":"013a3564-88e3-4b69-95b8-0c4e5bc5f97d","block_type":"box","text":"include restrictions on investments, the Fund is generally expected to invest in such companies, consistent with its objective","page_number":40,"box":{"x":89,"y":509,"width":867,"height":12}},{"id":"dfa66b33-9dd4-4cc6-bcba-f24168b85257","block_type":"box","text":"to track the performance of its Underlying Index.","page_number":40,"box":{"x":88,"y":524,"width":340,"height":12}},{"id":"c8c0ef52-02cc-4d73-8cef-5efe0954d078","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":40,"box":{"x":88,"y":550,"width":833,"height":13}},{"id":"e3052d67-0f9f-428a-a57b-6369b8e476cf","block_type":"box","text":"authoritative guidance or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of","page_number":40,"box":{"x":89,"y":565,"width":863,"height":13}},{"id":"37e04b9b-9da9-43e0-82e7-f406716adb98","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":40,"box":{"x":89,"y":581,"width":849,"height":12}},{"id":"44189406-3ab3-488b-bbee-bd7df20b6737","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":40,"box":{"x":89,"y":596,"width":876,"height":12}},{"id":"f481ac8e-bff2-4afc-a770-a5773dd42c70","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":40,"box":{"x":89,"y":611,"width":867,"height":12}},{"id":"5d57e3ae-0d86-4623-96f9-e293ab625dcd","block_type":"box","text":"the accounting, auditing and financial reporting standards and practices applicable to Chinese companies may be less","page_number":40,"box":{"x":88,"y":626,"width":826,"height":12}},{"id":"e085b220-5674-4a06-850c-447f1c863a9c","block_type":"box","text":"rigorous, and may result in significant differences between financial statements prepared in accordance with PRC accounting","page_number":40,"box":{"x":89,"y":641,"width":874,"height":12}},{"id":"5b5df3e7-fdd9-4b31-9146-5d25176adddd","block_type":"box","text":"standards and practice and those prepared in accordance with international accounting standards.","page_number":40,"box":{"x":89,"y":656,"width":691,"height":13}},{"id":"1c2af0a5-b795-4cea-b83a-f186e415b529","block_type":"box","text":"Risk of Investing in Chinese Equity Markets.","page_number":40,"box":{"x":89,"y":683,"width":313,"height":12}},{"id":"7ea37da3-6aed-4ea8-9871-f00086a711ed","block_type":"box","text":"There are several types of Chinese equity securities:","page_number":40,"box":{"x":411,"y":683,"width":360,"height":12}},{"id":"591e7c05-5f59-4482-95f4-f99083fbca92","block_type":"box","text":"• H-shares, which are securities of companies incorporated in the PRC that are denominated in Hong Kong dollars","page_number":40,"box":{"x":121,"y":703,"width":819,"height":12}},{"id":"82ba66d9-368c-43ab-9229-71ff48e57be9","block_type":"box","text":"and listed on the Stock Exchange of Hong Kong (“SEHK”);","page_number":40,"box":{"x":154,"y":718,"width":404,"height":12}},{"id":"50f9b7c0-77a2-4297-979f-320113a7fb73","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":40,"box":{"x":121,"y":738,"width":846,"height":12}},{"id":"4d78fa61-e55c-4d8c-87bf-91ecfa133bb4","block_type":"box","text":"the Shanghai Stock Exchange (“SSE”) and the Shenzhen Stock Exchange (“SZSE”);","page_number":40,"box":{"x":153,"y":753,"width":579,"height":13}},{"id":"5ae4c009-fd0b-459b-a60e-09d16a5d9f69","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":40,"box":{"x":121,"y":773,"width":815,"height":13}},{"id":"aa14ce49-d8b7-4d4f-82c4-391734523d45","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":40,"box":{"x":154,"y":788,"width":692,"height":13}},{"id":"bcc9bc36-fc04-4e85-b388-249a510dd98c","block_type":"box","text":"• Red-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":40,"box":{"x":121,"y":809,"width":803,"height":12}},{"id":"3c19ddce-2a49-4c3a-9b0a-33e32b789f4b","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by entities owned by the national government or local","page_number":40,"box":{"x":153,"y":824,"width":779,"height":12}},{"id":"babfbd64-6102-45b1-beda-5b3123f637da","block_type":"box","text":"governments in the PRC and derive substantial revenues from or allocate substantial assets in the PRC; and","page_number":40,"box":{"x":154,"y":839,"width":748,"height":12}},{"id":"a797b7d5-126c-41c1-8f58-08bffd2e408d","block_type":"box","text":"• P-Chips, which are Hong Kong-listed securities issued by companies that are incorporated in certain foreign","page_number":40,"box":{"x":121,"y":859,"width":786,"height":12}},{"id":"08f74dc2-1ef1-4bf2-a983-af147faa6726","block_type":"box","text":"20","page_number":40,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"8879ed2f-6577-4a28-b509-3cb7bf9ddcd7","block_type":"box","text":"jurisdictions and that are controlled, directly or indirectly, by individuals in the PRC and derive substantial revenues","page_number":41,"box":{"x":153,"y":44,"width":800,"height":12}},{"id":"bd048e17-fb0f-48cf-9881-5fceceea8490","block_type":"box","text":"from or allocate substantial assets in the PRC.","page_number":41,"box":{"x":153,"y":59,"width":320,"height":10}},{"id":"38295980-f79e-4e6f-b6d5-0fce3c8dad28","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":41,"box":{"x":88,"y":85,"width":880,"height":13}},{"id":"e8833334-97e1-4c88-b8f0-461050e4cf1b","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":41,"box":{"x":89,"y":101,"width":867,"height":12}},{"id":"9a62b5a9-f0a4-4409-8601-fdb82304f468","block_type":"box","text":"greater government restrictions, including trading suspensions, which may lead to increased liquidity risks. The B-shares","page_number":41,"box":{"x":89,"y":116,"width":843,"height":12}},{"id":"6f242ebb-4f5c-4f03-a8c1-034538b98f1c","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":41,"box":{"x":89,"y":131,"width":819,"height":12}},{"id":"fe83ab5f-b8e0-4dd2-8505-a96b38030943","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":41,"box":{"x":89,"y":146,"width":804,"height":12}},{"id":"d5193c02-666e-47c9-9cf4-1150c60f2277","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":41,"box":{"x":89,"y":161,"width":860,"height":12}},{"id":"58f75e47-684e-4867-a5ca-31c28ea6c670","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":41,"box":{"x":89,"y":176,"width":809,"height":13}},{"id":"a78d6294-f086-4ef6-9f34-e96026c2b138","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":41,"box":{"x":89,"y":191,"width":861,"height":13}},{"id":"8dec460c-6c67-4335-a957-ea1ae9c51efe","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":41,"box":{"x":89,"y":206,"width":859,"height":13}},{"id":"a619d0bb-6022-482d-9a4b-8f15691e51f4","block_type":"box","text":"political and economic policies in China. Market developments, adverse investor perceptions, regulatory and government","page_number":41,"box":{"x":89,"y":222,"width":847,"height":12}},{"id":"4bed92ee-c7bd-4757-80d2-eae5067f1188","block_type":"box","text":"intervention (including the possibility of widespread trading suspensions implemented by regulators) and other factors may","page_number":41,"box":{"x":89,"y":237,"width":867,"height":12}},{"id":"75470109-7dd8-4c7f-83b3-d45c21587b15","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":41,"box":{"x":89,"y":252,"width":785,"height":12}},{"id":"9ac60350-3c22-4abf-a0d4-6e8dcdd28727","block_type":"box","text":"Risk of Investing in A-shares through Stock Connect","page_number":41,"box":{"x":88,"y":278,"width":362,"height":13}},{"id":"a2cb0ed0-63ca-4918-a9bb-00b308ed92af","block_type":"box","text":". A Fund that invests in A-shares does so through the Shanghai-Hong","page_number":41,"box":{"x":451,"y":278,"width":486,"height":13}},{"id":"e0f25d80-d584-4712-b8ff-5381a88b169d","block_type":"box","text":"Kong Stock Connect program (“Shanghai Connect”) or the Shenzhen-Hong Kong Stock Connect program (“Shenzhen","page_number":41,"box":{"x":89,"y":293,"width":826,"height":13}},{"id":"b176c9b3-1850-416f-99e5-9c5f946b7354","block_type":"box","text":"Connect,” and together with Shanghai Connect, “Stock Connect”). Stock Connect is a securities trading and clearing","page_number":41,"box":{"x":89,"y":308,"width":815,"height":13}},{"id":"2447c91d-583d-4ab5-83bd-0fd2f2718c60","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":41,"box":{"x":89,"y":324,"width":879,"height":12}},{"id":"7e861076-d59c-486e-bf87-81f30171a35d","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":41,"box":{"x":89,"y":339,"width":820,"height":12}},{"id":"94e4e50b-1028-4664-b617-d07080d18019","block_type":"box","text":"Shenzhen Connect), and China Securities Depository and Clearing Corporation Limited (“CSDCC”). Under Stock Connect, a","page_number":41,"box":{"x":88,"y":354,"width":862,"height":12}},{"id":"306d0efb-e01d-455d-83ab-fdd9a47443d3","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":41,"box":{"x":89,"y":369,"width":862,"height":12}},{"id":"54802290-2933-4ed8-96cb-a2a9ad8c2869","block_type":"box","text":"brokers. Investing in A-shares through Stock Connect is subject to trading, clearance, settlement and other procedures,","page_number":41,"box":{"x":89,"y":384,"width":833,"height":12}},{"id":"b89f021e-09f9-419c-9026-67c512ea9682","block_type":"box","text":"which could pose risks to a Fund.","page_number":41,"box":{"x":88,"y":399,"width":233,"height":13}},{"id":"ae313fdd-4a7a-4a40-af45-e7a33d23ee2f","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading through","page_number":41,"box":{"x":88,"y":426,"width":847,"height":12}},{"id":"f7c1fa68-ee64-405e-811c-6e5710a54838","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":41,"box":{"x":88,"y":441,"width":876,"height":12}},{"id":"3e9a2cba-d5ed-41d9-8519-72d8cf48c4b3","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":41,"box":{"x":89,"y":456,"width":868,"height":12}},{"id":"deb0142b-74bd-49cf-bfcf-78afbcad094c","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":41,"box":{"x":88,"y":471,"width":865,"height":12}},{"id":"e1cf4f82-ab00-4c49-b6df-8621dc821f16","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":41,"box":{"x":89,"y":486,"width":859,"height":12}},{"id":"f5e93ee2-d8a5-46d5-9e5d-70d9a5c59002","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":41,"box":{"x":88,"y":501,"width":875,"height":13}},{"id":"64c6be7c-58b5-488e-9aef-211692dc2a5f","block_type":"box","text":"to change.","page_number":41,"box":{"x":88,"y":516,"width":73,"height":13}},{"id":"f50e9048-659d-4419-83f3-60bcbab88d49","block_type":"box","text":"A-shares purchased through Stock Connect generally may only be sold or otherwise transferred through Stock Connect and","page_number":41,"box":{"x":88,"y":543,"width":869,"height":12}},{"id":"f77f0552-8893-4a31-baf5-b5e96686e7c4","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":41,"box":{"x":89,"y":558,"width":867,"height":12}},{"id":"082a0ad8-72fa-41af-bf07-1a6d893a9346","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":41,"box":{"x":89,"y":573,"width":816,"height":12}},{"id":"fd504039-de48-4f54-9403-128a722bf670","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":41,"box":{"x":89,"y":588,"width":870,"height":12}},{"id":"2f5a010f-503f-4af4-bb98-4a572bb61849","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":41,"box":{"x":89,"y":603,"width":860,"height":13}},{"id":"7545d6e4-6545-4936-a991-159dd05f9011","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":41,"box":{"x":88,"y":618,"width":879,"height":13}},{"id":"33cf14ed-f921-4082-92b1-66dabfa0c35b","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":41,"box":{"x":89,"y":633,"width":869,"height":13}},{"id":"0b585774-6122-455e-ac2d-0ca0ea73c1be","block_type":"box","text":"risk of erroneous trades, which may negatively impact the Fund.","page_number":41,"box":{"x":89,"y":649,"width":448,"height":12}},{"id":"a43f6764-5d37-4b83-b63d-03c6b4660b61","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":41,"box":{"x":88,"y":675,"width":867,"height":12}},{"id":"4666e9ac-0546-4cf3-92e6-7f3e0795d7fb","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":41,"box":{"x":88,"y":690,"width":873,"height":13}},{"id":"93f0a844-386a-4b19-9edd-4ea93e3d32d0","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":41,"box":{"x":89,"y":705,"width":856,"height":13}},{"id":"c510a094-5636-4f69-afad-8bdf8b50526b","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":41,"box":{"x":89,"y":720,"width":854,"height":13}},{"id":"c15405f1-049a-452c-87a9-0c4e34150c60","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":41,"box":{"x":89,"y":736,"width":810,"height":12}},{"id":"d389df58-af30-4bfc-b8f9-b6fa5bd5554d","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":41,"box":{"x":89,"y":751,"width":862,"height":12}},{"id":"ec3882ea-bbb0-47cb-b173-e62486351f5a","block_type":"box","text":"Fund’s performance.","page_number":41,"box":{"x":89,"y":766,"width":143,"height":12}},{"id":"b3ec776e-de34-4c4a-af0e-0425e5e4c89b","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":41,"box":{"x":89,"y":792,"width":853,"height":13}},{"id":"94b90789-d763-4e92-a25d-0d654d10cb67","block_type":"box","text":"and when banking services are available in both markets on the corresponding settlement days. Therefore, an investment in","page_number":41,"box":{"x":89,"y":807,"width":865,"height":13}},{"id":"0072a017-238b-4cb8-a56e-ed91b7c36b29","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":41,"box":{"x":88,"y":822,"width":866,"height":13}},{"id":"29b70f70-9403-4316-8658-c9770b2c0154","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":41,"box":{"x":89,"y":838,"width":869,"height":12}},{"id":"fc2403f7-3288-4419-a3c5-e30b7308f20e","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":41,"box":{"x":89,"y":853,"width":846,"height":12}},{"id":"dca13ba0-358c-4e96-a4e9-bf91e3ff5b71","block_type":"box","text":"21","page_number":41,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"35af33ad-cff8-4cbd-b99b-fc30276fcad5","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":42,"box":{"x":88,"y":44,"width":834,"height":12}},{"id":"ae69ca29-433f-4404-8460-6f934b7dbd21","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":42,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"1ac5b133-eef7-40fa-bc8c-79f86b0605d6","block_type":"box","text":"manner, which could adversely affect the Fund’s performance.","page_number":42,"box":{"x":89,"y":74,"width":435,"height":12}},{"id":"fed657f6-732e-4d2a-a1b4-be4783a91d08","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":42,"box":{"x":88,"y":101,"width":853,"height":12}},{"id":"9dfc7a38-cbcb-4729-8331-987c4f0f86dd","block_type":"box","text":"Settlement System (“CCASS”) maintained by the Hong Kong Securities Clearing Company Limited (“HKSCC”), which in turn","page_number":42,"box":{"x":88,"y":116,"width":867,"height":12}},{"id":"032b3927-60dd-464d-93d6-276e24e60763","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":42,"box":{"x":89,"y":131,"width":853,"height":12}},{"id":"ab4e642b-2d42-4bd7-bc75-d06c9d3755b1","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":42,"box":{"x":88,"y":157,"width":853,"height":13}},{"id":"1bf9a510-3afe-4ea3-b994-e84f9c82a37f","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":42,"box":{"x":89,"y":172,"width":857,"height":13}},{"id":"366cfd8b-44b8-41b9-a46e-e24fc04ff04b","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":42,"box":{"x":89,"y":188,"width":850,"height":12}},{"id":"dd5fd910-ac7d-4be4-bc3b-8175c399313c","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":42,"box":{"x":89,"y":203,"width":862,"height":12}},{"id":"0338d7dd-eeb3-4a27-8119-049cbea03466","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":42,"box":{"x":89,"y":229,"width":829,"height":12}},{"id":"b4291de7-0b4d-4b41-9115-e32fd2ecb5e1","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":42,"box":{"x":88,"y":244,"width":843,"height":13}},{"id":"51b22f5f-9765-40f9-ac54-dbb11a2032e8","block_type":"box","text":"assets of HKSCC available for general distribution to its creditors.","page_number":42,"box":{"x":89,"y":259,"width":452,"height":13}},{"id":"0ea0990b-0b8d-4c11-b9bc-534ab717a51b","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":42,"box":{"x":89,"y":286,"width":861,"height":12}},{"id":"8c7226f3-7d3a-4d6a-91e2-29f4efb7cdb3","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":42,"box":{"x":89,"y":301,"width":834,"height":12}},{"id":"81b02d55-da34-457a-859b-2de5629a2e19","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":42,"box":{"x":89,"y":316,"width":845,"height":12}},{"id":"b1468aed-e738-4e30-8f41-9e502e93d14b","block_type":"box","text":"HKSCC monitors the corporate actions affecting SSE Securities and SZSE Securities and keeps participants of CCASS","page_number":42,"box":{"x":89,"y":342,"width":812,"height":13}},{"id":"5b8c4345-6b17-4bcc-88f4-bb5a27c8fa5c","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":42,"box":{"x":89,"y":358,"width":857,"height":12}},{"id":"c62771a6-8405-4503-9121-1be6c36df3a8","block_type":"box","text":"will therefore depend on HKSCC for both settlement and notification and implementation of corporate actions.","page_number":42,"box":{"x":88,"y":373,"width":775,"height":12}},{"id":"e2677a09-a516-4347-9fe1-e3a94854287a","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":42,"box":{"x":88,"y":399,"width":866,"height":13}},{"id":"0ba29fe6-fd35-4e94-88c7-79b32a826199","block_type":"box","text":"trades executed by Hong Kong market participants and investors. Accordingly, investors do not hold SSE Securities or SZSE","page_number":42,"box":{"x":88,"y":414,"width":860,"height":13}},{"id":"b8e38577-00de-4e76-bff2-a2d6f39e30fb","block_type":"box","text":"Securities directly; rather, they are held through their brokers’ or custodians’ accounts with CCASS. The HKSCC and the","page_number":42,"box":{"x":88,"y":429,"width":833,"height":13}},{"id":"370f9f9d-ea32-4d3e-93f7-ca78b3565c22","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":42,"box":{"x":89,"y":445,"width":865,"height":12}},{"id":"04a48605-b436-47e7-8f62-27004e076f23","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":42,"box":{"x":89,"y":460,"width":875,"height":11}},{"id":"ecf63d51-ec2d-4d74-ad2a-a3033d9bee2f","block_type":"box","text":"market contracts with clearing participants will be limited to assisting clearing participants in pursuing their claims against","page_number":42,"box":{"x":89,"y":475,"width":857,"height":12}},{"id":"e77e55fe-c5ee-4089-9d9f-e4f765cce2c6","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":42,"box":{"x":88,"y":490,"width":869,"height":12}},{"id":"1e00438b-c2cb-40b2-b7fa-4064750ebecb","block_type":"box","text":"the CSDCC.","page_number":42,"box":{"x":88,"y":505,"width":80,"height":10}},{"id":"34573dbf-ab10-4315-8ec9-cbae90505428","block_type":"box","text":"Market participants are able to participate in Stock Connect subject to meeting certain information technology capability, risk","page_number":42,"box":{"x":89,"y":531,"width":876,"height":13}},{"id":"f2c64a2c-e7cb-47dd-9a48-ae8ef7d37c55","block_type":"box","text":"management and other requirements as may be specified by the relevant exchange and/or clearing house. Further, the","page_number":42,"box":{"x":89,"y":547,"width":833,"height":12}},{"id":"92936b6d-6ad8-4dd1-a1b7-99f3b75d669b","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":42,"box":{"x":89,"y":562,"width":853,"height":12}},{"id":"22b862b3-1c3d-4d6b-aeed-68cf33c3151c","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":42,"box":{"x":88,"y":577,"width":845,"height":12}},{"id":"e8b49394-7741-47ed-b2f6-0f2da5d25829","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":42,"box":{"x":89,"y":592,"width":842,"height":12}},{"id":"6f8683bd-f1eb-4d56-94a8-40ac275cef06","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":42,"box":{"x":89,"y":607,"width":868,"height":12}},{"id":"2f035252-1bd2-4442-a06a-4ca41e1a7627","block_type":"box","text":"disrupted, and a Fund’s ability to achieve its investment objective may be adversely affected.","page_number":42,"box":{"x":89,"y":622,"width":644,"height":12}},{"id":"d8abcc71-e8ba-4df1-8dae-299590861f01","block_type":"box","text":"The Shanghai Connect program, launched in November 2014, and the Shenzhen Connect program, launched in December","page_number":42,"box":{"x":88,"y":649,"width":857,"height":12}},{"id":"36b24f2e-ee6e-4e96-9497-815a1cf1710f","block_type":"box","text":"2016, do not have an extensive operating history. Stock Connect is subject to regulations promulgated by regulatory","page_number":42,"box":{"x":89,"y":664,"width":812,"height":12}},{"id":"45438539-6be2-44cc-a9f7-1ec6644ea881","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":42,"box":{"x":89,"y":679,"width":850,"height":12}},{"id":"435cb2cb-1ec6-4130-82ee-55de306e9644","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":42,"box":{"x":89,"y":694,"width":868,"height":12}},{"id":"2204b840-a0f4-4642-af1f-7e0456470cec","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":42,"box":{"x":88,"y":709,"width":789,"height":12}},{"id":"d020e0d4-b30c-418e-b5f4-d4043170839c","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":42,"box":{"x":89,"y":724,"width":855,"height":12}},{"id":"8217a623-8979-4964-963b-54014207105d","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":42,"box":{"x":89,"y":739,"width":866,"height":13}},{"id":"f2a1b65f-7386-41d2-b610-0c1b0d5b8c8f","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":42,"box":{"x":89,"y":754,"width":863,"height":13}},{"id":"dcdc2be8-9ecf-41ef-b25f-8402c6d9ded0","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":42,"box":{"x":88,"y":770,"width":866,"height":12}},{"id":"3a988674-9acf-47ac-b6df-e27e20f99d3c","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":42,"box":{"x":88,"y":785,"width":868,"height":12}},{"id":"6fe0933c-2a7e-4163-9eb8-c8b0f5f42754","block_type":"box","text":"investment exposure.","page_number":42,"box":{"x":89,"y":801,"width":148,"height":11}},{"id":"ff33b389-ddb8-429b-abdf-46cb5dac438b","block_type":"box","text":"A-Share Market Suspension Risk","page_number":42,"box":{"x":87,"y":826,"width":229,"height":13}},{"id":"52fe0ad9-4804-48b0-8f27-b21ca6cc4245","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":42,"box":{"x":317,"y":826,"width":639,"height":13}},{"id":"784b6bd6-c5b8-4968-ad92-e1d91edbd3a2","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":42,"box":{"x":89,"y":841,"width":848,"height":13}},{"id":"77d853c9-4060-414f-8f1f-75b5ba336e48","block_type":"box","text":"trading suspensions than many other global equity markets. Trading suspensions in certain stocks could lead to greater","page_number":42,"box":{"x":88,"y":856,"width":838,"height":13}},{"id":"5fb589e7-01fa-40e1-b1af-413cdc198a1c","block_type":"box","text":"22","page_number":42,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a5597dff-ddbf-477c-bb24-a66c81596f83","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":43,"box":{"x":89,"y":44,"width":832,"height":12}},{"id":"d00343c4-6551-44ad-8b02-98d1668640ff","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":43,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"fada12df-82d9-4064-a91b-d95c2776790c","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":43,"box":{"x":88,"y":74,"width":873,"height":12}},{"id":"0bc4cf9a-bffd-4d9a-9a51-a7c208350184","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":43,"box":{"x":89,"y":89,"width":879,"height":13}},{"id":"738af10d-6586-4e9e-a04c-d34e3299b22e","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":43,"box":{"x":89,"y":104,"width":864,"height":13}},{"id":"761986e3-7900-4964-aed3-2d80bf7edd4c","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":43,"box":{"x":88,"y":119,"width":875,"height":13}},{"id":"10fdddc4-a5f5-4f94-a846-6537805bccc6","block_type":"box","text":"considered volatile and unstable (with the risk of widespread trading suspensions or government intervention), the creation","page_number":43,"box":{"x":89,"y":135,"width":865,"height":12}},{"id":"dda0f34d-a871-4e1f-812a-2378f8268d9a","block_type":"box","text":"and redemption of Creation Units may also be disrupted.","page_number":43,"box":{"x":89,"y":150,"width":395,"height":12}},{"id":"c52674a2-0e7c-4f2a-9e74-4beacb314350","block_type":"box","text":"Risk of Investing in Developed Countries.","page_number":43,"box":{"x":89,"y":176,"width":295,"height":13}},{"id":"0b44b609-5976-48a2-9976-ef0f567edcf3","block_type":"box","text":"Many countries with developed markets have recently experienced significant","page_number":43,"box":{"x":393,"y":176,"width":544,"height":13}},{"id":"711b08f0-361d-4f63-90b3-1cc4c653a9c2","block_type":"box","text":"economic pressures. These countries generally tend to rely on the services sectors (","page_number":43,"box":{"x":89,"y":191,"width":585,"height":13}},{"id":"a6484399-6473-4f84-ab02-e5389756ef4f","block_type":"box","text":"e.g.","page_number":43,"box":{"x":675,"y":194,"width":23,"height":10}},{"id":"00c797cc-9e5b-4721-9783-2ae0ebd58ec3","block_type":"box","text":", the financial services sector) as the","page_number":43,"box":{"x":700,"y":191,"width":253,"height":13}},{"id":"f4202b30-629e-4b26-bbf6-b9bd7282c047","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":43,"box":{"x":89,"y":206,"width":878,"height":13}},{"id":"49070af3-6ea6-452f-a958-3e56285a28f0","block_type":"box","text":"in the financial services sector are subject to governmental regulation and, recently, government intervention, which may","page_number":43,"box":{"x":89,"y":222,"width":847,"height":12}},{"id":"f7b97ebd-c912-438e-80a6-927985c923d6","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":43,"box":{"x":89,"y":237,"width":797,"height":12}},{"id":"384898ea-658a-402a-9d18-b9c2b9f1a45d","block_type":"box","text":"Dislocations in the financial sector and perceived or actual governmental influence over certain financial companies may lead","page_number":43,"box":{"x":89,"y":252,"width":876,"height":12}},{"id":"a4af0803-eb02-449c-8a86-1a976c9d399d","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":43,"box":{"x":88,"y":267,"width":848,"height":12}},{"id":"a62baa82-f333-459d-8ba4-6fb274261e72","block_type":"box","text":"companies experience a prolonged decline in revenue growth, certain developed countries that rely heavily on financial","page_number":43,"box":{"x":89,"y":282,"width":832,"height":12}},{"id":"01c6fdb1-dce3-4d1c-84e9-8d2d709fb2ad","block_type":"box","text":"companies as an economic driver may experience a correlative slowdown. Concerns have emerged with respect to the","page_number":43,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"e13c6448-11a6-4c1a-a81f-2ba34c705f5e","block_type":"box","text":"economic health of certain developed countries. These concerns primarily stem from heavy indebtedness of many developed","page_number":43,"box":{"x":89,"y":312,"width":876,"height":13}},{"id":"bf2b4454-88f3-4bd7-aa36-8bbd59dce458","block_type":"box","text":"countries and their perceived inability to continue to service high debt loads without simultaneously implementing stringent","page_number":43,"box":{"x":89,"y":327,"width":870,"height":13}},{"id":"e2dfe7b8-5276-4f49-a84a-35f0edb9bb5c","block_type":"box","text":"austerity measures. Such concerns have led to tremendous downward pressure on the economies of these countries. As a","page_number":43,"box":{"x":89,"y":342,"width":854,"height":13}},{"id":"7fdb53fa-67c9-46d5-a836-8bfaeb756db8","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":43,"box":{"x":89,"y":358,"width":864,"height":12}},{"id":"24a06c5c-6d9f-4b85-bd72-88c9bfd64c1b","block_type":"box","text":"countries to service such debt. Spending on health care and retirement pensions in most developed countries has risen","page_number":43,"box":{"x":89,"y":373,"width":833,"height":12}},{"id":"74bc7d08-f269-4b12-ad6e-17bc75694ed9","block_type":"box","text":"dramatically. Medical innovation, extended life expectancy and higher public expectations are likely to continue the increase","page_number":43,"box":{"x":89,"y":388,"width":867,"height":12}},{"id":"85929507-38ad-448e-9214-c1312a6a830e","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":43,"box":{"x":89,"y":403,"width":835,"height":12}},{"id":"a68d662c-6f27-47ab-9f84-d9816f4d37e6","block_type":"box","text":"economic growth of many developed countries. Certain developed countries rely on imports of certain key items, such as","page_number":43,"box":{"x":89,"y":418,"width":848,"height":12}},{"id":"c07757d2-f93b-4e3d-ac68-924fa80fcea6","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":43,"box":{"x":89,"y":433,"width":811,"height":13}},{"id":"0d0e7909-7610-47c6-a0a3-7105d59e570f","block_type":"box","text":"commodities may negatively affect developed country economies. Developed market countries generally are dependent on","page_number":43,"box":{"x":89,"y":448,"width":861,"height":13}},{"id":"a109cca2-75c8-404f-a476-166183fa1fcd","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":43,"box":{"x":88,"y":463,"width":820,"height":13}},{"id":"e30cf62b-473a-45b1-8c35-a1eb54865de9","block_type":"box","text":"developed countries. In addition, heavy regulation of, among others, labor and product markets may have an adverse effect","page_number":43,"box":{"x":89,"y":479,"width":862,"height":12}},{"id":"a742298d-4c8e-4ae4-8010-45cf5f067945","block_type":"box","text":"on certain issuers. Such regulations may negatively affect economic growth or cause prolonged periods of recession. Such","page_number":43,"box":{"x":89,"y":494,"width":856,"height":12}},{"id":"d2a59e49-d769-4d55-87ba-fc525b6e3611","block_type":"box","text":"risks, among others, may adversely affect the value of a Fund’s investments.","page_number":43,"box":{"x":89,"y":509,"width":531,"height":12}},{"id":"600997f6-eb04-4730-9738-958d42e21138","block_type":"box","text":"Risk of Investing in Emerging Markets.","page_number":43,"box":{"x":89,"y":535,"width":276,"height":13}},{"id":"8594cfdd-35e3-45d7-ade4-50112c743902","block_type":"box","text":"Investments in emerging market countries may be subject to greater risks than","page_number":43,"box":{"x":375,"y":535,"width":550,"height":13}},{"id":"bed95333-fe48-4022-8f16-104f53503bcd","block_type":"box","text":"investments in developed countries. These risks include: (i) less social, political, and economic stability; (ii) greater illiquidity","page_number":43,"box":{"x":89,"y":550,"width":865,"height":13}},{"id":"9e7b72b6-b426-48c8-a6b2-09a1b2939052","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":43,"box":{"x":89,"y":565,"width":868,"height":13}},{"id":"c6b8fabb-2ae6-4409-913c-177119a2d465","block_type":"box","text":"(iii) companies, custodians, clearinghouses, foreign exchanges and broker-dealers may be subject to less scrutiny and","page_number":43,"box":{"x":89,"y":581,"width":824,"height":12}},{"id":"364f4e28-c889-44b0-9c57-b9e6c3153c0d","block_type":"box","text":"regulation by local authorities; (iv) local governments may decide to seize or confiscate securities held by foreign investors","page_number":43,"box":{"x":89,"y":596,"width":854,"height":12}},{"id":"353f8bff-602c-45b9-b6ec-c2d9de6b69f4","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":43,"box":{"x":89,"y":611,"width":864,"height":12}},{"id":"7ccb64c5-1944-4bac-970c-bccc750b6fa5","block_type":"box","text":"governments may limit or entirely restrict repatriation of invested capital, profits, and dividends; (vi) capital gains may be","page_number":43,"box":{"x":89,"y":626,"width":843,"height":12}},{"id":"e3ce730a-646a-4aca-9b9a-7ab0125c339e","block_type":"box","text":"subject to local taxation, including on a retroactive basis; (vii) issuers facing restrictions on standard payments imposed by","page_number":43,"box":{"x":89,"y":641,"width":857,"height":12}},{"id":"52d4d06d-be6c-4858-9fd4-ac27515b5356","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":43,"box":{"x":89,"y":656,"width":862,"height":13}},{"id":"8bc4d876-b433-461d-8f6e-b5633f7e5c2d","block_type":"box","text":"may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and","page_number":43,"box":{"x":89,"y":671,"width":855,"height":13}},{"id":"ac0ad8de-8cc6-4925-9413-ec1314817cdd","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":43,"box":{"x":89,"y":686,"width":825,"height":13}},{"id":"21c5e24f-0239-485d-a00d-4c923b030003","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":43,"box":{"x":89,"y":702,"width":861,"height":12}},{"id":"d5e8b305-985b-4593-80ec-55cb67cd0922","block_type":"box","text":"currency; (x) limited public information regarding the issuer may result in greater difficulty in determining market valuations","page_number":43,"box":{"x":89,"y":717,"width":868,"height":12}},{"id":"ca1860c9-88cf-44e0-8e2f-caf27e68b83a","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":43,"box":{"x":89,"y":732,"width":865,"height":12}},{"id":"1eee971b-d4e8-4a11-a48b-e0e958e20bda","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":43,"box":{"x":89,"y":747,"width":868,"height":12}},{"id":"746233b6-fcd5-4ef8-8b82-65411ad06189","block_type":"box","text":"select investments based on investor protection considerations.","page_number":43,"box":{"x":89,"y":762,"width":444,"height":12}},{"id":"0b09cd9a-1853-4740-a2e1-46c1a0bd1022","block_type":"box","text":"Emerging market securities markets are typically marked by a high concentration of market capitalization and trading volume","page_number":43,"box":{"x":89,"y":788,"width":877,"height":13}},{"id":"5edaa171-a1ce-49f9-b063-59060d085846","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":43,"box":{"x":89,"y":804,"width":844,"height":12}},{"id":"c7ff43bd-4186-4273-a5ca-9629086077b4","block_type":"box","text":"such securities by a limited number of investors. In addition, brokerage and other costs associated with transactions in","page_number":43,"box":{"x":89,"y":819,"width":829,"height":12}},{"id":"8cdeb1c0-012b-4c64-960c-d273987427db","block_type":"box","text":"emerging market securities can be higher, sometimes significantly, than similar costs incurred in securities markets in","page_number":43,"box":{"x":89,"y":834,"width":820,"height":12}},{"id":"17c6a288-71f2-4457-997f-a5b043be740c","block_type":"box","text":"developed countries. Although some emerging markets have become more established and tend to issue securities of higher","page_number":43,"box":{"x":89,"y":849,"width":875,"height":12}},{"id":"cedac510-c9ac-4371-b1e6-f02f3bc8b7c5","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":43,"box":{"x":89,"y":864,"width":856,"height":12}},{"id":"df88d227-20b3-4266-92da-9695a8d9639b","block_type":"box","text":"23","page_number":43,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"fbb6d8f0-d772-4bcf-ba4d-b91abaaafe21","block_type":"box","text":"and these countries issue securities across the credit spectrum. Even the markets for relatively widely traded securities in","page_number":44,"box":{"x":89,"y":44,"width":844,"height":12}},{"id":"2f8f70d3-9ba0-4b5d-9894-152848df194a","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":44,"box":{"x":89,"y":59,"width":863,"height":12}},{"id":"36ac568a-a7df-4ad8-86e6-668a5a0a7777","block_type":"box","text":"trades of a size customarily undertaken by institutional investors in the securities markets of developed countries. The limited","page_number":44,"box":{"x":88,"y":74,"width":876,"height":12}},{"id":"92532be2-6a89-497b-82ff-8176503b5c44","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":44,"box":{"x":89,"y":89,"width":803,"height":13}},{"id":"7a29bc23-f19e-4f29-a994-17555148614c","block_type":"box","text":"soundness and competitiveness of the securities issuers. For example, prices may be unduly influenced by traders who","page_number":44,"box":{"x":89,"y":104,"width":830,"height":13}},{"id":"671ed972-fdd0-491c-b922-ab28b52c7f39","block_type":"box","text":"control large positions in these markets. Additionally, market making and arbitrage activities are generally less extensive in","page_number":44,"box":{"x":89,"y":119,"width":854,"height":13}},{"id":"d8809c34-be98-4d13-9322-1f2b68e8f1b0","block_type":"box","text":"such markets, which may contribute to increased volatility and reduced liquidity of such markets. The limited liquidity of","page_number":44,"box":{"x":89,"y":135,"width":843,"height":12}},{"id":"1e049131-629a-4504-9b6b-db6687d08e59","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":44,"box":{"x":89,"y":150,"width":871,"height":12}},{"id":"f7eeac05-4765-4f85-8bf5-198a78965fc1","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":44,"box":{"x":89,"y":165,"width":707,"height":12}},{"id":"a64b906f-8561-48ef-96e6-c0917a8fd4bb","block_type":"box","text":"Many emerging market countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be","page_number":44,"box":{"x":89,"y":191,"width":826,"height":13}},{"id":"1b555b2c-56ec-4c94-a58a-edf74ad60328","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":44,"box":{"x":89,"y":206,"width":835,"height":13}},{"id":"587d7316-9fbc-4d9c-b366-c3730718d073","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":44,"box":{"x":89,"y":222,"width":812,"height":12}},{"id":"5ebc8f67-c999-4e84-9aef-34e8f18ad9dc","block_type":"box","text":"favorable to investors such as policies designed to expropriate or nationalize “sovereign” assets. Certain emerging market","page_number":44,"box":{"x":88,"y":237,"width":849,"height":12}},{"id":"79418aba-8c71-4e13-a1ce-4698f197fa60","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":44,"box":{"x":89,"y":252,"width":868,"height":12}},{"id":"4edc840a-de52-4dd2-b3a3-7cfcf9ff2d59","block_type":"box","text":"there can be no assurance that such expropriation will not occur in the future.","page_number":44,"box":{"x":88,"y":267,"width":546,"height":12}},{"id":"a19f6a44-da67-4a7e-9f60-178993a2baf2","block_type":"box","text":"Investment in the securities markets of certain emerging market countries is restricted or controlled to varying degrees.","page_number":44,"box":{"x":89,"y":293,"width":834,"height":13}},{"id":"6d876e6b-4db2-44b7-b369-105b770d12c3","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":44,"box":{"x":88,"y":308,"width":871,"height":13}},{"id":"7297a17f-2b51-43cb-b234-4b3b87cee928","block_type":"box","text":"Fund. Certain emerging market countries require governmental approval prior to investments by foreign persons or limit","page_number":44,"box":{"x":89,"y":324,"width":841,"height":12}},{"id":"f7f3d3de-39dd-49db-80ca-a82d2d673b08","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":44,"box":{"x":89,"y":339,"width":827,"height":12}},{"id":"324ba645-ad17-4f66-8211-d71cb1d46986","block_type":"box","text":"securities which may have less advantageous terms (including price) than securities of the company available for purchase","page_number":44,"box":{"x":89,"y":354,"width":859,"height":12}},{"id":"f487cade-8c9a-4b8c-8722-876c66568d48","block_type":"box","text":"by nationals.","page_number":44,"box":{"x":89,"y":369,"width":87,"height":12}},{"id":"c38cc2c4-16b7-4946-aa57-e468900862d8","block_type":"box","text":"Many emerging market countries lack the social, political, and economic stability characteristic of the U.S. Political instability","page_number":44,"box":{"x":89,"y":395,"width":870,"height":13}},{"id":"bcde1586-1ccb-4297-a20d-165a386a0564","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":44,"box":{"x":89,"y":410,"width":854,"height":13}},{"id":"1e1d4d81-40c8-4427-b2e0-3ba582e71c81","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":44,"box":{"x":89,"y":426,"width":870,"height":12}},{"id":"6ab97000-2d44-4a25-9bdd-e7a5ef55259a","block_type":"box","text":"high interest rates; (ii) high levels of inflation, including hyperinflation; (iii) high levels of unemployment or","page_number":44,"box":{"x":89,"y":441,"width":743,"height":12}},{"id":"91f544ca-d87b-4416-a2de-59a06e292615","block_type":"box","text":"underemployment; (iv) changes in government economic and tax policies, including confiscatory taxation; and (v)","page_number":44,"box":{"x":89,"y":456,"width":800,"height":12}},{"id":"6bebdaef-e1d2-4718-9153-028f8a401ee2","block_type":"box","text":"imposition of trade barriers.","page_number":44,"box":{"x":89,"y":471,"width":193,"height":12}},{"id":"32526fdc-deb6-4251-b92e-87fc1f53b27a","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":44,"box":{"x":88,"y":497,"width":862,"height":13}},{"id":"24cba2b3-c6a4-484c-8a21-1086ab4ab457","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":44,"box":{"x":88,"y":513,"width":861,"height":12}},{"id":"0521f5d9-9835-45dc-bcfe-85f80d9f215f","block_type":"box","text":"some cases to reduce the otherwise applicable tax rates.","page_number":44,"box":{"x":89,"y":528,"width":394,"height":12}},{"id":"3ac272ee-2abc-4b03-ad5b-f4b1d6d20fc4","block_type":"box","text":"Emerging markets also have different clearance and settlement procedures, and in certain of these emerging markets there","page_number":44,"box":{"x":89,"y":554,"width":860,"height":12}},{"id":"5a893c19-1cd8-4189-92f6-85a58ae5cf50","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":44,"box":{"x":89,"y":569,"width":834,"height":13}},{"id":"a06166c5-c812-4639-b214-c547aafcb9fe","block_type":"box","text":"difficult to conduct such transactions.","page_number":44,"box":{"x":89,"y":584,"width":264,"height":10}},{"id":"b94ee756-fb1e-4297-9857-289a307a4f8b","block_type":"box","text":"In the past, certain governments in emerging market countries have become overly reliant on the international capital","page_number":44,"box":{"x":89,"y":611,"width":822,"height":12}},{"id":"e8e1957a-2ff4-4225-850e-4c6d27a0485d","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":44,"box":{"x":89,"y":626,"width":849,"height":12}},{"id":"0d1d6651-eb5b-42c4-bc82-9401ae39aaed","block_type":"box","text":"budget deficits. Often, interest payments have become too overwhelming for a government to meet, representing a large","page_number":44,"box":{"x":89,"y":641,"width":846,"height":12}},{"id":"08ad0f8d-7b79-4eda-bb24-bc550311423f","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":44,"box":{"x":89,"y":656,"width":872,"height":13}},{"id":"834ff3e7-6015-41a7-aa0a-6cd1a0fddb59","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":44,"box":{"x":89,"y":671,"width":878,"height":13}},{"id":"f104b7bf-cd66-418d-9aff-7e28d03a6668","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":44,"box":{"x":88,"y":686,"width":856,"height":13}},{"id":"cc5790a3-6038-4f44-b3c3-c35d403bd4bd","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":44,"box":{"x":89,"y":702,"width":838,"height":12}},{"id":"a24656ff-dace-4b6a-a98d-ac764731ea36","block_type":"box","text":"suspension of interest payments or have defaulted. These events have adversely affected the values of securities issued by","page_number":44,"box":{"x":89,"y":717,"width":853,"height":12}},{"id":"901c384b-2eac-4074-a758-6b798bea4167","block_type":"box","text":"foreign governments and corporations domiciled in those countries and have negatively affected not only their cost of","page_number":44,"box":{"x":88,"y":732,"width":829,"height":12}},{"id":"7919aa20-512e-4c39-b987-47387dbca531","block_type":"box","text":"borrowing, but their ability to borrow in the future as well.","page_number":44,"box":{"x":89,"y":747,"width":404,"height":12}},{"id":"7c573354-3474-4840-aba2-761e165a36e6","block_type":"box","text":"Risk of Investing in Europe.","page_number":44,"box":{"x":89,"y":773,"width":194,"height":13}},{"id":"34bf2a73-c55a-4c86-8277-a3e613337f18","block_type":"box","text":"Investing in European countries exposes a Fund to the economic and political risks associated","page_number":44,"box":{"x":293,"y":773,"width":656,"height":13}},{"id":"e8c50557-b93f-44c6-8345-d387781d94a2","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":44,"box":{"x":88,"y":788,"width":838,"height":13}},{"id":"48f5d724-ee06-4a75-b6bc-57158c676200","block_type":"box","text":"countries are often closely connected and interdependent, and events in one European country can have an adverse impact","page_number":44,"box":{"x":89,"y":804,"width":865,"height":12}},{"id":"7a02f9a4-ded7-4d66-8096-c8525cd19330","block_type":"box","text":"on other European countries. A Fund makes investments in securities of issuers that are domiciled in, have significant","page_number":44,"box":{"x":89,"y":819,"width":822,"height":12}},{"id":"e2323ee5-46a1-4efc-87ab-e66bb6b93222","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":44,"box":{"x":89,"y":834,"width":855,"height":12}},{"id":"9ae2e10c-da0f-4eb2-ad10-1124230e8580","block_type":"box","text":"within the EU are also members of the Economic and Monetary Union (the “EMU”) (the “eurozone”) and have adopted the","page_number":44,"box":{"x":88,"y":849,"width":858,"height":12}},{"id":"084421eb-ad61-459b-bba9-00f0d5839945","block_type":"box","text":"euro as their currency. Eurozone membership requires member states to comply with restrictions on inflation rates, deficits,","page_number":44,"box":{"x":89,"y":864,"width":863,"height":12}},{"id":"916b5f92-e97b-4733-87af-07766c177177","block_type":"box","text":"24","page_number":44,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ce0eb447-b05b-4bc8-a3bc-e0f0ad2b2cce","block_type":"box","text":"interest rates, debt levels and fiscal and monetary controls, each of which may significantly affect every country in Europe.","page_number":45,"box":{"x":89,"y":44,"width":854,"height":12}},{"id":"e1b3e026-1669-47c9-884f-89e2c09d8ddb","block_type":"box","text":"Changes in import or export tariffs, changes in governmental or EU regulations on trade, changes in the exchange rate of the","page_number":45,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"a756919c-01ae-4b4f-8bcc-f37c305d7104","block_type":"box","text":"euro and other currencies of certain EU countries which are not in the eurozone, the default or threat of default by an EU","page_number":45,"box":{"x":89,"y":74,"width":841,"height":12}},{"id":"adf7a3e1-cb93-490e-8982-5a5032b3e2de","block_type":"box","text":"member state on its sovereign debt, and/or an economic recession in an EU member state may have a significant adverse","page_number":45,"box":{"x":89,"y":89,"width":852,"height":13}},{"id":"aabd40dc-aaa8-4933-a005-6b41b98b1442","block_type":"box","text":"effect on the economies of other EU member states and their trading partners. Although certain European countries are not","page_number":45,"box":{"x":89,"y":104,"width":866,"height":13}},{"id":"deae74dc-db42-4942-a396-95198d7199fc","block_type":"box","text":"in the eurozone, many of these countries are obliged to meet the criteria for joining the eurozone.","page_number":45,"box":{"x":89,"y":119,"width":679,"height":13}},{"id":"3caf9c67-98e9-4db8-81e8-c9161224a1b3","block_type":"box","text":"Consequently, these countries must comply with many of the restrictions noted above. The European financial markets have","page_number":45,"box":{"x":89,"y":146,"width":870,"height":12}},{"id":"64d0be8a-402b-47b3-bbd1-aaee4b3a0a42","block_type":"box","text":"experienced volatility and adverse trends due to concerns about economic downturns, government debt levels and the","page_number":45,"box":{"x":89,"y":161,"width":831,"height":12}},{"id":"bbed5218-bbec-4d10-8d18-2680e271f56e","block_type":"box","text":"possible default of government debt in several European countries, including, but not limited to, Austria, Belgium, Cyprus,","page_number":45,"box":{"x":89,"y":176,"width":850,"height":13}},{"id":"d8c074af-3f5f-4901-9595-71e63edde7ac","block_type":"box","text":"France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. In order to prevent further economic deterioration, certain","page_number":45,"box":{"x":89,"y":191,"width":812,"height":13}},{"id":"a5f44979-3266-4454-8faf-8f3d80e2eb74","block_type":"box","text":"countries, without prior warning, can institute “capital controls.” Countries may use these controls to restrict volatile","page_number":45,"box":{"x":89,"y":206,"width":814,"height":13}},{"id":"2cc20997-0841-4ea7-a906-d9c3089dce19","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":45,"box":{"x":89,"y":222,"width":871,"height":12}},{"id":"0becfa79-1191-487b-b899-a32f392581f0","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":45,"box":{"x":89,"y":237,"width":848,"height":12}},{"id":"e08e525d-555c-48f1-9593-c71d819e4c49","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":45,"box":{"x":89,"y":252,"width":862,"height":12}},{"id":"bfd7f4ea-482a-4748-a28f-970251c2e7ed","block_type":"box","text":"addition, the credit ratings of certain European countries were downgraded in the past. These events have adversely affected","page_number":45,"box":{"x":89,"y":267,"width":871,"height":12}},{"id":"f47bda36-6c27-435c-83e2-7b02cf867d3f","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":45,"box":{"x":88,"y":282,"width":860,"height":12}},{"id":"5e54ad9a-bfdb-4869-8c6f-98b9b7f0226a","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":45,"box":{"x":89,"y":297,"width":857,"height":12}},{"id":"9664e7af-9570-4d56-8da2-0e4714f658b4","block_type":"box","text":"governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may","page_number":45,"box":{"x":89,"y":312,"width":871,"height":13}},{"id":"dd62bea4-2441-4059-86ab-802d63ab4f2d","block_type":"box","text":"result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further","page_number":45,"box":{"x":89,"y":327,"width":864,"height":13}},{"id":"f0264800-6dbf-4ab9-b309-569025ba58fc","block_type":"box","text":"defaults or restructurings by governments and other entities of their debt could have additional adverse effects on","page_number":45,"box":{"x":89,"y":342,"width":796,"height":13}},{"id":"77769c68-b21e-4d86-87cb-f03bba0a2db3","block_type":"box","text":"economies, financial markets and asset valuations around the world. In addition, one or more countries may abandon the","page_number":45,"box":{"x":89,"y":358,"width":850,"height":12}},{"id":"5383d74f-5579-4b50-a189-1984b754e822","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":45,"box":{"x":89,"y":373,"width":856,"height":12}},{"id":"e001a2cc-cab3-4597-a32f-918c22c7ee73","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":45,"box":{"x":89,"y":388,"width":816,"height":12}},{"id":"37b73c28-ea6b-4af8-b533-35dbcfe6d281","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":45,"box":{"x":88,"y":414,"width":813,"height":13}},{"id":"ef58e14f-f9ef-422e-a871-0041a45cfdbf","block_type":"box","text":"worldwide political, regulatory, economic or market conditions and could contribute to instability in global political","page_number":45,"box":{"x":88,"y":429,"width":802,"height":13}},{"id":"0cfa3bd4-2c69-4320-b46a-268b55355004","block_type":"box","text":"institutions, regulatory agencies and financial markets.","page_number":45,"box":{"x":89,"y":445,"width":382,"height":12}},{"id":"afaa24ed-6bc9-4c26-ae65-e2091f9174ad","block_type":"box","text":"Certain European countries have also developed increasingly strained relationships with the U.S., and if these relations were","page_number":45,"box":{"x":89,"y":471,"width":863,"height":12}},{"id":"40ac721a-113a-4fca-9cc8-0b0b96ca28d2","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":45,"box":{"x":88,"y":486,"width":849,"height":12}},{"id":"16dc24d7-d3e2-422b-9588-bd89f26c7185","block_type":"box","text":"Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example,","page_number":45,"box":{"x":89,"y":501,"width":872,"height":13}},{"id":"0aafd13d-de90-4650-b71c-fc93cf1b9792","block_type":"box","text":"secessionist movements. The governments of European countries may be subject to change and such countries may","page_number":45,"box":{"x":89,"y":516,"width":818,"height":13}},{"id":"0ffb105f-f21f-4472-b2a6-570ecbbd04b5","block_type":"box","text":"experience social and political unrest. Unanticipated or sudden political or social developments may result in sudden and","page_number":45,"box":{"x":89,"y":531,"width":845,"height":13}},{"id":"d1621415-a438-40fb-bf6e-18b458244954","block_type":"box","text":"significant investment losses. The occurrence of terrorist incidents throughout Europe or war in the region also could impact","page_number":45,"box":{"x":89,"y":547,"width":873,"height":12}},{"id":"805e37f6-5805-4824-8ba5-82702a33f656","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":45,"box":{"x":88,"y":562,"width":876,"height":12}},{"id":"8549eb80-2f2d-4a9f-856c-e255e7a88104","block_type":"box","text":"the value and liquidity of a Fund’s investments.","page_number":45,"box":{"x":88,"y":577,"width":328,"height":12}},{"id":"ae26e0c2-35dc-436e-a6b4-922be00ae08c","block_type":"box","text":"Russian Invasion of Ukraine","page_number":45,"box":{"x":88,"y":603,"width":192,"height":12}},{"id":"e1a12f5c-cdf1-4280-bc2f-ce06c4ca8ea0","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":603,"width":680,"height":13}},{"id":"4d6f3ba5-7ecd-48c1-86fc-8f1bc3a57299","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":618,"width":870,"height":13}},{"id":"17e9755d-cfac-48d7-b36b-c80e8e87f5e3","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":633,"width":879,"height":13}},{"id":"8421208f-3a7a-4c85-9401-604657e8589f","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":649,"width":869,"height":12}},{"id":"ba4d6dd5-fa8c-4695-8333-180f269d2ec7","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":664,"width":811,"height":12}},{"id":"cffe2168-df9f-431a-baaf-9210d4320d7a","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":679,"width":862,"height":12}},{"id":"8db8a094-4abc-4196-8419-94ce0c06845f","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":45,"box":{"x":89,"y":694,"width":863,"height":12}},{"id":"16dcab89-3ace-47bd-bee2-7de1c6eded7b","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":45,"box":{"x":89,"y":709,"width":879,"height":12}},{"id":"3a9041a3-49e4-43c5-a1b8-29fbf4d80916","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":45,"box":{"x":89,"y":724,"width":858,"height":13}},{"id":"5b50ca00-045c-4e6d-9b55-15b79db0ff36","block_type":"box","text":"have collateral impacts on such sectors across Europe and globally.","page_number":45,"box":{"x":89,"y":739,"width":468,"height":13}},{"id":"f1eaa25d-3286-41b6-9553-772e6f367ddb","block_type":"box","text":"Risk of Investing in France.","page_number":45,"box":{"x":89,"y":766,"width":192,"height":12}},{"id":"662dd12d-e32a-46b2-b8d8-394922c4c0fb","block_type":"box","text":"Investment in French issuers will subject a Fund to legal, regulatory, political, currency, security,","page_number":45,"box":{"x":291,"y":766,"width":664,"height":12}},{"id":"b8458320-f2f6-4eaa-9a9d-91b71a6bf39b","block_type":"box","text":"and economic risks specific to France. Recently, new concerns emerged in relation to the economic health of the EU. These","page_number":45,"box":{"x":89,"y":781,"width":860,"height":12}},{"id":"66aa6099-6bf4-445d-963b-4728a3f17077","block_type":"box","text":"concerns have led to tremendous downward pressure on certain EU member states, including France. Interest rates on","page_number":45,"box":{"x":89,"y":796,"width":829,"height":12}},{"id":"9edf3cac-ccb2-4d40-96a2-768101358de7","block_type":"box","text":"France’s debt may rise to levels that make it difficult for it to service high debt levels without significant financial help from,","page_number":45,"box":{"x":89,"y":811,"width":859,"height":12}},{"id":"304f254d-bc39-45dd-8bd8-36dfa4f9fc24","block_type":"box","text":"among others, the European Central Bank and could potentially result in default. In addition, the French economy is","page_number":45,"box":{"x":89,"y":826,"width":808,"height":13}},{"id":"29b72f12-1f46-4b38-a9db-09b4cb06a06f","block_type":"box","text":"dependent to a significant extent on the economies of certain key trading partners, including Germany and other Western","page_number":45,"box":{"x":89,"y":841,"width":852,"height":13}},{"id":"1e47c13e-a1cb-4259-80a0-d98aedb5b630","block_type":"box","text":"European countries. Reduction in spending on French products and services, or changes in any of the economies may cause","page_number":45,"box":{"x":89,"y":856,"width":869,"height":13}},{"id":"a44570ec-4bdf-4c46-b650-a15bdb344301","block_type":"box","text":"25","page_number":45,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5c5c95b4-f67f-489e-abf8-7478de5ee91c","block_type":"box","text":"an adverse impact on the French economy. In addition, France may be subject to acts of terrorism. The French economy is","page_number":46,"box":{"x":89,"y":44,"width":854,"height":12}},{"id":"70d20118-da60-4730-b9df-87782aa25031","block_type":"box","text":"dependent on exports from the agricultural sector. Leading agricultural exports include dairy products, meat, wine, fruit and","page_number":46,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"5a934834-0f28-4087-80d6-3b13d7a5a42c","block_type":"box","text":"vegetables, and fish. As a result, the French economy is susceptible to fluctuations in demand for agricultural products.","page_number":46,"box":{"x":88,"y":74,"width":834,"height":12}},{"id":"ac9ecb46-56e5-4641-9d43-5baba162fd18","block_type":"box","text":"Risk of Investing in Germany.","page_number":46,"box":{"x":89,"y":101,"width":208,"height":12}},{"id":"4ecdaa13-caac-4e71-8d91-530ee08ced21","block_type":"box","text":"Investment in German issuers will subject a Fund to legal, regulatory, political, currency,","page_number":46,"box":{"x":307,"y":101,"width":611,"height":12}},{"id":"8c1c8562-4429-4a4f-9374-1c48db2af4b8","block_type":"box","text":"security, and economic risks specific to Germany. Ongoing concerns in relation to the economic health of the EU continue to","page_number":46,"box":{"x":89,"y":116,"width":871,"height":12}},{"id":"053f8502-4fa9-4673-bba5-c7e7b7798a59","block_type":"box","text":"constrain the economic resilience of certain EU member states, including Germany. Germany has a large export-reliant","page_number":46,"box":{"x":89,"y":131,"width":829,"height":12}},{"id":"ae6b3d55-9988-419a-9626-f29259b81bdf","block_type":"box","text":"manufacturing and industrials sector and the German economy is dependent to a significant extent on the economies of","page_number":46,"box":{"x":89,"y":146,"width":847,"height":12}},{"id":"a835110c-e338-47cd-b3a2-8bf819cd43a1","block_type":"box","text":"certain key trading partners, including the U.S., France, Italy and other European countries. Reduction in spending on German","page_number":46,"box":{"x":89,"y":161,"width":876,"height":12}},{"id":"3892b751-9eac-43d1-8674-7688e7c7f8c0","block_type":"box","text":"products and services, or changes in any of the economies may have an adverse impact on the German economy. In addition,","page_number":46,"box":{"x":89,"y":176,"width":878,"height":13}},{"id":"4800e8a2-b394-4c0b-b7c1-9105c1b0acec","block_type":"box","text":"heavy regulation of labor and product markets in Germany may have an adverse effect on German issuers. Such regulations","page_number":46,"box":{"x":89,"y":191,"width":865,"height":13}},{"id":"0e91b705-21f7-4aa3-8076-2895a62f80f4","block_type":"box","text":"may negatively impact economic growth or cause prolonged periods of recession.","page_number":46,"box":{"x":89,"y":206,"width":573,"height":13}},{"id":"26c26aeb-015c-4f63-9696-0992aa8477a4","block_type":"box","text":"Risk of Investing in Italy.","page_number":46,"box":{"x":89,"y":233,"width":173,"height":12}},{"id":"13bbcb3c-bc42-4fa8-9d59-66fd2e5bb354","block_type":"box","text":"Investment in Italian issuers involves risks that are specific to Italy, including, regulatory, political,","page_number":46,"box":{"x":272,"y":233,"width":674,"height":12}},{"id":"f5069a59-6e43-4a9e-a374-0c0db8772f69","block_type":"box","text":"currency and economic risks. Italy’s economy is dependent upon external trade with other economies—specifically Germany,","page_number":46,"box":{"x":89,"y":248,"width":876,"height":12}},{"id":"1d3314d5-8b2b-42e2-8ed5-4c09a1b5d922","block_type":"box","text":"France and other Western European developed countries. As a result, Italy is dependent on the economies of these other","page_number":46,"box":{"x":89,"y":263,"width":844,"height":12}},{"id":"673a55ea-fa54-4df9-8eee-84d6ddef79d0","block_type":"box","text":"countries and any change in the price or demand for Italy’s exports may have an adverse impact on its economy. Interest","page_number":46,"box":{"x":89,"y":278,"width":844,"height":13}},{"id":"dce24ce9-5d2c-4195-a3d8-fe1ed170f929","block_type":"box","text":"rates on Italy’s sovereign debt may rise to levels that may make it difficult for it to service high debt levels without significant","page_number":46,"box":{"x":89,"y":293,"width":869,"height":13}},{"id":"c459f976-ecd2-4578-861f-b2d7abafb24a","block_type":"box","text":"financial help from the EU and could potentially lead to default. These events have adversely impacted the Italian economy,","page_number":46,"box":{"x":88,"y":308,"width":860,"height":13}},{"id":"1436969f-a4a6-4a3c-ba48-377456378c4f","block_type":"box","text":"causing credit agencies to lower Italy’s sovereign debt rating and could decrease outside investment in Italian companies.","page_number":46,"box":{"x":89,"y":324,"width":848,"height":12}},{"id":"3a377c5f-bd42-4df2-b485-729f5aeb6cf0","block_type":"box","text":"Risk of Investing in Japan.","page_number":46,"box":{"x":89,"y":350,"width":184,"height":12}},{"id":"0f287636-c4e7-470b-8513-f8ecd70e6197","block_type":"box","text":"Japan may be subject to political, economic, labor and other risks. Any of these risks, individually","page_number":46,"box":{"x":281,"y":350,"width":676,"height":12}},{"id":"e765d860-9610-45e4-8a19-96c9ec6d67d2","block_type":"box","text":"or in the aggregate, can impact an investment made in Japan.","page_number":46,"box":{"x":89,"y":365,"width":429,"height":12}},{"id":"4cb96cac-845f-41e7-86de-728494bd09aa","block_type":"box","text":"Currency Risk","page_number":46,"box":{"x":89,"y":392,"width":95,"height":12}},{"id":"c5e18cc3-93b2-4429-9d00-74a3d7289761","block_type":"box","text":". The Japanese yen has fluctuated widely at times and any increase in its value may cause a decline in exports","page_number":46,"box":{"x":184,"y":392,"width":763,"height":12}},{"id":"4603df91-f83c-44d8-a755-b6c950394a86","block_type":"box","text":"that could weaken the Japanese economy. Japan has, in the past, intervened in the currency markets to attempt to maintain","page_number":46,"box":{"x":88,"y":407,"width":863,"height":12}},{"id":"4c1f4fd5-a23b-433e-843e-a518814c1864","block_type":"box","text":"or reduce the value of the yen. Japanese intervention in the currency markets could cause the value of the yen to fluctuate","page_number":46,"box":{"x":89,"y":422,"width":852,"height":12}},{"id":"6b7dd9e9-1ea1-4e04-b036-c6cab560519c","block_type":"box","text":"sharply and unpredictably and could cause losses to investors.","page_number":46,"box":{"x":89,"y":437,"width":436,"height":12}},{"id":"87472e4f-6d36-48db-b176-e903141a26c5","block_type":"box","text":"Economic Risk","page_number":46,"box":{"x":88,"y":463,"width":101,"height":10}},{"id":"b9e0f5d5-a43c-4bb1-b84a-e8e874b54ced","block_type":"box","text":". The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed","page_number":46,"box":{"x":190,"y":463,"width":752,"height":13}},{"id":"0376023c-52e5-435f-afca-50a47fc53d77","block_type":"box","text":"economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and","page_number":46,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"9ba5dcc2-ce8f-415c-b4fb-fcbbd9d0cacd","block_type":"box","text":"it may remain low in the future. The Japanese economy is heavily dependent on international trade and has been adversely","page_number":46,"box":{"x":89,"y":494,"width":857,"height":12}},{"id":"4aff8ea9-7beb-4cbb-8194-b3c086253124","block_type":"box","text":"affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions","page_number":46,"box":{"x":89,"y":509,"width":863,"height":12}},{"id":"2d71d000-4c95-4525-9581-929bdb784ed3","block_type":"box","text":"of its trading partners. Japan is also heavily dependent on oil imports, and higher commodity prices could therefore have a","page_number":46,"box":{"x":89,"y":524,"width":853,"height":12}},{"id":"62e57c25-fcc3-4640-9dfb-7165f67d7c14","block_type":"box","text":"negative impact on the Japanese economy.","page_number":46,"box":{"x":89,"y":539,"width":298,"height":12}},{"id":"09d2186a-7f65-4439-8778-b8976ac514c4","block_type":"box","text":"Geographic Risk","page_number":46,"box":{"x":89,"y":565,"width":113,"height":13}},{"id":"f79791b6-540c-4ec2-81a6-12997dd53ea3","block_type":"box","text":". Natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could occur in Japan or","page_number":46,"box":{"x":202,"y":565,"width":756,"height":13}},{"id":"29fc5a47-d22d-4d5e-b2b9-1d0787aa8499","block_type":"box","text":"surrounding areas and could negatively affect the Japanese economy, and, in turn, could negatively affect a Fund.","page_number":46,"box":{"x":89,"y":581,"width":790,"height":12}},{"id":"e201318c-7759-4b08-bc3b-96fb0042a73e","block_type":"box","text":"Labor Risk","page_number":46,"box":{"x":88,"y":607,"width":74,"height":10}},{"id":"74043001-e803-49b6-9303-f24163bb22f1","block_type":"box","text":". Japan has an aging workforce and has experienced a significant population decline in recent years. Japan’s labor","page_number":46,"box":{"x":162,"y":607,"width":791,"height":12}},{"id":"0a6f8745-eee5-4a25-b7dc-e3045b429ea5","block_type":"box","text":"market appears to be undergoing fundamental structural changes, as a labor market traditionally accustomed to lifetime","page_number":46,"box":{"x":89,"y":622,"width":845,"height":12}},{"id":"75e066b1-120a-4d36-b6fc-24aa21852f78","block_type":"box","text":"employment adjusts to meet the need for increased labor mobility, which may adversely affect Japan’s economic","page_number":46,"box":{"x":89,"y":637,"width":786,"height":13}},{"id":"fefe8373-5074-4223-849d-6f3f73455940","block_type":"box","text":"competitiveness.","page_number":46,"box":{"x":89,"y":653,"width":116,"height":12}},{"id":"96babfdf-c698-42dc-8904-82c7ded3b7d1","block_type":"box","text":"Large Government and Corporate Debt Risk","page_number":46,"box":{"x":88,"y":679,"width":306,"height":12}},{"id":"299e1611-b68f-457a-aad5-3d0a6591419b","block_type":"box","text":". The Japanese economy faces several concerns, including a financial system with","page_number":46,"box":{"x":394,"y":679,"width":568,"height":12}},{"id":"2204a324-8edb-4b3f-8671-142a6f41d571","block_type":"box","text":"large levels of nonperforming loans, over-leveraged corporate balance sheets, extensive cross-ownership by major","page_number":46,"box":{"x":89,"y":694,"width":799,"height":12}},{"id":"a2e508d2-3de5-4db3-91ac-33ce6f5a5587","block_type":"box","text":"corporations, a changing corporate governance structure, and large government deficits. These issues may cause a","page_number":46,"box":{"x":89,"y":709,"width":806,"height":12}},{"id":"f4bca594-0fdb-4b30-8257-8489835a5ac5","block_type":"box","text":"slowdown of the Japanese economy.","page_number":46,"box":{"x":89,"y":724,"width":253,"height":13}},{"id":"262c0c13-0ce7-4484-9026-f76b170a4526","block_type":"box","text":"Political Risk","page_number":46,"box":{"x":88,"y":751,"width":88,"height":9}},{"id":"af58ee86-3b77-461b-83b8-b81e30081e90","block_type":"box","text":". Historically, Japan has had unpredictable national politics and may experience frequent political turnover. Future","page_number":46,"box":{"x":176,"y":751,"width":790,"height":12}},{"id":"e480e811-4da5-4565-ba23-75f9f415ee4a","block_type":"box","text":"political developments may lead to changes in policy that might adversely affect a Fund’s investments. In addition, China has","page_number":46,"box":{"x":89,"y":766,"width":873,"height":12}},{"id":"5e50e90e-328c-4a46-8811-0ff7ff449abc","block_type":"box","text":"become an important trading partner with Japan. Japan’s political relationship with China, however, has been strained. Should","page_number":46,"box":{"x":89,"y":781,"width":877,"height":12}},{"id":"d36c6fb6-1178-441e-9ade-1d1859ed796c","block_type":"box","text":"political tension increase, it could adversely affect the Japanese economy and destabilize the region as a whole.","page_number":46,"box":{"x":89,"y":796,"width":773,"height":12}},{"id":"4ee358b2-8110-43b6-9334-b5fb3fbac3c0","block_type":"box","text":"Risk of Investing in Mexico.","page_number":46,"box":{"x":89,"y":822,"width":196,"height":13}},{"id":"3bf907e8-59d7-4295-864b-f649100548cb","block_type":"box","text":"Investment in Mexican issuers involves risks that are specific to Mexico, including regulatory,","page_number":46,"box":{"x":295,"y":822,"width":647,"height":13}},{"id":"2f931513-ebaf-4522-8e0e-be02d9bb1053","block_type":"box","text":"political, currency and economic risks. In the past, Mexico has experienced high interest rates, economic volatility, significant","page_number":46,"box":{"x":89,"y":838,"width":873,"height":12}},{"id":"33e44465-4bf3-44b9-bf04-baf24936ffa9","block_type":"box","text":"devaluation of its currency (the peso), and high unemployment rates. The Mexican economy, among other things, is","page_number":46,"box":{"x":89,"y":853,"width":814,"height":12}},{"id":"9ed71b8f-1580-44f7-a59d-25a3dfbecb19","block_type":"box","text":"26","page_number":46,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"615be020-15be-4837-9177-5378639b0793","block_type":"box","text":"dependent upon external trade with other economies, specifically with the U.S. and certain Latin American countries.","page_number":47,"box":{"x":89,"y":44,"width":823,"height":12}},{"id":"efa39fad-065e-4f60-993e-317b50974192","block_type":"box","text":"Political developments in the U.S. could have implications for trade arrangements between the U.S. and Mexico, which could","page_number":47,"box":{"x":89,"y":59,"width":869,"height":12}},{"id":"4f4c4943-9afe-4c3b-8922-2831d6b293a6","block_type":"box","text":"negatively affect the value of securities held by a Fund.","page_number":47,"box":{"x":89,"y":74,"width":380,"height":12}},{"id":"951fc9b0-df3d-4935-8451-bbf5024a1bb3","block_type":"box","text":"As a result, Mexico is dependent on, among other things, the U.S. economy and the economies of other Central and South","page_number":47,"box":{"x":88,"y":101,"width":856,"height":12}},{"id":"cc292bcc-2d6f-4ad2-b180-acb816d474e0","block_type":"box","text":"American countries, and any change in the price or demand for Mexican exports may have an adverse impact on the","page_number":47,"box":{"x":88,"y":116,"width":818,"height":12}},{"id":"77c0e44a-ac9b-4ae3-ae10-70b79374132f","block_type":"box","text":"Mexican economy. Because commodities such as oil and gas, minerals and metals represent a large portion of the region’s","page_number":47,"box":{"x":89,"y":131,"width":857,"height":12}},{"id":"6554c3d6-744c-44c1-868b-0a7b61119fd6","block_type":"box","text":"exports, the economies of these countries are particularly sensitive to fluctuations in commodity prices. For example, lower","page_number":47,"box":{"x":89,"y":146,"width":862,"height":12}},{"id":"08149654-06a8-42dd-90c7-535d95362efb","block_type":"box","text":"prices have negatively impacted Petróleos Mexicanos, the Mexican state-owned petroleum company, which accounts for","page_number":47,"box":{"x":89,"y":161,"width":847,"height":12}},{"id":"9d1cc65d-131e-48ff-89c8-a0da0010b812","block_type":"box","text":"approximately 30% of the Mexican government’s revenue.","page_number":47,"box":{"x":89,"y":176,"width":408,"height":13}},{"id":"30fbfcaf-6592-422e-9251-c50ef9733503","block_type":"box","text":"Mexico’s economy has become increasingly oriented toward manufacturing, including electronic equipment and machinery,","page_number":47,"box":{"x":89,"y":203,"width":869,"height":12}},{"id":"b5c01473-a5da-4d5e-87ef-2e053084b3ec","block_type":"box","text":"in the years since the North American Free Trade Agreement (“NAFTA”) entered into force. As Mexico’s top export is","page_number":47,"box":{"x":89,"y":218,"width":813,"height":12}},{"id":"6583a0ae-a150-443b-98b6-77ce55337dc5","block_type":"box","text":"automotive vehicles, its economy is strongly tied to the U.S. automotive market, and changes to certain segments in the U.S.","page_number":47,"box":{"x":89,"y":233,"width":869,"height":12}},{"id":"3ea1c9e7-cb05-4d9e-a163-86ad77427561","block_type":"box","text":"market could have an impact on the Mexican economy. In addition, political developments, including the implementation of","page_number":47,"box":{"x":89,"y":248,"width":868,"height":12}},{"id":"947b5dc8-13c8-47c3-804c-7e3e4eb88b99","block_type":"box","text":"tariffs by the U.S. and the renegotiation of NAFTA in the form of the United States-Mexico-Canada Agreement (“USMCA”),","page_number":47,"box":{"x":88,"y":263,"width":856,"height":12}},{"id":"249d244e-4992-400e-8ee6-126bb2160906","block_type":"box","text":"which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic outlook and, as a result, the value","page_number":47,"box":{"x":88,"y":278,"width":863,"height":13}},{"id":"64700597-105b-4aee-9a7a-3a92ae035cf7","block_type":"box","text":"of securities held by the Fund. The automotive industry and other industrial products can be highly cyclical, and companies","page_number":47,"box":{"x":89,"y":293,"width":862,"height":13}},{"id":"d029560f-47be-4c1d-8e62-63e5ebf4f27c","block_type":"box","text":"in these industries may suffer periodic operating losses. These industries can be significantly affected by labor relations and","page_number":47,"box":{"x":89,"y":308,"width":862,"height":13}},{"id":"d743dbdf-46f4-416f-9c18-993dfc5dcc81","block_type":"box","text":"fluctuating component prices.","page_number":47,"box":{"x":88,"y":324,"width":211,"height":12}},{"id":"0ccbb556-7ee9-42de-8db1-b798aeceeb7d","block_type":"box","text":"The agricultural and mining sectors of Mexico’s economy also account for a large portion of its exports; Mexico is therefore","page_number":47,"box":{"x":88,"y":350,"width":864,"height":12}},{"id":"1b84baad-cce9-4559-b7b7-736c3e867708","block_type":"box","text":"susceptible to fluctuations in the price and demand for agricultural products and natural resources. In addition, Mexico has","page_number":47,"box":{"x":89,"y":365,"width":861,"height":12}},{"id":"604714d7-2065-4403-97e4-0ad2982986cd","block_type":"box","text":"privatized or has begun the process of privatization of certain entities and industries, and some investors have suffered losses","page_number":47,"box":{"x":89,"y":380,"width":874,"height":13}},{"id":"1b22933d-e7a8-4d58-b197-c1bf358fe987","block_type":"box","text":"due to the inability of the newly privatized entities to adjust to a competitive environment and changing regulatory standards.","page_number":47,"box":{"x":89,"y":395,"width":877,"height":13}},{"id":"45178ea4-f12c-4830-ba4d-26ffe2f64e97","block_type":"box","text":"Recently, Mexico has experienced an outbreak of violence related to criminal gang activity, drug trafficking and terrorist","page_number":47,"box":{"x":89,"y":422,"width":835,"height":12}},{"id":"1d8cb685-e135-43d7-947f-20f953f5a5ee","block_type":"box","text":"actions. Violence near border areas, border-related political disputes, and other social upheaval may lead to strained","page_number":47,"box":{"x":89,"y":437,"width":811,"height":12}},{"id":"a4e08f1a-7dec-490a-93a9-71e9982debab","block_type":"box","text":"international relations. Incidents involving Mexico’s security may have an adverse effect on the Mexican economy and cause","page_number":47,"box":{"x":89,"y":452,"width":868,"height":12}},{"id":"7236fa69-e22b-4254-ad52-e84131733656","block_type":"box","text":"uncertainty in its financial markets. Mexico has also experienced contentious and very closely decided elections. Changes in","page_number":47,"box":{"x":89,"y":467,"width":866,"height":13}},{"id":"4c17f23c-6b40-4c94-8566-b0ec291ffb4a","block_type":"box","text":"political parties and other political events may affect the economy and contribute to additional instability. Mexico has been","page_number":47,"box":{"x":89,"y":482,"width":856,"height":13}},{"id":"af45887e-aa3f-4c5c-b6b2-057c168552ae","block_type":"box","text":"destabilized by local insurrections, social upheavals, drug related violence, and the public health crisis related to the H1N1","page_number":47,"box":{"x":89,"y":497,"width":847,"height":13}},{"id":"84c10c39-7fc2-4bc7-9d76-b5fd61f146d9","block_type":"box","text":"influenza outbreak. Recurrence of these or similar conditions may adversely impact the Mexican economy. Recently, Mexican","page_number":47,"box":{"x":89,"y":513,"width":873,"height":12}},{"id":"9f7aa9ef-2c3a-4184-9859-e7efaad25ed0","block_type":"box","text":"elections have been contentious and have been very closely decided. Changes in political parties or other Mexican political","page_number":47,"box":{"x":89,"y":528,"width":855,"height":12}},{"id":"7bc6d0dd-a8f0-49ea-b7eb-10efbab8b2d0","block_type":"box","text":"events may affect the economy and cause instability.","page_number":47,"box":{"x":89,"y":543,"width":367,"height":12}},{"id":"bca25adb-ad16-4153-81f0-a37df142cb9c","block_type":"box","text":"Risk of Investing in the Middle East.","page_number":47,"box":{"x":89,"y":569,"width":255,"height":13}},{"id":"14d59566-90fa-45cb-8f28-bd8a076dcf99","block_type":"box","text":"Many Middle Eastern countries have little or no democratic tradition, and the political","page_number":47,"box":{"x":353,"y":569,"width":596,"height":13}},{"id":"0421f82f-3fac-47fb-b137-2891a5c6d6e8","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":47,"box":{"x":89,"y":584,"width":857,"height":13}},{"id":"779481f8-b01c-469b-8d55-0d9ab77605cf","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":47,"box":{"x":89,"y":599,"width":857,"height":13}},{"id":"d3104d7e-9b9f-4556-a8d5-e24680a04ac9","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":47,"box":{"x":88,"y":615,"width":844,"height":12}},{"id":"a7412462-ea52-48d4-a7ea-1f4096f20159","block_type":"box","text":"global demand for oil and natural gas fluctuates, many Middle Eastern economies may be significantly impacted.","page_number":47,"box":{"x":89,"y":630,"width":789,"height":12}},{"id":"f9931384-d477-4628-9905-d4eb2979a731","block_type":"box","text":"In addition, many Middle Eastern governments have exercised and continue to exercise substantial influence over many","page_number":47,"box":{"x":89,"y":656,"width":837,"height":13}},{"id":"8f860d35-f313-496f-80ba-99e7a7e3bd11","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":47,"box":{"x":89,"y":671,"width":866,"height":13}},{"id":"31f67d97-bdc5-4c1f-af7f-61c33b538b95","block_type":"box","text":"including some of the largest companies in the country. Accordingly, governmental actions in the future could have a","page_number":47,"box":{"x":89,"y":686,"width":819,"height":13}},{"id":"d3b358c8-116f-4d06-b48b-9179eb24f412","block_type":"box","text":"significant effect on economic conditions in Middle Eastern countries. This could affect private sector companies and a Fund,","page_number":47,"box":{"x":89,"y":702,"width":875,"height":12}},{"id":"0770c742-e05e-48c8-8b38-f0f5654633f4","block_type":"box","text":"as well as the value of securities in the Fund’s portfolio.","page_number":47,"box":{"x":89,"y":717,"width":384,"height":12}},{"id":"9da03071-454d-43bb-be3b-737d20f7e601","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":47,"box":{"x":89,"y":743,"width":858,"height":12}},{"id":"89f3c479-7c24-475f-904e-9f9f366d29bf","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":47,"box":{"x":89,"y":758,"width":870,"height":13}},{"id":"3e7ec67b-9ae9-4903-a78c-2567c37bc0bb","block_type":"box","text":"a high concentration of investors and financial intermediaries. Brokers in Middle Eastern countries typically are fewer in","page_number":47,"box":{"x":89,"y":773,"width":832,"height":13}},{"id":"a65d0de6-e4f3-4572-8124-a0dba7644f4f","block_type":"box","text":"number and less capitalized than brokers in the U.S.","page_number":47,"box":{"x":89,"y":788,"width":361,"height":13}},{"id":"a379c2bd-6981-414e-8d4a-2cc94707c6fa","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":47,"box":{"x":88,"y":815,"width":874,"height":12}},{"id":"dd8487a5-09e8-4635-9b00-083535d6dd2b","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":47,"box":{"x":89,"y":830,"width":871,"height":12}},{"id":"da76dd63-5544-4bfd-9867-b7bd4154b76e","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":47,"box":{"x":89,"y":845,"width":838,"height":12}},{"id":"8cb4e97e-2375-4f3f-9010-28b4b2b00760","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":47,"box":{"x":88,"y":860,"width":843,"height":13}},{"id":"c1a701ea-798c-4686-8633-b02c3e563893","block_type":"box","text":"27","page_number":47,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"defedeec-a6fd-4790-ae63-ad85bef21ecf","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":48,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"82c928a8-3898-454d-8e5d-9b1f0191fd6d","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":48,"box":{"x":89,"y":59,"width":807,"height":12}},{"id":"079711da-2366-40aa-99d0-4ee66b2fbc76","block_type":"box","text":"judgment in a Middle Eastern country. Some Middle Eastern countries prohibit or impose substantial restrictions on","page_number":48,"box":{"x":88,"y":74,"width":809,"height":12}},{"id":"e09a2a5b-1e26-4bb4-987f-3a6487e1c021","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":48,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"3ac4b246-513d-43c3-8e95-b5c43e9482a5","block_type":"box","text":"countries may require governmental approval prior to investment by foreign persons or limit the amount of investment by","page_number":48,"box":{"x":89,"y":104,"width":852,"height":13}},{"id":"00ac9bf2-cdf3-4b8d-b02f-c0c2286ee239","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":48,"box":{"x":88,"y":119,"width":873,"height":13}},{"id":"3aa78c4d-c896-4bd8-9489-7a97bd0ea634","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":48,"box":{"x":89,"y":135,"width":863,"height":12}},{"id":"d371a0ca-c989-47b5-8931-3ef44726f2aa","block_type":"box","text":"available for purchase by nationals of the relevant Middle Eastern country.","page_number":48,"box":{"x":89,"y":150,"width":515,"height":12}},{"id":"4f58a593-9973-4273-8c6a-ee5113b98cc0","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":48,"box":{"x":88,"y":176,"width":870,"height":13}},{"id":"b6a1114b-a145-4293-a530-4021635714e6","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":48,"box":{"x":88,"y":191,"width":847,"height":13}},{"id":"6bdf1339-c60d-4b9e-8f73-6056ebac00f8","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":48,"box":{"x":89,"y":206,"width":861,"height":13}},{"id":"21bc02d1-dc8b-40fd-90d1-02d396375087","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":48,"box":{"x":89,"y":222,"width":870,"height":12}},{"id":"51803b41-2c21-4316-8d09-c4d62ebd71c1","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":48,"box":{"x":89,"y":237,"width":842,"height":12}},{"id":"2bb54160-1ecd-46cd-8bd6-fc4e65821fce","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":48,"box":{"x":89,"y":252,"width":803,"height":12}},{"id":"788bba58-8031-4738-a70c-f2d75e8b7d02","block_type":"box","text":"subsequently informed, at the time of re-registration, that the permissible allocation of the investment to foreign investors","page_number":48,"box":{"x":89,"y":267,"width":853,"height":12}},{"id":"fc5aac2f-b6a0-478c-a79b-c4e13b80734b","block_type":"box","text":"has already been filled and, consequently, a Fund may not be able to invest in the relevant company.","page_number":48,"box":{"x":89,"y":282,"width":697,"height":12}},{"id":"20ff058a-e4b6-4258-a909-cc73e06a3d57","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":48,"box":{"x":88,"y":308,"width":866,"height":13}},{"id":"1878f9e4-e55b-4abf-932c-5c0d020829d4","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":48,"box":{"x":89,"y":324,"width":844,"height":12}},{"id":"9222dae9-5d3e-4a28-877f-a3686775b682","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":48,"box":{"x":89,"y":339,"width":750,"height":12}},{"id":"e06bf879-2284-4807-8a67-cbb32e0d4fb8","block_type":"box","text":"Certain Middle Eastern countries may be heavily dependent upon international trade and, consequently, have been and may","page_number":48,"box":{"x":89,"y":365,"width":867,"height":12}},{"id":"ebb75c82-86c9-4254-91b0-244b11164957","block_type":"box","text":"continue to be negatively affected by trade barriers, exchange controls, managed adjustments in relative currency values and","page_number":48,"box":{"x":89,"y":380,"width":873,"height":13}},{"id":"d1b223dd-cd5d-4215-b42f-808a56a506cb","block_type":"box","text":"other protectionist measures imposed or negotiated by the countries with which they trade. These countries also have been","page_number":48,"box":{"x":89,"y":395,"width":866,"height":13}},{"id":"afe81ad8-d9a4-44e8-b2a7-6cd7c70e7cb0","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":48,"box":{"x":89,"y":410,"width":835,"height":13}},{"id":"8fa94ca8-1ed5-4ef0-9b39-7c2049bd8360","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":48,"box":{"x":89,"y":426,"width":859,"height":12}},{"id":"3fc8dc7d-fb79-4dd5-a656-a06e6d320369","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":48,"box":{"x":89,"y":441,"width":871,"height":12}},{"id":"597d6b15-0545-403c-aaca-1728d7b1c9fa","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":48,"box":{"x":89,"y":456,"width":835,"height":12}},{"id":"72d1dcea-1a50-456f-8e79-3627d4690e03","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":48,"box":{"x":89,"y":471,"width":863,"height":12}},{"id":"9aff79bb-8a7b-4e05-812f-4b246da293a3","block_type":"box","text":"indirectly subject to those risks.","page_number":48,"box":{"x":89,"y":486,"width":219,"height":12}},{"id":"616dcf52-62d3-4ba3-b4da-fce9a8e4f4c1","block_type":"box","text":"Certain Middle Eastern countries have strained relations with other Middle Eastern countries due to territorial disputes,","page_number":48,"box":{"x":89,"y":513,"width":830,"height":12}},{"id":"d59da3c1-7421-4fa8-810a-7d99ed853180","block_type":"box","text":"historical animosities, international alliances, defense concerns or other reasons, which may adversely affect the economies","page_number":48,"box":{"x":89,"y":528,"width":865,"height":12}},{"id":"6cd4309e-304b-4e48-b45f-c1c228967723","block_type":"box","text":"of these Middle Eastern countries. Certain Middle Eastern countries experience significant unemployment, as well as","page_number":48,"box":{"x":89,"y":543,"width":814,"height":12}},{"id":"8a04d380-d65f-4c39-9f6b-fb77109be401","block_type":"box","text":"widespread underemployment. There has also been a recent increase in recruitment efforts and an aggressive push for","page_number":48,"box":{"x":88,"y":558,"width":832,"height":12}},{"id":"0766ecfc-bf5a-4691-b08f-c214dc37d128","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":48,"box":{"x":88,"y":573,"width":880,"height":12}},{"id":"b26d5daf-8a7e-440c-aaf4-e6fea6cee16b","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":48,"box":{"x":89,"y":588,"width":878,"height":12}},{"id":"377b75fd-ea86-45bb-91c0-31426e6c346c","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":48,"box":{"x":89,"y":603,"width":855,"height":13}},{"id":"06ef5e7b-15c6-458a-8525-bea86ac5a2b9","block_type":"box","text":"intervention or lack of intervention, among other factors.","page_number":48,"box":{"x":89,"y":618,"width":397,"height":13}},{"id":"1dcbfe6c-1261-4f21-808e-62549bf0bcea","block_type":"box","text":"Risk of Investing in the Netherlands.","page_number":48,"box":{"x":89,"y":645,"width":259,"height":12}},{"id":"4295a6c9-6baa-4961-a3a5-85bf6b746754","block_type":"box","text":"Investment in Dutch issuers will subject a Fund to regulatory, political, currency,","page_number":48,"box":{"x":358,"y":645,"width":556,"height":12}},{"id":"e7566287-1c49-4d83-b992-b0c8c630a4a6","block_type":"box","text":"security, and economic risk specific to the Netherlands and the countries that use the euro. Among other things, the","page_number":48,"box":{"x":89,"y":660,"width":813,"height":12}},{"id":"fbd98a69-d3a5-4fab-b903-55cb5c2f998c","block_type":"box","text":"Netherlands’ economy is heavily dependent on trading relationships with certain key trading partners, including the U.S., U.K.,","page_number":48,"box":{"x":89,"y":675,"width":877,"height":12}},{"id":"6db5376d-11cd-46d5-877b-7f67f75206fa","block_type":"box","text":"France and Germany. Future changes in the price or the demand for Dutch products or services by the U.S., U.K., France and","page_number":48,"box":{"x":89,"y":690,"width":866,"height":13}},{"id":"ea59f1ea-0cbd-49eb-b48a-e3e9e7f7d9dc","block_type":"box","text":"Germany or changes in these countries’ economies, trade regulations or currency exchange rates could adversely impact the","page_number":48,"box":{"x":89,"y":705,"width":873,"height":13}},{"id":"4849b72d-f989-4f96-84b1-b9b9a7e962f3","block_type":"box","text":"Dutch economy and the issuers to which a Fund has exposure. The Dutch economy relies on export of financial services to","page_number":48,"box":{"x":89,"y":720,"width":860,"height":13}},{"id":"4abc48e0-bd71-4f9e-8454-7a71a50e544e","block_type":"box","text":"other European countries. A prolonged slowdown in the financial services sector will have a negative impact on the Dutch","page_number":48,"box":{"x":89,"y":736,"width":852,"height":12}},{"id":"fad9c9ef-183f-4e5a-ba7e-9f866acc3e6d","block_type":"box","text":"economy. The Dutch economy, along with the U.S. and certain other European economies, experienced a significant","page_number":48,"box":{"x":89,"y":751,"width":812,"height":12}},{"id":"4e29981a-179c-44be-b796-a3c2573d22d3","block_type":"box","text":"economic slowdown during the recent financial crisis. European financial markets have since been adversely affected by the","page_number":48,"box":{"x":89,"y":766,"width":865,"height":12}},{"id":"7771eb45-a14a-45dc-af23-723fc8cbf732","block_type":"box","text":"resulting fiscal crises in Greece, Ireland, Italy, Portugal and Spain. As a result, the Netherlands may have trouble accessing","page_number":48,"box":{"x":89,"y":781,"width":845,"height":12}},{"id":"1a7fbad7-8fc3-4300-98b5-3c2870dca802","block_type":"box","text":"capital markets and may be forced to pay higher interest rates on its debt than if it did not use the euro as its currency. In","page_number":48,"box":{"x":89,"y":796,"width":844,"height":12}},{"id":"2fea2760-1218-4664-9470-7bf9ae3715d3","block_type":"box","text":"addition, the Netherlands may be indirectly exposed to the debt of the aforementioned countries through its banking sector.","page_number":48,"box":{"x":89,"y":811,"width":867,"height":12}},{"id":"e89f0898-f1b0-4386-a409-b444bdbadb37","block_type":"box","text":"Any default by a country that uses the euro may therefore have a material adverse effect on the Dutch economy.","page_number":48,"box":{"x":88,"y":826,"width":785,"height":13}},{"id":"5ee106d3-bf86-4340-b82c-653ab31dcabc","block_type":"box","text":"28","page_number":48,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c444e90a-8e39-4d69-8808-b9872940722c","block_type":"box","text":"Risk of Investing in North America.","page_number":49,"box":{"x":89,"y":44,"width":250,"height":12}},{"id":"713aa12e-ebfb-40eb-b3ca-4be22701fba8","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations or an economic recession","page_number":49,"box":{"x":348,"y":44,"width":619,"height":12}},{"id":"f4469592-9992-4745-aa64-de58084d0402","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":49,"box":{"x":89,"y":59,"width":862,"height":12}},{"id":"e9bd3f3a-43a4-4a78-ab11-a11070e3ad58","block_type":"box","text":"all of the North American countries in which a Fund invests.","page_number":49,"box":{"x":89,"y":74,"width":418,"height":10}},{"id":"23af8828-2ab8-4e23-85c8-51459bdb190e","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":49,"box":{"x":88,"y":101,"width":817,"height":12}},{"id":"41e9a180-3192-4430-808a-65946660605a","block_type":"box","text":"significantly affected by developments in the U.S. economy. Since the implementation of NAFTA in 1994 among Canada, the","page_number":49,"box":{"x":89,"y":116,"width":869,"height":12}},{"id":"9c2b1a0b-4392-44d7-bffa-7adff855b0e3","block_type":"box","text":"U.S. and Mexico, total merchandise trade among the three countries has increased. However, political developments","page_number":49,"box":{"x":89,"y":131,"width":812,"height":12}},{"id":"8e411f71-6ac2-4680-9d98-b2f967bf2c39","block_type":"box","text":"including the implementation of tariffs by the U.S., and the renegotiation of NAFTA in the form of the United States-Mexico","page_number":49,"box":{"x":89,"y":146,"width":867,"height":12}},{"id":"e78d90a8-f430-4b92-95e5-b8a5676b2b21","block_type":"box","text":"Canada Agreement (“USMCA”), which replaced NAFTA on July 1, 2020, could negatively affect North America’s economic","page_number":49,"box":{"x":89,"y":161,"width":850,"height":12}},{"id":"9b2db571-6dfe-4eec-a603-8a3e5d235d82","block_type":"box","text":"outlook and, as a result, the value of securities held by a Fund. Policy and legislative changes in one country may have a","page_number":49,"box":{"x":89,"y":176,"width":834,"height":13}},{"id":"a2096054-a3a1-4dee-8ae9-5f8cd713d1d1","block_type":"box","text":"significant effect on North American markets generally, as well as on the value of certain securities held by a Fund.","page_number":49,"box":{"x":89,"y":191,"width":798,"height":13}},{"id":"46c1bb16-bb94-4f5c-b608-2c54ae05fe41","block_type":"box","text":"Risk of Investing in Saudi Arabia.","page_number":49,"box":{"x":89,"y":218,"width":236,"height":12}},{"id":"9eacb7b9-7dc9-4601-85ca-d03182a61a8a","block_type":"box","text":"Certain of the Funds’ Underlying Indexes include Saudi Arabian equity securities. The","page_number":49,"box":{"x":334,"y":218,"width":595,"height":12}},{"id":"2862eabe-6b4c-4066-9b71-481687aaf076","block_type":"box","text":"ability of foreign investors (such as the Funds) to invest in the securities of Saudi Arabian issuers is relatively new. Such ability","page_number":49,"box":{"x":89,"y":233,"width":877,"height":12}},{"id":"ff116620-8d8e-47cb-b020-398d83dadd0a","block_type":"box","text":"could be restricted by the Saudi Arabian government at any time, and unforeseen risks could materialize with respect to","page_number":49,"box":{"x":89,"y":248,"width":836,"height":12}},{"id":"8049db4c-de42-4cd1-a125-b3415e9fd4bd","block_type":"box","text":"foreign ownership in such securities. In addition, the Capital Market Authority (“CMA”) places investment limitations on the","page_number":49,"box":{"x":88,"y":263,"width":865,"height":12}},{"id":"a77f0c7e-5fa4-475b-8c54-be424d6eed35","block_type":"box","text":"ownership of the securities of Saudi Arabian issuers by foreign investors, including a limitation on a Fund’s ownership of the","page_number":49,"box":{"x":89,"y":278,"width":867,"height":13}},{"id":"31eead51-b279-4b67-ad06-77b4b162bf5c","block_type":"box","text":"securities of any single issuer listed on the Saudi Arabian Stock Exchange, which may prevent a Fund from investing in","page_number":49,"box":{"x":89,"y":293,"width":827,"height":13}},{"id":"3a52c303-caf5-4344-a1d9-778ed5da4131","block_type":"box","text":"accordance with its strategy and contribute to tracking error against the Underlying Index. These restrictions may be","page_number":49,"box":{"x":89,"y":308,"width":816,"height":13}},{"id":"69cb79b2-7ff8-4690-8752-97465e4a0c66","block_type":"box","text":"changed or new restrictions, such as licensing requirements, special approvals or additional foreign taxes, may be instituted","page_number":49,"box":{"x":89,"y":324,"width":865,"height":12}},{"id":"4471dc0c-24dd-4977-b428-1ae29405137c","block_type":"box","text":"at any time. A Fund may not be able to obtain or maintain any such licenses or approvals and may not be able to buy and sell","page_number":49,"box":{"x":89,"y":339,"width":874,"height":12}},{"id":"d912ac89-49d5-4d83-b236-3ea6a3e67047","block_type":"box","text":"securities at full value. Major disruptions or regulatory changes could occur in the Saudi Arabian market, any of which could","page_number":49,"box":{"x":89,"y":354,"width":868,"height":12}},{"id":"68994072-96c1-4192-b61f-f8011c2b3e0d","block_type":"box","text":"negatively impact a Fund. These risks may be exacerbated, compared to more developed markets, given the limited history of","page_number":49,"box":{"x":89,"y":369,"width":879,"height":12}},{"id":"95291f97-4abb-4a1f-8913-1123479aa4c4","block_type":"box","text":"foreign investment in the Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation","page_number":49,"box":{"x":88,"y":384,"width":874,"height":12}},{"id":"f922f4dc-d598-4d88-9569-0ef9ed965fe4","block_type":"box","text":"or nationalization of assets and property or the imposition of restrictions on additional foreign investments and repatriation","page_number":49,"box":{"x":89,"y":399,"width":862,"height":13}},{"id":"a48567f3-93ab-464a-b0f6-935b7fefc6d0","block_type":"box","text":"of capital. Such heightened risks may include, among others, restrictions on and government intervention in international","page_number":49,"box":{"x":89,"y":414,"width":850,"height":13}},{"id":"7dbe8674-dbec-41b7-9403-936a2a2f6c13","block_type":"box","text":"trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":49,"box":{"x":88,"y":429,"width":875,"height":13}},{"id":"267b2539-0dd4-4450-87ef-04ce818d46fc","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":49,"box":{"x":89,"y":445,"width":858,"height":12}},{"id":"568ef6f0-25a5-4f09-97be-ed06b4cc9924","block_type":"box","text":"privatized, or has begun the process of privatizing, certain entities and industries. Newly privatized companies may face","page_number":49,"box":{"x":89,"y":460,"width":832,"height":12}},{"id":"e9fb7c6c-496c-4c0d-af00-7dca09b3be28","block_type":"box","text":"strong competition from government-sponsored competitors that have not been privatized. In some instances, investors in","page_number":49,"box":{"x":89,"y":475,"width":860,"height":12}},{"id":"1f67f0cd-ec06-4201-8535-266a5f4498db","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":49,"box":{"x":89,"y":490,"width":814,"height":12}},{"id":"dcb4972c-c5e2-4b8c-85d5-829e0c159e49","block_type":"box","text":"competitive environment or changing regulatory and legal standards or, in some cases, due to re-nationalization of such","page_number":49,"box":{"x":89,"y":505,"width":840,"height":12}},{"id":"8632e5ff-8656-4b8d-8749-1f9d8276edbe","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":49,"box":{"x":89,"y":520,"width":844,"height":12}},{"id":"15dc325d-c9ab-44b6-acc6-c97d2e0ad613","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":49,"box":{"x":89,"y":535,"width":874,"height":13}},{"id":"9504926c-18a3-409c-a7c5-fcba28a45e14","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":49,"box":{"x":88,"y":550,"width":840,"height":13}},{"id":"1cbd9aa4-98e0-4db9-923d-531fbd41a669","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":49,"box":{"x":89,"y":565,"width":831,"height":13}},{"id":"2176dc40-f72e-4179-a2fc-57c0062f1a31","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":49,"box":{"x":88,"y":581,"width":870,"height":12}},{"id":"1925d6c1-3310-40e1-9edc-50310a8aae19","block_type":"box","text":"production or processing facilities in Saudi Arabia. As global demand for petroleum fluctuates, Saudi Arabia may be","page_number":49,"box":{"x":89,"y":596,"width":807,"height":12}},{"id":"39695eb4-36b0-4a28-96d9-32f06e8e1778","block_type":"box","text":"significantly impacted. In the recent past, the Saudi Arabian government has explored privatization and diversification of the","page_number":49,"box":{"x":89,"y":611,"width":868,"height":12}},{"id":"b7c64faf-de9f-46b7-a4d7-845dd791184b","block_type":"box","text":"economy in the wake of a diminished petroleum market.","page_number":49,"box":{"x":89,"y":626,"width":394,"height":12}},{"id":"223059b0-a496-4fbd-a11a-fd8eb6483132","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over many aspects of","page_number":49,"box":{"x":89,"y":652,"width":876,"height":13}},{"id":"65f7aeba-1985-469c-8249-8562ca763b47","block_type":"box","text":"the private sector. Although liberalization in the wider economy is underway, in many areas it has lagged significantly:","page_number":49,"box":{"x":88,"y":668,"width":822,"height":12}},{"id":"488593ed-8ec8-4c30-8041-4886a8aeab6d","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":49,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"9c23bc6d-31ff-47a5-9dca-db97ba3909a1","block_type":"box","text":"exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi Arabia has historically experienced","page_number":49,"box":{"x":89,"y":698,"width":847,"height":12}},{"id":"c7314331-db72-4c59-87c0-fac22f88ce04","block_type":"box","text":"strained relations with economic partners worldwide, including other countries in the Middle East, due to geopolitical events.","page_number":49,"box":{"x":89,"y":713,"width":874,"height":12}},{"id":"99b12e16-f2d2-40d9-93a7-cc2ff8b0394b","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":49,"box":{"x":89,"y":728,"width":847,"height":12}},{"id":"75d60148-e2e8-40ca-8ee2-635fd0957d7d","block_type":"box","text":"markets and may adversely affect its economy and a Fund’s investments.","page_number":49,"box":{"x":89,"y":743,"width":510,"height":12}},{"id":"29e06c71-1712-46b9-941f-560f5aa67c09","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":49,"box":{"x":89,"y":770,"width":877,"height":12}},{"id":"8f14f5a2-5830-4887-ab85-f9a059c1a5b7","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":49,"box":{"x":89,"y":785,"width":836,"height":12}},{"id":"e5ff8331-9827-4816-a49a-a6857edba7f0","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":49,"box":{"x":88,"y":800,"width":872,"height":12}},{"id":"357e570c-4bac-45a3-8342-dada71a005f9","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":49,"box":{"x":88,"y":815,"width":847,"height":12}},{"id":"46f42cfe-1729-423d-a814-48633fd50c94","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":49,"box":{"x":88,"y":830,"width":872,"height":12}},{"id":"1c72ee83-64c4-4d1e-ad72-e7e4820165ad","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":49,"box":{"x":89,"y":845,"width":859,"height":12}},{"id":"81357a97-68e9-4d0a-b9a5-bd6703ca16be","block_type":"box","text":"29","page_number":49,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b93cb9c6-5424-4627-8148-9a357b724674","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":50,"box":{"x":88,"y":44,"width":864,"height":12}},{"id":"8df45337-5dac-44ce-aef1-4117de40a394","block_type":"box","text":"an adverse effect on the economy.","page_number":50,"box":{"x":89,"y":59,"width":238,"height":12}},{"id":"01fcc14a-6ddb-4b24-9abb-79f2de101270","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":50,"box":{"x":88,"y":85,"width":871,"height":13}},{"id":"b2c3ce3e-4766-4a17-b2a3-47b56c099711","block_type":"box","text":"Saudi Arabia are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume,","page_number":50,"box":{"x":88,"y":101,"width":865,"height":12}},{"id":"151195b2-64b1-4492-83ae-50854202af15","block_type":"box","text":"illiquidity, inflation, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control","page_number":50,"box":{"x":89,"y":116,"width":860,"height":12}},{"id":"70ce146f-0adc-4123-9100-ef723afae071","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":50,"box":{"x":89,"y":131,"width":840,"height":12}},{"id":"98470658-96d8-4e25-9891-7d111f5ff32e","block_type":"box","text":"those of companies on exchanges in more developed markets. Such infrequent trading may adversely affect the pricing of","page_number":50,"box":{"x":88,"y":146,"width":855,"height":12}},{"id":"fc8b15f8-7662-4281-8cfa-772e1e5ac876","block_type":"box","text":"these securities and a Fund’s ability to sell these securities in the future.","page_number":50,"box":{"x":88,"y":161,"width":500,"height":12}},{"id":"fbdce7e4-e74a-4169-a2f2-4e2e64e12090","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political instability,","page_number":50,"box":{"x":88,"y":188,"width":866,"height":12}},{"id":"09412729-3f8b-46e8-b303-99d37a70fd01","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":50,"box":{"x":89,"y":203,"width":872,"height":12}},{"id":"2fe1ec17-addd-4400-96c0-4ec8dbee61e1","block_type":"box","text":"could adversely impact the economy of Saudi Arabia. Instability may be caused by military developments, government","page_number":50,"box":{"x":89,"y":218,"width":827,"height":12}},{"id":"e06e1ec3-f673-4bf2-8454-fc23dc034550","block_type":"box","text":"interventions in the marketplace, terrorism, extremist attitudes, attempted social or political reforms, religious differences, or","page_number":50,"box":{"x":89,"y":233,"width":870,"height":12}},{"id":"8541ef07-85c4-4bf8-996c-78670360b4ae","block_type":"box","text":"other factors. Additionally, anti-Western views held by certain groups in the Middle East may influence government policies","page_number":50,"box":{"x":89,"y":248,"width":861,"height":12}},{"id":"6a274e27-b3e3-4dfc-8424-0db78b887b89","block_type":"box","text":"regarding foreign investment. Further developments in U.S. relations with Saudi Arabia and other Middle-Eastern countries","page_number":50,"box":{"x":89,"y":263,"width":858,"height":12}},{"id":"5aa9e66a-2ce0-464b-98da-7380b37b95d3","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":50,"box":{"x":89,"y":278,"width":853,"height":13}},{"id":"fb09df3a-d756-48cb-860b-386556657d10","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":50,"box":{"x":89,"y":293,"width":862,"height":13}},{"id":"27527874-8104-4af7-8235-f5d846dfe2a9","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":50,"box":{"x":89,"y":308,"width":849,"height":13}},{"id":"57039ce1-3791-470b-8810-5de2a88de644","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":50,"box":{"x":89,"y":324,"width":817,"height":12}},{"id":"64317c1e-30ee-431a-ad60-a3e5a9cfd85f","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":50,"box":{"x":89,"y":339,"width":840,"height":12}},{"id":"ede24102-6667-4e7d-a9d2-b7600fa668bc","block_type":"box","text":"significant disruptions to many industries. Continued political and social unrest in these areas may negatively affect the value","page_number":50,"box":{"x":89,"y":354,"width":874,"height":12}},{"id":"059212e8-9950-4ef9-9f3b-76f7c746108e","block_type":"box","text":"of securities in a Fund’s portfolio.","page_number":50,"box":{"x":89,"y":369,"width":231,"height":12}},{"id":"8b038ae6-ae05-4d34-bf06-f142196b1d4a","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":50,"box":{"x":89,"y":395,"width":806,"height":13}},{"id":"e4aac6af-604b-4ec9-83b6-b5a54b72e9ae","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":50,"box":{"x":89,"y":410,"width":856,"height":13}},{"id":"a8d62b21-7ce2-4346-9b86-7f5c4e9a76a8","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":50,"box":{"x":89,"y":426,"width":850,"height":12}},{"id":"a3b662fb-878a-4057-b50f-0241c8511af3","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":50,"box":{"x":89,"y":441,"width":845,"height":12}},{"id":"d1730c9d-2bdd-4b63-932d-5d2e5fc2884a","block_type":"box","text":"risks.","page_number":50,"box":{"x":89,"y":456,"width":34,"height":10}},{"id":"f4a3fb36-1179-4879-98c0-5ba9dead964a","block_type":"box","text":"Risk of Investing in Switzerland.","page_number":50,"box":{"x":89,"y":482,"width":227,"height":13}},{"id":"745e6ac1-100b-4b7c-8632-faa386a56bd6","block_type":"box","text":"Investment in Swiss issuers will subject a Fund to legal, regulatory, political, currency,","page_number":50,"box":{"x":326,"y":482,"width":593,"height":13}},{"id":"3f3bd977-94f2-4643-9e81-396d924388c3","block_type":"box","text":"security, and economic risks specific to Switzerland. Among other things, Switzerland’s economy is heavily dependent on","page_number":50,"box":{"x":89,"y":497,"width":846,"height":13}},{"id":"bf8af9f1-2a6d-428c-b477-7fd8b6ec2fab","block_type":"box","text":"trading relationships with certain key trading partners, including the U.S., U.K., China, France and Germany. Future changes in","page_number":50,"box":{"x":88,"y":513,"width":877,"height":12}},{"id":"55856cff-8c34-4d9a-a344-8a22b6ccfd8d","block_type":"box","text":"the price or the demand for Swiss products or services by the U.S., U.K., China, France and Germany or changes in these","page_number":50,"box":{"x":88,"y":528,"width":839,"height":12}},{"id":"8f306f02-f1a8-42a1-8a94-5cb7c1775f20","block_type":"box","text":"countries’ economies, trade regulations or currency exchange rates could adversely impact the Swiss economy and the","page_number":50,"box":{"x":89,"y":543,"width":834,"height":12}},{"id":"f2f1c199-914f-4292-a8ca-1b45555e563c","block_type":"box","text":"issuers to which a Fund has exposure. Switzerland’s economy relies heavily on the banking sector, and in recent years,","page_number":50,"box":{"x":89,"y":558,"width":824,"height":12}},{"id":"6c6ea50b-50ad-4697-8b2b-eb06cc98c44b","block_type":"box","text":"Switzerland has responded to increasing pressure from neighboring countries and trading partners to reform its banking","page_number":50,"box":{"x":88,"y":573,"width":842,"height":12}},{"id":"a83def48-1870-4249-b60d-a4c481d61eca","block_type":"box","text":"secrecy laws. Recently, allegations have surfaced that certain Swiss banking institutions marketed and sold offshore tax","page_number":50,"box":{"x":89,"y":588,"width":834,"height":12}},{"id":"ebaea4dc-4b79-492c-b107-d0ccfdac49d2","block_type":"box","text":"evasion services to U.S. citizens. Future litigation or settlements arising from these accusations may have a negative impact","page_number":50,"box":{"x":89,"y":603,"width":861,"height":13}},{"id":"4b35a206-6222-4cca-a564-a7ec4bc7059f","block_type":"box","text":"on certain companies to which a Fund has exposure. Due to the lack of natural resources, Switzerland is dependent upon","page_number":50,"box":{"x":89,"y":618,"width":847,"height":13}},{"id":"1cabe232-7806-4fa2-9476-d968ac358be7","block_type":"box","text":"imports for raw materials. As a result, any drastic price fluctuations in the price of certain raw materials will likely have a","page_number":50,"box":{"x":89,"y":633,"width":836,"height":13}},{"id":"08ce336a-08d3-4084-a9f3-dc681a20b022","block_type":"box","text":"significant impact on the Swiss economy.","page_number":50,"box":{"x":89,"y":649,"width":288,"height":12}},{"id":"51c7305f-042f-4060-b940-ff77f0caedb5","block_type":"box","text":"U.S. Economic Trading Partners Risk.","page_number":50,"box":{"x":89,"y":675,"width":264,"height":12}},{"id":"ffef004f-fbf5-473d-a1d1-1c5aa5ad1785","block_type":"box","text":"The U.S. is a significant, and in some cases the most significant, trading partner of, or","page_number":50,"box":{"x":362,"y":675,"width":597,"height":12}},{"id":"8dde7153-dcce-4d49-80d3-de30171b0981","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":50,"box":{"x":88,"y":690,"width":838,"height":13}},{"id":"fd6d659e-01c3-445c-bc43-eb7615b15d97","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":50,"box":{"x":89,"y":705,"width":803,"height":13}},{"id":"cbd0ba82-dd83-41f5-9e96-624f03eb9157","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":50,"box":{"x":89,"y":720,"width":838,"height":13}},{"id":"e5b2a113-2180-4b75-945a-ce6addff2680","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":50,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"33ed559a-1b07-4ec4-8cde-a07b94292b72","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":50,"box":{"x":89,"y":751,"width":838,"height":12}},{"id":"60b32aa4-fd1d-4554-9b8a-1b8f1e3de80b","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":50,"box":{"x":89,"y":766,"width":874,"height":12}},{"id":"14674593-2d22-4c6a-a788-245146ca3566","block_type":"box","text":"global financial system.","page_number":50,"box":{"x":89,"y":781,"width":162,"height":12}},{"id":"3029ea91-4fdd-4bb4-947b-8bac8173e83c","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":50,"box":{"x":88,"y":807,"width":854,"height":13}},{"id":"a7bf364b-fe61-4897-8fb6-34a79d7e3665","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":50,"box":{"x":89,"y":822,"width":873,"height":13}},{"id":"21642f8d-a72d-4b50-82fc-1d4a69e5949c","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":50,"box":{"x":89,"y":838,"width":862,"height":12}},{"id":"01e5aaf3-990d-4874-8429-5ebf359f326d","block_type":"box","text":"the issuers in which a Fund invests.","page_number":50,"box":{"x":88,"y":853,"width":247,"height":9}},{"id":"762f4f35-c214-423b-bf73-a1bad98dce74","block_type":"box","text":"30","page_number":50,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2baa12cc-ebd3-4865-b1c4-fefb06893ba1","block_type":"box","text":"Risk of Investing in the Communication Services Sector.","page_number":51,"box":{"x":89,"y":44,"width":401,"height":12}},{"id":"6d78fcb0-3be1-4441-aa20-0c9392135da1","block_type":"box","text":"The communication services sector consists of both companies in","page_number":51,"box":{"x":498,"y":44,"width":464,"height":12}},{"id":"9eea7d11-429d-4abd-a718-0d57c257fcc3","block_type":"box","text":"the telecommunication services industry as well as those in the media and entertainment industry. Examples of companies in","page_number":51,"box":{"x":88,"y":59,"width":877,"height":12}},{"id":"fc116580-98ba-4c41-9e15-40d812d80179","block_type":"box","text":"the telecommunication services industry group include providers of fiber-optic, fixed-line, cellular and wireless","page_number":51,"box":{"x":88,"y":74,"width":774,"height":12}},{"id":"5ec05afe-c5df-4a54-8801-95a406e52d69","block_type":"box","text":"telecommunications networks. Companies in the media and entertainment industry group encompass a variety of services","page_number":51,"box":{"x":88,"y":89,"width":860,"height":13}},{"id":"8c4da804-b147-405c-a9d4-c75624c1f63d","block_type":"box","text":"and products including television broadcasting, gaming products, social media, networking platforms, online classifieds,","page_number":51,"box":{"x":89,"y":104,"width":841,"height":13}},{"id":"036de572-3eb9-4f62-9bef-cc5e7cb4761f","block_type":"box","text":"online review websites, and Internet search engines. Companies in the communication services sector may be affected by","page_number":51,"box":{"x":89,"y":119,"width":851,"height":13}},{"id":"b666c217-c75b-473b-bdc4-acc10784d19e","block_type":"box","text":"industry competition, substantial capital requirements, government regulation, and obsolescence of communications","page_number":51,"box":{"x":89,"y":135,"width":822,"height":12}},{"id":"60fcd01b-763e-42d3-be33-48614615dd49","block_type":"box","text":"products and services due to technological advancement. Fluctuating domestic and international demand, shifting","page_number":51,"box":{"x":89,"y":150,"width":803,"height":12}},{"id":"a0362f6f-bce4-4c6e-838b-873d49e0eeda","block_type":"box","text":"demographics and often unpredictable changes in consumer tastes can drastically affect a communication services","page_number":51,"box":{"x":89,"y":165,"width":808,"height":12}},{"id":"12694d1d-f691-48c7-8716-fe23bf922fd2","block_type":"box","text":"company’s profitability. In addition, while all companies may be susceptible to network security breaches, certain companies","page_number":51,"box":{"x":89,"y":180,"width":870,"height":12}},{"id":"262b6dd9-24be-429c-ac1e-50d9417ca217","block_type":"box","text":"in the communication services sector may be particular targets of hacking and potential theft of proprietary or consumer","page_number":51,"box":{"x":89,"y":195,"width":848,"height":12}},{"id":"1c3d14da-59cb-4411-ac9b-a0de1b70a1df","block_type":"box","text":"information or disruptions in service, which could have a material adverse effect on their businesses.","page_number":51,"box":{"x":89,"y":210,"width":702,"height":13}},{"id":"14dd6bfa-e95d-48f2-bccf-205e2352d3b9","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":51,"box":{"x":88,"y":237,"width":879,"height":12}},{"id":"e77c8b2b-a79e-4e51-bea5-8a2c18954296","block_type":"box","text":"complying with governmental regulations, delays or failure to receive required regulatory approvals, or the enactment of new","page_number":51,"box":{"x":89,"y":252,"width":875,"height":12}},{"id":"d64cf912-57a9-4166-a2a1-b3c553c7e0fb","block_type":"box","text":"regulatory requirements may negatively affect the business of communications companies. Government actions around the","page_number":51,"box":{"x":89,"y":267,"width":867,"height":12}},{"id":"3d93a293-39e3-4107-a514-b6af31c409dd","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":51,"box":{"x":88,"y":282,"width":843,"height":12}},{"id":"54bf0a6b-84ff-4d67-9190-71f44243ab45","block_type":"box","text":"communications services industry can also be significantly affected by intense competition for market share, including","page_number":51,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"8c5b78ef-59dc-49a5-a4a2-73c09ed13e63","block_type":"box","text":"competition with alternative technologies such as wireless communications, product compatibility and standardization,","page_number":51,"box":{"x":89,"y":312,"width":837,"height":13}},{"id":"004d7eac-3e7c-455b-8519-474d9d9855b6","block_type":"box","text":"consumer preferences, rapid product obsolescence, research and development of new products, lack of standardization or","page_number":51,"box":{"x":89,"y":327,"width":857,"height":13}},{"id":"6eaa7cae-6ea0-460c-8402-89bfcf7a2b1b","block_type":"box","text":"compatibility with existing technologies, and a dependency on patent and copyright protections. Companies in the","page_number":51,"box":{"x":89,"y":342,"width":803,"height":13}},{"id":"ec3478e8-f86c-46b8-a7b6-a5ad42fb160d","block_type":"box","text":"communication services sector may encounter distressed cash flows due to the need to commit substantial capital to meet","page_number":51,"box":{"x":89,"y":358,"width":864,"height":12}},{"id":"241ec756-9d65-452c-9a08-22081ab51401","block_type":"box","text":"increasing competition, particularly in developing new products and services using new technology. Technological","page_number":51,"box":{"x":89,"y":373,"width":799,"height":12}},{"id":"7dcafb31-f752-4a29-baa7-7de48f4130e6","block_type":"box","text":"innovations may make the products and services of certain communications companies obsolete.","page_number":51,"box":{"x":89,"y":388,"width":683,"height":12}},{"id":"a4b6005f-25c1-4ca5-a4e7-751181e2723e","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":51,"box":{"x":88,"y":414,"width":850,"height":13}},{"id":"988efe2d-8f19-4038-a686-e8a0374b4d39","block_type":"box","text":"provide services in a given location. Licensing and franchise rights in the telecommunications sector are limited, which may","page_number":51,"box":{"x":89,"y":429,"width":864,"height":13}},{"id":"a20daab8-f688-465a-a8c5-8eebbc7de837","block_type":"box","text":"provide an advantage to certain participants. Limited availability of such rights, high barriers to market entry and regulatory","page_number":51,"box":{"x":89,"y":445,"width":863,"height":12}},{"id":"28a84722-b08e-4462-856e-3627e40ccd06","block_type":"box","text":"oversight, among other factors, have led to consolidation of companies within the sector, which could lead to further","page_number":51,"box":{"x":89,"y":460,"width":818,"height":12}},{"id":"829b4d15-655b-4355-906a-06bee9800891","block_type":"box","text":"regulation or other negative effects in the future. Telecommunication providers investing in non-U.S. countries may be","page_number":51,"box":{"x":89,"y":475,"width":826,"height":12}},{"id":"bcc045e5-794a-4e11-8ebf-f62419e13627","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":51,"box":{"x":89,"y":490,"width":873,"height":12}},{"id":"291c07de-a878-4be7-9808-6134c310635a","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":51,"box":{"x":89,"y":505,"width":856,"height":12}},{"id":"5cdb320f-2fa7-4c5a-9444-fbcbcee0dd86","block_type":"box","text":"Companies in the media and entertainment industries can be significantly affected by several factors, including competition,","page_number":51,"box":{"x":89,"y":531,"width":868,"height":13}},{"id":"e96dc73b-2056-4a29-b40b-80feb9b276b3","block_type":"box","text":"particularly in formulation of products and services using new technologies, cyclicality of revenues and earnings, a potential","page_number":51,"box":{"x":89,"y":547,"width":866,"height":12}},{"id":"a672e7c1-734d-4ac5-adbc-4d4d316a2dbb","block_type":"box","text":"decrease in the discretionary income of targeted individuals, changing consumer tastes and interests, and the potential","page_number":51,"box":{"x":89,"y":562,"width":833,"height":12}},{"id":"96e1901d-12aa-4acd-81ae-e363f8630ded","block_type":"box","text":"increase in government regulation. Companies in the media and entertainment industries may become obsolete quickly.","page_number":51,"box":{"x":89,"y":577,"width":840,"height":12}},{"id":"9e84abc2-a018-4649-837b-1af1491d174d","block_type":"box","text":"Advertising spending can be an important revenue source for media and entertainment companies. During economic","page_number":51,"box":{"x":88,"y":592,"width":823,"height":12}},{"id":"6f3c084b-9f5f-4706-9bdb-649a67268abb","block_type":"box","text":"downturns advertising spending typically decreases and, as a result, media and entertainment companies tend to generate","page_number":51,"box":{"x":89,"y":607,"width":859,"height":12}},{"id":"6b85063e-cec0-4a2d-a3d2-14be3549b8eb","block_type":"box","text":"less revenue.","page_number":51,"box":{"x":89,"y":622,"width":88,"height":10}},{"id":"0b8aaf81-1e28-46bb-90f3-12896d2f89d9","block_type":"box","text":"Risk of Investing in the Consumer Discretionary Sector.","page_number":51,"box":{"x":89,"y":649,"width":397,"height":12}},{"id":"868318f8-f4a0-4c82-b5b6-c507cb509bb8","block_type":"box","text":"Companies engaged in the design, production or distribution of","page_number":51,"box":{"x":495,"y":649,"width":446,"height":12}},{"id":"41fd4095-967c-4773-af96-7138762e1431","block_type":"box","text":"products or services for the consumer discretionary sector (including, without limitation, television and radio broadcasting,","page_number":51,"box":{"x":89,"y":664,"width":861,"height":12}},{"id":"199b16ef-43ef-4fa4-95cf-1b3fe1513b54","block_type":"box","text":"manufacturing, publishing, recording and musical instruments, motion pictures, photography, amusement and theme parks,","page_number":51,"box":{"x":89,"y":679,"width":872,"height":12}},{"id":"aea67fdb-f208-4bad-8f6f-a2da6c0c1f3f","block_type":"box","text":"gaming casinos, sporting goods and sports arenas, camping and recreational equipment, toys and games, apparel, travel","page_number":51,"box":{"x":89,"y":694,"width":850,"height":12}},{"id":"6d32f555-1047-44e0-bbdc-fc70419ecbff","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":51,"box":{"x":89,"y":709,"width":822,"height":12}},{"id":"04fc2870-d50a-4218-b3c6-a2e3908c9228","block_type":"box","text":"products or services may become obsolete quickly. The success of these companies can depend heavily on disposable","page_number":51,"box":{"x":89,"y":724,"width":827,"height":13}},{"id":"d5d8686c-d3a0-4f8e-b6f2-fcfee1b8a078","block_type":"box","text":"household income and consumer spending. During periods of an expanding economy, the consumer discretionary sector","page_number":51,"box":{"x":89,"y":739,"width":850,"height":13}},{"id":"69f7ea93-10d4-4731-86a7-1e57891d25da","block_type":"box","text":"may outperform the consumer staples sector, but may underperform when economic conditions worsen. Moreover, the","page_number":51,"box":{"x":89,"y":754,"width":838,"height":13}},{"id":"5d63b096-1324-4b0b-a08b-1be0371f347a","block_type":"box","text":"consumer discretionary sector can be significantly affected by several factors, including, without limitation, the performance","page_number":51,"box":{"x":89,"y":770,"width":870,"height":12}},{"id":"e58b2439-34af-4194-aa4c-a1ab2101b885","block_type":"box","text":"of domestic and international economies, exchange rates, changing consumer preferences, demographics, marketing","page_number":51,"box":{"x":89,"y":785,"width":823,"height":12}},{"id":"28d4e01f-6a20-4a2a-b521-3befe94a55c9","block_type":"box","text":"campaigns, cyclical revenue generation, consumer confidence, commodity price volatility, labor relations, interest rates,","page_number":51,"box":{"x":89,"y":800,"width":834,"height":12}},{"id":"5863df0b-51af-4035-947a-17b2ad0d3c62","block_type":"box","text":"import and export controls, intense competition, technological developments and government regulation.","page_number":51,"box":{"x":89,"y":815,"width":741,"height":12}},{"id":"d30a9c1c-aed2-4015-a4fe-5a69b3d22761","block_type":"box","text":"31","page_number":51,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"16fa354f-7415-4ec3-a8e9-0a43e0a5bd28","block_type":"box","text":"Risk of Investing in the Consumer Staples Sector.","page_number":52,"box":{"x":89,"y":44,"width":352,"height":12}},{"id":"48da7d66-58f1-4260-933a-bf6b903f73a2","block_type":"box","text":"Companies in the consumer staples sector may be adversely affected by","page_number":52,"box":{"x":450,"y":44,"width":504,"height":12}},{"id":"2f447154-2530-406f-85aa-d93718b4d789","block_type":"box","text":"changes in the global economy, consumer spending, competition, demographics and consumer preferences, and production","page_number":52,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"6a33aa6a-6695-4f30-84d2-f2fcd7ff4595","block_type":"box","text":"spending. Companies in the consumer staples sector may also be affected by changes in global economic, environmental","page_number":52,"box":{"x":89,"y":74,"width":848,"height":12}},{"id":"ff933bc1-36f1-4810-a000-f57100affe7e","block_type":"box","text":"and political events, economic conditions, the depletion of resources, and government regulation. For instance, government","page_number":52,"box":{"x":89,"y":89,"width":867,"height":13}},{"id":"22dbe7fd-cca5-485a-8327-f532a599bec0","block_type":"box","text":"regulations may affect the permissibility of using various food additives and production methods of companies that make","page_number":52,"box":{"x":89,"y":104,"width":850,"height":13}},{"id":"ffade831-7786-4b2a-aba0-0898164300b9","block_type":"box","text":"food products, which could affect company profitability. In addition, tobacco companies may be adversely affected by the","page_number":52,"box":{"x":88,"y":119,"width":849,"height":13}},{"id":"bb596617-8ec3-4c93-873f-98e628650e36","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":52,"box":{"x":89,"y":135,"width":869,"height":12}},{"id":"7a9b0874-5042-404d-9e60-1cf8dc7b2ddc","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":52,"box":{"x":89,"y":150,"width":847,"height":12}},{"id":"50cfa7fc-904d-40fd-b72e-0e705998a704","block_type":"box","text":"number of factors, including, without limitation, changes in government agricultural support programs, exchange rates,","page_number":52,"box":{"x":89,"y":165,"width":838,"height":12}},{"id":"00b2f489-0bd0-4e91-bbaa-2214b0ba90e3","block_type":"box","text":"import and export controls, changes in international agricultural and trading policies, and seasonal and weather conditions.","page_number":52,"box":{"x":89,"y":180,"width":864,"height":12}},{"id":"308a8a72-7fad-4d95-bc61-bd2f75a952da","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":52,"box":{"x":89,"y":195,"width":872,"height":12}},{"id":"43bbf25a-1e47-4921-99da-f37699a03603","block_type":"box","text":"their profitability.","page_number":52,"box":{"x":88,"y":210,"width":118,"height":13}},{"id":"d3af4463-f872-4576-a2ba-7c6f9a91faa0","block_type":"box","text":"Risk of Investing in the Energy Sector.","page_number":52,"box":{"x":89,"y":237,"width":270,"height":12}},{"id":"ed926d4c-0fc3-4eaa-90b8-7d01e6a113dc","block_type":"box","text":"Companies in the energy sector are strongly affected by the changes in and volatility","page_number":52,"box":{"x":369,"y":237,"width":590,"height":12}},{"id":"e74c5c19-119e-41db-ab20-9bcf8443b17f","block_type":"box","text":"of global energy prices, energy supply and demand, government regulations and policies, energy production and","page_number":52,"box":{"x":89,"y":252,"width":788,"height":12}},{"id":"0d9b583e-4ecb-4453-980d-0d7b4420ed19","block_type":"box","text":"conservation efforts, technological change, development of alternative energy sources, and other factors that they cannot","page_number":52,"box":{"x":89,"y":267,"width":853,"height":12}},{"id":"29c07ab1-fb0b-4761-9fb2-4dde3186abf7","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":52,"box":{"x":89,"y":282,"width":852,"height":12}},{"id":"5c842bc6-7ba1-46d7-b39b-70714c17d9ef","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":52,"box":{"x":88,"y":297,"width":822,"height":12}},{"id":"fe4b79bc-4837-4ba2-97a9-e77c54b8133d","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":52,"box":{"x":89,"y":312,"width":807,"height":13}},{"id":"526aad0c-a90c-40eb-8bb9-443358bef461","block_type":"box","text":"dependent on commodity prices. Prices and supplies of energy may fluctuate significantly over short and long periods of","page_number":52,"box":{"x":89,"y":327,"width":846,"height":13}},{"id":"80617ef6-d2c6-4564-94d0-01ceac811397","block_type":"box","text":"time due to, among other things, national and international political changes, Organization of Petroleum Exporting Countries","page_number":52,"box":{"x":88,"y":342,"width":874,"height":13}},{"id":"3e9f272e-3e74-42dd-9adb-72a6d9c79a5f","block_type":"box","text":"(“OPEC”) policies, changes in relationships among OPEC members and between OPEC and oil-importing nations, the","page_number":52,"box":{"x":89,"y":358,"width":820,"height":12}},{"id":"dca87fad-5a24-4858-865d-99412e484921","block_type":"box","text":"regulatory environment, taxation policies, the enactment or cessation of trade sanctions, war or other geopolitical conflicts,","page_number":52,"box":{"x":89,"y":373,"width":864,"height":12}},{"id":"7d2edfab-9424-423f-8ff7-da5dbc1e0f8c","block_type":"box","text":"and the economies of key energy-consuming countries. Companies in the energy sector may be adversely affected by","page_number":52,"box":{"x":89,"y":388,"width":823,"height":12}},{"id":"be8ff924-4258-4aa8-9ec4-2485ef71f48d","block_type":"box","text":"terrorism, cyber incidents, natural disasters or other catastrophes. Companies in the energy sector are at risk of liability from","page_number":52,"box":{"x":88,"y":403,"width":870,"height":12}},{"id":"9c7fb38f-fdba-4356-9825-c09f8e587dde","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":52,"box":{"x":89,"y":418,"width":859,"height":12}},{"id":"f6bc22ee-8f48-4422-9256-d0ca79cbefc4","block_type":"box","text":"deposits are located in emerging markets countries where corruption and security may raise significant risks, in addition to","page_number":52,"box":{"x":89,"y":433,"width":860,"height":13}},{"id":"a13ebc1d-2d26-4f8d-a6cc-76ec7744e518","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":52,"box":{"x":88,"y":448,"width":861,"height":13}},{"id":"18ba1291-005c-4ec2-b3d8-c756c90d1a80","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":52,"box":{"x":89,"y":463,"width":876,"height":13}},{"id":"9bfb3375-65f8-413c-a2b9-e32829902192","block_type":"box","text":"in exchange rates, interest rates, economic conditions, tax treatment, government regulation and intervention, negative","page_number":52,"box":{"x":89,"y":479,"width":836,"height":12}},{"id":"765a2791-e6f2-4bdd-bfbb-7c9f15cf4576","block_type":"box","text":"perception, efforts at energy conservation and world events in the regions in which the companies operate (","page_number":52,"box":{"x":89,"y":494,"width":755,"height":12}},{"id":"5bc58e8e-a19c-4edd-a061-e589ed590156","block_type":"box","text":"e.g","page_number":52,"box":{"x":845,"y":497,"width":20,"height":9}},{"id":"b4532444-0eef-4064-995a-95336439ed45","block_type":"box","text":".,","page_number":52,"box":{"x":866,"y":502,"width":6,"height":3}},{"id":"5f2c8f5e-17c0-4ad0-9b5a-3730e83c7c42","block_type":"box","text":"expropriation, nationalization, confiscation of assets and property or the imposition of restrictions on foreign investments","page_number":52,"box":{"x":89,"y":509,"width":849,"height":12}},{"id":"a9d0084f-98e3-4bea-8df4-2fca289f9848","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":52,"box":{"x":89,"y":524,"width":879,"height":12}},{"id":"6ae7e2f9-9104-49cd-8b82-e1d7031ade0b","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":52,"box":{"x":89,"y":539,"width":860,"height":12}},{"id":"002b34e5-9c3a-4677-bddc-81da11adfd17","block_type":"box","text":"entities and utilities, governmental budget constraints may have a significant impact on companies in this sector. The energy","page_number":52,"box":{"x":89,"y":554,"width":873,"height":12}},{"id":"0e2f64d6-9fce-49be-924d-c2148c6f521b","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":52,"box":{"x":89,"y":569,"width":878,"height":13}},{"id":"6f3bfdfe-e65d-45d9-85a6-919f1611c8e2","block_type":"box","text":"their operations by governmental agencies. Such regulation can change rapidly or over time in both scope and intensity.","page_number":52,"box":{"x":88,"y":584,"width":839,"height":13}},{"id":"56217859-de9d-4fdc-a615-4ce2082f87af","block_type":"box","text":"Stricter laws, regulations or enforcement policies could be enacted, which would likely increase compliance costs and may","page_number":52,"box":{"x":88,"y":599,"width":858,"height":13}},{"id":"7c2e8c41-bc81-48a4-bd5f-62c544777c31","block_type":"box","text":"materially adversely affect the financial performance of companies in the energy sector.","page_number":52,"box":{"x":89,"y":615,"width":611,"height":12}},{"id":"a742fe29-be98-42ba-af94-a2bfa60ed5ba","block_type":"box","text":"The energy sector may experience significant market volatility. For example, Russia’s large-scale invasion of Ukraine on","page_number":52,"box":{"x":88,"y":641,"width":831,"height":12}},{"id":"c03af2e3-c392-4901-a4b4-565bec28c533","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":52,"box":{"x":89,"y":656,"width":843,"height":13}},{"id":"808406fc-e53b-4a6e-9c21-af5a0b590cab","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":52,"box":{"x":89,"y":671,"width":853,"height":13}},{"id":"1a993a73-3c2f-4ffd-b41a-647ef9b032f7","block_type":"box","text":"and other actors have enacted various sanctions and restrictions on business dealings with Russia, which include restrictions","page_number":52,"box":{"x":89,"y":686,"width":875,"height":13}},{"id":"2f8f0052-a0cc-47ee-aed8-d9866cac53e4","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":52,"box":{"x":89,"y":702,"width":871,"height":12}},{"id":"ee6d03c1-0526-41a5-99c0-ab694b886ee3","block_type":"box","text":"of the Russian military action, additional sanctions and associated market disruptions on the energy sector, are impossible to","page_number":52,"box":{"x":89,"y":717,"width":873,"height":12}},{"id":"62cd37ed-208b-4ba1-b7bc-0162c7eee6ad","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":52,"box":{"x":89,"y":732,"width":864,"height":12}},{"id":"518cc86b-8811-4496-a3b3-3032a12559b1","block_type":"box","text":"may have a severe adverse effect on the performance of a Fund.","page_number":52,"box":{"x":89,"y":747,"width":445,"height":12}},{"id":"2d99d47c-a05e-4397-a8d5-6893def378fd","block_type":"box","text":"Risk of Investing in the Financials Sector.","page_number":52,"box":{"x":89,"y":773,"width":292,"height":13}},{"id":"c5d9244d-c361-4e94-bd71-a5af79cde67c","block_type":"box","text":"Companies in the financials sector include small, regional and money center","page_number":52,"box":{"x":391,"y":773,"width":533,"height":13}},{"id":"8b6a1bfe-b7ba-4bac-9d10-f2115f31d2b1","block_type":"box","text":"banks, securities brokerage firms, asset management companies, savings banks and thrift institutions, specialty finance","page_number":52,"box":{"x":89,"y":788,"width":836,"height":13}},{"id":"9dce872d-1622-49ba-af37-fcb2451798f8","block_type":"box","text":"companies (","page_number":52,"box":{"x":89,"y":804,"width":85,"height":12}},{"id":"333d2888-79ef-468d-9567-19f900a7a548","block_type":"box","text":"e.g.","page_number":52,"box":{"x":175,"y":807,"width":23,"height":9}},{"id":"740a3ab0-8df9-4d6b-ad2d-4976bf2686c2","block_type":"box","text":", credit card, mortgage providers), insurance and insurance brokerage firms, consumer finance firms,","page_number":52,"box":{"x":200,"y":804,"width":706,"height":12}},{"id":"a2b14b44-4e19-4cdc-a901-1f4f49df8026","block_type":"box","text":"financial conglomerates and foreign banking and financial companies.","page_number":52,"box":{"x":88,"y":819,"width":491,"height":12}},{"id":"107b0306-5737-4236-8f04-0ac6816d9673","block_type":"box","text":"Most financial companies are subject to extensive governmental regulation, which limits their activities and may affect their","page_number":52,"box":{"x":89,"y":845,"width":865,"height":12}},{"id":"4a607e3d-a5a1-469d-bd8e-b45136acc095","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":52,"box":{"x":89,"y":860,"width":869,"height":13}},{"id":"cd4a06fb-2584-4d3b-8393-64fb4bb0ed20","block_type":"box","text":"32","page_number":52,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"6ccb166f-e125-4c98-9d60-f648fff5d0ef","block_type":"box","text":"adverse consequences for companies in the financials sector, including effects not intended by the regulation. Direct","page_number":53,"box":{"x":89,"y":44,"width":813,"height":12}},{"id":"f2819416-89f5-467a-93ea-42702ce48cd9","block_type":"box","text":"governmental intervention in the operations of financial companies and financial markets may materially and adversely affect","page_number":53,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"4c564d4c-0f0b-4b14-a486-1d337d3dad83","block_type":"box","text":"the companies in which a Fund invests, including legislation in many countries that may increase government regulation,","page_number":53,"box":{"x":88,"y":74,"width":848,"height":12}},{"id":"41e66b19-decf-464f-95bd-3319e1e49dbb","block_type":"box","text":"repatriation and other intervention. The impact of governmental intervention and legislative changes on any individual","page_number":53,"box":{"x":89,"y":89,"width":827,"height":13}},{"id":"45cfe162-8e2e-47f2-8fb7-751bf1719450","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":53,"box":{"x":88,"y":104,"width":871,"height":13}},{"id":"816106ad-14fe-4edd-bf8a-a02055db39d0","block_type":"box","text":"and continues to be subject to unprecedented volatility and may be influenced by unpredictable factors, including interest","page_number":53,"box":{"x":89,"y":119,"width":853,"height":13}},{"id":"2082ea62-04de-4b91-a18f-1e51c35799af","block_type":"box","text":"rate risk and sovereign debt default. Certain financial businesses are subject to intense competitive pressures, including","page_number":53,"box":{"x":89,"y":135,"width":833,"height":12}},{"id":"c2309c95-c0ea-467d-a8db-1647997d8cb8","block_type":"box","text":"market share and price competition. Financial companies in foreign countries are subject to market-specific and general","page_number":53,"box":{"x":89,"y":150,"width":839,"height":12}},{"id":"5b37cd8a-0c8c-4b04-85f0-0c3a3f39e8f8","block_type":"box","text":"regulatory and interest rate concerns. In particular, government regulation in certain foreign countries may include taxes and","page_number":53,"box":{"x":89,"y":165,"width":872,"height":12}},{"id":"36d9aa5a-81aa-429d-b9ec-e3c1722f7852","block_type":"box","text":"controls on interest rates, credit availability, minimum capital requirements, bans on short sales, limits on prices and","page_number":53,"box":{"x":89,"y":180,"width":810,"height":12}},{"id":"6fbb8e35-e86d-4d23-b8c5-e3a205f6bf17","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":53,"box":{"x":89,"y":195,"width":870,"height":12}},{"id":"10f478fc-8965-4218-8f22-81158aba5bea","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":53,"box":{"x":88,"y":210,"width":847,"height":13}},{"id":"3a505f99-9078-4bb6-9910-ebf883e5cd40","block_type":"box","text":"businesses.","page_number":53,"box":{"x":89,"y":225,"width":78,"height":10}},{"id":"ceda7a9f-02db-4094-9970-55658377afb9","block_type":"box","text":"The profitability of banks, savings and loan associations and other financial companies is largely dependent on the availability","page_number":53,"box":{"x":88,"y":252,"width":879,"height":12}},{"id":"adb03917-6707-42e9-8bf4-f19cc7a78c6b","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":53,"box":{"x":89,"y":267,"width":863,"height":12}},{"id":"b944bba3-50d7-43e3-9f6c-f451b2a54a46","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":53,"box":{"x":88,"y":282,"width":831,"height":12}},{"id":"39e7df16-2de6-4fcd-9fba-1ac1aaadc9e7","block_type":"box","text":"financial companies may be adversely affected in certain market cycles, including, without limitation, during periods of rising","page_number":53,"box":{"x":88,"y":297,"width":873,"height":12}},{"id":"98257ef3-9d52-4b1b-9bae-cb6573f97d32","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":53,"box":{"x":89,"y":312,"width":855,"height":13}},{"id":"b121bced-b59c-4b9e-819b-7d779687f0c8","block_type":"box","text":"conditions, which may cause, among other things, credit losses due to financial difficulties of borrowers.","page_number":53,"box":{"x":89,"y":327,"width":730,"height":13}},{"id":"438914a7-5664-4974-9a49-2a81feeb2436","block_type":"box","text":"In addition, general economic conditions are important to the operations of these companies, and financial difficulties of","page_number":53,"box":{"x":89,"y":354,"width":845,"height":12}},{"id":"fa05e24d-e94f-4d32-91cd-f8eba190ed5e","block_type":"box","text":"borrowers may have an adverse effect on the profitability of financial companies. Companies in the financials sector are","page_number":53,"box":{"x":89,"y":369,"width":835,"height":12}},{"id":"5de237dd-6629-44c7-ab36-d9e4e353704c","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":53,"box":{"x":89,"y":384,"width":831,"height":12}},{"id":"e9cda7b0-3781-4a62-9055-9c6bec798013","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":53,"box":{"x":89,"y":399,"width":850,"height":13}},{"id":"7908bd89-a2d6-45ed-be7b-4ac52201978b","block_type":"box","text":"financial services companies. Financial services companies may have significant exposure to the same borrowers and","page_number":53,"box":{"x":88,"y":414,"width":821,"height":13}},{"id":"9c91e269-8bba-4c43-b40d-cb06ace13bee","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":53,"box":{"x":89,"y":429,"width":875,"height":13}},{"id":"44ab53ba-9c94-44fe-b7a2-691c89fb6e34","block_type":"box","text":"other companies with exposure to the same borrower or counterparty. This interconnectedness of risk, including cross","page_number":53,"box":{"x":89,"y":445,"width":836,"height":12}},{"id":"d72d857a-3cd3-4064-86ee-3a0f5bea1b23","block_type":"box","text":"default risk, may result in significant negative impacts to the financial condition and reputation of companies with direct","page_number":53,"box":{"x":89,"y":460,"width":841,"height":12}},{"id":"7ce784fb-088e-4e0d-acd1-5807181b1770","block_type":"box","text":"exposure to the defaulting counterparty as well as adverse cascading effects in the markets and the financials sector","page_number":53,"box":{"x":89,"y":475,"width":814,"height":12}},{"id":"f4d82ed8-f9a0-4cc2-89b3-9621717c7872","block_type":"box","text":"generally. Financial companies can be highly dependent upon access to capital markets, and any impediments to such","page_number":53,"box":{"x":89,"y":490,"width":827,"height":12}},{"id":"36feccd2-a966-42df-8e7b-e8ae7c676774","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":53,"box":{"x":89,"y":505,"width":870,"height":12}},{"id":"41df1348-7809-4774-acc6-a67c2f7b66ee","block_type":"box","text":"financial condition or prospects, could adversely affect its business. Deterioration of credit markets can have an adverse","page_number":53,"box":{"x":88,"y":520,"width":837,"height":12}},{"id":"a4d18b69-0715-41af-810b-3138735db5b9","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":53,"box":{"x":89,"y":535,"width":862,"height":13}},{"id":"2de92c6f-84e6-45d8-9831-e79e0b1098bf","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":53,"box":{"x":89,"y":550,"width":853,"height":13}},{"id":"23f80b6e-d675-465a-854a-94ab93c66b69","block_type":"box","text":"capital and even cease operations. Some financial companies may also be required to accept or borrow significant amounts","page_number":53,"box":{"x":89,"y":565,"width":865,"height":13}},{"id":"a155b750-8b55-4524-8d97-3548ccec7dc2","block_type":"box","text":"of capital from government sources and may face future government-imposed restrictions on their businesses or increased","page_number":53,"box":{"x":89,"y":581,"width":863,"height":12}},{"id":"1183f944-5ef0-437a-a04d-15fdaefd0e23","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":53,"box":{"x":89,"y":596,"width":872,"height":12}},{"id":"925c95d1-b463-4d29-8e4f-7e79726e1317","block_type":"box","text":"actions may cause the securities of many companies in the financials sector to decline in value.","page_number":53,"box":{"x":89,"y":611,"width":665,"height":12}},{"id":"91c529bb-6ee2-419b-a825-04d934812575","block_type":"box","text":"Risk of Investing in the Healthcare Sector.","page_number":53,"box":{"x":89,"y":637,"width":299,"height":13}},{"id":"98a93855-c418-40df-8134-9f503992475b","block_type":"box","text":"Companies in the healthcare sector are often issuers whose profitability may be","page_number":53,"box":{"x":397,"y":637,"width":557,"height":13}},{"id":"58e6fdc3-e9a4-4c3f-8256-3bea61ca6bdc","block_type":"box","text":"affected by extensive government regulation, restrictions on government reimbursement for medical expenses, rising or","page_number":53,"box":{"x":89,"y":652,"width":839,"height":13}},{"id":"385a73ad-abd2-482c-98c7-bd0508914c93","block_type":"box","text":"falling costs of medical products and services, pricing pressure, an increased emphasis on outpatient services, a limited","page_number":53,"box":{"x":88,"y":668,"width":834,"height":12}},{"id":"be962eb4-75ab-45cc-a9fe-dd0addfa7013","block_type":"box","text":"number of products, industry innovation, changes in technologies and other market developments. Many healthcare","page_number":53,"box":{"x":89,"y":683,"width":816,"height":12}},{"id":"9024738d-67e0-42a2-8dfe-aca6c92d88a7","block_type":"box","text":"companies are heavily dependent on patent protection and the actual or perceived safety and efficiency of their products.","page_number":53,"box":{"x":89,"y":698,"width":849,"height":12}},{"id":"55bf343c-4c9b-4d42-8417-4e2a8bb24371","block_type":"box","text":"Patents have a limited duration, and, upon expiration, other companies may market substantially similar “generic” products","page_number":53,"box":{"x":89,"y":724,"width":863,"height":13}},{"id":"195e4a7e-b5a5-43b2-a51e-f2764afc5545","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":53,"box":{"x":88,"y":739,"width":854,"height":13}},{"id":"8242f50b-a346-4679-b3a1-3ebb19457e52","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":53,"box":{"x":89,"y":754,"width":860,"height":13}},{"id":"62ef6e2b-00c2-4012-9ed4-8cda84567de5","block_type":"box","text":"result, the expiration of patents may adversely affect the profitability of these companies.","page_number":53,"box":{"x":89,"y":770,"width":621,"height":12}},{"id":"c730e832-16aa-4b62-920d-6b90e8fe3326","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":53,"box":{"x":89,"y":796,"width":862,"height":12}},{"id":"038a3777-9728-481f-9978-fefbbaaea515","block_type":"box","text":"of many individuals, these companies are especially susceptible to extensive litigation based on product liability and similar","page_number":53,"box":{"x":89,"y":811,"width":860,"height":12}},{"id":"979ecad6-882b-47f3-8c79-bc1ec59914a3","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":53,"box":{"x":89,"y":826,"width":842,"height":13}},{"id":"650f1c0b-0ed2-4244-9eef-4f1b70f83707","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":53,"box":{"x":89,"y":841,"width":868,"height":13}},{"id":"e37d3de5-b0ae-4c8c-a124-08c05547b212","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":53,"box":{"x":89,"y":856,"width":867,"height":13}},{"id":"137cec11-55bb-432e-bf4b-5c54d31b0d8a","block_type":"box","text":"33","page_number":53,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"6eec6091-0384-48d6-8e67-940bbc040777","block_type":"box","text":"and loss of competitive advantage to the extent that rival companies have developed competing products or procedures,","page_number":54,"box":{"x":89,"y":44,"width":845,"height":12}},{"id":"c0cac528-cc69-430e-a429-3c3e5bf0142d","block_type":"box","text":"adversely affecting the company’s revenues and profitability. In other words, delays in the regulatory approval process may","page_number":54,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"471ea3f4-2745-4611-8b38-644255216575","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":54,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"b78d4895-95c2-401e-92b2-5c1b4716681f","block_type":"box","text":"a material adverse effect on a company’s business. Healthcare companies may also be strongly affected by scientific","page_number":54,"box":{"x":89,"y":89,"width":811,"height":13}},{"id":"808c6279-c9d5-43ab-aa11-bf6553aea461","block_type":"box","text":"biotechnology or technological developments, and their products may quickly become obsolete. Also, many healthcare","page_number":54,"box":{"x":89,"y":104,"width":834,"height":13}},{"id":"68de409c-9e5a-4929-834d-672e19289cc4","block_type":"box","text":"companies offer products and services that are subject to governmental regulation and may be adversely affected by changes","page_number":54,"box":{"x":89,"y":119,"width":878,"height":13}},{"id":"c1f6ae52-9d19-472b-82fc-e47d7d74e9a6","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":54,"box":{"x":89,"y":135,"width":861,"height":12}},{"id":"d22f2813-bf61-4bb9-9c20-878c58476af3","block_type":"box","text":"control, national health insurance, incentives for compensation in the provision of healthcare services, tax incentives and","page_number":54,"box":{"x":89,"y":150,"width":844,"height":12}},{"id":"efd15d14-782f-4f0b-ac95-386ebb27dfcd","block_type":"box","text":"penalties related to healthcare insurance premiums, and promotion of prepaid healthcare plans. In addition, a number of","page_number":54,"box":{"x":89,"y":165,"width":845,"height":12}},{"id":"9c65d7f7-114b-45a7-9669-ed846c17fe4c","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":54,"box":{"x":89,"y":180,"width":841,"height":12}},{"id":"50855d45-8784-4667-b084-d8b6f2b5c731","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":54,"box":{"x":89,"y":195,"width":793,"height":12}},{"id":"bba09479-1afb-441a-b3f7-9d4177c3b724","block_type":"box","text":"Additionally, the expansion of facilities by healthcare-related providers may be subject to “determinations of need” by certain","page_number":54,"box":{"x":88,"y":222,"width":872,"height":12}},{"id":"e89ed59c-f66d-495d-baf2-f35e631f3adf","block_type":"box","text":"government authorities. This process not only generally increases the time and costs involved in these expansions, but also","page_number":54,"box":{"x":89,"y":237,"width":861,"height":12}},{"id":"c84e030b-2687-42fe-8245-d158ab105d97","block_type":"box","text":"makes expansion plans uncertain, limiting the revenue and profitability growth potential of healthcare-related facilities","page_number":54,"box":{"x":89,"y":252,"width":828,"height":12}},{"id":"c223c0ec-95d7-4a3d-9858-9cb99d7bf6e4","block_type":"box","text":"operators and negatively affecting the prices of their securities. Moreover, in recent years, both local and national","page_number":54,"box":{"x":89,"y":267,"width":788,"height":12}},{"id":"bfa14046-f52e-41cd-8287-9edffe97b0b7","block_type":"box","text":"governmental budgets have come under pressure to reduce spending and control healthcare costs, which could both","page_number":54,"box":{"x":89,"y":282,"width":821,"height":12}},{"id":"d227bc68-a0f4-47db-8bf5-a6c63b4e87bc","block_type":"box","text":"adversely affect regulatory processes and public funding available for healthcare products, services and facilities.","page_number":54,"box":{"x":89,"y":297,"width":786,"height":12}},{"id":"384a68bf-4961-4b57-b6e9-b4ed869f3a1a","block_type":"box","text":"Risk of Investing in the Industrials Sector.","page_number":54,"box":{"x":89,"y":324,"width":297,"height":12}},{"id":"1909bec5-0193-48be-9263-b3e46b1a48da","block_type":"box","text":"The value of securities issued by companies in the industrials sector may be","page_number":54,"box":{"x":395,"y":324,"width":530,"height":12}},{"id":"48049039-06a3-4d35-955f-9816239dec65","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":54,"box":{"x":89,"y":339,"width":869,"height":12}},{"id":"98b0addb-7388-437d-918d-1015f3294b69","block_type":"box","text":"general. The products of manufacturing companies may face obsolescence due to rapid technological developments and","page_number":54,"box":{"x":89,"y":354,"width":848,"height":12}},{"id":"d1f30815-301a-4801-aea5-324fbac86ecc","block_type":"box","text":"frequent new product introduction. Government regulations, trade disputes, world events and economic conditions may","page_number":54,"box":{"x":88,"y":369,"width":844,"height":12}},{"id":"f3c42b2e-d1a7-4c33-ac78-64c857c3005f","block_type":"box","text":"affect the performance of companies in the industrials sector. The industrials sector may also be adversely affected by","page_number":54,"box":{"x":89,"y":384,"width":824,"height":12}},{"id":"b14448df-fb37-477d-a2ac-b2649cf08be1","block_type":"box","text":"changes or trends in commodity prices, which may be influenced by unpredictable factors. For example, commodity price","page_number":54,"box":{"x":89,"y":399,"width":852,"height":13}},{"id":"f9aa36b1-037b-44ae-8dda-69569859d098","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":54,"box":{"x":89,"y":414,"width":858,"height":13}},{"id":"87fbdca4-68b7-410f-b06c-46861bdd05f4","block_type":"box","text":"affect the sector. Furthermore, companies in the industrials sector may be subject to liability for environmental damage,","page_number":54,"box":{"x":89,"y":429,"width":837,"height":13}},{"id":"0c192137-fada-44d5-ab2f-53d315eaf1e7","block_type":"box","text":"product liability claims, depletion of resources, and mandated expenditures for safety and pollution control.","page_number":54,"box":{"x":89,"y":445,"width":751,"height":12}},{"id":"b26c2c26-79e2-4398-9ee0-ffb544a556b5","block_type":"box","text":"Risk of Investing in the Materials Sector.","page_number":54,"box":{"x":89,"y":471,"width":288,"height":12}},{"id":"4f6b1abf-e918-4d54-8998-5578b4c88777","block_type":"box","text":"Companies in the materials sector may be adversely affected by commodity price","page_number":54,"box":{"x":386,"y":471,"width":568,"height":12}},{"id":"464665ce-84b0-4759-9b45-93d707082c78","block_type":"box","text":"volatility, exchange rate fluctuations, social and political unrest, war, import or export controls, increased competition,","page_number":54,"box":{"x":88,"y":486,"width":824,"height":12}},{"id":"96b82c1d-4ddb-4bc0-a660-8534f8b9954e","block_type":"box","text":"depletion of resources, technical progress, labor relations and government regulations, and mandated expenditures for safety","page_number":54,"box":{"x":89,"y":501,"width":878,"height":13}},{"id":"66ef55d5-0d6d-45f9-97ad-d7f6e8393909","block_type":"box","text":"and pollution control, among other factors. Such risks may adversely affect the issuers to which a Fund has exposure.","page_number":54,"box":{"x":89,"y":516,"width":822,"height":13}},{"id":"e0c2a2fe-d177-4937-80f7-796c50792520","block_type":"box","text":"Companies in the materials sector are also at risk of liability for environmental damage and product liability claims.","page_number":54,"box":{"x":89,"y":531,"width":801,"height":13}},{"id":"81c124ad-5dc5-467c-94f6-664d521fe3c4","block_type":"box","text":"Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor","page_number":54,"box":{"x":89,"y":547,"width":832,"height":12}},{"id":"8ee8eb38-eb24-479f-a78a-540a10f79c74","block_type":"box","text":"investment returns. These risks are heightened for companies in the materials sector located in foreign markets.","page_number":54,"box":{"x":89,"y":562,"width":783,"height":12}},{"id":"e9987ae2-a316-4e0d-afa2-b8aa27ed065a","block_type":"box","text":"Risk of Investing in the Real Estate Industry.","page_number":54,"box":{"x":89,"y":588,"width":313,"height":12}},{"id":"fb811650-36cb-4f0f-a5b3-7339d9617f67","block_type":"box","text":"Companies in the real estate industry include companies that invest in real","page_number":54,"box":{"x":411,"y":588,"width":520,"height":12}},{"id":"451e8f32-c293-4282-bf9c-37585278fed7","block_type":"box","text":"estate, such as REITs, real estate holding and operating companies or real estate development companies (collectively, “Real","page_number":54,"box":{"x":89,"y":603,"width":867,"height":13}},{"id":"dd857e97-926f-4110-947e-13d8ae88f9cd","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":54,"box":{"x":89,"y":618,"width":859,"height":13}},{"id":"2083e64f-a538-4f77-9745-6117b3ef7159","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":54,"box":{"x":89,"y":633,"width":837,"height":13}},{"id":"77d1cdbb-f130-41c9-959c-ceb5ade87fbd","block_type":"box","text":"industry is highly sensitive to general and local economic conditions and developments, and characterized by intense","page_number":54,"box":{"x":89,"y":649,"width":819,"height":12}},{"id":"ee84d132-ac93-4b60-bafa-014faa22d807","block_type":"box","text":"competition and periodic overbuilding. Investing in Real Estate Companies involves various risks. Some risks that are specific","page_number":54,"box":{"x":89,"y":664,"width":869,"height":12}},{"id":"7546ab01-06c6-4138-9a32-4d55a04f5c28","block_type":"box","text":"to Real Estate Companies are discussed in greater detail below.","page_number":54,"box":{"x":88,"y":679,"width":439,"height":12}},{"id":"a82900a6-9328-4ea3-a12b-0d09cf1b61b4","block_type":"box","text":"Concentration Risk.","page_number":54,"box":{"x":89,"y":705,"width":134,"height":10}},{"id":"9c1c9241-2afc-46e9-91f7-44c2efb45a91","block_type":"box","text":"Real Estate Companies may own a limited number of properties and concentrate their investments in a","page_number":54,"box":{"x":230,"y":705,"width":718,"height":13}},{"id":"7f394a2c-6a82-4df0-9e01-193f8f8335fb","block_type":"box","text":"particular geographic region or property type. Economic downturns affecting a particular region, industry or property type","page_number":54,"box":{"x":89,"y":720,"width":854,"height":13}},{"id":"c492e0db-4da4-4fb9-94b1-c63efba4a864","block_type":"box","text":"may lead to a high volume of defaults within a short period.","page_number":54,"box":{"x":89,"y":736,"width":416,"height":12}},{"id":"150592dc-41d9-4ac5-97b9-9cb34921b354","block_type":"box","text":"Distressed Investment Risk.","page_number":54,"box":{"x":88,"y":762,"width":189,"height":10}},{"id":"a90d6f2e-c6c8-46ef-b1ed-2c1e4ed73956","block_type":"box","text":"Real Estate Companies may invest in distressed, defaulted or out-of-favor bank loans.","page_number":54,"box":{"x":284,"y":762,"width":595,"height":12}},{"id":"8383bc55-e686-4b73-b325-8ee32f83098a","block_type":"box","text":"Identification and implementation by a Real Estate Company of loan modification and restructure programs involves a high","page_number":54,"box":{"x":89,"y":777,"width":859,"height":12}},{"id":"f4db63b8-cbbb-43ed-9129-24212a550e0f","block_type":"box","text":"degree of uncertainty. Even successful implementation may still require adverse compromises and may not prevent","page_number":54,"box":{"x":89,"y":792,"width":806,"height":13}},{"id":"d4239980-2240-4205-991a-2a20bf48839d","block_type":"box","text":"bankruptcy. Real Estate Companies may also invest in other debt instruments that may become non-performing, including","page_number":54,"box":{"x":89,"y":807,"width":856,"height":13}},{"id":"260b66a1-ee84-4cd4-950c-5e7e080796a2","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":54,"box":{"x":88,"y":822,"width":879,"height":13}},{"id":"c51ec8f8-f7d8-4b37-a279-def7edee614b","block_type":"box","text":"may be less liquid and more volatile than the securities of companies not in distress.","page_number":54,"box":{"x":89,"y":838,"width":587,"height":12}},{"id":"a8aa5b1d-b850-4f5b-b2f6-eb87f3eb21fc","block_type":"box","text":"34","page_number":54,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"29f7a876-244a-45fc-87cd-729cb12afc75","block_type":"box","text":"Illiquidity Risk.","page_number":55,"box":{"x":88,"y":44,"width":98,"height":12}},{"id":"d6c173e2-06f5-4ec4-b6db-fb96b20c3999","block_type":"box","text":"Investing in Real Estate Companies may involve risks similar to those associated with investing in small","page_number":55,"box":{"x":193,"y":44,"width":722,"height":12}},{"id":"0c4c23d2-4a73-468a-a689-9a83500e128a","block_type":"box","text":"capitalization companies. Real Estate Company securities, like the securities of small-capitalization companies, may be more","page_number":55,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"ad28f5f9-0313-4d50-b14a-a8a2380898ad","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":55,"box":{"x":88,"y":74,"width":870,"height":12}},{"id":"b5903250-f4f6-498a-84dc-8005b5e7e317","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":55,"box":{"x":89,"y":89,"width":865,"height":13}},{"id":"e182ba44-f3ac-4e8c-a5b5-aeb8ed19406c","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":55,"box":{"x":89,"y":104,"width":819,"height":13}},{"id":"9bf47f2a-f4c2-4fd2-b515-a1db5e102f77","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":55,"box":{"x":89,"y":119,"width":857,"height":13}},{"id":"070e43d5-b450-4a89-944c-db18d53ce0c9","block_type":"box","text":"Interest Rate Risk.","page_number":55,"box":{"x":88,"y":146,"width":124,"height":10}},{"id":"5e0e42b5-4838-4b34-b00e-d5d53f0aecf7","block_type":"box","text":"Rising interest rates could result in higher costs of capital for Real Estate Companies, which could","page_number":55,"box":{"x":218,"y":146,"width":680,"height":12}},{"id":"532bab87-9cc3-4eaf-b21a-533f0d6a72c4","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":55,"box":{"x":89,"y":161,"width":843,"height":12}},{"id":"20d36ddc-55b3-411b-8ade-83cc258227b4","block_type":"box","text":"increased prepayment on loans and require redeployment of capital in less desirable investments.","page_number":55,"box":{"x":89,"y":176,"width":679,"height":13}},{"id":"be95fc0f-724f-4d60-8c16-9bc4cae6adc2","block_type":"box","text":"Leverage Risk.","page_number":55,"box":{"x":88,"y":203,"width":98,"height":12}},{"id":"b7f2716a-31c5-4bbc-8603-d828aefe7c40","block_type":"box","text":"Real Estate Companies may use leverage (and some may be highly leveraged), which increases investment risk","page_number":55,"box":{"x":192,"y":203,"width":774,"height":12}},{"id":"d1237b26-2c2b-4bf3-9a72-44fe2d63f31b","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":55,"box":{"x":89,"y":218,"width":875,"height":12}},{"id":"c04fdc04-edfa-493f-b8df-9b4393425a84","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":55,"box":{"x":89,"y":233,"width":875,"height":12}},{"id":"4d17ac8a-9960-446d-97be-9acdb5ab8dbc","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":55,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"15a84ea1-5b40-4161-98aa-f1e0b7f48c2b","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":55,"box":{"x":89,"y":263,"width":857,"height":12}},{"id":"476f6bdf-360a-4ad4-98fc-813d202ccec2","block_type":"box","text":"income to meet operating expenses, including, where applicable, debt service, ground lease payments, tenant improvements,","page_number":55,"box":{"x":89,"y":278,"width":877,"height":13}},{"id":"122f7406-5d5c-48b5-84ef-77ef678acfaf","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":55,"box":{"x":88,"y":293,"width":851,"height":13}},{"id":"527a63f5-1a29-46eb-bac0-bca0c09f3623","block_type":"box","text":"payments of any interest and principal on its debt securities will be adversely affected.","page_number":55,"box":{"x":89,"y":308,"width":599,"height":13}},{"id":"0246c398-3e00-4b79-909e-d0fe48539be9","block_type":"box","text":"Loan Foreclosure Risk.","page_number":55,"box":{"x":88,"y":335,"width":154,"height":10}},{"id":"1cc0d7f1-5a25-46d6-90d6-a9dda0014afd","block_type":"box","text":"Real Estate Companies may foreclose on loans that the Real Estate Company originated and/or","page_number":55,"box":{"x":249,"y":335,"width":664,"height":12}},{"id":"5f6353d9-299f-4dbe-b752-93bc33bd6d99","block_type":"box","text":"acquired. Foreclosure may generate negative publicity for the underlying property that affects its market value. In addition to","page_number":55,"box":{"x":89,"y":350,"width":870,"height":12}},{"id":"f6916989-8f09-4ee0-afce-c1c701dfa11d","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":55,"box":{"x":88,"y":365,"width":819,"height":12}},{"id":"db7e3007-6f4f-432b-9bbb-561a53ec48ee","block_type":"box","text":"foreclosure proceedings. Claims and defenses asserted by borrowers or other lenders may interfere with the enforcement of","page_number":55,"box":{"x":88,"y":380,"width":868,"height":13}},{"id":"29cf9aa5-52d2-40b5-98fd-54afece8df87","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":55,"box":{"x":89,"y":395,"width":872,"height":13}},{"id":"8ee94938-7c93-46f7-8fe4-697091215e86","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":55,"box":{"x":89,"y":410,"width":796,"height":13}},{"id":"8c7228f0-8b2f-4685-96ff-5baaadb56b39","block_type":"box","text":"Management Risk.","page_number":55,"box":{"x":88,"y":437,"width":130,"height":12}},{"id":"2defcabe-853f-4717-a799-94d517c66eee","block_type":"box","text":"Real Estate Companies are dependent upon management skills and may have limited financial resources.","page_number":55,"box":{"x":225,"y":437,"width":733,"height":12}},{"id":"a406062b-308f-49e5-97db-b0b5d7343990","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":55,"box":{"x":89,"y":452,"width":872,"height":12}},{"id":"b2d47878-84e7-45a2-b95a-cecf506a8df4","block_type":"box","text":"and voluntary liquidation. In addition, transactions between Real Estate Companies and their affiliates may be subject to","page_number":55,"box":{"x":89,"y":467,"width":838,"height":13}},{"id":"cc4cb786-4278-44b8-8d15-c224befe21ff","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":55,"box":{"x":89,"y":482,"width":875,"height":13}},{"id":"23cdcd94-1a81-4602-acbb-e2a2b78576af","block_type":"box","text":"joint venture investments in certain of its properties, and, consequently, its ability to control decisions relating to such","page_number":55,"box":{"x":88,"y":497,"width":822,"height":13}},{"id":"b90dae58-a258-4c55-804e-3afd7b171ebc","block_type":"box","text":"properties may be limited.","page_number":55,"box":{"x":89,"y":513,"width":181,"height":12}},{"id":"79f37e6a-799d-4ebf-8d30-f01685bdb798","block_type":"box","text":"Property Risk.","page_number":55,"box":{"x":88,"y":539,"width":94,"height":12}},{"id":"075dc8c0-8c2e-43c0-8333-4d0126c9782f","block_type":"box","text":"Real Estate Companies may be subject to risks relating to functional obsolescence or reduced desirability of","page_number":55,"box":{"x":189,"y":539,"width":752,"height":12}},{"id":"41484802-3868-4106-b7cf-0ca648110527","block_type":"box","text":"properties; extended vacancies due to economic conditions and tenant bankruptcies; catastrophic events such as","page_number":55,"box":{"x":89,"y":554,"width":794,"height":12}},{"id":"b8cb3d69-de0f-453f-bc97-248964095e3b","block_type":"box","text":"earthquakes, hurricanes and terrorist acts; and casualty or condemnation losses. Real estate income and values also may be","page_number":55,"box":{"x":89,"y":569,"width":867,"height":13}},{"id":"a33623dd-ec96-476a-ad63-1ea82ae6d0cc","block_type":"box","text":"greatly affected by demographic trends, such as population shifts or changes in consumer preferences and values, or","page_number":55,"box":{"x":89,"y":584,"width":819,"height":13}},{"id":"dbf0cdd3-db6c-4eb0-a38e-40927142bf14","block_type":"box","text":"increasing vacancies or declining rents resulting from legal, cultural, technological, global or local economic developments.","page_number":55,"box":{"x":89,"y":599,"width":860,"height":13}},{"id":"ded479e1-2d0f-4859-b0c6-4ae2dd319dfd","block_type":"box","text":"Regulatory Risk.","page_number":55,"box":{"x":88,"y":626,"width":110,"height":12}},{"id":"7fff86d9-243c-4dd6-9ea0-9aec30ba4504","block_type":"box","text":"Real estate income and values may be adversely affected by such factors as applicable domestic and foreign","page_number":55,"box":{"x":205,"y":626,"width":754,"height":12}},{"id":"21a530bb-6554-4bb2-af9b-84124a05a354","block_type":"box","text":"laws (including tax laws). Government actions, such as tax increases, zoning law changes, mandated closures or other","page_number":55,"box":{"x":89,"y":641,"width":828,"height":12}},{"id":"bd5e2042-d3d9-48d0-b5ff-fbd2296e29ab","block_type":"box","text":"commercial restrictions or environmental regulations, also may have a major impact on real estate income and values. In","page_number":55,"box":{"x":89,"y":656,"width":843,"height":13}},{"id":"c2e53601-69e2-4612-94d5-30542848d201","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":55,"box":{"x":89,"y":671,"width":854,"height":13}},{"id":"fc303715-4447-424e-86f9-eb8cbd2198aa","block_type":"box","text":"Real Estate Companies to liquidate or restructure otherwise attractive investments. Some countries may not recognize REITs","page_number":55,"box":{"x":89,"y":686,"width":867,"height":13}},{"id":"9775572f-8e08-4ad2-813a-570f5f130b10","block_type":"box","text":"or comparable structures as a viable form of real estate funds.","page_number":55,"box":{"x":89,"y":702,"width":432,"height":12}},{"id":"bb5391c4-cd96-4483-ae9b-cd9896f434d9","block_type":"box","text":"Underlying Investment Risk.","page_number":55,"box":{"x":89,"y":728,"width":192,"height":12}},{"id":"7db2627b-ac1e-4259-8e7f-90eeb1801b25","block_type":"box","text":"Real Estate Companies make investments in a variety of debt and equity instruments with","page_number":55,"box":{"x":287,"y":728,"width":626,"height":12}},{"id":"d4a548fc-2780-4937-a34e-499b010e6691","block_type":"box","text":"varying risk profiles. For instance, Real Estate Companies may invest in debt instruments secured by commercial property","page_number":55,"box":{"x":88,"y":743,"width":849,"height":12}},{"id":"736072b6-4159-4510-811b-b022f06fb01f","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":55,"box":{"x":88,"y":758,"width":877,"height":13}},{"id":"bd796dc1-25db-4a21-b864-e5f904cea219","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":55,"box":{"x":88,"y":773,"width":877,"height":13}},{"id":"4eb884ab-4477-4f20-9194-cc23b16c8c30","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":55,"box":{"x":89,"y":788,"width":871,"height":13}},{"id":"7b9db509-0c2c-41f5-aecd-1b2c61a05da1","block_type":"box","text":"that involve privately negotiated structures. Subordinated debt investments, such as B-Notes and mezzanine loans, involve a","page_number":55,"box":{"x":88,"y":804,"width":868,"height":12}},{"id":"c59148d9-6898-4cb5-bad2-303c3ebff416","block_type":"box","text":"greater credit risk of default due to the need to service more senior debt of the issuer. Similarly, preferred equity investments","page_number":55,"box":{"x":89,"y":819,"width":867,"height":12}},{"id":"48e4baed-5e47-42b7-a160-2dfb012568a0","block_type":"box","text":"involve a greater risk of loss than conventional debt financing due to their non-collateralized nature and subordinated","page_number":55,"box":{"x":89,"y":834,"width":821,"height":12}},{"id":"31d5dfe7-8b84-415a-adcf-0f7aeb137d29","block_type":"box","text":"ranking. Investments in commercial mortgage-backed securities may also be junior in priority in the event of bankruptcy or","page_number":55,"box":{"x":89,"y":849,"width":862,"height":12}},{"id":"082ef5f2-e9a4-4261-b713-e70a3fae7ffd","block_type":"box","text":"similar proceedings. Investments in senior loans may be effectively subordinated if the senior loan is pledged as collateral.","page_number":55,"box":{"x":89,"y":864,"width":849,"height":12}},{"id":"0355ab40-890b-489d-adfb-cbd0b06c7358","block_type":"box","text":"35","page_number":55,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a96a24a7-be97-43bd-ab3c-6bcbb95c8b00","block_type":"box","text":"The ability of a holder of junior claims to proceed against a defaulting issuer is circumscribed by the terms of the particular","page_number":56,"box":{"x":88,"y":44,"width":859,"height":12}},{"id":"61f577c1-cd73-46ce-b8dd-c79a7b31459e","block_type":"box","text":"contractual arrangement, which vary considerably from transaction to transaction.","page_number":56,"box":{"x":89,"y":59,"width":578,"height":12}},{"id":"18823ddf-1db6-41f2-b262-f3e5d10d9c4a","block_type":"box","text":"U.S. Tax Risk.","page_number":56,"box":{"x":89,"y":85,"width":89,"height":10}},{"id":"5378e500-91a6-4a54-8fc5-7c43efe02417","block_type":"box","text":"Certain U.S. Real Estate Companies are subject to special U.S. federal tax requirements. A REIT that fails to","page_number":56,"box":{"x":184,"y":85,"width":739,"height":13}},{"id":"c6d9ef94-9def-416a-99d6-94adf3b44cff","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":56,"box":{"x":89,"y":101,"width":854,"height":12}},{"id":"439b0e33-a3f4-49a7-b07e-b878a159ccfb","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":56,"box":{"x":89,"y":116,"width":871,"height":12}},{"id":"e5731a12-48bc-4e55-a5fc-49b6ecd53a4d","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":56,"box":{"x":89,"y":131,"width":811,"height":12}},{"id":"949aff53-6cf3-45a6-9089-7f09d605ceb6","block_type":"box","text":"successfully maintains its qualification may still become subject to U.S. federal, state and local taxes, including excise,","page_number":56,"box":{"x":89,"y":146,"width":821,"height":12}},{"id":"eba488c3-66e0-4d4c-bb3e-62336b26f36d","block_type":"box","text":"penalty, franchise, payroll, mortgage recording, and transfer taxes, both directly and indirectly through its subsidiaries.","page_number":56,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"f526a2b7-0981-4cca-b6d5-b464469a2294","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":56,"box":{"x":89,"y":176,"width":867,"height":13}},{"id":"330b538e-0a6a-4e62-b3f9-cf89f0f9a761","block_type":"box","text":"request permission to extend the deadline for issuing your tax reporting statement or supplement the information otherwise","page_number":56,"box":{"x":89,"y":191,"width":871,"height":13}},{"id":"b441a3e3-25e1-4d6b-be5b-9bea8dca67df","block_type":"box","text":"provided to you.","page_number":56,"box":{"x":89,"y":206,"width":112,"height":13}},{"id":"efb48429-a15a-4635-8fce-16960a0a1ee5","block_type":"box","text":"Risk of Investing in Technology Companies.","page_number":56,"box":{"x":89,"y":233,"width":313,"height":12}},{"id":"b51a18b8-1097-4710-a85b-ba986a7fd975","block_type":"box","text":"Technology companies and companies that rely heavily on technological","page_number":56,"box":{"x":411,"y":233,"width":509,"height":12}},{"id":"1fb3c150-354b-4fa5-96f1-ecf5bd0d9d95","block_type":"box","text":"advances may have limited product lines, markets, financial resources and personnel. These companies may face rapid","page_number":56,"box":{"x":89,"y":248,"width":830,"height":12}},{"id":"20f56616-34f3-4b71-99c3-bfb8031bf13e","block_type":"box","text":"product obsolescence as well as unexpected risks and costs related to new product introduction and technological","page_number":56,"box":{"x":89,"y":263,"width":803,"height":12}},{"id":"f6471217-209c-4f06-a4bd-2b6df794d41f","block_type":"box","text":"developments, such as artificial intelligence and machine learning. Technology companies may be adversely affected by","page_number":56,"box":{"x":89,"y":278,"width":837,"height":13}},{"id":"dfd91c65-98b2-4232-bcdc-e3fa2e871f74","block_type":"box","text":"disruptions to supply chains and distribution networks as well as issues at third-party partners. They are heavily dependent","page_number":56,"box":{"x":89,"y":293,"width":861,"height":13}},{"id":"6ce47406-6475-4f50-8b6f-fda21d773090","block_type":"box","text":"on patent and other intellectual property rights, and the loss or impairment of these rights may adversely affect their","page_number":56,"box":{"x":89,"y":308,"width":815,"height":13}},{"id":"35862e63-bb8f-4ce5-96fe-36dec20023a0","block_type":"box","text":"profitability. Technology companies may face increased government scrutiny and may be subject to adverse government or","page_number":56,"box":{"x":89,"y":324,"width":863,"height":12}},{"id":"70e9c0a0-ac2a-4b84-85f0-930f3c117b1d","block_type":"box","text":"legal action. These companies also may be adversely affected by, among other things, actual or perceived security","page_number":56,"box":{"x":89,"y":339,"width":796,"height":12}},{"id":"77cdb543-8756-4dfb-9284-d53be2cd2636","block_type":"box","text":"vulnerabilities or other defects in their products and services, which may result in lawsuits, government enforcement actions","page_number":56,"box":{"x":88,"y":354,"width":871,"height":12}},{"id":"aba327fb-54f3-4f51-83dd-d1183fc34391","block_type":"box","text":"and other remediation costs.","page_number":56,"box":{"x":89,"y":369,"width":200,"height":10}},{"id":"c12d41a4-9446-4a0c-a293-ae53da2b1ab2","block_type":"box","text":"Risk of Investing in the Utilities Sector.","page_number":56,"box":{"x":89,"y":395,"width":274,"height":13}},{"id":"d312bc7a-3663-4c76-b4d8-5ab16ec216a5","block_type":"box","text":"The utilities sector may be adversely affected by changing commodity prices,","page_number":56,"box":{"x":372,"y":395,"width":539,"height":13}},{"id":"9281c995-aff2-44d8-af39-60346d5eef0a","block_type":"box","text":"government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws, interest rate fluctuations","page_number":56,"box":{"x":89,"y":410,"width":857,"height":13}},{"id":"1b76ac8d-3263-4f47-9e74-603163ab3219","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":56,"box":{"x":89,"y":426,"width":871,"height":12}},{"id":"982281f1-1a33-4f15-8c4c-b206cabe3f23","block_type":"box","text":"natural disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation","page_number":56,"box":{"x":89,"y":441,"width":872,"height":12}},{"id":"8e8d5a5d-3e97-486b-9fe1-30c6130c12ea","block_type":"box","text":"and maintenance of nuclear facilities. Government regulators monitor and control utility revenues and costs, and therefore","page_number":56,"box":{"x":89,"y":456,"width":858,"height":12}},{"id":"64e34237-41b7-48e5-95de-d5ebce93bbc4","block_type":"box","text":"may limit utility profits. Federal legislation may facilitate the construction of electric transmission lines not only by public","page_number":56,"box":{"x":89,"y":471,"width":841,"height":12}},{"id":"091c4425-26ba-4ce5-bd17-e72f34a7c913","block_type":"box","text":"utilities but also by independent transmission developers, which could increase competition in the wholesale electricity","page_number":56,"box":{"x":89,"y":486,"width":833,"height":12}},{"id":"843271e2-3bac-44d7-a5d3-f4246a68dfdd","block_type":"box","text":"markets. In certain countries, regulatory authorities may also restrict a company’s access to new markets, thereby","page_number":56,"box":{"x":89,"y":501,"width":796,"height":13}},{"id":"4e65562a-7d0e-4c8b-9009-0ca9ae75d3fb","block_type":"box","text":"diminishing the company’s long-term prospects.","page_number":56,"box":{"x":89,"y":516,"width":339,"height":13}},{"id":"2a07836f-c5c7-47af-9d2f-4202335b942a","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any regulatory","page_number":56,"box":{"x":88,"y":543,"width":842,"height":12}},{"id":"416a28f6-1a04-4b79-95d7-504509d5be85","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":56,"box":{"x":89,"y":558,"width":878,"height":12}},{"id":"a43d79d6-c367-4105-9037-3f9c1d325801","block_type":"box","text":"grant rate increases. Additionally, existing and possible future regulatory legislation may make it even more difficult for","page_number":56,"box":{"x":89,"y":573,"width":829,"height":12}},{"id":"aa560b3e-fac5-4bb4-9eb9-3aad6df5506b","block_type":"box","text":"utilities to obtain adequate relief. Certain of the issuers of securities held in a Fund’s portfolio may own or operate nuclear","page_number":56,"box":{"x":89,"y":588,"width":850,"height":12}},{"id":"d0b5722c-a102-43bc-a81c-cb1a0dd810c7","block_type":"box","text":"generating facilities. Governmental authorities may from time to time review existing policies and impose additional","page_number":56,"box":{"x":89,"y":603,"width":809,"height":13}},{"id":"ca9bd59d-e156-42da-ba47-e360f838c986","block_type":"box","text":"requirements governing the licensing, construction and operation of nuclear power plants. Prolonged changes in climate","page_number":56,"box":{"x":89,"y":618,"width":845,"height":13}},{"id":"87ff6e24-179f-48d0-aa38-192b54e93158","block_type":"box","text":"conditions can also have a significant impact on both the revenues of an electric and gas utility as well as the expenses of a","page_number":56,"box":{"x":89,"y":633,"width":861,"height":13}},{"id":"19a2f23b-f42b-47c4-a6ae-5c10a182d5f4","block_type":"box","text":"utility, particularly a hydro-based electric utility.","page_number":56,"box":{"x":89,"y":649,"width":328,"height":12}},{"id":"1c3be0b0-d8d0-44a0-a340-71fdf722de93","block_type":"box","text":"The rates that traditional regulated utility companies may charge their customers generally are subject to review and","page_number":56,"box":{"x":88,"y":675,"width":817,"height":12}},{"id":"d1ef26f0-f849-478f-8e00-d1d13d1e892d","block_type":"box","text":"limitation by governmental regulatory commissions. Rate changes may occur only after a prolonged approval period or may","page_number":56,"box":{"x":89,"y":690,"width":868,"height":13}},{"id":"b15cfa59-b160-4b57-876e-4e0d2a2337f9","block_type":"box","text":"not occur at all, which could adversely affect utility companies when costs are rising. The value of regulated utility debt","page_number":56,"box":{"x":89,"y":705,"width":832,"height":13}},{"id":"be9ef160-9496-4473-9455-f0324f28ba0f","block_type":"box","text":"securities (and, to a lesser extent, equity securities) tends to have an inverse relationship to the movement of interest rates.","page_number":56,"box":{"x":89,"y":720,"width":860,"height":13}},{"id":"c8366d30-6ba0-4ef9-9c0d-dac168a1b9d0","block_type":"box","text":"Certain utility companies have experienced full or partial deregulation in recent years. These utility companies are frequently","page_number":56,"box":{"x":89,"y":736,"width":868,"height":12}},{"id":"1d4ff079-37fa-40e4-aacf-39d897c7b844","block_type":"box","text":"more similar to industrial companies in that they are subject to greater competition and have been permitted by regulators to","page_number":56,"box":{"x":89,"y":751,"width":876,"height":12}},{"id":"714c9417-441d-4b92-afb8-8bd4a67a6f3b","block_type":"box","text":"diversify outside of their original geographic regions and their traditional lines of business. As a result, some companies may","page_number":56,"box":{"x":89,"y":766,"width":869,"height":12}},{"id":"0e116fed-dcd7-49e2-bc45-3879aabe3226","block_type":"box","text":"be forced to defend their core business and may be less profitable. Deregulation may also permit a utility company to expand","page_number":56,"box":{"x":89,"y":781,"width":874,"height":12}},{"id":"08c894c2-944d-476f-b95c-f912ebed67c6","block_type":"box","text":"outside of its traditional lines of business and engage in riskier ventures.","page_number":56,"box":{"x":89,"y":796,"width":503,"height":12}},{"id":"eb5149fc-a96f-4bd6-b914-13fd1fe1f550","block_type":"box","text":"36","page_number":56,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"09d6774a-7991-4d97-9e89-6ebc933f43ae","block_type":"box","text":"Proxy Voting Policies","page_number":57,"box":{"x":91,"y":44,"width":343,"height":30}},{"id":"f5233d8e-74af-4f7d-b4b6-7ba0a97e1fae","block_type":"box","text":"The Board has delegated the voting of proxies for each Fund’s securities to BFA pursuant to (i) the Open-End Active and","page_number":57,"box":{"x":88,"y":85,"width":840,"height":13}},{"id":"c4a900fb-ef30-46eb-879f-5a501408e44c","block_type":"box","text":"Fixed Income Index Fund Proxy Voting Policy (the “Active Fund Proxy Voting Policy”), with respect to certain Funds, and (ii)","page_number":57,"box":{"x":89,"y":101,"width":859,"height":12}},{"id":"1472d075-1604-4bec-8dc5-cfbb1eb2a739","block_type":"box","text":"the Index Equity Fund Proxy Voting Policy, with respect to certain other Funds, as applicable. Please refer to the table below,","page_number":57,"box":{"x":88,"y":116,"width":864,"height":12}},{"id":"907fba13-2418-4b7a-9fbe-5b7d18421a86","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":57,"box":{"x":88,"y":131,"width":879,"height":12}},{"id":"5686115f-69ef-409c-8ce8-1d928c90be60","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":57,"box":{"x":89,"y":146,"width":810,"height":12}},{"id":"7869fb20-e86f-48fa-a21b-337a85070179","block_type":"box","text":"applicable to a Fund is considered to form a part of that Fund’s SAI.","page_number":57,"box":{"x":89,"y":161,"width":471,"height":12}},{"id":"cab93070-1612-43b1-a84c-551af8775da3","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":57,"box":{"x":88,"y":188,"width":844,"height":12}},{"id":"09bf1064-b82a-46d1-bd31-21a5e315c0ff","block_type":"box","text":"Stewardship - Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Certain of such Funds, as listed within the","page_number":57,"box":{"x":88,"y":203,"width":866,"height":12}},{"id":"7f5987c6-4205-4175-8eec-44a2a27f564c","block_type":"box","text":"Active Fund Proxy Voting Policy and as disclosed in the table below, follow supplemental guidelines within the BAIS","page_number":57,"box":{"x":88,"y":218,"width":806,"height":12}},{"id":"d455606b-e599-4ffc-ad81-2587fc0f6c79","block_type":"box","text":"Guidelines that are applicable to certain climate and decarbonization issues (the “BAIS Climate and Decarbonization","page_number":57,"box":{"x":89,"y":233,"width":811,"height":12}},{"id":"a4da6424-6f6d-4582-881d-9c2859557260","block_type":"box","text":"Stewardship Guidelines”).","page_number":57,"box":{"x":88,"y":248,"width":180,"height":12}},{"id":"bbe1ceb6-81b7-4e53-ae57-29191e28310f","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":57,"box":{"x":88,"y":274,"width":839,"height":13}},{"id":"ceffc47b-e01e-4ff7-a63a-aa3bb62cf202","block_type":"box","text":"Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for Benchmark Policies, regional voting","page_number":57,"box":{"x":88,"y":290,"width":840,"height":12}},{"id":"1aa1b0d6-97b6-4a40-b9ec-51ee96d69f9b","block_type":"box","text":"guidelines, and engagement priorities, which are each available upon request. In addition, certain of such Funds, as listed","page_number":57,"box":{"x":89,"y":305,"width":847,"height":12}},{"id":"5b64bf34-40a2-4116-aa44-64b70de8097d","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":57,"box":{"x":88,"y":320,"width":870,"height":12}},{"id":"045f6f6e-a4cc-404d-b513-72a5ff7ea443","block_type":"box","text":"applicable to certain climate and decarbonization issues (the “BIS Climate and Decarbonization Stewardship Guidelines”).","page_number":57,"box":{"x":89,"y":335,"width":850,"height":12}},{"id":"f6cad85e-7231-4eb1-95d0-ed38414281c2","block_type":"box","text":"Fund","page_number":57,"box":{"x":257,"y":404,"width":27,"height":8}},{"id":"7cebc2c2-e523-4472-8c6c-f550eb3e4ef9","block_type":"box","text":"Open-End","page_number":57,"box":{"x":476,"y":364,"width":57,"height":10}},{"id":"7bce78fe-3e26-49d4-84ea-93261efcda09","block_type":"box","text":"Active and Fixed","page_number":57,"box":{"x":457,"y":374,"width":94,"height":8}},{"id":"b7a16803-997c-4fba-b706-c3e30dddb064","block_type":"box","text":"Income Index","page_number":57,"box":{"x":466,"y":384,"width":78,"height":8}},{"id":"685f9c33-7f67-43df-8f6e-ac003782f6eb","block_type":"box","text":"Fund Proxy","page_number":57,"box":{"x":473,"y":394,"width":64,"height":10}},{"id":"5ab93c08-159d-4ee0-9765-b22226a186e0","block_type":"box","text":"Voting Policy","page_number":57,"box":{"x":467,"y":404,"width":75,"height":10}},{"id":"64372390-ae91-44da-8816-890fa5d47d4f","block_type":"box","text":"BAIS Climate","page_number":57,"box":{"x":586,"y":374,"width":73,"height":8}},{"id":"9f1588ef-4d48-48aa-a39f-a39e7c22d5e4","block_type":"box","text":"and Decarbonization","page_number":57,"box":{"x":562,"y":384,"width":119,"height":8}},{"id":"64ec1698-12f1-4bd3-9ce4-adb52f033e5e","block_type":"box","text":"Stewardship","page_number":57,"box":{"x":587,"y":394,"width":70,"height":10}},{"id":"3d66c3d3-4551-463a-8d2e-7f22eee58377","block_type":"box","text":"Guidelines Apply","page_number":57,"box":{"x":573,"y":404,"width":98,"height":10}},{"id":"868d449e-89f9-4953-be17-e22af9eafc45","block_type":"box","text":"Index Equity Fund Proxy","page_number":57,"box":{"x":693,"y":394,"width":139,"height":10}},{"id":"81872222-eb5f-47b9-afa1-8a557e6f2129","block_type":"box","text":"Voting Policy","page_number":57,"box":{"x":725,"y":404,"width":75,"height":10}},{"id":"36ae0c21-390e-4a66-9c93-663dc052a2ac","block_type":"box","text":"BIS Climate","page_number":57,"box":{"x":870,"y":374,"width":65,"height":8}},{"id":"400fdc75-7980-42ca-8795-64e675e40d8b","block_type":"box","text":"and Decarbonization","page_number":57,"box":{"x":843,"y":384,"width":119,"height":8}},{"id":"5d77ebc0-65cd-4785-ab98-d76bfa01e35a","block_type":"box","text":"Stewardship","page_number":57,"box":{"x":867,"y":394,"width":71,"height":10}},{"id":"3e48777f-ba33-4e44-bb11-df26642cef0b","block_type":"box","text":"Guidelines Apply","page_number":57,"box":{"x":854,"y":404,"width":97,"height":10}},{"id":"e13526c1-c3c7-4ace-9054-8411926cdb7a","block_type":"box","text":"iShares MSCI Australia ETF X","page_number":57,"box":{"x":95,"y":422,"width":672,"height":10}},{"id":"c8b9d918-6e64-4ca7-ba40-911c554d2402","block_type":"box","text":"iShares MSCI Austria ETF X","page_number":57,"box":{"x":95,"y":443,"width":672,"height":9}},{"id":"f917b269-6204-4f61-a679-0d81461c5c7a","block_type":"box","text":"iShares MSCI Belgium ETF X","page_number":57,"box":{"x":95,"y":463,"width":672,"height":12}},{"id":"16a1db11-9d75-4a23-b8b2-58486af4e2fb","block_type":"box","text":"iShares MSCI Canada ETF X","page_number":57,"box":{"x":95,"y":483,"width":672,"height":10}},{"id":"5d33c961-c364-4355-8b19-ea5df16ba19e","block_type":"box","text":"iShares MSCI Eurozone ETF X","page_number":57,"box":{"x":95,"y":503,"width":672,"height":10}},{"id":"a8e2d701-b933-4a62-ad98-f0561026ee8f","block_type":"box","text":"iShares MSCI France ETF X","page_number":57,"box":{"x":95,"y":523,"width":672,"height":10}},{"id":"3c9bcdc3-c073-401b-800a-0878e52d0b16","block_type":"box","text":"iShares MSCI Germany ETF X","page_number":57,"box":{"x":95,"y":543,"width":672,"height":13}},{"id":"0974a961-a20c-4fc1-a9ef-16d10212af3d","block_type":"box","text":"iShares MSCI Hong Kong ETF X","page_number":57,"box":{"x":95,"y":564,"width":672,"height":12}},{"id":"ba0665c7-364e-45b0-9302-c77e63125a19","block_type":"box","text":"iShares MSCI Israel ETF X","page_number":57,"box":{"x":95,"y":584,"width":672,"height":9}},{"id":"e36e20d3-50fc-46a3-a8e7-2861b174cf19","block_type":"box","text":"iShares MSCI Italy ETF X","page_number":57,"box":{"x":95,"y":604,"width":672,"height":12}},{"id":"aa940492-459c-4b1f-8817-67139ca7daf3","block_type":"box","text":"iShares MSCI Japan ETF X","page_number":57,"box":{"x":95,"y":624,"width":672,"height":12}},{"id":"b3ecd268-5239-4245-9d16-dede698de7cf","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF X","page_number":57,"box":{"x":95,"y":644,"width":672,"height":13}},{"id":"f5460f8a-b854-4dc3-a795-be9b57a9e799","block_type":"box","text":"iShares MSCI Mexico ETF X","page_number":57,"box":{"x":95,"y":664,"width":672,"height":10}},{"id":"f81aa433-4896-40d1-87ce-9ca8c0d9523d","block_type":"box","text":"iShares MSCI Netherlands ETF X","page_number":57,"box":{"x":95,"y":685,"width":672,"height":9}},{"id":"e97c61cd-0a0b-47f2-9f11-c64923bbd3af","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF X","page_number":57,"box":{"x":95,"y":705,"width":672,"height":12}},{"id":"b4652f0d-11da-446f-8efa-dcacdcfbe225","block_type":"box","text":"iShares MSCI Singapore ETF X","page_number":57,"box":{"x":95,"y":725,"width":672,"height":12}},{"id":"98c4436a-d836-4940-a998-27195f7ec11a","block_type":"box","text":"iShares MSCI South Africa ETF X","page_number":57,"box":{"x":95,"y":745,"width":672,"height":10}},{"id":"1b87d126-0592-4afe-9841-8e0769bae04b","block_type":"box","text":"iShares MSCI Spain ETF X","page_number":57,"box":{"x":95,"y":765,"width":672,"height":12}},{"id":"60996526-483e-4068-a35f-337fec637df9","block_type":"box","text":"iShares MSCI Sweden ETF X","page_number":57,"box":{"x":95,"y":785,"width":672,"height":10}},{"id":"da47a848-40ce-49e0-b8e2-7aed68fcb59f","block_type":"box","text":"iShares MSCI Switzerland ETF X","page_number":57,"box":{"x":95,"y":805,"width":672,"height":10}},{"id":"14d38844-64f9-4f4d-96a1-a6a504e0fa65","block_type":"box","text":"iShares MSCI Thailand ETF X","page_number":57,"box":{"x":95,"y":826,"width":672,"height":9}},{"id":"64d11e90-93d7-4dbc-8ad7-e9390651adf9","block_type":"box","text":"iShares MSCI Turkey ETF X","page_number":57,"box":{"x":95,"y":846,"width":672,"height":12}},{"id":"9cfdd6b4-6111-4166-8051-43821b341dba","block_type":"box","text":"37","page_number":57,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"540f0563-7f5d-47f3-9fd4-eabafd27028f","block_type":"box","text":"Fund","page_number":58,"box":{"x":257,"y":89,"width":27,"height":8}},{"id":"7ad55767-5c1a-4c9f-ac06-5133eb0d6c04","block_type":"box","text":"Open-End","page_number":58,"box":{"x":476,"y":49,"width":57,"height":10}},{"id":"41e00ae7-6495-4c13-bef0-e1a1cae29a20","block_type":"box","text":"Active and Fixed","page_number":58,"box":{"x":457,"y":59,"width":94,"height":8}},{"id":"e59e3db1-514c-4391-bff2-e9c462610cbe","block_type":"box","text":"Income Index","page_number":58,"box":{"x":466,"y":69,"width":78,"height":8}},{"id":"f2945e85-fde3-46f9-935d-38dbad87af3c","block_type":"box","text":"Fund Proxy","page_number":58,"box":{"x":473,"y":79,"width":64,"height":10}},{"id":"f0b3a55e-83dc-46fa-b9b4-5ef0eb252f81","block_type":"box","text":"Voting Policy","page_number":58,"box":{"x":467,"y":89,"width":75,"height":10}},{"id":"e849603a-5926-42fe-9713-8677f0730036","block_type":"box","text":"BAIS Climate","page_number":58,"box":{"x":586,"y":59,"width":73,"height":8}},{"id":"e84bf47b-7239-45d3-8b7a-13f021bfd42f","block_type":"box","text":"and Decarbonization","page_number":58,"box":{"x":562,"y":69,"width":119,"height":8}},{"id":"69bc511d-e95e-4d35-9be0-acb5838672c1","block_type":"box","text":"Stewardship","page_number":58,"box":{"x":587,"y":79,"width":70,"height":10}},{"id":"bdcbabe9-fa76-464d-bcc2-709c8a16f607","block_type":"box","text":"Guidelines Apply","page_number":58,"box":{"x":573,"y":89,"width":98,"height":10}},{"id":"b1448c92-08d0-40ba-b189-3279c5183724","block_type":"box","text":"Index Equity Fund Proxy","page_number":58,"box":{"x":693,"y":79,"width":139,"height":10}},{"id":"200ad036-857c-4f76-b797-9e0198cfd3f1","block_type":"box","text":"Voting Policy","page_number":58,"box":{"x":725,"y":89,"width":75,"height":10}},{"id":"e087ac9d-90b2-4acf-8c26-cad9aba51996","block_type":"box","text":"BIS Climate","page_number":58,"box":{"x":870,"y":59,"width":65,"height":8}},{"id":"f9957ba3-c2da-4d92-87e7-ab2cc2a0a497","block_type":"box","text":"and Decarbonization","page_number":58,"box":{"x":843,"y":69,"width":119,"height":8}},{"id":"28d269af-4012-497f-9811-dad5d317d49e","block_type":"box","text":"Stewardship","page_number":58,"box":{"x":867,"y":79,"width":71,"height":10}},{"id":"448107f1-7eaa-4ef9-8b77-8c218d2e2f50","block_type":"box","text":"Guidelines Apply","page_number":58,"box":{"x":854,"y":89,"width":97,"height":10}},{"id":"c833f57f-2b13-48cb-99c5-199336269a7d","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF X","page_number":58,"box":{"x":95,"y":108,"width":672,"height":12}},{"id":"092139bd-a4d0-4736-96af-b9287c881271","block_type":"box","text":"iShares MSCI World ETF X","page_number":58,"box":{"x":95,"y":128,"width":672,"height":9}},{"id":"e2232025-a8c9-4096-b203-868d5164f38b","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when voting on","page_number":58,"box":{"x":89,"y":152,"width":831,"height":13}},{"id":"c122741a-beb7-43e5-9f33-be959b61107b","block_type":"box","text":"proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies on investments","page_number":58,"box":{"x":89,"y":167,"width":871,"height":13}},{"id":"5593a193-94fb-410c-8640-3427016818ea","block_type":"box","text":"the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an underlying fund may","page_number":58,"box":{"x":88,"y":182,"width":856,"height":13}},{"id":"349ce463-8f8c-4c4b-899f-a1b8acfe8415","block_type":"box","text":"use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":58,"box":{"x":89,"y":198,"width":526,"height":12}},{"id":"d70b7b7c-8fc5-48b9-b04a-8df6050481f0","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the Global","page_number":58,"box":{"x":89,"y":224,"width":809,"height":12}},{"id":"9f55ca0b-976e-4c95-9b05-20fa709576a7","block_type":"box","text":"Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are included in Appendix","page_number":58,"box":{"x":89,"y":239,"width":869,"height":13}},{"id":"305bda1f-3081-4fa0-a49e-32193e925d9d","block_type":"box","text":"A of this SAI.","page_number":58,"box":{"x":88,"y":254,"width":89,"height":10}},{"id":"751f503e-9f48-4d89-b8c4-57e15e622759","block_type":"box","text":"Information with respect to how proxies relating to each Fund’s portfolio securities, when available, were voted during the","page_number":58,"box":{"x":89,"y":281,"width":853,"height":12}},{"id":"80d34162-e3b1-4018-b7ab-472c27f40d6e","block_type":"box","text":"12-month period ended June 30 is available: (i) without charge, upon request, by calling 1-800-iShares (1-800-474-2737) or","page_number":58,"box":{"x":90,"y":296,"width":861,"height":12}},{"id":"658f9152-f169-4596-83d8-246dad32c6ad","block_type":"box","text":"through the Fund’s website at www.blackrock.com/proxyrecords; and (ii) on the SEC’s website at www.sec.gov.","page_number":58,"box":{"x":88,"y":311,"width":783,"height":12}},{"id":"d8b98785-7335-4ca9-b1a1-ff331a6a879d","block_type":"box","text":"Portfolio Holdings Information","page_number":58,"box":{"x":91,"y":342,"width":506,"height":29}},{"id":"5dc40c49-6a06-4184-bda2-4f7cf700b9e9","block_type":"box","text":"On each Business Day (as defined in the","page_number":58,"box":{"x":89,"y":383,"width":280,"height":12}},{"id":"c6ed5d81-7255-4bd3-8a96-22d5f9ea2664","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":58,"box":{"x":374,"y":383,"width":300,"height":12}},{"id":"807515ec-ab46-410d-8baa-2d55408e3f77","block_type":"box","text":"section of this SAI), prior to the opening","page_number":58,"box":{"x":679,"y":383,"width":279,"height":12}},{"id":"759be4f8-0bc5-448f-9a37-bb07f628e258","block_type":"box","text":"of regular trading on the Fund’s primary listing exchange, a Fund discloses on its website (www.iShares.com) certain","page_number":58,"box":{"x":89,"y":398,"width":817,"height":12}},{"id":"622a5914-db02-4697-914e-56c42dcbda5a","block_type":"box","text":"information relating to the portfolio holdings that will form the basis of a Fund’s next net asset value per share calculation.","page_number":58,"box":{"x":89,"y":413,"width":855,"height":12}},{"id":"071ad74a-a6c7-4e68-b0cd-9dda35b8c299","block_type":"box","text":"In addition, certain information may also be made available to certain parties:","page_number":58,"box":{"x":89,"y":439,"width":539,"height":13}},{"id":"b82b8c63-0f26-45d2-93b7-51afdbdd4c28","block_type":"box","text":"•","page_number":58,"box":{"x":89,"y":463,"width":4,"height":3}},{"id":"c08833ae-bc8e-4e5c-b154-2bc96ea7355a","block_type":"box","text":"Communications of Data Files:","page_number":58,"box":{"x":121,"y":460,"width":220,"height":9}},{"id":"366aee8e-8da9-4f52-9ac0-2f3aa39ec1b3","block_type":"box","text":"A Fund may make available through the facilities of the National Securities Clearing","page_number":58,"box":{"x":346,"y":460,"width":582,"height":12}},{"id":"f1a76e68-ae14-410c-9c6b-19e1b2071a72","block_type":"box","text":"Corporation (“NSCC”) or through posting on the www.iShares.com, prior to the opening of trading on each business","page_number":58,"box":{"x":121,"y":475,"width":817,"height":12}},{"id":"726d0429-e084-493d-88a0-cda8543d3e56","block_type":"box","text":"day, a list of a Fund’s holdings (generally pro-rata) that Authorized Participants could deliver to a Fund to settle","page_number":58,"box":{"x":121,"y":490,"width":776,"height":12}},{"id":"db771f58-4c61-40d5-a2b1-8321280a5ac6","block_type":"box","text":"purchases of a Fund (i.e., Deposit Securities) or that Authorized Participants would receive from a Fund to settle","page_number":58,"box":{"x":121,"y":505,"width":782,"height":12}},{"id":"9c91ee04-9913-4326-a9a0-4b3df85ceb2b","block_type":"box","text":"redemptions of a Fund (i.e., Fund Securities). These files are known as the Portfolio Composition File and the Fund Data","page_number":58,"box":{"x":122,"y":520,"width":835,"height":12}},{"id":"a3872472-f63b-4b20-848b-ef6f16d9f435","block_type":"box","text":"File (collectively, “Files”). The Files are applicable for the next trading day and are provided to the NSCC and/or posted","page_number":58,"box":{"x":122,"y":535,"width":824,"height":13}},{"id":"e1d3c852-4748-4b6e-a865-4de3b61d97e1","block_type":"box","text":"on www.iShares.com after the close of markets in the U.S.","page_number":58,"box":{"x":121,"y":550,"width":405,"height":10}},{"id":"835d8188-b6cb-44a4-a04c-d48e08a98154","block_type":"box","text":"•","page_number":58,"box":{"x":89,"y":574,"width":4,"height":3}},{"id":"26aa4be9-a849-4148-8bea-9bc4a5885daa","block_type":"box","text":"Communications with Authorized Participants, Liquidity Providers and Certain Other Third Parties:","page_number":58,"box":{"x":121,"y":570,"width":710,"height":13}},{"id":"c5903e35-2138-4151-9e61-c783104ad050","block_type":"box","text":"Certain employees","page_number":58,"box":{"x":837,"y":570,"width":128,"height":13}},{"id":"70a2f943-dea5-4d10-b7b2-2f92f55d527b","block_type":"box","text":"of BlackRock are responsible for interacting with Authorized Participants and liquidity providers with respect to","page_number":58,"box":{"x":121,"y":586,"width":775,"height":12}},{"id":"29769041-9e87-4302-86bb-b544d6ed578b","block_type":"box","text":"discussing custom basket proposals as described in the","page_number":58,"box":{"x":121,"y":601,"width":388,"height":12}},{"id":"ec6ef052-63e1-4425-aa53-9982327e86a2","block_type":"box","text":"Custom Baskets","page_number":58,"box":{"x":514,"y":601,"width":111,"height":9}},{"id":"5aa762e3-149d-4e6c-b8f9-774b202f0eb5","block_type":"box","text":"section of this SAI. As part of these discussions,","page_number":58,"box":{"x":630,"y":601,"width":333,"height":12}},{"id":"9c982704-0d97-490e-999f-ee72c1929ca6","block_type":"box","text":"these employees may discuss with an Authorized Participant or liquidity provider the securities a Fund is willing to","page_number":58,"box":{"x":121,"y":616,"width":797,"height":12}},{"id":"67527e71-44ee-42c1-816d-9a4d64c2a30f","block_type":"box","text":"accept for a creation, and securities that a Fund will provide on a redemption.","page_number":58,"box":{"x":121,"y":631,"width":541,"height":12}},{"id":"91401319-db23-46bd-8dd7-9106f85d505b","block_type":"box","text":"BlackRock employees may also discuss portfolio holdings-related information with broker/dealers, in connection with","page_number":58,"box":{"x":122,"y":657,"width":823,"height":13}},{"id":"66add09a-337c-4a1c-b0f6-b7a83f1a4242","block_type":"box","text":"settling a Fund’s transactions, and securities lending borrowers in connection with loan transactions, each as may be","page_number":58,"box":{"x":121,"y":673,"width":819,"height":12}},{"id":"ea57af1c-6756-4e1d-bfee-9ee86aed81d8","block_type":"box","text":"necessary to conduct business in the ordinary course in a manner consistent with the disclosure in the Fund’s current","page_number":58,"box":{"x":122,"y":688,"width":824,"height":12}},{"id":"012b37de-b813-4849-8d43-0a4348c7d9da","block_type":"box","text":"registration statement.","page_number":58,"box":{"x":122,"y":704,"width":158,"height":11}},{"id":"03c98122-0a2d-4493-99cd-ef8058368145","block_type":"box","text":"•","page_number":58,"box":{"x":89,"y":727,"width":4,"height":3}},{"id":"e5d24def-e269-417d-987a-4d0b3b4a1a60","block_type":"box","text":"Communications with Listing Exchanges:","page_number":58,"box":{"x":121,"y":723,"width":297,"height":12}},{"id":"dcc7c07b-4f0f-4f16-8986-6e27ae25735b","block_type":"box","text":"From time to time, employees of BlackRock may discuss portfolio holdings","page_number":58,"box":{"x":424,"y":723,"width":521,"height":12}},{"id":"62a0e8e2-742e-44ee-8643-6cebc7b6bae0","block_type":"box","text":"information with the applicable primary listing exchange for a Fund as needed to meet the exchange listing standards.","page_number":58,"box":{"x":122,"y":738,"width":827,"height":12}},{"id":"6ae43146-9e7e-4d7e-a87c-223309dd5218","block_type":"box","text":"•","page_number":58,"box":{"x":89,"y":762,"width":4,"height":3}},{"id":"dccb0111-38d0-4a5e-bcc0-ef55cd2dd618","block_type":"box","text":"Communications with Other Portfolio Managers:","page_number":58,"box":{"x":121,"y":758,"width":351,"height":13}},{"id":"c93afa15-64f9-48f2-9665-106ecc15c9c6","block_type":"box","text":"Certain information may be provided to employees of BlackRock who","page_number":58,"box":{"x":478,"y":758,"width":483,"height":13}},{"id":"3eb3edaf-b978-4c84-abda-266eb5c88067","block_type":"box","text":"manage funds that invest a significant percentage of their assets in shares of an underlying fund as necessary to","page_number":58,"box":{"x":122,"y":773,"width":786,"height":13}},{"id":"4e46e291-7068-4cba-bad7-539b87f8098e","block_type":"box","text":"manage the fund’s investment objective and strategy.","page_number":58,"box":{"x":122,"y":788,"width":373,"height":13}},{"id":"2769f34e-d71c-448d-87b9-97b566de413f","block_type":"box","text":"•","page_number":58,"box":{"x":89,"y":812,"width":4,"height":3}},{"id":"9f2f5c28-4b97-4e73-9a2b-1235f5a5a375","block_type":"box","text":"Communication of Other Information:","page_number":58,"box":{"x":121,"y":809,"width":274,"height":9}},{"id":"62a15e12-2f08-4ba9-900d-5f2e02594e80","block_type":"box","text":"Certain explanatory information regarding the Files is released to Authorized","page_number":58,"box":{"x":401,"y":809,"width":533,"height":12}},{"id":"c1090a3f-5959-4aef-a6a7-708583b25df5","block_type":"box","text":"Participants and liquidity providers on a daily basis, but is only done so after the Files are posted to www.iShares.com.","page_number":58,"box":{"x":122,"y":824,"width":822,"height":12}},{"id":"c1d4c845-231f-43fe-ab90-59c55add7a3b","block_type":"box","text":"•","page_number":58,"box":{"x":89,"y":847,"width":4,"height":4}},{"id":"a3110e91-ba52-4d7b-83eb-fbb9beef56a4","block_type":"box","text":"Third-Party Service Providers:","page_number":58,"box":{"x":121,"y":844,"width":214,"height":12}},{"id":"85b9d67f-f6b7-40ae-a90c-f0489523c1b3","block_type":"box","text":"Certain portfolio holdings information may be disclosed to Fund Directors and their","page_number":58,"box":{"x":341,"y":844,"width":584,"height":12}},{"id":"c54ae12c-50f3-4690-8045-915a4b7f1f45","block_type":"box","text":"counsel, outside counsel for the Funds, auditors and to certain third-party service providers (","page_number":58,"box":{"x":121,"y":859,"width":649,"height":12}},{"id":"1d7b0b5d-89bc-4687-9583-946f900b0bfb","block_type":"box","text":"i.e.","page_number":58,"box":{"x":771,"y":860,"width":18,"height":9}},{"id":"0e042bf2-fb3f-40c7-aff2-76ca04b45215","block_type":"box","text":", fund administrator,","page_number":58,"box":{"x":791,"y":859,"width":141,"height":11}},{"id":"495b597c-8dec-4459-83f3-97e4369a3771","block_type":"box","text":"38","page_number":58,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"729dd408-5c5e-4c55-be9b-4469283645b4","block_type":"box","text":"custodian, proxy voting service) for which a non-disclosure, confidentiality agreement or other obligation is in place with","page_number":59,"box":{"x":121,"y":44,"width":845,"height":12}},{"id":"75590594-a4e9-47ea-ae87-ffd22f67dd19","block_type":"box","text":"such service providers, as may be necessary to conduct business in the ordinary course in a manner consistent with","page_number":59,"box":{"x":121,"y":59,"width":811,"height":12}},{"id":"b672df5f-2c5b-4b52-a863-c9a0c0a89c9c","block_type":"box","text":"applicable policies, agreements with the Funds, the terms of the current registration statements and federal securities","page_number":59,"box":{"x":121,"y":74,"width":824,"height":12}},{"id":"1ed35df9-4f72-47c8-8753-cbe3b79dbb44","block_type":"box","text":"laws and regulations thereunder.","page_number":59,"box":{"x":122,"y":89,"width":227,"height":13}},{"id":"e75bdd9d-ad32-49e8-83b7-bacc2b780f2e","block_type":"box","text":"•","page_number":59,"box":{"x":89,"y":113,"width":4,"height":3}},{"id":"fc0b43db-cc31-4566-8da7-61a79d3081f1","block_type":"box","text":"Liquidity Metrics:","page_number":59,"box":{"x":122,"y":109,"width":123,"height":13}},{"id":"85c5206e-e672-4656-a2b8-c11e1864f6c9","block_type":"box","text":"“Liquidity Metrics,” which seek to ascertain a Fund’s liquidity profile under BlackRock’s global liquidity","page_number":59,"box":{"x":251,"y":109,"width":714,"height":13}},{"id":"30954c85-c20e-4e30-9d09-ac48ca22499b","block_type":"box","text":"risk methodology, include but are not limited to: (a) disclosure regarding the number of days needed to liquidate a","page_number":59,"box":{"x":122,"y":125,"width":798,"height":12}},{"id":"eef13fe3-46f5-47a9-b179-7b1916567a3a","block_type":"box","text":"portfolio or the portfolio’s underlying investments; and (b) the percentage of a Fund’s NAV invested in a particular","page_number":59,"box":{"x":121,"y":140,"width":796,"height":12}},{"id":"9253846d-add2-4ddd-a62a-39e554a05699","block_type":"box","text":"liquidity tier under BlackRock’s global liquidity risk methodology. The dissemination of position-level liquidity metrics","page_number":59,"box":{"x":122,"y":155,"width":816,"height":12}},{"id":"e5f73d2d-9064-4b1c-bad1-433194fb9aee","block_type":"box","text":"data and any non-public regulatory data pursuant to the Liquidity Rule (including SEC liquidity tiering) is not permitted","page_number":59,"box":{"x":121,"y":170,"width":831,"height":12}},{"id":"7a721b1e-23f3-449d-8282-f4f54051b8df","block_type":"box","text":"unless pre-approved. Disclosure of portfolio-level liquidity metrics prior to 60 calendar days after calendar quarter-end","page_number":59,"box":{"x":122,"y":185,"width":828,"height":12}},{"id":"2b2800ec-62af-47a0-a436-a3869c35aa53","block_type":"box","text":"requires a non-disclosure or confidentiality agreement and approval of the Company’s Chief Compliance Officer.","page_number":59,"box":{"x":122,"y":200,"width":783,"height":12}},{"id":"c0069fa2-ac47-44f3-ba29-f986010e81e2","block_type":"box","text":"Portfolio-level liquidity metrics disclosure subsequent to 60 calendar days after calendar quarter-end requires the","page_number":59,"box":{"x":122,"y":215,"width":791,"height":13}},{"id":"5b2a45a2-020c-4dad-9f54-cb2b026544b2","block_type":"box","text":"approval of portfolio management and must be disclosed to all parties requesting the information if disclosed to any","page_number":59,"box":{"x":121,"y":230,"width":815,"height":13}},{"id":"5bf39f27-b7c4-4adb-a9d5-94063dbddb11","block_type":"box","text":"party.","page_number":59,"box":{"x":121,"y":247,"width":37,"height":11}},{"id":"4f170090-5031-4d18-a5b8-c60f50dd80b0","block_type":"box","text":"The Company’s Chief Compliance Officer or his delegate may authorize disclosure of portfolio holdings information pursuant","page_number":59,"box":{"x":88,"y":272,"width":876,"height":12}},{"id":"68f0c293-51ae-4847-988e-6d6b46de41ec","block_type":"box","text":"to the above policy and procedures, subject to restrictions on selective disclosure imposed by applicable law. The Board","page_number":59,"box":{"x":88,"y":287,"width":834,"height":12}},{"id":"720c4a1d-9e45-4634-bd1a-38b5c9a54b67","block_type":"box","text":"reviews the policy and procedures for disclosure of portfolio holdings information at least annually.","page_number":59,"box":{"x":89,"y":302,"width":691,"height":12}},{"id":"4a0dd61c-5663-4968-8d2e-24f170c1ffab","block_type":"box","text":"Construction and Maintenance of the Underlying","page_number":59,"box":{"x":90,"y":333,"width":822,"height":29}},{"id":"bad350f3-7be1-4066-98c2-61addf58afa0","block_type":"box","text":"Indexes","page_number":59,"box":{"x":91,"y":363,"width":125,"height":23}},{"id":"e0968736-e29e-4833-ae0b-a9488002dd31","block_type":"box","text":"Descriptions of the Underlying Indexes are provided below.","page_number":59,"box":{"x":89,"y":404,"width":410,"height":13}},{"id":"6d8f92fa-b618-4809-b16b-26976d8b54d5","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":59,"box":{"x":88,"y":431,"width":870,"height":12}},{"id":"c16fcdbf-acd0-4e82-a539-0ecd5d7ae1bf","block_type":"box","text":"index provider regarding their business interest in licensing an index to track a particular market segment and conveyed","page_number":59,"box":{"x":89,"y":446,"width":837,"height":12}},{"id":"e86dd900-67af-494e-b52b-e90f86b8f995","block_type":"box","text":"investment concepts and strategies that could be considered for the index. The index provider designed and constituted such","page_number":59,"box":{"x":89,"y":461,"width":878,"height":12}},{"id":"a89faeb4-7d03-416d-a421-9c2d34eb9bde","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":59,"box":{"x":89,"y":476,"width":871,"height":12}},{"id":"2e301dab-a676-45bf-8af6-9d54451305e7","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":59,"box":{"x":89,"y":491,"width":868,"height":12}},{"id":"fbf193e5-a5ad-41d0-8d2e-55b4d76f1fdd","block_type":"box","text":"instruments in such underlying index, the rebalance protocols of the underlying index, the weightings of the securities and","page_number":59,"box":{"x":89,"y":506,"width":857,"height":13}},{"id":"2db4c9b8-568a-4450-a4e6-bc2430404472","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":59,"box":{"x":89,"y":521,"width":863,"height":13}},{"id":"dcbe5551-372b-4e6f-a9f3-466a362aa943","block_type":"box","text":"also provide input relating to possible methodology changes of such underlying index pursuant to the index provider’s","page_number":59,"box":{"x":89,"y":536,"width":828,"height":13}},{"id":"ae2ddc84-64cc-4e00-94f6-2da7cba2cded","block_type":"box","text":"consultation process or pursuant to other communications with the index provider.","page_number":59,"box":{"x":89,"y":552,"width":583,"height":12}},{"id":"95198c04-c855-4cc0-a2a3-86ed840fd896","block_type":"box","text":"The MSCI Indexes","page_number":59,"box":{"x":88,"y":579,"width":227,"height":18}},{"id":"5d8d3856-af24-40a3-95b0-dc2355344433","block_type":"box","text":"The MSCI indexes were founded in 1969 by Capital International S.A. as international performance benchmarks constructed","page_number":59,"box":{"x":88,"y":613,"width":869,"height":13}},{"id":"4604d00d-3a98-4791-917b-b878d26c3897","block_type":"box","text":"to facilitate comparison of world markets. The MSCI single country standard equity indexes have covered the world’s","page_number":59,"box":{"x":88,"y":628,"width":819,"height":13}},{"id":"095bae5f-671a-4a15-9370-d80d3808e0f5","block_type":"box","text":"developed markets since 1969 and in 1987 MSCI commenced coverage of emerging markets.","page_number":59,"box":{"x":89,"y":644,"width":654,"height":12}},{"id":"7d1dfb7e-2a6e-4c73-87a8-0f999f4007ad","block_type":"box","text":"Local stock exchanges traditionally calculated their own indexes, which were generally not comparable with one another due","page_number":59,"box":{"x":89,"y":670,"width":875,"height":12}},{"id":"4411eb25-e08d-4083-a8bc-cb477f9082d4","block_type":"box","text":"to differences in the representation of the local market, mathematical formulas, base dates and methods of adjusting for","page_number":59,"box":{"x":88,"y":685,"width":843,"height":12}},{"id":"08cc21c3-beb6-4311-b083-a58c67a3bfb0","block_type":"box","text":"capital changes. MSCI, however, applies the same calculation methodology to all markets for all single country standard","page_number":59,"box":{"x":89,"y":700,"width":838,"height":13}},{"id":"22eadcae-72d6-405b-8e14-f062a232df80","block_type":"box","text":"equity indexes, both developed and emerging.","page_number":59,"box":{"x":89,"y":715,"width":322,"height":13}},{"id":"cf51cc9a-0eb9-4157-8724-141077443460","block_type":"box","text":"MSCI Global Investable Market Indexes","page_number":59,"box":{"x":89,"y":742,"width":281,"height":10}},{"id":"b0f0b6bb-2620-40af-a763-b7373f84198d","block_type":"box","text":"MSCI’s Global Investable Market Indexes (the “MSCI GIMI”) provide coverage and non-overlapping market segmentation by","page_number":59,"box":{"x":89,"y":768,"width":867,"height":13}},{"id":"b7bacf96-926d-4920-99b6-28d941955171","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":59,"box":{"x":89,"y":783,"width":877,"height":13}},{"id":"65e38960-cec4-4f43-88dd-cc8ca1287234","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":59,"box":{"x":89,"y":799,"width":842,"height":12}},{"id":"800db878-c400-469a-a84d-ed66173715af","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":59,"box":{"x":89,"y":814,"width":854,"height":12}},{"id":"14ce1b33-846f-4838-b0af-7feacdcaedc1","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":59,"box":{"x":89,"y":829,"width":868,"height":12}},{"id":"67892637-83dc-42bd-9689-2408692f3ac7","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":59,"box":{"x":89,"y":844,"width":871,"height":12}},{"id":"4a5467ec-5c0a-446e-b347-e4eb3d1edf6d","block_type":"box","text":"Standard Index and MSCI Global Small Cap Index.","page_number":59,"box":{"x":88,"y":859,"width":348,"height":12}},{"id":"a8db2e5f-b09b-4a28-a7c4-b8ac16051d38","block_type":"box","text":"39","page_number":59,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4bb276da-157c-4079-8f8e-050d7ef91b83","block_type":"box","text":"Selection Criteria.","page_number":60,"box":{"x":88,"y":44,"width":127,"height":10}},{"id":"9ab879bc-b62c-48bf-bd14-d6afc73ba6aa","block_type":"box","text":"MSCI’s index construction process involves: (i) defining the equity universe; (ii) determining the market","page_number":60,"box":{"x":221,"y":44,"width":723,"height":12}},{"id":"c9ee5776-ed84-4b2a-b09c-03b4ca88ee3c","block_type":"box","text":"investable equity universe for each market; (iii) determining market capitalization size segments for each market; (iv)","page_number":60,"box":{"x":89,"y":59,"width":814,"height":12}},{"id":"5264aaa3-10d3-4f8a-9e9f-62042a7a38b6","block_type":"box","text":"applying final size segment investability requirements; and (v) applying index continuity rules for the MSCI Global Standard","page_number":60,"box":{"x":89,"y":74,"width":860,"height":12}},{"id":"fae1fff1-8f24-41aa-bbc3-a9c7d9fde12e","block_type":"box","text":"Index.","page_number":60,"box":{"x":89,"y":89,"width":41,"height":10}},{"id":"a2c7e0e2-5253-42fb-9a9e-00ff7d856184","block_type":"box","text":"Defining the Equity Universe","page_number":60,"box":{"x":89,"y":116,"width":204,"height":12}},{"id":"19685c4e-26d2-456a-ae79-58ffa27efe08","block_type":"box","text":". MSCI begins with securities listed in countries in the MSCI GIMI. As of August 2025, 23 are","page_number":60,"box":{"x":294,"y":116,"width":643,"height":12}},{"id":"ac8d7c84-10f6-4afa-bbff-0163cae62681","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":60,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"c2f843cc-ba07-4192-9914-617944ad685a","block_type":"box","text":"securities that exhibit characteristics of equity securities, except mutual funds, ETFs, equity derivatives, limited partnerships","page_number":60,"box":{"x":89,"y":146,"width":863,"height":12}},{"id":"85179df9-6954-4b64-ad00-05e6e611a005","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":60,"box":{"x":89,"y":161,"width":835,"height":12}},{"id":"b39c8329-3da4-482b-b132-8b0746dba5ec","block_type":"box","text":"trusts in Canada are also eligible for inclusion. Each company and its securities (","page_number":60,"box":{"x":88,"y":176,"width":559,"height":13}},{"id":"754cf79d-a2b7-4c07-aa4b-bc8433575b59","block_type":"box","text":"i.e","page_number":60,"box":{"x":648,"y":177,"width":15,"height":9}},{"id":"0aee9577-fdc2-46bd-afb2-008b50d4f635","block_type":"box","text":"., share classes) are classified in only one","page_number":60,"box":{"x":665,"y":176,"width":284,"height":13}},{"id":"fe876bc1-1e2a-4a1b-b291-0acc4207de96","block_type":"box","text":"country.","page_number":60,"box":{"x":89,"y":193,"width":55,"height":11}},{"id":"a272ae35-c367-4264-a151-14925fd345b5","block_type":"box","text":"Determining the Market Investable Equity Universe for Each Market.","page_number":60,"box":{"x":89,"y":218,"width":489,"height":12}},{"id":"0f6fb48d-b800-4f30-9f3b-2aef8dc38d1a","block_type":"box","text":"The equity universe in any market is derived by","page_number":60,"box":{"x":583,"y":218,"width":328,"height":12}},{"id":"f5fa5a0d-da5d-480f-9428-b4511901bd96","block_type":"box","text":"applying investability screens to individual companies and securities in that market. Some investability requirements are","page_number":60,"box":{"x":89,"y":233,"width":838,"height":12}},{"id":"9f91a0ad-dc04-4feb-a51d-c6a4e2c2a443","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":60,"box":{"x":89,"y":248,"width":851,"height":12}},{"id":"cce6bf30-dd4c-481a-a34c-821eb602c700","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":60,"box":{"x":89,"y":263,"width":852,"height":12}},{"id":"bf8fd093-bb2b-494d-9280-abc636a4e9ae","block_type":"box","text":"exclusion of other securities of the same company.","page_number":60,"box":{"x":89,"y":278,"width":353,"height":13}},{"id":"e5e5f67e-dae7-419d-977b-ec369df669a2","block_type":"box","text":"Determining Market Capitalization Size Segments for Each Market.","page_number":60,"box":{"x":89,"y":305,"width":479,"height":12}},{"id":"746d9936-28c7-4fe0-8053-fff50deb86ea","block_type":"box","text":"In order to create size components that can be","page_number":60,"box":{"x":574,"y":305,"width":325,"height":12}},{"id":"ae73b702-b691-4d38-8dad-8dcc6e6f4760","block_type":"box","text":"meaningfully aggregated into composites, individual market size segments balance the following two objectives:","page_number":60,"box":{"x":89,"y":320,"width":786,"height":12}},{"id":"243809ce-0d37-4b14-aada-e8711c7cf223","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":60,"box":{"x":89,"y":340,"width":863,"height":12}},{"id":"fa610f87-d20a-4be5-8916-1d92b2f549ad","block_type":"box","text":"segment across all markets in a composite index; and","page_number":60,"box":{"x":121,"y":355,"width":375,"height":12}},{"id":"52e43027-e903-4eed-ba73-d7a921d3ea3c","block_type":"box","text":"• Achieving consistent market coverage by ensuring that each market’s size segment is represented in its proportional","page_number":60,"box":{"x":89,"y":375,"width":846,"height":13}},{"id":"a16f97ad-725a-43cf-8037-a2b2172386e5","block_type":"box","text":"weight in the composite universe.","page_number":60,"box":{"x":121,"y":390,"width":236,"height":13}},{"id":"26d4b3ce-2c3f-4521-93ae-382b318fcbc2","block_type":"box","text":"The Standard Indexes, Large Cap Indexes, Mid Cap Indexes, and Small Cap Indexes capture the following market","page_number":60,"box":{"x":88,"y":417,"width":787,"height":12}},{"id":"d0d97760-5a01-4881-9a83-a9f30347ed56","block_type":"box","text":"capitalization size segments:","page_number":60,"box":{"x":89,"y":432,"width":197,"height":12}},{"id":"185746a3-0da7-46fb-ac9f-23895794e3a4","block_type":"box","text":"• MSCI Global Standard Indexes cover all investable large- and mid-cap securities by including the largest issuers","page_number":60,"box":{"x":89,"y":452,"width":809,"height":12}},{"id":"d593e00e-5b79-423e-b758-bd5170f63249","block_type":"box","text":"comprising approximately 85% of each market’s free float-adjusted market capitalization.","page_number":60,"box":{"x":121,"y":467,"width":627,"height":13}},{"id":"e45094e8-efc0-4deb-a0a0-927a2f8ff679","block_type":"box","text":"• MSCI Global Large Cap Indexes provide coverage of all investable large-cap securities by including the largest issuers","page_number":60,"box":{"x":89,"y":487,"width":848,"height":13}},{"id":"e8ab608d-d61f-4dce-8214-b75f692f72e3","block_type":"box","text":"comprising approximately 70% of each market’s free float-adjusted market capitalization.","page_number":60,"box":{"x":121,"y":502,"width":627,"height":13}},{"id":"42dd3487-5784-4d55-8196-119d196f3895","block_type":"box","text":"• MSCI Global Mid Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":60,"box":{"x":89,"y":523,"width":865,"height":12}},{"id":"02ee4285-8ee7-4f1d-ad25-892c9a1c3ee6","block_type":"box","text":"of the MSCI Global Standard Index and the MSCI Global Large Cap Index in that market.","page_number":60,"box":{"x":121,"y":538,"width":614,"height":12}},{"id":"88d22ca7-b6be-46b6-8477-b94272a09a08","block_type":"box","text":"• MSCI Global Small Cap Indexes provide coverage in each market by deriving the difference between the market coverage","page_number":60,"box":{"x":89,"y":558,"width":876,"height":12}},{"id":"4f3b5e00-c9ef-48b5-bcb8-f0aed9c659c2","block_type":"box","text":"of the Investable Market Index and the MSCI Global Standard Index in that market.","page_number":60,"box":{"x":121,"y":573,"width":577,"height":10}},{"id":"0ac9ee07-99a8-4728-a729-23a4e1d8cf1b","block_type":"box","text":"Applying Final Size Segment Investability Requirements.","page_number":60,"box":{"x":88,"y":599,"width":404,"height":13}},{"id":"0125f0f2-a1d6-4438-9d2f-40b08a5c72cf","block_type":"box","text":"In order to enhance replicability of the indexes, additional size","page_number":60,"box":{"x":498,"y":599,"width":430,"height":13}},{"id":"12648043-74a9-4a3c-b149-e896da356706","block_type":"box","text":"segment investability requirements are set for the MSCI GIMI and MSCI Global Standard Index. These investability","page_number":60,"box":{"x":89,"y":615,"width":796,"height":12}},{"id":"a5cb71fc-aad5-4a59-85db-4a1dd3a5e1ae","block_type":"box","text":"requirements include minimum free float-adjusted market capitalization, minimum liquidity, minimum foreign limits and","page_number":60,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"14446334-67ea-47ae-acfb-86558ff815ff","block_type":"box","text":"minimum length of trading.","page_number":60,"box":{"x":89,"y":645,"width":192,"height":12}},{"id":"ceedd650-21cd-4c1f-ac43-cb800cf8426d","block_type":"box","text":"Applying Index Continuity Rules for the Standard Index.","page_number":60,"box":{"x":88,"y":671,"width":403,"height":13}},{"id":"2d7801fb-284a-4bb5-b6ae-8a650189e5f7","block_type":"box","text":"In order to achieve index continuity as well as provide some basic","page_number":60,"box":{"x":498,"y":671,"width":456,"height":13}},{"id":"ef2205cf-b019-4e83-9d9c-299656357248","block_type":"box","text":"level of diversification within a market index, notwithstanding the effect of other index construction rules contained herein, a","page_number":60,"box":{"x":89,"y":686,"width":873,"height":13}},{"id":"18592c1e-837c-493a-9206-e42e0d1d9a65","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":60,"box":{"x":89,"y":702,"width":870,"height":12}},{"id":"d3076cc6-548c-4ff7-946b-e37eefe6a38d","block_type":"box","text":"three constituents will be maintained for an emerging market Standard Index.","page_number":60,"box":{"x":88,"y":717,"width":544,"height":12}},{"id":"29897b38-e4dc-4726-832c-9aa90bb577c1","block_type":"box","text":"Weighting.","page_number":60,"box":{"x":88,"y":743,"width":77,"height":12}},{"id":"29a64453-c029-43fc-8b1e-b244d271280d","block_type":"box","text":"All indexes of the MSCI GIMI are free float weighted,","page_number":60,"box":{"x":171,"y":743,"width":365,"height":12}},{"id":"892c26df-5ff3-4448-aa1c-38f82288cc97","block_type":"box","text":"i.e.,","page_number":60,"box":{"x":541,"y":744,"width":21,"height":10}},{"id":"002d6a13-565b-4ac7-9588-1c5017f91155","block_type":"box","text":"companies are included in the indexes at the value of","page_number":60,"box":{"x":568,"y":743,"width":373,"height":12}},{"id":"9bbacdb0-a30b-42a6-8e8c-d06eff2d0496","block_type":"box","text":"their free public float (free float multiplied by security price).","page_number":60,"box":{"x":88,"y":758,"width":420,"height":13}},{"id":"0eef2e25-96ba-45e9-be6a-35b798bd4efd","block_type":"box","text":"Regional Weights.","page_number":60,"box":{"x":89,"y":785,"width":128,"height":12}},{"id":"49041214-292d-4a8b-90fb-6cbd6682902b","block_type":"box","text":"Market capitalization-weighting, combined with a consistent target of approximately 99% of free float","page_number":60,"box":{"x":223,"y":785,"width":720,"height":12}},{"id":"26597101-e678-4501-9a14-ccfc5ceddc2a","block_type":"box","text":"adjusted market capitalization, helps ensure that each country’s weight in regional and international indexes approximates its","page_number":60,"box":{"x":89,"y":800,"width":878,"height":12}},{"id":"3458824c-e44c-4ac0-b85d-c59ffc89c2fb","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":60,"box":{"x":88,"y":815,"width":826,"height":12}},{"id":"1c3f69c2-f902-4abb-b1e1-59f52db28766","block_type":"box","text":"developed Europe, where all markets are aggregated into a single market for index construction purposes. Individual country","page_number":60,"box":{"x":89,"y":830,"width":873,"height":12}},{"id":"f55fde4b-4d73-40fb-9037-812fd04ff30a","block_type":"box","text":"indexes of the European developed markets are derived from the constituents of the MSCI GIMI Europe Index.","page_number":60,"box":{"x":89,"y":845,"width":768,"height":12}},{"id":"0adb7e7f-cd4f-474a-bde0-c10d297ba332","block_type":"box","text":"40","page_number":60,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"44533aa3-cc15-495d-b999-7ea07622c924","block_type":"box","text":"Free Float.","page_number":61,"box":{"x":89,"y":44,"width":73,"height":10}},{"id":"90566081-e0b7-439e-bafb-60c278113f08","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":61,"box":{"x":167,"y":44,"width":781,"height":12}},{"id":"8816bdf1-4ea4-4603-81ae-5d4824a58708","block_type":"box","text":"for purchase in the public equity markets by international investors. In practice, limitations on free float available to","page_number":61,"box":{"x":88,"y":59,"width":803,"height":12}},{"id":"33ba4d8a-6ee5-4d8a-b62a-ad005c51826d","block_type":"box","text":"international investors include: (i) strategic and other shareholdings not considered part of available free float; and (ii) limits","page_number":61,"box":{"x":89,"y":74,"width":865,"height":12}},{"id":"b800751e-a521-472e-82b5-f8e263b91dc2","block_type":"box","text":"on share ownership for foreigners.","page_number":61,"box":{"x":89,"y":89,"width":239,"height":13}},{"id":"30a1a497-d3d3-4699-aee4-f5c8f5c3a684","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":61,"box":{"x":89,"y":116,"width":865,"height":12}},{"id":"c87ce350-89e6-4676-a2c6-d29270cec166","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":61,"box":{"x":89,"y":131,"width":856,"height":12}},{"id":"45ed150e-49e0-4062-9452-f78ae966b744","block_type":"box","text":"calculating the free float-adjusted market capitalization of each security.","page_number":61,"box":{"x":89,"y":146,"width":503,"height":12}},{"id":"0847ed17-8b1a-4a91-8a14-2cf0f68cd250","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":61,"box":{"x":89,"y":172,"width":872,"height":13}},{"id":"2594221f-4fe3-4361-b793-80c16c3d40af","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":61,"box":{"x":89,"y":188,"width":852,"height":12}},{"id":"683bf960-9bbf-4e33-99ff-da40f35ced74","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":61,"box":{"x":88,"y":203,"width":872,"height":12}},{"id":"08e00a68-05b5-40ba-a60e-08baf0272234","block_type":"box","text":"15%, the estimated free float is adjusted to the nearest 1%.","page_number":61,"box":{"x":90,"y":218,"width":412,"height":12}},{"id":"86dfdb32-e1ee-446d-afa7-23aaffa52348","block_type":"box","text":"Price and Exchange Rates","page_number":61,"box":{"x":89,"y":244,"width":184,"height":13}},{"id":"0222e0cf-7674-410c-b5ae-0d41d3ac044b","block_type":"box","text":"Prices.","page_number":61,"box":{"x":89,"y":271,"width":46,"height":9}},{"id":"cb21219c-1794-4403-b3c0-fdfc69f83a35","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":61,"box":{"x":140,"y":271,"width":791,"height":12}},{"id":"1094aa99-1aba-4972-a728-87ff4c33f806","block_type":"box","text":"such. MSCI reserves the right to use an alternative pricing source on any given day.","page_number":61,"box":{"x":89,"y":286,"width":578,"height":12}},{"id":"8cd50687-c3e3-4768-a3a9-9b6cee9d1ce7","block_type":"box","text":"Exchange Rates.","page_number":61,"box":{"x":89,"y":312,"width":116,"height":13}},{"id":"7cb4a6ae-1f5d-45c8-9f1c-7054e12de258","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":61,"box":{"x":211,"y":312,"width":730,"height":13}},{"id":"4eb4d285-8d83-4b57-b104-9a25618ba2db","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":61,"box":{"x":89,"y":327,"width":876,"height":13}},{"id":"7957e7b8-31e8-4b0d-8f02-6b67ac4a4294","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":61,"box":{"x":88,"y":342,"width":839,"height":13}},{"id":"aeadd9e0-1c40-477b-a1ce-6b61e90071e1","block_type":"box","text":"MSCI may under exceptional circumstances elect to use alternative sources of exchange rates if the World Markets/Reuters","page_number":61,"box":{"x":89,"y":358,"width":864,"height":12}},{"id":"ccdb918d-6400-4b30-b2e0-d78a8c5a2c54","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":61,"box":{"x":89,"y":373,"width":877,"height":11}},{"id":"fbda68c2-344e-4381-9f67-8b637cd8fc92","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":61,"box":{"x":88,"y":388,"width":859,"height":12}},{"id":"da550f57-9c1b-47ac-a687-862376f45701","block_type":"box","text":"information. If appropriate, MSCI may conduct a consultation with the investment community to gather feedback on the","page_number":61,"box":{"x":89,"y":403,"width":845,"height":12}},{"id":"08893d1a-4139-4248-97e7-e1544d436f11","block_type":"box","text":"most relevant exchange rate.","page_number":61,"box":{"x":89,"y":418,"width":201,"height":12}},{"id":"61c33d69-f1c1-4ce5-b289-0a7a5373d947","block_type":"box","text":"Changes to the Indexes.","page_number":61,"box":{"x":89,"y":445,"width":172,"height":12}},{"id":"dffef101-1ed5-4ea6-87c7-35653f15629f","block_type":"box","text":"The MSCI GIMI are maintained with the objective of reflecting, on a timely basis, the evolution of","page_number":61,"box":{"x":266,"y":445,"width":678,"height":12}},{"id":"deaefeaf-701f-4920-810c-26770b1c4363","block_type":"box","text":"the underlying equity markets. In maintaining the MSCI indexes, emphasis is also placed on continuity, replicability and","page_number":61,"box":{"x":88,"y":460,"width":833,"height":12}},{"id":"319b70ab-3d32-4204-995e-125463bfa547","block_type":"box","text":"minimizing turnover in the indexes. Maintaining the MSCI indexes involves many aspects, including: (i) additions to, and","page_number":61,"box":{"x":89,"y":475,"width":839,"height":12}},{"id":"5f8a351b-b528-4e70-9e64-e7b4c3bf1f76","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":61,"box":{"x":89,"y":490,"width":872,"height":12}},{"id":"bf27c3df-463f-42ad-a52d-6a5232cea47d","block_type":"box","text":"float estimates.","page_number":61,"box":{"x":88,"y":505,"width":106,"height":10}},{"id":"5e1516c8-6695-47be-bc4e-3cc5dcf2b684","block_type":"box","text":"Index maintenance can be described by three broad categories of changes:","page_number":61,"box":{"x":89,"y":531,"width":524,"height":13}},{"id":"5963adcf-5567-4bfd-a764-63940cfee14c","block_type":"box","text":"• Semi-Annual Index Reviews (“SAIRs”), conducted on a fixed semi-annual timetable that systematically reassess the","page_number":61,"box":{"x":89,"y":552,"width":841,"height":12}},{"id":"f4813b6f-78b6-41ab-96d4-50f0c89115b1","block_type":"box","text":"various dimensions of the equity universe for all markets;","page_number":61,"box":{"x":121,"y":567,"width":399,"height":12}},{"id":"3c005c3e-6fed-45d1-bbb1-277c0d814665","block_type":"box","text":"• Quarterly Index Reviews (“QIRs”), aimed at promptly reflecting other significant market events; and","page_number":61,"box":{"x":89,"y":587,"width":728,"height":12}},{"id":"f30b260a-99ac-410a-8182-d03ee27a7327","block_type":"box","text":"• Ongoing event-related changes, such as mergers, acquisitions, spin-offs, bankruptcies, reorganizations and other similar","page_number":61,"box":{"x":89,"y":607,"width":876,"height":12}},{"id":"c7af514b-0722-4300-a9f8-2868f6100694","block_type":"box","text":"corporate events, which generally are implemented in the indexes as they occur.","page_number":61,"box":{"x":121,"y":622,"width":560,"height":12}},{"id":"c278568a-185f-4f97-b516-2b7d365a554f","block_type":"box","text":"Potential changes in the status of countries (stand-alone, frontier, emerging and developed) follow their own implementation","page_number":61,"box":{"x":89,"y":649,"width":876,"height":12}},{"id":"c1c3442f-cbca-472c-af86-0cbadfeb34b0","block_type":"box","text":"time tables. In addition, reviews of company involvement in ESG controversies, when applicable, may differ by index and","page_number":61,"box":{"x":88,"y":664,"width":839,"height":12}},{"id":"204e0249-5402-435b-966d-e48f2ab801af","block_type":"box","text":"severity of the ESG controversy as determined by MSCI.","page_number":61,"box":{"x":89,"y":679,"width":387,"height":12}},{"id":"00ef1fad-eebe-484e-a8bf-44ea0376e968","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":61,"box":{"x":89,"y":705,"width":823,"height":13}},{"id":"c7dadcfb-8ba8-4a81-b72e-9b2a8f870352","block_type":"box","text":"updates the investable equity universe and reassesses size segmentation investability requirements. MSCI also conducts QIRs","page_number":61,"box":{"x":89,"y":720,"width":876,"height":13}},{"id":"1de92d68-1413-4cc8-b7be-783a60e4a309","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":61,"box":{"x":89,"y":736,"width":876,"height":12}},{"id":"309f110a-8185-44fc-95c0-6e12c9a77b6a","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":61,"box":{"x":88,"y":751,"width":873,"height":12}},{"id":"f82726ce-a1e6-404a-a1c2-3cb8f4dfaa54","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":61,"box":{"x":88,"y":766,"width":798,"height":12}},{"id":"09999426-835d-42de-a1f5-551b9c78d912","block_type":"box","text":"Creation of Sector and Industry Indexes using the Global Industry Classification Standard (GICS","page_number":61,"box":{"x":89,"y":792,"width":689,"height":13}},{"id":"be5f836e-6c19-441f-a8ae-f4b7f97a3cd4","block_type":"box","text":"®","page_number":61,"box":{"x":779,"y":791,"width":9,"height":6}},{"id":"f4325f30-f169-41ff-9738-5128b06ba477","block_type":"box","text":")","page_number":61,"box":{"x":789,"y":792,"width":5,"height":13}},{"id":"7fd083e8-04fc-4b10-93a1-36b203e34a91","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":61,"box":{"x":88,"y":819,"width":871,"height":12}},{"id":"eb6bd812-2dbd-44ba-b6a0-0648dbb80dff","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":61,"box":{"x":89,"y":834,"width":867,"height":12}},{"id":"8dad7d9e-6465-4a42-83ae-df7f5320f6e1","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":61,"box":{"x":89,"y":849,"width":865,"height":12}},{"id":"24d312ca-e9c5-4369-a4d0-485795469a59","block_type":"box","text":"41","page_number":61,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"f9aecdf2-8284-4ae6-992e-da3d9cdd442e","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":62,"box":{"x":88,"y":44,"width":866,"height":12}},{"id":"cf0254c8-20cf-44e7-8ba0-a9fb19f02288","block_type":"box","text":"and may contain securities belonging to specific sectors, industry groups, industries, sub-industries or a combination thereof.","page_number":62,"box":{"x":89,"y":59,"width":878,"height":12}},{"id":"95ae7f12-1dd8-4182-869f-0bdbc14f6bda","block_type":"box","text":"MSCI 25/50 Indexes","page_number":62,"box":{"x":89,"y":85,"width":147,"height":10}},{"id":"330d3bb6-cd21-4ba9-865c-a3ecaa324b94","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":62,"box":{"x":89,"y":112,"width":854,"height":12}},{"id":"58faff0f-ec43-490d-bf8d-b370d2fc7b94","block_type":"box","text":"GIMI. Their construction reflects the diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":62,"box":{"x":89,"y":127,"width":873,"height":12}},{"id":"d0bdff4e-7504-48a5-92e4-c23a073bab98","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":62,"box":{"x":89,"y":142,"width":854,"height":12}},{"id":"a013e4e3-8eb3-4af3-a4f7-8b7341437989","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":62,"box":{"x":89,"y":157,"width":873,"height":13}},{"id":"003c5356-6544-4770-911f-6ce7edc9fc0e","block_type":"box","text":"listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20%","page_number":62,"box":{"x":89,"y":172,"width":863,"height":13}},{"id":"546486fc-66d8-48aa-9eb1-9009162c758c","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":62,"box":{"x":89,"y":188,"width":857,"height":12}},{"id":"ca6e3699-3861-4ec1-9d5f-7c71089c173d","block_type":"box","text":"absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where","page_number":62,"box":{"x":89,"y":203,"width":845,"height":12}},{"id":"e5b7569b-e43f-489c-888b-b8d34b08486c","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":62,"box":{"x":88,"y":218,"width":821,"height":12}},{"id":"4512f762-57f2-4af1-8a46-1e618084efcd","block_type":"box","text":"capitalization-weighted indexes with a capping methodology applied to group entity weights so that no single group entity","page_number":62,"box":{"x":89,"y":233,"width":861,"height":12}},{"id":"b6c1c9a6-a3de-461b-b717-b1a02afe20f0","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":62,"box":{"x":89,"y":248,"width":854,"height":12}},{"id":"e4acda54-2815-45ca-85d0-9f6d64180f52","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":62,"box":{"x":88,"y":263,"width":865,"height":12}},{"id":"bb3359e5-5a55-47e7-8b0f-3651b7abca7f","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":62,"box":{"x":88,"y":278,"width":869,"height":13}},{"id":"df449279-f393-4049-9775-81af0aea7c8c","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":62,"box":{"x":88,"y":293,"width":851,"height":13}},{"id":"190a7efc-e145-4de2-97e4-19078098dc54","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":62,"box":{"x":89,"y":308,"width":865,"height":13}},{"id":"72ae8c81-0818-4d52-87ae-4caff94c2732","block_type":"box","text":"index weights through an optimization function which is aimed at minimizing index turnover, tracking error and extreme","page_number":62,"box":{"x":89,"y":324,"width":843,"height":12}},{"id":"12a6299a-2941-4705-902d-fa8b722d3c62","block_type":"box","text":"deviation from the uncapped index.","page_number":62,"box":{"x":89,"y":339,"width":248,"height":12}},{"id":"3f7f1e25-3e17-4607-b638-33e184eb9286","block_type":"box","text":"MSCI Australia Index","page_number":62,"box":{"x":89,"y":365,"width":151,"height":10}},{"id":"79e40085-f0df-4f95-b308-8952d0de0f45","block_type":"box","text":"Number of Components: approximately 47","page_number":62,"box":{"x":89,"y":384,"width":308,"height":12}},{"id":"933de41a-3ab6-4c6d-bd03-576f68f2d984","block_type":"box","text":"Index Description.","page_number":62,"box":{"x":89,"y":407,"width":131,"height":12}},{"id":"96f92873-0e3a-413e-b67e-ab4edfcf0db4","block_type":"box","text":"The MSCI Australia Index is designed to measure the performance of large- and mid-capitalization","page_number":62,"box":{"x":225,"y":407,"width":689,"height":12}},{"id":"9695e9a1-89be-4630-9cca-b1bdf03c8c6c","block_type":"box","text":"segments of the equity market in Australia.","page_number":62,"box":{"x":89,"y":422,"width":300,"height":12}},{"id":"ca6f57f4-dfd5-4b24-b978-c5e28a2700f5","block_type":"box","text":"Calculation Methodology.","page_number":62,"box":{"x":89,"y":448,"width":184,"height":13}},{"id":"27f2c618-ef28-4f7b-aff3-ea20ed97706b","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":62,"box":{"x":278,"y":448,"width":662,"height":13}},{"id":"5613e05c-6a6e-4671-b352-89bd0d9610cd","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":62,"box":{"x":89,"y":463,"width":878,"height":13}},{"id":"92c73735-f656-45af-93e9-19dad04ad9d9","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":62,"box":{"x":88,"y":479,"width":864,"height":12}},{"id":"e4ac5992-d0af-4a6a-87f8-b07714ad5503","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":62,"box":{"x":89,"y":494,"width":849,"height":12}},{"id":"154a202e-6a3a-42f4-8bc6-c3d9b24063e5","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":62,"box":{"x":88,"y":509,"width":868,"height":12}},{"id":"5b66d874-4987-46e1-887d-e541f37fbc37","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":62,"box":{"x":88,"y":524,"width":474,"height":12}},{"id":"7ac3bcd1-9a3e-43b6-88cb-b9f7cd7c6e09","block_type":"box","text":"MSCI Austria IMI 25/50 Index","page_number":62,"box":{"x":89,"y":550,"width":216,"height":10}},{"id":"760221fc-6c5c-4c59-a135-78e901e578d2","block_type":"box","text":"Number of Components: approximately 20","page_number":62,"box":{"x":89,"y":569,"width":308,"height":13}},{"id":"a0ed5779-20dd-457e-ad54-6dda59c613f8","block_type":"box","text":"Index Description.","page_number":62,"box":{"x":89,"y":592,"width":131,"height":12}},{"id":"1e9f3a9a-0738-4185-b56d-ec413c0f58e7","block_type":"box","text":"The MSCI Austria IMI 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":62,"box":{"x":225,"y":592,"width":713,"height":12}},{"id":"5dd16419-d153-4a36-9acf-02bdb6863822","block_type":"box","text":"designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in Austria.","page_number":62,"box":{"x":89,"y":607,"width":864,"height":12}},{"id":"152fdbd8-6d16-4432-ada7-73eb9e9a02a6","block_type":"box","text":"The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":62,"box":{"x":88,"y":622,"width":848,"height":12}},{"id":"90d6b8c1-d593-4ac7-81a7-138c613659b3","block_type":"box","text":"differences between the Underlying Index and the MSCI Austria Index. The Underlying Index uses a capping methodology","page_number":62,"box":{"x":89,"y":637,"width":853,"height":13}},{"id":"2a5e6521-fb9d-46b2-adae-3abb54b71917","block_type":"box","text":"that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a","page_number":62,"box":{"x":88,"y":652,"width":826,"height":13}},{"id":"f1ede397-af51-490c-b388-ffa15e4d62b9","block_type":"box","text":"maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":62,"box":{"x":89,"y":668,"width":870,"height":12}},{"id":"8985761a-8b31-406c-a93f-743257cd3707","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group","page_number":62,"box":{"x":89,"y":683,"width":865,"height":12}},{"id":"666585bf-36c4-48e6-a989-608df976b437","block_type":"box","text":"but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed","page_number":62,"box":{"x":89,"y":698,"width":799,"height":12}},{"id":"92c47a8e-70ca-40ac-9a34-38c8cd88889f","block_type":"box","text":"companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in","page_number":62,"box":{"x":89,"y":713,"width":846,"height":12}},{"id":"d0606d77-10f0-4581-8a0e-6b608bd20cf4","block_type":"box","text":"nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging","page_number":62,"box":{"x":89,"y":728,"width":871,"height":12}},{"id":"e9ff00c2-c702-4690-ad18-a6ea9131b000","block_type":"box","text":"to the same group entity where there is reasonable evidence of control based on other information. All group entities are","page_number":62,"box":{"x":88,"y":743,"width":845,"height":12}},{"id":"af29dacf-2378-4adc-8061-73b596b5d7c8","block_type":"box","text":"reviewed on an annual basis. The Underlying Index is a variation of the MSCI Austria IMI Index, designed to take into account","page_number":62,"box":{"x":89,"y":758,"width":876,"height":13}},{"id":"86e08bd5-536d-49d5-b967-d6298a74cd60","block_type":"box","text":"the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":62,"box":{"x":88,"y":773,"width":834,"height":13}},{"id":"ede45c66-884c-4203-b04d-2283a2cb8a84","block_type":"box","text":"Calculation Methodology.","page_number":62,"box":{"x":89,"y":800,"width":184,"height":12}},{"id":"16165d7e-4ee0-411c-bbca-39a667f88324","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":62,"box":{"x":278,"y":800,"width":662,"height":12}},{"id":"b35c8035-3369-4091-baec-7c129ea77dff","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":62,"box":{"x":89,"y":815,"width":878,"height":12}},{"id":"9b6d4a6a-aabb-46e8-9030-06f0cd18e911","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":62,"box":{"x":88,"y":830,"width":864,"height":12}},{"id":"c6811a55-82df-4f7e-a50e-7e9dba66d02e","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":62,"box":{"x":89,"y":845,"width":849,"height":12}},{"id":"0d7b2447-3ab3-4656-97b1-d037ceaea8b9","block_type":"box","text":"42","page_number":62,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"fe0bc8e2-3564-422b-b3c8-9ebf0bbc1e83","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":63,"box":{"x":88,"y":44,"width":868,"height":12}},{"id":"68a31e70-cb3c-4269-b57a-f4243d773a44","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":63,"box":{"x":88,"y":59,"width":474,"height":12}},{"id":"7b7e411f-a915-4045-8037-98a7fd430932","block_type":"box","text":"MSCI Belgium IMI 25/50 Index","page_number":63,"box":{"x":89,"y":85,"width":223,"height":13}},{"id":"bfb68db6-e2f4-4ada-a4ac-6915bddb1eda","block_type":"box","text":"Number of Components: approximately 39","page_number":63,"box":{"x":89,"y":104,"width":308,"height":13}},{"id":"9d3502ec-6e44-400a-8c23-925c453a5806","block_type":"box","text":"Index Description.","page_number":63,"box":{"x":89,"y":127,"width":131,"height":12}},{"id":"880ff1be-d392-47b4-a49f-34bc0c3a1384","block_type":"box","text":"The MSCI Belgium IMI 25/50 Index is designed to measure the performance of the large-, mid- and","page_number":63,"box":{"x":225,"y":127,"width":697,"height":12}},{"id":"0949a70b-b2ce-40c9-aed2-85c3a866aa46","block_type":"box","text":"small-capitalization segments of the equity market in Belgium. The Underlying Index is rebalanced quarterly using an","page_number":63,"box":{"x":89,"y":142,"width":818,"height":12}},{"id":"b61388c9-ee37-4441-ac00-88cf469d30df","block_type":"box","text":"optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI","page_number":63,"box":{"x":89,"y":157,"width":858,"height":13}},{"id":"14d0282f-0c71-4f95-8836-74bb5706c5b6","block_type":"box","text":"Belgium Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity”","page_number":63,"box":{"x":89,"y":172,"width":812,"height":13}},{"id":"b2f38a56-0fdc-4b4b-af54-12c095993b3a","block_type":"box","text":"(constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and","page_number":63,"box":{"x":89,"y":188,"width":862,"height":12}},{"id":"0861d21d-c6e0-4e52-b2c5-f5a4462beb88","block_type":"box","text":"the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity","page_number":63,"box":{"x":88,"y":203,"width":869,"height":12}},{"id":"8797951a-4478-43ff-8ade-238ba0088485","block_type":"box","text":"is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine","page_number":63,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"c33ebe74-07e4-408f-97e5-2c9647275356","block_type":"box","text":"“group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":63,"box":{"x":89,"y":233,"width":810,"height":12}},{"id":"e195c00a-51b0-4892-9c13-de290578a6d9","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated","page_number":63,"box":{"x":89,"y":248,"width":871,"height":12}},{"id":"f616b5b1-c04f-4f3e-9213-d705bebbd5d0","block_type":"box","text":"accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence","page_number":63,"box":{"x":89,"y":263,"width":873,"height":12}},{"id":"609050b6-5ceb-4028-9263-0ef03983d4f2","block_type":"box","text":"of control based on other information. All group entities are reviewed on an annual basis. The Underlying Index is a variation","page_number":63,"box":{"x":89,"y":278,"width":869,"height":13}},{"id":"0dd936b3-b561-4684-be27-ebc30806b168","block_type":"box","text":"of the MSCI Belgium IMI Index, designed to take into account the investment diversification requirements applicable to RICs","page_number":63,"box":{"x":89,"y":293,"width":867,"height":13}},{"id":"4f370036-42a6-44c5-b844-5d2cb3669416","block_type":"box","text":"pursuant to Subchapter M of the Internal Revenue Code.","page_number":63,"box":{"x":89,"y":308,"width":395,"height":13}},{"id":"0ef1f2ef-2f2f-4f6d-b644-3e4efff485fd","block_type":"box","text":"Calculation Methodology.","page_number":63,"box":{"x":89,"y":335,"width":184,"height":12}},{"id":"6a0ce458-a541-4f4e-9f76-9f38b3f11dbd","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":63,"box":{"x":278,"y":335,"width":662,"height":12}},{"id":"5f3de790-752e-46d7-bb5e-d21b810e69a9","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":63,"box":{"x":89,"y":350,"width":878,"height":12}},{"id":"afa94ddc-1911-4e50-9275-cfec8136642e","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":63,"box":{"x":88,"y":365,"width":864,"height":12}},{"id":"b2c3dad9-d40d-45af-b717-4408a9d59074","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":63,"box":{"x":89,"y":380,"width":849,"height":13}},{"id":"8796d7c9-1f08-4635-93ff-91055ee414a7","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":63,"box":{"x":88,"y":395,"width":868,"height":13}},{"id":"1c628054-641f-4b7d-9d36-b127e448a749","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":63,"box":{"x":88,"y":410,"width":474,"height":13}},{"id":"e9bce9e7-76e0-4f41-94ca-24660607ba9d","block_type":"box","text":"MSCI Canada Custom Capped Index","page_number":63,"box":{"x":89,"y":437,"width":261,"height":12}},{"id":"2df85c26-9b12-44b7-8397-2e989edae984","block_type":"box","text":"Number of Components: approximately 83","page_number":63,"box":{"x":89,"y":456,"width":308,"height":12}},{"id":"34e2d123-cc03-408e-9cdf-1898ced25535","block_type":"box","text":"Index Description.","page_number":63,"box":{"x":89,"y":479,"width":131,"height":12}},{"id":"a4da937b-9ec2-4015-b08a-0edf95dddc64","block_type":"box","text":"The MSCI Canada Custom Capped Index is designed to measure broad-based equity performance in","page_number":63,"box":{"x":225,"y":479,"width":703,"height":12}},{"id":"3de2e480-ae61-46af-927c-5b2a194ee165","block_type":"box","text":"Canada. The Underlying Index is a free float-adjusted market capitalization-weighted index. The Underlying Index constrains","page_number":63,"box":{"x":89,"y":494,"width":870,"height":12}},{"id":"fa37f27c-ee60-461c-a7b3-11ab5181b75d","block_type":"box","text":"at quarterly rebalance the weight of any single issuer to a maximum of 22.5% of the Underlying Index. Additionally, the sum","page_number":63,"box":{"x":89,"y":509,"width":867,"height":12}},{"id":"a3642873-3e22-4e02-aacc-1ad7d4b20084","block_type":"box","text":"of the issuers that individually constitute more than 4.75% of the weight of the Underlying Index will not exceed a maximum","page_number":63,"box":{"x":89,"y":524,"width":872,"height":12}},{"id":"08865d33-798e-41a4-85c5-790e2da6e98a","block_type":"box","text":"of 22.5% of the weight of the Underlying Index in the aggregate. Between quarterly rebalances, the Underlying Index","page_number":63,"box":{"x":89,"y":539,"width":817,"height":12}},{"id":"46120e78-3d13-4e97-a28c-30d335e68864","block_type":"box","text":"constrains weight of any single issuer to a maximum of 22.5% of the Underlying Index and constrains the sum of the issuers","page_number":63,"box":{"x":89,"y":554,"width":871,"height":12}},{"id":"dc0b2027-ed62-4d50-8323-d26c6dbc823f","block_type":"box","text":"that individually constitute more than 5% of the weight of the Underlying Index to maximum of 24% of the weight of the","page_number":63,"box":{"x":88,"y":569,"width":849,"height":13}},{"id":"20a28a6b-8e5d-41bc-bcdd-da2a32de6dce","block_type":"box","text":"Underlying Index in the aggregate. The Underlying Index is a variation of the MSCI Canada Index, designed to take into","page_number":63,"box":{"x":89,"y":584,"width":830,"height":13}},{"id":"b8cb7478-1e83-4c9a-9a36-17f82699ec15","block_type":"box","text":"account the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue","page_number":63,"box":{"x":89,"y":599,"width":850,"height":13}},{"id":"b38911af-f667-4a4e-bea6-b45760987533","block_type":"box","text":"Code.","page_number":63,"box":{"x":89,"y":615,"width":38,"height":9}},{"id":"ff4458e3-ad39-4c0b-8778-67384351d70d","block_type":"box","text":"Calculation Methodology.","page_number":63,"box":{"x":89,"y":641,"width":184,"height":12}},{"id":"ea9acb30-9ced-4756-9020-019c4a6edbe9","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":63,"box":{"x":278,"y":641,"width":662,"height":12}},{"id":"84a085c3-cf46-4dfa-a105-ef325675cf37","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":63,"box":{"x":89,"y":656,"width":878,"height":13}},{"id":"be12dae7-0626-48f7-af44-776b66ea1eb5","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":63,"box":{"x":88,"y":671,"width":864,"height":13}},{"id":"7dc287bf-51ae-48a0-922d-1950d1e230f4","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":63,"box":{"x":89,"y":686,"width":849,"height":13}},{"id":"5320bd1a-4aa8-4559-9217-7c49365e6ed3","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":63,"box":{"x":88,"y":702,"width":868,"height":12}},{"id":"12d20fcd-208a-43c5-b195-5cf895d0d21f","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":63,"box":{"x":88,"y":717,"width":474,"height":12}},{"id":"8fc13d80-9fce-4fe3-9b67-928f4af8b45d","block_type":"box","text":"MSCI EMU Index","page_number":63,"box":{"x":89,"y":743,"width":120,"height":10}},{"id":"6d3de659-ec9c-450c-a588-8c1a5aaef5bc","block_type":"box","text":"Number of Components: approximately 219","page_number":63,"box":{"x":89,"y":762,"width":316,"height":12}},{"id":"374a709f-bc1a-42f3-a9de-6b668e8c1ae8","block_type":"box","text":"Index Description.","page_number":63,"box":{"x":89,"y":785,"width":131,"height":12}},{"id":"c7c163d0-3cca-4da5-827f-ed320ebcdc53","block_type":"box","text":"The MSCI EMU Index consists of stocks from the following 10 markets: Austria, Belgium, Finland, France,","page_number":63,"box":{"x":225,"y":785,"width":735,"height":12}},{"id":"af19abfe-dc65-4685-b109-add1155a7067","block_type":"box","text":"Germany, Ireland, Italy, the Netherlands, Portugal and Spain.","page_number":63,"box":{"x":89,"y":800,"width":417,"height":12}},{"id":"502e728d-891d-4d8e-b99a-3248de9a92d4","block_type":"box","text":"Calculation Methodology.","page_number":63,"box":{"x":89,"y":826,"width":184,"height":13}},{"id":"2063187e-91e9-4041-9784-51339ac77729","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":63,"box":{"x":278,"y":826,"width":662,"height":13}},{"id":"16fc02c5-f1e7-401f-a799-2913a9a9c555","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":63,"box":{"x":89,"y":841,"width":878,"height":13}},{"id":"3489e15c-fca5-46a6-8e8d-f3cca0a88b94","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":63,"box":{"x":88,"y":856,"width":864,"height":13}},{"id":"bb326fa5-cd82-48c4-a875-c1bd262cfd6c","block_type":"box","text":"43","page_number":63,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"eb91284b-9727-40ee-a4f8-7c015568a561","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":64,"box":{"x":89,"y":44,"width":849,"height":12}},{"id":"57cfee90-c110-49b0-8b7c-fbab518925ec","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":64,"box":{"x":88,"y":59,"width":868,"height":12}},{"id":"67ed97e0-a1f8-4811-9791-fd1eb8183b1b","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":64,"box":{"x":88,"y":74,"width":474,"height":12}},{"id":"6ed70deb-4dbd-4491-9af2-66d5e275dc79","block_type":"box","text":"MSCI France Index","page_number":64,"box":{"x":89,"y":101,"width":135,"height":9}},{"id":"814fa6b4-5641-4bca-9d47-a462c0056044","block_type":"box","text":"Number of Components: approximately 57","page_number":64,"box":{"x":89,"y":119,"width":308,"height":13}},{"id":"30aa2c76-f8da-41f9-810e-0d5207a31532","block_type":"box","text":"Index Description.","page_number":64,"box":{"x":89,"y":142,"width":131,"height":12}},{"id":"bfce9332-bc67-4714-9325-860f561941bc","block_type":"box","text":"The MSCI France Index is designed to measure the performance of the large- and mid-capitalization","page_number":64,"box":{"x":225,"y":142,"width":701,"height":12}},{"id":"ca484d7a-518b-4b79-b73a-65e21cfc573c","block_type":"box","text":"segments of the equity market in France.","page_number":64,"box":{"x":89,"y":157,"width":285,"height":13}},{"id":"88b0d2af-cf71-4571-8fe7-ca1022191d60","block_type":"box","text":"Calculation Methodology.","page_number":64,"box":{"x":89,"y":184,"width":184,"height":12}},{"id":"79ec646b-876f-46da-aa81-6dfedaf953c7","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":64,"box":{"x":278,"y":184,"width":662,"height":12}},{"id":"ed9963be-b5c6-4449-b1b5-5f01a18f0d8e","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":64,"box":{"x":89,"y":199,"width":878,"height":12}},{"id":"f7456e0c-4a01-42ca-9541-35263e197160","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":64,"box":{"x":88,"y":214,"width":864,"height":12}},{"id":"63f242ff-8e45-4f59-8161-0f4fcb6c5b9a","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":64,"box":{"x":89,"y":229,"width":849,"height":12}},{"id":"57ac434e-a82d-42e0-abd4-df3149f9942a","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":64,"box":{"x":88,"y":244,"width":868,"height":13}},{"id":"0fa34f1a-2af5-4767-afea-6be90a8ab3f3","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":64,"box":{"x":88,"y":259,"width":474,"height":13}},{"id":"f70fc058-3584-485e-b122-f20d035d4e08","block_type":"box","text":"MSCI Germany Index","page_number":64,"box":{"x":89,"y":286,"width":152,"height":12}},{"id":"4fabee52-30eb-481b-86f5-fe4aef2a78c4","block_type":"box","text":"Number of Components: approximately 54","page_number":64,"box":{"x":89,"y":305,"width":308,"height":12}},{"id":"b5606c90-741b-4ff8-829f-8ec88259d3cb","block_type":"box","text":"Index Description.","page_number":64,"box":{"x":89,"y":327,"width":131,"height":13}},{"id":"b0a13e1c-4abe-4817-97f0-886c17b66ab8","block_type":"box","text":"The MSCI Germany Index is designed to measure the performance of the large- and mid-capitalization","page_number":64,"box":{"x":225,"y":327,"width":718,"height":13}},{"id":"259ee1ae-bd6d-4bc4-aa1c-5f9f19c38fac","block_type":"box","text":"segments of the equity market in Germany.","page_number":64,"box":{"x":89,"y":342,"width":301,"height":13}},{"id":"f5905385-5590-42ed-9f4f-e0742d04ec26","block_type":"box","text":"Calculation Methodology.","page_number":64,"box":{"x":89,"y":369,"width":184,"height":12}},{"id":"1276ba71-4263-488f-a5bf-083be63f4276","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":64,"box":{"x":278,"y":369,"width":662,"height":12}},{"id":"3e4254c4-afbe-4d76-b6e5-4043edb12891","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":64,"box":{"x":89,"y":384,"width":878,"height":12}},{"id":"1dfe9cc4-5782-4ea2-87eb-0616a9f799f3","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":64,"box":{"x":88,"y":399,"width":864,"height":13}},{"id":"2286ed0c-1e98-4683-9cc0-4cc285a3ab86","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":64,"box":{"x":89,"y":414,"width":849,"height":13}},{"id":"a2a12536-68bf-48d1-a3f4-34164cf31ba7","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":64,"box":{"x":88,"y":429,"width":868,"height":13}},{"id":"83016164-cc9f-4612-9481-d67194d4f0a1","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":64,"box":{"x":88,"y":445,"width":474,"height":12}},{"id":"37c37e5c-bfda-4adc-be6a-74cbfbf78d2d","block_type":"box","text":"MSCI Hong Kong 25/50 Index","page_number":64,"box":{"x":89,"y":471,"width":217,"height":12}},{"id":"0f3effc9-e54b-42c0-bbff-3a4849763f93","block_type":"box","text":"Number of Components: approximately 27","page_number":64,"box":{"x":89,"y":490,"width":308,"height":12}},{"id":"f3a3c418-eb2b-4b06-8ff8-9578d4d2c0f7","block_type":"box","text":"Index Description.","page_number":64,"box":{"x":89,"y":513,"width":131,"height":12}},{"id":"ba0cfe28-e668-4b79-85b1-69813a9f4f2e","block_type":"box","text":"The MSCI Hong Kong 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":64,"box":{"x":225,"y":513,"width":715,"height":12}},{"id":"49ecfb72-4071-407d-bc94-a43df6d195aa","block_type":"box","text":"designed to measure the performance of the large- and mid-capitalization segments of the equity market in Hong Kong. The","page_number":64,"box":{"x":89,"y":528,"width":872,"height":12}},{"id":"9090554e-883d-4f49-a55f-7f43bfd96521","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":64,"box":{"x":89,"y":543,"width":816,"height":12}},{"id":"28f4e316-d0d7-41c5-a5e6-c0195fb8cc1d","block_type":"box","text":"differences between the Underlying Index and the MSCI Hong Kong Index. The Underlying Index uses a capping","page_number":64,"box":{"x":89,"y":558,"width":782,"height":12}},{"id":"5875327c-0344-43c8-ad7a-1244162ddb26","block_type":"box","text":"methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control","page_number":64,"box":{"x":89,"y":573,"width":799,"height":12}},{"id":"d512ab01-57e0-4d51-a34b-757663e1334b","block_type":"box","text":"relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5%","page_number":64,"box":{"x":89,"y":588,"width":878,"height":12}},{"id":"16396c3f-ea84-4db3-99a9-7150bfa9786a","block_type":"box","text":"to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated","page_number":64,"box":{"x":88,"y":603,"width":863,"height":13}},{"id":"fb3ad447-f509-468e-bb86-022fd44dd69f","block_type":"box","text":"corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of","page_number":64,"box":{"x":89,"y":618,"width":878,"height":13}},{"id":"e76bf4bc-8bf4-4fe0-8183-ec2133b91170","block_type":"box","text":"listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling","page_number":64,"box":{"x":89,"y":633,"width":871,"height":13}},{"id":"880a6655-113e-4dcc-b7da-08281623bc2c","block_type":"box","text":"in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as","page_number":64,"box":{"x":89,"y":649,"width":814,"height":12}},{"id":"ca45def9-d837-440e-8a40-81ddab6a6bcb","block_type":"box","text":"belonging to the same group entity where there is reasonable evidence of control based on other information. All group","page_number":64,"box":{"x":89,"y":664,"width":837,"height":12}},{"id":"d952efeb-a6bc-4766-abe5-48aa5e22250d","block_type":"box","text":"entities are reviewed on an annual basis. The Underlying Index is a variation of the MSCI Hong Kong Index, designed to take","page_number":64,"box":{"x":89,"y":679,"width":865,"height":12}},{"id":"21badfcb-98ad-4300-b876-cd821b2e1228","block_type":"box","text":"into account the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":64,"box":{"x":89,"y":694,"width":817,"height":12}},{"id":"89496408-b73c-4b7c-bc2b-d398b888489b","block_type":"box","text":"Revenue Code.","page_number":64,"box":{"x":89,"y":709,"width":102,"height":10}},{"id":"66c70b28-52ff-4933-9842-22597c00f0af","block_type":"box","text":"Calculation Methodology.","page_number":64,"box":{"x":89,"y":736,"width":184,"height":12}},{"id":"71570f19-5926-4f61-830c-01198130c7ab","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":64,"box":{"x":278,"y":736,"width":662,"height":12}},{"id":"c7672da3-55a8-4a9a-926d-b207e1a8b550","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":64,"box":{"x":89,"y":751,"width":878,"height":12}},{"id":"5e55d15c-4a5b-43a2-9999-20c7f74f3ef7","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":64,"box":{"x":88,"y":766,"width":864,"height":12}},{"id":"70a7d01c-1ed2-4c4b-be72-f7b571021375","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":64,"box":{"x":89,"y":781,"width":849,"height":12}},{"id":"08ec3628-2f34-4c3d-954c-e99f2f128d93","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":64,"box":{"x":88,"y":796,"width":868,"height":12}},{"id":"17fc2617-80ef-4fe4-aec9-441a806a7ce6","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":64,"box":{"x":88,"y":811,"width":474,"height":12}},{"id":"8156cd39-1aa0-459b-9d48-02c071fc97fe","block_type":"box","text":"MSCI Israel Capped Investable Market Index (IMI)","page_number":64,"box":{"x":89,"y":838,"width":358,"height":12}},{"id":"c425d4b1-84da-48f1-978a-4a29bc3708dd","block_type":"box","text":"Number of Components: approximately 104","page_number":64,"box":{"x":89,"y":856,"width":317,"height":13}},{"id":"a9281dbb-7547-4ec5-82ba-4bea884722e8","block_type":"box","text":"44","page_number":64,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"8ede0032-7510-40c4-880d-065954c3e5dd","block_type":"box","text":"Index Description.","page_number":65,"box":{"x":89,"y":44,"width":131,"height":12}},{"id":"4887150d-0cd4-4a17-bcc3-304c70e1d299","block_type":"box","text":"The MSCI Israel Capped IMI is a free float-adjusted market capitalization-weighted index that is designed","page_number":65,"box":{"x":225,"y":44,"width":734,"height":12}},{"id":"7f4e6d22-d6e2-4c97-8aee-957ed4995bf3","block_type":"box","text":"to measure the performance of the large-, mid- and small capitalization segments of the equity market in Israel. The","page_number":65,"box":{"x":88,"y":59,"width":813,"height":12}},{"id":"ebc0beba-9d42-4828-a890-d741386f8858","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":65,"box":{"x":89,"y":74,"width":816,"height":12}},{"id":"fbe75e64-fb1b-4dcc-a23e-ea8da4fd41da","block_type":"box","text":"differences between the Underlying Index and the MSCI Israel Index. The Underlying Index uses a capping methodology that","page_number":65,"box":{"x":89,"y":89,"width":872,"height":13}},{"id":"02d6c6ea-9812-49dd-be9d-a8e4aec7e5f3","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":65,"box":{"x":89,"y":104,"width":868,"height":13}},{"id":"f373b2d0-f00d-4035-b64f-470779a4942c","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":65,"box":{"x":89,"y":119,"width":869,"height":13}},{"id":"e075c9b4-bb52-49ed-a15f-dd64c5a6bb28","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":65,"box":{"x":88,"y":135,"width":855,"height":12}},{"id":"6fdcf1d6-f155-44a4-8a02-b372bb0badcf","block_type":"box","text":"separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding","page_number":65,"box":{"x":89,"y":150,"width":875,"height":12}},{"id":"d53fea33-e96f-40bd-918a-2b5cb4b0a0d0","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":65,"box":{"x":89,"y":165,"width":878,"height":12}},{"id":"ca74bb0b-84eb-415d-9e8b-e2c3905ff399","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":65,"box":{"x":89,"y":180,"width":879,"height":12}},{"id":"64b7f1c5-14f1-47db-a6ea-61bbddd694a0","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":65,"box":{"x":88,"y":195,"width":873,"height":12}},{"id":"eebcddfc-8bae-46b5-b8e6-11c39818e3f4","block_type":"box","text":"The Underlying Index is a variation of the MSCI Israel IMI Index, designed to take into account the investment diversification","page_number":65,"box":{"x":88,"y":210,"width":867,"height":13}},{"id":"73ce4f09-ccc1-4926-9061-b80bffdcdb8e","block_type":"box","text":"requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":65,"box":{"x":89,"y":225,"width":622,"height":13}},{"id":"8cf5c8d6-8611-40ef-9aba-1b1f53b64f39","block_type":"box","text":"Calculation Methodology.","page_number":65,"box":{"x":89,"y":252,"width":184,"height":12}},{"id":"6fb92ae7-2bc2-479d-ae24-2285d4edeff6","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":65,"box":{"x":278,"y":252,"width":662,"height":12}},{"id":"d01f9a92-d496-409d-a47c-4cdcccf5b607","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":65,"box":{"x":89,"y":267,"width":878,"height":12}},{"id":"3d14d354-3d02-4a43-beae-74bd9bedb1e0","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":65,"box":{"x":88,"y":282,"width":864,"height":12}},{"id":"1c8c95ad-71be-488b-979b-0482dfc51251","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":65,"box":{"x":89,"y":297,"width":849,"height":12}},{"id":"0c8d926f-dede-4e00-bf31-d6146181a7c3","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":65,"box":{"x":88,"y":312,"width":868,"height":13}},{"id":"02b6218c-ec17-4008-b38a-b8ae847352bd","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":65,"box":{"x":88,"y":327,"width":474,"height":13}},{"id":"d276225f-1492-4008-b587-07140ca07c1f","block_type":"box","text":"MSCI Italy 25/50 Index","page_number":65,"box":{"x":89,"y":354,"width":167,"height":12}},{"id":"b71366eb-b1a5-4353-9a92-1140d2e44bc3","block_type":"box","text":"Number of Components: approximately 25","page_number":65,"box":{"x":89,"y":373,"width":308,"height":12}},{"id":"44adf96c-4467-4625-8567-f1292514add6","block_type":"box","text":"Index Description.","page_number":65,"box":{"x":89,"y":395,"width":131,"height":13}},{"id":"a4706757-8be6-4215-bf8c-4fa95873b02d","block_type":"box","text":"The MSCI Italy 25/50 Index is a free float-adjusted market capitalization-weighted index that is designed","page_number":65,"box":{"x":225,"y":395,"width":733,"height":13}},{"id":"35e9d0ea-a80f-436b-8ee8-05cff0d64b23","block_type":"box","text":"to measure the performance of the large- and mid-capitalization segments of the equity market in Italy. The Underlying Index","page_number":65,"box":{"x":88,"y":410,"width":879,"height":13}},{"id":"7bfda3c7-3a44-46b0-bb39-a3c5f564715b","block_type":"box","text":"is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the","page_number":65,"box":{"x":89,"y":426,"width":864,"height":12}},{"id":"16b7db81-8d8a-4d5b-a57b-60d58261d04a","block_type":"box","text":"Underlying Index and the MSCI Italy Index. The Underlying Index uses a capping methodology that limits the weight of any","page_number":65,"box":{"x":89,"y":441,"width":861,"height":12}},{"id":"e51ef5f3-f832-4567-9af1-f2c3ae7b8982","block_type":"box","text":"single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the","page_number":65,"box":{"x":89,"y":456,"width":801,"height":12}},{"id":"b092def7-505a-4c31-ab11-441719bec34f","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":65,"box":{"x":89,"y":471,"width":874,"height":12}},{"id":"b7e81bfa-65a7-4d1b-8aa8-8e22014ed55e","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":65,"box":{"x":89,"y":486,"width":861,"height":12}},{"id":"d7cf59e5-7350-4d33-a42b-4e0a24a6093a","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":501,"width":863,"height":13}},{"id":"33756e9e-c4bb-4961-bdfa-f0f198ff8c11","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":516,"width":857,"height":13}},{"id":"e93a987c-bb69-44ad-8610-65b191a5bfec","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":531,"width":845,"height":13}},{"id":"bb358110-d255-42e1-9f29-a19210b2fffd","block_type":"box","text":"there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis. The","page_number":65,"box":{"x":88,"y":547,"width":857,"height":12}},{"id":"3f93f1de-2400-4e4f-aedb-e03ea23ffd5d","block_type":"box","text":"Underlying Index is a variation of the MSCI Italy Index, designed to take into account the investment diversification","page_number":65,"box":{"x":89,"y":562,"width":801,"height":12}},{"id":"b2b2c662-7fb7-482f-b6a0-2551081ef070","block_type":"box","text":"requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":65,"box":{"x":89,"y":577,"width":622,"height":12}},{"id":"bb7e85b9-8aa5-4f47-9da1-e64a06a9213a","block_type":"box","text":"Calculation Methodology.","page_number":65,"box":{"x":89,"y":603,"width":184,"height":13}},{"id":"3d2a67e1-293a-48b7-931e-6552eb4bc304","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":65,"box":{"x":278,"y":603,"width":662,"height":13}},{"id":"c1f79af1-9376-47de-9e5c-59968d348dac","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":65,"box":{"x":89,"y":618,"width":878,"height":13}},{"id":"7db84fb9-e5f0-4577-aeca-a2f953363deb","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":65,"box":{"x":88,"y":633,"width":864,"height":13}},{"id":"cdb77697-7cce-4221-89b1-06e34e7f442c","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":65,"box":{"x":89,"y":649,"width":849,"height":12}},{"id":"370dbe40-3b04-41fb-9369-dda9dbd82c80","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":65,"box":{"x":88,"y":664,"width":868,"height":12}},{"id":"002bb469-1fd3-41b7-957d-b71e0ef5973d","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":65,"box":{"x":88,"y":679,"width":474,"height":12}},{"id":"96cba1fd-8455-434a-a22f-23eef768051d","block_type":"box","text":"MSCI Japan Index","page_number":65,"box":{"x":89,"y":705,"width":127,"height":13}},{"id":"6209358e-3d8f-4dc8-a784-b56145e21e23","block_type":"box","text":"Number of Components: approximately 180","page_number":65,"box":{"x":89,"y":724,"width":317,"height":13}},{"id":"97b65323-9f4f-4058-bbc1-42f138e98199","block_type":"box","text":"Index Description.","page_number":65,"box":{"x":89,"y":747,"width":131,"height":12}},{"id":"eb487c47-ee90-4f71-9fe4-aa5f2515035b","block_type":"box","text":"The MSCI Japan Index is designed to measure the performance of the large- and mid-capitalization","page_number":65,"box":{"x":225,"y":747,"width":692,"height":12}},{"id":"f69a7116-10c0-45b5-8748-f0cefe905c02","block_type":"box","text":"segments of the equity market in Japan. The index covers approximately 85% of the free float-adjusted market capitalization","page_number":65,"box":{"x":89,"y":762,"width":869,"height":12}},{"id":"fab222fe-390a-41f9-b680-b8a2587ab0e7","block_type":"box","text":"in Japan.","page_number":65,"box":{"x":89,"y":778,"width":58,"height":11}},{"id":"80bd4b7f-a6f0-4f29-a138-5f767c1a2980","block_type":"box","text":"Calculation Methodology.","page_number":65,"box":{"x":89,"y":804,"width":184,"height":12}},{"id":"2030ab33-d526-4ad7-a1cc-6b1b96aa2e39","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":65,"box":{"x":278,"y":804,"width":662,"height":12}},{"id":"6314e067-0eb7-4681-8d47-14ee4ac2d787","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":65,"box":{"x":89,"y":819,"width":878,"height":12}},{"id":"ebff022b-6549-4df6-b397-91f1acc2b08f","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":65,"box":{"x":88,"y":834,"width":864,"height":12}},{"id":"e71d41ca-79b3-41c7-abff-837a8ec0dcee","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":65,"box":{"x":89,"y":849,"width":849,"height":12}},{"id":"ddc2336b-ed29-4a33-a09c-fec365ece8a1","block_type":"box","text":"45","page_number":65,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f6f17085-c777-4cf2-b5c4-6763b11b2403","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":66,"box":{"x":88,"y":44,"width":868,"height":12}},{"id":"435360cd-7343-4917-b820-840f9ea00c97","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":66,"box":{"x":88,"y":59,"width":474,"height":12}},{"id":"176eef69-5198-459f-91ce-2294adb86215","block_type":"box","text":"MSCI Japan Small Cap Index","page_number":66,"box":{"x":89,"y":85,"width":203,"height":13}},{"id":"27b7d4f7-1828-48b1-b21f-b0a4ef483d5f","block_type":"box","text":"Number of Components: approximately 802","page_number":66,"box":{"x":89,"y":104,"width":317,"height":13}},{"id":"0c9d4841-e7c7-484d-942d-caafa6788d21","block_type":"box","text":"Index Description.","page_number":66,"box":{"x":89,"y":127,"width":131,"height":12}},{"id":"9e3e48f7-baf0-4549-8d02-1766f1810eec","block_type":"box","text":"The MSCI Japan Small Cap Index is designed to measure the performance of equity securities of small","page_number":66,"box":{"x":225,"y":127,"width":718,"height":12}},{"id":"9a790673-0c1d-4956-ba3c-832980d326bd","block_type":"box","text":"capitalization companies in Japan and represents approximately 14% of the free float-adjusted market capitalization of the","page_number":66,"box":{"x":89,"y":142,"width":855,"height":12}},{"id":"2345468e-b18b-42c1-88fd-f3a66102f0ab","block_type":"box","text":"Japan equity universe.","page_number":66,"box":{"x":88,"y":158,"width":152,"height":12}},{"id":"fc88c64c-16ad-451b-986f-b1d5b1e63070","block_type":"box","text":"Calculation Methodology.","page_number":66,"box":{"x":89,"y":184,"width":184,"height":12}},{"id":"8c7a2f06-3df9-4f26-a7f8-7ff750766d09","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":66,"box":{"x":278,"y":184,"width":662,"height":12}},{"id":"ad4a18b1-c24c-4903-ad65-d602646605b3","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":66,"box":{"x":89,"y":199,"width":878,"height":12}},{"id":"25313520-e1b0-458c-82a5-ea181036fd97","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":66,"box":{"x":88,"y":214,"width":864,"height":12}},{"id":"7927ef3f-1c16-4070-bb6c-2db935fba0b7","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":66,"box":{"x":89,"y":229,"width":849,"height":12}},{"id":"3db43b9c-f543-4459-84b9-43279b71e26c","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":66,"box":{"x":88,"y":244,"width":868,"height":13}},{"id":"413c7028-7891-444a-bda1-c886afab6ac5","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":66,"box":{"x":88,"y":259,"width":474,"height":13}},{"id":"ef666ceb-651f-4fb1-a13a-1ff1b9ee46bb","block_type":"box","text":"MSCI Mexico IMI 25/50 Index","page_number":66,"box":{"x":89,"y":286,"width":217,"height":9}},{"id":"1053e68b-e36f-4c00-947e-b39296f172a2","block_type":"box","text":"Number of Components: approximately 41","page_number":66,"box":{"x":89,"y":305,"width":305,"height":12}},{"id":"68d29b52-1c99-4d9a-a903-7a91c3288923","block_type":"box","text":"Index Description.","page_number":66,"box":{"x":89,"y":327,"width":131,"height":13}},{"id":"25d0754c-5372-439e-bac4-06d867f84d27","block_type":"box","text":"The MSCI Mexico IMI 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":66,"box":{"x":225,"y":327,"width":714,"height":13}},{"id":"b82d5ff6-1dee-48fb-8f03-3f970bc5bd22","block_type":"box","text":"designed to measure the performance of the large-, mid- and small- capitalization segments of the equity market Mexico.","page_number":66,"box":{"x":89,"y":342,"width":851,"height":13}},{"id":"131706cd-ff2f-443b-8210-829ebca70ef6","block_type":"box","text":"The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":66,"box":{"x":88,"y":358,"width":848,"height":12}},{"id":"338f6031-802e-4a45-a11c-b6dd4b6a865f","block_type":"box","text":"differences between the Underlying Index and the MSCI Mexico Index. The Underlying Index uses a capping methodology","page_number":66,"box":{"x":89,"y":373,"width":854,"height":12}},{"id":"24776e4f-9b4f-4063-97d9-6ba606d2dd44","block_type":"box","text":"that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a","page_number":66,"box":{"x":88,"y":388,"width":826,"height":12}},{"id":"4bbf451a-8c93-462b-96eb-19b6f8fe6570","block_type":"box","text":"maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":66,"box":{"x":89,"y":403,"width":870,"height":12}},{"id":"dcf4f49a-8482-48c3-9932-83700d673e2c","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group","page_number":66,"box":{"x":89,"y":418,"width":865,"height":12}},{"id":"e46593f3-da02-4f24-b1f0-0941a1d4be5b","block_type":"box","text":"but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed","page_number":66,"box":{"x":89,"y":433,"width":799,"height":13}},{"id":"339cd5b4-d39b-4774-8ef4-fb42dfd90d2a","block_type":"box","text":"companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in","page_number":66,"box":{"x":89,"y":448,"width":846,"height":13}},{"id":"647a21fe-1551-4bc0-bb5b-a8a616e4a813","block_type":"box","text":"nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging","page_number":66,"box":{"x":89,"y":463,"width":871,"height":13}},{"id":"2d2fb602-dbea-41a9-9d68-e2c8a7db7ef6","block_type":"box","text":"to the same group entity where there is reasonable evidence of control based on other information. All group entities are","page_number":66,"box":{"x":88,"y":479,"width":845,"height":12}},{"id":"b1a9c4f1-c516-4f2d-89db-0fd6a78cb435","block_type":"box","text":"reviewed on an annual basis. The Underlying Index is a variation of the MSCI Mexico IMI Index, designed to take into account","page_number":66,"box":{"x":89,"y":494,"width":877,"height":12}},{"id":"6aa7e6f5-1ffd-4383-8cc8-9afd5d306fce","block_type":"box","text":"the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":66,"box":{"x":88,"y":509,"width":834,"height":12}},{"id":"feff5e22-0c07-4127-8da7-ecf980a40929","block_type":"box","text":"Calculation Methodology.","page_number":66,"box":{"x":89,"y":535,"width":184,"height":13}},{"id":"1ca518b3-8c81-452d-bbe1-0c2aeacd38de","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":66,"box":{"x":278,"y":535,"width":662,"height":13}},{"id":"0b74c701-0b50-48be-91e2-da4a0525640f","block_type":"box","text":"index constituent companies’ country of incorporation to determine the relevant dividend withholding tax rates in calculating","page_number":66,"box":{"x":89,"y":550,"width":878,"height":13}},{"id":"13110a2c-63a6-413e-89c6-0d5c1f04edf1","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":66,"box":{"x":88,"y":565,"width":864,"height":13}},{"id":"3c229a39-2c87-48f8-a640-040125b0ff55","block_type":"box","text":"of the company’s country of incorporation applicable to institutional investors. Net dividends means dividends after taxes","page_number":66,"box":{"x":89,"y":581,"width":849,"height":12}},{"id":"567015ef-8897-410c-b47d-9b88b0b61cf8","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":66,"box":{"x":88,"y":596,"width":868,"height":12}},{"id":"16452ab0-1620-4e13-ab1b-da17fbeb47aa","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":66,"box":{"x":88,"y":611,"width":474,"height":12}},{"id":"bfd075df-56ce-48b4-affe-21516d2033f7","block_type":"box","text":"MSCI Netherlands IMI 25/50 Index","page_number":66,"box":{"x":89,"y":637,"width":252,"height":10}},{"id":"9dd11c07-e276-47a0-aac4-71c41604cfac","block_type":"box","text":"Number of Components: approximately 54","page_number":66,"box":{"x":89,"y":656,"width":308,"height":13}},{"id":"c101638d-03a6-467a-a40d-33cb811dfe10","block_type":"box","text":"Index Description.","page_number":66,"box":{"x":89,"y":679,"width":131,"height":12}},{"id":"e6286c10-d956-4e54-8ce6-6bb249694e49","block_type":"box","text":"The MSCI Netherlands IMI 25/50 Index is a free float-adjusted market capitalization-weighted index that","page_number":66,"box":{"x":225,"y":679,"width":734,"height":12}},{"id":"e5810418-b890-4d69-8644-668ac830ef24","block_type":"box","text":"is designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in the","page_number":66,"box":{"x":89,"y":694,"width":848,"height":12}},{"id":"ca3e6b4e-0409-4399-8ad4-0cbb426e0fb7","block_type":"box","text":"Netherlands. The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the","page_number":66,"box":{"x":89,"y":709,"width":803,"height":12}},{"id":"8cf73caa-a607-48e7-b4d3-629128d6c50d","block_type":"box","text":"constituent weight differences between the Underlying Index and the MSCI Netherlands Index. The Underlying Index uses a","page_number":66,"box":{"x":89,"y":724,"width":864,"height":13}},{"id":"b4b1aef0-1b97-4c63-b7f3-90345d05fc8e","block_type":"box","text":"capping methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control","page_number":66,"box":{"x":89,"y":739,"width":860,"height":13}},{"id":"7ee122e9-8bf2-40c5-862a-cd2c8596937c","block_type":"box","text":"relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5%","page_number":66,"box":{"x":89,"y":754,"width":878,"height":13}},{"id":"947dadb5-2119-440d-97d5-9a539b3d4a2a","block_type":"box","text":"to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated","page_number":66,"box":{"x":88,"y":770,"width":863,"height":12}},{"id":"3873ba61-c225-4633-acfc-9c7b32c7c539","block_type":"box","text":"corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of","page_number":66,"box":{"x":89,"y":785,"width":878,"height":12}},{"id":"99cee168-820f-4a9d-a431-7a8c56894c7a","block_type":"box","text":"listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling","page_number":66,"box":{"x":89,"y":800,"width":871,"height":12}},{"id":"7b6ae82e-93c4-43bd-8c5f-f577a715fc67","block_type":"box","text":"in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as","page_number":66,"box":{"x":89,"y":815,"width":814,"height":12}},{"id":"c86d9794-450d-4081-ad62-043c49868b90","block_type":"box","text":"belonging to the same group entity where there is reasonable evidence of control based on other information. All group","page_number":66,"box":{"x":89,"y":830,"width":837,"height":12}},{"id":"5d7b5165-499d-4a02-abfb-607cdfa53f15","block_type":"box","text":"46","page_number":66,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"bde2d631-a6a2-4602-8396-c0f71bfdb686","block_type":"box","text":"entities are reviewed on an annual basis. The Underlying Index is a variation of the MSCI Netherlands IMI Index, designed to","page_number":67,"box":{"x":89,"y":44,"width":865,"height":12}},{"id":"bb5cb80b-b2b0-4c37-b734-fe0424198620","block_type":"box","text":"take into account the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":67,"box":{"x":88,"y":59,"width":852,"height":12}},{"id":"edc0bf8a-ded1-4166-9d83-378560ccad53","block_type":"box","text":"Revenue Code.","page_number":67,"box":{"x":89,"y":74,"width":102,"height":10}},{"id":"4eeef324-e9ad-4da0-bdf0-3a020132878c","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":101,"width":184,"height":12}},{"id":"19958ec2-48fe-46dd-976f-95090d563292","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":101,"width":662,"height":12}},{"id":"2e9547f8-d492-41b8-ab8d-8144f618cc37","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":116,"width":878,"height":12}},{"id":"45d10350-48c0-4cc8-bcff-c653d4441bca","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":131,"width":864,"height":12}},{"id":"8ebc388b-e399-4cda-a9df-b2d49c73fd48","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":146,"width":849,"height":12}},{"id":"90301dda-3546-41b9-a3b9-5fa0d20a3676","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":161,"width":868,"height":12}},{"id":"772f4e24-d160-45d5-ba99-4db38b72f8a3","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":176,"width":474,"height":13}},{"id":"fe14dfee-5043-41ce-9fa6-879bf9ea3075","block_type":"box","text":"MSCI Pacific ex Japan Index","page_number":67,"box":{"x":89,"y":203,"width":200,"height":12}},{"id":"009c69d5-6e6b-42e5-8cc0-4b087353937a","block_type":"box","text":"Number of Components: approximately 96","page_number":67,"box":{"x":89,"y":222,"width":308,"height":12}},{"id":"87011d30-2b45-4216-abca-c15c257a3be0","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":244,"width":131,"height":13}},{"id":"8c86aeb6-361b-4987-9df5-b2a54ec0359a","block_type":"box","text":"The MSCI Pacific ex Japan Index consists of stocks from the following four countries or regions: Australia,","page_number":67,"box":{"x":225,"y":244,"width":737,"height":13}},{"id":"2317ed61-1313-4037-b428-08bc9c644301","block_type":"box","text":"Hong Kong, New Zealand and Singapore and covers approximately 85% of the free float-adjusted market capitalization in","page_number":67,"box":{"x":89,"y":259,"width":849,"height":13}},{"id":"dc291d5b-93fe-4bec-b225-24cf85a045bf","block_type":"box","text":"each country.","page_number":67,"box":{"x":89,"y":274,"width":93,"height":13}},{"id":"c7f5cb99-1dfe-4c2d-a05c-f6290fa2bc9d","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":301,"width":184,"height":12}},{"id":"21d37006-e765-489a-8875-23ffc2b7f7f2","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":301,"width":662,"height":12}},{"id":"2ced59f6-582a-4feb-ab91-2ce0e5c57ebf","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":316,"width":878,"height":12}},{"id":"e4cf966b-64be-4e2f-9964-7aaaf54b6bec","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":331,"width":864,"height":12}},{"id":"3671edfe-5032-4371-b65b-ed86d1771ecb","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":346,"width":849,"height":13}},{"id":"c8dd558a-5193-44e9-a6af-77a504f931d7","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":361,"width":868,"height":13}},{"id":"2a041454-c185-4a38-a780-04b066d837e5","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":376,"width":474,"height":13}},{"id":"dbeafc93-557a-4239-9777-9d3e743613ad","block_type":"box","text":"MSCI Singapore 25/50 Index","page_number":67,"box":{"x":89,"y":403,"width":209,"height":12}},{"id":"f822b052-1411-4bad-acfc-7be575895240","block_type":"box","text":"Number of Components: approximately 17","page_number":67,"box":{"x":89,"y":422,"width":307,"height":12}},{"id":"4ee93025-2df7-4600-be3b-645d82a08292","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":445,"width":131,"height":12}},{"id":"a97aca11-9071-495d-848a-e62748f5d51a","block_type":"box","text":"The MSCI Singapore 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":67,"box":{"x":225,"y":445,"width":707,"height":12}},{"id":"68c5d44b-c0c3-4bab-9c5b-5f36354d6bb9","block_type":"box","text":"designed to measure the performance of the large- and mid-capitalization segments of the equity market in Singapore. The","page_number":67,"box":{"x":89,"y":460,"width":864,"height":12}},{"id":"faef54c2-a06c-44de-beb9-901103d1ad01","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":67,"box":{"x":89,"y":475,"width":816,"height":12}},{"id":"61fdf9ce-916a-4891-a95e-c2006fdfe446","block_type":"box","text":"differences between the Underlying Index and the MSCI Singapore Index. The Underlying Index uses a capping methodology","page_number":67,"box":{"x":89,"y":490,"width":873,"height":12}},{"id":"2903edbe-817f-4f2c-ae9e-c6d9778bc741","block_type":"box","text":"that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a","page_number":67,"box":{"x":88,"y":505,"width":826,"height":12}},{"id":"6b42e62b-c26f-4770-87c4-17b6be9e3834","block_type":"box","text":"maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":67,"box":{"x":89,"y":520,"width":870,"height":12}},{"id":"72f448ee-7da7-4ddf-ba99-2c2839ba7618","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group","page_number":67,"box":{"x":89,"y":535,"width":865,"height":13}},{"id":"e0fac13f-60de-4f17-ba4e-a7f31bfa060d","block_type":"box","text":"but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed","page_number":67,"box":{"x":89,"y":550,"width":799,"height":13}},{"id":"fa73b427-a61c-4a73-9259-417ab0200001","block_type":"box","text":"companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in","page_number":67,"box":{"x":89,"y":565,"width":846,"height":13}},{"id":"d54fa664-fb67-4c1e-a776-b261ee9b6ba3","block_type":"box","text":"nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging","page_number":67,"box":{"x":89,"y":581,"width":871,"height":12}},{"id":"e72ca166-6366-4ce1-986e-1a8f6055c243","block_type":"box","text":"to the same group entity where there is reasonable evidence of control based on other information. All group entities are","page_number":67,"box":{"x":88,"y":596,"width":845,"height":12}},{"id":"fc9cbd11-b6bc-4366-95ca-63ce4916c0b5","block_type":"box","text":"reviewed on an annual basis. The Underlying Index is a variation of the MSCI Singapore Index, designed to take into account","page_number":67,"box":{"x":89,"y":611,"width":869,"height":12}},{"id":"8dd86f55-fa48-44b8-a872-250a7562e0e6","block_type":"box","text":"the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":67,"box":{"x":88,"y":626,"width":834,"height":12}},{"id":"2cd0b780-7790-4f45-ae23-901153fbd187","block_type":"box","text":"Calculation Methodology.","page_number":67,"box":{"x":89,"y":652,"width":184,"height":13}},{"id":"e3bdf357-d0c4-4d9b-88f4-b631249091ea","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":652,"width":662,"height":13}},{"id":"c3f4a232-07e0-48dc-8510-558c864fae0c","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":668,"width":878,"height":12}},{"id":"321f729b-9bd6-418e-8c17-ebdb51321f34","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":683,"width":864,"height":12}},{"id":"796bbf4a-9871-43d2-bb54-6c90b6e22b74","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":698,"width":849,"height":12}},{"id":"76f8ee95-4d37-4221-8beb-f79ee6608636","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":713,"width":868,"height":12}},{"id":"3e4034e8-c4ea-43db-ab26-7975f5b938fd","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":67,"box":{"x":88,"y":728,"width":474,"height":12}},{"id":"25dc0bba-5991-405c-9c8b-3be2d1472bb3","block_type":"box","text":"MSCI South Africa 25/50 Index","page_number":67,"box":{"x":89,"y":754,"width":226,"height":10}},{"id":"5ee26426-16e4-4aac-b281-eaf8666fe53c","block_type":"box","text":"Number of Components: approximately 27","page_number":67,"box":{"x":89,"y":773,"width":308,"height":13}},{"id":"b3d351ad-25f7-4b92-9d14-cd170e166c6e","block_type":"box","text":"Index Description.","page_number":67,"box":{"x":89,"y":796,"width":131,"height":12}},{"id":"491f8c6d-8289-4b67-9f16-663f722d881b","block_type":"box","text":"The MSCI South Africa 25/50 Index is designed to measure the performance of the large- and mid","page_number":67,"box":{"x":225,"y":796,"width":696,"height":12}},{"id":"6e425d8b-0efe-4b00-80c0-a2fd8f4cabec","block_type":"box","text":"capitalization segments of the equity market in South Africa. The Underlying Index is rebalanced quarterly using an","page_number":67,"box":{"x":89,"y":811,"width":805,"height":12}},{"id":"7a432dfb-b868-4649-aac5-6d5ddecc93bc","block_type":"box","text":"optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI","page_number":67,"box":{"x":89,"y":826,"width":858,"height":13}},{"id":"9d301b9a-952c-4532-a69d-20e987e94960","block_type":"box","text":"South Africa Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity”","page_number":67,"box":{"x":88,"y":841,"width":843,"height":13}},{"id":"35109d57-df29-4f6a-ac2e-cb8b5b858d3b","block_type":"box","text":"(constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and","page_number":67,"box":{"x":89,"y":856,"width":862,"height":13}},{"id":"1e01d9af-cfd0-448d-b695-499fb28a7af8","block_type":"box","text":"47","page_number":67,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4d3f2e3f-459d-4007-8112-55c531d17a9c","block_type":"box","text":"the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. A group entity","page_number":68,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"d5796dcb-8d24-4047-aec9-85d3ec18b202","block_type":"box","text":"is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine","page_number":68,"box":{"x":89,"y":59,"width":871,"height":12}},{"id":"7298b1d1-8aa5-4313-b4e9-a1923452e804","block_type":"box","text":"“group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed","page_number":68,"box":{"x":89,"y":74,"width":810,"height":12}},{"id":"a11e35cf-8899-4719-a9fa-14e500501095","block_type":"box","text":"companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated","page_number":68,"box":{"x":89,"y":89,"width":871,"height":13}},{"id":"0ca068d2-f9ff-463f-af0c-2c8957721204","block_type":"box","text":"accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence","page_number":68,"box":{"x":89,"y":104,"width":873,"height":13}},{"id":"d222efd6-b418-4f48-ac90-5db604acd636","block_type":"box","text":"of control based on other information. All group entities are reviewed on an annual basis. The Underlying Index is a variation","page_number":68,"box":{"x":89,"y":119,"width":869,"height":13}},{"id":"0c29a7a3-dff0-4dc4-8489-2dfe1d3f1abf","block_type":"box","text":"of the MSCI South Africa Index, designed to take into account the investment diversification requirements applicable to RICs","page_number":68,"box":{"x":89,"y":135,"width":870,"height":12}},{"id":"226e5092-6843-4948-a2c0-e35b8c1cd968","block_type":"box","text":"pursuant to Subchapter M of the Internal Revenue Code.","page_number":68,"box":{"x":89,"y":150,"width":395,"height":12}},{"id":"a80cf666-c4ff-475f-878a-71eb649761de","block_type":"box","text":"Calculation Methodology.","page_number":68,"box":{"x":89,"y":176,"width":184,"height":13}},{"id":"a1a3e5da-d7c6-4370-9175-f031c2169dba","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":176,"width":662,"height":13}},{"id":"23415ca3-9941-4023-8315-7e9aaf6383d7","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":191,"width":878,"height":13}},{"id":"5f1b513e-01eb-4b0c-8aa0-f097fa2207e4","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":206,"width":864,"height":13}},{"id":"0af2903a-09ab-4a42-88e9-85816cc8aa2c","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":222,"width":849,"height":12}},{"id":"f0af0957-cfc9-468e-90a2-d88a54b54c4a","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":237,"width":868,"height":12}},{"id":"fb5d3ebd-b82d-44da-9114-08b7f8a674cb","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":68,"box":{"x":88,"y":252,"width":474,"height":12}},{"id":"9ef50b82-66ea-43d8-8a6b-5f0c2aefb8d9","block_type":"box","text":"MSCI Spain 25/50 Index","page_number":68,"box":{"x":89,"y":278,"width":176,"height":13}},{"id":"fad5b068-86d5-4688-89fd-41c54fcafcf9","block_type":"box","text":"Number of Components: approximately 19","page_number":68,"box":{"x":89,"y":297,"width":308,"height":12}},{"id":"eff2f877-b957-4d4c-acc9-d101d778005a","block_type":"box","text":"Index Description.","page_number":68,"box":{"x":89,"y":320,"width":131,"height":12}},{"id":"a993169d-d285-43b4-a99e-ffaa7dc13821","block_type":"box","text":"The MSCI Spain 25/50 Index is a free float-adjusted market capitalization-weighted index that is designed","page_number":68,"box":{"x":225,"y":320,"width":742,"height":12}},{"id":"3186985a-3012-4226-beb8-82f3cf5cb066","block_type":"box","text":"to measure the performance of the large- and mid-capitalization segments of the equity market in Spain. The Underlying","page_number":68,"box":{"x":88,"y":335,"width":845,"height":12}},{"id":"b3635f41-811b-4856-aa32-9398d14a9350","block_type":"box","text":"Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences","page_number":68,"box":{"x":89,"y":350,"width":815,"height":12}},{"id":"8c8640f8-df5d-48ac-a870-fcc116bf1359","block_type":"box","text":"between the Underlying Index and the MSCI Spain Index. The Underlying Index uses a capping methodology that limits the","page_number":68,"box":{"x":89,"y":365,"width":861,"height":12}},{"id":"2d4e64bd-b24d-4b39-adbd-6cdefa420c59","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":68,"box":{"x":88,"y":380,"width":875,"height":13}},{"id":"1d16c3c3-d2f8-4dd5-a2f3-4b4bf2534369","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":68,"box":{"x":88,"y":395,"width":822,"height":13}},{"id":"e5d0d8c8-b224-4727-8446-0992686a5905","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":68,"box":{"x":89,"y":410,"width":828,"height":13}},{"id":"33f3b61c-3220-476f-a303-6a5ca08bfc2f","block_type":"box","text":"separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding","page_number":68,"box":{"x":89,"y":426,"width":875,"height":12}},{"id":"e0c86d2d-dec6-4e3b-ac17-cfda658ecad3","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":68,"box":{"x":89,"y":441,"width":878,"height":12}},{"id":"40671ea3-0e7e-487d-a34d-f0f91eeefeb8","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":68,"box":{"x":89,"y":456,"width":879,"height":12}},{"id":"791bc40c-112d-4fd6-98ee-323aed3df272","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":68,"box":{"x":88,"y":471,"width":873,"height":12}},{"id":"5517c6e2-f870-4be5-b270-00d43ba770c9","block_type":"box","text":"The Underlying Index is a variation of the MSCI Spain Index, designed to take into account the investment diversification","page_number":68,"box":{"x":88,"y":486,"width":842,"height":12}},{"id":"93a755f6-4d19-49bf-a4b7-508fe1941b9a","block_type":"box","text":"requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":68,"box":{"x":89,"y":501,"width":622,"height":13}},{"id":"3fefcedc-b9fe-465a-b10b-ebbc6e631f86","block_type":"box","text":"Calculation Methodology.","page_number":68,"box":{"x":89,"y":528,"width":184,"height":12}},{"id":"f90d4968-a173-4abc-8b48-8206c9d2012b","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":528,"width":662,"height":12}},{"id":"a784014c-f140-4811-98db-760e7617f382","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":543,"width":878,"height":12}},{"id":"36537e1c-7c01-455b-ae95-9a80e5bfe9e4","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":558,"width":864,"height":12}},{"id":"660891cf-1dce-4a0b-baf6-ffbdc738d6c5","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":573,"width":849,"height":12}},{"id":"b53b8091-b644-456f-814b-ac7fe409e991","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":588,"width":868,"height":12}},{"id":"ef982ee0-0592-4b41-9e8e-d7a267f7d223","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":68,"box":{"x":88,"y":603,"width":474,"height":13}},{"id":"1ab7a33b-1422-429a-abb4-dc84b75544d3","block_type":"box","text":"MSCI Sweden 25/50 Index","page_number":68,"box":{"x":89,"y":630,"width":192,"height":9}},{"id":"ff82ff67-1e94-48d4-abcf-d63fc54e0e16","block_type":"box","text":"Number of Components: approximately 41","page_number":68,"box":{"x":89,"y":649,"width":305,"height":12}},{"id":"0d0bb986-3fdc-4a8a-8798-5c242e42aae1","block_type":"box","text":"Index Description.","page_number":68,"box":{"x":89,"y":671,"width":131,"height":13}},{"id":"6ee4749d-cd12-4566-9f7b-758bcc1f641b","block_type":"box","text":"The MSCI Sweden 25/50 Index is designed to measure the performance of the large- and mid","page_number":68,"box":{"x":225,"y":671,"width":664,"height":13}},{"id":"787d0c3d-7186-4e6c-b44b-3008c390c07f","block_type":"box","text":"capitalization segments of the equity market in Sweden. The Underlying Index is rebalanced quarterly using an optimization","page_number":68,"box":{"x":89,"y":686,"width":865,"height":13}},{"id":"cb74d87b-757c-4fbe-a30f-8a586aa9e60e","block_type":"box","text":"process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Sweden Index.","page_number":68,"box":{"x":89,"y":702,"width":873,"height":12}},{"id":"423e9009-ab16-4d10-a040-40f6351993bb","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":68,"box":{"x":88,"y":717,"width":877,"height":12}},{"id":"1d3b3ee3-6a2b-410d-a13e-deec23141278","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":68,"box":{"x":89,"y":732,"width":836,"height":12}},{"id":"5fd0c176-791d-4fce-b5fc-56619e47429f","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":68,"box":{"x":89,"y":747,"width":815,"height":12}},{"id":"2d14348f-22df-4c2d-8dc9-a75a9d479689","block_type":"box","text":"companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group","page_number":68,"box":{"x":89,"y":762,"width":831,"height":12}},{"id":"e3d44368-0e88-426b-bf2a-e83c052b2b50","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":68,"box":{"x":89,"y":777,"width":858,"height":12}},{"id":"122b17a9-2026-4c13-8dcf-787e82264ecb","block_type":"box","text":"determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts,","page_number":68,"box":{"x":89,"y":792,"width":844,"height":13}},{"id":"61a28487-4dd4-4e8a-a183-758b319724f8","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":68,"box":{"x":89,"y":807,"width":872,"height":13}},{"id":"3fda5d12-9581-4267-9ef2-aa725b216c61","block_type":"box","text":"based on other information. All group entities are reviewed on an annual basis. The Underlying Index is a variation of the","page_number":68,"box":{"x":89,"y":822,"width":842,"height":13}},{"id":"75f3787b-273e-4d46-b3d1-8d204f514aa9","block_type":"box","text":"MSCI Sweden Index, designed to take into account the investment diversification requirements applicable to RICs pursuant","page_number":68,"box":{"x":89,"y":838,"width":861,"height":12}},{"id":"ad0cf037-ba03-4270-a0ce-b80c4fa24197","block_type":"box","text":"to Subchapter M of the Internal Revenue Code.","page_number":68,"box":{"x":88,"y":853,"width":328,"height":12}},{"id":"17405fa9-8719-477b-9d7a-e1af09415bdd","block_type":"box","text":"48","page_number":68,"box":{"x":519,"y":894,"width":17,"height":9}},{"id":"642fa657-b0ca-469e-9f27-3aa7c8f5ec8d","block_type":"box","text":"Calculation Methodology.","page_number":69,"box":{"x":89,"y":44,"width":184,"height":12}},{"id":"47a5597a-254b-4236-b39d-ac1c2c009be3","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":69,"box":{"x":278,"y":44,"width":662,"height":12}},{"id":"73cc89ec-6e02-41d6-8efe-027c200f6e9f","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":59,"width":878,"height":12}},{"id":"6e2d294f-03ff-4255-a125-0ee4f15e4141","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":74,"width":864,"height":12}},{"id":"dc9e1675-3e26-4d5e-9f36-336ce7016fed","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":89,"width":849,"height":13}},{"id":"347f10d9-e4b2-4985-850d-89b49eff1635","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":104,"width":868,"height":13}},{"id":"bae08426-ca42-474c-8c54-aefc17e380ab","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":69,"box":{"x":88,"y":119,"width":474,"height":13}},{"id":"059b5307-974a-4aac-b0b4-41d9641973f3","block_type":"box","text":"MSCI Switzerland 25/50 Index","page_number":69,"box":{"x":89,"y":146,"width":220,"height":10}},{"id":"8f16f0ac-ede7-499b-b69e-80c5a7db0545","block_type":"box","text":"Number of Components: approximately 43","page_number":69,"box":{"x":89,"y":165,"width":308,"height":12}},{"id":"d95c3c71-f14a-4dde-9795-e16a16ae6fa8","block_type":"box","text":"Index Description.","page_number":69,"box":{"x":89,"y":188,"width":131,"height":12}},{"id":"32677250-83ef-4ce7-aaca-181a41c804fe","block_type":"box","text":"The MSCI Switzerland 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":69,"box":{"x":225,"y":188,"width":717,"height":12}},{"id":"99096351-829b-4d61-89a8-69ca7f6c628b","block_type":"box","text":"designed to measure the performance of the large- and mid- capitalization segments of the equity market in Switzerland. The","page_number":69,"box":{"x":89,"y":203,"width":878,"height":12}},{"id":"a1440fae-06f6-4ca2-a448-df56c96a9280","block_type":"box","text":"Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":69,"box":{"x":89,"y":218,"width":816,"height":12}},{"id":"ad9d1311-b9e4-4852-bfcf-6ee16a72369c","block_type":"box","text":"differences between the Underlying Index and the MSCI Switzerland Index. The Underlying Index uses a capping","page_number":69,"box":{"x":89,"y":233,"width":784,"height":12}},{"id":"29b73fdb-7b0d-45de-bc05-0ac1d93a2e01","block_type":"box","text":"methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control","page_number":69,"box":{"x":89,"y":248,"width":799,"height":12}},{"id":"439cf3c6-4af9-4b42-b064-2cd3a6a8bda7","block_type":"box","text":"relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5%","page_number":69,"box":{"x":89,"y":263,"width":878,"height":12}},{"id":"c100b674-c162-47da-84d7-9684792ed810","block_type":"box","text":"to an aggregate of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated","page_number":69,"box":{"x":88,"y":278,"width":863,"height":13}},{"id":"b67d7c12-3964-4196-b6ab-39d4c4eed703","block_type":"box","text":"corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of","page_number":69,"box":{"x":89,"y":293,"width":878,"height":13}},{"id":"0c29e12e-427b-48b8-a98a-d99c44b9a534","block_type":"box","text":"listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling","page_number":69,"box":{"x":89,"y":308,"width":871,"height":13}},{"id":"85664371-8774-482b-ba93-13e344efad5a","block_type":"box","text":"in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as","page_number":69,"box":{"x":89,"y":324,"width":814,"height":12}},{"id":"afd894f5-6404-413e-99a0-7c2874674634","block_type":"box","text":"belonging to the same group entity where there is reasonable evidence of control based on other information. All group","page_number":69,"box":{"x":89,"y":339,"width":837,"height":12}},{"id":"5d4ddbba-b10c-4b59-a238-9e2725b5f8e6","block_type":"box","text":"entities are reviewed on an annual basis. The Underlying Index is a variation of the MSCI Switzerland Index, designed to take","page_number":69,"box":{"x":89,"y":354,"width":867,"height":12}},{"id":"809a26c6-ceb4-4b4e-a439-bb0801a339b3","block_type":"box","text":"into account the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal","page_number":69,"box":{"x":89,"y":369,"width":817,"height":12}},{"id":"8bee895b-5a9e-4c41-a1e3-30203ba705ff","block_type":"box","text":"Revenue Code.","page_number":69,"box":{"x":89,"y":384,"width":102,"height":10}},{"id":"a9416a23-e799-4035-89b0-042d4814159c","block_type":"box","text":"Calculation Methodology.","page_number":69,"box":{"x":89,"y":410,"width":184,"height":13}},{"id":"ce99d174-a8fc-415d-a651-1eb37c74afab","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":69,"box":{"x":278,"y":410,"width":662,"height":13}},{"id":"6a507efe-c005-4baf-b2a3-41f7a2da6c6a","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":426,"width":878,"height":12}},{"id":"f8010b96-6707-4427-812d-6905d2de46ea","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":441,"width":864,"height":12}},{"id":"d44355dc-eb71-4013-a29c-e5eb9505b525","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":456,"width":849,"height":12}},{"id":"2a3bd617-c85e-4070-9814-f085b93bc4dc","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":471,"width":868,"height":12}},{"id":"2df5de2e-0b5a-49e5-a348-ab3bd19caa23","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":69,"box":{"x":88,"y":486,"width":474,"height":12}},{"id":"56cde546-9f0e-4faf-8041-57e07b306cfe","block_type":"box","text":"MSCI Thailand IMI 25/50 Index","page_number":69,"box":{"x":89,"y":513,"width":227,"height":9}},{"id":"dae2a79f-a66d-4aaf-a0f0-ecaea37c8154","block_type":"box","text":"Number of Components: approximately 87","page_number":69,"box":{"x":89,"y":531,"width":308,"height":13}},{"id":"2d23e2f4-bc93-4787-b916-fdfa328d3185","block_type":"box","text":"Index Description.","page_number":69,"box":{"x":89,"y":554,"width":131,"height":12}},{"id":"e15fb83c-3fb3-4c2c-b1d3-4b7b1eebd48b","block_type":"box","text":"The MSCI Thailand IMI 25/50 Index is a free float-adjusted market capitalization-weighted index that is","page_number":69,"box":{"x":225,"y":554,"width":724,"height":12}},{"id":"bf1f9798-46ad-43f2-a605-5b7de1dab495","block_type":"box","text":"designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in Thailand.","page_number":69,"box":{"x":89,"y":569,"width":875,"height":13}},{"id":"1889db0f-0ecd-42ea-826e-ece477534171","block_type":"box","text":"The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight","page_number":69,"box":{"x":88,"y":584,"width":848,"height":13}},{"id":"8333ec01-ffb7-469e-bb4e-425a3598426b","block_type":"box","text":"differences between the Underlying Index and the MSCI Thailand Index. The Underlying Index uses a capping methodology","page_number":69,"box":{"x":89,"y":599,"width":863,"height":13}},{"id":"88acaa85-2578-4aaa-8400-a90c08fe5c58","block_type":"box","text":"that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a","page_number":69,"box":{"x":88,"y":615,"width":826,"height":12}},{"id":"26641432-c29d-481f-b6e7-05e270bf0a55","block_type":"box","text":"maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate","page_number":69,"box":{"x":89,"y":630,"width":870,"height":12}},{"id":"d872aebb-34d1-4971-8521-6aaa31a3bb36","block_type":"box","text":"of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an affiliated corporate group","page_number":69,"box":{"x":89,"y":645,"width":865,"height":12}},{"id":"83c980ce-2e44-4606-8d07-79b450972d01","block_type":"box","text":"but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed","page_number":69,"box":{"x":89,"y":660,"width":799,"height":12}},{"id":"3601eb13-a1ed-4a9d-976e-aeb9d0067f87","block_type":"box","text":"companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in","page_number":69,"box":{"x":89,"y":675,"width":846,"height":12}},{"id":"a48d52df-a2c1-4137-af77-0785743272de","block_type":"box","text":"nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging","page_number":69,"box":{"x":89,"y":690,"width":871,"height":13}},{"id":"da4f13b0-3cec-4285-bf4c-74688d888aee","block_type":"box","text":"to the same group entity where there is reasonable evidence of control based on other information. All group entities are","page_number":69,"box":{"x":88,"y":705,"width":845,"height":13}},{"id":"0d12c9e1-68cd-4514-bc62-5c1e083a8642","block_type":"box","text":"reviewed on an annual basis. The Underlying Index is a variation of the MSCI Thailand IMI Index, designed to take into","page_number":69,"box":{"x":89,"y":720,"width":825,"height":13}},{"id":"8a25c8eb-d0db-4f3e-b8eb-136d7651f759","block_type":"box","text":"account the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue","page_number":69,"box":{"x":89,"y":736,"width":850,"height":12}},{"id":"d5cd2f19-dab3-41fc-b485-fbf83a9f8413","block_type":"box","text":"Code.","page_number":69,"box":{"x":89,"y":751,"width":38,"height":9}},{"id":"15398d7a-90bd-4f25-bddf-6fe563412338","block_type":"box","text":"Calculation Methodology.","page_number":69,"box":{"x":89,"y":777,"width":184,"height":12}},{"id":"84af0141-0f6e-43da-8edb-b95890bb1cc1","block_type":"box","text":"The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI uses the","page_number":69,"box":{"x":278,"y":777,"width":662,"height":12}},{"id":"c1291a13-a4b4-433f-ab9a-d5aa6380cc18","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":792,"width":878,"height":13}},{"id":"c39ba991-a0c1-4189-a0b1-90d49b700695","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":807,"width":864,"height":13}},{"id":"8737b634-c99f-4082-909f-e0d1cb4483b5","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":822,"width":849,"height":13}},{"id":"cfdd357e-4632-457b-8ee8-c1b77af897a0","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":838,"width":868,"height":12}},{"id":"8bb6d4d9-580e-49fb-bcf3-e30027037a2b","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":69,"box":{"x":88,"y":853,"width":474,"height":12}},{"id":"0bc7cb07-f3c6-4b0c-9521-0c47f798d4cf","block_type":"box","text":"49","page_number":69,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"41624e38-5ed9-4156-b515-1d3175fa0180","block_type":"box","text":"MSCI Turkey IMI 25/50 Index","page_number":70,"box":{"x":89,"y":44,"width":213,"height":12}},{"id":"769e17d8-7c67-42a3-a86b-44e906dc4884","block_type":"box","text":"Number of Components: approximately 81","page_number":70,"box":{"x":89,"y":63,"width":305,"height":12}},{"id":"d3d149ab-c862-498e-9d8d-a6dd0ac044c2","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":85,"width":131,"height":13}},{"id":"1587e2d0-8a78-4203-8cce-55a53bcbcc74","block_type":"box","text":"The MSCI Turkey IMI 25/50 Index is designed to measure the performance of the large-, mid- and small","page_number":70,"box":{"x":225,"y":85,"width":735,"height":13}},{"id":"b34555dd-2585-4d0b-8c4c-03d110651baa","block_type":"box","text":"capitalization segments of the equity market in Turkey. MSCI, Inc. classifies Turkey as an emerging market. The Underlying","page_number":70,"box":{"x":89,"y":101,"width":855,"height":12}},{"id":"6e3311bd-4f1b-4680-a221-b2a21c367ba1","block_type":"box","text":"Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences","page_number":70,"box":{"x":89,"y":116,"width":815,"height":12}},{"id":"749308c9-6588-4412-b624-a851ce482e3b","block_type":"box","text":"between the Underlying Index and the MSCI Turkey Index. The Underlying Index uses a capping methodology that limits the","page_number":70,"box":{"x":89,"y":131,"width":870,"height":12}},{"id":"6252454f-434b-49b7-9611-e11f78a7738e","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":70,"box":{"x":88,"y":146,"width":875,"height":12}},{"id":"8556377b-b1c1-469d-9b5c-76098c83a007","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":70,"box":{"x":88,"y":161,"width":822,"height":12}},{"id":"d6e5e887-a77e-4bba-a77a-344b2c8b60f8","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":70,"box":{"x":89,"y":176,"width":828,"height":13}},{"id":"63f9ba76-cdaa-447c-8ed3-d1d24319dc7d","block_type":"box","text":"separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding","page_number":70,"box":{"x":89,"y":191,"width":875,"height":13}},{"id":"54be1a82-955e-4a5f-a9ca-accd27d1b750","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":70,"box":{"x":89,"y":206,"width":878,"height":13}},{"id":"eb579aec-b5b5-40fa-b6f1-eeabf6f2807c","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":70,"box":{"x":89,"y":222,"width":879,"height":12}},{"id":"feb338f3-1f1a-41c5-966c-2bd729497b3d","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":70,"box":{"x":88,"y":237,"width":873,"height":12}},{"id":"4b6c0593-ec7d-4f79-a9da-d9c839c79753","block_type":"box","text":"The Underlying Index is a variation of the MSCI Turkey IMI Index, designed to take into account the investment diversification","page_number":70,"box":{"x":88,"y":252,"width":878,"height":12}},{"id":"9f566f9c-784f-4bc0-a949-caafea86c57c","block_type":"box","text":"requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.","page_number":70,"box":{"x":89,"y":267,"width":622,"height":12}},{"id":"6d4f625c-a6ed-4ae6-95e5-dd358922f828","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":293,"width":184,"height":13}},{"id":"6a5f0008-9be0-4f84-a23e-492947839bae","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":293,"width":662,"height":13}},{"id":"619425fc-b3d3-4d12-aaa0-9bf070affe44","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":308,"width":878,"height":13}},{"id":"8b1fbbeb-bf64-418f-b59e-840afa86bf27","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":324,"width":864,"height":12}},{"id":"aa76e655-597d-4772-afb7-76fec585662a","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":339,"width":849,"height":12}},{"id":"e48a19fb-b24d-4ce9-8e15-b9b415bb44cd","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":354,"width":868,"height":12}},{"id":"3792e90c-4ecf-407f-a5a9-4616516eedb6","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":369,"width":474,"height":12}},{"id":"0f9bf1dd-6225-4971-91d4-eecced5bd539","block_type":"box","text":"MSCI USA Equal Weighted Index","page_number":70,"box":{"x":89,"y":395,"width":234,"height":13}},{"id":"8439ea02-1e57-4039-8d86-68eed76df877","block_type":"box","text":"Number of Components: approximately 544","page_number":70,"box":{"x":89,"y":422,"width":318,"height":12}},{"id":"2f1bc7e4-2e61-4bb9-8f3d-2c4b110cbd67","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":448,"width":131,"height":13}},{"id":"a9e218ab-a590-434a-a506-f4ae853a02a8","block_type":"box","text":"The MSCI USA Equal Weighted Index is an equally-weighted securities index that measures the","page_number":70,"box":{"x":225,"y":448,"width":665,"height":13}},{"id":"7f20a486-9b29-4e9a-8979-cf795b977a87","block_type":"box","text":"performance of the large and mid-capitalization segments of U.S equity securities and represents an alternative weighting","page_number":70,"box":{"x":89,"y":463,"width":852,"height":13}},{"id":"822ea2ed-43a1-4327-bdd3-528bce8677d3","block_type":"box","text":"scheme to its market capitalization-weighted parent index, the MSCI USA Index. The Underlying Index is rebalanced","page_number":70,"box":{"x":89,"y":479,"width":810,"height":12}},{"id":"b74fc563-ed59-494b-a108-b83b32122113","block_type":"box","text":"quarterly, at which time all securities in the Underlying Index are weighted equally. Between rebalances, the weightings of the","page_number":70,"box":{"x":89,"y":494,"width":875,"height":12}},{"id":"64f94a52-88a9-4f36-8926-e8d2fa75dcc4","block_type":"box","text":"securities in the Underlying Index will fluctuate due to price performance.","page_number":70,"box":{"x":89,"y":509,"width":513,"height":12}},{"id":"650b5c5e-c41c-4327-adb0-6cb2ba6b5872","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":535,"width":184,"height":13}},{"id":"3ab37337-2cb7-4c79-b9e8-fa15c1efdfbc","block_type":"box","text":"The Underlying Index is rebalanced in February, May, August and November. On each rebalance","page_number":70,"box":{"x":278,"y":535,"width":668,"height":13}},{"id":"faa1b5d0-dcc1-4fb6-a5db-253876280c74","block_type":"box","text":"date, the Underlying Index applies equal weights to the securities in the Index. Between each rebalance date, the weight of","page_number":70,"box":{"x":89,"y":550,"width":857,"height":13}},{"id":"a09357e2-3c3f-40c8-ae64-6e41993239bb","block_type":"box","text":"the securities in the Underlying Index may deviate from the equal weighting applied on the prior rebalance date depending","page_number":70,"box":{"x":88,"y":565,"width":858,"height":13}},{"id":"ae04c4ed-9650-47de-aad6-38ca13808138","block_type":"box","text":"on the performance of each security. The Fund utilizes the Underlying Index calculated with net dividends reinvested. MSCI","page_number":70,"box":{"x":89,"y":581,"width":859,"height":12}},{"id":"f48a0f63-8f31-44d3-a776-cf00c77e8bb8","block_type":"box","text":"uses the relevant U.S. dividend withholding tax rates in calculating the net dividends. The regular cash dividend is reinvested","page_number":70,"box":{"x":89,"y":596,"width":868,"height":12}},{"id":"0f52376d-1a18-4e18-bb26-2c61c2873e4e","block_type":"box","text":"after deduction of withholding tax by applying the maximum U.S. rate applicable to institutional investors. Net dividends","page_number":70,"box":{"x":89,"y":611,"width":841,"height":12}},{"id":"8544cd79-f047-43d9-bdf9-45eae3694382","block_type":"box","text":"means dividends after taxes withheld at the rate applicable to U.S. resident institutional investors.","page_number":70,"box":{"x":89,"y":626,"width":680,"height":12}},{"id":"7506853b-8596-4981-a93d-a8b2f2d306ea","block_type":"box","text":"MSCI World Index","page_number":70,"box":{"x":89,"y":652,"width":129,"height":10}},{"id":"02742772-3a85-4550-a211-f3fb98ee56d3","block_type":"box","text":"Number of Components: approximately 1,320","page_number":70,"box":{"x":89,"y":671,"width":330,"height":13}},{"id":"59ab7228-8527-4a4a-a3d8-6b84031e2c10","block_type":"box","text":"Index Description.","page_number":70,"box":{"x":89,"y":694,"width":131,"height":12}},{"id":"c1d3fead-10df-4de2-9b70-e88a626a21ae","block_type":"box","text":"The MSCI World Index is designed to measure the performance of equity securities in the large and mid","page_number":70,"box":{"x":225,"y":694,"width":731,"height":12}},{"id":"f1567a4c-6efc-4a9d-bb95-6dbe179d8649","block_type":"box","text":"capitalization segments of developed market countries.","page_number":70,"box":{"x":89,"y":709,"width":386,"height":12}},{"id":"5ac70d49-9ee7-402e-a553-3cc39eb7b084","block_type":"box","text":"Calculation Methodology.","page_number":70,"box":{"x":89,"y":736,"width":184,"height":12}},{"id":"cb4401a6-80df-4034-ae59-d30d2f6fd7d3","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":736,"width":662,"height":12}},{"id":"d83d7712-b517-4872-a301-4b364ec9e35e","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":751,"width":878,"height":12}},{"id":"f4a58a2e-4805-45f2-92ba-fc555e2e6908","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":766,"width":864,"height":12}},{"id":"7a09b3db-c670-47fa-ba57-acf657e038d9","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":781,"width":849,"height":12}},{"id":"5c97f58f-fd38-44cc-8e1a-edc9a2a5acbc","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":796,"width":868,"height":12}},{"id":"ccd82d9c-be8e-4de7-a10f-2fe00051e255","block_type":"box","text":"withholding rates may differ from those applicable to U.S. residents.","page_number":70,"box":{"x":88,"y":811,"width":474,"height":12}},{"id":"abc90146-50d6-4260-bbe0-7165d4cc297d","block_type":"box","text":"Additional Information","page_number":70,"box":{"x":88,"y":838,"width":164,"height":9}},{"id":"8f116fbe-8785-4209-a0b3-06740703c025","block_type":"box","text":". “MSCI,” MSCI Australia Index, MSCI Austria IMI 25/50 Index, MSCI Belgium IMI 25/50 Index, MSCI","page_number":70,"box":{"x":254,"y":838,"width":702,"height":12}},{"id":"e97609f1-c897-41c2-8556-68683fdfb507","block_type":"box","text":"Canada Custom Capped Index, MSCI EMU Index, MSCI France Index, MSCI Germany Index, MSCI Hong Kong 25/50 Index,","page_number":70,"box":{"x":89,"y":853,"width":858,"height":12}},{"id":"968a861a-4c0f-4d02-a71b-9b5d79986696","block_type":"box","text":"50","page_number":70,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5994ff8b-4f3e-462d-b327-352c49cd91dd","block_type":"box","text":"MSCI Israel Capped IMI, MSCI Italy 25/50 Index, MSCI Japan Index, MSCI Japan Small Cap Index, MSCI Mexico IMI 25/50","page_number":71,"box":{"x":89,"y":44,"width":847,"height":12}},{"id":"556c7a08-2e19-452a-b231-437ba8e6e16e","block_type":"box","text":"Index, MSCI Netherlands IMI 25/50 Index, MSCI Pacific ex Japan Index, MSCI Singapore 25/50 Index, MSCI South Africa","page_number":71,"box":{"x":89,"y":59,"width":841,"height":12}},{"id":"a47351c2-ace0-410a-82cf-68a4b7691f9e","block_type":"box","text":"25/50 Index, MSCI Spain 25/50 Index, MSCI Sweden 25/50 Index, MSCI Switzerland 25/50 Index, MSCI Thailand IMI 25/50","page_number":71,"box":{"x":89,"y":74,"width":871,"height":12}},{"id":"e2577f13-2e44-4756-8be0-97728cd23663","block_type":"box","text":"Index, MSCI Turkey IMI 25/50 Index, MSCI USA Equal Weighted Index and MSCI World Index are servicemarks of MSCI Inc.","page_number":71,"box":{"x":89,"y":89,"width":862,"height":13}},{"id":"5e0656ef-e19b-4914-9f2e-417455fb920e","block_type":"box","text":"and have been licensed for use by BFA or its affiliates. The Funds are neither sponsored, endorsed, sold nor promoted by","page_number":71,"box":{"x":89,"y":104,"width":840,"height":13}},{"id":"82c244a2-fbe4-4cdc-a0ce-8d1b885d9f69","block_type":"box","text":"MSCI Inc., and MSCI Inc. makes no representation regarding the advisability of investing in any of the Funds.","page_number":71,"box":{"x":89,"y":119,"width":757,"height":13}},{"id":"e06b07ef-fc84-4e9c-a1b0-dc59e8350bc2","block_type":"box","text":"Investment Policies","page_number":71,"box":{"x":91,"y":150,"width":318,"height":23}},{"id":"54e0617a-afd7-4ff3-abb2-1c6616fe9a33","block_type":"box","text":"The Board has adopted as fundamental policies the following numbered investment policies, which cannot be changed","page_number":71,"box":{"x":88,"y":191,"width":835,"height":13}},{"id":"16decec3-b66b-4d8e-8e4b-cd6a9b1edc61","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":71,"box":{"x":88,"y":206,"width":866,"height":13}},{"id":"dbd92f32-be0f-47ec-900b-603605c681ab","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":71,"box":{"x":89,"y":222,"width":819,"height":12}},{"id":"6a6650e3-3241-48ec-be1a-8816f3408d57","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":71,"box":{"x":89,"y":237,"width":872,"height":12}},{"id":"ecea9d3c-48f7-4062-b77b-2c5a66735a3b","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":71,"box":{"x":89,"y":252,"width":860,"height":12}},{"id":"16351a0a-d13a-4cc7-bc12-85a07c5e4031","block_type":"box","text":"adopted certain non-fundamental investment policies, including its investment objective. Non-fundamental investment","page_number":71,"box":{"x":89,"y":267,"width":835,"height":12}},{"id":"433b505a-79fe-415e-b1ae-706afb5f13be","block_type":"box","text":"policies may be changed by the Board without shareholder approval. Therefore, each Fund may change its investment","page_number":71,"box":{"x":89,"y":282,"width":825,"height":12}},{"id":"7152d127-b217-4a94-9597-6d24e4f4be0a","block_type":"box","text":"objective and its Underlying Index without shareholder approval.","page_number":71,"box":{"x":89,"y":297,"width":450,"height":12}},{"id":"1cb41a36-2b31-4b0c-82fd-4a42e0292c3a","block_type":"box","text":"Fundamental Investment Policies","page_number":71,"box":{"x":89,"y":324,"width":237,"height":9}},{"id":"12fe7a5b-4b2e-4328-aed1-16825030dd6e","block_type":"box","text":"Each of the iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Germany ETF, iShares MSCI Hong Kong","page_number":71,"box":{"x":89,"y":350,"width":860,"height":12}},{"id":"7e73154b-e71c-4eb8-9793-cff654455ef7","block_type":"box","text":"ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI South","page_number":71,"box":{"x":89,"y":365,"width":860,"height":12}},{"id":"e7552d10-51ad-4e13-9a40-4e6ddeb726ff","block_type":"box","text":"Africa ETF and iShares Switzerland ETF will not:","page_number":71,"box":{"x":88,"y":380,"width":343,"height":10}},{"id":"d1d7369c-ca96-4b8a-9308-9f2028c8b2d0","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":71,"box":{"x":90,"y":407,"width":873,"height":12}},{"id":"6f2bc5f9-6a0b-4360-8417-b1120c2e5ce7","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":71,"box":{"x":127,"y":422,"width":831,"height":12}},{"id":"c900c04f-d8fe-481a-9545-41fab76f9550","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":71,"box":{"x":127,"y":437,"width":780,"height":12}},{"id":"2efab8ab-5fd2-4049-87b9-d5036108838e","block_type":"box","text":"2. Issue senior securities or borrow money, except borrowings from banks for temporary or emergency purposes in an","page_number":71,"box":{"x":89,"y":463,"width":848,"height":13}},{"id":"b7e30d5b-811d-4974-a836-305d35eb82d1","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":71,"box":{"x":128,"y":479,"width":830,"height":12}},{"id":"aa487199-fbb9-4c90-b4a3-b3917e99e233","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":71,"box":{"x":128,"y":494,"width":821,"height":12}},{"id":"70a1e04f-cc65-4d68-b3ae-e560355b5f3c","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":71,"box":{"x":128,"y":509,"width":836,"height":12}},{"id":"61aadc27-e311-48a3-ba91-86650cabee42","block_type":"box","text":"that for purposes of this restriction, short-term credits necessary for the clearance of transactions are not considered","page_number":71,"box":{"x":127,"y":524,"width":819,"height":12}},{"id":"e4eb12af-40fa-41f8-a9c2-688f18718225","block_type":"box","text":"borrowings;","page_number":71,"box":{"x":128,"y":539,"width":82,"height":12}},{"id":"173c4aba-88e0-4074-b9c5-6bca903ed71f","block_type":"box","text":"3. Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings. (The deposit","page_number":71,"box":{"x":89,"y":565,"width":871,"height":13}},{"id":"a3fbb833-977e-4b08-89e7-645738cbd562","block_type":"box","text":"of underlying securities and other assets in escrow and collateral arrangements with respect to initial or variation","page_number":71,"box":{"x":128,"y":581,"width":790,"height":12}},{"id":"991f98f9-622f-4409-968b-e6b553cae0ef","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":71,"box":{"x":128,"y":596,"width":773,"height":12}},{"id":"7e7dc117-f19e-4184-8c71-c1fcb3210684","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":71,"box":{"x":88,"y":622,"width":868,"height":12}},{"id":"47657e7c-9248-4c0e-ac4b-a2e412ea19f1","block_type":"box","text":"or more of its total assets would be invested in a single issuer. (This restriction applies to the iShares MSCI Singapore","page_number":71,"box":{"x":128,"y":637,"width":816,"height":13}},{"id":"10e5f6de-5264-489a-b56e-a289ca8ce1d7","block_type":"box","text":"ETF only);","page_number":71,"box":{"x":128,"y":652,"width":69,"height":13}},{"id":"f5eb3f6e-ac28-459a-9fbe-fc90d4aa1fa0","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":71,"box":{"x":89,"y":679,"width":811,"height":12}},{"id":"677e1ef7-9236-4c06-afb7-5fe99f2d3617","block_type":"box","text":"securities that are issued by companies that invest or deal in such assets;","page_number":71,"box":{"x":128,"y":694,"width":509,"height":12}},{"id":"1379f573-6845-4122-b256-027750a10040","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":71,"box":{"x":89,"y":720,"width":848,"height":13}},{"id":"31eb73c3-67d6-463b-8576-358b4a2a13ae","block_type":"box","text":"connection with the sale of securities in its portfolio;","page_number":71,"box":{"x":128,"y":736,"width":365,"height":12}},{"id":"e6e76ccf-92f4-439f-98ab-7ccdfc268a46","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":71,"box":{"x":89,"y":762,"width":850,"height":12}},{"id":"2108ed41-6b31-41e1-8b7c-2f210fb7cfb3","block_type":"box","text":"except that a Fund may make margin deposits in connection with transactions in currencies, options, futures and","page_number":71,"box":{"x":128,"y":777,"width":793,"height":12}},{"id":"65912931-c4bd-48db-8242-7e5f088585f3","block_type":"box","text":"options on futures;","page_number":71,"box":{"x":128,"y":792,"width":132,"height":13}},{"id":"30021f11-ecbd-4283-a54b-b2d5af904676","block_type":"box","text":"8. Sell securities short; or","page_number":71,"box":{"x":89,"y":819,"width":196,"height":11}},{"id":"bd7e2194-2c77-441e-b5df-de1e287dfd68","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":71,"box":{"x":89,"y":845,"width":864,"height":12}},{"id":"475b07a5-7050-4bf2-9adc-9a82f2ebc5cc","block_type":"box","text":"51","page_number":71,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"990f7bb4-2304-4295-8622-c51fde563979","block_type":"box","text":"with respect thereto, and may transact in futures contracts on securities, stock indices and currencies and options on","page_number":72,"box":{"x":127,"y":44,"width":821,"height":12}},{"id":"fc164138-cf01-4aad-854d-f42ccb2c1cf7","block_type":"box","text":"such futures contracts and make margin deposits in connection with such contracts.","page_number":72,"box":{"x":128,"y":59,"width":593,"height":12}},{"id":"bf5fe1e3-f48e-4378-a565-7770556313e6","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":72,"box":{"x":88,"y":85,"width":863,"height":13}},{"id":"682818bc-9941-4af4-8053-8709504a27f3","block_type":"box","text":"Investment Company Act, including the rules and regulations thereunder, generally prohibits the Fund from issuing senior","page_number":72,"box":{"x":89,"y":101,"width":852,"height":12}},{"id":"1bd1d1e6-6f54-44dd-a27c-39333c698be8","block_type":"box","text":"securities or borrowing money (other than certain temporary borrowings) unless immediately after the issuance or","page_number":72,"box":{"x":89,"y":116,"width":805,"height":12}},{"id":"abf0d7d1-8472-4ff4-a13f-c7c94637b7de","block_type":"box","text":"borrowing the Fund has satisfied an asset coverage requirement with respect to senior securities representing indebtedness","page_number":72,"box":{"x":89,"y":131,"width":866,"height":12}},{"id":"3b5a3166-53a4-4d1e-a2b4-5e3bdfded5f7","block_type":"box","text":"prescribed by the Investment Company Act. Certain trading practices and investments, such as derivatives transactions, may","page_number":72,"box":{"x":89,"y":146,"width":871,"height":12}},{"id":"2ef37fd3-b97a-48ab-b355-af2471e1c24d","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":72,"box":{"x":89,"y":161,"width":861,"height":12}},{"id":"47925c73-9f9e-4604-9076-bace9b28014c","block_type":"box","text":"when the Fund engaged in a derivatives transaction that creates future payment obligations, consistent with SEC staff","page_number":72,"box":{"x":88,"y":176,"width":827,"height":13}},{"id":"55cb1c5a-7630-4e85-b736-55cd4453ab73","block_type":"box","text":"guidance and interpretations, the Fund was permitted to segregate or earmark liquid assets, or enter into an offsetting","page_number":72,"box":{"x":89,"y":191,"width":827,"height":13}},{"id":"d3a97c12-d20d-45ff-8e53-2a8ea4b0c289","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":72,"box":{"x":89,"y":206,"width":826,"height":13}},{"id":"9d313d89-ee00-4df7-a03b-1bf4fdf6091c","block_type":"box","text":"meeting the asset coverage requirement with respect to senior securities prescribed by the Investment Company Act. The","page_number":72,"box":{"x":89,"y":222,"width":850,"height":12}},{"id":"c8c06bfd-4e2c-45d9-8e3f-1612edf465b7","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":72,"box":{"x":88,"y":237,"width":838,"height":12}},{"id":"ef4f3f48-b562-4630-9dff-e4358961f577","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":72,"box":{"x":89,"y":252,"width":863,"height":12}},{"id":"44aea45e-2d1d-412e-9bc4-e6ac97cb0b0d","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":72,"box":{"x":89,"y":267,"width":854,"height":12}},{"id":"521e2991-693d-4c18-8f53-c92c799b6ced","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":72,"box":{"x":88,"y":282,"width":792,"height":12}},{"id":"945083a8-aac0-40bb-86d5-9e03daacaed4","block_type":"box","text":"transactions.","page_number":72,"box":{"x":88,"y":298,"width":90,"height":9}},{"id":"3a2f3e0e-9808-4d3b-9533-d908656854d6","block_type":"box","text":"Each of the iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI Eurozone ETF, iShares MSCI France ETF,","page_number":72,"box":{"x":89,"y":324,"width":855,"height":12}},{"id":"681592e2-d929-4d27-97a0-1242ba33c902","block_type":"box","text":"iShares MSCI Italy ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF, iShares MSCI Spain ETF and iShares MSCI","page_number":72,"box":{"x":89,"y":339,"width":835,"height":12}},{"id":"6ddeaad6-ecd4-44b1-ba28-e0e34dc84742","block_type":"box","text":"Sweden ETF will not:","page_number":72,"box":{"x":88,"y":354,"width":148,"height":10}},{"id":"cc78e879-635b-4c03-bd73-72171a9ebdaa","block_type":"box","text":"1. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":72,"box":{"x":90,"y":380,"width":842,"height":13}},{"id":"4a343ac2-2fe6-4023-a97c-e24645d0d9bd","block_type":"box","text":"authority having jurisdiction, from time to time;","page_number":72,"box":{"x":128,"y":395,"width":331,"height":13}},{"id":"fcc2d222-223e-47ed-98d5-79b5ee58080d","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":72,"box":{"x":89,"y":422,"width":857,"height":12}},{"id":"11373631-8014-4be6-80c9-ebe41e7dc3d0","block_type":"box","text":"regulatory authority having jurisdiction, from time to time;","page_number":72,"box":{"x":128,"y":437,"width":407,"height":12}},{"id":"e3b78999-bae9-4786-98e1-4c3de7c0984a","block_type":"box","text":"3. Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings. (The deposit","page_number":72,"box":{"x":89,"y":463,"width":871,"height":13}},{"id":"7b79208e-8768-4bd2-98db-083f3befc47c","block_type":"box","text":"of underlying securities and other assets in escrow and collateral arrangements with respect to initial or variation","page_number":72,"box":{"x":128,"y":479,"width":790,"height":12}},{"id":"64ae7381-d5ef-47e0-be44-cce32ac1e0de","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":72,"box":{"x":128,"y":494,"width":773,"height":12}},{"id":"4e097349-4d39-4b8b-b67b-f4a0b1b8388e","block_type":"box","text":"4. Purchase, hold or deal in real estate, or oil, gas or mineral interests or leases, but a Fund may purchase and sell","page_number":72,"box":{"x":88,"y":520,"width":812,"height":12}},{"id":"7bd79a90-fde8-49d3-b93e-47f3ffe7c99e","block_type":"box","text":"securities that are issued by companies that invest or deal in such assets;","page_number":72,"box":{"x":128,"y":535,"width":509,"height":13}},{"id":"c74c361e-e889-4eee-942b-ade6f3632982","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":72,"box":{"x":89,"y":562,"width":848,"height":12}},{"id":"8f674444-7b34-41fa-bb24-fde48a3d963c","block_type":"box","text":"connection with the sale of securities in its portfolio;","page_number":72,"box":{"x":128,"y":577,"width":365,"height":12}},{"id":"b4132cf2-afb2-4ccb-a17f-aeb88e38de0d","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":72,"box":{"x":89,"y":603,"width":850,"height":13}},{"id":"c01d244b-6d29-4bcc-abe2-16ca6448d43c","block_type":"box","text":"except that a Fund may make margin deposits in connection with transactions in currencies, options, futures and","page_number":72,"box":{"x":128,"y":618,"width":793,"height":13}},{"id":"b1e4597d-f694-41d7-9a3c-ade718b22943","block_type":"box","text":"options on futures;","page_number":72,"box":{"x":128,"y":633,"width":132,"height":13}},{"id":"c775041b-8b50-4536-8b68-67a573fbfcf1","block_type":"box","text":"7. Sell securities short; or","page_number":72,"box":{"x":89,"y":660,"width":196,"height":11}},{"id":"e654af88-a209-4a6f-a805-9dfb92cd8622","block_type":"box","text":"8. Invest in commodities or commodity contracts, except that a Fund may buy and sell currencies and forward contracts","page_number":72,"box":{"x":89,"y":686,"width":864,"height":13}},{"id":"ffa99982-aad5-4855-94b8-2d1b03eb2fba","block_type":"box","text":"with respect thereto, and may transact in futures contracts on securities, stock indices and currencies and options on","page_number":72,"box":{"x":127,"y":702,"width":821,"height":12}},{"id":"d1f2cb6a-213b-4a79-8dcf-fcd407f4e41f","block_type":"box","text":"such futures contracts and make margin deposits in connection with such contracts.","page_number":72,"box":{"x":128,"y":717,"width":593,"height":12}},{"id":"a3a8aac7-a325-481e-a8b5-8ebac7fe245a","block_type":"box","text":"Each of the iShares MSCI Israel ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Thailand ETF, iShares MSCI Turkey","page_number":72,"box":{"x":89,"y":743,"width":866,"height":12}},{"id":"0f5a62c9-59b5-49fe-b0d7-9091bdf7cf34","block_type":"box","text":"ETF, iShares MSCI USA Equal Weighted ETF and iShares MSCI World ETF will not:","page_number":72,"box":{"x":89,"y":758,"width":580,"height":13}},{"id":"e0e3aa8c-7b7a-4d2e-b641-eb250ed8e0ad","block_type":"box","text":"1. Concentrate its investments (","page_number":72,"box":{"x":90,"y":785,"width":243,"height":12}},{"id":"d097bee3-ae06-4100-99aa-7c655da941bf","block_type":"box","text":"i.e.,","page_number":72,"box":{"x":334,"y":786,"width":21,"height":10}},{"id":"dee235bf-d389-4e15-8539-bb7fbaea89bd","block_type":"box","text":"invest 25% or more of its total assets in the securities of a particular industry or group","page_number":72,"box":{"x":362,"y":785,"width":601,"height":12}},{"id":"3b3db8dc-194e-444f-a656-d1686958c853","block_type":"box","text":"of industries), except that a Fund will concentrate to approximately the same extent that its Underlying Index","page_number":72,"box":{"x":128,"y":800,"width":764,"height":12}},{"id":"05b8f735-6a76-44ff-bfb9-07c6da4d6109","block_type":"box","text":"concentrates in the securities of such particular industry or group of industries. For purposes of this limitation,","page_number":72,"box":{"x":128,"y":815,"width":771,"height":12}},{"id":"5cb33397-099c-4e18-a43b-e2110929d06f","block_type":"box","text":"securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized","page_number":72,"box":{"x":128,"y":830,"width":820,"height":12}},{"id":"00dd18a5-3644-4d06-95f0-ddc3d09f9a3d","block_type":"box","text":"by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not","page_number":72,"box":{"x":128,"y":845,"width":828,"height":12}},{"id":"8279ddc3-dff0-489b-8d09-863e2e0c1783","block_type":"box","text":"considered to be issued by members of any industry;","page_number":72,"box":{"x":128,"y":860,"width":368,"height":13}},{"id":"7ffa1e44-1eb7-4250-b691-7869c9125ee8","block_type":"box","text":"52","page_number":72,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b9a3efdc-7e82-4a3e-be58-3a8facd8123f","block_type":"box","text":"2. Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging)","page_number":73,"box":{"x":89,"y":44,"width":815,"height":12}},{"id":"5eea08b1-3040-4ffc-b328-cd65a0d82508","block_type":"box","text":"purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of","page_number":73,"box":{"x":128,"y":59,"width":806,"height":12}},{"id":"74732457-060d-442d-bc3d-a02baa29a651","block_type":"box","text":"securities, and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase","page_number":73,"box":{"x":128,"y":74,"width":761,"height":12}},{"id":"4d8be16f-b46e-4e02-b59f-c0979225fcde","block_type":"box","text":"agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and","page_number":73,"box":{"x":128,"y":89,"width":756,"height":13}},{"id":"a642a7b0-cc0a-48bf-ade7-7ee738d97960","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":73,"box":{"x":127,"y":104,"width":815,"height":13}},{"id":"bf23862a-1fd6-46e1-a8fe-22fb3a0d0db9","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":73,"box":{"x":128,"y":119,"width":827,"height":13}},{"id":"ad513e45-9047-4625-bb52-dc5f0eca518b","block_type":"box","text":"Any borrowings which come to exceed this amount will be reduced in accordance with applicable law;","page_number":73,"box":{"x":127,"y":135,"width":718,"height":12}},{"id":"722dd2a3-dd26-4067-830f-59e4664e9e92","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":73,"box":{"x":89,"y":161,"width":857,"height":12}},{"id":"9c711b60-8cf6-4b4a-8b43-b5294a8c4cf8","block_type":"box","text":"regulatory authority having jurisdiction, from time to time;","page_number":73,"box":{"x":128,"y":176,"width":407,"height":13}},{"id":"5576a653-0da3-4c1d-8e09-2522c1bfa69e","block_type":"box","text":"4. Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory","page_number":73,"box":{"x":88,"y":203,"width":844,"height":12}},{"id":"3c0b4e09-b2c7-40ad-ba7e-9f71a8b22013","block_type":"box","text":"authority having jurisdiction, from time to time;","page_number":73,"box":{"x":128,"y":218,"width":331,"height":12}},{"id":"1dbd4274-272f-4c60-8e0c-0967632591e5","block_type":"box","text":"5. Purchase or sell real estate unless acquired as a result of ownership of securities or other investments (but this","page_number":73,"box":{"x":89,"y":244,"width":812,"height":13}},{"id":"e302842a-d51f-4c2f-9f13-f0b8a0c59293","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":73,"box":{"x":128,"y":259,"width":830,"height":13}},{"id":"16155b62-f549-4729-9a66-bbcebc787365","block_type":"box","text":"securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this","page_number":73,"box":{"x":128,"y":274,"width":827,"height":13}},{"id":"cc4de654-944b-4335-8246-4eb36fb0144e","block_type":"box","text":"restriction shall not prevent each Fund from trading in futures contracts and options on futures contracts, including","page_number":73,"box":{"x":128,"y":290,"width":809,"height":12}},{"id":"0fb6e102-07d9-4b5e-9e1e-6f6327600ff3","block_type":"box","text":"options on currencies to the extent consistent with each Fund’s investment objectives and policies); or","page_number":73,"box":{"x":128,"y":305,"width":718,"height":12}},{"id":"09a254c1-d77d-460e-a808-3a4306321e43","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":73,"box":{"x":89,"y":331,"width":846,"height":12}},{"id":"980a12a0-1df8-4f24-a5e3-0a78468efac6","block_type":"box","text":"technically be deemed to be an underwriter under the 1933 Act, the disposing of portfolio securities.","page_number":73,"box":{"x":127,"y":346,"width":704,"height":13}},{"id":"5a7d863b-e074-408b-8278-5669d9838729","block_type":"box","text":"Industry concentration.","page_number":73,"box":{"x":89,"y":373,"width":169,"height":12}},{"id":"00b9a17d-5375-491d-899b-4080637ee216","block_type":"box","text":"Each Fund (except the iShares MSCI Singapore ETF) will not concentrate its investments (","page_number":73,"box":{"x":264,"y":373,"width":627,"height":12}},{"id":"7a55747f-a1e5-4e3d-a63b-d7cfa4a1676c","block_type":"box","text":"i.e.","page_number":73,"box":{"x":892,"y":374,"width":18,"height":8}},{"id":"1a272703-ae6a-4875-a93f-5465cc014096","block_type":"box","text":", hold","page_number":73,"box":{"x":912,"y":373,"width":38,"height":11}},{"id":"d2db0a5a-224d-4284-8f29-0e1f91121e8d","block_type":"box","text":"25% or more of its total assets in the stocks of a particular industry or group of industries), except that, to the extent","page_number":73,"box":{"x":89,"y":388,"width":817,"height":12}},{"id":"201591d1-18ea-4b5c-85c9-779eee05eefd","block_type":"box","text":"practicable, the Fund will concentrate to approximately the same extent that its benchmark MSCI Index concentrates in the","page_number":73,"box":{"x":89,"y":403,"width":864,"height":12}},{"id":"aa83dd45-6b01-4063-a89d-1da960719958","block_type":"box","text":"stocks of such particular industry or group of industries, provided that the Fund will comply with the diversification","page_number":73,"box":{"x":89,"y":418,"width":805,"height":12}},{"id":"8c8d51e4-4cf1-487b-8fbb-c3b94ed319e7","block_type":"box","text":"requirements of the Internal Revenue Code applicable to RICs, any underlying Treasury regulations or any successor","page_number":73,"box":{"x":89,"y":433,"width":810,"height":13}},{"id":"90326ca6-8142-42f5-bc00-96bb4b236dd6","block_type":"box","text":"provisions.","page_number":73,"box":{"x":89,"y":449,"width":73,"height":12}},{"id":"43746acc-e813-420b-afc4-c0f96bff5676","block_type":"box","text":"The iShares MSCI Singapore ETF has the following concentration policy: With respect to the two most heavily weighted","page_number":73,"box":{"x":88,"y":475,"width":836,"height":12}},{"id":"5062c18f-a00e-4eb0-8b64-f830b951b23c","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":73,"box":{"x":89,"y":490,"width":806,"height":12}},{"id":"3546a4a0-0aa5-4c47-b6be-b5701477860f","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":73,"box":{"x":89,"y":505,"width":870,"height":12}},{"id":"477c4d86-9bbd-4ba9-8f56-a5bda01918fc","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":73,"box":{"x":89,"y":520,"width":814,"height":12}},{"id":"f9e812af-693d-473a-b835-cc78bd9eeb96","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":73,"box":{"x":89,"y":535,"width":840,"height":13}},{"id":"970f5e74-6c87-45d5-a67e-8a6cc175a67c","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":73,"box":{"x":89,"y":550,"width":877,"height":12}},{"id":"0d5fc788-53e4-40f7-8e1f-b21f37b148c8","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":73,"box":{"x":89,"y":565,"width":832,"height":13}},{"id":"51bdf6c1-152f-43a2-b981-ab0c24e819da","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":73,"box":{"x":89,"y":581,"width":857,"height":12}},{"id":"15be6a1a-ba7c-4be4-b097-51851409d064","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":73,"box":{"x":89,"y":596,"width":846,"height":12}},{"id":"6dba257b-666b-4333-b091-22bc5a89b02a","block_type":"box","text":"concentrate its investments except as discussed above. The Board has adopted this policy as fundamental, which means that","page_number":73,"box":{"x":89,"y":611,"width":876,"height":12}},{"id":"61179bdb-08c8-465d-98c3-4d7b3ba959f9","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":73,"box":{"x":89,"y":626,"width":847,"height":12}},{"id":"c81883fa-b93a-4a9a-8949-2b8958a3b509","block_type":"box","text":"voting securities.","page_number":73,"box":{"x":88,"y":642,"width":118,"height":11}},{"id":"6e138cae-c225-4cd7-a30b-2d8befb461dd","block_type":"box","text":"Non-Fundamental Investment Policies of the Funds","page_number":73,"box":{"x":89,"y":668,"width":368,"height":9}},{"id":"cd59f89d-f85c-4b04-97c9-8fa179c61958","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, each","page_number":73,"box":{"x":89,"y":694,"width":870,"height":12}},{"id":"326b8471-b25a-4ba1-90a9-eed371fc717d","block_type":"box","text":"Fund may not:","page_number":73,"box":{"x":89,"y":709,"width":100,"height":12}},{"id":"1a20b4d3-430c-412c-8bf6-ef1c541e0f64","block_type":"box","text":"1. Purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on","page_number":73,"box":{"x":90,"y":729,"width":841,"height":13}},{"id":"2e8b352c-d38d-4d89-800b-e3d7a35c573b","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":73,"box":{"x":128,"y":744,"width":800,"height":13}},{"id":"69e4ca1a-3eb2-470e-9a86-93db23b318e9","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":73,"box":{"x":128,"y":759,"width":785,"height":13}},{"id":"fc7d85d9-921a-4e67-8357-a5f9aef27404","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":73,"box":{"x":129,"y":775,"width":773,"height":12}},{"id":"36e4a9c9-d94b-4025-b90b-84a9c9516b99","block_type":"box","text":"investment companies to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted,","page_number":73,"box":{"x":128,"y":790,"width":793,"height":12}},{"id":"045a0be5-0902-44d5-8748-d982491f4071","block_type":"box","text":"modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.","page_number":73,"box":{"x":128,"y":805,"width":659,"height":12}},{"id":"0eaaf82b-cde8-4bae-ac98-1632c070d4c0","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":73,"box":{"x":89,"y":825,"width":878,"height":11}},{"id":"a52b6fbe-6bb1-4157-a1c1-dbaa28531b9b","block_type":"box","text":"net assets, plus the amount of any borrowings for investment purposes, in component securities, and in ADRs based on","page_number":73,"box":{"x":128,"y":840,"width":838,"height":12}},{"id":"75e54f15-7a9e-4e90-b98e-a354dc8e1284","block_type":"box","text":"securities, in its Underlying Index.","page_number":73,"box":{"x":128,"y":855,"width":233,"height":13}},{"id":"bc2c688d-31a1-494f-bf17-c1f868d81487","block_type":"box","text":"53","page_number":73,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b5ac4422-2e74-4bb1-b3c0-ec8ebe1fbb42","block_type":"box","text":"A Fund will notify its shareholders at least 60 days prior to any change in its restrictions described in 2 above.","page_number":74,"box":{"x":88,"y":44,"width":764,"height":12}},{"id":"a70f3dd4-6350-4c64-8b51-683a205f7164","block_type":"box","text":"Notations Regarding each Fund’s Fundamental and Non-Fundamental Investment Policies","page_number":74,"box":{"x":88,"y":70,"width":656,"height":13}},{"id":"0835161b-de81-4716-908d-82832bfdd5d5","block_type":"box","text":"Unless otherwise indicated, all limitations under a Fund’s fundamental or non-fundamental investment restrictions apply","page_number":74,"box":{"x":89,"y":97,"width":846,"height":12}},{"id":"740d93d5-99a0-4317-a7ad-49b8474abf6a","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":74,"box":{"x":89,"y":112,"width":815,"height":12}},{"id":"c515befc-210d-4658-96dc-82f40db3b9e3","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":74,"box":{"x":89,"y":127,"width":856,"height":12}},{"id":"90e9a91f-0297-4910-bf2f-fbbc6c3692f8","block_type":"box","text":"the Fund to dispose of an investment.","page_number":74,"box":{"x":88,"y":142,"width":264,"height":12}},{"id":"b38be3d4-f433-49f6-a7a5-1e506efa1de3","block_type":"box","text":"Continuous Offering","page_number":74,"box":{"x":90,"y":173,"width":338,"height":29}},{"id":"a394b294-0f48-4e09-90d4-e8822143d776","block_type":"box","text":"The method by which Creation Units are created and traded may raise certain issues under applicable securities laws.","page_number":74,"box":{"x":88,"y":214,"width":821,"height":12}},{"id":"76fbbe6b-3231-4c75-ac12-d24733900b44","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":74,"box":{"x":89,"y":229,"width":873,"height":12}},{"id":"1d7b6cb5-55c7-43b0-a8a8-0dda7ea2fb80","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":74,"box":{"x":89,"y":244,"width":849,"height":13}},{"id":"21c3b1e7-b892-4d32-bf6c-142bf28d30a0","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":74,"box":{"x":89,"y":259,"width":849,"height":13}},{"id":"7dd42a3c-822e-46e7-8e9f-6c733aca681e","block_type":"box","text":"them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the 1933 Act.","page_number":74,"box":{"x":88,"y":274,"width":877,"height":13}},{"id":"ed0467db-4f5b-4942-9a34-d992bcb58f82","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":74,"box":{"x":89,"y":301,"width":860,"height":12}},{"id":"e26f6bf5-62c5-45b9-a5ca-1503c81d0f50","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":74,"box":{"x":89,"y":316,"width":853,"height":12}},{"id":"dd1a553c-8288-48a6-8d7b-eb9aa5334854","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":74,"box":{"x":89,"y":331,"width":868,"height":12}},{"id":"686cec14-7849-4221-97bc-d2d8c34a648e","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":74,"box":{"x":88,"y":346,"width":863,"height":13}},{"id":"8d256b5a-9d6f-44f6-b697-796df5f8b9ca","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":74,"box":{"x":88,"y":361,"width":861,"height":13}},{"id":"200e93ae-f5d6-42dd-9e54-3f6ee0499a03","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":74,"box":{"x":89,"y":376,"width":862,"height":13}},{"id":"721f9f40-d124-48c7-b5ea-71b344cefa28","block_type":"box","text":"an underwriter.","page_number":74,"box":{"x":89,"y":392,"width":105,"height":9}},{"id":"34e6d190-1344-4b03-bad2-8fa34c2503d9","block_type":"box","text":"Broker-dealer firms should also note that dealers who are not “underwriters” but are effecting transactions in shares,","page_number":74,"box":{"x":89,"y":418,"width":817,"height":12}},{"id":"6f7f7043-d45c-47b3-a4d5-659ccdab1356","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":74,"box":{"x":88,"y":433,"width":858,"height":13}},{"id":"6e6dc591-ba88-4b7f-bb7c-4be30f2d69e7","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":74,"box":{"x":89,"y":448,"width":875,"height":13}},{"id":"aeb6ef73-fce9-42ee-b4e1-6195469cde65","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":74,"box":{"x":88,"y":463,"width":831,"height":13}},{"id":"2508cddd-9f23-457d-9407-ac38d30a3258","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":74,"box":{"x":89,"y":479,"width":864,"height":12}},{"id":"db1e3334-b082-4347-8c80-4f137c7e6318","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":74,"box":{"x":88,"y":494,"width":875,"height":12}},{"id":"3189b859-6554-47a2-967a-950acfece0a0","block_type":"box","text":"prospectus is available at the Listing Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is","page_number":74,"box":{"x":89,"y":509,"width":845,"height":12}},{"id":"ed2d2e43-42f6-44e9-8f78-bf2122f16622","block_type":"box","text":"available only with respect to transactions on an exchange.","page_number":74,"box":{"x":89,"y":524,"width":412,"height":12}},{"id":"32b3fa11-72fd-43a1-9be0-dd599a7cc347","block_type":"box","text":"Management","page_number":74,"box":{"x":90,"y":556,"width":225,"height":28}},{"id":"c93fafae-cbb3-4b31-a812-60579f476d81","block_type":"box","text":"Directors and Officers.","page_number":74,"box":{"x":89,"y":596,"width":161,"height":10}},{"id":"7864c8ce-3b51-45b9-ada6-23fa45587890","block_type":"box","text":"The Board has responsibility for the overall management and operations of the Funds, including","page_number":74,"box":{"x":259,"y":596,"width":670,"height":12}},{"id":"467b5990-6763-43bd-af28-7300219398e3","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":74,"box":{"x":89,"y":611,"width":864,"height":12}},{"id":"9375d216-722f-419a-9749-9f367b6e79ec","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":74,"box":{"x":89,"y":626,"width":832,"height":12}},{"id":"b6f75c78-984a-4516-b59c-d175073112b6","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":74,"box":{"x":89,"y":641,"width":866,"height":12}},{"id":"28ce4e19-7285-43e7-806f-e4f8cafd4e8a","block_type":"box","text":"Act) of the Company are referred to as independent directors (“Independent Directors”).","page_number":74,"box":{"x":88,"y":656,"width":619,"height":13}},{"id":"e367713a-8d61-4f68-b218-b63a3f5b1425","block_type":"box","text":"The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into the","page_number":74,"box":{"x":88,"y":683,"width":867,"height":12}},{"id":"e892d689-d60f-4b01-91b5-907b25416522","block_type":"box","text":"BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex (each, a “BlackRock Fund","page_number":74,"box":{"x":89,"y":698,"width":857,"height":12}},{"id":"ba902685-6060-4d4b-9682-2e80306c434c","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":74,"box":{"x":89,"y":713,"width":861,"height":12}},{"id":"aae237cf-4ae4-475a-b724-49e4eccd450f","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":74,"box":{"x":89,"y":728,"width":876,"height":11}},{"id":"242bff28-a656-4b1d-8d55-6a539ab9c4b0","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":74,"box":{"x":89,"y":743,"width":823,"height":12}},{"id":"4daedbaf-88c9-44d6-8053-c4cc5bec07fa","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":74,"box":{"x":88,"y":758,"width":865,"height":13}},{"id":"95ed220c-5e60-41c0-a9ae-8e83e8bea825","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":74,"box":{"x":89,"y":773,"width":849,"height":13}},{"id":"99a03d23-f863-4330-973a-76e70ffa8d33","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":74,"box":{"x":88,"y":788,"width":840,"height":13}},{"id":"63c8b794-76fc-4d4e-a7a8-12603e12afec","block_type":"box","text":"London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional","page_number":74,"box":{"x":89,"y":804,"width":848,"height":12}},{"id":"59aa05d3-bdbc-4386-bd96-d4e7fcbf64dc","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":74,"box":{"x":89,"y":819,"width":819,"height":12}},{"id":"5a0339b6-40ab-48b1-bf2e-8ec05c8bf863","block_type":"box","text":"request, by calling toll-free 1-800-iShares (1-800-474-2737).","page_number":74,"box":{"x":89,"y":834,"width":419,"height":12}},{"id":"65e2363a-d5c2-406a-bbb9-b884d1810c8b","block_type":"box","text":"54","page_number":74,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"69caeb4d-bd5c-4f2d-bb86-855af48eb270","block_type":"box","text":"Interested Directors","page_number":75,"box":{"x":89,"y":44,"width":142,"height":10}},{"id":"2bc4a7e9-7abc-4be8-bf18-34edff07c27e","block_type":"box","text":"Name (Year of Birth) Position","page_number":75,"box":{"x":103,"y":84,"width":247,"height":9}},{"id":"93408a57-6148-4519-bd0f-15af5eeb938a","block_type":"box","text":"Principal Occupation(s)","page_number":75,"box":{"x":485,"y":74,"width":135,"height":9}},{"id":"f7c5cc70-4e55-462e-a079-28077792cdd7","block_type":"box","text":"During the Past 5 Years","page_number":75,"box":{"x":486,"y":84,"width":134,"height":9}},{"id":"845ca237-92ca-4d03-a181-05c245e8d623","block_type":"box","text":"Other Directorships","page_number":75,"box":{"x":780,"y":74,"width":113,"height":9}},{"id":"8b7af32a-9510-4363-a34c-77ecb475a9bc","block_type":"box","text":"Held by Director","page_number":75,"box":{"x":790,"y":84,"width":94,"height":9}},{"id":"a92da3f0-e801-4413-b363-3887110a556b","block_type":"box","text":"Robert S. Kapito","page_number":75,"box":{"x":89,"y":106,"width":111,"height":12}},{"id":"a1b49643-f6a5-4e1b-a907-d67898e5eed7","block_type":"box","text":"1","page_number":75,"box":{"x":202,"y":104,"width":2,"height":6}},{"id":"4592b99a-a1b1-49cd-9626-2d3667496183","block_type":"box","text":"(1957)","page_number":75,"box":{"x":89,"y":121,"width":44,"height":12}},{"id":"5adc883d-8965-424e-b787-a08a2a940b3f","block_type":"box","text":"Director","page_number":75,"box":{"x":255,"y":106,"width":56,"height":9}},{"id":"8e504a44-5e33-4214-859b-2a06c50717d7","block_type":"box","text":"(since 2009).","page_number":75,"box":{"x":255,"y":121,"width":90,"height":12}},{"id":"4e81c604-add5-487a-a52d-0a01b25cd4ec","block_type":"box","text":"President of BlackRock, Inc. (since","page_number":75,"box":{"x":422,"y":106,"width":237,"height":12}},{"id":"8a827121-c739-41ec-b966-2b60c3fb5da1","block_type":"box","text":"2006); Vice Chairman of BlackRock,","page_number":75,"box":{"x":421,"y":121,"width":249,"height":12}},{"id":"e8ba2e14-4a0b-4409-9576-062fdf44ee9d","block_type":"box","text":"Inc. and Head of BlackRock’s","page_number":75,"box":{"x":422,"y":136,"width":200,"height":10}},{"id":"e0c04f33-8eae-4b80-8f12-77dd2d791b9a","block_type":"box","text":"Portfolio Management Group (since","page_number":75,"box":{"x":422,"y":151,"width":250,"height":12}},{"id":"1af38da8-3f0c-4886-b955-0c9af11c6cf9","block_type":"box","text":"its formation in 1998) and BlackRock,","page_number":75,"box":{"x":422,"y":166,"width":261,"height":12}},{"id":"39b24feb-eea2-4443-9029-78ace1df5bf1","block_type":"box","text":"Inc.’s predecessor entities (since","page_number":75,"box":{"x":422,"y":181,"width":225,"height":13}},{"id":"e849d40b-bd59-4885-8fd9-3f89dba55815","block_type":"box","text":"1988); Trustee, University of","page_number":75,"box":{"x":423,"y":196,"width":196,"height":13}},{"id":"9a084bd3-7fb3-4b89-9a3a-e92e3a92d37d","block_type":"box","text":"Pennsylvania (since 2009); President","page_number":75,"box":{"x":422,"y":211,"width":255,"height":13}},{"id":"f88ff7e5-9712-4e23-9304-3e294ff4d0bc","block_type":"box","text":"of Board of Directors, Hope & Heroes","page_number":75,"box":{"x":421,"y":227,"width":258,"height":12}},{"id":"5234902b-6938-4aa8-9041-65e235459c71","block_type":"box","text":"Children’s Cancer Fund (since 2002).","page_number":75,"box":{"x":421,"y":242,"width":257,"height":12}},{"id":"1dd4c687-8199-4f7a-8ecf-7a698dcb0c0a","block_type":"box","text":"Director of BlackRock, Inc. (since","page_number":75,"box":{"x":705,"y":106,"width":229,"height":12}},{"id":"fff132ed-3a31-4556-a240-a7e4acbf4f29","block_type":"box","text":"2006); Trustee of iShares Trust (since","page_number":75,"box":{"x":705,"y":121,"width":261,"height":12}},{"id":"72736b52-7cee-4f9c-9f3a-f92c21ad602f","block_type":"box","text":"2009); Trustee of iShares U.S. ETF","page_number":75,"box":{"x":705,"y":136,"width":236,"height":12}},{"id":"ed398443-3325-4acf-9beb-4378b462a6a6","block_type":"box","text":"Trust (since 2011).","page_number":75,"box":{"x":704,"y":151,"width":130,"height":12}},{"id":"9fdc6093-9d2c-4953-8871-be9fd0799006","block_type":"box","text":"Stephen Cohen","page_number":75,"box":{"x":88,"y":262,"width":107,"height":12}},{"id":"88459ce2-e3f0-461f-9bcc-4f812efb4d4f","block_type":"box","text":"2","page_number":75,"box":{"x":197,"y":260,"width":5,"height":6}},{"id":"bb4724e8-6395-47e2-8626-314475c84568","block_type":"box","text":"(1975)","page_number":75,"box":{"x":89,"y":277,"width":44,"height":12}},{"id":"1e9c0a3a-68e3-43de-8026-d9562672b042","block_type":"box","text":"Director (since","page_number":75,"box":{"x":255,"y":262,"width":102,"height":12}},{"id":"9e148aaa-ed3a-41f6-b44c-576f967e16b6","block_type":"box","text":"2024).","page_number":75,"box":{"x":255,"y":277,"width":43,"height":12}},{"id":"7829d5f1-ea74-4f6b-a4e8-e87c319cc11c","block_type":"box","text":"Senior Managing Director, Head of","page_number":75,"box":{"x":421,"y":262,"width":243,"height":12}},{"id":"ff4d25c5-8e10-4bdc-a8e4-094242aa2c5a","block_type":"box","text":"Global Product Solutions of","page_number":75,"box":{"x":421,"y":277,"width":193,"height":10}},{"id":"b90f45b1-39f4-495f-a561-1dd9bedba299","block_type":"box","text":"BlackRock, Inc. (since 2024); Senior","page_number":75,"box":{"x":422,"y":292,"width":247,"height":12}},{"id":"9780b921-6478-482c-be0f-16b17888d40c","block_type":"box","text":"Managing Director, Head of Europe,","page_number":75,"box":{"x":421,"y":307,"width":250,"height":13}},{"id":"dd93a179-089e-4fc3-bc77-5202c68f7df9","block_type":"box","text":"Middle East and Africa Regions of","page_number":75,"box":{"x":421,"y":322,"width":237,"height":13}},{"id":"ae5d58fe-8fc0-42c4-b1c9-aa1f7b42b041","block_type":"box","text":"BlackRock, Inc. (2021-2024); Head of","page_number":75,"box":{"x":422,"y":337,"width":257,"height":13}},{"id":"bdcd3c78-42b8-469a-806c-8630059d7ac1","block_type":"box","text":"iShares Index and Wealth in EMEA of","page_number":75,"box":{"x":422,"y":353,"width":258,"height":9}},{"id":"77204669-e024-4d66-907c-4c183284582a","block_type":"box","text":"BlackRock, Inc. (2017-2021); Global","page_number":75,"box":{"x":422,"y":368,"width":244,"height":12}},{"id":"4864cd78-280a-4ec9-b235-3558af7bef19","block_type":"box","text":"Head of Fixed Income Indexing of","page_number":75,"box":{"x":422,"y":383,"width":236,"height":12}},{"id":"13ceca74-eda2-420b-9e33-9faa0b16f4c3","block_type":"box","text":"BlackRock, Inc. (2016-2017); Chief","page_number":75,"box":{"x":422,"y":398,"width":238,"height":12}},{"id":"d6c2f6d2-3f5b-48cb-b0de-ea85c385b975","block_type":"box","text":"Investment Strategist for","page_number":75,"box":{"x":422,"y":413,"width":172,"height":12}},{"id":"be575734-28c6-4330-b414-e21e6c4b58e1","block_type":"box","text":"International Fixed Income and","page_number":75,"box":{"x":422,"y":428,"width":216,"height":10}},{"id":"29c97be7-2408-4b3d-83dd-961442b48505","block_type":"box","text":"iShares of BlackRock, Inc. (2011-","page_number":75,"box":{"x":422,"y":443,"width":224,"height":13}},{"id":"a63038f9-4256-4075-8a57-e861a960f014","block_type":"box","text":"2015).","page_number":75,"box":{"x":421,"y":458,"width":43,"height":13}},{"id":"b2d99e30-4073-4b66-bfae-85fa026feca9","block_type":"box","text":"Trustee of iShares Trust (since 2024);","page_number":75,"box":{"x":704,"y":262,"width":260,"height":12}},{"id":"5e747231-a01a-4d72-87f9-94f402bf17b7","block_type":"box","text":"Trustee of iShares U.S. ETF Trust","page_number":75,"box":{"x":704,"y":277,"width":227,"height":10}},{"id":"2be6251c-1153-49fb-a5d0-d5f9abbfe000","block_type":"box","text":"(since 2024).","page_number":75,"box":{"x":705,"y":292,"width":89,"height":12}},{"id":"a5aeedaf-6d68-4a37-bb87-37874da90ee3","block_type":"box","text":"1","page_number":75,"box":{"x":118,"y":500,"width":3,"height":4}},{"id":"94e824d6-4f3c-4c6a-8830-0b22514909ef","block_type":"box","text":"Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and","page_number":75,"box":{"x":133,"y":501,"width":823,"height":9}},{"id":"b3a59b92-26ab-4f4c-b376-7cee9949122f","block_type":"box","text":"its affiliates.","page_number":75,"box":{"x":133,"y":513,"width":64,"height":8}},{"id":"8b319604-be2d-44d2-bbcb-22607306645b","block_type":"box","text":"2","page_number":75,"box":{"x":118,"y":527,"width":4,"height":5}},{"id":"39a94897-558b-4a63-91c2-2e2f8dd6f3df","block_type":"box","text":"Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and","page_number":75,"box":{"x":132,"y":528,"width":821,"height":10}},{"id":"3099fd46-5403-4e30-92e4-845bf54e50e9","block_type":"box","text":"its affiliates.","page_number":75,"box":{"x":133,"y":541,"width":64,"height":8}},{"id":"bf044789-d0e1-4f89-8603-6cfcfb1463dd","block_type":"box","text":"Independent Directors","page_number":75,"box":{"x":89,"y":564,"width":161,"height":13}},{"id":"b23fbe22-eec8-481a-84ac-d14f25aba60a","block_type":"box","text":"Name (Year of Birth) Position","page_number":75,"box":{"x":103,"y":604,"width":247,"height":10}},{"id":"a88785e1-a49c-41f7-b951-e1f8af94f3c1","block_type":"box","text":"Principal Occupation(s)","page_number":75,"box":{"x":485,"y":594,"width":135,"height":10}},{"id":"d1d4ddc4-63a5-4469-a3a3-64ac33a1ae27","block_type":"box","text":"During the Past 5 Years","page_number":75,"box":{"x":486,"y":604,"width":134,"height":10}},{"id":"6b74d570-1e4b-40c1-8514-9a4e0461a8c9","block_type":"box","text":"Other Directorships","page_number":75,"box":{"x":780,"y":594,"width":113,"height":10}},{"id":"f3c9f75d-aae4-40a4-ac1e-089625f28396","block_type":"box","text":"Held by Director","page_number":75,"box":{"x":790,"y":604,"width":94,"height":10}},{"id":"0a9eaadc-d3c3-445f-8812-21dcab9a9733","block_type":"box","text":"John E. Kerrigan","page_number":75,"box":{"x":88,"y":626,"width":109,"height":12}},{"id":"3a2e0b95-7b25-4e3e-8c63-11d2b8afd441","block_type":"box","text":"(1955)","page_number":75,"box":{"x":89,"y":641,"width":45,"height":12}},{"id":"2ba4f833-a953-4153-b552-c6ea046c399f","block_type":"box","text":"Director","page_number":75,"box":{"x":255,"y":627,"width":56,"height":9}},{"id":"2b965f4a-cbe2-4272-a123-8ee880b26d2e","block_type":"box","text":"(since 2005);","page_number":75,"box":{"x":255,"y":641,"width":90,"height":12}},{"id":"8fbb2d38-8a35-42ce-a543-1eb1e4b75072","block_type":"box","text":"Independent Board","page_number":75,"box":{"x":256,"y":656,"width":132,"height":13}},{"id":"edbe0998-b510-4f6d-b873-97ae2e21e98e","block_type":"box","text":"Chair","page_number":75,"box":{"x":255,"y":671,"width":36,"height":10}},{"id":"0b5097a3-2a97-49cf-99b2-433101fb31b3","block_type":"box","text":"(since 2022).","page_number":75,"box":{"x":255,"y":686,"width":90,"height":13}},{"id":"dc4518a9-18e4-404d-9ff2-abd214aa4b07","block_type":"box","text":"Chief Investment Officer, Santa Clara","page_number":75,"box":{"x":421,"y":626,"width":255,"height":11}},{"id":"4103165c-f144-4304-8603-395871b6f1b6","block_type":"box","text":"University (2002-2025).","page_number":75,"box":{"x":422,"y":641,"width":162,"height":12}},{"id":"9b3fdbdb-a5f6-4c04-9cd3-892ea6712658","block_type":"box","text":"Trustee of iShares Trust (since 2005);","page_number":75,"box":{"x":704,"y":626,"width":261,"height":12}},{"id":"6087fb56-b67a-4a0c-81bc-d45d4c3830f2","block_type":"box","text":"Trustee of iShares U.S. ETF Trust","page_number":75,"box":{"x":704,"y":641,"width":227,"height":10}},{"id":"4a839bd6-d8bf-4f7c-b801-8ba4ef9bff7d","block_type":"box","text":"(since 2011); Independent Board","page_number":75,"box":{"x":705,"y":656,"width":227,"height":13}},{"id":"3ed9e69e-bf66-4e74-ba2f-2953b274aa2a","block_type":"box","text":"Chair of iShares Trust and iShares","page_number":75,"box":{"x":705,"y":671,"width":234,"height":10}},{"id":"d7956fc4-2cba-408b-ac7d-35bd36f1ba77","block_type":"box","text":"U.S. ETF Trust (since 2022).","page_number":75,"box":{"x":705,"y":686,"width":191,"height":13}},{"id":"8b170dbe-dcd8-47fb-9b56-c2652c3ae467","block_type":"box","text":"55","page_number":75,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c1a35b77-448d-4908-96d0-b26d3cf34cf6","block_type":"box","text":"Name (Year of Birth) Position","page_number":76,"box":{"x":103,"y":55,"width":247,"height":9}},{"id":"afa8d1bc-f777-44cd-902d-37e9e076b2a9","block_type":"box","text":"Principal Occupation(s)","page_number":76,"box":{"x":485,"y":45,"width":135,"height":9}},{"id":"cb576a84-0d09-403e-9be7-0d67315162db","block_type":"box","text":"During the Past 5 Years","page_number":76,"box":{"x":486,"y":55,"width":134,"height":9}},{"id":"c503aea4-863e-4e4b-96a1-6eb3ce0ad238","block_type":"box","text":"Other Directorships","page_number":76,"box":{"x":780,"y":45,"width":113,"height":9}},{"id":"9383d3a7-a079-4b29-95be-8415deb7c6fe","block_type":"box","text":"Held by Director","page_number":76,"box":{"x":790,"y":55,"width":94,"height":9}},{"id":"93d3cf0b-888a-4228-aa2c-05adec0a635d","block_type":"box","text":"Jane D. Carlin","page_number":76,"box":{"x":88,"y":77,"width":92,"height":11}},{"id":"cd0ae6c6-d377-4296-ad54-1f298cd7c7a3","block_type":"box","text":"(1956)","page_number":76,"box":{"x":89,"y":92,"width":45,"height":12}},{"id":"0f4e3a20-7c21-4f8f-b97c-5e6feca8e6ca","block_type":"box","text":"Director","page_number":76,"box":{"x":255,"y":77,"width":56,"height":9}},{"id":"a78bb8b1-0ee3-4a07-ba88-cae84cbb3260","block_type":"box","text":"(since 2015);","page_number":76,"box":{"x":255,"y":92,"width":89,"height":12}},{"id":"ea75a4f4-6903-4e2a-80f2-45380d2a8f02","block_type":"box","text":"Securities Lending","page_number":76,"box":{"x":255,"y":107,"width":127,"height":12}},{"id":"94fb80c2-de22-44de-a95b-2940ba39b14f","block_type":"box","text":"Committee Chair","page_number":76,"box":{"x":255,"y":122,"width":119,"height":10}},{"id":"bc0c0454-3200-4658-b253-e746c8a8113b","block_type":"box","text":"(since 2025).","page_number":76,"box":{"x":255,"y":137,"width":90,"height":12}},{"id":"266eff4a-d215-4503-95d3-17ac6bca00aa","block_type":"box","text":"Consultant (since 2012); Member of","page_number":76,"box":{"x":421,"y":77,"width":254,"height":12}},{"id":"5fd71286-2149-4eb2-8bec-c40c41160e4a","block_type":"box","text":"the Audit Committee (2012-2018),","page_number":76,"box":{"x":421,"y":92,"width":240,"height":12}},{"id":"fff034f8-6db4-4291-8dbd-f2e37ceb3537","block_type":"box","text":"Chair of the Nominating and","page_number":76,"box":{"x":421,"y":107,"width":199,"height":12}},{"id":"c4431ca3-ee15-4b94-b19e-015f4f4a7825","block_type":"box","text":"Governance Committee (2017-2018)","page_number":76,"box":{"x":421,"y":122,"width":253,"height":12}},{"id":"669f6df4-8b4f-4291-b296-93e0f03e528d","block_type":"box","text":"and Director of PHH Corporation","page_number":76,"box":{"x":421,"y":137,"width":229,"height":12}},{"id":"ced455cb-397a-4094-b335-145606a7ca63","block_type":"box","text":"(mortgage solutions) (2012-2018);","page_number":76,"box":{"x":422,"y":152,"width":240,"height":13}},{"id":"146c96d1-477d-44ba-8187-f0f1be80d4db","block_type":"box","text":"Managing Director and Global Head","page_number":76,"box":{"x":421,"y":167,"width":252,"height":13}},{"id":"8e93f266-139c-46cc-a3b5-b7d8168ec117","block_type":"box","text":"of Financial Holding Company","page_number":76,"box":{"x":421,"y":182,"width":211,"height":13}},{"id":"4fc8839e-a98e-410f-95a0-d4aa5853fcd4","block_type":"box","text":"Governance & Assurance and the","page_number":76,"box":{"x":421,"y":198,"width":233,"height":9}},{"id":"4a728e0c-9265-4cd5-b44f-b8b201474177","block_type":"box","text":"Global Head of Operational Risk","page_number":76,"box":{"x":421,"y":213,"width":223,"height":12}},{"id":"882596ad-f377-427a-898c-0ec9c694f3e7","block_type":"box","text":"Management of Morgan Stanley","page_number":76,"box":{"x":421,"y":228,"width":227,"height":12}},{"id":"14bc91cf-47aa-495c-9642-e059e91852a7","block_type":"box","text":"(2006-2012).","page_number":76,"box":{"x":422,"y":243,"width":89,"height":12}},{"id":"e095d4a8-2207-45a3-a944-ba8d8e1bed67","block_type":"box","text":"Trustee of iShares Trust (since 2015);","page_number":76,"box":{"x":704,"y":77,"width":260,"height":12}},{"id":"5faee8e4-a85f-427b-9fba-479fd256ab58","block_type":"box","text":"Trustee of iShares U.S. ETF Trust","page_number":76,"box":{"x":704,"y":92,"width":227,"height":9}},{"id":"111503fb-f4e7-40f9-9e5f-e88723b97d70","block_type":"box","text":"(since 2015); Member of the Audit","page_number":76,"box":{"x":705,"y":107,"width":241,"height":12}},{"id":"15c4b1a0-d829-419e-833a-4a84a1d937cf","block_type":"box","text":"Committee (since 2016), Chair of the","page_number":76,"box":{"x":705,"y":122,"width":258,"height":12}},{"id":"16e60cef-d592-493d-9292-d9b5380e31c3","block_type":"box","text":"Audit Committee (since 2020) and","page_number":76,"box":{"x":704,"y":137,"width":242,"height":12}},{"id":"e2cb918d-3d25-4f4c-ace1-f91bce013677","block_type":"box","text":"Director of The Hanover Insurance","page_number":76,"box":{"x":705,"y":152,"width":241,"height":10}},{"id":"ddb385c6-3752-45bb-a60b-8834ba55e0f6","block_type":"box","text":"Group, Inc. (since 2016).","page_number":76,"box":{"x":705,"y":167,"width":170,"height":13}},{"id":"419970dd-a40a-408d-a944-ff77dc08368b","block_type":"box","text":"Richard L. Fagnani","page_number":76,"box":{"x":89,"y":263,"width":127,"height":12}},{"id":"370b5534-3d09-4fec-835b-14f1f37dfd02","block_type":"box","text":"(1954)","page_number":76,"box":{"x":89,"y":278,"width":45,"height":13}},{"id":"e38a97c3-ded5-4caa-8ccf-14fd77e8c6f6","block_type":"box","text":"Director","page_number":76,"box":{"x":255,"y":264,"width":56,"height":9}},{"id":"964eb6a2-14a9-4f88-a2cd-e1780647073d","block_type":"box","text":"(since 2017); 15(c)","page_number":76,"box":{"x":255,"y":278,"width":129,"height":13}},{"id":"2d2ea66a-65a3-459e-b787-215c5287b15b","block_type":"box","text":"Committee Chair","page_number":76,"box":{"x":255,"y":293,"width":119,"height":10}},{"id":"0745d8cb-4efa-4f8f-aad5-c343c6ef73c1","block_type":"box","text":"(since 2025).","page_number":76,"box":{"x":255,"y":308,"width":90,"height":13}},{"id":"454a5a79-3e7b-4461-9fdd-3fee4f64254c","block_type":"box","text":"Partner, KPMG LLP (2002-2016);","page_number":76,"box":{"x":422,"y":263,"width":223,"height":12}},{"id":"4769647c-5ae8-47ea-933d-0d637ce667a7","block_type":"box","text":"Director of One Generation Away","page_number":76,"box":{"x":422,"y":278,"width":231,"height":13}},{"id":"a0c29416-2efb-4fe1-9fa4-3bd03d3629a7","block_type":"box","text":"(since 2021).","page_number":76,"box":{"x":422,"y":293,"width":88,"height":13}},{"id":"f2365413-2c0f-4d50-a0f9-b32e7f66973e","block_type":"box","text":"Trustee of iShares Trust (since 2017);","page_number":76,"box":{"x":704,"y":263,"width":260,"height":12}},{"id":"dbe18e85-6b56-4266-a19f-392c2b5c4aac","block_type":"box","text":"Trustee of iShares U.S. ETF Trust","page_number":76,"box":{"x":704,"y":278,"width":227,"height":10}},{"id":"1d195c6d-c637-4398-95b0-57586687cd5c","block_type":"box","text":"(since 2017).","page_number":76,"box":{"x":705,"y":293,"width":88,"height":13}},{"id":"2844ac4a-c962-4125-ae48-1e28f25fce42","block_type":"box","text":"Laura F. Fergerson","page_number":76,"box":{"x":89,"y":329,"width":126,"height":12}},{"id":"6a5ff261-651d-4fe5-a870-6cc00f3b69b2","block_type":"box","text":"(1962)","page_number":76,"box":{"x":89,"y":344,"width":45,"height":12}},{"id":"b69bb55e-a03e-4f4d-a319-8d8ceb3f3401","block_type":"box","text":"Director","page_number":76,"box":{"x":255,"y":329,"width":56,"height":9}},{"id":"61090b35-f2e6-487a-a83c-13837b3409a8","block_type":"box","text":"(since 2024); Audit","page_number":76,"box":{"x":255,"y":344,"width":132,"height":12}},{"id":"4d05dac2-d207-49c9-8a13-60b7ca24db5b","block_type":"box","text":"Committee Chair","page_number":76,"box":{"x":255,"y":359,"width":119,"height":10}},{"id":"9f56f47e-b3e0-4d6c-9315-129a8b09c230","block_type":"box","text":"(since 2025).","page_number":76,"box":{"x":255,"y":374,"width":90,"height":12}},{"id":"bc1fdb2b-532a-43e0-acff-fde73e4ba54f","block_type":"box","text":"President, Franklin Templeton","page_number":76,"box":{"x":422,"y":329,"width":207,"height":12}},{"id":"3e708f5d-559a-4b87-9370-b1bf576a7cef","block_type":"box","text":"Services, LLC (2017-2024); Director of","page_number":76,"box":{"x":421,"y":344,"width":264,"height":12}},{"id":"7b70c94c-2dcc-4322-80a7-602e2e449a72","block_type":"box","text":"the Board of Crocker Art Museum","page_number":76,"box":{"x":421,"y":359,"width":235,"height":10}},{"id":"bdd8bd02-25f6-4f08-8ad2-2c7c34ef4c71","block_type":"box","text":"Association (since 2019); President,","page_number":76,"box":{"x":421,"y":374,"width":249,"height":12}},{"id":"67bec4cf-2b88-4997-9ad1-b81ad4336818","block_type":"box","text":"Crocker Art Museum Foundation","page_number":76,"box":{"x":421,"y":389,"width":230,"height":10}},{"id":"65aef64f-7053-4144-9948-379396fd1e55","block_type":"box","text":"(2022-2023).","page_number":76,"box":{"x":422,"y":404,"width":88,"height":13}},{"id":"c4737442-14e9-44a4-8762-759cede4de81","block_type":"box","text":"Trustee of iShares Trust (since 2024);","page_number":76,"box":{"x":704,"y":329,"width":260,"height":12}},{"id":"e354e1a6-16ae-4d1d-9e66-9f6d3fd5d1a7","block_type":"box","text":"Trustee of iShares U.S. ETF Trust","page_number":76,"box":{"x":704,"y":344,"width":227,"height":9}},{"id":"d7efde7d-dc37-411d-8285-c046985b0c00","block_type":"box","text":"(since 2024).","page_number":76,"box":{"x":705,"y":359,"width":89,"height":12}},{"id":"bdc653b4-5355-4720-ad56-90200b558b55","block_type":"box","text":"Cecilia H. Herbert","page_number":76,"box":{"x":89,"y":424,"width":121,"height":10}},{"id":"6fa93579-5ee5-4d84-ac8d-64a615e13ea5","block_type":"box","text":"3","page_number":76,"box":{"x":211,"y":423,"width":5,"height":6}},{"id":"669096c6-8724-4953-80a7-95dbaac88f85","block_type":"box","text":"(1949)","page_number":76,"box":{"x":89,"y":439,"width":45,"height":13}},{"id":"a777f7f6-12d5-4c20-8c57-0a09452ead5a","block_type":"box","text":"Director","page_number":76,"box":{"x":255,"y":425,"width":56,"height":9}},{"id":"3ae30424-fd56-41c2-a7db-422956b89102","block_type":"box","text":"(since 2005).","page_number":76,"box":{"x":255,"y":439,"width":90,"height":13}},{"id":"c3727998-8bd9-4855-88b7-45622d25f741","block_type":"box","text":"Chair of the Finance Committee","page_number":76,"box":{"x":421,"y":424,"width":223,"height":10}},{"id":"d1eb6987-ef4c-4484-aee4-144a6edb49d3","block_type":"box","text":"(since 2019) and Trustee and","page_number":76,"box":{"x":422,"y":439,"width":203,"height":13}},{"id":"64ce1996-60d2-45c6-a10b-3d2ef993a45e","block_type":"box","text":"Member of the Finance, Audit and","page_number":76,"box":{"x":421,"y":455,"width":239,"height":11}},{"id":"6a4f20a6-f5cf-40c1-b14e-8ec2edcd1f8f","block_type":"box","text":"Quality Committees of Stanford","page_number":76,"box":{"x":421,"y":470,"width":221,"height":12}},{"id":"9ad58ef7-0123-4d5e-9ad7-2e0e3e5919f4","block_type":"box","text":"Health Care (since 2016); Trustee of","page_number":76,"box":{"x":422,"y":485,"width":251,"height":12}},{"id":"2c002774-9f06-4a66-b7f1-fd9535871caa","block_type":"box","text":"WNET, New York’s public media","page_number":76,"box":{"x":421,"y":500,"width":222,"height":12}},{"id":"6d863bb4-ec5f-4d4c-a9f4-f0057faf6f42","block_type":"box","text":"company (since 2011) and Member","page_number":76,"box":{"x":421,"y":515,"width":249,"height":12}},{"id":"24e42f5b-19bc-403b-a3c5-2c499d4134c3","block_type":"box","text":"of the Audit Committee (since 2018),","page_number":76,"box":{"x":421,"y":530,"width":259,"height":13}},{"id":"5b5b0cc1-597c-4f25-8dd2-f547ff8703a8","block_type":"box","text":"Investment Committee (since 2011)","page_number":76,"box":{"x":422,"y":545,"width":249,"height":13}},{"id":"f3da93c9-6295-4f51-8d99-6ef539e7b8fa","block_type":"box","text":"and Personnel Committee (since","page_number":76,"box":{"x":421,"y":560,"width":227,"height":13}},{"id":"6c3e355b-c988-4f3f-8ac2-74b0e2dae22e","block_type":"box","text":"2022); Member of the Wyoming","page_number":76,"box":{"x":421,"y":576,"width":224,"height":12}},{"id":"8640bb4e-31aa-4f20-9fa7-d9d1f5e66412","block_type":"box","text":"State Investment Funds Committee","page_number":76,"box":{"x":421,"y":591,"width":247,"height":9}},{"id":"921071d6-9219-48a3-9349-3e876831eb00","block_type":"box","text":"(since 2022); Trustee of Forward","page_number":76,"box":{"x":422,"y":606,"width":226,"height":12}},{"id":"5ba1303b-3b89-489b-8105-a093b799cbbf","block_type":"box","text":"Funds (14 portfolios) (2009-2018);","page_number":76,"box":{"x":422,"y":621,"width":241,"height":12}},{"id":"d06133f4-4ba8-4a8b-b972-7e656a8ef001","block_type":"box","text":"Trustee of Salient MF Trust (4","page_number":76,"box":{"x":421,"y":636,"width":207,"height":12}},{"id":"52dcb6e8-a019-416b-99e7-ffea1f28fdf0","block_type":"box","text":"portfolios) (2015-2018); Director of","page_number":76,"box":{"x":421,"y":651,"width":247,"height":12}},{"id":"26e0669e-26a1-421b-9e92-d39ec031e530","block_type":"box","text":"the Jackson Hole Center for the Arts","page_number":76,"box":{"x":421,"y":666,"width":251,"height":11}},{"id":"c106b3fa-62af-49ac-a4bc-f48c466239dc","block_type":"box","text":"(since 2021).","page_number":76,"box":{"x":422,"y":681,"width":88,"height":13}},{"id":"919bf39d-9417-445c-8413-0a9f06e857b5","block_type":"box","text":"Trustee of iShares Trust (since 2005);","page_number":76,"box":{"x":704,"y":424,"width":261,"height":13}},{"id":"1f336a6f-d6f8-418b-8285-251fbaa41b4c","block_type":"box","text":"Trustee of iShares U.S. ETF Trust","page_number":76,"box":{"x":704,"y":439,"width":227,"height":10}},{"id":"ab00f63a-e998-4930-9348-5b5ae9502a95","block_type":"box","text":"(since 2011).","page_number":76,"box":{"x":705,"y":455,"width":88,"height":12}},{"id":"e6a5454e-448b-4f28-862d-0a521d8ce0be","block_type":"box","text":"56","page_number":76,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"460c3e83-91b0-4075-9475-7a31245e6b70","block_type":"box","text":"Name (Year of Birth) Position","page_number":77,"box":{"x":103,"y":55,"width":247,"height":9}},{"id":"52a1e188-cbaa-4e02-95b5-e3a9271cc15b","block_type":"box","text":"Principal Occupation(s)","page_number":77,"box":{"x":485,"y":45,"width":135,"height":9}},{"id":"85ea1d4d-11fd-423b-a4a4-34a87971dbb7","block_type":"box","text":"During the Past 5 Years","page_number":77,"box":{"x":486,"y":55,"width":134,"height":9}},{"id":"cda0a2b7-ab3f-44cf-a782-ca27c80674bb","block_type":"box","text":"Other Directorships","page_number":77,"box":{"x":780,"y":45,"width":113,"height":9}},{"id":"32b40402-0a65-454c-aa7e-de914235493e","block_type":"box","text":"Held by Director","page_number":77,"box":{"x":790,"y":55,"width":94,"height":9}},{"id":"50e5a7d2-efd2-4ded-8945-b1606dfae12f","block_type":"box","text":"James Lam","page_number":77,"box":{"x":88,"y":77,"width":76,"height":11}},{"id":"29de1ec6-bb5f-4820-9f0e-ecdc3096a1b4","block_type":"box","text":"(1961)","page_number":77,"box":{"x":89,"y":92,"width":44,"height":12}},{"id":"0d801959-3a64-4601-8233-7d31d5e8f727","block_type":"box","text":"Director","page_number":77,"box":{"x":255,"y":77,"width":56,"height":9}},{"id":"7284136a-f062-4b79-aa20-803f67a40af3","block_type":"box","text":"(since 2024); Risk","page_number":77,"box":{"x":255,"y":92,"width":123,"height":12}},{"id":"0783cb81-cf5a-4f05-bd73-e279c474fbf0","block_type":"box","text":"Committee Chair","page_number":77,"box":{"x":255,"y":107,"width":119,"height":10}},{"id":"23a49748-4f4d-484b-8cd4-c8d5892aa761","block_type":"box","text":"(since 2025).","page_number":77,"box":{"x":255,"y":122,"width":90,"height":12}},{"id":"893212e0-cda2-429a-ae0f-5bd80115ea1d","block_type":"box","text":"President, James Lam & Associates,","page_number":77,"box":{"x":422,"y":77,"width":246,"height":11}},{"id":"a36d8f06-2867-4cb2-8aae-92e976caadee","block_type":"box","text":"Inc. (since 2002); Director of the FAIR","page_number":77,"box":{"x":422,"y":92,"width":261,"height":12}},{"id":"434584c5-873a-43b0-8fa0-94abea9a57e4","block_type":"box","text":"Institute (since 2020); adjunct","page_number":77,"box":{"x":422,"y":107,"width":209,"height":12}},{"id":"a55aa85f-44e3-4685-aefc-69207cc83b4a","block_type":"box","text":"professor at Carnegie Mellon","page_number":77,"box":{"x":421,"y":122,"width":201,"height":12}},{"id":"49112d6c-fcc5-476a-9837-972bdd97e34e","block_type":"box","text":"University (since 2018); Member,","page_number":77,"box":{"x":422,"y":137,"width":228,"height":12}},{"id":"395b6a26-9c25-4030-9da8-f15428d6d39a","block_type":"box","text":"Zicklin School of Business Dean’s","page_number":77,"box":{"x":421,"y":152,"width":233,"height":10}},{"id":"817d078e-614c-4dd9-beab-7e6a83e31676","block_type":"box","text":"Council of Baruch College (since","page_number":77,"box":{"x":421,"y":167,"width":226,"height":13}},{"id":"8db7d191-43da-4427-8e77-2db3f6722e6b","block_type":"box","text":"2017); Director and Audit Committee","page_number":77,"box":{"x":421,"y":182,"width":259,"height":13}},{"id":"03d9e652-bdf9-4665-a87e-675dd6b8e6f7","block_type":"box","text":"Chair of RiskLens, Inc. (2018-2023);","page_number":77,"box":{"x":421,"y":198,"width":248,"height":12}},{"id":"812694f4-a036-4ef8-ae09-a57c742a950e","block_type":"box","text":"Director, Risk Oversight Committee","page_number":77,"box":{"x":422,"y":213,"width":245,"height":12}},{"id":"595c2f56-2fd6-4978-87cb-919adc61d38b","block_type":"box","text":"Chair and Audit Committee Member","page_number":77,"box":{"x":421,"y":228,"width":256,"height":10}},{"id":"1c15b55d-f80e-409f-82c3-5f917693e715","block_type":"box","text":"of E*TRADE Financial and E*TRADE","page_number":77,"box":{"x":421,"y":243,"width":251,"height":10}},{"id":"2b9d57a2-aa68-45af-82f5-b42c38367c36","block_type":"box","text":"Bank (2012-2020).","page_number":77,"box":{"x":422,"y":258,"width":126,"height":12}},{"id":"a300f3e5-4825-43c2-95ab-414f9e96f7ea","block_type":"box","text":"Trustee of iShares Trust (since 2024);","page_number":77,"box":{"x":704,"y":77,"width":260,"height":12}},{"id":"9b8e27c5-928c-46f6-a57c-425396db9902","block_type":"box","text":"Trustee of iShares U.S. ETF Trust","page_number":77,"box":{"x":704,"y":92,"width":227,"height":9}},{"id":"56f919d7-4da9-4a80-bc64-b3dfdf6d2d11","block_type":"box","text":"(since 2024).","page_number":77,"box":{"x":705,"y":107,"width":89,"height":12}},{"id":"5e82d50d-e87e-417b-8e5e-d3103b07c0d2","block_type":"box","text":"Drew E. Lawton","page_number":77,"box":{"x":89,"y":279,"width":108,"height":9}},{"id":"312f0172-a1bb-48c5-ac83-4eb7eecb1a85","block_type":"box","text":"(1959)","page_number":77,"box":{"x":89,"y":293,"width":45,"height":13}},{"id":"cb209ee4-7d31-4701-b2a0-18e212ddf286","block_type":"box","text":"Director (since","page_number":77,"box":{"x":255,"y":278,"width":102,"height":13}},{"id":"b75f76e4-2ee8-4707-a592-37541c97eb01","block_type":"box","text":"2017); Fixed Income","page_number":77,"box":{"x":255,"y":293,"width":140,"height":13}},{"id":"55a4206f-da7e-4195-a375-4239bcd1ec83","block_type":"box","text":"Plus Committee","page_number":77,"box":{"x":255,"y":308,"width":111,"height":10}},{"id":"e7894202-a85f-44be-9c66-bb107c291beb","block_type":"box","text":"Chair (since 2025).","page_number":77,"box":{"x":255,"y":324,"width":131,"height":12}},{"id":"5b47aea5-3bcd-474f-b522-1f34134031a5","block_type":"box","text":"Senior Managing Director of New","page_number":77,"box":{"x":421,"y":278,"width":235,"height":13}},{"id":"bb0db699-7ecd-485f-90aa-548901e315db","block_type":"box","text":"York Life Insurance Company (2010-","page_number":77,"box":{"x":421,"y":293,"width":254,"height":13}},{"id":"9aa18e9f-2d1e-4013-b454-c3e94a272aad","block_type":"box","text":"2015).","page_number":77,"box":{"x":421,"y":308,"width":43,"height":13}},{"id":"282d69bf-8674-4959-87a8-b9c8c614abb8","block_type":"box","text":"Trustee of iShares Trust (since 2017);","page_number":77,"box":{"x":704,"y":278,"width":260,"height":13}},{"id":"5af712c7-f96b-4511-8c80-59318bd5ac7b","block_type":"box","text":"Trustee of iShares U.S. ETF Trust","page_number":77,"box":{"x":704,"y":293,"width":227,"height":10}},{"id":"5556b204-d51e-4f7e-ba1b-599f45518629","block_type":"box","text":"(since 2017); Director of Jackson","page_number":77,"box":{"x":705,"y":308,"width":225,"height":13}},{"id":"e8b99fcf-fcc2-4c5b-99ca-5285f84e98c1","block_type":"box","text":"Financial Inc. (since 2021).","page_number":77,"box":{"x":705,"y":324,"width":185,"height":12}},{"id":"62c8b4e6-c1d7-4abe-b729-48a67d6c5fb1","block_type":"box","text":"John E. Martinez","page_number":77,"box":{"x":88,"y":344,"width":114,"height":11}},{"id":"142b9148-13e9-4c3b-9055-51bc0cc0df2c","block_type":"box","text":"(1961)","page_number":77,"box":{"x":89,"y":359,"width":44,"height":12}},{"id":"7b2c7f2a-9a77-4164-bd93-d5f6d9e48e64","block_type":"box","text":"Director","page_number":77,"box":{"x":255,"y":344,"width":56,"height":9}},{"id":"1ff2ee94-9410-474c-8943-5f51cedff628","block_type":"box","text":"(since 2003); Equity","page_number":77,"box":{"x":255,"y":359,"width":138,"height":12}},{"id":"fb6530e1-601c-408c-9927-e8b498768920","block_type":"box","text":"Plus Committee","page_number":77,"box":{"x":255,"y":374,"width":111,"height":10}},{"id":"f7ede725-16b5-4698-ae4c-1919ece61baa","block_type":"box","text":"Chair (since 2025).","page_number":77,"box":{"x":255,"y":389,"width":131,"height":12}},{"id":"47898a3c-0982-4f11-ac16-1e47bb167ba2","block_type":"box","text":"Director of Real Estate Equity","page_number":77,"box":{"x":422,"y":344,"width":202,"height":12}},{"id":"d188c47b-b56f-459d-8c0e-c271e71378e7","block_type":"box","text":"Exchange, Inc. (since 2005); Director","page_number":77,"box":{"x":422,"y":359,"width":256,"height":12}},{"id":"11871cdf-ce08-4d70-b029-1cabb4cc5f77","block_type":"box","text":"of Cloudera Foundation (2017-2020);","page_number":77,"box":{"x":421,"y":374,"width":257,"height":12}},{"id":"2af17c7c-139b-4b3d-9126-e8576767758a","block_type":"box","text":"and Director of Reading Partners","page_number":77,"box":{"x":421,"y":389,"width":228,"height":12}},{"id":"069862f6-f077-43e8-8aea-f01fd2e7c598","block_type":"box","text":"(2012-2016).","page_number":77,"box":{"x":422,"y":404,"width":87,"height":13}},{"id":"2f974f30-60d3-4210-b79b-86d1923451cc","block_type":"box","text":"Trustee of iShares Trust (since 2003);","page_number":77,"box":{"x":704,"y":344,"width":261,"height":12}},{"id":"50b77b16-21b1-4283-8add-21046f7ad418","block_type":"box","text":"Trustee of iShares U.S. ETF Trust","page_number":77,"box":{"x":704,"y":359,"width":227,"height":10}},{"id":"9eb9cd4b-6808-4677-9a0b-f08bc162f3cf","block_type":"box","text":"(since 2011).","page_number":77,"box":{"x":705,"y":374,"width":88,"height":12}},{"id":"66286166-b684-4960-ae24-ee84dd1e739f","block_type":"box","text":"Madhav V. Rajan","page_number":77,"box":{"x":89,"y":424,"width":115,"height":13}},{"id":"b8994614-31bb-47e2-89bf-905a3ed6cbb4","block_type":"box","text":"(1964)","page_number":77,"box":{"x":89,"y":439,"width":45,"height":13}},{"id":"d47375b4-8cbb-4d2a-9e6f-7487226aefb4","block_type":"box","text":"Director (since","page_number":77,"box":{"x":255,"y":424,"width":102,"height":13}},{"id":"9402af4d-3059-4a8a-a672-18c3431be924","block_type":"box","text":"2011); Nominating","page_number":77,"box":{"x":255,"y":439,"width":129,"height":13}},{"id":"e0dd5fdd-b74f-4cdc-87c3-b8000750c51c","block_type":"box","text":"and Governance","page_number":77,"box":{"x":255,"y":455,"width":114,"height":9}},{"id":"2c687d02-badb-4d16-81a4-971e17602f0e","block_type":"box","text":"Committee Chair","page_number":77,"box":{"x":255,"y":470,"width":119,"height":9}},{"id":"97fe53c9-248a-43a9-a0ac-dabc35708a92","block_type":"box","text":"(since 2025).","page_number":77,"box":{"x":255,"y":485,"width":90,"height":12}},{"id":"3da1da88-64e2-43e7-9447-6a73aa7ea7b2","block_type":"box","text":"Dean, and George Pratt Shultz","page_number":77,"box":{"x":422,"y":424,"width":210,"height":13}},{"id":"1eeac097-81b0-44db-81af-481885a43d80","block_type":"box","text":"Professor of Accounting, University","page_number":77,"box":{"x":422,"y":439,"width":246,"height":13}},{"id":"5f23d2c7-b151-4ad5-a383-0206cf800ad0","block_type":"box","text":"of Chicago Booth School of Business","page_number":77,"box":{"x":421,"y":455,"width":256,"height":12}},{"id":"0cc3d2e6-2d6d-4990-b35e-1a0f09295a6e","block_type":"box","text":"(since 2017); Advisory Board","page_number":77,"box":{"x":422,"y":470,"width":198,"height":12}},{"id":"5d1915d1-215b-48fc-a853-159ed480c37d","block_type":"box","text":"Member (since 2016) and Director","page_number":77,"box":{"x":421,"y":485,"width":242,"height":12}},{"id":"de97d5b4-cd5d-45d1-ac65-3321eced0388","block_type":"box","text":"(since 2020) of C.M. Capital","page_number":77,"box":{"x":422,"y":500,"width":192,"height":12}},{"id":"75c142b6-3b97-4ec4-bb52-4d3701cd3b9a","block_type":"box","text":"Corporation; Chair of the Board for","page_number":77,"box":{"x":421,"y":515,"width":243,"height":12}},{"id":"b89454a2-ec76-4896-8bc2-ecc69397598e","block_type":"box","text":"the Center for Research in Security","page_number":77,"box":{"x":421,"y":530,"width":242,"height":13}},{"id":"a6ab2056-9113-4cb1-b1d1-c26e1aaac2f2","block_type":"box","text":"Prices, LLC (since 2020); Director of","page_number":77,"box":{"x":422,"y":545,"width":250,"height":13}},{"id":"53258ab2-a9a8-4f3e-b967-ff3430df8831","block_type":"box","text":"WellBe Senior Medical (since 2023);","page_number":77,"box":{"x":421,"y":560,"width":250,"height":13}},{"id":"2fba79e7-f7b7-4c6d-ade9-fa9f34c0119e","block_type":"box","text":"Robert K. Jaedicke Professor of","page_number":77,"box":{"x":422,"y":576,"width":213,"height":11}},{"id":"c4dd2b32-b206-4c45-abe7-1cf537f61553","block_type":"box","text":"Accounting, Stanford University","page_number":77,"box":{"x":421,"y":591,"width":223,"height":12}},{"id":"d7c97e3e-d4ce-4f6c-b1fe-4f36251ceb24","block_type":"box","text":"Graduate School of Business (2001-","page_number":77,"box":{"x":421,"y":606,"width":249,"height":12}},{"id":"f5013564-70f3-456f-a05b-274b9d01a934","block_type":"box","text":"2017); Professor of Law (by","page_number":77,"box":{"x":421,"y":621,"width":191,"height":12}},{"id":"fa3aac41-0049-46c7-bc01-89b78d689640","block_type":"box","text":"courtesy), Stanford Law School","page_number":77,"box":{"x":421,"y":636,"width":218,"height":12}},{"id":"4e461840-dfb1-488c-98f5-e8a00b15f4f4","block_type":"box","text":"(2005-2017); Senior Associate Dean","page_number":77,"box":{"x":422,"y":651,"width":250,"height":12}},{"id":"59071d16-de30-4417-9b57-3163c49a4d2d","block_type":"box","text":"for Academic Affairs and Head of","page_number":77,"box":{"x":421,"y":666,"width":234,"height":10}},{"id":"efd48723-465f-4144-9d58-d33c1c2076f9","block_type":"box","text":"MBA Program, Stanford University","page_number":77,"box":{"x":421,"y":681,"width":240,"height":13}},{"id":"ea6a571b-6deb-486c-8acc-dbaf8657fd35","block_type":"box","text":"Graduate School of Business (2010-","page_number":77,"box":{"x":421,"y":696,"width":250,"height":13}},{"id":"f4e3a411-d1da-4e59-b58d-38b2e459b5ca","block_type":"box","text":"2016).","page_number":77,"box":{"x":421,"y":712,"width":43,"height":12}},{"id":"ae248c0e-edc5-49cf-98d4-9a3bcb0b8d73","block_type":"box","text":"Trustee of iShares Trust (since 2011);","page_number":77,"box":{"x":704,"y":424,"width":260,"height":13}},{"id":"592a3086-389c-4627-a95a-67610a671da2","block_type":"box","text":"Trustee of iShares U.S. ETF Trust","page_number":77,"box":{"x":704,"y":439,"width":227,"height":10}},{"id":"5aac0da1-cc2e-407b-b71a-a711da448a3d","block_type":"box","text":"(since 2011).","page_number":77,"box":{"x":705,"y":455,"width":88,"height":12}},{"id":"2eb2931a-f330-450f-83fb-8e701f4d901e","block_type":"box","text":"3","page_number":77,"box":{"x":118,"y":750,"width":4,"height":5}},{"id":"06995a5e-803e-4880-80c4-27fb662d4107","block_type":"box","text":"Cecilia H. Herbert will serve as an Independent Director through December 31, 2025.","page_number":77,"box":{"x":133,"y":751,"width":471,"height":10}},{"id":"a15dacef-8cec-430c-82e0-5fb8eed67a52","block_type":"box","text":"57","page_number":77,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ff273a9a-789b-496f-b36a-a9dd907f8101","block_type":"box","text":"Officers","page_number":78,"box":{"x":89,"y":44,"width":55,"height":10}},{"id":"251a4d1f-a38a-421b-aa44-0f8cc0ea21eb","block_type":"box","text":"Name (Year of Birth) Position","page_number":78,"box":{"x":103,"y":84,"width":389,"height":9}},{"id":"ab5d48dc-9956-4b91-b284-fa7e72645194","block_type":"box","text":"Principal Occupation(s)","page_number":78,"box":{"x":769,"y":74,"width":135,"height":9}},{"id":"acc944fc-4040-43e4-a1e1-81792db93989","block_type":"box","text":"During the Past 5 Years","page_number":78,"box":{"x":770,"y":84,"width":133,"height":9}},{"id":"7255a7ae-6320-44e9-86d2-75e772fd9922","block_type":"box","text":"Jessica Tan","page_number":78,"box":{"x":88,"y":106,"width":75,"height":11}},{"id":"290c2e52-4f4d-40b9-8889-f7b00014870d","block_type":"box","text":"(1980)","page_number":78,"box":{"x":89,"y":121,"width":45,"height":12}},{"id":"ad395ed4-4819-49db-8453-1c17936a0e04","block_type":"box","text":"President (since","page_number":78,"box":{"x":397,"y":106,"width":111,"height":12}},{"id":"e7c210eb-ac0b-41ae-92ac-e50b76eaae43","block_type":"box","text":"2024).","page_number":78,"box":{"x":397,"y":121,"width":43,"height":12}},{"id":"19db1719-5795-4c7e-92b4-ddc640e7d92a","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":78,"box":{"x":705,"y":106,"width":258,"height":12}},{"id":"cbcb0131-085d-4d5f-94b9-57d939e255b4","block_type":"box","text":"(since 2015); Head of Global Product","page_number":78,"box":{"x":705,"y":121,"width":257,"height":12}},{"id":"3775884b-ab89-45db-b2b2-735121407c24","block_type":"box","text":"Solutions, Americas of BlackRock,","page_number":78,"box":{"x":705,"y":136,"width":236,"height":11}},{"id":"41eb6c2f-e67f-4b4d-81a5-babceef2e85c","block_type":"box","text":"Inc. (since 2024) and Head of","page_number":78,"box":{"x":706,"y":151,"width":205,"height":12}},{"id":"b957a0c4-a4ba-4af6-9767-8b1ad8323e98","block_type":"box","text":"Sustainable and Transition Solutions","page_number":78,"box":{"x":705,"y":166,"width":254,"height":10}},{"id":"0f99637d-15e0-4b53-bb1e-76589ef5abf0","block_type":"box","text":"of BlackRock, Inc. (2022-2024);","page_number":78,"box":{"x":705,"y":181,"width":216,"height":13}},{"id":"6dc298b5-a677-4491-a987-55b713fb5a00","block_type":"box","text":"Global Head of Corporate Strategy of","page_number":78,"box":{"x":705,"y":196,"width":260,"height":13}},{"id":"ae9f860f-a506-49a4-b4f2-c1c599ee158d","block_type":"box","text":"BlackRock, Inc. (2019-2022); Chief of","page_number":78,"box":{"x":705,"y":211,"width":259,"height":13}},{"id":"05934e66-eb3e-41a2-ab8c-e664ae06c878","block_type":"box","text":"Staff to the CEO of BlackRock, Inc.","page_number":78,"box":{"x":705,"y":227,"width":237,"height":11}},{"id":"5126108a-7867-4871-aa28-4b66cc2cd589","block_type":"box","text":"(2017-2019).","page_number":78,"box":{"x":705,"y":242,"width":87,"height":12}},{"id":"f0592fb1-7296-4365-a2df-6f0bbe43cd44","block_type":"box","text":"Trent Walker","page_number":78,"box":{"x":88,"y":262,"width":89,"height":10}},{"id":"36faca40-eaab-4eeb-bf7c-ab68123b1b1f","block_type":"box","text":"(1974)","page_number":78,"box":{"x":89,"y":277,"width":44,"height":12}},{"id":"6a1fec03-d744-48b0-8581-19158686fa3c","block_type":"box","text":"Treasurer and Chief","page_number":78,"box":{"x":396,"y":262,"width":138,"height":10}},{"id":"57bcc138-7283-4c58-99ab-656fcd363d20","block_type":"box","text":"Financial Officer","page_number":78,"box":{"x":397,"y":277,"width":113,"height":10}},{"id":"cfc1a3c4-0feb-419b-b6b9-5239207d1590","block_type":"box","text":"(since 2020).","page_number":78,"box":{"x":397,"y":292,"width":89,"height":12}},{"id":"ae7c9ed2-addf-4a6b-b6a3-5b043e54eecd","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":78,"box":{"x":705,"y":262,"width":258,"height":12}},{"id":"0b9c3405-87c7-46e1-853a-8aa01b11cc58","block_type":"box","text":"(since 2019); Chief Financial Officer","page_number":78,"box":{"x":705,"y":277,"width":248,"height":12}},{"id":"92c51967-09a8-43b9-8cdf-113a0836a679","block_type":"box","text":"of iShares Delaware Trust Sponsor","page_number":78,"box":{"x":705,"y":292,"width":240,"height":12}},{"id":"95f75c01-4886-477d-a571-af3e0776ef63","block_type":"box","text":"LLC, BlackRock Funds, BlackRock","page_number":78,"box":{"x":705,"y":307,"width":232,"height":12}},{"id":"b4a9ab3c-1cf4-458e-82c4-b3ee4e06a56f","block_type":"box","text":"Funds II, BlackRock Funds IV,","page_number":78,"box":{"x":705,"y":322,"width":202,"height":12}},{"id":"8539dccc-790f-4040-8311-0e0a619ea9b7","block_type":"box","text":"BlackRock Funds V and BlackRock","page_number":78,"box":{"x":705,"y":337,"width":239,"height":10}},{"id":"15c1d064-cf20-42d4-9665-be07835f14b5","block_type":"box","text":"Funds VI (since 2021).","page_number":78,"box":{"x":705,"y":353,"width":155,"height":12}},{"id":"a680e655-9c22-44ac-84fc-c57c4fe8db08","block_type":"box","text":"Aaron Wasserman","page_number":78,"box":{"x":88,"y":373,"width":128,"height":9}},{"id":"c5f26cfb-c219-4b59-ae22-9c2141b4894a","block_type":"box","text":"(1974)","page_number":78,"box":{"x":89,"y":388,"width":44,"height":12}},{"id":"e58e0869-0aae-49c7-b26d-e75b5dd96708","block_type":"box","text":"Chief Compliance","page_number":78,"box":{"x":397,"y":373,"width":123,"height":12}},{"id":"40afdba1-1187-44e2-aebf-532d17cc0b16","block_type":"box","text":"Officer (since 2023).","page_number":78,"box":{"x":397,"y":388,"width":141,"height":12}},{"id":"04f47a10-2125-429f-a123-805d2794c546","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":78,"box":{"x":705,"y":373,"width":258,"height":12}},{"id":"921f6b9c-aa21-4395-8c02-002e21ee3e42","block_type":"box","text":"(since 2018); Chief Compliance","page_number":78,"box":{"x":705,"y":388,"width":217,"height":12}},{"id":"90a6c12f-3207-4a03-9cd9-942cccf74b83","block_type":"box","text":"Officer of the BlackRock Multi-Asset","page_number":78,"box":{"x":705,"y":403,"width":253,"height":10}},{"id":"a63beecf-cb54-483b-a406-47b93bebc46b","block_type":"box","text":"Complex, the BlackRock Fixed","page_number":78,"box":{"x":705,"y":418,"width":215,"height":12}},{"id":"fc001c8d-cf17-4616-b4ac-259424e20f99","block_type":"box","text":"Income Complex and the iShares","page_number":78,"box":{"x":706,"y":433,"width":229,"height":13}},{"id":"f5a13937-c744-4005-bcd0-82733321c1c2","block_type":"box","text":"Complex (since 2023); Deputy Chief","page_number":78,"box":{"x":705,"y":448,"width":254,"height":13}},{"id":"d7b4f831-044e-4c8a-beed-d5d394ee28e5","block_type":"box","text":"Compliance Officer for the BlackRock","page_number":78,"box":{"x":705,"y":463,"width":261,"height":13}},{"id":"3ac82ca6-4e42-498c-afc5-01a825cd3876","block_type":"box","text":"Multi-Asset Complex, the BlackRock","page_number":78,"box":{"x":705,"y":479,"width":254,"height":12}},{"id":"189ae447-288a-449f-8a13-5cbd8c4d875c","block_type":"box","text":"Fixed-Income Complex and the","page_number":78,"box":{"x":705,"y":494,"width":219,"height":12}},{"id":"8b4d6703-8b80-4fdd-b847-4e80e1cb2cf8","block_type":"box","text":"iShares Complex (2014-2023).","page_number":78,"box":{"x":705,"y":509,"width":210,"height":12}},{"id":"6f296a39-8c8c-4729-adb5-faeaf971a04b","block_type":"box","text":"Marisa Rolland","page_number":78,"box":{"x":89,"y":529,"width":102,"height":10}},{"id":"9700889c-e5a7-4c31-b49a-4cb145485dc1","block_type":"box","text":"(1980)","page_number":78,"box":{"x":89,"y":544,"width":45,"height":12}},{"id":"909e440a-bfc0-48cc-a62b-b324aa02e9de","block_type":"box","text":"Secretary (since","page_number":78,"box":{"x":397,"y":529,"width":111,"height":12}},{"id":"02bf2bc3-50eb-4c27-8278-120cb43f0a4f","block_type":"box","text":"2022).","page_number":78,"box":{"x":397,"y":544,"width":43,"height":12}},{"id":"122fd4c1-9ee4-4735-96b9-713a686d7671","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":78,"box":{"x":705,"y":529,"width":258,"height":12}},{"id":"4788e310-796f-4107-9a59-8706236ead1a","block_type":"box","text":"(since 2023); Director of BlackRock,","page_number":78,"box":{"x":705,"y":544,"width":249,"height":12}},{"id":"f21dd331-deaf-4f66-9238-2575c5289444","block_type":"box","text":"Inc. (2018-2022).","page_number":78,"box":{"x":706,"y":559,"width":117,"height":13}},{"id":"e908c9da-d461-41fa-817f-1fb9635b57e8","block_type":"box","text":"Jennifer Hsui","page_number":78,"box":{"x":88,"y":579,"width":88,"height":11}},{"id":"534e8d84-f65a-4d57-a73f-8cf2364e0464","block_type":"box","text":"(1976)","page_number":78,"box":{"x":89,"y":594,"width":44,"height":13}},{"id":"457f7bd5-dac8-4b1f-8bd9-5f80624a421d","block_type":"box","text":"Executive Vice","page_number":78,"box":{"x":397,"y":580,"width":99,"height":9}},{"id":"4c989d93-20b8-407c-86b8-047a33234f95","block_type":"box","text":"President (since","page_number":78,"box":{"x":397,"y":594,"width":111,"height":13}},{"id":"d9c9c983-bbd9-4e67-9d0f-a0b73ba454dd","block_type":"box","text":"2022).","page_number":78,"box":{"x":397,"y":610,"width":43,"height":12}},{"id":"b7b841d6-0da5-4dd0-9d07-290db8d911b7","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":78,"box":{"x":705,"y":579,"width":258,"height":13}},{"id":"84b8b580-ce88-4c1d-b4d3-7a2436192f47","block_type":"box","text":"(since 2009); Co-Head of Index","page_number":78,"box":{"x":705,"y":594,"width":219,"height":13}},{"id":"bc5d8038-afdb-4a9b-9891-34a6d6538b35","block_type":"box","text":"Equity of BlackRock, Inc. (since","page_number":78,"box":{"x":705,"y":610,"width":216,"height":12}},{"id":"2de9cf1c-322f-431c-8102-d5374682b7b5","block_type":"box","text":"2022).","page_number":78,"box":{"x":705,"y":625,"width":43,"height":12}},{"id":"c5e015f1-4c20-4cba-95f5-8bb56dcb2a76","block_type":"box","text":"James Mauro","page_number":78,"box":{"x":88,"y":645,"width":92,"height":11}},{"id":"a6483607-7807-4d7a-9de9-75a8cfda3ea1","block_type":"box","text":"(1970)","page_number":78,"box":{"x":89,"y":660,"width":45,"height":12}},{"id":"6984d99f-46c1-4a4f-8693-7e0e245c9fb5","block_type":"box","text":"Executive Vice","page_number":78,"box":{"x":397,"y":646,"width":99,"height":9}},{"id":"e23eb580-0d1b-4f9d-96d8-0515caef86e3","block_type":"box","text":"President (since","page_number":78,"box":{"x":397,"y":660,"width":111,"height":12}},{"id":"cfe9bf5d-5390-4443-b16e-62760a375d12","block_type":"box","text":"2021).","page_number":78,"box":{"x":397,"y":675,"width":43,"height":12}},{"id":"35d37f4d-2086-4368-ae21-139490f12cf5","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":78,"box":{"x":705,"y":645,"width":258,"height":12}},{"id":"bf1b227d-5dd0-4b35-b43f-f0466fe86679","block_type":"box","text":"(since 2010); Head of Fixed Income","page_number":78,"box":{"x":705,"y":660,"width":247,"height":12}},{"id":"d4c02a02-a739-4649-831f-872e77fabc75","block_type":"box","text":"Index Investments in the Americas","page_number":78,"box":{"x":706,"y":675,"width":240,"height":10}},{"id":"9f6da7a9-9c8a-44e5-88dd-804c19459d07","block_type":"box","text":"and Head of San Francisco Core","page_number":78,"box":{"x":705,"y":690,"width":223,"height":10}},{"id":"a19df6b0-d767-4099-81c9-c60df16981a7","block_type":"box","text":"Portfolio Management of BlackRock,","page_number":78,"box":{"x":705,"y":705,"width":254,"height":13}},{"id":"ebf49bcb-a389-46b7-946c-93d0806f8d33","block_type":"box","text":"Inc. (since 2020).","page_number":78,"box":{"x":706,"y":720,"width":118,"height":13}},{"id":"b253fa87-e5b4-4a92-8ff5-18d432a087c9","block_type":"box","text":"Elise Terry","page_number":78,"box":{"x":89,"y":741,"width":70,"height":12}},{"id":"59211a8d-ee87-4d42-a6c8-00cb36bc4d95","block_type":"box","text":"(1977)","page_number":78,"box":{"x":89,"y":756,"width":45,"height":12}},{"id":"d7627ad7-6dc2-485f-ba66-7ef41741e2d2","block_type":"box","text":"Executive Vice","page_number":78,"box":{"x":397,"y":741,"width":99,"height":9}},{"id":"0b77ef02-cdaf-4791-9730-455c0de42801","block_type":"box","text":"President (since","page_number":78,"box":{"x":397,"y":756,"width":111,"height":12}},{"id":"8f8626ae-28a5-461a-9d1f-1e7469e9e80e","block_type":"box","text":"2025).","page_number":78,"box":{"x":397,"y":771,"width":43,"height":12}},{"id":"ac2ca456-f07a-4a1e-b984-45d8b1eb0016","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":78,"box":{"x":705,"y":741,"width":258,"height":12}},{"id":"414adf81-6840-49c2-837d-34de9cb01076","block_type":"box","text":"(since 2016); Head of U.S. iShares","page_number":78,"box":{"x":705,"y":756,"width":234,"height":12}},{"id":"ad61ade9-a379-499f-8862-fad7a54533ef","block_type":"box","text":"(since 2024); Co-Head of Distribution","page_number":78,"box":{"x":705,"y":771,"width":261,"height":12}},{"id":"3ccc8451-7c1b-4600-9dbb-93435f9367d2","block_type":"box","text":"for U.S. Wealth Advisory (2023-2024);","page_number":78,"box":{"x":704,"y":786,"width":264,"height":12}},{"id":"04d3d160-1043-47cf-9094-b8bd5cb02b17","block_type":"box","text":"National Sales Manager, Wirehouse","page_number":78,"box":{"x":705,"y":801,"width":247,"height":12}},{"id":"527fcbf2-396e-4bed-b219-800eb3e4a70d","block_type":"box","text":"Channel (2020-2023).","page_number":78,"box":{"x":705,"y":816,"width":151,"height":13}},{"id":"04df6667-124d-4fc3-bcb2-bcf2a4cac52c","block_type":"box","text":"58","page_number":78,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"384c5ad3-fbd2-4964-8cab-444c7b0789fb","block_type":"box","text":"Name (Year of Birth) Position","page_number":79,"box":{"x":103,"y":55,"width":389,"height":9}},{"id":"b9012f3b-10e0-42eb-b8e6-e0384ee1e9ab","block_type":"box","text":"Principal Occupation(s)","page_number":79,"box":{"x":769,"y":45,"width":135,"height":9}},{"id":"f4232245-4fdc-420e-969b-13ac712cb3f6","block_type":"box","text":"During the Past 5 Years","page_number":79,"box":{"x":770,"y":55,"width":133,"height":9}},{"id":"85d6d7c0-928a-4c3b-821f-3366c3d730b2","block_type":"box","text":"Daniel Prince","page_number":79,"box":{"x":89,"y":77,"width":91,"height":9}},{"id":"51157eb7-fec5-41e8-8543-3e5a0774df55","block_type":"box","text":"(1981)","page_number":79,"box":{"x":89,"y":92,"width":44,"height":12}},{"id":"c8cc786f-7c48-4417-b4d6-d7f1c51fa355","block_type":"box","text":"Executive Vice","page_number":79,"box":{"x":397,"y":77,"width":99,"height":9}},{"id":"c831caa9-9d6a-4fee-b063-ffe54732e58f","block_type":"box","text":"President (since","page_number":79,"box":{"x":397,"y":92,"width":111,"height":12}},{"id":"2d1e9ad5-ca00-4f12-ada2-3443c4450e21","block_type":"box","text":"2025).","page_number":79,"box":{"x":397,"y":107,"width":43,"height":12}},{"id":"6ce840df-57d1-4e5d-ae9b-73aa55026e04","block_type":"box","text":"Managing Director of BlackRock, Inc.","page_number":79,"box":{"x":705,"y":77,"width":258,"height":12}},{"id":"d418ef33-4903-41e8-b7bc-08f28b01cb0f","block_type":"box","text":"(since 2023); Director of BlackRock,","page_number":79,"box":{"x":705,"y":92,"width":249,"height":12}},{"id":"75e75277-4a7e-4ae6-9437-2b2542fd9717","block_type":"box","text":"Inc. (2015-2022); Head of U.S.","page_number":79,"box":{"x":706,"y":107,"width":207,"height":12}},{"id":"42304e82-ce3f-4292-a898-7e8fffcc197b","block_type":"box","text":"iShares Product (since 2025); Head","page_number":79,"box":{"x":705,"y":122,"width":245,"height":12}},{"id":"a926eb47-3f0c-438e-8425-94399c675ded","block_type":"box","text":"of iShares Product Consulting","page_number":79,"box":{"x":705,"y":137,"width":207,"height":12}},{"id":"bfbdad16-019f-4f51-9ff1-61f775b3b9ba","block_type":"box","text":"(2015-2025).","page_number":79,"box":{"x":705,"y":152,"width":89,"height":13}},{"id":"2fe3e3b3-4a4d-4b90-91c6-2524aff6a396","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":79,"box":{"x":88,"y":185,"width":861,"height":12}},{"id":"34aee260-d9aa-4086-a0bb-1ab49d0a3625","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":79,"box":{"x":89,"y":200,"width":833,"height":12}},{"id":"2cd3db5c-e682-4227-b8c4-b6b6188bbc3a","block_type":"box","text":"attributes common to all Directors are their ability to review critically, evaluate, question and discuss information provided to","page_number":79,"box":{"x":89,"y":215,"width":871,"height":13}},{"id":"5f60da1e-794b-42f0-ac93-2f88c99e7482","block_type":"box","text":"them, to interact effectively with the Funds’ investment adviser, other service providers, counsel and the independent","page_number":79,"box":{"x":88,"y":230,"width":819,"height":13}},{"id":"891a4560-73e3-4cb5-9bdd-547e40e36b96","block_type":"box","text":"registered public accounting firm, and to exercise effective business judgment in the performance of their duties as Directors.","page_number":79,"box":{"x":89,"y":245,"width":876,"height":13}},{"id":"76d03979-166c-460d-be9e-9dbe4ad5d13f","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":79,"box":{"x":88,"y":261,"width":816,"height":12}},{"id":"e587a95f-9389-47d8-a833-842add598aab","block_type":"box","text":"background or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":79,"box":{"x":89,"y":276,"width":869,"height":12}},{"id":"b4b269c2-fd85-47cd-b23b-d1f384fd214c","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":79,"box":{"x":89,"y":291,"width":834,"height":12}},{"id":"43915ad2-ac34-48dd-a7ca-9222995d7213","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":79,"box":{"x":89,"y":306,"width":863,"height":12}},{"id":"ec0be19f-5b37-497b-b336-32f4c53ffd72","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":79,"box":{"x":89,"y":321,"width":876,"height":12}},{"id":"3f1c499b-90b3-401d-b898-f928e5b7cfbc","block_type":"box","text":"or she should serve (or continue to serve) as a Director.","page_number":79,"box":{"x":89,"y":336,"width":386,"height":13}},{"id":"728ab44c-8ec9-4b38-b8d1-333decbe8433","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":79,"box":{"x":89,"y":363,"width":841,"height":12}},{"id":"44aad786-59b2-4bed-ace7-11bd4d69540a","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":79,"box":{"x":89,"y":378,"width":872,"height":12}},{"id":"bd91d2ab-6821-46c0-84d6-d34d43fe2f39","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":79,"box":{"x":89,"y":393,"width":877,"height":12}},{"id":"84aacfb9-0891-4763-bf9c-76adf3e47c6a","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":79,"box":{"x":89,"y":408,"width":855,"height":12}},{"id":"15f60c46-b136-4695-a43e-2f5d5290b1eb","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":79,"box":{"x":88,"y":423,"width":880,"height":12}},{"id":"d0f8dce3-d8cf-400f-a80f-065e14a833b3","block_type":"box","text":"of BlackRock’s key operating units, including Investment Strategies, Client Businesses, Technology & Operations, and Risk &","page_number":79,"box":{"x":89,"y":438,"width":865,"height":13}},{"id":"f2a0072e-b45c-443d-95a1-7919cd5b32b5","block_type":"box","text":"Quantitative Analysis. Prior to assuming his current responsibilities in 2007, Mr. Kapito served as Vice Chairman of BlackRock,","page_number":79,"box":{"x":89,"y":453,"width":876,"height":13}},{"id":"26b8ce14-e9cc-4d25-bbd6-4903e3a23d21","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":79,"box":{"x":89,"y":468,"width":823,"height":13}},{"id":"48b4e37d-cf1b-4a60-a654-40634f902340","block_type":"box","text":"management within BlackRock, including the Fixed Income, Equity, Liquidity, and Alternative Investment Groups. Mr. Kapito","page_number":79,"box":{"x":89,"y":484,"width":864,"height":12}},{"id":"87145150-2509-48a0-b9b6-5c02784d27bc","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":79,"box":{"x":89,"y":499,"width":841,"height":12}},{"id":"859a861f-2aa3-41a8-b5b3-e6c51e6a650c","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":79,"box":{"x":89,"y":514,"width":853,"height":12}},{"id":"bd15b562-f3a1-4092-94e5-7819c35a3212","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":79,"box":{"x":89,"y":529,"width":876,"height":12}},{"id":"4e484c57-3aac-4d91-abee-52c9d172fc7d","block_type":"box","text":"MBA degree from Harvard Business School in 1983.","page_number":79,"box":{"x":89,"y":544,"width":360,"height":12}},{"id":"842fb20a-97f7-478c-b2b0-7597577019c4","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":79,"box":{"x":88,"y":570,"width":879,"height":13}},{"id":"51d40ca9-8f9f-47bc-b00e-33e1e8682e61","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":79,"box":{"x":88,"y":586,"width":865,"height":12}},{"id":"c7648bcc-8697-4f1d-9302-b1a4e10e0a33","block_type":"box","text":"(UK) Limited, Director of BlackRock International Limited, and Director of BlackRock Group Limited since 2021. Mr. Cohen,","page_number":79,"box":{"x":89,"y":601,"width":854,"height":12}},{"id":"654ac3d3-7811-422a-a904-15b7da6659fd","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":79,"box":{"x":88,"y":616,"width":869,"height":12}},{"id":"0d84d6f7-af40-4797-91b3-1cb8f8158cb2","block_type":"box","text":"is responsible for the business strategy, innovation and commercialization of BlackRock’s full investment product platform,","page_number":79,"box":{"x":89,"y":631,"width":856,"height":12}},{"id":"78d1c255-d6ec-40e1-b85b-548db6c45f78","block_type":"box","text":"aligning product strategies with client needs and market trends, and unlocking new growth opportunities across iShares,","page_number":79,"box":{"x":89,"y":646,"width":846,"height":12}},{"id":"89a2565b-6b3d-4e0e-ab8d-80a1c92dabb4","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":79,"box":{"x":88,"y":661,"width":830,"height":13}},{"id":"88f00afc-0055-4a1c-9182-8ee4b32d38f4","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":79,"box":{"x":89,"y":676,"width":866,"height":13}},{"id":"5a6d8d46-48a9-479e-aa03-37ff60e5fb5b","block_type":"box","text":"businesses in EMEA, overseeing BlackRock’s relationships with wealth management firms and platforms, the development","page_number":79,"box":{"x":89,"y":691,"width":857,"height":13}},{"id":"04d499cb-e062-4d24-aa00-c77c4c6fef03","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":79,"box":{"x":89,"y":707,"width":861,"height":12}},{"id":"df5f52f0-9861-4d2a-b11a-781ac1a025f5","block_type":"box","text":"Having joined BlackRock in 2011, Mr. Cohen initially served as the Chief Investment Strategist for International Fixed Income","page_number":79,"box":{"x":89,"y":722,"width":865,"height":12}},{"id":"431a9aee-beb5-4741-8673-dd39fff85f0a","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":79,"box":{"x":89,"y":737,"width":861,"height":12}},{"id":"532468cd-3c49-4381-8639-01ce057cf9bc","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":79,"box":{"x":89,"y":752,"width":845,"height":12}},{"id":"5fe359f9-5a3c-46e8-ace2-66a00e8b362e","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":79,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"689e540a-1963-404c-aef7-64f3dd856fda","block_type":"box","text":"from the University of Southampton, and holds certifications as a SFA Futures and Options Representative, a SFA Securities","page_number":79,"box":{"x":88,"y":782,"width":862,"height":12}},{"id":"b4cd9634-8470-4c5c-8f47-fa7c7aad4476","block_type":"box","text":"Registered Representative, and an IFPR Material Risk Taker.","page_number":79,"box":{"x":89,"y":797,"width":410,"height":13}},{"id":"2c3306ce-9838-48f0-80c6-84d414e68024","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":79,"box":{"x":88,"y":824,"width":863,"height":12}},{"id":"bf111bfa-7980-4e54-b1e3-44ad2b1f6f1a","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":79,"box":{"x":89,"y":839,"width":850,"height":12}},{"id":"e6c2c30f-f78d-44d6-bd73-d2b98af48229","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":79,"box":{"x":89,"y":854,"width":868,"height":12}},{"id":"03bdbe2a-1dd4-4533-8d65-08cb2324e365","block_type":"box","text":"59","page_number":79,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"39bb9f30-c219-453c-9262-b2b7792a4cfa","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":80,"box":{"x":89,"y":44,"width":848,"height":12}},{"id":"e48151dc-d8f8-4702-8c6b-3dcc7d259d3e","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":80,"box":{"x":89,"y":59,"width":842,"height":12}},{"id":"56f3d76c-9919-4df1-84d3-bee3c038788e","block_type":"box","text":"Lynch & Co., including the following responsibilities: Managing Director, Institutional Client Division, Western United States.","page_number":80,"box":{"x":89,"y":74,"width":861,"height":12}},{"id":"4f7783ce-b692-4b49-b301-950dd5f41638","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":80,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"397eb8ae-c3fc-4973-b6e2-728d0d9492ca","block_type":"box","text":"has a BA degree from Boston College and is a Chartered Financial Analyst Charterholder.","page_number":80,"box":{"x":89,"y":104,"width":618,"height":13}},{"id":"54856520-dab8-457b-a5fe-910fdab72d0d","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":80,"box":{"x":88,"y":131,"width":873,"height":12}},{"id":"2d430cae-5e87-40f0-bdbf-d16d2ac561b9","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":80,"box":{"x":89,"y":146,"width":822,"height":10}},{"id":"76deaeb5-6657-423c-aeb5-c273631b2f62","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":80,"box":{"x":88,"y":161,"width":832,"height":12}},{"id":"4e1bab75-868a-4eb9-84c3-b9cc7b77a587","block_type":"box","text":"served as Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head","page_number":80,"box":{"x":89,"y":176,"width":864,"height":13}},{"id":"e76fc32c-b7d1-4c97-87d8-4c9c858c843e","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":80,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"c9fd91a6-1d71-4d8c-818a-6ccd8236414d","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":80,"box":{"x":89,"y":206,"width":872,"height":13}},{"id":"cbfe9498-6eb0-426e-971a-5427edddd8fd","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":80,"box":{"x":89,"y":222,"width":835,"height":12}},{"id":"76e114a3-a720-46f8-b667-7836afaff683","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":80,"box":{"x":89,"y":237,"width":869,"height":12}},{"id":"0598a2e2-a179-48b1-93e0-cf690638de9b","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":80,"box":{"x":89,"y":252,"width":852,"height":12}},{"id":"e0682f7c-cf84-46d0-a184-12139413b206","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":80,"box":{"x":89,"y":267,"width":865,"height":11}},{"id":"a59648a5-fb37-46bf-9241-617b0d4c00aa","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":80,"box":{"x":89,"y":282,"width":876,"height":12}},{"id":"e55c8f0c-af77-4710-82da-ac4e9c3634d4","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":80,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"b918d1b9-0304-43d3-9551-65de003ce554","block_type":"box","text":"Astoria Bank. Ms. Carlin was appointed by the United States Treasury to the Financial Services Sector Coordinating Council","page_number":80,"box":{"x":88,"y":312,"width":859,"height":13}},{"id":"b80b54a5-99f1-4b38-aa25-6f78890fd943","block_type":"box","text":"for Critical Infrastructure Protection and Homeland Security, where she served as Chairperson from 2010 to 2012 and Vice","page_number":80,"box":{"x":88,"y":327,"width":854,"height":13}},{"id":"f3f94e0b-2d06-4dff-8b12-2622856381ed","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":80,"box":{"x":89,"y":342,"width":841,"height":13}},{"id":"63fc9f7d-a429-4c8f-86ad-cecf199fabc0","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":80,"box":{"x":88,"y":358,"width":713,"height":12}},{"id":"1767bedf-ffb1-469a-a707-6bb1307e6a77","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":80,"box":{"x":89,"y":384,"width":872,"height":12}},{"id":"944ec857-2772-4ede-8ee1-081d0a79a459","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":80,"box":{"x":89,"y":399,"width":817,"height":13}},{"id":"764f3827-291a-463f-a106-36c81555f933","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":80,"box":{"x":89,"y":414,"width":857,"height":13}},{"id":"7a2e60e9-cd3f-4c00-92e7-8a3fc377b344","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":80,"box":{"x":89,"y":429,"width":862,"height":13}},{"id":"02278da1-f7d6-4608-8feb-08d6f443d210","block_type":"box","text":"2016, most recently as the U.S. asset management audit practice leader responsible for setting strategic direction and","page_number":80,"box":{"x":89,"y":445,"width":822,"height":12}},{"id":"b34f1cb3-154a-4a89-90dc-3ad9c1703e51","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":80,"box":{"x":89,"y":460,"width":869,"height":12}},{"id":"84e789c3-a94a-483d-b3f8-50126fbe3dd7","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":80,"box":{"x":89,"y":475,"width":810,"height":12}},{"id":"054168b5-c45c-48cf-a6f5-e13475180dfb","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":80,"box":{"x":89,"y":490,"width":855,"height":12}},{"id":"d6be9369-0ca1-4781-b21d-bdfa9ffa645e","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":80,"box":{"x":89,"y":505,"width":848,"height":12}},{"id":"ac5e5204-23ae-4a65-b815-bde10d6cbef3","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":80,"box":{"x":89,"y":520,"width":866,"height":12}},{"id":"463b54a9-c432-42cd-8a2c-4c5c4dcda55b","block_type":"box","text":"since 2021. Mr. Fagnani has a BS degree in Accounting from LaSalle University.","page_number":80,"box":{"x":89,"y":535,"width":548,"height":13}},{"id":"84d0d435-52d4-481f-9779-07599e6a1f54","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":80,"box":{"x":89,"y":562,"width":861,"height":12}},{"id":"46cedccd-1d08-43a9-a648-2ff8fce14fc4","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":80,"box":{"x":89,"y":577,"width":873,"height":12}},{"id":"1916fa15-b54b-46fa-8a51-2cf9b65facfd","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":80,"box":{"x":88,"y":592,"width":859,"height":12}},{"id":"c7ac7438-2f94-491f-9a0f-1c9f9854f499","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":80,"box":{"x":88,"y":607,"width":875,"height":12}},{"id":"107ad77d-ed46-488a-8e49-ec386abbb1fb","block_type":"box","text":"since 1993, which included managing financial and regulatory reporting and global fund tax. Ms. Fergerson has been a","page_number":80,"box":{"x":89,"y":622,"width":830,"height":12}},{"id":"d145e68c-a4dc-4ea1-928d-ab431c26df37","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":80,"box":{"x":89,"y":637,"width":854,"height":12}},{"id":"9a4c0800-d733-45fa-93cb-d00f6fab5512","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":80,"box":{"x":89,"y":652,"width":819,"height":13}},{"id":"41575452-02bc-422e-8f80-0d007a7ac4af","block_type":"box","text":"Certified Public Accountant (inactive) and a member of the American Institute of Certified Public Accountants.","page_number":80,"box":{"x":89,"y":668,"width":774,"height":12}},{"id":"82853a91-56aa-47ce-8098-afac8ae97ad1","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":80,"box":{"x":89,"y":694,"width":862,"height":12}},{"id":"8ebb1bc0-97e2-4b8f-af15-ea4148335254","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":80,"box":{"x":89,"y":709,"width":868,"height":12}},{"id":"05f8a488-8ff7-485e-80d9-6c10d74730a7","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":80,"box":{"x":89,"y":724,"width":869,"height":13}},{"id":"7f73d12c-a7cc-4ffb-8f0a-5fcfbc32efb9","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":80,"box":{"x":88,"y":739,"width":845,"height":13}},{"id":"26df2c61-0e24-4080-a3e2-be679e46080a","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":80,"box":{"x":89,"y":754,"width":834,"height":12}},{"id":"f866f708-5426-4a5f-b9fd-1b32caaf52aa","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":80,"box":{"x":89,"y":770,"width":830,"height":12}},{"id":"44a3819d-33f4-4074-ad9f-af5b864c4132","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":80,"box":{"x":89,"y":785,"width":858,"height":11}},{"id":"71040094-fe1c-4e50-bce0-96054ed4961f","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":80,"box":{"x":89,"y":800,"width":871,"height":12}},{"id":"e1e0df1b-e9b8-41dd-bc75-7a2992858af7","block_type":"box","text":"Investment Funds Committee in 2022. She became a member of the Governing Council of the Independent Directors Council","page_number":80,"box":{"x":89,"y":815,"width":875,"height":12}},{"id":"08e1a622-95fe-4ce6-83af-ad5e98d8b61c","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":80,"box":{"x":89,"y":830,"width":863,"height":11}},{"id":"aa393839-efbc-4cb6-9472-ef44f566eb56","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":80,"box":{"x":88,"y":845,"width":853,"height":12}},{"id":"dfabb61b-c578-4338-b534-982263c6f4da","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":80,"box":{"x":89,"y":860,"width":872,"height":13}},{"id":"8baa3e63-2241-49fc-97de-8924961bbadf","block_type":"box","text":"60","page_number":80,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"86bb8134-bed5-4553-b38b-59731c8e3975","block_type":"box","text":"Morgan/Morgan Guaranty Trust doing international corporate finance and corporate lending, retiring as Managing Director","page_number":81,"box":{"x":89,"y":44,"width":867,"height":12}},{"id":"15c6322b-7e44-4e9f-87c4-38aabd001f01","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":81,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"26e16f2e-c32a-4726-82a8-36fa631fac5a","block_type":"box","text":"committees. She holds a double major in economics and communications from Stanford University and an MBA from","page_number":81,"box":{"x":89,"y":74,"width":824,"height":12}},{"id":"4068e623-eb8e-48c4-a36c-3c9e3f4b94c9","block_type":"box","text":"Harvard Business School.","page_number":81,"box":{"x":89,"y":89,"width":175,"height":10}},{"id":"2998d1c2-d100-4e64-947a-65d561098cde","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":81,"box":{"x":88,"y":116,"width":870,"height":12}},{"id":"cafb4c4c-48ec-439f-9033-55c600c986a2","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":81,"box":{"x":89,"y":131,"width":821,"height":11}},{"id":"7baa349b-2fd0-4e7f-8170-47233f6c0115","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":81,"box":{"x":89,"y":146,"width":783,"height":12}},{"id":"8214b1f1-95f4-461e-8722-ae175c6a5568","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":81,"box":{"x":89,"y":161,"width":851,"height":12}},{"id":"fe0e3b39-8d0c-4743-b998-4355cb6dbe35","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":81,"box":{"x":89,"y":176,"width":863,"height":13}},{"id":"f40c3ea7-58a8-4bab-9f06-fcc7aca02c95","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":81,"box":{"x":89,"y":191,"width":803,"height":13}},{"id":"66e5217b-5b42-42d0-a3a6-d15adbd6489d","block_type":"box","text":"Committee Chair and Audit Committee Member. Mr. Lam has been President of James Lam & Associates, Inc., a risk","page_number":81,"box":{"x":89,"y":206,"width":810,"height":12}},{"id":"e4a2179a-763e-4453-a737-c5aeb98bf5a2","block_type":"box","text":"management consulting firm serving global clients across all major industry sectors, since 2002. Previously, Mr. Lam served","page_number":81,"box":{"x":89,"y":222,"width":862,"height":12}},{"id":"d97c1b52-7565-4e1f-96bd-3013f8c38f96","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":81,"box":{"x":89,"y":237,"width":871,"height":12}},{"id":"0f5af3c3-7cee-4f00-8b4e-96e599b852fb","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":81,"box":{"x":89,"y":252,"width":842,"height":12}},{"id":"44c4b6b8-6bac-49ec-8c7d-c06d0f9fb3b1","block_type":"box","text":"quantification, since 2020. Mr. Lam is the author of “Enterprise Risk Management” and “Implementing Enterprise Risk","page_number":81,"box":{"x":89,"y":267,"width":825,"height":12}},{"id":"ad91906c-a6c9-4cac-9875-bab719c33c7e","block_type":"box","text":"Management,” leading risk management books. He holds the NACD Directorship Certification and the NACD CERT","page_number":81,"box":{"x":89,"y":282,"width":804,"height":12}},{"id":"72dbf66e-8492-4cc7-9694-be6b7cbe3317","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":81,"box":{"x":89,"y":297,"width":853,"height":12}},{"id":"8c12e806-5f28-4964-97c3-d08881914ed4","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":81,"box":{"x":89,"y":312,"width":833,"height":13}},{"id":"ebd444ec-e4d1-465d-b81d-4bf750efe9b6","block_type":"box","text":"College and an MBA from the University of California, Los Angeles.","page_number":81,"box":{"x":89,"y":327,"width":465,"height":13}},{"id":"ee3f2db5-3892-4628-9140-838aab4ee23e","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":81,"box":{"x":89,"y":354,"width":820,"height":12}},{"id":"d5926ce4-100f-46e7-82c8-af7b3196b0ce","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":81,"box":{"x":89,"y":369,"width":868,"height":12}},{"id":"3844a5b0-a61c-4dff-960c-a81ed4778647","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":81,"box":{"x":89,"y":384,"width":863,"height":12}},{"id":"8507836d-7402-470d-b79c-1fa4d3fc130e","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":81,"box":{"x":89,"y":399,"width":865,"height":13}},{"id":"8aac02bd-d687-49a4-83f9-8125f4541ed2","block_type":"box","text":"Principal Variable Contracts Funds, Inc. and Principal Exchange-Traded Funds from March 2016 to October 2016. Mr. Lawton","page_number":81,"box":{"x":89,"y":414,"width":872,"height":13}},{"id":"bdcb99ad-18b1-4f2e-8444-de77b6ea0243","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":81,"box":{"x":89,"y":429,"width":860,"height":13}},{"id":"85ca276c-2ecf-423f-aae2-d83c4ae03894","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":81,"box":{"x":89,"y":445,"width":874,"height":12}},{"id":"90b762eb-f9ec-436d-b069-9d88c6eec763","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":81,"box":{"x":89,"y":460,"width":855,"height":12}},{"id":"380c13e9-9444-4e8c-828f-907b59905e08","block_type":"box","text":"Lawton was the President of Fridson Investment Advisors, LLC. Mr. Lawton previously held multiple roles at Fidelity","page_number":81,"box":{"x":89,"y":475,"width":804,"height":12}},{"id":"f2e62c8f-4727-4c69-921f-05f32907e247","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":81,"box":{"x":89,"y":490,"width":859,"height":12}},{"id":"761855b9-a841-47ce-b39c-e39d9ef64f3d","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":81,"box":{"x":89,"y":505,"width":806,"height":12}},{"id":"47530ec6-e75e-4e2f-a3da-b6cdc812402e","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":81,"box":{"x":88,"y":531,"width":847,"height":13}},{"id":"8ca3f1cb-3593-413d-a6f1-ee6e8500b898","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":81,"box":{"x":89,"y":547,"width":849,"height":11}},{"id":"1a0651a8-1448-4209-bb4f-af17c7d994bd","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":81,"box":{"x":89,"y":562,"width":849,"height":12}},{"id":"3bc01b60-fa2c-47f3-868e-90be61f63bc1","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":81,"box":{"x":89,"y":577,"width":806,"height":12}},{"id":"dffd67a0-dbe7-4745-90d9-ff199d45b5cd","block_type":"box","text":"governance oversight and consulting services to this privately held firm that develops products and strategies for","page_number":81,"box":{"x":89,"y":592,"width":790,"height":12}},{"id":"6464cf6e-c374-4406-854e-383056ba8b13","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":81,"box":{"x":89,"y":607,"width":840,"height":12}},{"id":"dbf10c37-92b4-4313-ad06-89552f8ebb3f","block_type":"box","text":"Cloudera Foundation. Mr. Martinez previously served as Director of Barclays Global Investors (“BGI”) UK Holdings, where he","page_number":81,"box":{"x":89,"y":622,"width":863,"height":12}},{"id":"5b3bf7b7-7680-4ed3-8f0e-99907169430f","block_type":"box","text":"provided governance oversight representing BGI’s shareholders (Barclays PLC, BGI management shareholders) through","page_number":81,"box":{"x":89,"y":637,"width":833,"height":13}},{"id":"6deffa81-9131-46e2-b134-10c28fa8527f","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":81,"box":{"x":89,"y":652,"width":863,"height":13}},{"id":"aa441329-3854-4c34-a5b1-eef6cd7ca340","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":81,"box":{"x":89,"y":668,"width":860,"height":12}},{"id":"fe2ba430-6b76-4ba9-9395-a34d002c3ecd","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":81,"box":{"x":89,"y":683,"width":858,"height":12}},{"id":"7bb8963a-f778-4a95-ad2b-f81f3ff297f8","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":81,"box":{"x":89,"y":698,"width":865,"height":12}},{"id":"0780e8fc-1ca0-4f42-9c71-15fcf5a257ae","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":81,"box":{"x":89,"y":713,"width":867,"height":12}},{"id":"0948ceb6-26f2-473e-84e5-41029db65ce9","block_type":"box","text":"and statistics from The University of Chicago Booth School of Business.","page_number":81,"box":{"x":89,"y":728,"width":498,"height":12}},{"id":"2e8cef79-e56c-4e5f-b392-24cf571fe9eb","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":81,"box":{"x":89,"y":754,"width":876,"height":13}},{"id":"e7610efc-9ec9-4889-80f5-af69591d3f00","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":81,"box":{"x":88,"y":770,"width":874,"height":12}},{"id":"88f38d2e-e763-4df1-98f7-83e4379ad57a","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":81,"box":{"x":89,"y":785,"width":857,"height":12}},{"id":"ab2db4c2-456b-41b2-b330-b1272adaa4e2","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":81,"box":{"x":89,"y":800,"width":810,"height":12}},{"id":"a30dcb9d-a5c7-4764-ad75-8222205cb31f","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":81,"box":{"x":88,"y":815,"width":848,"height":12}},{"id":"551c05ba-8e85-4966-b542-249bb7e7467b","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":81,"box":{"x":89,"y":830,"width":869,"height":12}},{"id":"cb31fb96-71ef-4389-ab98-50eaf6af16cf","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":81,"box":{"x":89,"y":845,"width":857,"height":12}},{"id":"8ed58e3b-070c-4b5a-82ec-6fffb2ead537","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":81,"box":{"x":89,"y":860,"width":864,"height":13}},{"id":"59eaf593-09fd-411e-a7d5-5fe20a69aaf6","block_type":"box","text":"61","page_number":81,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"2f1d071e-523a-46b7-96b6-3a447b696a82","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":82,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"80a65050-f077-4b05-900c-55c302a798a2","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":82,"box":{"x":88,"y":59,"width":850,"height":12}},{"id":"bc20fac7-0265-4367-bd8b-8dc69c0f4425","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":82,"box":{"x":89,"y":74,"width":833,"height":12}},{"id":"5d6b5979-8b13-49e2-98ea-c031ced137ec","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":82,"box":{"x":88,"y":89,"width":867,"height":13}},{"id":"6e8e14fd-840f-4a7c-97bb-53ed1215f24a","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":82,"box":{"x":89,"y":104,"width":842,"height":13}},{"id":"8fa8cacf-863d-43a4-a859-0171d96063e5","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":82,"box":{"x":89,"y":119,"width":798,"height":13}},{"id":"0be7eba1-44eb-4cc6-b032-2e96cabf512c","block_type":"box","text":"semiconductor company. Mr. Rajan holds MS and PhD degrees in Accounting from Carnegie Mellon University.","page_number":82,"box":{"x":89,"y":135,"width":775,"height":12}},{"id":"b604763c-c42e-4532-8c79-f81be0f3bc59","block_type":"box","text":"Board – Leadership Structure and Oversight Responsibilities","page_number":82,"box":{"x":89,"y":161,"width":417,"height":12}},{"id":"667a181c-9989-49dc-b5a5-8a383bf110bd","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":82,"box":{"x":89,"y":188,"width":867,"height":12}},{"id":"d8f60ea6-14ac-4517-b75e-3872631f2bba","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":82,"box":{"x":89,"y":203,"width":855,"height":12}},{"id":"f0fae980-d4f5-433e-95e8-a5d73cb76e0e","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":82,"box":{"x":89,"y":218,"width":878,"height":12}},{"id":"d4a78f89-0d7e-4953-975c-221b6f8712cf","block_type":"box","text":"Board is currently composed of eleven members, nine of whom are Independent Directors. The Board currently conducts","page_number":82,"box":{"x":89,"y":233,"width":846,"height":12}},{"id":"7cb2cb9f-691b-4759-a5bf-a504aaa9273a","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":82,"box":{"x":89,"y":248,"width":872,"height":12}},{"id":"65744b74-d289-447e-ad71-9908a4adfe5b","block_type":"box","text":"or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The","page_number":82,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"f09e3ddd-579c-409a-b465-6abf7bdb6eb0","block_type":"box","text":"Independent Directors meet regularly outside the presence of management, in executive session or with other service","page_number":82,"box":{"x":89,"y":278,"width":824,"height":13}},{"id":"e08494b9-47e1-4b07-bb8a-1643175e1867","block_type":"box","text":"providers to the Company.","page_number":82,"box":{"x":89,"y":293,"width":183,"height":13}},{"id":"4eb0b2e9-c9ae-4bc5-b35c-d63c65a07216","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":82,"box":{"x":88,"y":320,"width":876,"height":12}},{"id":"a36dc0d9-f4ea-425f-8ff4-6fd78dc9437e","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":82,"box":{"x":89,"y":335,"width":877,"height":12}},{"id":"4ab4a2bc-7bb5-4a11-9c5d-36683762d524","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":82,"box":{"x":89,"y":350,"width":865,"height":12}},{"id":"c4a78136-5fe3-409c-8268-b2e9a3908bc7","block_type":"box","text":"Board has established seven standing Committees: a Nominating and Governance Committee, an Audit Committee, a 15(c)","page_number":82,"box":{"x":89,"y":365,"width":863,"height":12}},{"id":"e4c67f69-539b-4edc-95c5-d953242159c4","block_type":"box","text":"Committee, a Securities Lending Committee, a Risk Committee, an Equity Plus Committee and a Fixed Income Plus","page_number":82,"box":{"x":89,"y":380,"width":803,"height":13}},{"id":"910dcf42-27ec-4731-9e6f-1b257fbe242f","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":82,"box":{"x":89,"y":395,"width":862,"height":13}},{"id":"760251d0-0d44-42a0-8070-cc1a45472fb9","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":82,"box":{"x":88,"y":410,"width":863,"height":13}},{"id":"6f4b33a7-3790-49e6-96b1-b347172d5eab","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":82,"box":{"x":88,"y":426,"width":860,"height":12}},{"id":"3ca1d2e7-1a4f-4607-852f-b92b8a42a06a","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":82,"box":{"x":89,"y":441,"width":816,"height":12}},{"id":"8b3fd0e4-7a1d-419d-b09f-460fc1146621","block_type":"box","text":"providers, officers, attorneys and other Directors between meetings. Each standing Committee meets regularly to conduct","page_number":82,"box":{"x":89,"y":456,"width":855,"height":12}},{"id":"f5d389bd-9c52-4930-b0a1-625011a17470","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":82,"box":{"x":88,"y":471,"width":852,"height":12}},{"id":"fcb06fd8-c595-45f4-9b95-79d530866473","block_type":"box","text":"standing Committee conduct annual assessments of their oversight function and structure. The Board has determined that","page_number":82,"box":{"x":89,"y":486,"width":862,"height":12}},{"id":"e63583d8-591e-4b72-811e-097df8cd12c7","block_type":"box","text":"the Board’s leadership structure is appropriate because it allows the Board to exercise independent judgment over","page_number":82,"box":{"x":88,"y":501,"width":798,"height":13}},{"id":"e9b8e567-35e1-429d-a747-6d1f83fd5038","block_type":"box","text":"management and it allocates areas of responsibility among committees of Independent Directors and the full Board to","page_number":82,"box":{"x":89,"y":516,"width":828,"height":13}},{"id":"e46a44fc-f649-4041-9ec3-8ed3fdfe4de2","block_type":"box","text":"enhance effective oversight.","page_number":82,"box":{"x":89,"y":531,"width":194,"height":13}},{"id":"f62438ad-83b5-4680-a24b-db53bd90a0d1","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":82,"box":{"x":89,"y":558,"width":866,"height":12}},{"id":"c22503d6-0531-4197-b2dc-be631d2afcaa","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":82,"box":{"x":88,"y":573,"width":845,"height":12}},{"id":"66a30f32-5084-404f-9aa3-7089456c2ce2","block_type":"box","text":"compliance, operational, reputational, counterparty and valuation risks, among others. While there are a number of risk","page_number":82,"box":{"x":89,"y":588,"width":836,"height":12}},{"id":"9c510bd3-4d24-4e4b-bf4e-558aa3998a83","block_type":"box","text":"management functions performed by BFA and other service providers, as applicable, it is not possible to identify and","page_number":82,"box":{"x":89,"y":603,"width":813,"height":13}},{"id":"c73c101e-52dc-4ddb-990d-a1a20dce95fb","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":82,"box":{"x":89,"y":618,"width":865,"height":13}},{"id":"fab27511-eaea-4c76-ac9f-bd853af59bbc","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":82,"box":{"x":89,"y":633,"width":831,"height":13}},{"id":"bb29148f-a6b5-4278-8d8f-91e9af3bf5a8","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":82,"box":{"x":89,"y":649,"width":824,"height":12}},{"id":"93f32e55-3ee3-473f-b1f8-ebce960859ab","block_type":"box","text":"management issues are specifically addressed in presentations and discussions. For example, BFA has an independent","page_number":82,"box":{"x":89,"y":664,"width":828,"height":12}},{"id":"6c62e8f0-71aa-40bd-8c55-7850cebd0e12","block_type":"box","text":"dedicated Risk and Quantitative Analysis Group (“RQA”) that assists BFA in managing fiduciary and corporate risks, including","page_number":82,"box":{"x":89,"y":679,"width":874,"height":12}},{"id":"bc2dc1bd-e0d4-4ca9-bf2e-18ff25672427","block_type":"box","text":"investment, operational, counterparty credit and enterprise risk. Representatives of RQA meet with the Board to discuss their","page_number":82,"box":{"x":89,"y":694,"width":871,"height":12}},{"id":"8cee4dad-2704-43f2-ae3b-e35ae200c5b4","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":82,"box":{"x":89,"y":709,"width":858,"height":12}},{"id":"d0449521-5eb9-4102-a090-0710fc8cf10b","block_type":"box","text":"The Board, directly or through a committee, also reviews reports from, among others, management and the independent","page_number":82,"box":{"x":88,"y":724,"width":848,"height":13}},{"id":"03b30abd-9d3b-48c7-b16d-c0808177e5e1","block_type":"box","text":"registered public accounting firm for the Company, as appropriate, regarding risks faced by each Fund and management’s","page_number":82,"box":{"x":89,"y":739,"width":853,"height":13}},{"id":"7c04e269-6f59-4c96-be92-ca24892af30f","block_type":"box","text":"risk functions. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the","page_number":82,"box":{"x":89,"y":754,"width":840,"height":13}},{"id":"e9bb7fd8-3b09-48dc-8cd6-37f715d106e0","block_type":"box","text":"Company’s compliance program, including assessments by independent third parties, and reports to the Board regarding","page_number":82,"box":{"x":89,"y":770,"width":846,"height":12}},{"id":"698e1731-b42b-4171-8230-04da2b6e97c5","block_type":"box","text":"compliance matters for the Company and its principal service providers. In testing and maintaining the compliance program,","page_number":82,"box":{"x":89,"y":785,"width":871,"height":12}},{"id":"6d50bc27-f7ec-410a-86a4-b909a2963425","block_type":"box","text":"the Chief Compliance Officer (and his or her delegates) assesses key compliance risks affecting each Fund, and addresses","page_number":82,"box":{"x":88,"y":800,"width":852,"height":12}},{"id":"7572e095-f19e-42e4-ba89-cdc04c4f9908","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":82,"box":{"x":88,"y":815,"width":861,"height":12}},{"id":"b81483a6-0864-4152-94a1-af87d41e4cc6","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":82,"box":{"x":89,"y":830,"width":860,"height":12}},{"id":"508c173d-cb06-4f51-907d-c94fc8e72c6a","block_type":"box","text":"results. Board oversight of risk is also performed as needed between meetings through communications between BFA and","page_number":82,"box":{"x":89,"y":845,"width":855,"height":12}},{"id":"f7449292-f909-4999-88b6-c30628b1566e","block_type":"box","text":"the Board. The Independent Directors have engaged independent legal counsel to assist them in performing their oversight","page_number":82,"box":{"x":88,"y":860,"width":863,"height":13}},{"id":"175ad868-1898-4792-a9ec-eb9dff6d9bbf","block_type":"box","text":"62","page_number":82,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c7537f00-7b11-4383-a79f-a7590dd0e2a7","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":83,"box":{"x":89,"y":44,"width":821,"height":12}},{"id":"6fa9bb1f-b580-4ce7-9735-9991f69285e2","block_type":"box","text":"oversight role does not make it a guarantor of the Funds’ investment performance or other activities.","page_number":83,"box":{"x":89,"y":59,"width":704,"height":12}},{"id":"c11e3903-56cb-45a7-a8d8-0fe95ab67a3a","block_type":"box","text":"Committees of the Board of Directors.","page_number":83,"box":{"x":89,"y":85,"width":273,"height":10}},{"id":"74473625-1de5-43d5-9991-5fb492a8773d","block_type":"box","text":"The members of the Audit Committee are Laura F. Fergerson (Chair), Richard L.","page_number":83,"box":{"x":370,"y":85,"width":556,"height":13}},{"id":"a00e3419-f5dc-4b5b-a5c4-56cbae075ab6","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":83,"box":{"x":89,"y":101,"width":825,"height":12}},{"id":"00a63320-5201-4dc6-ace3-1ea89287033f","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":83,"box":{"x":89,"y":116,"width":834,"height":12}},{"id":"1d5b65f4-2b74-4bbc-b2b6-09dd5b954a4b","block_type":"box","text":"accounting and financial reporting principles and policies and related controls and procedures maintained by or on behalf of","page_number":83,"box":{"x":89,"y":131,"width":871,"height":12}},{"id":"25743522-28f1-4c45-aae5-3c6eb9fac12d","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":83,"box":{"x":88,"y":146,"width":864,"height":12}},{"id":"4d9badc9-57cd-4511-a84f-faa7d035825e","block_type":"box","text":"evaluating and, where deemed appropriate, replacing the independent accountants (or nominating the independent","page_number":83,"box":{"x":89,"y":161,"width":814,"height":12}},{"id":"307ca7f3-2a04-4489-9a51-bf72e84c9724","block_type":"box","text":"accountants to be proposed for shareholder approval in any proxy statement); (iv) in evaluating the independence of the","page_number":83,"box":{"x":89,"y":176,"width":843,"height":13}},{"id":"cf4b8e8c-25f3-42e6-9676-6d38be7cbc76","block_type":"box","text":"independent accountants; (v) in complying with legal and regulatory requirements that relate to the Company’s accounting","page_number":83,"box":{"x":89,"y":191,"width":864,"height":13}},{"id":"505461d1-787a-4955-9443-1ec47a40ba7d","block_type":"box","text":"and financial reporting, internal controls, compliance controls and independent audits; and (vi) to assume such other","page_number":83,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"6bd51854-ee86-4d2e-a9e6-0fde1ceca3d7","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":83,"box":{"x":89,"y":222,"width":860,"height":12}},{"id":"f94de257-6ffd-4f35-a69c-ac02ad23d1a4","block_type":"box","text":"31, 2025.","page_number":83,"box":{"x":89,"y":237,"width":61,"height":11}},{"id":"34a3e1b9-fc5f-4d2a-a0eb-7cd5922a9f37","block_type":"box","text":"The members of the Nominating and Governance Committee are Madhav V. Rajan (Chair), Richard L. Fagnani, Laura F.","page_number":83,"box":{"x":88,"y":263,"width":830,"height":12}},{"id":"227a2f97-fbed-4ad3-9a58-65149d08e3c9","block_type":"box","text":"Fergerson, and Cecilia H. Herbert, each of whom is an Independent Director. The Nominating and Governance Committee","page_number":83,"box":{"x":89,"y":278,"width":851,"height":13}},{"id":"cd5334a0-ab70-4c33-9805-9b3efe25ccae","block_type":"box","text":"nominates individuals for Independent Director membership on the Board and recommends appointments to the Advisory","page_number":83,"box":{"x":89,"y":293,"width":859,"height":13}},{"id":"6f69f8af-933b-491d-877c-d266479d41c5","block_type":"box","text":"Board. The Nominating and Governance Committee functions include, but are not limited to, the following: (i) reviewing the","page_number":83,"box":{"x":89,"y":308,"width":866,"height":13}},{"id":"aea0d1a0-94fb-4216-af4c-52c6e3065229","block_type":"box","text":"qualifications of any person properly identified or nominated to serve as an Independent Director; (ii) recommending to the","page_number":83,"box":{"x":89,"y":324,"width":863,"height":12}},{"id":"aace0c08-1475-4057-81fa-7d9c255b37a5","block_type":"box","text":"Board and current Independent Directors the nominee(s) for appointment as an Independent Director by the Board and","page_number":83,"box":{"x":89,"y":339,"width":836,"height":12}},{"id":"a380b4b2-2cd7-49ac-83e9-67b2312c08ac","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":83,"box":{"x":89,"y":354,"width":870,"height":12}},{"id":"2f490c59-4ef7-4c0a-83a0-9ee2c2ec7a8b","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":83,"box":{"x":89,"y":369,"width":848,"height":12}},{"id":"83efa0cb-1cc9-42ad-81bf-4a15508dd99d","block_type":"box","text":"composition of the Board and Board committees and whether they comply with applicable laws and regulations; (iv)","page_number":83,"box":{"x":89,"y":384,"width":814,"height":12}},{"id":"cb706fca-a3fe-4f9e-b518-29398a17ee80","block_type":"box","text":"recommending a current Independent Director to the Board and current Independent Directors to serve as Board Chair; (v)","page_number":83,"box":{"x":89,"y":399,"width":858,"height":13}},{"id":"3003a661-05f7-49cf-9344-013386140970","block_type":"box","text":"periodic review of the Board’s retirement policy; and (vi) recommending an appropriate level of compensation for the","page_number":83,"box":{"x":89,"y":414,"width":820,"height":13}},{"id":"664f2a78-3547-4211-8be7-adf63adee381","block_type":"box","text":"Independent Directors for their services as Directors, members or chairpersons of committees of the Board, Board Chair and","page_number":83,"box":{"x":89,"y":429,"width":868,"height":13}},{"id":"448ef975-9222-4b11-aea4-ce52fc57ced0","block_type":"box","text":"any other positions as the Nominating and Governance Committee considers appropriate. The Nominating and Governance","page_number":83,"box":{"x":89,"y":445,"width":867,"height":12}},{"id":"a818bb30-c800-47bb-b466-9519d8ad7063","block_type":"box","text":"Committee does not consider Board nominations recommended by shareholders (acting solely in their capacity as a","page_number":83,"box":{"x":89,"y":460,"width":812,"height":12}},{"id":"070282e3-fc3a-4ee9-8c33-20906faead2e","block_type":"box","text":"shareholder and not in any other capacity). The Nominating and Governance Committee met three times during the fiscal","page_number":83,"box":{"x":89,"y":475,"width":852,"height":12}},{"id":"8c96db01-531a-46aa-a902-a0fc48c4d818","block_type":"box","text":"year ended August 31, 2025.","page_number":83,"box":{"x":88,"y":490,"width":199,"height":12}},{"id":"fa60c20d-49e3-4fab-822c-5e22cd982dbe","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":83,"box":{"x":89,"y":516,"width":835,"height":13}},{"id":"20e2ac11-9448-4840-989d-ef79ab4c0d9c","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":83,"box":{"x":89,"y":531,"width":865,"height":13}},{"id":"15d1270b-a5b5-445c-a5a1-7d12c5581c80","block_type":"box","text":"the annual review and renewal of the Company’s advisory and sub-advisory agreements. These responsibilities include: (i)","page_number":83,"box":{"x":88,"y":547,"width":854,"height":12}},{"id":"cc76bb2f-989f-4480-a833-be009bf3efd3","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":83,"box":{"x":89,"y":562,"width":795,"height":12}},{"id":"3edf3dcb-8519-4e4d-8626-406b2c9d7130","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":83,"box":{"x":89,"y":577,"width":859,"height":12}},{"id":"a6710a58-c35f-4bdf-8169-e661fb61743c","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":83,"box":{"x":88,"y":592,"width":878,"height":12}},{"id":"dca0d543-8e61-4934-b7c5-39ba8a3acd92","block_type":"box","text":"information as may be necessary and appropriate for the Board to evaluate the investment advisory and sub-advisory","page_number":83,"box":{"x":89,"y":607,"width":822,"height":12}},{"id":"15d7b3e3-da76-41c5-a190-b303f3ea2ef7","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":83,"box":{"x":89,"y":622,"width":782,"height":12}},{"id":"c1da7664-1786-4e93-8586-e2aa489ad572","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":83,"box":{"x":88,"y":649,"width":837,"height":12}},{"id":"d530f28a-21e0-4b36-88a1-45334eb08352","block_type":"box","text":"Martinez, each of whom is an Independent Director. The principal responsibilities of the Securities Lending Committee are to","page_number":83,"box":{"x":89,"y":664,"width":871,"height":12}},{"id":"a26f7601-c10e-43a5-99a4-cbf4fc876bcd","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":83,"box":{"x":89,"y":679,"width":871,"height":12}},{"id":"cce7905c-0f0d-4f11-86cb-7f123fd00b35","block_type":"box","text":"These responsibilities include: (i) requesting that certain information be provided to the Committee for its review and","page_number":83,"box":{"x":88,"y":694,"width":819,"height":12}},{"id":"e0b3cfc8-4663-408e-b68d-3965899c4b75","block_type":"box","text":"consideration prior to such information being provided to the Board; (ii) considering and discussing with BlackRock, Inc. such","page_number":83,"box":{"x":89,"y":709,"width":877,"height":12}},{"id":"02f6a554-1ec6-473f-9ed7-bd9a07f8b5e9","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":83,"box":{"x":89,"y":724,"width":829,"height":13}},{"id":"bb349a2c-6232-40d6-8046-a780283e3dfb","block_type":"box","text":"lending activities and make required findings and approvals; and (iii) providing a recommendation to the Board regarding the","page_number":83,"box":{"x":89,"y":739,"width":874,"height":13}},{"id":"5057c1b9-f4d7-4c60-9852-3d44fd16f4c3","block_type":"box","text":"annual approval of the Company’s Securities Lending Guidelines and the required findings with respect to, and annual","page_number":83,"box":{"x":89,"y":754,"width":824,"height":13}},{"id":"c78d0305-b7cb-46e7-b0c8-c4ce7a8645e7","block_type":"box","text":"approval of, the Company’s agreement with the securities lending agent. The Securities Lending Committee met five times","page_number":83,"box":{"x":89,"y":770,"width":856,"height":12}},{"id":"ee3868bc-f699-4833-8c02-ccaeb37ff1a3","block_type":"box","text":"during the fiscal year ended August 31, 2025.","page_number":83,"box":{"x":89,"y":785,"width":315,"height":12}},{"id":"a85aba80-0874-480a-9831-9dda91f803a7","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":83,"box":{"x":88,"y":811,"width":843,"height":12}},{"id":"c7326ea4-975e-4097-9217-f26ad9728616","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":83,"box":{"x":89,"y":826,"width":873,"height":13}},{"id":"71130db3-d5d0-4c91-b249-ca0945189a73","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":83,"box":{"x":89,"y":841,"width":834,"height":13}},{"id":"e8efa9ac-90ce-4271-83a5-34f9d22dafe7","block_type":"box","text":"equity funds. These responsibilities include: (i) reviewing quarterly reports regarding Company performance, secondary","page_number":83,"box":{"x":89,"y":856,"width":836,"height":13}},{"id":"cab42d77-6e6a-43e2-a183-4a3c604d38c1","block_type":"box","text":"63","page_number":83,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"2ddc3b14-ffdc-4935-bceb-dadc42874877","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":84,"box":{"x":89,"y":44,"width":877,"height":12}},{"id":"099e2006-1605-4804-8a8d-c53b2d92a2ad","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":84,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"835527fa-c19a-49a4-95e0-ad1fb8e60959","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":84,"box":{"x":88,"y":74,"width":837,"height":12}},{"id":"05958ce8-6ecc-41e7-ad68-a96d657c5eed","block_type":"box","text":"during the fiscal year ended August 31, 2025.","page_number":84,"box":{"x":89,"y":89,"width":315,"height":13}},{"id":"528e89dc-9dce-47e3-bcb8-a68a3328ce30","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":84,"box":{"x":88,"y":116,"width":880,"height":12}},{"id":"1e219ae5-da0d-4f31-8fd8-9811f64fb692","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":84,"box":{"x":88,"y":131,"width":865,"height":12}},{"id":"e404ea2e-5867-4c5f-9a98-bbfcbd3746c6","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":84,"box":{"x":89,"y":146,"width":873,"height":12}},{"id":"29c99539-8a26-407c-a547-2893b050620e","block_type":"box","text":"for fixed-income or multi-asset funds. These responsibilities include: (i) reviewing quarterly reports regarding Company","page_number":84,"box":{"x":88,"y":161,"width":836,"height":12}},{"id":"e63628d2-a4a1-4317-96ff-c3e66f49be0f","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":84,"box":{"x":89,"y":176,"width":837,"height":13}},{"id":"113cfc00-7be6-4c12-92a1-307d5dff3605","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":84,"box":{"x":89,"y":191,"width":826,"height":13}},{"id":"b9d3e39e-3513-4f62-bc5b-a9c03f7a050a","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":84,"box":{"x":89,"y":206,"width":873,"height":13}},{"id":"72914f85-2435-4e6e-9348-b030cafd6bab","block_type":"box","text":"Income Plus Committee met four times during the fiscal year ended August 31, 2025.","page_number":84,"box":{"x":89,"y":222,"width":596,"height":12}},{"id":"67aaf27b-6892-4359-824c-0be0ea61faf0","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":84,"box":{"x":88,"y":248,"width":838,"height":12}},{"id":"3bcd6b19-15d7-436e-87f3-7346a2b6d954","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":84,"box":{"x":89,"y":263,"width":837,"height":12}},{"id":"6df44f16-977d-46ed-bca9-bee3b83145bc","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":84,"box":{"x":89,"y":278,"width":856,"height":13}},{"id":"8682d2a6-b08d-41b3-82b8-f8279c35da50","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":84,"box":{"x":88,"y":293,"width":850,"height":13}},{"id":"a8fb0140-66ec-4b5f-b520-50fe6deeb5f4","block_type":"box","text":"Risk Committee met five times during the fiscal year ended August 31, 2025.","page_number":84,"box":{"x":89,"y":308,"width":534,"height":13}},{"id":"8d1c9cbf-ac6b-4700-9e06-7f3a24057592","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":84,"box":{"x":88,"y":335,"width":685,"height":12}},{"id":"5b62f468-73ce-4587-b244-9526702476dd","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":84,"box":{"x":88,"y":361,"width":833,"height":13}},{"id":"e0796ae3-0f13-4c68-aad5-9a400650368d","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":84,"box":{"x":89,"y":376,"width":831,"height":13}},{"id":"2ebc6027-b690-4ebb-96a5-da11e2512673","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":84,"box":{"x":89,"y":392,"width":875,"height":12}},{"id":"b3237e0e-af41-488d-930e-c0e24c179ef9","block_type":"box","text":"the date indicated above:","page_number":84,"box":{"x":88,"y":407,"width":176,"height":9}},{"id":"3f823fb0-120d-4144-9b41-b35282bd0c6c","block_type":"box","text":"Name Fund","page_number":84,"box":{"x":145,"y":497,"width":302,"height":8}},{"id":"6ff19a19-a9c9-4263-8e86-aa4cf213e0b2","block_type":"box","text":"Dollar Range of Equity","page_number":84,"box":{"x":647,"y":487,"width":128,"height":10}},{"id":"e2e5f998-d5d7-48bc-96dc-e1f377c63bea","block_type":"box","text":"Securities in Named Fund","page_number":84,"box":{"x":637,"y":497,"width":147,"height":8}},{"id":"94e23bc6-0248-4aa3-9d06-78d37be67569","block_type":"box","text":"Aggregate Dollar Range","page_number":84,"box":{"x":821,"y":436,"width":138,"height":10}},{"id":"efe4ca2f-095b-40a1-8e48-04b9be6c4adb","block_type":"box","text":"of Equity Securities in all","page_number":84,"box":{"x":820,"y":446,"width":140,"height":10}},{"id":"228fb726-cd76-4db6-923a-4fe9fd2f014a","block_type":"box","text":"Registered Investment","page_number":84,"box":{"x":826,"y":457,"width":129,"height":9}},{"id":"ca4021d6-b65d-452c-a879-681dd8a7b677","block_type":"box","text":"Companies Overseen by","page_number":84,"box":{"x":821,"y":467,"width":139,"height":9}},{"id":"8768241f-61ed-456d-88e1-c7e11a7ba84c","block_type":"box","text":"Director","page_number":84,"box":{"x":867,"y":477,"width":47,"height":7}},{"id":"111bff0b-ca7d-4328-aacf-68f8887c472e","block_type":"box","text":"in Family of","page_number":84,"box":{"x":857,"y":487,"width":67,"height":10}},{"id":"061084b3-bbc9-48a8-a046-cbefc9fd3595","block_type":"box","text":"Investment Companies","page_number":84,"box":{"x":825,"y":497,"width":131,"height":10}},{"id":"521b257e-1728-4d69-a4ae-f7f39ba24137","block_type":"box","text":"Robert S. Kapito None None None","page_number":84,"box":{"x":89,"y":519,"width":760,"height":12}},{"id":"bb3940d5-7987-45ef-aa9f-495e97217052","block_type":"box","text":"Stephen Cohen","page_number":84,"box":{"x":88,"y":559,"width":107,"height":13}},{"id":"ac6aefe4-cda4-40e6-b48e-39dfb9752ce2","block_type":"box","text":"1","page_number":84,"box":{"x":197,"y":558,"width":3,"height":5}},{"id":"f6b5995b-d2ec-4f13-be15-d5b01ea0aefb","block_type":"box","text":"None None None","page_number":84,"box":{"x":259,"y":560,"width":590,"height":9}},{"id":"2992df96-254e-48c4-996c-a3e12577d78d","block_type":"box","text":"John E. Kerrigan iShares Core MSCI Emerging Markets ETF $1-$10,000 Over $100,000","page_number":84,"box":{"x":88,"y":599,"width":826,"height":13}},{"id":"b2e1cb7b-3e18-4678-bfe5-da8ced3fe021","block_type":"box","text":"iShares Core S&P 500 ETF Over $100,000","page_number":84,"box":{"x":259,"y":620,"width":476,"height":11}},{"id":"02360650-885a-4e26-b4fb-8294057f0724","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF $1-$10,000","page_number":84,"box":{"x":259,"y":640,"width":452,"height":11}},{"id":"c202436b-eb9d-4d75-98a2-92e64a717c92","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF $10,001-$50,000","page_number":84,"box":{"x":259,"y":660,"width":492,"height":11}},{"id":"e62e8555-2486-413d-997d-50346aea0984","block_type":"box","text":"iShares ESG Aware MSCI EAFE ETF $10,001-$50,000","page_number":84,"box":{"x":259,"y":680,"width":492,"height":11}},{"id":"fb70133b-1a60-495c-9e36-f2c5beaf8208","block_type":"box","text":"iShares ESG Aware MSCI EM ETF $1-$10,000","page_number":84,"box":{"x":259,"y":700,"width":452,"height":12}},{"id":"c761a2c9-ee63-45e4-830a-810842b9c8ba","block_type":"box","text":"iShares ESG Aware MSCI USA ETF $10,001-$50,000","page_number":84,"box":{"x":259,"y":720,"width":492,"height":12}},{"id":"f09e39eb-565e-49d9-9364-759b6d9e5b23","block_type":"box","text":"iShares ESG Aware MSCI USA Small-Cap ETF $10,001-$50,000","page_number":84,"box":{"x":259,"y":741,"width":492,"height":12}},{"id":"6e958f7d-4112-4560-8341-deb24d187d80","block_type":"box","text":"iShares ESG MSCI KLD 400 ETF $10,001-$50,000","page_number":84,"box":{"x":259,"y":761,"width":492,"height":11}},{"id":"3930bac9-1494-45c5-a496-36526ec94c24","block_type":"box","text":"iShares Future Exponential Technologies ETF Over $100,000","page_number":84,"box":{"x":259,"y":781,"width":476,"height":12}},{"id":"a3288607-9249-403a-82bb-75f8966db201","block_type":"box","text":"iShares Genomics Immunology and Healthcare","page_number":84,"box":{"x":259,"y":801,"width":329,"height":12}},{"id":"de954bcb-c0fc-458a-824b-811f748987e9","block_type":"box","text":"ETF","page_number":84,"box":{"x":275,"y":817,"width":25,"height":9}},{"id":"1f0f6b14-6e52-4e4d-b47a-1c415dc8e3f2","block_type":"box","text":"$50,001-$100,000","page_number":84,"box":{"x":633,"y":801,"width":127,"height":11}},{"id":"148079f0-c3b2-49d1-9d2e-508fff1b9b6e","block_type":"box","text":"iShares Global Clean Energy ETF Over $100,000","page_number":84,"box":{"x":259,"y":836,"width":476,"height":13}},{"id":"1ee57dca-39e1-4452-a58c-3a8ab7eafeec","block_type":"box","text":"64","page_number":84,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4a264c86-725c-4ef8-af0b-5591f4a1507f","block_type":"box","text":"Name Fund","page_number":85,"box":{"x":145,"y":105,"width":302,"height":8}},{"id":"81f1877b-1fbc-49e1-99c5-3e67b19febfb","block_type":"box","text":"Dollar Range of Equity","page_number":85,"box":{"x":647,"y":95,"width":128,"height":10}},{"id":"549ae6bb-ace7-4cec-8027-d7d9d4722065","block_type":"box","text":"Securities in Named Fund","page_number":85,"box":{"x":637,"y":105,"width":147,"height":8}},{"id":"1f8d1771-c947-42d0-a98a-c3f42428ecd1","block_type":"box","text":"Aggregate Dollar Range","page_number":85,"box":{"x":821,"y":45,"width":138,"height":9}},{"id":"5701ebb4-9e5f-43e1-88a8-c253accf10ab","block_type":"box","text":"of Equity Securities in all","page_number":85,"box":{"x":820,"y":55,"width":140,"height":9}},{"id":"3bc1c4cd-0314-441c-828d-486f308b2b00","block_type":"box","text":"Registered Investment","page_number":85,"box":{"x":826,"y":65,"width":129,"height":10}},{"id":"311454c4-586c-4c3b-8884-e7ef867e772d","block_type":"box","text":"Companies Overseen by","page_number":85,"box":{"x":821,"y":75,"width":139,"height":10}},{"id":"409c8b23-5a15-45e9-b49e-ac3cfd0ff1d5","block_type":"box","text":"Director","page_number":85,"box":{"x":867,"y":85,"width":47,"height":8}},{"id":"df955eed-c668-443a-8541-003ce262572a","block_type":"box","text":"in Family of","page_number":85,"box":{"x":857,"y":95,"width":67,"height":10}},{"id":"18f04a69-a712-43c0-9803-78394754f684","block_type":"box","text":"Investment Companies","page_number":85,"box":{"x":825,"y":105,"width":131,"height":10}},{"id":"b4b2b7c5-a632-4891-a1be-2b97229466d8","block_type":"box","text":"iShares Global Infrastructure ETF Over $100,000","page_number":85,"box":{"x":259,"y":127,"width":476,"height":11}},{"id":"34f4f200-3314-41a1-91c0-aa5c64cb6afa","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF Over $100,000","page_number":85,"box":{"x":259,"y":147,"width":476,"height":12}},{"id":"d9c67c04-9942-4e11-a976-8622a60ab521","block_type":"box","text":"iShares MSCI EAFE Growth ETF $10,001-$50,000","page_number":85,"box":{"x":259,"y":167,"width":492,"height":12}},{"id":"2de3f06c-d64d-4652-be58-f7d68b5ec7d2","block_type":"box","text":"iShares MSCI EAFE Value ETF $10,001-$50,000","page_number":85,"box":{"x":259,"y":188,"width":492,"height":11}},{"id":"45c50aa3-f06d-40c9-a491-b5ac5ee389e6","block_type":"box","text":"iShares MSCI Emerging Markets ex China ETF $10,001-$50,000","page_number":85,"box":{"x":259,"y":208,"width":492,"height":12}},{"id":"985b266e-94de-4375-ae93-19739f208120","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF Over $100,000","page_number":85,"box":{"x":259,"y":228,"width":476,"height":12}},{"id":"8931cba0-cb26-4236-9841-b44e69155660","block_type":"box","text":"iShares ESG Optimized MSCI USA ETF $10,001-$50,000","page_number":85,"box":{"x":259,"y":248,"width":492,"height":12}},{"id":"bcfa3d4b-f6d4-4197-8e74-7f0d25711709","block_type":"box","text":"iShares MSCI USA Quality Factor ETF $10,001-$50,000","page_number":85,"box":{"x":259,"y":268,"width":492,"height":12}},{"id":"3a0cb85f-f77e-42b6-b589-22e4fbff1898","block_type":"box","text":"iShares S&P 500 Growth ETF $50,001-$100,000","page_number":85,"box":{"x":259,"y":288,"width":501,"height":12}},{"id":"fa5f06a9-dc2a-4bef-b90f-59f0bd62027d","block_type":"box","text":"iShares S&P 500 Value ETF $10,001-$50,000","page_number":85,"box":{"x":259,"y":308,"width":492,"height":12}},{"id":"0ebdc322-3005-4b8a-b918-88182fadb009","block_type":"box","text":"iShares U.S. Infrastructure ETF $1-$10,000","page_number":85,"box":{"x":259,"y":329,"width":452,"height":11}},{"id":"1fd4e66a-d140-4fb4-bf7b-4bd2ac831969","block_type":"box","text":"iShares U.S. Technology ETF $10,001-$50,000","page_number":85,"box":{"x":259,"y":349,"width":492,"height":12}},{"id":"3814fbc8-daa7-4dad-8b7b-9c662ce30453","block_type":"box","text":"Jane D. Carlin iShares Core MSCI EAFE ETF $50,001-$100,000 Over $100,000","page_number":85,"box":{"x":88,"y":389,"width":826,"height":11}},{"id":"d348cf5f-f93a-4d97-bc92-bf552abe9d4f","block_type":"box","text":"iShares Core MSCI Emerging Markets ETF $10,001-$50,000","page_number":85,"box":{"x":259,"y":409,"width":492,"height":13}},{"id":"b8ab503a-1455-473a-a3de-86b82d54d43f","block_type":"box","text":"iShares Core S&P 500 ETF Over $100,000","page_number":85,"box":{"x":259,"y":429,"width":476,"height":12}},{"id":"e34594dc-034f-4413-a175-752ebcc8e6d0","block_type":"box","text":"iShares Core S&P Mid-Cap ETF $10,001-$50,000","page_number":85,"box":{"x":259,"y":450,"width":492,"height":12}},{"id":"0deab030-7e87-4561-afa8-5239ea1f1816","block_type":"box","text":"iShares Core S&P Small-Cap ETF Over $100,000","page_number":85,"box":{"x":259,"y":470,"width":476,"height":12}},{"id":"3dbaddf8-89fc-4184-9a5c-a7b8cfd7c9fb","block_type":"box","text":"iShares Global Clean Energy ETF $1-$10,000","page_number":85,"box":{"x":259,"y":490,"width":452,"height":12}},{"id":"c965cab4-75f0-49e8-82f8-28edcd489edd","block_type":"box","text":"iShares MSCI ACWI ex U.S. ETF $50,001-$100,000","page_number":85,"box":{"x":259,"y":510,"width":501,"height":11}},{"id":"139e47ed-1f83-45f4-85ab-9e43017d8b5c","block_type":"box","text":"iShares MSCI Global Select Metals and Mining","page_number":85,"box":{"x":259,"y":530,"width":321,"height":13}},{"id":"0c2523ac-ea55-4439-9fc9-5e4657ef71c1","block_type":"box","text":"Producers","page_number":85,"box":{"x":275,"y":545,"width":69,"height":10}},{"id":"9fce7d8f-91c7-4baa-9f6c-7f551e0f4801","block_type":"box","text":"$10,001-$50,000","page_number":85,"box":{"x":633,"y":530,"width":118,"height":12}},{"id":"af83df72-89dd-44cd-ada0-b14286424c20","block_type":"box","text":"iShares Select Dividend ETF $50,001-$100,000","page_number":85,"box":{"x":259,"y":565,"width":501,"height":12}},{"id":"b4742b1a-cc89-4181-a619-f9d0e4a8d005","block_type":"box","text":"iShares Short Treasury Bond ETF $10,001-$50,000","page_number":85,"box":{"x":259,"y":586,"width":492,"height":12}},{"id":"e3d57d32-6543-4615-9b25-4a5986e9a43f","block_type":"box","text":"Richard L. Fagnani iShares Core Dividend Growth ETF Over $100,000 Over $100,000","page_number":85,"box":{"x":89,"y":626,"width":825,"height":12}},{"id":"c9a713b0-77e4-4632-86f2-5d68c6900e7c","block_type":"box","text":"iShares Core MSCI EAFE ETF $50,001-$100,000","page_number":85,"box":{"x":259,"y":646,"width":501,"height":11}},{"id":"f1e75bef-8f7a-4733-bf1b-5c67a6028ad1","block_type":"box","text":"iShares Core MSCI Europe ETF $50,001-$100,000","page_number":85,"box":{"x":259,"y":666,"width":501,"height":13}},{"id":"0cb5f64f-4a45-47a6-8413-7150dde218dc","block_type":"box","text":"iShares Core MSCI International Developed","page_number":85,"box":{"x":259,"y":686,"width":300,"height":13}},{"id":"ca4a6a22-658f-4691-b8af-347772f006eb","block_type":"box","text":"Markets ETF","page_number":85,"box":{"x":275,"y":702,"width":86,"height":9}},{"id":"1a13c4c9-1d8a-4d6d-90b6-cb31973abcb8","block_type":"box","text":"Over $100,000","page_number":85,"box":{"x":633,"y":687,"width":102,"height":11}},{"id":"5a5fe6e8-8087-4ded-8da5-c364fafa8408","block_type":"box","text":"iShares Core S&P 500 ETF Over $100,000","page_number":85,"box":{"x":259,"y":722,"width":476,"height":11}},{"id":"a3a4e89f-ef4d-4a92-9410-2e538d47c74f","block_type":"box","text":"iShares Core S&P Small-Cap ETF Over $100,000","page_number":85,"box":{"x":259,"y":742,"width":476,"height":12}},{"id":"83599f8c-3133-49be-aa49-709c395a29c9","block_type":"box","text":"iShares Core S&P Total U.S. Stock Market ETF Over $100,000","page_number":85,"box":{"x":259,"y":762,"width":476,"height":11}},{"id":"9b84acdc-890e-4bd1-aa81-1503da5aaacf","block_type":"box","text":"iShares Core S&P U.S. Growth ETF Over $100,000","page_number":85,"box":{"x":259,"y":782,"width":476,"height":11}},{"id":"a4bdec15-4439-4481-9d2b-d4d302ee76ee","block_type":"box","text":"iShares International Dividend Growth ETF $50,001-$100,000","page_number":85,"box":{"x":259,"y":802,"width":501,"height":12}},{"id":"36869816-e926-44e1-81e5-258cd11a6bcd","block_type":"box","text":"iShares Morningstar Growth ETF Over $100,000","page_number":85,"box":{"x":259,"y":822,"width":476,"height":13}},{"id":"4e07a9d0-837d-4d62-b7bf-a0fb97098075","block_type":"box","text":"iShares Morningstar Mid-Cap ETF Over $100,000","page_number":85,"box":{"x":259,"y":843,"width":476,"height":12}},{"id":"50803579-7128-4a56-9176-5f513efe2bfa","block_type":"box","text":"65","page_number":85,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"86690513-b1cb-4a06-b6cd-bc7c928a2d21","block_type":"box","text":"Name Fund","page_number":86,"box":{"x":145,"y":105,"width":302,"height":8}},{"id":"778c7f14-6c3c-415f-86ff-61e225da01d5","block_type":"box","text":"Dollar Range of Equity","page_number":86,"box":{"x":647,"y":95,"width":128,"height":10}},{"id":"a8d0ca0e-6d58-48e6-81dc-2df496cd576a","block_type":"box","text":"Securities in Named Fund","page_number":86,"box":{"x":637,"y":105,"width":147,"height":8}},{"id":"30fda71a-bfd1-412a-a6b6-599fc42a1981","block_type":"box","text":"Aggregate Dollar Range","page_number":86,"box":{"x":821,"y":45,"width":138,"height":9}},{"id":"c2729ffb-93ae-4ede-8b33-723d2fbc77be","block_type":"box","text":"of Equity Securities in all","page_number":86,"box":{"x":820,"y":55,"width":140,"height":9}},{"id":"0202616b-0eb8-4c89-af42-8be94a489a7f","block_type":"box","text":"Registered Investment","page_number":86,"box":{"x":826,"y":65,"width":129,"height":10}},{"id":"2910639a-fba7-4086-ae88-7dcc2f54ece8","block_type":"box","text":"Companies Overseen by","page_number":86,"box":{"x":821,"y":75,"width":139,"height":10}},{"id":"d5015913-9026-45e0-9099-60d2a7b9cf91","block_type":"box","text":"Director","page_number":86,"box":{"x":867,"y":85,"width":47,"height":8}},{"id":"ad3a2096-0944-428e-a220-8880bd39d977","block_type":"box","text":"in Family of","page_number":86,"box":{"x":857,"y":95,"width":67,"height":10}},{"id":"ef669613-1c4c-48a6-b47f-62d7341929d5","block_type":"box","text":"Investment Companies","page_number":86,"box":{"x":825,"y":105,"width":131,"height":10}},{"id":"19a38176-c6d6-4e8d-946f-07d64921b339","block_type":"box","text":"iShares Morningstar Mid-Cap Value ETF $10,001-$50,000","page_number":86,"box":{"x":259,"y":127,"width":492,"height":12}},{"id":"aa5c390b-2176-422b-b429-42f6da12d778","block_type":"box","text":"iShares MSCI Intl Momentum Factor ETF Over $100,000","page_number":86,"box":{"x":259,"y":147,"width":476,"height":12}},{"id":"6f26a759-6a33-43ea-8994-3e6d579377e8","block_type":"box","text":"iShares MSCI Intl Value Factor ETF $50,001-$100,000","page_number":86,"box":{"x":259,"y":167,"width":501,"height":12}},{"id":"4568e2ac-1b69-4517-b067-005d02fb970b","block_type":"box","text":"iShares U.S. Real Estate ETF $10,001-$50,000","page_number":86,"box":{"x":259,"y":188,"width":492,"height":11}},{"id":"8b6a5e71-0be8-40b4-9280-7ade7b36b503","block_type":"box","text":"Laura F. Fergerson","page_number":86,"box":{"x":89,"y":229,"width":126,"height":11}},{"id":"27c0bf6c-f82a-405b-ba64-113b6cc87282","block_type":"box","text":"2","page_number":86,"box":{"x":217,"y":226,"width":5,"height":6}},{"id":"f1c2aae5-9a35-47ac-b0e3-8f86c5ecb219","block_type":"box","text":"iShares Core S&P Small-Cap ETF $50,001-$100,000 Over $100,000","page_number":86,"box":{"x":259,"y":228,"width":655,"height":12}},{"id":"8d9eeee6-7cf0-4985-831e-8b48340f8fa9","block_type":"box","text":"iShares Preferred and Income Securities ETF Over $100,000","page_number":86,"box":{"x":259,"y":248,"width":476,"height":11}},{"id":"a2c07925-88d4-458e-8fe5-33b40003ed22","block_type":"box","text":"iShares Russell 1000 Growth ETF $50,001-$100,000","page_number":86,"box":{"x":259,"y":268,"width":501,"height":11}},{"id":"dddde9aa-e899-46a7-ad5a-f7ccec81e834","block_type":"box","text":"iShares Russell 2000 Growth ETF $50,001-$100,000","page_number":86,"box":{"x":259,"y":288,"width":501,"height":12}},{"id":"a17de807-f398-44b1-a0db-486851c5d4a4","block_type":"box","text":"Cecilia H. Herbert","page_number":86,"box":{"x":89,"y":329,"width":121,"height":9}},{"id":"95bb9c8c-4fae-421e-8680-50ab8e969a90","block_type":"box","text":"3","page_number":86,"box":{"x":211,"y":327,"width":5,"height":6}},{"id":"79c29224-4e86-485c-b2e1-58cac6e96565","block_type":"box","text":"iShares 1-5 Year Investment Grade Corporate","page_number":86,"box":{"x":259,"y":329,"width":312,"height":12}},{"id":"3e806556-9b41-475f-af6f-bf1e1a0fd663","block_type":"box","text":"Bond ETF","page_number":86,"box":{"x":275,"y":344,"width":66,"height":9}},{"id":"b6ee0cc6-7ff8-488d-8134-19783cbb63f1","block_type":"box","text":"$10,001-$50,000 Over $100,000","page_number":86,"box":{"x":633,"y":329,"width":281,"height":11}},{"id":"c7704c55-cb56-4134-9821-c9dbd7191a33","block_type":"box","text":"iShares Core Dividend Growth ETF Over $100,000","page_number":86,"box":{"x":259,"y":364,"width":476,"height":11}},{"id":"b8275ca8-b1f0-4700-80fb-765dbdc82dfb","block_type":"box","text":"iShares Core MSCI Total International Stock ETF $10,001-$50,000","page_number":86,"box":{"x":259,"y":384,"width":492,"height":11}},{"id":"b9ac55a7-f15b-4e9d-bced-5b6cad98d8f1","block_type":"box","text":"iShares Core S&P 500 ETF Over $100,000","page_number":86,"box":{"x":259,"y":404,"width":476,"height":12}},{"id":"5ebcaaf4-1a4f-4b82-b927-1f08451870b7","block_type":"box","text":"iShares Core S&P U.S. Growth ETF Over $100,000","page_number":86,"box":{"x":259,"y":424,"width":476,"height":12}},{"id":"d1750c82-587b-4e69-8c86-62c5c197a518","block_type":"box","text":"iShares Core S&P U.S. Value ETF Over $100,000","page_number":86,"box":{"x":259,"y":445,"width":476,"height":11}},{"id":"63f81931-3635-45b7-819e-70b31baef1d8","block_type":"box","text":"iShares MSCI USA Value Factor ETF Over $100,000","page_number":86,"box":{"x":259,"y":465,"width":476,"height":11}},{"id":"78dbfb50-0db2-4653-aff1-c38baf87142f","block_type":"box","text":"James Lam","page_number":86,"box":{"x":88,"y":506,"width":76,"height":10}},{"id":"1ac970e9-d5e4-4abf-bcf0-6e2f592e8cf9","block_type":"box","text":"2","page_number":86,"box":{"x":166,"y":503,"width":5,"height":6}},{"id":"3195176f-8423-4549-8fc3-458590b9d159","block_type":"box","text":"iShares 7-10 Year Treasury Bond ETF Over $100,000 Over $100,000","page_number":86,"box":{"x":259,"y":505,"width":655,"height":12}},{"id":"b292a6c3-f604-41a6-9942-8dc8851fbde2","block_type":"box","text":"iShares 10-20 Year Treasury Bond ETF $50,001-$100,000","page_number":86,"box":{"x":259,"y":525,"width":501,"height":12}},{"id":"e2e991ba-d050-4bfe-9747-44c474120395","block_type":"box","text":"iShares Core S&P 500 ETF Over $100,000","page_number":86,"box":{"x":259,"y":545,"width":476,"height":12}},{"id":"8f2cf264-d371-40f9-8f4b-8379a49bc808","block_type":"box","text":"iShares Core S&P Mid-Cap ETF Over $100,000","page_number":86,"box":{"x":259,"y":565,"width":476,"height":13}},{"id":"7324a533-5136-4183-93b8-2dd4509b205c","block_type":"box","text":"iShares Dow Jones U.S. ETF Over $100,000","page_number":86,"box":{"x":259,"y":586,"width":476,"height":11}},{"id":"8a1ac675-3779-4dce-81e1-2dcd959c0bda","block_type":"box","text":"iShares Global Infrastructure ETF $50,001-$100,000","page_number":86,"box":{"x":259,"y":606,"width":501,"height":11}},{"id":"9aaeda37-cfdf-43c9-8023-49befab0651c","block_type":"box","text":"iShares Russell 2000 Growth ETF Over $100,000","page_number":86,"box":{"x":259,"y":626,"width":476,"height":11}},{"id":"2c343026-600d-46b6-b866-29582fb1d8e0","block_type":"box","text":"iShares Russell 2000 Value ETF Over $100,000","page_number":86,"box":{"x":259,"y":646,"width":476,"height":11}},{"id":"8121a0a1-db29-4f31-accf-a3d95de5409a","block_type":"box","text":"iShares S&P 500 Growth ETF Over $100,000","page_number":86,"box":{"x":259,"y":666,"width":476,"height":12}},{"id":"c0070b8d-7432-4cd0-82b9-52d566cad434","block_type":"box","text":"iShares S&P 500 Value ETF Over $100,000","page_number":86,"box":{"x":259,"y":686,"width":476,"height":12}},{"id":"76c88806-28fb-40ce-a511-5b39316bbc9f","block_type":"box","text":"iShares Semiconductor ETF $50,001-$100,000","page_number":86,"box":{"x":259,"y":707,"width":501,"height":11}},{"id":"566d3273-8f97-4efe-9be1-bbd53b5fe2ed","block_type":"box","text":"iShares TIPS Bond ETF Over $100,000","page_number":86,"box":{"x":259,"y":727,"width":476,"height":11}},{"id":"65b788b7-4ca1-4c10-8832-69f6cac11f2e","block_type":"box","text":"Drew E. Lawton iShares 1-3 Year Treasury Bond ETF Over $100,000 Over $100,000","page_number":86,"box":{"x":89,"y":767,"width":825,"height":12}},{"id":"920b8d1a-878b-416a-90de-0939f68b5bf8","block_type":"box","text":"iShares 20+ Year Treasury Bond BuyWrite Strategy","page_number":86,"box":{"x":259,"y":787,"width":349,"height":13}},{"id":"f9d67c94-f07b-4ad9-86b1-b016845a3ee1","block_type":"box","text":"ETF","page_number":86,"box":{"x":275,"y":803,"width":25,"height":9}},{"id":"accc2e34-52cb-4f97-afcf-8fb98229c7d5","block_type":"box","text":"$50,001-$100,000","page_number":86,"box":{"x":633,"y":787,"width":127,"height":12}},{"id":"4c37f259-e7c3-49fc-b4b6-4d2059734996","block_type":"box","text":"iShares Biotechnology ETF $50,001-$100,000","page_number":86,"box":{"x":259,"y":822,"width":501,"height":13}},{"id":"435c1696-ac15-41af-b7f4-c54bd210dc61","block_type":"box","text":"iShares Core Dividend Growth ETF Over $100,000","page_number":86,"box":{"x":259,"y":843,"width":476,"height":11}},{"id":"be1ccad5-a05a-47c9-9c89-94e546a951aa","block_type":"box","text":"66","page_number":86,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7d640f87-7753-4b08-99e1-79d6bf55e0fa","block_type":"box","text":"Name Fund","page_number":87,"box":{"x":145,"y":105,"width":302,"height":8}},{"id":"3627d22f-c460-4e03-b481-8566cfdf22a6","block_type":"box","text":"Dollar Range of Equity","page_number":87,"box":{"x":647,"y":95,"width":128,"height":10}},{"id":"6ab73f5a-3c4f-4c30-afd4-1dd8880f92e2","block_type":"box","text":"Securities in Named Fund","page_number":87,"box":{"x":637,"y":105,"width":147,"height":8}},{"id":"6c685936-ec91-4c8e-96a7-b135de105b74","block_type":"box","text":"Aggregate Dollar Range","page_number":87,"box":{"x":821,"y":45,"width":138,"height":9}},{"id":"2b86d6d8-bf76-44a3-9cbb-be746260b6ed","block_type":"box","text":"of Equity Securities in all","page_number":87,"box":{"x":820,"y":55,"width":140,"height":9}},{"id":"98527453-a8b4-44da-9f39-a65ff5718dd2","block_type":"box","text":"Registered Investment","page_number":87,"box":{"x":826,"y":65,"width":129,"height":10}},{"id":"53f53ecf-8414-48a3-9cef-ef1039e089f5","block_type":"box","text":"Companies Overseen by","page_number":87,"box":{"x":821,"y":75,"width":139,"height":10}},{"id":"558379ee-9c46-4b47-917b-270265935e77","block_type":"box","text":"Director","page_number":87,"box":{"x":867,"y":85,"width":47,"height":8}},{"id":"d0ba0bd9-ad8b-4b86-a9c5-18906f0afd70","block_type":"box","text":"in Family of","page_number":87,"box":{"x":857,"y":95,"width":67,"height":10}},{"id":"2ccbf52b-c583-42b2-bf82-3051128f5d22","block_type":"box","text":"Investment Companies","page_number":87,"box":{"x":825,"y":105,"width":131,"height":10}},{"id":"d579d1fa-83e8-4256-abf7-c97cb1308eb2","block_type":"box","text":"iShares Core MSCI Total International Stock ETF $10,001-$50,000","page_number":87,"box":{"x":259,"y":127,"width":492,"height":11}},{"id":"056be1dd-11df-4f7a-acf8-d64e758176ea","block_type":"box","text":"iShares Core S&P Total U.S. Stock Market ETF Over $100,000","page_number":87,"box":{"x":259,"y":147,"width":476,"height":12}},{"id":"8a2d7415-33f9-4669-a136-32eb4394a36e","block_type":"box","text":"iShares Core US Aggregate Bond ETF $50,001-$100,000","page_number":87,"box":{"x":259,"y":167,"width":501,"height":13}},{"id":"2cf45c87-469d-449b-babf-c450253a22b2","block_type":"box","text":"iShares Expanded Tech Sector ETF $50,001-$100,000","page_number":87,"box":{"x":259,"y":188,"width":501,"height":12}},{"id":"7d78f901-19b5-4732-9cbc-db954f76834c","block_type":"box","text":"iShares Future Exponential Technologies ETF Over $100,000","page_number":87,"box":{"x":259,"y":208,"width":476,"height":12}},{"id":"7481a95c-5912-4ad6-a5e6-480f9fd78ad0","block_type":"box","text":"iShares Global Financials ETF $10,001-$50,000","page_number":87,"box":{"x":259,"y":228,"width":492,"height":11}},{"id":"4080aa2f-beac-486f-a319-865396ecf422","block_type":"box","text":"iShares MSCI Japan ETF $50,001-$100,000","page_number":87,"box":{"x":259,"y":248,"width":501,"height":12}},{"id":"edfed372-4b08-4555-9dac-89ec83415b27","block_type":"box","text":"iShares U.S. Financial Services ETF $10,001-$50,000","page_number":87,"box":{"x":259,"y":268,"width":492,"height":11}},{"id":"823265b1-6f57-4a2c-b268-691c6999b5b3","block_type":"box","text":"iShares U.S. Financials ETF $10,001-$50,000","page_number":87,"box":{"x":259,"y":288,"width":492,"height":12}},{"id":"839ededb-bd6c-49e9-8cfc-aac006d74042","block_type":"box","text":"iShares U.S. Healthcare ETF Over $100,000","page_number":87,"box":{"x":259,"y":308,"width":476,"height":12}},{"id":"840f8d95-4da2-4644-84a5-7629d419839f","block_type":"box","text":"John E. Martinez iShares Core MSCI International Developed","page_number":87,"box":{"x":88,"y":349,"width":471,"height":12}},{"id":"1d145035-34e7-40b3-b363-d5c52523b78a","block_type":"box","text":"Markets ETF","page_number":87,"box":{"x":275,"y":364,"width":86,"height":10}},{"id":"fb1f6894-fa8b-4289-85e6-5bcff80db847","block_type":"box","text":"$10,001-$50,000 Over $100,000","page_number":87,"box":{"x":633,"y":349,"width":281,"height":11}},{"id":"e1caf95b-3060-4a94-97af-8a4cbb71ef14","block_type":"box","text":"iShares Core S&P 500 ETF Over $100,000","page_number":87,"box":{"x":259,"y":384,"width":476,"height":11}},{"id":"f7093d88-a14e-4a08-9c60-05bb496bdf19","block_type":"box","text":"iShares Core S&P Small-Cap ETF Over $100,000","page_number":87,"box":{"x":259,"y":404,"width":476,"height":13}},{"id":"03b83149-f59f-4641-955c-d0cb38c9cba6","block_type":"box","text":"iShares Global Consumer Staples ETF $50,001-$100,000","page_number":87,"box":{"x":259,"y":424,"width":501,"height":13}},{"id":"491b79e5-2b57-42c2-9f6b-58a45d0f2acb","block_type":"box","text":"iShares Large Cap Max Buffer Sep ETF Over $100,000","page_number":87,"box":{"x":259,"y":445,"width":476,"height":12}},{"id":"f0d87fb4-ad38-4741-b67a-4c20f4a25cf4","block_type":"box","text":"iShares Russell 1000 ETF Over $100,000","page_number":87,"box":{"x":259,"y":465,"width":476,"height":11}},{"id":"3cbbf1ee-1eeb-42b6-bbcf-e3aff049b06e","block_type":"box","text":"iShares Russell 2000 ETF Over $100,000","page_number":87,"box":{"x":259,"y":485,"width":476,"height":11}},{"id":"f4056a33-abb9-4563-9b39-b4a7b12ae089","block_type":"box","text":"Madhav V. Rajan iShares Core MSCI International Developed","page_number":87,"box":{"x":89,"y":525,"width":470,"height":12}},{"id":"e7810a2b-647e-435a-9958-4be92d4b6fc2","block_type":"box","text":"Markets ETF","page_number":87,"box":{"x":275,"y":540,"width":86,"height":10}},{"id":"b5d02ad3-57ed-4471-bc7f-1b646e20db84","block_type":"box","text":"Over $100,000 Over $100,000","page_number":87,"box":{"x":633,"y":525,"width":281,"height":11}},{"id":"c0eb9c9f-1914-4dfc-9064-51bf9c5d606e","block_type":"box","text":"iShares Core S&P 500 ETF Over $100,000","page_number":87,"box":{"x":259,"y":560,"width":476,"height":12}},{"id":"01be8254-d877-47a1-a4be-3d578084dd84","block_type":"box","text":"1","page_number":87,"box":{"x":118,"y":599,"width":3,"height":5}},{"id":"289623b6-6da9-4d70-9473-b590e44fb354","block_type":"box","text":"Appointed to serve as an Interested Director effective March 5, 2024.","page_number":87,"box":{"x":132,"y":600,"width":384,"height":10}},{"id":"7e1530e5-9fd6-49f1-865c-d115c81a7480","block_type":"box","text":"2","page_number":87,"box":{"x":118,"y":614,"width":4,"height":5}},{"id":"049ff493-3792-4b4c-bed7-8f516cc96c1e","block_type":"box","text":"Appointed to serve as an Independent Director effective April 8, 2024.","page_number":87,"box":{"x":132,"y":615,"width":389,"height":10}},{"id":"a7182059-ac5b-4bb6-99ed-ac0b594327ae","block_type":"box","text":"3","page_number":87,"box":{"x":118,"y":629,"width":4,"height":5}},{"id":"4cefc0ea-3177-4b06-9472-fec3bf5b22b0","block_type":"box","text":"Cecilia H. Herbert will serve as an Independent Director through December 31, 2025.","page_number":87,"box":{"x":133,"y":630,"width":471,"height":10}},{"id":"8c1c5bb6-e12a-4d42-b637-9aa95af323eb","block_type":"box","text":"As of December 31, 2024, none of the Independent Directors or their immediate family members owned beneficially or of","page_number":87,"box":{"x":88,"y":654,"width":851,"height":12}},{"id":"961efbea-470d-4dfd-8a66-c8e6678a22ff","block_type":"box","text":"record any securities of BFA (the Funds’ investment adviser), the Distributor or any person controlling, controlled by or under","page_number":87,"box":{"x":89,"y":669,"width":874,"height":12}},{"id":"0291f4c3-c569-4848-84a8-cfbda2173227","block_type":"box","text":"common control with BFA or the Distributor.","page_number":87,"box":{"x":89,"y":684,"width":310,"height":10}},{"id":"4d19b08a-a8a8-4d69-a28c-8b1cb1b2c872","block_type":"box","text":"Remuneration of Directors and Advisory Board Members.","page_number":87,"box":{"x":89,"y":710,"width":414,"height":13}},{"id":"8ad4f24a-33ad-4bc1-ae20-04d572151c85","block_type":"box","text":"Effective January 1, 2025, each current Independent Director is","page_number":87,"box":{"x":513,"y":710,"width":434,"height":13}},{"id":"a6d4edc9-3dd3-42d4-a555-946495de8236","block_type":"box","text":"paid an annual retainer of $475,000 for his or her services as a Board member to the BlackRock-advised Funds in the iShares","page_number":87,"box":{"x":89,"y":725,"width":869,"height":13}},{"id":"cab9824e-56a7-48ea-87cc-b02a724cfbc8","block_type":"box","text":"Complex, together with out-of-pocket expenses in accordance with the Board’s policy on travel and other business expenses","page_number":87,"box":{"x":89,"y":741,"width":873,"height":12}},{"id":"39f142f5-110b-40c7-a246-5d29cf49da57","block_type":"box","text":"relating to attendance at meetings. The annual retainer for services as an Advisory Board Member is the same as the annual","page_number":87,"box":{"x":89,"y":756,"width":866,"height":12}},{"id":"0330e125-7b8d-4820-b893-d9bb31649fe5","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":87,"box":{"x":89,"y":771,"width":809,"height":12}},{"id":"ee7d0faf-0086-44e3-962c-1d8034ca6b82","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":87,"box":{"x":89,"y":786,"width":873,"height":12}},{"id":"3863a6f1-4dc6-45f9-ba6b-573c4f60d473","block_type":"box","text":"Securities Lending Committee, Nominating and Governance Committee and 15(c) Committee is paid an additional annual","page_number":87,"box":{"x":88,"y":801,"width":854,"height":12}},{"id":"af21dbb0-d962-40c5-a073-4678d43b30a9","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":87,"box":{"x":89,"y":816,"width":846,"height":13}},{"id":"2020b96b-f8c5-4787-a063-f17bec49101f","block_type":"box","text":"$25,000. Prior to January 1, 2025, each Independent Director that served as a director of subsidiaries of the iShares Complex","page_number":87,"box":{"x":89,"y":831,"width":869,"height":13}},{"id":"98e466f8-e643-40cd-8cc9-08089185d8fc","block_type":"box","text":"was paid an additional annual retainer of $10,000.","page_number":87,"box":{"x":88,"y":846,"width":350,"height":13}},{"id":"d1a09785-133c-4477-8535-474f68d729c6","block_type":"box","text":"67","page_number":87,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"22da2f9a-3184-4de4-87af-dd86b5d87642","block_type":"box","text":"The table below sets forth the compensation paid to each Independent Director for services to the Funds and the aggregate","page_number":88,"box":{"x":88,"y":44,"width":867,"height":12}},{"id":"b714bae7-c6e4-41fb-8e11-d8044e8b8110","block_type":"box","text":"compensation paid to them for services to the iShares Complex. Because BFA has agreed in the Investment Advisory","page_number":88,"box":{"x":89,"y":59,"width":814,"height":12}},{"id":"8f2fb400-f2e4-41d7-8e90-20e1787ce0d1","block_type":"box","text":"Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the","page_number":88,"box":{"x":88,"y":74,"width":866,"height":12}},{"id":"02f6b9d9-5171-4ef3-be32-07e0c49097ff","block_type":"box","text":"compensation from its management fees. Compensation from the iShares Complex is not paid to Interested Directors.","page_number":88,"box":{"x":89,"y":89,"width":827,"height":13}},{"id":"95255e85-bace-4f58-a10b-a5ca6e05367c","block_type":"box","text":"Director","page_number":88,"box":{"x":202,"y":160,"width":47,"height":7}},{"id":"04f1bc9a-fa7b-4e03-8963-8d5145b9c9da","block_type":"box","text":"Aggregate","page_number":88,"box":{"x":426,"y":129,"width":60,"height":10}},{"id":"df7cf2e2-c378-4ece-af31-299a8837ceca","block_type":"box","text":"Compensation","page_number":88,"box":{"x":414,"y":139,"width":84,"height":10}},{"id":"fe8119cc-f276-4169-896b-72a413460480","block_type":"box","text":"for the Funds","page_number":88,"box":{"x":418,"y":149,"width":76,"height":8}},{"id":"47e00133-e4a1-4389-970f-29fe661bbdd4","block_type":"box","text":"in this SAI","page_number":88,"box":{"x":425,"y":159,"width":56,"height":8}},{"id":"643bbd0a-981e-4233-9604-ab415245a8ca","block_type":"box","text":"1","page_number":88,"box":{"x":484,"y":158,"width":2,"height":5}},{"id":"1541d1a8-c613-4de7-bbea-37fa6561889b","block_type":"box","text":"Pension or","page_number":88,"box":{"x":572,"y":119,"width":61,"height":8}},{"id":"3e6974d0-4838-4fff-bd95-3f2df0691855","block_type":"box","text":"Retirement","page_number":88,"box":{"x":571,"y":129,"width":63,"height":8}},{"id":"b7de4de6-0e1b-4e0a-87f2-85d1d896ea91","block_type":"box","text":"Benefits Accrued","page_number":88,"box":{"x":554,"y":139,"width":97,"height":8}},{"id":"6ed99e36-5cbb-4f54-bf5c-6f8cc8685b44","block_type":"box","text":"as Part of Fund","page_number":88,"box":{"x":559,"y":149,"width":86,"height":8}},{"id":"3e7f9ab0-5704-4cec-a4a3-d34a248d2cb0","block_type":"box","text":"Expenses","page_number":88,"box":{"x":576,"y":160,"width":53,"height":9}},{"id":"8b78dea2-cf9b-4bf5-92ce-a7cb89555771","block_type":"box","text":"Estimated Benefits","page_number":88,"box":{"x":707,"y":149,"width":106,"height":8}},{"id":"8eeb934a-39ff-4bf6-bd7d-cdef65949b9d","block_type":"box","text":"Upon Retirement","page_number":88,"box":{"x":711,"y":160,"width":98,"height":9}},{"id":"5e42970e-7b87-4ff7-bb82-4f0ee3dff70f","block_type":"box","text":"Aggregate","page_number":88,"box":{"x":887,"y":129,"width":60,"height":10}},{"id":"930051d3-331a-4765-b416-702398a4b993","block_type":"box","text":"Compensation","page_number":88,"box":{"x":875,"y":139,"width":83,"height":10}},{"id":"badba385-4fdf-42c3-8b6f-91ca1f6a1495","block_type":"box","text":"for the","page_number":88,"box":{"x":898,"y":149,"width":38,"height":8}},{"id":"c3586135-abaf-4e35-8a6f-5f1362acd10d","block_type":"box","text":"iShares Complex","page_number":88,"box":{"x":866,"y":159,"width":97,"height":10}},{"id":"8f851dbf-cd45-4073-bd8c-831477ef18b1","block_type":"box","text":"2","page_number":88,"box":{"x":963,"y":158,"width":5,"height":5}},{"id":"be4468a3-086b-4e54-9b4b-32d2d4df2e3b","block_type":"box","text":"Interested Directors:","page_number":88,"box":{"x":88,"y":181,"width":141,"height":10}},{"id":"9c6a381b-52eb-4662-b5b3-36e497fdfc40","block_type":"box","text":"Robert S. Kapito None Not Applicable Not Applicable None","page_number":88,"box":{"x":89,"y":211,"width":846,"height":13}},{"id":"0866b678-3827-4b1d-8ce3-4089066f0ed1","block_type":"box","text":"Stephen Cohen","page_number":88,"box":{"x":88,"y":227,"width":107,"height":12}},{"id":"5283c8f3-e764-428f-a009-6b0d6b62eeef","block_type":"box","text":"3","page_number":88,"box":{"x":196,"y":225,"width":6,"height":6}},{"id":"ab6f2b36-bb1b-4e34-9ba1-7ccc8a43f26b","block_type":"box","text":"None Not Applicable Not Applicable None","page_number":88,"box":{"x":449,"y":227,"width":486,"height":12}},{"id":"11f67380-c79b-4915-b4bc-52fa24efbbda","block_type":"box","text":"Independent Directors:","page_number":88,"box":{"x":88,"y":257,"width":159,"height":12}},{"id":"3ed0c561-f897-4ed0-8fa7-04c5282a70ff","block_type":"box","text":"Jane D. Carlin $29,690 Not Applicable Not Applicable $505,000","page_number":88,"box":{"x":88,"y":287,"width":861,"height":12}},{"id":"c46d4682-1d56-46a3-ac9d-ecd9d0a55a62","block_type":"box","text":"Richard L. Fagnani 29,308 Not Applicable Not Applicable 515,000","page_number":88,"box":{"x":89,"y":302,"width":855,"height":12}},{"id":"1eb74925-1c84-4ec6-ae97-c45fc60f82be","block_type":"box","text":"Laura F. Fergerson","page_number":88,"box":{"x":89,"y":318,"width":126,"height":12}},{"id":"f9ddeb00-062e-4fd6-8759-785cb8aee2c5","block_type":"box","text":"4","page_number":88,"box":{"x":216,"y":316,"width":6,"height":5}},{"id":"108708f3-df96-401e-8a06-fd482bd95c68","block_type":"box","text":"26,563 Not Applicable Not Applicable 341,250","page_number":88,"box":{"x":437,"y":317,"width":508,"height":13}},{"id":"af4551c3-e033-4197-b734-be0dba68de4b","block_type":"box","text":"Cecilia H. Herbert","page_number":88,"box":{"x":89,"y":332,"width":121,"height":10}},{"id":"f56f1e79-d1ae-4323-9647-3a7b0d9f74f7","block_type":"box","text":"5","page_number":88,"box":{"x":211,"y":331,"width":5,"height":6}},{"id":"85b4db59-fbde-4d0d-a435-cecd0449bcc5","block_type":"box","text":"28,162 Not Applicable Not Applicable 525,000","page_number":88,"box":{"x":439,"y":332,"width":506,"height":13}},{"id":"b0e2b837-17e5-43ef-a4a4-fe8b9d6b97d8","block_type":"box","text":"John E. Kerrigan 33,986 Not Applicable Not Applicable 580,000","page_number":88,"box":{"x":88,"y":348,"width":857,"height":12}},{"id":"254c3063-6f8e-41dd-ae27-99da2c9e9dd6","block_type":"box","text":"James Lam","page_number":88,"box":{"x":88,"y":363,"width":76,"height":11}},{"id":"89a239ad-c410-48e4-b7c7-918e7546fdbb","block_type":"box","text":"4","page_number":88,"box":{"x":165,"y":361,"width":6,"height":6}},{"id":"6a37cc55-7dd8-4de5-b286-bd115221fa66","block_type":"box","text":"26,563 Not Applicable Not Applicable 341,250","page_number":88,"box":{"x":437,"y":363,"width":508,"height":12}},{"id":"8e11b4e1-4396-4588-8b6a-4b55ec992544","block_type":"box","text":"Drew E. Lawton 29,976 Not Applicable Not Applicable 500,000","page_number":88,"box":{"x":89,"y":378,"width":856,"height":12}},{"id":"93dd067b-32ed-489b-8117-8e80c2c795b8","block_type":"box","text":"John E. Martinez 29,403 Not Applicable Not Applicable 490,000","page_number":88,"box":{"x":88,"y":393,"width":857,"height":12}},{"id":"7060212b-362f-4e5a-9b86-216a9af2a5e4","block_type":"box","text":"Madhav V. Rajan 29,403 Not Applicable Not Applicable 490,000","page_number":88,"box":{"x":89,"y":408,"width":856,"height":12}},{"id":"1af810aa-75d6-4147-b674-be3c8fe979f5","block_type":"box","text":"1","page_number":88,"box":{"x":118,"y":447,"width":3,"height":4}},{"id":"c3b137e1-7f9e-4d0e-bfb2-dfc4308ba789","block_type":"box","text":"Calculated by multiplying the “Aggregate Compensation for the iShares Complex” by the number of Funds in this SAI compared to the number of","page_number":88,"box":{"x":133,"y":448,"width":815,"height":10}},{"id":"92e5dc02-d53a-42c9-ba71-96a75c1ac9ae","block_type":"box","text":"funds in the iShares Complex as of the fiscal year end.","page_number":88,"box":{"x":132,"y":460,"width":302,"height":10}},{"id":"27e42b13-a307-46ef-9d01-89721a4e0be3","block_type":"box","text":"2","page_number":88,"box":{"x":118,"y":474,"width":4,"height":5}},{"id":"02fc97e1-4f2d-45d0-bf46-37adcfe1e33b","block_type":"box","text":"Includes compensation for services to iShares, Inc., iShares Trust, and iShares U.S. ETF Trust for the most recent calendar year end.","page_number":88,"box":{"x":133,"y":475,"width":731,"height":10}},{"id":"5e890ea3-3330-448e-af44-b23b0573325e","block_type":"box","text":"3","page_number":88,"box":{"x":118,"y":490,"width":4,"height":4}},{"id":"9451a5cc-8425-4157-ac9f-5630d4890307","block_type":"box","text":"Appointed to serve as an Interested Director effective March 5, 2024.","page_number":88,"box":{"x":132,"y":491,"width":384,"height":9}},{"id":"e32e9c01-78fd-4efe-a645-8fde784943bf","block_type":"box","text":"4","page_number":88,"box":{"x":117,"y":505,"width":5,"height":4}},{"id":"59da7185-0827-4ffd-aa82-4dc799c0ab65","block_type":"box","text":"Appointed to serve as an Independent Director effective April 8, 2024.","page_number":88,"box":{"x":132,"y":506,"width":389,"height":10}},{"id":"43f2a299-9429-46a3-b140-87d09cf7ffba","block_type":"box","text":"5","page_number":88,"box":{"x":118,"y":520,"width":4,"height":4}},{"id":"df1bdb36-1874-40e2-a904-27cff9b20f47","block_type":"box","text":"Cecilia H. Herbert will serve as an Independent Director through December 31, 2025.","page_number":88,"box":{"x":133,"y":521,"width":471,"height":10}},{"id":"9376aac4-193b-4e03-8304-1cf5666292b3","block_type":"box","text":"Control Persons and Principal Holders of Securities.","page_number":88,"box":{"x":89,"y":544,"width":371,"height":12}},{"id":"c5828381-fef0-4504-921c-b0459f78b567","block_type":"box","text":"The Directors and officers of the Company collectively owned less than 1% of each Fund’s outstanding shares as of","page_number":88,"box":{"x":88,"y":570,"width":810,"height":13}},{"id":"4b9e463b-398a-4c46-9de2-779bbda71881","block_type":"box","text":"November 30, 2025.","page_number":88,"box":{"x":89,"y":586,"width":139,"height":11}},{"id":"a79d358d-919c-4e62-befe-04210f172eea","block_type":"box","text":"Although the Company does not have information concerning the beneficial ownership of shares held in the names of","page_number":88,"box":{"x":88,"y":612,"width":829,"height":12}},{"id":"aa7af1c7-36dd-4a41-8efb-849060025f4b","block_type":"box","text":"Depository Trust Company (“DTC”) participants (as defined below), as of November 30, 2025, the name and percentage","page_number":88,"box":{"x":89,"y":627,"width":840,"height":13}},{"id":"b1f1f366-f273-44a0-a2a2-e4141de252ad","block_type":"box","text":"ownership of each DTC participant that owned of record 5% or more of the outstanding shares of a Fund were as follows:","page_number":88,"box":{"x":89,"y":642,"width":851,"height":13}},{"id":"85a3e8be-db03-42b5-9a71-4e9e214fb2a5","block_type":"box","text":"Fund Name","page_number":88,"box":{"x":280,"y":682,"width":431,"height":8}},{"id":"b768d8d2-82a1-4500-a0ed-857ae510c2b2","block_type":"box","text":"Percentage","page_number":88,"box":{"x":897,"y":672,"width":64,"height":10}},{"id":"61a43432-b8cb-42b7-89dd-f3207f9019b8","block_type":"box","text":"of Ownership","page_number":88,"box":{"x":890,"y":682,"width":78,"height":10}},{"id":"04555623-7aa0-4140-85da-87ea7845a4a8","block_type":"box","text":"iShares MSCI Australia ETF State Street Bank and Trust Company","page_number":88,"box":{"x":89,"y":704,"width":701,"height":12}},{"id":"38b12f4a-4e4d-47de-8a26-d4c14169d808","block_type":"box","text":"1776 Heritage Drive","page_number":88,"box":{"x":530,"y":720,"width":136,"height":12}},{"id":"29797524-33bf-4555-9226-cda01e27009d","block_type":"box","text":"North Quincy, MA 02171","page_number":88,"box":{"x":529,"y":734,"width":168,"height":13}},{"id":"953d02e6-481c-4532-8a61-16cb946c386a","block_type":"box","text":"22.19%","page_number":88,"box":{"x":911,"y":705,"width":51,"height":9}},{"id":"c083730d-15e9-4fb5-a398-a0955458ebb4","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":88,"box":{"x":529,"y":751,"width":184,"height":11}},{"id":"c5585e26-1be8-42da-8247-9e00d70d66f2","block_type":"box","text":"101 Montgomery Street","page_number":88,"box":{"x":530,"y":766,"width":165,"height":12}},{"id":"367b0f38-bf18-4e96-980b-bd98041d1fa5","block_type":"box","text":"San Francisco, CA 94014","page_number":88,"box":{"x":528,"y":781,"width":173,"height":11}},{"id":"36741d1e-5a01-413d-989c-475276edb2f2","block_type":"box","text":"8.76%","page_number":88,"box":{"x":919,"y":751,"width":43,"height":9}},{"id":"0cbd2632-da15-41ca-88f6-5f0a89a85fb5","block_type":"box","text":"BNP Paribas, New York Branch/Indeval","page_number":88,"box":{"x":529,"y":797,"width":268,"height":12}},{"id":"642ef31f-cef9-46ab-8a8f-f46fbadefc17","block_type":"box","text":"787 Seventh Avenue","page_number":88,"box":{"x":529,"y":812,"width":142,"height":10}},{"id":"64201818-0523-4498-8966-5c04254010b2","block_type":"box","text":"New York, NY 10019","page_number":88,"box":{"x":529,"y":828,"width":140,"height":11}},{"id":"66f82819-2f42-41ad-89d8-a9ed15b354c5","block_type":"box","text":"8.32%","page_number":88,"box":{"x":919,"y":798,"width":43,"height":9}},{"id":"0baf1e58-25a5-4072-a313-5ff7dfcbdcd8","block_type":"box","text":"68","page_number":88,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7d061193-02b2-4a3a-b910-47831b904e8a","block_type":"box","text":"Fund Name","page_number":89,"box":{"x":280,"y":55,"width":431,"height":7}},{"id":"fabb65fd-0928-4d7b-9186-fbd246a1993e","block_type":"box","text":"Percentage","page_number":89,"box":{"x":897,"y":45,"width":64,"height":9}},{"id":"e9b0fac9-0bfd-4b77-9cc4-10b251617c30","block_type":"box","text":"of Ownership","page_number":89,"box":{"x":890,"y":55,"width":78,"height":9}},{"id":"5c28f8ea-f7d6-4bb0-a441-c928711b5d7b","block_type":"box","text":"Citibank, N.A.","page_number":89,"box":{"x":529,"y":77,"width":93,"height":11}},{"id":"193a8041-f898-4fe6-b842-353d7db5aa7d","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":89,"box":{"x":529,"y":92,"width":199,"height":12}},{"id":"9e2f06db-7ed4-4a46-a3b7-8e668d1ced8a","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":89,"box":{"x":529,"y":107,"width":191,"height":12}},{"id":"b28ab9ea-ce01-4883-9993-7d5f19679ec3","block_type":"box","text":"Tampa, FL 33610-9122","page_number":89,"box":{"x":528,"y":123,"width":160,"height":11}},{"id":"4ea65e83-f57d-40c4-b9e8-bf760de05c2b","block_type":"box","text":"6.49%","page_number":89,"box":{"x":920,"y":77,"width":43,"height":9}},{"id":"b01f2e70-1607-436c-a240-113b05f387fc","block_type":"box","text":"Goldman, Sachs & Co.","page_number":89,"box":{"x":529,"y":138,"width":154,"height":12}},{"id":"5c9ff1ca-8107-421a-9971-1b082c73a8b8","block_type":"box","text":"30 Hudson Street","page_number":89,"box":{"x":529,"y":153,"width":121,"height":10}},{"id":"9df3e45a-fb86-4da8-9ca7-b1e8f99cb55c","block_type":"box","text":"16","page_number":89,"box":{"x":530,"y":169,"width":15,"height":9}},{"id":"e969f161-16b9-4e75-84c2-2193f6cdf73e","block_type":"box","text":"th","page_number":89,"box":{"x":545,"y":167,"width":11,"height":6}},{"id":"98a2be5a-6cab-461c-8c09-97d40cfd09fc","block_type":"box","text":"Floor","page_number":89,"box":{"x":562,"y":169,"width":34,"height":9}},{"id":"f79174a7-3ee0-4e9a-9236-eabec7dc5d30","block_type":"box","text":"Jersey City, NJ 07302","page_number":89,"box":{"x":528,"y":184,"width":141,"height":12}},{"id":"95b785a3-e0c7-4027-880a-543caa59896e","block_type":"box","text":"6.44%","page_number":89,"box":{"x":920,"y":139,"width":43,"height":9}},{"id":"b21478b7-f403-4703-a704-608c2ebb4591","block_type":"box","text":"National Financial Services LLC","page_number":89,"box":{"x":529,"y":200,"width":216,"height":10}},{"id":"e4388454-1d8a-481d-ba4d-4b8fc46140fa","block_type":"box","text":"245 Summer Street","page_number":89,"box":{"x":529,"y":216,"width":135,"height":9}},{"id":"f00317a0-dcd2-4897-85cb-2f75505fbb56","block_type":"box","text":"Boston, MA 02210","page_number":89,"box":{"x":529,"y":231,"width":128,"height":11}},{"id":"634df970-b6be-400a-9b59-d85998809560","block_type":"box","text":"6.04%","page_number":89,"box":{"x":919,"y":201,"width":44,"height":9}},{"id":"ddb54df9-5fd6-4813-81e6-f35cd72838b1","block_type":"box","text":"HSBC Bank USA, NA/Clearing","page_number":89,"box":{"x":529,"y":247,"width":206,"height":12}},{"id":"f6dc038b-56b4-43e6-ad16-fb7b07acfdf6","block_type":"box","text":"452 Fifth Avenue","page_number":89,"box":{"x":528,"y":262,"width":118,"height":10}},{"id":"57fa2d67-fed6-447a-a247-5ede602ca721","block_type":"box","text":"New York, NY 10018","page_number":89,"box":{"x":529,"y":277,"width":140,"height":11}},{"id":"89ade2cf-3ee0-4c7a-b581-a049c7e77c39","block_type":"box","text":"5.27%","page_number":89,"box":{"x":920,"y":247,"width":43,"height":9}},{"id":"69e6cd65-5ba2-4e9e-8bbc-efddd51dd196","block_type":"box","text":"iShares MSCI Austria ETF Charles Schwab & Co., Inc.","page_number":89,"box":{"x":89,"y":310,"width":624,"height":11}},{"id":"187d3600-cf9a-495b-a2be-90e6c5efec27","block_type":"box","text":"101 Montgomery Street","page_number":89,"box":{"x":530,"y":325,"width":165,"height":12}},{"id":"35a30822-91c1-426b-b9ce-9df4223e8fd8","block_type":"box","text":"San Francisco, CA 94014","page_number":89,"box":{"x":528,"y":340,"width":173,"height":11}},{"id":"66bb66df-6bef-45b2-9686-4ab600fc2629","block_type":"box","text":"35.58%","page_number":89,"box":{"x":911,"y":310,"width":52,"height":9}},{"id":"36f125b2-b750-4ad2-b161-a1c3a4efbefe","block_type":"box","text":"National Financial Services LLC","page_number":89,"box":{"x":529,"y":356,"width":216,"height":10}},{"id":"24106cbc-132c-4a61-9fca-1f495cdc4700","block_type":"box","text":"245 Summer Street","page_number":89,"box":{"x":529,"y":372,"width":135,"height":9}},{"id":"9ab711b7-b7f1-4ea6-a8ff-a9f28d150dde","block_type":"box","text":"Boston, MA 02210","page_number":89,"box":{"x":529,"y":387,"width":128,"height":11}},{"id":"ea3868b2-53bc-422c-ab93-3f05793a22f6","block_type":"box","text":"11.66%","page_number":89,"box":{"x":913,"y":357,"width":50,"height":9}},{"id":"d9803bb6-8214-4cbc-a6b7-5e267407aaa8","block_type":"box","text":"CIBC World Markets Inc./CDS","page_number":89,"box":{"x":529,"y":403,"width":207,"height":10}},{"id":"21581628-a492-4879-82f1-2d898e1981b3","block_type":"box","text":"161 Bay Street","page_number":89,"box":{"x":530,"y":419,"width":98,"height":11}},{"id":"d9e39f64-d5b9-40d5-9066-ad8827fabc71","block_type":"box","text":"10th Floor","page_number":89,"box":{"x":530,"y":433,"width":70,"height":10}},{"id":"7fd2ac48-bd80-45fe-bdef-0be74dc5df29","block_type":"box","text":"Toronto, ON","page_number":89,"box":{"x":528,"y":449,"width":85,"height":11}},{"id":"31a863d0-bf2a-4597-a931-b99471d0a92f","block_type":"box","text":"M5J 258 CA","page_number":89,"box":{"x":529,"y":464,"width":82,"height":11}},{"id":"931e5870-e05e-41d8-b4b9-e54c671dac61","block_type":"box","text":"10.67%","page_number":89,"box":{"x":912,"y":403,"width":51,"height":10}},{"id":"5d7b3420-9943-4f4c-b21b-a0f42587e691","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":89,"box":{"x":529,"y":480,"width":238,"height":12}},{"id":"b8a44231-2867-48e3-bc65-f94090ff3d19","block_type":"box","text":"One New York Plaza","page_number":89,"box":{"x":529,"y":495,"width":138,"height":10}},{"id":"da28899c-ffc0-4e6a-a9bc-71b2e53f5837","block_type":"box","text":"New York, NY 10004","page_number":89,"box":{"x":529,"y":510,"width":142,"height":11}},{"id":"7d1fc828-5b6c-43e8-b12e-2b8f6ad26de2","block_type":"box","text":"8.29%","page_number":89,"box":{"x":919,"y":480,"width":44,"height":10}},{"id":"fcbb4299-30af-4a60-b266-f874dcf54ea5","block_type":"box","text":"iShares MSCI Belgium ETF Pershing LLC","page_number":89,"box":{"x":89,"y":543,"width":529,"height":12}},{"id":"161d85f1-6845-4cfe-a938-849dd8e81914","block_type":"box","text":"One Pershing Plaza","page_number":89,"box":{"x":529,"y":558,"width":132,"height":12}},{"id":"c2e5986a-bf97-4114-a4c2-fee4f9d26ac3","block_type":"box","text":"Jersey City, NJ 07399","page_number":89,"box":{"x":528,"y":574,"width":141,"height":11}},{"id":"8979fa27-0117-49dd-8fe9-9a7ac0795816","block_type":"box","text":"30.06%","page_number":89,"box":{"x":910,"y":543,"width":53,"height":10}},{"id":"c2f50fdb-08c3-442c-88b7-35b050aa0e33","block_type":"box","text":"Goldman, Sachs & Co.","page_number":89,"box":{"x":529,"y":589,"width":154,"height":12}},{"id":"f3752afc-3da2-43f2-a359-1d8cace2ed15","block_type":"box","text":"30 Hudson Street","page_number":89,"box":{"x":529,"y":605,"width":121,"height":9}},{"id":"6a3cd17e-c7aa-449d-9592-1eefd604a14f","block_type":"box","text":"16","page_number":89,"box":{"x":530,"y":620,"width":15,"height":9}},{"id":"328d34d5-3f65-4837-9ff6-4fe5b9702d81","block_type":"box","text":"th","page_number":89,"box":{"x":545,"y":618,"width":11,"height":6}},{"id":"8f146ee2-06d1-4e97-8d15-5ce52d9d1f5e","block_type":"box","text":"Floor","page_number":89,"box":{"x":562,"y":620,"width":34,"height":9}},{"id":"bd2348cc-6396-4e67-8d7c-dbc90ffa7fd8","block_type":"box","text":"Jersey City, NJ 07302","page_number":89,"box":{"x":528,"y":635,"width":141,"height":12}},{"id":"837b9e0d-d9b6-4b1e-aade-3438c605ad0a","block_type":"box","text":"12.36%","page_number":89,"box":{"x":911,"y":590,"width":52,"height":9}},{"id":"ffa2bebd-a198-4705-97b3-37c3084da570","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":89,"box":{"x":529,"y":651,"width":184,"height":11}},{"id":"747faa37-4300-4e4b-9167-ad76f5d9dfd5","block_type":"box","text":"101 Montgomery Street","page_number":89,"box":{"x":530,"y":667,"width":165,"height":12}},{"id":"36ac6b82-9af8-4c72-8529-7c56b0d215fb","block_type":"box","text":"San Francisco, CA 94014","page_number":89,"box":{"x":528,"y":682,"width":173,"height":11}},{"id":"954e8717-5209-45ee-8879-838adb645b1a","block_type":"box","text":"9.89%","page_number":89,"box":{"x":919,"y":652,"width":44,"height":9}},{"id":"e57b3e21-2f5e-4c4e-a1f4-7879e1d6d998","block_type":"box","text":"National Financial Services LLC","page_number":89,"box":{"x":529,"y":698,"width":216,"height":9}},{"id":"f3fdcdc3-1f5b-4f6a-9185-4c744200b2bd","block_type":"box","text":"245 Summer Street","page_number":89,"box":{"x":529,"y":713,"width":135,"height":10}},{"id":"406f93d0-726a-42e2-b2b3-00c32f393fff","block_type":"box","text":"Boston, MA 02210","page_number":89,"box":{"x":529,"y":729,"width":128,"height":10}},{"id":"17a0ba91-654c-401a-9a61-83f03d002ff4","block_type":"box","text":"7.60%","page_number":89,"box":{"x":920,"y":698,"width":43,"height":9}},{"id":"bbc81e6f-24e8-4f4e-9c0c-ab8b0dbca3b1","block_type":"box","text":"JPMorgan Chase Bank, National Association","page_number":89,"box":{"x":528,"y":744,"width":306,"height":13}},{"id":"a8dfc70b-6d8a-4060-bd97-ab0e0429d3b5","block_type":"box","text":"1111 Polaris Parkway","page_number":89,"box":{"x":530,"y":759,"width":144,"height":13}},{"id":"ac53e1cb-ef76-4be8-8d70-4f3baac385b8","block_type":"box","text":"Columbus, OH 43240","page_number":89,"box":{"x":529,"y":775,"width":149,"height":11}},{"id":"2c0d247b-c81b-40db-a815-fe6a75838bdd","block_type":"box","text":"6.40%","page_number":89,"box":{"x":920,"y":745,"width":43,"height":9}},{"id":"2c2a1521-77ec-45fe-890d-ea7dbe56cdcc","block_type":"box","text":"Citibank, N.A.","page_number":89,"box":{"x":529,"y":791,"width":93,"height":11}},{"id":"0638309f-f721-4255-a5fa-c85e42c328ae","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":89,"box":{"x":529,"y":806,"width":199,"height":12}},{"id":"fc31bb8c-5a31-4a4f-8494-429f6ca360f1","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":89,"box":{"x":529,"y":821,"width":191,"height":13}},{"id":"601ca656-1d71-4e15-98c4-7550d7da025a","block_type":"box","text":"Tampa, FL 33610-9122","page_number":89,"box":{"x":528,"y":837,"width":160,"height":12}},{"id":"d1119330-5ae8-4d93-8e05-6025ee252128","block_type":"box","text":"6.04%","page_number":89,"box":{"x":919,"y":792,"width":44,"height":9}},{"id":"05c5cc13-cfea-4e17-9a6e-54704c11701c","block_type":"box","text":"69","page_number":89,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ee6b48ed-ee4a-4d1e-922c-6c0642e63aa6","block_type":"box","text":"Fund Name","page_number":90,"box":{"x":280,"y":55,"width":431,"height":7}},{"id":"09b1d04f-1a5b-4c5c-862a-ae03f493110c","block_type":"box","text":"Percentage","page_number":90,"box":{"x":897,"y":45,"width":64,"height":9}},{"id":"ba01f617-4de3-4e71-9138-b4300571c3d0","block_type":"box","text":"of Ownership","page_number":90,"box":{"x":890,"y":55,"width":78,"height":9}},{"id":"ebe9e6fa-5cf5-45a1-870a-66bf941f7c25","block_type":"box","text":"iShares MSCI Canada ETF JPMorgan Chase Bank, National Association","page_number":90,"box":{"x":89,"y":77,"width":745,"height":12}},{"id":"da645c66-e4c7-490f-8c3d-5668e9b9a11a","block_type":"box","text":"1111 Polaris Parkway","page_number":90,"box":{"x":530,"y":92,"width":144,"height":12}},{"id":"ff7195b1-2b59-4c70-9f81-519bee1dbdcc","block_type":"box","text":"Columbus, OH 43240","page_number":90,"box":{"x":529,"y":107,"width":149,"height":11}},{"id":"e4c6123e-ec88-486c-9e4f-e55fec60ac89","block_type":"box","text":"16.06%","page_number":90,"box":{"x":911,"y":77,"width":52,"height":9}},{"id":"a023cebe-25ac-46bb-a243-992c3627dc62","block_type":"box","text":"State Street Bank and Trust Company","page_number":90,"box":{"x":528,"y":123,"width":262,"height":13}},{"id":"4f9bf9fe-a1c5-4ea0-8985-dcf1e88c1ec8","block_type":"box","text":"1776 Heritage Drive","page_number":90,"box":{"x":530,"y":139,"width":136,"height":12}},{"id":"f13f475d-dacb-4671-a00e-35e9c29710ce","block_type":"box","text":"North Quincy, MA 02171","page_number":90,"box":{"x":529,"y":153,"width":168,"height":13}},{"id":"854e8c44-bb89-4cad-9e9d-288ce7efbdb9","block_type":"box","text":"9.75%","page_number":90,"box":{"x":919,"y":124,"width":44,"height":9}},{"id":"350c193f-a0d3-4ae5-b1b0-c4cb4ae61b29","block_type":"box","text":"National Financial Services LLC","page_number":90,"box":{"x":529,"y":170,"width":216,"height":10}},{"id":"333109d0-a1c8-455c-a79d-24df80c2abb0","block_type":"box","text":"245 Summer Street","page_number":90,"box":{"x":529,"y":186,"width":135,"height":9}},{"id":"357bf3f2-fc67-489e-9770-063495781016","block_type":"box","text":"Boston, MA 02210","page_number":90,"box":{"x":529,"y":201,"width":128,"height":10}},{"id":"48c4a1cd-5c0b-4b33-9312-f161d7391fbe","block_type":"box","text":"8.94%","page_number":90,"box":{"x":918,"y":170,"width":45,"height":10}},{"id":"31cbf0c9-f1d8-439f-bbe5-796f5a571114","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":90,"box":{"x":529,"y":216,"width":184,"height":12}},{"id":"98b80092-280c-41d0-b0ca-8ce78d4b1c9b","block_type":"box","text":"101 Montgomery Street","page_number":90,"box":{"x":530,"y":232,"width":165,"height":12}},{"id":"8b5c6ec2-0228-49f9-b40a-85a0eceb5438","block_type":"box","text":"San Francisco, CA 94014","page_number":90,"box":{"x":528,"y":247,"width":173,"height":11}},{"id":"cd884b17-9f4c-4a33-b5ef-957ad0d673f9","block_type":"box","text":"6.30%","page_number":90,"box":{"x":919,"y":217,"width":44,"height":9}},{"id":"e3a5a3cc-3c74-4a0d-a829-ac2f39ca75c5","block_type":"box","text":"The Bank of New York Mellon","page_number":90,"box":{"x":528,"y":263,"width":206,"height":10}},{"id":"d1304506-c1c1-40fb-ba5d-63ad593fc910","block_type":"box","text":"111 Sanders Creek Parkway","page_number":90,"box":{"x":530,"y":278,"width":190,"height":13}},{"id":"8f67a114-1cd3-412b-be71-9b40eb340c03","block_type":"box","text":"2","page_number":90,"box":{"x":529,"y":294,"width":7,"height":9}},{"id":"28a73cf6-730b-455e-b9f9-a9b07d386249","block_type":"box","text":"nd","page_number":90,"box":{"x":538,"y":291,"width":12,"height":7}},{"id":"6a2cb0fc-649b-4b31-aa38-055fd2383779","block_type":"box","text":"Floor","page_number":90,"box":{"x":556,"y":293,"width":35,"height":10}},{"id":"83aaff7f-1d9e-4266-ad17-cc5123976103","block_type":"box","text":"East Syracuse, NY 13057","page_number":90,"box":{"x":529,"y":309,"width":170,"height":12}},{"id":"3a8fbca9-3c3b-4244-ae5f-a25d31215a06","block_type":"box","text":"6.29%","page_number":90,"box":{"x":918,"y":264,"width":45,"height":9}},{"id":"cb936847-8ecf-47c0-8660-6c49e3b61287","block_type":"box","text":"Citibank, N.A.","page_number":90,"box":{"x":529,"y":325,"width":93,"height":11}},{"id":"af54fe21-b7fb-4ae3-af07-9767912fb9de","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":90,"box":{"x":529,"y":340,"width":199,"height":12}},{"id":"74c20f36-dfd8-4d85-8d71-44ef1271fb32","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":90,"box":{"x":529,"y":355,"width":191,"height":12}},{"id":"1e908bd4-e4cc-44fd-9bb5-a05a53e6d2dc","block_type":"box","text":"Tampa, FL 33610-9122","page_number":90,"box":{"x":528,"y":371,"width":160,"height":12}},{"id":"644ba001-38cb-4f6f-81ae-bacdedc2a9bd","block_type":"box","text":"5.85%","page_number":90,"box":{"x":919,"y":325,"width":44,"height":10}},{"id":"99dc21ea-04ef-466c-9c89-f5aa7bdba574","block_type":"box","text":"J.P. Morgan Securities, LLC/JPMC","page_number":90,"box":{"x":528,"y":387,"width":229,"height":12}},{"id":"fb8886e8-f414-47d8-a2be-f0184714624f","block_type":"box","text":"383 Madison Avenue","page_number":90,"box":{"x":529,"y":402,"width":148,"height":9}},{"id":"270ad436-ae3c-4858-8974-6c42992d43be","block_type":"box","text":"New York, NY 10179","page_number":90,"box":{"x":529,"y":417,"width":140,"height":11}},{"id":"51c59f49-c28f-4d48-b608-df1b867ddf80","block_type":"box","text":"5.77%","page_number":90,"box":{"x":919,"y":387,"width":44,"height":9}},{"id":"4251b87e-1239-4b80-a2a0-e4632db3e277","block_type":"box","text":"iShares MSCI Eurozone ETF State Street Bank and Trust Company","page_number":90,"box":{"x":89,"y":450,"width":701,"height":12}},{"id":"17060084-08f2-4299-8e26-5f732534de6c","block_type":"box","text":"1776 Heritage Drive","page_number":90,"box":{"x":530,"y":465,"width":136,"height":12}},{"id":"021c0151-2c54-4ccb-9c84-04d3bbb2f293","block_type":"box","text":"North Quincy, MA 02171","page_number":90,"box":{"x":529,"y":480,"width":168,"height":12}},{"id":"f88cbbf2-7e2d-45b8-8910-6feefe1f237e","block_type":"box","text":"16.78%","page_number":90,"box":{"x":911,"y":450,"width":52,"height":9}},{"id":"47fc9cd2-de8b-4eef-93a4-24965348319b","block_type":"box","text":"BNP Paribas, New York Branch/Indeval","page_number":90,"box":{"x":529,"y":496,"width":268,"height":12}},{"id":"1533a18f-1404-42c2-9d0c-34d07786bd11","block_type":"box","text":"787 Seventh Avenue","page_number":90,"box":{"x":529,"y":511,"width":142,"height":10}},{"id":"4e018e5f-d5c5-4374-a36a-9a7972ecf53a","block_type":"box","text":"New York, NY 10019","page_number":90,"box":{"x":529,"y":526,"width":140,"height":12}},{"id":"5b01ab85-dcc0-4eec-9a67-8cf0dece2949","block_type":"box","text":"13.25%","page_number":90,"box":{"x":912,"y":497,"width":51,"height":9}},{"id":"ca69f237-c7c6-4838-840b-40015678e303","block_type":"box","text":"Citibank, N.A./BlackRock ETF","page_number":90,"box":{"x":529,"y":543,"width":204,"height":11}},{"id":"7b24e234-9ec4-467b-87e1-44f59a92777f","block_type":"box","text":"390 Greenwich Street 3rd Floor","page_number":90,"box":{"x":529,"y":558,"width":218,"height":10}},{"id":"0e00c405-86ae-4e65-b168-0e5f51ee80ec","block_type":"box","text":"New York, NY 10013","page_number":90,"box":{"x":529,"y":573,"width":140,"height":11}},{"id":"30e31606-e696-40f8-b47a-017850448ff1","block_type":"box","text":"7.51%","page_number":90,"box":{"x":921,"y":543,"width":42,"height":10}},{"id":"1c8c23e9-1582-44c4-8afa-fc7415382932","block_type":"box","text":"The Bank of New York Mellon","page_number":90,"box":{"x":528,"y":589,"width":206,"height":10}},{"id":"e1a32b0e-f986-456f-8403-4e018a6f8c20","block_type":"box","text":"111 Sanders Creek Parkway","page_number":90,"box":{"x":530,"y":605,"width":190,"height":12}},{"id":"4a796c57-1658-47c5-a706-9af41a67c377","block_type":"box","text":"2","page_number":90,"box":{"x":529,"y":620,"width":7,"height":9}},{"id":"ec58c591-b333-4f3b-bec0-e5b573dfdd0a","block_type":"box","text":"nd","page_number":90,"box":{"x":538,"y":618,"width":12,"height":6}},{"id":"fe2926d2-c1c8-466e-9b1e-6dc8ae674911","block_type":"box","text":"Floor","page_number":90,"box":{"x":556,"y":620,"width":35,"height":9}},{"id":"c442ee67-0d86-488b-aff2-04dffcf01bba","block_type":"box","text":"East Syracuse, NY 13057","page_number":90,"box":{"x":529,"y":635,"width":170,"height":12}},{"id":"c6f8addc-934b-4d11-a917-8cb4abb24c00","block_type":"box","text":"7.16%","page_number":90,"box":{"x":922,"y":590,"width":41,"height":9}},{"id":"e81f138f-aad1-4e19-bc52-30884bdb9d42","block_type":"box","text":"Goldman, Sachs & Co.","page_number":90,"box":{"x":529,"y":651,"width":154,"height":11}},{"id":"3fd8bc68-ee13-4f93-864a-f7d063ed14c9","block_type":"box","text":"30 Hudson Street","page_number":90,"box":{"x":529,"y":666,"width":121,"height":10}},{"id":"4a7e6817-551e-4ea7-8f64-b59d326f29ed","block_type":"box","text":"16","page_number":90,"box":{"x":530,"y":682,"width":15,"height":9}},{"id":"cc0c5ed4-6377-4c43-9675-7e5572c68a5a","block_type":"box","text":"th","page_number":90,"box":{"x":545,"y":679,"width":11,"height":7}},{"id":"3785d08a-9c3c-41be-b053-637dadc80e17","block_type":"box","text":"Floor","page_number":90,"box":{"x":562,"y":681,"width":34,"height":10}},{"id":"78a39f47-9824-4800-96fc-6bda0642debf","block_type":"box","text":"Jersey City, NJ 07302","page_number":90,"box":{"x":528,"y":697,"width":141,"height":12}},{"id":"fd93cb68-fb1e-4fbf-96f0-f1c01f611dc8","block_type":"box","text":"6.59%","page_number":90,"box":{"x":919,"y":652,"width":44,"height":9}},{"id":"998a2189-305c-4fb6-9532-98d6c719d5b8","block_type":"box","text":"National Financial Services LLC","page_number":90,"box":{"x":529,"y":713,"width":216,"height":10}},{"id":"b1e5599b-2b2d-4314-9d54-fd29b441695f","block_type":"box","text":"245 Summer Street","page_number":90,"box":{"x":529,"y":729,"width":135,"height":9}},{"id":"2169de8d-83ae-4430-a0fa-517dd1aebd77","block_type":"box","text":"Boston, MA 02210","page_number":90,"box":{"x":529,"y":744,"width":128,"height":10}},{"id":"d8fae9df-61b4-4fbb-913f-5c795f831352","block_type":"box","text":"6.26%","page_number":90,"box":{"x":918,"y":713,"width":45,"height":10}},{"id":"4f20f51e-aa98-423e-ba45-1f697e6db3e8","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":90,"box":{"x":529,"y":759,"width":184,"height":12}},{"id":"08ea8ce8-90ed-48cb-872a-a496e8d8490e","block_type":"box","text":"101 Montgomery Street","page_number":90,"box":{"x":530,"y":775,"width":165,"height":12}},{"id":"29c58308-26d0-4099-99c0-1c97b1fc5079","block_type":"box","text":"San Francisco, CA 94014","page_number":90,"box":{"x":528,"y":790,"width":173,"height":11}},{"id":"a8ac0dd8-9bd7-411b-b3a4-96bcc54c56a7","block_type":"box","text":"5.49%","page_number":90,"box":{"x":920,"y":760,"width":43,"height":9}},{"id":"0ad9db04-28fe-4646-8cd2-1df356069237","block_type":"box","text":"70","page_number":90,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"ebeecfac-4fb7-4e05-8b87-1c3205580dc6","block_type":"box","text":"Fund Name","page_number":91,"box":{"x":280,"y":55,"width":431,"height":7}},{"id":"cfd620db-afdc-4878-a5a7-04cf4badef4e","block_type":"box","text":"Percentage","page_number":91,"box":{"x":897,"y":45,"width":64,"height":9}},{"id":"aaa95222-e3fd-4bf5-a0b5-45cdede2589a","block_type":"box","text":"of Ownership","page_number":91,"box":{"x":890,"y":55,"width":78,"height":9}},{"id":"f07d17d1-99e7-4875-aaec-391d1ee06fdd","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith","page_number":91,"box":{"x":529,"y":77,"width":255,"height":12}},{"id":"cc7be7f8-f854-49f7-a61c-ca2b42a428ca","block_type":"box","text":"Incorporated - TS Sub","page_number":91,"box":{"x":529,"y":92,"width":153,"height":12}},{"id":"136b6291-4803-47d3-b673-a740eb05ccfe","block_type":"box","text":"101 Hudson Street","page_number":91,"box":{"x":530,"y":107,"width":128,"height":10}},{"id":"89e18580-b6db-4364-908b-31ffed27c3d7","block_type":"box","text":"9th Floor","page_number":91,"box":{"x":529,"y":122,"width":62,"height":10}},{"id":"ca946a89-efc9-424e-a51a-1453786dd141","block_type":"box","text":"Jersey City, NJ 07302-3997","page_number":91,"box":{"x":528,"y":138,"width":181,"height":11}},{"id":"f6bdc3fb-b753-426e-b12a-058aeb68c7d9","block_type":"box","text":"5.34%","page_number":91,"box":{"x":919,"y":77,"width":44,"height":9}},{"id":"2b697f25-b13b-4735-bd39-cf74a528d66c","block_type":"box","text":"iShares MSCI France ETF The Bank of New York Mellon","page_number":91,"box":{"x":89,"y":170,"width":645,"height":10}},{"id":"c940d0b8-d84e-453a-9b75-fa6af40feeee","block_type":"box","text":"111 Sanders Creek Parkway","page_number":91,"box":{"x":530,"y":185,"width":190,"height":12}},{"id":"db1b688e-1e30-4d0d-a886-82f732526214","block_type":"box","text":"2","page_number":91,"box":{"x":529,"y":201,"width":7,"height":9}},{"id":"94bd7da4-c077-439c-b729-f40ea16ea8a1","block_type":"box","text":"nd","page_number":91,"box":{"x":538,"y":198,"width":12,"height":6}},{"id":"e71ff83f-c227-4d30-8907-867368747cdd","block_type":"box","text":"Floor","page_number":91,"box":{"x":556,"y":200,"width":35,"height":10}},{"id":"aae5941e-8aea-492b-bbb0-19037c7aa2a0","block_type":"box","text":"East Syracuse, NY 13057","page_number":91,"box":{"x":529,"y":216,"width":170,"height":12}},{"id":"9c93d646-a845-4a75-951b-08f1eb37645d","block_type":"box","text":"14.28%","page_number":91,"box":{"x":911,"y":170,"width":52,"height":10}},{"id":"f85006f7-42f2-461f-a127-e391c5aa7d4f","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":91,"box":{"x":529,"y":232,"width":238,"height":12}},{"id":"34ca72a9-bca8-4690-9824-b30a052abdd6","block_type":"box","text":"One New York Plaza","page_number":91,"box":{"x":529,"y":247,"width":138,"height":9}},{"id":"6e824104-8819-4344-af7f-71072625bcc9","block_type":"box","text":"New York, NY 10004","page_number":91,"box":{"x":529,"y":262,"width":142,"height":11}},{"id":"f2dcaf0f-514a-4f83-b83a-d56b203e5d37","block_type":"box","text":"13.80%","page_number":91,"box":{"x":912,"y":232,"width":51,"height":9}},{"id":"d52633e0-ce86-46b5-89da-ef2008c2877a","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith","page_number":91,"box":{"x":529,"y":278,"width":255,"height":13}},{"id":"6c4e940e-bae9-4510-9af2-d0256f5e6a25","block_type":"box","text":"Incorporated - TS Sub","page_number":91,"box":{"x":529,"y":293,"width":153,"height":13}},{"id":"92973afc-f7ca-4b68-ae55-30345c2d3afa","block_type":"box","text":"101 Hudson Street","page_number":91,"box":{"x":530,"y":308,"width":128,"height":10}},{"id":"69e938b6-6dcb-4d86-bfef-a598f842645a","block_type":"box","text":"9th Floor","page_number":91,"box":{"x":529,"y":324,"width":62,"height":9}},{"id":"eb31e19b-adb0-4481-86ee-8cc1b200a986","block_type":"box","text":"Jersey City, NJ 07302-3997","page_number":91,"box":{"x":528,"y":339,"width":181,"height":12}},{"id":"e9bcc19c-a057-4fe0-bd20-868359831c95","block_type":"box","text":"9.37%","page_number":91,"box":{"x":919,"y":279,"width":44,"height":9}},{"id":"2355ae1b-3465-4a2e-9998-d16f5feb9078","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":91,"box":{"x":529,"y":355,"width":184,"height":11}},{"id":"e8a43328-486e-4614-838a-0f99b69b2e9c","block_type":"box","text":"101 Montgomery Street","page_number":91,"box":{"x":530,"y":371,"width":165,"height":12}},{"id":"6f769e54-d7c2-4d60-9220-b45d359d391c","block_type":"box","text":"San Francisco, CA 94014","page_number":91,"box":{"x":528,"y":386,"width":173,"height":11}},{"id":"fb8325d8-ac5d-4efb-a7b6-b7c118d02d2f","block_type":"box","text":"7.03%","page_number":91,"box":{"x":921,"y":356,"width":42,"height":9}},{"id":"6e45ae24-5d4f-467f-ab50-e3f8ea60d47e","block_type":"box","text":"National Financial Services LLC","page_number":91,"box":{"x":529,"y":402,"width":216,"height":9}},{"id":"dedbfe81-7051-4d6b-ba5d-bf5e299ea5a7","block_type":"box","text":"245 Summer Street","page_number":91,"box":{"x":529,"y":417,"width":135,"height":10}},{"id":"b4042010-ae54-4fbc-a745-2f2923d17545","block_type":"box","text":"Boston, MA 02210","page_number":91,"box":{"x":529,"y":432,"width":128,"height":11}},{"id":"94983b53-1842-461a-99c9-f36e3d568a42","block_type":"box","text":"5.67%","page_number":91,"box":{"x":919,"y":402,"width":44,"height":9}},{"id":"b15ddbc5-ec0e-481b-a975-2cc0f27a75db","block_type":"box","text":"iShares MSCI Germany ETF Citibank, N.A.","page_number":91,"box":{"x":89,"y":465,"width":533,"height":12}},{"id":"5a7f88cc-36da-4d72-b895-c5eefb4f275d","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":91,"box":{"x":529,"y":480,"width":199,"height":12}},{"id":"20e5cfb3-8485-4e05-8b9d-bd35a2a7e2fa","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":91,"box":{"x":529,"y":495,"width":191,"height":12}},{"id":"e1621a95-53ba-445a-a841-130951f15f7f","block_type":"box","text":"Tampa, FL 33610-9122","page_number":91,"box":{"x":528,"y":511,"width":160,"height":11}},{"id":"501741d4-79d1-4604-b9b1-9fe8d9e318cf","block_type":"box","text":"13.08%","page_number":91,"box":{"x":912,"y":465,"width":51,"height":9}},{"id":"709dcad2-2201-4eeb-ba46-f9472557bd79","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":91,"box":{"x":529,"y":526,"width":184,"height":12}},{"id":"cf460d35-df57-49e6-b26a-43e3fb4329c3","block_type":"box","text":"101 Montgomery Street","page_number":91,"box":{"x":530,"y":542,"width":165,"height":12}},{"id":"b8fd4541-0671-4b1c-a482-6a029c11615e","block_type":"box","text":"San Francisco, CA 94014","page_number":91,"box":{"x":528,"y":557,"width":173,"height":11}},{"id":"dbd586a0-54c7-4922-b8c1-3b9c914d2b25","block_type":"box","text":"12.14%","page_number":91,"box":{"x":913,"y":527,"width":50,"height":9}},{"id":"efa56ffe-7473-4d99-9031-778cbc38e616","block_type":"box","text":"The Bank of New York Mellon","page_number":91,"box":{"x":528,"y":573,"width":206,"height":10}},{"id":"931b5c54-5e0a-4688-99b7-1177071f8339","block_type":"box","text":"111 Sanders Creek Parkway","page_number":91,"box":{"x":530,"y":588,"width":190,"height":12}},{"id":"b0616a31-5301-4ff9-b2cc-b2b7aa3f6661","block_type":"box","text":"2","page_number":91,"box":{"x":529,"y":604,"width":7,"height":9}},{"id":"4e7b13c6-7947-469f-898a-edf9bf720ecf","block_type":"box","text":"nd","page_number":91,"box":{"x":538,"y":601,"width":12,"height":7}},{"id":"55279168-8721-422e-a46d-5390546c87ed","block_type":"box","text":"Floor","page_number":91,"box":{"x":556,"y":603,"width":35,"height":10}},{"id":"07671bfe-6433-4507-ae6d-eb56e4c06128","block_type":"box","text":"East Syracuse, NY 13057","page_number":91,"box":{"x":529,"y":619,"width":170,"height":12}},{"id":"9674a869-19b6-4263-b867-aef6ab3c833e","block_type":"box","text":"8.39%","page_number":91,"box":{"x":919,"y":574,"width":44,"height":9}},{"id":"a8bcb5fb-1c51-4957-a278-c385a339e3c4","block_type":"box","text":"BNP Paribas, New York Branch/Indeval","page_number":91,"box":{"x":529,"y":635,"width":268,"height":11}},{"id":"0c48f4dc-fdc3-4837-b865-cb2afae75813","block_type":"box","text":"787 Seventh Avenue","page_number":91,"box":{"x":529,"y":650,"width":142,"height":10}},{"id":"c151a38d-2f90-4e2a-a3f5-ca0b2126a731","block_type":"box","text":"New York, NY 10019","page_number":91,"box":{"x":529,"y":665,"width":140,"height":11}},{"id":"fb1933dc-352d-425f-9d19-787a7897d06b","block_type":"box","text":"8.17%","page_number":91,"box":{"x":921,"y":635,"width":42,"height":9}},{"id":"9869302e-6f04-4323-914a-ed4d84d910d9","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":91,"box":{"x":529,"y":681,"width":238,"height":13}},{"id":"6c11c054-8465-4c8c-9b28-65014da88bf8","block_type":"box","text":"One New York Plaza","page_number":91,"box":{"x":529,"y":696,"width":138,"height":10}},{"id":"d23dd40a-3e77-4eaf-b24e-87f3db51bbb3","block_type":"box","text":"New York, NY 10004","page_number":91,"box":{"x":529,"y":712,"width":142,"height":11}},{"id":"c0396399-741b-40c9-9a50-dd119644160c","block_type":"box","text":"7.02%","page_number":91,"box":{"x":921,"y":682,"width":42,"height":9}},{"id":"8bedfc57-daaa-4bac-8cc5-fb2543b276b3","block_type":"box","text":"National Financial Services LLC","page_number":91,"box":{"x":529,"y":728,"width":216,"height":10}},{"id":"f06e2db2-847c-4589-8339-dd69deb4faf4","block_type":"box","text":"245 Summer Street","page_number":91,"box":{"x":529,"y":744,"width":135,"height":9}},{"id":"439978a8-8dc3-4ab2-98b7-f3f2a74b3f0b","block_type":"box","text":"Boston, MA 02210","page_number":91,"box":{"x":529,"y":759,"width":128,"height":11}},{"id":"92a688c9-77f9-4cc9-872c-af32e2d4f366","block_type":"box","text":"6.87%","page_number":91,"box":{"x":919,"y":729,"width":44,"height":9}},{"id":"2163e227-529a-4363-b152-c899fdff7837","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith","page_number":91,"box":{"x":529,"y":775,"width":255,"height":12}},{"id":"e6f2ce00-d2af-49d6-a34f-a1fd711086ce","block_type":"box","text":"Incorporated - TS Sub","page_number":91,"box":{"x":529,"y":790,"width":153,"height":12}},{"id":"1a5b2291-c26d-4e46-a43e-fe6191b8d6f4","block_type":"box","text":"101 Hudson Street","page_number":91,"box":{"x":530,"y":805,"width":128,"height":10}},{"id":"7f6ec973-4b6b-4dc3-abc7-0e7333913444","block_type":"box","text":"9th Floor","page_number":91,"box":{"x":529,"y":820,"width":62,"height":10}},{"id":"9c83e264-0cc1-4479-a04b-c895ac16cd9a","block_type":"box","text":"Jersey City, NJ 07302-3997","page_number":91,"box":{"x":528,"y":836,"width":181,"height":11}},{"id":"92846226-ed13-4b7d-98f5-82cde7b2a90a","block_type":"box","text":"5.06%","page_number":91,"box":{"x":919,"y":775,"width":44,"height":9}},{"id":"c35db421-d0af-4444-9b33-5a0d16453896","block_type":"box","text":"71","page_number":91,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"55171e05-f6fa-4ed3-b928-6536e723026f","block_type":"box","text":"Fund Name","page_number":92,"box":{"x":280,"y":55,"width":431,"height":7}},{"id":"76343c8b-2bb9-4c40-b841-e8ec73c7a992","block_type":"box","text":"Percentage","page_number":92,"box":{"x":897,"y":45,"width":64,"height":9}},{"id":"13893788-0aec-400e-9901-20348406b048","block_type":"box","text":"of Ownership","page_number":92,"box":{"x":890,"y":55,"width":78,"height":9}},{"id":"a7ea4cc0-0afe-4bca-bb64-4c18cadede30","block_type":"box","text":"iShares MSCI Hong Kong ETF Brown Brothers Harriman & Co.","page_number":92,"box":{"x":89,"y":77,"width":659,"height":12}},{"id":"a70ad6d0-0cb0-46d6-bc66-51b8482488b4","block_type":"box","text":"525 Washington Blvd.","page_number":92,"box":{"x":529,"y":92,"width":151,"height":12}},{"id":"a722b17c-5782-4190-a93a-f6e0ba620ea2","block_type":"box","text":"11","page_number":92,"box":{"x":530,"y":107,"width":11,"height":9}},{"id":"3869a1d3-419e-4154-9617-7398d285dc9d","block_type":"box","text":"th","page_number":92,"box":{"x":545,"y":105,"width":10,"height":6}},{"id":"8609344d-b8c0-49e7-88ec-4ce771a43d35","block_type":"box","text":"Floor","page_number":92,"box":{"x":561,"y":107,"width":35,"height":10}},{"id":"5d5eeeb6-67d3-4d1c-ad65-5707e64822af","block_type":"box","text":"Jersey City, NJ 07310","page_number":92,"box":{"x":528,"y":123,"width":140,"height":11}},{"id":"a4f082a4-7ab8-497f-b432-5ca625f9a39e","block_type":"box","text":"14.89%","page_number":92,"box":{"x":912,"y":77,"width":51,"height":9}},{"id":"f1cca886-d8dc-4700-84aa-9217a011e67b","block_type":"box","text":"Citibank, N.A.","page_number":92,"box":{"x":529,"y":138,"width":93,"height":12}},{"id":"32295e69-d86e-4a1c-aec1-82a4c4066676","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":92,"box":{"x":529,"y":153,"width":199,"height":13}},{"id":"5d68427b-7e42-4970-a426-a618cf0570d9","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":92,"box":{"x":529,"y":169,"width":191,"height":12}},{"id":"12206ffe-ac70-49e9-9ba3-27224fa1ff05","block_type":"box","text":"Tampa, FL 33610-9122","page_number":92,"box":{"x":528,"y":184,"width":160,"height":12}},{"id":"0a321c6e-fe68-4fa9-b468-5b96826630ec","block_type":"box","text":"13.06%","page_number":92,"box":{"x":911,"y":139,"width":52,"height":9}},{"id":"7018a484-1380-4a39-a6d9-aba7a141f631","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":92,"box":{"x":529,"y":200,"width":184,"height":11}},{"id":"ef5d250c-a6b4-4427-8e6b-7b6cf67cb83a","block_type":"box","text":"101 Montgomery Street","page_number":92,"box":{"x":530,"y":216,"width":165,"height":12}},{"id":"6ec2603a-d601-4390-8022-408ec25c0c78","block_type":"box","text":"San Francisco, CA 94014","page_number":92,"box":{"x":528,"y":231,"width":173,"height":11}},{"id":"45867dfe-a391-4b65-a6e5-6dbaed03ea1f","block_type":"box","text":"11.91%","page_number":92,"box":{"x":913,"y":201,"width":50,"height":9}},{"id":"a0c92134-65fd-4de3-9166-b8a509614c1b","block_type":"box","text":"National Financial Services LLC","page_number":92,"box":{"x":529,"y":247,"width":216,"height":9}},{"id":"a15970bd-ce24-49ad-9498-abed50d3fd86","block_type":"box","text":"245 Summer Street","page_number":92,"box":{"x":529,"y":262,"width":135,"height":10}},{"id":"dbf52bed-0315-45eb-97c4-8472cd553c06","block_type":"box","text":"Boston, MA 02210","page_number":92,"box":{"x":529,"y":277,"width":128,"height":11}},{"id":"92b1658a-4bcc-47d9-9cae-ccefa2465b62","block_type":"box","text":"7.46%","page_number":92,"box":{"x":921,"y":247,"width":42,"height":9}},{"id":"07d4b886-618a-47f5-87b7-70da6dd90ac8","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":92,"box":{"x":529,"y":293,"width":238,"height":13}},{"id":"b0ecd5ce-c55c-449e-adc2-3de4ddd9f112","block_type":"box","text":"One New York Plaza","page_number":92,"box":{"x":529,"y":308,"width":138,"height":10}},{"id":"1ec2f5ee-4e45-4833-9d9b-d9dc62a82ec6","block_type":"box","text":"New York, NY 10004","page_number":92,"box":{"x":529,"y":324,"width":142,"height":11}},{"id":"9dc97ed4-d26e-489e-8074-2f24e6f7d996","block_type":"box","text":"6.76%","page_number":92,"box":{"x":919,"y":294,"width":44,"height":9}},{"id":"067d2d52-aad5-4d78-b581-ee806de6e0cf","block_type":"box","text":"iShares MSCI Israel ETF Charles Schwab & Co., Inc.","page_number":92,"box":{"x":89,"y":356,"width":624,"height":12}},{"id":"1fc3102c-d065-4000-9e54-179f6708ff31","block_type":"box","text":"101 Montgomery Street","page_number":92,"box":{"x":530,"y":372,"width":165,"height":12}},{"id":"4d7ab665-b318-4b82-8992-382d38abb837","block_type":"box","text":"San Francisco, CA 94014","page_number":92,"box":{"x":528,"y":387,"width":173,"height":11}},{"id":"ac85412c-8061-46db-91aa-be7a30bbab34","block_type":"box","text":"17.53%","page_number":92,"box":{"x":914,"y":357,"width":49,"height":9}},{"id":"a12355f5-e8ed-42fd-a82d-09762298fab4","block_type":"box","text":"National Financial Services LLC","page_number":92,"box":{"x":529,"y":403,"width":216,"height":10}},{"id":"841840d6-0798-4e9c-9086-e1741cd2bf64","block_type":"box","text":"245 Summer Street","page_number":92,"box":{"x":529,"y":419,"width":135,"height":9}},{"id":"f94660ff-fdd1-4bd4-8040-7bcd64619f96","block_type":"box","text":"Boston, MA 02210","page_number":92,"box":{"x":529,"y":434,"width":128,"height":11}},{"id":"c7d5bd81-13a6-470e-bbef-2e275443e810","block_type":"box","text":"16.46%","page_number":92,"box":{"x":912,"y":403,"width":51,"height":10}},{"id":"accb6746-1832-40e5-b5a9-a693e4a92968","block_type":"box","text":"Citibank, N.A.","page_number":92,"box":{"x":529,"y":450,"width":93,"height":11}},{"id":"7b0498ad-810f-4a82-a93d-c63aebdedc3a","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":92,"box":{"x":529,"y":465,"width":199,"height":12}},{"id":"6031273f-4776-4536-bd33-f83c43f456ef","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":92,"box":{"x":529,"y":480,"width":191,"height":12}},{"id":"2a74951c-3dd1-4f63-8581-863cf9d6da10","block_type":"box","text":"Tampa, FL 33610-9122","page_number":92,"box":{"x":528,"y":495,"width":160,"height":12}},{"id":"8b75c4ee-c6e3-47e4-b305-5dc8dd9980c4","block_type":"box","text":"13.52%","page_number":92,"box":{"x":912,"y":450,"width":51,"height":9}},{"id":"c80c028b-48fb-4853-8942-9b7fede9beee","block_type":"box","text":"JPMorgan Chase Bank, National Association","page_number":92,"box":{"x":528,"y":511,"width":306,"height":13}},{"id":"ee796d46-b37c-4ad7-9d88-720c401a168e","block_type":"box","text":"1111 Polaris Parkway","page_number":92,"box":{"x":530,"y":526,"width":144,"height":13}},{"id":"91b1d291-4a63-43ef-a6b1-e68d39a28b5f","block_type":"box","text":"Columbus, OH 43240","page_number":92,"box":{"x":529,"y":542,"width":149,"height":11}},{"id":"b3695aa2-e2bd-45d3-b434-e5ce09a070e5","block_type":"box","text":"7.62%","page_number":92,"box":{"x":920,"y":512,"width":43,"height":9}},{"id":"e0ea08ba-52a8-4534-827a-ae6ec5a9f94a","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":92,"box":{"x":529,"y":558,"width":238,"height":12}},{"id":"e6f3d963-a66f-450c-a5a7-4f71b8b84193","block_type":"box","text":"One New York Plaza","page_number":92,"box":{"x":529,"y":573,"width":138,"height":10}},{"id":"815055d4-8576-4326-8ed1-811bc8401cfc","block_type":"box","text":"New York, NY 10004","page_number":92,"box":{"x":529,"y":588,"width":142,"height":11}},{"id":"6a55a7a8-0f81-479e-b8ea-949ccee69ef4","block_type":"box","text":"6.51%","page_number":92,"box":{"x":920,"y":558,"width":43,"height":10}},{"id":"8bc0d127-8727-476f-847f-25758cb23655","block_type":"box","text":"iShares MSCI Italy ETF HSBC Bank USA, NA/Clearing","page_number":92,"box":{"x":89,"y":621,"width":646,"height":12}},{"id":"580547a5-5c75-4cac-81a7-be5fb0ebbacb","block_type":"box","text":"452 Fifth Avenue","page_number":92,"box":{"x":528,"y":636,"width":118,"height":10}},{"id":"2c2a626b-9a06-4124-9457-4acb49aa98b5","block_type":"box","text":"New York, NY 10018","page_number":92,"box":{"x":529,"y":651,"width":140,"height":11}},{"id":"3875169e-fc16-4c60-92f2-7449c94d528c","block_type":"box","text":"30.51%","page_number":92,"box":{"x":911,"y":621,"width":52,"height":10}},{"id":"1b9002fa-10dd-4b6e-8f84-86f3f9c6f16c","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":92,"box":{"x":529,"y":668,"width":184,"height":11}},{"id":"131707b7-5e61-4cc2-873b-51327fe03f59","block_type":"box","text":"101 Montgomery Street","page_number":92,"box":{"x":530,"y":683,"width":165,"height":12}},{"id":"c76f28cf-d6b8-4ef3-9060-2bc187d2d4df","block_type":"box","text":"San Francisco, CA 94014","page_number":92,"box":{"x":528,"y":698,"width":173,"height":11}},{"id":"4db30f70-9291-4697-8532-39f0e9df116e","block_type":"box","text":"13.74%","page_number":92,"box":{"x":913,"y":668,"width":50,"height":9}},{"id":"35fbbf30-0d0a-4823-bc58-670c8a092401","block_type":"box","text":"The Bank of New York Mellon","page_number":92,"box":{"x":528,"y":714,"width":206,"height":10}},{"id":"4ad7c42f-2da1-4d47-a910-05e86178d895","block_type":"box","text":"111 Sanders Creek Parkway","page_number":92,"box":{"x":530,"y":729,"width":190,"height":13}},{"id":"eb3f3ba3-1edb-4d26-80de-1196be2388db","block_type":"box","text":"2","page_number":92,"box":{"x":529,"y":745,"width":7,"height":9}},{"id":"587c1842-0f99-4644-8057-096d79ff3a1b","block_type":"box","text":"nd","page_number":92,"box":{"x":538,"y":742,"width":12,"height":7}},{"id":"8d6111c1-1894-4711-9239-635765c98ecf","block_type":"box","text":"Floor","page_number":92,"box":{"x":556,"y":744,"width":35,"height":10}},{"id":"57892eb1-2787-4fa9-8114-9729256a7862","block_type":"box","text":"East Syracuse, NY 13057","page_number":92,"box":{"x":529,"y":760,"width":170,"height":12}},{"id":"e4ffdbbf-b8fa-4117-b403-a6d9403a3436","block_type":"box","text":"11.43%","page_number":92,"box":{"x":913,"y":715,"width":50,"height":9}},{"id":"dd00baea-63b5-4a3c-87e8-e05fb4f4609c","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":92,"box":{"x":529,"y":776,"width":238,"height":12}},{"id":"a084617f-fcda-45b6-ab61-9fffafb7ba16","block_type":"box","text":"One New York Plaza","page_number":92,"box":{"x":529,"y":791,"width":138,"height":10}},{"id":"5b56f9f2-7069-4eeb-8879-01f39c8016a5","block_type":"box","text":"New York, NY 10004","page_number":92,"box":{"x":529,"y":806,"width":142,"height":11}},{"id":"d13ec375-0efe-4c95-b70c-6bd59175d5c5","block_type":"box","text":"6.74%","page_number":92,"box":{"x":920,"y":776,"width":43,"height":10}},{"id":"79bc75f3-108f-40ca-96fa-49abf20a5c75","block_type":"box","text":"Ameriprise Enterprise Investment Services, Inc.","page_number":92,"box":{"x":528,"y":823,"width":328,"height":12}},{"id":"37479a31-4339-48db-aa82-bc1c6587da37","block_type":"box","text":"901 3","page_number":92,"box":{"x":529,"y":838,"width":37,"height":9}},{"id":"364e0733-6cdb-4ab1-acfe-412580beff10","block_type":"box","text":"rd","page_number":92,"box":{"x":568,"y":836,"width":10,"height":6}},{"id":"56abcb09-70a6-4ab8-a9d6-eeb44d19d765","block_type":"box","text":"Avenue South","page_number":92,"box":{"x":583,"y":838,"width":97,"height":9}},{"id":"c04591d9-1b49-4fec-a663-dfbc5cdad7e7","block_type":"box","text":"Minneapolis, MN 55474","page_number":92,"box":{"x":529,"y":853,"width":165,"height":12}},{"id":"e6c587a5-e530-4c1f-8086-be928dce363e","block_type":"box","text":"6.01%","page_number":92,"box":{"x":919,"y":823,"width":44,"height":9}},{"id":"8bd81d68-d885-4356-a9d9-2d924a76b38e","block_type":"box","text":"72","page_number":92,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"9036e891-0246-4f0f-a233-4993b778d664","block_type":"box","text":"Fund Name","page_number":93,"box":{"x":280,"y":55,"width":431,"height":7}},{"id":"4b585007-e1ee-480f-b322-1cd7f3d3cfe0","block_type":"box","text":"Percentage","page_number":93,"box":{"x":897,"y":45,"width":64,"height":9}},{"id":"f150e20b-4f27-4fb8-85a6-247c8a6e6009","block_type":"box","text":"of Ownership","page_number":93,"box":{"x":890,"y":55,"width":78,"height":9}},{"id":"7fd57537-7b69-467c-b5ee-770dc4d574e7","block_type":"box","text":"National Financial Services LLC","page_number":93,"box":{"x":529,"y":77,"width":216,"height":9}},{"id":"1aca99a4-eabe-48c1-ab77-f740a677ae59","block_type":"box","text":"245 Summer Street","page_number":93,"box":{"x":529,"y":92,"width":135,"height":9}},{"id":"8116a0b7-5ff9-4279-8e0a-0ebcc9d2bae5","block_type":"box","text":"Boston, MA 02210","page_number":93,"box":{"x":529,"y":107,"width":128,"height":11}},{"id":"5bbffb76-63e2-4223-bf19-2a3c825b404f","block_type":"box","text":"5.60%","page_number":93,"box":{"x":919,"y":77,"width":44,"height":9}},{"id":"02ae50bc-d06d-45db-bd29-0cb13c718659","block_type":"box","text":"iShares MSCI Japan ETF JPMorgan Chase Bank, National Association","page_number":93,"box":{"x":89,"y":140,"width":745,"height":12}},{"id":"925f238e-d1ef-4b0d-8e56-8b85dcdd5b55","block_type":"box","text":"1111 Polaris Parkway","page_number":93,"box":{"x":530,"y":155,"width":144,"height":12}},{"id":"fdd4aa9d-55fc-4f18-85a9-20db3735941c","block_type":"box","text":"Columbus, OH 43240","page_number":93,"box":{"x":529,"y":170,"width":149,"height":11}},{"id":"c1d48747-7f05-43b3-bceb-f7dbc8123f46","block_type":"box","text":"12.64%","page_number":93,"box":{"x":911,"y":140,"width":52,"height":9}},{"id":"a9d08885-64df-4134-84b0-7f1d2a81a906","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":93,"box":{"x":529,"y":186,"width":238,"height":13}},{"id":"2a0c3514-06ab-497d-8875-a2dc0640d513","block_type":"box","text":"One New York Plaza","page_number":93,"box":{"x":529,"y":201,"width":138,"height":10}},{"id":"10a4a9ec-175b-4131-b12d-06388eb52a3d","block_type":"box","text":"New York, NY 10004","page_number":93,"box":{"x":529,"y":216,"width":142,"height":12}},{"id":"feacbfc7-489c-462d-8397-09db648bcd72","block_type":"box","text":"12.16%","page_number":93,"box":{"x":913,"y":187,"width":50,"height":9}},{"id":"7060fd06-84b3-4101-9108-1a81dc18d63d","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":93,"box":{"x":529,"y":233,"width":184,"height":11}},{"id":"da3cc59c-f5e0-4f75-b6af-8d0337e61c58","block_type":"box","text":"101 Montgomery Street","page_number":93,"box":{"x":530,"y":249,"width":165,"height":11}},{"id":"d6e70e9f-7b7c-467d-945b-bf1c9320494a","block_type":"box","text":"San Francisco, CA 94014","page_number":93,"box":{"x":528,"y":264,"width":173,"height":10}},{"id":"40da37e7-ac39-41a9-8d1d-41af0b98b6e7","block_type":"box","text":"9.66%","page_number":93,"box":{"x":918,"y":233,"width":45,"height":10}},{"id":"de575d03-aa43-474d-9fd8-4e56875916a2","block_type":"box","text":"National Financial Services LLC","page_number":93,"box":{"x":529,"y":279,"width":216,"height":10}},{"id":"35d7a336-e32d-46b6-9419-293e0e1b3813","block_type":"box","text":"245 Summer Street","page_number":93,"box":{"x":529,"y":295,"width":135,"height":9}},{"id":"2141af5d-7fb9-4073-9586-52bca453c676","block_type":"box","text":"Boston, MA 02210","page_number":93,"box":{"x":529,"y":310,"width":128,"height":11}},{"id":"f915720e-048e-4c1d-8fde-2a531222b903","block_type":"box","text":"6.96%","page_number":93,"box":{"x":918,"y":280,"width":45,"height":9}},{"id":"52cb9cac-9e36-4425-8778-a0246f815494","block_type":"box","text":"The Bank of New York Mellon","page_number":93,"box":{"x":528,"y":326,"width":206,"height":10}},{"id":"2ee94181-b1c4-4cfd-ba31-201cd0976a9e","block_type":"box","text":"111 Sanders Creek Parkway","page_number":93,"box":{"x":530,"y":341,"width":190,"height":13}},{"id":"20f58322-eee9-409a-bda3-c95fe7b6e120","block_type":"box","text":"2","page_number":93,"box":{"x":529,"y":357,"width":7,"height":9}},{"id":"ff881a89-cb89-49bd-ab6b-6e5d83547959","block_type":"box","text":"nd","page_number":93,"box":{"x":538,"y":354,"width":12,"height":7}},{"id":"54c0d8c6-295f-4e30-9816-40f081024d0f","block_type":"box","text":"Floor","page_number":93,"box":{"x":556,"y":356,"width":35,"height":10}},{"id":"e86af556-c895-4d4d-bf61-a5bf0f03d216","block_type":"box","text":"East Syracuse, NY 13057","page_number":93,"box":{"x":529,"y":372,"width":170,"height":12}},{"id":"8d4ac59c-feb7-483a-8999-3d63b0e4ccbd","block_type":"box","text":"6.23%","page_number":93,"box":{"x":918,"y":327,"width":45,"height":9}},{"id":"ef2418d0-8739-48e2-97c5-f53243e7de6e","block_type":"box","text":"Citibank, N.A.","page_number":93,"box":{"x":529,"y":388,"width":93,"height":11}},{"id":"03084580-c326-4501-99d5-7340268a7b3d","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":93,"box":{"x":529,"y":403,"width":199,"height":12}},{"id":"11b5d1e4-a457-4b92-a042-dfba3bb35298","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":93,"box":{"x":529,"y":418,"width":191,"height":12}},{"id":"f31720dc-8e3b-47de-ad44-9faef6e91412","block_type":"box","text":"Tampa, FL 33610-9122","page_number":93,"box":{"x":528,"y":434,"width":160,"height":12}},{"id":"8a13c6cf-66f5-4cd7-9663-ab4e4adb190a","block_type":"box","text":"5.20%","page_number":93,"box":{"x":919,"y":388,"width":44,"height":10}},{"id":"4279f10d-db28-4422-a18e-9a4b1c2bb158","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF Charles Schwab & Co., Inc.","page_number":93,"box":{"x":89,"y":466,"width":624,"height":12}},{"id":"8de59e10-fc5d-4bc5-beee-45e0db3ccbfd","block_type":"box","text":"101 Montgomery Street","page_number":93,"box":{"x":530,"y":482,"width":165,"height":11}},{"id":"88ddde02-220e-49fc-a7eb-f27ea17b2519","block_type":"box","text":"San Francisco, CA 94014","page_number":93,"box":{"x":528,"y":497,"width":173,"height":11}},{"id":"e3dfc125-aee5-49d6-88b7-a9809462423a","block_type":"box","text":"14.95%","page_number":93,"box":{"x":912,"y":466,"width":51,"height":10}},{"id":"5c0023cd-fcd5-4b2c-a972-92aef9ef4e50","block_type":"box","text":"The Bank of New York Mellon","page_number":93,"box":{"x":528,"y":513,"width":206,"height":9}},{"id":"1f643de7-aa47-487b-a758-98d09da75c45","block_type":"box","text":"111 Sanders Creek Parkway","page_number":93,"box":{"x":530,"y":528,"width":190,"height":12}},{"id":"06cfbaef-28a7-479a-abfc-639fd511d456","block_type":"box","text":"2","page_number":93,"box":{"x":529,"y":543,"width":7,"height":9}},{"id":"56a8335c-68b0-42f7-953c-ab528933f364","block_type":"box","text":"nd","page_number":93,"box":{"x":538,"y":541,"width":12,"height":6}},{"id":"d2a09fb2-acd7-47f1-bd36-ae2c89f4d5b2","block_type":"box","text":"Floor","page_number":93,"box":{"x":556,"y":543,"width":35,"height":10}},{"id":"ff118a48-4897-4934-ae1c-d3ea8f8c4c06","block_type":"box","text":"East Syracuse, NY 13057","page_number":93,"box":{"x":529,"y":558,"width":170,"height":12}},{"id":"1980afba-0b17-41a4-bc8d-967e27999fe1","block_type":"box","text":"12.27%","page_number":93,"box":{"x":912,"y":513,"width":51,"height":9}},{"id":"9b97d9e4-2a90-49cb-b309-5a894ce68662","block_type":"box","text":"Interactive Brokers Retail Equity Clearing","page_number":93,"box":{"x":529,"y":574,"width":280,"height":13}},{"id":"690698f7-00c0-4f5c-b6b7-705eab1a43ce","block_type":"box","text":"8 Greenwich Office Park","page_number":93,"box":{"x":529,"y":589,"width":168,"height":10}},{"id":"dd5ff087-59f1-4f85-a3ad-3128635566bc","block_type":"box","text":"Greenwich, CT 06831","page_number":93,"box":{"x":529,"y":605,"width":147,"height":11}},{"id":"6f7bc6a3-364f-4d2a-be40-f194439a70cb","block_type":"box","text":"11.30%","page_number":93,"box":{"x":913,"y":575,"width":50,"height":9}},{"id":"0ea90e0d-6d71-4262-893b-3408c1bd4394","block_type":"box","text":"National Financial Services LLC","page_number":93,"box":{"x":529,"y":621,"width":216,"height":10}},{"id":"9d7c54e7-d1a3-4f1d-944d-b960f2737080","block_type":"box","text":"245 Summer Street","page_number":93,"box":{"x":529,"y":637,"width":135,"height":9}},{"id":"e4c8ef74-d63a-4ad1-b3c6-af04a700980d","block_type":"box","text":"Boston, MA 02210","page_number":93,"box":{"x":529,"y":652,"width":128,"height":10}},{"id":"1021aa20-c913-4a61-b4a6-b7579e05a7ef","block_type":"box","text":"9.48%","page_number":93,"box":{"x":919,"y":621,"width":44,"height":10}},{"id":"627017e0-915b-4772-98ea-8328a344d4bf","block_type":"box","text":"Citibank, N.A.","page_number":93,"box":{"x":529,"y":668,"width":93,"height":11}},{"id":"62c7e1b1-4590-4afb-901f-3707dc569b6a","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":93,"box":{"x":529,"y":683,"width":199,"height":12}},{"id":"ade16b06-3c4b-4b8b-8c61-e15e53ad82d0","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":93,"box":{"x":529,"y":698,"width":191,"height":12}},{"id":"4aeb0ee4-4560-4a40-aaa7-17c081d7b573","block_type":"box","text":"Tampa, FL 33610-9122","page_number":93,"box":{"x":528,"y":713,"width":160,"height":12}},{"id":"6b783054-350c-4fdc-acc8-b8f7dfd95d39","block_type":"box","text":"6.80%","page_number":93,"box":{"x":919,"y":668,"width":44,"height":9}},{"id":"9260b7ea-834e-48ca-9cce-d940f07aa054","block_type":"box","text":"Northern Trust Company (The)","page_number":93,"box":{"x":529,"y":729,"width":217,"height":13}},{"id":"4bf21228-3306-4929-a19d-eadfda6096a5","block_type":"box","text":"801 South Canal Street","page_number":93,"box":{"x":529,"y":744,"width":160,"height":10}},{"id":"b90d95fa-f814-4a68-ba2e-a0118cf5a016","block_type":"box","text":"Chicago, IL 60607","page_number":93,"box":{"x":529,"y":759,"width":125,"height":13}},{"id":"72ef43da-0189-4b73-9bdf-dd0c4900a064","block_type":"box","text":"5.07%","page_number":93,"box":{"x":919,"y":730,"width":44,"height":9}},{"id":"4c3a35dd-4dac-4653-8495-e4a30acee454","block_type":"box","text":"Goldman, Sachs & Co.","page_number":93,"box":{"x":529,"y":776,"width":154,"height":11}},{"id":"e78f0fc5-69a6-40a5-8481-24e601354f72","block_type":"box","text":"30 Hudson Street","page_number":93,"box":{"x":529,"y":791,"width":121,"height":10}},{"id":"6c1c6042-f7cc-4385-b101-1f980bf05534","block_type":"box","text":"16","page_number":93,"box":{"x":530,"y":807,"width":15,"height":9}},{"id":"9af0cdd9-6047-4dab-ba0a-72883c4f3d66","block_type":"box","text":"th","page_number":93,"box":{"x":545,"y":804,"width":11,"height":6}},{"id":"144b2f87-b711-40ec-b72c-304fa8023516","block_type":"box","text":"Floor","page_number":93,"box":{"x":562,"y":806,"width":34,"height":10}},{"id":"046c82a5-ade2-4350-b38f-f8a26864a68b","block_type":"box","text":"Jersey City, NJ 07302","page_number":93,"box":{"x":528,"y":822,"width":141,"height":12}},{"id":"7df5938f-ec27-4c64-92dd-46880ab40917","block_type":"box","text":"5.02%","page_number":93,"box":{"x":920,"y":776,"width":43,"height":10}},{"id":"fd9ebd71-4cc4-4911-898c-11712fc4b292","block_type":"box","text":"73","page_number":93,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c4fe8bc5-28d7-4aa2-b105-8ccdd9142f1f","block_type":"box","text":"Fund Name","page_number":94,"box":{"x":280,"y":55,"width":431,"height":7}},{"id":"a0b2e6b9-233c-410f-9993-687d7c3d9b27","block_type":"box","text":"Percentage","page_number":94,"box":{"x":897,"y":45,"width":64,"height":9}},{"id":"34117018-9a5d-46ce-8f21-2c938d665d05","block_type":"box","text":"of Ownership","page_number":94,"box":{"x":890,"y":55,"width":78,"height":9}},{"id":"e2be0c49-5363-4b26-89ec-68f6305eda53","block_type":"box","text":"iShares MSCI Mexico ETF State Street Bank and Trust Company","page_number":94,"box":{"x":89,"y":77,"width":701,"height":12}},{"id":"afc1fa71-0c5f-4e83-9c84-d3883a1984bd","block_type":"box","text":"1776 Heritage Drive","page_number":94,"box":{"x":530,"y":92,"width":136,"height":12}},{"id":"3e8f98af-33e8-4623-ae3b-8933ca8f989d","block_type":"box","text":"North Quincy, MA 02171","page_number":94,"box":{"x":529,"y":107,"width":168,"height":12}},{"id":"93e614a1-7587-4141-8e9c-5a38959febe4","block_type":"box","text":"11.42%","page_number":94,"box":{"x":914,"y":77,"width":48,"height":9}},{"id":"a25d7c8d-e8ef-42f4-8557-8e15147573d5","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":94,"box":{"x":529,"y":123,"width":184,"height":12}},{"id":"b81c30a4-aa3f-4067-8e95-beed906cec61","block_type":"box","text":"101 Montgomery Street","page_number":94,"box":{"x":530,"y":139,"width":165,"height":12}},{"id":"2306a60d-1484-40cd-a7de-77bd37a04181","block_type":"box","text":"San Francisco, CA 94014","page_number":94,"box":{"x":528,"y":154,"width":173,"height":11}},{"id":"9254855b-859b-463f-835c-573f22643a39","block_type":"box","text":"8.87%","page_number":94,"box":{"x":919,"y":124,"width":43,"height":9}},{"id":"fdd8b455-befd-4188-a340-4577796078b4","block_type":"box","text":"HSBC Bank USA, NA/Clearing","page_number":94,"box":{"x":529,"y":170,"width":206,"height":12}},{"id":"d4fb7f85-d83b-4f9c-9c8a-137ece40cef2","block_type":"box","text":"452 Fifth Avenue","page_number":94,"box":{"x":528,"y":185,"width":118,"height":10}},{"id":"d966c238-dd23-4a87-8fd7-c01274199350","block_type":"box","text":"New York, NY 10018","page_number":94,"box":{"x":529,"y":200,"width":140,"height":11}},{"id":"1557ad73-5764-45d3-af5c-72fbe6191ff9","block_type":"box","text":"8.30%","page_number":94,"box":{"x":918,"y":170,"width":44,"height":10}},{"id":"02618bf4-f0a5-4429-a9d2-766af418dfd0","block_type":"box","text":"Brown Brothers Harriman & Co.","page_number":94,"box":{"x":529,"y":216,"width":219,"height":10}},{"id":"a6553497-c1b1-4389-9ae2-fc7b831b2a5c","block_type":"box","text":"525 Washington Blvd.","page_number":94,"box":{"x":529,"y":232,"width":151,"height":12}},{"id":"c08b1626-a040-4898-8b1b-60f003d7b15b","block_type":"box","text":"11","page_number":94,"box":{"x":530,"y":247,"width":11,"height":9}},{"id":"2257e18d-72c3-4899-abf2-37483b475a04","block_type":"box","text":"th","page_number":94,"box":{"x":545,"y":245,"width":10,"height":6}},{"id":"7ea5ae5a-61c3-4d9b-98b7-b1f9b50e395b","block_type":"box","text":"Floor","page_number":94,"box":{"x":561,"y":247,"width":35,"height":9}},{"id":"07b6a798-a1fb-401e-a502-07fc464feca1","block_type":"box","text":"Jersey City, NJ 07310","page_number":94,"box":{"x":528,"y":262,"width":140,"height":12}},{"id":"e1065a71-b498-4f63-bfea-e2b033030fe2","block_type":"box","text":"7.74%","page_number":94,"box":{"x":921,"y":217,"width":41,"height":9}},{"id":"b56df16b-d080-4ec2-afea-92b85bcda4ab","block_type":"box","text":"National Financial Services LLC","page_number":94,"box":{"x":529,"y":278,"width":216,"height":10}},{"id":"a2edf407-5fd1-4cb2-a6fe-db42a05085aa","block_type":"box","text":"245 Summer Street","page_number":94,"box":{"x":529,"y":294,"width":135,"height":9}},{"id":"d3dac7d8-77c9-4781-aa02-9b53912cc053","block_type":"box","text":"Boston, MA 02210","page_number":94,"box":{"x":529,"y":309,"width":128,"height":11}},{"id":"b7bef962-9674-4f98-bfbe-b7141f7c52aa","block_type":"box","text":"6.45%","page_number":94,"box":{"x":919,"y":279,"width":43,"height":9}},{"id":"bef28dd6-27ed-44e7-a0a0-511617239163","block_type":"box","text":"BNP Paribas, New York Branch/Custody","page_number":94,"box":{"x":529,"y":325,"width":277,"height":12}},{"id":"2fc73dbb-32cb-4342-8807-eba11f319a37","block_type":"box","text":"Services","page_number":94,"box":{"x":528,"y":340,"width":57,"height":10}},{"id":"1563c2ea-6984-454e-a677-a55dd4590ed9","block_type":"box","text":"525 Washington BLVD.","page_number":94,"box":{"x":529,"y":355,"width":159,"height":12}},{"id":"a407fd0a-d6f9-4eaf-baff-38051a707305","block_type":"box","text":"Jersey City, NJ 07310","page_number":94,"box":{"x":528,"y":371,"width":140,"height":12}},{"id":"308c4996-eff1-4dee-a505-af5a270d44f3","block_type":"box","text":"5.76%","page_number":94,"box":{"x":919,"y":325,"width":43,"height":10}},{"id":"2c444372-c7e6-45b7-be96-669faef13fc7","block_type":"box","text":"Citibank, N.A.","page_number":94,"box":{"x":529,"y":387,"width":93,"height":11}},{"id":"d5f5f044-b451-45df-9958-3b8a4057c9d3","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":94,"box":{"x":529,"y":402,"width":199,"height":12}},{"id":"3152056a-8c45-4a5c-88a7-6c385c9c57c7","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":94,"box":{"x":529,"y":417,"width":191,"height":12}},{"id":"fc13cb00-f0c1-4108-a77b-30810a60f4b1","block_type":"box","text":"Tampa, FL 33610-9122","page_number":94,"box":{"x":528,"y":432,"width":160,"height":12}},{"id":"aa986bae-13d5-426f-a570-302cb60f9b11","block_type":"box","text":"5.59%","page_number":94,"box":{"x":919,"y":387,"width":43,"height":9}},{"id":"9c55ff13-9267-4d7c-9588-e39d5738e654","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":94,"box":{"x":529,"y":448,"width":238,"height":13}},{"id":"f7de9dba-3fa9-4cf0-94f7-e2c1ffee2740","block_type":"box","text":"One New York Plaza","page_number":94,"box":{"x":529,"y":463,"width":138,"height":10}},{"id":"6671a64c-26ed-4a7d-8979-e6fc74d78d33","block_type":"box","text":"New York, NY 10004","page_number":94,"box":{"x":529,"y":479,"width":142,"height":11}},{"id":"39f06b91-fb1b-43e8-85fc-f134c94a1919","block_type":"box","text":"5.33%","page_number":94,"box":{"x":919,"y":449,"width":43,"height":9}},{"id":"21cf0886-a8c1-44f1-bd57-80aa9354bfb5","block_type":"box","text":"JPMorgan Chase Bank, National Association","page_number":94,"box":{"x":528,"y":495,"width":306,"height":12}},{"id":"87c16d9e-d9f4-4ab5-adf1-10c48047f499","block_type":"box","text":"1111 Polaris Parkway","page_number":94,"box":{"x":530,"y":510,"width":144,"height":12}},{"id":"6c1c8f4b-c4b4-4422-88e1-0f00cd64ef43","block_type":"box","text":"Columbus, OH 43240","page_number":94,"box":{"x":529,"y":525,"width":149,"height":11}},{"id":"7609deda-79bd-41de-a98a-d674c0ce3240","block_type":"box","text":"5.21%","page_number":94,"box":{"x":919,"y":495,"width":43,"height":10}},{"id":"e455e7cc-2370-4475-a37f-20eb11d9b78c","block_type":"box","text":"iShares MSCI Netherlands ETF The Bank of New York Mellon","page_number":94,"box":{"x":89,"y":558,"width":645,"height":10}},{"id":"a6211b42-d4e6-46de-8f29-beadda682278","block_type":"box","text":"111 Sanders Creek Parkway","page_number":94,"box":{"x":530,"y":573,"width":190,"height":12}},{"id":"b6bb8207-aa89-4b42-a5ae-bde29dfd5947","block_type":"box","text":"2","page_number":94,"box":{"x":529,"y":589,"width":7,"height":9}},{"id":"4f999731-762a-4753-9ff7-b44660c01b48","block_type":"box","text":"nd","page_number":94,"box":{"x":538,"y":586,"width":12,"height":6}},{"id":"31ab4923-bb47-45bd-8931-4f616a29626d","block_type":"box","text":"Floor","page_number":94,"box":{"x":556,"y":588,"width":35,"height":10}},{"id":"fb0720fd-27ee-4cef-a6fc-3bef2cb49cba","block_type":"box","text":"East Syracuse, NY 13057","page_number":94,"box":{"x":529,"y":604,"width":170,"height":12}},{"id":"1f037021-8231-4f2c-b196-6b3474e02b2b","block_type":"box","text":"20.46%","page_number":94,"box":{"x":911,"y":558,"width":51,"height":10}},{"id":"405b3f39-9ee9-42ef-8cb4-fa5ea2fff7ac","block_type":"box","text":"State Street Bank and Trust Company","page_number":94,"box":{"x":528,"y":620,"width":262,"height":12}},{"id":"28ec2858-e224-4331-8139-2c21ca11f209","block_type":"box","text":"1776 Heritage Drive","page_number":94,"box":{"x":530,"y":635,"width":136,"height":12}},{"id":"e3103c19-1c82-4ccc-ae78-fa4ddb88cb88","block_type":"box","text":"North Quincy, MA 02171","page_number":94,"box":{"x":529,"y":650,"width":168,"height":12}},{"id":"dd0b8dbf-1143-4b7e-ad81-404fbcce0c69","block_type":"box","text":"20.14%","page_number":94,"box":{"x":912,"y":620,"width":50,"height":9}},{"id":"7a7a41c5-3e49-4ef1-b9b9-358ed31d55cb","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":94,"box":{"x":529,"y":666,"width":184,"height":12}},{"id":"abb4adb3-1d37-4e84-9588-aa035841bf50","block_type":"box","text":"101 Montgomery Street","page_number":94,"box":{"x":530,"y":682,"width":165,"height":12}},{"id":"7bd145fa-ba4b-4b03-8fb9-62bef8763a2a","block_type":"box","text":"San Francisco, CA 94014","page_number":94,"box":{"x":528,"y":697,"width":173,"height":11}},{"id":"e1c76114-911b-418a-a762-3473dd4d041c","block_type":"box","text":"15.91%","page_number":94,"box":{"x":912,"y":667,"width":50,"height":9}},{"id":"8c75c9a4-ebef-49e8-97c5-54b247760794","block_type":"box","text":"Citibank, N.A.","page_number":94,"box":{"x":529,"y":713,"width":93,"height":11}},{"id":"56a1d0de-faa4-4ac8-b5ff-87aff1d8d674","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":94,"box":{"x":529,"y":728,"width":199,"height":12}},{"id":"96e1d3bd-8f21-43e7-9f01-f91bd41d0f98","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":94,"box":{"x":529,"y":743,"width":191,"height":12}},{"id":"d6fb39c1-e4c1-46d6-a79f-bbc959473876","block_type":"box","text":"Tampa, FL 33610-9122","page_number":94,"box":{"x":528,"y":759,"width":160,"height":12}},{"id":"835e50b8-dd73-473a-ab61-1e631346975a","block_type":"box","text":"13.17%","page_number":94,"box":{"x":914,"y":713,"width":48,"height":10}},{"id":"122e0b49-30b5-4282-8dfe-64826aa25f40","block_type":"box","text":"National Financial Services LLC","page_number":94,"box":{"x":529,"y":775,"width":216,"height":9}},{"id":"b9cbec34-18f4-4d39-b73e-029454cfc57f","block_type":"box","text":"245 Summer Street","page_number":94,"box":{"x":529,"y":790,"width":135,"height":9}},{"id":"214b6139-45f8-4d58-ba29-39dea1d6a248","block_type":"box","text":"Boston, MA 02210","page_number":94,"box":{"x":529,"y":805,"width":128,"height":11}},{"id":"6c121274-e5e2-4ca1-bd0a-c008cb6f7a1c","block_type":"box","text":"6.96%","page_number":94,"box":{"x":918,"y":775,"width":44,"height":9}},{"id":"e8b33136-1de4-4aa6-b10b-b3519ae684a4","block_type":"box","text":"74","page_number":94,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"66c90817-03a1-441f-a7e3-fcc53f13a502","block_type":"box","text":"Fund Name","page_number":95,"box":{"x":280,"y":55,"width":431,"height":7}},{"id":"32b20e69-249e-4a5f-a965-31409e4d6499","block_type":"box","text":"Percentage","page_number":95,"box":{"x":897,"y":45,"width":64,"height":9}},{"id":"62c3df0d-9492-437d-aab3-f025eec43029","block_type":"box","text":"of Ownership","page_number":95,"box":{"x":890,"y":55,"width":78,"height":9}},{"id":"3a7f2a18-a0b5-4fe8-86fb-0ee29025eaf5","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF JPMorgan Chase Bank, National Association","page_number":95,"box":{"x":89,"y":77,"width":745,"height":12}},{"id":"3293106a-9ceb-4626-8cb3-f1849ee2e6ea","block_type":"box","text":"1111 Polaris Parkway","page_number":95,"box":{"x":530,"y":92,"width":144,"height":12}},{"id":"c0407f06-fcf2-4a13-ab1f-4fccbd9fe1bb","block_type":"box","text":"Columbus, OH 43240","page_number":95,"box":{"x":529,"y":107,"width":149,"height":11}},{"id":"b841279d-33fa-499d-a536-18032853def3","block_type":"box","text":"17.14%","page_number":95,"box":{"x":916,"y":77,"width":47,"height":9}},{"id":"31ff92f8-0cd7-4041-a39d-e1c38e52fde9","block_type":"box","text":"Goldman, Sachs & Co.","page_number":95,"box":{"x":529,"y":123,"width":154,"height":12}},{"id":"3139d373-6744-42cb-bb84-2dd5a62dabbb","block_type":"box","text":"30 Hudson Street","page_number":95,"box":{"x":529,"y":138,"width":121,"height":10}},{"id":"62b558ed-6126-4976-b0cf-d6059858cae6","block_type":"box","text":"16","page_number":95,"box":{"x":530,"y":154,"width":15,"height":9}},{"id":"abd00a2c-33af-4a52-abe2-fc6765b09ac0","block_type":"box","text":"th","page_number":95,"box":{"x":545,"y":151,"width":11,"height":7}},{"id":"7906ea50-7298-4a06-a46f-efd88854ed93","block_type":"box","text":"Floor","page_number":95,"box":{"x":562,"y":153,"width":34,"height":10}},{"id":"1934741d-5589-4143-8203-21ee989539bd","block_type":"box","text":"Jersey City, NJ 07302","page_number":95,"box":{"x":528,"y":169,"width":141,"height":12}},{"id":"2ce8e030-6f2f-42e2-9211-1c21b0e0ca41","block_type":"box","text":"12.38%","page_number":95,"box":{"x":911,"y":124,"width":52,"height":9}},{"id":"18f1d594-6995-44c2-ae8e-f8d6be3edfbb","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith","page_number":95,"box":{"x":529,"y":185,"width":255,"height":12}},{"id":"44c047a8-b28d-458a-a437-beac022bd843","block_type":"box","text":"Incorporated - TS Sub","page_number":95,"box":{"x":529,"y":200,"width":153,"height":12}},{"id":"eec07ee2-04a0-4187-8dc7-7e00726978e1","block_type":"box","text":"101 Hudson Street","page_number":95,"box":{"x":530,"y":215,"width":128,"height":10}},{"id":"97d988e5-ec81-4cb7-8ba0-9965fdca220e","block_type":"box","text":"9th Floor","page_number":95,"box":{"x":529,"y":230,"width":62,"height":10}},{"id":"d348fa5b-79af-4943-8a20-3eda10ae9d74","block_type":"box","text":"Jersey City, NJ 07302-3997","page_number":95,"box":{"x":528,"y":246,"width":181,"height":12}},{"id":"4d0a150c-8a3e-4a6a-865e-625332b9be21","block_type":"box","text":"9.47%","page_number":95,"box":{"x":920,"y":186,"width":43,"height":9}},{"id":"6acdaf19-882b-4e56-9ce0-e3209675843a","block_type":"box","text":"Sumitomo Mitsui Trust Bank (U.S.A.) Limited","page_number":95,"box":{"x":528,"y":262,"width":315,"height":12}},{"id":"7c30e5a0-72c3-4514-ab1f-1bcf6cd5906e","block_type":"box","text":"111 River Street","page_number":95,"box":{"x":530,"y":277,"width":107,"height":10}},{"id":"f1479838-0aeb-4fe2-8a1a-a7d7802dc09f","block_type":"box","text":"Hoboken, NJ 07030","page_number":95,"box":{"x":529,"y":292,"width":133,"height":11}},{"id":"f919b54d-208d-45d4-bdfe-d6c66adfd4dc","block_type":"box","text":"8.80%","page_number":95,"box":{"x":919,"y":262,"width":44,"height":10}},{"id":"2be658c6-731e-4420-a492-43a833afcef0","block_type":"box","text":"J.P. Morgan Securities, LLC/JPMC","page_number":95,"box":{"x":528,"y":308,"width":229,"height":13}},{"id":"8a8617e0-1e01-4fe4-96fc-01b531d3fb56","block_type":"box","text":"383 Madison Avenue","page_number":95,"box":{"x":529,"y":324,"width":148,"height":9}},{"id":"cb5363b8-a92e-4798-bea1-38e75741e1aa","block_type":"box","text":"New York, NY 10179","page_number":95,"box":{"x":529,"y":339,"width":140,"height":11}},{"id":"1a090b71-ce70-4625-ba06-e46534b481fd","block_type":"box","text":"7.86%","page_number":95,"box":{"x":920,"y":309,"width":43,"height":9}},{"id":"0744bba8-ffed-446f-8426-040a78964205","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":95,"box":{"x":529,"y":355,"width":184,"height":11}},{"id":"eceed57e-050b-45d5-b6f0-78b32b7c69c5","block_type":"box","text":"101 Montgomery Street","page_number":95,"box":{"x":530,"y":371,"width":165,"height":12}},{"id":"1ee693eb-b2c5-480f-8542-692626ce817f","block_type":"box","text":"San Francisco, CA 94014","page_number":95,"box":{"x":528,"y":386,"width":173,"height":11}},{"id":"65ffef03-57e7-486b-90db-e10f08e5532b","block_type":"box","text":"6.87%","page_number":95,"box":{"x":919,"y":356,"width":44,"height":9}},{"id":"c5cf86a9-0bc7-4144-9fe9-1aede89079bb","block_type":"box","text":"National Financial Services LLC","page_number":95,"box":{"x":529,"y":402,"width":216,"height":9}},{"id":"0fd952bf-4c24-4a9a-b126-12136fd19bfe","block_type":"box","text":"245 Summer Street","page_number":95,"box":{"x":529,"y":417,"width":135,"height":10}},{"id":"420f0533-23aa-427e-9faf-33c0f45d03a8","block_type":"box","text":"Boston, MA 02210","page_number":95,"box":{"x":529,"y":432,"width":128,"height":11}},{"id":"506ea26a-632d-4277-a094-38f75e1099ce","block_type":"box","text":"6.17%","page_number":95,"box":{"x":921,"y":402,"width":42,"height":9}},{"id":"0d1faf4d-7a21-45d2-adfe-fd988f0c54db","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":95,"box":{"x":529,"y":448,"width":238,"height":13}},{"id":"1a062a27-4f8c-4df3-ab98-3dd7a8a88673","block_type":"box","text":"One New York Plaza","page_number":95,"box":{"x":529,"y":463,"width":138,"height":10}},{"id":"37a9dfe3-caf7-4df1-a931-b363acff9573","block_type":"box","text":"New York, NY 10004","page_number":95,"box":{"x":529,"y":479,"width":142,"height":11}},{"id":"107c0403-c5e0-4c36-925e-8cfd31ffe4f3","block_type":"box","text":"5.99%","page_number":95,"box":{"x":919,"y":449,"width":44,"height":9}},{"id":"8411e6fa-78e6-443d-92d3-811bc2309853","block_type":"box","text":"iShares MSCI Singapore ETF Charles Schwab & Co., Inc.","page_number":95,"box":{"x":89,"y":511,"width":624,"height":13}},{"id":"3622154a-0a89-4527-bacc-d6798bef5055","block_type":"box","text":"101 Montgomery Street","page_number":95,"box":{"x":530,"y":527,"width":165,"height":12}},{"id":"215eb2ef-fb7b-4725-96d7-b311b131176e","block_type":"box","text":"San Francisco, CA 94014","page_number":95,"box":{"x":528,"y":542,"width":173,"height":11}},{"id":"2f18caa1-78c4-41cf-b504-68eaf9e416d4","block_type":"box","text":"15.53%","page_number":95,"box":{"x":912,"y":512,"width":51,"height":9}},{"id":"f8ed1212-5e99-426c-ae8a-62317513fc43","block_type":"box","text":"Citibank, N.A.","page_number":95,"box":{"x":529,"y":558,"width":93,"height":11}},{"id":"bfef2d3a-09cd-44ac-8007-2e3f3f848c86","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":95,"box":{"x":529,"y":573,"width":199,"height":12}},{"id":"510cfdf1-f020-41f3-90e3-d49fc4df156b","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":95,"box":{"x":529,"y":588,"width":191,"height":12}},{"id":"5112e336-8a3f-4f00-b669-3a2cd72a5c8d","block_type":"box","text":"Tampa, FL 33610-9122","page_number":95,"box":{"x":528,"y":604,"width":160,"height":12}},{"id":"e7b9aa39-2079-4876-b59e-c6a6af7a35fb","block_type":"box","text":"10.12%","page_number":95,"box":{"x":913,"y":558,"width":50,"height":10}},{"id":"0c0e6e7f-4874-48d4-850e-5a80bf5484e7","block_type":"box","text":"State Street Bank and Trust Company","page_number":95,"box":{"x":528,"y":620,"width":262,"height":12}},{"id":"3580e426-974c-49da-9a21-dd0b4c6a25cf","block_type":"box","text":"1776 Heritage Drive","page_number":95,"box":{"x":530,"y":635,"width":136,"height":12}},{"id":"528fc5a9-94c2-49e6-a3a2-24a3484b8088","block_type":"box","text":"North Quincy, MA 02171","page_number":95,"box":{"x":529,"y":650,"width":168,"height":12}},{"id":"a261c7ad-5d89-43a9-98e6-ec2e3013965c","block_type":"box","text":"8.17%","page_number":95,"box":{"x":921,"y":620,"width":42,"height":9}},{"id":"0471f86f-8786-4ba3-9b0a-b4414e44c800","block_type":"box","text":"National Financial Services LLC","page_number":95,"box":{"x":529,"y":666,"width":216,"height":10}},{"id":"8bd1bb1a-11c5-465d-8708-d5f0042942a3","block_type":"box","text":"245 Summer Street","page_number":95,"box":{"x":529,"y":682,"width":135,"height":9}},{"id":"e8b81194-e790-4e4c-9ad3-2f3811117120","block_type":"box","text":"Boston, MA 02210","page_number":95,"box":{"x":529,"y":697,"width":128,"height":11}},{"id":"2e8ff783-9f6a-4367-b58d-f4e83d4b5677","block_type":"box","text":"7.66%","page_number":95,"box":{"x":920,"y":667,"width":43,"height":9}},{"id":"603ae3f5-be65-45de-8b62-e7a92962cf43","block_type":"box","text":"BNP Paribas, New York Branch/Indeval","page_number":95,"box":{"x":529,"y":713,"width":268,"height":11}},{"id":"e2d09650-87fe-4a87-876f-8076512686de","block_type":"box","text":"787 Seventh Avenue","page_number":95,"box":{"x":529,"y":728,"width":142,"height":10}},{"id":"367c1027-8d28-48d6-8c5e-ea6088a17f94","block_type":"box","text":"New York, NY 10019","page_number":95,"box":{"x":529,"y":743,"width":140,"height":11}},{"id":"c053030c-316f-4ddf-9287-12c3ea25dbe5","block_type":"box","text":"6.65%","page_number":95,"box":{"x":919,"y":713,"width":44,"height":10}},{"id":"85a5ff24-f1e4-4966-90af-bc1c6dc30f07","block_type":"box","text":"The Bank of New York Mellon","page_number":95,"box":{"x":528,"y":759,"width":206,"height":10}},{"id":"92555b3f-049c-4dcd-9ebb-cf93e3a5afc3","block_type":"box","text":"111 Sanders Creek Parkway","page_number":95,"box":{"x":530,"y":775,"width":190,"height":12}},{"id":"370d6249-85bc-4528-9f93-1052a8904b22","block_type":"box","text":"2","page_number":95,"box":{"x":529,"y":790,"width":7,"height":9}},{"id":"c6ffb190-8bc1-4a12-9a15-180ffa6c6561","block_type":"box","text":"nd","page_number":95,"box":{"x":538,"y":788,"width":12,"height":6}},{"id":"2842da95-d267-42bf-a9cc-52fe4fdada23","block_type":"box","text":"Floor","page_number":95,"box":{"x":556,"y":790,"width":35,"height":9}},{"id":"a9d8d911-b680-4ec8-ae1f-f60e9fde95df","block_type":"box","text":"East Syracuse, NY 13057","page_number":95,"box":{"x":529,"y":805,"width":170,"height":12}},{"id":"241ccb46-819e-4c3a-93e0-374d18a546e8","block_type":"box","text":"5.06%","page_number":95,"box":{"x":919,"y":760,"width":44,"height":9}},{"id":"fb92c1b9-7dc1-4997-a2b0-a762c4bb070a","block_type":"box","text":"75","page_number":95,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"c229312e-1b3f-4bb5-be84-44814fe8396b","block_type":"box","text":"Fund Name","page_number":96,"box":{"x":280,"y":55,"width":431,"height":7}},{"id":"7314ac65-4f72-4b32-a1fc-3cb83e471ed4","block_type":"box","text":"Percentage","page_number":96,"box":{"x":897,"y":45,"width":64,"height":9}},{"id":"c3bd05a3-b194-4ea7-a333-4e867718be5d","block_type":"box","text":"of Ownership","page_number":96,"box":{"x":890,"y":55,"width":78,"height":9}},{"id":"71e103ef-1db7-4ac6-982e-7d1d3a438bd0","block_type":"box","text":"iShares MSCI South Africa ETF State Street Bank and Trust Company","page_number":96,"box":{"x":89,"y":77,"width":701,"height":12}},{"id":"78d26084-01d8-4249-b036-7424af76f4f8","block_type":"box","text":"1776 Heritage Drive","page_number":96,"box":{"x":530,"y":92,"width":136,"height":12}},{"id":"a0009694-cb96-49f3-8a26-b0d6d5f7769e","block_type":"box","text":"North Quincy, MA 02171","page_number":96,"box":{"x":529,"y":107,"width":168,"height":12}},{"id":"afed8f5e-0c94-415a-acae-ef5ace04aee8","block_type":"box","text":"27.03%","page_number":96,"box":{"x":912,"y":77,"width":51,"height":9}},{"id":"f3cefa63-f9e8-4e20-aa92-f3eeffbdb6be","block_type":"box","text":"HSBC Bank USA, NA/Clearing","page_number":96,"box":{"x":529,"y":123,"width":206,"height":13}},{"id":"bfd61b25-da84-4f5c-a616-72f4096a861f","block_type":"box","text":"452 Fifth Avenue","page_number":96,"box":{"x":528,"y":138,"width":118,"height":10}},{"id":"b34ae2d3-a803-46b1-a7a0-a61f1c55b6b6","block_type":"box","text":"New York, NY 10018","page_number":96,"box":{"x":529,"y":153,"width":140,"height":12}},{"id":"818e7cf4-2c50-4549-87b1-aefe497dbc5d","block_type":"box","text":"10.91%","page_number":96,"box":{"x":912,"y":124,"width":51,"height":9}},{"id":"ab533cc8-fc6e-4d36-a173-b16b7860c811","block_type":"box","text":"JPMorgan Chase Bank, National Association","page_number":96,"box":{"x":528,"y":170,"width":306,"height":12}},{"id":"2ea48814-e2f1-4a6f-9d42-1f59c9dff7fc","block_type":"box","text":"1111 Polaris Parkway","page_number":96,"box":{"x":530,"y":185,"width":144,"height":12}},{"id":"4c7e4bf0-8aa1-49ff-a2be-b501296e2666","block_type":"box","text":"Columbus, OH 43240","page_number":96,"box":{"x":529,"y":200,"width":149,"height":11}},{"id":"c683d751-19b0-4b52-a8f6-1c3facd13908","block_type":"box","text":"9.49%","page_number":96,"box":{"x":920,"y":170,"width":43,"height":10}},{"id":"36a0b0ff-3850-48dc-b580-ac7ba50d3961","block_type":"box","text":"BNP Paribas, New York Branch/Indeval","page_number":96,"box":{"x":529,"y":216,"width":268,"height":12}},{"id":"72021fb9-e105-4ef4-84b0-fba5ac34076f","block_type":"box","text":"787 Seventh Avenue","page_number":96,"box":{"x":529,"y":232,"width":142,"height":9}},{"id":"9042b318-7091-4f0a-a88e-2d17db3cf545","block_type":"box","text":"New York, NY 10019","page_number":96,"box":{"x":529,"y":247,"width":140,"height":11}},{"id":"c3b39edf-3894-4c4e-b810-203befd515af","block_type":"box","text":"7.26%","page_number":96,"box":{"x":920,"y":217,"width":43,"height":9}},{"id":"f880f9c8-f486-4a4a-81cf-bb4f466008c2","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":96,"box":{"x":529,"y":263,"width":184,"height":11}},{"id":"2c2c2d41-4226-4aee-ad3a-b1b0e976401b","block_type":"box","text":"101 Montgomery Street","page_number":96,"box":{"x":530,"y":279,"width":165,"height":12}},{"id":"edba2743-0b6f-42ed-bd51-4265f1f4e491","block_type":"box","text":"San Francisco, CA 94014","page_number":96,"box":{"x":528,"y":294,"width":173,"height":11}},{"id":"46041791-80db-47d5-8a30-8ce3ed0ce12e","block_type":"box","text":"5.98%","page_number":96,"box":{"x":919,"y":264,"width":44,"height":9}},{"id":"394b9a5e-3692-4af0-a81f-19767c40ce0d","block_type":"box","text":"iShares MSCI Spain ETF State Street Bank and Trust Company","page_number":96,"box":{"x":89,"y":326,"width":701,"height":12}},{"id":"a4bb9a24-8663-459b-bb39-36a9117d5ec8","block_type":"box","text":"1776 Heritage Drive","page_number":96,"box":{"x":530,"y":342,"width":136,"height":12}},{"id":"890165b2-ec5b-4a47-89cf-5c53cc21a58f","block_type":"box","text":"North Quincy, MA 02171","page_number":96,"box":{"x":529,"y":356,"width":168,"height":13}},{"id":"47dbcb70-e98b-475c-95eb-9f2009e15559","block_type":"box","text":"35.02%","page_number":96,"box":{"x":911,"y":327,"width":52,"height":9}},{"id":"2e61ae22-b9d4-4e1f-b652-5da88f422294","block_type":"box","text":"HSBC Bank USA, NA/Clearing","page_number":96,"box":{"x":529,"y":373,"width":206,"height":12}},{"id":"6cca77b3-eb6f-405a-91b4-e98c47998261","block_type":"box","text":"452 Fifth Avenue","page_number":96,"box":{"x":528,"y":388,"width":118,"height":10}},{"id":"6edc5ce8-d859-4b52-9f3a-ecff7c947d92","block_type":"box","text":"New York, NY 10018","page_number":96,"box":{"x":529,"y":403,"width":140,"height":11}},{"id":"bd99b865-d341-4e17-a4d2-a4b674413212","block_type":"box","text":"18.83%","page_number":96,"box":{"x":912,"y":373,"width":51,"height":9}},{"id":"f53625be-a870-44ac-a5ab-f60252bcf534","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":96,"box":{"x":529,"y":419,"width":184,"height":12}},{"id":"8198c36e-19f1-46d8-803f-e0eda3be63d0","block_type":"box","text":"101 Montgomery Street","page_number":96,"box":{"x":530,"y":435,"width":165,"height":12}},{"id":"5d4aaaf4-0606-4032-9549-c5f8013e5665","block_type":"box","text":"San Francisco, CA 94014","page_number":96,"box":{"x":528,"y":450,"width":173,"height":11}},{"id":"9403cb7c-1598-421e-8998-6693fe17bd3e","block_type":"box","text":"8.78%","page_number":96,"box":{"x":919,"y":420,"width":44,"height":9}},{"id":"f93eb513-2733-40a3-8e2d-546af3b71a4d","block_type":"box","text":"Citibank, N.A.","page_number":96,"box":{"x":529,"y":466,"width":93,"height":11}},{"id":"d17d8a80-236c-40a2-92c3-19f5d5d2a8d9","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":96,"box":{"x":529,"y":481,"width":199,"height":12}},{"id":"36401a00-380e-466d-a4bc-9a39bec3e639","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":96,"box":{"x":529,"y":496,"width":191,"height":13}},{"id":"c88b030e-5441-499d-bf5b-8d9c1791d624","block_type":"box","text":"Tampa, FL 33610-9122","page_number":96,"box":{"x":528,"y":512,"width":160,"height":12}},{"id":"89476e33-e344-4f33-958a-597a1f7304ea","block_type":"box","text":"7.94%","page_number":96,"box":{"x":920,"y":466,"width":43,"height":10}},{"id":"d5e7e4fa-13e3-4ca7-9984-3a2765e3cb6b","block_type":"box","text":"BNP Paribas, New York Branch/Indeval","page_number":96,"box":{"x":529,"y":528,"width":268,"height":11}},{"id":"205b63d1-0f39-42d0-b35d-5bccfe215627","block_type":"box","text":"787 Seventh Avenue","page_number":96,"box":{"x":529,"y":543,"width":142,"height":10}},{"id":"6c2f75d8-150b-4d44-a090-67af4658a3ac","block_type":"box","text":"New York, NY 10019","page_number":96,"box":{"x":529,"y":558,"width":140,"height":11}},{"id":"be4c647d-3263-4ced-a910-937f8d6a9baa","block_type":"box","text":"6.67%","page_number":96,"box":{"x":919,"y":528,"width":44,"height":9}},{"id":"5ead031c-6dba-42e4-802f-01821903e096","block_type":"box","text":"The Bank of New York Mellon","page_number":96,"box":{"x":528,"y":574,"width":206,"height":10}},{"id":"d5ca4059-a8ab-4331-8fc8-d178df1a2e12","block_type":"box","text":"111 Sanders Creek Parkway","page_number":96,"box":{"x":530,"y":589,"width":190,"height":13}},{"id":"900b1324-7ac3-4dbd-8821-4e173364ad0d","block_type":"box","text":"2","page_number":96,"box":{"x":529,"y":605,"width":7,"height":9}},{"id":"741646dd-ddd6-407e-a77e-6fc4a51a0d0d","block_type":"box","text":"nd","page_number":96,"box":{"x":538,"y":603,"width":12,"height":6}},{"id":"83142641-5c11-4ae2-b0ff-863f72fd95f9","block_type":"box","text":"Floor","page_number":96,"box":{"x":556,"y":605,"width":35,"height":9}},{"id":"bc7d8cae-e43a-4e85-95aa-46dc3e633ed8","block_type":"box","text":"East Syracuse, NY 13057","page_number":96,"box":{"x":529,"y":620,"width":170,"height":12}},{"id":"3a46fb27-4506-43cf-9053-78997f346355","block_type":"box","text":"6.26%","page_number":96,"box":{"x":919,"y":575,"width":44,"height":9}},{"id":"41a12880-2a96-44c0-9d2f-98fdd01ac0cf","block_type":"box","text":"iShares MSCI Sweden ETF The Bank of New York Mellon","page_number":96,"box":{"x":89,"y":652,"width":645,"height":10}},{"id":"6d20d798-dc8f-4686-ae97-d3f6849496ae","block_type":"box","text":"111 Sanders Creek Parkway","page_number":96,"box":{"x":530,"y":668,"width":190,"height":12}},{"id":"c1fc9c13-bd1e-48da-a2ec-4e091e38d964","block_type":"box","text":"2","page_number":96,"box":{"x":529,"y":683,"width":7,"height":9}},{"id":"4a13b04d-f881-4c98-90d0-97c22339f26a","block_type":"box","text":"nd","page_number":96,"box":{"x":538,"y":681,"width":12,"height":6}},{"id":"430dff5d-3615-450c-9f55-a6cc895b7229","block_type":"box","text":"Floor","page_number":96,"box":{"x":556,"y":683,"width":35,"height":9}},{"id":"b9d5da10-6ed6-4383-9cc7-f3ec7b471bb2","block_type":"box","text":"East Syracuse, NY 13057","page_number":96,"box":{"x":529,"y":698,"width":170,"height":12}},{"id":"7256f108-3669-4111-930c-5e2f1ddb59a4","block_type":"box","text":"20.09%","page_number":96,"box":{"x":910,"y":653,"width":53,"height":9}},{"id":"d4a4ca89-b352-4733-ad0b-e7d232f70628","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":96,"box":{"x":529,"y":714,"width":184,"height":11}},{"id":"24492d44-36ad-4a5b-a8ca-b7be861583ad","block_type":"box","text":"101 Montgomery Street","page_number":96,"box":{"x":530,"y":730,"width":165,"height":12}},{"id":"00afa9b4-450f-40e7-bb34-963ed38c21df","block_type":"box","text":"San Francisco, CA 94014","page_number":96,"box":{"x":528,"y":745,"width":173,"height":11}},{"id":"45cdad55-1700-49e3-a1cd-46d9181257f4","block_type":"box","text":"15.94%","page_number":96,"box":{"x":912,"y":715,"width":51,"height":9}},{"id":"80a32e48-6b24-4142-92b6-eda762645a87","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith","page_number":96,"box":{"x":529,"y":761,"width":255,"height":12}},{"id":"691514bc-e51a-43d5-af15-e4b34b029ac3","block_type":"box","text":"Incorporated - TS Sub","page_number":96,"box":{"x":529,"y":776,"width":153,"height":12}},{"id":"e3e67fe1-b593-4168-890b-10e29ae2708d","block_type":"box","text":"101 Hudson Street","page_number":96,"box":{"x":530,"y":791,"width":128,"height":10}},{"id":"fa72ad9f-3810-49d2-b232-af637d6a898c","block_type":"box","text":"9th Floor","page_number":96,"box":{"x":529,"y":806,"width":62,"height":10}},{"id":"348152c1-2762-45f3-be61-b72f0fd1748b","block_type":"box","text":"Jersey City, NJ 07302-3997","page_number":96,"box":{"x":528,"y":822,"width":181,"height":12}},{"id":"8c34ae93-f807-4240-97cb-d19dd1022035","block_type":"box","text":"14.62%","page_number":96,"box":{"x":912,"y":761,"width":51,"height":9}},{"id":"5d1848e2-616a-4823-bdb4-087743573099","block_type":"box","text":"76","page_number":96,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f3c06434-e6cb-466d-bc22-29a8d53f2eac","block_type":"box","text":"Fund Name","page_number":97,"box":{"x":280,"y":55,"width":431,"height":7}},{"id":"caafa7fd-97ec-4a4d-94f0-dace7b84df80","block_type":"box","text":"Percentage","page_number":97,"box":{"x":897,"y":45,"width":64,"height":9}},{"id":"59b70e75-9e41-4627-bf29-1a2b5829a85c","block_type":"box","text":"of Ownership","page_number":97,"box":{"x":890,"y":55,"width":78,"height":9}},{"id":"0826b1f9-921d-4331-bcb4-7d369f935d5f","block_type":"box","text":"National Financial Services LLC","page_number":97,"box":{"x":529,"y":77,"width":216,"height":9}},{"id":"7d4048a3-d7ab-45d0-b696-3370396eebf2","block_type":"box","text":"245 Summer Street","page_number":97,"box":{"x":529,"y":92,"width":135,"height":9}},{"id":"09b60b6f-3ed4-423a-af8b-e9dc3394dbf7","block_type":"box","text":"Boston, MA 02210","page_number":97,"box":{"x":529,"y":107,"width":128,"height":11}},{"id":"0b4a755f-ca4d-43d4-ac14-2626d1372a74","block_type":"box","text":"6.01%","page_number":97,"box":{"x":919,"y":77,"width":44,"height":9}},{"id":"59578185-5f97-49ed-b115-3a01a97d3522","block_type":"box","text":"Citibank, N.A.","page_number":97,"box":{"x":529,"y":123,"width":93,"height":12}},{"id":"0b98918f-0c28-4a9d-a0de-a1995f3cde22","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":97,"box":{"x":529,"y":138,"width":199,"height":13}},{"id":"cd35da8e-e2c7-4b90-a670-f89409bb9dd9","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":97,"box":{"x":529,"y":153,"width":191,"height":13}},{"id":"c3a812ac-b768-4cb5-a313-8754207cda39","block_type":"box","text":"Tampa, FL 33610-9122","page_number":97,"box":{"x":528,"y":169,"width":160,"height":12}},{"id":"b9e559b9-b201-48de-844f-9e3d8cf72dec","block_type":"box","text":"5.72%","page_number":97,"box":{"x":919,"y":124,"width":44,"height":9}},{"id":"5d6a3c0c-3edd-406a-9971-af1df450d375","block_type":"box","text":"iShares MSCI Switzerland ETF Charles Schwab & Co., Inc.","page_number":97,"box":{"x":89,"y":201,"width":624,"height":12}},{"id":"a0a42600-3733-4ccc-9ea4-47ac2456c45b","block_type":"box","text":"101 Montgomery Street","page_number":97,"box":{"x":530,"y":217,"width":165,"height":12}},{"id":"8dc92319-db33-4c99-810c-875c47c6d626","block_type":"box","text":"San Francisco, CA 94014","page_number":97,"box":{"x":528,"y":232,"width":173,"height":11}},{"id":"d73cacb2-7ce9-4d8b-9550-e4ea5f5bcd12","block_type":"box","text":"13.18%","page_number":97,"box":{"x":914,"y":202,"width":49,"height":9}},{"id":"ba521d27-8b80-4589-8495-e8e8cd3f5fdf","block_type":"box","text":"Citibank, N.A.","page_number":97,"box":{"x":529,"y":248,"width":93,"height":11}},{"id":"efbe3501-c29c-4c62-b182-42175b59d9f3","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":97,"box":{"x":529,"y":263,"width":199,"height":12}},{"id":"4da77d08-80ed-4354-ae33-eacd0162fb50","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":97,"box":{"x":529,"y":278,"width":191,"height":13}},{"id":"7afe9445-ea0e-4644-bc20-4cc524453521","block_type":"box","text":"Tampa, FL 33610-9122","page_number":97,"box":{"x":528,"y":294,"width":160,"height":12}},{"id":"5b65a853-0d55-445e-9d55-30b4d72e4b15","block_type":"box","text":"11.14%","page_number":97,"box":{"x":915,"y":249,"width":48,"height":9}},{"id":"897201d3-504a-499f-af1d-5fe92d592be1","block_type":"box","text":"National Financial Services LLC","page_number":97,"box":{"x":529,"y":310,"width":216,"height":9}},{"id":"6c6eedd3-5730-4a51-8c2d-c17d03232893","block_type":"box","text":"245 Summer Street","page_number":97,"box":{"x":529,"y":325,"width":135,"height":10}},{"id":"d766c700-0224-470e-96f2-9c6ec34a6d84","block_type":"box","text":"Boston, MA 02210","page_number":97,"box":{"x":529,"y":340,"width":128,"height":11}},{"id":"f1b71501-3b39-4d47-a8f5-2ed4332da47e","block_type":"box","text":"10.25%","page_number":97,"box":{"x":911,"y":310,"width":52,"height":9}},{"id":"3bbc156d-9b67-4dd4-88de-4ce7501097e0","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith","page_number":97,"box":{"x":529,"y":356,"width":255,"height":13}},{"id":"3b3de1eb-fec7-4d22-b2d5-26e26d8b97b1","block_type":"box","text":"Incorporated - TS Sub","page_number":97,"box":{"x":529,"y":371,"width":153,"height":13}},{"id":"7de12dac-ecaf-4fc0-bcfd-f4cb35310903","block_type":"box","text":"101 Hudson Street","page_number":97,"box":{"x":530,"y":387,"width":128,"height":9}},{"id":"01d0c880-0b86-480c-a387-ab4e7688eaa2","block_type":"box","text":"9th Floor","page_number":97,"box":{"x":529,"y":402,"width":62,"height":9}},{"id":"c3db3d57-71b7-471b-a642-fde9a91b530e","block_type":"box","text":"Jersey City, NJ 07302-3997","page_number":97,"box":{"x":528,"y":417,"width":181,"height":12}},{"id":"ed762531-14eb-41d4-9e75-feb17ba1bf29","block_type":"box","text":"9.03%","page_number":97,"box":{"x":919,"y":357,"width":44,"height":9}},{"id":"6da9dfdc-598a-4b00-a558-04b8786cc3db","block_type":"box","text":"The Bank of New York Mellon","page_number":97,"box":{"x":528,"y":433,"width":206,"height":10}},{"id":"1f2664b7-2586-4ad5-aeca-51d9ec2a3856","block_type":"box","text":"111 Sanders Creek Parkway","page_number":97,"box":{"x":530,"y":448,"width":190,"height":13}},{"id":"d9c7b414-6e8f-43ff-a3f3-ef616a0ba334","block_type":"box","text":"2","page_number":97,"box":{"x":529,"y":464,"width":7,"height":9}},{"id":"0cbb829b-62a2-4a00-88ac-4aa1c1780761","block_type":"box","text":"nd","page_number":97,"box":{"x":538,"y":461,"width":12,"height":7}},{"id":"dadcd53c-1f9a-4291-9fbf-9b5e30e769da","block_type":"box","text":"Floor","page_number":97,"box":{"x":556,"y":463,"width":35,"height":10}},{"id":"d7c1425e-db35-4c86-943e-ceebf29c6174","block_type":"box","text":"East Syracuse, NY 13057","page_number":97,"box":{"x":529,"y":479,"width":170,"height":12}},{"id":"149880c3-4b94-4d4d-b55f-a4e0fcaf9edb","block_type":"box","text":"8.34%","page_number":97,"box":{"x":919,"y":434,"width":44,"height":9}},{"id":"6871b12c-8bbc-466e-9751-4b532746c444","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":97,"box":{"x":529,"y":495,"width":238,"height":12}},{"id":"5f621add-cc3d-49a6-b701-cffba2e7ecaa","block_type":"box","text":"One New York Plaza","page_number":97,"box":{"x":529,"y":510,"width":138,"height":10}},{"id":"bfb43c53-b7e3-44b5-91d7-fcef1f6ecee0","block_type":"box","text":"New York, NY 10004","page_number":97,"box":{"x":529,"y":525,"width":142,"height":11}},{"id":"56e5de97-a8af-46ba-b073-c79d4f2ab829","block_type":"box","text":"6.30%","page_number":97,"box":{"x":919,"y":495,"width":44,"height":10}},{"id":"2531f88e-c22c-4879-8be6-dcee20c1c5ec","block_type":"box","text":"iShares MSCI Thailand ETF State Street Bank and Trust Company","page_number":97,"box":{"x":89,"y":558,"width":701,"height":12}},{"id":"f88c64a0-eb43-4936-8c56-e30f2e911f27","block_type":"box","text":"1776 Heritage Drive","page_number":97,"box":{"x":530,"y":574,"width":136,"height":11}},{"id":"19d95dc5-3641-4df7-99c8-9c086d7f4a51","block_type":"box","text":"North Quincy, MA 02171","page_number":97,"box":{"x":529,"y":588,"width":168,"height":12}},{"id":"344882fb-623f-42bc-958f-94cba88b73ec","block_type":"box","text":"33.65%","page_number":97,"box":{"x":910,"y":558,"width":53,"height":10}},{"id":"2b2a780d-7d76-4dfc-b478-419ecff0c15d","block_type":"box","text":"Citibank, N.A.","page_number":97,"box":{"x":529,"y":605,"width":93,"height":11}},{"id":"6079dac2-3f1d-43fb-aeb3-4ee9ef6f7b09","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":97,"box":{"x":529,"y":620,"width":199,"height":12}},{"id":"a13040cc-ddf5-4783-b4a7-fad0744b7b77","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":97,"box":{"x":529,"y":635,"width":191,"height":12}},{"id":"6403e5b5-8555-42f1-9753-dfc826d13fdd","block_type":"box","text":"Tampa, FL 33610-9122","page_number":97,"box":{"x":528,"y":650,"width":160,"height":12}},{"id":"c1c61fce-5ff1-4847-ae46-b8a9896ed80e","block_type":"box","text":"13.52%","page_number":97,"box":{"x":912,"y":605,"width":51,"height":9}},{"id":"e74ded7e-ab03-44cc-8f8f-94db6c564411","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":97,"box":{"x":529,"y":666,"width":184,"height":12}},{"id":"61716c61-09bf-45ca-9b95-6e00b2fdc145","block_type":"box","text":"101 Montgomery Street","page_number":97,"box":{"x":530,"y":682,"width":165,"height":12}},{"id":"6ec12abe-fc4c-4507-96da-ea68a1621b25","block_type":"box","text":"San Francisco, CA 94014","page_number":97,"box":{"x":528,"y":697,"width":173,"height":11}},{"id":"a099ce95-d33b-4acf-8648-8d57850409de","block_type":"box","text":"7.65%","page_number":97,"box":{"x":920,"y":667,"width":43,"height":9}},{"id":"a63cb2d0-8dc8-4640-acdc-c33c99ff4726","block_type":"box","text":"JPMorgan Chase Bank, National Association","page_number":97,"box":{"x":528,"y":713,"width":306,"height":12}},{"id":"5201b754-dc6e-432f-a8ee-44f0afa651f6","block_type":"box","text":"1111 Polaris Parkway","page_number":97,"box":{"x":530,"y":728,"width":144,"height":12}},{"id":"da2fc1bd-765a-4ae0-96db-5784417ff3a4","block_type":"box","text":"Columbus, OH 43240","page_number":97,"box":{"x":529,"y":743,"width":149,"height":11}},{"id":"c1e7ef6c-be1d-4361-a347-41f927df815f","block_type":"box","text":"5.20%","page_number":97,"box":{"x":919,"y":713,"width":44,"height":10}},{"id":"d20efef3-14ea-40e6-a11b-075960319612","block_type":"box","text":"iShares MSCI Turkey ETF Charles Schwab & Co., Inc.","page_number":97,"box":{"x":89,"y":776,"width":624,"height":12}},{"id":"f3185e46-e193-46de-836b-78f584bd50d5","block_type":"box","text":"101 Montgomery Street","page_number":97,"box":{"x":530,"y":792,"width":165,"height":11}},{"id":"e6dbbf3d-389b-4d73-a324-848e7807b672","block_type":"box","text":"San Francisco, CA 94014","page_number":97,"box":{"x":528,"y":807,"width":173,"height":10}},{"id":"4ae87866-3e3b-4270-be38-489521478004","block_type":"box","text":"11.74%","page_number":97,"box":{"x":914,"y":776,"width":49,"height":10}},{"id":"498d63ae-837b-46c6-808d-7b2ed4f97620","block_type":"box","text":"77","page_number":97,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"14b623ba-41ad-47b7-9daa-d10bda35915c","block_type":"box","text":"Fund Name","page_number":98,"box":{"x":280,"y":55,"width":431,"height":7}},{"id":"43c677a4-72cb-4993-96c6-0da9885b059b","block_type":"box","text":"Percentage","page_number":98,"box":{"x":897,"y":45,"width":64,"height":9}},{"id":"a9e552cc-963f-4077-84a6-956e77ec1110","block_type":"box","text":"of Ownership","page_number":98,"box":{"x":890,"y":55,"width":78,"height":9}},{"id":"06ec8fd5-413f-4487-9c2c-45fa6ebcb6ec","block_type":"box","text":"The Bank of New York Mellon","page_number":98,"box":{"x":528,"y":77,"width":206,"height":9}},{"id":"285c697c-903b-4176-a8de-bf6062800399","block_type":"box","text":"111 Sanders Creek Parkway","page_number":98,"box":{"x":530,"y":92,"width":190,"height":12}},{"id":"14a57578-aada-4b1c-9dfa-bd892ca6e76c","block_type":"box","text":"2","page_number":98,"box":{"x":529,"y":107,"width":7,"height":9}},{"id":"c09201c1-12b9-41f8-8599-56b4cee7b8fb","block_type":"box","text":"nd","page_number":98,"box":{"x":538,"y":105,"width":12,"height":6}},{"id":"b506a44e-1685-4759-b004-87fad3e0370f","block_type":"box","text":"Floor","page_number":98,"box":{"x":556,"y":107,"width":35,"height":10}},{"id":"204f5fec-83e4-4508-8870-48ff300c94d1","block_type":"box","text":"East Syracuse, NY 13057","page_number":98,"box":{"x":529,"y":123,"width":170,"height":11}},{"id":"50c16970-6da6-45b9-bb99-064b546c8f97","block_type":"box","text":"10.64%","page_number":98,"box":{"x":911,"y":77,"width":52,"height":9}},{"id":"c6699837-3aa8-45fc-a296-2d1d8032d39c","block_type":"box","text":"Morgan Stanley Smith Barney LLC","page_number":98,"box":{"x":529,"y":138,"width":238,"height":13}},{"id":"77251c78-c1e2-4af4-8904-d34dea91c7e2","block_type":"box","text":"One New York Plaza","page_number":98,"box":{"x":529,"y":153,"width":138,"height":10}},{"id":"9ac4da86-cfaa-45ab-9a4e-940cb7c7d831","block_type":"box","text":"New York, NY 10004","page_number":98,"box":{"x":529,"y":169,"width":142,"height":11}},{"id":"384d5ed1-9c16-4846-9ea7-0b1cba038e98","block_type":"box","text":"10.20%","page_number":98,"box":{"x":912,"y":139,"width":51,"height":9}},{"id":"bbacd8d2-b912-4b80-8e6d-16719061ec0d","block_type":"box","text":"Citibank, N.A.","page_number":98,"box":{"x":529,"y":185,"width":93,"height":11}},{"id":"2c49fac0-f5a4-48b3-9214-a1ca5845e798","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":98,"box":{"x":529,"y":200,"width":199,"height":12}},{"id":"e5c9e596-bff9-464a-8ed6-c7553dc49544","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":98,"box":{"x":529,"y":215,"width":191,"height":13}},{"id":"ea9143ab-ea3b-4dd3-a06b-819e10e4720f","block_type":"box","text":"Tampa, FL 33610-9122","page_number":98,"box":{"x":528,"y":231,"width":160,"height":12}},{"id":"c487549f-4e64-454e-90fe-5be6e7874338","block_type":"box","text":"10.16%","page_number":98,"box":{"x":913,"y":186,"width":50,"height":9}},{"id":"781f791b-7cda-4ba2-9698-bcdee3f81736","block_type":"box","text":"Northern Trust Company (The)","page_number":98,"box":{"x":529,"y":247,"width":217,"height":12}},{"id":"76bd6dc7-3ea9-457a-b0a0-e46c056d96ee","block_type":"box","text":"801 South Canal Street","page_number":98,"box":{"x":529,"y":262,"width":160,"height":10}},{"id":"eea09f5a-3f38-4d7a-9a36-6fbf46edfc8b","block_type":"box","text":"Chicago, IL 60607","page_number":98,"box":{"x":529,"y":277,"width":125,"height":12}},{"id":"24e61b83-1504-4940-82dc-c934c0818970","block_type":"box","text":"9.26%","page_number":98,"box":{"x":918,"y":247,"width":45,"height":9}},{"id":"10502bc1-6d7d-4a9d-ba7a-171f3911ca01","block_type":"box","text":"National Financial Services LLC","page_number":98,"box":{"x":529,"y":293,"width":216,"height":10}},{"id":"7877f516-ddb4-4981-9587-272f95a4e7b7","block_type":"box","text":"245 Summer Street","page_number":98,"box":{"x":529,"y":309,"width":135,"height":9}},{"id":"bd51aadf-263a-42b7-a6d9-b9a698a7d6f6","block_type":"box","text":"Boston, MA 02210","page_number":98,"box":{"x":529,"y":324,"width":128,"height":11}},{"id":"dc8ed472-8019-4639-b3a0-fe98d37d29b5","block_type":"box","text":"8.82%","page_number":98,"box":{"x":919,"y":294,"width":44,"height":9}},{"id":"8d9350bb-ffd2-4c70-a34f-6e831ae76967","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF National Financial Services LLC","page_number":98,"box":{"x":89,"y":356,"width":656,"height":13}},{"id":"1bd4276b-9537-4ae0-89c1-7243550d1f9d","block_type":"box","text":"245 Summer Street","page_number":98,"box":{"x":529,"y":372,"width":135,"height":9}},{"id":"77be74cf-166b-4f08-abef-91f1640ec522","block_type":"box","text":"Boston, MA 02210","page_number":98,"box":{"x":529,"y":387,"width":128,"height":11}},{"id":"bc742eaf-1201-4080-a6f6-c7867a17debe","block_type":"box","text":"20.51%","page_number":98,"box":{"x":911,"y":357,"width":52,"height":9}},{"id":"417c46a5-7d13-4cee-9ba8-7d6f41899f4b","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":98,"box":{"x":529,"y":403,"width":184,"height":11}},{"id":"26bb9789-209d-44d2-97ca-e5fdd6938c1d","block_type":"box","text":"101 Montgomery Street","page_number":98,"box":{"x":530,"y":419,"width":165,"height":11}},{"id":"d0f1101f-d120-4985-8803-98b6914423bc","block_type":"box","text":"San Francisco, CA 94014","page_number":98,"box":{"x":528,"y":434,"width":173,"height":11}},{"id":"c793febc-83f3-4134-9650-53e6ce3b00e8","block_type":"box","text":"17.12%","page_number":98,"box":{"x":915,"y":403,"width":48,"height":10}},{"id":"aee5eafc-073f-49c8-bdc2-66b2af9303aa","block_type":"box","text":"Merrill Lynch, Pierce, Fenner & Smith","page_number":98,"box":{"x":529,"y":450,"width":255,"height":12}},{"id":"7eb0b7f5-4a6a-48ba-a189-50d30a1b6d4a","block_type":"box","text":"Incorporated - TS Sub","page_number":98,"box":{"x":529,"y":465,"width":153,"height":12}},{"id":"e130867f-9da3-4698-8754-a78d1d3c8299","block_type":"box","text":"101 Hudson Street","page_number":98,"box":{"x":530,"y":480,"width":128,"height":10}},{"id":"ea4bebb8-874f-480f-ba54-2ebb9b240f11","block_type":"box","text":"9th Floor","page_number":98,"box":{"x":529,"y":495,"width":62,"height":10}},{"id":"dccf17c5-9e23-468d-bd0c-d9ef3133d425","block_type":"box","text":"Jersey City, NJ 07302-3997","page_number":98,"box":{"x":528,"y":511,"width":181,"height":11}},{"id":"be0ce4b1-087d-45f6-b5c3-91df79fab729","block_type":"box","text":"10.13%","page_number":98,"box":{"x":913,"y":450,"width":50,"height":9}},{"id":"ba6684e7-d0fe-41ff-8ad4-f1cf24bd68b4","block_type":"box","text":"Stifel, Nicolaus & Company Incorporated","page_number":98,"box":{"x":528,"y":526,"width":283,"height":13}},{"id":"661027fb-b379-498d-adcf-be7b3f2f1fb4","block_type":"box","text":"501 N. Broadway","page_number":98,"box":{"x":529,"y":542,"width":117,"height":12}},{"id":"c50a242b-d01a-4528-8a73-d8a8f3060fb3","block_type":"box","text":"St. Louis, MO 63102","page_number":98,"box":{"x":528,"y":557,"width":140,"height":11}},{"id":"a4cf8614-edff-4cd6-9237-5a75c74d1e1a","block_type":"box","text":"6.95%","page_number":98,"box":{"x":919,"y":527,"width":44,"height":9}},{"id":"e0d40d6c-aef0-4b34-98af-5768ee54e8f0","block_type":"box","text":"The Bank of New York Mellon/Wealth","page_number":98,"box":{"x":528,"y":573,"width":263,"height":10}},{"id":"1febd53e-b461-45db-8d19-88d86a741574","block_type":"box","text":"Management","page_number":98,"box":{"x":529,"y":589,"width":93,"height":11}},{"id":"050ae831-517d-4c83-9f41-97f5e7ccc105","block_type":"box","text":"One Wall Street","page_number":98,"box":{"x":529,"y":603,"width":107,"height":10}},{"id":"235eb568-40b9-4673-b008-531c485aaaa9","block_type":"box","text":"New York, NY 10005","page_number":98,"box":{"x":529,"y":618,"width":141,"height":12}},{"id":"d6d1bfb3-a0e9-4e47-83b4-3ff04eff7ef7","block_type":"box","text":"6.71%","page_number":98,"box":{"x":919,"y":574,"width":44,"height":9}},{"id":"9364c0e3-ad03-4631-86fb-27a0fd5a348b","block_type":"box","text":"iShares MSCI World ETF JPMorgan Chase Bank, National Association","page_number":98,"box":{"x":89,"y":651,"width":745,"height":12}},{"id":"a7521cf6-c296-48b1-84e5-28c003d5c6be","block_type":"box","text":"1111 Polaris Parkway","page_number":98,"box":{"x":530,"y":666,"width":144,"height":13}},{"id":"0fb9252f-dbb2-423e-bf85-9ed64b7eacf2","block_type":"box","text":"Columbus, OH 43240","page_number":98,"box":{"x":529,"y":681,"width":149,"height":12}},{"id":"6b4d977f-37f3-43db-bfa1-cf0f75323c39","block_type":"box","text":"18.78%","page_number":98,"box":{"x":912,"y":652,"width":51,"height":9}},{"id":"dcb5eb29-d659-45da-b865-800ee64a1dc3","block_type":"box","text":"The Bank of New York Mellon","page_number":98,"box":{"x":528,"y":698,"width":206,"height":9}},{"id":"ec750830-7d75-465b-b3ff-e73fe91a04b2","block_type":"box","text":"111 Sanders Creek Parkway","page_number":98,"box":{"x":530,"y":713,"width":190,"height":12}},{"id":"5b8b5dce-00bd-463f-bbdd-71f6b825afa7","block_type":"box","text":"2","page_number":98,"box":{"x":529,"y":729,"width":7,"height":9}},{"id":"b9c4b2fb-4cc3-4ff8-995a-3733eb693246","block_type":"box","text":"nd","page_number":98,"box":{"x":538,"y":726,"width":12,"height":6}},{"id":"d4c3f3a9-1f0c-40ef-9d5f-14c5d887f073","block_type":"box","text":"Floor","page_number":98,"box":{"x":556,"y":728,"width":35,"height":10}},{"id":"d67869ca-4e51-486a-9988-a65bbdf68731","block_type":"box","text":"East Syracuse, NY 13057","page_number":98,"box":{"x":529,"y":744,"width":170,"height":11}},{"id":"b809beef-629c-4724-b06c-9870cf75695a","block_type":"box","text":"17.22%","page_number":98,"box":{"x":914,"y":698,"width":49,"height":9}},{"id":"3875c87f-3609-4eeb-b825-32f2a65c6f4b","block_type":"box","text":"Citibank, N.A.","page_number":98,"box":{"x":529,"y":759,"width":93,"height":12}},{"id":"63367990-7e75-4de5-8e02-298766554fa1","block_type":"box","text":"3800 CitiBank Center Tampa","page_number":98,"box":{"x":529,"y":775,"width":199,"height":12}},{"id":"077f8910-40a0-44af-959d-e7523140443e","block_type":"box","text":"Building B/1st Floor Zone 8","page_number":98,"box":{"x":529,"y":790,"width":191,"height":12}},{"id":"d797da29-0f2f-45b9-a44f-8093aebc1fb2","block_type":"box","text":"Tampa, FL 33610-9122","page_number":98,"box":{"x":528,"y":805,"width":160,"height":12}},{"id":"a1e513ec-5742-42a1-9de3-e0ba6ae03147","block_type":"box","text":"13.23%","page_number":98,"box":{"x":912,"y":760,"width":51,"height":9}},{"id":"fdc6bfa2-ffd2-45d4-8e14-0a578f2aed6c","block_type":"box","text":"Charles Schwab & Co., Inc.","page_number":98,"box":{"x":529,"y":821,"width":184,"height":12}},{"id":"2db3b69b-6dbd-424b-9ebd-a47c87fdad5e","block_type":"box","text":"101 Montgomery Street","page_number":98,"box":{"x":530,"y":837,"width":165,"height":12}},{"id":"fb8d092e-3c1c-4bce-9b50-f671bcc0bfce","block_type":"box","text":"San Francisco, CA 94014","page_number":98,"box":{"x":528,"y":852,"width":173,"height":11}},{"id":"54d47358-f4be-4638-93d1-1090ac0459ca","block_type":"box","text":"7.26%","page_number":98,"box":{"x":920,"y":822,"width":43,"height":9}},{"id":"a6e3b228-08da-43f9-b417-fa804f981efb","block_type":"box","text":"78","page_number":98,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"e8f1ebd0-85dd-49d5-a774-14b68e344e7c","block_type":"box","text":"Conflicts of Interest.","page_number":99,"box":{"x":89,"y":44,"width":145,"height":10}},{"id":"6888efd8-c00f-4651-8082-0a017280e803","block_type":"box","text":"Certain activities of BlackRock, Inc., BlackRock Advisors, LLC, BlackRock Fund Advisors and the other","page_number":99,"box":{"x":243,"y":44,"width":706,"height":11}},{"id":"7f7120ac-38cc-4d46-b6cb-bc3d29ef6258","block_type":"box","text":"subsidiaries of BlackRock, Inc. (collectively referred to in this section as “BlackRock”) and their respective directors, officers or","page_number":99,"box":{"x":89,"y":59,"width":877,"height":12}},{"id":"728c3cf4-6297-4540-a0f8-97055284f90a","block_type":"box","text":"employees, with respect to the Funds and/or other accounts managed by BlackRock, may give rise to actual or perceived","page_number":99,"box":{"x":89,"y":74,"width":846,"height":12}},{"id":"b8c38203-9b52-4157-b4c3-da5f5de0e66e","block_type":"box","text":"conflicts of interest such as those described below.","page_number":99,"box":{"x":89,"y":89,"width":355,"height":10}},{"id":"abdb4ca4-2b8d-4ffb-8b22-8710d784ed8a","block_type":"box","text":"BlackRock is one of the world’s largest asset management firms. BlackRock, its subsidiaries and their respective directors,","page_number":99,"box":{"x":89,"y":116,"width":848,"height":12}},{"id":"b24d3d0f-d421-4e7e-a47e-3dee089c1af7","block_type":"box","text":"officers and employees, including the business units or entities and personnel who may be involved in the investment","page_number":99,"box":{"x":89,"y":131,"width":821,"height":12}},{"id":"8ef1e2d5-b801-4040-86d4-b2fe98b78c7c","block_type":"box","text":"activities and business operations of a Fund, are engaged worldwide in businesses, including managing equities, fixed","page_number":99,"box":{"x":89,"y":146,"width":824,"height":12}},{"id":"66e5d5ef-b51f-499e-83eb-d501871e1069","block_type":"box","text":"income securities, cash and alternative investments, and other financial services, and have interests other than that of","page_number":99,"box":{"x":89,"y":161,"width":825,"height":11}},{"id":"7ba1f33a-6848-46d1-a853-de054bc2e841","block_type":"box","text":"managing the Funds. These are considerations of which investors in a Fund should be aware, and which may cause conflicts","page_number":99,"box":{"x":89,"y":176,"width":871,"height":13}},{"id":"6b69068a-4838-4225-857c-29d0ada4c449","block_type":"box","text":"of interest that could disadvantage a Fund and its shareholders. These businesses and interests include potential multiple","page_number":99,"box":{"x":89,"y":191,"width":849,"height":13}},{"id":"ff53c0ff-fb32-4f49-98f0-3006a48780cc","block_type":"box","text":"advisory, transactional, financial and other relationships with, or interests in companies and interests in securities or other","page_number":99,"box":{"x":89,"y":206,"width":852,"height":13}},{"id":"a4223fc0-931e-4b97-845f-f6d10e7c5101","block_type":"box","text":"instruments that may be purchased or sold by a Fund.","page_number":99,"box":{"x":89,"y":222,"width":377,"height":12}},{"id":"7edec13f-a83b-431e-90f8-83ff07a80645","block_type":"box","text":"BlackRock has proprietary interests in, and may manage or advise with respect to, accounts or funds (including separate","page_number":99,"box":{"x":89,"y":248,"width":842,"height":12}},{"id":"7607a83c-60ae-4bb2-b180-438f733ff197","block_type":"box","text":"accounts and other funds and collective investment vehicles) that have investment objectives similar to those of a Fund","page_number":99,"box":{"x":89,"y":263,"width":836,"height":12}},{"id":"41bf0054-e9fa-4f8b-9849-8b7b3a64c00b","block_type":"box","text":"and/or that engage in transactions in the same types of securities, currencies and instruments as the Fund. BlackRock is also","page_number":99,"box":{"x":89,"y":278,"width":874,"height":13}},{"id":"c4666cb7-d518-463d-b165-ef2016b61f35","block_type":"box","text":"a major participant in the global currency, equities, swap and fixed income markets, in each case, for the accounts of clients","page_number":99,"box":{"x":89,"y":293,"width":864,"height":13}},{"id":"b0cd5e83-a615-4238-b55b-cfc65888b60f","block_type":"box","text":"and, in some cases, on a proprietary basis. As such, BlackRock is or may be actively engaged in transactions in the same","page_number":99,"box":{"x":89,"y":308,"width":839,"height":13}},{"id":"3f072adc-b36f-4296-a4d8-cbc0a27604c8","block_type":"box","text":"securities, currencies, and instruments in which a Fund invests.","page_number":99,"box":{"x":89,"y":324,"width":441,"height":11}},{"id":"3bc5f9d1-a183-472c-95e3-a871b1c30982","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a Fund invests,","page_number":99,"box":{"x":88,"y":350,"width":859,"height":12}},{"id":"9e3f1a68-d823-4d87-84b0-982ff836cb99","block_type":"box","text":"which could have an adverse impact on a Fund’s performance. Such transactions, particularly in respect of most proprietary","page_number":99,"box":{"x":88,"y":365,"width":868,"height":12}},{"id":"dbaa85f1-936b-421a-8902-b7880046fe31","block_type":"box","text":"accounts or client accounts, will be executed independently of a Fund’s transactions and thus at prices or rates that may be","page_number":99,"box":{"x":89,"y":380,"width":865,"height":13}},{"id":"5f597de1-ff96-4398-8eee-b0d1450aaaa9","block_type":"box","text":"more or less favorable than those obtained by the Fund. In addition, the portfolio holdings of certain BlackRock-advised","page_number":99,"box":{"x":89,"y":395,"width":835,"height":13}},{"id":"3da1f622-c9f6-4d53-8def-f6390d3a418d","block_type":"box","text":"investment vehicles managed in an identical or substantially similar manner as certain Funds are made publicly available on a","page_number":99,"box":{"x":89,"y":410,"width":877,"height":13}},{"id":"81a23b96-5f87-4e66-9d00-caa4ca3a72fd","block_type":"box","text":"more timely basis than the applicable Fund. In some cases, such portfolio holdings are made publicly available on a daily","page_number":99,"box":{"x":89,"y":426,"width":842,"height":12}},{"id":"c82a43b0-4f23-4b9a-b197-e0b36e78f4fb","block_type":"box","text":"basis. While not expected, it is possible that a recipient of portfolio holdings information for such an investment vehicle could","page_number":99,"box":{"x":89,"y":441,"width":875,"height":12}},{"id":"e4fbbcbc-491a-474f-ad71-3ffc7861c49e","block_type":"box","text":"cause harm to a Fund that is managed in an identical or substantially similar manner, including by trading ahead of or against","page_number":99,"box":{"x":89,"y":456,"width":879,"height":12}},{"id":"3e9c0377-2d5c-4e09-8301-94ddf5468430","block_type":"box","text":"such Fund based on the information received.","page_number":99,"box":{"x":89,"y":471,"width":319,"height":10}},{"id":"e5da53b2-5487-401b-8294-7654459e4160","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets actually","page_number":99,"box":{"x":88,"y":497,"width":806,"height":13}},{"id":"b011e959-e2a3-4db9-a861-4b056b9cad1b","block_type":"box","text":"purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to be equitable. In","page_number":99,"box":{"x":89,"y":513,"width":872,"height":12}},{"id":"c450469b-06cc-49ad-a936-1f26c1131e4a","block_type":"box","text":"some cases, this system may adversely affect the size or price of the assets purchased or sold for a Fund. In addition,","page_number":99,"box":{"x":89,"y":528,"width":814,"height":12}},{"id":"42940211-ae80-4c25-ab87-d7b5ee79d0cc","block_type":"box","text":"transactions in investments by one or more other accounts managed by BlackRock may have the effect of diluting or","page_number":99,"box":{"x":88,"y":543,"width":816,"height":12}},{"id":"2890cee3-0626-4b84-a960-40d573ea2ff2","block_type":"box","text":"otherwise disadvantaging the values, prices or investment strategies of a Fund, particularly, but not limited to, with respect to","page_number":99,"box":{"x":89,"y":558,"width":876,"height":12}},{"id":"02d88c6d-7257-42aa-b9c5-679b82870ad5","block_type":"box","text":"small capitalization, emerging market or less liquid strategies. This may occur with respect to BlackRock-advised accounts","page_number":99,"box":{"x":89,"y":573,"width":855,"height":12}},{"id":"6168ffff-29a2-4e29-8657-0d3a5740fb93","block_type":"box","text":"when investment decisions regarding a Fund are based on research or other information that is also used to support","page_number":99,"box":{"x":88,"y":588,"width":815,"height":12}},{"id":"7bad44c9-6baa-4c34-827b-6a52382e1e9c","block_type":"box","text":"decisions for other accounts. When BlackRock implements a portfolio decision or strategy on behalf of another account","page_number":99,"box":{"x":89,"y":603,"width":838,"height":13}},{"id":"ea42e622-97b5-451a-a915-29dfc6e5c91f","block_type":"box","text":"ahead of, or contemporaneously with, similar decisions or strategies for a Fund, market impact, liquidity constraints, or other","page_number":99,"box":{"x":89,"y":618,"width":874,"height":13}},{"id":"b3c107f9-0566-4c2d-aa5f-122558757480","block_type":"box","text":"factors could result in the Fund receiving less favorable trading results and the costs of implementing such decisions or","page_number":99,"box":{"x":88,"y":633,"width":835,"height":13}},{"id":"10624e8a-022d-4ba2-836c-b752c0c5a423","block_type":"box","text":"strategies could be increased or the Fund could otherwise be disadvantaged. BlackRock may, in certain cases, elect to","page_number":99,"box":{"x":89,"y":649,"width":821,"height":12}},{"id":"620d30ea-13f9-4d5a-8a72-14b32bced66a","block_type":"box","text":"implement internal policies and procedures designed to limit such consequences, which may cause a Fund to be unable to","page_number":99,"box":{"x":89,"y":664,"width":858,"height":12}},{"id":"5ec8d17f-9d93-4d04-aca2-6776c2fddb60","block_type":"box","text":"engage in certain activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do","page_number":99,"box":{"x":89,"y":679,"width":866,"height":12}},{"id":"6d259f69-b907-4457-8f5e-2f8b03a79700","block_type":"box","text":"so.","page_number":99,"box":{"x":89,"y":697,"width":18,"height":7}},{"id":"b0bc25f7-595e-4621-a8cd-6d3a6e0ea662","block_type":"box","text":"Conflicts may also arise because portfolio decisions regarding a Fund may benefit other accounts managed by BlackRock. For","page_number":99,"box":{"x":89,"y":720,"width":878,"height":13}},{"id":"ad381b7e-fa65-4ff9-9723-aef67e75680e","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":99,"box":{"x":89,"y":736,"width":869,"height":12}},{"id":"75b05fab-ef40-462b-99f8-0fbec9301416","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":99,"box":{"x":89,"y":751,"width":874,"height":12}},{"id":"327c055c-6b2f-48b1-a5c7-08ac49a6de94","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":99,"box":{"x":89,"y":766,"width":879,"height":12}},{"id":"3b124a2a-5139-4944-acf5-2d4d05b24549","block_type":"box","text":"its other accounts or funds.","page_number":99,"box":{"x":89,"y":781,"width":191,"height":10}},{"id":"f1914499-fdbc-4b2c-a218-9960eca0593d","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":99,"box":{"x":89,"y":807,"width":875,"height":13}},{"id":"17c1abba-985d-4e98-8cfb-56e483e6308d","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":99,"box":{"x":88,"y":822,"width":854,"height":13}},{"id":"37040575-8c47-40a9-bcbc-7f9f0da73513","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":99,"box":{"x":89,"y":838,"width":835,"height":12}},{"id":"955fa4d3-b5fe-41b8-8f1c-ac39ee51ef21","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":99,"box":{"x":89,"y":853,"width":861,"height":12}},{"id":"701ec258-37f7-4257-a3cd-432a8b895e30","block_type":"box","text":"79","page_number":99,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"5b21a74a-55f6-4fb6-81af-9d19dc7c286d","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":100,"box":{"x":89,"y":44,"width":850,"height":12}},{"id":"9bef271a-58fc-49cf-9045-c6430682e6c9","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":100,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"903d8614-742a-4201-b152-6e58a57e2246","block_type":"box","text":"result of legal and regulatory requirements or otherwise. BlackRock addresses these and other potential conflicts of interest","page_number":100,"box":{"x":89,"y":74,"width":864,"height":12}},{"id":"f483d006-7e6f-4855-bcab-54eb26b9479d","block_type":"box","text":"based on the facts and circumstances of particular situations. For example, BlackRock may determine to rely on information","page_number":100,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"fd060d74-9dd5-4293-8ba8-6a27dd1eec74","block_type":"box","text":"barriers between different business units or portfolio management teams. BlackRock may also determine to rely on the","page_number":100,"box":{"x":89,"y":104,"width":831,"height":13}},{"id":"a618fc43-ea46-457e-bcc8-0efe666e1b85","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":100,"box":{"x":89,"y":119,"width":841,"height":13}},{"id":"0983d665-e69d-4396-bc7a-0f85977ee36a","block_type":"box","text":"behalf of the Funds.","page_number":100,"box":{"x":89,"y":135,"width":138,"height":9}},{"id":"bb386c6b-8c7c-47f5-9ea7-04739db0709f","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":100,"box":{"x":89,"y":161,"width":815,"height":12}},{"id":"b3e05a7a-5eb6-41b4-bed1-8ba47786ccd2","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":100,"box":{"x":89,"y":176,"width":870,"height":13}},{"id":"c7078804-3f1d-4a09-9528-80be786265f8","block_type":"box","text":"of interest relating to asset allocation, timing of Fund purchases and redemptions or sales, and increased remuneration and","page_number":100,"box":{"x":89,"y":191,"width":863,"height":13}},{"id":"913abc81-11bf-49e1-b3f0-bf2e7da46bc6","block_type":"box","text":"profitability for BlackRock and/or its personnel, including portfolio managers.","page_number":100,"box":{"x":89,"y":206,"width":541,"height":13}},{"id":"904ac47c-740b-45cd-85ec-692c18cc56b2","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":100,"box":{"x":89,"y":233,"width":827,"height":12}},{"id":"32b390bb-4f04-485b-be60-2cc397695995","block_type":"box","text":"account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients","page_number":100,"box":{"x":89,"y":248,"width":865,"height":12}},{"id":"5d4bfd0d-fb63-4b86-a88c-4c6ee2d3601f","block_type":"box","text":"(“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate based on each party’s","page_number":100,"box":{"x":89,"y":263,"width":804,"height":12}},{"id":"3b0bcc91-d813-4648-8c51-2314bf1004e7","block_type":"box","text":"investment objectives and guidelines, subject to applicable law and regulation. There may be potential conflicts of interest or","page_number":100,"box":{"x":89,"y":278,"width":872,"height":13}},{"id":"d2b6718b-ba2c-4bf8-975c-9d60bafd01ca","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":100,"box":{"x":89,"y":293,"width":875,"height":13}},{"id":"326deb0c-1c54-4460-bd06-3d386d924405","block_type":"box","text":"Funds. BlackRock may have a potentially conflicting division of loyalties and responsibilities to the parties in such","page_number":100,"box":{"x":89,"y":308,"width":788,"height":13}},{"id":"538d6d5d-e062-4da1-9f9b-13ca7df01af4","block_type":"box","text":"transactions.","page_number":100,"box":{"x":88,"y":325,"width":90,"height":8}},{"id":"1f3a0d8c-b7be-46c5-8243-f2aa5c4f9db6","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":100,"box":{"x":89,"y":350,"width":839,"height":12}},{"id":"12af805d-969a-4bfb-93b2-1ea25df83e49","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":100,"box":{"x":89,"y":365,"width":878,"height":12}},{"id":"214d7b70-173b-4cc4-b38a-8b14f8f6c84b","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":100,"box":{"x":89,"y":380,"width":847,"height":13}},{"id":"8c7eaca1-80a2-4fd7-bd95-a7f39c39f89c","block_type":"box","text":"effected at prices or terms that may be less favorable than would otherwise have been the case.","page_number":100,"box":{"x":89,"y":395,"width":667,"height":13}},{"id":"62c018b8-c935-4a29-9a2d-06c0db56dfea","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":100,"box":{"x":88,"y":422,"width":874,"height":12}},{"id":"53f490d8-4416-4d4a-84eb-2ece7583f719","block_type":"box","text":"accounts or other accounts (including investment companies or collective investment vehicles) that it manages or advises. It","page_number":100,"box":{"x":89,"y":437,"width":873,"height":12}},{"id":"d8ce66d1-20f8-4adc-be5f-9428efb385a3","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":100,"box":{"x":89,"y":452,"width":851,"height":12}},{"id":"884ea678-3a29-4ab5-bfaf-170c7bb39237","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":100,"box":{"x":89,"y":467,"width":859,"height":13}},{"id":"2e83ae10-78c3-48b6-98a8-6f74900c8201","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":100,"box":{"x":88,"y":482,"width":840,"height":13}},{"id":"ebb26109-237c-49a8-91ba-5623ff95d385","block_type":"box","text":"achieve significant profits. The opposite result is also possible.","page_number":100,"box":{"x":89,"y":497,"width":433,"height":13}},{"id":"85a02f50-2283-4c70-b2ec-fdf2e32b84f2","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":100,"box":{"x":89,"y":524,"width":838,"height":12}},{"id":"6d0a95fc-1c33-4dee-9b1d-83248303646f","block_type":"box","text":"activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or","page_number":100,"box":{"x":89,"y":539,"width":845,"height":12}},{"id":"5b81cea1-5c94-4052-8ba7-e00fe7b47f75","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":100,"box":{"x":89,"y":554,"width":839,"height":12}},{"id":"486698a0-1c9d-4b35-bd47-4a135fb2f25a","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":100,"box":{"x":88,"y":569,"width":850,"height":13}},{"id":"fae4ff46-a7eb-430b-8524-d90a55b4513a","block_type":"box","text":"securities or instruments with respect to which BlackRock is performing services or when position limits have been reached.","page_number":100,"box":{"x":89,"y":584,"width":867,"height":13}},{"id":"61031968-702f-4ed4-844a-fd3d5744c821","block_type":"box","text":"For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may","page_number":100,"box":{"x":89,"y":599,"width":850,"height":13}},{"id":"a6a20259-b554-4a64-b13f-0ebe8294083a","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":100,"box":{"x":89,"y":615,"width":860,"height":12}},{"id":"9ec9f0eb-9f18-46df-8407-2d8e958c587d","block_type":"box","text":"the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors.","page_number":100,"box":{"x":88,"y":630,"width":678,"height":12}},{"id":"f2e7dd0a-c736-4e61-93ee-e9af5405e15a","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to certain fundamental analysis and proprietary","page_number":100,"box":{"x":89,"y":656,"width":859,"height":13}},{"id":"b5ba6bef-179d-403b-91cc-2fa6af27df60","block_type":"box","text":"technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect transactions on","page_number":100,"box":{"x":88,"y":671,"width":842,"height":13}},{"id":"7d70c242-243b-4566-bb6b-42611bac85af","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":100,"box":{"x":89,"y":686,"width":854,"height":13}},{"id":"a506ba76-85c6-4a1d-a208-0440aac4b761","block_type":"box","text":"available any information regarding its proprietary activities or strategies, or the activities or strategies used for other","page_number":100,"box":{"x":89,"y":702,"width":815,"height":12}},{"id":"3329cf33-1806-4b8d-836d-a7af8a64d4e3","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":100,"box":{"x":89,"y":717,"width":858,"height":12}},{"id":"d62e3538-48e1-4649-b28c-4004fea91e53","block_type":"box","text":"access to such information for the purpose of managing the Fund. The proprietary activities or portfolio strategies of","page_number":100,"box":{"x":89,"y":732,"width":818,"height":12}},{"id":"7e4aabf0-d254-485e-b5ee-827a6d3a7f2a","block_type":"box","text":"BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict","page_number":100,"box":{"x":89,"y":747,"width":845,"height":12}},{"id":"eb2512f1-6ca4-432f-841d-9b49eb1aec59","block_type":"box","text":"with the transactions and strategies employed by BlackRock in managing a Fund.","page_number":100,"box":{"x":88,"y":762,"width":568,"height":12}},{"id":"8005298e-13ce-4ed6-8ff0-e8e60e4f3202","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":100,"box":{"x":88,"y":788,"width":852,"height":13}},{"id":"0c6859c3-284b-459d-8254-d15fc55872b0","block_type":"box","text":"extent clients invest in these investment models and increase the assets under management of the Funds, the investment","page_number":100,"box":{"x":89,"y":804,"width":851,"height":12}},{"id":"485f569f-d26f-4c6d-95c4-1ce04023c77a","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":100,"box":{"x":89,"y":819,"width":875,"height":12}},{"id":"525ac445-3ca4-4ac3-8fb7-c54c2705a401","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":100,"box":{"x":89,"y":834,"width":869,"height":12}},{"id":"cade4b12-5fc7-41c1-ba8e-656ac5184d67","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":100,"box":{"x":89,"y":849,"width":868,"height":12}},{"id":"9fcb8cc4-8cd9-4bc3-af5b-bb4d31b2c499","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may have","page_number":100,"box":{"x":89,"y":864,"width":815,"height":12}},{"id":"e334b697-177e-4bc4-ac11-5c45547c00a3","block_type":"box","text":"80","page_number":100,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"6a286b83-06ed-4680-9500-f255f4e5a2fd","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":101,"box":{"x":89,"y":44,"width":865,"height":12}},{"id":"ba9a57fb-f890-460a-a1af-5ba616037a6a","block_type":"box","text":"their clients may be a consideration of which investors in a Fund should be aware.","page_number":101,"box":{"x":88,"y":59,"width":573,"height":12}},{"id":"aff052b9-a399-4403-808b-906cbcf207eb","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":101,"box":{"x":89,"y":85,"width":835,"height":13}},{"id":"bcf50ec0-398d-4496-b3e8-d3dd534d9bad","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":101,"box":{"x":89,"y":101,"width":817,"height":12}},{"id":"777ef36f-f9a0-4775-9b1f-9ab11def966e","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":101,"box":{"x":89,"y":116,"width":844,"height":12}},{"id":"4f4ba547-318d-4662-8052-d636f6ef241d","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":101,"box":{"x":89,"y":131,"width":851,"height":12}},{"id":"5c9b3af9-da50-42a8-88ce-5bb171ac1546","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":101,"box":{"x":88,"y":146,"width":839,"height":12}},{"id":"c3eb279f-e09e-4a2c-9449-91e559e244b6","block_type":"box","text":"BlackRock.","page_number":101,"box":{"x":89,"y":161,"width":74,"height":10}},{"id":"f513e827-fb83-4012-ad04-a5cc6cd0a3c7","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or instruments of which","page_number":101,"box":{"x":89,"y":188,"width":872,"height":12}},{"id":"976a1e5f-b9ec-4870-ab0d-6925c556a7fc","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":101,"box":{"x":89,"y":203,"width":848,"height":12}},{"id":"dd300c20-b8f3-4b44-a310-c3bd7bca605c","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":101,"box":{"x":89,"y":218,"width":827,"height":12}},{"id":"ab1af32b-7b51-4ee4-af35-6615681c58e2","block_type":"box","text":"entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by","page_number":101,"box":{"x":89,"y":233,"width":847,"height":12}},{"id":"8cbcca60-8c4c-4b23-bcea-1fb47445be10","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":101,"box":{"x":89,"y":248,"width":837,"height":12}},{"id":"e3484ef5-ca8e-48b6-bc8c-c90c2862253b","block_type":"box","text":"these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with","page_number":101,"box":{"x":88,"y":263,"width":857,"height":12}},{"id":"c73ee6dc-456a-4bb6-b712-7f8c20ed5c52","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":101,"box":{"x":89,"y":278,"width":870,"height":13}},{"id":"1b17bcae-3aca-4130-a3f6-1a9b8d45ea12","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":101,"box":{"x":89,"y":293,"width":839,"height":13}},{"id":"54b4e310-8ffc-4703-a7d2-cb41f52596e6","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":101,"box":{"x":88,"y":308,"width":859,"height":12}},{"id":"e838b40a-9154-4c7b-bddf-ff134511d6fc","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":101,"box":{"x":88,"y":324,"width":875,"height":12}},{"id":"eb8de4a1-77e7-472d-8a52-a794ec220c2b","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":101,"box":{"x":88,"y":339,"width":817,"height":12}},{"id":"bb3413d3-ce35-4569-9d57-1afd3157b160","block_type":"box","text":"BlackRock on an arms-length basis.","page_number":101,"box":{"x":89,"y":354,"width":248,"height":12}},{"id":"cdb41a67-4ab6-41ca-94ef-2ead888e760d","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":101,"box":{"x":88,"y":380,"width":801,"height":13}},{"id":"7fbdac13-3e22-419e-aafb-615216de38be","block_type":"box","text":"commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, markdowns, financial advisory fees,","page_number":101,"box":{"x":89,"y":395,"width":836,"height":13}},{"id":"f09f9d36-69e6-4c87-8fbe-36e9c8c7165f","block_type":"box","text":"underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or","page_number":101,"box":{"x":89,"y":410,"width":855,"height":13}},{"id":"3f78ff92-2240-4ee9-931f-f3a7fda34d0c","block_type":"box","text":"profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock,","page_number":101,"box":{"x":89,"y":426,"width":854,"height":12}},{"id":"b81a7f20-a097-4201-a19e-f8039d3c272e","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":101,"box":{"x":89,"y":441,"width":855,"height":12}},{"id":"625db97a-439f-4f53-9b66-331880216c88","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":101,"box":{"x":89,"y":456,"width":858,"height":12}},{"id":"20668aa9-eb1a-4306-a0e2-6ab1b70965f2","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":101,"box":{"x":89,"y":471,"width":820,"height":12}},{"id":"cc5720b5-2cf5-4c65-bcdc-0657b3a2eba4","block_type":"box","text":"commercial capacities for a Fund or BlackRock.","page_number":101,"box":{"x":89,"y":486,"width":329,"height":12}},{"id":"7fc54d95-04b3-4887-b245-d048aa956a51","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":101,"box":{"x":88,"y":513,"width":821,"height":12}},{"id":"aa4fb43c-5016-4fed-92b0-24daa2436b1b","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":101,"box":{"x":89,"y":528,"width":850,"height":12}},{"id":"9793124c-7a74-4318-9e2f-3824132ac8eb","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":101,"box":{"x":89,"y":543,"width":874,"height":12}},{"id":"13f4490d-d69b-4234-bc34-49251f09f44f","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":101,"box":{"x":89,"y":558,"width":824,"height":12}},{"id":"7c5eddac-d595-4935-96f7-c117d5bad7e8","block_type":"box","text":"amounts.","page_number":101,"box":{"x":89,"y":574,"width":65,"height":9}},{"id":"44945f8f-0adc-42db-8a03-fb0e4fdd248e","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":101,"box":{"x":88,"y":599,"width":858,"height":13}},{"id":"1cf00f08-d7cc-4d8a-ae59-ac5feecbefe4","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":101,"box":{"x":89,"y":615,"width":856,"height":12}},{"id":"0442b0d5-6f42-448b-a897-cb7143f4481b","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":101,"box":{"x":89,"y":630,"width":873,"height":12}},{"id":"1f1edcf5-b061-4013-bfef-5625788af0e2","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":101,"box":{"x":89,"y":645,"width":831,"height":12}},{"id":"081506e0-4965-4d90-806d-a4fafde2f89f","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":101,"box":{"x":89,"y":660,"width":820,"height":12}},{"id":"463e713c-b033-4bd3-ac77-3ef65e6d2a04","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":101,"box":{"x":89,"y":686,"width":851,"height":13}},{"id":"a42749b8-86c3-43d6-b12c-63cf1d571f59","block_type":"box","text":"securities lending revenues from, the Funds. BlackRock will also receive compensation for managing the reinvestment of the","page_number":101,"box":{"x":89,"y":702,"width":869,"height":12}},{"id":"f8d6b635-e5e2-493d-8119-d85b414ab348","block_type":"box","text":"cash collateral from securities lending. There are potential conflicts of interests in managing a securities lending program,","page_number":101,"box":{"x":89,"y":717,"width":850,"height":12}},{"id":"b29bd61f-7855-4be2-8cc7-41042b3e3f24","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":101,"box":{"x":89,"y":732,"width":872,"height":12}},{"id":"563c7c2b-91d7-419b-a0d4-d02a18d81635","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":101,"box":{"x":89,"y":747,"width":837,"height":12}},{"id":"4db66638-8608-4462-81aa-3198679e0c57","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":101,"box":{"x":89,"y":762,"width":871,"height":12}},{"id":"503d0fc6-2542-4325-846c-fbe839199b7b","block_type":"box","text":"to clients that would provide more revenue to BlackRock. As described further below, BlackRock seeks to mitigate this","page_number":101,"box":{"x":88,"y":777,"width":825,"height":12}},{"id":"f1197f25-bd7c-49a8-b974-531d5e221eca","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":101,"box":{"x":89,"y":792,"width":870,"height":13}},{"id":"78fc33a8-ad02-4a1b-b97f-c7da8c332d3d","block_type":"box","text":"allocation.","page_number":101,"box":{"x":89,"y":807,"width":71,"height":10}},{"id":"026b36a5-2dfb-42ad-88b2-220d656cf32f","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":101,"box":{"x":88,"y":834,"width":864,"height":12}},{"id":"f3df6a19-cec0-44f8-9fdd-508557bc2fa9","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":101,"box":{"x":89,"y":849,"width":880,"height":12}},{"id":"2606bb0c-5947-49bc-8b1f-a9ed91088cc9","block_type":"box","text":"collateral shortfall resulting from a borrower default (“shortfall risk”) in the securities lending program. BlackRock establishes","page_number":101,"box":{"x":89,"y":864,"width":874,"height":12}},{"id":"69bac19f-8bd3-423c-b64e-2d48459f169b","block_type":"box","text":"81","page_number":101,"box":{"x":521,"y":894,"width":12,"height":9}},{"id":"a62c8d0f-2bf9-4e9c-8b21-a11c5338e3bf","block_type":"box","text":"program-wide borrower limits (“credit limits”) to actively manage borrower-specific credit exposure. BlackRock oversees the","page_number":102,"box":{"x":89,"y":44,"width":869,"height":12}},{"id":"a7a8efb1-a259-4897-9406-0b2a4d86a283","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":102,"box":{"x":89,"y":59,"width":848,"height":12}},{"id":"5c37f907-5153-49c6-bfa0-c3f65ae3d9e7","block_type":"box","text":"market value as well as specific borrower credit characteristics. When necessary, BlackRock may adjust securities lending","page_number":102,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"25af5e0d-c4ce-491f-b778-30ac23b04e46","block_type":"box","text":"program attributes by restricting eligible collateral or reducing borrower credit limits. As a result, the management of","page_number":102,"box":{"x":89,"y":89,"width":818,"height":13}},{"id":"61a659b5-3280-4cf4-a3ca-d9da8e2566d3","block_type":"box","text":"program-wide exposure as well as BlackRock-specific indemnification exposure may affect the amount of securities lending","page_number":102,"box":{"x":89,"y":104,"width":865,"height":13}},{"id":"8e66b4ac-ac58-4479-96a7-403dc2108588","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":102,"box":{"x":89,"y":119,"width":863,"height":13}},{"id":"f2bf791f-f876-46f2-93cb-8652972c928d","block_type":"box","text":"(including by asset type, collateral type and/or revenue profile).","page_number":102,"box":{"x":89,"y":135,"width":443,"height":12}},{"id":"50d422d0-3e4a-4db1-9dcd-c7dae8bc9700","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":102,"box":{"x":89,"y":161,"width":868,"height":12}},{"id":"e81eec9e-8fcb-4d88-a8a3-6aa814573ec6","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":102,"box":{"x":89,"y":176,"width":866,"height":13}},{"id":"bd3a3157-fb69-4bba-88a2-3eeff691e495","block_type":"box","text":"liquidity considerations, or credit considerations, which may impact Funds by reducing or eliminating the volume of lending","page_number":102,"box":{"x":89,"y":191,"width":865,"height":13}},{"id":"20e9ccd1-3673-4b8f-af52-fcbf134eae34","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":102,"box":{"x":89,"y":206,"width":866,"height":13}},{"id":"04dfc268-927b-46a4-b29c-29703223afa6","block_type":"box","text":"loans overall. In addition, some borrowers may prefer certain BlackRock lenders that provide additional protections against","page_number":102,"box":{"x":89,"y":222,"width":857,"height":12}},{"id":"26bb2957-f469-4d42-9811-433d95aefe74","block_type":"box","text":"lender default that are favored by their prudential regulation.","page_number":102,"box":{"x":89,"y":237,"width":422,"height":12}},{"id":"b243bf21-9858-4c36-93d3-55803c4e8ee6","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":102,"box":{"x":89,"y":263,"width":876,"height":12}},{"id":"57323baf-2f21-4e46-9d37-96f01f12f88d","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":102,"box":{"x":89,"y":278,"width":853,"height":13}},{"id":"7ea2dc61-24ec-4623-a081-268ee0e42a76","block_type":"box","text":"(","page_number":102,"box":{"x":89,"y":293,"width":4,"height":13}},{"id":"f01d2499-baa6-49c8-b4ea-6f8f68d4af7a","block_type":"box","text":"i.e","page_number":102,"box":{"x":94,"y":294,"width":15,"height":9}},{"id":"032927fb-1079-4482-92d0-26ade99d0b3f","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":102,"box":{"x":110,"y":293,"width":825,"height":13}},{"id":"23545443-82c8-478d-a652-a5017ecd5285","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":102,"box":{"x":89,"y":308,"width":799,"height":13}},{"id":"89852a6d-1d34-49ec-8034-683538b14f7f","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":102,"box":{"x":89,"y":324,"width":860,"height":12}},{"id":"783634e3-b198-4bf8-a866-eb76732ed8c6","block_type":"box","text":"provide equal lending opportunities for all portfolios, independent of whether BlackRock indemnifies the portfolio. Equal","page_number":102,"box":{"x":89,"y":339,"width":838,"height":12}},{"id":"70ba01ec-6b54-45ce-9cb2-6a06cdf9f400","block_type":"box","text":"opportunities for lending portfolios does not guarantee equal outcomes. Specifically, short and long-term outcomes for","page_number":102,"box":{"x":89,"y":354,"width":836,"height":12}},{"id":"d4114784-d805-4531-97f5-49beb38065c7","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":102,"box":{"x":89,"y":369,"width":858,"height":12}},{"id":"9b157897-442e-4812-aac0-6e47701f804b","block_type":"box","text":"the firm.","page_number":102,"box":{"x":88,"y":384,"width":59,"height":10}},{"id":"8e386a23-3cd3-458b-bfcb-e047a6fa2aa9","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":102,"box":{"x":89,"y":410,"width":875,"height":13}},{"id":"97dfbf59-05e1-42d8-9a04-ab784a53f823","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":102,"box":{"x":89,"y":426,"width":848,"height":12}},{"id":"642faa2c-331e-4236-9f48-ccc51f6b89f4","block_type":"box","text":"research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management","page_number":102,"box":{"x":89,"y":441,"width":868,"height":12}},{"id":"6d48edac-dc5d-4ae7-a54b-d5a3d1a13901","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":102,"box":{"x":89,"y":456,"width":864,"height":12}},{"id":"6b3ea4c4-609e-46b3-a153-45ed42606b06","block_type":"box","text":"required, or in cases involving client direction.","page_number":102,"box":{"x":89,"y":471,"width":318,"height":12}},{"id":"1923735f-c860-494c-8b8e-d10dae07f6d6","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":102,"box":{"x":89,"y":497,"width":873,"height":13}},{"id":"ea1cee72-bf86-48a2-b98d-e4a68abf9949","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":102,"box":{"x":89,"y":513,"width":818,"height":12}},{"id":"b4848764-7113-454d-aa66-04d28aed0bc6","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":102,"box":{"x":89,"y":528,"width":860,"height":12}},{"id":"23bc7951-51b9-487e-8192-6815842967e4","block_type":"box","text":"the Funds. In addition, under certain circumstances, the Funds will not be charged the same commission or commission","page_number":102,"box":{"x":88,"y":543,"width":844,"height":12}},{"id":"070779fe-a93d-4c7e-a524-2bdace9f2e5b","block_type":"box","text":"equivalent rates in connection with a bunched or aggregated order.","page_number":102,"box":{"x":89,"y":558,"width":470,"height":12}},{"id":"ad1257b0-3fdd-43ca-9bca-6e1d6e34eef3","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":102,"box":{"x":89,"y":584,"width":847,"height":13}},{"id":"c2a006a2-8d7f-4313-a919-1bf225871a8e","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":102,"box":{"x":89,"y":599,"width":864,"height":13}},{"id":"ed1461ef-13c5-4c5c-9f42-146618b49a60","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":102,"box":{"x":89,"y":615,"width":856,"height":12}},{"id":"172478ce-031c-4e02-a1e8-130afaa14039","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":102,"box":{"x":88,"y":630,"width":844,"height":12}},{"id":"b9359eea-f0a6-4db3-94db-f6cc3a9c0cc3","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":102,"box":{"x":89,"y":645,"width":814,"height":12}},{"id":"90cd4655-849e-43ee-b3b9-4c849b146ef1","block_type":"box","text":"BlackRock.","page_number":102,"box":{"x":89,"y":660,"width":74,"height":10}},{"id":"cfc9d147-5af0-4623-ba1c-44720b2bd0b5","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock client accounts or","page_number":102,"box":{"x":88,"y":686,"width":879,"height":13}},{"id":"87ce75d9-f869-49fd-a8e5-e9915a97ab0e","block_type":"box","text":"personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in","page_number":102,"box":{"x":89,"y":702,"width":841,"height":12}},{"id":"d7c9cd5d-9d5e-4a7d-86e7-c21be899602b","block_type":"box","text":"BlackRock’s view, appropriate assistance to BlackRock in the investment decision-making process (including with respect to","page_number":102,"box":{"x":89,"y":717,"width":868,"height":12}},{"id":"6a9e8905-515a-44ea-b6bf-b5fe32be0e05","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":102,"box":{"x":88,"y":732,"width":868,"height":12}},{"id":"2c0bffd4-f1f4-41a5-bab3-1eee5d5c0361","block_type":"box","text":"law, research reports on companies, industries and securities; economic and financial data; financial publications; proxy","page_number":102,"box":{"x":89,"y":747,"width":836,"height":12}},{"id":"10a1fded-ba7f-4fa0-be3d-c3c2200d4c83","block_type":"box","text":"analysis; trade industry seminars; computer data bases; research-oriented software and other services and products.","page_number":102,"box":{"x":89,"y":762,"width":815,"height":12}},{"id":"7de4025d-0b51-445e-9bbc-22d452c91834","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":102,"box":{"x":89,"y":788,"width":840,"height":13}},{"id":"19fe90da-a967-47bd-8b28-27c2ce47e816","block_type":"box","text":"client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker","page_number":102,"box":{"x":89,"y":804,"width":875,"height":12}},{"id":"1f9b4fc0-b5b9-4810-baa8-1a6d45ed06bb","block_type":"box","text":"relating to the research or other service arrangements. Such products and services may disproportionately benefit other","page_number":102,"box":{"x":89,"y":819,"width":839,"height":12}},{"id":"0c2a100b-bb40-4636-b0a3-2fbafc493e4b","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":102,"box":{"x":89,"y":834,"width":869,"height":12}},{"id":"f39e0a74-702c-4af3-b928-5fec2b863e54","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":102,"box":{"x":89,"y":849,"width":863,"height":12}},{"id":"c141e5ed-41b8-48bf-81e3-fcc61918f439","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":102,"box":{"x":89,"y":864,"width":841,"height":12}},{"id":"eeb1c1b4-66a1-4851-a238-671abe5d5b94","block_type":"box","text":"82","page_number":102,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"4ebad9f2-f7da-430a-8ed6-1afb7ca8eb6f","block_type":"box","text":"including disproportionate benefits, of economies of scale or price discounts in connection with products and services that","page_number":103,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"7267c90b-acdb-4e5c-b66d-313c819c5135","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":103,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"9cbe240e-ecab-4c6d-a9ef-4ad634805dbc","block_type":"box","text":"will not have to pay for those products and services itself.","page_number":103,"box":{"x":88,"y":74,"width":400,"height":12}},{"id":"4028a656-97cd-46a8-ade8-3dc48d05ea02","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such","page_number":103,"box":{"x":89,"y":101,"width":833,"height":12}},{"id":"545db9fc-4cb8-49f3-a309-e88aeeb8bff2","block_type":"box","text":"arrangements, provide research or other services in order to ensure the continued receipt of research or other services","page_number":103,"box":{"x":89,"y":116,"width":827,"height":12}},{"id":"15994323-af70-44df-8d8e-54d2d833498b","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":103,"box":{"x":89,"y":131,"width":845,"height":12}},{"id":"626939c3-f614-465a-bbba-8d3b7c9bc5bf","block_type":"box","text":"engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by applicable law, may also","page_number":103,"box":{"x":89,"y":146,"width":850,"height":12}},{"id":"5deceeea-0ab8-4b4d-a125-603f9c48539c","block_type":"box","text":"enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and","page_number":103,"box":{"x":89,"y":161,"width":870,"height":12}},{"id":"7d4ff018-9444-4ffc-a9e6-2ac2729c997e","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":103,"box":{"x":89,"y":176,"width":845,"height":13}},{"id":"25cdadba-c6e6-49ca-ab16-062ffaa0a890","block_type":"box","text":"research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same","page_number":103,"box":{"x":89,"y":191,"width":825,"height":13}},{"id":"25f9511b-90e2-46e4-b58d-ea07758b4d2b","block_type":"box","text":"conflicts related to traditional soft dollars may exist.","page_number":103,"box":{"x":89,"y":206,"width":361,"height":13}},{"id":"fc94dbae-5764-4564-9811-1efea7512e16","block_type":"box","text":"BlackRock may utilize certain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which BlackRock","page_number":103,"box":{"x":89,"y":233,"width":869,"height":12}},{"id":"1eb71fc0-ee4f-4855-beca-4f54b1bba02b","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":103,"box":{"x":89,"y":248,"width":862,"height":12}},{"id":"cdfc5e56-bef9-4c31-89ef-cd74444c1675","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":103,"box":{"x":89,"y":263,"width":845,"height":12}},{"id":"872ff094-03c6-44ab-8475-636bbfa893c0","block_type":"box","text":"transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like","page_number":103,"box":{"x":88,"y":278,"width":843,"height":13}},{"id":"a76c8a35-707b-4966-b2f2-a235143ac98a","block_type":"box","text":"commissions and markups/markdowns, would generally be included in the cost of the securities purchased. Access fees","page_number":103,"box":{"x":89,"y":293,"width":845,"height":13}},{"id":"974d4c79-3423-4d70-bf30-ce694554e450","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":103,"box":{"x":89,"y":308,"width":872,"height":13}},{"id":"b1c38807-0165-472f-b4a4-a50e6cc89bc9","block_type":"box","text":"Funds. In certain circumstances, ECNs may offer volume discounts that will reduce the access fees typically paid by","page_number":103,"box":{"x":89,"y":324,"width":805,"height":12}},{"id":"b58be2b1-8575-402e-8405-8b4fc8a35bb3","block_type":"box","text":"BlackRock. BlackRock will only utilize ECNs consistent with its obligation to seek to obtain best execution in client","page_number":103,"box":{"x":89,"y":339,"width":793,"height":12}},{"id":"8beebeb0-058a-4d95-9195-2070c285d47a","block_type":"box","text":"transactions.","page_number":103,"box":{"x":88,"y":355,"width":90,"height":9}},{"id":"b46b2ab7-1d2c-4900-96ab-448df5d1cd2d","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":103,"box":{"x":89,"y":380,"width":821,"height":13}},{"id":"bda16137-21ff-48c8-8ff2-af867b91b937","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":103,"box":{"x":89,"y":395,"width":859,"height":13}},{"id":"ae395c0f-93bc-4528-ba76-ba3bc24072e8","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":103,"box":{"x":88,"y":410,"width":870,"height":13}},{"id":"a21ce3be-78c1-4658-b81e-23ad85663479","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":103,"box":{"x":89,"y":426,"width":810,"height":12}},{"id":"58d61f99-2b06-4af1-8174-d90d1932d8c4","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting","page_number":103,"box":{"x":89,"y":452,"width":826,"height":12}},{"id":"36f10484-d894-462f-8f6f-13a0eac4e07b","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":103,"box":{"x":89,"y":467,"width":872,"height":13}},{"id":"67ef541d-b9f5-46ae-a93c-d404efa6c686","block_type":"box","text":"accordance with BlackRock’s fiduciary obligations to its clients. Nevertheless, notwithstanding such proxy voting policies and","page_number":103,"box":{"x":89,"y":482,"width":876,"height":13}},{"id":"3a953e53-58d3-486e-91c7-3fbc09a587e3","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":103,"box":{"x":89,"y":497,"width":824,"height":13}},{"id":"ca17182e-cd35-4736-8bcc-8eb92a5b99b3","block_type":"box","text":"businesses of other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in","page_number":103,"box":{"x":89,"y":513,"width":801,"height":12}},{"id":"2c5cf4af-e7b0-4229-96ea-abc6dc786148","block_type":"box","text":"accordance with its fiduciary obligations. For a more detailed discussion of these policies and procedures, see “Proxy Voting","page_number":103,"box":{"x":89,"y":528,"width":865,"height":12}},{"id":"de550794-bb3b-49e1-8c55-626aa386078a","block_type":"box","text":"Policies.”","page_number":103,"box":{"x":89,"y":543,"width":61,"height":10}},{"id":"12dbef89-cd3e-48e7-bad5-bb3a29143e54","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":103,"box":{"x":89,"y":569,"width":819,"height":13}},{"id":"6bfee113-aa53-4860-ba28-f09312c30b99","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":103,"box":{"x":89,"y":584,"width":875,"height":13}},{"id":"b408a3bf-046f-4215-8bf2-4742d2a65b0a","block_type":"box","text":"assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce","page_number":103,"box":{"x":89,"y":599,"width":860,"height":13}},{"id":"3ba43f90-5a3a-4b61-8903-71ad4f13ef4a","block_type":"box","text":"the Fund’s expense ratio.","page_number":103,"box":{"x":88,"y":615,"width":174,"height":12}},{"id":"eb028b79-bc5a-4e4e-88a8-4c62940f49ec","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":103,"box":{"x":89,"y":641,"width":855,"height":12}},{"id":"226aa289-9c4b-4375-822c-83cc25264a43","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":103,"box":{"x":88,"y":656,"width":840,"height":13}},{"id":"0d91162f-6166-469d-81e2-3216804ffaf4","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":103,"box":{"x":89,"y":671,"width":855,"height":13}},{"id":"d7a575d9-86f3-48a8-b900-5c2b612a841b","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":103,"box":{"x":89,"y":686,"width":822,"height":13}},{"id":"2c7e1232-ad48-4b2b-a22b-80a37e1cd576","block_type":"box","text":"liquidity, investment flexibility, portfolio diversification, expense ratio or ability to comply with the listing requirements for the","page_number":103,"box":{"x":89,"y":702,"width":872,"height":12}},{"id":"974bf3af-a4c8-4132-9b03-2e70289632a3","block_type":"box","text":"Fund.","page_number":103,"box":{"x":89,"y":717,"width":38,"height":9}},{"id":"25421f4d-57ac-494f-b9e6-496c920f351e","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":103,"box":{"x":89,"y":743,"width":828,"height":12}},{"id":"ef195840-e152-41f9-9276-edee879bf300","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":103,"box":{"x":89,"y":758,"width":857,"height":13}},{"id":"e94a4d55-7e5f-4f71-aba3-397dcfc4cddf","block_type":"box","text":"entities for which BlackRock provides and is compensated for cash management services relating to the proceeds from the","page_number":103,"box":{"x":89,"y":773,"width":860,"height":13}},{"id":"9f80918c-5386-4efa-b37b-6c2734171bed","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":103,"box":{"x":89,"y":788,"width":869,"height":13}},{"id":"5c92ed93-90ea-495f-bfee-e70d498953c0","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":103,"box":{"x":89,"y":804,"width":839,"height":12}},{"id":"904ad163-6016-48cb-9d4c-85e67efe0bc1","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":103,"box":{"x":89,"y":819,"width":859,"height":12}},{"id":"f2deab03-76d2-4484-aec7-78b077a2bbbc","block_type":"box","text":"engage in transactions with companies in which BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":103,"box":{"x":89,"y":834,"width":866,"height":12}},{"id":"f077d566-4cfc-4561-b4dd-58b1acba14d0","block_type":"box","text":"83","page_number":103,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a6519ddf-ba28-47b2-80df-2221abe90fe8","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":104,"box":{"x":89,"y":44,"width":856,"height":12}},{"id":"be5848fc-cc52-4ae3-b3cc-63bb1bb6f14d","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":104,"box":{"x":89,"y":59,"width":850,"height":12}},{"id":"da807d00-7e8c-4db9-9a4f-5ba7e775c69b","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":104,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"b8b68812-ac24-47c2-9836-803516d7bef8","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":104,"box":{"x":89,"y":89,"width":860,"height":13}},{"id":"266d7ece-9c13-4e0a-9600-3b028d894e75","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":104,"box":{"x":88,"y":104,"width":849,"height":13}},{"id":"0e254ebe-a7d5-4c42-b313-ba174e92105c","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":104,"box":{"x":89,"y":119,"width":871,"height":13}},{"id":"14d2ef24-0f9d-4429-9b2e-2260bfe0a7d5","block_type":"box","text":"products or services, and the remuneration and profitability to BlackRock and such personnel resulting from transactions on","page_number":104,"box":{"x":89,"y":135,"width":868,"height":12}},{"id":"858cab25-28af-423e-8b87-85c68bc42968","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":104,"box":{"x":89,"y":150,"width":865,"height":12}},{"id":"1f62756d-0c31-494e-ae13-a285a559a007","block_type":"box","text":"products.","page_number":104,"box":{"x":89,"y":165,"width":65,"height":12}},{"id":"c6995e93-9c0f-4e56-aec5-bf6f337abada","block_type":"box","text":"Third parties, including service providers to BlackRock or the Fund, may sponsor events (including, but not limited to,","page_number":104,"box":{"x":88,"y":191,"width":820,"height":13}},{"id":"4a0519ef-9ecf-407f-8cb3-73a76bd8a829","block_type":"box","text":"marketing and promotional activities and presentations, educational training programs and conferences) for registered","page_number":104,"box":{"x":89,"y":206,"width":832,"height":13}},{"id":"93fc9bf4-9fa1-4ff8-ace5-c22d13a3fcaa","block_type":"box","text":"representatives, other professionals and individual investors. There is a potential conflict of interest as such sponsorships","page_number":104,"box":{"x":89,"y":222,"width":845,"height":12}},{"id":"addca423-2ad0-45a5-9830-695603bba567","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":104,"box":{"x":89,"y":237,"width":876,"height":12}},{"id":"4b49386c-aec7-487b-a441-6a92cb7a041f","block_type":"box","text":"provide services to the Fund.","page_number":104,"box":{"x":89,"y":252,"width":200,"height":12}},{"id":"c2fe27c0-4ee2-497e-85e6-694f317bd398","block_type":"box","text":"BlackRock may provide valuation assistance to certain clients with respect to certain securities or other investments and the","page_number":104,"box":{"x":89,"y":278,"width":867,"height":13}},{"id":"d08c1f37-a0b3-41ff-84b0-35b90b56893a","block_type":"box","text":"valuation recommendations made for such clients’ accounts may differ from the valuations for the same securities or","page_number":104,"box":{"x":88,"y":293,"width":821,"height":13}},{"id":"e6a4ae94-7678-45f8-9265-715d5279823f","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":104,"box":{"x":89,"y":308,"width":855,"height":13}},{"id":"db54fd58-1bac-4859-a2aa-5602b0930288","block_type":"box","text":"data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally communicate its valuation information","page_number":104,"box":{"x":89,"y":324,"width":877,"height":12}},{"id":"546c8058-50e6-4856-a4e8-0c3875e0520b","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":104,"box":{"x":89,"y":339,"width":848,"height":12}},{"id":"66db5292-13bb-4706-bb63-158af30fb218","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":104,"box":{"x":88,"y":354,"width":821,"height":12}},{"id":"da57ee27-989e-4597-8571-aeaa8cdf9e22","block_type":"box","text":"security or investment determined or recommended by BlackRock.","page_number":104,"box":{"x":89,"y":369,"width":466,"height":12}},{"id":"2095a9bb-d99e-4c2a-9b53-5159e541261d","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":104,"box":{"x":88,"y":395,"width":817,"height":13}},{"id":"00459fb1-6498-46b0-b743-91a0ffed64a5","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":104,"box":{"x":89,"y":410,"width":869,"height":13}},{"id":"559b4bed-9f0a-4709-b1c2-0b7325e1769f","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":104,"box":{"x":89,"y":426,"width":851,"height":12}},{"id":"121e02be-690a-43ee-8e91-3c749913beec","block_type":"box","text":"through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with assistance from other BlackRock pricing committees","page_number":104,"box":{"x":88,"y":441,"width":879,"height":12}},{"id":"52b728ca-efde-4d39-832d-22805480cd0d","block_type":"box","text":"and in accordance with BlackRock’s policies and procedures (the “Valuation Procedures”). When determining a “fair value","page_number":104,"box":{"x":89,"y":456,"width":853,"height":12}},{"id":"5863197e-1b69-47ac-8678-86a9bc1fbb8b","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":104,"box":{"x":89,"y":471,"width":877,"height":12}},{"id":"c2b14f1b-b4e6-45e1-85b7-3e4472dcc03e","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":104,"box":{"x":89,"y":486,"width":844,"height":12}},{"id":"89ad3de5-2887-4d46-9c00-724117d4e845","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":104,"box":{"x":89,"y":501,"width":863,"height":13}},{"id":"7841cc7b-e334-42ca-b43d-1df0e2480d00","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":104,"box":{"x":88,"y":516,"width":835,"height":13}},{"id":"4c24929c-7049-4373-b6ec-59ef0a9688c3","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third party valuation","page_number":104,"box":{"x":89,"y":531,"width":845,"height":13}},{"id":"5e493b2b-c7a2-47c2-a924-05c61840e572","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":104,"box":{"x":89,"y":547,"width":876,"height":12}},{"id":"fdb4d0d9-0414-448e-97a9-d68389a9d885","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":104,"box":{"x":89,"y":562,"width":842,"height":12}},{"id":"ff230b04-4a84-493f-8311-df1fcc206ff2","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":104,"box":{"x":89,"y":577,"width":864,"height":12}},{"id":"d0495dd4-6c85-4afb-a3c7-762fbadb40bb","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":104,"box":{"x":89,"y":592,"width":873,"height":12}},{"id":"fa2b7a6f-9bcd-4eaa-8084-17c637a2cf5b","block_type":"box","text":"diluting or increasing the economic interest of existing shareholders and may affect the amount of revenue received by","page_number":104,"box":{"x":89,"y":607,"width":832,"height":12}},{"id":"8bad3ead-413c-4657-b17d-48dc202f54b3","block_type":"box","text":"BlackRock with respect to services for which it receives an asset-based fee.","page_number":104,"box":{"x":89,"y":622,"width":522,"height":12}},{"id":"97aa25e7-76f1-441d-87b7-7453a5536ba2","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":104,"box":{"x":88,"y":649,"width":847,"height":12}},{"id":"3f4585ac-d8b1-4bf6-9ec3-00a7ad055ced","block_type":"box","text":"market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any such investments,","page_number":104,"box":{"x":89,"y":664,"width":870,"height":12}},{"id":"f1d1d7f2-63c7-41eb-a648-c10fa40da51e","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":104,"box":{"x":89,"y":679,"width":857,"height":12}},{"id":"3012bec8-9459-4211-9ff2-e4753d212a65","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":104,"box":{"x":89,"y":694,"width":831,"height":12}},{"id":"82b85d66-738d-4506-a0fb-ea5e47d9884f","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":104,"box":{"x":89,"y":720,"width":866,"height":13}},{"id":"5cedffd4-b56c-45c5-b8e4-50fad7f8b966","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":104,"box":{"x":89,"y":736,"width":865,"height":12}},{"id":"1962e2c7-cbd5-4737-a8dd-bca087311596","block_type":"box","text":"investment strategies or constraints, positions may be taken by directors, officers and employees of BlackRock that are the","page_number":104,"box":{"x":89,"y":751,"width":855,"height":12}},{"id":"7ed1dab7-1fb5-4487-b740-4032c4e69b74","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":104,"box":{"x":89,"y":766,"width":872,"height":12}},{"id":"1c67c8fb-b3db-4461-9d54-49175f226619","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":104,"box":{"x":89,"y":781,"width":867,"height":12}},{"id":"bfcede5b-478a-4428-a10e-1ba442839f9a","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":104,"box":{"x":88,"y":796,"width":847,"height":12}},{"id":"87b32e75-6a43-42af-a3c1-36f34771311a","block_type":"box","text":"professionals and others who normally come into possession of information regarding the Fund’s portfolio transactions.","page_number":104,"box":{"x":89,"y":811,"width":841,"height":12}},{"id":"8f0f8668-f778-46c1-84e2-a90efd1453da","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":104,"box":{"x":89,"y":826,"width":851,"height":13}},{"id":"f50466a3-fa67-421f-b0b0-6e376173526a","block_type":"box","text":"may be obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":104,"box":{"x":89,"y":841,"width":562,"height":13}},{"id":"2245ddd7-ab91-47fd-86a7-fbc84df4b80b","block_type":"box","text":"84","page_number":104,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"81268906-d420-4ef9-ba92-7901213a7e12","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":105,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"09ff86f3-572b-492f-bb51-748ce87c2943","block_type":"box","text":"Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in transactions with","page_number":105,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"ef82cfcd-b033-4a2f-ba28-8f77d2c24905","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":105,"box":{"x":89,"y":74,"width":877,"height":11}},{"id":"c03e95a5-2781-4070-8646-9dc53d5508a4","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":105,"box":{"x":89,"y":89,"width":852,"height":13}},{"id":"689750ff-a64b-4f8a-95b2-6bd7b0697b70","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":105,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"97dd8d5b-c00a-4d6f-a550-f8092ecb6d29","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":105,"box":{"x":89,"y":119,"width":846,"height":13}},{"id":"56084115-6f06-4f95-baa3-70778dfb6cef","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":105,"box":{"x":89,"y":135,"width":839,"height":12}},{"id":"b3cc8616-87df-4839-9a54-58cadf143437","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":105,"box":{"x":89,"y":150,"width":870,"height":12}},{"id":"84a4dc40-bfdb-40af-ace1-70a47e5ee241","block_type":"box","text":"requirements. A client not advised by BlackRock would not be subject to some of those considerations. There may be periods","page_number":105,"box":{"x":89,"y":165,"width":876,"height":12}},{"id":"2e843475-c1e9-4f45-aca9-0693fd93417d","block_type":"box","text":"when BlackRock may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice in","page_number":105,"box":{"x":88,"y":180,"width":864,"height":12}},{"id":"eeb0fda0-d134-4b2e-a63c-b9bc9c1ad096","block_type":"box","text":"certain securities or instruments issued by or related to companies for which BlackRock is performing advisory or other","page_number":105,"box":{"x":89,"y":195,"width":834,"height":12}},{"id":"6833d30b-1aa7-4345-ac53-af61f87a4770","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management","page_number":105,"box":{"x":89,"y":210,"width":834,"height":13}},{"id":"8d9e8d00-73d9-487c-9c68-082ec951599d","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":105,"box":{"x":89,"y":225,"width":859,"height":13}},{"id":"820ca75c-fcdb-4f68-9479-662706870869","block_type":"box","text":"behalf of a Fund, particularly where such services result in BlackRock obtaining material non-public information about the","page_number":105,"box":{"x":89,"y":240,"width":853,"height":13}},{"id":"a45ae03a-db5b-4bcb-b51e-a0ad24a904ac","block_type":"box","text":"company (","page_number":105,"box":{"x":89,"y":256,"width":73,"height":12}},{"id":"6fb54441-eff1-4549-ad72-552ba8ee6bde","block_type":"box","text":"e.g","page_number":105,"box":{"x":164,"y":259,"width":20,"height":9}},{"id":"60815364-a4e2-4150-87ff-5386ba4addf6","block_type":"box","text":"., in connection with participation in a creditors’ committee). Similar situations could arise if personnel of","page_number":105,"box":{"x":185,"y":256,"width":735,"height":12}},{"id":"ae905cb9-c59f-4d66-97fb-0e7652cabf4d","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":105,"box":{"x":89,"y":271,"width":860,"height":12}},{"id":"3898b90b-0e29-44df-9a6c-bb2e13902480","block_type":"box","text":"by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary implementation","page_number":105,"box":{"x":89,"y":286,"width":860,"height":12}},{"id":"9b4a3c15-e7bd-4881-88cf-54b6c0f4261c","block_type":"box","text":"of appropriate information barriers), the Funds may purchase securities or instruments that are issued by such companies,","page_number":105,"box":{"x":89,"y":301,"width":857,"height":12}},{"id":"b1f4c0ab-dadb-4d38-a32f-9d07bcc2f2b3","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":105,"box":{"x":89,"y":316,"width":863,"height":12}},{"id":"c3b61a6d-897e-4aa2-b495-f3a9426f4cd2","block_type":"box","text":"or officers of the issuer.","page_number":105,"box":{"x":89,"y":331,"width":161,"height":10}},{"id":"3faa2445-2b84-412a-8e65-c22fb6b1393d","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential conflicts that arise","page_number":105,"box":{"x":89,"y":358,"width":863,"height":12}},{"id":"16288d8d-a9f9-4dd6-99b7-8aeea3740c7b","block_type":"box","text":"in connection with the advisory services BlackRock provides to Funds and other clients. Certain BlackRock advisory personnel","page_number":105,"box":{"x":89,"y":373,"width":878,"height":12}},{"id":"d5a3b054-4f36-4daa-b3b8-34f6809a9c8c","block_type":"box","text":"may take views, and make decisions or recommendations, that are different than or opposite those of other BlackRock","page_number":105,"box":{"x":89,"y":388,"width":829,"height":12}},{"id":"c5b12db6-2bf2-4533-ab13-626eca91d94f","block_type":"box","text":"advisory personnel. Certain portfolio management teams within BlackRock may make decisions or take (or refrain from","page_number":105,"box":{"x":89,"y":403,"width":834,"height":12}},{"id":"a52974eb-8d6d-4c52-b1a8-4b31bcd2f036","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":105,"box":{"x":88,"y":418,"width":870,"height":12}},{"id":"4388f4e3-70df-407f-9489-c517a8d2346e","block_type":"box","text":"taken (or not taken) by the Funds’ portfolio management teams. The various portfolio management teams may not share","page_number":105,"box":{"x":88,"y":433,"width":852,"height":13}},{"id":"ded927af-90d4-44a1-ab07-dd77b1eba071","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":105,"box":{"x":89,"y":448,"width":843,"height":13}},{"id":"29a9a50a-4132-4016-915b-b851642d6b69","block_type":"box","text":"obligation or other duty to do so.","page_number":105,"box":{"x":89,"y":463,"width":230,"height":13}},{"id":"33f23936-d253-4fbd-bde4-b2fbcfc39c43","block_type":"box","text":"BlackRock has established certain information barriers and other policies to address the sharing of information between","page_number":105,"box":{"x":89,"y":490,"width":838,"height":12}},{"id":"88aadb6d-9015-4231-b687-962348928417","block_type":"box","text":"different businesses within BlackRock, including, effective on or about January 21, 2025, with respect to personnel responsible","page_number":105,"box":{"x":89,"y":505,"width":879,"height":12}},{"id":"3c845587-8837-4d0d-9248-54c36bf60b76","block_type":"box","text":"with managing portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for","page_number":105,"box":{"x":88,"y":520,"width":834,"height":12}},{"id":"93e25f8c-d985-48e4-a43a-1d57b0179478","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":105,"box":{"x":89,"y":535,"width":875,"height":13}},{"id":"9ed7c3ae-c34e-4cf8-bab5-5cbda2c20f57","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to certain information and personnel, including senior","page_number":105,"box":{"x":89,"y":550,"width":859,"height":13}},{"id":"0b2a42d7-6730-47d6-85b8-9dba67999e8c","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":105,"box":{"x":89,"y":565,"width":875,"height":13}},{"id":"9d0d0b9b-80eb-4de6-8a00-5f0e86bb33e6","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":105,"box":{"x":89,"y":581,"width":841,"height":12}},{"id":"e001eacb-904e-400e-b4b3-91adddcecab8","block_type":"box","text":"information held by certain areas of BlackRock.","page_number":105,"box":{"x":89,"y":596,"width":328,"height":12}},{"id":"a42d8f60-fc2c-4ba7-9c07-7ff7385ae136","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":105,"box":{"x":89,"y":622,"width":875,"height":12}},{"id":"604bd91a-45b9-4967-9f05-956b9fcebdd4","block_type":"box","text":"the other side of the information barrier. In connection therewith, BlackRock personnel, businesses, and business units that","page_number":105,"box":{"x":88,"y":637,"width":862,"height":13}},{"id":"357c820a-06f5-44f0-91ed-45cecd50259e","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":105,"box":{"x":88,"y":652,"width":873,"height":13}},{"id":"61f172c5-9765-4836-8b50-c7f6da5637b2","block_type":"box","text":"they were moved. Information obtained in connection with such changes to information barriers may limit or restrict the","page_number":105,"box":{"x":88,"y":668,"width":845,"height":12}},{"id":"6819b5ba-5e30-44f2-9499-d1f245927ae2","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":105,"box":{"x":89,"y":683,"width":840,"height":12}},{"id":"13ce502b-3fbb-4633-91d2-84fec537cfc1","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":105,"box":{"x":89,"y":698,"width":845,"height":12}},{"id":"304d4770-d1b5-4c55-b022-2dd822935dfa","block_type":"box","text":"barrier). Information barriers may not have their intended impact due to, for example, changes in applicable law or","page_number":105,"box":{"x":89,"y":713,"width":800,"height":12}},{"id":"8656a20e-5d5d-429d-83a0-d5a155a1df15","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":105,"box":{"x":89,"y":728,"width":856,"height":12}},{"id":"ff6ecdd8-1a02-4b7b-ae11-238fa957148c","block_type":"box","text":"personnel on the other side of a barrier.","page_number":105,"box":{"x":89,"y":743,"width":274,"height":12}},{"id":"02e7644c-07ef-4f48-9535-af84b3d827ad","block_type":"box","text":"Although the information barriers are intended to allow for independent portfolio management decision making and proxy","page_number":105,"box":{"x":88,"y":770,"width":861,"height":12}},{"id":"db8f8e0a-5ba9-4edf-a7eb-57894bca8c01","block_type":"box","text":"voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients, as well as","page_number":105,"box":{"x":88,"y":785,"width":803,"height":12}},{"id":"4c3b4632-e79e-4e08-802c-e0b41af58e93","block_type":"box","text":"BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other clients (including the","page_number":105,"box":{"x":89,"y":800,"width":862,"height":12}},{"id":"b0ad5c22-82f4-4164-ae70-0b36bfd020a4","block_type":"box","text":"Funds). As BlackRock’s assets under management increases, BlackRock clients may face greater negative impacts due to","page_number":105,"box":{"x":89,"y":815,"width":845,"height":12}},{"id":"a4f7d5e7-a870-45b3-990b-2aacbfcd5f8b","block_type":"box","text":"ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in certain","page_number":105,"box":{"x":89,"y":830,"width":834,"height":12}},{"id":"440d66b0-156b-4795-9131-1fd41ad7b4ec","block_type":"box","text":"circumstances where a BlackRock client invests in securities issued by companies that operate in certain industries (","page_number":105,"box":{"x":89,"y":845,"width":811,"height":12}},{"id":"4314263b-8c60-4972-9f7b-05c6d2babe51","block_type":"box","text":"e.g","page_number":105,"box":{"x":901,"y":848,"width":21,"height":9}},{"id":"9376a824-eb69-45d0-af84-2d8f3ffcdb49","block_type":"box","text":".,","page_number":105,"box":{"x":923,"y":853,"width":6,"height":3}},{"id":"f726a1ee-232b-457c-aa60-379208abe566","block_type":"box","text":"banking, insurance, and utilities) or in certain emerging or international markets, or are subject to regulatory or corporate","page_number":105,"box":{"x":89,"y":860,"width":849,"height":13}},{"id":"b77db20c-d367-4cdd-8a7a-1b398c943f87","block_type":"box","text":"85","page_number":105,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"943be595-1186-42ea-b2dc-730defb6740d","block_type":"box","text":"ownership restrictions (","page_number":106,"box":{"x":89,"y":44,"width":165,"height":12}},{"id":"43b8d7c0-67aa-4850-a822-d0e10e1d66d1","block_type":"box","text":"e.g","page_number":106,"box":{"x":255,"y":47,"width":20,"height":9}},{"id":"b123e4ba-37ce-4e90-91f1-332bf269267b","block_type":"box","text":"., with mechanisms such as poison pills in place to prevent takeovers), or where a BlackRock client","page_number":106,"box":{"x":276,"y":44,"width":688,"height":12}},{"id":"75f9809c-e4fb-4280-b6a0-b369190eff75","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":106,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"fefadeea-bd7b-4c4b-9dc6-22d554918697","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":106,"box":{"x":89,"y":74,"width":815,"height":12}},{"id":"3360b61e-6b42-4935-81c3-34516743ae73","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":106,"box":{"x":89,"y":89,"width":864,"height":13}},{"id":"c6036839-4509-4b24-969c-c110171cf6bb","block_type":"box","text":"subject to enforcement actions, disgorgement of share ownership or profits, regulatory restrictions, complex compliance","page_number":106,"box":{"x":89,"y":104,"width":846,"height":13}},{"id":"1593b232-bcca-4572-ae42-dc4f40285b49","block_type":"box","text":"reporting, increased compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions,","page_number":106,"box":{"x":89,"y":119,"width":813,"height":13}},{"id":"24ea69e4-7f30-4018-bbef-d9977f8ff6b1","block_type":"box","text":"BlackRock may also seek to make indirect investments (","page_number":106,"box":{"x":89,"y":135,"width":390,"height":12}},{"id":"a6a12838-40c2-40b4-9e44-3a8d45a899e1","block_type":"box","text":"e.g","page_number":106,"box":{"x":480,"y":138,"width":20,"height":9}},{"id":"feb8addd-50fa-4ff9-a501-32bc763cf1d1","block_type":"box","text":"., using derivatives) on behalf of its clients to receive exposure to","page_number":106,"box":{"x":501,"y":135,"width":451,"height":12}},{"id":"60118112-b43a-4d52-ae0b-1710a4213a77","block_type":"box","text":"certain securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":106,"box":{"x":89,"y":150,"width":854,"height":12}},{"id":"6d20c31d-2c10-4d7a-ab05-545323153104","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":106,"box":{"x":89,"y":165,"width":874,"height":12}},{"id":"51b1ea9e-f1b1-447d-b6e3-fc1c1ee92923","block_type":"box","text":"limited availability of derivatives that provide indirect exposure to an impacted security. In addition, BlackRock clients can be","page_number":106,"box":{"x":89,"y":180,"width":866,"height":12}},{"id":"93053652-91a9-4388-ab35-2fe27cccbfa8","block_type":"box","text":"subject to more than one ownership limitation depending on each client’s holdings, and each ownership limitation can","page_number":106,"box":{"x":89,"y":195,"width":831,"height":12}},{"id":"467a16e1-c25d-4cd2-b30e-b669ea92332b","block_type":"box","text":"impact multiple securities held by the client. Certain clients or shareholders may have their own overlapping obligations to","page_number":106,"box":{"x":89,"y":210,"width":854,"height":13}},{"id":"a59c71dd-9423-470a-82aa-e7e0c9064c72","block_type":"box","text":"monitor their compliance with ownership limitations across their investments.","page_number":106,"box":{"x":89,"y":225,"width":547,"height":13}},{"id":"9dd5cb50-3c0e-4955-af47-cfa1b72498e2","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":106,"box":{"x":89,"y":252,"width":859,"height":12}},{"id":"872816b3-4b63-4d1b-99c8-e2c3fe308b16","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":106,"box":{"x":89,"y":267,"width":878,"height":12}},{"id":"9f1f9d40-7166-41c7-809f-1f579709263d","block_type":"box","text":"exercise rights (including voting) or undertake business transactions, may be restricted by law, regulation, rule, or","page_number":106,"box":{"x":89,"y":282,"width":793,"height":12}},{"id":"60f56544-559e-445f-a4e3-ba78aac7cade","block_type":"box","text":"organizational documents or otherwise impaired. For example, to meet the requirements of an ownership limitation or","page_number":106,"box":{"x":89,"y":297,"width":828,"height":12}},{"id":"0afcc313-7e8f-4b75-a33e-501294dc0408","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":106,"box":{"x":89,"y":312,"width":852,"height":13}},{"id":"5e79b5ee-d854-4c5e-bdd8-4ad6fd582dcc","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":106,"box":{"x":89,"y":327,"width":877,"height":13}},{"id":"97a745f1-4dcd-4c72-94a1-15062c45e604","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":106,"box":{"x":89,"y":342,"width":810,"height":13}},{"id":"496702d1-ce1b-4397-b096-5e04341ff373","block_type":"box","text":"ownership limitation or restriction because the fund cannot acquire the amount of the impacted security included in its","page_number":106,"box":{"x":89,"y":358,"width":835,"height":12}},{"id":"1274b6d1-e9cc-4b3e-9f7b-4d89529d621c","block_type":"box","text":"index. BlackRock on behalf of its clients may limit purchases, sell existing investments, utilize indirect investments, utilize","page_number":106,"box":{"x":89,"y":373,"width":841,"height":12}},{"id":"055984c7-c692-4e72-a120-742cacea5723","block_type":"box","text":"information barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or limiting","page_number":106,"box":{"x":89,"y":388,"width":874,"height":12}},{"id":"c1eb1f2e-4ee2-42d3-9a6b-d828d1a8ec22","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":106,"box":{"x":88,"y":403,"width":876,"height":12}},{"id":"35102efd-4547-4b81-bf58-07762059694e","block_type":"box","text":"potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.","page_number":106,"box":{"x":89,"y":418,"width":878,"height":12}},{"id":"7293d3c2-90fa-4e4c-b407-87e9b12184db","block_type":"box","text":"These types of restrictions could negatively impact a client’s performance or ability to meet its investment objective.","page_number":106,"box":{"x":88,"y":433,"width":812,"height":13}},{"id":"0047bed9-624b-49bd-a371-64e7daa26c88","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":106,"box":{"x":88,"y":460,"width":867,"height":12}},{"id":"07ae66cd-2bea-4fdb-bb44-4ea4c37d45bf","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":106,"box":{"x":88,"y":475,"width":840,"height":12}},{"id":"2456448f-73d5-48b0-bb7d-cc32dffa6643","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":106,"box":{"x":89,"y":490,"width":868,"height":12}},{"id":"68e29245-b85b-44d3-a913-374470b59ec5","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":106,"box":{"x":89,"y":505,"width":829,"height":12}},{"id":"aaa58e06-b89e-4be5-ac4e-43bf56582ada","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":106,"box":{"x":89,"y":520,"width":876,"height":12}},{"id":"5dbcdbb9-11c4-4d27-add1-e15bee0804ae","block_type":"box","text":"outweigh the costs and may limit BlackRock from taking actions that it otherwise would take. In those circumstances where","page_number":106,"box":{"x":89,"y":535,"width":868,"height":13}},{"id":"241ac329-c58a-4aef-aaef-6de6d7160c4c","block_type":"box","text":"ownership thresholds or limitations must be observed, BlackRock seeks to allocate limited investment opportunities equitably","page_number":106,"box":{"x":89,"y":550,"width":879,"height":13}},{"id":"0764a813-dde7-48a3-b67c-e61f59deeaac","block_type":"box","text":"among clients, taking into consideration benchmark weight and investment strategy. BlackRock may adopt certain controls","page_number":106,"box":{"x":89,"y":565,"width":863,"height":13}},{"id":"c502650e-a55b-4636-8969-b177c3794512","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":106,"box":{"x":89,"y":581,"width":874,"height":12}},{"id":"94f827df-9200-4af1-a42c-eeddf58452cf","block_type":"box","text":"ownership in certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or,","page_number":106,"box":{"x":89,"y":596,"width":868,"height":12}},{"id":"b84bd1ad-dc85-4af6-8921-25f50f0321f1","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":106,"box":{"x":88,"y":611,"width":875,"height":12}},{"id":"dbb72886-63d4-4450-b5d5-3bc9075b4893","block_type":"box","text":"purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and BlackRock is","page_number":106,"box":{"x":89,"y":626,"width":840,"height":12}},{"id":"a92ef2a2-cad6-4a8d-aae0-d08420c62f96","block_type":"box","text":"unable to obtain relief to enable the continued holding of such investments, it may be necessary to reduce these positions to","page_number":106,"box":{"x":89,"y":641,"width":872,"height":12}},{"id":"de83ba3d-d88e-4545-b10d-001db1042bc2","block_type":"box","text":"meet the applicable limitations and BlackRock or such client may be subject to regulatory actions. In these cases, the","page_number":106,"box":{"x":89,"y":656,"width":817,"height":13}},{"id":"83ec1036-b777-4cb4-9b55-61a829b96036","block_type":"box","text":"investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":106,"box":{"x":89,"y":671,"width":613,"height":13}},{"id":"c18cde9c-9a22-495d-9aff-fb2400c22c43","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be granted","page_number":106,"box":{"x":89,"y":698,"width":861,"height":12}},{"id":"51331815-80b8-4c77-b8a8-1b810c831698","block_type":"box","text":"permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory","page_number":106,"box":{"x":89,"y":713,"width":814,"height":12}},{"id":"00804022-c951-476f-8309-af76d0e32399","block_type":"box","text":"approval, order, consent, relief or non-disapproval that was obtained.","page_number":106,"box":{"x":89,"y":728,"width":481,"height":12}},{"id":"b5169ab2-eb3b-4b1a-9f46-733585bbb023","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and regulatory","page_number":106,"box":{"x":89,"y":754,"width":872,"height":13}},{"id":"8dc5cdb9-ed65-4211-b96c-843999c566ee","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":106,"box":{"x":89,"y":770,"width":878,"height":12}},{"id":"b6611283-c710-4109-9726-d5751860345b","block_type":"box","text":"to such security or asset.","page_number":106,"box":{"x":88,"y":785,"width":174,"height":12}},{"id":"a9371a5d-9d79-4a7a-af9e-34fc77ef7c48","block_type":"box","text":"BlackRock may not serve as an Authorized Participant in the creation and redemption of iShares ETFs.","page_number":106,"box":{"x":89,"y":811,"width":710,"height":12}},{"id":"4b149d38-c9db-4577-926b-136fc62626b9","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":106,"box":{"x":89,"y":838,"width":866,"height":12}},{"id":"f2e1916e-cec1-4302-90b2-8d3742fd78aa","block_type":"box","text":"order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":106,"box":{"x":89,"y":853,"width":808,"height":12}},{"id":"6110ee2e-c2bb-4014-b4a9-e39e9001ea3f","block_type":"box","text":"86","page_number":106,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"62f514a1-a29b-4f6b-8c99-1870009e43cf","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":107,"box":{"x":89,"y":44,"width":868,"height":12}},{"id":"6f683a68-fcec-45b9-a8f0-a076e057f3da","block_type":"box","text":"to provide certain ETF Services. BRIL retains a portion of the standard transaction fee received from Authorized Participants","page_number":107,"box":{"x":88,"y":59,"width":861,"height":12}},{"id":"324005b0-9536-494b-8108-29f36da856ae","block_type":"box","text":"on each creation or redemption order from the Authorized Participant for the ETF Services provided. BlackRock collaborated","page_number":107,"box":{"x":89,"y":74,"width":866,"height":12}},{"id":"d60b0417-b8fe-4c58-a9bd-8105e87f172d","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":107,"box":{"x":88,"y":89,"width":853,"height":13}},{"id":"348f4759-022e-4e9e-88e2-6365137e78dc","block_type":"box","text":"from time to time may develop, additional relationships with BlackRock or funds managed by BFA and its affiliates.","page_number":107,"box":{"x":88,"y":104,"width":801,"height":13}},{"id":"4bc9c17d-bb36-4abf-a11e-b518f7059ffe","block_type":"box","text":"In order to defray transaction expenses and protect against possible shareholder dilution, the Funds may collect certain fees","page_number":107,"box":{"x":89,"y":131,"width":867,"height":12}},{"id":"27f2675b-9244-4038-a324-7e547cd4f633","block_type":"box","text":"from Authorized Participants in connection with cash substitutions for creation and redemption transactions. While","page_number":107,"box":{"x":88,"y":146,"width":809,"height":12}},{"id":"58abf14e-800a-43ec-89dd-b4851667d09f","block_type":"box","text":"BlackRock uses good faith estimates of the expected costs to the Funds in determining the rates for fees collected by the","page_number":107,"box":{"x":89,"y":161,"width":844,"height":12}},{"id":"f4164186-7ecd-445b-abd5-9d5d9ac65ccb","block_type":"box","text":"Funds related to creation and redemption activity, BlackRock may have incentives to improve Fund performance through the","page_number":107,"box":{"x":89,"y":176,"width":871,"height":13}},{"id":"e051eac6-3b28-42e1-ad43-26faf37c85c0","block_type":"box","text":"collection of these fees. As these charges are based on estimates, where the charges exceed actual transaction-related costs","page_number":107,"box":{"x":89,"y":191,"width":870,"height":13}},{"id":"7c0b1ff4-9bdd-4884-8b56-1866b0c9473c","block_type":"box","text":"and/or expenses incurred by a Fund, Fund performance could improve as a result. BlackRock has established processes to","page_number":107,"box":{"x":89,"y":206,"width":855,"height":13}},{"id":"34d973ee-e102-46f1-8a4a-23dda3c9cba8","block_type":"box","text":"oversee the determination of these estimates in an effort to mitigate this conflict.","page_number":107,"box":{"x":89,"y":222,"width":566,"height":12}},{"id":"a3adf639-3bd3-42f2-9caa-54bb60451b78","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to license and use","page_number":107,"box":{"x":89,"y":248,"width":877,"height":12}},{"id":"2c5dec6f-19d6-403f-893e-6d75df4fe329","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":107,"box":{"x":89,"y":263,"width":859,"height":12}},{"id":"368d33af-eb87-44df-ad86-a7e6cff912e3","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":107,"box":{"x":89,"y":278,"width":861,"height":13}},{"id":"1e533a43-2a9c-4e67-82e9-d69a1c16be3a","block_type":"box","text":"permitted by applicable law), may be paid licensing fees for use of their index or index name. In instances where BlackRock","page_number":107,"box":{"x":89,"y":293,"width":859,"height":13}},{"id":"23ad4075-de67-4e49-8a70-348eabd42842","block_type":"box","text":"charges a unitary management fee, BlackRock may have a financial incentive to use a BlackRock index that is less costly to","page_number":107,"box":{"x":89,"y":308,"width":856,"height":13}},{"id":"462f7220-8bb0-4d13-abfe-f8a7c3d01c52","block_type":"box","text":"BlackRock than a third party index. BlackRock may benefit from the Funds using BlackRock indices by creating increasing","page_number":107,"box":{"x":89,"y":324,"width":846,"height":12}},{"id":"93fa0d32-d363-4247-b5bf-631462856caf","block_type":"box","text":"acceptance in the marketplace for such indices. BlackRock is not obligated to license its indices to a Fund and the Funds are","page_number":107,"box":{"x":89,"y":339,"width":867,"height":12}},{"id":"b8ff3fdd-c30b-4bce-ab02-ad587e8d0dfc","block_type":"box","text":"under no obligation to use BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured","page_number":107,"box":{"x":89,"y":354,"width":852,"height":12}},{"id":"458ed679-8678-4a3c-a39b-cc2959e6dd28","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":107,"box":{"x":88,"y":369,"width":876,"height":12}},{"id":"5679948f-6dc3-4b3c-9d57-d4685f27f175","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-party service providers to a Fund (","page_number":107,"box":{"x":89,"y":395,"width":681,"height":13}},{"id":"8c9e2b93-6457-4abb-8f15-73995a283d30","block_type":"box","text":"e.g","page_number":107,"box":{"x":771,"y":398,"width":20,"height":10}},{"id":"5d5c5de1-070b-4e61-97da-d6a4140b7416","block_type":"box","text":"., custodians,","page_number":107,"box":{"x":793,"y":395,"width":90,"height":12}},{"id":"ce80c321-dab8-414c-8341-59ada8969d7d","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in recognition of","page_number":107,"box":{"x":89,"y":410,"width":846,"height":13}},{"id":"7c8f2db6-7fc5-4f72-9ca3-acd4ef3a1f5a","block_type":"box","text":"BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual arrangements with","page_number":107,"box":{"x":89,"y":426,"width":853,"height":12}},{"id":"50735513-340c-4ce8-bbd4-84e86d77df73","block_type":"box","text":"such service providers pursuant to which BlackRock incurs additional costs if the service provider’s services are terminated","page_number":107,"box":{"x":89,"y":441,"width":858,"height":12}},{"id":"53ebce2b-8b46-4e32-b354-58d016f23192","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":107,"box":{"x":88,"y":456,"width":866,"height":12}},{"id":"c5b0fbd2-4cd1-4707-941b-bd16e0c0e2fc","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":107,"box":{"x":88,"y":471,"width":875,"height":12}},{"id":"00a58137-39fa-4bc2-883f-be0a9c0ea532","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":107,"box":{"x":89,"y":486,"width":825,"height":12}},{"id":"1c0ebe24-7831-456b-985f-1397480f27a9","block_type":"box","text":"providers to a Fund. In addition, conflicts of interest may arise with respect to contractual arrangements with third-party","page_number":107,"box":{"x":89,"y":501,"width":843,"height":13}},{"id":"a1c1e99e-e4b2-4c65-b360-1ea8a8bd1a59","block_type":"box","text":"service providers to a Fund, or the selection of such providers, particularly in circumstances where BlackRock is negotiating","page_number":107,"box":{"x":89,"y":516,"width":861,"height":13}},{"id":"0287125c-48a1-423a-abe0-3dc047021ed3","block_type":"box","text":"on behalf of both funds that have a unitary management fee and those that do not or different service providers have","page_number":107,"box":{"x":89,"y":531,"width":819,"height":13}},{"id":"505811f6-97eb-48c9-89d1-22e53b9e5125","block_type":"box","text":"different fee structures.","page_number":107,"box":{"x":89,"y":547,"width":161,"height":9}},{"id":"00b2dbc6-c1ba-4b38-abe9-d9865a7a464c","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts by the","page_number":107,"box":{"x":89,"y":573,"width":817,"height":12}},{"id":"a2f0478e-6f41-4789-876c-46c0f34308ec","block_type":"box","text":"BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the appearance of","page_number":107,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"ef1c46e1-401b-483a-9dfe-386c05fa38dd","block_type":"box","text":"actual or potential conflicts of interest because such differences could create pecuniary incentives for BlackRock to favor one","page_number":107,"box":{"x":89,"y":603,"width":872,"height":13}},{"id":"82c97cb9-03e1-41b5-a0a9-af78d899dc32","block_type":"box","text":"client account over another.","page_number":107,"box":{"x":89,"y":618,"width":194,"height":10}},{"id":"6e3ed14b-5c4f-45b5-b7cd-706002359b59","block_type":"box","text":"BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/ or information","page_number":107,"box":{"x":89,"y":645,"width":833,"height":12}},{"id":"5cfd0d7d-e5ac-42c4-a708-7091191f1906","block_type":"box","text":"systems used by Fund service providers. These systems are, or will be, used by a Fund service provider in connection with the","page_number":107,"box":{"x":89,"y":660,"width":876,"height":12}},{"id":"55ae3bc5-fa63-45e8-be1b-9edce14dc737","block_type":"box","text":"provision of services to accounts managed by BlackRock and funds managed and sponsored by BlackRock, including the","page_number":107,"box":{"x":89,"y":675,"width":845,"height":12}},{"id":"a8093768-d4f2-409a-bf2b-c98960c303aa","block_type":"box","text":"Funds, that engage the service provider (typically the custodian). A Fund’s service provider remunerates BlackRock for the","page_number":107,"box":{"x":89,"y":690,"width":854,"height":13}},{"id":"0c16c418-0d65-461d-a502-b052885fb2c6","block_type":"box","text":"use of the systems. A Fund service provider’s payments to BlackRock for the use of these systems may enhance the","page_number":107,"box":{"x":89,"y":705,"width":808,"height":13}},{"id":"eaa64e6a-ead5-441a-b181-d2accf64f1e8","block_type":"box","text":"profitability of BlackRock.","page_number":107,"box":{"x":89,"y":720,"width":176,"height":13}},{"id":"b65e1a52-e704-4105-966a-dc7dc0293066","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":107,"box":{"x":89,"y":747,"width":863,"height":12}},{"id":"965c0201-f826-4f3d-8d0b-c6a5f834c6c5","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":107,"box":{"x":89,"y":762,"width":810,"height":12}},{"id":"b0eac799-e789-4ef9-b0f1-d1214f118815","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing arrangements","page_number":107,"box":{"x":89,"y":788,"width":861,"height":13}},{"id":"ba90a3a3-8fb4-4113-9c80-0b633105ec0d","block_type":"box","text":"for certain services provided by BlackRock. Any such special pricing arrangements will not affect Fund fees and expenses","page_number":107,"box":{"x":88,"y":804,"width":845,"height":12}},{"id":"48374ee8-963b-436a-8ab5-1d181a1e3b5d","block_type":"box","text":"applicable to such client’s investment in a Fund.","page_number":107,"box":{"x":89,"y":819,"width":334,"height":12}},{"id":"5c12f395-3a52-4fe0-a8c2-3ab7c5799038","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":107,"box":{"x":89,"y":845,"width":838,"height":12}},{"id":"efade690-6326-434d-8c31-c8c68b0f9542","block_type":"box","text":"section, may give rise to additional conflicts of interest.","page_number":107,"box":{"x":89,"y":860,"width":383,"height":13}},{"id":"0781b78f-e980-4ee0-925d-1d17f3f591c5","block_type":"box","text":"87","page_number":107,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"f4f970a0-4c01-48ca-a45f-3f632b910ad6","block_type":"box","text":"Investment Advisory, Administrative and","page_number":108,"box":{"x":91,"y":44,"width":676,"height":30}},{"id":"1db3ca0a-7d93-4d69-bb3a-243822af5f8f","block_type":"box","text":"Distribution Services","page_number":108,"box":{"x":91,"y":75,"width":343,"height":23}},{"id":"0be3f46c-e7ba-41d4-87c3-7d35b7b71aae","block_type":"box","text":"Investment Adviser.","page_number":108,"box":{"x":89,"y":116,"width":141,"height":10}},{"id":"b0252c4e-4e7b-4958-801d-39cf954694e3","block_type":"box","text":"BFA serves as investment adviser to each Fund pursuant to an investment advisory agreement between","page_number":108,"box":{"x":240,"y":116,"width":722,"height":12}},{"id":"ee875a1d-5c8e-4091-ad71-b02d0a9e7f71","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":108,"box":{"x":88,"y":131,"width":843,"height":12}},{"id":"4e503865-2cf0-403b-8d53-059967b159c6","block_type":"box","text":"registered as an investment adviser under the Investment Advisers Act of 1940, as amended. Under the investment advisory","page_number":108,"box":{"x":89,"y":146,"width":868,"height":12}},{"id":"6baddeff-619c-4e46-a477-c21f246b8f2f","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":108,"box":{"x":89,"y":161,"width":865,"height":12}},{"id":"4f401acf-4bc6-45fd-9959-2bc4001bf7af","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":108,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"1e0a9752-a5e2-443c-baf4-d96b1681dab9","block_type":"box","text":"and sale orders and providing continuous supervision of the investment portfolio of each Fund.","page_number":108,"box":{"x":89,"y":191,"width":665,"height":13}},{"id":"6ea7e352-c9c9-46da-b2ce-3ee7c8b95987","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":108,"box":{"x":89,"y":218,"width":876,"height":12}},{"id":"9d0e81de-45a4-4432-bb7e-5edd60a7fa7b","block_type":"box","text":"by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BFA, to perform investment","page_number":108,"box":{"x":89,"y":233,"width":851,"height":12}},{"id":"f181b2ed-6f8d-48ff-aa41-e65c344792a2","block_type":"box","text":"advisory or other services with respect to the Funds. In addition, BFA may delegate certain of its investment advisory","page_number":108,"box":{"x":89,"y":248,"width":815,"height":12}},{"id":"9eda08e5-0542-414d-b056-bbc917d14c72","block_type":"box","text":"functions under the investment advisory agreement to one or more of its affiliates to the extent permitted by applicable law.","page_number":108,"box":{"x":88,"y":263,"width":867,"height":12}},{"id":"79da4af0-af72-4dd0-9751-f64d21357c19","block_type":"box","text":"BFA may terminate any or all sub-advisers or such delegation arrangements in its sole discretion upon appropriate notice at","page_number":108,"box":{"x":89,"y":278,"width":866,"height":13}},{"id":"a46ccda7-7d9b-4f53-963b-68ad716333a0","block_type":"box","text":"any time to the extent permitted by applicable law.","page_number":108,"box":{"x":89,"y":293,"width":352,"height":13}},{"id":"82f30730-ed54-4507-8f62-2c4693a4fd8e","block_type":"box","text":"BFA is responsible, under the investment advisory agreement, for substantially all expenses of the Funds, including the cost","page_number":108,"box":{"x":89,"y":320,"width":862,"height":12}},{"id":"2c80f193-395c-4000-941c-be1d3d4b27ba","block_type":"box","text":"of transfer agency, custody, fund administration, legal, audit and other services. BFA is not responsible for, and the Funds will","page_number":108,"box":{"x":89,"y":335,"width":871,"height":12}},{"id":"ca49fbc4-97fb-4061-a47c-751701c40560","block_type":"box","text":"bear, the management fees, interest expenses, taxes, expenses incurred with respect to the acquisition and disposition of","page_number":108,"box":{"x":89,"y":350,"width":848,"height":12}},{"id":"1dad6f02-3486-4422-b281-e1358aff2eaf","block_type":"box","text":"portfolio securities and the execution of portfolio transactions, including brokerage commissions, distribution fees or","page_number":108,"box":{"x":89,"y":365,"width":817,"height":12}},{"id":"8db4db4c-00bc-4313-a9aa-0a971a7758a8","block_type":"box","text":"expenses, and litigation expenses and any extraordinary expenses (as determined by a majority of the Independent","page_number":108,"box":{"x":89,"y":380,"width":805,"height":13}},{"id":"ab79aea3-f3ac-4ca8-9cdb-ed45a82b2fb7","block_type":"box","text":"Directors).","page_number":108,"box":{"x":89,"y":395,"width":72,"height":13}},{"id":"ef884942-ca77-4442-88ba-b57878ce569d","block_type":"box","text":"For its investment advisory services to each Fund in the table below, BFA is entitled to an annual investment advisory fee","page_number":108,"box":{"x":89,"y":422,"width":840,"height":12}},{"id":"3ec549ef-d404-41b6-85d9-b921e2a614ec","block_type":"box","text":"equal to the rate indicated below of the average daily value of each Fund’s net assets. The fees are accrued daily and typically","page_number":108,"box":{"x":89,"y":437,"width":875,"height":12}},{"id":"95313205-aab7-412a-80f7-65f13c6fac28","block_type":"box","text":"paid monthly by the Fund.","page_number":108,"box":{"x":89,"y":452,"width":182,"height":12}},{"id":"e94fbe68-ba3e-4458-a558-2d3ae332805b","block_type":"box","text":"Fund","page_number":108,"box":{"x":89,"y":482,"width":27,"height":7}},{"id":"16ee0be4-5e9b-4e5d-8781-8b4547616799","block_type":"box","text":"Annual Rate","page_number":108,"box":{"x":897,"y":482,"width":71,"height":7}},{"id":"19fc3867-5be7-40d9-86c1-c72d4eb2c8f3","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF","page_number":108,"box":{"x":89,"y":504,"width":270,"height":12}},{"id":"6a34154f-7870-42c9-adfa-0b74d534ccd0","block_type":"box","text":"0.09%","page_number":108,"box":{"x":918,"y":504,"width":44,"height":9}},{"id":"37c12f28-61ba-4c1e-9746-80e2995293cb","block_type":"box","text":"iShares MSCI World ETF","page_number":108,"box":{"x":89,"y":519,"width":168,"height":10}},{"id":"c49a1f4a-facf-4916-83fa-aaa3a4bf393c","block_type":"box","text":"0.24%","page_number":108,"box":{"x":919,"y":519,"width":43,"height":10}},{"id":"4ecd6d70-7142-4d05-bf74-f0f5053ca5be","block_type":"box","text":"For its investment advisory services to each Fund in the tables below, BFA is entitled to an annual investment advisory fee,","page_number":108,"box":{"x":89,"y":552,"width":851,"height":12}},{"id":"4ea8347c-ba09-4e6a-a136-6d098ce11d73","block_type":"box","text":"accrued daily and typically paid monthly by the Fund. The investment advisory fee for each Fund equals the ratio of that","page_number":108,"box":{"x":89,"y":567,"width":839,"height":12}},{"id":"b618cdda-1e92-493b-a023-ac2f1366c04b","block_type":"box","text":"Fund’s average daily net assets over the aggregate average daily net assets of the Fund and other Funds in the same fund","page_number":108,"box":{"x":89,"y":582,"width":848,"height":12}},{"id":"c39e1055-ee5c-491c-8bf2-c83e6c965292","block_type":"box","text":"group as indicated in each table below multiplied by the applicable assets in each tier then multiplied by the related tier rate","page_number":108,"box":{"x":89,"y":597,"width":863,"height":12}},{"id":"dc64ef84-1753-4430-aee4-dbc52bff3396","block_type":"box","text":"for the Fund indicated in the table. Only information that is applicable to a Fund is considered to form a part of that Fund’s","page_number":108,"box":{"x":88,"y":612,"width":857,"height":12}},{"id":"59c628af-039d-47ba-ad57-1682008b9aaa","block_type":"box","text":"SAI.","page_number":108,"box":{"x":88,"y":628,"width":27,"height":9}},{"id":"b6915acb-c4e3-4971-afb9-a5ec9042e21b","block_type":"box","text":"Fund Group: iShares Latin America 40 ETF, iShares MSCI Pacific ex Japan ETF, iShares Preferred and Income Securities ETF, iShares","page_number":108,"box":{"x":95,"y":656,"width":846,"height":12}},{"id":"5513b821-6665-4928-afe6-5b3ac7e8baa7","block_type":"box","text":"Russell 2000 ETF, iShares Russell 2000 Growth ETF, iShares Russell 2000 Value ETF, and iShares Select Dividend ETF","page_number":108,"box":{"x":95,"y":668,"width":751,"height":10}},{"id":"190ba405-f480-4608-8111-ae2f5a365034","block_type":"box","text":"Fund First","page_number":108,"box":{"x":95,"y":688,"width":239,"height":9}},{"id":"dd35c558-e1d4-49b0-8241-483e7cf27dc1","block_type":"box","text":"$46 billion","page_number":108,"box":{"x":307,"y":699,"width":67,"height":10}},{"id":"31bc2aff-6d44-4fa2-91f5-ba329808cc10","block_type":"box","text":"Greater than","page_number":108,"box":{"x":418,"y":688,"width":80,"height":9}},{"id":"1e2d0633-7c87-4bcd-affb-0c1140793112","block_type":"box","text":"$46 billion Up","page_number":108,"box":{"x":418,"y":699,"width":89,"height":11}},{"id":"67ba7289-7079-426c-8c37-7856ec7bbeff","block_type":"box","text":"to and","page_number":108,"box":{"x":417,"y":711,"width":41,"height":8}},{"id":"bf62ab33-f015-4ca3-bae9-7997f27fec09","block_type":"box","text":"Including $81","page_number":108,"box":{"x":418,"y":722,"width":86,"height":11}},{"id":"83ca3d44-173d-48ac-b2a3-8df0a78936d7","block_type":"box","text":"billion","page_number":108,"box":{"x":418,"y":733,"width":38,"height":9}},{"id":"ee9643f5-a89e-456e-a6cb-55a443125832","block_type":"box","text":"Greater than","page_number":108,"box":{"x":529,"y":688,"width":80,"height":9}},{"id":"01aed21a-11a3-4e87-9d82-7bd3e973c07a","block_type":"box","text":"$81 billionUp","page_number":108,"box":{"x":529,"y":699,"width":85,"height":11}},{"id":"18fc9b51-cdf8-4c13-8365-578d71555d27","block_type":"box","text":"to and","page_number":108,"box":{"x":528,"y":711,"width":41,"height":8}},{"id":"397c340b-2bfd-4b2a-bfb0-79a075e35913","block_type":"box","text":"including","page_number":108,"box":{"x":529,"y":722,"width":59,"height":11}},{"id":"ff9be82e-fb6f-4234-b205-a9123bbb058f","block_type":"box","text":"$111 billion","page_number":108,"box":{"x":529,"y":733,"width":72,"height":10}},{"id":"e3ad31a6-207b-4a48-93f0-931eac28752a","block_type":"box","text":"Greater than","page_number":108,"box":{"x":640,"y":688,"width":80,"height":9}},{"id":"55329eea-9a3b-44e9-ab54-3d636891b664","block_type":"box","text":"$111 billionUp","page_number":108,"box":{"x":640,"y":699,"width":91,"height":11}},{"id":"ccc0a566-7aef-4ad5-ae71-b5cdbe0dca07","block_type":"box","text":"to and","page_number":108,"box":{"x":639,"y":711,"width":41,"height":8}},{"id":"cbf2c138-aab0-43d0-badf-f0743ad4b266","block_type":"box","text":"including","page_number":108,"box":{"x":640,"y":722,"width":59,"height":11}},{"id":"86c143a6-8a04-41df-aee7-876525b84a1c","block_type":"box","text":"$141 billion","page_number":108,"box":{"x":640,"y":733,"width":73,"height":10}},{"id":"a48a470f-60a7-426b-a75c-5bb691de6737","block_type":"box","text":"Greater than","page_number":108,"box":{"x":751,"y":688,"width":80,"height":9}},{"id":"e8dae2c4-01d4-40d5-a314-2eba77d8b211","block_type":"box","text":"$141 billionUp","page_number":108,"box":{"x":751,"y":699,"width":92,"height":11}},{"id":"7810b0d1-32f7-4df7-86c9-c76f6d823e33","block_type":"box","text":"to and","page_number":108,"box":{"x":750,"y":711,"width":41,"height":8}},{"id":"ff10b9d0-865d-4627-9453-d10ae195e766","block_type":"box","text":"including","page_number":108,"box":{"x":751,"y":722,"width":59,"height":11}},{"id":"ef357b7c-21fa-4b7a-a850-0701eb3b9727","block_type":"box","text":"$171 billion","page_number":108,"box":{"x":751,"y":733,"width":73,"height":10}},{"id":"b30381f3-7234-4c8c-a9e6-b0984f0a5624","block_type":"box","text":"Greater than","page_number":108,"box":{"x":862,"y":688,"width":80,"height":9}},{"id":"27f0a2fb-fd64-4595-b1de-69111e357d26","block_type":"box","text":"$171 billion","page_number":108,"box":{"x":862,"y":699,"width":73,"height":10}},{"id":"37b3cc34-9a18-4eda-bb3b-0ea8f90efb48","block_type":"box","text":"iShares Latin America 40","page_number":108,"box":{"x":95,"y":753,"width":173,"height":9}},{"id":"7c63fad5-f950-49d4-b543-d93e6fae40f2","block_type":"box","text":"ETF","page_number":108,"box":{"x":95,"y":768,"width":25,"height":9}},{"id":"bb3a443e-987d-4809-bb7c-aece169df6b1","block_type":"box","text":"0.5000% 0.475000% 0.451250% 0.428687% 0.407253% 0.386890%","page_number":108,"box":{"x":325,"y":753,"width":627,"height":9}},{"id":"708c8dd4-a82e-4b04-8611-8e67aa5d3763","block_type":"box","text":"iShares MSCI Pacific ex","page_number":108,"box":{"x":95,"y":788,"width":161,"height":10}},{"id":"36139b37-76ac-42de-809b-e8c490887ce1","block_type":"box","text":"Japan ETF","page_number":108,"box":{"x":93,"y":804,"width":69,"height":11}},{"id":"b9a5805d-4b1c-4547-927c-a75ef2a28369","block_type":"box","text":"0.5000% 0.475000% 0.451250% 0.428687% 0.407253% 0.386890%","page_number":108,"box":{"x":325,"y":788,"width":627,"height":10}},{"id":"783ec08f-701d-4629-8046-ada3e6528668","block_type":"box","text":"iShares Preferred and","page_number":108,"box":{"x":95,"y":823,"width":148,"height":10}},{"id":"35149a0b-f9a0-4298-b1f2-52d5343c60f1","block_type":"box","text":"Income Securities ETF","page_number":108,"box":{"x":95,"y":839,"width":154,"height":9}},{"id":"0f3e621c-9159-493a-96e5-e94ede5515aa","block_type":"box","text":"0.4800% 0.456000% 0.433200% 0.411540% 0.390963% 0.","page_number":108,"box":{"x":326,"y":824,"width":558,"height":9}},{"id":"645c1209-412d-4d23-8dac-8b7bbf6c34f0","block_type":"box","text":"371400%","page_number":108,"box":{"x":886,"y":824,"width":65,"height":9}},{"id":"0b19ba3e-9e42-412b-aa97-8ceee767a86f","block_type":"box","text":"iShares Russell 2000 ETF 0.2000% 0.190000% 0.180500% 0.171475% 0.162901% 0.154756%","page_number":108,"box":{"x":95,"y":858,"width":856,"height":10}},{"id":"10b0d5fb-48b6-4ad8-8e27-28a55f6a25e1","block_type":"box","text":"88","page_number":108,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"df9aad58-bce0-417e-a247-bd99776c4593","block_type":"box","text":"Fund Group: iShares Latin America 40 ETF, iShares MSCI Pacific ex Japan ETF, iShares Preferred and Income Securities ETF, iShares","page_number":109,"box":{"x":95,"y":49,"width":846,"height":11}},{"id":"c40cbf35-cb2b-4950-9cb5-40657b6587f2","block_type":"box","text":"Russell 2000 ETF, iShares Russell 2000 Growth ETF, iShares Russell 2000 Value ETF, and iShares Select Dividend ETF","page_number":109,"box":{"x":95,"y":61,"width":751,"height":10}},{"id":"55c06bd5-595f-4b23-b4ab-380fb143d442","block_type":"box","text":"Fund First","page_number":109,"box":{"x":95,"y":81,"width":239,"height":8}},{"id":"1e3c9a2c-2d63-462a-a493-9a402b3b7be9","block_type":"box","text":"$46 billion","page_number":109,"box":{"x":307,"y":92,"width":67,"height":10}},{"id":"68dc1a4f-1a33-469a-8766-b0b4003d6f96","block_type":"box","text":"Greater than","page_number":109,"box":{"x":418,"y":81,"width":80,"height":8}},{"id":"884eb0a5-3105-44b4-9961-bf9541eb5c26","block_type":"box","text":"$46 billion Up","page_number":109,"box":{"x":418,"y":92,"width":89,"height":11}},{"id":"301087c6-99b3-49a7-aff8-7b9b9ba0eca6","block_type":"box","text":"to and","page_number":109,"box":{"x":417,"y":103,"width":41,"height":9}},{"id":"c6b24826-fa23-4876-ab17-4253a8c86c3f","block_type":"box","text":"Including $81","page_number":109,"box":{"x":418,"y":115,"width":86,"height":11}},{"id":"19666646-dcf0-4471-b583-6798bfebfaf2","block_type":"box","text":"billion","page_number":109,"box":{"x":418,"y":126,"width":38,"height":9}},{"id":"91f132f5-56b3-49c1-be81-de610fc218e4","block_type":"box","text":"Greater than","page_number":109,"box":{"x":529,"y":81,"width":80,"height":8}},{"id":"15fefe86-014d-4dd4-b2b9-6d9fcb25e910","block_type":"box","text":"$81 billionUp","page_number":109,"box":{"x":529,"y":92,"width":85,"height":11}},{"id":"5433ef8c-8552-4535-9bc8-7803475f84ed","block_type":"box","text":"to and","page_number":109,"box":{"x":528,"y":103,"width":41,"height":9}},{"id":"ca8f48d8-b662-4b69-9dbe-fa0765da59ad","block_type":"box","text":"including","page_number":109,"box":{"x":529,"y":115,"width":59,"height":11}},{"id":"2e4ff50b-999c-4ea8-9de6-8f6d1ff63012","block_type":"box","text":"$111 billion","page_number":109,"box":{"x":529,"y":126,"width":72,"height":10}},{"id":"4d52faf5-93f8-4e3d-9f2c-a63bd4c08ff4","block_type":"box","text":"Greater than","page_number":109,"box":{"x":640,"y":81,"width":80,"height":8}},{"id":"247352eb-9564-4068-bb34-8617e30437af","block_type":"box","text":"$111 billionUp","page_number":109,"box":{"x":640,"y":92,"width":91,"height":11}},{"id":"871911e7-917b-4072-ac12-5575bb49c166","block_type":"box","text":"to and","page_number":109,"box":{"x":639,"y":103,"width":41,"height":9}},{"id":"34f191ad-3161-461c-977b-2c1c5f0ca9b7","block_type":"box","text":"including","page_number":109,"box":{"x":640,"y":115,"width":59,"height":11}},{"id":"2ceb0a7d-5f28-4343-a179-f9cdcdda1aa9","block_type":"box","text":"$141 billion","page_number":109,"box":{"x":640,"y":126,"width":73,"height":10}},{"id":"81e4fb04-2a9c-4786-a71a-c40221a21945","block_type":"box","text":"Greater than","page_number":109,"box":{"x":751,"y":81,"width":80,"height":8}},{"id":"6dc5f61d-0993-47c3-aff1-72df21e2ecd1","block_type":"box","text":"$141 billionUp","page_number":109,"box":{"x":751,"y":92,"width":92,"height":11}},{"id":"c8ce0c22-fd5d-4466-bc89-bc2e7538e405","block_type":"box","text":"to and","page_number":109,"box":{"x":750,"y":103,"width":41,"height":9}},{"id":"c80ff10d-acd6-4056-a495-257cfe6af20c","block_type":"box","text":"including","page_number":109,"box":{"x":751,"y":115,"width":59,"height":11}},{"id":"d057a1ef-61c7-46da-8522-18280328bfa8","block_type":"box","text":"$171 billion","page_number":109,"box":{"x":751,"y":126,"width":73,"height":10}},{"id":"67b05872-da93-459a-b80b-6f27319ffc66","block_type":"box","text":"Greater than","page_number":109,"box":{"x":862,"y":81,"width":80,"height":8}},{"id":"b49ece4a-948e-4476-81b0-f4a6a9b282ad","block_type":"box","text":"$171 billion","page_number":109,"box":{"x":862,"y":92,"width":73,"height":10}},{"id":"816f6f7c-023d-4919-b745-df47ce079a83","block_type":"box","text":"iShares Russell 2000 Growth","page_number":109,"box":{"x":95,"y":145,"width":198,"height":10}},{"id":"a3094886-a312-495b-8b85-1c6528d7e2fc","block_type":"box","text":"ETF","page_number":109,"box":{"x":95,"y":161,"width":25,"height":9}},{"id":"2396b808-4b2b-4754-b75a-a1db138274b7","block_type":"box","text":"0.2500% 0.237500% 0.225625% 0.214343% 0.203626% 0.193445%","page_number":109,"box":{"x":325,"y":146,"width":626,"height":9}},{"id":"df6d6349-31fb-4883-a67b-786a678f6b5a","block_type":"box","text":"iShares Russell 2000 Value","page_number":109,"box":{"x":95,"y":181,"width":184,"height":9}},{"id":"b9167f39-b57c-40eb-94ae-ee8475f88a29","block_type":"box","text":"ETF","page_number":109,"box":{"x":95,"y":196,"width":25,"height":9}},{"id":"edf07b2c-15bf-4c22-9b53-9b79bc1a439f","block_type":"box","text":"0.2500% 0.237500% 0.225625% 0.214343% 0.203626% 0.193445%","page_number":109,"box":{"x":325,"y":181,"width":626,"height":9}},{"id":"c19910bc-ba8c-474a-a805-7185498fe584","block_type":"box","text":"iShares Select Dividend ETF 0.4000% 0.380000% 0.361000% 0.342950% 0.325802% 0.309512%","page_number":109,"box":{"x":95,"y":216,"width":856,"height":10}},{"id":"e0e7eb2b-e2f9-41d1-9c45-1c41017863a6","block_type":"box","text":"Fund Group: iShares MSCI Brazil ETF; iShares MSCI Brazil Small-Cap ETF; iShares MSCI Chile ETF; iShares MSCI China ETF; iShares","page_number":109,"box":{"x":95,"y":243,"width":841,"height":11}},{"id":"82af6421-7383-4f44-8387-d827413b0383","block_type":"box","text":"MSCI China Small-Cap ETF; iShares MSCI Indonesia ETF; iShares MSCI Israel ETF; iShares MSCI Peru and Global Exposure ETF;","page_number":109,"box":{"x":94,"y":255,"width":818,"height":11}},{"id":"4ea5b63e-3257-4efd-a612-8d4f799b0a8e","block_type":"box","text":"iShares MSCI Philippines ETF; iShares MSCI Poland ETF; iShares MSCI Qatar ETF; iShares MSCI Russia ETF; iShares MSCI South Africa","page_number":109,"box":{"x":94,"y":266,"width":863,"height":11}},{"id":"37c4fbeb-c2bd-464a-868a-e2d1b1a5798e","block_type":"box","text":"ETF; iShares MSCI South Korea ETF; iShares MSCI Taiwan ETF; iShares MSCI Thailand ETF; iShares MSCI Turkey ETF; iShares MSCI","page_number":109,"box":{"x":95,"y":277,"width":840,"height":11}},{"id":"9204d47d-a0b2-4063-be31-45d38825bebf","block_type":"box","text":"UAE ETF","page_number":109,"box":{"x":95,"y":289,"width":53,"height":8}},{"id":"d8aeee34-0048-4e4a-87fe-155646c257d8","block_type":"box","text":"Fund First $2","page_number":109,"box":{"x":95,"y":309,"width":214,"height":9}},{"id":"6c46ba00-81cf-4552-8549-aa49dfa2cc89","block_type":"box","text":"billion","page_number":109,"box":{"x":263,"y":320,"width":38,"height":9}},{"id":"f30b6d4e-54ad-4191-ab69-f6e027227455","block_type":"box","text":"Greater","page_number":109,"box":{"x":351,"y":309,"width":48,"height":9}},{"id":"2b1edf24-ab39-452b-a01b-2f6a457260a0","block_type":"box","text":"than $2 to","page_number":109,"box":{"x":350,"y":320,"width":67,"height":10}},{"id":"d5803b4c-4140-4159-9b11-3d2bffe01c20","block_type":"box","text":"$4 billion","page_number":109,"box":{"x":351,"y":331,"width":59,"height":10}},{"id":"552b3f6d-5501-443e-a4a4-2bddd1a4c6b3","block_type":"box","text":"Greater","page_number":109,"box":{"x":440,"y":309,"width":48,"height":9}},{"id":"3757ced7-9865-491b-901c-a2a8f31ba4c8","block_type":"box","text":"than $4","page_number":109,"box":{"x":439,"y":320,"width":50,"height":10}},{"id":"3d992d5a-f8a7-44bc-91ac-375ec01fd962","block_type":"box","text":"billion to $8","page_number":109,"box":{"x":440,"y":331,"width":76,"height":10}},{"id":"f219b296-3da0-4b14-ba48-5f9a434e633a","block_type":"box","text":"billion","page_number":109,"box":{"x":440,"y":343,"width":39,"height":9}},{"id":"771e348e-4db4-4765-8548-ae0727ec22da","block_type":"box","text":"Greater","page_number":109,"box":{"x":529,"y":309,"width":48,"height":9}},{"id":"86e04405-f4fd-4b89-ad12-7513de6a0c29","block_type":"box","text":"than $8","page_number":109,"box":{"x":528,"y":320,"width":50,"height":10}},{"id":"9b72ed9d-5995-4d98-89aa-b0b373c4445e","block_type":"box","text":"billion to","page_number":109,"box":{"x":529,"y":331,"width":56,"height":9}},{"id":"d33b25bc-6f81-48e5-aa99-f90ea0dc00ae","block_type":"box","text":"$16 billion","page_number":109,"box":{"x":529,"y":343,"width":66,"height":9}},{"id":"830a6206-d2f4-4e1d-9163-8c910079d98c","block_type":"box","text":"Greater","page_number":109,"box":{"x":618,"y":309,"width":48,"height":9}},{"id":"60f20205-2ec3-4d1e-8c86-25fe33e4b6aa","block_type":"box","text":"than $16","page_number":109,"box":{"x":617,"y":320,"width":57,"height":10}},{"id":"b1d70a70-806b-4865-be08-25c228bec5cf","block_type":"box","text":"billion to","page_number":109,"box":{"x":618,"y":331,"width":56,"height":9}},{"id":"4d28fcca-b689-431c-a277-57270dd28ce7","block_type":"box","text":"$24 billion","page_number":109,"box":{"x":618,"y":343,"width":67,"height":9}},{"id":"87230a49-ece7-4bea-8603-db4d328c0b23","block_type":"box","text":"Greater","page_number":109,"box":{"x":706,"y":309,"width":48,"height":9}},{"id":"83b7fefd-6b06-47d2-bde9-e14b4de3e6ae","block_type":"box","text":"than $24","page_number":109,"box":{"x":706,"y":320,"width":57,"height":10}},{"id":"9ff314cd-fef2-4b18-be6b-6e5ea8e504e7","block_type":"box","text":"billion to","page_number":109,"box":{"x":707,"y":331,"width":55,"height":9}},{"id":"b79ecc85-45cb-452a-9566-73b1d19b2481","block_type":"box","text":"$32 billion","page_number":109,"box":{"x":707,"y":343,"width":67,"height":9}},{"id":"6d50af35-3094-433e-990f-0f7e3445b011","block_type":"box","text":"Greater","page_number":109,"box":{"x":795,"y":309,"width":48,"height":9}},{"id":"f5282cd4-fc81-4d8b-b1b9-60f3b63ace67","block_type":"box","text":"than $32","page_number":109,"box":{"x":795,"y":320,"width":57,"height":10}},{"id":"347b47a1-e8d0-4ce8-96ac-68d1ae21776f","block_type":"box","text":"billion to","page_number":109,"box":{"x":796,"y":331,"width":55,"height":9}},{"id":"70b3a17c-e508-4637-926f-e3a8d421f1a1","block_type":"box","text":"$40 billion","page_number":109,"box":{"x":795,"y":343,"width":68,"height":9}},{"id":"eb0d6a23-6ed1-4184-b9bf-8f2398e72bf0","block_type":"box","text":"Greater","page_number":109,"box":{"x":884,"y":309,"width":48,"height":9}},{"id":"8120fb90-9ab7-481f-b903-ae7406094f2e","block_type":"box","text":"than $40","page_number":109,"box":{"x":884,"y":320,"width":58,"height":10}},{"id":"954d98bf-b209-4d93-ac78-bb8bdba0254e","block_type":"box","text":"billion","page_number":109,"box":{"x":885,"y":331,"width":38,"height":9}},{"id":"2655f3b6-876e-4616-9f67-c2a16fdde494","block_type":"box","text":"Each Fund in the Fund","page_number":109,"box":{"x":95,"y":362,"width":155,"height":10}},{"id":"e22d68cb-c7aa-4231-a6fb-c5d0fc5a5904","block_type":"box","text":"Group","page_number":109,"box":{"x":94,"y":378,"width":43,"height":11}},{"id":"e758970f-0940-41ab-a64a-8e487db999f5","block_type":"box","text":"0.7400% 0.6900% 0.6400% 0.5700% 0.5100% 0.4800% 0.4500% 0.4275%","page_number":109,"box":{"x":270,"y":363,"width":683,"height":9}},{"id":"f6c368b6-93dc-4f2b-a1b6-ea51da37d3e3","block_type":"box","text":"Fund Group: iShares MSCI Australia ETF; iShares MSCI Austria ETF; iShares MSCI Belgium ETF; iShares MSCI Canada ETF; iShares","page_number":109,"box":{"x":95,"y":405,"width":836,"height":11}},{"id":"2e241582-e449-48cd-9c6b-a31d53bce68d","block_type":"box","text":"MSCI Eurozone ETF; iShares MSCI France ETF; iShares MSCI Germany ETF; iShares MSCI Hong Kong ETF; iShares MSCI Ireland ETF;","page_number":109,"box":{"x":94,"y":416,"width":849,"height":11}},{"id":"8f04cca0-903b-415f-ba2f-e141ab3521d5","block_type":"box","text":"iShares MSCI Italy ETF; iShares MSCI Japan ETF; iShares MSCI Japan Small-Cap ETF; iShares MSCI Malaysia ETF; iShares MSCI Mexico","page_number":109,"box":{"x":94,"y":427,"width":864,"height":11}},{"id":"85951aa2-ec4b-48ec-bb6d-e031124321bc","block_type":"box","text":"ETF; iShares MSCI Netherlands ETF; iShares MSCI New Zealand ETF; iShares MSCI Singapore ETF; iShares MSCI Spain ETF; iShares","page_number":109,"box":{"x":95,"y":439,"width":842,"height":11}},{"id":"44955e90-1915-468e-a02e-5b5f3a059788","block_type":"box","text":"MSCI Sweden ETF; iShares MSCI Switzerland ETF; and iShares MSCI United Kingdom ETF","page_number":109,"box":{"x":94,"y":450,"width":575,"height":11}},{"id":"ba9f5773-f9ba-4228-9061-b667182461ae","block_type":"box","text":"Fund First $7","page_number":109,"box":{"x":95,"y":470,"width":234,"height":10}},{"id":"7b5de6af-4573-4016-88bf-269e8a7b7320","block_type":"box","text":"billion","page_number":109,"box":{"x":282,"y":481,"width":39,"height":9}},{"id":"10720bed-9bff-41cd-9fb1-88a53a9c4e26","block_type":"box","text":"Greater than","page_number":109,"box":{"x":381,"y":470,"width":80,"height":9}},{"id":"2efebe36-b72c-4ea2-befd-318de92b379f","block_type":"box","text":"$7 billion to","page_number":109,"box":{"x":381,"y":481,"width":76,"height":10}},{"id":"ba979912-29e1-45cf-8fe2-c65fddd287ef","block_type":"box","text":"$11 billion","page_number":109,"box":{"x":381,"y":493,"width":65,"height":9}},{"id":"0e3ac22e-5119-4049-a824-d0d2e0aa183b","block_type":"box","text":"Greater than","page_number":109,"box":{"x":479,"y":470,"width":81,"height":9}},{"id":"c5dfa8d7-753b-4a82-a908-6c087a842378","block_type":"box","text":"$11 billion to","page_number":109,"box":{"x":480,"y":481,"width":82,"height":10}},{"id":"71dd51a7-f799-403d-9040-da4bb2b1461f","block_type":"box","text":"$24 billion","page_number":109,"box":{"x":480,"y":493,"width":66,"height":9}},{"id":"e1f12bd0-5340-4f12-9e3c-41c3e742851c","block_type":"box","text":"Greater than","page_number":109,"box":{"x":578,"y":470,"width":81,"height":9}},{"id":"4f93afcd-cd5d-40db-bcee-6bc181607851","block_type":"box","text":"$24 billion to","page_number":109,"box":{"x":578,"y":481,"width":85,"height":10}},{"id":"3aa020f2-c022-4244-8fc1-1066f4514ef1","block_type":"box","text":"$48 billion","page_number":109,"box":{"x":578,"y":493,"width":68,"height":9}},{"id":"c8ed8e70-6761-4de5-8092-0fc5d0ffc80b","block_type":"box","text":"Greater than","page_number":109,"box":{"x":677,"y":470,"width":80,"height":9}},{"id":"ec6a6030-c26e-4f0a-bb21-d73168ed2ce4","block_type":"box","text":"$48 billion to","page_number":109,"box":{"x":677,"y":481,"width":85,"height":10}},{"id":"3c350641-200e-4d78-9141-6c033ed61946","block_type":"box","text":"$72 billion","page_number":109,"box":{"x":677,"y":493,"width":67,"height":9}},{"id":"3c5cd329-fff7-4ac0-8a08-2de251c539bb","block_type":"box","text":"Greater than","page_number":109,"box":{"x":776,"y":470,"width":80,"height":9}},{"id":"d5d8efd6-9285-40d8-8dc2-5f4f207d2e99","block_type":"box","text":"$72 billion to","page_number":109,"box":{"x":776,"y":481,"width":84,"height":10}},{"id":"e6ab6fe3-eae2-4b4a-8006-76cf141a95ef","block_type":"box","text":"$96 billion","page_number":109,"box":{"x":776,"y":493,"width":67,"height":9}},{"id":"236f0627-d0ca-4ac7-8ccd-342142cd26e5","block_type":"box","text":"Greater than","page_number":109,"box":{"x":874,"y":470,"width":81,"height":9}},{"id":"e25494e8-3acb-42e6-a751-fafb954db677","block_type":"box","text":"$96 billion","page_number":109,"box":{"x":874,"y":481,"width":68,"height":10}},{"id":"6f57bbd0-8fdd-40cb-8da7-19be232549d6","block_type":"box","text":"Each Fund in the Fund","page_number":109,"box":{"x":95,"y":512,"width":155,"height":10}},{"id":"9013cc43-3078-4093-be9a-f0e26e833e1d","block_type":"box","text":"Group","page_number":109,"box":{"x":94,"y":528,"width":43,"height":11}},{"id":"0326815c-b8b6-4fbd-add0-4ef9c6ffdc4b","block_type":"box","text":"0.59% 0.54% 0.49% 0.44% 0.40% 0.36% 0.32%","page_number":109,"box":{"x":304,"y":512,"width":636,"height":10}},{"id":"4ccaad1b-13bc-49dd-906c-2bfee0fdb56c","block_type":"box","text":"BFA may from time to time voluntarily waive and/or reimburse fees or expenses to reduce the Total Annual Fund Operating","page_number":109,"box":{"x":89,"y":552,"width":864,"height":12}},{"id":"62da9b64-0a9a-41a1-b453-9ced19e6b9ac","block_type":"box","text":"Expenses (excluding Acquired Fund Fees and Expenses, if any). Any such voluntary waiver or reimbursement may be","page_number":109,"box":{"x":89,"y":567,"width":816,"height":12}},{"id":"68b033b6-e40e-4450-bd78-4c85a4c1b835","block_type":"box","text":"eliminated by BFA at any time.","page_number":109,"box":{"x":89,"y":582,"width":210,"height":12}},{"id":"4069e064-e640-44e4-8b19-00580c742ab8","block_type":"box","text":"For the fiscal years noted below, the following table sets forth the management fees owed before any waivers and/or","page_number":109,"box":{"x":89,"y":608,"width":817,"height":13}},{"id":"4863456a-3792-42e3-a6a7-771937b628cc","block_type":"box","text":"reimbursements and any fees or expenses waived and/or reimbursed:","page_number":109,"box":{"x":89,"y":623,"width":489,"height":13}},{"id":"b96fb4e7-9c13-40fb-96b1-f61de84cae59","block_type":"box","text":"Fund","page_number":109,"box":{"x":89,"y":714,"width":27,"height":7}},{"id":"1f48d3d1-41cf-4cb2-bc21-c69b151fed02","block_type":"box","text":"Management","page_number":109,"box":{"x":303,"y":674,"width":76,"height":9}},{"id":"6db2f56a-787d-43de-9636-1cd2eec5f3f1","block_type":"box","text":"Fees Paid","page_number":109,"box":{"x":315,"y":683,"width":52,"height":8}},{"id":"d6b78496-a5d5-4522-a114-9b23ee27cd6a","block_type":"box","text":"for the Fiscal","page_number":109,"box":{"x":304,"y":693,"width":73,"height":8}},{"id":"f945f367-46fe-4d46-8a13-605dfba959b9","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":309,"y":703,"width":63,"height":8}},{"id":"28ebc008-585d-4d0a-a47a-e4080e7d7806","block_type":"box","text":"August 31, 2025","page_number":109,"box":{"x":294,"y":714,"width":93,"height":9}},{"id":"1c19f51b-bf2f-407e-b6aa-58fa6cadbe4e","block_type":"box","text":"Waivers and","page_number":109,"box":{"x":421,"y":653,"width":70,"height":8}},{"id":"aa64fed3-046b-48a2-8568-c1c5875c0be9","block_type":"box","text":"Reimbursements","page_number":109,"box":{"x":408,"y":663,"width":97,"height":8}},{"id":"c90eb495-49c8-480c-862a-19cb2b35f27d","block_type":"box","text":"of Fees and","page_number":109,"box":{"x":424,"y":673,"width":65,"height":8}},{"id":"139ab67a-4b13-4ec4-b468-e874691be6df","block_type":"box","text":"Expenses for the","page_number":109,"box":{"x":409,"y":683,"width":95,"height":10}},{"id":"25f51033-7094-4fe2-8ae9-8a05b0b519bf","block_type":"box","text":"Fiscal Year","page_number":109,"box":{"x":427,"y":693,"width":60,"height":8}},{"id":"b668514f-e464-461c-97fc-29b386c4f58a","block_type":"box","text":"Ended","page_number":109,"box":{"x":439,"y":703,"width":35,"height":8}},{"id":"02a7dbf4-9c58-485c-a97e-19a7704810ea","block_type":"box","text":"August 31, 2025","page_number":109,"box":{"x":409,"y":714,"width":94,"height":9}},{"id":"463a0658-1b43-413e-9271-16529f2e75e9","block_type":"box","text":"Management","page_number":109,"box":{"x":534,"y":674,"width":77,"height":9}},{"id":"9b49be37-b245-4768-8053-94ec2f204289","block_type":"box","text":"Fees Paid","page_number":109,"box":{"x":546,"y":683,"width":52,"height":8}},{"id":"5996d037-ca6f-4178-9715-4415031e5478","block_type":"box","text":"for the Fiscal","page_number":109,"box":{"x":535,"y":693,"width":73,"height":8}},{"id":"08dbce29-a9b3-4d0c-b57d-defb1917a572","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":540,"y":703,"width":64,"height":8}},{"id":"eeccc832-b20a-4170-89a8-d590416496da","block_type":"box","text":"August 31, 2024","page_number":109,"box":{"x":525,"y":714,"width":93,"height":9}},{"id":"bcbd6cd7-a8e8-4707-8c5c-0b70d0b5e616","block_type":"box","text":"Waivers and","page_number":109,"box":{"x":653,"y":653,"width":69,"height":8}},{"id":"7cba8e2c-28a3-400e-b269-3c1b02de4a34","block_type":"box","text":"Reimbursements","page_number":109,"box":{"x":640,"y":663,"width":96,"height":8}},{"id":"1df443fc-2e66-47e7-990d-916dc234aa8b","block_type":"box","text":"of Fees and","page_number":109,"box":{"x":655,"y":673,"width":65,"height":8}},{"id":"df791ff2-c005-4e65-af9e-a5abc2a468ef","block_type":"box","text":"Expenses for the","page_number":109,"box":{"x":641,"y":683,"width":94,"height":10}},{"id":"ec8a0667-c947-4f40-8c78-6e30c49212e5","block_type":"box","text":"Fiscal Year","page_number":109,"box":{"x":658,"y":693,"width":60,"height":8}},{"id":"9fc60b73-ad18-4c36-ad36-f15a9ab81494","block_type":"box","text":"Ended","page_number":109,"box":{"x":671,"y":703,"width":34,"height":8}},{"id":"05256379-2c97-4b76-b064-864af901dfe3","block_type":"box","text":"August 31, 2024","page_number":109,"box":{"x":641,"y":714,"width":93,"height":9}},{"id":"e77e535a-7143-4851-964f-83723f643b41","block_type":"box","text":"Management","page_number":109,"box":{"x":766,"y":674,"width":76,"height":9}},{"id":"128b555d-3e83-438c-8843-92637abe6de7","block_type":"box","text":"Fees Paid","page_number":109,"box":{"x":778,"y":683,"width":52,"height":8}},{"id":"d6e56c4f-8125-4100-8f8e-01862fa14717","block_type":"box","text":"for the Fiscal","page_number":109,"box":{"x":766,"y":693,"width":74,"height":8}},{"id":"16328135-96a6-4c75-bd5a-6239b94a3bf5","block_type":"box","text":"Year Ended","page_number":109,"box":{"x":771,"y":703,"width":64,"height":8}},{"id":"ee692a83-2a05-4bec-ab00-e70f5dc9f153","block_type":"box","text":"August 31, 2023","page_number":109,"box":{"x":756,"y":714,"width":94,"height":9}},{"id":"bbc3f632-601e-4b19-b1de-3af27f200e12","block_type":"box","text":"Waivers and","page_number":109,"box":{"x":884,"y":653,"width":70,"height":8}},{"id":"e6fa7451-2bc6-43e3-b3ae-7a1157e4e4c0","block_type":"box","text":"Reimbursements","page_number":109,"box":{"x":871,"y":663,"width":97,"height":8}},{"id":"24a6a2cd-ec78-4b5e-92cc-ea2f36ebb83b","block_type":"box","text":"of Fees and","page_number":109,"box":{"x":887,"y":673,"width":65,"height":8}},{"id":"4477fdcc-0212-461d-b551-bc657e61f483","block_type":"box","text":"Expenses for the","page_number":109,"box":{"x":872,"y":683,"width":95,"height":10}},{"id":"81c55b28-89d5-492f-9a51-62729b405f4a","block_type":"box","text":"Fiscal Year","page_number":109,"box":{"x":890,"y":693,"width":60,"height":8}},{"id":"e44736d9-3b32-41ce-9ab5-b99b200556fe","block_type":"box","text":"Ended","page_number":109,"box":{"x":902,"y":703,"width":35,"height":8}},{"id":"df3f4d10-1cc7-4013-be37-e908abf53f01","block_type":"box","text":"August 31, 2023","page_number":109,"box":{"x":872,"y":714,"width":94,"height":9}},{"id":"a2604f73-4971-4db9-9240-2bc681cc82da","block_type":"box","text":"iShares MSCI Australia","page_number":109,"box":{"x":89,"y":736,"width":157,"height":9}},{"id":"377f71bc-fd5a-48ae-9c84-5282437de7e6","block_type":"box","text":"ETF $ 7,327,830 N/A $ 9,124,313 N/A $ 9,671,555 N/A","page_number":109,"box":{"x":109,"y":751,"width":825,"height":11}},{"id":"721fdd96-95d6-47f0-af2b-e7f52b285278","block_type":"box","text":"iShares MSCI Austria ETF 355,237 N/A 285,391 N/A 248,157 N/A","page_number":109,"box":{"x":89,"y":766,"width":845,"height":11}},{"id":"0bd74f97-3b15-47ad-9e9b-5ac10a3c4405","block_type":"box","text":"iShares MSCI Belgium ETF 99,341 N/A 92,907 N/A 94,399 N/A","page_number":109,"box":{"x":89,"y":781,"width":845,"height":12}},{"id":"7ccea3a3-0016-410f-9a4f-627b2f0ef129","block_type":"box","text":"iShares MSCI Canada ETF 13,971,050 N/A 13,856,813 N/A 17,747,233 N/A","page_number":109,"box":{"x":89,"y":796,"width":845,"height":11}},{"id":"1e62de83-43b0-4fd6-abae-f3cae1dce2ed","block_type":"box","text":"iShares MSCI Eurozone","page_number":109,"box":{"x":89,"y":811,"width":160,"height":10}},{"id":"ccc70653-d278-446d-b26b-6f5fcd051d70","block_type":"box","text":"ETF 38,174,486 N/A 35,892,528 N/A 34,348,329 N/A","page_number":109,"box":{"x":109,"y":826,"width":825,"height":12}},{"id":"5feada2f-9606-4919-90c8-0a6b84497b9e","block_type":"box","text":"iShares MSCI France ETF 2,422,561 N/A 3,536,110 N/A 4,804,268 N/A","page_number":109,"box":{"x":89,"y":841,"width":845,"height":12}},{"id":"851878fd-0a80-41f9-8c00-4d4d015d24b3","block_type":"box","text":"89","page_number":109,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"36b34da0-4230-4764-920d-2256f8a64957","block_type":"box","text":"Fund","page_number":110,"box":{"x":89,"y":105,"width":27,"height":8}},{"id":"40f950cd-93ca-45a6-830f-505df2fc47dd","block_type":"box","text":"Management","page_number":110,"box":{"x":303,"y":65,"width":76,"height":10}},{"id":"941309f6-984c-4427-ac72-76f2df009674","block_type":"box","text":"Fees Paid","page_number":110,"box":{"x":315,"y":75,"width":52,"height":8}},{"id":"4e58abee-93ee-413a-9f47-f378454de2a7","block_type":"box","text":"for the Fiscal","page_number":110,"box":{"x":304,"y":85,"width":73,"height":8}},{"id":"bfdc817c-69ee-4601-99ff-70477ba9a9b0","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":309,"y":95,"width":63,"height":8}},{"id":"608cbb1b-bcc5-4bf6-9368-1a7e3674ec1e","block_type":"box","text":"August 31, 2025","page_number":110,"box":{"x":294,"y":105,"width":93,"height":10}},{"id":"b3e930ff-746f-41df-9ebb-bab98bff7d67","block_type":"box","text":"Waivers and","page_number":110,"box":{"x":421,"y":45,"width":70,"height":7}},{"id":"b4b4cd98-6085-4b23-b8be-efe7c40d1bce","block_type":"box","text":"Reimbursements","page_number":110,"box":{"x":408,"y":55,"width":97,"height":7}},{"id":"41010871-364c-44cb-b384-c3dfcdefeacd","block_type":"box","text":"of Fees and","page_number":110,"box":{"x":424,"y":65,"width":65,"height":7}},{"id":"f039d7db-fb94-4885-bc5e-48a1bc1892cc","block_type":"box","text":"Expenses for the","page_number":110,"box":{"x":409,"y":75,"width":95,"height":10}},{"id":"31c2afdb-3cc7-4264-a179-1d7cd5e0c990","block_type":"box","text":"Fiscal Year","page_number":110,"box":{"x":427,"y":85,"width":60,"height":8}},{"id":"ea55e750-c4fe-4651-b26c-1516fc6e0a90","block_type":"box","text":"Ended","page_number":110,"box":{"x":439,"y":95,"width":35,"height":8}},{"id":"085d6f20-be6c-4c7c-868c-0e30b4ce5fb4","block_type":"box","text":"August 31, 2025","page_number":110,"box":{"x":409,"y":105,"width":94,"height":10}},{"id":"4a1550d3-a271-4bc4-81fa-8b0a22df8ad1","block_type":"box","text":"Management","page_number":110,"box":{"x":534,"y":65,"width":77,"height":10}},{"id":"6c440900-81ff-4d56-932b-6f3236cf946f","block_type":"box","text":"Fees Paid","page_number":110,"box":{"x":546,"y":75,"width":52,"height":8}},{"id":"dbd641c6-82fb-4866-a15c-9279dae2e372","block_type":"box","text":"for the Fiscal","page_number":110,"box":{"x":535,"y":85,"width":73,"height":8}},{"id":"e14cf727-22fb-4923-9a73-947eea57a15b","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":540,"y":95,"width":64,"height":8}},{"id":"33a5b7bf-0eff-4a5a-b4a7-a49c159d3aa4","block_type":"box","text":"August 31, 2024","page_number":110,"box":{"x":525,"y":105,"width":93,"height":10}},{"id":"9918cf03-32ff-4c8d-bffd-8507c147fa97","block_type":"box","text":"Waivers and","page_number":110,"box":{"x":653,"y":45,"width":69,"height":7}},{"id":"884068f2-e1a5-4fba-9e19-c9d79787932d","block_type":"box","text":"Reimbursements","page_number":110,"box":{"x":640,"y":55,"width":96,"height":7}},{"id":"fced2450-85c3-459c-be90-6a35c143e2d4","block_type":"box","text":"of Fees and","page_number":110,"box":{"x":655,"y":65,"width":65,"height":7}},{"id":"fe4153bc-812b-4aa4-9ebb-6bdb18b35237","block_type":"box","text":"Expenses for the","page_number":110,"box":{"x":641,"y":75,"width":94,"height":10}},{"id":"1253123e-d119-487a-a704-3e6231d93fa4","block_type":"box","text":"Fiscal Year","page_number":110,"box":{"x":658,"y":85,"width":60,"height":8}},{"id":"44217cb3-ded0-4eb1-964d-b6d77bc7d1d5","block_type":"box","text":"Ended","page_number":110,"box":{"x":671,"y":95,"width":34,"height":8}},{"id":"daaf756b-e028-4cf8-a77a-7356c3ea7247","block_type":"box","text":"August 31, 2024","page_number":110,"box":{"x":641,"y":105,"width":93,"height":10}},{"id":"30563b5a-160b-4dbc-ab52-520f381429b0","block_type":"box","text":"Management","page_number":110,"box":{"x":766,"y":65,"width":76,"height":10}},{"id":"ddea137a-8ba4-4d5f-864d-8997259489f8","block_type":"box","text":"Fees Paid","page_number":110,"box":{"x":778,"y":75,"width":52,"height":8}},{"id":"c434e167-a280-4e0f-9a55-241821605b85","block_type":"box","text":"for the Fiscal","page_number":110,"box":{"x":766,"y":85,"width":74,"height":8}},{"id":"f693a64b-aaab-4355-9a3d-5e63e70a05fc","block_type":"box","text":"Year Ended","page_number":110,"box":{"x":771,"y":95,"width":64,"height":8}},{"id":"4951764d-5b8f-49a4-9cea-1de5775905d4","block_type":"box","text":"August 31, 2023","page_number":110,"box":{"x":756,"y":105,"width":94,"height":10}},{"id":"369a8842-31d2-45e8-b4a5-a7d9f3a54ddf","block_type":"box","text":"Waivers and","page_number":110,"box":{"x":884,"y":45,"width":70,"height":7}},{"id":"b1262e76-384c-4a30-8862-aec949ce3f11","block_type":"box","text":"Reimbursements","page_number":110,"box":{"x":871,"y":55,"width":97,"height":7}},{"id":"8cfd49b8-03e8-481a-8036-3b25fd5fdf3a","block_type":"box","text":"of Fees and","page_number":110,"box":{"x":887,"y":65,"width":65,"height":7}},{"id":"c5821e65-e21b-404f-90e1-764b7bad27cb","block_type":"box","text":"Expenses for the","page_number":110,"box":{"x":872,"y":75,"width":95,"height":10}},{"id":"891f4914-ecdd-4049-90f3-455c85f220fd","block_type":"box","text":"Fiscal Year","page_number":110,"box":{"x":890,"y":85,"width":60,"height":8}},{"id":"aff2e16e-fb96-42ec-bc36-4fb8167fdbad","block_type":"box","text":"Ended","page_number":110,"box":{"x":902,"y":95,"width":35,"height":8}},{"id":"0078b53a-ffb5-4f8c-b2f9-d04f8e894461","block_type":"box","text":"August 31, 2023","page_number":110,"box":{"x":872,"y":105,"width":94,"height":10}},{"id":"5472cf70-16b4-4782-b041-e09449b909a1","block_type":"box","text":"iShares MSCI Germany","page_number":110,"box":{"x":89,"y":127,"width":160,"height":12}},{"id":"f63f11a6-d591-4599-8c30-62c05090d751","block_type":"box","text":"ETF 8,179,743 N/A 5,129,558 N/A 7,466,530 N/A","page_number":110,"box":{"x":109,"y":142,"width":825,"height":11}},{"id":"25c910e1-5691-4b8b-8b9f-ca2574552ad0","block_type":"box","text":"iShares MSCI Hong Kong","page_number":110,"box":{"x":89,"y":157,"width":173,"height":13}},{"id":"7507bca2-e51d-4b75-81ef-43cb4d7337f6","block_type":"box","text":"ETF 3,109,967 N/A 2,674,550 N/A 3,715,240 N/A","page_number":110,"box":{"x":109,"y":172,"width":825,"height":12}},{"id":"ccc062f6-a970-4334-9f46-6c7b55ae3960","block_type":"box","text":"iShares MSCI Israel ETF 1,451,317 N/A 828,668 N/A 856,505 N/A","page_number":110,"box":{"x":89,"y":188,"width":845,"height":11}},{"id":"fea06f9d-7a60-4fa5-bbfa-c1b2e2549497","block_type":"box","text":"iShares MSCI Italy ETF 2,285,051 N/A 1,819,814 N/A 1,","page_number":110,"box":{"x":89,"y":203,"width":698,"height":12}},{"id":"e52e009f-3685-49c3-9541-533814920924","block_type":"box","text":"314,160 N/A","page_number":110,"box":{"x":788,"y":203,"width":146,"height":11}},{"id":"cd95e49d-911d-4ef1-9bbc-d4aed1916f05","block_type":"box","text":"iShares MSCI Japan ETF 71,060,731 N/A 74,230,696 N/A 51,918,018 N/A","page_number":110,"box":{"x":89,"y":218,"width":845,"height":12}},{"id":"9ba64fdf-564c-4d8b-9b60-01ebc627e772","block_type":"box","text":"iShares MSCI Japan Small","page_number":110,"box":{"x":89,"y":233,"width":183,"height":12}},{"id":"d7f96021-56b3-4b8a-b063-9b2f6a009816","block_type":"box","text":"Cap ETF 607,904 N/A 590,240 N/A 383,936 N/A","page_number":110,"box":{"x":108,"y":248,"width":826,"height":12}},{"id":"3770531e-0e1e-4572-946d-e81d83c53543","block_type":"box","text":"iShares MSCI Mexico ETF 7,625,953 N/A 8,638,130 N/A 6,041,989 N/A","page_number":110,"box":{"x":89,"y":263,"width":845,"height":11}},{"id":"5d880da4-d59e-4d9c-ab4c-c2b42e553b00","block_type":"box","text":"iShares MSCI Netherlands","page_number":110,"box":{"x":89,"y":278,"width":181,"height":10}},{"id":"609f9f81-3730-460f-a7c2-2f2135951f5f","block_type":"box","text":"ETF 1,300,270 N/A 1,209,823 N/A 1,436,701 N/A","page_number":110,"box":{"x":109,"y":293,"width":825,"height":12}},{"id":"1c302494-6db6-4cb9-b05c-27d7ebf40fd7","block_type":"box","text":"iShares MSCI Pacific ex","page_number":110,"box":{"x":89,"y":308,"width":161,"height":10}},{"id":"435253bb-008e-422f-b5ee-67b7a3a4f4e0","block_type":"box","text":"Japan ETF 9,017,018 N/A 8,891,693 N/A 9,921,715 N/A","page_number":110,"box":{"x":107,"y":324,"width":827,"height":12}},{"id":"8c778e3e-9fdf-438a-972b-1b24dabceb43","block_type":"box","text":"iShares MSCI Singapore","page_number":110,"box":{"x":89,"y":339,"width":166,"height":12}},{"id":"645b5f02-b9eb-4971-8c34-6cd04263b49e","block_type":"box","text":"ETF 3,293,750 N/A 2,271,448 N/A 2,619,243 N/A","page_number":110,"box":{"x":109,"y":354,"width":825,"height":11}},{"id":"c92ca722-2c60-418f-9361-a28e533f1a9c","block_type":"box","text":"iShares MSCI South Africa","page_number":110,"box":{"x":89,"y":369,"width":183,"height":10}},{"id":"f55d042c-a523-45f1-afa2-9327167a1af0","block_type":"box","text":"ETF 2,067,426 N/A 1,651,857 N/A 1,979,924 N/A","page_number":110,"box":{"x":109,"y":384,"width":825,"height":11}},{"id":"d8bed4dc-be8d-4317-ad90-aa3d2c02e6e5","block_type":"box","text":"iShares MSCI Spain ETF 5,160,745 N/A 4,436,100 N/A 2,735,338 N/A","page_number":110,"box":{"x":89,"y":399,"width":845,"height":13}},{"id":"39ce1a91-1dd1-4648-bf56-9db70b545bfb","block_type":"box","text":"iShares MSCI Sweden ETF 1,681,170 N/A 1,568,128 N/A 1,622,861 N/A","page_number":110,"box":{"x":89,"y":414,"width":845,"height":12}},{"id":"41eec2f1-2184-45c0-a6d4-41ccc66725ee","block_type":"box","text":"iShares MSCI Switzerland","page_number":110,"box":{"x":89,"y":429,"width":176,"height":10}},{"id":"89f79dd7-771e-488e-bf31-7cb0cdf14e99","block_type":"box","text":"ETF 6,016,321 N/A 5,866,007 N/A 6,364,380 N/A","page_number":110,"box":{"x":109,"y":445,"width":825,"height":11}},{"id":"32219155-fd79-4b63-9833-fbd5f0118d28","block_type":"box","text":"iShares MSCI Thailand","page_number":110,"box":{"x":89,"y":460,"width":156,"height":9}},{"id":"babfbacf-3f53-4f2f-a297-68e2cc05f32f","block_type":"box","text":"ETF 1,223,296 N/A 1,504,764 N/A 1,871,362 N/A","page_number":110,"box":{"x":109,"y":475,"width":825,"height":11}},{"id":"da8eb86b-311e-4e8b-9e3e-97fb1daae75b","block_type":"box","text":"iShares MSCI Turkey ETF 1,024,700 N/A 1,295,624 N/A 1,691,817 N/A","page_number":110,"box":{"x":89,"y":490,"width":845,"height":12}},{"id":"a4100afe-430c-4f58-810a-b3e27e6ce06a","block_type":"box","text":"iShares MSCI USA Equal","page_number":110,"box":{"x":89,"y":505,"width":167,"height":12}},{"id":"8decd4ae-7706-4da4-9164-50cc07ac78e6","block_type":"box","text":"Weighted ETF 1,089,253 N/A 597,103 N/A 399,511 N/A","page_number":110,"box":{"x":108,"y":520,"width":826,"height":12}},{"id":"5040893f-4ae7-4101-a852-002ae716c6a0","block_type":"box","text":"iShares MSCI World ETF 10,765,860 N/A 7,556,556 N/A 5,942,278 N/A","page_number":110,"box":{"x":89,"y":535,"width":845,"height":12}},{"id":"093f3f9e-b401-419b-a978-737e5169aa2c","block_type":"box","text":"The investment advisory agreement with respect to each Fund continues in effect for two years from its effective date, and","page_number":110,"box":{"x":88,"y":568,"width":858,"height":12}},{"id":"a015b32f-d9e0-47ee-bdd6-e5e3786bbc19","block_type":"box","text":"thereafter is subject to annual approval by (i) the Board, or (ii) the vote of a majority of the outstanding voting securities (as","page_number":110,"box":{"x":88,"y":583,"width":864,"height":12}},{"id":"025a656f-10c5-47b4-b37b-b9eb7ca0a1fe","block_type":"box","text":"defined in the 1940 Act) of the applicable Fund, provided that in either event such continuance also is approved by a majority","page_number":110,"box":{"x":89,"y":598,"width":877,"height":13}},{"id":"8f8cdbaf-5b91-4558-bb18-82b786d5286d","block_type":"box","text":"of the Board members who are not interested persons (as defined in the 1940 Act) of the applicable Fund, by a vote cast in","page_number":110,"box":{"x":89,"y":613,"width":858,"height":13}},{"id":"d6de64b7-4691-4dcc-a9df-0de38b56f39b","block_type":"box","text":"person at a meeting called for the purpose of voting on such approval.","page_number":110,"box":{"x":89,"y":628,"width":491,"height":13}},{"id":"70b791a7-ccc3-4ac3-a69a-bffa03a74775","block_type":"box","text":"The investment advisory agreement with respect to each Fund is terminable without penalty, on 60 days’ notice, by the Board","page_number":110,"box":{"x":88,"y":655,"width":879,"height":12}},{"id":"29d8316f-22f5-4455-b6d5-c788715769f9","block_type":"box","text":"or by a vote of the holders of a majority of the applicable Fund’s outstanding voting securities (as defined in the 1940 Act).","page_number":110,"box":{"x":89,"y":670,"width":858,"height":12}},{"id":"9b60a01b-841c-4c7f-b87a-a3c2874b4a42","block_type":"box","text":"The investment advisory agreement is also terminable upon 60 days’ notice by BFA and will terminate automatically in the","page_number":110,"box":{"x":88,"y":685,"width":856,"height":12}},{"id":"344e1ce8-aaa0-438c-a313-66e8306ca6fe","block_type":"box","text":"event of its assignment (as defined in the 1940 Act).","page_number":110,"box":{"x":89,"y":700,"width":365,"height":13}},{"id":"10a1338c-f144-4339-8553-8f2e7cd21e7f","block_type":"box","text":"Portfolio Managers.","page_number":110,"box":{"x":89,"y":727,"width":141,"height":12}},{"id":"ebadec7d-30b9-4a7d-974e-6eb13618495c","block_type":"box","text":"As of August 31, 2025, the individuals named as Portfolio Managers in the Funds’ Prospectuses were","page_number":110,"box":{"x":239,"y":727,"width":704,"height":12}},{"id":"5e4f877b-1e6b-47eb-80c6-6dcf856e216a","block_type":"box","text":"also primarily responsible for the day-to-day management of other iShares funds and certain other types of portfolios and/or","page_number":110,"box":{"x":89,"y":742,"width":877,"height":12}},{"id":"52937262-c32c-40ea-8532-af2089280727","block_type":"box","text":"accounts as follows:","page_number":110,"box":{"x":89,"y":757,"width":140,"height":10}},{"id":"6a6b91d9-e364-4a31-8256-7cbdb9467e32","block_type":"box","text":"Jennifer Hsui","page_number":110,"box":{"x":88,"y":786,"width":92,"height":11}},{"id":"ccceb290-76cd-46cd-942f-db58da7ef2e5","block_type":"box","text":"Types of Accounts","page_number":110,"box":{"x":88,"y":803,"width":107,"height":10}},{"id":"eff859be-286a-4783-83ea-674a3387b359","block_type":"box","text":"Number Total Assets","page_number":110,"box":{"x":671,"y":803,"width":263,"height":8}},{"id":"12029dad-cc2c-4701-be4e-b5841193fdff","block_type":"box","text":"Registered Investment Companies 349 $2,921,889,100,000","page_number":110,"box":{"x":89,"y":824,"width":879,"height":12}},{"id":"e2116bec-d4fe-42ea-873c-7c2cd5df721f","block_type":"box","text":"Other Pooled Investment Vehicles 110 90,602,000,000","page_number":110,"box":{"x":89,"y":839,"width":879,"height":11}},{"id":"dee4075e-9774-4706-a5bc-09517d6a8f8d","block_type":"box","text":"Other Accounts 0 N/A","page_number":110,"box":{"x":89,"y":854,"width":879,"height":10}},{"id":"99932206-b420-4f73-b3f6-90733e8e2445","block_type":"box","text":"90","page_number":110,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"b0a114b2-a975-4635-a05d-9e5978be2ce6","block_type":"box","text":"Peter Sietsema","page_number":111,"box":{"x":89,"y":58,"width":105,"height":9}},{"id":"647d8777-0fcb-4a57-a4cf-1f707238656a","block_type":"box","text":"Types of Accounts","page_number":111,"box":{"x":88,"y":75,"width":107,"height":10}},{"id":"7ccfa669-ddf1-4d4a-840c-6a3ddf57ec48","block_type":"box","text":"Number Total Assets","page_number":111,"box":{"x":671,"y":75,"width":262,"height":8}},{"id":"43a8b6f0-ddcd-4582-9608-4e803c606005","block_type":"box","text":"Registered Investment Companies 350 $2,923,413,200,000","page_number":111,"box":{"x":89,"y":96,"width":879,"height":12}},{"id":"9fdf8eba-a425-4424-bce8-c8fc7df280c7","block_type":"box","text":"Other Pooled Investment Vehicles 200 917,592,500,000","page_number":111,"box":{"x":89,"y":111,"width":879,"height":11}},{"id":"58ed5d4d-863a-4975-9625-c9b64419f5cd","block_type":"box","text":"Other Accounts 62 674,107,100,000","page_number":111,"box":{"x":89,"y":126,"width":879,"height":11}},{"id":"580f56a7-5c2e-4d78-98e4-91cb1746639d","block_type":"box","text":"Matt Waldron","page_number":111,"box":{"x":89,"y":161,"width":97,"height":10}},{"id":"a3b61341-1a5e-4750-8ab4-2699cd212f1e","block_type":"box","text":"Types of Accounts","page_number":111,"box":{"x":88,"y":178,"width":107,"height":10}},{"id":"1f7e4a4b-a239-4d21-9f7f-2142f3665951","block_type":"box","text":"Number Total Assets","page_number":111,"box":{"x":670,"y":178,"width":263,"height":8}},{"id":"24432fce-8f98-4c25-a60b-b196c8e64844","block_type":"box","text":"Registered Investment Companies 343 $2,915,556,000,000","page_number":111,"box":{"x":89,"y":199,"width":879,"height":12}},{"id":"43efa87f-9645-4ddf-a68e-3cbf7c0ac58d","block_type":"box","text":"Other Pooled Investment Vehicles 139 367,265,900,000","page_number":111,"box":{"x":89,"y":214,"width":879,"height":11}},{"id":"efdc561e-2a6d-4d01-ac4d-037d3c3f0dbd","block_type":"box","text":"Other Accounts 73 171,497,400,000","page_number":111,"box":{"x":89,"y":229,"width":879,"height":11}},{"id":"57a03b12-1705-46a7-98f7-184208419a28","block_type":"box","text":"Steven White","page_number":111,"box":{"x":88,"y":264,"width":94,"height":10}},{"id":"81accfeb-be14-4cb5-b2a5-d7aaf6f1be54","block_type":"box","text":"Types of Accounts","page_number":111,"box":{"x":88,"y":281,"width":107,"height":10}},{"id":"ddc1b57f-9013-4422-8dbb-77ec7abfab4e","block_type":"box","text":"Number Total Assets","page_number":111,"box":{"x":672,"y":281,"width":262,"height":8}},{"id":"9ea99062-dac2-4155-93cf-0007d0edc7e8","block_type":"box","text":"Registered Investment Companies 342 $2,915,274,700,000","page_number":111,"box":{"x":89,"y":302,"width":879,"height":12}},{"id":"75a58a37-cedd-4931-9097-e54bd5559c2d","block_type":"box","text":"Other Pooled Investment Vehicles 0 N/A","page_number":111,"box":{"x":89,"y":317,"width":879,"height":10}},{"id":"765f1c9a-35f2-421a-972c-1c4698636f2c","block_type":"box","text":"Other Accounts 0 N/A","page_number":111,"box":{"x":89,"y":332,"width":879,"height":10}},{"id":"f70ec942-2ac3-4bc2-864c-7d212f472676","block_type":"box","text":"Pursuant to BFA’s policy, investment opportunities are allocated equitably among the Funds and other portfolios and","page_number":111,"box":{"x":89,"y":365,"width":814,"height":12}},{"id":"9dc4df8b-dac9-4838-b316-0b130b3fa4d0","block_type":"box","text":"accounts. For example, under certain circumstances, an investment opportunity may be restricted due to limited supply in","page_number":111,"box":{"x":89,"y":380,"width":854,"height":13}},{"id":"2201fea4-1988-4f64-87c6-d77919f443d7","block_type":"box","text":"the market, legal constraints or other factors, in which event the investment opportunity will be allocated equitably among","page_number":111,"box":{"x":88,"y":395,"width":858,"height":13}},{"id":"f1ce8053-c0ce-4623-9113-2f8af91cba27","block_type":"box","text":"those portfolios and accounts, including the Funds, seeking such investment opportunity. As a consequence, from time to","page_number":111,"box":{"x":88,"y":410,"width":855,"height":13}},{"id":"3575c50f-f1a4-46d9-9889-74709da3ce14","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":111,"box":{"x":88,"y":426,"width":857,"height":12}},{"id":"2c88bf0e-73a1-4f68-a4ca-aa2e813c9042","block_type":"box","text":"and BFA and its affiliates did not manage other portfolios or accounts.","page_number":111,"box":{"x":89,"y":441,"width":489,"height":12}},{"id":"e327e279-33fc-46bb-9560-bda2d2ee8e51","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":111,"box":{"x":89,"y":467,"width":875,"height":13}},{"id":"f7023580-c742-4589-88f1-5b7c7fae936c","block_type":"box","text":"portfolio management generally pay an asset-based fee to BFA or its affiliates, as applicable, for its advisory services. One or","page_number":111,"box":{"x":89,"y":482,"width":866,"height":13}},{"id":"03b3ee54-9260-46ae-971e-d3f8b97dd13d","block_type":"box","text":"more of those other portfolios or accounts, however, may pay BFA or its affiliates a performance-based fee in lieu of, or in","page_number":111,"box":{"x":89,"y":497,"width":846,"height":13}},{"id":"9b827662-c1e1-42d8-8f23-1875f56014ba","block_type":"box","text":"addition to, an asset-based fee for its advisory services. A portfolio or account with a performance-based fee would pay BFA","page_number":111,"box":{"x":89,"y":513,"width":866,"height":12}},{"id":"e11e6870-fc7e-4a2f-9170-0f08bf6844a6","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":111,"box":{"x":89,"y":528,"width":834,"height":12}},{"id":"b7670632-f6c7-463a-9489-80310ba9d25f","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":111,"box":{"x":88,"y":543,"width":879,"height":12}},{"id":"61c0f95e-f392-400e-a46b-a74387c4cfbd","block_type":"box","text":"fee arrangements could present an incentive for BFA or its affiliates to devote greater resources, and allocate more","page_number":111,"box":{"x":88,"y":558,"width":799,"height":12}},{"id":"5aedfc0a-c137-4cbc-b296-2136ca87988b","block_type":"box","text":"investment opportunities, to the portfolios or accounts that have those fee arrangements, relative to other portfolios or","page_number":111,"box":{"x":89,"y":573,"width":832,"height":12}},{"id":"3e1d6819-18a5-4f6c-b953-89e4a70403a7","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":111,"box":{"x":89,"y":588,"width":843,"height":12}},{"id":"9f71f238-4c5a-480c-ac53-4605bbcab366","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":111,"box":{"x":89,"y":603,"width":872,"height":13}},{"id":"19e1a5fe-d194-443c-acf7-430a04a1e1ed","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":111,"box":{"x":89,"y":618,"width":865,"height":13}},{"id":"819ee02d-483d-4cd8-91c8-d9cb03c75812","block_type":"box","text":"arrangements, including performance-based fee arrangements, there is the potential for a conflict of interest, which may","page_number":111,"box":{"x":89,"y":633,"width":845,"height":13}},{"id":"3507c9a8-2636-4280-9f7e-070b877bd655","block_type":"box","text":"result in the Portfolio Managers favoring those portfolios or accounts with performance-based fee arrangements.","page_number":111,"box":{"x":89,"y":649,"width":791,"height":12}},{"id":"c37c0379-a2da-4e87-8fbf-da8f83e32d86","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":111,"box":{"x":88,"y":675,"width":861,"height":12}},{"id":"932cfe7d-7230-4d48-9e01-f797f85c3de7","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":111,"box":{"x":88,"y":690,"width":858,"height":13}},{"id":"2f40dbae-782b-4b19-988f-d9180ecc2b2d","block_type":"box","text":"fees are based on the performance of those portfolios or accounts as of August 31, 2025:","page_number":111,"box":{"x":88,"y":705,"width":623,"height":13}},{"id":"41c6ba3d-f711-4def-b7f2-d977f5e1ad1c","block_type":"box","text":"Jennifer Hsui","page_number":111,"box":{"x":88,"y":734,"width":92,"height":11}},{"id":"b8f9dc15-3fdf-4837-afe6-cae088d7f57e","block_type":"box","text":"Types of Accounts","page_number":111,"box":{"x":88,"y":782,"width":107,"height":9}},{"id":"613c064c-7faa-42c3-a8b1-ddcc8dde40d7","block_type":"box","text":"Number of Other","page_number":111,"box":{"x":672,"y":751,"width":98,"height":8}},{"id":"756796d5-82eb-45e0-9e37-30d21f5e18f3","block_type":"box","text":"Accounts with","page_number":111,"box":{"x":679,"y":761,"width":82,"height":8}},{"id":"8c0eac0e-ad44-4cea-a1eb-570d0cb207e8","block_type":"box","text":"Performance Fees","page_number":111,"box":{"x":670,"y":771,"width":101,"height":8}},{"id":"44a5162b-3d5c-4186-a4b6-3dc7f4b8a46e","block_type":"box","text":"Managed by Portfolio Manager","page_number":111,"box":{"x":631,"y":782,"width":179,"height":9}},{"id":"85a14b8b-52bc-48c6-bbee-a904ab19ecf2","block_type":"box","text":"Aggregate","page_number":111,"box":{"x":896,"y":772,"width":59,"height":9}},{"id":"ee16a957-bfe7-4e68-9d2b-b2e983cf90a6","block_type":"box","text":"of Total Assets","page_number":111,"box":{"x":884,"y":782,"width":84,"height":7}},{"id":"0afed19b-4d48-45ba-84ae-0da158ceea02","block_type":"box","text":"Registered Investment Companies 0 N/A","page_number":111,"box":{"x":89,"y":802,"width":851,"height":13}},{"id":"622d814a-72ba-42d7-bda9-8bf1c6cc720d","block_type":"box","text":"Other Pooled Investment Vehicles 0 N/A","page_number":111,"box":{"x":89,"y":817,"width":851,"height":10}},{"id":"d7908042-ca33-4006-95be-527be49daab1","block_type":"box","text":"Other Accounts 0 N/A","page_number":111,"box":{"x":89,"y":833,"width":851,"height":9}},{"id":"89f9d4f1-b2b9-4644-ab6d-e25bde0a6464","block_type":"box","text":"91","page_number":111,"box":{"x":520,"y":894,"width":13,"height":9}},{"id":"e8747a2f-ff25-427f-bc68-d456f976f75c","block_type":"box","text":"Peter Sietsema","page_number":112,"box":{"x":89,"y":44,"width":105,"height":10}},{"id":"27b5c711-8bc3-4028-bc49-3f9bf89a018f","block_type":"box","text":"Types of Accounts","page_number":112,"box":{"x":88,"y":81,"width":107,"height":10}},{"id":"086729bf-2e47-41f2-8be7-ac911e62880e","block_type":"box","text":"Number of Other Accounts","page_number":112,"box":{"x":643,"y":61,"width":155,"height":8}},{"id":"55d9e283-470d-4f32-b654-757823df0448","block_type":"box","text":"with Performance Fees","page_number":112,"box":{"x":654,"y":71,"width":132,"height":8}},{"id":"1c0ad545-5655-4f52-80ab-4da7b98a1b0c","block_type":"box","text":"Managed by Portfolio Manager","page_number":112,"box":{"x":631,"y":81,"width":179,"height":10}},{"id":"d5d85f6b-9e15-4dbe-82c3-cbe432f9333f","block_type":"box","text":"Aggregate","page_number":112,"box":{"x":896,"y":71,"width":59,"height":10}},{"id":"aee0d858-9c81-4d73-8a23-ce1d15ef6bfc","block_type":"box","text":"of Total Assets","page_number":112,"box":{"x":884,"y":81,"width":84,"height":8}},{"id":"76316265-b8fd-4980-a125-e6a2dee5fb39","block_type":"box","text":"Registered Investment Companies 0 N/A","page_number":112,"box":{"x":89,"y":102,"width":851,"height":12}},{"id":"32afaaeb-7c78-461a-a185-ed78e3b2cd08","block_type":"box","text":"Other Pooled Investment Vehicles 0 N/A","page_number":112,"box":{"x":89,"y":117,"width":851,"height":10}},{"id":"9579d893-0b18-45f6-ba1e-26c0cd645d18","block_type":"box","text":"Other Accounts 0 N/A","page_number":112,"box":{"x":89,"y":132,"width":851,"height":10}},{"id":"2f6a4e0c-33a4-4687-8aa9-e8b3a4282449","block_type":"box","text":"Matt Waldron","page_number":112,"box":{"x":89,"y":167,"width":97,"height":10}},{"id":"679e1f7c-90e4-4e28-ab83-bc2e1baf70c6","block_type":"box","text":"Types of Accounts","page_number":112,"box":{"x":88,"y":205,"width":107,"height":9}},{"id":"e7a4dbdb-faeb-47e3-bb98-cbd67e496d57","block_type":"box","text":"Number of Other Accounts","page_number":112,"box":{"x":643,"y":184,"width":155,"height":8}},{"id":"b65238fc-128b-428b-8c13-6febbf3c4d79","block_type":"box","text":"with Performance Fees","page_number":112,"box":{"x":654,"y":194,"width":132,"height":8}},{"id":"74912a60-a3f6-4ae7-990b-8cf173cee174","block_type":"box","text":"Managed by Portfolio Manager","page_number":112,"box":{"x":631,"y":205,"width":179,"height":9}},{"id":"cf7525e0-3c9b-4e85-8614-a62059ef3210","block_type":"box","text":"Aggregate","page_number":112,"box":{"x":896,"y":195,"width":59,"height":9}},{"id":"75badd96-0271-456c-9125-4dbfed6faf60","block_type":"box","text":"of Total Assets","page_number":112,"box":{"x":884,"y":205,"width":84,"height":7}},{"id":"8d0330fd-f70e-42b2-9f7e-8a35a2d0cbb5","block_type":"box","text":"Registered Investment Companies 0 N/A","page_number":112,"box":{"x":89,"y":225,"width":851,"height":13}},{"id":"5a450be2-2261-42dd-8dfd-1bb42022f486","block_type":"box","text":"Other Pooled Investment Vehicles 0 N/A","page_number":112,"box":{"x":89,"y":240,"width":851,"height":10}},{"id":"61f86ce5-7d1e-489f-a5aa-735640c1c358","block_type":"box","text":"Other Accounts 0 N/A","page_number":112,"box":{"x":89,"y":256,"width":851,"height":9}},{"id":"37aa17d2-8fc7-4e94-88ca-764e7fef3155","block_type":"box","text":"Steven White","page_number":112,"box":{"x":88,"y":291,"width":94,"height":10}},{"id":"58ea01e4-ffcb-437c-8d9b-cceb1f3d01c6","block_type":"box","text":"Types of Accounts","page_number":112,"box":{"x":88,"y":328,"width":107,"height":10}},{"id":"1f38dbb3-aad2-4bf7-806e-055d4dc32a5a","block_type":"box","text":"Number of Other Accounts","page_number":112,"box":{"x":643,"y":308,"width":155,"height":8}},{"id":"00292c97-8b71-44e3-98d2-44d016f54ea0","block_type":"box","text":"with Performance Fees","page_number":112,"box":{"x":654,"y":318,"width":132,"height":8}},{"id":"b0b670af-ab23-49f8-b345-d85d90c99fdc","block_type":"box","text":"Managed by Portfolio Manager","page_number":112,"box":{"x":631,"y":328,"width":179,"height":10}},{"id":"1cd21170-16a1-40da-99c7-e6cdb6c400f5","block_type":"box","text":"Aggregate","page_number":112,"box":{"x":896,"y":318,"width":59,"height":10}},{"id":"6fd87eaa-e082-4706-88b0-7b5c8099815b","block_type":"box","text":"of Total Assets","page_number":112,"box":{"x":884,"y":328,"width":84,"height":8}},{"id":"19854d07-e8b0-4789-bd82-27dc6c22db9c","block_type":"box","text":"Registered Investment Companies 0 N/A","page_number":112,"box":{"x":89,"y":349,"width":851,"height":12}},{"id":"efe9fe14-00b9-44a0-afac-6f5e7ee425eb","block_type":"box","text":"Other Pooled Investment Vehicles 0 N/A","page_number":112,"box":{"x":89,"y":364,"width":851,"height":10}},{"id":"ad7ae38e-eddb-45a9-a444-44ad0ceaea48","block_type":"box","text":"Other Accounts 0 N/A","page_number":112,"box":{"x":89,"y":379,"width":851,"height":10}},{"id":"407033a8-d5c6-4f75-84af-6c19d8911433","block_type":"box","text":"Portfolio Manager Compensation Overview","page_number":112,"box":{"x":88,"y":412,"width":303,"height":12}},{"id":"c4d51761-4aab-4c31-9cb9-8856f7b0f800","block_type":"box","text":"The discussion below describes the Portfolio Managers’ compensation as of August 31, 2025.","page_number":112,"box":{"x":88,"y":438,"width":654,"height":13}},{"id":"a5a9fecb-0b73-4b62-9e95-efd2bc66e030","block_type":"box","text":"BlackRock, Inc.’s financial arrangements with its portfolio managers, its competitive compensation and its career path","page_number":112,"box":{"x":89,"y":465,"width":824,"height":12}},{"id":"c764bebe-d0e6-475d-b267-507553415547","block_type":"box","text":"emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of","page_number":112,"box":{"x":89,"y":480,"width":861,"height":12}},{"id":"ba0e0793-5931-4acd-8b68-98ffe23eb854","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":112,"box":{"x":89,"y":495,"width":836,"height":12}},{"id":"09c768e0-4776-49d6-aa11-98528a2e6c70","block_type":"box","text":"include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more","page_number":112,"box":{"x":89,"y":510,"width":865,"height":12}},{"id":"475fd17b-b01b-4eeb-ba57-d97b030a7fce","block_type":"box","text":"of the incentive compensation programs established by BlackRock, Inc.","page_number":112,"box":{"x":89,"y":525,"width":496,"height":12}},{"id":"08069c3b-e539-46d0-b37a-6b8f1fdcf336","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":112,"box":{"x":89,"y":552,"width":850,"height":12}},{"id":"1014252b-1eae-406d-88d5-866ce9af6274","block_type":"box","text":"benefits offered to all BlackRock employees. Additionally, each portfolio manager receives discretionary incentive","page_number":112,"box":{"x":89,"y":567,"width":787,"height":12}},{"id":"99b12b1b-76f9-410e-aabd-d8bfb966a6b7","block_type":"box","text":"compensation, determined based on several components, including: the performance of BlackRock, Inc., the performance of","page_number":112,"box":{"x":89,"y":582,"width":872,"height":12}},{"id":"fb15d996-3e57-461a-8850-aec37f0ed8bc","block_type":"box","text":"the portfolio manager’s group within BlackRock, the performance of portfolios managed by the portfolio manager and the","page_number":112,"box":{"x":88,"y":597,"width":856,"height":12}},{"id":"f5164a77-e066-45e4-ab4c-1fa8b82d64db","block_type":"box","text":"team relative to the portfolios’ investment objectives (which in the case of index ETFs would be how closely the ETF tracks its","page_number":112,"box":{"x":88,"y":612,"width":876,"height":12}},{"id":"183f3e60-d91f-4b4e-9d2e-c593525b5bc6","block_type":"box","text":"underlying index), and the individual’s performance and contribution to the overall performance of these portfolios and","page_number":112,"box":{"x":89,"y":627,"width":835,"height":13}},{"id":"489da326-f0f7-46d6-893c-b6560e8bc52e","block_type":"box","text":"BlackRock. Discretionary incentive compensation is paid in cash up to a certain threshold with the remaining portion","page_number":112,"box":{"x":89,"y":642,"width":815,"height":13}},{"id":"1f3c5a24-2784-4c3e-a786-2d056edd08e5","block_type":"box","text":"represented by deferred BlackRock, Inc. stock awards. In some cases, additional deferred BlackRock, Inc. stock may be","page_number":112,"box":{"x":89,"y":657,"width":824,"height":13}},{"id":"d551eb2a-86b4-475c-82c1-364a9d1153cd","block_type":"box","text":"granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term","page_number":112,"box":{"x":89,"y":673,"width":847,"height":12}},{"id":"22a8bafc-be42-4dc9-a69d-07975ed40193","block_type":"box","text":"shareholders and motivate performance.","page_number":112,"box":{"x":89,"y":688,"width":284,"height":12}},{"id":"651b7e37-131d-4aea-8ce7-b831134a1de9","block_type":"box","text":"As of November 30, 2025, the Portfolio Managers beneficially owned shares of the Funds, for which they are primarily","page_number":112,"box":{"x":88,"y":714,"width":824,"height":12}},{"id":"d1ba5d43-2aa8-4d2f-98f5-91a32a171491","block_type":"box","text":"responsible for the day-to-day management, in the amounts reflected in the following tables:","page_number":112,"box":{"x":89,"y":729,"width":651,"height":13}},{"id":"3d54541d-242a-441f-a688-6ffd35c7ecb9","block_type":"box","text":"Jennifer Hsui","page_number":112,"box":{"x":88,"y":759,"width":92,"height":12}},{"id":"3423ee59-9f67-4b0d-a3b8-0e6e45eff6ad","block_type":"box","text":"Dollar Range","page_number":112,"box":{"x":682,"y":777,"width":74,"height":9}},{"id":"d48fa945-a576-427d-b21b-e00b9ba5aef3","block_type":"box","text":"Fund None $1 to $10k","page_number":112,"box":{"x":89,"y":809,"width":501,"height":9}},{"id":"7c29ec6f-a299-43f9-88fe-08c32b49e42b","block_type":"box","text":"$10,001","page_number":112,"box":{"x":620,"y":799,"width":43,"height":9}},{"id":"bfdb683f-50aa-43ee-bb13-5737c6cfaabd","block_type":"box","text":"to $50k","page_number":112,"box":{"x":620,"y":809,"width":45,"height":9}},{"id":"18dfdfc4-1db5-44d8-b600-7b70c32a6b83","block_type":"box","text":"$50,001","page_number":112,"box":{"x":697,"y":799,"width":45,"height":9}},{"id":"0d8a7c40-3bb6-4d92-b1fc-ee9722a1f0b7","block_type":"box","text":"to $100k","page_number":112,"box":{"x":695,"y":809,"width":51,"height":9}},{"id":"c1703b8b-1300-4bcc-a006-712af86a0336","block_type":"box","text":"$100,001","page_number":112,"box":{"x":776,"y":799,"width":50,"height":9}},{"id":"b3b0d4ca-a532-40b1-8fd3-3bed26cfb37a","block_type":"box","text":"to $500k","page_number":112,"box":{"x":776,"y":809,"width":52,"height":9}},{"id":"3489daf1-2cdb-432d-b43b-79f20d8e3faa","block_type":"box","text":"$500,001","page_number":112,"box":{"x":859,"y":799,"width":52,"height":9}},{"id":"2483ed9b-c226-4c04-9f26-e0ca10e1d095","block_type":"box","text":"to $1m","page_number":112,"box":{"x":865,"y":809,"width":40,"height":9}},{"id":"d11ea59c-5550-4951-9be9-7a0307cc1f6a","block_type":"box","text":"over","page_number":112,"box":{"x":943,"y":802,"width":25,"height":5}},{"id":"5febd82c-e024-42bd-886e-b494b3c99f3f","block_type":"box","text":"$1m","page_number":112,"box":{"x":943,"y":809,"width":24,"height":9}},{"id":"0a9da3da-0c18-4c4c-82fd-5b688e193075","block_type":"box","text":"iShares MSCI Australia ETF X","page_number":112,"box":{"x":89,"y":831,"width":401,"height":10}},{"id":"8429ee29-5b12-4d2d-b243-6e60029d56d9","block_type":"box","text":"iShares MSCI Austria ETF X","page_number":112,"box":{"x":89,"y":848,"width":401,"height":9}},{"id":"36a84e18-f9c5-405a-b5e0-7bed625cc867","block_type":"box","text":"92","page_number":112,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"449e20d1-c96a-4dc7-b6e4-9bd8c162f063","block_type":"box","text":"Jennifer Hsui","page_number":113,"box":{"x":88,"y":43,"width":92,"height":11}},{"id":"3091007b-1b6f-4fea-9b78-e0968dd24648","block_type":"box","text":"Dollar Range","page_number":113,"box":{"x":682,"y":60,"width":74,"height":10}},{"id":"ad202c57-fd90-4e92-a00d-476cd047a088","block_type":"box","text":"Fund None $1 to $10k","page_number":113,"box":{"x":89,"y":92,"width":501,"height":9}},{"id":"7aefc890-d142-4c4e-8e0d-e37332a9db99","block_type":"box","text":"$10,001","page_number":113,"box":{"x":620,"y":82,"width":43,"height":10}},{"id":"02faeb07-357c-4f9b-bcd6-0150047e5fa2","block_type":"box","text":"to $50k","page_number":113,"box":{"x":620,"y":92,"width":45,"height":9}},{"id":"5c6cb794-4862-456a-b369-5b8db4782607","block_type":"box","text":"$50,001","page_number":113,"box":{"x":697,"y":82,"width":45,"height":10}},{"id":"2904e7a5-8633-4fef-9bf1-fe647187b397","block_type":"box","text":"to $100k","page_number":113,"box":{"x":695,"y":92,"width":51,"height":9}},{"id":"8e0093c8-2dd1-4e77-8f19-5fe45c7f6306","block_type":"box","text":"$100,001","page_number":113,"box":{"x":776,"y":82,"width":50,"height":10}},{"id":"3c124bf8-42a4-4a0a-ac4f-ac58deb8c69d","block_type":"box","text":"to $500k","page_number":113,"box":{"x":776,"y":92,"width":52,"height":9}},{"id":"1e1c77d0-6e9f-41c4-93fd-761f4aece98a","block_type":"box","text":"$500,001","page_number":113,"box":{"x":859,"y":82,"width":52,"height":10}},{"id":"396a6a8f-07a5-41d0-9246-7488edccca72","block_type":"box","text":"to $1m","page_number":113,"box":{"x":865,"y":92,"width":40,"height":9}},{"id":"077f7032-ff0c-4f12-ab86-63653e49c5f2","block_type":"box","text":"over","page_number":113,"box":{"x":943,"y":85,"width":25,"height":5}},{"id":"80c031a0-eba7-4529-9f18-0a299ab1d18f","block_type":"box","text":"$1m","page_number":113,"box":{"x":943,"y":92,"width":24,"height":9}},{"id":"77abd70d-2103-4712-8dab-0b93109a0e92","block_type":"box","text":"iShares MSCI Belgium ETF X","page_number":113,"box":{"x":89,"y":114,"width":401,"height":13}},{"id":"b105b5cd-4579-432b-b2c2-68064e24f95c","block_type":"box","text":"iShares MSCI Canada ETF X","page_number":113,"box":{"x":89,"y":131,"width":401,"height":10}},{"id":"fe6a4707-52a3-46a4-90a9-8d9d4269de8b","block_type":"box","text":"iShares MSCI Eurozone ETF X","page_number":113,"box":{"x":89,"y":147,"width":401,"height":10}},{"id":"7ba32cde-f473-448d-8864-9ffa77b6581e","block_type":"box","text":"iShares MSCI France ETF X","page_number":113,"box":{"x":89,"y":164,"width":401,"height":9}},{"id":"8f2a1d60-bd1d-48ca-be1a-1226ac6d6a4b","block_type":"box","text":"iShares MSCI Germany ETF X","page_number":113,"box":{"x":89,"y":180,"width":401,"height":12}},{"id":"1861b7ed-fdfd-44f8-a33b-7ecd59117125","block_type":"box","text":"iShares MSCI Hong Kong ETF X","page_number":113,"box":{"x":89,"y":196,"width":401,"height":13}},{"id":"0c4a5401-1164-4fe3-9ca5-effb67884bbe","block_type":"box","text":"iShares MSCI Israel ETF X","page_number":113,"box":{"x":89,"y":213,"width":401,"height":9}},{"id":"74a84d56-026c-4845-9366-4d3935819597","block_type":"box","text":"iShares MSCI Italy ETF X","page_number":113,"box":{"x":89,"y":229,"width":401,"height":12}},{"id":"b48da11a-a5a2-4dce-a674-93e1ec989676","block_type":"box","text":"iShares MSCI Japan ETF X","page_number":113,"box":{"x":89,"y":245,"width":401,"height":13}},{"id":"3e821099-3e89-4dac-b80a-d68704c9923e","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF X","page_number":113,"box":{"x":89,"y":262,"width":401,"height":12}},{"id":"3690dbfe-d44a-45c2-825f-9762d44b58fe","block_type":"box","text":"iShares MSCI Mexico ETF X","page_number":113,"box":{"x":89,"y":278,"width":401,"height":10}},{"id":"0e04d79c-d5fc-4dd2-ac5a-feb023de8f1f","block_type":"box","text":"iShares MSCI Netherlands ETF X","page_number":113,"box":{"x":89,"y":295,"width":401,"height":9}},{"id":"c8e348d0-fd0d-4ff1-8717-587f97f9fe1a","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF X","page_number":113,"box":{"x":89,"y":311,"width":401,"height":12}},{"id":"a9db8f73-038e-4f97-8e01-34d60f238f52","block_type":"box","text":"iShares MSCI Singapore ETF X","page_number":113,"box":{"x":89,"y":327,"width":401,"height":13}},{"id":"f64a2c48-6670-4427-9c4f-3cda0b7c68d3","block_type":"box","text":"iShares MSCI South Africa ETF X","page_number":113,"box":{"x":89,"y":344,"width":401,"height":9}},{"id":"82ed1fc0-4a4a-4d49-aaf6-6d07be903320","block_type":"box","text":"iShares MSCI Spain ETF X","page_number":113,"box":{"x":89,"y":360,"width":401,"height":12}},{"id":"130e9935-0905-4d34-b490-e241c15fe29d","block_type":"box","text":"iShares MSCI Sweden ETF X","page_number":113,"box":{"x":89,"y":376,"width":401,"height":10}},{"id":"dcd11d89-9ecc-4c09-8318-153f7b199ca8","block_type":"box","text":"iShares MSCI Switzerland ETF X","page_number":113,"box":{"x":89,"y":393,"width":401,"height":10}},{"id":"fc24a1cc-2b4b-4795-acfa-3ddcbcf2d00c","block_type":"box","text":"iShares MSCI Thailand ETF X","page_number":113,"box":{"x":89,"y":409,"width":401,"height":10}},{"id":"2a561f06-c480-4bc1-b424-c86ff7f5a321","block_type":"box","text":"iShares MSCI Turkey ETF X","page_number":113,"box":{"x":89,"y":426,"width":401,"height":12}},{"id":"aaf375c7-0f23-4545-ba6c-d0e73f45cb28","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF X","page_number":113,"box":{"x":89,"y":442,"width":401,"height":12}},{"id":"9f10698f-94e2-4e80-9a8a-ca082798318f","block_type":"box","text":"iShares MSCI World ETF X","page_number":113,"box":{"x":89,"y":458,"width":401,"height":10}},{"id":"95aaa54e-3307-4e3a-9771-7c8fe6a1e864","block_type":"box","text":"Peter Sietsema","page_number":113,"box":{"x":89,"y":495,"width":105,"height":10}},{"id":"57504701-232e-4db8-b3dc-35da0e813ce5","block_type":"box","text":"Dollar Range","page_number":113,"box":{"x":682,"y":512,"width":74,"height":10}},{"id":"876b053e-cb6a-42aa-b7d6-b746cae469a9","block_type":"box","text":"Fund None $1 to $10k","page_number":113,"box":{"x":89,"y":545,"width":501,"height":8}},{"id":"48527e64-c407-46e2-a8e5-967dbbcb92d4","block_type":"box","text":"$10,001","page_number":113,"box":{"x":620,"y":535,"width":43,"height":9}},{"id":"96901a5d-ffeb-4b23-9591-2d7fd177cc2b","block_type":"box","text":"to $50k","page_number":113,"box":{"x":620,"y":545,"width":45,"height":8}},{"id":"72572bb5-4ab7-43c8-85b6-69e09898ce1c","block_type":"box","text":"$50,001","page_number":113,"box":{"x":697,"y":535,"width":45,"height":9}},{"id":"fb7ea51f-0384-4964-94d0-849351952d47","block_type":"box","text":"to $100k","page_number":113,"box":{"x":695,"y":545,"width":51,"height":8}},{"id":"6ba970c9-7f3b-4cd7-9e19-fbf41fcd0d39","block_type":"box","text":"$100,001","page_number":113,"box":{"x":776,"y":535,"width":50,"height":9}},{"id":"22510667-645d-466d-a353-1cf62559cb14","block_type":"box","text":"to $500k","page_number":113,"box":{"x":776,"y":545,"width":52,"height":8}},{"id":"7d250d03-ee48-4adf-acaf-2e58934d0aea","block_type":"box","text":"$500,001","page_number":113,"box":{"x":859,"y":535,"width":52,"height":9}},{"id":"121b8a80-af3f-43f6-977e-79e6c33f1e74","block_type":"box","text":"to $1m","page_number":113,"box":{"x":865,"y":545,"width":40,"height":8}},{"id":"67a7621f-cd31-4372-84bf-7216a1b1111c","block_type":"box","text":"over","page_number":113,"box":{"x":943,"y":537,"width":25,"height":5}},{"id":"d56362cf-cb59-4070-827f-259be8cb3688","block_type":"box","text":"$1m","page_number":113,"box":{"x":943,"y":545,"width":24,"height":8}},{"id":"8a73084b-ccfc-4d23-8365-bcd94dd4f019","block_type":"box","text":"iShares MSCI Australia ETF X","page_number":113,"box":{"x":89,"y":567,"width":401,"height":9}},{"id":"5273dd6d-a075-417b-98b9-385d5f50c612","block_type":"box","text":"iShares MSCI Austria ETF X","page_number":113,"box":{"x":89,"y":583,"width":401,"height":10}},{"id":"238746b8-5143-4fdf-bba4-27c48f9bba91","block_type":"box","text":"iShares MSCI Belgium ETF X","page_number":113,"box":{"x":89,"y":599,"width":401,"height":13}},{"id":"a8e222ee-2b5c-4a9d-acf2-fafa1c709012","block_type":"box","text":"iShares MSCI Canada ETF X","page_number":113,"box":{"x":89,"y":616,"width":401,"height":10}},{"id":"5a967618-1c45-4bf6-aa85-1ee5783e8ea9","block_type":"box","text":"iShares MSCI Eurozone ETF X","page_number":113,"box":{"x":89,"y":632,"width":401,"height":10}},{"id":"0172f537-e350-482c-8f6a-924e9335c5a8","block_type":"box","text":"iShares MSCI France ETF X","page_number":113,"box":{"x":89,"y":649,"width":401,"height":9}},{"id":"e83c0e7f-ac06-4808-8c91-5736d5ee77c7","block_type":"box","text":"iShares MSCI Germany ETF X","page_number":113,"box":{"x":89,"y":665,"width":401,"height":12}},{"id":"b6049e6a-f288-4f0e-ab9f-fc89c86b5dc8","block_type":"box","text":"iShares MSCI Hong Kong ETF X","page_number":113,"box":{"x":89,"y":681,"width":401,"height":13}},{"id":"b912a392-62d9-40da-bce9-6469e2218f75","block_type":"box","text":"iShares MSCI Israel ETF X","page_number":113,"box":{"x":89,"y":698,"width":401,"height":9}},{"id":"bcb10938-7814-4131-8399-a50ddb3db7e4","block_type":"box","text":"iShares MSCI Italy ETF X","page_number":113,"box":{"x":89,"y":714,"width":401,"height":12}},{"id":"79d9f969-8de0-4950-b6e3-f3419cb4931c","block_type":"box","text":"iShares MSCI Japan ETF X","page_number":113,"box":{"x":89,"y":730,"width":401,"height":13}},{"id":"9f711e90-ce54-46ca-be9e-0c671e40b764","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF X","page_number":113,"box":{"x":89,"y":747,"width":401,"height":12}},{"id":"38355d61-2543-45fa-8017-3d87c862c014","block_type":"box","text":"iShares MSCI Mexico ETF X","page_number":113,"box":{"x":89,"y":763,"width":401,"height":10}},{"id":"74fb476a-773d-4d7d-9c22-535be90481d5","block_type":"box","text":"iShares MSCI Netherlands ETF X","page_number":113,"box":{"x":89,"y":780,"width":401,"height":9}},{"id":"bb242f17-5f71-41c8-be19-c152d68ff6dd","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF X","page_number":113,"box":{"x":89,"y":796,"width":401,"height":12}},{"id":"340ace9c-5aaa-4a63-821a-dea93a883a19","block_type":"box","text":"iShares MSCI Singapore ETF X","page_number":113,"box":{"x":89,"y":812,"width":401,"height":13}},{"id":"ddd1cb16-46eb-4044-b6f1-01f8fe119b26","block_type":"box","text":"iShares MSCI South Africa ETF X","page_number":113,"box":{"x":89,"y":829,"width":401,"height":9}},{"id":"f127377f-e3b3-4902-8d95-0e65040282fa","block_type":"box","text":"iShares MSCI Spain ETF X","page_number":113,"box":{"x":89,"y":845,"width":401,"height":12}},{"id":"c000603e-ec67-4600-bcec-d7b0a581d8a6","block_type":"box","text":"93","page_number":113,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"a41ecf26-d79a-467e-b7c0-e2c740201059","block_type":"box","text":"Peter Sietsema","page_number":114,"box":{"x":89,"y":43,"width":105,"height":9}},{"id":"7ee7e708-81fb-4e86-ac5e-f749b58a7aab","block_type":"box","text":"Dollar Range","page_number":114,"box":{"x":682,"y":60,"width":74,"height":10}},{"id":"79509427-9b18-47cb-a958-2b572aec71c0","block_type":"box","text":"Fund None $1 to $10k","page_number":114,"box":{"x":89,"y":92,"width":501,"height":9}},{"id":"c61e86eb-693b-4a29-915f-828ec87796d9","block_type":"box","text":"$10,001","page_number":114,"box":{"x":620,"y":82,"width":43,"height":10}},{"id":"0324fb29-0e58-4b59-b9c5-3b435be8501b","block_type":"box","text":"to $50k","page_number":114,"box":{"x":620,"y":92,"width":45,"height":9}},{"id":"e997ce51-d16e-4c60-99f2-a17b1c7ce60b","block_type":"box","text":"$50,001","page_number":114,"box":{"x":697,"y":82,"width":45,"height":10}},{"id":"26db4b80-0876-41a6-bfcc-e8e53a23d073","block_type":"box","text":"to $100k","page_number":114,"box":{"x":695,"y":92,"width":51,"height":9}},{"id":"ba048212-2b00-4973-83e3-4a21858b6501","block_type":"box","text":"$100,001","page_number":114,"box":{"x":776,"y":82,"width":50,"height":10}},{"id":"fd805a5a-319b-4552-ad08-ea98c811ab8a","block_type":"box","text":"to $500k","page_number":114,"box":{"x":776,"y":92,"width":52,"height":9}},{"id":"572e7b00-e392-4688-8ef5-b05a0d8926b8","block_type":"box","text":"$500,001","page_number":114,"box":{"x":859,"y":82,"width":52,"height":10}},{"id":"7f5f749d-4223-4284-a6c7-aef1b3e0fce9","block_type":"box","text":"to $1m","page_number":114,"box":{"x":865,"y":92,"width":40,"height":9}},{"id":"ee70bdde-48ee-4490-83eb-ea75f953b790","block_type":"box","text":"over","page_number":114,"box":{"x":943,"y":85,"width":25,"height":5}},{"id":"42deea92-7ee0-4b39-9975-a62fb3328292","block_type":"box","text":"$1m","page_number":114,"box":{"x":943,"y":92,"width":24,"height":9}},{"id":"5ce9d845-95df-43ea-b08d-4092860c5aac","block_type":"box","text":"iShares MSCI Sweden ETF X","page_number":114,"box":{"x":89,"y":114,"width":401,"height":10}},{"id":"3242a93c-4246-48a8-a25d-31765c1899f7","block_type":"box","text":"iShares MSCI Switzerland ETF X","page_number":114,"box":{"x":89,"y":131,"width":401,"height":10}},{"id":"9100ef50-7753-4839-b307-23c8c2bf77b9","block_type":"box","text":"iShares MSCI Thailand ETF X","page_number":114,"box":{"x":89,"y":147,"width":401,"height":10}},{"id":"d5908ac6-bfc6-4a09-b2d5-de7fde6923d4","block_type":"box","text":"iShares MSCI Turkey ETF X","page_number":114,"box":{"x":89,"y":164,"width":401,"height":12}},{"id":"7b663842-e10d-4033-bc54-3cf95b679837","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF X","page_number":114,"box":{"x":89,"y":180,"width":401,"height":12}},{"id":"96d6e3ea-07e8-456c-bc7e-e47e446ecb5a","block_type":"box","text":"iShares MSCI World ETF X","page_number":114,"box":{"x":89,"y":196,"width":401,"height":10}},{"id":"90f09324-108a-49b8-b24d-2ce9e613cdda","block_type":"box","text":"Matt Waldron","page_number":114,"box":{"x":89,"y":233,"width":97,"height":10}},{"id":"08b8d8d2-8425-44d1-81d1-4b70114035d3","block_type":"box","text":"Dollar Range","page_number":114,"box":{"x":682,"y":250,"width":74,"height":10}},{"id":"2907e4fa-2065-4c43-8e20-f0f8cb628cef","block_type":"box","text":"Fund None $1 to $10k","page_number":114,"box":{"x":89,"y":283,"width":501,"height":8}},{"id":"5200d98d-b2bc-4f2e-880f-298b8bfbfc3c","block_type":"box","text":"$10,001","page_number":114,"box":{"x":620,"y":273,"width":43,"height":9}},{"id":"7bd55bce-29fa-4701-af3e-9e43c303731e","block_type":"box","text":"to $50k","page_number":114,"box":{"x":620,"y":283,"width":45,"height":8}},{"id":"e4a550b3-cb48-483c-a538-2cbc979b9ced","block_type":"box","text":"$50,001","page_number":114,"box":{"x":697,"y":273,"width":45,"height":9}},{"id":"7f370a29-a15d-40cb-92c7-7488c3649522","block_type":"box","text":"to $100k","page_number":114,"box":{"x":695,"y":283,"width":51,"height":8}},{"id":"136716be-9d0c-46ba-8abe-f5e5ca64fe3b","block_type":"box","text":"$100,001","page_number":114,"box":{"x":776,"y":273,"width":50,"height":9}},{"id":"eb48bf66-7ed3-4a59-9d47-1bd0114d7858","block_type":"box","text":"to $500k","page_number":114,"box":{"x":776,"y":283,"width":52,"height":8}},{"id":"48bb18e0-0a6c-43fc-9253-d3f1383e2b9f","block_type":"box","text":"$500,001","page_number":114,"box":{"x":859,"y":273,"width":52,"height":9}},{"id":"14543a04-9181-475f-898b-7b284918ea6c","block_type":"box","text":"to $1m","page_number":114,"box":{"x":865,"y":283,"width":40,"height":8}},{"id":"f62d408b-de64-416b-8c61-f45cbc290036","block_type":"box","text":"over","page_number":114,"box":{"x":943,"y":275,"width":25,"height":5}},{"id":"67065d33-b917-4930-a46f-c16a81f3ee2c","block_type":"box","text":"$1m","page_number":114,"box":{"x":943,"y":283,"width":24,"height":8}},{"id":"2e874705-370f-4ad0-98da-22693205eef2","block_type":"box","text":"iShares MSCI Australia ETF X","page_number":114,"box":{"x":89,"y":305,"width":401,"height":9}},{"id":"c9cf06c2-6c31-40d3-9a21-fc9c25b5131c","block_type":"box","text":"iShares MSCI Austria ETF X","page_number":114,"box":{"x":89,"y":321,"width":401,"height":10}},{"id":"dd7570ac-21ce-4192-9915-cb2eb7c9b44a","block_type":"box","text":"iShares MSCI Belgium ETF X","page_number":114,"box":{"x":89,"y":337,"width":401,"height":13}},{"id":"b5313cd6-7810-4bc8-9c78-0b0c2e77efe3","block_type":"box","text":"iShares MSCI Canada ETF X","page_number":114,"box":{"x":89,"y":354,"width":401,"height":10}},{"id":"ca8733c6-5f96-44e0-abd0-e65a8557256d","block_type":"box","text":"iShares MSCI Eurozone ETF X","page_number":114,"box":{"x":89,"y":370,"width":401,"height":10}},{"id":"fd7d2524-3e23-4441-a0d6-cbc14cf3234d","block_type":"box","text":"iShares MSCI France ETF X","page_number":114,"box":{"x":89,"y":387,"width":401,"height":9}},{"id":"61d176ad-6bf0-430f-9a5e-0676de01e960","block_type":"box","text":"iShares MSCI Germany ETF X","page_number":114,"box":{"x":89,"y":403,"width":476,"height":12}},{"id":"e2017a99-8f0f-408c-9ead-7c1a24af322c","block_type":"box","text":"iShares MSCI Hong Kong ETF X","page_number":114,"box":{"x":89,"y":419,"width":401,"height":13}},{"id":"ef6d7005-60d3-4517-9e39-a647a858754b","block_type":"box","text":"iShares MSCI Israel ETF X","page_number":114,"box":{"x":89,"y":436,"width":401,"height":9}},{"id":"0a23a098-f08f-4877-939c-62bff3f5b14d","block_type":"box","text":"iShares MSCI Italy ETF X","page_number":114,"box":{"x":89,"y":452,"width":401,"height":12}},{"id":"2bebabe1-8c20-4901-ab3e-ffa471cc13b6","block_type":"box","text":"iShares MSCI Japan ETF X","page_number":114,"box":{"x":89,"y":468,"width":401,"height":13}},{"id":"a5396913-60f7-41c2-a3a6-3a0e480051dc","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF X","page_number":114,"box":{"x":89,"y":485,"width":401,"height":12}},{"id":"38dc11dc-1ebf-45d8-bbf8-063b20e62cc9","block_type":"box","text":"iShares MSCI Mexico ETF X","page_number":114,"box":{"x":89,"y":501,"width":401,"height":10}},{"id":"fd8fe688-c759-4aeb-bf39-543f97c91417","block_type":"box","text":"iShares MSCI Netherlands ETF X","page_number":114,"box":{"x":89,"y":518,"width":401,"height":9}},{"id":"9c81c83d-0ef8-467d-8602-280d28deaf6c","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF X","page_number":114,"box":{"x":89,"y":534,"width":401,"height":12}},{"id":"ec33aedb-89a0-495d-88e8-54ca134aec9f","block_type":"box","text":"iShares MSCI Singapore ETF X","page_number":114,"box":{"x":89,"y":550,"width":401,"height":13}},{"id":"5345d95e-2c3e-4de0-95dd-f3436059e0ae","block_type":"box","text":"iShares MSCI South Africa ETF X","page_number":114,"box":{"x":89,"y":567,"width":401,"height":9}},{"id":"9e02a040-68f4-4a0c-8f02-b9d55898845d","block_type":"box","text":"iShares MSCI Spain ETF X","page_number":114,"box":{"x":89,"y":583,"width":401,"height":12}},{"id":"0ecb8272-dc9f-4ffe-9a21-f052c818fb7f","block_type":"box","text":"iShares MSCI Sweden ETF X","page_number":114,"box":{"x":89,"y":599,"width":401,"height":10}},{"id":"94771a66-c98d-4537-ae1e-f55dc703d1be","block_type":"box","text":"iShares MSCI Switzerland ETF X","page_number":114,"box":{"x":89,"y":616,"width":401,"height":10}},{"id":"39d33173-6bce-4937-9568-27ecb8056d52","block_type":"box","text":"iShares MSCI Thailand ETF X","page_number":114,"box":{"x":89,"y":632,"width":401,"height":10}},{"id":"635db4f9-533c-4291-88ad-c067df2913ee","block_type":"box","text":"iShares MSCI Turkey ETF X","page_number":114,"box":{"x":89,"y":649,"width":401,"height":12}},{"id":"406579a5-433f-485f-a88e-e27eb7a444a3","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF X","page_number":114,"box":{"x":89,"y":665,"width":559,"height":12}},{"id":"757e71f1-5e79-4a62-b695-c62118094f47","block_type":"box","text":"iShares MSCI World ETF X","page_number":114,"box":{"x":89,"y":681,"width":401,"height":10}},{"id":"bfa7f140-b47b-432a-9498-f0aab3a79821","block_type":"box","text":"Steven White","page_number":114,"box":{"x":88,"y":718,"width":94,"height":10}},{"id":"41be60b7-a813-4f19-b47b-2c4d006b1ea5","block_type":"box","text":"Dollar Range","page_number":114,"box":{"x":682,"y":735,"width":74,"height":10}},{"id":"7b85ed75-2e70-4a17-b27d-c6e60202857d","block_type":"box","text":"Fund None $1 to $10k","page_number":114,"box":{"x":89,"y":768,"width":501,"height":8}},{"id":"172ce12b-ab4e-484b-87b5-e1a7d8a51891","block_type":"box","text":"$10,001","page_number":114,"box":{"x":620,"y":758,"width":43,"height":9}},{"id":"f5229556-275b-4762-a0cb-e91391ed7a02","block_type":"box","text":"to $50k","page_number":114,"box":{"x":620,"y":768,"width":45,"height":8}},{"id":"00fa119d-58c7-4af2-aef7-3c4ddf7baf34","block_type":"box","text":"$50,001","page_number":114,"box":{"x":697,"y":758,"width":45,"height":9}},{"id":"39b332bc-3b34-4746-89eb-ea8777aa7272","block_type":"box","text":"to $100k","page_number":114,"box":{"x":695,"y":768,"width":51,"height":8}},{"id":"b27361b7-66c0-4a58-be7d-645a1eb9c3eb","block_type":"box","text":"$100,001","page_number":114,"box":{"x":776,"y":758,"width":50,"height":9}},{"id":"43a16054-7c66-4c27-8415-2175a082c46b","block_type":"box","text":"to $500k","page_number":114,"box":{"x":776,"y":768,"width":52,"height":8}},{"id":"14b92233-c703-4c29-b242-46306258b1a0","block_type":"box","text":"$500,001","page_number":114,"box":{"x":859,"y":758,"width":52,"height":9}},{"id":"c649b68f-c6e1-4d26-baa7-7ddb1c03f5a5","block_type":"box","text":"to $1m","page_number":114,"box":{"x":865,"y":768,"width":40,"height":8}},{"id":"184683ac-62b3-4369-907b-bee4d2cad72d","block_type":"box","text":"over","page_number":114,"box":{"x":943,"y":760,"width":25,"height":5}},{"id":"d83f5eaa-0bba-473d-8100-3cb75cd8666a","block_type":"box","text":"$1m","page_number":114,"box":{"x":943,"y":768,"width":24,"height":8}},{"id":"cb669ef0-3d06-4f64-9dc0-0f0a907302d0","block_type":"box","text":"iShares MSCI Australia ETF X","page_number":114,"box":{"x":89,"y":790,"width":401,"height":9}},{"id":"50901606-4928-457d-901c-6172584d75ab","block_type":"box","text":"iShares MSCI Austria ETF X","page_number":114,"box":{"x":89,"y":806,"width":401,"height":10}},{"id":"0b5e354f-0be3-4587-ab98-4ffdb6c77063","block_type":"box","text":"iShares MSCI Belgium ETF X","page_number":114,"box":{"x":89,"y":822,"width":401,"height":13}},{"id":"e9ee0718-f9bf-4aab-aef7-119095b044ce","block_type":"box","text":"iShares MSCI Canada ETF X","page_number":114,"box":{"x":89,"y":839,"width":401,"height":10}},{"id":"db471a34-44d1-4e5f-8cda-2c0559b29268","block_type":"box","text":"94","page_number":114,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"01457156-9089-40d2-808e-41eca05918c5","block_type":"box","text":"Steven White","page_number":115,"box":{"x":88,"y":43,"width":94,"height":9}},{"id":"a27ac663-58f0-4291-921b-2a8a596f6582","block_type":"box","text":"Dollar Range","page_number":115,"box":{"x":682,"y":60,"width":74,"height":10}},{"id":"85b433c2-08c9-447c-af89-774f9fa0f8b0","block_type":"box","text":"Fund None $1 to $10k","page_number":115,"box":{"x":89,"y":92,"width":501,"height":9}},{"id":"bbaf3bd2-5c78-483f-80fa-8ff1633a1623","block_type":"box","text":"$10,001","page_number":115,"box":{"x":620,"y":82,"width":43,"height":10}},{"id":"7eefb92d-b344-4507-ad2c-4a239ac45440","block_type":"box","text":"to $50k","page_number":115,"box":{"x":620,"y":92,"width":45,"height":9}},{"id":"4d435fcc-53f9-487a-99e6-e63b7c813311","block_type":"box","text":"$50,001","page_number":115,"box":{"x":697,"y":82,"width":45,"height":10}},{"id":"b4198ab5-c7c6-4875-8b51-ed0ce6649694","block_type":"box","text":"to $100k","page_number":115,"box":{"x":695,"y":92,"width":51,"height":9}},{"id":"d4d4971b-af21-4142-9270-cb679db492b4","block_type":"box","text":"$100,001","page_number":115,"box":{"x":776,"y":82,"width":50,"height":10}},{"id":"246a22f3-bf64-4616-9fc6-89afea91bf51","block_type":"box","text":"to $500k","page_number":115,"box":{"x":776,"y":92,"width":52,"height":9}},{"id":"4135b0f0-8b43-4376-9b97-0f6d0c71beeb","block_type":"box","text":"$500,001","page_number":115,"box":{"x":859,"y":82,"width":52,"height":10}},{"id":"a49ca97a-8006-4cad-9fc6-7add36bd0985","block_type":"box","text":"to $1m","page_number":115,"box":{"x":865,"y":92,"width":40,"height":9}},{"id":"da29053a-aedf-4500-8fbd-0108b4a760b4","block_type":"box","text":"over","page_number":115,"box":{"x":943,"y":85,"width":25,"height":5}},{"id":"259c46a5-576f-4329-8bb9-83aec815fade","block_type":"box","text":"$1m","page_number":115,"box":{"x":943,"y":92,"width":24,"height":9}},{"id":"0e135a4d-6f78-4db4-92f4-1ac41d054127","block_type":"box","text":"iShares MSCI Eurozone ETF X","page_number":115,"box":{"x":89,"y":114,"width":401,"height":10}},{"id":"fe7c4412-80ae-4de3-b2f3-400d385feb33","block_type":"box","text":"iShares MSCI France ETF X","page_number":115,"box":{"x":89,"y":131,"width":401,"height":10}},{"id":"a7a248c1-34ad-4919-9a21-169cca2118ca","block_type":"box","text":"iShares MSCI Germany ETF X","page_number":115,"box":{"x":89,"y":147,"width":401,"height":13}},{"id":"3e1996c8-c450-4ca3-98a5-95c89d4dcca6","block_type":"box","text":"iShares MSCI Hong Kong ETF X","page_number":115,"box":{"x":89,"y":164,"width":401,"height":12}},{"id":"3009e7b4-c2cb-4a1b-8f3d-97966b542d4f","block_type":"box","text":"iShares MSCI Israel ETF X","page_number":115,"box":{"x":89,"y":180,"width":401,"height":10}},{"id":"4f8e3694-73f2-4bab-b3f0-f0a073dfe9bf","block_type":"box","text":"iShares MSCI Italy ETF X","page_number":115,"box":{"x":89,"y":196,"width":401,"height":13}},{"id":"8fc28528-f92d-4da3-98c0-2e1863a971d9","block_type":"box","text":"iShares MSCI Japan ETF X","page_number":115,"box":{"x":89,"y":213,"width":401,"height":12}},{"id":"d1d19a63-dc9a-4c5d-ae5c-4d06d3e93784","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF X","page_number":115,"box":{"x":89,"y":229,"width":401,"height":12}},{"id":"486e3a07-7d8d-4216-a78b-04ce77ecb165","block_type":"box","text":"iShares MSCI Mexico ETF X","page_number":115,"box":{"x":89,"y":245,"width":401,"height":10}},{"id":"e35df264-341e-4164-9699-1fc16e8df2ab","block_type":"box","text":"iShares MSCI Netherlands ETF X","page_number":115,"box":{"x":89,"y":262,"width":401,"height":10}},{"id":"df286b93-85d1-4915-8f6a-92c61fd7fac5","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF X","page_number":115,"box":{"x":89,"y":278,"width":401,"height":13}},{"id":"402acc46-5df6-45c9-a9c8-6aaeb4a2d188","block_type":"box","text":"iShares MSCI Singapore ETF X","page_number":115,"box":{"x":89,"y":295,"width":401,"height":12}},{"id":"8f55bc6c-308d-4656-a178-e77a5a553ae4","block_type":"box","text":"iShares MSCI South Africa ETF X","page_number":115,"box":{"x":89,"y":311,"width":401,"height":10}},{"id":"24e20606-b30c-4dae-9272-6795df648b65","block_type":"box","text":"iShares MSCI Spain ETF X","page_number":115,"box":{"x":89,"y":327,"width":401,"height":13}},{"id":"4df30d14-6f4d-4281-9078-591519ad2599","block_type":"box","text":"iShares MSCI Sweden ETF X","page_number":115,"box":{"x":89,"y":344,"width":401,"height":9}},{"id":"c92d3aba-34c9-413c-9aa2-eea265f95ee7","block_type":"box","text":"iShares MSCI Switzerland ETF X","page_number":115,"box":{"x":89,"y":360,"width":401,"height":10}},{"id":"49c3a61f-c02a-435c-b39a-9fd3372cdcb7","block_type":"box","text":"iShares MSCI Thailand ETF X","page_number":115,"box":{"x":89,"y":376,"width":401,"height":10}},{"id":"1a9f509b-1753-4edd-988a-3edce9143262","block_type":"box","text":"iShares MSCI Turkey ETF X","page_number":115,"box":{"x":89,"y":393,"width":401,"height":12}},{"id":"5eb0fd51-2cd7-46b5-9931-9de00f2853ff","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF X","page_number":115,"box":{"x":89,"y":409,"width":401,"height":13}},{"id":"370108de-b12f-4c83-b3ab-095b3b526221","block_type":"box","text":"iShares MSCI World ETF X","page_number":115,"box":{"x":89,"y":426,"width":401,"height":9}},{"id":"4a360ab0-63af-4205-a7b4-95e18d7bc492","block_type":"box","text":"Codes of Ethics.","page_number":115,"box":{"x":89,"y":458,"width":114,"height":10}},{"id":"59c9af76-ec83-4a2b-8f07-e53646ce867f","block_type":"box","text":"The Company, BFA and the Distributor have adopted codes of ethics pursuant to Rule 17j-1 under the 1940","page_number":115,"box":{"x":211,"y":458,"width":749,"height":13}},{"id":"6782e832-fa77-4343-9d07-912386672b71","block_type":"box","text":"Act. The codes of ethics permit personnel subject to the codes of ethics to invest in securities, subject to certain limitations,","page_number":115,"box":{"x":88,"y":473,"width":865,"height":13}},{"id":"aae90848-32de-4106-98a9-8dd46d486a77","block_type":"box","text":"including securities that may be purchased or held by the Funds. Each code of ethics is available by contacting BlackRock at","page_number":115,"box":{"x":89,"y":489,"width":865,"height":12}},{"id":"7300085f-ef05-4f8a-9b54-e9c9a8ade357","block_type":"box","text":"the telephone number on the back cover of each Fund’s Prospectus or by accessing the EDGAR Database on the SEC’s","page_number":115,"box":{"x":88,"y":504,"width":829,"height":12}},{"id":"785d9f3f-444e-41ab-821d-460e1fc9ce2f","block_type":"box","text":"Internet site at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by e-mail at","page_number":115,"box":{"x":89,"y":519,"width":754,"height":12}},{"id":"0d5675a5-2967-476a-9dcd-3fb4be57a2d4","block_type":"box","text":"publicinfo@sec.gov.","page_number":115,"box":{"x":89,"y":534,"width":139,"height":12}},{"id":"16bb34bc-e7a9-4e4d-8638-b487fd6b2bf8","block_type":"box","text":"Anti-Money Laundering Requirements.","page_number":115,"box":{"x":88,"y":560,"width":282,"height":13}},{"id":"f33b720d-ed1a-41ba-a03a-b13edb589a03","block_type":"box","text":"The Funds are subject to the USA PATRIOT Act (the “Patriot Act”). The Patriot Act is","page_number":115,"box":{"x":379,"y":560,"width":588,"height":13}},{"id":"a1b43e79-804d-499d-b545-b24078060d8e","block_type":"box","text":"intended to prevent the use of the U.S. financial system in furtherance of money laundering, terrorism or other illicit activities.","page_number":115,"box":{"x":89,"y":576,"width":877,"height":12}},{"id":"ef07ab96-ec1c-4813-abf7-170ecabe2c91","block_type":"box","text":"Pursuant to requirements under the Patriot Act, a Fund may request information from Authorized Participants to enable it to","page_number":115,"box":{"x":89,"y":591,"width":870,"height":12}},{"id":"23e927ed-d07b-409b-9d12-9540e8becdd4","block_type":"box","text":"form a reasonable belief that it knows the true identity of its Authorized Participants. This information will be used to verify","page_number":115,"box":{"x":88,"y":606,"width":860,"height":12}},{"id":"173cb863-fad9-4a1e-b655-2beae71f3180","block_type":"box","text":"the identity of Authorized Participants or, in some cases, the status of financial professionals; it will be used only for","page_number":115,"box":{"x":88,"y":621,"width":807,"height":12}},{"id":"77ab866b-e255-40c7-9cea-252757a04387","block_type":"box","text":"compliance with the requirements of the Patriot Act.","page_number":115,"box":{"x":89,"y":636,"width":367,"height":12}},{"id":"de951a78-44bd-46f7-bec9-e23dbd05195f","block_type":"box","text":"The Funds reserve the right to reject purchase orders from persons who have not submitted information sufficient to allow a","page_number":115,"box":{"x":88,"y":662,"width":871,"height":13}},{"id":"c9f2d672-c904-46dd-b1e4-5e3ce7769639","block_type":"box","text":"Fund to verify their identity. Each Fund also reserves the right to redeem any amounts in a Fund from persons whose identity","page_number":115,"box":{"x":89,"y":678,"width":873,"height":12}},{"id":"3a38ea4a-0718-4c1f-82d6-35552e856605","block_type":"box","text":"it is unable to verify on a timely basis. It is the Funds’ policy to cooperate fully with appropriate regulators in any","page_number":115,"box":{"x":89,"y":693,"width":782,"height":12}},{"id":"6c4f177e-07ca-4ce1-ae7c-d29fb7ae5c90","block_type":"box","text":"investigations conducted with respect to potential money laundering, terrorism or other illicit activities.","page_number":115,"box":{"x":89,"y":708,"width":721,"height":12}},{"id":"5a59a069-d20f-49b7-8d04-718191e1831b","block_type":"box","text":"Administrator, Custodian and Transfer Agent.","page_number":115,"box":{"x":88,"y":734,"width":329,"height":13}},{"id":"fbcb35b9-b2d9-4e19-8244-1907d0933e92","block_type":"box","text":"iShares MSCI Belgium ETF, Shares MSCI Canada ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI","page_number":115,"box":{"x":88,"y":761,"width":870,"height":12}},{"id":"54908244-7fc4-4892-8252-e1e9cda00234","block_type":"box","text":"Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF,","page_number":115,"box":{"x":88,"y":776,"width":832,"height":12}},{"id":"5917b12b-5713-4f44-986b-ad81fa3bc7d9","block_type":"box","text":"iShares MSCI South Africa ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Thailand ETF and","page_number":115,"box":{"x":88,"y":791,"width":825,"height":12}},{"id":"e16683de-4a66-4886-b650-8ee441388f7a","block_type":"box","text":"iShares MSCI World ETF","page_number":115,"box":{"x":88,"y":806,"width":176,"height":10}},{"id":"eb871e49-5dd8-4ba9-84d7-3130de555d3c","block_type":"box","text":"State Street Bank and Trust Company (“State Street”) serves as administrator, custodian and transfer agent for the above","page_number":115,"box":{"x":88,"y":833,"width":852,"height":12}},{"id":"7c1b886f-b7dd-44f0-bbed-c0fac608ca93","block_type":"box","text":"listed Funds under the Master Services Agreement and related Service Schedule (the “Service Module”). State Street’s","page_number":115,"box":{"x":89,"y":848,"width":824,"height":12}},{"id":"bc39a851-bbbf-4475-847f-901090ca9845","block_type":"box","text":"principal address is One Congress Street, Suite 1, Boston, MA 02114-2016. Pursuant to the Service Module for Fund","page_number":115,"box":{"x":89,"y":863,"width":805,"height":12}},{"id":"5d7fe2f0-0294-4575-a34c-a323b9547c17","block_type":"box","text":"95","page_number":115,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"1a307cec-508e-477c-b150-80b815612dd1","block_type":"box","text":"Administration and Accounting Services with the Company, State Street provides necessary administrative, legal, tax and","page_number":116,"box":{"x":88,"y":44,"width":846,"height":12}},{"id":"671e4c7c-f9bc-4b10-93dd-6127e4747bb1","block_type":"box","text":"accounting and financial reporting services for the maintenance and operations of the Company and each Fund. In addition,","page_number":116,"box":{"x":89,"y":59,"width":869,"height":12}},{"id":"2f2a8c1f-e5a0-4284-947f-cf8287baa6c1","block_type":"box","text":"State Street makes available the office space, equipment, personnel and facilities required to provide such services. Pursuant","page_number":116,"box":{"x":88,"y":74,"width":869,"height":12}},{"id":"44eb8079-2329-480d-ac0b-fb6ebaaf2e03","block_type":"box","text":"to the Service Module for Custodial Services with the Company, State Street maintains, in separate accounts, cash, securities","page_number":116,"box":{"x":88,"y":89,"width":871,"height":13}},{"id":"1f82dbf7-57f7-4130-9a56-5fce08b5ac9f","block_type":"box","text":"and other assets of the Company and each Fund, keeps all necessary accounts and records and provides other services. State","page_number":116,"box":{"x":89,"y":104,"width":877,"height":13}},{"id":"39df1106-1207-43c3-9dc7-4027f473d8b7","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":116,"box":{"x":88,"y":119,"width":818,"height":13}},{"id":"4ac323e3-4ba8-493f-a3eb-a4d3bed39745","block_type":"box","text":"securities purchased by the Company for each Fund. State Street is authorized to appoint certain foreign custodians or","page_number":116,"box":{"x":89,"y":135,"width":828,"height":12}},{"id":"ba621877-d936-4275-a217-fd40b15c4f79","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":116,"box":{"x":88,"y":150,"width":879,"height":12}},{"id":"a9f480c5-d1dd-48b1-add4-731032d7b5ec","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":116,"box":{"x":88,"y":165,"width":854,"height":12}},{"id":"88ae13ad-92e4-4014-9e26-29cb8ed27f4e","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":116,"box":{"x":89,"y":180,"width":859,"height":12}},{"id":"8a6b7b38-db23-4df5-bce3-708de6fe374a","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":116,"box":{"x":89,"y":195,"width":805,"height":12}},{"id":"6193e521-aba8-42fa-bf4d-1d54c3472ff8","block_type":"box","text":"compensation because it has agreed to pay these operating expenses under the Investment Advisory Agreement as","page_number":116,"box":{"x":89,"y":210,"width":809,"height":13}},{"id":"3a6c9e63-c1c7-451d-82dc-26b1f8b0f7ca","block_type":"box","text":"described therein.","page_number":116,"box":{"x":89,"y":225,"width":124,"height":10}},{"id":"92de0390-22d8-4079-ab7e-d03dcbf60be1","block_type":"box","text":"iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Eurozone ETF, iShares MSCI Israel ETF, iShares MSCI","page_number":116,"box":{"x":88,"y":252,"width":870,"height":11}},{"id":"7d6b9565-014e-4e75-a4c6-d8dd2f5e1eb1","block_type":"box","text":"Italy ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Switzerland","page_number":116,"box":{"x":88,"y":267,"width":850,"height":12}},{"id":"46612972-b3a6-48ef-8ca2-827be6a2fe2e","block_type":"box","text":"ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF","page_number":116,"box":{"x":88,"y":282,"width":529,"height":12}},{"id":"729b49c0-e25c-43a1-beaf-045a2c7a6b98","block_type":"box","text":"Citibank serves as administrator, custodian and transfer agent for the above-listed Funds under the Master Services","page_number":116,"box":{"x":89,"y":308,"width":806,"height":13}},{"id":"a74bc3da-a52e-4bc3-9a92-53b78796049e","block_type":"box","text":"Agreement (the “Master Services Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013.","page_number":116,"box":{"x":88,"y":324,"width":853,"height":12}},{"id":"44fa4012-ab76-44cc-868c-16da988a9aa4","block_type":"box","text":"Pursuant to the Master Services Agreement with the Company, Citibank provides necessary administrative, tax and","page_number":116,"box":{"x":89,"y":339,"width":804,"height":12}},{"id":"6169eda7-a956-4557-9f75-21f6e73a8191","block_type":"box","text":"accounting and financial reporting services for the maintenance and operations of the Company and each Fund. In addition,","page_number":116,"box":{"x":89,"y":354,"width":869,"height":12}},{"id":"2f72fdce-7267-4dd5-862b-a1a9d7b31988","block_type":"box","text":"Citibank makes available the office space, equipment, personnel and facilities required to provide such services. Pursuant to","page_number":116,"box":{"x":89,"y":369,"width":863,"height":12}},{"id":"f3707e84-400c-4be4-a4e8-d0932629ab3c","block_type":"box","text":"the Master Services Agreement with the Company, Citibank maintains, in separate accounts, cash, securities and other assets","page_number":116,"box":{"x":88,"y":384,"width":879,"height":12}},{"id":"b862b9bd-be4f-40fc-b1aa-bfe685f50d46","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":116,"box":{"x":89,"y":399,"width":859,"height":13}},{"id":"fecbbeb0-42f5-4ce9-be7d-ac2d97bd0ff1","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":116,"box":{"x":89,"y":414,"width":863,"height":13}},{"id":"dfc789c4-bfd5-42ed-a5de-a5644206cb18","block_type":"box","text":"Company for each Fund. Citibank is authorized to appoint certain foreign custodians or foreign custody managers for Fund","page_number":116,"box":{"x":89,"y":429,"width":860,"height":13}},{"id":"6e429d46-d9f9-46ff-886b-c46f408c0457","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":116,"box":{"x":89,"y":445,"width":873,"height":12}},{"id":"c667708b-ef3e-40d8-b355-b0abc65bbb81","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":116,"box":{"x":88,"y":460,"width":842,"height":12}},{"id":"a219bc62-f531-400b-b2cc-cd7ab31b5f7f","block_type":"box","text":"compensation for these services, Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which","page_number":116,"box":{"x":89,"y":475,"width":864,"height":12}},{"id":"831fd2bc-f535-4fe8-afac-c1f69113fd21","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":116,"box":{"x":89,"y":490,"width":817,"height":12}},{"id":"b691b69c-02a0-4a0f-b033-9034a8016df7","block_type":"box","text":"expenses under the Investment Advisory Agreement as described therein.","page_number":116,"box":{"x":89,"y":505,"width":516,"height":12}},{"id":"2331184e-51f5-4ffe-89f8-e83e232ce00c","block_type":"box","text":"Prior to August 11, 2025, State Street served as administrator, custodian and transfer agent for the iShares MSCI Australia","page_number":116,"box":{"x":89,"y":531,"width":849,"height":13}},{"id":"b1c88574-776f-4eb7-989e-fcef3549c53f","block_type":"box","text":"ETF, iShares MSCI Austria ETF, iShares MSCI Italy ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF and iShares","page_number":116,"box":{"x":89,"y":547,"width":861,"height":12}},{"id":"9a9d049c-1324-4eba-b4ee-6948592047bb","block_type":"box","text":"MSCI Turkey ETF.","page_number":116,"box":{"x":89,"y":562,"width":120,"height":12}},{"id":"5ed05bdf-a79d-42c8-aa12-6cef710890ff","block_type":"box","text":"Prior to September 8, 2025, State Street served as administrator, custodian and transfer agent for the iShares MSCI Israel ETF","page_number":116,"box":{"x":89,"y":588,"width":873,"height":12}},{"id":"7a6d8f1f-4e70-4611-b07b-3aff22f898f3","block_type":"box","text":"and iShares MSCI Switzerland ETF.","page_number":116,"box":{"x":89,"y":603,"width":239,"height":10}},{"id":"ea5e6766-e03a-4858-a386-e58787b58d62","block_type":"box","text":"Prior to November 10, 2025, State Street served as administrator, custodian and transfer agent for the iShares MSCI Eurozone","page_number":116,"box":{"x":89,"y":630,"width":875,"height":12}},{"id":"55329dae-6440-4fef-b5d5-9fe653ae09de","block_type":"box","text":"ETF and iShares MSCI Japan ETF.","page_number":116,"box":{"x":89,"y":645,"width":227,"height":12}},{"id":"65ce5128-acdb-471f-8be3-de4ccf15e01b","block_type":"box","text":"JPMorgan serves as custodian for the Funds in connection with certain securities lending activities under a Custody Services","page_number":116,"box":{"x":88,"y":671,"width":869,"height":13}},{"id":"65109ffb-dd1f-438f-b754-bd43480bcea7","block_type":"box","text":"Agreement. JPMorgan’s principal address is 383 Madison Avenue, 11","page_number":116,"box":{"x":88,"y":686,"width":479,"height":13}},{"id":"c26b0758-3576-47c9-aace-83f2a162c8b3","block_type":"box","text":"th","page_number":116,"box":{"x":570,"y":684,"width":10,"height":7}},{"id":"56958c59-0eae-4334-925c-744b94412258","block_type":"box","text":"Floor, New York, NY 10179. Pursuant to the Custody","page_number":116,"box":{"x":586,"y":686,"width":362,"height":13}},{"id":"105390ab-a714-4389-895b-e3dcc515d3a4","block_type":"box","text":"Services Agreement with BTC and the Company, JPMorgan provides custody and related services required to facilitate","page_number":116,"box":{"x":88,"y":702,"width":822,"height":12}},{"id":"f64cb6bf-6538-4a10-88ed-a0c207797616","block_type":"box","text":"securities lending by each Fund. JPMorgan maintains custody as may be necessary to facilitate Fund securities lending","page_number":116,"box":{"x":89,"y":717,"width":827,"height":12}},{"id":"bc428834-562c-4355-955d-9f4f1c7c2e3a","block_type":"box","text":"activity in coordination with other funds, maintains custodial records and provides other services. As compensation for these","page_number":116,"box":{"x":89,"y":732,"width":875,"height":12}},{"id":"b6725d7c-6b8d-4902-ae82-56ad4904171a","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":116,"box":{"x":89,"y":747,"width":876,"height":12}},{"id":"d28a1983-8fdc-4e4e-b152-62273bf1a04a","block_type":"box","text":"agent.","page_number":116,"box":{"x":89,"y":763,"width":42,"height":11}},{"id":"abd769b9-37ce-43c1-b208-8ab63006e329","block_type":"box","text":"Distributor.","page_number":116,"box":{"x":89,"y":788,"width":80,"height":10}},{"id":"d4f36900-148d-4b23-a38f-2aca3cf9cdd7","block_type":"box","text":"The Distributor’s principal address is 50 Hudson Yards, New York, NY 10001. Shares are continuously offered for","page_number":116,"box":{"x":178,"y":788,"width":783,"height":13}},{"id":"23cf1fff-d784-4604-b995-afba9ac00d00","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":116,"box":{"x":89,"y":804,"width":854,"height":12}},{"id":"5a9ab23b-4800-463c-b31e-81cfaa211c4f","block_type":"box","text":"below in the","page_number":116,"box":{"x":89,"y":819,"width":85,"height":9}},{"id":"38ac4d62-e1d2-4e4d-8693-2d8a41676cda","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":116,"box":{"x":179,"y":819,"width":300,"height":12}},{"id":"c0ea4484-9acf-4270-b8b8-7a47c3fd2729","block_type":"box","text":"section of this SAI. Fund shares in amounts less than Creation Units","page_number":116,"box":{"x":484,"y":819,"width":473,"height":9}},{"id":"bf414cb4-e9c6-49f2-999d-bf6a7f05da60","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":116,"box":{"x":89,"y":834,"width":845,"height":12}},{"id":"5bece71a-a9f9-4db0-8022-407c9860de0d","block_type":"box","text":"applicable Prospectus and, upon request, this SAI to persons purchasing Creation Units and will maintain records of both","page_number":116,"box":{"x":89,"y":849,"width":846,"height":12}},{"id":"1e967c89-cf9b-4331-9c68-7901dc071251","block_type":"box","text":"96","page_number":116,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"aa5520d0-09ff-4298-b220-142bbbd166ac","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":117,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"1312946c-42aa-4f15-9a68-2bf4ce050d2d","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":117,"box":{"x":89,"y":59,"width":852,"height":12}},{"id":"ad0206bc-77d4-413d-b473-e9fe14b7a069","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":117,"box":{"x":89,"y":74,"width":876,"height":12}},{"id":"c2ce6609-e082-44f0-a37d-715b64560dc8","block_type":"box","text":"in Puerto Rico, the U.S. Virgin Islands and the District of Columbia.","page_number":117,"box":{"x":89,"y":89,"width":462,"height":13}},{"id":"c314a12c-e9e3-4512-95fa-55b13ea8dc16","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":117,"box":{"x":88,"y":116,"width":829,"height":12}},{"id":"9f48662e-1fd6-4641-94a9-5f46dc541c05","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":117,"box":{"x":89,"y":131,"width":840,"height":12}},{"id":"26453d87-966d-485a-a14f-5c37360de4b6","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":117,"box":{"x":89,"y":146,"width":864,"height":12}},{"id":"08edd4cf-fa1d-4edd-a38c-7dd737a8cd35","block_type":"box","text":"The Distribution Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).","page_number":117,"box":{"x":88,"y":161,"width":811,"height":12}},{"id":"cb5bf6ca-ce0b-4ca3-b460-ae39c1b12693","block_type":"box","text":"The Distributor may also enter into agreements with securities dealers (“Soliciting Dealers”) who will solicit purchases of","page_number":117,"box":{"x":88,"y":188,"width":848,"height":12}},{"id":"6df01010-a485-4e9d-9f01-40cbe9e6a878","block_type":"box","text":"Creation Units of Fund shares. Such Soliciting Dealers may also be Authorized Participants (as described below), DTC","page_number":117,"box":{"x":89,"y":203,"width":818,"height":12}},{"id":"8828cd1f-efd7-4b34-85a0-731a40e1a18b","block_type":"box","text":"participants and/or investor services organizations.","page_number":117,"box":{"x":89,"y":218,"width":357,"height":12}},{"id":"ce9aabd8-95b0-4b6c-8e91-ed3bc49b131c","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":117,"box":{"x":89,"y":244,"width":847,"height":13}},{"id":"a3245dfe-f0a8-48b9-9551-34e8f7c21a5d","block_type":"box","text":"including payments out of its own resources to the Distributor, or to otherwise promote the sale of shares.","page_number":117,"box":{"x":89,"y":259,"width":743,"height":13}},{"id":"6c5941cf-6baa-4c5f-aaca-c09accc8c954","block_type":"box","text":"Securities Lending.","page_number":117,"box":{"x":88,"y":286,"width":137,"height":12}},{"id":"cf64b866-0018-4e54-bb74-a7c1ab51cb89","block_type":"box","text":"To the extent that a Fund engages in securities lending, each Fund conducts its securities lending","page_number":117,"box":{"x":234,"y":286,"width":681,"height":12}},{"id":"fbf3e7d3-afcf-4937-ad6d-ceeaa0ee41ff","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":117,"box":{"x":89,"y":301,"width":872,"height":12}},{"id":"8cfe6b6b-3dba-48ee-981a-872ae6f80c1c","block_type":"box","text":"BFA, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":117,"box":{"x":89,"y":316,"width":592,"height":12}},{"id":"4522d1e8-34bc-4f9e-b746-fa383e1f6f7e","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":117,"box":{"x":89,"y":342,"width":876,"height":13}},{"id":"562b6d0e-d5e6-4832-9be8-116882efb33a","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":117,"box":{"x":89,"y":358,"width":833,"height":12}},{"id":"5eeed5a5-b8fe-4a17-9703-a03d9989b09c","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":117,"box":{"x":89,"y":373,"width":874,"height":12}},{"id":"9e10933e-51c8-4a8d-a715-bd7f2e614d4e","block_type":"box","text":"and from borrowers of securities. As securities lending agent, BTC bears all operational costs directly related to securities","page_number":117,"box":{"x":89,"y":388,"width":844,"height":12}},{"id":"dce48ad9-02c8-46cc-ba08-532ad8e058d2","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":117,"box":{"x":89,"y":403,"width":859,"height":12}},{"id":"473ffb99-2775-4818-aafd-d08e709ad2b8","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":117,"box":{"x":89,"y":418,"width":874,"height":12}},{"id":"893785ba-83bf-4335-8fcd-b818f4281717","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":117,"box":{"x":89,"y":433,"width":820,"height":13}},{"id":"45ff7f50-9de8-469d-b63e-6c48b8d36d8d","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":117,"box":{"x":89,"y":448,"width":846,"height":13}},{"id":"678b6c12-9bed-45bb-a7c8-2cf3749f723e","block_type":"box","text":"load, redemption fee, distribution fee or service fee.","page_number":117,"box":{"x":89,"y":463,"width":357,"height":13}},{"id":"e1c4db78-030f-444c-9501-c20035501981","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":117,"box":{"x":88,"y":490,"width":841,"height":12}},{"id":"42060076-e1d8-41a5-a490-22cfe12d06e8","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":117,"box":{"x":89,"y":505,"width":858,"height":12}},{"id":"197fc94f-9335-4708-a9d9-4e4e88dee6d7","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":117,"box":{"x":88,"y":520,"width":844,"height":12}},{"id":"97b5281e-a8ec-4a6b-985e-7a5373275b87","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":117,"box":{"x":88,"y":535,"width":868,"height":13}},{"id":"a60e2064-e835-405c-b2a5-389d9488c7a7","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":117,"box":{"x":89,"y":550,"width":865,"height":13}},{"id":"2c521f9d-3837-4f75-aae6-7a94d735ddff","block_type":"box","text":"fund’s net assets, unless the liquidity costs are de minimis (","page_number":117,"box":{"x":88,"y":565,"width":415,"height":13}},{"id":"172595a3-7219-451e-bd48-662e93137c21","block_type":"box","text":"i.e","page_number":117,"box":{"x":504,"y":566,"width":15,"height":9}},{"id":"d3135c87-934b-4492-a396-dd125a611194","block_type":"box","text":"., less than one basis point (0.01%)). The money market fund","page_number":117,"box":{"x":520,"y":565,"width":429,"height":13}},{"id":"22c7361d-416c-4393-aa6f-730792d566cd","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":117,"box":{"x":88,"y":581,"width":879,"height":12}},{"id":"c2ce3b51-586e-430d-a829-dc9e0ea20b83","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":117,"box":{"x":88,"y":596,"width":861,"height":12}},{"id":"69935cba-ed08-402c-a0ef-bb127695afd7","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":117,"box":{"x":88,"y":611,"width":841,"height":12}},{"id":"d5fc7fb3-3aca-4036-a219-2075087f6267","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":117,"box":{"x":89,"y":626,"width":831,"height":12}},{"id":"7e5eb168-493b-45c2-a436-0e2281ae86c7","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":117,"box":{"x":89,"y":641,"width":835,"height":12}},{"id":"4736e4e9-7003-4d44-8b63-a05ad916c0d8","block_type":"box","text":"liquidity fee would reduce the Fund’s returns on securities lending.","page_number":117,"box":{"x":89,"y":656,"width":464,"height":13}},{"id":"cc4bdf46-485d-44ec-bf8f-20048455245e","block_type":"box","text":"Under the securities lending program, the Funds are categorized into one of several specific asset classes. The determination","page_number":117,"box":{"x":89,"y":683,"width":871,"height":12}},{"id":"3420d9ce-2c56-4d93-bdfc-fb100451203a","block_type":"box","text":"of a Fund’s asset class category (fixed-income, domestic equity, international equity or fund-of-funds), each of which may be","page_number":117,"box":{"x":89,"y":698,"width":877,"height":12}},{"id":"0d5080c5-edd0-4983-875e-703bc7f65a24","block_type":"box","text":"subject to a different fee arrangement, is based on a methodology agreed to by the Company and BTC.","page_number":117,"box":{"x":89,"y":713,"width":716,"height":12}},{"id":"63f285c1-b6f8-4cff-9e67-a26acb316c69","block_type":"box","text":"Pursuant to the current Securities Lending Agency Agreement:","page_number":117,"box":{"x":89,"y":739,"width":439,"height":13}},{"id":"42f7bae8-c6d3-4f69-a7aa-83cf0026249e","block_type":"box","text":"(i) domestic equity funds, such as the iShares MSCI USA Equal Weighted ETF and iShares MSCI World ETF (the “Domestic","page_number":117,"box":{"x":89,"y":766,"width":852,"height":12}},{"id":"47b12eba-e645-4df8-8f6a-7052f647c626","block_type":"box","text":"Equity Funds”), retain 81% of securities lending income (which excludes collateral investment fees) and (ii) this amount","page_number":117,"box":{"x":89,"y":781,"width":838,"height":12}},{"id":"79d003cc-0868-45d1-9e51-f5a85078bb60","block_type":"box","text":"could never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":117,"box":{"x":89,"y":796,"width":706,"height":12}},{"id":"3661f30b-7343-40d4-98a2-c923b14b3366","block_type":"box","text":"(i) international equity funds, such as all Funds except for the iShares MSCI USA Equal Weighted ETF and iShares MSCI World","page_number":117,"box":{"x":89,"y":822,"width":876,"height":13}},{"id":"23d0a2e6-922e-42b6-bf1f-9428f63eab2b","block_type":"box","text":"ETF (the “International Equity Funds”), retain 82% of securities lending income (which excludes collateral investment fees)","page_number":117,"box":{"x":89,"y":838,"width":859,"height":12}},{"id":"b2b3d338-6fb6-4ad2-bbb8-093d5b56d21e","block_type":"box","text":"and (ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":117,"box":{"x":89,"y":853,"width":836,"height":12}},{"id":"d6dc6e83-30ff-45a5-920f-008222385394","block_type":"box","text":"97","page_number":117,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"d346f0bb-6673-4db5-9a2b-70d43c6ea435","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income (which includes,","page_number":118,"box":{"x":89,"y":44,"width":863,"height":12}},{"id":"2e2515b0-3db8-4968-892e-2ab69519352a","block_type":"box","text":"for this purpose, collateral investment fees) earned across the iShares Complex (as defined in the","page_number":118,"box":{"x":88,"y":59,"width":679,"height":12}},{"id":"ead4696a-cd80-4961-a8f5-f80ec36317a4","block_type":"box","text":"Management — Directors","page_number":118,"box":{"x":772,"y":60,"width":182,"height":11}},{"id":"54c91c6e-4eb2-4b47-b671-879ca4cd8615","block_type":"box","text":"and Officers","page_number":118,"box":{"x":88,"y":74,"width":84,"height":11}},{"id":"573d7e7f-80d8-4973-bd38-e27350143fc9","block_type":"box","text":"section of this SAI) in a calendar year exceeds specified thresholds, each applicable domestic equity fund or","page_number":118,"box":{"x":177,"y":74,"width":753,"height":12}},{"id":"91148b9f-ea52-4e5e-b8b2-4e1fefee6384","block_type":"box","text":"international equity fund, pursuant to the current Securities Lending Agency Agreement, will receive for the remainder of","page_number":118,"box":{"x":89,"y":89,"width":849,"height":13}},{"id":"370e544d-29f3-433b-aea6-ed157b202405","block_type":"box","text":"that calendar year securities lending income as follows:","page_number":118,"box":{"x":88,"y":104,"width":387,"height":13}},{"id":"ec3c9db1-8f99-40de-9504-d218cfab63c4","block_type":"box","text":"Domestic Equity Funds","page_number":118,"box":{"x":88,"y":131,"width":159,"height":12}},{"id":"b5ae7484-d823-45de-bce9-d589c7628591","block_type":"box","text":"Effective January 1, 2025: (i) 84% of securities lending income (which excludes collateral investment fees); and (ii) this","page_number":118,"box":{"x":89,"y":157,"width":826,"height":13}},{"id":"f67968d6-6148-45dd-8453-ad860618b68c","block_type":"box","text":"amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":118,"box":{"x":89,"y":172,"width":752,"height":13}},{"id":"4a0ee6a6-e225-4bac-a607-fd7fb9ef0f57","block_type":"box","text":"International Equity Funds","page_number":118,"box":{"x":88,"y":199,"width":183,"height":12}},{"id":"bc5c1e54-8dc6-4844-9713-d30a19b293bb","block_type":"box","text":"(i) 85% of securities lending income (which excludes collateral investment fees); and (ii) this amount can never be less than","page_number":118,"box":{"x":89,"y":225,"width":866,"height":13}},{"id":"1a5f8768-c1c1-49cb-a3de-29adc7a08156","block_type":"box","text":"70% of the sum of securities lending income plus collateral investment fees.","page_number":118,"box":{"x":89,"y":240,"width":532,"height":13}},{"id":"ba7d7c44-f8e4-4934-9df6-8180fc14cec2","block_type":"box","text":"The services provided to the Funds by BTC in the most recent fiscal year ended August 31, 2025 primarily included the","page_number":118,"box":{"x":88,"y":267,"width":827,"height":12}},{"id":"9ef75ca1-eb2a-4cdb-9430-299af467a0c4","block_type":"box","text":"following:","page_number":118,"box":{"x":88,"y":282,"width":68,"height":12}},{"id":"23428550-e3d5-4998-a0a3-74d37c1fae84","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on","page_number":118,"box":{"x":109,"y":308,"width":817,"height":13}},{"id":"7b102dac-9f56-4605-a0e2-9ee1aa8247bf","block_type":"box","text":"behalf of the Funds with each such borrower;","page_number":118,"box":{"x":109,"y":324,"width":316,"height":11}},{"id":"763ff1de-6ebb-4f28-9836-c704721aaac5","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":118,"box":{"x":109,"y":350,"width":519,"height":12}},{"id":"956ef2e0-5473-4227-bfc1-f75a4a221425","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":118,"box":{"x":109,"y":376,"width":314,"height":13}},{"id":"104efc9d-db3c-45a8-9623-5fe0ddf591e2","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return of","page_number":118,"box":{"x":109,"y":403,"width":836,"height":12}},{"id":"5ed52f11-50b0-4bbd-a239-667f0b4dd030","block_type":"box","text":"excess collateral, as necessary;","page_number":118,"box":{"x":108,"y":418,"width":214,"height":12}},{"id":"a758fb25-103e-476d-9d3d-fabebbf431ba","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":118,"box":{"x":109,"y":445,"width":543,"height":12}},{"id":"8342772f-6faa-4568-9f24-77d1433909a8","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":118,"box":{"x":109,"y":471,"width":652,"height":12}},{"id":"83a47555-1ab1-4275-a469-ae0b393e5f55","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of the","page_number":118,"box":{"x":109,"y":497,"width":821,"height":13}},{"id":"140f748e-9d50-49bb-9602-6940e6325dd6","block_type":"box","text":"liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that of the loaned","page_number":118,"box":{"x":109,"y":513,"width":839,"height":12}},{"id":"6ad2a8db-6fbb-463c-a8c4-245bee0b0985","block_type":"box","text":"securities; and","page_number":118,"box":{"x":108,"y":528,"width":100,"height":11}},{"id":"4fae1643-0b10-43dd-80ee-d41ebf1c31fe","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Funds at loan termination.","page_number":118,"box":{"x":109,"y":554,"width":793,"height":12}},{"id":"1082d743-7c88-4fc1-950b-d67827bb7abc","block_type":"box","text":"The following tables show the dollar amounts of income and fees/compensation related to the securities lending activities of","page_number":118,"box":{"x":88,"y":581,"width":878,"height":12}},{"id":"ea6005a1-0671-4e52-bcdb-091795b718f5","block_type":"box","text":"each Fund during its most recent fiscal year ended August 31, 2025.","page_number":118,"box":{"x":89,"y":596,"width":475,"height":12}},{"id":"4f2696b7-934b-4675-a062-cddba6c6c3bb","block_type":"box","text":"Fund","page_number":118,"box":{"x":89,"y":635,"width":27,"height":8}},{"id":"70183031-2860-4a0b-bd02-f8314c3fb137","block_type":"box","text":"iShares MSCI","page_number":118,"box":{"x":517,"y":625,"width":74,"height":8}},{"id":"38acc32c-f718-4262-8b21-330f1ed5fe4e","block_type":"box","text":"Australia ETF","page_number":118,"box":{"x":516,"y":635,"width":76,"height":8}},{"id":"41c00243-0cd4-4d17-be32-f13aeaee1d4c","block_type":"box","text":"iShares MSCI","page_number":118,"box":{"x":642,"y":625,"width":75,"height":8}},{"id":"482352c4-fbf7-4d78-bded-1e226f08fb2a","block_type":"box","text":"Austria ETF","page_number":118,"box":{"x":647,"y":636,"width":66,"height":7}},{"id":"699fe9a7-873c-4b50-a3d2-86aa0358263d","block_type":"box","text":"iShares MSCI","page_number":118,"box":{"x":767,"y":625,"width":75,"height":8}},{"id":"cb7100a8-5540-4bcf-9178-0e916b5b35d1","block_type":"box","text":"Belgium ETF","page_number":118,"box":{"x":770,"y":635,"width":71,"height":10}},{"id":"fcd75686-1b93-41cb-a3a4-d987b479241e","block_type":"box","text":"iShares MSCI","page_number":118,"box":{"x":893,"y":625,"width":74,"height":8}},{"id":"e8ca620a-36c6-4736-b97c-4d80f9c1a23c","block_type":"box","text":"Canada ETF","page_number":118,"box":{"x":896,"y":635,"width":68,"height":8}},{"id":"7fc2e435-b522-4a9e-9e2e-8aa1acc60f60","block_type":"box","text":"Gross income from securities","page_number":118,"box":{"x":89,"y":653,"width":210,"height":10}},{"id":"e6dfe518-d887-4e78-b614-6dc23fb9a63a","block_type":"box","text":"lending activities","page_number":118,"box":{"x":105,"y":668,"width":121,"height":12}},{"id":"00e89ac1-0415-4ca9-8bee-5a9f993e5d8b","block_type":"box","text":"$108,046 $142,669 $8,085 $618,332","page_number":118,"box":{"x":521,"y":653,"width":442,"height":11}},{"id":"f7fd4337-a0ec-4e8f-aae9-a3e5d6dfd046","block_type":"box","text":"Fees and/or compensation for","page_number":118,"box":{"x":88,"y":703,"width":213,"height":12}},{"id":"f1da523b-9411-492b-a3b2-3bdd70a03c18","block_type":"box","text":"securities lending activities and","page_number":118,"box":{"x":104,"y":718,"width":219,"height":12}},{"id":"7809fdd4-ef12-4d34-86b6-6d1cb8e48d74","block_type":"box","text":"related services","page_number":118,"box":{"x":104,"y":733,"width":108,"height":10}},{"id":"9deb1b78-0192-4914-a644-54f3713668d4","block_type":"box","text":"Securities lending income paid to","page_number":118,"box":{"x":118,"y":766,"width":232,"height":12}},{"id":"c4c0d088-77d7-47a7-a79c-b89e9244bef8","block_type":"box","text":"BTC for services as securities","page_number":118,"box":{"x":119,"y":781,"width":199,"height":10}},{"id":"1fe0fc32-4adb-4532-965b-e7d759619570","block_type":"box","text":"lending agent","page_number":118,"box":{"x":118,"y":796,"width":96,"height":12}},{"id":"354cd0a8-f7dd-4057-aed1-9982322b170d","block_type":"box","text":"2,822 12,096 264 5,684","page_number":118,"box":{"x":550,"y":764,"width":414,"height":11}},{"id":"4e76f590-d5a6-4700-a02e-b255558147cf","block_type":"box","text":"98","page_number":118,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"cb386522-f45b-4879-9a90-f69a47539bc9","block_type":"box","text":"Fund","page_number":119,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"4496a3d3-4818-4420-95d2-aa6461085ab3","block_type":"box","text":"iShares MSCI","page_number":119,"box":{"x":517,"y":45,"width":74,"height":7}},{"id":"994e8e20-8c3c-4193-b703-6a6cf7630577","block_type":"box","text":"Australia ETF","page_number":119,"box":{"x":516,"y":55,"width":76,"height":7}},{"id":"618d26f0-7e45-422b-afe0-5546610620fd","block_type":"box","text":"iShares MSCI","page_number":119,"box":{"x":642,"y":45,"width":75,"height":7}},{"id":"f1fc6187-517b-4da6-b333-7fe2302e4a09","block_type":"box","text":"Austria ETF","page_number":119,"box":{"x":647,"y":55,"width":66,"height":7}},{"id":"98bd21f3-bc88-47fb-ac2b-d89305b07ba0","block_type":"box","text":"iShares MSCI","page_number":119,"box":{"x":767,"y":45,"width":75,"height":7}},{"id":"bdaf77f3-aeec-4238-86f8-daef1e5e069b","block_type":"box","text":"Belgium ETF","page_number":119,"box":{"x":770,"y":55,"width":71,"height":9}},{"id":"adf56baf-a1a9-455b-b438-5ec0e66d5666","block_type":"box","text":"iShares MSCI","page_number":119,"box":{"x":893,"y":45,"width":74,"height":7}},{"id":"1d457236-e107-4af5-a8b3-a54b3c53c419","block_type":"box","text":"Canada ETF","page_number":119,"box":{"x":896,"y":55,"width":68,"height":7}},{"id":"188beee8-084b-4d52-8281-bcfe4b5f4df4","block_type":"box","text":"Cash collateral management","page_number":119,"box":{"x":118,"y":75,"width":200,"height":12}},{"id":"cc669eea-838e-4267-8086-7f935dca6e92","block_type":"box","text":"expenses not included in","page_number":119,"box":{"x":118,"y":90,"width":173,"height":12}},{"id":"57f04029-f448-4ee0-9ab1-3c81700cee2a","block_type":"box","text":"securities lending income paid to","page_number":119,"box":{"x":118,"y":105,"width":231,"height":12}},{"id":"09a4ff0a-a00b-4280-be70-fd87504a107a","block_type":"box","text":"BTC","page_number":119,"box":{"x":119,"y":121,"width":26,"height":9}},{"id":"b4363e21-7cfd-4de6-9671-9ab299d3b32e","block_type":"box","text":"864 946 71 5,275","page_number":119,"box":{"x":558,"y":73,"width":405,"height":11}},{"id":"c0928e09-b7d9-407b-9ca6-65a506f78dd5","block_type":"box","text":"Administrative fees not included","page_number":119,"box":{"x":117,"y":153,"width":226,"height":10}},{"id":"0f9d0e27-de18-4388-afdf-427e97ad84f3","block_type":"box","text":"in securities lending income paid","page_number":119,"box":{"x":118,"y":168,"width":229,"height":12}},{"id":"e513515f-a6b0-4957-b29c-9e09c3638b0e","block_type":"box","text":"to BTC","page_number":119,"box":{"x":117,"y":184,"width":46,"height":9}},{"id":"f1d473cf-331a-48bd-917f-4f6b61fd589e","block_type":"box","text":"0 00 0","page_number":119,"box":{"x":575,"y":151,"width":389,"height":9}},{"id":"f66c6299-6fda-4c59-8cf1-2b47c874fe6f","block_type":"box","text":"Indemnification fees not included","page_number":119,"box":{"x":119,"y":216,"width":233,"height":10}},{"id":"88fe46d2-50c1-41d0-8ecc-5d20a414ccf2","block_type":"box","text":"in securities lending income paid","page_number":119,"box":{"x":118,"y":231,"width":229,"height":12}},{"id":"b92b6e1a-d093-4b71-a3a6-b9dc03b9e67c","block_type":"box","text":"to BTC","page_number":119,"box":{"x":117,"y":247,"width":46,"height":9}},{"id":"094bb19d-cda1-4000-8dd9-067cd32c4781","block_type":"box","text":"0 00 0","page_number":119,"box":{"x":575,"y":214,"width":389,"height":9}},{"id":"0e8247eb-fb2a-43b4-bd3e-8e18f53dafc4","block_type":"box","text":"Rebates (paid to borrowers)","page_number":119,"box":{"x":119,"y":279,"width":193,"height":12}},{"id":"48b6e2b5-c878-46c5-9e89-27538d1175c2","block_type":"box","text":"91,499 74,202 6,551 579,311","page_number":119,"box":{"x":537,"y":277,"width":424,"height":11}},{"id":"a0db24f7-e324-44eb-be9e-f23685f7e5f2","block_type":"box","text":"Other fees not included in","page_number":119,"box":{"x":118,"y":312,"width":180,"height":9}},{"id":"85303a1f-8bb8-4f60-8f81-20eef3370fda","block_type":"box","text":"securities lending income paid to","page_number":119,"box":{"x":118,"y":327,"width":231,"height":12}},{"id":"e663b62e-e5d1-4182-a48d-281c9c7a5c2c","block_type":"box","text":"BTC","page_number":119,"box":{"x":119,"y":342,"width":26,"height":10}},{"id":"5ccdf596-0802-471a-8dda-6339e877f9aa","block_type":"box","text":"0 00 0","page_number":119,"box":{"x":575,"y":310,"width":389,"height":9}},{"id":"b7784d19-2e3b-42ba-9794-af7d19694bd5","block_type":"box","text":"Aggregate fees/compensation for","page_number":119,"box":{"x":88,"y":372,"width":246,"height":12}},{"id":"96e6cb54-a8b4-45f1-997e-e37d1a1e1ece","block_type":"box","text":"securities lending activities","page_number":119,"box":{"x":105,"y":387,"width":195,"height":13}},{"id":"72320368-a015-403d-9769-236d808dcd24","block_type":"box","text":"$95,185 $ 87,244 $6,886 $590,270","page_number":119,"box":{"x":525,"y":372,"width":439,"height":12}},{"id":"570153a5-5574-4c98-8b33-c77fd2e2931f","block_type":"box","text":"Net income from securities lending","page_number":119,"box":{"x":89,"y":422,"width":252,"height":12}},{"id":"23507c3d-81d2-4018-965d-e53442555ee3","block_type":"box","text":"activities","page_number":119,"box":{"x":105,"y":438,"width":63,"height":9}},{"id":"e233ffad-16aa-4ef1-96f3-455f7385ff21","block_type":"box","text":"$12,861 $55,425 $ 1,199 $ 28,062","page_number":119,"box":{"x":525,"y":422,"width":438,"height":11}},{"id":"d9b5fb2a-c82b-419f-911f-5296fa533263","block_type":"box","text":"Fund","page_number":119,"box":{"x":89,"y":490,"width":27,"height":8}},{"id":"b450e925-d40d-4423-82b4-604f9fb54d12","block_type":"box","text":"iShares MSCI","page_number":119,"box":{"x":501,"y":480,"width":75,"height":8}},{"id":"5b643793-a3e1-44eb-8650-3a77fc4ded3c","block_type":"box","text":"Eurozone ETF","page_number":119,"box":{"x":500,"y":490,"width":78,"height":8}},{"id":"0d2f9f0a-3057-4b2f-bea1-de66c5dc945a","block_type":"box","text":"iShares MSCI","page_number":119,"box":{"x":628,"y":480,"width":74,"height":8}},{"id":"80395478-53d4-4ba7-9036-a15e8180f291","block_type":"box","text":"France ETF","page_number":119,"box":{"x":634,"y":490,"width":63,"height":8}},{"id":"5f6b2469-3cfd-46cb-b1c6-ae830c62e054","block_type":"box","text":"iShares MSCI","page_number":119,"box":{"x":754,"y":480,"width":74,"height":8}},{"id":"08edf1f0-f093-44e2-87ac-36105d3cf72f","block_type":"box","text":"Germany ETF","page_number":119,"box":{"x":753,"y":490,"width":77,"height":10}},{"id":"fe89606c-3637-4e84-aa0b-37ed28f9fb55","block_type":"box","text":"iShares MSCI","page_number":119,"box":{"x":886,"y":480,"width":75,"height":8}},{"id":"f5133fec-0a7e-4414-a202-a9e692d468c2","block_type":"box","text":"Hong Kong ETF","page_number":119,"box":{"x":880,"y":490,"width":88,"height":10}},{"id":"e4a97cdd-9cd8-476c-9d9f-0a3182e723cc","block_type":"box","text":"Gross income from securities","page_number":119,"box":{"x":89,"y":508,"width":210,"height":9}},{"id":"9951c503-7285-4f5e-808b-15aa2ce2077b","block_type":"box","text":"lending activities","page_number":119,"box":{"x":105,"y":523,"width":121,"height":12}},{"id":"d7c9da8d-366e-46b6-9dfd-5182a2201725","block_type":"box","text":"$657,365 $14,165 $397,857 $74,923","page_number":119,"box":{"x":506,"y":508,"width":446,"height":11}},{"id":"65de6b48-8f49-476a-889c-aeeeddd7dd94","block_type":"box","text":"Fees and/or compensation for","page_number":119,"box":{"x":88,"y":557,"width":213,"height":13}},{"id":"d41ca434-83f9-4f97-a452-4c863b644f62","block_type":"box","text":"securities lending activities and","page_number":119,"box":{"x":104,"y":572,"width":219,"height":13}},{"id":"36561110-161e-459b-a6d4-e7762d28af43","block_type":"box","text":"related services","page_number":119,"box":{"x":104,"y":588,"width":108,"height":9}},{"id":"bcd43e89-f0da-487b-ba0a-5eb94057592b","block_type":"box","text":"Securities lending income paid to","page_number":119,"box":{"x":118,"y":620,"width":232,"height":13}},{"id":"01a37c31-cc21-44a9-a373-64fa88e98982","block_type":"box","text":"BTC for services as securities","page_number":119,"box":{"x":119,"y":635,"width":199,"height":10}},{"id":"24312811-2467-4ecb-ac60-1d42dd8595ee","block_type":"box","text":"lending agent","page_number":119,"box":{"x":118,"y":650,"width":96,"height":13}},{"id":"94aac91b-dab3-46d2-840e-3ac1b11d5876","block_type":"box","text":"18,840 1,598 10,521 966","page_number":119,"box":{"x":526,"y":618,"width":426,"height":11}},{"id":"e1b4b929-ddd2-4a84-9922-f4109f67971d","block_type":"box","text":"Cash collateral management","page_number":119,"box":{"x":118,"y":683,"width":200,"height":13}},{"id":"9ca9abb0-7ae6-41bf-8402-0675e368008b","block_type":"box","text":"expenses not included in","page_number":119,"box":{"x":118,"y":698,"width":173,"height":13}},{"id":"946a6fa7-548c-4151-b2e3-046bacd9d490","block_type":"box","text":"securities lending income paid to","page_number":119,"box":{"x":118,"y":713,"width":231,"height":13}},{"id":"fe0d07c3-0288-4ffd-bca1-23fe7546821a","block_type":"box","text":"BTC","page_number":119,"box":{"x":119,"y":729,"width":26,"height":9}},{"id":"a0c4c5c4-5ab3-4af7-b952-00845ea7b169","block_type":"box","text":"5,143 48 3,107 650","page_number":119,"box":{"x":536,"y":681,"width":416,"height":11}},{"id":"f21bfe44-0599-49ad-b41a-cd22957dd234","block_type":"box","text":"Administrative fees not included","page_number":119,"box":{"x":117,"y":761,"width":226,"height":10}},{"id":"2469a774-ece9-42bb-b60a-d237ffa7f4c2","block_type":"box","text":"in securities lending income paid","page_number":119,"box":{"x":118,"y":776,"width":229,"height":13}},{"id":"5ccd887c-bfbc-4b10-9be9-caafe270b786","block_type":"box","text":"to BTC","page_number":119,"box":{"x":117,"y":792,"width":46,"height":9}},{"id":"6f6a5cc3-897e-4120-ab7f-c49a57b73456","block_type":"box","text":"00 0 0","page_number":119,"box":{"x":564,"y":759,"width":388,"height":10}},{"id":"e7364a8e-97cb-4b4b-950d-ad3857965e0e","block_type":"box","text":"99","page_number":119,"box":{"x":520,"y":894,"width":16,"height":9}},{"id":"7d263bed-a724-42cc-b21c-f85812bca3b3","block_type":"box","text":"Fund","page_number":120,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"c2537a47-9d5b-47c0-8dad-155207585378","block_type":"box","text":"iShares MSCI","page_number":120,"box":{"x":501,"y":45,"width":75,"height":7}},{"id":"dcfe7196-e5d1-449c-b06e-5c240b5cbf11","block_type":"box","text":"Eurozone ETF","page_number":120,"box":{"x":500,"y":55,"width":78,"height":7}},{"id":"d8458539-5317-4f6b-b0a1-1d58f0b48610","block_type":"box","text":"iShares MSCI","page_number":120,"box":{"x":628,"y":45,"width":74,"height":7}},{"id":"7ec84798-56d6-4d25-b41d-f7bc72caa4bd","block_type":"box","text":"France ETF","page_number":120,"box":{"x":634,"y":55,"width":63,"height":7}},{"id":"b2c1d363-c4b4-4c4c-a7fb-aa5765bd001d","block_type":"box","text":"iShares MSCI","page_number":120,"box":{"x":754,"y":45,"width":74,"height":7}},{"id":"bbc5e100-e64c-4a0b-afc7-bab09b1b6903","block_type":"box","text":"Germany ETF","page_number":120,"box":{"x":753,"y":55,"width":77,"height":9}},{"id":"869b142a-7348-479e-9a47-29e287989af6","block_type":"box","text":"iShares MSCI","page_number":120,"box":{"x":886,"y":45,"width":75,"height":7}},{"id":"8e37cbdf-8823-4cd2-abf9-97cbeccc1727","block_type":"box","text":"Hong Kong ETF","page_number":120,"box":{"x":880,"y":55,"width":88,"height":9}},{"id":"be255079-c36c-4fca-84c1-893d0fa652cf","block_type":"box","text":"Indemnification fees not included","page_number":120,"box":{"x":119,"y":75,"width":233,"height":9}},{"id":"566cead6-9b66-450d-9444-bfb5ee803ddb","block_type":"box","text":"in securities lending income paid","page_number":120,"box":{"x":118,"y":90,"width":229,"height":12}},{"id":"ed9f42eb-bb77-4793-9ee0-c4817812d5fc","block_type":"box","text":"to BTC","page_number":120,"box":{"x":117,"y":106,"width":46,"height":9}},{"id":"a119710f-5b0b-4ff0-a945-034ded12dc8b","block_type":"box","text":"00 0 0","page_number":120,"box":{"x":565,"y":73,"width":388,"height":9}},{"id":"d3465e75-d2c4-4d20-a69b-27f78abe4ec7","block_type":"box","text":"Rebates (paid to borrowers)","page_number":120,"box":{"x":119,"y":138,"width":193,"height":12}},{"id":"0d19dcf9-ed05-4e97-accb-471a34a255f6","block_type":"box","text":"546,860 5,223 336,135 68,742","page_number":120,"box":{"x":516,"y":136,"width":436,"height":11}},{"id":"177e15da-de61-452a-863d-569f1c4c9554","block_type":"box","text":"Other fees not included in","page_number":120,"box":{"x":118,"y":170,"width":180,"height":10}},{"id":"c53aef00-b9a3-4ccc-8789-95c033ebe799","block_type":"box","text":"securities lending income paid to","page_number":120,"box":{"x":118,"y":186,"width":231,"height":12}},{"id":"28caf9b0-7e91-40aa-9f3f-8de4ced5baa3","block_type":"box","text":"BTC","page_number":120,"box":{"x":119,"y":201,"width":26,"height":9}},{"id":"3af64ed9-8fe0-47d3-bd05-5f593ee04230","block_type":"box","text":"00 0 0","page_number":120,"box":{"x":565,"y":169,"width":388,"height":9}},{"id":"1024d21a-932f-41bf-8d55-d997f2fa6dd1","block_type":"box","text":"Aggregate fees/compensation for","page_number":120,"box":{"x":88,"y":231,"width":246,"height":12}},{"id":"53005b37-803f-4577-8b65-dae819ab9ca5","block_type":"box","text":"securities lending activities","page_number":120,"box":{"x":105,"y":246,"width":195,"height":12}},{"id":"a9ade8fc-e9ec-4358-8713-20a9eb821cd8","block_type":"box","text":"$570,843 $6,869 $349,763 $70,358","page_number":120,"box":{"x":505,"y":231,"width":448,"height":11}},{"id":"6bb7d914-aa13-4230-b7db-207cd782743a","block_type":"box","text":"Net income from securities lending","page_number":120,"box":{"x":89,"y":281,"width":252,"height":12}},{"id":"e4734c32-01cb-48e9-b8ef-832a7fbb7ad3","block_type":"box","text":"activities","page_number":120,"box":{"x":105,"y":296,"width":63,"height":10}},{"id":"1def9086-2a46-4ecb-a898-549a6a12d1d0","block_type":"box","text":"$ 86,522 $7,296 $ 48,094 $ 4,565","page_number":120,"box":{"x":505,"y":281,"width":447,"height":11}},{"id":"4c5c6962-8314-4d12-afff-ed6480376533","block_type":"box","text":"Fund","page_number":120,"box":{"x":89,"y":349,"width":27,"height":8}},{"id":"89b3d3d2-9e42-4e3d-a5e0-0f53430ff64d","block_type":"box","text":"iShares MSCI","page_number":120,"box":{"x":473,"y":339,"width":75,"height":7}},{"id":"964ce016-7d3a-4c45-95b0-fc30ce54c91e","block_type":"box","text":"Israel ETF","page_number":120,"box":{"x":484,"y":349,"width":55,"height":8}},{"id":"49e41afe-98c1-4c11-89ef-6d58af7cac31","block_type":"box","text":"iShares MSCI","page_number":120,"box":{"x":598,"y":339,"width":75,"height":7}},{"id":"3c359de1-7294-4384-baf8-ce123aa84778","block_type":"box","text":"Italy ETF","page_number":120,"box":{"x":612,"y":349,"width":48,"height":10}},{"id":"9ce612ed-fba8-46d2-971d-b888e134258a","block_type":"box","text":"iShares MSCI","page_number":120,"box":{"x":724,"y":339,"width":74,"height":7}},{"id":"9bbf42a0-0899-4659-a44f-72eab71b7cc5","block_type":"box","text":"Japan ETF","page_number":120,"box":{"x":732,"y":349,"width":57,"height":10}},{"id":"e5fc6259-eb80-498b-b9c4-75adaa8c963c","block_type":"box","text":"iShares MSCI","page_number":120,"box":{"x":871,"y":339,"width":74,"height":7}},{"id":"834a7eee-3af7-489e-b269-164ffaa29ecf","block_type":"box","text":"Japan Small-Cap ETF","page_number":120,"box":{"x":848,"y":349,"width":120,"height":10}},{"id":"3c084f44-ac06-4895-b51d-0436345765cb","block_type":"box","text":"Gross income from securities","page_number":120,"box":{"x":89,"y":366,"width":210,"height":10}},{"id":"13f0dda8-d076-4542-91ad-522e8647aba5","block_type":"box","text":"lending activities","page_number":120,"box":{"x":105,"y":382,"width":121,"height":12}},{"id":"bbddd13c-a9ea-44bc-b7ce-6e64f8f07987","block_type":"box","text":"$279,044 $133,423 $623,367 $124,838","page_number":120,"box":{"x":477,"y":366,"width":465,"height":12}},{"id":"727941c2-2289-4519-8f02-42c41fea7846","block_type":"box","text":"Fees and/or compensation for","page_number":120,"box":{"x":88,"y":416,"width":213,"height":13}},{"id":"8f56d7e5-2c82-4cf5-b63e-8ad253c97494","block_type":"box","text":"securities lending activities and","page_number":120,"box":{"x":104,"y":431,"width":219,"height":13}},{"id":"67132dfd-6281-44f6-a30d-a16d645528f4","block_type":"box","text":"related services","page_number":120,"box":{"x":104,"y":446,"width":108,"height":10}},{"id":"d357b2dd-7960-46e7-8601-f3e55fb35922","block_type":"box","text":"Securities lending income paid to","page_number":120,"box":{"x":118,"y":479,"width":232,"height":13}},{"id":"99b5aa8b-b257-49fa-8be8-f40fbe9ffbb7","block_type":"box","text":"BTC for services as securities","page_number":120,"box":{"x":119,"y":494,"width":199,"height":10}},{"id":"532cada4-2e13-411f-b0f1-10025fad6ade","block_type":"box","text":"lending agent","page_number":120,"box":{"x":118,"y":509,"width":96,"height":13}},{"id":"3546b3bb-6c70-467f-ae29-9bd83d9c9f1f","block_type":"box","text":"15,680 1,887 17,070 11,295","page_number":120,"box":{"x":499,"y":477,"width":443,"height":11}},{"id":"3094de39-e487-416c-9cfc-236c73de4259","block_type":"box","text":"Cash collateral management","page_number":120,"box":{"x":118,"y":542,"width":200,"height":12}},{"id":"48baccc8-cef9-45a2-a18e-112f30210625","block_type":"box","text":"expenses not included in","page_number":120,"box":{"x":118,"y":557,"width":173,"height":13}},{"id":"a7c70be0-8411-4827-a356-9f4ca844a0f6","block_type":"box","text":"securities lending income paid to","page_number":120,"box":{"x":118,"y":572,"width":231,"height":13}},{"id":"1e299d98-1303-4e1c-8d1c-8c68829e0de7","block_type":"box","text":"BTC","page_number":120,"box":{"x":119,"y":588,"width":26,"height":9}},{"id":"c100ffcc-b02a-4385-88fe-ce7ae10e4d58","block_type":"box","text":"2,294 1,093 5,231 871","page_number":120,"box":{"x":506,"y":540,"width":433,"height":11}},{"id":"18dcfa84-4e01-48a8-83be-e8006f661555","block_type":"box","text":"Administrative fees not included","page_number":120,"box":{"x":117,"y":620,"width":226,"height":10}},{"id":"689a8e79-10c0-4bee-a880-53b3766c733b","block_type":"box","text":"in securities lending income paid","page_number":120,"box":{"x":118,"y":635,"width":229,"height":13}},{"id":"93c16725-e73e-4847-9bed-4d3a78759587","block_type":"box","text":"to BTC","page_number":120,"box":{"x":117,"y":651,"width":46,"height":9}},{"id":"de1b787e-9eb2-4091-8f61-066924eea974","block_type":"box","text":"000 0","page_number":120,"box":{"x":537,"y":618,"width":405,"height":9}},{"id":"9eafb1dd-ad09-422c-b385-8f6d952e59b6","block_type":"box","text":"Indemnification fees not included","page_number":120,"box":{"x":119,"y":683,"width":233,"height":10}},{"id":"e4781890-37e6-453f-b4b1-3a0db312b27e","block_type":"box","text":"in securities lending income paid","page_number":120,"box":{"x":118,"y":698,"width":229,"height":13}},{"id":"84947a89-5e17-4b31-ac91-7ae09720eabf","block_type":"box","text":"to BTC","page_number":120,"box":{"x":117,"y":714,"width":46,"height":9}},{"id":"5a74bd8e-f74b-4149-8be3-c3a90946dd06","block_type":"box","text":"000 0","page_number":120,"box":{"x":537,"y":681,"width":405,"height":9}},{"id":"33f9b4c7-3761-464e-83df-1c28c2a31ab5","block_type":"box","text":"Rebates (paid to borrowers)","page_number":120,"box":{"x":119,"y":746,"width":193,"height":13}},{"id":"351ed930-60b0-407c-ae72-21d383710495","block_type":"box","text":"189,246 121,731 522,783 60,897","page_number":120,"box":{"x":491,"y":744,"width":451,"height":11}},{"id":"294857e9-c633-437c-8217-0a94cf138e02","block_type":"box","text":"Other fees not included in","page_number":120,"box":{"x":118,"y":779,"width":180,"height":10}},{"id":"37c96432-660e-4437-a9f7-8328dea33f26","block_type":"box","text":"securities lending income paid to","page_number":120,"box":{"x":118,"y":794,"width":231,"height":12}},{"id":"7e217c56-8212-486c-8485-2b52b6b4c662","block_type":"box","text":"BTC","page_number":120,"box":{"x":119,"y":810,"width":26,"height":9}},{"id":"d72a4381-07d8-44e3-8cb0-0d48a11e7ad1","block_type":"box","text":"000 0","page_number":120,"box":{"x":537,"y":777,"width":405,"height":9}},{"id":"43fdc8fd-1baa-4b8f-a07c-0b6856dcc63d","block_type":"box","text":"100","page_number":120,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"bb6e58f1-b37c-4629-83fb-68d7ad0b3984","block_type":"box","text":"Fund","page_number":121,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"dc15e11b-41a0-42fc-a7f0-68bd975f6c94","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":473,"y":45,"width":75,"height":7}},{"id":"c3ef6e48-6d51-4e84-a709-67c9b566d24b","block_type":"box","text":"Israel ETF","page_number":121,"box":{"x":484,"y":55,"width":55,"height":7}},{"id":"9c85724a-d04f-4ecc-89b3-862c76732b23","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":598,"y":45,"width":75,"height":7}},{"id":"1cdee8a8-a77a-423b-aec7-24f78e557aee","block_type":"box","text":"Italy ETF","page_number":121,"box":{"x":612,"y":55,"width":48,"height":9}},{"id":"7d9317d0-c3b3-46b3-91e4-2a645cfc6542","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":724,"y":45,"width":74,"height":7}},{"id":"6235b5d1-b751-416d-8455-0f65ebe82c0d","block_type":"box","text":"Japan ETF","page_number":121,"box":{"x":732,"y":55,"width":57,"height":9}},{"id":"fb109a51-020d-493d-9863-3942ae73fc78","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":871,"y":45,"width":74,"height":7}},{"id":"310a6179-ad66-41a4-8983-e1993d81428d","block_type":"box","text":"Japan Small-Cap ETF","page_number":121,"box":{"x":848,"y":55,"width":120,"height":9}},{"id":"ea68f14f-a49e-477b-9046-9f16789f3950","block_type":"box","text":"Aggregate fees/compensation for","page_number":121,"box":{"x":88,"y":72,"width":246,"height":13}},{"id":"5147b3f2-7fd3-4c2d-a58e-f210dae9010b","block_type":"box","text":"securities lending activities","page_number":121,"box":{"x":105,"y":87,"width":195,"height":13}},{"id":"dcdf0513-a770-4b32-983e-2602319c7917","block_type":"box","text":"$207,220 $124,711 $545,084 $73,063","page_number":121,"box":{"x":478,"y":72,"width":459,"height":12}},{"id":"428be4d2-1986-4139-8f01-dd9cb6ae411b","block_type":"box","text":"Net income from securities lending","page_number":121,"box":{"x":89,"y":122,"width":252,"height":12}},{"id":"03c0f5e4-684d-4d7f-8cf7-4a359fbc0ce7","block_type":"box","text":"activities","page_number":121,"box":{"x":105,"y":138,"width":63,"height":9}},{"id":"d7dba07b-6c2f-4d8c-851a-6bbf80138a4f","block_type":"box","text":"$ 71,824 $ 8,712 $ 78,283 $51,775","page_number":121,"box":{"x":478,"y":122,"width":459,"height":11}},{"id":"d324bd49-a060-429e-8a3d-2c8c40ee9985","block_type":"box","text":"Fund","page_number":121,"box":{"x":89,"y":190,"width":27,"height":8}},{"id":"6f988850-2ac1-407c-9923-c7e26f4296de","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":452,"y":180,"width":74,"height":8}},{"id":"593282d0-ca63-459e-8de5-3ef59c40bbc4","block_type":"box","text":"Mexico ETF","page_number":121,"box":{"x":456,"y":190,"width":66,"height":8}},{"id":"cea48f64-bfaf-464b-88aa-9732c18a6578","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":586,"y":180,"width":75,"height":8}},{"id":"7b6ddcee-3ddd-4771-85da-45a7cd975718","block_type":"box","text":"Netherlands ETF","page_number":121,"box":{"x":577,"y":190,"width":94,"height":8}},{"id":"5877b67b-5334-4d5f-93ee-43672dbb34f5","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":741,"y":180,"width":74,"height":8}},{"id":"132142ca-c1f4-42d3-b66b-25fded3184e0","block_type":"box","text":"Pacific ex Japan ETF","page_number":121,"box":{"x":721,"y":190,"width":115,"height":10}},{"id":"c7957663-4ed9-459f-9239-c495670ee39e","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":889,"y":180,"width":75,"height":8}},{"id":"9eac05a2-10fb-4613-8cd8-e9ad8aa8fe37","block_type":"box","text":"Singapore ETF","page_number":121,"box":{"x":885,"y":190,"width":83,"height":10}},{"id":"028ac0b2-ec38-4f59-b1db-824ede9ba448","block_type":"box","text":"Gross income from securities","page_number":121,"box":{"x":89,"y":208,"width":210,"height":9}},{"id":"7c486f76-8d79-465f-b159-3660357ebac2","block_type":"box","text":"lending activities","page_number":121,"box":{"x":105,"y":223,"width":121,"height":12}},{"id":"defa5e42-d44c-4395-94f8-c07a09a43612","block_type":"box","text":"$792,041 $192,403 $585,165 $ 907,424","page_number":121,"box":{"x":455,"y":208,"width":505,"height":11}},{"id":"793c0f85-5af5-4e3b-9cab-854c2c1cb80e","block_type":"box","text":"Fees and/or compensation for","page_number":121,"box":{"x":88,"y":257,"width":213,"height":13}},{"id":"b9928de1-f8eb-47ad-aada-8d2e957ac298","block_type":"box","text":"securities lending activities and","page_number":121,"box":{"x":104,"y":273,"width":219,"height":12}},{"id":"2e229632-4d7e-4d1e-9613-82246f9a24fb","block_type":"box","text":"related services","page_number":121,"box":{"x":104,"y":288,"width":108,"height":9}},{"id":"2d03722a-fe11-4de2-977c-babbfb81e0c7","block_type":"box","text":"Securities lending income paid to","page_number":121,"box":{"x":118,"y":320,"width":232,"height":13}},{"id":"6e185d7f-6513-4299-8bb5-0acaf2085ffa","block_type":"box","text":"BTC for services as securities","page_number":121,"box":{"x":119,"y":336,"width":199,"height":9}},{"id":"3968e657-3682-44aa-900b-5ed5d1c2ba7d","block_type":"box","text":"lending agent","page_number":121,"box":{"x":118,"y":351,"width":96,"height":12}},{"id":"1a30f151-31f1-468d-b0a7-7bab25c54dc1","block_type":"box","text":"44,080 19,148 13,359 19,813","page_number":121,"box":{"x":476,"y":318,"width":484,"height":11}},{"id":"da023f4c-06a6-4f50-8617-b52f3786e5ca","block_type":"box","text":"Cash collateral management","page_number":121,"box":{"x":118,"y":383,"width":200,"height":13}},{"id":"5fa60b8c-3ba3-4479-b9b5-1bc76e48e6df","block_type":"box","text":"expenses not included in","page_number":121,"box":{"x":118,"y":399,"width":173,"height":12}},{"id":"b8fa3632-fed0-4fa6-91f4-0ce17bb1f6d7","block_type":"box","text":"securities lending income paid to","page_number":121,"box":{"x":118,"y":414,"width":231,"height":12}},{"id":"8d94714c-6974-4109-9407-918ba69c3bce","block_type":"box","text":"BTC","page_number":121,"box":{"x":119,"y":429,"width":26,"height":9}},{"id":"5479eb7a-cd5c-4786-a333-b859237c8be1","block_type":"box","text":"6,810 1,110 4,876 7,803","page_number":121,"box":{"x":486,"y":381,"width":474,"height":11}},{"id":"2416906c-6c3e-4522-85b8-e311e4f999b0","block_type":"box","text":"Administrative fees not included","page_number":121,"box":{"x":117,"y":462,"width":226,"height":9}},{"id":"a0c62dbc-5183-4847-a691-ca872ae579b0","block_type":"box","text":"in securities lending income paid","page_number":121,"box":{"x":118,"y":477,"width":229,"height":12}},{"id":"19e89bc5-38c0-44eb-a9c6-ed81bd5878ff","block_type":"box","text":"to BTC","page_number":121,"box":{"x":117,"y":492,"width":46,"height":9}},{"id":"511cdb87-90f6-4699-8879-7397bef5c97b","block_type":"box","text":"00 0 0","page_number":121,"box":{"x":515,"y":460,"width":445,"height":9}},{"id":"cc7a9d33-e0a8-4161-957a-7f4a1f8ca0e1","block_type":"box","text":"Indemnification fees not included","page_number":121,"box":{"x":119,"y":525,"width":233,"height":9}},{"id":"d6ed4b65-a18b-4009-969f-e44f4ed8fd92","block_type":"box","text":"in securities lending income paid","page_number":121,"box":{"x":118,"y":540,"width":229,"height":12}},{"id":"e6772cae-8e11-4a92-8d6f-9c21e8eb5eda","block_type":"box","text":"to BTC","page_number":121,"box":{"x":117,"y":555,"width":46,"height":9}},{"id":"900eec33-637f-46aa-904b-43e9ea7bb5f2","block_type":"box","text":"00 0 0","page_number":121,"box":{"x":515,"y":523,"width":445,"height":9}},{"id":"f9eee7bd-96c6-47ce-bc48-c4d1f7338060","block_type":"box","text":"Rebates (paid to borrowers)","page_number":121,"box":{"x":119,"y":588,"width":193,"height":12}},{"id":"fa4bc93a-e69b-4dac-9649-157c2c4f8466","block_type":"box","text":"539,685 84,352 505,771 788,709","page_number":121,"box":{"x":467,"y":586,"width":493,"height":10}},{"id":"cea04c7f-ee23-4c36-8ba5-4ea7b93f3775","block_type":"box","text":"Other fees not included in","page_number":121,"box":{"x":118,"y":620,"width":180,"height":10}},{"id":"78df4503-6ecf-40f1-baf3-00c311673b72","block_type":"box","text":"securities lending income paid to","page_number":121,"box":{"x":118,"y":635,"width":231,"height":13}},{"id":"be3aa846-8ad9-4256-b644-33a9d570e89b","block_type":"box","text":"BTC","page_number":121,"box":{"x":119,"y":651,"width":26,"height":9}},{"id":"c17f6364-d55c-47dc-8af8-bf5965487ba5","block_type":"box","text":"00 0 0","page_number":121,"box":{"x":515,"y":618,"width":445,"height":9}},{"id":"d1c2d2da-ae8c-4d9c-bb0c-239fd846b283","block_type":"box","text":"Aggregate fees/compensation for","page_number":121,"box":{"x":88,"y":681,"width":246,"height":12}},{"id":"67c35a0b-1f3b-4e59-966d-a03af89fb9d4","block_type":"box","text":"securities lending activities","page_number":121,"box":{"x":105,"y":696,"width":195,"height":12}},{"id":"460bf5d2-9e95-495f-9c41-dd25b6bc3f22","block_type":"box","text":"$590,575 $104,610 $524,006 $816,325","page_number":121,"box":{"x":455,"y":681,"width":505,"height":11}},{"id":"04c79736-b550-449b-a45e-4491413ef147","block_type":"box","text":"Net income from securities lending","page_number":121,"box":{"x":89,"y":730,"width":252,"height":13}},{"id":"cc2694c4-200a-4279-b419-73d14b6314f7","block_type":"box","text":"activities","page_number":121,"box":{"x":105,"y":746,"width":63,"height":9}},{"id":"943b8d8b-bd81-4727-804f-3cb0778718fe","block_type":"box","text":"$201,466 $ 87,793 $ 61,159 $ 91,099","page_number":121,"box":{"x":455,"y":731,"width":505,"height":11}},{"id":"73258dbf-017a-4b7d-9b69-a97e079b58b0","block_type":"box","text":"Fund","page_number":121,"box":{"x":89,"y":799,"width":27,"height":7}},{"id":"bd902237-24f9-471f-afbc-3e3ec87edf01","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":491,"y":788,"width":75,"height":8}},{"id":"a2e399b7-b9e1-4e39-b265-0739f09ecb42","block_type":"box","text":"South Africa ETF","page_number":121,"box":{"x":480,"y":799,"width":97,"height":7}},{"id":"7c6ed0e6-2589-459c-b9e2-1c1954a84f93","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":627,"y":788,"width":74,"height":8}},{"id":"70e4c366-3cb7-45fc-9017-574342ec1132","block_type":"box","text":"Spain ETF","page_number":121,"box":{"x":636,"y":799,"width":57,"height":9}},{"id":"37873068-6bbb-4c4a-ae59-7e58de259770","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":752,"y":788,"width":75,"height":8}},{"id":"2400ed83-a6d2-4624-89c3-6739c02b7cb3","block_type":"box","text":"Sweden ETF","page_number":121,"box":{"x":755,"y":799,"width":69,"height":7}},{"id":"f9df2171-99e3-4e43-b71c-ea0cff22bd02","block_type":"box","text":"iShares MSCI","page_number":121,"box":{"x":885,"y":788,"width":75,"height":8}},{"id":"98cfeb7a-a2f4-44e3-a39d-af0068593859","block_type":"box","text":"Switzerland ETF","page_number":121,"box":{"x":877,"y":799,"width":91,"height":7}},{"id":"0d072e1d-09ce-4965-9b92-d1b5e07e0695","block_type":"box","text":"Gross income from securities","page_number":121,"box":{"x":89,"y":816,"width":210,"height":10}},{"id":"17676a94-8ccb-454f-8826-9cef21bc76af","block_type":"box","text":"lending activities","page_number":121,"box":{"x":105,"y":831,"width":121,"height":13}},{"id":"a5e1330b-b48a-4ded-80fd-1467e23556fa","block_type":"box","text":"$81,409 $104,364 $88,027 $45,973","page_number":121,"box":{"x":500,"y":816,"width":451,"height":12}},{"id":"d299f239-d0a9-4a43-a2c5-bee3a8a53ba9","block_type":"box","text":"101","page_number":121,"box":{"x":517,"y":894,"width":21,"height":9}},{"id":"cfd96f42-ba47-46c1-b10a-e3ee97e0ac97","block_type":"box","text":"Fund","page_number":122,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"7653548c-fb25-482f-9694-8f8495a0249c","block_type":"box","text":"iShares MSCI","page_number":122,"box":{"x":491,"y":45,"width":75,"height":7}},{"id":"69df384a-e31a-41ec-841f-8c12bcc2a5f7","block_type":"box","text":"South Africa ETF","page_number":122,"box":{"x":480,"y":55,"width":97,"height":7}},{"id":"b44beb25-2986-47d4-9f3b-203a28e36134","block_type":"box","text":"iShares MSCI","page_number":122,"box":{"x":627,"y":45,"width":74,"height":7}},{"id":"dcbddcff-593f-4fad-b063-594a8ed6debe","block_type":"box","text":"Spain ETF","page_number":122,"box":{"x":636,"y":55,"width":57,"height":9}},{"id":"5f08d9f5-3438-484a-88dc-571673a29b66","block_type":"box","text":"iShares MSCI","page_number":122,"box":{"x":752,"y":45,"width":75,"height":7}},{"id":"7d87c46b-50eb-48e3-a2da-efcaaebd0370","block_type":"box","text":"Sweden ETF","page_number":122,"box":{"x":755,"y":55,"width":69,"height":7}},{"id":"586f7b76-47ac-4e72-80b9-f51e644cc4d2","block_type":"box","text":"iShares MSCI","page_number":122,"box":{"x":885,"y":45,"width":75,"height":7}},{"id":"285c1d10-50ec-409c-b956-787ae11e3a04","block_type":"box","text":"Switzerland ETF","page_number":122,"box":{"x":877,"y":55,"width":91,"height":7}},{"id":"4b8eba57-6037-4704-b3f1-2211bbecfd8f","block_type":"box","text":"Fees and/or compensation for","page_number":122,"box":{"x":88,"y":72,"width":213,"height":13}},{"id":"fcd2a3b0-034f-4b73-bb45-8b08e808a44f","block_type":"box","text":"securities lending activities and","page_number":122,"box":{"x":104,"y":87,"width":219,"height":13}},{"id":"e5cbf8a6-1d29-4166-b72e-896ea41172b7","block_type":"box","text":"related services","page_number":122,"box":{"x":104,"y":102,"width":108,"height":10}},{"id":"ddfcc118-7967-41ac-9ba0-8c954f63651a","block_type":"box","text":"Securities lending income paid to","page_number":122,"box":{"x":118,"y":135,"width":232,"height":13}},{"id":"9533e67c-1327-4b62-844d-357cc0f37645","block_type":"box","text":"BTC for services as securities","page_number":122,"box":{"x":119,"y":150,"width":199,"height":10}},{"id":"68e4ca92-b652-4f3f-8aca-ba52438d4fcc","block_type":"box","text":"lending agent","page_number":122,"box":{"x":118,"y":165,"width":96,"height":13}},{"id":"4f44b687-355f-496b-b6ad-052e419b3af4","block_type":"box","text":"3,827 1,498 1,429 713","page_number":122,"box":{"x":520,"y":133,"width":431,"height":11}},{"id":"48982d67-628e-4419-bc2e-61a8593ee7c8","block_type":"box","text":"Cash collateral management","page_number":122,"box":{"x":118,"y":198,"width":200,"height":13}},{"id":"fb9f7916-a570-4f83-a66c-01e1aefd1ecf","block_type":"box","text":"expenses not included in","page_number":122,"box":{"x":118,"y":213,"width":173,"height":13}},{"id":"8c03ed25-2aa1-4efa-ac0b-43e3e816b091","block_type":"box","text":"securities lending income paid to","page_number":122,"box":{"x":118,"y":228,"width":231,"height":13}},{"id":"8ee0541a-615d-4766-939a-61dd58533f00","block_type":"box","text":"BTC","page_number":122,"box":{"x":119,"y":244,"width":26,"height":9}},{"id":"0ff4ad60-4e33-4992-bfce-5e94a3a4bbc2","block_type":"box","text":"701 865 747 405","page_number":122,"box":{"x":533,"y":196,"width":418,"height":9}},{"id":"6b78bd4f-3d71-400b-a2ca-00c76c6d9e0b","block_type":"box","text":"Administrative fees not included","page_number":122,"box":{"x":117,"y":276,"width":226,"height":10}},{"id":"2fdaa4a7-c3f9-4f1c-8e02-388f8197521e","block_type":"box","text":"in securities lending income paid","page_number":122,"box":{"x":118,"y":291,"width":229,"height":13}},{"id":"4f669d42-f84d-473f-b249-35847f25b298","block_type":"box","text":"to BTC","page_number":122,"box":{"x":117,"y":307,"width":46,"height":9}},{"id":"18cd63b5-98a4-485a-b1f8-b6c5c5ec5236","block_type":"box","text":"0 00 0","page_number":122,"box":{"x":550,"y":274,"width":402,"height":10}},{"id":"dbfbdc40-3d9c-41ff-99a4-7ef34aa257fc","block_type":"box","text":"Indemnification fees not included","page_number":122,"box":{"x":119,"y":339,"width":233,"height":10}},{"id":"369aecfb-f8f7-4c31-9e16-c278a7f55ba4","block_type":"box","text":"in securities lending income paid","page_number":122,"box":{"x":118,"y":354,"width":229,"height":13}},{"id":"2d00f529-f6be-4eb8-8875-6783f713a282","block_type":"box","text":"to BTC","page_number":122,"box":{"x":117,"y":370,"width":46,"height":9}},{"id":"638596f8-eac9-4f96-a850-fb3f571ff2dd","block_type":"box","text":"0 00 0","page_number":122,"box":{"x":550,"y":337,"width":402,"height":10}},{"id":"c593c96f-f6ad-4de1-bbf4-6a128aa2ae94","block_type":"box","text":"Rebates (paid to borrowers)","page_number":122,"box":{"x":119,"y":402,"width":193,"height":13}},{"id":"3bfcc67c-aa51-46da-ba6e-b75ff291f6e4","block_type":"box","text":"59,360 94,972 79,247 41,605","page_number":122,"box":{"x":511,"y":400,"width":440,"height":11}},{"id":"8941e1e2-315d-4454-9a71-514b52cb7d76","block_type":"box","text":"Other fees not included in","page_number":122,"box":{"x":118,"y":435,"width":180,"height":10}},{"id":"ba6969bd-e0a3-4076-8dfa-5c37a455493a","block_type":"box","text":"securities lending income paid to","page_number":122,"box":{"x":118,"y":450,"width":231,"height":13}},{"id":"1e2fc114-c4df-4af6-8c19-570cab1d3a8b","block_type":"box","text":"BTC","page_number":122,"box":{"x":119,"y":466,"width":26,"height":9}},{"id":"7b096012-a40f-45e3-90be-4f44907f8aae","block_type":"box","text":"0 00 0","page_number":122,"box":{"x":550,"y":433,"width":402,"height":9}},{"id":"85be57dd-2153-4319-87e2-b9741e3e0e9f","block_type":"box","text":"Aggregate fees/compensation for","page_number":122,"box":{"x":88,"y":496,"width":246,"height":12}},{"id":"7579d551-8b4f-4c85-8b5a-587ddf536723","block_type":"box","text":"securities lending activities","page_number":122,"box":{"x":105,"y":511,"width":195,"height":12}},{"id":"a12756b2-9140-4ce3-965f-1bd77396b183","block_type":"box","text":"$63,888 $97,335 $81,423 $42,723","page_number":122,"box":{"x":499,"y":496,"width":452,"height":11}},{"id":"acd67848-274d-45e7-b832-8f96203029e4","block_type":"box","text":"Net income from securities lending","page_number":122,"box":{"x":89,"y":545,"width":252,"height":13}},{"id":"0c172dc3-c0d4-44f5-8941-8cca4000bf98","block_type":"box","text":"activities","page_number":122,"box":{"x":105,"y":561,"width":63,"height":9}},{"id":"83fd8013-fcbb-48cb-a183-6d653a5add01","block_type":"box","text":"$ 17,521 $ 7,029 $ 6,604 $ 3,250","page_number":122,"box":{"x":499,"y":545,"width":453,"height":12}},{"id":"7cf5c624-16d0-4568-8e58-0fcb444248b2","block_type":"box","text":"Fund","page_number":122,"box":{"x":89,"y":623,"width":27,"height":8}},{"id":"e29af7ed-039e-4261-85e1-0a68ff92d5c9","block_type":"box","text":"iShares MSCI","page_number":122,"box":{"x":506,"y":613,"width":74,"height":8}},{"id":"a2a9b112-d3d1-4892-a700-6488e2a933ab","block_type":"box","text":"Thailand ETF","page_number":122,"box":{"x":505,"y":623,"width":76,"height":8}},{"id":"4976c42e-c5a8-4693-a263-07676490018d","block_type":"box","text":"iShares MSCI","page_number":122,"box":{"x":633,"y":613,"width":75,"height":8}},{"id":"49668381-2cee-442e-9e54-29c95bd67c85","block_type":"box","text":"Turkey ETF","page_number":122,"box":{"x":639,"y":623,"width":63,"height":10}},{"id":"e9ec1c56-6cb1-46b1-a375-ab75cd118a8e","block_type":"box","text":"iShares MSCI","page_number":122,"box":{"x":760,"y":603,"width":75,"height":8}},{"id":"a3f7acd6-cd65-4b47-b204-134e54d19b8a","block_type":"box","text":"USA Equal","page_number":122,"box":{"x":769,"y":613,"width":58,"height":10}},{"id":"1488e9e9-5758-48f9-9cb3-244dec011303","block_type":"box","text":"Weighted ETF","page_number":122,"box":{"x":758,"y":623,"width":80,"height":10}},{"id":"334c618c-4017-43e8-abbd-112643f07b50","block_type":"box","text":"iShares MSCI","page_number":122,"box":{"x":890,"y":613,"width":75,"height":8}},{"id":"e600fe18-75e8-4812-984d-e83a85e725f7","block_type":"box","text":"World ETF","page_number":122,"box":{"x":898,"y":623,"width":59,"height":8}},{"id":"7e354e52-9afe-4340-87dd-25a89563341b","block_type":"box","text":"Gross income from securities","page_number":122,"box":{"x":89,"y":641,"width":210,"height":10}},{"id":"4159e127-b432-45da-8a65-675fbdf7f65a","block_type":"box","text":"lending activities","page_number":122,"box":{"x":105,"y":656,"width":121,"height":13}},{"id":"381e250e-8a20-4bbf-8c22-24c2617dfc31","block_type":"box","text":"$1,552,517 $613,958 $1,291,274 $1,082,154","page_number":122,"box":{"x":504,"y":641,"width":464,"height":12}},{"id":"33664fb5-50a2-441e-b3b1-305aeab1afb5","block_type":"box","text":"Fees and/or compensation for","page_number":122,"box":{"x":88,"y":691,"width":213,"height":12}},{"id":"e3c64afb-4c92-4eb7-8856-c4e45190108f","block_type":"box","text":"securities lending activities and","page_number":122,"box":{"x":104,"y":706,"width":219,"height":12}},{"id":"f5b0510d-d500-4f1e-b2c1-691d57b7b555","block_type":"box","text":"related services","page_number":122,"box":{"x":104,"y":721,"width":108,"height":10}},{"id":"03e76900-4c2d-436b-a870-cc0b0c236a3f","block_type":"box","text":"Securities lending income paid to","page_number":122,"box":{"x":118,"y":754,"width":232,"height":12}},{"id":"49686f23-9932-421a-8e09-480facd3d2fa","block_type":"box","text":"BTC for services as securities","page_number":122,"box":{"x":119,"y":769,"width":199,"height":10}},{"id":"0b928dda-43e8-44da-a954-4dcf3bbe97b4","block_type":"box","text":"lending agent","page_number":122,"box":{"x":118,"y":784,"width":96,"height":12}},{"id":"fa474460-8fd0-4f6e-9c30-a243f630aa5a","block_type":"box","text":"195,417 62,262 13,139 14,042","page_number":122,"box":{"x":531,"y":752,"width":436,"height":11}},{"id":"f2f7152f-dd92-4713-bba8-2eb6bf07db91","block_type":"box","text":"102","page_number":122,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"98d175cc-192d-4eba-98bd-1fde1d9bec89","block_type":"box","text":"Fund","page_number":123,"box":{"x":89,"y":65,"width":27,"height":7}},{"id":"3b18682d-b4c9-440b-9bb2-5d4d4a196403","block_type":"box","text":"iShares MSCI","page_number":123,"box":{"x":506,"y":55,"width":74,"height":7}},{"id":"cc499ad4-3be0-4aa5-8895-3757bdb707a8","block_type":"box","text":"Thailand ETF","page_number":123,"box":{"x":505,"y":65,"width":76,"height":7}},{"id":"bb22b337-97db-4974-b769-30e315b115a3","block_type":"box","text":"iShares MSCI","page_number":123,"box":{"x":633,"y":55,"width":75,"height":7}},{"id":"20e1a3fd-01c8-43f4-b869-99e089d7d6ae","block_type":"box","text":"Turkey ETF","page_number":123,"box":{"x":639,"y":65,"width":63,"height":10}},{"id":"ce202ed3-684d-4d02-893b-bbf2cabe9f1e","block_type":"box","text":"iShares MSCI","page_number":123,"box":{"x":760,"y":45,"width":75,"height":7}},{"id":"d5390ed7-ce82-4f40-b3e8-141f6a695fe7","block_type":"box","text":"USA Equal","page_number":123,"box":{"x":769,"y":55,"width":58,"height":9}},{"id":"3fe6f5f3-a9a1-4522-855a-f4d45b6286d2","block_type":"box","text":"Weighted ETF","page_number":123,"box":{"x":758,"y":65,"width":80,"height":10}},{"id":"bddf734c-b536-4b23-bc31-87c413a491a4","block_type":"box","text":"iShares MSCI","page_number":123,"box":{"x":890,"y":55,"width":75,"height":7}},{"id":"dba85466-b3e9-4d45-aabb-54bef10a1f3f","block_type":"box","text":"World ETF","page_number":123,"box":{"x":898,"y":65,"width":59,"height":7}},{"id":"14c23138-c666-469a-bb34-b778fcb8e0b1","block_type":"box","text":"Cash collateral management","page_number":123,"box":{"x":118,"y":85,"width":200,"height":12}},{"id":"03b94129-5602-4b7d-a652-dbc5b4d95875","block_type":"box","text":"expenses not included in","page_number":123,"box":{"x":118,"y":100,"width":173,"height":12}},{"id":"59920896-71f9-4462-928b-e63b8a789475","block_type":"box","text":"securities lending income paid to","page_number":123,"box":{"x":118,"y":115,"width":231,"height":12}},{"id":"b18bde56-a529-4563-8b59-7c00465c493c","block_type":"box","text":"BTC","page_number":123,"box":{"x":119,"y":131,"width":26,"height":9}},{"id":"9a2418e7-9ac3-4292-813e-d64ba154084a","block_type":"box","text":"7,575 4,746 10,999 9,123","page_number":123,"box":{"x":541,"y":83,"width":426,"height":11}},{"id":"3dfcb9a6-3149-496a-973e-1c2b735447de","block_type":"box","text":"Administrative fees not included","page_number":123,"box":{"x":117,"y":163,"width":226,"height":10}},{"id":"fb62cab3-8e16-4ec3-9ec9-a054a8e6231a","block_type":"box","text":"in securities lending income paid","page_number":123,"box":{"x":118,"y":178,"width":229,"height":12}},{"id":"f43ae62a-c628-405e-ae27-8a946e540d1b","block_type":"box","text":"to BTC","page_number":123,"box":{"x":117,"y":194,"width":46,"height":9}},{"id":"ae8ca73b-516a-4c8f-9b9a-3b741fd91eed","block_type":"box","text":"00 0 0","page_number":123,"box":{"x":570,"y":161,"width":397,"height":9}},{"id":"b79908c8-26ed-42d2-9a6a-6cc0c6342daa","block_type":"box","text":"Indemnification fees not included","page_number":123,"box":{"x":119,"y":226,"width":233,"height":10}},{"id":"ecd5e0ba-f5b8-4fbf-a4a3-815f750e00f2","block_type":"box","text":"in securities lending income paid","page_number":123,"box":{"x":118,"y":241,"width":229,"height":12}},{"id":"60fd09c4-73bd-4716-abea-413857028f98","block_type":"box","text":"to BTC","page_number":123,"box":{"x":117,"y":257,"width":46,"height":9}},{"id":"a5ca2f9a-3575-46be-9dcd-fbe3c1819583","block_type":"box","text":"00 0 0","page_number":123,"box":{"x":570,"y":224,"width":397,"height":9}},{"id":"36691382-9499-422c-916d-eb1c916c5111","block_type":"box","text":"Rebates (paid to borrowers)","page_number":123,"box":{"x":119,"y":289,"width":193,"height":12}},{"id":"b30c3429-7132-4201-af58-fa7b3d9fa967","block_type":"box","text":"453,989 262,723 1,208,286 998,195","page_number":123,"box":{"x":521,"y":287,"width":446,"height":11}},{"id":"c17f46b1-e2d9-4959-991e-c56e193ba81a","block_type":"box","text":"Other fees not included in","page_number":123,"box":{"x":118,"y":322,"width":180,"height":9}},{"id":"5f0aa6c1-894b-446c-8fd5-16b01b972e67","block_type":"box","text":"securities lending income paid to","page_number":123,"box":{"x":118,"y":337,"width":231,"height":12}},{"id":"fe2206f6-c149-4df0-a112-80f591903adc","block_type":"box","text":"BTC","page_number":123,"box":{"x":119,"y":352,"width":26,"height":10}},{"id":"b3c44896-ded9-4bfe-bc6f-924b4e42f179","block_type":"box","text":"00 0 0","page_number":123,"box":{"x":570,"y":320,"width":397,"height":9}},{"id":"3075a312-2d68-418e-a1fd-ad541b476c8d","block_type":"box","text":"Aggregate fees/compensation for","page_number":123,"box":{"x":88,"y":382,"width":246,"height":12}},{"id":"e516462b-3cba-4933-a904-e642dd187bfe","block_type":"box","text":"securities lending activities","page_number":123,"box":{"x":105,"y":397,"width":195,"height":13}},{"id":"0e66973b-fd81-476e-a301-419ca0f790b5","block_type":"box","text":"$656,981 $329,731 $","page_number":123,"box":{"x":509,"y":382,"width":255,"height":12}},{"id":"e2ae5bd1-f50f-41dc-825e-a82d4e826811","block_type":"box","text":"1,232,424","page_number":123,"box":{"x":767,"y":398,"width":70,"height":11}},{"id":"b981ae68-4a4a-4824-9e34-ed48f8002eb3","block_type":"box","text":"$","page_number":123,"box":{"x":888,"y":382,"width":8,"height":11}},{"id":"6d86e478-4b09-4085-a08b-41f01d0e3020","block_type":"box","text":"1,021,360","page_number":123,"box":{"x":898,"y":398,"width":69,"height":11}},{"id":"86c6b65c-e799-40ee-a48c-d3cc5f2c1c9a","block_type":"box","text":"Net income from securities lending","page_number":123,"box":{"x":89,"y":432,"width":252,"height":12}},{"id":"69859418-c1ea-4b01-8e44-b369aede4224","block_type":"box","text":"activities","page_number":123,"box":{"x":105,"y":448,"width":63,"height":9}},{"id":"7134a35b-2918-491e-b783-01fd3633e8d0","block_type":"box","text":"$895,536 $284,227 $ 58,850 $ 60,794","page_number":123,"box":{"x":509,"y":432,"width":458,"height":11}},{"id":"1441ae1d-d1c1-4c6a-9b98-7d6f4a9b0b95","block_type":"box","text":"Payments by BFA and its Affiliates.","page_number":123,"box":{"x":89,"y":487,"width":247,"height":12}},{"id":"90863897-47f6-440a-b281-5dfeb8e689f7","block_type":"box","text":"BFA and/or its affiliates (“BFA Entities”) pay certain broker-dealers, registered","page_number":123,"box":{"x":346,"y":487,"width":540,"height":12}},{"id":"028b515b-7bb7-42b2-beb3-4a07b4c3fe55","block_type":"box","text":"investment advisers, banks and other financial intermediaries (“Intermediaries”) for certain activities related to the Fund and","page_number":123,"box":{"x":89,"y":502,"width":870,"height":12}},{"id":"493fac3a-babe-4191-a53f-7acf5af75e80","block_type":"box","text":"other funds or products sponsored and/or advised by BFA Entities (collectively for purposes of this section, the “Products”).","page_number":123,"box":{"x":89,"y":517,"width":866,"height":12}},{"id":"84d0a5be-ea11-4b07-b718-fc9139e6753f","block_type":"box","text":"BFA Entities make these payments from their own assets and not from the assets of the Fund. Although a portion of BFA","page_number":123,"box":{"x":89,"y":532,"width":843,"height":12}},{"id":"d99cc5c5-6413-41dc-b35b-3e38cc7fcf9c","block_type":"box","text":"Entities’ revenue comes directly or indirectly in part from fees paid by the Fund or other Products (including, if applicable, any","page_number":123,"box":{"x":89,"y":547,"width":876,"height":13}},{"id":"616dddef-e811-482e-b658-007a106d13ff","block_type":"box","text":"underlying Products held by the Fund), these payments do not increase the price paid by investors for the purchase of shares","page_number":123,"box":{"x":89,"y":562,"width":873,"height":13}},{"id":"9875e91e-0c7f-407f-9caf-d2dc1f7a6338","block_type":"box","text":"of, or the cost of owning, the Fund or other Products. BFA Entities make payments for Intermediaries’ participation in","page_number":123,"box":{"x":89,"y":577,"width":816,"height":13}},{"id":"0469b361-b812-4ec4-9bae-109ee387c476","block_type":"box","text":"activities that are designed to make registered representatives, other professionals and individual investors more","page_number":123,"box":{"x":89,"y":593,"width":785,"height":12}},{"id":"95c4bc7d-fdf6-42cf-a27a-552677260818","block_type":"box","text":"knowledgeable about exchange-traded products, including the Fund and other Products, or for other activities, such as","page_number":123,"box":{"x":89,"y":608,"width":834,"height":12}},{"id":"56526c7f-cb1c-4996-b71b-551228f53515","block_type":"box","text":"participation in marketing activities and presentations, educational training programs, conferences, the development of","page_number":123,"box":{"x":89,"y":623,"width":836,"height":12}},{"id":"f1ff8dcc-9055-4b39-a4f9-ce9cc73cead2","block_type":"box","text":"technology platforms and reporting systems (“Education Costs”). BFA Entities also make payments to Intermediaries for","page_number":123,"box":{"x":88,"y":638,"width":841,"height":12}},{"id":"3dadd86b-87dc-4c44-bae4-88386d0f3642","block_type":"box","text":"certain printing, publishing and mailing costs or materials relating to the Fund or other Products (“Publishing Costs”). In","page_number":123,"box":{"x":89,"y":653,"width":841,"height":12}},{"id":"a91e4156-e705-4357-9edc-1015d2157a12","block_type":"box","text":"addition, BFA Entities make payments to Intermediaries that make shares of the Fund or other Products available to their","page_number":123,"box":{"x":89,"y":668,"width":843,"height":12}},{"id":"e4350d4e-8b12-4a92-803b-026551ad5428","block_type":"box","text":"clients, in some cases at a waived or reduced commission rate or ticket charge, develop new products that feature iShares,","page_number":123,"box":{"x":89,"y":683,"width":856,"height":13}},{"id":"da10c68a-d4b3-4d4f-92bd-1bedf0a5dfb0","block_type":"box","text":"create educational content about the Fund or other Products that is featured on an Intermediary’s platform, or otherwise","page_number":123,"box":{"x":89,"y":698,"width":846,"height":13}},{"id":"c9c8bd52-ec3d-4e9f-ae4e-a3957b072f12","block_type":"box","text":"promote the Fund or other Products. BFA Entities may also reimburse expenses or make payments from their own assets to","page_number":123,"box":{"x":89,"y":713,"width":864,"height":13}},{"id":"7afd976c-c4c7-40f2-a5fd-1c7321a8a80e","block_type":"box","text":"Intermediaries or other persons in consideration of services or other activities that the BFA Entities believe may benefit the","page_number":123,"box":{"x":89,"y":729,"width":854,"height":12}},{"id":"bf02f736-de71-4903-8983-57404748cc24","block_type":"box","text":"business of the BFA Entities or facilitate investment in the Fund or other Products. Payments of the type described above are","page_number":123,"box":{"x":89,"y":744,"width":868,"height":12}},{"id":"957048eb-f7eb-4f13-bff3-411a31294745","block_type":"box","text":"sometimes referred to as revenue-sharing payments.","page_number":123,"box":{"x":89,"y":759,"width":369,"height":12}},{"id":"b6b79c0f-7f05-4d90-acbb-6586129bf90b","block_type":"box","text":"Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your","page_number":123,"box":{"x":89,"y":785,"width":795,"height":13}},{"id":"a65fe125-1d4d-446f-97e6-03d56f398c2c","block_type":"box","text":"salesperson or other investment professional may also be significant for your salesperson or other investment professional.","page_number":123,"box":{"x":89,"y":800,"width":861,"height":13}},{"id":"6bcee9c9-bb1b-415c-9085-f3aace14140f","block_type":"box","text":"Because an Intermediary may make decisions about which investment options it will recommend or make available to its","page_number":123,"box":{"x":89,"y":816,"width":845,"height":12}},{"id":"b947fe38-eae5-4941-8d38-dc2e60137684","block_type":"box","text":"clients, what services to provide for various products or what marketing content to make available to its clients based on","page_number":123,"box":{"x":89,"y":831,"width":842,"height":12}},{"id":"5a5737f4-5c4b-4b37-87b4-3af7405e06a0","block_type":"box","text":"payments it receives or is eligible to receive, such payments may create conflicts of interest between the Intermediary and its","page_number":123,"box":{"x":89,"y":846,"width":871,"height":12}},{"id":"240f393c-3816-45ac-a1dc-aee23d493aa4","block_type":"box","text":"clients. These financial incentives may cause the Intermediary to recommend the Fund or other Products or otherwise","page_number":123,"box":{"x":89,"y":861,"width":827,"height":12}},{"id":"125d7c25-26b6-4fa4-a613-c1fcc9faa376","block_type":"box","text":"103","page_number":123,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"e8adbf93-1528-4355-a1c5-120b2b0667d9","block_type":"box","text":"promote the Fund or other Products over other investments. The same conflicts of interest and financial incentives exist with","page_number":124,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"e9bde2f3-1419-41c3-aed8-41711db4127a","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":124,"box":{"x":89,"y":59,"width":798,"height":12}},{"id":"fc9565dd-5ffc-4e6d-a48f-2c56f8a5e830","block_type":"box","text":"Intermediary firm.","page_number":124,"box":{"x":89,"y":74,"width":125,"height":12}},{"id":"3397e276-e474-438e-b553-a166c59ad619","block_type":"box","text":"In addition to the payments described above, BFA Entities have developed proprietary tools, calculators and related","page_number":124,"box":{"x":89,"y":101,"width":802,"height":12}},{"id":"efaa23f7-ad08-4d79-8b7f-71830e8ffe46","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":124,"box":{"x":89,"y":116,"width":812,"height":12}},{"id":"d1b51e8b-1855-4ee5-8d28-11e863b45c90","block_type":"box","text":"Intermediaries. BlackRock may configure these tools and calculators and localize the content for Intermediaries as part of its","page_number":124,"box":{"x":89,"y":131,"width":868,"height":12}},{"id":"08338acc-6b03-43f1-b96d-f858a2d765c1","block_type":"box","text":"customary digital marketing support and promotion of the Fund or other Products.","page_number":124,"box":{"x":89,"y":146,"width":581,"height":12}},{"id":"800f3b47-b83d-4dd6-b788-504f51ac5af9","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":124,"box":{"x":88,"y":172,"width":862,"height":13}},{"id":"818cb668-8ec3-4ab1-9e8f-2c4911a67a15","block_type":"box","text":"Costs or Publishing Costs) to one Intermediary, Fidelity Brokerage Services LLC (“FBS”). Effective June 4, 2016, this","page_number":124,"box":{"x":89,"y":188,"width":795,"height":12}},{"id":"cb98726f-4d7b-41be-affc-84f1043292d6","block_type":"box","text":"relationship was expanded to include National Financial Services, LLC (“NFS”), an affiliate of FBS. Pursuant to this special,","page_number":124,"box":{"x":89,"y":203,"width":847,"height":12}},{"id":"e141e39f-d1d5-4e1d-9b81-56b034b8e878","block_type":"box","text":"long-term and significant arrangement (the “Marketing Program”), FBS, NFS and certain of their affiliates (collectively","page_number":124,"box":{"x":89,"y":218,"width":824,"height":12}},{"id":"077f61f2-5f95-4fa7-be69-36470ced4dd4","block_type":"box","text":"“Fidelity”) have agreed, among other things, to actively promote certain funds and Products to customers, investment","page_number":124,"box":{"x":89,"y":233,"width":826,"height":12}},{"id":"39caeb96-9c9e-4739-9353-3dd9c69402b6","block_type":"box","text":"professionals and other intermediaries and in advertising campaigns as the preferred exchange-traded product, to offer","page_number":124,"box":{"x":89,"y":248,"width":835,"height":12}},{"id":"d537a7af-d3c1-4a36-bb13-f1c77711112c","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":124,"box":{"x":89,"y":263,"width":838,"height":12}},{"id":"dcf08f31-c748-4f8c-a613-ef8030c3b466","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":124,"box":{"x":89,"y":278,"width":844,"height":13}},{"id":"5e5f1877-a379-42ee-84d7-9671d5793dbd","block_type":"box","text":"Marketing Program by, among other things, making certain payments to FBS and NFS for marketing and implementing","page_number":124,"box":{"x":89,"y":293,"width":831,"height":13}},{"id":"7d3585aa-ab59-4cb1-bf68-08fc176541d8","block_type":"box","text":"certain brokerage and investment programs. Upon termination of the arrangement, the BFA Entities will make additional","page_number":124,"box":{"x":89,"y":308,"width":840,"height":13}},{"id":"a8b190c2-f8a2-44b1-a9c5-b7cbc74e166c","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":124,"box":{"x":89,"y":324,"width":856,"height":12}},{"id":"08f0edf6-aa14-4f68-ba78-3aff494e7d21","block_type":"box","text":"the level of services provided by FBS and NFS during the wind-down period.","page_number":124,"box":{"x":88,"y":339,"width":529,"height":12}},{"id":"4caf54f5-fc73-4bab-b59e-21893c476263","block_type":"box","text":"In addition, BFA Entities have entered into other contractual arrangements with Intermediaries and certain other third parties","page_number":124,"box":{"x":89,"y":365,"width":873,"height":12}},{"id":"064fd4fa-763a-488d-b790-2e4fd86380c0","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":124,"box":{"x":88,"y":380,"width":824,"height":13}},{"id":"bb278514-fb68-459f-bfe2-db2ff003f897","block_type":"box","text":"Products. Such agreements can include payments by BFA Entities to such Intermediaries and third parties for data collection","page_number":124,"box":{"x":89,"y":395,"width":868,"height":13}},{"id":"147cbd2d-77fb-4004-86d1-f0f8b9a12c65","block_type":"box","text":"and provision, technology support, platform enhancement, or educational content, co-marketing and cross-promotional","page_number":124,"box":{"x":89,"y":410,"width":844,"height":13}},{"id":"70067c02-c6d7-4a20-a9ff-74a5b3adc307","block_type":"box","text":"efforts. In certain cases, such payments to Intermediaries are subject to certain minimum payment levels or tiered payments.","page_number":124,"box":{"x":89,"y":426,"width":871,"height":12}},{"id":"1a58a0ba-2951-40f6-84dd-76c425f2e8a0","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":124,"box":{"x":88,"y":441,"width":850,"height":12}},{"id":"1ebff31a-67ec-4b05-bee2-b22af59bbecb","block_type":"box","text":"diligence” payments for an Intermediary’s review of such funds and Products; payment for providing employee training and","page_number":124,"box":{"x":89,"y":456,"width":863,"height":12}},{"id":"679f9c7f-1cf9-4288-a5ae-fa95044babf5","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":124,"box":{"x":89,"y":471,"width":864,"height":12}},{"id":"0cc665d8-78f8-445d-a9e6-f22762893235","block_type":"box","text":"registered representatives, salespersons or other personnel, fees for maintaining an Intermediary’s investor platform, “shelf","page_number":124,"box":{"x":89,"y":486,"width":861,"height":12}},{"id":"0e32c9de-0875-4c43-8a8a-d9bf8911702e","block_type":"box","text":"space” payments for making such funds and Products available on the Intermediary’s platform or fees for providing","page_number":124,"box":{"x":89,"y":501,"width":807,"height":13}},{"id":"b8a38fb3-841b-44ea-a8e8-500e2ae59451","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":124,"box":{"x":89,"y":516,"width":871,"height":13}},{"id":"7375f8b7-a194-47ad-8662-7c0928f69c92","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":124,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"4e15bf85-1425-419f-8f45-acde9302168b","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":124,"box":{"x":89,"y":547,"width":851,"height":12}},{"id":"afb6bf03-4d5a-40fe-89b6-aef979c015ed","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":124,"box":{"x":89,"y":562,"width":855,"height":12}},{"id":"8a5d9ef4-0444-4fc5-a981-a2c95cc7db4d","block_type":"box","text":"the Intermediaries and other third parties (or their respective affiliates) receiving one or more types of the contractual","page_number":124,"box":{"x":88,"y":577,"width":821,"height":12}},{"id":"b1831936-58e2-478f-812c-26622cb26ae2","block_type":"box","text":"payments described above include (in addition to FBS and NFS): &Partners, Advisor Credit Exchange, AE Wealth","page_number":124,"box":{"x":89,"y":592,"width":780,"height":12}},{"id":"0ab74367-e5a4-4a78-9ad3-840e1116e096","block_type":"box","text":"Management, LLC, American Enterprise Investment Services, Inc., Avantax Investment Services, Inc., BNY Mellon Capital","page_number":124,"box":{"x":89,"y":607,"width":839,"height":12}},{"id":"1fb9f595-4ce2-4108-b2a4-0a906a8f81c6","block_type":"box","text":"Markets, LLC, BNY Mellon Performance & Risk Analytics, LLC, Cetera Financial Group, Inc., Charles Schwab & Co., Inc.,","page_number":124,"box":{"x":89,"y":622,"width":821,"height":12}},{"id":"60fbec72-4444-4cf9-815e-4e46fe1cd2ca","block_type":"box","text":"Clearstream Fund Centre AG, Commonwealth Equity Services, LLC, Dorsey Wright and Associates, LLC, Dynasty Financial","page_number":124,"box":{"x":89,"y":637,"width":847,"height":13}},{"id":"6bbdd2f6-5bbe-45a2-a246-b3fac9423d4b","block_type":"box","text":"Partners LLC, E*Trade Securities LLC, Envestnet Asset Management, Inc., iCapital Markets LLC, Interactive Brokers LLC, LPL","page_number":124,"box":{"x":89,"y":652,"width":858,"height":13}},{"id":"d4a545f2-73b3-405e-8141-67278ca990b8","block_type":"box","text":"Financial LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, MML Investors Services, LLC, Morgan Stanley Smith Barney","page_number":124,"box":{"x":89,"y":668,"width":877,"height":12}},{"id":"8e8c7aa1-aa7d-4f58-baaf-646ff30d6c00","block_type":"box","text":"LLC, Northwestern Mutual Investment Services, LLC, Orion Portfolio Solutions, LLC, Pershing LLC, Raymond James Financial","page_number":124,"box":{"x":89,"y":683,"width":862,"height":12}},{"id":"4e075bde-b6ac-4aa5-adda-323185f6bc8d","block_type":"box","text":"Services, Inc., Riskalyze, Inc., Sanctuary Wealth Group, LLC, UBS Financial Services Inc., Wells Fargo Clearing Services, LLC and","page_number":124,"box":{"x":88,"y":698,"width":878,"height":12}},{"id":"597d4ce4-a416-465c-9c38-509c2c7b787e","block_type":"box","text":"Wells Fargo Advisors Financial Network, LLC. Any additions, modifications, or deletions to Intermediaries and other third","page_number":124,"box":{"x":88,"y":713,"width":842,"height":12}},{"id":"b214ae97-a728-4822-8b16-3574144c9028","block_type":"box","text":"parties listed above that have occurred since the date of this SAI are not included in the list.","page_number":124,"box":{"x":89,"y":728,"width":637,"height":12}},{"id":"ba5d05cb-07d4-4668-a9d2-bf231dee710f","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":124,"box":{"x":89,"y":754,"width":861,"height":13}},{"id":"fb9ae5c8-6dcf-4bc0-a6f6-35d8564d088a","block_type":"box","text":"immediately preceding paragraph. BFA Entities may determine to make such payments based on any number of metrics. For","page_number":124,"box":{"x":89,"y":770,"width":870,"height":12}},{"id":"c049b5d4-a32a-497b-a281-3412d5dd7c00","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":124,"box":{"x":89,"y":785,"width":826,"height":12}},{"id":"04a11e5c-9930-4bbc-8851-74e59354fb31","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":124,"box":{"x":89,"y":800,"width":821,"height":12}},{"id":"fee9e2ab-0c3b-4be3-81f9-e28ab567b317","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":124,"box":{"x":89,"y":815,"width":805,"height":12}},{"id":"f1f1ea98-500b-4240-9f34-0124e0dc0032","block_type":"box","text":"maximum payment, or any combination of the foregoing. Please contact your salesperson or other investment professional","page_number":124,"box":{"x":89,"y":830,"width":862,"height":12}},{"id":"bc7cb650-ff5d-407a-bc14-312e07019422","block_type":"box","text":"for more information regarding any such payments or financial incentives his or her Intermediary firm may receive. Any","page_number":124,"box":{"x":88,"y":845,"width":835,"height":12}},{"id":"51f71a3f-8a1a-4cf5-9328-34a6d2edaeea","block_type":"box","text":"104","page_number":124,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"38d65b12-d519-442e-ab69-894a6272d7b7","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":125,"box":{"x":89,"y":44,"width":823,"height":12}},{"id":"ee4aa9fa-a842-44ea-bdce-aa02e49cd8aa","block_type":"box","text":"Intermediary to encourage customers to buy shares of the Fund or other Products.","page_number":125,"box":{"x":89,"y":59,"width":578,"height":12}},{"id":"7062d85b-07a6-4eb4-82ee-e132a647d495","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":125,"box":{"x":88,"y":85,"width":864,"height":13}},{"id":"05d8c555-b116-46e7-a980-9abeed5c9128","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":125,"box":{"x":89,"y":101,"width":814,"height":12}},{"id":"99861113-a8d5-450b-9f59-8e8396cecaad","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":125,"box":{"x":89,"y":116,"width":859,"height":12}},{"id":"2aa3f5a9-918c-4b19-a8ac-f9e715295c46","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":125,"box":{"x":88,"y":131,"width":865,"height":12}},{"id":"d663be06-60dc-42d1-8a3f-3bec707e5968","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":125,"box":{"x":88,"y":146,"width":847,"height":12}},{"id":"3cb5ec8b-deb6-4dff-bc2d-babcd73596d6","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":125,"box":{"x":89,"y":161,"width":851,"height":12}},{"id":"e9c9a09c-aa29-4ca8-a47e-e886f73c7ab0","block_type":"box","text":"not be paid from any Fund assets. Other funds managed by BFA may also participate in such programs.","page_number":125,"box":{"x":89,"y":176,"width":722,"height":13}},{"id":"536571e3-cefd-41e9-9ade-5c686c4361c2","block_type":"box","text":"Determination of Net Asset Value","page_number":125,"box":{"x":91,"y":207,"width":558,"height":23}},{"id":"3bec384e-fa51-4399-9b7a-9972caf68b52","block_type":"box","text":"Valuation of Shares.","page_number":125,"box":{"x":88,"y":248,"width":144,"height":10}},{"id":"c34b8f55-0f19-4e5e-9ebb-5b67794915ae","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":125,"box":{"x":237,"y":248,"width":717,"height":12}},{"id":"cf8747ca-c33f-46ae-98df-ac798912e2bd","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":125,"box":{"x":88,"y":263,"width":877,"height":12}},{"id":"74aab201-ca1a-4847-ad3d-9d3758622ce3","block_type":"box","text":"by a Fund is as follows:","page_number":125,"box":{"x":89,"y":278,"width":159,"height":13}},{"id":"9f1e4a2f-b189-4899-9835-6ec92a48a79f","block_type":"box","text":"Equity Investments.","page_number":125,"box":{"x":89,"y":305,"width":139,"height":12}},{"id":"bfac25bf-37f1-48c4-94a8-f138c0da8a71","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":125,"box":{"x":235,"y":305,"width":429,"height":12}},{"id":"abcff27b-09d8-400a-a7b8-593aac7a5ebd","block_type":"box","text":"e.g.","page_number":125,"box":{"x":665,"y":308,"width":23,"height":9}},{"id":"328475ad-8316-4796-8d33-29d4e09f7e4a","block_type":"box","text":", NYSE), on separate trading boards of a","page_number":125,"box":{"x":690,"y":305,"width":277,"height":12}},{"id":"bae9929f-ae91-44c9-9bdb-eabe80aec075","block_type":"box","text":"securities exchange or through a market system that provides contemporaneous transaction pricing information (each an","page_number":125,"box":{"x":89,"y":320,"width":853,"height":12}},{"id":"1e915d3e-8988-4a6b-a61f-95ad8f7766e0","block_type":"box","text":"“Exchange”) are valued using information obtained via independent pricing services, generally at the Exchange closing price","page_number":125,"box":{"x":89,"y":335,"width":869,"height":12}},{"id":"e4591b47-a8a9-49d7-829f-d8b918c618c3","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":125,"box":{"x":89,"y":350,"width":874,"height":12}},{"id":"9e41c79e-0c55-4a3e-9106-5439af27dbf9","block_type":"box","text":"or liabilities are valued. However, under certain circumstances, other means of determining current market value may be","page_number":125,"box":{"x":89,"y":365,"width":841,"height":12}},{"id":"5a158cf1-0ae0-44f6-862f-effb9712bea3","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":125,"box":{"x":89,"y":380,"width":872,"height":13}},{"id":"438b5d62-1ccc-4847-98fa-1e8913b0e48c","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":125,"box":{"x":88,"y":395,"width":838,"height":13}},{"id":"026f2833-d4fc-47e0-aefd-c8ed47afd01f","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":125,"box":{"x":88,"y":410,"width":848,"height":13}},{"id":"ba084c08-20d6-464b-bac4-4efb49b18d64","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":125,"box":{"x":89,"y":426,"width":829,"height":12}},{"id":"a0e69713-22c5-4aac-b29c-39c6d9b3337f","block_type":"box","text":"below).","page_number":125,"box":{"x":89,"y":441,"width":50,"height":12}},{"id":"a111fc55-c47b-4991-aea2-de0292e9c2e9","block_type":"box","text":"Fixed-Income Investments.","page_number":125,"box":{"x":89,"y":467,"width":194,"height":10}},{"id":"d0604899-9ae2-4d31-b85d-2ce782a5b928","block_type":"box","text":"Fixed-income securities are valued using the last available bid prices or current market","page_number":125,"box":{"x":289,"y":467,"width":603,"height":13}},{"id":"57f8f53d-5a09-47b2-829a-47c601f96f02","block_type":"box","text":"quotations provided by dealers or prices (including evaluated prices) supplied by the Funds’ approved independent third","page_number":125,"box":{"x":89,"y":482,"width":846,"height":13}},{"id":"ae305de5-cc02-409b-905f-294c3fa23ca0","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":125,"box":{"x":89,"y":497,"width":854,"height":13}},{"id":"f2e3b6cf-6e47-459f-a78b-8f726da652a3","block_type":"box","text":"valuation models that utilize certain inputs and assumptions to derive values, including transaction data (","page_number":125,"box":{"x":88,"y":513,"width":737,"height":12}},{"id":"5239e0ea-b34b-4e43-b643-6a69a853de71","block_type":"box","text":"e.g.","page_number":125,"box":{"x":826,"y":516,"width":23,"height":9}},{"id":"aac47a6b-b623-49ae-bf66-e925a7d065fa","block_type":"box","text":", recent","page_number":125,"box":{"x":851,"y":514,"width":52,"height":10}},{"id":"9eb7018e-d041-43bc-8185-17b23afbb2fc","block_type":"box","text":"representative bids and offers), credit quality information, perceived market movements, news, and other relevant","page_number":125,"box":{"x":89,"y":528,"width":795,"height":12}},{"id":"a138f7d6-7ee8-443f-a5cb-42d825843cac","block_type":"box","text":"information. Pricing services also may consider yields or prices of securities of comparable quality, coupon, maturity and","page_number":125,"box":{"x":89,"y":543,"width":842,"height":12}},{"id":"72d7c63e-ead3-4a64-93f4-879d330e171b","block_type":"box","text":"type; indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing services","page_number":125,"box":{"x":88,"y":558,"width":878,"height":12}},{"id":"f8c8165d-f737-4f10-9754-ff6cea830388","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":125,"box":{"x":89,"y":573,"width":865,"height":12}},{"id":"0095ee46-cdfd-4371-a6db-ffd798cd6940","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":125,"box":{"x":89,"y":588,"width":866,"height":12}},{"id":"8e125c1f-97f3-4643-8387-276e0bd38a92","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":125,"box":{"x":88,"y":603,"width":860,"height":13}},{"id":"83fb1f20-b124-4811-b84b-945c0952d5ff","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":125,"box":{"x":89,"y":618,"width":819,"height":13}},{"id":"262e63d4-92b7-4949-86ed-6253b7655c15","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":125,"box":{"x":89,"y":633,"width":844,"height":13}},{"id":"56f09463-bdf2-4c6b-8a1a-0007990247c0","block_type":"box","text":"income investments, including asset-backed and mortgage-related securities, may be valued based on valuation models that","page_number":125,"box":{"x":89,"y":649,"width":874,"height":12}},{"id":"9995d4ac-4e3f-454c-925e-2b9224024165","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":125,"box":{"x":89,"y":664,"width":829,"height":12}},{"id":"cd50c472-e763-46c0-80ae-66d0d147fee2","block_type":"box","text":"tranche-specific spread to the benchmark yield based on the unique attributes of the tranche.","page_number":125,"box":{"x":88,"y":679,"width":656,"height":12}},{"id":"2af32750-fabc-4bc6-80a6-661fb4ab881b","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":125,"box":{"x":89,"y":705,"width":337,"height":13}},{"id":"333e7e10-1a06-46ba-8bdb-5b350589bb12","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity index options","page_number":125,"box":{"x":432,"y":705,"width":518,"height":13}},{"id":"abf694fd-41e8-4ca9-a9e6-13bee90702fb","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":125,"box":{"x":89,"y":720,"width":874,"height":13}},{"id":"f3b55d65-7397-4221-8398-cc0bedda215a","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":125,"box":{"x":89,"y":736,"width":868,"height":12}},{"id":"fdf83454-3573-4d99-9425-7be67bd12432","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":125,"box":{"x":89,"y":751,"width":868,"height":12}},{"id":"a0d46bac-f585-4bdb-b46e-0d9f14b52fd1","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":125,"box":{"x":89,"y":766,"width":873,"height":12}},{"id":"8b52d8df-e86c-461c-a378-378e262f35b0","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":125,"box":{"x":89,"y":781,"width":850,"height":12}},{"id":"ef9258d2-d220-4280-a41c-23075a5a797d","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":125,"box":{"x":89,"y":796,"width":871,"height":12}},{"id":"9a63a5ca-cb76-49e6-865b-cbcdb094f63b","block_type":"box","text":"Customized exchange-traded equity options, ETF options, equity index options and OTC derivatives may be valued using a","page_number":125,"box":{"x":89,"y":811,"width":856,"height":12}},{"id":"08101da6-54bb-48de-a0f7-9cc59d9464ee","block_type":"box","text":"mathematical model which may incorporate a number of market data factors. Financial futures contracts and options","page_number":125,"box":{"x":89,"y":826,"width":824,"height":13}},{"id":"75c0a111-b2f5-41ed-93be-bd10454f6a00","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":125,"box":{"x":88,"y":841,"width":857,"height":13}},{"id":"701ab403-1754-4129-9807-640014625544","block_type":"box","text":"105","page_number":125,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"345b42e3-0b42-4bad-9f95-487743b9d5cb","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":126,"box":{"x":88,"y":44,"width":874,"height":12}},{"id":"b11a2c3c-a531-4a13-95b5-fe1c0ccdd7ef","block_type":"box","text":"service in accordance with the Valuation Procedures.","page_number":126,"box":{"x":89,"y":59,"width":368,"height":10}},{"id":"ce474841-bfe6-48d1-92d6-4ac01c16a70b","block_type":"box","text":"Underlying Funds.","page_number":126,"box":{"x":89,"y":85,"width":130,"height":13}},{"id":"d5c487cc-167a-4b89-90c7-d26f41e0ad77","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV. Shares of","page_number":126,"box":{"x":224,"y":85,"width":694,"height":13}},{"id":"7bf1fa24-7ca6-4197-b921-86718cd5ebb7","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":126,"box":{"x":89,"y":101,"width":759,"height":12}},{"id":"19271a8e-6c92-4d3f-a340-fbd2d2ceb156","block_type":"box","text":"General Valuation Information.","page_number":126,"box":{"x":89,"y":127,"width":222,"height":10}},{"id":"bbc45df6-23ae-44ca-9593-5ba0eeb6cf6b","block_type":"box","text":"Prices obtained from independent third-party pricing services, broker-dealers or market","page_number":126,"box":{"x":317,"y":127,"width":612,"height":12}},{"id":"5cd4f5d1-984b-455f-bdf1-4a0573ba8177","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":126,"box":{"x":89,"y":142,"width":836,"height":10}},{"id":"de074237-1d87-4093-984f-3abf198bd0b7","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":126,"box":{"x":88,"y":157,"width":853,"height":13}},{"id":"06de33e2-4785-42e2-8ad3-953e4ccd98b7","block_type":"box","text":"which a Fund valued such security, the revised pricing service quotation generally will be applied prospectively. Such","page_number":126,"box":{"x":88,"y":172,"width":813,"height":13}},{"id":"d64c7bc4-59e1-4a0d-9a1a-eed473aec4cb","block_type":"box","text":"determination will be made considering pertinent facts and circumstances surrounding the revision.","page_number":126,"box":{"x":89,"y":188,"width":700,"height":12}},{"id":"be166201-7498-4220-92e3-412afc6a3978","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":126,"box":{"x":88,"y":214,"width":867,"height":12}},{"id":"feebddd3-5527-4812-b91c-894dff7544c3","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":126,"box":{"x":89,"y":229,"width":866,"height":12}},{"id":"8eedd21b-a73f-437c-8042-b75e1bb68933","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":126,"box":{"x":89,"y":244,"width":859,"height":13}},{"id":"3d072d76-216d-48dc-a468-920464245c00","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":126,"box":{"x":89,"y":259,"width":846,"height":13}},{"id":"9c488d36-1cbb-4f7b-97f2-bb42d1164562","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":126,"box":{"x":89,"y":274,"width":876,"height":13}},{"id":"75d3250a-41a0-4ae5-946d-9854cf70d0f4","block_type":"box","text":"errors by pricing services or other third-party service providers.","page_number":126,"box":{"x":89,"y":290,"width":439,"height":12}},{"id":"60a7e043-0d95-413c-aea8-a3af1cee60b2","block_type":"box","text":"All cash, receivables and current payables are carried on a Fund’s books at their fair value.","page_number":126,"box":{"x":88,"y":316,"width":627,"height":12}},{"id":"71d222de-89fb-463f-9bde-e928fdebf1cf","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":126,"box":{"x":89,"y":342,"width":871,"height":13}},{"id":"9bc78861-ff0d-4a86-8277-9342ec7e92ba","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":126,"box":{"x":88,"y":358,"width":823,"height":12}},{"id":"31647a93-b1ba-4485-9823-3aa9b45f11ef","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":126,"box":{"x":89,"y":373,"width":843,"height":12}},{"id":"82f536d3-1522-4dcf-837f-e49e7a44b984","block_type":"box","text":"liabilities (including securities for which market quotations are not readily available) held by a Fund (including restricted","page_number":126,"box":{"x":89,"y":388,"width":836,"height":12}},{"id":"f15ed5d4-9aab-4d9b-8662-556037fb558e","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":126,"box":{"x":89,"y":403,"width":862,"height":12}},{"id":"c61f0b3b-eb2e-4a20-893f-35de86fa233d","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":126,"box":{"x":89,"y":418,"width":805,"height":12}},{"id":"65c5938c-7787-45cb-9111-46fc60d91fba","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":126,"box":{"x":89,"y":445,"width":874,"height":12}},{"id":"81050847-89bf-4cfa-8b21-fad5e01b8ed9","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":126,"box":{"x":89,"y":460,"width":820,"height":12}},{"id":"8c52efd8-7d5b-4858-89f4-e7df999f2fce","block_type":"box","text":"performance and the performance of its Underlying Index.","page_number":126,"box":{"x":89,"y":475,"width":407,"height":12}},{"id":"aae08584-120f-41f3-af64-d437e4bea8b0","block_type":"box","text":"Fair Value.","page_number":126,"box":{"x":89,"y":501,"width":73,"height":10}},{"id":"78da3b61-c77a-416e-8774-f5d0589f85b0","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":126,"box":{"x":167,"y":501,"width":796,"height":13}},{"id":"3200cfc0-1d49-47c4-bc19-1e0097f8b270","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":126,"box":{"x":88,"y":516,"width":854,"height":13}},{"id":"51fdd493-293f-4482-ad69-8150ee49f524","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":126,"box":{"x":89,"y":531,"width":824,"height":13}},{"id":"1a1745de-4f73-4544-b53f-18dd301e22a6","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":126,"box":{"x":89,"y":547,"width":837,"height":12}},{"id":"f4dd7491-8fea-40ce-bff8-feffc13e736a","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":126,"box":{"x":89,"y":562,"width":855,"height":12}},{"id":"7daaedea-f119-46fb-a730-4dd49000c830","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":126,"box":{"x":89,"y":577,"width":851,"height":12}},{"id":"6e3b4f4d-93ac-4c44-a170-5e3f5601c93d","block_type":"box","text":"unreliable (","page_number":126,"box":{"x":89,"y":592,"width":77,"height":12}},{"id":"da63575b-82e3-400d-9b5a-95adc8a043af","block_type":"box","text":"e.g.","page_number":126,"box":{"x":167,"y":595,"width":23,"height":9}},{"id":"dbaaabfa-a0af-4010-a395-791bb9c1389f","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":126,"box":{"x":192,"y":592,"width":745,"height":12}},{"id":"ea70214b-2108-44eb-b890-272661ca5dbf","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":126,"box":{"x":89,"y":607,"width":839,"height":12}},{"id":"d84cd8da-b3d5-4be5-a9ce-a56a7e4306bb","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":126,"box":{"x":88,"y":622,"width":822,"height":12}},{"id":"61d707b7-10a3-48ea-89aa-4df7ba44f8cb","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":126,"box":{"x":89,"y":637,"width":860,"height":13}},{"id":"92d3390a-4dec-4437-a3e0-e1298702e18a","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":126,"box":{"x":89,"y":652,"width":862,"height":13}},{"id":"f6105bd9-d0ff-4309-80c3-1542ac95c05a","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":126,"box":{"x":89,"y":668,"width":864,"height":12}},{"id":"99a508b4-974e-4bdd-a6e4-49f4ded711e2","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":126,"box":{"x":89,"y":683,"width":864,"height":12}},{"id":"6143dbba-85ad-4baa-9de9-241caf3fcda8","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":126,"box":{"x":89,"y":698,"width":858,"height":12}},{"id":"87e4ef9b-3dcc-4121-9e44-940c05184bc4","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":126,"box":{"x":89,"y":713,"width":829,"height":12}},{"id":"197734e7-3fcb-4da3-a5c9-9079b1b21d03","block_type":"box","text":"liability, in which case such asset or liability would be treated as a Fair Value Asset.","page_number":126,"box":{"x":89,"y":728,"width":573,"height":12}},{"id":"89228d0a-3ee3-42a6-b624-f6e7cc01b1ee","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":126,"box":{"x":89,"y":754,"width":874,"height":13}},{"id":"54ca6080-944b-4772-bc0d-ba1db2c7bcb9","block_type":"box","text":"a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing","page_number":126,"box":{"x":89,"y":770,"width":787,"height":12}},{"id":"d9336e09-39f4-4a23-8e61-cd4b721888f7","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":126,"box":{"x":89,"y":785,"width":867,"height":12}},{"id":"c4a55966-23b9-49a4-b73e-d9636d620759","block_type":"box","text":"local markets to the prices that might have prevailed as of a Fund’s pricing time.","page_number":126,"box":{"x":89,"y":800,"width":559,"height":12}},{"id":"90416c86-e129-4a12-90da-c54db8077d17","block_type":"box","text":"BFA’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type and significant","page_number":126,"box":{"x":89,"y":826,"width":843,"height":13}},{"id":"726d4c0c-bfec-4b94-ba03-3328bf76dc1e","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":126,"box":{"x":89,"y":841,"width":874,"height":13}},{"id":"3528aeff-f542-4e25-b747-e5d4c4479285","block_type":"box","text":"106","page_number":126,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"e0e46786-b690-4d4f-bd46-78bd6e30d35b","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":127,"box":{"x":89,"y":44,"width":847,"height":12}},{"id":"94ab252a-1c44-499f-b13d-5ebfdf44c658","block_type":"box","text":"regularly evaluates the values assigned to the securities and other assets and liabilities of a Fund.","page_number":127,"box":{"x":89,"y":59,"width":676,"height":12}},{"id":"b302c28a-9a87-4935-b3b3-e396121f36e2","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":127,"box":{"x":88,"y":85,"width":868,"height":13}},{"id":"588ea402-8afa-46b6-b992-b2414fd04394","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":127,"box":{"x":88,"y":101,"width":838,"height":12}},{"id":"378c180b-f2d2-4f5b-9fb6-75788bbf8df3","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":127,"box":{"x":89,"y":116,"width":847,"height":12}},{"id":"105451d9-ab27-44ac-a3e9-b2a1ba9d0f7b","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":127,"box":{"x":89,"y":131,"width":856,"height":12}},{"id":"f3c0cf2e-ca9a-4ebb-bae3-20ff95780009","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":127,"box":{"x":89,"y":146,"width":877,"height":12}},{"id":"227e2ed9-a7bf-4b7d-b278-c266453173da","block_type":"box","text":"by BFA using proprietary or third-party valuation models.","page_number":127,"box":{"x":89,"y":161,"width":397,"height":12}},{"id":"ae5e44c7-af13-402c-bab4-8d50045289ba","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":127,"box":{"x":89,"y":188,"width":848,"height":12}},{"id":"ee49579c-ffb9-4613-bd80-e53eaa590f83","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":127,"box":{"x":89,"y":203,"width":865,"height":12}},{"id":"b15174bf-fbd0-42f9-b77d-ee211248ddf4","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":127,"box":{"x":89,"y":218,"width":878,"height":12}},{"id":"45cd10df-e2f5-478b-ad14-25bbce817eec","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":127,"box":{"x":89,"y":233,"width":795,"height":12}},{"id":"8ce8b8b9-681d-44bb-ac0d-2ff0ad70eb9a","block_type":"box","text":"transactions in the relevant investment (or comparable instruments) or, where appropriate, an appraisal by a third-party","page_number":127,"box":{"x":88,"y":248,"width":839,"height":12}},{"id":"4102f909-bdc6-4714-8428-626ca8b5e72e","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":127,"box":{"x":89,"y":263,"width":801,"height":12}},{"id":"495b9178-aad4-49bf-9883-5435dbfa3f0c","block_type":"box","text":"investment.","page_number":127,"box":{"x":89,"y":279,"width":80,"height":9}},{"id":"36caf862-7450-4e9b-83aa-248e615e7cf8","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":127,"box":{"x":88,"y":305,"width":865,"height":12}},{"id":"2313e20e-f73b-4477-bf0e-2de2f1bc85ea","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":127,"box":{"x":89,"y":320,"width":843,"height":12}},{"id":"27c6f230-ded0-445d-929a-fcb1028cc694","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":127,"box":{"x":89,"y":335,"width":850,"height":12}},{"id":"d994141a-6e94-4939-9682-377d74f0a77e","block_type":"box","text":"effect of diluting or increasing the economic interest of existing shareholders.","page_number":127,"box":{"x":89,"y":350,"width":540,"height":12}},{"id":"52a83817-8f20-4dd9-ae97-f7a20cc7ff21","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles generally","page_number":127,"box":{"x":89,"y":376,"width":843,"height":13}},{"id":"34aa058e-e289-464d-9046-05ca2e411915","block_type":"box","text":"accepted in the United States of America (“US GAAP”), follow the requirements for valuation set forth in Financial","page_number":127,"box":{"x":89,"y":392,"width":795,"height":12}},{"id":"721594f5-fe68-4349-a22b-db1383854379","block_type":"box","text":"Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and Disclosures”","page_number":127,"box":{"x":88,"y":407,"width":838,"height":12}},{"id":"d40ca659-f9d0-4ce5-a668-98b6b3de87f8","block_type":"box","text":"(“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and expands financial","page_number":127,"box":{"x":89,"y":422,"width":835,"height":12}},{"id":"4e030886-ae25-4d52-8451-effafaab9246","block_type":"box","text":"statement disclosure requirements relating to fair value measurements.","page_number":127,"box":{"x":89,"y":437,"width":499,"height":12}},{"id":"40fc05d1-285b-4c0b-b599-cd91fac7c472","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":127,"box":{"x":89,"y":463,"width":870,"height":13}},{"id":"ca5b0d2c-93e9-4233-b77a-9c27c766930b","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":127,"box":{"x":89,"y":479,"width":839,"height":12}},{"id":"44c8807e-f9cb-457a-9014-992667cb04fa","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":127,"box":{"x":88,"y":494,"width":863,"height":12}},{"id":"54b4b889-2a9c-4f61-bf55-45c791838ea8","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":127,"box":{"x":88,"y":509,"width":863,"height":12}},{"id":"9448a96e-ef5f-44d2-ac84-32f675ff7dc6","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":127,"box":{"x":89,"y":524,"width":778,"height":12}},{"id":"6146db13-49c0-435b-bbee-b961920cb515","block_type":"box","text":"Brokerage Transactions","page_number":127,"box":{"x":91,"y":555,"width":390,"height":29}},{"id":"a5c2acdb-1018-4770-b462-ff44e0d416da","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":127,"box":{"x":88,"y":596,"width":863,"height":12}},{"id":"cd315021-0299-4422-88ee-b4674ace0518","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":127,"box":{"x":89,"y":611,"width":835,"height":12}},{"id":"5b25bd87-8b0a-49eb-9908-c240917d019f","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":127,"box":{"x":89,"y":626,"width":824,"height":12}},{"id":"cb820192-1aa0-44fc-adc4-9648ce6d79a9","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":127,"box":{"x":89,"y":641,"width":877,"height":12}},{"id":"17616b22-1864-4212-abc0-165255bd8779","block_type":"box","text":"in positioning blocks of securities. While BFA generally seeks reasonable trade execution costs, a Fund does not necessarily","page_number":127,"box":{"x":89,"y":656,"width":861,"height":13}},{"id":"c97e20bc-2043-4c49-bd9a-6a7a5e8b839f","block_type":"box","text":"pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":127,"box":{"x":89,"y":671,"width":805,"height":13}},{"id":"459fa650-0423-4a3c-aafc-00f4934b9ea1","block_type":"box","text":"consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal requirements,","page_number":127,"box":{"x":89,"y":686,"width":851,"height":13}},{"id":"8d16184c-d8a7-405e-bf02-69037f533346","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":127,"box":{"x":89,"y":702,"width":876,"height":12}},{"id":"62e83a8d-2b09-4004-9c60-a8b9d26e583a","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":127,"box":{"x":89,"y":717,"width":807,"height":12}},{"id":"968c3e1d-8b17-44e6-a422-694e1c6f9d57","block_type":"box","text":"determines in good faith that the commission is reasonable in relation to the services provided.","page_number":127,"box":{"x":89,"y":732,"width":664,"height":12}},{"id":"4cf53301-5af6-4a26-9ab3-6621aaf5b8b0","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":127,"box":{"x":89,"y":758,"width":825,"height":13}},{"id":"d4e80c1f-58c4-424d-9a99-54df6223c9a0","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":127,"box":{"x":89,"y":773,"width":878,"height":13}},{"id":"37b18ca3-036c-4482-ba1a-e4356e33dc99","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":127,"box":{"x":89,"y":788,"width":846,"height":13}},{"id":"bc369406-52e6-416b-b530-a753fe82092c","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":127,"box":{"x":89,"y":804,"width":865,"height":12}},{"id":"c7c2359b-155b-4fc9-947d-cd8f155f3031","block_type":"box","text":"the market for the particular security or instrument, including any anticipated execution difficulties; (v) the full range of","page_number":127,"box":{"x":88,"y":819,"width":835,"height":12}},{"id":"2543701a-1893-4c26-95bf-7974cdd26bf4","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":127,"box":{"x":89,"y":834,"width":860,"height":12}},{"id":"cb333cb3-be6d-437b-b525-f41331047d27","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":127,"box":{"x":89,"y":849,"width":816,"height":12}},{"id":"1c0dd269-b6af-4283-ac0f-4427926213d6","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":127,"box":{"x":89,"y":864,"width":846,"height":12}},{"id":"1cf597a3-c0e0-4ad8-825b-4d69d28a1b7b","block_type":"box","text":"107","page_number":127,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"7accb7a0-70cd-4187-9f25-e4e03ff73cc5","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":128,"box":{"x":88,"y":44,"width":870,"height":12}},{"id":"7e269252-3b9e-47ce-bfbc-ff0368bb1280","block_type":"box","text":"other circumstances.","page_number":128,"box":{"x":89,"y":59,"width":146,"height":10}},{"id":"8f17c542-a532-4943-b9e1-c3d49c8b6609","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":128,"box":{"x":88,"y":85,"width":863,"height":13}},{"id":"e69312e3-0b7b-42ba-bd1c-05cae214488e","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":128,"box":{"x":89,"y":101,"width":844,"height":12}},{"id":"7e751e88-55db-4aa5-be30-ee617d524ce9","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":128,"box":{"x":89,"y":116,"width":871,"height":12}},{"id":"47097086-ef39-479f-9451-7873d3f0f1a1","block_type":"box","text":"services provided by that broker or dealer. This includes commissions paid on riskless principal transactions in securities","page_number":128,"box":{"x":89,"y":131,"width":839,"height":12}},{"id":"2b1dcb73-60cd-465f-be79-c71aae10d6f5","block_type":"box","text":"under certain conditions.","page_number":128,"box":{"x":89,"y":146,"width":174,"height":10}},{"id":"9d896dcc-1217-4718-91be-f56cc590214e","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":128,"box":{"x":89,"y":172,"width":869,"height":13}},{"id":"7f0d766a-5b86-4564-8cc2-81a51221ba2e","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":128,"box":{"x":89,"y":188,"width":844,"height":12}},{"id":"0ace3526-6068-48d3-843a-701d06327740","block_type":"box","text":"adopted rules expressly permitting these types of arrangements under certain circumstances. Generally, the broker will","page_number":128,"box":{"x":89,"y":203,"width":831,"height":12}},{"id":"2c055d4e-2cad-45c2-9713-84e6a910e466","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":128,"box":{"x":89,"y":218,"width":807,"height":12}},{"id":"d5f6d7e7-3e45-421c-97d7-aa95e5ec5c6e","block_type":"box","text":"transactions. These arrangements may not fall within the safe harbor of Section 28(e).","page_number":128,"box":{"x":88,"y":233,"width":605,"height":12}},{"id":"c3fb9f45-b450-4bb4-b0f8-b4434c5865d0","block_type":"box","text":"The Funds anticipate that brokerage transactions involving foreign equity securities generally will be conducted primarily on","page_number":128,"box":{"x":88,"y":259,"width":868,"height":13}},{"id":"8dbb0d30-cf3e-4788-9c0d-a16096786641","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":128,"box":{"x":88,"y":274,"width":849,"height":13}},{"id":"0ace632f-dd44-428a-80e5-d01731893a20","block_type":"box","text":"depositary receipts, or other securities convertible into foreign equity securities. Depositary receipts may be listed on stock","page_number":128,"box":{"x":89,"y":290,"width":857,"height":12}},{"id":"3caa3b05-f551-42a3-96c4-16dbbd5ba779","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":128,"box":{"x":89,"y":305,"width":865,"height":12}},{"id":"25eb7c4e-96f9-4244-9fbe-41ec7dbb8d14","block_type":"box","text":"will be subject to negotiated commission rates.","page_number":128,"box":{"x":88,"y":320,"width":330,"height":12}},{"id":"aef303a2-94f2-424c-95ef-3ce8685bbd46","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government securities, are normally","page_number":128,"box":{"x":89,"y":346,"width":842,"height":13}},{"id":"ad2db6cf-c324-478d-8a36-5851552996b9","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":128,"box":{"x":88,"y":361,"width":861,"height":13}},{"id":"1ef694ca-39c3-4c64-89ba-a4500d524e70","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":128,"box":{"x":89,"y":376,"width":811,"height":13}},{"id":"d2600087-d53d-4fcb-add1-bb4119ec7992","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":128,"box":{"x":89,"y":392,"width":853,"height":12}},{"id":"9869f6ca-179f-42a8-8a58-d1fe49312b40","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":128,"box":{"x":88,"y":407,"width":875,"height":12}},{"id":"efbb6a9a-3520-420b-af10-5c3c4799e370","block_type":"box","text":"the specific security at the time, and includes the dealer’s normal profit.","page_number":128,"box":{"x":88,"y":422,"width":501,"height":12}},{"id":"4e08b241-d9bf-4150-9a68-df3c63b3bd56","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":128,"box":{"x":89,"y":448,"width":866,"height":13}},{"id":"0fcad721-4c64-41c6-8c9e-1277ace492d7","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":128,"box":{"x":88,"y":463,"width":820,"height":13}},{"id":"96503fd8-515e-41f2-ac20-42d78b989390","block_type":"box","text":"transactions is obtained from the SEC. Since transactions in the OTC market usually involve transactions with the dealers","page_number":128,"box":{"x":88,"y":479,"width":845,"height":12}},{"id":"f1e1d8cf-7f69-4798-a8f9-0faac6f03404","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":128,"box":{"x":89,"y":494,"width":826,"height":12}},{"id":"1653fa0b-97a4-4a0c-b256-f3c5894d78fc","block_type":"box","text":"affiliated persons in connection with such transactions. The Funds will not purchase securities during the existence of any","page_number":128,"box":{"x":89,"y":509,"width":854,"height":12}},{"id":"3a705bcf-0168-4f41-9aa9-9d49f69971e2","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":128,"box":{"x":89,"y":524,"width":853,"height":12}},{"id":"80b6eedd-87b3-4e93-a314-6ada95917fe4","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":128,"box":{"x":88,"y":539,"width":875,"height":12}},{"id":"af21ceaa-b719-41a4-bb84-1c4e595bca61","block_type":"box","text":"Act.","page_number":128,"box":{"x":88,"y":555,"width":27,"height":9}},{"id":"5c272cde-6ba7-4d8c-9c1c-e31f28ce1dee","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":128,"box":{"x":89,"y":581,"width":854,"height":12}},{"id":"971950cf-b79e-40a2-8968-931e1a4e90aa","block_type":"box","text":"currently expect to incur any brokerage commission expense on such transactions because money market instruments are","page_number":128,"box":{"x":89,"y":596,"width":860,"height":12}},{"id":"52a3f791-987e-49fa-a67c-3d3faef31be4","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":128,"box":{"x":89,"y":611,"width":855,"height":12}},{"id":"97a4fb31-151a-45f1-9c09-53c61d9a3eed","block_type":"box","text":"price of the security, however, usually includes a profit to the dealer.","page_number":128,"box":{"x":89,"y":626,"width":472,"height":12}},{"id":"5e058631-a59d-40df-a875-db0984a1ec2b","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":128,"box":{"x":89,"y":652,"width":831,"height":13}},{"id":"6d2d3fd0-8d75-4a93-aace-2075bccec903","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":128,"box":{"x":89,"y":668,"width":865,"height":12}},{"id":"616c5b61-cd1c-42e4-ab59-33c7544bc6c6","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":128,"box":{"x":89,"y":683,"width":867,"height":12}},{"id":"5648bfc5-0076-403d-849d-35c6f218c0bd","block_type":"box","text":"other brokers or dealers in comparable transactions.","page_number":128,"box":{"x":89,"y":698,"width":364,"height":12}},{"id":"04f3d035-3668-46fe-8138-03a28608b084","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter, generally referred","page_number":128,"box":{"x":88,"y":724,"width":874,"height":13}},{"id":"a824dcc2-b716-4252-9ed3-ada10faae68b","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":128,"box":{"x":88,"y":739,"width":824,"height":13}},{"id":"7da9251b-ed6d-406d-8a1a-7f3cf7e42a9e","block_type":"box","text":"commissions or discounts are paid.","page_number":128,"box":{"x":89,"y":754,"width":246,"height":13}},{"id":"5bc0fe83-1906-4f60-9882-466a3bf19056","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":128,"box":{"x":89,"y":781,"width":847,"height":12}},{"id":"570dfd58-9df2-434d-b1da-d61ca0854a22","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":128,"box":{"x":89,"y":796,"width":835,"height":12}},{"id":"3c592dc5-e804-44f6-bbf7-ea862419535e","block_type":"box","text":"allocations. These factors include: (i) investment objectives or strategies for particular accounts, including sector, industry,","page_number":128,"box":{"x":89,"y":811,"width":854,"height":12}},{"id":"0be59584-aa8a-4368-861b-9f66bf220a71","block_type":"box","text":"country or region and capitalization weightings; (ii) tax considerations of an account; (iii) risk or investment concentration","page_number":128,"box":{"x":89,"y":826,"width":854,"height":13}},{"id":"4473799d-5a7c-400b-9fc8-65349e1dc760","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":128,"box":{"x":89,"y":841,"width":842,"height":13}},{"id":"84342b53-f739-4e27-b305-9cc8214fbbc2","block_type":"box","text":"cash availability and liquidity requirements for accounts; (vii) regulatory restrictions; (viii) minimum investment size of an","page_number":128,"box":{"x":89,"y":856,"width":845,"height":13}},{"id":"419242ff-573e-4534-b374-e36aac186b0c","block_type":"box","text":"108","page_number":128,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"13bd4690-318d-44c3-be41-795fcfdde9d8","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":129,"box":{"x":89,"y":44,"width":812,"height":12}},{"id":"d60cf8f4-5465-4e66-8b7d-687bcc89889f","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":129,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"d65b8477-525c-4dd0-b4d7-09f91ba6960f","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":129,"box":{"x":89,"y":74,"width":866,"height":12}},{"id":"8eadf38a-b1b1-47e4-bf5f-2766d22f5ff1","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":129,"box":{"x":89,"y":89,"width":842,"height":13}},{"id":"6d70e74f-8d68-4e05-92af-2d2aef8ed069","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":129,"box":{"x":89,"y":104,"width":871,"height":13}},{"id":"8b5fb815-9b27-4526-9bdf-b7475b144a0e","block_type":"box","text":"or benefits to be rendered to BlackRock; or (v) to manage or equalize investment performance among different client","page_number":129,"box":{"x":89,"y":119,"width":817,"height":13}},{"id":"256f4c35-e7f5-4415-8d01-415a8c494c2e","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":129,"box":{"x":89,"y":135,"width":862,"height":12}},{"id":"b89ef01e-e1a0-4113-a4b5-635053360abb","block_type":"box","text":"in which the Funds may invest.","page_number":129,"box":{"x":89,"y":150,"width":215,"height":12}},{"id":"63d3cbd1-0430-4ff0-a78e-6ee7629b2b24","block_type":"box","text":"Initial public offerings (“IPOs”) of securities may be over-subscribed and subsequently trade at a premium in the secondary","page_number":129,"box":{"x":89,"y":176,"width":862,"height":13}},{"id":"c9dccfca-d454-4db0-b966-d13436763986","block_type":"box","text":"market. When BFA is given an opportunity to invest in such an initial offering or “new” or “hot” issue, the supply of securities","page_number":129,"box":{"x":89,"y":191,"width":872,"height":13}},{"id":"7e46bb8f-dfd0-4a23-b2c5-15ccddbce391","block_type":"box","text":"available for client accounts is often less than the amount of securities the accounts would otherwise take. In order to","page_number":129,"box":{"x":89,"y":206,"width":823,"height":10}},{"id":"8ab0b0ec-b535-462c-a522-f75a7858b947","block_type":"box","text":"allocate these investments fairly and equitably among client accounts over time, each portfolio manager or a member of his","page_number":129,"box":{"x":89,"y":222,"width":867,"height":12}},{"id":"61105566-6850-42e4-aae7-5009e5298b1d","block_type":"box","text":"or her respective investment team will indicate to BFA’s trading desk their level of interest in a particular offering with respect","page_number":129,"box":{"x":89,"y":237,"width":872,"height":12}},{"id":"7d2a3623-efba-498c-9ec0-73e0871f9dad","block_type":"box","text":"to eligible clients’ accounts for which that team is responsible. IPOs of U.S. equity securities will be identified as eligible for","page_number":129,"box":{"x":88,"y":252,"width":855,"height":12}},{"id":"8ac6b09e-2812-4178-b610-5871845ea7d4","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":129,"box":{"x":89,"y":267,"width":859,"height":12}},{"id":"a996393b-7a8d-41aa-bcc6-557113d856b1","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":129,"box":{"x":89,"y":282,"width":863,"height":12}},{"id":"8b666c84-8da0-44b9-b4c6-68e569fc06d4","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":129,"box":{"x":89,"y":297,"width":870,"height":12}},{"id":"eb998be6-01f5-433e-8283-b02439dd995b","block_type":"box","text":"shares received during the IPO will be allocated among participating client accounts within each investment mandate on a","page_number":129,"box":{"x":89,"y":312,"width":856,"height":13}},{"id":"a970079f-2fc9-4b34-9d25-3cfbc4855bb5","block_type":"box","text":"pro rata","page_number":129,"box":{"x":87,"y":329,"width":56,"height":11}},{"id":"eef8747a-a3ea-4d6c-a9c9-a89afdde0e7f","block_type":"box","text":"basis. This","page_number":129,"box":{"x":149,"y":327,"width":71,"height":10}},{"id":"8238af32-7e41-480c-9a03-66c86835f5c5","block_type":"box","text":"pro rata","page_number":129,"box":{"x":224,"y":329,"width":56,"height":11}},{"id":"c4b4afba-0a2a-401d-a37d-e4e756e2c117","block_type":"box","text":"allocation may result in a Fund receiving less of a particular security than if pro-rating had not","page_number":129,"box":{"x":285,"y":327,"width":656,"height":13}},{"id":"a7d01758-81ac-4a4a-a4f9-da08bb235292","block_type":"box","text":"occurred. All allocations of securities will be subject, where relevant, to share minimums established for accounts and","page_number":129,"box":{"x":89,"y":342,"width":822,"height":13}},{"id":"4fdb94b3-ec0e-4640-bea4-b8b8ff64ec63","block_type":"box","text":"compliance constraints. In situations where supply is too limited to be allocated among all accounts for which the","page_number":129,"box":{"x":89,"y":358,"width":797,"height":12}},{"id":"cff1cd98-e0cd-4313-bfc6-7f43731f72c3","block_type":"box","text":"investment is eligible, portfolio managers may rotate such investment opportunities among one or more accounts so long as","page_number":129,"box":{"x":89,"y":373,"width":873,"height":12}},{"id":"aa1c6b3d-94db-441e-a348-03c82ee9d098","block_type":"box","text":"the rotation system provides for fair access for all client accounts over time. Other allocation methodologies that are","page_number":129,"box":{"x":88,"y":388,"width":814,"height":12}},{"id":"ab0aef7b-7842-49f4-847f-c7115d7ef6ee","block_type":"box","text":"considered by BFA to be fair and equitable to clients may be used as well.","page_number":129,"box":{"x":89,"y":403,"width":510,"height":12}},{"id":"350141f7-8d98-4882-ab09-efcc37ccc201","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BFA may buy and sell the same securities","page_number":129,"box":{"x":89,"y":429,"width":861,"height":13}},{"id":"42076927-89c0-4ca2-a093-f46c8a7c2ad5","block_type":"box","text":"at the same time for different clients based on the particular investment objective, guidelines and strategies of those","page_number":129,"box":{"x":89,"y":445,"width":811,"height":12}},{"id":"7e8911b1-e346-4eb1-a208-a23ab6a9dc4f","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":129,"box":{"x":89,"y":460,"width":850,"height":12}},{"id":"e3fa71fb-b511-4441-b751-b0238ab9e4bc","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":129,"box":{"x":88,"y":475,"width":878,"height":12}},{"id":"055c2805-40e7-4a54-bf14-cccc704aa509","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":129,"box":{"x":88,"y":490,"width":860,"height":12}},{"id":"e3f87b3f-c65e-437a-9ff4-2d0f7cf850a9","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":129,"box":{"x":88,"y":505,"width":865,"height":12}},{"id":"3aad3fd7-12d0-4ff4-961b-38c70ca9b012","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":129,"box":{"x":89,"y":520,"width":843,"height":12}},{"id":"333527b8-ae3b-424e-8692-0f3d331c7684","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":129,"box":{"x":89,"y":535,"width":831,"height":13}},{"id":"05b35673-cd77-4198-a5a0-99e3762e525d","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":129,"box":{"x":89,"y":550,"width":854,"height":13}},{"id":"530b4fe8-7fe2-4964-ac61-c24a4bef3c24","block_type":"box","text":"insofar as feasible, for the respective funds and clients in a manner deemed equitable to all.","page_number":129,"box":{"x":89,"y":565,"width":637,"height":13}},{"id":"de51d8c2-5eda-4665-b8d6-e3e0101d9077","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":129,"box":{"x":89,"y":592,"width":831,"height":12}},{"id":"48274adb-3b05-408c-bc28-9c150871eaf1","block_type":"box","text":"certain contemporaneous purchases or sale orders of its advisory accounts and advisory accounts of affiliates. In general, all","page_number":129,"box":{"x":89,"y":607,"width":869,"height":12}},{"id":"a1812e63-7537-4d26-9379-e38e83c0b6ac","block_type":"box","text":"contemporaneous trades for client accounts under management by the same portfolio manager or investment team will be","page_number":129,"box":{"x":89,"y":622,"width":864,"height":12}},{"id":"02183f38-10b5-4659-a554-955237a92d17","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":129,"box":{"x":89,"y":637,"width":871,"height":13}},{"id":"bf5bbfd4-2abf-4247-8046-9a2238e4f0fc","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":129,"box":{"x":89,"y":652,"width":844,"height":13}},{"id":"172254cd-3fce-4d7e-9a2f-db06d74fbc2b","block_type":"box","text":"pro","page_number":129,"box":{"x":937,"y":655,"width":23,"height":10}},{"id":"4f1ac407-d255-4435-8b77-99c49327f60b","block_type":"box","text":"rata","page_number":129,"box":{"x":88,"y":669,"width":28,"height":8}},{"id":"33e2e7f9-6cf8-4dba-b795-e3357fbf44ec","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":129,"box":{"x":121,"y":668,"width":838,"height":12}},{"id":"cff17f02-4359-4261-9055-fe6232619d2d","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":129,"box":{"x":88,"y":683,"width":857,"height":12}},{"id":"c2368782-c7b5-406e-87cf-860897dff6c9","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":129,"box":{"x":89,"y":698,"width":877,"height":12}},{"id":"93d3081b-4dba-410e-8d20-0487869a93d8","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":129,"box":{"x":89,"y":713,"width":845,"height":12}},{"id":"b905b4f4-48bf-46a2-9dce-209349c37e6e","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":129,"box":{"x":89,"y":728,"width":869,"height":12}},{"id":"7fab113b-7bd8-4dda-b598-35fef8457689","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":129,"box":{"x":89,"y":743,"width":828,"height":12}},{"id":"dcb9f088-06cc-4acc-a2b4-c2b36ce6e72d","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":129,"box":{"x":89,"y":758,"width":861,"height":13}},{"id":"aa889d40-bf03-4066-ab75-5a5a1f1373f8","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":129,"box":{"x":89,"y":773,"width":831,"height":13}},{"id":"39780b49-e0ef-4579-bf37-bc1f5a86bbb0","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":129,"box":{"x":89,"y":788,"width":854,"height":13}},{"id":"5cf03883-8951-49b4-a769-5b1678f39ac2","block_type":"box","text":"order.","page_number":129,"box":{"x":89,"y":804,"width":38,"height":9}},{"id":"8eb19d9f-760d-431a-bfd0-f8721b4f10fa","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":129,"box":{"x":88,"y":830,"width":822,"height":12}},{"id":"34a122bc-2574-46fa-9bd4-db0951a462fb","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":129,"box":{"x":89,"y":845,"width":858,"height":12}},{"id":"798ec7f8-1469-4573-a445-b330d317eae8","block_type":"box","text":"over those periods or the magnitude of changes to the components of a Fund’s Underlying Index:","page_number":129,"box":{"x":89,"y":860,"width":682,"height":13}},{"id":"f04f4bbf-4f55-449b-8977-df49dfeb1f48","block_type":"box","text":"109","page_number":129,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"a0a17586-7113-4c63-9af2-1fa560840738","block_type":"box","text":"Fund","page_number":130,"box":{"x":89,"y":101,"width":27,"height":8}},{"id":"fe00c998-df55-4265-8f9f-0ca011520fab","block_type":"box","text":"Brokerage","page_number":130,"box":{"x":508,"y":61,"width":57,"height":10}},{"id":"d4919cd2-ffdf-4906-90a6-148104399736","block_type":"box","text":"Commissions","page_number":130,"box":{"x":498,"y":71,"width":77,"height":8}},{"id":"fcd3a8b8-f71a-4ccd-b957-cf558d38944c","block_type":"box","text":"Paid During","page_number":130,"box":{"x":503,"y":81,"width":67,"height":10}},{"id":"80c354bd-6fba-45af-9e7a-2bfbd0179dbc","block_type":"box","text":"Fiscal Year","page_number":130,"box":{"x":507,"y":91,"width":60,"height":8}},{"id":"902e53a8-92d6-4e9f-b100-f03c8f207668","block_type":"box","text":"Ended August 31, 2025","page_number":130,"box":{"x":470,"y":101,"width":132,"height":10}},{"id":"8d646d60-68c3-43dc-8bf4-8387d10defa5","block_type":"box","text":"Brokerage","page_number":130,"box":{"x":690,"y":61,"width":58,"height":10}},{"id":"f7d7bf80-604f-4f3a-a61d-8bf32bf0cb9e","block_type":"box","text":"Commissions","page_number":130,"box":{"x":680,"y":71,"width":77,"height":8}},{"id":"390b835e-266c-4672-8355-9b560486ad2b","block_type":"box","text":"Paid During","page_number":130,"box":{"x":686,"y":81,"width":66,"height":10}},{"id":"52690c6f-e432-4b72-b06e-c1354dbc01e5","block_type":"box","text":"Fiscal Year","page_number":130,"box":{"x":689,"y":91,"width":60,"height":8}},{"id":"8eef742e-6794-4404-9de9-614096ddf1e3","block_type":"box","text":"Ended August 31, 2024","page_number":130,"box":{"x":653,"y":101,"width":132,"height":10}},{"id":"3e717bc2-3b6a-4933-8334-08386107f9da","block_type":"box","text":"Brokerage","page_number":130,"box":{"x":873,"y":61,"width":57,"height":10}},{"id":"fe834366-4340-48e3-8faa-9d9b2a0485be","block_type":"box","text":"Commissions","page_number":130,"box":{"x":863,"y":71,"width":77,"height":8}},{"id":"bcfd485d-b974-44d5-8447-44e611468d26","block_type":"box","text":"Paid During","page_number":130,"box":{"x":868,"y":81,"width":67,"height":10}},{"id":"bf15f626-7bc4-4ee9-823f-9b16404f878e","block_type":"box","text":"Fiscal Year","page_number":130,"box":{"x":872,"y":91,"width":60,"height":8}},{"id":"09c42698-119b-48c9-9483-93c726ec7aff","block_type":"box","text":"Ended August 31, 2023","page_number":130,"box":{"x":835,"y":101,"width":132,"height":10}},{"id":"b8292788-be97-491e-8934-2db7b8c0ec01","block_type":"box","text":"iShares MSCI Australia ETF $ 47,895 $ 47,234 $ 41,159","page_number":130,"box":{"x":89,"y":123,"width":844,"height":12}},{"id":"53979ab9-eab0-4c75-b5cd-4c6267580c01","block_type":"box","text":"iShares MSCI Austria ETF 5,756 6,236 5,196","page_number":130,"box":{"x":89,"y":138,"width":844,"height":12}},{"id":"0ca84852-9f37-4f7a-afb2-e988d6272f84","block_type":"box","text":"iShares MSCI Belgium ETF 1,762 1,158 875","page_number":130,"box":{"x":89,"y":153,"width":844,"height":13}},{"id":"85cb9537-9065-4121-9ac6-d47987457417","block_type":"box","text":"iShares MSCI Canada ETF 31,170 34,818 74,167","page_number":130,"box":{"x":89,"y":169,"width":844,"height":11}},{"id":"fbd3b98a-888f-442c-95f6-9c25a74e4ea0","block_type":"box","text":"iShares MSCI Eurozone ETF 130,902 169,955 119,441","page_number":130,"box":{"x":89,"y":184,"width":841,"height":11}},{"id":"983427d1-a310-4807-a44a-8dce270017ae","block_type":"box","text":"iShares MSCI France ETF 7,780 10,446 14,557","page_number":130,"box":{"x":89,"y":199,"width":844,"height":11}},{"id":"503d3ef1-f8cc-4db8-a53d-231b476f2b57","block_type":"box","text":"iShares MSCI Germany ETF 20,095 15,147 37,368","page_number":130,"box":{"x":89,"y":214,"width":844,"height":12}},{"id":"02b536ac-2eea-4aac-930d-780877a4e9e3","block_type":"box","text":"iShares MSCI Hong Kong ETF 55,144 43,190 83,491","page_number":130,"box":{"x":89,"y":229,"width":841,"height":12}},{"id":"cfed3b66-7150-4531-9849-f06fefd721e9","block_type":"box","text":"iShares MSCI Israel ETF 9,451 7,913 10,786","page_number":130,"box":{"x":89,"y":244,"width":844,"height":12}},{"id":"0af44a10-1228-4b43-82e4-f09f01da784d","block_type":"box","text":"iShares MSCI Italy ETF 22,403 20,260 20,942","page_number":130,"box":{"x":89,"y":259,"width":844,"height":13}},{"id":"8bd0380e-fa26-4a51-9ada-0d56b354c062","block_type":"box","text":"iShares MSCI Japan ETF 294,687 317,308 164,093","page_number":130,"box":{"x":89,"y":274,"width":844,"height":13}},{"id":"299b4ec7-16fb-4307-8b62-89a550a47b59","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 7,468 9,421 3,697","page_number":130,"box":{"x":89,"y":290,"width":844,"height":12}},{"id":"cd105bde-e9dc-488b-850e-765c47f3fa56","block_type":"box","text":"iShares MSCI Mexico ETF 160,392 252,116 187,633","page_number":130,"box":{"x":89,"y":305,"width":844,"height":11}},{"id":"cd7e9632-4760-4e50-8b32-64afe8cca44d","block_type":"box","text":"iShares MSCI Netherlands ETF 11,484 10,152 9,771","page_number":130,"box":{"x":89,"y":320,"width":841,"height":11}},{"id":"5e3164c5-7731-4469-9269-ea1870a63b53","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 86,530 78,306 86,347","page_number":130,"box":{"x":89,"y":335,"width":844,"height":12}},{"id":"ffc34962-0d86-462a-bf8f-ebcd6907db3f","block_type":"box","text":"iShares MSCI Singapore ETF 86,489 77,319 112,207","page_number":130,"box":{"x":89,"y":350,"width":844,"height":12}},{"id":"8fbd9cf0-4476-4e57-b8e4-9880a2f59d72","block_type":"box","text":"iShares MSCI South Africa ETF 58,638 13,406 17,932","page_number":130,"box":{"x":89,"y":365,"width":844,"height":11}},{"id":"1945ea21-3838-49fd-8c06-391a8cd26c30","block_type":"box","text":"iShares MSCI Spain ETF 107,615 48,906 29,255","page_number":130,"box":{"x":89,"y":380,"width":844,"height":13}},{"id":"1c2b8e6f-64e0-4b07-9f3d-8a40b7d3c55c","block_type":"box","text":"iShares MSCI Sweden ETF 41,007 36,372 30,702","page_number":130,"box":{"x":89,"y":395,"width":844,"height":12}},{"id":"8be9789b-c39c-4002-90ac-675086a0a286","block_type":"box","text":"iShares MSCI Switzerland ETF 30,991 23,969 45,883","page_number":130,"box":{"x":89,"y":410,"width":844,"height":12}},{"id":"a37089f2-780d-4005-9082-9a4451cc4d5f","block_type":"box","text":"iShares MSCI Thailand ETF 23,447 22,452 36,676","page_number":130,"box":{"x":89,"y":426,"width":844,"height":11}},{"id":"99c35454-e789-4908-907b-70e5f89cc08c","block_type":"box","text":"iShares MSCI Turkey ETF 35,432 39,678 112,485","page_number":130,"box":{"x":89,"y":441,"width":844,"height":12}},{"id":"95bf3af5-5e27-4e87-96d7-b17e64be3eb9","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 48,254 30,354 26,263","page_number":130,"box":{"x":89,"y":456,"width":844,"height":12}},{"id":"4441fdb2-2957-4c5b-bd96-01df73c1ec26","block_type":"box","text":"iShares MSCI World ETF 30,122 18,712 23,390","page_number":130,"box":{"x":89,"y":471,"width":844,"height":11}},{"id":"c157ed5b-d4c3-4a22-8e62-8b8b3f7e9ff2","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":130,"box":{"x":88,"y":504,"width":873,"height":12}},{"id":"75d76af6-fb93-4bd1-afec-5b58c7f6672f","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":130,"box":{"x":88,"y":519,"width":877,"height":12}},{"id":"3dc7a9f9-2e88-43b6-96e4-c3ea427c1c22","block_type":"box","text":"with the market value of each investment as of the fiscal year ended August 31, 2025:","page_number":130,"box":{"x":88,"y":534,"width":599,"height":12}},{"id":"6864aae2-bb88-433b-aa06-61e73b232809","block_type":"box","text":"Fund","page_number":130,"box":{"x":89,"y":574,"width":27,"height":7}},{"id":"3b0f803a-c5bd-44ba-b9d0-051a9e8d28f1","block_type":"box","text":"Issuer","page_number":130,"box":{"x":561,"y":574,"width":34,"height":7}},{"id":"efdc26e4-2e25-4e3f-916a-fde59e7b4f83","block_type":"box","text":"Market Value of","page_number":130,"box":{"x":877,"y":564,"width":92,"height":7}},{"id":"f61b44a7-62d3-41f4-a6c6-5fdfd5432d3e","block_type":"box","text":"Investment","page_number":130,"box":{"x":891,"y":574,"width":63,"height":7}},{"id":"e5d2c027-f80d-435a-be97-49d56c6a27fa","block_type":"box","text":"iShares MSCI Australia ETF Macquire Group Ltd. $ 60,644,094","page_number":130,"box":{"x":89,"y":596,"width":879,"height":12}},{"id":"086da3b2-b542-4eb2-b03e-9864f8466db5","block_type":"box","text":"iShares MSCI Canada ETF Royal Bank of Canada $257,982,018","page_number":130,"box":{"x":89,"y":628,"width":879,"height":13}},{"id":"b5b22210-c7d9-435e-84d5-af26f6ff87a6","block_type":"box","text":"Toronto-Dominion Bank (The) 165,013,325","page_number":130,"box":{"x":560,"y":645,"width":407,"height":12}},{"id":"fd1d71bf-8c89-42c0-aca7-b205ad8cebf2","block_type":"box","text":"Bank of Montreal 109,955,738","page_number":130,"box":{"x":562,"y":661,"width":406,"height":12}},{"id":"8d7db0d6-42c0-447b-b01f-e87e0f765b3c","block_type":"box","text":"Bank of Nova Scotia (The) 97,639,154","page_number":130,"box":{"x":562,"y":678,"width":406,"height":12}},{"id":"e27787c2-5df9-432b-b82d-332cdc4a8491","block_type":"box","text":"Canadian Imperial Bank of Commerce 91,050,226","page_number":130,"box":{"x":561,"y":694,"width":407,"height":12}},{"id":"30c5360e-a438-4385-8215-96648b1761c1","block_type":"box","text":"National Bank of Canada 51,618,410","page_number":130,"box":{"x":562,"y":710,"width":406,"height":12}},{"id":"9fba8f46-9421-4c9c-a48e-9375e451cb20","block_type":"box","text":"iShares MSCI Eu","page_number":130,"box":{"x":89,"y":743,"width":108,"height":10}},{"id":"e7b12322-e901-4f30-96e6-8220bd94618b","block_type":"box","text":"rozone ETF BNP Paribas SA $106,553,487","page_number":130,"box":{"x":199,"y":743,"width":769,"height":11}},{"id":"614d33de-970f-4196-9d3a-445fb59d0dd6","block_type":"box","text":"Societe Generale SA 51,784,255","page_number":130,"box":{"x":561,"y":759,"width":406,"height":12}},{"id":"1e4412c0-8593-4236-b9a1-422aef301b3f","block_type":"box","text":"iShares MSCI France ETF BNP Paribas SA $ 16,823,662","page_number":130,"box":{"x":89,"y":792,"width":878,"height":12}},{"id":"aa0cb334-8d85-457c-a411-279c1930e3ec","block_type":"box","text":"Societe Generale SA 8,176,172","page_number":130,"box":{"x":561,"y":809,"width":406,"height":11}},{"id":"5918581a-47bf-4e56-916f-482d9647b6da","block_type":"box","text":"iShares MSCI Japan ETF Nomura Holdings Inc. $ 76,142,623","page_number":130,"box":{"x":89,"y":841,"width":878,"height":13}},{"id":"38bd5515-65e3-4074-8c92-43e0d5844a66","block_type":"box","text":"110","page_number":130,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"562dbafc-6dec-4a51-a0e5-d8e33b78d3ca","block_type":"box","text":"Fund","page_number":131,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"4b169b4e-a9c5-4856-a7b1-c35488b2038a","block_type":"box","text":"Issuer","page_number":131,"box":{"x":561,"y":55,"width":34,"height":7}},{"id":"a3bfe013-8682-46cc-94ad-b2762ef73daf","block_type":"box","text":"Market Value of","page_number":131,"box":{"x":877,"y":45,"width":92,"height":7}},{"id":"adac7a62-4e5d-4728-a455-ddcd66d6c7d2","block_type":"box","text":"Investment","page_number":131,"box":{"x":891,"y":55,"width":63,"height":7}},{"id":"d242ced2-c739-4238-90a1-0a3a260eeee7","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF Macquarie Group Ltd. $45,715,868","page_number":131,"box":{"x":89,"y":93,"width":875,"height":12}},{"id":"3d58b6a7-c531-4d79-8284-20090528f189","block_type":"box","text":"iShares MSCI Switzerland ETF UBS Group AG $86,729,973","page_number":131,"box":{"x":89,"y":126,"width":874,"height":12}},{"id":"fc75d538-39c5-4a2e-9591-fe2fc9c70a84","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF Bank of America Corp. $ 3,029,330","page_number":131,"box":{"x":89,"y":159,"width":875,"height":12}},{"id":"0f03f2d3-229a-41e0-bea3-dfb549f2cdab","block_type":"box","text":"Citigroup Inc. 2,925,492","page_number":131,"box":{"x":561,"y":175,"width":402,"height":12}},{"id":"b7045b2a-830c-4234-b9f8-b8adbfa2972b","block_type":"box","text":"JPMorgan Chase & Co. 2,937,941","page_number":131,"box":{"x":560,"y":191,"width":401,"height":13}},{"id":"67637087-c40a-457f-ada5-58891f9c91d4","block_type":"box","text":"Morgan Stanley 2,984,771","page_number":131,"box":{"x":561,"y":208,"width":400,"height":12}},{"id":"db29b556-be1e-4029-9593-174ccea1e69b","block_type":"box","text":"The Goldman Sachs Group, Inc. 2,954,916","page_number":131,"box":{"x":560,"y":224,"width":404,"height":12}},{"id":"25cb6017-4e36-42cd-bef1-4194b014e643","block_type":"box","text":"iShares MSCI World ETF JPMorgan Chase & Co. $59,959,974","page_number":131,"box":{"x":89,"y":257,"width":875,"height":12}},{"id":"9dd165cd-51c4-4f1c-a936-2f38bfe3ad4d","block_type":"box","text":"Bank of America Corp. 26,158,550","page_number":131,"box":{"x":562,"y":273,"width":402,"height":13}},{"id":"240e26fd-2905-4ec5-b51a-3bc8f3e025fe","block_type":"box","text":"Goldman Sachs Group Inc. (The) 16,352,276","page_number":131,"box":{"x":561,"y":290,"width":403,"height":12}},{"id":"44c07b8f-a2e0-4348-97f2-e46bb9da155c","block_type":"box","text":"Royal Bank of Canada 14,723,303","page_number":131,"box":{"x":562,"y":306,"width":401,"height":12}},{"id":"9c26e082-b75e-40f5-9748-19c595cb6465","block_type":"box","text":"Morgan Stanley 12,995,453","page_number":131,"box":{"x":561,"y":322,"width":402,"height":13}},{"id":"e9357e41-5ff3-4c6e-a2f3-10086efa0896","block_type":"box","text":"Citigroup, Inc. 12,725,029","page_number":131,"box":{"x":561,"y":339,"width":403,"height":12}},{"id":"b44e89f3-9bca-49c4-9709-6fc9aca80708","block_type":"box","text":"UBS Group AG 9,204,874","page_number":131,"box":{"x":562,"y":356,"width":402,"height":11}},{"id":"e3627e0c-4985-413d-a427-6071be743456","block_type":"box","text":"BNP Paribas SA 6,400,434","page_number":131,"box":{"x":562,"y":371,"width":402,"height":12}},{"id":"2b278282-4c99-471d-9570-5159d9ed3065","block_type":"box","text":"Bank of Montreal 6,215,471","page_number":131,"box":{"x":562,"y":388,"width":399,"height":11}},{"id":"d62c6f8e-29b2-4719-928d-4bbc9dfeea55","block_type":"box","text":"Barclays PLC 5,095,764","page_number":131,"box":{"x":562,"y":404,"width":402,"height":13}},{"id":"b0448538-55ed-4e6c-92d5-2b1de7458a67","block_type":"box","text":"Societe Generale SA 3,158,443","page_number":131,"box":{"x":561,"y":421,"width":402,"height":11}},{"id":"e26f1046-78d6-4631-95d9-18134c6561cd","block_type":"box","text":"None of the Funds paid any brokerage commissions to BRIL, an affiliate of BFA, or to any other broker-dealer that is part of","page_number":131,"box":{"x":89,"y":453,"width":857,"height":13}},{"id":"13e95845-c3fa-40c6-961b-36258675bbe9","block_type":"box","text":"the BlackRock group of companies, during the fiscal year ended August 31, 2025.","page_number":131,"box":{"x":88,"y":468,"width":568,"height":13}},{"id":"374efc80-de75-4b2d-84fc-a445f0378d05","block_type":"box","text":"The Funds’ purchase and sale orders for securities may be combined with those of other investment companies, clients or","page_number":131,"box":{"x":88,"y":495,"width":855,"height":12}},{"id":"b10ee3d4-59c6-4f7f-bb27-c3e1e099f93b","block_type":"box","text":"accounts that BlackRock manages or advises. If purchases or sales of portfolio securities of the Funds and one or more other","page_number":131,"box":{"x":89,"y":510,"width":873,"height":12}},{"id":"76af2823-040c-46fa-bb67-f9354efdc2f1","block_type":"box","text":"accounts managed or advised by BlackRock are considered at or about the same time, transactions in such securities are","page_number":131,"box":{"x":89,"y":525,"width":845,"height":12}},{"id":"c3904122-a43a-4433-923e-f2175d75aa2f","block_type":"box","text":"allocated among the Funds and the other accounts in a manner deemed equitable to all by BlackRock. In some cases, this","page_number":131,"box":{"x":89,"y":540,"width":851,"height":13}},{"id":"ee3fa870-231a-4fc2-bab7-2126c2fa42a9","block_type":"box","text":"procedure could have a detrimental effect on the price or volume of the security as far as the Funds are concerned. However,","page_number":131,"box":{"x":89,"y":555,"width":871,"height":13}},{"id":"362bad66-4e16-4395-8236-2546f2bce5aa","block_type":"box","text":"in other cases, it is possible that the ability to participate in volume transactions and to negotiate lower transaction costs will","page_number":131,"box":{"x":89,"y":570,"width":870,"height":13}},{"id":"44f4c610-8b2f-443f-8d1e-5a081c09e00a","block_type":"box","text":"be beneficial to the Funds. BlackRock may deal, trade and invest for its own account in the types of securities in which the","page_number":131,"box":{"x":89,"y":586,"width":852,"height":12}},{"id":"301f0bfa-8d14-4610-8782-00afe1a6ed95","block_type":"box","text":"Funds may invest. BlackRock may, from time to time, effect trades on behalf of and for the account of the Funds with brokers","page_number":131,"box":{"x":89,"y":601,"width":874,"height":12}},{"id":"d8ed1a77-edc3-4d9e-94ed-fc84c3f210f2","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":131,"box":{"x":89,"y":616,"width":874,"height":12}},{"id":"bb8b4f3a-c55c-4a06-84ef-359c521e4e99","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":631,"width":867,"height":12}},{"id":"367ce3d2-6a8f-47f6-a3bb-291fe048faea","block_type":"box","text":"other brokers or dealers in comparable transactions. The Funds will not deal with affiliates in principal transactions unless","page_number":131,"box":{"x":89,"y":646,"width":850,"height":12}},{"id":"74f5b6d2-436b-4f66-8ae2-040f2b797b07","block_type":"box","text":"permitted by applicable SEC rules or regulations, or by SEC exemptive order.","page_number":131,"box":{"x":89,"y":661,"width":528,"height":13}},{"id":"d21c11e9-509d-49cd-abf0-db81122f864d","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":131,"box":{"x":89,"y":688,"width":876,"height":12}},{"id":"1da12f26-d7e5-4e3b-905c-e9a1e957b01a","block_type":"box","text":"brokerage expenses.","page_number":131,"box":{"x":89,"y":703,"width":142,"height":12}},{"id":"35e8946a-58c9-44ad-b083-f7888da36c51","block_type":"box","text":"The table below sets forth the portfolio turnover rates of each Fund for the fiscal years noted:","page_number":131,"box":{"x":88,"y":729,"width":651,"height":13}},{"id":"d0f3b27c-f9fa-4586-9011-f2724b4bfc7f","block_type":"box","text":"Fund","page_number":131,"box":{"x":89,"y":769,"width":27,"height":8}},{"id":"81f12cb1-e82d-41ac-89a6-335b2fcf6d64","block_type":"box","text":"Fiscal Year Ended","page_number":131,"box":{"x":673,"y":759,"width":99,"height":8}},{"id":"9a2f0e80-e4b7-4a67-bae8-2eed044d6e5e","block_type":"box","text":"August 31, 2025","page_number":131,"box":{"x":675,"y":769,"width":94,"height":10}},{"id":"9c28316c-84fd-4390-805f-814bcdee03dd","block_type":"box","text":"Fiscal Year Ended","page_number":131,"box":{"x":869,"y":759,"width":99,"height":8}},{"id":"06e43081-4dbc-4b74-ac76-00d51600bac6","block_type":"box","text":"August 31, 2024","page_number":131,"box":{"x":871,"y":769,"width":94,"height":10}},{"id":"03a81897-304f-4e80-b0da-8cbe0a993b94","block_type":"box","text":"iShares MSCI Australia ETF 6% 5%","page_number":131,"box":{"x":89,"y":791,"width":845,"height":10}},{"id":"9913c28e-b82b-4f8c-b0d0-99b664f172f4","block_type":"box","text":"iShares MSCI Austria ETF 24% 22%","page_number":131,"box":{"x":89,"y":806,"width":845,"height":10}},{"id":"f470c59d-ad05-479c-bf61-a998b63f0378","block_type":"box","text":"iShares MSCI Belgium ETF 17% 18%","page_number":131,"box":{"x":89,"y":821,"width":845,"height":13}},{"id":"4be88425-ef82-4814-8d8b-cc9ba563006b","block_type":"box","text":"iShares MSCI Canada ETF 4% 4%","page_number":131,"box":{"x":89,"y":836,"width":845,"height":10}},{"id":"7f9a637f-3f8e-4b17-878d-21add5568c4a","block_type":"box","text":"iShares MSCI Eurozone ETF 4% 4%","page_number":131,"box":{"x":89,"y":851,"width":845,"height":10}},{"id":"af36204f-4e86-4c6e-b60b-b2543dd16187","block_type":"box","text":"111","page_number":131,"box":{"x":518,"y":894,"width":19,"height":9}},{"id":"a145d051-b715-4ae0-a857-5b6fcf7e7923","block_type":"box","text":"Fund","page_number":132,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"5d9af926-f634-451c-8e45-9855a6214cf9","block_type":"box","text":"Fiscal Year Ended","page_number":132,"box":{"x":673,"y":45,"width":99,"height":7}},{"id":"ac44b50e-7b26-4d69-bb6d-c8131973b2b0","block_type":"box","text":"August 31, 2025","page_number":132,"box":{"x":675,"y":55,"width":94,"height":9}},{"id":"f74565c8-b9c8-49e6-9857-be9ce6e53a4a","block_type":"box","text":"Fiscal Year Ended","page_number":132,"box":{"x":869,"y":45,"width":99,"height":7}},{"id":"da614527-b3c4-4c82-8706-8716b2ccaa0a","block_type":"box","text":"August 31, 2024","page_number":132,"box":{"x":871,"y":55,"width":94,"height":9}},{"id":"606f62be-b16e-476d-bb80-ad7397d2a066","block_type":"box","text":"iShares MSCI France ETF 4% 4%","page_number":132,"box":{"x":89,"y":77,"width":845,"height":9}},{"id":"42cab994-0b99-40e2-a559-c28efcc4d7ac","block_type":"box","text":"iShares MSCI Germany ETF 2% 3%","page_number":132,"box":{"x":89,"y":92,"width":845,"height":12}},{"id":"b0762dbe-09f1-4853-bae8-9b7e211ed3a2","block_type":"box","text":"iShares MSCI Hong Kong ETF 10% 14%","page_number":132,"box":{"x":89,"y":107,"width":845,"height":12}},{"id":"3bc599b1-ae01-48f9-a33c-4331a62aee8f","block_type":"box","text":"iShares MSCI Israel ETF 8% 7%","page_number":132,"box":{"x":89,"y":122,"width":845,"height":10}},{"id":"c52bb3c9-d639-4f9d-b34c-31fac8419c17","block_type":"box","text":"iShares MSCI Italy ETF 13% 18%","page_number":132,"box":{"x":89,"y":137,"width":845,"height":12}},{"id":"1b70672c-97c8-4f1d-85dd-6f70dabc7efc","block_type":"box","text":"iShares MSCI Japan ETF 6% 6%","page_number":132,"box":{"x":89,"y":152,"width":845,"height":13}},{"id":"05fd1948-67f7-41c7-b20e-043821b62743","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 17% 21%","page_number":132,"box":{"x":89,"y":167,"width":845,"height":13}},{"id":"2dbaf760-8f0e-462e-b655-c1f79ba333d4","block_type":"box","text":"iShares MSCI Mexico ETF 7% 10%","page_number":132,"box":{"x":89,"y":182,"width":845,"height":10}},{"id":"76c46c6e-ca05-4257-84cc-5d98d23d2ac5","block_type":"box","text":"iShares MSCI Netherlands ETF 12% 13%","page_number":132,"box":{"x":89,"y":198,"width":845,"height":9}},{"id":"7e78babf-d278-4688-9a9d-6a6d77adf969","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 10% 8%","page_number":132,"box":{"x":89,"y":213,"width":845,"height":12}},{"id":"62ecc73f-80dd-4736-9f14-a6a374252a87","block_type":"box","text":"iShares MSCI Singapore ETF 21% 26%","page_number":132,"box":{"x":89,"y":228,"width":845,"height":12}},{"id":"8b1c7a57-e244-49cb-9c4a-da69d6a2103b","block_type":"box","text":"iShares MSCI South Africa ETF 19% 4%","page_number":132,"box":{"x":89,"y":243,"width":845,"height":10}},{"id":"0fc9d7ef-1064-462a-879e-07d00eb5ce6e","block_type":"box","text":"iShares MSCI Spain ETF 29% 15%","page_number":132,"box":{"x":89,"y":258,"width":845,"height":12}},{"id":"31723752-da3d-448f-ac00-34771015db24","block_type":"box","text":"iShares MSCI Sweden ETF 20% 16%","page_number":132,"box":{"x":89,"y":273,"width":845,"height":10}},{"id":"4ea07efd-1239-426c-8ce6-912dbf6d8da0","block_type":"box","text":"iShares MSCI Switzerland ETF 9% 6%","page_number":132,"box":{"x":89,"y":288,"width":845,"height":10}},{"id":"ae575fd8-69cd-415b-998c-a8191525bbaa","block_type":"box","text":"iShares MSCI Thailand ETF 12% 8%","page_number":132,"box":{"x":89,"y":303,"width":845,"height":10}},{"id":"077a08ce-4edf-4221-9d3f-c64387e607c9","block_type":"box","text":"iShares MSCI Turkey ETF 15% 14%","page_number":132,"box":{"x":89,"y":319,"width":845,"height":12}},{"id":"b81cd36f-df86-4c6e-851c-8f97166c1028","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 31% 26%","page_number":132,"box":{"x":89,"y":334,"width":845,"height":12}},{"id":"09752d6d-e57d-449e-b552-3e62fc4bb9ff","block_type":"box","text":"iShares MSCI World ETF 2% 2%","page_number":132,"box":{"x":89,"y":349,"width":845,"height":9}},{"id":"1384cd15-5401-4b73-8a50-61fd909f1e10","block_type":"box","text":"Additional Information Concerning the Company","page_number":132,"box":{"x":88,"y":386,"width":825,"height":29}},{"id":"ab5c8a75-abcb-44a0-903c-a7d607cdb858","block_type":"box","text":"Capital Stock.","page_number":132,"box":{"x":89,"y":427,"width":97,"height":12}},{"id":"0802c51b-e8c9-4f88-8d56-8cefd7d0713d","block_type":"box","text":"Each series issues shares of common stock, par value $0.001 per share. The Company has authorized and","page_number":132,"box":{"x":200,"y":427,"width":739,"height":12}},{"id":"eaa7fca1-d543-4d5b-b752-792e5a62c1f4","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":132,"box":{"x":89,"y":442,"width":871,"height":12}},{"id":"693522d2-821e-4ea3-a10a-e6d648bfce3e","block_type":"box","text":"Markets ETF, iShares Currency Hedged MSCI Emerging Markets ETF, iShares Emerging Markets Dividend ETF, iShares","page_number":132,"box":{"x":89,"y":457,"width":818,"height":12}},{"id":"ec013f5f-c1f4-43b7-88fa-cbb34452afce","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":132,"box":{"x":89,"y":472,"width":868,"height":13}},{"id":"12982f14-2330-4c35-9a46-cc12271f7b26","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":132,"box":{"x":89,"y":487,"width":856,"height":13}},{"id":"c0294cd3-a710-45ae-9939-4655ac8a0c31","block_type":"box","text":"Currency Bond ETF, iShares MSCI Agriculture Producers ETF, iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares","page_number":132,"box":{"x":89,"y":502,"width":857,"height":13}},{"id":"0b81463d-a177-482b-a7ff-9716c0ca7ace","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":132,"box":{"x":89,"y":518,"width":868,"height":12}},{"id":"8be1c705-5b08-4575-a8ec-f60bd38252a4","block_type":"box","text":"MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets ex China ETF,","page_number":132,"box":{"x":89,"y":533,"width":824,"height":12}},{"id":"d66667b7-f72e-4ac9-9570-f82d01c1f007","block_type":"box","text":"iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Eurozone","page_number":132,"box":{"x":89,"y":548,"width":866,"height":12}},{"id":"ad395734-fb08-4508-8f6f-2727711ec39e","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":132,"box":{"x":89,"y":563,"width":870,"height":12}},{"id":"98639821-32b5-452f-b3f6-2957cf16066a","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":132,"box":{"x":89,"y":578,"width":864,"height":12}},{"id":"31d29a0a-9728-4553-bc6d-6215a50ccbe8","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":132,"box":{"x":89,"y":593,"width":874,"height":13}},{"id":"dfa9b8d0-6fe5-497a-9a6f-46b60110dae5","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":132,"box":{"x":89,"y":608,"width":868,"height":13}},{"id":"6ace5290-c8cf-458b-9d91-0be263df8968","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":132,"box":{"x":89,"y":623,"width":872,"height":13}},{"id":"6d1ff985-661a-4afe-aa2e-7b324258dfa6","block_type":"box","text":"MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI Taiwan ETF, iShares MSCI Thailand","page_number":132,"box":{"x":89,"y":639,"width":861,"height":12}},{"id":"5339dcbd-837e-40ea-941d-f5820f6910ad","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":132,"box":{"x":89,"y":654,"width":855,"height":12}},{"id":"b112b00c-44f3-4495-8446-fc87f6a7c54f","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":132,"box":{"x":89,"y":669,"width":840,"height":12}},{"id":"c4b1d3f7-cc2d-4a7e-9fa3-ea0c213eed9f","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":132,"box":{"x":89,"y":684,"width":877,"height":12}},{"id":"6dce323e-ba89-4214-9a6d-2dec3d6f4552","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":132,"box":{"x":89,"y":699,"width":860,"height":12}},{"id":"eacc6501-79fc-4d7c-a832-47dc944102ab","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":132,"box":{"x":88,"y":714,"width":851,"height":12}},{"id":"56062fa6-dda9-4b45-a30c-959fe3079ea7","block_type":"box","text":"Unit or by resolution, restrict the redemption right to Creation Units.","page_number":132,"box":{"x":89,"y":729,"width":474,"height":13}},{"id":"f88982bc-d0d9-4ae3-bc4f-e6af08e63c07","block_type":"box","text":"Each share issued by a fund has a","page_number":132,"box":{"x":89,"y":756,"width":234,"height":12}},{"id":"da0d06f5-ca8b-4805-90d5-d64209b078d0","block_type":"box","text":"pro rata","page_number":132,"box":{"x":327,"y":757,"width":56,"height":11}},{"id":"b73ad77c-afd4-4a1e-9084-37276baf8a58","block_type":"box","text":"interest in the assets of that fund. The Company is currently authorized to issue","page_number":132,"box":{"x":388,"y":756,"width":555,"height":12}},{"id":"9c82698f-de98-4499-8048-713c68f5c35e","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":132,"box":{"x":89,"y":771,"width":862,"height":12}},{"id":"31d6bfa2-004f-400b-96a3-f810f84702ec","block_type":"box","text":"Asia/Pacific Dividend ETF, 500 million shares; iShares Core MSCI Emerging Markets ETF, 15 billion shares; iShares Currency","page_number":132,"box":{"x":88,"y":786,"width":862,"height":12}},{"id":"8ac5dbf3-7978-4788-8aaf-82d49119626d","block_type":"box","text":"Hedged MSCI Emerging Markets ETF, 250 million shares; iShares Emerging Markets Dividend ETF, 500 million shares; iShares","page_number":132,"box":{"x":89,"y":801,"width":874,"height":12}},{"id":"2c90245d-b375-45da-bd69-44067c1cf31e","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":132,"box":{"x":89,"y":816,"width":844,"height":13}},{"id":"a4c764da-2d79-4f85-b0a1-127f43578e7f","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":132,"box":{"x":89,"y":831,"width":842,"height":13}},{"id":"64bcd635-be97-49f5-8679-ae50fcd57e70","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":132,"box":{"x":89,"y":846,"width":874,"height":13}},{"id":"151f1881-6821-46b9-bd71-2e2d5bc444e6","block_type":"box","text":"million shares; iShares MSCI Agriculture Producers ETF, 500 million shares; iShares MSCI Australia ETF, 1 billion shares;","page_number":132,"box":{"x":89,"y":862,"width":832,"height":12}},{"id":"eb13436c-cef4-4f45-905e-6f000413af3c","block_type":"box","text":"112","page_number":132,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"e7a12a53-4212-4bd5-974c-f44735aaeb62","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":133,"box":{"x":89,"y":44,"width":841,"height":12}},{"id":"ab067511-69f0-433a-85c4-5d485d56bd29","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":133,"box":{"x":89,"y":59,"width":851,"height":11}},{"id":"eb67985f-50a0-40c1-ba28-c979bc641674","block_type":"box","text":"300 million shares; iShares MSCI Emerging Markets Asia ETF, 500 million shares; iShares MSCI Emerging Markets ETF, 5","page_number":133,"box":{"x":89,"y":74,"width":837,"height":12}},{"id":"4734b50a-c10b-4225-ba0a-f4a3da7764ca","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":133,"box":{"x":89,"y":89,"width":869,"height":13}},{"id":"eca2cc64-3813-4e42-8de9-a5a77f70d1c4","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":133,"box":{"x":89,"y":104,"width":861,"height":13}},{"id":"2323ae05-6157-4e2d-b401-5343f65be976","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":133,"box":{"x":89,"y":119,"width":866,"height":13}},{"id":"b06c928e-1ff2-4259-b12c-cf4203735474","block_type":"box","text":"Global Gold Miners ETF, 500 million shares; iShares MSCI Global Metals & Mining Producers ETF, 500 million shares; iShares","page_number":133,"box":{"x":89,"y":135,"width":866,"height":12}},{"id":"39990b68-b6c6-4ffa-bd9c-856db56a4aea","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":133,"box":{"x":89,"y":150,"width":850,"height":11}},{"id":"1d08e175-6097-42b1-9716-d2e88f6f7ad6","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":133,"box":{"x":89,"y":165,"width":853,"height":12}},{"id":"59cdba30-0ae3-4270-ae1a-95b776cf99da","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":133,"box":{"x":89,"y":180,"width":863,"height":12}},{"id":"2087a6dc-a631-4968-9a05-a7eac2e53a58","block_type":"box","text":"MSCI Malaysia ETF, 300 million shares; iShares MSCI Mexico ETF, 255 million shares; iShares MSCI Netherlands ETF, 255","page_number":133,"box":{"x":89,"y":195,"width":840,"height":12}},{"id":"d677bcd2-0245-4788-831f-c79bb6ccb842","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":133,"box":{"x":89,"y":210,"width":842,"height":13}},{"id":"ee41fffe-6ebe-4d74-b557-9ac450d6bf13","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":133,"box":{"x":88,"y":225,"width":846,"height":13}},{"id":"a749abb0-1c67-450b-bcc2-8b73975d4635","block_type":"box","text":"million shares; iShares MSCI Spain ETF, 300 million shares; iShares MSCI Sweden ETF, 100 million shares; iShares MSCI","page_number":133,"box":{"x":89,"y":240,"width":828,"height":13}},{"id":"fbb4b1f3-9a18-4076-b2ac-de9c7b3755b2","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":133,"box":{"x":88,"y":256,"width":875,"height":11}},{"id":"3b1f199b-5c6d-4eb2-a740-31a24ecbc571","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":133,"box":{"x":89,"y":271,"width":874,"height":12}},{"id":"51811236-f93f-4095-b274-3accee1294f0","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":133,"box":{"x":88,"y":286,"width":817,"height":12}},{"id":"753c973e-4aaa-445e-a0e1-a8b1167338cf","block_type":"box","text":"Infrastructure ETF, 500 million shares. Fractional shares will not be issued. Shares have no preemptive, exchange,","page_number":133,"box":{"x":89,"y":301,"width":789,"height":12}},{"id":"74bb0d87-3359-45b8-b7f1-4cdf420fa45e","block_type":"box","text":"subscription or conversion rights and are freely transferable. Each share is entitled to participate equally in dividends and","page_number":133,"box":{"x":89,"y":316,"width":842,"height":12}},{"id":"2e7ef6f9-0e11-4e48-88ad-10444aa3d114","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":133,"box":{"x":89,"y":331,"width":835,"height":12}},{"id":"a20d7278-897e-4763-bdc0-a403e3efeae4","block_type":"box","text":"liquidation. Shareholders are entitled to require the Company to redeem Creation Units of their shares.","page_number":133,"box":{"x":89,"y":346,"width":713,"height":13}},{"id":"33b7de69-0631-46b6-87bb-36ef14605359","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":133,"box":{"x":89,"y":373,"width":871,"height":12}},{"id":"7745bb19-3824-45c5-9504-8c1a224545b1","block_type":"box","text":"of the 1940 Act and the rules promulgated thereunder and the Maryland General Corporation Law. Stockholders have no","page_number":133,"box":{"x":89,"y":388,"width":846,"height":12}},{"id":"df72e3ef-86c5-463d-9414-e61ccbcc594b","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":133,"box":{"x":89,"y":403,"width":841,"height":12}},{"id":"4effceab-ac3f-454b-b960-9fa21c822e4f","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":133,"box":{"x":89,"y":418,"width":862,"height":12}},{"id":"91fb18cb-fc2f-46af-a606-edb187f73732","block_type":"box","text":"fund will vote separately on such matter.","page_number":133,"box":{"x":88,"y":433,"width":283,"height":13}},{"id":"1c0d1cc2-fe9f-4ab0-8b6a-5abc1d737530","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":133,"box":{"x":89,"y":460,"width":867,"height":12}},{"id":"51053daa-2f2b-4052-b6ea-565790f43060","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":133,"box":{"x":88,"y":475,"width":877,"height":12}},{"id":"c40bfc00-642c-4a7b-969b-e716b2b13f7d","block_type":"box","text":"1940 Act. Under Maryland law, Directors of the Company may be removed by vote of the stockholders.","page_number":133,"box":{"x":90,"y":490,"width":717,"height":12}},{"id":"13013342-2839-40ec-a67f-39f8f3350b18","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":133,"box":{"x":89,"y":516,"width":837,"height":13}},{"id":"069507a6-938f-47d1-b298-11988b4adec8","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":133,"box":{"x":88,"y":531,"width":874,"height":13}},{"id":"6e405e48-27bc-4911-8037-9e8dc4d820d4","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":133,"box":{"x":88,"y":547,"width":862,"height":12}},{"id":"5d851631-dbc0-4c25-b5fa-8b4fef780ef9","block_type":"box","text":"Stockholders may make inquiries by writing to iShares, Inc., c/o BlackRock Investments, LLC, 1 University Square Drive,","page_number":133,"box":{"x":88,"y":573,"width":832,"height":12}},{"id":"40745abf-1891-4c61-a203-4c9b4f75529f","block_type":"box","text":"Princeton, NJ 08540.","page_number":133,"box":{"x":89,"y":589,"width":141,"height":10}},{"id":"4c61f09d-bedc-434a-a04f-1c56f64cbe2a","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":133,"box":{"x":88,"y":615,"width":873,"height":12}},{"id":"e8b69cce-429f-40aa-abae-8c3f77c7178e","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":133,"box":{"x":88,"y":630,"width":876,"height":12}},{"id":"27c46cf1-d332-48fa-8996-72b08c2d29d9","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":133,"box":{"x":89,"y":645,"width":810,"height":12}},{"id":"7217d6d8-b52b-406a-9f05-bb600c510a4d","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":133,"box":{"x":89,"y":660,"width":864,"height":12}},{"id":"371aafba-8b29-4101-b329-3c8784fbf332","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":133,"box":{"x":89,"y":675,"width":826,"height":12}},{"id":"7b82f8ed-ac8a-4ccd-9ef7-9461f75f2352","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":133,"box":{"x":89,"y":690,"width":860,"height":13}},{"id":"c1616795-779f-409f-bb55-b62022fb0a80","block_type":"box","text":"and existing guidance provided by the SEC staff.","page_number":133,"box":{"x":89,"y":705,"width":334,"height":13}},{"id":"ee44bb8f-fadb-441f-a09e-e61760c39ad8","block_type":"box","text":"Termination of the Company or a Fund.","page_number":133,"box":{"x":88,"y":732,"width":284,"height":12}},{"id":"59181a56-26ad-493a-87de-dd3ca3386266","block_type":"box","text":"The Company or a fund may be terminated by a majority vote of the Board, or the","page_number":133,"box":{"x":380,"y":732,"width":572,"height":12}},{"id":"99b82a1c-167b-4dc2-b0d7-b0ba83ae4bbd","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":133,"box":{"x":89,"y":747,"width":811,"height":12}},{"id":"6bef4ff8-5d1a-49e9-a21a-ab14c7c98848","block_type":"box","text":"Although the shares are not automatically redeemable upon the occurrence of any specific event, the Company’s","page_number":133,"box":{"x":88,"y":762,"width":792,"height":12}},{"id":"ed5484fc-6354-449c-b1c5-80d1a510523f","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":133,"box":{"x":89,"y":777,"width":872,"height":12}},{"id":"eb67909c-44e5-496b-852c-f63d3874adde","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":133,"box":{"x":89,"y":792,"width":859,"height":13}},{"id":"4c2eb9a7-cb70-4e4f-acc5-15ebf8502fda","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":133,"box":{"x":89,"y":807,"width":843,"height":13}},{"id":"0445ac52-6bc1-4a22-8907-db9482e09a1b","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":133,"box":{"x":89,"y":822,"width":847,"height":13}},{"id":"9ac02ae0-00e4-4c2a-8f70-b1cfc9b83697","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":133,"box":{"x":89,"y":838,"width":871,"height":12}},{"id":"ae5512e6-ff7d-4acf-ab09-beb566d13072","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":133,"box":{"x":88,"y":853,"width":811,"height":12}},{"id":"f4aad7f2-2a23-4293-a359-ddaf3e04e0d6","block_type":"box","text":"113","page_number":133,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"8970de53-7c51-4d65-be0b-88919609b65a","block_type":"box","text":"DTC as Securities Depository for Shares of the Funds.","page_number":134,"box":{"x":89,"y":44,"width":383,"height":12}},{"id":"85e0a4c5-a0e7-48a6-8cee-17f3a4c98939","block_type":"box","text":"Shares of each Fund are represented by securities registered in the","page_number":134,"box":{"x":481,"y":44,"width":465,"height":12}},{"id":"da1de9c3-653a-419f-9424-70fa31cb9c34","block_type":"box","text":"name of DTC or its nominee and deposited with, or on behalf of, DTC.","page_number":134,"box":{"x":89,"y":59,"width":486,"height":12}},{"id":"72a93ed8-0f2a-4f93-b1f1-3fe46c4d1d08","block_type":"box","text":"DTC was created in 1973 to enable electronic movement of securities between its participants (“DTC Participants”), and","page_number":134,"box":{"x":89,"y":85,"width":836,"height":13}},{"id":"c4db5c17-587f-40bb-ae39-9951b6d06890","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":134,"box":{"x":89,"y":101,"width":790,"height":12}},{"id":"c247c0f3-7be7-4e7d-9a9c-09de7cafd45c","block_type":"box","text":"counterparty for securities trades among DTC Participants. In 1999, DTC and NSCC were consolidated within The Depository","page_number":134,"box":{"x":89,"y":116,"width":872,"height":12}},{"id":"a0708073-0da4-4cef-8f01-68ad468652c6","block_type":"box","text":"Trust & Clearing Corporation (“DTCC”) and became wholly-owned subsidiaries of DTCC. The common stock of DTCC is","page_number":134,"box":{"x":88,"y":131,"width":837,"height":12}},{"id":"2eb0a258-bef7-4954-a1ba-513dd7fe1bc8","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":134,"box":{"x":89,"y":146,"width":864,"height":12}},{"id":"104f9e2d-58ac-4935-b162-62c41ade97ae","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":134,"box":{"x":88,"y":161,"width":848,"height":12}},{"id":"0ef83d8b-f6ac-4d71-8828-3be2d82b5602","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":134,"box":{"x":89,"y":176,"width":833,"height":13}},{"id":"a56724a8-2636-4f60-8151-b0a1782365dd","block_type":"box","text":"Participant, either directly or indirectly (“Indirect Participants”).","page_number":134,"box":{"x":89,"y":191,"width":439,"height":13}},{"id":"f8d553ed-41c1-4f1d-9904-9cbc3b662e00","block_type":"box","text":"Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC","page_number":134,"box":{"x":89,"y":218,"width":873,"height":12}},{"id":"e0f4cda5-042b-407b-917d-35657ffc6b8c","block_type":"box","text":"Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are","page_number":134,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"c3161767-caee-4dbf-9c06-813950319652","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":134,"box":{"x":89,"y":248,"width":825,"height":12}},{"id":"c82d822d-be3b-4b3a-b542-f695983a2f40","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":134,"box":{"x":89,"y":263,"width":822,"height":12}},{"id":"6d4660d5-dbd5-403f-a309-058be8050368","block_type":"box","text":"Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC","page_number":134,"box":{"x":89,"y":278,"width":848,"height":13}},{"id":"381cde64-cf16-48c8-b954-5b35fa2dcb40","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":134,"box":{"x":89,"y":293,"width":877,"height":13}},{"id":"4a506259-9f2d-4517-96ba-04cf0ccc282f","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":134,"box":{"x":89,"y":308,"width":872,"height":13}},{"id":"567424e8-c514-4aa0-aa32-e70beb1805d3","block_type":"box","text":"investors to acquire beneficial interests in shares of the Fund.","page_number":134,"box":{"x":89,"y":324,"width":426,"height":12}},{"id":"ffa25ccc-7b2a-443c-ac15-060628c84f49","block_type":"box","text":"Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the","page_number":134,"box":{"x":89,"y":350,"width":873,"height":12}},{"id":"df62a6f8-d1cb-42bf-9c9e-51b3baff053f","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":134,"box":{"x":89,"y":365,"width":870,"height":12}},{"id":"1f806e57-c64e-415e-bdd5-770aba3d166c","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":134,"box":{"x":88,"y":380,"width":871,"height":13}},{"id":"e7575835-2b67-40ec-af60-69cf898c0782","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":134,"box":{"x":89,"y":395,"width":843,"height":13}},{"id":"06b41d4f-dd29-404a-b483-c408718b1af8","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":134,"box":{"x":89,"y":410,"width":861,"height":13}},{"id":"4392d194-e4f3-409e-b6c6-831ffacf5a6f","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":134,"box":{"x":89,"y":426,"width":871,"height":12}},{"id":"fad8d0f8-3c2e-497b-97d5-0ae6ed233c13","block_type":"box","text":"notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial","page_number":134,"box":{"x":89,"y":441,"width":845,"height":12}},{"id":"6cdbaf98-e6ec-4655-a702-14adb1f84bdb","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":134,"box":{"x":89,"y":456,"width":877,"height":12}},{"id":"ace2d735-4ea2-47e1-b977-31c4ccc1e568","block_type":"box","text":"the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.","page_number":134,"box":{"x":88,"y":471,"width":749,"height":12}},{"id":"c999481b-e1d0-4a95-b545-d9447e3beef7","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":134,"box":{"x":88,"y":497,"width":854,"height":13}},{"id":"1f3f52ab-7294-430f-999f-7c0075b51a8f","block_type":"box","text":"DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants’ accounts with","page_number":134,"box":{"x":89,"y":513,"width":809,"height":12}},{"id":"ae2e3cc6-1892-4111-afea-0f7c33d9d75e","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":134,"box":{"x":89,"y":528,"width":876,"height":12}},{"id":"425fdfbb-dfb0-439c-967f-f49fb724f00a","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":134,"box":{"x":89,"y":543,"width":875,"height":12}},{"id":"a7640d5a-c3b6-4812-ace8-ad94ca140cb8","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":134,"box":{"x":89,"y":558,"width":860,"height":12}},{"id":"47f4414e-b9dd-4ebd-aac1-1aae014efdf7","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":134,"box":{"x":88,"y":573,"width":836,"height":12}},{"id":"b4cf59fc-a920-4314-905f-f9b52f9a89d3","block_type":"box","text":"Participants.","page_number":134,"box":{"x":89,"y":589,"width":85,"height":11}},{"id":"ec90a224-f04f-4140-a98d-cedb451e1c2b","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":134,"box":{"x":88,"y":615,"width":844,"height":12}},{"id":"8aa95865-963a-4dd1-9340-d578b9cc21b3","block_type":"box","text":"payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any","page_number":134,"box":{"x":89,"y":630,"width":874,"height":12}},{"id":"80b02a8d-f4cf-4bf1-9f1c-b88a71187736","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":134,"box":{"x":89,"y":645,"width":866,"height":12}},{"id":"95631b11-c9fd-47c9-8dc4-13486be414ee","block_type":"box","text":"Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning","page_number":134,"box":{"x":89,"y":660,"width":855,"height":12}},{"id":"ad8a5135-b0dd-45d6-b6f0-7c3450cbc0f9","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":134,"box":{"x":88,"y":675,"width":878,"height":12}},{"id":"1166f83a-ae4f-438f-9fe1-5d196c9af036","block_type":"box","text":"any time by giving reasonable notice to the Company and discharging its responsibilities with respect thereto under","page_number":134,"box":{"x":89,"y":690,"width":808,"height":13}},{"id":"405aeab7-3201-4cc2-817d-9a8aafb0f330","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":134,"box":{"x":89,"y":705,"width":823,"height":13}},{"id":"387c3263-0656-4d7f-bf6b-6eb4df5d0348","block_type":"box","text":"functions at a comparable cost.","page_number":134,"box":{"x":88,"y":720,"width":220,"height":13}},{"id":"eafb913c-6d89-4cf4-8af5-149b5ee3036f","block_type":"box","text":"Distribution of Shares.","page_number":134,"box":{"x":89,"y":747,"width":160,"height":10}},{"id":"b09e79ad-1c50-473e-bef2-8da6f688b28d","block_type":"box","text":"In connection with each Fund’s launch, each Fund was seeded through the sale of one or more","page_number":134,"box":{"x":259,"y":747,"width":665,"height":12}},{"id":"47bbe4c2-db5f-4356-b068-7685cf7fee50","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":134,"box":{"x":89,"y":762,"width":859,"height":12}},{"id":"21502bf7-5aba-4a60-813e-cc41ef8f028e","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":134,"box":{"x":89,"y":777,"width":861,"height":12}},{"id":"a04ca6c0-0071-4047-807e-1ff297ab5b89","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":134,"box":{"x":89,"y":792,"width":848,"height":13}},{"id":"488faf1e-0822-4971-bbe8-11ee0dc12f64","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":134,"box":{"x":89,"y":807,"width":873,"height":13}},{"id":"7f421c9e-f713-4c5d-8b7d-5a6ad8d5d1ab","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":134,"box":{"x":88,"y":822,"width":833,"height":13}},{"id":"598d7aac-ba82-4d01-8909-fc0e8349a151","block_type":"box","text":"shares.","page_number":134,"box":{"x":89,"y":838,"width":47,"height":9}},{"id":"312e3013-70b5-46ef-9288-3060a342d6d3","block_type":"box","text":"114","page_number":134,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"9bf6a55d-13af-4344-8860-490fbb6f5364","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":135,"box":{"x":88,"y":44,"width":877,"height":12}},{"id":"543e52c5-aaa8-40cf-8501-1265d435cd1e","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":135,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"769a727b-529e-46aa-8d56-756beb9079bd","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":135,"box":{"x":88,"y":74,"width":878,"height":12}},{"id":"cc20d905-f4f1-41af-8ccf-0f7b50512230","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":135,"box":{"x":88,"y":89,"width":877,"height":13}},{"id":"fb2eadfe-ca80-4202-bef4-3c4b1635c9bd","block_type":"box","text":"brokerage transactions, privately negotiated trades, block sales, entry into options or other derivatives transactions or","page_number":135,"box":{"x":89,"y":104,"width":822,"height":13}},{"id":"e2894f26-34cc-44cc-a492-f3b691ef73be","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":135,"box":{"x":88,"y":119,"width":875,"height":13}},{"id":"2ed768dc-91ae-43f0-8a91-8926d5ac5208","block_type":"box","text":"by them through an Authorized Participant.","page_number":135,"box":{"x":89,"y":135,"width":302,"height":12}},{"id":"baec686e-0c40-4771-8c3c-f791d3d2879e","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":135,"box":{"x":88,"y":161,"width":840,"height":12}},{"id":"e5d6e578-e697-4fa2-b3db-6b494ac620ba","block_type":"box","text":"“underwriters” within the meaning of Section 2(a)(11) of the 1933 Act, in connection with such sales.","page_number":135,"box":{"x":89,"y":176,"width":712,"height":13}},{"id":"8bea898e-c7fa-4397-8b3c-1ab86e35c414","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":135,"box":{"x":88,"y":203,"width":871,"height":12}},{"id":"e481207e-50b8-44d2-95d9-8330cb685d35","block_type":"box","text":"1934 Act and the rules and regulations thereunder.","page_number":135,"box":{"x":90,"y":218,"width":354,"height":12}},{"id":"20ff4ec4-c616-461c-b5c9-72e804365dbc","block_type":"box","text":"Creation and Redemption of Creation Units","page_number":135,"box":{"x":90,"y":248,"width":721,"height":30}},{"id":"221edaf8-eecd-4487-9d62-77b12fabbd12","block_type":"box","text":"General.","page_number":135,"box":{"x":89,"y":290,"width":59,"height":9}},{"id":"1f0ee6b8-6937-43fc-956d-32e27da2b436","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":135,"box":{"x":156,"y":290,"width":755,"height":12}},{"id":"41c39205-a101-4c00-986e-ec853e8a9219","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":135,"box":{"x":89,"y":305,"width":834,"height":12}},{"id":"d50b250f-7496-4f6b-b76f-5d134a71f6dc","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":135,"box":{"x":89,"y":320,"width":797,"height":12}},{"id":"6f2438a1-4591-4a6b-b75e-f52b625c3ef6","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":135,"box":{"x":88,"y":335,"width":842,"height":12}},{"id":"84530e68-ff4e-42ea-ac6a-6d71c709ff98","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":135,"box":{"x":88,"y":350,"width":866,"height":12}},{"id":"dd8ba5d2-6c4f-4814-877a-4790d0deb322","block_type":"box","text":"value of such Creation Unit as of August 31, 2025:","page_number":135,"box":{"x":88,"y":365,"width":349,"height":12}},{"id":"61df51ab-61a2-4570-92f8-3ee5746000a3","block_type":"box","text":"Fund","page_number":135,"box":{"x":89,"y":425,"width":27,"height":8}},{"id":"47784017-c746-40f8-b94c-9e22ae1a3715","block_type":"box","text":"Shares Per","page_number":135,"box":{"x":715,"y":415,"width":60,"height":8}},{"id":"d4887464-53ca-4e30-b8a6-2c763501111a","block_type":"box","text":"Creation Unit","page_number":135,"box":{"x":707,"y":425,"width":76,"height":8}},{"id":"e4d38453-f932-4f93-8b96-c012253538ae","block_type":"box","text":"Approximate","page_number":135,"box":{"x":876,"y":395,"width":75,"height":10}},{"id":"2c98f490-0247-4494-b35b-a863fdd7806b","block_type":"box","text":"Value Per","page_number":135,"box":{"x":887,"y":405,"width":54,"height":8}},{"id":"d47bb208-99d4-478d-9476-2db54c7bec23","block_type":"box","text":"Creation","page_number":135,"box":{"x":890,"y":415,"width":48,"height":8}},{"id":"63d9557f-3d28-40cc-a06b-a9f11afe1050","block_type":"box","text":"Unit (U.S.$)","page_number":135,"box":{"x":881,"y":425,"width":66,"height":10}},{"id":"dc938982-da7e-4199-a6af-602aeedd6e97","block_type":"box","text":"iShares MSCI Australia ETF 200,000 $ 5,416,561.00","page_number":135,"box":{"x":89,"y":447,"width":879,"height":11}},{"id":"04f4484a-66f0-4f12-bc51-e4ad6ca33cc7","block_type":"box","text":"iShares MSCI Austria ETF 50,000 $ 1,535,846.55","page_number":135,"box":{"x":89,"y":462,"width":878,"height":11}},{"id":"b1069d99-a138-449b-8355-1a3ea4c32b8a","block_type":"box","text":"iShares MSCI Belgium ETF 80,000 $ 1,853,909.84","page_number":135,"box":{"x":89,"y":477,"width":879,"height":13}},{"id":"a823f3a4-d6dd-48f8-bc90-0543ed110a45","block_type":"box","text":"iShares MSCI Canada ETF 100,000 $ 4,875,516.10","page_number":135,"box":{"x":89,"y":492,"width":879,"height":12}},{"id":"fc09bc5f-d316-470c-b61b-8ef4c23843af","block_type":"box","text":"iShares MSCI Eurozone ETF 100,000 $ 5,985,211.30","page_number":135,"box":{"x":89,"y":508,"width":879,"height":11}},{"id":"9749e8ee-ce8f-47b4-b679-b6849118784d","block_type":"box","text":"iShares MSCI France ETF 200,000 $ 8,526,431.40","page_number":135,"box":{"x":89,"y":523,"width":879,"height":11}},{"id":"156e1eb9-e5df-4bf9-804a-b89907ec20ce","block_type":"box","text":"iShares MSCI Germany ETF 300,000 $12,550,926.90","page_number":135,"box":{"x":89,"y":538,"width":879,"height":12}},{"id":"ab097b71-cafe-4d35-907d-c05aebcece91","block_type":"box","text":"iShares MSCI Hong Kong ETF 75,000 $ 1,606,049.25","page_number":135,"box":{"x":89,"y":553,"width":878,"height":12}},{"id":"1ba590ae-f6bb-420a-bfd5-d09636cbebc0","block_type":"box","text":"iShares MSCI Israel ETF 50,000 $ 4,744,903.00","page_number":135,"box":{"x":89,"y":568,"width":879,"height":11}},{"id":"a821296d-da9b-47c8-8050-0cb6aa15e12c","block_type":"box","text":"iShares MSCI Italy ETF 75,000 $ 3,825,522.75","page_number":135,"box":{"x":89,"y":583,"width":878,"height":12}},{"id":"1ea24af1-d249-471b-831d-8b401f4865c2","block_type":"box","text":"iShares MSCI Japan ETF 150,000 $ 11,712,063.15","page_number":135,"box":{"x":89,"y":598,"width":878,"height":13}},{"id":"48f4c169-7a19-4c54-8dea-6f58948c77f1","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 100,000 $ 9,040,899.10","page_number":135,"box":{"x":89,"y":613,"width":879,"height":13}},{"id":"62b432b2-1c3e-40bf-9d50-6fa41434576b","block_type":"box","text":"iShares MSCI Mexico ETF 100,000 $ 6,195,216.00","page_number":135,"box":{"x":89,"y":628,"width":879,"height":12}},{"id":"2b2e6693-21d1-476f-9570-730119938f8b","block_type":"box","text":"iShares MSCI Netherlands ETF 50,000 $ 2,651,016.00","page_number":135,"box":{"x":89,"y":644,"width":879,"height":11}},{"id":"bbbe2137-70ab-4569-9a5b-9855156a4c25","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 300,000 $15,500,903.10","page_number":135,"box":{"x":89,"y":659,"width":879,"height":12}},{"id":"cbba0bed-9be8-4699-9213-92c0df5a04bb","block_type":"box","text":"iShares MSCI Singapore ETF 50,000 $ 1,402,730.75","page_number":135,"box":{"x":89,"y":674,"width":878,"height":12}},{"id":"d32d419c-c430-4cfc-934c-e8dd734c4a09","block_type":"box","text":"iShares MSCI South Africa ETF 100,000 $ 5,718,010.50","page_number":135,"box":{"x":89,"y":689,"width":879,"height":11}},{"id":"ffa06496-7f2a-49c9-b013-e3c9963e5824","block_type":"box","text":"iShares MSCI Spain ETF 75,000 $ 3,578,807.33","page_number":135,"box":{"x":89,"y":704,"width":878,"height":12}},{"id":"5637783f-cacc-4438-8612-c0e18bfb1641","block_type":"box","text":"iShares MSCI Sweden ETF 75,000 $ 3,478,902.30","page_number":135,"box":{"x":89,"y":719,"width":879,"height":11}},{"id":"2f26fe58-a527-4c76-b88d-c864b81a64a2","block_type":"box","text":"iShares MSCI Switzerland ETF 125,000 $ 6,916,080.00","page_number":135,"box":{"x":89,"y":734,"width":879,"height":12}},{"id":"9b09f3c4-0cb4-4724-ad0b-a9bdaafb876f","block_type":"box","text":"iShares MSCI Thailand ETF 50,000 $ 2,867,489.35","page_number":135,"box":{"x":89,"y":749,"width":878,"height":12}},{"id":"cbecf887-e331-4c16-b8ce-127c321f23d4","block_type":"box","text":"iShares MSCI Turkey ETF 50,000 $ 1,762,382.60","page_number":135,"box":{"x":89,"y":765,"width":879,"height":12}},{"id":"d89773eb-5b40-4045-92bb-e106f89b358d","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 50,000 $ 5,132,186.20","page_number":135,"box":{"x":89,"y":780,"width":879,"height":12}},{"id":"0c454c61-f597-45bc-a35f-169bfb30be81","block_type":"box","text":"iShares MSCI World ETF 100,000 $ 17,568,971.30","page_number":135,"box":{"x":89,"y":795,"width":879,"height":11}},{"id":"8cb4c7d1-3697-4f04-930b-50354248b293","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":135,"box":{"x":89,"y":828,"width":837,"height":12}},{"id":"d9cbdb6c-524e-4d53-99db-f5c84f2b9b2b","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":135,"box":{"x":89,"y":843,"width":854,"height":12}},{"id":"a8a9e199-3d24-4293-b013-659ac6de6dac","block_type":"box","text":"115","page_number":135,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"8a15fbc5-c2f5-4aa2-aac5-86cb236977fe","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":136,"box":{"x":89,"y":44,"width":851,"height":12}},{"id":"ce219cb6-66ef-4aeb-a88c-246bc2b89ec3","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":136,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"5afb55e8-4dcb-4faf-97f2-bc74fc78f2c8","block_type":"box","text":"Board.","page_number":136,"box":{"x":89,"y":74,"width":43,"height":10}},{"id":"40b266f2-3326-4eb7-9e13-725672260cb1","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":136,"box":{"x":88,"y":101,"width":839,"height":12}},{"id":"2806befa-d3ce-4bb2-84d3-49b233d02c5b","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":136,"box":{"x":89,"y":116,"width":837,"height":12}},{"id":"c55a919c-7ef3-49f8-a5cb-a3b9cb82aa86","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":136,"box":{"x":89,"y":131,"width":877,"height":12}},{"id":"d70fe031-d81a-4f97-8d9f-248fbe41da12","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":136,"box":{"x":89,"y":146,"width":821,"height":12}},{"id":"00dfafec-bc84-40f4-9308-ef34e8699f52","block_type":"box","text":"Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.","page_number":136,"box":{"x":89,"y":161,"width":669,"height":12}},{"id":"3af87edf-402a-4897-9bdb-fd85f35adf6b","block_type":"box","text":"Fund Deposit.","page_number":136,"box":{"x":89,"y":188,"width":98,"height":12}},{"id":"99d46021-0254-49e7-9e88-c3cd4ef4a1f2","block_type":"box","text":"The consideration for purchase of Creation Units of a Fund generally consists of Deposit Securities and the","page_number":136,"box":{"x":196,"y":188,"width":747,"height":12}},{"id":"b459d042-6ca0-4176-bfd1-886b4bfb3a4e","block_type":"box","text":"Cash Component computed as described below. Together, the Deposit Securities and the Cash Component constitute the","page_number":136,"box":{"x":89,"y":203,"width":852,"height":12}},{"id":"68366f5f-815f-4fd3-8db6-a3000af7c497","block_type":"box","text":"“Fund Deposit,” which when combined with each Fund’s portfolio securities, is designed to generate performance that has a","page_number":136,"box":{"x":89,"y":218,"width":873,"height":12}},{"id":"7d1a13a3-a4bf-408b-95a4-13aacc72fa88","block_type":"box","text":"collective investment profile similar to that of the Underlying Index. The Fund Deposit represents the minimum initial and","page_number":136,"box":{"x":89,"y":233,"width":848,"height":12}},{"id":"3e58aa7a-6b53-4dff-abf9-3573593322c3","block_type":"box","text":"subsequent investment amount for a Creation Unit of any Fund. Such Fund Deposit is applicable, subject to any adjustments","page_number":136,"box":{"x":89,"y":248,"width":871,"height":12}},{"id":"1d2a3cb9-f65e-462f-b829-90a7552057d7","block_type":"box","text":"as described below, to purchases of Creation Units of shares of a given Fund until such time as the next-announced Fund","page_number":136,"box":{"x":89,"y":263,"width":848,"height":12}},{"id":"d3e8a091-bf8c-4436-b1d1-0cdaf03aa069","block_type":"box","text":"Deposit is made available.","page_number":136,"box":{"x":89,"y":278,"width":179,"height":13}},{"id":"757691f5-57d4-4de6-9268-1b5c121ea418","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":136,"box":{"x":88,"y":305,"width":824,"height":12}},{"id":"eced80e3-9c4b-47c3-949f-a44f040678d0","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":136,"box":{"x":89,"y":320,"width":879,"height":12}},{"id":"d2566d5d-dc20-45e3-83f4-690e0e61125e","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":136,"box":{"x":89,"y":335,"width":878,"height":12}},{"id":"a10af950-1298-41c2-954e-c057c9c33aba","block_type":"box","text":"expenses payable upon transfer of beneficial ownership of the Deposit Securities are the sole responsibility of the Authorized","page_number":136,"box":{"x":89,"y":350,"width":872,"height":12}},{"id":"d52be807-9162-47a1-b585-cb794c7e0616","block_type":"box","text":"Participant purchasing a Creation Unit.","page_number":136,"box":{"x":89,"y":365,"width":269,"height":12}},{"id":"4a113593-17c2-446d-8f2e-7fe4e5d4aeb5","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":136,"box":{"x":88,"y":392,"width":840,"height":12}},{"id":"8ddad2c8-6323-4472-a1e5-1dee0aab7f54","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":136,"box":{"x":89,"y":407,"width":860,"height":12}},{"id":"7ea730dd-5b59-48e1-b453-8555d5540a09","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":136,"box":{"x":88,"y":422,"width":876,"height":12}},{"id":"d4d96377-ad1c-4565-b550-c10260e5b74c","block_type":"box","text":"to the weighting or composition of the component securities constituting the relevant Underlying Index.","page_number":136,"box":{"x":88,"y":437,"width":730,"height":12}},{"id":"1398efa7-d145-4470-a5ab-854a7fabdd24","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":136,"box":{"x":88,"y":463,"width":877,"height":13}},{"id":"0024576e-f25a-4f12-9788-2d919723c275","block_type":"box","text":"portion of the Fund Deposit through “systematic rounding.” The rounding methodology “rounds up” position sizes of","page_number":136,"box":{"x":89,"y":479,"width":824,"height":12}},{"id":"cd2f792d-66e3-41ad-95d5-471641fe5610","block_type":"box","text":"securities in the Deposit Securities (which in turn reduces the cash portion). However, the methodology limits the maximum","page_number":136,"box":{"x":89,"y":494,"width":869,"height":12}},{"id":"f99a5187-c819-4590-b2a5-db06dc52a21f","block_type":"box","text":"allowed percentage change in weight and share quantity of any given security in the Fund Deposit.","page_number":136,"box":{"x":89,"y":509,"width":690,"height":12}},{"id":"6922eed6-1cc7-4574-9c53-98af8f8323e2","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":136,"box":{"x":89,"y":535,"width":879,"height":13}},{"id":"34ee7d1f-88e8-4403-b420-658273a473e8","block_type":"box","text":"index additions, deletions, and re-weights.","page_number":136,"box":{"x":89,"y":550,"width":295,"height":13}},{"id":"928b6f45-ef24-4df2-ba61-20c3d1e22d40","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":136,"box":{"x":88,"y":577,"width":856,"height":12}},{"id":"f593cdad-2090-431a-aa14-fe2d823c8c3d","block_type":"box","text":"any Deposit Security in certain circumstances, including: (i) when instruments are not available in sufficient quantity for","page_number":136,"box":{"x":89,"y":592,"width":837,"height":12}},{"id":"00ba2166-b4e8-4791-9265-00cc66618415","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":136,"box":{"x":89,"y":607,"width":841,"height":12}},{"id":"549259bf-a971-4cce-a152-d54c8b055c10","block_type":"box","text":"when instruments that the Authorized Participant (or an investor on whose behalf the Authorized Participant is acting) are","page_number":136,"box":{"x":88,"y":622,"width":857,"height":12}},{"id":"ec6b25d4-0ad4-429f-9406-4825b7eb5cb7","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":136,"box":{"x":89,"y":637,"width":866,"height":13}},{"id":"f60ea33f-85f3-4377-ac94-23985b327423","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":136,"box":{"x":89,"y":652,"width":865,"height":13}},{"id":"b93575aa-2130-4b94-ae07-4495a0170d41","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":136,"box":{"x":89,"y":668,"width":782,"height":12}},{"id":"0660a3d3-c080-49d4-ad4b-61e24c5714f7","block_type":"box","text":"Cash Purchase Method.","page_number":136,"box":{"x":89,"y":694,"width":170,"height":10}},{"id":"d06fd3ed-5d9f-4032-a282-1d90cdb364cf","block_type":"box","text":"Although the Company does not generally permit partial or full cash purchases of Creation Units of","page_number":136,"box":{"x":268,"y":694,"width":694,"height":12}},{"id":"9cceea3c-8304-41c2-a32a-e3b2eef8bf08","block_type":"box","text":"its funds, when partial or full cash purchases of Creation Units are available or specified for a Fund, they will be effected in","page_number":136,"box":{"x":89,"y":709,"width":850,"height":12}},{"id":"c6604cb1-e534-45eb-910c-202132941b32","block_type":"box","text":"essentially the same manner as in-kind purchases thereof. In the case of a partial or full cash purchase, the Authorized","page_number":136,"box":{"x":89,"y":724,"width":826,"height":13}},{"id":"dc5477e0-33db-4220-b50a-83e84d668226","block_type":"box","text":"Participant must pay the cash equivalent of the Deposit Securities it would otherwise be required to provide through an in","page_number":136,"box":{"x":89,"y":739,"width":857,"height":13}},{"id":"4c5b216a-508f-4e8e-a65f-1dee6fb0dd40","block_type":"box","text":"kind purchase, plus the same Cash Component required to be paid by an in-kind purchaser.","page_number":136,"box":{"x":89,"y":754,"width":639,"height":13}},{"id":"5732a193-e78c-4df2-af82-7400020942c2","block_type":"box","text":"Procedures for Creation of Creation Units.","page_number":136,"box":{"x":89,"y":781,"width":301,"height":10}},{"id":"bc187690-7016-48ff-ad22-93b9220a0f87","block_type":"box","text":"To be eligible to place orders with the Distributor and to create a Creation Unit of","page_number":136,"box":{"x":398,"y":781,"width":568,"height":12}},{"id":"aea05641-a7e9-415c-94fe-c3ca52a7499a","block_type":"box","text":"the Funds, an entity must be: (i) a “Participating Party,”","page_number":136,"box":{"x":88,"y":796,"width":385,"height":12}},{"id":"5517e1cf-8b1b-4e0a-ac98-b00f8465fb8b","block_type":"box","text":"i.e","page_number":136,"box":{"x":478,"y":797,"width":15,"height":9}},{"id":"9487b122-ade0-481e-928a-9f3d89c07b4f","block_type":"box","text":"., a broker-dealer or other participant in the clearing process","page_number":136,"box":{"x":494,"y":796,"width":420,"height":12}},{"id":"25bacd11-47a9-4290-b9f1-b0417b01c2eb","block_type":"box","text":"through the Continuous Net Settlement System of the NSCC (the “Clearing Process”), a clearing agency that is registered","page_number":136,"box":{"x":88,"y":811,"width":847,"height":12}},{"id":"9d8d946f-789d-4e78-aa05-4c55748c8ef7","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":136,"box":{"x":88,"y":826,"width":863,"height":13}},{"id":"2e26e0ed-5bf4-4e3e-8306-3e10ae3432bc","block_type":"box","text":"and redemptions of Creation Units (“Authorized Participant Agreement”) (discussed below). A member or participant of a","page_number":136,"box":{"x":89,"y":841,"width":851,"height":13}},{"id":"20736ab7-a453-4ffe-92bc-eaf1f99115c3","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":136,"box":{"x":89,"y":856,"width":866,"height":13}},{"id":"9375120e-157c-4e61-8fe0-7f36a976bc59","block_type":"box","text":"116","page_number":136,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"2a486e4f-44ff-445f-b5cb-c5be11c1504d","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":137,"box":{"x":89,"y":44,"width":843,"height":12}},{"id":"f4ae6e66-70b5-43eb-8981-64a0fa898ae4","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":137,"box":{"x":89,"y":59,"width":873,"height":12}},{"id":"6ff065bc-536f-4f5b-ab4b-d99c60f6ebf2","block_type":"box","text":"& Co. for the account of a DTC Participant.","page_number":137,"box":{"x":89,"y":74,"width":295,"height":12}},{"id":"9037c6e5-e6f7-4c4f-8738-38fb3d3fbc10","block_type":"box","text":"Role of the Authorized Participant.","page_number":137,"box":{"x":89,"y":101,"width":247,"height":12}},{"id":"acdd28fd-d0d8-46e9-86c5-0334c65c3654","block_type":"box","text":"Creation Units may be purchased only by or through a member or participant of a","page_number":137,"box":{"x":346,"y":101,"width":570,"height":12}},{"id":"dc1115a7-57d9-43cb-9a44-7b95b6882c57","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":137,"box":{"x":89,"y":116,"width":870,"height":12}},{"id":"8d1ce392-eb17-4e85-97ac-6d4b886bd0e3","block_type":"box","text":"allows such member or participant to place orders for the purchase and redemption of Creation Units (an “Authorized","page_number":137,"box":{"x":89,"y":131,"width":823,"height":12}},{"id":"23b10e80-774f-4b28-8efe-19dbcea16f11","block_type":"box","text":"Participant”). Such Authorized Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on","page_number":137,"box":{"x":89,"y":146,"width":875,"height":12}},{"id":"201abf04-c616-406c-8e9f-cd528e559c31","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":137,"box":{"x":89,"y":161,"width":877,"height":12}},{"id":"d103530a-8a2e-46b7-8f25-0fce62991adf","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":137,"box":{"x":89,"y":176,"width":848,"height":13}},{"id":"87536711-9d74-4a20-98f5-956711b3c0f9","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":137,"box":{"x":89,"y":191,"width":854,"height":13}},{"id":"79c9fc19-82b9-43cf-9141-ec632557b1b3","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":137,"box":{"x":88,"y":206,"width":844,"height":13}},{"id":"d5d79d32-8201-42b7-89d0-5e36f20ef9d6","block_type":"box","text":"agreement with such Authorized Participant with respect to certain matters, including payment of the Cash Component.","page_number":137,"box":{"x":89,"y":222,"width":842,"height":12}},{"id":"e406b746-8ae8-4d77-b12c-5474bf841ad4","block_type":"box","text":"Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. Investors","page_number":137,"box":{"x":89,"y":237,"width":878,"height":12}},{"id":"0e3084dc-95bd-4c04-965a-158addfc885d","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":137,"box":{"x":89,"y":252,"width":800,"height":12}},{"id":"3ef8f255-f5cb-4c60-8116-15a0b597d5b0","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":137,"box":{"x":89,"y":267,"width":870,"height":12}},{"id":"c237b15f-12b9-4493-b75e-7a507c72422c","block_type":"box","text":"Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional","page_number":137,"box":{"x":88,"y":282,"width":820,"height":12}},{"id":"d96f5c12-9f04-4b32-8b03-dfcfadd9456f","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":137,"box":{"x":89,"y":297,"width":871,"height":12}},{"id":"a9645b06-728a-4425-9a3d-bb3c18e60e2e","block_type":"box","text":"small number of DTC Participants. A list of current Authorized Participants may be obtained from the Distributor. The","page_number":137,"box":{"x":89,"y":312,"width":818,"height":13}},{"id":"b0b7f973-95e0-4a21-9a75-26266869993a","block_type":"box","text":"Distributor has adopted guidelines regarding Authorized Participants’ transactions in Creation Units that are made available","page_number":137,"box":{"x":89,"y":327,"width":863,"height":13}},{"id":"ddb22030-a918-492b-9f5f-6f504673f0e9","block_type":"box","text":"to all Authorized Participants. These guidelines set forth the processes and standards for Authorized Participants to transact","page_number":137,"box":{"x":88,"y":342,"width":867,"height":13}},{"id":"3b86c2a1-f9f3-4062-89ae-f570096bbd1d","block_type":"box","text":"with the Distributor and its agents in connection with creation and redemption transactions. In addition, the Distributor may","page_number":137,"box":{"x":88,"y":358,"width":872,"height":12}},{"id":"e771b89e-4e69-46fe-87f7-5f617c1a7334","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":137,"box":{"x":89,"y":373,"width":820,"height":12}},{"id":"80c3b368-7c54-470f-a879-fa234f07cb52","block_type":"box","text":"Participant Agreement.","page_number":137,"box":{"x":89,"y":388,"width":160,"height":12}},{"id":"4ac3c1c0-6c98-4a46-bb7c-390c147319e3","block_type":"box","text":"Purchase Orders.","page_number":137,"box":{"x":89,"y":414,"width":122,"height":10}},{"id":"aa0d0e28-cb65-4828-adcd-3c142452c74b","block_type":"box","text":"Unless otherwise described below, to initiate an order for a Creation Unit, an Authorized Participant must","page_number":137,"box":{"x":225,"y":414,"width":733,"height":13}},{"id":"ab4a76e6-aeeb-4991-b39f-3da50dbd79e6","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":137,"box":{"x":89,"y":429,"width":872,"height":13}},{"id":"1efc90f0-2813-4220-9e7f-cbd160425918","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":137,"box":{"x":89,"y":445,"width":810,"height":12}},{"id":"4d044ba9-f1eb-41ed-9fd5-d89450f7be63","block_type":"box","text":"custodian of such order. The custodian will then provide such information to any appropriate sub-custodian. Procedures and","page_number":137,"box":{"x":89,"y":460,"width":873,"height":12}},{"id":"a12d4ce3-e9c0-433e-a42c-05c466e411df","block_type":"box","text":"requirements governing the delivery of the Fund Deposit are set forth in the procedures handbook for Authorized Participants","page_number":137,"box":{"x":89,"y":475,"width":878,"height":12}},{"id":"9dd83a92-f4f2-43fd-a7d9-1bca233df3fe","block_type":"box","text":"and may change from time to time. Investors, other than Authorized Participants, are responsible for making arrangements","page_number":137,"box":{"x":89,"y":490,"width":861,"height":12}},{"id":"68adc6f3-b0b1-444c-bd69-4f9c599cceed","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":137,"box":{"x":88,"y":505,"width":869,"height":12}},{"id":"ac1066c1-21d2-4a1c-a487-ec2935f338fa","block_type":"box","text":"Authorized Participants upon request. Those placing orders to purchase Creation Units through an Authorized Participant","page_number":137,"box":{"x":88,"y":520,"width":851,"height":12}},{"id":"10140fa4-e4e7-46ed-9056-0a8f224da236","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":137,"box":{"x":89,"y":535,"width":856,"height":13}},{"id":"3cc7dbae-4718-4614-b254-a0034d7223ab","block_type":"box","text":"Time (as defined below) on such Business Day.","page_number":137,"box":{"x":88,"y":550,"width":328,"height":13}},{"id":"546c5c99-f572-438c-b6dc-988d149a392c","block_type":"box","text":"The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to","page_number":137,"box":{"x":88,"y":577,"width":861,"height":12}},{"id":"eb4bc353-67ab-410d-a2dc-05e92120798b","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":137,"box":{"x":88,"y":592,"width":875,"height":12}},{"id":"8f78828c-35ff-4365-9d48-f153385d1322","block_type":"box","text":"determined after acceptance of the purchase order, together with the applicable purchase transaction fees. Those placing","page_number":137,"box":{"x":89,"y":607,"width":851,"height":12}},{"id":"344f7e85-f809-485a-91d2-1128efe26d8b","block_type":"box","text":"orders should ascertain the applicable deadline for cash transfers by contacting the operations department of the broker or","page_number":137,"box":{"x":89,"y":622,"width":861,"height":12}},{"id":"b6cbe93e-032c-4932-8b8b-a2a80a56382b","block_type":"box","text":"depositary institution effectuating the transfer of the Cash Component. This deadline is likely to be significantly earlier than","page_number":137,"box":{"x":89,"y":637,"width":860,"height":13}},{"id":"202eb2a0-fc26-4640-a704-eb25ed002dfe","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":137,"box":{"x":88,"y":652,"width":862,"height":13}},{"id":"6373d329-f581-47a5-8ad2-be076e12104c","block_type":"box","text":"shares placed with it to be in the particular form required by the individual Authorized Participant.","page_number":137,"box":{"x":89,"y":668,"width":681,"height":12}},{"id":"52570cb2-405a-407d-be7e-1ea52e925c00","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":137,"box":{"x":88,"y":694,"width":879,"height":12}},{"id":"85da3d25-02d7-4646-8697-abfdf673d934","block_type":"box","text":"amounts, in connection with any purchase order.","page_number":137,"box":{"x":89,"y":709,"width":342,"height":12}},{"id":"d012d142-a4fb-48ec-8d45-0890b90e1650","block_type":"box","text":"Timing of Submission of Purchase Orders.","page_number":137,"box":{"x":88,"y":736,"width":304,"height":12}},{"id":"9fed8535-68c0-4a7f-b0a8-9c547bcfcefd","block_type":"box","text":"An Authorized Participant must submit an irrevocable order to purchase shares","page_number":137,"box":{"x":401,"y":736,"width":554,"height":12}},{"id":"fb31686e-4b38-4141-9bd8-366c7fe1b7ca","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":137,"box":{"x":89,"y":751,"width":850,"height":12}},{"id":"0085e7f1-84f4-4f7c-ab05-34b168640a8d","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":137,"box":{"x":89,"y":766,"width":878,"height":12}},{"id":"bc44eacc-5dfd-467f-9ec9-332220f7a82c","block_type":"box","text":"procedures set forth in the Authorized Participant Agreement. Economic or market disruptions or changes, or telephone or","page_number":137,"box":{"x":89,"y":781,"width":859,"height":12}},{"id":"54128da5-106a-44a4-a774-a8cf077d1a98","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":137,"box":{"x":89,"y":796,"width":875,"height":12}},{"id":"7554aa03-46a3-430a-bf66-d5aed80ac9a6","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":137,"box":{"x":88,"y":811,"width":850,"height":12}},{"id":"e93da346-1ce4-46d4-84d9-c5ec4ce739ec","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":137,"box":{"x":88,"y":826,"width":852,"height":13}},{"id":"769a3416-5411-444c-a450-d0a883345c42","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":137,"box":{"x":89,"y":841,"width":875,"height":13}},{"id":"5b13176b-21b4-4f4f-81d8-76baf1cddb1a","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":137,"box":{"x":89,"y":856,"width":849,"height":13}},{"id":"04f4b5e9-cf71-4a0e-8cd0-dffb7465ec3c","block_type":"box","text":"117","page_number":137,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"4400ab6f-7017-40ba-9567-2a3b4b1c30eb","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":138,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"24463c35-b253-4691-b26f-b275b1aa8ae6","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":138,"box":{"x":88,"y":59,"width":867,"height":12}},{"id":"e469c092-061c-48b1-8250-4401e698354e","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":138,"box":{"x":89,"y":74,"width":867,"height":12}},{"id":"271f303f-5d9d-47ad-b19b-7bf58796b3fe","block_type":"box","text":"Fund’s Cutoff Times as provided in the Authorized Participant Agreement and disclosed in this SAI.","page_number":138,"box":{"x":89,"y":89,"width":690,"height":13}},{"id":"20f6745a-330f-4be6-aa33-70c7edd20d30","block_type":"box","text":"Acceptance of Orders for Creation Units.","page_number":138,"box":{"x":88,"y":116,"width":293,"height":12}},{"id":"4169dda9-ef2a-4055-891f-f5812db29fa0","block_type":"box","text":"Subject to the conditions that (i) an irrevocable purchase order has been","page_number":138,"box":{"x":394,"y":116,"width":507,"height":12}},{"id":"e9a119a2-a63e-4359-8c25-33665e196dec","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":138,"box":{"x":89,"y":131,"width":871,"height":12}},{"id":"b205398a-0caa-4905-b4e9-2f2572158147","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":138,"box":{"x":88,"y":146,"width":858,"height":12}},{"id":"744cc51c-81e6-454c-8dec-eae948a77ec1","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":138,"box":{"x":89,"y":161,"width":865,"height":12}},{"id":"a2365ba9-93bf-46d0-bdac-6851fd624189","block_type":"box","text":"as set forth below.","page_number":138,"box":{"x":89,"y":176,"width":126,"height":10}},{"id":"2e74007c-b2f8-4202-a596-1afce1975e2c","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":138,"box":{"x":89,"y":203,"width":815,"height":12}},{"id":"b6d400ee-1027-4d5d-841c-066c70c7dfd9","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":138,"box":{"x":89,"y":218,"width":812,"height":12}},{"id":"82914210-84e1-4085-8153-ccaae40ec6a1","block_type":"box","text":"confirmation of acceptance to the Authorized Participant that placed the order.","page_number":138,"box":{"x":89,"y":233,"width":552,"height":12}},{"id":"4ca2a087-8e00-49c5-a645-8cb1f08d7bee","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":138,"box":{"x":89,"y":259,"width":870,"height":13}},{"id":"9c699818-640e-4fef-85dd-d648c9b05c85","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":138,"box":{"x":89,"y":274,"width":860,"height":13}},{"id":"b566e714-3c5b-4a48-bb4c-6707779ce749","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":138,"box":{"x":89,"y":290,"width":877,"height":12}},{"id":"1b1d3ba7-fc38-494b-828d-30f9d1dba9a3","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":138,"box":{"x":89,"y":305,"width":853,"height":12}},{"id":"24750ba6-a706-418e-a154-1b63cb0ff6c1","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":138,"box":{"x":89,"y":320,"width":876,"height":12}},{"id":"341136cf-aa69-4b41-91ed-9abbbedce067","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":138,"box":{"x":89,"y":335,"width":820,"height":12}},{"id":"b2440226-f9ad-4904-a8e6-a1060718b798","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":138,"box":{"x":89,"y":350,"width":810,"height":12}},{"id":"cff5ff66-c223-4dbd-ac0e-d30dcc87e8b8","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":138,"box":{"x":89,"y":365,"width":852,"height":12}},{"id":"8c8afb94-12a1-4f81-96d3-1a26b235ea41","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":138,"box":{"x":89,"y":380,"width":876,"height":13}},{"id":"893a2223-0f89-4de8-8bd2-f8f8b54b4fde","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":138,"box":{"x":88,"y":395,"width":804,"height":13}},{"id":"0b572ccf-35cf-4711-8f36-7ce87e10a13e","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":138,"box":{"x":89,"y":410,"width":834,"height":13}},{"id":"2b572d59-0954-40ed-8125-ad0e9ed5618a","block_type":"box","text":"Issuance of a Creation Unit.","page_number":138,"box":{"x":89,"y":437,"width":197,"height":10}},{"id":"0c46460f-1eda-4c28-a733-98aa4e394dfe","block_type":"box","text":"Except as provided herein, a Creation Unit will not be issued until the transfer of good title to","page_number":138,"box":{"x":300,"y":437,"width":645,"height":12}},{"id":"49c5c1a9-670a-47b6-b196-a04865f84418","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":138,"box":{"x":88,"y":452,"width":874,"height":12}},{"id":"5ac28491-232c-4b2d-9ee6-a1d3de6b51ee","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":138,"box":{"x":89,"y":467,"width":857,"height":13}},{"id":"3d5e89c0-cb66-41b9-9d70-5a9d7fadf2b5","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":138,"box":{"x":89,"y":482,"width":862,"height":13}},{"id":"44cdd7d9-ae01-490e-9082-30fd43f43512","block_type":"box","text":"notified of such delivery and the applicable Fund will issue and cause the delivery of the Creation Unit.","page_number":138,"box":{"x":89,"y":497,"width":712,"height":13}},{"id":"9e3e569b-2670-493b-b693-ab4939a73b92","block_type":"box","text":"For the iShares MSCI Canada ETF, iShares MSCI Mexico ETF and iShares MSCI USA Equal Weighted ETF, Creation Units are","page_number":138,"box":{"x":89,"y":524,"width":855,"height":12}},{"id":"20fa1a3c-99ee-4386-bd30-99990144bf8b","block_type":"box","text":"generally issued on a “T+1 basis” (","page_number":138,"box":{"x":89,"y":539,"width":239,"height":12}},{"id":"4c2278f1-c905-4b04-a43f-1477f71f6cf9","block_type":"box","text":"i.e.","page_number":138,"box":{"x":329,"y":540,"width":18,"height":9}},{"id":"35e2dc55-fc34-4c5a-a9ac-e1be7f1c8166","block_type":"box","text":", one Business Day after trade date).","page_number":138,"box":{"x":349,"y":539,"width":251,"height":12}},{"id":"a0e26002-36e3-4541-b37b-f2b54d4e2c6f","block_type":"box","text":"For the iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI Eurozone ETF, iShares","page_number":138,"box":{"x":89,"y":565,"width":871,"height":13}},{"id":"7cc93050-fa40-48dd-9e64-356cf0ed765d","block_type":"box","text":"MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI Hong Kong ETF, iShares MSCI Italy ETF, iShares MSCI Israel ETF,","page_number":138,"box":{"x":89,"y":581,"width":864,"height":12}},{"id":"802847ee-1971-4877-b528-78a13d76602e","block_type":"box","text":"iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan ETF,","page_number":138,"box":{"x":89,"y":596,"width":876,"height":12}},{"id":"e3e78c8f-6427-4a4f-9c22-4c070b29999f","block_type":"box","text":"iShares MSCI Singapore ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI","page_number":138,"box":{"x":89,"y":611,"width":870,"height":12}},{"id":"0db9dc7f-b3df-4199-9cf7-47b156179ff8","block_type":"box","text":"Thailand ETF, iShares MSCI Turkey ETF and iShares MSCI World ETF, Creation Units are generally issued on a “T+2 basis” (","page_number":138,"box":{"x":88,"y":626,"width":852,"height":12}},{"id":"80f9a5e3-5fd6-4d2e-a152-a714412afae7","block_type":"box","text":"i.e.","page_number":138,"box":{"x":942,"y":627,"width":17,"height":9}},{"id":"8de0fc7e-d66e-4625-8fed-7b7a1373769c","block_type":"box","text":",","page_number":138,"box":{"x":961,"y":634,"width":3,"height":3}},{"id":"9d80b4ea-4c60-484a-91d5-6a964fc771d0","block_type":"box","text":"two Business Days after trade date).","page_number":138,"box":{"x":88,"y":641,"width":252,"height":12}},{"id":"3acc0c49-4cc4-41fe-bcaf-0c2d9860e4d8","block_type":"box","text":"For the iShares MSCI South Africa ETF, Creation Units are generally issued on a “T+3 basis” (","page_number":138,"box":{"x":89,"y":668,"width":643,"height":12}},{"id":"a0deb2d6-3ff9-406d-b645-06096e916d48","block_type":"box","text":"i.e.","page_number":138,"box":{"x":733,"y":668,"width":18,"height":9}},{"id":"36c3d5bd-a898-4c50-8754-24f034ab9885","block_type":"box","text":", three Business Days after","page_number":138,"box":{"x":753,"y":668,"width":184,"height":12}},{"id":"c091c07c-27bd-4a9e-bcc0-84a1f62d4948","block_type":"box","text":"trade date).","page_number":138,"box":{"x":88,"y":683,"width":80,"height":12}},{"id":"cdeca97c-2d77-4932-b59b-1a857f25b623","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":138,"box":{"x":89,"y":709,"width":846,"height":12}},{"id":"8c733199-6f85-4e0f-8de7-68e5206bdf4f","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":138,"box":{"x":89,"y":724,"width":772,"height":13}},{"id":"1571dafc-b1ce-41f0-b371-fe9efbff601c","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":138,"box":{"x":89,"y":739,"width":878,"height":13}},{"id":"f89eff09-b9ef-4496-81af-83e8524d8ced","block_type":"box","text":"of dividend record dates and ex-dividend dates (","page_number":138,"box":{"x":89,"y":754,"width":338,"height":13}},{"id":"d1709d80-5002-43e3-b796-debe7ed8893a","block_type":"box","text":"i.e.","page_number":138,"box":{"x":428,"y":755,"width":18,"height":9}},{"id":"2f0dfb04-431d-43dd-92cb-ee431034a1f1","block_type":"box","text":", the last day the holder of a security can sell the security and still receive","page_number":138,"box":{"x":448,"y":754,"width":507,"height":13}},{"id":"f79e9b34-7f4c-49ec-bc70-f1ab7bf0a553","block_type":"box","text":"dividends payable on the security).","page_number":138,"box":{"x":89,"y":770,"width":242,"height":12}},{"id":"9e8e7421-eb4b-4144-b01f-046b658f3c3d","block_type":"box","text":"To the extent contemplated by an Authorized Participant Agreement with the Distributor, each Fund will issue Creation Units","page_number":138,"box":{"x":88,"y":796,"width":873,"height":12}},{"id":"22c79263-8fd4-489b-aa9a-543d5ab8989b","block_type":"box","text":"to such Authorized Participant, notwithstanding the fact that the corresponding Fund Deposits have not been received in","page_number":138,"box":{"x":88,"y":811,"width":847,"height":12}},{"id":"6a154b93-0149-4d23-a5fb-4d666c0812fe","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":138,"box":{"x":89,"y":826,"width":876,"height":13}},{"id":"d74fd548-5ab5-4a4f-82ab-46754c4b40bc","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":138,"box":{"x":89,"y":841,"width":878,"height":13}},{"id":"d12651eb-6f9e-4269-9de4-ae39d21b39ac","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":138,"box":{"x":88,"y":856,"width":809,"height":13}},{"id":"825deff9-17ac-4835-87b5-7128ea2a33c2","block_type":"box","text":"118","page_number":138,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"39cf2b52-df0c-4874-8e3d-176d74a0ee80","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":139,"box":{"x":88,"y":44,"width":862,"height":12}},{"id":"39efa619-f8b5-4ccb-88de-43147a715b0b","block_type":"box","text":"contractual settlement date. Information concerning the Funds’ current procedures for collateralization of missing Deposit","page_number":139,"box":{"x":89,"y":59,"width":857,"height":12}},{"id":"df310e65-f9e5-4a39-a5a5-5eb56b3280a8","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":139,"box":{"x":88,"y":74,"width":855,"height":12}},{"id":"c08fe583-2c9b-453c-a467-eeb8ca30a72a","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":139,"box":{"x":88,"y":89,"width":872,"height":13}},{"id":"ce8543bb-8d12-4c6b-89a2-23cf09489ea4","block_type":"box","text":"cost to the Funds of purchasing such securities and the collateral including, without limitation, liability for related brokerage,","page_number":139,"box":{"x":89,"y":104,"width":870,"height":13}},{"id":"1487f31d-ca9c-4f49-a14c-a72025e8a941","block_type":"box","text":"borrowings and other charges.","page_number":139,"box":{"x":89,"y":119,"width":214,"height":13}},{"id":"cba438c7-acb1-4e46-b974-6b6516fdab8c","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":139,"box":{"x":89,"y":146,"width":809,"height":12}},{"id":"f0da6119-6650-43aa-8bbf-f1be29830260","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":139,"box":{"x":89,"y":161,"width":811,"height":12}},{"id":"fc736958-ab4a-42ac-83c0-ff47734c66dc","block_type":"box","text":"Authorized Participants that the creation and redemption transactions are for separate beneficial owners. All questions as to","page_number":139,"box":{"x":88,"y":176,"width":869,"height":13}},{"id":"8bf0cf72-3715-4078-aed9-603f3c8d71c3","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":139,"box":{"x":88,"y":191,"width":876,"height":13}},{"id":"2c768bd7-b550-464d-b529-ac66f0bb2b2b","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":139,"box":{"x":89,"y":206,"width":837,"height":13}},{"id":"4d82fb22-7b28-4978-8788-6c0e2b04bf38","block_type":"box","text":"Costs Associated with Creation Transactions.","page_number":139,"box":{"x":89,"y":233,"width":325,"height":10}},{"id":"3dc0a7fd-1784-4446-b968-506bbab042f7","block_type":"box","text":"iShares MSCI Belgium ETF, Shares MSCI Canada ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI","page_number":139,"box":{"x":88,"y":259,"width":870,"height":13}},{"id":"36d3acca-abc4-4527-a68b-f2fb3f7dab01","block_type":"box","text":"Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF,","page_number":139,"box":{"x":88,"y":274,"width":832,"height":13}},{"id":"4838575f-05e1-4a49-a659-8a33f43bf65f","block_type":"box","text":"iShares MSCI South Africa ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Thailand ETF and","page_number":139,"box":{"x":88,"y":290,"width":825,"height":12}},{"id":"f8822a52-452f-402d-8694-4001c4542cc9","block_type":"box","text":"iShares MSCI World ETF","page_number":139,"box":{"x":88,"y":305,"width":176,"height":9}},{"id":"65e118a1-365b-4c12-a2cd-3a8832541eb6","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":139,"box":{"x":88,"y":331,"width":876,"height":12}},{"id":"1b652726-7330-4d38-bd2d-06e773e767fd","block_type":"box","text":"of Creation Units. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized","page_number":139,"box":{"x":89,"y":346,"width":867,"height":13}},{"id":"fe4edbcf-a563-4b5d-9c8b-60936aad85c8","block_type":"box","text":"Participant creates a Creation Unit, and is the same, regardless of the number of Creation Units purchased by the Authorized","page_number":139,"box":{"x":89,"y":361,"width":869,"height":13}},{"id":"aace930a-6e1a-4e5b-a820-e265787ed9a5","block_type":"box","text":"Participant on the applicable Business Day.","page_number":139,"box":{"x":89,"y":376,"width":297,"height":13}},{"id":"7906d4d3-09a4-4fb1-9a1e-1193c4183eaa","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":139,"box":{"x":89,"y":403,"width":869,"height":12}},{"id":"d3f2affc-5d19-464b-b636-24b54e1aa0b9","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":139,"box":{"x":89,"y":418,"width":845,"height":12}},{"id":"dc786a41-8ae0-417a-bce1-0d9aa02360c8","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":139,"box":{"x":89,"y":433,"width":864,"height":13}},{"id":"d91d46f3-9477-45ff-98fe-ce16a21a1bd7","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":139,"box":{"x":88,"y":448,"width":845,"height":13}},{"id":"b4bca22a-a4bf-41c6-bf71-1bda07d4cd8e","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":139,"box":{"x":89,"y":463,"width":853,"height":13}},{"id":"3fcfce8a-091d-4466-9565-e004b0eeaba3","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":139,"box":{"x":88,"y":479,"width":836,"height":12}},{"id":"3f16c375-d395-4701-8190-8b0fe5a51a02","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":139,"box":{"x":89,"y":494,"width":866,"height":12}},{"id":"532a63ba-836b-4673-b939-899ccf63297d","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":139,"box":{"x":89,"y":509,"width":834,"height":12}},{"id":"bf234f25-20bb-4cb3-8990-5763918cf708","block_type":"box","text":"maximum amounts shown below.","page_number":139,"box":{"x":89,"y":524,"width":237,"height":10}},{"id":"78952501-67ef-48c6-be2e-2416efd31101","block_type":"box","text":"Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs","page_number":139,"box":{"x":88,"y":550,"width":817,"height":13}},{"id":"921ba173-bbaa-4260-bf7c-710c60f392c2","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":139,"box":{"x":89,"y":565,"width":866,"height":13}},{"id":"60f53258-90c1-49ba-96ec-293ae82b9098","block_type":"box","text":"other financial intermediary to acquire Fund shares may be charged a fee for such services.","page_number":139,"box":{"x":89,"y":581,"width":636,"height":12}},{"id":"d06c57d2-473b-4ae4-8e5a-a9d5a154f7d6","block_type":"box","text":"The following table sets forth each Fund’s standard creation transaction fee and maximum additional charge (as described","page_number":139,"box":{"x":88,"y":607,"width":860,"height":12}},{"id":"1025ac6a-4c6c-4ef8-9ce5-1bcbf7124f6c","block_type":"box","text":"above):","page_number":139,"box":{"x":89,"y":622,"width":50,"height":12}},{"id":"15a9bc40-d99c-4fca-9560-86e678392c5b","block_type":"box","text":"Fund","page_number":139,"box":{"x":89,"y":662,"width":27,"height":8}},{"id":"1cdd1366-4888-43ae-8bf4-e52b68cb6d7d","block_type":"box","text":"Standard Creation","page_number":139,"box":{"x":665,"y":652,"width":103,"height":8}},{"id":"3ff35696-0ceb-4b7e-94fe-90041859a752","block_type":"box","text":"Transaction Fee","page_number":139,"box":{"x":671,"y":662,"width":91,"height":8}},{"id":"f086e40b-8dfc-46ae-a617-1e030e27813c","block_type":"box","text":"Maximum Additional","page_number":139,"box":{"x":847,"y":652,"width":120,"height":8}},{"id":"6be9942d-9883-48c4-9b13-e52152933811","block_type":"box","text":"Charge*","page_number":139,"box":{"x":883,"y":662,"width":48,"height":10}},{"id":"ac78a136-cfec-4ace-b4fa-1cd06dbdb472","block_type":"box","text":"iShares MSCI Belgium ETF $ 700 3.0%","page_number":139,"box":{"x":89,"y":684,"width":843,"height":12}},{"id":"d48e04bd-49e8-44d8-84a8-1a320c95e710","block_type":"box","text":"iShares MSCI Canada ETF 1,900 3.0%","page_number":139,"box":{"x":89,"y":699,"width":843,"height":11}},{"id":"60d3bfdc-49c5-4ec4-bb26-7989b25f52a5","block_type":"box","text":"iShares MSCI France ETF 2,900 3.0%","page_number":139,"box":{"x":89,"y":714,"width":843,"height":11}},{"id":"1839cbea-9219-4205-ae99-5af1ef4e213f","block_type":"box","text":"iShares MSCI Germany ETF 1,500 3.0%","page_number":139,"box":{"x":89,"y":729,"width":843,"height":13}},{"id":"fc1b9054-421a-4bd6-9ad3-70ae76b6d2f9","block_type":"box","text":"iShares MSCI Hong Kong ETF 2,000 7.0%","page_number":139,"box":{"x":89,"y":744,"width":843,"height":13}},{"id":"0875d850-1b77-4482-8a67-80d023f187ce","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 6,000 3.0%","page_number":139,"box":{"x":89,"y":759,"width":843,"height":13}},{"id":"642c1799-7638-4fd6-94e2-641a3d85adca","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 6,000 7.0%","page_number":139,"box":{"x":89,"y":775,"width":843,"height":12}},{"id":"51ff1e56-0d45-4698-8a10-1af479dff33f","block_type":"box","text":"iShares MSCI Singapore ETF 2,000 3.0%","page_number":139,"box":{"x":89,"y":790,"width":843,"height":12}},{"id":"a292e14c-5276-4051-ad53-b17a4e6b03c3","block_type":"box","text":"iShares MSCI South Africa ETF 1,200 3.0%","page_number":139,"box":{"x":89,"y":805,"width":843,"height":11}},{"id":"4faa287b-7f91-437a-b922-0fb123210504","block_type":"box","text":"iShares MSCI Spain ETF 1,500 3.0%","page_number":139,"box":{"x":89,"y":820,"width":843,"height":12}},{"id":"892a02a0-4b5d-44bc-a493-f17e84660514","block_type":"box","text":"iShares MSCI Sweden ETF 1,300 3.0%","page_number":139,"box":{"x":89,"y":835,"width":843,"height":11}},{"id":"82aa2090-c91f-41e0-9d2a-89dd06bb9c6a","block_type":"box","text":"iShares MSCI Thailand ETF 1,700 3.0%","page_number":139,"box":{"x":89,"y":850,"width":843,"height":12}},{"id":"f1260a4c-f21c-4469-a166-414bd89d6c66","block_type":"box","text":"119","page_number":139,"box":{"x":518,"y":894,"width":22,"height":9}},{"id":"764db3c9-8e41-4c13-a243-856a93810a21","block_type":"box","text":"Fund","page_number":140,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"7af66034-8f70-4f8d-a736-03dcd671377e","block_type":"box","text":"Standard Creation","page_number":140,"box":{"x":665,"y":45,"width":103,"height":7}},{"id":"60c67466-5895-44ca-af05-ed8992703481","block_type":"box","text":"Transaction Fee","page_number":140,"box":{"x":671,"y":55,"width":91,"height":7}},{"id":"3df5659c-4250-4c73-8251-9ae5d175a072","block_type":"box","text":"Maximum Additional","page_number":140,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"f7a8ac9e-1a3c-45cd-8b93-5d0102908f23","block_type":"box","text":"Charge*","page_number":140,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"3cd8f123-aa69-4533-94e7-07240d4ee129","block_type":"box","text":"iShares MSCI World ETF 15,000 7.0%","page_number":140,"box":{"x":89,"y":77,"width":843,"height":11}},{"id":"fe9f49d8-6d33-43f5-9626-5767d525a597","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":140,"box":{"x":118,"y":116,"width":329,"height":10}},{"id":"a61cc46e-ac61-4540-a821-9f788ef9b799","block_type":"box","text":"iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Eurozone ETF, iShares MSCI Israel ETF, iShares MSCI","page_number":140,"box":{"x":88,"y":140,"width":870,"height":11}},{"id":"35d4b39d-ee20-4443-92e6-fa85a796c539","block_type":"box","text":"Italy ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Switzerland","page_number":140,"box":{"x":88,"y":155,"width":850,"height":12}},{"id":"7eb4dd67-70bc-4023-a429-cafb4b4d4dcc","block_type":"box","text":"ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF","page_number":140,"box":{"x":88,"y":170,"width":529,"height":12}},{"id":"a9caacbd-2e3f-4814-9dae-81e3e25dd4bc","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":140,"box":{"x":88,"y":196,"width":876,"height":13}},{"id":"5eb96576-fe8c-4ec0-9d9c-5448871fa9f0","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":140,"box":{"x":89,"y":211,"width":840,"height":13}},{"id":"63b0f7c7-3fe2-4966-ae95-a8e9a6bc0560","block_type":"box","text":"order processing, Authorized Participant communications, and related services in connection with the issuance and","page_number":140,"box":{"x":89,"y":227,"width":808,"height":12}},{"id":"73736630-fd83-495e-9ef4-0f5d6318f3ef","block_type":"box","text":"redemption of Creation Units of the Funds (“ETF Services”). BRIL will receive from an Authorized Participant a standard","page_number":140,"box":{"x":89,"y":242,"width":831,"height":12}},{"id":"d9bf7cc8-5d2d-4de7-8a85-6b3e8c79a904","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":140,"box":{"x":88,"y":257,"width":849,"height":12}},{"id":"99680070-f74e-439d-a353-78906e976400","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":140,"box":{"x":89,"y":272,"width":843,"height":12}},{"id":"449381c3-e7ff-4cdd-849a-6582201fead9","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":140,"box":{"x":89,"y":287,"width":876,"height":12}},{"id":"842c4e1c-89e4-4786-b5de-cb90ba1bdbc9","block_type":"box","text":"to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the applicable Fund custodian","page_number":140,"box":{"x":88,"y":302,"width":840,"height":12}},{"id":"6ed24d8c-6874-4613-ac18-0f45cb255cfd","block_type":"box","text":"according to the amounts invoiced by such custodian.","page_number":140,"box":{"x":89,"y":317,"width":378,"height":13}},{"id":"305eb932-56fb-4554-abcb-99d913e13452","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":140,"box":{"x":88,"y":344,"width":862,"height":12}},{"id":"81cf6cb0-a718-4535-8caa-fcf48fdcc8df","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":140,"box":{"x":88,"y":359,"width":879,"height":12}},{"id":"462c8281-bb4d-4bbd-ac42-d46ba7b85244","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":140,"box":{"x":89,"y":374,"width":834,"height":12}},{"id":"b100029d-355e-40e0-88b2-8270bc028e8e","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":140,"box":{"x":89,"y":389,"width":874,"height":12}},{"id":"a4bef26e-7279-4dee-b10f-d2d01a56e531","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":140,"box":{"x":89,"y":404,"width":877,"height":13}},{"id":"bfa6feaf-2a96-4457-8f48-dead30ae820c","block_type":"box","text":"Unit. The following table sets forth, for the Fund, either the actual creation transaction fee that was charged on December 1,","page_number":140,"box":{"x":89,"y":419,"width":868,"height":13}},{"id":"b06eb960-45b7-4781-b762-a83ca35bb408","block_type":"box","text":"2025 or an estimate of the creation transaction fee that would have been charged if the Fund had issued a Creation Unit on","page_number":140,"box":{"x":89,"y":434,"width":861,"height":13}},{"id":"c8c1b08c-2a1a-4545-9ec0-e3d4c35cb6b2","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":140,"box":{"x":88,"y":450,"width":847,"height":12}},{"id":"ac9d7264-a2ca-4b1e-8202-dd9eb665a17a","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":140,"box":{"x":89,"y":465,"width":807,"height":12}},{"id":"76f35279-168c-48aa-9adf-e24beea4b29e","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":140,"box":{"x":89,"y":491,"width":869,"height":12}},{"id":"2e2e4e8f-316b-4446-adbb-32e9b2a2207b","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":140,"box":{"x":89,"y":506,"width":845,"height":13}},{"id":"e5cf0235-4631-443d-a67c-81caff24fea0","block_type":"box","text":"shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of","page_number":140,"box":{"x":89,"y":521,"width":864,"height":13}},{"id":"48f8c2a9-fbb8-44a5-b7b9-00598ac36257","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":140,"box":{"x":88,"y":536,"width":845,"height":13}},{"id":"05ac03a7-55cf-40de-a2e2-a6eb4092f793","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":140,"box":{"x":89,"y":552,"width":853,"height":12}},{"id":"c622959e-72fd-4c52-a756-3fc0f6640cd4","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":140,"box":{"x":88,"y":567,"width":836,"height":12}},{"id":"e398890e-528f-4619-97c8-05c3b5aa2b75","block_type":"box","text":"identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In","page_number":140,"box":{"x":89,"y":582,"width":866,"height":12}},{"id":"039c5c68-8b22-40da-bd12-5c43294ef8d5","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":140,"box":{"x":89,"y":597,"width":834,"height":12}},{"id":"6c698902-9850-423c-a11b-b8c9ee4408c6","block_type":"box","text":"maximum amounts shown below. Authorized Participants will also bear the costs of transferring the Deposit Securities to the","page_number":140,"box":{"x":89,"y":612,"width":876,"height":12}},{"id":"0b2825d7-b5eb-46f4-9066-31351c5fbf45","block_type":"box","text":"Fund. Certain fees/costs associated with creation transactions may be waived in certain circumstances. Investors who use","page_number":140,"box":{"x":89,"y":627,"width":856,"height":13}},{"id":"0d25db63-a83d-48cf-81ec-30cb0ae694bd","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":140,"box":{"x":88,"y":642,"width":823,"height":13}},{"id":"21504017-9042-424f-8e33-2237782a76ab","block_type":"box","text":"The following table sets forth the Fund’s actual or estimated creation transaction fee as applicable as of December 1, 2025","page_number":140,"box":{"x":88,"y":669,"width":857,"height":12}},{"id":"6d2c96f6-ebb3-4eb2-a970-1ef4cfe80424","block_type":"box","text":"and maximum additional charge (as described above):","page_number":140,"box":{"x":89,"y":684,"width":381,"height":12}},{"id":"1199bacf-b1b5-4000-a2b9-60dcc5a46b60","block_type":"box","text":"Fund","page_number":140,"box":{"x":89,"y":724,"width":27,"height":7}},{"id":"4818df0f-0f0a-43b1-9ec1-4e353858a68c","block_type":"box","text":"Standard Creation","page_number":140,"box":{"x":665,"y":714,"width":103,"height":7}},{"id":"2975d3e2-0746-47fb-8c7f-6b168ebaa28f","block_type":"box","text":"Transaction Fee","page_number":140,"box":{"x":671,"y":724,"width":91,"height":7}},{"id":"e2eca9e1-3da4-4741-a7b7-2633fccb57a3","block_type":"box","text":"Maximum Additional","page_number":140,"box":{"x":847,"y":714,"width":120,"height":7}},{"id":"afe598cb-8470-4bd7-b174-1d936e4c77a8","block_type":"box","text":"Charge*","page_number":140,"box":{"x":883,"y":724,"width":48,"height":9}},{"id":"d5f12e5b-ceb8-4228-86e0-5ec70e80bd18","block_type":"box","text":"iShares MSCI Australia ETF $ 500.00** 3.0%","page_number":140,"box":{"x":89,"y":746,"width":843,"height":10}},{"id":"b90f00c3-4391-4b60-b141-4d3897739ae5","block_type":"box","text":"iShares MSCI Austria ETF 430.00** 3.0%","page_number":140,"box":{"x":89,"y":761,"width":843,"height":9}},{"id":"6ee3173d-224f-48c7-9681-715d2b8d6237","block_type":"box","text":"iShares MSCI Eurozone ETF 1,100.00** 3.0%","page_number":140,"box":{"x":89,"y":776,"width":843,"height":11}},{"id":"58d655e3-8435-4091-bf6c-c066a6b97958","block_type":"box","text":"iShares MSCI Israel ETF 1,868.25 3.0%","page_number":140,"box":{"x":89,"y":791,"width":843,"height":11}},{"id":"90957a73-e9fe-45d7-beba-9b26f29c88d1","block_type":"box","text":"iShares MSCI Italy ETF 420.00** 3.0%","page_number":140,"box":{"x":89,"y":806,"width":843,"height":12}},{"id":"90fffa74-0023-4896-9697-8ddf40e2bf16","block_type":"box","text":"iShares MSCI Japan ETF 760.00** 3.0%","page_number":140,"box":{"x":89,"y":821,"width":843,"height":13}},{"id":"8c57106d-dcce-445d-8170-82f58797c82b","block_type":"box","text":"iShares MSCI Mexico ETF 500.00 3.0%","page_number":140,"box":{"x":89,"y":836,"width":843,"height":10}},{"id":"b4ab7d80-72ad-4628-ac26-92058d0da2f3","block_type":"box","text":"iShares MSCI Netherlands ETF 510.00** 3.0%","page_number":140,"box":{"x":89,"y":851,"width":843,"height":10}},{"id":"8115e03a-220f-435b-bab1-52fa2b00f95d","block_type":"box","text":"120","page_number":140,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"01637f80-45bf-4a4b-9eb4-c477f65a4754","block_type":"box","text":"Fund","page_number":141,"box":{"x":89,"y":55,"width":27,"height":7}},{"id":"2f6788f1-b5e6-4333-aaab-77d1aee585e5","block_type":"box","text":"Standard Creation","page_number":141,"box":{"x":665,"y":45,"width":103,"height":7}},{"id":"0f90af03-0932-45c1-afed-844ef55b239c","block_type":"box","text":"Transaction Fee","page_number":141,"box":{"x":671,"y":55,"width":91,"height":7}},{"id":"21171ac2-33a8-430c-8218-cf3d6d20bfd4","block_type":"box","text":"Maximum Additional","page_number":141,"box":{"x":847,"y":45,"width":120,"height":7}},{"id":"b759e4a1-1697-4cf5-87a6-1a543d04a602","block_type":"box","text":"Charge*","page_number":141,"box":{"x":883,"y":55,"width":48,"height":9}},{"id":"c7a36efd-f67b-4661-b801-a1c500956899","block_type":"box","text":"iShares MSCI Switzerland ETF 470.00** 3.0%","page_number":141,"box":{"x":89,"y":77,"width":843,"height":9}},{"id":"3e9de211-6b7c-454f-ace3-94edfa1a6ed3","block_type":"box","text":"iShares MSCI Turkey ETF 665.00 3.0%","page_number":141,"box":{"x":89,"y":92,"width":843,"height":12}},{"id":"fca8b9a0-739d-4b25-b3d2-90e13e807778","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 823.75** 3.0%","page_number":141,"box":{"x":89,"y":107,"width":843,"height":12}},{"id":"efdb6286-707f-4704-9418-9c720995a6c9","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit.","page_number":141,"box":{"x":118,"y":147,"width":329,"height":9}},{"id":"ddba2b5d-26f2-4510-ba19-f6c15c5fe7a6","block_type":"box","text":"** Estimated fee.","page_number":141,"box":{"x":118,"y":162,"width":92,"height":7}},{"id":"73d08476-7995-4762-b461-b2a78de5212d","block_type":"box","text":"Redemption of Creation Units.","page_number":141,"box":{"x":89,"y":185,"width":216,"height":12}},{"id":"ad88a4bc-9f7d-4cec-9e09-a0ef6e0f71b0","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":141,"box":{"x":88,"y":211,"width":836,"height":13}},{"id":"cfcab009-1fbb-4285-9df4-e3fc21744767","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":141,"box":{"x":89,"y":227,"width":869,"height":12}},{"id":"56057654-ffab-40bc-a76e-88d8ddd1cfbe","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":141,"box":{"x":89,"y":242,"width":873,"height":12}},{"id":"5e265203-e393-499b-b76d-de80025b8e64","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":141,"box":{"x":89,"y":257,"width":855,"height":12}},{"id":"5bedf934-fb7b-4944-855d-1f8189a3b62d","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":141,"box":{"x":89,"y":272,"width":878,"height":12}},{"id":"9219c136-3661-45f0-93e3-dcf68554980f","block_type":"box","text":"by an Authorized Participant. Beneficial owners also may sell shares in the secondary market.","page_number":141,"box":{"x":89,"y":287,"width":649,"height":12}},{"id":"5a67c9e3-94ac-4059-8155-07edff0d9856","block_type":"box","text":"Each Fund generally redeems Creation Units for Fund Securities (as defined below). Please see the","page_number":141,"box":{"x":89,"y":313,"width":686,"height":13}},{"id":"486b968d-532b-4bc1-a032-2047072e7fab","block_type":"box","text":"Cash Redemption Method","page_number":141,"box":{"x":780,"y":313,"width":183,"height":13}},{"id":"4d5a34db-b655-433d-96d9-ee9e8092882e","block_type":"box","text":"section below and the following discussion summarizing the in-kind method for further information on redeeming Creation","page_number":141,"box":{"x":89,"y":329,"width":864,"height":12}},{"id":"757af69c-9127-44be-9761-f1d7de247cf8","block_type":"box","text":"Units of the Funds.","page_number":141,"box":{"x":89,"y":344,"width":130,"height":9}},{"id":"94052409-c93c-4bb3-98bf-f779506ca920","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":141,"box":{"x":89,"y":370,"width":853,"height":13}},{"id":"d76777d3-c278-4296-ac0c-878a1c5abb9f","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":141,"box":{"x":89,"y":385,"width":849,"height":13}},{"id":"8f32503e-c064-4167-9214-2cb38a1d8da9","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":141,"box":{"x":88,"y":400,"width":841,"height":13}},{"id":"66031886-eade-4600-9c4b-5b117bc11651","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":141,"box":{"x":89,"y":416,"width":863,"height":12}},{"id":"bb311f8f-d34b-48d9-940b-261f3e472fdd","block_type":"box","text":"next announced composition of the Fund Securities and Cash Amount is made available. The Fund Securities and Cash","page_number":141,"box":{"x":89,"y":431,"width":833,"height":12}},{"id":"d042f36c-bba8-4648-8f68-dbee7a97c19c","block_type":"box","text":"Amount are subject to possible amendment or correction. Fund Securities received on redemption may not be identical to","page_number":141,"box":{"x":88,"y":446,"width":855,"height":12}},{"id":"1314c33a-5a7f-4cd0-84b6-78fd1610d789","block_type":"box","text":"Deposit Securities that are applicable to creations of Creation Units. Procedures and requirements governing redemption","page_number":141,"box":{"x":89,"y":461,"width":843,"height":12}},{"id":"a814655f-57bc-4cc2-a0ac-2c3541fbe8b4","block_type":"box","text":"transactions are set forth in the handbook for Authorized Participants and may change from time to time.","page_number":141,"box":{"x":88,"y":476,"width":738,"height":12}},{"id":"e8456d11-9b9c-460a-8837-151d3e1f5e6a","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":141,"box":{"x":89,"y":502,"width":866,"height":13}},{"id":"b127e45b-7929-46e6-8257-b1ebb8a426e3","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":141,"box":{"x":89,"y":518,"width":861,"height":12}},{"id":"591338e2-a2da-47ea-a48e-3f1d367d227f","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":141,"box":{"x":89,"y":533,"width":873,"height":12}},{"id":"97f95bfd-15b4-4f6e-a1f7-cc1c8a41dbd5","block_type":"box","text":"a redemption transaction fee (as described below).","page_number":141,"box":{"x":89,"y":548,"width":355,"height":12}},{"id":"9c4246de-7cf8-44a0-bcc3-7666b9c1e261","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":141,"box":{"x":88,"y":574,"width":795,"height":13}},{"id":"b700a2a8-7550-49ac-849a-7259bb6d6911","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":141,"box":{"x":89,"y":589,"width":860,"height":13}},{"id":"c7b849fe-3b58-4b29-940d-de37c29daca8","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":141,"box":{"x":89,"y":605,"width":842,"height":12}},{"id":"21a34704-8161-41a0-bb8b-e7deed5dfac9","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":141,"box":{"x":88,"y":620,"width":879,"height":12}},{"id":"9bd77f1d-9773-40cd-84d2-fa08b458f384","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":141,"box":{"x":89,"y":635,"width":860,"height":12}},{"id":"2577efff-127e-4a0b-939f-171715f71d00","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":141,"box":{"x":89,"y":650,"width":873,"height":12}},{"id":"10c3fc90-bb18-47b5-a996-bba5232b2b5f","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":141,"box":{"x":89,"y":665,"width":841,"height":12}},{"id":"0cacee77-e020-4854-828b-10d76d8987d8","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":141,"box":{"x":89,"y":680,"width":862,"height":12}},{"id":"0540cf60-c60a-46a0-9b02-2d12224dc0b9","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":141,"box":{"x":88,"y":695,"width":857,"height":13}},{"id":"78644377-c4fd-4059-a64b-8f7746aaa5ac","block_type":"box","text":"the difference is required to be made by or through an Authorized Participant by the redeeming shareholder. Each Fund","page_number":141,"box":{"x":88,"y":710,"width":833,"height":13}},{"id":"400b7e64-5a20-4b66-88b7-f569b047343e","block_type":"box","text":"generally redeems Creation Units for Fund Securities, but each Fund reserves the right to utilize a cash option for redemption","page_number":141,"box":{"x":89,"y":725,"width":872,"height":13}},{"id":"f8cc85c8-9de0-4fd6-b125-e0396e1021af","block_type":"box","text":"of Creation Units. Each Fund may, in its sole discretion, provide such redeeming Authorized Participant a portfolio of","page_number":141,"box":{"x":89,"y":741,"width":812,"height":12}},{"id":"81793816-a421-4386-8cd2-b094f64de592","block_type":"box","text":"securities that differs from the exact composition of the Fund Securities, but does not differ in NAV. The Redemption Basket","page_number":141,"box":{"x":89,"y":756,"width":863,"height":12}},{"id":"53ba9db8-1088-4f48-85c3-c2647845ff94","block_type":"box","text":"may also be modified to minimize the Cash Component by redistributing the cash to the Fund Securities portion of the","page_number":141,"box":{"x":89,"y":771,"width":829,"height":12}},{"id":"a7bcf7eb-6113-4651-916a-1aabf9dddaa8","block_type":"box","text":"Redemption Basket through systematically rounding. The rounding methodology allows position sizes of securities in the","page_number":141,"box":{"x":89,"y":786,"width":847,"height":12}},{"id":"44e7cb93-bd8a-46c3-ac9b-02cae38d22e5","block_type":"box","text":"Fund Securities to be “rounded up,” while limiting the maximum allowed percentage change in weight and share quantity of","page_number":141,"box":{"x":89,"y":801,"width":873,"height":12}},{"id":"da01dde4-2f71-4795-8a64-6ecd0d8b1c47","block_type":"box","text":"any given security in the Redemption Basket. Redemption Baskets may also be modified to position a fund towards a forward","page_number":141,"box":{"x":89,"y":816,"width":874,"height":13}},{"id":"e2af278f-6bca-4d81-92c4-983383055d53","block_type":"box","text":"index rebalance to reflect revisions that account for index additions, deletions, and re-weights.","page_number":141,"box":{"x":89,"y":831,"width":659,"height":13}},{"id":"8b4ed7f9-90b8-4a63-9c6e-b88e6d881e12","block_type":"box","text":"121","page_number":141,"box":{"x":517,"y":894,"width":21,"height":9}},{"id":"aa8d32bb-2bec-48a0-b238-7c69f86de1bb","block_type":"box","text":"Cash Redemption Method.","page_number":142,"box":{"x":89,"y":44,"width":191,"height":12}},{"id":"7dfa8d0d-7b60-4918-9bc9-16bcebca61fc","block_type":"box","text":"Although the Company does not generally permit partial or full cash redemptions of Creation","page_number":142,"box":{"x":293,"y":44,"width":651,"height":12}},{"id":"1f2d6b55-bcf1-4687-ba67-7945ea8c91d8","block_type":"box","text":"Units of its funds, when partial or full cash redemptions of Creation Units are available or specified for a Fund, they will be","page_number":142,"box":{"x":89,"y":59,"width":849,"height":12}},{"id":"6fbd9db6-9b8f-487c-aab5-df1253872bbe","block_type":"box","text":"effected in essentially the same manner as in-kind redemptions thereof. In the case of partial or full cash redemption, the","page_number":142,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"e20768e2-e77e-4a32-973b-9ea3f9d2a9ad","block_type":"box","text":"Authorized Participant receives the cash equivalent of the Fund Securities it would otherwise receive through an in-kind","page_number":142,"box":{"x":88,"y":89,"width":837,"height":13}},{"id":"14957cb2-304a-4b37-8804-a08deb53bf7f","block_type":"box","text":"redemption, plus the same Cash Amount to be paid to an in-kind redeemer.","page_number":142,"box":{"x":89,"y":104,"width":528,"height":13}},{"id":"b4e1ab6c-95f4-4513-b886-2505c962b5b7","block_type":"box","text":"Costs Associated with Redemption Transactions.","page_number":142,"box":{"x":89,"y":131,"width":351,"height":12}},{"id":"954f8056-8d4c-4c9d-9da2-d653e2fcea68","block_type":"box","text":"iShares MSCI Belgium ETF, Shares MSCI Canada ETF, iShares MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI","page_number":142,"box":{"x":88,"y":157,"width":870,"height":13}},{"id":"7b3725c6-0abe-4578-97b5-ec06589826b8","block_type":"box","text":"Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF,","page_number":142,"box":{"x":88,"y":172,"width":832,"height":13}},{"id":"c971bfe6-d6a2-4904-a09f-edc4274a2d7b","block_type":"box","text":"iShares MSCI South Africa ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Thailand ETF and","page_number":142,"box":{"x":88,"y":188,"width":825,"height":12}},{"id":"7f796454-5316-4cb3-9e1a-62806eba723b","block_type":"box","text":"iShares MSCI World ETF","page_number":142,"box":{"x":88,"y":203,"width":176,"height":9}},{"id":"8b501f33-0767-4ac9-914c-b85d6165fcd2","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":142,"box":{"x":88,"y":229,"width":866,"height":12}},{"id":"f463bcb0-258a-414e-a68d-a46cb2e671b2","block_type":"box","text":"relevant Fund. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized","page_number":142,"box":{"x":89,"y":244,"width":869,"height":13}},{"id":"bea812b8-dc0c-4c52-bceb-ebf44c3fd60b","block_type":"box","text":"Participant redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by an Authorized","page_number":142,"box":{"x":89,"y":259,"width":866,"height":13}},{"id":"9746d3ef-7424-44e4-926c-537c33ade7c6","block_type":"box","text":"Participant on the applicable Business Day.","page_number":142,"box":{"x":89,"y":274,"width":297,"height":13}},{"id":"27fc0e46-b0fe-4bf6-9345-9828042e6664","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":142,"box":{"x":89,"y":301,"width":810,"height":12}},{"id":"588e3c56-3245-4ab0-a931-102075e60ff7","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":142,"box":{"x":88,"y":316,"width":869,"height":12}},{"id":"a54ce9f8-7ae5-4757-b30e-1e6f21d9f308","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":142,"box":{"x":89,"y":331,"width":831,"height":12}},{"id":"0333843e-f10a-4788-beca-3f4b1d8bbeab","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":142,"box":{"x":89,"y":346,"width":853,"height":13}},{"id":"a8d43925-8665-4c4d-90c1-ab396b45266b","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":142,"box":{"x":88,"y":361,"width":873,"height":13}},{"id":"ddfd0f23-b0e5-409d-bea6-442c4cd801d5","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":142,"box":{"x":89,"y":376,"width":859,"height":13}},{"id":"8220e9e3-1543-496d-83a6-ec3e6ffc2477","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":142,"box":{"x":88,"y":392,"width":817,"height":12}},{"id":"85910278-4bd1-4a21-a756-a6b01e6d12d1","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":142,"box":{"x":89,"y":407,"width":824,"height":12}},{"id":"b516a85f-6132-4356-a54b-3f81a0f4e162","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":142,"box":{"x":89,"y":422,"width":338,"height":12}},{"id":"69285c39-9a78-4aea-9d04-8949634dd3d7","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":142,"box":{"x":88,"y":448,"width":879,"height":13}},{"id":"51136a06-0a08-49cc-91a1-4b4bece4168c","block_type":"box","text":"Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the","page_number":142,"box":{"x":89,"y":463,"width":863,"height":13}},{"id":"346df7f8-2343-433f-a9fc-f5a83b35d0f6","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":142,"box":{"x":89,"y":479,"width":815,"height":12}},{"id":"314997fe-5c5f-436f-9962-730f57ce5d12","block_type":"box","text":"The following table sets forth each Fund’s standard redemption transaction fee and maximum additional charge (as","page_number":142,"box":{"x":88,"y":505,"width":812,"height":12}},{"id":"c67d3b8d-7af9-4a06-8dbc-d10b6c0c211f","block_type":"box","text":"described above):","page_number":142,"box":{"x":89,"y":520,"width":122,"height":12}},{"id":"76462b67-980d-41dd-b256-21e8cc3f15fe","block_type":"box","text":"Fund","page_number":142,"box":{"x":89,"y":560,"width":27,"height":8}},{"id":"04df551c-4962-4065-bf5a-3a7bc01de462","block_type":"box","text":"Standard Redemption","page_number":142,"box":{"x":643,"y":550,"width":125,"height":10}},{"id":"ae7c3279-c0dd-452d-b6f3-03fc9fe1eef0","block_type":"box","text":"Transaction Fee","page_number":142,"box":{"x":660,"y":560,"width":91,"height":8}},{"id":"a9b1abd7-7aea-44d5-b4ed-c48ce1a96093","block_type":"box","text":"Maximum Additional","page_number":142,"box":{"x":847,"y":550,"width":120,"height":8}},{"id":"1fd3801b-79e8-4e2a-8b69-05e30c077766","block_type":"box","text":"Charge*","page_number":142,"box":{"x":883,"y":560,"width":48,"height":10}},{"id":"52b0dcdb-b40c-472b-a938-2db9364d0c5a","block_type":"box","text":"iShares MSCI Belgium ETF $ 700 2.0%","page_number":142,"box":{"x":89,"y":582,"width":843,"height":12}},{"id":"17bcda05-62c9-4b95-92cd-c8c7312a165d","block_type":"box","text":"iShares MSCI Canada ETF 1,900 2.0%","page_number":142,"box":{"x":89,"y":597,"width":843,"height":11}},{"id":"21de543d-2380-44a4-9973-0964401eeab5","block_type":"box","text":"iShares MSCI France ETF 2,900 2.0%","page_number":142,"box":{"x":89,"y":612,"width":843,"height":11}},{"id":"d4a1455f-7762-4477-bb86-c9990df8edaa","block_type":"box","text":"iShares MSCI Germany ETF 1,500 2.0%","page_number":142,"box":{"x":89,"y":627,"width":843,"height":13}},{"id":"b7e689a9-b053-4501-a388-e5af720b6e01","block_type":"box","text":"iShares MSCI Hong Kong ETF 2,000 2.0%","page_number":142,"box":{"x":89,"y":642,"width":843,"height":13}},{"id":"a59ff437-b792-43f9-9c2b-acbb6bfb086f","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 6,000 2.0%","page_number":142,"box":{"x":89,"y":657,"width":843,"height":13}},{"id":"9c6a95b9-11d7-4fc5-8a10-1de86666a68b","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 6,000 2.0%","page_number":142,"box":{"x":89,"y":673,"width":843,"height":12}},{"id":"812c6114-53b8-4045-b44d-2180a6c787c1","block_type":"box","text":"iShares MSCI Singapore ETF 2,000 2.0%","page_number":142,"box":{"x":89,"y":688,"width":843,"height":12}},{"id":"8aa5df04-765e-409e-9eaf-fa64473a7a74","block_type":"box","text":"iShares MSCI South Africa ETF 1,200 2.0%","page_number":142,"box":{"x":89,"y":703,"width":843,"height":11}},{"id":"3a79c8a2-9d96-47e1-9fb6-a6decf0268f0","block_type":"box","text":"iShares MSCI Spain ETF 1,500 2.0%","page_number":142,"box":{"x":89,"y":718,"width":843,"height":12}},{"id":"0df3c6f6-ae6f-4d59-a260-e53a2bb4fb92","block_type":"box","text":"iShares MSCI Sweden ETF 1,300 2.0%","page_number":142,"box":{"x":89,"y":733,"width":843,"height":11}},{"id":"5f27f67a-2826-4a37-965f-b326ee77a98f","block_type":"box","text":"iShares MSCI Thailand ETF 1,700 2.0%","page_number":142,"box":{"x":89,"y":748,"width":843,"height":11}},{"id":"58a971f4-bbf9-47c9-b5b2-a0ee8a41bb74","block_type":"box","text":"iShares MSCI World ETF 15,000 2.0%","page_number":142,"box":{"x":89,"y":763,"width":843,"height":12}},{"id":"ab790976-bb25-4f9f-81aa-42552547c1a8","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":142,"box":{"x":118,"y":803,"width":628,"height":10}},{"id":"631d3c51-6f97-4fff-832a-6c9fd8e99525","block_type":"box","text":"iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Eurozone ETF, iShares MSCI Israel ETF, iShares MSCI","page_number":142,"box":{"x":88,"y":826,"width":870,"height":12}},{"id":"a781fa7c-50a4-417e-a46f-6b005e8876fa","block_type":"box","text":"Italy ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Switzerland","page_number":142,"box":{"x":88,"y":841,"width":850,"height":13}},{"id":"3d741150-2ba6-4425-8de2-d4ca580275e1","block_type":"box","text":"ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF","page_number":142,"box":{"x":88,"y":856,"width":529,"height":13}},{"id":"abab6a6e-e692-472b-bd47-dce2385c356c","block_type":"box","text":"122","page_number":142,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"cc5c14f5-4c92-4548-9b83-da17f3936dd3","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":143,"box":{"x":88,"y":44,"width":866,"height":12}},{"id":"8b65b277-7794-4df8-af70-bfb47ae82573","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":143,"box":{"x":89,"y":59,"width":848,"height":12}},{"id":"0bd687e6-f816-4f0c-94fa-3fa2685c2c6d","block_type":"box","text":"perform certain ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on each redemption","page_number":143,"box":{"x":89,"y":74,"width":873,"height":12}},{"id":"ac102d92-c67c-4899-a73b-9aec3ced266a","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":143,"box":{"x":89,"y":89,"width":822,"height":13}},{"id":"3527441a-2921-4770-8f9b-387ef45bb3a2","block_type":"box","text":"Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the","page_number":143,"box":{"x":88,"y":104,"width":815,"height":13}},{"id":"c2e2aa94-9ba2-4016-91a5-d65a0d2c8b4c","block_type":"box","text":"applicable Fund custodian according to the amounts invoiced by such custodian.","page_number":143,"box":{"x":89,"y":119,"width":567,"height":13}},{"id":"10a25fb5-5648-4b16-ad42-642b2852aa77","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":143,"box":{"x":88,"y":146,"width":859,"height":12}},{"id":"880b4361-6af6-4cfb-be74-5a57f2c82cd4","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":161,"width":879,"height":12}},{"id":"87c49d02-4503-4173-99b5-3813b20b8799","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":143,"box":{"x":89,"y":176,"width":860,"height":13}},{"id":"69bcf67b-d97d-42bc-b244-df3cd8b836bf","block_type":"box","text":"certain instances, such as for redemption transactions that consist solely of cash. The actual Custody Transaction Costs vary","page_number":143,"box":{"x":89,"y":191,"width":872,"height":13}},{"id":"0ca1b867-fac3-49e8-94d7-3e96f4a0801f","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":143,"box":{"x":89,"y":206,"width":866,"height":13}},{"id":"5621f4ec-b7d9-470e-9a03-a83bc44782b0","block_type":"box","text":"Creation Unit. The following table sets forth, for the Fund, either the actual redemption transaction fee that was charged on","page_number":143,"box":{"x":89,"y":222,"width":862,"height":12}},{"id":"932cf4a7-88aa-4511-8168-7a5f7416e677","block_type":"box","text":"December 1, 2025 or an estimate of the redemption transaction fee that would have been charged if the Fund had redeemed","page_number":143,"box":{"x":89,"y":237,"width":873,"height":12}},{"id":"c77b906a-5316-401b-8d43-cfd0043529af","block_type":"box","text":"a Creation Unit on that date. The actual fee that was or would have been charged to an Authorized Participant in connection","page_number":143,"box":{"x":89,"y":252,"width":868,"height":12}},{"id":"0142dd2a-b524-4cb0-898d-b25266e2ef86","block_type":"box","text":"with a redemption order will vary over time depending on the factors discussed above, and may be higher than the fee set","page_number":143,"box":{"x":88,"y":267,"width":854,"height":12}},{"id":"4dd92761-d42a-40ab-90ac-4cab7caf4e99","block_type":"box","text":"forth below.","page_number":143,"box":{"x":88,"y":282,"width":83,"height":10}},{"id":"323fd333-09e6-4800-907e-00ce2f3921ee","block_type":"box","text":"In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption","page_number":143,"box":{"x":89,"y":308,"width":810,"height":13}},{"id":"dd5fb184-5763-4fc0-a615-8c5aa1b1d77f","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":143,"box":{"x":88,"y":324,"width":869,"height":12}},{"id":"df84ba81-6af2-452c-83bf-87dd2c679c2b","block_type":"box","text":"amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the","page_number":143,"box":{"x":89,"y":339,"width":831,"height":12}},{"id":"c869467d-c381-45a7-a120-3a4ed2c0e09c","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":143,"box":{"x":89,"y":354,"width":853,"height":12}},{"id":"c57dad0f-176a-494e-b1f0-e6c778ce5b83","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":143,"box":{"x":88,"y":369,"width":873,"height":12}},{"id":"8b567c3c-e3c8-4180-b120-6dd671a05375","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":143,"box":{"x":89,"y":384,"width":859,"height":12}},{"id":"7dbce5ef-8b4b-4482-a204-d8e14a9c1721","block_type":"box","text":"trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and","page_number":143,"box":{"x":88,"y":399,"width":817,"height":13}},{"id":"6b3d44a5-e312-4468-8a72-fab3d9543abc","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":143,"box":{"x":89,"y":414,"width":824,"height":13}},{"id":"8859f872-2e3c-4c69-ac11-98fa26aef25a","block_type":"box","text":"subject to the maximum amounts shown below.","page_number":143,"box":{"x":89,"y":429,"width":338,"height":13}},{"id":"2f94da6e-2157-4c6e-84f6-527652e3a7ad","block_type":"box","text":"The following table sets forth the Fund’s actual or estimated redemption transaction fee as applicable as of December 1,","page_number":143,"box":{"x":88,"y":456,"width":842,"height":12}},{"id":"0fd4fd40-33f3-43e5-b6da-ac79e4111500","block_type":"box","text":"2025 and maximum additional charge (as described above):","page_number":143,"box":{"x":89,"y":471,"width":420,"height":12}},{"id":"30f93806-0cbd-4d9d-854b-165623d28844","block_type":"box","text":"Fund","page_number":143,"box":{"x":89,"y":511,"width":27,"height":7}},{"id":"ad04730d-7cce-4c67-af31-9253b95e5753","block_type":"box","text":"Standard Redemption","page_number":143,"box":{"x":643,"y":501,"width":125,"height":9}},{"id":"7ecd78e2-fb9e-4050-adbd-8a5f56923303","block_type":"box","text":"Transaction Fee","page_number":143,"box":{"x":660,"y":511,"width":91,"height":7}},{"id":"ac08fb04-c287-4bcc-bb6e-76d366430f71","block_type":"box","text":"Maximum Additional","page_number":143,"box":{"x":847,"y":501,"width":120,"height":7}},{"id":"d3bc9ea3-06c5-415f-abaa-66375b1e23a3","block_type":"box","text":"Charge*","page_number":143,"box":{"x":883,"y":511,"width":48,"height":10}},{"id":"6dd67e6c-ea2c-4a7d-ab45-cd15af61ee6d","block_type":"box","text":"iShares MSCI Australia ETF $ 500.00** 2.0%","page_number":143,"box":{"x":89,"y":533,"width":843,"height":10}},{"id":"a9c4a81a-30fc-4944-807f-470dfc81d878","block_type":"box","text":"iShares MSCI Austria ETF 430.00** 2.0%","page_number":143,"box":{"x":89,"y":548,"width":843,"height":10}},{"id":"2d1354f3-d9d0-4303-99e1-31361d26742e","block_type":"box","text":"iShares MSCI Eurozone ETF 1,100.00** 2.0%","page_number":143,"box":{"x":89,"y":563,"width":843,"height":11}},{"id":"f0281355-3254-4fef-8d4a-cf734328b425","block_type":"box","text":"iShares MSCI Israel ETF 1,868.25 2.0%","page_number":143,"box":{"x":89,"y":578,"width":843,"height":11}},{"id":"63f047dc-55a4-4614-961b-4dc76963e390","block_type":"box","text":"iShares MSCI Italy ETF 420.00** 2.0%","page_number":143,"box":{"x":89,"y":593,"width":843,"height":13}},{"id":"35d37459-9fd4-48d1-ab0d-690ca217c8f2","block_type":"box","text":"iShares MSCI Japan ETF 760.00** 2.0%","page_number":143,"box":{"x":89,"y":608,"width":843,"height":13}},{"id":"4d57b6ea-fa4e-4cf3-a703-eb9a4f657bde","block_type":"box","text":"iShares MSCI Mexico ETF 500.00 2.0%","page_number":143,"box":{"x":89,"y":623,"width":843,"height":10}},{"id":"f9d106dd-bd78-484a-9fa5-674433552cc8","block_type":"box","text":"iShares MSCI Netherlands ETF 510.00** 2.0%","page_number":143,"box":{"x":89,"y":639,"width":843,"height":9}},{"id":"7f75ddef-cc01-4eef-8fbe-5c6ced974b96","block_type":"box","text":"iShares MSCI Switzerland ETF 470.00** 2.0%","page_number":143,"box":{"x":89,"y":654,"width":843,"height":9}},{"id":"aa1245c7-c19d-4c99-9f36-de8dbefb86c6","block_type":"box","text":"iShares MSCI Turkey ETF 665.00 2.0%","page_number":143,"box":{"x":89,"y":669,"width":843,"height":12}},{"id":"b2fd3c83-4b53-4ec1-b6d7-45c1ca3acf38","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 823.75** 2.0%","page_number":143,"box":{"x":89,"y":684,"width":843,"height":12}},{"id":"05e32348-ede0-4a95-bbcd-45d8e7974080","block_type":"box","text":"* As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee.","page_number":143,"box":{"x":118,"y":724,"width":628,"height":9}},{"id":"f66cb8bb-0626-40ed-aa5b-4b84e0aa4407","block_type":"box","text":"** Estimated Fee.","page_number":143,"box":{"x":118,"y":739,"width":95,"height":7}},{"id":"faa1e47a-65cc-4cbd-a94c-0924f2ec7bb5","block_type":"box","text":"Placement of Redemption Orders.","page_number":143,"box":{"x":89,"y":762,"width":243,"height":12}},{"id":"5d47906c-09f9-4f07-9cb1-706a34487643","block_type":"box","text":"Redemption requests for Creation Units of the Funds must be submitted to the","page_number":143,"box":{"x":342,"y":762,"width":550,"height":12}},{"id":"6bbe0338-4dc1-41cf-bf4e-864ab6f39984","block_type":"box","text":"Distributor or its agent by or through an Authorized Participant. An Authorized Participant must submit an irrevocable","page_number":143,"box":{"x":89,"y":777,"width":825,"height":12}},{"id":"3a6de186-0a60-48ff-8e5a-1502321b65b7","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":143,"box":{"x":89,"y":792,"width":840,"height":13}},{"id":"a0f2f747-58d0-4444-a0df-bf016dadd6c3","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":143,"box":{"x":89,"y":807,"width":843,"height":13}},{"id":"a5b2ecdd-0d61-41bc-b157-d7ae8c0ce60f","block_type":"box","text":"Units to be placed earlier that day. Investors, other than Authorized Participants, are responsible for making arrangements for","page_number":143,"box":{"x":89,"y":822,"width":875,"height":13}},{"id":"9ed66198-3852-4835-8345-06f4f4a32182","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":143,"box":{"x":89,"y":838,"width":869,"height":12}},{"id":"8130101c-512e-4c1e-91eb-b13d8781e548","block_type":"box","text":"Authorized Participants upon request.","page_number":143,"box":{"x":88,"y":853,"width":264,"height":12}},{"id":"fc19b86e-9a55-4e9e-b77e-4acf53cab16b","block_type":"box","text":"123","page_number":143,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"ee5a4f40-a13b-4ce7-8f5c-7ea469ae2f91","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":144,"box":{"x":88,"y":44,"width":867,"height":12}},{"id":"c8924816-272a-4a5d-a85c-2838d05d48d8","block_type":"box","text":"its agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that","page_number":144,"box":{"x":89,"y":59,"width":854,"height":12}},{"id":"c74bfe0d-b9cd-4324-9a56-643cc8bf9a81","block_type":"box","text":"their particular broker may not have executed an Authorized Participant Agreement and that, therefore, requests to redeem","page_number":144,"box":{"x":88,"y":74,"width":862,"height":12}},{"id":"76326e3d-8ce3-49b4-afe9-46932d84d2cf","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":144,"box":{"x":89,"y":89,"width":823,"height":13}},{"id":"e1df047f-ef18-4b75-a483-d59418de73b1","block_type":"box","text":"Authorized Participant Agreement. At any time, only a limited number of broker-dealers will have an Authorized Participant","page_number":144,"box":{"x":88,"y":104,"width":861,"height":13}},{"id":"80c41eed-4c8d-4b30-a497-f06ec86c75c3","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":144,"box":{"x":88,"y":119,"width":877,"height":13}},{"id":"db7d2c74-3c8f-4abf-942b-7a54a48f4da0","block_type":"box","text":"by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit","page_number":144,"box":{"x":89,"y":135,"width":857,"height":12}},{"id":"292eac60-1c6d-4eac-88bb-62382a3329c5","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":144,"box":{"x":89,"y":150,"width":857,"height":12}},{"id":"16ba7de3-23e9-4f27-a666-2e7a9fa457fc","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":144,"box":{"x":89,"y":165,"width":842,"height":12}},{"id":"09cd4449-7370-4d6e-b960-d821a15b530b","block_type":"box","text":"other financial intermediaries if such intermediaries are not Authorized Participants.","page_number":144,"box":{"x":89,"y":180,"width":585,"height":12}},{"id":"2345cbcb-27eb-4928-ac6b-9e3447402d52","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":144,"box":{"x":88,"y":206,"width":850,"height":13}},{"id":"bc74c274-751f-48e6-a6d1-bc0c41602318","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":144,"box":{"x":88,"y":222,"width":829,"height":12}},{"id":"baa6e5fc-b7d6-483f-9ba9-8a4cb76a1f11","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":144,"box":{"x":89,"y":237,"width":833,"height":12}},{"id":"94784c06-38c6-470c-8bf3-ebf29558035c","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":144,"box":{"x":89,"y":252,"width":866,"height":12}},{"id":"7451aa5b-4bf8-4162-a50f-93900bda647c","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":144,"box":{"x":89,"y":267,"width":848,"height":12}},{"id":"733e0ecb-2fca-49f8-80fa-184c5e274d72","block_type":"box","text":"forth in the Authorized Participant Agreement are properly followed.","page_number":144,"box":{"x":88,"y":282,"width":477,"height":12}},{"id":"370579f9-2843-4baa-97ea-484cdc0d433c","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":144,"box":{"x":89,"y":308,"width":843,"height":13}},{"id":"19712ea8-62be-46cd-b764-933b2fbc2053","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":144,"box":{"x":89,"y":324,"width":850,"height":12}},{"id":"851abea3-8ee0-4099-b385-77dff457bd80","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":144,"box":{"x":89,"y":339,"width":876,"height":12}},{"id":"67a9a0bf-4a67-423c-ad75-3ada7846e0e5","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":144,"box":{"x":88,"y":354,"width":869,"height":12}},{"id":"a9e50593-3c30-4212-82fc-6e05e65bf487","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":144,"box":{"x":89,"y":369,"width":831,"height":12}},{"id":"f9609700-c9d3-4bf7-81eb-9359b1041b62","block_type":"box","text":"Participant submitting the redemption request.","page_number":144,"box":{"x":89,"y":384,"width":327,"height":12}},{"id":"94853bc4-3a83-4f65-9c6c-c80af05b3cf7","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":144,"box":{"x":88,"y":410,"width":854,"height":13}},{"id":"9c31e411-eb03-4c5f-bf40-8e236188ed9a","block_type":"box","text":"appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in","page_number":144,"box":{"x":89,"y":426,"width":837,"height":12}},{"id":"9da898f0-a8fc-4d95-a7ce-e4b976d226e7","block_type":"box","text":"which any of the portfolio securities are customarily traded, to which account such portfolio securities will be delivered.","page_number":144,"box":{"x":88,"y":441,"width":836,"height":12}},{"id":"b54860c6-9bdf-474c-aee2-c1ad9c2f0603","block_type":"box","text":"For the iShares MSCI Canada ETF, iShares MSCI Mexico ETF and iShares MSCI USA Equal Weighted ETF, deliveries of","page_number":144,"box":{"x":89,"y":467,"width":814,"height":13}},{"id":"55bc8198-05ee-4b59-8f89-453ba7089fea","block_type":"box","text":"redemption proceeds are generally made within one Business Day (","page_number":144,"box":{"x":89,"y":482,"width":471,"height":13}},{"id":"08a575db-f79d-4f29-b7cf-4020629219a0","block_type":"box","text":"i.e.","page_number":144,"box":{"x":561,"y":483,"width":18,"height":9}},{"id":"cfbcfc35-10de-42e6-926a-f9ff760a625a","block_type":"box","text":", “T+1”).","page_number":144,"box":{"x":581,"y":482,"width":56,"height":13}},{"id":"53caea99-0342-4183-a61b-6e6d4c9846df","block_type":"box","text":"For the iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI Eurozone ETF, iShares","page_number":144,"box":{"x":89,"y":509,"width":871,"height":12}},{"id":"bb92d2ab-34d6-402a-90ed-59d11df3808b","block_type":"box","text":"MSCI France ETF, iShares MSCI Germany ETF, iShares MSCI Hong Kong ETF, iShares MSCI Italy ETF, iShares MSCI Israel ETF,","page_number":144,"box":{"x":89,"y":524,"width":864,"height":12}},{"id":"53812851-b58c-476b-94aa-74ff45e33323","block_type":"box","text":"iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan ETF,","page_number":144,"box":{"x":89,"y":539,"width":876,"height":12}},{"id":"7c93ae5a-348e-4844-ac83-e73cf8a6758d","block_type":"box","text":"iShares MSCI Singapore ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI","page_number":144,"box":{"x":89,"y":554,"width":870,"height":12}},{"id":"a3337d36-9fd3-4b1f-af52-8fe3d696d352","block_type":"box","text":"Thailand ETF, iShares MSCI Turkey ETF and iShares MSCI World ETF, deliveries of redemption proceeds are generally made","page_number":144,"box":{"x":88,"y":569,"width":857,"height":13}},{"id":"43304df3-917d-4b14-ba97-bd7b3b327c86","block_type":"box","text":"within two Business Days (","page_number":144,"box":{"x":88,"y":584,"width":188,"height":13}},{"id":"e23a22e2-30bc-442c-b2d9-800af973a650","block_type":"box","text":"i.e.","page_number":144,"box":{"x":277,"y":585,"width":18,"height":9}},{"id":"bc11c693-baae-4f64-b208-f9ef6f486883","block_type":"box","text":", “T+2”).","page_number":144,"box":{"x":297,"y":584,"width":56,"height":13}},{"id":"5ca908c2-aea9-4867-b1c9-2e8156735af9","block_type":"box","text":"For the iShares MSCI South Africa ETF, deliveries of redemption proceeds are generally made within three Business Days (","page_number":144,"box":{"x":89,"y":611,"width":850,"height":12}},{"id":"4fd654bf-f729-4d4e-b1b2-d96c764cb340","block_type":"box","text":"i.e.","page_number":144,"box":{"x":940,"y":612,"width":18,"height":9}},{"id":"5210acec-ddd2-45de-989e-64af02f0767d","block_type":"box","text":",","page_number":144,"box":{"x":960,"y":619,"width":2,"height":3}},{"id":"bb699ccf-91aa-413e-9c95-ee43fa21d084","block_type":"box","text":"“T+3”).","page_number":144,"box":{"x":89,"y":626,"width":48,"height":12}},{"id":"86441459-55ef-4242-9d26-dea032bcea78","block_type":"box","text":"However, each Fund reserves the right to settle redemption transactions on a different basis, if necessary or appropriate","page_number":144,"box":{"x":89,"y":652,"width":835,"height":13}},{"id":"4089d6d4-5d95-4bc9-8111-bb20864cae1b","block_type":"box","text":"under the circumstances and compliant with applicable law. These circumstances may include, among others,","page_number":144,"box":{"x":89,"y":668,"width":772,"height":12}},{"id":"a8b2ffc5-9d23-4e36-ad11-92c9b8af1a4c","block_type":"box","text":"accommodating non-U.S. market holiday schedules and accounting for different treatment among non-U.S. and U.S. markets","page_number":144,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"b4990ae2-4fe0-4007-90be-8c38e6d845b6","block_type":"box","text":"of dividend record dates and dividend ex-dates (","page_number":144,"box":{"x":89,"y":698,"width":338,"height":12}},{"id":"fb4c24ba-3e3a-4764-803f-2bbd627f4eaf","block_type":"box","text":"i.e.","page_number":144,"box":{"x":428,"y":699,"width":18,"height":8}},{"id":"3afb7859-f919-4c06-8824-bb804fe8e954","block_type":"box","text":", the last date the holder of a security can sell the security and still receive","page_number":144,"box":{"x":448,"y":698,"width":513,"height":12}},{"id":"b53f4594-62ca-4201-bfc2-0303b3e088d5","block_type":"box","text":"dividends payable on the security).","page_number":144,"box":{"x":89,"y":713,"width":242,"height":12}},{"id":"1dac67e4-ba7f-48d4-850e-d81ef5f275cb","block_type":"box","text":"If neither the Authorized Participant nor the Beneficial Owner on whose behalf the Authorized Participant is acting has","page_number":144,"box":{"x":89,"y":739,"width":826,"height":13}},{"id":"65cbae4d-8735-47fa-a527-b7c0ed263592","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":144,"box":{"x":89,"y":754,"width":856,"height":13}},{"id":"d97de093-ce36-40ed-89bc-4f0ceacce13c","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":144,"box":{"x":89,"y":770,"width":877,"height":12}},{"id":"5a0ca89a-0d60-4c8e-8289-5fb82397c7dc","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":144,"box":{"x":89,"y":785,"width":824,"height":12}},{"id":"9ee2c084-47e1-43d3-b57a-28cac5212032","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":144,"box":{"x":89,"y":800,"width":868,"height":12}},{"id":"6b045f7f-177e-45fa-a383-4ceb5cc28fee","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":144,"box":{"x":89,"y":815,"width":844,"height":12}},{"id":"25342644-c173-4052-81ba-4c9e9c4b00ec","block_type":"box","text":"redemption transaction fee and additional charges specified above to offset the Fund’s brokerage and other transaction costs","page_number":144,"box":{"x":89,"y":830,"width":877,"height":12}},{"id":"189d40fa-0b2e-4753-97b3-e5e3881433a3","block_type":"box","text":"associated with the disposition of Fund Securities). Redemptions of shares for Fund Securities will be subject to compliance","page_number":144,"box":{"x":89,"y":845,"width":865,"height":12}},{"id":"de61c02b-2c93-48cb-9b4c-91308e067665","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":144,"box":{"x":88,"y":860,"width":867,"height":13}},{"id":"501f1efe-4f6e-4bc5-886a-be71e7d3152c","block_type":"box","text":"124","page_number":144,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"04f939ee-feae-4c42-9baf-87c25b4bb5f4","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":145,"box":{"x":89,"y":44,"width":812,"height":12}},{"id":"e148e14e-0116-414d-a87a-ca3bf1bea082","block_type":"box","text":"Securities upon redemptions or cannot do so without first registering the Fund Securities under such laws.","page_number":145,"box":{"x":88,"y":59,"width":746,"height":12}},{"id":"b00de7a4-6aa3-44e5-8792-671fffd0c858","block_type":"box","text":"Although the Company does not ordinarily permit cash redemptions of Creation Units, in the event that cash redemptions","page_number":145,"box":{"x":88,"y":85,"width":854,"height":13}},{"id":"62dcaed7-7f4c-4cb3-9c7e-2b6887cfce92","block_type":"box","text":"are permitted or required by the Company proceeds will be paid to the Authorized Participant redeeming shares as soon as","page_number":145,"box":{"x":89,"y":101,"width":857,"height":12}},{"id":"7279949a-8d91-45e2-8033-b2ebb35f7b5c","block_type":"box","text":"practicable after the date of redemption (within seven calendar days thereafter). If a Fund includes a foreign investment in its","page_number":145,"box":{"x":89,"y":116,"width":874,"height":12}},{"id":"11052c21-98a3-455a-a83f-ff7e523a1b46","block_type":"box","text":"basket, and if a local market holiday, or series of consecutive holidays, or the extended delivery cycles for transferring foreign","page_number":145,"box":{"x":89,"y":131,"width":870,"height":12}},{"id":"033277a6-b78f-4c59-83db-b27f18054a99","block_type":"box","text":"investments to redeeming Authorized Participants prevents timely delivery of the foreign investment in response to a","page_number":145,"box":{"x":89,"y":146,"width":816,"height":12}},{"id":"3d01594d-8a27-452d-9c06-6d04616efd8d","block_type":"box","text":"redemption request, a Fund may delay delivery of the foreign investment more than seven days if a Fund delivers the foreign","page_number":145,"box":{"x":89,"y":161,"width":867,"height":12}},{"id":"251b6a9a-f410-4ef1-af11-40e56d5d50b4","block_type":"box","text":"investment as soon as practicable, but in no event later than 15 days.","page_number":145,"box":{"x":89,"y":176,"width":482,"height":13}},{"id":"00ccd2c9-f53d-4662-af7b-da5765506922","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":145,"box":{"x":88,"y":203,"width":825,"height":12}},{"id":"a3c60619-0897-480f-ac7e-99e144d079cc","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":145,"box":{"x":88,"y":218,"width":872,"height":12}},{"id":"2e6884d7-19a5-409b-964b-3eaffb283b74","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":145,"box":{"x":89,"y":233,"width":868,"height":12}},{"id":"43d3e844-a3ac-42a9-b13e-f996dd0a4978","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":145,"box":{"x":89,"y":248,"width":863,"height":12}},{"id":"2531ba55-ac1f-442a-9de4-418c474d9eb4","block_type":"box","text":"undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking shall be","page_number":145,"box":{"x":89,"y":263,"width":825,"height":12}},{"id":"fa587c78-e4bb-48c4-9ee7-a78d35c3d791","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":145,"box":{"x":89,"y":278,"width":851,"height":13}},{"id":"e538f339-9b4d-4041-87ee-64bd77feb3f6","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":145,"box":{"x":89,"y":293,"width":875,"height":13}},{"id":"b9aca4c4-191a-4ad8-93ef-0eafe65caf5b","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":145,"box":{"x":89,"y":308,"width":836,"height":13}},{"id":"9f80c09d-5d38-4475-8f97-d40c53f0f40c","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":145,"box":{"x":89,"y":324,"width":868,"height":12}},{"id":"b467d7a8-5d9e-4c0a-ba50-cb7b199f3ef1","block_type":"box","text":"maintenance and redelivery of the collateral shall be payable by the Authorized Participant. The Authorized Participant","page_number":145,"box":{"x":89,"y":339,"width":825,"height":12}},{"id":"0e9601b4-e2bf-4085-a1cf-e523a36f9324","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":145,"box":{"x":88,"y":354,"width":861,"height":12}},{"id":"f2b2ceec-bf6f-443b-94ab-796980dfe2d1","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":145,"box":{"x":88,"y":369,"width":824,"height":12}},{"id":"58c2211b-e87e-4f45-a521-55f660b3460a","block_type":"box","text":"Amount, and the value of the collateral together with liability for related brokerage and other charges.","page_number":145,"box":{"x":88,"y":384,"width":712,"height":12}},{"id":"ab02b00c-6179-4e79-8ea4-67f7bf4ec6d2","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":145,"box":{"x":89,"y":410,"width":826,"height":13}},{"id":"9996269d-9c77-4542-9095-2b6f03c01029","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":145,"box":{"x":89,"y":426,"width":861,"height":12}},{"id":"84fcaa6b-6516-45c1-b15f-323fc60b6654","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":145,"box":{"x":89,"y":441,"width":864,"height":12}},{"id":"b598b65f-b49c-4aee-8dfc-6488cfc71aad","block_type":"box","text":"events in the relevant non-U.S. markets.","page_number":145,"box":{"x":89,"y":456,"width":277,"height":10}},{"id":"ed5e3ba0-bd6e-4ce6-8987-67033fc1e9e1","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":145,"box":{"x":88,"y":482,"width":852,"height":13}},{"id":"97bd1bbc-d71d-40e4-8c4f-4fade0bcaa4d","block_type":"box","text":"during which the applicable Listing Exchange is closed (other than customary weekend and holiday closings); (ii) for any","page_number":145,"box":{"x":89,"y":497,"width":844,"height":13}},{"id":"6cf72e60-ac03-43f5-a349-a96aa97b65a9","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":145,"box":{"x":89,"y":513,"width":878,"height":12}},{"id":"502c21ef-1ccd-4c27-bc1e-d25ea1dcf94b","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":145,"box":{"x":89,"y":528,"width":859,"height":12}},{"id":"f9a4bb97-83c4-430b-be2b-7c4eec1061ac","block_type":"box","text":"not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC.","page_number":145,"box":{"x":89,"y":543,"width":619,"height":12}},{"id":"94916c79-d604-423e-83ce-9ae95c051bd8","block_type":"box","text":"Custom Baskets.","page_number":145,"box":{"x":89,"y":569,"width":118,"height":10}},{"id":"6143de53-c1b8-47a7-be1e-41f22331e525","block_type":"box","text":"Creation and Redemption baskets may differ and each Fund may accept “custom baskets.” A custom","page_number":145,"box":{"x":216,"y":569,"width":706,"height":13}},{"id":"b33a3a00-bff3-48ad-9b3d-5a6f969a22e9","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":145,"box":{"x":89,"y":584,"width":868,"height":13}},{"id":"1e66cda0-2a05-41a4-816c-d76fc3c431cb","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":145,"box":{"x":89,"y":599,"width":873,"height":13}},{"id":"f685bb26-a9c2-4d46-8799-c2941e11ff6c","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":145,"box":{"x":89,"y":615,"width":877,"height":12}},{"id":"cd0eb55f-b755-4327-a874-4c743359fe70","block_type":"box","text":"procedures that govern the construction and acceptance of baskets, including heightened requirements for certain types of","page_number":145,"box":{"x":89,"y":630,"width":865,"height":12}},{"id":"a71fa956-6ecc-40e3-934d-1365758e0e7d","block_type":"box","text":"custom baskets. Such policies and procedures provide the parameters for the construction and acceptance of custom","page_number":145,"box":{"x":89,"y":645,"width":823,"height":12}},{"id":"eeb03cf0-162b-478d-a0d9-59716fb412d5","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":145,"box":{"x":89,"y":660,"width":859,"height":12}},{"id":"c74ea89b-7eda-4f2b-a1c3-74b03b54c102","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":145,"box":{"x":89,"y":675,"width":871,"height":12}},{"id":"27096ace-15e1-4fe8-890e-e6321e92e320","block_type":"box","text":"compliance with those parameters. In addition, when constructing custom baskets for redemptions, the tax efficiency of a","page_number":145,"box":{"x":89,"y":690,"width":854,"height":13}},{"id":"c7a5a0fe-9307-4344-a1bd-a1ee6510f8fb","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":145,"box":{"x":89,"y":705,"width":870,"height":13}},{"id":"7ef79bef-02cc-43f2-95a0-da3aecedfaf4","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":145,"box":{"x":89,"y":720,"width":856,"height":13}},{"id":"068076e5-d49a-463a-928e-04b9d86de753","block_type":"box","text":"against potential risks of conflicts and/or overreaching by an Authorized Participant. BlackRock has established a governance","page_number":145,"box":{"x":89,"y":736,"width":877,"height":12}},{"id":"81c33b5c-19de-4941-b56c-d28b8178eae7","block_type":"box","text":"process to oversee basket compliance for the Funds, as set forth in each Fund’s policies and procedures.","page_number":145,"box":{"x":89,"y":751,"width":728,"height":12}},{"id":"7c9bf5f8-a604-4e72-8e62-544650270cac","block_type":"box","text":"Taxation on Creations and Redemptions of Creation Units.","page_number":145,"box":{"x":88,"y":777,"width":418,"height":12}},{"id":"27448846-778e-4729-b2be-8f68bd95e45c","block_type":"box","text":"An Authorized Participant generally will recognize either gain or","page_number":145,"box":{"x":519,"y":777,"width":445,"height":12}},{"id":"3e98b94a-cb54-4d92-943a-bc36d0e3a7de","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":145,"box":{"x":89,"y":792,"width":864,"height":13}},{"id":"98aff322-1b01-46da-aa97-6c99e042660e","block_type":"box","text":"the Creation Units purchased over the Authorized Participant’s aggregate basis in the Deposit Securities exchanged therefor.","page_number":145,"box":{"x":88,"y":807,"width":869,"height":13}},{"id":"c8290dc3-a34c-4fb4-b229-7371c44946f9","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":145,"box":{"x":89,"y":822,"width":870,"height":13}},{"id":"97d1eccd-6ef9-4d21-8e0c-9237913b45f9","block_type":"box","text":"for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisors.","page_number":145,"box":{"x":88,"y":838,"width":753,"height":12}},{"id":"673abebb-f286-420b-9015-d3b052b159dc","block_type":"box","text":"125","page_number":145,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"f8d8a8ff-03ef-47e8-b3d0-fb1bd0981569","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":146,"box":{"x":89,"y":44,"width":829,"height":12}},{"id":"a8fe7597-b2b2-439b-93ba-88dab168ff72","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":146,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"175456be-eab1-42cc-a707-8bef73baf3ae","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":146,"box":{"x":89,"y":74,"width":859,"height":12}},{"id":"435038c0-58da-452c-8c05-e27cc934a0dc","block_type":"box","text":"assets.","page_number":146,"box":{"x":89,"y":91,"width":45,"height":8}},{"id":"0aea267e-c860-4e3e-aad3-a08e6f560ccb","block_type":"box","text":"Taxes","page_number":146,"box":{"x":88,"y":122,"width":94,"height":21}},{"id":"b91b1cac-f979-44cb-86f9-9bd4ed32f2b6","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":146,"box":{"x":88,"y":161,"width":878,"height":12}},{"id":"15233b8d-754d-48f2-b4ef-3a503177af6e","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":146,"box":{"x":89,"y":176,"width":847,"height":13}},{"id":"a0e13e3f-6c92-48bb-9559-cd000358d289","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":146,"box":{"x":88,"y":191,"width":867,"height":13}},{"id":"be39f8f5-ce03-43fd-8c84-dfb54054fe72","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":146,"box":{"x":89,"y":206,"width":868,"height":13}},{"id":"6ae3a01e-0c5b-4fdd-b6c0-003e4fc39699","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":146,"box":{"x":89,"y":222,"width":845,"height":12}},{"id":"b6cea92b-5147-4c80-9d0d-c4e36fabd01d","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":146,"box":{"x":89,"y":237,"width":846,"height":12}},{"id":"edf68b8d-3185-4a46-8846-e67a38d9f0b8","block_type":"box","text":"Regulated Investment Company Qualifications.","page_number":146,"box":{"x":89,"y":263,"width":338,"height":12}},{"id":"e9a8b177-a685-4bc9-8ed8-bf528f7a633d","block_type":"box","text":"Each Fund intends to qualify for treatment as a separate RIC under","page_number":146,"box":{"x":437,"y":263,"width":465,"height":12}},{"id":"6d919d2f-b068-4741-8f8d-4baca0245187","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":146,"box":{"x":88,"y":278,"width":852,"height":13}},{"id":"ca15b831-7ad6-4026-9ab1-d5ff791e85ff","block_type":"box","text":"90% of its investment company taxable income (which includes dividends, interest and net short-term capital gains) and","page_number":146,"box":{"x":89,"y":293,"width":847,"height":13}},{"id":"690ad474-9098-4e00-9bae-55a939d00960","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":146,"box":{"x":89,"y":308,"width":858,"height":13}},{"id":"75ccc4be-18fb-40b9-bc57-df68517f6435","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":146,"box":{"x":89,"y":324,"width":839,"height":12}},{"id":"f004d290-34e9-4e9b-ba66-56ba19b1b328","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":146,"box":{"x":89,"y":339,"width":878,"height":12}},{"id":"c2099e7f-0ac0-4ac7-9b7f-5941df6cf82d","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":146,"box":{"x":88,"y":354,"width":868,"height":12}},{"id":"7ab3016b-90be-4ef1-bfa3-2500fddffc5e","block_type":"box","text":"income derived from interests in qualified publicly-traded partnerships (","page_number":146,"box":{"x":89,"y":369,"width":502,"height":12}},{"id":"72e4c52f-0043-4f5d-8124-e6b68bf89f9e","block_type":"box","text":"i.e.,","page_number":146,"box":{"x":592,"y":370,"width":22,"height":10}},{"id":"df3ce24d-9c63-49eb-bc0f-1026bbf3cc9e","block_type":"box","text":"partnerships that are traded on an established","page_number":146,"box":{"x":620,"y":369,"width":322,"height":12}},{"id":"6f56d937-4987-49f5-a171-763fb5f3ae8f","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":146,"box":{"x":89,"y":384,"width":857,"height":12}},{"id":"77f52a24-1995-4add-9669-6212cb603f50","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":146,"box":{"x":89,"y":399,"width":856,"height":13}},{"id":"4c056f36-65b1-456c-ad38-ec1d90f96e56","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":146,"box":{"x":89,"y":414,"width":856,"height":13}},{"id":"1da9a00e-dfa1-4dd4-8b04-d4aae8d21369","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":146,"box":{"x":89,"y":429,"width":879,"height":13}},{"id":"5b619f60-35fb-49fb-86b3-2d3c7f6ff8f7","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":146,"box":{"x":89,"y":445,"width":853,"height":12}},{"id":"f16b218f-677f-485a-945f-20d9eb7ce470","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":146,"box":{"x":89,"y":460,"width":868,"height":12}},{"id":"adbc2e81-68e5-472f-a5aa-eff65ce79a19","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":146,"box":{"x":88,"y":475,"width":852,"height":12}},{"id":"9cd6e337-d11e-4527-adb6-3466789093e3","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":146,"box":{"x":89,"y":490,"width":865,"height":12}},{"id":"b2e23bba-2f3f-49a0-838b-4a623488cae7","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":146,"box":{"x":89,"y":505,"width":875,"height":12}},{"id":"e8dfd33b-c95a-4a51-97a1-e19faa883213","block_type":"box","text":"partnerships.","page_number":146,"box":{"x":89,"y":520,"width":90,"height":12}},{"id":"bd089016-51de-42cb-bd87-466ddd066026","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":146,"box":{"x":88,"y":547,"width":836,"height":12}},{"id":"d552c08b-9417-4de2-bed4-b02c6dc0051f","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":146,"box":{"x":89,"y":562,"width":858,"height":12}},{"id":"414fa587-67a6-4873-bb99-827f2ddf9318","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":146,"box":{"x":88,"y":577,"width":850,"height":12}},{"id":"14a42b8d-7548-4af3-a56c-d00de8a1b5fa","block_type":"box","text":"ordinary corporation and distributions to its shareholders will not be deductible by that Fund in computing its taxable","page_number":146,"box":{"x":89,"y":592,"width":821,"height":12}},{"id":"d0ebbbf4-e1a4-4836-8d06-a7bfdf4d83b9","block_type":"box","text":"income.","page_number":146,"box":{"x":89,"y":608,"width":54,"height":9}},{"id":"8a697839-f6bc-4704-a110-063dd3030977","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":146,"box":{"x":88,"y":633,"width":854,"height":13}},{"id":"ae1a88d1-c7f9-48e4-9c7b-e5643600cc9c","block_type":"box","text":"with respect to items attributable to interests in qualified publicly-traded partnerships. A Fund’s investments in partnerships,","page_number":146,"box":{"x":88,"y":649,"width":871,"height":12}},{"id":"8786d730-e799-4e27-aa77-4c8c5c07d7f4","block_type":"box","text":"including in qualified publicly-traded partnerships, may result in the Fund being subject to state, local, or non-U.S. income,","page_number":146,"box":{"x":89,"y":664,"width":856,"height":12}},{"id":"423f2320-89e7-4e42-9545-a1173d8d963b","block_type":"box","text":"franchise or withholding tax liabilities.","page_number":146,"box":{"x":88,"y":679,"width":265,"height":12}},{"id":"3ab2dcb0-45e0-4b51-a8af-da0296641e14","block_type":"box","text":"Taxation of RICs.","page_number":146,"box":{"x":88,"y":705,"width":121,"height":10}},{"id":"1d89a8b1-7862-4d0b-8f08-be1dbd7c22b6","block_type":"box","text":"As a RIC, a Fund will not be subject to U.S. federal income tax on the portion of its taxable investment","page_number":146,"box":{"x":218,"y":705,"width":710,"height":13}},{"id":"55635215-e572-475c-ac68-89af5832486d","block_type":"box","text":"income and capital gains that it distributes to its shareholders, provided that it satisfies a minimum distribution requirement.","page_number":146,"box":{"x":89,"y":720,"width":871,"height":13}},{"id":"d2417bd4-432d-4965-8fce-95e52e1b735f","block_type":"box","text":"To satisfy the minimum distribution requirement, a Fund must distribute to its shareholders at least the sum of (i) 90% of its","page_number":146,"box":{"x":88,"y":736,"width":871,"height":12}},{"id":"ce7395ed-63f3-47f5-a9cb-49203d79b4b5","block_type":"box","text":"“investment company taxable income” (i.e., income other than the excess of its net realized long-term capital gain over its","page_number":146,"box":{"x":89,"y":751,"width":853,"height":12}},{"id":"956caa28-a6bc-4d85-acf5-dc2350af84e1","block_type":"box","text":"net realized short-term capital loss), plus or minus certain adjustments, and (ii) 90% of its net tax-exempt income for the","page_number":146,"box":{"x":89,"y":766,"width":847,"height":12}},{"id":"cc93131a-aefe-4142-a411-0573a9018b5c","block_type":"box","text":"taxable year. A Fund will be subject to income tax at regular corporate rates on any taxable income or gains that it does not","page_number":146,"box":{"x":88,"y":781,"width":863,"height":12}},{"id":"91c83b05-b7c7-4cd9-8160-a722340ecd2d","block_type":"box","text":"distribute to its shareholders. If a Fund fails to qualify for any taxable year as a RIC or fails to meet the distribution","page_number":146,"box":{"x":89,"y":796,"width":792,"height":12}},{"id":"ceb74a11-9bc9-4a4f-8710-631e8eb1931a","block_type":"box","text":"requirement, all of its taxable income will be subject to tax at regular corporate income tax rates without any deduction for","page_number":146,"box":{"x":89,"y":811,"width":859,"height":12}},{"id":"891209b9-84f0-46a4-b2b8-c6dee9e7493e","block_type":"box","text":"distributions to shareholders, and such distributions generally will be taxable to shareholders as ordinary dividends to the","page_number":146,"box":{"x":89,"y":826,"width":849,"height":13}},{"id":"1819db75-5a7e-4ec3-b09c-a57b30b40e69","block_type":"box","text":"extent of the Fund’s current and accumulated earnings and profits. In such event, distributions to individuals should be","page_number":146,"box":{"x":89,"y":841,"width":833,"height":13}},{"id":"75968d4d-7ce2-467a-a179-988a50492bd3","block_type":"box","text":"eligible to be treated as qualified dividend income and distributions to corporate shareholders generally should be eligible for","page_number":146,"box":{"x":89,"y":856,"width":873,"height":13}},{"id":"fe452ee9-e198-4b8f-a232-c0f3a7441ef5","block_type":"box","text":"126","page_number":146,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"84206644-7121-4c83-83d6-a405c8bf75b7","block_type":"box","text":"the dividends received deduction. Although each Fund intends to distribute substantially all of its net investment income and","page_number":147,"box":{"x":88,"y":44,"width":875,"height":12}},{"id":"7189009b-c669-4060-a885-dea26b6126c4","block_type":"box","text":"its capital gains for each taxable year, a Fund may decide to retain a portion of its income or gains. Each Fund will be subject","page_number":147,"box":{"x":89,"y":59,"width":869,"height":12}},{"id":"ab246ede-1bdc-4843-8665-4b768bc62c76","block_type":"box","text":"to U.S. federal income taxation and excise taxation (as described below) to the extent it does not distribute all (or, in the case","page_number":147,"box":{"x":88,"y":74,"width":874,"height":12}},{"id":"989065c9-c8c4-4250-8adf-04330c872540","block_type":"box","text":"of the excise tax, substantially all) of such income or gains. In certain circumstances, including in instances where the","page_number":147,"box":{"x":89,"y":89,"width":822,"height":13}},{"id":"a9c8a8f6-0d33-4434-b4ad-b04221e5e0a4","block_type":"box","text":"operational cost of the distribution would exceed the amount of the income or excise tax, BFA or an affiliate may voluntarily","page_number":147,"box":{"x":89,"y":104,"width":865,"height":13}},{"id":"696397c5-8d91-489a-9c5a-8f46885675be","block_type":"box","text":"pay the tax on behalf of a Fund or reimburse the Fund for the tax. If a Fund fails to qualify as a RIC in any year, it must pay out","page_number":147,"box":{"x":89,"y":119,"width":877,"height":13}},{"id":"22edf3b3-51dd-43e9-a66e-ae4c5d02cb30","block_type":"box","text":"its earnings and profits accumulated in that year in order to qualify again as a RIC. If a Fund fails to qualify as a RIC for a","page_number":147,"box":{"x":89,"y":135,"width":836,"height":12}},{"id":"1a409ec9-3af8-4f42-84a8-fac1ab2fea65","block_type":"box","text":"period greater than two taxable years, the Fund may be required to recognize any net built-in gains with respect to certain of","page_number":147,"box":{"x":89,"y":150,"width":873,"height":12}},{"id":"f78a9191-b539-4693-b051-ec757336aeed","block_type":"box","text":"its assets (i.e., the excess of the aggregate gains, including items of income, over aggregate losses that would have been","page_number":147,"box":{"x":89,"y":165,"width":840,"height":12}},{"id":"8c4ab463-f86a-4e56-8b92-d7f347294ee8","block_type":"box","text":"realized with respect to such assets if the Fund had been liquidated) if it qualifies as a RIC in a subsequent year.","page_number":147,"box":{"x":89,"y":180,"width":774,"height":12}},{"id":"06cc053d-13fd-4ca8-a46e-9140996253a4","block_type":"box","text":"Excise Tax.","page_number":147,"box":{"x":89,"y":207,"width":77,"height":9}},{"id":"03aac3a9-651f-4c84-9a45-8ae6c17d861c","block_type":"box","text":"A Fund will be subject to a 4% excise tax on certain undistributed income if it does not distribute to its","page_number":147,"box":{"x":175,"y":206,"width":716,"height":13}},{"id":"9605db0c-2017-4797-85c1-ae45000f030b","block_type":"box","text":"shareholders in each calendar year at least 98% of its ordinary income for the calendar year plus at least 98.2% of its capital","page_number":147,"box":{"x":89,"y":222,"width":867,"height":12}},{"id":"b83dfd14-1602-42f3-aac1-f391c3ae7429","block_type":"box","text":"gain net income for the 12 months ended October 31 of such year. For this purpose, however, any ordinary income or capital","page_number":147,"box":{"x":89,"y":237,"width":870,"height":12}},{"id":"27c07bbd-21a8-4135-90e6-26b73f444221","block_type":"box","text":"gain net income retained by a Fund that is subject to corporate income tax will be considered to have been distributed by","page_number":147,"box":{"x":89,"y":252,"width":847,"height":12}},{"id":"56a70d3c-f1d9-4eab-8080-cc5cc68b9782","block_type":"box","text":"year-end. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be increased or","page_number":147,"box":{"x":88,"y":267,"width":869,"height":12}},{"id":"966eaa90-909a-4cac-bf01-b550142537b7","block_type":"box","text":"decreased to reflect any underdistribution or overdistribution, as the case may be, from the previous year.","page_number":147,"box":{"x":89,"y":282,"width":735,"height":12}},{"id":"48b3f3e5-f22b-4942-a588-e0760463d49d","block_type":"box","text":"Net Capital Loss Carryforwards.","page_number":147,"box":{"x":89,"y":308,"width":227,"height":13}},{"id":"e675cc8b-88e6-4f65-8fc1-dc47b398dac1","block_type":"box","text":"Net capital loss carryforwards may be applied against any net realized capital gains in each","page_number":147,"box":{"x":326,"y":308,"width":632,"height":13}},{"id":"8e73cad8-ce79-4a3a-b34b-0d5b204ce383","block_type":"box","text":"succeeding year, until they have been reduced to zero.","page_number":147,"box":{"x":89,"y":324,"width":376,"height":12}},{"id":"ed22272f-a199-4f81-8037-31c86b0a1399","block_type":"box","text":"In the event that a Fund were to experience an ownership change as defined under the Internal Revenue Code, the loss","page_number":147,"box":{"x":89,"y":350,"width":831,"height":12}},{"id":"328c6f94-75c4-4069-8729-d392f46988b1","block_type":"box","text":"carryforwards and other favorable tax attributes of a Fund, if any, may be subject to limitation.","page_number":147,"box":{"x":89,"y":365,"width":656,"height":12}},{"id":"7a50548f-de2f-4632-ae58-ad23609ee3d0","block_type":"box","text":"The following Funds had net capital loss carryforwards as set forth in the table below as of August 31, 2025, the tax year-end","page_number":147,"box":{"x":88,"y":392,"width":875,"height":12}},{"id":"0608ec2f-d9af-43bf-aaec-d3cd3d1e0406","block_type":"box","text":"for the Funds listed:","page_number":147,"box":{"x":88,"y":407,"width":138,"height":9}},{"id":"ebd25630-1a9d-49e2-a3eb-33d5e7617b79","block_type":"box","text":"Fund","page_number":147,"box":{"x":312,"y":457,"width":28,"height":7}},{"id":"e320c8fa-bb37-447a-87cc-7f2a327606aa","block_type":"box","text":"Non-Expiring","page_number":147,"box":{"x":667,"y":437,"width":75,"height":9}},{"id":"9857f820-586b-4c1b-a493-f33133b64ad4","block_type":"box","text":"Capital Loss","page_number":147,"box":{"x":670,"y":446,"width":69,"height":10}},{"id":"67ca63c1-988c-452c-965e-6ec596aa9e1e","block_type":"box","text":"Carryforward","page_number":147,"box":{"x":666,"y":457,"width":76,"height":9}},{"id":"0ec6b9fa-3efe-450c-b059-128ec7364038","block_type":"box","text":"iShares MSCI Australia ETF $ 480,572,998","page_number":147,"box":{"x":312,"y":479,"width":432,"height":11}},{"id":"c225ccfa-86bf-46bb-9b7a-4f0b74390fc8","block_type":"box","text":"iShares MSCI Austria ETF 52,384,691","page_number":147,"box":{"x":312,"y":494,"width":430,"height":11}},{"id":"0e9421af-b62c-41c9-b554-3a528afd462b","block_type":"box","text":"iShares MSCI Belgium ETF 21,565,362","page_number":147,"box":{"x":312,"y":509,"width":432,"height":12}},{"id":"1d55429f-9815-436c-9f98-1a0f5dc39644","block_type":"box","text":"iShares MSCI Canada ETF 1,033,355,395","page_number":147,"box":{"x":312,"y":524,"width":432,"height":11}},{"id":"612867f5-d90d-4eea-8918-a4dd59f26b05","block_type":"box","text":"iShares MSCI Eu","page_number":147,"box":{"x":312,"y":539,"width":108,"height":10}},{"id":"5ad8f5a0-3c40-400d-8d98-56caf6bad866","block_type":"box","text":"rozone ETF 1,171,165,263","page_number":147,"box":{"x":422,"y":540,"width":322,"height":10}},{"id":"163ed13a-4d5c-4f7e-b44a-244684f6b8d8","block_type":"box","text":"iShares MSCI France ETF 106,616,643","page_number":147,"box":{"x":312,"y":554,"width":432,"height":11}},{"id":"fe56d1ca-b489-4a50-b762-3e0a5b645977","block_type":"box","text":"iShares MSCI Germany ETF 475,072,714","page_number":147,"box":{"x":312,"y":569,"width":432,"height":13}},{"id":"dce6fb5b-3b58-462a-af1c-7360d6479c8c","block_type":"box","text":"iShares MSCI Hong Kong ETF 637,529,715","page_number":147,"box":{"x":312,"y":584,"width":432,"height":13}},{"id":"7cdaf87c-ae5b-4851-898f-d3d4971c486a","block_type":"box","text":"iShares MSCI Israel ETF 75,087,308","page_number":147,"box":{"x":312,"y":599,"width":432,"height":12}},{"id":"94beb4ba-f87e-4151-a4ee-8ceec1c1593c","block_type":"box","text":"iShares MSCI Italy ETF 269,162,822","page_number":147,"box":{"x":312,"y":615,"width":432,"height":12}},{"id":"b60d70c8-ff9a-4c69-b02f-936207ab8d13","block_type":"box","text":"iShares MSCI Japan ETF 2,469,745,684","page_number":147,"box":{"x":312,"y":630,"width":432,"height":12}},{"id":"2b7fc89a-6113-433c-bb7e-57b43c0c2b20","block_type":"box","text":"iShares MSCI Japan Small-Cap ETF 20,936,414","page_number":147,"box":{"x":312,"y":645,"width":432,"height":12}},{"id":"11dba84c-516d-4139-af38-da993b06034f","block_type":"box","text":"iShares MSCI Mexico ETF 555,817,667","page_number":147,"box":{"x":312,"y":660,"width":432,"height":11}},{"id":"f5975c0f-258c-4c27-a562-0f7f2ba6c9ec","block_type":"box","text":"iShares MSCI Netherlands ETF 44,187,043","page_number":147,"box":{"x":312,"y":675,"width":432,"height":11}},{"id":"0f1bc747-58ca-4377-b603-5af87fb4b870","block_type":"box","text":"iShares MSCI Pacific ex Japan ETF 759,674,667","page_number":147,"box":{"x":312,"y":690,"width":432,"height":13}},{"id":"57e27d68-504b-483a-9727-0b202ba2e446","block_type":"box","text":"iShares MSCI Singapore ETF 360,328,048","page_number":147,"box":{"x":312,"y":705,"width":432,"height":13}},{"id":"6b6ec673-c2aa-4c58-a9b6-dea09e4f1e4d","block_type":"box","text":"iShares MSCI South Africa ETF 326,093,160","page_number":147,"box":{"x":312,"y":720,"width":432,"height":12}},{"id":"57592fdc-39c3-4f3f-9c3c-51848a292aa4","block_type":"box","text":"iShares MSCI Spain ETF 442,505,239","page_number":147,"box":{"x":312,"y":736,"width":432,"height":12}},{"id":"8d9f762a-a6d1-47ad-8c89-5e1c2f800f55","block_type":"box","text":"iShares MSCI Sweden ETF 99,861,151","page_number":147,"box":{"x":312,"y":751,"width":430,"height":11}},{"id":"61caabeb-a2af-47b0-852f-2d48d8d97004","block_type":"box","text":"iShares MSCI Switzerland ETF 146,038,820","page_number":147,"box":{"x":312,"y":766,"width":432,"height":11}},{"id":"b5106e74-f547-4d12-862f-2878fb672d9d","block_type":"box","text":"iShares MSCI Thailand ETF 180,652,538","page_number":147,"box":{"x":312,"y":781,"width":432,"height":11}},{"id":"17827ef3-f118-45da-9e61-058493993673","block_type":"box","text":"iShares MSCI Turkey ETF 324,229,305","page_number":147,"box":{"x":312,"y":796,"width":432,"height":12}},{"id":"938c1c02-f78a-4cab-9c79-c225e11f57fe","block_type":"box","text":"iShares MSCI USA Equal Weighted ETF 68,984,682","page_number":147,"box":{"x":312,"y":811,"width":432,"height":12}},{"id":"de0187d9-3248-48fd-951f-0d19ded739a4","block_type":"box","text":"iShares MSCI World ETF 118,888,002","page_number":147,"box":{"x":312,"y":826,"width":432,"height":12}},{"id":"689f74fb-af61-4c88-be81-5cd918c93e65","block_type":"box","text":"127","page_number":147,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"68dd1681-07e4-4fc2-8672-bbaf1752e31f","block_type":"box","text":"Taxation of U.S. Shareholders.","page_number":148,"box":{"x":88,"y":44,"width":216,"height":10}},{"id":"1f8182ad-1ec0-488e-98d0-3e7b403d6b5e","block_type":"box","text":"Dividends and other distributions by a Fund are generally treated under the Internal Revenue","page_number":148,"box":{"x":318,"y":44,"width":647,"height":12}},{"id":"246b26bf-cc4d-417c-b9ee-c0d11395bd6c","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":148,"box":{"x":89,"y":59,"width":861,"height":12}},{"id":"9f0e5672-1337-4621-9f12-efc66b39f7a5","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":148,"box":{"x":89,"y":74,"width":834,"height":12}},{"id":"cca019a1-eda5-4803-94ca-20e223da7bd3","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":148,"box":{"x":89,"y":89,"width":876,"height":13}},{"id":"dbcf8ad8-fc32-4e7d-9932-3a5a910372aa","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":148,"box":{"x":88,"y":104,"width":876,"height":13}},{"id":"4f42f757-c049-4150-bdf2-27ade9b3e4f6","block_type":"box","text":"during January of the following calendar year.","page_number":148,"box":{"x":89,"y":119,"width":316,"height":13}},{"id":"9a62f8c7-0d7b-40b6-9a2a-a8df18fd8bab","block_type":"box","text":"Each Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income and","page_number":148,"box":{"x":89,"y":146,"width":860,"height":12}},{"id":"76b39e49-a293-4eb8-9ef7-ca4c59007bdd","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":148,"box":{"x":89,"y":161,"width":808,"height":12}},{"id":"058452df-55ae-4cec-bd83-2a2bfc3ebe5f","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":148,"box":{"x":89,"y":176,"width":870,"height":13}},{"id":"70496471-32b2-491f-8f8a-e721449a4c58","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":148,"box":{"x":89,"y":191,"width":871,"height":13}},{"id":"e22a35ba-26a4-404f-9353-d2d40b293fd3","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":148,"box":{"x":89,"y":206,"width":872,"height":13}},{"id":"5af9269c-a1ce-4511-8d13-821aa114c8d3","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":148,"box":{"x":88,"y":222,"width":864,"height":12}},{"id":"3816e5f3-2cd4-4e98-977a-f769fd4cebda","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":148,"box":{"x":89,"y":237,"width":877,"height":12}},{"id":"0776df47-7e86-4435-8553-022cbecb345a","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":148,"box":{"x":89,"y":252,"width":810,"height":12}},{"id":"d99e021c-9e85-4ecd-b2bf-61eae059625f","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":148,"box":{"x":89,"y":267,"width":870,"height":12}},{"id":"c28c9483-e57d-4925-8bcd-005749e11ec4","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":148,"box":{"x":89,"y":282,"width":875,"height":12}},{"id":"d81b33d5-2ca6-46c7-94ad-9c34ef920d6d","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":148,"box":{"x":89,"y":297,"width":871,"height":12}},{"id":"29f4ab29-9706-4e2b-aa93-6565f9048b65","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":148,"box":{"x":88,"y":312,"width":824,"height":13}},{"id":"9008e938-ce8e-469c-814f-06157398d9a9","block_type":"box","text":"entitled to a refund of their","page_number":148,"box":{"x":89,"y":327,"width":188,"height":10}},{"id":"ba452af4-34df-4fb5-b26e-3da61dc18c24","block_type":"box","text":"pro rata","page_number":148,"box":{"x":280,"y":329,"width":56,"height":11}},{"id":"25b4b6bc-9b32-49a2-a935-b1d4d60cd340","block_type":"box","text":"share of such taxes paid by the Fund upon filing appropriate returns or claims for refund","page_number":148,"box":{"x":341,"y":327,"width":617,"height":13}},{"id":"fdfdc25b-1503-4ac6-8f94-a51791598bdc","block_type":"box","text":"with the IRS.","page_number":148,"box":{"x":88,"y":342,"width":87,"height":10}},{"id":"c59be2e7-2ceb-46a0-a162-8449d558fe5c","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":148,"box":{"x":89,"y":369,"width":870,"height":12}},{"id":"01865a3f-506c-42b5-8f1f-0cf862e17e59","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":148,"box":{"x":88,"y":384,"width":861,"height":12}},{"id":"53fd0fc5-5ccd-41d2-851f-41614404231b","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":148,"box":{"x":88,"y":399,"width":870,"height":13}},{"id":"3faf87b5-e2c1-4c7f-a105-eb2e801fede8","block_type":"box","text":"and profits (“regular dividends”) are generally subject to tax as ordinary income, subject to the discussion of qualified","page_number":148,"box":{"x":89,"y":414,"width":821,"height":13}},{"id":"ca517d7b-70b9-4dd2-aacd-d41ef65996ea","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":148,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"042ceb3a-1a8b-4cf6-a881-3ded98036fcb","block_type":"box","text":"shareholders, depending on whether their income exceeds certain threshold amounts.","page_number":148,"box":{"x":89,"y":445,"width":604,"height":12}},{"id":"86110220-1b11-41c3-8686-bc8c2f014850","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":148,"box":{"x":89,"y":471,"width":857,"height":12}},{"id":"dbecad3b-89f3-45ee-b1ec-bcbd664910dd","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":148,"box":{"x":89,"y":486,"width":846,"height":12}},{"id":"29bad36c-2feb-4cdb-858a-8ca1cf993a63","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":148,"box":{"x":88,"y":501,"width":850,"height":13}},{"id":"af7485c0-baf4-4df4-9354-65fbf608b9f7","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":148,"box":{"x":89,"y":516,"width":876,"height":13}},{"id":"a87d3ac3-9c58-481a-b3bf-0e278aae9273","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":148,"box":{"x":89,"y":531,"width":840,"height":13}},{"id":"06a719c5-a250-4fd8-b39b-3609bd0843ad","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":148,"box":{"x":89,"y":547,"width":863,"height":12}},{"id":"d298e9b7-fb91-4896-a48d-8835d9ce6645","block_type":"box","text":"of stock, aggregating dividends with ex-dividend dates within a 365-day period.","page_number":148,"box":{"x":89,"y":562,"width":558,"height":12}},{"id":"f57e9733-4ab3-4079-99d1-a2b3e0ad9ab2","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":148,"box":{"x":89,"y":588,"width":868,"height":12}},{"id":"0086b06b-6d55-4562-8a32-9e51b18fe096","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":148,"box":{"x":88,"y":603,"width":855,"height":13}},{"id":"7c4d5d12-ce48-488e-98f8-1bf8e0a6af9d","block_type":"box","text":"shareholder holds shares of the Fund as capital assets). Distributions in excess of a Fund’s minimum distribution","page_number":148,"box":{"x":89,"y":618,"width":787,"height":13}},{"id":"2c26958a-e61b-4eb6-b6c0-e8ecdc8404ba","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":148,"box":{"x":89,"y":633,"width":828,"height":13}},{"id":"558f816c-6a5a-4c7a-ac8a-07ec834892d2","block_type":"box","text":"nontaxable returns of capital. Shareholders receiving dividends or distributions in the form of additional shares should be","page_number":148,"box":{"x":89,"y":649,"width":847,"height":12}},{"id":"80d6f0b6-930a-44ad-b668-aad0a6661eb1","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":148,"box":{"x":88,"y":664,"width":867,"height":12}},{"id":"a592b5c2-0da1-48ef-9edf-fc7a14733783","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":148,"box":{"x":89,"y":679,"width":878,"height":12}},{"id":"4af35738-27b0-48e9-965a-961564fc305d","block_type":"box","text":"such amount.","page_number":148,"box":{"x":89,"y":694,"width":95,"height":10}},{"id":"348a2365-9e4a-49aa-9da9-c2348f896172","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":148,"box":{"x":88,"y":720,"width":854,"height":13}},{"id":"9522dac0-ffbe-4f9e-ab83-21ed3e685044","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":148,"box":{"x":89,"y":736,"width":858,"height":12}},{"id":"9ba5bd2e-70ae-4da0-ab37-09b34c0c954f","block_type":"box","text":"filing jointly) and of estates and trusts.","page_number":148,"box":{"x":88,"y":751,"width":269,"height":12}},{"id":"40244246-b5aa-46e9-bf53-f6290fe655d9","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":148,"box":{"x":89,"y":777,"width":851,"height":12}},{"id":"ab7b261c-dc06-45da-9951-781dfb2827d4","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":148,"box":{"x":89,"y":792,"width":864,"height":13}},{"id":"2e554d3b-2c56-4014-a91c-f75aa37b9adb","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":148,"box":{"x":89,"y":807,"width":849,"height":13}},{"id":"b2113fb4-2cbe-47a6-a74d-b09f2edcfa1b","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":148,"box":{"x":89,"y":822,"width":866,"height":13}},{"id":"7a2afc3a-3d50-4e5c-a502-01910420153f","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":148,"box":{"x":89,"y":838,"width":698,"height":12}},{"id":"e0e73d5b-4b23-4cec-8585-a74410b663ea","block_type":"box","text":"i.e.","page_number":148,"box":{"x":789,"y":839,"width":17,"height":8}},{"id":"5a2c42ed-bc3c-4572-af40-a1c9995fa858","block_type":"box","text":", the date on which a","page_number":148,"box":{"x":808,"y":838,"width":146,"height":11}},{"id":"7a2c3ab4-06ed-4194-82c2-40250fd3b8fe","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":148,"box":{"x":89,"y":853,"width":866,"height":12}},{"id":"22d90ae9-26ab-43f7-8ab4-d7506e05e762","block_type":"box","text":"128","page_number":148,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"57c496a3-9d98-41f1-b12a-719f626fe4c8","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":149,"box":{"x":89,"y":44,"width":863,"height":12}},{"id":"92fa17cf-ba48-40b0-9a91-eef591b77015","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":149,"box":{"x":89,"y":59,"width":862,"height":12}},{"id":"ae2ef7fb-dab9-4851-b726-c685ec72e2fa","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":149,"box":{"x":89,"y":85,"width":843,"height":13}},{"id":"620f488c-11d2-41a0-83ee-088cc625f1d0","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":149,"box":{"x":89,"y":101,"width":859,"height":12}},{"id":"6e5a0533-1827-4d96-99c8-2747ae8e8942","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":149,"box":{"x":89,"y":116,"width":855,"height":12}},{"id":"3b5f5d1b-f533-44ef-ad5d-533a140ecc28","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":149,"box":{"x":89,"y":131,"width":868,"height":12}},{"id":"8f256d37-2ab3-4fbb-8aa4-1012998ded8b","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":149,"box":{"x":89,"y":146,"width":845,"height":12}},{"id":"80de8ee3-09ae-49f1-ab4f-1edaf5c1a20e","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":149,"box":{"x":89,"y":161,"width":870,"height":12}},{"id":"58a6b304-022d-4e99-8a2e-3f829822cfc6","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":149,"box":{"x":89,"y":176,"width":504,"height":13}},{"id":"d902f45c-da89-4ffa-b01a-c231dccfe384","block_type":"box","text":"Sales of Shares.","page_number":149,"box":{"x":88,"y":203,"width":113,"height":9}},{"id":"9ac4c9de-b583-4531-8e70-8df01cdab821","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":149,"box":{"x":210,"y":203,"width":743,"height":12}},{"id":"19503c8e-25f1-4b62-830a-f64d8f69c8fe","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":149,"box":{"x":89,"y":218,"width":868,"height":12}},{"id":"69312c24-408e-4118-adf2-295ba1633b04","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":149,"box":{"x":88,"y":233,"width":876,"height":12}},{"id":"089912f5-1787-4620-9066-67c938b8457e","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":149,"box":{"x":89,"y":248,"width":866,"height":12}},{"id":"f153c978-6e1f-4934-a9f7-2d1626284e05","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":149,"box":{"x":88,"y":263,"width":863,"height":12}},{"id":"c24fffc7-32c7-4c6c-ad98-5256f95ebb5a","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":149,"box":{"x":88,"y":278,"width":875,"height":13}},{"id":"e1006fa9-8f80-46b0-ae00-86a46e1820cf","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":149,"box":{"x":89,"y":293,"width":860,"height":13}},{"id":"1aae231f-12f8-43ee-8843-ede34e42536d","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":149,"box":{"x":89,"y":308,"width":810,"height":13}},{"id":"828d17fc-51d7-45c1-a1bd-cd8e370e5316","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":149,"box":{"x":89,"y":324,"width":871,"height":12}},{"id":"b9a3ba1c-2783-4c1b-9f99-7e8059aa1ba2","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":149,"box":{"x":88,"y":339,"width":841,"height":12}},{"id":"04ca4ba2-ec5f-4848-ab02-098f8e7b708a","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":149,"box":{"x":89,"y":354,"width":865,"height":12}},{"id":"bca6b244-2b61-4a96-a9fe-a838e718e3b0","block_type":"box","text":"Medicare contribution tax described above will apply to the sale of Fund shares.","page_number":149,"box":{"x":89,"y":369,"width":557,"height":12}},{"id":"29045519-8382-426e-9897-acd1691d0d9c","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":149,"box":{"x":89,"y":395,"width":864,"height":13}},{"id":"060d60f1-9e0d-43fe-9737-f8be1c5227c5","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":149,"box":{"x":89,"y":410,"width":854,"height":13}},{"id":"de9953e5-5c3e-46b2-8005-73e0a93b8f36","block_type":"box","text":"charge is reduced by reason of a reinvestment right (","page_number":149,"box":{"x":89,"y":426,"width":368,"height":12}},{"id":"b12f9558-ea3d-4154-bca5-f88264b6c3cf","block_type":"box","text":"e.g.","page_number":149,"box":{"x":458,"y":429,"width":23,"height":9}},{"id":"38b4ceb8-b7ee-4d3f-a7b2-c6f8764db29a","block_type":"box","text":", an exchange privilege), the original sales charge will not be taken","page_number":149,"box":{"x":483,"y":426,"width":463,"height":12}},{"id":"c80cc054-6d59-4fee-ac5c-bac590e04eac","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":149,"box":{"x":89,"y":441,"width":875,"height":12}},{"id":"b8dec43b-92df-4d7f-8777-802f00a2d1ec","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":149,"box":{"x":89,"y":456,"width":870,"height":12}},{"id":"0cb8037d-6ef5-4efa-be94-e67b10e7e4a9","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":149,"box":{"x":89,"y":471,"width":839,"height":12}},{"id":"9c95b6dd-0358-488d-beee-abb90f86f3bc","block_type":"box","text":"provision prevents shareholders from immediately deducting the sales charge by shifting their investments within a family of","page_number":149,"box":{"x":89,"y":486,"width":874,"height":12}},{"id":"d8837f2e-92e8-4ab7-8b0f-82623984e530","block_type":"box","text":"mutual funds.","page_number":149,"box":{"x":89,"y":501,"width":96,"height":10}},{"id":"5f4314c9-7d07-4ec3-a868-5b600fa80021","block_type":"box","text":"Backup Withholding.","page_number":149,"box":{"x":89,"y":528,"width":150,"height":12}},{"id":"68b1e025-3955-43d2-ba49-9331d56f1071","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":149,"box":{"x":249,"y":528,"width":707,"height":12}},{"id":"1bd5e8b0-a0f2-42b0-9f9b-1873e6051b51","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":149,"box":{"x":89,"y":543,"width":868,"height":12}},{"id":"3df0c145-1a86-4ebc-a51a-4867dcd3263e","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":149,"box":{"x":89,"y":558,"width":828,"height":12}},{"id":"02512699-d2f6-48ba-b21e-5fb379680879","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":149,"box":{"x":89,"y":573,"width":874,"height":12}},{"id":"8b50f5cb-369d-4e36-b42d-c407a2b747b3","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":149,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"dd753aac-819a-4f79-bdda-4074c6d6c4f7","block_type":"box","text":"income tax liability.","page_number":149,"box":{"x":89,"y":603,"width":132,"height":13}},{"id":"8588970f-155f-4440-a038-36baf64f89ca","block_type":"box","text":"Sections 351 and 362.","page_number":149,"box":{"x":88,"y":630,"width":159,"height":10}},{"id":"afecefc6-f31f-467d-a5d0-b098ae02939c","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":149,"box":{"x":256,"y":630,"width":705,"height":12}},{"id":"b8f18957-db02-44bf-9e1b-5f2ca3d4fe38","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":149,"box":{"x":89,"y":645,"width":824,"height":12}},{"id":"4eba8074-61c9-4110-93df-91c746295547","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":149,"box":{"x":89,"y":660,"width":864,"height":12}},{"id":"3ba2a04e-63c2-4735-bca4-d1e8bbfa0fa9","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":149,"box":{"x":89,"y":675,"width":841,"height":12}},{"id":"ac5af7a5-6dff-4bfa-9fb8-ee9a8b85bf0f","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":149,"box":{"x":89,"y":690,"width":865,"height":13}},{"id":"7b796e77-a85c-47a1-86dc-bafb0ff7ae25","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":149,"box":{"x":88,"y":705,"width":861,"height":13}},{"id":"50da0ab6-92dd-45f4-96c3-f3901eb8517c","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":149,"box":{"x":89,"y":720,"width":848,"height":13}},{"id":"50594bda-02e2-4df2-a052-f33fed7f638f","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":149,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"0b0799c0-a093-4e43-a7bb-18a74c1720d8","block_type":"box","text":"the right to require information necessary to determine beneficial share ownership for purposes of the 80% determination.","page_number":149,"box":{"x":88,"y":751,"width":860,"height":12}},{"id":"640e3686-b0ed-4194-a1ea-8115faa4ca01","block_type":"box","text":"Taxation of Certain Derivatives.","page_number":149,"box":{"x":88,"y":777,"width":225,"height":10}},{"id":"5ab10e3d-6223-4cbf-a049-63d6bea6d5df","block_type":"box","text":"A Fund’s transactions in zero coupon securities, non-U.S. currencies, forward contracts,","page_number":149,"box":{"x":322,"y":777,"width":612,"height":12}},{"id":"ffa9131a-ad44-4b0b-b4e1-e0bf3b814cce","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":149,"box":{"x":89,"y":792,"width":865,"height":13}},{"id":"47a91f58-86ec-4c14-be10-352ddd9b5f28","block_type":"box","text":"be subject to special provisions of the Internal Revenue Code (including provisions relating to “hedging transactions” and","page_number":149,"box":{"x":89,"y":807,"width":848,"height":13}},{"id":"cba84225-f2e1-4812-91b8-d87db79cae5a","block_type":"box","text":"“straddles”) that, among other consequences, may affect the character of gains and losses realized by the Fund (","page_number":149,"box":{"x":89,"y":822,"width":789,"height":13}},{"id":"2d905f84-1a25-46bf-9952-de73ae54f1bf","block_type":"box","text":"i.e.","page_number":149,"box":{"x":879,"y":823,"width":18,"height":9}},{"id":"f8de17fb-41f3-4635-83e6-dbae388808f7","block_type":"box","text":", may","page_number":149,"box":{"x":899,"y":826,"width":37,"height":9}},{"id":"cd0eaa63-1c04-4156-91dd-a25130b28460","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":149,"box":{"x":89,"y":838,"width":856,"height":12}},{"id":"d5a39222-5221-499c-8fe6-8bced82a8ecc","block_type":"box","text":"These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also","page_number":149,"box":{"x":88,"y":853,"width":856,"height":12}},{"id":"02afc6cf-1deb-4018-8959-8a08da3b0654","block_type":"box","text":"129","page_number":149,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"359f3555-ed40-471b-b6c3-2cd27181c3f6","block_type":"box","text":"(a) will require a Fund to mark-to-market certain types of the positions in its portfolio (","page_number":150,"box":{"x":89,"y":44,"width":607,"height":12}},{"id":"93deebe1-f08b-4417-9a70-ffe25f88f279","block_type":"box","text":"i.e.","page_number":150,"box":{"x":697,"y":45,"width":18,"height":9}},{"id":"4d774547-359a-4372-8052-1b1a0814f42e","block_type":"box","text":", treat them as if they were closed","page_number":150,"box":{"x":717,"y":44,"width":235,"height":12}},{"id":"ac6f0422-09cb-4cb5-81cc-5c1df0ecabbb","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":150,"box":{"x":89,"y":59,"width":819,"height":12}},{"id":"07e30606-7478-4ebe-9802-05158f0ce1ef","block_type":"box","text":"dividends or make distributions in amounts necessary to satisfy the distribution requirements for avoiding income and excise","page_number":150,"box":{"x":89,"y":74,"width":876,"height":12}},{"id":"8fe058e8-4017-4ce0-9484-feb85428c056","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":150,"box":{"x":88,"y":89,"width":879,"height":13}},{"id":"e35c5325-af8e-4873-8f48-16a3f60e4861","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":150,"box":{"x":89,"y":104,"width":816,"height":13}},{"id":"07efba4e-afd5-47d3-80ad-7515928646f8","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":150,"box":{"x":89,"y":119,"width":856,"height":13}},{"id":"8c352b44-641c-4f06-89dc-4957db9caf48","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":150,"box":{"x":88,"y":146,"width":846,"height":12}},{"id":"049431f8-a0a7-4d5a-a75d-6d9f3647de38","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":150,"box":{"x":88,"y":161,"width":854,"height":12}},{"id":"ee51b991-cfd5-4f0b-96ff-f74025de02a0","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":150,"box":{"x":88,"y":176,"width":870,"height":13}},{"id":"81a3bc1e-acf5-4552-abc1-90f4c995352b","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":150,"box":{"x":89,"y":191,"width":843,"height":13}},{"id":"1a4acd0d-d896-4d4e-bb1d-e8c9b4acb3bb","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":150,"box":{"x":89,"y":206,"width":844,"height":13}},{"id":"5243ca97-5635-4276-81ec-ec4a967db3a3","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":150,"box":{"x":89,"y":222,"width":854,"height":12}},{"id":"1dfe127d-6625-4f6f-8ed4-91405abd154b","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":150,"box":{"x":89,"y":237,"width":838,"height":12}},{"id":"b94c0560-9eae-4c66-8326-b8d67fd04fa3","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":150,"box":{"x":88,"y":252,"width":860,"height":12}},{"id":"e0d1f772-4813-43b3-a281-54c733ee8c4f","block_type":"box","text":"regardless of the period of time the positions were actually held by a Fund.","page_number":150,"box":{"x":89,"y":267,"width":520,"height":12}},{"id":"0ee89f43-2f71-4d03-9dfb-42cafbe65393","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":150,"box":{"x":88,"y":293,"width":849,"height":13}},{"id":"74276f17-5358-4b6d-a428-c88eeff21bb1","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":150,"box":{"x":89,"y":308,"width":808,"height":13}},{"id":"456be252-9499-4ccd-b2f0-ad9d1ec5efb4","block_type":"box","text":"transaction. Periodic net payments will generally constitute ordinary income or deductions, while termination of a swap will","page_number":150,"box":{"x":88,"y":324,"width":864,"height":12}},{"id":"1da17a77-9184-4b57-b3b8-4e972f93606b","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":150,"box":{"x":89,"y":339,"width":878,"height":12}},{"id":"04b488ec-0c57-4c28-803f-b30e7a970745","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":150,"box":{"x":89,"y":354,"width":855,"height":12}},{"id":"40c97dd2-97e4-48d0-865c-1f5497c83012","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":150,"box":{"x":88,"y":369,"width":845,"height":12}},{"id":"fb93da9f-9243-4764-b110-d81ba9724a79","block_type":"box","text":"annually for tax purposes as ordinary income or loss.","page_number":150,"box":{"x":89,"y":384,"width":369,"height":12}},{"id":"b223ccac-73a3-4775-a220-45947463af1b","block_type":"box","text":"Qualified Dividend Income.","page_number":150,"box":{"x":89,"y":410,"width":196,"height":12}},{"id":"103227a0-2c66-4e1a-8468-321f1ba5df88","block_type":"box","text":"Distributions by a Fund of investment company taxable income (including any short-term","page_number":150,"box":{"x":294,"y":410,"width":627,"height":13}},{"id":"5cb7683f-eb73-463f-a288-a3d67ee9d217","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":150,"box":{"x":89,"y":426,"width":861,"height":12}},{"id":"131da154-783a-44a5-9a8d-8d0fb5538442","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":150,"box":{"x":88,"y":441,"width":850,"height":12}},{"id":"a75c3abc-ba4b-4839-8c83-0d98f1ab3c0d","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":150,"box":{"x":89,"y":456,"width":861,"height":12}},{"id":"a1346ee4-8334-4786-ab85-33acae10cab9","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":150,"box":{"x":89,"y":471,"width":831,"height":12}},{"id":"04cf6f9b-1336-450b-b40b-7c04bd1c93b0","block_type":"box","text":"e.g.","page_number":150,"box":{"x":921,"y":474,"width":23,"height":9}},{"id":"6d7495e1-a266-49da-8d00-e1a69b961848","block_type":"box","text":",","page_number":150,"box":{"x":946,"y":479,"width":2,"height":3}},{"id":"f64fc43e-3d0a-490b-9a04-20157a23d7b8","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":150,"box":{"x":89,"y":486,"width":872,"height":12}},{"id":"fd795e71-8e25-4042-a164-ac743295c66f","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":150,"box":{"x":89,"y":501,"width":848,"height":13}},{"id":"4717eb82-5a8c-424c-b351-7449cf405d57","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":150,"box":{"x":89,"y":516,"width":879,"height":13}},{"id":"cd478891-8537-4984-92d0-bc79d6c5cd0b","block_type":"box","text":"by a Fund will not be qualified dividend income.","page_number":150,"box":{"x":89,"y":531,"width":332,"height":13}},{"id":"bce7b44e-53bf-4816-9bcc-1ccb0ff3f3b3","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":150,"box":{"x":88,"y":558,"width":855,"height":12}},{"id":"d859a0e0-64e0-4d8c-93e4-650bdeee8420","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":150,"box":{"x":88,"y":573,"width":838,"height":12}},{"id":"d2a06a57-fc34-4276-b68b-8732ab5c076a","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":150,"box":{"x":89,"y":588,"width":823,"height":12}},{"id":"25d8512c-8ceb-46f6-8253-0b6728cb7a14","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":150,"box":{"x":89,"y":603,"width":866,"height":13}},{"id":"79a0dca1-a2e0-4f9a-8de3-f792923b1eba","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":150,"box":{"x":89,"y":618,"width":860,"height":13}},{"id":"397e8798-3d64-4ace-bb1a-9744e4d82141","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":150,"box":{"x":88,"y":633,"width":847,"height":13}},{"id":"ee107a4b-fc2a-4a2f-b7bb-80762e56e92c","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":150,"box":{"x":89,"y":649,"width":872,"height":12}},{"id":"f8e678b1-e089-4186-8a09-2aa2226cc037","block_type":"box","text":"substantially similar or related property; or (iii) the shareholder elects to treat such dividend as investment income under","page_number":150,"box":{"x":89,"y":664,"width":843,"height":12}},{"id":"9c136780-c18f-4d30-a327-a688cbb1193a","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":150,"box":{"x":88,"y":679,"width":867,"height":12}},{"id":"5e76d5e4-6ce7-429b-8ebd-9f90ad3be8e9","block_type":"box","text":"as qualified dividend income only to the extent the dividend distributions are attributable to qualified dividend income","page_number":150,"box":{"x":89,"y":694,"width":825,"height":12}},{"id":"65766b5f-0d41-496f-9b9a-559da37359c6","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":150,"box":{"x":89,"y":709,"width":807,"height":12}},{"id":"4fed1e69-e169-4b90-b975-41d59ce0861f","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":150,"box":{"x":89,"y":724,"width":843,"height":13}},{"id":"e69ba9c0-3c65-4e23-944a-d31d900a0cc9","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":150,"box":{"x":89,"y":739,"width":864,"height":13}},{"id":"7e0e60e9-bb85-4b27-89db-7f3f3050f525","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":150,"box":{"x":89,"y":754,"width":877,"height":13}},{"id":"de78eb07-876b-4635-8658-469338adb614","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":150,"box":{"x":89,"y":770,"width":832,"height":12}},{"id":"f0c6d966-8fdd-458d-92e2-30726b59d405","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":150,"box":{"x":89,"y":785,"width":870,"height":12}},{"id":"ef8f9303-9fb5-4f2a-9d6c-a7e5a5764cb3","block_type":"box","text":"income.","page_number":150,"box":{"x":89,"y":801,"width":54,"height":9}},{"id":"55884681-1c42-4bbf-b9cf-47fbcfa50951","block_type":"box","text":"Corporate Dividends Received Deduction.","page_number":150,"box":{"x":89,"y":826,"width":300,"height":13}},{"id":"47e3676c-a5f7-4d02-80ef-ce8acb22b683","block_type":"box","text":"Each Fund (with the exception of the iShares MSCI USA Equal Weighted ETF)","page_number":150,"box":{"x":399,"y":826,"width":538,"height":13}},{"id":"8c23b33a-f039-4aed-8520-f78ae5fc4545","block_type":"box","text":"does not expect dividends that are paid to its corporate shareholders to be eligible, in the hands of such shareholders, for the","page_number":150,"box":{"x":89,"y":841,"width":874,"height":13}},{"id":"c653da05-c153-40a9-b72f-74057b44065b","block_type":"box","text":"corporate dividends received deduction.","page_number":150,"box":{"x":89,"y":856,"width":279,"height":13}},{"id":"f26b99fc-abd9-41cc-af02-e2f9a1ecbf36","block_type":"box","text":"130","page_number":150,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"50be709e-4126-46db-996c-80a755828a2b","block_type":"box","text":"Dividends paid by the iShares MSCI USA Equal Weighted ETF that are attributable to dividends received by the Fund from U.S.","page_number":151,"box":{"x":89,"y":44,"width":876,"height":12}},{"id":"2647176e-7bf0-4c5d-8a46-2f17d29b0146","block_type":"box","text":"corporations may qualify for the U.S. federal dividends received deduction for corporations. A 46-day minimum holding","page_number":151,"box":{"x":89,"y":59,"width":835,"height":12}},{"id":"ac0fc8b2-b427-4880-a27b-36251819d008","block_type":"box","text":"period during the 90-day period that begins 45 days prior to ex-dividend date (or 91-day minimum holding period during the","page_number":151,"box":{"x":89,"y":74,"width":875,"height":12}},{"id":"c96a0a3d-8360-4a49-a573-23335145cea5","block_type":"box","text":"180 period beginning 90 days prior to ex-dividend date for certain preference dividends) during which risk of loss may not be","page_number":151,"box":{"x":90,"y":89,"width":875,"height":13}},{"id":"b781b0cb-74a4-4433-a21a-feae9cddd37b","block_type":"box","text":"diminished is required for the applicable shares, at both the Fund and shareholder level, for a dividend to be eligible for the","page_number":151,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"2825a354-e5d8-4296-8a4b-9271d17bcab1","block_type":"box","text":"dividends received deduction. Restrictions may apply if indebtedness, including a short sale, is attributable to the investment.","page_number":151,"box":{"x":89,"y":119,"width":874,"height":13}},{"id":"f652b3d0-be87-42b5-9615-428f480afa81","block_type":"box","text":"Excess Inclusion Income.","page_number":151,"box":{"x":89,"y":146,"width":180,"height":10}},{"id":"727458bb-ebe8-49fe-a9e0-3392fe7cb84b","block_type":"box","text":"Under current law, the Funds serve to block unrelated business taxable income (“UBTI”) from","page_number":151,"box":{"x":278,"y":146,"width":652,"height":12}},{"id":"c8e883e9-8de4-42a2-a9dc-7eb3f6a30e92","block_type":"box","text":"being realized by their tax-exempt shareholders. Notwithstanding the foregoing, a tax-exempt shareholder could realize UBTI","page_number":151,"box":{"x":89,"y":161,"width":872,"height":12}},{"id":"f2d724fa-f25d-4862-9905-927197b6de86","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":151,"box":{"x":89,"y":176,"width":859,"height":13}},{"id":"64918bbf-9bc8-4f1d-82b1-2bc35602520b","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":151,"box":{"x":89,"y":191,"width":865,"height":13}},{"id":"981c4f3e-6b23-40ef-9f58-8f7023e75b2f","block_type":"box","text":"from REITs, real estate mortgage investment conduits, taxable mortgage pools or other investments may cause the Fund to","page_number":151,"box":{"x":88,"y":206,"width":864,"height":13}},{"id":"5bf4facf-ebdd-46fb-8bf5-3c57419398c1","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":151,"box":{"x":89,"y":222,"width":873,"height":12}},{"id":"b4110a2c-4fc2-4cad-8da8-75bff50293ca","block_type":"box","text":"(i) constitute taxable income, as UBTI for those shareholders who would otherwise be tax-exempt such as individual","page_number":151,"box":{"x":89,"y":237,"width":814,"height":12}},{"id":"b0c1d2df-2753-4f53-bc3f-ea04ab55b880","block_type":"box","text":"retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (ii) not be offset by","page_number":151,"box":{"x":89,"y":252,"width":816,"height":12}},{"id":"05132cd6-7334-4bca-ba25-c8740a6b4bab","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":151,"box":{"x":89,"y":267,"width":860,"height":12}},{"id":"f26a336a-2df4-4b7e-8647-45ff35d03bf6","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":151,"box":{"x":89,"y":282,"width":864,"height":12}},{"id":"25809a6d-433f-42f1-bf5b-77e04d2a8c74","block_type":"box","text":"by the Internal Revenue Code, are Fund shareholders. If a charitable remainder annuity trust or a charitable remainder","page_number":151,"box":{"x":89,"y":297,"width":823,"height":12}},{"id":"98cce6c0-56c1-4e36-bec0-3e19131d02df","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":151,"box":{"x":89,"y":312,"width":864,"height":13}},{"id":"ac224bb0-a48f-4d6b-837d-156f52b3d672","block_type":"box","text":"UBTI is imposed on the trust.","page_number":151,"box":{"x":89,"y":327,"width":201,"height":13}},{"id":"3f4a9e35-1f30-4bf8-9583-bed6985bb863","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":151,"box":{"x":89,"y":354,"width":875,"height":12}},{"id":"3b0a91f6-02aa-4dd4-96d0-07800bb2428d","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":151,"box":{"x":89,"y":369,"width":852,"height":12}},{"id":"093cd8fb-b477-4009-be49-c34436c3df5c","block_type":"box","text":"REIT may change its investment program, a Fund may not be successful in avoiding the consequences described above.","page_number":151,"box":{"x":89,"y":384,"width":838,"height":12}},{"id":"2342a6e8-b309-4a24-99d2-ddfc2888e763","block_type":"box","text":"Avoidance of investments in REITs that generate excess inclusion income may require a Fund to forego otherwise attractive","page_number":151,"box":{"x":88,"y":399,"width":863,"height":13}},{"id":"5a30ffcc-b9cd-44f4-a683-f7bb5e4709a2","block_type":"box","text":"investment opportunities.","page_number":151,"box":{"x":89,"y":415,"width":179,"height":12}},{"id":"63954944-17e7-408d-b6b4-907b8ad78790","block_type":"box","text":"Non-U.S. Investments.","page_number":151,"box":{"x":89,"y":441,"width":159,"height":10}},{"id":"5418fcb9-4b09-440d-a67d-ee72534fdfca","block_type":"box","text":"Under Section 988 of the Internal Revenue Code, gains or losses attributable to fluctuations in","page_number":151,"box":{"x":257,"y":441,"width":656,"height":12}},{"id":"dcfc17cc-d184-4080-940f-49bab0444c85","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":151,"box":{"x":89,"y":456,"width":877,"height":12}},{"id":"21604aa9-1eba-4872-aec8-027b71e015f6","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":151,"box":{"x":89,"y":471,"width":834,"height":12}},{"id":"1ea49801-6558-4d52-bd70-e6f3fea6d8bf","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":151,"box":{"x":89,"y":486,"width":850,"height":12}},{"id":"d10d89f8-b443-450e-9bd0-57edf7881190","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":151,"box":{"x":89,"y":501,"width":811,"height":13}},{"id":"80f3cb0f-52a9-427f-b1cb-15e07b9a981a","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":151,"box":{"x":89,"y":516,"width":830,"height":13}},{"id":"04a27098-b8ac-4aed-b626-7f9002346750","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":151,"box":{"x":89,"y":531,"width":823,"height":13}},{"id":"60e49689-a491-42fb-bac8-09a43e06b9f2","block_type":"box","text":"fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss","page_number":151,"box":{"x":88,"y":547,"width":842,"height":12}},{"id":"54bf3101-9347-4163-a330-0e39f2e45add","block_type":"box","text":"unless a Fund was to elect otherwise.","page_number":151,"box":{"x":89,"y":562,"width":260,"height":9}},{"id":"cd502481-8e5e-448b-9156-d58dfd20a5fb","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":151,"box":{"x":89,"y":588,"width":850,"height":12}},{"id":"07e54091-6f07-4a73-bab9-e8d267133cd4","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":151,"box":{"x":89,"y":603,"width":825,"height":13}},{"id":"80e4320d-72b1-4b74-9e71-0822e9a187cc","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":151,"box":{"x":89,"y":618,"width":853,"height":13}},{"id":"5aed39dd-c98c-44ab-b620-5fb8b07b21ff","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":151,"box":{"x":89,"y":633,"width":873,"height":13}},{"id":"7c5d0d5a-c94d-448a-88b5-f42e837b4110","block_type":"box","text":"distribution will (i) include in gross income, even though not actually received, the investor’s","page_number":151,"box":{"x":89,"y":649,"width":644,"height":12}},{"id":"2f2d7a6d-3a6a-47d4-a9c5-3a50c654e44e","block_type":"box","text":"pro rata","page_number":151,"box":{"x":737,"y":650,"width":56,"height":11}},{"id":"502d4246-9206-4b67-a122-2f813d19fc99","block_type":"box","text":"share of the Fund’s","page_number":151,"box":{"x":798,"y":649,"width":133,"height":9}},{"id":"bdd589e0-0c28-493c-bd0b-77156f530242","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":151,"box":{"x":89,"y":664,"width":843,"height":12}},{"id":"66861f68-a0e3-4e89-9f94-7e39758f16de","block_type":"box","text":"deductions on their personal tax returns) or credit (in calculating U.S. federal income tax) the investor’s","page_number":151,"box":{"x":89,"y":679,"width":722,"height":12}},{"id":"e2229c5a-88f6-4b3c-b1df-7ed0ccc7fd1c","block_type":"box","text":"pro rata","page_number":151,"box":{"x":815,"y":680,"width":56,"height":11}},{"id":"980f9ddf-94f7-4b7a-a6b3-deffaf2fe746","block_type":"box","text":"share of the","page_number":151,"box":{"x":875,"y":679,"width":83,"height":10}},{"id":"e10aa68c-3430-4dec-b55b-e82ec18df740","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":151,"box":{"x":89,"y":694,"width":861,"height":12}},{"id":"bede346e-49a8-426c-9f7c-58c290700645","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":151,"box":{"x":89,"y":709,"width":878,"height":12}},{"id":"c1716a4d-33fc-42ed-aa2d-73d86335dc88","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":151,"box":{"x":89,"y":724,"width":855,"height":13}},{"id":"d774e18c-45df-4a80-8837-39002d6de7c3","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":151,"box":{"x":88,"y":739,"width":855,"height":13}},{"id":"392484d6-427f-4742-8fad-8400e2af4a24","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":151,"box":{"x":89,"y":754,"width":876,"height":13}},{"id":"64380186-c831-4829-bbef-a2c832b79e14","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":151,"box":{"x":89,"y":770,"width":860,"height":12}},{"id":"346f49b5-dc62-40b2-8718-bbd074bf306a","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":151,"box":{"x":89,"y":785,"width":850,"height":12}},{"id":"29377da3-d58b-40f3-ace9-9b4c4076e84d","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":151,"box":{"x":89,"y":800,"width":808,"height":12}},{"id":"b20e0b7b-24e7-4880-8d17-d55f95392f0c","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":151,"box":{"x":89,"y":815,"width":841,"height":12}},{"id":"ece3a7b3-401d-4fde-a168-31a2fb8f6ac0","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":151,"box":{"x":89,"y":830,"width":847,"height":12}},{"id":"ccbcefb3-644b-4a1f-84fd-15c4f94ad45c","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":151,"box":{"x":89,"y":845,"width":879,"height":12}},{"id":"cc9c4ef7-2bc1-4445-850a-c632c13119e1","block_type":"box","text":"131","page_number":151,"box":{"x":517,"y":894,"width":20,"height":9}},{"id":"734ef8a8-4b62-4ac2-8fae-fc9c924c17e8","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":152,"box":{"x":88,"y":44,"width":877,"height":12}},{"id":"5913f8d5-301b-4510-9bf1-5d1b11879da0","block_type":"box","text":"circumstances. Consult your financial intermediary or tax advisor.","page_number":152,"box":{"x":89,"y":59,"width":457,"height":12}},{"id":"7a13fda0-aa01-4e60-90ed-30e3b8e43084","block_type":"box","text":"Certain of the Funds have filed refund claims in various European Union countries to recover taxes withheld on dividend","page_number":152,"box":{"x":89,"y":85,"width":838,"height":13}},{"id":"80bbc386-32e3-485b-8e9d-040164f873a3","block_type":"box","text":"income received during past years based upon certain provisions in the Treaty on the Functioning of the European Union.","page_number":152,"box":{"x":89,"y":101,"width":848,"height":12}},{"id":"0db31a3c-c2fa-43bb-a704-c3b88678a996","block_type":"box","text":"Whether or when a Fund will receive a tax refund is within the control of the individual country. Pending confirmatory","page_number":152,"box":{"x":88,"y":116,"width":824,"height":12}},{"id":"b421d054-5ead-4d00-a840-ce180ad447cb","block_type":"box","text":"guidance from the IRS, the refunds received may reduce a Fund’s pass-through of foreign tax credits in such year and","page_number":152,"box":{"x":89,"y":131,"width":821,"height":12}},{"id":"b8f1c920-7577-4de1-8b1b-e0caa4111761","block_type":"box","text":"potentially future years or may result in the Funds paying an IRS compliance fee to cover the effect of the tax credits","page_number":152,"box":{"x":89,"y":146,"width":810,"height":12}},{"id":"4cc7a886-2b1c-42c6-a4aa-2e551b3fd916","block_type":"box","text":"previously passed through to shareholders on refunded foreign taxes.","page_number":152,"box":{"x":89,"y":161,"width":485,"height":12}},{"id":"8a8e17ca-daa7-4f38-81fb-ab6489e9ff95","block_type":"box","text":"Passive Foreign Investment Companies.","page_number":152,"box":{"x":89,"y":188,"width":284,"height":12}},{"id":"9d25169c-efcd-4891-acb7-229679860707","block_type":"box","text":"If a Fund purchases shares in PFICs, it may be subject to U.S. federal income tax on","page_number":152,"box":{"x":383,"y":188,"width":577,"height":12}},{"id":"41e887d0-5cf8-40df-b130-82778fa42c4f","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":152,"box":{"x":89,"y":203,"width":833,"height":12}},{"id":"38ac2e20-aa77-4054-87e0-d3f1f6f8e78f","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":152,"box":{"x":88,"y":218,"width":870,"height":12}},{"id":"751f182a-3379-4361-94ee-17814923cce9","block_type":"box","text":"respect of deferred taxes arising from such distributions or gains.","page_number":152,"box":{"x":89,"y":233,"width":455,"height":12}},{"id":"3eb5ffd2-b7f9-47d1-8c29-8d3dfc248660","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":152,"box":{"x":89,"y":259,"width":873,"height":13}},{"id":"daa50840-0aea-41e7-947b-ea154bdc83b9","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":152,"box":{"x":89,"y":274,"width":818,"height":13}},{"id":"be228fc4-260e-4487-b624-c2a1665aed76","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":152,"box":{"x":89,"y":290,"width":855,"height":12}},{"id":"05be1a07-4d27-4e0a-87bc-fc8ac365eeca","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":152,"box":{"x":89,"y":305,"width":874,"height":12}},{"id":"27286437-787c-44f9-88ce-74c9566d2c5b","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":152,"box":{"x":89,"y":320,"width":832,"height":12}},{"id":"7e6e003e-298a-4a27-a86b-a5c84671e6f1","block_type":"box","text":"obtain.","page_number":152,"box":{"x":89,"y":335,"width":47,"height":10}},{"id":"46d7e907-0be1-4eb5-a3f8-e8e060dde207","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":152,"box":{"x":88,"y":361,"width":838,"height":13}},{"id":"fd864ee7-c3d8-4f27-9949-e3ed0b0f5012","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":152,"box":{"x":89,"y":376,"width":870,"height":13}},{"id":"21a7f2dc-7428-4bcb-b95b-2bccea03b708","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":152,"box":{"x":88,"y":392,"width":848,"height":12}},{"id":"9a076060-590c-4ccd-9f19-38638fdfc30c","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":152,"box":{"x":89,"y":407,"width":822,"height":12}},{"id":"f006296a-e3ba-43e9-8f62-00b679fa37b9","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":152,"box":{"x":89,"y":422,"width":783,"height":12}},{"id":"aa6375a5-0593-4e93-a8a8-72528e10b694","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":152,"box":{"x":89,"y":437,"width":830,"height":12}},{"id":"a4ef2ed6-1a40-4138-b117-67fcdf64e50c","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":152,"box":{"x":89,"y":452,"width":845,"height":12}},{"id":"47f827d4-fa3e-486b-8c22-5d9f4108b4b1","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":152,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"a78d2a26-344b-4e37-a349-b13db729c181","block_type":"box","text":"4% excise tax.","page_number":152,"box":{"x":88,"y":483,"width":99,"height":9}},{"id":"b278ee6f-551b-49be-abcb-f77de8ce3011","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":152,"box":{"x":88,"y":509,"width":856,"height":12}},{"id":"82d36c0a-c254-42e4-a9f4-5f1592c4f16b","block_type":"box","text":"effects of these rules.","page_number":152,"box":{"x":89,"y":524,"width":147,"height":10}},{"id":"edf7fab2-20ab-412f-94b0-df36d06a0517","block_type":"box","text":"Reporting.","page_number":152,"box":{"x":89,"y":551,"width":74,"height":12}},{"id":"cad2f4f0-8558-4899-9fdf-c908c664a9d9","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":152,"box":{"x":173,"y":550,"width":720,"height":13}},{"id":"7df3e5e6-e025-4bf4-9534-11391071f369","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":152,"box":{"x":89,"y":565,"width":871,"height":13}},{"id":"5876ff14-723d-4023-b628-fe58ef7dabdf","block_type":"box","text":"on IRS Form 8886. Direct shareholders of portfolio securities are in many cases exempted from this reporting requirement,","page_number":152,"box":{"x":89,"y":581,"width":855,"height":12}},{"id":"97711e60-1e23-435c-948e-1b0e843a953d","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":152,"box":{"x":89,"y":596,"width":797,"height":12}},{"id":"97f5e4f9-6b8d-429b-bde1-9e5618a4242e","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":152,"box":{"x":89,"y":611,"width":851,"height":12}},{"id":"7e9d5c55-4b39-4749-927b-6077f0ec94fd","block_type":"box","text":"should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":152,"box":{"x":89,"y":626,"width":868,"height":12}},{"id":"f7fc4d48-23f6-4f47-8a41-19d60b911e4b","block_type":"box","text":"Other Taxes.","page_number":152,"box":{"x":89,"y":652,"width":89,"height":10}},{"id":"07d6eb4c-ca8d-4a6f-8ecc-dbf558957751","block_type":"box","text":"Dividends, distributions and redemption proceeds may also be subject to additional state, local and non-U.S.","page_number":152,"box":{"x":188,"y":652,"width":758,"height":13}},{"id":"d5e95dda-0d65-4121-9eb0-70303b373a62","block_type":"box","text":"taxes depending on each shareholder’s particular situation.","page_number":152,"box":{"x":88,"y":668,"width":414,"height":12}},{"id":"3dd192f2-6591-4edb-837c-945adc1e2f20","block_type":"box","text":"Taxation of Non-U.S. Shareholders.","page_number":152,"box":{"x":88,"y":694,"width":252,"height":10}},{"id":"c2ab2ba3-f8f7-4448-a42a-8501ae2a9648","block_type":"box","text":"Dividends paid by a Fund to non-U.S. shareholders are generally subject to withholding","page_number":152,"box":{"x":350,"y":694,"width":608,"height":12}},{"id":"0582367d-18d5-47bf-a9a1-817cf3fd09f6","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":152,"box":{"x":88,"y":709,"width":879,"height":12}},{"id":"a6c5cc88-a710-424a-84c7-a3966e6370e3","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":152,"box":{"x":89,"y":724,"width":869,"height":13}},{"id":"18c5a46a-e8ad-4e66-9453-acc183dd5fdc","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":152,"box":{"x":89,"y":739,"width":869,"height":13}},{"id":"f4c717f0-d16c-47e1-a45c-364b253ff3d0","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":152,"box":{"x":88,"y":754,"width":864,"height":13}},{"id":"e7754e37-d224-468b-834f-0de853f6c861","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":152,"box":{"x":88,"y":770,"width":868,"height":12}},{"id":"b8d5970f-a9a5-4e0d-85ef-89b9c1deb418","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":152,"box":{"x":89,"y":785,"width":852,"height":12}},{"id":"ab58abb5-bbda-44c4-ad65-4cef4b567035","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":152,"box":{"x":88,"y":800,"width":828,"height":12}},{"id":"706b220c-cc90-496b-b7ad-22ec72f2db5b","block_type":"box","text":"shareholder. A non-U.S. corporation receiving effectively connected dividends may also be subject to additional “branch","page_number":152,"box":{"x":89,"y":815,"width":837,"height":12}},{"id":"e9da3652-19b8-4712-b8d0-72e06e95bf55","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":152,"box":{"x":89,"y":830,"width":876,"height":12}},{"id":"81969a31-91ce-4152-baa7-fd76e5cb1c50","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":152,"box":{"x":89,"y":845,"width":751,"height":12}},{"id":"032dee01-4725-4aa6-a068-dbff38871f60","block_type":"box","text":"132","page_number":152,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"2ebdc2fe-f295-4a6a-85e0-7e070f90b13d","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":153,"box":{"x":89,"y":44,"width":845,"height":12}},{"id":"057f0619-f1d0-4693-8d3f-e107dd7bba2e","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":153,"box":{"x":89,"y":59,"width":827,"height":12}},{"id":"b794114f-8b2a-44cf-bb47-7bb7f5729ee1","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":153,"box":{"x":89,"y":74,"width":835,"height":12}},{"id":"1b98a025-0387-40bb-b8fa-c1215a175cfe","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":153,"box":{"x":89,"y":89,"width":853,"height":13}},{"id":"74dd5db2-f1f7-4448-bd99-1b389311e437","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":153,"box":{"x":89,"y":104,"width":866,"height":13}},{"id":"5f8a4472-235e-4045-8914-c6f10c00ec67","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":153,"box":{"x":88,"y":119,"width":823,"height":13}},{"id":"b496460b-b713-4437-9b0f-90042fe3a7df","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":153,"box":{"x":89,"y":135,"width":870,"height":12}},{"id":"3d01e186-3b04-4050-ac97-3eb10e8270d5","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":153,"box":{"x":89,"y":150,"width":856,"height":12}},{"id":"fe9691c7-2e73-4053-8875-c9a1f2114467","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":153,"box":{"x":89,"y":165,"width":853,"height":12}},{"id":"58acb7b8-966e-4918-af53-99d3a7edbe01","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":153,"box":{"x":89,"y":180,"width":838,"height":12}},{"id":"a0bdc236-f02d-4d29-b1fe-f243a1be25f2","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":153,"box":{"x":89,"y":195,"width":868,"height":12}},{"id":"00a9f26e-ce7a-4e98-ba4e-e948e1078df7","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":153,"box":{"x":89,"y":210,"width":854,"height":13}},{"id":"9aff69eb-9464-48dd-a5cf-5f596f61b3ef","block_type":"box","text":"rules to their accounts.","page_number":153,"box":{"x":89,"y":225,"width":159,"height":10}},{"id":"31cf6474-d43d-420d-8425-7ed59e3bad09","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":153,"box":{"x":88,"y":252,"width":862,"height":12}},{"id":"3a5a1f19-9c11-4bc5-9e81-80ca8fcbe51b","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":153,"box":{"x":89,"y":267,"width":864,"height":12}},{"id":"561b994d-da9e-4e6a-9e6c-20785d471889","block_type":"box","text":"Internal Revenue Code and Treasury regulations). Fund distributions that are attributable to gain from the disposition of a","page_number":153,"box":{"x":89,"y":282,"width":850,"height":12}},{"id":"1f2cfe56-1613-4583-830e-cb1fdced0dd9","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":153,"box":{"x":89,"y":297,"width":870,"height":12}},{"id":"1c7645fe-8177-42ce-b884-6d7e44556169","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":153,"box":{"x":88,"y":312,"width":875,"height":13}},{"id":"1890f52c-e9b0-4d64-9f0a-9a497804eeef","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":153,"box":{"x":88,"y":327,"width":835,"height":13}},{"id":"0199119b-447c-4fa3-a29e-5053378caf35","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":153,"box":{"x":89,"y":342,"width":822,"height":13}},{"id":"b0577cd9-4b50-4ed9-9142-b67bfd34dd83","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":153,"box":{"x":88,"y":358,"width":726,"height":12}},{"id":"f14f40da-d962-42bb-97f5-9ac3e0bba80e","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":153,"box":{"x":88,"y":384,"width":846,"height":12}},{"id":"5a43d9ec-4bc5-439a-9067-7fa8760ded67","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":153,"box":{"x":89,"y":399,"width":860,"height":13}},{"id":"b8b682a4-0629-454d-83e9-d325fa4b8aeb","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":153,"box":{"x":88,"y":414,"width":881,"height":13}},{"id":"dfd28f01-7e87-4327-9961-6ed88084ea70","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":153,"box":{"x":89,"y":429,"width":857,"height":13}},{"id":"6e51d7a1-4b5a-45e7-adc9-705139e5eb46","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":153,"box":{"x":89,"y":445,"width":870,"height":12}},{"id":"42eb2032-56fa-4565-9f4c-546ea34f222a","block_type":"box","text":"tax advisors concerning the particular tax consequences to them of an investment in the Fund.","page_number":153,"box":{"x":88,"y":460,"width":664,"height":12}},{"id":"021fc7c2-ac11-4aba-933b-fa67c9352c77","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":153,"box":{"x":88,"y":486,"width":874,"height":12}},{"id":"3c089c24-6d6a-451c-bedf-4462ab4b3d23","block_type":"box","text":"obligations discussed above through the sale and repurchase of Fund shares.","page_number":153,"box":{"x":89,"y":501,"width":539,"height":13}},{"id":"be136637-17b8-4dfe-afb7-32bec4278125","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors concerning the","page_number":153,"box":{"x":88,"y":528,"width":825,"height":12}},{"id":"15747eb9-6f4c-404a-a6f6-1f2095eaa6d1","block_type":"box","text":"particular tax consequences to them of an investment in a Fund.","page_number":153,"box":{"x":89,"y":543,"width":450,"height":12}},{"id":"dbd41d50-eb88-4b23-89a1-7bbd57cf4e4f","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":153,"box":{"x":88,"y":569,"width":871,"height":13}},{"id":"f2b95f72-935b-49f8-8fe9-372a386aeb0b","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":153,"box":{"x":88,"y":584,"width":822,"height":13}},{"id":"9f0929ce-2aa7-46af-b1d2-1de19c406b5d","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":153,"box":{"x":89,"y":599,"width":866,"height":13}},{"id":"5e82d226-ea82-4bc2-a512-ad5ff94a5768","block_type":"box","text":"certain information regarding their direct and indirect U.S. owners. To avoid withholding, foreign financial institutions will","page_number":153,"box":{"x":89,"y":615,"width":846,"height":12}},{"id":"24807ba6-6827-45cb-aea1-9f2bded65b31","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":153,"box":{"x":89,"y":630,"width":841,"height":12}},{"id":"2682c011-2bbd-434c-be92-836f574d1fde","block_type":"box","text":"addresses and taxpayer identification numbers of direct and indirect U.S. account holders; comply with due diligence","page_number":153,"box":{"x":89,"y":645,"width":817,"height":12}},{"id":"c8a8aaea-52ef-47cb-aadd-81aaf1c64b14","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":153,"box":{"x":89,"y":660,"width":830,"height":12}},{"id":"d3efcc08-32fb-43f2-971c-8d4278bbb225","block_type":"box","text":"accounts maintained; agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to","page_number":153,"box":{"x":89,"y":675,"width":861,"height":12}},{"id":"de3e665a-6906-4833-abab-ad22a7ccac8e","block_type":"box","text":"account holders who fail to provide the required information; and determine certain other information concerning their","page_number":153,"box":{"x":89,"y":690,"width":835,"height":13}},{"id":"043f3c29-e2cd-4186-a8d8-d4c145203666","block_type":"box","text":"account holders, or (ii) in the event an intergovernmental agreement and implementing legislation are adopted, provide local","page_number":153,"box":{"x":89,"y":705,"width":873,"height":13}},{"id":"c3e29bd1-a7c0-4a89-851e-f1832cd05152","block_type":"box","text":"revenue authorities with similar account holder information. Other foreign entities may need to report the name, address,","page_number":153,"box":{"x":89,"y":720,"width":849,"height":13}},{"id":"8dd5a50c-4153-41a5-b875-40022703b577","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":153,"box":{"x":89,"y":736,"width":862,"height":12}},{"id":"dccf1a7e-4bac-4ac8-bd78-76e6bc806c42","block_type":"box","text":"unless certain exceptions apply.","page_number":153,"box":{"x":89,"y":751,"width":220,"height":12}},{"id":"d97eff0f-5f9d-4e6a-94c6-66e65a008cc8","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":153,"box":{"x":88,"y":777,"width":857,"height":12}},{"id":"6fdd6863-d854-434f-9b87-fcc6c8ae6db6","block_type":"box","text":"estate tax.","page_number":153,"box":{"x":89,"y":794,"width":70,"height":8}},{"id":"6747e65a-1f56-4dcf-8258-a071b081974b","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":153,"box":{"x":88,"y":819,"width":872,"height":12}},{"id":"6189e102-0d7f-4576-a8c5-90fce462b6e9","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":153,"box":{"x":89,"y":834,"width":864,"height":12}},{"id":"520f516c-da07-494f-bdd9-fd0e8d080d11","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":153,"box":{"x":89,"y":849,"width":874,"height":12}},{"id":"1916234c-7e22-4133-bd9c-75a166edeeb6","block_type":"box","text":"is based on applicable provisions of the Internal Revenue Code, regulations, judicial authority and administrative","page_number":153,"box":{"x":89,"y":864,"width":782,"height":12}},{"id":"d426b383-0565-4842-b2d8-f763a844fedc","block_type":"box","text":"133","page_number":153,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"d9ca39d7-300f-4e31-8eb6-530bff3ff32c","block_type":"box","text":"interpretations in effect on the date of this SAI. Changes in applicable authority could materially affect the conclusions","page_number":154,"box":{"x":89,"y":44,"width":826,"height":12}},{"id":"5346c195-f3a8-4d73-9e23-fca49279c6b7","block_type":"box","text":"discussed above, and such changes often occur.","page_number":154,"box":{"x":89,"y":59,"width":336,"height":12}},{"id":"ce55e0a1-dfaa-4030-9160-d4b0a3f86c85","block_type":"box","text":"Financial Statements","page_number":154,"box":{"x":91,"y":90,"width":348,"height":23}},{"id":"d53036c7-6b48-4cc6-90d8-a642bd33eb30","block_type":"box","text":"Each Fund’s financial statements, financial highlights and notes thereto and the report therein of PricewaterhouseCoopers","page_number":154,"box":{"x":89,"y":131,"width":856,"height":12}},{"id":"7d920dce-d89e-43ff-9672-f6dd185233fa","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":154,"box":{"x":89,"y":146,"width":857,"height":12}},{"id":"94a1fefb-afa5-4934-8ff3-6e247751e4b0","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":154,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"a3fd50ff-7538-43e3-bf98-d65fdb7872e9","block_type":"box","text":"located here","page_number":154,"box":{"x":89,"y":176,"width":85,"height":10}},{"id":"46bb622e-1eee-4de6-a247-fad4e4385cdc","block_type":"box","text":"1","page_number":154,"box":{"x":176,"y":175,"width":3,"height":5}},{"id":"21e78e32-e6ba-4efe-923e-167930341e13","block_type":"box","text":"and here","page_number":154,"box":{"x":186,"y":176,"width":61,"height":10}},{"id":"6ee3d142-b0cb-40d5-844d-9a141e791b2f","block_type":"box","text":"2","page_number":154,"box":{"x":248,"y":175,"width":5,"height":5}},{"id":"6d1fd6b7-7385-4a9e-8d62-bb71bb20cc30","block_type":"box","text":". A copy of each Fund’s Annual and Semi-Annual Reports and Annual and Semi-Annual Financial","page_number":154,"box":{"x":255,"y":176,"width":678,"height":13}},{"id":"59ac3ccd-8430-409b-8bd2-afb5e34f85cc","block_type":"box","text":"Statements may be obtained without charge as described on the cover page of this SAI.","page_number":154,"box":{"x":88,"y":191,"width":613,"height":13}},{"id":"e3b1442f-fed0-4e96-8787-a3187f174ffc","block_type":"box","text":"1","page_number":154,"box":{"x":118,"y":224,"width":3,"height":4}},{"id":"b00b5d4d-e3c8-4c6d-86d6-a627856662bb","block_type":"box","text":"Form N-CSR for iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Italy ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands","page_number":154,"box":{"x":133,"y":225,"width":818,"height":10}},{"id":"c4d1700a-7f5c-4348-a22b-fc020911a1ad","block_type":"box","text":"ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF.","page_number":154,"box":{"x":133,"y":237,"width":410,"height":10}},{"id":"35049e3d-e6f7-4185-ae0c-f1dce568d7c4","block_type":"box","text":"2","page_number":154,"box":{"x":118,"y":251,"width":4,"height":5}},{"id":"245e3d77-e032-471f-a68f-0918a28ac15f","block_type":"box","text":"Form N-CSR for iShares MSCI Belgium ETF, Shares MSCI Canada ETF, iShares MSCI Eurozone ETF, iShares MSCI France ETF, iShares MSCI Germany","page_number":154,"box":{"x":133,"y":252,"width":822,"height":10}},{"id":"23c5f5f9-fedb-43ec-9f15-cd44fdecd6bb","block_type":"box","text":"ETF, iShares MSCI Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Pacific ex Japan","page_number":154,"box":{"x":133,"y":265,"width":832,"height":10}},{"id":"703602a9-148c-4e6f-b7c2-d412f205375d","block_type":"box","text":"ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF,","page_number":154,"box":{"x":133,"y":278,"width":822,"height":9}},{"id":"569b40d3-5dc9-497f-bfb9-e3a692974dfc","block_type":"box","text":"iShares MSCI Thailand ETF and iShares MSCI World ETF.","page_number":154,"box":{"x":133,"y":290,"width":314,"height":8}},{"id":"811b95d5-d617-4628-b459-65df73df672c","block_type":"box","text":"Miscellaneous Information","page_number":154,"box":{"x":90,"y":318,"width":446,"height":23}},{"id":"dd3e7f04-2795-4d36-8ee0-08201ebc3e47","block_type":"box","text":"Counsel.","page_number":154,"box":{"x":89,"y":359,"width":61,"height":10}},{"id":"cb2e511f-9de7-497e-a5cc-b96f9b5709b0","block_type":"box","text":"Willkie Farr & Gallagher LLP, located at 787 Seventh Avenue, New York, NY 10019, is counsel to the Company.","page_number":154,"box":{"x":159,"y":359,"width":762,"height":12}},{"id":"f0bad365-e213-4f33-aa00-a7832f30387f","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":154,"box":{"x":89,"y":385,"width":349,"height":13}},{"id":"0550e520-8878-4371-98bb-8879c5446286","block_type":"box","text":"PricewaterhouseCoopers LLP, located at Two Commerce Square, 2001","page_number":154,"box":{"x":448,"y":385,"width":488,"height":13}},{"id":"04990b2e-a52b-4816-bb28-b136a96e3d50","block_type":"box","text":"Market Street, Philadelphia, PA 19103, serves as the Company’s independent registered public accounting firm, audits the","page_number":154,"box":{"x":89,"y":400,"width":848,"height":13}},{"id":"16f5699f-43d7-4c38-885c-00973ea33847","block_type":"box","text":"Funds’ financial statements, and may perform other services.","page_number":154,"box":{"x":89,"y":416,"width":427,"height":12}},{"id":"cba4ccaf-5b66-42a2-8659-244567223529","block_type":"box","text":"Shareholder Communications to the Board.","page_number":154,"box":{"x":88,"y":442,"width":313,"height":10}},{"id":"04a61e4d-94b2-4120-8085-b671728fe2f2","block_type":"box","text":"The Board has established a process for shareholders to communicate with the","page_number":154,"box":{"x":409,"y":442,"width":555,"height":12}},{"id":"268b31d1-865b-4994-afc9-6ef8ed63dd9a","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":154,"box":{"x":89,"y":457,"width":867,"height":12}},{"id":"d7966b0c-45bf-4eb2-84a2-383580f4b273","block_type":"box","text":"BlackRock Fund Advisors, iShares Fund Administration, 400 Howard Street, San Francisco, CA 94105. Shareholder","page_number":154,"box":{"x":89,"y":472,"width":796,"height":12}},{"id":"4f9c4eee-e75b-441f-886f-f51a4109b252","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":154,"box":{"x":89,"y":487,"width":868,"height":13}},{"id":"ee728304-5a4e-482d-ba16-fb37698c2c38","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":154,"box":{"x":89,"y":502,"width":863,"height":13}},{"id":"a2f982a9-7562-4f99-a824-88c1e14e76c0","block_type":"box","text":"are owned indirectly through a broker, financial intermediary or other record owner, the name of the broker, financial","page_number":154,"box":{"x":89,"y":518,"width":814,"height":12}},{"id":"a5b9973a-87ae-4907-92fd-89cfc8196e7a","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":154,"box":{"x":89,"y":533,"width":867,"height":12}},{"id":"a42d7cd1-411c-4313-8218-c1c5571d406d","block_type":"box","text":"Company and reported to the Board.","page_number":154,"box":{"x":89,"y":548,"width":255,"height":12}},{"id":"75fc74b4-a487-443b-9310-98a760f13ed7","block_type":"box","text":"Regulation Under the Alternative Investment Fund Managers Directive.","page_number":154,"box":{"x":89,"y":574,"width":509,"height":13}},{"id":"4afcf70d-12e7-4712-88bb-aaed59a0912e","block_type":"box","text":"The Alternative Investment Fund Managers","page_number":154,"box":{"x":607,"y":574,"width":303,"height":13}},{"id":"d413dd31-e770-4b54-8f15-252c20214b16","block_type":"box","text":"Directive (“AIFMD”) imposes detailed and prescriptive obligations on fund managers established in the EU (“EU Operative","page_number":154,"box":{"x":89,"y":589,"width":850,"height":13}},{"id":"37be6ecf-167a-48d7-bfb5-41ae2adebdad","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":154,"box":{"x":89,"y":605,"width":873,"height":12}},{"id":"9a25835a-ee39-416d-9fbb-0f6cc49b2fe9","block_type":"box","text":"are only required to comply with certain disclosure, reporting and transparency obligations of AIFMD (“AIFMD Disclosure","page_number":154,"box":{"x":89,"y":620,"width":848,"height":12}},{"id":"6d776e40-9beb-443e-8bc5-64c04884169d","block_type":"box","text":"Provisions”) if such managers market a fund to EU investors.","page_number":154,"box":{"x":89,"y":635,"width":423,"height":12}},{"id":"17b16368-4342-44d6-a33e-f1ce3dcdb3fd","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":154,"box":{"x":88,"y":661,"width":870,"height":13}},{"id":"b428f44f-a2ff-4fdb-8042-589b634cb21d","block_type":"box","text":"can be made. These EU Operative Provisions include prescriptive rules on: measuring and capping leverage in line with","page_number":154,"box":{"x":89,"y":676,"width":828,"height":13}},{"id":"cde09a39-b1be-42c9-a764-26d5c7e483c7","block_type":"box","text":"known European standards; the treatment of investors; the use of “depositaries”; and coverage for professional liability risks.","page_number":154,"box":{"x":89,"y":691,"width":868,"height":13}},{"id":"2a928f2f-03f5-4965-82cb-18108b496d32","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":154,"box":{"x":88,"y":718,"width":848,"height":12}},{"id":"f77c3ae4-83f9-47dc-94aa-554d49f449d6","block_type":"box","text":"‘alternative investment fund manager’ (“AIFM”) be identified to meet such conditions where such marketing is sought. For","page_number":154,"box":{"x":89,"y":733,"width":857,"height":12}},{"id":"038881a9-6d8d-45c0-acfe-e5cb1c87eff9","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":154,"box":{"x":88,"y":748,"width":862,"height":12}},{"id":"5017e905-34b6-4376-9d4c-c4429fae27b1","block_type":"box","text":"the AIFM.","page_number":154,"box":{"x":88,"y":763,"width":67,"height":10}},{"id":"d7bf371d-168e-4819-a2e3-75ad9360f54e","block_type":"box","text":"AIFMD requires disclosure on an ongoing basis of certain information relating to the use of special arrangements, leverage,","page_number":154,"box":{"x":88,"y":790,"width":862,"height":12}},{"id":"3297040b-b9e3-4935-97fe-94a6ee0d4aa4","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":154,"box":{"x":89,"y":805,"width":865,"height":12}},{"id":"99272605-4608-48f2-80a5-24a4cbe01e31","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":154,"box":{"x":89,"y":820,"width":862,"height":12}},{"id":"7a440e04-9fb9-49c7-8b61-1f47b8c03759","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":154,"box":{"x":89,"y":835,"width":822,"height":12}},{"id":"188afd52-176f-4216-9996-da90dfd4d87d","block_type":"box","text":"appropriate, disclose in its annual report information on the Fund’s leverage, risk profile and risk management systems","page_number":154,"box":{"x":89,"y":850,"width":831,"height":13}},{"id":"31814f4e-a05d-4aa2-a3ed-05c4870b2ce7","block_type":"box","text":"134","page_number":154,"box":{"x":517,"y":894,"width":24,"height":9}},{"id":"3dff4f52-1c9b-4caa-85b0-3b32ccf89e85","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":155,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"c8c0b3c2-c5b6-431c-a22f-e32b980fa819","block_type":"box","text":"employed in respect of the Fund.","page_number":155,"box":{"x":89,"y":59,"width":228,"height":12}},{"id":"e733c104-4741-4778-a9ff-3b3fb95d5437","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":155,"box":{"x":89,"y":85,"width":809,"height":13}},{"id":"26f0892d-a366-4d89-8ada-a09c4937d227","block_type":"box","text":"iShares MSCI Canada ETF","page_number":155,"box":{"x":89,"y":112,"width":179,"height":10}},{"id":"5abd8513-2d99-422d-9aab-7aa634d99db4","block_type":"box","text":"iShares MSCI Hong Kong ETF","page_number":155,"box":{"x":89,"y":127,"width":205,"height":12}},{"id":"07a76ac3-6bc9-4038-9d69-309be14da9a4","block_type":"box","text":"iShares MSCI Japan ETF","page_number":155,"box":{"x":89,"y":142,"width":165,"height":12}},{"id":"bac842ac-db5d-4e43-b779-f294c5aecaec","block_type":"box","text":"iShares MSCI Mexico ETF","page_number":155,"box":{"x":89,"y":157,"width":177,"height":10}},{"id":"96c63c62-6591-444a-a5b4-fd3b70751578","block_type":"box","text":"iShares MSCI Thailand ETF","page_number":155,"box":{"x":89,"y":172,"width":187,"height":10}},{"id":"80bde328-304a-4949-9190-f079343efb23","block_type":"box","text":"BFA has registered the iShares MSCI Germany ETF for marketing to investors in Finland, Sweden, and the U.K.","page_number":155,"box":{"x":89,"y":199,"width":764,"height":12}},{"id":"8bfc7ed7-b1bf-47c8-85c9-c7df9c789140","block_type":"box","text":"BFA has registered the iShares MSCI Japan Small-Cap ETF for marketing to investors in the U.K.","page_number":155,"box":{"x":89,"y":225,"width":662,"height":13}},{"id":"0cc20d0e-b5a4-4956-9ebc-951f608dd6cc","block_type":"box","text":"Investors’ Rights.","page_number":155,"box":{"x":89,"y":252,"width":122,"height":12}},{"id":"ab3fb1c7-faec-4ffd-8fa9-4121739ec4bc","block_type":"box","text":"Each Fund relies on the services of BFA and its other service providers, including the Distributor,","page_number":155,"box":{"x":221,"y":252,"width":668,"height":12}},{"id":"951d75b2-a16d-4eab-814a-9759ceddd430","block_type":"box","text":"administrator, custodian and transfer agent. Further information about the duties and roles of these service providers is set","page_number":155,"box":{"x":89,"y":267,"width":859,"height":12}},{"id":"b84c58e5-14a8-4b7e-b9f1-781accbd72be","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":155,"box":{"x":89,"y":282,"width":869,"height":12}},{"id":"34125a32-6bfb-408a-b0b2-bd663e5ef0ca","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":155,"box":{"x":89,"y":297,"width":876,"height":12}},{"id":"3e3ed9dd-c287-4799-9914-f94e0abcfa0a","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":155,"box":{"x":89,"y":312,"width":876,"height":13}},{"id":"de0272df-0d5a-4902-9faf-80121825e54b","block_type":"box","text":"relevant Authorized Participant Agreement. Investors may have certain legal rights under federal or state law against a Fund","page_number":155,"box":{"x":89,"y":327,"width":865,"height":13}},{"id":"eb0a3281-8c63-46c5-84f8-98febf3950eb","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":155,"box":{"x":89,"y":342,"width":870,"height":13}},{"id":"193404b1-4b8d-458f-b891-ae732517b46b","block_type":"box","text":"provider in connection with its investment in a Fund, such investor should consult its own legal advisor.","page_number":155,"box":{"x":89,"y":358,"width":722,"height":12}},{"id":"111bbb44-6a86-404f-ac11-4e1838b4ba63","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":155,"box":{"x":89,"y":384,"width":872,"height":12}},{"id":"86a37fdf-4fad-4b78-8216-5b73856aec20","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":155,"box":{"x":89,"y":399,"width":829,"height":13}},{"id":"b0a20a49-4e0f-40a3-8b6b-40c8b5a80f7b","block_type":"box","text":"Agreement. Jurisdiction over other claims, whether by investors or Authorized Participants, will turn on the facts of the","page_number":155,"box":{"x":88,"y":414,"width":828,"height":13}},{"id":"ffdd367b-cad0-4580-a7b0-ab13ff875728","block_type":"box","text":"particular case and the law of the jurisdiction in which the proceeding is brought.","page_number":155,"box":{"x":89,"y":429,"width":567,"height":13}},{"id":"a66c64a5-d44e-4712-9b5a-a6391160ed09","block_type":"box","text":"135","page_number":155,"box":{"x":517,"y":894,"width":23,"height":9}},{"id":"6221c33c-5afe-4642-be6b-8c9c99b2ce43","block_type":"box","text":"Appendix A - Proxy Voting Policies","page_number":156,"box":{"x":88,"y":44,"width":578,"height":30}},{"id":"d5fde9a9-27a4-40f7-ae9d-70ea84223582","block_type":"box","text":"A-1","page_number":156,"box":{"x":515,"y":894,"width":23,"height":9}},{"id":"0251215c-56cd-4108-8857-24e8e9f6a105","block_type":"box","text":"Open-End Active and Fixed Income Index Fund","page_number":157,"box":{"x":122,"y":44,"width":812,"height":30}},{"id":"32e57a7e-f45f-4869-b394-d81101e8734c","block_type":"box","text":"Proxy Voting Policy","page_number":157,"box":{"x":364,"y":77,"width":331,"height":30}},{"id":"b47d1027-5636-493b-aaaf-757de2b16d02","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":157,"box":{"x":88,"y":121,"width":484,"height":12}},{"id":"100c3bd8-7c9c-4a9c-8e53-46f890ec610c","block_type":"box","text":"Effective Date: January 1, 2025","page_number":157,"box":{"x":89,"y":147,"width":218,"height":13}},{"id":"6f5c6f6d-cc2f-4885-8d86-57c2c0d3d77e","block_type":"box","text":"________________________________________","page_number":157,"box":{"x":88,"y":184,"width":326,"height":1}},{"id":"a36f0505-f9ae-4b8e-91ce-a30a04edfa7a","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":157,"box":{"x":88,"y":200,"width":507,"height":12}},{"id":"16f95030-aa66-4d5e-9d6b-05da60c477c4","block_type":"box","text":"□","page_number":157,"box":{"x":89,"y":227,"width":14,"height":12}},{"id":"499a8daa-2438-419b-8a10-84e4eb63392e","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":157,"box":{"x":110,"y":227,"width":391,"height":12}},{"id":"e2974651-ae44-484c-a202-a6994b42fb6b","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":157,"box":{"x":109,"y":253,"width":596,"height":12}},{"id":"0f592957-6399-4f35-b0dc-5120915c17c8","block_type":"box","text":"□","page_number":157,"box":{"x":89,"y":280,"width":14,"height":11}},{"id":"30164504-3e3e-4f76-9f9e-f8b024ecd9ed","block_type":"box","text":"Money Market Funds","page_number":157,"box":{"x":109,"y":279,"width":148,"height":13}},{"id":"191c85dd-f455-46fd-9563-bd3592c4abe0","block_type":"box","text":"□","page_number":157,"box":{"x":89,"y":307,"width":14,"height":11}},{"id":"83508a4f-690d-4345-9fe3-6524fbfdda2d","block_type":"box","text":"Closed-End Funds","page_number":157,"box":{"x":109,"y":306,"width":126,"height":10}},{"id":"169dcd33-cbc8-4d9e-ba43-0fa7dc0f3d27","block_type":"box","text":"□","page_number":157,"box":{"x":89,"y":333,"width":14,"height":11}},{"id":"efa3bd9e-7383-4eb6-b006-7a732a27a6b5","block_type":"box","text":"Other","page_number":157,"box":{"x":109,"y":332,"width":40,"height":10}},{"id":"aa9a4c3c-1faf-4698-835a-3eb81d79c38b","block_type":"box","text":"________________________________________","page_number":157,"box":{"x":88,"y":369,"width":326,"height":1}},{"id":"ee40c8b0-7701-48a4-8d23-ed44547ed453","block_type":"box","text":"Objective and Scope","page_number":157,"box":{"x":89,"y":385,"width":146,"height":13}},{"id":"2fd322a4-6e05-48e4-a5b4-2bbc3da9ce88","block_type":"box","text":"Set forth below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":157,"box":{"x":88,"y":412,"width":623,"height":12}},{"id":"0e4537f5-da19-4df1-b1d1-4fe4a90bb21e","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":157,"box":{"x":89,"y":438,"width":356,"height":13}},{"id":"a7b28941-2f44-409f-a039-fb7183aabf94","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":157,"box":{"x":88,"y":465,"width":873,"height":12}},{"id":"99e3d101-c673-429b-8925-57314178b6d4","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":157,"box":{"x":89,"y":480,"width":835,"height":12}},{"id":"0627d9d5-598f-4b4e-b86e-dfbe1d036ea9","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":157,"box":{"x":89,"y":495,"width":853,"height":12}},{"id":"11b3d44a-52ca-4b7d-95f3-4ee4a4908770","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":157,"box":{"x":88,"y":510,"width":878,"height":12}},{"id":"b933397e-d23a-4a01-b959-33bbaf088976","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":157,"box":{"x":88,"y":525,"width":850,"height":12}},{"id":"00deece6-386d-4a09-9ecd-c056ea96fd53","block_type":"box","text":"agreements.","page_number":157,"box":{"x":89,"y":542,"width":85,"height":11}},{"id":"62221177-0813-4647-8d8d-949221e973f6","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (as from","page_number":157,"box":{"x":89,"y":567,"width":849,"height":12}},{"id":"c85d70ce-651e-476f-9908-1e93917abd12","block_type":"box","text":"time to time amended, the “Guidelines”) governing proxy voting by active and fixed income index Funds managed by","page_number":157,"box":{"x":88,"y":582,"width":821,"height":12}},{"id":"9d704efc-a9b4-40c0-8ed4-34c2d9e1fb73","block_type":"box","text":"BlackRock. The Guidelines include “climate and decarbonization” guidelines which apply to the Funds listed in Appendix A, if","page_number":157,"box":{"x":89,"y":597,"width":874,"height":12}},{"id":"200f1c63-eb91-4e70-801a-c18c1c375d88","block_type":"box","text":"any.","page_number":157,"box":{"x":89,"y":615,"width":25,"height":9}},{"id":"61cf4591-008b-4886-a5fb-19227b43ba50","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":157,"box":{"x":89,"y":639,"width":876,"height":12}},{"id":"7429e3de-a2ef-4f34-aa6a-71f6aa69bbd9","block_type":"box","text":"held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":157,"box":{"x":89,"y":654,"width":611,"height":12}},{"id":"aeee4b04-2255-4131-abbe-46c753e17107","block_type":"box","text":"Conflicts Management","page_number":157,"box":{"x":89,"y":680,"width":164,"height":12}},{"id":"69c94484-5761-4ab8-bcb5-05364718e6cc","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent undue influence","page_number":157,"box":{"x":89,"y":707,"width":860,"height":12}},{"id":"b1a3db95-bf15-49bf-9293-a06548ffb847","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":157,"box":{"x":89,"y":722,"width":775,"height":12}},{"id":"b9da401f-f691-4dfd-a80d-92e4f983b7d3","block_type":"box","text":"responsibilities. Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship","page_number":157,"box":{"x":89,"y":737,"width":851,"height":12}},{"id":"ec055fc7-0b79-4471-8afc-d03bb315ca2b","block_type":"box","text":"between the investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates","page_number":157,"box":{"x":89,"y":752,"width":875,"height":12}},{"id":"1d392ff5-eb8d-43da-be6c-a63bfa97447c","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":157,"box":{"x":89,"y":767,"width":844,"height":12}},{"id":"35fc018b-13e8-4168-9598-80997418236e","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BAIS will adhere to the Guidelines.","page_number":157,"box":{"x":89,"y":782,"width":646,"height":12}},{"id":"df124121-9906-4a23-b0ae-4c82230047dd","block_type":"box","text":"In certain instances, BAIS will engage an independent third-party voting service provider to make proxy voting","page_number":157,"box":{"x":89,"y":809,"width":769,"height":12}},{"id":"e5c42c90-cd61-41e2-bbf9-07191df8cc0a","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":157,"box":{"x":89,"y":824,"width":784,"height":12}},{"id":"f1f57bad-55fc-4d9b-88f8-92da94812044","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":157,"box":{"x":89,"y":839,"width":452,"height":12}},{"id":"46c0aa22-f5aa-42ff-af4d-93083607118c","block_type":"box","text":"A-2","page_number":157,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"10425620-477a-45ef-a2e0-7c4b786b5a66","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":158,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"f576edb2-610a-4788-a453-ce7afb482103","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":158,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"b47e4188-8b9e-4e30-8bdd-2f2c88af8046","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":158,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"bfba36d9-7b18-4370-8580-19aaff40e9fe","block_type":"box","text":"Reports to the Board","page_number":158,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"b0a26b74-326c-4986-b071-de50b51bc938","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":158,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"d5beaf49-c17f-47d2-a6e1-1e8a88ce8385","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":158,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"22f37059-355d-44ef-9578-82bf94b0cf32","block_type":"box","text":"Guidelines and (2) any material changes to the Guidelines, including material changes to conflicts management practices,","page_number":158,"box":{"x":89,"y":157,"width":854,"height":13}},{"id":"0e0a1bd8-4031-4360-829e-c2cbdfa2dcbb","block_type":"box","text":"that have not previously been reported.","page_number":158,"box":{"x":88,"y":172,"width":275,"height":13}},{"id":"07d41a96-aa64-4649-b452-ec55dbc9a439","block_type":"box","text":"Appendix A","page_number":158,"box":{"x":88,"y":199,"width":85,"height":12}},{"id":"7ba4097a-01a4-4a5b-99d2-676c3d7b1e34","block_type":"box","text":"BlackRock U.S. Carbon Transition Readiness ETF","page_number":158,"box":{"x":89,"y":225,"width":336,"height":10}},{"id":"fb61fb39-60ff-4472-97bb-d5897e92efc1","block_type":"box","text":"BlackRock World ex U.S. Carbon Transition Readiness ETF","page_number":158,"box":{"x":89,"y":252,"width":402,"height":9}},{"id":"bed7f637-3196-43e5-a89a-2598146dc82a","block_type":"box","text":"A-3","page_number":158,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"14cd460d-fdfb-42dd-8528-3e169609fbd7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":159,"box":{"x":168,"y":44,"width":721,"height":30}},{"id":"d0bd8b51-00da-4346-a323-d3e837b2c551","block_type":"box","text":"Global Engagement and Voting Guidelines","page_number":159,"box":{"x":89,"y":88,"width":303,"height":12}},{"id":"1de004c1-5a25-465b-a619-db9fbf93f084","block_type":"box","text":"Effective as of January 2025","page_number":159,"box":{"x":106,"y":114,"width":197,"height":13}},{"id":"9778c1e0-1d4e-417f-9d94-ef4f14a3c347","block_type":"box","text":"Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":159,"box":{"x":170,"y":177,"width":716,"height":9}},{"id":"4116fd81-bad9-445d-b322-7e177bd3ca4a","block_type":"box","text":"Introduction to BlackRock","page_number":159,"box":{"x":171,"y":195,"width":180,"height":10}},{"id":"0e89c30d-ab73-468a-8478-64a9da5867b8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-4","page_number":159,"box":{"x":356,"y":196,"width":530,"height":9}},{"id":"e67b8237-f9fe-4450-b9f0-4b22af2a3e7d","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":159,"box":{"x":170,"y":214,"width":340,"height":12}},{"id":"ea96e92b-593b-43bc-8254-4b7c5b0d98cb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":159,"box":{"x":512,"y":214,"width":374,"height":10}},{"id":"3252e63b-0547-420c-a49d-8ddccaef66ea","block_type":"box","text":"Our approach to stewardship within active equities","page_number":159,"box":{"x":170,"y":233,"width":356,"height":12}},{"id":"4c1a5aa8-1567-4df4-bccf-c5b187829b3b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":159,"box":{"x":532,"y":233,"width":354,"height":10}},{"id":"baca64de-49b7-4710-ac9d-c36df9ffec0e","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":159,"box":{"x":170,"y":252,"width":347,"height":12}},{"id":"6c277881-62d4-4be8-8a9d-6d5856cffb0b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5","page_number":159,"box":{"x":519,"y":252,"width":367,"height":9}},{"id":"3d8fdf4a-4c0e-4bb1-8976-dcf58b20a6bb","block_type":"box","text":"Boards of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-6","page_number":159,"box":{"x":171,"y":271,"width":715,"height":9}},{"id":"e11fe72e-cff4-4d0c-a187-8ab0cfb13da4","block_type":"box","text":"Executive compensation","page_number":159,"box":{"x":171,"y":290,"width":169,"height":12}},{"id":"bb4df5c4-52f5-4e27-a6b8-eb19319642d0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-8","page_number":159,"box":{"x":343,"y":290,"width":543,"height":9}},{"id":"29bf8c2e-aa95-44ba-87bb-2e5b381fff2b","block_type":"box","text":"Non-executive director compensation","page_number":159,"box":{"x":171,"y":308,"width":263,"height":13}},{"id":"482c5c34-3cd3-4d42-98b0-8bfdc259395d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":159,"box":{"x":440,"y":309,"width":446,"height":9}},{"id":"ba5b9d90-6f5a-4884-9c1e-739700200205","block_type":"box","text":"Capital structure","page_number":159,"box":{"x":170,"y":327,"width":116,"height":13}},{"id":"6502fdf9-e7d5-4fd1-9208-16d8239d8072","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-9","page_number":159,"box":{"x":290,"y":328,"width":596,"height":9}},{"id":"322049d6-419d-4ea7-acee-03161ae77708","block_type":"box","text":"Transactions and special situations","page_number":159,"box":{"x":169,"y":346,"width":245,"height":13}},{"id":"951362dd-2063-45c9-abe7-10b196695b81","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-10","page_number":159,"box":{"x":421,"y":347,"width":465,"height":9}},{"id":"12df35c8-a665-44b9-9b8b-5e0bc8f0af6a","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":159,"box":{"x":170,"y":365,"width":341,"height":12}},{"id":"7bcfce8b-8ae5-40da-890b-8de987ee97bc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-11","page_number":159,"box":{"x":512,"y":366,"width":371,"height":9}},{"id":"4cc8fe54-d5b4-481b-aae1-35447ca8d2eb","block_type":"box","text":"Shareholder rights and protections","page_number":159,"box":{"x":170,"y":384,"width":243,"height":12}},{"id":"3c659000-60bb-4e6b-9529-762e47ee7580","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-12","page_number":159,"box":{"x":421,"y":385,"width":465,"height":9}},{"id":"b35be694-0d51-414b-8ba9-f8996310ff4e","block_type":"box","text":"Shareholder proposals","page_number":159,"box":{"x":170,"y":403,"width":156,"height":12}},{"id":"aa615d6a-d52c-4862-9339-139383444ba3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":159,"box":{"x":329,"y":403,"width":557,"height":10}},{"id":"8021840c-7e4d-4981-a37d-030205900602","block_type":"box","text":"Corporate political activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":159,"box":{"x":170,"y":422,"width":716,"height":12}},{"id":"4cd6f9c7-0128-49c4-9ba7-f83a41170caf","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":159,"box":{"x":170,"y":441,"width":405,"height":12}},{"id":"b02a417a-eb7b-4b2f-911d-495a2263f8db","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-13","page_number":159,"box":{"x":577,"y":441,"width":309,"height":9}},{"id":"3c06b332-d4f9-4a50-b05d-16caa0abc983","block_type":"box","text":"Key stakeholders","page_number":159,"box":{"x":171,"y":460,"width":116,"height":12}},{"id":"45e65cec-a691-4e7d-81ed-6191c8004199","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":159,"box":{"x":290,"y":460,"width":596,"height":9}},{"id":"36284fe4-e328-4243-a075-d39782aa0a91","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":159,"box":{"x":170,"y":479,"width":357,"height":12}},{"id":"3552e8ee-3b73-4f66-ad24-423a0c76b5c1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-14","page_number":159,"box":{"x":532,"y":479,"width":354,"height":9}},{"id":"f85aad8b-c66e-4bed-a516-f532ca66aa30","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":159,"box":{"x":170,"y":497,"width":621,"height":13}},{"id":"8d89d7d9-ad94-4e2a-9a8e-51b17aecb4d8","block_type":"box","text":". . . . . . . . . .A-14","page_number":159,"box":{"x":793,"y":498,"width":93,"height":9}},{"id":"f8df7be3-58f4-477f-a3cc-edb936b33e74","block_type":"box","text":"Overview","page_number":159,"box":{"x":89,"y":531,"width":67,"height":9}},{"id":"ac6f973b-d901-42e1-a144-32226345db54","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views corporate","page_number":159,"box":{"x":88,"y":557,"width":828,"height":12}},{"id":"f4aaa12a-f006-4c73-b764-394ae51fe365","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":159,"box":{"x":89,"y":572,"width":864,"height":12}},{"id":"15459983-c1ae-4ddc-877a-cc5ba372e999","block_type":"box","text":"partnership with BlackRock’s investment teams, excluding index equity, providing expertise on investment stewardship,","page_number":159,"box":{"x":89,"y":587,"width":834,"height":12}},{"id":"22443307-fcde-4e88-947e-f06ef479d869","block_type":"box","text":"engaging with companies on behalf of those teams when appropriate, and assisting in recommending, operationalizing and","page_number":159,"box":{"x":89,"y":602,"width":867,"height":12}},{"id":"1a9edb1c-de6c-4a03-a116-39beb54fb155","block_type":"box","text":"reporting on voting decisions. The guidance informs BAIS’ voting recommendations to BlackRock’s active portfolio","page_number":159,"box":{"x":89,"y":617,"width":802,"height":12}},{"id":"44620d36-f0ef-43c1-9547-23cfc963205f","block_type":"box","text":"managers. It applies to active equity holdings in BlackRock’s fundamental equity, systematic equity and multi-asset solutions","page_number":159,"box":{"x":89,"y":632,"width":873,"height":13}},{"id":"bea35a03-0539-488c-b6a5-a02ba99c1ade","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":159,"box":{"x":89,"y":647,"width":878,"height":13}},{"id":"09b68ec5-cb85-4673-aa69-fcf3d2fdaa89","block_type":"box","text":"hold voting securities or conduct issuer engagements. The guidelines are not prescriptive as active portfolio managers have","page_number":159,"box":{"x":89,"y":662,"width":864,"height":13}},{"id":"bd7671d5-e4af-4d99-a82e-d002875b18b8","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":159,"box":{"x":89,"y":678,"width":827,"height":12}},{"id":"2222f49a-c476-4920-818f-c95018bdbeeb","block_type":"box","text":"investment objectives. There are separate, independently developed principles and voting policies that are applied to","page_number":159,"box":{"x":89,"y":693,"width":813,"height":12}},{"id":"9d3b72dc-eb50-460b-9332-89120b3c8713","block_type":"box","text":"BlackRock’s index equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":159,"box":{"x":89,"y":708,"width":792,"height":12}},{"id":"1216e32c-ac3e-4087-9f9f-6da04fec4ab8","block_type":"box","text":"Introduction to BlackRock","page_number":159,"box":{"x":89,"y":734,"width":187,"height":10}},{"id":"c7bd16e9-50e8-46d8-ac28-eda7ff9ad647","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":159,"box":{"x":89,"y":761,"width":825,"height":12}},{"id":"f3a467e5-dfc2-4b30-a4ce-dca9fd8218bb","block_type":"box","text":"institutional and individual clients, across a full spectrum of investment strategies, asset classes, and regions. Our client base","page_number":159,"box":{"x":89,"y":776,"width":871,"height":12}},{"id":"15905d45-57c5-4de0-923b-d0f211c865cb","block_type":"box","text":"includes pension plans, endowments, foundations, charities, official institutions, insurers, and other financial institutions, as","page_number":159,"box":{"x":89,"y":791,"width":865,"height":12}},{"id":"78c235ea-7ffd-4c5f-af65-4b98a0427a8c","block_type":"box","text":"well as individuals around the world.","page_number":159,"box":{"x":88,"y":806,"width":255,"height":10}},{"id":"8d924541-114e-4e7a-99b0-736046bfd605","block_type":"box","text":"A-4","page_number":159,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"3357312e-9f61-4213-9486-69ca13b0ddbd","block_type":"box","text":"About BlackRock Active Investment Stewardship","page_number":160,"box":{"x":88,"y":44,"width":351,"height":12}},{"id":"1ce7473e-ab2c-452e-9160-d00fed03f49c","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Portfolio Management Group and manages","page_number":160,"box":{"x":89,"y":70,"width":861,"height":13}},{"id":"8dcd1988-7c42-412a-8df1-732da79d83af","block_type":"box","text":"BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally. BAIS is also","page_number":160,"box":{"x":89,"y":85,"width":822,"height":13}},{"id":"7abab5d4-6ff8-4082-b58c-e7ab580b1e76","block_type":"box","text":"responsible for engagement with issuers in index fixed income strategies, where appropriate. Our activities are informed by","page_number":160,"box":{"x":89,"y":101,"width":861,"height":12}},{"id":"36eaf2a1-c242-4edf-aaa7-6ba3f2a24334","block_type":"box","text":"these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active investment analysts and portfolio","page_number":160,"box":{"x":88,"y":116,"width":879,"height":12}},{"id":"e97baea3-8882-4aeb-adc7-6612eeeaa8c6","block_type":"box","text":"managers, with whom we work closely in engaging companies and voting at shareholder meetings.","page_number":160,"box":{"x":89,"y":131,"width":697,"height":12}},{"id":"cd8bcd0d-87db-4f72-be79-5a21dc3fc8d2","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active investing.","page_number":160,"box":{"x":89,"y":157,"width":857,"height":13}},{"id":"d45f4420-dac8-4036-aa64-74c57de115bc","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they manage risks and","page_number":160,"box":{"x":88,"y":172,"width":862,"height":13}},{"id":"27f4aceb-d862-4c05-9204-123887598db6","block_type":"box","text":"opportunities to deliver durable, risk adjusted financial returns. Generally, portfolio managers and stewardship specialists","page_number":160,"box":{"x":89,"y":188,"width":844,"height":12}},{"id":"d0fe48f0-1cb8-4195-9616-e4a2149b9a78","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":160,"box":{"x":89,"y":203,"width":863,"height":12}},{"id":"abb63873-1973-47f2-b733-28875d6e8f09","block_type":"box","text":"governance and leadership, corporate strategy, capital structure and financial performance, operations and sustainability","page_number":160,"box":{"x":89,"y":218,"width":850,"height":12}},{"id":"e1f4dd74-d371-4a22-a226-7aa575055940","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":160,"box":{"x":89,"y":233,"width":837,"height":12}},{"id":"556596cb-d906-4d62-9f38-81b7ea13239e","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":160,"box":{"x":89,"y":248,"width":873,"height":12}},{"id":"ab2abf82-3660-413f-ac0d-3ce5b5633ea5","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":160,"box":{"x":89,"y":263,"width":635,"height":12}},{"id":"2d770b76-8f72-45a7-883c-6ad809261bf8","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude the portfolio","page_number":160,"box":{"x":89,"y":290,"width":850,"height":12}},{"id":"285cb191-2e4c-42cf-9a04-21a9ef153bb8","block_type":"box","text":"manager has to make independent voting decisions aligned with their portfolio objectives and investment strategy. For","page_number":160,"box":{"x":89,"y":305,"width":830,"height":12}},{"id":"81fe8d4b-bd99-49bd-86e5-bc96fc9a3b5f","block_type":"box","text":"example, BAIS will generally vote the holdings in Systematic Active Equity portfolios in accordance with these guidelines. We","page_number":160,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"7fdbbe96-ba63-465a-837e-2a82bfe5c74d","block_type":"box","text":"provide voting recommendations to fundamental equity portfolio managers, who may determine to vote differently based on","page_number":160,"box":{"x":89,"y":335,"width":874,"height":12}},{"id":"c79613ee-3d31-43ff-9368-d99d5ff85d1a","block_type":"box","text":"their portfolio investment objectives and strategy.","page_number":160,"box":{"x":88,"y":350,"width":346,"height":12}},{"id":"819ef38a-11b7-450d-b32f-574d0d79edb4","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and board","page_number":160,"box":{"x":88,"y":376,"width":818,"height":13}},{"id":"93826861-6369-4ba1-9141-2c9b674beb84","block_type":"box","text":"directors","page_number":160,"box":{"x":89,"y":392,"width":60,"height":9}},{"id":"265e35c7-e657-4637-8d2f-1ff6eef162cd","block_type":"box","text":"(1)","page_number":160,"box":{"x":151,"y":390,"width":14,"height":8}},{"id":"ed6c575e-1c33-4a8e-a5c7-6a89d87ac9e8","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate governance norms","page_number":160,"box":{"x":170,"y":392,"width":789,"height":12}},{"id":"c3022b82-a9e0-426a-ab12-196d4870e3ef","block_type":"box","text":"can differ across markets, and believe these guidelines represent globally applicable elements of governance that support a","page_number":160,"box":{"x":89,"y":407,"width":860,"height":12}},{"id":"2142d2f2-743c-4380-b002-906bb50e389f","block_type":"box","text":"company’s ability to manage material risks and opportunities and deliver financial returns to investors. Generally, we believe","page_number":160,"box":{"x":89,"y":422,"width":865,"height":12}},{"id":"60ee9873-8183-4a6d-91d9-8877147e24bd","block_type":"box","text":"companies should observe accepted corporate governance norms within their local markets or, particularly in markets","page_number":160,"box":{"x":89,"y":437,"width":827,"height":12}},{"id":"6b9810fe-5aea-4041-b395-cfdd906a4953","block_type":"box","text":"without well-established norms, aspire to widely recognized international best practices. As one of many minority","page_number":160,"box":{"x":88,"y":452,"width":796,"height":12}},{"id":"aecd753a-2b77-418e-ab32-ea9b79fe5428","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":160,"box":{"x":89,"y":467,"width":820,"height":13}},{"id":"e98728ae-4806-4882-af06-262be0df8ce9","block_type":"box","text":"companies to provide disclosures that explain how their approach to corporate governance best aligns with the financial","page_number":160,"box":{"x":89,"y":482,"width":842,"height":13}},{"id":"f826a5da-5296-48b6-a76d-48afeca5fdd9","block_type":"box","text":"interests of their investors.","page_number":160,"box":{"x":89,"y":497,"width":184,"height":10}},{"id":"ebf86413-760e-4a90-b786-7205d1acc4d9","block_type":"box","text":"Our approach to stewardship within active equities","page_number":160,"box":{"x":89,"y":524,"width":368,"height":12}},{"id":"3a420b5e-8eb7-4560-bd4f-680c82000c64","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have certain fundamental rights, including the right to vote on","page_number":160,"box":{"x":88,"y":550,"width":838,"height":13}},{"id":"2762d2c1-94e3-42f6-a6fe-4c6db1af2739","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":160,"box":{"x":89,"y":565,"width":876,"height":13}},{"id":"74e5578c-b663-42d4-b0d9-a5f038f7abca","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":160,"box":{"x":89,"y":581,"width":850,"height":12}},{"id":"d129fb88-440a-41ae-838f-66769bcbfc87","block_type":"box","text":"BlackRock is legally required to make proxy voting determinations, on behalf of clients who have delegated voting authority","page_number":160,"box":{"x":89,"y":596,"width":863,"height":12}},{"id":"d9f6f580-02b9-420e-96af-b237676def5a","block_type":"box","text":"to us, in a manner that is consistent with their investment objectives.","page_number":160,"box":{"x":88,"y":611,"width":482,"height":12}},{"id":"6bffb228-3bbb-47b6-a005-baa9504c6a78","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":160,"box":{"x":89,"y":637,"width":876,"height":13}},{"id":"155848da-299a-4025-8f57-1e2687bdf2b1","block_type":"box","text":"vote against management recommendations when we have concerns about how companies are serving the financial","page_number":160,"box":{"x":88,"y":652,"width":821,"height":13}},{"id":"ba807fd1-6172-4562-84bb-dc60d5c7c7a4","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":160,"box":{"x":89,"y":668,"width":835,"height":12}},{"id":"3e57b9f5-6588-49da-982b-ae2fe1078e0f","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":160,"box":{"x":89,"y":683,"width":825,"height":12}},{"id":"e7520d1e-4a94-410a-870b-9a56f74029ec","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":160,"box":{"x":89,"y":698,"width":874,"height":12}},{"id":"4dc16831-c169-4cdb-8af7-a23486b8029a","block_type":"box","text":"about how we fulfil and oversee BlackRock’s non-index equity investment stewardship responsibilities.","page_number":160,"box":{"x":89,"y":713,"width":716,"height":12}},{"id":"62628f5b-6c94-4f81-bd78-50853672a94a","block_type":"box","text":"Our approach to stewardship within fixed income","page_number":160,"box":{"x":89,"y":739,"width":358,"height":13}},{"id":"7dc565bc-85a7-44d6-9fe9-344254f52bd8","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":160,"box":{"x":88,"y":766,"width":880,"height":12}},{"id":"a0a3e343-8d1d-4248-8ec2-be896a9f9180","block_type":"box","text":"fixed income investment strategies at BlackRock, particularly those with sustainability objectives in addition to financial","page_number":160,"box":{"x":88,"y":781,"width":834,"height":12}},{"id":"a0883f51-47d2-423a-890e-d41787a87d5f","block_type":"box","text":"objectives. Most corporate governance-related fixed income engagements are undertaken in conjunction with the active","page_number":160,"box":{"x":89,"y":796,"width":843,"height":12}},{"id":"8197b80f-29d8-471b-85bf-dbd5673a4e56","block_type":"box","text":"investment stewardship team, and often active equity investors. In addition to the topics listed below, engagement with fixed","page_number":160,"box":{"x":89,"y":811,"width":873,"height":12}},{"id":"6bcb469b-7b10-40f4-8d6c-a7967086319c","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":160,"box":{"x":89,"y":856,"width":854,"height":10}},{"id":"21564df6-3a94-4aea-86e0-7628a4d0fafc","block_type":"box","text":"relevant.","page_number":160,"box":{"x":121,"y":868,"width":47,"height":8}},{"id":"11bcd763-bea3-4930-80e4-3389efd594b1","block_type":"box","text":"A-5","page_number":160,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"86f66986-e4c4-4eba-9478-f0fb729bf943","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":161,"box":{"x":89,"y":44,"width":872,"height":12}},{"id":"d2888d04-651d-4390-a24d-a419056f7262","block_type":"box","text":"the standard terms and information in bond documentation.","page_number":161,"box":{"x":88,"y":59,"width":424,"height":10}},{"id":"91438a02-b7d1-4e90-bdf5-31b2c7a57df4","block_type":"box","text":"Boards of Directors","page_number":161,"box":{"x":89,"y":85,"width":138,"height":10}},{"id":"58d20344-d53e-439f-8818-f994da4fc8b5","block_type":"box","text":"Roles and responsibilities","page_number":161,"box":{"x":106,"y":112,"width":181,"height":12}},{"id":"b922f4c7-eb39-43d4-965d-074db903f5b1","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":161,"box":{"x":88,"y":138,"width":852,"height":13}},{"id":"554ba1c9-42f4-4d3e-9422-a69a52932f6a","block_type":"box","text":"able to advise and supervise management in an independent and objective manner","page_number":161,"box":{"x":89,"y":153,"width":583,"height":13}},{"id":"3006fec1-ef80-4e95-9429-3c8ba09d665d","block_type":"box","text":"(2)","page_number":161,"box":{"x":673,"y":151,"width":14,"height":9}},{"id":"387b02ae-c07f-4ee6-af87-62939cf99b63","block_type":"box","text":".","page_number":161,"box":{"x":688,"y":162,"width":2,"height":1}},{"id":"216b6c99-93a6-4ced-965f-8747ba0b0a8f","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":161,"box":{"x":88,"y":180,"width":850,"height":12}},{"id":"e76ee3c1-891f-4995-a0b4-d863c4f331a4","block_type":"box","text":"company’s strategy, purpose and culture. These constructs are interdependent and, when aligned, can better position a","page_number":161,"box":{"x":89,"y":195,"width":835,"height":12}},{"id":"3b3d93cf-7de1-456e-b80b-046a47a91926","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":161,"box":{"x":89,"y":210,"width":833,"height":13}},{"id":"55fe47fc-9c29-45fa-b4de-d1685031e69a","block_type":"box","text":"misconduct, and attract and retain the caliber of workers necessary to deliver financial performance over time.","page_number":161,"box":{"x":89,"y":225,"width":772,"height":13}},{"id":"ac778410-17cf-4ef6-865c-d1d3c920b86d","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":161,"box":{"x":89,"y":252,"width":873,"height":12}},{"id":"bcc4c847-522b-46de-b5ac-b69195e952f8","block_type":"box","text":"help management meet its strategic objectives within an agreed risk tolerance.","page_number":161,"box":{"x":89,"y":267,"width":550,"height":12}},{"id":"b92175fe-c066-4ce0-bb7d-aced0032e14a","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":161,"box":{"x":89,"y":293,"width":848,"height":13}},{"id":"7e7613e0-ec27-4d87-9d2b-4ce7f728700f","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":161,"box":{"x":89,"y":308,"width":848,"height":13}},{"id":"3b82d374-7a39-41c8-9204-370b6a21af60","block_type":"box","text":"determining executive compensation, ensuring a rigorous audit, overseeing strategy execution and risk management and","page_number":161,"box":{"x":89,"y":324,"width":850,"height":12}},{"id":"faafdd56-7c5a-4a92-a1c8-95ad81d5321c","block_type":"box","text":"engaging with shareholders, and other stakeholders, as necessary.","page_number":161,"box":{"x":89,"y":339,"width":463,"height":12}},{"id":"dacab17f-267b-4418-8cd6-33ecc6a88448","block_type":"box","text":"Composition and effectiveness","page_number":161,"box":{"x":89,"y":365,"width":221,"height":12}},{"id":"9c335048-c89b-4b2a-98ec-a9642b1d870c","block_type":"box","text":"Appointment process","page_number":161,"box":{"x":104,"y":392,"width":156,"height":12}},{"id":"369fdbc1-f43c-43aa-83e5-81ea32602a0d","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the board is","page_number":161,"box":{"x":88,"y":418,"width":823,"height":12}},{"id":"fb46c6c6-8f68-4418-8c12-3e9f72f91212","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":161,"box":{"x":89,"y":433,"width":852,"height":13}},{"id":"db281127-44b7-4127-a6df-4726d2a07d4f","block_type":"box","text":"the general criteria given the company’s circumstances (e.g., sector, maturity, geographic footprint) and any additional","page_number":161,"box":{"x":88,"y":448,"width":829,"height":13}},{"id":"b8244c8b-0eb1-4786-a79f-a976078501cc","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":161,"box":{"x":89,"y":463,"width":850,"height":13}},{"id":"65958b92-51b3-47a5-9da9-ac8ace7454f4","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":161,"box":{"x":89,"y":479,"width":875,"height":12}},{"id":"44694c8e-b219-49bc-8020-c8ddf8b4d6e0","block_type":"box","text":"characteristics would be additive. We welcome disclosures that explain how the board considered different skills,","page_number":161,"box":{"x":89,"y":494,"width":787,"height":12}},{"id":"862ee029-0db5-4f69-ab83-d029c841f195","block_type":"box","text":"backgrounds and experience to ensure the directors collectively can be effective in fulfilling their responsibilities. We assess a","page_number":161,"box":{"x":89,"y":509,"width":872,"height":12}},{"id":"f6697efd-fae2-4d5f-ab39-a2dd0ef4d17e","block_type":"box","text":"company’s board composition against that of its peer group and local market requirements.","page_number":161,"box":{"x":89,"y":524,"width":642,"height":12}},{"id":"60d5fd91-1cc0-4584-a351-ad00eb448857","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":161,"box":{"x":88,"y":550,"width":829,"height":13}},{"id":"27ea19ed-f3f1-49fc-a44d-1d5ddb78bf3b","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":161,"box":{"x":89,"y":565,"width":800,"height":13}},{"id":"9ac8e6f8-94c4-4571-a69e-3ce76e99fd35","block_type":"box","text":"demonstrated it has an appointment process that results in a high functioning board with the appropriate complement of","page_number":161,"box":{"x":89,"y":581,"width":853,"height":12}},{"id":"d90fa5d5-c2ec-427e-8258-050b775eed13","block_type":"box","text":"skills, backgrounds and experience amongst the directors to support strong financial performance over time. We may vote","page_number":161,"box":{"x":89,"y":596,"width":856,"height":12}},{"id":"1dd7acac-979e-4f36-8d23-ab08772ed989","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":161,"box":{"x":89,"y":611,"width":871,"height":12}},{"id":"143ef03d-6f73-45fc-a94c-0933a46c36e9","block_type":"box","text":"effectiveness.","page_number":161,"box":{"x":89,"y":626,"width":92,"height":10}},{"id":"964894fb-34b0-4f0d-9c82-25f9753bbe36","block_type":"box","text":"Independence","page_number":161,"box":{"x":106,"y":652,"width":101,"height":13}},{"id":"a76cdaee-89db-4084-ab29-a41ee1b5aac9","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (e.g., government or employees) is","page_number":161,"box":{"x":89,"y":679,"width":871,"height":12}},{"id":"8cb880bd-750c-4391-93ca-ac9ab4bc400f","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":161,"box":{"x":89,"y":694,"width":874,"height":12}},{"id":"10e5d101-cb83-44b1-81ef-25c762d38126","block_type":"box","text":"of the directors should be independent and free from conflicts of interest or undue influence","page_number":161,"box":{"x":89,"y":709,"width":646,"height":12}},{"id":"270e3e25-0c31-46c2-ae81-fff199ca6267","block_type":"box","text":"(3)","page_number":161,"box":{"x":736,"y":707,"width":14,"height":8}},{"id":"7da0e94a-1bdd-4602-a4fd-b0a581d45ad5","block_type":"box","text":". This ensures sufficient","page_number":161,"box":{"x":752,"y":709,"width":164,"height":10}},{"id":"06767abd-fda5-4c16-ba9e-501d4ae280fd","block_type":"box","text":"independent directors to have appropriately independent board committees. Companies domiciled in markets with a higher","page_number":161,"box":{"x":89,"y":724,"width":866,"height":13}},{"id":"967c0830-11a6-4d84-b7b4-b50a0debc606","block_type":"box","text":"threshold for board independence should meet those requirements.","page_number":161,"box":{"x":88,"y":739,"width":474,"height":13}},{"id":"684e939b-c117-423b-8de0-4d24d8eed365","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":161,"box":{"x":89,"y":803,"width":871,"height":10}},{"id":"be572f60-da31-4765-a6fd-f3ae4a8f5649","block_type":"box","text":"examples.","page_number":161,"box":{"x":121,"y":816,"width":55,"height":9}},{"id":"cc65dc62-0186-434b-b0e6-5e2be86bcd1f","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":161,"box":{"x":89,"y":831,"width":860,"height":10}},{"id":"0793c512-bc7e-41dc-9305-21d03e272f83","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":161,"box":{"x":121,"y":843,"width":809,"height":10}},{"id":"ae5b92c1-9e80-4f1b-933a-c76d23ce8cb5","block_type":"box","text":"rest,","page_number":161,"box":{"x":931,"y":844,"width":23,"height":8}},{"id":"301b2786-8a46-4443-ad6a-88240ac0b317","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":161,"box":{"x":121,"y":856,"width":800,"height":10}},{"id":"37715fe9-9d1b-4819-9cec-05ec3760b52d","block_type":"box","text":"terests","page_number":161,"box":{"x":922,"y":857,"width":37,"height":7}},{"id":"444dea91-3fbe-4354-b942-ded99492adb4","block_type":"box","text":"of the company and shareholders.","page_number":161,"box":{"x":121,"y":868,"width":190,"height":10}},{"id":"c8fa1e40-62f7-446c-abc1-d64c03f6e5a7","block_type":"box","text":"A-6","page_number":161,"box":{"x":515,"y":894,"width":26,"height":9}},{"id":"41234d32-c14b-46d3-807c-d498b6e097ca","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":162,"box":{"x":88,"y":44,"width":789,"height":12}},{"id":"d666eb22-d490-401b-a7a2-00e988d35c99","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":162,"box":{"x":89,"y":59,"width":867,"height":12}},{"id":"c0154054-9fda-4fa9-8df0-21125d9e5ee9","block_type":"box","text":"is a perennial issue.","page_number":162,"box":{"x":89,"y":74,"width":134,"height":12}},{"id":"d5a2cff4-ab5c-4eb1-85bd-a14e0b1f6bad","block_type":"box","text":"Independent board leadership","page_number":162,"box":{"x":106,"y":101,"width":216,"height":12}},{"id":"30752a6c-9580-4075-9f81-270f5630e3d2","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent board","page_number":162,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"d56fc993-954d-4bf4-a080-6893bb741e42","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":162,"box":{"x":89,"y":142,"width":856,"height":12}},{"id":"3fe090e7-cb01-4480-b925-cef6039f974c","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":162,"box":{"x":89,"y":157,"width":853,"height":13}},{"id":"006ab802-14c7-49e8-9e17-a6e7ab42239c","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":162,"box":{"x":89,"y":172,"width":851,"height":13}},{"id":"fe33a12e-80e8-4fbf-948b-d13431589bf9","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":162,"box":{"x":88,"y":188,"width":858,"height":12}},{"id":"42c822d9-0cf5-4ec9-be0d-bd42ce842345","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":162,"box":{"x":89,"y":203,"width":819,"height":12}},{"id":"db5b3d5b-74f0-41ed-9234-03f3d54ce107","block_type":"box","text":"available to investors to discuss board governance matters such as CEO succession, executive pay, and board performance.","page_number":162,"box":{"x":89,"y":218,"width":860,"height":12}},{"id":"27dd68a7-ad15-45fa-9dc0-1641d033021e","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":162,"box":{"x":88,"y":233,"width":832,"height":12}},{"id":"7996ca21-315d-4737-b5fe-72877ab734d6","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":162,"box":{"x":88,"y":259,"width":873,"height":13}},{"id":"2b51c816-16ea-48b4-97a4-11a7f8241fb5","block_type":"box","text":"independent leader of the board with clear responsibilities for board performance. We may vote against the most senior","page_number":162,"box":{"x":89,"y":274,"width":837,"height":13}},{"id":"19e7ec58-7416-4770-abf6-87067cfe9b1e","block_type":"box","text":"independent director if the board has a policy of not engaging with shareholders.","page_number":162,"box":{"x":89,"y":290,"width":566,"height":12}},{"id":"f54b000c-456e-43ba-a066-f7c113739ecd","block_type":"box","text":"Tenure and succession","page_number":162,"box":{"x":104,"y":316,"width":165,"height":10}},{"id":"d9fd3d8d-add2-4579-9e85-32d18dd1b06b","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":162,"box":{"x":89,"y":342,"width":863,"height":13}},{"id":"20f4ffa1-f5ac-43e3-8917-3d6f0d41dcc4","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":162,"box":{"x":88,"y":358,"width":875,"height":12}},{"id":"c7f9a977-f74e-4f75-935e-49f0e3e64fec","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":162,"box":{"x":88,"y":373,"width":877,"height":12}},{"id":"b2075ee8-9894-4525-b4d9-bd6225f52108","block_type":"box","text":"serving directors could become less independent given their relationship with management and involvement in past board","page_number":162,"box":{"x":89,"y":388,"width":857,"height":12}},{"id":"7df5f7ec-97e6-4687-ace3-ddf654a1be83","block_type":"box","text":"decisions.","page_number":162,"box":{"x":89,"y":403,"width":67,"height":10}},{"id":"9efc2266-75a4-459e-b1ab-135404420327","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal through the","page_number":162,"box":{"x":88,"y":429,"width":851,"height":13}},{"id":"ec08af0e-3580-488e-b295-ed4154a7ea27","block_type":"box","text":"regular introduction of directors with fresh perspectives and expertise with continuity through the retention of directors with","page_number":162,"box":{"x":89,"y":445,"width":872,"height":12}},{"id":"8876185a-72fc-4aa4-9f69-68cb926333e7","block_type":"box","text":"long-term knowledge of the board and company.","page_number":162,"box":{"x":89,"y":460,"width":343,"height":12}},{"id":"4f429501-786f-4f79-998b-0c1b817061c8","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":162,"box":{"x":89,"y":486,"width":806,"height":12}},{"id":"4819921f-fa29-44e8-b0a7-3ccd359288b0","block_type":"box","text":"committee responsible for board composition if there is not a clearly disclosed approach to director tenure and board","page_number":162,"box":{"x":89,"y":501,"width":820,"height":13}},{"id":"2b923b6c-fe00-4d44-8d65-6c7cf6e76074","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":162,"box":{"x":89,"y":516,"width":836,"height":13}},{"id":"0642a93e-03e2-4042-865a-d5dc1393490e","block_type":"box","text":"specific guidance, where the case for their continued service is not evident.","page_number":162,"box":{"x":89,"y":531,"width":524,"height":13}},{"id":"ef538f81-8ee6-4e7d-9156-265fd5344afb","block_type":"box","text":"Capacity","page_number":162,"box":{"x":105,"y":558,"width":62,"height":12}},{"id":"fc451094-c61e-4be0-b446-8b12465128de","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":162,"box":{"x":88,"y":584,"width":836,"height":13}},{"id":"60a8a63a-f43f-42d8-be4c-b9bade08ac0b","block_type":"box","text":"ability of its members to maintain an appropriate focus on board matters and the company taking into consideration","page_number":162,"box":{"x":89,"y":599,"width":816,"height":13}},{"id":"364bb760-f11d-44af-ace3-5d9f6515bbca","block_type":"box","text":"competing responsibilities. We recognize that board leadership roles vary across markets in responsibilities and required time","page_number":162,"box":{"x":89,"y":615,"width":873,"height":12}},{"id":"f2a1bcb0-9c88-40a0-8a20-6d8397ee7a6a","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":162,"box":{"x":89,"y":630,"width":833,"height":12}},{"id":"2cb3c5ba-c0f6-43b5-8339-f262db4a9f92","block_type":"box","text":"practices into consideration when making our voting determinations across markets.","page_number":162,"box":{"x":89,"y":645,"width":594,"height":12}},{"id":"71145a87-f48e-4d4c-936b-4658f2b02a80","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":162,"box":{"x":88,"y":671,"width":859,"height":13}},{"id":"31fdd178-913d-4056-a11b-2aadc386bb89","block_type":"box","text":"the board and company.","page_number":162,"box":{"x":88,"y":686,"width":169,"height":13}},{"id":"2274f67b-b171-4a31-9072-9030a4ead42a","block_type":"box","text":"Director elections","page_number":162,"box":{"x":106,"y":713,"width":126,"height":10}},{"id":"e5274b3c-26ab-4788-976c-595113c26162","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":162,"box":{"x":89,"y":739,"width":874,"height":13}},{"id":"db87a2dd-9070-4c1c-a70f-880c5b428785","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":162,"box":{"x":89,"y":754,"width":862,"height":13}},{"id":"b69a76ea-a83a-40b7-9922-f92c65f65488","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":162,"box":{"x":89,"y":770,"width":664,"height":12}},{"id":"8fa8246b-e757-494c-bc8a-e05dacc38ac2","block_type":"box","text":"Shareholders should have the opportunity to evaluate nominated directors individually rather than in bundled slates. We look","page_number":162,"box":{"x":88,"y":796,"width":876,"height":12}},{"id":"f8c5de9b-dbc6-4ba5-a0eb-692f5679eca9","block_type":"box","text":"to companies to provide sufficient information on each director standing for election so that shareholders can assess their","page_number":162,"box":{"x":88,"y":811,"width":856,"height":12}},{"id":"b48fc351-2611-4cbd-ac05-7df857a0a090","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":162,"box":{"x":89,"y":826,"width":869,"height":13}},{"id":"200f905e-2c18-47ca-8ff2-19fad3cd2787","block_type":"box","text":"disclosed sufficiently in advance of the shareholder meeting.","page_number":162,"box":{"x":89,"y":841,"width":422,"height":13}},{"id":"57e32124-df39-4f3d-92d1-803d6196c211","block_type":"box","text":"A-7","page_number":162,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"6877db11-67de-4518-b6f2-2cd8a4b652e2","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":163,"box":{"x":89,"y":44,"width":817,"height":12}},{"id":"8f9dde46-d3e6-4af4-8783-760f86e2a8b9","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":163,"box":{"x":89,"y":59,"width":858,"height":12}},{"id":"9f984c76-c94f-41dc-9ab6-488dadbbab01","block_type":"box","text":"best serves investors’ interests.","page_number":163,"box":{"x":89,"y":74,"width":215,"height":10}},{"id":"0c8ff4d4-e718-43c3-9df2-39ba098ee845","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":163,"box":{"x":88,"y":101,"width":846,"height":12}},{"id":"bb9ffdc9-0f16-4c8b-97c0-cfbc0603f165","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":163,"box":{"x":89,"y":116,"width":849,"height":12}},{"id":"7a45b53a-9a8d-4a19-9938-e3af31613c36","block_type":"box","text":"slate if we have concerns about the profile or performance of an individual director.","page_number":163,"box":{"x":89,"y":131,"width":581,"height":12}},{"id":"1fb5052b-88fb-4256-8643-2bfe311c0358","block_type":"box","text":"Committees","page_number":163,"box":{"x":105,"y":158,"width":86,"height":9}},{"id":"e66092c9-7d04-46df-ab15-2ab481a14c26","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":163,"box":{"x":89,"y":184,"width":859,"height":12}},{"id":"5977cd9f-b0f4-49c7-a97a-259c0a7efaf0","block_type":"box","text":"human capital, and executive compensation, amongst other matters. We do not prescribe to companies what committees","page_number":163,"box":{"x":89,"y":199,"width":855,"height":12}},{"id":"46e3949e-43d0-4891-b357-ca3334ff1a42","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":163,"box":{"x":88,"y":214,"width":798,"height":12}},{"id":"81896839-423d-4b60-bd1c-2e27fe25d521","block_type":"box","text":"appropriate. We note that, in some markets, regulation requires such committees. The responsibilities of each committee","page_number":163,"box":{"x":89,"y":229,"width":847,"height":12}},{"id":"107a4124-af2e-42da-a845-62cc51e7f85c","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":163,"box":{"x":89,"y":244,"width":840,"height":13}},{"id":"7be3e24d-d138-4c53-99d0-ea78a2ec8d39","block_type":"box","text":"committees. The board should disclose to shareholders the structure, membership, proportion of independent directors, and","page_number":163,"box":{"x":89,"y":259,"width":872,"height":13}},{"id":"b4f55f83-b92d-4f92-a1a6-a7859fa3c9e4","block_type":"box","text":"responsibilities of each committee. The responsibilities we typically see assigned to the three most common committees","page_number":163,"box":{"x":89,"y":274,"width":843,"height":13}},{"id":"f2b3900a-b54f-483f-aa6f-f453b20e2864","block_type":"box","text":"include:","page_number":163,"box":{"x":89,"y":290,"width":53,"height":9}},{"id":"5d858d36-e014-4d50-820f-912f797b018f","block_type":"box","text":"• Audit and risk – oversight responsibilities for the integrity of financial reporting, risk management and compliance","page_number":163,"box":{"x":121,"y":310,"width":830,"height":12}},{"id":"f3fd1cc2-c9cb-419f-b05f-ebc610e8b0f7","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":163,"box":{"x":153,"y":325,"width":807,"height":12}},{"id":"a3e7d0cc-90fb-43c3-9cd9-6b20dbf3c21f","block_type":"box","text":"whistleblowing mechanisms.","page_number":163,"box":{"x":153,"y":340,"width":203,"height":12}},{"id":"8724866f-9aa9-4d34-ae05-db4078462c9d","block_type":"box","text":"• Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":163,"box":{"x":121,"y":360,"width":826,"height":12}},{"id":"c8c8b37f-61a4-467e-a180-afd9cafbe080","block_type":"box","text":"including the periodic review of board performance; responsible for succession planning for CEO and key board","page_number":163,"box":{"x":154,"y":375,"width":779,"height":13}},{"id":"839d804a-0723-4ffd-a61b-c461303c8c6f","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":163,"box":{"x":154,"y":390,"width":759,"height":13}},{"id":"bba83b17-2625-46d6-802b-0fc2bd3002d4","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":163,"box":{"x":154,"y":405,"width":456,"height":13}},{"id":"8aa93466-d783-41c0-9dbe-fad995963606","block_type":"box","text":"• Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":163,"box":{"x":121,"y":426,"width":817,"height":12}},{"id":"5134328e-411a-4599-adbd-0506c7cd0fe6","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for firm","page_number":163,"box":{"x":154,"y":441,"width":808,"height":12}},{"id":"673c5608-79e6-4d5b-a829-f9c089894ef6","block_type":"box","text":"wide compensation policies.","page_number":163,"box":{"x":153,"y":456,"width":199,"height":12}},{"id":"20f15bfb-80dd-486a-88c6-a72e648b3f15","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":163,"box":{"x":88,"y":482,"width":866,"height":13}},{"id":"e3578d45-385a-4693-8756-b5782cea9725","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":163,"box":{"x":89,"y":497,"width":877,"height":13}},{"id":"52413b83-f7aa-4563-8d99-9a756a7a4d3c","block_type":"box","text":"of the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":163,"box":{"x":89,"y":513,"width":742,"height":12}},{"id":"d729db40-dc5b-4f05-98e1-d6db99faa087","block_type":"box","text":"Board and director evaluation","page_number":163,"box":{"x":106,"y":539,"width":212,"height":10}},{"id":"854a6c6a-a914-4186-afc4-bd9294a31fc8","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":163,"box":{"x":88,"y":565,"width":853,"height":13}},{"id":"de06058f-07a1-44ab-8276-fe98b6799306","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":163,"box":{"x":88,"y":581,"width":853,"height":12}},{"id":"4a4dcb3d-c860-4c9b-85f7-128d0333b38a","block_type":"box","text":"objective perspectives to the board on governance and performance. We encourage companies to disclose their approach to","page_number":163,"box":{"x":89,"y":596,"width":871,"height":12}},{"id":"f51658b7-a786-4e45-9959-0ce0c067141b","block_type":"box","text":"and objectives of evaluations, including any changes made to the board’s approach as a result.","page_number":163,"box":{"x":89,"y":611,"width":661,"height":12}},{"id":"8bd35135-4c2b-4524-bb51-79d28bd8db4e","block_type":"box","text":"Access to independent advice","page_number":163,"box":{"x":104,"y":637,"width":216,"height":13}},{"id":"99db3e72-c3b1-4a99-9f47-5290894a578e","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":163,"box":{"x":88,"y":664,"width":840,"height":12}},{"id":"ac53c0e5-a5ac-47ef-a45f-6ce4cf2dd1b0","block_type":"box","text":"independent advice. When circumstances warrant, boards should be able to retain independent third parties to advise on","page_number":163,"box":{"x":89,"y":679,"width":846,"height":12}},{"id":"bf175d52-32a0-4d42-9653-7bd301dc3bd2","block_type":"box","text":"critical matters. These might include new industry developments such as emergent and disruptive technology, operating","page_number":163,"box":{"x":89,"y":694,"width":843,"height":12}},{"id":"da5ebb85-b8aa-4077-9daf-21359ee54be8","block_type":"box","text":"events with material consequences for the company’s reputation and/or performance, or significant transactions. Board","page_number":163,"box":{"x":89,"y":709,"width":841,"height":12}},{"id":"1eff3a9e-6201-42ed-8ed1-9cb0c389840b","block_type":"box","text":"committees may similarly retain third parties to advise them on specialist matters such as audit, compensation and","page_number":163,"box":{"x":89,"y":724,"width":805,"height":13}},{"id":"50f718f0-9d82-4eb8-967e-26064eee57bb","block_type":"box","text":"succession planning.","page_number":163,"box":{"x":89,"y":739,"width":145,"height":13}},{"id":"ab4504fe-8a55-4d43-afa7-2c8cdac10bbb","block_type":"box","text":"Executive compensation","page_number":163,"box":{"x":89,"y":766,"width":174,"height":12}},{"id":"9bec4070-2d30-4d42-b2e1-8ca5edb57207","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the caliber of","page_number":163,"box":{"x":89,"y":792,"width":848,"height":13}},{"id":"fcc2e399-4aa8-402e-b04e-51475a839dac","block_type":"box","text":"executive management necessary to lead and operate the company to deliver superior financial returns over time. We focus","page_number":163,"box":{"x":89,"y":807,"width":864,"height":13}},{"id":"78336019-90ad-41b3-87f5-c29f24ffd27e","block_type":"box","text":"on alignment between variable pay and a company’s financial performance.","page_number":163,"box":{"x":89,"y":822,"width":529,"height":13}},{"id":"b3122432-2be4-435c-9b06-509ce44bc3a0","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":163,"box":{"x":89,"y":849,"width":787,"height":12}},{"id":"1e93b8b6-379d-4132-a530-e2154600cbd3","block_type":"box","text":"performance against short-term metrics, share-based incentives that reward performance against long-term metrics, and","page_number":163,"box":{"x":89,"y":864,"width":851,"height":12}},{"id":"378fc37d-7730-42f4-919c-4e7b95cefa1e","block_type":"box","text":"A-8","page_number":163,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"1a754408-f926-43e7-9e48-bc75fa14e6bc","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":164,"box":{"x":89,"y":44,"width":842,"height":12}},{"id":"39beeff6-f7ef-4ce3-8df6-2435774b5ae9","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":164,"box":{"x":89,"y":59,"width":834,"height":12}},{"id":"877c718b-03c5-41ec-a4bf-bb96d77ae3e9","block_type":"box","text":"sector and long-term strategy, as well as the individuals the board is seeking to recruit and motivate.","page_number":164,"box":{"x":89,"y":74,"width":701,"height":12}},{"id":"927e71d5-2fb8-4715-884d-6a2a87816bfc","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to support a company’s approach to","page_number":164,"box":{"x":89,"y":101,"width":819,"height":12}},{"id":"ab4c749b-0c5a-42c8-b6ab-1eebeda5e8ac","block_type":"box","text":"executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative and qualitative","page_number":164,"box":{"x":89,"y":116,"width":836,"height":12}},{"id":"3f788e2d-ec36-4b29-a66c-f2b967a37f64","block_type":"box","text":"information in their disclosures to enable shareholders to understand the compensation arrangements and assess the","page_number":164,"box":{"x":89,"y":131,"width":825,"height":12}},{"id":"72f86d7b-48af-4fcc-8478-3b4b0f143a17","block_type":"box","text":"alignment with investors’ interests. Features we look for in compensation arrangements include:","page_number":164,"box":{"x":89,"y":146,"width":673,"height":12}},{"id":"b699b673-5df4-46b3-8b03-306a5818f21f","block_type":"box","text":"• Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of the","page_number":164,"box":{"x":121,"y":166,"width":823,"height":12}},{"id":"eba7a63d-47c1-487a-ba04-eb0b4b431ade","block_type":"box","text":"company’s size, sector and market.","page_number":164,"box":{"x":154,"y":181,"width":244,"height":13}},{"id":"60721d1d-5cfa-4bf8-963d-817da75914c3","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":164,"box":{"x":121,"y":201,"width":840,"height":13}},{"id":"82e6fdc1-b96b-4419-ab2e-0fded5092696","block_type":"box","text":"objectives.","page_number":164,"box":{"x":154,"y":216,"width":72,"height":13}},{"id":"4223937e-521c-4376-bd7a-867c4038be15","block_type":"box","text":"• Long-term incentives that motivate sustained performance across a multi-year period.","page_number":164,"box":{"x":121,"y":237,"width":637,"height":12}},{"id":"53a1c395-9e15-4d20-8476-35e5db660ddc","block_type":"box","text":"• A balance between fixed and variable pay, short- and long-term incentives, and specific instruments (cash and","page_number":164,"box":{"x":121,"y":257,"width":805,"height":12}},{"id":"3fe73f45-f439-4f5c-9bc2-e3517a00d8c0","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":164,"box":{"x":154,"y":272,"width":778,"height":12}},{"id":"3ef52c30-c8a8-459b-8bc3-e8e84794302e","block_type":"box","text":"• Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":164,"box":{"x":121,"y":292,"width":651,"height":12}},{"id":"7bbd05bd-b578-4152-b4a5-e6d84bd5818d","block_type":"box","text":"• Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":164,"box":{"x":121,"y":312,"width":752,"height":13}},{"id":"3f2d1d4b-f398-47ca-813a-a763520630de","block_type":"box","text":"transparently.","page_number":164,"box":{"x":153,"y":327,"width":94,"height":13}},{"id":"8dc995ae-a686-4846-8740-370b5f2aeb53","block_type":"box","text":"• A requirement, that participants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":164,"box":{"x":121,"y":348,"width":822,"height":12}},{"id":"2fcabcf2-33bb-49e4-8af4-320183ed804b","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":164,"box":{"x":154,"y":363,"width":470,"height":12}},{"id":"6f85fff3-c676-4cbb-8d98-056e40b7574a","block_type":"box","text":"• Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":164,"box":{"x":121,"y":383,"width":737,"height":12}},{"id":"6b137f28-2212-41a5-92cb-c08a6b6b2463","block_type":"box","text":"• Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":164,"box":{"x":121,"y":403,"width":774,"height":12}},{"id":"149cf400-684e-4c46-9685-0d3c2c01add8","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial reports, or executive misconduct.","page_number":164,"box":{"x":154,"y":418,"width":805,"height":12}},{"id":"460afec3-48cd-45be-975b-a42e7c03a8f9","block_type":"box","text":"• Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":164,"box":{"x":121,"y":438,"width":756,"height":13}},{"id":"07b0bd84-6cec-4f69-9391-2d56fe8346a8","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":164,"box":{"x":88,"y":465,"width":857,"height":12}},{"id":"b8426b68-ac2f-4dc0-806e-d81f5ea2084f","block_type":"box","text":"compensation report where we do not see alignment between executive compensation arrangements and our clients’","page_number":164,"box":{"x":89,"y":480,"width":825,"height":12}},{"id":"bc0a5fa0-7108-4e76-90e2-6e01520344dd","block_type":"box","text":"financial interests. When there is not an alternative, or where there have been multi-year issues with compensation","page_number":164,"box":{"x":88,"y":495,"width":804,"height":12}},{"id":"3ed3cca7-b715-4254-989d-b79a8ac3ebc9","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":164,"box":{"x":89,"y":510,"width":874,"height":12}},{"id":"e0673e5d-f1f8-4f2e-bce7-26ce3f711530","block_type":"box","text":"independent director.","page_number":164,"box":{"x":89,"y":525,"width":148,"height":12}},{"id":"9a34d8f5-e829-4c8e-b494-3f9e6374d596","block_type":"box","text":"Non-executive director compensation","page_number":164,"box":{"x":89,"y":552,"width":272,"height":12}},{"id":"980961d1-a2da-4010-aaba-6a9d01669147","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":164,"box":{"x":89,"y":578,"width":875,"height":12}},{"id":"ec1fc42c-37ef-46da-aff3-c9e4200b985b","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":164,"box":{"x":89,"y":593,"width":845,"height":13}},{"id":"84830fd3-7876-405f-a080-4605f8cce2aa","block_type":"box","text":"executive directors participating in performance-based incentive plans as doing so may create a conflict of interest and","page_number":164,"box":{"x":89,"y":608,"width":832,"height":13}},{"id":"196f20da-51e6-420f-bc04-d4862511e780","block_type":"box","text":"undermine their independence from management, whom they oversee.","page_number":164,"box":{"x":89,"y":623,"width":501,"height":13}},{"id":"0ab19c29-824f-4feb-9da1-9b8d090a66dc","block_type":"box","text":"Capital structure","page_number":164,"box":{"x":89,"y":650,"width":119,"height":12}},{"id":"6a09bfcb-3d47-42b2-a7f7-4cbc985f9756","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves appropriate","page_number":164,"box":{"x":89,"y":676,"width":859,"height":13}},{"id":"0aeba46e-ae89-4829-a151-52fb4a84a5cf","block_type":"box","text":"capital allocation and management in support of long-term financial resilience.","page_number":164,"box":{"x":89,"y":691,"width":553,"height":13}},{"id":"8aa46f73-a77d-4f4b-bcad-04fa5606ef81","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":164,"box":{"x":88,"y":718,"width":876,"height":12}},{"id":"784fea2e-a122-427e-a3a6-b255acbf721e","block_type":"box","text":"to be aligned with shareholders’ interests. We may vote against management proposals seeking capital-related authorities or","page_number":164,"box":{"x":88,"y":733,"width":875,"height":12}},{"id":"89661a1c-624d-4cfe-83e2-73b3898ac069","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":164,"box":{"x":88,"y":748,"width":873,"height":12}},{"id":"f0925f70-4a44-4044-8d34-c0e52ebdec9c","block_type":"box","text":"a shareholder proposal seeking conversion of shares with differentiated voting rights to a one-share, one-vote standard.","page_number":164,"box":{"x":89,"y":763,"width":838,"height":13}},{"id":"fb1242be-2aad-4927-b80f-432eb358c5ac","block_type":"box","text":"Share issuance","page_number":164,"box":{"x":105,"y":790,"width":107,"height":9}},{"id":"8ccb1471-c891-47f1-a06d-e4d8fbf8f7fb","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":164,"box":{"x":88,"y":816,"width":807,"height":13}},{"id":"d1ca43ef-5ed0-43c9-86c7-548218aff75e","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":164,"box":{"x":89,"y":831,"width":868,"height":13}},{"id":"7fd88de3-4cbd-4b97-b951-7c3f2c5135fa","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":164,"box":{"x":89,"y":846,"width":877,"height":13}},{"id":"36792dac-e04a-4030-8500-f24cf4bb5f54","block_type":"box","text":"well as the current circumstances of the company and the market environment.","page_number":164,"box":{"x":88,"y":862,"width":558,"height":12}},{"id":"3063ce4a-666f-4e55-a274-6bef4bf13868","block_type":"box","text":"A-9","page_number":164,"box":{"x":515,"y":894,"width":25,"height":9}},{"id":"a887bc1c-d353-490d-abb9-73e8790f155b","block_type":"box","text":"Share buybacks","page_number":165,"box":{"x":105,"y":44,"width":113,"height":12}},{"id":"744d705e-6927-42a0-9163-19c95adc1158","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":165,"box":{"x":88,"y":70,"width":786,"height":13}},{"id":"bbb39bf1-b9f8-46f6-ae70-55c52635ef93","block_type":"box","text":"management’s determination of the appropriate balance between investment that supports the long-term growth of the","page_number":165,"box":{"x":89,"y":85,"width":844,"height":13}},{"id":"89bf5fe7-bbd9-4f95-911f-f4f12c568e5d","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":165,"box":{"x":89,"y":101,"width":872,"height":12}},{"id":"ee6ce6af-0bce-4758-bd37-5d079e32bb7b","block_type":"box","text":"balance sheet and executive compensation arrangements and the price at which shares are repurchased relative to market","page_number":165,"box":{"x":89,"y":116,"width":858,"height":12}},{"id":"d0734ec7-77c6-40dd-9a10-b49808b9dd1f","block_type":"box","text":"price. Companies should seek regular approval of these authorities to allow shareholders to take into consideration how prior","page_number":165,"box":{"x":89,"y":131,"width":876,"height":12}},{"id":"e10e5d59-14f2-484f-9af7-b04c8f5cdb62","block_type":"box","text":"authorities were used, as well as the current circumstances of the company and the market environment.","page_number":165,"box":{"x":89,"y":146,"width":735,"height":12}},{"id":"debabfdd-3678-4b14-9999-06dcf2f3dc1a","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":165,"box":{"x":88,"y":172,"width":854,"height":13}},{"id":"410ff9c0-bd9f-4df3-bb99-61979fd5d6e0","block_type":"box","text":"management should provide a detailed rationale in the context of the disclosed capital management strategy.","page_number":165,"box":{"x":89,"y":188,"width":767,"height":12}},{"id":"dad7706b-bce0-4387-b71f-b7440514e498","block_type":"box","text":"Dividends","page_number":165,"box":{"x":106,"y":214,"width":70,"height":10}},{"id":"a1c969e1-ca3f-46fd-81f9-a46540e149c9","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":165,"box":{"x":88,"y":240,"width":852,"height":13}},{"id":"5bdd16af-fe4e-4112-a654-e885c2295f78","block_type":"box","text":"proposed dividend appears out of line with the company’s financial position.","page_number":165,"box":{"x":89,"y":256,"width":534,"height":12}},{"id":"10b7a301-f483-43b5-8ec7-0f393c716e4d","block_type":"box","text":"Differentiated voting rights","page_number":165,"box":{"x":106,"y":282,"width":193,"height":12}},{"id":"c6fe6372-2813-4c45-8b8c-3d84ae449f18","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":165,"box":{"x":88,"y":308,"width":862,"height":13}},{"id":"99346eba-de54-4074-844c-514c1efc1439","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":165,"box":{"x":89,"y":324,"width":875,"height":12}},{"id":"c71f776f-8e6e-4439-96f8-e8b3bc2b0544","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":165,"box":{"x":89,"y":339,"width":860,"height":12}},{"id":"a4fa22ad-91c9-4d0c-a3bc-f603ae4582b8","block_type":"box","text":"periodic basis.","page_number":165,"box":{"x":89,"y":354,"width":98,"height":12}},{"id":"52258209-8c89-427e-badd-7c9c91a45084","block_type":"box","text":"Transactions and special situations","page_number":165,"box":{"x":88,"y":380,"width":253,"height":13}},{"id":"703ca0ad-5946-4ff3-bab0-e3bae3c33972","block_type":"box","text":"We monitor developments in transactions and special situations closely and undertake our own detailed analyses of","page_number":165,"box":{"x":88,"y":407,"width":813,"height":12}},{"id":"d1c0be2e-1306-46b4-bb60-766dcb2c2994","block_type":"box","text":"proposals.","page_number":165,"box":{"x":89,"y":422,"width":70,"height":12}},{"id":"97cedc23-c99a-48eb-8508-b17611023f1d","block_type":"box","text":"Mergers and acquisitions","page_number":165,"box":{"x":105,"y":448,"width":182,"height":13}},{"id":"3e9327a9-4f02-4df7-aed2-b275c5eb7768","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority shareholders.","page_number":165,"box":{"x":88,"y":475,"width":856,"height":12}},{"id":"564375a7-8221-440c-bd5d-c5c3d09d3670","block_type":"box","text":"Management should provide an assessment of the proposed transaction’s strategic and financial rationale, along with its","page_number":165,"box":{"x":89,"y":490,"width":846,"height":12}},{"id":"41163951-ebf0-410c-89bd-3704b29306e0","block_type":"box","text":"execution and operational risks. We review each transaction independently based on these factors and the degree to which","page_number":165,"box":{"x":89,"y":505,"width":861,"height":12}},{"id":"3b62a3d3-7de2-4875-b91b-d8dd84e27b1d","block_type":"box","text":"the transaction enhances shareholder value. The board should consider establishing an ad hoc transaction committee to","page_number":165,"box":{"x":88,"y":520,"width":845,"height":12}},{"id":"b424a2d7-1418-44ce-a850-7220d4225d65","block_type":"box","text":"undertake an independent assessment of a significant merger or acquisition, in advance of making its recommendation to","page_number":165,"box":{"x":89,"y":535,"width":855,"height":13}},{"id":"542a5324-0151-4912-ada1-531912b6f6c8","block_type":"box","text":"shareholders.","page_number":165,"box":{"x":89,"y":550,"width":93,"height":10}},{"id":"53f38d89-9b40-4b29-b731-714bbb6a76e4","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":165,"box":{"x":88,"y":577,"width":727,"height":12}},{"id":"cdb39f09-2580-43f9-b916-118cb817e100","block_type":"box","text":"Anti-takeover defenses","page_number":165,"box":{"x":104,"y":603,"width":167,"height":10}},{"id":"944517ef-cf1a-49a1-8dab-96eb51279d6f","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":165,"box":{"x":89,"y":630,"width":842,"height":12}},{"id":"a5452157-b69b-4f1d-a81b-7f61a336261f","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":165,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"e2af9ffe-fb77-4bb6-9c34-d1a33ef975af","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":165,"box":{"x":89,"y":660,"width":865,"height":12}},{"id":"9f299e34-65a9-4dd9-8d18-ce634002e921","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":165,"box":{"x":89,"y":675,"width":832,"height":12}},{"id":"183a472a-1b41-4b96-a32a-514f66705b60","block_type":"box","text":"campaign that may be counter to the interests of other investors. Defense mechanisms introduced in these circumstances","page_number":165,"box":{"x":89,"y":690,"width":856,"height":13}},{"id":"820343c3-041e-40ff-b0c2-2fb5a1a4dfd1","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":165,"box":{"x":89,"y":705,"width":859,"height":13}},{"id":"956af511-4a05-496a-be04-098ffc87cca3","block_type":"box","text":"for a shareholder vote for any mechanisms expected to be in place for more than 12 months.","page_number":165,"box":{"x":88,"y":720,"width":650,"height":13}},{"id":"1bf51c84-01bb-464e-b19f-c9aa3ced3b5a","block_type":"box","text":"Shareholder activism","page_number":165,"box":{"x":105,"y":747,"width":151,"height":10}},{"id":"70e993f4-2e9c-4053-abd8-7949680ffdbc","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":165,"box":{"x":88,"y":773,"width":857,"height":13}},{"id":"7e6ae5e2-cd18-414f-8d72-9f79e94e5b6f","block_type":"box","text":"objectives, once they have gone public. We will also engage with company management and possibly board members,","page_number":165,"box":{"x":89,"y":788,"width":829,"height":13}},{"id":"1e094c5b-9548-464d-99ef-b9f54241bbc4","block_type":"box","text":"especially those the activist may be seeking to replace. In our assessment, we evaluate various factors, including the","page_number":165,"box":{"x":89,"y":804,"width":811,"height":12}},{"id":"e3ed8bb8-20fc-4eba-b91c-2cc299fd20aa","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":165,"box":{"x":89,"y":819,"width":855,"height":12}},{"id":"87986c6f-5bfc-4611-b103-959170a0e8f5","block_type":"box","text":"qualifications of each party’s candidates. We evaluate each contested situation by assessing the potential financial outcome","page_number":165,"box":{"x":89,"y":834,"width":866,"height":12}},{"id":"d7a69dba-968f-49e2-8489-ad00983f98b3","block_type":"box","text":"for our clients as minority shareholders.","page_number":165,"box":{"x":88,"y":849,"width":278,"height":12}},{"id":"30dd38f9-958d-43a5-a19f-34c013f66a74","block_type":"box","text":"A-10","page_number":165,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"dce4ec0e-ccdf-405e-b642-1fd9ac9f91dd","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":166,"box":{"x":88,"y":44,"width":849,"height":12}},{"id":"efcaf451-1d51-4b25-a1af-299c789a3b42","block_type":"box","text":"change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant skills and expertise","page_number":166,"box":{"x":89,"y":59,"width":876,"height":12}},{"id":"17b59a6b-9d25-4af9-a276-60c9ae9e2426","block_type":"box","text":"or have a poor track record of protecting shareholders’ interests.","page_number":166,"box":{"x":89,"y":74,"width":449,"height":12}},{"id":"fbce9ffa-51d7-4ae6-9d46-f9aa7f01d75c","block_type":"box","text":"Significant shareholders and related party transactions","page_number":166,"box":{"x":105,"y":101,"width":396,"height":12}},{"id":"a57d72aa-c58b-4128-aa3b-28a43dd0c307","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests of all","page_number":166,"box":{"x":89,"y":127,"width":804,"height":12}},{"id":"2a0d610b-6240-4b06-b204-c3ecac214811","block_type":"box","text":"shareholders are given equitable consideration.","page_number":166,"box":{"x":89,"y":142,"width":329,"height":12}},{"id":"76475644-4349-4a00-8bd5-1b4de1fe9eb8","block_type":"box","text":"Transactions with related parties, such as significant shareholders or companies connected with the public company, should","page_number":166,"box":{"x":88,"y":169,"width":871,"height":12}},{"id":"b006c9e9-64f0-4bde-818d-dbb2c9ac5c41","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":166,"box":{"x":89,"y":184,"width":861,"height":12}},{"id":"3b04aa56-c7e7-43e1-b010-62b806e83c4b","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":166,"box":{"x":88,"y":199,"width":818,"height":12}},{"id":"a56fd1fc-8d39-4b0f-a083-af4ba82aef1e","block_type":"box","text":"disinterested shareholders should vote.","page_number":166,"box":{"x":89,"y":214,"width":273,"height":10}},{"id":"9ddbb8e6-6f46-4e32-995f-677b1eade90f","block_type":"box","text":"Corporate reporting, risk management and audit","page_number":166,"box":{"x":89,"y":240,"width":352,"height":13}},{"id":"a6795152-c96c-478f-aff0-3dae584fec6f","block_type":"box","text":"Investors depend on corporate reporting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":166,"box":{"x":89,"y":267,"width":783,"height":12}},{"id":"66429853-2d18-4094-babc-c753cbb69abc","block_type":"box","text":"implementation and financial performance, as well as to assess the quality of management and operations and potential for","page_number":166,"box":{"x":89,"y":282,"width":868,"height":12}},{"id":"f61b95c1-f054-4ed6-a564-01cb6b2ce380","block_type":"box","text":"the company to create shareholder value over time. The board should oversee corporate reporting and the policies and","page_number":166,"box":{"x":88,"y":297,"width":831,"height":12}},{"id":"6402054d-683e-4d3d-9e57-3cdd92df7ee9","block_type":"box","text":"procedures underpinning the internal audit function and external audit.","page_number":166,"box":{"x":89,"y":312,"width":499,"height":13}},{"id":"4d356a41-f5aa-4dc8-a9ac-aeecd88ca392","block_type":"box","text":"A company’s financial reporting should provide decision-useful information for investors and other stakeholders on its","page_number":166,"box":{"x":88,"y":339,"width":829,"height":12}},{"id":"ce273722-8945-456c-a27a-5c9ffb629bba","block_type":"box","text":"financial performance and position. It should provide an accurate and balanced assessment of the risks and opportunities the","page_number":166,"box":{"x":88,"y":354,"width":879,"height":12}},{"id":"6127a18b-cfb7-43df-a133-05b87a4d0928","block_type":"box","text":"company faces in realizing its long-term strategy. Accordingly, the assumptions made by management and reviewed by the","page_number":166,"box":{"x":89,"y":369,"width":862,"height":12}},{"id":"a71731ba-fdf9-4cb8-a0bf-612f7e9285c2","block_type":"box","text":"auditor in preparing the financial statements should be reasonable and justified. Financial statements should be prepared in","page_number":166,"box":{"x":89,"y":384,"width":864,"height":12}},{"id":"7ff2d5d0-eb81-4fe5-8ee8-7adbd39be307","block_type":"box","text":"accordance with globally developed reporting standards and any divergence from generally accepted accounting principles","page_number":166,"box":{"x":89,"y":399,"width":862,"height":13}},{"id":"64143703-23c3-48d4-9369-09110f8906dc","block_type":"box","text":"should be explained in detail and justified. Accounting restatements should be explained in detail and any remedial actions,","page_number":166,"box":{"x":89,"y":414,"width":862,"height":13}},{"id":"3a13e860-7bc4-490e-b7c5-60af0e6a3c07","block_type":"box","text":"and the implications of these, disclosed.","page_number":166,"box":{"x":89,"y":429,"width":279,"height":13}},{"id":"f1576cc1-068e-4a6b-9186-5dd4c36eebb2","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":166,"box":{"x":89,"y":456,"width":819,"height":12}},{"id":"c7de16a1-bed4-4689-aaa2-9b133c909b56","block_type":"box","text":"oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial information, internal","page_number":166,"box":{"x":89,"y":471,"width":844,"height":12}},{"id":"cf072209-1968-44c1-a84c-186a73b808e7","block_type":"box","text":"control frameworks and Enterprise Risk Management systems. In our view, effective audit committee oversight strengthens","page_number":166,"box":{"x":89,"y":486,"width":863,"height":12}},{"id":"cf41d42b-c0bf-4346-a73e-286d09818a8f","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":166,"box":{"x":88,"y":501,"width":878,"height":13}},{"id":"12e34e12-8185-4128-8df2-21fe1c043ea9","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":166,"box":{"x":88,"y":516,"width":840,"height":13}},{"id":"4fa98dec-10bc-4665-8245-94e9d2300961","block_type":"box","text":"external audit process annually.","page_number":166,"box":{"x":89,"y":531,"width":219,"height":13}},{"id":"33649209-5ae1-4e51-92d4-561ab413c784","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates revenue","page_number":166,"box":{"x":88,"y":558,"width":834,"height":12}},{"id":"725c93b3-e458-4aae-92d8-2c3dc631d129","block_type":"box","text":"should be disclosed. In our view, the standards developed by the International Sustainability Standards Board, can be helpful","page_number":166,"box":{"x":89,"y":573,"width":867,"height":12}},{"id":"d7233c44-5236-45d3-9381-fe4e1ca5aab0","block_type":"box","text":"to companies in preparing such reports","page_number":166,"box":{"x":88,"y":588,"width":275,"height":12}},{"id":"e23c63d2-b2fb-4ac0-be4c-60f2f093a1d3","block_type":"box","text":"(4)","page_number":166,"box":{"x":365,"y":586,"width":14,"height":8}},{"id":"00ff6630-f4b4-4d05-9309-25d71d019a81","block_type":"box","text":".","page_number":166,"box":{"x":381,"y":596,"width":2,"height":2}},{"id":"844f362b-2b0c-4cec-b0e7-414b748b79f6","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the company’s business,","page_number":166,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"700d91a8-98ed-4b42-92cb-ecb00a0fefa5","block_type":"box","text":"risk tolerance, and regulatory environment. A credible whistleblowing system for employees, and potentially other","page_number":166,"box":{"x":89,"y":630,"width":797,"height":12}},{"id":"a35f12ce-b0d9-4ac9-98a1-e8024eacf540","block_type":"box","text":"stakeholders, can be a useful mechanism for ensuring that senior management and the board are aware of potential","page_number":166,"box":{"x":89,"y":645,"width":813,"height":12}},{"id":"fce269b4-602a-40fc-994e-5fb48f673ea7","block_type":"box","text":"misconduct or breaches in risk management and internal control processes.","page_number":166,"box":{"x":89,"y":660,"width":532,"height":12}},{"id":"29222a14-c692-49ea-b825-33140aa16c1d","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality of corporate","page_number":166,"box":{"x":88,"y":686,"width":879,"height":13}},{"id":"500ae205-b9e9-45df-ba75-06458d7c7646","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":166,"box":{"x":89,"y":702,"width":856,"height":12}},{"id":"47a1a954-3a8e-4aea-9ea3-6312ed9a547b","block_type":"box","text":"audit matters identified and how these were resolved. A comprehensive and effective audit is time and resource intensive,","page_number":166,"box":{"x":89,"y":717,"width":850,"height":12}},{"id":"fb5bf145-0530-44e5-9c48-acbbff95bbaf","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":166,"box":{"x":89,"y":732,"width":867,"height":12}},{"id":"ea0fbdca-3453-4dad-a951-86b9ef29f0db","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":166,"box":{"x":88,"y":747,"width":837,"height":12}},{"id":"056f4662-ad88-44e7-bb05-89fcb15df0cd","block_type":"box","text":"position on auditor tenure and how it confirmed that the auditor remained independent.","page_number":166,"box":{"x":89,"y":762,"width":618,"height":12}},{"id":"86c2d701-5bd6-452d-ae19-44b239f5dbdb","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":166,"box":{"x":89,"y":818,"width":813,"height":10}},{"id":"9da44e1e-1128-4466-a193-f513ac94d47a","block_type":"box","text":"e informa","page_number":166,"box":{"x":903,"y":818,"width":57,"height":8}},{"id":"7d02fa74-2a76-4aa1-9186-7ad5ef779fbc","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":166,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"13e3dd1e-3125-4191-87f9-9a1f6ba3f53a","block_type":"box","text":"ions","page_number":166,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"f8d0bcf5-b60d-4e8b-855e-bd0f4ac6731b","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":166,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"ded67bed-66ee-4e12-979a-5b0c40b7df58","block_type":"box","text":"bout its","page_number":166,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"aa193192-aab5-4713-9ef1-03a220c13f48","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":166,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"5a2c5a91-3657-4b9b-b847-1370512fc55b","block_type":"box","text":"ding","page_number":166,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"4bd7a5ea-1c39-461d-98a8-c3eabcf61f6b","block_type":"box","text":"resources to the entity.","page_number":166,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"f1bd8f3b-708b-4502-ac11-325b2189fc46","block_type":"box","text":"A-11","page_number":166,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"2d8c5b05-bd57-4b92-b192-a3bad129c0b8","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":167,"box":{"x":88,"y":44,"width":824,"height":12}},{"id":"188e447d-0cec-48e8-9ad0-49f112fa260d","block_type":"box","text":"misstatements in financial reports. In markets where relevant, we may vote against a proposal to approve the financial","page_number":167,"box":{"x":89,"y":59,"width":826,"height":12}},{"id":"a2148deb-3abb-4798-ae4c-7d096208f5d5","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":167,"box":{"x":89,"y":74,"width":845,"height":12}},{"id":"7085d137-e33f-4b25-b1ea-9c878f1fa52d","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":167,"box":{"x":88,"y":89,"width":861,"height":13}},{"id":"50e4be66-f5d9-49eb-9824-aab475323d71","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":167,"box":{"x":89,"y":104,"width":855,"height":13}},{"id":"c6778ef8-40cb-40a2-82b1-1b25752bd5e2","block_type":"box","text":"not established reasonable remediation plans.","page_number":167,"box":{"x":89,"y":119,"width":320,"height":13}},{"id":"17cf3255-ab0b-4a1b-92e2-18f63a3c3ea3","block_type":"box","text":"Shareholder rights and protections","page_number":167,"box":{"x":88,"y":146,"width":252,"height":12}},{"id":"90d2c3fb-1b6b-47a4-a113-115ab0cebf9b","block_type":"box","text":"General shareholder meetings","page_number":167,"box":{"x":105,"y":172,"width":217,"height":13}},{"id":"ff000e8a-a1c2-43eb-9915-1c1b741e31ed","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":167,"box":{"x":89,"y":199,"width":875,"height":12}},{"id":"0f393cea-da28-4004-bfb2-a234a1a191a8","block_type":"box","text":"discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should disclose materials","page_number":167,"box":{"x":89,"y":214,"width":831,"height":12}},{"id":"644bfb02-0e76-4288-a4a3-04a41e7eb3ea","block_type":"box","text":"relevant to the shareholder meeting sufficiently in advance so that shareholders can take them into consideration in their","page_number":167,"box":{"x":89,"y":229,"width":846,"height":12}},{"id":"935bfab9-4cfc-42dd-9902-3ae6cceeedb4","block_type":"box","text":"voting decisions. Many companies offer shareholders the option of participating in the meeting virtually which, whilst","page_number":167,"box":{"x":88,"y":244,"width":823,"height":13}},{"id":"e4a74614-e63c-4939-93f6-20efa51c5dac","block_type":"box","text":"welcome, should not limit the rights of shareholders to participate as they would during an in-person meeting.","page_number":167,"box":{"x":88,"y":259,"width":774,"height":13}},{"id":"fad814b9-b741-4538-801d-3e89e1649ba1","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":167,"box":{"x":88,"y":286,"width":877,"height":12}},{"id":"306f733c-a837-49dc-a220-38f3fad8e072","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":167,"box":{"x":89,"y":301,"width":865,"height":12}},{"id":"165cceff-d6ab-4c03-8fa3-65f31174a4ac","block_type":"box","text":"the format of the shareholder meeting does not accommodate reasonable shareholder participation.","page_number":167,"box":{"x":88,"y":316,"width":704,"height":12}},{"id":"1ee03e3b-963a-4558-b540-cb4b02f245b6","block_type":"box","text":"Bylaw amendments","page_number":167,"box":{"x":106,"y":342,"width":140,"height":13}},{"id":"65296b47-8e2f-4264-a7d0-2d5160dd13fb","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":167,"box":{"x":88,"y":369,"width":860,"height":12}},{"id":"f1e243f7-5198-4a45-bc2b-61a5f8f1fa46","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":167,"box":{"x":89,"y":384,"width":873,"height":12}},{"id":"1c2db2bb-c25b-4045-8201-980aa1d71356","block_type":"box","text":"to a shareholder vote.","page_number":167,"box":{"x":88,"y":399,"width":151,"height":10}},{"id":"bfdacee0-4c0f-4945-9bd6-b2cae087bd14","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against directors if","page_number":167,"box":{"x":88,"y":426,"width":853,"height":12}},{"id":"54c4fb07-a95e-4cac-aae1-e7a2f1f34935","block_type":"box","text":"material changes are made to the bylaws without shareholder approval.","page_number":167,"box":{"x":89,"y":441,"width":501,"height":12}},{"id":"051ccbfa-dd8f-4168-bf3c-3ef058a48d9f","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":167,"box":{"x":89,"y":467,"width":876,"height":13}},{"id":"f45b7555-e826-462f-b68b-3412a260c1b1","block_type":"box","text":"meaningful shareholding the right to call a special meeting of shareholders. The shareholding required to exercise this right","page_number":167,"box":{"x":89,"y":482,"width":864,"height":13}},{"id":"412665fe-591e-40a0-aa2e-57478374dbc7","block_type":"box","text":"should balance its utility with the cost to the company of holding special meetings.","page_number":167,"box":{"x":89,"y":497,"width":579,"height":13}},{"id":"6ed6beb4-a73c-4289-875b-b045a6e2a354","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":167,"box":{"x":89,"y":524,"width":876,"height":12}},{"id":"be5a5587-0f18-428a-b7c5-606e274248d6","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":167,"box":{"x":89,"y":539,"width":859,"height":12}},{"id":"d72e3761-846f-490b-9d7b-b7d98c231e34","block_type":"box","text":"so that shareholders can exercise it without being unduly disruptive to the board’s own nomination process.","page_number":167,"box":{"x":89,"y":554,"width":756,"height":12}},{"id":"ea703a32-834f-4eba-90c6-5068c8f4ae6d","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":167,"box":{"x":88,"y":581,"width":878,"height":12}},{"id":"0c1327ad-7f23-40f5-bbab-876c9aaaa1aa","block_type":"box","text":"for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":167,"box":{"x":88,"y":596,"width":696,"height":12}},{"id":"05b83aea-0dfb-4766-bac9-551fab2e82cd","block_type":"box","text":"Change of domicile","page_number":167,"box":{"x":105,"y":622,"width":139,"height":12}},{"id":"e9afc280-5c49-494a-951d-188d44ba25ac","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":167,"box":{"x":88,"y":649,"width":842,"height":12}},{"id":"8a34be2c-9288-459c-99b8-659aaf0be9f1","block_type":"box","text":"consistent with the company’s long-term strategy and business model and the related costs are immaterial.","page_number":167,"box":{"x":89,"y":664,"width":754,"height":12}},{"id":"71339686-8257-487c-82dc-b8428edb11bb","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":167,"box":{"x":88,"y":690,"width":878,"height":13}},{"id":"0c91efc6-d9d1-488a-9272-bab798fff174","block_type":"box","text":"financial interests.","page_number":167,"box":{"x":88,"y":705,"width":126,"height":10}},{"id":"32814e50-dd0f-4c3c-971e-cd9edd3f3917","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":167,"box":{"x":105,"y":732,"width":446,"height":12}},{"id":"7e9bea3b-bb52-47e6-b796-2f5eca46007a","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":167,"box":{"x":89,"y":758,"width":826,"height":13}},{"id":"a159ca42-79bd-4238-ab20-72f5a520969d","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":167,"box":{"x":89,"y":773,"width":823,"height":13}},{"id":"a41ae0fc-5001-450a-bff0-31f3c5a114eb","block_type":"box","text":"suitability of a company for their investment strategy or portfolio.","page_number":167,"box":{"x":89,"y":788,"width":455,"height":13}},{"id":"0e82ff09-9c31-46ff-ae84-b928771a2548","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":167,"box":{"x":88,"y":815,"width":871,"height":12}},{"id":"3d0272c4-2f8e-49e6-bd5b-030d86a0c003","block_type":"box","text":"not provided a credible argument for change.","page_number":167,"box":{"x":89,"y":830,"width":316,"height":12}},{"id":"518a09ee-9ac6-460f-a9a9-15f64c2ecbcf","block_type":"box","text":"A-12","page_number":167,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"ee68fc41-49fa-4380-9482-9a81ff9829d4","block_type":"box","text":"Shareholder proposals","page_number":168,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"c3396f0b-c4fc-4bcf-b462-58ba385b549a","block_type":"box","text":"Shareholders in many markets, who meet certain eligibility criteria, have the right to submit proposals to the general","page_number":168,"box":{"x":88,"y":70,"width":813,"height":13}},{"id":"ad8cfd20-82c0-46aa-8c3a-7c01c30a29c5","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":168,"box":{"x":89,"y":85,"width":846,"height":13}},{"id":"3a9131f0-6ee7-49df-a910-97955eb4765f","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":168,"box":{"x":89,"y":101,"width":879,"height":12}},{"id":"22a977ba-eca1-4505-b1d2-91e358d6de99","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":168,"box":{"x":89,"y":116,"width":857,"height":12}},{"id":"ddc0508c-de22-4d7f-9210-831c58e00054","block_type":"box","text":"when a company is unresponsive to their engagement.","page_number":168,"box":{"x":88,"y":131,"width":384,"height":12}},{"id":"a8710ca3-f530-42a7-8f4b-ae12b69db5a7","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":168,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"f32936cd-9928-4181-a768-1e5791bf9a80","block_type":"box","text":"its current approach, whether the actions sought are consistent with shareholders’ interests, and what impact the proposal","page_number":168,"box":{"x":89,"y":172,"width":861,"height":13}},{"id":"18c99702-4689-45e5-aae5-dd164ca69bd7","block_type":"box","text":"being acted upon might have on financial performance.","page_number":168,"box":{"x":89,"y":188,"width":388,"height":12}},{"id":"7fc1bceb-b7c8-4135-afa4-b4f6fa5ea8f6","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":168,"box":{"x":89,"y":214,"width":861,"height":12}},{"id":"9913dc57-2472-4455-93e5-8758aa5cc3fa","block_type":"box","text":"understand the apparent difference in perspective. If we continue to believe the company is not acting in shareholders’","page_number":168,"box":{"x":89,"y":229,"width":829,"height":12}},{"id":"ce047e6b-8857-4ad6-939f-49a4375e6c43","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":168,"box":{"x":88,"y":244,"width":871,"height":13}},{"id":"92878a73-f749-4809-8b0c-816991e498db","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":168,"box":{"x":89,"y":259,"width":865,"height":13}},{"id":"1ccd3f74-adad-4da5-8dcb-ce2c722305a1","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":168,"box":{"x":89,"y":274,"width":868,"height":13}},{"id":"946d35cd-25a0-4513-9811-1a57b47393c1","block_type":"box","text":"are unrelated to how a company manages risk or generates financial returns.","page_number":168,"box":{"x":89,"y":290,"width":537,"height":12}},{"id":"39f57f38-949b-4d2d-a2f8-cabbc72479ec","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":168,"box":{"x":89,"y":316,"width":851,"height":12}},{"id":"b19f33e0-a047-4828-80c4-e84b49b18a71","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":168,"box":{"x":89,"y":331,"width":876,"height":12}},{"id":"bb710993-37b2-4668-b5af-a346b8a0e6b8","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":168,"box":{"x":88,"y":346,"width":647,"height":13}},{"id":"bf4f043b-dfed-47b1-b75d-9117af4347e4","block_type":"box","text":"Corporate political activities","page_number":168,"box":{"x":89,"y":373,"width":202,"height":12}},{"id":"6d144d71-de25-4f09-8171-de2ed07c8827","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":168,"box":{"x":88,"y":399,"width":841,"height":13}},{"id":"71a2a934-e5c6-4d0f-9478-378cc2f5909e","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":168,"box":{"x":89,"y":414,"width":865,"height":13}},{"id":"7c04d4c9-10f9-4b90-8188-fe2cd63b2810","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":168,"box":{"x":89,"y":429,"width":876,"height":13}},{"id":"7e8a1ad6-dcaf-44ab-a27a-428eef63db4a","block_type":"box","text":"Companies should, as a minimum, meet all regulatory disclosure requirements on political activities, and ideally, provide","page_number":168,"box":{"x":89,"y":445,"width":839,"height":12}},{"id":"9b416bfe-5514-4097-b515-c73befcbb686","block_type":"box","text":"accessible and clear disclosures to shareholders on policy positions, public policy engagement activities and political","page_number":168,"box":{"x":89,"y":460,"width":814,"height":12}},{"id":"7e616e32-fff6-40be-99ed-c705fb31a4e7","block_type":"box","text":"donations. To mitigate the risk of inconsistencies, companies can usefully assess the alignment between their policy priorities","page_number":168,"box":{"x":89,"y":475,"width":878,"height":12}},{"id":"ce14b42e-efb6-4c18-a4b1-ff1b6cebc8bb","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":168,"box":{"x":89,"y":490,"width":849,"height":12}},{"id":"6c1ddac4-fb0a-43aa-8a44-89fc4454f098","block_type":"box","text":"trade associations on behalf of members.","page_number":168,"box":{"x":88,"y":505,"width":289,"height":10}},{"id":"73e853f9-8fd6-45a3-8a29-1e0bb39ec4cb","block_type":"box","text":"Generally, this is an engagement matter, although we may support a relevant shareholder proposal, or vote against directors,","page_number":168,"box":{"x":89,"y":531,"width":872,"height":13}},{"id":"fc9ce680-18e3-46eb-a0a3-be3174484191","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":168,"box":{"x":88,"y":547,"width":845,"height":12}},{"id":"49b78602-c277-4dd2-8f12-affb2ceda9eb","block_type":"box","text":"public policy positions and its policy engagement.","page_number":168,"box":{"x":89,"y":562,"width":348,"height":12}},{"id":"4e57ee51-ea35-42fa-b8e2-0aa1d26066c2","block_type":"box","text":"Sustainability, or environmental and social, considerations","page_number":168,"box":{"x":88,"y":588,"width":421,"height":12}},{"id":"c9bbc8eb-3b00-400c-802e-60d6308ae15e","block_type":"box","text":"We seek to understand how companies manage the risks and opportunities inherent in their business operations. In our","page_number":168,"box":{"x":88,"y":615,"width":840,"height":12}},{"id":"d4a7448d-249a-415c-a45c-4ab96b6f1259","block_type":"box","text":"experience, sustainability-related factors","page_number":168,"box":{"x":89,"y":630,"width":282,"height":12}},{"id":"bdc9c835-d0d0-41be-8299-21ef2750f337","block_type":"box","text":"(5)","page_number":168,"box":{"x":373,"y":628,"width":14,"height":8}},{"id":"b80a4deb-1643-4c55-9924-eee26d6d1218","block_type":"box","text":"that are relevant to a company’s business or material to its financial performance,","page_number":168,"box":{"x":392,"y":630,"width":571,"height":12}},{"id":"70f2b71f-45ec-4ee7-8848-f2ee9aa76147","block_type":"box","text":"are generally operational considerations embedded into day-to-day management systems. Certain sustainability issues may","page_number":168,"box":{"x":89,"y":645,"width":867,"height":12}},{"id":"996485b8-9b7c-4528-a3ea-f9b6c500c5be","block_type":"box","text":"also inform long-term strategic planning, for example, investing in product innovation in anticipation of changing consumer","page_number":168,"box":{"x":89,"y":660,"width":868,"height":12}},{"id":"227ea5e6-214b-4031-867f-10e69d31f1d6","block_type":"box","text":"demand or adapting supply chains in response to changing regulatory requirements.","page_number":168,"box":{"x":89,"y":675,"width":593,"height":12}},{"id":"d2f02acf-de8f-4417-9059-d310115eac9f","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":168,"box":{"x":88,"y":702,"width":864,"height":12}},{"id":"524a5018-8d23-40af-9e2d-e3bb50985139","block_type":"box","text":"company business model, sector, key markets, and time horizon, amongst other considerations. From company disclosures","page_number":168,"box":{"x":89,"y":717,"width":862,"height":12}},{"id":"b4db5bef-8372-4db1-83f0-1309b69981f4","block_type":"box","text":"and our engagement, we aim to understand how management is identifying, assessing and integrating material","page_number":168,"box":{"x":89,"y":732,"width":783,"height":12}},{"id":"093679fb-df29-482e-b174-80fcaa6029ce","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":168,"box":{"x":89,"y":793,"width":831,"height":10}},{"id":"3136e369-1d93-46d4-af7d-e5f22266cc17","block_type":"box","text":"el that","page_number":168,"box":{"x":922,"y":793,"width":34,"height":8}},{"id":"4b0c055c-cdf5-450b-a47b-d0c5f79d4fba","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":168,"box":{"x":121,"y":805,"width":826,"height":10}},{"id":"ea4b0fb9-f6da-486e-a3cd-acd57183e7f0","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":168,"box":{"x":121,"y":818,"width":832,"height":10}},{"id":"a7b596d4-b102-4cf7-aa59-e429c34b1a58","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":168,"box":{"x":121,"y":831,"width":818,"height":10}},{"id":"d3b78c3e-1d1a-45c1-9e4c-2ba18ad68478","block_type":"box","text":"e","page_number":168,"box":{"x":940,"y":833,"width":5,"height":5}},{"id":"1e6e4223-7ed3-4594-895f-3f34e887b0e5","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":168,"box":{"x":121,"y":843,"width":823,"height":10}},{"id":"c1d0cdfd-8997-4c94-ac7e-3978aea27d10","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":168,"box":{"x":121,"y":856,"width":785,"height":10}},{"id":"d9aace9a-b891-46ff-80c9-4a5ea6a82a0f","block_type":"box","text":"onsider","page_number":168,"box":{"x":907,"y":856,"width":46,"height":8}},{"id":"196ae13d-b7f3-43e1-8519-5872994de1b3","block_type":"box","text":"ations is a component of a sound governance framework.","page_number":168,"box":{"x":121,"y":868,"width":323,"height":10}},{"id":"3e84f35d-adc1-49f0-9d43-72db25af4cb4","block_type":"box","text":"A-13","page_number":168,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"144354d0-812f-420b-82a1-ba60605c492b","block_type":"box","text":"sustainability-related risks and opportunities into their business decision-making and practices. Doing so helps us undertake","page_number":169,"box":{"x":89,"y":44,"width":871,"height":12}},{"id":"aacb3a5e-1416-4545-9639-524f7ddcf4d1","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":169,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"868fd38c-12b6-47d2-a1e4-db891a61090a","block_type":"box","text":"investment.","page_number":169,"box":{"x":89,"y":75,"width":80,"height":9}},{"id":"d8015ce5-633e-49ce-8084-dce6a2031ba2","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":169,"box":{"x":88,"y":101,"width":834,"height":12}},{"id":"09960fd2-6725-4645-b336-c18b5204f405","block_type":"box","text":"managing or disclosing its approach to material sustainability-related risks that may impact financial returns.","page_number":169,"box":{"x":89,"y":116,"width":762,"height":12}},{"id":"81c201ea-6cc3-4ee9-a74f-4a3bc44ea91d","block_type":"box","text":"Key stakeholders","page_number":169,"box":{"x":89,"y":142,"width":121,"height":12}},{"id":"bbd39c7f-46c1-4878-882a-9c8412a3922f","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":169,"box":{"x":89,"y":169,"width":842,"height":12}},{"id":"6ccd8d55-8e15-4ae4-b520-dd0479d43e72","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":169,"box":{"x":89,"y":184,"width":858,"height":12}},{"id":"6e1851e9-a4e4-49bc-a491-1ddad7780f0e","block_type":"box","text":"their business and long-term financial performance. For many companies, key stakeholders include employees, business","page_number":169,"box":{"x":88,"y":199,"width":843,"height":12}},{"id":"38d36c31-ede8-49c9-90b1-0dcee8e5c7df","block_type":"box","text":"partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they operate.","page_number":169,"box":{"x":89,"y":214,"width":872,"height":12}},{"id":"0054868a-d40b-4db8-b185-ff06eb081a96","block_type":"box","text":"Companies that appropriately balance the interests of investors and other stakeholders are, in our experience, more likely to","page_number":169,"box":{"x":89,"y":229,"width":865,"height":12}},{"id":"48f0331e-3c45-402d-a840-a8b4499681b5","block_type":"box","text":"be financially resilient over time.","page_number":169,"box":{"x":89,"y":244,"width":223,"height":13}},{"id":"2c65688a-0745-4bf7-9223-36f07cde704f","block_type":"box","text":"Climate and decarbonization investment objectives","page_number":169,"box":{"x":89,"y":271,"width":367,"height":12}},{"id":"572d0343-0af6-4a6b-abb7-a22ece6c4a1a","block_type":"box","text":"Certain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives. Consistent","page_number":169,"box":{"x":89,"y":297,"width":847,"height":12}},{"id":"e7e0a8fd-5756-40a1-a0de-483a72f79b75","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":169,"box":{"x":88,"y":312,"width":875,"height":13}},{"id":"f6de2de5-1ec7-4c43-a2fb-2a42495be332","block_type":"box","text":"some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for those funds’ holdings, we look","page_number":169,"box":{"x":89,"y":327,"width":864,"height":13}},{"id":"02a192c4-c822-4d31-b6ef-ea736b9c0e88","block_type":"box","text":"to investee companies to demonstrate that they are aligned with a decarbonization pathway that means their business model","page_number":169,"box":{"x":88,"y":342,"width":878,"height":13}},{"id":"7df91eec-3eba-45dd-85f4-5b9cef84ea5d","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":169,"box":{"x":88,"y":358,"width":849,"height":12}},{"id":"fe8051f0-326d-4581-8545-720d0dde5d40","block_type":"box","text":"levels. This approach is only taken following BlackRock receiving the explicit approval from the applicable fund board.","page_number":169,"box":{"x":89,"y":373,"width":820,"height":12}},{"id":"2e2ded38-7d2a-4ab3-919c-deefb6f41598","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that contribute to real","page_number":169,"box":{"x":88,"y":399,"width":859,"height":13}},{"id":"c6f9c590-ada4-4811-a726-cccec07bd0cb","block_type":"box","text":"world decarbonization or have a carbon intensive business model and face outsized impacts from the low carbon transition,","page_number":169,"box":{"x":88,"y":414,"width":867,"height":13}},{"id":"c39999bc-945e-433a-95de-b85c9fdd5128","block_type":"box","text":"based on reported and estimated scopes 1, 2, and 3 greenhouse gas emissions. These companies should provide disclosures","page_number":169,"box":{"x":89,"y":429,"width":872,"height":13}},{"id":"be164fa9-e4db-4435-9cc0-a49755720a63","block_type":"box","text":"that set out their governance, strategy, risk management processes and metrics and targets relevant to decarbonization.","page_number":169,"box":{"x":88,"y":445,"width":842,"height":12}},{"id":"f934dbbd-0a6c-4326-8c85-94f6472075dc","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":169,"box":{"x":88,"y":460,"width":862,"height":12}},{"id":"63787675-25ae-4f02-9c50-655309885de7","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":169,"box":{"x":88,"y":475,"width":860,"height":12}},{"id":"ef0bdf38-8d5d-4335-b6e7-9e5ef9388b31","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":169,"box":{"x":88,"y":490,"width":873,"height":12}},{"id":"e503554f-9d9a-492d-82e6-f5d6b8c93650","block_type":"box","text":"the International Sustainability Standards Board, IFRS S2, a useful reference for such reporting.","page_number":169,"box":{"x":88,"y":505,"width":661,"height":12}},{"id":"556bc2c0-cfeb-4923-b523-68157a8296a0","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or support for a","page_number":169,"box":{"x":89,"y":531,"width":875,"height":13}},{"id":"4d41cccc-5200-4cec-9846-233385a548b6","block_type":"box","text":"relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing material climate","page_number":169,"box":{"x":89,"y":547,"width":838,"height":12}},{"id":"ede3f28c-e7a2-4d4e-b9b7-d81159af336e","block_type":"box","text":"related risks. We may recommend supporting shareholder proposals seeking information relevant to a company’s stated low","page_number":169,"box":{"x":89,"y":562,"width":876,"height":12}},{"id":"0c14c36d-1aa0-4d92-aa35-da87472f255e","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":169,"box":{"x":89,"y":577,"width":866,"height":12}},{"id":"7a2c0351-23ea-49cf-b27a-d2356ca948ab","block_type":"box","text":"decision-making. As under the BAIS benchmark approach, the active portfolio managers are ultimately responsible for voting","page_number":169,"box":{"x":89,"y":592,"width":875,"height":12}},{"id":"791ba76f-e9ea-40f6-b215-f61cbe5f6707","block_type":"box","text":"consistent with their investment mandate and fund objectives.","page_number":169,"box":{"x":89,"y":607,"width":437,"height":12}},{"id":"494357cb-c85b-4ae6-b001-78929d2e6c6b","block_type":"box","text":"Appendix 1: How we fulfil and oversee our active investment stewardship responsibilities","page_number":169,"box":{"x":88,"y":633,"width":643,"height":13}},{"id":"0ab57b11-d344-4096-b169-d15541597f46","block_type":"box","text":"Oversight","page_number":169,"box":{"x":105,"y":660,"width":69,"height":12}},{"id":"80160fae-d16b-41f1-af8e-2a2657fcec1d","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":169,"box":{"x":88,"y":686,"width":865,"height":13}},{"id":"0414b8de-1709-4668-809c-103e290d8863","block_type":"box","text":"with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the Guidelines”), which","page_number":169,"box":{"x":88,"y":702,"width":835,"height":12}},{"id":"2fbcd016-e439-496b-8a32-2b7c40780404","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances, as well as input","page_number":169,"box":{"x":89,"y":717,"width":878,"height":12}},{"id":"2f1b6178-64cf-4eb4-9d84-b34676b919de","block_type":"box","text":"from active investors. BAIS is independent from BlackRock Investment Stewardship in our engagement and voting activities,","page_number":169,"box":{"x":88,"y":732,"width":868,"height":12}},{"id":"90fe7663-b0eb-46da-8b87-a275fadaea4c","block_type":"box","text":"reporting lines, and oversight.","page_number":169,"box":{"x":89,"y":747,"width":207,"height":12}},{"id":"0d77bc1b-e831-44d2-81c3-af4043e525b9","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active investment, legal","page_number":169,"box":{"x":88,"y":773,"width":873,"height":13}},{"id":"135b077d-20ae-4dc3-be53-6ce6b8755025","block_type":"box","text":"and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting Guidelines. The Committee also","page_number":169,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"1935cc2c-7258-4d04-91e5-d2b69cb62560","block_type":"box","text":"considers developments in corporate governance, related public policy, and market norms and how these might influence","page_number":169,"box":{"x":89,"y":804,"width":852,"height":12}},{"id":"44b2de14-5aa9-4afd-bcaf-a34d88f07f10","block_type":"box","text":"BAIS’ policies and practices. The Committee does not determine voting decisions, which are the responsibility of BAIS and","page_number":169,"box":{"x":89,"y":819,"width":853,"height":12}},{"id":"46296ecc-7685-449e-bedc-0e71211494f9","block_type":"box","text":"the relevant active equity investors.","page_number":169,"box":{"x":88,"y":834,"width":246,"height":12}},{"id":"c05f9560-2548-45e7-8aa7-17f3945bbb7d","block_type":"box","text":"A-14","page_number":169,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"1f77d4db-9206-4d52-bdac-c7805f643454","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":170,"box":{"x":89,"y":44,"width":861,"height":12}},{"id":"8aafb528-2132-41c4-b4e6-18bf9ea943a8","block_type":"box","text":"before a recommendation is finalized and escalated to the portfolio managers with holdings in the company under","page_number":170,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"8b1db5cb-8e9d-4862-898f-3054d7b9c9cb","block_type":"box","text":"consideration. This group also formally reviews any revisions to the Engagement and Voting Guidelines proposed by BAIS as","page_number":170,"box":{"x":89,"y":74,"width":868,"height":12}},{"id":"edf89075-6634-4908-a1f3-ebfa853a94e5","block_type":"box","text":"part of its annual review.","page_number":170,"box":{"x":89,"y":89,"width":170,"height":13}},{"id":"3381d479-02cf-4114-a53f-e581b27b5c2d","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy votes, and","page_number":170,"box":{"x":89,"y":116,"width":862,"height":12}},{"id":"fd73949d-1668-410d-af4e-56cdeccacf0c","block_type":"box","text":"conducts vote operations (including maintaining records of votes cast) in a manner consistent with the Guidelines. BAIS also","page_number":170,"box":{"x":89,"y":131,"width":873,"height":12}},{"id":"626a378a-cdbc-4820-af1f-ef29251135bd","block_type":"box","text":"conducts research on corporate governance issues and participates in industry discussions to contribute to and keep abreast","page_number":170,"box":{"x":89,"y":146,"width":874,"height":12}},{"id":"a8f9bb75-244e-40fd-b1d9-b3a9abe3586a","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":170,"box":{"x":89,"y":161,"width":878,"height":12}},{"id":"d56ba54a-3a07-466a-ac11-7b159bcc953e","block_type":"box","text":"and performs oversight of those third parties (see “Use and oversight of third-party vote services providers” below).","page_number":170,"box":{"x":89,"y":176,"width":807,"height":13}},{"id":"e297986a-f91f-43ce-9e7b-1732cbdf71d5","block_type":"box","text":"Voting guidelines and vote execution","page_number":170,"box":{"x":104,"y":203,"width":267,"height":12}},{"id":"c7ea2910-8ba5-4e0c-86ce-cbfcf8c2267c","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":170,"box":{"x":89,"y":229,"width":866,"height":12}},{"id":"49b225c2-d8da-4d92-9d90-93756e20e75d","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":170,"box":{"x":88,"y":244,"width":863,"height":13}},{"id":"e81edd74-dd34-4c96-a395-12cfbfcba267","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":170,"box":{"x":88,"y":259,"width":863,"height":13}},{"id":"79f08545-8cc6-48da-a99c-2e82e307c4b9","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":170,"box":{"x":88,"y":274,"width":877,"height":13}},{"id":"4a131c70-4ba9-40d2-9ac4-505921d87dc3","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":170,"box":{"x":88,"y":290,"width":848,"height":12}},{"id":"14ddf1e1-e505-4bb6-a17b-3cea2d4413d1","block_type":"box","text":"any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and procedures,”","page_number":170,"box":{"x":89,"y":305,"width":841,"height":12}},{"id":"4928c5b8-cb64-4ee9-9b69-06db514f0413","block_type":"box","text":"below).","page_number":170,"box":{"x":89,"y":320,"width":50,"height":12}},{"id":"a83ba100-cf28-4976-9852-8fb7983e1eda","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines, although","page_number":170,"box":{"x":88,"y":346,"width":859,"height":13}},{"id":"85b0aa9c-952e-425e-93c3-67e4babc99be","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":170,"box":{"x":89,"y":361,"width":846,"height":13}},{"id":"088d55db-9393-40c0-a2c2-7a3ccd8eab59","block_type":"box","text":"investment objective and financial interests of clients invested in the funds they manage.","page_number":170,"box":{"x":89,"y":376,"width":619,"height":13}},{"id":"aa606b66-7be6-43a2-8277-8341a99375f4","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":170,"box":{"x":88,"y":403,"width":862,"height":12}},{"id":"2d787339-765e-4fac-ba5a-75fa6e38f8ee","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":170,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"6f3874d1-4b4c-46c1-9f52-041f26bda468","block_type":"box","text":"BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues generally, and provide","page_number":170,"box":{"x":89,"y":433,"width":827,"height":13}},{"id":"9dd04d6c-4da8-4fe3-854f-7d56e9bfe9e5","block_type":"box","text":"insight into how we typically approach issues that commonly arise on corporate ballots. The Guidelines are reviewed","page_number":170,"box":{"x":89,"y":448,"width":815,"height":13}},{"id":"882c363e-3e94-4294-8b08-6993c8d14d3f","block_type":"box","text":"annually and updated as necessary to reflect changes in market practices, developments in corporate governance and","page_number":170,"box":{"x":89,"y":463,"width":826,"height":13}},{"id":"34411be9-e3d8-4769-9eb0-14b34bffbe97","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":170,"box":{"x":88,"y":479,"width":854,"height":12}},{"id":"9bf65c6a-81c4-4f86-8b5f-e08459fe7b6a","block_type":"box","text":"practices most aligned with clients’ long-term financial interests.","page_number":170,"box":{"x":89,"y":494,"width":452,"height":12}},{"id":"068252a0-db1b-40f8-b4d9-2342e8136626","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":170,"box":{"x":89,"y":520,"width":846,"height":12}},{"id":"6cc943c7-3d76-4bee-8b23-babdfce0a7ab","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":170,"box":{"x":89,"y":535,"width":867,"height":13}},{"id":"08975c3a-3f2e-49a6-9c8f-de9a1b33f6a5","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":170,"box":{"x":89,"y":550,"width":804,"height":13}},{"id":"04b86bb5-af3e-440d-a096-678eaafad491","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":170,"box":{"x":89,"y":565,"width":820,"height":13}},{"id":"a34a2693-0574-418c-a610-aaf6c29363a2","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":170,"box":{"x":89,"y":581,"width":830,"height":12}},{"id":"6e20bc52-532b-4a65-99e3-bcac35433233","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":170,"box":{"x":89,"y":596,"width":788,"height":12}},{"id":"afb04f40-d8db-45dc-89c6-0efde11a5fd9","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":170,"box":{"x":89,"y":611,"width":807,"height":12}},{"id":"11bd2c70-20df-44fb-8c57-b3e6f2500655","block_type":"box","text":"burdensome administrative requirements.","page_number":170,"box":{"x":89,"y":626,"width":292,"height":12}},{"id":"619fa94a-9290-4db0-adf5-fb5e22b68a76","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":170,"box":{"x":89,"y":652,"width":878,"height":13}},{"id":"6f68e283-788e-436f-b553-10d2e05cbce5","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":170,"box":{"x":89,"y":668,"width":869,"height":12}},{"id":"f1cb31f2-b9d8-4af4-9d7c-105bffdebb5f","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":170,"box":{"x":89,"y":683,"width":878,"height":12}},{"id":"fb41e02e-d831-47de-8e45-77beca7415e3","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":170,"box":{"x":89,"y":698,"width":397,"height":12}},{"id":"fc97fa26-7106-4663-901b-d61ecc6b8001","block_type":"box","text":"Voting Choice","page_number":170,"box":{"x":104,"y":724,"width":101,"height":13}},{"id":"b5a12eb6-e06e-4467-94c2-f6401106e14f","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more opportunities to participate in the proxy","page_number":170,"box":{"x":89,"y":751,"width":855,"height":12}},{"id":"8b8bda81-fa74-4165-ab67-b0552d11779e","block_type":"box","text":"voting process where legally and operationally viable.","page_number":170,"box":{"x":88,"y":766,"width":373,"height":12}},{"id":"481ae835-24a4-41cd-a9dc-a5b1c2c17cc1","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":170,"box":{"x":88,"y":792,"width":823,"height":13}},{"id":"3c329282-05d2-4a4f-a5a2-cf6358b45cc6","block_type":"box","text":"Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in separately","page_number":170,"box":{"x":89,"y":807,"width":832,"height":13}},{"id":"7db24722-45fb-4466-a0ae-5228a160d89e","block_type":"box","text":"managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment strategies","page_number":170,"box":{"x":89,"y":822,"width":756,"height":13}},{"id":"ca12f1a3-6e45-4086-8254-7a380010ade7","block_type":"box","text":"(6)","page_number":170,"box":{"x":847,"y":820,"width":14,"height":8}},{"id":"a512c1ba-4415-4806-9631-d7ef8621056f","block_type":"box","text":".","page_number":170,"box":{"x":863,"y":831,"width":2,"height":1}},{"id":"2e5bde35-63ef-4dc4-80eb-7c8c561dd7af","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":170,"box":{"x":89,"y":856,"width":844,"height":10}},{"id":"45ef17f9-457b-4f23-92b8-da868fba433e","block_type":"box","text":"eir","page_number":170,"box":{"x":934,"y":857,"width":13,"height":7}},{"id":"0ef62261-2262-4c70-bfa4-ef178f921121","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":170,"box":{"x":121,"y":868,"width":752,"height":10}},{"id":"401b20d6-171c-40d9-9de7-e6034c26a03c","block_type":"box","text":"A-15","page_number":170,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"aca3bb06-fc7b-4f9c-b38a-fbac65a215d7","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":171,"box":{"x":88,"y":44,"width":880,"height":12}},{"id":"9fc33382-cdcf-4ee5-987b-d7298d01d329","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":171,"box":{"x":89,"y":59,"width":833,"height":12}},{"id":"b4ef360c-640f-4c35-a8e7-a36c1b3ad488","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":171,"box":{"x":89,"y":74,"width":863,"height":12}},{"id":"4b821a7b-bb8e-49bc-96bf-23c58f9e4caf","block_type":"box","text":"because of Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy,","page_number":171,"box":{"x":89,"y":89,"width":826,"height":13}},{"id":"aee8af73-4926-4154-88ec-6b28f6bab40b","block_type":"box","text":"without client consent.","page_number":171,"box":{"x":88,"y":104,"width":160,"height":10}},{"id":"cd1839e2-6fbe-4e54-b112-975c37679c45","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":171,"box":{"x":105,"y":131,"width":400,"height":12}},{"id":"e65f51ac-46cb-4d6f-a8e1-7d0dd2a8e2a0","block_type":"box","text":"Third-party vote services providers – or proxy research firms - provide research and recommendations on proxy votes, as well","page_number":171,"box":{"x":88,"y":157,"width":877,"height":13}},{"id":"f54e1f2d-6327-46b4-8007-23b1d56f00d2","block_type":"box","text":"as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services provider ISS and","page_number":171,"box":{"x":89,"y":172,"width":833,"height":13}},{"id":"5a4f0cb3-63e5-4b12-b743-4cbe035dfa92","block_type":"box","text":"leverages its online platform to supply research and support voting, record keeping, and reporting processes. We also use","page_number":171,"box":{"x":89,"y":188,"width":848,"height":12}},{"id":"c594b171-25de-44d6-8f37-aa8f77bbd531","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":171,"box":{"x":89,"y":203,"width":858,"height":12}},{"id":"1b2263c1-13cd-4f34-9186-4cac48b24afd","block_type":"box","text":"firms provide important data and analysis, BAIS does not rely solely on their information or follow their voting","page_number":171,"box":{"x":88,"y":218,"width":767,"height":12}},{"id":"a5bc796d-762c-4fa8-b7e8-33b16020b5a7","block_type":"box","text":"recommendations. A company’s disclosures, our past engagements and voting, investment colleagues’ insights and our","page_number":171,"box":{"x":89,"y":233,"width":840,"height":12}},{"id":"9d76c786-ba50-4eb7-aac2-4475a28e05b8","block_type":"box","text":"voting guidelines are important inputs into our voting decisions on behalf of clients.","page_number":171,"box":{"x":88,"y":248,"width":586,"height":12}},{"id":"dcc52c28-0595-4b21-8bc9-25bb1adc8d10","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the voting","page_number":171,"box":{"x":89,"y":274,"width":824,"height":13}},{"id":"047139a7-046b-4270-ba2b-7a0c6ce6aebf","block_type":"box","text":"process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder meeting","page_number":171,"box":{"x":89,"y":290,"width":840,"height":12}},{"id":"326a333d-e65f-423f-8800-46dab6a2f0ac","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":171,"box":{"x":89,"y":305,"width":826,"height":12}},{"id":"fe7155ce-a760-4793-b583-d873a57fbfe7","block_type":"box","text":"relevant portfolio managers and vote. BAIS reviews and can override the recommendations of the vote services provider at","page_number":171,"box":{"x":89,"y":320,"width":856,"height":12}},{"id":"c5f5f444-6624-48d7-8865-dec52aa89368","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":171,"box":{"x":89,"y":335,"width":833,"height":12}},{"id":"4506aa1c-f4ab-4505-8457-963f3ea3eda8","block_type":"box","text":"reports, company announcements, and direct communications from companies to ensure awareness of supplemental","page_number":171,"box":{"x":89,"y":350,"width":826,"height":12}},{"id":"1161b874-ea9b-4264-8777-4f63507aafb8","block_type":"box","text":"disclosures and proxy materials that may require a modification of votes.","page_number":171,"box":{"x":89,"y":365,"width":508,"height":12}},{"id":"615d36f7-5ec6-4eb9-857c-f1cd75dae6ec","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":171,"box":{"x":89,"y":392,"width":850,"height":12}},{"id":"34c209da-8669-4bd8-85bb-71411d1632f3","block_type":"box","text":"level expectations and have effective policies and procedures in place to manage potential conflicts of interest. Our oversight","page_number":171,"box":{"x":89,"y":407,"width":872,"height":12}},{"id":"a8c587bf-d330-4ef6-ab82-bf3df49e7aec","block_type":"box","text":"of service providers includes regular meetings with client service teams, systematic monitoring of vendor operations, as well","page_number":171,"box":{"x":89,"y":422,"width":869,"height":12}},{"id":"cdc88c7e-8234-4115-8d38-04b274cf4a94","block_type":"box","text":"as annual due diligence meetings in accordance with BlackRock’s firmwide policies.","page_number":171,"box":{"x":89,"y":437,"width":584,"height":12}},{"id":"c6eae4a1-f825-45e9-b812-3e0539f97ced","block_type":"box","text":"Conflicts management policies and procedures","page_number":171,"box":{"x":105,"y":463,"width":340,"height":13}},{"id":"964a5f37-3543-4ca2-9f65-c40832f254e0","block_type":"box","text":"BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":171,"box":{"x":89,"y":490,"width":833,"height":12}},{"id":"992d108b-7e5e-409c-9064-8a97114b238c","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":171,"box":{"x":89,"y":505,"width":829,"height":12}},{"id":"aa09d127-66c6-4f69-9581-50935f764935","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":171,"box":{"x":89,"y":520,"width":855,"height":12}},{"id":"e02f699c-7aa0-4c4e-9c01-6c47cf82d449","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":171,"box":{"x":89,"y":535,"width":459,"height":13}},{"id":"7c741b73-bab5-4b3f-8ab5-156b258ed175","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":171,"box":{"x":121,"y":555,"width":676,"height":13}},{"id":"a2803a19-e7f0-45ab-a999-3b73a2b15564","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":171,"box":{"x":121,"y":576,"width":781,"height":12}},{"id":"a088f4f2-73cf-4c0f-843d-a93591cc9702","block_type":"box","text":"resolutions","page_number":171,"box":{"x":154,"y":591,"width":76,"height":9}},{"id":"48290953-4f9d-4cd9-be6c-d453d4088fac","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":171,"box":{"x":121,"y":611,"width":785,"height":12}},{"id":"2e4e5796-2cd4-44ed-a639-d95395246252","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":171,"box":{"x":121,"y":631,"width":780,"height":12}},{"id":"84b3a59b-2648-410d-83ca-7903caa6966b","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":171,"box":{"x":121,"y":651,"width":714,"height":12}},{"id":"6caf46bb-8ee8-4234-a449-449f4ba96b6b","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":171,"box":{"x":121,"y":671,"width":801,"height":13}},{"id":"5f0a025b-03a1-457c-83d4-cb2e55f2a721","block_type":"box","text":"managed by BlackRock","page_number":171,"box":{"x":154,"y":686,"width":162,"height":13}},{"id":"91a004d6-56e3-4c0a-b4c4-1c0637e4ee26","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":171,"box":{"x":89,"y":713,"width":839,"height":12}},{"id":"3b149d0c-6cab-4779-aa75-232ad70fffea","block_type":"box","text":"• Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies","page_number":171,"box":{"x":121,"y":733,"width":838,"height":12}},{"id":"e0a7c773-3592-4ff1-be09-ee5dbb191f99","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":171,"box":{"x":154,"y":748,"width":294,"height":10}},{"id":"247b11a1-b9ec-4df8-b3b7-d5c8c64904b6","block_type":"box","text":"• Established a reporting structure that separates BAIS from employees with sales, vendor management, or business","page_number":171,"box":{"x":121,"y":768,"width":835,"height":13}},{"id":"1693e065-baf7-4482-885a-dcf6e4b7601b","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":171,"box":{"x":154,"y":783,"width":777,"height":13}},{"id":"7a2a44a5-3607-4886-90e6-f819f4be3863","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":171,"box":{"x":154,"y":799,"width":797,"height":12}},{"id":"33c209a2-54ab-4642-bd5b-2eab2debcd09","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access. BAIS","page_number":171,"box":{"x":153,"y":814,"width":752,"height":12}},{"id":"1d35a933-cb9f-4e27-80df-29c705866bb9","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":171,"box":{"x":154,"y":829,"width":803,"height":12}},{"id":"27633f5c-76f2-4897-bb2e-09a2abafa8d8","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":171,"box":{"x":154,"y":844,"width":802,"height":12}},{"id":"7ca16804-3e2c-443a-a16c-e95b08a4528f","block_type":"box","text":"the economic value of the company. Within the normal course of business, BAIS may engage directly with","page_number":171,"box":{"x":153,"y":859,"width":741,"height":12}},{"id":"95121e2d-9863-4947-92c4-b69cdb40405f","block_type":"box","text":"A-16","page_number":171,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"66d38cd4-e364-4c9a-ad76-eecbf76ffb24","block_type":"box","text":"BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management,","page_number":172,"box":{"x":154,"y":44,"width":798,"height":12}},{"id":"a15ceb7a-9a62-4b85-9fec-fb8e09739939","block_type":"box","text":"or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance","page_number":172,"box":{"x":154,"y":59,"width":803,"height":12}},{"id":"1f07c24d-d6d8-4083-a5b9-096dee56e287","block_type":"box","text":"matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":172,"box":{"x":154,"y":74,"width":741,"height":12}},{"id":"c3d25bbb-dc06-4e44-b441-fb949605cbe6","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":172,"box":{"x":121,"y":94,"width":846,"height":13}},{"id":"fea68014-7e01-43d6-a169-8d37ddbb3a60","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":172,"box":{"x":154,"y":109,"width":784,"height":13}},{"id":"03739729-2222-49b7-ae80-0988137f8d31","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":172,"box":{"x":154,"y":125,"width":780,"height":12}},{"id":"710f1673-5ee3-48b1-985b-b71f3cc375af","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":172,"box":{"x":154,"y":140,"width":793,"height":12}},{"id":"57a38c40-52f1-49b5-ab53-6741c5a6bd57","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":172,"box":{"x":154,"y":155,"width":799,"height":12}},{"id":"2d265703-f0c7-49bd-b8f9-6ef36714189c","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":172,"box":{"x":154,"y":170,"width":790,"height":12}},{"id":"84bd2548-d0f3-40a1-94bf-3fd48fb2e3c3","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":172,"box":{"x":154,"y":185,"width":693,"height":12}},{"id":"404cd5c8-51b5-40ee-8c5a-a97a2d53ca18","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":172,"box":{"x":187,"y":205,"width":592,"height":12}},{"id":"fa1c47ec-b67e-4bed-a715-2b2cdcf39579","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":172,"box":{"x":187,"y":225,"width":761,"height":13}},{"id":"6276cc07-d3ee-4c28-a5f0-da909ebba23c","block_type":"box","text":"the board of directors","page_number":172,"box":{"x":218,"y":240,"width":152,"height":10}},{"id":"0f0ed649-5aec-4746-b853-e24eec99ad79","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":172,"box":{"x":187,"y":261,"width":646,"height":12}},{"id":"1b54c583-55e6-418b-9fec-26c13ea701f9","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":172,"box":{"x":187,"y":281,"width":513,"height":12}},{"id":"90b68e4f-97ee-42c5-9f70-238ce57ae59a","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":172,"box":{"x":187,"y":301,"width":764,"height":12}},{"id":"04df77a2-f497-4b30-9d9e-8c55e824690d","block_type":"box","text":"party voting service provider","page_number":172,"box":{"x":219,"y":316,"width":199,"height":12}},{"id":"33f8da83-b3b3-43ce-a1a4-be15e7163a61","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":172,"box":{"x":89,"y":342,"width":873,"height":13}},{"id":"1c5d0f3d-d744-401e-a345-e27c7ad9dafe","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":172,"box":{"x":89,"y":358,"width":826,"height":12}},{"id":"cf9c0048-de39-44cc-aa96-077cf837f5b0","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":172,"box":{"x":89,"y":373,"width":836,"height":12}},{"id":"ff0e76ce-9bb1-485f-8ca5-ff77a14376bb","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":172,"box":{"x":89,"y":388,"width":829,"height":12}},{"id":"b19ba7a3-457a-4c4e-af61-dcf6cc36093d","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":172,"box":{"x":89,"y":403,"width":804,"height":12}},{"id":"55ea516b-95df-46ec-8afd-8d2cde3df17e","block_type":"box","text":"Investment Stewardship Oversight Committee appoints and reviews the performance of the independent third-party voting","page_number":172,"box":{"x":89,"y":418,"width":863,"height":12}},{"id":"bd14004b-6af5-4d4e-a97a-4a6ad7df5f27","block_type":"box","text":"service providers, generally on an annual basis.","page_number":172,"box":{"x":89,"y":433,"width":327,"height":13}},{"id":"3734c166-bb65-497d-8a89-98e30e06225c","block_type":"box","text":"Securities lending","page_number":172,"box":{"x":105,"y":460,"width":128,"height":12}},{"id":"50ade503-3c54-429e-a7fb-bca11253bea6","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":172,"box":{"x":88,"y":486,"width":855,"height":12}},{"id":"9d3bedbf-58b4-4730-aa33-1800cc38748a","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":172,"box":{"x":89,"y":501,"width":870,"height":13}},{"id":"eaf524f7-4da4-4f75-b2f3-a0486ec5738f","block_type":"box","text":"providers to keep fund expenses lower.","page_number":172,"box":{"x":89,"y":516,"width":270,"height":13}},{"id":"4128e1f9-5e00-4039-953e-e1bc05c69688","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":172,"box":{"x":88,"y":543,"width":867,"height":12}},{"id":"00df3b9a-3f58-41f4-995a-8c886fe5ffae","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":172,"box":{"x":89,"y":558,"width":827,"height":12}},{"id":"7d4a53d9-7de2-4685-9372-bf7414f93f13","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":172,"box":{"x":89,"y":573,"width":866,"height":12}},{"id":"131fc929-292c-4ba6-a260-f3bcce466e22","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":172,"box":{"x":89,"y":588,"width":853,"height":12}},{"id":"8f737e19-9edc-4a35-b4bb-247d8df3332e","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":172,"box":{"x":89,"y":603,"width":838,"height":13}},{"id":"e52d6f86-5f45-4a7a-9cb3-d6fca4a5878a","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":172,"box":{"x":89,"y":618,"width":844,"height":13}},{"id":"746730d2-f03b-45cd-8679-49f42fc249b0","block_type":"box","text":"active portfolio managers, as well as colleagues in the Securities Lending and Risk and Quantitative Analysis teams, to","page_number":172,"box":{"x":89,"y":633,"width":825,"height":13}},{"id":"4b09990a-57f0-4519-ab13-ed83b36738ae","block_type":"box","text":"evaluate the costs and benefits to clients of recalling shares on loan.","page_number":172,"box":{"x":89,"y":649,"width":475,"height":12}},{"id":"c739f2ce-10a3-44e5-9802-822501c6eaf4","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":172,"box":{"x":89,"y":675,"width":851,"height":12}},{"id":"fa06ee64-9ae2-463a-b020-da548f4ea270","block_type":"box","text":"not warrant recalling securities on loan. However, in certain instances, BlackRock may determine, in our independent","page_number":172,"box":{"x":89,"y":690,"width":816,"height":13}},{"id":"c9f56715-be18-4cc0-9a1c-beb43fe0dfff","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":172,"box":{"x":89,"y":705,"width":867,"height":13}},{"id":"d11c7471-23ab-4f70-81b0-857a93e50a3b","block_type":"box","text":"therefore recall shares to be voted in those instances.","page_number":172,"box":{"x":88,"y":720,"width":372,"height":10}},{"id":"e550f454-b2f7-4fe4-857b-e5e2bc64f249","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":172,"box":{"x":89,"y":747,"width":840,"height":12}},{"id":"e7757f2d-3b1c-4216-ab64-6dd6eef0fd43","block_type":"box","text":"modify it as necessary.","page_number":172,"box":{"x":89,"y":762,"width":156,"height":12}},{"id":"eb7991e7-e8f2-489c-88a1-06a66c3d18d5","block_type":"box","text":"Reporting and vote transparency","page_number":172,"box":{"x":106,"y":788,"width":236,"height":13}},{"id":"b2c28ee8-564b-49ba-9111-332a02098b84","block_type":"box","text":"BAIS is committed to transparency in the stewardship work we do on behalf of clients. We inform clients about our","page_number":172,"box":{"x":89,"y":815,"width":803,"height":12}},{"id":"1e4fde97-eca0-46eb-8ba2-be28cc19422e","block_type":"box","text":"engagement and voting policies and activities through direct communication and disclosure on our website.","page_number":172,"box":{"x":89,"y":830,"width":758,"height":12}},{"id":"63ddd36a-31e3-4afe-81ef-4eecd0c81148","block_type":"box","text":"A-17","page_number":172,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"88290203-2e2c-4be8-b58b-54cbc94ece5a","block_type":"box","text":"Want to know more?","page_number":173,"box":{"x":88,"y":44,"width":149,"height":10}},{"id":"d3f08f8a-c6ae-458d-829e-86bad57ca583","block_type":"box","text":"blackrock.com/stewardship | ContactActiveStewardship@blackrock.com","page_number":173,"box":{"x":89,"y":70,"width":511,"height":13}},{"id":"071f0edd-b070-401f-a202-d2607f7cf1bc","block_type":"box","text":"The document is provided for information purposes only and is subject to change. Reliance upon this information is at the","page_number":173,"box":{"x":88,"y":97,"width":855,"height":12}},{"id":"5ddc7970-a7d5-4e71-ab61-2b67ca062133","block_type":"box","text":"sole discretion of the reader.","page_number":173,"box":{"x":89,"y":112,"width":196,"height":10}},{"id":"1c07ac7b-628c-41d8-8d51-50a0111d60a1","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":173,"box":{"x":89,"y":138,"width":190,"height":13}},{"id":"552e8b93-3f6c-4e97-886d-e37d4116221f","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":173,"box":{"x":89,"y":165,"width":289,"height":12}},{"id":"f7aaa944-7530-4e08-b083-d1662b21e345","block_type":"box","text":"BLACKROCK","page_number":173,"box":{"x":384,"y":165,"width":89,"height":10}},{"id":"e6a12ebd-3979-45b3-8af8-94f24b1edc4d","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":173,"box":{"x":478,"y":165,"width":450,"height":11}},{"id":"88e237a8-912d-487c-b444-efd81169f16e","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":173,"box":{"x":88,"y":180,"width":558,"height":12}},{"id":"0e127587-82a0-4c12-ab72-855fb8922935","block_type":"box","text":"A-18","page_number":173,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"4d55ed49-8897-47db-b33a-e78924ab1cab","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":174,"box":{"x":203,"y":44,"width":653,"height":30}},{"id":"a2668fcf-c4b5-4b22-84b3-43558d480939","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":174,"box":{"x":89,"y":88,"width":483,"height":12}},{"id":"6bd7d8c3-c0b3-48b2-81fe-105ae3a9dfc1","block_type":"box","text":"Effective Date: January 1, 2025","page_number":174,"box":{"x":106,"y":114,"width":217,"height":13}},{"id":"365bbd5f-2a16-45ea-9fab-bad9b089e25a","block_type":"box","text":"________________________________________","page_number":174,"box":{"x":88,"y":151,"width":326,"height":1}},{"id":"13fe6931-a2b1-4b31-9632-5921b200e057","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":174,"box":{"x":88,"y":167,"width":507,"height":13}},{"id":"121d1cb0-c618-43ff-b48f-d91e1bc3764a","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":174,"box":{"x":110,"y":194,"width":391,"height":12}},{"id":"88d6cb4f-4696-4be6-a68b-b6f75a8155dd","block_type":"box","text":"□","page_number":174,"box":{"x":89,"y":221,"width":14,"height":11}},{"id":"9b0461b5-dc94-4275-a8a5-0452723d98ca","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":174,"box":{"x":109,"y":220,"width":596,"height":13}},{"id":"d82d049c-0748-4545-ad1c-908b4b254704","block_type":"box","text":"□","page_number":174,"box":{"x":89,"y":247,"width":14,"height":12}},{"id":"f1b956f3-af2e-4e41-bc28-c7f611fc26f3","block_type":"box","text":"Money Market Funds","page_number":174,"box":{"x":109,"y":247,"width":148,"height":12}},{"id":"78a8c6aa-0d12-4e75-9cfa-dd5d5f1b62f4","block_type":"box","text":"□","page_number":174,"box":{"x":89,"y":274,"width":14,"height":11}},{"id":"6846626b-7536-4e85-996e-6dd9d548a0ce","block_type":"box","text":"Closed-End Funds","page_number":174,"box":{"x":109,"y":273,"width":126,"height":10}},{"id":"4856e09d-c25b-444e-ad2a-2b5ce915ceca","block_type":"box","text":"□","page_number":174,"box":{"x":89,"y":300,"width":14,"height":12}},{"id":"c0e6d42b-0856-47f7-a246-c1e3424b988c","block_type":"box","text":"Other","page_number":174,"box":{"x":109,"y":300,"width":40,"height":9}},{"id":"a33f24eb-4f27-4f97-a154-0bbecf4987ce","block_type":"box","text":"________________________________________","page_number":174,"box":{"x":88,"y":337,"width":326,"height":0}},{"id":"1cd23575-5ff2-40fb-8e5f-107cf67e21bf","block_type":"box","text":"Objective and Scope","page_number":174,"box":{"x":89,"y":353,"width":146,"height":12}},{"id":"1881c72a-71ea-4b1a-b38c-024444896136","block_type":"box","text":"Set forth below is the Index Equity Fund Proxy Voting Policy.","page_number":174,"box":{"x":88,"y":379,"width":418,"height":12}},{"id":"ad4b510e-54fd-41ca-ad0a-6a75f02e3a8b","block_type":"box","text":"Policy / Document Requirements and Statements","page_number":174,"box":{"x":89,"y":405,"width":356,"height":13}},{"id":"402a3850-3100-4a35-8b56-e694ac37bcea","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of certain open-end funds (the “Funds”) advised by BlackRock Fund Advisors","page_number":174,"box":{"x":88,"y":432,"width":873,"height":12}},{"id":"d06862eb-bee1-4cfe-bb29-b0595d0ba77e","block_type":"box","text":"or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of voting proxies relating to portfolio","page_number":174,"box":{"x":89,"y":447,"width":835,"height":12}},{"id":"830e903c-5119-408c-8e15-75dddc18cb9b","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":174,"box":{"x":89,"y":462,"width":853,"height":12}},{"id":"2ec0b313-4309-4f82-ba2e-fe9ed92698f7","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":174,"box":{"x":88,"y":477,"width":878,"height":13}},{"id":"36bdd918-e539-4404-8588-e6fc62f853e6","block_type":"box","text":"to manage, acquire and dispose of account assets, all as contemplated by the Funds’ respective investment management","page_number":174,"box":{"x":88,"y":492,"width":850,"height":13}},{"id":"abc9fc7d-60d2-4603-9572-8a482d293283","block_type":"box","text":"agreements.","page_number":174,"box":{"x":89,"y":509,"width":85,"height":11}},{"id":"05272aee-c0d1-4e42-bc30-436717dd6a84","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy(“Guidelines”) (as from time to time","page_number":174,"box":{"x":89,"y":534,"width":869,"height":12}},{"id":"545a69c1-5040-46e7-a8d4-f32afdb55a21","block_type":"box","text":"amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for the iShares","page_number":174,"box":{"x":89,"y":549,"width":843,"height":12}},{"id":"c80c8bfb-6eeb-416c-be73-e60a70be8d23","block_type":"box","text":"Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to time amended, the","page_number":174,"box":{"x":89,"y":564,"width":822,"height":13}},{"id":"fa48cc17-a5db-4e73-b5b7-c66ecea7a8dc","block_type":"box","text":"“BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for matters covered in the","page_number":174,"box":{"x":89,"y":579,"width":818,"height":13}},{"id":"164ad959-f336-4328-a219-31cd1cafe1f9","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in Appendix A.","page_number":174,"box":{"x":89,"y":594,"width":689,"height":13}},{"id":"44cb8ff7-8a76-4bbb-b703-67d7aa169614","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":174,"box":{"x":89,"y":621,"width":876,"height":12}},{"id":"6111e19b-8bde-4e5e-871f-5d26ce35017e","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":174,"box":{"x":89,"y":636,"width":829,"height":12}},{"id":"f2c67492-1f0a-4a0f-b482-7f245b49aead","block_type":"box","text":"Decarbonization Stewardship Guidelines, as applicable.","page_number":174,"box":{"x":89,"y":651,"width":384,"height":12}},{"id":"aca2a006-1122-4149-8ec0-306d65ee4d39","block_type":"box","text":"Conflicts Management","page_number":174,"box":{"x":89,"y":678,"width":164,"height":12}},{"id":"df04c15f-8f94-4965-8595-01c75e30457c","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue influence on","page_number":174,"box":{"x":89,"y":704,"width":824,"height":12}},{"id":"6fb6d3b1-f732-4d99-b011-1a8718f51913","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":174,"box":{"x":89,"y":719,"width":865,"height":13}},{"id":"7a15fbe4-34cf-4068-9879-e2507e8060de","block_type":"box","text":"Potential material conflicts, and the resultant potential for undue influence, might be due to a relationship between the","page_number":174,"box":{"x":89,"y":734,"width":831,"height":13}},{"id":"15226ba9-7a9f-41cc-b686-32a56c0b7061","block_type":"box","text":"investee company (or any shareholder proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates or","page_number":174,"box":{"x":89,"y":749,"width":803,"height":13}},{"id":"296d6820-5145-43d9-9e0d-962e4a0c4eb9","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":174,"box":{"x":89,"y":765,"width":825,"height":12}},{"id":"76a4fa5d-7e51-4e9b-bd77-13c1e6b4294a","block_type":"box","text":"outlined in detail in the Guidelines. In mitigating conflicts, BIS will adhere to the Guidelines.","page_number":174,"box":{"x":89,"y":780,"width":635,"height":12}},{"id":"3754025b-0a4b-4243-aad2-ddef18f93353","block_type":"box","text":"In certain instances, BIS will engage an independent third-party voting service provider to make proxy voting","page_number":174,"box":{"x":89,"y":806,"width":758,"height":12}},{"id":"7b9e62e3-3a52-4173-9b0d-a58e3e4451e6","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":174,"box":{"x":89,"y":821,"width":784,"height":13}},{"id":"6dbf051f-55a5-4ad7-96e6-4df98c2413dc","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":174,"box":{"x":89,"y":836,"width":452,"height":13}},{"id":"1a1223f8-a60e-4956-88ef-b1e1633685b6","block_type":"box","text":"A-19","page_number":174,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"e1197bf1-79eb-4a57-b57a-2de799cb3210","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":175,"box":{"x":88,"y":44,"width":869,"height":12}},{"id":"7760db7d-9a79-4228-9e55-75f74c763cfd","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":175,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"4580cf84-b211-4147-abaa-edab0612f6cd","block_type":"box","text":"The Guidelines set forth BlackRock’s approach to recalling securities on loan in connection with proxy voting.","page_number":175,"box":{"x":88,"y":74,"width":764,"height":12}},{"id":"17ba35b9-42a1-4a3e-b99f-80f20b16c4af","block_type":"box","text":"Reports to the Board","page_number":175,"box":{"x":89,"y":101,"width":147,"height":12}},{"id":"6475f17d-0afe-4ba5-a3fc-aafe435257cc","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":175,"box":{"x":89,"y":127,"width":860,"height":12}},{"id":"a6b0bc43-eb65-48ac-9485-0e760541006e","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":175,"box":{"x":89,"y":142,"width":863,"height":12}},{"id":"6ba04499-6631-4501-b3af-c31334fedf2e","block_type":"box","text":"Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable (2) any material changes to","page_number":175,"box":{"x":89,"y":157,"width":878,"height":13}},{"id":"ca5151ce-dd93-49fb-aef0-75d8c64c2327","block_type":"box","text":"the Guidelines and the BlackRock Climate and Decarbonization Stewardship Guidelines, including material changes to","page_number":175,"box":{"x":88,"y":172,"width":826,"height":13}},{"id":"9e9b4422-6580-4b63-9878-53a1c2bf0bc4","block_type":"box","text":"conflicts management practices, that have not previously been reported.","page_number":175,"box":{"x":89,"y":188,"width":507,"height":12}},{"id":"f8bf254e-ae4c-43e0-a924-87347dd9c5f1","block_type":"box","text":"Appendix A","page_number":175,"box":{"x":88,"y":214,"width":85,"height":12}},{"id":"a2431917-d1c8-43a3-a069-4c5b68683eb1","block_type":"box","text":"iShares Climate Conscious & Transition MSCI USA ETF","page_number":175,"box":{"x":89,"y":240,"width":380,"height":10}},{"id":"4a44a097-c94c-40d1-82a8-0cd3c4f13341","block_type":"box","text":"iShares ESG Advanced MSCI EAFE ETF","page_number":175,"box":{"x":89,"y":256,"width":268,"height":9}},{"id":"723ac333-ef63-4ae3-a4c8-0bd34902cf51","block_type":"box","text":"iShares ESG Advanced MSCI EM ETF","page_number":175,"box":{"x":89,"y":271,"width":255,"height":9}},{"id":"f70c7cc2-a4fd-4691-9112-1c37f7623688","block_type":"box","text":"iShares ESG Advanced MSCI USA ETF","page_number":175,"box":{"x":89,"y":286,"width":263,"height":9}},{"id":"7aed6fbe-6297-4312-ad15-f1be1f0cc277","block_type":"box","text":"iShares ESG MSCI EM Leaders ETF","page_number":175,"box":{"x":89,"y":301,"width":240,"height":10}},{"id":"4aafa713-a9f8-411d-bc05-5098e256ccc8","block_type":"box","text":"iShares ESG MSCI USA Leaders ETF","page_number":175,"box":{"x":89,"y":316,"width":247,"height":10}},{"id":"e3be57eb-8a8a-47d8-8659-445e0e59ee8f","block_type":"box","text":"iShares ESG MSCI KLD 400 ETF","page_number":175,"box":{"x":89,"y":331,"width":218,"height":10}},{"id":"ae3f5e89-ead1-4ca7-a4c1-b4900d14069d","block_type":"box","text":"iShares ESG Optimized MSCI USA ETF","page_number":175,"box":{"x":89,"y":346,"width":264,"height":13}},{"id":"75ac8278-9f9c-4c61-b8cc-3a82f7442234","block_type":"box","text":"iShares Low Carbon Optimized MSCI ACWI ETF","page_number":175,"box":{"x":89,"y":361,"width":331,"height":13}},{"id":"a674cc1a-af19-49dd-93ed-8b3d24fa1463","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI USA ETF","page_number":175,"box":{"x":89,"y":376,"width":388,"height":13}},{"id":"a9ac8e75-11e0-42ad-ab74-48c090de7ec7","block_type":"box","text":"iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF","page_number":175,"box":{"x":89,"y":392,"width":454,"height":12}},{"id":"756cd5d1-7768-46aa-9d95-da7a5134e9cb","block_type":"box","text":"A-20","page_number":175,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"3f423af5-4fd4-4f2d-8b8a-be1283410a7e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":176,"box":{"x":227,"y":44,"width":604,"height":30}},{"id":"6092bc58-5325-4e93-8323-34ad42572e48","block_type":"box","text":"Global Principles for Benchmark Policies","page_number":176,"box":{"x":89,"y":88,"width":290,"height":12}},{"id":"3eae311f-2ef2-48a7-82ce-d36c8024025b","block_type":"box","text":"Effective as of January 2025","page_number":176,"box":{"x":106,"y":114,"width":197,"height":13}},{"id":"8f5eb0bd-9da8-417b-a2f4-b3461e842c15","block_type":"box","text":"The purpose of this document is to provide an overarching explanation of BlackRock’s global approach to our responsibilities","page_number":176,"box":{"x":89,"y":141,"width":867,"height":12}},{"id":"275bc337-0c0b-4358-9ea6-273be97cdbe7","block_type":"box","text":"as a shareholder on behalf of our clients, the principles that guide our dialogue with companies, and our commitments to","page_number":176,"box":{"x":88,"y":156,"width":848,"height":12}},{"id":"18f3d237-56d4-4952-a229-a9501d299c3f","block_type":"box","text":"clients in terms of our own governance and transparency.","page_number":176,"box":{"x":88,"y":171,"width":400,"height":12}},{"id":"01ae88e5-d841-4323-9ed5-5208dc2fcfad","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":176,"box":{"x":170,"y":233,"width":353,"height":12}},{"id":"a1e8fb00-c0bb-434a-b24c-9ab5c783419d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-21","page_number":176,"box":{"x":531,"y":233,"width":353,"height":10}},{"id":"e5e16b12-6349-4d8f-bcd7-ab096332efed","block_type":"box","text":"Philosophy on investment stewardship . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":176,"box":{"x":170,"y":252,"width":717,"height":12}},{"id":"59853042-b5fe-4697-9098-78278376e119","block_type":"box","text":"Shareholder rights","page_number":176,"box":{"x":169,"y":271,"width":128,"height":12}},{"id":"eb15cf2d-3889-4fe2-a7ad-15c8235f558b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":176,"box":{"x":303,"y":271,"width":584,"height":9}},{"id":"12005bbd-f32d-411b-95ce-1fe41e0a5bd3","block_type":"box","text":"Stewardship in practice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-22","page_number":176,"box":{"x":169,"y":290,"width":718,"height":12}},{"id":"29d9bb81-ac1c-448c-819e-b0660bc2a98c","block_type":"box","text":"Key themes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-23","page_number":176,"box":{"x":170,"y":308,"width":717,"height":13}},{"id":"e2d19284-8f30-410c-8de6-eb48610d6738","block_type":"box","text":"Boards and directors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-23","page_number":176,"box":{"x":170,"y":327,"width":717,"height":10}},{"id":"e14cefbd-25c7-461f-a210-7b5aaa0d810b","block_type":"box","text":"Auditors and audit-related issues","page_number":176,"box":{"x":169,"y":346,"width":232,"height":10}},{"id":"8757ef9f-3284-484a-84b0-ddfa7a1ed106","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-25","page_number":176,"box":{"x":407,"y":347,"width":480,"height":9}},{"id":"20cc6c9f-d5ae-4837-a0df-c4891184d556","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":176,"box":{"x":169,"y":365,"width":483,"height":12}},{"id":"acb68fdb-7ca8-4c37-a9f6-8cdfbf144887","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-26","page_number":176,"box":{"x":655,"y":366,"width":232,"height":9}},{"id":"9cb33ade-82ca-4dfc-a80a-0917af8666b3","block_type":"box","text":"Executive compensation","page_number":176,"box":{"x":170,"y":385,"width":169,"height":11}},{"id":"2011dcdc-0919-4f10-9d9f-4ae40c2a2aa9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-27","page_number":176,"box":{"x":342,"y":385,"width":545,"height":9}},{"id":"3211868e-2547-4f3d-abe6-6e2e73f8cc36","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":176,"box":{"x":170,"y":403,"width":372,"height":12}},{"id":"e83faa75-d747-4efd-a2d8-ba3429de1ad4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-28","page_number":176,"box":{"x":544,"y":403,"width":343,"height":10}},{"id":"6c46b216-06d1-48c6-a91f-cecd7e40951f","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":176,"box":{"x":169,"y":422,"width":459,"height":12}},{"id":"d882104a-fbff-4f79-abee-e75696109076","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-30","page_number":176,"box":{"x":635,"y":422,"width":252,"height":10}},{"id":"a797eca5-d462-43f5-bfdc-dc3b2ab74758","block_type":"box","text":"Shareholder proposals","page_number":176,"box":{"x":169,"y":441,"width":156,"height":12}},{"id":"795c2528-899e-4907-b954-8ae20e97bd72","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-31","page_number":176,"box":{"x":329,"y":441,"width":555,"height":9}},{"id":"8ba86899-fa6b-4745-a8b9-b9ac586673bc","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":176,"box":{"x":170,"y":460,"width":426,"height":12}},{"id":"7ac9a05e-cd93-4e7b-b4f7-22889d4cff0d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-31","page_number":176,"box":{"x":603,"y":460,"width":281,"height":9}},{"id":"30e70c4b-9535-420f-a3f8-fa9c8dd8177e","block_type":"box","text":"Voting guidelines and vote execution","page_number":176,"box":{"x":169,"y":479,"width":258,"height":12}},{"id":"830c04de-b32d-4308-890c-d1aa2e9fa5e9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-32","page_number":176,"box":{"x":433,"y":479,"width":454,"height":9}},{"id":"85cb3388-6b2d-42e7-8943-5dfb9bc393ed","block_type":"box","text":"Voting Choice","page_number":176,"box":{"x":169,"y":497,"width":97,"height":13}},{"id":"0d105ea8-e8f8-497b-a64e-880e911660c0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-32","page_number":176,"box":{"x":270,"y":498,"width":617,"height":9}},{"id":"d16c79bf-197b-48f4-aed3-b478d4d087e3","block_type":"box","text":"Conflicts management policies and procedures","page_number":176,"box":{"x":169,"y":516,"width":330,"height":13}},{"id":"b38cbce6-d240-4e1a-8b09-79cc7b9c6cb2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-33","page_number":176,"box":{"x":505,"y":517,"width":382,"height":9}},{"id":"c9521ff0-2387-4f69-9cda-39715571503d","block_type":"box","text":"Securities lending","page_number":176,"box":{"x":169,"y":535,"width":123,"height":13}},{"id":"0029cb11-e989-4291-ad92-723b42448d5a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":176,"box":{"x":296,"y":536,"width":591,"height":9}},{"id":"143399b0-ce4a-4a1b-95fa-eff67582377a","block_type":"box","text":"Reporting and vote transparency","page_number":176,"box":{"x":170,"y":554,"width":228,"height":12}},{"id":"7e277463-dca9-43c6-8ee4-6a204f09bbe3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A-34","page_number":176,"box":{"x":401,"y":555,"width":486,"height":9}},{"id":"00146ac9-9d9a-4f13-92d0-99e374954738","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":176,"box":{"x":89,"y":587,"width":365,"height":12}},{"id":"3dd942d1-87b3-4657-a728-bdc4663b5c67","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":176,"box":{"x":89,"y":613,"width":863,"height":13}},{"id":"69a4b85b-622b-4e7a-a474-580eff3bd110","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":176,"box":{"x":88,"y":628,"width":844,"height":13}},{"id":"b8b498e1-5b20-4509-99a4-b9592e2e5b2e","block_type":"box","text":"impact on our clients’ long-term investment outcomes and financial well-being. BlackRock Investment Stewardship (BIS) is a","page_number":176,"box":{"x":89,"y":644,"width":873,"height":12}},{"id":"39920b61-a012-490a-b6b9-684810259bc1","block_type":"box","text":"dedicated function within BlackRock, which is responsible for engaging with public companies on behalf of index strategies.","page_number":176,"box":{"x":89,"y":659,"width":867,"height":12}},{"id":"67f3d20f-46b0-4671-881a-91952100386f","block_type":"box","text":"Investment Stewardship is one of the ways we fulfill our fiduciary responsibilities as an asset manager to our clients. Our sole","page_number":176,"box":{"x":89,"y":674,"width":874,"height":12}},{"id":"7fa4ba9b-dca3-468a-97d8-e002da9f44ae","block_type":"box","text":"objective when conducting our stewardship program is to advance our clients’ long-term financial interests.","page_number":176,"box":{"x":89,"y":689,"width":755,"height":12}},{"id":"5f7c4b55-bc5a-42e0-b247-767411ae10a1","block_type":"box","text":"(1)","page_number":176,"box":{"x":846,"y":687,"width":14,"height":8}},{"id":"eb4e08e5-41e7-4ae8-a477-ffbcc041d5b0","block_type":"box","text":"BIS takes a long-term approach in our stewardship efforts, reflecting the investment horizons of the majority of our clients.","page_number":176,"box":{"x":89,"y":715,"width":856,"height":13}},{"id":"6c8fb7a9-ec0e-414f-968a-79c4f7a0e828","block_type":"box","text":"BIS does this through:","page_number":176,"box":{"x":89,"y":730,"width":152,"height":13}},{"id":"dfe48ba0-724c-44e7-bc36-dc51bb0b1db1","block_type":"box","text":"1. Engaging with companies in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":176,"box":{"x":90,"y":751,"width":859,"height":12}},{"id":"286cbd45-b82d-4df3-9d36-93539fc1f6df","block_type":"box","text":"voting decisions.","page_number":176,"box":{"x":127,"y":766,"width":117,"height":12}},{"id":"9ec34d11-aad5-4f6f-bf88-0cdf340197d7","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":176,"box":{"x":89,"y":805,"width":834,"height":10}},{"id":"aff143b8-6b91-48f6-a6a3-2b61958fcdf4","block_type":"box","text":"d solely","page_number":176,"box":{"x":924,"y":805,"width":42,"height":10}},{"id":"b5669a02-0a14-4821-8d16-ca7870819caa","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":176,"box":{"x":121,"y":818,"width":798,"height":10}},{"id":"8ea097bd-5416-457b-a8bc-7570f858006c","block_type":"box","text":"ement","page_number":176,"box":{"x":920,"y":819,"width":36,"height":7}},{"id":"db013a17-927e-4ea3-92f5-d24c47e4f4c3","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":176,"box":{"x":121,"y":831,"width":837,"height":10}},{"id":"23228848-d79f-4cb2-8d7d-a246997e8035","block_type":"box","text":".","page_number":176,"box":{"x":960,"y":837,"width":1,"height":1}},{"id":"6dedd7f2-26e7-498a-941f-72e8827d3422","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":176,"box":{"x":121,"y":843,"width":840,"height":10}},{"id":"eea73f16-cbd7-4f61-811d-f09c09b2700e","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":176,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"f54c1650-67f2-4fd6-8da6-2c76b4b9c464","block_type":"box","text":"vide useful context.","page_number":176,"box":{"x":121,"y":868,"width":108,"height":8}},{"id":"e1ab515a-0e1c-4a49-872d-5f7d6b0179bf","block_type":"box","text":"A-21","page_number":176,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"e48f8ff1-f358-4a18-8440-7c4f70df7b37","block_type":"box","text":"2. Voting at shareholder meetings on management and shareholder proposals on behalf of clients who have delegated","page_number":177,"box":{"x":89,"y":44,"width":852,"height":12}},{"id":"5b2bba7a-75d4-4172-a7dd-7ba017cf97bb","block_type":"box","text":"voting authority to BlackRock.","page_number":177,"box":{"x":127,"y":59,"width":210,"height":12}},{"id":"3db2b638-0fce-409b-bb71-9e94df8adcd8","block_type":"box","text":"3. Contributing to industry dialogue on stewardship to share our perspectives on matters that may impact our clients’","page_number":177,"box":{"x":89,"y":79,"width":845,"height":13}},{"id":"5c5c50b9-c2a3-45aa-bd40-420835188550","block_type":"box","text":"investments.","page_number":177,"box":{"x":128,"y":95,"width":87,"height":9}},{"id":"37c97e29-6449-4ba9-92e2-68b20890c427","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":177,"box":{"x":88,"y":114,"width":798,"height":13}},{"id":"487f4dc7-8c3e-4e18-aee7-3f2ffddde26c","block_type":"box","text":"publications and direct reporting.","page_number":177,"box":{"x":128,"y":130,"width":232,"height":12}},{"id":"b1c7fa8b-ec0d-4201-af23-f42a7cd2ab0a","block_type":"box","text":"Philosophy on investment stewardship","page_number":177,"box":{"x":89,"y":156,"width":278,"height":12}},{"id":"121e0fa0-1257-447b-81f4-024d34b15fc0","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":177,"box":{"x":88,"y":182,"width":874,"height":13}},{"id":"c769697b-04f0-4fac-8150-1692999ecfba","block_type":"box","text":"creation. Research indicates that high-performing companies will effectively evaluate and address risks and opportunities","page_number":177,"box":{"x":89,"y":198,"width":848,"height":12}},{"id":"c8a0b0d7-2eb4-4c45-9e93-fd549c9dc543","block_type":"box","text":"relevant to their businesses, which supports durable, long-term financial value creation.","page_number":177,"box":{"x":89,"y":213,"width":612,"height":12}},{"id":"df737492-1583-4fe0-b0ee-7051260ab65c","block_type":"box","text":"(2)","page_number":177,"box":{"x":703,"y":211,"width":14,"height":8}},{"id":"c5873969-aa1a-4bc5-8416-94cc2aff6064","block_type":"box","text":"Setting, executing, and overseeing strategy are the responsibility of management and the board. As one of many minority","page_number":177,"box":{"x":88,"y":239,"width":851,"height":13}},{"id":"52efae89-1130-479b-8f9f-95b453ff92ac","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":177,"box":{"x":89,"y":254,"width":877,"height":13}},{"id":"0aa9df9c-3295-4043-9c95-7caef6db8fa7","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":177,"box":{"x":89,"y":269,"width":851,"height":13}},{"id":"c9ac7b7a-87b4-4851-a5a2-b8ca105c3e85","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":177,"box":{"x":89,"y":285,"width":877,"height":12}},{"id":"1470b9a3-5b68-4fe6-99c5-5a92515def60","block_type":"box","text":"aim to take a globally consistent approach, while recognizing the unique markets and sectors in which companies operate.","page_number":177,"box":{"x":89,"y":300,"width":858,"height":12}},{"id":"2dcb4c73-ade9-400c-aae1-56d22f12a915","block_type":"box","text":"Shareholder rights","page_number":177,"box":{"x":88,"y":326,"width":134,"height":12}},{"id":"21431efb-f542-4ea8-b806-a54a8b23762e","block_type":"box","text":"Corporate law, regulations and listing rules in most markets establish certain fundamental rights attached to shareholding.","page_number":177,"box":{"x":89,"y":353,"width":857,"height":12}},{"id":"1d6e1a29-bad7-45a6-b562-8744f2f3385c","block_type":"box","text":"Shareholders should have the right to:","page_number":177,"box":{"x":88,"y":368,"width":266,"height":12}},{"id":"af0c64b3-4766-409d-87e4-a789b88460d9","block_type":"box","text":"• Elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate charter or by","page_number":177,"box":{"x":89,"y":388,"width":868,"height":12}},{"id":"8c8df0bf-96e5-4fa8-8e7d-0e29fd452114","block_type":"box","text":"laws.","page_number":177,"box":{"x":122,"y":403,"width":33,"height":10}},{"id":"7aca25ea-d56b-44cb-9dd8-e8d0118a045e","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":177,"box":{"x":89,"y":423,"width":872,"height":12}},{"id":"0ac5ef60-de3f-4ce8-8385-af4b34b8548f","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":177,"box":{"x":121,"y":438,"width":783,"height":13}},{"id":"9f71a329-9be8-4d54-b795-3d231776af43","block_type":"box","text":"structure.","page_number":177,"box":{"x":121,"y":455,"width":66,"height":8}},{"id":"5098e4fc-8de2-4a9a-9c46-a9286716713a","block_type":"box","text":"• Access sufficient and timely information on material governance, strategic, and business matters to make informed","page_number":177,"box":{"x":89,"y":473,"width":840,"height":13}},{"id":"8596613d-f362-4ea5-b231-e1a34a25a3eb","block_type":"box","text":"decisions.","page_number":177,"box":{"x":121,"y":489,"width":68,"height":9}},{"id":"e02a7668-3dcf-4ccd-b60e-73b1dbc43c3b","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":177,"box":{"x":88,"y":515,"width":844,"height":12}},{"id":"ec11924e-1475-408b-b453-cb9e8e4d0821","block_type":"box","text":"should be proportionate to economic ownership—the principle of “one share, one vote” helps to achieve this balance.","page_number":177,"box":{"x":89,"y":530,"width":823,"height":13}},{"id":"40eabc3f-b3ce-42b4-96c5-25dab69e8dba","block_type":"box","text":"Stewardship in practice","page_number":177,"box":{"x":88,"y":557,"width":169,"height":12}},{"id":"97706cb8-0b09-480b-89c8-1f70c6d636d3","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers, official","page_number":177,"box":{"x":88,"y":583,"width":821,"height":12}},{"id":"e4e06796-6544-4059-a6dd-2c9c0a60f4fa","block_type":"box","text":"institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the individual investors that","page_number":177,"box":{"x":89,"y":598,"width":872,"height":13}},{"id":"8d8af0dc-a55c-4923-9e6b-19509c711478","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":177,"box":{"x":88,"y":613,"width":873,"height":13}},{"id":"fd6158b6-d3e8-47eb-af9f-564b02e29184","block_type":"box","text":"of whom are saving for long-term goals, such as retirement.","page_number":177,"box":{"x":89,"y":628,"width":419,"height":13}},{"id":"1f444f54-6543-4a90-8ce0-39a1a21dd942","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":177,"box":{"x":88,"y":655,"width":875,"height":12}},{"id":"884fccc6-20d5-4b99-8b9c-1b75e6780195","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":177,"box":{"x":89,"y":670,"width":834,"height":12}},{"id":"e3e12794-a751-414c-9814-24c1c56a4090","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":177,"box":{"x":89,"y":685,"width":842,"height":12}},{"id":"03c5a521-6e5e-4201-a975-5ae90b2b192d","block_type":"box","text":"fiduciary, BlackRock is legally required to make proxy voting determinations in a manner that is consistent with their","page_number":177,"box":{"x":88,"y":700,"width":813,"height":13}},{"id":"b3535b92-2858-4382-8b42-a0ef0384b9d9","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":177,"box":{"x":89,"y":715,"width":840,"height":13}},{"id":"914bfe5b-0e92-4fec-9aa8-a5748836dc34","block_type":"box","text":"governance and better operating practices and, in turn, potentially enhance long-term shareholder value. Our vote decisions","page_number":177,"box":{"x":89,"y":730,"width":869,"height":13}},{"id":"924da8d9-aa72-4cb3-bd87-f45e7aaabdd6","block_type":"box","text":"are informed by our in-depth analysis of company disclosures, engagement with boards and management teams, third-party","page_number":177,"box":{"x":89,"y":746,"width":875,"height":12}},{"id":"16474c61-5a31-4c4c-a5d5-ec5fbe6be1f5","block_type":"box","text":"research, and comparisons against a company’s industry peers.","page_number":177,"box":{"x":89,"y":761,"width":443,"height":12}},{"id":"26823217-88b9-4339-85c0-412014ce1fed","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment horizons of the","page_number":177,"box":{"x":89,"y":787,"width":861,"height":13}},{"id":"e5d4bf6a-794f-4ea8-a19a-ba3313df4c6c","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":177,"box":{"x":89,"y":802,"width":825,"height":13}},{"id":"ec9a1832-3e51-40aa-aaa1-6125c0e41edc","block_type":"box","text":"improve our understanding of the company’s business model and material risks and opportunities, to inform our voting","page_number":177,"box":{"x":89,"y":817,"width":836,"height":13}},{"id":"d4224d56-e4fa-4984-900f-9a2388be4061","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":177,"box":{"x":89,"y":856,"width":866,"height":10}},{"id":"783d7081-52f4-42c1-aca7-a0417329484f","block_type":"box","text":",","page_number":177,"box":{"x":955,"y":862,"width":2,"height":3}},{"id":"d31aa7ce-de07-4b77-8bb2-b9768dc709a2","block_type":"box","text":"March 2024.","page_number":177,"box":{"x":121,"y":868,"width":69,"height":8}},{"id":"6a12f429-4942-46dd-a20e-2cd707ab7575","block_type":"box","text":"A-22","page_number":177,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"99abc89e-f96e-4927-8f18-d463a0e54c14","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":178,"box":{"x":89,"y":44,"width":874,"height":12}},{"id":"3bb048a1-00c5-4688-9e7e-2daf36244466","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":178,"box":{"x":89,"y":59,"width":846,"height":12}},{"id":"6918d409-1f9c-4c9f-b032-b13264e4ba04","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":178,"box":{"x":89,"y":74,"width":855,"height":12}},{"id":"1db1f13e-703e-4779-bcd4-058cc20957ae","block_type":"box","text":"opportunity set, and management’s plan to deliver financial returns through business cycles. The ongoing, multiyear nature","page_number":178,"box":{"x":89,"y":89,"width":866,"height":13}},{"id":"1f02b75d-64a9-4e73-a901-e0a0fe712489","block_type":"box","text":"of our engagements allows us to build strong relationships with company leadership and mutual understanding on key","page_number":178,"box":{"x":89,"y":104,"width":835,"height":13}},{"id":"4cd0857c-53eb-45c6-9b94-9e3cd32bd350","block_type":"box","text":"matters of corporate governance and the drivers of long-term financial performance.","page_number":178,"box":{"x":89,"y":119,"width":593,"height":13}},{"id":"a7aa63f1-fa25-4d16-a5af-be2cab0d4a67","block_type":"box","text":"Generally, we support the vote recommendations of the board of directors and management. In case of concerns, we","page_number":178,"box":{"x":89,"y":146,"width":819,"height":12}},{"id":"a639ee9d-e29d-49df-b4d4-68fe62139670","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":178,"box":{"x":88,"y":161,"width":844,"height":12}},{"id":"d349b4ed-0b8c-4502-bfc1-c847a29eddfc","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":178,"box":{"x":89,"y":176,"width":869,"height":13}},{"id":"992d3c4d-926a-4cfc-aafb-fdc8f7f8263b","block_type":"box","text":"election of directors or other management proposals, or we might not support management’s voting recommendation on a","page_number":178,"box":{"x":89,"y":191,"width":867,"height":13}},{"id":"9c530a3f-b2aa-410f-9065-552d643580e2","block_type":"box","text":"shareholder proposal.","page_number":178,"box":{"x":89,"y":206,"width":151,"height":13}},{"id":"682dc77b-c4d9-4a08-9a06-0626d0fe8e92","block_type":"box","text":"Key themes","page_number":178,"box":{"x":89,"y":233,"width":82,"height":12}},{"id":"08392fa7-7acf-4178-bc81-00d26757bd65","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience, there are","page_number":178,"box":{"x":88,"y":259,"width":833,"height":13}},{"id":"5ad6cc90-4d16-497c-8ff1-e24156ab0f2a","block_type":"box","text":"certain globally applicable fundamental elements of corporate governance that contribute to a company’s ability to create","page_number":178,"box":{"x":89,"y":274,"width":853,"height":13}},{"id":"75b57ade-b461-4ee9-bafb-0140a0155e6c","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":178,"box":{"x":89,"y":290,"width":806,"height":12}},{"id":"2d721a70-81ac-472a-9ce1-36408c06b0e0","block_type":"box","text":"“Principles”), which are anchored in transparency and accountability.","page_number":178,"box":{"x":89,"y":305,"width":482,"height":12}},{"id":"0fa1b6f9-775a-4495-ba08-f6f9625e1fe7","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":178,"box":{"x":88,"y":331,"width":871,"height":12}},{"id":"627e4fc7-40d4-4ebe-8f92-4046c2e6d2c9","block_type":"box","text":"market,","page_number":178,"box":{"x":89,"y":346,"width":52,"height":12}},{"id":"d699ab5a-024e-44d5-b04a-e582d1953fb1","block_type":"box","text":"(3)","page_number":178,"box":{"x":142,"y":344,"width":14,"height":8}},{"id":"b12dd5b5-d81d-4ef6-b82d-09fa5d95165c","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":178,"box":{"x":162,"y":346,"width":799,"height":13}},{"id":"ae951b9b-0701-49a6-885a-2cfd67fe1b29","block_type":"box","text":"creation.","page_number":178,"box":{"x":89,"y":362,"width":59,"height":9}},{"id":"d88a4183-ed74-4d31-b43e-df64a1150139","block_type":"box","text":"These Principles cover seven key subjects:","page_number":178,"box":{"x":104,"y":388,"width":304,"height":12}},{"id":"61d5e4b7-ac4d-43b3-8916-ae9779b15200","block_type":"box","text":"• Boards and directors","page_number":178,"box":{"x":89,"y":408,"width":176,"height":10}},{"id":"c0c5e840-11b2-46ac-adfb-09238b9d71b6","block_type":"box","text":"• Auditors and audit-related issues","page_number":178,"box":{"x":89,"y":428,"width":264,"height":10}},{"id":"142554ba-daf9-4735-b7a4-75da32b0b4dd","block_type":"box","text":"• Capital structure, mergers, asset sales, and other special transactions","page_number":178,"box":{"x":89,"y":448,"width":515,"height":13}},{"id":"9e94b1c6-7ee8-4ca3-ba0e-f811a0bacdcc","block_type":"box","text":"• Executive compensation","page_number":178,"box":{"x":89,"y":469,"width":202,"height":12}},{"id":"c7d809c7-a15c-4db7-85ca-5bc13c2cf26b","block_type":"box","text":"• Material sustainability-related risks and opportunities","page_number":178,"box":{"x":89,"y":489,"width":405,"height":12}},{"id":"31d63b8a-96e4-41ac-b72c-78d5ce1aaeac","block_type":"box","text":"• Other corporate governance matters and shareholder protections","page_number":178,"box":{"x":89,"y":509,"width":491,"height":12}},{"id":"b1dfdb8d-fc0d-4d47-aaa7-97608629c1dc","block_type":"box","text":"• Shareholder proposals","page_number":178,"box":{"x":89,"y":529,"width":188,"height":12}},{"id":"99ee1c2a-3e93-41e5-bc06-c528714d11ba","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in relation to","page_number":178,"box":{"x":89,"y":555,"width":846,"height":13}},{"id":"408fef4e-2202-4e4a-a067-fc0e15f592f1","block_type":"box","text":"common ballot items for shareholder meetings in those markets. Alongside the Principles and regional voting guidelines, BIS","page_number":178,"box":{"x":89,"y":570,"width":872,"height":13}},{"id":"ad4fcf35-566c-4d4e-88f1-c60604515fd7","block_type":"box","text":"publishes our engagement priorities which reflect the five themes on which we most frequently engage companies, where","page_number":178,"box":{"x":89,"y":586,"width":857,"height":12}},{"id":"cb7236d9-9f3c-49b1-986b-4faf5cec11ad","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":178,"box":{"x":88,"y":601,"width":869,"height":12}},{"id":"3145caee-348e-442b-94da-0ae9dd826185","block_type":"box","text":"core elements of corporate governance that guide our investment stewardship program globally and within each market. The","page_number":178,"box":{"x":89,"y":616,"width":878,"height":12}},{"id":"5f21c715-9c4f-43f4-ba6a-0637d45fbc89","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":178,"box":{"x":89,"y":631,"width":855,"height":12}},{"id":"31395c65-0751-47bd-9eb5-fd46af80eb63","block_type":"box","text":"including the sector, market, and business environment within which a company is operating.","page_number":178,"box":{"x":89,"y":646,"width":654,"height":12}},{"id":"cefbcff8-03c7-4f0a-b96a-af51c72da00f","block_type":"box","text":"Boards and directors","page_number":178,"box":{"x":89,"y":673,"width":148,"height":9}},{"id":"28ac8b7b-6e9c-404d-bdc8-c81fb2a9ab74","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional characteristics","page_number":178,"box":{"x":89,"y":699,"width":829,"height":12}},{"id":"c20fafb7-3278-4cbd-a457-1af31014c448","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":178,"box":{"x":89,"y":714,"width":842,"height":12}},{"id":"97836feb-159d-4cc8-bff4-b4225c32ddc6","block_type":"box","text":"discussions. A strong board gives a company a competitive advantage, providing valuable oversight and contributing to the","page_number":178,"box":{"x":89,"y":729,"width":863,"height":13}},{"id":"cca31a46-dc34-4bbc-bd06-42b067828b65","block_type":"box","text":"most important management decisions that support long-term financial performance. As part of their responsibilities, board","page_number":178,"box":{"x":89,"y":744,"width":871,"height":13}},{"id":"14de78a6-d17a-4c1c-9fe6-2b42f5fa2429","block_type":"box","text":"members have a fiduciary duty to shareholders to oversee the strategic direction, operations, and risk management of a","page_number":178,"box":{"x":89,"y":759,"width":837,"height":13}},{"id":"a7ba1f4d-f0ea-4147-a9e1-bbe4d1045828","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":178,"box":{"x":89,"y":775,"width":873,"height":12}},{"id":"4712cba6-ade3-44f7-8917-7561c49cebff","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":178,"box":{"x":89,"y":790,"width":875,"height":12}},{"id":"3c7fbbf1-e8d8-4c85-9ee4-a19646db248b","block_type":"box","text":"necessary, with members of the board’s nominating and/or governance committee to assess whether governance practices","page_number":178,"box":{"x":89,"y":805,"width":867,"height":12}},{"id":"a97e56a0-6418-4dd2-8ba8-232375f62ffa","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":178,"box":{"x":89,"y":856,"width":856,"height":10}},{"id":"eb409d0d-79ad-4e0b-9bed-a1337bc78db9","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives, amongst other factors.","page_number":178,"box":{"x":121,"y":868,"width":774,"height":10}},{"id":"97916738-c586-4eab-b9a0-1bd27bdb5036","block_type":"box","text":"A-23","page_number":178,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"233d544c-5481-478d-b5f4-94d7106460c3","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":179,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"fed4a8c9-b5d3-44c1-889e-5a7e0e22577c","block_type":"box","text":"factors, including the sector, market, and business environment within which a company is operating.","page_number":179,"box":{"x":88,"y":59,"width":711,"height":12}},{"id":"b352e09a-9ec9-4763-a0bc-d3ef88abb258","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":179,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"18e7d4be-cfc5-4383-b89b-a98ebeaf002d","block_type":"box","text":"mechanisms to support its oversight of the company’s strategy and operations consistent with the long-term economic","page_number":179,"box":{"x":89,"y":101,"width":838,"height":12}},{"id":"104f7905-9a8a-4fab-aa44-028f9893cd34","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":179,"box":{"x":89,"y":116,"width":859,"height":12}},{"id":"74b4c9e4-f05a-425d-a983-0dfb5dec259f","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":179,"box":{"x":89,"y":131,"width":874,"height":12}},{"id":"477312b4-189d-46fd-84b3-20628b675f39","block_type":"box","text":"and financial value creation, including material sustainability-related factors when relevant, is helpful for investors to","page_number":179,"box":{"x":89,"y":146,"width":813,"height":12}},{"id":"1b189d3a-699f-42ad-aab9-f592616883f8","block_type":"box","text":"appropriately understand and assess how effectively management is identifying, managing, and mitigating such risks.","page_number":179,"box":{"x":89,"y":161,"width":825,"height":12}},{"id":"2a75e321-c87a-45c3-9a9e-dc8170cc417f","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should assess its","page_number":179,"box":{"x":88,"y":188,"width":835,"height":12}},{"id":"fad77a16-fdce-4163-866c-ba99688724e7","block_type":"box","text":"implementation. If any strategic targets are significantly missed or materially restated, we find it helpful when company","page_number":179,"box":{"x":89,"y":203,"width":834,"height":12}},{"id":"3f4a06f3-9361-4a41-a1e2-46bebbb89912","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":179,"box":{"x":89,"y":218,"width":827,"height":12}},{"id":"5b93338a-84df-4271-b8a0-ae7e141672fd","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":179,"box":{"x":88,"y":233,"width":872,"height":12}},{"id":"0aa0100f-035c-41a6-91ad-abad181faca6","block_type":"box","text":"risks and opportunities and the fulfillment of the company’s strategy.","page_number":179,"box":{"x":89,"y":248,"width":481,"height":12}},{"id":"027e596d-1e04-43ca-8282-e1a87e59e71f","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate governance","page_number":179,"box":{"x":88,"y":274,"width":851,"height":13}},{"id":"79815ec7-cccf-4cc5-9471-766055cf625c","block_type":"box","text":"and risk oversight responsibilities, we may consider voting against the election of directors who, on our assessment, have","page_number":179,"box":{"x":89,"y":290,"width":848,"height":12}},{"id":"c287d85b-6774-4760-a8ae-b071dd43c3f5","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":179,"box":{"x":89,"y":305,"width":801,"height":12}},{"id":"19ae6a64-b906-484d-a006-27ca36b86d02","block_type":"box","text":"company’s circumstances, taking into consideration its governance, business practices that support durable, long-term","page_number":179,"box":{"x":89,"y":320,"width":834,"height":12}},{"id":"56764a08-a1a4-4897-ac32-729bfeae83ff","block_type":"box","text":"financial value creation, and performance. Set out below are factors we may take into consideration.","page_number":179,"box":{"x":88,"y":335,"width":701,"height":12}},{"id":"a9dc03cb-0cd1-49d6-a98a-b19288d65546","block_type":"box","text":"Regular accountability through director elections","page_number":179,"box":{"x":106,"y":361,"width":354,"height":13}},{"id":"c8882723-a5ac-4081-ba16-7ad97ce14ac4","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":179,"box":{"x":88,"y":388,"width":849,"height":12}},{"id":"0b7dca6e-54cf-4f96-ad32-b42eb7cad56f","block_type":"box","text":"ideally annually.","page_number":179,"box":{"x":89,"y":403,"width":109,"height":12}},{"id":"9619170a-4f0c-454f-9214-141ac5043d76","block_type":"box","text":"(4)","page_number":179,"box":{"x":200,"y":401,"width":14,"height":8}},{"id":"1f29d81b-cfe4-42ed-8661-db105d8c3e0b","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their support for board members and/or hold","page_number":179,"box":{"x":219,"y":403,"width":713,"height":12}},{"id":"ffdb4b4a-32cc-42d9-9cfc-356f05ae2d0e","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":179,"box":{"x":88,"y":418,"width":873,"height":12}},{"id":"d4cad3b5-007e-449d-b9c0-16de349fbbf6","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":179,"box":{"x":89,"y":433,"width":816,"height":13}},{"id":"3b6a1947-d751-4786-b871-f0a928f81ee9","block_type":"box","text":"appointment re-confirmed, with a proportion of directors being put forward for election at each annual general meeting.","page_number":179,"box":{"x":89,"y":448,"width":843,"height":13}},{"id":"66d4d5ca-447a-419e-85af-846d441de782","block_type":"box","text":"Effective board composition","page_number":179,"box":{"x":105,"y":475,"width":201,"height":12}},{"id":"8469bcdb-c4bf-415e-8ec6-aa25a4da3382","block_type":"box","text":"Regular director elections also give boards the opportunity to adjust their composition in an orderly way to reflect","page_number":179,"box":{"x":89,"y":501,"width":794,"height":13}},{"id":"94d544f6-d3d4-4ed6-86c0-9a58d629b143","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":179,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"834b2e5d-eb51-4837-ae2a-d5f4ecc8c850","block_type":"box","text":"brought onto the board periodically to refresh the group’s thinking, while supporting both continuity and appropriate","page_number":179,"box":{"x":89,"y":531,"width":819,"height":13}},{"id":"09b0ed70-b117-4bba-8dde-cbd42a0a4fe4","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":179,"box":{"x":89,"y":547,"width":850,"height":12}},{"id":"2ab1ea35-d806-4ede-8966-ee44054a7605","block_type":"box","text":"experience of longer-serving directors and the fresh perspectives of directors who joined more recently.","page_number":179,"box":{"x":89,"y":562,"width":723,"height":12}},{"id":"16ba943b-6acd-4fc7-b193-9a14a92db00b","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess directors","page_number":179,"box":{"x":88,"y":588,"width":817,"height":12}},{"id":"44cade9a-c285-40e6-8b9c-c6a9394a3a7a","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":179,"box":{"x":89,"y":603,"width":848,"height":13}},{"id":"999ed18e-7421-49a0-a40c-3e3f11193338","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":179,"box":{"x":89,"y":618,"width":867,"height":13}},{"id":"45cd1fd2-c435-4601-803e-f5f162c92bdc","block_type":"box","text":"and relevance of director experiences and skillsets, and how these collectively contribute to the board’s effectiveness in","page_number":179,"box":{"x":89,"y":633,"width":832,"height":13}},{"id":"78905ef4-570f-4efc-ada0-7cf8c389fc6c","block_type":"box","text":"advising and overseeing management in delivering long-term financial returns.","page_number":179,"box":{"x":89,"y":649,"width":551,"height":12}},{"id":"9cd86a11-be0b-4031-ad1a-2a0662bf6e76","block_type":"box","text":"Director independence — from management, significant shareholders, or other related parties – is a central tenet of sound","page_number":179,"box":{"x":89,"y":675,"width":857,"height":12}},{"id":"dc0ccf7a-7a16-4b6a-8464-2a5cff93b196","block_type":"box","text":"corporate governance across markets.","page_number":179,"box":{"x":89,"y":690,"width":267,"height":13}},{"id":"80611507-93ff-4872-bc0f-c3b3ee960112","block_type":"box","text":"(5)","page_number":179,"box":{"x":357,"y":688,"width":15,"height":8}},{"id":"930b0a31-f873-4419-aaf5-b711b728ff71","block_type":"box","text":"We encourage boards to have a sufficient number of independent directors, free","page_number":179,"box":{"x":377,"y":690,"width":559,"height":13}},{"id":"8f3b4a50-db9e-41a9-acf2-b814a5becafd","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":179,"box":{"x":88,"y":705,"width":829,"height":13}},{"id":"397e0bdb-b442-4b26-902d-3433115d39a7","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":179,"box":{"x":89,"y":720,"width":874,"height":13}},{"id":"1034864c-120a-4be5-afd9-ab471554c388","block_type":"box","text":"the case of controlled companies, at least one-third.","page_number":179,"box":{"x":88,"y":736,"width":364,"height":12}},{"id":"a17fa46d-ff1d-4896-bd11-95ab1ab0ba2a","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":179,"box":{"x":89,"y":762,"width":528,"height":12}},{"id":"4bcf9bc6-a940-4f71-b583-c9ff1c8a10d3","block_type":"box","text":"• Current or recent employment at the company or a subsidiary","page_number":179,"box":{"x":89,"y":782,"width":465,"height":12}},{"id":"f9067932-e1d1-4004-bc99-4bd1c510eed8","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":179,"box":{"x":89,"y":828,"width":843,"height":10}},{"id":"381a11b7-4017-4aac-a866-82295e9b0223","block_type":"box","text":"st","page_number":179,"box":{"x":933,"y":829,"width":9,"height":7}},{"id":"a98914fd-529d-4c4d-bf3f-3439af4b36f3","block_type":"box","text":"practice.","page_number":179,"box":{"x":121,"y":842,"width":47,"height":9}},{"id":"41aeb205-6c58-4026-b224-8599adc251e6","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":179,"box":{"x":89,"y":856,"width":841,"height":10}},{"id":"0090b41a-3bc2-40a9-95a8-8ef198dd1cc2","block_type":"box","text":"Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance Principles for US Listed Companies.”","page_number":179,"box":{"x":121,"y":868,"width":619,"height":10}},{"id":"91cb4954-1046-4c7c-b41d-125fb4ec7065","block_type":"box","text":"A-24","page_number":179,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"07febffa-b3f4-4e88-bde8-6dca617ef1aa","block_type":"box","text":"• Being, or representing, a shareholder with a substantial shareholding in the company","page_number":180,"box":{"x":89,"y":44,"width":627,"height":12}},{"id":"8e7f656d-8ef7-4382-852a-3faea4cfb684","block_type":"box","text":"• Interlocking directorships","page_number":180,"box":{"x":89,"y":64,"width":210,"height":12}},{"id":"22ab37bd-164d-4480-9dee-ce2d59cbb8ee","block_type":"box","text":"• Having any other interest, business, or other relationship which could, or could reasonably be perceived to, materially","page_number":180,"box":{"x":89,"y":84,"width":853,"height":13}},{"id":"b6a39b13-97e6-4248-b10f-ce1fb6fe7242","block_type":"box","text":"interfere with a director’s ability to act in the best interests of the company and shareholders","page_number":180,"box":{"x":122,"y":99,"width":646,"height":13}},{"id":"0302b1c9-425b-4656-b03c-bdc5330702ea","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior, independent","page_number":180,"box":{"x":89,"y":126,"width":848,"height":12}},{"id":"2e30ce3e-9a1a-4a9a-aae6-4bfcf906f275","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":180,"box":{"x":89,"y":141,"width":838,"height":12}},{"id":"3697e873-dbe1-405e-bba9-3b68be9479d4","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":180,"box":{"x":89,"y":156,"width":821,"height":12}},{"id":"9e7d7381-5a28-4ecd-b040-5a3385644d13","block_type":"box","text":"members of the board through shaping the agenda, ensuring adequate information is provided to the board, and","page_number":180,"box":{"x":89,"y":171,"width":790,"height":12}},{"id":"7affddfd-4592-4df0-8d23-c650f44fa29b","block_type":"box","text":"encouraging independent director participation in board deliberations. The lead independent director or another appropriate","page_number":180,"box":{"x":89,"y":186,"width":871,"height":13}},{"id":"d78e18de-e31a-4e8c-8e37-47ae117f24f2","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":180,"box":{"x":89,"y":201,"width":851,"height":13}},{"id":"fe503fdd-9947-4788-b45b-694995da0789","block_type":"box","text":"explain and contextualize a company’s approach.","page_number":180,"box":{"x":89,"y":216,"width":343,"height":13}},{"id":"1e3acf26-6d0e-4a5b-a82d-a92f035f5712","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":180,"box":{"x":88,"y":243,"width":863,"height":12}},{"id":"06cb3786-fd45-49ec-8ac4-c47ee6465631","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":180,"box":{"x":89,"y":258,"width":858,"height":12}},{"id":"811501a2-75b8-4570-8f77-2e286f356b83","block_type":"box","text":"forms committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":180,"box":{"x":88,"y":273,"width":825,"height":13}},{"id":"e31738a0-3014-4dc8-8efd-81f691c46ca7","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and compensation","page_number":180,"box":{"x":89,"y":288,"width":833,"height":13}},{"id":"36a723bb-9833-4714-acb1-239706f5feef","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":180,"box":{"x":89,"y":303,"width":855,"height":13}},{"id":"515df091-4140-409d-8f0f-c12bc6f83774","block_type":"box","text":"party, or to investigate a significant adverse event.","page_number":180,"box":{"x":89,"y":319,"width":348,"height":12}},{"id":"be413261-7754-416a-ab18-89b852af0966","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual candidates","page_number":180,"box":{"x":88,"y":345,"width":877,"height":12}},{"id":"1d1644be-0a6a-40e2-b194-51bd4c9996a2","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":180,"box":{"x":89,"y":360,"width":854,"height":12}},{"id":"d0c3f349-599c-4eef-93d1-bd07d4ffe16d","block_type":"box","text":"composition. These disclosures should give an understanding of how the collective experience and expertise of the board, as","page_number":180,"box":{"x":89,"y":375,"width":873,"height":13}},{"id":"044a7f88-8848-406f-b931-79f4b0778363","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":180,"box":{"x":88,"y":390,"width":839,"height":13}},{"id":"7934b6b6-c964-4c66-b271-6bc2ccd05e94","block_type":"box","text":"Highly qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":180,"box":{"x":89,"y":405,"width":865,"height":13}},{"id":"98a80090-a12d-45d2-a107-151faa985ac9","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":180,"box":{"x":88,"y":421,"width":631,"height":12}},{"id":"5958bfb8-2dbf-4e9f-ad9b-7d2a543729d6","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":180,"box":{"x":89,"y":447,"width":860,"height":12}},{"id":"9a806f98-3be8-4eec-96d2-229154a945a0","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":180,"box":{"x":89,"y":462,"width":849,"height":12}},{"id":"566b26f9-d5eb-4c30-959f-033f17a027c5","block_type":"box","text":"and oversee management.","page_number":180,"box":{"x":89,"y":477,"width":185,"height":13}},{"id":"311cf23f-de74-49d3-8ca7-4af39260f6c6","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":180,"box":{"x":89,"y":504,"width":817,"height":12}},{"id":"5dc1e0df-ff1c-41fa-a5cf-061c93322ee0","block_type":"box","text":"strategy, location and market capitalization. We look for companies to explain how their approach to board composition","page_number":180,"box":{"x":89,"y":519,"width":838,"height":12}},{"id":"ee8bc438-a5b7-4e53-8271-f2a7cb1e3eaf","block_type":"box","text":"supports the company’s governance practices.","page_number":180,"box":{"x":89,"y":534,"width":325,"height":12}},{"id":"bcb9df7b-e886-486f-b959-dc4b7ad7b2bc","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":180,"box":{"x":88,"y":560,"width":857,"height":13}},{"id":"52b88f3b-2c60-4de0-8838-ef65a55c4c9a","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":180,"box":{"x":89,"y":576,"width":876,"height":12}},{"id":"29ac2be8-8f3c-4bfa-8dba-2b385d2bf1da","block_type":"box","text":"how diversity, including professional and personal characteristics, is considered in board composition, given the company’s","page_number":180,"box":{"x":89,"y":591,"width":861,"height":12}},{"id":"3219fae3-800e-4aa6-bec2-77ac7a454a88","block_type":"box","text":"long-term strategy and business model.","page_number":180,"box":{"x":89,"y":606,"width":278,"height":12}},{"id":"0fe101ee-6a55-4760-8971-aad67950e999","block_type":"box","text":"(6)","page_number":180,"box":{"x":369,"y":604,"width":14,"height":8}},{"id":"4e10c179-c3f8-4261-98ab-6231d25f7d97","block_type":"box","text":"Sufficient capacity","page_number":180,"box":{"x":105,"y":632,"width":133,"height":13}},{"id":"2661e96e-3380-4dd3-9a19-a725013348f0","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":180,"box":{"x":88,"y":659,"width":836,"height":12}},{"id":"8761a8fd-3130-4462-a89a-dc580a42e1c7","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":180,"box":{"x":89,"y":674,"width":806,"height":12}},{"id":"8d0fd406-acc9-4757-9cd4-8e5b3293b1d5","block_type":"box","text":"responsibilities - including when there are unforeseen events – and therefore, they should not take on an excessive number of","page_number":180,"box":{"x":89,"y":689,"width":880,"height":12}},{"id":"a499f890-f661-4a9c-b72e-2ef3e91a6723","block_type":"box","text":"roles that would impair their ability to fulfill their duties.","page_number":180,"box":{"x":89,"y":704,"width":387,"height":12}},{"id":"66e482f2-9166-4392-afbe-c9499852fa96","block_type":"box","text":"Auditors and audit-related issues","page_number":180,"box":{"x":88,"y":730,"width":240,"height":10}},{"id":"4bc3819d-ae46-408a-ae46-3e7098c4d231","block_type":"box","text":"BlackRock recognizes the critical importance of financial statements, which should provide a true and fair picture of a","page_number":180,"box":{"x":89,"y":757,"width":821,"height":12}},{"id":"032fbd76-c070-4c43-9600-20878d351dca","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by the auditor","page_number":180,"box":{"x":89,"y":772,"width":870,"height":12}},{"id":"5a1ddf38-33ba-4828-bbb2-fbf36cf5ad0f","block_type":"box","text":"in preparing the financial statements to be reasonable and justified.","page_number":180,"box":{"x":89,"y":787,"width":471,"height":13}},{"id":"60f5c6ac-9884-4cb6-987c-0157ca3b79ba","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted under","page_number":180,"box":{"x":88,"y":814,"width":843,"height":12}},{"id":"c27fd363-9bbf-4e96-839c-560f396a12c8","block_type":"box","text":"market-specific accounting rules, is of paramount importance to BlackRock. Investors increasingly recognize that a broader","page_number":180,"box":{"x":89,"y":829,"width":862,"height":12}},{"id":"14eca233-7882-45fc-a133-56f7da52a2e4","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":180,"box":{"x":89,"y":856,"width":795,"height":10}},{"id":"5f66869d-c6f4-4c41-a503-f0179d03ec6b","block_type":"box","text":"enous, reli","page_number":180,"box":{"x":885,"y":856,"width":61,"height":9}},{"id":"c70edbe0-466a-4420-8ec7-9e937fbe5961","block_type":"box","text":"gious, or cultural identity.","page_number":180,"box":{"x":121,"y":868,"width":141,"height":10}},{"id":"e34200ef-1a7b-4305-b117-8c4072a87b4d","block_type":"box","text":"A-25","page_number":180,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"ef896067-b70b-4259-b2ea-cc7be38c4e88","block_type":"box","text":"range of risks and opportunities have the potential to materially impact financial performance. Over time, we anticipate","page_number":181,"box":{"x":89,"y":44,"width":833,"height":12}},{"id":"cc056255-5490-46c1-b39e-029f169e8732","block_type":"box","text":"investors and other users of company reporting will increasingly seek to understand and scrutinize the assumptions","page_number":181,"box":{"x":89,"y":59,"width":810,"height":12}},{"id":"9a570648-736d-429b-98f3-bdb33e2a4e9a","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":181,"box":{"x":89,"y":74,"width":870,"height":12}},{"id":"7c505b43-ebc2-40c0-9d58-5cf2febce777","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":181,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"c5d44460-163b-4c64-9dae-5955be3f2b2b","block_type":"box","text":"standards setters, such as the International Financial Reporting Standards (IFRS) Board and the International Auditing and","page_number":181,"box":{"x":89,"y":104,"width":854,"height":13}},{"id":"4a0cf3b5-21dc-4466-9256-455d3fead8c2","block_type":"box","text":"Assurance Standards Board (IAASB), continue to develop their guidance to companies.","page_number":181,"box":{"x":88,"y":119,"width":608,"height":13}},{"id":"9e993663-43ae-42f1-b56a-f133a84ed790","block_type":"box","text":"(7)","page_number":181,"box":{"x":698,"y":117,"width":14,"height":8}},{"id":"9b747f45-9d5a-4cdf-8101-ee6f29546177","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":181,"box":{"x":89,"y":146,"width":828,"height":12}},{"id":"cc5b3cc4-3550-47c5-85eb-b1ef97e93fba","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":181,"box":{"x":89,"y":161,"width":795,"height":12}},{"id":"696ad8fe-d760-4418-897c-7c0a2da5aeb8","block_type":"box","text":"information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these committees can","page_number":181,"box":{"x":89,"y":176,"width":871,"height":12}},{"id":"ed3d0ada-b96a-4f18-9795-dec5ceac193f","block_type":"box","text":"provide oversight of Enterprise Risk Management systems.","page_number":181,"box":{"x":89,"y":191,"width":409,"height":13}},{"id":"8efcabe2-85f5-46e3-9c02-2f13db610032","block_type":"box","text":"(8)","page_number":181,"box":{"x":500,"y":189,"width":14,"height":8}},{"id":"a3ba6978-1c49-4e92-bb55-8d55f7f71152","block_type":"box","text":"In our view, effective audit committee oversight strengthens the","page_number":181,"box":{"x":520,"y":191,"width":446,"height":13}},{"id":"793af070-0d60-44b2-b0be-a2471e7a9fda","block_type":"box","text":"quality and reliability of a company’s financial statements and provides an important level of reassurance to shareholders.","page_number":181,"box":{"x":89,"y":206,"width":850,"height":13}},{"id":"df68bf56-360f-4ff9-9c4f-dd953646b52b","block_type":"box","text":"Audit committees or equivalent should have clearly articulated charters that set out their responsibilities and have a rotation","page_number":181,"box":{"x":88,"y":233,"width":869,"height":12}},{"id":"03d9253d-6265-4fb9-8625-1c5453bddc9a","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":181,"box":{"x":89,"y":248,"width":853,"height":12}},{"id":"09ae93e8-eeee-461c-82e5-42a4ba7bda5d","block_type":"box","text":"oversight. We recognize that audit committees will rely on management, internal audit, and the independent auditor in","page_number":181,"box":{"x":89,"y":263,"width":829,"height":12}},{"id":"58f511e5-9489-4d4f-aa24-9b38408e2cbe","block_type":"box","text":"fulfilling their responsibilities but look to committee members to demonstrate they have relevant expertise to monitor and","page_number":181,"box":{"x":88,"y":278,"width":854,"height":13}},{"id":"79fd188d-bc08-41fb-8169-a35ace05f974","block_type":"box","text":"oversee the audit process and related activities.","page_number":181,"box":{"x":89,"y":293,"width":329,"height":13}},{"id":"492ea8dc-488b-4fd8-bfe1-dc04b172ebf7","block_type":"box","text":"We take particular note of unexplained changes in reporting methodology, cases involving significant financial restatements,","page_number":181,"box":{"x":88,"y":320,"width":871,"height":12}},{"id":"3e9fb29f-4f75-4310-9da3-fce4ea232f67","block_type":"box","text":"or ad hoc notifications of material financial weakness. In this respect, audit committees should provide timely disclosure on","page_number":181,"box":{"x":89,"y":335,"width":863,"height":12}},{"id":"d110faa4-4f37-4498-a538-d212379d100c","block_type":"box","text":"the remediation of Key and Critical Audit Matters identified either by the external auditor or internal audit function.","page_number":181,"box":{"x":88,"y":350,"width":802,"height":12}},{"id":"c0dbfede-9e95-443a-b8a6-ff3bb249b03a","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":181,"box":{"x":88,"y":376,"width":853,"height":13}},{"id":"e04b1971-a4ec-4aa1-9a75-ee2a18764c86","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":181,"box":{"x":89,"y":392,"width":853,"height":12}},{"id":"b2cb7a53-3c9b-46af-9946-099e017361b3","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":181,"box":{"x":89,"y":407,"width":874,"height":12}},{"id":"02d87c88-81c4-48f2-b1d0-a82fffd9cb56","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":181,"box":{"x":89,"y":422,"width":827,"height":12}},{"id":"800eef96-07de-434c-a782-f122af4465e4","block_type":"box","text":"external audit process.","page_number":181,"box":{"x":89,"y":437,"width":157,"height":12}},{"id":"80ed42cd-cb4b-4843-9f56-e85da38fa2e7","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk management","page_number":181,"box":{"x":89,"y":463,"width":817,"height":13}},{"id":"560f8a7b-6a88-4fba-a6ce-40dd0916b8f1","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":181,"box":{"x":89,"y":479,"width":876,"height":12}},{"id":"95e15ccd-099a-4037-bebe-1cfce83d1e84","block_type":"box","text":"the company’s risk assessment and risk management policies and the significant risks and exposures identified by","page_number":181,"box":{"x":88,"y":494,"width":800,"height":12}},{"id":"808f3b30-b1c0-493f-8eff-73d5fd04a5ac","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":181,"box":{"x":89,"y":509,"width":873,"height":12}},{"id":"c2982d6d-f454-4d08-9f82-ab8fc20ce9ab","block_type":"box","text":"detailed disclosures, we may reasonably conclude that companies are not adequately managing risk.","page_number":181,"box":{"x":89,"y":524,"width":704,"height":12}},{"id":"28c0b66d-ecde-4325-9310-02e739970f89","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":181,"box":{"x":89,"y":550,"width":500,"height":13}},{"id":"b5ac5715-e4fa-4f6b-a933-ce8ee4c21c2a","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":181,"box":{"x":88,"y":577,"width":853,"height":12}},{"id":"80c6862c-8a83-4c3f-9756-e00dd4138eed","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":181,"box":{"x":88,"y":592,"width":841,"height":12}},{"id":"d16ce577-177c-4e9e-ab00-6526d9891dc4","block_type":"box","text":"shareholders against the dilution of their interests.","page_number":181,"box":{"x":89,"y":607,"width":351,"height":12}},{"id":"6f890085-932a-40b1-9c06-7f468f8e2a63","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":181,"box":{"x":89,"y":633,"width":858,"height":13}},{"id":"d43c0348-7b60-4d7b-8c2c-4e87ebda065f","block_type":"box","text":"residual claimants, have the strongest interest in protecting the financial value of the company, and voting rights should","page_number":181,"box":{"x":89,"y":649,"width":837,"height":12}},{"id":"52a934c9-c422-4596-9656-d9b392d3f12b","block_type":"box","text":"match economic exposure, i.e., one share, one vote.","page_number":181,"box":{"x":89,"y":664,"width":361,"height":12}},{"id":"80dc96d6-6cbf-4d84-afab-e91283926b9c","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential, differentiated","page_number":181,"box":{"x":89,"y":690,"width":872,"height":13}},{"id":"8a1f4d29-9125-4a21-9cd7-ae2ba1008622","block_type":"box","text":"voting rights. In our view, this structure violates the fundamental corporate governance principle of proportionality and","page_number":181,"box":{"x":88,"y":705,"width":833,"height":13}},{"id":"b44bfa33-3941-4da5-8fab-55edaba8475c","block_type":"box","text":"results in a concentration of power in the hands of a few shareholders, thus disenfranchising other shareholders and","page_number":181,"box":{"x":89,"y":720,"width":815,"height":13}},{"id":"05decd41-11b4-4c9c-bc9d-1b1e4321e653","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":181,"box":{"x":89,"y":736,"width":839,"height":12}},{"id":"95bed577-b756-46a2-813f-f9e6abeaf6fb","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":181,"box":{"x":89,"y":751,"width":845,"height":12}},{"id":"3813495e-100b-4d55-a3c7-615cb5ecc727","block_type":"box","text":"companies should review these share class structures on a regular basis or as company circumstances change. Additionally,","page_number":181,"box":{"x":89,"y":766,"width":867,"height":12}},{"id":"88c33daf-cde0-41c8-91d8-f170eab8884b","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":181,"box":{"x":89,"y":803,"width":833,"height":10}},{"id":"2f7b5eb4-4e95-47ab-85fb-cbb77af85211","block_type":"box","text":"blic","page_number":181,"box":{"x":923,"y":803,"width":18,"height":8}},{"id":"af6b3936-470d-445c-b2b0-a40db415114a","block_type":"box","text":"Consultation on Landmark Proposed Global Sustainability Assurance Standard”, August 2023.","page_number":181,"box":{"x":121,"y":816,"width":525,"height":9}},{"id":"1ae77c41-cd73-4121-8b82-c84720ded23f","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":181,"box":{"x":89,"y":831,"width":833,"height":10}},{"id":"10a389b1-a07d-4a98-8e3b-4a0ceec6d565","block_type":"box","text":"ng and","page_number":181,"box":{"x":924,"y":831,"width":37,"height":10}},{"id":"5bed69ff-1f1f-4405-9d36-8f98b8c58fb7","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":181,"box":{"x":121,"y":843,"width":818,"height":10}},{"id":"f065d2a9-11a6-4e8f-aeb7-35c101ea6f09","block_type":"box","text":"son","page_number":181,"box":{"x":940,"y":846,"width":24,"height":5}},{"id":"bd77a02b-d412-480d-8bdd-98a677e49c73","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":181,"box":{"x":121,"y":856,"width":842,"height":10}},{"id":"18e65f17-a226-4521-8c68-23e47aaf3c88","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":181,"box":{"x":121,"y":868,"width":208,"height":10}},{"id":"c9542609-9faa-4d36-bfc5-0f39c7cf9e42","block_type":"box","text":"A-26","page_number":181,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"030fd758-520d-4c1c-8eb8-9cc23c1c102e","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":182,"box":{"x":88,"y":44,"width":822,"height":12}},{"id":"6223b4be-67d5-4302-b1ce-138e271342b3","block_type":"box","text":"company’s shareholder meeting. The proposal should give unaffiliated shareholders the opportunity to affirm the current","page_number":182,"box":{"x":89,"y":59,"width":847,"height":12}},{"id":"75c864a0-5b54-43b5-87a4-b3d853cc3543","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs","page_number":182,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"b07cb716-4077-457c-94b3-a971a11daffb","block_type":"box","text":"to shareholders.","page_number":182,"box":{"x":88,"y":89,"width":112,"height":10}},{"id":"00a2309a-6c48-43e2-b6f3-df86f811db65","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long-term economic","page_number":182,"box":{"x":89,"y":116,"width":875,"height":12}},{"id":"21490d5f-ea67-450b-a332-e376140844d8","block_type":"box","text":"interests of our clients as shareholders. Boards proposing a transaction should clearly explain the economic and strategic","page_number":182,"box":{"x":89,"y":131,"width":847,"height":12}},{"id":"d6f2d1cf-5b31-456f-b3f2-93e4071ac5e8","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":182,"box":{"x":89,"y":146,"width":820,"height":12}},{"id":"91257e3c-226c-4e4a-8412-3cfa5378123a","block_type":"box","text":"shareholder value. We find long-term investors like our clients typically benefit when proposed transactions have the","page_number":182,"box":{"x":89,"y":161,"width":815,"height":12}},{"id":"0b6423fb-3691-4e48-a40c-54b4f986f56d","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":182,"box":{"x":89,"y":176,"width":854,"height":13}},{"id":"2524a3f2-1f0c-4ff4-b290-eb520cfee088","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":182,"box":{"x":88,"y":191,"width":865,"height":13}},{"id":"ebf2dc40-a193-45ca-9755-70b47366dc09","block_type":"box","text":"place shareholders’ interests before their own. Where the transaction involves related parties, the recommendation to","page_number":182,"box":{"x":89,"y":206,"width":821,"height":13}},{"id":"f5130325-bffe-4b9f-af89-ccd3ea62a46a","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":182,"box":{"x":89,"y":222,"width":846,"height":12}},{"id":"6f6f3175-250e-43bd-b73a-328ab26812f6","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":182,"box":{"x":89,"y":237,"width":849,"height":12}},{"id":"76f4e9cb-8226-408a-8d5b-6e47a8820c2a","block_type":"box","text":"vote of the non-conflicted parties.","page_number":182,"box":{"x":88,"y":252,"width":237,"height":12}},{"id":"b35015fc-5967-4321-9809-b825582c1fbf","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":182,"box":{"x":88,"y":278,"width":827,"height":13}},{"id":"60b10f88-f6b2-4974-8eda-257800d69f68","block_type":"box","text":"market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’ ability to sell their","page_number":182,"box":{"x":89,"y":293,"width":877,"height":13}},{"id":"12ad531f-b798-4265-943f-b06374b5eaa7","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":182,"box":{"x":89,"y":308,"width":863,"height":13}},{"id":"33910d1e-76bd-4509-83ab-eab9af8f8e12","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":182,"box":{"x":89,"y":324,"width":819,"height":12}},{"id":"53b99ced-5cf7-48b3-aee6-819c3ba3dd8b","block_type":"box","text":"encourage any so-called “shareholder rights plans” proposed by a board to be subject to shareholder approval upon","page_number":182,"box":{"x":89,"y":339,"width":811,"height":12}},{"id":"63557119-6bcf-440c-97c5-c953312299ba","block_type":"box","text":"introduction and periodically thereafter.","page_number":182,"box":{"x":89,"y":354,"width":276,"height":12}},{"id":"22afcc52-d8cd-4179-aeea-4f1c540a472e","block_type":"box","text":"Executive compensation","page_number":182,"box":{"x":89,"y":381,"width":174,"height":12}},{"id":"e4a641ce-fd95-4f34-b48a-03291b444589","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":182,"box":{"x":89,"y":407,"width":826,"height":12}},{"id":"d01d1774-fc51-4199-b5ab-b656e79c79ba","block_type":"box","text":"structure that incentivizes and rewards executives appropriately. Executive compensation is an important tool used by","page_number":182,"box":{"x":89,"y":422,"width":824,"height":12}},{"id":"b82a1c26-7b19-47f9-b0d5-0b6096b58030","block_type":"box","text":"companies to support long-term financial value creation. In our experience, well-structured compensation policies reward","page_number":182,"box":{"x":89,"y":437,"width":853,"height":12}},{"id":"88a6e9b6-a022-4168-bb1b-55ab8649225a","block_type":"box","text":"the successful delivery of strategic, operational, and/or financial goals, encourage an appropriate risk appetite, and align the","page_number":182,"box":{"x":88,"y":452,"width":870,"height":12}},{"id":"0b642030-193e-4ac0-98fd-77908ef3495d","block_type":"box","text":"interests of shareholders and executives through equity ownership.","page_number":182,"box":{"x":89,"y":467,"width":469,"height":13}},{"id":"14a28d42-fdc6-46a3-85e9-ab24c809fcc5","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":182,"box":{"x":88,"y":494,"width":848,"height":12}},{"id":"de30feb3-3780-4b85-95b3-d3859cd4c5e9","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":182,"box":{"x":89,"y":509,"width":852,"height":12}},{"id":"6fbfddd0-c049-4187-b3e9-fb0e4c07b21e","block_type":"box","text":"companies should use sustainability-related criteria in compensation structures, but, where they are included, we look to","page_number":182,"box":{"x":89,"y":524,"width":846,"height":12}},{"id":"6f599911-73a9-4c9a-b207-1aefdc6908fd","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":182,"box":{"x":89,"y":539,"width":843,"height":12}},{"id":"36d8a996-c17e-46cb-9f7e-7b0b1c2e5f27","block_type":"box","text":"should encompass timeframes that 1) are distinct from annual executive compensation structures and metrics, and 2)","page_number":182,"box":{"x":89,"y":554,"width":828,"height":12}},{"id":"1a9ab02a-cd4a-4e60-9862-e291386872e0","block_type":"box","text":"encourage the delivery of strong financial results over a period of years.","page_number":182,"box":{"x":89,"y":569,"width":498,"height":13}},{"id":"80f42368-db66-4c47-aee2-96a85b53ca77","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees – or board","page_number":182,"box":{"x":88,"y":596,"width":847,"height":12}},{"id":"26c99879-f404-4e1b-b2d8-203c31491604","block_type":"box","text":"members responsible for setting executive compensation – should carefully consider the company’s specific circumstances,","page_number":182,"box":{"x":89,"y":611,"width":866,"height":12}},{"id":"f147aad9-1268-4272-ac88-8071d8d164b1","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":182,"box":{"x":89,"y":626,"width":835,"height":12}},{"id":"397d0a24-61a7-4c0c-9717-6a40ec39ffb6","block_type":"box","text":"incentivize. We look to the compensation committees to guard against contractual arrangements that would entitle","page_number":182,"box":{"x":89,"y":641,"width":808,"height":12}},{"id":"98a83845-f5d8-4e49-a557-e0e4cf0b29c7","block_type":"box","text":"executives to material compensation for early termination of their employment. Finally, pension contributions and other","page_number":182,"box":{"x":89,"y":656,"width":839,"height":13}},{"id":"ca1b7a4d-c676-408a-8515-e5124d2ceb9d","block_type":"box","text":"deferred compensation arrangements should be reasonable in light of market practices or the company’s business and","page_number":182,"box":{"x":89,"y":671,"width":831,"height":13}},{"id":"f44ad8f5-730c-4ef2-822b-bd45df4813e3","block_type":"box","text":"executive compensation strategies.","page_number":182,"box":{"x":89,"y":687,"width":245,"height":12}},{"id":"50d60bfd-dfe5-4eca-a3f4-b0fea55d9e3a","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":182,"box":{"x":88,"y":713,"width":862,"height":12}},{"id":"89a128b7-ab52-4e81-a08d-f8466e7b5b88","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":182,"box":{"x":89,"y":728,"width":874,"height":12}},{"id":"d2fa7191-d069-4d0d-8246-17a2005c4b7d","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":182,"box":{"x":88,"y":743,"width":871,"height":12}},{"id":"dbb82e6d-9bcb-436e-95c4-7c8969c05fdb","block_type":"box","text":"group evaluation by compensation committees can help ensure competitive pay; however, we are concerned when the","page_number":182,"box":{"x":89,"y":758,"width":830,"height":13}},{"id":"6a2c6eeb-b9e8-4661-8ff7-dc3dbb53dd38","block_type":"box","text":"rationale for increases in total compensation at a company is solely based on peer benchmarking, rather than also","page_number":182,"box":{"x":89,"y":773,"width":797,"height":13}},{"id":"7ec6e6bc-ee0d-4806-9e1f-17a1ae6dbf51","block_type":"box","text":"considering rigorous measures of outperformance. We encourage companies to clearly explain how compensation outcomes","page_number":182,"box":{"x":89,"y":788,"width":878,"height":13}},{"id":"5524d5e2-20f5-408d-8d42-b0a4f2bb8d09","block_type":"box","text":"have rewarded performance.","page_number":182,"box":{"x":89,"y":804,"width":199,"height":12}},{"id":"15d4699d-13ce-485f-83a5-3f0eaefb18b1","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could clawback","page_number":182,"box":{"x":88,"y":830,"width":846,"height":12}},{"id":"4bbd2f16-8270-480c-b820-88a276626f22","block_type":"box","text":"compensation or require executives to forgo awards when compensation was based on faulty financial statements or","page_number":182,"box":{"x":89,"y":845,"width":821,"height":12}},{"id":"a2f4fcd9-428e-4cd0-aa34-15f149b8d332","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":182,"box":{"x":89,"y":860,"width":831,"height":13}},{"id":"b5918b75-fc99-43cd-b15d-ec2ebfd03a5c","block_type":"box","text":"A-27","page_number":182,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"ae97679b-5cee-42c7-94ba-9d666fc394c1","block_type":"box","text":"executive whose behavior caused material financial harm to shareholders, material reputational risk to the company, or","page_number":183,"box":{"x":89,"y":44,"width":834,"height":12}},{"id":"fec4bf94-ea5e-4aca-bb6a-d5bab53f29c1","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":183,"box":{"x":89,"y":59,"width":843,"height":12}},{"id":"488c662b-3d2e-45ed-a705-3c864eae017b","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":183,"box":{"x":89,"y":85,"width":839,"height":13}},{"id":"c52c14a2-7ad2-40b8-b031-6a26a5579727","block_type":"box","text":"expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should not risk","page_number":183,"box":{"x":89,"y":101,"width":832,"height":12}},{"id":"b9861ae1-694b-476f-a4fd-ad618be7b722","block_type":"box","text":"compromising directors’ independence or aligning their interests too closely with those of the management, whom they are","page_number":183,"box":{"x":89,"y":116,"width":868,"height":12}},{"id":"2237f6c7-8d28-41c9-8833-f3221a41c256","block_type":"box","text":"charged with overseeing.","page_number":183,"box":{"x":89,"y":131,"width":174,"height":12}},{"id":"8ee0b256-80ba-45e6-8f1f-0a7828bbd4aa","block_type":"box","text":"BIS may convey concerns through not supporting management’s proposals to approve compensation, where they are on the","page_number":183,"box":{"x":89,"y":157,"width":874,"height":13}},{"id":"e2835c54-9ebb-434d-bda0-cbbe09167ddd","block_type":"box","text":"agenda. We may also vote against members of the compensation committee or equivalent board members for poor","page_number":183,"box":{"x":89,"y":172,"width":810,"height":13}},{"id":"073d2a4e-9dfa-4950-91a7-29e3a28d0888","block_type":"box","text":"compensation practices or structures.","page_number":183,"box":{"x":89,"y":188,"width":264,"height":12}},{"id":"b542c4bd-65f3-4509-a399-1b21a0068e49","block_type":"box","text":"Material sustainability-related risks and opportunities","page_number":183,"box":{"x":89,"y":214,"width":387,"height":12}},{"id":"fbae4605-5f34-42ba-a290-7c0dcafdc7d2","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related risks and","page_number":183,"box":{"x":89,"y":240,"width":842,"height":13}},{"id":"84407ccd-9d2b-44f9-84b9-8374cfee7de1","block_type":"box","text":"opportunities relevant to their businesses.","page_number":183,"box":{"x":89,"y":256,"width":292,"height":12}},{"id":"d5318830-57e0-49d6-af7b-5a094c17815f","block_type":"box","text":"(9)","page_number":183,"box":{"x":383,"y":254,"width":14,"height":8}},{"id":"7fa9086f-b62b-4f6d-8ef7-094f538fa3a5","block_type":"box","text":"As with all risks and opportunities in a company’s business model, appropriate","page_number":183,"box":{"x":402,"y":256,"width":550,"height":12}},{"id":"d106d8b8-49c9-4eb4-b8f4-3dc049340910","block_type":"box","text":"oversight of material sustainability considerations is a core component of having an effective governance framework that","page_number":183,"box":{"x":89,"y":271,"width":848,"height":12}},{"id":"f52f67db-0ca2-4c66-a249-71a0841fd822","block_type":"box","text":"supports durable, long-term financial value creation.","page_number":183,"box":{"x":89,"y":286,"width":366,"height":12}},{"id":"50d37fe6-986c-40ab-b1d9-a1ef6ac6768c","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to material","page_number":183,"box":{"x":89,"y":312,"width":835,"height":13}},{"id":"19d98d62-2442-49fe-b1d2-0e9b83d07f61","block_type":"box","text":"sustainability-related risks and opportunities. We find it helpful when companies’ disclosures demonstrate that they have a","page_number":183,"box":{"x":89,"y":327,"width":858,"height":13}},{"id":"c8d21653-1614-484e-9e03-fad9d18455b9","block_type":"box","text":"resilient business model that integrates material sustainability-related risks and opportunities into their strategy, risk","page_number":183,"box":{"x":89,"y":342,"width":813,"height":13}},{"id":"36ed656d-9950-4984-9f8e-5df4bc1e0b7d","block_type":"box","text":"management, and metrics and targets, including industry-specific metrics. The International Sustainability Standards Board","page_number":183,"box":{"x":89,"y":358,"width":865,"height":12}},{"id":"bab340ae-5458-4824-baed-eff15983bc4b","block_type":"box","text":"(ISSB) standards, IFRS S1 and S2","page_number":183,"box":{"x":89,"y":373,"width":227,"height":12}},{"id":"be6105f8-56aa-4c57-91d7-1ea7b7a08ca5","block_type":"box","text":"(10)","page_number":183,"box":{"x":318,"y":371,"width":21,"height":8}},{"id":"7ad162f3-d4af-48f4-b005-4db7ebfbafeb","block_type":"box","text":"may prove helpful to companies in preparing this disclosure. The standards build on the","page_number":183,"box":{"x":345,"y":373,"width":613,"height":12}},{"id":"36a1b8d7-a212-4bfc-ad1f-6c482a504473","block_type":"box","text":"Task Force on Climate-related Financial Disclosures (TCFD) framework and the standards and metrics developed by the","page_number":183,"box":{"x":88,"y":388,"width":838,"height":12}},{"id":"54e42763-c3eb-454d-87dd-53cdaa0402ce","block_type":"box","text":"Sustainability Accounting Standards Board (SASB), which have both converged under the ISSB. We recognize that companies","page_number":183,"box":{"x":88,"y":403,"width":876,"height":12}},{"id":"d718d134-b31e-4735-9270-08e6b7804bc1","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":183,"box":{"x":89,"y":418,"width":839,"height":12}},{"id":"b572edc7-250b-4448-81ba-f43c3c8c4bee","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":183,"box":{"x":89,"y":433,"width":849,"height":13}},{"id":"9725289c-9dd2-4b9c-b3c9-9330501c7384","block_type":"box","text":"cases, we ask that companies highlight the metrics that are industry- or company-specific.","page_number":183,"box":{"x":89,"y":448,"width":634,"height":13}},{"id":"7ea20cd8-cc9f-43f2-8b53-2c0042c2b719","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and aggregate data from","page_number":183,"box":{"x":88,"y":475,"width":874,"height":12}},{"id":"7fe10665-b8b8-4f82-aec6-3eea1a9b74c2","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":183,"box":{"x":88,"y":490,"width":879,"height":12}},{"id":"89c96fad-f52e-43ec-9b2b-24b3a1555940","block_type":"box","text":"with financial reporting cycles and companies may require additional time after their fiscal year-end to accurately collect,","page_number":183,"box":{"x":88,"y":505,"width":847,"height":12}},{"id":"97c6b61e-808d-463b-8992-376fb88d4816","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":183,"box":{"x":89,"y":520,"width":850,"height":12}},{"id":"a0a153af-6d4a-4c3d-b72e-bf1d57f02342","block_type":"box","text":"these disclosures, we encourage them to produce climate and other sustainability-related disclosures sufficiently in advance","page_number":183,"box":{"x":88,"y":535,"width":870,"height":13}},{"id":"64072070-2207-4de0-b1f0-8b226024a22c","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":183,"box":{"x":89,"y":550,"width":842,"height":13}},{"id":"6180fc91-2e68-4d6c-8060-26b09899fa1b","block_type":"box","text":"decisions.","page_number":183,"box":{"x":89,"y":565,"width":67,"height":10}},{"id":"63bb9f30-a23f-4b1d-bb6a-8ce424f02a57","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct issued by","page_number":183,"box":{"x":89,"y":592,"width":823,"height":12}},{"id":"ce722793-e443-44f4-9c1c-d8cbe76ae948","block_type":"box","text":"supranational organizations such as the United Nations or the Organization for Economic Cooperation and Development.","page_number":183,"box":{"x":89,"y":607,"width":847,"height":12}},{"id":"7ab04a4d-b69a-425f-8923-dc7db2d33dac","block_type":"box","text":"Further, industry initiatives on managing specific operational risks may provide useful guidance to companies on best","page_number":183,"box":{"x":89,"y":622,"width":822,"height":12}},{"id":"bc3e65cf-2363-4f28-bc9b-d013f7ae51fd","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":183,"box":{"x":89,"y":637,"width":879,"height":13}},{"id":"987642f9-b410-4b23-af10-6b4504add1ad","block_type":"box","text":"disclose any relevant global climate and other sustainability-related standards adopted, the industry initiatives in which they","page_number":183,"box":{"x":89,"y":652,"width":868,"height":13}},{"id":"a68d5284-cf82-402c-90bd-06dcdc508988","block_type":"box","text":"participate, any peer group benchmarking undertaken, and any assurance processes to help investors understand their","page_number":183,"box":{"x":89,"y":668,"width":831,"height":12}},{"id":"89294d24-ef73-4d07-bfa6-15a6784b759f","block_type":"box","text":"approach to sustainable and responsible business practices.","page_number":183,"box":{"x":89,"y":683,"width":418,"height":12}},{"id":"a6056eda-8a50-4f6c-9b2d-ea9783dd10be","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":183,"box":{"x":89,"y":765,"width":831,"height":10}},{"id":"83fcd186-743b-4ce1-9ae5-5fc0f09b199d","block_type":"box","text":"el that","page_number":183,"box":{"x":922,"y":765,"width":34,"height":8}},{"id":"ff634a38-0608-4e57-a982-441c3d9893e5","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":183,"box":{"x":121,"y":778,"width":826,"height":10}},{"id":"ad7f5f5b-72af-441e-b961-217ed94d3353","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":183,"box":{"x":121,"y":790,"width":832,"height":10}},{"id":"b0db34b6-0ca1-4adc-9eb6-b0e64f836834","block_type":"box","text":"which a company operates, customer loyalty, and relationships with regulators.","page_number":183,"box":{"x":121,"y":803,"width":443,"height":10}},{"id":"79ba58b7-ee78-4bee-abe2-f0ad52722100","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":183,"box":{"x":89,"y":818,"width":807,"height":10}},{"id":"30e580f3-7f81-4c32-ac89-8b5d441e08e7","block_type":"box","text":"se informa","page_number":183,"box":{"x":897,"y":818,"width":63,"height":8}},{"id":"db0d7142-4e7e-41e6-b2af-2934d95da2d2","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":183,"box":{"x":121,"y":831,"width":794,"height":10}},{"id":"bcc23f89-7006-4e70-bb10-ab38d0c49e2c","block_type":"box","text":"ions","page_number":183,"box":{"x":916,"y":831,"width":22,"height":7}},{"id":"8ceff3f1-e92a-471d-a1a0-847b60ae57fa","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":183,"box":{"x":121,"y":843,"width":804,"height":10}},{"id":"a1da7496-ec23-4656-af9e-5c473f168dc4","block_type":"box","text":"bout its","page_number":183,"box":{"x":926,"y":843,"width":41,"height":8}},{"id":"2c8edfd6-9866-4eb2-a77a-32fa717e2cd7","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":183,"box":{"x":121,"y":856,"width":798,"height":10}},{"id":"24f4dc1c-e5fb-407e-b16a-5d5a3c6958ab","block_type":"box","text":"ding","page_number":183,"box":{"x":921,"y":856,"width":23,"height":10}},{"id":"c20e4f29-b0bd-4e68-bdc9-a2bec2cba7e6","block_type":"box","text":"resources to the entity.","page_number":183,"box":{"x":121,"y":868,"width":127,"height":10}},{"id":"67127290-0891-464c-9560-96b9ffb93ca0","block_type":"box","text":"A-28","page_number":183,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"8f363aa8-b325-4fdd-ace5-ea2ee333a3e1","block_type":"box","text":"Climate and nature-related risk","page_number":184,"box":{"x":105,"y":44,"width":225,"height":10}},{"id":"51180347-9883-4f43-87fa-1a340921b039","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":184,"box":{"x":89,"y":70,"width":707,"height":13}},{"id":"e3ab6ab6-8fdc-43a5-9a35-14bd0e0caa57","block_type":"box","text":"(11)","page_number":184,"box":{"x":798,"y":68,"width":19,"height":8}},{"id":"18e94708-fd4f-47b0-a935-da61c842663d","block_type":"box","text":"Our research shows","page_number":184,"box":{"x":823,"y":70,"width":139,"height":10}},{"id":"f1e6c3a5-4bb1-4bcb-b44c-ef01c6022625","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":184,"box":{"x":88,"y":85,"width":832,"height":13}},{"id":"cd22ebfa-add3-4cd9-9d86-c13ceb556de4","block_type":"box","text":"policies, technology, and consumer and investor preferences, which may be material for many companies.","page_number":184,"box":{"x":89,"y":101,"width":742,"height":12}},{"id":"44451ea2-1dbb-42bf-9546-4760998dfe32","block_type":"box","text":"(12)","page_number":184,"box":{"x":832,"y":99,"width":21,"height":8}},{"id":"ff1550b1-ddfc-46ee-9fc4-6bfa736a2640","block_type":"box","text":"Yet the path to","page_number":184,"box":{"x":858,"y":101,"width":101,"height":12}},{"id":"64309574-f271-4fac-aa36-09f5f91e5dff","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":184,"box":{"x":89,"y":116,"width":809,"height":12}},{"id":"f7fe2e84-3a47-4465-93ec-52085b211f15","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":184,"box":{"x":89,"y":131,"width":845,"height":12}},{"id":"87209980-132e-4157-a1eb-86ad4294b4a4","block_type":"box","text":"businesses and operating environments. Many companies are assessing how to navigate the low-carbon transition while","page_number":184,"box":{"x":89,"y":146,"width":845,"height":12}},{"id":"3fee367c-ffbc-472a-ba9f-74f7fcab4fa6","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":184,"box":{"x":89,"y":161,"width":834,"height":12}},{"id":"672861c2-cde4-4d67-aed2-0b26431ca780","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":184,"box":{"x":89,"y":176,"width":852,"height":13}},{"id":"071b211b-61cf-4aa8-91ad-2318cedc3936","block_type":"box","text":"financial performance through the transition to a low-carbon economy, including where available, their transition plan.","page_number":184,"box":{"x":88,"y":191,"width":830,"height":13}},{"id":"9e0fc791-ade5-4f07-a022-2bdaeb473664","block_type":"box","text":"(13)","page_number":184,"box":{"x":920,"y":189,"width":20,"height":8}},{"id":"0559f765-d559-49fa-a8ce-e4a6bbc5e2c2","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors assess company","page_number":184,"box":{"x":89,"y":218,"width":871,"height":12}},{"id":"dc79ebc7-4cc0-4ff0-9e2d-3e1ed66d9f58","block_type":"box","text":"specific climate-related risks and opportunities, and inform investment decisions.","page_number":184,"box":{"x":89,"y":233,"width":568,"height":12}},{"id":"4e530af3-52cd-4570-bc02-5e2dd0cd1e9d","block_type":"box","text":"(14)","page_number":184,"box":{"x":659,"y":231,"width":20,"height":8}},{"id":"2b4f074e-2aae-4fae-98c6-f1ed38782d5b","block_type":"box","text":"Such disclosures also provide investors","page_number":184,"box":{"x":684,"y":233,"width":272,"height":12}},{"id":"16bc6347-901b-4b7e-b337-7520410131db","block_type":"box","text":"with insights into how companies are managing the risks associated with climate change by managing their own carbon","page_number":184,"box":{"x":88,"y":248,"width":846,"height":12}},{"id":"58a608e3-ed4d-47c7-b6bb-cf327be0d71b","block_type":"box","text":"emissions or emissions intensities to the extent financially practicable. Recognizing the value of these disclosures, in some","page_number":184,"box":{"x":89,"y":263,"width":854,"height":12}},{"id":"6e24f46b-5513-4eb2-bab1-50f2db1ceb17","block_type":"box","text":"jurisdictions, like the U.K, large companies must disclose such climate-related financial information on a mandatory basis,","page_number":184,"box":{"x":88,"y":278,"width":852,"height":13}},{"id":"81141554-50a7-4c81-98b4-55f98b3cad0f","block_type":"box","text":"while in other jurisdictions these disclosures are viewed as best practice in the market.","page_number":184,"box":{"x":88,"y":293,"width":603,"height":13}},{"id":"2e41ea5e-d797-48e0-a581-9af355a6443f","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures and","page_number":184,"box":{"x":89,"y":320,"width":816,"height":12}},{"id":"ce0215d4-e470-486c-a779-6960eeec45af","block_type":"box","text":"engagement, the strategies companies have in place to manage material risks to, and opportunities for, their long-term","page_number":184,"box":{"x":89,"y":335,"width":832,"height":12}},{"id":"5abd5749-b5e7-4288-90fe-08277eef2e16","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":184,"box":{"x":89,"y":350,"width":845,"height":12}},{"id":"5f8a955d-1c91-4daf-8ab5-8834eb38b98e","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":184,"box":{"x":89,"y":365,"width":867,"height":12}},{"id":"bccdcc6c-b608-49d3-b8ac-4e07bfcfdb72","block_type":"box","text":"members as part of the 2024 Leader’s Declaration.","page_number":184,"box":{"x":89,"y":380,"width":352,"height":13}},{"id":"03736b70-99ab-4dfc-8ac1-4160a429ad9e","block_type":"box","text":"(15)","page_number":184,"box":{"x":443,"y":378,"width":20,"height":8}},{"id":"dc8528ee-4537-4653-be1a-1d2a5e1e650c","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting short-, medium- and long-term targets,","page_number":184,"box":{"x":88,"y":407,"width":836,"height":12}},{"id":"0988ff7a-7a6e-44e2-8ab6-58951645540a","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":184,"box":{"x":89,"y":422,"width":803,"height":12}},{"id":"d42a25ef-124d-400f-a52e-14ea5b023547","block_type":"box","text":"reductions and to demonstrate how their targets are consistent with the long-term financial interests of their investors.","page_number":184,"box":{"x":89,"y":437,"width":833,"height":12}},{"id":"d55b84c2-1023-4d6b-bf9d-3997f9b33aad","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":184,"box":{"x":88,"y":463,"width":871,"height":13}},{"id":"034a3730-867a-453c-90c5-0fedb2704904","block_type":"box","text":"3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about","page_number":184,"box":{"x":89,"y":479,"width":824,"height":12}},{"id":"423ccd82-9295-4fe8-81e5-39ea1661a187","block_type":"box","text":"double-counting, and lack of direct control by companies. We welcome disclosures and commitments companies choose to","page_number":184,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"c3866d85-9e26-49d0-9e94-6ef0d37371ec","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":184,"box":{"x":89,"y":509,"width":879,"height":12}},{"id":"811a8ae6-6e74-4013-9d94-5daba6ce7898","block_type":"box","text":"Our publicly available commentary provides more information on our approach to climate-related risks and opportunities.","page_number":184,"box":{"x":89,"y":524,"width":853,"height":12}},{"id":"1649e01b-557d-484d-ab16-560a12bb480a","block_type":"box","text":"In addition to climate-related risks and opportunities, the management of nature-related factors is increasingly a component","page_number":184,"box":{"x":89,"y":550,"width":874,"height":13}},{"id":"30e657c6-eaee-48b4-82a4-125728a08940","block_type":"box","text":"of some companies’ ability to generate durable, long-term financial returns for shareholders, particularly where a company’s","page_number":184,"box":{"x":89,"y":565,"width":869,"height":13}},{"id":"49b0847b-23ec-4c15-a0f7-f0f0d93dad70","block_type":"box","text":"(11) BlackRock Investment Institute, “Mega forces: An investment opportunity”, 2023.","page_number":184,"box":{"x":89,"y":619,"width":485,"height":10}},{"id":"5164be8b-c80d-4ff0-94ea-9765e57298b2","block_type":"box","text":"(12) BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":184,"box":{"x":89,"y":634,"width":476,"height":10}},{"id":"f0b1bb6f-1728-428b-a6df-7f53812418bb","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":184,"box":{"x":89,"y":649,"width":861,"height":10}},{"id":"f32ffd75-dda5-42d7-b07a-ed046107b510","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":184,"box":{"x":121,"y":662,"width":843,"height":10}},{"id":"b4dec7e9-dc43-4753-8d86-02b8a6005359","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":184,"box":{"x":121,"y":674,"width":807,"height":10}},{"id":"a880d3c6-f123-4c7c-a037-a10c4c092c09","block_type":"box","text":"ugh","page_number":184,"box":{"x":929,"y":674,"width":21,"height":10}},{"id":"6ebd8a71-070b-42d7-96f0-048080eea6ef","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":184,"box":{"x":121,"y":687,"width":834,"height":10}},{"id":"54cca606-1e66-42c2-ada8-8f945458c76f","block_type":"box","text":"rs","page_number":184,"box":{"x":956,"y":689,"width":9,"height":6}},{"id":"e605fec5-9b37-4a6d-891c-1b18e992b777","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":184,"box":{"x":121,"y":700,"width":816,"height":10}},{"id":"a8c5ad41-2904-4bb4-af80-6c500d263e6a","block_type":"box","text":"for","page_number":184,"box":{"x":937,"y":702,"width":11,"height":5}},{"id":"ab03a39a-cd11-4a46-95f4-10443a9ec216","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":184,"box":{"x":121,"y":712,"width":845,"height":10}},{"id":"ee94e1b2-5a59-48a6-b2ef-43278df80221","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":184,"box":{"x":121,"y":725,"width":801,"height":10}},{"id":"1aa2346f-36e5-49c8-9bbf-f108b1001a46","block_type":"box","text":"finan","page_number":184,"box":{"x":926,"y":725,"width":33,"height":8}},{"id":"7db99b3c-0742-4d32-adaf-396d189f9495","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":184,"box":{"x":121,"y":737,"width":821,"height":10}},{"id":"50c4d1d9-832e-4715-b557-9dfc38103ea6","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":184,"box":{"x":121,"y":750,"width":835,"height":10}},{"id":"2fc010c4-1b71-49d2-a048-de7897aa5d44","block_type":"box","text":"their planned actions and resource implications.","page_number":184,"box":{"x":121,"y":763,"width":269,"height":10}},{"id":"7ed7733d-94d6-46b2-ac6f-6fdefa9ca457","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":184,"box":{"x":89,"y":778,"width":835,"height":10}},{"id":"357db1a0-7200-448f-b509-0de73e786610","block_type":"box","text":"ned","page_number":184,"box":{"x":926,"y":778,"width":20,"height":8}},{"id":"cbeb1bcd-44ed-435b-b181-f4168c50131e","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":184,"box":{"x":121,"y":790,"width":826,"height":10}},{"id":"7c723d14-279e-4b6c-91bd-29c563811590","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":184,"box":{"x":121,"y":803,"width":831,"height":10}},{"id":"d83c01a1-9db3-4434-a36e-5a6669022ec1","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":184,"box":{"x":121,"y":816,"width":805,"height":9}},{"id":"ef49a4ee-b663-42ac-a404-badac75ff4fa","block_type":"box","text":"specific.","page_number":184,"box":{"x":121,"y":828,"width":44,"height":10}},{"id":"ea651dda-0892-4f43-94db-2ad6d8b2ee44","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":184,"box":{"x":89,"y":843,"width":846,"height":10}},{"id":"9a2a1f2f-ed98-4d39-a27c-537cf4e5fde2","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":184,"box":{"x":121,"y":856,"width":836,"height":10}},{"id":"9c56d108-8d91-461d-84ff-fec02e912b72","block_type":"box","text":"Product, over 75% of international trade, and about two-thirds of the world population.","page_number":184,"box":{"x":122,"y":868,"width":488,"height":10}},{"id":"965193fa-6bbf-4052-8c51-8427d51b4079","block_type":"box","text":"A-29","page_number":184,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"fed7ccbf-0cbf-422b-9a83-44c744277be9","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":185,"box":{"x":89,"y":44,"width":859,"height":12}},{"id":"03b4cae6-8d50-4ef0-80a8-9f0a48982ae3","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":185,"box":{"x":89,"y":59,"width":870,"height":12}},{"id":"4ef68896-71c9-4e2a-b6e4-e8415e85d04a","block_type":"box","text":"capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated","page_number":185,"box":{"x":89,"y":74,"width":872,"height":12}},{"id":"0c2296b9-319e-441e-b6a9-cb5da4ea102a","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":185,"box":{"x":89,"y":89,"width":856,"height":13}},{"id":"0f74ca03-99e8-48d8-8524-27b7ac059141","block_type":"box","text":"risks and opportunities. We rely on company disclosures when determining how to vote on shareholder proposals addressing","page_number":185,"box":{"x":89,"y":104,"width":876,"height":13}},{"id":"0cb50ec9-2a11-4518-b705-b193360643cf","block_type":"box","text":"natural capital issues. Our publicly available commentary provides more information on our approach to natural capital.","page_number":185,"box":{"x":89,"y":119,"width":836,"height":13}},{"id":"3969f482-8750-46e3-91a6-e36199402859","block_type":"box","text":"(16)","page_number":185,"box":{"x":927,"y":117,"width":21,"height":8}},{"id":"dd9940b3-db4e-449c-b28e-c2abe3025d2a","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":185,"box":{"x":105,"y":146,"width":519,"height":12}},{"id":"833ecd4b-4111-4797-a4ae-77d68de9d063","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various parties on","page_number":185,"box":{"x":89,"y":172,"width":837,"height":13}},{"id":"23a75ff7-e4c4-45c0-9e11-4f3c41f502b6","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":185,"box":{"x":88,"y":188,"width":863,"height":12}},{"id":"8c412f97-d60f-4207-9675-636afd86ad75","block_type":"box","text":"material to their business and long-term financial performance. For many companies, key stakeholders include employees,","page_number":185,"box":{"x":89,"y":203,"width":857,"height":12}},{"id":"75e2bf36-b5e2-497e-9807-88a6f684f6fb","block_type":"box","text":"business partners (such as suppliers and distributors), clients and consumers, regulators, and the communities in which they","page_number":185,"box":{"x":89,"y":218,"width":877,"height":12}},{"id":"316c1f6b-3f86-46c4-ae33-d5fa99b5a633","block_type":"box","text":"operate.","page_number":185,"box":{"x":89,"y":234,"width":56,"height":11}},{"id":"9c621832-2193-4a2a-9f20-ee9b7471e7b9","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":185,"box":{"x":88,"y":259,"width":844,"height":13}},{"id":"3eb5c4e4-b88f-4fea-a988-2e2451227e6b","block_type":"box","text":"their key stakeholders and considered their interests in business decision-making. In addition to understanding broader","page_number":185,"box":{"x":88,"y":274,"width":837,"height":13}},{"id":"51623732-f481-493f-aeee-ff39220a7efb","block_type":"box","text":"stakeholder relationships, BIS finds it helpful when companies discuss how they consider the needs of their workforce today,","page_number":185,"box":{"x":89,"y":290,"width":870,"height":12}},{"id":"262bed76-5e8f-49ce-b032-5ed4f6c305bf","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":185,"box":{"x":89,"y":305,"width":854,"height":12}},{"id":"b868a308-6c07-4f8b-a8f2-d37e44ffe92f","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":185,"box":{"x":89,"y":320,"width":860,"height":12}},{"id":"3cd42209-2ff0-4b7a-8336-f664f2cb18e9","block_type":"box","text":"aligns with the company’s strategy.","page_number":185,"box":{"x":89,"y":335,"width":245,"height":12}},{"id":"89bd6154-a071-41c1-84b7-60110c5cff78","block_type":"box","text":"Companies should articulate how they address material adverse impacts that could arise from their business practices and","page_number":185,"box":{"x":89,"y":361,"width":857,"height":13}},{"id":"353203a3-ba2b-4460-be9d-e6c8712ba14e","block_type":"box","text":"affect critical relationships with their stakeholders. We encourage companies to implement, to the extent appropriate,","page_number":185,"box":{"x":89,"y":376,"width":822,"height":13}},{"id":"85ff2101-03f3-4363-83fb-2dc39d161fc3","block_type":"box","text":"monitoring processes (often referred to as due diligence) to identify and mitigate potential adverse impacts and grievance","page_number":185,"box":{"x":89,"y":392,"width":854,"height":12}},{"id":"027367db-33cc-49b4-b17c-bf29606305ac","block_type":"box","text":"mechanisms to remediate any actual adverse material impacts. In our view, maintaining trust within these relationships can","page_number":185,"box":{"x":89,"y":407,"width":864,"height":12}},{"id":"c3ba4f16-c42f-41bd-b9cf-438631a1320d","block_type":"box","text":"contribute to a company’s long-term success.","page_number":185,"box":{"x":89,"y":422,"width":320,"height":12}},{"id":"6d7188d1-bd60-4f52-b9c0-43c80ebe163c","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":185,"box":{"x":89,"y":448,"width":473,"height":13}},{"id":"721f2272-ff29-4b71-a908-a7be175d49df","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":185,"box":{"x":89,"y":475,"width":846,"height":12}},{"id":"ec960422-4bfe-40de-9f16-bc6a74b41207","block_type":"box","text":"companies in which they invest. In addition, companies should publish information on the governance structures in place","page_number":185,"box":{"x":89,"y":490,"width":850,"height":12}},{"id":"24bc6490-b543-4072-93f1-0bcb59c5f247","block_type":"box","text":"and the rights of shareholders to influence these structures. The reporting and disclosure provided by companies help","page_number":185,"box":{"x":89,"y":505,"width":824,"height":12}},{"id":"964f5f86-364d-4a45-91a7-6c141d23eccc","block_type":"box","text":"shareholders assess the effectiveness of the board’s oversight of management and whether investors’ economic interests","page_number":185,"box":{"x":89,"y":520,"width":848,"height":12}},{"id":"f03d12ef-4419-40e5-898b-ef63a4b00afb","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":185,"box":{"x":89,"y":535,"width":805,"height":13}},{"id":"6c1970a6-26cd-488c-a14b-17600394e618","block_type":"box","text":"governance matters, including changes to governance mechanisms, to submit proposals to the shareholders’ meeting, and","page_number":185,"box":{"x":89,"y":550,"width":862,"height":13}},{"id":"5399252c-f924-4acc-bcc1-a050b14ae6b6","block_type":"box","text":"to call special meetings of shareholders.","page_number":185,"box":{"x":88,"y":565,"width":280,"height":13}},{"id":"be33d8cb-acc6-42b3-90b0-bc1a0c001258","block_type":"box","text":"Corporate form","page_number":185,"box":{"x":105,"y":592,"width":110,"height":12}},{"id":"4c1a1212-e21b-404f-bdd9-839872f5ba73","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":185,"box":{"x":89,"y":618,"width":875,"height":13}},{"id":"42c247fe-caa4-4ecc-8d5d-2f54f224b320","block_type":"box","text":"purpose and business model.","page_number":185,"box":{"x":89,"y":633,"width":204,"height":13}},{"id":"98441a9a-2bbf-4d6c-89fd-a5189708cd41","block_type":"box","text":"(17)","page_number":185,"box":{"x":295,"y":631,"width":19,"height":9}},{"id":"391b9426-804a-43cb-9cb8-53bb04318428","block_type":"box","text":"Companies proposing to change their corporate form to a public benefit corporation or","page_number":185,"box":{"x":320,"y":633,"width":611,"height":13}},{"id":"11c4a87b-a714-4bf0-897a-1eeebfaaa16a","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":185,"box":{"x":89,"y":649,"width":852,"height":12}},{"id":"78cd84fd-de56-4479-b8bf-036a18eb70d7","block_type":"box","text":"supporting documentation from companies or shareholder proponents proposing to alter the corporate form clearly explains","page_number":185,"box":{"x":89,"y":664,"width":876,"height":12}},{"id":"57bafd09-8c99-49f3-97e2-36a82f276263","block_type":"box","text":"how the interests of shareholders and different stakeholders would be impacted as well as the accountability and voting","page_number":185,"box":{"x":89,"y":679,"width":838,"height":12}},{"id":"e4e8d477-37d5-4144-b5fd-d960829f2d88","block_type":"box","text":"mechanisms that would be available to shareholders. We generally support management proposals if our analysis indicates","page_number":185,"box":{"x":89,"y":694,"width":863,"height":12}},{"id":"d6308562-0462-42c2-ab74-b02b43af2b1e","block_type":"box","text":"that shareholders’ economic interests are adequately protected. Relevant shareholder proposals are evaluated on a case-by","page_number":185,"box":{"x":88,"y":709,"width":868,"height":12}},{"id":"6b4082b7-332e-4fe0-8fee-73680863086c","block_type":"box","text":"case basis.","page_number":185,"box":{"x":89,"y":724,"width":73,"height":10}},{"id":"e7626dd2-42b8-4cdb-9dba-a6bc1bcaa6ce","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":185,"box":{"x":89,"y":816,"width":845,"height":9}},{"id":"5b5c1499-704a-4c88-bc64-50f79cbce0c2","block_type":"box","text":"en","page_number":185,"box":{"x":935,"y":818,"width":17,"height":5}},{"id":"85a16616-ac5c-4d8c-aa30-0b670e156de1","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":185,"box":{"x":121,"y":828,"width":825,"height":10}},{"id":"439b8cca-4269-4313-ab85-838acfb0d280","block_type":"box","text":"es","page_number":185,"box":{"x":946,"y":831,"width":12,"height":5}},{"id":"0c471fc5-a794-406d-a0d6-d4e25a75bae2","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":185,"box":{"x":121,"y":841,"width":820,"height":10}},{"id":"6e160ad7-65e4-487b-949c-587eb5710cb9","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":185,"box":{"x":121,"y":853,"width":615,"height":10}},{"id":"3e70f52c-2e5c-4378-8e56-96c6e7c720c6","block_type":"box","text":"(17) Corporate form refers to the legal structure by which a business is organized.","page_number":185,"box":{"x":89,"y":868,"width":462,"height":10}},{"id":"ca4942b6-b1a2-4aa2-9629-eac97b9b098d","block_type":"box","text":"A-30","page_number":185,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"387ba247-5ed6-4eaf-922c-ca2ca3ed96dd","block_type":"box","text":"Shareholder proposals","page_number":186,"box":{"x":88,"y":44,"width":163,"height":12}},{"id":"37872bda-8cc8-4e02-801d-fc7dfadc2aaa","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":186,"box":{"x":89,"y":70,"width":869,"height":13}},{"id":"d3bf3651-01cb-4269-9ae7-2be2ef176719","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":186,"box":{"x":89,"y":85,"width":861,"height":13}},{"id":"40e90c0a-ad88-4231-b3da-73b832fbf354","block_type":"box","text":"that we see put forward by shareholders address a wide range of topics, including governance reforms, capital management,","page_number":186,"box":{"x":88,"y":101,"width":874,"height":12}},{"id":"5b16167a-6a99-4fbf-bcef-27b9437c5c68","block_type":"box","text":"and improvements in the management or disclosure of sustainability-related risks.","page_number":186,"box":{"x":89,"y":116,"width":576,"height":12}},{"id":"727dc8c4-8586-4c42-b3f0-3fd060ace180","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":186,"box":{"x":89,"y":142,"width":874,"height":12}},{"id":"0b6c69d4-6018-46e0-b5a8-76bcf3c9d79b","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":186,"box":{"x":89,"y":157,"width":830,"height":13}},{"id":"b5f9c7cd-278a-440a-bde8-5d0014078c91","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":186,"box":{"x":89,"y":172,"width":726,"height":13}},{"id":"67d2774d-2e4a-4d8e-9420-2aeec6d71db7","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s individual","page_number":186,"box":{"x":88,"y":199,"width":819,"height":12}},{"id":"96e3f911-26b6-475f-b7de-9bad7c74e241","block_type":"box","text":"circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value creation. BIS’","page_number":186,"box":{"x":89,"y":214,"width":848,"height":12}},{"id":"f8ec263d-cbc6-4091-a99a-695a2caab1bd","block_type":"box","text":"evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged, may impact a","page_number":186,"box":{"x":89,"y":229,"width":815,"height":12}},{"id":"9157422b-c138-4c85-b2a3-35aa9008b091","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":186,"box":{"x":89,"y":244,"width":870,"height":13}},{"id":"f613cffa-ff9e-4242-b0c0-a074772ca969","block_type":"box","text":"supporting documentation, and the proponents’ other communications on the issues. We also assess the company’s","page_number":186,"box":{"x":89,"y":259,"width":818,"height":13}},{"id":"b66b5518-9c81-4fb9-b19f-e3cd50f110ae","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":186,"box":{"x":89,"y":274,"width":859,"height":13}},{"id":"ee45f388-7f62-46b0-b095-d83c2dd199d4","block_type":"box","text":"into consideration a company’s governance practices and disclosures against those of their peers.","page_number":186,"box":{"x":89,"y":290,"width":684,"height":12}},{"id":"94bed8b0-25aa-4978-b09a-3af95b771a3a","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":186,"box":{"x":89,"y":316,"width":857,"height":12}},{"id":"8a6c30bf-ca4b-46ba-abe2-2a2ff68fffe5","block_type":"box","text":"advised on the proposal.","page_number":186,"box":{"x":89,"y":331,"width":170,"height":12}},{"id":"a33d4563-0dff-4286-8a08-42daa762616a","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":186,"box":{"x":88,"y":358,"width":826,"height":12}},{"id":"321f1198-dd47-43be-aa9c-240f0930fbae","block_type":"box","text":"company, are unduly prescriptive or constraining on management. We take into consideration the legal effect of the proposal,","page_number":186,"box":{"x":89,"y":373,"width":877,"height":12}},{"id":"741fdc6a-a7f6-47dd-94e3-8fc79a53cb65","block_type":"box","text":"as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests","page_number":186,"box":{"x":89,"y":388,"width":862,"height":12}},{"id":"6e8badc1-fcf8-4bcc-a79e-c5bd16505645","block_type":"box","text":"that would be deemed illegal in a given jurisdiction.","page_number":186,"box":{"x":88,"y":403,"width":359,"height":12}},{"id":"6508e40a-e501-4bb9-9b7c-a4cb815d37dd","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":186,"box":{"x":89,"y":429,"width":853,"height":13}},{"id":"822781b5-a73f-4961-8b30-1a49dbafc96e","block_type":"box","text":"clients, better understand the material risks and opportunities companies face and how they are managing them, especially","page_number":186,"box":{"x":89,"y":445,"width":865,"height":12}},{"id":"3ce7769b-ed65-4f38-bee0-f98ed6d6c294","block_type":"box","text":"where this information is additive given the company’s existing disclosures. We may also support shareholder proposals that","page_number":186,"box":{"x":88,"y":460,"width":872,"height":12}},{"id":"fee14f37-f2bb-4de7-a3d3-743bb981847e","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":186,"box":{"x":89,"y":475,"width":850,"height":12}},{"id":"50e076c9-8387-44fb-9353-0e57110b4d25","block_type":"box","text":"long-term financial value creation.","page_number":186,"box":{"x":89,"y":490,"width":239,"height":12}},{"id":"9091a427-9d21-4420-bccc-bdf7fd7b3d87","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Further, the proponent’s supporting","page_number":186,"box":{"x":88,"y":516,"width":861,"height":13}},{"id":"1aa7842c-88c2-4094-a6d4-4999a2bbc87d","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":186,"box":{"x":89,"y":531,"width":866,"height":13}},{"id":"4f20d8e4-2820-415c-b0e9-d1d1880b761d","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":186,"box":{"x":88,"y":547,"width":876,"height":12}},{"id":"c86707fb-c766-4ccb-9f3b-7c71cadefbd8","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":186,"box":{"x":89,"y":562,"width":877,"height":12}},{"id":"2f728a07-638b-4139-85cf-202fcb066470","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":186,"box":{"x":89,"y":577,"width":878,"height":12}},{"id":"c4b0464e-6678-41e8-877f-6a6c8b543190","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":186,"box":{"x":88,"y":592,"width":863,"height":12}},{"id":"2d3dfa8e-56d8-4ae0-9bfc-0e922499559e","block_type":"box","text":"typically explain to the company our rationale for supporting such proposals.","page_number":186,"box":{"x":88,"y":607,"width":538,"height":12}},{"id":"214dd52b-54dd-4e6d-b64b-77cc7b1b2580","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":186,"box":{"x":88,"y":633,"width":852,"height":13}},{"id":"e6a3f39a-7604-4fd8-8efa-5e22f427e7e3","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":186,"box":{"x":89,"y":649,"width":835,"height":12}},{"id":"52661d3f-e420-44ab-9706-c4264320afbf","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":186,"box":{"x":89,"y":664,"width":769,"height":12}},{"id":"95bee3c6-2066-4a0c-9ab6-13da95ab6d41","block_type":"box","text":"BlackRock’s oversight of its investment stewardship activities","page_number":186,"box":{"x":89,"y":690,"width":441,"height":13}},{"id":"707051c6-3a6c-4aa6-a5e3-3b85f0ee8ca3","block_type":"box","text":"Oversight","page_number":186,"box":{"x":105,"y":717,"width":69,"height":12}},{"id":"cd43a886-833b-4c23-852b-567d75679395","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior BlackRock","page_number":186,"box":{"x":89,"y":743,"width":843,"height":12}},{"id":"4132d13c-fa06-402d-9117-2255dfe34655","block_type":"box","text":"index investment professionals and/or senior employees with practical boardroom experience. The Stewardship Advisory","page_number":186,"box":{"x":89,"y":758,"width":849,"height":13}},{"id":"28182800-49f9-4d67-9c0b-0c8824dc70b2","block_type":"box","text":"Committees review and advise on amendments to BIS regional proxy voting guidelines (the Guidelines). The advisory","page_number":186,"box":{"x":89,"y":773,"width":820,"height":13}},{"id":"c9a6f9f2-4395-4e10-ac52-5daae94ab9f5","block_type":"box","text":"committees do not determine voting decisions, which are the responsibility of BIS.","page_number":186,"box":{"x":89,"y":788,"width":574,"height":13}},{"id":"11110fac-2fb6-47ff-ae3e-86901dad20af","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee (Global","page_number":186,"box":{"x":89,"y":815,"width":827,"height":12}},{"id":"c55b2580-ddaa-426c-ad3b-9eae1b12c916","block_type":"box","text":"Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship (Global Head),","page_number":186,"box":{"x":89,"y":830,"width":868,"height":12}},{"id":"edb74fcd-c523-49d4-bd5b-48532ae70d92","block_type":"box","text":"and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The Global Committee does","page_number":186,"box":{"x":89,"y":845,"width":875,"height":12}},{"id":"c3e84214-dd2a-45d1-82f2-06fb10e6ba78","block_type":"box","text":"not determine voting decisions, which are the responsibility of BIS.","page_number":186,"box":{"x":89,"y":860,"width":464,"height":13}},{"id":"b19c5f43-5df5-47f7-b4bb-123415b9745f","block_type":"box","text":"A-31","page_number":186,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"35a3f178-3023-4d5a-b8aa-978f648eb666","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":187,"box":{"x":88,"y":44,"width":841,"height":12}},{"id":"5132c3fa-c4fe-448c-b26d-ea451db94ec1","block_type":"box","text":"require the application of professional judgment and consideration of each company’s unique circumstances. The Global","page_number":187,"box":{"x":89,"y":59,"width":845,"height":12}},{"id":"84e0a92f-ee05-4518-ba36-5068bbe935a4","block_type":"box","text":"Committee reviews and approves amendments to these Principles. The Global Committee also reviews and approves","page_number":187,"box":{"x":89,"y":74,"width":817,"height":12}},{"id":"b01c3197-d9ae-4cad-b95e-a9829ef54be2","block_type":"box","text":"amendments to the regional Guidelines.","page_number":187,"box":{"x":89,"y":89,"width":279,"height":13}},{"id":"9e0c836e-9ab7-4bb6-968c-3a5f9d43aaf5","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":187,"box":{"x":89,"y":116,"width":876,"height":12}},{"id":"a5e80106-16c9-4cf9-b726-31a223f654df","block_type":"box","text":"material process issues, procedural changes, and other risk oversight considerations. The Global Committee reviews these","page_number":187,"box":{"x":89,"y":131,"width":855,"height":12}},{"id":"fd8df67a-4959-4ed0-b2e6-95fbe0925ad2","block_type":"box","text":"reports in an oversight capacity as informed by the Guidelines.","page_number":187,"box":{"x":89,"y":146,"width":435,"height":12}},{"id":"735756fc-9d1c-49ff-a974-9ea14f50da99","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including maintaining","page_number":187,"box":{"x":89,"y":172,"width":843,"height":13}},{"id":"958b23e9-b69b-4a69-9634-329732c32fe7","block_type":"box","text":"records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research on corporate","page_number":187,"box":{"x":89,"y":188,"width":805,"height":12}},{"id":"5380ea21-bcbe-4478-9d7b-ca8ffb712006","block_type":"box","text":"governance issues and participates in industry discussions to contribute to and keep abreast of important developments in","page_number":187,"box":{"x":89,"y":203,"width":859,"height":12}},{"id":"e1eac802-1684-4692-8771-502169eef198","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":187,"box":{"x":88,"y":218,"width":859,"height":12}},{"id":"9ac84cad-ce08-41f9-98bd-ecd0fc420b3c","block_type":"box","text":"those third parties. BIS may discuss complicated or particularly controversial matters with senior specialists internally, on an","page_number":187,"box":{"x":88,"y":233,"width":866,"height":12}},{"id":"b9bc71b9-b8a4-4208-ad67-67fd26f6bc19","block_type":"box","text":"advisory basis, prior to making a voting decision.","page_number":187,"box":{"x":89,"y":248,"width":340,"height":12}},{"id":"e1915c2b-10f8-46e9-be83-bcba58716738","block_type":"box","text":"Voting guidelines and vote execution","page_number":187,"box":{"x":88,"y":274,"width":267,"height":13}},{"id":"fae8bb08-05ff-4cf9-b1b5-8c553f000718","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":187,"box":{"x":89,"y":301,"width":877,"height":12}},{"id":"d0a36293-80aa-449f-b71e-a6e87a2127fd","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":187,"box":{"x":89,"y":316,"width":841,"height":12}},{"id":"8a530099-46af-4c2e-958b-e35798c32d73","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":187,"box":{"x":89,"y":331,"width":862,"height":12}},{"id":"fc696036-a521-4359-981e-441e2669547e","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":187,"box":{"x":88,"y":346,"width":877,"height":13}},{"id":"554e33d9-c174-4e12-8d11-f283f93806e0","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":187,"box":{"x":88,"y":361,"width":853,"height":13}},{"id":"fd00c035-1d0e-492d-b33d-45c1df1d4073","block_type":"box","text":"affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts management policies and","page_number":187,"box":{"x":89,"y":376,"width":828,"height":13}},{"id":"75807a7a-4215-4d8d-a2c6-d0b271d7355a","block_type":"box","text":"procedures,” below).","page_number":187,"box":{"x":89,"y":392,"width":144,"height":12}},{"id":"cf504cc7-509d-4d18-a675-c44453cd8140","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":187,"box":{"x":88,"y":418,"width":828,"height":12}},{"id":"d361c02f-34b7-47d7-b8a0-9829222cda52","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":187,"box":{"x":89,"y":433,"width":834,"height":13}},{"id":"68b8e50a-f8c7-41cc-936e-1b32a73eccfc","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":187,"box":{"x":89,"y":448,"width":869,"height":13}},{"id":"403b9417-0397-4ec7-9ddf-7644df429d10","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":187,"box":{"x":89,"y":463,"width":851,"height":13}},{"id":"38b226f6-9309-4bad-8842-1d9ae5c27c00","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":187,"box":{"x":89,"y":479,"width":858,"height":12}},{"id":"09eff8af-cad5-4295-9d44-25ce20f26c6a","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":187,"box":{"x":89,"y":494,"width":817,"height":12}},{"id":"2a475b7d-217a-471e-9d29-89836906afc1","block_type":"box","text":"governance issues generally, and provide insight into how we typically approach issues that commonly arise on corporate","page_number":187,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"6335fe58-f778-4141-9ad2-78fe32eb59ff","block_type":"box","text":"ballots. The Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments","page_number":187,"box":{"x":89,"y":524,"width":875,"height":12}},{"id":"bdb5561d-e771-45af-8717-f2bde5099b8b","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":187,"box":{"x":89,"y":539,"width":874,"height":12}},{"id":"ad2e78f7-b160-4910-a2f0-905dc120df7c","block_type":"box","text":"approach to governance practices most aligned with clients’ long-term financial interests. BIS analysts may exercise their","page_number":187,"box":{"x":89,"y":554,"width":846,"height":12}},{"id":"3f9989a2-b1f5-440f-9013-e036ff2fbc98","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":187,"box":{"x":89,"y":569,"width":877,"height":13}},{"id":"f99fe0b6-ea25-4c17-9a18-69664d72b2c9","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":187,"box":{"x":89,"y":584,"width":858,"height":13}},{"id":"4daf7eef-aaaf-40b5-87ff-420d982d5a76","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":187,"box":{"x":89,"y":611,"width":835,"height":12}},{"id":"1dac061e-e6bb-444d-81c2-c38df7ff473d","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":187,"box":{"x":89,"y":626,"width":867,"height":12}},{"id":"86e63f42-f0e4-4fe5-91ce-700c698adbf0","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":187,"box":{"x":89,"y":641,"width":804,"height":12}},{"id":"07f26088-327a-479a-85a3-5b22b27234dd","block_type":"box","text":"(requirements that investors who exercise their voting rights surrender the right to dispose of their holdings for some","page_number":187,"box":{"x":89,"y":656,"width":820,"height":13}},{"id":"7a5e8ce2-fbbe-46f6-85e2-b50eb4be4697","block_type":"box","text":"specified period in proximity to the shareholder meeting); v) potential difficulties in translating the proxy; vi) regulatory","page_number":187,"box":{"x":89,"y":671,"width":830,"height":13}},{"id":"944a1c38-d354-4b1c-859d-322fc64fd889","block_type":"box","text":"constraints; and vii) requirements to provide local agents with unrestricted powers of attorney to facilitate voting","page_number":187,"box":{"x":89,"y":686,"width":788,"height":13}},{"id":"fe2e1149-f743-43d4-8374-e939515ff3d8","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":187,"box":{"x":89,"y":702,"width":807,"height":12}},{"id":"6c7a4f74-7357-4664-a685-0c24449b2fdc","block_type":"box","text":"burdensome administrative requirements.","page_number":187,"box":{"x":89,"y":717,"width":292,"height":12}},{"id":"bed03c31-aca1-4e2a-afa7-ab01fcaca961","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":187,"box":{"x":89,"y":743,"width":867,"height":12}},{"id":"816e7218-ec7b-4db8-b330-1db2fa143807","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":187,"box":{"x":89,"y":758,"width":869,"height":13}},{"id":"6a39b626-bac9-4cca-9bc3-0a80b771a9c9","block_type":"box","text":"opportunity costs associated with share-blocking constraints) associated with exercising a vote are expected to outweigh the","page_number":187,"box":{"x":89,"y":773,"width":878,"height":13}},{"id":"8f1a13df-fe2f-44ba-babe-45368167367d","block_type":"box","text":"benefit the client would derive by voting on the proposal.","page_number":187,"box":{"x":89,"y":788,"width":397,"height":13}},{"id":"6f2f6250-b253-410b-809d-ef489f18c84c","block_type":"box","text":"Voting Choice","page_number":187,"box":{"x":88,"y":815,"width":101,"height":12}},{"id":"b8b50729-eedb-474e-a7e9-732ab1e84e47","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more opportunities to participate in the proxy","page_number":187,"box":{"x":89,"y":841,"width":851,"height":13}},{"id":"a3e1ae85-9fae-457b-a3ae-82c315b36d65","block_type":"box","text":"voting process where legally and operationally viable.","page_number":187,"box":{"x":88,"y":856,"width":373,"height":13}},{"id":"263faa56-431a-404e-a9a4-2535e31008a4","block_type":"box","text":"A-32","page_number":187,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"0bd29351-8027-44bf-896b-70493d6db421","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":188,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"66199951-f0f0-4d54-afd6-5813cce26305","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":188,"box":{"x":89,"y":59,"width":874,"height":12}},{"id":"9b1f2afc-0bb5-44fa-8303-e416b5dabf67","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":188,"box":{"x":88,"y":74,"width":840,"height":12}},{"id":"f079004b-7012-472b-81df-d81eae3d974d","block_type":"box","text":"managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice regardless of their investment strategies.","page_number":188,"box":{"x":89,"y":89,"width":840,"height":13}},{"id":"53c74d48-e732-4dab-b76f-20b381521c40","block_type":"box","text":"(18)","page_number":188,"box":{"x":931,"y":87,"width":20,"height":8}},{"id":"dc53ff3e-5709-4a32-bfae-4f3b5d4f9961","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":188,"box":{"x":89,"y":104,"width":758,"height":13}},{"id":"1ced6bcc-bfef-4319-9b7f-5cbec8549a22","block_type":"box","text":"(19)","page_number":188,"box":{"x":848,"y":102,"width":21,"height":8}},{"id":"9b314d53-20ae-485a-aa96-9c469f9789d6","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":188,"box":{"x":88,"y":131,"width":880,"height":12}},{"id":"0bf5adf2-a9f9-4148-aede-4fc39408edc3","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":188,"box":{"x":89,"y":146,"width":876,"height":12}},{"id":"57b5cc0d-36d4-4461-b111-01e9f5aaedf0","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":188,"box":{"x":89,"y":161,"width":841,"height":12}},{"id":"323bf642-2c55-48dd-8f01-d142c6c5c8bf","block_type":"box","text":"Voting Choice. BlackRock does not disclose client information, including a client’s selection of proxy policy, without client","page_number":188,"box":{"x":88,"y":176,"width":848,"height":13}},{"id":"5a46cb55-4ae8-4b53-af16-7eefe6a61901","block_type":"box","text":"consent.","page_number":188,"box":{"x":89,"y":193,"width":58,"height":8}},{"id":"3505f17c-79e9-465a-acb1-0b413268b728","block_type":"box","text":"Conflicts management policies and procedures","page_number":188,"box":{"x":89,"y":218,"width":340,"height":12}},{"id":"ecf4be85-ba17-4580-b998-8000094bf954","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity. Such","page_number":188,"box":{"x":89,"y":244,"width":822,"height":13}},{"id":"e4fb0c8b-0dd3-4f59-add0-08dd1516b567","block_type":"box","text":"influence might stem from any relationship between the investee company (or any shareholder proponent or dissident","page_number":188,"box":{"x":89,"y":259,"width":829,"height":13}},{"id":"cd91afa7-0093-4d98-8791-597485d34a96","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":188,"box":{"x":89,"y":274,"width":855,"height":13}},{"id":"cf3e5c96-e5a2-4b14-984d-1e949959b57d","block_type":"box","text":"examples of sources of perceived or potential conflicts of interest:","page_number":188,"box":{"x":89,"y":290,"width":459,"height":12}},{"id":"7e47d8ec-db3c-49f0-95e4-30362d00b84d","block_type":"box","text":"• BlackRock clients who may be issuers of securities or proponents of shareholder resolutions","page_number":188,"box":{"x":121,"y":310,"width":676,"height":12}},{"id":"58133ea9-dfa0-4574-8188-7ce64e329549","block_type":"box","text":"• BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder","page_number":188,"box":{"x":121,"y":330,"width":781,"height":12}},{"id":"2c2c57db-0f49-4344-9304-aad2e0a72dfc","block_type":"box","text":"resolutions","page_number":188,"box":{"x":154,"y":345,"width":76,"height":10}},{"id":"b7fb526a-46a6-4fbf-b6a2-96ab43dcbee4","block_type":"box","text":"• BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock","page_number":188,"box":{"x":121,"y":365,"width":785,"height":12}},{"id":"3a1e0114-61b7-4358-a4ca-c499df16e42e","block_type":"box","text":"• Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock","page_number":188,"box":{"x":121,"y":385,"width":780,"height":13}},{"id":"6bc689d7-6f6d-4eb9-b210-077621b0a61e","block_type":"box","text":"• Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock","page_number":188,"box":{"x":121,"y":405,"width":714,"height":13}},{"id":"5d49d8a6-3624-4f0a-a307-3f95cc4b44ea","block_type":"box","text":"• BlackRock, Inc. board members who serve as senior executives or directors of public companies held in Funds","page_number":188,"box":{"x":121,"y":426,"width":801,"height":12}},{"id":"17b58ad3-6ace-479d-95b5-2c73763a196f","block_type":"box","text":"managed by BlackRock","page_number":188,"box":{"x":154,"y":441,"width":162,"height":12}},{"id":"90995f69-1cbf-4186-b9e5-224a4e25372e","block_type":"box","text":"BlackRock has taken certain steps to mitigate perceived or potential conflicts including, but not limited to, the following:","page_number":188,"box":{"x":89,"y":467,"width":839,"height":13}},{"id":"b5525c28-e5f5-47f6-af10-6efaecb1059d","block_type":"box","text":"• Adopted the Guidelines which are designed to advance our clients’ long-term economic interests in the companies","page_number":188,"box":{"x":121,"y":487,"width":838,"height":13}},{"id":"fa616d02-1c78-4b0e-ac6a-eb21b9e0cd22","block_type":"box","text":"in which BlackRock invests on their behalf","page_number":188,"box":{"x":154,"y":502,"width":294,"height":10}},{"id":"0d1755db-1073-458e-b783-7a83f4d58488","block_type":"box","text":"• Established a reporting structure that separates BIS from employees with sales, vendor management, or business","page_number":188,"box":{"x":121,"y":523,"width":824,"height":12}},{"id":"8f26a3e3-3ba4-49ba-a64a-fd2ee9daa669","block_type":"box","text":"partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident","page_number":188,"box":{"x":154,"y":538,"width":777,"height":12}},{"id":"08b29f9c-8b34-4cfa-8d98-260240165279","block_type":"box","text":"shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship","page_number":188,"box":{"x":154,"y":553,"width":797,"height":12}},{"id":"d2208033-b23a-4a70-9f08-e5bdba1c9242","block_type":"box","text":"with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS","page_number":188,"box":{"x":153,"y":568,"width":786,"height":12}},{"id":"4e9bfa47-e35d-4ee0-92ab-4b074bd89ebf","block_type":"box","text":"prioritizes engagements based on factors including, but not limited to, our need for additional information to make","page_number":188,"box":{"x":154,"y":583,"width":803,"height":12}},{"id":"8b9dbdbd-2ac8-4e0c-be27-a871aff2c0c1","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":188,"box":{"x":154,"y":598,"width":802,"height":13}},{"id":"9f5f18f6-a65c-475b-a8b1-5209faa9216a","block_type":"box","text":"the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock","page_number":188,"box":{"x":153,"y":613,"width":807,"height":13}},{"id":"1b72a744-82d9-4497-9b42-b3d776e13555","block_type":"box","text":"clients, business partners and/or third parties, and/or with employees with sales, vendor management, or business","page_number":188,"box":{"x":154,"y":628,"width":806,"height":13}},{"id":"8d6a0249-d484-415a-8322-b72c8332a30e","block_type":"box","text":"partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters,","page_number":188,"box":{"x":154,"y":644,"width":781,"height":12}},{"id":"9c005a37-f896-4c92-8d54-3690a25a98f2","block_type":"box","text":"client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met","page_number":188,"box":{"x":154,"y":659,"width":679,"height":12}},{"id":"89118da5-cb99-4975-a278-acbfe5ba31be","block_type":"box","text":"• Determined to engage, in certain instances, an independent third-party voting service provider to make proxy voting","page_number":188,"box":{"x":121,"y":679,"width":846,"height":12}},{"id":"c8571fbc-c15e-43fd-8d7b-9370f6098d42","block_type":"box","text":"recommendations as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":188,"box":{"x":154,"y":694,"width":784,"height":12}},{"id":"a73b4a75-0c28-4229-bb23-b3422dbebdba","block_type":"box","text":"requirements, or as may be otherwise required by applicable law. In such circumstances, the independent third","page_number":188,"box":{"x":154,"y":709,"width":780,"height":12}},{"id":"92dcfe69-099c-4472-accd-591845c56129","block_type":"box","text":"party voting service provider provides BlackRock with recommendations, in accordance with the Guidelines, as to","page_number":188,"box":{"x":154,"y":724,"width":793,"height":13}},{"id":"60c4a8a5-ae58-42cb-b6fb-735cf5e98c31","block_type":"box","text":"how to vote such proxies. BlackRock uses an independent third-party voting service provider to make proxy voting","page_number":188,"box":{"x":154,"y":739,"width":799,"height":13}},{"id":"ed0bab5a-faa8-4401-ae4a-d19e50254adf","block_type":"box","text":"recommendations for shares of BlackRock, Inc. and companies affiliated with BlackRock, Inc. BlackRock may also","page_number":188,"box":{"x":154,"y":754,"width":790,"height":13}},{"id":"3e52c000-172f-4d5d-b34b-c8653f5d4830","block_type":"box","text":"use an independent third-party voting service provider to make proxy voting recommendations for:","page_number":188,"box":{"x":154,"y":770,"width":693,"height":12}},{"id":"4772321c-2b6b-4374-96b9-b5951f07dfa7","block_type":"box","text":"• public companies that include BlackRock employees on their boards of directors","page_number":188,"box":{"x":187,"y":790,"width":592,"height":12}},{"id":"41cd39fb-62be-4760-94aa-f858b0a3ce4a","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":188,"box":{"x":89,"y":841,"width":837,"height":10}},{"id":"44c02d99-e28a-4bb8-88f7-eb4625106a87","block_type":"box","text":"heir","page_number":188,"box":{"x":927,"y":841,"width":20,"height":8}},{"id":"4f33dec0-7eba-4bff-b0d8-cf3589d26849","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":188,"box":{"x":121,"y":853,"width":752,"height":10}},{"id":"1cfe2a44-f012-4eb5-ab73-d89421ca7d70","block_type":"box","text":"(19) Read more about BlackRock Voting Choice on our website.","page_number":188,"box":{"x":89,"y":868,"width":360,"height":10}},{"id":"ae6f3b60-e10e-4dea-b462-bbcb0d0b9010","block_type":"box","text":"A-33","page_number":188,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"32542aa9-ba82-43b6-b894-60c84f8e7b21","block_type":"box","text":"• public companies of which a BlackRock, Inc. board member serves as a senior executive or a member of","page_number":189,"box":{"x":187,"y":44,"width":761,"height":12}},{"id":"5ac61664-55c4-4faf-89f8-e6a0d718e85e","block_type":"box","text":"the board of directors","page_number":189,"box":{"x":218,"y":59,"width":152,"height":10}},{"id":"99720f20-181f-447c-9cc0-bf7c2d2a5ce1","block_type":"box","text":"• public companies that are the subject of certain transactions involving BlackRock Funds","page_number":189,"box":{"x":187,"y":79,"width":646,"height":13}},{"id":"182d4757-1ef9-4d19-981b-d8997f65544e","block_type":"box","text":"• public companies that are joint venture partners with BlackRock, and","page_number":189,"box":{"x":187,"y":99,"width":513,"height":13}},{"id":"07d74c7b-1652-475c-a519-ec5ed74a9f4e","block_type":"box","text":"• public companies when legal or regulatory requirements compel BlackRock to use an independent third","page_number":189,"box":{"x":187,"y":119,"width":764,"height":13}},{"id":"864ccb14-bff0-4d73-8869-b1efc302410f","block_type":"box","text":"party voting service provider","page_number":189,"box":{"x":219,"y":135,"width":199,"height":12}},{"id":"9eb7c7fb-65ff-4dd3-b07b-2b4839756866","block_type":"box","text":"In selecting an independent third-party voting service provider, we assess several characteristics, including but not limited to:","page_number":189,"box":{"x":89,"y":161,"width":873,"height":12}},{"id":"24737960-7b9c-4ce4-a5ac-6f6e4cdb713a","block_type":"box","text":"independence, an ability to analyze proxy issues and make recommendations in the economic interest of our clients in","page_number":189,"box":{"x":89,"y":176,"width":826,"height":13}},{"id":"0d7af42e-8c37-4e5b-b073-f9d41c14e064","block_type":"box","text":"accordance with the Guidelines, reputation for reliability and integrity, and operational capacity to accurately deliver the","page_number":189,"box":{"x":89,"y":191,"width":836,"height":13}},{"id":"6630269c-996d-49f4-89b4-a3e4d340f188","block_type":"box","text":"assigned recommendations in a timely manner. We may engage more than one independent third-party voting service","page_number":189,"box":{"x":89,"y":206,"width":829,"height":13}},{"id":"fc4ebe19-ac6e-45b8-b95a-2f18f415fbdd","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":189,"box":{"x":89,"y":222,"width":804,"height":12}},{"id":"9008393b-2bc8-46ac-9b23-8a93779c5390","block_type":"box","text":"Committee appoints and reviews the performance of the independent third-party voting service providers, generally on an","page_number":189,"box":{"x":89,"y":237,"width":855,"height":12}},{"id":"8fca3591-499b-4f74-9803-b6a533a0e7a1","block_type":"box","text":"annual basis.","page_number":189,"box":{"x":89,"y":252,"width":89,"height":9}},{"id":"6118d8a7-68cd-4640-9c46-b8ab7205f8db","block_type":"box","text":"Securities lending","page_number":189,"box":{"x":88,"y":278,"width":128,"height":13}},{"id":"a005f04a-457e-497c-b752-62e716848b20","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":189,"box":{"x":88,"y":305,"width":855,"height":12}},{"id":"0de0d8a9-f365-43cb-b68c-2d97a9ec0966","block_type":"box","text":"practice that contributes to capital market efficiency. It also enables funds to generate additional returns while allowing fund","page_number":189,"box":{"x":89,"y":320,"width":870,"height":12}},{"id":"504e2254-0375-4643-b9c9-4921301ea7b0","block_type":"box","text":"providers to keep fund expenses lower.","page_number":189,"box":{"x":89,"y":335,"width":270,"height":12}},{"id":"1816d522-d5db-4af8-aafa-178a1785251d","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":189,"box":{"x":88,"y":361,"width":867,"height":13}},{"id":"21536c82-b355-4d10-90e4-4451560279e7","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":189,"box":{"x":89,"y":376,"width":827,"height":13}},{"id":"d05ce342-cdca-440e-aa63-119ee5f3eaf9","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":189,"box":{"x":89,"y":392,"width":866,"height":12}},{"id":"27fd48ea-35f3-4b95-aeba-3779d1d87850","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":189,"box":{"x":89,"y":407,"width":853,"height":12}},{"id":"2ec5f707-ff54-4303-bb7e-8e3856437e32","block_type":"box","text":"but are not limited to, assessing potential securities lending revenue alongside the potential long-term financial value to","page_number":189,"box":{"x":89,"y":422,"width":838,"height":12}},{"id":"c25bc64a-2c11-43f3-a7bb-bc60d71e6f06","block_type":"box","text":"clients of voting those securities (based on the information available at the time of recall consideration).","page_number":189,"box":{"x":89,"y":437,"width":726,"height":12}},{"id":"57204fac-d8bd-4745-ab6d-16706f47b918","block_type":"box","text":"(20)","page_number":189,"box":{"x":816,"y":435,"width":21,"height":8}},{"id":"529ccdec-1c8b-4a62-a67f-5dcfe125e833","block_type":"box","text":"BIS works with","page_number":189,"box":{"x":843,"y":437,"width":102,"height":10}},{"id":"253789f5-8192-4fab-93a6-333040849f0b","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":189,"box":{"x":89,"y":452,"width":873,"height":12}},{"id":"60cc643f-7901-41dd-b978-34f4fbea2938","block_type":"box","text":"recalling shares on loan.","page_number":189,"box":{"x":89,"y":467,"width":167,"height":13}},{"id":"cd154ebf-86b1-4363-9496-100032e1ed6f","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":189,"box":{"x":89,"y":494,"width":868,"height":12}},{"id":"21a027b3-7032-48ac-8168-23487d3d05cd","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":189,"box":{"x":89,"y":509,"width":876,"height":12}},{"id":"6b0c6229-26d1-4122-b60a-8c5e80f54d73","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":189,"box":{"x":89,"y":524,"width":860,"height":12}},{"id":"1ccdd8e6-4121-4cce-9e04-c8344634061c","block_type":"box","text":"clients and would therefore recall shares to be voted in those instances.","page_number":189,"box":{"x":89,"y":539,"width":499,"height":10}},{"id":"bd842f5a-edc6-4aba-9648-d9c761bd2bbb","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":189,"box":{"x":89,"y":565,"width":840,"height":13}},{"id":"6e57b2a7-f924-4d37-a4c2-e0667f6de9cb","block_type":"box","text":"modify it as necessary.","page_number":189,"box":{"x":89,"y":581,"width":156,"height":12}},{"id":"311382a8-5c0e-4e69-87be-7e7357b7c657","block_type":"box","text":"Reporting and vote transparency","page_number":189,"box":{"x":89,"y":607,"width":236,"height":12}},{"id":"15f3303c-19a7-4cae-ab92-15529da1b975","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":189,"box":{"x":88,"y":633,"width":804,"height":13}},{"id":"83380360-a34a-48ff-959b-a3a99787d39a","block_type":"box","text":"engagement and voting policies and activities through direct communication and through disclosure on our website.","page_number":189,"box":{"x":89,"y":649,"width":819,"height":12}},{"id":"b58608e1-f58e-46d2-962c-71a9419c72e0","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":189,"box":{"x":88,"y":664,"width":854,"height":12}},{"id":"26dd82ca-5ed6-4f8f-a6b8-12106de18e57","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our perspective on market developments and emerging key","page_number":189,"box":{"x":89,"y":679,"width":852,"height":12}},{"id":"165109cc-9739-4161-838e-05399cecfddb","block_type":"box","text":"themes.","page_number":189,"box":{"x":88,"y":694,"width":55,"height":10}},{"id":"c86ccea8-70f6-499e-a867-eaebfedc5840","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":189,"box":{"x":88,"y":720,"width":866,"height":13}},{"id":"cb784daf-3182-4f0c-a5b4-ea23bc34b333","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":189,"box":{"x":89,"y":736,"width":861,"height":12}},{"id":"97e27504-de8a-479f-a31b-d0cfab219807","block_type":"box","text":"proposals and on shareholder proposals. For shareholder meetings where a vote might be high profile or of significant","page_number":189,"box":{"x":89,"y":751,"width":826,"height":12}},{"id":"491910fa-8107-46d0-b654-8817cf1e3fde","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":189,"box":{"x":89,"y":805,"width":848,"height":10}},{"id":"64ec589e-93e3-49fb-9e5d-2b3255f10ec6","block_type":"box","text":"ally","page_number":189,"box":{"x":938,"y":805,"width":18,"height":10}},{"id":"0fbb0db0-d320-4e5d-a076-d1a9e08ade30","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":189,"box":{"x":121,"y":818,"width":817,"height":10}},{"id":"2161ea9e-0838-4045-94a4-f32b7fae9513","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":189,"box":{"x":121,"y":831,"width":831,"height":10}},{"id":"5f261680-2087-46bf-8a64-d68351a8750e","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":189,"box":{"x":121,"y":843,"width":810,"height":10}},{"id":"146b14cb-aede-43dd-a520-3a8bb0fb892b","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":189,"box":{"x":121,"y":856,"width":832,"height":10}},{"id":"7e79915b-0a37-4a65-a402-ded958cd1f41","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":189,"box":{"x":121,"y":868,"width":745,"height":10}},{"id":"28719a86-6579-4bd5-8580-062b496b7023","block_type":"box","text":"A-34","page_number":189,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"79b0e440-4eb8-4b04-b3c0-1aa31b839fa2","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":190,"box":{"x":89,"y":44,"width":866,"height":12}},{"id":"2728b704-9656-4bd8-95b8-b899b0adcace","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":190,"box":{"x":89,"y":59,"width":822,"height":12}},{"id":"abf0ff64-7410-4970-b941-81046db1ad68","block_type":"box","text":"meeting.","page_number":190,"box":{"x":89,"y":75,"width":60,"height":11}},{"id":"57a95db9-cede-4d4b-a981-eeeaa1ab36e5","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":190,"box":{"x":89,"y":101,"width":833,"height":12}},{"id":"2fa6381b-8056-4ad7-b3ef-0cd552ecd682","block_type":"box","text":"practices that support durable, long-term financial value creation by companies.","page_number":190,"box":{"x":89,"y":116,"width":560,"height":12}},{"id":"efbef2de-2b9a-42b0-b8ce-ed19822a5123","block_type":"box","text":"Want to know more?","page_number":190,"box":{"x":88,"y":142,"width":149,"height":10}},{"id":"bd0de767-4290-4345-a0b3-7f584c090df0","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":190,"box":{"x":89,"y":169,"width":464,"height":12}},{"id":"2f6aa659-2df1-42b5-93b1-a916c58f31b4","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":190,"box":{"x":88,"y":195,"width":827,"height":12}},{"id":"d92707c2-4835-42a0-a0b0-c5bf08ea72ba","block_type":"box","text":"principal.","page_number":190,"box":{"x":89,"y":210,"width":62,"height":13}},{"id":"7acc53f3-3847-480c-a164-83471e4884ab","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":190,"box":{"x":89,"y":237,"width":190,"height":12}},{"id":"188f9d6c-bb4b-4095-9b64-23d0d8546d2a","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":190,"box":{"x":89,"y":263,"width":289,"height":12}},{"id":"e5f7f3a4-1c7e-4df9-a01d-6fab529e1b05","block_type":"box","text":"BLACKROCK","page_number":190,"box":{"x":384,"y":264,"width":89,"height":9}},{"id":"a2ebee23-3c6a-473d-a46c-d739a4fa3d59","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":190,"box":{"x":478,"y":263,"width":450,"height":11}},{"id":"720a963c-3c53-47c9-9a6e-04a93dba08b6","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":190,"box":{"x":88,"y":278,"width":558,"height":13}},{"id":"d3ae3d13-225b-4ee3-a990-5030f1afb359","block_type":"box","text":"A-35","page_number":190,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"61ac27df-9687-421a-ab6f-ee3d1132aa84","block_type":"box","text":"BlackRock Investment Stewardship","page_number":191,"box":{"x":227,"y":44,"width":604,"height":30}},{"id":"f26f5fc7-357f-4df4-baf2-9499bb50f429","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":191,"box":{"x":89,"y":88,"width":382,"height":12}},{"id":"b6e0fe78-5481-46ab-bdce-01b817013ef9","block_type":"box","text":"Published July 2024","page_number":191,"box":{"x":106,"y":114,"width":139,"height":13}},{"id":"6867554e-e05c-4297-8f78-45fbd35b3b4f","block_type":"box","text":"BlackRock climate and decarbonization stewardship guidelines","page_number":191,"box":{"x":89,"y":141,"width":454,"height":12}},{"id":"f35a05c5-91e9-4d84-bb29-c09756988eb3","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":191,"box":{"x":89,"y":167,"width":365,"height":13}},{"id":"0773db57-f09b-4fe6-95a4-3283078fe63c","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":191,"box":{"x":89,"y":194,"width":863,"height":12}},{"id":"13c12742-af0a-4607-90a6-9ad4af044b73","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":191,"box":{"x":88,"y":209,"width":844,"height":12}},{"id":"3986f3d5-6d85-4f8d-9e41-ee5688f588ab","block_type":"box","text":"impact on our clients’ long-term investment outcomes and financial well-being. BlackRock Investment Stewardship (BIS) is a","page_number":191,"box":{"x":89,"y":224,"width":873,"height":12}},{"id":"0e468922-2058-4d32-b70a-50eaa9d27210","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":191,"box":{"x":89,"y":239,"width":862,"height":13}},{"id":"4f2ce8e8-690e-46c3-a8ca-8c6577447080","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":191,"box":{"x":88,"y":254,"width":865,"height":13}},{"id":"d740c05f-1a30-4337-8a53-fd876b5ad667","block_type":"box","text":"our clients. BIS does this through:","page_number":191,"box":{"x":89,"y":269,"width":234,"height":13}},{"id":"055fb692-3d62-454f-bea7-2ba360821a13","block_type":"box","text":"1.","page_number":191,"box":{"x":90,"y":290,"width":10,"height":9}},{"id":"420e5707-e8ff-4e55-980a-e5414fe72433","block_type":"box","text":"Engaging with companies","page_number":191,"box":{"x":128,"y":290,"width":186,"height":12}},{"id":"7be0a325-3ec7-49f3-8c01-42e85d0c73f1","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform our","page_number":191,"box":{"x":320,"y":290,"width":634,"height":12}},{"id":"59ab8c9b-c082-4fea-9c0e-d47561c8a732","block_type":"box","text":"voting decisions.","page_number":191,"box":{"x":127,"y":305,"width":117,"height":12}},{"id":"9940e694-2bc9-446b-a51e-64a0d54fe160","block_type":"box","text":"2.","page_number":191,"box":{"x":89,"y":325,"width":11,"height":10}},{"id":"1212bc98-4c6c-40cf-b6c9-c220e4fea1cc","block_type":"box","text":"Voting at shareholder meetings","page_number":191,"box":{"x":127,"y":325,"width":227,"height":12}},{"id":"d02315a5-d9ed-40b9-8817-b1c2b91282c4","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have delegated","page_number":191,"box":{"x":359,"y":325,"width":589,"height":12}},{"id":"0ccbcbb7-0e03-446a-bb45-60d44b5f0cf7","block_type":"box","text":"voting authority to BlackRock.","page_number":191,"box":{"x":127,"y":340,"width":210,"height":12}},{"id":"faf49e67-45cd-45d2-90e2-83f44b6fcccd","block_type":"box","text":"3.","page_number":191,"box":{"x":89,"y":361,"width":11,"height":9}},{"id":"b05a1a32-91be-418a-8525-59b598dc5241","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":191,"box":{"x":128,"y":360,"width":356,"height":12}},{"id":"b303e347-5b5c-4bf1-a23e-27ee19319693","block_type":"box","text":"to share our perspectives on matters that may impact our clients’","page_number":191,"box":{"x":489,"y":360,"width":457,"height":12}},{"id":"416b8df9-65ca-49cc-8c02-79323140131a","block_type":"box","text":"investments.","page_number":191,"box":{"x":128,"y":376,"width":87,"height":9}},{"id":"0ba44afa-2700-4d86-9597-3b322c20a673","block_type":"box","text":"4.","page_number":191,"box":{"x":88,"y":396,"width":12,"height":9}},{"id":"faeeb6b6-d661-43cd-8e89-96d6c4d07603","block_type":"box","text":"Reporting on our activities","page_number":191,"box":{"x":128,"y":396,"width":190,"height":12}},{"id":"82537856-4aca-485b-aa7c-76e80866138f","block_type":"box","text":"to inform clients about our stewardship efforts on their behalf through a range of","page_number":191,"box":{"x":323,"y":395,"width":570,"height":13}},{"id":"2c7db57d-2b20-4c55-b1ce-c7895ccbfc77","block_type":"box","text":"publications and direct reporting.","page_number":191,"box":{"x":128,"y":410,"width":232,"height":13}},{"id":"eb453538-33d0-44a7-83b3-6a3c59041747","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":191,"box":{"x":88,"y":437,"width":629,"height":12}},{"id":"c9660b09-9df4-4563-892d-55d9212f274f","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to support our clients’ unique and varied investment","page_number":191,"box":{"x":89,"y":463,"width":822,"height":13}},{"id":"d390e9bc-0967-420a-9c29-3f42de8bf269","block_type":"box","text":"objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization stewardship option for","page_number":191,"box":{"x":89,"y":479,"width":870,"height":12}},{"id":"a87ec473-aae1-4383-938c-70a90f1ac986","block_type":"box","text":"those clients who explicitly direct BlackRock to invest their assets with decarbonization investment objectives. An increasing","page_number":191,"box":{"x":88,"y":494,"width":868,"height":12}},{"id":"6b2a3b62-279c-4fd5-8c26-2dc819ad33a2","block_type":"box","text":"number of clients are seeking to minimize the financial risk, and maximize the financial opportunities, associated with the","page_number":191,"box":{"x":89,"y":509,"width":850,"height":12}},{"id":"6b96d05f-4966-4541-a34a-db41763eda1b","block_type":"box","text":"transition to a low-carbon economy, and thus are interested in sustainable and transition investing, with some including","page_number":191,"box":{"x":88,"y":524,"width":839,"height":12}},{"id":"afe1bc7f-6b4b-432f-8e8f-44dd82a9293b","block_type":"box","text":"decarbonization as an investment objective in their mandates with BlackRock. In Europe for example, all of our largest,","page_number":191,"box":{"x":89,"y":539,"width":827,"height":12}},{"id":"e339f476-d882-466c-9b5c-d26e905091dd","block_type":"box","text":"strategic relationship clients have net zero commitments for their organizations, and globally a growing number have made","page_number":191,"box":{"x":89,"y":554,"width":862,"height":12}},{"id":"8c859fe6-5709-4b85-9713-d817d9a9f7d2","block_type":"box","text":"similar commitments, which those clients believe, will shape financial opportunities in the transition to a low-carbon","page_number":191,"box":{"x":89,"y":569,"width":814,"height":13}},{"id":"bb32d895-c066-4ff5-93f8-281021d22c99","block_type":"box","text":"economy. A survey of 200 institutional investors globally, representing nearly $9tn in assets under management, indicated","page_number":191,"box":{"x":89,"y":584,"width":853,"height":13}},{"id":"e1d84ba7-2809-4f6e-98f0-2d80607133e4","block_type":"box","text":"that 98% of them have set some kind of transition investment objective for their portfolios.","page_number":191,"box":{"x":88,"y":599,"width":636,"height":13}},{"id":"86597426-63a2-46cf-a6fe-a48aacb63c30","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with explicit","page_number":191,"box":{"x":88,"y":626,"width":818,"height":12}},{"id":"b3baac9f-0d96-47f6-96c7-989f2a09dd9e","block_type":"box","text":"decarbonization or climate-related investment objectives, and, when appropriate, engagement with corporate leadership to","page_number":191,"box":{"x":89,"y":641,"width":864,"height":12}},{"id":"339a01b0-ee1f-45d3-b072-b3306b490eac","block_type":"box","text":"support our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct BlackRock to apply","page_number":191,"box":{"x":89,"y":656,"width":850,"height":13}},{"id":"30fea06f-162c-4925-9f23-f52d7cf1fcfb","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":191,"box":{"x":88,"y":671,"width":842,"height":13}},{"id":"489ed54f-77fc-4495-b8f6-84f077046f12","block_type":"box","text":"implemented upon explicit selection and approval by the applicable fund board or client.","page_number":191,"box":{"x":89,"y":686,"width":617,"height":13}},{"id":"f4a86b6d-3e23-4e60-9d27-762bb6229764","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":191,"box":{"x":88,"y":713,"width":860,"height":12}},{"id":"c082fd3c-8078-402d-a9b5-6d6c991ec6c7","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":191,"box":{"x":89,"y":728,"width":856,"height":12}},{"id":"ce9458f0-6d9c-4d36-88b2-c26352c70fac","block_type":"box","text":"guidelines. These guidelines differ from the benchmark policies in that they consider, in addition to financial considerations","page_number":191,"box":{"x":89,"y":743,"width":860,"height":12}},{"id":"6f8d01c8-68c8-4f6c-84c0-93826ed514cc","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":191,"box":{"x":89,"y":758,"width":852,"height":13}},{"id":"1abd7038-6d55-4955-ba7b-7cf08fac2320","block_type":"box","text":"companies’ business model and strategies with the financial opportunities presented by the transition to a low-carbon","page_number":191,"box":{"x":89,"y":773,"width":827,"height":13}},{"id":"f882beed-d161-40bc-a0aa-0503f82ce1b2","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":191,"box":{"x":89,"y":788,"width":867,"height":13}},{"id":"1539f48b-1428-4558-8c88-0d161983b318","block_type":"box","text":"industrial levels.","page_number":191,"box":{"x":89,"y":804,"width":110,"height":9}},{"id":"a4e685e0-7bdc-43d2-940f-f08f44d2ff18","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world decarbonization or","page_number":191,"box":{"x":88,"y":830,"width":873,"height":12}},{"id":"f7899c7c-6ec2-496a-85dc-588b47eecb5a","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":191,"box":{"x":89,"y":845,"width":851,"height":12}},{"id":"2845e296-50bf-40b1-b5f4-0c47cb4b23d0","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":191,"box":{"x":89,"y":860,"width":843,"height":13}},{"id":"6027ac46-d28b-457e-8ce0-9a4fd60fac7a","block_type":"box","text":"A-36","page_number":191,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"6ea0f4ac-24ef-4f4c-9030-2127d683bf7f","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":192,"box":{"x":88,"y":44,"width":879,"height":12}},{"id":"19336f31-21b3-4dc4-8d2a-13d3f72047b7","block_type":"box","text":"held by these funds and clients, BIS’ benchmark voting guidelines apply.","page_number":192,"box":{"x":89,"y":59,"width":502,"height":12}},{"id":"3c4b24f7-82f3-45d3-9fae-e8b7ba68d988","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":192,"box":{"x":89,"y":85,"width":835,"height":13}},{"id":"960eb968-48be-46d3-9a32-6d811dbb34e7","block_type":"box","text":"policies.","page_number":192,"box":{"x":89,"y":101,"width":55,"height":12}},{"id":"96102d9e-5f58-42b2-b4c9-7f2f64f9fbb6","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":192,"box":{"x":89,"y":127,"width":878,"height":12}},{"id":"be5adf75-7253-4f50-8e7f-a614919c2f25","block_type":"box","text":"continue to undertake our stewardship responsibilities in line with our benchmark policies, with a sole focus on advancing","page_number":192,"box":{"x":89,"y":142,"width":854,"height":12}},{"id":"809e7d62-65e9-4b9a-840c-ec32a45cab61","block_type":"box","text":"those clients’ long-term economic interests. This will include consideration of climate-related risks and opportunities in a","page_number":192,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"b1c2ae28-c1aa-450d-aede-162a626d8c61","block_type":"box","text":"company’s business model, where material to the company’s ability to deliver long-term financial returns.","page_number":192,"box":{"x":89,"y":172,"width":738,"height":13}},{"id":"8fc98b5d-59f0-4d4e-bc91-56851b669111","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":192,"box":{"x":89,"y":199,"width":870,"height":12}},{"id":"e63d3f50-8c67-44c5-989d-cdc4620e5217","block_type":"box","text":"related to climate risk and the transition to a low-carbon economy.","page_number":192,"box":{"x":89,"y":214,"width":466,"height":12}},{"id":"2ab60c7c-364d-458c-8cc4-84fa8b8f84aa","block_type":"box","text":"Understanding the investment implications of the transition to a low-carbon economy","page_number":192,"box":{"x":89,"y":240,"width":621,"height":13}},{"id":"55df4f96-6b58-48d1-8e13-c2f0db0be920","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology, and","page_number":192,"box":{"x":89,"y":267,"width":811,"height":12}},{"id":"a406cbca-bcc8-4506-b548-7665b2e51352","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":192,"box":{"x":89,"y":282,"width":827,"height":12}},{"id":"762d765e-a9ee-4670-981a-843ec76ff568","block_type":"box","text":"uneven speeds across sectors and regions. For example—some technologies like renewable power are already being","page_number":192,"box":{"x":89,"y":297,"width":813,"height":12}},{"id":"1f746026-ece9-43dc-ac36-642ea82e1c67","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":192,"box":{"x":89,"y":312,"width":846,"height":13}},{"id":"02c61be1-880c-497c-8428-f39d9874903e","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":192,"box":{"x":89,"y":327,"width":846,"height":13}},{"id":"8e0266ca-55e7-44ab-9e2c-bef111c27cfc","block_type":"box","text":"production and consumption, spur significant capital investment and create risks, opportunities and a wider range of","page_number":192,"box":{"x":89,"y":342,"width":820,"height":13}},{"id":"d7a15066-aded-4ece-928f-8d2322adc40e","block_type":"box","text":"financial and competitive outcomes for companies.","page_number":192,"box":{"x":88,"y":358,"width":359,"height":12}},{"id":"f6299e50-fef0-4f63-bf24-ddc187fecd39","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":192,"box":{"x":89,"y":384,"width":860,"height":12}},{"id":"e7573d3c-1edd-4fe7-b8f7-e96b43074d06","block_type":"box","text":"opportunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered by Aladdin","page_number":192,"box":{"x":89,"y":399,"width":820,"height":13}},{"id":"2cc8c143-69b5-4b62-8eb3-07bb817b56a3","block_type":"box","text":"®","page_number":192,"box":{"x":911,"y":398,"width":9,"height":6}},{"id":"a4d25ec3-0422-473a-8761-9d394111de12","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":192,"box":{"x":88,"y":414,"width":871,"height":13}},{"id":"ba4a6524-cbf5-41c0-b048-4ea5fd26c59e","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":192,"box":{"x":88,"y":429,"width":852,"height":13}},{"id":"e78dffaf-5911-4d4b-b321-c1f0e897273e","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":192,"box":{"x":88,"y":445,"width":848,"height":12}},{"id":"7a40d66e-7768-4822-91f0-3789127357b8","block_type":"box","text":"experts.","page_number":192,"box":{"x":89,"y":461,"width":54,"height":11}},{"id":"4a69193f-44db-4e21-89c4-19179f9bc7a4","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":192,"box":{"x":89,"y":486,"width":855,"height":12}},{"id":"b30aba16-b3a3-46d4-816b-2ebbe28cd498","block_type":"box","text":"insights generated by BIITS and Aladdin","page_number":192,"box":{"x":89,"y":501,"width":277,"height":13}},{"id":"37158224-8a50-46c0-90d1-aec138082daa","block_type":"box","text":"®","page_number":192,"box":{"x":368,"y":500,"width":9,"height":6}},{"id":"145eadc2-46b6-4220-aec3-b72f4b28c337","block_type":"box","text":"Climate, as well as our own analysis and engagement, in applying these guidelines.","page_number":192,"box":{"x":382,"y":501,"width":580,"height":13}},{"id":"77deef85-5581-4d5e-a5f3-3e6ece36ecb7","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":192,"box":{"x":89,"y":516,"width":840,"height":13}},{"id":"7ffda94d-093c-4dbb-baa9-cea82d93bf73","block_type":"box","text":"limitations, but is improving as a result of disclosure requirements in an increasing number of jurisdictions.","page_number":192,"box":{"x":89,"y":531,"width":746,"height":13}},{"id":"776cb95f-112d-4ffc-9ff8-9bced2f32ae2","block_type":"box","text":"Decarbonization stewardship guidelines design principles","page_number":192,"box":{"x":89,"y":558,"width":416,"height":12}},{"id":"1006f178-6483-43f3-bea6-5c41cb2cf87e","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":192,"box":{"x":88,"y":584,"width":348,"height":13}},{"id":"2e090b36-00c1-4f09-b6dc-ec6db4ec8610","block_type":"box","text":"•","page_number":192,"box":{"x":89,"y":608,"width":4,"height":3}},{"id":"9493399a-8f5b-406d-b5b0-62736f2800dd","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":192,"box":{"x":122,"y":605,"width":661,"height":12}},{"id":"dc0d5863-1c3a-4fa4-afad-aefcb341d5ec","block_type":"box","text":"This includes companies","page_number":192,"box":{"x":788,"y":605,"width":172,"height":12}},{"id":"9196c2f1-a45f-4b44-bd5d-0b4f1bc11e67","block_type":"box","text":"which produce goods and services that contribute to real world decarbonization or have a carbon intensive business","page_number":192,"box":{"x":121,"y":620,"width":815,"height":12}},{"id":"35b4345e-fb50-4b59-8f2e-9e2b8309cf83","block_type":"box","text":"model and face outsized impacts from the low-carbon transition.","page_number":192,"box":{"x":122,"y":635,"width":453,"height":12}},{"id":"453daba3-940d-4df8-8e31-f1432f329566","block_type":"box","text":"•","page_number":192,"box":{"x":89,"y":659,"width":4,"height":3}},{"id":"c04886e5-b6f6-4943-a454-9e95b435502f","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition across","page_number":192,"box":{"x":121,"y":655,"width":816,"height":12}},{"id":"9a8fb87d-280f-4480-ae2b-c54c31a45d2e","block_type":"box","text":"sectors and markets:","page_number":192,"box":{"x":121,"y":670,"width":149,"height":10}},{"id":"967d6677-f342-49a7-9e42-a4534a77accf","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can decarbonize","page_number":192,"box":{"x":275,"y":670,"width":652,"height":12}},{"id":"218d842f-dd0d-4f92-bbb5-7eebe8cd3b61","block_type":"box","text":"based on technological feasibility, consumer demand, government policy, regulatory frameworks and other factors.","page_number":192,"box":{"x":122,"y":685,"width":805,"height":12}},{"id":"4b468dc5-3f1f-4f89-ab2a-579c23d18c66","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":192,"box":{"x":122,"y":700,"width":823,"height":13}},{"id":"c2c39865-4f3d-4c63-9cc7-8f1bd7e8da25","block_type":"box","text":"necessary.","page_number":192,"box":{"x":122,"y":718,"width":70,"height":10}},{"id":"9279a59e-2b38-41a9-b6b7-c83c8be0c38a","block_type":"box","text":"•","page_number":192,"box":{"x":89,"y":739,"width":4,"height":3}},{"id":"ee3409e8-ed11-4900-a9a0-4cc99d44f9ec","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and their key","page_number":192,"box":{"x":121,"y":736,"width":835,"height":12}},{"id":"505f9d76-29d5-4a74-adc2-7f378c063e04","block_type":"box","text":"stakeholders:","page_number":192,"box":{"x":121,"y":751,"width":95,"height":9}},{"id":"bd984339-1b40-4704-bc49-2d18a99aa71f","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their business models. It is","page_number":192,"box":{"x":222,"y":751,"width":743,"height":12}},{"id":"1298b7ef-5a28-4438-a43c-23e2240f54e1","block_type":"box","text":"premised on the views of interested clients that a transition where companies adapt and continue to deliver financial","page_number":192,"box":{"x":121,"y":766,"width":816,"height":12}},{"id":"4740e6a2-4512-4103-ada8-d1b712dfc0ae","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":192,"box":{"x":122,"y":781,"width":818,"height":12}},{"id":"aba967cc-07ac-4228-ad7e-0cd92a9f8e43","block_type":"box","text":"stakeholders, than a transition that is uneven. Further, we consider the differences between the actions and outcomes","page_number":192,"box":{"x":121,"y":796,"width":824,"height":11}},{"id":"4fea2923-2ae8-4d89-8aca-afe6a1e444c1","block_type":"box","text":"over which company management has influence, and those it does not.","page_number":192,"box":{"x":121,"y":811,"width":501,"height":12}},{"id":"c276ba2a-4c6b-4c1a-8de5-4def2c4e440b","block_type":"box","text":"•","page_number":192,"box":{"x":89,"y":835,"width":4,"height":3}},{"id":"4080eb13-2525-4120-bcd2-8087f39bc6b0","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data limitations:","page_number":192,"box":{"x":122,"y":831,"width":803,"height":13}},{"id":"3b38b0c3-e0f1-404d-8531-a0d8020ae3c3","block_type":"box","text":"The","page_number":192,"box":{"x":930,"y":831,"width":26,"height":10}},{"id":"84de25df-94f1-4127-b3b9-24e9df08ee5c","block_type":"box","text":"policy will seek disclosures that outline key milestones and dependencies underpinning the company’s low-carbon","page_number":192,"box":{"x":121,"y":846,"width":802,"height":13}},{"id":"f30e7869-dd20-4c1b-82d8-fa04ebc973c5","block_type":"box","text":"transition strategy; explain the trade-offs required to adapt the business model; and include relevant data and narrative.","page_number":192,"box":{"x":121,"y":862,"width":836,"height":12}},{"id":"546c8692-3ca4-4ce4-b425-e008eb107b60","block_type":"box","text":"A-37","page_number":192,"box":{"x":511,"y":894,"width":33,"height":9}},{"id":"b7209c1c-e259-442a-b8d5-1bbb69174822","block_type":"box","text":"•","page_number":193,"box":{"x":89,"y":47,"width":4,"height":4}},{"id":"e9d051bf-30ba-43d0-a34a-c0418b0c1e63","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":193,"box":{"x":122,"y":44,"width":559,"height":12}},{"id":"1ffae01f-4986-4a34-a26d-513a976671b6","block_type":"box","text":"The boards and executive leadership of","page_number":193,"box":{"x":686,"y":44,"width":276,"height":12}},{"id":"749bfa16-d61a-4939-9940-fe8583f86ddf","block_type":"box","text":"companies determine a company’s strategy and its implementation. We make decisions on how to engage companies","page_number":193,"box":{"x":121,"y":59,"width":827,"height":12}},{"id":"b1122dfa-76b6-429b-8c1f-c44cd7e286cd","block_type":"box","text":"and vote proxies independently, based on our professional judgment of the priorities and outcomes most aligned with","page_number":193,"box":{"x":121,"y":74,"width":825,"height":12}},{"id":"c95f8eec-683f-44f9-99ec-c9986ba42900","block_type":"box","text":"clients’ investment objectives.","page_number":193,"box":{"x":121,"y":89,"width":208,"height":13}},{"id":"eecc5071-8a08-4632-99db-1c1b36362599","block_type":"box","text":"Voting guidelines","page_number":193,"box":{"x":88,"y":116,"width":125,"height":12}},{"id":"da894e46-5da0-4a38-b7fe-97f64f99366e","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":193,"box":{"x":89,"y":142,"width":870,"height":12}},{"id":"0e320b76-e00d-44cf-bfc0-430fb69a7313","block_type":"box","text":"to demonstrate the following:","page_number":193,"box":{"x":88,"y":157,"width":207,"height":13}},{"id":"6a348910-9597-4511-89a5-154588a782a0","block_type":"box","text":"Corporate Disclosures","page_number":193,"box":{"x":105,"y":184,"width":160,"height":12}},{"id":"348da07d-cb4e-4657-96e4-1f288672efdb","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":193,"box":{"x":89,"y":210,"width":865,"height":13}},{"id":"c47adb6c-83de-4a75-84d2-18e2f8d40510","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":193,"box":{"x":88,"y":225,"width":834,"height":13}},{"id":"7bdfe7ef-0f6b-4a80-853d-0236024a8423","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":193,"box":{"x":89,"y":240,"width":872,"height":13}},{"id":"8fdcf996-9f10-40df-85d5-84105d3204cd","block_type":"box","text":"that help explain the strategy and governance systems they have determined most appropriate, which may include:","page_number":193,"box":{"x":88,"y":256,"width":809,"height":12}},{"id":"7632d447-eb7c-4d37-906b-33a960df50a3","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit global average temperature","page_number":193,"box":{"x":89,"y":276,"width":866,"height":12}},{"id":"8562f03f-cf6b-4dab-b178-96aa802e73e9","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":193,"box":{"x":128,"y":291,"width":827,"height":12}},{"id":"1ae8719f-247f-4054-aafe-827628fa7f8b","block_type":"box","text":"zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term milestones to assess their","page_number":193,"box":{"x":127,"y":306,"width":813,"height":12}},{"id":"d338c919-8571-410f-b431-c402ebedcb0b","block_type":"box","text":"progress.","page_number":193,"box":{"x":128,"y":324,"width":63,"height":9}},{"id":"b95b3336-2183-466b-a653-2249816b581c","block_type":"box","text":"(2) low-carbon transition-related reporting consistent with the standards developed by the International Sustainability","page_number":193,"box":{"x":89,"y":341,"width":842,"height":13}},{"id":"2ec6588b-a018-49ee-99ac-4da3b4d91416","block_type":"box","text":"Standards Board (ISSB). IFRS S1 addresses the general requirements of sustainability reporting and IFRS S2 sets out the","page_number":193,"box":{"x":128,"y":356,"width":834,"height":13}},{"id":"11ac9030-5c4e-41b7-a16b-f604147aaaf3","block_type":"box","text":"disclosures that would provide investors with decision-useful information about a company’s most significant climate","page_number":193,"box":{"x":128,"y":371,"width":830,"height":13}},{"id":"e99f2da4-87c6-4ad5-80ed-791a5b5bf2ff","block_type":"box","text":"and low-carbon transition-related risks and opportunities. As audit and assurance standards are developed, it would be","page_number":193,"box":{"x":128,"y":387,"width":834,"height":12}},{"id":"647f4fd4-f855-4381-b146-5201859b46ff","block_type":"box","text":"helpful to investors’ confidence in such disclosures for companies to seek independent, third-party assurance.","page_number":193,"box":{"x":128,"y":402,"width":769,"height":12}},{"id":"03184083-8972-4c28-b4c3-62fd9fcaec44","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":193,"box":{"x":89,"y":422,"width":809,"height":12}},{"id":"aba16006-1241-402a-a834-c09ec3de13f0","block_type":"box","text":"reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of targets or","page_number":193,"box":{"x":128,"y":437,"width":800,"height":12}},{"id":"cb02b17c-2459-4f86-95ae-9b19d9d7ae99","block_type":"box","text":"indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that these would be","page_number":193,"box":{"x":128,"y":452,"width":814,"height":12}},{"id":"f78da241-031d-4e37-a54b-c66a115c96c2","block_type":"box","text":"provided on a ‘best efforts’ basis given the methodological challenges these currently present for reporters. Scope 3","page_number":193,"box":{"x":128,"y":467,"width":807,"height":13}},{"id":"732639e5-a006-4d41-af0a-ca97a2cd0110","block_type":"box","text":"information, including how a company is working with its value chain to accelerate reductions in GHG intensity,","page_number":193,"box":{"x":128,"y":482,"width":780,"height":13}},{"id":"b87a5f27-6c50-4295-8e3f-50f0199e2a0a","block_type":"box","text":"provides useful insight to investors focused on investing in the low-carbon transition and understanding the impact of","page_number":193,"box":{"x":128,"y":497,"width":828,"height":13}},{"id":"42d4ad24-c844-4889-b534-49ccf01d20ce","block_type":"box","text":"their investments on their decarbonization goals. However, we recognize that companies have varying ability to","page_number":193,"box":{"x":127,"y":513,"width":777,"height":12}},{"id":"38f7b30b-db91-4111-971f-be7d8d720674","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":193,"box":{"x":128,"y":528,"width":798,"height":12}},{"id":"8862128a-0459-4810-95e5-1b9609c5a4d0","block_type":"box","text":"implications for the achievement of their decarbonization targets.","page_number":193,"box":{"x":128,"y":543,"width":457,"height":12}},{"id":"de303f9e-1367-446d-b143-f66cf89bc14c","block_type":"box","text":"Transition plans","page_number":193,"box":{"x":104,"y":569,"width":116,"height":13}},{"id":"c3c04ef4-6169-444c-a9d9-408e6768d26d","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low-carbon","page_number":193,"box":{"x":88,"y":596,"width":832,"height":12}},{"id":"e0cde3fc-5fef-4db6-8c40-e089489386ab","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":193,"box":{"x":88,"y":611,"width":879,"height":12}},{"id":"e7085ca4-87ad-4277-abb2-eff1487c5f0f","block_type":"box","text":"lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see appendix 1).","page_number":193,"box":{"x":89,"y":626,"width":754,"height":12}},{"id":"489d5ee7-0686-43ce-9223-56882df6a938","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":193,"box":{"x":88,"y":652,"width":811,"height":13}},{"id":"6af781e3-532c-491b-abbc-38e9ed617d1c","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":193,"box":{"x":89,"y":668,"width":845,"height":12}},{"id":"78c87af1-c3b7-4426-ada8-145455fa5f94","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":193,"box":{"x":88,"y":683,"width":865,"height":12}},{"id":"da939419-8d31-441e-800b-0e1efc0efd85","block_type":"box","text":"planned actions and resource implications in accordance with anticipated requirements.","page_number":193,"box":{"x":89,"y":698,"width":617,"height":12}},{"id":"dec5d7fd-92e5-4d88-bc84-51dc5d1d1d10","block_type":"box","text":"Boards and directors","page_number":193,"box":{"x":106,"y":724,"width":148,"height":10}},{"id":"105e97ae-f4d9-4ddb-b77f-0be8b8e78289","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a company’s","page_number":193,"box":{"x":88,"y":751,"width":847,"height":12}},{"id":"d76a6980-43e0-4aab-965c-4f0827278141","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":193,"box":{"x":89,"y":766,"width":827,"height":12}},{"id":"ad6b8016-2af5-4a94-9539-36696f3ca703","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":193,"box":{"x":89,"y":792,"width":685,"height":13}},{"id":"f5351bc5-42ee-4e91-bbc5-cb76edd01369","block_type":"box","text":"• The board has clear oversight responsibilities for climate and low-carbon transition-related risks and opportunities in the","page_number":193,"box":{"x":89,"y":812,"width":877,"height":13}},{"id":"573dec71-5c3d-4927-bbb9-634a8cca5859","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":193,"box":{"x":121,"y":828,"width":813,"height":12}},{"id":"fd1f209d-bcd5-4857-aafa-063456607b06","block_type":"box","text":"term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":193,"box":{"x":121,"y":843,"width":622,"height":12}},{"id":"3ddb0268-8534-4017-b5a4-aaa793762825","block_type":"box","text":"A-38","page_number":193,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"eaaa441e-32e1-4d81-9d47-730968a5af97","block_type":"box","text":"• Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":194,"box":{"x":89,"y":44,"width":779,"height":12}},{"id":"cc61b88b-03fa-4751-bcfc-d037f38d557e","block_type":"box","text":"accountability for delivery by senior executives.","page_number":194,"box":{"x":121,"y":59,"width":329,"height":12}},{"id":"b9df5859-0bc9-4fbd-963a-0e17bb0f59af","block_type":"box","text":"• The capital management strategy explains how the company allocates investments to (traditional and next generation)","page_number":194,"box":{"x":89,"y":79,"width":867,"height":13}},{"id":"330d9e4a-786c-43e4-aad0-d35f0ea8d5a9","block_type":"box","text":"business lines and innovation, and returns cash to shareholders, consistent with the low-carbon transition strategy.","page_number":194,"box":{"x":122,"y":94,"width":805,"height":13}},{"id":"114b444c-1702-44c4-9be2-c71703207059","block_type":"box","text":"• The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":194,"box":{"x":89,"y":114,"width":828,"height":13}},{"id":"4d4546ff-cbc8-4197-ba78-2f5590fc792d","block_type":"box","text":"company’s enterprise risk management processes and reporting.","page_number":194,"box":{"x":121,"y":130,"width":454,"height":12}},{"id":"6827a01d-e0d8-47d4-92ed-83ec8bbe42c9","block_type":"box","text":"• The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified where","page_number":194,"box":{"x":89,"y":150,"width":850,"height":12}},{"id":"6474ff95-4adb-4d24-97e2-95c5ac143603","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":194,"box":{"x":121,"y":165,"width":807,"height":12}},{"id":"dc7ba31c-f47f-4fb1-b01c-ef8fd1da6340","block_type":"box","text":"1.5°C above pre-industrial levels.","page_number":194,"box":{"x":123,"y":180,"width":226,"height":12}},{"id":"d10289f0-5aee-40c3-bacc-9c802bb030a4","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":194,"box":{"x":89,"y":200,"width":856,"height":12}},{"id":"164d7f1d-0650-47bd-8095-f1dba3d51dc0","block_type":"box","text":"low-carbon transition strategy.","page_number":194,"box":{"x":122,"y":215,"width":213,"height":13}},{"id":"a9fc5bf1-ed3f-4fc4-bb45-c6825375f8de","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":194,"box":{"x":89,"y":235,"width":860,"height":13}},{"id":"42cf792e-22a8-41fb-ba75-bcc83e2d6acd","block_type":"box","text":"forthcoming regulatory requirements in certain jurisdictions, some companies are voluntarily disclosing scope 3","page_number":194,"box":{"x":121,"y":250,"width":783,"height":13}},{"id":"14eda985-bf7c-4a2b-91b2-9a6d58a4a376","block_type":"box","text":"emissions reductions targets and plans, setting out how they are working on decarbonization with the different","page_number":194,"box":{"x":121,"y":266,"width":778,"height":12}},{"id":"d8bf2647-b951-4bee-8659-130e5aa71ff5","block_type":"box","text":"constituents in their value chain.","page_number":194,"box":{"x":121,"y":281,"width":227,"height":9}},{"id":"aac47871-3acf-4bbd-93a4-d743ed964f08","block_type":"box","text":"• The board oversees, and management has a formalized approach to, the company’s lobbying activities, including trade","page_number":194,"box":{"x":89,"y":301,"width":862,"height":12}},{"id":"9b87e3c3-2476-45b4-9432-e1ce8c5829c8","block_type":"box","text":"association memberships. Policy engagement should be consistent with a company’s stated strategic policy objectives,","page_number":194,"box":{"x":121,"y":316,"width":834,"height":12}},{"id":"acc97d89-6beb-4d39-b715-bdc0ce3fff7a","block_type":"box","text":"including those related to the low-carbon transition.","page_number":194,"box":{"x":122,"y":331,"width":364,"height":12}},{"id":"a5aa3a7a-5320-4959-a155-ed61fa3f0e37","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":194,"box":{"x":104,"y":358,"width":413,"height":12}},{"id":"a0f1f9dc-1bb5-45ac-bd72-b3ff268565bf","block_type":"box","text":"In implementing these guidelines, BIS will generally support non-executive directors standing for election where, in BIS’","page_number":194,"box":{"x":89,"y":384,"width":833,"height":12}},{"id":"a35f0cf4-5ee3-46b8-a843-d03a62483b1f","block_type":"box","text":"assessment based on company disclosures and engagement, a company is executing on its commitment to align with the","page_number":194,"box":{"x":89,"y":399,"width":854,"height":13}},{"id":"a7efc4dd-2fc8-4e93-b9a4-0faf067cb422","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":194,"box":{"x":88,"y":414,"width":853,"height":13}},{"id":"ea6d5f63-5cf6-4f56-b88e-c3073fa1e3b4","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":194,"box":{"x":89,"y":429,"width":878,"height":13}},{"id":"f13f6b91-3c36-481e-9ae0-45ac51f02647","block_type":"box","text":"the board sub-committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members","page_number":194,"box":{"x":88,"y":445,"width":867,"height":12}},{"id":"d5f3b223-8af6-4ee5-8654-e841689b650b","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":194,"box":{"x":89,"y":460,"width":872,"height":12}},{"id":"af4f97b8-b018-4b17-b8b2-378fe69eff8c","block_type":"box","text":"withhold support for the discharge of the supervisory board or equivalent.","page_number":194,"box":{"x":88,"y":475,"width":518,"height":12}},{"id":"b657f402-99f4-445f-8a9d-7fc5305ba2d3","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":194,"box":{"x":88,"y":501,"width":880,"height":13}},{"id":"552aeaf0-8b23-4fcd-bf9a-fdefae76f68e","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":194,"box":{"x":89,"y":516,"width":839,"height":13}},{"id":"ff220130-d04f-4a37-80de-691d1bb2170e","block_type":"box","text":"election of additional responsible directors to signal our heightened concerns.","page_number":194,"box":{"x":89,"y":531,"width":544,"height":13}},{"id":"9335e5b9-c24a-4cc0-80d8-161ccfddd481","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":194,"box":{"x":105,"y":558,"width":521,"height":12}},{"id":"cbade5fb-07d1-4ca6-b030-3b5261fc14c4","block_type":"box","text":"In certain markets, company management may submit proposals asking shareholders to approve their climate action plans","page_number":194,"box":{"x":89,"y":584,"width":862,"height":13}},{"id":"ab9c6107-6349-4242-bb91-ff5e9b8d991d","block_type":"box","text":"or progress reports, sometimes known as “Say on Climate.” BIS will generally support management’s climate strategy","page_number":194,"box":{"x":89,"y":599,"width":824,"height":13}},{"id":"df8b3072-151d-4074-95f6-0f9c1a343ef4","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":194,"box":{"x":89,"y":615,"width":868,"height":12}},{"id":"08f07e06-59e0-4bad-bb06-02747df3acba","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":194,"box":{"x":88,"y":630,"width":874,"height":12}},{"id":"467245c2-71ce-43b1-8155-4a4c9bfee606","block_type":"box","text":"and any deviations from or changes to, its stated transition plan and targets.","page_number":194,"box":{"x":89,"y":645,"width":533,"height":12}},{"id":"2fa54f74-8fa4-4efe-898f-4d63b4644d4b","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":194,"box":{"x":105,"y":671,"width":494,"height":13}},{"id":"f0be77b7-9044-4863-a6fd-8915320d6293","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":194,"box":{"x":88,"y":698,"width":836,"height":12}},{"id":"e39b5dcc-1763-4ca3-a639-b81253ce104e","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":194,"box":{"x":89,"y":713,"width":833,"height":12}},{"id":"cf927f4c-6037-4ae6-b44f-77a9342f95c4","block_type":"box","text":"carbon transition strategy and targets. We may support shareholder proposals that, for example, ask a company to:","page_number":194,"box":{"x":89,"y":728,"width":806,"height":12}},{"id":"90f8c19a-4a90-47a6-9685-fd046867abb1","block_type":"box","text":"• Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":194,"box":{"x":187,"y":748,"width":776,"height":12}},{"id":"e3ec8d7e-b0cc-4472-b044-92974019fc70","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":194,"box":{"x":219,"y":763,"width":371,"height":13}},{"id":"257fcef5-ee78-4bb5-ad83-889910549c1f","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":194,"box":{"x":187,"y":783,"width":775,"height":13}},{"id":"b1078668-3b82-4a06-95db-b1efb784bf12","block_type":"box","text":"a long-term goal of the company achieving net zero GHG emissions by 2050","page_number":194,"box":{"x":219,"y":799,"width":533,"height":12}},{"id":"654450e0-66ee-47de-ae96-cf7e3c901b84","block_type":"box","text":"• Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":194,"box":{"x":187,"y":819,"width":707,"height":12}},{"id":"67867fd4-0cbd-4ae5-971b-2f43ab8436fe","block_type":"box","text":"• Improve disclosures on how a company’s climate-related lobbying (including trade association","page_number":194,"box":{"x":187,"y":839,"width":694,"height":12}},{"id":"9eb998a3-b457-4878-823a-42c0b58e2c70","block_type":"box","text":"memberships and other indirect lobbying) is aligned with its strategic policy positions.","page_number":194,"box":{"x":219,"y":854,"width":603,"height":12}},{"id":"adab2821-19ca-4d59-8f08-3055cba4180a","block_type":"box","text":"A-39","page_number":194,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"09a851eb-9f56-4879-bf0c-17d75ef27b10","block_type":"box","text":"We would not support shareholder proposals that seek to constrain board or management decision-making or direct specific","page_number":195,"box":{"x":88,"y":44,"width":876,"height":12}},{"id":"efff03f4-7974-4593-a78b-0751203ae273","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":195,"box":{"x":89,"y":59,"width":868,"height":12}},{"id":"021c52a5-ec8d-4a73-846a-2f1104ff575c","block_type":"box","text":"require commitments or actions related to climate risk or the low-carbon transition.","page_number":195,"box":{"x":89,"y":74,"width":585,"height":12}},{"id":"01f656f0-cafa-4765-bb7d-07327585391d","block_type":"box","text":"Related matters","page_number":195,"box":{"x":89,"y":101,"width":112,"height":9}},{"id":"37fbcff4-25b6-43b7-8b57-d5952d397fd5","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":195,"box":{"x":88,"y":127,"width":870,"height":12}},{"id":"badef569-3b68-4648-b9ab-10c234b57075","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":195,"box":{"x":88,"y":142,"width":877,"height":12}},{"id":"e7303796-db56-48fc-a3fb-5ec16fd1f94d","block_type":"box","text":"to enhance our understanding of a company’s approach. Generally, our voting on these matters would be covered by BIS’","page_number":195,"box":{"x":88,"y":157,"width":848,"height":13}},{"id":"752bd30c-9f81-4649-8789-7735cc988cc1","block_type":"box","text":"benchmark guidelines.","page_number":195,"box":{"x":89,"y":172,"width":157,"height":13}},{"id":"ace42327-081e-4e83-bb01-694169ec9184","block_type":"box","text":"Executive compensation","page_number":195,"box":{"x":106,"y":199,"width":173,"height":12}},{"id":"0913e79c-666c-4b45-b267-cf439134ecc2","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives appropriately.","page_number":195,"box":{"x":88,"y":225,"width":871,"height":13}},{"id":"867d6ccd-ca51-4b11-85e4-7add56a01f3c","block_type":"box","text":"Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions reduction targets or low","page_number":195,"box":{"x":88,"y":240,"width":878,"height":13}},{"id":"a31ff002-9588-4c96-b683-d15bf7525fc5","block_type":"box","text":"carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to understand the alignment","page_number":195,"box":{"x":89,"y":256,"width":834,"height":12}},{"id":"68a0fdfa-0b07-4df2-a2f2-af9ac283de8d","block_type":"box","text":"between those metrics and the company’s stated climate strategy.","page_number":195,"box":{"x":89,"y":271,"width":463,"height":12}},{"id":"5f2f3de9-ad54-4391-9664-3bc61901d869","block_type":"box","text":"Auditors and audit-related issues","page_number":195,"box":{"x":104,"y":297,"width":240,"height":10}},{"id":"5fce7342-22ee-4990-8421-6a47eb3bc1cd","block_type":"box","text":"For companies with material climate or transition risks or opportunities in their business models, BIS is interested to","page_number":195,"box":{"x":89,"y":324,"width":809,"height":12}},{"id":"2c02bc73-de1c-4089-969a-8180ed12955e","block_type":"box","text":"understand whether the company considers and, if relevant, quantifies, and accounts for material climate-related risks in its","page_number":195,"box":{"x":89,"y":339,"width":866,"height":12}},{"id":"857f77e7-c485-41ae-a402-626f52a75285","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":195,"box":{"x":88,"y":354,"width":870,"height":12}},{"id":"45945164-11a0-4a46-a827-111cb7e33aca","block_type":"box","text":"being undertaken to develop audit and assurance standards in relation to climate and transition reporting, which may impact","page_number":195,"box":{"x":89,"y":369,"width":876,"height":12}},{"id":"f62323f7-169b-4a6d-b681-df63000bbb62","block_type":"box","text":"the future reporting requirements of companies. We note that assurance of corporate disclosures related to climate risk and","page_number":195,"box":{"x":88,"y":384,"width":867,"height":12}},{"id":"5900b423-ec82-439b-985b-d9710b6dee85","block_type":"box","text":"the transition to a low-carbon economy is still nascent.","page_number":195,"box":{"x":88,"y":399,"width":384,"height":13}},{"id":"f1dce9a7-8027-461e-8513-ff2840d871fa","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":195,"box":{"x":105,"y":426,"width":448,"height":12}},{"id":"646f6e9d-3b2e-4f15-88df-61630b1fb5bf","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":195,"box":{"x":88,"y":452,"width":844,"height":12}},{"id":"5ed6bd07-30c7-4249-9997-b53998f8d79a","block_type":"box","text":"guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder activist has proposed","page_number":195,"box":{"x":89,"y":467,"width":852,"height":13}},{"id":"c51fd467-9a0f-4e33-9f19-9ad63ff9a7f6","block_type":"box","text":"governance, strategic or operational changes that may impact its climate strategy. BIS does not promote changes in","page_number":195,"box":{"x":89,"y":482,"width":810,"height":13}},{"id":"e952e6f9-aa37-488b-a040-d5a838a2d898","block_type":"box","text":"corporate control, nor does it invoke formal governance mechanisms that rise to the level of shareholder activism.","page_number":195,"box":{"x":89,"y":497,"width":797,"height":13}},{"id":"4dc64545-b467-4e8f-a347-4e6bd13ff27b","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":195,"box":{"x":105,"y":524,"width":499,"height":12}},{"id":"5fbf4c5f-d7fa-4ee1-9ac4-1e04bc9251e8","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":195,"box":{"x":89,"y":550,"width":849,"height":13}},{"id":"f8db96e8-f771-4b2f-8b3b-379fcd2b50dd","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":195,"box":{"x":89,"y":565,"width":850,"height":13}},{"id":"3aa1bea1-41bb-4a3d-b6a5-24b763f907a3","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":195,"box":{"x":89,"y":581,"width":838,"height":12}},{"id":"6d0bb162-f8f2-461c-ba78-e6d6148421bd","block_type":"box","text":"engage companies to better understand how they are managing the impact on people (e.g., employees, suppliers, customers","page_number":195,"box":{"x":89,"y":596,"width":875,"height":12}},{"id":"16e8570d-84b1-4120-8a23-3247f1cae434","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":195,"box":{"x":89,"y":611,"width":838,"height":12}},{"id":"08476b3f-06ce-4fd9-b8cb-3036d80c5c4b","block_type":"box","text":"economy. Similarly, we may engage companies that face risks and opportunities related to land use and deforestation, access","page_number":195,"box":{"x":89,"y":626,"width":876,"height":12}},{"id":"b241639c-0fdf-4eb0-9d52-30b0654ae5b4","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":195,"box":{"x":88,"y":641,"width":735,"height":12}},{"id":"06f125c1-66c9-4c46-b396-4b9576a19d04","block_type":"box","text":"Appendix 1","page_number":195,"box":{"x":88,"y":668,"width":80,"height":12}},{"id":"2d9db619-8df9-4a00-8e84-21b4d0e68bda","block_type":"box","text":"Terminology","page_number":195,"box":{"x":104,"y":694,"width":92,"height":12}},{"id":"146552ce-130e-4708-921f-4e799c1c77a5","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":195,"box":{"x":88,"y":720,"width":550,"height":13}},{"id":"15ab571b-c127-445b-9889-cf8a3a598b21","block_type":"box","text":"Climate risk:","page_number":195,"box":{"x":89,"y":747,"width":88,"height":10}},{"id":"eac86bac-fafb-4680-a04a-63bff63afece","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct impact of","page_number":195,"box":{"x":183,"y":747,"width":743,"height":12}},{"id":"cdb1116c-86f6-4c3a-b7a6-75cb5aa91914","block_type":"box","text":"changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a low-carbon","page_number":195,"box":{"x":89,"y":762,"width":816,"height":12}},{"id":"4336ea4f-606f-4b05-b3b8-109f5a599ea5","block_type":"box","text":"economy on a company’s long-term profitability.","page_number":195,"box":{"x":89,"y":777,"width":340,"height":12}},{"id":"6c06d2cd-b33a-42df-bf42-7003119cbdc7","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":195,"box":{"x":88,"y":804,"width":455,"height":12}},{"id":"e1fb92c8-d53b-49ec-9163-6049c65efbbb","block_type":"box","text":"The global economic shift toward lower emissions across","page_number":195,"box":{"x":547,"y":804,"width":401,"height":12}},{"id":"2afb7cb5-8e20-4091-9fdf-3d1421af1b43","block_type":"box","text":"many sectors and business models. The economic transformation is being driven by changes in government policy,","page_number":195,"box":{"x":89,"y":819,"width":806,"height":12}},{"id":"3e534ae1-ce78-4c46-837d-27daae370b39","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":195,"box":{"x":88,"y":834,"width":877,"height":12}},{"id":"dc743525-a003-4d58-af11-651f35f62bae","block_type":"box","text":"and can potentially have a material impact on clients’ investments and portfolios.","page_number":195,"box":{"x":89,"y":849,"width":567,"height":12}},{"id":"146e5700-64ea-41ef-a06f-dd7e771608e6","block_type":"box","text":"A-40","page_number":195,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"c81f892c-adb0-43a0-aa2f-efd66c6a921a","block_type":"box","text":"Decarbonization:","page_number":196,"box":{"x":89,"y":44,"width":121,"height":10}},{"id":"478627b0-67ee-4273-96cd-0120eed29b1f","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity and","page_number":196,"box":{"x":215,"y":44,"width":691,"height":12}},{"id":"aa27c354-0646-4ffb-9e3d-095c9d96f25f","block_type":"box","text":"removing carbon currently in the atmosphere. This can be carried out by countries, companies and even individual","page_number":196,"box":{"x":89,"y":59,"width":801,"height":12}},{"id":"3d0be50b-d98b-40be-9a00-04e97558ecfa","block_type":"box","text":"consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG, e.g., methane.","page_number":196,"box":{"x":89,"y":74,"width":842,"height":12}},{"id":"f4ff1546-7f31-4dfc-85c9-e6a1c08f1346","block_type":"box","text":"Climate-related risks and opportunities:","page_number":196,"box":{"x":89,"y":101,"width":286,"height":12}},{"id":"7e4dc3eb-3102-4cbe-b8b3-0ae02103a49a","block_type":"box","text":"The investment opportunities and risks associated with the transition to a low","page_number":196,"box":{"x":380,"y":101,"width":551,"height":12}},{"id":"72ec186d-8090-4d85-9480-d342b12fe4e2","block_type":"box","text":"carbon economy, including transition risks and opportunities and physical risks and opportunities in adapting to physical","page_number":196,"box":{"x":89,"y":116,"width":844,"height":12}},{"id":"3b86e322-a94f-4015-a7af-3112113a0b49","block_type":"box","text":"climate change.","page_number":196,"box":{"x":89,"y":131,"width":109,"height":12}},{"id":"8a9bad10-c321-4b3a-a497-2ce9d1b551b2","block_type":"box","text":"Climate-related transition plan: “","page_number":196,"box":{"x":89,"y":157,"width":235,"height":13}},{"id":"7f402c32-d4a7-4784-8175-f6af9c0cc457","block_type":"box","text":"An aspect of an entity’s overall strategy that lays out the entity’s targets, actions or","page_number":196,"box":{"x":325,"y":157,"width":580,"height":13}},{"id":"822ce32c-8aa4-46ca-a90a-88a1b31c20f1","block_type":"box","text":"resources for its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas","page_number":196,"box":{"x":89,"y":172,"width":808,"height":13}},{"id":"25edbf66-6dee-4760-b489-7585f24d40dc","block_type":"box","text":"emissions.”","page_number":196,"box":{"x":89,"y":188,"width":79,"height":9}},{"id":"a482c647-721c-4c98-8677-9e1332ed142d","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":196,"box":{"x":88,"y":214,"width":352,"height":12}},{"id":"48ec3a12-088a-4898-9683-c58b268ea85d","block_type":"box","text":"Targets that “","page_number":196,"box":{"x":445,"y":214,"width":94,"height":12}},{"id":"6444dcc4-654b-4971-beab-ebea9c080aae","block_type":"box","text":"are in line with what the latest climate science deems","page_number":196,"box":{"x":549,"y":214,"width":373,"height":10}},{"id":"570f860e-de1b-443c-8f4c-edabd034f6a8","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":196,"box":{"x":89,"y":229,"width":859,"height":12}},{"id":"ed55e2ad-1539-4131-9b32-99b09bbe7f36","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":196,"box":{"x":89,"y":244,"width":872,"height":13}},{"id":"c11b9285-1425-4891-8b4f-51d3e461cc46","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":196,"box":{"x":88,"y":259,"width":878,"height":13}},{"id":"cb26c9c2-1a53-48f3-a30a-68ac83755d9f","block_type":"box","text":"goals.”","page_number":196,"box":{"x":89,"y":274,"width":46,"height":13}},{"id":"1e9d0c38-d324-413d-b90a-b74e38666a6f","block_type":"box","text":"Appendix 2","page_number":196,"box":{"x":88,"y":301,"width":82,"height":12}},{"id":"20421193-b76d-4c29-8fb2-dcf411683f41","block_type":"box","text":"Comparison of key differences between how the BIS benchmark considers climate-related risks, where appropriate, and","page_number":196,"box":{"x":89,"y":327,"width":866,"height":13}},{"id":"a2fd0ebf-adba-4272-9ca7-8dd934a13359","block_type":"box","text":"the decarbonization guidelines","page_number":196,"box":{"x":88,"y":342,"width":222,"height":13}},{"id":"55c44293-d4df-4c06-8c56-4ff2efd90e1b","block_type":"box","text":"BIS Benchmark Policy Decarbonization Policy","page_number":196,"box":{"x":333,"y":367,"width":445,"height":10}},{"id":"7926ee6c-73ea-480f-b5cd-4140086fa533","block_type":"box","text":"Key concepts Focuses on financial performance and","page_number":196,"box":{"x":118,"y":382,"width":471,"height":12}},{"id":"42642f12-0342-48c0-872b-b3b1b4846eb4","block_type":"box","text":"engages companies on climate and","page_number":196,"box":{"x":333,"y":397,"width":237,"height":12}},{"id":"b7d974c1-9da2-4285-89fb-12349864ab46","block_type":"box","text":"transition topics when material to their","page_number":196,"box":{"x":332,"y":412,"width":263,"height":12}},{"id":"d8134c8f-de9c-46ac-ac08-6cb844d4da02","block_type":"box","text":"business Prioritizes the disclosure of how a","page_number":196,"box":{"x":334,"y":427,"width":286,"height":10}},{"id":"b8e4dabb-46cb-4b99-8b04-86965243d6c9","block_type":"box","text":"company is managing material climate and","page_number":196,"box":{"x":333,"y":442,"width":290,"height":12}},{"id":"5d811b08-9d8c-4348-9bac-b45b849f1243","block_type":"box","text":"transition-related risks and opportunities","page_number":196,"box":{"x":332,"y":457,"width":275,"height":12}},{"id":"147b6e9a-84cb-45ab-88b2-1760bfaa5e38","block_type":"box","text":"Considers both financial performance and","page_number":196,"box":{"x":646,"y":382,"width":282,"height":12}},{"id":"06e58dfd-944c-48a8-8711-c07c745a7d81","block_type":"box","text":"decarbonization objectives consistent with","page_number":196,"box":{"x":646,"y":397,"width":286,"height":12}},{"id":"8cd91bb6-fef0-49a6-b414-db6487d18e74","block_type":"box","text":"funds’ and clients’ investment objectives","page_number":196,"box":{"x":646,"y":412,"width":272,"height":12}},{"id":"9f44d110-4a64-469b-83af-cd7ffe82b452","block_type":"box","text":"Assesses the alignment of a company’s","page_number":196,"box":{"x":646,"y":427,"width":264,"height":12}},{"id":"5a6608e4-d07b-4d14-b02d-3536b61f1acb","block_type":"box","text":"business model with the ambition to limit","page_number":196,"box":{"x":647,"y":442,"width":279,"height":10}},{"id":"a9e9f347-5fd0-4933-b2a3-f57b08a60398","block_type":"box","text":"global average temperature rise to 1.5°C","page_number":196,"box":{"x":646,"y":457,"width":270,"height":12}},{"id":"07444486-dcd6-4c42-a8cb-7929d5d1b8de","block_type":"box","text":"above pre-industrial levels","page_number":196,"box":{"x":646,"y":472,"width":175,"height":13}},{"id":"1ad60212-5f4e-42ab-ba6d-63cec1d1eb2d","block_type":"box","text":"Prioritized companies for","page_number":196,"box":{"x":118,"y":489,"width":167,"height":12}},{"id":"af122164-ec62-42a0-b26b-30ac25e3fa47","block_type":"box","text":"climate-related","page_number":196,"box":{"x":134,"y":504,"width":100,"height":9}},{"id":"b2bdfd2d-b06b-4d40-b6d6-73ef204583ad","block_type":"box","text":"engagement","page_number":196,"box":{"x":134,"y":520,"width":84,"height":11}},{"id":"c1a2ad15-b8de-495e-a252-c04c857f24bf","block_type":"box","text":"Largest Scope 1 and 2 GHG emitters Largest total value chain GHG emitters","page_number":196,"box":{"x":334,"y":489,"width":571,"height":12}},{"id":"12b0e21e-7d56-42ba-bb4d-a2f74ea32428","block_type":"box","text":"(Scope 1, 2, & 3)","page_number":196,"box":{"x":647,"y":504,"width":109,"height":12}},{"id":"45023ceb-cdfc-436c-87f9-aa85e3d7b038","block_type":"box","text":"Emissions reporting Seeks reporting of Scop","page_number":196,"box":{"x":118,"y":535,"width":374,"height":13}},{"id":"3937a42a-3d2e-4689-b375-7fe2a47ac7ba","block_type":"box","text":"e1&2","page_number":196,"box":{"x":493,"y":536,"width":46,"height":9}},{"id":"1703bfcc-a0b4-449b-bdce-7f8ab9561e01","block_type":"box","text":"Seeks reporting of Scope 1, 2 and material","page_number":196,"box":{"x":646,"y":535,"width":283,"height":13}},{"id":"24f11360-b028-4f29-be30-4a8d6a929c04","block_type":"box","text":"3","page_number":196,"box":{"x":646,"y":551,"width":7,"height":9}},{"id":"a6cdc9ff-4585-4619-a291-5c75ed3cc2b7","block_type":"box","text":"Emissions targets &","page_number":196,"box":{"x":118,"y":567,"width":131,"height":12}},{"id":"35701950-5a19-4207-8066-ff2116d8e2b0","block_type":"box","text":"decarbonization efforts","page_number":196,"box":{"x":134,"y":582,"width":154,"height":10}},{"id":"b7647d59-732c-419d-84c7-bcbae381be1b","block_type":"box","text":"Seeks the disclosure of Scop","page_number":196,"box":{"x":333,"y":567,"width":190,"height":12}},{"id":"257084c1-cfa5-4ac5-bbfb-6fa3e0e05fb7","block_type":"box","text":"e 1 & 2 tar","page_number":196,"box":{"x":525,"y":567,"width":68,"height":9}},{"id":"bcea5d35-2afb-4fd4-ace1-932d6d1bc1b0","block_type":"box","text":"gets Seeks Scop","page_number":196,"box":{"x":594,"y":567,"width":127,"height":12}},{"id":"a8c62093-78bd-470d-96b9-f81d81220567","block_type":"box","text":"e 1 & 2 tar","page_number":196,"box":{"x":722,"y":567,"width":69,"height":9}},{"id":"6671aa46-bb54-4196-8dc2-69c60dda07ad","block_type":"box","text":"gets and assesses","page_number":196,"box":{"x":792,"y":567,"width":119,"height":12}},{"id":"a8089657-7500-4726-aebd-691657adefc8","block_type":"box","text":"decarbonization efforts","page_number":196,"box":{"x":646,"y":582,"width":155,"height":10}},{"id":"47a95302-8e5e-4679-ab3a-e4e5f1fd9402","block_type":"box","text":"Temperature & scenario","page_number":196,"box":{"x":117,"y":599,"width":161,"height":12}},{"id":"5fa8f00e-572e-484b-a809-496b227073ed","block_type":"box","text":"alignment / pathways","page_number":196,"box":{"x":134,"y":613,"width":146,"height":13}},{"id":"cd933afe-2daa-41ec-ad2e-fa0295ab235a","block_type":"box","text":"Seeks disclosure from companies that","page_number":196,"box":{"x":333,"y":598,"width":255,"height":13}},{"id":"d263c244-e0dc-4107-a7b0-5e9ed2e7a638","block_type":"box","text":"identifies and discusses the most plausible","page_number":196,"box":{"x":333,"y":613,"width":286,"height":13}},{"id":"0e4c6c43-4c98-435e-ab49-7746e03a6134","block_type":"box","text":"decarbonization pathway","page_number":196,"box":{"x":333,"y":628,"width":169,"height":13}},{"id":"fef67f52-eba1-4f04-9924-23369819088e","block_type":"box","text":"Assesses temperature and scenario","page_number":196,"box":{"x":646,"y":598,"width":238,"height":13}},{"id":"cb4e0909-2b90-4e52-907a-3e611dbaaabc","block_type":"box","text":"alignment/pathways to 1.5°C degrees","page_number":196,"box":{"x":646,"y":613,"width":255,"height":13}},{"id":"eb20fc54-2976-4682-91c4-24316b104685","block_type":"box","text":"Science-based targets","page_number":196,"box":{"x":118,"y":645,"width":147,"height":12}},{"id":"0629a676-9bc9-465d-b7c2-1d47d28262b0","block_type":"box","text":"commitments &","page_number":196,"box":{"x":134,"y":660,"width":108,"height":10}},{"id":"025eb0e7-98b3-46c8-a9f5-febfbf00128b","block_type":"box","text":"verifications","page_number":196,"box":{"x":133,"y":675,"width":81,"height":10}},{"id":"edb8177a-54fa-4f6d-892d-70a7449a1f5f","block_type":"box","text":"Engagement topic but not vote escalation","page_number":196,"box":{"x":334,"y":645,"width":280,"height":12}},{"id":"1884844d-2299-4b0b-91c0-4375bae114b4","block_type":"box","text":"criteria","page_number":196,"box":{"x":333,"y":661,"width":46,"height":9}},{"id":"3f9e92b7-5e28-48d8-a973-076402cd2129","block_type":"box","text":"Seeks science-based targets and","page_number":196,"box":{"x":646,"y":645,"width":218,"height":12}},{"id":"4842f25c-dc6f-4153-a812-51cb7faab94a","block_type":"box","text":"verifications where possible; may take","page_number":196,"box":{"x":646,"y":660,"width":254,"height":12}},{"id":"30a51718-c64e-4bf8-a08b-ec177d146707","block_type":"box","text":"voting action where absent","page_number":196,"box":{"x":646,"y":675,"width":183,"height":12}},{"id":"c1b017df-2c64-440a-841e-643e8f97eb1e","block_type":"box","text":"Company’s role in the","page_number":196,"box":{"x":118,"y":691,"width":145,"height":13}},{"id":"64c4c29b-c11a-4cfe-9f98-14965f5ac212","block_type":"box","text":"transition","page_number":196,"box":{"x":133,"y":708,"width":63,"height":8}},{"id":"0f924a93-fc8c-42e7-8afa-84b019b833e1","block_type":"box","text":"Engagement topic but not vote escalation","page_number":196,"box":{"x":334,"y":691,"width":280,"height":13}},{"id":"9653d74c-8057-499c-be9f-0a3a69cddf87","block_type":"box","text":"criteria","page_number":196,"box":{"x":333,"y":708,"width":46,"height":8}},{"id":"5b6ace4f-ea90-4238-b42d-efd3de036900","block_type":"box","text":"Assesses activities benefitting from and/or","page_number":196,"box":{"x":646,"y":691,"width":288,"height":13}},{"id":"dfdcb0cb-4ab5-4b45-96aa-c3d2fa6ba4bf","block_type":"box","text":"contributing to the transition to a low","page_number":196,"box":{"x":646,"y":707,"width":258,"height":12}},{"id":"ac527503-f046-47a7-8511-e9062787e5cc","block_type":"box","text":"carbon economy","page_number":196,"box":{"x":646,"y":722,"width":113,"height":12}},{"id":"3922ebb4-c24e-49b7-a936-017f2a6ade9a","block_type":"box","text":"Shareholder proposals Case-by-case approach with focus on","page_number":196,"box":{"x":118,"y":738,"width":468,"height":12}},{"id":"4bc28ad2-9986-4bae-bffc-33c22f0e8b6f","block_type":"box","text":"implications for long-term financial value","page_number":196,"box":{"x":333,"y":753,"width":276,"height":13}},{"id":"a31e3ed6-28ee-4c8e-9c49-ad268bfcb4f6","block_type":"box","text":"creation","page_number":196,"box":{"x":333,"y":769,"width":54,"height":9}},{"id":"0292f32a-e8b8-48c3-8de0-6956e6b498f8","block_type":"box","text":"No support for shareholder proposals that","page_number":196,"box":{"x":334,"y":783,"width":282,"height":13}},{"id":"0b8fb59d-f8af-4fee-913b-a4d7d881057b","block_type":"box","text":"seek to direct management strategy","page_number":196,"box":{"x":333,"y":799,"width":243,"height":12}},{"id":"695e4430-761d-4c34-afcb-9569d129d4da","block_type":"box","text":"Case-by-case approach with further","page_number":196,"box":{"x":646,"y":738,"width":242,"height":12}},{"id":"ee3a637a-868d-49f9-ab80-bdcbeefc0f67","block_type":"box","text":"consideration given to decarbonization","page_number":196,"box":{"x":646,"y":753,"width":261,"height":13}},{"id":"00c45c44-e1b9-4c47-b6f6-c1330ea444c3","block_type":"box","text":"objectives in addition to financial","page_number":196,"box":{"x":646,"y":768,"width":220,"height":13}},{"id":"45eb977d-0803-4647-8f85-a97e306086e6","block_type":"box","text":"performance","page_number":196,"box":{"x":646,"y":783,"width":86,"height":13}},{"id":"618d96ef-d7f0-402f-b327-7f1c7afc6216","block_type":"box","text":"No support for shareholder proposals that","page_number":196,"box":{"x":647,"y":799,"width":282,"height":12}},{"id":"7d7b0bc9-5b7e-48c8-93c3-64bdf86613e1","block_type":"box","text":"seek to direct management strategy","page_number":196,"box":{"x":646,"y":814,"width":243,"height":12}},{"id":"19e38f78-02d2-4342-8349-a2be5969d490","block_type":"box","text":"A-41","page_number":196,"box":{"x":511,"y":894,"width":31,"height":9}},{"id":"f5273cf9-3b2b-4f8c-a752-78c842f9592c","block_type":"box","text":"Want to know more?","page_number":197,"box":{"x":88,"y":44,"width":149,"height":10}},{"id":"a8063cb6-066a-4c38-bb18-f84e0a40c57d","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":197,"box":{"x":89,"y":70,"width":464,"height":13}},{"id":"00a65839-df8f-41e2-9b41-6c2f6ad38072","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":197,"box":{"x":88,"y":97,"width":827,"height":12}},{"id":"b6a169b0-936f-493f-a483-36c8b2d1e072","block_type":"box","text":"principal.","page_number":197,"box":{"x":89,"y":112,"width":62,"height":12}},{"id":"6e693fa4-f058-46a2-94e0-82c31f4f8182","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":197,"box":{"x":89,"y":138,"width":190,"height":13}},{"id":"16a0d6b3-4502-4707-b833-72b827628b03","block_type":"box","text":"©2024 BlackRock, Inc. All rights reserved.","page_number":197,"box":{"x":89,"y":165,"width":289,"height":12}},{"id":"7ffb814d-d774-4b51-974d-3c3c581b2f98","block_type":"box","text":"BLACKROCK","page_number":197,"box":{"x":384,"y":165,"width":89,"height":10}},{"id":"46ea56e7-a17d-4b56-9e59-1e0b814721b1","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the United","page_number":197,"box":{"x":478,"y":165,"width":450,"height":11}},{"id":"6c332ab7-6d1a-40ce-8c61-e92fa77be40e","block_type":"box","text":"States and elsewhere. All other trademarks are those of their respective owners.","page_number":197,"box":{"x":88,"y":180,"width":558,"height":12}},{"id":"fc922cf3-3ed9-4e33-b6fc-dd62d6c361e2","block_type":"box","text":"A-42","page_number":197,"box":{"x":511,"y":894,"width":34,"height":9}},{"id":"dda5d5c4-fbd9-4a25-aa25-273876e076ca","block_type":"box","text":"IS-SAI-08i-1225","page_number":198,"box":{"x":735,"y":850,"width":131,"height":11}}],"unit":"per_mille","page_width":[{"value":594,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14]},{"value":612,"pages":[15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198]}],"page_height":[{"value":774,"pages":[1,2,3,4,5,6,7,8,9,10,11,12,13,14]},{"value":792,"pages":[15,16,17,18,19,20,21,22,23,24,25,26,27,28,29,30,31,32,33,34,35,36,37,38,39,40,41,42,43,44,45,46,47,48,49,50,51,52,53,54,55,56,57,58,59,60,61,62,63,64,65,66,67,68,69,70,71,72,73,74,75,76,77,78,79,80,81,82,83,84,85,86,87,88,89,90,91,92,93,94,95,96,97,98,99,100,101,102,103,104,105,106,107,108,109,110,111,112,113,114,115,116,117,118,119,120,121,122,123,124,125,126,127,128,129,130,131,132,133,134,135,136,137,138,139,140,141,142,143,144,145,146,147,148,149,150,151,152,153,154,155,156,157,158,159,160,161,162,163,164,165,166,167,168,169,170,171,172,173,174,175,176,177,178,179,180,181,182,183,184,185,186,187,188,189,190,191,192,193,194,195,196,197,198]}],"attributes":{"chunk_type":"page_range","start_page":1,"end_page":198}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"4b1e5fe3-fe67-49ba-bc30-011c5b6a6f59"},"user_id":1000002,"date_created":"2026-10-23T23:53:11.702000Z","date_modified":"2026-10-23T23:53:11.702000Z","private":false}