投資條款。

為了合理應對收购基金對被收购基金造成不當影響的風險，並協助被收购基金的投资顾问對條例下所需的發現提供幫助，每個收購基金和每個被收购基金同意如下：

實物 贖回收購基金承認並同意，若符合受購基金的註冊聲明，並隨時修訂，受購基金可以全或部分滿足任何贖回請求 實物 由受購基金自行裁量決定（受購基金的這種裁量權將包括選擇分配的投資組合證券 實物）， 即使受購基金通常不滿足贖回請求 實物 （尤其是在受購基金不是交易所交易基金的情況下）

Timing/advance notice of redemptions.

With respect to Enumerated Funds (as defined on Schedule B), the Acquiring Fund will use reasonable efforts to provide the required advanced notification specified in the 12d1-4 List (as defined below). Such notice shall be provided to the Acquired Fund(s) whenever practicable and consistent with the Acquiring Fund’s best interests. This provision shall only apply in connection with any investment made by an Acquiring Fund in an Acquired Fund in excess of the limits in Section 12(d)(1)(A)(i) of the 1940 Act. For the avoidance of doubt, in the instance where the Acquired Fund is an exchange-traded fund, the requirements of this paragraph (1) shall not apply to transactions in which an Acquiring Fund did not know or have reason to know that such transaction would result in a redemption transaction with the Acquired Fund (such as where an Acquiring Fund sells shares in the secondary market).

The Acquired Fund acknowledges and agrees that any notification provided pursuant to the foregoing is not a commitment to redeem and constitutes an estimate that may differ materially from the amount, timing and manner in which a redemption request is submitted, if any.

Scale of investment. Upon a reasonable request by an Acquired Fund, the Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund.

In order to assist the Acquiring Fund’s investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in an Acquired Fund, each Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule. Such fee and expense information shall be limited to that which is made publicly available by the Acquired Fund.

Representations of the Acquired Funds.

收購基金的陳述。

有關收購基金對被收購基金的投資超出第12(d)(1)(A)條限制的情況下，收購基金同意：(i) 遵守SEC或其工作人員不時解釋或修改的規則所有條件，适用于收購基金; (ii) 履行本協議下的義務; 和 (iii) 如收購基金未能遵守SEC或其工作人員不時解釋或修改的規則或本協議，立即通知被收購基金。

收購基金應立即通知被收購基金：

任何購買或收購被收購基金股份導致該收購基金持有該被收購基金總已發行表決議權的3%或更多時;

任何購買或收購被收購基金股份導致該收購基金持有該被收購基金總已發行表決議權的5%或更多時;

當收購基金及其諮詢集團（根據規則定義）個別或總共持有超過被收購基金總已發行表決權的25%時; 以及

如果任何時候收購基金不再持有被收購基金的表決權證券超過上述(i)、(ii)或(iii) 中註明的金額時。

Notwithstanding anything herein to the contrary, any Acquiring Fund that has an “affiliated person” (as defined under the 1940 Act) that is: (i) a broker-dealer, (ii) a broker-dealer or bank that borrows as part of a securities lending program, or (iii) a futures commission merchant or a swap dealer, will: (a) not make an investment in an Acquired Fund that causes such Acquiring Fund to hold 5% or more of such Acquired Fund’s total outstanding voting securities without prior approval from the Acquired Fund, and (b) notify the Acquired Fund if any investment by the Acquiring Fund that complied with (a) at the time of purchase no longer complies.

The requirements set forth in Sections 3(b)(i), 3(b)(ii), and 3(c) shall not apply where the Acquiring Fund’s full portfolio is 由子公司投資 by any affiliate of BlackRock, Inc.

An Acquiring Fund shall provide an Acquired Fund with information regarding the amount of such Acquiring Fund’s investments in the Acquired Fund, and information regarding affiliates of the Acquiring Fund, upon the Acquired Fund’s reasonable request.

Each Acquiring Fund acknowledges that it may not rely on this Agreement to invest in the Ineligible Funds (as defined in Schedule B) and that the Enumerated Funds are subject to certain additional conditions described on the list of Ineligible Funds and Enumerated Funds (the “12d1-4 List”). Each Acquiring Fund acknowledges that the 12d1-4 List is available as described in Schedule b, and further acknowledges that it is an Acquiring Fund’s obligation to review the 12d1-4 定期列出隨時可能發生的任何變更。

保障條款。

每個收購基金均同意免除並賠償每個被收購基金，包括其所有董事、董事或受託人、官員、員工和代理人，針對任何由收購基金違反本協議任何條款導致的或聲稱對被收購基金提出的所有損失、費用或責任或訴訟（“訴訟”）；該賠償包括在調查和／或辯護該等訴訟中可能發生的任何合理法律顧問費用和費用；惟任何收購基金不應就由被收購基金向該收購基金提供不完整或不準確信息的任何違規行為導致的任何訴訟進行賠償。

每個被收購基金同意免除並賠償收購基金，包括其所有董事、董事或受託人、官員、員工和代理人，針對任何由被收購基金違反本協議任何條款導致的或聲稱對收購基金提出的所有損失、費用或責任或訴訟，該賠償包括在調查和／或辯護該等訴訟中可能發生的任何合理律師費和費用；惟任何被收購基金不應就由收購基金向被收購基金提供不完整或不準確信息導致的任何違規行為對任何被收購基金進行賠償。

Any liability pursuant to the forgoing provisions shall be several and not joint. In any action involving the parties under this Agreement, the parties agree to look solely to the individual series of the Acquiring Fund(s) or Acquired Fund(s) that is/are involved in the matter in controversy and not to any other series.

Use of Name.

To the extent an Acquiring Fund refers to one or more Acquired Funds in any prospectus, statement of additional information or otherwise (but not in the financial statements of the Acquiring Fund when the Acquired Fund is listed as a holding), each Acquiring Fund agrees to:

Refer to such Acquired Fund by its legal name, for example, the “iShares^® [Index Provider (when required)] [Exposure] ETF” (e.g., iShares U.S. Financial Services ETF or iShares Core S&P 500 ETF or iShares MSCI ACWI ETF) upon first reference to such Acquired Fund, and by its legal name or its ticker symbol for subsequent references; and

Include the following notice within reasonable proximity to the first reference to such Acquired Fund, as applicable:

未獲收購基金事前書面批准（包括通過書面電子通信批准）的情況下，收購基金不得在股東通信、廣告、銷售文宣等通訊中使用收購基金、貝萊德或其任何附屬公司的名稱或任何商標、商號、服務標誌、標的、縮寫、簡稱或類似之類的模擬品（不包括招股說明書、附加資訊聲明、事實表或類似披露文件，或股東報告）。此外，未經與貝萊德簽訂單個商標許可協議，收購基金不得使用收購基金或貝萊德的任何標識。

注意事項。

額外融資基金。

管轄法律；副本。

本協議將受德拉瓦州法律管轄，不考慮法律選擇原則。

本協議可分為兩份或更多副本，每份均視為原件，但所有這些副本一起構成同一份文件。以便攜式文檔格式（PDF）接收的電子簽名副本或傳真機接收的簽名副本將被視為具有與原始簽名相同的效力和效果

期限和終止；轉讓；修改。

本協議將在被收購基金和收購基金依賴該規則的期間內持續有效，如SEC或其工作人員不時詮釋或修改的規則。儘管協議的條款僅適用於在SEC或其工作人員不時詮釋或修改的規則依賴下對資金的投資，但協議將繼續有效，直到根據第9條(b)解除。

本協議將繼續有效，直至任何一方以書面形式發出通知終止，並提前30天通知對方。在本協議終止後，收購基金不得根據該規則超出第12條(d)(1)(A)的限制而購買被收購基金的額外股份。

除非獲得對方事先書面同意，否則任何一方均不得轉讓本協議。

除了上述第6條和第7條規定的事項外，本協議僅可經過所有受影響方簽署的書面檔進行修改。

對於貝萊德加州市政系列信託，貝萊德股息股本基金，貝萊德歐系基金，貝萊德金融機構系列信託，所有基金类型，貝萊德基金II，貝萊德基金IV，貝萊德基金V，貝萊德多州市政系列信託，貝萊德市政系列信託和貝萊德天然資源信託（每個為一個“馬薩諸塞信託”），每個馬薩諸塞信託的信託宣言副本已存檔在馬薩諸塞州秘書處，特此通知，每個馬薩諸塞信託的董事，董事，高管，僱員，代理人，員工或股東都不承擔本協議下的個人責任，而且本協議僅對每個馬薩諸塞信託系列的資產和財產有約束力。為免疑義，沒有任何其他受託人的董事，受託人，高管，僱員，代理人，員工或股東應對本協議承擔任何個人責任，並且本協議僅對每個該類其他受託人的系列資產和財產有約束力。

先前協議的終止。此協議的簽署將被視為對先前任何一方與被收購基金之間涉及根據合作協議，獲豁免訂單或其他安排依賴被徵收基金進行投資的任何免責協議的有效日期的終止。各方特此放棄任何終止前協議所需的通知規定，終止條件或其他必要事項。

/s/ Christopher k. Dyer

/s/ Jennifer McGovern

/s/ Paul C. Lohrey