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0.75%","page_number":3,"box":{"x":689,"y":605,"width":236,"height":8}},{"id":"fdd3eb78-07d3-4b3d-b150-e12ff3be9b6a","block_type":"box","text":"Distribution and/or Service (12b-1) Fees 0.25% 1.00% None","page_number":3,"box":{"x":70,"y":623,"width":844,"height":10}},{"id":"8cc2cde1-0687-4faf-9b97-56c6f1698fee","block_type":"box","text":"Other Expenses","page_number":3,"box":{"x":69,"y":641,"width":103,"height":10}},{"id":"6c1c589f-09c3-49d6-b209-642ab3256449","block_type":"box","text":"0.36% 0.33% 0.32%","page_number":3,"box":{"x":689,"y":641,"width":236,"height":8}},{"id":"f4bb4476-e276-4a37-aa1d-bc2bf6379a35","block_type":"box","text":"Total Annual Fund Operating Expenses 1.36% 2.08% 1.07%","page_number":3,"box":{"x":69,"y":659,"width":856,"height":10}},{"id":"2c4ba017-a996-4c91-b0ba-273f8e8a368a","block_type":"box","text":"Fee Waivers and/or Expense 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0.92%","page_number":3,"box":{"x":689,"y":709,"width":236,"height":8}},{"id":"7b579385-a074-430c-84d4-05d874fd3545","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":728,"width":3,"height":4}},{"id":"bd31d429-4ae7-4ad4-98a4-4673dbc6a9f3","block_type":"box","text":"A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after","page_number":3,"box":{"x":81,"y":728,"width":835,"height":9}},{"id":"0b82a66d-67b9-4eac-9b96-fd14c4fb0d18","block_type":"box","text":"purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.","page_number":3,"box":{"x":81,"y":738,"width":718,"height":10}},{"id":"058ee4cd-3ed3-4878-962d-40dcb1aabc31","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":751,"width":3,"height":4}},{"id":"c30e850e-c854-48c5-9b4b-05065c8e1f7e","block_type":"box","text":"There is no CDSC on Investor C Shares after one year.","page_number":3,"box":{"x":81,"y":751,"width":318,"height":9}},{"id":"5b50ab72-8ca0-44c0-bf75-a004c417ca3a","block_type":"box","text":"3","page_number":3,"box":{"x":61,"y":764,"width":3,"height":4}},{"id":"35f9b97a-dc70-4c25-be93-1bdbe39f0926","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":764,"width":837,"height":9}},{"id":"b6f60fa0-62bc-423a-be7a-ae7e14b9361b","block_type":"box","text":"waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":3,"box":{"x":80,"y":775,"width":854,"height":9}},{"id":"69aa62cb-abbf-44f4-a11a-cbeb1672f4c7","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, 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Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":107,"width":859,"height":11}},{"id":"18729d88-98f2-48a4-96c3-0e96a42c98a8","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":122,"width":436,"height":11}},{"id":"09de926a-5579-4a2a-901b-e126654aaa4b","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":150,"width":292,"height":9}},{"id":"85e0c026-a767-4afa-a183-12295efc107b","block_type":"box","text":"Investor A Shares $653 $930 $1,228 $2,072","page_number":4,"box":{"x":70,"y":168,"width":848,"height":10}},{"id":"9dae1fbf-a539-4382-a510-fcdc1f80ced4","block_type":"box","text":"Investor C Shares $308 $649 $1,116 $2,224","page_number":4,"box":{"x":70,"y":186,"width":848,"height":10}},{"id":"9ba42f5a-5a39-4acc-926a-f9e25b5b26d8","block_type":"box","text":"Institutional Shares $ 94 $325 $ 576 $1,292","page_number":4,"box":{"x":70,"y":204,"width":848,"height":10}},{"id":"74f6bbd7-8a95-4cc7-b0e1-2199ac13e058","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":236,"width":532,"height":12}},{"id":"52d35625-81c0-4430-a3a8-437007ae3ea4","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":265,"width":292,"height":8}},{"id":"b0d492c0-0779-4cc6-829b-a4c83f825565","block_type":"box","text":"Investor C Shares $208 $649 $1,116 $2,224","page_number":4,"box":{"x":70,"y":283,"width":848,"height":10}},{"id":"3e85663f-1159-45aa-979b-6b54b00b5864","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":308,"width":151,"height":10}},{"id":"57391b66-5bbd-4767-bbaa-fe8e3532accb","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":4,"box":{"x":60,"y":324,"width":800,"height":12}},{"id":"9113b76a-944f-4bd8-829f-6128b5dc17d2","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":4,"box":{"x":62,"y":339,"width":850,"height":11}},{"id":"0eeda96e-5592-4451-a963-420edf5a27f3","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":4,"box":{"x":61,"y":354,"width":870,"height":11}},{"id":"d4895a13-db53-439f-8929-447909d1cca1","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":4,"box":{"x":62,"y":369,"width":839,"height":11}},{"id":"7871f709-3b88-4831-9376-ff536f0eccec","block_type":"box","text":"38% of the average value of its portfolio.","page_number":4,"box":{"x":61,"y":383,"width":298,"height":12}},{"id":"2ba6346a-12b9-4319-b7a5-ac3ecd83b46d","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":422,"width":394,"height":14}},{"id":"6c9a4a31-7b6d-4f87-9db1-755951f27a54","block_type":"box","text":"Under normal conditions, the Fund invests at least 80% of its total assets in equity securities of global energy and","page_number":4,"box":{"x":62,"y":448,"width":838,"height":12}},{"id":"1a1e7b4f-e05b-406a-adea-933cae1dee4d","block_type":"box","text":"natural resources companies and companies in associated businesses, as well as utilities (such as gas, water, cable,","page_number":4,"box":{"x":61,"y":464,"width":868,"height":11}},{"id":"3ab50e57-45cd-4420-b877-9f39eb647d46","block_type":"box","text":"electrical and telecommunications utilities). Equity securities include common and preferred stock, warrants,","page_number":4,"box":{"x":61,"y":478,"width":797,"height":12}},{"id":"ed1618be-b4b0-4a21-ab19-6f518ebe95be","block_type":"box","text":"depositary receipts and securities or other instruments whose price is linked to the price of common stock. The Fund","page_number":4,"box":{"x":61,"y":493,"width":861,"height":11}},{"id":"4a696565-42cd-43fd-b021-ea404ae9a6b2","block_type":"box","text":"may also purchase convertible securities. Investments in derivatives are counted toward the Fund’s 80% policy to the","page_number":4,"box":{"x":61,"y":508,"width":863,"height":11}},{"id":"fbed7d43-e777-4afa-819f-217f0c651c7f","block_type":"box","text":"extent that they provide investment exposure to the securities included within that policy or to one or more market risk","page_number":4,"box":{"x":61,"y":523,"width":871,"height":11}},{"id":"b49e20d3-c3b1-45d3-9c8b-89fc00457b7f","block_type":"box","text":"factors associated with such securities.","page_number":4,"box":{"x":60,"y":537,"width":291,"height":10}},{"id":"866be05e-3bfd-4060-bf24-0baf83cc5d83","block_type":"box","text":"The Fund will concentrate its investments (","page_number":4,"box":{"x":60,"y":560,"width":314,"height":11}},{"id":"670d2ea4-b6d2-40f4-8491-64be032afa76","block_type":"box","text":"i.e.","page_number":4,"box":{"x":376,"y":560,"width":21,"height":9}},{"id":"b086df4d-1b05-4f43-8498-90ceaa8dc075","block_type":"box","text":", invest more than 25% of its assets) in energy or natural resources","page_number":4,"box":{"x":400,"y":560,"width":496,"height":12}},{"id":"ddfd0e9b-89b4-4323-83bc-ef5d02e030a4","block_type":"box","text":"companies. The Fund may invest without limit in companies located anywhere in the world and will generally invest in","page_number":4,"box":{"x":61,"y":575,"width":857,"height":11}},{"id":"99aad6ce-8122-46ad-8f3c-50914ca8e985","block_type":"box","text":"at least three countries and in companies tied economically to a number of countries. The Fund expects to invest","page_number":4,"box":{"x":61,"y":590,"width":831,"height":11}},{"id":"7528cfcd-49f3-49b8-a111-a7b3b4f0bd69","block_type":"box","text":"primarily in developed markets, but may also invest in emerging markets. The Fund may invest in companies of any","page_number":4,"box":{"x":62,"y":604,"width":845,"height":12}},{"id":"58568fa6-e022-46ca-b6e9-af2e31791616","block_type":"box","text":"size.","page_number":4,"box":{"x":61,"y":620,"width":32,"height":9}},{"id":"345f71a5-9bfd-40d8-8137-b859604ea084","block_type":"box","text":"The Fund may, when consistent with the Fund’s investment objective, buy or sell options or futures on a security or an","page_number":4,"box":{"x":60,"y":642,"width":866,"height":11}},{"id":"e3acfe96-283e-4d47-aacd-33d0fd50bbbf","block_type":"box","text":"index of securities and may buy options on a currency or a basket of currencies (commonly known as derivatives).","page_number":4,"box":{"x":62,"y":657,"width":834,"height":11}},{"id":"3755b6c4-5c72-4668-b256-75408da36345","block_type":"box","text":"The Fund is a non-diversified fund, which means that it can invest more of its assets in fewer issuers than a diversified","page_number":4,"box":{"x":60,"y":679,"width":873,"height":11}},{"id":"e7958df4-6d57-4bc8-b233-c90445550ca5","block_type":"box","text":"fund.","page_number":4,"box":{"x":60,"y":694,"width":36,"height":9}},{"id":"62668d5c-23ef-41c3-90db-056368092c4f","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":733,"width":354,"height":14}},{"id":"3e63c1d3-df67-4a01-b63a-4b601870bb68","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":4,"box":{"x":62,"y":759,"width":860,"height":12}},{"id":"37ab931b-7918-4717-babc-a2e315f412b6","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":4,"box":{"x":61,"y":774,"width":802,"height":12}},{"id":"1307ab2e-5c1d-4e1a-8bb5-12e00ab2b084","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":789,"width":842,"height":11}},{"id":"f7ce4ed0-35eb-4da3-a2c5-ce136ef7200e","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":4,"box":{"x":61,"y":804,"width":857,"height":11}},{"id":"f509d9b0-cc83-4db8-9115-908cf9580cd0","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":818,"width":515,"height":12}},{"id":"74c6efb9-750c-4276-ac64-5565eebf79a4","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":839,"width":166,"height":11}},{"id":"43ea35bd-06d0-476e-9fa1-a405391abbff","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":838,"width":685,"height":12}},{"id":"299085d9-55fd-42b7-89e9-06051a9ca0ce","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":853,"width":550,"height":12}},{"id":"0f658ef8-2c6a-4125-9187-739c371bc6a1","block_type":"box","text":"Commodities Market Risk","page_number":4,"box":{"x":81,"y":873,"width":197,"height":9}},{"id":"d843c3ca-a32c-4183-a764-2cbc91cf1f06","block_type":"box","text":"—","page_number":4,"box":{"x":282,"y":879,"width":17,"height":0}},{"id":"202b654a-c127-4dd9-94ec-ac8f90eca93c","block_type":"box","text":"Stocks of companies engaged in commodities related industries, such as energy or","page_number":4,"box":{"x":304,"y":873,"width":613,"height":12}},{"id":"0f5bdb53-99eb-4714-94e4-f1ae015e9ae7","block_type":"box","text":"natural resources companies, are especially affected by variations in the commodities markets (that may be due to","page_number":4,"box":{"x":82,"y":888,"width":846,"height":12}},{"id":"126adb93-3bc2-426f-8115-c13e5fffecbe","block_type":"box","text":"market events, regulatory developments or other factors that the Fund cannot control) and these companies may","page_number":4,"box":{"x":82,"y":903,"width":830,"height":11}},{"id":"63891f2e-0700-484e-9f1a-72bf067640d6","block_type":"box","text":"lack the resources and the broad business lines to weather hard times.","page_number":4,"box":{"x":82,"y":918,"width":524,"height":9}},{"id":"254b882d-8eaf-4cba-a54a-9f673bbdd44c","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"09eb3c2b-d775-4620-bb4a-29fcf6bae7d3","block_type":"box","text":"NM1026U-5982500-4/68","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8102f369-e8e2-4ff8-ae67-0bb8b1015fcb","block_type":"box","text":"Concentration Risk","page_number":5,"box":{"x":81,"y":46,"width":145,"height":9}},{"id":"e3590e8c-d149-4b99-983a-d25fc8768930","block_type":"box","text":"—","page_number":5,"box":{"x":231,"y":51,"width":17,"height":1}},{"id":"d0d1938e-fac5-4d9d-a6be-4b9729d3c9cd","block_type":"box","text":"The Fund’s strategy of concentrating in energy and natural resources companies means that","page_number":5,"box":{"x":252,"y":46,"width":679,"height":11}},{"id":"402ed23d-a3f2-4613-b40d-f10c5818240d","block_type":"box","text":"its performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in","page_number":5,"box":{"x":82,"y":60,"width":848,"height":12}},{"id":"4216c592-e566-4ea8-b4b8-b78eea88eb9e","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":5,"box":{"x":80,"y":75,"width":853,"height":12}},{"id":"573865ae-ce6c-42cb-9895-27e822ed6556","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":5,"box":{"x":80,"y":90,"width":831,"height":12}},{"id":"c6c559d8-60d6-49ac-8757-b8dd1d1f210f","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":5,"box":{"x":81,"y":105,"width":855,"height":12}},{"id":"c8b53861-fa5d-49fb-970b-8ba837f22b82","block_type":"box","text":"other industries or the broader market as a whole.","page_number":5,"box":{"x":81,"y":120,"width":368,"height":9}},{"id":"b8c02050-02d1-40e8-a64f-92691550c43e","block_type":"box","text":"Market Risk and Selection Risk","page_number":5,"box":{"x":81,"y":140,"width":240,"height":9}},{"id":"1f603223-8f46-43e7-b8ac-6790ca2d7ec6","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":5,"box":{"x":324,"y":140,"width":593,"height":9}},{"id":"ea902abb-cde2-46b9-a4f3-d9c1d3bb6265","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":5,"box":{"x":81,"y":155,"width":851,"height":11}},{"id":"5b680310-5b1e-4151-9888-e5e12a58df8b","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":5,"box":{"x":82,"y":169,"width":824,"height":12}},{"id":"279d21c0-4d59-4790-bd9a-e5678dcb978e","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":5,"box":{"x":82,"y":184,"width":851,"height":12}},{"id":"ed139794-c1b0-444c-90f7-87ab583048bc","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":5,"box":{"x":82,"y":199,"width":802,"height":11}},{"id":"8e75b6ab-6e5a-4d7e-9253-bc6d2469c47a","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":5,"box":{"x":81,"y":214,"width":849,"height":11}},{"id":"4faa6538-d7f9-4af1-b265-fe53b1b6fb8f","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":5,"box":{"x":81,"y":229,"width":843,"height":11}},{"id":"147d268d-e004-4206-9a1e-4199f2b20269","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":5,"box":{"x":81,"y":244,"width":830,"height":11}},{"id":"d98583ad-3ead-4de6-930b-04b6ffd112ab","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":5,"box":{"x":82,"y":258,"width":840,"height":12}},{"id":"2de29f46-cc98-4659-9f8f-628e301a6ede","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":5,"box":{"x":81,"y":273,"width":789,"height":12}},{"id":"65e3b34a-2c76-40cd-b1f6-49172f86f058","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":5,"box":{"x":81,"y":288,"width":823,"height":12}},{"id":"0f52ad7a-8463-4803-9c4a-5290ebdb25eb","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":5,"box":{"x":81,"y":303,"width":784,"height":11}},{"id":"cc8045e5-dce9-43d3-b2d1-8d934b452fd0","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":5,"box":{"x":81,"y":318,"width":844,"height":11}},{"id":"cb8d1a20-42b1-499c-ae7b-9a2f31d7c605","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":5,"box":{"x":82,"y":338,"width":818,"height":11}},{"id":"5c35d4ec-23ed-4c78-9bbc-57252705bff5","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":5,"box":{"x":80,"y":353,"width":819,"height":11}},{"id":"ae5e078a-7205-46e7-b077-3b3b4342aa8f","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":5,"box":{"x":81,"y":367,"width":819,"height":12}},{"id":"7bf1e4ab-e810-4c65-8e24-b90b0c5f5fd4","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":5,"box":{"x":81,"y":382,"width":846,"height":12}},{"id":"75bb1c6b-351b-4a29-8b8b-5a61f15bec5c","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":5,"box":{"x":81,"y":397,"width":848,"height":12}},{"id":"f66fb666-c661-4d37-b19d-eccaaa165673","block_type":"box","text":"the Fund invests.","page_number":5,"box":{"x":80,"y":412,"width":125,"height":9}},{"id":"7b0d08f3-a35f-4861-bcd9-7985fb35b887","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":432,"width":206,"height":9}},{"id":"5d0e8e9e-4b07-4bb4-82b0-2b54b50da7f6","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":5,"box":{"x":291,"y":432,"width":593,"height":11}},{"id":"060dd0f1-fdc6-4ffe-9649-d9a6ff37d06f","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":5,"box":{"x":81,"y":447,"width":853,"height":11}},{"id":"8189e9f4-1948-454b-b143-347488581289","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":5,"box":{"x":81,"y":462,"width":855,"height":11}},{"id":"27a6035f-1a0a-4799-b52c-82b985968407","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":5,"box":{"x":80,"y":476,"width":816,"height":12}},{"id":"6be4f753-09ff-47a7-a770-01232d2c24e3","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":5,"box":{"x":82,"y":491,"width":796,"height":11}},{"id":"08c458e8-7c34-4f6e-b227-aa4bfa99380a","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":5,"box":{"x":81,"y":506,"width":812,"height":11}},{"id":"57480603-6261-4413-86c5-b9b1714049ba","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":5,"box":{"x":82,"y":521,"width":809,"height":11}},{"id":"9c971b7f-184e-4d6f-98bd-965713c1be06","block_type":"box","text":"Depositary Receipts Risk","page_number":5,"box":{"x":81,"y":541,"width":191,"height":11}},{"id":"ed5af172-c553-452f-837f-ebbed78fa973","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":5,"box":{"x":276,"y":541,"width":639,"height":11}},{"id":"81ee1352-5e52-4f2d-a8a6-bea84d2e7a49","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":5,"box":{"x":80,"y":556,"width":786,"height":11}},{"id":"e168ee09-4490-4632-80b2-1d6d8eca5083","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":5,"box":{"x":82,"y":570,"width":824,"height":12}},{"id":"2a80421c-0a46-4eae-9aa9-315c8de0cd06","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":5,"box":{"x":80,"y":585,"width":827,"height":12}},{"id":"c081bb32-a90d-43e9-9caf-11ccbaecba16","block_type":"box","text":"parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":5,"box":{"x":82,"y":600,"width":849,"height":12}},{"id":"a25f00ab-341d-403d-853c-b06c3a91d1f4","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":5,"box":{"x":81,"y":615,"width":840,"height":11}},{"id":"cf0c1cec-373e-46cc-90d5-667c2c1cdafa","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":5,"box":{"x":82,"y":630,"width":824,"height":11}},{"id":"3a15daa8-4da0-4c8f-8cab-d5d5ff7a8e03","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":5,"box":{"x":82,"y":644,"width":798,"height":12}},{"id":"9ca9c856-6665-47af-928b-df7fb79294bb","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":5,"box":{"x":82,"y":659,"width":847,"height":12}},{"id":"97bc5836-e283-458e-999f-17e4476eaa12","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":5,"box":{"x":82,"y":674,"width":804,"height":12}},{"id":"6d296cb7-d2b1-464c-a458-089f020046f1","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":5,"box":{"x":81,"y":689,"width":558,"height":11}},{"id":"b819fc58-4baa-41f0-99a8-a6873c9181af","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":709,"width":123,"height":9}},{"id":"41bc64d9-aa03-43e6-9581-9cdec0622b01","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":709,"width":664,"height":11}},{"id":"f7998d3d-a6f9-40a0-8bca-3790eccfb346","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":724,"width":469,"height":11}},{"id":"4ddcccae-1e42-4fbd-bcc0-fef2db1c300a","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":744,"width":102,"height":11}},{"id":"1e622990-e516-41d6-a7b4-0cd07afcf639","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":744,"width":723,"height":11}},{"id":"c5027514-b778-42a3-9e82-69beec92769d","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":5,"box":{"x":82,"y":759,"width":832,"height":11}},{"id":"f69ab54a-d412-43c5-92ec-3b0e9cc44fa5","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":774,"width":280,"height":11}},{"id":"71932fd9-ff47-4520-bc81-3b2fbefc99ff","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":794,"width":87,"height":9}},{"id":"21683fe8-b486-4372-beeb-f974408cccf5","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":793,"width":728,"height":12}},{"id":"1da68863-c27f-46d8-9681-cc5c448f7da3","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":808,"width":834,"height":11}},{"id":"3a821ea3-daf2-4647-8827-5b547ca571b2","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":823,"width":832,"height":11}},{"id":"dec9decf-2e0b-4aa4-b588-028cc4855007","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":838,"width":779,"height":11}},{"id":"17606be6-b855-4a99-863a-33f1053db3e4","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":853,"width":253,"height":11}},{"id":"10057fd2-0869-41fa-97ac-f0f489321d7b","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":873,"width":131,"height":11}},{"id":"376459fe-ecdf-41a7-8fce-ff6777840522","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":5,"box":{"x":217,"y":873,"width":697,"height":11}},{"id":"625fc62a-3a6f-4e7c-9717-d2519f348728","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":887,"width":855,"height":12}},{"id":"cdc011c0-2f60-489c-b251-4cfe3c266a8c","block_type":"box","text":"exposure to such a counterparty.","page_number":5,"box":{"x":81,"y":903,"width":240,"height":11}},{"id":"24537cc3-f7a3-4a2d-8078-34d3d3af2ee1","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"55561930-e710-4da9-a4bf-4c3fefd7a15a","block_type":"box","text":"NM1026U-5982500-5/68","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b28e046e-257f-465e-99d1-31377c0e2338","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":46,"width":100,"height":11}},{"id":"5ea7ac0b-c8ec-475a-a230-b8d14b15d119","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":46,"width":750,"height":11}},{"id":"9797f448-5b87-4c22-aa85-24c8f6502492","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":6,"box":{"x":80,"y":61,"width":839,"height":11}},{"id":"952883ec-5e37-43bf-8f7d-7bd7b553f4ff","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":75,"width":293,"height":12}},{"id":"63d4ad2d-43a7-4734-bb6f-eb8204c5bef9","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":95,"width":120,"height":12}},{"id":"1f1429a3-32fc-4398-b68d-f88da6501075","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":95,"width":727,"height":12}},{"id":"8b24b423-3f6f-4e7b-8068-223f2dd4c8a9","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":110,"width":607,"height":12}},{"id":"12e6b8d8-abd1-483b-ae4e-d81036ca34c2","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":130,"width":75,"height":12}},{"id":"3d48b9a5-8e1a-4ff7-b38c-7162c1881309","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":6,"box":{"x":161,"y":130,"width":761,"height":12}},{"id":"74db85c3-9e18-4d08-8829-9ea05a481182","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":145,"width":198,"height":11}},{"id":"7bbd4f08-d43b-4545-ad8a-cff87fdb16b3","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":165,"width":214,"height":11}},{"id":"f0afaca2-7a8d-4e9d-a240-6bb9a514020a","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":6,"box":{"x":300,"y":165,"width":590,"height":11}},{"id":"72268fce-f910-4397-8a5d-96a673d78cd8","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":6,"box":{"x":81,"y":180,"width":775,"height":11}},{"id":"12a0cdd2-bd1a-4313-b607-9b8ca32bed91","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":195,"width":589,"height":11}},{"id":"5cfac143-742f-4abe-a611-409090796ccd","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":215,"width":102,"height":9}},{"id":"6f99c5f2-5158-4604-a421-64fb591a92c8","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":214,"width":747,"height":12}},{"id":"9e49ddcc-5848-4f10-a6c7-e3daaaa8872f","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":229,"width":783,"height":12}},{"id":"5ce1c802-b886-4f46-b21b-65d13b55b03c","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":244,"width":273,"height":11}},{"id":"f5a06ff8-d7fe-4a3d-9374-9f171aca35e1","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":264,"width":95,"height":12}},{"id":"3e78e1ec-3bf8-417c-aef4-4f0b1126a519","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":264,"width":728,"height":12}},{"id":"d42b2502-6f6c-4516-b6e3-be5e005d8af7","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":6,"box":{"x":81,"y":279,"width":839,"height":12}},{"id":"477497fe-b168-4b86-9945-a6b8a78ae0c5","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":294,"width":354,"height":11}},{"id":"ebe15b6c-cc9d-4c3b-9f52-e8c14c975c17","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":314,"width":59,"height":9}},{"id":"3ca465a4-c17a-4bef-b87b-d26f123d57c6","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":314,"width":719,"height":11}},{"id":"fc21bcd9-7b30-475d-b3fe-ab5d98a7deb6","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":329,"width":801,"height":11}},{"id":"b9092c5e-b291-4a9a-878d-3472bb68f7d8","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":343,"width":802,"height":12}},{"id":"13bae755-467e-4e90-837e-5ce1663333b0","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":358,"width":830,"height":12}},{"id":"374ffa00-e5bd-4818-a22d-ebfc6346a091","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":373,"width":215,"height":9}},{"id":"df1218b2-449d-4973-8cab-75d507ad1301","block_type":"box","text":"Emerging Markets Risk","page_number":6,"box":{"x":81,"y":393,"width":178,"height":11}},{"id":"585c0495-834d-4b28-801e-e519f023e105","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":6,"box":{"x":263,"y":393,"width":617,"height":12}},{"id":"e3dc6c6e-22b4-4fd4-9186-3ae6e15785bd","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":6,"box":{"x":81,"y":408,"width":825,"height":11}},{"id":"077300d8-7139-4560-8416-2ebab5e2bb7e","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":6,"box":{"x":82,"y":423,"width":822,"height":11}},{"id":"f63148a5-65ae-4644-a035-aa9641ebce8e","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":6,"box":{"x":82,"y":438,"width":816,"height":11}},{"id":"b95108bc-c83c-47e3-aa0d-4958ee0c0b65","block_type":"box","text":"liquidity than developed markets.","page_number":6,"box":{"x":82,"y":453,"width":240,"height":11}},{"id":"c4e25273-cd18-41fa-86ea-3297982a462f","block_type":"box","text":"Foreign Securities Risk","page_number":6,"box":{"x":81,"y":472,"width":176,"height":12}},{"id":"8592f8e5-fb9b-4557-9d0d-4a9a198cf355","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":6,"box":{"x":260,"y":472,"width":668,"height":12}},{"id":"7d7500cc-abf7-49dd-a3fe-2d1920d39be7","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":6,"box":{"x":82,"y":487,"width":531,"height":12}},{"id":"dd0eea7e-3669-4783-ae26-a44f656ec0f3","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":6,"box":{"x":101,"y":507,"width":823,"height":12}},{"id":"c3d6df36-1709-4ad2-a0ec-062d6d363940","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":6,"box":{"x":102,"y":522,"width":823,"height":12}},{"id":"923433d9-d49b-4088-8ca9-1f55ad6f2d70","block_type":"box","text":"oversight.","page_number":6,"box":{"x":101,"y":537,"width":70,"height":11}},{"id":"22db95d1-134d-46d7-82d2-c8bf8438ea08","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":6,"box":{"x":101,"y":557,"width":644,"height":11}},{"id":"80816cda-46d9-4e57-8268-8494c233e2b7","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":6,"box":{"x":101,"y":577,"width":830,"height":11}},{"id":"1ee340a2-aca8-49b2-a827-869c362000eb","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":6,"box":{"x":102,"y":592,"width":808,"height":11}},{"id":"646bc752-c669-43bc-89c4-a1e46a471208","block_type":"box","text":"payments position.","page_number":6,"box":{"x":102,"y":607,"width":137,"height":11}},{"id":"3a208ad9-7e3f-4453-8cdf-1cf241093281","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":6,"box":{"x":101,"y":626,"width":821,"height":12}},{"id":"fd85f0e0-d126-455b-bdf3-35eb153eb402","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":6,"box":{"x":102,"y":641,"width":809,"height":12}},{"id":"4f4c7c67-8392-4b57-872c-9bcd0f3d1fb3","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":6,"box":{"x":102,"y":656,"width":784,"height":11}},{"id":"786a5224-ca78-4393-ac47-1cd4b139f26c","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":671,"width":352,"height":11}},{"id":"ff8ddacf-b67d-44a3-b109-84a723cde8eb","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":6,"box":{"x":102,"y":691,"width":823,"height":11}},{"id":"f5df4f2f-26a2-461c-8902-35cb0705ed6a","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":6,"box":{"x":101,"y":706,"width":811,"height":11}},{"id":"62e3bdd6-f884-4942-bdb3-34d2c2075aee","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":721,"width":148,"height":9}},{"id":"d8bfcbd2-2e2b-4667-b2f4-7488b8a7e752","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":6,"box":{"x":101,"y":740,"width":834,"height":12}},{"id":"c1bc168a-7adb-48be-9901-cda3d29efe0c","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":755,"width":628,"height":12}},{"id":"2d36e2d9-d434-48a1-b858-4fa901acbf46","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":6,"box":{"x":101,"y":775,"width":830,"height":12}},{"id":"b2d875ef-d0af-4377-9e09-f4a8f15a4daf","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":6,"box":{"x":101,"y":790,"width":831,"height":12}},{"id":"4d681f98-d7f6-4234-a075-e8ca0c1062b7","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":6,"box":{"x":101,"y":805,"width":813,"height":12}},{"id":"05650b88-47b5-43e0-9038-988b3afcaf88","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":6,"box":{"x":101,"y":820,"width":395,"height":11}},{"id":"ac931d89-1bf7-413f-b5dd-0a07e739e42b","block_type":"box","text":"Geographic Concentration Risk","page_number":6,"box":{"x":81,"y":840,"width":235,"height":11}},{"id":"25e3c4c3-dcb4-4bc3-a307-3e90038d2280","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":6,"box":{"x":320,"y":840,"width":581,"height":11}},{"id":"95a7d1eb-179d-430d-bd23-9ef6fd99b380","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":6,"box":{"x":82,"y":855,"width":848,"height":11}},{"id":"d021c054-c061-462d-aa23-fd4fce028efe","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":6,"box":{"x":82,"y":869,"width":841,"height":12}},{"id":"177cec4a-9da9-4e74-884c-06714c29ccbe","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":6,"box":{"x":82,"y":884,"width":777,"height":12}},{"id":"0a1d5733-6c73-45b8-9a58-7fbe9152ea81","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":6,"box":{"x":81,"y":899,"width":648,"height":12}},{"id":"07fec8d6-5716-4fd1-a061-5477b8ac02d7","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"7f12b5cd-902a-4e09-97ef-70fa3efd94e6","block_type":"box","text":"NM1026U-5982500-6/68","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"bb0494eb-e927-4695-b715-513ea4cefc93","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":46,"width":107,"height":11}},{"id":"093c7ed7-5f21-4eb9-aac7-f2b5b99e8dfd","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":7,"box":{"x":192,"y":46,"width":741,"height":11}},{"id":"7442b9e9-d85f-4edf-9769-c8dbfce2b7a6","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":7,"box":{"x":81,"y":60,"width":853,"height":12}},{"id":"99167e12-db8a-48bd-9505-083b1d3c3f75","block_type":"box","text":"cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":7,"box":{"x":81,"y":75,"width":856,"height":12}},{"id":"326bda36-faef-4daf-8e7a-05e3027b57db","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":7,"box":{"x":80,"y":90,"width":775,"height":12}},{"id":"7b04b7ca-29ac-4f08-8359-f97b6abd6fe1","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses","page_number":7,"box":{"x":80,"y":105,"width":814,"height":12}},{"id":"c03010c5-5b24-401e-a66d-ecff569a824b","block_type":"box","text":"leverage.","page_number":7,"box":{"x":82,"y":120,"width":63,"height":11}},{"id":"b091b10d-585d-4229-a23f-9695b91ec48b","block_type":"box","text":"Mid Cap Securities Risk","page_number":7,"box":{"x":81,"y":140,"width":182,"height":11}},{"id":"31a8e23e-afc5-4ccf-b337-5a8077e62531","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":7,"box":{"x":267,"y":140,"width":665,"height":11}},{"id":"63f9b1ee-2dce-4d96-8d52-c24b3ee0ac76","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":7,"box":{"x":81,"y":155,"width":789,"height":11}},{"id":"369723f6-b0d5-4b23-807e-799eddbd80e8","block_type":"box","text":"Non-Diversification Risk","page_number":7,"box":{"x":81,"y":175,"width":180,"height":9}},{"id":"50e2aff5-2733-48ec-86f1-7dfad98684b8","block_type":"box","text":"— The Fund is a non-diversified fund. Because the Fund may invest in securities of a","page_number":7,"box":{"x":264,"y":175,"width":623,"height":11}},{"id":"c5b05e99-2775-4b28-8a26-3cb7d566382d","block_type":"box","text":"smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an","page_number":7,"box":{"x":81,"y":189,"width":818,"height":12}},{"id":"8e7052b8-5512-4f12-87c2-a032559bc1bc","block_type":"box","text":"individual issuer than a fund that invests more widely.","page_number":7,"box":{"x":82,"y":204,"width":392,"height":12}},{"id":"7cc1269c-30ff-4c70-8afa-72ede8ce340f","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":224,"width":254,"height":12}},{"id":"62cba333-cabc-4fac-80b8-61f357608269","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":224,"width":578,"height":12}},{"id":"548d4d06-9fa2-45ed-a144-15bc4cb44e40","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":239,"width":779,"height":12}},{"id":"67c1a976-d6e8-4fa7-90b5-483bf0cb136d","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":7,"box":{"x":81,"y":254,"width":848,"height":11}},{"id":"3459cd0f-c265-47b4-b603-ef2b507d968b","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":7,"box":{"x":81,"y":269,"width":806,"height":11}},{"id":"ee27bd1b-dd9f-432a-be4c-d378dbe1932c","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":283,"width":807,"height":12}},{"id":"1ea072d0-0b3b-42c7-8694-589dd40cb4fd","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":298,"width":846,"height":12}},{"id":"87d8adad-b19b-4c99-ba8f-0d0c97ae872f","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":7,"box":{"x":81,"y":313,"width":836,"height":11}},{"id":"75680219-61f2-4afd-a4c4-8af9c11900fa","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":328,"width":474,"height":11}},{"id":"bcf800d4-443d-45d4-bd9e-f6d6333c2dd8","block_type":"box","text":"Risk of Investing in the United States","page_number":7,"box":{"x":81,"y":348,"width":283,"height":11}},{"id":"a394aa55-c3cc-4553-91f5-e8d189730e01","block_type":"box","text":"— Certain changes in the U.S. economy, such as when the U.S. economy","page_number":7,"box":{"x":368,"y":348,"width":541,"height":12}},{"id":"41628938-0b17-47ac-b292-2ff2592174cf","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":7,"box":{"x":80,"y":363,"width":847,"height":11}},{"id":"5a2730b5-dab2-422c-8af4-1330a404f43a","block_type":"box","text":"exposure.","page_number":7,"box":{"x":81,"y":380,"width":70,"height":9}},{"id":"cfbae281-eac7-4d96-b1e1-ff5ad070652b","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":7,"box":{"x":81,"y":398,"width":363,"height":11}},{"id":"fd4ba539-5c4e-4e61-94eb-ee0a564c1eff","block_type":"box","text":"—","page_number":7,"box":{"x":448,"y":403,"width":17,"height":1}},{"id":"6e78b909-a5f1-4be8-a207-b362b53a78fe","block_type":"box","text":"Small cap or emerging growth companies may have limited","page_number":7,"box":{"x":470,"y":398,"width":431,"height":11}},{"id":"9d2c1193-3c1b-484e-b846-6b3805e2a4e0","block_type":"box","text":"product lines or markets. They may be less financially secure than larger, more established companies. They may","page_number":7,"box":{"x":82,"y":412,"width":833,"height":12}},{"id":"1f3f4faa-66e8-4576-be58-3dbae50cda53","block_type":"box","text":"depend on a more limited management group than larger capitalized companies.","page_number":7,"box":{"x":81,"y":427,"width":591,"height":12}},{"id":"22dd53c5-3755-4d03-99da-64b50de8ad8b","block_type":"box","text":"Warrants Risk","page_number":7,"box":{"x":83,"y":447,"width":105,"height":9}},{"id":"fcb81956-6580-4d8c-97b7-9ee9e9d5ddda","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":7,"box":{"x":192,"y":447,"width":698,"height":12}},{"id":"922bb54b-b05f-4d50-91df-e2ea48784688","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":7,"box":{"x":81,"y":462,"width":830,"height":12}},{"id":"574f9f84-8f46-4508-84d5-60efb2971355","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":7,"box":{"x":81,"y":477,"width":821,"height":11}},{"id":"50aec695-0e7f-4bf7-95ee-08f5f956f30a","block_type":"box","text":"may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily","page_number":7,"box":{"x":82,"y":492,"width":822,"height":11}},{"id":"5f16f879-3bf3-40bb-99d2-18be1ecb18de","block_type":"box","text":"move with the price of the underlying stock.","page_number":7,"box":{"x":82,"y":506,"width":317,"height":12}},{"id":"cdd17250-923f-4adc-b3e5-2173aa1cdfbe","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":545,"width":224,"height":11}},{"id":"5e155e68-d5a4-401b-bd2e-62c8043cf4c4","block_type":"box","text":"The information shows you how the Fund’s performance has varied year by year and provides some indication of the","page_number":7,"box":{"x":60,"y":572,"width":855,"height":11}},{"id":"fd688798-5344-443a-883d-4c09db0fe1ec","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the MSCI All Country World Index","page_number":7,"box":{"x":61,"y":586,"width":868,"height":12}},{"id":"838240f2-c38c-4df1-8dc8-b68ceab0ecc4","block_type":"box","text":"(Net) and the MSCI World Energy Index (Net). The MSCI World Energy Index (Net) is relevant to the Fund because it has","page_number":7,"box":{"x":61,"y":601,"width":872,"height":12}},{"id":"5c758d95-cf39-4881-8a0c-4bcf5ee67719","block_type":"box","text":"characteristics similar to the Fund’s investment strategy. To the extent that dividends and distributions have been paid","page_number":7,"box":{"x":61,"y":616,"width":870,"height":12}},{"id":"c8dbfc6e-ed44-4c2a-bfa1-c103410129e4","block_type":"box","text":"by the Fund, the performance information for the Fund in the chart and table assumes reinvestment of the dividends","page_number":7,"box":{"x":61,"y":631,"width":857,"height":11}},{"id":"786c8c72-5db4-4fda-93bb-742c7fc4e6d8","block_type":"box","text":"and distributions. As with all such investments, past performance (before and after taxes) is not an indication of future","page_number":7,"box":{"x":61,"y":646,"width":874,"height":11}},{"id":"d60c130f-86f4-4b0f-bd6f-30e147cd9e38","block_type":"box","text":"results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown.","page_number":7,"box":{"x":61,"y":661,"width":814,"height":11}},{"id":"9f77cd7e-626c-4b66-962c-edf2d79f9945","block_type":"box","text":"However, the table includes all applicable fees and sales charges. 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Such indices use withholding tax rates that are often at a higher rate","page_number":8,"box":{"x":61,"y":624,"width":870,"height":9}},{"id":"03fbd606-9fe4-4bff-887c-89b3a2f54f5c","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":8,"box":{"x":60,"y":634,"width":862,"height":9}},{"id":"3c419062-4adc-4f3f-a8b5-61c640ba5de7","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":8,"box":{"x":60,"y":644,"width":834,"height":10}},{"id":"50901292-f69c-433c-8ecb-56508f5a216e","block_type":"box","text":"performance information for the MSCI All Country World Index and the MSCI World Energy Index, please see the Fund’s Statement of Additional","page_number":8,"box":{"x":61,"y":655,"width":842,"height":9}},{"id":"ff4812c0-d915-4e35-9ab3-316d7858cbf6","block_type":"box","text":"Information.","page_number":8,"box":{"x":61,"y":665,"width":69,"height":7}},{"id":"766cecc7-ae4f-498b-9e93-c6912ae6e87b","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":8,"box":{"x":60,"y":690,"width":840,"height":12}},{"id":"f7b1a148-4c38-4e2c-a697-249cef067634","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":8,"box":{"x":61,"y":705,"width":835,"height":11}},{"id":"9517ddb0-8627-4d35-b3c1-ac148a3f71e2","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":8,"box":{"x":61,"y":720,"width":851,"height":11}},{"id":"ed966e69-4dd2-4e2c-ab57-603b8523c79a","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":8,"box":{"x":60,"y":735,"width":840,"height":11}},{"id":"d55fc6dc-ce3d-4bb9-9b8c-2e77da366915","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.","page_number":8,"box":{"x":62,"y":749,"width":700,"height":12}},{"id":"85dbfae5-2987-4556-a939-61bc434cb1a4","block_type":"box","text":"Investment Manager","page_number":8,"box":{"x":62,"y":789,"width":187,"height":13}},{"id":"e5e54bc2-f6ba-43b5-ab6c-13963c00f7b1","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":8,"box":{"x":60,"y":815,"width":832,"height":11}},{"id":"78e74a2e-a2d4-4a62-9399-2e5629c9e5ec","block_type":"box","text":"adviser is BlackRock International Limited (the “Sub-Adviser”). Where applicable, “BlackRock” also refers to the Sub","page_number":8,"box":{"x":61,"y":829,"width":858,"height":12}},{"id":"a1deb73c-05db-406d-9a03-adbb83deb5b6","block_type":"box","text":"Adviser.","page_number":8,"box":{"x":60,"y":845,"width":56,"height":8}},{"id":"c677e3ca-3d17-4d1f-9e7c-0e8a6c06be09","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"36368d67-abac-4d89-aa4a-88b17be63cdc","block_type":"box","text":"NM1026U-5982500-8/68","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"cf9c569c-d851-453e-a31e-b1164656145a","block_type":"box","text":"Portfolio Managers","page_number":9,"box":{"x":61,"y":46,"width":173,"height":14}},{"id":"82d91e60-3196-40da-920f-3399e85ef2d4","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":70,"y":90,"width":121,"height":11}},{"id":"0a10cdc8-9699-4dc8-ad1d-1e08efcd96d1","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":362,"y":79,"width":121,"height":10}},{"id":"8f260cdd-9188-4e87-aad5-f1e153c52262","block_type":"box","text":"of the Fund Since Title","page_number":9,"box":{"x":363,"y":90,"width":427,"height":9}},{"id":"521d483b-2990-4c1c-80b3-727abf6ec588","block_type":"box","text":"Alastair Bishop 2015 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"84330e4e-4534-423e-8c6e-197b23e8c91b","block_type":"box","text":"Mark Hume 2018 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":70,"y":126,"width":825,"height":11}},{"id":"02e4c841-ca7b-4dc3-9199-3acab5bf54ac","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":9,"box":{"x":61,"y":167,"width":309,"height":11}},{"id":"5e1ac1df-7070-40a2-927c-8f8a63ef6a9d","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":9,"box":{"x":60,"y":193,"width":857,"height":12}},{"id":"f2b039fc-211f-4133-a825-ea45437bc143","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":9,"box":{"x":61,"y":208,"width":873,"height":12}},{"id":"a3ed278d-73d5-480c-9ff5-f15f96c8c83e","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":9,"box":{"x":60,"y":223,"width":833,"height":11}},{"id":"1ff4a7be-12ac-4cd5-bd03-4f03c398fbc5","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":9,"box":{"x":62,"y":238,"width":827,"height":11}},{"id":"d68b296e-d939-4f71-8e49-1a8f139bd4cf","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":9,"box":{"x":60,"y":253,"width":696,"height":11}},{"id":"529c69b7-fabf-4e74-9d4b-764c5c2104c8","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":9,"box":{"x":232,"y":281,"width":480,"height":7}},{"id":"9fbab58f-02b4-4d80-8860-ad61ed807d19","block_type":"box","text":"Minimum Initial","page_number":9,"box":{"x":61,"y":298,"width":104,"height":8}},{"id":"1526c506-55f6-4e50-a51e-63b0f1fd0ef8","block_type":"box","text":"Investment","page_number":9,"box":{"x":61,"y":312,"width":75,"height":8}},{"id":"97f6606c-7b1e-4e36-8915-164ffb2d19d0","block_type":"box","text":"$1,000 for all accounts except:","page_number":9,"box":{"x":232,"y":297,"width":207,"height":11}},{"id":"a5de9695-5469-45e3-be94-c5bf13424ef8","block_type":"box","text":"•","page_number":9,"box":{"x":235,"y":314,"width":4,"height":3}},{"id":"2a21e7c9-4a68-4150-bca6-4a241c4cca04","block_type":"box","text":"$50, if establishing an Automatic Investment","page_number":9,"box":{"x":243,"y":311,"width":296,"height":11}},{"id":"e047b37b-0800-4736-9c0a-9833f84b103d","block_type":"box","text":"Plan.","page_number":9,"box":{"x":243,"y":325,"width":30,"height":8}},{"id":"0275f500-033a-43ae-9e0b-48b661270e0f","block_type":"box","text":"•","page_number":9,"box":{"x":235,"y":341,"width":4,"height":3}},{"id":"1a1d21d7-dc53-4403-bce5-06c97ead49fd","block_type":"box","text":"There is no investment minimum for employer","page_number":9,"box":{"x":242,"y":339,"width":306,"height":10}},{"id":"78f7ec9b-83a1-4abf-8405-93758e880f0e","block_type":"box","text":"sponsored retirement plans (not including SEP","page_number":9,"box":{"x":242,"y":352,"width":306,"height":10}},{"id":"d56116e6-d083-4e9a-8ba0-a1deaed22ae4","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs).","page_number":9,"box":{"x":243,"y":366,"width":213,"height":10}},{"id":"28d37419-80f6-4ca5-bed2-73c6d4845934","block_type":"box","text":"•","page_number":9,"box":{"x":235,"y":382,"width":4,"height":3}},{"id":"419e8678-f7a3-4013-bc8b-6d39eb3c102d","block_type":"box","text":"There is no investment minimum for certain fee","page_number":9,"box":{"x":242,"y":379,"width":318,"height":8}},{"id":"f731e7a5-2d47-4afa-9d7a-6d6158e8c1ce","block_type":"box","text":"based programs.","page_number":9,"box":{"x":243,"y":393,"width":109,"height":10}},{"id":"ad2b66b3-6cb2-4d16-adb3-fc66b9ba45ba","block_type":"box","text":"There is no minimum initial investment 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Convertible securities generally are","page_number":11,"box":{"x":62,"y":731,"width":845,"height":11}},{"id":"cd7215cb-b499-4271-92f2-5228c118f59d","block_type":"box","text":"debt securities or preferred stock that may be converted into common stock. The Fund may also purchase convertible","page_number":11,"box":{"x":61,"y":746,"width":867,"height":11}},{"id":"d4a866e2-8bb7-4faf-9df4-cd326b29e02b","block_type":"box","text":"securities. Warrants are instruments that convey the right (but not the obligation) to buy a specified amount of the","page_number":11,"box":{"x":61,"y":760,"width":838,"height":12}},{"id":"fb3a9970-342b-4b3e-9aed-4bbcf74599e8","block_type":"box","text":"underlying stock at a purchase (or “exercise”) price prior to the date the warrant expires. Depositary receipts include","page_number":11,"box":{"x":61,"y":776,"width":857,"height":11}},{"id":"aa4a4f7b-b60d-42b7-9099-b1874c81eef5","block_type":"box","text":"American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”)","page_number":11,"box":{"x":60,"y":790,"width":876,"height":12}},{"id":"c4dc1776-f14e-4139-84b5-cda989a41226","block_type":"box","text":"and unsponsored depositary receipts. ADRs are receipts typically issued by an American bank or trust company that","page_number":11,"box":{"x":61,"y":805,"width":854,"height":11}},{"id":"5883af29-3d57-442a-a5f8-15d6a86b2623","block_type":"box","text":"evidence underlying securities issued by a foreign corporation. EDRs (issued in Europe) and GDRs (issued throughout","page_number":11,"box":{"x":61,"y":820,"width":862,"height":11}},{"id":"d5d33ffe-730e-42f3-92d2-e1364d338c69","block_type":"box","text":"the world) each evidence a similar ownership arrangement. The Fund reserves the right to invest up to 20% of total","page_number":11,"box":{"x":60,"y":835,"width":845,"height":11}},{"id":"52b36532-6dfa-496c-8ed6-9456ecb49ae4","block_type":"box","text":"assets in other U.S. and foreign investments that may include stocks of companies not associated with energy or","page_number":11,"box":{"x":61,"y":849,"width":834,"height":12}},{"id":"38679e5d-8a4c-4e5d-b431-77504a6b431a","block_type":"box","text":"natural resources or debt securities.","page_number":11,"box":{"x":61,"y":865,"width":266,"height":8}},{"id":"f96ffd06-2c9c-4e0a-be8c-7d6fff68eba1","block_type":"box","text":"The Fund may, when consistent with the Fund’s investment objective, buy or sell options or futures on a security or an","page_number":11,"box":{"x":60,"y":887,"width":866,"height":11}},{"id":"b469c198-43f6-452e-ae6a-b9f813574c7f","block_type":"box","text":"index of securities and may buy options on a currency or a basket of currencies (commonly known as derivatives). An","page_number":11,"box":{"x":62,"y":902,"width":858,"height":11}},{"id":"74c6bf40-5640-4ce2-86ed-ceffe0c60fc1","block_type":"box","text":"option is the right to buy or sell an instrument at a specific price on or before a specific date. A future is an agreement","page_number":11,"box":{"x":61,"y":916,"width":872,"height":12}},{"id":"eb4905e8-6ac8-47f1-8a1d-1e15ebfb8e9a","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"fa8df385-bbb6-4552-b6b4-12db9c1572d3","block_type":"box","text":"NM1026U-5982500-11/68","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fd2a7130-390a-4537-b720-844c8c84ed9c","block_type":"box","text":"to buy or sell an instrument at a specific price on a specific date. The primary purpose of using derivatives is to","page_number":12,"box":{"x":60,"y":46,"width":820,"height":11}},{"id":"e70e0ec3-ded9-441b-af38-6d93fab64892","block_type":"box","text":"attempt to reduce risk to the Fund as a whole (hedge), but they may also be used to maintain liquidity and commit","page_number":12,"box":{"x":61,"y":61,"width":839,"height":11}},{"id":"e05fd376-bb27-4142-9451-7d9a230897de","block_type":"box","text":"cash pending investment. Fund management also may, but under normal market conditions generally does not intend","page_number":12,"box":{"x":61,"y":76,"width":861,"height":11}},{"id":"569caed0-6d80-4db3-8c30-52a114272bc0","block_type":"box","text":"to, use derivatives for speculation to increase returns. The Fund may also buy and sell currencies and use forward","page_number":12,"box":{"x":60,"y":90,"width":841,"height":12}},{"id":"1121872c-2345-4489-9fee-f186f0eca081","block_type":"box","text":"foreign currency exchange contracts (obligations to buy or sell a currency at a set rate in the future) to hedge against","page_number":12,"box":{"x":60,"y":105,"width":860,"height":12}},{"id":"8efd8731-227d-4225-94f8-419ab1318124","block_type":"box","text":"movements in the value of non-U.S. currencies or to enhance returns.","page_number":12,"box":{"x":61,"y":120,"width":511,"height":9}},{"id":"59d9cb88-f85e-4059-872e-6cf00a472b55","block_type":"box","text":"The Fund does not limit its investments to companies of any particular size, and may invest in securities of companies","page_number":12,"box":{"x":60,"y":142,"width":873,"height":12}},{"id":"415bec94-fa7d-4f43-865f-f81ec1971c20","block_type":"box","text":"with small to large capitalizations.","page_number":12,"box":{"x":60,"y":157,"width":249,"height":12}},{"id":"5b11f0a8-b425-408a-b87b-ad03b558ed17","block_type":"box","text":"The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the “Investment","page_number":12,"box":{"x":60,"y":180,"width":849,"height":11}},{"id":"70bb3ae4-ccc2-4f2c-98f7-a04dcc3a4aa0","block_type":"box","text":"Company Act”), which means that it can invest more of its assets in fewer issuers than a diversified fund.","page_number":12,"box":{"x":61,"y":195,"width":776,"height":11}},{"id":"6300d7a2-2dc3-49aa-9f8a-b0b47d0971d0","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":12,"box":{"x":61,"y":218,"width":327,"height":12}},{"id":"5d3c890f-cf47-4fa1-86e5-6397b532938a","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":12,"box":{"x":62,"y":234,"width":870,"height":11}},{"id":"95c46af7-30df-4d1c-a8a7-07a293e6d5c4","block_type":"box","text":"investments/strategies:","page_number":12,"box":{"x":62,"y":249,"width":173,"height":11}},{"id":"8ce9b25a-f0b5-43b7-a558-4ae93a3d7b9f","block_type":"box","text":"Borrowing","page_number":12,"box":{"x":81,"y":269,"width":78,"height":11}},{"id":"83307bdf-bc88-45cf-9d57-e3642494858c","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":12,"box":{"x":162,"y":269,"width":751,"height":11}},{"id":"cc88f940-8ad9-45bd-90f2-315082651888","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":12,"box":{"x":82,"y":283,"width":815,"height":12}},{"id":"bea84d49-4c38-43c0-98d1-08a5e3d43b90","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":12,"box":{"x":82,"y":298,"width":801,"height":12}},{"id":"05cafeb8-76ac-4e9b-b604-f7d58b76ab24","block_type":"box","text":"Debt Securities","page_number":12,"box":{"x":81,"y":318,"width":116,"height":10}},{"id":"043a4b00-dd85-4ab9-8c47-94a1620d3b19","block_type":"box","text":"— The Fund may invest in debt securities, including debt securities that are issued together with a","page_number":12,"box":{"x":202,"y":319,"width":724,"height":11}},{"id":"9edd1e4c-dc48-497e-95c3-74d278c6d3e2","block_type":"box","text":"particular equity security. This includes fixed-income securities issued by companies, as well as U.S. and foreign","page_number":12,"box":{"x":82,"y":333,"width":824,"height":12}},{"id":"698ac697-f6c5-46aa-8ec8-b999a3c683db","block_type":"box","text":"sovereign debt obligations. When choosing debt securities, Fund management considers various factors including","page_number":12,"box":{"x":81,"y":348,"width":834,"height":12}},{"id":"e030fbec-3401-4aae-81fc-1d9a331d1fab","block_type":"box","text":"the credit quality of issuers and yield analysis. The Fund may invest in debt securities of any credit quality, as","page_number":12,"box":{"x":80,"y":363,"width":804,"height":11}},{"id":"22da7e20-cf92-47ff-9ba9-b0595f75fdb2","block_type":"box","text":"determined by Fund management, which may include investment grade securities, below investment grade","page_number":12,"box":{"x":81,"y":378,"width":781,"height":11}},{"id":"173c963c-690f-48bf-96e2-3a960bd5eb46","block_type":"box","text":"securities (commonly known as junk bonds), unrated securities, or debt securities determined by Fund management","page_number":12,"box":{"x":81,"y":393,"width":852,"height":11}},{"id":"785adfe9-71e6-429e-9e99-1bef933ee4dc","block_type":"box","text":"to be of similar quality at the time of purchase. The Fund will limit its investments in junk bonds to no more than","page_number":12,"box":{"x":80,"y":407,"width":826,"height":12}},{"id":"c832a25d-86ef-46e6-a30b-d5f0a01091a2","block_type":"box","text":"10% of its total assets. Split rated bonds, which are bonds that receive different ratings from two or more rating","page_number":12,"box":{"x":82,"y":422,"width":823,"height":12}},{"id":"9a49ecc2-8900-43a1-8a9b-c5f20193c64b","block_type":"box","text":"agencies, will be considered to have the higher credit rating, as determined by Fund management.","page_number":12,"box":{"x":81,"y":437,"width":720,"height":11}},{"id":"137bceec-b590-4f3a-8bb8-634fd63b91e2","block_type":"box","text":"Illiquid Investments","page_number":12,"box":{"x":81,"y":457,"width":148,"height":11}},{"id":"24b8a609-6d9c-42a9-b01b-5a8a3ff694f9","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":12,"box":{"x":233,"y":457,"width":677,"height":11}},{"id":"a411509b-a28e-4a00-a0eb-28c69faf8950","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":12,"box":{"x":82,"y":472,"width":811,"height":11}},{"id":"b2b2830f-f6fe-4a44-9d60-91d512a2d97b","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":12,"box":{"x":82,"y":487,"width":831,"height":11}},{"id":"eb5265e7-0b50-4d25-814d-cd071892bf83","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":12,"box":{"x":81,"y":501,"width":811,"height":12}},{"id":"f3614bba-86e1-49e1-8378-08cc3b3a024f","block_type":"box","text":"Investment Companies","page_number":12,"box":{"x":81,"y":521,"width":172,"height":12}},{"id":"8eb65890-8d52-4d3e-8d43-406812dad226","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":12,"box":{"x":258,"y":522,"width":643,"height":11}},{"id":"c96429c4-2428-4097-b96e-db553ebb3440","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":12,"box":{"x":80,"y":536,"width":837,"height":12}},{"id":"ca0eaea7-f795-48d8-8813-65a8924d4097","block_type":"box","text":"under the Investment Company Act, and the rules thereunder. The Fund may invest in affiliated investment","page_number":12,"box":{"x":82,"y":551,"width":782,"height":11}},{"id":"815d5f0f-684e-4417-8611-ed1cd868d960","block_type":"box","text":"companies including affiliated money market funds and affiliated ETFs.","page_number":12,"box":{"x":81,"y":566,"width":520,"height":11}},{"id":"e835d7ad-3a76-4091-a966-8a3c1fc53973","block_type":"box","text":"Money Market Securities","page_number":12,"box":{"x":81,"y":586,"width":190,"height":11}},{"id":"8ba4a1cf-d933-4cde-bc56-49dcb661f596","block_type":"box","text":"— The Fund may invest in high quality money market securities pending investments or","page_number":12,"box":{"x":276,"y":586,"width":641,"height":11}},{"id":"13a5a428-0817-4331-8c27-3af40c97c514","block_type":"box","text":"when it expects to need cash to pay redeeming shareholders. The Fund will not be deemed to deviate from its","page_number":12,"box":{"x":80,"y":601,"width":808,"height":11}},{"id":"74ac3222-e609-4983-a705-6e2aa0083556","block_type":"box","text":"normal strategies if it holds these securities pending investments.","page_number":12,"box":{"x":82,"y":615,"width":485,"height":12}},{"id":"82ac87f5-30ab-461a-88a3-21c57d8429c7","block_type":"box","text":"Rights","page_number":12,"box":{"x":81,"y":636,"width":49,"height":11}},{"id":"237548a7-748f-4027-ad53-ca21c4304863","block_type":"box","text":"— The Fund may purchase securities pursuant to the exercise of subscription rights, which allow an issuer’s","page_number":12,"box":{"x":134,"y":635,"width":797,"height":12}},{"id":"feedc32b-8f88-4fb9-a484-459d8828e5d3","block_type":"box","text":"existing shareholders to purchase additional common stock at a price substantially below the market price of the","page_number":12,"box":{"x":81,"y":650,"width":830,"height":12}},{"id":"7456f0ef-59b3-444e-b40d-6ec12f2d34d7","block_type":"box","text":"shares.","page_number":12,"box":{"x":81,"y":665,"width":53,"height":9}},{"id":"669bee4a-3d3f-42b8-a3d2-cf0b815fffb8","block_type":"box","text":"Securities Lending","page_number":12,"box":{"x":81,"y":685,"width":140,"height":11}},{"id":"7d262e87-78d1-4ba6-a4e3-f16de90c28fe","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":12,"box":{"x":225,"y":685,"width":396,"height":11}},{"id":"699b769a-c0b8-4243-b410-52dbfd381a20","block_type":"box","text":"1⁄","page_number":12,"box":{"x":622,"y":685,"width":6,"height":6}},{"id":"909fa602-f757-4223-a9bd-d536c4105a78","block_type":"box","text":"1⁄3","page_number":12,"box":{"x":626,"y":685,"width":8,"height":9}},{"id":"d1872588-5f06-4573-8107-9d8ed082258d","block_type":"box","text":"⁄3","page_number":12,"box":{"x":632,"y":689,"width":6,"height":5}},{"id":"b2018d57-3558-4a20-a34d-46d823e4d872","block_type":"box","text":"% of its total assets to financial","page_number":12,"box":{"x":639,"y":685,"width":231,"height":9}},{"id":"b5225b28-4486-40e1-b429-57ed4e9763ee","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":12,"box":{"x":82,"y":700,"width":748,"height":11}},{"id":"f6683725-a808-4722-8982-0a5ed35425e9","block_type":"box","text":"Temporary Defensive Strategies","page_number":12,"box":{"x":82,"y":720,"width":238,"height":11}},{"id":"610bb330-fe33-4b91-87db-23497e9b9eca","block_type":"box","text":"—","page_number":12,"box":{"x":325,"y":725,"width":17,"height":1}},{"id":"e09793f7-89ef-404f-aaa5-534a2b54e051","block_type":"box","text":"For temporary defensive purposes, for example, to respond to adverse market,","page_number":12,"box":{"x":348,"y":720,"width":577,"height":11}},{"id":"3573aaa7-61d7-4571-aff3-1ef09db93470","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":12,"box":{"x":81,"y":735,"width":802,"height":11}},{"id":"1b8d0645-906c-4655-82d5-b286615ca1cb","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":12,"box":{"x":82,"y":750,"width":833,"height":11}},{"id":"3197bb35-a29b-4ada-8e0d-45a5049fd7e7","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":12,"box":{"x":81,"y":764,"width":796,"height":12}},{"id":"bca69c4b-3c6a-43e8-8371-c755a8b4b7f8","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":12,"box":{"x":81,"y":779,"width":802,"height":12}},{"id":"d0b8855d-a025-4ffd-adbf-58a11759a310","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":12,"box":{"x":82,"y":794,"width":778,"height":12}},{"id":"62f10316-baab-479f-9603-f595939d4d65","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":12,"box":{"x":81,"y":809,"width":781,"height":11}},{"id":"1facd851-e49b-4117-ab23-4462640dae82","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":12,"box":{"x":83,"y":829,"width":545,"height":11}},{"id":"c8545e73-a577-4ea5-8775-0c855a0f2ebc","block_type":"box","text":"— The purchase or sale of securities on","page_number":12,"box":{"x":632,"y":829,"width":295,"height":11}},{"id":"ef7cdfbf-e3e2-4a13-bbf7-8b5de2c2a5f8","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":12,"box":{"x":81,"y":844,"width":851,"height":11}},{"id":"c3d39ae8-9299-4b29-b0f8-6d52205905a6","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":12,"box":{"x":81,"y":858,"width":847,"height":12}},{"id":"bff574fb-f853-4884-8492-70709e32d844","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"86087722-9943-46f6-a993-c025213c8c24","block_type":"box","text":"NM1026U-5982500-12/68","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"50df6f0e-a81c-4da8-af52-489e7cb26cf1","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":13,"box":{"x":82,"y":46,"width":842,"height":11}},{"id":"711cde53-473f-42d3-8d3a-7b1b9a7e0360","block_type":"box","text":"the transaction.","page_number":13,"box":{"x":80,"y":61,"width":115,"height":9}},{"id":"79e487b3-5f08-4340-ac8f-3b2e238df96e","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":13,"box":{"x":272,"y":117,"width":453,"height":9}},{"id":"ab9bcfa6-4b17-4629-b516-3884a8c5bea8","block_type":"box","text":"The Fund is managed by a team of financial professionals. Alastair Bishop and Mark Hume are the portfolio","page_number":13,"box":{"x":70,"y":140,"width":791,"height":11}},{"id":"7061d11c-5b23-4e6b-a47a-7d58a77bd3ff","block_type":"box","text":"managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see","page_number":13,"box":{"x":71,"y":155,"width":780,"height":11}},{"id":"fc15f998-8028-499b-a2c3-f99ec54cb171","block_type":"box","text":"“Management of the Fund — Portfolio Manager Information” for additional information about the portfolio","page_number":13,"box":{"x":72,"y":169,"width":775,"height":12}},{"id":"18fd9506-9b12-400b-9bcd-8128f8412129","block_type":"box","text":"management team.","page_number":13,"box":{"x":71,"y":185,"width":141,"height":11}},{"id":"6c9e3e5a-4282-4e38-86c2-22b45bc5d840","block_type":"box","text":"Investment Risks","page_number":13,"box":{"x":62,"y":236,"width":156,"height":11}},{"id":"3918f3c1-551d-48e7-b24f-20d25163492d","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":13,"box":{"x":60,"y":262,"width":811,"height":12}},{"id":"2b5fa95c-a3a8-41d9-8beb-bbcf533aa150","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":13,"box":{"x":61,"y":277,"width":866,"height":11}},{"id":"2d263930-c96e-4517-a0b1-20c1b0de5040","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":13,"box":{"x":62,"y":292,"width":863,"height":11}},{"id":"ef13910f-180e-4a01-b60c-4306ffa493c0","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not a","page_number":13,"box":{"x":61,"y":307,"width":836,"height":11}},{"id":"005f85cc-2fe8-40e2-813f-77d5c25ffa43","block_type":"box","text":"deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or","page_number":13,"box":{"x":61,"y":322,"width":856,"height":11}},{"id":"0fee8d1e-f4e0-415e-bcb9-6d84260f8f86","block_type":"box","text":"governmental agency. The order of the below risk factors does not indicate the significance of any particular risk factor.","page_number":13,"box":{"x":60,"y":336,"width":875,"height":12}},{"id":"796d7689-1c40-4c57-8d2d-f824ec9bd144","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":13,"box":{"x":61,"y":359,"width":322,"height":13}},{"id":"9db5f2fd-9bf5-424b-9e7e-5b4f8d6ae7e0","block_type":"box","text":"Commodities Market Risk","page_number":13,"box":{"x":81,"y":381,"width":197,"height":9}},{"id":"339c85a6-8cdd-4710-a9f7-4bcea4c89b9c","block_type":"box","text":"—","page_number":13,"box":{"x":282,"y":386,"width":17,"height":1}},{"id":"6229c4dd-9509-4c8b-973b-fd2aecfc0395","block_type":"box","text":"Companies engaged in commodities related industries are especially affected by","page_number":13,"box":{"x":304,"y":381,"width":593,"height":11}},{"id":"f6675e0a-209c-4a7d-90c1-f3d98ccbdf79","block_type":"box","text":"variations in the commodities markets (that may be due to market events, regulatory developments or other factors","page_number":13,"box":{"x":80,"y":396,"width":850,"height":11}},{"id":"eccb9976-0579-4a4d-912a-16821c19f404","block_type":"box","text":"that the Fund cannot control) and these entities may lack the resources and the broad business lines to weather","page_number":13,"box":{"x":80,"y":411,"width":830,"height":11}},{"id":"5dc28c33-66c1-4d13-9aea-5f11629a926d","block_type":"box","text":"hard times. For example, energy companies can be significantly affected by the supply of and demand for specific","page_number":13,"box":{"x":82,"y":425,"width":834,"height":12}},{"id":"50d623f0-c0f7-4a59-98a0-189b710cf936","block_type":"box","text":"products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and","page_number":13,"box":{"x":82,"y":440,"width":774,"height":12}},{"id":"43f3913b-5aed-4421-bc5b-130ba699e04f","block_type":"box","text":"production spending, government regulation, world events and economic conditions. Natural resources companies","page_number":13,"box":{"x":82,"y":455,"width":838,"height":12}},{"id":"836bb12a-28e6-44b7-9c3e-4dc45c4f16d4","block_type":"box","text":"can be significantly affected by events relating to international political developments, energy conservation, the","page_number":13,"box":{"x":81,"y":470,"width":818,"height":11}},{"id":"1dbe1611-41ac-41a0-bb6c-81520e9585ab","block_type":"box","text":"success of exploration projects, commodity prices, and tax and government regulations.","page_number":13,"box":{"x":81,"y":485,"width":645,"height":11}},{"id":"24410ae7-3a2b-47df-9785-d9848af2e5d1","block_type":"box","text":"Concentration Risk","page_number":13,"box":{"x":81,"y":505,"width":145,"height":9}},{"id":"ecaf0553-5413-4a9b-872a-5a6838f9a815","block_type":"box","text":"—","page_number":13,"box":{"x":231,"y":510,"width":17,"height":1}},{"id":"1f02a7da-6128-4fff-92b0-66ab0fd678ed","block_type":"box","text":"The Fund’s strategy of concentrating in energy and natural resources companies means that","page_number":13,"box":{"x":252,"y":505,"width":679,"height":11}},{"id":"80ee109b-db1f-47fe-b3dd-9e72760707e2","block_type":"box","text":"its performance will be closely tied to the performance of a particular market segment. The Fund’s concentration in","page_number":13,"box":{"x":82,"y":519,"width":848,"height":12}},{"id":"0c340849-3196-4c8c-96fe-4d3285a59d15","block_type":"box","text":"these companies may present more risks than if it were broadly diversified over numerous industries and sectors of","page_number":13,"box":{"x":80,"y":534,"width":853,"height":12}},{"id":"c3a22a2d-55c8-47b2-b5b0-aaf52cd49c31","block_type":"box","text":"the economy. A downturn in these companies would have a larger impact on the Fund than on a mutual fund that","page_number":13,"box":{"x":80,"y":549,"width":831,"height":12}},{"id":"d8fd133d-5a81-4b10-bec3-9582d7aeda5c","block_type":"box","text":"does not concentrate in such companies. At times, the performance of these companies will lag the performance of","page_number":13,"box":{"x":81,"y":564,"width":855,"height":11}},{"id":"60a2378e-3b05-4860-a3f6-19d17d4f644d","block_type":"box","text":"other industries or the broader market as a whole.","page_number":13,"box":{"x":81,"y":579,"width":368,"height":9}},{"id":"651907f4-846b-4089-ac84-a41f1185bd56","block_type":"box","text":"Convertible Securities Risk","page_number":13,"box":{"x":81,"y":599,"width":206,"height":9}},{"id":"fadc57c6-40f4-4784-bf61-cf908fbfb664","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":13,"box":{"x":291,"y":599,"width":593,"height":11}},{"id":"6d220a15-a5e3-4142-affe-6bf3ac7b2737","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":13,"box":{"x":81,"y":613,"width":853,"height":12}},{"id":"de6e9fa2-445f-48c8-8cab-bacd7eae8750","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":13,"box":{"x":81,"y":629,"width":855,"height":11}},{"id":"421948da-9b97-4437-922c-623a2ef8554c","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":13,"box":{"x":80,"y":643,"width":816,"height":12}},{"id":"33cc7c54-42be-49db-bc9f-0338a05dc4d1","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":13,"box":{"x":82,"y":658,"width":796,"height":11}},{"id":"ba3b6238-8132-421d-bf2d-f66e458689a7","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":13,"box":{"x":81,"y":673,"width":812,"height":11}},{"id":"8a00c5ca-38fb-4f31-a721-b2dafbf5635a","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":13,"box":{"x":82,"y":688,"width":809,"height":11}},{"id":"08ea7ea9-c39b-450e-ac2a-983816f4d6c6","block_type":"box","text":"Depositary Receipts Risk","page_number":13,"box":{"x":81,"y":708,"width":191,"height":11}},{"id":"b6e57c34-1771-4453-835e-9642a36283eb","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":13,"box":{"x":276,"y":708,"width":639,"height":11}},{"id":"b8121d52-0d46-43f6-84fb-8017d7686bca","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":13,"box":{"x":80,"y":723,"width":786,"height":11}},{"id":"1f59969d-4cff-474f-934d-a8901e2d7f53","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":13,"box":{"x":82,"y":737,"width":824,"height":12}},{"id":"871d5ade-145c-4acd-8b05-3fca89e6637e","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":13,"box":{"x":80,"y":752,"width":827,"height":12}},{"id":"4e98415d-51aa-4c3f-a734-f5b69afe972d","block_type":"box","text":"parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":13,"box":{"x":82,"y":767,"width":849,"height":11}},{"id":"38caa960-7ec2-4d8a-9b69-d3001851ad2a","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":13,"box":{"x":81,"y":782,"width":840,"height":11}},{"id":"ba6a88ee-8c39-418c-9947-6f313f3bb9e7","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":13,"box":{"x":82,"y":797,"width":824,"height":11}},{"id":"efa84591-0936-409d-9386-4b19bd70c7f2","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":13,"box":{"x":82,"y":811,"width":798,"height":12}},{"id":"31140f07-8bd1-4139-8ba8-29db92839d40","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":13,"box":{"x":82,"y":826,"width":847,"height":12}},{"id":"bd609d6b-137e-4355-9309-29b4a70419a8","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":13,"box":{"x":82,"y":841,"width":804,"height":12}},{"id":"f3ff2533-ac0f-4c53-9b47-131d2e72deb8","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":13,"box":{"x":81,"y":856,"width":558,"height":11}},{"id":"b4ada48f-3646-425b-93ec-1ed98f54572d","block_type":"box","text":"Derivatives Risk","page_number":13,"box":{"x":81,"y":876,"width":123,"height":9}},{"id":"27ab7e97-d5e0-47ef-98ad-c54a3374706a","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":13,"box":{"x":207,"y":876,"width":664,"height":11}},{"id":"8f2a22cc-2ed3-4174-8d65-c19959e4a233","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":13,"box":{"x":82,"y":891,"width":469,"height":11}},{"id":"e2afb27a-3bf5-49e9-8ebe-5e32f3aa0168","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"56812d9e-a968-4430-a9a9-bd63d073d0ec","block_type":"box","text":"NM1026U-5982500-13/68","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"985fff38-da4a-4a3a-a5df-4e2467fa09ce","block_type":"box","text":"Leverage Risk","page_number":14,"box":{"x":82,"y":46,"width":102,"height":11}},{"id":"6510c83a-5579-4ea8-8206-246ed862ca69","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":14,"box":{"x":188,"y":46,"width":723,"height":11}},{"id":"d63c4a49-4763-4ca0-882f-70148175203d","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":14,"box":{"x":82,"y":60,"width":832,"height":12}},{"id":"f0d2ab3c-2361-4feb-b512-52af3c392a6e","block_type":"box","text":"exceed the amount originally invested.","page_number":14,"box":{"x":81,"y":76,"width":280,"height":11}},{"id":"5be09411-a5f1-4942-ab10-9191feec1259","block_type":"box","text":"Market Risk","page_number":14,"box":{"x":82,"y":98,"width":87,"height":9}},{"id":"8d02836e-1575-41c9-a0bb-ae49d20c34dd","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":14,"box":{"x":173,"y":98,"width":728,"height":11}},{"id":"9c93f16d-56ac-4a37-8f50-edb6bb4dbf58","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":14,"box":{"x":81,"y":113,"width":834,"height":11}},{"id":"35e27279-47fa-453a-b1c1-00bb45cab606","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":14,"box":{"x":82,"y":128,"width":832,"height":11}},{"id":"daaae2de-a821-4b65-b19c-108cde83f967","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":14,"box":{"x":80,"y":142,"width":779,"height":12}},{"id":"438ca14c-0d17-4b08-97bc-535b834f14f8","block_type":"box","text":"derivatives positions to lose value.","page_number":14,"box":{"x":81,"y":157,"width":253,"height":11}},{"id":"3bd59912-6358-4001-b61f-f8fdc9aa52ba","block_type":"box","text":"Counterpar ty Risk","page_number":14,"box":{"x":82,"y":180,"width":131,"height":11}},{"id":"8b9261ce-a259-4556-94b4-f24b3c3f38ae","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":14,"box":{"x":217,"y":180,"width":697,"height":11}},{"id":"de73be06-8384-4096-8620-987d377a7cf1","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":14,"box":{"x":80,"y":195,"width":855,"height":11}},{"id":"811a9c38-ea91-4666-a86e-92c1dee3fba3","block_type":"box","text":"exposure to such a counterparty.","page_number":14,"box":{"x":81,"y":210,"width":240,"height":11}},{"id":"3ef9b53b-a292-4133-acb5-fd47dd381d89","block_type":"box","text":"Illiquidity Risk —","page_number":14,"box":{"x":82,"y":232,"width":122,"height":11}},{"id":"64d43ba6-eba9-4ffa-9f6f-4c9eab0cde13","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":14,"box":{"x":208,"y":232,"width":728,"height":11}},{"id":"33f8486d-2c00-4614-96b2-8691e5b85cdd","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":14,"box":{"x":80,"y":247,"width":839,"height":11}},{"id":"e3e02d8e-6255-4907-b0a7-8ade5fd56b97","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":14,"box":{"x":81,"y":262,"width":293,"height":11}},{"id":"ddbc855f-2ccd-4e13-be6a-895bcb93a691","block_type":"box","text":"Operational Risk","page_number":14,"box":{"x":82,"y":284,"width":120,"height":11}},{"id":"a46dc5eb-31ba-4f59-ab4c-179bf1a52b37","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":14,"box":{"x":206,"y":284,"width":727,"height":12}},{"id":"9d3951dd-b80b-4a9d-a370-f003ea4e82a1","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":14,"box":{"x":82,"y":299,"width":607,"height":11}},{"id":"e69c5d11-20af-4cfd-a514-4bfd29c313ef","block_type":"box","text":"Legal Risk","page_number":14,"box":{"x":82,"y":322,"width":75,"height":11}},{"id":"219ff5c9-5a29-456a-a9de-491fcd087200","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":14,"box":{"x":161,"y":321,"width":761,"height":12}},{"id":"8b114707-6261-4ff9-b32b-8c91b70a7a1e","block_type":"box","text":"enforceability of a contract.","page_number":14,"box":{"x":81,"y":336,"width":198,"height":12}},{"id":"c1235f13-2b87-42d7-ab33-b084db3fbf35","block_type":"box","text":"Volatility and Correlation Risk","page_number":14,"box":{"x":83,"y":359,"width":214,"height":11}},{"id":"756d1d85-8815-44ce-926a-be730f5ccdba","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":14,"box":{"x":300,"y":359,"width":590,"height":11}},{"id":"4ae6ef2e-ac82-4081-84ea-71ed5e24da08","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":14,"box":{"x":80,"y":374,"width":855,"height":11}},{"id":"0becd99a-4b95-465b-b541-40a4cfe8ced2","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":14,"box":{"x":80,"y":389,"width":820,"height":11}},{"id":"c63f9606-22de-46de-9291-3fd754e01fc4","block_type":"box","text":"correlate with the overall securities markets.","page_number":14,"box":{"x":81,"y":404,"width":326,"height":9}},{"id":"dc87addb-2bd1-4b38-a104-77f5630be7c3","block_type":"box","text":"Valuation Risk","page_number":14,"box":{"x":83,"y":426,"width":102,"height":9}},{"id":"089842b7-3996-46d2-84fd-5318dd0bc822","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":14,"box":{"x":189,"y":426,"width":747,"height":11}},{"id":"a88956e0-4e6b-4391-8555-40a0daa96b45","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":14,"box":{"x":82,"y":441,"width":783,"height":11}},{"id":"df595059-11cd-4ad3-b603-958ec37b7a4d","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":14,"box":{"x":82,"y":456,"width":837,"height":11}},{"id":"73737d35-897a-4f00-95c8-bc54e5f8ccbf","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":14,"box":{"x":81,"y":471,"width":826,"height":11}},{"id":"83e02909-b81f-4518-aea7-26462d23a10b","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":14,"box":{"x":80,"y":486,"width":405,"height":11}},{"id":"e0f27454-ddd8-46d0-8df2-237ec3827db3","block_type":"box","text":"Hedging Risk","page_number":14,"box":{"x":82,"y":508,"width":95,"height":11}},{"id":"2a0c5b50-e491-413c-9b09-f3cd383f940a","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":14,"box":{"x":181,"y":508,"width":752,"height":11}},{"id":"648ae759-c5c9-43fa-a9ed-598791e2ccfe","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":14,"box":{"x":80,"y":523,"width":820,"height":11}},{"id":"a55fd3dd-0218-4985-b820-6b1c7aba9bac","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":14,"box":{"x":82,"y":538,"width":823,"height":11}},{"id":"7e961350-a9d7-47fe-8774-e8fd357911e7","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":14,"box":{"x":82,"y":552,"width":813,"height":12}},{"id":"95b82c10-8f5e-4b88-bbc5-440f4795ba7f","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":14,"box":{"x":82,"y":567,"width":832,"height":12}},{"id":"29439568-587b-401e-9767-382c19c1a98f","block_type":"box","text":"noted below.","page_number":14,"box":{"x":82,"y":582,"width":90,"height":9}},{"id":"3ccb2483-2efe-4a66-85db-2ee060dc18f8","block_type":"box","text":"Tax Risk","page_number":14,"box":{"x":83,"y":605,"width":59,"height":9}},{"id":"0eb96824-2e49-49ba-b9e8-e23e879133c5","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":14,"box":{"x":145,"y":604,"width":766,"height":12}},{"id":"3caf08a2-a65f-4bad-8efc-3e5ddbb393bc","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":14,"box":{"x":82,"y":619,"width":826,"height":12}},{"id":"7f6e0539-5fe9-41ff-b5ac-a942fdadf490","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":14,"box":{"x":82,"y":634,"width":846,"height":12}},{"id":"f2f72bb4-07f3-4044-b4e4-31453d99ded2","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":14,"box":{"x":81,"y":649,"width":817,"height":12}},{"id":"3f97b105-7d5a-4049-8ab3-680cecb3ca4e","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":14,"box":{"x":82,"y":664,"width":835,"height":11}},{"id":"3dc834b4-7c77-4bee-810f-359e20144047","block_type":"box","text":"be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":14,"box":{"x":81,"y":679,"width":840,"height":11}},{"id":"98e30aa0-d1c0-46bb-9db3-6e4ec79e972c","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":14,"box":{"x":81,"y":693,"width":750,"height":12}},{"id":"983e307d-cfb4-40aa-be01-7489e282d7b9","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":14,"box":{"x":81,"y":708,"width":611,"height":12}},{"id":"e6500cd7-5255-476b-950c-a4c73e7e5bc0","block_type":"box","text":"Regulatory Risk","page_number":14,"box":{"x":82,"y":731,"width":115,"height":11}},{"id":"96559028-db34-46d1-811e-fa58923aa0e5","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":14,"box":{"x":201,"y":731,"width":688,"height":11}},{"id":"15e47e23-c387-40e0-9610-aa7fc2a8cd0a","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":14,"box":{"x":81,"y":746,"width":851,"height":11}},{"id":"e6b7e1ed-b889-411a-9f0e-fca977508427","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":14,"box":{"x":81,"y":761,"width":811,"height":11}},{"id":"3cd6ef58-9fb1-43f8-97e3-27ba341cbd2b","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":14,"box":{"x":82,"y":776,"width":850,"height":11}},{"id":"e6707a5b-2fbc-4744-9fcd-085a0827ea79","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":14,"box":{"x":81,"y":790,"width":850,"height":12}},{"id":"2767fd9b-af3b-4663-b57d-2a80e7582d41","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":14,"box":{"x":81,"y":805,"width":838,"height":12}},{"id":"ca7482b7-2a03-4028-aab2-15871afb3fd0","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":14,"box":{"x":81,"y":820,"width":807,"height":11}},{"id":"f2fdfdb6-c81b-4c05-9fab-8356886d5a8b","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":14,"box":{"x":81,"y":835,"width":787,"height":11}},{"id":"3816d1b0-925a-4526-9ce2-c773dfff263c","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":14,"box":{"x":82,"y":849,"width":837,"height":12}},{"id":"1e8ae316-62dd-4181-9725-0c515e4a3a89","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":14,"box":{"x":80,"y":864,"width":804,"height":12}},{"id":"ecf83b06-0d2e-47b6-a788-a00d92e2bcdd","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":14,"box":{"x":81,"y":879,"width":781,"height":12}},{"id":"424efb8d-65d3-419e-b703-15693452849c","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":14,"box":{"x":82,"y":894,"width":773,"height":11}},{"id":"ecfe2ce8-34da-4d9a-a46a-85acfeff4d15","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":14,"box":{"x":82,"y":909,"width":836,"height":11}},{"id":"29a196ff-959e-4a56-ae8b-dd7e4835635c","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"77e3c8c7-f320-4b6b-9c58-881bb9892aeb","block_type":"box","text":"NM1026U-5982500-14/68","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a34253f7-4cbf-47b1-baaa-75fcbea2f8e8","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":15,"box":{"x":82,"y":46,"width":814,"height":11}},{"id":"23d0b335-24b0-4e69-8eb8-1f5a0e700c17","block_type":"box","text":"investors in the Fund.","page_number":15,"box":{"x":82,"y":61,"width":156,"height":9}},{"id":"30776c6d-c325-4962-9c4c-9ebe888d7598","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":15,"box":{"x":82,"y":83,"width":823,"height":12}},{"id":"f7199ec2-5758-4c53-83ab-a5b4ca32f809","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":15,"box":{"x":82,"y":98,"width":827,"height":11}},{"id":"6088d0d5-56aa-4a50-9175-fe2162720356","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":15,"box":{"x":80,"y":113,"width":849,"height":11}},{"id":"ef6172b0-8166-4886-8449-356b77aaf8eb","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":15,"box":{"x":81,"y":127,"width":846,"height":12}},{"id":"74348b08-431f-4cd3-838c-92052dfb6ef0","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":15,"box":{"x":81,"y":142,"width":509,"height":12}},{"id":"fc9b1772-ba9c-44da-8ec6-c62b372e2706","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":15,"box":{"x":82,"y":165,"width":399,"height":11}},{"id":"ca40841b-d542-4058-b3f4-5211601ac1f7","block_type":"box","text":"Futures","page_number":15,"box":{"x":102,"y":185,"width":54,"height":9}},{"id":"831f8d68-00ad-4913-8442-60711f1003bd","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":15,"box":{"x":161,"y":185,"width":765,"height":11}},{"id":"d8720e0b-c623-4bc5-86d6-4f072c8f8489","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":15,"box":{"x":101,"y":200,"width":786,"height":11}},{"id":"e49b89e8-10e7-4fb1-8a3e-30956eb29574","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":15,"box":{"x":102,"y":214,"width":769,"height":12}},{"id":"5224522a-cdff-4914-a5b0-6085f46b855f","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":15,"box":{"x":102,"y":229,"width":822,"height":12}},{"id":"b46a697b-a447-41c8-81ab-5d0e976aba97","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":15,"box":{"x":101,"y":244,"width":832,"height":12}},{"id":"aa03ecda-5780-418a-a89d-223a04a4d61d","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":15,"box":{"x":101,"y":259,"width":806,"height":11}},{"id":"7fb000b4-1b93-480b-8285-3305234e08f6","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":15,"box":{"x":102,"y":274,"width":793,"height":11}},{"id":"bcd563b6-587c-4937-8844-70668f139b52","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":15,"box":{"x":102,"y":289,"width":787,"height":11}},{"id":"e92421c1-2266-42bf-a8e1-bd38a28ff342","block_type":"box","text":"default in the performance of its obligations.","page_number":15,"box":{"x":101,"y":303,"width":327,"height":12}},{"id":"c94c1f8b-bbfe-4728-86db-066902af767c","block_type":"box","text":"Options","page_number":15,"box":{"x":102,"y":324,"width":55,"height":11}},{"id":"6dfe862f-1adc-48cb-b85d-2b354b35ccc8","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":15,"box":{"x":162,"y":323,"width":772,"height":12}},{"id":"b82d3e04-3988-4854-83be-04ba6bd5a3b4","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":15,"box":{"x":101,"y":338,"width":812,"height":12}},{"id":"1aca38fa-749e-4a55-b130-e84929f098b4","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":15,"box":{"x":101,"y":353,"width":827,"height":12}},{"id":"df26d94c-fe8f-43ed-8b1f-c8a566dcc548","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":15,"box":{"x":101,"y":368,"width":781,"height":11}},{"id":"7cf81579-755c-42dc-8892-742fc72357df","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":15,"box":{"x":102,"y":383,"width":785,"height":11}},{"id":"5ed7b3e5-38c2-4471-b099-935ead00a573","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":15,"box":{"x":101,"y":398,"width":831,"height":11}},{"id":"59a2b1e2-6233-4969-b94f-776ebd0667b6","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":15,"box":{"x":101,"y":412,"width":814,"height":12}},{"id":"c4eec993-1642-424a-a880-4de8360206b5","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":15,"box":{"x":101,"y":427,"width":826,"height":12}},{"id":"a169e82e-b164-4eea-b5b6-ba5f3276ad68","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":15,"box":{"x":101,"y":442,"width":822,"height":11}},{"id":"f86193b8-7a04-4bec-9c23-5c072f9e29b3","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":15,"box":{"x":101,"y":457,"width":816,"height":11}},{"id":"5bc4b09c-2f56-4336-b86f-70a84f09d50c","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":15,"box":{"x":101,"y":472,"width":442,"height":11}},{"id":"deabe3c5-10d0-4400-a4d3-5006f96ea212","block_type":"box","text":"Commodity-Linked Derivatives","page_number":15,"box":{"x":102,"y":492,"width":218,"height":11}},{"id":"57ab7467-002f-4695-88b0-60db51597454","block_type":"box","text":"—The value of a commodity-linked derivative investment typically is based upon","page_number":15,"box":{"x":325,"y":492,"width":583,"height":11}},{"id":"412a5f9b-4b04-4270-9997-aa17b5525178","block_type":"box","text":"the price movements of a commodity, a commodity futures contract or commodity index, or some other readily","page_number":15,"box":{"x":101,"y":506,"width":809,"height":12}},{"id":"253944e0-1472-46e0-8aec-a23f44b52927","block_type":"box","text":"measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes","page_number":15,"box":{"x":102,"y":521,"width":833,"height":12}},{"id":"174826ab-93fe-4937-b5b2-5963dc080627","block_type":"box","text":"in overall market movements, volatility of the underlying benchmark, changes in inflation, interest rates, or","page_number":15,"box":{"x":102,"y":536,"width":781,"height":12}},{"id":"54e341f5-c88b-452d-8e86-95f645e1344c","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease,","page_number":15,"box":{"x":101,"y":551,"width":768,"height":12}},{"id":"050a8b2d-e960-495a-ad79-149d05a8e133","block_type":"box","text":"embargoes, tariffs and international economic, political and regulatory developments. The value of commodity","page_number":15,"box":{"x":101,"y":566,"width":813,"height":11}},{"id":"f8ada3bd-228e-4142-8a88-a8e3622db50f","block_type":"box","text":"linked derivatives will rise or fall in response to changes in the underlying commodity or related index.","page_number":15,"box":{"x":102,"y":581,"width":744,"height":11}},{"id":"89ed28ec-3815-4ba5-8920-aa05c4d7fac1","block_type":"box","text":"Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based","page_number":15,"box":{"x":102,"y":596,"width":772,"height":11}},{"id":"4192ac46-90ff-4837-aeaa-d1c09a81f48b","block_type":"box","text":"investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there","page_number":15,"box":{"x":102,"y":610,"width":815,"height":12}},{"id":"eded2408-477e-4060-a435-daf03dbf4320","block_type":"box","text":"can be no assurance that one will develop.","page_number":15,"box":{"x":101,"y":625,"width":313,"height":11}},{"id":"9d6281eb-a013-41b2-af36-1eb14656f05f","block_type":"box","text":"Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the","page_number":15,"box":{"x":101,"y":648,"width":785,"height":11}},{"id":"ddbb1dbd-e762-4aa5-ac49-8ac269eda908","block_type":"box","text":"values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it","page_number":15,"box":{"x":101,"y":662,"width":789,"height":12}},{"id":"894e5cf3-59a9-4722-aaa4-0efcedcda871","block_type":"box","text":"originally invested. The Fund might receive interest payments that are more or less than the stated coupon","page_number":15,"box":{"x":101,"y":678,"width":784,"height":11}},{"id":"d13edc19-49c7-4b00-964b-5f982b94671a","block_type":"box","text":"interest payments.","page_number":15,"box":{"x":102,"y":692,"width":135,"height":12}},{"id":"94ea81c8-587c-4d2b-9ab4-230e97541123","block_type":"box","text":"In connection with the Fund’s direct and indirect investments in commodity-linked derivatives, the Fund will","page_number":15,"box":{"x":102,"y":715,"width":781,"height":11}},{"id":"f24b8bec-88fe-4603-a87b-598e0fd27ec7","block_type":"box","text":"attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to","page_number":15,"box":{"x":101,"y":730,"width":835,"height":11}},{"id":"58e179e8-cd69-4de2-8e1c-9bfb695a9f7d","block_type":"box","text":"the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at","page_number":15,"box":{"x":101,"y":744,"width":833,"height":12}},{"id":"375d8cb0-08a0-46de-a2ea-9a9ad2317e03","block_type":"box","text":"any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest","page_number":15,"box":{"x":101,"y":759,"width":820,"height":12}},{"id":"2c0b2b18-fcb4-47bb-83cc-c83323871ae6","block_type":"box","text":"in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may","page_number":15,"box":{"x":102,"y":774,"width":783,"height":11}},{"id":"2eaf4798-d305-4dc9-9562-e6700502b6a7","block_type":"box","text":"increase the Fund’s exposure to counterparty credit risk. There can be no assurance that the Fund will be able to","page_number":15,"box":{"x":102,"y":789,"width":830,"height":11}},{"id":"178f1a17-5c5d-45ac-9693-f6b646bdc924","block_type":"box","text":"limit exposure to any one counterparty at all times.","page_number":15,"box":{"x":102,"y":804,"width":373,"height":11}},{"id":"7faa02dc-f013-461a-9375-3a5b60c1067d","block_type":"box","text":"Commodity-Linked Notes","page_number":15,"box":{"x":102,"y":824,"width":180,"height":11}},{"id":"684f2048-d673-4a29-9b37-1a71f9336879","block_type":"box","text":"— Commodity-linked notes involve substantial risks, including the risk of loss of a","page_number":15,"box":{"x":287,"y":824,"width":602,"height":11}},{"id":"335fb3ad-c6a1-4135-aefb-6ec7b9f3f93a","block_type":"box","text":"significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be","page_number":15,"box":{"x":101,"y":838,"width":827,"height":12}},{"id":"46045559-6d26-4f80-8bf5-3768e7272c37","block_type":"box","text":"subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and","page_number":15,"box":{"x":101,"y":853,"width":807,"height":12}},{"id":"d96e876a-a28c-4813-88a0-0165eb1a1074","block_type":"box","text":"risk of greater volatility, that do not affect traditional equity and debt securities.","page_number":15,"box":{"x":102,"y":868,"width":581,"height":12}},{"id":"724e55b4-0f20-4f97-8e2a-ffc83d68b5d5","block_type":"box","text":"Emerging Markets Risk","page_number":15,"box":{"x":81,"y":888,"width":178,"height":11}},{"id":"d5c69fbe-7dda-4720-8c7c-1d49ba089fa7","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":15,"box":{"x":263,"y":888,"width":610,"height":12}},{"id":"1cfaa16c-338f-4e56-9af8-af386ae0989a","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":15,"box":{"x":82,"y":903,"width":848,"height":11}},{"id":"56c55c46-b848-41f5-9565-44560a3789e4","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":15,"box":{"x":81,"y":918,"width":842,"height":11}},{"id":"420032c6-79d1-47db-91f3-edee4716694a","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"bd4baad0-8829-4dcf-b095-193a7e86581b","block_type":"box","text":"NM1026U-5982500-15/68","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c0dc166a-0a11-4de6-9781-dcc0982d811f","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":16,"box":{"x":82,"y":46,"width":838,"height":11}},{"id":"f8b0d2f8-1c36-4229-a40d-d87a6d451b0a","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":16,"box":{"x":81,"y":60,"width":825,"height":12}},{"id":"340ae718-5203-4e44-aa62-1e47f5c106c1","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":16,"box":{"x":82,"y":75,"width":847,"height":12}},{"id":"43196fe8-396a-448c-95ea-24b554eed7f5","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":16,"box":{"x":81,"y":90,"width":853,"height":12}},{"id":"a91733a8-44d1-48c1-9dba-691b5a0afcfc","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":16,"box":{"x":81,"y":105,"width":823,"height":12}},{"id":"6ce7ac1b-a0b8-4d7f-9511-7438e12a8ff8","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":16,"box":{"x":82,"y":120,"width":825,"height":11}},{"id":"0f2f27ab-27df-48c3-8edb-31e904b88a77","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":16,"box":{"x":81,"y":135,"width":855,"height":11}},{"id":"17ce7d7d-fdba-4c6c-a8b7-fa9da94469d8","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":16,"box":{"x":82,"y":150,"width":827,"height":11}},{"id":"d82ad561-bc2b-4166-86bc-b3e6f38261b5","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":16,"box":{"x":82,"y":164,"width":843,"height":12}},{"id":"ec026b58-5639-4104-9eaa-390da6ef73de","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":16,"box":{"x":80,"y":179,"width":339,"height":11}},{"id":"5d19f2a1-0cc4-484a-a895-d5dea3c848e7","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":16,"box":{"x":82,"y":199,"width":802,"height":12}},{"id":"1fe05db8-542e-49c9-b7d0-6f0274b81554","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":16,"box":{"x":81,"y":214,"width":774,"height":11}},{"id":"d5d0922d-c419-4362-aa59-d173e46ee9c2","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":16,"box":{"x":82,"y":229,"width":830,"height":11}},{"id":"3d0bb2d4-18fc-44b6-80d3-e5bb682005da","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":16,"box":{"x":82,"y":244,"width":769,"height":11}},{"id":"b501a895-bc47-488d-8124-677e0238ca2a","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":16,"box":{"x":81,"y":258,"width":849,"height":12}},{"id":"1422504d-174e-465a-9740-ec54e9f659e2","block_type":"box","text":"settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the","page_number":16,"box":{"x":81,"y":273,"width":820,"height":11}},{"id":"d37885eb-e871-4725-baaf-5b1e2328947d","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":16,"box":{"x":82,"y":288,"width":779,"height":11}},{"id":"049b454c-74da-4530-bfd9-87e7f8cf1fe3","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":16,"box":{"x":81,"y":303,"width":798,"height":11}},{"id":"cd7e14c9-f4ef-41fc-b1fb-3b7fa3e1c09d","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":16,"box":{"x":82,"y":318,"width":755,"height":11}},{"id":"bdbcbc1d-813b-489c-af12-49ba9ac9decc","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":16,"box":{"x":81,"y":332,"width":783,"height":12}},{"id":"1131f806-57bf-42fa-8eb1-08b80c7f5669","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":16,"box":{"x":81,"y":348,"width":839,"height":11}},{"id":"8e237760-e24a-483f-bea2-26ddbb2b3b43","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":16,"box":{"x":82,"y":362,"width":827,"height":11}},{"id":"c2e4d331-62e8-4025-8cb9-fb5486c6da80","block_type":"box","text":"interests.","page_number":16,"box":{"x":82,"y":377,"width":67,"height":9}},{"id":"b8608f99-ba76-4dea-928b-06dde2470873","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":16,"box":{"x":82,"y":397,"width":809,"height":12}},{"id":"f18ac90c-e40b-4c99-8173-ea06c457be52","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":16,"box":{"x":81,"y":412,"width":783,"height":11}},{"id":"37501c00-2157-46e2-aaa0-fe19eb130033","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":16,"box":{"x":82,"y":427,"width":829,"height":11}},{"id":"5bced2cd-672c-4c27-a0cf-b55d12fab118","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":16,"box":{"x":81,"y":441,"width":818,"height":12}},{"id":"058bbc5f-5263-4246-bf73-37f74bdca358","block_type":"box","text":"markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be","page_number":16,"box":{"x":82,"y":456,"width":833,"height":12}},{"id":"9474e387-9e0c-44d3-a4b5-31db982f40c8","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":16,"box":{"x":81,"y":471,"width":803,"height":12}},{"id":"e85bb13f-511c-4e03-898c-1297b8e98218","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":16,"box":{"x":82,"y":486,"width":793,"height":11}},{"id":"73d1342b-781e-4b3a-b211-9b0491a84ade","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":16,"box":{"x":81,"y":501,"width":855,"height":11}},{"id":"9397dc28-9041-4b3f-be1d-e05ab43c0d1f","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":16,"box":{"x":82,"y":516,"width":485,"height":11}},{"id":"ccfac957-445e-4412-bb5a-13d47051f3d7","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":16,"box":{"x":81,"y":535,"width":843,"height":12}},{"id":"f2d44c78-ebdc-4eae-817d-85db07db76e0","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":16,"box":{"x":81,"y":551,"width":790,"height":11}},{"id":"1e19217b-7364-45df-ae5f-6e408f1ddfa1","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":16,"box":{"x":81,"y":565,"width":823,"height":12}},{"id":"2e977b89-0264-4049-90c0-99f20ede76bc","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":16,"box":{"x":82,"y":580,"width":843,"height":12}},{"id":"6f583a24-aea0-43a3-9ca0-8a20ab3c6693","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":16,"box":{"x":82,"y":595,"width":845,"height":11}},{"id":"d22d9b01-49f8-4210-b50e-258279e5cb2a","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":16,"box":{"x":81,"y":610,"width":837,"height":11}},{"id":"a2072b91-408f-4145-add0-9c6591d73603","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":16,"box":{"x":81,"y":625,"width":844,"height":11}},{"id":"640fc845-9605-4ff0-bccc-4ffb5581630a","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":16,"box":{"x":80,"y":639,"width":474,"height":12}},{"id":"18f21b4e-70ca-4628-9286-1766bc6c020b","block_type":"box","text":"Equity Securities Risk","page_number":16,"box":{"x":81,"y":659,"width":166,"height":12}},{"id":"20b96016-b027-4289-a6bc-56485208461c","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":16,"box":{"x":251,"y":659,"width":666,"height":12}},{"id":"7379d593-591c-4716-9823-ff28b8e63a10","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":16,"box":{"x":81,"y":674,"width":850,"height":12}},{"id":"488ee871-8dc2-40f4-828d-fb808e85dcd5","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":16,"box":{"x":82,"y":689,"width":802,"height":11}},{"id":"704f6b61-74c6-4a0b-a7c9-e94d5bb35cce","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":16,"box":{"x":81,"y":704,"width":854,"height":11}},{"id":"1c7d75a0-7773-4281-9e5a-c8708767ca6f","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":16,"box":{"x":81,"y":719,"width":848,"height":11}},{"id":"232235fb-3675-4b2f-b265-2f0fa46815a2","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":16,"box":{"x":81,"y":734,"width":824,"height":11}},{"id":"fb071745-12d9-48b7-bfdb-95b4322de465","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":16,"box":{"x":81,"y":748,"width":782,"height":12}},{"id":"eabc25b9-3bd5-44cd-81f5-01f9595b89a5","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":16,"box":{"x":82,"y":763,"width":849,"height":12}},{"id":"ced8b301-715b-47f3-b12e-115ce9ca64f7","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":16,"box":{"x":82,"y":778,"width":482,"height":11}},{"id":"5b955f26-5315-4cb3-b468-585f8983e762","block_type":"box","text":"Foreign Securities Risk","page_number":16,"box":{"x":81,"y":798,"width":176,"height":11}},{"id":"400eb49f-aefe-4f6a-a323-954ccc8c87d7","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":16,"box":{"x":260,"y":798,"width":677,"height":11}},{"id":"3fec817d-e8f6-4600-9a57-ff77748a9e2c","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":16,"box":{"x":81,"y":813,"width":827,"height":11}},{"id":"494a149e-abc5-40da-84fc-e6b8492b99fa","block_type":"box","text":"U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to","page_number":16,"box":{"x":82,"y":828,"width":837,"height":11}},{"id":"45328428-d396-4a41-be33-c4832eb9b808","block_type":"box","text":"the risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded","page_number":16,"box":{"x":80,"y":842,"width":849,"height":12}},{"id":"61945b15-73c8-4efe-865a-c9e7e87f96be","block_type":"box","text":"each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of","page_number":16,"box":{"x":81,"y":857,"width":841,"height":12}},{"id":"12493eb2-ef82-4168-af75-7b5f5cac5d99","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":16,"box":{"x":81,"y":872,"width":716,"height":12}},{"id":"54122574-aec1-4ec5-afba-0ea620bdf389","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":16,"box":{"x":82,"y":892,"width":468,"height":12}},{"id":"94e7fedc-c5b8-4988-b880-edee3f24ed65","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":16,"box":{"x":555,"y":892,"width":358,"height":12}},{"id":"b18b4438-ee22-4c60-a85e-d4f661d1fc01","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":16,"box":{"x":81,"y":907,"width":813,"height":11}},{"id":"2d0066e1-3d82-4a6b-ad4a-26a129d49318","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"de1f85b2-8745-4457-9a7b-81391cceda42","block_type":"box","text":"NM1026U-5982500-16/68","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"00a312a4-4b81-4883-a258-ffd0fedf2dd4","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":17,"box":{"x":82,"y":46,"width":791,"height":11}},{"id":"eedf7452-3e85-4b63-aff6-8ac8ab9dfb32","block_type":"box","text":"oversight of their operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a","page_number":17,"box":{"x":81,"y":60,"width":818,"height":12}},{"id":"8a518fef-727a-41ce-8d60-b46738fb46ee","block_type":"box","text":"foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more","page_number":17,"box":{"x":81,"y":75,"width":833,"height":12}},{"id":"79c7e9fb-099a-45e0-8c04-cce9baee020f","block_type":"box","text":"expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The","page_number":17,"box":{"x":81,"y":90,"width":816,"height":12}},{"id":"104cf6b6-9ed0-4239-a8af-337d8423ae43","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":17,"box":{"x":82,"y":105,"width":827,"height":12}},{"id":"4d87c567-f344-45ff-a5b6-460cf765dfdc","block_type":"box","text":"typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the","page_number":17,"box":{"x":80,"y":120,"width":848,"height":11}},{"id":"a0c8c58c-3b28-45a6-bd44-970dec972980","block_type":"box","text":"United States.","page_number":17,"box":{"x":82,"y":135,"width":102,"height":9}},{"id":"443f812a-17f0-4f82-b6e1-ef4e561f9bdb","block_type":"box","text":"Currency Risk","page_number":17,"box":{"x":82,"y":155,"width":100,"height":11}},{"id":"7fbe7adb-73af-4fc5-9472-0e7a4e37e951","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":17,"box":{"x":186,"y":155,"width":706,"height":11}},{"id":"54e6c554-44ad-47b1-89c3-f5485e8d88e5","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the","page_number":17,"box":{"x":81,"y":169,"width":823,"height":12}},{"id":"044be868-a94d-4f38-b2d2-7606128b19cb","block_type":"box","text":"value of the Fund’s portfolio.","page_number":17,"box":{"x":80,"y":184,"width":211,"height":11}},{"id":"5f1a1f73-c6ab-49f3-b6e7-45d0efb3245e","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":17,"box":{"x":81,"y":204,"width":823,"height":12}},{"id":"f96895d2-699d-4626-b659-0d81c9accc82","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":17,"box":{"x":82,"y":219,"width":834,"height":11}},{"id":"c217f92a-c56f-420c-a03a-c4be0f4b9949","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":17,"box":{"x":81,"y":234,"width":846,"height":11}},{"id":"cd48ec24-7681-4d0e-9ea5-6feaa1fc2745","block_type":"box","text":"U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for","page_number":17,"box":{"x":82,"y":249,"width":826,"height":11}},{"id":"fa65a640-9f30-443d-9666-c43998af1603","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":17,"box":{"x":82,"y":264,"width":486,"height":9}},{"id":"a856141a-9813-495a-82b0-cbc2edcb7b83","block_type":"box","text":"Foreign Economy Risk","page_number":17,"box":{"x":82,"y":284,"width":160,"height":11}},{"id":"2a9ad7c9-53f8-41d2-b9ee-86cf83e3fa4d","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":17,"box":{"x":246,"y":283,"width":685,"height":12}},{"id":"f5cbedf7-ab60-4bdc-b2a8-12cef717b26a","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":17,"box":{"x":80,"y":298,"width":785,"height":12}},{"id":"8da915d7-c9fb-4e48-bf7f-f5a08a154cac","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":17,"box":{"x":82,"y":313,"width":845,"height":12}},{"id":"bcecbbf1-de9e-4f92-aee0-868bb8fb1255","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":17,"box":{"x":81,"y":328,"width":853,"height":12}},{"id":"4868d3af-63da-4bb4-ad1f-dccd8b4177d8","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":17,"box":{"x":82,"y":343,"width":831,"height":11}},{"id":"98da204b-da60-471b-9a24-9cca238fe866","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":17,"box":{"x":82,"y":358,"width":846,"height":11}},{"id":"68164791-c374-4f7f-ab75-e3c4cd973c13","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":17,"box":{"x":81,"y":372,"width":808,"height":12}},{"id":"b25542ab-e3be-4d20-8af4-fa9502013f3e","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":17,"box":{"x":82,"y":387,"width":851,"height":12}},{"id":"52e6cb9e-09a0-400c-8b2d-e705cead87bb","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":17,"box":{"x":82,"y":402,"width":832,"height":12}},{"id":"ecb354c9-9958-4399-a675-f10756ae4748","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":17,"box":{"x":81,"y":417,"width":814,"height":11}},{"id":"9d5fb42c-1605-4fb2-960a-9150fe0fc9ad","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":17,"box":{"x":82,"y":432,"width":805,"height":11}},{"id":"13120093-72e5-4dca-bf36-31e8eb55ba01","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":17,"box":{"x":82,"y":447,"width":827,"height":11}},{"id":"1091b775-8bea-4401-9cda-4ae55c4fc2ce","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":17,"box":{"x":80,"y":461,"width":801,"height":12}},{"id":"ce1cd919-3b63-4d05-a439-39975a2d1e1a","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":17,"box":{"x":81,"y":476,"width":809,"height":12}},{"id":"2b9f8552-55e2-403a-bc31-5a40d9f9b761","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":17,"box":{"x":81,"y":491,"width":849,"height":12}},{"id":"92e968ae-72c2-4015-899f-72f22cecd399","block_type":"box","text":"securities and assets, including the ability to transfer the Fund’s assets or income back into the United States, and","page_number":17,"box":{"x":81,"y":506,"width":848,"height":11}},{"id":"eb2e8e0b-932a-4173-991a-5b3c6e861b3c","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":17,"box":{"x":81,"y":521,"width":774,"height":11}},{"id":"1071456a-25a7-4760-bb64-6cf1f76e408e","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":17,"box":{"x":81,"y":536,"width":355,"height":11}},{"id":"8ce6a7d0-a2cf-4292-8ccb-79c1afd68e04","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":17,"box":{"x":81,"y":555,"width":838,"height":12}},{"id":"ba569d09-b2b0-46ef-b0d1-8c1c50f2ab10","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":17,"box":{"x":81,"y":570,"width":815,"height":12}},{"id":"c58d6ee7-95d1-410d-91d5-1aaa6963faaa","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":17,"box":{"x":82,"y":585,"width":827,"height":12}},{"id":"11d30a1f-d4d7-4977-a69e-cf977d9d01c7","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":17,"box":{"x":82,"y":600,"width":832,"height":12}},{"id":"58967689-b7f5-4630-adea-5cc33a158377","block_type":"box","text":"and the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if not","page_number":17,"box":{"x":81,"y":615,"width":781,"height":11}},{"id":"027b4f7b-9563-4329-b3ab-f5913e970467","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":17,"box":{"x":82,"y":630,"width":617,"height":11}},{"id":"421f6b1d-2109-4cdc-9b97-fb8bb1b1d1fe","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":17,"box":{"x":82,"y":650,"width":476,"height":11}},{"id":"d899e7b5-8381-40ef-b76d-67392e865e45","block_type":"box","text":"— Many foreign governments do not supervise","page_number":17,"box":{"x":563,"y":650,"width":344,"height":11}},{"id":"98545b84-e0d5-4ff2-aa1d-52adebc97d3a","block_type":"box","text":"and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in","page_number":17,"box":{"x":81,"y":664,"width":827,"height":12}},{"id":"37ee2f7b-06da-45b5-a0c1-962a78d12d83","block_type":"box","text":"the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For","page_number":17,"box":{"x":80,"y":679,"width":855,"height":12}},{"id":"a5d5f12b-4771-40a5-9fc2-eec340c49582","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":17,"box":{"x":81,"y":694,"width":831,"height":12}},{"id":"98969ad2-5594-423d-83be-0b59f48895dd","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":17,"box":{"x":82,"y":709,"width":800,"height":11}},{"id":"db0b6075-7d3a-4bda-865d-958d1213b23f","block_type":"box","text":"addition, some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise","page_number":17,"box":{"x":81,"y":724,"width":829,"height":11}},{"id":"e3811d68-9f1f-4353-afcf-e65cd9f6ea49","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":17,"box":{"x":81,"y":739,"width":856,"height":11}},{"id":"61bc51ba-d7a5-48fb-917d-1c44477e6b26","block_type":"box","text":"countries are not necessarily the same as in the United States. If the accounting standards in another country do","page_number":17,"box":{"x":81,"y":753,"width":834,"height":12}},{"id":"a9fe2fec-7d69-4b7e-9dce-e9d121355a92","block_type":"box","text":"not require as much detail as U.S. accounting standards, it may be harder for Fund management to completely and","page_number":17,"box":{"x":82,"y":768,"width":844,"height":12}},{"id":"5b1b3be8-4ac7-4eec-9d52-2efe8a38a01a","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":17,"box":{"x":81,"y":783,"width":393,"height":11}},{"id":"95aed51a-af95-4910-9f62-5278b741aa7f","block_type":"box","text":"Settlement Risk","page_number":17,"box":{"x":82,"y":803,"width":117,"height":9}},{"id":"6dbfefff-2c04-41c3-8067-f86981a5f857","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":17,"box":{"x":203,"y":803,"width":730,"height":12}},{"id":"e1df567a-d826-451b-9e5d-7b01a6884cec","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":17,"box":{"x":80,"y":818,"width":856,"height":11}},{"id":"d8940285-dc29-4149-aba6-b583fc5b8ab3","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":17,"box":{"x":81,"y":833,"width":784,"height":11}},{"id":"c0ee927d-934f-4363-b617-128c0dbd3b5e","block_type":"box","text":"investments.","page_number":17,"box":{"x":82,"y":848,"width":92,"height":9}},{"id":"79602630-fb7d-45be-a5fe-13384d2eb971","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":17,"box":{"x":81,"y":867,"width":825,"height":12}},{"id":"12921c1c-edcf-45b4-a154-3541f598cc71","block_type":"box","text":"These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed","page_number":17,"box":{"x":81,"y":882,"width":839,"height":12}},{"id":"bd592d44-7e11-4111-b080-545df54c67b1","block_type":"box","text":"in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":17,"box":{"x":82,"y":897,"width":854,"height":12}},{"id":"aea7d734-6764-4cf9-bd41-b5b7e1e35539","block_type":"box","text":"uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale","page_number":17,"box":{"x":82,"y":912,"width":839,"height":12}},{"id":"8c1ea620-d364-4ae8-8aa9-6ed1b587f3ee","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"88cfe797-06bb-409f-a10c-1edad877e677","block_type":"box","text":"NM1026U-5982500-17/68","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f4bd813a-6476-4fef-8400-f1053648451f","block_type":"box","text":"of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security","page_number":18,"box":{"x":81,"y":46,"width":841,"height":11}},{"id":"5aa3fb72-56c4-42b8-a1f1-647fdf26966a","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":18,"box":{"x":80,"y":60,"width":480,"height":12}},{"id":"e02cae5c-0162-44f1-93dd-c837e7a53beb","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":18,"box":{"x":83,"y":81,"width":221,"height":11}},{"id":"047e7089-f620-4b81-bc1e-58ec36c44268","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":18,"box":{"x":308,"y":80,"width":589,"height":12}},{"id":"87125d65-b021-4174-9bcf-cc338af31a8f","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":18,"box":{"x":82,"y":95,"width":838,"height":12}},{"id":"b37c86f2-2c75-4f3a-935d-8943af57a118","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":18,"box":{"x":81,"y":110,"width":834,"height":12}},{"id":"673db11f-9a3c-4a97-ba4b-ec71030bc734","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":18,"box":{"x":82,"y":125,"width":836,"height":11}},{"id":"154f2e18-5ce3-4cf9-b268-d8a685d5ec1a","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":18,"box":{"x":80,"y":140,"width":854,"height":11}},{"id":"54df6b5e-d3b8-4a4d-9865-d4c68906d8b5","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":18,"box":{"x":80,"y":155,"width":831,"height":11}},{"id":"df9f9db1-82b5-4b4e-bf12-7fab05b58151","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":18,"box":{"x":82,"y":169,"width":852,"height":12}},{"id":"18cc8970-4bd7-4439-8164-20bbd66b427e","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time","page_number":18,"box":{"x":81,"y":184,"width":848,"height":12}},{"id":"a8a9a8bc-c744-4d95-9046-7a0ed101f325","block_type":"box","text":"an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether","page_number":18,"box":{"x":81,"y":199,"width":831,"height":12}},{"id":"c9e80462-20be-4e7a-a26a-f8d0af18873c","block_type":"box","text":"they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":18,"box":{"x":80,"y":214,"width":830,"height":11}},{"id":"b28c3b1c-831c-4747-8bf0-2d571c948ce8","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":18,"box":{"x":82,"y":229,"width":832,"height":11}},{"id":"ed5bfd58-f943-4de0-a40a-571a1fadba0a","block_type":"box","text":"increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from","page_number":18,"box":{"x":82,"y":244,"width":836,"height":11}},{"id":"bc6191be-8c91-444b-890a-83512a721d21","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":18,"box":{"x":81,"y":259,"width":325,"height":9}},{"id":"ed213ffa-2429-43d9-a884-1f58592b1ae1","block_type":"box","text":"Geographic Concentration Risk","page_number":18,"box":{"x":81,"y":278,"width":235,"height":12}},{"id":"e7b7763f-4a2a-47b4-8744-72d88a650969","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":18,"box":{"x":320,"y":278,"width":581,"height":12}},{"id":"4946004f-a870-453a-bb5b-77118540e2d4","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":18,"box":{"x":82,"y":293,"width":848,"height":12}},{"id":"aa3cf96b-e423-4c23-bc5f-29f7995bf5da","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":18,"box":{"x":82,"y":308,"width":841,"height":12}},{"id":"bfee0a81-b980-47f3-8bfe-7add9df7ad0b","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":18,"box":{"x":82,"y":323,"width":777,"height":11}},{"id":"0a775e16-33d3-4b05-afb1-47bc7dd31500","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":18,"box":{"x":81,"y":338,"width":648,"height":11}},{"id":"af90df77-15f9-4632-bf03-723076f929a8","block_type":"box","text":"Leverage Risk","page_number":18,"box":{"x":81,"y":358,"width":107,"height":11}},{"id":"8633300b-3302-42ca-95ea-064252b53eb4","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":18,"box":{"x":192,"y":358,"width":741,"height":11}},{"id":"47e53a2d-eb71-4feb-8baa-ead819796b6a","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an open-end","page_number":18,"box":{"x":81,"y":373,"width":787,"height":11}},{"id":"bf518034-e4e4-4664-8f45-61f85224e9f7","block_type":"box","text":"investment company registered with the SEC, the Fund is subject to the federal securities laws, including the","page_number":18,"box":{"x":82,"y":387,"width":798,"height":12}},{"id":"2b6020d9-9aa9-47e6-9694-f3e36e1df54f","block_type":"box","text":"Investment Company Act and the rules thereunder. Under Rule 18f-4 under the Investment Company Act, among","page_number":18,"box":{"x":82,"y":402,"width":824,"height":12}},{"id":"72064047-81ee-4159-bde2-0de4072fd2cf","block_type":"box","text":"other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage","page_number":18,"box":{"x":81,"y":417,"width":852,"height":11}},{"id":"1688bc47-0e6a-40cd-893d-39e0478b8eba","block_type":"box","text":"risk based on value-at-risk. The use of leverage may cause the Fund to liquidate portfolio positions when it may not","page_number":18,"box":{"x":82,"y":432,"width":845,"height":11}},{"id":"427be05b-22a8-4f8b-8f1b-2cdb88926ba1","block_type":"box","text":"be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment","page_number":18,"box":{"x":81,"y":447,"width":797,"height":11}},{"id":"150097be-5b2c-4384-a00d-0667c7a8a61e","block_type":"box","text":"Company Act and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":18,"box":{"x":81,"y":461,"width":787,"height":12}},{"id":"1ffb63c5-f460-453f-a881-2be76549a0fa","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":18,"box":{"x":82,"y":476,"width":293,"height":12}},{"id":"9bff77ee-194a-49af-9ec0-c7f56977a8e2","block_type":"box","text":"Market Risk and Selection Risk","page_number":18,"box":{"x":81,"y":496,"width":240,"height":9}},{"id":"b8fc9ea7-00dc-41d7-b119-591f63ed0b17","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":18,"box":{"x":324,"y":496,"width":593,"height":9}},{"id":"ed97a55e-814f-4564-83de-704b83fd0f22","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":18,"box":{"x":81,"y":511,"width":851,"height":12}},{"id":"c28cff4a-dc9a-468c-a5db-6ffdf1a6c7b1","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":18,"box":{"x":82,"y":526,"width":824,"height":11}},{"id":"0343d78d-42a0-4bf0-9748-23ef7fc7b6f5","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":18,"box":{"x":82,"y":541,"width":851,"height":11}},{"id":"55fc79e1-7ecc-4b94-8335-412d4d84ba8e","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":18,"box":{"x":82,"y":555,"width":802,"height":12}},{"id":"43699f13-177d-4490-ae0d-b70998767e33","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":18,"box":{"x":81,"y":570,"width":849,"height":12}},{"id":"46fec8c0-3675-4401-ae11-3ad5e9fb78a9","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":18,"box":{"x":81,"y":585,"width":843,"height":12}},{"id":"79a11689-6a1d-4ad4-82a4-ff5caed6f730","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":18,"box":{"x":81,"y":600,"width":830,"height":11}},{"id":"fe7e1638-d908-452c-9b0a-ea546f8581f3","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":18,"box":{"x":82,"y":615,"width":840,"height":11}},{"id":"c6167c5b-1d1d-41ff-b8d4-310d42bef0b3","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":18,"box":{"x":81,"y":630,"width":789,"height":11}},{"id":"9ec44656-9d4c-4eed-9f9c-9ba05986cbc8","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":18,"box":{"x":81,"y":644,"width":823,"height":12}},{"id":"845a6c27-4132-4696-a8a3-c4deb23e0c2e","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":18,"box":{"x":81,"y":659,"width":784,"height":12}},{"id":"ddd6247a-3325-405d-aa84-7d386ae9b40d","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":18,"box":{"x":81,"y":674,"width":844,"height":11}},{"id":"5b267693-6795-47b7-815c-ded364dfbb4a","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":18,"box":{"x":82,"y":694,"width":818,"height":12}},{"id":"e3aa0e74-0b55-48cc-8fe1-c2d8efa9ef7f","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":18,"box":{"x":80,"y":709,"width":819,"height":11}},{"id":"50041617-a9a0-4319-a824-19b64357a490","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":18,"box":{"x":81,"y":724,"width":819,"height":11}},{"id":"1b8e5fbb-2790-4130-9137-e32cf877ebd3","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":18,"box":{"x":81,"y":739,"width":846,"height":11}},{"id":"6da96004-e84b-4bb4-b21a-12c794140d82","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":18,"box":{"x":81,"y":753,"width":848,"height":12}},{"id":"e2a24254-a3a1-495a-ab07-1c4549437cb7","block_type":"box","text":"the Fund invests.","page_number":18,"box":{"x":80,"y":768,"width":125,"height":9}},{"id":"2b6aae9c-0bb5-4e72-85f7-42e11b302fa0","block_type":"box","text":"Mid Cap Securities Risk","page_number":18,"box":{"x":81,"y":788,"width":182,"height":11}},{"id":"78a3901e-d13c-4676-8fca-21b720bebadf","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":18,"box":{"x":267,"y":788,"width":665,"height":12}},{"id":"fe3e495b-ca39-427c-bc9f-55b5a27a8557","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":18,"box":{"x":81,"y":803,"width":789,"height":12}},{"id":"427871c8-69dd-4fcd-baed-fe37450634ff","block_type":"box","text":"Non-Diversification Risk","page_number":18,"box":{"x":81,"y":823,"width":180,"height":9}},{"id":"d85f2ea8-49d3-4f47-ab5b-63c64ee4b866","block_type":"box","text":"— The Fund is a non-diversified fund. Because the Fund may invest in securities of a","page_number":18,"box":{"x":264,"y":823,"width":623,"height":11}},{"id":"8a21ca78-382b-49d1-939f-79996e6614e0","block_type":"box","text":"smaller number of issuers, it may be more exposed to the risks associated with and developments affecting an","page_number":18,"box":{"x":81,"y":838,"width":818,"height":11}},{"id":"0aef284d-e896-41d4-a4ae-74ca249dad93","block_type":"box","text":"individual issuer than a fund that invests more widely.","page_number":18,"box":{"x":82,"y":853,"width":392,"height":11}},{"id":"02a713b8-8956-44fa-a5fa-9ea197d17f42","block_type":"box","text":"Operational and Technology Risks","page_number":18,"box":{"x":82,"y":873,"width":254,"height":11}},{"id":"031d2e8d-20d4-48a4-a7c4-0140d0499cbe","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":18,"box":{"x":340,"y":873,"width":549,"height":11}},{"id":"3d3a073e-7617-4901-bc27-e11a3b889cea","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":18,"box":{"x":81,"y":888,"width":790,"height":11}},{"id":"64345caf-8836-4383-8ab3-7a6f9582e513","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":18,"box":{"x":81,"y":902,"width":837,"height":12}},{"id":"ade9e2d9-c821-4132-b90b-20261ebddc55","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":18,"box":{"x":82,"y":917,"width":845,"height":12}},{"id":"44209a66-7b06-4531-bf9a-38469f0e60b6","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"caacba3e-40bb-43dd-a5c0-535b3c692be8","block_type":"box","text":"NM1026U-5982500-18/68","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"39b06ba5-70f9-47a4-8e7e-0222e02c5e44","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":19,"box":{"x":81,"y":46,"width":832,"height":11}},{"id":"ded300be-cb71-43cb-b408-8acb0ca92236","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":19,"box":{"x":82,"y":60,"width":763,"height":12}},{"id":"4536a797-b25b-43ea-8e67-38dd09c4cf09","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":19,"box":{"x":81,"y":75,"width":825,"height":12}},{"id":"52399dac-9fab-481f-b186-edb35db228de","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":19,"box":{"x":81,"y":90,"width":842,"height":12}},{"id":"162bb806-3af7-4d55-9f1c-181de43ad14a","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":19,"box":{"x":81,"y":105,"width":852,"height":11}},{"id":"097bbcf0-36d9-4675-baf7-9dcd15afd352","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":19,"box":{"x":82,"y":120,"width":827,"height":11}},{"id":"c5e34499-a1d9-49df-b90f-c71999281533","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":19,"box":{"x":81,"y":140,"width":821,"height":11}},{"id":"e63301b7-7602-43f1-ba62-ef2e15eb69e4","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":19,"box":{"x":82,"y":155,"width":814,"height":11}},{"id":"2a3bcd0c-4712-4e2b-b384-030925d1cac2","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":19,"box":{"x":81,"y":169,"width":824,"height":12}},{"id":"630b55f6-2d26-4ec5-a8ba-f4f4823f0a63","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":19,"box":{"x":81,"y":184,"width":791,"height":12}},{"id":"e8abe7c3-dfdc-4307-945d-d07565a1d751","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":19,"box":{"x":82,"y":199,"width":852,"height":12}},{"id":"c1190c83-96c5-49e2-a660-f4afc7e6e6c0","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":19,"box":{"x":81,"y":214,"width":784,"height":11}},{"id":"4b445d50-fe74-4c63-85e8-447842807273","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":19,"box":{"x":81,"y":229,"width":787,"height":11}},{"id":"32880a44-3116-4782-8477-502a11422f25","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":19,"box":{"x":81,"y":244,"width":840,"height":11}},{"id":"7da42466-5c9e-4b06-a9e1-14b6b4d612dd","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":19,"box":{"x":81,"y":258,"width":809,"height":12}},{"id":"370b2aad-6bdf-40c1-824c-d444aa094eee","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":19,"box":{"x":81,"y":273,"width":829,"height":12}},{"id":"9590cacb-80fe-4199-b832-881f0cdd4d93","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":19,"box":{"x":82,"y":288,"width":798,"height":12}},{"id":"86b9714f-80de-402b-aa80-c1e5058329da","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":19,"box":{"x":81,"y":303,"width":829,"height":11}},{"id":"4fbcdcab-f3f5-4d6f-a3df-03f858cc782a","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":19,"box":{"x":82,"y":318,"width":846,"height":11}},{"id":"9f74a0aa-82cd-4d3a-8695-8a28d0cd66f3","block_type":"box","text":"relied upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":19,"box":{"x":82,"y":333,"width":846,"height":11}},{"id":"de84da71-0e39-4578-9462-d0f165e7ecde","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":19,"box":{"x":81,"y":347,"width":838,"height":12}},{"id":"cbe19462-3d52-4dc4-8af0-8e5c29464e82","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":19,"box":{"x":80,"y":362,"width":770,"height":12}},{"id":"a61981c4-6cb0-490f-8d00-55ddbc476a5f","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":19,"box":{"x":80,"y":377,"width":792,"height":12}},{"id":"b980bfec-c393-4419-8392-97060458d9cd","block_type":"box","text":"incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such","page_number":19,"box":{"x":82,"y":392,"width":845,"height":11}},{"id":"5e6c7b08-2f05-4d3a-b4a2-642472f862e0","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":19,"box":{"x":80,"y":407,"width":840,"height":11}},{"id":"7a9fdc88-98fe-4140-aa8a-caf1a45a88d4","block_type":"box","text":"or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI","page_number":19,"box":{"x":81,"y":422,"width":841,"height":11}},{"id":"6044a283-3b4b-43fe-88bc-a726c946bf23","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":19,"box":{"x":80,"y":436,"width":847,"height":12}},{"id":"0a15fab3-340a-463d-9325-f87ce2dabb74","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":19,"box":{"x":82,"y":451,"width":838,"height":12}},{"id":"3f0a6c38-fdfd-48a1-b855-a7e52d4ebb62","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":19,"box":{"x":81,"y":466,"width":847,"height":11}},{"id":"f6591d26-2d97-4236-9f83-c15a98adb373","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":19,"box":{"x":81,"y":481,"width":845,"height":11}},{"id":"bbad2e7d-25a9-4941-88c3-1eed9a5c8622","block_type":"box","text":"and the associated risks to the Fund.","page_number":19,"box":{"x":81,"y":496,"width":273,"height":9}},{"id":"e27a87e7-77d8-4b17-ab32-79ccac8216f8","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":19,"box":{"x":81,"y":516,"width":769,"height":11}},{"id":"37b8c744-f457-4af6-b21d-7686a414b928","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":19,"box":{"x":81,"y":530,"width":855,"height":12}},{"id":"8ad9bb6f-c148-4f87-b2ed-9ed323bab2e6","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":19,"box":{"x":80,"y":545,"width":848,"height":12}},{"id":"a906e888-e6ea-4626-be36-434f822234db","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":19,"box":{"x":81,"y":560,"width":777,"height":12}},{"id":"4d831ba9-7ccd-4e61-bd66-e842fa139f1d","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":19,"box":{"x":81,"y":575,"width":824,"height":11}},{"id":"65b0349c-6d55-45a5-982b-b0dc2d1a7583","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":19,"box":{"x":81,"y":590,"width":785,"height":11}},{"id":"41d0b651-361f-4452-b88e-b1dbc0d49beb","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":19,"box":{"x":82,"y":604,"width":853,"height":12}},{"id":"5455b73e-5d89-426d-916f-07604c61c0e2","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":19,"box":{"x":82,"y":619,"width":855,"height":12}},{"id":"8c320b06-5124-40ae-ac6f-bfe046dd612b","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":19,"box":{"x":82,"y":634,"width":813,"height":12}},{"id":"0351621b-5503-41a0-b775-9364acf0ef12","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":19,"box":{"x":81,"y":649,"width":806,"height":11}},{"id":"87ec48d9-3fbb-4658-bc8f-899bc1e1fc22","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":19,"box":{"x":82,"y":664,"width":602,"height":11}},{"id":"6deb6b78-4ca1-4ef7-969c-5ecad23b8c75","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":19,"box":{"x":82,"y":684,"width":794,"height":11}},{"id":"c8542ee8-d7e8-4f27-becf-8fe6f253f247","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":19,"box":{"x":81,"y":699,"width":840,"height":11}},{"id":"8adafc92-d6d4-4b44-8786-70e880daf3f4","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":19,"box":{"x":81,"y":714,"width":801,"height":11}},{"id":"44bb13f1-5b09-4b59-940e-e6eece52826e","block_type":"box","text":"resources to monitor and implement required changes.","page_number":19,"box":{"x":82,"y":729,"width":402,"height":11}},{"id":"a338a3e5-c838-4b68-a565-8b442ea52fb1","block_type":"box","text":"Risk of Investing in the United States","page_number":19,"box":{"x":81,"y":748,"width":283,"height":12}},{"id":"acd86527-500b-4883-9957-c0be175c9c72","block_type":"box","text":"—","page_number":19,"box":{"x":369,"y":754,"width":17,"height":0}},{"id":"6e96b033-d92d-4417-b795-03ef54f811a5","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":19,"box":{"x":390,"y":748,"width":519,"height":12}},{"id":"a31b700e-4b65-4a36-b700-1694dd295118","block_type":"box","text":"inflation and/or an economic recession in the United States may have a material adverse effect on the U.S.","page_number":19,"box":{"x":82,"y":763,"width":790,"height":11}},{"id":"f8049679-e76a-46c6-bf7a-06aa4bfd68f0","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":19,"box":{"x":81,"y":778,"width":835,"height":11}},{"id":"113a62ae-5095-4575-be92-36190d595c02","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":19,"box":{"x":82,"y":793,"width":784,"height":11}},{"id":"61a3862d-2135-4b34-8afc-fcb71c09e33b","block_type":"box","text":"regulation and may have a significant effect on U.S. markets generally, as well as on the value of certain securities.","page_number":19,"box":{"x":82,"y":808,"width":849,"height":11}},{"id":"b92a2e4a-d5a6-462d-bde2-c4e8f0fd1d74","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":19,"box":{"x":81,"y":822,"width":832,"height":12}},{"id":"2e1589bf-558e-4421-a8e1-ed37f32f2b5e","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":19,"box":{"x":81,"y":837,"width":851,"height":12}},{"id":"26f72c5c-4d66-4c1c-af05-1e82db55f318","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":19,"box":{"x":82,"y":852,"width":471,"height":12}},{"id":"24c87eae-c25e-45f0-bf21-5e61ade66b40","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":19,"box":{"x":81,"y":872,"width":847,"height":12}},{"id":"4076b40f-2527-4731-8013-e863f0fbd9df","block_type":"box","text":"certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":19,"box":{"x":81,"y":887,"width":810,"height":11}},{"id":"e085b870-af18-4b28-82a5-58789d77ab63","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"d2744550-93da-4513-a40f-3f2f6af16ff6","block_type":"box","text":"NM1026U-5982500-19/68","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8b62cdc1-ba57-41ea-a920-45a41f9dc4f7","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":20,"box":{"x":82,"y":46,"width":832,"height":11}},{"id":"d8d7d225-26ca-4cbd-9d17-1d0d0583fa7a","block_type":"box","text":"these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the","page_number":20,"box":{"x":80,"y":61,"width":826,"height":11}},{"id":"8b63d51f-3396-44de-b7b6-fa3439c62078","block_type":"box","text":"Fund invests.","page_number":20,"box":{"x":82,"y":76,"width":95,"height":9}},{"id":"be6a9ea0-e50a-4b4e-b7bd-3d389c7d4dfa","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":20,"box":{"x":81,"y":95,"width":363,"height":12}},{"id":"9b775653-23b1-41c3-ae8c-e19e11e3fd29","block_type":"box","text":"— Small cap or emerging growth companies may have limited","page_number":20,"box":{"x":448,"y":95,"width":453,"height":12}},{"id":"83b9b9d6-4f5c-4db4-8f38-a115038f17d3","block_type":"box","text":"product lines or markets. They may be less financially secure than larger, more established companies. They may","page_number":20,"box":{"x":82,"y":110,"width":833,"height":12}},{"id":"87f505c1-35e9-4f7e-823c-c290595fda67","block_type":"box","text":"depend on a small number of key personnel. If a product fails or there are other adverse developments, or if","page_number":20,"box":{"x":81,"y":125,"width":797,"height":11}},{"id":"c78dfe37-8bf9-416c-b188-a2b549e73326","block_type":"box","text":"management changes, the Fund’s investment in a small cap or emerging growth company may lose substantial","page_number":20,"box":{"x":82,"y":140,"width":815,"height":11}},{"id":"3c8e3847-3f18-40e5-8d99-067b0efd589b","block_type":"box","text":"value. In addition, it is more difficult to get information on smaller companies, which tend to be less well known,","page_number":20,"box":{"x":80,"y":155,"width":825,"height":11}},{"id":"a595cf93-f67d-4188-acae-6313344c641e","block_type":"box","text":"have shorter operating histories, do not have significant ownership by large investors and are followed by relatively","page_number":20,"box":{"x":82,"y":169,"width":842,"height":12}},{"id":"f60b5c2c-e88c-4309-b7b3-d7b651192140","block_type":"box","text":"few securities analysts.","page_number":20,"box":{"x":81,"y":184,"width":171,"height":12}},{"id":"1d5704b2-5735-4af6-a611-998d9456a007","block_type":"box","text":"The securities of small cap and emerging growth companies generally trade in lower volumes and are subject to","page_number":20,"box":{"x":81,"y":204,"width":820,"height":12}},{"id":"e58e80b1-2cf3-4fb4-a3be-dfc4d982f075","block_type":"box","text":"greater and more unpredictable price changes than larger cap securities or the market as a whole. In addition, small","page_number":20,"box":{"x":81,"y":219,"width":855,"height":12}},{"id":"a39b2b77-9fc1-4e83-ab3a-31afbd80f0a1","block_type":"box","text":"cap and emerging growth securities may be particularly sensitive to changes in interest rates, borrowing costs and","page_number":20,"box":{"x":81,"y":234,"width":842,"height":11}},{"id":"8e9a12ab-567a-406f-a4fd-6c861723c5d0","block_type":"box","text":"earnings. Investing in small cap and emerging growth securities requires a longer term view.","page_number":20,"box":{"x":81,"y":249,"width":675,"height":11}},{"id":"4c6bf9fc-066d-42a0-8e55-3ce96de533e9","block_type":"box","text":"Warrants Risk","page_number":20,"box":{"x":83,"y":269,"width":105,"height":9}},{"id":"2e3d8fc8-941a-4b26-8561-8d7bb5646ee1","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":20,"box":{"x":192,"y":269,"width":698,"height":11}},{"id":"8e0cad47-b158-4f4f-b32a-c510f93c4eb9","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":20,"box":{"x":81,"y":283,"width":830,"height":12}},{"id":"6d8381cc-6769-4665-9411-993e495b84f5","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":20,"box":{"x":81,"y":299,"width":821,"height":11}},{"id":"67c1ffd4-0d27-43de-bbfd-d7524f0a6172","block_type":"box","text":"may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily","page_number":20,"box":{"x":82,"y":313,"width":822,"height":12}},{"id":"96d36588-2df6-4f64-88ba-dfbd6c2c2420","block_type":"box","text":"move with the price of the underlying stock.","page_number":20,"box":{"x":82,"y":328,"width":317,"height":12}},{"id":"423b3a41-0e4d-4071-aced-6e4945e46edd","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":20,"box":{"x":61,"y":351,"width":296,"height":12}},{"id":"bcaa93da-e28e-480f-8739-3e3254f5e320","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":20,"box":{"x":60,"y":368,"width":832,"height":11}},{"id":"6dddc58c-e842-44e6-b55a-f733cc2905b4","block_type":"box","text":"strategies, including:","page_number":20,"box":{"x":61,"y":382,"width":151,"height":12}},{"id":"aeb65598-4649-4a51-bf92-ef4a7921ee0e","block_type":"box","text":"Borrowing Risk","page_number":20,"box":{"x":81,"y":402,"width":115,"height":11}},{"id":"528a0c4e-12c5-4fb9-aa20-b395e5ec04cf","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":20,"box":{"x":200,"y":402,"width":711,"height":12}},{"id":"dd02ae4d-e9f1-43ca-9655-0e4bada91320","block_type":"box","text":"the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may","page_number":20,"box":{"x":80,"y":417,"width":813,"height":11}},{"id":"33e2ed5f-36e6-4592-a73e-661ea48b3047","block_type":"box","text":"reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to","page_number":20,"box":{"x":82,"y":432,"width":846,"height":11}},{"id":"9d8d2609-01a2-4064-92a4-55817cc899b6","block_type":"box","text":"do so to satisfy its obligations.","page_number":20,"box":{"x":81,"y":447,"width":225,"height":11}},{"id":"6559240a-f583-435a-9a35-d437259025af","block_type":"box","text":"Debt Securities Risk","page_number":20,"box":{"x":81,"y":467,"width":155,"height":9}},{"id":"9767edf6-27f5-4a2f-87a6-5a6485e12bb4","block_type":"box","text":"— Debt securities, such as bonds, involve credit risk. Credit risk refers to the possibility that","page_number":20,"box":{"x":240,"y":467,"width":682,"height":11}},{"id":"80cb2f7d-600e-48af-a9d1-699fd44d1fd3","block_type":"box","text":"the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when","page_number":20,"box":{"x":80,"y":481,"width":827,"height":12}},{"id":"3e3721ca-7468-4f14-a0a6-870da338dae9","block_type":"box","text":"due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect","page_number":20,"box":{"x":81,"y":496,"width":851,"height":12}},{"id":"d0ae79de-03e5-40ee-b59e-a0dddb49d4d0","block_type":"box","text":"the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition","page_number":20,"box":{"x":80,"y":511,"width":840,"height":12}},{"id":"354686a8-892f-455d-bb06-f449713879fd","block_type":"box","text":"of the issuer and the terms of the obligation. Debt securities are also subject to interest rate risk. Interest rate risk","page_number":20,"box":{"x":81,"y":526,"width":847,"height":11}},{"id":"650d18d0-dfd5-4dcf-8b90-4bddce47f502","block_type":"box","text":"is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt","page_number":20,"box":{"x":82,"y":541,"width":822,"height":11}},{"id":"3fa3357e-be97-4331-8c41-14d80e04a7f2","block_type":"box","text":"securities with longer maturities will go up or down more in response to changes in interest rates than the market","page_number":20,"box":{"x":81,"y":556,"width":836,"height":11}},{"id":"fcf3153c-6cc2-4f7d-9ccb-9cfb348c424e","block_type":"box","text":"price of shorter term securities. The Fund may be subject to a greater risk of rising interest rates during a period of","page_number":20,"box":{"x":82,"y":570,"width":845,"height":12}},{"id":"7536262b-276d-44d0-ad91-c8275ef6218f","block_type":"box","text":"low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened","page_number":20,"box":{"x":82,"y":585,"width":822,"height":12}},{"id":"0473fa90-e75b-4608-87f0-6a695349c984","block_type":"box","text":"market volatility, and could negatively impact the Fund’s performance.","page_number":20,"box":{"x":82,"y":600,"width":512,"height":12}},{"id":"efc1f195-4fea-496c-97e2-8f8400144db9","block_type":"box","text":"Expense Risk","page_number":20,"box":{"x":81,"y":620,"width":102,"height":11}},{"id":"a2ce18af-12e3-4876-bb9c-fbc37629efde","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":20,"box":{"x":187,"y":620,"width":734,"height":12}},{"id":"7af5f2ab-ac31-4f82-9fe7-abce075baa1d","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":20,"box":{"x":81,"y":635,"width":855,"height":11}},{"id":"9d49536c-fafe-4af3-8ae9-748f84d99afe","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":20,"box":{"x":82,"y":650,"width":842,"height":11}},{"id":"9561d901-3000-4a1f-a571-932a3c279161","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":20,"box":{"x":82,"y":664,"width":808,"height":12}},{"id":"3af2d5ad-b21a-4747-8267-c29ef108c77f","block_type":"box","text":"significant.","page_number":20,"box":{"x":81,"y":679,"width":78,"height":12}},{"id":"f95aa289-8168-4183-a83f-c4b6989c7bae","block_type":"box","text":"High Yield Bonds Risk","page_number":20,"box":{"x":81,"y":699,"width":167,"height":12}},{"id":"b2d6f071-258f-462a-b1f5-10178fd218b2","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":20,"box":{"x":252,"y":699,"width":667,"height":12}},{"id":"aa035615-cf79-4b61-9de2-be11cff3cf05","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":20,"box":{"x":79,"y":714,"width":835,"height":12}},{"id":"8955b2f6-de09-413f-b2aa-17bbfaac1dd7","block_type":"box","text":"for the Fund. The major risks of junk bond investments include:","page_number":20,"box":{"x":81,"y":729,"width":462,"height":11}},{"id":"9db1c260-fc39-464a-8e43-0d780ee75af8","block_type":"box","text":"Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds may have a larger amount of","page_number":20,"box":{"x":101,"y":749,"width":789,"height":11}},{"id":"c7f0e93b-db31-4aaf-890e-e45fec647ba0","block_type":"box","text":"outstanding debt relative to their assets than issuers of investment grade bonds. In the event of an issuer’s","page_number":20,"box":{"x":101,"y":764,"width":795,"height":11}},{"id":"591d8023-702b-413d-a7af-3b23bf8eab90","block_type":"box","text":"bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving few or no","page_number":20,"box":{"x":102,"y":778,"width":802,"height":12}},{"id":"8fd1b0b0-81a4-4160-a7ca-0049ea14a2af","block_type":"box","text":"assets available to repay junk bond holders.","page_number":20,"box":{"x":101,"y":794,"width":323,"height":11}},{"id":"2526ddb1-9c1c-497f-a746-362443244634","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and","page_number":20,"box":{"x":102,"y":813,"width":786,"height":12}},{"id":"390e9262-d67b-4311-a22b-7bc8202f61c6","block_type":"box","text":"general economic conditions may have a greater impact on the prices of junk bonds than on other higher rated","page_number":20,"box":{"x":101,"y":828,"width":811,"height":12}},{"id":"9af5065e-0d44-4fc5-8374-206363bc4920","block_type":"box","text":"fixed-income securities.","page_number":20,"box":{"x":101,"y":843,"width":171,"height":9}},{"id":"ca280d68-eabe-48b7-9c4d-30b522eefe40","block_type":"box","text":"Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an","page_number":20,"box":{"x":102,"y":863,"width":778,"height":12}},{"id":"e9ca9a33-5f6d-4981-837e-ac47a579dc7e","block_type":"box","text":"economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":20,"box":{"x":101,"y":878,"width":689,"height":11}},{"id":"92a87ad6-853e-42f8-b869-d270a4b602bd","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"6890c4db-2eee-4418-a40a-56db2f967384","block_type":"box","text":"NM1026U-5982500-20/68","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f072e4ca-817d-440f-8806-30c7058c9e35","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund","page_number":21,"box":{"x":101,"y":46,"width":817,"height":11}},{"id":"2c508377-bc02-4a99-9fca-887fd6ccef65","block_type":"box","text":"before it matures. If the issuer redeems junk bonds, the Fund may have to invest the proceeds in bonds with","page_number":21,"box":{"x":102,"y":60,"width":798,"height":12}},{"id":"e615ee86-5433-43d6-bff9-2abf11aa09d5","block_type":"box","text":"lower yields and may lose income.","page_number":21,"box":{"x":102,"y":76,"width":249,"height":11}},{"id":"39548256-0158-458c-924e-66ff2fedaaf2","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.","page_number":21,"box":{"x":101,"y":95,"width":831,"height":12}},{"id":"316dd3c7-627d-48c2-988d-a06b3918921c","block_type":"box","text":"There are fewer dealers in the junk bond market, and there may be significant differences in the prices quoted for","page_number":21,"box":{"x":101,"y":110,"width":836,"height":12}},{"id":"eb3e11da-68c1-4b82-802e-0359b5708bf5","block_type":"box","text":"junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may","page_number":21,"box":{"x":99,"y":125,"width":825,"height":11}},{"id":"4bc0f57d-f51c-41e8-9358-5fdbebe166ee","block_type":"box","text":"play a greater role in valuing junk bonds than is the case with securities trading in a more liquid market.","page_number":21,"box":{"x":102,"y":140,"width":761,"height":11}},{"id":"9a6160b6-b543-4b49-8abe-d8ea597b06f0","block_type":"box","text":"The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms","page_number":21,"box":{"x":101,"y":160,"width":815,"height":11}},{"id":"85b16e88-0545-4502-b0c6-f4ed5aebd335","block_type":"box","text":"with a defaulting issuer.","page_number":21,"box":{"x":101,"y":175,"width":173,"height":11}},{"id":"0a1467e8-a0aa-4a6d-8c6e-782933f95ef9","block_type":"box","text":"The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market","page_number":21,"box":{"x":81,"y":197,"width":817,"height":12}},{"id":"bcf91975-c6b7-4b68-be75-943d8eb750a0","block_type":"box","text":"value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":21,"box":{"x":80,"y":212,"width":811,"height":12}},{"id":"b3543c11-b775-4ed6-8776-3f84eb0c05b2","block_type":"box","text":"Illiquid Investments Risk","page_number":21,"box":{"x":81,"y":232,"width":186,"height":11}},{"id":"cf4b5565-ee30-42d1-8f37-a7bc8502c829","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":21,"box":{"x":271,"y":232,"width":648,"height":11}},{"id":"cf1ee747-33d6-4a52-a5f8-6d636fcbf48a","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":21,"box":{"x":80,"y":247,"width":841,"height":11}},{"id":"c3a6f49d-ee6a-4eb4-a704-a66f326fdd65","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":21,"box":{"x":82,"y":262,"width":831,"height":11}},{"id":"e23d2b27-0e1b-48c9-a0ef-4a2c34d9e63e","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":21,"box":{"x":81,"y":276,"width":811,"height":12}},{"id":"3af56d3e-66cb-4d99-93c5-23c9a69ee231","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":21,"box":{"x":82,"y":291,"width":825,"height":12}},{"id":"25b89483-e113-4c64-ac1d-dab8e8229339","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":21,"box":{"x":81,"y":306,"width":837,"height":11}},{"id":"f89ca96e-964c-4fae-a2a2-a615ca857f4b","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":21,"box":{"x":80,"y":321,"width":851,"height":11}},{"id":"ecca7292-f458-46bb-a9ef-7b7a4ba0e571","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":21,"box":{"x":82,"y":336,"width":835,"height":11}},{"id":"03acffb6-7dc8-4feb-b341-853aab76eade","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":21,"box":{"x":82,"y":351,"width":835,"height":11}},{"id":"325f7020-1002-4f04-beb5-2f8936270930","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":21,"box":{"x":81,"y":365,"width":791,"height":12}},{"id":"46dce36c-47b5-4fcb-bd9b-38cc0d634e63","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":21,"box":{"x":81,"y":380,"width":846,"height":12}},{"id":"296effa0-6338-4443-b1fb-0ab2d4ee718b","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":21,"box":{"x":81,"y":395,"width":835,"height":12}},{"id":"54fc7a68-fea0-44d9-8a0b-d500311578a4","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":21,"box":{"x":82,"y":410,"width":839,"height":11}},{"id":"c5d12437-7b73-44c7-8c0d-ceac7f58f8d4","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":21,"box":{"x":80,"y":425,"width":834,"height":11}},{"id":"97320438-90ca-4031-af51-f9f50fbcb948","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":21,"box":{"x":81,"y":440,"width":815,"height":11}},{"id":"e39a5ed0-17d2-4a46-ada9-a0c7b740dc9a","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":21,"box":{"x":82,"y":454,"width":835,"height":12}},{"id":"9051bcbd-359b-47fd-9adb-bd0e0501c11b","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":21,"box":{"x":82,"y":469,"width":827,"height":12}},{"id":"a47abe7a-5419-43f5-9b6e-2d5c65c70cdd","block_type":"box","text":"there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be","page_number":21,"box":{"x":80,"y":484,"width":831,"height":11}},{"id":"a4633210-bf20-46b8-bd6c-faf239f4a464","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":21,"box":{"x":81,"y":499,"width":304,"height":11}},{"id":"3267f624-802c-4818-ad49-c154d3e9a629","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":21,"box":{"x":81,"y":519,"width":366,"height":11}},{"id":"b7659dd3-3943-45f7-98a5-c429f82708fd","block_type":"box","text":"— As with other investments, investments in other investment","page_number":21,"box":{"x":450,"y":519,"width":459,"height":11}},{"id":"6f3cb045-7d73-414d-827b-3e6ca0bd488f","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":21,"box":{"x":81,"y":534,"width":815,"height":11}},{"id":"72c9efef-0bd3-4658-8dec-6ab08e0d70e5","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":21,"box":{"x":82,"y":548,"width":844,"height":12}},{"id":"bf850be5-d997-4ce1-ae1b-1a79ef31923c","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":21,"box":{"x":81,"y":563,"width":822,"height":12}},{"id":"8002c846-ce3d-428e-8d23-1187e7be53f1","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":21,"box":{"x":81,"y":578,"width":829,"height":12}},{"id":"6691f140-39af-4b82-abb8-c456de03c4d4","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":21,"box":{"x":81,"y":593,"width":628,"height":11}},{"id":"9b0cca12-3892-4f32-9750-05a4fcdce690","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":21,"box":{"x":81,"y":613,"width":396,"height":11}},{"id":"33b22199-98a1-4d56-8f84-5d41a40711bd","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":21,"box":{"x":481,"y":613,"width":440,"height":11}},{"id":"d114d61d-dd4f-48ea-96e3-6671e9608c9d","block_type":"box","text":"Fund’s adviser or an affiliate of the Fund’s adviser, or another entity, may from time to time own or manage a","page_number":21,"box":{"x":82,"y":628,"width":801,"height":11}},{"id":"ea3b94fe-8a8e-4ae9-b8a1-d1df25a90799","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":21,"box":{"x":81,"y":642,"width":825,"height":12}},{"id":"d2c12a5c-65b9-4f0b-b94d-d779bebd208d","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":21,"box":{"x":82,"y":657,"width":816,"height":12}},{"id":"86e06d09-64e4-4e10-a683-4b918ae69bc3","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":21,"box":{"x":82,"y":672,"width":818,"height":12}},{"id":"89f44c4b-a3e1-4d25-b62e-64280c9e91e3","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":21,"box":{"x":80,"y":687,"width":835,"height":12}},{"id":"62972f3e-6331-4aea-8714-37d37aeb9afa","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":21,"box":{"x":80,"y":702,"width":807,"height":11}},{"id":"1683f3bd-c96f-410e-84cf-3aa25eb90efb","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":21,"box":{"x":82,"y":717,"width":841,"height":11}},{"id":"56c5afb9-d569-47d6-932a-7d45b52741bb","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":21,"box":{"x":80,"y":731,"width":855,"height":12}},{"id":"9435e190-2085-4701-ae1f-86fc82c56b04","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":21,"box":{"x":81,"y":747,"width":751,"height":10}},{"id":"48ef0354-496e-4306-b3d6-06804dd5e763","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":21,"box":{"x":81,"y":761,"width":785,"height":12}},{"id":"5ca635d6-55c8-4387-94c8-db1cb755f5de","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":21,"box":{"x":81,"y":776,"width":841,"height":12}},{"id":"6fc72541-9049-48da-b61f-5ae22dfa4751","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":21,"box":{"x":80,"y":791,"width":824,"height":11}},{"id":"a618f975-8942-4b5a-b884-5347e55fd562","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":21,"box":{"x":81,"y":806,"width":822,"height":11}},{"id":"02f6210d-679a-4e14-91cd-8aa316359a5b","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":21,"box":{"x":81,"y":820,"width":801,"height":12}},{"id":"d3a31b6a-8d77-4206-b15f-5a55658f4fe0","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":21,"box":{"x":80,"y":836,"width":765,"height":11}},{"id":"7e50956f-09c6-47f7-9280-62ad88bfe0ab","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":21,"box":{"x":82,"y":850,"width":852,"height":12}},{"id":"17f98da9-3e90-4616-a8ec-b7729b8a1da3","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":21,"box":{"x":82,"y":865,"width":847,"height":11}},{"id":"2776de15-aae6-4d06-9b2e-3150a65b7830","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":21,"box":{"x":80,"y":880,"width":847,"height":11}},{"id":"67e12df2-f93f-4f06-ad9d-23b4c7a5ffc1","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":21,"box":{"x":81,"y":895,"width":845,"height":11}},{"id":"1b0ab4c6-7885-46dc-935c-0db7cf28c613","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":21,"box":{"x":82,"y":909,"width":835,"height":12}},{"id":"7eaef481-44bd-4bb5-93ba-ec6e0965c0ca","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"1b00cebf-1132-4120-9ded-0e1581f4e474","block_type":"box","text":"NM1026U-5982500-21/68","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0b859961-8ad4-4a58-afe4-0ac5c2ed0e12","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":22,"box":{"x":82,"y":46,"width":839,"height":11}},{"id":"e6b31f14-db5d-49a7-91af-21b5ef6fd253","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":22,"box":{"x":82,"y":61,"width":461,"height":11}},{"id":"4edfb979-7477-42f7-93c4-2f828f1b685a","block_type":"box","text":"Money Market Securities Risk","page_number":22,"box":{"x":81,"y":81,"width":229,"height":11}},{"id":"d3be3ec0-ade0-49d2-a1cd-3a9f3098aca8","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":22,"box":{"x":314,"y":80,"width":570,"height":12}},{"id":"577a2d59-db70-4463-99ef-4dff85a52b69","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":22,"box":{"x":81,"y":95,"width":819,"height":12}},{"id":"9c188699-8e24-4a7d-b461-5eba9e3ec41c","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":22,"box":{"x":82,"y":110,"width":657,"height":12}},{"id":"9f560c71-6ffe-4664-90e5-0c190ba4f656","block_type":"box","text":"Reliance on Advisor Risk","page_number":22,"box":{"x":81,"y":130,"width":188,"height":9}},{"id":"5129edc9-aff7-4b04-a455-2a7ffe2dca4b","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":22,"box":{"x":273,"y":130,"width":614,"height":12}},{"id":"a0dc3fbb-a69b-47cd-afb0-db048fc8f6c3","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":22,"box":{"x":80,"y":145,"width":830,"height":11}},{"id":"08ff0667-b58b-418a-938c-2edd909e6e1f","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":22,"box":{"x":80,"y":160,"width":856,"height":11}},{"id":"ee290eeb-4848-4307-b85f-0ef71fccc67e","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":22,"box":{"x":80,"y":175,"width":841,"height":11}},{"id":"ab34abf3-9c3a-48fa-962e-17cddb776432","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":22,"box":{"x":81,"y":189,"width":649,"height":12}},{"id":"657a9fb3-a407-48bb-8a33-4525c015a265","block_type":"box","text":"Rights Risk","page_number":22,"box":{"x":81,"y":209,"width":88,"height":12}},{"id":"59a6b7d6-ce85-4ccd-a30c-5a20ecf2ccf9","block_type":"box","text":"—","page_number":22,"box":{"x":173,"y":215,"width":17,"height":1}},{"id":"531f9771-f21a-4d48-bfbb-307f4b9d599f","block_type":"box","text":"The failure to exercise subscription rights to purchase common stock would result in the dilution of","page_number":22,"box":{"x":194,"y":209,"width":728,"height":12}},{"id":"816c277c-a141-476d-b2e1-0207421f9291","block_type":"box","text":"the Fund’s interest in the issuing company. 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Such deferred","page_number":27,"box":{"x":81,"y":223,"width":821,"height":10}},{"id":"66830e59-c965-4f52-8778-1b96f784b1f7","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":27,"box":{"x":81,"y":234,"width":444,"height":9}},{"id":"ed308563-bf84-4e3e-887b-b5e4dc6d358f","block_type":"box","text":"No initial sales charge applies to Investor A Shares that you buy through reinvestment of Fund dividends or capital","page_number":27,"box":{"x":62,"y":259,"width":837,"height":12}},{"id":"94a6dcd4-ef65-42ac-a35b-3480b5d951cc","block_type":"box","text":"gains.","page_number":27,"box":{"x":60,"y":274,"width":43,"height":11}},{"id":"4dddec3a-cec8-4325-94d2-fd82963237b2","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":27,"box":{"x":60,"y":297,"width":490,"height":12}},{"id":"02b010f0-7a9f-4f65-bb94-55915b1f8f93","block_type":"box","text":"There are several ways in which the sales charge can be reduced or eliminated. Purchases of Investor A Shares at","page_number":27,"box":{"x":60,"y":313,"width":841,"height":12}},{"id":"c405bb6b-bd50-4796-acc2-2751150af2f0","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":27,"box":{"x":61,"y":328,"width":831,"height":12}},{"id":"db643829-b92e-44a0-b9ae-c1579ba0b589","block_type":"box","text":"above in the “Investor A Shares — Initial Sales Charge Option” section). 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Failure by the investor to","page_number":27,"box":{"x":62,"y":737,"width":862,"height":12}},{"id":"ed8ecb61-3d22-4488-9a27-60fc1cd19aec","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":27,"box":{"x":61,"y":752,"width":875,"height":12}},{"id":"72954e85-43e4-4d74-9a83-e6b22a15e6cd","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":27,"box":{"x":60,"y":767,"width":312,"height":9}},{"id":"2dfa19c9-06a6-479b-afbb-f6e7b8e81fb7","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":27,"box":{"x":60,"y":790,"width":828,"height":11}},{"id":"67a30260-3741-47db-abf6-a2c6b54f6acd","block_type":"box","text":"records of the original cost of the shares owned by the investor, the investor’s spouse and/or children showing that","page_number":27,"box":{"x":61,"y":804,"width":850,"height":12}},{"id":"4cb1f951-247f-4159-9980-ca59057f7aad","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":27,"box":{"x":60,"y":819,"width":856,"height":12}},{"id":"b3c768cd-4baf-4aa4-89b3-eb7fc6bf4151","block_type":"box","text":"where an account is held or the type of account — the Fund and/or the Financial Intermediary, BlackRock Funds or","page_number":27,"box":{"x":60,"y":834,"width":845,"height":11}},{"id":"3220db90-c631-494e-bd6a-5232b3e0dd2e","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":27,"box":{"x":62,"y":849,"width":667,"height":11}},{"id":"84e0e96b-c9ed-4828-a185-d18a66db25cf","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":27,"box":{"x":62,"y":871,"width":531,"height":12}},{"id":"46cee0eb-bab3-4714-b769-b65f4f49f8a5","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"5b5796e0-fed9-4a33-960f-2dff60deef4c","block_type":"box","text":"NM1026U-5982500-27/68","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"da0dfe41-6567-4295-85d6-21869bc8a380","block_type":"box","text":"Letter of Intent","page_number":28,"box":{"x":61,"y":46,"width":124,"height":10}},{"id":"2f3d51b0-a655-4715-8725-6f1a291ddb6d","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of Intent” stating the","page_number":28,"box":{"x":60,"y":62,"width":839,"height":12}},{"id":"9b72dcd4-e302-4814-84c3-1267110acc43","block_type":"box","text":"investor’s intention to make one or more of the following investments within the next 13 months which would, if bought","page_number":28,"box":{"x":62,"y":77,"width":875,"height":12}},{"id":"8a9afc31-41f2-4b07-9c1a-b5f4f95cc03f","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":28,"box":{"x":61,"y":92,"width":431,"height":12}},{"id":"233f44df-d215-47d8-a1c7-80c37c18caed","block_type":"box","text":"i. Buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares,","page_number":28,"box":{"x":82,"y":115,"width":794,"height":11}},{"id":"624233a1-8570-42e0-bab6-3fbd47cc126a","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":28,"box":{"x":82,"y":137,"width":675,"height":12}},{"id":"ccf26f7f-871f-46be-aed8-105783ce7af1","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":28,"box":{"x":82,"y":160,"width":820,"height":11}},{"id":"ca9be1eb-dfee-4015-8022-f5ae37e033a9","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":28,"box":{"x":60,"y":182,"width":830,"height":12}},{"id":"21d30f61-fe1b-49ff-8481-1fa8ee9f0548","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":28,"box":{"x":61,"y":197,"width":524,"height":12}},{"id":"a31f0790-dcae-4ce3-8490-439a8991a915","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":28,"box":{"x":60,"y":220,"width":865,"height":11}},{"id":"aed5128a-f07c-4a41-a5c9-3111382c9b0a","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":28,"box":{"x":61,"y":235,"width":862,"height":11}},{"id":"5a628ae2-4bc8-4393-a5a5-ab9e65b36d04","block_type":"box","text":"Program Class A and Class C Units) as of the date of commencement that are eligible under the Right of Accumulation","page_number":28,"box":{"x":61,"y":249,"width":870,"height":12}},{"id":"7f627b2a-c840-428e-81af-95a1baa9fa68","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":28,"box":{"x":61,"y":264,"width":384,"height":12}},{"id":"58ab7d47-3e8b-450b-884c-a0afaa942d1e","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":28,"box":{"x":60,"y":287,"width":823,"height":11}},{"id":"b8d8b60d-bd6b-4ecc-8562-6f07fa473c94","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":28,"box":{"x":61,"y":302,"width":842,"height":11}},{"id":"20339551-df42-46e0-aa0d-7ef82106fa7c","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":28,"box":{"x":61,"y":316,"width":765,"height":12}},{"id":"dc8e795b-cff3-42cc-ae8f-8b8eb628500f","block_type":"box","text":"During the term of the Letter of Intent, the Fund will hold Investor A Shares representing up to 5% of the indicated","page_number":28,"box":{"x":62,"y":339,"width":833,"height":11}},{"id":"4297dfa8-4dd4-4fe6-a3eb-25371af8d0ba","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":28,"box":{"x":61,"y":354,"width":852,"height":11}},{"id":"9ee186c1-b520-42b9-bc92-9842e825b4fb","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not pay","page_number":28,"box":{"x":61,"y":369,"width":872,"height":11}},{"id":"fb631ff9-3a45-4478-aa0a-89f469a4be54","block_type":"box","text":"the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares held in escrow to pay the","page_number":28,"box":{"x":60,"y":383,"width":860,"height":12}},{"id":"4289c3ee-eb4b-4bd0-b390-6560690a3a0c","block_type":"box","text":"difference.","page_number":28,"box":{"x":61,"y":398,"width":77,"height":9}},{"id":"c9ba8002-3a54-423d-9a62-198a759efae9","block_type":"box","text":"Right of Accumulation","page_number":28,"box":{"x":61,"y":421,"width":183,"height":13}},{"id":"c3a42966-44ad-4d85-a36d-a43f5a2f7056","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of the","page_number":28,"box":{"x":62,"y":438,"width":839,"height":11}},{"id":"75ebd820-c674-4973-87d6-ee5d61d0f9f1","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":28,"box":{"x":61,"y":452,"width":856,"height":12}},{"id":"d3947043-a7ce-45d4-bbec-b6d614a107a9","block_type":"box","text":"i. The current value of an investor’s existing Investor A and A1, Investor C, Investor P, Institutional, Class K and","page_number":28,"box":{"x":82,"y":475,"width":821,"height":11}},{"id":"159e2c4e-0685-4b83-9719-2865b91c836d","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":28,"box":{"x":102,"y":490,"width":306,"height":11}},{"id":"c6207745-9b51-4231-b57e-f8a0f844ad05","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":28,"box":{"x":82,"y":512,"width":771,"height":12}},{"id":"415d0af8-ef6f-44e3-839b-5961f7868b8e","block_type":"box","text":"iii. The investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":28,"box":{"x":82,"y":535,"width":788,"height":11}},{"id":"d89c6f0b-72e0-48fd-bd77-fd28b884345b","block_type":"box","text":"investor’s spouse and children.","page_number":28,"box":{"x":102,"y":550,"width":228,"height":11}},{"id":"dc8ce7b4-a54a-4ce6-9afb-692ba2fb9362","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":28,"box":{"x":62,"y":572,"width":866,"height":12}},{"id":"92a2f59c-80fc-46a0-b03f-df287b5c1235","block_type":"box","text":"an investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same Financial","page_number":28,"box":{"x":61,"y":587,"width":866,"height":12}},{"id":"ff8ee7ce-3f79-4855-9b39-21e841f88cba","block_type":"box","text":"Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":28,"box":{"x":62,"y":602,"width":854,"height":11}},{"id":"481ba138-cd82-4c1d-8a36-b95ee261dceb","block_type":"box","text":"any previously purchased shares.","page_number":28,"box":{"x":61,"y":617,"width":243,"height":11}},{"id":"54f644bf-df48-4f82-81ca-796103bafda7","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":28,"box":{"x":61,"y":640,"width":314,"height":12}},{"id":"28184f44-1bc0-4e61-9648-ead94a902ebe","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":28,"box":{"x":60,"y":656,"width":623,"height":12}},{"id":"083d91fc-6e65-4f1a-8917-e7e8805a189f","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":28,"box":{"x":81,"y":676,"width":846,"height":11}},{"id":"9f7a5c19-3703-40c2-bb4b-ca8ea4bbbdc7","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":28,"box":{"x":82,"y":691,"width":352,"height":11}},{"id":"97d5080f-2f12-4e25-8882-08709e73462a","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans, provided the shares are","page_number":28,"box":{"x":82,"y":711,"width":817,"height":11}},{"id":"82228c01-12b4-4a6c-b38e-ea000582efa5","block_type":"box","text":"transferred to Investor A Shares of the same or another BlackRock Fund as either a direct rollover, or subsequent to","page_number":28,"box":{"x":80,"y":726,"width":854,"height":11}},{"id":"53da4325-fe38-4217-9b2d-8a6f94560f36","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":28,"box":{"x":81,"y":741,"width":840,"height":11}},{"id":"9fa04777-95e0-4c08-b76a-cc45ef52fb0c","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":28,"box":{"x":81,"y":755,"width":760,"height":12}},{"id":"809a9ecd-3804-47cd-b319-29aca5a9096b","block_type":"box","text":"Intermediary firm has entered into a Class A Net Asset Value agreement with respect to such program with the","page_number":28,"box":{"x":82,"y":770,"width":812,"height":12}},{"id":"9624ce27-5c71-4e94-8dde-17eeed9c345c","block_type":"box","text":"Distributor;","page_number":28,"box":{"x":82,"y":785,"width":79,"height":11}},{"id":"3cac2378-5e0a-441c-92ff-e678001086df","block_type":"box","text":"Insurance company separate accounts;","page_number":28,"box":{"x":82,"y":805,"width":286,"height":11}},{"id":"21366af3-db78-409d-b4c6-86a2b6bb6fd1","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":28,"box":{"x":82,"y":825,"width":836,"height":11}},{"id":"70afef93-9a62-4a20-96ef-95f6fa03b236","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":28,"box":{"x":81,"y":840,"width":446,"height":11}},{"id":"8829b242-f7c1-4e1d-bbdb-2b82b32fe25c","block_type":"box","text":"Persons participating in a fee-based program (such as a wrap account) under which they pay advisory fees to a","page_number":28,"box":{"x":81,"y":860,"width":815,"height":11}},{"id":"fc03b14a-5a26-44b4-a3e1-32197b90d32d","block_type":"box","text":"broker-dealer or other financial institution;","page_number":28,"box":{"x":81,"y":875,"width":306,"height":10}},{"id":"d79c2934-a566-4f38-b14f-e494c43bfff4","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9cd83819-ebc3-489c-ac69-ddbde9c629f4","block_type":"box","text":"NM1026U-5982500-28/68","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d81a2ab3-c087-4171-be13-4c4ee18be367","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":29,"box":{"x":82,"y":46,"width":828,"height":11}},{"id":"a3b62453-3449-4004-8e2a-082dfa2ffea1","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":29,"box":{"x":82,"y":60,"width":800,"height":12}},{"id":"5c909cb5-c4f6-4136-9c52-ec809e62124d","block_type":"box","text":"transaction fee;","page_number":29,"box":{"x":80,"y":75,"width":114,"height":11}},{"id":"c6a97126-d564-4c62-be98-ca8aaebb9544","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":29,"box":{"x":81,"y":95,"width":819,"height":12}},{"id":"93e3e13e-09d6-47b6-8568-8863160a9cc7","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":29,"box":{"x":81,"y":110,"width":846,"height":12}},{"id":"f615a9ea-a852-4758-8294-6f612df8a6bb","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":29,"box":{"x":82,"y":125,"width":843,"height":11}},{"id":"182494d0-5c68-4e73-9096-73d4da3e510f","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":29,"box":{"x":82,"y":140,"width":829,"height":11}},{"id":"0c7edc9c-9e58-4dee-8321-126c41c439f8","block_type":"box","text":"and (e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through (d);","page_number":29,"box":{"x":81,"y":155,"width":815,"height":11}},{"id":"f5ba3332-a7d3-470e-8653-5a20bebce541","block_type":"box","text":"State sponsored 529 college savings plans and rollovers of such 529 plans into Roth IRAs as permitted under the","page_number":29,"box":{"x":81,"y":175,"width":841,"height":11}},{"id":"d44a79ef-e807-48c4-8fa1-ebba62c71698","block_type":"box","text":"Internal Revenue Code; and","page_number":29,"box":{"x":82,"y":190,"width":201,"height":10}},{"id":"711924ed-9527-42ee-ae5d-acd46c9eed52","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":29,"box":{"x":81,"y":210,"width":808,"height":11}},{"id":"e9fbfb24-d83b-4eb5-a227-4d412427d031","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":29,"box":{"x":62,"y":232,"width":852,"height":11}},{"id":"435f1b73-0850-4b72-a5f3-fd4233455471","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":29,"box":{"x":62,"y":247,"width":846,"height":11}},{"id":"fd1fe7b7-a116-451b-a52c-243368c9902d","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":29,"box":{"x":62,"y":262,"width":434,"height":11}},{"id":"3621644f-2a30-4641-b125-18409f5e4ed2","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":29,"box":{"x":62,"y":284,"width":864,"height":12}},{"id":"d5539f7f-8fc4-4c81-a8b5-134907d8b1aa","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the same","page_number":29,"box":{"x":61,"y":299,"width":852,"height":12}},{"id":"b4bc0aa6-0947-4694-87d0-e85419bd4a14","block_type":"box","text":"Fund. In such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of","page_number":29,"box":{"x":62,"y":314,"width":837,"height":11}},{"id":"c93d5302-d209-448f-8097-04a47634dc1a","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":29,"box":{"x":62,"y":329,"width":873,"height":11}},{"id":"81c63aa8-b0ad-4427-a13a-91a0c7ddf94b","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":29,"box":{"x":62,"y":343,"width":317,"height":12}},{"id":"0688a490-0dae-4f7f-bd9e-ff7e755064a3","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":366,"width":861,"height":12}},{"id":"299a68bf-ce1b-4722-bb20-d77892429b72","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":381,"width":817,"height":11}},{"id":"16b9ff7a-efd0-4b54-9608-1d199d5154d9","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":29,"box":{"x":61,"y":404,"width":306,"height":10}},{"id":"025f92e8-33ff-4600-9240-4a449d051535","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you","page_number":29,"box":{"x":62,"y":419,"width":814,"height":13}},{"id":"fbe3228e-1844-4745-aaf6-dafb924f5694","block_type":"box","text":"redeem your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of","page_number":29,"box":{"x":61,"y":435,"width":828,"height":12}},{"id":"78f8ff37-f67f-4f82-8fc6-895d9b1c963d","block_type":"box","text":"1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion","page_number":29,"box":{"x":62,"y":450,"width":857,"height":11}},{"id":"387bc933-6503-41ca-85bf-40d39ddebe6d","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":29,"box":{"x":61,"y":465,"width":451,"height":11}},{"id":"cedb76d3-10e6-4552-b1df-a7c58835db3e","block_type":"box","text":"If you are eligible to buy both Investor A and Institutional Shares, you should buy Institutional Shares since Investor A","page_number":29,"box":{"x":62,"y":487,"width":860,"height":12}},{"id":"b9ba2dcc-d7e7-4cc8-ae1a-f041733a389d","block_type":"box","text":"Shares are subject to a front end sales charge and an annual 0.25% service fee, while Institutional Shares are not.","page_number":29,"box":{"x":61,"y":502,"width":848,"height":12}},{"id":"c062aa72-e875-42c4-bdaf-0495b0f5498f","block_type":"box","text":"The Distributor normally pays the annual Investor A Shares service fee to dealers as a shareholder servicing fee on a","page_number":29,"box":{"x":60,"y":517,"width":863,"height":11}},{"id":"a500fdd2-36b5-4578-b0a8-47fbf350649f","block_type":"box","text":"monthly basis.","page_number":29,"box":{"x":61,"y":532,"width":105,"height":11}},{"id":"00d625e2-3738-4172-af72-1bf984efe9c2","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":29,"box":{"x":61,"y":555,"width":420,"height":12}},{"id":"e97af0ac-352d-4d7d-96c6-c6013786ffe9","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase. However, if you redeem","page_number":29,"box":{"x":62,"y":571,"width":865,"height":12}},{"id":"6a255609-3ee6-473c-8036-412ad3f9854f","block_type":"box","text":"your Investor C Shares within one year after purchase, you may be required to pay a deferred sales charge of 1.00%.","page_number":29,"box":{"x":60,"y":586,"width":858,"height":11}},{"id":"9ec55e2f-673c-42ff-a202-d0e81e7bc9ff","block_type":"box","text":"The charge will apply to the lesser of the original cost of the shares being redeemed or the proceeds of your","page_number":29,"box":{"x":60,"y":601,"width":795,"height":11}},{"id":"2ca18a77-e711-47f4-8b4f-e03446e6055b","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":29,"box":{"x":61,"y":615,"width":874,"height":12}},{"id":"8bc1daaa-3b54-4264-8474-cf1a37e4df5b","block_type":"box","text":"charge is charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition,","page_number":29,"box":{"x":61,"y":630,"width":867,"height":12}},{"id":"321aae91-c5f7-416c-8b73-e7d76caa3884","block_type":"box","text":"you will not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of","page_number":29,"box":{"x":60,"y":645,"width":843,"height":12}},{"id":"115facfa-36dc-4f53-9a5f-1b3ef6bfe260","block_type":"box","text":"Fund dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of","page_number":29,"box":{"x":62,"y":660,"width":873,"height":11}},{"id":"fd0e2eea-096f-42af-a3e0-7db612f7ec05","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":29,"box":{"x":60,"y":675,"width":745,"height":11}},{"id":"b8693d1d-17d2-406b-bf08-ee479207e75a","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":29,"box":{"x":62,"y":697,"width":864,"height":12}},{"id":"a93805f4-96c2-4532-bab4-a3f28e6badb3","block_type":"box","text":"approximately eight years after the date of purchase. It is the Financial Intermediary’s responsibility to ensure that the","page_number":29,"box":{"x":61,"y":712,"width":870,"height":12}},{"id":"ba716d5c-1a7f-4aa2-900a-5e0994935b89","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":29,"box":{"x":61,"y":727,"width":823,"height":12}},{"id":"f986eb19-6d7d-45eb-b674-188fc19fa9df","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":29,"box":{"x":62,"y":742,"width":847,"height":11}},{"id":"905c34f5-078f-46fe-b709-09987e7c5c90","block_type":"box","text":"may not be able to process such conversions. In such instances, the automatic conversion of Investor C Shares to","page_number":29,"box":{"x":61,"y":757,"width":842,"height":11}},{"id":"ace122d2-f9e5-4ba0-a2fa-a7487f514b53","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":29,"box":{"x":62,"y":771,"width":865,"height":12}},{"id":"d9e3f060-ab65-4dc6-8b64-0719bb4aedd3","block_type":"box","text":"Shares to Investor A Shares is not a taxable event for Federal income tax purposes. Please consult your Financial","page_number":29,"box":{"x":61,"y":786,"width":832,"height":12}},{"id":"887bb504-6e2e-42c0-ab84-0b65555dd210","block_type":"box","text":"Intermediary for additional information.","page_number":29,"box":{"x":62,"y":801,"width":285,"height":12}},{"id":"153a751e-9f90-420f-b77f-ed958cbd8934","block_type":"box","text":"In addition, accounts that do not have a Financial Intermediary associated with them are not eligible to hold Investor C","page_number":29,"box":{"x":62,"y":824,"width":869,"height":11}},{"id":"11a11d55-d987-4b65-b758-f53ecb8e8d2e","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":29,"box":{"x":61,"y":839,"width":810,"height":11}},{"id":"de6ae6d5-365d-4a40-8d9d-e96bb35ad12c","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":861,"width":861,"height":12}},{"id":"58b10ea3-1c06-4d28-8d07-ccbde9c813b4","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":876,"width":817,"height":11}},{"id":"69044b08-e8fc-4aa7-8e57-553216228e6c","block_type":"box","text":"You will also pay distribution fees of 0.75% and service fees of 0.25% for Investor C Shares each year. Because these","page_number":29,"box":{"x":60,"y":898,"width":870,"height":12}},{"id":"ead8d80b-57f3-49b7-af93-49b03773fd76","block_type":"box","text":"fees are paid out of the Fund’s assets on an ongoing basis, over time these fees increase the cost of your investment","page_number":29,"box":{"x":60,"y":913,"width":870,"height":12}},{"id":"8c1c0028-4ba4-459f-91f8-3e5722a3e35e","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"54564d8b-b1fe-4712-9456-d37d10e63ea0","block_type":"box","text":"NM1026U-5982500-29/68","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"300fc73f-4339-4b28-9958-f4c31bdea3ca","block_type":"box","text":"and may cost you more than paying other types of sales charges. The Distributor uses the money that it receives from","page_number":30,"box":{"x":61,"y":46,"width":867,"height":11}},{"id":"1ab0e5f5-6b4c-48f4-9c2e-6144cd53e959","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":30,"box":{"x":60,"y":60,"width":849,"height":12}},{"id":"2967b409-5c36-4f93-93ed-85e50dd3a064","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":30,"box":{"x":60,"y":76,"width":517,"height":11}},{"id":"f1e54066-69c1-49f2-a588-18c14de7986d","block_type":"box","text":"The Distributor currently pays dealers a sales concession of 1.00% of the purchase price of Investor C Shares from its","page_number":30,"box":{"x":60,"y":98,"width":870,"height":11}},{"id":"15aa336c-64aa-4302-a7bb-371c30884dbc","block_type":"box","text":"own resources at the time of sale. The Distributor pays the annual Investor C Shares distribution fee and the annual","page_number":30,"box":{"x":61,"y":113,"width":853,"height":11}},{"id":"050c988b-6e5c-471d-9741-980ace5d9445","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":30,"box":{"x":62,"y":127,"width":851,"height":12}},{"id":"bb6093d4-7a5a-4326-aced-0d765a52c67a","block_type":"box","text":"for Investor C Shares held for over a year and normally retains the Investor C Shares distribution fee and service fee","page_number":30,"box":{"x":60,"y":142,"width":856,"height":12}},{"id":"074e6ff3-994b-4631-b45c-155763d848fc","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":30,"box":{"x":61,"y":157,"width":850,"height":12}},{"id":"426b256d-9f3f-4ace-944f-59a5a9ab531d","block_type":"box","text":"Investor C Shares distribution fee and service fee to dealers beginning in the first year after purchase in lieu of paying","page_number":30,"box":{"x":62,"y":172,"width":866,"height":12}},{"id":"6d312d6f-10d3-429d-bca2-81b1b082fc15","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":30,"box":{"x":60,"y":187,"width":782,"height":11}},{"id":"e2d4a2ca-91e9-4aed-9fc5-1aaa33647a29","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":30,"box":{"x":62,"y":202,"width":317,"height":11}},{"id":"3b7a5d8c-cded-45fd-a0f7-f70d199ad811","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":30,"box":{"x":61,"y":225,"width":352,"height":12}},{"id":"5ecca364-7595-4233-8b96-a376241b3462","block_type":"box","text":"The deferred sales charge relating to Investor A and C Shares may be reduced or waived in certain circumstances,","page_number":30,"box":{"x":60,"y":241,"width":842,"height":12}},{"id":"4bf1d1dd-7277-4773-be24-fa13542c0b1b","block_type":"box","text":"such as:","page_number":30,"box":{"x":61,"y":256,"width":61,"height":9}},{"id":"452ef953-4268-4d30-9da0-4283042059b8","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":30,"box":{"x":82,"y":276,"width":824,"height":11}},{"id":"d1e3587e-4d57-4bc8-b633-9e2d23a5e3a6","block_type":"box","text":"investments in the Fund through such plans;","page_number":30,"box":{"x":82,"y":291,"width":324,"height":11}},{"id":"da6d58dd-9ac6-496b-b686-06f0e0faccd2","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":30,"box":{"x":82,"y":311,"width":844,"height":11}},{"id":"48f0ebda-f5bb-4f08-a8b8-982666cceb2a","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":30,"box":{"x":82,"y":325,"width":375,"height":12}},{"id":"70fa05ba-a49f-476d-a3bd-482c58b9383a","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":30,"box":{"x":82,"y":345,"width":826,"height":12}},{"id":"cfb21ce1-321d-4a98-a861-0b942ff659cb","block_type":"box","text":"shareholder reaching the age of 72;","page_number":30,"box":{"x":81,"y":360,"width":262,"height":12}},{"id":"82757075-77e1-4c93-8bc6-e4a634596b02","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":30,"box":{"x":82,"y":380,"width":804,"height":12}},{"id":"9d668249-7dd0-47a1-b34c-ea28a703b627","block_type":"box","text":"Redemptions resulting from shareholder death as long as the waiver request is made within one year of death or, if","page_number":30,"box":{"x":82,"y":400,"width":847,"height":12}},{"id":"035dc913-5502-4899-8e86-60a79b75770c","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":30,"box":{"x":82,"y":415,"width":834,"height":12}},{"id":"28f0dde6-96e4-4066-bb27-d02528972bb0","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":30,"box":{"x":81,"y":430,"width":297,"height":11}},{"id":"6fbb9c9e-1ccc-4276-ab78-f06e24bc1da9","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":30,"box":{"x":81,"y":450,"width":847,"height":11}},{"id":"9ff27b95-0b37-4189-82b3-0f6abf06710a","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":30,"box":{"x":81,"y":465,"width":360,"height":11}},{"id":"4eaea2d2-f3cd-43e6-bdf7-417fbce079c1","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":30,"box":{"x":82,"y":485,"width":525,"height":11}},{"id":"e6c29bdb-c91d-4cc6-b798-4bd0d7d37a11","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":30,"box":{"x":81,"y":505,"width":833,"height":11}},{"id":"313340f8-3c42-4528-9326-b97465a19d3f","block_type":"box","text":"affiliate;","page_number":30,"box":{"x":81,"y":519,"width":59,"height":11}},{"id":"5218846c-3356-4c8e-bdab-0a3c59302fdc","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":30,"box":{"x":82,"y":539,"width":823,"height":12}},{"id":"38e878d0-33be-4f0c-b9cd-f6724724bafd","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":30,"box":{"x":82,"y":559,"width":732,"height":12}},{"id":"a6e170b9-189e-474d-8066-ae6a2696ff9e","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":30,"box":{"x":61,"y":582,"width":861,"height":11}},{"id":"78b94717-e9dc-4831-9437-d35534a83b37","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":30,"box":{"x":60,"y":597,"width":817,"height":11}},{"id":"ce2b5936-7f88-4dda-93f3-03c241220e09","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":30,"box":{"x":62,"y":619,"width":805,"height":12}},{"id":"7f4b6466-c888-450f-b16d-3ecb25c88a2a","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":30,"box":{"x":62,"y":634,"width":857,"height":12}},{"id":"2aca1d2e-9219-4d74-8ac2-0b02863a5293","block_type":"box","text":"Institutional Shares","page_number":30,"box":{"x":61,"y":657,"width":161,"height":10}},{"id":"059cb63a-6f46-468a-b2fe-4012ff644a16","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":30,"box":{"x":62,"y":674,"width":864,"height":11}},{"id":"3e80a0a5-f433-4a42-8da3-a0af37743c4a","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":30,"box":{"x":60,"y":688,"width":865,"height":12}},{"id":"75a42c89-50c9-4e20-a488-e4704f5ef596","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":30,"box":{"x":62,"y":703,"width":845,"height":12}},{"id":"8f68eaca-d75b-4818-9296-ae2748e49ac9","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":30,"box":{"x":61,"y":718,"width":557,"height":11}},{"id":"c1e88623-f449-4b38-b186-fb9684928b24","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":30,"box":{"x":62,"y":740,"width":826,"height":12}},{"id":"487c5da7-fb6a-47d6-a181-2e56f98401fa","block_type":"box","text":"Shares on such brokerage platforms through a broker acting as an agent for the investor may be required to pay a","page_number":30,"box":{"x":61,"y":755,"width":838,"height":12}},{"id":"28d8f504-de4e-408d-937b-8437bd5c1ec1","block_type":"box","text":"commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share","page_number":30,"box":{"x":61,"y":770,"width":816,"height":11}},{"id":"2e191114-eeaa-4dac-9da8-7e2a3de190b1","block_type":"box","text":"classes that have different fees and expenses.","page_number":30,"box":{"x":61,"y":785,"width":345,"height":11}},{"id":"151f73e6-030f-490f-b999-d4cc52189a44","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":30,"box":{"x":62,"y":808,"width":421,"height":11}},{"id":"df08990b-c2cc-45c1-9262-be541188d987","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":30,"box":{"x":82,"y":827,"width":854,"height":12}},{"id":"043eecec-e138-47af-9892-cafa5bbb654d","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":30,"box":{"x":80,"y":843,"width":849,"height":11}},{"id":"bf1216a7-07fe-466a-855c-28957c9de0ba","block_type":"box","text":"shares;","page_number":30,"box":{"x":81,"y":857,"width":53,"height":11}},{"id":"c6828030-78c3-4664-b330-00107cf4865f","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":30,"box":{"x":81,"y":877,"width":838,"height":12}},{"id":"16a93f55-5425-4167-b6dd-65deb2548497","block_type":"box","text":"services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load","page_number":30,"box":{"x":81,"y":892,"width":829,"height":12}},{"id":"3c4dc110-a0d2-4196-9429-79b01a95687d","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":30,"box":{"x":82,"y":907,"width":604,"height":11}},{"id":"ca61200b-db89-4267-92ea-1e27150427c5","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1520b3bd-2b22-4b05-90d5-bc9efe4b564f","block_type":"box","text":"NM1026U-5982500-30/68","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8a254006-e20e-455b-a29f-f58f78fd7213","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":31,"box":{"x":81,"y":46,"width":840,"height":11}},{"id":"8f2bddf1-b6db-4aec-b240-f96d51bf0000","block_type":"box","text":"such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum","page_number":31,"box":{"x":81,"y":60,"width":853,"height":12}},{"id":"f8af259d-3194-4708-8872-3d65e1cb0b0b","block_type":"box","text":"initial investment of $1,000;","page_number":31,"box":{"x":82,"y":75,"width":207,"height":11}},{"id":"fc9648f2-ee43-406a-8486-5893728b0761","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":31,"box":{"x":81,"y":95,"width":816,"height":12}},{"id":"3cf5a9af-e8f4-452e-8dc6-897d412d08b8","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":31,"box":{"x":82,"y":110,"width":821,"height":12}},{"id":"de4dc328-fb1e-4570-a71d-364d6d0d09f3","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":31,"box":{"x":80,"y":125,"width":835,"height":11}},{"id":"749d31cb-cb25-4460-8438-07a168ed3cd1","block_type":"box","text":"and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of","page_number":31,"box":{"x":81,"y":140,"width":835,"height":11}},{"id":"cf444055-dfd5-4162-b0d7-3850fa6d6dc6","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":31,"box":{"x":80,"y":155,"width":849,"height":11}},{"id":"3e0cc925-93b6-49db-81c4-0f0ad9d65d89","block_type":"box","text":"shares;","page_number":31,"box":{"x":81,"y":170,"width":53,"height":10}},{"id":"6d29bdc1-906c-43c4-bb49-9f63721698a6","block_type":"box","text":"Trust department clients of Bank of America, N.A. and its affiliates for whom they (i) act in a fiduciary capacity","page_number":31,"box":{"x":81,"y":189,"width":810,"height":12}},{"id":"b368184c-8857-4d58-ba91-4ac4ed6ccc76","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":31,"box":{"x":81,"y":204,"width":812,"height":12}},{"id":"bdff9161-e90e-45c3-97f0-041be72a881e","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":31,"box":{"x":81,"y":218,"width":719,"height":12}},{"id":"2fd6b622-9125-4348-9fe8-56111612b67d","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":31,"box":{"x":82,"y":239,"width":799,"height":11}},{"id":"c19252be-bbed-44a9-baef-456635ee3297","block_type":"box","text":"reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial","page_number":31,"box":{"x":82,"y":254,"width":794,"height":11}},{"id":"9f241fa8-9dfc-491f-8969-860fbd7deeaa","block_type":"box","text":"investment;","page_number":31,"box":{"x":82,"y":269,"width":83,"height":10}},{"id":"da956bf8-8555-4c27-a739-4581708a334e","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":31,"box":{"x":82,"y":289,"width":805,"height":11}},{"id":"9541045a-522d-4a3b-969a-db3fa5a2a82a","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":31,"box":{"x":82,"y":303,"width":819,"height":12}},{"id":"b84180c1-2e6a-4bf4-a78c-1a58c01e177e","block_type":"box","text":"investment;","page_number":31,"box":{"x":82,"y":319,"width":83,"height":10}},{"id":"e79122f0-8944-48f1-9f55-d9126b15f895","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":31,"box":{"x":81,"y":338,"width":836,"height":12}},{"id":"c5f93cd1-be11-4680-9f54-33d646ac37de","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":31,"box":{"x":81,"y":353,"width":851,"height":12}},{"id":"bf127726-0ea1-44b6-954d-0f3341119c1d","block_type":"box","text":"of such persons; and","page_number":31,"box":{"x":81,"y":368,"width":154,"height":11}},{"id":"dc0cdbf4-a79e-46be-a374-22295d1af1d0","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":31,"box":{"x":81,"y":388,"width":816,"height":11}},{"id":"d66989e8-8646-4538-84e5-219bd608518b","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":31,"box":{"x":82,"y":403,"width":851,"height":11}},{"id":"fb8e41b1-3635-49e6-8235-16b1cc6635a6","block_type":"box","text":"the Fund on an omnibus basis.","page_number":31,"box":{"x":80,"y":418,"width":227,"height":9}},{"id":"6d1cca08-8460-4c24-8c7e-e502c0b09ce8","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":31,"box":{"x":60,"y":440,"width":620,"height":12}},{"id":"2437c61e-6a79-491b-b715-2558af0e2392","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":31,"box":{"x":61,"y":479,"width":442,"height":14}},{"id":"82ea8900-eb83-4068-a9f8-a1f2ead1c7e1","block_type":"box","text":"Plan Payments","page_number":31,"box":{"x":61,"y":506,"width":122,"height":12}},{"id":"23a11857-e85a-4441-9fe8-9d9304320372","block_type":"box","text":"The Trust, on behalf of the Fund, has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment","page_number":31,"box":{"x":60,"y":522,"width":815,"height":11}},{"id":"a574505f-8afe-4159-ba67-529a3161cae6","block_type":"box","text":"Company Act with respect to the Investor Shares that allows the Fund to pay distribution fees for the sale of its shares","page_number":31,"box":{"x":61,"y":537,"width":872,"height":11}},{"id":"6b24ead4-32f2-4315-95e9-78304af29807","block_type":"box","text":"and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":31,"box":{"x":61,"y":552,"width":612,"height":11}},{"id":"791fc04d-21e8-4c9e-91ea-c7a515b14e72","block_type":"box","text":"Under the Plan, Investor C Shares pay a distribution fee to the Distributor and/or its affiliates, for distribution and","page_number":31,"box":{"x":62,"y":574,"width":834,"height":12}},{"id":"7438bbf2-ac28-48f1-86fe-5c247a2581bd","block_type":"box","text":"sales support services. The distribution fees may be used to pay the Distributor for distribution and sales support","page_number":31,"box":{"x":61,"y":589,"width":839,"height":11}},{"id":"237c48a6-a457-45e6-aecc-84162f1126a3","block_type":"box","text":"services and to pay the Distributor and BlackRock and its affiliates for sales support services provided and related","page_number":31,"box":{"x":61,"y":604,"width":845,"height":11}},{"id":"be0b74e4-52df-4dbc-88d3-1bc110669413","block_type":"box","text":"expenses incurred in connection with the sale of Investor C Shares. The distribution fees may also be used to pay","page_number":31,"box":{"x":61,"y":619,"width":838,"height":11}},{"id":"39f7c7d2-d905-4bc3-b7e9-1bda97f1f1b4","block_type":"box","text":"Financial Intermediaries for sales support services and related expenses. All Investor C Shares pay a maximum","page_number":31,"box":{"x":62,"y":633,"width":819,"height":12}},{"id":"00c85559-ef69-4a17-b5df-adc2c710b561","block_type":"box","text":"distribution fee per year that is a percentage of the average daily net asset value of the Investor C Shares of the Fund.","page_number":31,"box":{"x":61,"y":648,"width":869,"height":12}},{"id":"a8f58032-6b3e-4787-a8b5-b6081bcfe0ec","block_type":"box","text":"Institutional and Investor A Shares do not pay distribution fees.","page_number":31,"box":{"x":62,"y":663,"width":462,"height":12}},{"id":"19fcbe07-ba5e-49f6-9333-80d2231c72e2","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":31,"box":{"x":62,"y":686,"width":873,"height":11}},{"id":"8bc991b9-5d0d-4505-bec9-45a0a63b1562","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares of the","page_number":31,"box":{"x":60,"y":701,"width":838,"height":11}},{"id":"63c0c41d-98b7-4c9a-a3d1-6c712ee97502","block_type":"box","text":"Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":31,"box":{"x":62,"y":715,"width":837,"height":12}},{"id":"8cd8e400-f57e-4360-9874-533069cae372","block_type":"box","text":"Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a","page_number":31,"box":{"x":62,"y":730,"width":853,"height":12}},{"id":"9eb4a9d6-14b4-4fea-be1d-4014979b9443","block_type":"box","text":"shareholder servicing fee.","page_number":31,"box":{"x":61,"y":745,"width":189,"height":12}},{"id":"c23439e4-4080-433e-9d43-028bbbb9095a","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":31,"box":{"x":62,"y":768,"width":859,"height":11}},{"id":"d75657eb-0ce0-44c4-b5c0-e7ec71b4f210","block_type":"box","text":"the following services to their customers who own Investor Shares:","page_number":31,"box":{"x":60,"y":782,"width":492,"height":12}},{"id":"91d0db07-bd71-4e40-a84c-15d72b632661","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":31,"box":{"x":81,"y":803,"width":848,"height":11}},{"id":"39c71659-36d1-452a-98d6-b5377a4fc54b","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":31,"box":{"x":82,"y":817,"width":811,"height":12}},{"id":"cf73516e-a1ef-4a75-8648-04d757a2bb3d","block_type":"box","text":"investments;","page_number":31,"box":{"x":82,"y":832,"width":92,"height":11}},{"id":"c39c2107-74e6-429d-b1d2-d235e70ae60b","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":31,"box":{"x":81,"y":852,"width":801,"height":12}},{"id":"72edf120-80ec-48e4-9d27-6439678f5430","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":31,"box":{"x":81,"y":872,"width":379,"height":12}},{"id":"3dc4698f-9652-430f-8e74-d5f00f2557ed","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"c10262db-0e7c-4d64-b7ee-2816e37550e1","block_type":"box","text":"NM1026U-5982500-31/68","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"65b9b02a-068d-48e3-9792-7f3a7304b2c5","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":32,"box":{"x":60,"y":46,"width":856,"height":11}},{"id":"7e9050d7-055c-4e46-8167-5f7a076414f4","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":32,"box":{"x":61,"y":60,"width":848,"height":12}},{"id":"69daba71-64a4-4ca5-bd39-28594b1bb0f9","block_type":"box","text":"sale of the Fund’s shares.","page_number":32,"box":{"x":61,"y":75,"width":191,"height":10}},{"id":"c0161350-01d3-44dc-97cf-f99af951db1a","block_type":"box","text":"Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these","page_number":32,"box":{"x":62,"y":98,"width":850,"height":11}},{"id":"b5146219-afe5-435d-9a34-48b256a5d7fc","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In","page_number":32,"box":{"x":60,"y":113,"width":836,"height":11}},{"id":"c8b352ca-cb79-4d4a-ac03-fe655985f588","block_type":"box","text":"addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front end sales","page_number":32,"box":{"x":61,"y":127,"width":850,"height":12}},{"id":"40e6af02-a50e-4139-bb8d-748c63ac8652","block_type":"box","text":"charge on Investor A Shares. For more information on the Plan, including a complete list of services provided","page_number":32,"box":{"x":61,"y":142,"width":800,"height":12}},{"id":"277f2fbb-f176-4ac0-9d7f-541563c41c1d","block_type":"box","text":"thereunder, see the SAI.","page_number":32,"box":{"x":60,"y":157,"width":178,"height":11}},{"id":"def75502-6a43-4541-b34d-f517a839053b","block_type":"box","text":"Other Payments by the Fund","page_number":32,"box":{"x":61,"y":180,"width":233,"height":13}},{"id":"afcd5368-361d-4217-b140-d2a6228c8ce0","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its","page_number":32,"box":{"x":62,"y":196,"width":874,"height":12}},{"id":"b5773d9a-328d-4073-b682-77dedd1a14f3","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":32,"box":{"x":60,"y":211,"width":846,"height":12}},{"id":"288f3948-493e-4fd4-b82e-ed7e9f5619b2","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":32,"box":{"x":61,"y":226,"width":874,"height":12}},{"id":"1f1ed431-e709-4aca-af2b-18ab530ba3d2","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":32,"box":{"x":60,"y":241,"width":843,"height":12}},{"id":"9b4a386a-5b29-4fed-92ad-6ebc290183a4","block_type":"box","text":"and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average","page_number":32,"box":{"x":61,"y":256,"width":862,"height":11}},{"id":"c824f50b-8864-43ae-b647-59b943ae51d2","block_type":"box","text":"daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each","page_number":32,"box":{"x":61,"y":271,"width":815,"height":11}},{"id":"e3281d1a-5604-4fbd-b6bd-63c5118e2500","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":32,"box":{"x":61,"y":285,"width":791,"height":12}},{"id":"095e8723-4157-4af6-8651-846ae870ac2e","block_type":"box","text":"Other Payments by BlackRock","page_number":32,"box":{"x":61,"y":309,"width":252,"height":12}},{"id":"bad12134-2065-47ee-b380-a1c9448686a5","block_type":"box","text":"From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":32,"box":{"x":62,"y":325,"width":851,"height":11}},{"id":"21513fc9-0ede-4b50-81e0-4d86b000ef59","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":32,"box":{"x":61,"y":340,"width":843,"height":11}},{"id":"08b2861e-283c-4767-90f4-6b956d87b993","block_type":"box","text":"their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate","page_number":32,"box":{"x":60,"y":354,"width":853,"height":12}},{"id":"b6db3435-8e7b-4128-af6a-cbff2f1c71d5","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":32,"box":{"x":61,"y":369,"width":866,"height":12}},{"id":"363e200a-c650-4cbe-9fe1-37efb5f6c42a","block_type":"box","text":"would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be","page_number":32,"box":{"x":60,"y":384,"width":839,"height":11}},{"id":"4252ee98-87b6-45ec-9cbf-d075afb9891b","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":32,"box":{"x":61,"y":399,"width":860,"height":11}},{"id":"6d846b9a-e418-4920-ae42-c629d9608fac","block_type":"box","text":"of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another","page_number":32,"box":{"x":61,"y":414,"width":841,"height":11}},{"id":"b5cc8019-2133-485e-8f8e-59ea5885b38c","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":32,"box":{"x":61,"y":428,"width":856,"height":12}},{"id":"cd50f850-d6d4-4744-9a54-b6465083e415","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":32,"box":{"x":61,"y":443,"width":813,"height":12}},{"id":"37cace7a-e386-4513-a6bf-e18c96252572","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":32,"box":{"x":62,"y":458,"width":415,"height":12}},{"id":"13ebfa62-90de-4c15-a689-bdbd127798f9","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":32,"box":{"x":61,"y":481,"width":869,"height":11}},{"id":"b450e3bc-cf55-425f-81e1-411f0e6af982","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":32,"box":{"x":60,"y":496,"width":495,"height":10}},{"id":"9c1c5a24-d56d-4cc0-9c37-afa9a8882e24","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":32,"box":{"x":61,"y":534,"width":434,"height":14}},{"id":"6179268b-5b6d-4bd9-b67b-6145c3150974","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":32,"box":{"x":60,"y":561,"width":846,"height":11}},{"id":"d769dc78-cedf-4160-a0ea-2f05e051e8f3","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":32,"box":{"x":62,"y":575,"width":857,"height":12}},{"id":"03503fef-2a79-4d66-b987-2abe50bbd4f2","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":32,"box":{"x":60,"y":590,"width":809,"height":12}},{"id":"65bcc57b-30db-4547-a5ae-a7d7307998cc","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":32,"box":{"x":61,"y":605,"width":847,"height":12}},{"id":"3cf97f0a-7d9b-4b8e-bfae-653ca75f6886","block_type":"box","text":"may help you with this decision.","page_number":32,"box":{"x":61,"y":620,"width":232,"height":11}},{"id":"8558f118-8108-43b1-bf6a-615391fa893a","block_type":"box","text":"With certain limited exceptions, the Fund is generally available only to investors residing in the United States and may","page_number":32,"box":{"x":60,"y":643,"width":867,"height":11}},{"id":"eadb0da2-ddb4-4a61-afd0-2c79ef374427","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. Under this policy, in order to accept new accounts or additional","page_number":32,"box":{"x":61,"y":657,"width":858,"height":12}},{"id":"1ceef4ad-8cbf-47e0-9d88-86a3d5f647a5","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":32,"box":{"x":62,"y":672,"width":845,"height":12}},{"id":"5c360a97-6f6d-4b96-8d97-3259fe158f4e","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":32,"box":{"x":61,"y":687,"width":860,"height":12}},{"id":"ff96c3c6-77d8-4244-a2c9-958635c46181","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification","page_number":32,"box":{"x":60,"y":702,"width":868,"height":11}},{"id":"028f4fc3-bd1c-4b5a-aad4-2a3806144baa","block_type":"box","text":"number, and (ii) a Financial Intermediary or a shareholder that is an entity be domiciled in the United States and have","page_number":32,"box":{"x":61,"y":717,"width":863,"height":11}},{"id":"a0cf32c2-4fae-4161-aca8-4fee71d67ee8","block_type":"box","text":"a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S. taxpayer","page_number":32,"box":{"x":61,"y":731,"width":787,"height":12}},{"id":"96ee7d00-7236-4c72-acd3-893bee5c8dc7","block_type":"box","text":"identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be","page_number":32,"box":{"x":62,"y":746,"width":857,"height":12}},{"id":"51b3747a-0846-4f61-bdea-31350f4067e3","block_type":"box","text":"restricted from making additional investments.","page_number":32,"box":{"x":61,"y":761,"width":341,"height":12}},{"id":"a2d9de24-6820-454f-b3ef-3011ad17e5c1","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":32,"box":{"x":60,"y":784,"width":861,"height":11}},{"id":"03335482-f102-417d-9926-75d176ecf29a","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. In","page_number":32,"box":{"x":60,"y":798,"width":856,"height":12}},{"id":"b954a865-40cd-41f3-9b67-41a7358577fb","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":32,"box":{"x":61,"y":813,"width":822,"height":12}},{"id":"00ac7da4-a0d2-407d-b13f-524c5347a66b","block_type":"box","text":"described below.","page_number":32,"box":{"x":61,"y":828,"width":121,"height":9}},{"id":"084ed49d-ee07-4529-aac6-debc7f6ff0bf","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":32,"box":{"x":62,"y":851,"width":797,"height":11}},{"id":"0bfaa06f-ba59-48d4-bbc8-588066e9f296","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":32,"box":{"x":61,"y":866,"width":487,"height":11}},{"id":"3a7d2cc4-c153-45cf-af30-cdbc879cf85a","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"23018754-4b03-4e53-8ee6-d372a3dba2ae","block_type":"box","text":"NM1026U-5982500-32/68","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5e123059-9e06-4fe2-b54d-6d84e76b4c7f","block_type":"box","text":"How to Buy Shares","page_number":33,"box":{"x":61,"y":46,"width":156,"height":13}},{"id":"b2933e67-2a5e-49d0-b7e9-a59396145c24","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":33,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"3f378f96-549b-4bf0-b09e-3b98df0a892e","block_type":"box","text":"Initial Purchase","page_number":33,"box":{"x":61,"y":85,"width":105,"height":9}},{"id":"3ab4199e-3189-4ece-a474-992e691aaabe","block_type":"box","text":"First, select the share class","page_number":33,"box":{"x":214,"y":85,"width":183,"height":10}},{"id":"2c81562e-37fc-4768-9ce6-0f9746df871b","block_type":"box","text":"appropriate for you","page_number":33,"box":{"x":214,"y":99,"width":123,"height":10}},{"id":"e5488985-54c3-42f6-b4fc-a5205411d878","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":33,"box":{"x":461,"y":85,"width":458,"height":10}},{"id":"4b4d3b5d-5693-4552-8510-5bd3f47282d7","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":33,"box":{"x":461,"y":99,"width":435,"height":10}},{"id":"6b8824b9-be3a-4b26-bd1f-6160f0831e33","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":33,"box":{"x":461,"y":112,"width":444,"height":11}},{"id":"d055df2c-4804-4181-9129-11099b2cf825","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":33,"box":{"x":461,"y":126,"width":426,"height":10}},{"id":"21e9deb6-d514-42ce-8938-3b21f0efd8d1","block_type":"box","text":"Shares, you will receive Investor A Shares).","page_number":33,"box":{"x":461,"y":139,"width":284,"height":11}},{"id":"8418668e-34b3-4a6b-89df-d964434a0ee3","block_type":"box","text":"Certain factors, such as the amount of your investment, your time","page_number":33,"box":{"x":461,"y":155,"width":435,"height":11}},{"id":"ae9e25d1-d232-44d1-8bb2-53766ef9f72c","block_type":"box","text":"frame for investing, and your financial goals, may affect which share","page_number":33,"box":{"x":460,"y":169,"width":451,"height":10}},{"id":"f0cbf90f-adb8-4029-911f-9e9049cdeda6","block_type":"box","text":"class you choose. Your Financial Intermediary can help you determine","page_number":33,"box":{"x":461,"y":183,"width":460,"height":10}},{"id":"6f038823-81a7-4daa-8a0d-1a61ccd28d1b","block_type":"box","text":"which share class is appropriate for you.","page_number":33,"box":{"x":460,"y":196,"width":267,"height":10}},{"id":"401f4a48-f5c0-42b6-8432-24cfb2d435fe","block_type":"box","text":"Next, determine the amount of","page_number":33,"box":{"x":214,"y":214,"width":203,"height":10}},{"id":"f68c575f-3851-4561-9618-be5bad9498de","block_type":"box","text":"your investment","page_number":33,"box":{"x":213,"y":228,"width":105,"height":10}},{"id":"972daab0-1340-4ba9-92ca-8e79e6020b7b","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":33,"box":{"x":461,"y":214,"width":440,"height":8}},{"id":"1c520e8d-4ea6-4c29-95ed-c8b0b5a9e045","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":33,"box":{"x":461,"y":228,"width":418,"height":10}},{"id":"8ab463ea-21d5-49ce-9d31-4ca00dd1153f","block_type":"box","text":"investment amounts in Investor C Shares.","page_number":33,"box":{"x":461,"y":241,"width":276,"height":9}},{"id":"424750fb-254d-4d1a-a5cc-c7d3b1aa691f","block_type":"box","text":"See “Account Information — Details About the Share Classes” for","page_number":33,"box":{"x":461,"y":257,"width":437,"height":9}},{"id":"93cefc15-faa2-4c68-b3f3-c232f621b33f","block_type":"box","text":"information on a lower initial investment requirement for certain Fund","page_number":33,"box":{"x":461,"y":271,"width":457,"height":10}},{"id":"efa766f2-0a9d-4f9d-992d-fdf7c1db6e2b","block_type":"box","text":"investors if their purchase, combined with purchases by other investors","page_number":33,"box":{"x":461,"y":284,"width":471,"height":11}},{"id":"ba6b623c-f307-44ad-b277-6e173b16249d","block_type":"box","text":"received together by the Fund, meets the minimum investment","page_number":33,"box":{"x":461,"y":298,"width":413,"height":10}},{"id":"3ca40cf3-6b8c-4abe-97e9-b61d32ebe8a1","block_type":"box","text":"requirement.","page_number":33,"box":{"x":461,"y":312,"width":82,"height":10}},{"id":"215c49db-0c8a-471e-a176-389aac7150f3","block_type":"box","text":"Have your Financial Intermediary","page_number":33,"box":{"x":214,"y":330,"width":215,"height":10}},{"id":"09406fe7-21c2-4967-b028-086fb2472e0f","block_type":"box","text":"submit your purchase order","page_number":33,"box":{"x":214,"y":343,"width":181,"height":10}},{"id":"2beafc59-a1da-49a4-8613-adb17369ba1f","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":33,"box":{"x":460,"y":330,"width":466,"height":10}},{"id":"97ee817e-8c8e-4b9e-89fd-21af52d03563","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":33,"box":{"x":461,"y":343,"width":463,"height":10}},{"id":"1246c4e1-afa7-4238-9ea0-6802928fddcf","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":33,"box":{"x":461,"y":357,"width":443,"height":10}},{"id":"9183d15d-59b3-47bc-a4db-c50659e109e8","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":33,"box":{"x":461,"y":370,"width":445,"height":11}},{"id":"42fea6c8-4843-4f2f-9268-65408bdbbe5c","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":33,"box":{"x":461,"y":384,"width":435,"height":10}},{"id":"cc5e046b-75a6-4cd3-9d9e-6189448a41ac","block_type":"box","text":"however, may require submission of orders prior to that time. 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For your redemption request to be","page_number":34,"box":{"x":460,"y":767,"width":438,"height":10}},{"id":"f2366b7a-58a2-445d-bb32-d256f3e48632","block_type":"box","text":"priced at the net asset value on the day of your request, you must","page_number":34,"box":{"x":461,"y":780,"width":436,"height":10}},{"id":"153710a8-5306-415a-8cd2-d01c682214ef","block_type":"box","text":"submit your request to your Financial Intermediary prior to that day’s","page_number":34,"box":{"x":461,"y":794,"width":452,"height":10}},{"id":"6820bce5-9e8b-4d37-95ec-2e60ac001b15","block_type":"box","text":"close of business on the NYSE (generally 4:00 p.m. Eastern time).","page_number":34,"box":{"x":461,"y":807,"width":438,"height":11}},{"id":"3d438200-3108-496d-8f3e-d20f0ec6e86b","block_type":"box","text":"Certain Financial Intermediaries, however, may require submission of","page_number":34,"box":{"x":461,"y":821,"width":457,"height":10}},{"id":"bc160cb4-e4a8-463c-81f7-836eb0cec13a","block_type":"box","text":"orders prior to that time. Any redemption request placed after that time","page_number":34,"box":{"x":461,"y":834,"width":470,"height":11}},{"id":"edcf9dbe-ccad-40af-b6e3-ee134aaffe84","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":34,"box":{"x":460,"y":848,"width":447,"height":10}},{"id":"f95fe9be-f093-40cb-872d-54ddb92289e3","block_type":"box","text":"next business day.","page_number":34,"box":{"x":461,"y":862,"width":121,"height":10}},{"id":"f6ff91f0-bb79-4022-8152-366d609dbffe","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":34,"box":{"x":461,"y":877,"width":437,"height":11}},{"id":"c02f84bd-6f44-4ec5-a5ee-c236a28aa54c","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":34,"box":{"x":461,"y":891,"width":458,"height":10}},{"id":"d5230986-63e7-4996-8a41-0642ad5f75c2","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":34,"box":{"x":460,"y":904,"width":465,"height":11}},{"id":"cc2a2624-92c7-47aa-b852-ce75f827b31a","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2aab015a-7f0c-46b0-a116-a544294144de","block_type":"box","text":"NM1026U-5982500-34/68","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e42e9d79-a8cc-4546-ba11-ed6b7ebb17e2","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"13b3d60a-930a-4525-a2d0-e11bf744abfd","block_type":"box","text":"Full or Partial","page_number":35,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"53190c36-40d2-4e81-8a92-a79f0cf51999","block_type":"box","text":"Redemption of","page_number":35,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"04856922-44d0-4b93-adb8-1d3618b3cccd","block_type":"box","text":"Shares 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a","page_number":35,"box":{"x":461,"y":83,"width":415,"height":11}},{"id":"25327056-331f-4a3f-8408-a037b2b645db","block_type":"box","text":"redemption of shares.","page_number":35,"box":{"x":461,"y":97,"width":144,"height":10}},{"id":"de1d820c-bacd-4278-8548-5cf992d8724c","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":35,"box":{"x":460,"y":113,"width":380,"height":10}},{"id":"d4a6d963-4242-4989-8935-7d22045ba4df","block_type":"box","text":"circumstances.","page_number":35,"box":{"x":461,"y":127,"width":98,"height":8}},{"id":"e1c49381-6f23-45d8-9ff9-f7237df4d2a7","block_type":"box","text":"Selling shares held directly with","page_number":35,"box":{"x":214,"y":145,"width":207,"height":10}},{"id":"184d9a04-4b09-4dd0-a6b1-88d69e5f422f","block_type":"box","text":"BlackRock","page_number":35,"box":{"x":214,"y":158,"width":67,"height":8}},{"id":"71dbaf35-4d7b-4ab8-a84e-6ab6761e8166","block_type":"box","text":"Methods of Redeeming","page_number":35,"box":{"x":461,"y":145,"width":156,"height":10}},{"id":"8e566323-5e2e-4b40-b6d7-d489cfe9ea0d","block_type":"box","text":"Redeem by Telephone:","page_number":35,"box":{"x":461,"y":161,"width":150,"height":10}},{"id":"6395da71-0ae7-49f3-b98f-3e6c6329b8a3","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":35,"box":{"x":617,"y":161,"width":302,"height":10}},{"id":"f7cfab6b-1b09-4917-81cb-20072cf738b0","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":35,"box":{"x":460,"y":174,"width":464,"height":10}},{"id":"25cd2d2d-0229-4368-b5cb-d63c8dc920dc","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":35,"box":{"x":461,"y":187,"width":441,"height":11}},{"id":"c1976308-9d01-46af-9663-b0507e3db563","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":35,"box":{"x":461,"y":201,"width":433,"height":11}},{"id":"7a98d902-0472-4099-a892-caad1e3f9ac7","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":35,"box":{"x":461,"y":215,"width":418,"height":10}},{"id":"89b608eb-60e4-4b62-a8a2-ae7aff8941b5","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":35,"box":{"x":461,"y":229,"width":462,"height":10}},{"id":"487a7511-5ec0-4da6-8095-af3380faed78","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":35,"box":{"x":461,"y":242,"width":456,"height":10}},{"id":"e6bdc686-f8c7-4654-ae56-809877997596","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":35,"box":{"x":461,"y":256,"width":472,"height":10}},{"id":"1ba104e3-f62f-4d6f-9e43-cf65e4063334","block_type":"box","text":"for details.","page_number":35,"box":{"x":460,"y":269,"width":70,"height":8}},{"id":"c6d16e2a-d3d0-4dd7-8927-e7dcb3be92e9","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":35,"box":{"x":460,"y":285,"width":448,"height":10}},{"id":"ef1c908b-b8ae-4c3a-abdf-573189768901","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":35,"box":{"x":461,"y":299,"width":434,"height":10}},{"id":"5490f716-7b30-4762-924e-24773d08a611","block_type":"box","text":"association, national securities exchange or registered securities","page_number":35,"box":{"x":461,"y":312,"width":430,"height":11}},{"id":"3ab52fde-0545-460b-8f9c-55dfbc25623d","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":35,"box":{"x":461,"y":326,"width":366,"height":10}},{"id":"b99f9eb6-d356-4964-ad87-8a4f6e8e4a51","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":35,"box":{"x":460,"y":342,"width":468,"height":10}},{"id":"f87b7c3e-dd19-41ca-9630-f1f6705b3bdb","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":35,"box":{"x":461,"y":355,"width":474,"height":11}},{"id":"04476bb2-2e2e-408c-9daa-9157968587e4","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":35,"box":{"x":460,"y":369,"width":450,"height":10}},{"id":"e1425101-c5ff-42fc-9b85-61993d8c28cb","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":35,"box":{"x":461,"y":382,"width":450,"height":11}},{"id":"5051aa0f-bd47-471f-829a-6f561da78938","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":35,"box":{"x":460,"y":396,"width":445,"height":10}},{"id":"c4cd3213-aa8a-4f69-b2e0-7b8bb9a08534","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":35,"box":{"x":461,"y":409,"width":463,"height":11}},{"id":"b7f901ed-1efb-4c09-a805-52488ba790ff","block_type":"box","text":"believes it is advisable to do so.","page_number":35,"box":{"x":461,"y":423,"width":212,"height":8}},{"id":"696df1f7-09bc-4da6-98b5-e1bdf5c0f834","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":35,"box":{"x":461,"y":439,"width":452,"height":11}},{"id":"b1149a9c-1258-4207-801c-e183f85b0d5d","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":35,"box":{"x":461,"y":453,"width":427,"height":10}},{"id":"456c1aa5-eddb-4dca-9a78-36a39f5f4dbd","block_type":"box","text":"redemption methods below.","page_number":35,"box":{"x":461,"y":466,"width":181,"height":10}},{"id":"1877c7da-e576-406d-820d-16ca63f8c9bc","block_type":"box","text":"Redeem by VRU:","page_number":35,"box":{"x":461,"y":483,"width":111,"height":10}},{"id":"b173f97b-63a9-4afa-9a8b-625ead8ef4c1","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":35,"box":{"x":579,"y":482,"width":348,"height":11}},{"id":"56c35e62-f1ab-4366-b638-6c4defee9708","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":35,"box":{"x":461,"y":496,"width":469,"height":10}},{"id":"fcf43dd7-9395-44ba-a30a-bd804b0f5d9f","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":35,"box":{"x":461,"y":509,"width":420,"height":11}},{"id":"920e2cee-051b-4ccf-bb52-5371bb24da6d","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":35,"box":{"x":461,"y":522,"width":392,"height":11}},{"id":"6fc95144-f678-482f-87da-fe0bc30b6dfd","block_type":"box","text":"Redeem by Internet:","page_number":35,"box":{"x":461,"y":539,"width":136,"height":10}},{"id":"30aa79c1-1785-4ca2-b0bd-23b3f9d42def","block_type":"box","text":"You may redeem in your account, by logging onto","page_number":35,"box":{"x":603,"y":539,"width":321,"height":10}},{"id":"b44d4da9-9e3a-4657-9525-11d8873e8be0","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":35,"box":{"x":460,"y":553,"width":461,"height":8}},{"id":"83e7d3d7-244b-4abc-90c2-6f929b8efc5c","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":35,"box":{"x":461,"y":566,"width":473,"height":10}},{"id":"501c564e-77fd-46e5-a3cc-1bd72838e97d","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":35,"box":{"x":461,"y":580,"width":472,"height":10}},{"id":"9de27cc8-d4b8-4031-b7f6-202b6b456f96","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":35,"box":{"x":461,"y":593,"width":459,"height":10}},{"id":"cfe406d5-f60b-4bfc-8b2d-5db96830600a","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":35,"box":{"x":461,"y":607,"width":451,"height":10}},{"id":"b4c66836-207e-4382-83fc-c733d5a38e88","block_type":"box","text":"certain institutional investors.","page_number":35,"box":{"x":461,"y":620,"width":196,"height":9}},{"id":"aa2f99fe-b9c5-4b5a-aeaa-eaf7d05bef69","block_type":"box","text":"Redeem in Writing:","page_number":35,"box":{"x":461,"y":636,"width":127,"height":11}},{"id":"64ff1acb-3598-4333-9dfd-9bbe45f17508","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":35,"box":{"x":594,"y":637,"width":338,"height":10}},{"id":"0598c48b-2003-42f0-93e7-5aabdd7410e5","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":35,"box":{"x":461,"y":650,"width":468,"height":10}},{"id":"b5f253c3-2593-4094-90b9-db883d68f403","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":35,"box":{"x":460,"y":663,"width":446,"height":11}},{"id":"e760180c-58b4-46ca-99e1-eec1cacd8cad","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":35,"box":{"x":461,"y":677,"width":466,"height":10}},{"id":"0c5e75f6-1340-4e61-ab7e-6ec2850bc43e","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":35,"box":{"x":461,"y":691,"width":460,"height":10}},{"id":"cc075f11-9881-4147-b302-430f8d4bad1b","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":35,"box":{"x":461,"y":704,"width":457,"height":10}},{"id":"9b673312-b840-4b47-8bb7-c952490df8a0","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":35,"box":{"x":461,"y":718,"width":461,"height":10}},{"id":"00bd4683-a1b9-4210-8807-36a80ef03c30","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":35,"box":{"x":461,"y":731,"width":450,"height":11}},{"id":"d5381913-1f33-4b11-a4d7-2f0cc7937ec5","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":35,"box":{"x":461,"y":745,"width":443,"height":10}},{"id":"2eb41f1c-3950-44c6-840a-e2d072a064e0","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":35,"box":{"x":461,"y":758,"width":465,"height":10}},{"id":"8c4fc5bc-a284-4ed3-ba16-50db7fe20d0a","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":35,"box":{"x":461,"y":772,"width":462,"height":10}},{"id":"0bc3f25d-1cff-4fe4-8533-4abfe21b883b","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":35,"box":{"x":461,"y":785,"width":404,"height":10}},{"id":"89454f48-5652-4bd2-89ec-a2aabc1b65e9","block_type":"box","text":"Payment of Redemption Proceeds","page_number":35,"box":{"x":461,"y":799,"width":228,"height":10}},{"id":"b74cd8a3-6009-4382-848d-aa4a0b3a2d91","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":35,"box":{"x":461,"y":815,"width":467,"height":10}},{"id":"0701df86-cbf7-40a6-86de-08e019d6ad64","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":35,"box":{"x":461,"y":828,"width":393,"height":11}},{"id":"e0e1c805-81f2-4e30-aca3-e62a4982c146","block_type":"box","text":"Payment by Check:","page_number":35,"box":{"x":461,"y":845,"width":129,"height":10}},{"id":"420a4530-d4d9-4380-9ac1-b925b36be050","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":35,"box":{"x":597,"y":845,"width":329,"height":10}},{"id":"f07872b7-1250-4835-9444-3cc148dd23fd","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":35,"box":{"x":460,"y":858,"width":430,"height":11}},{"id":"a0680024-48a5-44e9-b19e-e84c7905f304","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":35,"box":{"x":461,"y":872,"width":460,"height":10}},{"id":"02c6e922-19e9-4ec0-a5b3-0bda483bb286","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":35,"box":{"x":461,"y":885,"width":468,"height":10}},{"id":"cae54c9e-09be-41f0-ade3-e65be0931b87","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":35,"box":{"x":461,"y":898,"width":467,"height":11}},{"id":"6135d5d9-2b86-451f-8ea9-62ae7416e543","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":35,"box":{"x":461,"y":912,"width":467,"height":11}},{"id":"48eeb38e-42b8-4a13-ac7d-ad7d1140c8c1","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"bd7d36fc-5e4f-4a2d-9906-8e32f5a76071","block_type":"box","text":"NM1026U-5982500-35/68","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9cf49238-7e58-4e48-8a15-5915514799ef","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"8b8a7e2c-4d3f-4c66-b036-9e2dd5051c98","block_type":"box","text":"Full or Partial","page_number":36,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"fe9ebaf3-13f1-42d7-9324-b59a603c9633","block_type":"box","text":"Redemption of","page_number":36,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"28ffe20a-3b71-47be-b467-83002cc74791","block_type":"box","text":"Shares (continued)","page_number":36,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"7008ead5-dac6-407e-8ebb-0ddffa2de5ea","block_type":"box","text":"Selling shares held directly with","page_number":36,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"cd280d07-2dfb-4a39-b142-f9ee150f89e7","block_type":"box","text":"BlackRock (continued)","page_number":36,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"0a413167-dffb-4b13-b5a1-da4ebe312943","block_type":"box","text":"charges imposed by your bank for this service.","page_number":36,"box":{"x":461,"y":67,"width":307,"height":11}},{"id":"4414a898-bdfc-42c5-8469-a3696fb9851a","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":36,"box":{"x":460,"y":84,"width":438,"height":10}},{"id":"493db24f-da43-4847-ad8c-6146a6511344","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":36,"box":{"x":461,"y":97,"width":429,"height":10}},{"id":"495abf60-c3c9-4630-9e55-760c4440ea39","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":36,"box":{"x":461,"y":111,"width":403,"height":10}},{"id":"55b04023-a8db-4846-885a-4e934641a0fe","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":36,"box":{"x":461,"y":124,"width":467,"height":8}},{"id":"c1a10f57-b8d7-4ab5-9fe6-603f7effc510","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":36,"box":{"x":460,"y":138,"width":456,"height":10}},{"id":"655edb68-d118-460d-96af-f46a96af476a","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":36,"box":{"x":460,"y":151,"width":402,"height":10}},{"id":"b0f00e1c-d56a-47b3-8b99-cafdd5f17327","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":36,"box":{"x":461,"y":164,"width":430,"height":11}},{"id":"020436d4-f70f-4fce-823e-786c2ad25b77","block_type":"box","text":"amounts are subject to the risk of loss like any Fund investment. If you","page_number":36,"box":{"x":461,"y":178,"width":468,"height":10}},{"id":"0e7cae5b-5dd1-4a9d-b50a-e3c8785344c6","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":36,"box":{"x":461,"y":192,"width":473,"height":8}},{"id":"2662922b-a011-46e9-b061-e94cb53ab925","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":36,"box":{"x":461,"y":205,"width":456,"height":10}},{"id":"614a4bbe-4fc7-4565-8419-fb46b548a614","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":36,"box":{"x":461,"y":219,"width":461,"height":10}},{"id":"b606c20e-d962-4f56-ae9e-70b75fb21183","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":36,"box":{"x":460,"y":232,"width":469,"height":11}},{"id":"16708804-809c-4b48-86d1-9b8b5cdd1729","block_type":"box","text":"as of the date of payment of the distribution.","page_number":36,"box":{"x":461,"y":246,"width":295,"height":10}},{"id":"deb4eefd-febe-4b50-9c31-314eb5ee1657","block_type":"box","text":"Payment by Wire Transfer:","page_number":36,"box":{"x":461,"y":262,"width":177,"height":10}},{"id":"46150069-49eb-4db7-ad03-3bd5b97cb763","block_type":"box","text":"Payment for redeemed shares for which a","page_number":36,"box":{"x":644,"y":262,"width":275,"height":10}},{"id":"0e0a313e-e205-4d8e-9634-ed80c742fd62","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":36,"box":{"x":461,"y":275,"width":437,"height":11}},{"id":"9a209c23-66ce-4531-87f2-e2174b555a9d","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":36,"box":{"x":461,"y":289,"width":471,"height":10}},{"id":"f068baf7-f493-4473-9883-f3ff403d61fe","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":36,"box":{"x":461,"y":303,"width":417,"height":10}},{"id":"2be4400b-0b5d-41d5-96fe-8767aacc24be","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":36,"box":{"x":461,"y":316,"width":449,"height":10}},{"id":"c9883245-f264-4ee9-8d11-ca9fe1eaa20c","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":36,"box":{"x":461,"y":330,"width":449,"height":10}},{"id":"5a758eda-273a-4e7e-ab48-5acc5757b7dd","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":36,"box":{"x":461,"y":343,"width":433,"height":10}},{"id":"65f260d0-f0ad-4134-9187-71e8734db0d1","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":36,"box":{"x":461,"y":357,"width":449,"height":10}},{"id":"b52459f0-9304-4ed9-8e2e-e33c0619c1c7","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":36,"box":{"x":461,"y":370,"width":437,"height":11}},{"id":"420a0650-763f-4c1d-8abe-7a65083d62a3","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":36,"box":{"x":461,"y":384,"width":469,"height":10}},{"id":"0229a6e6-a098-455d-be6a-39b7062833d4","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":36,"box":{"x":459,"y":397,"width":448,"height":11}},{"id":"6cd974ff-2412-4c83-89b8-fffe7326f6bc","block_type":"box","text":"Fund.","page_number":36,"box":{"x":461,"y":411,"width":34,"height":8}},{"id":"0808cc41-7020-414d-b00b-0c915ea993a2","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":36,"box":{"x":461,"y":427,"width":434,"height":10}},{"id":"7db392db-ef14-43e3-aca1-4e5138dd4ae3","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":36,"box":{"x":461,"y":440,"width":468,"height":11}},{"id":"e71f1912-e7ff-473c-afda-3fe856d060cb","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":36,"box":{"x":461,"y":453,"width":460,"height":11}},{"id":"4a8704bb-e1d8-4a93-bf8c-a4829786a3cf","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":36,"box":{"x":461,"y":467,"width":441,"height":11}},{"id":"9388c2ca-d673-435a-8643-3f6cddd5ba70","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":36,"box":{"x":461,"y":481,"width":472,"height":10}},{"id":"84d690f3-ede4-43d5-91d4-4e824109270b","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":36,"box":{"x":460,"y":495,"width":438,"height":10}},{"id":"ee2c9bc7-bc37-4eeb-b130-d745e42f3ded","block_type":"box","text":"imposed by the Fund.","page_number":36,"box":{"x":461,"y":508,"width":140,"height":10}},{"id":"bc6d4d6c-adf1-4484-81e1-fd49d76ad967","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":36,"box":{"x":460,"y":524,"width":425,"height":10}},{"id":"c28be91d-fcfa-482b-90e9-b1eb2c2654fb","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":36,"box":{"x":461,"y":538,"width":455,"height":10}},{"id":"fc0909b3-03f5-4b80-9d9e-59b5afa8861c","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":36,"box":{"x":461,"y":552,"width":476,"height":10}},{"id":"e2e491c3-d2b3-4afd-b33a-2623b2a2ac38","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":36,"box":{"x":461,"y":565,"width":455,"height":10}},{"id":"c55abb58-3ee0-420e-8bbd-16aaf986b65a","block_type":"box","text":"the back cover of this prospectus.","page_number":36,"box":{"x":460,"y":578,"width":224,"height":10}},{"id":"8b536091-6285-4ebf-8eb3-50778e50487d","block_type":"box","text":"Payment by ACH:","page_number":36,"box":{"x":461,"y":595,"width":116,"height":10}},{"id":"3641b404-8084-4811-9a5c-1874d558ec22","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":36,"box":{"x":584,"y":595,"width":272,"height":10}},{"id":"d11a840d-f5da-45ec-9f29-8e2f370ce7d6","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":36,"box":{"x":461,"y":608,"width":469,"height":10}},{"id":"dcdb6f94-4af0-47e0-a8ba-bbd3bf1789ad","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":36,"box":{"x":461,"y":622,"width":432,"height":10}},{"id":"a00189d7-1ec7-42c5-beb2-5d0bda3bcbe0","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":36,"box":{"x":461,"y":635,"width":441,"height":10}},{"id":"f19cb266-10c9-4df7-a4fa-fd3110762ca3","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":36,"box":{"x":461,"y":649,"width":428,"height":10}},{"id":"30aca434-8fe1-4d18-9256-1c6f4c0b8af4","block_type":"box","text":"receiving bank within the next two business days (48-72 hours);","page_number":36,"box":{"x":461,"y":662,"width":420,"height":11}},{"id":"a36803b4-2b8d-413f-b3f6-24115056e23b","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":36,"box":{"x":461,"y":676,"width":467,"height":10}},{"id":"43a027c8-1e48-480d-88fc-1ea314c76549","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":36,"box":{"x":460,"y":689,"width":458,"height":10}},{"id":"a8f3cfb8-884a-4b17-8030-485547db63a5","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":36,"box":{"x":461,"y":703,"width":457,"height":10}},{"id":"0b0701d7-3eef-4d7d-8f2d-ea7bf14da908","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":36,"box":{"x":461,"y":716,"width":449,"height":11}},{"id":"4bb67baa-9c2b-4b6e-bb86-898cfcbe2abf","block_type":"box","text":"open for business.","page_number":36,"box":{"x":461,"y":730,"width":121,"height":10}},{"id":"8c41930e-50fc-47d9-bff8-f1514d82bc13","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":36,"box":{"x":460,"y":746,"width":467,"height":10}},{"id":"d3bc9f6e-46ad-4d11-aa97-927208c0669c","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":36,"box":{"x":461,"y":759,"width":465,"height":11}},{"id":"402db8e1-4508-4056-992d-0109e0398d9d","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":36,"box":{"x":461,"y":773,"width":432,"height":10}},{"id":"50aed804-b9ef-4a9c-8fda-d9a70be5f495","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":36,"box":{"x":461,"y":787,"width":415,"height":10}},{"id":"c1e77b11-6a40-447c-9d94-be67dee95167","block_type":"box","text":"***","page_number":36,"box":{"x":686,"y":803,"width":25,"height":5}},{"id":"fe956e2f-94f2-42cd-b7f5-9e4baac9a97f","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":36,"box":{"x":461,"y":816,"width":423,"height":10}},{"id":"4198cce5-4e02-4eb6-a279-066b01b867b2","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":36,"box":{"x":461,"y":830,"width":456,"height":10}},{"id":"df3f0bc8-a0c7-41df-8ec2-a9ff2a4e3761","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":36,"box":{"x":461,"y":844,"width":352,"height":10}},{"id":"e734bf99-3f2b-4a53-9f22-95fceace9327","block_type":"box","text":"Redemption","page_number":36,"box":{"x":61,"y":861,"width":80,"height":10}},{"id":"17881711-05b9-4f0f-ad81-97c02f1d187e","block_type":"box","text":"Proceeds","page_number":36,"box":{"x":61,"y":873,"width":62,"height":8}},{"id":"dc169fcc-ed26-4701-8745-aef122d0e2d8","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":36,"box":{"x":461,"y":864,"width":445,"height":10}},{"id":"9119a9a1-182b-4fa6-b75a-0c4a0b233ff1","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":36,"box":{"x":461,"y":877,"width":467,"height":11}},{"id":"730b3849-5645-436a-9a71-b92b25830ae9","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":36,"box":{"x":461,"y":891,"width":455,"height":10}},{"id":"2e1d3106-4a95-4f9a-a819-a02f9a3d2c8d","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":36,"box":{"x":461,"y":904,"width":450,"height":11}},{"id":"59801119-0bbd-4e51-930c-2953329a95e8","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5484b8d7-2c9d-4b33-aafe-4c4e49d78cdf","block_type":"box","text":"NM1026U-5982500-36/68","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"73c349e2-cd51-4288-8da4-d640158497b5","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"5eb237de-f410-4211-9fb7-0267a18b66f6","block_type":"box","text":"Redemption","page_number":37,"box":{"x":61,"y":67,"width":80,"height":10}},{"id":"3c7a9375-b833-44a2-8283-05b19ef5211d","block_type":"box","text":"Proceeds","page_number":37,"box":{"x":61,"y":81,"width":62,"height":8}},{"id":"dba3883d-4793-4b51-9b08-aac909f986e8","block_type":"box","text":"(continued)","page_number":37,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"01a26fdb-4f44-4221-9649-78753bc02c84","block_type":"box","text":"(continued) comprised of less-liquid investments, the Fund may be more likely to","page_number":37,"box":{"x":214,"y":67,"width":699,"height":10}},{"id":"7e53269e-5d38-4829-bb89-543f2bec5102","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":37,"box":{"x":461,"y":81,"width":471,"height":10}},{"id":"55c28327-eb48-4cda-9d78-0cc89c22c089","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":37,"box":{"x":461,"y":94,"width":471,"height":11}},{"id":"d929b1d0-d90e-4050-b021-3cef109b98d7","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":37,"box":{"x":461,"y":108,"width":453,"height":10}},{"id":"42f5c2fb-1dce-4f3f-9f67-326efae6e9ef","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":37,"box":{"x":461,"y":121,"width":405,"height":9}},{"id":"13b000a4-934b-4124-8f12-584cb7828d13","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":37,"box":{"x":461,"y":137,"width":408,"height":11}},{"id":"124a8e87-2f39-4e26-9766-ca8927b7083f","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":37,"box":{"x":461,"y":151,"width":457,"height":10}},{"id":"32cfc7ad-e5f2-423d-a187-f0b2824c3828","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":37,"box":{"x":460,"y":164,"width":440,"height":11}},{"id":"f7679324-a849-4ebd-8de6-91135b6bf70c","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":37,"box":{"x":460,"y":178,"width":340,"height":10}},{"id":"2220c6fd-ca9d-4437-9379-983a3b663db2","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":37,"box":{"x":61,"y":203,"width":415,"height":12}},{"id":"f43d58db-eceb-484c-a836-b8cfb9399cff","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":225,"width":478,"height":9}},{"id":"9742fd90-e59f-4e6d-8ca6-59af3d2a75fb","block_type":"box","text":"Exchange Privilege","page_number":37,"box":{"x":61,"y":242,"width":128,"height":10}},{"id":"34e3078d-7b15-40ad-bb92-da84cdf6eceb","block_type":"box","text":"Selling shares of one BlackRock","page_number":37,"box":{"x":214,"y":242,"width":212,"height":10}},{"id":"02f9f473-f70b-4064-ab33-0bb5534bf14f","block_type":"box","text":"Fund to purchase shares of","page_number":37,"box":{"x":214,"y":255,"width":181,"height":11}},{"id":"a4def45b-3cb9-483e-9e02-2ba8dd9d98ae","block_type":"box","text":"another BlackRock Fund","page_number":37,"box":{"x":214,"y":269,"width":158,"height":8}},{"id":"716894da-704e-4b33-86cf-f9c2e6241e8b","block_type":"box","text":"(“exchanging”)","page_number":37,"box":{"x":214,"y":283,"width":95,"height":10}},{"id":"b79ef522-ca87-44a5-a576-94fcab2fc5f2","block_type":"box","text":"Investor or Institutional Shares of the Fund are generally exchangeable","page_number":37,"box":{"x":461,"y":242,"width":466,"height":10}},{"id":"462f1601-2071-4338-a1e1-e6580ed2e7ba","block_type":"box","text":"for shares of the same class of another BlackRock Fund, to the extent","page_number":37,"box":{"x":460,"y":255,"width":465,"height":10}},{"id":"9c3b172a-e192-4057-8c4c-a9cce027cb05","block_type":"box","text":"such shares are offered by your Financial Intermediary.","page_number":37,"box":{"x":461,"y":269,"width":362,"height":10}},{"id":"ff29a68b-a34b-48b8-996c-2e713b80ca15","block_type":"box","text":"You can exchange $1,000 or more of Investor Shares from one fund","page_number":37,"box":{"x":460,"y":284,"width":450,"height":11}},{"id":"c16ef07c-3954-47ea-bb88-0d657abe5d5f","block_type":"box","text":"into the same class of another fund which offers that class of shares","page_number":37,"box":{"x":461,"y":299,"width":457,"height":8}},{"id":"d7950bd9-531a-4cc3-b7c9-888218e4eb7d","block_type":"box","text":"(you can exchange less than $1,000 of Investor Shares if you already","page_number":37,"box":{"x":461,"y":312,"width":459,"height":11}},{"id":"e4dfe545-edce-4445-823f-e0ae4ff82215","block_type":"box","text":"have an account in the fund into which you are exchanging). Investors","page_number":37,"box":{"x":461,"y":326,"width":459,"height":10}},{"id":"be9c25ca-cf21-4ebd-b427-f9ea1b598aa3","block_type":"box","text":"who currently own Institutional Shares of the Fund may make","page_number":37,"box":{"x":460,"y":339,"width":403,"height":10}},{"id":"691a3a33-40cf-466e-8bca-033475056132","block_type":"box","text":"exchanges into Institutional Shares of other BlackRock Funds except for","page_number":37,"box":{"x":461,"y":353,"width":475,"height":10}},{"id":"8648746d-203e-4b01-9cba-c83c303a9bdc","block_type":"box","text":"investors holding shares through certain client accounts at Financial","page_number":37,"box":{"x":461,"y":366,"width":450,"height":11}},{"id":"f465517c-5765-4eb2-84ba-bf99e3a77f1c","block_type":"box","text":"Intermediaries that are omnibus with the Fund and do not meet","page_number":37,"box":{"x":461,"y":380,"width":419,"height":8}},{"id":"dbf4474c-89ae-46c9-8166-9905760e72eb","block_type":"box","text":"applicable minimums. There is no required minimum amount with","page_number":37,"box":{"x":461,"y":394,"width":431,"height":9}},{"id":"7bef9a5e-21ec-4e5b-b4be-cae8439b5d7e","block_type":"box","text":"respect to exchanges of Institutional Shares.","page_number":37,"box":{"x":461,"y":407,"width":295,"height":10}},{"id":"65ad2b09-8805-47c6-b9ac-bc09130d71ff","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":37,"box":{"x":460,"y":423,"width":449,"height":10}},{"id":"9e7c3bdc-5749-43d9-80ed-9862dbb0eeb5","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":37,"box":{"x":461,"y":437,"width":437,"height":10}},{"id":"b0474b60-e77e-4f51-946c-0ed7e0f4e272","block_type":"box","text":"closed to new investors.","page_number":37,"box":{"x":461,"y":450,"width":159,"height":8}},{"id":"dc27d245-94e0-4775-970b-a8ed58a362c7","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":37,"box":{"x":461,"y":466,"width":441,"height":10}},{"id":"33059719-772a-4faa-aad8-bcd525a54b54","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":37,"box":{"x":461,"y":480,"width":453,"height":10}},{"id":"af783361-0563-4305-8bb4-f883f3ef1cf6","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":37,"box":{"x":460,"y":493,"width":477,"height":11}},{"id":"cb603fec-48bc-4c79-9bb3-67a4c7ffff6c","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":37,"box":{"x":461,"y":507,"width":457,"height":10}},{"id":"df6d242d-b6ac-4188-b408-e987983b620b","block_type":"box","text":"and any subsequent exchange.","page_number":37,"box":{"x":461,"y":521,"width":203,"height":10}},{"id":"5f226388-de6d-42ca-8a70-2a4791600537","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":37,"box":{"x":460,"y":537,"width":435,"height":10}},{"id":"75a746e2-312e-4486-a965-5b30826053e1","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":37,"box":{"x":461,"y":550,"width":406,"height":10}},{"id":"e803a498-72d8-4c9e-bf89-cd1d924ab9a9","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":37,"box":{"x":461,"y":563,"width":468,"height":11}},{"id":"aa22bdde-3852-4f93-b713-9f83f5cc14e9","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":37,"box":{"x":461,"y":577,"width":455,"height":10}},{"id":"21420cdd-2cda-41ce-aa9e-27e7bb427613","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":37,"box":{"x":460,"y":591,"width":423,"height":10}},{"id":"66e9b409-0df6-4fde-8d93-14a3f2962eba","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":37,"box":{"x":461,"y":604,"width":398,"height":10}},{"id":"cbc95c0a-6a7d-4ca2-abd5-b03d19904355","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":37,"box":{"x":461,"y":618,"width":409,"height":10}},{"id":"c3a27a3c-680a-4ee3-b471-25b7b39410a3","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":37,"box":{"x":461,"y":631,"width":469,"height":11}},{"id":"0f3a2e21-99c3-4f34-a64c-de06c67d390b","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":37,"box":{"x":460,"y":645,"width":461,"height":10}},{"id":"0b772d96-3e95-427d-89a1-7fb00b962dca","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":37,"box":{"x":460,"y":658,"width":469,"height":11}},{"id":"03ec08ae-9322-4937-914e-aadc57e9ddd0","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":37,"box":{"x":460,"y":672,"width":368,"height":10}},{"id":"d184b240-f9d2-4d60-ba42-c890eeb95b2d","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":37,"box":{"x":460,"y":688,"width":450,"height":10}},{"id":"86149898-5c1c-4043-9cff-e3215947f1ec","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":37,"box":{"x":460,"y":701,"width":473,"height":11}},{"id":"62e59963-369c-404b-9dc3-44d7d0e2a5b4","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":37,"box":{"x":461,"y":715,"width":420,"height":10}},{"id":"29e9726c-8048-48c4-bb25-7f7296702751","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":37,"box":{"x":461,"y":729,"width":439,"height":10}},{"id":"56d0a303-ea70-471c-ab4d-c5a0cd3e3efa","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":37,"box":{"x":461,"y":742,"width":460,"height":10}},{"id":"859d9573-9de0-4857-8f3f-f385794b4fd9","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":37,"box":{"x":461,"y":756,"width":430,"height":10}},{"id":"c4fa21fc-e0e7-43f6-baf8-c4f1b110af48","block_type":"box","text":"income tax purposes, a share exchange is a taxable event and a capital","page_number":37,"box":{"x":461,"y":769,"width":473,"height":11}},{"id":"7869eb2b-b636-4eac-8db7-8ea28dbcec50","block_type":"box","text":"gain or loss may be realized.","page_number":37,"box":{"x":460,"y":783,"width":188,"height":10}},{"id":"dca68777-573d-487e-b6eb-186473a8ffdd","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":37,"box":{"x":461,"y":799,"width":457,"height":10}},{"id":"8100b74e-294c-4b84-9e7f-6bca0297e5ae","block_type":"box","text":"making an exchange request.","page_number":37,"box":{"x":461,"y":813,"width":192,"height":10}},{"id":"3f10573e-9eb4-47bf-8b0f-91ddea3b117a","block_type":"box","text":"Transfer Shares to","page_number":37,"box":{"x":60,"y":830,"width":124,"height":9}},{"id":"2814bfba-3fdb-45d7-b354-8887f221c1ba","block_type":"box","text":"Another Financial","page_number":37,"box":{"x":60,"y":842,"width":118,"height":8}},{"id":"73eabb25-89f4-4687-a4e0-d7618a4446aa","block_type":"box","text":"Intermediary","page_number":37,"box":{"x":61,"y":854,"width":85,"height":10}},{"id":"32acba3e-b753-4905-b7a6-3b80854999ed","block_type":"box","text":"Transfer to a participating","page_number":37,"box":{"x":213,"y":830,"width":171,"height":11}},{"id":"4c6aef49-eb66-4bfb-b0d2-fb05150bafc4","block_type":"box","text":"Financial Intermediary","page_number":37,"box":{"x":214,"y":844,"width":145,"height":10}},{"id":"ada6d8e0-2b7e-4eb6-b4f1-3623d5ff43eb","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":37,"box":{"x":460,"y":830,"width":436,"height":11}},{"id":"4b89acda-31b6-4bb5-aa26-b433d58a4b3b","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":37,"box":{"x":461,"y":844,"width":455,"height":10}},{"id":"5408a3b1-1c6e-4273-9c28-be7926d08717","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":37,"box":{"x":461,"y":857,"width":456,"height":11}},{"id":"59a929d2-9114-4712-9b64-fa723eaaedd5","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":37,"box":{"x":461,"y":871,"width":456,"height":10}},{"id":"8ac15301-2337-432b-b8aa-2a4960af2a63","block_type":"box","text":"receiving firm.","page_number":37,"box":{"x":461,"y":884,"width":91,"height":11}},{"id":"474623cc-12fb-48bc-ae57-c1c28a203eeb","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"26b00f6a-a141-4dd3-9dd0-cd93f6762a4d","block_type":"box","text":"NM1026U-5982500-37/68","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0f40e060-378c-47f5-8704-658bbc915da5","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"257f3229-b53a-49eb-9bb9-701091009f93","block_type":"box","text":"Transfer Shares to","page_number":38,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"04ac1b87-af2b-422d-b3f8-e4666620f605","block_type":"box","text":"Another Financial","page_number":38,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"efa166c4-69df-423c-94d5-be390ae93619","block_type":"box","text":"Intermediary","page_number":38,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"295e1ae5-77a9-4d52-b71f-68a14c5b0922","block_type":"box","text":"(continued)","page_number":38,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"7ade52cc-ef45-4c8e-8005-2b05ce078eac","block_type":"box","text":"Transfer to a participating","page_number":38,"box":{"x":213,"y":67,"width":171,"height":11}},{"id":"bc4f2e23-0561-4084-8bcd-abf174381dca","block_type":"box","text":"Financial Intermediary","page_number":38,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"7c9d1eee-92e3-4574-aa77-304ed9a28666","block_type":"box","text":"(continued)","page_number":38,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"dc562d09-9518-43a8-9b08-391e3bf3fb5a","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":38,"box":{"x":461,"y":70,"width":390,"height":10}},{"id":"357e1c81-65dc-425c-874c-a371cb7485d1","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":38,"box":{"x":461,"y":83,"width":443,"height":11}},{"id":"e8d5ac23-ee03-4e3f-9163-9bc990cd012b","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":38,"box":{"x":461,"y":97,"width":394,"height":10}},{"id":"93597f73-38c6-4bd4-8e91-769a72175527","block_type":"box","text":"Transfer to a non-participating","page_number":38,"box":{"x":213,"y":126,"width":199,"height":10}},{"id":"f3362e71-323b-4b59-a13a-7141c1e219c0","block_type":"box","text":"Financial Intermediary","page_number":38,"box":{"x":214,"y":140,"width":145,"height":10}},{"id":"37885645-7bb8-4352-97fe-d381e1e27020","block_type":"box","text":"You must either:","page_number":38,"box":{"x":460,"y":126,"width":107,"height":8}},{"id":"2a15331e-ee88-4856-aa01-6ffc5765da8c","block_type":"box","text":"•","page_number":38,"box":{"x":464,"y":142,"width":3,"height":3}},{"id":"7ec66271-bcdf-44b8-b10e-c4c75cf870c3","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":38,"box":{"x":470,"y":139,"width":346,"height":11}},{"id":"0291db13-18e0-4a18-8983-93b6a7faca24","block_type":"box","text":"•","page_number":38,"box":{"x":464,"y":156,"width":3,"height":3}},{"id":"dfe604ac-f23c-4ed7-8f91-de3bfa0b2642","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":38,"box":{"x":471,"y":153,"width":409,"height":10}},{"id":"a71f08d3-fbb3-4ec3-b3fa-b3bff7a4ff26","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":38,"box":{"x":461,"y":169,"width":390,"height":10}},{"id":"cd0d2491-3b9f-47e9-bb0b-ffc8fc727a91","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":38,"box":{"x":461,"y":183,"width":443,"height":10}},{"id":"b69e06cd-f51e-46ca-bd2f-02ec08bde486","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":38,"box":{"x":461,"y":196,"width":394,"height":10}},{"id":"6bcb26ff-0142-477c-abd0-46a3554fd81c","block_type":"box","text":"Account Services and Privileges","page_number":38,"box":{"x":60,"y":237,"width":292,"height":13}},{"id":"d4d6d287-3f8e-4c18-92b8-e14682d2fc9a","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":38,"box":{"x":60,"y":263,"width":865,"height":11}},{"id":"9b643103-2221-41ce-ab5b-88a9c3681314","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":38,"box":{"x":61,"y":278,"width":841,"height":11}},{"id":"739fc034-fc51-4139-85ee-b615f605e150","block_type":"box","text":"held directly with BlackRock. If your account is held directly with BlackRock, please call (800) 441-7762 or visit","page_number":38,"box":{"x":61,"y":292,"width":816,"height":12}},{"id":"efcdfe04-8db2-4052-b936-32ec10f06158","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":38,"box":{"x":60,"y":307,"width":824,"height":12}},{"id":"ba8fc2d4-59a1-40b9-acde-01285928d3a2","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":38,"box":{"x":62,"y":322,"width":759,"height":12}},{"id":"6bdcde99-519e-4160-a097-35cbad7eb57d","block_type":"box","text":"Automatic","page_number":38,"box":{"x":60,"y":352,"width":70,"height":8}},{"id":"f107b048-9d07-4f26-b235-3f2640f4963b","block_type":"box","text":"Investment Plan","page_number":38,"box":{"x":61,"y":363,"width":109,"height":8}},{"id":"bf153f4e-d49f-424b-8cde-b4c98f224810","block_type":"box","text":"Allows systematic investments","page_number":38,"box":{"x":213,"y":352,"width":202,"height":10}},{"id":"dd7cace0-0e49-4da7-9a22-a9c22982435f","block_type":"box","text":"on a periodic basis from your","page_number":38,"box":{"x":214,"y":365,"width":192,"height":10}},{"id":"d0814d02-d84f-4b68-a0c8-e54487f52daf","block_type":"box","text":"checking or savings account.","page_number":38,"box":{"x":214,"y":379,"width":189,"height":10}},{"id":"0cfe2d58-1b99-4b9f-a8f7-6d76974736c7","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":38,"box":{"x":461,"y":351,"width":451,"height":11}},{"id":"7a7faa07-48b7-4ebc-a517-bde38d9691cf","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":38,"box":{"x":461,"y":365,"width":431,"height":10}},{"id":"95d2feaa-b827-4ba3-82ea-4b35ed3e24c7","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":38,"box":{"x":461,"y":378,"width":437,"height":11}},{"id":"e772869b-b2ce-47b7-8951-609ff896dc0f","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":38,"box":{"x":461,"y":392,"width":451,"height":10}},{"id":"a2c1e3bb-d556-4be6-9d5c-4eaaa8119d41","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":38,"box":{"x":461,"y":405,"width":300,"height":11}},{"id":"19125c76-ce14-4c2e-8134-934edd055c5c","block_type":"box","text":"Dividend Allocation","page_number":38,"box":{"x":61,"y":424,"width":129,"height":8}},{"id":"0b0f01a8-ddec-4979-bdfe-3247abb384d2","block_type":"box","text":"Plan","page_number":38,"box":{"x":61,"y":435,"width":28,"height":9}},{"id":"fbe586ce-d121-4375-821a-986108fa2950","block_type":"box","text":"Automatically invests your","page_number":38,"box":{"x":213,"y":424,"width":172,"height":10}},{"id":"73367e98-3db8-4b53-b2fa-73d12bdfef40","block_type":"box","text":"distributions into another","page_number":38,"box":{"x":214,"y":437,"width":165,"height":8}},{"id":"fcddc2c7-7259-4aed-8eff-70c0928cb89f","block_type":"box","text":"BlackRock Fund of your choice","page_number":38,"box":{"x":214,"y":451,"width":200,"height":10}},{"id":"1c087d44-819d-4d42-bfee-0ed6109e765e","block_type":"box","text":"pursuant to your instructions,","page_number":38,"box":{"x":214,"y":464,"width":193,"height":11}},{"id":"5d579f9c-9a36-40c4-9647-7bef10c878ca","block_type":"box","text":"without any fees or sales","page_number":38,"box":{"x":213,"y":478,"width":165,"height":10}},{"id":"8d9c14ad-9231-436e-b0a8-e9d1b9363590","block_type":"box","text":"charges.","page_number":38,"box":{"x":214,"y":492,"width":55,"height":10}},{"id":"51e7c188-cd3b-440d-b036-aa5300d4e304","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":38,"box":{"x":461,"y":424,"width":433,"height":10}},{"id":"6d09e08a-ee59-4cf4-a526-03f1f957a43b","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":38,"box":{"x":461,"y":437,"width":427,"height":11}},{"id":"771fd50d-5751-4a33-9491-f7b817c109b2","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":38,"box":{"x":461,"y":451,"width":463,"height":10}},{"id":"86624802-5e6b-4d36-b753-348e9f45f1d9","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":38,"box":{"x":461,"y":464,"width":455,"height":11}},{"id":"e6575e06-ee13-4896-af85-c593d0a1c013","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":38,"box":{"x":461,"y":478,"width":459,"height":10}},{"id":"45cf3cba-168d-42e1-b47e-a22e723bddd1","block_type":"box","text":"payee. Please call (800) 441-7762 for details. 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Please speak with your Financial Intermediary","page_number":38,"box":{"x":461,"y":537,"width":462,"height":10}},{"id":"0594c544-d93c-4a54-9891-1b10681b1281","block_type":"box","text":"if your account is held elsewhere.)","page_number":38,"box":{"x":461,"y":550,"width":225,"height":10}},{"id":"85b582cf-3e27-4275-9823-2bcb4cd11645","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":38,"box":{"x":461,"y":566,"width":467,"height":10}},{"id":"3a323201-13bf-4d89-ae60-52ec4fb238d4","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":38,"box":{"x":461,"y":580,"width":423,"height":10}},{"id":"1ca13a02-d0a6-41d8-bc9f-75b840916530","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":38,"box":{"x":461,"y":593,"width":459,"height":11}},{"id":"9bf38b56-0bb6-4a0f-8155-39007b3286fb","block_type":"box","text":"information, and return the application to the address listed on the","page_number":38,"box":{"x":461,"y":607,"width":442,"height":10}},{"id":"d9ddcdff-809b-478f-8943-036aa302c7fe","block_type":"box","text":"form.","page_number":38,"box":{"x":460,"y":620,"width":34,"height":9}},{"id":"49d24905-34e8-492e-be2c-f8f322ba7985","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":38,"box":{"x":461,"y":637,"width":460,"height":10}},{"id":"d42fa6c8-0428-4c64-9781-7b96c33f8ca4","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":38,"box":{"x":461,"y":650,"width":449,"height":10}},{"id":"e768025b-f769-4e7f-abdb-33bef771b467","block_type":"box","text":"updated on your account. 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(continued)","page_number":39,"box":{"x":214,"y":92,"width":141,"height":10}},{"id":"58038ffe-0bf6-43cf-b1da-068d78326557","block_type":"box","text":"redeems shares through the SWP, that investor may lose money","page_number":39,"box":{"x":461,"y":51,"width":424,"height":10}},{"id":"ed64b718-f503-442d-8279-22aa9594675b","block_type":"box","text":"because of the sales charge involved. No CDSC will be assessed on","page_number":39,"box":{"x":461,"y":65,"width":450,"height":10}},{"id":"a973925e-074a-4e14-a03e-6a7eed9a7c52","block_type":"box","text":"redemptions of Investor A or Investor C Shares made through the SWP","page_number":39,"box":{"x":461,"y":78,"width":465,"height":11}},{"id":"60f8f8a2-ced6-4359-b15c-d7c45fb79ea6","block_type":"box","text":"that do not exceed 12% of the account’s net asset value on an","page_number":39,"box":{"x":460,"y":92,"width":416,"height":8}},{"id":"7880a06d-5b2c-48e1-b228-f1a0fc271900","block_type":"box","text":"annualized basis. For example, monthly, quarterly, and semi-annual","page_number":39,"box":{"x":461,"y":105,"width":442,"height":10}},{"id":"d1f660c6-86b9-4d65-8acd-3e923df66fed","block_type":"box","text":"SWP redemptions of Investor A or Investor C Shares will not be subject","page_number":39,"box":{"x":461,"y":119,"width":468,"height":10}},{"id":"55a454b6-b162-493d-82fc-3af7d38782bf","block_type":"box","text":"to the CDSC if they do not exceed 1%, 3% and 6%, respectively, of an","page_number":39,"box":{"x":460,"y":132,"width":457,"height":11}},{"id":"d78b6d1c-cde4-4ed6-b7b5-cc3f2fcafd52","block_type":"box","text":"account’s net asset value on the redemption date. SWP redemptions of","page_number":39,"box":{"x":461,"y":146,"width":474,"height":10}},{"id":"c7b492a7-763f-4ae9-b0a4-60730e272c49","block_type":"box","text":"Investor A or Investor C Shares in excess of this limit will still pay any","page_number":39,"box":{"x":461,"y":159,"width":458,"height":11}},{"id":"3df62492-38a8-4019-9a70-0001e874d334","block_type":"box","text":"applicable CDSC.","page_number":39,"box":{"x":461,"y":173,"width":112,"height":10}},{"id":"6095694f-a172-4a47-a59b-9433229701b9","block_type":"box","text":"Ask your Financial Intermediary for details.","page_number":39,"box":{"x":460,"y":189,"width":281,"height":10}},{"id":"8e3d28a3-276c-4c85-8968-48e00d842a67","block_type":"box","text":"Reinstatement","page_number":39,"box":{"x":61,"y":207,"width":99,"height":8}},{"id":"9fcd44ce-7efd-40e2-9d82-af474378b2a9","block_type":"box","text":"Privilege","page_number":39,"box":{"x":61,"y":219,"width":57,"height":10}},{"id":"43a385bf-8f08-4fc3-969d-dad62001f0fc","block_type":"box","text":"If you redeem Investor A or Institutional Shares and buy new Investor A","page_number":39,"box":{"x":461,"y":207,"width":468,"height":10}},{"id":"f7bc3d58-4e5f-439e-9549-5e459f87e980","block_type":"box","text":"Shares of the same or another BlackRock Fund (equal to all or a","page_number":39,"box":{"x":461,"y":221,"width":424,"height":10}},{"id":"8dd8dd5c-1664-49c0-9f7e-d816b98954d9","block_type":"box","text":"portion of the redemption amount) within 90 days of such redemption,","page_number":39,"box":{"x":461,"y":234,"width":464,"height":10}},{"id":"4f796330-9193-4d27-af59-a2535388477f","block_type":"box","text":"you will not pay a sales charge on the new purchase amount. This right","page_number":39,"box":{"x":460,"y":248,"width":470,"height":10}},{"id":"c8e80d4a-9e3c-4890-b9e7-5b25fabe14f7","block_type":"box","text":"may be exercised within 90 days of the redemption, provided that the","page_number":39,"box":{"x":461,"y":261,"width":458,"height":10}},{"id":"8c900e5d-05a6-444d-aec5-d0d1d4e9537f","block_type":"box","text":"Investor A Share class of that fund is currently open to new investors","page_number":39,"box":{"x":461,"y":275,"width":456,"height":10}},{"id":"3765295e-9863-4764-bcd5-037f8d92743a","block_type":"box","text":"or the shareholder has a current account in that closed fund. Shares","page_number":39,"box":{"x":461,"y":288,"width":454,"height":9}},{"id":"c5ad2991-7dc1-4d75-9ab9-5b7c6cabf3df","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":39,"box":{"x":460,"y":302,"width":438,"height":10}},{"id":"33b598ed-47b2-4af2-9667-86fcdc54bdaf","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":39,"box":{"x":460,"y":316,"width":450,"height":10}},{"id":"63fc0375-88f3-42de-9b06-74316f4697e2","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":39,"box":{"x":460,"y":329,"width":435,"height":8}},{"id":"2f5ef3da-d900-405e-9348-fbb283861ab8","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":39,"box":{"x":461,"y":342,"width":466,"height":11}},{"id":"0a8a464d-8f8a-4971-b442-1ce0e508f7df","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":39,"box":{"x":461,"y":356,"width":376,"height":10}},{"id":"ae0affd8-e01e-4a2a-8456-6c3695c2e6a9","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":39,"box":{"x":461,"y":369,"width":371,"height":11}},{"id":"1752d5c9-d2a2-4783-b7c9-58486bc54be5","block_type":"box","text":"Fund’s Rights","page_number":39,"box":{"x":61,"y":410,"width":124,"height":14}},{"id":"67c54435-72cc-4025-9510-17d74175cfb9","block_type":"box","text":"The Fund may:","page_number":39,"box":{"x":60,"y":437,"width":106,"height":11}},{"id":"543a977b-b4bf-46e5-8b3c-25cfb4df2171","block_type":"box","text":"Suspend the right of redemption if trading is halted or restricted on the NYSE or under other emergency conditions","page_number":39,"box":{"x":81,"y":456,"width":840,"height":12}},{"id":"be983449-a6a1-4dcd-857f-008575f5b55d","block_type":"box","text":"described in the Investment Company Act;","page_number":39,"box":{"x":81,"y":471,"width":308,"height":11}},{"id":"46a47c28-776c-46cc-a40b-e65d3282424d","block_type":"box","text":"Postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other","page_number":39,"box":{"x":81,"y":491,"width":789,"height":12}},{"id":"9ac73341-ac86-4e72-bc56-f77b5d81cac6","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":39,"box":{"x":81,"y":506,"width":850,"height":11}},{"id":"9f9299b8-2c9b-4655-bf55-161a115a448f","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":39,"box":{"x":82,"y":521,"width":368,"height":11}},{"id":"92d4e3ba-3278-468d-a02e-b9abb4000033","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":39,"box":{"x":82,"y":541,"width":781,"height":11}},{"id":"758946d8-82e2-4b95-a8c5-b5f027976a66","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":39,"box":{"x":82,"y":561,"width":798,"height":11}},{"id":"4c5a27ea-7acb-478c-aed2-8eae26626235","block_type":"box","text":"specified level.","page_number":39,"box":{"x":81,"y":575,"width":108,"height":12}},{"id":"58b5df78-91ff-48e6-9c73-c2dba3fbe5f8","block_type":"box","text":"Note on Low Balance Accounts.","page_number":39,"box":{"x":61,"y":598,"width":239,"height":9}},{"id":"8c99f9bf-7bcd-4336-992c-d4ad7f37c0d3","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":39,"box":{"x":307,"y":598,"width":600,"height":12}},{"id":"4011384e-7641-4761-8dad-b0422d754ee8","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (“Fund Minimum”), and may","page_number":39,"box":{"x":61,"y":612,"width":854,"height":12}},{"id":"79e52cd6-3786-4f8b-96dc-d4666493ecc0","block_type":"box","text":"redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":39,"box":{"x":61,"y":627,"width":837,"height":12}},{"id":"73299325-e8b5-4bdb-a026-2ace244cdfa5","block_type":"box","text":"reason, including market fluctuation.","page_number":39,"box":{"x":61,"y":642,"width":267,"height":12}},{"id":"28b0c667-5bb1-45d6-8ead-7874c7e511a6","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":39,"box":{"x":60,"y":665,"width":799,"height":11}},{"id":"925cac24-788b-472f-93a8-d9e4ed789cc3","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":39,"box":{"x":62,"y":680,"width":796,"height":11}},{"id":"51b43d2e-d53b-4e28-9ebf-e7f28978a1e0","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":39,"box":{"x":62,"y":694,"width":800,"height":12}},{"id":"ff7c374d-c89a-43cb-99a2-da72e9d9e4e1","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":39,"box":{"x":61,"y":710,"width":859,"height":11}},{"id":"aba20022-4243-44e6-a67a-33b4bbb1a3d4","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":39,"box":{"x":61,"y":724,"width":868,"height":12}},{"id":"7eb9c3ea-9688-4ee8-b580-cba03c3f7533","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":39,"box":{"x":61,"y":739,"width":420,"height":12}},{"id":"adb00474-99c5-4bc9-be89-7bec28f91f40","block_type":"box","text":"Participation in Fee-Based Programs","page_number":39,"box":{"x":61,"y":778,"width":331,"height":14}},{"id":"13cefd66-5bb8-4b5b-be8a-665f52bf0bc9","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock or by Financial","page_number":39,"box":{"x":62,"y":804,"width":821,"height":12}},{"id":"c7544ba2-919c-41ce-8d33-5612796f1b21","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":39,"box":{"x":62,"y":819,"width":806,"height":12}},{"id":"62741468-5004-4725-9169-71a5c99b703d","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":39,"box":{"x":62,"y":834,"width":833,"height":12}},{"id":"01ef7f05-6f68-4c8e-8b9b-0e9e4e6ecc2c","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":39,"box":{"x":61,"y":849,"width":865,"height":11}},{"id":"94ab1ef4-575e-4b01-99d7-96c43f59126b","block_type":"box","text":"transfer shares held through a fee-based program into another account. Instead, if you choose to leave the fee-based","page_number":39,"box":{"x":60,"y":864,"width":863,"height":11}},{"id":"ad653238-5987-4f84-ab6a-fa7abe1b7adb","block_type":"box","text":"program, you may have to redeem your shares held through the program and purchase shares of another class, which","page_number":39,"box":{"x":62,"y":878,"width":865,"height":12}},{"id":"5dd8bc8e-5b02-4849-81d1-3f09ad9c60c2","block_type":"box","text":"may be subject to distribution and service fees. This may be a taxable event and you may pay any applicable sales","page_number":39,"box":{"x":61,"y":893,"width":842,"height":12}},{"id":"5348d0d9-e805-4dd5-bd4b-037d3394d890","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"3f90221a-9a98-4653-a2cf-7a490a300b8b","block_type":"box","text":"NM1026U-5982500-39/68","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fcb0e09b-7bb0-4829-ba6f-a69237b4baa9","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":40,"box":{"x":61,"y":46,"width":838,"height":11}},{"id":"3a102d25-fbd4-41d1-b544-8bc3bdce1cd7","block_type":"box","text":"procedures applicable to your account.","page_number":40,"box":{"x":62,"y":61,"width":282,"height":11}},{"id":"4c5bf490-9dc4-433e-a146-f448520122d7","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated, or the shares can be held in an","page_number":40,"box":{"x":61,"y":83,"width":840,"height":12}},{"id":"417d548d-bda2-44c4-991c-6ace6699d0a0","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":40,"box":{"x":61,"y":98,"width":861,"height":11}},{"id":"ecbe5a13-0ec0-4252-9e72-5bb298ea6bff","block_type":"box","text":"held in the program can be held after termination. Shares that have been held for less than specified periods within","page_number":40,"box":{"x":61,"y":113,"width":849,"height":11}},{"id":"05daa08c-a288-4c6c-a22a-c29ba879814b","block_type":"box","text":"the program may be subject to a fee upon redemption. Shareholders that held Investor A or Institutional Shares in the","page_number":40,"box":{"x":60,"y":127,"width":867,"height":12}},{"id":"93246cb0-3ac3-4f8b-9927-7fbcc12a08d8","block_type":"box","text":"program may be eligible to purchase additional shares of the respective share class of the Fund, but may be subject to","page_number":40,"box":{"x":62,"y":142,"width":873,"height":12}},{"id":"92ad7192-a5f8-4e96-880d-6f29bf2df01b","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":40,"box":{"x":61,"y":157,"width":844,"height":12}},{"id":"206ee3a7-f1f3-4cda-80b8-c6a5d28fa3a8","block_type":"box","text":"only if you have an existing position at the time of purchase or are otherwise eligible to purchase Institutional Shares.","page_number":40,"box":{"x":61,"y":172,"width":865,"height":12}},{"id":"c44dac3e-f383-444b-86b6-e68f59796c0b","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":40,"box":{"x":61,"y":187,"width":480,"height":11}},{"id":"08c28634-370c-4be7-93b0-337d875073d4","block_type":"box","text":"Certain Financial Intermediaries may, in connection with a change in account type (for example, due to leaving a fee","page_number":40,"box":{"x":61,"y":209,"width":854,"height":12}},{"id":"4d10a438-d517-4981-847c-5c6595c6760b","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":40,"box":{"x":61,"y":224,"width":790,"height":12}},{"id":"063a8ceb-698c-44b9-9bea-84935c5fa7ea","block_type":"box","text":"Intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":40,"box":{"x":62,"y":239,"width":855,"height":12}},{"id":"5e855389-f8b0-4edb-bbdb-64c5b5bd278f","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":40,"box":{"x":61,"y":254,"width":831,"height":11}},{"id":"1fbfa380-2e34-4a5b-864a-d0b6d4924e61","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":40,"box":{"x":61,"y":269,"width":828,"height":11}},{"id":"47031e63-5181-4c59-8cb9-e5cdc4b12d8a","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":40,"box":{"x":61,"y":283,"width":437,"height":12}},{"id":"0027b383-1ab7-4262-9457-36019b5f27e2","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are included in","page_number":40,"box":{"x":62,"y":306,"width":859,"height":12}},{"id":"2ba851db-a6c1-4136-addf-fe5428f508a0","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":40,"box":{"x":60,"y":321,"width":858,"height":11}},{"id":"b713ca87-8c6b-44fc-95e7-803faf5122fb","block_type":"box","text":"your Financial Intermediary for more information.","page_number":40,"box":{"x":60,"y":336,"width":357,"height":11}},{"id":"65abd5f9-ead2-412b-ac1b-920f0907ad2e","block_type":"box","text":"Short-Term Trading Policy","page_number":40,"box":{"x":61,"y":375,"width":232,"height":13}},{"id":"e2a6fa1f-f05c-4b10-b473-a8034658fd60","block_type":"box","text":"The Board of Trustees of the Trust (“Board”) has determined that the interests of long-term shareholders and the","page_number":40,"box":{"x":60,"y":401,"width":833,"height":11}},{"id":"2e365624-09fa-416c-87de-7816c9f124db","block_type":"box","text":"Fund’s ability to manage its investments may be adversely affected when shares are repeatedly bought, sold or","page_number":40,"box":{"x":62,"y":416,"width":819,"height":11}},{"id":"abfe4ee0-b5de-4b99-a5f5-a2959388bf21","block_type":"box","text":"exchanged in response to short-term market fluctuations — also known as “market timing.” The Fund is not designed","page_number":40,"box":{"x":61,"y":430,"width":865,"height":12}},{"id":"8f61a2f0-b8cb-4e9b-985e-3fd0add43be1","block_type":"box","text":"for market timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The","page_number":40,"box":{"x":60,"y":445,"width":875,"height":12}},{"id":"4bac0cb1-5df0-42e3-944b-5e385ea83962","block_type":"box","text":"exchange privilege for Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading.","page_number":40,"box":{"x":61,"y":460,"width":833,"height":12}},{"id":"e50c1aac-0f8f-49a9-a8cd-7fd7c8f5ff17","block_type":"box","text":"Excessive purchase and sale or exchange activity may interfere with portfolio management, increase expenses and","page_number":40,"box":{"x":62,"y":475,"width":845,"height":11}},{"id":"ba510c43-cf7a-42c0-b2a5-3cd49f412f1f","block_type":"box","text":"taxes and may have an adverse effect on the performance of the Fund and its returns to shareholders. For example,","page_number":40,"box":{"x":60,"y":490,"width":856,"height":11}},{"id":"772dbd75-5749-40ae-bf9c-e387e9d6fd69","block_type":"box","text":"large flows of cash into and out of the Fund may require the management team to allocate a significant amount of","page_number":40,"box":{"x":62,"y":505,"width":838,"height":11}},{"id":"31fc3e63-027e-4eab-93ab-04a7efa1407b","block_type":"box","text":"assets to cash or other short-term investments or sell securities, rather than maintaining such assets in securities","page_number":40,"box":{"x":61,"y":520,"width":844,"height":11}},{"id":"8d4dd538-f23f-45fe-a725-c2a4cadedda4","block_type":"box","text":"selected to achieve the Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less","page_number":40,"box":{"x":61,"y":534,"width":845,"height":12}},{"id":"8b6be286-cd3a-403a-a56b-cb5a5fba67c8","block_type":"box","text":"favorable prices, and transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":40,"box":{"x":60,"y":549,"width":811,"height":12}},{"id":"b4ee60fc-0aaf-4526-9b09-fe898145e276","block_type":"box","text":"A fund’s investment in non-U.S. securities is subject to the risk that an investor may seek to take advantage of a delay","page_number":40,"box":{"x":60,"y":572,"width":873,"height":11}},{"id":"03ad44dc-3600-418d-bba4-40874ff9f03e","block_type":"box","text":"between the change in value of the fund’s portfolio securities and the determination of the fund’s net asset value as a","page_number":40,"box":{"x":61,"y":586,"width":872,"height":12}},{"id":"447dfe02-684b-4f81-b0eb-edfaa85c3038","block_type":"box","text":"result of different closing times of U.S. and non-U.S. markets by buying or selling fund shares at a price that does not","page_number":40,"box":{"x":61,"y":601,"width":865,"height":12}},{"id":"6f5526bc-27d4-4a75-9ed8-bd011959b633","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":40,"box":{"x":61,"y":616,"width":817,"height":11}},{"id":"d232adb5-d45a-4721-8fbf-da40d1f4737a","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":40,"box":{"x":61,"y":631,"width":818,"height":11}},{"id":"0a265fef-fdb4-4ad9-818a-77aba476458e","block_type":"box","text":"therefore may have actual values that differ from their market prices. This short-term arbitrage activity can reduce the","page_number":40,"box":{"x":60,"y":646,"width":865,"height":11}},{"id":"02ccfa75-b0e1-4df7-ab1d-06e9186d602b","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":40,"box":{"x":61,"y":661,"width":829,"height":11}},{"id":"c81a20e2-73b0-42e8-adc0-bd1881d5db64","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":40,"box":{"x":62,"y":675,"width":671,"height":12}},{"id":"f82d0779-89c7-4647-9de9-9b8c4c1b7ec4","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":40,"box":{"x":60,"y":698,"width":869,"height":12}},{"id":"93098796-c1b4-4068-bdf7-02bbed2adc23","block_type":"box","text":"that it determines may be detrimental to the Fund or long-term shareholders. The Board has approved the policies","page_number":40,"box":{"x":60,"y":713,"width":839,"height":11}},{"id":"37045d41-da2f-4689-b85e-051e4b046a13","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":40,"box":{"x":61,"y":728,"width":869,"height":11}},{"id":"af02f6b9-33d0-4def-8a51-f63b2d828183","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":40,"box":{"x":61,"y":742,"width":870,"height":12}},{"id":"ac631992-6877-4c42-a0ce-98d1e62d66a9","block_type":"box","text":"Fund or its shareholders.","page_number":40,"box":{"x":62,"y":758,"width":181,"height":8}},{"id":"60a42ec6-1412-42c2-a0da-9cab4d0d7267","block_type":"box","text":"If as a result of its own investigation, information provided by a Financial Intermediary or other third-party, or","page_number":40,"box":{"x":62,"y":780,"width":795,"height":11}},{"id":"90bfdd7d-9ae5-4516-95cf-a06c045a0be2","block_type":"box","text":"otherwise, the Fund believes, in its sole discretion, that your short-term trading is excessive or that you are engaging","page_number":40,"box":{"x":61,"y":795,"width":860,"height":11}},{"id":"6cb58392-b70b-4106-aa55-64e5bd8f8725","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. 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Transactions","page_number":40,"box":{"x":61,"y":854,"width":829,"height":12}},{"id":"0f48d26a-9c2c-4a47-93fe-0bb97f0d3895","block_type":"box","text":"placed through the same Financial Intermediary on an omnibus basis may be deemed part of a group for the purpose","page_number":40,"box":{"x":62,"y":869,"width":862,"height":11}},{"id":"effd5fe0-cf7d-47ee-bc17-c74fd67b4711","block_type":"box","text":"of this policy and may be rejected in whole or in part by the Fund. Certain accounts, such as omnibus accounts and","page_number":40,"box":{"x":61,"y":884,"width":849,"height":11}},{"id":"58f8ce51-7225-4e24-a8e7-9ab3b56bf90a","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":40,"box":{"x":61,"y":899,"width":866,"height":11}},{"id":"59875d13-b73e-485f-968e-44c07f26077a","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":40,"box":{"x":60,"y":913,"width":806,"height":12}},{"id":"7c979cdd-11f3-4827-98ee-99900c0d4a2a","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"be979e0e-4180-4973-95b1-37e4e1d6b7a5","block_type":"box","text":"NM1026U-5982500-40/68","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"71279c7a-3a9f-42dc-9d6e-c3ca09ca54c8","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":41,"box":{"x":61,"y":46,"width":804,"height":11}},{"id":"ed749109-aa85-42f1-bcdf-24a814508cdc","block_type":"box","text":"exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing","page_number":41,"box":{"x":61,"y":60,"width":849,"height":12}},{"id":"42ac83e2-d1eb-4654-b122-7557d32f1506","block_type":"box","text":"activity, the Fund may be unable to identify such activities because the netting effect in omnibus accounts often makes","page_number":41,"box":{"x":61,"y":75,"width":875,"height":12}},{"id":"0a72f46c-9e5e-4756-a8d9-3349d182abf0","block_type":"box","text":"it more difficult to locate and eliminate market timers from the Fund. The Distributor has entered into agreements with","page_number":41,"box":{"x":62,"y":90,"width":869,"height":12}},{"id":"a6951445-a4ee-48d2-a616-6defd2928e8e","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":41,"box":{"x":61,"y":105,"width":845,"height":12}},{"id":"810b5c5f-32f7-44f1-9a5a-adf7c84b36be","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":41,"box":{"x":62,"y":120,"width":868,"height":11}},{"id":"8aa914dc-146e-4caf-b4a3-8f624fbee90f","block_type":"box","text":"orders by their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through","page_number":41,"box":{"x":61,"y":135,"width":861,"height":11}},{"id":"e61b7b3f-722f-4b2b-a8c5-9f4ae258067f","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":41,"box":{"x":61,"y":149,"width":868,"height":12}},{"id":"8c3a38dc-d73e-46cc-ad05-551b7737970b","block_type":"box","text":"the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper","page_number":41,"box":{"x":60,"y":165,"width":847,"height":11}},{"id":"1a14b529-bec0-4880-91b3-42c3d3dfb6d9","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":41,"box":{"x":60,"y":179,"width":837,"height":12}},{"id":"f078a270-36dd-463a-946d-6c25f010768c","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":41,"box":{"x":61,"y":194,"width":663,"height":11}},{"id":"dabcf4b5-c836-4ee3-ab0b-dcf2175123c3","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":41,"box":{"x":60,"y":217,"width":824,"height":11}},{"id":"e1061ac5-76c9-422e-b19c-678a234ad45f","block_type":"box","text":"deemed abusive.","page_number":41,"box":{"x":61,"y":232,"width":123,"height":8}},{"id":"193f25b9-6896-4a39-b533-54f497fa9efd","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":41,"box":{"x":60,"y":254,"width":841,"height":11}},{"id":"075072a0-12f4-4c30-9ae8-31c5d7ec9e80","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":41,"box":{"x":60,"y":269,"width":572,"height":11}},{"id":"cc5f0398-cdd3-4f30-825c-7fc6866dbefd","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"30302bdd-e227-4b04-877e-3ac3adc0b163","block_type":"box","text":"NM1026U-5982500-41/68","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"39ca1ce3-1a27-4e42-aef9-fc2cd5f35019","block_type":"box","text":"Management of the Fund","page_number":42,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"e6ea054f-6047-48ac-b751-292253bd9f75","block_type":"box","text":"BlackRock","page_number":42,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"ea608fdf-f899-49a6-bb6c-bf8f3a7eb290","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":42,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"098a050b-8327-4a93-8db5-808c5f86a73e","block_type":"box","text":"the oversight of the Board. While BlackRock is ultimately responsible for the management of the Fund, it is able to","page_number":42,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"770eefe9-d114-4af0-8648-d066fd161cd2","block_type":"box","text":"draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":42,"box":{"x":61,"y":212,"width":796,"height":12}},{"id":"cd2abc6e-314b-470b-84cf-b55f35e9ea52","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":42,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"9be4f813-0765-4a53-8dc8-c9ca64be4e95","block_type":"box","text":"BlackRock, Inc.","page_number":42,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"3406cf83-7a80-4320-a1e7-fb42c3742fc6","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":42,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"7c070d73-e5c3-4a0c-bd10-a3910c024ede","block_type":"box","text":"companies. BlackRock International Limited, the Fund’s sub-adviser (the “Sub-Adviser”), is a registered investment","page_number":42,"box":{"x":61,"y":279,"width":844,"height":12}},{"id":"47fce998-9e0f-45d1-a477-a808bc769b71","block_type":"box","text":"adviser organized in 1995 and is an affiliate of BlackRock. BlackRock and its affiliates had approximately $15.3 trillion","page_number":42,"box":{"x":61,"y":293,"width":875,"height":12}},{"id":"54a6a79b-2b32-4de1-b20d-2c16de31aa2d","block_type":"box","text":"in investment company and other portfolio assets under management as of June 30, 2026.","page_number":42,"box":{"x":62,"y":309,"width":672,"height":11}},{"id":"518c8bd8-a82d-4274-84ff-9e1bb0269f17","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Under the","page_number":42,"box":{"x":60,"y":331,"width":827,"height":12}},{"id":"c4e3b49e-00c5-489e-afde-1847e151f29b","block_type":"box","text":"Management Agreement, BlackRock is entitled to fees computed daily and payable monthly. The maximum annual","page_number":42,"box":{"x":62,"y":346,"width":835,"height":12}},{"id":"6f739aa7-7c16-45e5-a66e-c9bfbbbe7ee1","block_type":"box","text":"management fee that can be paid to BlackRock (as a percentage of average daily net assets) is calculated as follows:","page_number":42,"box":{"x":61,"y":361,"width":866,"height":11}},{"id":"b19844a5-b995-484b-8e69-2892fa19d9b3","block_type":"box","text":"Average Daily Net Assets","page_number":42,"box":{"x":69,"y":400,"width":151,"height":9}},{"id":"1db50607-1660-486d-bf1f-66c53d956fad","block_type":"box","text":"Rate of","page_number":42,"box":{"x":844,"y":389,"width":43,"height":7}},{"id":"6b9cf7b4-8ddf-45ef-ac47-5e6e65044013","block_type":"box","text":"Management Fee","page_number":42,"box":{"x":813,"y":400,"width":104,"height":9}},{"id":"6bfe55be-8a12-46da-809a-91b88e021768","block_type":"box","text":"First $1 billion","page_number":42,"box":{"x":70,"y":416,"width":92,"height":10}},{"id":"466b8fea-03fc-4973-a35e-02c6462b09dc","block_type":"box","text":"0.750%","page_number":42,"box":{"x":845,"y":417,"width":50,"height":8}},{"id":"7472fabc-bc7b-421d-9359-c82b708a6cc0","block_type":"box","text":"$1 billion – $2 billion","page_number":42,"box":{"x":70,"y":434,"width":138,"height":10}},{"id":"bb1812d1-74a8-4921-8287-4a9e39f9a4ba","block_type":"box","text":"0.700%","page_number":42,"box":{"x":845,"y":435,"width":50,"height":8}},{"id":"a03dccdb-2a21-4078-b510-e9a1d2a4de00","block_type":"box","text":"$2 billion – $3 billion","page_number":42,"box":{"x":70,"y":452,"width":138,"height":10}},{"id":"dfc2cfee-fb42-4eb8-b30e-05f60d62ddaa","block_type":"box","text":"0.675%","page_number":42,"box":{"x":845,"y":453,"width":50,"height":8}},{"id":"34c42e80-e579-464b-91c4-7126925b26b3","block_type":"box","text":"Greater than $3 billion","page_number":42,"box":{"x":69,"y":470,"width":148,"height":10}},{"id":"4e291178-1faf-413d-b8bc-d9662b54e7ac","block_type":"box","text":"0.650%","page_number":42,"box":{"x":845,"y":471,"width":50,"height":8}},{"id":"1442c1a4-18d9-46de-937e-b55dffa68f49","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":42,"box":{"x":62,"y":503,"width":840,"height":11}},{"id":"3f2152e3-ad16-4db5-a3ff-a5f96af29a31","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":42,"box":{"x":61,"y":517,"width":824,"height":12}},{"id":"d06e01db-df17-43e0-825c-35f1ff791cbe","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock","page_number":42,"box":{"x":62,"y":532,"width":843,"height":12}},{"id":"382b40af-1cde-4340-bc77-ab7d00c66812","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to","page_number":42,"box":{"x":61,"y":547,"width":851,"height":12}},{"id":"50132ecd-0a02-40da-a998-4272dde2e9f5","block_type":"box","text":"BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":42,"box":{"x":62,"y":562,"width":808,"height":12}},{"id":"ce5afff9-47fa-4519-a4f8-be22880765fa","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon","page_number":42,"box":{"x":62,"y":577,"width":860,"height":11}},{"id":"21f896a8-6698-4c10-837d-dcbaa6f6157b","block_type":"box","text":"90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding","page_number":42,"box":{"x":61,"y":592,"width":851,"height":11}},{"id":"a3e0528f-de89-4d0a-9d83-a2518dd61f16","block_type":"box","text":"voting securities of the Fund.","page_number":42,"box":{"x":60,"y":606,"width":212,"height":12}},{"id":"48fe2cb7-6c19-4b68-8a05-1e0b41c4b1ed","block_type":"box","text":"BlackRock has contractually agreed to cap net expenses (excluding (i) interest, taxes, dividends tied to short sales,","page_number":42,"box":{"x":62,"y":629,"width":846,"height":12}},{"id":"98dfe15b-7a6b-4d09-8609-91243a3892f0","block_type":"box","text":"brokerage commissions, and other expenditures which are capitalized in accordance with generally accepted","page_number":42,"box":{"x":61,"y":644,"width":796,"height":11}},{"id":"95dd80ed-041d-47c0-9b58-46a96e1b5228","block_type":"box","text":"accounting principles; (ii) the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result","page_number":42,"box":{"x":61,"y":659,"width":876,"height":11}},{"id":"12c9f942-1589-4705-8e69-42dd85b19560","block_type":"box","text":"of investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of, the Fund’s","page_number":42,"box":{"x":61,"y":673,"width":867,"height":12}},{"id":"74fe2434-1f32-45e1-a351-7b49f811204d","block_type":"box","text":"investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the","page_number":42,"box":{"x":62,"y":688,"width":858,"height":12}},{"id":"3a9c1872-613a-4e54-b96e-47b0da531bf2","block_type":"box","text":"Fund’s business, if any) of each share class of the Fund at the levels shown below and in the Fund’s fees and","page_number":42,"box":{"x":62,"y":703,"width":807,"height":12}},{"id":"2ddef3f8-a1f5-420c-a7cf-c72072a5f52f","block_type":"box","text":"expenses table in the “Fund Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the preceding sentence","page_number":42,"box":{"x":61,"y":718,"width":866,"height":11}},{"id":"0db66ed0-c349-42ec-a0ce-eb0df45766fb","block_type":"box","text":"are referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and","page_number":42,"box":{"x":61,"y":733,"width":835,"height":11}},{"id":"f0b4ba12-7ee5-4927-874a-b2136037ab5f","block_type":"box","text":"certain other Fund expenses.” To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees","page_number":42,"box":{"x":61,"y":748,"width":866,"height":11}},{"id":"e5c9d55c-fdab-448e-a6a4-1a26b39fe785","block_type":"box","text":"or expenses if these operating expenses exceed a certain 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These views may not be relied on","page_number":43,"box":{"x":61,"y":571,"width":872,"height":11}},{"id":"775130ec-9dae-4ee7-a00b-10b261057b71","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":43,"box":{"x":61,"y":586,"width":841,"height":11}},{"id":"d059813b-b618-46f9-8bd4-9a29edd5a3db","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":43,"box":{"x":61,"y":601,"width":472,"height":11}},{"id":"d225c085-f742-467e-879d-f907f79cd7c1","block_type":"box","text":"Portfolio Manager Information","page_number":43,"box":{"x":61,"y":639,"width":272,"height":14}},{"id":"45d2d860-15fa-4783-8012-c6b8f6cee6bf","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. 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For these services, the securities lending agent will receive a fee from","page_number":44,"box":{"x":62,"y":735,"width":858,"height":12}},{"id":"a496af75-8ace-45e7-8ee1-292269dff82d","block_type":"box","text":"the participating Fund based on the returns earned on the Fund’s lending activities, including the investment of the","page_number":44,"box":{"x":60,"y":750,"width":847,"height":12}},{"id":"9933452b-36f6-42fc-b172-8bb25717f7a9","block_type":"box","text":"cash received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to","page_number":44,"box":{"x":61,"y":765,"width":856,"height":12}},{"id":"332a5233-666d-4ae9-8789-3a25d91f783b","block_type":"box","text":"which the Fund may lend its portfolio securities under the securities lending program.","page_number":44,"box":{"x":60,"y":780,"width":627,"height":11}},{"id":"0d3b3b44-9959-4dad-90d3-9032c22793af","block_type":"box","text":"BlackRock and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":44,"box":{"x":62,"y":802,"width":864,"height":12}},{"id":"f4f081c8-50fc-4fec-a43d-04b1502a1ede","block_type":"box","text":"marketplace for such indexes. BlackRock and its Affiliates are not obligated to license an index to a fund, and no fund","page_number":44,"box":{"x":61,"y":817,"width":868,"height":12}},{"id":"ab6c9bdf-0f4f-48ec-9046-a2e5be132e8d","block_type":"box","text":"is under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BlackRock or its","page_number":44,"box":{"x":62,"y":832,"width":870,"height":12}},{"id":"95eeae98-b9a7-44c8-9269-58ef9ee9297f","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":44,"box":{"x":60,"y":847,"width":545,"height":11}},{"id":"0d9bf852-e92c-4233-9625-9c4c9f0b9987","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":44,"box":{"x":60,"y":869,"width":837,"height":12}},{"id":"3b8c4c5c-c0a2-494f-be09-386b55771565","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":44,"box":{"x":61,"y":884,"width":865,"height":12}},{"id":"f5406b34-7aae-4853-9729-214bb363dd8e","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":44,"box":{"x":62,"y":899,"width":819,"height":12}},{"id":"3317d95c-8157-4ebc-a5c8-4f46aedd077f","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"cdc650b8-1740-45b0-aae1-1dd612b2e23a","block_type":"box","text":"NM1026U-5982500-44/68","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"252ead7c-474f-4162-88ae-16d003f0ae3b","block_type":"box","text":"Valuation of Fund Investments","page_number":45,"box":{"x":63,"y":46,"width":271,"height":11}},{"id":"e79a312d-a455-463b-942a-f222148faff8","block_type":"box","text":"When you buy shares, you pay the net asset value, plus any applicable sales charge. This is the offering price. Shares","page_number":45,"box":{"x":60,"y":73,"width":869,"height":11}},{"id":"b9089b36-5983-42bd-9d3e-17d64e9b6c5e","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. The net asset value","page_number":45,"box":{"x":61,"y":88,"width":868,"height":11}},{"id":"4d1fa239-dc31-4d10-b3a8-d44a80241366","block_type":"box","text":"used in determining your share price is the next one calculated after your purchase or redemption order is received.","page_number":45,"box":{"x":61,"y":102,"width":849,"height":12}},{"id":"6490f9b7-3714-40a4-b3ea-ce41dda3e773","block_type":"box","text":"The net asset value of each class of shares normally is determined once daily Monday through Friday, generally as of","page_number":45,"box":{"x":60,"y":117,"width":862,"height":12}},{"id":"cd61ecf5-b1f5-447a-9c6b-6cea91a9328b","block_type":"box","text":"the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on","page_number":45,"box":{"x":60,"y":132,"width":842,"height":12}},{"id":"5502a4f8-851f-48f5-8277-c3547d59a28d","block_type":"box","text":"each day that the NYSE is open for trading, based on prices at the time of closing, provided that any Fund assets or","page_number":45,"box":{"x":61,"y":147,"width":851,"height":11}},{"id":"d4833974-14fe-40f0-b453-f0848baff0ed","block_type":"box","text":"liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market","page_number":45,"box":{"x":62,"y":162,"width":866,"height":11}},{"id":"0652a103-cca4-46e6-91b5-d38f40be3a9c","block_type":"box","text":"rates on the date of valuation as quoted by one or more data service providers. The net asset value of shares is","page_number":45,"box":{"x":61,"y":176,"width":825,"height":12}},{"id":"5e571a1c-2fb6-4d88-8719-44ced255d90b","block_type":"box","text":"calculated by dividing the value of the net assets of each class of shares (i.e., the value of its total assets less total","page_number":45,"box":{"x":61,"y":191,"width":854,"height":12}},{"id":"2b8d98f5-7c75-4259-9069-1b7f8d4f522f","block_type":"box","text":"liabilities) by the total number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":45,"box":{"x":62,"y":206,"width":764,"height":12}},{"id":"d3ea1792-2c88-42b0-a79c-2c9371a9e4e4","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":45,"box":{"x":61,"y":229,"width":830,"height":11}},{"id":"bd698dff-d7b4-4635-8769-bc033d7eac3b","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C Shares. Also, dividends paid on Investor A and","page_number":45,"box":{"x":62,"y":244,"width":841,"height":11}},{"id":"7c005514-6228-4773-96bb-2b1f822e8442","block_type":"box","text":"Institutional Shares will generally be higher than dividends paid on Investor C Shares because Investor A and","page_number":45,"box":{"x":62,"y":258,"width":797,"height":12}},{"id":"b79cc973-e656-4b54-bf9a-542dde9d94b6","block_type":"box","text":"Institutional Shares have lower expenses.","page_number":45,"box":{"x":62,"y":273,"width":304,"height":11}},{"id":"3b9883f1-89a5-4efc-9bad-6644a1d9b19c","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":45,"box":{"x":60,"y":296,"width":844,"height":11}},{"id":"542e2e6e-7c11-4710-beb8-b7ee224c4e47","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":45,"box":{"x":60,"y":311,"width":837,"height":11}},{"id":"ec131bf8-0401-4963-96c0-a54355c519ba","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":45,"box":{"x":62,"y":326,"width":464,"height":11}},{"id":"c63284db-2d83-4770-bc63-aab9b00c2b49","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":45,"box":{"x":62,"y":348,"width":863,"height":11}},{"id":"e2d5433d-fa60-4a27-9690-9014a90f0f88","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":45,"box":{"x":60,"y":363,"width":858,"height":11}},{"id":"5a9b788d-ccbd-4acd-9463-beb0501111b1","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":45,"box":{"x":62,"y":378,"width":863,"height":11}},{"id":"69d33f57-bb97-49f6-98fd-5fea0cd4632a","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":45,"box":{"x":61,"y":392,"width":852,"height":12}},{"id":"a6e0c7ce-5788-453f-8ac5-e1a4e8396d63","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares of","page_number":45,"box":{"x":61,"y":407,"width":872,"height":12}},{"id":"fd1efb7f-75d6-4791-98c2-cd600e3c1f3d","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":45,"box":{"x":61,"y":422,"width":763,"height":12}},{"id":"9bd12f11-c164-42a3-934e-98ca3f12d237","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":45,"box":{"x":60,"y":445,"width":857,"height":11}},{"id":"c16bc85f-0e62-4374-be83-69322c2d1122","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":45,"box":{"x":61,"y":460,"width":870,"height":11}},{"id":"882084cc-70fa-49d5-8e43-6db8af9b5a50","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":45,"box":{"x":61,"y":475,"width":868,"height":11}},{"id":"29a857f6-fe80-4bfc-8c0c-75115e928d35","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":45,"box":{"x":61,"y":489,"width":842,"height":12}},{"id":"6436b92f-2f36-4397-bd12-83efdba0e723","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":45,"box":{"x":61,"y":504,"width":853,"height":11}},{"id":"121c6c39-e0d6-47a7-87ba-29a25a187696","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":45,"box":{"x":61,"y":519,"width":844,"height":11}},{"id":"e3511f4e-ae57-4ca3-ab2a-bb0a8bfb9de2","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":45,"box":{"x":61,"y":534,"width":822,"height":11}},{"id":"275c6092-f448-4a2c-a279-c60ded923fd9","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to","page_number":45,"box":{"x":61,"y":548,"width":845,"height":12}},{"id":"93290437-42e7-4c46-a1dd-db877f9e1672","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":45,"box":{"x":61,"y":563,"width":733,"height":12}},{"id":"66e7ccee-4bd6-4faf-8c0b-3284f5257063","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":45,"box":{"x":61,"y":586,"width":829,"height":11}},{"id":"04c2f00c-0926-4a70-8812-1e94eb470447","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the net asset value of the Fund’s","page_number":45,"box":{"x":61,"y":601,"width":857,"height":11}},{"id":"5ab61eee-fb5e-451e-ba01-55b6a8dbefa6","block_type":"box","text":"shares are determined as of such times. 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A “significant","page_number":45,"box":{"x":61,"y":742,"width":828,"height":11}},{"id":"2c0e0dc6-d104-40cb-908f-b9f8aed6db37","block_type":"box","text":"event” is deemed to occur if BlackRock determines, in its reasonable business judgment prior to or at the time of","page_number":45,"box":{"x":61,"y":757,"width":836,"height":11}},{"id":"c9d361a4-8c42-4905-b7a9-8c96ac2f7fd7","block_type":"box","text":"pricing the Fund’s assets or liabilities, that the event is likely to cause a material change to the last exchange closing","page_number":45,"box":{"x":62,"y":772,"width":862,"height":11}},{"id":"a9a3edf9-330a-4043-bf67-92fe16e115e4","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":45,"box":{"x":62,"y":786,"width":623,"height":12}},{"id":"fc3b5d14-b3c8-48ae-a8d7-d4125ab7928a","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":45,"box":{"x":62,"y":809,"width":817,"height":11}},{"id":"6f5d20b8-0a72-494a-9ac8-52f570861e16","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":45,"box":{"x":61,"y":824,"width":871,"height":11}},{"id":"0d19ce1a-15aa-412c-a292-291f7c010edb","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets following the","page_number":45,"box":{"x":62,"y":838,"width":872,"height":12}},{"id":"68dc832b-5e95-4251-bcee-4a292ca94b86","block_type":"box","text":"close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":45,"box":{"x":61,"y":853,"width":697,"height":12}},{"id":"f664d094-0b0d-4a3b-9882-25d9cbf1255f","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":45,"box":{"x":62,"y":876,"width":825,"height":11}},{"id":"b079458e-0a16-4b13-b7b4-595af5125b08","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":45,"box":{"x":62,"y":891,"width":871,"height":11}},{"id":"4eacc25e-5034-4212-ba5d-36a4669fb7f9","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":45,"box":{"x":61,"y":905,"width":847,"height":12}},{"id":"482d3198-78e9-4ff2-a5ca-6e90c100f3ae","block_type":"box","text":"45","page_number":45,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"41166a3e-e1f4-4235-b4bb-259c0f2fc2b2","block_type":"box","text":"NM1026U-5982500-45/68","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8df86e70-1064-4b4a-94c2-0a9ed949ccec","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which","page_number":46,"box":{"x":62,"y":46,"width":829,"height":11}},{"id":"69197af2-7f1d-4cd2-a38f-a0af38ca02e3","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":46,"box":{"x":60,"y":60,"width":760,"height":12}},{"id":"4607127a-7e37-47e0-9218-6bc807594a9b","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":46,"box":{"x":60,"y":83,"width":830,"height":12}},{"id":"0b66ed4a-2f53-45b7-90db-1d5a4f3c76e2","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":46,"box":{"x":61,"y":98,"width":848,"height":11}},{"id":"55513b02-4977-4107-8ba3-0b915c15d760","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":46,"box":{"x":61,"y":113,"width":868,"height":11}},{"id":"a9346e5a-6e6e-4393-9042-3db9cc4bc71e","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":46,"box":{"x":61,"y":127,"width":856,"height":12}},{"id":"8a35def0-0b6f-47a9-be7c-db3b8e10c906","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":46,"box":{"x":61,"y":166,"width":311,"height":14}},{"id":"72bfaecd-f5f8-43f6-a97b-94b645a9c115","block_type":"box","text":"BUYING A DIVIDEND","page_number":46,"box":{"x":423,"y":208,"width":152,"height":9}},{"id":"aa8d1682-80a4-46f0-9522-e1d47ee3aaf9","block_type":"box","text":"Unless your investment is in a tax-deferred account, you may want to avoid buying shares shortly before the Fund","page_number":46,"box":{"x":72,"y":230,"width":831,"height":12}},{"id":"77d7d5ae-8d5e-435f-8b76-849912461ed5","block_type":"box","text":"pays a dividend. 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The Fund","page_number":46,"box":{"x":60,"y":315,"width":871,"height":12}},{"id":"3c6a2342-53e1-4ff9-8540-0f9cfd87b403","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":46,"box":{"x":61,"y":330,"width":862,"height":11}},{"id":"18f0d647-2353-441f-91e6-cf5f2c91d316","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be taken in","page_number":46,"box":{"x":61,"y":345,"width":847,"height":11}},{"id":"e8fded36-5321-43f5-82fd-8a4dc9f57906","block_type":"box","text":"cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. 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If you redeem Fund","page_number":46,"box":{"x":60,"y":427,"width":869,"height":11}},{"id":"3a03471d-de9a-42d1-91fb-8ca7fd98cb10","block_type":"box","text":"shares or exchange them for shares of another fund, you generally will be treated as having sold your shares and any","page_number":46,"box":{"x":61,"y":441,"width":862,"height":12}},{"id":"51f8d334-1934-4290-8aad-d3a87bdbde18","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":46,"box":{"x":60,"y":456,"width":812,"height":12}},{"id":"36a2e4ed-eb5c-47e4-bd6d-c271018add9c","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":46,"box":{"x":61,"y":471,"width":852,"height":12}},{"id":"ae04b3c3-5edf-4315-aab7-6342a81adabe","block_type":"box","text":"gains are eligible for taxation at a maximum rate of 15% or 20% for individuals, depending on whether their income","page_number":46,"box":{"x":60,"y":486,"width":844,"height":11}},{"id":"cfd584c3-e517-44d1-9c6d-91d8de66bf43","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":46,"box":{"x":61,"y":501,"width":565,"height":11}},{"id":"776c9948-4a86-426b-aede-3b0b8cf29ed7","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":46,"box":{"x":60,"y":523,"width":803,"height":12}},{"id":"4e46ed1c-6f4a-4dd6-bec8-c60a0cc609ad","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":46,"box":{"x":61,"y":537,"width":873,"height":13}},{"id":"63aee4fe-1bf7-4732-b8a5-f043e1bbf6dc","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":46,"box":{"x":60,"y":553,"width":282,"height":11}},{"id":"792ab362-81f8-4235-acb2-93ecd440c73e","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":46,"box":{"x":60,"y":575,"width":861,"height":12}},{"id":"6d3967fd-a97c-41e6-b44d-1d1c58f5959a","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":46,"box":{"x":62,"y":590,"width":679,"height":12}},{"id":"5d6c7381-0fce-4ed7-beee-119e3fcba84f","block_type":"box","text":"If you are neither a tax resident nor a citizen of the United States or if you are a foreign entity (other than a pass","page_number":46,"box":{"x":62,"y":613,"width":827,"height":11}},{"id":"0119824b-8ca2-4324-990c-fa67abb4ef76","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s ordinary income dividends will generally be subject to a","page_number":46,"box":{"x":60,"y":628,"width":876,"height":11}},{"id":"ada80cca-0249-41d2-bdf4-0f1065fe3970","block_type":"box","text":"30% U.S. withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as","page_number":46,"box":{"x":61,"y":643,"width":846,"height":11}},{"id":"919dbbec-3336-4440-9150-baebf0f38e13","block_type":"box","text":"capital gain dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder","page_number":46,"box":{"x":61,"y":657,"width":869,"height":12}},{"id":"4a476c79-957e-4558-8725-cb97c0d41537","block_type":"box","text":"may be eligible for an exemption from U.S. withholding tax.","page_number":46,"box":{"x":61,"y":672,"width":430,"height":12}},{"id":"b8ba1e5a-9684-40d1-9549-ae741d7c9c7a","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid","page_number":46,"box":{"x":61,"y":695,"width":868,"height":11}},{"id":"18d94b90-004d-424e-9a33-d901b648cb92","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. 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Other foreign entities will generally either need to provide detailed","page_number":46,"box":{"x":61,"y":784,"width":802,"height":11}},{"id":"4a4f3abf-0547-4b87-9b8b-b24a82e14602","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":46,"box":{"x":62,"y":798,"width":639,"height":12}},{"id":"9d64b00c-fb56-4c88-a5e5-10b0160b17a6","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":46,"box":{"x":60,"y":821,"width":855,"height":11}},{"id":"7d447a3f-2322-4be3-ba01-f89f097d4e68","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":46,"box":{"x":61,"y":836,"width":832,"height":11}},{"id":"a3c62e62-abb6-43df-9ff4-d837a7242882","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":46,"box":{"x":62,"y":851,"width":383,"height":11}},{"id":"3aeb882d-c388-43b2-92e2-75f84036405a","block_type":"box","text":"46","page_number":46,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"4bc8af35-6d2b-43a7-b297-f99b94b5cf78","block_type":"box","text":"NM1026U-5982500-46/68","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2abf32eb-9e8b-4a2a-9780-a3d1c94b2b7b","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":47,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"4a4c71dc-728d-44ff-b97b-dbdb652841e9","block_type":"box","text":"periods shown. Certain information reflects financial results for a single share of the Fund. The total returns in the","page_number":47,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"7920e7a1-ab1f-41c8-aac8-6455b2e71bcf","block_type":"box","text":"tables represent the rate of return that an investor would have earned (or lost) on an investment in the Fund,","page_number":47,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"c3bd4ee8-0757-4a09-911a-8e59d72717c8","block_type":"box","text":"assuming reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP","page_number":47,"box":{"x":61,"y":120,"width":860,"height":11}},{"id":"ba168bc4-ef3b-430e-a3d9-de2ebed2442d","block_type":"box","text":"whose report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial","page_number":47,"box":{"x":60,"y":135,"width":792,"height":11}},{"id":"1198286c-aa27-4fe6-a649-9111d9287510","block_type":"box","text":"Statements and Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR,","page_number":47,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"d40aebc9-a7dd-484d-a4f5-bb6ac6173dff","block_type":"box","text":"which is available upon request and at www.blackrock.com.","page_number":47,"box":{"x":60,"y":165,"width":435,"height":10}},{"id":"d57285ee-7f70-4261-8cba-9b689a3ea429","block_type":"box","text":"BlackRock Energy Opportunities 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Davidson’s policies and procedures.","page_number":54,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"2985841c-516b-44c5-919a-3a1e8fe00dd9","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. 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Davidson may be included in the calculation","page_number":54,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"0e49acfc-d3e0-4644-917d-f74d7d25bdc7","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":54,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"1e794853-e1ce-4c70-ad8f-3ab3fe481a4b","block_type":"box","text":"A-2","page_number":54,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"436f30a4-2d1c-4a76-bf99-ca3eaed9cc9c","block_type":"box","text":"NM1026U-5982500-54/68","page_number":54,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"64e7eb41-3066-4261-b8fa-142fe75f51cd","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":55,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"95bd6f33-7c24-45d3-8280-891848a2e1f0","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":55,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"6fa7c658-082d-4645-9ed8-a02c6214511c","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":55,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"a09f92bd-9997-4d7d-bf21-d8ec4fd95f6f","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":55,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"0c1cec7c-419c-4093-a174-aa7dda7be916","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":55,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"3d588c6e-3db8-4717-a9a6-0023157775ca","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":55,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"896c8ec7-e4bf-411f-b484-6a0b38f3b7cb","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":55,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"56434586-e899-4505-82bc-7a3f7681c397","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":55,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"ab963922-f81c-421a-820b-85d47d89fa90","block_type":"box","text":"through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time","page_number":55,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"37146e77-6e8e-4882-ab23-855c8512b340","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":55,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"f8ed3bdf-cb24-45dc-bef0-e5fbb59f36ab","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":55,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"44b37a1b-2cb3-4f10-bf2e-4c5b25c42260","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":55,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"690c4766-a839-4b4a-b012-a0fdb953d6d1","block_type":"box","text":"Breakpoints","page_number":55,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"85303baa-071e-40ba-97ef-0d04347b0868","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":55,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"82cdece2-e496-40ff-9c09-34e58c263e3d","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":55,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"f1e7b751-1d05-419c-b1fb-5c28d9af3711","block_type":"box","text":"The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all share","page_number":55,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"767ad249-8e0c-428b-ac98-d932f7539b9e","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":55,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"ade68e5d-6d12-4d80-8dbe-1de2154cbe2f","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":55,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"edc87bf2-69eb-44f7-a3f3-3ca917749a29","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets","page_number":55,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"58f08fc4-2a96-44f8-a322-bed0ee333d6c","block_type":"box","text":"as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another","page_number":55,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"157d1984-4c3f-44a0-bfb6-464a129bd83d","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":55,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"ba3a3c6a-504b-4799-a3fd-33f5c9df1434","block_type":"box","text":"notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such","page_number":55,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"fca0fb32-75ba-4167-9afa-96865b2ad0a6","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":55,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"4e3b6124-63ab-4495-8f43-789523e67030","block_type":"box","text":"sales charge.","page_number":55,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"db857ab6-cb81-4695-b5c1-bd0176793f1b","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":55,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"d3393cac-adf1-404a-a71a-c6f8c55714b4","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":55,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"0ce1b9e5-73a2-4a55-aca2-3ed5a15cdbd3","block_type":"box","text":"shareholder or pricing group level.","page_number":55,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"8e49bf93-7f71-46ad-8a29-29ca0143e3a2","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":55,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"b46aa002-c00b-4b0c-8ba2-0de0b3040d29","block_type":"box","text":"by NAV).","page_number":55,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"e56d28ab-c772-4777-abf0-ff49b1f08916","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":55,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"818fb55e-a7cb-4404-92f8-2d08e54fe227","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":55,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"48320ad8-bb94-47c2-967b-618cbfdc6b18","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is","page_number":55,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"06b27e35-535d-488c-8ba9-105b3c5c6595","block_type":"box","text":"determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination","page_number":55,"box":{"x":81,"y":609,"width":829,"height":12}},{"id":"76813c1f-b3e1-4d55-ae5c-83e26c79f7dc","block_type":"box","text":"with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge","page_number":55,"box":{"x":80,"y":624,"width":830,"height":11}},{"id":"85586745-f6ab-4ddc-9cd2-2671427ae9dc","block_type":"box","text":"and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the","page_number":55,"box":{"x":81,"y":639,"width":833,"height":11}},{"id":"27150af4-28e4-49a0-a750-2fbe027bb37e","block_type":"box","text":"sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible BlackRock Funds","page_number":55,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"577b5f20-c74d-460b-bd30-8109c04fc2fb","block_type":"box","text":"assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of","page_number":55,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"d88ac80c-a5d3-4d9f-aa0a-9a11002c1da7","block_type":"box","text":"calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not","page_number":55,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"63359e68-ccf8-4400-b4fe-2ff4d334b9c7","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":55,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"99c79f87-8c66-4c49-b95f-f18714b5fd9f","block_type":"box","text":"If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the","page_number":55,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"a942e3fd-8049-4402-aa8a-f532f15ddb3a","block_type":"box","text":"IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be","page_number":55,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"8f71815a-2043-416c-ba67-875ba7faa9ff","block_type":"box","text":"established by the employer.","page_number":55,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"4a4c0397-e1d2-48ff-b25a-2e46864851ce","block_type":"box","text":"Sales Charge Waivers","page_number":55,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"389e2214-4da1-4bce-ba89-346d696a2982","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":55,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"55917efb-8ebf-41b6-b83a-f73d3e2ed78e","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":55,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"a0326833-2b3c-4276-b54f-25658dd8c552","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the","page_number":55,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"26200d55-8cb3-47ea-a107-a59fc3b18f91","block_type":"box","text":"associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant","page_number":55,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"8276e0d7-137c-4dad-a14e-5cc2afc2ea88","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":55,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"1e474c93-9a85-4e98-a0d3-581a1515f848","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":55,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"ede1577e-fcf1-4334-802c-88ed96332eb3","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":55,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"1e0dd671-08ab-406c-adc0-e2111adeacd3","block_type":"box","text":"A-3","page_number":55,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"b158bf0b-85ae-4910-b597-7ed0fc83154c","block_type":"box","text":"NM1026U-5982500-55/68","page_number":55,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c3922788-9c28-4770-9c70-f6506094e3b8","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":56,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"28af2a51-4b8c-4258-97aa-bade595a07a5","block_type":"box","text":"are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made","page_number":56,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"19b6657a-d424-4b4e-834e-81bc938bbd3f","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":56,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"4b84f4be-04b8-465e-b0b5-bc46c9079943","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":56,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"83a6703e-fdcf-4b37-8c2d-29ba702a1a07","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":56,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"aecdb71f-e410-41ab-9ee5-c7663b75d8b6","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":56,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"d560b645-f1f5-42eb-bc1b-d09d146a3d60","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":56,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"0bcf655c-9620-44de-9851-aff5e4c92428","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":56,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"0e5f9d94-c5d9-4ace-ab67-27bf2b570ce1","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":56,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"9392336d-38e3-4b84-ae1c-8a9969214d63","block_type":"box","text":"products.","page_number":56,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"85108348-c173-41c8-9603-2f9a7a86868e","block_type":"box","text":"Shares exchanged into Investor A Shares from another share class so long as the exchange is into the same fund","page_number":56,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"3f8efff0-e01b-4582-a510-48c1bffadcd1","block_type":"box","text":"and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSCs due to","page_number":56,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"5c1d8068-3c97-41c4-a972-2509919229ba","block_type":"box","text":"BlackRock, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the","page_number":56,"box":{"x":82,"y":240,"width":796,"height":11}},{"id":"81d08037-d297-4446-8d37-5017933826ff","block_type":"box","text":"prospectus.","page_number":56,"box":{"x":82,"y":255,"width":84,"height":11}},{"id":"b72d27b3-139f-4638-9c5f-e2520de35d71","block_type":"box","text":"Exchanges from Investor C Shares to Investor A Shares of the same fund, generally, in the 84th month following the","page_number":56,"box":{"x":82,"y":274,"width":850,"height":12}},{"id":"32371211-00f7-4df2-812d-6298f0c28c33","block_type":"box","text":"anniversary of the purchase date or earlier at the discretion of Edward Jones.","page_number":56,"box":{"x":81,"y":289,"width":567,"height":12}},{"id":"f599d7ef-e561-42e7-8805-bd10d1b03337","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers","page_number":56,"box":{"x":61,"y":312,"width":437,"height":13}},{"id":"5472661f-914e-4a97-8d6d-170df6e4070c","block_type":"box","text":"If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is","page_number":56,"box":{"x":62,"y":329,"width":854,"height":11}},{"id":"9ec351fe-b0c4-412b-aacd-e8306ca76ace","block_type":"box","text":"expired, the shareholder is responsible to pay the CDSC except in the following conditions:","page_number":56,"box":{"x":61,"y":343,"width":665,"height":12}},{"id":"beaa33d9-dddb-428b-b954-2da9b881f4ba","block_type":"box","text":"The death or disability of the shareholder.","page_number":56,"box":{"x":81,"y":363,"width":304,"height":12}},{"id":"e8be480f-403f-4852-a1ff-8a383fdc373f","block_type":"box","text":"Systematic withdrawals with up to 10% per year of the account value.","page_number":56,"box":{"x":81,"y":383,"width":508,"height":12}},{"id":"99c67cd9-f9a6-4174-b1d7-89df178ab253","block_type":"box","text":"Return of excess contributions from an IRA.","page_number":56,"box":{"x":82,"y":403,"width":317,"height":10}},{"id":"6ddf7683-5b1d-4261-8437-f145aef819d1","block_type":"box","text":"Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is","page_number":56,"box":{"x":81,"y":423,"width":834,"height":12}},{"id":"908dcddf-1de4-474d-b65c-de5c45836a32","block_type":"box","text":"taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.","page_number":56,"box":{"x":80,"y":438,"width":739,"height":12}},{"id":"14d9ddf8-f588-4221-9f9d-bd9d1cc5ecfe","block_type":"box","text":"Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward","page_number":56,"box":{"x":81,"y":458,"width":820,"height":12}},{"id":"6d307bca-3e65-4378-815f-6b869fbc4860","block_type":"box","text":"Jones.","page_number":56,"box":{"x":81,"y":473,"width":46,"height":9}},{"id":"a484cf55-73e5-4fea-afc2-d0c6ad5cf92b","block_type":"box","text":"Shares exchanged in an Edward Jones fee-based program.","page_number":56,"box":{"x":81,"y":493,"width":428,"height":12}},{"id":"6dfb953c-403e-49d1-8ba2-42d4b1c05701","block_type":"box","text":"Shares acquired through a NAV Reinstatement.","page_number":56,"box":{"x":81,"y":513,"width":344,"height":12}},{"id":"3feb1782-64f9-4579-b874-38f56d01fc6e","block_type":"box","text":"Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.","page_number":56,"box":{"x":81,"y":533,"width":705,"height":11}},{"id":"96eb3566-866a-40ed-b11c-36550f89f9a6","block_type":"box","text":"Other Important Information Regarding Transactions Through Edward Jones","page_number":56,"box":{"x":61,"y":556,"width":624,"height":12}},{"id":"11846afa-3394-4f55-9f2c-196ec1e69828","block_type":"box","text":"Minimum Purchase Amounts for Investor A and Investor C Shares","page_number":56,"box":{"x":61,"y":580,"width":541,"height":11}},{"id":"f704e3e1-4818-47ed-b46b-c253c26efa8e","block_type":"box","text":"Initial purchase minimum: $250","page_number":56,"box":{"x":82,"y":601,"width":234,"height":12}},{"id":"16158e3d-a271-429b-86d6-235028e03f5d","block_type":"box","text":"Subsequent purchase minimum: none","page_number":56,"box":{"x":81,"y":622,"width":279,"height":11}},{"id":"36648582-de81-42c1-bca1-4b914c86d531","block_type":"box","text":"Minimum Balances","page_number":56,"box":{"x":61,"y":645,"width":156,"height":10}},{"id":"7ede931d-3592-47fe-aa71-9d48053ec45a","block_type":"box","text":"Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. 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For purposes of this provision, employer","page_number":58,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"4d9af8e6-0b73-4ed8-80ab-a5f38789ebb4","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":58,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"e27d6a22-2bca-4124-9d17-94ccea01fb41","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":58,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"93a4db0c-90d0-4463-94bf-8de80ea4a4d8","block_type":"box","text":"Investor C shares that are no longer subject to a contingent deferred sales charge and are converted to Investor A","page_number":58,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"c4aea1e1-172e-4114-9d53-7aa243786bc7","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":58,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"905f4368-1932-4653-af68-55c3c0b95a4d","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":58,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"33c04884-b1b7-400c-8078-6b88c9569ade","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":58,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"ae1b54bb-1a9f-460a-bb1d-5c64a9bc0090","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":58,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"dcbc877b-e146-490f-bd98-8beb6f624522","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":58,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"0964c667-13f4-413c-9edf-90a7bdf6390e","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":58,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"3f255ca3-48d3-4a35-ae18-d914aaeff51f","block_type":"box","text":"Revenue Code.","page_number":58,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"4a86a2bc-a72e-43ee-af3c-9561b983e56a","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":58,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"f394d2a5-a0ce-4359-a8b2-cdeeac868964","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":58,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"fe54a019-f4e7-4efb-b090-f1ab25a25ab6","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":58,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"d2778d9d-1bce-4a9e-82c0-274033720e5d","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":58,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"35e50b90-6e9f-4bca-9507-bef8e1b90bf1","block_type":"box","text":"letters of intent","page_number":58,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"675a5576-3480-4b7d-8991-bb131808f22d","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":58,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"479fcc15-e21c-4d6d-812d-1584b3ca04a1","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":58,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"a2917846-1cd4-4d93-a64b-779360a0e590","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":58,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"bd9e1940-1906-4d52-9b47-598bd5fcefd0","block_type":"box","text":"Janney. Eligible BlackRock Fund assets not held at Janney may be included in the ROA calculation only if the","page_number":58,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"8f6d62e9-52f6-44fd-8335-49c0cd9cf493","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":58,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"b5bb7eaf-ade3-46e8-bdb0-be5a1dcd7238","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":58,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"c3458e01-80f9-4869-b1ef-c8cacd2ee931","block_type":"box","text":"a 13-month time period. Eligible BlackRock Fund assets not held at Janney Montgomery Scott may be included in","page_number":58,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"6f26a403-c47d-4300-8042-30c11925bf3a","block_type":"box","text":"the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":58,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"04d3e55d-a943-4de4-b878-61e7703d363b","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":58,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"ba4cc4fb-149f-4811-91ac-23f162375449","block_type":"box","text":"A-6","page_number":58,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"71aa856d-b0f7-4501-9258-37b765f91d2a","block_type":"box","text":"NM1026U-5982500-58/68","page_number":58,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cc6ede5e-6f6e-464e-bda7-bb842b76bd05","block_type":"box","text":"Merrill Lynch:","page_number":59,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"ad4b28da-0a77-47cf-ba0a-77ad088e8f44","block_type":"box","text":"Purchases or sales of front-end (i.e. Investor A) or level-load (i.e., Investor C) mutual fund shares through a Merrill","page_number":59,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"12962ae1-b110-4800-bf33-946ecba40af6","block_type":"box","text":"platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end","page_number":59,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"0e68c7c1-3191-413d-a3c4-f1efddfd9386","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":59,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"22f576af-10dd-4712-9aca-19e9c601d913","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":59,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"2b083e1d-eda1-4a49-a2b9-5821cd317610","block_type":"box","text":"waivers or discounts not listed below.","page_number":59,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"8a1d952e-4901-43a9-aa68-80c47b315067","block_type":"box","text":"It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that","page_number":59,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"26e4accc-57e7-4fc2-95c7-7d5d06d03b68","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":59,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"abb69e50-e92d-4566-a87f-fc95beb1aea8","block_type":"box","text":"facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.","page_number":59,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"af9fe826-4963-4ab2-9d34-766e27a62531","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":59,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"61f98f34-3097-4050-9346-3ac91bfbb261","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":59,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"ce152b0a-07c1-4abe-a0f8-f975a363ab3e","block_type":"box","text":"ml.com/funds. 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