{"annotation_id":"27b63879-eb20-4490-b091-2c5d61e4f15a","file_hash":"660d35fd73c856698076a4f411c27144e14f44e79af9742ad950e97d807fe2bc","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"303763cd-917b-476f-97ec-23bc482beb31","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"ba3ea583-601e-42b0-8af7-cda015b29d75","block_type":"box","text":"Summary Prospectus","page_number":1,"box":{"x":103,"y":175,"width":502,"height":33}},{"id":"d3d64c7a-d01b-4d8c-bd8d-ab4e0b7b467a","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":1,"box":{"x":63,"y":297,"width":250,"height":11}},{"id":"34e4f33b-41af-4550-95a0-5e1c82d2530d","block_type":"box","text":"|","page_number":1,"box":{"x":324,"y":296,"width":2,"height":11}},{"id":"fc33c49d-343b-4938-9353-5811885f8a27","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":337,"y":297,"width":119,"height":9}},{"id":"282c2f81-d78a-4f04-88f6-4ae80210276e","block_type":"box","text":"Class K: MKCPX","page_number":1,"box":{"x":83,"y":314,"width":99,"height":8}},{"id":"8cc17a37-e608-491a-b707-5c65b8fdcf8c","block_type":"box","text":"Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund","page_number":1,"box":{"x":64,"y":354,"width":808,"height":11}},{"id":"cc0b3cdf-fbc1-4dcd-949c-f6bf79be0d51","block_type":"box","text":"and its risks. You can find the Fund’s prospectus (including amendments and supplements), reports to shareholders","page_number":1,"box":{"x":63,"y":370,"width":821,"height":11}},{"id":"6ed44b95-2ab6-4061-93d5-2b4915c8ea87","block_type":"box","text":"and other information about the Fund, including the Fund’s statement of additional information, online at","page_number":1,"box":{"x":63,"y":385,"width":748,"height":11}},{"id":"a6b9ca48-c3f8-4e78-913c-0f0fb7935512","block_type":"box","text":"https://www.blackrock.com/prospectus. You can also get this information at no cost by calling (800) 537-4942 or by","page_number":1,"box":{"x":63,"y":401,"width":825,"height":11}},{"id":"fac82349-2a25-41df-9078-b26010bdf6d8","block_type":"box","text":"sending an e-mail request to","page_number":1,"box":{"x":63,"y":417,"width":203,"height":10}},{"id":"eb758164-ee3a-4e0b-adfc-6e5378811b07","block_type":"box","text":"prospectus.request@blackrock.com","page_number":1,"box":{"x":271,"y":417,"width":261,"height":10}},{"id":"2e6f25c0-cda8-447c-a54f-7f0227c00be4","block_type":"box","text":", or from your financial professional. The Fund’s","page_number":1,"box":{"x":534,"y":416,"width":335,"height":11}},{"id":"ec001b1c-205b-47ee-9d61-4e629afed85e","block_type":"box","text":"prospectus and statement of additional information, both dated September 28, 2026, as amended and supplemented","page_number":1,"box":{"x":63,"y":432,"width":831,"height":10}},{"id":"94877174-0ff3-4313-9a9a-4b8bc7e8c8fb","block_type":"box","text":"from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus.","page_number":1,"box":{"x":62,"y":447,"width":729,"height":11}},{"id":"35f4fde7-333a-4199-8e0b-4c4c1b0ebbfc","block_type":"box","text":"This Summary Prospectus contains information you should know before investing, including information about","page_number":1,"box":{"x":63,"y":819,"width":774,"height":10}},{"id":"60ca81d8-49ad-4dc4-a4c0-37ea7390446c","block_type":"box","text":"risks. Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":834,"width":477,"height":11}},{"id":"f781513d-1a55-41f8-8fe1-9b89d93660e4","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":855,"width":749,"height":11}},{"id":"cd371c00-fae0-45b5-ae59-ea41b2c5500a","block_type":"box","text":"the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":870,"width":687,"height":11}},{"id":"7936f3ed-4f9d-4ced-afa1-c8022a0bd789","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"45d304ee-7063-4449-aaad-821b25913680","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"7a13a387-1c58-431a-8953-ed612217ac76","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"04ed2f33-9714-46d9-9111-c5653f366616","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"5c9aa91d-e37c-4935-8176-b0399e256b4d","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"effb8ad5-fd08-4c35-b4a7-b11c4a4fe2d8","block_type":"box","text":"NM0926U-5977333-1/12","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"72aeeeb3-f428-48f9-a434-557a1f1143fc","block_type":"box","text":"Summary Prospectus","page_number":2,"box":{"x":62,"y":47,"width":468,"height":34}},{"id":"8937cc59-ddb5-4f6d-b9a9-eddc9deaaf25","block_type":"box","text":"Key Facts About BlackRock Balanced Fund, Inc.","page_number":2,"box":{"x":62,"y":121,"width":435,"height":14}},{"id":"769369f6-2ed1-442d-afed-819b48e3ba96","block_type":"box","text":"Investment Objective","page_number":2,"box":{"x":62,"y":152,"width":191,"height":14}},{"id":"8f256871-d177-4592-93d2-2a5037d9ba08","block_type":"box","text":"The investment objective of BlackRock Balanced Fund, Inc. (the “Fund”) is to seek the highest total investment return","page_number":2,"box":{"x":60,"y":178,"width":864,"height":12}},{"id":"9165d570-281b-4046-be83-bdfa6c52d9b0","block_type":"box","text":"through a fully managed investment policy utilizing equity, debt (including money market) and conver tible securities.","page_number":2,"box":{"x":60,"y":193,"width":847,"height":12}},{"id":"aefc7111-73bc-472d-844f-b90c644d49cb","block_type":"box","text":"Fees and Expenses of the Fund","page_number":2,"box":{"x":61,"y":232,"width":283,"height":14}},{"id":"4c4efc32-e731-40ca-ab74-9fc55fa56c39","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund.","page_number":2,"box":{"x":60,"y":258,"width":839,"height":12}},{"id":"06870ac5-dfec-4529-aea8-492a03cdb8a1","block_type":"box","text":"Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.”","page_number":2,"box":{"x":60,"y":273,"width":724,"height":12}},{"id":"c55a5d41-d405-418e-b2d3-ae387a3e46e8","block_type":"box","text":"You may pay other","page_number":2,"box":{"x":790,"y":273,"width":138,"height":12}},{"id":"13da6c06-ca30-4267-8dff-ab03367c6c06","block_type":"box","text":"fees, such as brokerage commissions and other fees to your financial professional or your selected securities","page_number":2,"box":{"x":60,"y":288,"width":824,"height":11}},{"id":"bfce4ea3-cd33-4111-bcb2-18340584255a","block_type":"box","text":"dealer, broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC","page_number":2,"box":{"x":61,"y":303,"width":835,"height":11}},{"id":"85137cfa-2ef7-4556-84b6-f67d1ec56589","block_type":"box","text":"(“BlackRock”) and its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and","page_number":2,"box":{"x":61,"y":318,"width":813,"height":11}},{"id":"0f8ca638-76c8-4a99-90eb-8bbefda2fe61","block_type":"box","text":"example below.","page_number":2,"box":{"x":61,"y":333,"width":114,"height":11}},{"id":"b76dc51e-c868-4214-9dcf-ace58fcfb078","block_type":"box","text":"Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":369,"width":222,"height":10}},{"id":"d78eefe3-63c1-4518-89ed-9244ba6c1f5e","block_type":"box","text":"(expenses that you pay each year as a","page_number":2,"box":{"x":69,"y":381,"width":261,"height":10}},{"id":"c3c0a7b8-38c1-400a-a05b-ed0a454bc34a","block_type":"box","text":"percentage of the value of your investment)","page_number":2,"box":{"x":70,"y":392,"width":294,"height":10}},{"id":"0158938b-7112-4b1d-9360-9bd36a8e6bef","block_type":"box","text":"Class K","page_number":2,"box":{"x":873,"y":392,"width":51,"height":8}},{"id":"aa87b3e1-c57d-47eb-8a20-7302e0c473a0","block_type":"box","text":"Management Fee","page_number":2,"box":{"x":70,"y":410,"width":112,"height":11}},{"id":"5d3bb3bb-0bb8-412a-a891-bcebb54a8ac6","block_type":"box","text":"1","page_number":2,"box":{"x":183,"y":410,"width":4,"height":4}},{"id":"7cd8789d-0cf1-4e67-aff5-0644995757a6","block_type":"box","text":"0.42%","page_number":2,"box":{"x":885,"y":410,"width":41,"height":8}},{"id":"5aa1ecb3-bf68-40b5-b6d9-40342b56882c","block_type":"box","text":"Distribution and/or Service (12b-1) Fees","page_number":2,"box":{"x":70,"y":428,"width":266,"height":10}},{"id":"f87dbf16-0c19-49d7-9f2a-a0814ffad07b","block_type":"box","text":"None","page_number":2,"box":{"x":883,"y":428,"width":32,"height":8}},{"id":"e9322c12-f312-49c2-a715-5e850593c4fa","block_type":"box","text":"Other Expenses","page_number":2,"box":{"x":69,"y":446,"width":103,"height":10}},{"id":"d3ce8680-f9fc-48d9-b693-650989d1bff0","block_type":"box","text":"0.06%","page_number":2,"box":{"x":885,"y":446,"width":41,"height":8}},{"id":"f8e30fea-648a-40fd-bcbd-c94e74e01328","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":2,"box":{"x":69,"y":464,"width":225,"height":10}},{"id":"2888ef91-34b9-485f-886f-0e6aa7dd2331","block_type":"box","text":"2","page_number":2,"box":{"x":295,"y":464,"width":4,"height":4}},{"id":"127fce3c-3ac3-425c-b746-49791086bbdf","block_type":"box","text":"0.02%","page_number":2,"box":{"x":885,"y":464,"width":41,"height":9}},{"id":"0f75eb10-41bc-4502-bdb7-ee6a4070ee71","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":2,"box":{"x":69,"y":482,"width":252,"height":11}},{"id":"0d0d56f4-fe45-4fdf-8ace-27e58cda2f19","block_type":"box","text":"2","page_number":2,"box":{"x":322,"y":482,"width":4,"height":4}},{"id":"0ef55b02-5149-4d46-9fa8-9121b2842c6f","block_type":"box","text":"0.50%","page_number":2,"box":{"x":885,"y":482,"width":41,"height":9}},{"id":"e3d2b549-6961-49de-b488-22b3de82c783","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":70,"y":501,"width":304,"height":9}},{"id":"0eb968a6-27da-45d8-9475-49245a51e3f1","block_type":"box","text":"1","page_number":2,"box":{"x":375,"y":500,"width":4,"height":4}},{"id":"46dd248f-6882-4243-b791-5e722f724589","block_type":"box","text":"(0.01)%","page_number":2,"box":{"x":881,"y":500,"width":50,"height":10}},{"id":"cc66f151-0ef6-437d-80d3-42d66169489e","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements","page_number":2,"box":{"x":69,"y":518,"width":598,"height":11}},{"id":"4f7f582a-de98-47a7-ba3a-8d4000f4aaad","block_type":"box","text":"1","page_number":2,"box":{"x":668,"y":518,"width":4,"height":4}},{"id":"ec0db3c5-4a71-418a-8d05-a95d0ab087c0","block_type":"box","text":"0.49%","page_number":2,"box":{"x":885,"y":518,"width":41,"height":9}},{"id":"3f7a77ae-e196-46fa-aa40-75d9d136b035","block_type":"box","text":"1","page_number":2,"box":{"x":61,"y":538,"width":3,"height":4}},{"id":"55e0bf61-9978-42ef-87e7-1b4b034f50aa","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 38, BlackRock has contractually agreed to","page_number":2,"box":{"x":81,"y":538,"width":837,"height":9}},{"id":"63ebb7f8-c473-4af5-a78f-e071e94b4128","block_type":"box","text":"waive the management fee with respect to any por tion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":2,"box":{"x":80,"y":548,"width":854,"height":10}},{"id":"f162a2ad-6f26-4906-bb0c-29cc9e732cb2","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":2,"box":{"x":81,"y":559,"width":810,"height":9}},{"id":"b2395885-282f-412b-a0a9-062ee4359f78","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":2,"box":{"x":81,"y":569,"width":832,"height":9}},{"id":"433b50ba-9678-4909-9955-9a14f9e8c675","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":2,"box":{"x":81,"y":579,"width":847,"height":9}},{"id":"5593e481-54bd-432a-b555-786182a7e6d2","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a","page_number":2,"box":{"x":81,"y":590,"width":835,"height":9}},{"id":"fc6fa425-4859-4f57-ad2a-bcf6b8fa313e","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":2,"box":{"x":81,"y":600,"width":330,"height":9}},{"id":"8c7691f3-252c-46e6-88e8-a380abd07541","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":613,"width":3,"height":3}},{"id":"e09bf58f-0dac-4ec5-8798-6753184d27ca","block_type":"box","text":"The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent","page_number":2,"box":{"x":81,"y":613,"width":813,"height":9}},{"id":"718f2531-990d-4cc5-87d8-cd4ffe94f04b","block_type":"box","text":"Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.","page_number":2,"box":{"x":81,"y":623,"width":662,"height":9}},{"id":"452dd212-a693-464a-a638-3de1ca78d6f9","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":641,"width":74,"height":12}},{"id":"3174545f-573a-4bf9-831b-e403c2ec3aa3","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":2,"box":{"x":60,"y":657,"width":830,"height":12}},{"id":"c012b0c9-dc1e-43ac-949c-9fb22c63e4fa","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":2,"box":{"x":61,"y":672,"width":832,"height":12}},{"id":"fb752a1b-a242-4b0b-bf94-3298e1cbfb0c","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":2,"box":{"x":61,"y":687,"width":832,"height":11}},{"id":"3a3043da-8f1b-4644-ac7c-da73360bd964","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":2,"box":{"x":61,"y":702,"width":859,"height":11}},{"id":"6ce037fc-59bd-4864-b0f3-14d465efe0ec","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":2,"box":{"x":61,"y":717,"width":436,"height":11}},{"id":"32dd9b9a-eb8b-4525-a13a-77cbb0e386aa","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":2,"box":{"x":631,"y":745,"width":292,"height":9}},{"id":"70ea033a-e7ab-4fd2-a23a-a56925a809a5","block_type":"box","text":"Class K","page_number":2,"box":{"x":69,"y":763,"width":51,"height":9}},{"id":"6d3cbe14-a203-474e-862e-ca761f19b7d1","block_type":"box","text":"$50 $159 $279 $627","page_number":2,"box":{"x":639,"y":763,"width":272,"height":9}},{"id":"cba5ba6e-51e5-4d0c-b920-18d97c1264b9","block_type":"box","text":"Portfolio Turnover:","page_number":2,"box":{"x":61,"y":788,"width":151,"height":10}},{"id":"0fa5136f-1b45-446f-8338-75c7a20b84e3","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":2,"box":{"x":60,"y":805,"width":800,"height":11}},{"id":"ba01a2bc-b74e-41a9-9ad2-bfd14a9e167d","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":2,"box":{"x":62,"y":819,"width":850,"height":12}},{"id":"8e371054-76c0-4d59-bf62-375a0e90b101","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":2,"box":{"x":61,"y":834,"width":870,"height":12}},{"id":"58c07e02-2982-4634-b5b7-adfa664894cf","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":2,"box":{"x":62,"y":849,"width":839,"height":11}},{"id":"c99d94d3-fcb6-44d3-9f7a-6c02736be859","block_type":"box","text":"132% of the average value of its por tfolio.","page_number":2,"box":{"x":62,"y":864,"width":307,"height":11}},{"id":"d055de9e-2965-4f77-806e-657b21a2313e","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"a529c222-2d24-464f-9a22-53a03603ebb5","block_type":"box","text":"NM0926U-5977333-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"7e22364a-099d-4bf5-a395-dd062c59b87e","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":43,"width":394,"height":13}},{"id":"36a43463-eaf0-44d6-8b77-2aae91526975","block_type":"box","text":"The Fund invests in a combination of equity securities, fixed-income securities and derivatives. The propor tion the Fund","page_number":3,"box":{"x":60,"y":69,"width":876,"height":11}},{"id":"67f00d9e-cbe1-44ee-8aeb-077f5cc3adab","block_type":"box","text":"invests in each category at any given time depends on Fund management’s view of how attractive that category","page_number":3,"box":{"x":62,"y":84,"width":819,"height":11}},{"id":"7634d85f-b986-4f2e-a5ca-b24166d28005","block_type":"box","text":"appears relative to the others. The Fund intends to invest at least 25% of its assets in equity securities and at least","page_number":3,"box":{"x":61,"y":98,"width":853,"height":12}},{"id":"3c5ac05e-732b-481a-8e6d-1b74d88de687","block_type":"box","text":"25% of its assets in senior fixed income securities, such as U.S. government debt securities, corporate debt","page_number":3,"box":{"x":61,"y":113,"width":798,"height":12}},{"id":"68011561-e351-4563-92ad-3f598d88a8bc","block_type":"box","text":"securities, and mor tgage-backed and asset-backed securities.","page_number":3,"box":{"x":61,"y":128,"width":454,"height":12}},{"id":"4f7b80c5-c12c-49ef-8c1c-b7c496c64c72","block_type":"box","text":"With respect to the Fund’s equity investments, the Fund primarily intends to invest in equity securities or other","page_number":3,"box":{"x":60,"y":151,"width":813,"height":11}},{"id":"ca481faf-82e7-4002-8da6-af1eca196f4b","block_type":"box","text":"financial instruments that are components of, or have characteristics similar to, the securities included in the MSCI All","page_number":3,"box":{"x":60,"y":166,"width":871,"height":11}},{"id":"83f0c322-a88e-4149-b85c-3a49c1d99549","block_type":"box","text":"Country World Index (the “ACWI”). The ACWI is a capitalization-weighted index from a broad range of industries chosen","page_number":3,"box":{"x":61,"y":180,"width":868,"height":12}},{"id":"29203b49-ba68-4c77-b05c-e138b9b70394","block_type":"box","text":"for market size, liquidity and industry group representation. In selecting equity investments, the Fund primarily uses","page_number":3,"box":{"x":60,"y":195,"width":849,"height":12}},{"id":"0e5928ad-436c-49cf-abad-cea979472763","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. Equity securities include common stock and","page_number":3,"box":{"x":62,"y":210,"width":860,"height":11}},{"id":"f36cf62c-1e71-460b-b274-ec7b6f67332f","block_type":"box","text":"preferred stock. The Fund primarily seeks to buy common stock and may also invest in preferred stock. From time to","page_number":3,"box":{"x":62,"y":225,"width":855,"height":11}},{"id":"dffff8ab-c1f9-4abe-a892-9ca2eaab8d52","block_type":"box","text":"time, the Fund may invest in shares of companies through “new issues” or initial public offerings (“IPOs”). The Fund","page_number":3,"box":{"x":60,"y":240,"width":854,"height":11}},{"id":"17310f52-91e2-40a4-9ada-4b07454efb40","block_type":"box","text":"may also purchase conver tible securities. The Fund may invest in securities of both U.S. or non-U.S. issuers without","page_number":3,"box":{"x":61,"y":254,"width":853,"height":12}},{"id":"5baf8f2a-84ce-46ae-be55-751e8fc426dc","block_type":"box","text":"limit, which can be U.S. dollar based or non-U.S. dollar based and may be currency hedged or unhedged. The Fund may","page_number":3,"box":{"x":62,"y":269,"width":874,"height":12}},{"id":"577a20ad-8bbb-4177-89ce-1f920ec69026","block_type":"box","text":"invest in securities of companies of any market capitalization.","page_number":3,"box":{"x":62,"y":284,"width":451,"height":12}},{"id":"850917d6-c324-4ac4-8e84-e7245ba93f6d","block_type":"box","text":"With respect to the Fund’s fixed-income investments, the Fund will invest primarily using model-based asset allocation","page_number":3,"box":{"x":60,"y":307,"width":867,"height":11}},{"id":"399b9b9a-cafc-41fe-a58b-fb603d2571c7","block_type":"box","text":"and security selection models. The Fund may invest in obligations issued or guaranteed by the U.S. Government, its","page_number":3,"box":{"x":61,"y":322,"width":850,"height":11}},{"id":"9083e0eb-68de-4ae9-8701-ff388f2d9430","block_type":"box","text":"agencies or instrumentalities; mor tgage-backed securities issued or guaranteed by the U.S. Government or its","page_number":3,"box":{"x":61,"y":336,"width":809,"height":12}},{"id":"a7cddd7f-0642-49c0-a3d0-e0bb21b12a0e","block_type":"box","text":"agencies or instrumentalities, including U.S. agency mor tgage pass-through securities; commercial mor tgage-backed","page_number":3,"box":{"x":61,"y":351,"width":857,"height":12}},{"id":"4dbea644-0239-4fac-83ae-df498f9a3592","block_type":"box","text":"securities; mor tgage to-be-announced (“TBA”) securities; debt obligations of U.S. issuers, including corporate bonds;","page_number":3,"box":{"x":61,"y":366,"width":857,"height":12}},{"id":"3960862e-8a83-4442-a60f-71881fbdac6b","block_type":"box","text":"municipal securities; asset-backed securities; and U.S.-registered dollar-denominated debt obligations of foreign","page_number":3,"box":{"x":61,"y":381,"width":823,"height":11}},{"id":"72db871f-762f-4c91-85de-1b8ec9cb5a34","block_type":"box","text":"issuers. The Fund may invest in bonds issued by companies located in countries other than the United States,","page_number":3,"box":{"x":62,"y":396,"width":809,"height":11}},{"id":"c157a1da-a76e-4797-bb78-85c9d63748a3","block_type":"box","text":"including companies in emerging markets. These securities may have all types of interest rate payment and reset","page_number":3,"box":{"x":62,"y":410,"width":833,"height":12}},{"id":"021165d7-06db-4f0d-84c5-93a2ef9a887f","block_type":"box","text":"terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and","page_number":3,"box":{"x":60,"y":425,"width":825,"height":12}},{"id":"0525a4c5-575d-4db9-9d49-f5ec71e5d82f","block_type":"box","text":"auction rate features. The Fund seeks to invest a substantial por tion of its assets in U.S.-registered, dollar","page_number":3,"box":{"x":61,"y":440,"width":789,"height":12}},{"id":"41b08bd4-52a2-48e3-908f-78b496d42dfd","block_type":"box","text":"denominated bonds. The Fund may invest up to 10% of its assets in securities rated below investment grade (“high","page_number":3,"box":{"x":61,"y":455,"width":847,"height":12}},{"id":"5290a640-4995-4231-a97b-a3063fea9ae2","block_type":"box","text":"yield” or “junk” bonds). The Fund may invest in bonds of any maturity or duration.","page_number":3,"box":{"x":60,"y":470,"width":597,"height":11}},{"id":"5fd49d0a-94ea-4674-b971-4104d836a1a1","block_type":"box","text":"The Fund may invest a significant por tion of its fixed income holdings in U.S. agency mor tgage pass-through securities,","page_number":3,"box":{"x":60,"y":492,"width":874,"height":12}},{"id":"d4aa81e3-95f5-482a-a4d3-afa62b7e1b45","block_type":"box","text":"which are securities issued by entities such as the Government National Mor tgage Association (“GNMA”) and the","page_number":3,"box":{"x":60,"y":507,"width":833,"height":12}},{"id":"b7175143-f35c-4b0d-9144-0a5e4a3c1202","block_type":"box","text":"Federal National Mor tgage Association that are backed by pools of mor tgages. Most transactions in mor tgage pass","page_number":3,"box":{"x":62,"y":522,"width":853,"height":12}},{"id":"9350536c-1c02-4c0e-9916-5c2078321e53","block_type":"box","text":"through securities occur through standardized contracts for future delivery in which the exact mor tgage-backed","page_number":3,"box":{"x":60,"y":537,"width":812,"height":11}},{"id":"0fcef84f-24d7-46fb-aafd-a09df7f6d333","block_type":"box","text":"securities to be delivered are not specified until a few days prior to settlement. The Fund expects to enter into such","page_number":3,"box":{"x":61,"y":552,"width":848,"height":11}},{"id":"09fcc78b-7cd6-4963-a37b-e21696082f25","block_type":"box","text":"contracts on a regular basis.","page_number":3,"box":{"x":61,"y":567,"width":209,"height":11}},{"id":"eab6e183-5df5-4f0a-924a-96680d6201f1","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps),","page_number":3,"box":{"x":60,"y":589,"width":834,"height":12}},{"id":"c4b01c1c-6a20-43b3-97ec-f4223600b1c0","block_type":"box","text":"forward contracts and various other instruments, both to seek to increase the return of the Fund and to hedge (or","page_number":3,"box":{"x":60,"y":604,"width":837,"height":11}},{"id":"9ce9e38d-5646-4ec6-9054-96da9ec50a93","block_type":"box","text":"protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements","page_number":3,"box":{"x":62,"y":619,"width":869,"height":11}},{"id":"a1d8e839-6396-4297-988b-e877074fb48f","block_type":"box","text":"in the securities markets. The Fund may also invest in indexed and inverse securities.","page_number":3,"box":{"x":62,"y":634,"width":628,"height":11}},{"id":"b55382e9-e96c-431c-9bc1-90bf9bd11e8f","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":3,"box":{"x":61,"y":672,"width":354,"height":14}},{"id":"96bd36d9-dfff-4fdd-991a-72eb5edf6a24","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":3,"box":{"x":62,"y":699,"width":860,"height":11}},{"id":"3d1570fb-47c3-4068-8dab-8ce41f0229f6","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":3,"box":{"x":61,"y":713,"width":802,"height":12}},{"id":"585b9aa4-1694-4334-a77f-e0117a909d77","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":3,"box":{"x":62,"y":728,"width":842,"height":12}},{"id":"50899f98-d828-4946-a7ce-46f1e34b25ba","block_type":"box","text":"summary description of principal risks of investing in the Fund. The relative significance of each risk factor below may","page_number":3,"box":{"x":61,"y":743,"width":864,"height":12}},{"id":"099797af-2808-479c-a54f-d2bbd0bb99d6","block_type":"box","text":"change over time and you should review each risk factor carefully.","page_number":3,"box":{"x":61,"y":758,"width":481,"height":11}},{"id":"a631012a-efd0-49a5-864a-1a5765b25e69","block_type":"box","text":"Equity Securities Risk","page_number":3,"box":{"x":81,"y":778,"width":166,"height":11}},{"id":"b2a236d5-a015-4633-b8df-c9b4bba2c177","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":3,"box":{"x":251,"y":778,"width":685,"height":11}},{"id":"857a77ad-1c13-4c13-8dfb-24d1cce1b624","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":3,"box":{"x":81,"y":793,"width":550,"height":11}},{"id":"97eb7ed7-fec7-4f81-80c3-f86af92aa660","block_type":"box","text":"Debt Securities Risk","page_number":3,"box":{"x":81,"y":813,"width":155,"height":9}},{"id":"6584c9a6-fc8e-441c-a0f1-ebcbb99385ad","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":3,"box":{"x":240,"y":813,"width":633,"height":10}},{"id":"5f6e605d-b419-44bb-97af-d442c45d3805","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in fur ther detail below:","page_number":3,"box":{"x":81,"y":827,"width":648,"height":12}},{"id":"d1efcf59-ebb5-46d6-b621-e18c558405a4","block_type":"box","text":"Credit Risk","page_number":3,"box":{"x":82,"y":848,"width":80,"height":9}},{"id":"9b0fa7c6-dc4c-421b-93d6-13ad74aef133","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":3,"box":{"x":166,"y":847,"width":737,"height":12}},{"id":"dd527fa3-eae8-4f0d-bc68-66cdfc0e8e91","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":3,"box":{"x":81,"y":862,"width":816,"height":12}},{"id":"4da72d6b-9327-488e-a26f-5b41933bb4fa","block_type":"box","text":"perception of an issuer’s creditwor thiness may also affect the value of the Fund’s investment in that issuer. The","page_number":3,"box":{"x":82,"y":877,"width":826,"height":12}},{"id":"4b79c710-a887-4748-bfaf-de712715a5c8","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":3,"box":{"x":81,"y":892,"width":777,"height":12}},{"id":"9daa5912-57cc-4262-b0c7-268637f94d97","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"b4c6d4f2-2c5b-4cf8-b65a-cb700a380938","block_type":"box","text":"NM0926U-5977333-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d7f7a87e-490a-44c7-ad8f-bc691485140f","block_type":"box","text":"Interest Rate Risk","page_number":4,"box":{"x":82,"y":42,"width":132,"height":9}},{"id":"f427d52b-37d5-4708-834d-c004d85e5234","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":4,"box":{"x":218,"y":42,"width":704,"height":11}},{"id":"6aee3d1d-8a94-4b02-91be-4865084afbdd","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":4,"box":{"x":82,"y":57,"width":835,"height":11}},{"id":"43ad48fa-7e1e-472c-809c-f5ad1a34a351","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":4,"box":{"x":80,"y":71,"width":513,"height":10}},{"id":"6a31ce5c-e8c8-42fd-8768-273d5f0a6ef2","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":4,"box":{"x":81,"y":91,"width":843,"height":12}},{"id":"0116b0bc-1bd2-4c51-8ecb-36a4d2810dc7","block_type":"box","text":"if interest rates increase by 1%, assuming a current por tfolio duration of ten years, and all other factors being","page_number":4,"box":{"x":82,"y":106,"width":806,"height":12}},{"id":"66a36638-49f9-4552-b6ad-ea94d00cc45c","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":4,"box":{"x":81,"y":121,"width":831,"height":11}},{"id":"d50ab031-0178-4d08-bc8f-e82ddfd1d06e","block_type":"box","text":"price sensitivity of a debt security or por tfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":4,"box":{"x":82,"y":136,"width":854,"height":11}},{"id":"f71396be-c1e5-4f9a-a1f4-32275b36ce89","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":4,"box":{"x":81,"y":151,"width":827,"height":11}},{"id":"81280104-18e1-4f38-8300-838c585197b0","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":4,"box":{"x":81,"y":166,"width":840,"height":11}},{"id":"6f7ef9cf-1953-466b-99c6-38eed889f7ac","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":4,"box":{"x":82,"y":180,"width":851,"height":12}},{"id":"03d3d4bc-1216-4529-b2fa-be9170b48f87","block_type":"box","text":"Fund may lose money if shor t-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":4,"box":{"x":82,"y":195,"width":808,"height":12}},{"id":"d4aff394-6dc0-4b77-bfbc-dc76a13dae83","block_type":"box","text":"management.","page_number":4,"box":{"x":82,"y":211,"width":98,"height":11}},{"id":"40c2568b-3eb4-4fdc-a6e4-850c44366b18","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mor tgage","page_number":4,"box":{"x":81,"y":230,"width":852,"height":12}},{"id":"23594b00-8a5c-4c36-98e4-655f4e2c4f20","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":4,"box":{"x":81,"y":245,"width":840,"height":11}},{"id":"ae04454e-b315-40e5-92a1-39447f302e70","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on cer tain floating rate debt securities typically reset","page_number":4,"box":{"x":80,"y":260,"width":834,"height":11}},{"id":"8c4374ad-d6f1-4ea5-8a1e-a3e0c1686c5f","block_type":"box","text":"only periodically, changes in prevailing interest rates (and par ticularly sudden and significant changes) can be","page_number":4,"box":{"x":81,"y":274,"width":803,"height":12}},{"id":"924e8a92-f0dc-4f11-9d20-9a581a8fd319","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":4,"box":{"x":81,"y":289,"width":839,"height":12}},{"id":"1454ea5b-8425-42aa-b8d5-1f7032fc07d8","block_type":"box","text":"debt securities.","page_number":4,"box":{"x":81,"y":304,"width":112,"height":9}},{"id":"4491a1fa-4ab1-49aa-a061-efc766390979","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":4,"box":{"x":81,"y":324,"width":839,"height":12}},{"id":"a2083e09-4eab-416b-8bd0-57128a55c9e9","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":4,"box":{"x":81,"y":339,"width":839,"height":11}},{"id":"98f78240-89b8-4f6b-a351-d6a01900e1b8","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":4,"box":{"x":82,"y":354,"width":831,"height":11}},{"id":"d8f8edec-310d-4d02-992f-ffeb22b5aa2b","block_type":"box","text":"value when interest rates change.","page_number":4,"box":{"x":80,"y":369,"width":248,"height":11}},{"id":"4e3bac7a-3153-45a3-b373-a8d195630470","block_type":"box","text":"A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large","page_number":4,"box":{"x":81,"y":389,"width":855,"height":11}},{"id":"570e0f6a-4474-4a77-8664-de5527de3f94","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":4,"box":{"x":81,"y":403,"width":801,"height":12}},{"id":"e795f32d-f4e8-4dde-9bb3-2cfbc70d4d28","block_type":"box","text":"redemptions could cause the Fund to sell assets at inoppor tune times or at a loss or depressed value and could","page_number":4,"box":{"x":82,"y":418,"width":827,"height":11}},{"id":"aaa12b20-9339-40ea-8e14-ee651b43e761","block_type":"box","text":"hur t the Fund’s per formance.","page_number":4,"box":{"x":82,"y":433,"width":214,"height":11}},{"id":"d0d5ca30-c9ca-4195-8ee9-f0661a5d755d","block_type":"box","text":"Extension Risk","page_number":4,"box":{"x":82,"y":453,"width":107,"height":9}},{"id":"2d8142b1-bd35-48ff-8e7c-1ce6d0731459","block_type":"box","text":"— When interest rates rise, cer tain obligations will be paid off by the obligor more slowly than","page_number":4,"box":{"x":193,"y":453,"width":691,"height":12}},{"id":"8dee0730-0488-4d79-8e00-a7f37967cf82","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":4,"box":{"x":81,"y":468,"width":420,"height":11}},{"id":"536f8656-162e-4e69-ae18-f58527ab1e69","block_type":"box","text":"Prepayment Risk","page_number":4,"box":{"x":81,"y":488,"width":124,"height":11}},{"id":"ea8233bc-7dcb-4e09-905a-ffe871817efd","block_type":"box","text":"— When interest rates fall, cer tain obligations will be paid off by the obligor more quickly than","page_number":4,"box":{"x":209,"y":488,"width":691,"height":11}},{"id":"c8204b69-faea-429a-8e98-811840d036c9","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":4,"box":{"x":81,"y":503,"width":724,"height":11}},{"id":"5180e558-092f-46b1-b2eb-2a364bcdb911","block_type":"box","text":"Foreign Securities Risk","page_number":4,"box":{"x":81,"y":523,"width":176,"height":11}},{"id":"e999b3e1-dc28-4fe4-b3fb-19bbc6684066","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":4,"box":{"x":260,"y":523,"width":668,"height":11}},{"id":"d5f0dc6e-7ac8-4fb1-b98f-48ed60d90c64","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":4,"box":{"x":82,"y":538,"width":531,"height":11}},{"id":"c307b120-97fb-4089-a865-6c863a4ff158","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":4,"box":{"x":101,"y":557,"width":823,"height":12}},{"id":"6b5e3fad-fa8e-4f49-95bd-e8297aab5ad8","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":4,"box":{"x":102,"y":572,"width":823,"height":12}},{"id":"15f0d5fc-36d2-466d-a4b6-a0bf262bd65a","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":587,"width":70,"height":12}},{"id":"3cd4a5d5-44c9-43b4-b404-b7bdf44ca837","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":4,"box":{"x":101,"y":607,"width":644,"height":12}},{"id":"10b32600-7cb8-4179-9090-e4e64e194e25","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":4,"box":{"x":101,"y":627,"width":830,"height":12}},{"id":"50e94aaa-252b-4566-9fb3-7c59e087ff02","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":4,"box":{"x":102,"y":642,"width":808,"height":11}},{"id":"8178f4a1-2b94-4f65-b54e-848ea6b18747","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":657,"width":137,"height":11}},{"id":"f9c77bf3-4a10-4e9e-acce-049bc27d4f8c","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":4,"box":{"x":101,"y":677,"width":821,"height":11}},{"id":"6f1b985f-1e5b-4f5f-a43e-904fd8ffc238","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":4,"box":{"x":102,"y":691,"width":809,"height":12}},{"id":"677c8cce-caba-46b0-9e8b-fd7d3dd50e2d","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":4,"box":{"x":102,"y":706,"width":784,"height":12}},{"id":"fe513247-b503-4625-a61a-d5fb75ed8be7","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":4,"box":{"x":101,"y":721,"width":352,"height":12}},{"id":"2e97d60f-0a0b-4c29-9387-517f27a68b92","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":4,"box":{"x":102,"y":741,"width":823,"height":12}},{"id":"b1cf14ad-d1b5-416c-9958-f8e239133dd8","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":4,"box":{"x":101,"y":756,"width":811,"height":11}},{"id":"cdf9d4ad-541d-4102-bba6-d11b0958e472","block_type":"box","text":"U.S. securities laws.","page_number":4,"box":{"x":102,"y":771,"width":148,"height":9}},{"id":"4758d12b-4356-402c-8d40-38bd494cd053","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":4,"box":{"x":101,"y":791,"width":834,"height":11}},{"id":"f3cc6104-c495-42a7-92e0-709abc83a139","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":4,"box":{"x":101,"y":806,"width":628,"height":11}},{"id":"22d60fad-531e-4f72-abc8-c5cae3d5c501","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":4,"box":{"x":101,"y":826,"width":830,"height":11}},{"id":"00c704b6-e412-44d8-98cc-b01a5cc9663d","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":4,"box":{"x":101,"y":840,"width":831,"height":12}},{"id":"a3f71b06-2ac4-4a3e-9ec9-db15ac8bbd00","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":4,"box":{"x":101,"y":855,"width":813,"height":12}},{"id":"c18680d9-266d-43d7-a0a5-f2926ec29468","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":4,"box":{"x":101,"y":870,"width":395,"height":11}},{"id":"61dcd203-b927-40ce-a048-8ea28e0e2b44","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":890,"width":206,"height":9}},{"id":"72e8973a-807c-455c-a3a7-069d1162dea6","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":4,"box":{"x":291,"y":890,"width":593,"height":12}},{"id":"f9eface5-5020-4605-bda3-938722e7596c","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":4,"box":{"x":81,"y":905,"width":853,"height":11}},{"id":"990cc16f-7357-4c8c-ada4-e4a6026b72aa","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"f101e4f4-e703-4a0e-afc8-b75931fd029f","block_type":"box","text":"NM0926U-5977333-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e9fc51c9-cda8-4775-a6c9-72c082e2f512","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":42,"width":855,"height":11}},{"id":"85ab3fc1-3a29-47a1-8472-18d412fbec70","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":57,"width":816,"height":11}},{"id":"f87c0cd7-df20-481a-b74d-3449d599e722","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":5,"box":{"x":82,"y":71,"width":796,"height":12}},{"id":"97e9c935-7a9e-4774-8512-11ec7aed0566","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":5,"box":{"x":81,"y":86,"width":812,"height":12}},{"id":"bad95e6c-2dc2-4b50-9ba4-87cdeda1d8f1","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":5,"box":{"x":82,"y":101,"width":809,"height":12}},{"id":"e53d3e3d-4f16-4696-bb98-9e69c55a110c","block_type":"box","text":"Corporate Loans Risk","page_number":5,"box":{"x":81,"y":121,"width":162,"height":11}},{"id":"1e5b33a5-c97e-4256-a97b-fab5fc6542bd","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":5,"box":{"x":247,"y":121,"width":689,"height":11}},{"id":"1dc1d8c1-850b-44a0-82b7-cf3ca1a99d89","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":5,"box":{"x":82,"y":136,"width":845,"height":11}},{"id":"5403534d-fe18-4f3b-8366-1c4b377bf60c","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":5,"box":{"x":82,"y":151,"width":827,"height":11}},{"id":"57661799-b6ab-4d2b-9fc2-bfddedce2feb","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":5,"box":{"x":81,"y":166,"width":821,"height":11}},{"id":"903bfff8-2b4b-41de-a41f-8e62026c1f9b","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":5,"box":{"x":81,"y":180,"width":840,"height":12}},{"id":"c3f6db08-76d4-448e-9090-e5fd590cb647","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition,","page_number":5,"box":{"x":81,"y":195,"width":826,"height":12}},{"id":"616aa5a0-016a-484f-93cc-f37cd83e1430","block_type":"box","text":"transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate","page_number":5,"box":{"x":80,"y":210,"width":846,"height":11}},{"id":"cbaa2056-589f-40f0-af4a-eeab1998168d","block_type":"box","text":"loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To","page_number":5,"box":{"x":82,"y":225,"width":847,"height":11}},{"id":"a8235c3e-f3fa-4ae8-a44d-4aa28808f0e1","block_type":"box","text":"the extent the extended settlement process gives rise to shor t-term liquidity needs, the Fund may hold additional","page_number":5,"box":{"x":80,"y":240,"width":830,"height":11}},{"id":"2afd29fc-4a4d-4ae6-82e9-208a01618e3b","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders.","page_number":5,"box":{"x":81,"y":254,"width":552,"height":12}},{"id":"c56f9f1e-a9d4-4069-907c-9919bddb583f","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":275,"width":123,"height":9}},{"id":"6904b46b-ee17-425d-86ae-a7fd713e62fd","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":274,"width":664,"height":12}},{"id":"638173c3-086c-4977-bb79-14c8e440c069","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":289,"width":469,"height":12}},{"id":"570582fe-79a8-4b7f-bac3-a25cb8742ce8","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":310,"width":102,"height":11}},{"id":"f89826ad-5d86-45f0-9721-79796b74dc24","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":309,"width":723,"height":12}},{"id":"4123ea97-5a26-45ac-b722-70ce24e890ab","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":324,"width":832,"height":12}},{"id":"deec8de7-1aa8-4a90-a839-5534e633cd80","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":339,"width":280,"height":11}},{"id":"dbd551f3-2193-415c-a639-742e76a9df75","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":359,"width":87,"height":9}},{"id":"d71f4b9c-822e-42e0-bd64-6f5af37336ae","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":359,"width":728,"height":11}},{"id":"cd1bacc6-a270-4ee0-bd08-733a4512d271","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":374,"width":834,"height":11}},{"id":"b4a79793-85af-4bba-9dfd-97f9fad4989c","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":389,"width":832,"height":11}},{"id":"4e173a41-d84d-4b24-82f0-c2cbb91f4852","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":403,"width":779,"height":12}},{"id":"f8a56845-54bb-44ad-8ade-ccc41d10d0f9","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":418,"width":253,"height":11}},{"id":"adb07951-f8cd-4501-8b6b-e381f3a3b7c6","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":438,"width":131,"height":12}},{"id":"7f14a301-98ad-4789-bd93-ee9439c72f12","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":5,"box":{"x":217,"y":438,"width":697,"height":12}},{"id":"9c180455-16de-474d-919a-750cafc7ba83","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":453,"width":855,"height":12}},{"id":"0b9e7a0d-0511-45de-bdf5-56a727380164","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":468,"width":240,"height":11}},{"id":"8dd8a75c-7651-4319-90b2-82fc6243cd19","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":488,"width":100,"height":11}},{"id":"7259c00f-e9d4-49fb-8076-2827435bdbf8","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":488,"width":750,"height":11}},{"id":"7cb099fd-ab53-4791-8076-167acaf7916a","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":5,"box":{"x":80,"y":503,"width":839,"height":11}},{"id":"35036e59-d885-4e56-b5b6-8e615a47732a","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":517,"width":293,"height":12}},{"id":"7e35d372-0d7a-4e88-bb23-e0ba945875a9","block_type":"box","text":"Operational Risk","page_number":5,"box":{"x":82,"y":538,"width":120,"height":11}},{"id":"855bac85-e7e0-46de-986f-56d872d4ff1a","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":5,"box":{"x":206,"y":537,"width":727,"height":12}},{"id":"7ced9032-2104-40e4-8c36-8a87e26a1df5","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":5,"box":{"x":82,"y":552,"width":607,"height":12}},{"id":"97698779-9424-4d2e-acfa-b32574b4bc64","block_type":"box","text":"Legal Risk","page_number":5,"box":{"x":82,"y":573,"width":75,"height":11}},{"id":"90e9309f-2f43-4171-ab37-cd89632912cf","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":5,"box":{"x":161,"y":572,"width":761,"height":12}},{"id":"eb0e6e3b-9b4a-4b93-affe-4ac7a7ef170a","block_type":"box","text":"enforceability of a contract.","page_number":5,"box":{"x":81,"y":587,"width":198,"height":12}},{"id":"cb77f45c-5906-47c6-99a4-08a8143012a7","block_type":"box","text":"Volatility and Correlation Risk","page_number":5,"box":{"x":83,"y":607,"width":214,"height":11}},{"id":"fd08386b-528a-4f9c-9b17-3455f9ed3e55","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":5,"box":{"x":300,"y":607,"width":590,"height":11}},{"id":"774765aa-becf-4ba6-999c-28c38d73eb95","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":5,"box":{"x":81,"y":622,"width":775,"height":11}},{"id":"fe1e4bdf-3946-46f5-85a9-69596af762f8","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":5,"box":{"x":81,"y":637,"width":589,"height":11}},{"id":"76c99732-6af0-45dd-bc98-a078e943f556","block_type":"box","text":"Valuation Risk","page_number":5,"box":{"x":83,"y":657,"width":102,"height":9}},{"id":"6af00df6-91aa-4d7d-9339-cfd7b4015d39","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":5,"box":{"x":189,"y":657,"width":747,"height":11}},{"id":"3bdbb9e4-5ff5-4410-bd19-1bf30fbad762","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":5,"box":{"x":82,"y":671,"width":783,"height":12}},{"id":"047899dc-f675-4dee-bcbb-c12a59a39825","block_type":"box","text":"instruments or quote prices for them.","page_number":5,"box":{"x":82,"y":686,"width":273,"height":12}},{"id":"cf9c1188-099b-4663-93e0-85c7d3ce7b35","block_type":"box","text":"Hedging Risk","page_number":5,"box":{"x":82,"y":707,"width":95,"height":11}},{"id":"484adff0-1291-4142-aaa2-d54aa7de1bf2","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":5,"box":{"x":181,"y":706,"width":728,"height":12}},{"id":"d6081510-2d49-4160-a946-ec42b4f2a889","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":5,"box":{"x":81,"y":721,"width":839,"height":12}},{"id":"84177296-1099-4a93-8876-70289d021ea1","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":5,"box":{"x":82,"y":736,"width":354,"height":11}},{"id":"124f2eec-df55-46bd-af0e-04ad28414293","block_type":"box","text":"Tax Risk","page_number":5,"box":{"x":83,"y":756,"width":59,"height":9}},{"id":"a84bfa70-8484-4275-911d-38c1b33632f5","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":5,"box":{"x":145,"y":756,"width":719,"height":12}},{"id":"3ee500ca-9be5-4b47-95f4-8ecc8370c0cb","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":5,"box":{"x":81,"y":771,"width":801,"height":11}},{"id":"2dbe5adf-0b45-4a88-baea-bd758c96d230","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":5,"box":{"x":82,"y":786,"width":802,"height":11}},{"id":"9b296c03-e578-4f49-b584-048e00b1d21d","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":5,"box":{"x":82,"y":800,"width":830,"height":12}},{"id":"771f19a1-c894-49a5-b144-1d9f0335b036","block_type":"box","text":"realizes from its investments.","page_number":5,"box":{"x":82,"y":815,"width":215,"height":9}},{"id":"f603870d-a189-49fe-84fa-3442d8a55d79","block_type":"box","text":"Emerging Markets Risk","page_number":5,"box":{"x":81,"y":835,"width":178,"height":12}},{"id":"9471f508-36b1-4665-94ec-609bf3dedeb3","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":5,"box":{"x":263,"y":836,"width":617,"height":11}},{"id":"621d605b-bee0-47e1-a9cb-0be7a0f693a7","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":5,"box":{"x":81,"y":850,"width":825,"height":12}},{"id":"00ea5ac3-95d2-4b0b-8d2a-d10d81759336","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":5,"box":{"x":82,"y":865,"width":822,"height":11}},{"id":"358780a9-c5e3-4b4e-a132-3d202969a2fd","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":5,"box":{"x":82,"y":880,"width":816,"height":11}},{"id":"869a3287-82dc-4e0d-bbae-5047ec313ed8","block_type":"box","text":"liquidity than developed markets.","page_number":5,"box":{"x":82,"y":895,"width":240,"height":11}},{"id":"e85b01ca-d30f-4a87-8e32-4140571ddd9c","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"7c831684-cb04-4a33-a856-57e39c67e7d8","block_type":"box","text":"NM0926U-5977333-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8594628e-336c-42a1-a30f-840b7c01912e","block_type":"box","text":"High Portfolio Turnover Risk","page_number":6,"box":{"x":81,"y":42,"width":212,"height":11}},{"id":"2881e637-b2e8-450a-bf3d-f410c7fcd1f2","block_type":"box","text":"— The Fund may engage in active and frequent trading of its por tfolio securities. High","page_number":6,"box":{"x":297,"y":42,"width":629,"height":11}},{"id":"dcb107d7-8bcd-4a7e-8f70-3ef08f43b74d","block_type":"box","text":"por tfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":6,"box":{"x":82,"y":57,"width":812,"height":11}},{"id":"aed42e06-97c9-458a-a97f-1eabf87d1a49","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":6,"box":{"x":81,"y":71,"width":817,"height":12}},{"id":"70f8b57c-fbd7-403a-bdbe-8232ef2f9378","block_type":"box","text":"other securities. The sale of Fund por tfolio securities may result in the realization and/or distribution to","page_number":6,"box":{"x":81,"y":86,"width":760,"height":12}},{"id":"5f105c30-26fa-46cf-8def-e6c5c75a0cd2","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":6,"box":{"x":81,"y":101,"width":852,"height":12}},{"id":"55a0e5cf-fa19-4d23-b91d-ba569da268dc","block_type":"box","text":"of higher than normal por tfolio turnover may adversely affect Fund per formance.","page_number":6,"box":{"x":81,"y":116,"width":589,"height":11}},{"id":"8b7eaf95-2692-4d45-8b92-fd668462c881","block_type":"box","text":"High Yield Bonds Risk","page_number":6,"box":{"x":81,"y":136,"width":167,"height":11}},{"id":"f6f4f218-2f28-4c06-ae90-c8b69dcef817","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":6,"box":{"x":252,"y":136,"width":667,"height":11}},{"id":"4fdadd43-75e8-42b2-a936-31731a19ec3c","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":6,"box":{"x":79,"y":151,"width":835,"height":11}},{"id":"8ecf7ad4-a158-4655-a8f1-f190631f34e2","block_type":"box","text":"for the Fund.","page_number":6,"box":{"x":81,"y":166,"width":91,"height":9}},{"id":"c898d7da-3ae4-4a1e-9c7b-a7da269b94fe","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":6,"box":{"x":81,"y":186,"width":271,"height":9}},{"id":"2a13882d-b423-47cc-acc9-fbce7998041c","block_type":"box","text":"—","page_number":6,"box":{"x":356,"y":191,"width":17,"height":1}},{"id":"5cb48831-e9c1-4310-bf34-1a30e7eb8589","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":6,"box":{"x":379,"y":186,"width":499,"height":11}},{"id":"21bc0712-3624-471c-b021-1cd9cccad469","block_type":"box","text":"par ticular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":6,"box":{"x":82,"y":200,"width":839,"height":12}},{"id":"7eb61a48-bf82-47c5-9693-62184b4925fd","block_type":"box","text":"to the value of the par ticular index. These securities are subject to leverage risk and correlation risk. Cer tain","page_number":6,"box":{"x":80,"y":215,"width":799,"height":12}},{"id":"b6ed06b5-bb19-4a0d-b6b1-77a848ad2a26","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":6,"box":{"x":82,"y":230,"width":796,"height":12}},{"id":"922c40dd-f36e-4567-9256-40461192a0c9","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":6,"box":{"x":81,"y":245,"width":855,"height":11}},{"id":"8173d43d-da31-42db-bbe9-e2d55987d0c5","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":6,"box":{"x":82,"y":260,"width":441,"height":11}},{"id":"62f5c26b-e725-49d9-9b40-6fecdc7f2995","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":280,"width":107,"height":11}},{"id":"5849ce06-c32e-4ef0-b6c2-6e008939ffc7","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":6,"box":{"x":192,"y":280,"width":741,"height":11}},{"id":"906d49f7-bd2c-49a9-aad5-82b3c8b1f6e8","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":6,"box":{"x":81,"y":294,"width":853,"height":12}},{"id":"c5a08301-73ba-4ceb-8ec4-f51c5480a41f","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":6,"box":{"x":81,"y":309,"width":856,"height":12}},{"id":"72339594-aa81-4703-a343-34e94cad8b2f","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":6,"box":{"x":80,"y":324,"width":796,"height":12}},{"id":"60d358da-c993-4c2e-9eab-aef30e1dd0a5","block_type":"box","text":"Company Act”), and the rules thereunder. Increases and decreases in the value of the Fund’s por tfolio will be","page_number":6,"box":{"x":81,"y":339,"width":805,"height":11}},{"id":"17a22b2e-4b32-45d9-a7c2-633afda8e6ac","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":6,"box":{"x":82,"y":354,"width":293,"height":11}},{"id":"23e243e7-2bfb-4455-9bc5-fbbc877731dd","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":374,"width":240,"height":9}},{"id":"660a44ec-cf68-418a-a2bf-f9034686dc91","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":374,"width":593,"height":9}},{"id":"f45e1514-069c-46c2-8e47-c0047ce111ff","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":6,"box":{"x":81,"y":389,"width":851,"height":11}},{"id":"84f9c0ea-2c95-4af0-9f98-bb8a09743729","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":6,"box":{"x":82,"y":403,"width":824,"height":12}},{"id":"c948093f-1f4e-4fd4-b264-7c46c7cdd333","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":418,"width":851,"height":12}},{"id":"c0cf057b-4a57-47e4-b827-a3938a26b188","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":433,"width":802,"height":11}},{"id":"1ebbdb06-5e31-4c99-ab09-ba2b8d56a636","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":6,"box":{"x":81,"y":448,"width":849,"height":11}},{"id":"18a9b0f3-eccd-4ca6-9d49-10000f8caddf","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":6,"box":{"x":81,"y":463,"width":843,"height":11}},{"id":"b20297db-d8ae-4c3c-be66-397a7b83e7b8","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":6,"box":{"x":81,"y":477,"width":830,"height":12}},{"id":"684ee21b-bf29-4e76-98ce-31d555396609","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":492,"width":840,"height":12}},{"id":"10a5d6b7-fc20-48aa-a9d8-f12daf7cca29","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":507,"width":789,"height":12}},{"id":"2a1249f3-4bdb-48c1-8aee-7412dce72e43","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":6,"box":{"x":81,"y":522,"width":823,"height":12}},{"id":"b4af2527-b8c8-4366-b5f1-ea531db97aba","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":6,"box":{"x":81,"y":537,"width":784,"height":11}},{"id":"fe3d5029-ee51-4806-8b69-26def240c4ff","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":552,"width":844,"height":11}},{"id":"17afd37f-aff8-47bf-b773-fbd1411db539","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":6,"box":{"x":81,"y":567,"width":855,"height":11}},{"id":"fba9b55b-8d50-44ff-955b-51a75380554a","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":6,"box":{"x":81,"y":582,"width":373,"height":11}},{"id":"fcf2a51e-ab82-4776-8dea-7fa5482b4bdb","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":601,"width":818,"height":12}},{"id":"2cfc3047-1112-46d4-82fa-06d98576a082","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":6,"box":{"x":80,"y":616,"width":819,"height":12}},{"id":"807f4c32-8a90-4c8b-98b4-5a74e614a4ed","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":6,"box":{"x":81,"y":631,"width":819,"height":11}},{"id":"01ea60db-e506-4c78-8df0-b57982dd11d7","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":6,"box":{"x":81,"y":646,"width":846,"height":11}},{"id":"fe1573f6-cbde-4c94-b46d-1672d62faef6","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":6,"box":{"x":81,"y":661,"width":848,"height":11}},{"id":"54167ac2-2496-4fcb-926a-197a4806cb9f","block_type":"box","text":"the Fund invests.","page_number":6,"box":{"x":80,"y":676,"width":125,"height":9}},{"id":"b190072e-9bc5-4d0b-9458-024f4df6c972","block_type":"box","text":"Mid Cap Securities Risk","page_number":6,"box":{"x":81,"y":696,"width":182,"height":11}},{"id":"e9c01e8c-237e-40bb-ab5e-3354253137b6","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":6,"box":{"x":267,"y":695,"width":665,"height":12}},{"id":"ca387d1a-1049-40b7-9c8a-83685e554c47","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":6,"box":{"x":81,"y":710,"width":789,"height":12}},{"id":"d17675b3-6ba9-4245-8200-d0f21cc2202a","block_type":"box","text":"Model Risk","page_number":6,"box":{"x":81,"y":730,"width":85,"height":9}},{"id":"f4f96665-76c7-406d-9b14-ec094e35c690","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":6,"box":{"x":170,"y":730,"width":722,"height":12}},{"id":"a6331d0c-812a-4341-a554-2308d726f01f","block_type":"box","text":"quantitative analysis. Investments selected using these models may per form differently than as forecasted due to","page_number":6,"box":{"x":81,"y":745,"width":840,"height":12}},{"id":"9d120d81-a46b-4cd3-8d46-36c29a1f2dda","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":6,"box":{"x":80,"y":760,"width":807,"height":11}},{"id":"30ac1f99-fed6-41d5-8357-2257422141df","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":6,"box":{"x":82,"y":775,"width":842,"height":11}},{"id":"4080c3c4-1805-4a09-9669-1d9b34002c04","block_type":"box","text":"related to the use of ar tificial intelligence and machine learning (“AI”), and other technological issues). There is no","page_number":6,"box":{"x":82,"y":789,"width":841,"height":12}},{"id":"ceded19f-c91d-4ae2-b16c-a5dbe6734eb5","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":6,"box":{"x":81,"y":804,"width":777,"height":12}},{"id":"030dc93b-40be-40c4-b805-ae72d501b349","block_type":"box","text":"The information and data used in the models may be supplied by third par ties. Inaccurate or incomplete data may","page_number":6,"box":{"x":81,"y":824,"width":837,"height":12}},{"id":"b452bd75-18ed-46a6-94cc-08ac01e2a0ed","block_type":"box","text":"limit the effectiveness of the models. In addition, some of the data that BlackRock uses may be historical data,","page_number":6,"box":{"x":82,"y":839,"width":819,"height":12}},{"id":"869cc6b7-9f55-40ce-ad1b-bbfc5f979389","block_type":"box","text":"which may not accurately predict future market movement. There is a risk that the models will not be successful in","page_number":6,"box":{"x":80,"y":854,"width":843,"height":11}},{"id":"85803a90-5d2a-48d2-a087-5fbd3c8605d9","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":6,"box":{"x":81,"y":869,"width":834,"height":11}},{"id":"7a4fc368-acdf-44d7-9386-4cc6a4d465fb","block_type":"box","text":"its investment objective.","page_number":6,"box":{"x":82,"y":884,"width":176,"height":11}},{"id":"fbcd936a-c933-47d4-9efd-2cad49104b55","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"fa7fcd03-c397-4453-8afb-4c182fa2d15b","block_type":"box","text":"NM0926U-5977333-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"dd97057b-e92a-461e-8552-687f255c40c8","block_type":"box","text":"Money Market Securities Risk","page_number":7,"box":{"x":81,"y":42,"width":229,"height":11}},{"id":"de46e630-ba60-42a1-b5d5-c092d7b256fa","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":7,"box":{"x":314,"y":42,"width":570,"height":11}},{"id":"2d4eb24c-2297-4270-98b7-37a28eddc3f2","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":7,"box":{"x":81,"y":57,"width":819,"height":11}},{"id":"b8ecca6e-09e4-4bf7-978c-ba9f3998ebee","block_type":"box","text":"market upswing, thus reducing the Fund’s oppor tunity to achieve its investment objective.","page_number":7,"box":{"x":82,"y":72,"width":657,"height":11}},{"id":"599ba962-f700-40fc-a797-08d62ffe21e1","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":7,"box":{"x":81,"y":92,"width":346,"height":11}},{"id":"688364a6-08fb-4681-bf5a-02f6247f1b2a","block_type":"box","text":"— Mor tgage- and asset-backed securities represent interests in","page_number":7,"box":{"x":432,"y":92,"width":469,"height":11}},{"id":"38919fe4-9312-475a-8eb5-710882943397","block_type":"box","text":"“pools” of mor tgages or other assets, including consumer loans or receivables held in trust. Mor tgage- and asset","page_number":7,"box":{"x":82,"y":106,"width":839,"height":12}},{"id":"9df0e3cb-c9c5-42e1-9528-df80af45521a","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":7,"box":{"x":81,"y":121,"width":822,"height":11}},{"id":"50c6704d-6c83-4b7d-949d-920bb04437eb","block_type":"box","text":"subject to risk of default on the underlying mor tgage or asset, par ticularly during periods of economic downturn.","page_number":7,"box":{"x":81,"y":136,"width":821,"height":11}},{"id":"ddea033a-d3f0-4eb7-9d0c-24a937fe38ef","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":7,"box":{"x":81,"y":151,"width":851,"height":11}},{"id":"1ed67f5f-7e20-4f2f-9426-1f6dd28b7cb2","block_type":"box","text":"cer tain mor tgage-backed securities.","page_number":7,"box":{"x":81,"y":166,"width":263,"height":11}},{"id":"0524c266-5255-4fc4-a784-ca6708a4cc9b","block_type":"box","text":"Municipal Securities Risks","page_number":7,"box":{"x":81,"y":186,"width":201,"height":11}},{"id":"069f095e-d035-4d68-8b9e-ba6fbe2f71f3","block_type":"box","text":"— Municipal securities risks include the ability of the issuer to repay the obligation, the","page_number":7,"box":{"x":286,"y":185,"width":643,"height":12}},{"id":"bfc546cd-0414-4211-ab6f-3c05e21b8cc7","block_type":"box","text":"relative lack of information about cer tain issuers of municipal securities, and the possibility of future legislative","page_number":7,"box":{"x":82,"y":200,"width":817,"height":12}},{"id":"f512de98-2287-42b5-af0b-cf56041020ca","block_type":"box","text":"changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state,","page_number":7,"box":{"x":81,"y":215,"width":837,"height":12}},{"id":"667d357c-beb7-4b66-91de-b5670f7feb9b","block_type":"box","text":"and federal governments upon which the issuers may be relying for funding may also impact municipal securities.","page_number":7,"box":{"x":81,"y":230,"width":832,"height":12}},{"id":"8bb22778-dfdb-44f2-9179-0fc2f83a02dc","block_type":"box","text":"These risks include:","page_number":7,"box":{"x":81,"y":245,"width":145,"height":9}},{"id":"25852855-69dc-4dca-b315-f6d45ca509f3","block_type":"box","text":"General Obligation Bonds Risks","page_number":7,"box":{"x":82,"y":265,"width":230,"height":11}},{"id":"b040560e-7f49-4585-8996-e670c5207f8f","block_type":"box","text":"— Timely payments depend on the issuer’s credit quality, ability to raise tax","page_number":7,"box":{"x":317,"y":265,"width":558,"height":11}},{"id":"5b394cfe-9b1d-4470-bef2-96db58e5a62d","block_type":"box","text":"revenues and ability to maintain an adequate tax base.","page_number":7,"box":{"x":82,"y":280,"width":402,"height":11}},{"id":"d4a0a059-acbb-423f-8bfb-7c07e71266ac","block_type":"box","text":"Revenue Bonds Risks","page_number":7,"box":{"x":82,"y":300,"width":158,"height":9}},{"id":"6424ac03-9703-4555-a56b-c0ab71558790","block_type":"box","text":"— These payments depend on the money earned by the par ticular facility or class of","page_number":7,"box":{"x":245,"y":300,"width":622,"height":11}},{"id":"38e1a0a4-8e13-49ab-9a4a-3ac756921e99","block_type":"box","text":"facilities, or the amount of revenues derived from another source.","page_number":7,"box":{"x":81,"y":314,"width":482,"height":11}},{"id":"ea4d5e3a-6156-48e6-b10c-fa4598bcd4fe","block_type":"box","text":"Private Activity Bonds Risks","page_number":7,"box":{"x":81,"y":335,"width":202,"height":11}},{"id":"73f7367d-57cd-4155-af10-9a7361086d44","block_type":"box","text":"— Municipalities and other public authorities issue private activity bonds to finance","page_number":7,"box":{"x":288,"y":334,"width":612,"height":12}},{"id":"c5212d79-98f9-474a-8138-2097ddf6cd38","block_type":"box","text":"development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and","page_number":7,"box":{"x":81,"y":349,"width":813,"height":12}},{"id":"2bc0ada2-58a7-47dc-9981-1a85ae60f8e6","block_type":"box","text":"interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment.","page_number":7,"box":{"x":82,"y":364,"width":766,"height":12}},{"id":"18d67c4d-a594-4d5f-902c-ac0ea1981786","block_type":"box","text":"Moral Obligation Bonds Risks","page_number":7,"box":{"x":82,"y":384,"width":215,"height":12}},{"id":"40ef96ee-c917-4e43-8587-f636de50af48","block_type":"box","text":"— Moral obligation bonds are generally issued by special purpose public authorities","page_number":7,"box":{"x":302,"y":384,"width":616,"height":12}},{"id":"c3a1eda3-6a03-43a2-88c7-61aad6059cc7","block_type":"box","text":"of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral","page_number":7,"box":{"x":81,"y":399,"width":854,"height":11}},{"id":"c6338756-f34b-4d1d-b612-52d892bb130c","block_type":"box","text":"commitment, but not a legal obligation, of the state or municipality.","page_number":7,"box":{"x":81,"y":414,"width":492,"height":11}},{"id":"26dde0e7-cc64-42bd-a927-13ad0e1bcef5","block_type":"box","text":"Municipal Notes Risks","page_number":7,"box":{"x":82,"y":434,"width":162,"height":11}},{"id":"6f420a92-a8c2-4825-8957-3dfc8ab5672e","block_type":"box","text":"— Municipal notes are shor ter term municipal debt obligations. If there is a shor tfall in the","page_number":7,"box":{"x":249,"y":434,"width":670,"height":11}},{"id":"68dde8cd-6e5d-40ad-8881-f62877583347","block_type":"box","text":"anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":7,"box":{"x":81,"y":448,"width":633,"height":12}},{"id":"937f2102-21ed-4ddb-add3-8245a8f395ef","block_type":"box","text":"Municipal Lease Obligations Risks","page_number":7,"box":{"x":82,"y":469,"width":250,"height":11}},{"id":"3bfa54cb-485c-42f3-9ac1-27d8ad3ddb0b","block_type":"box","text":"— In a municipal lease obligation, the issuer agrees to make payments when","page_number":7,"box":{"x":337,"y":469,"width":568,"height":11}},{"id":"4d37ecc5-000c-4399-97e9-ceb5546a241f","block_type":"box","text":"due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease","page_number":7,"box":{"x":81,"y":483,"width":852,"height":12}},{"id":"2c7a59da-a50a-45ff-861b-aa2078a04544","block_type":"box","text":"obligation, the lease obligation is secured by the leased proper ty.","page_number":7,"box":{"x":81,"y":498,"width":479,"height":12}},{"id":"b7a89b2a-83a6-47d4-a69c-85e8ca3cd9ab","block_type":"box","text":"Tax-Exempt Status Risk","page_number":7,"box":{"x":83,"y":518,"width":169,"height":11}},{"id":"8344c45b-468b-45d1-a581-ffee26b3858d","block_type":"box","text":"— The Fund and its investment manager will rely on the opinion of issuers’ bond counsel","page_number":7,"box":{"x":256,"y":518,"width":654,"height":12}},{"id":"fdba0416-b183-4144-b386-b00fcb98bdfc","block_type":"box","text":"and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds","page_number":7,"box":{"x":81,"y":533,"width":855,"height":11}},{"id":"41f7c34f-c8b1-405c-80b2-60781df327bb","block_type":"box","text":"and payments under derivative securities. Neither the Fund nor its investment manager will independently review the","page_number":7,"box":{"x":81,"y":548,"width":854,"height":11}},{"id":"bdc9afae-ad28-46d4-ac76-d1ee558d7206","block_type":"box","text":"bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its","page_number":7,"box":{"x":81,"y":563,"width":809,"height":11}},{"id":"1212cd6d-e87c-4ae3-8ccf-9c5df92bbe0f","block_type":"box","text":"shareholders to substantial tax liabilities.","page_number":7,"box":{"x":81,"y":578,"width":302,"height":9}},{"id":"e7785874-49b3-44ed-b77f-5e9241bef31a","block_type":"box","text":"“New Issues” Risk","page_number":7,"box":{"x":83,"y":598,"width":139,"height":9}},{"id":"276b5c34-64af-475f-8d9a-c3e5d3d3a01d","block_type":"box","text":"—","page_number":7,"box":{"x":227,"y":603,"width":17,"height":1}},{"id":"b6b2f905-c045-42c6-b41a-90c8687b4dd2","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":7,"box":{"x":249,"y":597,"width":681,"height":12}},{"id":"fbf7dc64-3fac-4a17-8452-02459488b865","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":7,"box":{"x":81,"y":612,"width":843,"height":12}},{"id":"ca3f4072-f58d-42c1-864c-c0e3d4349e26","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":7,"box":{"x":81,"y":627,"width":517,"height":12}},{"id":"7b6501b4-6712-4ace-9f41-b19528e819b2","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":647,"width":254,"height":11}},{"id":"2fd49472-93b7-4725-af0c-6c8f5beba064","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":647,"width":578,"height":12}},{"id":"5e011074-208c-4b32-ac0e-c99344849ddf","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":662,"width":779,"height":11}},{"id":"2e22575b-0a28-4992-b033-ecc56483d6d6","block_type":"box","text":"cybersecurity incidents, and the use of AI, which may result in losses for the Fund and its shareholders or may","page_number":7,"box":{"x":81,"y":677,"width":811,"height":11}},{"id":"91c6c292-09a7-44ed-b36f-f27b58a9b74f","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":7,"box":{"x":82,"y":692,"width":806,"height":11}},{"id":"b42da49b-5754-462f-b66e-1d5093e2bb04","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":7,"box":{"x":82,"y":706,"width":853,"height":12}},{"id":"bf643b23-0534-4d27-a947-ed0b32bd9f97","block_type":"box","text":"may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could","page_number":7,"box":{"x":82,"y":721,"width":841,"height":12}},{"id":"752f1ad0-6746-482c-8748-b7bb733dfc72","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":7,"box":{"x":81,"y":736,"width":808,"height":11}},{"id":"6fbc618f-317e-4052-8a81-9373653d6e5e","block_type":"box","text":"issuers to lose value.","page_number":7,"box":{"x":82,"y":751,"width":155,"height":9}},{"id":"e7a62acc-232e-4648-be8d-a5bdcc1d1587","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":771,"width":189,"height":9}},{"id":"cb87aa60-9661-4e01-ae89-8bbc516e6c27","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":771,"width":636,"height":11}},{"id":"7aab6c84-0777-4556-8c33-167cdfdf14ab","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":786,"width":824,"height":11}},{"id":"029f61e7-8bc1-4a9b-9d86-14bec823a41e","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":7,"box":{"x":82,"y":800,"width":806,"height":12}},{"id":"a3c15f80-601e-4517-9488-890bb4a65df9","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":7,"box":{"x":81,"y":815,"width":842,"height":12}},{"id":"5ede5c3c-4527-42de-9305-a1a1ac9c3690","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":830,"width":781,"height":12}},{"id":"c92796d9-b817-440f-8791-2314eb637bb0","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":845,"width":812,"height":11}},{"id":"45366702-0c8a-4382-b0b8-477728621512","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":860,"width":129,"height":11}},{"id":"db6bb0c8-7c3d-4409-a66b-26bdc1fc307d","block_type":"box","text":"Sovereign Debt Risk","page_number":7,"box":{"x":81,"y":880,"width":154,"height":11}},{"id":"e35b2e9d-f864-4aba-9aba-5a90494c0797","block_type":"box","text":"—","page_number":7,"box":{"x":239,"y":885,"width":17,"height":1}},{"id":"8d8281cc-69f7-4000-a086-0c532a669996","block_type":"box","text":"Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":7,"box":{"x":261,"y":880,"width":664,"height":11}},{"id":"5ecab162-4f5c-445a-9c47-7db3c94f0ee3","block_type":"box","text":"refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient","page_number":7,"box":{"x":82,"y":895,"width":844,"height":11}},{"id":"c3975d39-803a-4c37-bf5b-f9a1098adf68","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":7,"box":{"x":81,"y":909,"width":821,"height":12}},{"id":"c16555e9-6bb1-4469-9ba7-ff1a08ad908f","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"e2f52b52-bd97-47bd-9a13-9cd61111b514","block_type":"box","text":"NM0926U-5977333-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f9151487-8c4b-4a21-b92d-135194a64be8","block_type":"box","text":"relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund","page_number":8,"box":{"x":82,"y":42,"width":845,"height":11}},{"id":"d905b129-4105-4dd6-84ae-d9897b8fb7c1","block_type":"box","text":"or other multilateral agencies.","page_number":8,"box":{"x":81,"y":57,"width":218,"height":11}},{"id":"48b066d3-8e56-4605-940f-ea25aca2cfe8","block_type":"box","text":"Structured Securities Risk","page_number":8,"box":{"x":81,"y":77,"width":200,"height":9}},{"id":"ec2e9e04-1d71-4aff-bf4c-95f64359d3e4","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":8,"box":{"x":285,"y":77,"width":605,"height":11}},{"id":"6461e5bf-7ce9-4a85-b573-64e08cb2b9a1","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":8,"box":{"x":82,"y":91,"width":823,"height":12}},{"id":"881d9f7a-124f-4709-8839-144f1e66a03e","block_type":"box","text":"index or reference obligation and will also be subject to counterpar ty risk. The Fund may have the right to receive","page_number":8,"box":{"x":82,"y":106,"width":827,"height":12}},{"id":"5e783438-93ea-473a-b12a-eaef65bb2f49","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":8,"box":{"x":82,"y":121,"width":852,"height":12}},{"id":"eb039506-a4b7-4f99-a82e-597d167be1cc","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":8,"box":{"x":80,"y":136,"width":823,"height":11}},{"id":"d9b9868a-d856-4c28-ba3b-bbae8d8d8e7c","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":8,"box":{"x":82,"y":151,"width":818,"height":11}},{"id":"649af8cf-9f45-4fed-83ca-1b87171eceb1","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":8,"box":{"x":81,"y":166,"width":842,"height":11}},{"id":"6820bc94-6193-433e-a157-0da38d679aea","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":8,"box":{"x":81,"y":180,"width":834,"height":12}},{"id":"60ff1fd3-c622-4d6c-a4be-4cd1ed1d3b05","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":8,"box":{"x":82,"y":195,"width":834,"height":11}},{"id":"62677a0e-bc25-4dba-93c8-64479763c58e","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":8,"box":{"x":82,"y":210,"width":799,"height":12}},{"id":"b3f9f08a-a99e-4cb9-99d0-314d4679688c","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":8,"box":{"x":81,"y":225,"width":851,"height":11}},{"id":"dbf3adfd-e90d-4be0-b5e3-5eca7dafafc0","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":8,"box":{"x":80,"y":240,"width":814,"height":11}},{"id":"f79808dd-e2a3-4cf5-bd3d-3a4cb6e95389","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":8,"box":{"x":81,"y":254,"width":812,"height":12}},{"id":"713cdcdf-4f71-4205-9db9-1523a8554e01","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":8,"box":{"x":81,"y":269,"width":816,"height":12}},{"id":"33bb8778-3062-42b0-8ae4-382cd3ce7e22","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":8,"box":{"x":81,"y":284,"width":795,"height":12}},{"id":"ddc32830-81b3-424a-b295-6b318e132812","block_type":"box","text":"structured security to be reduced to zero. Cer tain issuers of such structured securities may be deemed to be","page_number":8,"box":{"x":81,"y":299,"width":802,"height":11}},{"id":"ede0c3b7-4f4b-44b6-8ff9-272537263f3f","block_type":"box","text":"“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such","page_number":8,"box":{"x":82,"y":314,"width":816,"height":11}},{"id":"d131745a-7734-44e6-ab30-002cfa9a23e0","block_type":"box","text":"securities may be limited by cer tain investment restrictions contained in the Investment Company Act.","page_number":8,"box":{"x":81,"y":329,"width":749,"height":11}},{"id":"263f58e0-8de0-430e-a33d-0bfaa224ac1e","block_type":"box","text":"U.S. Government Issuer Risk","page_number":8,"box":{"x":82,"y":349,"width":215,"height":9}},{"id":"5df697b8-a988-44d6-8bf1-6a0225d82f6a","block_type":"box","text":"—","page_number":8,"box":{"x":302,"y":354,"width":17,"height":1}},{"id":"f0928b7a-e94c-4bd0-b087-f2c2b4c587bf","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":8,"box":{"x":323,"y":349,"width":612,"height":11}},{"id":"f7e8e935-1482-4fd8-a4d1-0e2b217806a4","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying","page_number":8,"box":{"x":81,"y":363,"width":797,"height":12}},{"id":"5ab7720a-e3c0-47bd-862c-930adff4e2b9","block_type":"box","text":"degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can","page_number":8,"box":{"x":81,"y":378,"width":850,"height":12}},{"id":"27788f8f-8973-4267-a0b8-47519b92cb7e","block_type":"box","text":"be given that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated","page_number":8,"box":{"x":81,"y":393,"width":843,"height":12}},{"id":"103c3aed-9638-4bbd-9e9d-ced9878e90db","block_type":"box","text":"by law to do so.","page_number":8,"box":{"x":81,"y":408,"width":114,"height":11}},{"id":"af1789e7-fb7a-4b40-9519-e08a238d347d","block_type":"box","text":"U.S. Government Mortgage-Related Securities Risk","page_number":8,"box":{"x":82,"y":428,"width":386,"height":11}},{"id":"2f73f57a-5cf8-424a-b956-74ab7f3e1d26","block_type":"box","text":"— There are a number of impor tant differences among the","page_number":8,"box":{"x":472,"y":428,"width":433,"height":11}},{"id":"b723cd5c-91ba-426c-909c-0d3418ae94f7","block_type":"box","text":"agencies and instrumentalities of the U.S. Government that issue mor tgage-related securities and among the","page_number":8,"box":{"x":81,"y":443,"width":804,"height":11}},{"id":"59871696-eb4a-40be-9f80-1b21355dbc41","block_type":"box","text":"securities that they issue. Mor tgage-related securities guaranteed by the Government National Mor tgage","page_number":8,"box":{"x":81,"y":458,"width":768,"height":11}},{"id":"619bc070-b427-401b-bac0-ae505e239b7e","block_type":"box","text":"Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA","page_number":8,"box":{"x":81,"y":472,"width":838,"height":12}},{"id":"0e9000cb-3c05-4e06-97ff-c0d280c648aa","block_type":"box","text":"and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are suppor ted","page_number":8,"box":{"x":81,"y":487,"width":843,"height":12}},{"id":"763fa1cd-03ad-49d7-a135-7c3fea9e6048","block_type":"box","text":"by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mor tgage","page_number":8,"box":{"x":81,"y":502,"width":816,"height":12}},{"id":"dbf67003-32b7-4dfd-be4d-c7db4237ecfa","block_type":"box","text":"related securities issued by Fannie Mae or Freddie Mac are solely the obligations of Fannie Mae or Freddie Mac, as","page_number":8,"box":{"x":82,"y":517,"width":846,"height":11}},{"id":"d1c464e9-098c-4927-9caa-6577a2125efb","block_type":"box","text":"the case may be, and are not backed by or entitled to the full faith and credit of the United States but are","page_number":8,"box":{"x":80,"y":532,"width":776,"height":11}},{"id":"1d795c4c-8e86-43a0-b573-70748da46d09","block_type":"box","text":"suppor ted by the right of the issuer to borrow from the Treasury.","page_number":8,"box":{"x":81,"y":546,"width":472,"height":12}},{"id":"1dea0a40-2335-4104-b731-6faba77e9a7e","block_type":"box","text":"Performance Information","page_number":8,"box":{"x":61,"y":585,"width":224,"height":11}},{"id":"72d6c96f-e65a-4d9d-921d-23247e3a9822","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":8,"box":{"x":60,"y":612,"width":855,"height":11}},{"id":"f1ba9568-66d7-4454-ba6d-6ceef502ee59","block_type":"box","text":"risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns","page_number":8,"box":{"x":61,"y":626,"width":852,"height":12}},{"id":"c4f2ad65-461e-4248-b2e5-60af68ebae05","block_type":"box","text":"shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not","page_number":8,"box":{"x":61,"y":641,"width":866,"height":12}},{"id":"c9b17560-f899-428e-93c1-776a7b944044","block_type":"box","text":"offered in this prospectus. The per formance of Class K Shares would be substantially similar to Institutional Shares","page_number":8,"box":{"x":61,"y":656,"width":853,"height":11}},{"id":"236b68ef-3bb2-4df1-aebf-63a16b251f53","block_type":"box","text":"because Class K Shares and Institutional Shares are invested in the same por tfolio of securities and per formance","page_number":8,"box":{"x":61,"y":671,"width":842,"height":11}},{"id":"91f332c5-5267-4fe6-99b1-242a4326a56f","block_type":"box","text":"would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual","page_number":8,"box":{"x":60,"y":686,"width":820,"height":11}},{"id":"08c63dba-159a-4e65-9753-a80c32dae8b0","block_type":"box","text":"returns of Class K Shares would have been higher than those of Institutional Shares because Class K Shares have","page_number":8,"box":{"x":61,"y":701,"width":844,"height":11}},{"id":"ce46d54e-0eea-4304-8011-e79cbbf84e49","block_type":"box","text":"lower expenses than Institutional Shares.","page_number":8,"box":{"x":62,"y":715,"width":302,"height":12}},{"id":"4b5238c5-cceb-4f0c-b7f4-adacba358809","block_type":"box","text":"Effective March 3, 2025, the Fund changed its name, investment process and investment strategies. Per formance for","page_number":8,"box":{"x":62,"y":738,"width":868,"height":11}},{"id":"ae8c963b-a6cf-489b-9fe2-c4eb52dd209a","block_type":"box","text":"the periods prior to March 3, 2025 shown below is based on the investment process and investment strategies","page_number":8,"box":{"x":60,"y":753,"width":821,"height":11}},{"id":"9a95ecce-492c-43c8-8c8c-5bfeb504bd57","block_type":"box","text":"utilized by the Fund under the name “BlackRock Sustainable Balanced Fund, Inc.” Effective April 8, 2022, the Fund","page_number":8,"box":{"x":61,"y":768,"width":845,"height":11}},{"id":"c9106c13-234a-47ea-982b-904677b861dc","block_type":"box","text":"changed its name, investment process and investment strategies. Per formance for the periods prior to April 8, 2022","page_number":8,"box":{"x":61,"y":782,"width":857,"height":12}},{"id":"c960a050-20a8-4949-a1c3-e7b0ee2899f2","block_type":"box","text":"shown below is based on the investment process and investment strategies utilized by the Fund under the name","page_number":8,"box":{"x":61,"y":797,"width":827,"height":12}},{"id":"5a8660b0-0853-4caa-bca0-a5d9fc04e55e","block_type":"box","text":"“BlackRock Balanced Capital Fund, Inc.” The table compares the Fund’s per formance to that of the MSCI All Country","page_number":8,"box":{"x":62,"y":812,"width":858,"height":11}},{"id":"2067a758-6807-4983-a29c-a245720c00b6","block_type":"box","text":"World Index (Net), the Bloomberg U.S. Aggregate Bond Index and a customized weighted index comprised of the","page_number":8,"box":{"x":60,"y":827,"width":821,"height":11}},{"id":"2f86465c-6a15-4c13-921f-3316abddc931","block_type":"box","text":"returns of the MSCI All Country World Index (Net) (60%) and the Bloomberg U.S. Aggregate Bond Index (40%) (the","page_number":8,"box":{"x":61,"y":842,"width":831,"height":11}},{"id":"d44c1c4b-2a8e-4aa4-af58-f34877b24a2e","block_type":"box","text":"“Custom Benchmark”). The Bloomberg U.S. Aggregate Bond Index and the Custom Benchmark are relevant to the Fund","page_number":8,"box":{"x":62,"y":857,"width":873,"height":11}},{"id":"b84224e1-b770-4945-a4ea-ca39d456af3b","block_type":"box","text":"because they have characteristics similar to the Fund’s investment strategies. To the extent that dividends and","page_number":8,"box":{"x":61,"y":872,"width":815,"height":11}},{"id":"d0b75add-132e-4874-b383-7104928a2612","block_type":"box","text":"distributions have been paid by the Fund, the per formance information for the Fund in the char t and table assumes","page_number":8,"box":{"x":61,"y":886,"width":848,"height":12}},{"id":"a06e90e4-4f2f-4771-b6ca-b5c6fafe713c","block_type":"box","text":"reinvestment of the dividends and distributions. As with all such investments, past per formance (before and after","page_number":8,"box":{"x":61,"y":901,"width":835,"height":11}},{"id":"80077b15-faea-4eec-a939-811559298547","block_type":"box","text":"taxes) is not an indication of future results. The table includes all applicable fees. If the Fund’s investment manager","page_number":8,"box":{"x":60,"y":916,"width":854,"height":11}},{"id":"54a36967-e441-4552-acf2-017754e39cc2","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"e152c37b-7bb2-4143-9f3f-042df8c39853","block_type":"box","text":"NM0926U-5977333-8/12","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"effaa10d-b288-4bac-a0b7-97ebd5b8e818","block_type":"box","text":"and its affiliates had not waived or reimbursed cer tain Fund expenses during these periods, the Fund’s returns would","page_number":9,"box":{"x":61,"y":42,"width":862,"height":11}},{"id":"cdb87b70-5af4-4142-86fc-74e2b147ec8f","block_type":"box","text":"have been lower. Updated information on the Fund’s per formance, including its current net asset value, can be","page_number":9,"box":{"x":61,"y":57,"width":816,"height":11}},{"id":"4a43a011-1e07-4c8a-b110-18cf478a1376","block_type":"box","text":"obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":9,"box":{"x":61,"y":72,"width":650,"height":11}},{"id":"be807db5-0c2e-494e-8654-47a017b4f2f1","block_type":"box","text":"Class K Shares","page_number":9,"box":{"x":437,"y":95,"width":124,"height":10}},{"id":"a37db716-a1fc-4b4e-a416-a12d030238c7","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":9,"box":{"x":392,"y":111,"width":212,"height":10}},{"id":"73ee4b40-bec8-4c94-be6a-ce08e8376580","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":9,"box":{"x":370,"y":127,"width":257,"height":12}},{"id":"c7045fa0-57b4-4c4b-a539-7f481aacf07f","block_type":"box","text":"As of 12/31","page_number":9,"box":{"x":447,"y":143,"width":103,"height":12}},{"id":"39d5b3e1-bebe-4fdf-a2a8-2f49d6068151","block_type":"box","text":"8.53%","page_number":9,"box":{"x":295,"y":225,"width":37,"height":7}},{"id":"9f4e76e6-47c1-42c3-9fc0-d98fdcb292cb","block_type":"box","text":"14.62%","page_number":9,"box":{"x":340,"y":206,"width":44,"height":7}},{"id":"8c47574f-4780-486e-99d7-1245d617168f","block_type":"box","text":"-3.10%","page_number":9,"box":{"x":389,"y":276,"width":41,"height":8}},{"id":"55dd76f3-1e31-4ae4-b14c-40988adee8af","block_type":"box","text":"21.98%","page_number":9,"box":{"x":436,"y":183,"width":45,"height":8}},{"id":"5f495d95-9a4a-4750-ab6d-1c29381c7983","block_type":"box","text":"15.48%","page_number":9,"box":{"x":484,"y":204,"width":45,"height":7}},{"id":"fbad41f0-7d8f-4fbc-83fa-d64a15baf4e2","block_type":"box","text":"16.67%","page_number":9,"box":{"x":532,"y":200,"width":45,"height":7}},{"id":"dca89968-a4a1-4c69-b234-f5837e6b093c","block_type":"box","text":"-15.41%","page_number":9,"box":{"x":578,"y":315,"width":49,"height":7}},{"id":"27cf62b4-93b6-459b-81db-b1fee7054ba6","block_type":"box","text":"16.95%","page_number":9,"box":{"x":629,"y":199,"width":44,"height":7}},{"id":"f499fb5c-8bc7-4010-a3d7-25a87d8db232","block_type":"box","text":"12.80%","page_number":9,"box":{"x":677,"y":212,"width":44,"height":7}},{"id":"6185f6c8-668c-4796-be14-48fe6b50bece","block_type":"box","text":"15.69%","page_number":9,"box":{"x":725,"y":203,"width":45,"height":7}},{"id":"ca7e277c-3c8a-4582-bd94-faf62f49c76d","block_type":"box","text":"-20%","page_number":9,"box":{"x":237,"y":321,"width":28,"height":8}},{"id":"a7d827bc-bcdb-4e6d-87b0-66537a100251","block_type":"box","text":"-10%","page_number":9,"box":{"x":237,"y":290,"width":28,"height":8}},{"id":"4e4a42b9-c274-4a56-ac41-a1aaf9ab9dd1","block_type":"box","text":"0%","page_number":9,"box":{"x":248,"y":259,"width":17,"height":8}},{"id":"77130e10-4f32-4235-bfb6-77176750219f","block_type":"box","text":"10%","page_number":9,"box":{"x":241,"y":228,"width":24,"height":7}},{"id":"4b969a2a-bad0-45cf-ae34-f4bc5744e41c","block_type":"box","text":"20%","page_number":9,"box":{"x":240,"y":197,"width":25,"height":7}},{"id":"bc95bcca-40a4-4136-8c00-155fe6127b9d","block_type":"box","text":"30%","page_number":9,"box":{"x":240,"y":166,"width":25,"height":7}},{"id":"0d55beb0-d3a5-407a-a4f0-9bc79863bf47","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":9,"box":{"x":298,"y":331,"width":465,"height":7}},{"id":"3b7a8abf-d0e3-45d0-abdb-82ec5bd6abf2","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 15.52% (quar ter ended","page_number":9,"box":{"x":62,"y":352,"width":806,"height":11}},{"id":"0e072870-ecaa-4807-b9ee-c8577c61feb1","block_type":"box","text":"June 30, 2020) and the lowest return for a quar ter was -12.99% (quar ter ended March 31, 2020). The year-to-date","page_number":9,"box":{"x":61,"y":367,"width":845,"height":11}},{"id":"5fdd0008-e086-457a-b280-a6f776ec2b97","block_type":"box","text":"return as of June 30, 2026 was 7.84%.","page_number":9,"box":{"x":61,"y":381,"width":289,"height":11}},{"id":"017b0a09-3158-419c-a196-d2e96ea7a2bb","block_type":"box","text":"For the periods ended 12/31/25","page_number":9,"box":{"x":70,"y":410,"width":223,"height":10}},{"id":"d8e9945c-98ed-4379-bd87-f7038396efc3","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":9,"box":{"x":69,"y":422,"width":854,"height":10}},{"id":"a09fe2c1-52a7-469e-aaa1-c0083db43993","block_type":"box","text":"BlackRock Balanced Fund, Inc. — Class K Shares","page_number":9,"box":{"x":70,"y":440,"width":327,"height":9}},{"id":"e5e50f8f-35ef-4220-ae9f-5e95352c36de","block_type":"box","text":"Return Before Taxes 15.69% 8.54% 9.84%","page_number":9,"box":{"x":85,"y":453,"width":840,"height":8}},{"id":"c4873945-0886-4c70-99e1-429b69867dbd","block_type":"box","text":"Return After Taxes on Distributions 12.54% 6.25% 7.47%","page_number":9,"box":{"x":85,"y":466,"width":840,"height":8}},{"id":"043810d8-3407-407c-ba04-20aab0f1c9f4","block_type":"box","text":"Return After Taxes on Distributions","page_number":9,"box":{"x":85,"y":478,"width":228,"height":9}},{"id":"dd102ac8-c130-483f-bd3b-a60003c6417d","block_type":"box","text":"and Sale of Fund Shares 10.08% 5.96% 7.10%","page_number":9,"box":{"x":85,"y":490,"width":840,"height":8}},{"id":"a18670f6-7f9f-4026-ad1a-e1d124977da0","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":9,"box":{"x":70,"y":508,"width":227,"height":10}},{"id":"338b3e93-f0b8-437c-b3db-4d73a560c827","block_type":"box","text":"1","page_number":9,"box":{"x":298,"y":508,"width":4,"height":4}},{"id":"c2c403fe-80a4-4ba7-8a38-cb158e66bc0d","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":9,"box":{"x":69,"y":522,"width":486,"height":10}},{"id":"cc29a7e8-ca2a-404b-95dc-c36f99f4fbbe","block_type":"box","text":"taxes on reinvested dividends) 22.34% 11.19% 11.72","page_number":9,"box":{"x":69,"y":535,"width":845,"height":10}},{"id":"79509a25-984b-4534-a725-aaf92aa1d146","block_type":"box","text":"Bloomberg U.S. Aggregate Bond Index","page_number":9,"box":{"x":70,"y":553,"width":250,"height":11}},{"id":"8d7a5c9c-bd90-4c79-9f70-eea6199a74cd","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 7.30% (0.36)% 2.01%","page_number":9,"box":{"x":69,"y":567,"width":856,"height":10}},{"id":"c9df7fb3-4a82-44a3-aa4d-003e723c6449","block_type":"box","text":"Custom Benchmark","page_number":9,"box":{"x":69,"y":585,"width":129,"height":8}},{"id":"ff405bac-7d80-4cfc-b0ec-259a0a0d9cbf","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":9,"box":{"x":69,"y":598,"width":486,"height":11}},{"id":"4b1369eb-986e-4d6e-8ebf-3d2fa079321a","block_type":"box","text":"taxes on reinvested dividends as noted above) 16.22% 6.57% 7.96%","page_number":9,"box":{"x":69,"y":612,"width":856,"height":10}},{"id":"3892f1c4-1404-4981-80fe-76d5c2903338","block_type":"box","text":"1","page_number":9,"box":{"x":61,"y":632,"width":3,"height":3}},{"id":"6115d7d8-eea3-49b6-a55e-ce2ad55ea89c","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":9,"box":{"x":69,"y":631,"width":818,"height":10}},{"id":"49e5b481-1dd7-459f-80aa-015972763b9c","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":9,"box":{"x":61,"y":642,"width":870,"height":9}},{"id":"5350489e-1083-457e-9188-8249af13291d","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":9,"box":{"x":60,"y":652,"width":862,"height":9}},{"id":"699e5ba8-1e9f-4d4d-9dcf-e864078ff8c6","block_type":"box","text":"the case, index per formance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":9,"box":{"x":60,"y":662,"width":834,"height":10}},{"id":"345f405e-c611-417a-ae2a-43c78c7e0f9e","block_type":"box","text":"per formance information for the MSCI All Country World Index, please see the Fund’s Statement of Additional Information.","page_number":9,"box":{"x":61,"y":673,"width":718,"height":9}},{"id":"b7270361-c2df-4be3-b0d0-ff3fb68299c0","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":9,"box":{"x":60,"y":698,"width":840,"height":12}},{"id":"dfc6db0f-642a-4042-8767-d924f42ccd47","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":9,"box":{"x":61,"y":713,"width":835,"height":11}},{"id":"da971acb-71ae-4dd5-b308-9af55be02d70","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":9,"box":{"x":61,"y":728,"width":851,"height":11}},{"id":"3a3700d3-0eaa-4b5e-8363-79b15b13ee86","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":9,"box":{"x":60,"y":742,"width":611,"height":12}},{"id":"486a52ff-bb6e-4b7e-b69a-eff4dc86920e","block_type":"box","text":"Investment Manager and Sub-Adviser","page_number":9,"box":{"x":62,"y":781,"width":337,"height":14}},{"id":"4adfd5d6-bce1-4aa2-a705-c35b2ed5b030","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":9,"box":{"x":60,"y":808,"width":832,"height":11}},{"id":"2f33e2e5-4b32-41f9-8c2f-f3f797147567","block_type":"box","text":"adviser is BlackRock International Limited. Where applicable when discussing the Fund’s investment strategies and","page_number":9,"box":{"x":61,"y":823,"width":848,"height":11}},{"id":"98ff6caf-a75a-4661-8de6-2fbd498c0dee","block_type":"box","text":"risks, “BlackRock” refers to both BlackRock Advisors, LLC and BlackRock International Limited.","page_number":9,"box":{"x":61,"y":837,"width":699,"height":11}},{"id":"0c0e7a7c-b67f-4d1e-bd8d-d9d74133da5f","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"545a85c8-0add-48fe-b1c1-6b2b874978e7","block_type":"box","text":"NM0926U-5977333-9/12","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4c3aadc5-8821-46fe-8b53-fb28b1c71d09","block_type":"box","text":"Portfolio Managers","page_number":10,"box":{"x":61,"y":43,"width":173,"height":13}},{"id":"cac41030-2e71-487e-8864-8ceb87f27527","block_type":"box","text":"Portfolio Manager","page_number":10,"box":{"x":70,"y":87,"width":121,"height":10}},{"id":"fb7ff086-7860-4461-ac4b-d6f73960c4af","block_type":"box","text":"Portfolio Manager","page_number":10,"box":{"x":345,"y":75,"width":121,"height":10}},{"id":"fcac09ef-b6b0-4cda-b581-cc509e115a70","block_type":"box","text":"of the Fund Since Title","page_number":10,"box":{"x":347,"y":87,"width":419,"height":8}},{"id":"7a574cd8-0cb4-4a8f-abdf-452dab13a34f","block_type":"box","text":"Philip Green 2006 Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":70,"y":105,"width":779,"height":10}},{"id":"5cb977f5-f982-4748-8b73-e8065d10e077","block_type":"box","text":"Michael Pensky, CFA 2022 Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":70,"y":123,"width":779,"height":10}},{"id":"1878abbb-7351-4ee4-97e5-897f2a9d7aaa","block_type":"box","text":"Daniel Felder, CFA 2022 Director of BlackRock, Inc.","page_number":10,"box":{"x":70,"y":141,"width":710,"height":9}},{"id":"0a81bc6c-ddf6-4261-85fd-6cb17e8a6c50","block_type":"box","text":"Raffaele Savi 2022 Senior Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":70,"y":159,"width":825,"height":10}},{"id":"86658af8-55df-4c63-b583-1567bdee2cc7","block_type":"box","text":"Richard Mathieson 2022 Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":70,"y":177,"width":779,"height":10}},{"id":"5af00b71-f674-4e93-a694-88a4b8c84d31","block_type":"box","text":"Anna Hawley, CFA 2022 Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":69,"y":195,"width":780,"height":10}},{"id":"95292605-ac53-4eae-b3ce-80cc8b58e135","block_type":"box","text":"Scott Radell 2022 Managing Director of BlackRock, Inc.","page_number":10,"box":{"x":69,"y":213,"width":780,"height":10}},{"id":"948541fd-81b0-48b2-ad16-d037fa2e77a3","block_type":"box","text":"Jasmita Mohan 2023 Director of BlackRock, Inc.","page_number":10,"box":{"x":69,"y":231,"width":711,"height":10}},{"id":"7aab5082-ce48-42df-8f0a-30630d1ff448","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":10,"box":{"x":61,"y":271,"width":309,"height":11}},{"id":"32f0b5e6-554d-4026-957e-5ac8191c3df6","block_type":"box","text":"Class K Shares of the Fund are available only to (i) cer tain employee benefit plans, such as health savings accounts,","page_number":10,"box":{"x":61,"y":298,"width":859,"height":11}},{"id":"d406a154-3dc2-4b87-a5f8-e5a84fdded06","block_type":"box","text":"and cer tain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":10,"box":{"x":61,"y":313,"width":844,"height":11}},{"id":"54bbe64d-2a3f-4924-9e87-f88f11035a8e","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":10,"box":{"x":62,"y":327,"width":791,"height":12}},{"id":"87c1ef6c-ab71-494a-9bf8-83e26dca78f9","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":10,"box":{"x":62,"y":342,"width":874,"height":12}},{"id":"f3d1f34c-3dab-4dcb-ae96-90961fbfcec7","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":10,"box":{"x":62,"y":357,"width":871,"height":12}},{"id":"e89eda05-f074-4341-86e9-1a8b4ffd5d7a","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":10,"box":{"x":61,"y":372,"width":870,"height":11}},{"id":"9a117145-a108-4fb8-9843-7674f34b6ed2","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":10,"box":{"x":62,"y":387,"width":863,"height":11}},{"id":"80369a08-6057-4ee3-86c3-31f3736460d3","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":10,"box":{"x":60,"y":402,"width":832,"height":11}},{"id":"24d61c8f-5163-4807-9a10-2725676eb9da","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":10,"box":{"x":61,"y":416,"width":815,"height":12}},{"id":"61d53302-1a18-4540-a69d-93b2dee64aeb","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares, (v) fee-based advisory platforms of a","page_number":10,"box":{"x":61,"y":431,"width":816,"height":12}},{"id":"1808435d-a385-4d0e-bcad-30936e902d46","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":10,"box":{"x":62,"y":446,"width":867,"height":11}},{"id":"5231f396-3c39-4c71-84e6-77bc301847f9","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":10,"box":{"x":62,"y":461,"width":868,"height":11}},{"id":"b693150d-f9bd-418a-a50b-93ff11fecc60","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":10,"box":{"x":61,"y":476,"width":874,"height":11}},{"id":"3ab820b8-c729-4cf5-b514-2474aa02ce73","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":10,"box":{"x":61,"y":490,"width":859,"height":12}},{"id":"7999c4c6-28a4-4b6e-b0ad-2600791657d9","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":10,"box":{"x":60,"y":505,"width":857,"height":12}},{"id":"8a6fbf61-fbe7-4bf4-93dc-eaf8ea7ec2ba","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":10,"box":{"x":60,"y":528,"width":874,"height":11}},{"id":"23cf96ac-278a-4893-a522-9b7da426538b","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":10,"box":{"x":61,"y":543,"width":868,"height":11}},{"id":"b2a0185d-4df9-4e69-b927-53507efa805d","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":10,"box":{"x":61,"y":557,"width":857,"height":12}},{"id":"6f5aac8d-0a56-43ab-ad6c-e1c79ba0f8e5","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":10,"box":{"x":61,"y":572,"width":842,"height":12}},{"id":"c29a4293-c8ce-4ede-9d07-05e43d6750a5","block_type":"box","text":"requirement. There is no minimum investment amount for additional purchases.","page_number":10,"box":{"x":61,"y":587,"width":586,"height":11}},{"id":"c8c3572c-1961-490a-a240-9e9c86a10b6d","block_type":"box","text":"Tax Information","page_number":10,"box":{"x":63,"y":626,"width":138,"height":11}},{"id":"d232183e-9e8a-4c97-a943-12c11f3ce315","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":10,"box":{"x":62,"y":652,"width":865,"height":12}},{"id":"9975f048-eb0a-4202-b52a-80e7c1015680","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and","page_number":10,"box":{"x":62,"y":667,"width":842,"height":12}},{"id":"553a879f-9aad-449a-8027-ed67f0e58745","block_type":"box","text":"Fund shares are not “debt-financed proper ty” to the plan), then the dividends paid by the Fund and the gain realized","page_number":10,"box":{"x":62,"y":682,"width":850,"height":11}},{"id":"2f257b8b-81b3-4742-824b-01c1007c779f","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":10,"box":{"x":60,"y":697,"width":833,"height":11}},{"id":"09749ec5-8428-4d1e-a325-f2ad78fc0203","block_type":"box","text":"withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends","page_number":10,"box":{"x":60,"y":711,"width":865,"height":12}},{"id":"c5c31d63-bbb3-4b32-80fb-8fa52eecf709","block_type":"box","text":"and gain from a redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":10,"box":{"x":61,"y":726,"width":851,"height":12}},{"id":"222df710-01f0-4f32-a6d4-3e1936ff6ed0","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":10,"box":{"x":62,"y":741,"width":451,"height":12}},{"id":"1c9c8ec2-893c-4eb3-ac6d-61f8fb689a6e","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":10,"box":{"x":61,"y":780,"width":578,"height":14}},{"id":"7c3618a9-48c1-48b2-bf12-942da03bc739","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":10,"box":{"x":62,"y":806,"width":848,"height":12}},{"id":"d7711526-7909-420f-9d55-40bd33d3b54b","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":10,"box":{"x":62,"y":821,"width":868,"height":11}},{"id":"d2989c3a-9cc9-4d46-b262-0c7877c0c65f","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":10,"box":{"x":60,"y":844,"width":867,"height":11}},{"id":"51f1947b-26b7-48b3-9ba8-06e402224048","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":10,"box":{"x":62,"y":858,"width":455,"height":12}},{"id":"b1dcfc08-d351-43ce-8798-5001f20f0333","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":947,"width":19,"height":9}},{"id":"0c9632fa-7042-424c-96df-ee58b360886e","block_type":"box","text":"NM0926U-5977333-10/12","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4299910e-1262-4c66-80b0-96c8abcf7f7d","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":11,"box":{"x":61,"y":42,"width":849,"height":11}},{"id":"7e40ac99-df8e-42c6-943c-b3dde57d16e0","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":11,"box":{"x":62,"y":57,"width":857,"height":11}},{"id":"1eb7c917-c4e7-4bcd-a5d3-8565e2b72144","block_type":"box","text":"fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to","page_number":11,"box":{"x":60,"y":71,"width":869,"height":12}},{"id":"aee68832-4b3f-4850-91fb-ba0d2a0ea2b2","block_type":"box","text":"assets invested in Class K Shares.","page_number":11,"box":{"x":61,"y":86,"width":256,"height":9}},{"id":"a51f6439-a582-4e36-a485-9106fe057863","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":11,"box":{"x":60,"y":109,"width":790,"height":11}},{"id":"4558d166-fdf4-469c-9413-0646db1493ff","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":947,"width":19,"height":9}},{"id":"4eee49c3-5b44-4fe9-84d3-d521a16fe077","block_type":"box","text":"NM0926U-5977333-11/12","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e83427fe-8909-4ad4-8607-4698d7934f42","block_type":"box","text":"INVESTMENT COMPANY ACT FILE # 811-02405","page_number":12,"box":{"x":63,"y":844,"width":297,"height":8}},{"id":"af458334-58d5-4b22-b7b3-bd40c6763404","block_type":"box","text":"SPRO-BF-K-0926","page_number":12,"box":{"x":63,"y":862,"width":106,"height":8}},{"id":"729a10e4-c047-432d-af82-be1c80595061","block_type":"box","text":"NM0926U-5977333-12/12","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":12}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"6ea3b8f9-6f0c-491c-974d-d02542dceadb"},"user_id":1000002,"date_created":"2026-10-02T11:58:43.272000Z","date_modified":"2026-10-02T11:58:43.272000Z","private":false}