{"annotation_id":"31cda3f3-ba20-4af1-a848-8b2fdac597f7","file_hash":"34841b663aac128a4d322230b177fc9b55b49fcdbf6252d41490cc3ce598af07","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"6a468a48-ac88-4fe2-b6d2-bc748a9f8bee","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"ac89c204-12c5-4fa8-8bc6-819f3d9292ce","block_type":"box","text":"Prospectus","page_number":1,"box":{"x":106,"y":175,"width":259,"height":32}},{"id":"449e0e92-06c5-4bea-b4d8-c906d5fd9845","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":1,"box":{"x":63,"y":297,"width":250,"height":11}},{"id":"a208cbb7-4f9e-4d6f-a265-291f3168aa25","block_type":"box","text":"|","page_number":1,"box":{"x":324,"y":296,"width":2,"height":11}},{"id":"bf9e272e-b2c2-4e8e-9868-f0f17971aab9","block_type":"box","text":"Class K Shares","page_number":1,"box":{"x":337,"y":297,"width":119,"height":9}},{"id":"051756b7-87af-466b-8e70-db85de20c6a3","block_type":"box","text":"Class K: MKCPX","page_number":1,"box":{"x":83,"y":314,"width":99,"height":8}},{"id":"838b5c41-c63d-41bf-ad79-77a0d91753ec","block_type":"box","text":"This Prospectus contains information you should know before investing, including information about risks.","page_number":1,"box":{"x":63,"y":834,"width":741,"height":11}},{"id":"42017823-62ef-4c83-bda7-4a2ac2b972f0","block_type":"box","text":"Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":850,"width":438,"height":10}},{"id":"80f922e2-2a51-4a81-9635-7a6103c1a5eb","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":870,"width":749,"height":11}},{"id":"ec3fc3cd-7fa1-4152-9262-1156e7c0968e","block_type":"box","text":"the adequacy of this Prospectus. 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The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":3,"box":{"x":61,"y":706,"width":832,"height":12}},{"id":"39e9989c-d270-4330-8d7f-1be5273aec69","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":3,"box":{"x":61,"y":722,"width":832,"height":11}},{"id":"9e9e33ee-c801-43f4-9466-80530f16ef4f","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":3,"box":{"x":61,"y":737,"width":859,"height":11}},{"id":"927cb05a-9fb4-40b2-8720-0ae1b099acd4","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":752,"width":436,"height":11}},{"id":"6a9ed709-b5e0-4aca-832a-19b9548062bd","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":780,"width":292,"height":8}},{"id":"dbd18aee-ffa7-4f3b-9919-97e5e5b3c424","block_type":"box","text":"Class K","page_number":3,"box":{"x":69,"y":798,"width":51,"height":8}},{"id":"9efcb8e9-d2f5-4557-b18b-a51f3ad11de3","block_type":"box","text":"$50 $159 $279 $627","page_number":3,"box":{"x":639,"y":798,"width":272,"height":9}},{"id":"1aaf9534-627b-42f3-892f-1bde97428a04","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":823,"width":151,"height":10}},{"id":"2c6eb3f6-85b6-4b13-99eb-a812b5348262","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":839,"width":800,"height":12}},{"id":"906a361a-6dd6-48e8-8225-cdace03d2965","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":854,"width":850,"height":12}},{"id":"8acf1c56-f1b4-44dc-9759-47c5cdd8d04f","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":3,"box":{"x":61,"y":869,"width":870,"height":11}},{"id":"7a9dee46-67dd-4901-bb17-596eaa0448df","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":3,"box":{"x":62,"y":884,"width":839,"height":11}},{"id":"25bdb496-9b88-43f7-a3a0-c2565e58da9c","block_type":"box","text":"132% of the average value of its portfolio.","page_number":3,"box":{"x":62,"y":898,"width":307,"height":12}},{"id":"3925697a-a683-4fb2-8ece-3069cca2705e","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"f183a42f-9f9f-4892-bdff-938a59c44ac4","block_type":"box","text":"NM0926U-5977344-3/48","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d30a5097-7853-4a99-9e8d-2d4652000065","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":46,"width":394,"height":14}},{"id":"396ab966-44f7-4f3b-ad30-3d9d5a5591d2","block_type":"box","text":"The Fund invests in a combination of equity securities, fixed-income securities and derivatives. The proportion the Fund","page_number":4,"box":{"x":60,"y":73,"width":876,"height":11}},{"id":"741806ab-710b-4974-a901-a5ed608d794b","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":4,"box":{"x":62,"y":88,"width":819,"height":11}},{"id":"8db6f41b-173d-42cf-a138-e1a57d38b0c2","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":4,"box":{"x":61,"y":102,"width":853,"height":12}},{"id":"ab5e9a5b-5a85-44a6-8f84-3dd54ee5a8f9","block_type":"box","text":"25% of its assets in senior fixed income securities, such as U.S. government debt securities, corporate debt","page_number":4,"box":{"x":61,"y":117,"width":798,"height":12}},{"id":"806c0e7d-b5fa-49a6-812d-f1b2732b1bff","block_type":"box","text":"securities, and mortgage-backed and asset-backed securities.","page_number":4,"box":{"x":61,"y":132,"width":454,"height":12}},{"id":"41ae30e6-575f-4cf1-9bd2-5f24ec7da5e2","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":4,"box":{"x":60,"y":155,"width":813,"height":11}},{"id":"aa1c4c11-b57e-45be-b892-e0c943dea04f","block_type":"box","text":"financial instruments that are components of, or have characteristics similar to, the securities included in the MSCI All","page_number":4,"box":{"x":60,"y":169,"width":871,"height":12}},{"id":"380d6181-d54b-4019-b656-77fd8b1d4363","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":4,"box":{"x":61,"y":184,"width":868,"height":12}},{"id":"a7ea11e3-e816-472a-beea-005d963620fe","block_type":"box","text":"for market size, liquidity and industry group representation. In selecting equity investments, the Fund primarily uses","page_number":4,"box":{"x":60,"y":199,"width":849,"height":12}},{"id":"f8e92bb6-71dd-47ef-b373-16f92beda5d1","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. Equity securities include common stock and","page_number":4,"box":{"x":62,"y":214,"width":860,"height":11}},{"id":"e8671d7d-bd1e-4562-ad3d-c5963eb34e06","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":4,"box":{"x":62,"y":229,"width":855,"height":11}},{"id":"2656781d-40b0-408e-8df5-e63f20ff401a","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":4,"box":{"x":60,"y":244,"width":854,"height":11}},{"id":"4213a0b6-4f65-4066-bca8-07a71b3a0ccd","block_type":"box","text":"may also purchase convertible securities. The Fund may invest in securities of both U.S. or non-U.S. issuers without","page_number":4,"box":{"x":61,"y":258,"width":853,"height":12}},{"id":"475dc09c-32d5-43df-906c-66ac9709d927","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":4,"box":{"x":62,"y":273,"width":874,"height":12}},{"id":"69cee568-215c-4ff6-a7e7-e5273ed561c4","block_type":"box","text":"invest in securities of companies of any market capitalization.","page_number":4,"box":{"x":62,"y":288,"width":451,"height":11}},{"id":"35390b36-b19c-4d45-9d98-4ae97e17c999","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":4,"box":{"x":60,"y":311,"width":867,"height":11}},{"id":"8b2e5722-1463-43d7-990c-f7fa1f8586f2","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":4,"box":{"x":61,"y":326,"width":850,"height":11}},{"id":"8beedb84-f018-48f6-a5ca-a3131275eb8a","block_type":"box","text":"agencies or instrumentalities; mortgage-backed securities issued or guaranteed by the U.S. Government or its","page_number":4,"box":{"x":61,"y":340,"width":809,"height":12}},{"id":"ab2214c3-db03-4577-8691-b514bd31889b","block_type":"box","text":"agencies or instrumentalities, including U.S. agency mortgage pass-through securities; commercial mortgage-backed","page_number":4,"box":{"x":61,"y":355,"width":857,"height":12}},{"id":"edede3cd-79c3-4703-b8e3-5f720e7cbbc7","block_type":"box","text":"securities; mortgage to-be-announced (“TBA”) securities; debt obligations of U.S. issuers, including corporate bonds;","page_number":4,"box":{"x":61,"y":370,"width":857,"height":11}},{"id":"15f9594b-a047-413b-aab4-0a442271b261","block_type":"box","text":"municipal securities; asset-backed securities; and U.S.-registered dollar-denominated debt obligations of foreign","page_number":4,"box":{"x":61,"y":385,"width":823,"height":11}},{"id":"668f1f09-204b-49ae-97d9-d16d909fb60f","block_type":"box","text":"issuers. The Fund may invest in bonds issued by companies located in countries other than the United States,","page_number":4,"box":{"x":62,"y":400,"width":809,"height":11}},{"id":"e3102395-d8fb-45e1-9b8c-77388220068c","block_type":"box","text":"including companies in emerging markets. These securities may have all types of interest rate payment and reset","page_number":4,"box":{"x":62,"y":414,"width":833,"height":12}},{"id":"2c49b50e-8531-46cc-bca6-07f715dadcd5","block_type":"box","text":"terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and","page_number":4,"box":{"x":60,"y":429,"width":825,"height":12}},{"id":"cc763adb-0a37-4775-8694-3f1f03bf7b42","block_type":"box","text":"auction rate features. The Fund seeks to invest a substantial portion of its assets in U.S.-registered, dollar","page_number":4,"box":{"x":61,"y":444,"width":789,"height":12}},{"id":"1e6a486d-b07b-4fdb-87a7-c014147f0eec","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":4,"box":{"x":61,"y":459,"width":847,"height":11}},{"id":"c7ca25aa-59ec-408a-9593-cf8b03657bb4","block_type":"box","text":"yield” or “junk” bonds). The Fund may invest in bonds of any maturity or duration.","page_number":4,"box":{"x":60,"y":474,"width":597,"height":11}},{"id":"e91181f6-7265-4c87-9b6e-bb7feac8e402","block_type":"box","text":"The Fund may invest a significant portion of its fixed income holdings in U.S. agency mortgage pass-through securities,","page_number":4,"box":{"x":60,"y":496,"width":874,"height":12}},{"id":"d0f90c5a-5713-470e-bca0-f7cce381226a","block_type":"box","text":"which are securities issued by entities such as the Government National Mortgage Association (“GNMA”) and the","page_number":4,"box":{"x":60,"y":511,"width":833,"height":12}},{"id":"4d4e3ce2-9f0f-4bf1-8a1d-dadd47c4b3ae","block_type":"box","text":"Federal National Mortgage Association that are backed by pools of mortgages. Most transactions in mortgage pass","page_number":4,"box":{"x":62,"y":526,"width":853,"height":11}},{"id":"0a037545-8750-4cd7-9d4c-35edc53436d4","block_type":"box","text":"through securities occur through standardized contracts for future delivery in which the exact mortgage-backed","page_number":4,"box":{"x":60,"y":541,"width":812,"height":11}},{"id":"02b5a46a-2bb4-40e1-b7c3-4176918ac0ad","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":4,"box":{"x":61,"y":555,"width":848,"height":12}},{"id":"682d62da-a4fc-44dd-b2aa-7b3fc0b4bf7a","block_type":"box","text":"contracts on a regular basis.","page_number":4,"box":{"x":61,"y":571,"width":209,"height":11}},{"id":"0e98aeea-a34b-4c3b-a2a3-4de26d827311","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps),","page_number":4,"box":{"x":60,"y":593,"width":834,"height":11}},{"id":"47450a56-9a83-4efb-8829-4f890ede8078","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":4,"box":{"x":60,"y":608,"width":837,"height":11}},{"id":"03746ff5-5900-400d-8f57-feec86fb80fc","block_type":"box","text":"protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements","page_number":4,"box":{"x":62,"y":623,"width":869,"height":11}},{"id":"e2941ae3-7309-49e7-88ca-9d4403ef63e2","block_type":"box","text":"in the securities markets. The Fund may also invest in indexed and inverse securities.","page_number":4,"box":{"x":62,"y":638,"width":628,"height":11}},{"id":"f0ac877d-09bd-4d13-a9f4-d3e162f7f967","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":676,"width":354,"height":14}},{"id":"e4b0c380-2ef8-48d5-a702-042ab35d3d85","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":4,"box":{"x":62,"y":702,"width":860,"height":12}},{"id":"08f182b0-7b19-4916-a4c0-08115779379c","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":4,"box":{"x":61,"y":717,"width":802,"height":12}},{"id":"36854c43-deb8-4a28-b827-522eafedadff","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":732,"width":842,"height":12}},{"id":"3a1a0d47-9fed-46b0-aa90-8984406c12d1","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":4,"box":{"x":61,"y":747,"width":864,"height":12}},{"id":"2d7955f4-f1f5-4c83-8d6d-34708e2f5795","block_type":"box","text":"change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":762,"width":481,"height":11}},{"id":"b89419ad-5a71-4e14-860d-1a1e12c2b073","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":782,"width":166,"height":11}},{"id":"7536274b-f9f6-44a5-af53-c8d9da830c86","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":782,"width":685,"height":11}},{"id":"d0746dc2-2498-4567-96d0-54f64fc18994","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":797,"width":550,"height":11}},{"id":"9c205961-8b1f-4722-b25a-0e83b7f234a0","block_type":"box","text":"Debt Securities Risk","page_number":4,"box":{"x":81,"y":817,"width":155,"height":9}},{"id":"39a32080-d3a7-4a12-8948-2b23df8e68b9","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":4,"box":{"x":240,"y":817,"width":633,"height":10}},{"id":"b5dd8d82-2647-4cff-b6c9-5a062efb542b","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in further detail below:","page_number":4,"box":{"x":81,"y":831,"width":648,"height":12}},{"id":"ef432bd0-d6ea-4440-80a2-6998e0c0d070","block_type":"box","text":"Credit Risk","page_number":4,"box":{"x":82,"y":851,"width":80,"height":10}},{"id":"3534947d-3b28-42dc-9056-8ea0a104523b","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":4,"box":{"x":166,"y":851,"width":737,"height":12}},{"id":"df5405bb-2aa2-46c8-b5a8-051de82ce2a9","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":4,"box":{"x":81,"y":866,"width":816,"height":12}},{"id":"1ba6302c-65f5-4198-bc67-031f8dd07dd6","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":4,"box":{"x":82,"y":881,"width":826,"height":11}},{"id":"e7b50e11-52ae-4a18-a2a3-08ef53923b7c","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":4,"box":{"x":81,"y":896,"width":777,"height":11}},{"id":"828b45fe-89ca-43a4-8a78-7c5f98515b2e","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"f9df276c-921e-4d71-be0a-5ecae5d81466","block_type":"box","text":"NM0926U-5977344-4/48","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"74f8f109-a359-4dcc-897e-00dd6c361ec8","block_type":"box","text":"Interest Rate Risk","page_number":5,"box":{"x":82,"y":46,"width":132,"height":9}},{"id":"b26290d4-d52f-4c9f-8d1e-3a5018417b3a","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":5,"box":{"x":218,"y":46,"width":704,"height":11}},{"id":"afaa0ad3-1dc0-42d0-91bc-f66e6805c901","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":5,"box":{"x":82,"y":60,"width":835,"height":12}},{"id":"3ef1ba63-e758-4976-8de2-cdd1e2b134a1","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":5,"box":{"x":80,"y":75,"width":513,"height":10}},{"id":"bacf20e5-a4f0-49aa-9d80-cf3fe9bd4a57","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":5,"box":{"x":81,"y":95,"width":843,"height":12}},{"id":"4bf2bd59-7a9d-457b-b9db-0a99f96d9a16","block_type":"box","text":"if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being","page_number":5,"box":{"x":82,"y":110,"width":806,"height":12}},{"id":"83887a11-dc52-4523-9685-22f342e33c5f","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":5,"box":{"x":81,"y":125,"width":831,"height":11}},{"id":"ff62aa75-420d-4155-ae59-f8584472cf52","block_type":"box","text":"price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":5,"box":{"x":82,"y":140,"width":854,"height":11}},{"id":"3b4877b9-8521-47b9-b72f-0e8c09be482f","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":5,"box":{"x":81,"y":155,"width":827,"height":11}},{"id":"a950570e-30c9-4134-a070-1f4c3484b80b","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":5,"box":{"x":81,"y":169,"width":840,"height":12}},{"id":"50b4268c-d4c6-4113-9610-0df2b4b81f62","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":5,"box":{"x":82,"y":184,"width":851,"height":12}},{"id":"1feed440-4042-47e4-b7c5-a267b888228a","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":5,"box":{"x":82,"y":199,"width":808,"height":12}},{"id":"9d9acbd4-cb77-401b-8348-17912e862620","block_type":"box","text":"management.","page_number":5,"box":{"x":82,"y":215,"width":98,"height":10}},{"id":"a0506532-768d-410e-94b5-d5f331affc63","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 mortgage","page_number":5,"box":{"x":81,"y":234,"width":852,"height":11}},{"id":"e17e7f2f-2235-4482-8795-b8b4084dd819","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":5,"box":{"x":81,"y":249,"width":840,"height":11}},{"id":"a0bfc927-ce1d-491a-8dd0-a8e17628ce9f","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":5,"box":{"x":80,"y":263,"width":834,"height":12}},{"id":"0f80e78d-45fa-418d-871d-984881676798","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":5,"box":{"x":81,"y":278,"width":803,"height":12}},{"id":"32bc9e8d-7dda-4d0c-8fc7-299c6d623098","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":5,"box":{"x":81,"y":293,"width":839,"height":12}},{"id":"2c400ef5-828d-4332-b709-b0d1a4af8a70","block_type":"box","text":"debt securities.","page_number":5,"box":{"x":81,"y":308,"width":112,"height":9}},{"id":"9a717d8c-50d8-47be-9031-29f5e76a16f8","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":5,"box":{"x":81,"y":328,"width":839,"height":11}},{"id":"581d1abb-29be-4a2c-8292-10418c0c17ff","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":5,"box":{"x":81,"y":343,"width":839,"height":11}},{"id":"9ddeec6c-42aa-4b45-b113-9cdae48fc15c","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":5,"box":{"x":82,"y":358,"width":831,"height":11}},{"id":"930b2cca-428c-41bf-a72e-9bcdc8c33c62","block_type":"box","text":"value when interest rates change.","page_number":5,"box":{"x":80,"y":373,"width":248,"height":11}},{"id":"570c64be-85ac-48d4-85cf-127ce40d21ba","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":5,"box":{"x":81,"y":392,"width":855,"height":12}},{"id":"c1a6c5c9-4452-4942-b881-dbff5833976a","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":5,"box":{"x":81,"y":407,"width":801,"height":12}},{"id":"49615b78-f87a-4256-bd2d-3712ec940571","block_type":"box","text":"redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could","page_number":5,"box":{"x":82,"y":422,"width":827,"height":11}},{"id":"4c7e7e00-d3ba-49d1-9ab9-fc4c51699913","block_type":"box","text":"hurt the Fund’s performance.","page_number":5,"box":{"x":82,"y":437,"width":214,"height":11}},{"id":"c066677b-4031-4b55-95ee-b97d2561fc17","block_type":"box","text":"Extension Risk","page_number":5,"box":{"x":82,"y":457,"width":107,"height":9}},{"id":"45ac5089-dc98-4de8-bff1-6afab15ee0b2","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":5,"box":{"x":193,"y":457,"width":691,"height":11}},{"id":"7463c1d9-1f7f-4c63-a62d-e91e8f170c5f","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":5,"box":{"x":81,"y":472,"width":420,"height":11}},{"id":"4331ea10-7d1d-4990-bfca-73af76757ba2","block_type":"box","text":"Prepayment Risk","page_number":5,"box":{"x":81,"y":492,"width":124,"height":11}},{"id":"15d6b477-d4e7-449c-aff1-e14b89bcc233","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":5,"box":{"x":209,"y":492,"width":691,"height":11}},{"id":"a3f7d3fa-fe29-49f1-8083-82e0c353c3f0","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":5,"box":{"x":81,"y":507,"width":724,"height":11}},{"id":"ccc0950f-41d7-4f89-b622-e9f7e3daf1d8","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":527,"width":176,"height":11}},{"id":"a2df161c-e27b-4c54-9454-0a4496577ed2","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":5,"box":{"x":260,"y":526,"width":668,"height":12}},{"id":"54651a3f-8419-40e9-8204-7a1502d63a1f","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":542,"width":531,"height":11}},{"id":"56b00fa6-0307-4656-9354-2bac38401ef6","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":5,"box":{"x":101,"y":561,"width":823,"height":12}},{"id":"08577d0c-bee1-4590-9051-5505fd1439e3","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":5,"box":{"x":102,"y":576,"width":823,"height":12}},{"id":"67079845-b4c7-47c8-a61a-37ea047303e3","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":591,"width":70,"height":12}},{"id":"9bd7d50f-f366-4870-82fa-a2191a0b1401","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":5,"box":{"x":101,"y":611,"width":644,"height":11}},{"id":"ef357527-35dc-4d2e-bf20-e320776e721e","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":5,"box":{"x":101,"y":631,"width":830,"height":11}},{"id":"675f53df-2b9c-4de5-9218-c4aac2353223","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":5,"box":{"x":102,"y":646,"width":808,"height":11}},{"id":"94fd6ae2-7ace-434d-b35b-354cee17ea2d","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":661,"width":137,"height":11}},{"id":"0c10a8dd-88e4-47e5-9c12-6ea07c548678","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":5,"box":{"x":101,"y":681,"width":821,"height":11}},{"id":"907ba685-93fe-4330-8b09-a3c00cf579c3","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":5,"box":{"x":102,"y":695,"width":809,"height":12}},{"id":"ea8c03d4-fbd6-414b-8e1e-1f64c9da4367","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":5,"box":{"x":102,"y":710,"width":784,"height":12}},{"id":"a9c00b0e-5faf-4835-8b8d-a384d8179ae5","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":725,"width":352,"height":11}},{"id":"673a68cb-aa3d-42e5-97cb-61dc28080db0","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":5,"box":{"x":102,"y":745,"width":823,"height":12}},{"id":"e5483cce-4e2b-43c3-a92a-58b1c7e1b9e9","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":5,"box":{"x":101,"y":760,"width":811,"height":11}},{"id":"f255521e-9578-4340-bf9d-66b83024e5c9","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":775,"width":148,"height":9}},{"id":"c6ebdacb-499d-46d6-ab95-eccc49fe156e","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":5,"box":{"x":101,"y":795,"width":834,"height":11}},{"id":"cf4e8520-88cb-42fa-bf32-bd581fdc77f2","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":809,"width":628,"height":12}},{"id":"1dc385e8-ac30-44e5-a5fd-add4bcdf2a0a","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":5,"box":{"x":101,"y":829,"width":830,"height":12}},{"id":"97add9d8-82ac-42a5-8f7d-1a1a152b4d8c","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":5,"box":{"x":101,"y":844,"width":831,"height":12}},{"id":"70227c2b-478e-4d72-9f8e-c23e8dccf32b","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":5,"box":{"x":101,"y":859,"width":813,"height":12}},{"id":"bd1ab8ec-2aaa-45ae-b758-3bd19dbad4d4","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":874,"width":395,"height":11}},{"id":"68f1c390-0d07-48c4-ae47-dc2c320a49aa","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":894,"width":206,"height":9}},{"id":"9c3bac3f-18ee-4976-beb6-072666f71158","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":5,"box":{"x":291,"y":894,"width":593,"height":11}},{"id":"ce6c9693-72d5-47b1-9ab6-3005c22ef208","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":5,"box":{"x":81,"y":909,"width":853,"height":11}},{"id":"890fdddc-5425-4bca-9d64-a7d4bddf2112","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"41787fed-23df-4426-8fa9-31406a16aba5","block_type":"box","text":"NM0926U-5977344-5/48","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ffbe4601-f1e9-496a-872c-574f61da198e","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":6,"box":{"x":81,"y":46,"width":855,"height":11}},{"id":"1af84932-94bc-497c-8f32-30d839f102dd","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":6,"box":{"x":80,"y":60,"width":816,"height":12}},{"id":"fd04711d-fab6-42cd-a323-931f66a522a0","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":6,"box":{"x":82,"y":75,"width":796,"height":12}},{"id":"33a399c4-b49b-414a-8d35-7320d6f40218","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":6,"box":{"x":81,"y":90,"width":812,"height":12}},{"id":"3c216310-e19d-4413-9c84-58cece2a046f","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":6,"box":{"x":82,"y":105,"width":809,"height":12}},{"id":"89daaea2-410c-4ece-9a29-e754594fcbbd","block_type":"box","text":"Corporate Loans Risk","page_number":6,"box":{"x":81,"y":125,"width":162,"height":11}},{"id":"cf100a0b-78d1-40b5-9b10-ebdbc99b7541","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":6,"box":{"x":247,"y":125,"width":689,"height":11}},{"id":"9bcc8f50-294b-42ff-9992-b51c3e4a93ad","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":6,"box":{"x":82,"y":140,"width":845,"height":11}},{"id":"946ef313-d4c6-4a9c-bcd5-f0ef6e095841","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":6,"box":{"x":82,"y":155,"width":827,"height":11}},{"id":"d567ed29-d651-4023-ba94-8c0fe2fdc976","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":6,"box":{"x":81,"y":169,"width":821,"height":12}},{"id":"e4b8d117-5056-4a43-ab92-9a5547676440","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":6,"box":{"x":81,"y":184,"width":840,"height":12}},{"id":"e72a3718-176f-4fc6-b6d5-cd92543f9997","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":6,"box":{"x":81,"y":199,"width":826,"height":12}},{"id":"c0c604de-aaaf-4b05-98d9-df92361513a0","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":6,"box":{"x":80,"y":214,"width":846,"height":11}},{"id":"2ae762c2-2d06-4881-ae16-b445e66a13c8","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":6,"box":{"x":82,"y":229,"width":847,"height":11}},{"id":"474dc8e8-4665-4441-94d3-c3580d27a001","block_type":"box","text":"the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional","page_number":6,"box":{"x":80,"y":244,"width":830,"height":11}},{"id":"66bfdbb4-d8e2-42e2-922c-18b1c8a6d644","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders.","page_number":6,"box":{"x":81,"y":258,"width":552,"height":12}},{"id":"bd1e1441-71d5-4f7a-ad21-ffe7fed834a2","block_type":"box","text":"Derivatives Risk","page_number":6,"box":{"x":81,"y":278,"width":123,"height":10}},{"id":"ea7c6d12-3365-43c1-aab5-ff7f90ac6777","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":6,"box":{"x":207,"y":278,"width":664,"height":12}},{"id":"309738d9-750f-4730-9341-eee228035db3","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":6,"box":{"x":82,"y":293,"width":469,"height":12}},{"id":"ec8a5f54-2bde-4a87-9ab9-0438778244d6","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":82,"y":313,"width":102,"height":12}},{"id":"debf0dec-6797-456a-8d19-623f9dde932d","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":6,"box":{"x":188,"y":313,"width":723,"height":12}},{"id":"c2d84039-5c34-4cf7-8532-5aab686975aa","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":6,"box":{"x":82,"y":328,"width":832,"height":12}},{"id":"6063add1-523f-448f-9fc9-a4ab312f1ced","block_type":"box","text":"exceed the amount originally invested.","page_number":6,"box":{"x":81,"y":343,"width":280,"height":11}},{"id":"a1b2c865-2b48-4f5b-a491-e88e8660f3e3","block_type":"box","text":"Market Risk","page_number":6,"box":{"x":82,"y":363,"width":87,"height":9}},{"id":"ba13b531-9997-4308-8802-b63cf447fee3","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":6,"box":{"x":173,"y":363,"width":728,"height":11}},{"id":"417016a5-b565-402f-9093-d4b3789f8f6d","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":6,"box":{"x":81,"y":378,"width":834,"height":11}},{"id":"bc1b6805-2643-42f0-838f-a12930e7a320","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":6,"box":{"x":82,"y":393,"width":832,"height":11}},{"id":"12d08338-4bc0-415b-bc1c-7b78952f64ca","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":6,"box":{"x":80,"y":407,"width":779,"height":11}},{"id":"e0054e71-f066-43f2-b3af-331c57585de4","block_type":"box","text":"derivatives positions to lose value.","page_number":6,"box":{"x":81,"y":422,"width":253,"height":11}},{"id":"b341d8c3-dff5-4265-8a56-a798fb98826f","block_type":"box","text":"Counterpar ty Risk","page_number":6,"box":{"x":82,"y":442,"width":131,"height":11}},{"id":"6372af77-9773-4b44-9099-023dd2da7118","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":6,"box":{"x":217,"y":442,"width":697,"height":11}},{"id":"05d32f21-3114-4401-a6eb-a4158295851b","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":6,"box":{"x":80,"y":457,"width":855,"height":11}},{"id":"b084544e-2b8c-4a60-bdaa-ca2bc89a9ae3","block_type":"box","text":"exposure to such a counterparty.","page_number":6,"box":{"x":81,"y":472,"width":240,"height":11}},{"id":"51c51331-ea28-438b-8afe-850764b97d4e","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":492,"width":100,"height":11}},{"id":"30c94a5e-df9e-48a5-a9bf-3c8babb9764a","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":492,"width":750,"height":11}},{"id":"50499b3a-b34b-4863-ae56-f0f31940bdc0","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":6,"box":{"x":80,"y":507,"width":839,"height":11}},{"id":"0611caf5-4d94-4417-9f03-ad6581b6735c","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":521,"width":293,"height":12}},{"id":"de4167f9-cbcb-4ae7-ae28-014cbcfe8f7c","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":541,"width":120,"height":12}},{"id":"3cd67343-86bd-4b5a-9ada-45dd5451969a","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":541,"width":727,"height":12}},{"id":"5b4c26d4-c9c0-40f3-a11d-36e25328b3f8","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":556,"width":607,"height":12}},{"id":"5253b7f9-9708-44fe-85db-5dae853716d6","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":576,"width":75,"height":12}},{"id":"f1e6ec10-e976-4ee9-bcff-82d455582b97","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":6,"box":{"x":161,"y":576,"width":761,"height":12}},{"id":"73010807-c5b8-458f-b8e6-0785d0ceba86","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":591,"width":198,"height":11}},{"id":"dace74fc-3cbc-4077-aee4-aa2c8bc3202e","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":611,"width":214,"height":11}},{"id":"3fbc5da4-fe27-4500-8b42-dfa0cf65ab4e","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":6,"box":{"x":300,"y":611,"width":590,"height":11}},{"id":"d0e40b64-48bd-4e09-8eed-71dacbec3d05","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":6,"box":{"x":81,"y":626,"width":775,"height":11}},{"id":"01f90f4d-a7e5-42d3-b78a-1cd83ef4dba2","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":641,"width":589,"height":11}},{"id":"8440259e-50d2-4126-9f51-c6ac959c71c4","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":661,"width":102,"height":9}},{"id":"fef6310e-3030-4679-9cb2-adf10800be2c","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":661,"width":747,"height":11}},{"id":"729c1d72-3ad3-4387-b406-2a02df0f38e0","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":675,"width":783,"height":12}},{"id":"07d754f7-1513-44f5-a020-50b17434bf6e","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":690,"width":273,"height":11}},{"id":"ff90091f-d8d1-42a6-8904-46fc28905384","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":710,"width":95,"height":12}},{"id":"d3770289-0c56-4fee-a73a-2c0a331adc57","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":710,"width":728,"height":12}},{"id":"6df890a2-e73a-4003-9da9-f5b4fa62a32d","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":6,"box":{"x":81,"y":725,"width":839,"height":12}},{"id":"f9f3ac7d-b7f1-4205-a7b0-e8534d952989","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":740,"width":354,"height":11}},{"id":"4aa27a01-30fb-4ee5-87c8-f78ed458003f","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":760,"width":59,"height":9}},{"id":"829a3dd5-e87d-4266-82c5-a79384e1037f","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":760,"width":719,"height":11}},{"id":"4c69616d-18e2-426b-95ab-9183e3a3931b","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":775,"width":801,"height":11}},{"id":"642a1953-bf36-4a7d-827c-21bc487efdcc","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":789,"width":802,"height":12}},{"id":"929766b2-1e3d-4b2b-a0f5-4b078d0dac89","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":804,"width":830,"height":12}},{"id":"000d45f7-0670-4c8a-a55e-4ae811a1517f","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":819,"width":215,"height":9}},{"id":"ab20e1f5-2a5c-46be-89f0-eedcc52e5d7c","block_type":"box","text":"Emerging Markets Risk","page_number":6,"box":{"x":81,"y":839,"width":178,"height":12}},{"id":"9c1adca9-2a9a-4b4e-91e4-a354429848d9","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":6,"box":{"x":263,"y":839,"width":617,"height":12}},{"id":"b56c6762-291f-46ca-8db2-98ccf7fb5000","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":6,"box":{"x":81,"y":854,"width":825,"height":12}},{"id":"de7d0f23-d0fe-4813-b9f7-e22cc92ccbb2","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":6,"box":{"x":82,"y":869,"width":822,"height":11}},{"id":"51ddc5fc-f793-409b-a060-011943de06cb","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":6,"box":{"x":82,"y":884,"width":816,"height":11}},{"id":"371af8cf-ce04-4223-b5b5-12d96747d9cb","block_type":"box","text":"liquidity than developed markets.","page_number":6,"box":{"x":82,"y":899,"width":240,"height":11}},{"id":"c47d69d7-e4ee-4f38-9762-bedd477342ad","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"46f5b1ed-1bd5-461f-9ba4-4588db9240e1","block_type":"box","text":"NM0926U-5977344-6/48","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"17a59d7a-d43e-4050-84e5-0ef57e3b56ae","block_type":"box","text":"High Portfolio Turnover Risk","page_number":7,"box":{"x":81,"y":46,"width":212,"height":11}},{"id":"4cd2ec5e-2923-4a2a-b5ef-33df07cd21e6","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":7,"box":{"x":297,"y":46,"width":629,"height":11}},{"id":"2217069d-0dcb-42c8-bb11-a32bae523cc5","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":7,"box":{"x":82,"y":60,"width":812,"height":12}},{"id":"8681222e-947c-43bb-9d56-2073e3f8a826","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":7,"box":{"x":81,"y":75,"width":817,"height":12}},{"id":"b5603112-4d42-4cb3-85d2-53f33c5939e4","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":7,"box":{"x":81,"y":90,"width":760,"height":12}},{"id":"2ed55842-53a1-45e5-9925-21dd825d1173","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":7,"box":{"x":81,"y":105,"width":852,"height":12}},{"id":"61680d45-fc0b-4860-aaa4-81047b7186a0","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":7,"box":{"x":81,"y":120,"width":589,"height":11}},{"id":"4f86d502-a382-4c8c-9f9a-f2858391f1a0","block_type":"box","text":"High Yield Bonds Risk","page_number":7,"box":{"x":81,"y":140,"width":167,"height":11}},{"id":"0b7e8b37-3d45-44ad-a6e9-b8386f659aec","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":7,"box":{"x":252,"y":140,"width":667,"height":11}},{"id":"09ba80e6-b800-4218-be92-ca1e0eb70f9f","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":7,"box":{"x":79,"y":155,"width":835,"height":11}},{"id":"2b7d53ac-1d8f-4e3a-9171-20dae22e96df","block_type":"box","text":"for the Fund.","page_number":7,"box":{"x":81,"y":169,"width":91,"height":10}},{"id":"de7a90eb-e449-4d22-bdad-0e64c75c4895","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":7,"box":{"x":81,"y":190,"width":271,"height":9}},{"id":"5fb07688-62a3-48bb-98e3-fbccee500405","block_type":"box","text":"—","page_number":7,"box":{"x":356,"y":195,"width":17,"height":1}},{"id":"5a00ff99-6603-4ca0-bcc7-46d2f0c17952","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":7,"box":{"x":379,"y":190,"width":499,"height":11}},{"id":"7edd0235-1856-48ac-a87f-6b678661dee3","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":7,"box":{"x":82,"y":204,"width":839,"height":12}},{"id":"2d183d1d-83ee-483d-97b8-fd6905f19680","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":7,"box":{"x":80,"y":219,"width":799,"height":12}},{"id":"e3d4c637-0bc3-48fc-aa56-c720b6cb8150","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":7,"box":{"x":82,"y":234,"width":796,"height":11}},{"id":"2cbd01b2-9eba-4719-a6a9-aab1ed2ef673","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":7,"box":{"x":81,"y":249,"width":855,"height":11}},{"id":"6bff1ff0-32e9-4cc1-85e1-e4abeacfa4db","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":7,"box":{"x":82,"y":264,"width":441,"height":11}},{"id":"ea993fbf-6ca1-4e21-a4f3-4d28cb76a397","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":284,"width":107,"height":11}},{"id":"cc0891a9-3c21-4067-956e-d5bf9239f492","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":7,"box":{"x":192,"y":283,"width":741,"height":12}},{"id":"ca5d2281-02eb-4e46-8db0-2b6f4d370631","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":7,"box":{"x":81,"y":298,"width":853,"height":12}},{"id":"854a2762-2bfb-404a-aa57-57316d4d8260","block_type":"box","text":"cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":7,"box":{"x":81,"y":313,"width":856,"height":12}},{"id":"41578676-2268-489a-b70e-897b1d668d77","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended (the “Investment","page_number":7,"box":{"x":80,"y":328,"width":796,"height":11}},{"id":"ed020499-f302-481b-8a9e-f5dba92474d8","block_type":"box","text":"Company Act”), and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":7,"box":{"x":81,"y":343,"width":805,"height":11}},{"id":"cd67fd50-ce8f-430c-bc50-50c201597c89","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":7,"box":{"x":82,"y":358,"width":293,"height":11}},{"id":"e5c9f0d9-44cd-4952-bca5-9abfc93b8a03","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":378,"width":240,"height":9}},{"id":"74594e85-414c-4037-b87a-c5ec4b0ffc27","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":7,"box":{"x":324,"y":378,"width":593,"height":9}},{"id":"7daa14b4-1b0c-40e5-b6c2-dfb9715212d4","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":7,"box":{"x":81,"y":393,"width":851,"height":11}},{"id":"bd794850-de7a-4020-af98-9e14117d8005","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":7,"box":{"x":82,"y":407,"width":824,"height":12}},{"id":"feb0dd06-35d0-410c-885f-b9fdedb6a791","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":7,"box":{"x":82,"y":422,"width":851,"height":12}},{"id":"a2fa7352-ee1c-4c0c-889f-933f86144b63","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":7,"box":{"x":82,"y":437,"width":802,"height":11}},{"id":"e6d87bc9-fea5-4204-bb97-85c6bec926fc","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":7,"box":{"x":81,"y":452,"width":849,"height":11}},{"id":"64509abb-a173-420f-84d7-89fbccd1edd9","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":7,"box":{"x":81,"y":467,"width":843,"height":11}},{"id":"df96a337-4134-431a-93c8-7a1b16e30a54","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":7,"box":{"x":81,"y":481,"width":830,"height":12}},{"id":"59fcd0ee-db98-4a2c-866d-8b7c6285fc1b","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":7,"box":{"x":82,"y":496,"width":840,"height":12}},{"id":"55b721ba-cb02-4205-8bae-fa928726914c","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":7,"box":{"x":81,"y":511,"width":789,"height":11}},{"id":"18aefcc4-6a71-4979-b8e8-80628217af0d","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":7,"box":{"x":81,"y":526,"width":823,"height":11}},{"id":"ae865f27-8839-44f8-9c0e-56e025ae3878","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":7,"box":{"x":81,"y":541,"width":784,"height":11}},{"id":"c2094141-8c39-4283-be64-cdecc737c2bb","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":7,"box":{"x":81,"y":555,"width":844,"height":12}},{"id":"dd496306-ce0e-44d1-bc16-7a4af2175e7a","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":7,"box":{"x":81,"y":571,"width":855,"height":11}},{"id":"f909146d-92b8-4d5e-8590-a6194ffda74a","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":7,"box":{"x":81,"y":585,"width":373,"height":12}},{"id":"571ff061-3c18-4dcf-8ded-4379a7b89084","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":7,"box":{"x":82,"y":605,"width":818,"height":12}},{"id":"48758fda-ee4e-4549-a819-95a2d89fb34b","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":7,"box":{"x":80,"y":620,"width":819,"height":12}},{"id":"1b9e2dda-5f5a-4a10-9f73-7467c17ac872","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":7,"box":{"x":81,"y":635,"width":819,"height":11}},{"id":"eb7f96ca-6d7c-4500-b239-766974711b80","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":7,"box":{"x":81,"y":650,"width":846,"height":11}},{"id":"c9531fce-13f5-4889-95c7-87dd18fb2e5f","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":664,"width":848,"height":12}},{"id":"ec862e31-8f20-4ecc-90e1-ff17f579332b","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":680,"width":125,"height":8}},{"id":"40f6cae7-0e48-42e0-ad36-34338fb03a03","block_type":"box","text":"Mid Cap Securities Risk","page_number":7,"box":{"x":81,"y":699,"width":182,"height":12}},{"id":"3f581646-d000-4efe-86c2-e9f3389479eb","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":7,"box":{"x":267,"y":699,"width":665,"height":12}},{"id":"a82801ee-1c54-42a3-a2f8-a6b23c2879ea","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":7,"box":{"x":81,"y":714,"width":789,"height":12}},{"id":"66fc7d93-34bb-447b-ac4a-337f99c02f65","block_type":"box","text":"Model Risk","page_number":7,"box":{"x":81,"y":734,"width":85,"height":9}},{"id":"a56205c7-524f-43a5-a488-5e5bb457b670","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":7,"box":{"x":170,"y":734,"width":722,"height":12}},{"id":"5852dc07-5a02-4858-b8cf-0e494c69ce08","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":7,"box":{"x":81,"y":749,"width":840,"height":11}},{"id":"00b9c75e-392a-44a4-bb13-349944e884e7","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, changes from historical trends, and","page_number":7,"box":{"x":80,"y":764,"width":807,"height":11}},{"id":"1e6b7d15-335c-45c5-a62e-211927c9ceac","block_type":"box","text":"issues in the construction and implementation of the models (including, but not limited to, software issues, issues","page_number":7,"box":{"x":82,"y":778,"width":842,"height":12}},{"id":"5cdc69d0-b5db-4043-b166-a2ef8da9440a","block_type":"box","text":"related to the use of artificial intelligence and machine learning (“AI”), and other technological issues). There is no","page_number":7,"box":{"x":82,"y":793,"width":841,"height":12}},{"id":"e71222da-e2d1-4c2a-b664-b3a679d3bcfc","block_type":"box","text":"guarantee that BlackRock’s use of these models will result in effective investment decisions for the Fund.","page_number":7,"box":{"x":81,"y":808,"width":777,"height":12}},{"id":"0c206a04-b7a3-40eb-ba1b-e04a7568a857","block_type":"box","text":"The information and data used in the models may be supplied by third parties. Inaccurate or incomplete data may","page_number":7,"box":{"x":81,"y":828,"width":837,"height":12}},{"id":"907f405a-71bb-4770-adc9-4e68f19b9296","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":7,"box":{"x":82,"y":843,"width":819,"height":11}},{"id":"6e09cea4-47cc-47c5-959b-f7be680a0174","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":7,"box":{"x":80,"y":858,"width":843,"height":11}},{"id":"726e040c-b6f7-4559-885c-fab6b4782d91","block_type":"box","text":"selecting investments or in determining the weighting of investment positions that will enable the Fund to achieve","page_number":7,"box":{"x":81,"y":873,"width":834,"height":11}},{"id":"a1b839b8-ce13-4134-8a74-2a1ddb4d0856","block_type":"box","text":"its investment objective.","page_number":7,"box":{"x":82,"y":888,"width":176,"height":11}},{"id":"81d272b3-1e96-4867-bea4-1961ba08f297","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"c6b7719e-0085-4319-815f-e3068278f031","block_type":"box","text":"NM0926U-5977344-7/48","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b6ef534d-0b5d-4c0e-b6bc-6c6f93dfdbed","block_type":"box","text":"Money Market Securities Risk","page_number":8,"box":{"x":81,"y":46,"width":229,"height":11}},{"id":"e5635468-2914-4383-9d5d-634c508a9283","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":8,"box":{"x":314,"y":46,"width":570,"height":11}},{"id":"8ca2bfd6-ad59-419e-9501-82e81d8e1485","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":8,"box":{"x":81,"y":60,"width":819,"height":12}},{"id":"69bdf438-8c26-48ed-9d8d-85b5dc133322","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":8,"box":{"x":82,"y":76,"width":657,"height":11}},{"id":"0f465426-c021-4aaa-8d2f-8bb2389fd19b","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":8,"box":{"x":81,"y":95,"width":346,"height":12}},{"id":"97490d6c-c225-43a3-9f7d-48fddb5c095b","block_type":"box","text":"— Mortgage- and asset-backed securities represent interests in","page_number":8,"box":{"x":432,"y":96,"width":469,"height":11}},{"id":"7c58a98d-ecb9-4bfe-ab98-9a4e4ba48810","block_type":"box","text":"“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset","page_number":8,"box":{"x":82,"y":110,"width":839,"height":12}},{"id":"362c6ffb-2e8e-4252-af2f-7f7ba8c96401","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":8,"box":{"x":81,"y":125,"width":822,"height":11}},{"id":"e8d4377a-1bd5-4354-8f04-96b9f15c3f7a","block_type":"box","text":"subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.","page_number":8,"box":{"x":81,"y":140,"width":821,"height":11}},{"id":"52fe9dc0-4233-4069-944c-8479aaa1e536","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":8,"box":{"x":81,"y":155,"width":851,"height":11}},{"id":"fb37fb37-177e-48ef-8ee6-55bff9ba9882","block_type":"box","text":"certain mortgage-backed securities.","page_number":8,"box":{"x":81,"y":170,"width":263,"height":11}},{"id":"a1894bff-a138-4632-969d-db3fbd28daf9","block_type":"box","text":"Municipal Securities Risks","page_number":8,"box":{"x":81,"y":190,"width":201,"height":11}},{"id":"01c713e2-f77a-4021-a745-8bb582ce0207","block_type":"box","text":"— Municipal securities risks include the ability of the issuer to repay the obligation, the","page_number":8,"box":{"x":286,"y":189,"width":643,"height":12}},{"id":"089dbc95-8701-45c9-a210-f9e91ce99769","block_type":"box","text":"relative lack of information about certain issuers of municipal securities, and the possibility of future legislative","page_number":8,"box":{"x":82,"y":204,"width":817,"height":12}},{"id":"d157a217-f73d-4b20-bb4c-30433d2cc1c7","block_type":"box","text":"changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state,","page_number":8,"box":{"x":81,"y":219,"width":837,"height":12}},{"id":"6bd2b81b-b6c8-4f07-857e-87b783b5b1bf","block_type":"box","text":"and federal governments upon which the issuers may be relying for funding may also impact municipal securities.","page_number":8,"box":{"x":81,"y":234,"width":832,"height":11}},{"id":"a23a3c7e-9500-4353-bf34-39de495c84fe","block_type":"box","text":"These risks include:","page_number":8,"box":{"x":81,"y":249,"width":145,"height":9}},{"id":"45672506-650e-4b58-b2f3-291e06d013b2","block_type":"box","text":"General Obligation Bonds Risks","page_number":8,"box":{"x":82,"y":269,"width":230,"height":11}},{"id":"28cc0081-5c10-4ac4-942f-a81f3cba6f9a","block_type":"box","text":"— Timely payments depend on the issuer’s credit quality, ability to raise tax","page_number":8,"box":{"x":317,"y":269,"width":558,"height":11}},{"id":"15053f45-f3d1-4ddc-9837-c995f174b666","block_type":"box","text":"revenues and ability to maintain an adequate tax base.","page_number":8,"box":{"x":82,"y":284,"width":402,"height":11}},{"id":"60ea9d5b-a44f-4c80-bcd3-b1b590a68467","block_type":"box","text":"Revenue Bonds Risks","page_number":8,"box":{"x":82,"y":304,"width":158,"height":9}},{"id":"c6f3d869-e726-4689-bee1-6756dfe33ac4","block_type":"box","text":"— These payments depend on the money earned by the particular facility or class of","page_number":8,"box":{"x":245,"y":303,"width":622,"height":12}},{"id":"8b24cd8b-0a85-4597-b941-788da5904033","block_type":"box","text":"facilities, or the amount of revenues derived from another source.","page_number":8,"box":{"x":81,"y":318,"width":482,"height":11}},{"id":"9dc3b206-b65a-4d2a-8f12-f23106e04aec","block_type":"box","text":"Private Activity Bonds Risks","page_number":8,"box":{"x":81,"y":339,"width":202,"height":11}},{"id":"86877a7b-98bb-4962-9d64-52e3bceeb43d","block_type":"box","text":"— Municipalities and other public authorities issue private activity bonds to finance","page_number":8,"box":{"x":288,"y":338,"width":612,"height":12}},{"id":"65d0f167-1679-4cef-9585-96a53196bb9e","block_type":"box","text":"development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and","page_number":8,"box":{"x":81,"y":353,"width":813,"height":12}},{"id":"97ac779c-8c38-46f7-adee-83e17a422404","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":8,"box":{"x":82,"y":368,"width":766,"height":11}},{"id":"0c43c114-2863-40a0-bedf-38924929d4be","block_type":"box","text":"Moral Obligation Bonds Risks","page_number":8,"box":{"x":82,"y":388,"width":215,"height":11}},{"id":"c5643bf2-3156-4c24-93a9-5a7389a6227e","block_type":"box","text":"— Moral obligation bonds are generally issued by special purpose public authorities","page_number":8,"box":{"x":302,"y":388,"width":616,"height":11}},{"id":"06bfc25b-0f79-4fa1-9d1a-2ad6895ee35c","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":8,"box":{"x":81,"y":403,"width":854,"height":11}},{"id":"bab6de23-93d2-4d67-93c3-2a28ad4667da","block_type":"box","text":"commitment, but not a legal obligation, of the state or municipality.","page_number":8,"box":{"x":81,"y":418,"width":492,"height":11}},{"id":"5e628323-9c48-4357-a703-47456a3fb623","block_type":"box","text":"Municipal Notes Risks","page_number":8,"box":{"x":82,"y":438,"width":162,"height":11}},{"id":"201592d6-dbf6-4347-9952-92d9d8b3afd2","block_type":"box","text":"— Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the","page_number":8,"box":{"x":249,"y":438,"width":670,"height":11}},{"id":"86308ca2-64c1-4528-bc84-940fefd37b5b","block_type":"box","text":"anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":8,"box":{"x":81,"y":452,"width":633,"height":12}},{"id":"1fa44c63-6e35-4573-be66-95ae4b833ae2","block_type":"box","text":"Municipal Lease Obligations Risks","page_number":8,"box":{"x":82,"y":472,"width":250,"height":12}},{"id":"88c44d10-10ae-46f5-b5bf-6efee610bd60","block_type":"box","text":"— In a municipal lease obligation, the issuer agrees to make payments when","page_number":8,"box":{"x":337,"y":473,"width":568,"height":11}},{"id":"eeee1b98-9f6d-4397-8253-3136ca008f17","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":8,"box":{"x":81,"y":487,"width":852,"height":12}},{"id":"4d38642d-9d72-4f2e-967e-d3c145c246e0","block_type":"box","text":"obligation, the lease obligation is secured by the leased property.","page_number":8,"box":{"x":81,"y":502,"width":479,"height":12}},{"id":"5cec3d8b-86b5-47a7-8abd-959605ecfc5a","block_type":"box","text":"Tax-Exempt Status Risk","page_number":8,"box":{"x":83,"y":522,"width":169,"height":11}},{"id":"03685f93-f86b-4694-b9a3-acc067dce748","block_type":"box","text":"— The Fund and its investment manager will rely on the opinion of issuers’ bond counsel","page_number":8,"box":{"x":256,"y":522,"width":654,"height":12}},{"id":"b070576a-6a4b-47ff-ad45-9a668d71d1d5","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":8,"box":{"x":81,"y":537,"width":855,"height":11}},{"id":"7e5f4042-00d9-4703-ab42-55ea472f7a15","block_type":"box","text":"and payments under derivative securities. Neither the Fund nor its investment manager will independently review the","page_number":8,"box":{"x":81,"y":552,"width":854,"height":11}},{"id":"e9d976a8-aa97-42bd-974f-eb9587fa5f24","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":8,"box":{"x":81,"y":566,"width":809,"height":12}},{"id":"2097418a-b75a-4dd0-80bd-7adfda52ba87","block_type":"box","text":"shareholders to substantial tax liabilities.","page_number":8,"box":{"x":81,"y":582,"width":302,"height":9}},{"id":"b23b57b2-c977-4455-bad3-67a55cdfbb11","block_type":"box","text":"“New Issues” Risk","page_number":8,"box":{"x":83,"y":601,"width":139,"height":9}},{"id":"1d3a049b-9956-4589-b72a-cc0540213ec7","block_type":"box","text":"—","page_number":8,"box":{"x":227,"y":607,"width":17,"height":0}},{"id":"23dc0bc9-39c0-4a84-ad1b-5b834ec5ff93","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":8,"box":{"x":249,"y":601,"width":681,"height":12}},{"id":"485142e0-6b54-46de-95c8-85ed12ae1f9a","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":8,"box":{"x":81,"y":616,"width":843,"height":12}},{"id":"2f373918-f59a-4ba5-90ac-92668df742e6","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":8,"box":{"x":81,"y":631,"width":517,"height":11}},{"id":"09a5701e-5d24-4d39-86bb-1efddd7fdd72","block_type":"box","text":"Operational and Technology Risks","page_number":8,"box":{"x":82,"y":651,"width":254,"height":11}},{"id":"d00b6392-62b2-440d-a669-78cfd912bec7","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":8,"box":{"x":340,"y":651,"width":578,"height":11}},{"id":"549cfdd8-4dd3-4820-b76c-38f5c3276d5b","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":8,"box":{"x":82,"y":666,"width":779,"height":11}},{"id":"eee2e017-1929-4c48-b5b0-543880debf9d","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":8,"box":{"x":81,"y":681,"width":811,"height":11}},{"id":"5452a504-4924-4d94-84a3-b62137ef132a","block_type":"box","text":"impair the Fund’s operations. While the Fund’s service providers are required to have appropriate operational,","page_number":8,"box":{"x":82,"y":696,"width":806,"height":11}},{"id":"a2717ae3-fdd7-42b6-bd9d-5dfcad8ea328","block_type":"box","text":"information security and cybersecurity risk management policies and procedures, their methods of risk management","page_number":8,"box":{"x":82,"y":710,"width":853,"height":12}},{"id":"61e55628-68e2-495f-a412-3959908bf6b6","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":8,"box":{"x":82,"y":725,"width":841,"height":12}},{"id":"dd10b318-8cfd-4bf6-a7e9-64ad84fba9f8","block_type":"box","text":"also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":8,"box":{"x":81,"y":740,"width":808,"height":11}},{"id":"cb881593-c318-4b69-9e0b-88ab1b670e1d","block_type":"box","text":"issuers to lose value.","page_number":8,"box":{"x":82,"y":755,"width":155,"height":9}},{"id":"a7d298a4-f615-40dc-a646-2cf011fa576a","block_type":"box","text":"Preferred Securities Risk","page_number":8,"box":{"x":81,"y":775,"width":189,"height":9}},{"id":"3c1e11d1-0c5b-418c-83c5-825accb2287e","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":8,"box":{"x":274,"y":775,"width":636,"height":11}},{"id":"bd0828ea-c9a2-4348-b9ab-d5eefd668baa","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":8,"box":{"x":81,"y":789,"width":824,"height":12}},{"id":"437b1469-5610-45fd-bfe2-58e7eb9435af","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":8,"box":{"x":82,"y":804,"width":806,"height":12}},{"id":"9eb0b7fb-76a9-4332-8f87-0c4c07573d81","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":8,"box":{"x":81,"y":819,"width":842,"height":12}},{"id":"30a74dd7-6ecc-471f-abd0-1715ed28783a","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":8,"box":{"x":81,"y":834,"width":781,"height":12}},{"id":"13dcb6ff-d652-460c-bd84-13ae8879e7c2","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":8,"box":{"x":81,"y":849,"width":812,"height":11}},{"id":"2eeef39a-b4f0-44a0-a093-24af95f635bd","block_type":"box","text":"larger companies.","page_number":8,"box":{"x":82,"y":864,"width":129,"height":11}},{"id":"03cc15b6-4312-45fb-b77b-290a2fb1bfbd","block_type":"box","text":"Sovereign Debt Risk","page_number":8,"box":{"x":81,"y":884,"width":154,"height":11}},{"id":"09a9ce8d-faaf-428f-8cc0-efc97dcb5a92","block_type":"box","text":"—","page_number":8,"box":{"x":239,"y":889,"width":17,"height":1}},{"id":"98f13ff7-389e-4dfb-ace0-f278377e1af9","block_type":"box","text":"Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":8,"box":{"x":261,"y":884,"width":664,"height":11}},{"id":"63a051c7-559e-4934-a4cf-bb34b2bf933b","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":8,"box":{"x":82,"y":898,"width":844,"height":12}},{"id":"c849b887-0af1-4b52-83c9-41ba5b1b5096","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":8,"box":{"x":81,"y":913,"width":821,"height":12}},{"id":"db13033b-32cc-4b7b-a7d4-91b3be34aaae","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"c8dafff5-8670-486d-bf33-e4fdcd316ec8","block_type":"box","text":"NM0926U-5977344-8/48","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b3b83e43-3852-4d52-a8da-6b63a0225300","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":9,"box":{"x":82,"y":46,"width":845,"height":11}},{"id":"615dfec7-3c4f-47cf-8213-8a164ad6a3c8","block_type":"box","text":"or other multilateral agencies.","page_number":9,"box":{"x":81,"y":61,"width":218,"height":11}},{"id":"c1ad4441-b3a5-41f9-a5a3-af95b836ca54","block_type":"box","text":"Structured Securities Risk","page_number":9,"box":{"x":81,"y":81,"width":200,"height":9}},{"id":"53c46431-d0fc-4a5e-b6c4-24846932db78","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":9,"box":{"x":285,"y":80,"width":605,"height":12}},{"id":"5ca81a23-99bc-4698-bd39-cbb86e77f1c2","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":9,"box":{"x":82,"y":95,"width":823,"height":12}},{"id":"f8f873fa-baca-42c0-94f2-77ca01364572","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":9,"box":{"x":82,"y":110,"width":827,"height":12}},{"id":"4c9c374a-234a-472d-ba35-a0a26be449a8","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":9,"box":{"x":82,"y":125,"width":852,"height":11}},{"id":"98d06cc8-f064-4f2c-aa0d-664184753a30","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":9,"box":{"x":80,"y":140,"width":823,"height":11}},{"id":"45ca7127-b245-4d36-8302-097cf5cdf1bc","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":9,"box":{"x":82,"y":155,"width":818,"height":11}},{"id":"93561847-15b9-44b9-ad9b-9baceeea8b00","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":9,"box":{"x":81,"y":169,"width":842,"height":12}},{"id":"6b1f7dc8-8a5a-4c84-b059-5c01286a2f39","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":9,"box":{"x":81,"y":184,"width":834,"height":12}},{"id":"3fbaf842-227b-47f7-a1e1-756cfcc44235","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":9,"box":{"x":82,"y":199,"width":834,"height":11}},{"id":"784c508e-4d39-4dd9-a63f-524b3bce93d3","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":9,"box":{"x":82,"y":214,"width":799,"height":11}},{"id":"32181bc9-b7b5-4b7c-a89a-27feacc13372","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":9,"box":{"x":81,"y":229,"width":851,"height":11}},{"id":"d3f32cc4-9383-478c-8a2a-1778df3877f5","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":9,"box":{"x":80,"y":244,"width":814,"height":11}},{"id":"050df51e-b2de-4365-858d-3a3648570e3b","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":9,"box":{"x":81,"y":258,"width":812,"height":12}},{"id":"93155b97-b679-4d09-85d6-1e512789bbe4","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":9,"box":{"x":81,"y":273,"width":816,"height":12}},{"id":"c327fdfb-34d2-4393-a1c0-9789f89ddaad","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":9,"box":{"x":81,"y":288,"width":795,"height":12}},{"id":"115cd090-1e65-4c83-9745-daccbcf5c83c","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":9,"box":{"x":81,"y":303,"width":802,"height":11}},{"id":"50dd0ede-22cf-49b3-af2a-952f2ab850fe","block_type":"box","text":"“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such","page_number":9,"box":{"x":82,"y":318,"width":816,"height":11}},{"id":"dad0f4bc-d46c-4dca-96f6-39d83f44ea59","block_type":"box","text":"securities may be limited by certain investment restrictions contained in the Investment Company Act.","page_number":9,"box":{"x":81,"y":333,"width":749,"height":11}},{"id":"8ecea4ff-01be-441f-94d0-2dd468c620cd","block_type":"box","text":"U.S. Government Issuer Risk","page_number":9,"box":{"x":82,"y":353,"width":215,"height":9}},{"id":"e2a9969b-a19d-45ea-af4d-f2060ff98a41","block_type":"box","text":"—","page_number":9,"box":{"x":302,"y":358,"width":17,"height":1}},{"id":"49404add-ec1e-4d90-92e0-3a0f91cf3882","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":9,"box":{"x":323,"y":352,"width":612,"height":12}},{"id":"ef62b2f1-bf1d-4cac-baeb-e2bb4f697abb","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying","page_number":9,"box":{"x":81,"y":367,"width":797,"height":12}},{"id":"d5095f99-3ab9-4452-976f-25bb18cc1ca8","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":9,"box":{"x":81,"y":382,"width":850,"height":12}},{"id":"393f5d23-1059-403f-a905-71441a624785","block_type":"box","text":"be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated","page_number":9,"box":{"x":81,"y":397,"width":843,"height":11}},{"id":"d0787636-7351-477e-ae8a-3b3508964728","block_type":"box","text":"by law to do so.","page_number":9,"box":{"x":81,"y":412,"width":114,"height":11}},{"id":"b3e51686-c2c1-46a3-aca7-7f4c2a1920d0","block_type":"box","text":"U.S. Government Mortgage-Related Securities Risk","page_number":9,"box":{"x":82,"y":432,"width":386,"height":11}},{"id":"4b09b3c9-0631-4db5-9f0a-740e05ad9511","block_type":"box","text":"— There are a number of important differences among the","page_number":9,"box":{"x":472,"y":432,"width":433,"height":11}},{"id":"ba5b03d4-a887-4a4a-a6c5-2af26374185b","block_type":"box","text":"agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the","page_number":9,"box":{"x":81,"y":447,"width":804,"height":11}},{"id":"735c960a-1855-4fb7-a506-3b60052a6f34","block_type":"box","text":"securities that they issue. Mortgage-related securities guaranteed by the Government National Mortgage","page_number":9,"box":{"x":81,"y":462,"width":768,"height":11}},{"id":"64187fb0-a7b2-4522-934a-de6cb7c5de5a","block_type":"box","text":"Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA","page_number":9,"box":{"x":81,"y":476,"width":838,"height":12}},{"id":"0ab73d06-f8c0-45a4-99bb-cbafc56071ae","block_type":"box","text":"and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are supported","page_number":9,"box":{"x":81,"y":491,"width":843,"height":12}},{"id":"7a8ba9eb-851f-4633-9c32-fe1860f0ca0e","block_type":"box","text":"by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage","page_number":9,"box":{"x":81,"y":506,"width":816,"height":11}},{"id":"536aae72-1ebc-477f-8543-b5f6e6c8420c","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":9,"box":{"x":82,"y":521,"width":846,"height":11}},{"id":"2698732f-1074-4c38-8571-88b1b647cdd4","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":9,"box":{"x":80,"y":535,"width":776,"height":12}},{"id":"aec2eb9f-e6af-406d-9101-51cf1b388a04","block_type":"box","text":"supported by the right of the issuer to borrow from the Treasury.","page_number":9,"box":{"x":81,"y":550,"width":472,"height":12}},{"id":"8f8d5081-006d-4c7e-a8e6-53c5fcdb42e1","block_type":"box","text":"Performance Information","page_number":9,"box":{"x":61,"y":589,"width":224,"height":11}},{"id":"8ce8f091-6389-406b-a66e-d5699da48635","block_type":"box","text":"The information shows you how the Fund’s performance has varied year by year and provides some indication of the","page_number":9,"box":{"x":60,"y":615,"width":855,"height":12}},{"id":"b5d60494-f24d-4f20-95a9-5b936e62495b","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":9,"box":{"x":61,"y":630,"width":852,"height":12}},{"id":"ca83569e-902d-48bd-83b5-d953cea77f95","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":9,"box":{"x":61,"y":645,"width":866,"height":12}},{"id":"dac8f202-1a82-4dce-b1e3-17cd7faa33c1","block_type":"box","text":"offered in this prospectus. The performance of Class K Shares would be substantially similar to Institutional Shares","page_number":9,"box":{"x":61,"y":660,"width":853,"height":11}},{"id":"d3e8bee8-bfb3-480d-ad21-f75c1ed60978","block_type":"box","text":"because Class K Shares and Institutional Shares are invested in the same portfolio of securities and performance","page_number":9,"box":{"x":61,"y":675,"width":842,"height":11}},{"id":"dacbe4a2-f09b-4f82-80c1-48bf6ced9aba","block_type":"box","text":"would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual","page_number":9,"box":{"x":60,"y":690,"width":820,"height":11}},{"id":"d6917461-2dce-412c-8638-4383062120e6","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":9,"box":{"x":61,"y":704,"width":844,"height":12}},{"id":"c1aa4853-4e3a-45c6-9009-3e4abf078f76","block_type":"box","text":"lower expenses than Institutional Shares.","page_number":9,"box":{"x":62,"y":719,"width":302,"height":11}},{"id":"4d20715e-c03e-4857-9580-75c9ba04f74c","block_type":"box","text":"Effective March 3, 2025, the Fund changed its name, investment process and investment strategies. Performance for","page_number":9,"box":{"x":62,"y":742,"width":868,"height":11}},{"id":"73f84b31-53a4-4220-ba63-20a80ad92162","block_type":"box","text":"the periods prior to March 3, 2025 shown below is based on the investment process and investment strategies","page_number":9,"box":{"x":60,"y":757,"width":821,"height":11}},{"id":"2a7d5671-585a-4a92-b4c0-b21459136508","block_type":"box","text":"utilized by the Fund under the name “BlackRock Sustainable Balanced Fund, Inc.” Effective April 8, 2022, the Fund","page_number":9,"box":{"x":61,"y":771,"width":845,"height":12}},{"id":"ac59458f-680f-4d0c-8697-db1ddfce0648","block_type":"box","text":"changed its name, investment process and investment strategies. Performance for the periods prior to April 8, 2022","page_number":9,"box":{"x":61,"y":786,"width":857,"height":12}},{"id":"b5bdb49b-c170-4966-8393-d7f4a2d618a8","block_type":"box","text":"shown below is based on the investment process and investment strategies utilized by the Fund under the name","page_number":9,"box":{"x":61,"y":801,"width":827,"height":12}},{"id":"671481aa-40f2-4434-9255-d9fc1a054ed6","block_type":"box","text":"“BlackRock Balanced Capital Fund, Inc.” The table compares the Fund’s performance to that of the MSCI All Country","page_number":9,"box":{"x":62,"y":816,"width":858,"height":11}},{"id":"12b6b65d-48e8-4d08-bf59-a44f958d221d","block_type":"box","text":"World Index (Net), the Bloomberg U.S. Aggregate Bond Index and a customized weighted index comprised of the","page_number":9,"box":{"x":60,"y":831,"width":821,"height":11}},{"id":"52b9a7a7-04a6-44ec-8cb8-a4b117047d19","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":9,"box":{"x":61,"y":846,"width":831,"height":11}},{"id":"261b3eb9-5605-4169-bf71-13ef6fd2a041","block_type":"box","text":"“Custom Benchmark”). The Bloomberg U.S. Aggregate Bond Index and the Custom Benchmark are relevant to the Fund","page_number":9,"box":{"x":62,"y":861,"width":873,"height":11}},{"id":"a48cbd51-ac15-471d-86c5-cbdc4ed9cc35","block_type":"box","text":"because they have characteristics similar to the Fund’s investment strategies. To the extent that dividends and","page_number":9,"box":{"x":61,"y":875,"width":815,"height":12}},{"id":"3710d13a-bfbf-4db5-90fd-eeeca6caaf40","block_type":"box","text":"distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes","page_number":9,"box":{"x":61,"y":890,"width":848,"height":11}},{"id":"872deea2-290b-4f10-a944-fe07710bc5e4","block_type":"box","text":"reinvestment of the dividends and distributions. As with all such investments, past performance (before and after","page_number":9,"box":{"x":61,"y":905,"width":835,"height":11}},{"id":"027b7076-faf6-42ae-a0b4-832227003989","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"3daa0a0b-817d-4d75-89bc-8b942df8bb27","block_type":"box","text":"NM0926U-5977344-9/48","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"90be3809-3049-4e67-92bb-1c55f2ecc4d4","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":10,"box":{"x":60,"y":46,"width":854,"height":11}},{"id":"fad308ab-fd90-4d9a-8843-5e6de905902c","block_type":"box","text":"and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would","page_number":10,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"a6109a0a-758c-40ae-8dd6-7e00ea42e085","block_type":"box","text":"have been lower. Updated information on the Fund’s performance, including its current net asset value, can be","page_number":10,"box":{"x":61,"y":75,"width":816,"height":12}},{"id":"6d0195b0-f398-4f37-92cc-8299d60eeea0","block_type":"box","text":"obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":10,"box":{"x":61,"y":90,"width":650,"height":12}},{"id":"76882eab-d011-484f-bd8f-fb4f4c62a195","block_type":"box","text":"Class K Shares","page_number":10,"box":{"x":437,"y":113,"width":124,"height":10}},{"id":"39b56746-4f75-4ae9-bd35-883555245413","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":10,"box":{"x":392,"y":129,"width":212,"height":10}},{"id":"78bf57b4-7bf3-4aa9-b7ab-7a9884e91bff","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":10,"box":{"x":370,"y":146,"width":257,"height":12}},{"id":"0227a723-98ba-46eb-9821-e6303faca51d","block_type":"box","text":"As of 12/31","page_number":10,"box":{"x":447,"y":161,"width":103,"height":13}},{"id":"23fc7dba-4326-4532-971e-570db1cbc8d7","block_type":"box","text":"8.53%","page_number":10,"box":{"x":295,"y":244,"width":37,"height":7}},{"id":"09869593-7d29-4299-a572-668b47580318","block_type":"box","text":"14.62%","page_number":10,"box":{"x":340,"y":225,"width":44,"height":7}},{"id":"022a86b8-2812-48f6-90dc-cfa9e9573471","block_type":"box","text":"-3.10%","page_number":10,"box":{"x":389,"y":295,"width":41,"height":7}},{"id":"aa2e9ffb-20c3-4421-9df8-4f915c10d854","block_type":"box","text":"21.98%","page_number":10,"box":{"x":436,"y":202,"width":45,"height":7}},{"id":"e585aeba-1c57-4ad7-8acc-56bd746209ba","block_type":"box","text":"15.48%","page_number":10,"box":{"x":484,"y":222,"width":45,"height":8}},{"id":"4a2e5454-0da9-4e17-934a-f0f9be517a5d","block_type":"box","text":"16.67%","page_number":10,"box":{"x":532,"y":219,"width":45,"height":7}},{"id":"c8dd9048-e233-4e31-8185-785a0184c546","block_type":"box","text":"-15.41%","page_number":10,"box":{"x":578,"y":333,"width":49,"height":8}},{"id":"666461ff-f174-49a6-921e-60a5865fe8ae","block_type":"box","text":"16.95%","page_number":10,"box":{"x":629,"y":218,"width":44,"height":7}},{"id":"a5092f54-2d47-4039-a20e-a172aff5cf2b","block_type":"box","text":"12.80%","page_number":10,"box":{"x":677,"y":231,"width":44,"height":7}},{"id":"8ad5665f-3ba9-4749-bdd5-8b446622c7ed","block_type":"box","text":"15.69%","page_number":10,"box":{"x":725,"y":222,"width":45,"height":7}},{"id":"2620ebf5-7a67-4f66-81d2-6953b3d914dc","block_type":"box","text":"-20%","page_number":10,"box":{"x":237,"y":340,"width":28,"height":7}},{"id":"eeb6e862-47c2-4bdb-90f8-dd09f089626f","block_type":"box","text":"-10%","page_number":10,"box":{"x":237,"y":309,"width":28,"height":7}},{"id":"e4576a12-087f-4e18-a59b-e77ee1501597","block_type":"box","text":"0%","page_number":10,"box":{"x":248,"y":278,"width":17,"height":7}},{"id":"f7328ac4-5a07-4b25-81da-9db5d2bb9985","block_type":"box","text":"10%","page_number":10,"box":{"x":241,"y":247,"width":24,"height":7}},{"id":"34c137f4-7a01-4aac-bc9f-b2f8ae2ee385","block_type":"box","text":"20%","page_number":10,"box":{"x":240,"y":216,"width":25,"height":7}},{"id":"20b4a866-d4db-4133-9cb0-c00abb2dec45","block_type":"box","text":"30%","page_number":10,"box":{"x":240,"y":185,"width":25,"height":7}},{"id":"b0d9ac0f-eadb-4293-9b55-95fcf799bec7","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":10,"box":{"x":298,"y":350,"width":465,"height":7}},{"id":"380ce0d7-dad1-44ed-a96a-a12852be2f2d","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 15.52% (quarter ended","page_number":10,"box":{"x":62,"y":370,"width":806,"height":12}},{"id":"9f2fad40-e6ca-4ac1-8a02-35a77f0235c5","block_type":"box","text":"June 30, 2020) and the lowest return for a quarter was -12.99% (quarter ended March 31, 2020). The year-to-date","page_number":10,"box":{"x":61,"y":385,"width":845,"height":12}},{"id":"b583ee8b-7457-45cf-9d6c-d2eda21a33d5","block_type":"box","text":"return as of June 30, 2026 was 7.84%.","page_number":10,"box":{"x":61,"y":400,"width":289,"height":11}},{"id":"59910281-4a1c-47b4-aa67-f85810c96b1c","block_type":"box","text":"For the periods ended 12/31/25","page_number":10,"box":{"x":70,"y":429,"width":223,"height":10}},{"id":"adc98232-1cba-4cfb-aac5-dc6ce59eefbc","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":10,"box":{"x":69,"y":441,"width":854,"height":10}},{"id":"8167d9eb-4610-4c71-92a9-820f11a2c650","block_type":"box","text":"BlackRock Balanced Fund, Inc. — Class K Shares","page_number":10,"box":{"x":70,"y":459,"width":327,"height":9}},{"id":"8761003e-843a-4931-9b07-11b97aea5030","block_type":"box","text":"Return Before Taxes 15.69% 8.54% 9.84%","page_number":10,"box":{"x":85,"y":471,"width":840,"height":9}},{"id":"cd5530e8-4d65-495c-991e-e78ef4e56518","block_type":"box","text":"Return After Taxes on Distributions 12.54% 6.25% 7.47%","page_number":10,"box":{"x":85,"y":484,"width":840,"height":9}},{"id":"fbe2e441-0e97-49d1-b187-41f13da21b79","block_type":"box","text":"Return After Taxes on Distributions","page_number":10,"box":{"x":85,"y":497,"width":228,"height":8}},{"id":"6654e662-95c4-45a5-8893-e0d8cd2fd6f7","block_type":"box","text":"and Sale of Fund Shares 10.08% 5.96% 7.10%","page_number":10,"box":{"x":85,"y":509,"width":840,"height":8}},{"id":"41732816-484b-4cf7-81ba-d6b4382e85a2","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":10,"box":{"x":70,"y":527,"width":227,"height":10}},{"id":"1b36ba79-1e97-49bb-bafb-a576adc41c8c","block_type":"box","text":"1","page_number":10,"box":{"x":298,"y":527,"width":4,"height":4}},{"id":"00bbf82c-21d1-4dd3-b2dd-64cc4c548a0e","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":10,"box":{"x":69,"y":540,"width":486,"height":11}},{"id":"1587b602-b5db-4266-b526-cbde33697ca4","block_type":"box","text":"taxes on reinvested dividends) 22.34% 11.19% 11.72","page_number":10,"box":{"x":69,"y":554,"width":845,"height":10}},{"id":"7aa36158-19b1-4262-82ea-f9d068485f7d","block_type":"box","text":"Bloomberg U.S. Aggregate Bond Index","page_number":10,"box":{"x":70,"y":572,"width":250,"height":10}},{"id":"08d3e8b0-cdeb-4aae-97c6-e36bba956c55","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 7.30% (0.36)% 2.01%","page_number":10,"box":{"x":69,"y":585,"width":856,"height":11}},{"id":"d060d609-370b-4ff3-ab1e-ac9f93242f3d","block_type":"box","text":"Custom Benchmark","page_number":10,"box":{"x":69,"y":604,"width":129,"height":8}},{"id":"799c2a48-8ccc-45cb-b403-ba34eddd8585","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":10,"box":{"x":69,"y":617,"width":486,"height":10}},{"id":"434974be-8ac4-475c-b7e1-e3aa4176edcb","block_type":"box","text":"taxes on reinvested dividends as noted above) 16.22% 6.57% 7.96%","page_number":10,"box":{"x":69,"y":631,"width":856,"height":10}},{"id":"da72e460-da31-49a3-a50e-ed53eb7ef6a7","block_type":"box","text":"1","page_number":10,"box":{"x":61,"y":650,"width":3,"height":4}},{"id":"1b60b5ac-0727-4e11-b91f-61b229deddd0","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":10,"box":{"x":69,"y":650,"width":818,"height":9}},{"id":"4ecd5aa6-caef-4279-951d-cf18acaae31d","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":10,"box":{"x":61,"y":660,"width":870,"height":10}},{"id":"ef19274e-b5db-45c4-8476-14a4bc2e922d","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":10,"box":{"x":60,"y":671,"width":862,"height":9}},{"id":"eb5db1d1-2cb3-486e-84cf-cb54812af4dc","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":10,"box":{"x":60,"y":681,"width":834,"height":9}},{"id":"28c37561-c22b-4595-8046-8e9c86d83dd2","block_type":"box","text":"performance information for the MSCI All Country World Index, please see the Fund’s Statement of Additional Information.","page_number":10,"box":{"x":61,"y":691,"width":718,"height":10}},{"id":"2acda949-e4bb-4e95-9918-e6bd130437b5","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":10,"box":{"x":60,"y":717,"width":840,"height":11}},{"id":"468f87c7-e3eb-48cc-99ae-62394e6157cf","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":10,"box":{"x":61,"y":731,"width":835,"height":12}},{"id":"558b824f-53e9-42ef-909a-1013fd970a25","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":10,"box":{"x":61,"y":746,"width":851,"height":12}},{"id":"305fcd42-60a5-4ba0-97bd-ae8227d5ff47","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":10,"box":{"x":60,"y":761,"width":611,"height":12}},{"id":"2e05f4f3-8104-46fc-bbe8-24e536a1e350","block_type":"box","text":"Investment Manager and Sub-Adviser","page_number":10,"box":{"x":62,"y":800,"width":337,"height":14}},{"id":"6931f1f5-f755-48fe-97bb-674f35e1e18b","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":10,"box":{"x":60,"y":826,"width":832,"height":12}},{"id":"5a81b317-6ccc-485e-9ef4-1d6fb1826916","block_type":"box","text":"adviser is BlackRock International Limited. Where applicable when discussing the Fund’s investment strategies and","page_number":10,"box":{"x":61,"y":841,"width":848,"height":12}},{"id":"ab6ea7dd-d3c5-4492-8ff4-f65f3ceabddf","block_type":"box","text":"risks, “BlackRock” refers to both BlackRock Advisors, LLC and BlackRock International Limited.","page_number":10,"box":{"x":61,"y":856,"width":699,"height":11}},{"id":"322112dc-c4a1-432d-a78b-c91fed1c76c5","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e94c99f0-9b5f-4285-8b33-7011bd2e2a4a","block_type":"box","text":"NM0926U-5977344-10/48","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"33c5f2e0-57e9-451c-9498-52a301be84ac","block_type":"box","text":"Portfolio Managers","page_number":11,"box":{"x":61,"y":46,"width":173,"height":14}},{"id":"4ccd3bcb-f0dc-4bb3-ab3e-544f4e2d9f83","block_type":"box","text":"Portfolio 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Inc.","page_number":11,"box":{"x":70,"y":145,"width":710,"height":9}},{"id":"a581c5d9-2914-4941-b8a9-952e9265eb4d","block_type":"box","text":"Raffaele Savi 2022 Senior Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":163,"width":825,"height":10}},{"id":"131bdcd6-7d87-40b1-b768-e98aa8fa2d1c","block_type":"box","text":"Richard Mathieson 2022 Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":181,"width":779,"height":10}},{"id":"aafdfc1b-f108-496d-9af8-d6b270bcafae","block_type":"box","text":"Anna Hawley, CFA 2022 Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":69,"y":199,"width":780,"height":10}},{"id":"a9fa00e9-57a8-404e-bf27-d1f428ff8d4c","block_type":"box","text":"Scott Radell 2022 Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":69,"y":217,"width":780,"height":10}},{"id":"65c0266b-1e28-4ca2-9f03-c3841fdc7907","block_type":"box","text":"Jasmita Mohan 2023 Director of BlackRock, 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pooled","page_number":11,"box":{"x":62,"y":331,"width":791,"height":12}},{"id":"a6c67573-8f12-4cd9-9d6b-9ba7f443c157","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":11,"box":{"x":62,"y":346,"width":874,"height":12}},{"id":"d4d9e824-094f-45f2-87fd-3f41bec50f9d","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":11,"box":{"x":62,"y":361,"width":871,"height":11}},{"id":"8c682c5d-2e87-4d87-a4f6-bfe8b097adc5","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":11,"box":{"x":61,"y":376,"width":870,"height":11}},{"id":"e5c1f5db-2863-49dc-b81b-3543bf1e2870","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":11,"box":{"x":62,"y":390,"width":863,"height":12}},{"id":"427d497c-ab6d-46b3-8913-103670d6950d","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":11,"box":{"x":60,"y":406,"width":832,"height":11}},{"id":"96bbcd72-baab-45de-88ea-17eae043113c","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":11,"box":{"x":61,"y":420,"width":815,"height":12}},{"id":"eb4438e9-415a-4cd1-95ba-750f8d050de7","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":11,"box":{"x":61,"y":435,"width":816,"height":12}},{"id":"60cd3058-7541-4da6-9225-aea910401cbe","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":11,"box":{"x":62,"y":450,"width":867,"height":11}},{"id":"7add7fc6-fcfb-4684-aaf4-345ea44b3bcb","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":11,"box":{"x":62,"y":465,"width":868,"height":11}},{"id":"5803132f-9644-46fe-b86a-2e279a00ad4a","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":11,"box":{"x":61,"y":480,"width":874,"height":11}},{"id":"73d14881-2b2a-4c4f-84a0-e4af7c5d38bd","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":11,"box":{"x":61,"y":494,"width":859,"height":12}},{"id":"4b68039a-2472-4626-93ba-fa65670a5306","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":11,"box":{"x":60,"y":509,"width":857,"height":12}},{"id":"c44ab97c-cdfa-4806-b815-cd17ee440447","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. 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There is no minimum investment amount for additional purchases.","page_number":11,"box":{"x":61,"y":591,"width":586,"height":11}},{"id":"75c32805-e916-4bf3-963e-4b80ba410b7e","block_type":"box","text":"Tax Information","page_number":11,"box":{"x":63,"y":630,"width":138,"height":11}},{"id":"92bcc3ac-48f1-40c5-a33c-40d1bfb8411e","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":11,"box":{"x":62,"y":656,"width":865,"height":12}},{"id":"64de9e48-9cd5-47f1-ae86-5d3be81648a4","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":11,"box":{"x":62,"y":671,"width":842,"height":11}},{"id":"ae221f2d-a967-43c1-b13d-7227fb391fce","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then the dividends paid by the Fund and the gain realized","page_number":11,"box":{"x":62,"y":686,"width":850,"height":11}},{"id":"a2d9287a-f998-4982-8916-a2b7f826cb4f","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":11,"box":{"x":60,"y":701,"width":833,"height":11}},{"id":"9c33192c-e074-42bf-a594-cb5c07d5913b","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":11,"box":{"x":60,"y":715,"width":865,"height":12}},{"id":"b6fa4cce-8fb0-46f9-b9d4-8d7da761be1e","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":11,"box":{"x":61,"y":730,"width":851,"height":12}},{"id":"6dbe8636-d7dc-4df6-9aa6-88a62eb89621","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":11,"box":{"x":62,"y":745,"width":451,"height":12}},{"id":"eaa65cc6-0125-4c6a-a772-fc33520f3cfc","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":11,"box":{"x":61,"y":784,"width":578,"height":13}},{"id":"5da6cbde-4c5b-42f0-9f03-f2688747d9d0","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":11,"box":{"x":62,"y":810,"width":848,"height":12}},{"id":"ef1b8887-6f52-4cf5-85d6-3e1efafd0864","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":11,"box":{"x":62,"y":825,"width":868,"height":11}},{"id":"3091372c-6079-4c27-bdf6-a1f216bce320","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":11,"box":{"x":60,"y":847,"width":867,"height":12}},{"id":"dd20b50c-6a5f-454d-b184-339810bd6479","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":11,"box":{"x":62,"y":862,"width":455,"height":12}},{"id":"d622b9a6-14c9-470b-9acb-43f2b325eda0","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"f6637a36-4728-41ae-bd3c-8cbb292c314a","block_type":"box","text":"NM0926U-5977344-11/48","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"66b9bfde-93fd-4e56-8b83-b3bd3e4d92ff","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":12,"box":{"x":61,"y":46,"width":849,"height":11}},{"id":"212845b0-1bae-41c5-825a-42222dcd2887","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":12,"box":{"x":62,"y":60,"width":857,"height":12}},{"id":"1f516abb-d212-4564-b342-4fc11a601b2f","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":12,"box":{"x":60,"y":75,"width":869,"height":12}},{"id":"ab28ba8f-5a17-48b9-b190-33c5e49f6bd2","block_type":"box","text":"assets invested in Class K Shares.","page_number":12,"box":{"x":61,"y":90,"width":256,"height":9}},{"id":"27812da2-3bbb-4188-93ad-06d1d2d94943","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":12,"box":{"x":60,"y":113,"width":790,"height":11}},{"id":"203dff85-7674-45f1-a5e9-d77b41dd9792","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"51a8a73f-1246-4b56-be55-e785a9d2f67d","block_type":"box","text":"NM0926U-5977344-12/48","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dcca3522-8c41-4b1b-bc4d-deec12ef772d","block_type":"box","text":"Details About the Fund","page_number":13,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"774bf447-55cb-45b2-b6ec-3a354c171d88","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":13,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"b3275345-7d5f-4aeb-b77b-48361e0183de","block_type":"box","text":"shareholder features of BlackRock Balanced Fund, Inc. (the “Fund”) and your rights as a shareholder.","page_number":13,"box":{"x":61,"y":161,"width":743,"height":12}},{"id":"7ca1f35c-9046-4d04-be1d-68dfcb4ba180","block_type":"box","text":"How the Fund Invests","page_number":13,"box":{"x":61,"y":200,"width":196,"height":11}},{"id":"b3f4d5f2-94b0-4772-b1aa-0170d19e205e","block_type":"box","text":"Investment Objective","page_number":13,"box":{"x":61,"y":227,"width":175,"height":12}},{"id":"6e53a6cb-4ad0-4383-b08f-8525f3f93ceb","block_type":"box","text":"The investment objective of the Fund is to seek the highest total investment return through a fully managed investment","page_number":13,"box":{"x":60,"y":243,"width":876,"height":11}},{"id":"646d331e-4666-4843-a1f3-40f002597087","block_type":"box","text":"policy utilizing equity, debt (including money market) and convertible securities.","page_number":13,"box":{"x":62,"y":258,"width":578,"height":11}},{"id":"79259d81-7d7a-407d-86cc-1187ec271696","block_type":"box","text":"This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of","page_number":13,"box":{"x":60,"y":280,"width":876,"height":12}},{"id":"71189c86-f589-459b-b7ca-2ebc44dda6f3","block_type":"box","text":"the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the","page_number":13,"box":{"x":60,"y":295,"width":814,"height":12}},{"id":"d157448d-c636-436a-9569-9451d554d6a3","block_type":"box","text":"“Investment Company Act”).","page_number":13,"box":{"x":62,"y":310,"width":204,"height":11}},{"id":"70af9b29-b7f1-4325-8e44-c0d9a125863d","block_type":"box","text":"Investment Process","page_number":13,"box":{"x":61,"y":333,"width":163,"height":10}},{"id":"b9ba0797-001e-4017-82b1-382fecddf4c3","block_type":"box","text":"Fund management utilizes a top-down asset allocation strategy to determine the Fund’s overall exposure to equities","page_number":13,"box":{"x":62,"y":349,"width":850,"height":12}},{"id":"128a3bb7-42e4-461d-a8b9-16a7a3c5bd9a","block_type":"box","text":"versus fixed-income securities, as well as identify investment opportunities within equities, fixed-income and currency","page_number":13,"box":{"x":60,"y":364,"width":864,"height":11}},{"id":"c1eab2c2-37e0-410d-adca-82f47d80755f","block_type":"box","text":"markets at the country and/or sector level.","page_number":13,"box":{"x":61,"y":379,"width":315,"height":11}},{"id":"592656f2-d81c-4b2a-a53a-21e8823bc48a","block_type":"box","text":"Within the Fund’s equity and fixed income allocations, Fund management primarily selects individual securities for the","page_number":13,"box":{"x":60,"y":401,"width":866,"height":12}},{"id":"8ebdc4df-462b-4aff-b97a-42816fb7608f","block_type":"box","text":"Fund by using methods that rely on proprietary quantitative models and investment insights.","page_number":13,"box":{"x":62,"y":417,"width":675,"height":11}},{"id":"bc1e6115-bb8c-48f2-9565-860fb05dbfb5","block_type":"box","text":"The Fund has no minimum holding period for investments, and will buy or sell securities whenever Fund management","page_number":13,"box":{"x":60,"y":439,"width":860,"height":11}},{"id":"1594096e-19eb-46f1-ac0e-0f87392c7607","block_type":"box","text":"sees an appropriate opportunity.","page_number":13,"box":{"x":61,"y":454,"width":238,"height":11}},{"id":"0ebdc94b-5042-4b82-8225-01fa5683d9ae","block_type":"box","text":"Principal Investment Strategies","page_number":13,"box":{"x":61,"y":477,"width":260,"height":12}},{"id":"46460dce-d034-4032-b4b1-d7b47883112c","block_type":"box","text":"The Fund invests in a combination of equity securities, fixed-income securities and derivatives. The proportion the Fund","page_number":13,"box":{"x":60,"y":493,"width":876,"height":11}},{"id":"1dc43e0f-bfaa-4bf3-97c6-0b00539cf1b0","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":13,"box":{"x":62,"y":508,"width":819,"height":11}},{"id":"125ef806-b7d0-4368-9b2d-d18b9a221505","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":13,"box":{"x":61,"y":523,"width":853,"height":11}},{"id":"be4707df-e20b-460d-ba32-0e42a32b7ef8","block_type":"box","text":"25% of its assets in senior fixed income securities, such as U.S. government debt securities, corporate debt","page_number":13,"box":{"x":61,"y":537,"width":798,"height":12}},{"id":"f125fe9f-5317-44ac-b03a-f0018250118b","block_type":"box","text":"securities, and mortgage-backed and asset-backed securities.","page_number":13,"box":{"x":61,"y":553,"width":454,"height":11}},{"id":"2c1dd0e4-f11e-4271-b686-3ccdfb034104","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":13,"box":{"x":60,"y":575,"width":813,"height":11}},{"id":"a563fa94-3fa4-466d-a704-0f7e26bcb504","block_type":"box","text":"financial instruments that are components of, or have characteristics similar to, the securities included in the MSCI All","page_number":13,"box":{"x":60,"y":590,"width":871,"height":11}},{"id":"a61e82ad-5222-409c-b19f-f72862a06c03","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":13,"box":{"x":61,"y":604,"width":868,"height":12}},{"id":"5bd5de17-ec65-4e8f-9193-543ca5db491c","block_type":"box","text":"for market size, liquidity and industry group representation. In selecting equity investments, the Fund primarily uses","page_number":13,"box":{"x":60,"y":619,"width":849,"height":12}},{"id":"9ede2d76-50d9-4f93-b969-5dcdd70838ec","block_type":"box","text":"proprietary return forecast models that incorporate quantitative analysis. Equity securities include common stock and","page_number":13,"box":{"x":62,"y":634,"width":860,"height":12}},{"id":"535279df-d89c-4928-ab61-699c874fbbff","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":13,"box":{"x":62,"y":649,"width":855,"height":11}},{"id":"77ce1625-06f0-410c-8d20-c056cdd67870","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":13,"box":{"x":60,"y":664,"width":854,"height":11}},{"id":"94a04b70-0428-466b-bb20-b801a419fb8d","block_type":"box","text":"may also purchase convertible securities. The Fund may invest in securities of both U.S. or non-U.S. issuers without","page_number":13,"box":{"x":61,"y":679,"width":853,"height":11}},{"id":"df6fd8b5-d10c-4ff9-9ff4-07d300a56fcc","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":13,"box":{"x":62,"y":694,"width":874,"height":11}},{"id":"c21d258d-4302-4a48-8c0a-1ac29262ba3e","block_type":"box","text":"invest in securities of companies of any market capitalization.","page_number":13,"box":{"x":62,"y":708,"width":451,"height":12}},{"id":"1c216c91-c0d8-4e5d-8635-192874fddc47","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":13,"box":{"x":60,"y":731,"width":867,"height":11}},{"id":"950b51c1-763f-4aba-a75d-cd617d334678","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":13,"box":{"x":61,"y":746,"width":850,"height":11}},{"id":"e9325900-4a24-4b10-9db7-d0b239d78ffc","block_type":"box","text":"agencies or instrumentalities; mortgage-backed securities issued or guaranteed by the U.S. Government or its","page_number":13,"box":{"x":61,"y":761,"width":809,"height":11}},{"id":"a7b6be0f-da28-4cea-beb9-ff887536c7cc","block_type":"box","text":"agencies or instrumentalities, including U.S. agency mortgage pass-through securities; commercial mortgage-backed","page_number":13,"box":{"x":61,"y":775,"width":857,"height":12}},{"id":"a2746fa5-44d0-4f94-8467-74e7dc830ceb","block_type":"box","text":"securities; mortgage to-be-announced (“TBA”) securities; debt obligations of U.S. issuers, including corporate bonds;","page_number":13,"box":{"x":61,"y":790,"width":857,"height":12}},{"id":"c4641029-4985-406c-ab89-937d0e6bbe98","block_type":"box","text":"municipal securities; asset-backed securities; and U.S.-registered dollar-denominated debt obligations of foreign","page_number":13,"box":{"x":61,"y":805,"width":823,"height":12}},{"id":"69b1ec4e-96f0-47c7-9896-324294896f1f","block_type":"box","text":"issuers. The Fund may invest in bonds issued by companies located in countries other than the United States,","page_number":13,"box":{"x":62,"y":820,"width":809,"height":11}},{"id":"45c54b99-f094-43bf-95ff-e3ff326cf9ea","block_type":"box","text":"including companies in emerging markets. These securities may have all types of interest rate payment and reset","page_number":13,"box":{"x":62,"y":835,"width":833,"height":11}},{"id":"04d69b7e-f508-4701-87df-7627bac06c41","block_type":"box","text":"terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and","page_number":13,"box":{"x":60,"y":849,"width":825,"height":12}},{"id":"56095f67-d395-47d5-a76b-c5f83e8d431d","block_type":"box","text":"auction rate features. The Fund seeks to invest a substantial portion of its assets in U.S.-registered, dollar","page_number":13,"box":{"x":61,"y":864,"width":789,"height":12}},{"id":"16b3e7a0-2ddd-4454-8305-0865f1bb1dfb","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":13,"box":{"x":61,"y":879,"width":847,"height":12}},{"id":"6c2bff49-6148-4d6a-936f-caeb34488ba8","block_type":"box","text":"yield” or “junk” bonds). The Fund may invest in bonds of any maturity or duration.","page_number":13,"box":{"x":60,"y":894,"width":597,"height":11}},{"id":"6877a701-b038-4715-99a4-be26ec38b290","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"1bff6561-3f4d-44a1-8d89-57b9208f845a","block_type":"box","text":"NM0926U-5977344-13/48","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8505ecd8-792a-413b-8ef5-7166071ddb52","block_type":"box","text":"The Fund may invest a significant portion of its fixed income holdings in U.S. agency mortgage pass-through securities,","page_number":14,"box":{"x":60,"y":46,"width":874,"height":11}},{"id":"7638833a-29c8-448a-b911-9e5839ab2b2a","block_type":"box","text":"which are securities issued by entities such as the Government National Mortgage Association (“GNMA”) and the","page_number":14,"box":{"x":60,"y":61,"width":833,"height":11}},{"id":"ba53eb55-1f5c-461e-97b7-48fb06f64dc2","block_type":"box","text":"Federal National Mortgage Association that are backed by pools of mortgages. Most transactions in mortgage pass","page_number":14,"box":{"x":62,"y":75,"width":853,"height":12}},{"id":"d2ce6ef4-24eb-4d45-84ea-701792bbd7df","block_type":"box","text":"through securities occur through standardized contracts for future delivery in which the exact mortgage-backed","page_number":14,"box":{"x":60,"y":90,"width":812,"height":12}},{"id":"2e31617d-4337-4957-938c-8500c7dcccc2","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":14,"box":{"x":61,"y":105,"width":848,"height":11}},{"id":"74cf3151-b121-4fba-b391-c4ce288c7acf","block_type":"box","text":"contracts on a regular basis.","page_number":14,"box":{"x":61,"y":120,"width":209,"height":11}},{"id":"c4c06f23-c76f-4b5b-be28-a9925724a898","block_type":"box","text":"The Fund may use derivatives, including options, futures, swaps (including, but not limited to, total return swaps)","page_number":14,"box":{"x":60,"y":142,"width":830,"height":12}},{"id":"107b0203-e825-457c-a117-7bfee53e6733","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":14,"box":{"x":60,"y":157,"width":837,"height":12}},{"id":"f96c68c8-8713-4356-811d-2106c381b649","block_type":"box","text":"protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements","page_number":14,"box":{"x":62,"y":172,"width":869,"height":12}},{"id":"35eaf93a-35d0-4bd6-82f3-fdf8f2039457","block_type":"box","text":"in the securities markets. The Fund may also invest in indexed and inverse securities.","page_number":14,"box":{"x":62,"y":187,"width":628,"height":11}},{"id":"313868a2-a199-48ac-bff5-30a96dd468d7","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":14,"box":{"x":61,"y":210,"width":327,"height":12}},{"id":"5ac402f5-c08b-4951-8a4f-a314c3e92d50","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":14,"box":{"x":62,"y":226,"width":870,"height":12}},{"id":"d96e55cd-a453-429b-8a39-4193660ccb06","block_type":"box","text":"investments/strategies:","page_number":14,"box":{"x":62,"y":241,"width":173,"height":12}},{"id":"a1d35539-8eeb-4824-b3dc-0c56341bb8c7","block_type":"box","text":"Borrowing","page_number":14,"box":{"x":81,"y":261,"width":78,"height":11}},{"id":"464cb16e-8a20-4c53-b5d7-29fa4b01eb1e","block_type":"box","text":"— The Fund may borrow up to the limits set forth under the Investment Company Act, the rules and","page_number":14,"box":{"x":162,"y":261,"width":732,"height":11}},{"id":"9ddef6b8-9b17-4f3f-8c13-b05912184d85","block_type":"box","text":"regulations thereunder and any applicable exemptive relief.","page_number":14,"box":{"x":82,"y":276,"width":432,"height":11}},{"id":"fa09c767-6a07-4178-b0b9-bc7ea69b8b5a","block_type":"box","text":"Collateralized Debt Obligations","page_number":14,"box":{"x":81,"y":296,"width":233,"height":11}},{"id":"f4a57503-8430-4299-90a4-98f5ab6459c5","block_type":"box","text":"— The Fund may invest up to 10% of its net assets in collateralized debt","page_number":14,"box":{"x":318,"y":296,"width":535,"height":11}},{"id":"ebcd5414-ef9f-425b-872d-742920af00f6","block_type":"box","text":"obligations (“CDOs”), of which 5% (as a percentage of the Fund’s net assets) may be in collateralized loan","page_number":14,"box":{"x":81,"y":311,"width":781,"height":11}},{"id":"f75745e0-360a-4798-9950-ed17fc1b021f","block_type":"box","text":"obligations (“CLOs”). CDOs are types of asset-backed securities. CLOs are ordinarily issued by a trust or other","page_number":14,"box":{"x":81,"y":325,"width":811,"height":12}},{"id":"dc96c42a-91b5-41d3-bb61-6f0b0ade4b2a","block_type":"box","text":"special purpose entity and are typically collateralized by a pool of loans, which may include, among others, domestic","page_number":14,"box":{"x":81,"y":340,"width":854,"height":12}},{"id":"2fd2faf0-32a7-4d61-8a12-2e23f91668d3","block_type":"box","text":"and non-U.S. senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that","page_number":14,"box":{"x":81,"y":355,"width":838,"height":12}},{"id":"bcc71c89-9583-4b26-8bbb-02683f2cff16","block_type":"box","text":"may be rated below investment grade or equivalent unrated loans, held by such issuer.","page_number":14,"box":{"x":82,"y":370,"width":635,"height":11}},{"id":"f5b1b619-8bd0-4804-9072-562acafeab52","block_type":"box","text":"Illiquid Investments","page_number":14,"box":{"x":81,"y":390,"width":148,"height":11}},{"id":"d68e8fa7-4583-4441-a1fe-6ac7d4b4474c","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":14,"box":{"x":233,"y":390,"width":677,"height":11}},{"id":"546510d8-8f20-4052-8e59-4fd6b3f86649","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":14,"box":{"x":82,"y":405,"width":811,"height":11}},{"id":"d24596e6-2794-4784-a1a4-3e5e4d894659","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":14,"box":{"x":82,"y":419,"width":831,"height":12}},{"id":"64473326-97fe-40c1-aacd-70ba3ca17e1e","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":14,"box":{"x":81,"y":434,"width":811,"height":12}},{"id":"ca74e8b0-2ef4-4a38-8bb1-921c65c29aed","block_type":"box","text":"Investment Companies","page_number":14,"box":{"x":81,"y":454,"width":172,"height":12}},{"id":"ac4b620e-f98d-48b0-a97f-0a9899a939da","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":14,"box":{"x":258,"y":455,"width":643,"height":11}},{"id":"d042246b-60a8-4145-97a6-2223f864e92c","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":14,"box":{"x":80,"y":469,"width":837,"height":12}},{"id":"7c7f5170-2b6b-4024-bcd2-4661fd038c18","block_type":"box","text":"under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment","page_number":14,"box":{"x":82,"y":484,"width":777,"height":11}},{"id":"e00e1e93-ccd9-430b-9da0-535e53d5561b","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":14,"box":{"x":81,"y":499,"width":525,"height":11}},{"id":"5e5f8e72-86b1-4c76-9577-852016f9a9b2","block_type":"box","text":"Real Estate Investment Trusts","page_number":14,"box":{"x":81,"y":519,"width":229,"height":9}},{"id":"15555cd1-47b2-48dd-9e52-bbd07c608f85","block_type":"box","text":"— The Fund may invest in real estate investment trusts (“REITs”).","page_number":14,"box":{"x":314,"y":519,"width":484,"height":11}},{"id":"db3b7252-fd47-4c6c-a179-737c361294f8","block_type":"box","text":"Real Estate-Related Securities","page_number":14,"box":{"x":81,"y":539,"width":231,"height":9}},{"id":"b658cb39-e533-4303-92e4-dec56a357aaf","block_type":"box","text":"— The Fund may also invest in securities of companies that derive a significant","page_number":14,"box":{"x":316,"y":539,"width":584,"height":11}},{"id":"a1f37d26-cfb9-4fb7-8bc3-4efdadece6b3","block_type":"box","text":"proportion of their revenues and profits from, or have a significant proportion of their assets invested in, (i) the","page_number":14,"box":{"x":82,"y":554,"width":815,"height":11}},{"id":"b27ea02a-0ce5-4149-a3cb-c134ac6098c7","block_type":"box","text":"development, construction, management, or sale of real estate; (ii) real estate holdings; or (iii) products or services","page_number":14,"box":{"x":81,"y":568,"width":850,"height":12}},{"id":"0fb62815-d452-4aec-a493-504c1766b586","block_type":"box","text":"related to the real estate industry.","page_number":14,"box":{"x":82,"y":583,"width":249,"height":12}},{"id":"63ec1aa5-ae6d-42f6-9c4f-572b72dc52c7","block_type":"box","text":"Securities Lending","page_number":14,"box":{"x":81,"y":603,"width":140,"height":12}},{"id":"e226c8ad-abae-4dcc-8d72-7f17ba185f08","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":14,"box":{"x":225,"y":603,"width":396,"height":12}},{"id":"1678e891-8f34-4068-82b8-cbe32b2907de","block_type":"box","text":"1⁄","page_number":14,"box":{"x":622,"y":604,"width":6,"height":5}},{"id":"16760e24-6616-4e9a-8b3d-7598c215c211","block_type":"box","text":"1⁄3","page_number":14,"box":{"x":626,"y":603,"width":8,"height":9}},{"id":"689a6dfb-9fe2-4d53-8ff3-8fea1d6707bd","block_type":"box","text":"⁄3","page_number":14,"box":{"x":632,"y":607,"width":6,"height":5}},{"id":"610e5c21-35a7-41fe-892c-73d6ed7834b5","block_type":"box","text":"% of its total assets to financial","page_number":14,"box":{"x":639,"y":603,"width":231,"height":9}},{"id":"11f7badd-cc09-4574-b58a-6b4b2208c53e","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":14,"box":{"x":82,"y":618,"width":748,"height":12}},{"id":"4184908d-14fb-4150-8310-72fe30a7e42f","block_type":"box","text":"Short Sales","page_number":14,"box":{"x":81,"y":638,"width":87,"height":9}},{"id":"8e643ffa-6a0c-4727-afd6-8be66320f835","block_type":"box","text":"— The Fund may make short sales of securities, either as a hedge against potential declines in value","page_number":14,"box":{"x":173,"y":638,"width":747,"height":12}},{"id":"3052b421-a9ec-48f1-a598-c7acfec213d6","block_type":"box","text":"of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value. The","page_number":14,"box":{"x":81,"y":653,"width":833,"height":11}},{"id":"4553cfd1-489f-470c-83d5-931dff890cc0","block_type":"box","text":"Fund will not make a short sale if, after giving effect to such sale, the market value of all securities sold short","page_number":14,"box":{"x":82,"y":668,"width":809,"height":11}},{"id":"9bd186f8-eb5a-4140-8ee0-61ec82568ec3","block_type":"box","text":"exceeds 10% of the value of its total assets. The Fund may also make short sales “against-the-box” without regard","page_number":14,"box":{"x":81,"y":682,"width":845,"height":12}},{"id":"c85600c9-c530-4b5d-8fb9-c396f57cacd1","block_type":"box","text":"to this restriction. In this type of short sale, at the time of the sale, the Fund owns or has the immediate and","page_number":14,"box":{"x":80,"y":697,"width":801,"height":12}},{"id":"b1f1ee73-86e3-49af-b193-ae941c4ce6aa","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost.","page_number":14,"box":{"x":82,"y":712,"width":529,"height":12}},{"id":"507ceb26-6656-41a1-9ab2-43328bae01e7","block_type":"box","text":"Small Cap and Emerging Growth Securities","page_number":14,"box":{"x":81,"y":732,"width":324,"height":12}},{"id":"cf930b57-fe8f-4e4b-8c2d-6d4f68150a2d","block_type":"box","text":"—","page_number":14,"box":{"x":410,"y":738,"width":17,"height":0}},{"id":"f9e74a52-2f63-4f1f-b400-470658a37d2a","block_type":"box","text":"The Fund may invest in equity securities of issuers with limited","page_number":14,"box":{"x":431,"y":732,"width":460,"height":12}},{"id":"50de1b3a-35c6-471e-9bee-978b65b51423","block_type":"box","text":"product lines or markets.","page_number":14,"box":{"x":82,"y":747,"width":182,"height":11}},{"id":"7dc8538c-7703-4c1d-a406-fdf8cc16407a","block_type":"box","text":"Standby Commitment Agreements","page_number":14,"box":{"x":81,"y":767,"width":259,"height":11}},{"id":"ea9f1f27-ba6d-465c-855c-d66ce433f9c6","block_type":"box","text":"—","page_number":14,"box":{"x":345,"y":772,"width":17,"height":1}},{"id":"bf1f4ec3-aac8-402c-8b21-6668ce6546ed","block_type":"box","text":"Standby commitment agreements commit the Fund, for a stated period of","page_number":14,"box":{"x":367,"y":767,"width":540,"height":11}},{"id":"d6d8bf8f-def9-478f-81ce-706ed5f91a91","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to the Fund at the option of the issuer.","page_number":14,"box":{"x":80,"y":782,"width":854,"height":11}},{"id":"364bb7e8-d959-4d6a-addb-d93647f5452e","block_type":"box","text":"Temporary Defensive Strategies","page_number":14,"box":{"x":82,"y":802,"width":238,"height":11}},{"id":"204f6784-5495-4ff9-bff2-6faeb6a0e902","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":14,"box":{"x":325,"y":802,"width":600,"height":11}},{"id":"2d12f477-d7db-488d-92a0-910626cd3059","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":14,"box":{"x":81,"y":817,"width":802,"height":11}},{"id":"3ef67314-ce5b-4802-abcf-e096df0c6215","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":14,"box":{"x":82,"y":832,"width":833,"height":11}},{"id":"d0236803-206b-475d-9a26-b0fbc6ad465f","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":14,"box":{"x":81,"y":846,"width":796,"height":12}},{"id":"1051c2b3-4470-4d46-bf06-68f2408003ee","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":14,"box":{"x":81,"y":861,"width":802,"height":12}},{"id":"c0515736-f590-4383-85f7-f2965d60b68a","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":14,"box":{"x":82,"y":876,"width":778,"height":11}},{"id":"c20c52d1-55bd-4f1c-b32e-003f041761ad","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":14,"box":{"x":81,"y":891,"width":781,"height":11}},{"id":"fa5dfbf8-8bce-4bc6-be12-86fd07155d5a","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"11c25366-0ec4-4c74-8d3f-217360877cb1","block_type":"box","text":"NM0926U-5977344-14/48","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"826774fc-8c2b-4c10-8d71-dfa667341a7c","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":15,"box":{"x":83,"y":46,"width":545,"height":11}},{"id":"93efded7-58bd-40fe-8eeb-bae577775a03","block_type":"box","text":"— The purchase or sale of securities on","page_number":15,"box":{"x":632,"y":46,"width":295,"height":11}},{"id":"e27c7fa7-8e84-4df4-8529-ec45499bde30","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":15,"box":{"x":81,"y":60,"width":851,"height":12}},{"id":"194d884f-f2f8-44d2-b7bc-3bd9f4ac22b5","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":15,"box":{"x":81,"y":75,"width":847,"height":12}},{"id":"3d0ffe4c-a3e3-4d5f-89c5-e14c9d28d47a","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":15,"box":{"x":82,"y":90,"width":842,"height":12}},{"id":"9baead36-0dcb-404a-aa92-cef595b9f93b","block_type":"box","text":"the transaction.","page_number":15,"box":{"x":80,"y":105,"width":115,"height":9}},{"id":"97b5573b-09b3-4259-80f4-3a2f58a0a5da","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":15,"box":{"x":272,"y":162,"width":453,"height":9}},{"id":"89562ed4-a98f-4dda-9e86-294939dedca4","block_type":"box","text":"The Fund is managed by a team of financial professionals. Philip Green, Michael Pensky, CFA, Daniel Felder, CFA,","page_number":15,"box":{"x":70,"y":184,"width":831,"height":12}},{"id":"43787013-28dd-44de-960e-83f07a405b7a","block_type":"box","text":"Raffaele Savi, Richard Mathieson, Anna Hawley, CFA, Scott Radell and Jasmita Mohan are the portfolio managers","page_number":15,"box":{"x":72,"y":199,"width":833,"height":12}},{"id":"ef066ea0-9608-476d-a2ca-f1987ad6dc30","block_type":"box","text":"and are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of","page_number":15,"box":{"x":71,"y":214,"width":831,"height":11}},{"id":"c31f7825-b694-4754-a6f1-296d5fdd6005","block_type":"box","text":"the Fund — Portfolio Manager Information” for additional information about the portfolio management team.","page_number":15,"box":{"x":70,"y":229,"width":797,"height":11}},{"id":"3ffa20b8-2f94-40a9-9de3-8594cbaa09d3","block_type":"box","text":"Investment Risks","page_number":15,"box":{"x":62,"y":281,"width":156,"height":10}},{"id":"24c0193a-2033-4908-a565-46c06af4321f","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objectives and","page_number":15,"box":{"x":60,"y":307,"width":820,"height":11}},{"id":"692fe0b3-116c-4e68-8d8e-fb0e5f82d5a5","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":15,"box":{"x":61,"y":321,"width":866,"height":12}},{"id":"68295ded-ded0-4767-978b-06d6a674ddac","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":15,"box":{"x":62,"y":336,"width":863,"height":12}},{"id":"e54e89fa-8477-4d39-82d6-b0115cbc5afa","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not","page_number":15,"box":{"x":61,"y":351,"width":822,"height":12}},{"id":"5de4c4cd-ce5c-41a7-92ac-989514aea859","block_type":"box","text":"insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. The order","page_number":15,"box":{"x":62,"y":366,"width":867,"height":12}},{"id":"7c60ac02-5c07-4eb1-8d74-910b27d0e99a","block_type":"box","text":"of the below risk factors does not indicate the significance of any particular risk factor.","page_number":15,"box":{"x":61,"y":381,"width":635,"height":11}},{"id":"84f50635-2001-4974-9e7a-369b9dc05057","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":15,"box":{"x":61,"y":404,"width":322,"height":12}},{"id":"632c1033-e564-450d-a81d-c6c76fb1da08","block_type":"box","text":"Convertible Securities Risk","page_number":15,"box":{"x":81,"y":425,"width":206,"height":10}},{"id":"7eb9d00d-fcc0-4e10-aa04-912a95d35141","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":15,"box":{"x":291,"y":425,"width":593,"height":12}},{"id":"3a1d807c-9fc4-4b1f-84c4-380745ad059f","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":15,"box":{"x":81,"y":440,"width":853,"height":12}},{"id":"f1ea094e-9cb2-467f-8b4d-5c438a237dde","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":15,"box":{"x":81,"y":455,"width":855,"height":11}},{"id":"3712f5fd-ee3d-4821-9dd7-aa0e19d867b6","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":15,"box":{"x":80,"y":470,"width":816,"height":11}},{"id":"2269c0b7-90bc-442c-b353-b1f92618f5e6","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":15,"box":{"x":82,"y":485,"width":796,"height":11}},{"id":"789ef72d-1e4b-42fa-bd7e-0a5f321e9e84","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":15,"box":{"x":81,"y":499,"width":812,"height":12}},{"id":"cffd349b-fad0-4851-b88c-f6e19daea037","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":15,"box":{"x":82,"y":514,"width":809,"height":12}},{"id":"863bb43d-a6cb-46b2-840f-7f778784b400","block_type":"box","text":"Corporate Loans Risk","page_number":15,"box":{"x":81,"y":534,"width":162,"height":12}},{"id":"77205917-2a64-410b-b621-d93de8e2fe22","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":15,"box":{"x":247,"y":534,"width":689,"height":11}},{"id":"d1f2e1bf-077d-46bc-98c9-8a19c52fd68b","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":15,"box":{"x":82,"y":549,"width":845,"height":12}},{"id":"a3bbee83-eb40-45ad-9fe7-b9cf067ac880","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":15,"box":{"x":82,"y":564,"width":827,"height":11}},{"id":"42b013c8-c2c2-4a2a-bd07-a895d9bd497e","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":15,"box":{"x":81,"y":579,"width":821,"height":11}},{"id":"d2deb75e-2ad8-45fe-84b5-54437ca8159d","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":15,"box":{"x":81,"y":594,"width":840,"height":11}},{"id":"d5698c14-6d94-4b9b-812d-452d91be052f","block_type":"box","text":"However, because the trading market for certain corporate loans may be less developed than the secondary market","page_number":15,"box":{"x":82,"y":608,"width":850,"height":12}},{"id":"6ce17722-2919-40e7-ac51-c68875e56caa","block_type":"box","text":"for bonds and notes, the Fund may experience difficulties in selling its corporate loans. Transactions in corporate","page_number":15,"box":{"x":81,"y":623,"width":831,"height":12}},{"id":"dbfa0d31-2839-472a-80df-a61e77a855ab","block_type":"box","text":"loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily","page_number":15,"box":{"x":82,"y":638,"width":841,"height":11}},{"id":"69906a62-25d5-490a-b80c-4aab7ac18ea2","block_type":"box","text":"available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended","page_number":15,"box":{"x":81,"y":653,"width":843,"height":11}},{"id":"96718f7b-7331-4e13-b3c5-7afeb5992cf5","block_type":"box","text":"settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or","page_number":15,"box":{"x":81,"y":668,"width":841,"height":11}},{"id":"02ab4a9a-f666-4b14-b9a7-b1443d6ed89b","block_type":"box","text":"temporarily borrow from banks and other lenders. Leading financial institutions often act as agent for a broader","page_number":15,"box":{"x":80,"y":682,"width":819,"height":12}},{"id":"e43c1dda-4139-4f12-8a73-75f0d3875ac7","block_type":"box","text":"group of lenders, generally referred to as a syndicate. The syndicate’s agent arranges the corporate loans, holds","page_number":15,"box":{"x":81,"y":697,"width":827,"height":12}},{"id":"4f8e816b-ffa4-4862-ad7e-f5b67770555c","block_type":"box","text":"collateral and accepts payments of principal and interest. If the agent develops financial problems, the Fund may","page_number":15,"box":{"x":81,"y":712,"width":831,"height":12}},{"id":"f9d1bf27-1e6c-46ff-aa5b-5fb4258510f8","block_type":"box","text":"not recover its investment or recovery may be delayed. By investing in a corporate loan, the Fund may become a","page_number":15,"box":{"x":82,"y":727,"width":822,"height":12}},{"id":"8f00a6b5-4c77-4b52-9d89-f2cdad38a525","block_type":"box","text":"member of the syndicate.","page_number":15,"box":{"x":82,"y":742,"width":184,"height":11}},{"id":"92fc994f-f9e5-4055-b522-744650cdca5a","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads.","page_number":15,"box":{"x":81,"y":764,"width":739,"height":12}},{"id":"cd8d6f91-498e-4393-98eb-2e557112d3fb","block_type":"box","text":"The corporate loans in which the Fund invests are subject to the risk of loss of principal and income. Although","page_number":15,"box":{"x":81,"y":787,"width":806,"height":11}},{"id":"0e5fcd0c-88e4-4df3-a5ad-5eb409ef6b3a","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":15,"box":{"x":81,"y":802,"width":852,"height":11}},{"id":"1ac90861-4732-40d4-8786-00e4cf2ee73c","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":15,"box":{"x":82,"y":817,"width":827,"height":11}},{"id":"ae7baf7e-97df-42f3-bf20-903347e0964a","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit the","page_number":15,"box":{"x":81,"y":831,"width":847,"height":12}},{"id":"6377bb74-d59b-4d11-9c15-51ad5cf4b105","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":15,"box":{"x":82,"y":846,"width":852,"height":12}},{"id":"7ae777b3-4bf5-4124-8b93-4176a8d6581e","block_type":"box","text":"a bankruptcy, the holder of a corporate loan may not recover its principal, may experience a long delay in recovering","page_number":15,"box":{"x":81,"y":861,"width":849,"height":12}},{"id":"66106f2e-4ae7-4a83-9758-7afbe625250c","block_type":"box","text":"its investment and may not receive interest during the delay.","page_number":15,"box":{"x":82,"y":876,"width":441,"height":11}},{"id":"71aaa579-cde7-41af-a239-d1ba2d7eaeba","block_type":"box","text":"Debt Securities Risk","page_number":15,"box":{"x":81,"y":896,"width":155,"height":9}},{"id":"27f304ba-4571-4a18-8aa4-0ab42dfc84de","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":15,"box":{"x":240,"y":896,"width":633,"height":11}},{"id":"3a061e66-4103-4657-952b-7cac80e2f684","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in further detail below:","page_number":15,"box":{"x":81,"y":911,"width":637,"height":11}},{"id":"0d8762a1-726d-455a-92dc-836f82e4dec0","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"cb9a9c27-7abf-465a-8663-e4d6b5da7c38","block_type":"box","text":"NM0926U-5977344-15/48","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0e21ba4c-b3c5-4675-a113-1886f52fcbc4","block_type":"box","text":"Credit Risk","page_number":16,"box":{"x":82,"y":46,"width":80,"height":9}},{"id":"f61382d3-bf58-4b0f-9f08-5de6efcaa330","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":16,"box":{"x":166,"y":46,"width":737,"height":11}},{"id":"ec1ad0db-21ff-468f-920f-11ffda01f78f","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":16,"box":{"x":81,"y":60,"width":816,"height":12}},{"id":"11ffb292-1e85-4b62-8df2-e09bef1a36f0","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":16,"box":{"x":82,"y":75,"width":826,"height":12}},{"id":"54a81e17-f259-41ee-b090-42bbf89ad743","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":16,"box":{"x":81,"y":90,"width":777,"height":12}},{"id":"20556b74-ee91-447c-a850-c3801f99f94b","block_type":"box","text":"Interest Rate Risk","page_number":16,"box":{"x":82,"y":113,"width":132,"height":9}},{"id":"ddb0a145-54c6-4b14-991f-1c8ac21f60c4","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":16,"box":{"x":218,"y":113,"width":704,"height":11}},{"id":"8cdfa95c-7cf9-4280-b006-2fe8cc86e759","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":16,"box":{"x":82,"y":127,"width":835,"height":12}},{"id":"ec4f795d-ccf8-44bf-a7a5-c9ddc254771b","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":16,"box":{"x":80,"y":142,"width":513,"height":10}},{"id":"17133f6c-cec8-4f7b-ba76-ac6a7d22c2d0","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":16,"box":{"x":81,"y":165,"width":843,"height":11}},{"id":"361dfaee-cbfd-4d93-87b6-4d34cba11b2d","block_type":"box","text":"if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being","page_number":16,"box":{"x":82,"y":180,"width":806,"height":11}},{"id":"a640656f-6cdd-44f0-bf12-2a66d5d61f0d","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":16,"box":{"x":81,"y":195,"width":831,"height":11}},{"id":"cf8c8fcf-d0ea-49ec-a330-e92d3466f505","block_type":"box","text":"price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":16,"box":{"x":82,"y":209,"width":854,"height":12}},{"id":"0b1d9d31-c788-4235-8f6e-8a7cc18742ea","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":16,"box":{"x":81,"y":224,"width":827,"height":12}},{"id":"41df43c3-f0ed-400a-8f2b-3cd798441c0f","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":16,"box":{"x":81,"y":239,"width":840,"height":12}},{"id":"bd853523-6d35-4740-8836-37c0615b519a","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":16,"box":{"x":82,"y":254,"width":851,"height":11}},{"id":"5535e1aa-99c1-466c-8602-82fa5d10972e","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":16,"box":{"x":82,"y":269,"width":808,"height":11}},{"id":"bf1dce41-36d3-489d-855c-cf95887466c8","block_type":"box","text":"management.","page_number":16,"box":{"x":82,"y":284,"width":98,"height":11}},{"id":"b062b5a7-64ca-47cb-be1f-a073475905e4","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 mortgage","page_number":16,"box":{"x":81,"y":306,"width":852,"height":12}},{"id":"c138fd07-0af3-47d5-8394-8185e8ef9242","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":16,"box":{"x":81,"y":321,"width":840,"height":11}},{"id":"4498f00d-cd1b-4fe0-a88a-72a46fd44f72","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":16,"box":{"x":80,"y":336,"width":834,"height":11}},{"id":"50e95d37-94a1-4cd9-ae1e-f393eb6bb629","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":16,"box":{"x":81,"y":351,"width":803,"height":11}},{"id":"7726afbb-e005-4a78-b677-8d9fd95cb6c0","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":16,"box":{"x":81,"y":365,"width":839,"height":12}},{"id":"d239a2fa-8f42-4838-a7bf-f9f8c3300105","block_type":"box","text":"debt securities.","page_number":16,"box":{"x":81,"y":380,"width":112,"height":9}},{"id":"8335c03d-3339-4b1d-bba2-43ce180f286f","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":16,"box":{"x":81,"y":403,"width":839,"height":11}},{"id":"79d7eff9-324b-45e8-b913-afc5f670fa1f","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":16,"box":{"x":81,"y":418,"width":839,"height":11}},{"id":"b16f0ada-faf6-4c58-b74c-f3af1306e241","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":16,"box":{"x":82,"y":432,"width":831,"height":12}},{"id":"e634f151-81c9-45cf-b872-7f21218b5719","block_type":"box","text":"value when interest rates change.","page_number":16,"box":{"x":80,"y":447,"width":248,"height":12}},{"id":"16c222f5-2f77-424c-8a9e-5bc44ef69567","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":16,"box":{"x":81,"y":470,"width":842,"height":11}},{"id":"84e1329e-d2ee-446b-8293-66c48f02d810","block_type":"box","text":"could negatively impact the Fund’s performance. A general rise in interest rates has the potential to cause investors","page_number":16,"box":{"x":81,"y":485,"width":855,"height":11}},{"id":"ef278cb4-4cee-4ae2-8e9f-285a8e73b73f","block_type":"box","text":"to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that","page_number":16,"box":{"x":80,"y":499,"width":828,"height":12}},{"id":"17267bee-a840-4f80-b6cf-d67ee490a13b","block_type":"box","text":"hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at","page_number":16,"box":{"x":82,"y":514,"width":770,"height":12}},{"id":"f92674cd-ef89-4441-88d1-5896b7660be7","block_type":"box","text":"inopportune times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":16,"box":{"x":82,"y":529,"width":665,"height":11}},{"id":"62dd66f3-7d45-4281-8db1-a8adf7ed9668","block_type":"box","text":"During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Certain","page_number":16,"box":{"x":82,"y":549,"width":836,"height":12}},{"id":"84610672-2214-4ff2-9904-48683d2d96c9","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or","page_number":16,"box":{"x":81,"y":564,"width":793,"height":11}},{"id":"1c7e2ef2-727d-45a3-adf5-ad1e00e3d0fc","block_type":"box","text":"negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero,","page_number":16,"box":{"x":82,"y":579,"width":834,"height":11}},{"id":"c92afe98-045b-45cf-8758-df7c6a1fde34","block_type":"box","text":"may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund","page_number":16,"box":{"x":82,"y":594,"width":831,"height":11}},{"id":"b506537b-64b1-4753-8a31-3796dd8c3f53","block_type":"box","text":"performance to the extent the Fund is exposed to such interest rates.","page_number":16,"box":{"x":82,"y":608,"width":511,"height":12}},{"id":"c4fe04e5-b935-4a16-bba5-65b6a6b48180","block_type":"box","text":"Extension Risk","page_number":16,"box":{"x":82,"y":631,"width":107,"height":9}},{"id":"61fdd466-c4b8-494c-ab60-bf35a89f0f8c","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":16,"box":{"x":193,"y":631,"width":691,"height":11}},{"id":"8d552cd1-5a0b-4e41-939d-d4d1e369d98b","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of","page_number":16,"box":{"x":81,"y":646,"width":800,"height":11}},{"id":"ac1011fa-30f0-4558-879d-4bf4cc828bd0","block_type":"box","text":"securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally","page_number":16,"box":{"x":81,"y":661,"width":832,"height":11}},{"id":"7d297bfa-0c33-4a65-aaf2-4e414931267d","block_type":"box","text":"changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising","page_number":16,"box":{"x":81,"y":675,"width":855,"height":12}},{"id":"28b381bf-f6bb-4d5c-8547-35c3104af461","block_type":"box","text":"interest rates, securities may exhibit additional volatility and may lose value.","page_number":16,"box":{"x":82,"y":690,"width":559,"height":12}},{"id":"674d8804-b340-469c-a9f5-ef108b41e759","block_type":"box","text":"Prepayment Risk","page_number":16,"box":{"x":81,"y":713,"width":124,"height":11}},{"id":"766e3eaf-b9e6-49f5-8b96-2a908020b6dc","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":16,"box":{"x":209,"y":713,"width":691,"height":11}},{"id":"8eafa0d3-545b-43eb-9ba5-f149c87d3576","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. In periods of","page_number":16,"box":{"x":81,"y":728,"width":823,"height":11}},{"id":"1ae55a1f-2621-4f11-9efa-00e9b2a3c179","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are","page_number":16,"box":{"x":81,"y":742,"width":793,"height":12}},{"id":"1bdc8fe2-f474-45fa-aa44-9f50930594da","block_type":"box","text":"motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment","page_number":16,"box":{"x":82,"y":757,"width":830,"height":12}},{"id":"ea2289f5-ea38-4158-a651-803b1ccae8ec","block_type":"box","text":"proceeds by the management team will generally be at lower rates of return than the return on the assets that were","page_number":16,"box":{"x":82,"y":772,"width":849,"height":12}},{"id":"5fc8326b-6c08-409c-b0e9-8ac527ff8cd9","block_type":"box","text":"prepaid. Prepayment reduces the yield to maturity and the average life of the security.","page_number":16,"box":{"x":82,"y":787,"width":627,"height":11}},{"id":"fd4fc798-824b-4065-acc4-a041b346a389","block_type":"box","text":"Derivatives Risk","page_number":16,"box":{"x":81,"y":807,"width":123,"height":9}},{"id":"47990a5b-4024-44d5-bce2-47ac61eb4cb5","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":16,"box":{"x":207,"y":807,"width":664,"height":11}},{"id":"bc428be2-97c8-4ef6-9068-dbdfb577991c","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":16,"box":{"x":82,"y":822,"width":469,"height":11}},{"id":"82787905-c1c1-4501-aeb7-f872acddce63","block_type":"box","text":"Leverage Risk","page_number":16,"box":{"x":82,"y":842,"width":102,"height":11}},{"id":"7f701267-0de0-4715-be97-bf51331e3724","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":16,"box":{"x":188,"y":842,"width":723,"height":11}},{"id":"1484d8f8-8f44-4c86-9842-5522cdf870ce","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":16,"box":{"x":82,"y":856,"width":832,"height":12}},{"id":"f8ce561c-a3f8-4717-8898-bab5a8ee72ad","block_type":"box","text":"exceed the amount originally invested.","page_number":16,"box":{"x":81,"y":872,"width":280,"height":11}},{"id":"4ed080cd-017f-4ad9-8dcf-ae08b9afe64e","block_type":"box","text":"Market Risk","page_number":16,"box":{"x":82,"y":892,"width":87,"height":9}},{"id":"157204fa-6ff8-4d3b-8e51-5993a4e8c3da","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":16,"box":{"x":173,"y":891,"width":728,"height":12}},{"id":"da34bf94-5856-47c7-8e60-cd8868a336ca","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":16,"box":{"x":81,"y":906,"width":834,"height":11}},{"id":"29be7a6d-0ef4-4579-8695-a32b62044d2d","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8278e665-3f97-4982-8211-90fafb4a47fb","block_type":"box","text":"NM0926U-5977344-16/48","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"efbe3da9-260d-4436-b185-603f2de33581","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":17,"box":{"x":82,"y":46,"width":832,"height":11}},{"id":"e5f87675-45f4-4f1e-b94e-4ad29fca856b","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":17,"box":{"x":80,"y":60,"width":779,"height":12}},{"id":"369e7379-4bd3-4999-82a0-70ee970d3256","block_type":"box","text":"derivatives positions to lose value.","page_number":17,"box":{"x":81,"y":76,"width":253,"height":11}},{"id":"c57c5f94-7d2a-4188-b85b-eaebacc3613e","block_type":"box","text":"Counterpar ty Risk","page_number":17,"box":{"x":82,"y":95,"width":131,"height":12}},{"id":"efa39bc0-6538-408a-8278-c2fb752cfc11","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":17,"box":{"x":217,"y":96,"width":697,"height":11}},{"id":"29825dac-7e25-43fe-a51a-2ceaab0dd839","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":17,"box":{"x":80,"y":110,"width":855,"height":12}},{"id":"93ebf5fa-f404-44a8-b9f3-98d3dff53b4e","block_type":"box","text":"exposure to such a counterparty.","page_number":17,"box":{"x":81,"y":125,"width":240,"height":11}},{"id":"24893703-5eb5-4f77-b60a-00daebbe3b0d","block_type":"box","text":"Illiquidity Risk","page_number":17,"box":{"x":82,"y":145,"width":100,"height":11}},{"id":"2c06f80a-729b-4082-9eea-0ca3e8a3accf","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":17,"box":{"x":186,"y":145,"width":750,"height":11}},{"id":"e9f4f77f-0396-454c-b5c8-96ecb311a14f","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":17,"box":{"x":80,"y":160,"width":839,"height":11}},{"id":"05825f4b-b98b-41cc-990d-d90064d88422","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":17,"box":{"x":81,"y":175,"width":293,"height":11}},{"id":"678e070a-7fb8-412f-85ab-06b0b8bb7d09","block_type":"box","text":"Operational Risk","page_number":17,"box":{"x":82,"y":195,"width":120,"height":11}},{"id":"4939368a-6d1d-45e2-b9c8-fa0618c0c218","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":17,"box":{"x":206,"y":195,"width":727,"height":11}},{"id":"832a9e45-a69d-4150-a78a-16e2ef0c3491","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":17,"box":{"x":82,"y":209,"width":607,"height":12}},{"id":"e0ee0a94-a83e-4dbe-b944-cc47da89391e","block_type":"box","text":"Legal Risk","page_number":17,"box":{"x":82,"y":230,"width":75,"height":11}},{"id":"18e3b713-7fd3-4975-9435-9a5108b9e37f","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":17,"box":{"x":161,"y":229,"width":761,"height":12}},{"id":"4eef9555-e2ea-402c-a34a-3eb732f0042d","block_type":"box","text":"enforceability of a contract.","page_number":17,"box":{"x":81,"y":244,"width":198,"height":12}},{"id":"655466ce-cfdb-499b-8277-40a2d4e41212","block_type":"box","text":"Volatility and Correlation Risk","page_number":17,"box":{"x":83,"y":264,"width":214,"height":12}},{"id":"58e9b38f-e70a-4b9b-b48f-032b77e72899","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":17,"box":{"x":300,"y":264,"width":590,"height":12}},{"id":"752005cf-8b90-427b-aa55-7f596f93ec8a","block_type":"box","text":"volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price","page_number":17,"box":{"x":80,"y":279,"width":855,"height":12}},{"id":"3879b8d2-fab3-4222-82cc-ce529b7c8cea","block_type":"box","text":"within a short time period. A risk of the Fund’s use of derivatives is that the fluctuations in their values may not","page_number":17,"box":{"x":80,"y":294,"width":820,"height":11}},{"id":"1d610087-053c-4970-b5ba-26dc13bd565d","block_type":"box","text":"correlate with the overall securities markets.","page_number":17,"box":{"x":81,"y":309,"width":326,"height":9}},{"id":"58d4fa2e-e0ab-428f-8cca-b14af008cfcc","block_type":"box","text":"Valuation Risk","page_number":17,"box":{"x":83,"y":329,"width":102,"height":9}},{"id":"08643f40-3191-4a2c-8f0d-f4f2d62836f5","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":17,"box":{"x":189,"y":329,"width":747,"height":11}},{"id":"0f9bc31f-1a1b-438c-993f-28a17f0724b2","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":17,"box":{"x":82,"y":343,"width":783,"height":12}},{"id":"60266a0e-c858-4710-80bf-ca60c6a569cf","block_type":"box","text":"instruments or quote prices for them. Derivatives may also expose the Fund to greater risk and increase its costs.","page_number":17,"box":{"x":82,"y":358,"width":837,"height":12}},{"id":"7360cf79-a4bc-400d-82c2-4a51aeaf6453","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":17,"box":{"x":81,"y":373,"width":826,"height":12}},{"id":"fa17ac27-074c-442e-a32b-54115051b7de","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":17,"box":{"x":80,"y":388,"width":405,"height":11}},{"id":"71511efd-790a-4599-a071-146c36f7fe58","block_type":"box","text":"Hedging Risk","page_number":17,"box":{"x":82,"y":408,"width":95,"height":11}},{"id":"30e9a53c-0da4-4f88-96ff-303104fc2c22","block_type":"box","text":"— When a derivative is used as a hedge against a position that the Fund holds, any loss generated by","page_number":17,"box":{"x":181,"y":408,"width":752,"height":11}},{"id":"7f89f2cb-9897-4985-99e6-d46667edbbf4","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":17,"box":{"x":80,"y":423,"width":820,"height":11}},{"id":"46868e97-6d6b-470c-bc3b-621c4016e9c5","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":17,"box":{"x":82,"y":438,"width":823,"height":11}},{"id":"f92b79fb-53ef-473a-8881-61f332472e60","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":17,"box":{"x":82,"y":452,"width":813,"height":12}},{"id":"5507138e-4917-4ce5-9bf3-2ecce8acaa32","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":17,"box":{"x":82,"y":467,"width":832,"height":12}},{"id":"80b5b0b8-8071-4a26-960e-1f51a18ce5d7","block_type":"box","text":"noted below.","page_number":17,"box":{"x":82,"y":482,"width":90,"height":9}},{"id":"6f0db9bb-92fa-4c82-a99f-0b6a559ee566","block_type":"box","text":"Tax Risk","page_number":17,"box":{"x":83,"y":502,"width":59,"height":9}},{"id":"7376ec88-435c-4ca4-9374-75565c1a557d","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":17,"box":{"x":145,"y":502,"width":766,"height":11}},{"id":"10280320-098f-4f7b-9300-61a50ac7c831","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":17,"box":{"x":82,"y":517,"width":826,"height":11}},{"id":"262c6fb9-910b-4bef-ae18-770645500747","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":17,"box":{"x":82,"y":532,"width":846,"height":11}},{"id":"a1405b3f-fa11-4b96-8302-309586861e50","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":17,"box":{"x":81,"y":546,"width":817,"height":12}},{"id":"e8d7439d-529d-41b6-84ee-6e06cbcbb37b","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":17,"box":{"x":82,"y":561,"width":835,"height":12}},{"id":"eae2705b-dee6-43fc-8195-119137a5fde4","block_type":"box","text":"be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":17,"box":{"x":81,"y":576,"width":840,"height":12}},{"id":"59e54c3b-d27e-4746-9524-02b65d8dfd19","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":17,"box":{"x":81,"y":591,"width":750,"height":12}},{"id":"ae44e19b-e17f-43ea-95ed-2761aecd4f80","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":17,"box":{"x":81,"y":606,"width":611,"height":11}},{"id":"ce2ff594-4c5e-4c2d-a9da-5d4f9f3bc0c2","block_type":"box","text":"Regulatory Risk","page_number":17,"box":{"x":82,"y":626,"width":115,"height":11}},{"id":"2577db32-616c-4a6e-bd91-0026b7e917ba","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":17,"box":{"x":201,"y":626,"width":688,"height":11}},{"id":"84ea8b8d-713a-4b7c-8939-49c3e09304bf","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":17,"box":{"x":81,"y":641,"width":851,"height":11}},{"id":"53500903-d03d-4d51-bd37-c0db9ce20d2f","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":17,"box":{"x":81,"y":656,"width":811,"height":11}},{"id":"93c60d09-f7e9-4ee5-b4dc-012894aba375","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":17,"box":{"x":82,"y":670,"width":850,"height":12}},{"id":"e5343df6-4f81-4131-811f-7a0f09b3ee36","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":17,"box":{"x":81,"y":685,"width":850,"height":12}},{"id":"3fe17961-260c-41fc-b688-38193a1d7573","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":17,"box":{"x":81,"y":700,"width":838,"height":11}},{"id":"49d12b05-1f5c-4c9e-9068-0063d2380539","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":17,"box":{"x":81,"y":715,"width":807,"height":11}},{"id":"3b569dd1-1c19-4785-942b-5c246ea0a7ce","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":17,"box":{"x":81,"y":730,"width":787,"height":11}},{"id":"eadae3f8-9cc8-4d45-b1e0-3d1c95e683ce","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":17,"box":{"x":82,"y":744,"width":837,"height":12}},{"id":"d1fac3de-2fd6-4fc4-a37c-32704ecfa846","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":17,"box":{"x":80,"y":759,"width":804,"height":12}},{"id":"94282770-fc64-4c26-880f-75ff9a74b073","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":17,"box":{"x":81,"y":774,"width":781,"height":11}},{"id":"2dc74491-f323-4a53-b5c1-2fa2a4728f58","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":17,"box":{"x":82,"y":789,"width":773,"height":11}},{"id":"b1b47003-3c77-43de-b2bf-b6e6e216eedc","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":17,"box":{"x":82,"y":804,"width":836,"height":11}},{"id":"c4a2e6cc-97bb-469e-aeff-dbdb5194e20f","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":17,"box":{"x":82,"y":818,"width":814,"height":12}},{"id":"5018e6ef-6eaa-4223-8fd6-ec4937ba748a","block_type":"box","text":"investors in the Fund.","page_number":17,"box":{"x":82,"y":834,"width":156,"height":9}},{"id":"95dd427c-35a5-4d83-947c-f3303394d34a","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":17,"box":{"x":82,"y":854,"width":823,"height":11}},{"id":"daa2e9f4-d9c7-47cc-abcb-a7db824d3be9","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":17,"box":{"x":82,"y":868,"width":827,"height":12}},{"id":"c12d93a1-eaf8-4fb5-99ed-668beab24365","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":17,"box":{"x":80,"y":883,"width":849,"height":12}},{"id":"43a900a0-949c-4639-8fc6-971c8bc5959a","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":17,"box":{"x":81,"y":898,"width":846,"height":11}},{"id":"1b01f05e-cab3-49ab-a2ad-3625a1b1bb1f","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":17,"box":{"x":81,"y":913,"width":509,"height":11}},{"id":"5e8097f3-b196-4ea3-95f8-d26fd8a308c0","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"0ee53239-6050-447d-9fd1-f595172604cd","block_type":"box","text":"NM0926U-5977344-17/48","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e08cb51c-07b3-4076-8a86-d2a88f890632","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":18,"box":{"x":82,"y":46,"width":399,"height":11}},{"id":"72f1c34d-55bc-42ec-bc12-c9f7ece262e6","block_type":"box","text":"Swaps","page_number":18,"box":{"x":102,"y":66,"width":47,"height":11}},{"id":"9415043a-1c8d-4f8d-a02e-50248d6ebbca","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":18,"box":{"x":154,"y":66,"width":775,"height":11}},{"id":"7455c544-e8da-486b-89b0-7b2d50205470","block_type":"box","text":"two-party contracts entered into for periods ranging from a few days to more than one year. In a standard “swap”","page_number":18,"box":{"x":101,"y":80,"width":829,"height":12}},{"id":"fcdbcd07-18f2-4f24-9b4e-7d50581ef96d","block_type":"box","text":"transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain","page_number":18,"box":{"x":101,"y":95,"width":807,"height":12}},{"id":"c2a9f824-437c-4144-b409-219b86e67dd5","block_type":"box","text":"period of time. Swap agreements involve the risk that the party with whom the Fund has entered into the swap","page_number":18,"box":{"x":102,"y":110,"width":811,"height":12}},{"id":"b84fd5f9-638d-45ad-8659-0bdd83d452e0","block_type":"box","text":"will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to","page_number":18,"box":{"x":101,"y":125,"width":820,"height":11}},{"id":"46dc615b-d859-45b7-bc78-0f7cfe09b9ce","block_type":"box","text":"pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect","page_number":18,"box":{"x":102,"y":140,"width":791,"height":11}},{"id":"aa68f5de-68fa-4e37-855a-18981554029f","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":18,"box":{"x":101,"y":155,"width":789,"height":11}},{"id":"6af103cf-4d46-4e07-b333-86d8bc33e155","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":18,"box":{"x":101,"y":170,"width":796,"height":11}},{"id":"e0ba3101-3fe6-40ef-928a-a55549f7e817","block_type":"box","text":"Credit Default Swaps","page_number":18,"box":{"x":102,"y":189,"width":153,"height":12}},{"id":"d81905f2-fad2-45f0-b8c6-4352523f5132","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":18,"box":{"x":260,"y":189,"width":663,"height":12}},{"id":"a4cebce3-f747-456a-bc04-6876b8798882","block_type":"box","text":"not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front","page_number":18,"box":{"x":102,"y":204,"width":825,"height":12}},{"id":"b495bf81-0943-4ed0-b168-df080f807159","block_type":"box","text":"payment or a periodic stream of payments over the term of the contract, provided generally that no credit event","page_number":18,"box":{"x":102,"y":219,"width":816,"height":12}},{"id":"711547c0-0cb1-4a76-8d91-986014a2b3d1","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":18,"box":{"x":101,"y":234,"width":827,"height":11}},{"id":"32bcade5-7b07-4b1e-9523-d6ffa16f95bb","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":18,"box":{"x":101,"y":249,"width":812,"height":11}},{"id":"f0bdffcc-0ad7-4d4f-9ca1-2989c5c6fe06","block_type":"box","text":"generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer","page_number":18,"box":{"x":101,"y":263,"width":822,"height":12}},{"id":"20a7af79-0c5c-434d-9370-1cb780cb37e8","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":18,"box":{"x":101,"y":278,"width":758,"height":12}},{"id":"06141509-7e3d-40ce-8b93-3d154b949cd9","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":18,"box":{"x":102,"y":298,"width":335,"height":12}},{"id":"db56fed6-ec26-4b8e-bcfb-db319f78c2c0","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":18,"box":{"x":442,"y":298,"width":437,"height":12}},{"id":"9c7304c1-a85d-49a1-a002-f8900be8c0fe","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":18,"box":{"x":101,"y":313,"width":820,"height":12}},{"id":"40baf6ce-e7a0-499b-a52f-b5e806e704e5","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":18,"box":{"x":101,"y":328,"width":801,"height":12}},{"id":"f5797e29-2540-4d56-a693-71c6073158c5","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":18,"box":{"x":101,"y":343,"width":824,"height":11}},{"id":"26ecc743-71fc-41a3-87fd-535482be7c77","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":18,"box":{"x":101,"y":358,"width":831,"height":11}},{"id":"3ce04b85-90da-407a-9b01-9b055f26e8a3","block_type":"box","text":"Futures","page_number":18,"box":{"x":102,"y":378,"width":54,"height":9}},{"id":"0a8f6968-967a-4726-9881-9d3a0db8bffa","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":18,"box":{"x":161,"y":378,"width":765,"height":11}},{"id":"39955b6c-8f19-4cf3-87db-00cdde2374f0","block_type":"box","text":"seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The","page_number":18,"box":{"x":101,"y":392,"width":786,"height":12}},{"id":"5e670514-218b-48a8-aee4-ea5e31504a3a","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between","page_number":18,"box":{"x":102,"y":407,"width":827,"height":12}},{"id":"4b340dac-c06d-4e1d-8236-b98e04f7eb39","block_type":"box","text":"the change in market value of the instruments held by the Fund and the price of the futures contract or option;","page_number":18,"box":{"x":101,"y":422,"width":811,"height":12}},{"id":"dca6a2e7-0be9-4faa-93f3-8ae6b7d03be7","block_type":"box","text":"(b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a","page_number":18,"box":{"x":101,"y":437,"width":791,"height":11}},{"id":"4d3e6bed-ab3b-434d-af5b-cb44a10b4300","block_type":"box","text":"futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":18,"box":{"x":101,"y":452,"width":791,"height":11}},{"id":"82ff7244-799d-4bb3-a9e4-df08f3cfeb12","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":18,"box":{"x":102,"y":467,"width":793,"height":11}},{"id":"16ed9fc7-eeee-48b8-add6-de657c0a48c9","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":18,"box":{"x":102,"y":481,"width":787,"height":12}},{"id":"0bef9f63-e89f-4db6-a6aa-9c6cddd9f69c","block_type":"box","text":"default in the performance of its obligations.","page_number":18,"box":{"x":101,"y":496,"width":327,"height":12}},{"id":"7203107e-8d39-4733-9afd-95b4222f1465","block_type":"box","text":"Options","page_number":18,"box":{"x":102,"y":516,"width":55,"height":11}},{"id":"593b864a-5408-4f25-b4a9-664709964a61","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":18,"box":{"x":162,"y":516,"width":772,"height":12}},{"id":"3d039905-2ca9-4fbc-acb4-8d341509a013","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":18,"box":{"x":101,"y":531,"width":812,"height":12}},{"id":"b1aa8fc4-4532-4500-bf5d-29e0ee7d2b37","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":18,"box":{"x":101,"y":546,"width":827,"height":11}},{"id":"dae307f3-aea2-44a1-9966-a2e33a2f92d3","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":18,"box":{"x":101,"y":561,"width":781,"height":11}},{"id":"1a3dccaa-ee13-4cb1-96c9-e3bc52812a94","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":18,"box":{"x":102,"y":575,"width":785,"height":12}},{"id":"1c3446d4-845d-4e0f-b62e-a22e4f6f06dc","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":18,"box":{"x":101,"y":590,"width":831,"height":12}},{"id":"75d9c88a-1e50-4544-bcb6-76e55e6104dc","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":18,"box":{"x":101,"y":605,"width":814,"height":11}},{"id":"9c9e85b0-bb43-40f6-9cc9-3b62c0dd7455","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":18,"box":{"x":101,"y":620,"width":826,"height":12}},{"id":"7b405d6a-c77c-47f8-bbd6-a14c139a9edd","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":18,"box":{"x":101,"y":635,"width":822,"height":11}},{"id":"4247f92a-08e9-4041-a3fe-845c563594bd","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":18,"box":{"x":101,"y":650,"width":816,"height":11}},{"id":"83290d55-87ff-4447-8aff-d448fa981bd7","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":18,"box":{"x":101,"y":665,"width":442,"height":11}},{"id":"1222e148-8d59-4c41-8f85-11ec573f7579","block_type":"box","text":"Emerging Markets Risk","page_number":18,"box":{"x":81,"y":685,"width":178,"height":11}},{"id":"d69fe387-bf45-4d1b-8c69-3925f7e5c7c3","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":18,"box":{"x":263,"y":684,"width":610,"height":12}},{"id":"1485ca42-9bd1-406a-af2c-96823963e81f","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":18,"box":{"x":82,"y":699,"width":848,"height":12}},{"id":"a4d858f0-d092-4b0b-a24c-0a0b7e455dcd","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":18,"box":{"x":81,"y":714,"width":842,"height":12}},{"id":"4a512957-9a30-4c2c-a088-d4d1b93bd766","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":18,"box":{"x":82,"y":729,"width":838,"height":11}},{"id":"f4fce6d6-4df4-4f8a-adf5-cf1425798dde","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":18,"box":{"x":81,"y":744,"width":825,"height":11}},{"id":"5be7c4a0-7bad-4156-b654-b8df29365b2b","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":18,"box":{"x":82,"y":759,"width":847,"height":11}},{"id":"00209abe-cd27-42c2-90d5-0a36ac789342","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":18,"box":{"x":81,"y":773,"width":853,"height":12}},{"id":"eab61766-cf1f-4301-8638-b8f5113aad87","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":18,"box":{"x":81,"y":788,"width":823,"height":12}},{"id":"127ceede-0887-4478-82b0-8c65e26802a7","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":18,"box":{"x":82,"y":803,"width":825,"height":12}},{"id":"4e76c1d4-708a-4b03-9b52-d4d97fd14d5f","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":18,"box":{"x":81,"y":818,"width":855,"height":11}},{"id":"9f34e16e-09e7-4990-9d4c-231fa1c6be6d","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":18,"box":{"x":82,"y":833,"width":827,"height":11}},{"id":"5ed1a580-85ee-4ea8-9d4b-7cf35df82bc2","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":18,"box":{"x":82,"y":847,"width":843,"height":12}},{"id":"eeaae9c4-3d0e-47aa-a9f1-eb047c008f23","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":18,"box":{"x":80,"y":862,"width":339,"height":12}},{"id":"034314d1-e7a4-4c61-a90b-c39290effca3","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":18,"box":{"x":82,"y":882,"width":802,"height":12}},{"id":"cecb0a18-0e13-49ba-af1d-378f3369d5b6","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":18,"box":{"x":81,"y":897,"width":774,"height":12}},{"id":"cedb18cb-34e2-4c60-8093-41a206fcf713","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":18,"box":{"x":82,"y":912,"width":830,"height":12}},{"id":"9b5c41da-d5ae-4d75-a43d-8ad1cf506c17","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"47886363-88d7-43fd-b8cf-45c1f417c409","block_type":"box","text":"NM0926U-5977344-18/48","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"84badaf6-cd88-4503-9911-b8b9b13798b1","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":19,"box":{"x":82,"y":46,"width":769,"height":11}},{"id":"b8681acc-c69b-4878-bfad-b872dadadea8","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":19,"box":{"x":81,"y":60,"width":849,"height":12}},{"id":"04dc8eae-a44d-476d-bd99-08518270c784","block_type":"box","text":"settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the","page_number":19,"box":{"x":81,"y":76,"width":820,"height":11}},{"id":"bd24e99a-0e36-4044-8a40-d48ff6a71200","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":19,"box":{"x":82,"y":90,"width":779,"height":11}},{"id":"7d83d31b-d1ed-4bc8-85d5-19d7778f5429","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":19,"box":{"x":81,"y":105,"width":798,"height":12}},{"id":"9c20e86f-b7b6-47b3-830c-8daf5fac5a0a","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":19,"box":{"x":82,"y":120,"width":755,"height":11}},{"id":"45a43960-5e9f-401e-aad9-d0275282adfa","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":19,"box":{"x":81,"y":135,"width":783,"height":11}},{"id":"4af6d5d0-87e5-4062-9b72-989bac18c9fb","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":19,"box":{"x":81,"y":150,"width":839,"height":11}},{"id":"57667032-33b3-4c85-b4e3-b8a4f02d49b7","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":19,"box":{"x":82,"y":165,"width":827,"height":10}},{"id":"4fce3206-26f5-4622-953e-700f43e796ca","block_type":"box","text":"interests.","page_number":19,"box":{"x":82,"y":179,"width":67,"height":9}},{"id":"a0d98b4e-656c-4004-802a-e364ba4e6168","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":19,"box":{"x":82,"y":199,"width":809,"height":12}},{"id":"7d69aaf7-b3fd-407f-a8bc-180d1f70fc3a","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":19,"box":{"x":81,"y":214,"width":783,"height":11}},{"id":"bd0c44b7-6fd3-4e27-8836-dade1b8d40c7","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":19,"box":{"x":82,"y":229,"width":829,"height":11}},{"id":"c1b6c6b3-1e0d-4cbe-bd8e-07cbe8ba6ecc","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":19,"box":{"x":81,"y":244,"width":818,"height":11}},{"id":"7be27db4-61a0-4733-b3ab-66068d4e83bc","block_type":"box","text":"markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be","page_number":19,"box":{"x":82,"y":258,"width":833,"height":12}},{"id":"126e011c-dd7c-4dea-8e67-bc51d7f174c0","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":19,"box":{"x":81,"y":273,"width":803,"height":12}},{"id":"74416ae2-0c73-4fa1-9488-d902100587b4","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":19,"box":{"x":82,"y":288,"width":793,"height":12}},{"id":"c5bbd22f-eb5f-48ce-ad5f-ec4e2758e581","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":19,"box":{"x":81,"y":303,"width":855,"height":11}},{"id":"f8f1e596-0c33-48ec-b474-a639d1ff499a","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":19,"box":{"x":82,"y":318,"width":485,"height":11}},{"id":"0a4ce87b-0c27-4734-b39c-b745bd9ab3d9","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":19,"box":{"x":81,"y":338,"width":843,"height":11}},{"id":"8b41e79b-2963-4804-b24a-de33ca9923f1","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":19,"box":{"x":81,"y":353,"width":790,"height":11}},{"id":"0d7c44a7-9cf1-46d9-8a38-cea3f1dc27d7","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":19,"box":{"x":81,"y":367,"width":823,"height":12}},{"id":"dd2dc583-33e6-4689-a4ce-01d1bf18e724","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":19,"box":{"x":82,"y":382,"width":843,"height":12}},{"id":"8b09b8d8-dd79-4de8-8c03-1d2c725a3785","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":19,"box":{"x":82,"y":397,"width":845,"height":12}},{"id":"11581675-9842-4923-ad53-bcb28b59ba0a","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":19,"box":{"x":81,"y":412,"width":837,"height":11}},{"id":"90cf176b-4513-49fc-9923-302eb74623de","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":19,"box":{"x":81,"y":427,"width":844,"height":11}},{"id":"99f83087-c8ee-47de-a0df-6ef67632ed2f","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":19,"box":{"x":80,"y":441,"width":474,"height":12}},{"id":"a98f1dda-6b44-424e-94ff-49d022760dbc","block_type":"box","text":"Equity Securities Risk","page_number":19,"box":{"x":81,"y":462,"width":166,"height":11}},{"id":"22471915-4c8f-4a22-a342-df70fd1a31c0","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":19,"box":{"x":251,"y":461,"width":666,"height":12}},{"id":"8d6f5138-03dc-4c3e-bd5f-4ccfc3922b17","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":19,"box":{"x":81,"y":476,"width":850,"height":12}},{"id":"8cf2d1cb-482c-4428-a4e5-5d68bad5299b","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":19,"box":{"x":82,"y":491,"width":802,"height":11}},{"id":"52435211-3370-464b-9618-7e534f2ac490","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":19,"box":{"x":81,"y":506,"width":854,"height":11}},{"id":"65e62ba3-baf4-4985-aad5-1f82a2a1b096","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":19,"box":{"x":81,"y":521,"width":848,"height":11}},{"id":"4b0e34d5-1fcc-446c-90fa-a8ef1f1630ce","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":19,"box":{"x":81,"y":536,"width":824,"height":11}},{"id":"aad9bb5b-a740-4fa8-87cf-abe148e8588d","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":19,"box":{"x":81,"y":550,"width":782,"height":12}},{"id":"12ada39c-5a77-43e8-bcda-924d35d2736c","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":19,"box":{"x":82,"y":565,"width":849,"height":12}},{"id":"b6da665e-3a0c-4045-906a-dd88b0d12590","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":19,"box":{"x":82,"y":580,"width":482,"height":12}},{"id":"df023dd1-fcf5-4719-a33b-c75f520af77b","block_type":"box","text":"Foreign Securities Risk","page_number":19,"box":{"x":81,"y":600,"width":176,"height":11}},{"id":"9ef59156-e1aa-4e0a-866a-eefa32bbbcbd","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":19,"box":{"x":260,"y":600,"width":677,"height":12}},{"id":"1512d4b2-ab4a-4163-a6a0-0ebc8e697a1d","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":19,"box":{"x":81,"y":615,"width":827,"height":11}},{"id":"6b299c58-9811-47c6-886f-c031c6b23752","block_type":"box","text":"U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to","page_number":19,"box":{"x":82,"y":630,"width":837,"height":11}},{"id":"e2dc7e06-10f1-4cbb-a100-4cb34ec64e3d","block_type":"box","text":"the risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded","page_number":19,"box":{"x":80,"y":644,"width":849,"height":12}},{"id":"771587bb-41b7-4baf-9134-f3dde2855ce2","block_type":"box","text":"each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of","page_number":19,"box":{"x":81,"y":659,"width":841,"height":12}},{"id":"1fcae050-ef02-4e4a-9b64-9af92811adc4","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":19,"box":{"x":81,"y":674,"width":716,"height":12}},{"id":"f546966e-9905-4c38-97a4-eea8a9c022c3","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":19,"box":{"x":82,"y":694,"width":468,"height":12}},{"id":"0b16f804-8352-4a28-9804-a11768649937","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":19,"box":{"x":555,"y":694,"width":358,"height":12}},{"id":"6279dfc6-d725-499b-9201-6b0c5d88b7eb","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":19,"box":{"x":81,"y":709,"width":813,"height":11}},{"id":"35c4ab36-1765-42cf-8cb7-03b30da5a9f7","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":19,"box":{"x":82,"y":724,"width":791,"height":11}},{"id":"e8fe8dba-942d-42ed-ba12-ee9e104b7624","block_type":"box","text":"oversight of their operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a","page_number":19,"box":{"x":81,"y":739,"width":818,"height":11}},{"id":"e94f28fe-74e8-4acb-8af8-d4aa44e436b0","block_type":"box","text":"foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more","page_number":19,"box":{"x":81,"y":753,"width":833,"height":12}},{"id":"e065ccf6-1921-4ca3-b1cc-12b6e99f5104","block_type":"box","text":"expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The","page_number":19,"box":{"x":81,"y":768,"width":816,"height":12}},{"id":"321e752e-f3c9-4ddd-bd92-708e2f5198a0","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":19,"box":{"x":82,"y":783,"width":827,"height":12}},{"id":"d36febfd-b613-43d4-8b29-57020ca48e7a","block_type":"box","text":"typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the","page_number":19,"box":{"x":80,"y":798,"width":848,"height":11}},{"id":"c6d198e9-7da4-4875-b7aa-fefd28cae904","block_type":"box","text":"United States.","page_number":19,"box":{"x":82,"y":813,"width":102,"height":9}},{"id":"163b3f55-b34c-4916-86ae-207ec1532790","block_type":"box","text":"Currency Risk","page_number":19,"box":{"x":82,"y":833,"width":100,"height":11}},{"id":"74c4a292-487d-4686-9e19-e21ac924b7c7","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":19,"box":{"x":186,"y":833,"width":706,"height":11}},{"id":"ba2fdc32-8b71-4ec0-bbe5-b02908320a1f","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the","page_number":19,"box":{"x":81,"y":847,"width":823,"height":12}},{"id":"60987348-bd18-4388-a426-d8566d0daf01","block_type":"box","text":"value of the Fund’s portfolio.","page_number":19,"box":{"x":80,"y":862,"width":211,"height":12}},{"id":"469cabcd-30e1-417d-9396-ace83ae8b994","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":19,"box":{"x":81,"y":882,"width":823,"height":12}},{"id":"52deae67-4896-48a4-be9c-e0524583e54b","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":19,"box":{"x":82,"y":897,"width":834,"height":12}},{"id":"ba32bd95-77ee-4578-964f-dfe4f31356e3","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":19,"box":{"x":81,"y":912,"width":846,"height":12}},{"id":"c2ec7948-7f81-4151-a2b3-97456b55a16a","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"45be376c-19bf-4ad6-bffb-d72eaf6859bd","block_type":"box","text":"NM0926U-5977344-19/48","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"67d3837e-8281-4561-8414-789c530f032f","block_type":"box","text":"U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for","page_number":20,"box":{"x":82,"y":46,"width":826,"height":11}},{"id":"296b9dc8-a959-49b8-8421-781d812eecea","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":20,"box":{"x":82,"y":61,"width":486,"height":9}},{"id":"c0619d4d-b710-4741-b476-2118ce921209","block_type":"box","text":"Should the Fund invest in a debt security denominated in U.S. dollars and issued by an issuer whose functional","page_number":20,"box":{"x":81,"y":80,"width":817,"height":12}},{"id":"ab8b3cb1-b01a-48ca-bf92-72e9b9a37728","block_type":"box","text":"currency is a currency other than the U.S. dollar, and such currency decreases in value against the U.S. dollar, such","page_number":20,"box":{"x":81,"y":95,"width":851,"height":12}},{"id":"c2478e13-d4cb-4b8f-a1ba-9602eee19b84","block_type":"box","text":"issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.","page_number":20,"box":{"x":82,"y":110,"width":799,"height":12}},{"id":"c8a6bd48-c5dd-4843-bd73-a00b0e1abf76","block_type":"box","text":"Foreign Economy Risk","page_number":20,"box":{"x":82,"y":130,"width":160,"height":12}},{"id":"e8d312ba-dd15-4480-979b-5d8b9b69d420","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":20,"box":{"x":246,"y":130,"width":685,"height":12}},{"id":"90f1024e-4554-474b-bf6d-325987adcfd5","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":20,"box":{"x":80,"y":145,"width":785,"height":11}},{"id":"e09a8515-bdcb-4d71-8fb9-336f4d63d433","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":20,"box":{"x":82,"y":160,"width":845,"height":11}},{"id":"40e1a90f-2c79-4e08-a4a9-ed59b5fb35f2","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":20,"box":{"x":81,"y":175,"width":853,"height":11}},{"id":"eb44ccab-b3fd-4521-981e-2e82f35d2b53","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":20,"box":{"x":82,"y":190,"width":831,"height":11}},{"id":"b8150db2-45dc-4409-88a7-16cac6ac9140","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":20,"box":{"x":82,"y":204,"width":846,"height":12}},{"id":"36a4c05f-ec7f-44f8-94f9-d3cfa9e04e5e","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":20,"box":{"x":81,"y":219,"width":808,"height":11}},{"id":"1cc79743-5bbb-499f-ab29-b981bec2e073","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":20,"box":{"x":82,"y":234,"width":851,"height":11}},{"id":"81f4c664-4f98-48e0-b34f-358ba7a1be51","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":20,"box":{"x":82,"y":249,"width":832,"height":11}},{"id":"5da71cd5-d5d5-4243-ab9b-c0e0d58c6f93","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":20,"box":{"x":81,"y":264,"width":814,"height":11}},{"id":"0d2ad42b-bcec-4eb2-abdb-55dbd3c0f692","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":20,"box":{"x":82,"y":278,"width":805,"height":12}},{"id":"06b77b0f-4c65-483e-b8a7-5c6cb10bdae1","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":20,"box":{"x":82,"y":293,"width":827,"height":12}},{"id":"73202620-4d8b-43b5-9793-dd2229259a1a","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":20,"box":{"x":80,"y":308,"width":801,"height":11}},{"id":"6b488a42-0615-45b3-a60a-319368fb2938","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":20,"box":{"x":81,"y":323,"width":809,"height":11}},{"id":"dd80fd63-6388-4668-ac32-c521a0dfb773","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":20,"box":{"x":81,"y":338,"width":849,"height":11}},{"id":"31c07e3f-c5d9-4fe4-9c54-a60ce9df9083","block_type":"box","text":"securities and assets, including the ability to transfer the Fund’s assets or income back into the United States, and","page_number":20,"box":{"x":81,"y":352,"width":848,"height":12}},{"id":"fa1ceee2-784d-446d-b19a-db2168f2420d","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":20,"box":{"x":81,"y":367,"width":774,"height":12}},{"id":"11b0b529-fb03-45b0-b8c9-9404c33cb87f","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":20,"box":{"x":81,"y":382,"width":355,"height":12}},{"id":"9cf8e586-d5c7-4a7b-bb91-149b5370982f","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":20,"box":{"x":81,"y":402,"width":838,"height":12}},{"id":"024655f8-2a04-43e3-92f6-999ba019241f","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":20,"box":{"x":81,"y":417,"width":815,"height":11}},{"id":"0a0d2009-7846-4ab7-91f1-f3b9c02e8f9d","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":20,"box":{"x":82,"y":432,"width":827,"height":11}},{"id":"bb38e05d-753b-4355-880e-6a5e61ea51b8","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":20,"box":{"x":82,"y":447,"width":832,"height":11}},{"id":"bf94dcb6-c7e9-4924-915a-567c61f01be7","block_type":"box","text":"and the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if not","page_number":20,"box":{"x":81,"y":461,"width":781,"height":12}},{"id":"b7625e59-23cd-4a69-babb-8321b61c8795","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":20,"box":{"x":82,"y":476,"width":617,"height":11}},{"id":"5a6e77b1-a103-4460-a513-5774c65c7701","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":20,"box":{"x":82,"y":496,"width":476,"height":12}},{"id":"3bc31293-66d2-4c58-932b-d59d21f69cfb","block_type":"box","text":"— Many foreign governments do not supervise","page_number":20,"box":{"x":563,"y":496,"width":344,"height":12}},{"id":"06cf9ef3-d667-4a0d-9685-0758a2420fb8","block_type":"box","text":"and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in","page_number":20,"box":{"x":81,"y":511,"width":827,"height":12}},{"id":"de42f376-4d0d-4f0a-9a60-64e364baf793","block_type":"box","text":"the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For","page_number":20,"box":{"x":80,"y":526,"width":855,"height":11}},{"id":"42ca61f5-eb90-4ca9-b520-30c171bccfe6","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":20,"box":{"x":81,"y":541,"width":831,"height":11}},{"id":"d2642ba0-eb11-4896-b1c7-883a0b444d51","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":20,"box":{"x":82,"y":555,"width":800,"height":12}},{"id":"05f85851-e94d-40b5-b2fd-c013e5bf8a31","block_type":"box","text":"addition, some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise","page_number":20,"box":{"x":81,"y":570,"width":829,"height":12}},{"id":"dd5143bc-f2c4-4e8f-904e-93163cab0697","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":20,"box":{"x":81,"y":585,"width":856,"height":12}},{"id":"b3c58f99-61df-40a5-906e-a3e54955e42b","block_type":"box","text":"countries are not necessarily the same as in the United States. If the accounting standards in another country do","page_number":20,"box":{"x":81,"y":600,"width":834,"height":12}},{"id":"ea591b60-8481-4ca5-8a82-5941e820e64f","block_type":"box","text":"not require as much detail as U.S. accounting standards, it may be harder for Fund management to completely and","page_number":20,"box":{"x":82,"y":615,"width":844,"height":11}},{"id":"9de073b4-667b-4679-9e7b-2bf0866ade3d","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":20,"box":{"x":81,"y":630,"width":393,"height":11}},{"id":"a0132d8b-05ca-4049-9bc6-9fb2f2e35e63","block_type":"box","text":"Settlement Risk","page_number":20,"box":{"x":82,"y":650,"width":117,"height":9}},{"id":"d2139ea2-6131-4c04-a70b-92912425102b","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":20,"box":{"x":203,"y":650,"width":730,"height":11}},{"id":"18bdfbb8-7b67-4b3d-8fd7-522e34abbeed","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":20,"box":{"x":80,"y":665,"width":856,"height":11}},{"id":"51d0ee3f-5e6c-42ee-96b3-91a1d5c727dd","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":20,"box":{"x":81,"y":679,"width":784,"height":12}},{"id":"3745fcd4-7ac3-43d4-a035-85cfe45b5c37","block_type":"box","text":"investments.","page_number":20,"box":{"x":82,"y":694,"width":92,"height":9}},{"id":"5f02ba53-6521-4557-ad62-c2928fa189a1","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":20,"box":{"x":81,"y":714,"width":825,"height":12}},{"id":"cee8b21d-d948-4116-83c5-c2ba9b665704","block_type":"box","text":"These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed","page_number":20,"box":{"x":81,"y":729,"width":839,"height":11}},{"id":"c4195ad2-56cf-4dbf-b3c1-ce29ffe68c65","block_type":"box","text":"in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":20,"box":{"x":82,"y":744,"width":854,"height":11}},{"id":"3d7cd413-61ae-48e7-b63a-32f6bcf66ff2","block_type":"box","text":"uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale","page_number":20,"box":{"x":82,"y":759,"width":839,"height":11}},{"id":"fe833066-4e9b-4b99-b755-f40aca12d728","block_type":"box","text":"of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security","page_number":20,"box":{"x":81,"y":773,"width":841,"height":12}},{"id":"166978ca-131e-49d2-ab7c-fbffd34f7dcf","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":20,"box":{"x":80,"y":788,"width":480,"height":12}},{"id":"b9d18b22-820f-42e5-920a-1d71c53201c1","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":20,"box":{"x":83,"y":808,"width":221,"height":12}},{"id":"af3d746b-5e12-4811-b17f-e40d7480252a","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":20,"box":{"x":308,"y":808,"width":589,"height":12}},{"id":"a5220c1b-1461-49d0-81e9-234ca5db2f8a","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":20,"box":{"x":82,"y":823,"width":838,"height":12}},{"id":"f1f64b17-7e0e-4846-838f-ad90c380f39f","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":20,"box":{"x":81,"y":838,"width":834,"height":11}},{"id":"95f92541-439c-47d9-b31e-99f1568e6e9a","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":20,"box":{"x":82,"y":853,"width":836,"height":11}},{"id":"f2cedba9-f0e5-4170-8c8f-bea93f92261a","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":20,"box":{"x":80,"y":867,"width":854,"height":12}},{"id":"2ee0f5cf-38cf-4944-8673-41db35b92aac","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":20,"box":{"x":80,"y":882,"width":831,"height":12}},{"id":"6727a087-819d-48f6-912f-c792c12cd5c8","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":20,"box":{"x":82,"y":897,"width":852,"height":12}},{"id":"bbb11f32-6294-45b8-84ce-10edbdc200b2","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time","page_number":20,"box":{"x":81,"y":912,"width":848,"height":11}},{"id":"095ab7fa-30bc-48f5-b5fc-a97ce481c058","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9b617d16-c6b3-4ee3-9264-0b31d2aa450f","block_type":"box","text":"NM0926U-5977344-20/48","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e04abbf6-f32b-4a88-8f06-7d16806b2834","block_type":"box","text":"an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether","page_number":21,"box":{"x":81,"y":46,"width":831,"height":11}},{"id":"e1b256ce-6af8-428e-837e-2ada3065289f","block_type":"box","text":"they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":21,"box":{"x":80,"y":60,"width":830,"height":12}},{"id":"3c944040-47ae-4f55-980b-d91c4394debc","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":21,"box":{"x":82,"y":75,"width":832,"height":12}},{"id":"30402935-b353-4dfc-81f9-f140e6d39f27","block_type":"box","text":"increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from","page_number":21,"box":{"x":82,"y":90,"width":836,"height":11}},{"id":"63f2ccc2-3dcf-44c2-b3f8-ace2c6b9de7a","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":21,"box":{"x":81,"y":105,"width":325,"height":9}},{"id":"bdbecb86-97b7-4994-986e-09485e009833","block_type":"box","text":"High Portfolio Turnover Risk","page_number":21,"box":{"x":81,"y":125,"width":212,"height":11}},{"id":"8808dfc4-e1d0-4f18-bda0-f63e778963c4","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":21,"box":{"x":297,"y":125,"width":629,"height":11}},{"id":"ff626352-13f6-4818-83cf-a36e9eaccb9c","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":21,"box":{"x":82,"y":140,"width":812,"height":11}},{"id":"bac982b3-ae18-4de5-bbeb-893f11c78fe3","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":21,"box":{"x":81,"y":155,"width":817,"height":11}},{"id":"08869aa8-597e-4a92-b81a-480d11e77811","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":21,"box":{"x":81,"y":169,"width":760,"height":12}},{"id":"149c584a-f8d6-4ab8-9890-0309b0b19316","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":21,"box":{"x":81,"y":184,"width":852,"height":12}},{"id":"02d54627-3301-453c-9fe7-cbf8eca26d0d","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":21,"box":{"x":81,"y":199,"width":589,"height":12}},{"id":"f9a51eff-3cb5-44d5-9541-11f4d528e56a","block_type":"box","text":"High Yield Bonds Risk","page_number":21,"box":{"x":81,"y":219,"width":167,"height":11}},{"id":"aeaed586-8677-4ba5-9ef8-cb3ba6790541","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":21,"box":{"x":252,"y":219,"width":667,"height":12}},{"id":"adffdaf4-29db-4cfc-b02b-3fda50de5ac8","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":21,"box":{"x":79,"y":234,"width":835,"height":11}},{"id":"d7bb793c-7c57-4cc6-8f47-e10aac95c02c","block_type":"box","text":"for the Fund. The major risks of junk bond investments include:","page_number":21,"box":{"x":81,"y":249,"width":462,"height":11}},{"id":"bbb823ef-e99a-476d-8bc3-ed176c32b0d7","block_type":"box","text":"Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds may have a larger amount of","page_number":21,"box":{"x":101,"y":269,"width":789,"height":11}},{"id":"b50dfe15-819d-4ac6-92c6-682b8e4dbbf2","block_type":"box","text":"outstanding debt relative to their assets than issuers of investment grade bonds. In the event of an issuer’s","page_number":21,"box":{"x":101,"y":283,"width":795,"height":12}},{"id":"bbe439b9-99b3-44b3-b459-68104278d814","block_type":"box","text":"bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving few or no","page_number":21,"box":{"x":102,"y":298,"width":802,"height":12}},{"id":"5c97298d-ccec-4c7e-b3cd-756e189b55bd","block_type":"box","text":"assets available to repay junk bond holders.","page_number":21,"box":{"x":101,"y":313,"width":323,"height":12}},{"id":"0166008e-de94-418e-9920-2c251bf2efbc","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and","page_number":21,"box":{"x":102,"y":333,"width":786,"height":12}},{"id":"e2f196bf-df88-4624-a939-15db7e291efb","block_type":"box","text":"general economic conditions may have a greater impact on the prices of junk bonds than on other higher rated","page_number":21,"box":{"x":101,"y":348,"width":811,"height":12}},{"id":"620ce8c6-54e0-4636-b861-0aa100b4925d","block_type":"box","text":"fixed-income securities.","page_number":21,"box":{"x":101,"y":363,"width":171,"height":9}},{"id":"9621bcae-e9a9-4097-b619-687139526cbd","block_type":"box","text":"Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an","page_number":21,"box":{"x":102,"y":383,"width":778,"height":11}},{"id":"8f6f999f-8420-4022-aec5-e81b48535271","block_type":"box","text":"economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":21,"box":{"x":101,"y":398,"width":689,"height":11}},{"id":"292fadc7-be6f-4976-b549-7fcf5eeb0b6c","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund","page_number":21,"box":{"x":101,"y":418,"width":817,"height":11}},{"id":"b04b2413-b6d1-48ae-9d56-8182c769cac4","block_type":"box","text":"before it matures. If the issuer redeems junk bonds, the Fund may have to invest the proceeds in bonds with","page_number":21,"box":{"x":102,"y":432,"width":798,"height":12}},{"id":"4cf1177d-ccb9-4b3d-a1e5-e71f84bb5054","block_type":"box","text":"lower yields and may lose income.","page_number":21,"box":{"x":102,"y":447,"width":249,"height":12}},{"id":"26c116df-2e00-4a3d-bc71-90d028b9bc71","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.","page_number":21,"box":{"x":101,"y":467,"width":831,"height":12}},{"id":"c47db948-bf88-4716-9409-35e9acd458c9","block_type":"box","text":"There are fewer dealers in the junk bond market, and there may be significant differences in the prices quoted for","page_number":21,"box":{"x":101,"y":482,"width":836,"height":12}},{"id":"f22f51f8-fffc-462d-b8aa-c8b7667ee99e","block_type":"box","text":"junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may","page_number":21,"box":{"x":99,"y":497,"width":825,"height":11}},{"id":"2b8e80ad-20ee-4d07-be44-b0dcd4a4245f","block_type":"box","text":"play a greater role in valuing junk bonds than is the case with securities trading in a more liquid market.","page_number":21,"box":{"x":102,"y":512,"width":761,"height":11}},{"id":"9c8920f2-8578-433a-a04f-f79986396e5e","block_type":"box","text":"The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms","page_number":21,"box":{"x":101,"y":532,"width":815,"height":11}},{"id":"d229b1e1-876d-46ca-834c-545060db992a","block_type":"box","text":"with a defaulting issuer.","page_number":21,"box":{"x":101,"y":546,"width":173,"height":12}},{"id":"6c9df338-1c63-4c88-a7be-9c4fd4273f59","block_type":"box","text":"The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market","page_number":21,"box":{"x":81,"y":569,"width":817,"height":12}},{"id":"3849ca10-aff2-4d67-b72a-bbda7175a774","block_type":"box","text":"value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":21,"box":{"x":80,"y":584,"width":811,"height":11}},{"id":"e2116d5a-fb00-4f46-b811-9ecf6ca86271","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":21,"box":{"x":81,"y":604,"width":271,"height":9}},{"id":"7bfddb04-f8a0-4ea4-8163-f69fef5f1314","block_type":"box","text":"—","page_number":21,"box":{"x":356,"y":609,"width":17,"height":1}},{"id":"26a0dcdb-cfdf-4943-b43e-e3b6ab16d52b","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":21,"box":{"x":379,"y":604,"width":499,"height":11}},{"id":"e0270667-b66e-4131-b3df-e1b1b3b8e45c","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":21,"box":{"x":82,"y":619,"width":839,"height":11}},{"id":"f8d586f0-2c61-4de6-923b-db00dd5382fe","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":21,"box":{"x":80,"y":633,"width":799,"height":12}},{"id":"445fd48a-896c-4d57-8230-8fcad5b61a31","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":21,"box":{"x":82,"y":649,"width":796,"height":11}},{"id":"2e1c6d58-7387-4ab3-b22f-a31ffe20af78","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":21,"box":{"x":81,"y":663,"width":855,"height":12}},{"id":"68aeeb70-af68-4f0b-b4a4-d8c92f93e7ec","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":21,"box":{"x":82,"y":678,"width":441,"height":12}},{"id":"b42f3602-43e9-4c29-856e-79ceafc99eb5","block_type":"box","text":"Leverage Risk","page_number":21,"box":{"x":81,"y":698,"width":107,"height":11}},{"id":"6a03cd3a-80f7-4625-b28b-85398236e513","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":21,"box":{"x":192,"y":698,"width":741,"height":12}},{"id":"41c79c05-ef0d-4e22-83fd-64af47eb237a","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an open-end","page_number":21,"box":{"x":81,"y":713,"width":787,"height":11}},{"id":"d9034a37-ca8a-49c9-a7e8-15e04580120b","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":21,"box":{"x":82,"y":728,"width":831,"height":11}},{"id":"c35b9fd0-af63-46c3-84ca-ab19463d2ddc","block_type":"box","text":"the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under","page_number":21,"box":{"x":80,"y":742,"width":853,"height":12}},{"id":"97b63e1c-71d0-4f46-be46-e8df29ef84b4","block_type":"box","text":"the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":21,"box":{"x":80,"y":757,"width":808,"height":12}},{"id":"d71675db-0075-4c99-885e-0cdf7f4e9bb5","block_type":"box","text":"comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to","page_number":21,"box":{"x":81,"y":772,"width":837,"height":12}},{"id":"9c550d01-df1b-4cd8-afde-c09e2c3e56f1","block_type":"box","text":"liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the","page_number":21,"box":{"x":82,"y":787,"width":807,"height":11}},{"id":"e349eb72-5303-4a37-b576-5769f2521cc7","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":21,"box":{"x":81,"y":802,"width":840,"height":11}},{"id":"06bb9370-c0d5-4147-8488-6df2ee20b11b","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":21,"box":{"x":80,"y":817,"width":558,"height":11}},{"id":"d2005bea-e7f8-40df-b616-3b42ee5b3aa2","block_type":"box","text":"Market Risk and Selection Risk","page_number":21,"box":{"x":81,"y":837,"width":240,"height":9}},{"id":"568d9f5f-5ade-4a20-b142-55d1d181b222","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":21,"box":{"x":324,"y":837,"width":593,"height":9}},{"id":"4de760f7-6861-4be3-bce3-5e01965a7468","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":21,"box":{"x":81,"y":852,"width":851,"height":11}},{"id":"28a8ceb9-ae5b-4884-8f30-c020caff6ca4","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":21,"box":{"x":82,"y":866,"width":824,"height":12}},{"id":"cacf102f-676d-43d5-ab5c-a09318144e13","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":21,"box":{"x":82,"y":881,"width":851,"height":12}},{"id":"bf724d1f-bf45-47eb-8863-9ca31df9c0b5","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":21,"box":{"x":82,"y":896,"width":802,"height":11}},{"id":"4ce344d7-a511-4afc-86b5-daf4f10ff804","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":21,"box":{"x":81,"y":911,"width":849,"height":11}},{"id":"3fd73a9e-7d90-4f26-a592-2c32b56b0aa4","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"f4e14821-774b-4e14-ab42-08cb10388e85","block_type":"box","text":"NM0926U-5977344-21/48","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dd9bc66d-a6e5-4191-80da-b0f5fe8e9a2f","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":22,"box":{"x":81,"y":46,"width":843,"height":11}},{"id":"aa39b238-26e7-4dfd-977b-f4ccdc33e5fc","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":22,"box":{"x":81,"y":60,"width":830,"height":12}},{"id":"f3c93ae3-19fa-4680-a597-93c54b9dc2ad","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":22,"box":{"x":82,"y":75,"width":840,"height":12}},{"id":"3c917949-cbd0-4fee-adc7-4d3174b2f2b7","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":22,"box":{"x":81,"y":90,"width":789,"height":12}},{"id":"8ccc597e-454d-4e07-a653-fed8ffdb678b","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":22,"box":{"x":81,"y":105,"width":823,"height":12}},{"id":"339e06ef-4458-4d41-88a3-8a6d7094fbad","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":22,"box":{"x":81,"y":120,"width":784,"height":11}},{"id":"d88dd7a9-90b9-4a3f-992b-13777cfeeff0","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":22,"box":{"x":81,"y":135,"width":844,"height":11}},{"id":"a168e66a-7872-4ce1-a742-8b035f88f979","block_type":"box","text":"The Fund seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis","page_number":22,"box":{"x":81,"y":150,"width":855,"height":11}},{"id":"186d5075-394d-4f14-8155-91fb7a1f8004","block_type":"box","text":"and is subject to “Model Risk” as described below.","page_number":22,"box":{"x":81,"y":165,"width":373,"height":11}},{"id":"f81ee625-05d5-4d2e-b24d-dbba2918bc56","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":22,"box":{"x":82,"y":184,"width":818,"height":12}},{"id":"5cf29b0e-0979-4f24-8893-f4ff7837563e","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":22,"box":{"x":80,"y":199,"width":819,"height":12}},{"id":"369215ca-a322-4451-aaef-8abc34b133df","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":22,"box":{"x":81,"y":214,"width":819,"height":11}},{"id":"910cf3ea-9d93-4cff-a72e-c4aa1f1ee2df","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":22,"box":{"x":81,"y":229,"width":846,"height":11}},{"id":"34555c17-9e11-4c66-bd38-190193dc9755","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":22,"box":{"x":81,"y":244,"width":848,"height":11}},{"id":"89e1b634-d102-412f-8475-e599e8105827","block_type":"box","text":"the Fund invests.","page_number":22,"box":{"x":80,"y":259,"width":125,"height":9}},{"id":"9e8efc58-e2e9-4afb-b551-c5c66a61317b","block_type":"box","text":"Mid Cap Securities Risk","page_number":22,"box":{"x":81,"y":278,"width":182,"height":12}},{"id":"c75e3f83-29da-448d-8b84-3ed304384f35","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":22,"box":{"x":267,"y":278,"width":665,"height":12}},{"id":"845b0ba6-1a98-4675-8c3a-13e423e8fe9b","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":22,"box":{"x":81,"y":293,"width":789,"height":12}},{"id":"f54697ff-068d-4511-99fe-ea90db344714","block_type":"box","text":"Model Risk","page_number":22,"box":{"x":81,"y":313,"width":85,"height":9}},{"id":"b5c80f31-a0c4-4aa2-beda-f1f3c8564c46","block_type":"box","text":"— The Fund seeks to pursue its investment objective by using proprietary models that incorporate","page_number":22,"box":{"x":170,"y":313,"width":722,"height":12}},{"id":"8a94bc73-f81e-4871-b527-b45c94a33690","block_type":"box","text":"quantitative analysis. Investments selected using these models may perform differently than as forecasted due to","page_number":22,"box":{"x":81,"y":328,"width":840,"height":12}},{"id":"6b020b98-eb4e-4a38-882a-afbf93ade743","block_type":"box","text":"the factors incorporated into the models and the weighting of each factor, as well as the level and scope of changes","page_number":22,"box":{"x":80,"y":343,"width":854,"height":11}},{"id":"b72f2f47-2c10-433e-9a05-398fd3ce4792","block_type":"box","text":"from historical trends. In addition, issues in the construction and implementation of the models, including software","page_number":22,"box":{"x":81,"y":358,"width":845,"height":11}},{"id":"28918256-fada-42d7-be55-c9e2edcdb1a7","block_type":"box","text":"or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the","page_number":22,"box":{"x":81,"y":372,"width":852,"height":12}},{"id":"8311939a-8faa-490b-9b2c-a789098a7429","block_type":"box","text":"use of artificial intelligence and machine learning (“AI”), and other technological failures or various other events or","page_number":22,"box":{"x":82,"y":387,"width":840,"height":12}},{"id":"dd85bb5a-ac01-4285-9f39-d59fb949073c","block_type":"box","text":"circumstances within or beyond the control of BlackRock, may adversely impact the Fund. Please see also","page_number":22,"box":{"x":81,"y":402,"width":779,"height":12}},{"id":"c1d18340-db6b-44d8-baaf-13cbbfb42656","block_type":"box","text":"“Operational and Technology Risks” below. There is no guarantee that BlackRock’s use of these models will result","page_number":22,"box":{"x":82,"y":417,"width":838,"height":11}},{"id":"8b8363c2-9791-4214-a4dc-72bfa2b2bdff","block_type":"box","text":"in effective investment decisions for the Fund.","page_number":22,"box":{"x":82,"y":432,"width":338,"height":9}},{"id":"3fff8f94-919d-425e-9933-161a8462109b","block_type":"box","text":"Some of the models used by BlackRock rely on historical data and may not accurately predict future market","page_number":22,"box":{"x":81,"y":452,"width":789,"height":11}},{"id":"3331de95-f851-4048-a004-de5ccffb6e49","block_type":"box","text":"movements. The Fund bears the risk that the models used by BlackRock will not be successful in forecasting","page_number":22,"box":{"x":82,"y":467,"width":800,"height":11}},{"id":"5799631a-fb4d-4e52-8cc0-48b115b0acab","block_type":"box","text":"movements in the market or in determining the size, direction, and/or weighting of investment positions that will","page_number":22,"box":{"x":82,"y":481,"width":824,"height":12}},{"id":"78838036-2af8-49e0-ae5f-5b78afd96cb1","block_type":"box","text":"enable the Fund to achieve its investment objective. In addition, the models may not be reliable in the event of","page_number":22,"box":{"x":81,"y":496,"width":814,"height":12}},{"id":"7738b6bb-515f-4f15-950a-70e9d0d09a41","block_type":"box","text":"unusual or disruptive events that cause market movements, which may be inconsistent with the historical","page_number":22,"box":{"x":82,"y":511,"width":774,"height":11}},{"id":"4a5b72c2-68de-4884-9437-13164edc2a65","block_type":"box","text":"performance of individual markets. In such instances, the models may produce unexpected results, which can","page_number":22,"box":{"x":82,"y":526,"width":808,"height":11}},{"id":"4f7a5105-2403-49ff-99c0-ade65a70129d","block_type":"box","text":"result in losses for the Fund. Furthermore, because predictive models may be constructed based on data supplied","page_number":22,"box":{"x":82,"y":541,"width":840,"height":11}},{"id":"b38b5306-6aee-4d64-830d-4b1cad75d904","block_type":"box","text":"by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of such","page_number":22,"box":{"x":81,"y":555,"width":834,"height":12}},{"id":"8104c790-6625-46b2-841c-22d2c74a6023","block_type":"box","text":"data.","page_number":22,"box":{"x":81,"y":571,"width":36,"height":9}},{"id":"cdb7fbc4-e962-4a67-8daa-1c68cd9a5263","block_type":"box","text":"Money Market Securities Risk","page_number":22,"box":{"x":81,"y":590,"width":229,"height":12}},{"id":"c9bcff5f-c18c-4774-8b2c-636aa030caea","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":22,"box":{"x":314,"y":590,"width":570,"height":12}},{"id":"6cf05107-bbf3-420b-8642-f7fa64cda5e1","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":22,"box":{"x":81,"y":605,"width":819,"height":12}},{"id":"118025f7-61f6-4fcf-8dd7-bf45fe4cc61f","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":22,"box":{"x":82,"y":620,"width":657,"height":12}},{"id":"5406ddd6-abbe-412c-9c99-18ba4c2e51bf","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":22,"box":{"x":81,"y":640,"width":346,"height":11}},{"id":"b54ad59c-7a4b-4834-b671-3cbcbc686a51","block_type":"box","text":"— Mortgage-backed securities (residential and commercial) and","page_number":22,"box":{"x":432,"y":640,"width":470,"height":12}},{"id":"15fbf938-f9f0-4be5-bf42-a58d6e4daa0b","block_type":"box","text":"asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or","page_number":22,"box":{"x":81,"y":655,"width":835,"height":11}},{"id":"f08d0126-748e-4cfe-a1a2-f6676baef5f2","block_type":"box","text":"receivables held in trust. Although asset-backed and commercial mortgage-backed securities (“CMBS”) generally","page_number":22,"box":{"x":82,"y":670,"width":828,"height":11}},{"id":"ac483b4b-3d00-4f57-a564-68fa828810ea","block_type":"box","text":"experience less prepayment than residential mortgage-backed securities, mortgage-backed and asset-backed","page_number":22,"box":{"x":81,"y":685,"width":804,"height":11}},{"id":"54622351-c62a-49c8-a737-d4ca264990ca","block_type":"box","text":"securities, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension","page_number":22,"box":{"x":81,"y":699,"width":820,"height":12}},{"id":"7003b86f-fb09-4acc-b100-0404b0f462e5","block_type":"box","text":"risks.","page_number":22,"box":{"x":82,"y":714,"width":37,"height":9}},{"id":"f18329fb-fc1c-4578-8ca0-f001b6e050c3","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":22,"box":{"x":81,"y":734,"width":851,"height":12}},{"id":"90e3c9fa-7b34-40b5-a714-e9a2e0c797d9","block_type":"box","text":"certain mortgage-backed securities. The Fund’s investments in asset-backed securities are subject to risks similar","page_number":22,"box":{"x":81,"y":749,"width":842,"height":11}},{"id":"b98e9c90-c2cb-4dac-bb0f-3369217da927","block_type":"box","text":"to those associated with mortgage-related securities, as well as additional risks associated with the nature of the","page_number":22,"box":{"x":80,"y":764,"width":837,"height":11}},{"id":"50825011-d3b1-4b15-894b-7829bb30fee1","block_type":"box","text":"assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying","page_number":22,"box":{"x":81,"y":778,"width":840,"height":12}},{"id":"385a9472-97d5-4182-8a58-eb1321e6797d","block_type":"box","text":"mortgages or assets, particularly during periods of economic downturn. Certain CMBS are issued in several classes","page_number":22,"box":{"x":82,"y":793,"width":852,"height":12}},{"id":"8d788230-3547-42a7-8e67-9fe73a1ec48c","block_type":"box","text":"with different levels of yield and credit protection. The Fund’s investments in CMBS with several classes may be in","page_number":22,"box":{"x":80,"y":808,"width":842,"height":12}},{"id":"09c658d8-f0c6-4a40-bc25-11ac5dff5967","block_type":"box","text":"the lower classes that have greater risks than the higher classes, including greater interest rate, credit and","page_number":22,"box":{"x":80,"y":823,"width":787,"height":12}},{"id":"d80ea5da-640c-4c37-b381-8de87a7f3829","block_type":"box","text":"prepayment risks.","page_number":22,"box":{"x":82,"y":838,"width":128,"height":11}},{"id":"93ccf8f6-462b-4b91-bbd7-547f2a6041cf","block_type":"box","text":"Mortgage-backed securities may be either pass-through securities or collateralized mortgage obligations (“CMOs”).","page_number":22,"box":{"x":82,"y":858,"width":842,"height":11}},{"id":"7b799baf-1cfa-4df5-b390-1f60c4a3714f","block_type":"box","text":"Pass-through securities represent a right to receive principal and interest payments collected on a pool of","page_number":22,"box":{"x":81,"y":873,"width":776,"height":11}},{"id":"6a1f53ae-4be2-4d8a-8e58-38992ea7a564","block_type":"box","text":"mortgages, which are passed through to security holders. CMOs are created by dividing the principal and interest","page_number":22,"box":{"x":82,"y":888,"width":831,"height":11}},{"id":"44e2e5b8-7a89-4901-89c8-dae04aa93f0d","block_type":"box","text":"payments collected on a pool of mortgages into several revenue streams (“tranches”) with different priority rights to","page_number":22,"box":{"x":82,"y":902,"width":852,"height":12}},{"id":"086b25b6-9b2f-4195-bb8f-064ef36de1ba","block_type":"box","text":"portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive interest only","page_number":22,"box":{"x":82,"y":917,"width":846,"height":12}},{"id":"e8d92c18-4943-4343-bb2e-efdbb53cf4f5","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"baf745a2-0ad9-474e-8d2a-4b22cb258f7f","block_type":"box","text":"NM0926U-5977344-22/48","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a9c57797-3dd4-4ee5-a500-f76c88bf7f9c","block_type":"box","text":"(“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an “inverse floater”).","page_number":23,"box":{"x":81,"y":46,"width":843,"height":11}},{"id":"07f80c36-2125-4426-8824-cb4c7f171bbc","block_type":"box","text":"These securities are frequently referred to as “mortgage derivatives” and may be extremely sensitive to changes in","page_number":23,"box":{"x":81,"y":60,"width":846,"height":12}},{"id":"a8ed47b4-9590-4f9c-812d-1c99770c3043","block_type":"box","text":"interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate (which","page_number":23,"box":{"x":82,"y":75,"width":828,"height":12}},{"id":"068211c7-d283-4849-b881-69e81ec2c4bb","block_type":"box","text":"may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and will","page_number":23,"box":{"x":82,"y":90,"width":838,"height":12}},{"id":"7be7d50a-a56d-4465-bf80-fd9e325451fe","block_type":"box","text":"increase when short-term rates decrease. These securities have the effect of providing a degree of investment","page_number":23,"box":{"x":82,"y":105,"width":813,"height":12}},{"id":"4db37fa0-769e-464e-8856-7f7b48e2ff28","block_type":"box","text":"leverage. In response to changes in market interest rates or other market conditions, the value of an inverse floater","page_number":23,"box":{"x":82,"y":120,"width":850,"height":11}},{"id":"2ddce9b3-2011-424f-8338-f2ff03258365","block_type":"box","text":"may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities. If the","page_number":23,"box":{"x":82,"y":135,"width":834,"height":11}},{"id":"620de085-697f-4851-a891-203a28098495","block_type":"box","text":"Fund invests in CMO tranches (including CMO tranches issued by government agencies) and interest rates move in","page_number":23,"box":{"x":82,"y":150,"width":842,"height":11}},{"id":"ce9a1c46-8ea5-42a4-bfa0-8df396627daa","block_type":"box","text":"a manner not anticipated by Fund management, it is possible that the Fund could lose all or substantially all of its","page_number":23,"box":{"x":81,"y":164,"width":836,"height":12}},{"id":"cbe207ee-20c2-46c5-aa62-74bab9f0283a","block_type":"box","text":"investment. Certain mortgage-backed securities in which the Fund may invest may also provide a degree of","page_number":23,"box":{"x":82,"y":179,"width":787,"height":12}},{"id":"d6631406-6dad-48a5-b899-a00ee434dcd6","block_type":"box","text":"investment leverage, which could cause the Fund to lose all or substantially all of its investment.","page_number":23,"box":{"x":82,"y":194,"width":708,"height":11}},{"id":"c7e1712b-a6e7-415c-914e-88cfae19f148","block_type":"box","text":"The mortgage market in the United States has experienced difficulties that may adversely affect the performance","page_number":23,"box":{"x":81,"y":214,"width":834,"height":11}},{"id":"03101431-b848-4370-880d-5c15a6906032","block_type":"box","text":"and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage","page_number":23,"box":{"x":81,"y":229,"width":825,"height":11}},{"id":"50d644eb-4fb7-4400-8e7d-77ea70ecc93a","block_type":"box","text":"loans (including subprime and second-lien mortgage loans) and a decline in or flattening of real estate values (in","page_number":23,"box":{"x":82,"y":244,"width":825,"height":11}},{"id":"d1785aca-e9d4-4841-990b-ebc6f8052e6b","block_type":"box","text":"each case as has been experienced and may continue to be experienced in many housing markets) may exacerbate","page_number":23,"box":{"x":81,"y":259,"width":850,"height":11}},{"id":"578acd1d-b24c-48b6-bb30-444f7774495a","block_type":"box","text":"such delinquencies and losses. Also, a number of mortgage loan originators have experienced serious financial","page_number":23,"box":{"x":81,"y":273,"width":818,"height":12}},{"id":"786b0703-d4d1-471d-84d4-ca9f03612c3d","block_type":"box","text":"difficulties or bankruptcy. Reduced investor demand for mortgage loans and mortgage-related securities and","page_number":23,"box":{"x":81,"y":288,"width":796,"height":12}},{"id":"9ecd7cef-8c6d-4cb3-bb7a-4139f5c6bd54","block_type":"box","text":"increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related","page_number":23,"box":{"x":82,"y":303,"width":825,"height":11}},{"id":"6b93a6e0-abae-44f7-a6ae-8babaaf1b923","block_type":"box","text":"securities, which can adversely affect the market value of mortgage-related securities. It is possible that such","page_number":23,"box":{"x":81,"y":318,"width":807,"height":11}},{"id":"3582c03b-b500-44d0-9878-a1e084ae7da5","block_type":"box","text":"limited liquidity in such secondary markets could continue or worsen.","page_number":23,"box":{"x":82,"y":333,"width":505,"height":11}},{"id":"5a367c2a-6293-4d0e-b47b-649c758c8a6c","block_type":"box","text":"Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that in","page_number":23,"box":{"x":81,"y":353,"width":839,"height":11}},{"id":"97c807c1-af04-4233-bde6-321e61340c6f","block_type":"box","text":"certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed securities.","page_number":23,"box":{"x":81,"y":367,"width":849,"height":12}},{"id":"eab59768-f090-493b-bd4f-792827be648c","block_type":"box","text":"In addition, certain asset-backed securities are based on loans that are unsecured, which means that there is no","page_number":23,"box":{"x":82,"y":382,"width":832,"height":11}},{"id":"214cb9aa-db63-434a-9d1e-cc3d0c514d32","block_type":"box","text":"collateral to seize if the underlying borrower defaults.","page_number":23,"box":{"x":81,"y":397,"width":388,"height":12}},{"id":"ce829203-350f-4581-9456-e5fca8564723","block_type":"box","text":"Municipal Securities Risks","page_number":23,"box":{"x":81,"y":417,"width":201,"height":11}},{"id":"f48564a1-1c2e-47bb-a7e4-7581abf62365","block_type":"box","text":"— Municipal securities risks include the ability of the issuer to repay the obligation, the","page_number":23,"box":{"x":286,"y":417,"width":643,"height":11}},{"id":"06c46dcb-9f1b-4b8f-97ea-3e3dd1c51a68","block_type":"box","text":"relative lack of information about certain issuers of municipal securities, and the possibility of future legislative","page_number":23,"box":{"x":82,"y":432,"width":817,"height":11}},{"id":"27614c0c-320f-44aa-8517-f6716e141a89","block_type":"box","text":"changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state,","page_number":23,"box":{"x":81,"y":447,"width":837,"height":11}},{"id":"06d125ff-6e5a-4c4d-ae9f-ffacf7220ea0","block_type":"box","text":"and federal governments upon which the issuers may be relying for funding may also impact municipal securities.","page_number":23,"box":{"x":81,"y":461,"width":832,"height":12}},{"id":"fd0cae2a-31e1-44e9-8504-d382900f458b","block_type":"box","text":"These risks include:","page_number":23,"box":{"x":81,"y":476,"width":145,"height":9}},{"id":"a2a2bf0f-3fca-4bea-9fd0-40d30b67494d","block_type":"box","text":"General Obligation Bonds Risks","page_number":23,"box":{"x":82,"y":496,"width":230,"height":12}},{"id":"7ceedc81-9579-4f71-b2ad-e34ecaa484e9","block_type":"box","text":"— The full faith, credit and taxing power of the municipality that issues a general","page_number":23,"box":{"x":317,"y":496,"width":593,"height":12}},{"id":"c821e1a0-f80f-46a8-8902-5450b7a7e234","block_type":"box","text":"obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer’s","page_number":23,"box":{"x":81,"y":511,"width":831,"height":12}},{"id":"fc48a6cc-5271-4758-8672-5ba1b89780f8","block_type":"box","text":"credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.","page_number":23,"box":{"x":81,"y":526,"width":641,"height":11}},{"id":"dc101159-ac85-4f78-92ce-98ed51207e61","block_type":"box","text":"Revenue Bonds Risks","page_number":23,"box":{"x":82,"y":546,"width":158,"height":9}},{"id":"18311895-bde7-4c11-8f30-82a7995bcc26","block_type":"box","text":"— Payments of interest and principal on revenue bonds are made only from the revenues","page_number":23,"box":{"x":245,"y":546,"width":658,"height":11}},{"id":"774bb4ea-b08d-4522-89da-807c5de56ebf","block_type":"box","text":"generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source. These","page_number":23,"box":{"x":81,"y":561,"width":841,"height":11}},{"id":"1b292d0a-376d-49fb-b5b4-797646433999","block_type":"box","text":"payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues","page_number":23,"box":{"x":82,"y":575,"width":819,"height":12}},{"id":"689c7732-f007-4a79-b4ca-ff421d1395a9","block_type":"box","text":"derived from another source.","page_number":23,"box":{"x":81,"y":590,"width":210,"height":10}},{"id":"726ce4f0-4a2f-47f3-af42-50e044f01e3a","block_type":"box","text":"Private Activity Bonds Risks","page_number":23,"box":{"x":81,"y":611,"width":202,"height":11}},{"id":"d13acd60-55ad-4ba6-bed0-835687bbbd8e","block_type":"box","text":"— Municipalities and other public authorities issue private activity bonds to finance","page_number":23,"box":{"x":288,"y":610,"width":612,"height":12}},{"id":"2187ae4d-9faa-48da-af95-694441506845","block_type":"box","text":"development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and","page_number":23,"box":{"x":81,"y":625,"width":813,"height":12}},{"id":"cf202f44-fad1-4610-bc99-577bf9287d3e","block_type":"box","text":"interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. If the","page_number":23,"box":{"x":82,"y":640,"width":810,"height":12}},{"id":"8868a01a-4a85-4aee-b80d-0afd933b4317","block_type":"box","text":"private enterprise defaults on its payments, the Fund may not receive any income or get its money back from the","page_number":23,"box":{"x":82,"y":655,"width":827,"height":11}},{"id":"0b1f6c16-f236-43c7-a318-4e3f99d6efcf","block_type":"box","text":"investment.","page_number":23,"box":{"x":82,"y":670,"width":83,"height":9}},{"id":"4a5c45f3-1fc4-49be-82b9-c1ef4a0b7023","block_type":"box","text":"Moral Obligation Bonds Risks","page_number":23,"box":{"x":82,"y":690,"width":215,"height":11}},{"id":"66c786ad-10de-41bd-8a4d-2ec6b4fae0f9","block_type":"box","text":"— Moral obligation bonds are generally issued by special purpose public authorities","page_number":23,"box":{"x":302,"y":690,"width":616,"height":11}},{"id":"1fdf8ee1-aecc-4750-a40a-f6cba1071434","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":23,"box":{"x":81,"y":704,"width":854,"height":12}},{"id":"7d063fbd-e725-4313-9f2c-df09a2c18e65","block_type":"box","text":"commitment, but not a legal obligation, of the state or municipality.","page_number":23,"box":{"x":81,"y":719,"width":492,"height":12}},{"id":"29f334ee-099f-4792-a1ed-5449a3042e91","block_type":"box","text":"Municipal Notes Risks","page_number":23,"box":{"x":82,"y":739,"width":162,"height":11}},{"id":"2d727b7e-544c-4b1d-a5ff-0c4ffb79cf31","block_type":"box","text":"— Municipal notes are shorter term municipal debt obligations. They may provide interim","page_number":23,"box":{"x":249,"y":739,"width":655,"height":12}},{"id":"a644d73e-c6bf-4916-bb63-4f1bc1394a8a","block_type":"box","text":"financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall","page_number":23,"box":{"x":81,"y":754,"width":847,"height":12}},{"id":"a6dadd48-9029-4e8a-ae1d-22820b71dd0a","block_type":"box","text":"in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":23,"box":{"x":82,"y":769,"width":679,"height":11}},{"id":"01a5e017-bec4-4037-a37a-9e8460482d6a","block_type":"box","text":"Municipal Lease Obligations Risks","page_number":23,"box":{"x":82,"y":789,"width":250,"height":11}},{"id":"dfb11c36-b223-4c73-96ed-17a7c78087a2","block_type":"box","text":"— In a municipal lease obligation, the issuer agrees to make payments when","page_number":23,"box":{"x":337,"y":789,"width":568,"height":11}},{"id":"49dbc891-5ba1-4e41-b350-1a74ca398e43","block_type":"box","text":"due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not","page_number":23,"box":{"x":81,"y":804,"width":798,"height":11}},{"id":"7aee5d13-455d-4516-b548-51feae7ad0fa","block_type":"box","text":"obligated to do so. Although the issuer does not pledge its unlimited taxing power for payment of the lease","page_number":23,"box":{"x":81,"y":818,"width":784,"height":12}},{"id":"a07e1119-3edc-46dc-8d9e-f1b1645efb6a","block_type":"box","text":"obligation, the lease obligation is secured by the leased property. However, if the issuer does not fulfill its payment","page_number":23,"box":{"x":81,"y":833,"width":846,"height":12}},{"id":"26851dd1-0783-4fa5-831b-7f8edaf5765e","block_type":"box","text":"obligation, it may be difficult to sell the property and the proceeds of a sale may not cover the Fund’s loss.","page_number":23,"box":{"x":81,"y":848,"width":786,"height":12}},{"id":"f46a301f-5c88-48f4-a574-f25481bd505e","block_type":"box","text":"Tax-Exempt Status Risk","page_number":23,"box":{"x":83,"y":868,"width":169,"height":11}},{"id":"14ecbfa4-3509-4f95-8450-a214b5b04fc8","block_type":"box","text":"— In making investments, the Fund and its investment manager will rely on the opinion of","page_number":23,"box":{"x":256,"y":868,"width":661,"height":12}},{"id":"55c99fcf-fa16-4a2c-8db2-32fdd62e7252","block_type":"box","text":"issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of","page_number":23,"box":{"x":82,"y":883,"width":812,"height":11}},{"id":"7ae62804-ed5c-4aee-a79b-5343e798e1a6","block_type":"box","text":"interest on municipal obligations and payments under tax-exempt derivative securities. Neither the Fund nor its","page_number":23,"box":{"x":82,"y":898,"width":812,"height":11}},{"id":"f9ff475c-7add-4e8b-968b-9f7645850824","block_type":"box","text":"investment manager will independently review the bases for those tax opinions. If any of those tax opinions are","page_number":23,"box":{"x":82,"y":913,"width":815,"height":11}},{"id":"07e49305-a079-4d65-98d1-4b07ad30b89d","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"6298d5af-cb9d-47db-bb9a-b11963c36ad0","block_type":"box","text":"NM0926U-5977344-23/48","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e556b7b3-9a04-4516-943b-4c8ec3c3b09f","block_type":"box","text":"ultimately determined to be incorrect or if events occur after the security is acquired that impact the security’s tax","page_number":24,"box":{"x":82,"y":46,"width":840,"height":11}},{"id":"7c6232d7-ae14-4ba7-a042-33ebb92fcdac","block_type":"box","text":"exempt status, the Fund and its shareholders could be subject to substantial tax liabilities. The IRS has generally","page_number":24,"box":{"x":81,"y":61,"width":833,"height":11}},{"id":"8f5b5a7d-b307-4232-a625-6defecc1efb1","block_type":"box","text":"not ruled on the taxability of the securities. An assertion by the IRS that a portfolio security is not exempt from U.S.","page_number":24,"box":{"x":82,"y":75,"width":848,"height":12}},{"id":"ce2b65f2-2726-4e24-bde1-646cb2bd26d5","block_type":"box","text":"federal income tax (contrary to indications from the issuer) could affect the Fund’s and its shareholders’ income tax","page_number":24,"box":{"x":81,"y":90,"width":853,"height":12}},{"id":"1059b949-6293-420b-b57a-f6dd87acf61e","block_type":"box","text":"liability for the current or past years and could create liability for information reporting penalties. In addition, an IRS","page_number":24,"box":{"x":82,"y":105,"width":847,"height":12}},{"id":"7b47c66c-4f00-488e-b3c8-1db3350eca2e","block_type":"box","text":"assertion of taxability may impair the liquidity and the fair market value of the securities.","page_number":24,"box":{"x":81,"y":120,"width":650,"height":11}},{"id":"46cac5bf-0485-4569-9e41-0723648c38a4","block_type":"box","text":"“New Issues” Risk","page_number":24,"box":{"x":83,"y":140,"width":139,"height":9}},{"id":"521c6a04-8081-4e51-81f4-5abc2e81ff08","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":24,"box":{"x":226,"y":140,"width":673,"height":11}},{"id":"d8eb1915-d25c-4593-9563-4353dfa9b2dd","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":24,"box":{"x":81,"y":155,"width":833,"height":11}},{"id":"761ba417-69f5-4a77-bfaf-30fa133a3263","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":24,"box":{"x":82,"y":169,"width":853,"height":12}},{"id":"a35faa92-86ab-4ff3-b55e-c4fed8f96c65","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":24,"box":{"x":81,"y":184,"width":778,"height":12}},{"id":"0fa297ee-e2f9-4876-a3f4-f189049d05b1","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":24,"box":{"x":81,"y":199,"width":827,"height":12}},{"id":"dcddb25a-e46f-4506-b00f-418df98f9ebd","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":24,"box":{"x":82,"y":214,"width":838,"height":11}},{"id":"7ba9961a-3c0f-475d-9bd0-b946582a1c0c","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":24,"box":{"x":82,"y":229,"width":776,"height":11}},{"id":"6779ce2b-b1a9-4bf9-9b1e-5aa1f929a183","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":24,"box":{"x":81,"y":244,"width":830,"height":11}},{"id":"8cd31c21-b737-4ba7-af2b-4df6e7b67143","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":24,"box":{"x":82,"y":258,"width":834,"height":12}},{"id":"ca428b41-7a72-4d6a-b9c2-db972b2e76f8","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":24,"box":{"x":80,"y":273,"width":844,"height":12}},{"id":"a9cda93a-b460-4a25-b74d-03c3e16226a3","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":24,"box":{"x":81,"y":288,"width":840,"height":12}},{"id":"864aaa9f-1fb3-4738-93ef-656bb3328944","block_type":"box","text":"price as it would like.","page_number":24,"box":{"x":82,"y":303,"width":153,"height":11}},{"id":"9f94e5c8-27b8-46ba-b1c5-7b69b08734ee","block_type":"box","text":"Operational and Technology Risks","page_number":24,"box":{"x":82,"y":323,"width":254,"height":11}},{"id":"8569e53b-6d2f-4761-a0c3-b0554234700b","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":24,"box":{"x":340,"y":323,"width":549,"height":11}},{"id":"ce1af5bb-21d0-47ad-af9c-ec294afda7c5","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":24,"box":{"x":81,"y":338,"width":790,"height":11}},{"id":"97f82b29-81f1-4979-a921-d5df07170091","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of AI, which may result in losses for","page_number":24,"box":{"x":81,"y":352,"width":833,"height":12}},{"id":"faaa90c6-9d8e-4d26-ba86-5bd94975bb87","block_type":"box","text":"the Fund and its shareholders or impair the Fund’s operations. These entities include, but are not limited to, the","page_number":24,"box":{"x":80,"y":368,"width":826,"height":11}},{"id":"42468b38-293e-4a6c-96a3-17b29496c2af","block_type":"box","text":"Fund’s adviser, administrator, distributor, other service providers (e.g., index and benchmark providers,","page_number":24,"box":{"x":82,"y":382,"width":754,"height":12}},{"id":"e7482d7f-b1ae-4fca-b981-25c614707837","block_type":"box","text":"accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized","page_number":24,"box":{"x":81,"y":397,"width":845,"height":11}},{"id":"dba3381e-aa36-46b2-97fc-983074f13047","block_type":"box","text":"participants, listing exchanges, other financial market operators, and governmental authorities, as applicable.","page_number":24,"box":{"x":82,"y":412,"width":805,"height":11}},{"id":"94241523-deee-41b2-b6c0-31a34f4b2bc3","block_type":"box","text":"Operational and technology risks for the issuers in which the Fund invests could also result in material adverse","page_number":24,"box":{"x":81,"y":427,"width":815,"height":11}},{"id":"b414792c-9556-40db-a402-96767662327f","block_type":"box","text":"consequences for such issuers and may cause the Fund’s investments in such issuers to lose value. The Fund may","page_number":24,"box":{"x":81,"y":441,"width":850,"height":12}},{"id":"c62df68b-5416-4b8d-a390-1c6cc39eff1d","block_type":"box","text":"incur substantial costs in order to mitigate operational and technology risks.","page_number":24,"box":{"x":82,"y":456,"width":558,"height":12}},{"id":"00be5145-1041-44ba-9a52-cf3b0356cb3a","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":24,"box":{"x":81,"y":476,"width":821,"height":12}},{"id":"2a7443d3-ecb8-44ce-84b4-81de5cd25649","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":24,"box":{"x":82,"y":491,"width":814,"height":12}},{"id":"ba1cf46f-49b2-4626-aa4a-d2a3b2aa4360","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":24,"box":{"x":81,"y":506,"width":824,"height":11}},{"id":"0b8622c4-3865-4833-8fc4-8cc8d10378ad","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":24,"box":{"x":81,"y":521,"width":791,"height":11}},{"id":"e6d68620-50e5-4d10-9e48-3d0174a4461c","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":24,"box":{"x":82,"y":535,"width":852,"height":12}},{"id":"ec96c83a-3f28-4416-8f28-91433ee0f1a2","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":24,"box":{"x":81,"y":550,"width":784,"height":12}},{"id":"1aa9d48d-316b-4690-8c60-721ed85868a3","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":24,"box":{"x":81,"y":565,"width":787,"height":12}},{"id":"acaec4b1-d3d0-4d0a-98f4-b0d6deb71955","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":24,"box":{"x":81,"y":580,"width":840,"height":11}},{"id":"2fc1b660-2ca6-49d6-a647-1c92cf92cda3","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":24,"box":{"x":81,"y":595,"width":809,"height":11}},{"id":"e6ce667d-bd34-4352-90c7-1b69aeccd0e3","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":24,"box":{"x":81,"y":610,"width":829,"height":11}},{"id":"fe3951b1-fa35-4d87-957c-2fab94e37e23","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":24,"box":{"x":82,"y":624,"width":798,"height":12}},{"id":"2f360a73-da93-44b6-bb73-5edeab01d1dd","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":24,"box":{"x":81,"y":639,"width":829,"height":12}},{"id":"e28da14b-0ab2-4944-8e6e-6dc3552088da","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":24,"box":{"x":82,"y":654,"width":846,"height":12}},{"id":"e9fcbfa5-62e0-49e9-9661-6c3aa5459f4c","block_type":"box","text":"relied upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":24,"box":{"x":82,"y":669,"width":846,"height":11}},{"id":"b4a04fc7-fb31-4bd4-a157-3c8e6a0435fb","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":24,"box":{"x":81,"y":684,"width":838,"height":11}},{"id":"753d51d5-bd54-4b96-be72-b28e3da013a4","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":24,"box":{"x":80,"y":699,"width":770,"height":11}},{"id":"ebbeefeb-85dd-42b3-b93a-c19276f5821f","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":24,"box":{"x":80,"y":713,"width":792,"height":12}},{"id":"d674c010-fce7-4bab-878b-166e01719d00","block_type":"box","text":"incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such","page_number":24,"box":{"x":82,"y":729,"width":845,"height":10}},{"id":"f103a07d-bacf-4d85-b9a9-9019ef038bf4","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":24,"box":{"x":80,"y":743,"width":840,"height":12}},{"id":"f7f592c6-0b3e-428f-868e-8dc06ba5be80","block_type":"box","text":"or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI","page_number":24,"box":{"x":81,"y":758,"width":841,"height":11}},{"id":"94350afc-12c5-442d-92cd-a3f357482e53","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":24,"box":{"x":80,"y":773,"width":847,"height":11}},{"id":"91831650-340b-44d3-85c0-b0d3d87940d6","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":24,"box":{"x":82,"y":788,"width":838,"height":11}},{"id":"42121731-4628-4674-9d88-e3702cb97fcc","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":24,"box":{"x":81,"y":802,"width":847,"height":12}},{"id":"6ebfa625-20c7-4ee6-905e-8992ab2082bd","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":24,"box":{"x":81,"y":817,"width":845,"height":12}},{"id":"2e440422-fa01-4349-8615-1750a015b1ed","block_type":"box","text":"and the associated risks to the Fund.","page_number":24,"box":{"x":81,"y":832,"width":273,"height":9}},{"id":"b4cf902b-b41b-42e2-97ce-480d9219db1f","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":24,"box":{"x":81,"y":852,"width":769,"height":11}},{"id":"e871eabc-cd89-4e44-9676-bf9d7a2f34fc","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":24,"box":{"x":81,"y":867,"width":855,"height":11}},{"id":"6a78eb7b-cf40-4fda-8f04-7826baac07d0","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":24,"box":{"x":80,"y":882,"width":848,"height":11}},{"id":"b51c9d56-9d92-4941-a1e2-f4f3b10480cf","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":24,"box":{"x":81,"y":897,"width":777,"height":11}},{"id":"8de8d4ed-5990-475b-b1bb-2a9b4b6636f6","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":24,"box":{"x":81,"y":912,"width":824,"height":11}},{"id":"8eaeedbc-1139-4d31-ada0-d937d00c0a8a","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9ed65df7-c2cb-4644-9ab4-6f3876b4cb42","block_type":"box","text":"NM0926U-5977344-24/48","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3339a7a0-0c30-4fde-8a51-4c16ceb16bc1","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":25,"box":{"x":81,"y":46,"width":785,"height":11}},{"id":"c33ac671-cfa9-49eb-9fd3-e0a357fb5325","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":25,"box":{"x":82,"y":60,"width":853,"height":12}},{"id":"57fca684-d7ff-4e0f-9d10-b1b9d7e09ceb","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":25,"box":{"x":82,"y":75,"width":855,"height":12}},{"id":"a9207f37-ddee-4757-bd21-2e6dd138df62","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":25,"box":{"x":82,"y":90,"width":813,"height":12}},{"id":"974ab255-a937-4d7d-858e-1e86ba1aefb1","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":25,"box":{"x":81,"y":105,"width":806,"height":11}},{"id":"34393ee2-d720-45f2-8bf4-df85e4070655","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":25,"box":{"x":82,"y":120,"width":602,"height":11}},{"id":"4104405b-22f2-4a7a-bd3a-e7f645048506","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":25,"box":{"x":82,"y":140,"width":794,"height":11}},{"id":"61490336-4c43-4854-9649-0720c503ed73","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":25,"box":{"x":81,"y":155,"width":840,"height":11}},{"id":"e0934bf9-31e1-4702-94ff-734d9c62d0a7","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":25,"box":{"x":81,"y":170,"width":801,"height":11}},{"id":"3e643cc7-1b5a-467b-9ed1-a706e2fcb50b","block_type":"box","text":"resources to monitor and implement required changes.","page_number":25,"box":{"x":82,"y":184,"width":402,"height":12}},{"id":"c36aafae-f644-495d-9c3c-cb9e23b512bc","block_type":"box","text":"Preferred Securities Risk","page_number":25,"box":{"x":81,"y":204,"width":189,"height":9}},{"id":"a1b43d52-ebd2-41c8-955e-831f249ea1dc","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":25,"box":{"x":274,"y":204,"width":636,"height":12}},{"id":"a967187b-90f4-4413-ab1b-72ee729ac73a","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":25,"box":{"x":81,"y":219,"width":824,"height":12}},{"id":"8bcc27dd-a09e-440f-8f92-cca580696fc8","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":25,"box":{"x":82,"y":234,"width":806,"height":11}},{"id":"ae6712b8-84c8-44b8-8db2-cba007686a95","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":25,"box":{"x":81,"y":249,"width":842,"height":11}},{"id":"064d8e4e-c7a9-4422-87a1-257bf3b44cb7","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":25,"box":{"x":81,"y":263,"width":781,"height":12}},{"id":"c5b72a8d-e952-41d4-868b-abe71cc8e530","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":25,"box":{"x":81,"y":278,"width":812,"height":12}},{"id":"be44f8f5-ef1c-48ec-82b0-5f345031ab13","block_type":"box","text":"larger companies.","page_number":25,"box":{"x":82,"y":293,"width":129,"height":12}},{"id":"7b26ce9f-df37-47cb-b702-98856a68c66f","block_type":"box","text":"Sovereign Debt Risk","page_number":25,"box":{"x":81,"y":313,"width":154,"height":12}},{"id":"f2e0b613-cec9-4f23-b5fb-4f678acb6232","block_type":"box","text":"— Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":25,"box":{"x":239,"y":313,"width":686,"height":12}},{"id":"1e1f19d3-346a-49bf-a554-618c293b01a6","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":25,"box":{"x":82,"y":328,"width":844,"height":12}},{"id":"398c7f71-5272-4c21-a42e-9ed3e05c390d","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":25,"box":{"x":81,"y":343,"width":821,"height":11}},{"id":"5782db08-04ee-4fa7-9cb8-9332524f4cce","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":25,"box":{"x":82,"y":358,"width":845,"height":11}},{"id":"66029d8f-a900-469e-9268-2e195149e3f4","block_type":"box","text":"or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for","page_number":25,"box":{"x":81,"y":372,"width":810,"height":12}},{"id":"0ab1eb28-a75c-4ad1-8fcc-252fc107e4b8","block_type":"box","text":"further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there","page_number":25,"box":{"x":81,"y":387,"width":840,"height":12}},{"id":"8cb7bbd2-9f93-4a61-9811-6760b3a72f44","block_type":"box","text":"bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid","page_number":25,"box":{"x":81,"y":402,"width":826,"height":12}},{"id":"9c63e7b3-3ab6-4e76-87c6-d81ff7f32e6d","block_type":"box","text":"may be collected.","page_number":25,"box":{"x":82,"y":417,"width":126,"height":11}},{"id":"1ba0a803-7d4c-4196-a34e-9a49072f0ce6","block_type":"box","text":"Structured Securities Risk","page_number":25,"box":{"x":81,"y":437,"width":200,"height":9}},{"id":"ac3f8413-e1b9-4e2e-8740-081249bfbabe","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":25,"box":{"x":285,"y":437,"width":605,"height":11}},{"id":"e8923600-311f-4382-b8da-11f5999a2231","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":25,"box":{"x":82,"y":452,"width":823,"height":11}},{"id":"52938637-a703-4f21-86d0-5077865c612f","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":25,"box":{"x":82,"y":467,"width":827,"height":11}},{"id":"e81bd5ab-95b5-46d1-a1b6-a106dd893b50","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":25,"box":{"x":82,"y":481,"width":852,"height":12}},{"id":"237468ec-a40e-4f52-ba35-57d49abd12b7","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":25,"box":{"x":80,"y":496,"width":823,"height":12}},{"id":"66edc315-8e47-4aff-951f-8c64d754d186","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":25,"box":{"x":82,"y":511,"width":818,"height":12}},{"id":"2d19470a-81cd-4553-a619-e4df15a458d6","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":25,"box":{"x":81,"y":526,"width":842,"height":11}},{"id":"85d84040-d3a6-4620-823a-fff1eec6a790","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":25,"box":{"x":81,"y":541,"width":834,"height":11}},{"id":"8424dc74-a174-46ff-bbd0-cd9fb5d3c578","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":25,"box":{"x":82,"y":555,"width":834,"height":12}},{"id":"1d918f51-71a3-40c6-9e6c-e84351aa5c19","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":25,"box":{"x":82,"y":570,"width":799,"height":12}},{"id":"bd8c3231-c5e2-4a67-ad5c-ee6523c2e453","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":25,"box":{"x":81,"y":585,"width":851,"height":12}},{"id":"60153125-aaaf-4f4d-8fa6-e619d8a0e44b","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":25,"box":{"x":80,"y":600,"width":814,"height":12}},{"id":"63736869-b426-4007-b5b5-c41fd152cc28","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":25,"box":{"x":81,"y":615,"width":812,"height":11}},{"id":"253b832e-e222-4889-961d-cc8fca56576f","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":25,"box":{"x":81,"y":630,"width":816,"height":11}},{"id":"52365aa1-dad9-4c10-be45-bf9494c6d63f","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":25,"box":{"x":81,"y":644,"width":795,"height":12}},{"id":"d032687c-9827-477e-baa1-a2ef82441925","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":25,"box":{"x":81,"y":659,"width":802,"height":12}},{"id":"4f68edef-22b0-47c4-81d0-5c177e54a07a","block_type":"box","text":"“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such","page_number":25,"box":{"x":82,"y":674,"width":816,"height":12}},{"id":"ad4599ce-a9e1-4d9d-8854-fe181a1fa19c","block_type":"box","text":"securities may be limited by certain investment restrictions contained in the Investment Company Act.","page_number":25,"box":{"x":81,"y":689,"width":749,"height":11}},{"id":"4bb2fe25-8a8d-4437-a5da-654a8517af6e","block_type":"box","text":"U.S. Government Issuer Risk","page_number":25,"box":{"x":82,"y":709,"width":215,"height":9}},{"id":"a4259ef6-525f-4a92-9ae6-50c21beae5da","block_type":"box","text":"—","page_number":25,"box":{"x":302,"y":714,"width":17,"height":1}},{"id":"556882db-401a-4e52-aa24-b08d9db4bc45","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":25,"box":{"x":323,"y":709,"width":612,"height":11}},{"id":"f45d4ebc-602f-471d-a7e5-d41856374b21","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying","page_number":25,"box":{"x":81,"y":724,"width":797,"height":11}},{"id":"32e4e2f9-5cd0-49b1-8621-fe8796942259","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":25,"box":{"x":81,"y":739,"width":850,"height":11}},{"id":"80a976cd-35f8-46f6-8348-0dcdd8b29f18","block_type":"box","text":"be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated","page_number":25,"box":{"x":81,"y":753,"width":843,"height":12}},{"id":"1eea015a-676f-43a4-ac2b-6822c9f883e7","block_type":"box","text":"by law to do so.","page_number":25,"box":{"x":81,"y":768,"width":114,"height":12}},{"id":"732ef3b8-176a-4fff-a063-ca05e7372ac8","block_type":"box","text":"U.S. Government Mortgage-Related Securities Risk","page_number":25,"box":{"x":82,"y":788,"width":386,"height":12}},{"id":"43c79307-ab0a-4a3f-9789-fe0f4dc8f345","block_type":"box","text":"— There are a number of important differences among the","page_number":25,"box":{"x":472,"y":788,"width":433,"height":12}},{"id":"1d6bc5fa-511f-41e5-9e1d-f6a8137a4e75","block_type":"box","text":"agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the","page_number":25,"box":{"x":81,"y":803,"width":804,"height":12}},{"id":"6ac05bda-7925-4795-8af4-a6d0ffca680c","block_type":"box","text":"securities that they issue. Mortgage-related securities guaranteed by the Government National Mortgage","page_number":25,"box":{"x":81,"y":818,"width":768,"height":11}},{"id":"3397ac53-8597-4e04-b25f-ada8e73a7de8","block_type":"box","text":"Association (“GNMA” or “Ginnie Mae”) are guaranteed as to the timely payment of principal and interest by GNMA","page_number":25,"box":{"x":81,"y":833,"width":838,"height":11}},{"id":"fac351dd-9ec8-45ee-a2e5-5f8e1cb3fe25","block_type":"box","text":"and such guarantee is backed by the full faith and credit of the United States. GNMA securities also are supported","page_number":25,"box":{"x":81,"y":847,"width":843,"height":12}},{"id":"0f524b5b-91ef-4199-9b39-be5d798d864d","block_type":"box","text":"by the right of GNMA to borrow funds from the U.S. Treasury to make payments under its guarantee. Mortgage","page_number":25,"box":{"x":81,"y":862,"width":816,"height":12}},{"id":"a2b1025d-b53c-4bc3-8ad9-7b26d2269b76","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":25,"box":{"x":82,"y":877,"width":846,"height":12}},{"id":"78cc8af5-c0ec-422b-949f-10f228b296f2","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":25,"box":{"x":80,"y":892,"width":776,"height":11}},{"id":"0578cacd-80cf-4631-aee2-c50b31e33f74","block_type":"box","text":"supported by the right of the issuer to borrow from the Treasury.","page_number":25,"box":{"x":81,"y":907,"width":472,"height":11}},{"id":"1551e718-3c94-4dad-a60a-8396c9d72662","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"5da2361c-af82-4345-9ccf-1764314ae4c1","block_type":"box","text":"NM0926U-5977344-25/48","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d6562aaa-ea5d-453e-ab9f-7355657639a5","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":26,"box":{"x":61,"y":46,"width":323,"height":14}},{"id":"a7007471-ff9d-4e05-aec5-4ac42f0f904a","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":26,"box":{"x":60,"y":72,"width":832,"height":11}},{"id":"7929e454-aded-4c63-ac15-55ea1113f206","block_type":"box","text":"strategies, including:","page_number":26,"box":{"x":61,"y":87,"width":151,"height":11}},{"id":"48da7fb7-5be5-42bb-ba06-0cdab0f653da","block_type":"box","text":"Borrowing Risk","page_number":26,"box":{"x":81,"y":106,"width":115,"height":12}},{"id":"7e592ba2-0ecf-44f0-9f55-4aebe3f561c7","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":26,"box":{"x":200,"y":106,"width":711,"height":12}},{"id":"d3529c90-3983-4343-a7b6-1a321b1ed449","block_type":"box","text":"the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may","page_number":26,"box":{"x":80,"y":121,"width":813,"height":12}},{"id":"edf50306-adef-4498-9d01-5448eb3dc0b5","block_type":"box","text":"reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to","page_number":26,"box":{"x":82,"y":136,"width":846,"height":11}},{"id":"bc607c4e-9347-4359-be30-c1104a0da79e","block_type":"box","text":"do so to satisfy its obligations.","page_number":26,"box":{"x":81,"y":151,"width":225,"height":11}},{"id":"91b5f0e4-7f07-4e33-a6db-21cdeebf0f80","block_type":"box","text":"Collateralized Debt Obligations Risk","page_number":26,"box":{"x":81,"y":171,"width":271,"height":11}},{"id":"3f01deb8-68b9-4214-ad59-b6f054588bda","block_type":"box","text":"— In addition to the typical risks associated with fixed-income securities and","page_number":26,"box":{"x":356,"y":171,"width":563,"height":11}},{"id":"3d6043de-1118-4024-a0a9-1b16d9619216","block_type":"box","text":"asset-backed securities, CDOs, including CLOs, carry additional risks including, but not limited to: (i) the possibility","page_number":26,"box":{"x":81,"y":186,"width":845,"height":11}},{"id":"2fb1c747-f15f-450d-ba79-95dd13ff2a3e","block_type":"box","text":"that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that","page_number":26,"box":{"x":80,"y":200,"width":854,"height":12}},{"id":"f2c9791a-33c5-41ef-8e44-4614ab08e1ac","block_type":"box","text":"the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating","page_number":26,"box":{"x":80,"y":215,"width":841,"height":12}},{"id":"c47f5b37-2d3c-45b6-97b0-fca59f0a8efc","block_type":"box","text":"organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure","page_number":26,"box":{"x":81,"y":230,"width":843,"height":12}},{"id":"68df414d-d073-4e10-9449-63eb8c1d197d","block_type":"box","text":"and complexity of the transaction and the legal documents could lead to disputes among investors regarding the","page_number":26,"box":{"x":81,"y":245,"width":826,"height":11}},{"id":"11068928-f872-4965-bc34-ca72d4184110","block_type":"box","text":"characterization of proceeds; (v) the investment return achieved by the Fund could be significantly different than","page_number":26,"box":{"x":81,"y":260,"width":821,"height":11}},{"id":"f0789d22-1542-4822-b6d9-24856807e564","block_type":"box","text":"those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) the risk of","page_number":26,"box":{"x":80,"y":274,"width":836,"height":12}},{"id":"91151599-a659-4c12-8497-6f600e74c0eb","block_type":"box","text":"forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager","page_number":26,"box":{"x":81,"y":289,"width":841,"height":12}},{"id":"33970a4b-bed7-41a2-b777-f47051879570","block_type":"box","text":"may perform poorly.","page_number":26,"box":{"x":82,"y":304,"width":143,"height":12}},{"id":"e5872a9e-45ce-451b-bafb-1441df0da1a9","block_type":"box","text":"Expense Risk","page_number":26,"box":{"x":81,"y":324,"width":102,"height":11}},{"id":"770146e0-f2dc-4c73-b7e9-de64453fffab","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":26,"box":{"x":187,"y":324,"width":734,"height":12}},{"id":"b22ace27-d784-4962-ac47-8e380fbe6f43","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":26,"box":{"x":81,"y":339,"width":855,"height":11}},{"id":"d5cb3c05-487c-4499-a79d-7f8c8115dbdb","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":26,"box":{"x":82,"y":354,"width":842,"height":11}},{"id":"17794b9b-6c0d-416c-841b-a7f0e8ed5609","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":26,"box":{"x":82,"y":369,"width":808,"height":11}},{"id":"4ddd3a1a-f907-49c7-9382-ad51fae47765","block_type":"box","text":"significant.","page_number":26,"box":{"x":81,"y":383,"width":78,"height":12}},{"id":"78e0b669-8b89-4356-bcb5-0e6013724b00","block_type":"box","text":"Illiquid Investments Risk","page_number":26,"box":{"x":81,"y":404,"width":186,"height":11}},{"id":"66663582-f331-4109-bfa4-3761b575f6ea","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":26,"box":{"x":271,"y":403,"width":648,"height":12}},{"id":"aedd0bdf-391f-4058-9195-c7b8ce95344b","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":26,"box":{"x":80,"y":418,"width":841,"height":12}},{"id":"35ca6cd0-c352-4141-b721-6bd37c98bf40","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":26,"box":{"x":82,"y":433,"width":831,"height":11}},{"id":"c85a9983-41b4-4882-ae70-d9058c9d6e79","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":26,"box":{"x":81,"y":448,"width":811,"height":11}},{"id":"098a5f4e-d396-4eab-90d0-dc542c0907fa","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":26,"box":{"x":82,"y":463,"width":825,"height":11}},{"id":"3f8be39d-b8ab-4d92-81a3-500c57b3419c","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":26,"box":{"x":81,"y":478,"width":837,"height":11}},{"id":"2371687d-526b-46bf-9380-07ed4207d4c3","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":26,"box":{"x":80,"y":492,"width":851,"height":12}},{"id":"b30eccc5-5917-4d93-8540-6fcab68a0623","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":26,"box":{"x":82,"y":507,"width":835,"height":12}},{"id":"0d6b5fa6-327d-4642-b096-f6fce0f304e6","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":26,"box":{"x":82,"y":522,"width":835,"height":12}},{"id":"572ae0ea-18a6-4461-987b-56f17e307f72","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":26,"box":{"x":81,"y":537,"width":791,"height":11}},{"id":"a1b226bf-63d2-4227-b572-046c67753d4a","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":26,"box":{"x":81,"y":552,"width":846,"height":11}},{"id":"c268992d-64a2-4d55-a325-47cdb530073e","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":26,"box":{"x":81,"y":566,"width":835,"height":12}},{"id":"d9e5219c-1834-4863-85ea-814a26fa9810","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of","page_number":26,"box":{"x":82,"y":581,"width":818,"height":12}},{"id":"2227647f-17e3-4177-8809-69e08a4ac930","block_type":"box","text":"traditional market participants to make a market in fixed-income securities or the lack of an active trading market.","page_number":26,"box":{"x":80,"y":596,"width":837,"height":12}},{"id":"a3db3401-e063-4213-a008-e09011c9fcd5","block_type":"box","text":"To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":26,"box":{"x":81,"y":611,"width":854,"height":11}},{"id":"3480f871-026e-43d0-bea8-9b9b3e50477a","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":26,"box":{"x":81,"y":626,"width":815,"height":11}},{"id":"d9814559-5741-43b4-ab68-6869c76be18c","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":26,"box":{"x":82,"y":641,"width":835,"height":11}},{"id":"04f0a124-d4b6-46e7-93a3-3d71ced12790","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may be","page_number":26,"box":{"x":82,"y":655,"width":790,"height":12}},{"id":"70aa81d3-a1ab-45cf-a13f-39080c2f5151","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sale of Fund","page_number":26,"box":{"x":82,"y":670,"width":835,"height":12}},{"id":"66f46523-4917-4def-a355-b4df444dac1d","block_type":"box","text":"shares may be higher than normal. In addition, when there is illiquidity in the market for certain securities, the","page_number":26,"box":{"x":81,"y":685,"width":810,"height":12}},{"id":"a88cb86f-7795-4b21-a55e-4adf3fe5358e","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":26,"box":{"x":82,"y":700,"width":715,"height":11}},{"id":"2be7113c-865f-4db2-b9d2-2198c295eb32","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":26,"box":{"x":81,"y":720,"width":366,"height":11}},{"id":"af14c3b6-a7ac-4bcd-bdf6-2a2895e18367","block_type":"box","text":"— As with other investments, investments in other investment","page_number":26,"box":{"x":450,"y":720,"width":459,"height":11}},{"id":"0c43d323-ef87-48ef-9204-30e457be0e08","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":26,"box":{"x":81,"y":735,"width":815,"height":11}},{"id":"d8b88dc9-addc-4121-99aa-3eda1286bbd0","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":26,"box":{"x":82,"y":749,"width":844,"height":12}},{"id":"1e124fcf-a774-4787-a52a-4f70f37a0f27","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":26,"box":{"x":81,"y":764,"width":822,"height":12}},{"id":"5ca06f4b-4701-4461-99b4-d079622ba0af","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":26,"box":{"x":81,"y":779,"width":829,"height":12}},{"id":"2af23e6d-fc05-4258-887c-705205b97dc7","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":26,"box":{"x":81,"y":794,"width":628,"height":11}},{"id":"7614b15b-dbf5-476f-aa04-1fdfb230f3f1","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":26,"box":{"x":81,"y":814,"width":396,"height":11}},{"id":"138a1267-87ae-4d43-a40a-0373f9d12e19","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":26,"box":{"x":481,"y":814,"width":440,"height":12}},{"id":"f07caec5-e2fe-4111-bf96-0e47a4ffb5f3","block_type":"box","text":"Fund’s adviser or an affiliate of the Fund’s adviser, or another entity, may from time to time own or manage a","page_number":26,"box":{"x":82,"y":829,"width":801,"height":11}},{"id":"6c597526-49f3-4d96-af2e-808a1c0a566a","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":26,"box":{"x":81,"y":844,"width":825,"height":11}},{"id":"1dc584f0-42cf-4283-8012-04ac3050ba28","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":26,"box":{"x":82,"y":858,"width":816,"height":12}},{"id":"2c1d1613-2fc5-4509-a5b2-82d2ef0df7f5","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":26,"box":{"x":82,"y":873,"width":818,"height":12}},{"id":"61a25fa8-5fd8-4afa-975c-9ca9ebbb5689","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":26,"box":{"x":80,"y":888,"width":835,"height":12}},{"id":"75fe5b6f-1fe6-4bbe-a1cb-e37484a600a2","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":26,"box":{"x":80,"y":903,"width":807,"height":11}},{"id":"c7891719-dcae-4e58-b404-ee8edc0e0e5e","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":26,"box":{"x":82,"y":918,"width":841,"height":11}},{"id":"406085c2-4faa-4da2-801d-9f7af0bacadd","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"26083d4d-39ab-4f35-a153-b0141cbf5000","block_type":"box","text":"NM0926U-5977344-26/48","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"164b9369-58fe-4715-aef7-b4b5b9e667c6","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":27,"box":{"x":80,"y":46,"width":855,"height":11}},{"id":"0084dd13-a90a-40c3-b81d-658835ad3451","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":27,"box":{"x":81,"y":61,"width":751,"height":10}},{"id":"f734a099-172e-4b31-b141-497958e1001b","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":27,"box":{"x":81,"y":76,"width":785,"height":11}},{"id":"445ac965-35f5-4302-9eaa-7c5c7b0b9944","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":27,"box":{"x":81,"y":90,"width":841,"height":12}},{"id":"1c1368fc-13ac-4c5e-beb4-f449367e760f","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":27,"box":{"x":80,"y":105,"width":824,"height":12}},{"id":"a0816dc2-97b4-43ce-8124-cb393fef4301","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":27,"box":{"x":81,"y":120,"width":822,"height":11}},{"id":"bc4227b8-dd7c-4b5c-aa8e-48630bb4b7ba","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":27,"box":{"x":81,"y":135,"width":801,"height":11}},{"id":"3954edbc-2843-41be-b21f-01d7e7b7d6a2","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":27,"box":{"x":80,"y":150,"width":765,"height":11}},{"id":"5c2c04d4-4809-4686-ac40-5d6071850a45","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":27,"box":{"x":82,"y":164,"width":852,"height":12}},{"id":"1541dc7d-f562-47a2-98cd-aa6c85d578d4","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":27,"box":{"x":82,"y":179,"width":847,"height":12}},{"id":"dd15c8d2-7211-4af5-be91-e6e9db0fdee3","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":27,"box":{"x":80,"y":194,"width":847,"height":11}},{"id":"2c161d3a-419e-425c-bf24-162ceae60311","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":27,"box":{"x":81,"y":209,"width":845,"height":11}},{"id":"4c10ccb5-271f-479a-bfa4-52af0721054d","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":27,"box":{"x":82,"y":224,"width":835,"height":11}},{"id":"f6def9d5-f69a-4a2a-9ce3-76751aff09c3","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":27,"box":{"x":82,"y":238,"width":839,"height":12}},{"id":"e887c839-b7b0-486c-ada5-efb4fdfaf49a","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":27,"box":{"x":82,"y":253,"width":461,"height":12}},{"id":"79799c0a-f0f9-476f-b334-9fc87710f516","block_type":"box","text":"Ownership Limitations Risk","page_number":27,"box":{"x":82,"y":273,"width":205,"height":11}},{"id":"b5f9ca61-1a79-4992-b21f-3bfad1291e93","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":27,"box":{"x":291,"y":273,"width":610,"height":12}},{"id":"629b4dda-b93a-48d8-aeb3-eb0592e4bfc2","block_type":"box","text":"transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":27,"box":{"x":80,"y":288,"width":849,"height":11}},{"id":"0e5172e5-04f4-4048-98cd-3fa950783abd","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":27,"box":{"x":81,"y":303,"width":798,"height":11}},{"id":"3e12842b-e69b-4a50-8792-6043c818690d","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":27,"box":{"x":82,"y":318,"width":833,"height":11}},{"id":"265e869a-6633-44fa-848b-b1cf4e76d1d1","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":27,"box":{"x":82,"y":332,"width":851,"height":12}},{"id":"3471478a-4d28-4f25-a550-38078c3ecc16","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":27,"box":{"x":81,"y":347,"width":813,"height":12}},{"id":"b0f5ea99-c80f-492b-9404-4b4f0e82bc7a","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":27,"box":{"x":82,"y":362,"width":331,"height":12}},{"id":"6891cde6-046e-49a9-a4d6-011b29ce9e64","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":27,"box":{"x":82,"y":382,"width":826,"height":12}},{"id":"3647b5d7-1459-4dc3-830a-44af4d9d36a3","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":27,"box":{"x":81,"y":397,"width":848,"height":12}},{"id":"b5779285-f3a5-45f5-906b-0ee73d60a75b","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":27,"box":{"x":81,"y":412,"width":799,"height":11}},{"id":"ba193459-f574-40b9-9988-07b18466ef30","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":27,"box":{"x":81,"y":427,"width":828,"height":11}},{"id":"e8f31485-3424-47e7-ad98-d937ff6fcfae","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":27,"box":{"x":81,"y":441,"width":828,"height":12}},{"id":"ff90048d-93b4-4d24-96fa-5246a13201fe","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":27,"box":{"x":80,"y":456,"width":837,"height":12}},{"id":"c4c008f4-2b48-4f8c-8482-e3ed511ba354","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":27,"box":{"x":80,"y":471,"width":837,"height":12}},{"id":"6ca1e485-fa57-4887-843a-b9f979d5e3a5","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":27,"box":{"x":82,"y":486,"width":800,"height":11}},{"id":"0a9efe7f-c3ed-401f-8e71-daeb6fefec5e","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":27,"box":{"x":81,"y":501,"width":678,"height":11}},{"id":"19a2e75b-194c-47d1-85cc-96b58f1ad5ca","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":27,"box":{"x":81,"y":521,"width":842,"height":11}},{"id":"ac0d8342-ff84-4b4c-a3eb-88c4f0c1d440","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":27,"box":{"x":81,"y":536,"width":833,"height":11}},{"id":"233c4f10-f169-4bf5-9309-3d513359c66a","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":27,"box":{"x":82,"y":550,"width":582,"height":12}},{"id":"2ca3fb98-2d5e-4329-a060-742560eb60de","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":27,"box":{"x":81,"y":570,"width":269,"height":10}},{"id":"05597691-c2ea-4b44-84b4-76f0cbaf6d7b","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":27,"box":{"x":354,"y":570,"width":527,"height":10}},{"id":"3cf9fe8c-feae-40bc-a99a-bb7d531282e4","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":27,"box":{"x":82,"y":585,"width":816,"height":12}},{"id":"a07e59f0-d002-4841-910d-bbc753872d8c","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":27,"box":{"x":81,"y":600,"width":845,"height":12}},{"id":"294a22fd-e4bb-4703-9cf8-d22e5b7f6da5","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and","page_number":27,"box":{"x":81,"y":615,"width":841,"height":11}},{"id":"14514c91-d376-43a3-ae1f-1acb16ae583a","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":27,"box":{"x":82,"y":630,"width":852,"height":11}},{"id":"bcdd52a7-e549-4a3a-9634-97cc41089f1d","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":27,"box":{"x":81,"y":644,"width":841,"height":12}},{"id":"8fec3091-092f-40b7-ac0b-1326c95cd8f2","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":27,"box":{"x":81,"y":659,"width":807,"height":12}},{"id":"493e65a8-b752-4f12-94ed-55fd3e3d5d09","block_type":"box","text":"property type, the Fund will be particularly subject to the risks associated with that area or property type. Many","page_number":27,"box":{"x":82,"y":674,"width":815,"height":12}},{"id":"4da34f63-7399-434f-9a08-d11803377ab9","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":27,"box":{"x":82,"y":689,"width":845,"height":11}},{"id":"2de6e950-1334-4c8e-b2d3-242b9421db69","block_type":"box","text":"The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the","page_number":27,"box":{"x":81,"y":704,"width":828,"height":11}},{"id":"20267d7e-c6f4-45d6-932b-a7475d9a109a","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":27,"box":{"x":82,"y":719,"width":805,"height":11}},{"id":"9bea4738-7ce9-4840-b2cd-fd5797011d32","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":27,"box":{"x":81,"y":733,"width":767,"height":12}},{"id":"fc4f7db5-c315-4428-9c3e-c65e3f646d37","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":27,"box":{"x":81,"y":748,"width":831,"height":12}},{"id":"6a4f318f-d704-4c66-8685-15b4ba4a77ec","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":27,"box":{"x":82,"y":763,"width":824,"height":11}},{"id":"896bdd44-a557-4755-a535-fa4fde0e7f37","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":27,"box":{"x":81,"y":778,"width":817,"height":11}},{"id":"b5375540-c35b-4daa-a308-eaffe7a2fc43","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":27,"box":{"x":81,"y":793,"width":367,"height":11}},{"id":"640c0f32-4b4f-44e0-852e-e0f67abb24bd","block_type":"box","text":"Reference Rate Replacement Risk","page_number":27,"box":{"x":81,"y":813,"width":260,"height":11}},{"id":"46e064cb-0141-41fb-8626-f2cf5667cbb7","block_type":"box","text":"— The Fund’s investments, payment obligations and financing terms may be","page_number":27,"box":{"x":345,"y":813,"width":563,"height":11}},{"id":"1fee64f4-8264-4e4b-9f27-2a36b9214413","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank","page_number":27,"box":{"x":81,"y":827,"width":803,"height":12}},{"id":"4dce6bf3-afde-429f-9bcc-6e63f2521df0","block_type":"box","text":"Average Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a","page_number":27,"box":{"x":81,"y":842,"width":796,"height":12}},{"id":"f1f656f5-2856-47dd-894d-07db47c3ba85","block_type":"box","text":"Reference Rate or any other changes or reforms to the determination or supervision of a Reference Rate could have","page_number":27,"box":{"x":82,"y":857,"width":853,"height":12}},{"id":"2ae41c7e-85ee-410b-af8e-1aca12d355a7","block_type":"box","text":"an adverse impact on the market for, or value of, any instruments (including debt instruments and certain derivative","page_number":27,"box":{"x":81,"y":872,"width":851,"height":12}},{"id":"e4903d73-7576-4784-8bb8-5d13337cd058","block_type":"box","text":"instruments) or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any","page_number":27,"box":{"x":82,"y":887,"width":812,"height":11}},{"id":"4835e33e-673e-4503-b27f-ab2e4fb4784b","block_type":"box","text":"pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Fund’s","page_number":27,"box":{"x":82,"y":902,"width":804,"height":11}},{"id":"558ac43a-e088-4e4b-9eb0-83e0d23704b7","block_type":"box","text":"performance and/or net asset value.","page_number":27,"box":{"x":82,"y":916,"width":270,"height":12}},{"id":"ee0066ea-5be7-40e4-9267-241f6aad238d","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"132ec9b7-a375-4806-bb8a-d808a106834b","block_type":"box","text":"NM0926U-5977344-27/48","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"bfbb19ea-87ee-4ea2-9426-f1c24e2ed04a","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been the","page_number":28,"box":{"x":82,"y":46,"width":835,"height":11}},{"id":"946a8fb8-d4d5-4eea-ad04-f085c57ee9cf","block_type":"box","text":"subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":28,"box":{"x":81,"y":60,"width":781,"height":12}},{"id":"05c18508-8c7c-49ed-a00a-3d749ede5bb3","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":28,"box":{"x":82,"y":75,"width":768,"height":12}},{"id":"9c758a61-9550-4a3f-b1ba-79921239e8d1","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":28,"box":{"x":82,"y":90,"width":847,"height":12}},{"id":"c88dbd82-ffe2-465d-ac0e-67766006ad60","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":28,"box":{"x":81,"y":105,"width":846,"height":11}},{"id":"2ddc1536-57ee-4b8e-a687-a9cb6263cc7a","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":28,"box":{"x":81,"y":120,"width":822,"height":11}},{"id":"4227ad4f-0dd4-4817-9642-f747fc6e115c","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further","page_number":28,"box":{"x":82,"y":135,"width":798,"height":11}},{"id":"2a799165-d21a-43ca-9cc1-b1c9af5139dc","block_type":"box","text":"change in the future, with the result that relevant benchmarks may perform differently than in the past, the use of","page_number":28,"box":{"x":81,"y":149,"width":839,"height":12}},{"id":"ce60bb2d-51d2-45f5-9ef7-c581f742354f","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":28,"box":{"x":81,"y":165,"width":826,"height":11}},{"id":"5ec3a8d6-9185-4b72-a4a7-9e3260a8d7c6","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and","page_number":28,"box":{"x":81,"y":179,"width":778,"height":12}},{"id":"58baadaf-2baf-4f53-9d24-a3b91952f9c7","block_type":"box","text":"disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be","page_number":28,"box":{"x":81,"y":194,"width":851,"height":11}},{"id":"4998ea65-9827-44d3-8b5c-a002da52647c","block_type":"box","text":"other consequences which cannot be predicted.","page_number":28,"box":{"x":81,"y":209,"width":350,"height":11}},{"id":"0a3de16f-8f8b-47a9-adfe-cd8bc60b5b5e","block_type":"box","text":"REIT Investment Risk","page_number":28,"box":{"x":81,"y":229,"width":163,"height":9}},{"id":"e4c11dfc-34c1-428b-926a-de83f8dc4095","block_type":"box","text":"— In addition to the risks facing real estate-related securities, such as a decline in property","page_number":28,"box":{"x":248,"y":229,"width":676,"height":11}},{"id":"7491d7fe-b91f-4d21-9396-8d9941e96237","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":28,"box":{"x":80,"y":244,"width":846,"height":11}},{"id":"d9e5af95-1cd6-4284-8eff-c1f36445a7ed","block_type":"box","text":"developments or a decline in the price of securities of real estate companies due to a failure of borrowers to pay","page_number":28,"box":{"x":81,"y":258,"width":829,"height":12}},{"id":"c4759fd6-4e5e-4bd5-86b3-867a08059d39","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":28,"box":{"x":80,"y":273,"width":793,"height":12}},{"id":"63eacf5a-2920-4a91-a3df-b0108d88886d","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":28,"box":{"x":82,"y":288,"width":836,"height":12}},{"id":"0d5cae50-fb6f-4dcf-8b6c-462d02e31fad","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":28,"box":{"x":81,"y":303,"width":814,"height":11}},{"id":"b683071d-f984-41d2-b1f3-5bfaa43f0c8f","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":28,"box":{"x":81,"y":318,"width":825,"height":11}},{"id":"7289f150-1732-42d7-b31d-bc0e631bacf9","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":28,"box":{"x":81,"y":332,"width":797,"height":12}},{"id":"84f6ef05-199d-464e-8531-7661accdcb29","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":28,"box":{"x":81,"y":348,"width":812,"height":11}},{"id":"123bdc7e-94e2-4fb0-bc75-daaf60343ed8","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":28,"box":{"x":82,"y":362,"width":838,"height":12}},{"id":"016c9884-b66e-409c-af43-c1efea4a3273","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":28,"box":{"x":81,"y":377,"width":832,"height":12}},{"id":"ad18e066-2466-4ee9-8dce-a754d942f925","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":28,"box":{"x":82,"y":392,"width":809,"height":11}},{"id":"1a44fdae-c195-4618-9525-0abdd7c771d1","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":28,"box":{"x":81,"y":407,"width":819,"height":11}},{"id":"3cbe8ead-5345-4b1f-9ed0-cc5f1230730f","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":28,"box":{"x":81,"y":422,"width":813,"height":11}},{"id":"e94a0b91-0e4b-4769-b60f-ac7d758d849c","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":28,"box":{"x":81,"y":436,"width":434,"height":12}},{"id":"fc3e485c-d6fa-45aa-93ce-9a6aaada37c3","block_type":"box","text":"Reliance on Advisor Risk","page_number":28,"box":{"x":81,"y":456,"width":188,"height":9}},{"id":"18b0e391-7ae0-48bf-96c3-386ca2f563ec","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":28,"box":{"x":273,"y":456,"width":614,"height":12}},{"id":"71baf6c8-6924-4a91-9ada-4b998a95c4b6","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":28,"box":{"x":80,"y":471,"width":830,"height":11}},{"id":"5cdcfecc-e553-48cf-bf3f-8b04e34e2087","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":28,"box":{"x":80,"y":486,"width":856,"height":11}},{"id":"54067d55-3879-4a2f-8638-8cb9dbd67a23","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":28,"box":{"x":80,"y":501,"width":841,"height":11}},{"id":"12ed2efa-b069-477a-b907-48d6188c3e02","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":28,"box":{"x":81,"y":516,"width":649,"height":11}},{"id":"97e75d5d-c88a-4b15-b82d-c27134e60d19","block_type":"box","text":"Securities Lending Risk","page_number":28,"box":{"x":81,"y":536,"width":178,"height":11}},{"id":"2939af9e-b9eb-4624-8ae1-43652cc0b88c","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":28,"box":{"x":263,"y":536,"width":661,"height":11}},{"id":"ccaaf8a2-ff97-432b-87df-a9f9d241fdd1","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner","page_number":28,"box":{"x":82,"y":550,"width":852,"height":12}},{"id":"b291658e-be80-4ed0-8e0b-6aa461a098a4","block_type":"box","text":"or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned","page_number":28,"box":{"x":81,"y":565,"width":811,"height":12}},{"id":"e83445af-f240-49f4-b49b-01d7773b6ea5","block_type":"box","text":"securities or a decline in the value of any investments made with cash collateral. These events could also trigger","page_number":28,"box":{"x":81,"y":580,"width":829,"height":12}},{"id":"6f4d5310-67d8-41a6-8273-0564cb4e5d5e","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":28,"box":{"x":81,"y":595,"width":292,"height":11}},{"id":"716cbc8b-b1db-4155-adb0-3e7e9bae23be","block_type":"box","text":"Short Sales and Short Position Risk","page_number":28,"box":{"x":81,"y":615,"width":271,"height":9}},{"id":"3313a821-9b4c-49ff-87f5-444bcb242f4e","block_type":"box","text":"—","page_number":28,"box":{"x":357,"y":620,"width":17,"height":1}},{"id":"279b84b1-270f-43dc-b70b-0372e1c2962a","block_type":"box","text":"Because making short sales or taking short positions in securities that it","page_number":28,"box":{"x":379,"y":615,"width":537,"height":11}},{"id":"d9e1f52a-6736-4ba5-af6a-d0a8106b7a53","block_type":"box","text":"does not own would expose the Fund to the risks associated with those securities, such short sales or positions","page_number":28,"box":{"x":81,"y":630,"width":828,"height":11}},{"id":"cdda5d54-d39f-4987-ba76-a5a1b98d57ff","block_type":"box","text":"involve speculative exposure risk. In such situations, the Fund will incur a loss as a result of a short sale or position","page_number":28,"box":{"x":82,"y":644,"width":853,"height":12}},{"id":"51499f5e-83ef-48cb-b5cd-af0ed79015e7","block_type":"box","text":"if the price of the reference instrument increases after the Fund entered into the short sale or position. The Fund","page_number":28,"box":{"x":82,"y":659,"width":829,"height":12}},{"id":"3e7f9a63-0fd0-4933-8fa2-51925d1c12b3","block_type":"box","text":"may engage in short sales and gain short exposure through certain derivative instruments, such as futures, options","page_number":28,"box":{"x":82,"y":674,"width":852,"height":12}},{"id":"c5314b7c-5c80-467e-83eb-2bf18bcd12bf","block_type":"box","text":"or swaps. The Fund may lose more money than the actual cost of a short sale or position and the potential losses","page_number":28,"box":{"x":81,"y":689,"width":840,"height":11}},{"id":"5d992d0f-d96b-40e5-8fa3-21d5f7c8213d","block_type":"box","text":"are theoretically unlimited on a short sale or position.","page_number":28,"box":{"x":81,"y":704,"width":394,"height":11}},{"id":"77906dc6-4f3a-4076-9c51-c94fbec154eb","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":28,"box":{"x":81,"y":724,"width":363,"height":11}},{"id":"fd00adf5-23d8-4bd0-9975-409d58e878b2","block_type":"box","text":"— Small cap or emerging growth companies may have limited","page_number":28,"box":{"x":448,"y":724,"width":453,"height":11}},{"id":"4a44bddb-b5d7-4b4d-9a00-6de7edf229cf","block_type":"box","text":"product lines or markets. They may be less financially secure than larger, more established companies. They may","page_number":28,"box":{"x":82,"y":739,"width":833,"height":11}},{"id":"40990daa-d095-4327-aa4c-7e80fc24d900","block_type":"box","text":"depend on a small number of key personnel. If a product fails or there are other adverse developments, or if","page_number":28,"box":{"x":81,"y":753,"width":797,"height":12}},{"id":"0979e351-cd31-4699-b7e0-59a819c61e76","block_type":"box","text":"management changes, the Fund’s investment in a small cap or emerging growth company may lose substantial","page_number":28,"box":{"x":82,"y":768,"width":815,"height":12}},{"id":"6a3fb562-c8ad-4c44-a42d-2414de135d3a","block_type":"box","text":"value. In addition, it is more difficult to get information on smaller companies, which tend to be less well known,","page_number":28,"box":{"x":80,"y":783,"width":825,"height":12}},{"id":"7fe6b4c3-65a0-408e-bef0-9f81efd92eb1","block_type":"box","text":"have shorter operating histories, do not have significant ownership by large investors and are followed by relatively","page_number":28,"box":{"x":82,"y":798,"width":842,"height":11}},{"id":"313108ad-bc37-4967-9330-dfa28c921499","block_type":"box","text":"few securities analysts.","page_number":28,"box":{"x":81,"y":813,"width":171,"height":11}},{"id":"d744ca47-538c-4cd2-986e-6cee5a5b93d6","block_type":"box","text":"The securities of small cap and emerging growth companies generally trade in lower volumes and are subject to","page_number":28,"box":{"x":81,"y":833,"width":820,"height":11}},{"id":"2baae9ff-d5ca-497e-a202-c255d48a6edb","block_type":"box","text":"greater and more unpredictable price changes than larger cap securities or the market as a whole. In addition, small","page_number":28,"box":{"x":81,"y":848,"width":855,"height":11}},{"id":"ee6f36f1-9a6c-4ec0-838f-9fa74f04e84e","block_type":"box","text":"cap and emerging growth securities may be particularly sensitive to changes in interest rates, borrowing costs and","page_number":28,"box":{"x":81,"y":863,"width":842,"height":11}},{"id":"ef3867b9-2937-48ec-addf-3d4e42b065e8","block_type":"box","text":"earnings. Investing in small cap and emerging growth securities requires a longer term view.","page_number":28,"box":{"x":81,"y":877,"width":675,"height":12}},{"id":"f7eb3a5c-5a46-436a-8105-a2f642704508","block_type":"box","text":"Standby Commitment Agreements Risk","page_number":28,"box":{"x":81,"y":897,"width":298,"height":12}},{"id":"264178c0-aac3-4e71-bfeb-38ec093f3e0a","block_type":"box","text":"—","page_number":28,"box":{"x":383,"y":903,"width":17,"height":0}},{"id":"b42ea406-f4e6-4e77-a1da-e5c0ba9d3431","block_type":"box","text":"Standby commitment agreements involve the risk that the security the","page_number":28,"box":{"x":405,"y":897,"width":514,"height":12}},{"id":"0c8c3d56-bbb3-4973-8d23-61c0c10d7848","block_type":"box","text":"Fund buys will lose value prior to its delivery to the Fund and will no longer be worth what the Fund has agreed to","page_number":28,"box":{"x":82,"y":912,"width":829,"height":12}},{"id":"8cb1ae2a-4ba7-4bcd-8c3c-ea9f87987491","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"132d2c2c-296f-4cce-a26b-27880e4953f4","block_type":"box","text":"NM0926U-5977344-28/48","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4a212d34-be72-49f6-b921-24401a6faa51","block_type":"box","text":"pay for it. These agreements also involve the risk that if the security goes up in value, the counterparty will decide","page_number":29,"box":{"x":82,"y":46,"width":836,"height":11}},{"id":"b89b530b-a34f-4287-987a-9ca700107ea1","block_type":"box","text":"not to issue the security. In this case, the Fund loses both the investment opportunity for the assets it set aside to","page_number":29,"box":{"x":82,"y":60,"width":844,"height":12}},{"id":"1bafd404-1150-4060-9176-fedc479dfa90","block_type":"box","text":"pay for the security and any gain in the security’s price.","page_number":29,"box":{"x":82,"y":75,"width":403,"height":12}},{"id":"bc3cb657-5baf-4c5c-bca0-b35133353126","block_type":"box","text":"Valuation Risk","page_number":29,"box":{"x":83,"y":95,"width":107,"height":9}},{"id":"83f63f13-ffd5-4104-8a4c-5a4dc8462fdb","block_type":"box","text":"—","page_number":29,"box":{"x":194,"y":101,"width":17,"height":0}},{"id":"699e71b5-eec4-4ca5-b6b5-3e1d6837a29a","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":29,"box":{"x":215,"y":95,"width":700,"height":12}},{"id":"2a75c4b3-a849-40aa-8c61-b8be6ae5ef98","block_type":"box","text":"from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that","page_number":29,"box":{"x":81,"y":110,"width":835,"height":12}},{"id":"1b2a861c-7b9c-474e-8303-98f36d346429","block_type":"box","text":"are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the","page_number":29,"box":{"x":81,"y":125,"width":848,"height":11}},{"id":"777372d7-88d9-4678-b2ee-fe954c311976","block_type":"box","text":"price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could","page_number":29,"box":{"x":82,"y":140,"width":845,"height":11}},{"id":"e48df84b-0a51-4491-b5a7-bf8c8ce75abb","block_type":"box","text":"realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Pricing services","page_number":29,"box":{"x":82,"y":155,"width":840,"height":11}},{"id":"5b3eaef7-6f13-46e1-b73f-1bb9c2a42f63","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":29,"box":{"x":80,"y":169,"width":783,"height":12}},{"id":"9bdb5e60-4a22-4c73-be2a-4aabaf98a411","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":29,"box":{"x":81,"y":184,"width":810,"height":12}},{"id":"7185da85-9ec9-48fa-ae30-aadecd280654","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":29,"box":{"x":81,"y":199,"width":847,"height":12}},{"id":"0b1917ad-b4e2-467c-b564-98f225d65b90","block_type":"box","text":"may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may","page_number":29,"box":{"x":82,"y":214,"width":848,"height":11}},{"id":"6d0fb1df-4d40-4635-9faf-aed718061d94","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":29,"box":{"x":80,"y":229,"width":819,"height":11}},{"id":"62c8c88d-b54a-4d11-aaa8-f03dfe692598","block_type":"box","text":"could differ from the prices used by the Fund. The Fund’s ability to value its investments may also be impacted by","page_number":29,"box":{"x":81,"y":244,"width":837,"height":11}},{"id":"f4cb1f0c-2514-4cb7-8ba6-18eebb26dec7","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":29,"box":{"x":80,"y":259,"width":672,"height":11}},{"id":"63147e1e-e4f9-40f4-a043-d0f5eb18d1c4","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":29,"box":{"x":83,"y":278,"width":584,"height":12}},{"id":"d347b026-40f5-467c-b5ff-261b74480f11","block_type":"box","text":"— When-issued and delayed","page_number":29,"box":{"x":671,"y":279,"width":208,"height":11}},{"id":"7ff761b3-82fd-43c8-9998-583668c3e63e","block_type":"box","text":"delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to","page_number":29,"box":{"x":81,"y":293,"width":843,"height":12}},{"id":"be3971d2-459e-4188-b1bf-c2771b74d827","block_type":"box","text":"its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will","page_number":29,"box":{"x":82,"y":308,"width":830,"height":11}},{"id":"86b6d2e6-3412-4741-9ad3-97a3e1e2aed6","block_type":"box","text":"not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside","page_number":29,"box":{"x":82,"y":323,"width":849,"height":11}},{"id":"bb2b8a78-a0db-4875-9d8c-73e03e725439","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":29,"box":{"x":80,"y":338,"width":425,"height":11}},{"id":"8996d522-2ab2-4d96-b34a-ec14a3e9de19","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"50864162-3b8f-471a-a774-7eb9fdc46045","block_type":"box","text":"NM0926U-5977344-29/48","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"244b6e47-999c-489e-b61c-63b0805bf902","block_type":"box","text":"Account Information","page_number":30,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"86517189-13a4-4d2b-8260-3c17db2c31d3","block_type":"box","text":"Details About the Share Class","page_number":30,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"c65cb3a9-eea6-48a7-9fda-5ca78e91a14f","block_type":"box","text":"The Fund currently offers multiple share classes (Class K Shares in this prospectus), each with its own sales charge","page_number":30,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"b972331c-8cd3-429f-af1c-c92ddb210374","block_type":"box","text":"and expense structure, allowing you to invest in the way that best suits your needs. Each share class represents an","page_number":30,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"f1748153-a764-41bc-81de-8eadb46d0329","block_type":"box","text":"ownership interest in the same investment portfolio of the Fund. When you choose your class of shares, you should","page_number":30,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"4a14e953-a774-439b-8159-a1a51303b963","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Only certain investors are eligible to","page_number":30,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"72c29818-18c9-4be0-810b-78007be0cedf","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":30,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"a97a1606-d85a-4cd2-80d1-8c166c667225","block_type":"box","text":"service provider or industry professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can","page_number":30,"box":{"x":61,"y":256,"width":859,"height":12}},{"id":"40a8c588-c1f4-47f2-a8a1-2016afe4eb4b","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":30,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"40e8639f-b7f2-468c-8968-d579c83aed43","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":30,"box":{"x":60,"y":294,"width":811,"height":11}},{"id":"3fad4266-2b1e-4976-9951-0fc78cd092dc","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":30,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"d400421f-5045-4926-acf0-18094e823f89","block_type":"box","text":"Class K Shares at a Glance","page_number":30,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"90d02ac9-9bee-4a7c-b5b0-2f6d0ae41d9d","block_type":"box","text":"Availability","page_number":30,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"045ddaa6-1164-45a8-b97e-d1e49501fc4c","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":30,"box":{"x":348,"y":378,"width":562,"height":10}},{"id":"bb0130c8-73a3-4452-b180-0c2676e4ef02","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs","page_number":30,"box":{"x":348,"y":392,"width":577,"height":10}},{"id":"d7331011-3348-41ad-bdca-7b4b02d278e1","block_type":"box","text":"and SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":30,"box":{"x":348,"y":405,"width":581,"height":10}},{"id":"ca4e4c81-b6ff-48a0-9587-28a904a08bec","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":30,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"f63a675a-1a1e-47e7-9093-319e0a296c4c","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":30,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"dfe845da-f6f1-44c6-8da7-6f93e9056b7d","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":30,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"22176ee3-61a6-49b1-8721-66495fdc0f3b","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":30,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"bdcfc667-0e94-41d6-8fcc-a855788ce266","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":30,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"bca40911-8dab-4920-bebe-67925f7401ab","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":30,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"833aa732-ac61-44ab-a3d2-94efeddec326","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":30,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"c07ad2e3-64ca-468a-a81f-1ae550bda5f1","block_type":"box","text":"to purchase such shares, (iv) clients of private banks that purchase shares of the Fund","page_number":30,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"1e981a90-5bc2-464f-b606-a5da332803a9","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":30,"box":{"x":348,"y":527,"width":583,"height":10}},{"id":"a1f1f6e2-6d20-4066-8d5a-fba471621d93","block_type":"box","text":"to sell such shares; (v) fee-based advisory platforms of a Financial Intermediary that","page_number":30,"box":{"x":348,"y":540,"width":558,"height":11}},{"id":"2919c86b-4e8f-46d5-a68e-44e5e8f7dbec","block_type":"box","text":"(a) has specifically acknowledged in a written agreement with the Distributor and/or its","page_number":30,"box":{"x":348,"y":554,"width":573,"height":10}},{"id":"b24d0db5-1e0d-4bf0-beed-f181aea7201a","block_type":"box","text":"affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory","page_number":30,"box":{"x":348,"y":567,"width":578,"height":11}},{"id":"128cb8f8-f7e6-40e9-ba4a-a8de98de5a39","block_type":"box","text":"clients through an omnibus account held at the Fund or (b) transacts in the Fund’s","page_number":30,"box":{"x":348,"y":581,"width":544,"height":10}},{"id":"6ab39a1f-c101-4cf4-8e3e-a784762c8a38","block_type":"box","text":"shares through another intermediary that has executed such an agreement and (vi) any","page_number":30,"box":{"x":348,"y":595,"width":578,"height":10}},{"id":"8dc1f1b3-8216-40f7-acc0-f0929529820b","block_type":"box","text":"other investors who met the eligibility criteria for BlackRock Shares or Class K Shares","page_number":30,"box":{"x":348,"y":608,"width":566,"height":10}},{"id":"2b5e21fc-db6d-468a-8413-9072dfecffc6","block_type":"box","text":"prior to August 15, 2016 and have continually held Class K Shares of the Fund in the","page_number":30,"box":{"x":349,"y":621,"width":563,"height":11}},{"id":"2189909b-9e0a-4517-a72a-0cf801b7fed4","block_type":"box","text":"same account since August 15, 2016.","page_number":30,"box":{"x":348,"y":635,"width":253,"height":10}},{"id":"e5ccf8ed-6fd7-4a1d-93ab-d56c830d35f5","block_type":"box","text":"Minimum Investment","page_number":30,"box":{"x":61,"y":667,"width":142,"height":8}},{"id":"65e6a668-aef9-439d-8d16-9d12e7a21225","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":30,"box":{"x":348,"y":666,"width":421,"height":10}},{"id":"08d9107d-7205-4f5d-857f-898c36c642fa","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":30,"box":{"x":348,"y":685,"width":528,"height":11}},{"id":"6b62b3b1-4501-44bf-b140-5538efc1629e","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional Investors.","page_number":30,"box":{"x":349,"y":699,"width":535,"height":10}},{"id":"b61b67c8-e869-4e9d-a08b-eccb52df42c1","block_type":"box","text":"There is no minimum investment amount for additional purchases.","page_number":30,"box":{"x":348,"y":718,"width":439,"height":10}},{"id":"bac180e2-274d-4281-a2c4-823d5b35359f","block_type":"box","text":"Initial Sales Charge?","page_number":30,"box":{"x":61,"y":736,"width":140,"height":10}},{"id":"7ce8f13c-e758-4989-a7d9-4f643f37f17b","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":30,"box":{"x":349,"y":736,"width":391,"height":10}},{"id":"0409a242-5d96-407d-92f8-ad4536a2a806","block_type":"box","text":"Deferred Sales Charge?","page_number":30,"box":{"x":61,"y":754,"width":159,"height":10}},{"id":"91544c4f-8f8b-4921-92a0-f22e68679ad0","block_type":"box","text":"No.","page_number":30,"box":{"x":349,"y":754,"width":20,"height":8}},{"id":"0db30702-b885-4cf8-add9-5526f83bb267","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":30,"box":{"x":61,"y":772,"width":261,"height":10}},{"id":"3756eeb5-6782-4a0b-814a-780515a34dee","block_type":"box","text":"No.","page_number":30,"box":{"x":349,"y":772,"width":20,"height":8}},{"id":"c65bd585-7193-4af4-ad79-c65ccef95dc6","block_type":"box","text":"Redemption Fees?","page_number":30,"box":{"x":61,"y":790,"width":125,"height":10}},{"id":"7eaa798b-32a0-4039-8fba-71010529bf58","block_type":"box","text":"No.","page_number":30,"box":{"x":349,"y":790,"width":20,"height":8}},{"id":"607d8422-1367-476f-bd26-167fa3c31b28","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":30,"box":{"x":60,"y":822,"width":620,"height":11}},{"id":"e55ee71b-4494-4d5a-9a0f-82177f2f1995","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":30,"box":{"x":60,"y":844,"width":874,"height":12}},{"id":"057b9b68-28e8-47d5-a69f-e77b8eb657b8","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":30,"box":{"x":62,"y":859,"width":778,"height":12}},{"id":"f0dd73de-8662-4a8a-8a8f-03e9dadaafca","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":30,"box":{"x":61,"y":874,"width":817,"height":11}},{"id":"157446a2-4aba-467a-a9e2-a63efb154532","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":30,"box":{"x":61,"y":889,"width":807,"height":11}},{"id":"4ef2edac-e980-4db2-a088-30de630591f9","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":30,"box":{"x":62,"y":904,"width":410,"height":11}},{"id":"f2d018eb-ce22-45f7-91f5-4e03e177a042","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"6ad74d61-51f9-4bb7-a117-cbd7567d8260","block_type":"box","text":"NM0926U-5977344-30/48","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"623afed6-8a50-41ce-9018-3b3dca2c736e","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":31,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"e6eebb60-53ba-49c7-8a10-2f10c3cb8743","block_type":"box","text":"an Employer-Sponsored Retirement Plan to a type of account, such as an individual retirement account, that is not an","page_number":31,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"0ade7469-7e44-4bd0-8098-34fb23c252d6","block_type":"box","text":"eligible Class K Share investor in the Fund, you must liquidate your investment in Class K Shares of the Fund and","page_number":31,"box":{"x":61,"y":75,"width":833,"height":12}},{"id":"d22215ae-2fb0-4766-90ac-5f52f325f2fd","block_type":"box","text":"purchase a share class of the Fund or another fund advised by BlackRock or its affiliates that is available for purchase","page_number":31,"box":{"x":62,"y":90,"width":871,"height":12}},{"id":"a65b8d43-a5aa-465c-9a55-63988a1bf2d8","block_type":"box","text":"by that type of account.","page_number":31,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"bc0984b9-dc09-47b5-84f3-82982f7cc799","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":31,"box":{"x":62,"y":127,"width":873,"height":12}},{"id":"4cb3ed37-fd88-4769-af53-f30d2c19d55d","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":31,"box":{"x":61,"y":142,"width":369,"height":12}},{"id":"86483127-f6ff-48fc-8745-73b698a588f4","block_type":"box","text":"Right of Accumulation","page_number":31,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"7abcba50-001e-46a5-846e-1f3d9885de35","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be combined with the amount of the","page_number":31,"box":{"x":62,"y":182,"width":839,"height":11}},{"id":"746bee32-9c1d-4cf2-8595-64c03e4df850","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":31,"box":{"x":61,"y":196,"width":856,"height":12}},{"id":"0c2b8625-ae15-4da6-9512-10ac8e042fe8","block_type":"box","text":"i. The current value of an investor’s existing Investor A and A1, Investor C, Investor P, Institutional, Class K and","page_number":31,"box":{"x":82,"y":219,"width":821,"height":12}},{"id":"96a9798a-2f55-4a9d-a2b9-cdf2f776889e","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":31,"box":{"x":102,"y":234,"width":823,"height":11}},{"id":"a84f133a-a9ed-4e4c-a716-dc848b482fae","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":31,"box":{"x":82,"y":256,"width":792,"height":12}},{"id":"b719e251-ceb0-44cc-96be-9d6253becb26","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":31,"box":{"x":101,"y":271,"width":501,"height":12}},{"id":"9c1c3682-9617-4699-b8c9-35f0b7a272a2","block_type":"box","text":"iii. The investment in the BlackRock CollegeAdvantage 529 Program by the investor or by or on behalf of the","page_number":31,"box":{"x":82,"y":294,"width":788,"height":11}},{"id":"f50a3408-9bdc-4cd1-82b3-83189f399aab","block_type":"box","text":"investor’s spouse and children.","page_number":31,"box":{"x":102,"y":309,"width":228,"height":11}},{"id":"fb8d787b-4db4-4ed3-825e-ef6f65aaae22","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":31,"box":{"x":62,"y":331,"width":866,"height":12}},{"id":"45911fa0-a8a4-47f7-a036-f01e7a41d8b8","block_type":"box","text":"an investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same Financial","page_number":31,"box":{"x":61,"y":346,"width":866,"height":12}},{"id":"47828173-c494-4353-b494-0dff2f0e1f60","block_type":"box","text":"Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":31,"box":{"x":62,"y":361,"width":854,"height":11}},{"id":"c30a029b-0b63-4bbc-8e55-babee04925e0","block_type":"box","text":"any previously purchased shares.","page_number":31,"box":{"x":61,"y":376,"width":243,"height":11}},{"id":"c47b2b3e-523a-4e32-bbdb-47f4e8665233","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":31,"box":{"x":61,"y":415,"width":434,"height":13}},{"id":"3eb32836-7648-4757-b4d5-f80782ec2c80","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":31,"box":{"x":60,"y":441,"width":846,"height":11}},{"id":"a6ac0c93-cdc2-424d-8377-ab8cbfc2f2e7","block_type":"box","text":"Intermediary. If you are not purchasing shares through an Employer-Sponsored Retirement Plan, you may also buy, sell,","page_number":31,"box":{"x":62,"y":456,"width":874,"height":11}},{"id":"da108e8c-d1ee-4c5a-b9b2-df7e507d233d","block_type":"box","text":"exchange and transfer shares through BlackRock if your account is held directly with BlackRock. To learn more about","page_number":31,"box":{"x":61,"y":470,"width":857,"height":12}},{"id":"74caccda-8612-4f2b-a675-e62e90e98c88","block_type":"box","text":"buying, selling, exchanging or transferring shares through BlackRock, call (800) 537-4942. Because the selection of a","page_number":31,"box":{"x":61,"y":485,"width":867,"height":12}},{"id":"d7f37357-2992-4ef9-a4ba-9611162f6981","block_type":"box","text":"mutual fund involves many considerations, your Financial Intermediary may help you with this decision.","page_number":31,"box":{"x":61,"y":500,"width":754,"height":11}},{"id":"e0eef9dc-d08f-421b-a2c4-51f51c0b6459","block_type":"box","text":"With certain limited exceptions, the Fund is generally available only to investors residing in the United States and may","page_number":31,"box":{"x":60,"y":523,"width":867,"height":11}},{"id":"97585d7e-2a67-48b8-8906-7b1c4354a1f6","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. Under this policy, in order to accept new accounts or additional","page_number":31,"box":{"x":61,"y":537,"width":858,"height":12}},{"id":"0bfb35c8-2d87-4507-b17a-1bd6d6d12aef","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":31,"box":{"x":62,"y":552,"width":845,"height":12}},{"id":"1a163e97-1154-49fc-972d-fba9d2292d43","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":31,"box":{"x":61,"y":567,"width":860,"height":12}},{"id":"277657db-969d-4131-9fd1-2016fe48573e","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification","page_number":31,"box":{"x":60,"y":582,"width":868,"height":11}},{"id":"61b39588-a947-47e7-9007-529e365b93c5","block_type":"box","text":"number, and (ii) a Financial Intermediary or a shareholder that is an entity be domiciled in the United States and have","page_number":31,"box":{"x":61,"y":597,"width":863,"height":11}},{"id":"63426b8e-f930-4caf-bcd1-fe1f141c2838","block_type":"box","text":"a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S. taxpayer","page_number":31,"box":{"x":61,"y":612,"width":787,"height":11}},{"id":"66bbda62-cef1-4d33-9946-2abe1ffbc66a","block_type":"box","text":"identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be","page_number":31,"box":{"x":62,"y":626,"width":857,"height":12}},{"id":"c220ab8d-1717-46ae-8426-167b1f1bf33d","block_type":"box","text":"restricted from making additional investments.","page_number":31,"box":{"x":61,"y":641,"width":341,"height":12}},{"id":"e505267b-0a54-4808-a877-be994d3b9963","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":31,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"b6ad23fd-17bd-4248-be2c-9e8b6f747066","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. 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Any purchase orders placed","page_number":32,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"0474b4e0-3a0b-4b53-bcb6-de1bfdd94a85","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":32,"box":{"x":461,"y":94,"width":443,"height":11}},{"id":"39d2a564-df56-4856-96ea-ec5ed87c7e64","block_type":"box","text":"“NYSE”) (generally, 4:00 p.m. Eastern time) will be priced at the net","page_number":32,"box":{"x":461,"y":108,"width":449,"height":10}},{"id":"c7a97f0b-b77b-40b5-a6d1-fef5cd4e22fb","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":32,"box":{"x":461,"y":121,"width":435,"height":11}},{"id":"a27da24e-3f1c-400a-881b-5d4d0cf33173","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":32,"box":{"x":461,"y":135,"width":469,"height":10}},{"id":"2667d963-cde9-494b-b9a9-45183d8063b4","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":32,"box":{"x":461,"y":148,"width":429,"height":11}},{"id":"0677e628-1f7c-40ca-9370-0ac8623fc873","block_type":"box","text":"determined on the next business day. A broker-dealer or financial","page_number":32,"box":{"x":461,"y":162,"width":428,"height":10}},{"id":"9a40f60f-d699-49e8-ac9a-37a3de330236","block_type":"box","text":"institution maintaining the account in which you hold shares may","page_number":32,"box":{"x":461,"y":176,"width":427,"height":10}},{"id":"1e527f13-1791-4810-a2ef-568a5ed9b0af","block_type":"box","text":"charge a separate account, service or transaction fee on the purchase","page_number":32,"box":{"x":461,"y":189,"width":466,"height":10}},{"id":"03428a4e-545a-495f-ba85-809823618202","block_type":"box","text":"or sale of Fund shares that would be in addition to the fees and","page_number":32,"box":{"x":461,"y":203,"width":420,"height":8}},{"id":"16c62c76-3588-4edb-b2e6-24f4a751a3c8","block_type":"box","text":"expenses shown in the Fund’s “Fees and Expenses” table.","page_number":32,"box":{"x":461,"y":216,"width":387,"height":10}},{"id":"5682b1cb-1d3e-4790-88ed-9c708eebc4e1","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":32,"box":{"x":460,"y":232,"width":473,"height":10}},{"id":"c9c4bb74-33d1-4be8-99f7-8556c41f7286","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":32,"box":{"x":461,"y":246,"width":453,"height":10}},{"id":"74629712-f256-4e32-bda7-7c58dcaf896f","block_type":"box","text":"processing fee to confirm a purchase.","page_number":32,"box":{"x":461,"y":259,"width":249,"height":11}},{"id":"9fe9ac14-71e1-4c23-8d6c-147ba893669e","block_type":"box","text":"Or contact BlackRock (for","page_number":32,"box":{"x":214,"y":277,"width":167,"height":10}},{"id":"80a6ed87-a1ed-4411-9491-da549427d282","block_type":"box","text":"accounts held directly with","page_number":32,"box":{"x":214,"y":291,"width":173,"height":10}},{"id":"d66361a7-57e8-4ee4-8ed7-68d8c8eb9182","block_type":"box","text":"BlackRock)","page_number":32,"box":{"x":214,"y":305,"width":71,"height":10}},{"id":"8ab055f6-6b9d-4259-9c24-659c4523a843","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":32,"box":{"x":461,"y":277,"width":450,"height":11}},{"id":"44aeabe1-a4e4-4b43-b545-20651690c749","block_type":"box","text":"Retirement Plan, to purchase shares directly from BlackRock, call","page_number":32,"box":{"x":461,"y":291,"width":432,"height":10}},{"id":"d91da68a-a5a9-4f0c-a3f5-15971a361221","block_type":"box","text":"(800) 537-4942 and request a new account application.","page_number":32,"box":{"x":461,"y":305,"width":370,"height":10}},{"id":"0e83433f-17d1-4561-8408-6bf833038aad","block_type":"box","text":"Add to Your","page_number":32,"box":{"x":60,"y":323,"width":78,"height":8}},{"id":"6852ea3c-ac82-4716-8e19-401e4bd397f4","block_type":"box","text":"Investment","page_number":32,"box":{"x":61,"y":334,"width":75,"height":8}},{"id":"be5cb8f8-3a52-4fff-acee-3073fda357a1","block_type":"box","text":"Purchase additional shares There is no minimum investment amount for additional purchases.","page_number":32,"box":{"x":214,"y":322,"width":685,"height":11}},{"id":"959d9576-f09e-4515-91d1-5449ef1fb571","block_type":"box","text":"Have your Financial","page_number":32,"box":{"x":214,"y":352,"width":125,"height":10}},{"id":"8ac5be56-f833-4395-a849-408f4e46fe95","block_type":"box","text":"Intermediary submit your","page_number":32,"box":{"x":214,"y":366,"width":164,"height":10}},{"id":"d6bdd740-a2fd-45a7-9700-07dd2c2664e1","block_type":"box","text":"purchase order for additional","page_number":32,"box":{"x":214,"y":379,"width":189,"height":10}},{"id":"df4153da-6ee8-423c-b51c-5c6d59be8233","block_type":"box","text":"shares","page_number":32,"box":{"x":214,"y":393,"width":44,"height":8}},{"id":"22a88e0a-2aa9-4287-97b6-72e17f3e1894","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":32,"box":{"x":460,"y":352,"width":409,"height":10}},{"id":"926b3417-aea8-4d9e-9b17-45a419b9f4df","block_type":"box","text":"Intermediary or Employer-Sponsored Retirement Plan.","page_number":32,"box":{"x":461,"y":366,"width":353,"height":10}},{"id":"71960422-8148-444c-8e90-4aa1e76aaed3","block_type":"box","text":"Or contact BlackRock (for","page_number":32,"box":{"x":214,"y":411,"width":167,"height":10}},{"id":"333b4959-ff33-43c5-83b6-99ef78ebc6ff","block_type":"box","text":"accounts held directly with","page_number":32,"box":{"x":214,"y":425,"width":173,"height":10}},{"id":"16d8aa04-0ea5-441e-b9bc-1564d2e5047d","block_type":"box","text":"BlackRock)","page_number":32,"box":{"x":214,"y":438,"width":71,"height":10}},{"id":"e6be24f7-e94d-40d6-bd69-f6ebdc0596e9","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":32,"box":{"x":461,"y":411,"width":460,"height":10}},{"id":"65e68341-8821-4f38-ab17-298f2f153a12","block_type":"box","text":"Retirement Plan","page_number":32,"box":{"x":461,"y":424,"width":108,"height":9}},{"id":"5190e8f2-60f3-4942-a5fa-9e42fef90099","block_type":"box","text":":","page_number":32,"box":{"x":572,"y":427,"width":1,"height":5}},{"id":"c1eab566-1334-4cb3-a366-cc56392f5021","block_type":"box","text":"Purchase by Telephone","page_number":32,"box":{"x":461,"y":441,"width":154,"height":10}},{"id":"60111045-ad49-4db3-8904-0b9a98b6a022","block_type":"box","text":": Call the Fund at (800) 537-4942 and speak","page_number":32,"box":{"x":617,"y":441,"width":298,"height":10}},{"id":"45f43931-3437-4a4d-a6a5-60a7dacb295a","block_type":"box","text":"with one of our representatives. The Fund has the right to reject any","page_number":32,"box":{"x":460,"y":454,"width":449,"height":10}},{"id":"3a80bf96-5b53-478c-9f5c-d31c537b0a2b","block_type":"box","text":"telephone request for any reason.","page_number":32,"box":{"x":460,"y":467,"width":223,"height":11}},{"id":"0ccd7cdc-f7e4-45f0-99c7-fcebaf63045c","block_type":"box","text":"Purchase by Internet","page_number":32,"box":{"x":461,"y":484,"width":140,"height":10}},{"id":"19881105-3c97-4b0b-9d59-581dfb080c34","block_type":"box","text":": You may purchase your shares, and view activity","page_number":32,"box":{"x":603,"y":484,"width":326,"height":10}},{"id":"c1f91574-6c45-424c-bff7-23d5dba32a2e","block_type":"box","text":"in your account, by logging onto the BlackRock website at","page_number":32,"box":{"x":461,"y":497,"width":379,"height":11}},{"id":"12d1c81d-2ade-45b1-b8bc-0fdc0b8c87b5","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":32,"box":{"x":460,"y":511,"width":416,"height":10}},{"id":"a578f6d7-229f-4667-91c7-28018f5d3a4e","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":32,"box":{"x":460,"y":524,"width":450,"height":11}},{"id":"c3956655-255d-46c8-8f82-8054f2b7c111","block_type":"box","text":"day after the purchase is made. Certain institutional clients’ purchase","page_number":32,"box":{"x":461,"y":538,"width":463,"height":10}},{"id":"2bbb4278-a33b-4c4f-98c5-02fe9adc957e","block_type":"box","text":"orders placed by wire prior to the close of business on the NYSE will be","page_number":32,"box":{"x":461,"y":551,"width":471,"height":11}},{"id":"e2d80832-abad-4405-a7ef-3b7d37ef2443","block_type":"box","text":"priced at the net asset value determined that day. Contact your","page_number":32,"box":{"x":461,"y":565,"width":417,"height":10}},{"id":"fa1ce8db-2b1b-4aa7-8382-245da710be02","block_type":"box","text":"Financial Intermediary or BlackRock for further information. Limits on","page_number":32,"box":{"x":461,"y":578,"width":456,"height":11}},{"id":"d55efb7a-0239-4dd6-addf-9c38b73c3d7b","block_type":"box","text":"amounts that may be purchased via Internet may vary. For additional","page_number":32,"box":{"x":461,"y":592,"width":452,"height":10}},{"id":"23435d21-919c-499b-93cc-34e57a293ab0","block_type":"box","text":"information call BlackRock at (800) 537-4942.","page_number":32,"box":{"x":461,"y":605,"width":307,"height":11}},{"id":"ce718141-0309-492a-ad77-b5e79713e77f","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":32,"box":{"x":461,"y":622,"width":430,"height":8}},{"id":"5f336a51-c893-4a4d-9d49-e63e6da7a3dd","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":32,"box":{"x":460,"y":635,"width":417,"height":10}},{"id":"40906ed1-8708-4898-978e-7830c5d84495","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":32,"box":{"x":461,"y":649,"width":448,"height":10}},{"id":"5a8264b1-592c-43e2-ac63-3fe90b4e7fbd","block_type":"box","text":"before attempting to transact online.","page_number":32,"box":{"x":461,"y":662,"width":240,"height":11}},{"id":"4dd4120e-0878-44b8-a819-2ff3103b07bd","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":32,"box":{"x":460,"y":678,"width":464,"height":11}},{"id":"fb124414-000e-453f-a2b7-4fd2dbb3aad3","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":32,"box":{"x":461,"y":692,"width":419,"height":10}},{"id":"e2e6e8fe-5955-40fb-8bc4-2eed773427cb","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":32,"box":{"x":460,"y":706,"width":431,"height":10}},{"id":"a88f81ba-221f-4531-a805-c0af1efdd396","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":32,"box":{"x":460,"y":719,"width":453,"height":10}},{"id":"e2a551c1-275d-402d-ab34-354056d1fe92","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":32,"box":{"x":460,"y":732,"width":440,"height":11}},{"id":"44164d78-acec-436f-810a-d183b06e9879","block_type":"box","text":"Acquire additional shares by","page_number":32,"box":{"x":213,"y":751,"width":187,"height":10}},{"id":"7615c9c6-8cf3-406e-8a3b-b71ace70efb8","block_type":"box","text":"reinvesting dividends and capital","page_number":32,"box":{"x":214,"y":764,"width":214,"height":10}},{"id":"341cf0a2-ad29-44f1-b6e8-dabf8a943f01","block_type":"box","text":"gains","page_number":32,"box":{"x":213,"y":778,"width":35,"height":10}},{"id":"801d14aa-2cd9-45e2-bd34-a26f402cbde3","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":32,"box":{"x":460,"y":751,"width":405,"height":10}},{"id":"4e776b3e-5f00-430d-9638-cb2f8c8acd2c","block_type":"box","text":"reinvested in shares of the Fund at net asset value. To make any","page_number":32,"box":{"x":461,"y":764,"width":429,"height":10}},{"id":"b9c7205a-4e8e-4b95-87b3-ddb53404bf97","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":32,"box":{"x":461,"y":778,"width":445,"height":10}},{"id":"4ca5f3aa-516c-4b06-bba5-d760c821f1d1","block_type":"box","text":"please call BlackRock at (800) 537-4942 (for investors who are not","page_number":32,"box":{"x":461,"y":791,"width":447,"height":10}},{"id":"bd2fe7f4-dcff-4a91-80b8-bc3a4b9be238","block_type":"box","text":"purchasing shares through an Employer-Sponsored Retirement Plan) or","page_number":32,"box":{"x":461,"y":805,"width":468,"height":10}},{"id":"12ab0915-a0f8-4333-87fa-dfcf3f886798","block_type":"box","text":"contact your Financial Intermediary.","page_number":32,"box":{"x":461,"y":818,"width":233,"height":10}},{"id":"73c56847-aab7-4c7d-9b6e-c460c4352bd1","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2ce77de5-18ee-4c10-b5cb-538e6ccd4ddd","block_type":"box","text":"NM0926U-5977344-32/48","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"adce4047-41c4-4eed-8eb5-2d44b185bb89","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":33,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"78ca9377-95a3-491e-9f19-54488be24236","block_type":"box","text":"How to Pay for","page_number":33,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"9936804e-ec49-4572-9b2d-5119f868b652","block_type":"box","text":"Shares","page_number":33,"box":{"x":60,"y":79,"width":46,"height":8}},{"id":"2620d268-7582-478a-9ea5-589302bd85f5","block_type":"box","text":"Making payment for purchases If you are purchasing shares through an Employer-Sponsored","page_number":33,"box":{"x":214,"y":67,"width":648,"height":11}},{"id":"4f4ea7b0-e778-4402-9bd2-048550e9e3be","block_type":"box","text":"Retirement Plan, payment for an order must be made in Federal funds","page_number":33,"box":{"x":461,"y":81,"width":462,"height":10}},{"id":"a32a40fe-9c38-4350-82f1-529d48e6a5f0","block_type":"box","text":"or other immediately available funds by the time specified by your","page_number":33,"box":{"x":461,"y":94,"width":433,"height":11}},{"id":"4959804a-6a09-4ffe-9f37-156c756bdcbc","block_type":"box","text":"Financial Intermediary, but in no event later than 4:00 p.m. (Eastern","page_number":33,"box":{"x":461,"y":108,"width":449,"height":10}},{"id":"dd87923f-8a07-408c-ae5f-51340dcd6af8","block_type":"box","text":"time) on the first business day following the receipt of the order. If","page_number":33,"box":{"x":460,"y":121,"width":439,"height":11}},{"id":"33701a29-7fd4-438d-9e8e-27e4e85bab8d","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":33,"box":{"x":461,"y":135,"width":445,"height":10}},{"id":"c9261761-db97-45ae-84b2-2ff4e471e11b","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":33,"box":{"x":460,"y":148,"width":460,"height":11}},{"id":"b9669d85-6477-4934-bad5-19514a114f9b","block_type":"box","text":"the Fund.","page_number":33,"box":{"x":460,"y":162,"width":61,"height":8}},{"id":"8b40982f-18f8-4d98-98d5-eecb5515acc2","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored","page_number":33,"box":{"x":461,"y":178,"width":427,"height":10}},{"id":"9bdb6756-fba3-451c-a1ed-eb2761b0c927","block_type":"box","text":"Retirement Plan, payment for shares must normally be made in Federal","page_number":33,"box":{"x":461,"y":192,"width":470,"height":10}},{"id":"5e715d82-57d5-49c0-8245-56ed88ee1146","block_type":"box","text":"funds or other immediately available funds by the time specified by your","page_number":33,"box":{"x":460,"y":205,"width":475,"height":10}},{"id":"2753e442-141a-4e8d-be7f-5b292578d56b","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":33,"box":{"x":461,"y":219,"width":446,"height":10}},{"id":"0168a662-dd1b-40c6-8af3-725cf3c6c353","block_type":"box","text":"time) on the first business day following the receipt of the order.","page_number":33,"box":{"x":460,"y":232,"width":424,"height":11}},{"id":"e8d1f46e-d181-42b4-9109-134806cf5424","block_type":"box","text":"Payment may also, at the discretion of the Fund, be made in the form","page_number":33,"box":{"x":461,"y":246,"width":459,"height":10}},{"id":"ef67c4ef-c0d9-4a21-a12f-5cb0c9e044cc","block_type":"box","text":"of securities that are permissible investments for the respective fund. If","page_number":33,"box":{"x":461,"y":259,"width":476,"height":10}},{"id":"a956747a-beac-4b88-a98d-defd330f2519","block_type":"box","text":"payment is not received by this time, the order will be canceled and you","page_number":33,"box":{"x":461,"y":273,"width":472,"height":10}},{"id":"d018f57e-e7bc-4290-8b8c-8165c1450c30","block_type":"box","text":"and your Financial Intermediary will be responsible for any loss to the","page_number":33,"box":{"x":461,"y":286,"width":458,"height":11}},{"id":"e119740c-3d07-46e3-8015-d59082c49563","block_type":"box","text":"Fund.","page_number":33,"box":{"x":461,"y":300,"width":34,"height":8}},{"id":"9f7f087e-6a80-4ad5-9b08-b2a6c3649b06","block_type":"box","text":"How to Sell Shares","page_number":33,"box":{"x":61,"y":325,"width":156,"height":10}},{"id":"d215cbe2-a02c-4399-8b2a-39767f6945b1","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":33,"box":{"x":213,"y":347,"width":478,"height":9}},{"id":"1d58933d-204e-4bbd-961e-c8226acbebcb","block_type":"box","text":"Full or Partial","page_number":33,"box":{"x":61,"y":364,"width":90,"height":8}},{"id":"aa01831f-f0da-442d-b4ee-f8d2777fa61b","block_type":"box","text":"Redemption of","page_number":33,"box":{"x":61,"y":375,"width":98,"height":10}},{"id":"1f5233ea-839e-4bf0-888b-a4d1c86bc536","block_type":"box","text":"Shares","page_number":33,"box":{"x":60,"y":387,"width":46,"height":8}},{"id":"7580050a-a2aa-4377-b62e-de822c0e648b","block_type":"box","text":"Have your Financial","page_number":33,"box":{"x":214,"y":364,"width":125,"height":10}},{"id":"634db340-763f-480f-8bcb-afc602451c05","block_type":"box","text":"Intermediary submit your sales","page_number":33,"box":{"x":214,"y":377,"width":204,"height":10}},{"id":"e2226b65-bf90-4837-a83d-46e1ed6669f4","block_type":"box","text":"order","page_number":33,"box":{"x":214,"y":391,"width":34,"height":8}},{"id":"0a5369d5-09e8-4a78-95a6-472f4cde68b8","block_type":"box","text":"If you purchased shares through an Employer-Sponsored Retirement","page_number":33,"box":{"x":461,"y":364,"width":450,"height":10}},{"id":"c3988ff5-9474-4bc0-b898-5dad92bc6c58","block_type":"box","text":"Plan, you can make redemption requests through your Financial","page_number":33,"box":{"x":461,"y":377,"width":418,"height":11}},{"id":"9e797424-93b7-423a-b001-2c0a6443838d","block_type":"box","text":"Intermediary in accordance with the procedures applicable to your","page_number":33,"box":{"x":461,"y":391,"width":436,"height":10}},{"id":"675077e8-7b43-4924-9f64-bc4a29874d9f","block_type":"box","text":"accounts. These procedures may vary according to the type of account","page_number":33,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"9e786b06-9d19-44d8-b78a-9b7f427bd4dd","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":33,"box":{"x":461,"y":418,"width":466,"height":10}},{"id":"b3af8213-de05-4b3d-b965-d89382c468c4","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":33,"box":{"x":460,"y":432,"width":465,"height":10}},{"id":"622513e5-ce85-4c4f-b296-f59e987cdb0f","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":33,"box":{"x":461,"y":445,"width":432,"height":10}},{"id":"59af7810-0d2b-440a-b59c-98cf0a31ae41","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":33,"box":{"x":461,"y":459,"width":434,"height":10}},{"id":"11dd97d4-6a5d-4002-853f-78dbad1e3ea3","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":33,"box":{"x":461,"y":472,"width":424,"height":10}},{"id":"90f07b7b-36f6-4b5c-bc0e-52ae40156f43","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":33,"box":{"x":461,"y":485,"width":409,"height":11}},{"id":"0739e76e-f40d-4b67-8369-80f2ebb8a57b","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":33,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"28f26ead-583c-431e-be2c-b7ee9929c520","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":33,"box":{"x":461,"y":515,"width":446,"height":11}},{"id":"a827b070-d67a-46c7-8c46-39bafe9c554f","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":33,"box":{"x":461,"y":529,"width":434,"height":10}},{"id":"1d75979e-7b3e-4e80-9943-5273fef78b17","block_type":"box","text":"Financial Intermediary.","page_number":33,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"93feee35-ec16-4418-9d1d-667f09ac837a","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":33,"box":{"x":460,"y":558,"width":442,"height":10}},{"id":"fd9c6b1a-bf5d-40d6-9011-f496b2dc5935","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":33,"box":{"x":461,"y":572,"width":460,"height":10}},{"id":"6919f4b8-ea59-4229-9a6c-172bb83604ae","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":33,"box":{"x":461,"y":585,"width":463,"height":11}},{"id":"fd2111c1-da6e-4c4a-a050-d3761e083c55","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":33,"box":{"x":460,"y":599,"width":448,"height":10}},{"id":"4fad0766-0fd1-4942-9d90-44764097e0f0","block_type":"box","text":"that day’s close of business on the NYSE (generally 4:00 p.m. Eastern","page_number":33,"box":{"x":460,"y":612,"width":467,"height":11}},{"id":"028eaa87-3a20-481b-8f87-d0bdf1f9d76f","block_type":"box","text":"time). Certain Financial Intermediaries, however, may require","page_number":33,"box":{"x":460,"y":626,"width":402,"height":10}},{"id":"6c3b0724-6b69-4545-8892-96f028b4ab2e","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":33,"box":{"x":461,"y":640,"width":468,"height":10}},{"id":"8da5272c-5875-4f35-8487-4a411703050c","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":33,"box":{"x":461,"y":653,"width":435,"height":10}},{"id":"a43b8c20-07ae-49cb-a5f2-c680ff09515c","block_type":"box","text":"business on the next business day.","page_number":33,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"0be521b8-d101-4ea8-bc65-588985d3dd30","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":33,"box":{"x":461,"y":683,"width":437,"height":10}},{"id":"435a8e35-9902-4044-9519-ed2ecf276d36","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":33,"box":{"x":461,"y":697,"width":421,"height":10}},{"id":"08fd9d38-9812-4f44-9571-cc207492a941","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":33,"box":{"x":460,"y":710,"width":465,"height":10}},{"id":"f5f3687e-efb7-4ccc-939f-113494759f15","block_type":"box","text":"but in any event, within seven days.","page_number":33,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"eb5e2b1a-b171-4023-ab95-a9b9a46a125f","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":33,"box":{"x":461,"y":739,"width":415,"height":11}},{"id":"705b4f15-8a5f-4281-b902-86b39b2c3566","block_type":"box","text":"redemption of shares.","page_number":33,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"f726ee97-86d3-4296-bed9-1186d85a6fa0","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":33,"box":{"x":460,"y":769,"width":380,"height":10}},{"id":"dad693ad-a503-4015-ab14-bd4b74707d61","block_type":"box","text":"circumstances.","page_number":33,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"7cdfe038-4f7c-4a9c-a42f-9a6a8dca4997","block_type":"box","text":"Selling shares held directly with","page_number":33,"box":{"x":214,"y":801,"width":207,"height":10}},{"id":"f90bfab3-b49c-48e1-859d-c9cc2a211729","block_type":"box","text":"BlackRock","page_number":33,"box":{"x":214,"y":814,"width":67,"height":9}},{"id":"843fcaf5-18e2-4ff8-a191-d1170b22502d","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":33,"box":{"x":461,"y":801,"width":462,"height":10}},{"id":"e169cfc5-ea24-4943-b075-f5f4445cc3b3","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":33,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"3c7fc21c-4c4d-493f-b685-a011d2019e4e","block_type":"box","text":"Redeem by Telephone:","page_number":33,"box":{"x":461,"y":831,"width":150,"height":10}},{"id":"ab8ba821-d30a-4450-bcb4-1e21be01d82e","block_type":"box","text":"You may sell shares held at BlackRock by","page_number":33,"box":{"x":617,"y":831,"width":274,"height":10}},{"id":"4ad08e0d-d011-49d8-bbe7-9898c28a9736","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":33,"box":{"x":460,"y":844,"width":341,"height":10}},{"id":"eaea846c-52f5-4d5d-b03a-6960a47330c9","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":33,"box":{"x":460,"y":860,"width":468,"height":10}},{"id":"c2b99244-fa49-4447-95ea-2b4e36f5defb","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":33,"box":{"x":461,"y":874,"width":474,"height":10}},{"id":"5e8f679e-e94d-496e-8945-a359a6118b87","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":33,"box":{"x":460,"y":887,"width":450,"height":10}},{"id":"6cb5585b-1dec-4076-a009-dc779ffdbab9","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":33,"box":{"x":461,"y":901,"width":450,"height":10}},{"id":"c1dca853-8be9-400b-a7f7-b80df89ad44b","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"c852aabf-f779-44b9-afff-3e7371ebc7d2","block_type":"box","text":"NM0926U-5977344-33/48","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f269fb23-a109-4bc0-8a4b-17be0c0d1c59","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"fc0a395f-2c47-4ef3-8102-c53d5bf6754f","block_type":"box","text":"Full or Partial","page_number":34,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"c56e8b8b-f992-495c-ad4e-84c479d0a04a","block_type":"box","text":"Redemption of","page_number":34,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"8cedf7da-b4f0-4f80-aa64-305587fa29e7","block_type":"box","text":"Shares (continued)","page_number":34,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"77fb1af7-fd1d-4401-ab5f-72c01f586259","block_type":"box","text":"Selling shares held directly with","page_number":34,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"90650408-42d2-4a39-9cfe-41a98b92fca9","block_type":"box","text":"BlackRock (continued)","page_number":34,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"b32c0712-cc97-47b9-a55f-eb7b856be0bc","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":34,"box":{"x":460,"y":67,"width":445,"height":11}},{"id":"8cc8e836-2ed8-418f-98c0-b8576e7d6b04","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":34,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"7d781937-e876-4f00-8c8d-e683b138a9ea","block_type":"box","text":"believes it is advisable to do so.","page_number":34,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"f8f575d7-6139-4ee1-bb3d-61b84635c21c","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":34,"box":{"x":461,"y":110,"width":452,"height":11}},{"id":"40bd1a72-0e0b-4403-9490-e366ee7db024","block_type":"box","text":"redemptions may be difficult to complete. Please find below alternative","page_number":34,"box":{"x":461,"y":124,"width":470,"height":10}},{"id":"1131e09e-9dc0-4c03-96f2-bd2417d8194c","block_type":"box","text":"redemption methods.","page_number":34,"box":{"x":461,"y":138,"width":139,"height":10}},{"id":"1368893b-57a9-4715-9f15-7f470dd61278","block_type":"box","text":"Redeem by Internet:","page_number":34,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"f2ab7118-6ea5-4ddd-9be1-aaddc6022e48","block_type":"box","text":"You may redeem in your account by logging onto","page_number":34,"box":{"x":603,"y":154,"width":317,"height":10}},{"id":"9629bcfb-3e91-4a2b-b264-d0575dcf1536","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":34,"box":{"x":460,"y":167,"width":461,"height":8}},{"id":"f20ad86c-c74b-405c-8d6e-cec10b4292aa","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":34,"box":{"x":461,"y":181,"width":419,"height":10}},{"id":"dfe29481-13a2-40e9-bc7b-1a2cd1de7360","block_type":"box","text":"Redeem in Writing:","page_number":34,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"7668afdd-f9f1-4f4a-bd2d-0ceee934c671","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":34,"box":{"x":595,"y":197,"width":324,"height":10}},{"id":"55258f8a-8cdf-4055-8851-699d95dade47","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":34,"box":{"x":460,"y":210,"width":468,"height":11}},{"id":"90c5d910-8d21-47b1-aa1f-417177dc9b88","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue Suite","page_number":34,"box":{"x":461,"y":224,"width":458,"height":10}},{"id":"63ad03ac-d704-4143-afae-f6f17ea86dad","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":34,"box":{"x":461,"y":237,"width":463,"height":11}},{"id":"c7564149-dc01-426a-99f3-8da54fffbb85","block_type":"box","text":"medallion signature guarantee will be required.","page_number":34,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"fd8ed6d5-df54-40dd-9662-6c1c4cd020fc","block_type":"box","text":"Payment of Redemption Proceeds","page_number":34,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"90050e13-3122-45ca-b715-1b10c1ac2f7c","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":34,"box":{"x":461,"y":281,"width":467,"height":10}},{"id":"5bdbd705-c7a3-4307-8904-28757d46225d","block_type":"box","text":"banking information on file, by wire transfer.","page_number":34,"box":{"x":461,"y":294,"width":289,"height":10}},{"id":"bb8356c9-09b9-494d-a7d9-1d13e28e72c2","block_type":"box","text":"Payment by Check:","page_number":34,"box":{"x":461,"y":310,"width":129,"height":10}},{"id":"30d2a711-ee86-4f65-a918-87b03682e111","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":34,"box":{"x":597,"y":310,"width":329,"height":10}},{"id":"10bd6115-acad-4f6f-8117-9efabbec8ad0","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":34,"box":{"x":460,"y":324,"width":430,"height":10}},{"id":"923daa6e-bc27-4ff9-874e-bdf2db1a4ced","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":34,"box":{"x":461,"y":337,"width":460,"height":11}},{"id":"5eaa3bc1-b21c-4a6e-a262-99d6821ace2a","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":34,"box":{"x":461,"y":351,"width":468,"height":10}},{"id":"4a836fa1-1301-47dc-a370-ee624f8852cc","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":34,"box":{"x":461,"y":364,"width":467,"height":11}},{"id":"4aaf12bc-dcc7-4877-afcc-a412313b1184","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":34,"box":{"x":461,"y":378,"width":467,"height":10}},{"id":"9d7ce345-aaad-404d-921d-00a5e4f83c4e","block_type":"box","text":"charges imposed by your bank for this service.","page_number":34,"box":{"x":461,"y":391,"width":307,"height":11}},{"id":"a40bf8b1-879d-43b5-9b00-f9d18a87e18a","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":34,"box":{"x":460,"y":408,"width":438,"height":10}},{"id":"4bdf297e-38b6-49ff-9d8c-809314b72f11","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":34,"box":{"x":461,"y":421,"width":429,"height":10}},{"id":"260473c1-e59c-47d0-80c2-db1b6bdb68be","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":34,"box":{"x":461,"y":435,"width":403,"height":10}},{"id":"818a463d-dd02-4010-91fa-b70b7e9d3973","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":34,"box":{"x":461,"y":448,"width":467,"height":8}},{"id":"27ed508a-813e-4abb-bfb4-bef69d8e25b7","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":34,"box":{"x":460,"y":462,"width":456,"height":10}},{"id":"1b1df780-d506-483c-b5e6-861ff9df33e4","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":34,"box":{"x":460,"y":475,"width":402,"height":10}},{"id":"f620d34d-da1c-4df1-b397-933b7c887a05","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":34,"box":{"x":461,"y":489,"width":430,"height":10}},{"id":"5c17e7b6-65cf-4f18-99ff-d2848a42a112","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":34,"box":{"x":461,"y":502,"width":465,"height":11}},{"id":"b655ec8c-7613-4a74-9e55-1abc036fca53","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":34,"box":{"x":461,"y":516,"width":473,"height":8}},{"id":"c14c92cd-0d28-49c8-9c0b-bd4397617f14","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":34,"box":{"x":461,"y":529,"width":456,"height":11}},{"id":"8bc0a996-b5f6-4cf1-98c9-ec04b91d637a","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":34,"box":{"x":461,"y":543,"width":461,"height":10}},{"id":"3b823ba8-8523-46f8-8b54-4b3c2a3ecff5","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":34,"box":{"x":460,"y":557,"width":469,"height":10}},{"id":"1228bd75-44aa-45ae-b46c-96ce8d78b2ad","block_type":"box","text":"as of the date of payment of the distribution.","page_number":34,"box":{"x":461,"y":570,"width":295,"height":10}},{"id":"5ea9bf1d-8fca-4065-88e1-65dc286a954d","block_type":"box","text":"Payment by Wire Transfer:","page_number":34,"box":{"x":461,"y":586,"width":177,"height":10}},{"id":"9f241256-90c3-4749-aa07-a7a2c083d039","block_type":"box","text":"Payment for redeemed shares for which a","page_number":34,"box":{"x":644,"y":586,"width":275,"height":10}},{"id":"627e8719-ae46-45ff-ab74-e2f6ad8828e4","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":34,"box":{"x":461,"y":600,"width":437,"height":10}},{"id":"17453f32-d661-4e63-a20d-463b9f031dcb","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":34,"box":{"x":461,"y":613,"width":471,"height":11}},{"id":"5b8746b6-7398-4737-9663-84622a1aeb23","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":34,"box":{"x":461,"y":627,"width":417,"height":10}},{"id":"706f0540-6d75-4812-a7c8-76bfcda192a0","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":34,"box":{"x":461,"y":640,"width":449,"height":11}},{"id":"361bcadf-7cee-4690-8432-e94b921c4923","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":34,"box":{"x":461,"y":654,"width":449,"height":10}},{"id":"fbfebfc5-7c0f-4bb6-9599-86438d61a239","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":34,"box":{"x":461,"y":667,"width":433,"height":11}},{"id":"a66af523-cbe3-4338-af4b-e3c1e1cc8fcc","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":34,"box":{"x":461,"y":681,"width":449,"height":10}},{"id":"d6c04e38-c03f-43d8-93f3-dbc1bfabc1a3","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":34,"box":{"x":461,"y":694,"width":437,"height":11}},{"id":"77918f68-e8b5-4b5c-b4f5-3b2a096c5dfb","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":34,"box":{"x":461,"y":708,"width":469,"height":10}},{"id":"e6a75f3c-f12a-478a-af4a-c8a40615a21c","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":34,"box":{"x":459,"y":721,"width":448,"height":11}},{"id":"1eb8b940-864c-4365-96b6-daf1607f2c04","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":34,"box":{"x":461,"y":735,"width":439,"height":10}},{"id":"802098da-8732-4d19-a18d-5f2d9853e12d","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":34,"box":{"x":461,"y":748,"width":455,"height":11}},{"id":"9c8464c5-c626-4386-9988-00ab9d910b8d","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":34,"box":{"x":461,"y":762,"width":462,"height":10}},{"id":"ae6be8dc-675e-446e-99ac-1780597c436e","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":34,"box":{"x":461,"y":776,"width":448,"height":10}},{"id":"5497316f-5ab3-42ee-a47b-e8ab1702e71c","block_type":"box","text":"wire transfers.","page_number":34,"box":{"x":460,"y":789,"width":94,"height":8}},{"id":"3c36f663-f69e-4efc-bae9-3db4c8d80cb0","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":34,"box":{"x":460,"y":805,"width":425,"height":11}},{"id":"3c95eb9a-6976-4185-bf8d-77df241dd7c1","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":34,"box":{"x":461,"y":819,"width":455,"height":10}},{"id":"d1a9d927-c832-45e2-bb1c-9f286e8884ea","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":34,"box":{"x":461,"y":833,"width":476,"height":10}},{"id":"f4906234-845d-4dd5-9260-a8ed7d51c2cb","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":34,"box":{"x":461,"y":846,"width":455,"height":10}},{"id":"474ed062-8465-4346-a502-97b41a8478f4","block_type":"box","text":"the back cover of this prospectus.","page_number":34,"box":{"x":460,"y":859,"width":224,"height":10}},{"id":"c2cf64cc-8181-4ce6-bd25-e13c22a05946","block_type":"box","text":"***","page_number":34,"box":{"x":686,"y":876,"width":25,"height":5}},{"id":"458d55d8-add6-433f-84f7-dffd6e312581","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ab1caf97-350d-4df5-9d69-73c70e4825a0","block_type":"box","text":"NM0926U-5977344-34/48","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2bdb67dd-b4bd-4020-b939-26f96fc13123","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"ed29d58b-9454-4d8b-90e5-a6bed7750e1c","block_type":"box","text":"Full or Partial","page_number":35,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"d01d76bc-976e-472b-a1be-f928d98fc0f6","block_type":"box","text":"Redemption of","page_number":35,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"bea664f2-ce97-4f8a-b9b9-a84f3a54227e","block_type":"box","text":"Shares (continued)","page_number":35,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"7823f513-6f25-4015-91f8-923053234c4b","block_type":"box","text":"Selling shares held directly with","page_number":35,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"3e360304-903d-4b0b-bc4f-4ef3c3db69d8","block_type":"box","text":"BlackRock (continued)","page_number":35,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"bbf3dd2c-3582-4950-afb4-488275f2d9b8","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":35,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"7f72e873-7544-4ffe-a1ac-0cd5be1f93c1","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":35,"box":{"x":461,"y":83,"width":456,"height":11}},{"id":"8b4a1428-4006-485b-9bd2-f1d58075eb66","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":35,"box":{"x":461,"y":97,"width":352,"height":10}},{"id":"6f6bafd0-8125-48cd-b4cd-319c4db22b56","block_type":"box","text":"Redemption","page_number":35,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"d7d3e92b-3aa6-46ec-b8ae-adc13c7b462e","block_type":"box","text":"Proceeds","page_number":35,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"ef1266dd-77de-4d9a-8dc5-cf9cb5ba01ea","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":35,"box":{"x":461,"y":118,"width":445,"height":10}},{"id":"fde463f7-3015-4bfe-94ae-d5dd56313e2c","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":35,"box":{"x":461,"y":131,"width":467,"height":10}},{"id":"d3c6e962-cc10-48b1-9171-9d79825fd864","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":35,"box":{"x":461,"y":145,"width":455,"height":10}},{"id":"331721c5-29f2-4d77-b791-e41e86e58191","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":35,"box":{"x":461,"y":158,"width":450,"height":10}},{"id":"e88a365c-55ad-4148-ae10-2c7017dc541f","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":35,"box":{"x":461,"y":172,"width":452,"height":10}},{"id":"d0269fc8-b5f4-4095-8aed-76b30e707280","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":35,"box":{"x":461,"y":185,"width":471,"height":10}},{"id":"31f5b9ee-3f2d-41e1-b157-1428516c2aed","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":35,"box":{"x":461,"y":199,"width":471,"height":10}},{"id":"78a1ec29-71b2-4a1b-95b2-a482992f82b3","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":35,"box":{"x":461,"y":212,"width":453,"height":11}},{"id":"b79ddde5-022f-4020-9141-8ba84a3e4a04","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":35,"box":{"x":461,"y":226,"width":405,"height":8}},{"id":"fc160fd2-78be-400e-82bd-ea0d60667104","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":35,"box":{"x":461,"y":242,"width":408,"height":10}},{"id":"de3ef081-6f57-4ea5-a17f-a2371b72c58c","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":35,"box":{"x":461,"y":255,"width":457,"height":11}},{"id":"02bb8cd8-4080-4940-912a-978797dee6e7","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":35,"box":{"x":460,"y":269,"width":440,"height":10}},{"id":"de129b89-05a3-407a-8c5a-b875298942cd","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":35,"box":{"x":460,"y":282,"width":340,"height":11}},{"id":"b110ddaa-d4d9-45c4-adf3-101f436d33cc","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":35,"box":{"x":61,"y":307,"width":415,"height":13}},{"id":"595975d1-7ed2-4029-b037-f03c16452404","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":329,"width":478,"height":9}},{"id":"c7f8eb49-8ef2-44c2-844f-cd276af61e62","block_type":"box","text":"Exchange Privilege","page_number":35,"box":{"x":61,"y":346,"width":128,"height":11}},{"id":"7962236c-823d-4917-b2b5-848d0c4f7e2b","block_type":"box","text":"Selling shares of one BlackRock","page_number":35,"box":{"x":214,"y":346,"width":212,"height":11}},{"id":"cc89405c-1d4e-4d37-b1a3-8d11112d93ad","block_type":"box","text":"Fund to purchase shares of","page_number":35,"box":{"x":214,"y":360,"width":181,"height":10}},{"id":"521c3b85-78e7-4d6a-b6fa-45fe7591222a","block_type":"box","text":"another BlackRock Fund","page_number":35,"box":{"x":214,"y":374,"width":158,"height":8}},{"id":"ceb78387-06a1-4462-8307-bb021e7a8559","block_type":"box","text":"(“exchanging”)","page_number":35,"box":{"x":214,"y":387,"width":95,"height":10}},{"id":"71e84739-7c4b-43ed-be58-33dc1769125d","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":35,"box":{"x":461,"y":346,"width":454,"height":11}},{"id":"6c36179a-cd51-4d56-85b7-ffb2736b11e5","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":35,"box":{"x":460,"y":360,"width":461,"height":9}},{"id":"994b1d20-8e4e-454c-ab3c-ea9d28278e6d","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":35,"box":{"x":461,"y":373,"width":465,"height":11}},{"id":"dae8aa96-10e6-4a85-9da3-4d966cb80a14","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":35,"box":{"x":461,"y":387,"width":463,"height":10}},{"id":"ac97dc27-0ddf-47d4-8761-8c2a66e5c283","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":35,"box":{"x":461,"y":400,"width":457,"height":11}},{"id":"9fa6c8f0-ab84-4935-81d3-abce765e8a04","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":35,"box":{"x":461,"y":414,"width":447,"height":8}},{"id":"2364b24b-3530-495a-8695-fffeb0c5e280","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":35,"box":{"x":460,"y":428,"width":429,"height":10}},{"id":"e06ce5fa-5989-4f50-8c9a-dc91d76da8fd","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":35,"box":{"x":461,"y":441,"width":423,"height":10}},{"id":"234adf2f-6509-44ce-b169-ef2e9f6d15b9","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":35,"box":{"x":461,"y":455,"width":446,"height":10}},{"id":"97d976ae-1cd6-42ab-9cf3-d54c59475d20","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":35,"box":{"x":461,"y":468,"width":430,"height":10}},{"id":"e9408834-f6e5-4d56-955d-32ecbaa6f848","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":35,"box":{"x":461,"y":482,"width":383,"height":9}},{"id":"3768a616-5ba8-47d9-84ee-fc511f3cb8b5","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":35,"box":{"x":460,"y":499,"width":435,"height":10}},{"id":"c93a9f54-b3e2-4d00-9c1c-d6ee612842c2","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":35,"box":{"x":461,"y":513,"width":406,"height":10}},{"id":"d95350b8-ebfb-4972-8336-5dd40ea05629","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":35,"box":{"x":461,"y":526,"width":468,"height":10}},{"id":"2a534941-0988-4dc3-b062-0b5d1e0423c5","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":35,"box":{"x":461,"y":540,"width":455,"height":10}},{"id":"168235a0-6da4-40fd-9449-38eb64d2b2c6","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":35,"box":{"x":460,"y":553,"width":423,"height":10}},{"id":"5e1de294-5d21-4a1b-a3b3-dcb10b7a8083","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":35,"box":{"x":461,"y":567,"width":398,"height":10}},{"id":"0a22af0c-7c3d-4f37-bb7f-0dbbebe08df5","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":35,"box":{"x":461,"y":580,"width":409,"height":11}},{"id":"62913ab4-b679-43fa-bf8c-583bed1eb932","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":35,"box":{"x":461,"y":594,"width":469,"height":10}},{"id":"11ccc70f-40ff-464a-bffb-8ae3a0e984e1","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":35,"box":{"x":460,"y":608,"width":461,"height":10}},{"id":"6b7ff329-1f5e-402b-af62-99cdfd23031b","block_type":"box","text":"this option either in writing or by calling (800) 537-4942. The Fund has","page_number":35,"box":{"x":460,"y":621,"width":469,"height":10}},{"id":"d252e144-b5b5-4683-ab86-2be4892b7b70","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":35,"box":{"x":460,"y":634,"width":368,"height":11}},{"id":"29835e7f-592b-4dba-a3ce-5411e432c984","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":35,"box":{"x":460,"y":652,"width":450,"height":10}},{"id":"6ddfa3cf-8248-40ec-9384-7f6e1c8b3170","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated","page_number":35,"box":{"x":460,"y":665,"width":454,"height":11}},{"id":"80e1255d-24e1-4146-9181-009ed9c2cdf5","block_type":"box","text":"at any time in the future. The Fund may suspend or terminate your","page_number":35,"box":{"x":461,"y":679,"width":438,"height":10}},{"id":"9a761b39-a001-4438-a19c-979f5fe9a77c","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":35,"box":{"x":461,"y":692,"width":439,"height":11}},{"id":"f5357f37-77fa-4278-bd14-bb8e5739b9b5","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":35,"box":{"x":461,"y":706,"width":460,"height":10}},{"id":"7fe10d04-6f16-406c-a9ea-a6b0f162f696","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":35,"box":{"x":461,"y":719,"width":430,"height":11}},{"id":"5823c4f0-909d-4ed3-a2b6-9e16f6845f30","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":35,"box":{"x":461,"y":733,"width":469,"height":10}},{"id":"a8f74989-a5a9-4119-ae6a-95e5b1eab52c","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":35,"box":{"x":460,"y":747,"width":456,"height":10}},{"id":"40d7ea92-7004-4119-ab11-077d2ede97fb","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":35,"box":{"x":461,"y":760,"width":390,"height":11}},{"id":"a4ba2168-013b-45d9-b919-4a569bd4cfa8","block_type":"box","text":"Transfer Shares to","page_number":35,"box":{"x":60,"y":778,"width":124,"height":8}},{"id":"f9671aa0-9bb8-4f83-a8ac-6617ce5fab79","block_type":"box","text":"Another Financial","page_number":35,"box":{"x":60,"y":790,"width":118,"height":8}},{"id":"bd667961-6b7f-4e75-9f6b-553039dd8a50","block_type":"box","text":"Intermediary","page_number":35,"box":{"x":61,"y":801,"width":85,"height":11}},{"id":"49261dab-6ac2-4359-8163-ecca1ba52fb7","block_type":"box","text":"Transfer to a participating","page_number":35,"box":{"x":213,"y":778,"width":171,"height":11}},{"id":"aeffeef5-6bf2-402b-a40b-b81063cbd8b6","block_type":"box","text":"Financial Intermediary","page_number":35,"box":{"x":214,"y":792,"width":145,"height":10}},{"id":"e53ba000-c250-4a13-8da7-58b6dee0d3de","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":35,"box":{"x":460,"y":778,"width":432,"height":10}},{"id":"456975dd-9b93-447c-90be-6819c386f3fc","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":35,"box":{"x":461,"y":792,"width":441,"height":10}},{"id":"31810e27-4e12-47c8-88e8-8a297584d2f6","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":35,"box":{"x":461,"y":805,"width":456,"height":11}},{"id":"733b5d03-9be3-4644-9d17-2206d406f3e9","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":35,"box":{"x":460,"y":819,"width":407,"height":10}},{"id":"d9f7b66c-7775-4e40-8066-442420566a89","block_type":"box","text":"coordinated by the receiving firm.","page_number":35,"box":{"x":461,"y":832,"width":218,"height":11}},{"id":"007c39d1-42b6-4c19-909b-910d22031b6e","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":35,"box":{"x":461,"y":848,"width":475,"height":11}},{"id":"267036f1-ff45-45ee-b0e2-17349e71c61e","block_type":"box","text":"your Class K Shares.","page_number":35,"box":{"x":460,"y":862,"width":137,"height":10}},{"id":"bb2a3f6f-5206-4d8a-951c-cdbd0187e019","block_type":"box","text":"Transfer to a non-participating","page_number":35,"box":{"x":213,"y":880,"width":199,"height":10}},{"id":"5367c23d-9d35-4483-8365-b85d6f4768c0","block_type":"box","text":"Financial Intermediary","page_number":35,"box":{"x":214,"y":894,"width":145,"height":10}},{"id":"54078e06-5a3f-456e-a150-ded502db2856","block_type":"box","text":"You must either:","page_number":35,"box":{"x":460,"y":880,"width":107,"height":8}},{"id":"754dba75-afb2-41fc-9473-c96175ff90ca","block_type":"box","text":"•","page_number":35,"box":{"x":464,"y":896,"width":3,"height":3}},{"id":"b1fe0980-1fdf-4c52-b7d6-2152469f75ea","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":35,"box":{"x":470,"y":894,"width":402,"height":10}},{"id":"59edf162-77c9-4809-b300-4b22b3cb5ddb","block_type":"box","text":"•","page_number":35,"box":{"x":464,"y":910,"width":3,"height":3}},{"id":"5b5a3e1a-f8b0-433a-b9d6-5c9cfa3f4594","block_type":"box","text":"Sell your Class K Shares.","page_number":35,"box":{"x":471,"y":907,"width":166,"height":10}},{"id":"95d12641-04f6-42dc-86b5-da1dd46dcbef","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"ab5e6d71-9a04-4e53-b8fc-8090cc154a97","block_type":"box","text":"NM0926U-5977344-35/48","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c7094029-4755-411c-aa94-c1213d3c113a","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"a7b421d4-9128-4adc-988e-d2b68cce3373","block_type":"box","text":"(continued)","page_number":36,"box":{"x":61,"y":67,"width":76,"height":10}},{"id":"97330c39-dbfe-462b-80c4-6b568ae0f602","block_type":"box","text":"Transfer to a non-participating","page_number":36,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"0c65c9ec-ee1c-48cf-933f-fee96424a7b5","block_type":"box","text":"Financial Intermediary","page_number":36,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"866d130e-c1af-4fb7-a7d6-5658d083f88a","block_type":"box","text":"(continued)","page_number":36,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"9b9a655d-d5d6-4e8c-883f-b203a3147b9b","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":36,"box":{"x":461,"y":70,"width":475,"height":10}},{"id":"0f2c644c-df13-4b93-8a9b-88f6ef33ec8d","block_type":"box","text":"your Class K Shares.","page_number":36,"box":{"x":460,"y":83,"width":137,"height":11}},{"id":"5bde97c7-8edb-4470-abf4-850565a3ad5f","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":36,"box":{"x":60,"y":119,"width":815,"height":12}},{"id":"3088ed18-833b-4544-99e1-0e01b5523cdd","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":36,"box":{"x":60,"y":136,"width":467,"height":12}},{"id":"6e792242-8070-4097-964b-0e3f82e06a5b","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored Retirement Plan, the Fund may authorize one or more","page_number":36,"box":{"x":62,"y":152,"width":872,"height":12}},{"id":"f2e0c2af-2f30-4bd7-966b-930c564fd44a","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":36,"box":{"x":61,"y":167,"width":814,"height":11}},{"id":"094d0926-1d42-4e57-973e-4266ec167972","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":36,"box":{"x":62,"y":182,"width":826,"height":11}},{"id":"ac967133-1d55-412c-aff5-e83e20e5cad2","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":36,"box":{"x":62,"y":196,"width":836,"height":12}},{"id":"45679ecc-a24e-492d-837a-1bacd01c2c96","block_type":"box","text":"through a Service Organization or its designee, that entity may have its own deadlines for the receipt of the purchase","page_number":36,"box":{"x":60,"y":211,"width":861,"height":12}},{"id":"a613f22f-cfe4-4013-894a-8288acb7ff1f","block_type":"box","text":"or redemption order that may be earlier than those stated in the prospectus. The Fund will be deemed to have received","page_number":36,"box":{"x":61,"y":226,"width":875,"height":12}},{"id":"e665790e-2dd4-4103-8009-8252c54f8a0a","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":36,"box":{"x":61,"y":241,"width":853,"height":12}},{"id":"b77bab42-36f9-4dd1-994d-5fc0c9079680","block_type":"box","text":"designee, accepts the order. These orders will be priced at the Fund’s net asset value per share next calculated after","page_number":36,"box":{"x":61,"y":256,"width":862,"height":11}},{"id":"73ad3659-a2bc-4270-bbbc-bbe9aa0c6c1a","block_type":"box","text":"they are so accepted.","page_number":36,"box":{"x":60,"y":271,"width":158,"height":11}},{"id":"e61be85c-9ba0-4ecd-95df-ceb9b235ee29","block_type":"box","text":"Fund’s Rights","page_number":36,"box":{"x":61,"y":310,"width":124,"height":13}},{"id":"75fb3512-4202-4019-b3ad-51259ca1dd92","block_type":"box","text":"The Fund may:","page_number":36,"box":{"x":60,"y":336,"width":106,"height":11}},{"id":"ae38b8ac-0a02-4f4f-9754-a9bdd3104594","block_type":"box","text":"Suspend the right of redemption if trading is halted or restricted on the NYSE or under other emergency conditions","page_number":36,"box":{"x":81,"y":356,"width":840,"height":11}},{"id":"8d1c16af-fac6-4c3c-967f-cddb3e343574","block_type":"box","text":"described in the Investment Company Act;","page_number":36,"box":{"x":81,"y":371,"width":308,"height":11}},{"id":"4d5bed3f-728b-424a-8ad7-b60f898edb66","block_type":"box","text":"Postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other","page_number":36,"box":{"x":81,"y":390,"width":789,"height":12}},{"id":"3cd73b5c-9d27-421c-af76-11e692a546c3","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":36,"box":{"x":81,"y":405,"width":850,"height":12}},{"id":"4163f87e-04dc-471e-a11b-e0a8bdeab0c1","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":36,"box":{"x":82,"y":420,"width":368,"height":12}},{"id":"e2df5bd9-5b28-4cc3-b30e-23cae71a801a","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":36,"box":{"x":82,"y":440,"width":781,"height":12}},{"id":"f40d916b-0e72-47be-9a49-b71ba65a5710","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":36,"box":{"x":82,"y":460,"width":798,"height":12}},{"id":"52ac82d6-3f6d-49cc-9707-1999383c8e2d","block_type":"box","text":"specified level.","page_number":36,"box":{"x":81,"y":475,"width":108,"height":11}},{"id":"e6b1a037-84d3-4f25-962e-22bc1e35b261","block_type":"box","text":"Note on Low Balance Accounts.","page_number":36,"box":{"x":61,"y":498,"width":239,"height":9}},{"id":"9cb25c26-ae87-457f-88c9-40d31c4c9b0c","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":36,"box":{"x":307,"y":497,"width":600,"height":12}},{"id":"83edef2d-283c-4155-bb23-b8cf631eeeae","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund Minimum”), and","page_number":36,"box":{"x":61,"y":512,"width":846,"height":12}},{"id":"ae2af4d5-b203-4e9f-b72f-30d09a8e7085","block_type":"box","text":"may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":36,"box":{"x":61,"y":526,"width":872,"height":13}},{"id":"4deb90c8-a52d-419d-940a-2bf6fc4117bc","block_type":"box","text":"reason, including market fluctuation.","page_number":36,"box":{"x":61,"y":542,"width":267,"height":12}},{"id":"fbc3a5e6-3c9d-46fa-bd0a-3b7367daf68e","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":36,"box":{"x":60,"y":564,"width":799,"height":12}},{"id":"2a3eac80-866f-4eb3-ac32-60945418c732","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":36,"box":{"x":62,"y":579,"width":796,"height":12}},{"id":"70b5f738-bda9-42d4-b326-884d2fc2f450","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":36,"box":{"x":62,"y":594,"width":800,"height":12}},{"id":"34444a92-1292-413f-9194-9939d671cf4b","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":36,"box":{"x":61,"y":609,"width":859,"height":12}},{"id":"d7e9133f-13b6-4331-a3bd-23b03f1fc055","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":36,"box":{"x":61,"y":624,"width":868,"height":11}},{"id":"0c8c0c56-5af9-488c-b4f2-c944b9d16f82","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":36,"box":{"x":61,"y":639,"width":420,"height":11}},{"id":"cd53b448-9032-431e-8a79-efb130a675ce","block_type":"box","text":"Short-Term Trading Policy","page_number":36,"box":{"x":61,"y":678,"width":232,"height":13}},{"id":"895a0202-df02-4660-8301-42c7e5e6c48e","block_type":"box","text":"The Board of Directors (the “Board”) has determined that the interests of long-term shareholders and the Fund’s","page_number":36,"box":{"x":60,"y":704,"width":829,"height":11}},{"id":"e257ca64-2d61-4a49-b1df-7f4859e36536","block_type":"box","text":"ability to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in","page_number":36,"box":{"x":61,"y":719,"width":866,"height":11}},{"id":"529c8132-ede4-48a2-aef9-1d770e10471f","block_type":"box","text":"response to short-term market fluctuations — also known as “market timing.” The Fund is not designed for market","page_number":36,"box":{"x":61,"y":733,"width":845,"height":12}},{"id":"8b18e84d-ad71-4db8-a639-86e883d34d6b","block_type":"box","text":"timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange","page_number":36,"box":{"x":60,"y":748,"width":869,"height":12}},{"id":"11f261d6-42ec-483a-8db8-edcfb66c086d","block_type":"box","text":"privilege is not intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity may","page_number":36,"box":{"x":62,"y":763,"width":836,"height":12}},{"id":"465709e7-6bce-4370-b3c2-51fd12a0dd11","block_type":"box","text":"interfere with portfolio management, increase expenses and taxes and may have an adverse effect on the","page_number":36,"box":{"x":62,"y":778,"width":780,"height":11}},{"id":"68751cdb-62ec-4845-a20e-a315db42c661","block_type":"box","text":"performance of the Fund and its returns to shareholders. For example, large flows of cash into and out of the Fund","page_number":36,"box":{"x":62,"y":793,"width":842,"height":11}},{"id":"2fcb04a5-7ff0-46b6-975b-b5cee59fb42f","block_type":"box","text":"may require the management team to allocate a significant amount of assets to cash or other short-term investments","page_number":36,"box":{"x":61,"y":808,"width":866,"height":11}},{"id":"23be1996-3f3a-4038-8adf-4ae110650d73","block_type":"box","text":"or sell securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment","page_number":36,"box":{"x":61,"y":823,"width":808,"height":11}},{"id":"c01951bd-0e0e-4ea5-8f47-703bec6b0064","block_type":"box","text":"objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such","page_number":36,"box":{"x":61,"y":837,"width":864,"height":12}},{"id":"c2d2d4cc-e2f0-4dec-a5f4-0a9f1c201cbd","block_type":"box","text":"as brokerage commissions, can reduce the Fund’s performance.","page_number":36,"box":{"x":61,"y":852,"width":474,"height":12}},{"id":"7f6b0903-849d-4f5a-aba3-221cdfedf512","block_type":"box","text":"A fund’s investment in non-U.S. securities is subject to the risk that an investor may seek to take advantage of a delay","page_number":36,"box":{"x":60,"y":875,"width":873,"height":11}},{"id":"62db865f-9bf3-449d-babd-3c65f2104eb2","block_type":"box","text":"between the change in value of the fund’s portfolio securities and the determination of the fund’s net asset value as a","page_number":36,"box":{"x":61,"y":889,"width":872,"height":12}},{"id":"4d74914f-9189-4fb2-9fc7-9705b75fef6b","block_type":"box","text":"result of different closing times of U.S. and non-U.S. markets by buying or selling fund shares at a price that does not","page_number":36,"box":{"x":61,"y":904,"width":865,"height":12}},{"id":"e366ddcf-9428-4841-8486-ea685762a132","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c50259fd-6348-4e7d-84e6-fd257ecb0a8f","block_type":"box","text":"NM0926U-5977344-36/48","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fd07c92d-645c-4265-87f6-29d900afbf20","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":37,"box":{"x":61,"y":46,"width":817,"height":11}},{"id":"e5ac2baf-0df1-4b0f-85df-8353fb022d66","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":37,"box":{"x":61,"y":60,"width":818,"height":12}},{"id":"3c5af99b-8b22-4d7f-8209-b640c5ce53d4","block_type":"box","text":"therefore may have actual values that differ from their market prices. This short-term arbitrage activity can reduce the","page_number":37,"box":{"x":60,"y":75,"width":865,"height":12}},{"id":"28272718-cf41-4467-91ad-67adb51163ca","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":37,"box":{"x":61,"y":90,"width":829,"height":12}},{"id":"6bcc395a-884e-45ca-ad9e-e67dd675ac37","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":37,"box":{"x":62,"y":105,"width":671,"height":12}},{"id":"bfc81267-6d1f-428b-986e-702ccf0ed229","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":37,"box":{"x":60,"y":127,"width":869,"height":12}},{"id":"66a927fd-013f-427b-931b-2a696327b459","block_type":"box","text":"that it determines may be detrimental to the Fund or long-term shareholders. The Board has approved the policies","page_number":37,"box":{"x":60,"y":143,"width":839,"height":11}},{"id":"4087e47f-c85c-4d31-b557-82e802463ddb","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":37,"box":{"x":61,"y":157,"width":869,"height":12}},{"id":"d9d4842c-3b1e-4dfd-93cc-75a0dfdeeeb7","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":37,"box":{"x":61,"y":172,"width":870,"height":12}},{"id":"c4765baa-c5c5-42df-8687-2284ddf0dcaf","block_type":"box","text":"Fund or its shareholders.","page_number":37,"box":{"x":62,"y":187,"width":181,"height":9}},{"id":"ac4d11ea-f0d1-45d0-aa28-bc89eb9030eb","block_type":"box","text":"If as a result of its own investigation, information provided by a Financial Intermediary or other third party, or","page_number":37,"box":{"x":62,"y":209,"width":796,"height":12}},{"id":"aacb349a-1596-4e2f-ae20-05eead02264a","block_type":"box","text":"otherwise, the Fund believes, in its sole discretion, that your short-term trading is excessive or that you are engaging","page_number":37,"box":{"x":61,"y":224,"width":860,"height":12}},{"id":"829d32cd-fa0d-4b62-9357-b3864a81ba19","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. If the Fund rejects your","page_number":37,"box":{"x":62,"y":239,"width":871,"height":12}},{"id":"031b403f-3510-4e38-919a-3eec0e8892d6","block_type":"box","text":"purchase or exchange order, you will not be able to execute that transaction, and the Fund will not be responsible for","page_number":37,"box":{"x":62,"y":254,"width":858,"height":11}},{"id":"cdd4d0f4-9180-49d5-be29-6b1ed8ea987d","block_type":"box","text":"any losses you therefore may suffer. For transactions placed directly with the Fund, the Fund may consider the trading","page_number":37,"box":{"x":61,"y":269,"width":866,"height":11}},{"id":"65ec982c-0d0a-4530-a852-71aaac529be3","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":37,"box":{"x":61,"y":283,"width":829,"height":12}},{"id":"626a4886-2c3c-4376-9d77-27681800b41d","block_type":"box","text":"placed through the same Financial Intermediary on an omnibus basis may be deemed part of a group for the purpose","page_number":37,"box":{"x":62,"y":298,"width":862,"height":12}},{"id":"d4199299-b243-4b76-9531-679b3f100e96","block_type":"box","text":"of this policy and may be rejected in whole or in part by the Fund. Certain accounts, such as omnibus accounts and","page_number":37,"box":{"x":61,"y":313,"width":849,"height":12}},{"id":"b6f292b9-0fd3-4df0-ab00-977d4ec43b4b","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":37,"box":{"x":61,"y":328,"width":866,"height":11}},{"id":"77c2f1cb-ac6d-4f3f-afb3-2b010baaaec1","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":37,"box":{"x":60,"y":343,"width":806,"height":11}},{"id":"f0857412-5115-4657-90cb-7221dac5167b","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":37,"box":{"x":61,"y":358,"width":804,"height":11}},{"id":"7aa2225f-3c97-422c-bddb-560dbd9c5b59","block_type":"box","text":"exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing","page_number":37,"box":{"x":61,"y":372,"width":849,"height":12}},{"id":"88ddef04-ef56-46c8-b006-0d515061643f","block_type":"box","text":"activity, the Fund may be unable to identify such activities because the netting effect in omnibus accounts often makes","page_number":37,"box":{"x":61,"y":387,"width":875,"height":12}},{"id":"b5398343-0b22-4f23-9511-31c8cf8c704f","block_type":"box","text":"it more difficult to locate and eliminate market timers from the Fund. The Distributor has entered into agreements with","page_number":37,"box":{"x":62,"y":402,"width":869,"height":12}},{"id":"96c89b9d-eb4b-4028-b688-603bbe363d78","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":37,"box":{"x":61,"y":417,"width":845,"height":11}},{"id":"c5552049-744a-41fa-9fdc-ea8ac4497138","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":37,"box":{"x":62,"y":432,"width":868,"height":11}},{"id":"8ad2981b-58e7-4d05-8bea-5f81eea246a0","block_type":"box","text":"orders by their customers in order to detect and prevent short-term or excessive trading in the Fund’s shares through","page_number":37,"box":{"x":61,"y":447,"width":861,"height":11}},{"id":"e5e481d0-aab8-419a-86aa-8828e81bb32a","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":37,"box":{"x":61,"y":461,"width":868,"height":12}},{"id":"a8f01fa0-489f-4286-a6e1-9d1df7977882","block_type":"box","text":"the event that a Financial Intermediary is determined by the Fund to be engaged in market timing or other improper","page_number":37,"box":{"x":60,"y":476,"width":847,"height":12}},{"id":"3f7307c7-a386-431f-84dc-b77b932f8c9b","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":37,"box":{"x":60,"y":491,"width":837,"height":12}},{"id":"9224e587-d678-45d3-ba20-ecf7b3f3c409","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":37,"box":{"x":61,"y":506,"width":663,"height":11}},{"id":"48d1507f-6cb3-4e33-a7f9-5913cbdd67d9","block_type":"box","text":"There is no assurance that the methods described above will prevent market timing or other trading that may be","page_number":37,"box":{"x":60,"y":529,"width":824,"height":11}},{"id":"f26ed623-1bfc-4b7f-aa08-517850aad51b","block_type":"box","text":"deemed abusive.","page_number":37,"box":{"x":61,"y":544,"width":123,"height":8}},{"id":"122fc09b-7e93-4652-8f4b-52e9a4cc398b","block_type":"box","text":"The Fund may from time to time use other methods that it believes are appropriate to deter market timing or other","page_number":37,"box":{"x":60,"y":566,"width":841,"height":11}},{"id":"f47bf497-5b49-4fe5-9e97-4f6fec3c2d6d","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":37,"box":{"x":60,"y":581,"width":572,"height":11}},{"id":"0ecb346a-5582-471f-8e4e-fedeb4114789","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"dbba2482-a90d-42c4-a986-4ccc3a53bf67","block_type":"box","text":"NM0926U-5977344-37/48","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"67938a2f-c058-419b-ae33-e3f7332db073","block_type":"box","text":"Management of the Fund","page_number":38,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"1b1edc77-d4d2-483b-8a37-e95b40b71c73","block_type":"box","text":"BlackRock","page_number":38,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"2a10ce86-a313-4328-a2a0-e41785cb5ef3","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":38,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"d9ab76fc-822e-4a48-a3f0-60a970cf62ab","block_type":"box","text":"the oversight of the Board of the Fund. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":38,"box":{"x":60,"y":197,"width":873,"height":12}},{"id":"298af6fb-25eb-44ca-9a1a-93dcaccba277","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":38,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"005f7108-96ce-4beb-8bdb-08748394bd3f","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":38,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"b8cb2c30-ca0c-4ad6-9c84-6ff8a3191f7b","block_type":"box","text":"BlackRock, Inc.","page_number":38,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"3a330431-43fe-4bd3-960e-90d9293f18e7","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":38,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"6293e28f-773b-4489-b608-b3972a079edc","block_type":"box","text":"companies. BlackRock International Limited, the Fund’s sub-adviser (the “Sub-Adviser”), is a registered investment","page_number":38,"box":{"x":61,"y":279,"width":844,"height":12}},{"id":"d1a5b9eb-ae49-4069-9ab2-4158f719bd49","block_type":"box","text":"adviser organized in 1995 and is an affiliate of BlackRock. BlackRock and its affiliates had approximately $15.3 trillion","page_number":38,"box":{"x":61,"y":293,"width":875,"height":12}},{"id":"ac6782fa-edac-4ae2-88c0-396f17048db3","block_type":"box","text":"in investment company and other portfolio assets under management as of June 30, 2026.","page_number":38,"box":{"x":62,"y":309,"width":672,"height":11}},{"id":"5b7d915b-1335-472b-9ada-b1d82dd411df","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Under the","page_number":38,"box":{"x":60,"y":331,"width":827,"height":12}},{"id":"95525762-ff55-40f9-9e8e-7b9817dfe906","block_type":"box","text":"Management Agreement, BlackRock receives for its services to the Fund a monthly fee as a percentage of the Fund’s","page_number":38,"box":{"x":62,"y":346,"width":863,"height":12}},{"id":"943c1320-0298-478a-bb21-5f47e99d542c","block_type":"box","text":"average daily net assets. With respect to the Fund, the maximum annual management fees that can be paid to","page_number":38,"box":{"x":61,"y":361,"width":814,"height":11}},{"id":"ba92292b-fbb0-4e13-a3c7-ff4a342db113","block_type":"box","text":"BlackRock (as a percentage of average daily net assets) are calculated as follows:","page_number":38,"box":{"x":62,"y":376,"width":603,"height":11}},{"id":"e6979d11-afbf-4842-88d8-3242ea93e492","block_type":"box","text":"Average Daily Net Assets","page_number":38,"box":{"x":69,"y":414,"width":151,"height":9}},{"id":"f3d85833-bef6-43f8-9dd9-67a7c20ea566","block_type":"box","text":"Rate of","page_number":38,"box":{"x":844,"y":404,"width":43,"height":7}},{"id":"48ffccf0-9972-47d4-8da6-d93592fb16ec","block_type":"box","text":"Management Fee","page_number":38,"box":{"x":813,"y":414,"width":104,"height":9}},{"id":"c0c0c841-4142-40db-833b-894bd8978842","block_type":"box","text":"First $250 million","page_number":38,"box":{"x":70,"y":431,"width":115,"height":9}},{"id":"4dc1bd66-e799-4f3c-b905-6f439e2466c7","block_type":"box","text":"0.500%","page_number":38,"box":{"x":845,"y":431,"width":50,"height":9}},{"id":"a9b3f8f4-d3fc-4db8-902a-042a4a8ae820","block_type":"box","text":"$250 million – $300 million","page_number":38,"box":{"x":70,"y":449,"width":182,"height":9}},{"id":"019851e3-7839-4388-97b1-88a1d5f74ae2","block_type":"box","text":"0.450%","page_number":38,"box":{"x":845,"y":450,"width":50,"height":8}},{"id":"7f1cb2be-74a6-4e3a-888a-7c64e712ff2f","block_type":"box","text":"$300 million – $400 million","page_number":38,"box":{"x":70,"y":467,"width":182,"height":10}},{"id":"2836d34d-3695-47f5-8462-4a52fcea7a9d","block_type":"box","text":"0.425%","page_number":38,"box":{"x":845,"y":468,"width":50,"height":8}},{"id":"8e23f1e5-f0e7-46bf-ae4c-14af4af443c7","block_type":"box","text":"Greater than $400 million","page_number":38,"box":{"x":69,"y":485,"width":170,"height":10}},{"id":"fc7ac795-51dc-4a87-a98e-c0144d21a9d2","block_type":"box","text":"0.400%","page_number":38,"box":{"x":845,"y":486,"width":50,"height":8}},{"id":"592f83ae-b87e-423b-9119-34f6c67c74a0","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":38,"box":{"x":62,"y":517,"width":840,"height":12}},{"id":"acb32a1b-817f-48db-b729-9381d8d8e793","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds","page_number":38,"box":{"x":61,"y":532,"width":861,"height":12}},{"id":"45945234-8056-489f-95e7-c07d4b8e92b6","block_type":"box","text":"managed by BlackRock or its affiliates that have a contractual management fee through June 30, 2028. In addition,","page_number":38,"box":{"x":61,"y":547,"width":851,"height":12}},{"id":"afc0f739-9a04-45a9-98a1-749f07c51e30","block_type":"box","text":"BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund","page_number":38,"box":{"x":62,"y":562,"width":872,"height":12}},{"id":"500c66fd-f657-4610-b656-54b84091e2ab","block_type":"box","text":"pays to the Manager indirectly through its investment in money market funds managed by BlackRock or its affiliates,","page_number":38,"box":{"x":62,"y":577,"width":853,"height":11}},{"id":"e5256ec4-5b64-4b26-b7f7-76ec56fdb316","block_type":"box","text":"through June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non","page_number":38,"box":{"x":60,"y":592,"width":871,"height":11}},{"id":"1ec3ecc9-0933-45cc-b5f8-2e7828be29e5","block_type":"box","text":"interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":38,"box":{"x":62,"y":606,"width":772,"height":12}},{"id":"78ad4099-d2a4-466a-91d3-37be6b98c8be","block_type":"box","text":"BlackRock has entered into a sub-advisory agreement with the Sub-Adviser, an affiliate of BlackRock, with respect to","page_number":38,"box":{"x":62,"y":629,"width":855,"height":12}},{"id":"45532e44-03e7-4182-b8c2-bf59e0040e6c","block_type":"box","text":"the Fund. Under the sub-advisory agreement, BlackRock pays the Sub-Adviser for services it provides for that portion","page_number":38,"box":{"x":60,"y":644,"width":858,"height":11}},{"id":"a76c95fd-8d61-443a-8534-3c8578da381f","block_type":"box","text":"of the Fund for which the Sub-Adviser acts as sub-adviser a fee equal to a percentage of the management fee paid to","page_number":38,"box":{"x":61,"y":659,"width":860,"height":11}},{"id":"0fafbc8f-14ee-4554-9369-10198fe35d1b","block_type":"box","text":"BlackRock under the Management Agreement with respect to the Fund.","page_number":38,"box":{"x":62,"y":674,"width":521,"height":11}},{"id":"ef9e2623-f68c-4b4d-a5cc-d00f2145f782","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock and the sub-advisory","page_number":38,"box":{"x":60,"y":696,"width":874,"height":12}},{"id":"02b5601f-43a2-4946-9d42-ad497187d251","block_type":"box","text":"agreement with the Sub-Adviser is available in the Fund’s reports filed on Form N-CSR for the fiscal year ended","page_number":38,"box":{"x":61,"y":711,"width":813,"height":11}},{"id":"52617e0c-6ddd-4b1a-b2fa-779629ee24bd","block_type":"box","text":"May 31, 2026.","page_number":38,"box":{"x":62,"y":726,"width":107,"height":11}},{"id":"f4f275c3-720b-4a39-8de6-35d53a50a5c1","block_type":"box","text":"For the fiscal year ended May 31, 2026, BlackRock received a management fee, net of management fee waivers, at","page_number":38,"box":{"x":62,"y":748,"width":851,"height":12}},{"id":"92d9ad2e-c514-457b-a465-5e8c23ac607f","block_type":"box","text":"the annual rate of 0.41% of the Fund’s average daily net assets.","page_number":38,"box":{"x":60,"y":763,"width":473,"height":12}},{"id":"89944fe4-e13b-4a3e-a9e2-918cbfc5fcd0","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":38,"box":{"x":62,"y":786,"width":864,"height":11}},{"id":"6c8f6e96-29e4-4029-ad96-5969160d72a8","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":38,"box":{"x":62,"y":801,"width":863,"height":11}},{"id":"5485207d-d3ea-41d8-aec4-9ce4ba720c02","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":38,"box":{"x":60,"y":815,"width":861,"height":12}},{"id":"53625613-6de5-4349-9062-fdb5282f8b63","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":38,"box":{"x":61,"y":830,"width":864,"height":12}},{"id":"743eb69e-b249-4f4f-b03c-121131dffc4d","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied on","page_number":38,"box":{"x":61,"y":845,"width":872,"height":11}},{"id":"61fcea70-4304-4b07-bfa8-f0f96b1ed8f4","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":38,"box":{"x":61,"y":860,"width":841,"height":11}},{"id":"99467730-53c2-42eb-b0f8-8c8e36690777","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":38,"box":{"x":61,"y":875,"width":472,"height":11}},{"id":"c49a4187-489b-449b-979b-c5c0b3bed38c","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fc9f7cda-614d-4465-ac6c-f8f740ba4dd4","block_type":"box","text":"NM0926U-5977344-38/48","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"68d8f351-7a13-4893-af54-a98c97d59a87","block_type":"box","text":"Portfolio Manager Information","page_number":39,"box":{"x":61,"y":46,"width":272,"height":14}},{"id":"fad1e689-d23b-454f-8725-77d033ad3fce","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. 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Director of BlackRock, Inc. from 2018","page_number":39,"box":{"x":615,"y":247,"width":295,"height":10}},{"id":"9bbc9657-f49c-439a-b089-d57b320265c9","block_type":"box","text":"to 2020.","page_number":39,"box":{"x":615,"y":261,"width":57,"height":8}},{"id":"2c77e3c8-df4a-4479-8a31-246f2b8e6cd2","block_type":"box","text":"Daniel Felder, CFA Jointly and primarily responsible for","page_number":39,"box":{"x":62,"y":319,"width":423,"height":10}},{"id":"2209383e-6433-4703-bc31-9a8688684d81","block_type":"box","text":"the day-to-day management of the","page_number":39,"box":{"x":252,"y":333,"width":223,"height":10}},{"id":"339dd03e-67e5-4de5-90c6-ee057f5fc37c","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":39,"box":{"x":253,"y":346,"width":245,"height":11}},{"id":"63912267-1f27-47ef-a5a4-42d3a0445fbd","block_type":"box","text":"Fund’s overall investment strategy","page_number":39,"box":{"x":253,"y":360,"width":225,"height":10}},{"id":"9d6b494e-329a-406d-bf53-38e4371be6c7","block_type":"box","text":"and overseeing the management of","page_number":39,"box":{"x":253,"y":373,"width":233,"height":11}},{"id":"8a443bb6-4674-469c-9d79-aa43b7aa400e","block_type":"box","text":"the Fund.","page_number":39,"box":{"x":252,"y":387,"width":60,"height":8}},{"id":"aea50431-7558-4e01-b6d3-a17399739edb","block_type":"box","text":"2022 Director of BlackRock, Inc. since 2021; Vice","page_number":39,"box":{"x":545,"y":319,"width":361,"height":10}},{"id":"0d1ccc90-f28f-4f81-a324-ad901cb29a2f","block_type":"box","text":"President of BlackRock, Inc. from 2017 to","page_number":39,"box":{"x":616,"y":333,"width":276,"height":9}},{"id":"28854dfb-959b-4a69-935c-ba7b4194c377","block_type":"box","text":"2020.","page_number":39,"box":{"x":615,"y":346,"width":39,"height":9}},{"id":"202e474c-bb03-4505-9cf3-4d38994f2516","block_type":"box","text":"Raffaele Savi Jointly and primarily responsible for","page_number":39,"box":{"x":61,"y":405,"width":424,"height":10}},{"id":"ad96e6bf-2cc9-47c0-8ac3-4003e0a068bc","block_type":"box","text":"the day-to-day management of the","page_number":39,"box":{"x":252,"y":418,"width":223,"height":11}},{"id":"9ec8799b-50ca-4fce-a0ed-94feba989338","block_type":"box","text":"Fund’s portfolio.","page_number":39,"box":{"x":253,"y":432,"width":106,"height":10}},{"id":"a22071e8-33eb-4afd-9f30-4fc37ef73146","block_type":"box","text":"2022 Senior Managing Director of BlackRock, Inc.","page_number":39,"box":{"x":545,"y":405,"width":358,"height":10}},{"id":"91624b9c-f166-4e02-8b24-b38d232f269b","block_type":"box","text":"since 2023; Managing Director of BlackRock,","page_number":39,"box":{"x":615,"y":418,"width":298,"height":11}},{"id":"60a9302c-7b07-431b-9530-fc39ac031474","block_type":"box","text":"Inc. from 2009 to 2022.","page_number":39,"box":{"x":616,"y":432,"width":159,"height":8}},{"id":"598210c3-be2c-4f00-87a0-201a0b024491","block_type":"box","text":"Richard Mathieson Jointly and primarily responsible for","page_number":39,"box":{"x":61,"y":450,"width":424,"height":10}},{"id":"bacc5787-afc9-4bcd-be4c-3f847ea23294","block_type":"box","text":"the day-to-day management of the","page_number":39,"box":{"x":252,"y":464,"width":223,"height":10}},{"id":"8ebada71-51f3-49f1-8896-81407a920a60","block_type":"box","text":"Fund’s portfolio.","page_number":39,"box":{"x":253,"y":477,"width":106,"height":10}},{"id":"018c2720-5375-4263-870e-b49ce0631d09","block_type":"box","text":"2022 Managing Director of BlackRock, Inc. since","page_number":39,"box":{"x":545,"y":450,"width":352,"height":10}},{"id":"18cf1327-acb6-48c9-9ca9-4bdbb00faa32","block_type":"box","text":"2011.","page_number":39,"box":{"x":615,"y":464,"width":39,"height":8}},{"id":"ce496fb4-dc05-45fb-805a-816e93cbdbe9","block_type":"box","text":"Anna Hawley,","page_number":39,"box":{"x":60,"y":495,"width":86,"height":10}},{"id":"23565366-83be-4c09-b7de-522cba7be99a","block_type":"box","text":"CFA","page_number":39,"box":{"x":61,"y":509,"width":24,"height":8}},{"id":"c3c07a1e-c559-47fb-a608-e3c8615c09fe","block_type":"box","text":"Jointly and primarily responsible for","page_number":39,"box":{"x":252,"y":495,"width":233,"height":10}},{"id":"c5328f5e-a483-4703-be3c-15b0c7b41a0b","block_type":"box","text":"the day-to-day management of the","page_number":39,"box":{"x":252,"y":509,"width":223,"height":10}},{"id":"40376c49-d37c-443b-9a8d-551b804a4d8b","block_type":"box","text":"Fund’s portfolio.","page_number":39,"box":{"x":253,"y":522,"width":106,"height":10}},{"id":"1ce0be89-cb6b-48af-b574-6c80a376e8fc","block_type":"box","text":"2022 Managing Director of BlackRock, Inc. since","page_number":39,"box":{"x":545,"y":495,"width":352,"height":11}},{"id":"c44fbbfa-7d58-43f7-87a2-4883a449495b","block_type":"box","text":"2022; Director of BlackRock, Inc. from 2009","page_number":39,"box":{"x":615,"y":509,"width":295,"height":9}},{"id":"e750525f-b610-4274-9d33-a95a79a15ca0","block_type":"box","text":"to 2021.","page_number":39,"box":{"x":615,"y":522,"width":57,"height":9}},{"id":"83ca9a64-1965-43b0-a3a3-cf7733c52249","block_type":"box","text":"Scott Radell Jointly and primarily responsible for","page_number":39,"box":{"x":61,"y":540,"width":424,"height":11}},{"id":"3f974f4d-f09e-4a07-ae1e-264e2ba39bcd","block_type":"box","text":"the day-to-day management of the","page_number":39,"box":{"x":252,"y":554,"width":223,"height":10}},{"id":"a4629409-2dab-45ee-baea-d643ed7285b8","block_type":"box","text":"Fund’s portfolio.","page_number":39,"box":{"x":253,"y":567,"width":106,"height":10}},{"id":"75c75e8d-7fca-45b3-ab78-1456c1258bf6","block_type":"box","text":"2022 Managing Director of BlackRock, Inc. since","page_number":39,"box":{"x":545,"y":540,"width":352,"height":11}},{"id":"98938156-c8d1-49ee-a949-e7cc57affdac","block_type":"box","text":"2009.","page_number":39,"box":{"x":615,"y":554,"width":39,"height":8}},{"id":"cd5aa97c-2d05-4a13-aafe-ba1d33674de0","block_type":"box","text":"Jasmita Mohan Jointly and primarily responsible for","page_number":39,"box":{"x":60,"y":585,"width":425,"height":11}},{"id":"fe1ebd83-0f85-4221-9b16-8c494c086cbc","block_type":"box","text":"the day-to-day management of the","page_number":39,"box":{"x":252,"y":599,"width":223,"height":10}},{"id":"cbc1b6be-d88f-45c1-b0c7-e2f3a8d89ec7","block_type":"box","text":"Fund’s portfolio.","page_number":39,"box":{"x":253,"y":612,"width":106,"height":11}},{"id":"6499d1b6-9495-4c91-84c6-e7eb30bb09f1","block_type":"box","text":"2023 Director of BlackRock, Inc. since 2019.","page_number":39,"box":{"x":545,"y":585,"width":328,"height":10}},{"id":"dfb63739-7a65-4063-8761-7cd562a8038e","block_type":"box","text":"Conflicts of Interest","page_number":39,"box":{"x":61,"y":653,"width":181,"height":11}},{"id":"79a2a0a0-ea6f-407b-9aa8-bdebec806bfc","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":39,"box":{"x":60,"y":679,"width":871,"height":12}},{"id":"6bd70d2a-18d5-487e-a20e-9f4a7946ead3","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":39,"box":{"x":62,"y":694,"width":801,"height":12}},{"id":"5246f747-9192-4063-80a6-4803d08c585f","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":39,"box":{"x":61,"y":709,"width":723,"height":11}},{"id":"72b3add7-8de7-43c9-a314-1e941960cd93","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":39,"box":{"x":62,"y":731,"width":871,"height":12}},{"id":"af1c7320-3fab-4c0b-be9d-a66404f2b679","block_type":"box","text":"activities and in the ordinary course of business may engage in activities in which their interests or the interests of","page_number":39,"box":{"x":61,"y":746,"width":845,"height":12}},{"id":"2e28fb93-d5e8-45ee-af30-1986d8ccc898","block_type":"box","text":"other clients may conflict with those of the Fund. BlackRock and its Affiliates act, or may act, as an investor, research","page_number":39,"box":{"x":61,"y":761,"width":865,"height":12}},{"id":"f23b4c45-084b-481b-a217-912e770a1187","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":39,"box":{"x":62,"y":776,"width":839,"height":12}},{"id":"1ecb3004-c5c8-4b46-bbfc-993695f38dbc","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":39,"box":{"x":60,"y":791,"width":850,"height":11}},{"id":"125d52eb-1c05-4d79-b8d5-490cb3d544e9","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":39,"box":{"x":62,"y":806,"width":813,"height":11}},{"id":"f2666b0e-06ad-4ef1-a5d6-3e343b867436","block_type":"box","text":"indirectly invest.","page_number":39,"box":{"x":62,"y":821,"width":116,"height":11}},{"id":"28a187bb-ba57-4e75-8816-0def87752637","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":39,"box":{"x":62,"y":843,"width":801,"height":12}},{"id":"5d1930e1-9b35-489c-921e-c487b7d0c680","block_type":"box","text":"investment objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or","page_number":39,"box":{"x":62,"y":858,"width":865,"height":11}},{"id":"bd8227d0-31ed-42c1-850d-64999ac34d0d","block_type":"box","text":"similar types of securities, currencies and other assets as are held by the Fund. This may include transactions in","page_number":39,"box":{"x":61,"y":873,"width":829,"height":11}},{"id":"fc0dba3f-915f-4e4a-8591-55a1c3ff13b3","block_type":"box","text":"securities issued by other open-end and closed-end investment companies, including investment companies that are","page_number":39,"box":{"x":61,"y":888,"width":856,"height":11}},{"id":"d74a6e02-ddc1-4a1f-91c6-c95a4fa583cc","block_type":"box","text":"affiliated with the Fund and BlackRock, to the extent permitted under the Investment Company Act. The trading","page_number":39,"box":{"x":61,"y":902,"width":814,"height":12}},{"id":"ab54bc47-ed6c-4851-916b-233becf72f42","block_type":"box","text":"activities of BlackRock and its Affiliates are carried out without reference to positions held directly or indirectly by the","page_number":39,"box":{"x":61,"y":917,"width":860,"height":12}},{"id":"22f85de9-5941-442d-b179-e1440b0dd0d9","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"9ea20546-e7b6-4695-87de-36af01ef981c","block_type":"box","text":"NM0926U-5977344-39/48","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5425843c-d739-4daf-bb35-dbc5966b0b0b","block_type":"box","text":"Fund. These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or","page_number":40,"box":{"x":62,"y":46,"width":862,"height":11}},{"id":"d0c1361f-8a13-4c19-b933-f978c88ef267","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":40,"box":{"x":60,"y":60,"width":565,"height":12}},{"id":"45b0f87b-4a40-404c-964c-3be7b40239df","block_type":"box","text":"The Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has","page_number":40,"box":{"x":60,"y":83,"width":855,"height":12}},{"id":"7b3d5e44-6376-4e31-8c88-f5b06cb63493","block_type":"box","text":"significant debt or equity investments or other interests. 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The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":40,"box":{"x":61,"y":127,"width":866,"height":12}},{"id":"706b9991-490e-41db-8d0d-82c3263df003","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":40,"box":{"x":62,"y":143,"width":444,"height":11}},{"id":"90be4a67-083a-4ddd-8a04-e6ee7980e651","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":40,"box":{"x":60,"y":165,"width":862,"height":11}},{"id":"06f70fee-ef70-4e40-8ad1-9781fbb88a54","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":40,"box":{"x":60,"y":180,"width":567,"height":11}},{"id":"9f9237bd-315e-4beb-a9ee-7d8460669e41","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":40,"box":{"x":62,"y":202,"width":851,"height":12}},{"id":"9b7e12f0-de29-41b7-a0db-cc426a3a934c","block_type":"box","text":"the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of","page_number":40,"box":{"x":60,"y":217,"width":864,"height":12}},{"id":"3a9f408a-660d-4e0a-a5c3-86b5e659ac5e","block_type":"box","text":"the Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":40,"box":{"x":60,"y":232,"width":865,"height":11}},{"id":"a7ad2f7a-4ed0-49d6-be3f-e55982ef7514","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":40,"box":{"x":60,"y":247,"width":834,"height":11}},{"id":"8d1ff0c5-5003-424e-aa84-3e6b6546bd92","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":40,"box":{"x":62,"y":552,"width":870,"height":12}},{"id":"dccc847c-cb05-423b-8a69-08e2e01b6873","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":40,"box":{"x":60,"y":567,"width":545,"height":12}},{"id":"b0cc3a4a-a3d8-4745-85b1-8a3db2777493","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":40,"box":{"x":60,"y":590,"width":837,"height":11}},{"id":"0952926a-4204-4f43-83f9-9f389dae68ad","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":40,"box":{"x":61,"y":604,"width":865,"height":12}},{"id":"c18c9df5-6e3c-46e4-b700-dff5ee160264","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":40,"box":{"x":62,"y":619,"width":819,"height":12}},{"id":"66025bca-3d8d-4bc9-9b4f-896a1a2652fb","block_type":"box","text":"Valuation of Fund Investments","page_number":40,"box":{"x":63,"y":658,"width":271,"height":11}},{"id":"21e72b23-5b53-40e9-8514-00583b52c746","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. Shares are also redeemed at their net","page_number":40,"box":{"x":60,"y":684,"width":849,"height":12}},{"id":"ff2b702f-fd20-47c4-99f4-d4cd4c508dd0","block_type":"box","text":"asset value, minus any applicable redemption fee. The net asset value used in determining your share price is the next","page_number":40,"box":{"x":61,"y":699,"width":876,"height":12}},{"id":"04c000fa-1c22-4351-aab0-2e9f5ebcc332","block_type":"box","text":"one calculated after your purchase or redemption order is received. The net asset value of each class of shares","page_number":40,"box":{"x":61,"y":714,"width":821,"height":11}},{"id":"c54fc67c-a532-4ac2-9770-e38b07c4e50d","block_type":"box","text":"normally is determined once daily Monday through Friday, generally as of the close of regular trading hours of the New","page_number":40,"box":{"x":61,"y":729,"width":866,"height":11}},{"id":"73275b95-fc61-4799-bd9b-e5bc7196a5b9","block_type":"box","text":"York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on each day that the NYSE is open for trading,","page_number":40,"box":{"x":60,"y":744,"width":831,"height":11}},{"id":"a28eb479-7aec-45c8-bbbf-6c78f64c13bc","block_type":"box","text":"based on prices at the time of closing, provided that any Fund assets or liabilities denominated in currencies other","page_number":40,"box":{"x":61,"y":759,"width":843,"height":11}},{"id":"b091c2ca-c010-4190-afc0-e9e899e5d624","block_type":"box","text":"than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of valuation as quoted by","page_number":40,"box":{"x":60,"y":773,"width":876,"height":12}},{"id":"5258cf58-81bb-425b-bae0-9a28f066383f","block_type":"box","text":"one or more data service providers. The net asset value of shares is calculated by dividing the value of the net assets","page_number":40,"box":{"x":61,"y":788,"width":868,"height":12}},{"id":"723d6eb8-a235-48cb-9ef8-df2fdfc20570","block_type":"box","text":"of each class of shares (i.e., the value of its total assets less total liabilities) by the total number of outstanding","page_number":40,"box":{"x":61,"y":803,"width":825,"height":12}},{"id":"8fbbde72-c027-45bb-bce0-cf340f8f0214","block_type":"box","text":"shares of the class, generally rounded to the nearest cent.","page_number":40,"box":{"x":61,"y":818,"width":430,"height":11}},{"id":"101e013b-427f-47a9-9511-862797bd936f","block_type":"box","text":"The value of the securities and other assets and liabilities held by the Fund is determined pursuant to BlackRock’s","page_number":40,"box":{"x":60,"y":840,"width":844,"height":12}},{"id":"16e051e0-d8b3-4514-9909-e1eef444539e","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":40,"box":{"x":60,"y":855,"width":837,"height":12}},{"id":"1dcef679-e508-405c-a0c8-cbfc18ad0d12","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":40,"box":{"x":62,"y":870,"width":464,"height":11}},{"id":"a306a88f-efbc-4778-b2fb-f6ef3d4024ef","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":40,"box":{"x":62,"y":893,"width":863,"height":11}},{"id":"271a24dd-1273-4074-9b0e-7ee10bb8e958","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":40,"box":{"x":60,"y":907,"width":858,"height":12}},{"id":"1af22280-f2a5-40b5-91ae-ef09bf18dcb2","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e5dd2273-1c8d-41a3-96cb-e4295f3b2d81","block_type":"box","text":"NM0926U-5977344-40/48","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"54d9b532-76e6-4c4a-ba45-e3a2ca7ba6e4","block_type":"box","text":"last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange","page_number":41,"box":{"x":62,"y":46,"width":863,"height":11}},{"id":"346c2784-d408-46c9-b575-4850ba1548c6","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. 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Pricing services may use valuation models that utilize","page_number":41,"box":{"x":61,"y":143,"width":868,"height":11}},{"id":"4b5b8ae0-7d32-4a3d-b366-697aff719200","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":41,"box":{"x":61,"y":157,"width":842,"height":12}},{"id":"b36b4967-522c-477d-b262-b6412e12ae07","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":41,"box":{"x":61,"y":172,"width":853,"height":11}},{"id":"363919c7-249f-4d17-a0bd-3fcbc155190e","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":41,"box":{"x":61,"y":187,"width":844,"height":11}},{"id":"205a4aab-1202-45cc-9f9e-489751859ff2","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":41,"box":{"x":61,"y":202,"width":822,"height":11}},{"id":"693aaabf-4222-47df-8547-f6b4eaf6bcfa","block_type":"box","text":"amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to","page_number":41,"box":{"x":61,"y":216,"width":845,"height":12}},{"id":"2e8e35ca-af47-49bd-ac31-c43f1c8f4672","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":41,"box":{"x":61,"y":231,"width":733,"height":12}},{"id":"43d0e72f-ed8e-4ab3-8728-e482202df321","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":41,"box":{"x":61,"y":254,"width":829,"height":11}},{"id":"90a7d3d9-363f-4305-b9c6-f56df5010551","block_type":"box","text":"regular trading hours of the NYSE. 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The Fund will be","page_number":41,"box":{"x":60,"y":626,"width":830,"height":11}},{"id":"dfd7812b-646a-4218-8a8e-664d4cb83ad4","block_type":"box","text":"deemed to receive an order when accepted by the Financial Intermediary or designee, and the order will receive the","page_number":41,"box":{"x":61,"y":641,"width":848,"height":11}},{"id":"490568f5-fe82-4a22-a656-d46dc2344a97","block_type":"box","text":"net asset value next computed by the Fund after such acceptance. If the payment for a purchase order is not made by","page_number":41,"box":{"x":61,"y":655,"width":868,"height":12}},{"id":"57687dc1-dd69-4e60-8fda-e80cdb97c343","block_type":"box","text":"a designated later time, the order will be canceled and the Financial Intermediary could be held liable for any losses.","page_number":41,"box":{"x":61,"y":670,"width":856,"height":12}},{"id":"c4097a9c-9d90-40b8-9966-b050915be015","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":41,"box":{"x":61,"y":709,"width":311,"height":13}},{"id":"90aa50ab-073e-4418-bea4-5f9264e0dd98","block_type":"box","text":"BUYING A DIVIDEND","page_number":41,"box":{"x":423,"y":750,"width":152,"height":9}},{"id":"43546b43-0323-48db-9284-b6455c426e77","block_type":"box","text":"Unless your investment is in a tax-deferred account, you may want to avoid buying shares shortly before the Fund","page_number":41,"box":{"x":72,"y":773,"width":831,"height":11}},{"id":"08c18cf0-34c1-489b-82f5-5c69d914613f","block_type":"box","text":"pays a dividend. 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If you would like to","page_number":41,"box":{"x":61,"y":887,"width":863,"height":12}},{"id":"777d5224-f5de-4122-95e8-b8c31d688330","block_type":"box","text":"receive dividends in cash, contact your Financial Intermediary or the Fund.","page_number":41,"box":{"x":61,"y":903,"width":543,"height":11}},{"id":"3d5aa563-bd1c-42ef-aea2-afc26dd470f9","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"ea761e61-286c-4b76-830a-6aaa46c9da2c","block_type":"box","text":"NM0926U-5977344-41/48","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"47d125d7-e84b-48fb-b60b-f34359dde299","block_type":"box","text":"Your tax consequences from an investment in the Fund will depend on whether you have invested through a qualified","page_number":42,"box":{"x":60,"y":46,"width":856,"height":11}},{"id":"79edd1f6-b51e-4b8e-8821-6cc4c6cf3fce","block_type":"box","text":"tax-exempt plan described in section 401(a) of the Internal Revenue Code (a “Qualified Plan”).","page_number":42,"box":{"x":60,"y":60,"width":692,"height":12}},{"id":"ad7916b4-4e98-45fe-b4c2-d42e801ca107","block_type":"box","text":"Investments Through a Qualified Plan","page_number":42,"box":{"x":62,"y":83,"width":272,"height":12}},{"id":"a2998df4-8bec-4dd6-9c1a-67e1b3917874","block_type":"box","text":"Special tax rules apply to investments made through Qualified Plans. If you are invested through a Qualified Plan (and","page_number":42,"box":{"x":61,"y":106,"width":864,"height":11}},{"id":"24a5fa72-63df-4cf9-9bd3-af145c476b2e","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then you will not be subject to U.S. federal income tax on","page_number":42,"box":{"x":62,"y":120,"width":851,"height":12}},{"id":"529fa1d0-cb29-491a-be16-b6c0589b28e2","block_type":"box","text":"the dividends paid by the Fund or the gain realized from a redemption or exchange of Fund shares until you withdraw or","page_number":42,"box":{"x":60,"y":135,"width":875,"height":12}},{"id":"88776ec9-d3e3-4f98-9e9d-800ccf3e27a7","block_type":"box","text":"receive distributions from the plan. Distributions you receive from the Qualified Plan may be subject to U.S. federal","page_number":42,"box":{"x":61,"y":150,"width":841,"height":11}},{"id":"d45ff226-9dc1-43da-8743-f66628d08197","block_type":"box","text":"withholding tax depending on the kind of payment you receive.","page_number":42,"box":{"x":60,"y":165,"width":455,"height":11}},{"id":"b43debb0-5675-4627-a89d-844e2cec4013","block_type":"box","text":"Investments Not Made Through Qualified Plans","page_number":42,"box":{"x":62,"y":187,"width":344,"height":12}},{"id":"5b39ba79-e21b-4760-ae81-0588ddea0475","block_type":"box","text":"If you are not invested through a Qualified Plan, you will generally pay tax on dividends from the Fund whether you","page_number":42,"box":{"x":62,"y":210,"width":831,"height":12}},{"id":"2e110899-6d08-4207-adcf-df30989e2e76","block_type":"box","text":"receive them in cash or additional shares. If you redeem Fund shares or exchange them for shares of another fund,","page_number":42,"box":{"x":61,"y":225,"width":847,"height":11}},{"id":"08e61246-27c5-4cd0-b3d4-b487d8f96627","block_type":"box","text":"you generally will be treated as having sold your shares and any gain on the transaction may be subject to tax. Fund","page_number":42,"box":{"x":60,"y":240,"width":851,"height":11}},{"id":"a3e09478-6881-444c-b608-2dc11bb72cbb","block_type":"box","text":"distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations and","page_number":42,"box":{"x":61,"y":254,"width":859,"height":12}},{"id":"272a0eb9-c434-4cd1-a7c0-c86ee8b40280","block_type":"box","text":"qualifying foreign corporations, and long-term capital gains, are eligible for taxation at a maximum rate of 15% or 20%","page_number":42,"box":{"x":61,"y":269,"width":863,"height":12}},{"id":"07b3b72a-c82a-4a75-b58c-18fd32f5360c","block_type":"box","text":"for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted annually for","page_number":42,"box":{"x":60,"y":284,"width":875,"height":12}},{"id":"b18ec1cd-b158-4ab2-8944-840111b260c6","block_type":"box","text":"inflation.","page_number":42,"box":{"x":62,"y":299,"width":61,"height":9}},{"id":"8787832a-4d51-4157-8a20-8d13c7bfe305","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes, but is not limited to, interest,","page_number":42,"box":{"x":60,"y":322,"width":803,"height":11}},{"id":"e7befcc8-81c0-4435-bba6-cf8b76f86972","block_type":"box","text":"dividends and net gain from investments) of U.S. individuals with income exceeding $200,000, or $250,000 if married","page_number":42,"box":{"x":61,"y":336,"width":873,"height":12}},{"id":"8fff5772-f120-47fb-a435-eff7f7b75643","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":42,"box":{"x":60,"y":351,"width":282,"height":12}},{"id":"5bdbf7d5-7ffc-4473-a785-968575435561","block_type":"box","text":"Your dividends and redemption proceeds will be subject to backup withholding tax if you have not provided a taxpayer","page_number":42,"box":{"x":60,"y":374,"width":861,"height":11}},{"id":"c5bddfc3-2cf6-4ce1-b996-28031c61f7c4","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":42,"box":{"x":62,"y":389,"width":679,"height":11}},{"id":"12c85f6b-df9e-4f87-9c51-119b198e7b61","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":42,"box":{"x":62,"y":411,"width":326,"height":11}},{"id":"d0a0958b-ce0b-4f37-875a-9981b46321bb","block_type":"box","text":"If you are not invested through a Qualified Plan and you are neither a tax resident nor a citizen of the United States or","page_number":42,"box":{"x":62,"y":434,"width":864,"height":11}},{"id":"9e088c57-654c-4463-afc3-c603e7921d21","block_type":"box","text":"if you are a foreign entity (other than a pass-through entity to the extent owned by U.S. persons), the Fund’s ordinary","page_number":42,"box":{"x":62,"y":448,"width":856,"height":12}},{"id":"9a6fb1ce-4e5d-4064-bac2-33bbeb22f0ab","block_type":"box","text":"income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies. However,","page_number":42,"box":{"x":62,"y":463,"width":857,"height":12}},{"id":"dfd5447c-c3ef-4a38-aa73-6c51b7d5b283","block_type":"box","text":"certain distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":42,"box":{"x":61,"y":478,"width":862,"height":12}},{"id":"24073d61-4683-409d-971f-fcdd34a5a9ca","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":42,"box":{"x":61,"y":493,"width":770,"height":12}},{"id":"9add13f3-2d62-42c5-b8c1-64064f63954e","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income items paid","page_number":42,"box":{"x":61,"y":516,"width":868,"height":11}},{"id":"58e88eda-9bd9-41a9-8ecf-8bb815a73a11","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":42,"box":{"x":60,"y":530,"width":808,"height":12}},{"id":"8267d1e6-5f9b-458d-830a-cd83115a6eaa","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":42,"box":{"x":60,"y":545,"width":874,"height":12}},{"id":"d22b8eb1-c02e-4f18-b2f7-97b3159b3f92","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":42,"box":{"x":62,"y":560,"width":789,"height":12}},{"id":"f9bb4b7c-fa74-40d2-8254-6395eb1fc90b","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":42,"box":{"x":62,"y":575,"width":858,"height":11}},{"id":"3e401e27-6f00-42a2-9326-11df5c5cb82e","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":42,"box":{"x":61,"y":590,"width":865,"height":11}},{"id":"6c997cdb-0b2f-483f-a6cd-64801e19231e","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":42,"box":{"x":61,"y":604,"width":802,"height":12}},{"id":"4d773005-8ecb-4571-9db2-e60030c01055","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":42,"box":{"x":62,"y":619,"width":639,"height":12}},{"id":"5cce9a01-9841-46e9-8295-bffa707201eb","block_type":"box","text":"Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and","page_number":42,"box":{"x":62,"y":642,"width":863,"height":11}},{"id":"c280dc43-cab3-4e27-9788-a8fa0cd77f03","block_type":"box","text":"other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may","page_number":42,"box":{"x":61,"y":657,"width":823,"height":11}},{"id":"7f43ca42-d395-48dd-9955-41202c3a679f","block_type":"box","text":"reduce or eliminate such taxes. You may be able to claim a credit or take a deduction for foreign taxes paid by the","page_number":42,"box":{"x":61,"y":672,"width":837,"height":11}},{"id":"55d1644b-fdf8-4ae2-927b-017fa365f303","block_type":"box","text":"Fund if certain requirements are met.","page_number":42,"box":{"x":62,"y":686,"width":272,"height":12}},{"id":"668be0d8-fc03-4b4c-85ce-1fc3b04d6637","block_type":"box","text":"This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is","page_number":42,"box":{"x":60,"y":709,"width":855,"height":11}},{"id":"c3e210ce-b9db-4a63-b029-3e8d078a6f2c","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":42,"box":{"x":61,"y":724,"width":832,"height":11}},{"id":"5d845a25-af6b-45c0-a2a4-c646f271f637","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":42,"box":{"x":62,"y":739,"width":383,"height":11}},{"id":"42c09bef-5a44-4519-b6f2-8567196d8bd8","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d7bcff0e-e7fb-44f4-9706-205f16bb83ac","block_type":"box","text":"NM0926U-5977344-42/48","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"80e73a85-3eab-418f-b6d3-139f98d891cf","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":43,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"1048218a-dc9f-4f3f-a6f0-20f26e7eea6e","block_type":"box","text":"shown. Certain information reflects financial results for a single share of the Fund. The total returns in the tables","page_number":43,"box":{"x":61,"y":90,"width":831,"height":12}},{"id":"ebe30dfa-a43a-4192-87e5-95fe408ac98d","block_type":"box","text":"represent the rate of return that an investor would have earned (or lost) on an investment in the Fund, assuming","page_number":43,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"0c7b1cc6-aa3a-4cbf-a4ff-dccb5cd85e17","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP whose","page_number":43,"box":{"x":61,"y":120,"width":836,"height":11}},{"id":"b80cece6-55dc-4ffd-a839-3ffbd01bf630","block_type":"box","text":"report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial Statements and","page_number":43,"box":{"x":61,"y":135,"width":862,"height":11}},{"id":"09e313a0-6f27-4e24-a89d-9d9dc2710175","block_type":"box","text":"Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR, which is available","page_number":43,"box":{"x":60,"y":149,"width":872,"height":12}},{"id":"1c292652-bbbd-4803-ab22-093177993a70","block_type":"box","text":"upon request and at www.blackrock.com.","page_number":43,"box":{"x":61,"y":165,"width":300,"height":10}},{"id":"de851806-b157-464f-8136-2788a1f8f4bf","block_type":"box","text":"BlackRock Balanced Fund, Inc.","page_number":43,"box":{"x":541,"y":185,"width":187,"height":9}},{"id":"4217741c-bb1e-466c-9231-9e7d6083c393","block_type":"box","text":"Class K","page_number":43,"box":{"x":612,"y":201,"width":45,"height":7}},{"id":"32e9d953-8cd7-46fd-b8f4-799b0fd945f1","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":43,"box":{"x":69,"y":238,"width":222,"height":9}},{"id":"fe3b8b8d-6edc-473b-83b9-4e33d7b78b29","block_type":"box","text":"Year Ended","page_number":43,"box":{"x":352,"y":228,"width":66,"height":7}},{"id":"79da4b47-3f54-4896-9545-42ee460d28d8","block_type":"box","text":"05/31/26","page_number":43,"box":{"x":353,"y":238,"width":64,"height":9}},{"id":"20855d99-a27a-4845-9618-10d8a6375af0","block_type":"box","text":"Year Ended","page_number":43,"box":{"x":449,"y":228,"width":66,"height":7}},{"id":"8cbe8c06-c119-4716-b0a7-40655f7b24fe","block_type":"box","text":"05/31/25","page_number":43,"box":{"x":450,"y":238,"width":64,"height":9}},{"id":"d383758a-d594-4124-86fd-6d5942e8f919","block_type":"box","text":"Year Ended","page_number":43,"box":{"x":546,"y":228,"width":66,"height":7}},{"id":"06131c95-586b-42a9-ad12-3ea1fa30215f","block_type":"box","text":"05/31/24","page_number":43,"box":{"x":547,"y":238,"width":64,"height":9}},{"id":"4a3305ef-15a2-4503-bbaf-583386e728c2","block_type":"box","text":"Year Ended","page_number":43,"box":{"x":642,"y":228,"width":66,"height":7}},{"id":"86c5ccde-e421-4674-b5c2-25a7f47a2abe","block_type":"box","text":"05/31/23","page_number":43,"box":{"x":644,"y":238,"width":63,"height":9}},{"id":"4c11803b-aa78-429b-ac49-24e32714b809","block_type":"box","text":"Period from","page_number":43,"box":{"x":746,"y":217,"width":68,"height":7}},{"id":"02b1db8f-e9bd-42b5-98af-dd232195f6b8","block_type":"box","text":"10/01/21","page_number":43,"box":{"x":748,"y":227,"width":64,"height":9}},{"id":"09779c15-389f-4652-a3e1-9dbc4ff13553","block_type":"box","text":"to 05/31/22","page_number":43,"box":{"x":739,"y":238,"width":81,"height":9}},{"id":"70374823-5a5e-46a6-ac8b-243748860651","block_type":"box","text":"Year Ended","page_number":43,"box":{"x":850,"y":228,"width":66,"height":7}},{"id":"088b17c9-e479-4667-ba34-c214e2abeeba","block_type":"box","text":"09/30/21","page_number":43,"box":{"x":852,"y":238,"width":64,"height":9}},{"id":"efe2c8a8-da01-4017-954d-35acd3cbc298","block_type":"box","text":"Net asset value, beginning of period","page_number":43,"box":{"x":69,"y":254,"width":216,"height":9}},{"id":"f54e5bed-bc6c-48a5-b22a-f04ff12cb674","block_type":"box","text":"$ 27.00 $ 26.44 $ 23.23 $ 23.94 $ 28.28 $ 24.89","page_number":43,"box":{"x":356,"y":254,"width":553,"height":8}},{"id":"f998b8c4-81c8-4fdb-8c2f-0d37f2428c43","block_type":"box","text":"Net investment income","page_number":43,"box":{"x":85,"y":271,"width":134,"height":8}},{"id":"fb49fb80-ff70-457b-a157-6de7454f39e9","block_type":"box","text":"(a)","page_number":43,"box":{"x":220,"y":271,"width":7,"height":5}},{"id":"ca004fb7-420b-40fe-963b-36550a02254b","block_type":"box","text":"0.70 0.67 0.60 0.54 0.20 0.25","page_number":43,"box":{"x":388,"y":271,"width":521,"height":8}},{"id":"51200bad-add9-4ae4-8974-47d7db582f09","block_type":"box","text":"Net realized and unrealized gain (loss) 4.55 1.89 3.38 (0.39) (1.27) 4.22","page_number":43,"box":{"x":85,"y":283,"width":824,"height":9}},{"id":"1222c72f-55c0-4416-a302-4e9643b112e6","block_type":"box","text":"Net increase (decrease) from investment","page_number":43,"box":{"x":70,"y":294,"width":239,"height":9}},{"id":"dfa7909f-75f9-41f3-a345-8635b7cbeccb","block_type":"box","text":"operations 5.25 2.56 3.98 0.15 (1.07) 4.47","page_number":43,"box":{"x":69,"y":307,"width":840,"height":9}},{"id":"b8e79c42-f276-4eca-831e-faac36e9929d","block_type":"box","text":"Distributions","page_number":43,"box":{"x":69,"y":323,"width":76,"height":8}},{"id":"b97609a2-97c4-4402-8cd8-694d8d42aafa","block_type":"box","text":"(b)","page_number":43,"box":{"x":145,"y":324,"width":8,"height":4}},{"id":"dfbeec1b-f135-4930-8147-39b31c883e2c","block_type":"box","text":"From net investment income (0.88) (1.10) (0.77) (0.14) (0.12) (0.26)","page_number":43,"box":{"x":85,"y":335,"width":828,"height":9}},{"id":"6f655618-5886-46fa-8119-0ad797877174","block_type":"box","text":"From net realized gain (1.55) (0.90) — (0.72) (3.15) (0.82)","page_number":43,"box":{"x":85,"y":347,"width":828,"height":9}},{"id":"e6ec0b41-3d6c-4b5e-88d2-b7c497fdec8c","block_type":"box","text":"Total distributions (2.43) (2.00) (0.77) (0.86) (3.27) (1.08)","page_number":43,"box":{"x":69,"y":363,"width":844,"height":9}},{"id":"e3f0e4b1-7247-4fd4-a417-091802ebe772","block_type":"box","text":"Net asset value, end of period","page_number":43,"box":{"x":69,"y":380,"width":179,"height":9}},{"id":"f38db065-8306-478f-bef7-d5faf2d0ac8e","block_type":"box","text":"$ 29.82 $ 27.00 $ 26.44 $ 23.23 $ 23.94 $ 28.28","page_number":43,"box":{"x":356,"y":380,"width":553,"height":8}},{"id":"d736dae7-87a6-4d10-b073-dc5589e5bbac","block_type":"box","text":"Total Return","page_number":43,"box":{"x":69,"y":397,"width":73,"height":7}},{"id":"dadc4684-2647-4763-b30f-60f35d8144be","block_type":"box","text":"(c)","page_number":43,"box":{"x":143,"y":397,"width":8,"height":4}},{"id":"bed4d86b-cb51-4465-8cb8-2e1259f75196","block_type":"box","text":"Based on net asset value 20.65% 10.07% 17.46% 0.91% (4.84)%","page_number":43,"box":{"x":70,"y":414,"width":749,"height":9}},{"id":"c1fd95d1-8939-4fca-87ca-f22a1d08023a","block_type":"box","text":"(d)","page_number":43,"box":{"x":820,"y":414,"width":7,"height":4}},{"id":"5e99a728-c4ef-4191-b471-9527910c30f7","block_type":"box","text":"18.36%","page_number":43,"box":{"x":875,"y":414,"width":44,"height":7}},{"id":"a7949607-2082-4c00-ac72-db73c5a82d80","block_type":"box","text":"Ratios to Average Net Assets","page_number":43,"box":{"x":70,"y":430,"width":176,"height":9}},{"id":"30a3dec1-283d-406a-acaf-395d02164ba9","block_type":"box","text":"(e)","page_number":43,"box":{"x":247,"y":431,"width":8,"height":4}},{"id":"a64a08f2-8473-41ea-acf4-68865efbed3c","block_type":"box","text":"Total expenses 0.48% 0.47% 0.48% 0.49% 0.64%","page_number":43,"box":{"x":69,"y":447,"width":746,"height":9}},{"id":"9dab3972-6be9-4ff0-a40e-9df573f37ba7","block_type":"box","text":"(f)(g)","page_number":43,"box":{"x":816,"y":447,"width":12,"height":5}},{"id":"ae0d96b8-bac1-4823-b7a8-7f64dd8a0852","block_type":"box","text":"0.69%","page_number":43,"box":{"x":882,"y":447,"width":37,"height":7}},{"id":"ec43f1ee-85e2-4520-ab20-f12ee485b6f4","block_type":"box","text":"(h)","page_number":43,"box":{"x":920,"y":447,"width":7,"height":5}},{"id":"aaf492a1-b30c-4fb6-a48c-f09eba9fee37","block_type":"box","text":"Total expenses after fees waived and/or","page_number":43,"box":{"x":69,"y":464,"width":236,"height":9}},{"id":"297e8a8c-e7a9-4158-8698-1e4c7f7ddb7c","block_type":"box","text":"reimbursed 0.47% 0.46% 0.47% 0.47% 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