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Any representation to the contrary is a criminal offense.","page_number":2,"box":{"x":63,"y":886,"width":615,"height":10}},{"id":"00bc4db4-f1b5-45bf-b42a-cba684449d32","block_type":"box","text":"Not FDIC Insured","page_number":2,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"2dc8f076-f945-444b-8dc4-afcfa0ff19a1","block_type":"box","text":"•","page_number":2,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"30bbc5be-b10c-44a1-accb-ed690f6f8212","block_type":"box","text":"May Lose Value","page_number":2,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"0fee59ad-e982-4658-a854-23079b48d4ae","block_type":"box","text":"•","page_number":2,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"1860d0ed-981e-4284-8e24-dfe5ab591bee","block_type":"box","text":"No Bank 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4","page_number":3,"box":{"x":360,"y":216,"width":577,"height":11}},{"id":"84ef2d5a-a67d-4158-b629-13a7cc986a50","block_type":"box","text":"Principal Risks of Investing in the Fund .................................................... 5","page_number":3,"box":{"x":360,"y":231,"width":578,"height":12}},{"id":"d8965d14-7f82-4c21-a4c4-78b6234fb6ce","block_type":"box","text":"Per formance Information ........................................................................ 9","page_number":3,"box":{"x":360,"y":247,"width":578,"height":9}},{"id":"cb57366a-fa3c-4bdd-9d9c-4039a144705c","block_type":"box","text":"Investment Manager ............................................................................... 9","page_number":3,"box":{"x":361,"y":262,"width":577,"height":12}},{"id":"41569417-1fe6-49d6-9ba3-a187850d0c44","block_type":"box","text":"Por tfolio Managers ................................................................................. 10","page_number":3,"box":{"x":360,"y":278,"width":578,"height":11}},{"id":"366117b6-5525-4ef0-be39-161714403fa6","block_type":"box","text":"Purchase and Sale of Fund Shares .......................................................... 10","page_number":3,"box":{"x":360,"y":293,"width":578,"height":9}},{"id":"a9ae97b3-98f8-4932-a5fe-645139f0de84","block_type":"box","text":"Tax Information....................................................................................... 10","page_number":3,"box":{"x":361,"y":309,"width":577,"height":9}},{"id":"e98c69f1-316e-4e3c-aee3-7a72b5918d96","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries ................ 10","page_number":3,"box":{"x":360,"y":324,"width":578,"height":12}},{"id":"a03b199e-29ba-486b-a6d9-cd5951a66dfc","block_type":"box","text":"Details About the Fund","page_number":3,"box":{"x":102,"y":348,"width":242,"height":12}},{"id":"a9ceb35c-2529-421b-b6c9-b3c222f4aba1","block_type":"box","text":"How the Fund Invests.............................................................................. 11","page_number":3,"box":{"x":361,"y":351,"width":576,"height":9}},{"id":"c2098fac-00d3-4cf4-b1d1-bf9c95d9990d","block_type":"box","text":"Investment Risks.................................................................................... 13","page_number":3,"box":{"x":361,"y":367,"width":577,"height":9}},{"id":"fca54d6a-565c-47b9-aefc-8d7b61f1b52a","block_type":"box","text":"Account Information","page_number":3,"box":{"x":128,"y":390,"width":215,"height":13}},{"id":"f97ff068-fd44-4ab1-9159-630fd670da53","block_type":"box","text":"Information about account services, sales charges and waivers,","page_number":3,"box":{"x":361,"y":394,"width":468,"height":11}},{"id":"72eaf372-e033-4a8b-9909-05cdca6db0e3","block_type":"box","text":"shareholder transactions, and distributions and other payments","page_number":3,"box":{"x":360,"y":409,"width":468,"height":11}},{"id":"27fe71a3-f216-49b4-96dc-9a9b2cd10962","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs ...................... 23","page_number":3,"box":{"x":361,"y":424,"width":577,"height":9}},{"id":"cab6b361-ff2f-422f-9cff-fc658123f56b","block_type":"box","text":"Details About the Share Classes ............................................................. 23","page_number":3,"box":{"x":361,"y":440,"width":577,"height":9}},{"id":"6e203d7b-df78-413a-8977-e234c15d2e43","block_type":"box","text":"Distribution and Shareholder Servicing Payments...................................... 23","page_number":3,"box":{"x":361,"y":455,"width":577,"height":12}},{"id":"462164dd-fd07-4925-9084-43cf34259726","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares ....................................... 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................................................................................ 33","page_number":3,"box":{"x":361,"y":606,"width":577,"height":9}},{"id":"edcb3e08-d8a7-4fd3-bf8f-308eb8aa0bf5","block_type":"box","text":"Valuation of Fund Investments ................................................................. 34","page_number":3,"box":{"x":362,"y":621,"width":575,"height":9}},{"id":"74395d83-cf5d-468a-9ee0-a31b69eed732","block_type":"box","text":"Dividends, Distributions and Taxes........................................................... 35","page_number":3,"box":{"x":361,"y":637,"width":577,"height":10}},{"id":"3d586ef9-b6ab-49db-a581-b86b8529bff9","block_type":"box","text":"Financial Highlights","page_number":3,"box":{"x":136,"y":660,"width":207,"height":16}},{"id":"075b030b-2ece-4cc2-b21c-7a073dc7487d","block_type":"box","text":"Financial Per formance of the Fund ........................................................... 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The sales charge does not apply to dividend and capital gain","page_number":4,"box":{"x":82,"y":678,"width":851,"height":9}},{"id":"9270c121-69e1-4dd1-8050-896cb27c1b3d","block_type":"box","text":"reinvestments by existing shareholders and new purchases for certain employer-sponsored retirement plans, which are currently the only","page_number":4,"box":{"x":81,"y":688,"width":805,"height":9}},{"id":"f1ccb5bd-5bdd-48e4-ba50-669174f84a5f","block_type":"box","text":"investors who may invest in Investor A1 Shares.","page_number":4,"box":{"x":81,"y":699,"width":281,"height":9}},{"id":"203d797e-997c-46d8-858e-8aaed4bb997b","block_type":"box","text":"2","page_number":4,"box":{"x":61,"y":712,"width":3,"height":3}},{"id":"0b2a5c9a-12ca-4dfc-871f-2bcb06330a57","block_type":"box","text":"A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A1 Shares made within 18 months after","page_number":4,"box":{"x":81,"y":711,"width":843,"height":10}},{"id":"fc14ce4a-9445-4998-82fd-a1597e3bcff4","block_type":"box","text":"purchase where no initial sales charge was paid at the time of purchase. 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A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":5,"box":{"x":62,"y":224,"width":850,"height":12}},{"id":"e3a9a583-b210-48b8-8594-a6c9919bb7cd","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":5,"box":{"x":61,"y":239,"width":870,"height":12}},{"id":"14a85302-71a0-45f7-9ac4-4c1aa13fd72d","block_type":"box","text":"Example, affect the Fund’s performance. 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Municipal bonds may be obligations of a variety of issuers including governmental","page_number":5,"box":{"x":61,"y":393,"width":840,"height":12}},{"id":"0119eef4-165c-40c0-8bcb-6242a30c4f92","block_type":"box","text":"entities or other qualifying issuers, the payments from which, in the opinion of bond counsel to the issuer, are","page_number":5,"box":{"x":61,"y":408,"width":807,"height":11}},{"id":"507e480d-c55e-44cf-8d6e-d8e9e4cb8136","block_type":"box","text":"excludable from gross income for Federal income tax purposes (although certain investors may be subject to a Federal","page_number":5,"box":{"x":61,"y":423,"width":870,"height":11}},{"id":"5c7ba990-c4a5-47f3-8eab-c38be5faab00","block_type":"box","text":"alternative minimum tax on dividends attributable to the Fund’s investments in private activity bonds). 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The Fund may","page_number":5,"box":{"x":61,"y":482,"width":860,"height":12}},{"id":"26a1d112-4c63-4138-96a2-98e6602f5e62","block_type":"box","text":"invest in both fixed rate and variable rate obligations.","page_number":5,"box":{"x":62,"y":497,"width":388,"height":11}},{"id":"d6bd9495-1b07-49e3-ac70-a63ab466ebe6","block_type":"box","text":"The Fund may invest in bonds of any maturity.","page_number":5,"box":{"x":60,"y":519,"width":335,"height":12}},{"id":"d35c2f76-1ab6-46ae-bc96-e4293216318f","block_type":"box","text":"The Fund is permitted to engage in transactions in certain derivatives, such as financial futures contracts and options","page_number":5,"box":{"x":60,"y":542,"width":866,"height":12}},{"id":"5f74e0cc-47c5-4091-8547-9c0ccbe67dc0","block_type":"box","text":"thereon, for hedging purposes (including anticipatory hedges) or to seek to enhance returns. The Fund may also invest","page_number":5,"box":{"x":60,"y":557,"width":872,"height":11}},{"id":"99e4df67-c785-44e9-9ea8-3f713a479f37","block_type":"box","text":"in other derivatives, such as indexed and inverse floating rate obligations and swap agreements, including credit","page_number":5,"box":{"x":62,"y":572,"width":824,"height":11}},{"id":"4b9c4431-0d87-4d8a-85ec-ebbfcc3d7ba8","block_type":"box","text":"default swap agreements, for hedging purposes (including anticipatory hedges) or to enhance income. Derivatives are","page_number":5,"box":{"x":61,"y":586,"width":863,"height":12}},{"id":"1538a7f2-aaee-4986-8ee6-67cd42563d77","block_type":"box","text":"financial instruments whose value is derived from another security or an index. The Fund may use derivative","page_number":5,"box":{"x":60,"y":601,"width":793,"height":12}},{"id":"e3590ea7-9deb-4e1b-a5a3-9977348b915a","block_type":"box","text":"instruments to hedge its investments or to seek to enhance returns. Derivatives allow the Fund to increase or","page_number":5,"box":{"x":62,"y":616,"width":806,"height":12}},{"id":"365e83c4-2e93-4d50-ac6b-cd831bc3b476","block_type":"box","text":"decrease its risk exposure more quickly and efficiently than other types of instruments.","page_number":5,"box":{"x":61,"y":631,"width":641,"height":11}},{"id":"938c773f-6521-4811-ba7f-3557f8a02403","block_type":"box","text":"The Fund may invest up to 20% of its net assets in securities that are not municipal securities (including, but not","page_number":5,"box":{"x":60,"y":653,"width":831,"height":12}},{"id":"6a7fd07a-0b30-41a2-8a78-f76c50162db2","block_type":"box","text":"limited to, taxable municipal bonds, U.S. Treasury and Government agency issues, and investment grade corporate","page_number":5,"box":{"x":62,"y":668,"width":844,"height":12}},{"id":"33416ab2-d306-4c55-80ec-fbaf07e58d41","block_type":"box","text":"bonds).","page_number":5,"box":{"x":61,"y":683,"width":53,"height":11}},{"id":"4f2c8df9-da36-486b-859c-7d7d6ac145b6","block_type":"box","text":"The Fund may invest up to 50% of its net assets in non-investment grade bonds (commonly called “high yield” or “junk","page_number":5,"box":{"x":60,"y":706,"width":871,"height":11}},{"id":"5e20ddf5-93ca-45c3-9916-5d4bbee179ea","block_type":"box","text":"bonds”). Non-investment grade bonds are bonds that, at the time of acquisition, are rated in the lower rating","page_number":5,"box":{"x":61,"y":720,"width":798,"height":12}},{"id":"1ee5f6fe-4128-4d40-8d3d-48743ae0b39d","block_type":"box","text":"categories of the major rating agencies (BB or lower by Standard & Poor’s or Fitch Ratings, Inc. or Ba or lower by","page_number":5,"box":{"x":61,"y":735,"width":826,"height":12}},{"id":"8e5a9af9-c5de-4625-ae8e-6257e1dbecd3","block_type":"box","text":"Moody’s Investor Service, Inc.) or are determined by Fund management to be of similar quality. Split rated bonds will","page_number":5,"box":{"x":62,"y":750,"width":855,"height":12}},{"id":"28228e2e-21fb-4fb7-bc5e-5ac57d27e4cc","block_type":"box","text":"be considered to have the higher credit rating. Split rated bonds are bonds that receive different ratings from two or","page_number":5,"box":{"x":61,"y":765,"width":851,"height":12}},{"id":"ac4a1da3-23c0-4ec8-8b29-645658625670","block_type":"box","text":"more rating agencies.","page_number":5,"box":{"x":61,"y":780,"width":157,"height":11}},{"id":"43fbef4e-a997-4333-950a-6ce11ac56b3d","block_type":"box","text":"The Fund may leverage its assets through the use of proceeds received through tender option bond transactions. In a","page_number":5,"box":{"x":60,"y":802,"width":864,"height":12}},{"id":"010fb735-30f6-40d8-94e3-42c7d4c72810","block_type":"box","text":"tender option bond transaction, the Fund transfers municipal bonds or other municipal securities into a special","page_number":5,"box":{"x":60,"y":817,"width":814,"height":11}},{"id":"d1c27b1c-af6b-4677-977b-810c1b32ea39","block_type":"box","text":"purpose entity (a “TOB Trust”). A TOB Trust typically issues two classes of beneficial interests: short-term floating rate","page_number":5,"box":{"x":62,"y":832,"width":868,"height":12}},{"id":"27a002e6-fd56-4a55-8b4f-32770cbdf9b0","block_type":"box","text":"interests (“TOB Floaters”), which are sold to third party investors, and residual inverse floating rate interests (“TOB","page_number":5,"box":{"x":62,"y":847,"width":845,"height":11}},{"id":"b20a95db-034b-4827-b5f6-e3b4ab093782","block_type":"box","text":"Residuals”), which are generally issued to the Fund. The Fund may invest in TOB Residuals and may also invest in TOB","page_number":5,"box":{"x":62,"y":862,"width":871,"height":11}},{"id":"feece555-2a45-4b06-9670-f51f909b0313","block_type":"box","text":"Floaters. The Fund will look through to the underlying municipal bond held by a TOB Trust for purposes of the Fund’s","page_number":5,"box":{"x":62,"y":876,"width":850,"height":12}},{"id":"3cf32cfd-0969-4070-a802-e295c64f0208","block_type":"box","text":"80% policy.","page_number":5,"box":{"x":61,"y":891,"width":80,"height":12}},{"id":"01f5dad5-7267-4362-9917-d560f319e3ce","block_type":"box","text":"The Fund may also buy when-issued securities and participate in delayed delivery transactions.","page_number":5,"box":{"x":60,"y":914,"width":698,"height":11}},{"id":"bf3b9008-df28-4098-b7b1-724287e3c529","block_type":"box","text":"4","page_number":5,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"0189cdc3-3d47-4662-9039-c544ee01c485","block_type":"box","text":"NM0926U-5974841-5/45","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d62f0f05-7867-4864-aaef-7ff78d1f0b8b","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":6,"box":{"x":60,"y":46,"width":874,"height":11}},{"id":"4fc7ac8d-6ecf-462a-a3d3-dcce373321ff","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":6,"box":{"x":61,"y":85,"width":354,"height":13}},{"id":"dd784bfb-4ebb-4dc7-aff6-13251a6d0abb","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":6,"box":{"x":62,"y":111,"width":860,"height":11}},{"id":"48d8c3af-96c0-489a-aad2-9e813ebaa8bf","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":6,"box":{"x":61,"y":126,"width":802,"height":11}},{"id":"1fa3c304-cf94-4c7a-8da9-03a1aedc4d7f","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":6,"box":{"x":62,"y":140,"width":866,"height":12}},{"id":"7b37aa04-dc56-496f-b8e8-76cecf6366a9","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":6,"box":{"x":62,"y":155,"width":869,"height":12}},{"id":"734c0767-6c20-4cd5-8fb7-eeff3758d27c","block_type":"box","text":"Government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":6,"box":{"x":61,"y":170,"width":837,"height":12}},{"id":"386ba701-c662-45b1-8b70-f83ff48e769c","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":6,"box":{"x":61,"y":185,"width":793,"height":11}},{"id":"8577e403-eb21-4d94-b19f-082acac3786a","block_type":"box","text":"Debt Securities Risk","page_number":6,"box":{"x":81,"y":205,"width":155,"height":9}},{"id":"384306d4-8c79-4663-9111-c948a7d0e1f6","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":6,"box":{"x":240,"y":205,"width":633,"height":11}},{"id":"84ee07fa-da21-4aa0-a1e6-3aef34032a92","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in further detail below:","page_number":6,"box":{"x":81,"y":220,"width":648,"height":11}},{"id":"72e48fb8-c4e4-40e4-abf6-01a06c903c01","block_type":"box","text":"Credit Risk","page_number":6,"box":{"x":82,"y":240,"width":80,"height":9}},{"id":"ea11f652-5ac1-4a69-9f02-abf08bed2da2","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":6,"box":{"x":166,"y":240,"width":737,"height":11}},{"id":"3c4d5abb-5f28-44ca-8ade-a509e5dc584e","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":6,"box":{"x":81,"y":254,"width":816,"height":12}},{"id":"841ab006-8f0d-4cb1-8d88-2fb4a3661299","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":6,"box":{"x":82,"y":269,"width":826,"height":12}},{"id":"a79336f9-f035-4be7-8032-be77cd2f6e0a","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":6,"box":{"x":81,"y":284,"width":777,"height":12}},{"id":"e1cfbe94-996f-4629-90f7-c2fe1f2e96c2","block_type":"box","text":"Interest Rate Risk","page_number":6,"box":{"x":82,"y":304,"width":132,"height":9}},{"id":"90fe31bd-065d-46e3-a988-479fd8044d73","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":6,"box":{"x":218,"y":304,"width":704,"height":12}},{"id":"55582e80-9075-490f-8f16-b9f2c112e9e9","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":6,"box":{"x":82,"y":319,"width":835,"height":12}},{"id":"b72d52a9-f129-4888-a5c3-1306becec2d4","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":6,"box":{"x":80,"y":334,"width":513,"height":9}},{"id":"a62c6e56-8557-4c2c-81fa-33689fe9d022","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":6,"box":{"x":81,"y":354,"width":843,"height":11}},{"id":"97232559-4b7d-4749-a622-bd58e7a790e0","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":6,"box":{"x":82,"y":369,"width":806,"height":11}},{"id":"45a14266-d5c2-410d-a5c0-d96cebbc501f","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":6,"box":{"x":81,"y":383,"width":831,"height":12}},{"id":"d375a7cb-7bef-439a-a356-70bbede7cf7c","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":6,"box":{"x":82,"y":398,"width":854,"height":12}},{"id":"1c7969d4-90aa-47cf-928e-0a12f67a97f7","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":6,"box":{"x":81,"y":413,"width":827,"height":12}},{"id":"a4131263-e491-457c-b897-1a89918966b2","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":6,"box":{"x":81,"y":428,"width":840,"height":11}},{"id":"02f32a4d-9ee1-43bc-962c-9a084c474735","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":6,"box":{"x":82,"y":443,"width":851,"height":11}},{"id":"cf6f458a-281e-44ce-97cc-543f6fe9f003","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":6,"box":{"x":82,"y":458,"width":808,"height":11}},{"id":"19243d93-8ba0-4195-b27b-790f153f64d1","block_type":"box","text":"management.","page_number":6,"box":{"x":82,"y":473,"width":98,"height":11}},{"id":"243f794a-360b-4701-94ca-dadb489773e6","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":6,"box":{"x":81,"y":492,"width":852,"height":12}},{"id":"586514b4-3ee7-4be1-a69d-9bf9a3961896","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":6,"box":{"x":81,"y":507,"width":840,"height":12}},{"id":"6c3a9fe0-df92-42e9-a004-49611b4d9a96","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":6,"box":{"x":80,"y":522,"width":834,"height":12}},{"id":"6aa66137-5f29-4bcd-8800-90646dae136e","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":6,"box":{"x":81,"y":537,"width":803,"height":11}},{"id":"0623433f-bbda-4b99-b6ca-8d59bdc0ec54","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":6,"box":{"x":81,"y":552,"width":839,"height":11}},{"id":"0df1a0c6-c155-4af5-9826-f0d49839bea0","block_type":"box","text":"debt securities.","page_number":6,"box":{"x":81,"y":567,"width":112,"height":9}},{"id":"e19c1928-a91b-43da-8170-8516cc1dc791","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":6,"box":{"x":81,"y":586,"width":839,"height":12}},{"id":"ab3644b4-dac5-4f80-9076-ac0cf2ba2354","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":6,"box":{"x":81,"y":601,"width":839,"height":12}},{"id":"64b44575-394f-4074-a2f6-87f6ceed55e1","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":6,"box":{"x":82,"y":616,"width":831,"height":12}},{"id":"9187a1f2-f5e9-4c38-8de0-eb3bc274b4bc","block_type":"box","text":"value when interest rates change.","page_number":6,"box":{"x":80,"y":631,"width":248,"height":11}},{"id":"8a4fcc16-8e8c-4425-9e01-ad772e647160","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":6,"box":{"x":81,"y":651,"width":855,"height":11}},{"id":"c79be84e-cb5a-460e-800d-41d50a6db5c5","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":6,"box":{"x":81,"y":666,"width":801,"height":11}},{"id":"c9830421-55b1-42b7-9185-c50afd745257","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":6,"box":{"x":82,"y":681,"width":827,"height":11}},{"id":"a4c202f5-9f8b-4197-a1b0-109a5842fd12","block_type":"box","text":"hurt the Fund’s performance.","page_number":6,"box":{"x":82,"y":695,"width":214,"height":12}},{"id":"3bf49614-15f7-4ebc-80aa-abd7bb6ff0a5","block_type":"box","text":"Extension Risk","page_number":6,"box":{"x":82,"y":716,"width":107,"height":9}},{"id":"42ba4e75-63d0-4483-9872-f3e657f0adfa","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":6,"box":{"x":193,"y":715,"width":691,"height":12}},{"id":"b71a6d97-ef21-4996-b44a-aeb951546b43","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":6,"box":{"x":81,"y":730,"width":420,"height":12}},{"id":"aba50d32-51cc-42d3-b750-448acc685cfa","block_type":"box","text":"Prepayment Risk","page_number":6,"box":{"x":81,"y":750,"width":124,"height":12}},{"id":"5b50c29d-dd8b-443a-a2c0-dc73ec7a28a8","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":6,"box":{"x":209,"y":750,"width":691,"height":12}},{"id":"e609621f-d909-4917-af66-a5830e2b21bb","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":6,"box":{"x":81,"y":765,"width":724,"height":12}},{"id":"bb8993c9-3774-4bd8-9100-9affba0fbfe4","block_type":"box","text":"Municipal Securities Risks","page_number":6,"box":{"x":81,"y":785,"width":201,"height":11}},{"id":"b661f698-5a18-4b1a-85a7-365bdfd94c90","block_type":"box","text":"— Municipal securities risks include the ability of the issuer to repay the obligation, the","page_number":6,"box":{"x":286,"y":785,"width":643,"height":12}},{"id":"3d252c72-e4d5-4306-b755-7fea7d108d73","block_type":"box","text":"relative lack of information about certain issuers of municipal securities, and the possibility of future legislative","page_number":6,"box":{"x":82,"y":800,"width":817,"height":11}},{"id":"a38385bd-aaaf-4458-9dc7-7df043051642","block_type":"box","text":"changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state,","page_number":6,"box":{"x":81,"y":815,"width":837,"height":11}},{"id":"94d0147c-8c61-48ad-bd12-2a216e0998e2","block_type":"box","text":"and federal governments upon which the issuers may be relying for funding may also impact municipal securities.","page_number":6,"box":{"x":81,"y":829,"width":832,"height":12}},{"id":"d6cc03b3-3a03-48a9-89a9-70a7c31b5c2e","block_type":"box","text":"These risks include:","page_number":6,"box":{"x":81,"y":845,"width":145,"height":8}},{"id":"81c8aa33-9100-4714-a513-61f40bccb3aa","block_type":"box","text":"General Obligation Bonds Risks —","page_number":6,"box":{"x":82,"y":864,"width":253,"height":12}},{"id":"65e78e1c-894a-4c93-a5f5-5435d053470b","block_type":"box","text":"Timely payments depend on the issuer’s credit quality, ability to raise tax","page_number":6,"box":{"x":339,"y":865,"width":536,"height":11}},{"id":"e9644cf4-68cc-4185-8285-e1eb76c6db9e","block_type":"box","text":"revenues and ability to maintain an adequate tax base.","page_number":6,"box":{"x":82,"y":879,"width":402,"height":11}},{"id":"d37efa66-4e36-49b2-99b0-770bb01941ff","block_type":"box","text":"Revenue Bonds Risks —","page_number":6,"box":{"x":82,"y":899,"width":181,"height":9}},{"id":"51450009-c52b-42d1-b896-f00694d7a6fc","block_type":"box","text":"These payments depend on the money earned by the particular facility or class of","page_number":6,"box":{"x":267,"y":899,"width":600,"height":11}},{"id":"9c3315c1-7b5d-4abd-a6cc-4214d67bd28a","block_type":"box","text":"facilities, or the amount of revenues derived from another source.","page_number":6,"box":{"x":81,"y":914,"width":482,"height":11}},{"id":"3e1943d1-f6b6-4550-9eb7-1deb0a5d7d27","block_type":"box","text":"5","page_number":6,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"a8fb93a0-be0d-44a3-b85c-e3b196a4df0d","block_type":"box","text":"NM0926U-5974841-6/45","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"088a6ed4-a0c2-43d4-a2cc-25fd59db62f0","block_type":"box","text":"Private Activity Bonds Risks —","page_number":7,"box":{"x":81,"y":46,"width":224,"height":11}},{"id":"e2dac798-d1bb-4d12-a07f-09d5e5e60270","block_type":"box","text":"Municipalities and other public authorities issue private activity bonds to finance","page_number":7,"box":{"x":311,"y":46,"width":589,"height":11}},{"id":"2edf8d7a-07b4-4ad3-92a0-a94c335dc398","block_type":"box","text":"development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and","page_number":7,"box":{"x":81,"y":60,"width":813,"height":12}},{"id":"8ed0a185-4ac7-416c-ace8-cfe55506cb92","block_type":"box","text":"interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. The Fund’s","page_number":7,"box":{"x":82,"y":75,"width":852,"height":12}},{"id":"54e61040-c0cd-46dd-8964-f997a65c8fac","block_type":"box","text":"investments may consist of private activity bonds that may subject certain shareholders to an alternative minimum","page_number":7,"box":{"x":82,"y":90,"width":841,"height":12}},{"id":"b3a8fc24-5517-4cd3-a745-adaa931f41df","block_type":"box","text":"tax.","page_number":7,"box":{"x":80,"y":106,"width":26,"height":8}},{"id":"287122ab-a963-46c8-89a4-7fbb0df39168","block_type":"box","text":"Moral Obligation Bonds Risks —","page_number":7,"box":{"x":82,"y":125,"width":238,"height":11}},{"id":"1f0f8f42-b68f-4aff-a08b-10c520f03ab3","block_type":"box","text":"Moral obligation bonds are generally issued by special purpose public authorities","page_number":7,"box":{"x":325,"y":125,"width":593,"height":11}},{"id":"9f2c80e8-e112-4378-90b8-e2c2d8bf3e58","block_type":"box","text":"of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral","page_number":7,"box":{"x":81,"y":140,"width":854,"height":11}},{"id":"89c25ae3-bc8b-494d-849f-5a4ec74f7286","block_type":"box","text":"commitment, but not a legal obligation, of the state or municipality.","page_number":7,"box":{"x":81,"y":155,"width":492,"height":11}},{"id":"4046cb1c-a782-4646-88f4-fd9efd00b510","block_type":"box","text":"Municipal Notes Risks —","page_number":7,"box":{"x":82,"y":175,"width":185,"height":11}},{"id":"1dd59bcd-9bf4-4e76-8562-c77a01490645","block_type":"box","text":"Municipal notes are shorter term municipal debt obligations. If there is a shortfall in the","page_number":7,"box":{"x":273,"y":175,"width":646,"height":11}},{"id":"309cea43-61ab-4b5b-ab90-8702e6413ada","block_type":"box","text":"anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":7,"box":{"x":81,"y":189,"width":633,"height":12}},{"id":"215ed5c7-4011-4c2f-9f97-3c556c56014a","block_type":"box","text":"Municipal Lease Obligations Risks —","page_number":7,"box":{"x":82,"y":209,"width":273,"height":12}},{"id":"b3248e03-de57-4173-9669-d7650e35181b","block_type":"box","text":"In a municipal lease obligation, the issuer agrees to make payments when","page_number":7,"box":{"x":361,"y":210,"width":544,"height":11}},{"id":"89ef8938-fd5f-4e69-bcdf-1f1630b3c09a","block_type":"box","text":"due on the lease obligation. Although the issuer does not pledge its unlimited taxing power for payment of the lease","page_number":7,"box":{"x":81,"y":224,"width":852,"height":12}},{"id":"7add0f2b-b779-4023-b06c-01f20fd9c644","block_type":"box","text":"obligation, the lease obligation is secured by the leased property.","page_number":7,"box":{"x":81,"y":239,"width":479,"height":12}},{"id":"1a4472af-b879-4852-b73a-60b25ae3af6e","block_type":"box","text":"Tax-Exempt Status Risk","page_number":7,"box":{"x":83,"y":259,"width":169,"height":11}},{"id":"0cade850-2fdd-4830-a755-777fd2212eb2","block_type":"box","text":"— The Fund and its investment manager will rely on the opinion of issuers’ bond counsel","page_number":7,"box":{"x":256,"y":259,"width":654,"height":12}},{"id":"a7109ef7-1292-48e9-86d4-ea9c8ddcae7b","block_type":"box","text":"and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of interest on municipal bonds","page_number":7,"box":{"x":81,"y":274,"width":855,"height":11}},{"id":"7dccc96e-9440-4275-a9f1-1a97c0502a1d","block_type":"box","text":"and payments under derivative securities. Neither the Fund nor its investment manager will independently review the","page_number":7,"box":{"x":81,"y":289,"width":854,"height":11}},{"id":"9c86e6e1-0fba-4dd0-90d2-925ea73d9602","block_type":"box","text":"bases for those tax opinions, which may ultimately be determined to be incorrect and subject the Fund and its","page_number":7,"box":{"x":81,"y":303,"width":809,"height":12}},{"id":"ec696c90-4634-45a3-bc6c-5a45f5807919","block_type":"box","text":"shareholders to substantial tax liabilities.","page_number":7,"box":{"x":81,"y":319,"width":302,"height":9}},{"id":"8c1c8e6d-7671-4c3a-b6f5-64a86a90d251","block_type":"box","text":"U.S. Government Obligations Risk","page_number":7,"box":{"x":82,"y":338,"width":254,"height":12}},{"id":"612b1b9b-be33-46bf-a4f1-d592ded0e5dc","block_type":"box","text":"— Certain securities in which the Fund may invest, including securities issued by","page_number":7,"box":{"x":340,"y":338,"width":596,"height":12}},{"id":"b85fadbf-f37a-4e63-bb8b-f530dd319407","block_type":"box","text":"certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S.","page_number":7,"box":{"x":81,"y":353,"width":819,"height":12}},{"id":"3ba47623-e3c4-4413-afe0-0023a95782b3","block_type":"box","text":"Government or supported by the full faith and credit of the United States. In addition, circumstances could arise","page_number":7,"box":{"x":81,"y":368,"width":824,"height":11}},{"id":"ad944882-3367-48ef-98a7-0bfe4854cb0d","block_type":"box","text":"that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the","page_number":7,"box":{"x":80,"y":383,"width":846,"height":11}},{"id":"99d81aff-e5b2-4333-8ea3-cd6149e70646","block_type":"box","text":"legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative","page_number":7,"box":{"x":82,"y":398,"width":757,"height":11}},{"id":"958a0cc6-bcd3-4ba7-a943-2c61b9bf0e84","block_type":"box","text":"consequences for the U.S. economy and the global financial system.","page_number":7,"box":{"x":81,"y":412,"width":502,"height":12}},{"id":"dc779a4a-96fd-47a5-a9e3-5dd0b061cff6","block_type":"box","text":"Derivatives Risk","page_number":7,"box":{"x":81,"y":433,"width":123,"height":9}},{"id":"d7961cf4-8afe-483c-a158-b4af5b835c2e","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":7,"box":{"x":207,"y":432,"width":664,"height":12}},{"id":"8e7b4e2f-d725-4891-b7df-a949d030e9d6","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":7,"box":{"x":82,"y":447,"width":469,"height":12}},{"id":"74dbca02-092e-4923-94fc-0644146c293d","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":82,"y":467,"width":102,"height":12}},{"id":"34d53072-f298-49b2-9a2c-ca04ba5b07ff","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":7,"box":{"x":188,"y":467,"width":723,"height":12}},{"id":"66594a3a-f8c8-4915-a620-d5cfeeea8781","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":7,"box":{"x":82,"y":482,"width":832,"height":12}},{"id":"940c51ed-038e-451f-b3ad-1d853023a47b","block_type":"box","text":"exceed the amount originally invested.","page_number":7,"box":{"x":81,"y":497,"width":280,"height":11}},{"id":"f9fa9f8b-c884-4769-b336-cd4149859f89","block_type":"box","text":"Market Risk","page_number":7,"box":{"x":82,"y":517,"width":87,"height":9}},{"id":"473ceae0-66f9-4565-bb19-04d7c9ec157b","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":7,"box":{"x":173,"y":517,"width":728,"height":11}},{"id":"206ee97b-5816-4736-ba81-2686d6ea4f4d","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":7,"box":{"x":81,"y":532,"width":834,"height":11}},{"id":"46f460ba-126b-420e-97df-4beb3d352129","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":7,"box":{"x":82,"y":547,"width":832,"height":11}},{"id":"61de9048-fa51-4c9d-a63d-f65c53cea062","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":7,"box":{"x":80,"y":561,"width":779,"height":12}},{"id":"0f7ec47a-d195-499d-b274-95cffbf66058","block_type":"box","text":"derivatives positions to lose value.","page_number":7,"box":{"x":81,"y":576,"width":253,"height":11}},{"id":"be6e42b2-cc41-4563-9a34-ef41ee944308","block_type":"box","text":"Counterpar ty Risk","page_number":7,"box":{"x":82,"y":596,"width":131,"height":12}},{"id":"ba0660b5-9957-40f4-a602-f10532357350","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":7,"box":{"x":217,"y":596,"width":697,"height":12}},{"id":"438f73d0-57fe-4cdc-bfcc-867d5858571e","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":7,"box":{"x":80,"y":611,"width":855,"height":11}},{"id":"0247eded-a415-4fc3-887e-e167d61b858d","block_type":"box","text":"exposure to such a counterparty.","page_number":7,"box":{"x":81,"y":626,"width":240,"height":11}},{"id":"5bbcfc55-e3ef-4b87-8a5b-db7a443b8d0f","block_type":"box","text":"Illiquidity Risk","page_number":7,"box":{"x":82,"y":646,"width":100,"height":11}},{"id":"e1b3f0cf-74ae-4a29-b310-5843c400319d","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":7,"box":{"x":186,"y":646,"width":750,"height":11}},{"id":"3ab65268-3b81-45fa-8451-c920b768be5e","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":7,"box":{"x":80,"y":661,"width":839,"height":11}},{"id":"aa4e272b-6611-4d7c-acb3-9c3642c98b30","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":7,"box":{"x":81,"y":675,"width":293,"height":12}},{"id":"96046b60-3eeb-4e59-9ba5-8f1f57cb4f82","block_type":"box","text":"Operational Risk","page_number":7,"box":{"x":82,"y":696,"width":120,"height":11}},{"id":"1692424f-c6de-45a9-a274-d3cfd7db33b8","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":7,"box":{"x":206,"y":695,"width":727,"height":12}},{"id":"bb02fe7e-8549-403a-ab7f-33622eee9f69","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":7,"box":{"x":82,"y":710,"width":607,"height":12}},{"id":"d368a82b-2dd0-40fd-be1d-723e395917fc","block_type":"box","text":"Legal Risk","page_number":7,"box":{"x":82,"y":730,"width":75,"height":12}},{"id":"6088a763-efe1-4cfd-b1c2-822cd5880c2e","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":7,"box":{"x":161,"y":730,"width":761,"height":12}},{"id":"ec9842c3-0335-4a78-b98f-4184b9bd9b89","block_type":"box","text":"enforceability of a contract.","page_number":7,"box":{"x":81,"y":745,"width":198,"height":11}},{"id":"c6d9396f-5798-46cd-abfd-a6ec72087fb4","block_type":"box","text":"Volatility and Correlation Risk","page_number":7,"box":{"x":83,"y":765,"width":214,"height":11}},{"id":"debd4a94-f7c1-47ce-85b1-368ef9068f3e","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":7,"box":{"x":300,"y":765,"width":590,"height":11}},{"id":"f6fb9eeb-4007-41e8-90b6-78eb12104a5b","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":7,"box":{"x":81,"y":780,"width":775,"height":11}},{"id":"ddedc563-89b4-45ee-895e-38218fe60a7e","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":7,"box":{"x":81,"y":795,"width":589,"height":11}},{"id":"7b814641-28ba-4882-84ac-ca782396134b","block_type":"box","text":"Valuation Risk","page_number":7,"box":{"x":83,"y":815,"width":102,"height":9}},{"id":"8549c3f5-cecd-4cac-ac59-b7722643cea6","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":7,"box":{"x":189,"y":815,"width":747,"height":11}},{"id":"74ad5403-6388-4cfe-82bb-751f7d16cc38","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":7,"box":{"x":82,"y":829,"width":783,"height":12}},{"id":"183b4d7e-bb44-4a97-8ac4-d291030f074e","block_type":"box","text":"instruments or quote prices for them.","page_number":7,"box":{"x":82,"y":844,"width":273,"height":11}},{"id":"d9cd51c1-3151-44fd-8fc4-90adff163e86","block_type":"box","text":"Hedging Risk","page_number":7,"box":{"x":82,"y":865,"width":95,"height":11}},{"id":"f5949519-cda6-4292-818d-98358330df9d","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":7,"box":{"x":181,"y":864,"width":728,"height":12}},{"id":"01aa2fa3-d059-44f2-9107-86cfb79e9a5f","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":7,"box":{"x":81,"y":879,"width":839,"height":12}},{"id":"f3ece436-98df-4452-bce0-b225bb0cb7ba","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":7,"box":{"x":82,"y":894,"width":354,"height":11}},{"id":"ef077ae9-1a84-4fe1-a7fb-22dc45c0ffd4","block_type":"box","text":"6","page_number":7,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"b6d73f0b-d416-45d1-a317-12fee2a3ca50","block_type":"box","text":"NM0926U-5974841-7/45","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c6e4bb32-046a-4419-b287-dee1ccc31e60","block_type":"box","text":"Tax Risk","page_number":8,"box":{"x":83,"y":46,"width":59,"height":9}},{"id":"e71d4681-8312-4e95-9a80-cf181736637f","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":8,"box":{"x":145,"y":46,"width":719,"height":11}},{"id":"bf2c7e84-4ba5-4fd3-9bad-1c4112e49b13","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":8,"box":{"x":81,"y":60,"width":801,"height":12}},{"id":"18806999-98da-4717-b320-f18417d72ddc","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":8,"box":{"x":82,"y":75,"width":802,"height":12}},{"id":"11afbf46-5ca4-42e9-9862-c930b3cf8b38","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":8,"box":{"x":82,"y":90,"width":830,"height":12}},{"id":"04452608-d2e7-42ba-b7b5-7ca43f7fc943","block_type":"box","text":"realizes from its investments.","page_number":8,"box":{"x":82,"y":105,"width":215,"height":9}},{"id":"887303d1-3c1b-4be5-9493-2d0a1a6aa65b","block_type":"box","text":"High Portfolio Turnover Risk","page_number":8,"box":{"x":81,"y":125,"width":212,"height":11}},{"id":"6a1c98f4-d536-4ab2-95cb-d6987f9d5d50","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":8,"box":{"x":297,"y":125,"width":629,"height":11}},{"id":"33a412c2-563d-4c06-9097-15ac8ffb8afe","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":8,"box":{"x":82,"y":140,"width":812,"height":11}},{"id":"b6988789-65a7-4271-be01-4ea9050428da","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":8,"box":{"x":81,"y":155,"width":817,"height":11}},{"id":"e6360f6e-4e24-436c-af62-31ea20f10037","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":8,"box":{"x":81,"y":169,"width":760,"height":12}},{"id":"c3e10aa2-842c-4b0e-bb90-def6507c5e87","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":8,"box":{"x":81,"y":184,"width":852,"height":12}},{"id":"59b01dc1-bce5-422c-8b8b-1c3f89746010","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":8,"box":{"x":81,"y":199,"width":589,"height":12}},{"id":"1901ee60-373f-4a45-8e68-95afd8b3c7e8","block_type":"box","text":"High Yield Bonds Risk","page_number":8,"box":{"x":81,"y":219,"width":167,"height":11}},{"id":"4c1f7303-ca86-4f1a-baef-673833078295","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":8,"box":{"x":252,"y":219,"width":667,"height":12}},{"id":"c0f95061-c143-4554-bfc2-4ebe6163d5a0","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":8,"box":{"x":79,"y":234,"width":835,"height":11}},{"id":"8758a6f3-c986-4743-8f3e-017388f49b65","block_type":"box","text":"for the Fund.","page_number":8,"box":{"x":81,"y":249,"width":91,"height":9}},{"id":"c77a701a-0c13-49ed-9c8a-8e942589a582","block_type":"box","text":"Illiquid Investments Risk","page_number":8,"box":{"x":81,"y":269,"width":186,"height":11}},{"id":"ddad1e2e-4528-4f44-aae9-9db1eb1455a0","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":8,"box":{"x":271,"y":269,"width":648,"height":11}},{"id":"e9a04806-b834-41f5-b75f-a916ca8cee5d","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":8,"box":{"x":80,"y":283,"width":841,"height":12}},{"id":"053de4f2-aff7-473e-b7ba-59718b9dac5e","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":8,"box":{"x":82,"y":298,"width":831,"height":12}},{"id":"73b31a73-15d0-4e72-abfd-82c83d455b1d","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":8,"box":{"x":81,"y":313,"width":811,"height":12}},{"id":"7522023c-3220-4c05-a581-4f81265c46b9","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":8,"box":{"x":82,"y":328,"width":825,"height":12}},{"id":"85938685-d21f-4682-abd4-a6a87102cd06","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":8,"box":{"x":81,"y":343,"width":837,"height":11}},{"id":"9d247900-4205-49f4-832e-3f1714bc2752","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":8,"box":{"x":80,"y":358,"width":851,"height":11}},{"id":"1ecd2906-7136-4d9a-af55-b321053f5116","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":8,"box":{"x":82,"y":373,"width":835,"height":11}},{"id":"68917790-ce86-4cd7-b9fd-f0dbf88a6e45","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":8,"box":{"x":82,"y":387,"width":835,"height":12}},{"id":"ce380035-0b22-437c-a51f-94e6c977545c","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":8,"box":{"x":81,"y":402,"width":791,"height":12}},{"id":"0e47f713-c9dd-44a9-9a0c-b5250c97f020","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":8,"box":{"x":81,"y":417,"width":846,"height":11}},{"id":"81f783d8-33a5-4e18-9c8c-bb199a1faaae","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":8,"box":{"x":81,"y":432,"width":835,"height":11}},{"id":"392ade81-a75b-4753-8e1e-d7cddfdc1aeb","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":8,"box":{"x":82,"y":447,"width":818,"height":11}},{"id":"7b2e8027-d579-418f-ba4e-5c5e4ec9872c","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":8,"box":{"x":80,"y":461,"width":837,"height":12}},{"id":"4df0bfaa-ed4f-4c80-b849-8317e17d2940","block_type":"box","text":"To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":8,"box":{"x":81,"y":476,"width":854,"height":12}},{"id":"580ee717-4453-40fe-9116-514311504ad9","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":8,"box":{"x":81,"y":491,"width":815,"height":12}},{"id":"84989f2f-6ea0-4f28-9a8c-c65e105475bd","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":8,"box":{"x":82,"y":506,"width":835,"height":11}},{"id":"9a360c2e-aeb5-4c3d-8227-a5bdae0fba91","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":8,"box":{"x":82,"y":521,"width":790,"height":11}},{"id":"89e702a2-adfe-4af7-aa93-0e74b2124b43","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":8,"box":{"x":82,"y":535,"width":844,"height":12}},{"id":"bba59778-ecc6-4405-beee-2fabc5e0ee7e","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":8,"box":{"x":81,"y":550,"width":810,"height":12}},{"id":"cd7ff31e-ff6f-4a6e-9b8a-764e058cfaf0","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":8,"box":{"x":82,"y":565,"width":715,"height":12}},{"id":"9934e1d1-828b-4d10-b84a-62f36aa29ff0","block_type":"box","text":"Insurance Risk","page_number":8,"box":{"x":81,"y":585,"width":113,"height":9}},{"id":"f98539d1-8a0b-4dc0-8bbf-d337a7480cd7","block_type":"box","text":"— Insurance guarantees that interest payments on a municipal security will be made on time and","page_number":8,"box":{"x":197,"y":585,"width":716,"height":12}},{"id":"67e7ebf5-d2f2-4229-80a5-0624fb6da1f3","block_type":"box","text":"that the principal will be repaid when the security matures. However, insurance does not protect against losses","page_number":8,"box":{"x":80,"y":600,"width":817,"height":12}},{"id":"a08ad89a-050a-4e8f-9320-15ba7f2823d4","block_type":"box","text":"caused by declines in a municipal security’s value. The Fund cannot be certain that any insurance company will","page_number":8,"box":{"x":81,"y":615,"width":816,"height":11}},{"id":"5dc5cb89-ab4d-4ae4-9364-bf5f17f36098","block_type":"box","text":"make the payments it guarantees. If a municipal security’s insurer fails to fulfill its obligations or loses its credit","page_number":8,"box":{"x":82,"y":630,"width":823,"height":11}},{"id":"8f9dc1bb-c2ad-4f81-b7cf-2ff26885a481","block_type":"box","text":"rating, the value of the security could drop.","page_number":8,"box":{"x":82,"y":644,"width":312,"height":12}},{"id":"fc1d4e19-dc81-4895-8334-f1da30cc9204","block_type":"box","text":"Leverage Risk","page_number":8,"box":{"x":81,"y":665,"width":107,"height":11}},{"id":"f6762870-0f93-4dbf-b3e2-044ff0eb0e9d","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":8,"box":{"x":192,"y":664,"width":741,"height":12}},{"id":"06a71077-6edf-4dc8-999c-231745a00508","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":8,"box":{"x":81,"y":679,"width":853,"height":12}},{"id":"7861f351-e937-43cd-8deb-680b2bd24cc9","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":8,"box":{"x":81,"y":694,"width":856,"height":12}},{"id":"923a97d4-b4d2-4bf9-961c-b25621fadf4e","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":8,"box":{"x":80,"y":709,"width":775,"height":11}},{"id":"612668d3-92a2-46a1-be5e-e434020e56a0","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses","page_number":8,"box":{"x":80,"y":724,"width":814,"height":11}},{"id":"efdfec11-d2f7-4b4f-b224-d79fd953aacd","block_type":"box","text":"leverage.","page_number":8,"box":{"x":82,"y":739,"width":63,"height":11}},{"id":"15fac15e-b8f0-49f4-8a58-a0633c487d81","block_type":"box","text":"Market Risk and Selection Risk","page_number":8,"box":{"x":81,"y":759,"width":240,"height":9}},{"id":"077254aa-7a65-46d1-86df-54ca8ca17405","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":8,"box":{"x":324,"y":759,"width":593,"height":9}},{"id":"1c5b999f-2d5b-49d2-8d3c-bbb8eb0237aa","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":8,"box":{"x":81,"y":774,"width":851,"height":11}},{"id":"9ff63bde-7c44-4d25-b37c-6afe6d9472e1","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":8,"box":{"x":82,"y":788,"width":824,"height":12}},{"id":"2f832ced-8df7-44a3-b6b6-282da3e8387e","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":8,"box":{"x":82,"y":803,"width":851,"height":12}},{"id":"7d48c730-39c2-4f72-a9c5-e33d1b4ac396","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":8,"box":{"x":82,"y":818,"width":802,"height":11}},{"id":"cbafd3d6-a292-4a34-bf0f-5450d8d78d7f","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":8,"box":{"x":81,"y":833,"width":849,"height":11}},{"id":"f5a1a144-4587-4fb5-b0b0-6848bd2962d7","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":8,"box":{"x":81,"y":848,"width":843,"height":11}},{"id":"dcfe34b4-2777-4247-aa57-985edea8cc2e","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":8,"box":{"x":81,"y":862,"width":830,"height":12}},{"id":"c467016d-c3d6-495b-9309-9ad84b5da054","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":8,"box":{"x":82,"y":877,"width":840,"height":12}},{"id":"91a7ea78-5cc5-4c45-a9c0-194e5fec3c1e","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":8,"box":{"x":81,"y":892,"width":851,"height":11}},{"id":"e4ae127e-d863-4976-9677-759679eaa8b4","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":8,"box":{"x":82,"y":907,"width":815,"height":11}},{"id":"2e2c38bb-39e5-41c8-9076-c6ce1c662cf4","block_type":"box","text":"7","page_number":8,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"11cbaf8e-16b6-4552-8972-439549d48695","block_type":"box","text":"NM0926U-5974841-8/45","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"559d03f2-96c0-4590-bf03-ec15f1894bac","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":9,"box":{"x":81,"y":46,"width":826,"height":11}},{"id":"0b7b71eb-7c40-4e4b-b08d-f5646048eed0","block_type":"box","text":"disasters, the spread of infectious illness or other public healthissues like pandemics or epidemics, recessions, or","page_number":9,"box":{"x":81,"y":60,"width":845,"height":12}},{"id":"5ed2763c-720d-4265-9dae-6a959fbf52fd","block_type":"box","text":"other events.","page_number":9,"box":{"x":81,"y":76,"width":95,"height":9}},{"id":"524f3215-ad35-45ab-bdcc-b8269c6c72ae","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":9,"box":{"x":82,"y":95,"width":818,"height":12}},{"id":"2cedd4eb-2e1b-42bf-9c9e-411a67587be6","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":9,"box":{"x":80,"y":110,"width":819,"height":12}},{"id":"9b776972-7a8b-4c3a-92c4-be6f3c507422","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":9,"box":{"x":81,"y":125,"width":819,"height":11}},{"id":"e4d19778-e60c-4993-a84a-a46267a1b6f0","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":9,"box":{"x":81,"y":140,"width":846,"height":11}},{"id":"d5c53ca8-93d5-4d4c-b02b-ba8d72e44179","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":9,"box":{"x":81,"y":155,"width":848,"height":11}},{"id":"55e6f911-08be-4a2f-9d26-550c4aae0903","block_type":"box","text":"the Fund invests.","page_number":9,"box":{"x":80,"y":170,"width":125,"height":9}},{"id":"2ac8090a-6cff-47db-a8d6-567bb7f66607","block_type":"box","text":"Operational and Technology Risks","page_number":9,"box":{"x":82,"y":190,"width":254,"height":11}},{"id":"73f5470d-ccc4-4ce7-a4cd-03c42957bba3","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":9,"box":{"x":340,"y":190,"width":578,"height":11}},{"id":"5bf8fb3b-4b49-47d7-9547-f88225c5033e","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":9,"box":{"x":82,"y":204,"width":779,"height":12}},{"id":"5c006d23-a5aa-4159-a8a4-90694c000b23","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":9,"box":{"x":81,"y":219,"width":848,"height":12}},{"id":"25e46f6a-4157-4802-a5fa-78308cdeb247","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":9,"box":{"x":81,"y":234,"width":806,"height":11}},{"id":"27773d36-8ed4-45bb-b77b-85e76f8700d1","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":9,"box":{"x":82,"y":249,"width":807,"height":11}},{"id":"f46cacd1-0efa-4014-9d53-9491b16cbc92","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":9,"box":{"x":82,"y":263,"width":846,"height":12}},{"id":"b70c827a-ad68-4229-829c-2e71ba0e2971","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":9,"box":{"x":81,"y":278,"width":836,"height":12}},{"id":"6400ce62-e86c-4430-85f0-2f3a2f8fcf4c","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":9,"box":{"x":82,"y":293,"width":474,"height":12}},{"id":"542a6135-b476-4657-8384-fa01f5f0662e","block_type":"box","text":"Taxability Risk","page_number":9,"box":{"x":82,"y":313,"width":110,"height":12}},{"id":"c0b62ade-878f-4151-8693-3e1f169c9d18","block_type":"box","text":"— Future laws, regulations, rulings or court decisions may cause interest on municipal securities to","page_number":9,"box":{"x":196,"y":313,"width":734,"height":12}},{"id":"f1dbe6e6-afd7-4783-84ed-be390b846b7d","block_type":"box","text":"be subject, directly or indirectly, to U.S. federal income taxation or currently exempt interest on state municipal","page_number":9,"box":{"x":81,"y":328,"width":813,"height":11}},{"id":"02b18786-b7d1-4aa0-99d4-c556581a0cd2","block_type":"box","text":"securities to be subject to state or local income taxation, or the value of state municipal securities that are currently","page_number":9,"box":{"x":81,"y":343,"width":856,"height":11}},{"id":"c15ce697-53be-45c3-b5ea-4511d01c8e2b","block_type":"box","text":"exempt to be subject to state or local intangible personal property tax, or may otherwise prevent the Fund from","page_number":9,"box":{"x":81,"y":358,"width":816,"height":11}},{"id":"654e53de-a0bb-4ddf-a0f9-cfc1297e4517","block_type":"box","text":"realizing the full current benefit of the tax-exempt status of such securities. Any such change could also affect the","page_number":9,"box":{"x":82,"y":372,"width":836,"height":12}},{"id":"18be7326-ef06-400e-9f2d-3253bf7a07e9","block_type":"box","text":"market price of such securities, and thus the value of an investment in the Fund.","page_number":9,"box":{"x":82,"y":387,"width":591,"height":11}},{"id":"64a5eb1c-fc4a-4715-bdf4-478abbbec7a1","block_type":"box","text":"Legal Opinion Risk —","page_number":9,"box":{"x":82,"y":407,"width":157,"height":12}},{"id":"e4bfd475-25f3-40f1-89e6-8a4d043d76c4","block_type":"box","text":"The Fund will rely on legal opinions of counsel to issuers of municipal securities as to the tax","page_number":9,"box":{"x":244,"y":407,"width":687,"height":12}},{"id":"935ce1a4-dae6-471b-ab25-38ba720db04c","block_type":"box","text":"exempt status of investments and will not do its own analysis. The status of a municipal security as tax-exempt may","page_number":9,"box":{"x":81,"y":422,"width":853,"height":11}},{"id":"89a9ce13-5583-431f-aa65-4df0823b88f1","block_type":"box","text":"be affected by events that occur after the municipal security is issued.","page_number":9,"box":{"x":81,"y":437,"width":517,"height":11}},{"id":"14280c4b-bbe0-434f-857d-74a5b2f07be5","block_type":"box","text":"Tender Option Bonds Risk","page_number":9,"box":{"x":82,"y":457,"width":194,"height":11}},{"id":"f1f6e20d-0219-40ad-8a8e-8bde8e59d695","block_type":"box","text":"— The Fund’s participation in tender option bond transactions may reduce the Fund’s","page_number":9,"box":{"x":279,"y":457,"width":630,"height":11}},{"id":"22e61c20-20b5-4ce1-98ab-09c1cb093624","block_type":"box","text":"returns and/or increase volatility. Investments in tender option bond transactions expose the Fund to counterparty","page_number":9,"box":{"x":82,"y":472,"width":840,"height":11}},{"id":"dc801117-c02c-4cb7-9aa8-a6318bcf326e","block_type":"box","text":"risk and leverage risk. An investment in a tender option bond transaction typically will involve greater risk than an","page_number":9,"box":{"x":82,"y":487,"width":828,"height":11}},{"id":"8a41f38b-2c3e-48ad-b489-150b6f5beafd","block_type":"box","text":"investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on TOB Residuals","page_number":9,"box":{"x":82,"y":501,"width":835,"height":12}},{"id":"cf0a8b2b-e07e-41df-8479-efc62bc97c66","block_type":"box","text":"will bear an inverse relationship to short-term municipal security interest rates. Distributions on TOB Residuals paid","page_number":9,"box":{"x":80,"y":516,"width":850,"height":12}},{"id":"7d675a59-23f8-4838-9b67-b99b5ba9c864","block_type":"box","text":"to the Fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will","page_number":9,"box":{"x":80,"y":531,"width":796,"height":11}},{"id":"7b88b9a2-7b2e-4a54-a13a-35387e1d9dc0","block_type":"box","text":"increase when short-term municipal interest rates fall. TOB Residuals generally will underperform the market for","page_number":9,"box":{"x":82,"y":546,"width":823,"height":11}},{"id":"42bc629f-760d-47be-9903-da437f2560d0","block_type":"box","text":"fixed rate municipal securities in a rising interest rate environment. The Fund may invest in TOB Trusts on either a","page_number":9,"box":{"x":81,"y":561,"width":836,"height":11}},{"id":"06474492-91da-4864-9a62-927acb532835","block_type":"box","text":"non-recourse or recourse basis. If the Fund invests in a TOB Trust on a recourse basis, it could suffer losses in","page_number":9,"box":{"x":82,"y":575,"width":815,"height":11}},{"id":"3fe6c103-a67c-4399-be94-05a472df8c19","block_type":"box","text":"excess of the value of its TOB Residuals.","page_number":9,"box":{"x":81,"y":590,"width":300,"height":10}},{"id":"9f151fae-bc55-458c-b912-11adc862c064","block_type":"box","text":"Variable Rate Demand Obligations Risks","page_number":9,"box":{"x":83,"y":610,"width":301,"height":12}},{"id":"ab97db3a-784b-4c55-b4a0-c047e8e5091b","block_type":"box","text":"—","page_number":9,"box":{"x":389,"y":616,"width":17,"height":0}},{"id":"bb470c83-fe59-4d1d-bec1-0c39dd6b1b17","block_type":"box","text":"Variable rate demand obligations are floating rate securities that","page_number":9,"box":{"x":410,"y":610,"width":473,"height":12}},{"id":"c7acde5d-869c-49f1-93b2-33d0b6ab8c52","block_type":"box","text":"combine an interest in a long term municipal bond with a right to demand payment before maturity from a bank or","page_number":9,"box":{"x":81,"y":625,"width":836,"height":12}},{"id":"7a6de80a-4b79-4d46-9d67-cd24cfe78b09","block_type":"box","text":"other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money.","page_number":9,"box":{"x":81,"y":640,"width":756,"height":11}},{"id":"db4eb38e-58e5-4afa-ad30-14bd683e16a0","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":9,"box":{"x":83,"y":660,"width":584,"height":11}},{"id":"b09ff021-8095-43a7-a9d4-ddad5410a492","block_type":"box","text":"— When-issued and delayed","page_number":9,"box":{"x":671,"y":660,"width":208,"height":11}},{"id":"57947dc3-fd1b-455c-a0a9-0c065a61f6e0","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":9,"box":{"x":81,"y":675,"width":843,"height":11}},{"id":"6111a957-1a97-48ca-b3e1-52c023742fa7","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":9,"box":{"x":82,"y":690,"width":830,"height":11}},{"id":"de9c9f97-ae59-4676-8376-b9b3048957aa","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":9,"box":{"x":82,"y":704,"width":849,"height":12}},{"id":"f2c332ba-80e6-49d2-8626-78ae9d4cee6b","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":9,"box":{"x":80,"y":719,"width":425,"height":12}},{"id":"3ea00777-a3bb-4148-b95e-aba8007755cd","block_type":"box","text":"8","page_number":9,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"5fa3bbfd-7b1d-4e6f-ba4c-a28be4fc502b","block_type":"box","text":"NM0926U-5974841-9/45","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"04a98ae8-a702-45b2-9786-c99692c46f66","block_type":"box","text":"Performance Information","page_number":10,"box":{"x":61,"y":46,"width":224,"height":11}},{"id":"b7fbf953-0c54-4c35-819f-2bf4000aa93a","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":10,"box":{"x":60,"y":73,"width":855,"height":11}},{"id":"eb425ee0-a720-451e-9e24-712a559f86bb","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the Bloomberg Municipal Bond","page_number":10,"box":{"x":61,"y":88,"width":850,"height":11}},{"id":"1da2df27-af8b-4708-8700-be4fff9a57cc","block_type":"box","text":"Index and a customized weighted index comprised of the Bloomberg Municipal Bond Index Total Return Index Value","page_number":10,"box":{"x":62,"y":102,"width":842,"height":12}},{"id":"acde13ca-2bf1-46aa-a9a8-4ad81376bdfa","block_type":"box","text":"Unhedged (75%), the Bloomberg Municipal Bond: High Yield (non-Investment Grade) Total Return Index (20%), and the","page_number":10,"box":{"x":62,"y":117,"width":863,"height":12}},{"id":"da3b35c0-d5c2-4d40-b636-3d6a7a45c8ee","block_type":"box","text":"Bloomberg Municipal Index Taxable Bonds Total Return Index Value (5%) (the “Customized Reference Benchmark”). The","page_number":10,"box":{"x":62,"y":132,"width":874,"height":12}},{"id":"11978ab8-ca6c-4714-bc4d-08aae8789a46","block_type":"box","text":"Customized Reference Benchmark is relevant to the Fund because it has characteristics similar to the Fund’s","page_number":10,"box":{"x":61,"y":147,"width":803,"height":9}},{"id":"1ce47a5e-dcba-4efb-923c-15c6041630aa","block_type":"box","text":"investment strategy. To the extent that dividends and distributions have been paid by the Fund, the performance","page_number":10,"box":{"x":62,"y":162,"width":823,"height":11}},{"id":"5511f6f4-85ee-4117-b633-ec92418f9130","block_type":"box","text":"information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all","page_number":10,"box":{"x":62,"y":176,"width":846,"height":10}},{"id":"53dac332-470f-4626-a8a0-7489b46d3bc0","block_type":"box","text":"such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are","page_number":10,"box":{"x":61,"y":191,"width":860,"height":12}},{"id":"b0be1be7-c82f-4e85-9db8-de42afa4125a","block_type":"box","text":"not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all","page_number":10,"box":{"x":61,"y":206,"width":845,"height":12}},{"id":"3b026649-891a-4815-a04a-da891cc7cab3","block_type":"box","text":"applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed","page_number":10,"box":{"x":61,"y":221,"width":855,"height":12}},{"id":"bd484ac1-74f2-4e09-81ae-b4a28d561685","block_type":"box","text":"certain Fund expenses during these periods, the Fund’s returns would have been lower. 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Actual after-tax returns depend on the investor’s tax situation and may","page_number":10,"box":{"x":61,"y":806,"width":835,"height":11}},{"id":"8bf2ee00-d0eb-4d29-9b23-c1a63955c06a","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":820,"width":851,"height":12}},{"id":"6854fa2e-a1a2-457a-a48b-d22080c0e3f9","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":10,"box":{"x":60,"y":835,"width":611,"height":12}},{"id":"193efc79-b588-4646-9a94-cae922dbacff","block_type":"box","text":"Investment Manager","page_number":10,"box":{"x":62,"y":874,"width":187,"height":14}},{"id":"20ed645f-10cd-4028-a3e0-6c8ba240173b","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”).","page_number":10,"box":{"x":60,"y":900,"width":709,"height":12}},{"id":"43faec08-63fa-4870-bc03-b4cf07c21cc9","block_type":"box","text":"9","page_number":10,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"2e78e949-cce2-4751-8c1b-d53dcb4aa775","block_type":"box","text":"NM0926U-5974841-10/45","page_number":10,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"1539fa69-c29c-44cd-a8b4-d572871251dd","block_type":"box","text":"Portfolio Managers","page_number":11,"box":{"x":61,"y":46,"width":173,"height":14}},{"id":"043dfaa3-cfeb-4edd-95e7-0271c9bd9447","block_type":"box","text":"Portfolio Manager","page_number":11,"box":{"x":70,"y":90,"width":121,"height":11}},{"id":"b137f256-4bff-442c-8072-16a198766ce4","block_type":"box","text":"Portfolio Manager","page_number":11,"box":{"x":376,"y":79,"width":121,"height":10}},{"id":"15373a1d-9e44-40cf-9e25-a6258ece8d5f","block_type":"box","text":"of the Fund Since Title","page_number":11,"box":{"x":377,"y":90,"width":413,"height":9}},{"id":"1d53b60f-806b-44ea-9067-51b1b1f1fec9","block_type":"box","text":"Michael Kalinoski, CFA 2014 Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":108,"width":791,"height":10}},{"id":"4a9b1da1-66a9-4101-9c57-a2eeb01d8a62","block_type":"box","text":"Kevin Maloney, CFA 2022 Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":126,"width":825,"height":11}},{"id":"b9ac401f-59ca-4ff4-9a90-8e62ffaa626e","block_type":"box","text":"Ryan McDonald, CFA 2023 Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":145,"width":825,"height":10}},{"id":"94e6402b-bd5d-4400-8f46-48bb5a636701","block_type":"box","text":"Phillip Soccio, CFA 2023 Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":163,"width":791,"height":10}},{"id":"abb04b45-ef10-4591-834e-1a29da8f754b","block_type":"box","text":"Sean Carney 2023 Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":69,"y":181,"width":826,"height":10}},{"id":"ffebe198-0caa-43bc-ae5c-7873c5fac8e6","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":11,"box":{"x":61,"y":221,"width":309,"height":11}},{"id":"f2a15315-2986-4e70-8d2a-1f44baefeb81","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":11,"box":{"x":60,"y":247,"width":857,"height":12}},{"id":"83f480e3-d9c2-458b-8ed2-cdc33df48b8c","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":11,"box":{"x":61,"y":262,"width":873,"height":12}},{"id":"792a41fd-4f9d-4ab0-8737-9546c5de4eca","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":11,"box":{"x":60,"y":277,"width":833,"height":12}},{"id":"8cfde769-3a8f-4bef-95cd-801415d75178","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. 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ordinary","page_number":11,"box":{"x":60,"y":464,"width":838,"height":11}},{"id":"4cb596c3-abd7-4a7f-a72b-0ed31a3b8d9f","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan","page_number":11,"box":{"x":62,"y":479,"width":829,"height":11}},{"id":"4cf6e686-6fa4-4815-8528-5fe40dbd575c","block_type":"box","text":"described in section 401(a) of the Internal Revenue Code, in which case you may be subject to U.S. federal income tax","page_number":11,"box":{"x":61,"y":494,"width":874,"height":11}},{"id":"1164c3eb-ad79-46af-a41d-1300bf409dd1","block_type":"box","text":"when distributions are received from such tax-deferred arrangements.","page_number":11,"box":{"x":60,"y":508,"width":511,"height":12}},{"id":"27edbc46-4c10-4c07-b0d6-74859acd8861","block_type":"box","text":"The Fund intends to make distributions most of which will be excludable from gross income for federal income tax","page_number":11,"box":{"x":60,"y":531,"width":837,"height":12}},{"id":"686c3681-f157-4319-ab5b-01d065e500d9","block_type":"box","text":"purposes.","page_number":11,"box":{"x":62,"y":548,"width":70,"height":9}},{"id":"82982af7-e81c-45d5-bad0-7fd9f01ba265","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":11,"box":{"x":61,"y":585,"width":578,"height":13}},{"id":"971fd3af-d8a2-4d4f-80a2-aa928855abe9","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":611,"width":848,"height":11}},{"id":"0576eed7-c63b-4351-a278-de37e739e529","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":626,"width":868,"height":11}},{"id":"cb6a2853-2035-4291-8391-54ece15c5c13","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":648,"width":867,"height":12}},{"id":"eedeac60-4272-4133-8f52-0f7a0144c2cb","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":11,"box":{"x":62,"y":663,"width":455,"height":11}},{"id":"647856a5-18aa-44cd-b333-52daa6c7c341","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more 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a","page_number":12,"box":{"x":61,"y":161,"width":816,"height":12}},{"id":"aab435e9-8562-4bd9-9b0b-a4d4923141a3","block_type":"box","text":"shareholder.","page_number":12,"box":{"x":61,"y":176,"width":89,"height":9}},{"id":"2dd1c226-a16d-4372-8329-8743c8ec8e5c","block_type":"box","text":"How the Fund Invests","page_number":12,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"a6044751-7219-40ac-bf2b-f7ae672d25ab","block_type":"box","text":"Investment Objective","page_number":12,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"2b31b4e5-cdf6-46a4-990a-6954c5e68a8f","block_type":"box","text":"The investment objective of the Fund is to provide shareholders with a high level of income exempt from Federal","page_number":12,"box":{"x":60,"y":258,"width":822,"height":11}},{"id":"03a8629b-4298-40ac-94ee-1731e27ff1fd","block_type":"box","text":"income taxes. This investment objective is a fundamental policy of the Fund and may not be changed without approval","page_number":12,"box":{"x":62,"y":273,"width":865,"height":11}},{"id":"f06faad2-50d3-44ee-b661-409ae869b5b5","block_type":"box","text":"of a majority of the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as","page_number":12,"box":{"x":61,"y":287,"width":821,"height":12}},{"id":"c5a7f583-36df-4a05-bf1c-e6f0ecfcd41e","block_type":"box","text":"amended (the “Investment Company Act”).","page_number":12,"box":{"x":61,"y":302,"width":312,"height":12}},{"id":"97b4aa26-6442-4211-ab43-218c6b3522d3","block_type":"box","text":"Investment Process","page_number":12,"box":{"x":61,"y":325,"width":163,"height":10}},{"id":"692e4f2a-25e5-4251-9d52-166f67538c1b","block_type":"box","text":"The Fund’s investment process begins with bottom-up, fundamental analysis focused on sector and security selection,","page_number":12,"box":{"x":60,"y":341,"width":870,"height":12}},{"id":"ded66051-09af-4320-af65-888b98a6a900","block_type":"box","text":"and then incorporates a macroeconomic framework for evaluating and managing risk, including geographic, technical","page_number":12,"box":{"x":61,"y":356,"width":855,"height":12}},{"id":"71e785d8-64af-4598-ba9e-7d53b8712e65","block_type":"box","text":"and economic risk. The Fund’s investment process is generally expected to place greater emphasis on duration","page_number":12,"box":{"x":61,"y":371,"width":817,"height":12}},{"id":"e55ef91a-6b25-44ed-af6b-581be376d504","block_type":"box","text":"management and capital structure compared to that of a more traditional municipal fixed income fund. Fund","page_number":12,"box":{"x":61,"y":386,"width":793,"height":12}},{"id":"21014753-0224-4c92-be9c-28824eefcc5f","block_type":"box","text":"management may, but is not required to, regularly employ hedging techniques in the Fund.","page_number":12,"box":{"x":61,"y":401,"width":661,"height":11}},{"id":"dc1f415d-f203-4d49-a9fa-e167d853ec0e","block_type":"box","text":"Credit Quality of Issuers","page_number":12,"box":{"x":81,"y":421,"width":182,"height":11}},{"id":"1d6d30c6-934c-4e0b-b7e4-bf9bb04a4dea","block_type":"box","text":"— based on bottom up credit research combined with relative value analysis.","page_number":12,"box":{"x":267,"y":421,"width":567,"height":11}},{"id":"61391b28-5ed9-43cb-80d4-7c68535e572f","block_type":"box","text":"Yield Analysis","page_number":12,"box":{"x":83,"y":441,"width":103,"height":11}},{"id":"46b64319-bad5-4681-b749-d6a0fc96106f","block_type":"box","text":"— takes into account factors such as the shape of the yield curve (longer term obligations typically","page_number":12,"box":{"x":190,"y":441,"width":729,"height":11}},{"id":"eb09b4e1-307d-4b72-8e61-34b2b833a677","block_type":"box","text":"have higher yields), coupon structure and call features of the security.","page_number":12,"box":{"x":82,"y":456,"width":511,"height":11}},{"id":"3d1af780-55b5-4fc0-b87e-f4ba5e59f4d0","block_type":"box","text":"Duration Analysis","page_number":12,"box":{"x":81,"y":476,"width":131,"height":11}},{"id":"18cda63a-92df-4165-943e-3136579170ad","block_type":"box","text":"— the average portfolio duration of the portfolio will generally be maintained within a range as","page_number":12,"box":{"x":217,"y":476,"width":692,"height":11}},{"id":"c33e6b4a-a8e1-4110-a0f0-e15cd9e50572","block_type":"box","text":"determined from time to time. Duration is a measure, expressed in years, of the price sensitivity of a bond or a","page_number":12,"box":{"x":81,"y":490,"width":816,"height":12}},{"id":"88e19df5-811b-49bf-ad4c-27125a8fc990","block_type":"box","text":"portfolio to changes in interest rates. Factors considered include interest rates, economic environment, Federal","page_number":12,"box":{"x":82,"y":505,"width":818,"height":12}},{"id":"2d4b6c78-751d-4ac5-b671-4d20e64e45d8","block_type":"box","text":"Reserve policy, market conditions, and characteristics of a particular security.","page_number":12,"box":{"x":82,"y":520,"width":569,"height":11}},{"id":"b423633d-1298-4687-87f2-c3c5950f0709","block_type":"box","text":"Principal Investment Strategies","page_number":12,"box":{"x":61,"y":543,"width":260,"height":13}},{"id":"2ec24b2a-fb00-40da-a039-a597e9062461","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its assets in municipal bonds. For the purposes of","page_number":12,"box":{"x":62,"y":559,"width":852,"height":12}},{"id":"5c36f6d4-e54d-45b1-bef4-e35f63eb5f1d","block_type":"box","text":"the foregoing 80% policy, “assets” are the Fund’s net assets, plus the amount of any borrowings for investment","page_number":12,"box":{"x":60,"y":574,"width":824,"height":12}},{"id":"4ff592ef-a948-4df9-ae82-2f8e6e8bed54","block_type":"box","text":"purposes. The Fund’s investments in derivatives will be counted toward the Fund’s 80% policy to the extent that they","page_number":12,"box":{"x":62,"y":589,"width":857,"height":11}},{"id":"136c6e69-d47b-4a32-8d0c-e54216e5f18b","block_type":"box","text":"provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":12,"box":{"x":62,"y":604,"width":805,"height":11}},{"id":"691e38f9-239a-4a20-be62-dd82a889ec67","block_type":"box","text":"associated with such securities. Municipal bonds may be obligations of a variety of issuers including governmental","page_number":12,"box":{"x":61,"y":619,"width":840,"height":11}},{"id":"f41a3b39-b794-4873-8e1c-e043c952ff0e","block_type":"box","text":"entities or other qualifying issuers, the payments from which, in the opinion of bond counsel to the issuer, are","page_number":12,"box":{"x":61,"y":633,"width":807,"height":12}},{"id":"32cb01e0-987b-4807-b3d1-66401351dae9","block_type":"box","text":"excludable from gross income for Federal income tax purposes (although certain investors may be subject to a Federal","page_number":12,"box":{"x":61,"y":648,"width":870,"height":12}},{"id":"ab99f530-3284-433b-94b3-629f4b1b6c79","block_type":"box","text":"alternative minimum tax on dividends attributable to the Fund’s investments in private activity bonds). Issuers may be","page_number":12,"box":{"x":61,"y":663,"width":864,"height":12}},{"id":"5f228ce0-2e84-4d1a-93cf-ad27cd105924","block_type":"box","text":"states, territories and possessions of the United States, including the District of Columbia, and their political","page_number":12,"box":{"x":61,"y":678,"width":800,"height":12}},{"id":"7c2429e1-a732-4281-bf6c-cba450736832","block_type":"box","text":"subdivisions, agencies and instrumentalities. Municipal bonds also include short-term tax-exempt obligations like","page_number":12,"box":{"x":61,"y":693,"width":832,"height":11}},{"id":"51125081-27af-41b6-9d01-5f14324f9b44","block_type":"box","text":"municipal notes, variable rate demand obligations, private activity bonds and insured municipal bonds. The Fund may","page_number":12,"box":{"x":61,"y":708,"width":860,"height":11}},{"id":"4259e826-7037-4e25-90cb-914d00e2629e","block_type":"box","text":"invest in both fixed rate and variable rate obligations.","page_number":12,"box":{"x":62,"y":722,"width":388,"height":12}},{"id":"b3cef52a-59e7-4835-845b-dcf6348fca98","block_type":"box","text":"The policy of investing at least 80% of its assets in municipal bonds is a fundamental policy of the Fund and may not","page_number":12,"box":{"x":60,"y":745,"width":859,"height":12}},{"id":"47a96b47-f03d-4401-aecc-627761bc5008","block_type":"box","text":"be changed without the approval of a majority of the Fund’s outstanding voting securities, as defined in the Investment","page_number":12,"box":{"x":61,"y":760,"width":872,"height":11}},{"id":"8ac2b1f1-451c-4df8-8799-f8e5ddfa4216","block_type":"box","text":"Company Act.","page_number":12,"box":{"x":61,"y":775,"width":98,"height":11}},{"id":"933bd83c-e0b6-4db2-bbcc-67df8abc1049","block_type":"box","text":"The Fund may invest in bonds of any maturity.","page_number":12,"box":{"x":60,"y":797,"width":335,"height":12}},{"id":"f0d6b142-5ec2-4a73-9356-f95321845877","block_type":"box","text":"The Fund is permitted to engage in transactions in certain derivatives, such as financial futures contracts and options","page_number":12,"box":{"x":60,"y":820,"width":866,"height":11}},{"id":"341b9759-1183-44a7-96fe-147c934ae9ca","block_type":"box","text":"thereon, for hedging purposes (including anticipatory hedges) or to seek to enhance returns. The Fund may also invest","page_number":12,"box":{"x":60,"y":835,"width":872,"height":11}},{"id":"3d19446b-20d5-4cb7-b7a5-c35ade1150aa","block_type":"box","text":"in other derivatives, such as indexed and inverse floating rate obligations and swap agreements, including credit","page_number":12,"box":{"x":62,"y":849,"width":824,"height":12}},{"id":"311ccea8-b8e5-4eb5-a045-d701087da3b4","block_type":"box","text":"default swap agreements, for hedging purposes (including anticipatory hedges) or to enhance income. Derivatives are","page_number":12,"box":{"x":61,"y":864,"width":863,"height":12}},{"id":"3359e9a5-82e7-437a-8cef-23924944dce3","block_type":"box","text":"financial instruments whose value is derived from another security or an index. The Fund may use derivative","page_number":12,"box":{"x":60,"y":879,"width":793,"height":11}},{"id":"b1089410-c491-4250-9c0f-32af6824c4f1","block_type":"box","text":"instruments to hedge its investments or to seek to enhance returns. Derivatives allow the Fund to increase or","page_number":12,"box":{"x":62,"y":894,"width":806,"height":11}},{"id":"9d4abff0-c697-407d-8a03-6ae9d5555194","block_type":"box","text":"decrease its risk exposure more quickly and efficiently than other types of instruments.","page_number":12,"box":{"x":61,"y":909,"width":641,"height":11}},{"id":"82a20a44-6efd-4f6c-b206-06960032116d","block_type":"box","text":"11","page_number":12,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"03d1919c-6d71-4391-8391-13cc5687e7fa","block_type":"box","text":"NM0926U-5974841-12/45","page_number":12,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"c058ac80-8bab-4336-8b09-c7c63b67f39f","block_type":"box","text":"The Fund may invest up to 20% of its net assets in securities that are not municipal securities (including, but not","page_number":13,"box":{"x":60,"y":46,"width":831,"height":11}},{"id":"5efa6056-fb0b-4d9b-a115-4f0299583078","block_type":"box","text":"limited to, taxable municipal bonds, U.S. Treasury and Government agency issues, and investment grade corporate","page_number":13,"box":{"x":62,"y":61,"width":844,"height":11}},{"id":"179e95fe-4c49-4f05-b5bc-19eff7f484fd","block_type":"box","text":"bonds).","page_number":13,"box":{"x":61,"y":76,"width":53,"height":11}},{"id":"fff3ed7a-2793-490d-8b5e-a2e3a5dc1369","block_type":"box","text":"The Fund may invest up to 50% of its net assets in non-investment grade bonds (commonly called “high yield” or “junk","page_number":13,"box":{"x":60,"y":98,"width":871,"height":11}},{"id":"e9d8e7a8-be04-4e1b-8d82-fe79eb1c2fc0","block_type":"box","text":"bonds”). Non-investment grade bonds are bonds that, at the time of acquisition, are rated in the lower rating","page_number":13,"box":{"x":61,"y":113,"width":798,"height":11}},{"id":"2d59e754-8493-4e41-98a7-f47cd58f88b8","block_type":"box","text":"categories of the major rating agencies (BB or lower by Standard & Poor’s or Fitch Ratings, Inc. or Ba or lower by","page_number":13,"box":{"x":61,"y":127,"width":826,"height":12}},{"id":"4f139b30-b3b3-44e6-a085-ccb2287895c6","block_type":"box","text":"Moody’s Investor Service, Inc.) or are determined by Fund management to be of similar quality. Split rated bonds will","page_number":13,"box":{"x":62,"y":142,"width":855,"height":12}},{"id":"1f3fb594-8d5e-44d0-b6fe-df618e2c8668","block_type":"box","text":"be considered to have the higher credit rating. Split rated bonds are bonds that receive different ratings from two or","page_number":13,"box":{"x":61,"y":157,"width":851,"height":12}},{"id":"e12b3524-8160-4835-9f84-ca0d5f629124","block_type":"box","text":"more rating agencies.","page_number":13,"box":{"x":61,"y":172,"width":157,"height":12}},{"id":"2b8a6ce4-d823-441b-850b-e982d47222ab","block_type":"box","text":"The Fund may leverage its assets through the use of proceeds received through tender option bond transactions. In a","page_number":13,"box":{"x":60,"y":195,"width":864,"height":11}},{"id":"cddef8ad-7f00-4379-967e-2eaaae15a081","block_type":"box","text":"tender option bond transaction, the Fund transfers municipal bonds or other municipal securities into a special","page_number":13,"box":{"x":60,"y":209,"width":814,"height":12}},{"id":"a2284c09-d600-46b7-928d-8b18f7e1c626","block_type":"box","text":"purpose entity (a “TOB Trust”). A TOB Trust typically issues two classes of beneficial interests: short-term floating rate","page_number":13,"box":{"x":62,"y":224,"width":868,"height":12}},{"id":"8511202f-ec58-47ba-9253-a6fa17052258","block_type":"box","text":"interests (“TOB Floaters”), which are sold to third party investors, and residual inverse floating rate interests (“TOB","page_number":13,"box":{"x":62,"y":239,"width":845,"height":12}},{"id":"dd6cda29-2927-40d6-89d0-2b9d20f54df2","block_type":"box","text":"Residuals”), which are generally issued to the Fund. The Fund may invest in TOB Residuals and may also invest in TOB","page_number":13,"box":{"x":62,"y":254,"width":871,"height":11}},{"id":"f3ee80ac-2c56-405f-9514-211d841885d5","block_type":"box","text":"Floaters. The Fund will look through to the underlying municipal bond held by a TOB Trust for purposes of the Fund’s","page_number":13,"box":{"x":62,"y":269,"width":850,"height":11}},{"id":"9435b44d-10aa-4601-a36b-3411cfddad77","block_type":"box","text":"80% policy. TOB Trusts have historically been established by third party sponsors (e.g., banks, broker-dealers and","page_number":13,"box":{"x":61,"y":284,"width":834,"height":11}},{"id":"04c1f684-7201-48f5-923c-7a6587f8b72a","block_type":"box","text":"other financial institutions). Rules implementing section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":13,"box":{"x":61,"y":298,"width":835,"height":12}},{"id":"2d4903ac-b1ad-4537-bf39-4b9bdfe2bbe9","block_type":"box","text":"Protection Act (the “Volcker Rule”) may preclude banking entities and their affiliates from sponsoring TOB Trusts as","page_number":13,"box":{"x":61,"y":313,"width":847,"height":12}},{"id":"7e8936c3-48a7-4d91-8361-50c47cc1d3ea","block_type":"box","text":"such Trusts have been structured prior to the effective date of the Volcker Rule. In response to these restrictions,","page_number":13,"box":{"x":61,"y":328,"width":835,"height":11}},{"id":"c9014353-acf9-4f36-ad65-ca8cd48d49ed","block_type":"box","text":"market participants have developed a new structure for TOB Trusts designed to ensure that no banking entity is","page_number":13,"box":{"x":61,"y":343,"width":821,"height":11}},{"id":"e449ceec-b27a-4586-9174-26f937920903","block_type":"box","text":"sponsoring the TOB Trust for purposes of the Volcker Rule.","page_number":13,"box":{"x":61,"y":358,"width":429,"height":11}},{"id":"4721eb43-ddea-4b9b-a04e-d31b90adb01a","block_type":"box","text":"The Fund may also buy when-issued securities and participate in delayed delivery transactions.","page_number":13,"box":{"x":60,"y":380,"width":698,"height":12}},{"id":"4ad5c19f-bed5-4b3b-ada8-0393cc2202a0","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":13,"box":{"x":60,"y":403,"width":874,"height":11}},{"id":"20c04d48-b455-403c-b00d-ef5abdca033f","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":13,"box":{"x":61,"y":426,"width":327,"height":12}},{"id":"92f6cd1e-15b9-4af3-a71c-8f32e3c83f88","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":13,"box":{"x":62,"y":442,"width":870,"height":12}},{"id":"cebeb5bc-ffa0-433c-95fe-1d6bb6260c2c","block_type":"box","text":"investments/strategies:","page_number":13,"box":{"x":62,"y":457,"width":173,"height":11}},{"id":"284fdc2a-e179-45ef-b306-42d2b47b9d14","block_type":"box","text":"Borrowing","page_number":13,"box":{"x":81,"y":477,"width":78,"height":11}},{"id":"37b87cdb-ce1f-4838-b43d-5063ab45e0c1","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":13,"box":{"x":162,"y":477,"width":751,"height":11}},{"id":"9a442e02-7c80-4644-9987-931fff7e369a","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":13,"box":{"x":82,"y":492,"width":815,"height":11}},{"id":"16a7379a-4aa1-4fbf-8cbf-f9f2077f249b","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":13,"box":{"x":82,"y":506,"width":801,"height":12}},{"id":"b441364f-f07c-486e-ad7c-d30fce96e645","block_type":"box","text":"Illiquid Investments","page_number":13,"box":{"x":81,"y":527,"width":148,"height":11}},{"id":"841c0cdb-e3eb-4440-878d-58348f7b71ee","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":13,"box":{"x":233,"y":526,"width":677,"height":12}},{"id":"78cc24cb-88bd-4e37-a068-a0b741ec7d61","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":13,"box":{"x":82,"y":541,"width":811,"height":12}},{"id":"93963349-97b9-4802-9310-2036a9b837ce","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":13,"box":{"x":82,"y":556,"width":831,"height":12}},{"id":"2d6b797e-0b00-4f06-b5c1-7b80a254852e","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":13,"box":{"x":81,"y":571,"width":811,"height":12}},{"id":"f48e986e-ce25-4a8d-911d-40df96f4a571","block_type":"box","text":"Investment Companies","page_number":13,"box":{"x":81,"y":591,"width":172,"height":11}},{"id":"819ac9b2-a30c-47df-aac8-b9f0f53c86d3","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":13,"box":{"x":258,"y":591,"width":643,"height":12}},{"id":"750617e9-7dce-4d52-9eb3-1d92b4fad949","block_type":"box","text":"traded funds, unit investment trusts, and open-end and closed-end funds. The Fund may invest in affiliated","page_number":13,"box":{"x":80,"y":606,"width":785,"height":11}},{"id":"4f210ee7-1bb1-4265-992c-595b5ccacd6d","block_type":"box","text":"investment companies, including affiliated money market funds and affiliated exchange-traded funds.","page_number":13,"box":{"x":82,"y":621,"width":741,"height":11}},{"id":"1f52a2a4-2522-49c1-98bc-91d02d61e9c0","block_type":"box","text":"Restricted Securities","page_number":13,"box":{"x":81,"y":641,"width":159,"height":9}},{"id":"cdc10a3f-8457-4a04-9e2b-7b191fd443ec","block_type":"box","text":"—","page_number":13,"box":{"x":245,"y":646,"width":17,"height":1}},{"id":"8e7eea7b-4a11-45b5-b670-c6a395b7fc95","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":13,"box":{"x":268,"y":641,"width":602,"height":11}},{"id":"0d9b0164-4233-4957-b234-2c666e4056f7","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":13,"box":{"x":82,"y":656,"width":820,"height":11}},{"id":"1bc2b251-4632-431a-85c0-063cc6842fef","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":13,"box":{"x":82,"y":670,"width":839,"height":12}},{"id":"334b1fed-869d-434d-a4c3-a7c39e67f544","block_type":"box","text":"institutional buyers but not to the general public, securities of private companies, U.S. and non-U.S. issuers that are","page_number":13,"box":{"x":82,"y":685,"width":853,"height":12}},{"id":"9d4ada82-e3c4-48a4-b2a0-561e62104acc","block_type":"box","text":"offered pursuant to Regulation S under the Securities Act of 1933, as amended, and securities of private","page_number":13,"box":{"x":81,"y":700,"width":774,"height":11}},{"id":"4895de44-9d2f-4cd2-9e12-660e44ef4edb","block_type":"box","text":"companies.","page_number":13,"box":{"x":81,"y":715,"width":83,"height":11}},{"id":"8562cdc4-b270-4c20-9df3-7ee8e4e6918d","block_type":"box","text":"Securities Lending","page_number":13,"box":{"x":81,"y":735,"width":140,"height":11}},{"id":"d00e4e2f-743a-4b19-aafa-752fe450118e","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":13,"box":{"x":225,"y":735,"width":396,"height":11}},{"id":"6cf9baf0-962c-46be-9674-f247fa3db65b","block_type":"box","text":"1⁄","page_number":13,"box":{"x":622,"y":735,"width":6,"height":5}},{"id":"0ec2d0a7-c454-40ae-baf6-2a3618be9bd4","block_type":"box","text":"1⁄3","page_number":13,"box":{"x":626,"y":735,"width":8,"height":9}},{"id":"95634289-cb3b-4584-a214-4479edd0f05d","block_type":"box","text":"⁄3","page_number":13,"box":{"x":632,"y":738,"width":6,"height":6}},{"id":"7d7ca1ab-5538-4c7f-a7a3-cbe02219eea7","block_type":"box","text":"% of its total assets to financial","page_number":13,"box":{"x":639,"y":735,"width":231,"height":9}},{"id":"dcf9506e-9113-4b8f-a0e7-2246c258c803","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":13,"box":{"x":82,"y":750,"width":748,"height":11}},{"id":"ac69bb61-0398-4e6d-ae2d-66935235a044","block_type":"box","text":"Standby Commitment Agreements","page_number":13,"box":{"x":81,"y":770,"width":259,"height":11}},{"id":"0dbcc7f4-2484-481a-b439-7d7856be1ab9","block_type":"box","text":"— Standby commitment agreements commit the Fund, for a stated period of","page_number":13,"box":{"x":344,"y":769,"width":563,"height":12}},{"id":"4413210c-56f2-4c50-bce2-48729eebcd7d","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":13,"box":{"x":80,"y":784,"width":854,"height":12}},{"id":"8dda4016-6535-4d01-80ea-fe95202deff9","block_type":"box","text":"Temporary Defensive Strategies","page_number":13,"box":{"x":82,"y":804,"width":238,"height":12}},{"id":"dda0bec4-55f8-4e78-ab85-3283968307b6","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":13,"box":{"x":325,"y":804,"width":600,"height":12}},{"id":"b28604b7-8529-4dca-93c1-436430954ab8","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":13,"box":{"x":81,"y":819,"width":802,"height":12}},{"id":"7c3a980e-2c91-4fbc-9184-7c016363ef54","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":13,"box":{"x":82,"y":834,"width":833,"height":11}},{"id":"1f6fc7ac-ed99-436f-9356-d813bb5eb464","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":13,"box":{"x":81,"y":849,"width":796,"height":11}},{"id":"871944b5-9fa7-449e-8023-358f468b14f0","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":13,"box":{"x":81,"y":864,"width":802,"height":11}},{"id":"648bc3e3-bda2-46a7-b2df-909454a23cbd","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":13,"box":{"x":82,"y":878,"width":778,"height":12}},{"id":"f701945c-39bb-4993-a215-5c6958556f65","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":13,"box":{"x":81,"y":893,"width":781,"height":12}},{"id":"08e8dea0-c6f1-4105-b065-543a4fb215ad","block_type":"box","text":"12","page_number":13,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fd5e8c6d-f8b6-4d9e-86bc-beec98df3d9d","block_type":"box","text":"NM0926U-5974841-13/45","page_number":13,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"0f5e8885-3b82-4a00-b11c-178989bcdbd7","block_type":"box","text":"Zero Coupon Securities","page_number":14,"box":{"x":82,"y":46,"width":176,"height":11}},{"id":"9d8d5f75-872f-489a-887a-7caaeca4a707","block_type":"box","text":"—","page_number":14,"box":{"x":263,"y":51,"width":17,"height":1}},{"id":"50ce2834-cd12-4915-ae11-adb2dbe79191","block_type":"box","text":"The Fund may invest in zero coupon securities, which are securities that do not pay","page_number":14,"box":{"x":285,"y":46,"width":612,"height":11}},{"id":"2e7a81e5-1ac0-4f55-9a1d-370bfe409b23","block_type":"box","text":"interest during the life of the security but instead, are bought at a deep discount from their face value. When a zero","page_number":14,"box":{"x":82,"y":60,"width":846,"height":12}},{"id":"6e260c5f-b630-49c7-9f71-17f7565af84d","block_type":"box","text":"coupon security matures, the investor receives a lump sum payment equal to the face value of the bond (initial","page_number":14,"box":{"x":81,"y":75,"width":813,"height":12}},{"id":"06f1d650-5a99-430c-8690-4f13bdab699b","block_type":"box","text":"investment plus the imputed interest).","page_number":14,"box":{"x":82,"y":90,"width":278,"height":11}},{"id":"696ad017-06a7-49b6-bdba-3c5c5b73c507","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":14,"box":{"x":272,"y":147,"width":453,"height":9}},{"id":"b9f3f453-a1fd-4e04-836e-12d1c9af4b48","block_type":"box","text":"The Fund is managed by a team of financial professionals. Michael Kalinoski, CFA, Kevin Maloney, CFA, Ryan","page_number":14,"box":{"x":70,"y":169,"width":800,"height":12}},{"id":"d3b502bb-fd16-4fb9-b4d0-02e1a8c12d77","block_type":"box","text":"McDonald, CFA, Phillip Soccio, CFA, and Sean Carney are the portfolio managers and are jointly and primarily","page_number":14,"box":{"x":72,"y":184,"width":799,"height":12}},{"id":"b4fc8996-f835-4972-a1bb-7abc1e2de261","block_type":"box","text":"responsible for the day-to-day management of the Fund. Please see “Management of the Fund — Portfolio Manager","page_number":14,"box":{"x":72,"y":199,"width":849,"height":12}},{"id":"da2b5277-0f85-4f55-b7b2-26b541470874","block_type":"box","text":"Information” for additional information about the portfolio management team.","page_number":14,"box":{"x":72,"y":214,"width":568,"height":11}},{"id":"2938532d-9559-4638-a36f-38fa87e657e5","block_type":"box","text":"Investment Risks","page_number":14,"box":{"x":62,"y":266,"width":156,"height":11}},{"id":"d4d084fc-4108-441c-8269-04ff2b7ebd44","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":14,"box":{"x":60,"y":292,"width":811,"height":11}},{"id":"2fd6ae81-84af-47f3-8499-8904865d0e31","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":14,"box":{"x":61,"y":307,"width":866,"height":11}},{"id":"2221c21a-07df-4044-bf51-70ca3a1b171a","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":14,"box":{"x":62,"y":321,"width":863,"height":12}},{"id":"c9d23929-3ed2-4bac-b907-d0f72821ffb8","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":14,"box":{"x":61,"y":336,"width":822,"height":12}},{"id":"b51d4bbb-2628-4d9a-9660-0405d1a0ae7d","block_type":"box","text":"insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. The order","page_number":14,"box":{"x":62,"y":351,"width":867,"height":12}},{"id":"918ce58d-936e-4464-b3bf-61ed2987f39a","block_type":"box","text":"of the below risk factors does not indicate the significance of any particular risk factor.","page_number":14,"box":{"x":61,"y":366,"width":635,"height":12}},{"id":"eabc9aea-a7a1-4967-acff-47862eb6b4cb","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":14,"box":{"x":61,"y":389,"width":322,"height":12}},{"id":"d074ae1b-0e5e-4dba-a3b8-9c9604425ba2","block_type":"box","text":"Debt Securities Risk","page_number":14,"box":{"x":81,"y":411,"width":155,"height":9}},{"id":"c56d181f-143d-4ad8-b8c3-c5c595fbe01c","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":14,"box":{"x":240,"y":411,"width":633,"height":10}},{"id":"4419a8cf-c367-4f90-adbe-cf20d1b3bda4","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in further detail below:","page_number":14,"box":{"x":81,"y":425,"width":637,"height":12}},{"id":"2232ca2f-5563-429d-afbe-c77462ae83f4","block_type":"box","text":"Credit Risk","page_number":14,"box":{"x":82,"y":448,"width":80,"height":9}},{"id":"856ed0e3-dd8c-4c2c-bdbd-f3ecfd8fa37f","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":14,"box":{"x":166,"y":448,"width":737,"height":11}},{"id":"f8ea3a80-fb9a-4f76-8b25-ac7ce09a45c4","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":14,"box":{"x":81,"y":463,"width":816,"height":11}},{"id":"20662fd6-8edb-4057-baac-ff401dba0376","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":14,"box":{"x":82,"y":477,"width":826,"height":12}},{"id":"6e8df6f1-aa8a-4f09-afb8-cd0af8d01771","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":14,"box":{"x":81,"y":492,"width":777,"height":12}},{"id":"93660789-2869-4322-a8db-ef69dbcdd358","block_type":"box","text":"Interest Rate Risk","page_number":14,"box":{"x":82,"y":515,"width":132,"height":9}},{"id":"13811ef8-0b36-43a3-8997-05ca1bc9c080","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":14,"box":{"x":218,"y":515,"width":704,"height":11}},{"id":"4ac1db43-fe60-4c0f-9f5e-d809a97d0107","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":14,"box":{"x":82,"y":530,"width":835,"height":11}},{"id":"9f7d4e92-33b6-4194-b11d-352289cd71b7","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":14,"box":{"x":80,"y":545,"width":513,"height":9}},{"id":"ab5095cf-355c-4c20-8cf4-ed46d9f3e140","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":14,"box":{"x":81,"y":567,"width":843,"height":12}},{"id":"4744816c-b717-4649-9924-94df95ae976d","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":14,"box":{"x":82,"y":582,"width":806,"height":11}},{"id":"3a6bca9b-de7c-4919-ada9-108d4710a97c","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":14,"box":{"x":81,"y":597,"width":831,"height":11}},{"id":"641420a4-ec01-475f-96a1-d13542bec249","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":14,"box":{"x":82,"y":612,"width":854,"height":11}},{"id":"3dc32518-44b2-4e9c-8312-c0af01207b46","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":14,"box":{"x":81,"y":626,"width":827,"height":12}},{"id":"863ddb74-17cc-4ffa-ba80-b6b6f958415c","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":14,"box":{"x":81,"y":641,"width":840,"height":12}},{"id":"aa74920a-8452-4e01-9b04-845c9fa83d86","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":14,"box":{"x":82,"y":656,"width":851,"height":11}},{"id":"43aaf56f-1c3b-4f7d-a14b-119bf692e481","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":14,"box":{"x":82,"y":671,"width":808,"height":11}},{"id":"84854c73-3d47-450d-8661-5178bf1feb8b","block_type":"box","text":"management.","page_number":14,"box":{"x":82,"y":686,"width":98,"height":11}},{"id":"21d2aa5a-82d6-491f-b4a0-423185e36068","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":14,"box":{"x":81,"y":708,"width":852,"height":12}},{"id":"dc527e8b-122e-4c54-a5b5-efdd83fca7e9","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":14,"box":{"x":81,"y":723,"width":840,"height":12}},{"id":"940bd13f-e4f9-4a88-b285-5be40f91d384","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":14,"box":{"x":80,"y":738,"width":834,"height":11}},{"id":"5500dfd0-63dd-495f-a706-ad3c6699c083","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":14,"box":{"x":81,"y":753,"width":803,"height":11}},{"id":"24cddc87-2aff-4957-83f0-a1a7e626c00c","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":14,"box":{"x":81,"y":768,"width":839,"height":11}},{"id":"52574300-79d4-4e60-a527-8060de203d5a","block_type":"box","text":"debt securities.","page_number":14,"box":{"x":81,"y":783,"width":112,"height":9}},{"id":"078a0e9c-7469-44d0-a45e-4fbde157527d","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":14,"box":{"x":81,"y":805,"width":839,"height":11}},{"id":"3bdcac81-b3f0-4c35-8081-8fa0493cf524","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":14,"box":{"x":81,"y":820,"width":839,"height":11}},{"id":"0440f772-465d-44ca-8075-1c58f64f87fd","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":14,"box":{"x":82,"y":835,"width":831,"height":11}},{"id":"88d5e1b8-9c9d-46b2-a906-38cd22a63deb","block_type":"box","text":"value when interest rates change.","page_number":14,"box":{"x":80,"y":850,"width":248,"height":11}},{"id":"cf79c43d-8be6-4124-8d97-b619032b0bcc","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":14,"box":{"x":81,"y":872,"width":842,"height":12}},{"id":"a5050e8f-5a71-45e9-aef0-73b65f164e6a","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":14,"box":{"x":81,"y":887,"width":855,"height":11}},{"id":"3eb0dffb-4afd-466c-8a92-8ce937c6a511","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":14,"box":{"x":80,"y":902,"width":828,"height":11}},{"id":"f384e2cb-131f-43a4-9775-4944aabae7a9","block_type":"box","text":"13","page_number":14,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"beebba4a-9e56-45bb-adfc-d2dce29ba17c","block_type":"box","text":"NM0926U-5974841-14/45","page_number":14,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"f79db8e0-ae3b-41c9-8f53-703b011df7f9","block_type":"box","text":"hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at","page_number":15,"box":{"x":82,"y":46,"width":770,"height":11}},{"id":"ea79b3c6-f1d7-451c-8532-a270b1f9d590","block_type":"box","text":"inopportune times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":15,"box":{"x":82,"y":60,"width":665,"height":12}},{"id":"339d055f-ee38-48e2-93d0-dd49ac28d6fa","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":15,"box":{"x":82,"y":83,"width":836,"height":12}},{"id":"bc5548e6-7aaa-4e12-bdb7-c7dd731983bf","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or","page_number":15,"box":{"x":81,"y":98,"width":793,"height":11}},{"id":"a6819968-e6b7-48eb-880d-9e86a6f0c33c","block_type":"box","text":"negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero,","page_number":15,"box":{"x":82,"y":113,"width":834,"height":11}},{"id":"31a7b011-e038-4bcb-8db8-9044c5e53c2a","block_type":"box","text":"may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund","page_number":15,"box":{"x":82,"y":127,"width":831,"height":12}},{"id":"d9210a99-1d98-4981-81e5-a5136b3a2a02","block_type":"box","text":"performance to the extent the Fund is exposed to such interest rates.","page_number":15,"box":{"x":82,"y":142,"width":511,"height":12}},{"id":"54490849-4231-47a9-95dc-13672ecfba6a","block_type":"box","text":"Extension Risk","page_number":15,"box":{"x":82,"y":165,"width":107,"height":9}},{"id":"399c54dc-9230-4dac-8db4-614a2804f1c1","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":15,"box":{"x":193,"y":165,"width":691,"height":11}},{"id":"c57d36ea-6fd8-4f76-b993-f0e5b4ba87a3","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of","page_number":15,"box":{"x":81,"y":180,"width":800,"height":11}},{"id":"6917c733-7c61-47e8-a79f-b170b3f50091","block_type":"box","text":"securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally","page_number":15,"box":{"x":81,"y":195,"width":832,"height":11}},{"id":"46bb6469-7017-4fdc-9b34-6ff0169d1429","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":15,"box":{"x":81,"y":209,"width":855,"height":12}},{"id":"c6674a22-68ef-4c5f-bda4-6209213e5f30","block_type":"box","text":"interest rates, securities may exhibit additional volatility and may lose value.","page_number":15,"box":{"x":82,"y":224,"width":559,"height":12}},{"id":"833c5c89-7aa5-49d8-8740-8fbad438bc47","block_type":"box","text":"Prepayment Risk","page_number":15,"box":{"x":81,"y":247,"width":124,"height":11}},{"id":"1b42e8f9-3f48-4a8f-8536-b1c752041de3","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":15,"box":{"x":209,"y":247,"width":691,"height":11}},{"id":"e00bb859-dfd2-4e5f-bd83-7af07c1ae1ca","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":15,"box":{"x":81,"y":262,"width":823,"height":11}},{"id":"6f97e79d-2e54-4459-b0d6-5f4bb1a27777","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are","page_number":15,"box":{"x":81,"y":276,"width":793,"height":12}},{"id":"cc9a47b1-a6eb-4ed3-b169-6a59d040461f","block_type":"box","text":"motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment","page_number":15,"box":{"x":82,"y":291,"width":830,"height":12}},{"id":"3398be37-c641-4219-94c0-86444e0cc807","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":15,"box":{"x":82,"y":306,"width":849,"height":12}},{"id":"79d1fe0f-677b-42ac-8c89-982d472c2979","block_type":"box","text":"prepaid. Prepayment reduces the yield to maturity and the average life of the security.","page_number":15,"box":{"x":82,"y":321,"width":627,"height":11}},{"id":"8286543f-8a05-40f4-91fc-b20d7b1be53c","block_type":"box","text":"Derivatives Risk","page_number":15,"box":{"x":81,"y":341,"width":123,"height":9}},{"id":"081f6801-785d-4deb-9914-9ab3038d754c","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":15,"box":{"x":207,"y":341,"width":664,"height":11}},{"id":"6693d8ae-c1d5-48a5-976e-4b10a79ea886","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":15,"box":{"x":82,"y":356,"width":469,"height":11}},{"id":"00d3f6f7-adab-4d89-99e3-a8b4fe4dc9df","block_type":"box","text":"Leverage Risk","page_number":15,"box":{"x":82,"y":379,"width":102,"height":11}},{"id":"883856e7-6d66-4f46-92db-de621ce2b5d4","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":15,"box":{"x":188,"y":378,"width":723,"height":12}},{"id":"f1afa4ea-d67d-4c5a-990f-8efabe17ce88","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":15,"box":{"x":82,"y":393,"width":832,"height":12}},{"id":"72f448c0-7c3a-4189-b47a-8287e017517d","block_type":"box","text":"exceed the amount originally invested.","page_number":15,"box":{"x":81,"y":408,"width":280,"height":11}},{"id":"a26675f4-3ebd-496b-9988-9402e6015ecf","block_type":"box","text":"Market Risk","page_number":15,"box":{"x":82,"y":431,"width":87,"height":9}},{"id":"916fd52c-8156-42ca-a4ef-7c98d76a3a8d","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":15,"box":{"x":173,"y":430,"width":728,"height":12}},{"id":"a0a99bf6-e152-4c1c-ba6e-795ca6bd5711","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":15,"box":{"x":81,"y":445,"width":834,"height":12}},{"id":"c6ccd0f6-3a8c-45d6-b98e-63dd134c208e","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":15,"box":{"x":82,"y":460,"width":832,"height":12}},{"id":"28b4162f-03fd-4ae8-ac5f-2bec5f325d35","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":15,"box":{"x":80,"y":475,"width":779,"height":11}},{"id":"698bbb70-2008-42e7-8d10-462d7527de77","block_type":"box","text":"derivatives positions to lose value.","page_number":15,"box":{"x":81,"y":490,"width":253,"height":11}},{"id":"89c25eb8-46dd-422d-b624-efcab982feaa","block_type":"box","text":"Counterpar ty Risk","page_number":15,"box":{"x":82,"y":512,"width":131,"height":12}},{"id":"0e338a82-af2c-47a9-92f9-e2e9e7a52de4","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":15,"box":{"x":217,"y":513,"width":697,"height":11}},{"id":"b374d725-c51a-4c4f-bd7b-2a08463ad15b","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":15,"box":{"x":80,"y":527,"width":855,"height":12}},{"id":"9ef32d27-d9c1-45f7-92a6-cd8bc259c4ed","block_type":"box","text":"exposure to such a counterparty.","page_number":15,"box":{"x":81,"y":542,"width":240,"height":11}},{"id":"fb942c18-dbca-45cc-b6f6-51e559be5ff9","block_type":"box","text":"Illiquidity Risk —","page_number":15,"box":{"x":82,"y":565,"width":122,"height":11}},{"id":"a251d5e0-4bf1-4200-9469-6d1ab23d23d6","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":15,"box":{"x":208,"y":564,"width":728,"height":12}},{"id":"1b6a8d4b-6b9b-4a35-a9ed-e487fd573d5f","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":15,"box":{"x":80,"y":580,"width":839,"height":11}},{"id":"54cc937a-c360-4d2b-9447-0a7fbe481fce","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":15,"box":{"x":81,"y":594,"width":293,"height":12}},{"id":"088e5023-155f-47f5-bc62-2df47ee905f7","block_type":"box","text":"Operational Risk","page_number":15,"box":{"x":82,"y":617,"width":120,"height":11}},{"id":"3ce3a72e-5f27-4ad2-a1a4-120c9e097e1e","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":15,"box":{"x":206,"y":617,"width":727,"height":11}},{"id":"eb362485-55ce-40b9-9ef9-121e88858849","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":15,"box":{"x":82,"y":632,"width":607,"height":11}},{"id":"581a588f-129b-4863-a119-60815308d20c","block_type":"box","text":"Legal Risk","page_number":15,"box":{"x":82,"y":654,"width":75,"height":12}},{"id":"ae18da44-fb9f-4b02-a5d9-cd90f9e224a3","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":15,"box":{"x":161,"y":654,"width":761,"height":12}},{"id":"bcc89ce7-983b-4cc4-8053-6ac46711e509","block_type":"box","text":"enforceability of a contract.","page_number":15,"box":{"x":81,"y":669,"width":198,"height":11}},{"id":"ce17c45d-afeb-4ab4-91b9-5c30dbc96069","block_type":"box","text":"Volatility and Correlation Risk","page_number":15,"box":{"x":83,"y":692,"width":214,"height":11}},{"id":"d5525087-c806-43ff-b462-61438bd72f54","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":15,"box":{"x":300,"y":691,"width":590,"height":12}},{"id":"6bb45331-daad-461e-850d-7d04174b6a8e","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":15,"box":{"x":80,"y":706,"width":855,"height":12}},{"id":"18ac0bb7-5c99-4dc6-bc50-84f19c89c5be","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":15,"box":{"x":80,"y":721,"width":820,"height":12}},{"id":"fd150603-83c7-48f0-a44c-20047c19a790","block_type":"box","text":"correlate with the overall securities markets.","page_number":15,"box":{"x":81,"y":736,"width":326,"height":9}},{"id":"b89eea57-fc33-4f0a-9372-71aa5167cb1c","block_type":"box","text":"Valuation Risk","page_number":15,"box":{"x":83,"y":759,"width":102,"height":9}},{"id":"2c47d397-7567-4d02-9030-0d371a0ef5ab","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":15,"box":{"x":189,"y":759,"width":747,"height":11}},{"id":"be6667d5-06e8-4462-9470-c84089531307","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":15,"box":{"x":82,"y":773,"width":783,"height":12}},{"id":"aa473022-62e0-4d34-b092-0f44f7501028","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":15,"box":{"x":82,"y":788,"width":837,"height":12}},{"id":"761751c7-8a8c-4ac9-869c-05486f664941","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":15,"box":{"x":81,"y":803,"width":826,"height":12}},{"id":"b0563d0a-79b7-402d-871c-f6add5509785","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":15,"box":{"x":80,"y":818,"width":405,"height":11}},{"id":"34af7812-c2d5-4d93-a533-562eb34b32ef","block_type":"box","text":"Hedging Risk","page_number":15,"box":{"x":82,"y":841,"width":95,"height":11}},{"id":"8b786e9d-d69a-449b-b4ef-064caaddad26","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":15,"box":{"x":181,"y":841,"width":752,"height":11}},{"id":"221176a2-c495-4606-a74e-9858ac84f3dd","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":15,"box":{"x":80,"y":855,"width":820,"height":12}},{"id":"61c96540-123e-47e2-b10f-d5c864d7ee6b","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":15,"box":{"x":82,"y":870,"width":823,"height":12}},{"id":"d34d1c59-fc68-46a8-a9e8-394fedce47ec","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":15,"box":{"x":82,"y":885,"width":813,"height":11}},{"id":"559f3d77-3777-4ac1-ac67-dc7feb0f6d8a","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":15,"box":{"x":82,"y":900,"width":832,"height":11}},{"id":"8d008333-df65-4bfd-b0e8-e8811e0815ba","block_type":"box","text":"noted below.","page_number":15,"box":{"x":82,"y":915,"width":90,"height":9}},{"id":"b11c997e-07a7-4e96-bce5-a0b4f12d5c3e","block_type":"box","text":"14","page_number":15,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"4870c0a9-b88c-411a-941a-31cdc1c5528c","block_type":"box","text":"NM0926U-5974841-15/45","page_number":15,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"75f89157-61b8-4ee7-ad05-f3a47ef1ff13","block_type":"box","text":"Tax Risk","page_number":16,"box":{"x":83,"y":46,"width":59,"height":9}},{"id":"ac5ada3c-b901-4f94-96f5-d8b8ba97587b","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":16,"box":{"x":145,"y":46,"width":766,"height":11}},{"id":"1ecefad7-f378-41dc-a209-db39ac3c5c16","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":16,"box":{"x":82,"y":60,"width":826,"height":12}},{"id":"8f8305c9-e240-46cb-8fb1-a15bfc5f601b","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":16,"box":{"x":82,"y":75,"width":846,"height":12}},{"id":"98bdd127-a8ad-4d00-a170-871daaef0b33","block_type":"box","text":"as tax-exempt income or as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle","page_number":16,"box":{"x":81,"y":90,"width":837,"height":12}},{"id":"c02c2981-b36f-45c6-99ca-24ad657f3976","block_type":"box","text":"provisions of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are","page_number":16,"box":{"x":82,"y":105,"width":851,"height":11}},{"id":"80c86b3b-e3b3-4e5f-8472-4b8b8e5a401f","block_type":"box","text":"applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Fund. Payments","page_number":16,"box":{"x":81,"y":120,"width":849,"height":11}},{"id":"1661fdad-9485-42db-935b-4821aec86a16","block_type":"box","text":"received by the Fund from swap agreements, if any, will generally produce taxable income, while payments made by","page_number":16,"box":{"x":82,"y":135,"width":847,"height":11}},{"id":"ba501dc4-11e7-48e2-ad98-862fbac2572b","block_type":"box","text":"the Fund on swap agreements will be allocated against both tax-exempt and taxable gross income, decreasing the","page_number":16,"box":{"x":80,"y":150,"width":839,"height":11}},{"id":"b1470e77-e228-4a38-a60d-33f4ca14aa10","block_type":"box","text":"Fund’s distributable net tax-exempt income. In addition, the tax treatment of certain derivatives, such as swaps, is","page_number":16,"box":{"x":82,"y":164,"width":841,"height":11}},{"id":"21386b73-4eb0-4112-87f9-5eaa4e8e85ce","block_type":"box","text":"unsettled and may be subject to future legislation, regulation or administrative pronouncements issued by the","page_number":16,"box":{"x":82,"y":179,"width":805,"height":12}},{"id":"a525c3ee-0ba0-4c56-8907-d8a8f16c3162","block_type":"box","text":"Internal Revenue Service (the “IRS”).","page_number":16,"box":{"x":82,"y":194,"width":270,"height":11}},{"id":"0e989a7d-a6dc-46f7-ab2e-01d28e6e4156","block_type":"box","text":"Regulatory Risk","page_number":16,"box":{"x":82,"y":217,"width":115,"height":11}},{"id":"d8aaf0a1-7272-4fac-8d30-0cb68ca9db09","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":16,"box":{"x":201,"y":216,"width":688,"height":12}},{"id":"0a63a817-be6c-4e12-ad7e-5427de2b3cbf","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":16,"box":{"x":81,"y":231,"width":851,"height":12}},{"id":"db8f8cb7-01a7-461b-b5bf-b9997df95675","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":16,"box":{"x":81,"y":246,"width":811,"height":12}},{"id":"68459d75-4618-4574-adfe-ca156086de37","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":16,"box":{"x":82,"y":261,"width":850,"height":11}},{"id":"d4ab0bd5-c71b-42d7-bbbe-48886e7a952d","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":16,"box":{"x":81,"y":276,"width":850,"height":11}},{"id":"4504dc81-7998-4b8a-957c-c187a4532d67","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":16,"box":{"x":81,"y":291,"width":838,"height":11}},{"id":"abfcf449-50bd-47f3-b8b0-e8a7dbc818a5","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":16,"box":{"x":81,"y":306,"width":807,"height":11}},{"id":"542c4936-4192-4d30-8875-70cabbdd09f6","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":16,"box":{"x":81,"y":320,"width":787,"height":12}},{"id":"08dd1ae4-9702-46a3-aae4-42ae81c14b66","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":16,"box":{"x":82,"y":335,"width":837,"height":12}},{"id":"82f934a9-d288-43d8-bc66-730d7987e33f","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":16,"box":{"x":80,"y":350,"width":804,"height":11}},{"id":"8521c199-361f-475a-b08e-12b8fe98c5c7","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":16,"box":{"x":81,"y":365,"width":781,"height":11}},{"id":"5bf89ff6-b828-4d6d-9013-8c84ccd88ca5","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":16,"box":{"x":82,"y":380,"width":773,"height":11}},{"id":"068dc547-a94f-4c24-b324-57e21482660e","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":16,"box":{"x":82,"y":394,"width":836,"height":12}},{"id":"eb543889-0650-4dcc-aab1-2bee6ec5dd63","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":16,"box":{"x":82,"y":409,"width":814,"height":12}},{"id":"456ddb6d-d30c-400c-8050-386b91c0cee0","block_type":"box","text":"investors in the Fund.","page_number":16,"box":{"x":82,"y":424,"width":156,"height":9}},{"id":"cfe3cc15-2492-4d9a-b724-f6c901a3069d","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":16,"box":{"x":82,"y":447,"width":823,"height":11}},{"id":"1ba889a7-cc90-422e-9fb5-092e1a98a15a","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":16,"box":{"x":82,"y":461,"width":827,"height":12}},{"id":"3ca67ac4-446b-459e-8771-4bf5571d5145","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":16,"box":{"x":80,"y":476,"width":849,"height":12}},{"id":"deabbf5a-9553-468a-8d34-9b6f34c49957","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":16,"box":{"x":81,"y":491,"width":846,"height":12}},{"id":"6697e171-70e8-4686-9e19-92dc3c8ad70d","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":16,"box":{"x":81,"y":506,"width":509,"height":11}},{"id":"406867ab-2d42-4f6a-b4c5-ebf0696bc55e","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":16,"box":{"x":82,"y":528,"width":399,"height":12}},{"id":"fdd77175-15be-4a2b-8565-7f838a8e1b98","block_type":"box","text":"Swaps","page_number":16,"box":{"x":102,"y":549,"width":47,"height":11}},{"id":"6ac52b2d-a8a9-4ec3-b873-e5850dd53c0b","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":16,"box":{"x":154,"y":548,"width":775,"height":12}},{"id":"4bb95757-656e-431e-8b84-d86f249670c7","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":16,"box":{"x":101,"y":563,"width":829,"height":12}},{"id":"7d96968e-ca2e-4289-94a5-da69f2c07b3f","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":16,"box":{"x":101,"y":578,"width":807,"height":12}},{"id":"71030d30-6d05-490c-a813-c0488c8788a3","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":16,"box":{"x":102,"y":593,"width":811,"height":11}},{"id":"763ff7b9-ec7a-486f-ab0c-3e2b0c0a6e46","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":16,"box":{"x":101,"y":608,"width":820,"height":11}},{"id":"6a72e3dd-1c65-49ab-9049-a913e9ad19df","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":16,"box":{"x":102,"y":623,"width":791,"height":11}},{"id":"a8663e19-19b6-4bb2-b095-37a965800493","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":16,"box":{"x":101,"y":637,"width":789,"height":12}},{"id":"593eb447-0971-4c33-91d9-56a4ea2d6de8","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":16,"box":{"x":101,"y":652,"width":796,"height":12}},{"id":"dca35d55-2a1d-43f3-92f6-c951b3e0511e","block_type":"box","text":"Credit Default Swaps —","page_number":16,"box":{"x":102,"y":672,"width":176,"height":11}},{"id":"7c48f715-a1db-4635-a745-1ff0ac51e8b2","block_type":"box","text":"Credit default swaps may have as reference obligations one or more securities that are","page_number":16,"box":{"x":283,"y":672,"width":640,"height":12}},{"id":"021cd867-801c-4e90-a9b1-8a60db975d97","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":16,"box":{"x":102,"y":687,"width":825,"height":12}},{"id":"b05add28-0034-4757-9a55-09f3044b228a","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":16,"box":{"x":102,"y":702,"width":816,"height":11}},{"id":"8b0be82a-f714-4ca4-b430-9ada7e742dc9","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":16,"box":{"x":101,"y":717,"width":827,"height":11}},{"id":"a34d8af8-487e-4591-b7f3-0c17210aac35","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":16,"box":{"x":101,"y":731,"width":812,"height":12}},{"id":"ff72ce1c-a9e0-4c84-8dad-116ee3e8905e","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":16,"box":{"x":101,"y":746,"width":822,"height":12}},{"id":"d5fd3817-f048-4bef-b7fd-db60bf613ef6","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":16,"box":{"x":101,"y":761,"width":758,"height":12}},{"id":"d7c42e78-708c-42f0-b9d8-040e10489f5d","block_type":"box","text":"Futures —","page_number":16,"box":{"x":102,"y":781,"width":76,"height":9}},{"id":"f57aafa8-5756-45e8-8bee-39e3df74d479","block_type":"box","text":"Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":16,"box":{"x":184,"y":781,"width":742,"height":12}},{"id":"7460d8a7-fe09-4e71-916d-91efface3eea","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":16,"box":{"x":101,"y":796,"width":786,"height":11}},{"id":"b3f0c756-29e9-4228-88ef-b8e26232dbdd","block_type":"box","text":"primary risks associated with the use of futures contracts and options are (a) the imperfect correlations between","page_number":16,"box":{"x":102,"y":811,"width":831,"height":11}},{"id":"302c6409-c667-4738-8b24-7811e0e0def9","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":16,"box":{"x":101,"y":826,"width":811,"height":11}},{"id":"640d17a0-4c16-4579-83e9-a0eb7c0c2f01","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":16,"box":{"x":101,"y":840,"width":791,"height":12}},{"id":"e9f51550-8867-4255-b225-60aa636fbc81","block_type":"box","text":"futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":16,"box":{"x":101,"y":855,"width":791,"height":12}},{"id":"5e11e81c-d8cc-47e4-b29c-412b93efc1d7","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":16,"box":{"x":102,"y":870,"width":793,"height":11}},{"id":"85a385c0-aee8-47ff-8c11-458bc09ee190","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":16,"box":{"x":102,"y":885,"width":787,"height":11}},{"id":"0d023a5b-0c12-4833-be3f-f56b453bca2d","block_type":"box","text":"default in the performance of its obligations.","page_number":16,"box":{"x":101,"y":900,"width":327,"height":11}},{"id":"1aee51dd-4525-4e58-8f13-dff48c58d0b3","block_type":"box","text":"15","page_number":16,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"eec720c6-3ec8-40f3-819b-027135aeedf0","block_type":"box","text":"NM0926U-5974841-16/45","page_number":16,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"a0ce00a8-3d29-45ec-a6cb-68a28d0becaa","block_type":"box","text":"Options","page_number":17,"box":{"x":102,"y":46,"width":55,"height":11}},{"id":"0aceed72-d22c-4e35-ae41-130492a53317","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":17,"box":{"x":162,"y":46,"width":772,"height":11}},{"id":"cecb6812-17e7-46fb-a403-3b639920fbea","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":17,"box":{"x":101,"y":60,"width":812,"height":12}},{"id":"1cfc00bb-55ef-4d0c-b8ab-7e65e700db13","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":17,"box":{"x":101,"y":75,"width":827,"height":12}},{"id":"0d91e4b4-9781-4a6a-8f09-96c8a12312e0","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":17,"box":{"x":101,"y":90,"width":781,"height":11}},{"id":"fc990712-9db6-4089-a40c-eb375d4bf550","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":17,"box":{"x":102,"y":105,"width":785,"height":12}},{"id":"fe0c37ed-ef60-47d6-af3d-5534086ef8ab","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":17,"box":{"x":101,"y":120,"width":831,"height":11}},{"id":"d65f3520-9383-43b0-8078-0b8d3e820bb4","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":17,"box":{"x":101,"y":135,"width":814,"height":11}},{"id":"05e11552-1429-4fca-8ff0-000960a0e054","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":17,"box":{"x":101,"y":149,"width":826,"height":12}},{"id":"90680070-b768-4a05-af58-d35b65a083ab","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":17,"box":{"x":101,"y":165,"width":822,"height":10}},{"id":"428beade-3dc4-40f5-80af-c26eee3d3ebe","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":17,"box":{"x":101,"y":179,"width":816,"height":12}},{"id":"b0cd2e98-7d7d-4fe9-a403-df6e7a888613","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":17,"box":{"x":101,"y":194,"width":442,"height":11}},{"id":"ea1e2e36-eefc-4b68-ba53-20d9b9b7ed56","block_type":"box","text":"High Portfolio Turnover Risk","page_number":17,"box":{"x":81,"y":214,"width":212,"height":11}},{"id":"c3aa8d4a-e1d0-4906-a88e-1a581607ac89","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":17,"box":{"x":297,"y":214,"width":629,"height":11}},{"id":"aa90e6b5-3067-4e4b-9a10-170e01f9bf97","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":17,"box":{"x":82,"y":229,"width":812,"height":11}},{"id":"62814cb1-70c6-4ac7-947c-e60afdd66417","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":17,"box":{"x":81,"y":244,"width":817,"height":11}},{"id":"c76e93bd-dd35-48d6-a0cf-3c68b7a9afcb","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":17,"box":{"x":81,"y":258,"width":760,"height":12}},{"id":"2f759714-6cf3-4de6-91b4-a2d40d01150b","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":17,"box":{"x":81,"y":273,"width":852,"height":12}},{"id":"d0c919a4-13f8-4c5a-b77a-c6556cd3be4a","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":17,"box":{"x":81,"y":288,"width":589,"height":12}},{"id":"6fbe7f20-f735-4cc0-b260-b039c3185e03","block_type":"box","text":"High Yield Bonds Risk","page_number":17,"box":{"x":81,"y":308,"width":167,"height":11}},{"id":"7827b0e5-8004-4d15-95e5-b67ae557f2ef","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":17,"box":{"x":252,"y":308,"width":667,"height":12}},{"id":"9bd36414-13a8-4ba0-9408-4eb35135c857","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":17,"box":{"x":79,"y":323,"width":835,"height":11}},{"id":"fb2c3a9e-34c1-45b3-97a9-fb3d75ed1c36","block_type":"box","text":"for the Fund. The major risks of junk bond investments include:","page_number":17,"box":{"x":81,"y":338,"width":462,"height":11}},{"id":"83157b2d-c536-4368-8d95-922f3ce6fc96","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":17,"box":{"x":101,"y":358,"width":789,"height":11}},{"id":"8061f053-b57e-4152-986f-ece666edb61d","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":17,"box":{"x":101,"y":372,"width":795,"height":12}},{"id":"0f73d92f-203d-468d-9205-4f2e9e52082e","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":17,"box":{"x":102,"y":387,"width":802,"height":12}},{"id":"6837f829-b10c-41ce-9e8d-a73d21ac9b6f","block_type":"box","text":"assets available to repay junk bond holders.","page_number":17,"box":{"x":101,"y":402,"width":323,"height":12}},{"id":"4ddf52f7-c831-4e7e-acee-35075644c86c","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and","page_number":17,"box":{"x":102,"y":422,"width":786,"height":12}},{"id":"5dda2b1f-3390-44a8-8ecc-9a4161e8fe57","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":17,"box":{"x":101,"y":437,"width":811,"height":11}},{"id":"168121c8-67a9-40e4-98ed-2de6fc568503","block_type":"box","text":"fixed-income securities.","page_number":17,"box":{"x":101,"y":452,"width":171,"height":9}},{"id":"3d48d588-38a1-45c3-b131-c1199370bb00","block_type":"box","text":"Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an","page_number":17,"box":{"x":102,"y":472,"width":778,"height":11}},{"id":"844313c5-b765-4fc8-af0b-789fdfa46026","block_type":"box","text":"economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":17,"box":{"x":101,"y":487,"width":689,"height":11}},{"id":"4e4b8708-272b-4665-9b48-dca6bbe16c0f","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund","page_number":17,"box":{"x":101,"y":506,"width":817,"height":12}},{"id":"64f6cc44-f561-48cd-bf87-ea40f4b8dbe1","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":17,"box":{"x":102,"y":521,"width":798,"height":12}},{"id":"ca3d057c-49bb-407a-92cd-0563154fe5ee","block_type":"box","text":"lower yields and may lose income.","page_number":17,"box":{"x":102,"y":536,"width":249,"height":12}},{"id":"2005d550-a877-49a4-8b6b-b5c5dd228ff4","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.","page_number":17,"box":{"x":101,"y":556,"width":831,"height":12}},{"id":"4961e9bf-9dc7-4668-b87a-7f9abad4cbb0","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":17,"box":{"x":101,"y":571,"width":836,"height":12}},{"id":"b67feae6-51fd-4e54-b58f-387e1d9b2087","block_type":"box","text":"junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may","page_number":17,"box":{"x":99,"y":586,"width":825,"height":11}},{"id":"2bbdfc01-b4f1-4f7d-b9e3-b2be628315d5","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":17,"box":{"x":102,"y":601,"width":761,"height":11}},{"id":"40c3efcc-f64f-4faa-a212-96d644a1d9a6","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":17,"box":{"x":101,"y":621,"width":815,"height":11}},{"id":"cdeb3a23-4c2c-4d32-b06f-f6987e71137c","block_type":"box","text":"with a defaulting issuer.","page_number":17,"box":{"x":101,"y":635,"width":173,"height":12}},{"id":"650e278b-2f4a-43c0-a529-3fa6ffa328d2","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":17,"box":{"x":81,"y":658,"width":817,"height":12}},{"id":"ebf8eaea-a01c-4806-a848-e17461f8e0bb","block_type":"box","text":"value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":17,"box":{"x":80,"y":673,"width":811,"height":11}},{"id":"e408fda8-8195-41b8-93b3-0fe28735b798","block_type":"box","text":"Illiquid Investments Risk","page_number":17,"box":{"x":81,"y":693,"width":186,"height":11}},{"id":"d5c8b9a2-4763-48c7-bf39-ddd7f9839d06","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":17,"box":{"x":271,"y":693,"width":648,"height":11}},{"id":"189f76e4-577d-4480-8fad-26f2dc8cd532","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":17,"box":{"x":80,"y":708,"width":841,"height":11}},{"id":"57c40405-a757-4b4e-9283-cd0037bd1109","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":17,"box":{"x":82,"y":722,"width":831,"height":12}},{"id":"51e9ea1a-38ce-4a4f-842e-8507d44b1b13","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":17,"box":{"x":81,"y":737,"width":811,"height":12}},{"id":"ff4cc246-6910-43ce-8e8b-68bd07f3c580","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":17,"box":{"x":82,"y":752,"width":825,"height":12}},{"id":"d6d1ef5c-1f63-4b1f-8149-8e9a5d732797","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":17,"box":{"x":81,"y":767,"width":837,"height":11}},{"id":"d1eda271-1a8c-418f-9f67-a4dc89701f4e","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":17,"box":{"x":80,"y":782,"width":851,"height":11}},{"id":"469718bf-c174-4360-9eb0-90e79531860e","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":17,"box":{"x":82,"y":797,"width":835,"height":11}},{"id":"e21c546a-1e9a-459f-bfb7-39c0e0b94c85","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":17,"box":{"x":82,"y":811,"width":835,"height":12}},{"id":"3b541d46-56ad-417a-ac79-e50726cc1774","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":17,"box":{"x":81,"y":826,"width":791,"height":12}},{"id":"c521dece-ae44-4ffe-b228-cea8ab66fad6","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":17,"box":{"x":81,"y":841,"width":846,"height":12}},{"id":"37ff7721-6531-4efd-9acf-28a2e8cef684","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":17,"box":{"x":81,"y":856,"width":835,"height":11}},{"id":"f5fefadd-d571-43ed-b066-bbe163f204e3","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":17,"box":{"x":82,"y":871,"width":818,"height":11}},{"id":"481b009c-f0e2-44f2-8524-661bf15608bd","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":17,"box":{"x":80,"y":885,"width":837,"height":12}},{"id":"087a2ef5-31e6-4346-9d0a-4632e5a96551","block_type":"box","text":"To the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":17,"box":{"x":81,"y":901,"width":854,"height":11}},{"id":"c44eef03-dd92-4649-98f4-0ec471e5b8dd","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":17,"box":{"x":81,"y":915,"width":815,"height":12}},{"id":"ef47f7bb-8e32-469b-b3bf-cbf73111f32f","block_type":"box","text":"16","page_number":17,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b1e3bf3e-5fba-44c2-8a21-a911b5631ea0","block_type":"box","text":"NM0926U-5974841-17/45","page_number":17,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"bdbbed13-22ec-4e44-b157-b5fa8c1ccb63","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":18,"box":{"x":82,"y":46,"width":835,"height":11}},{"id":"4fad93dd-eee6-4cd8-ae0c-9cbfb6ed5af1","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":18,"box":{"x":82,"y":60,"width":790,"height":12}},{"id":"121401d2-5154-4f0e-ac6e-cc1e327eed28","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":18,"box":{"x":82,"y":75,"width":844,"height":12}},{"id":"c153fc1a-7590-4d68-a70d-de54e14ed3b5","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":18,"box":{"x":81,"y":90,"width":810,"height":12}},{"id":"bee949c8-80bc-467d-846c-6a969380bc41","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":18,"box":{"x":82,"y":105,"width":715,"height":11}},{"id":"e7d3b2b8-0b7b-4ae4-8cb7-b87486f7f680","block_type":"box","text":"Insurance Risk","page_number":18,"box":{"x":81,"y":125,"width":113,"height":9}},{"id":"e19e8360-216f-4971-b907-8117f5b8b2d6","block_type":"box","text":"—","page_number":18,"box":{"x":198,"y":130,"width":17,"height":1}},{"id":"cecfbb68-5619-4bb4-93d6-65dd53e2553b","block_type":"box","text":"The Fund may purchase municipal securities that are secured by insurance or may purchase","page_number":18,"box":{"x":219,"y":125,"width":677,"height":11}},{"id":"c33fbc42-2122-440f-9bdb-05cd72b9c0bd","block_type":"box","text":"insurance for municipal securities that it owns. Insurance guarantees that interest payments on a municipal security","page_number":18,"box":{"x":82,"y":140,"width":853,"height":11}},{"id":"cfd88c23-fcaf-4958-9b17-369a3a134c3f","block_type":"box","text":"will be made on time and that the principal will be repaid when the security matures. Either the issuer of the","page_number":18,"box":{"x":80,"y":155,"width":795,"height":11}},{"id":"ebf976f8-85ba-4455-8377-b5dab7a19d0f","block_type":"box","text":"municipal security or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses","page_number":18,"box":{"x":82,"y":170,"width":833,"height":11}},{"id":"d5282c55-8b70-45f9-98a0-ed7cf5282a0f","block_type":"box","text":"caused by a municipal security issuer’s failure to make interest and principal payments. However, insurance does","page_number":18,"box":{"x":81,"y":184,"width":834,"height":12}},{"id":"7d63a2d3-53c3-459c-b2c8-642ce2d01ef2","block_type":"box","text":"not protect the Fund or its shareholders against losses caused by declines in a municipal security’s value. Also, the","page_number":18,"box":{"x":82,"y":199,"width":850,"height":12}},{"id":"c1b9a5cd-6fcc-45ad-ad31-322ad10bcba3","block_type":"box","text":"Fund cannot be certain that any insurance company will make the payments it guarantees. While an insured","page_number":18,"box":{"x":82,"y":214,"width":791,"height":11}},{"id":"9e2fb10b-0de7-4253-8919-098bebbac2d4","block_type":"box","text":"municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security","page_number":18,"box":{"x":82,"y":229,"width":815,"height":11}},{"id":"6a3a14b4-ed26-425b-8f1e-642fa3ecba8c","block_type":"box","text":"suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer,","page_number":18,"box":{"x":81,"y":244,"width":837,"height":11}},{"id":"670d57de-fcea-4ed4-b45a-504747800d60","block_type":"box","text":"the rating of the underlying municipal security will be more relevant and the value of the municipal security would","page_number":18,"box":{"x":80,"y":258,"width":827,"height":12}},{"id":"4f5d18c0-bf9a-4843-b034-51d3da85e74b","block_type":"box","text":"more closely, if not entirely, reflect such rating. The Fund may lose money on its investment if the insurance","page_number":18,"box":{"x":82,"y":273,"width":789,"height":12}},{"id":"bf3639cc-36b8-4c39-b06f-663cb2169cb3","block_type":"box","text":"company does not make payments it guarantees. In addition, if the Fund purchases the insurance, it must pay the","page_number":18,"box":{"x":81,"y":288,"width":839,"height":12}},{"id":"262554a3-fc99-41ff-b77f-e0729c6253ae","block_type":"box","text":"premiums, which will reduce the Fund’s yield. If a municipal security’s insurer fails to fulfill its obligations or loses","page_number":18,"box":{"x":82,"y":303,"width":835,"height":11}},{"id":"44de640f-9fae-4538-97c4-5c32e6f9dd40","block_type":"box","text":"its credit rating, the value of the security could drop.","page_number":18,"box":{"x":82,"y":318,"width":382,"height":11}},{"id":"877a5699-24a4-40d4-88b6-8bda735fddf2","block_type":"box","text":"Leverage Risk","page_number":18,"box":{"x":81,"y":338,"width":107,"height":11}},{"id":"02a71be4-aea7-4ac8-ae1c-0780001f17a9","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":18,"box":{"x":192,"y":338,"width":741,"height":11}},{"id":"aa15bb2e-dac8-41b0-a2a8-97a0b5f4432f","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an open-end","page_number":18,"box":{"x":81,"y":353,"width":787,"height":11}},{"id":"56540dce-0466-4485-b8d2-4adaae381d1a","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (the “SEC”), the Fund is subject to","page_number":18,"box":{"x":82,"y":367,"width":831,"height":12}},{"id":"e9abb52b-3661-44bd-aaf3-b9c3dc1fb4e6","block_type":"box","text":"the federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under","page_number":18,"box":{"x":80,"y":382,"width":853,"height":12}},{"id":"62932a7b-4eac-4980-9242-744d150b2cb9","block_type":"box","text":"the Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or","page_number":18,"box":{"x":80,"y":397,"width":808,"height":11}},{"id":"a4a3fd99-f594-44a5-b539-3a42060162e3","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":18,"box":{"x":81,"y":412,"width":837,"height":11}},{"id":"8ed003c2-b337-43fb-a013-3396bc233b2e","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":18,"box":{"x":82,"y":427,"width":807,"height":11}},{"id":"9268af9c-a40f-4a8d-8b91-337996e87596","block_type":"box","text":"applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the","page_number":18,"box":{"x":81,"y":441,"width":840,"height":12}},{"id":"9d2d3f11-a2f3-47a9-9250-c3362063ca46","block_type":"box","text":"value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":18,"box":{"x":80,"y":456,"width":558,"height":12}},{"id":"20be5414-1405-4827-9a12-a929affa4d51","block_type":"box","text":"Market Risk and Selection Risk","page_number":18,"box":{"x":81,"y":476,"width":240,"height":9}},{"id":"98a61a78-9c0a-4a07-bc8e-39aa7b25b53c","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":18,"box":{"x":324,"y":476,"width":593,"height":9}},{"id":"5d2b2144-e6d8-4921-9bcf-77a43d4033bd","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":18,"box":{"x":81,"y":491,"width":851,"height":12}},{"id":"9b7437db-86be-4813-a154-fc7ac1000f8b","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":18,"box":{"x":82,"y":506,"width":824,"height":11}},{"id":"4a22b4e9-d0e3-436b-83a4-1685d82d8813","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":18,"box":{"x":82,"y":521,"width":851,"height":11}},{"id":"a57b0ba1-3eaa-49bf-90fc-3db22a4b5d4b","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":18,"box":{"x":82,"y":535,"width":802,"height":12}},{"id":"7f679590-70b9-44e7-9b34-7513e35ae21e","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":18,"box":{"x":81,"y":550,"width":849,"height":12}},{"id":"a6018b13-9953-483b-84aa-c5dac3b607d6","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":18,"box":{"x":81,"y":565,"width":843,"height":12}},{"id":"68b0e1db-82de-4148-aa18-aa313b7f0eec","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":18,"box":{"x":81,"y":580,"width":830,"height":11}},{"id":"b5aeb278-3215-462a-9c62-8287528b5f1e","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":18,"box":{"x":82,"y":595,"width":840,"height":11}},{"id":"3d9b8833-cd1f-4605-b4bd-c596e8b56bee","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":18,"box":{"x":81,"y":610,"width":851,"height":11}},{"id":"7f0d2533-5da9-479e-b0eb-01ecc8f73c9f","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":18,"box":{"x":82,"y":624,"width":815,"height":12}},{"id":"7ba9862a-f03b-4cba-95f7-d94fee3b5344","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":18,"box":{"x":81,"y":639,"width":826,"height":12}},{"id":"903a2730-9d5c-41ed-9cfa-6a592231dc0f","block_type":"box","text":"disasters, the spread of infectious illness or other public healthissues like pandemics or epidemics, recessions, or","page_number":18,"box":{"x":81,"y":654,"width":845,"height":11}},{"id":"4cc756fe-a30c-475b-bf56-89fc8c672f8b","block_type":"box","text":"other events.","page_number":18,"box":{"x":81,"y":669,"width":95,"height":9}},{"id":"cf8c0247-095f-4dd3-aac5-7bb7593c3532","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":18,"box":{"x":82,"y":689,"width":818,"height":11}},{"id":"a71824f0-d2bb-44d4-b4da-98d520450c32","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":18,"box":{"x":80,"y":704,"width":819,"height":11}},{"id":"f1cdb4ef-0866-49ac-9c8f-249f55657266","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":18,"box":{"x":81,"y":719,"width":819,"height":11}},{"id":"9d42fdeb-89e8-4af2-9bf3-42ff463cf38b","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":18,"box":{"x":81,"y":733,"width":846,"height":12}},{"id":"8516ad3b-f27a-41b5-9a0f-5696eed79361","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":18,"box":{"x":81,"y":748,"width":848,"height":12}},{"id":"776564c9-d068-4507-a71d-655d1d8c623e","block_type":"box","text":"the Fund invests.","page_number":18,"box":{"x":80,"y":763,"width":125,"height":9}},{"id":"ba1eca67-34ed-4069-86f4-e2e2d5ae3104","block_type":"box","text":"Municipal Securities Risks","page_number":18,"box":{"x":81,"y":783,"width":201,"height":11}},{"id":"429a16c6-0690-4a35-93b3-794e94244127","block_type":"box","text":"— Municipal securities risks include the ability of the issuer to repay the obligation, the","page_number":18,"box":{"x":286,"y":783,"width":643,"height":12}},{"id":"949c2eb6-315e-4433-87d7-5c9634bf4045","block_type":"box","text":"relative lack of information about certain issuers of municipal securities, and the possibility of future legislative","page_number":18,"box":{"x":82,"y":798,"width":817,"height":11}},{"id":"69f59889-b839-4d6a-a6e0-080c93b129d1","block_type":"box","text":"changes which could affect the market for and value of municipal securities. Budgetary constraints of local, state,","page_number":18,"box":{"x":81,"y":813,"width":837,"height":11}},{"id":"fadc8d66-a86a-42a2-b7ab-fc409dc81f8e","block_type":"box","text":"and federal governments upon which the issuers may be relying for funding may also impact municipal securities.","page_number":18,"box":{"x":81,"y":827,"width":832,"height":12}},{"id":"d7cb4f12-a088-477d-bfb6-5c9445bc411c","block_type":"box","text":"These risks include:","page_number":18,"box":{"x":81,"y":843,"width":145,"height":9}},{"id":"0f13b89c-186f-4d96-a788-85fac529b666","block_type":"box","text":"General Obligation Bonds Risks","page_number":18,"box":{"x":82,"y":862,"width":230,"height":12}},{"id":"739df4d0-73be-49c7-8bd3-5b6ff48833fb","block_type":"box","text":"— The full faith, credit and taxing power of the municipality that issues a general","page_number":18,"box":{"x":317,"y":862,"width":593,"height":12}},{"id":"d6a58b06-1d75-4bfd-90ea-2e2fdcada244","block_type":"box","text":"obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer’s","page_number":18,"box":{"x":81,"y":877,"width":831,"height":12}},{"id":"4a89d9e7-df84-42ea-95f2-61195a1b39ad","block_type":"box","text":"credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.","page_number":18,"box":{"x":81,"y":892,"width":641,"height":11}},{"id":"99b55373-8033-488d-8f1b-0f07d25e3e85","block_type":"box","text":"17","page_number":18,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"d3cac768-9707-4820-ae33-f170f81da27d","block_type":"box","text":"NM0926U-5974841-18/45","page_number":18,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"763bbbad-3ebd-405a-8a73-de5c56c8ba2e","block_type":"box","text":"Revenue Bonds Risks","page_number":19,"box":{"x":82,"y":46,"width":158,"height":9}},{"id":"154cd1bb-fbe4-434e-9dea-6fffbc2b35ed","block_type":"box","text":"— Payments of interest and principal on revenue bonds are made only from the revenues","page_number":19,"box":{"x":245,"y":46,"width":658,"height":11}},{"id":"91c6a429-647d-4a0e-bbc3-658a9c84fbd1","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":19,"box":{"x":81,"y":60,"width":841,"height":12}},{"id":"307619df-c48e-4572-bef4-588c96591a8d","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":19,"box":{"x":82,"y":75,"width":819,"height":12}},{"id":"5e1bbae9-4d72-40bc-b838-b1c47b8f9179","block_type":"box","text":"derived from another source.","page_number":19,"box":{"x":81,"y":90,"width":210,"height":9}},{"id":"6f1ce199-55fa-488d-8ad0-8baca7a628c0","block_type":"box","text":"Private Activity Bonds Risks","page_number":19,"box":{"x":81,"y":110,"width":202,"height":12}},{"id":"dbd5582c-0f07-41a3-8ce8-0cbc5207ebfe","block_type":"box","text":"— Municipalities and other public authorities issue private activity bonds to finance","page_number":19,"box":{"x":288,"y":110,"width":612,"height":12}},{"id":"12fb718e-56c2-49f1-8e35-420d41c16a3e","block_type":"box","text":"development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and","page_number":19,"box":{"x":81,"y":125,"width":813,"height":11}},{"id":"8add4d79-178c-47e5-bfb1-66925e7398d3","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":19,"box":{"x":82,"y":140,"width":810,"height":11}},{"id":"f1953f9e-c33f-48bc-9711-02b948dd49a7","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":19,"box":{"x":82,"y":155,"width":827,"height":11}},{"id":"9483c47b-ae80-440d-9b68-8b0105013a42","block_type":"box","text":"investment. The Fund’s investments may consist of private activity bonds that may subject certain shareholders to","page_number":19,"box":{"x":82,"y":169,"width":840,"height":12}},{"id":"1088a5a2-b980-4d9c-b310-171ad870e345","block_type":"box","text":"an alternative minimum tax.","page_number":19,"box":{"x":81,"y":184,"width":203,"height":9}},{"id":"c793cdfd-751c-4a53-aa4b-83a59369669b","block_type":"box","text":"Moral Obligation Bonds Risks","page_number":19,"box":{"x":82,"y":204,"width":215,"height":12}},{"id":"6d1306eb-be10-4f3b-8c37-16cdf9b56cba","block_type":"box","text":"— Moral obligation bonds are generally issued by special purpose public authorities","page_number":19,"box":{"x":302,"y":204,"width":616,"height":12}},{"id":"64d2d8d3-c4a6-4ffb-ac86-64c693890aae","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":19,"box":{"x":81,"y":219,"width":854,"height":12}},{"id":"98d6ee4b-9ded-4179-93e1-5869d220b916","block_type":"box","text":"commitment, but not a legal obligation, of the state or municipality.","page_number":19,"box":{"x":81,"y":234,"width":492,"height":11}},{"id":"8de38aa3-56ba-44cc-a7a1-f23e961913b7","block_type":"box","text":"Municipal Notes Risks","page_number":19,"box":{"x":82,"y":254,"width":162,"height":11}},{"id":"74b2b88b-7ab3-4059-adbc-47c7c45d48a2","block_type":"box","text":"— Municipal notes are shorter term municipal debt obligations. They may provide interim","page_number":19,"box":{"x":249,"y":254,"width":655,"height":11}},{"id":"04f99d96-ba3b-4b4c-8898-cf3cdfc9233f","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":19,"box":{"x":81,"y":269,"width":847,"height":11}},{"id":"5d81a560-b50c-4a19-93ab-0d043108ca23","block_type":"box","text":"in the anticipated proceeds, the notes may not be fully repaid and the Fund may lose money.","page_number":19,"box":{"x":82,"y":283,"width":679,"height":12}},{"id":"d3d041a7-6583-4814-b96c-f67b54a36da8","block_type":"box","text":"Municipal Lease Obligations Risks","page_number":19,"box":{"x":82,"y":304,"width":250,"height":11}},{"id":"58d88c56-bbb3-498a-8865-b552a01ec2d5","block_type":"box","text":"— In a municipal lease obligation, the issuer agrees to make payments when","page_number":19,"box":{"x":337,"y":304,"width":568,"height":11}},{"id":"a6f2caca-d977-402b-9338-db6831ac8c80","block_type":"box","text":"due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not","page_number":19,"box":{"x":81,"y":318,"width":798,"height":12}},{"id":"e1f856d2-552c-4348-8221-7d2a5d02ec93","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":19,"box":{"x":81,"y":333,"width":784,"height":12}},{"id":"678f63f5-5402-498e-b4f9-233fbaa3168a","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":19,"box":{"x":81,"y":348,"width":846,"height":12}},{"id":"ff04df01-266f-46f5-b174-6ed959c53b39","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":19,"box":{"x":81,"y":363,"width":786,"height":11}},{"id":"eade1587-0ebf-4816-b8ff-5982a8ad51a9","block_type":"box","text":"Tax-Exempt Status Risk","page_number":19,"box":{"x":83,"y":383,"width":169,"height":11}},{"id":"6168be98-213f-438b-aca6-7c22f78d155f","block_type":"box","text":"— In making investments, the Fund and its investment manager will rely on the opinion of","page_number":19,"box":{"x":256,"y":383,"width":661,"height":11}},{"id":"cb571da7-da99-44cf-a42d-0c1e46c29dc9","block_type":"box","text":"issuers’ bond counsel and, in the case of derivative securities, sponsors’ counsel, on the tax-exempt status of","page_number":19,"box":{"x":82,"y":398,"width":812,"height":11}},{"id":"818f16b7-9cba-439b-ab72-4dfda50a91a8","block_type":"box","text":"interest on municipal obligations and payments under tax-exempt derivative securities. Neither the Fund nor its","page_number":19,"box":{"x":82,"y":413,"width":812,"height":11}},{"id":"9904a167-ebbc-4b88-a25e-feab2a583331","block_type":"box","text":"investment manager will independently review the bases for those tax opinions. If any of those tax opinions are","page_number":19,"box":{"x":82,"y":427,"width":815,"height":12}},{"id":"5ad7915b-57c9-443d-b4a6-9ad4a3d83f73","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":19,"box":{"x":82,"y":442,"width":840,"height":11}},{"id":"65d10315-23a3-4070-9792-1e1f0fce01b3","block_type":"box","text":"exempt status, the Fund and its shareholders could be subject to substantial tax liabilities. The IRS has generally","page_number":19,"box":{"x":81,"y":457,"width":833,"height":11}},{"id":"95e7f188-471d-4276-bfe4-ebf2f0e91a1c","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":19,"box":{"x":82,"y":472,"width":848,"height":11}},{"id":"9aab66cb-53b1-4a3d-a8f9-e46bf7e47897","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":19,"box":{"x":81,"y":487,"width":853,"height":11}},{"id":"6d266895-1418-4a13-af4f-d7954bb10641","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":19,"box":{"x":82,"y":501,"width":847,"height":12}},{"id":"7cc016e7-3476-4867-b95f-dd603004a3a2","block_type":"box","text":"assertion of taxability may impair the liquidity and the fair market value of the securities.","page_number":19,"box":{"x":81,"y":516,"width":650,"height":12}},{"id":"8fa187bf-f62c-4745-8029-f29124e0058e","block_type":"box","text":"Taxability Risk","page_number":19,"box":{"x":82,"y":536,"width":110,"height":12}},{"id":"7358cca3-0cea-42fe-a3c8-1fed8f039b09","block_type":"box","text":"— The Fund intends to minimize the payment of taxable income to shareholders by investing in tax","page_number":19,"box":{"x":196,"y":536,"width":729,"height":12}},{"id":"2799c16b-2a3c-409b-9a06-f7a8c17ad922","block_type":"box","text":"exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer and,","page_number":19,"box":{"x":81,"y":551,"width":844,"height":11}},{"id":"0dd4bf71-d202-4420-adc6-395d2c60f28d","block_type":"box","text":"in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will be excludable","page_number":19,"box":{"x":82,"y":566,"width":841,"height":11}},{"id":"f68ace90-5e11-4d96-a869-c8c7a50f456b","block_type":"box","text":"from gross income for U.S. federal income tax purposes. Such securities, however, may be determined to pay, or","page_number":19,"box":{"x":81,"y":581,"width":829,"height":11}},{"id":"8af3c4a4-d3b3-4dea-9687-0e4399ff5e25","block_type":"box","text":"have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the Internal","page_number":19,"box":{"x":82,"y":595,"width":789,"height":12}},{"id":"dd6472e8-6e31-4d63-9c1a-117d7d16bbdf","block_type":"box","text":"Revenue Service may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if","page_number":19,"box":{"x":82,"y":610,"width":843,"height":12}},{"id":"32fab409-3565-422e-b263-5745a020b47d","block_type":"box","text":"the Fund agrees to do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends","page_number":19,"box":{"x":80,"y":625,"width":809,"height":12}},{"id":"b5e57b22-fae2-4fd2-8bc2-1650b9d9099c","block_type":"box","text":"previously paid or to be paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the","page_number":19,"box":{"x":82,"y":640,"width":849,"height":12}},{"id":"1df93cc9-f51c-4967-9f2f-75384b8cb34e","block_type":"box","text":"Fund’s shareholders to increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or","page_number":19,"box":{"x":82,"y":655,"width":795,"height":11}},{"id":"56b9c181-337a-4fd7-beab-ffcd207241aa","block_type":"box","text":"municipal security held by the Fund is subsequently determined to be taxable, the Fund will dispose of that security","page_number":19,"box":{"x":82,"y":670,"width":846,"height":11}},{"id":"50250469-b834-4068-98b9-1894751ccd34","block_type":"box","text":"as soon as reasonably practicable. In addition, future laws, regulations, rulings or court decisions may cause","page_number":19,"box":{"x":81,"y":684,"width":802,"height":12}},{"id":"a243e0c2-ff99-41cb-93d5-d7f2441a5b24","block_type":"box","text":"interest on municipal securities to be subject, directly or indirectly, to U.S. federal income taxation or exempt","page_number":19,"box":{"x":82,"y":699,"width":798,"height":12}},{"id":"ac911393-baa7-4319-84ad-5fa6fc3ed9d0","block_type":"box","text":"interest on state municipal securities that are currently exempt to be subject to state or local income taxation, or","page_number":19,"box":{"x":82,"y":714,"width":830,"height":11}},{"id":"284e8ef1-745a-4039-acea-e3dc4e652565","block_type":"box","text":"the value of state municipal securities to be subject to state or local intangible personal property tax, or may","page_number":19,"box":{"x":80,"y":729,"width":800,"height":11}},{"id":"9fb8fa0f-ef13-414e-a237-167ccce2f4cd","block_type":"box","text":"otherwise prevent the Fund from realizing the full current benefit of the tax-exempt status of such securities. Any","page_number":19,"box":{"x":81,"y":744,"width":828,"height":11}},{"id":"7628f189-2388-4e4b-aace-984b2eb85c12","block_type":"box","text":"such change could also affect the market price of such securities, and thus the value of an investment in the Fund.","page_number":19,"box":{"x":81,"y":759,"width":847,"height":11}},{"id":"534f0822-902c-42b5-a034-b32307782d1a","block_type":"box","text":"Legal Opinion Risk —","page_number":19,"box":{"x":82,"y":779,"width":157,"height":11}},{"id":"191f57bf-19ae-4ad1-ab3b-6b3b21b9af22","block_type":"box","text":"The Fund will rely on legal opinions of counsel to issuers of municipal securities as to the tax","page_number":19,"box":{"x":244,"y":778,"width":687,"height":12}},{"id":"4b18d20d-fbec-40f4-bfc2-56c5719a46c5","block_type":"box","text":"exempt status of investments and will not do its own analysis. The status of a municipal security as tax-exempt may","page_number":19,"box":{"x":81,"y":793,"width":853,"height":12}},{"id":"ddb98415-bcec-43ae-9e54-5ef36dd25883","block_type":"box","text":"be affected by events that occur after the municipal security is issued.","page_number":19,"box":{"x":81,"y":808,"width":517,"height":12}},{"id":"c2ee184c-9b41-4974-aaf5-122858327c82","block_type":"box","text":"Tender Option Bonds Risk","page_number":19,"box":{"x":82,"y":828,"width":194,"height":11}},{"id":"68144c42-f47d-4aa5-bfd7-0cd4237297ec","block_type":"box","text":"— The Fund’s participation in tender option bond transactions may reduce the Fund’s","page_number":19,"box":{"x":279,"y":828,"width":630,"height":12}},{"id":"95fe3ddd-3170-4ebf-9df5-5525c158e076","block_type":"box","text":"returns and/or increase volatility. Investments in tender option bond transactions expose the Fund to counterparty","page_number":19,"box":{"x":82,"y":843,"width":840,"height":11}},{"id":"bf5acdfa-aaf3-45d7-886e-9c52b4a2e57e","block_type":"box","text":"risk and leverage risk. An investment in a tender option bond transaction typically will involve greater risk than an","page_number":19,"box":{"x":82,"y":858,"width":828,"height":11}},{"id":"01c87005-43c7-4fcf-98b3-a88ed9437efc","block_type":"box","text":"investment in a municipal fixed rate security, including the risk of loss of principal. Distributions on TOB Residuals","page_number":19,"box":{"x":82,"y":873,"width":835,"height":11}},{"id":"ebbac4d4-3d07-40b3-a44d-35136e93f48a","block_type":"box","text":"will bear an inverse relationship to short-term municipal security interest rates. Distributions on TOB Residuals paid","page_number":19,"box":{"x":80,"y":888,"width":850,"height":11}},{"id":"df24f889-25a0-4df7-baa7-016bdcd0e274","block_type":"box","text":"to the Fund will be reduced or, in the extreme, eliminated as short-term municipal interest rates rise and will","page_number":19,"box":{"x":80,"y":903,"width":796,"height":11}},{"id":"e01e92e6-fcf2-4e3c-843f-41e11c66ed92","block_type":"box","text":"18","page_number":19,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9181ea45-5ebb-4a0e-8fea-fd1efc423723","block_type":"box","text":"NM0926U-5974841-19/45","page_number":19,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"3ffbb6e9-2aee-45d2-88e4-2165489ee65c","block_type":"box","text":"increase when short-term municipal interest rates fall. TOB Residuals generally will underperform the market for","page_number":20,"box":{"x":82,"y":46,"width":823,"height":11}},{"id":"2d7d3c2c-9d11-485f-bb6a-7cc81d6d6736","block_type":"box","text":"fixed rate municipal securities in a rising interest rate environment.","page_number":20,"box":{"x":81,"y":60,"width":491,"height":12}},{"id":"e9a85c13-c09a-42be-9cd9-908278704a1a","block_type":"box","text":"The Fund may invest in TOB Trusts on either a non-recourse or recourse basis. TOB Trusts are typically supported by","page_number":20,"box":{"x":81,"y":81,"width":855,"height":11}},{"id":"a872cef3-63a9-44f8-8c7a-acb5d0df12f4","block_type":"box","text":"a liquidity facility provided by a third-party bank or other financial institution (the “Liquidity Provider”) that allows the","page_number":20,"box":{"x":81,"y":95,"width":847,"height":12}},{"id":"a56ea15f-68dc-4fe9-adc7-7bac6d45ca3e","block_type":"box","text":"holders of the TOB Floaters to tender their certificates in exchange for payment of par plus accrued interest on any","page_number":20,"box":{"x":82,"y":110,"width":843,"height":12}},{"id":"43c682ae-3a82-419c-b576-1b075b43ab9b","block_type":"box","text":"business day, subject to the non-occurrence of tender option termination events. When the Fund invests in a TOB","page_number":20,"box":{"x":81,"y":125,"width":832,"height":11}},{"id":"e8fc55ef-458c-436b-bb15-4e9634f0df0a","block_type":"box","text":"Trust on a non-recourse basis, and the Liquidity Provider is required to make a payment under the liquidity facility,","page_number":20,"box":{"x":81,"y":140,"width":834,"height":11}},{"id":"c78ce790-acd5-4f58-ab81-d2580630277d","block_type":"box","text":"the Liquidity Provider will typically liquidate all or a portion of the municipal securities held in the TOB Trust and then","page_number":20,"box":{"x":80,"y":155,"width":854,"height":11}},{"id":"18624302-2f03-4f80-affa-7ca3d9d6d91a","block_type":"box","text":"fund the balance, if any, of the amount owed under the liquidity facility over the liquidation proceeds (the","page_number":20,"box":{"x":81,"y":169,"width":766,"height":12}},{"id":"ea0915a8-21f2-4ef7-8c35-74c9dbdae247","block_type":"box","text":"“Liquidation Shortfall”).","page_number":20,"box":{"x":82,"y":184,"width":171,"height":12}},{"id":"0b06d715-f8b0-4e3d-9ddb-5defc0143163","block_type":"box","text":"If the Fund invests in a TOB Trust on a recourse basis, the Fund will typically enter into a reimbursement agreement","page_number":20,"box":{"x":82,"y":204,"width":848,"height":12}},{"id":"23dee684-60e8-4383-923a-264f0af4b51a","block_type":"box","text":"with the Liquidity Provider where the Fund is required to reimburse the Liquidity Provider the amount of any","page_number":20,"box":{"x":80,"y":219,"width":784,"height":11}},{"id":"4edaadc5-53a1-462c-81ac-b20a8c43b07e","block_type":"box","text":"Liquidation Shortfall. As a result, if the Fund invests in a TOB Trust on a recourse basis, the Fund will bear the risk","page_number":20,"box":{"x":82,"y":234,"width":841,"height":11}},{"id":"5f052f17-e6f2-4a47-bf0b-287caf3dd835","block_type":"box","text":"of loss with respect to any Liquidation Shortfall.","page_number":20,"box":{"x":81,"y":249,"width":350,"height":11}},{"id":"9fb2c3ed-e510-4582-a84b-b2d48745172c","block_type":"box","text":"To the extent that the Fund, rather than a third-party bank or financial institution, sponsors a TOB Trust, certain","page_number":20,"box":{"x":81,"y":269,"width":816,"height":11}},{"id":"a950e560-ae76-4c7c-93df-ca4a117d0f64","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be performed by, or on behalf of, the Fund. The","page_number":20,"box":{"x":82,"y":283,"width":828,"height":12}},{"id":"ea092af7-f937-4243-b0b7-6f3df0fd0c24","block_type":"box","text":"Fund’s additional duties and responsibilities under the new TOB Trust structure may give rise to certain additional","page_number":20,"box":{"x":82,"y":298,"width":834,"height":12}},{"id":"a3c89a1d-9802-4556-80d9-524a9a8876ec","block_type":"box","text":"risks including compliance, securities law and operational risks.","page_number":20,"box":{"x":82,"y":313,"width":466,"height":12}},{"id":"71370cb8-7214-4ffe-97e8-5e3120eb8fde","block_type":"box","text":"U.S. Government Obligations Risk","page_number":20,"box":{"x":82,"y":333,"width":254,"height":12}},{"id":"877f58ef-107f-4b12-9936-35b3b2acefe7","block_type":"box","text":"— Not all U.S. Government securities are backed by the full faith and credit of","page_number":20,"box":{"x":340,"y":333,"width":576,"height":12}},{"id":"291ad6c3-78c7-4653-b108-1d41e43adeb4","block_type":"box","text":"the United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the","page_number":20,"box":{"x":80,"y":348,"width":840,"height":12}},{"id":"7e9c9744-911b-4a6e-8c06-29b4af8729f0","block_type":"box","text":"U.S. Government are backed by the full faith and credit of the United States (","page_number":20,"box":{"x":82,"y":363,"width":565,"height":11}},{"id":"267d0ff4-8d6b-49f9-b571-b6f6926f7c95","block_type":"box","text":"e.g","page_number":20,"box":{"x":649,"y":364,"width":23,"height":10}},{"id":"72632388-7e48-4cdd-98f2-9000da02da3e","block_type":"box","text":"., the Government National","page_number":20,"box":{"x":672,"y":363,"width":196,"height":11}},{"id":"10ffdd8a-77b5-4683-9eee-30da219ff44d","block_type":"box","text":"Mortgage Association); other obligations are backed by the right of the issuer to borrow from the U.S. Treasury","page_number":20,"box":{"x":82,"y":378,"width":814,"height":11}},{"id":"b5467bdd-9996-4bde-b0a8-73fffbb67d69","block_type":"box","text":"(","page_number":20,"box":{"x":81,"y":393,"width":4,"height":11}},{"id":"69d7341e-2736-4307-be3f-c4b8b5198a77","block_type":"box","text":"e.g","page_number":20,"box":{"x":86,"y":394,"width":24,"height":10}},{"id":"e6677923-d884-4e8e-8a3f-34b69b9f7c0a","block_type":"box","text":"., the Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S.","page_number":20,"box":{"x":110,"y":392,"width":734,"height":12}},{"id":"c77cf53d-093f-4fa3-b9f7-d64a15f2d2bb","block_type":"box","text":"Government to purchase an agency’s obligations. Still others are backed only by the credit of the agency, authority,","page_number":20,"box":{"x":81,"y":407,"width":843,"height":12}},{"id":"f3b7008f-873e-4dd9-afbb-aab7f44a9295","block_type":"box","text":"instrumentality or sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government","page_number":20,"box":{"x":82,"y":422,"width":852,"height":12}},{"id":"41e5e8bc-c48f-4e9b-a116-4bc77f8198c3","block_type":"box","text":"would provide financial support to any of these entities if it is not obligated to do so by law. In addition,","page_number":20,"box":{"x":80,"y":437,"width":758,"height":11}},{"id":"7fba6626-e5a5-4261-98be-86691ec9b771","block_type":"box","text":"circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government","page_number":20,"box":{"x":81,"y":452,"width":794,"height":11}},{"id":"55947bc8-b11d-41cc-9d4f-c7b97b23be8d","block_type":"box","text":"obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in losses to the Fund and","page_number":20,"box":{"x":81,"y":467,"width":854,"height":11}},{"id":"e29773d8-f9bb-4bf3-bc15-bb55d2baacdd","block_type":"box","text":"substantial negative consequences for the U.S. economy and the global financial system.","page_number":20,"box":{"x":81,"y":481,"width":656,"height":12}},{"id":"b4e3f335-e1a7-42e3-a5cf-3304dd349bcb","block_type":"box","text":"Variable Rate Demand Obligations Risks","page_number":20,"box":{"x":83,"y":501,"width":301,"height":12}},{"id":"02fb8894-95ee-485b-904e-4b4c0c3ee483","block_type":"box","text":"—","page_number":20,"box":{"x":389,"y":507,"width":17,"height":1}},{"id":"6be9b088-f5c1-4753-b898-a2ecb73efd9b","block_type":"box","text":"Variable rate demand obligations are floating rate securities that","page_number":20,"box":{"x":410,"y":501,"width":473,"height":12}},{"id":"1d9350b6-4471-4d06-807f-1d9ed0135fa0","block_type":"box","text":"combine an interest in a long term municipal bond with a right to demand payment before maturity from a bank or","page_number":20,"box":{"x":81,"y":516,"width":836,"height":12}},{"id":"71466ca8-eb17-4f3d-89b4-3c90ab69b2d1","block_type":"box","text":"other financial institution. If the bank or financial institution is unable to pay, the Fund may lose money.","page_number":20,"box":{"x":81,"y":531,"width":756,"height":11}},{"id":"13c4b543-da86-444e-8428-379979597233","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":20,"box":{"x":83,"y":551,"width":584,"height":11}},{"id":"c41f60bb-720d-4b05-a40f-2ec35765c529","block_type":"box","text":"— When-issued and delayed","page_number":20,"box":{"x":671,"y":551,"width":208,"height":11}},{"id":"0cf656f3-a593-45e0-ab2a-95adf810cd03","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":20,"box":{"x":81,"y":566,"width":843,"height":11}},{"id":"4f18730f-6ebd-43cd-a29b-66b9445837fe","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":20,"box":{"x":82,"y":581,"width":830,"height":11}},{"id":"aa1243dc-51e4-4b56-8820-02af61b66f35","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":20,"box":{"x":82,"y":595,"width":849,"height":12}},{"id":"ef5af3e2-4882-4598-beba-bca51b270106","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":20,"box":{"x":80,"y":610,"width":425,"height":12}},{"id":"137220d8-8d98-4f81-8d78-f14f94836de9","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":20,"box":{"x":81,"y":631,"width":832,"height":11}},{"id":"fe4488e7-4c61-4dac-be1b-d957f4c30015","block_type":"box","text":"strategies, including:","page_number":20,"box":{"x":81,"y":645,"width":151,"height":12}},{"id":"8ddfeea0-4da0-4160-b244-40520e1e2aa0","block_type":"box","text":"Borrowing Risk","page_number":20,"box":{"x":81,"y":665,"width":115,"height":11}},{"id":"f7baffcb-8952-4762-ad8b-01c38f950e49","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":20,"box":{"x":200,"y":665,"width":711,"height":12}},{"id":"b2eba6d9-c544-4a12-9a54-2b69292af1a4","block_type":"box","text":"the Fund’s portfolio. Borrowing will cost the Fund interest expense and other fees. The costs of borrowing may","page_number":20,"box":{"x":80,"y":680,"width":813,"height":11}},{"id":"ee3aebcd-69f5-4ed2-b124-d0c9e045381b","block_type":"box","text":"reduce the Fund’s return. Borrowing may cause the Fund to liquidate positions when it may not be advantageous to","page_number":20,"box":{"x":82,"y":695,"width":846,"height":11}},{"id":"441460c1-0e4c-40be-a0ec-9fe822b06be5","block_type":"box","text":"do so to satisfy its obligations.","page_number":20,"box":{"x":81,"y":710,"width":225,"height":11}},{"id":"1816d621-6fa2-436b-b46a-24cd29528b20","block_type":"box","text":"Expense Risk","page_number":20,"box":{"x":81,"y":730,"width":102,"height":11}},{"id":"9df22bde-2d89-437e-a0ac-31118b95ccd0","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":20,"box":{"x":187,"y":730,"width":734,"height":11}},{"id":"94fa21a5-0387-4f12-99d5-1d65675c90b7","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":20,"box":{"x":81,"y":745,"width":855,"height":11}},{"id":"fd6abc34-2467-4a28-9bb4-226ede5583f8","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":20,"box":{"x":82,"y":759,"width":842,"height":12}},{"id":"2ad59c5f-0036-4a23-97eb-c1b570ef254c","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":20,"box":{"x":82,"y":774,"width":808,"height":12}},{"id":"43873272-6366-465f-a6d6-6b11869cdb33","block_type":"box","text":"significant.","page_number":20,"box":{"x":81,"y":789,"width":78,"height":11}},{"id":"76ad6f35-7416-4fc2-9cf2-f1b0e57d8b58","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":20,"box":{"x":81,"y":809,"width":366,"height":11}},{"id":"95686af2-2d22-47d5-8c92-93ee099711e6","block_type":"box","text":"— As with other investments, investments in other investment","page_number":20,"box":{"x":450,"y":809,"width":459,"height":11}},{"id":"23edc1a9-468d-4404-847b-075905a9916f","block_type":"box","text":"companies, including exchange-traded funds (“ETFs”), are subject to market and selection risk. In addition, if the","page_number":20,"box":{"x":81,"y":824,"width":828,"height":11}},{"id":"f26a42a7-adaa-4608-b895-c54ba0408bab","block_type":"box","text":"Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both","page_number":20,"box":{"x":82,"y":838,"width":817,"height":12}},{"id":"814d7f09-d863-4e0f-934a-6ed4eb06c79b","block_type":"box","text":"their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the","page_number":20,"box":{"x":80,"y":853,"width":822,"height":12}},{"id":"4d8fd7df-5345-401d-84d9-84886822da38","block_type":"box","text":"expenses of the investment companies (to the extent not offset by BlackRock through waivers). To the extent the","page_number":20,"box":{"x":81,"y":868,"width":830,"height":12}},{"id":"cf094b12-78e8-4bf4-94e1-7ee3ec7c8d9c","block_type":"box","text":"Fund is held by an affiliated fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":20,"box":{"x":82,"y":883,"width":836,"height":11}},{"id":"aabcac04-fa6f-4902-8259-62e0b9fea3f6","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":20,"box":{"x":81,"y":903,"width":396,"height":11}},{"id":"4659294f-ef5d-49ba-92b6-d17f7074dcb4","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":20,"box":{"x":481,"y":903,"width":440,"height":11}},{"id":"8ab8fe4f-0b98-4579-99a8-be80fc5cf495","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":20,"box":{"x":82,"y":918,"width":801,"height":11}},{"id":"db03c036-4416-4de9-ac98-e5b92d0bc9d2","block_type":"box","text":"19","page_number":20,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"1eb2f742-f845-4315-9dbf-34d3d3d1507d","block_type":"box","text":"NM0926U-5974841-20/45","page_number":20,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"8dcdce01-b462-4aeb-9e3f-719c30e2de8e","block_type":"box","text":"substantial amount of Fund shares, , including funds or accounts over which the Fund’s adviser has discretion, or","page_number":21,"box":{"x":81,"y":46,"width":835,"height":11}},{"id":"21cb8fe4-b10b-4ee4-b91e-6739b44e8ef7","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":21,"box":{"x":82,"y":60,"width":816,"height":12}},{"id":"b31b4c65-a831-4b93-8e37-20c34d2108fe","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":21,"box":{"x":82,"y":75,"width":818,"height":12}},{"id":"e58c294a-511a-4b03-82b7-86203b10c2da","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":21,"box":{"x":80,"y":90,"width":835,"height":12}},{"id":"99220302-4bba-4360-ab2a-9ab102d01157","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":21,"box":{"x":80,"y":105,"width":807,"height":11}},{"id":"11897a83-363e-47ce-b6b3-f3aa0592cb19","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":21,"box":{"x":82,"y":120,"width":841,"height":11}},{"id":"3aca4725-8633-4486-8ab0-be902e622ab0","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":21,"box":{"x":80,"y":135,"width":855,"height":11}},{"id":"b57a11f1-99e0-4804-8047-950e217b21e4","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":21,"box":{"x":81,"y":150,"width":751,"height":10}},{"id":"9d77a2c3-2d46-46e8-9df0-8eba1ea81e64","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":21,"box":{"x":81,"y":165,"width":785,"height":11}},{"id":"b7ecd866-6100-4385-895f-bc9349e02292","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":21,"box":{"x":81,"y":179,"width":841,"height":12}},{"id":"19537b05-f6b3-412b-a62b-17d9da66b42c","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":21,"box":{"x":80,"y":194,"width":824,"height":11}},{"id":"0c3c7394-713b-493a-b345-13214e88fce4","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":21,"box":{"x":81,"y":209,"width":822,"height":11}},{"id":"b5b5f23b-f0d8-4c50-b1d1-1e7d4aa3fe1c","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":21,"box":{"x":81,"y":224,"width":801,"height":11}},{"id":"7155528e-0b23-4935-b82f-cba5e538a24f","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":21,"box":{"x":80,"y":239,"width":765,"height":11}},{"id":"e52e877c-6889-4652-be8e-61d9972b7093","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":21,"box":{"x":82,"y":253,"width":852,"height":12}},{"id":"3392855e-b5c0-4b33-8d44-633a1b71de20","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":21,"box":{"x":82,"y":268,"width":847,"height":12}},{"id":"81553fcb-f8ec-4570-a8a1-3d88e814579e","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":21,"box":{"x":80,"y":283,"width":847,"height":11}},{"id":"71e19f80-8ab2-4f99-862c-03dc35b0ee39","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":21,"box":{"x":81,"y":298,"width":845,"height":11}},{"id":"b300cc8f-d9d2-401a-93fd-0d6d04f53d75","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":21,"box":{"x":82,"y":312,"width":835,"height":12}},{"id":"85c23a18-7d63-4757-ab89-e8f6854b7e28","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":21,"box":{"x":82,"y":327,"width":839,"height":12}},{"id":"d8643130-fd65-4535-872a-6425e6f5407b","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":21,"box":{"x":82,"y":342,"width":461,"height":12}},{"id":"4170893e-585e-4ce2-a937-795903c20de8","block_type":"box","text":"Operational and Technology Risks","page_number":21,"box":{"x":82,"y":362,"width":254,"height":12}},{"id":"8335420e-c50b-4fec-97ba-6838edf94e32","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":21,"box":{"x":340,"y":362,"width":549,"height":12}},{"id":"af81cad3-6a5e-4b48-9674-dd0cf8c0ccc2","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":21,"box":{"x":81,"y":377,"width":790,"height":12}},{"id":"32dd111c-1c67-45bc-a87d-c940c3ed5fe8","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":21,"box":{"x":81,"y":392,"width":837,"height":11}},{"id":"a1302270-d2cb-42f3-848c-e877126ae235","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":21,"box":{"x":82,"y":407,"width":845,"height":11}},{"id":"7f8e91c1-c077-4eb6-9021-bcfec210fdce","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":21,"box":{"x":81,"y":422,"width":832,"height":11}},{"id":"3498d733-e0ca-4d10-8192-0a05235affd8","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":21,"box":{"x":82,"y":436,"width":763,"height":12}},{"id":"660caa8a-34a8-4c65-97b5-1dc262137f5f","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":21,"box":{"x":81,"y":451,"width":825,"height":12}},{"id":"12b14a25-b6c4-43f7-9cdf-c27afe3139a4","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":21,"box":{"x":81,"y":466,"width":842,"height":11}},{"id":"b25542ed-6a5d-4c45-9676-d9435799c884","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":21,"box":{"x":81,"y":481,"width":852,"height":11}},{"id":"26270f78-bfa4-42e4-866c-7dd1126d9363","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":21,"box":{"x":82,"y":496,"width":827,"height":11}},{"id":"56815c8f-76de-461f-ab1c-2fac2b968b26","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":21,"box":{"x":81,"y":516,"width":821,"height":11}},{"id":"3d9e0ed6-c435-4253-8f9c-df5316a8d03a","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":21,"box":{"x":82,"y":530,"width":814,"height":12}},{"id":"8e9175d4-f270-4c20-b61c-c227f7a5dd54","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":21,"box":{"x":81,"y":545,"width":824,"height":12}},{"id":"81e589b5-28ee-4e25-be23-57e7b2826305","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":21,"box":{"x":81,"y":560,"width":791,"height":11}},{"id":"745edb2e-5406-4af1-af21-23a6fb246a65","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":21,"box":{"x":82,"y":575,"width":852,"height":11}},{"id":"39a42c5f-809a-4fad-9bdd-1b7ad04c717f","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":21,"box":{"x":81,"y":590,"width":784,"height":11}},{"id":"d0052fd3-3f77-4338-a6a8-337118d43753","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":21,"box":{"x":81,"y":604,"width":787,"height":12}},{"id":"0df6d308-52ea-4801-bbb3-99d0ee17bcf3","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":21,"box":{"x":81,"y":619,"width":840,"height":12}},{"id":"5b2a4b29-aaeb-4b30-8437-068fd24ca3ce","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":21,"box":{"x":81,"y":634,"width":809,"height":12}},{"id":"dea1537b-0cda-43c6-b31a-7e127bf74e81","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":21,"box":{"x":81,"y":649,"width":829,"height":12}},{"id":"2522f3dd-428c-462f-903a-58ab6ca1adbf","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":21,"box":{"x":82,"y":664,"width":798,"height":11}},{"id":"90c49382-b82a-4903-8ff4-c4bc860932d0","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":21,"box":{"x":81,"y":679,"width":829,"height":11}},{"id":"cb6dcee0-07b7-43da-bb24-35fe080a0d24","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":21,"box":{"x":82,"y":693,"width":846,"height":12}},{"id":"3def102d-a30c-44d0-90f5-16977ce7c436","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":21,"box":{"x":82,"y":709,"width":846,"height":11}},{"id":"f3f3f27b-6625-42b4-a3cc-0441f31d08dd","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":21,"box":{"x":81,"y":723,"width":838,"height":12}},{"id":"9a8dccdc-f992-43d0-9514-e97632c93c67","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":21,"box":{"x":80,"y":738,"width":770,"height":11}},{"id":"27a4ae41-2f9d-4e4c-87ac-92c3c18fa77d","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":21,"box":{"x":80,"y":753,"width":792,"height":11}},{"id":"35ef8456-c6b6-41de-911f-7485f523cb77","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":21,"box":{"x":82,"y":768,"width":845,"height":11}},{"id":"1cdb3e7f-60e9-42de-949d-963cbdbcfe66","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":21,"box":{"x":80,"y":782,"width":840,"height":12}},{"id":"b7fa8ad4-a253-4f31-958b-47dace44a646","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":21,"box":{"x":81,"y":797,"width":841,"height":12}},{"id":"a59aa2d9-34ec-45d1-9a25-be5f8fdbbfb1","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":21,"box":{"x":80,"y":812,"width":847,"height":12}},{"id":"fd49d97f-9a1f-4d82-9bdc-2676ced389b4","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":21,"box":{"x":82,"y":827,"width":838,"height":11}},{"id":"b0317ac6-e680-48d8-95cd-2f1704cda606","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":21,"box":{"x":81,"y":842,"width":847,"height":11}},{"id":"92fa195a-d785-41ed-9fbf-27c23f54b8f4","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":21,"box":{"x":81,"y":856,"width":845,"height":12}},{"id":"f99fbda5-1017-41e8-89e2-bd9caa415db7","block_type":"box","text":"and the associated risks to the Fund.","page_number":21,"box":{"x":81,"y":872,"width":273,"height":9}},{"id":"8aaa057d-f3fb-4cbe-b153-7388e66380cd","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":21,"box":{"x":81,"y":891,"width":769,"height":12}},{"id":"1ac626d8-ca16-42ec-b476-b5ed470b2e6b","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":21,"box":{"x":81,"y":906,"width":855,"height":12}},{"id":"81e2494f-92e8-49a1-8a22-8190ea04d130","block_type":"box","text":"20","page_number":21,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0783bce9-79bd-429d-8357-1da63081a217","block_type":"box","text":"NM0926U-5974841-21/45","page_number":21,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ee1bdd81-2dfe-456b-aa7b-6455b0fd840b","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":22,"box":{"x":80,"y":46,"width":848,"height":11}},{"id":"8076740f-8733-4801-8022-0e446e37ff8f","block_type":"box","text":"Each Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":22,"box":{"x":82,"y":61,"width":785,"height":11}},{"id":"3a75542c-7514-4f1e-af9f-a78a5a9deba3","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":22,"box":{"x":81,"y":76,"width":824,"height":11}},{"id":"4bfc55ae-9d1a-49f2-8d0b-e6eab4253c8d","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":22,"box":{"x":81,"y":90,"width":785,"height":12}},{"id":"894d6dcd-fccf-4f3f-a40d-c7fd573b4d02","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":22,"box":{"x":82,"y":105,"width":853,"height":12}},{"id":"85659b23-c0df-4892-a217-2d26d720e90f","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":22,"box":{"x":82,"y":120,"width":855,"height":11}},{"id":"58f3c83e-769c-4f5e-9a2e-4c1d42bcc8c7","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":22,"box":{"x":82,"y":135,"width":813,"height":11}},{"id":"f9342d0c-19cd-435d-948d-e9bb88fa64f4","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":22,"box":{"x":81,"y":149,"width":806,"height":12}},{"id":"5bb17fcc-19df-4ccb-b6a3-6d16702154d5","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":22,"box":{"x":82,"y":164,"width":602,"height":11}},{"id":"60d227b5-c9a3-435b-9a80-f1f308ee409a","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":22,"box":{"x":82,"y":184,"width":794,"height":12}},{"id":"35555d61-946f-4568-8588-1a095797a90b","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":22,"box":{"x":81,"y":199,"width":840,"height":12}},{"id":"7875fe86-2e9f-44f8-a979-454a2bfca414","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":22,"box":{"x":81,"y":214,"width":801,"height":11}},{"id":"87688c36-dea7-43be-9aa4-30fffc6cafd7","block_type":"box","text":"resources to monitor and implement required changes.","page_number":22,"box":{"x":82,"y":229,"width":402,"height":11}},{"id":"42fc8115-8e3f-4ff0-9f08-bf2c28c1f8bd","block_type":"box","text":"Reference Rate Replacement Risk","page_number":22,"box":{"x":81,"y":249,"width":260,"height":11}},{"id":"0ba6ae95-179a-4953-8aaf-119e1f04069f","block_type":"box","text":"— The Fund’s investments, payment obligations and financing terms may be","page_number":22,"box":{"x":345,"y":249,"width":563,"height":11}},{"id":"f3936d83-4259-4c59-b604-0b138bf33540","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank","page_number":22,"box":{"x":81,"y":263,"width":803,"height":12}},{"id":"af369a3c-9060-4b25-8e31-475db1cc3590","block_type":"box","text":"Average Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a","page_number":22,"box":{"x":81,"y":278,"width":796,"height":12}},{"id":"656d02e6-835c-4e82-bb88-36f0fbb39b8c","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":22,"box":{"x":82,"y":293,"width":853,"height":12}},{"id":"b4e89d8e-4c5a-45c1-b702-c4e523fa83cd","block_type":"box","text":"an adverse impact on the market for, or value of, any instruments (including debt instruments and certain derivative","page_number":22,"box":{"x":81,"y":308,"width":851,"height":12}},{"id":"532a7d5c-4d3d-4ce8-a4b6-81d2794b6d6b","block_type":"box","text":"instruments) or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any","page_number":22,"box":{"x":82,"y":323,"width":812,"height":11}},{"id":"9098be25-5f80-44ba-82ec-438d9dffd7bf","block_type":"box","text":"pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect the Fund’s","page_number":22,"box":{"x":82,"y":338,"width":804,"height":11}},{"id":"39756225-3e48-4594-95ba-b32e0dd0ec6d","block_type":"box","text":"performance and/or net asset value.","page_number":22,"box":{"x":82,"y":352,"width":270,"height":12}},{"id":"cf50e06a-8365-4e0b-ab28-cf971fe4c0c2","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":22,"box":{"x":82,"y":372,"width":835,"height":12}},{"id":"79bfb7a6-0a93-4abe-9e8a-63b9c89035b3","block_type":"box","text":"subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":22,"box":{"x":81,"y":387,"width":781,"height":12}},{"id":"c8a656ba-a1d7-40f7-a472-8c39f262da26","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":22,"box":{"x":82,"y":402,"width":768,"height":12}},{"id":"f98ec373-4c3e-4b77-9a19-1bfd6a193ba4","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by virtue","page_number":22,"box":{"x":82,"y":417,"width":847,"height":11}},{"id":"6dd0c1a4-1282-4b56-9917-ed35d2e11953","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":22,"box":{"x":81,"y":432,"width":846,"height":11}},{"id":"541d529b-75ea-4ed6-b54a-4873c370edf9","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":22,"box":{"x":81,"y":447,"width":822,"height":11}},{"id":"9373bf5a-31c1-447c-b04e-223fc53edbbe","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may further","page_number":22,"box":{"x":82,"y":461,"width":798,"height":12}},{"id":"ef483ce6-0d03-4be7-abd1-856fc06c200c","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":22,"box":{"x":81,"y":476,"width":839,"height":12}},{"id":"c8ab8407-e3f3-4c39-a45f-025cfcb0c69b","block_type":"box","text":"benchmarks that are not compliant with the new standards by certain supervised entities may be restricted, and","page_number":22,"box":{"x":81,"y":491,"width":826,"height":11}},{"id":"e3c75373-b013-4246-9e16-1e349a328f4b","block_type":"box","text":"certain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and","page_number":22,"box":{"x":81,"y":506,"width":778,"height":11}},{"id":"eb0e694b-2830-47a3-9c4c-cdcd28346058","block_type":"box","text":"disruptions in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be","page_number":22,"box":{"x":81,"y":521,"width":851,"height":11}},{"id":"bd353633-172f-4e60-b77f-e90f375f5f34","block_type":"box","text":"other consequences which cannot be predicted.","page_number":22,"box":{"x":81,"y":536,"width":350,"height":11}},{"id":"1c774c6c-e9a0-464a-9fa0-1108450f2696","block_type":"box","text":"Reliance on Advisor Risk","page_number":22,"box":{"x":81,"y":556,"width":188,"height":9}},{"id":"c0dd49fd-8122-4f67-b3a2-61158505bbec","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":22,"box":{"x":273,"y":556,"width":614,"height":11}},{"id":"daec93b1-0384-4ffd-b88b-13dee9d24b15","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. is not required to devote its full time to the business of the Fund and","page_number":22,"box":{"x":80,"y":570,"width":849,"height":12}},{"id":"6e5c7118-d030-498b-97ff-48d74d269e63","block_type":"box","text":"there is no guarantee or requirement that any investment professional or other employee of BlackRock will allocate","page_number":22,"box":{"x":80,"y":585,"width":846,"height":12}},{"id":"340a1f23-df00-4281-8465-98337113e774","block_type":"box","text":"a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel could have a","page_number":22,"box":{"x":81,"y":600,"width":848,"height":12}},{"id":"82cd6a19-b754-426a-8602-6930a3d46ad5","block_type":"box","text":"negative effect on the performance or the continued operation of the Fund.","page_number":22,"box":{"x":82,"y":615,"width":550,"height":11}},{"id":"c1be3852-40d5-4930-ac2c-47ffaff43834","block_type":"box","text":"Restricted Securities Risk","page_number":22,"box":{"x":81,"y":635,"width":198,"height":9}},{"id":"4cf019e0-3324-44c3-9c8f-0a02104dd4fa","block_type":"box","text":"—","page_number":22,"box":{"x":284,"y":640,"width":17,"height":1}},{"id":"ca042949-e0a3-41b6-9b2c-9ae2b14e1641","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":22,"box":{"x":306,"y":635,"width":571,"height":11}},{"id":"f92f4413-92ca-47da-8172-d70b6a6531ef","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":22,"box":{"x":82,"y":650,"width":843,"height":11}},{"id":"b26375ab-ad87-40c3-a5cc-faee945c032a","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":22,"box":{"x":81,"y":664,"width":813,"height":12}},{"id":"a01432df-39cb-4e88-ade4-b6a0e68b899e","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":22,"box":{"x":81,"y":680,"width":851,"height":11}},{"id":"5c735179-d8f3-44a1-977a-c26e9857a96e","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":22,"box":{"x":81,"y":694,"width":774,"height":12}},{"id":"3b230b8f-beeb-4d7d-bbb6-549574cc4655","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":22,"box":{"x":82,"y":709,"width":839,"height":11}},{"id":"33d4c9fd-765a-446d-b4e4-7bceaf5abce5","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":22,"box":{"x":81,"y":724,"width":828,"height":11}},{"id":"49d0286f-449e-4c3e-b458-0a886bc585e0","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":22,"box":{"x":81,"y":739,"width":830,"height":11}},{"id":"74f33bfc-8fa3-4f2e-9e70-8fc668265aba","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":22,"box":{"x":80,"y":753,"width":787,"height":12}},{"id":"c5dbf9a3-4c0a-4228-a3cb-74eb1111af83","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":22,"box":{"x":80,"y":768,"width":838,"height":12}},{"id":"c2fa4a2d-e8f6-4932-9ce8-4e4d85ffec28","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":22,"box":{"x":81,"y":783,"width":843,"height":12}},{"id":"929d5c81-18e8-466f-8a37-a242f5f40f09","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":22,"box":{"x":81,"y":798,"width":827,"height":11}},{"id":"f57e53b3-72ec-41cb-ae3d-561ced1b11a6","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":22,"box":{"x":82,"y":813,"width":812,"height":11}},{"id":"22c297c3-5849-4c40-8eca-adef33e30fc1","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":22,"box":{"x":82,"y":827,"width":795,"height":12}},{"id":"a92ca73e-826d-48ff-b8e7-b38a92e3a52f","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":22,"box":{"x":81,"y":843,"width":468,"height":11}},{"id":"ebcabff9-1728-446b-8739-08ef85bcdb47","block_type":"box","text":"Securities Lending Risk","page_number":22,"box":{"x":81,"y":862,"width":178,"height":12}},{"id":"f670cd25-0f17-4ae2-93fd-366b8960ec88","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":22,"box":{"x":263,"y":862,"width":661,"height":12}},{"id":"29a30226-0609-4c09-a50f-f2c021ed2089","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":22,"box":{"x":82,"y":877,"width":852,"height":12}},{"id":"764fde45-77d8-43ef-b384-48d559cba6bd","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":22,"box":{"x":81,"y":892,"width":811,"height":11}},{"id":"505d3122-0eb4-4f3c-b84c-957a24a99231","block_type":"box","text":"21","page_number":22,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"8c71c7a2-7410-4c2f-ba8e-9cb3d9b940f1","block_type":"box","text":"NM0926U-5974841-22/45","page_number":22,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"a2f36184-69b6-42d1-8665-1e7ea0421547","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":23,"box":{"x":81,"y":46,"width":829,"height":11}},{"id":"d3376cbf-678f-4221-bb68-00e7c67185ec","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":23,"box":{"x":81,"y":60,"width":292,"height":12}},{"id":"575f83d9-1ced-499c-9e26-5f02d53114d4","block_type":"box","text":"Standby Commitment Agreements Risk","page_number":23,"box":{"x":81,"y":81,"width":298,"height":11}},{"id":"0e8690e2-14a9-4942-9a08-8ae5aefdff2f","block_type":"box","text":"—","page_number":23,"box":{"x":383,"y":86,"width":17,"height":1}},{"id":"fe1efeda-6664-489a-8c84-abd2b73015d1","block_type":"box","text":"Standby commitment agreements involve the risk that the security the","page_number":23,"box":{"x":405,"y":81,"width":514,"height":11}},{"id":"bf8d22eb-5fd2-45c4-9cea-6348c10639fb","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":23,"box":{"x":82,"y":96,"width":829,"height":11}},{"id":"869a07ab-a174-4ebb-8d0c-560210803943","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":23,"box":{"x":82,"y":110,"width":836,"height":12}},{"id":"1f0d1c86-5110-4f97-be3d-48bac455bc9d","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":23,"box":{"x":82,"y":125,"width":844,"height":11}},{"id":"93fb918e-b874-4871-8d66-529901584dbc","block_type":"box","text":"pay for the security and any gain in the security’s price.","page_number":23,"box":{"x":82,"y":140,"width":403,"height":11}},{"id":"44e92b04-535d-42f1-8f2b-8f551bf1c91f","block_type":"box","text":"Valuation Risk","page_number":23,"box":{"x":83,"y":160,"width":107,"height":9}},{"id":"c5b44848-0df3-4a7e-8ddf-ea7a18cd65bf","block_type":"box","text":"—","page_number":23,"box":{"x":194,"y":165,"width":17,"height":1}},{"id":"50bc5a24-5460-4537-8c5a-a0aa95bb437d","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":23,"box":{"x":215,"y":160,"width":700,"height":11}},{"id":"6b09b120-0636-4977-89c0-c03a54b93263","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":23,"box":{"x":81,"y":175,"width":835,"height":11}},{"id":"2e8aab3a-d99b-4b16-b969-0a7463d12805","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":23,"box":{"x":81,"y":189,"width":848,"height":12}},{"id":"cec2bcd3-3ac3-495a-abac-ea693265eb1a","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":23,"box":{"x":82,"y":204,"width":845,"height":12}},{"id":"74d1786e-014f-4a5e-b228-24a170065018","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":23,"box":{"x":82,"y":219,"width":840,"height":12}},{"id":"bc611366-f867-4a00-be81-7ced38e5b88b","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":23,"box":{"x":80,"y":234,"width":783,"height":11}},{"id":"5c8cf071-f8c8-4471-867f-993e1ed88143","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":23,"box":{"x":81,"y":249,"width":810,"height":11}},{"id":"c59bb235-0c4b-47fe-9c77-51120e492d33","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":23,"box":{"x":81,"y":263,"width":847,"height":12}},{"id":"b007d837-d282-4461-ba86-c956cdfaf8d4","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":23,"box":{"x":82,"y":278,"width":848,"height":12}},{"id":"ae16bf74-d55e-42ed-8f2c-6a8571ff0cfe","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":23,"box":{"x":80,"y":293,"width":819,"height":12}},{"id":"27b9aee6-ee57-453c-af25-132c23196bd5","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":23,"box":{"x":81,"y":308,"width":837,"height":11}},{"id":"785e2d62-4b29-4020-a363-d0c06d32406a","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":23,"box":{"x":80,"y":323,"width":672,"height":11}},{"id":"2518b3d2-9c7a-477b-9bde-41d77e68dd3a","block_type":"box","text":"Zero Coupon Securities Risk","page_number":23,"box":{"x":82,"y":343,"width":215,"height":11}},{"id":"079789fe-1cf9-40a8-a536-1814877f6a60","block_type":"box","text":"—","page_number":23,"box":{"x":302,"y":348,"width":17,"height":1}},{"id":"2aa11a3e-5468-4f20-a4f8-a51e0c4be9a5","block_type":"box","text":"While interest payments are not made on such securities, holders of such","page_number":23,"box":{"x":323,"y":343,"width":543,"height":11}},{"id":"f5a05c5e-4975-41e0-977d-5d4d406e79c5","block_type":"box","text":"securities are deemed to have received income (“phantom income”) annually, notwithstanding that cash may not be","page_number":23,"box":{"x":81,"y":358,"width":851,"height":11}},{"id":"2ad7f38a-5157-48a9-bb6c-bc5b03cd2c8b","block_type":"box","text":"received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield","page_number":23,"box":{"x":82,"y":372,"width":848,"height":12}},{"id":"15b93fd8-bd4c-4431-9b8c-ebc6b88f63cc","block_type":"box","text":"is earned not only on the original investment but also, in effect, on all discount accretion during the life of the","page_number":23,"box":{"x":82,"y":387,"width":805,"height":12}},{"id":"d49bc148-8a80-4a45-993f-73299e4719ad","block_type":"box","text":"obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest","page_number":23,"box":{"x":81,"y":402,"width":800,"height":12}},{"id":"b7c4c240-10e3-4cd0-b1df-45ecd7984651","block_type":"box","text":"distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the","page_number":23,"box":{"x":81,"y":417,"width":825,"height":11}},{"id":"9bd276e2-3f03-43e6-8cc1-38a7b7bb9c7f","block_type":"box","text":"holder’s ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to","page_number":23,"box":{"x":82,"y":432,"width":844,"height":11}},{"id":"edad1da2-cff8-498a-b43d-12d1d6eb190f","block_type":"box","text":"substantially greater price fluctuations during periods of changing market interest rates than are comparable","page_number":23,"box":{"x":81,"y":447,"width":796,"height":11}},{"id":"c5e88ba3-4c27-4512-a6c3-3948e6e5be17","block_type":"box","text":"securities that pay interest currently. Longer term zero coupon bonds are more exposed to interest rate risk than","page_number":23,"box":{"x":81,"y":462,"width":827,"height":11}},{"id":"2aa8b7b7-acb3-4438-9e80-55f32e1663dc","block_type":"box","text":"shorter term zero coupon bonds. These investments benefit the issuer by mitigating its need for cash to meet debt","page_number":23,"box":{"x":81,"y":476,"width":846,"height":12}},{"id":"2e4c0280-f89c-4b5c-94f9-e4def87ac6a0","block_type":"box","text":"service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash.","page_number":23,"box":{"x":81,"y":491,"width":782,"height":12}},{"id":"cbe0fbdc-5d84-43c2-98a5-e723c8c21935","block_type":"box","text":"22","page_number":23,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e3dfd418-1435-4065-96fd-5bb05947d556","block_type":"box","text":"NM0926U-5974841-23/45","page_number":23,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ecf156b1-6eca-447a-8675-fbab1be9623c","block_type":"box","text":"Account Information","page_number":24,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"052d65ba-2f08-4ee0-a7ce-988da3fdbfea","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":24,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"038f1711-6fc7-4ab5-8cbf-06c140503554","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A1 Shares in this prospectus), each with its own sales","page_number":24,"box":{"x":60,"y":182,"width":829,"height":12}},{"id":"8f8429e6-eddc-4cd7-a976-6509844092f1","block_type":"box","text":"charge and expense structure, allowing you to invest in the way that best suits your needs. Each share class","page_number":24,"box":{"x":61,"y":197,"width":798,"height":12}},{"id":"859efc13-842c-4155-8d64-eaa07d098fa6","block_type":"box","text":"represents an ownership interest in the same investment portfolio of the Fund. When you choose your class of shares,","page_number":24,"box":{"x":61,"y":212,"width":873,"height":11}},{"id":"7228493a-f7f8-41ae-b2b9-552f56e980a4","block_type":"box","text":"you should consider the size of your investment and how long you plan to hold your shares. Either your financial","page_number":24,"box":{"x":60,"y":227,"width":819,"height":11}},{"id":"25e2e973-7dba-4eab-96c9-fc17887949cd","block_type":"box","text":"professional or your selected securities dealer, broker, investment adviser, service provider or industry professional","page_number":24,"box":{"x":62,"y":242,"width":847,"height":11}},{"id":"7c7cb112-3a13-459a-a83a-b5df50fe83fc","block_type":"box","text":"(including BlackRock and its affiliates) (each a “Financial Intermediary”) can help you determine which share class is","page_number":24,"box":{"x":61,"y":256,"width":859,"height":12}},{"id":"7a5b3a0d-b6cb-498b-a1e6-37fca4e28c84","block_type":"box","text":"best suited to your personal financial goals.","page_number":24,"box":{"x":61,"y":271,"width":320,"height":12}},{"id":"b9b87fa6-5239-4cf2-aca1-f7dc9b3e1981","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":24,"box":{"x":60,"y":294,"width":811,"height":11}},{"id":"94afa465-6419-4e9a-a969-65623c8bae65","block_type":"box","text":"Investor A1 Shares are available only for purchase by certain employer-sponsored retirement plans and for dividend","page_number":24,"box":{"x":62,"y":309,"width":847,"height":11}},{"id":"f536dc1a-4d6d-4457-af00-512e64079458","block_type":"box","text":"and capital gain reinvestment by existing shareholders.","page_number":24,"box":{"x":61,"y":324,"width":403,"height":11}},{"id":"afffc1c3-002d-4274-9a88-247ee893160c","block_type":"box","text":"Details About the Share Classes","page_number":24,"box":{"x":61,"y":362,"width":293,"height":11}},{"id":"623a103e-022e-4c9a-9be9-053d4bd50eed","block_type":"box","text":"No initial sales charge applies to Investor A1 Shares purchased by certain employer-sponsored retirement plans or","page_number":24,"box":{"x":62,"y":389,"width":843,"height":11}},{"id":"0203b544-c716-4a85-9c3f-c97a8a2e0e8d","block_type":"box","text":"bought through reinvestment of dividends and capital gains by existing shareholders.","page_number":24,"box":{"x":61,"y":403,"width":622,"height":12}},{"id":"083619df-7672-4662-9020-e8fac6dcae90","block_type":"box","text":"Right of Accumulation","page_number":24,"box":{"x":61,"y":426,"width":183,"height":13}},{"id":"bccc5b82-0f28-4ca4-bb74-373b3b7f0ccd","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":24,"box":{"x":62,"y":443,"width":839,"height":11}},{"id":"8f94b496-dcae-4bbc-8275-de00e4835de3","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":24,"box":{"x":61,"y":457,"width":856,"height":12}},{"id":"03798025-ff87-4347-b160-f97e680a47e5","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":24,"box":{"x":82,"y":480,"width":821,"height":12}},{"id":"ca48b984-5393-4789-93bd-dbcf6a735998","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":24,"box":{"x":102,"y":495,"width":823,"height":11}},{"id":"acb611d4-3474-4e2e-8da8-c0387d879412","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":24,"box":{"x":82,"y":517,"width":792,"height":12}},{"id":"4e8d3833-e078-4359-b1b3-dfc1f1017224","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":24,"box":{"x":101,"y":532,"width":501,"height":12}},{"id":"bf139602-7b0e-47f9-8d1d-8585349b6943","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":24,"box":{"x":82,"y":555,"width":788,"height":11}},{"id":"ec7a3e23-bb8f-441b-85f6-0b7541d00d07","block_type":"box","text":"investor’s spouse and children.","page_number":24,"box":{"x":102,"y":570,"width":228,"height":11}},{"id":"1331f128-8906-47c6-9ce8-58f7c0a08c26","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":24,"box":{"x":62,"y":592,"width":866,"height":12}},{"id":"371af6f1-c135-497f-a4c3-26ec42a5a5f0","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":24,"box":{"x":61,"y":607,"width":866,"height":12}},{"id":"5b1c6439-38c3-4aa7-9e8e-c82acb51bd69","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":24,"box":{"x":62,"y":622,"width":854,"height":11}},{"id":"b672ec1d-db41-4938-bd88-d6cbe5a98e9e","block_type":"box","text":"any previously purchased shares.","page_number":24,"box":{"x":61,"y":637,"width":243,"height":11}},{"id":"8f0b08c8-4da5-4f5c-96fc-f7e94a54663f","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":24,"box":{"x":61,"y":676,"width":442,"height":13}},{"id":"92b0ec60-b7a5-4be7-8bd5-88297bea5f49","block_type":"box","text":"Plan Payments","page_number":24,"box":{"x":61,"y":702,"width":122,"height":13}},{"id":"4c629432-f901-46ca-b7f2-765cdcc916f9","block_type":"box","text":"BlackRock Municipal Series Trust (the “Trust”), on behalf of the Fund, has adopted a plan (the “Plan”) pursuant to","page_number":24,"box":{"x":62,"y":719,"width":837,"height":11}},{"id":"6eff1211-a2ee-42b8-b890-f4a92ddc0648","block_type":"box","text":"Rule 12b-1 under the Investment Company Act that allows the Fund to pay distribution fees for the sale of its shares","page_number":24,"box":{"x":62,"y":733,"width":855,"height":12}},{"id":"7cb7378a-9971-4400-8909-70d265f927e1","block_type":"box","text":"and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":24,"box":{"x":61,"y":748,"width":612,"height":12}},{"id":"798c313e-3dfe-408e-b00c-695dbf795460","block_type":"box","text":"Under the Plan, Investor A1 Shares do not pay a distribution fee to the Distributor and/or its affiliates for distribution","page_number":24,"box":{"x":62,"y":771,"width":857,"height":11}},{"id":"12249f91-6642-4e31-8a78-5df44fb40b55","block_type":"box","text":"and sales support services. Under the Plan, the Fund pays shareholder servicing fees (also referred to as general","page_number":24,"box":{"x":61,"y":786,"width":837,"height":11}},{"id":"a29bdcf0-0328-4e01-af80-8c47eaa44a2c","block_type":"box","text":"shareholder liaison services fees) to Financial Intermediaries for providing support services to their customers who","page_number":24,"box":{"x":61,"y":800,"width":847,"height":12}},{"id":"c27de4fc-ee00-4ff0-a549-8b3781b8f5bb","block_type":"box","text":"own Investor A1 Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the","page_number":24,"box":{"x":61,"y":815,"width":826,"height":12}},{"id":"7fc521b1-dc08-4b01-b939-e233843859c7","block_type":"box","text":"average daily net asset value of Investor A1 Shares of the Fund.","page_number":24,"box":{"x":61,"y":830,"width":469,"height":12}},{"id":"e50a63c9-8798-43e9-b793-f6c24dc7fa92","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":24,"box":{"x":62,"y":853,"width":859,"height":11}},{"id":"d5b22e80-d439-48b8-ace2-64e61e6da338","block_type":"box","text":"the following services to their customers who own Investor A1 Shares:","page_number":24,"box":{"x":60,"y":867,"width":517,"height":12}},{"id":"6e14476e-760e-4f2c-a753-e7f6bb13056a","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":24,"box":{"x":81,"y":888,"width":848,"height":11}},{"id":"e5f44ac9-d063-4fc9-a840-e420c6c31921","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":24,"box":{"x":82,"y":902,"width":811,"height":12}},{"id":"b149ea95-7596-4252-9bc3-3de09c074d06","block_type":"box","text":"investments;","page_number":24,"box":{"x":82,"y":917,"width":92,"height":11}},{"id":"9e395d1e-51ea-4c7e-8443-e597126a12ad","block_type":"box","text":"23","page_number":24,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"484d7284-d50f-481e-aea2-b30db2209ffb","block_type":"box","text":"NM0926U-5974841-24/45","page_number":24,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"841d8e85-f8b0-4121-a108-5330392d9769","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":25,"box":{"x":81,"y":46,"width":801,"height":11}},{"id":"e7a1f82a-59b4-4b11-9758-e0cc0d66aa67","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":25,"box":{"x":81,"y":66,"width":379,"height":11}},{"id":"2ffc98cb-f161-4e72-827b-7478f5e74855","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":25,"box":{"x":60,"y":88,"width":856,"height":12}},{"id":"3270263d-b03b-4ee9-aa65-44803e6f4a3d","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":25,"box":{"x":61,"y":103,"width":848,"height":12}},{"id":"d26adaf2-f0c8-4c65-b590-02807502d549","block_type":"box","text":"sale of the Fund’s shares. Because the fees paid by the Fund under the Plan are paid out of Fund assets on an","page_number":25,"box":{"x":61,"y":118,"width":818,"height":11}},{"id":"20f63bc9-bfe5-4b9b-9d78-98fefb3fac47","block_type":"box","text":"ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other","page_number":25,"box":{"x":61,"y":133,"width":873,"height":11}},{"id":"c426d2d9-fe20-4f24-91ab-15387acad823","block_type":"box","text":"types of sales charges. For more information on the Plan, including a complete list of services provided thereunder,","page_number":25,"box":{"x":60,"y":147,"width":849,"height":12}},{"id":"f623f02a-b847-4e7d-bb30-85925cb5355e","block_type":"box","text":"see the SAI.","page_number":25,"box":{"x":61,"y":162,"width":87,"height":10}},{"id":"ce70a750-f3ce-4850-8a64-7d6bb87e00df","block_type":"box","text":"Other Payments by the Fund","page_number":25,"box":{"x":61,"y":185,"width":233,"height":13}},{"id":"ff8264c3-4801-4c98-8917-402a82a93eb9","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its","page_number":25,"box":{"x":62,"y":202,"width":874,"height":11}},{"id":"c23c0c00-9958-4b6d-8a55-d4271794ee12","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":25,"box":{"x":60,"y":216,"width":846,"height":12}},{"id":"9b58baeb-a463-4b57-8258-b75c312882d6","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":25,"box":{"x":61,"y":231,"width":874,"height":12}},{"id":"9d32d1f5-5d04-4994-b35f-7f5b1c6a8312","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":25,"box":{"x":60,"y":246,"width":843,"height":12}},{"id":"49fc2195-c926-4649-88eb-34f485a4ba7f","block_type":"box","text":"and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average","page_number":25,"box":{"x":61,"y":261,"width":862,"height":11}},{"id":"74bd1e5e-738e-42e6-93a5-251a48746c0b","block_type":"box","text":"daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each","page_number":25,"box":{"x":61,"y":276,"width":815,"height":11}},{"id":"a7fdabae-b53d-41c1-ad88-5d33883ddf8d","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":25,"box":{"x":61,"y":291,"width":791,"height":11}},{"id":"db0f27e5-497b-4ca3-ace6-426e8acd98f7","block_type":"box","text":"Other Payments by BlackRock","page_number":25,"box":{"x":61,"y":314,"width":252,"height":12}},{"id":"dc4bdb76-9e9a-4785-ac33-4602f227d686","block_type":"box","text":"From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":25,"box":{"x":62,"y":330,"width":851,"height":11}},{"id":"cc2baa76-3561-4f11-8b10-af3041efca0c","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":25,"box":{"x":61,"y":345,"width":843,"height":11}},{"id":"43453343-1aac-4921-ae99-22f313b50f5f","block_type":"box","text":"their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate","page_number":25,"box":{"x":60,"y":360,"width":853,"height":11}},{"id":"cdc49382-a342-4158-be95-32a1878a3231","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":25,"box":{"x":61,"y":374,"width":866,"height":12}},{"id":"9b62a0cf-6202-4551-802e-1772ac5ee43f","block_type":"box","text":"would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be","page_number":25,"box":{"x":60,"y":389,"width":839,"height":12}},{"id":"fc2ffefb-e530-489d-9b1e-8ddf7b1f8151","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":25,"box":{"x":61,"y":404,"width":860,"height":12}},{"id":"6467f8ca-2dc3-4c3b-afa9-4e9e890e8228","block_type":"box","text":"of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another","page_number":25,"box":{"x":61,"y":419,"width":841,"height":11}},{"id":"f6f6c01e-8e54-4d91-855f-e818363a3ad6","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":25,"box":{"x":61,"y":434,"width":856,"height":11}},{"id":"3eda0d3a-f2cd-4094-8bfe-061d24e023c9","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":25,"box":{"x":61,"y":448,"width":813,"height":12}},{"id":"2075e983-8cc0-42fc-a19a-2c404ccab7ca","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":25,"box":{"x":62,"y":463,"width":415,"height":12}},{"id":"a9aabf4d-1e8c-4fff-8acf-30d58d71e472","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":25,"box":{"x":61,"y":486,"width":869,"height":11}},{"id":"0340232a-4b91-4fc6-a309-228ddc26b643","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":25,"box":{"x":60,"y":501,"width":495,"height":10}},{"id":"9fc5d0e2-7026-4bda-b2fb-41d75d43c08f","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":25,"box":{"x":61,"y":540,"width":434,"height":13}},{"id":"2e3cffab-9d52-4736-ad8e-85687d9ce8a2","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":25,"box":{"x":60,"y":566,"width":846,"height":11}},{"id":"837579b1-a00c-44aa-a5d4-07f3a367fa21","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":25,"box":{"x":62,"y":581,"width":857,"height":11}},{"id":"d5315de9-8016-40b5-b935-347ff626d53b","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":25,"box":{"x":60,"y":595,"width":809,"height":12}},{"id":"93d0552e-cb61-4e57-8d5a-8d2e420e6626","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":25,"box":{"x":61,"y":610,"width":847,"height":12}},{"id":"6a56c016-9e09-4e7c-b28f-dc9904e2a6f8","block_type":"box","text":"may help you with this decision.","page_number":25,"box":{"x":61,"y":625,"width":232,"height":12}},{"id":"9744ed26-6ebd-4d66-9de4-ffbacb65400c","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":25,"box":{"x":60,"y":648,"width":867,"height":11}},{"id":"5bf3d4e5-4f29-43b3-ab34-068ad4111cfc","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. 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Any existing account that is updated to reflect a non-U.S. address will also be","page_number":25,"box":{"x":62,"y":751,"width":857,"height":12}},{"id":"819daacd-46ec-44d2-9c59-0063b8e4a5bf","block_type":"box","text":"restricted from making additional investments.","page_number":25,"box":{"x":61,"y":766,"width":341,"height":12}},{"id":"a2874caf-da02-494c-9545-df60db11f798","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":25,"box":{"x":60,"y":789,"width":861,"height":11}},{"id":"779d5e6a-3369-46fc-a2ca-a5ff6b5431e8","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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The Fund may reject any order to buy shares and may","page_number":26,"box":{"x":461,"y":343,"width":438,"height":10}},{"id":"e12e830d-6459-4db0-a015-94dcccf0ffb7","block_type":"box","text":"suspend the sale of shares at any time. Certain Financial","page_number":26,"box":{"x":461,"y":357,"width":378,"height":10}},{"id":"e452b785-02ea-4d0b-80fb-5ae22e020b44","block_type":"box","text":"Intermediaries may charge a processing fee to confirm a purchase.","page_number":26,"box":{"x":461,"y":370,"width":443,"height":11}},{"id":"7e5f5d8d-3f5e-4a5a-a132-318ca011fe5f","block_type":"box","text":"Acquire additional shares by","page_number":26,"box":{"x":213,"y":388,"width":187,"height":10}},{"id":"a6f1d1a2-d9b8-40b1-914a-a2e5137149fd","block_type":"box","text":"reinvesting dividends and capital","page_number":26,"box":{"x":214,"y":402,"width":214,"height":10}},{"id":"464ea1e9-c62d-4889-a8be-13a1f003cbda","block_type":"box","text":"gains","page_number":26,"box":{"x":213,"y":415,"width":35,"height":11}},{"id":"edffcc65-5f5f-4e3c-926a-2546d9dcbbf4","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":26,"box":{"x":460,"y":388,"width":405,"height":11}},{"id":"ed27ad41-c624-4275-8de9-fe908efeff92","block_type":"box","text":"reinvested without a sales charge. To make any changes to your","page_number":26,"box":{"x":461,"y":402,"width":423,"height":10}},{"id":"ff592276-d4f6-4a0a-877f-510e3e816736","block_type":"box","text":"dividend and/or capital gains distributions options, please call","page_number":26,"box":{"x":461,"y":415,"width":411,"height":11}},{"id":"b0ce9468-18d9-4708-bcad-255d60459133","block_type":"box","text":"(800) 441-7762 or contact your Financial Intermediary (if your account","page_number":26,"box":{"x":461,"y":429,"width":466,"height":10}},{"id":"787b2c82-9625-478c-978d-5d73c2df4483","block_type":"box","text":"is not held directly with BlackRock).","page_number":26,"box":{"x":461,"y":443,"width":232,"height":10}},{"id":"87c6693c-3d5f-4973-90fa-1dee652f46a4","block_type":"box","text":"How to Pay for","page_number":26,"box":{"x":61,"y":460,"width":99,"height":11}},{"id":"55d96898-e6ad-4cae-afe6-af8acc2bc4de","block_type":"box","text":"Shares","page_number":26,"box":{"x":60,"y":474,"width":46,"height":8}},{"id":"e49373c8-98a3-41ca-a90e-16082d75b38a","block_type":"box","text":"Making payment for purchases Payment for an order must be made in Federal funds or other","page_number":26,"box":{"x":214,"y":460,"width":651,"height":11}},{"id":"34134e88-0359-45ac-bf1b-3e53d7cbbc30","block_type":"box","text":"immediately available funds by the time specified by your Financial","page_number":26,"box":{"x":461,"y":474,"width":438,"height":10}},{"id":"4fc3fffb-c29e-4397-b0e3-685c21bdcbe6","block_type":"box","text":"Intermediary, but in no event later than 4:00 p.m. (Eastern time) on","page_number":26,"box":{"x":461,"y":488,"width":446,"height":10}},{"id":"521d05d4-507d-427d-914f-8ad9544dbbdf","block_type":"box","text":"the first business day following BlackRock’s receipt of the order. If","page_number":26,"box":{"x":460,"y":501,"width":439,"height":10}},{"id":"80398d98-abdf-4915-935c-0e225edbcefa","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":26,"box":{"x":461,"y":515,"width":445,"height":10}},{"id":"2fa93079-60e6-4c99-b882-a74b6aea4230","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":26,"box":{"x":460,"y":528,"width":460,"height":10}},{"id":"ddad6ce3-35e6-41ad-b552-e4a52c765119","block_type":"box","text":"the Fund.","page_number":26,"box":{"x":460,"y":542,"width":61,"height":8}},{"id":"469d29b2-f7e7-41e5-8a7a-aaf17682ae55","block_type":"box","text":"How to Sell Shares","page_number":26,"box":{"x":61,"y":566,"width":156,"height":10}},{"id":"dcafd029-1f06-4d3a-8c31-554ada0999bc","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":26,"box":{"x":213,"y":588,"width":478,"height":9}},{"id":"2ff442ad-1eed-49c6-9d82-422970b7669c","block_type":"box","text":"Full or Partial","page_number":26,"box":{"x":61,"y":606,"width":90,"height":8}},{"id":"8a27bc1c-313c-480f-911b-2def04a68ce7","block_type":"box","text":"Redemption of","page_number":26,"box":{"x":61,"y":617,"width":98,"height":10}},{"id":"77b9485a-5aa0-4d6a-8c8d-5bbcba75e2a8","block_type":"box","text":"Shares","page_number":26,"box":{"x":60,"y":629,"width":46,"height":8}},{"id":"09343e01-34d4-4567-b00e-d50790e4bc3c","block_type":"box","text":"Have your Financial Intermediary","page_number":26,"box":{"x":214,"y":606,"width":215,"height":10}},{"id":"12966c9a-47de-4885-a566-3fcfece3e558","block_type":"box","text":"submit your sales order","page_number":26,"box":{"x":214,"y":619,"width":155,"height":10}},{"id":"a9489502-59f6-4cdf-af4e-2c34a631417d","block_type":"box","text":"You can make redemption requests through your Financial","page_number":26,"box":{"x":460,"y":606,"width":382,"height":10}},{"id":"1235d087-11f5-4a12-9944-ee1a9326cf5b","block_type":"box","text":"Intermediary. The price of your shares is based on the next calculation","page_number":26,"box":{"x":461,"y":619,"width":465,"height":10}},{"id":"cc64778f-28ed-410a-aa66-bfe6a3352f1d","block_type":"box","text":"of the Fund’s net asset value after your order is placed. For your","page_number":26,"box":{"x":461,"y":632,"width":424,"height":11}},{"id":"aa12584e-c33a-492f-9be1-e4014fa4cfb0","block_type":"box","text":"redemption request to be priced at the net asset value on the day of","page_number":26,"box":{"x":461,"y":646,"width":453,"height":10}},{"id":"70dc1311-79d7-4569-a27a-859c130d1a3c","block_type":"box","text":"your request, you must submit your request to your Financial","page_number":26,"box":{"x":460,"y":660,"width":400,"height":10}},{"id":"2148b0bb-95aa-420b-bb15-842c69394343","block_type":"box","text":"Intermediary prior to that day’s close of business on the NYSE","page_number":26,"box":{"x":461,"y":673,"width":413,"height":10}},{"id":"c2462b41-20a1-4063-9f83-b761f8571487","block_type":"box","text":"(generally 4:00 p.m. Eastern time). Certain Financial Intermediaries,","page_number":26,"box":{"x":461,"y":687,"width":449,"height":10}},{"id":"e594b167-8958-4313-88ae-b9cedd40182c","block_type":"box","text":"however, may require submission of orders prior to that time. Any","page_number":26,"box":{"x":461,"y":700,"width":432,"height":10}},{"id":"4f546b18-16a8-4e7d-8971-5da371d27363","block_type":"box","text":"redemption request placed after that time will be priced at the net","page_number":26,"box":{"x":461,"y":714,"width":436,"height":10}},{"id":"8c03a270-801d-46ad-9c9c-0d15ca5106ac","block_type":"box","text":"asset value at the close of business on the next business day.","page_number":26,"box":{"x":461,"y":727,"width":412,"height":11}},{"id":"37d93705-c544-49e7-b3f1-f71c8f94dab1","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":26,"box":{"x":461,"y":743,"width":437,"height":11}},{"id":"541af237-beaf-4414-8961-66baa1066e5a","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":26,"box":{"x":461,"y":757,"width":458,"height":10}},{"id":"81948220-9181-4696-94d6-83edf35e0c45","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":26,"box":{"x":460,"y":770,"width":465,"height":11}},{"id":"37e6c7de-7b66-4a49-99b6-f23b8fef8e60","block_type":"box","text":"but in any event, within seven days.","page_number":26,"box":{"x":461,"y":784,"width":233,"height":10}},{"id":"5ee731e2-5da1-4f5c-bba8-364bd7588909","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":26,"box":{"x":461,"y":800,"width":415,"height":10}},{"id":"67160de2-251d-475a-8617-e98160f48f88","block_type":"box","text":"redemption of shares.","page_number":26,"box":{"x":461,"y":814,"width":144,"height":10}},{"id":"826bb6d7-a5e9-4b54-b5b4-ef57a4aeac95","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":26,"box":{"x":460,"y":830,"width":380,"height":10}},{"id":"87ccd0c3-55d6-42a3-bb22-659d8cdd927d","block_type":"box","text":"circumstances.","page_number":26,"box":{"x":461,"y":843,"width":98,"height":9}},{"id":"b38ea0b9-3df2-42df-a6f1-43d08fcedc14","block_type":"box","text":"Selling shares held directly with","page_number":26,"box":{"x":214,"y":861,"width":207,"height":11}},{"id":"13efddbc-90b5-4520-b328-42b87c2900b7","block_type":"box","text":"BlackRock","page_number":26,"box":{"x":214,"y":875,"width":67,"height":8}},{"id":"ffd067cb-fcd5-43f0-b400-ff3ecd05751f","block_type":"box","text":"Methods of Redeeming:","page_number":26,"box":{"x":461,"y":861,"width":159,"height":11}},{"id":"ec58d76f-c815-4f9c-8a96-dbc14d5365c1","block_type":"box","text":"Redeem by Telephone:","page_number":26,"box":{"x":461,"y":878,"width":150,"height":10}},{"id":"94c283cd-4773-43a5-8734-16105087368c","block_type":"box","text":"You may redeem shares held directly with","page_number":26,"box":{"x":617,"y":878,"width":273,"height":10}},{"id":"72b14c32-0f67-4130-84cc-35419c2daaa9","block_type":"box","text":"BlackRock by telephone request if certain conditions are met and if the","page_number":26,"box":{"x":461,"y":891,"width":470,"height":10}},{"id":"eea8dc0e-f703-4d2e-98eb-3b64714f7c90","block_type":"box","text":"amount being sold is less than (i) $100,000 for payments by check or","page_number":26,"box":{"x":461,"y":904,"width":463,"height":11}},{"id":"778d1274-e1ed-4750-80dd-a3bc1f77fef4","block_type":"box","text":"25","page_number":26,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"95d380df-df63-4b51-bead-71be23d03b1a","block_type":"box","text":"NM0926U-5974841-26/45","page_number":26,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"b4af2184-adbe-43ab-90df-faa16995fd13","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":27,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"e4e9d846-98d1-48e2-9be0-bc200473ee3a","block_type":"box","text":"Full or Partial","page_number":27,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"66e4a8b9-361e-4336-88b9-75d190976e76","block_type":"box","text":"Redemption of","page_number":27,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"c63cf094-4ea8-4cf8-bd7b-7c7beba992b9","block_type":"box","text":"Shares (continued)","page_number":27,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"d50e0db8-7c84-4b75-acfa-243a51648a52","block_type":"box","text":"Selling shares held directly with","page_number":27,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"88b7e763-0e96-4dbe-bb90-ee5980a5ea90","block_type":"box","text":"BlackRock (continued)","page_number":27,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"435ca6d4-3dbb-46fd-87e5-7c6f32a2e607","block_type":"box","text":"(ii) $250,000 for payments through the Automated Clearing House","page_number":27,"box":{"x":461,"y":67,"width":439,"height":11}},{"id":"d3458fc3-98ec-490d-9406-7825f654d43b","block_type":"box","text":"Network (“ACH”) or wire transfer. Certain redemption requests, such as","page_number":27,"box":{"x":461,"y":81,"width":472,"height":10}},{"id":"1dd76f17-6e01-4185-90f2-2d2369cebc4e","block_type":"box","text":"those in excess of these amounts, must be in writing with a medallion","page_number":27,"box":{"x":460,"y":94,"width":463,"height":11}},{"id":"7d1dc4a0-e6bf-442d-94d5-292ba4757f6e","block_type":"box","text":"signature guarantee. Call (800) 441-7762 for details. You can obtain a","page_number":27,"box":{"x":461,"y":108,"width":467,"height":10}},{"id":"f06c7639-36ca-4f86-a824-70fddf2950c5","block_type":"box","text":"medallion signature guarantee stamp from a bank, securities dealer,","page_number":27,"box":{"x":461,"y":121,"width":452,"height":11}},{"id":"2ab568c4-12ca-4300-8698-ae59fd9bc096","block_type":"box","text":"securities broker, credit union, savings and loan association, national","page_number":27,"box":{"x":461,"y":135,"width":458,"height":10}},{"id":"74481c7c-44de-414d-a885-b6e8f7987ca3","block_type":"box","text":"securities exchange or registered securities association. A notary public","page_number":27,"box":{"x":461,"y":149,"width":475,"height":10}},{"id":"0289d840-649d-4f87-a2da-1cdfe40a95f2","block_type":"box","text":"seal will not be acceptable.","page_number":27,"box":{"x":461,"y":162,"width":178,"height":10}},{"id":"38dfc188-ce8f-41f4-94e7-8149ef91598d","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":27,"box":{"x":460,"y":178,"width":468,"height":10}},{"id":"a3c52bf2-7322-4059-9d74-78283840c8da","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":27,"box":{"x":461,"y":192,"width":474,"height":10}},{"id":"9ff8539e-4d4e-40fd-9f62-45a37867c047","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":27,"box":{"x":460,"y":205,"width":450,"height":11}},{"id":"da84013c-d09e-4331-bae7-8efd7ca746f5","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":27,"box":{"x":461,"y":219,"width":450,"height":10}},{"id":"7dae954f-c301-4b43-a77e-b83d6a8250cb","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":27,"box":{"x":460,"y":232,"width":445,"height":11}},{"id":"54f948e2-79a1-427d-90c6-8a6c67f57e4b","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":27,"box":{"x":461,"y":246,"width":463,"height":10}},{"id":"6e362edd-dd36-49e3-ba80-58d5386f15c7","block_type":"box","text":"believes it is advisable to do so.","page_number":27,"box":{"x":461,"y":260,"width":212,"height":8}},{"id":"8572cd32-c2d0-48a3-953c-ed57780f1cfe","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":27,"box":{"x":461,"y":275,"width":452,"height":11}},{"id":"23dcf312-ef9f-48c4-87fd-6464fd50061e","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":27,"box":{"x":461,"y":289,"width":427,"height":10}},{"id":"6b2bccb5-7a3b-4ade-ac34-03e9ab2251b4","block_type":"box","text":"redemption methods below.","page_number":27,"box":{"x":461,"y":303,"width":181,"height":10}},{"id":"f2f1a166-b336-4cfe-82e1-2ae538d7a8df","block_type":"box","text":"Redeem by VRU:","page_number":27,"box":{"x":461,"y":319,"width":111,"height":10}},{"id":"1459f547-0696-4bbe-b759-1e1079746e1a","block_type":"box","text":"Investor A1 Shares may also be redeemed by use of","page_number":27,"box":{"x":579,"y":319,"width":346,"height":10}},{"id":"eb08905f-befa-4b5f-b87b-5059b2a30685","block_type":"box","text":"the Fund’s automated voice response unit service (“VRU”). Payment for","page_number":27,"box":{"x":460,"y":332,"width":475,"height":10}},{"id":"81aaeff9-5cf8-451c-9cc7-5b901b6d41ae","block_type":"box","text":"Investor A1 Shares redeemed by VRU may be made for non-retirement","page_number":27,"box":{"x":461,"y":346,"width":464,"height":10}},{"id":"8c5be309-4308-4a22-91ef-710a2a32f15b","block_type":"box","text":"accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":27,"box":{"x":461,"y":359,"width":473,"height":11}},{"id":"87c9ab7e-19ae-4447-931f-c02061b62b35","block_type":"box","text":"Redeem by Internet:","page_number":27,"box":{"x":461,"y":376,"width":136,"height":10}},{"id":"22fb0b19-6867-4404-a445-968bfd7b488a","block_type":"box","text":"You may redeem in your account, by logging onto","page_number":27,"box":{"x":603,"y":376,"width":321,"height":10}},{"id":"1e4a6c6b-5cb8-4597-92a3-023162fcd0f2","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":27,"box":{"x":460,"y":389,"width":461,"height":8}},{"id":"d0cf9934-8cfd-409b-99fa-29df766a41fe","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":27,"box":{"x":461,"y":402,"width":473,"height":11}},{"id":"9d736f14-db1f-4e32-af77-942da0d40356","block_type":"box","text":"record. Payment for Investor A1 Shares redeemed by Internet may be","page_number":27,"box":{"x":461,"y":416,"width":457,"height":10}},{"id":"371c00d8-f185-47a4-826e-eb3a9889a644","block_type":"box","text":"made for non-retirement accounts in amounts up to $25,000, either","page_number":27,"box":{"x":461,"y":429,"width":451,"height":11}},{"id":"55f54b83-b49a-4643-84e4-f612b6c89f14","block_type":"box","text":"through check, ACH or wire.","page_number":27,"box":{"x":460,"y":443,"width":182,"height":10}},{"id":"dc289c6c-2f36-4197-afe3-4b0be171b2c3","block_type":"box","text":"Redeem in Writing:","page_number":27,"box":{"x":461,"y":459,"width":127,"height":10}},{"id":"ad0a2aef-b75b-4b30-bc3c-f3fa4aedf6e2","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":27,"box":{"x":594,"y":459,"width":338,"height":11}},{"id":"7cad0657-9d8a-41f8-bb7f-7fe55e053b70","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429, or","page_number":27,"box":{"x":461,"y":473,"width":472,"height":10}},{"id":"757349c3-ab5f-472e-a683-29116729426c","block_type":"box","text":"for overnight delivery, 534429, 1350 Penn Avenue Suite 102,","page_number":27,"box":{"x":460,"y":486,"width":409,"height":11}},{"id":"3bfced98-20e8-4047-8bff-5b5a6f0eb4ca","block_type":"box","text":"Pittsburgh, Pennsylvania, 15222. All shareholders on the account must","page_number":27,"box":{"x":461,"y":500,"width":472,"height":10}},{"id":"fff0ca0f-7238-4520-a4b4-d1ddcc5b9ae3","block_type":"box","text":"sign the letter. A medallion signature guarantee will generally be","page_number":27,"box":{"x":461,"y":513,"width":422,"height":11}},{"id":"26149ec3-9ae3-42be-ac94-8873be45a864","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":27,"box":{"x":461,"y":527,"width":457,"height":10}},{"id":"9c6831ea-9470-4a0b-b98f-5cae45ebfd88","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":27,"box":{"x":461,"y":540,"width":461,"height":11}},{"id":"f034e112-297c-4045-b156-33ccb6b776bc","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":27,"box":{"x":461,"y":554,"width":450,"height":10}},{"id":"c298f806-d24b-4c50-a2a5-e2fbe624c1d4","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":27,"box":{"x":461,"y":568,"width":443,"height":10}},{"id":"9ac06863-1952-4ab4-a840-c18510a0c5b6","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":27,"box":{"x":461,"y":581,"width":465,"height":10}},{"id":"de1cdb8a-c300-4e08-8eb3-207a4caa280b","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":27,"box":{"x":461,"y":594,"width":462,"height":11}},{"id":"a88587b2-752b-4470-8d3a-e66c1f2dfe21","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":27,"box":{"x":461,"y":608,"width":404,"height":10}},{"id":"ad484943-a28a-41f5-84cf-be6f7a0e019f","block_type":"box","text":"Payment of Redemption Proceeds:","page_number":27,"box":{"x":461,"y":624,"width":232,"height":10}},{"id":"d2c2d874-a1e8-41e2-9636-a4bd05c459a4","block_type":"box","text":"Redemption proceeds may be paid","page_number":27,"box":{"x":700,"y":624,"width":227,"height":10}},{"id":"98c18fb4-29d5-4610-bf2d-26b575526db4","block_type":"box","text":"by check or, if the Fund has verified banking information on file, through","page_number":27,"box":{"x":461,"y":638,"width":473,"height":10}},{"id":"14bc91e7-9bb6-497a-95a5-c9a4a52189c0","block_type":"box","text":"ACH or by wire transfer.","page_number":27,"box":{"x":460,"y":651,"width":154,"height":10}},{"id":"882125e1-4496-491e-bb75-620ba2deaaad","block_type":"box","text":"Payment by Check:","page_number":27,"box":{"x":461,"y":667,"width":129,"height":11}},{"id":"0c0f4e78-cd23-4176-8195-0142cf2c85bb","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":27,"box":{"x":597,"y":668,"width":329,"height":10}},{"id":"c0d45019-1381-493b-bd88-4ab46b441a3f","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":27,"box":{"x":460,"y":681,"width":430,"height":10}},{"id":"66bbcd58-229b-47da-aba2-c06ac15e0f4e","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":27,"box":{"x":461,"y":694,"width":460,"height":11}},{"id":"42110c95-85bf-4fe9-a8f8-8dfcb8711bc9","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":27,"box":{"x":461,"y":708,"width":468,"height":10}},{"id":"c2fbb9d2-125a-4d6c-b4f1-69414d6a29d1","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":27,"box":{"x":461,"y":721,"width":467,"height":11}},{"id":"06cf9519-77ba-4207-a91f-2a56ef6eb907","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":27,"box":{"x":461,"y":735,"width":467,"height":10}},{"id":"475d8f1c-7ff5-4f40-8bfc-da0bd23787ed","block_type":"box","text":"charges imposed by your bank for this service.","page_number":27,"box":{"x":461,"y":748,"width":307,"height":11}},{"id":"6f98677d-7dc3-4927-8a59-f284966c406d","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":27,"box":{"x":460,"y":765,"width":438,"height":10}},{"id":"0c0335ee-2afc-4580-8dca-4e663b64fd3c","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":27,"box":{"x":461,"y":778,"width":429,"height":11}},{"id":"5eeb6838-5ce7-4f2c-b449-b53c608dd7f2","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":27,"box":{"x":461,"y":792,"width":403,"height":10}},{"id":"766e7348-3535-45f2-a856-a70bf992ae83","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":27,"box":{"x":461,"y":805,"width":467,"height":9}},{"id":"92229931-6319-4a5c-982a-69208ebf1487","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":27,"box":{"x":460,"y":819,"width":456,"height":10}},{"id":"1de7a1f1-27cc-40cf-b3b9-2aec9a76b955","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":27,"box":{"x":460,"y":833,"width":402,"height":10}},{"id":"07a3b37d-ea54-4b45-ab6c-88b0bfa6a412","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":27,"box":{"x":461,"y":846,"width":430,"height":10}},{"id":"3b0f9ab8-3818-462f-b860-a74873843e4d","block_type":"box","text":"amounts are subject to the risk of loss like any Fund investment. If you","page_number":27,"box":{"x":461,"y":859,"width":468,"height":11}},{"id":"98c4de06-23ce-451a-9842-c70decc336e1","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":27,"box":{"x":461,"y":873,"width":473,"height":8}},{"id":"5d3388e4-e0b0-4d3b-98e8-078aff2a8c9f","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":27,"box":{"x":461,"y":886,"width":456,"height":11}},{"id":"624f0399-42c7-413e-98a4-35c7b755b1a5","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":27,"box":{"x":461,"y":900,"width":461,"height":10}},{"id":"83901fd8-3a87-45f5-86c4-e1e0449c40df","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":27,"box":{"x":460,"y":914,"width":469,"height":10}},{"id":"451ef255-10a3-455d-a32b-87ad7ced7bbd","block_type":"box","text":"26","page_number":27,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"39f2d946-a96f-425a-ad36-d7120862ca24","block_type":"box","text":"NM0926U-5974841-27/45","page_number":27,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ecf12988-490e-484b-b343-0906947fc310","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":28,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"bf912bff-ebd4-46ee-b208-c5bbc8d51c8f","block_type":"box","text":"Full or Partial","page_number":28,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"eb4e6287-3ebe-4961-9c7a-fe357ed7a199","block_type":"box","text":"Redemption of","page_number":28,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"b6f16ef4-7744-4bc7-8f22-8dea6cc4298b","block_type":"box","text":"Shares (continued)","page_number":28,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"45603ccd-d534-4548-bb70-5792d9dc7d46","block_type":"box","text":"Selling shares held directly with","page_number":28,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"e1b358ce-f210-4a7c-ae1d-135df71283fd","block_type":"box","text":"BlackRock (continued)","page_number":28,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"f87efffc-8d58-4765-a35e-8f6cd77fa34a","block_type":"box","text":"as of the date of payment of the distribution.","page_number":28,"box":{"x":461,"y":67,"width":295,"height":10}},{"id":"63eb09b5-78ba-49e7-8203-9cf70a3dbaae","block_type":"box","text":"Payment by Wire Transfer:","page_number":28,"box":{"x":461,"y":83,"width":177,"height":11}},{"id":"27a076fe-effe-44cc-901d-292827bb15bf","block_type":"box","text":"Payment for redeemed shares for which a","page_number":28,"box":{"x":644,"y":83,"width":275,"height":11}},{"id":"fae37a87-904d-4a90-8190-cd85e5f45331","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":28,"box":{"x":461,"y":97,"width":437,"height":10}},{"id":"e57a526e-f37f-44da-962f-d9cfc1e664b7","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":28,"box":{"x":461,"y":110,"width":471,"height":11}},{"id":"2788e8e1-09fb-4b07-87ab-1e02feb4f550","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":28,"box":{"x":461,"y":124,"width":417,"height":10}},{"id":"9d0afed9-e6e8-4aef-a98a-10d9b273426c","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":28,"box":{"x":461,"y":137,"width":449,"height":11}},{"id":"874ad6c3-54bf-448d-bf63-fd47a4ade7d0","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":28,"box":{"x":461,"y":151,"width":449,"height":10}},{"id":"8fe2c107-7047-4687-8227-839888955738","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":28,"box":{"x":461,"y":164,"width":433,"height":11}},{"id":"1cc885ee-16ac-4286-8c55-54319bfb2900","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":28,"box":{"x":461,"y":178,"width":449,"height":10}},{"id":"c37bfea3-1104-42bf-9b0c-acadd1eea80b","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":28,"box":{"x":461,"y":192,"width":437,"height":10}},{"id":"853461b0-d7fc-49d0-a9a6-c56fc687abc5","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":28,"box":{"x":461,"y":205,"width":469,"height":11}},{"id":"71e1dd06-34fc-4c31-8bf3-049a4cdf9127","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":28,"box":{"x":459,"y":219,"width":448,"height":10}},{"id":"089ecec4-a6f4-4acd-bd90-b44be307b03f","block_type":"box","text":"Fund.","page_number":28,"box":{"x":461,"y":232,"width":34,"height":8}},{"id":"e70b3084-4163-43bf-92a4-8e97283ba1ef","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":28,"box":{"x":461,"y":248,"width":434,"height":11}},{"id":"063044ee-24e6-4551-99e1-dd8aa58befd7","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":28,"box":{"x":461,"y":262,"width":468,"height":10}},{"id":"499d993a-cc3e-46e9-a26f-5adf6f78849e","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":28,"box":{"x":461,"y":275,"width":460,"height":11}},{"id":"8b0a5031-90b7-468e-91e0-2c9d15579153","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":28,"box":{"x":461,"y":289,"width":441,"height":10}},{"id":"f349edba-ff9f-4145-9cde-f79832fee9ef","block_type":"box","text":"additional charges imposed by your bank for this service.","page_number":28,"box":{"x":461,"y":302,"width":376,"height":11}},{"id":"af982e2c-84da-4036-9425-24ea385bb3e2","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":28,"box":{"x":460,"y":319,"width":425,"height":10}},{"id":"c4c939a1-f281-4c11-8562-1a34b6db1123","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":28,"box":{"x":461,"y":332,"width":455,"height":11}},{"id":"ffbec86e-0c14-43f3-9004-bf90335bc6e6","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":28,"box":{"x":461,"y":346,"width":476,"height":10}},{"id":"8da1f0b7-798d-43bc-94d3-24fc38058604","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":28,"box":{"x":461,"y":359,"width":455,"height":10}},{"id":"6f257f07-19ef-470b-bc3a-490648e9f1fb","block_type":"box","text":"the back cover of this prospectus.","page_number":28,"box":{"x":460,"y":373,"width":224,"height":10}},{"id":"9a2d1cb6-cf63-42c0-ad1a-4c375f863e07","block_type":"box","text":"Payment by ACH:","page_number":28,"box":{"x":461,"y":389,"width":116,"height":10}},{"id":"6950042c-33cd-4c35-9b46-5fbd50b65dd6","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":28,"box":{"x":584,"y":389,"width":272,"height":10}},{"id":"103de2a5-ff84-43cc-a390-9f09e283731e","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":28,"box":{"x":461,"y":402,"width":469,"height":11}},{"id":"285538d8-0151-4e50-a77e-7ce955d8c3cc","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":28,"box":{"x":461,"y":416,"width":432,"height":10}},{"id":"4b4d2526-1a6d-4826-916f-772cba0347f6","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":28,"box":{"x":461,"y":430,"width":441,"height":10}},{"id":"8c465201-9353-41c7-8cd1-19974d04a332","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":28,"box":{"x":461,"y":443,"width":428,"height":10}},{"id":"2ae5a7fd-6efb-43f8-8e0f-85c3bc45f80c","block_type":"box","text":"receiving bank within the next two business days (48-72 hours);","page_number":28,"box":{"x":461,"y":457,"width":420,"height":10}},{"id":"85e12937-3837-475c-8237-0ce6d27e0153","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":28,"box":{"x":461,"y":470,"width":467,"height":10}},{"id":"f54f93f5-ce04-464c-9309-f1f159aa829b","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":28,"box":{"x":460,"y":484,"width":458,"height":10}},{"id":"1e3951f8-6578-49ea-981c-afe600897924","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":28,"box":{"x":461,"y":497,"width":457,"height":10}},{"id":"3c553e1f-020d-453e-9e9c-07cd8ede546f","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":28,"box":{"x":461,"y":511,"width":449,"height":10}},{"id":"8b9ca45e-cb9c-44c7-9f93-cf1f5b9599fe","block_type":"box","text":"open for business.","page_number":28,"box":{"x":461,"y":524,"width":121,"height":10}},{"id":"f0022e81-242d-4a78-872d-7c7e2ebac880","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":28,"box":{"x":460,"y":541,"width":467,"height":10}},{"id":"f33fd5cb-3d0f-497b-bc23-f8a404aea713","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":28,"box":{"x":461,"y":554,"width":465,"height":10}},{"id":"3adaa076-f845-4ee4-bd60-4894150000c8","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":28,"box":{"x":461,"y":567,"width":432,"height":11}},{"id":"50d87911-ac49-413c-a7d8-294ae3116583","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":28,"box":{"x":461,"y":581,"width":415,"height":10}},{"id":"71062426-17e4-4859-9333-3a63fd522fbc","block_type":"box","text":"***","page_number":28,"box":{"x":686,"y":597,"width":25,"height":5}},{"id":"c0a9dd9b-9a2f-4e5f-855b-a8b6d382453f","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":28,"box":{"x":461,"y":611,"width":423,"height":10}},{"id":"12960e9f-94c6-4213-9914-9cc10cb96616","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":28,"box":{"x":461,"y":624,"width":456,"height":11}},{"id":"8549aef2-fab6-4467-9644-347b2f3ba720","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":28,"box":{"x":461,"y":638,"width":352,"height":10}},{"id":"cdb94722-7d44-471c-94ea-85a0751c2b68","block_type":"box","text":"Redemption","page_number":28,"box":{"x":61,"y":669,"width":80,"height":10}},{"id":"8129048b-930f-4faa-a786-8df745c1fdfb","block_type":"box","text":"Proceeds","page_number":28,"box":{"x":61,"y":681,"width":62,"height":8}},{"id":"f01ee011-4170-4eca-b0c2-160cc030b1f1","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":28,"box":{"x":461,"y":669,"width":445,"height":10}},{"id":"aaab570e-34e4-4338-9b12-1b09dbd8e201","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":28,"box":{"x":461,"y":683,"width":467,"height":10}},{"id":"6777cf3c-cbac-4d66-961c-c3c41ed57ac6","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":28,"box":{"x":461,"y":696,"width":455,"height":11}},{"id":"468353c9-e328-4189-a3c1-d8ab5f3ca169","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":28,"box":{"x":461,"y":710,"width":450,"height":10}},{"id":"019df1e1-9966-4b56-b20e-7145946bfa04","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":28,"box":{"x":461,"y":723,"width":452,"height":11}},{"id":"942be5e0-4ae8-41c7-89c2-1986e862cba7","block_type":"box","text":"limit cash redemptions and may determine to pay redemption","page_number":28,"box":{"x":461,"y":737,"width":406,"height":10}},{"id":"d5ce90d5-e6a6-41db-a5fd-753b848d36bc","block_type":"box","text":"proceeds by (i) borrowing under a line of credit it has entered into with","page_number":28,"box":{"x":461,"y":750,"width":463,"height":11}},{"id":"3322d37c-34da-4ead-911d-0c52bf1c7320","block_type":"box","text":"a group of lenders, and/or (ii) transferring portfolio securities in-kind to","page_number":28,"box":{"x":461,"y":764,"width":468,"height":10}},{"id":"89a07f27-3d2a-42ac-9864-92e31cd60216","block_type":"box","text":"you. The SAI includes more information about the Fund’s line of credit.","page_number":28,"box":{"x":460,"y":777,"width":466,"height":11}},{"id":"37e4263d-6957-46d2-a6b8-3c0f7af93050","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":28,"box":{"x":461,"y":794,"width":408,"height":10}},{"id":"1fa50c0f-0d24-4966-a1e0-8a64482a139f","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":28,"box":{"x":461,"y":807,"width":457,"height":10}},{"id":"f8108ce7-ac77-4e42-99b8-17002991514f","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":28,"box":{"x":460,"y":821,"width":440,"height":10}},{"id":"3e09782f-0526-415a-be1a-7dd6c9890fac","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":28,"box":{"x":460,"y":834,"width":340,"height":11}},{"id":"2cc9a507-821c-4a6d-91a1-ce3e7d51a5f6","block_type":"box","text":"27","page_number":28,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"eecd3426-2890-484b-9ce0-1df2327f36be","block_type":"box","text":"NM0926U-5974841-28/45","page_number":28,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"cd8142d5-92ee-4917-a2bc-9383ee30e45a","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":29,"box":{"x":61,"y":46,"width":415,"height":13}},{"id":"7a4cbaa9-7264-4c06-8bce-aed07e0c928c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":29,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"6d35da2a-db1b-404b-b6a1-b939707cbfa6","block_type":"box","text":"Exchange Privilege","page_number":29,"box":{"x":61,"y":85,"width":128,"height":10}},{"id":"253fb0c2-f5a1-44e4-b216-dfb7cd926f15","block_type":"box","text":"Selling shares of one fund to","page_number":29,"box":{"x":214,"y":85,"width":190,"height":11}},{"id":"63b270df-b3aa-465e-9731-8d5de9941cf9","block_type":"box","text":"purchase shares of another","page_number":29,"box":{"x":214,"y":99,"width":182,"height":10}},{"id":"48ddd907-3c1d-4885-bf1d-a0f82700c0ae","block_type":"box","text":"BlackRock Fund (“exchanging”)","page_number":29,"box":{"x":214,"y":113,"width":204,"height":10}},{"id":"a56e7f6d-7f8e-47d5-afa8-d115c8f8cfdf","block_type":"box","text":"Investor A1 Shares of the Fund may be exchanged for Investor A","page_number":29,"box":{"x":461,"y":85,"width":424,"height":11}},{"id":"eafa51ec-5a23-4a1d-b4e9-da4aabb514fa","block_type":"box","text":"Shares of another BlackRock Fund. Shares of other BlackRock Funds","page_number":29,"box":{"x":461,"y":99,"width":455,"height":8}},{"id":"529b317e-55f5-4ba5-81a4-d00ba4af1fdc","block_type":"box","text":"may not be exchanged for Investor A1 Shares of the Fund.","page_number":29,"box":{"x":461,"y":112,"width":382,"height":11}},{"id":"95502aae-5900-419a-97f8-063eff853db5","block_type":"box","text":"You can exchange $1,000 or more of Investor A1 Shares from one fund","page_number":29,"box":{"x":460,"y":128,"width":472,"height":11}},{"id":"d6dc729b-d10d-4739-b01e-a5260e707523","block_type":"box","text":"into Investor A Shares of another fund which offers that class of shares","page_number":29,"box":{"x":461,"y":142,"width":473,"height":8}},{"id":"666f9861-efbf-4b76-b262-d2f827625e1b","block_type":"box","text":"(you can exchange less than $1,000 of Investor A1 Shares if you","page_number":29,"box":{"x":461,"y":155,"width":428,"height":11}},{"id":"5e94d3e8-00bd-489a-bf05-4daf012b1e89","block_type":"box","text":"already have an account in the fund into which you are exchanging). You","page_number":29,"box":{"x":461,"y":169,"width":473,"height":10}},{"id":"05783912-4621-40a9-8e00-6f02a8151ee3","block_type":"box","text":"may only exchange into a share class and fund that are open to new","page_number":29,"box":{"x":461,"y":183,"width":451,"height":10}},{"id":"27d8b590-8471-4191-8759-0d7f7f1634ad","block_type":"box","text":"investors or in which you have a current account if the fund is closed to","page_number":29,"box":{"x":461,"y":196,"width":471,"height":10}},{"id":"8feced3c-03ab-4d2a-833e-6c4d05bc89c7","block_type":"box","text":"new investors.","page_number":29,"box":{"x":461,"y":210,"width":93,"height":8}},{"id":"70edce09-fe65-4dab-a324-bea86e038f34","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":29,"box":{"x":461,"y":226,"width":441,"height":10}},{"id":"c01c712d-32d7-48a7-b6ad-aef591955141","block_type":"box","text":"sales charge schedule. The contingent deferred sales charge (“CDSC”)","page_number":29,"box":{"x":461,"y":239,"width":469,"height":11}},{"id":"a4aa364b-be95-4d25-887b-90f7c8153d3f","block_type":"box","text":"will continue to be measured from the date of the original purchase.","page_number":29,"box":{"x":460,"y":253,"width":449,"height":10}},{"id":"73539a62-bf35-4231-b1e6-854c0eb17921","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":29,"box":{"x":460,"y":269,"width":435,"height":10}},{"id":"add29977-8663-4d13-b905-b730c1384f8d","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":29,"box":{"x":461,"y":282,"width":406,"height":11}},{"id":"82ef4159-3ee0-44c8-bacd-b423b08c7eb7","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":29,"box":{"x":461,"y":296,"width":468,"height":10}},{"id":"7c712cdf-e2c0-438c-9b16-5877a29d4afe","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":29,"box":{"x":461,"y":310,"width":455,"height":10}},{"id":"39d8db5e-82cd-441e-89f1-86ffe9b85ec6","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":29,"box":{"x":460,"y":323,"width":423,"height":10}},{"id":"41b40a48-9e41-4f01-8ed0-6988019686f2","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":29,"box":{"x":461,"y":337,"width":398,"height":10}},{"id":"474bd3e4-b634-4e06-bd73-ba9b1164aeff","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":29,"box":{"x":461,"y":350,"width":409,"height":10}},{"id":"c33eff6b-8d04-4bbb-850e-4413018bd411","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":29,"box":{"x":461,"y":364,"width":469,"height":10}},{"id":"185550b9-4ae5-4fd5-a331-9d02023802cc","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":29,"box":{"x":460,"y":377,"width":461,"height":11}},{"id":"935976f4-b8ab-41bb-bd0b-87ab215dc972","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":29,"box":{"x":460,"y":391,"width":469,"height":10}},{"id":"59dece8b-5627-40cd-90c0-25536a48904e","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":29,"box":{"x":460,"y":404,"width":368,"height":11}},{"id":"298a03e6-619e-4c28-b170-6c73665a7f92","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":29,"box":{"x":460,"y":420,"width":450,"height":11}},{"id":"d5adfbef-24d3-4c44-a130-a6bcb432dfc2","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":29,"box":{"x":460,"y":434,"width":473,"height":10}},{"id":"85f60fc0-4100-4c19-b01b-8577c484faad","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":29,"box":{"x":461,"y":447,"width":420,"height":11}},{"id":"20e0ad38-0dd7-4d54-9dec-f39165e96cb1","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":29,"box":{"x":461,"y":461,"width":439,"height":10}},{"id":"e57bec71-9cbd-4090-9b58-7b00e7255c2c","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":29,"box":{"x":461,"y":475,"width":460,"height":10}},{"id":"292fd414-d520-4bde-ae98-4fd810f9f4b2","block_type":"box","text":"activities. See “Short-Term Trading Policy” below.","page_number":29,"box":{"x":461,"y":488,"width":322,"height":11}},{"id":"a2cca611-86b5-46a9-ab2c-829f25ddcd0a","block_type":"box","text":"For U.S. federal income tax purposes a share exchange is a taxable","page_number":29,"box":{"x":461,"y":504,"width":446,"height":11}},{"id":"4824068e-e86e-4ed7-92cb-24f38fef3608","block_type":"box","text":"event and a capital gain or loss may be realized. Please consult your","page_number":29,"box":{"x":461,"y":518,"width":453,"height":10}},{"id":"5b78fa36-b0ff-4625-9bb5-2bbcd7efc1df","block_type":"box","text":"tax adviser or other Financial Intermediary before making an exchange","page_number":29,"box":{"x":460,"y":531,"width":464,"height":11}},{"id":"d8deca3f-7749-4f65-a67e-e0db37629107","block_type":"box","text":"request.","page_number":29,"box":{"x":461,"y":546,"width":53,"height":9}},{"id":"177f28de-6875-4740-b1dc-24ab5b5c3a9f","block_type":"box","text":"Transfer Shares to","page_number":29,"box":{"x":60,"y":563,"width":124,"height":8}},{"id":"d1cb7286-4062-4752-9dd8-bc73ce869a73","block_type":"box","text":"Another Financial","page_number":29,"box":{"x":60,"y":575,"width":118,"height":8}},{"id":"d3e82ed2-21ed-4e87-b2cb-6c7771e9d209","block_type":"box","text":"Intermediary","page_number":29,"box":{"x":61,"y":586,"width":85,"height":10}},{"id":"7785d56f-55f9-4bfe-a6d2-c4276d3f3074","block_type":"box","text":"Transfer to a participating","page_number":29,"box":{"x":213,"y":563,"width":171,"height":10}},{"id":"db6e5833-139d-4371-a04a-13412565addf","block_type":"box","text":"Financial Intermediary","page_number":29,"box":{"x":214,"y":577,"width":145,"height":10}},{"id":"78ef6482-cba3-4ceb-9907-dce057f09df5","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":29,"box":{"x":460,"y":563,"width":436,"height":10}},{"id":"cffcd639-65d2-4b0f-82b6-f92fcd8971e3","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":29,"box":{"x":461,"y":577,"width":455,"height":10}},{"id":"517947a9-741a-4359-8c53-c81bb85870ee","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":29,"box":{"x":461,"y":590,"width":456,"height":10}},{"id":"d0b88144-dfd1-48f5-a3b3-d65281287418","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":29,"box":{"x":461,"y":603,"width":456,"height":11}},{"id":"9a238024-8f45-45ed-a9b2-4021a26f4bc0","block_type":"box","text":"receiving firm. If your account is held directly with BlackRock, you may","page_number":29,"box":{"x":461,"y":617,"width":461,"height":10}},{"id":"93a3930f-0651-46f5-a4fa-1753baa87f57","block_type":"box","text":"call (800) 441-7762 with any questions; otherwise please contact your","page_number":29,"box":{"x":461,"y":631,"width":470,"height":10}},{"id":"4262c3b2-eb6a-4b8f-94f0-e4f18ef58439","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":29,"box":{"x":461,"y":644,"width":394,"height":10}},{"id":"476a75b3-5f58-49c7-a28f-27ed4cbabdbd","block_type":"box","text":"Transfer to a non-participating","page_number":29,"box":{"x":213,"y":662,"width":199,"height":11}},{"id":"fee10e83-b18d-4d42-85f6-12fe24ed53d2","block_type":"box","text":"Financial Intermediary","page_number":29,"box":{"x":214,"y":676,"width":145,"height":10}},{"id":"c645ccb4-5b3c-4f11-ad02-0ad7f33b4004","block_type":"box","text":"You must either:","page_number":29,"box":{"x":460,"y":662,"width":107,"height":8}},{"id":"1a0f0956-c7e6-4af1-b62f-bee6d2da64a1","block_type":"box","text":"•","page_number":29,"box":{"x":464,"y":678,"width":3,"height":3}},{"id":"86991b82-8738-4342-9e76-49cdb2c8e9de","block_type":"box","text":"Transfer your Investor A1 shares to an account with the Fund; or","page_number":29,"box":{"x":470,"y":676,"width":425,"height":10}},{"id":"e7d6c5bb-5470-4f69-8c9a-be754641217e","block_type":"box","text":"•","page_number":29,"box":{"x":464,"y":692,"width":3,"height":3}},{"id":"00c0fe8c-e535-493a-80b3-bcbf183b91e4","block_type":"box","text":"Sell your Investor A1 shares, paying any applicable deferred sales","page_number":29,"box":{"x":471,"y":689,"width":435,"height":11}},{"id":"a0a71600-e14d-4e46-b1f4-5637394a4d5b","block_type":"box","text":"charge. If your account is held directly with BlackRock, you may call","page_number":29,"box":{"x":471,"y":703,"width":443,"height":10}},{"id":"e02bcafa-8050-4313-8ebf-8e9e56e2d456","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":29,"box":{"x":471,"y":716,"width":443,"height":11}},{"id":"771d3580-f4df-4fc8-9589-640a14884b69","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":29,"box":{"x":471,"y":730,"width":394,"height":10}},{"id":"579bc79e-d3fc-4f8c-a416-815edbc39d9e","block_type":"box","text":"Account Services and Privileges","page_number":29,"box":{"x":60,"y":770,"width":292,"height":14}},{"id":"b3e7fd3d-c75b-4639-94c9-2fea007c0ed9","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":29,"box":{"x":60,"y":797,"width":865,"height":11}},{"id":"d13f8052-f76a-4468-8e88-b330c3a2b0b5","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":29,"box":{"x":61,"y":811,"width":841,"height":12}},{"id":"7dc1d8d3-bd8f-4de6-8124-a77eab9a8fba","block_type":"box","text":"held directly with BlackRock. If your account is held directly with BlackRock, please call (800) 441-7762 or visit","page_number":29,"box":{"x":61,"y":826,"width":816,"height":12}},{"id":"e9333b9d-39f2-4c86-a793-a9902b7286f9","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":29,"box":{"x":60,"y":841,"width":824,"height":11}},{"id":"a6f18192-24cb-44e2-a151-0e9f2c78dc5e","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":29,"box":{"x":62,"y":856,"width":759,"height":11}},{"id":"35cb6b76-6e18-4378-a4cc-cb41ebc9207f","block_type":"box","text":"28","page_number":29,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c4673b5a-928a-42e4-8b8a-16fa8fa8b6dc","block_type":"box","text":"NM0926U-5974841-29/45","page_number":29,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"4a206986-d3ba-486f-ab6a-3d3b932cdda5","block_type":"box","text":"Dividend Allocation","page_number":30,"box":{"x":61,"y":51,"width":129,"height":8}},{"id":"efe17450-1992-4535-a0ae-1c776a8e46e9","block_type":"box","text":"Plan","page_number":30,"box":{"x":61,"y":63,"width":28,"height":8}},{"id":"178a7c13-f0a5-4050-80cb-02419482c5ff","block_type":"box","text":"Automatically invests your","page_number":30,"box":{"x":213,"y":51,"width":172,"height":10}},{"id":"0b1a90f3-5f46-467c-a956-be40b361efbe","block_type":"box","text":"distributions into another","page_number":30,"box":{"x":214,"y":65,"width":165,"height":8}},{"id":"3b4808e2-75e8-49ce-850b-2e7dae629807","block_type":"box","text":"BlackRock Fund of your choice","page_number":30,"box":{"x":214,"y":78,"width":200,"height":10}},{"id":"27c6b423-779a-42bc-9965-faf9646d90f8","block_type":"box","text":"pursuant to your instructions,","page_number":30,"box":{"x":214,"y":92,"width":193,"height":10}},{"id":"ecc13b58-51cf-40c1-8937-796d6bcd1bd3","block_type":"box","text":"without any fees or sales","page_number":30,"box":{"x":213,"y":105,"width":165,"height":10}},{"id":"b3618c27-c0a7-4dc6-99dd-638d68f6b134","block_type":"box","text":"charges.","page_number":30,"box":{"x":214,"y":119,"width":55,"height":10}},{"id":"207dc61b-3a97-4759-ac9a-f0e4ec6ff01a","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":30,"box":{"x":461,"y":51,"width":433,"height":10}},{"id":"eb99aa2d-3c52-40bb-ab38-f61b7f866db9","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":30,"box":{"x":461,"y":65,"width":427,"height":10}},{"id":"82d554a2-a588-4693-900b-fb5c6eea6a65","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":30,"box":{"x":461,"y":78,"width":463,"height":10}},{"id":"0d3d1f94-ff5f-426c-8a43-c16e8217f12a","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":30,"box":{"x":461,"y":92,"width":455,"height":10}},{"id":"2aa07473-22fd-4f56-8e5d-44ae80ec5776","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":30,"box":{"x":461,"y":105,"width":459,"height":11}},{"id":"f58c1209-c4b8-4ff6-912f-556d4814f23b","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":30,"box":{"x":461,"y":119,"width":454,"height":10}},{"id":"0817eaa0-34e1-4170-9bed-6d85254763b3","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":30,"box":{"x":460,"y":132,"width":467,"height":11}},{"id":"5c6d3cc1-2b75-47e5-b0e9-bb80cb6ec538","block_type":"box","text":"Systematic","page_number":30,"box":{"x":60,"y":150,"width":76,"height":11}},{"id":"aee12059-abfe-4506-916d-cb897adbc1b5","block_type":"box","text":"Exchange Plan","page_number":30,"box":{"x":61,"y":162,"width":99,"height":10}},{"id":"f8ffbc3c-9a85-4787-a9cb-85469bc1ec2c","block_type":"box","text":"This feature can be used by","page_number":30,"box":{"x":213,"y":150,"width":184,"height":11}},{"id":"fbe7501c-3134-4346-9c8f-6cf18b029c22","block_type":"box","text":"investors to systematically","page_number":30,"box":{"x":214,"y":164,"width":175,"height":10}},{"id":"1a35e27b-10fa-471e-9a13-a93dcc1c706f","block_type":"box","text":"exchange money from one fund","page_number":30,"box":{"x":214,"y":177,"width":205,"height":11}},{"id":"f6b86b66-2fe6-47b4-bbd7-168afdb2c38e","block_type":"box","text":"to up to four other funds.","page_number":30,"box":{"x":213,"y":191,"width":165,"height":10}},{"id":"b5e8d171-00cf-441d-9203-d518d859f4d2","block_type":"box","text":"A minimum of $10,000 in the initial BlackRock Fund is required, and","page_number":30,"box":{"x":460,"y":150,"width":454,"height":10}},{"id":"d20acd84-5d89-43f9-8566-3ca74169f6ed","block_type":"box","text":"investments in any additional funds must meet minimum initial","page_number":30,"box":{"x":461,"y":164,"width":414,"height":10}},{"id":"3078def6-6894-4e22-a147-248dc6bdd70e","block_type":"box","text":"investment requirements. For more information, please call","page_number":30,"box":{"x":461,"y":177,"width":391,"height":11}},{"id":"5152997a-3a6a-4a04-97d4-97c361f96355","block_type":"box","text":"(800) 441-7762. See “Exchange Privilege” for information on which","page_number":30,"box":{"x":461,"y":191,"width":445,"height":10}},{"id":"b59cccc3-8a54-4219-a1b2-1acab4e9c06c","block_type":"box","text":"classes of the Fund you may exchange into.","page_number":30,"box":{"x":461,"y":204,"width":287,"height":11}},{"id":"a03fadb5-2a5b-4be0-b8b8-cf6ccfe24249","block_type":"box","text":"Systematic","page_number":30,"box":{"x":60,"y":223,"width":76,"height":10}},{"id":"a7aebcf0-c27d-4c32-9e7d-0ee31bbcd943","block_type":"box","text":"Withdrawal Plan","page_number":30,"box":{"x":60,"y":234,"width":110,"height":8}},{"id":"600bf93c-7341-4379-b99f-9f07feaf2423","block_type":"box","text":"This feature can be used by","page_number":30,"box":{"x":213,"y":223,"width":184,"height":10}},{"id":"8df6cb3d-abba-4014-836c-0bb27ed053a6","block_type":"box","text":"investors who want to receive","page_number":30,"box":{"x":214,"y":236,"width":194,"height":8}},{"id":"68ddd903-933c-4b18-87b4-276d0a1f2caf","block_type":"box","text":"regular distributions from their","page_number":30,"box":{"x":214,"y":250,"width":200,"height":10}},{"id":"e5ea4059-4e7b-4a39-8fba-6a4dc75b7c1b","block_type":"box","text":"accounts.","page_number":30,"box":{"x":214,"y":264,"width":62,"height":7}},{"id":"13f32853-7da1-487f-b947-219423caa603","block_type":"box","text":"To start an SWP, a shareholder must have a current investment of","page_number":30,"box":{"x":460,"y":223,"width":438,"height":9}},{"id":"411f8b0e-3e13-4f63-91ec-b9c69acd3a0c","block_type":"box","text":"$10,000 or more in a BlackRock Fund. Shareholders can elect to","page_number":30,"box":{"x":461,"y":235,"width":431,"height":11}},{"id":"03433263-09f9-4dec-a07e-4ead7173705c","block_type":"box","text":"receive cash payments of $50 or more at any interval they choose.","page_number":30,"box":{"x":461,"y":249,"width":442,"height":11}},{"id":"75d0b5e8-df51-4a2b-bcf5-8b3eb0874178","block_type":"box","text":"Shareholders may sign up by completing the SWP Application Form,","page_number":30,"box":{"x":461,"y":263,"width":445,"height":11}},{"id":"f202b13f-73ce-4361-b19b-cef50355471f","block_type":"box","text":"which may be obtained from BlackRock. Shareholders should realize","page_number":30,"box":{"x":460,"y":277,"width":452,"height":10}},{"id":"36c6d52b-f392-4592-88e1-295d7df5695b","block_type":"box","text":"that if withdrawals exceed income the invested principal in their","page_number":30,"box":{"x":460,"y":290,"width":421,"height":10}},{"id":"2094de26-7285-47ec-8cb3-7b94bf651eb6","block_type":"box","text":"account will be depleted.","page_number":30,"box":{"x":461,"y":304,"width":162,"height":10}},{"id":"46f1828e-02f7-4386-aead-18462b072a4e","block_type":"box","text":"To participate in the SWP, shareholders must have their dividends","page_number":30,"box":{"x":460,"y":320,"width":435,"height":10}},{"id":"d3b62bb3-eb9a-4079-8c6b-938aecfad377","block_type":"box","text":"reinvested. Shareholders may change or cancel the SWP at any time,","page_number":30,"box":{"x":461,"y":334,"width":455,"height":10}},{"id":"988d6fc3-4c82-4bc8-8130-e3f99102b48a","block_type":"box","text":"with a minimum of 24 hours notice.","page_number":30,"box":{"x":460,"y":347,"width":234,"height":8}},{"id":"47b475b0-e2a1-4371-86ce-b6e60ba36070","block_type":"box","text":"Ask your Financial Intermediary for details.","page_number":30,"box":{"x":460,"y":363,"width":281,"height":10}},{"id":"02638c04-4559-4d73-8785-228fd9cd2e6a","block_type":"box","text":"Fund’s Rights","page_number":30,"box":{"x":61,"y":404,"width":124,"height":13}},{"id":"8eab173d-9209-4543-ba32-581814b16a3d","block_type":"box","text":"The Fund may:","page_number":30,"box":{"x":60,"y":430,"width":106,"height":11}},{"id":"e98b46ee-87f6-4111-b50f-802df5ed10a8","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":30,"box":{"x":81,"y":450,"width":840,"height":11}},{"id":"51c75d36-cfa6-4ecf-99f3-ac95e2e49d00","block_type":"box","text":"described in the Investment Company Act;","page_number":30,"box":{"x":81,"y":465,"width":308,"height":11}},{"id":"6adaf7ed-f137-410e-90a0-484d99b8617f","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":30,"box":{"x":81,"y":485,"width":789,"height":11}},{"id":"b8e7b3ea-43c3-4623-b1d2-62a709f6761f","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":30,"box":{"x":81,"y":499,"width":850,"height":12}},{"id":"84e8c5ea-324e-42c6-ac20-a5296b95e544","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":30,"box":{"x":82,"y":514,"width":368,"height":12}},{"id":"201f1243-87dc-4834-b813-c2ef17f5dc74","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":30,"box":{"x":82,"y":534,"width":781,"height":12}},{"id":"eaee9ffe-0b0c-4232-b9c8-c5da60f9289a","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":30,"box":{"x":82,"y":554,"width":798,"height":12}},{"id":"4bc884d7-0311-41fb-a0d7-f929c521df02","block_type":"box","text":"specified level.","page_number":30,"box":{"x":81,"y":569,"width":108,"height":11}},{"id":"c73ac678-03d9-4935-a2e2-5d825891a2bd","block_type":"box","text":"Note on Low Balance Accounts.","page_number":30,"box":{"x":61,"y":592,"width":239,"height":9}},{"id":"e395ed59-40d7-4be7-ba1e-0858c7640a1c","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":30,"box":{"x":307,"y":592,"width":600,"height":11}},{"id":"df16f0ed-5409-44c7-85f0-aa7eefc99460","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (“Fund Minimum”), and may","page_number":30,"box":{"x":61,"y":606,"width":854,"height":12}},{"id":"e74d4219-015a-4bf3-8016-72cc2e828fa4","block_type":"box","text":"redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":30,"box":{"x":61,"y":621,"width":837,"height":12}},{"id":"972e8561-9724-4646-9beb-bb780e53c39c","block_type":"box","text":"reason, including market fluctuation.","page_number":30,"box":{"x":61,"y":636,"width":267,"height":12}},{"id":"b6a4452a-06b8-4c0d-aae7-394678ba9327","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":30,"box":{"x":60,"y":659,"width":799,"height":11}},{"id":"69a42bf0-242d-470c-a5c9-2bf82278590b","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":30,"box":{"x":62,"y":673,"width":796,"height":12}},{"id":"8d3a9bf0-d98f-4e9c-9215-343ddfc8d696","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":30,"box":{"x":62,"y":688,"width":800,"height":12}},{"id":"275ccb9e-9319-41b5-9a60-23c3fb0e5409","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":30,"box":{"x":61,"y":703,"width":859,"height":12}},{"id":"c2a9d356-f227-4443-a2aa-7495f508866c","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":30,"box":{"x":61,"y":718,"width":868,"height":11}},{"id":"0a95e428-5917-4f80-b9d2-02c71499e8dc","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":30,"box":{"x":61,"y":733,"width":420,"height":11}},{"id":"9214f48e-fdf1-41e9-af6f-f510341e710f","block_type":"box","text":"Participation in Fee-Based Programs","page_number":30,"box":{"x":61,"y":772,"width":331,"height":13}},{"id":"88ac38b7-d8f7-4f2d-a5d1-d5cf8e00b826","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock or by Financial","page_number":30,"box":{"x":62,"y":798,"width":821,"height":11}},{"id":"26cdc847-f652-42be-847d-ce2597b35840","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":30,"box":{"x":62,"y":813,"width":806,"height":11}},{"id":"b528a960-10c8-4e4e-97df-ea52a9312975","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":30,"box":{"x":62,"y":827,"width":833,"height":12}},{"id":"9132ad2c-bc23-40fd-8140-4f69f537df32","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":30,"box":{"x":61,"y":843,"width":865,"height":11}},{"id":"085ebfaa-e056-4f65-bd2e-ad6bac3fa53c","block_type":"box","text":"transfer shares held through a fee-based program into another account. Instead, if you choose to leave the fee-based","page_number":30,"box":{"x":60,"y":857,"width":863,"height":12}},{"id":"d656812f-4fe7-496b-b6dc-acfbfbf26c78","block_type":"box","text":"program, you may have to redeem your shares held through the program and purchase shares of another class, which","page_number":30,"box":{"x":62,"y":872,"width":865,"height":12}},{"id":"f9ca5be7-8493-4f08-91c6-5adb05685b6c","block_type":"box","text":"may be subject to distribution and service fees. This may be a taxable event and you may pay any applicable sales","page_number":30,"box":{"x":61,"y":887,"width":842,"height":11}},{"id":"d1582201-1e55-44b5-b97e-203a60036a7b","block_type":"box","text":"charges or redemption fees. Please speak to your Financial Intermediary for information about specific policies and","page_number":30,"box":{"x":61,"y":902,"width":847,"height":11}},{"id":"397006f6-fa63-4b8d-b130-175df81b88df","block_type":"box","text":"procedures applicable to your account.","page_number":30,"box":{"x":62,"y":917,"width":282,"height":11}},{"id":"0216a811-98d4-4531-893a-e06e6ec818bf","block_type":"box","text":"29","page_number":30,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"31db1bcf-a9bd-4133-a127-2e6971d1a515","block_type":"box","text":"NM0926U-5974841-30/45","page_number":30,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"9239d5c5-0654-4744-8b53-a44626cf1702","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated, or the shares can be held in an","page_number":31,"box":{"x":61,"y":46,"width":840,"height":11}},{"id":"d08ab656-6981-41d2-b8f0-58c28f8b5d91","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":31,"box":{"x":61,"y":61,"width":861,"height":10}},{"id":"04dd4d0f-b861-4bcc-9ea5-1e45211f2578","block_type":"box","text":"held in the program can be held after termination. Shares that have been held for less than specified periods within","page_number":31,"box":{"x":61,"y":75,"width":849,"height":12}},{"id":"a48cc63a-26f5-41ba-a446-07ede97d6b4e","block_type":"box","text":"the program may be subject to a fee upon redemption. Shareholders that held Investor A or Institutional Shares in the","page_number":31,"box":{"x":60,"y":90,"width":867,"height":12}},{"id":"c00ea018-3190-4776-b53f-e54a67a7f0aa","block_type":"box","text":"program may be eligible to purchase additional shares of the respective share class of the Fund, but may be subject to","page_number":31,"box":{"x":62,"y":105,"width":873,"height":12}},{"id":"31e1ef69-d699-4d36-b383-770e5bc7f17e","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":31,"box":{"x":61,"y":120,"width":844,"height":11}},{"id":"06be2a49-d9b0-41d7-b926-9f4efa4b2b2d","block_type":"box","text":"only if you have an existing position at the time of purchase or are otherwise eligible to purchase Institutional Shares.","page_number":31,"box":{"x":61,"y":135,"width":865,"height":11}},{"id":"dd12d782-97d4-4f3f-9b26-0767200fa37b","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":31,"box":{"x":61,"y":149,"width":480,"height":12}},{"id":"2b5a1dda-09dd-4c30-a7aa-d344d4b7d22e","block_type":"box","text":"Certain Financial Intermediaries may, in connection with a change in account type (for example, due to leaving a fee","page_number":31,"box":{"x":61,"y":172,"width":854,"height":12}},{"id":"c9c9a6ed-2584-4aab-ae7d-11a58d07bbd8","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":31,"box":{"x":61,"y":187,"width":790,"height":11}},{"id":"f7cd611d-5956-4d37-b44f-d355d17b958f","block_type":"box","text":"Intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":31,"box":{"x":62,"y":202,"width":855,"height":11}},{"id":"69849abc-a2ef-492d-a3f2-fe90dcf9c611","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":31,"box":{"x":61,"y":216,"width":831,"height":12}},{"id":"f34d56ea-f4b5-480f-a1fd-53b169eb3a82","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":31,"box":{"x":61,"y":231,"width":828,"height":12}},{"id":"16354d04-e984-441e-b378-d0d1f9dc44bf","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":31,"box":{"x":61,"y":246,"width":437,"height":12}},{"id":"53e1c722-6730-42f8-a3e0-da3627826b80","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are included in","page_number":31,"box":{"x":62,"y":269,"width":859,"height":11}},{"id":"c62f52b0-9d43-45be-ae14-9b6ac35a742a","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":31,"box":{"x":60,"y":283,"width":858,"height":12}},{"id":"76e50793-97e2-4c28-aec1-a8784f21e2fb","block_type":"box","text":"your Financial Intermediary for more information.","page_number":31,"box":{"x":60,"y":298,"width":357,"height":12}},{"id":"e2e4c4ce-9465-4930-98b3-0a9b31b8823c","block_type":"box","text":"Short-Term Trading Policy","page_number":31,"box":{"x":61,"y":337,"width":232,"height":14}},{"id":"9ee10b08-8431-472f-9802-27993391bc61","block_type":"box","text":"The Board of Trustees (the “Board”) has determined that the interests of long-term shareholders and the Fund’s ability","page_number":31,"box":{"x":60,"y":363,"width":875,"height":12}},{"id":"49867568-ea31-4139-bd85-dde216a79922","block_type":"box","text":"to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in","page_number":31,"box":{"x":60,"y":378,"width":819,"height":12}},{"id":"4a1c46ac-b40a-4f71-a720-b57024b408f1","block_type":"box","text":"response to short-term market fluctuations — also known as “market timing.” The Fund is not designed for market","page_number":31,"box":{"x":61,"y":393,"width":845,"height":12}},{"id":"d5df2cdf-012f-4b69-9803-24bdbd67017a","block_type":"box","text":"timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange","page_number":31,"box":{"x":60,"y":408,"width":869,"height":11}},{"id":"6600d744-eb11-474f-b667-982bff915d72","block_type":"box","text":"privilege for Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive","page_number":31,"box":{"x":62,"y":423,"width":836,"height":11}},{"id":"6398f78f-ee2f-4bdf-ae24-4737dc3be12c","block_type":"box","text":"purchase and sale or exchange activity may interfere with portfolio management, increase expenses and taxes and","page_number":31,"box":{"x":62,"y":438,"width":845,"height":11}},{"id":"f965d153-4e3f-4743-a338-fc797f061772","block_type":"box","text":"may have an adverse effect on the performance of the Fund and its returns to shareholders. For example, large flows","page_number":31,"box":{"x":61,"y":452,"width":863,"height":12}},{"id":"afad8f8d-fb9a-49e9-89c4-9029c68aa7f0","block_type":"box","text":"of cash into and out of the Fund may require the management team to allocate a significant amount of assets to cash","page_number":31,"box":{"x":61,"y":467,"width":867,"height":12}},{"id":"3da35b7a-dc52-4d89-9c91-4ac3b50df8a4","block_type":"box","text":"or other short-term investments or sell securities, rather than maintaining such assets in securities selected to","page_number":31,"box":{"x":61,"y":482,"width":817,"height":12}},{"id":"427cf5c8-83d5-4947-a275-38747c5468ee","block_type":"box","text":"achieve the Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable","page_number":31,"box":{"x":61,"y":497,"width":830,"height":11}},{"id":"db47d6a9-1c20-441f-a453-d8269af7d22d","block_type":"box","text":"prices, and transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":31,"box":{"x":62,"y":512,"width":737,"height":11}},{"id":"d3fd66a7-d9c0-4ebf-b672-4678e86081bf","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":31,"box":{"x":60,"y":534,"width":873,"height":12}},{"id":"667e2525-4693-4234-a4a9-88c8bcb8ac0c","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":31,"box":{"x":61,"y":549,"width":872,"height":12}},{"id":"2f21ad26-016a-4d40-8c16-88c7b1373684","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":31,"box":{"x":61,"y":564,"width":865,"height":11}},{"id":"48010144-5aed-47ca-8ab5-bda851bf6480","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":31,"box":{"x":61,"y":579,"width":817,"height":11}},{"id":"969e7e10-d53f-4780-a737-b26dee2fcabc","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":31,"box":{"x":61,"y":594,"width":818,"height":11}},{"id":"3404861c-b754-4168-9785-67952c6fe111","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":31,"box":{"x":60,"y":608,"width":865,"height":12}},{"id":"9c4dd50e-b707-4c46-a00c-0ed41f23efac","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":31,"box":{"x":61,"y":623,"width":829,"height":12}},{"id":"f77fcf3e-3852-465c-81f2-d0ba7b5a9d5b","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":31,"box":{"x":62,"y":638,"width":671,"height":12}},{"id":"78edaad7-4d60-4276-9817-7cf4b5e8d8f4","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":31,"box":{"x":60,"y":661,"width":869,"height":11}},{"id":"2fbdf1db-6e13-4550-8b86-db4cb56313b5","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":31,"box":{"x":60,"y":676,"width":839,"height":11}},{"id":"ebec69be-e983-4da0-b049-c96ace4c8167","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":31,"box":{"x":61,"y":690,"width":869,"height":12}},{"id":"2c8bb555-e3ce-48c3-9778-563c693fdb57","block_type":"box","text":"on purchases, sales and exchanges of Fund sharesbecause certain legitimate strategies will not result in harm to the","page_number":31,"box":{"x":61,"y":705,"width":865,"height":12}},{"id":"b42e991d-407d-4955-9ec8-24abb06a03d4","block_type":"box","text":"Fund or its shareholders.","page_number":31,"box":{"x":62,"y":720,"width":181,"height":9}},{"id":"4825a9bd-5a2b-4def-94f8-b6deb5da37a3","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":31,"box":{"x":62,"y":742,"width":795,"height":12}},{"id":"5ab23e54-3f8e-467d-a9bf-8cd0cfd65504","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":31,"box":{"x":61,"y":758,"width":860,"height":11}},{"id":"6ab6ab8b-767c-4754-ac70-2acf0df506ac","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":31,"box":{"x":62,"y":772,"width":871,"height":12}},{"id":"95240140-3ab2-458b-a122-522cc04424e4","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":31,"box":{"x":62,"y":787,"width":858,"height":11}},{"id":"15038d77-f5e0-450c-b03f-6dfc22093325","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":31,"box":{"x":61,"y":802,"width":866,"height":11}},{"id":"e85f23aa-ffdc-486a-beb1-03df69e4580c","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":31,"box":{"x":61,"y":817,"width":829,"height":11}},{"id":"e9cda47f-7a64-4e96-8b2c-7c04aa2b0424","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":31,"box":{"x":62,"y":831,"width":862,"height":12}},{"id":"e38fdc53-30fe-43cb-81dc-d0f1f51d0926","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":31,"box":{"x":61,"y":846,"width":849,"height":12}},{"id":"35f76b39-bf1e-4c67-8d6f-925095bae2d8","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide The Fund","page_number":31,"box":{"x":61,"y":861,"width":869,"height":11}},{"id":"810a8fae-3331-4d04-9886-020f04df2c58","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":31,"box":{"x":60,"y":876,"width":806,"height":11}},{"id":"ea457419-ab07-4801-b497-12019f886ee0","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":31,"box":{"x":61,"y":891,"width":804,"height":11}},{"id":"5eb2f49d-88ea-41a2-8353-7015c1b39209","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":31,"box":{"x":61,"y":905,"width":849,"height":12}},{"id":"a2e6f9c0-36f8-4ee3-bf81-8b2e7b7c6371","block_type":"box","text":"30","page_number":31,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f9a2b945-095b-4e9c-8478-71f90b3da3ef","block_type":"box","text":"NM0926U-5974841-31/45","page_number":31,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"830b219b-d62a-4790-9fd2-feffbef507f6","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":32,"box":{"x":61,"y":46,"width":875,"height":11}},{"id":"98bab147-b217-4b57-91a6-8902b2aaec7b","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":32,"box":{"x":62,"y":60,"width":869,"height":12}},{"id":"5298605b-a17d-45cc-93a7-2b2f3c4f17e1","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":32,"box":{"x":61,"y":75,"width":845,"height":12}},{"id":"0c59f955-e3b5-4001-85ac-9b885a9c97be","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":32,"box":{"x":62,"y":90,"width":868,"height":12}},{"id":"e72d51af-54c4-4ecb-8c5c-a85123493dc0","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":32,"box":{"x":61,"y":105,"width":861,"height":12}},{"id":"bc04b28c-c4da-4084-a05f-a95d5fac5f83","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":32,"box":{"x":61,"y":120,"width":868,"height":11}},{"id":"3c25a475-fb1a-4d1c-b123-cc355c0160b0","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":32,"box":{"x":60,"y":135,"width":847,"height":11}},{"id":"f49db85d-7a01-4dbd-81f1-f7596be631ce","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":32,"box":{"x":60,"y":150,"width":837,"height":11}},{"id":"fe0bd3f2-cfc5-4e21-a057-5303c6c96a2d","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":32,"box":{"x":61,"y":165,"width":663,"height":11}},{"id":"d9fcbc97-455f-4f20-9123-99c488d855eb","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":32,"box":{"x":60,"y":187,"width":824,"height":11}},{"id":"f1b0f55d-4f50-420d-b172-87e11f415752","block_type":"box","text":"deemed abusive.","page_number":32,"box":{"x":61,"y":202,"width":123,"height":9}},{"id":"93410353-3cbe-4346-b069-6806ff692a7e","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":32,"box":{"x":60,"y":224,"width":841,"height":12}},{"id":"381190b9-9373-4f79-90ee-0f8c6172230b","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":32,"box":{"x":60,"y":239,"width":572,"height":12}},{"id":"30e10f6b-a8b8-4fd8-8c72-206b9ca08391","block_type":"box","text":"31","page_number":32,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"ea379f3f-7d12-49e1-8be7-682182a1a6cb","block_type":"box","text":"NM0926U-5974841-32/45","page_number":32,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"91078438-e8c7-4d6e-b29a-663731c0e067","block_type":"box","text":"Management of the Fund","page_number":33,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"40b933cb-1517-4eef-9e79-363a5c389b07","block_type":"box","text":"BlackRock","page_number":33,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"1fea8937-51cd-4782-b1d9-6aaab9139903","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":33,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"cc9eea0d-b571-42f0-91ed-9259f9d61a36","block_type":"box","text":"the oversight of the Board of the Trust. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":33,"box":{"x":60,"y":197,"width":875,"height":12}},{"id":"e90ee013-4492-442a-a339-a5f2d2300413","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":33,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"ef5670f6-d2b5-4e32-8268-deec1d155eb0","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":33,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"3cef7f53-36bc-4c2b-82fc-96778a353a37","block_type":"box","text":"BlackRock, Inc.","page_number":33,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"32bdd280-ba28-4fa0-8664-2548dced2f79","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":33,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"35dfefe7-e356-453b-8dce-8217811d5a46","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":33,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"37079136-aa83-4db5-b1c7-d4dc58f73c2b","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":33,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"e111a317-5ff3-422b-b47a-afd6f89239b2","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Under the","page_number":33,"box":{"x":60,"y":317,"width":827,"height":11}},{"id":"7a816db1-1cf7-42b3-80cf-99e0b7591dcc","block_type":"box","text":"Management Agreement, BlackRock receives for its services to the Fund a fee as a percentage of the Fund’s average","page_number":33,"box":{"x":62,"y":331,"width":863,"height":12}},{"id":"3de8e143-fda8-48bb-a856-9c4ba399bffd","block_type":"box","text":"daily net assets.","page_number":33,"box":{"x":61,"y":346,"width":119,"height":11}},{"id":"2644df8b-22d5-4635-a99c-61ea7a2fe9e4","block_type":"box","text":"The annual management fees payable to BlackRock (as a percentage of average daily net assets) are calculated as","page_number":33,"box":{"x":60,"y":369,"width":849,"height":11}},{"id":"587ec88e-6682-490a-b15d-d80fec45e5c6","block_type":"box","text":"follows:","page_number":33,"box":{"x":60,"y":383,"width":55,"height":10}},{"id":"f14ec7c8-206b-4750-83ce-b4d4918f3318","block_type":"box","text":"Average Daily Net Assets","page_number":33,"box":{"x":69,"y":422,"width":151,"height":9}},{"id":"0f6b453f-9d5e-404d-b675-25244330f73c","block_type":"box","text":"Rate of","page_number":33,"box":{"x":844,"y":412,"width":43,"height":7}},{"id":"73376d49-81c4-4c6c-940e-77ab2fffad56","block_type":"box","text":"Management Fee","page_number":33,"box":{"x":813,"y":422,"width":104,"height":9}},{"id":"22d603b4-3934-43e8-bada-84db2dcccce5","block_type":"box","text":"Not exceeding $1 billion","page_number":33,"box":{"x":70,"y":439,"width":157,"height":11}},{"id":"d4bc75e7-adb1-4d66-bd26-a6b3d32e8d2d","block_type":"box","text":"0.55%","page_number":33,"box":{"x":849,"y":439,"width":42,"height":8}},{"id":"1b9f9551-aca3-4fd0-8f75-9d860bf1fa02","block_type":"box","text":"In excess of $1 billion but not more than $3 billion 0.52%","page_number":33,"box":{"x":70,"y":457,"width":821,"height":9}},{"id":"f33c56d5-a8b2-4b47-bdcb-7b3286b02bc6","block_type":"box","text":"In excess of $3 billion but not more than $5 billion 0.50%","page_number":33,"box":{"x":70,"y":475,"width":821,"height":9}},{"id":"e876a636-aafd-4274-a6d3-bbd1bbab676e","block_type":"box","text":"In excess of $5 billion but not more than $10 billion 0.48%","page_number":33,"box":{"x":70,"y":493,"width":821,"height":9}},{"id":"f66b3bed-fdba-43d9-9878-279d1f971f43","block_type":"box","text":"In excess of $10 billion","page_number":33,"box":{"x":70,"y":511,"width":153,"height":9}},{"id":"e4712fcf-d5a7-4150-8f4b-ee1e7c4ce5fa","block_type":"box","text":"0.47%","page_number":33,"box":{"x":849,"y":511,"width":42,"height":9}},{"id":"ea989dba-ebd3-463c-b4b9-14e97ee79374","block_type":"box","text":"BlackRock has contractually agreed to waive 0.05% of the management fee through June 30, 2028. The agreement","page_number":33,"box":{"x":62,"y":543,"width":848,"height":12}},{"id":"d62a103b-1aef-43ed-b8cd-b1777d82fd72","block_type":"box","text":"may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a","page_number":33,"box":{"x":61,"y":558,"width":833,"height":12}},{"id":"60f75b5c-10e3-4487-895c-dcf68246a236","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":33,"box":{"x":61,"y":573,"width":412,"height":11}},{"id":"ed981a40-cfce-4be9-934b-673a45449958","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":33,"box":{"x":62,"y":595,"width":840,"height":12}},{"id":"bd465bbf-fb2c-47b1-af90-294167e81b7a","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":33,"box":{"x":61,"y":610,"width":824,"height":12}},{"id":"2ca05975-6ddb-419b-acdc-ccf2d2fc254a","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock","page_number":33,"box":{"x":62,"y":625,"width":843,"height":12}},{"id":"ce9d895c-03ab-44aa-8779-5fd05c3cf135","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of advisory fees the Fund pays to BlackRock","page_number":33,"box":{"x":61,"y":640,"width":846,"height":12}},{"id":"76b2174b-74f2-4ff2-a791-f34360aca308","block_type":"box","text":"indirectly through its investment in money market funds managed by BlackRock or its affiliates (the “affiliated money","page_number":33,"box":{"x":62,"y":655,"width":859,"height":11}},{"id":"508bb969-8cfa-4488-96f8-a7a8544634f8","block_type":"box","text":"market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by","page_number":33,"box":{"x":61,"y":670,"width":872,"height":11}},{"id":"36f5e09e-981f-4030-b786-e0c4aa7c56b3","block_type":"box","text":"a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of","page_number":33,"box":{"x":61,"y":684,"width":855,"height":12}},{"id":"638eaa89-98cb-4b58-bb51-a122984101ad","block_type":"box","text":"the Fund.","page_number":33,"box":{"x":60,"y":699,"width":68,"height":9}},{"id":"2ed39241-5f78-4d81-a9a7-1afc25b291c3","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":33,"box":{"x":62,"y":722,"width":851,"height":11}},{"id":"1253da6b-58c9-4864-985f-221bc680a11c","block_type":"box","text":"the annual rate of 0.47% of the Fund’s average daily net assets.","page_number":33,"box":{"x":60,"y":737,"width":473,"height":11}},{"id":"9becc741-7217-45e4-8707-6dd90f1adf0a","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock is available in the","page_number":33,"box":{"x":60,"y":759,"width":850,"height":12}},{"id":"028dfb2f-de28-41d7-a4ee-adaa3efdc617","block_type":"box","text":"Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":33,"box":{"x":62,"y":774,"width":556,"height":11}},{"id":"548db764-98bd-4cee-a6be-f834036eedf6","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":33,"box":{"x":62,"y":797,"width":864,"height":11}},{"id":"e58347cb-6f3f-4eca-b10c-2889cd65cf23","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":33,"box":{"x":62,"y":812,"width":863,"height":11}},{"id":"49a46600-21be-45c7-9ba6-088d7ad304d5","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":33,"box":{"x":60,"y":826,"width":861,"height":12}},{"id":"8b03a320-1f93-41db-a84a-d0344f8fac5f","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":33,"box":{"x":61,"y":841,"width":864,"height":12}},{"id":"199cd40c-7704-4824-b5e7-41c61aed98a3","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":33,"box":{"x":61,"y":856,"width":872,"height":11}},{"id":"baa16820-0a7f-4910-9bd0-1d6fcb8a95ea","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":33,"box":{"x":61,"y":871,"width":841,"height":11}},{"id":"4855153b-6ad1-413f-b2dc-5b078f98617b","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":33,"box":{"x":61,"y":885,"width":472,"height":12}},{"id":"b67a71cc-7295-48b5-bbf8-91f21260de64","block_type":"box","text":"32","page_number":33,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7d537471-7012-44f3-9850-b1385058421b","block_type":"box","text":"NM0926U-5974841-33/45","page_number":33,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"ddb6f6db-466e-43c7-b0f1-48f6427015be","block_type":"box","text":"Portfolio Manager Information","page_number":34,"box":{"x":61,"y":46,"width":272,"height":14}},{"id":"21249983-acc4-42a2-af1d-9633026e6551","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. Further information regarding the portfolio","page_number":34,"box":{"x":62,"y":73,"width":869,"height":11}},{"id":"1bc9dc64-8268-4618-a7bb-d0dc6c4d1587","block_type":"box","text":"managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of","page_number":34,"box":{"x":61,"y":88,"width":837,"height":11}},{"id":"0fcabb1a-a819-4144-8b9c-ce62185357aa","block_type":"box","text":"interest, is available in the Fund’s SAI.","page_number":34,"box":{"x":62,"y":102,"width":281,"height":11}},{"id":"9e2951d8-e86b-4388-9b2f-c2f001db15f2","block_type":"box","text":"The Fund is managed by a team of financial professionals. 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Director of BlackRock, Inc. from 2021","page_number":34,"box":{"x":615,"y":299,"width":295,"height":10}},{"id":"9fe28fc1-0049-4f41-a5a7-2007ac55cb98","block_type":"box","text":"to 2024.","page_number":34,"box":{"x":615,"y":313,"width":57,"height":8}},{"id":"634a05ae-d7ed-4a00-b2c1-4f5e258387c6","block_type":"box","text":"Ryan McDonald, CFA Jointly and primarily responsible for","page_number":34,"box":{"x":61,"y":371,"width":424,"height":11}},{"id":"2f1fd278-4c41-4064-bd8a-ef11a208ef4a","block_type":"box","text":"the day-to-day management of the","page_number":34,"box":{"x":252,"y":385,"width":223,"height":10}},{"id":"f038f25c-8c9b-4fc9-bdcb-bc7e13c82bb2","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":34,"box":{"x":253,"y":398,"width":245,"height":11}},{"id":"085f2fb8-b0c2-469b-ac65-8849c531672b","block_type":"box","text":"Fund’s overall investment strategy","page_number":34,"box":{"x":253,"y":412,"width":225,"height":10}},{"id":"a7ae4e50-f7e8-42c2-af14-b62981d236f4","block_type":"box","text":"and overseeing the management of","page_number":34,"box":{"x":253,"y":426,"width":233,"height":10}},{"id":"0d5fdec7-775e-44ef-952e-85fc6273bb4a","block_type":"box","text":"the Fund.","page_number":34,"box":{"x":252,"y":439,"width":60,"height":8}},{"id":"4bcbf1a2-22be-47c1-a6d8-b615f5ec128d","block_type":"box","text":"2023 Managing Director of BlackRock, Inc. since","page_number":34,"box":{"x":545,"y":371,"width":352,"height":11}},{"id":"d95c589c-9922-49ae-a8a7-5506d3ee2157","block_type":"box","text":"2023; 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BlackRock and its Affiliates act, or may act, as an investor, research","page_number":34,"box":{"x":61,"y":759,"width":865,"height":12}},{"id":"39eba795-6a80-4838-bd3c-9f513854f203","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":34,"box":{"x":62,"y":774,"width":839,"height":12}},{"id":"a08e27f2-c53f-499f-b685-8597de115e3b","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":34,"box":{"x":60,"y":789,"width":850,"height":11}},{"id":"0e67582b-5146-4dd0-af37-2696722b95af","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":34,"box":{"x":62,"y":804,"width":813,"height":11}},{"id":"cfbd1d68-15bb-47e8-a8d0-f96a6efb961a","block_type":"box","text":"indirectly invest.","page_number":34,"box":{"x":62,"y":819,"width":116,"height":11}},{"id":"1b40bdae-8d68-4a4e-a841-da9f34007a10","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":34,"box":{"x":62,"y":841,"width":801,"height":12}},{"id":"ea6a9410-9f00-4fdf-8de9-22ee652827c5","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":34,"box":{"x":62,"y":856,"width":865,"height":11}},{"id":"780a4b89-7f6b-4ab2-86be-f1531a417f8e","block_type":"box","text":"similar types of securities, currencies and other assets as are held by the Fund. 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The opposite result is also possible.","page_number":35,"box":{"x":61,"y":262,"width":815,"height":11}},{"id":"ae4c382d-5ac9-4d7c-a1d6-c71275ebd59c","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":35,"box":{"x":62,"y":284,"width":802,"height":12}},{"id":"24264c28-de4e-4a80-a8e6-45361fb52798","block_type":"box","text":"employees or clients have an adverse interest. 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The terms of a fund’s index licensing agreement with BlackRock or its","page_number":35,"box":{"x":62,"y":552,"width":870,"height":12}},{"id":"d8174316-f3e4-4854-be83-c1deb4aa9de9","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":35,"box":{"x":60,"y":567,"width":545,"height":12}},{"id":"6fce376d-910f-4137-ab81-6ab580bc5e50","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":35,"box":{"x":60,"y":590,"width":837,"height":11}},{"id":"c62194cd-1db8-4788-970a-d5c40c686237","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":35,"box":{"x":61,"y":604,"width":865,"height":12}},{"id":"c582ae8a-4ae9-4264-8014-044cfa897292","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":35,"box":{"x":62,"y":619,"width":819,"height":12}},{"id":"339f907a-d2d7-4f95-b2e4-59a3ce87a9bc","block_type":"box","text":"Valuation of Fund Investments","page_number":35,"box":{"x":63,"y":658,"width":271,"height":11}},{"id":"4fd3e7c5-9f8d-42a3-950e-c24fa69b28d5","block_type":"box","text":"When you buy shares, you pay the net asset value, plus any applicable sales charge. This is the offering price. Shares","page_number":35,"box":{"x":60,"y":684,"width":869,"height":12}},{"id":"c125aeff-6874-4e9e-a579-e9c215808ac9","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. 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The net asset value of shares is calculated by dividing the","page_number":35,"box":{"x":60,"y":788,"width":865,"height":12}},{"id":"9e4e763d-ad72-4de2-a754-fe21aa2f0236","block_type":"box","text":"value of the net assets of each class of shares (i.e., the value of its total assets less total liabilities) by the total","page_number":35,"box":{"x":60,"y":803,"width":829,"height":11}},{"id":"7f1542a6-df3e-4520-ad5f-893bdb0c9a40","block_type":"box","text":"number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":35,"box":{"x":61,"y":818,"width":601,"height":11}},{"id":"0d4f2433-6dd6-4bb8-89ff-117e8670126f","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":35,"box":{"x":60,"y":840,"width":844,"height":12}},{"id":"3bf27208-279b-48ee-b27c-efdcd5b4e0fa","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":35,"box":{"x":60,"y":855,"width":837,"height":12}},{"id":"3213c594-3218-414d-957f-7566569379ba","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":35,"box":{"x":62,"y":870,"width":464,"height":11}},{"id":"ee840b65-03a8-448a-b941-4633a5f56173","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":35,"box":{"x":62,"y":893,"width":863,"height":11}},{"id":"afbf2f2a-bfa4-460a-ab8d-9f9b8c5ecd1d","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":35,"box":{"x":60,"y":907,"width":858,"height":12}},{"id":"11b69f89-75ad-41cd-94d3-b2e14c0d1e8a","block_type":"box","text":"34","page_number":35,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"6b4a62a1-b9a1-4c2b-8ebd-99ca72fcaa8f","block_type":"box","text":"NM0926U-5974841-35/45","page_number":35,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"f055c2eb-8c69-47ca-ae30-b7a2f95df9bc","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":36,"box":{"x":62,"y":46,"width":863,"height":11}},{"id":"09374f4c-0646-45c7-8fc9-c3676f4160f0","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":36,"box":{"x":61,"y":60,"width":852,"height":12}},{"id":"182d5c17-b574-4c13-aef9-8e37760a375c","block_type":"box","text":"end funds (including money market funds) are valued at net asset value. Shares of underlying exchange-traded closed","page_number":36,"box":{"x":61,"y":75,"width":869,"height":12}},{"id":"efa7034b-6df7-422e-bfa3-937e408738d3","block_type":"box","text":"end funds or other ETFs are valued at their most recent closing price.","page_number":36,"box":{"x":61,"y":90,"width":507,"height":12}},{"id":"05d5ce42-87da-4461-bbef-ac8afaa01188","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":36,"box":{"x":60,"y":113,"width":857,"height":11}},{"id":"8e4ab914-67f1-4a2f-a61e-b589da35960d","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":36,"box":{"x":61,"y":128,"width":870,"height":11}},{"id":"55ec874c-8553-4811-9bf4-13e2d4e3ff0a","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":36,"box":{"x":61,"y":143,"width":868,"height":11}},{"id":"90f15af3-63f9-416e-b6fd-4b73b2136166","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":36,"box":{"x":61,"y":157,"width":842,"height":12}},{"id":"7844ccc8-1740-4fe1-861b-86a67ed07c45","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":36,"box":{"x":61,"y":172,"width":853,"height":11}},{"id":"20694de0-1497-44fe-b356-cfd25d2acd32","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":36,"box":{"x":61,"y":187,"width":844,"height":11}},{"id":"5534b771-bf5a-4d1b-b506-c1ec7cd62f47","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":36,"box":{"x":61,"y":202,"width":822,"height":11}},{"id":"29248f3d-b4cf-4f04-8aa5-f8217a55d6c9","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":36,"box":{"x":61,"y":216,"width":845,"height":12}},{"id":"369be49f-27ac-4e70-a4bf-ef4bd0ec3bb8","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":36,"box":{"x":61,"y":231,"width":733,"height":12}},{"id":"6631ecc3-7946-46b8-a20c-d6e8f4c5d2af","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":36,"box":{"x":61,"y":254,"width":829,"height":11}},{"id":"f6acfd74-5431-482a-b85e-2b6854d11bf0","block_type":"box","text":"regular trading hours of the NYSE. 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The Fund will be","page_number":36,"box":{"x":60,"y":626,"width":830,"height":11}},{"id":"5965a25f-4862-4266-94f7-a3d7354edb85","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":36,"box":{"x":61,"y":641,"width":848,"height":11}},{"id":"79d9bb90-7c44-4897-ae9a-232a8886eaac","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":36,"box":{"x":61,"y":655,"width":868,"height":12}},{"id":"a648ffbf-c1d2-432c-8a10-eddf46ab59b8","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":36,"box":{"x":61,"y":670,"width":856,"height":12}},{"id":"9765bd3b-2922-41d7-9282-7ce6f2859b2a","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":36,"box":{"x":61,"y":709,"width":311,"height":13}},{"id":"5f17024a-b820-4dc7-adb3-4d633509113d","block_type":"box","text":"BUYING A DIVIDEND","page_number":36,"box":{"x":423,"y":750,"width":152,"height":9}},{"id":"a4bc736e-61ea-4de6-8f9f-ff2143e26d91","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":36,"box":{"x":72,"y":773,"width":831,"height":11}},{"id":"31751f02-a6c5-45c1-b1c1-3f0227ef1364","block_type":"box","text":"pays a dividend, although the impact on you will be significantly less than if you were invested in a fund paying fully","page_number":36,"box":{"x":72,"y":788,"width":844,"height":11}},{"id":"367a5f3d-a77b-4c25-b4f8-87e4e6bf1917","block_type":"box","text":"taxable dividends. The reason? If you buy shares when the Fund has declared but not yet distributed taxable","page_number":36,"box":{"x":70,"y":802,"width":796,"height":12}},{"id":"828fe7cb-0083-4e3f-9645-7fea79570010","block_type":"box","text":"ordinary income or capital gains, you will pay the full price for the shares and then receive a portion of the price","page_number":36,"box":{"x":71,"y":817,"width":820,"height":12}},{"id":"a16f76db-e152-4796-b0fa-9170439e2131","block_type":"box","text":"back in the form of a taxable dividend. Before investing you may want to consult your tax adviser.","page_number":36,"box":{"x":71,"y":832,"width":711,"height":12}},{"id":"3cb542a1-5d6f-4931-a3ad-6a2331bd99d9","block_type":"box","text":"The Fund will distribute net investment income, if any, monthly and net realized capital gain, if any, at least annually.","page_number":36,"box":{"x":60,"y":873,"width":852,"height":11}},{"id":"7306eb4e-4950-4588-a89a-1dea20b51ec4","block_type":"box","text":"The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.","page_number":36,"box":{"x":60,"y":887,"width":857,"height":12}},{"id":"f56ef7ab-ef5b-4d6e-9869-68900f5a7a36","block_type":"box","text":"Dividends may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be","page_number":36,"box":{"x":62,"y":902,"width":859,"height":12}},{"id":"1769f7fc-c810-4b79-b7fb-07837bd94c7e","block_type":"box","text":"taken in cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. Although","page_number":36,"box":{"x":60,"y":917,"width":864,"height":12}},{"id":"7942d401-b361-4e1c-b549-81d6ec030c9c","block_type":"box","text":"35","page_number":36,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"29947772-be36-49cc-81c7-447b238cadbf","block_type":"box","text":"NM0926U-5974841-36/45","page_number":36,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"97814486-7bc6-4198-94bb-8e743e205be7","block_type":"box","text":"this cannot be predicted with any certainty, the Fund anticipates that a significant amount of its dividends, if any, will","page_number":37,"box":{"x":60,"y":46,"width":857,"height":11}},{"id":"61c026eb-848f-4df2-94fe-1958b1acaae3","block_type":"box","text":"consist of capital gains. Capital gains may be taxable to you at different rates depending on how long the Fund held","page_number":37,"box":{"x":61,"y":60,"width":849,"height":12}},{"id":"326aa653-7454-4506-a813-1e3bed6aca8a","block_type":"box","text":"the assets sold.","page_number":37,"box":{"x":60,"y":76,"width":118,"height":9}},{"id":"74f143f1-8325-4383-9f86-82ccf9c4cb5b","block_type":"box","text":"The Fund intends to make income distributions most of which will be excludable from gross income for federal income","page_number":37,"box":{"x":60,"y":98,"width":867,"height":11}},{"id":"8ae6f80b-5502-4c93-8363-24c0342ca692","block_type":"box","text":"tax purposes. Some distributions may be taxable.","page_number":37,"box":{"x":60,"y":113,"width":364,"height":11}},{"id":"5bf5bae1-8fda-4780-96a5-f06ff5bc525d","block_type":"box","text":"The Fund will purchase a tax-exempt security only if it is accompanied by an opinion of counsel to the issuer, which is","page_number":37,"box":{"x":60,"y":135,"width":861,"height":12}},{"id":"7d425fba-4010-4268-9baa-8a0b48da79bc","block_type":"box","text":"delivered on the date of issuance of the security, that the interest paid on such security is excludable from gross","page_number":37,"box":{"x":61,"y":150,"width":828,"height":12}},{"id":"4680c0e4-a90b-48f2-8ce5-dd790392564e","block_type":"box","text":"income for Federal income tax purposes. For purposes of the Fund’s investment strategies, municipal securities and","page_number":37,"box":{"x":62,"y":165,"width":853,"height":11}},{"id":"f69690be-279b-4bde-a87e-9c12502ec8ce","block_type":"box","text":"municipal bonds do not include certain tax credit bonds or tax subsidy bonds issued by municipalities and/or states,","page_number":37,"box":{"x":61,"y":180,"width":857,"height":11}},{"id":"915cfad1-59f4-4670-88f7-c312f82d0e9b","block_type":"box","text":"the interest of which is generally taxable for Federal income tax purposes. Holders of tax credit bonds may be entitled","page_number":37,"box":{"x":60,"y":195,"width":864,"height":11}},{"id":"a18b8600-d9f5-43fb-a816-b423a66186be","block_type":"box","text":"to be allocated income tax credits of certain amounts. To the extent that the dividends distributed by the Fund are","page_number":37,"box":{"x":60,"y":209,"width":838,"height":12}},{"id":"2f07fcd9-e856-4ae2-a32b-25e7715c18a0","block_type":"box","text":"derived from bond interest income that is excludable from gross income for Federal income tax purposes, they are","page_number":37,"box":{"x":61,"y":224,"width":839,"height":12}},{"id":"9674c27e-8bf9-4d8a-bcab-59f29103214c","block_type":"box","text":"exempt from Federal income tax. However, as the Fund may invest in taxable securities as well, the Fund anticipates","page_number":37,"box":{"x":61,"y":239,"width":855,"height":11}},{"id":"bbbc603d-aecc-46c6-9457-d038a2a214f0","block_type":"box","text":"that some portion of its dividends may be taxable to investors.","page_number":37,"box":{"x":60,"y":254,"width":460,"height":11}},{"id":"82c6af43-2fe2-4c0e-b5fc-83945780ae78","block_type":"box","text":"There is a possibility that events occurring after the date of issuance of a security, or after the Fund’s acquisition of a","page_number":37,"box":{"x":60,"y":276,"width":864,"height":12}},{"id":"18dd69eb-815d-46b0-95d0-46c63f47753a","block_type":"box","text":"security, may result in a determination that the interest on that security is, in fact, includable in gross income for","page_number":37,"box":{"x":61,"y":291,"width":829,"height":12}},{"id":"1f091fdf-cb3c-4df4-a6a2-b6e4a0b108d1","block_type":"box","text":"Federal income tax purposes retroactively to its date of issue. Such a determination may cause a portion of prior","page_number":37,"box":{"x":62,"y":306,"width":829,"height":11}},{"id":"b3fe08ec-47ba-4bf9-b970-cae65bbe84d8","block_type":"box","text":"distributions received by shareholders to be taxable to those shareholders in the year of receipt.","page_number":37,"box":{"x":61,"y":321,"width":707,"height":11}},{"id":"476d6473-e1e9-47c9-a531-46c50afa0ce9","block_type":"box","text":"Distributions derived from taxable interest income, market discount or capital gains on portfolio securities or derivative","page_number":37,"box":{"x":62,"y":343,"width":872,"height":12}},{"id":"a2be5f42-7bbf-4096-8b90-848f2d3aa627","block_type":"box","text":"instruments, if any, will be subject to Federal income taxes and will generally be subject to state and local income","page_number":37,"box":{"x":62,"y":358,"width":834,"height":12}},{"id":"7a1ed2fc-0390-451c-b945-76611bc58b9b","block_type":"box","text":"taxes. If you redeem or exchange Fund shares, you generally will be treated as having sold your shares and any gain on","page_number":37,"box":{"x":60,"y":373,"width":876,"height":12}},{"id":"94356483-7502-498e-8327-34cbd642de85","block_type":"box","text":"the transaction may be subject to tax. Certain investors may be subject to a Federal alternative minimum tax on","page_number":37,"box":{"x":60,"y":388,"width":822,"height":11}},{"id":"d01a846c-5afa-4c41-b1f9-a19581dd191b","block_type":"box","text":"dividends attributable to the Fund’s investments in private activity bonds.","page_number":37,"box":{"x":61,"y":403,"width":536,"height":11}},{"id":"06228724-b54a-4f75-88d1-cb33373696b4","block_type":"box","text":"Generally, within 60 days after the end of the calendar year, the Fund or your Financial Intermediary will tell you the","page_number":37,"box":{"x":61,"y":425,"width":843,"height":12}},{"id":"c97d3efe-eb81-4b82-8cfa-5743d9776f27","block_type":"box","text":"amount of exempt-interest dividends, taxable income, and capital gain dividends you received that year. Capital gain","page_number":37,"box":{"x":61,"y":440,"width":851,"height":12}},{"id":"06e269ed-8dfa-4d90-a404-ca6f6b894dca","block_type":"box","text":"dividends are taxable as long term capital gains to you if the Fund has held its positions for more than one year,","page_number":37,"box":{"x":61,"y":455,"width":823,"height":12}},{"id":"0529f780-026e-49ff-b754-c908fa90b565","block_type":"box","text":"regardless of how long you have held your shares in the Fund. The tax treatment of dividends from the Fund is the","page_number":37,"box":{"x":61,"y":470,"width":837,"height":11}},{"id":"39d73c4e-6c0c-46a0-94c1-9f568320133c","block_type":"box","text":"same whether you choose to receive them in cash or to have them reinvested in shares of the Fund.","page_number":37,"box":{"x":61,"y":485,"width":736,"height":11}},{"id":"8986955d-e543-4e80-82fa-24644474b724","block_type":"box","text":"You will pay tax on dividends from the Fund whether you receive them in cash or additional shares. If you redeem Fund","page_number":37,"box":{"x":60,"y":507,"width":869,"height":12}},{"id":"2ef2707b-44df-48ac-bcbf-3b1051c375f2","block_type":"box","text":"shares or exchange them for shares of another fund, you generally will be treated as having sold your shares and any","page_number":37,"box":{"x":61,"y":522,"width":862,"height":12}},{"id":"9c92a359-9b52-450d-8c38-da62599bdb39","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":37,"box":{"x":60,"y":537,"width":812,"height":11}},{"id":"f76d72fd-3a21-4636-b292-509761caea97","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":37,"box":{"x":61,"y":552,"width":852,"height":11}},{"id":"62e74036-05ac-4aa8-a99a-d753e0ca03ca","block_type":"box","text":"gains are eligible for taxation at a maximum rate of 15% or 20% for individuals, depending on whether their income","page_number":37,"box":{"x":60,"y":566,"width":844,"height":12}},{"id":"b896d0c7-4602-4003-be2a-293ec75b38c3","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":37,"box":{"x":61,"y":581,"width":565,"height":12}},{"id":"d65b31ab-d041-48bb-8d68-7d5102ff78bf","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":37,"box":{"x":60,"y":604,"width":803,"height":11}},{"id":"e1018a09-7b5a-459a-8f82-857ec51853b5","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":37,"box":{"x":61,"y":618,"width":873,"height":12}},{"id":"12125901-7e21-470f-8e81-de23ce11feaf","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":37,"box":{"x":60,"y":633,"width":282,"height":12}},{"id":"88b38938-6835-4996-91b4-9a433767b9fe","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":37,"box":{"x":60,"y":656,"width":861,"height":12}},{"id":"25a878de-88ef-4434-b548-60a5e8f5bfc2","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":37,"box":{"x":62,"y":671,"width":679,"height":11}},{"id":"350dcac5-5529-4cde-ad33-2ae385ad5b37","block_type":"box","text":"If you are neither a tax resident nor a citizen of the United States or if you are a foreign entity (other than a pass","page_number":37,"box":{"x":62,"y":693,"width":827,"height":12}},{"id":"e027c6be-7a4d-4172-a0bf-2e08e7eada29","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s dividends will generally be subject to a 30% U.S.","page_number":37,"box":{"x":60,"y":708,"width":826,"height":12}},{"id":"c724adf7-334c-41e8-9340-a9090349fdb6","block_type":"box","text":"withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as capital gain","page_number":37,"box":{"x":60,"y":723,"width":863,"height":12}},{"id":"d8da1c08-5f9a-4eab-b117-93a8b96dc6f4","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder may be","page_number":37,"box":{"x":61,"y":738,"width":837,"height":11}},{"id":"3c2c04d1-b223-4bab-9a0f-75c0a804db90","block_type":"box","text":"eligible for an exemption from U.S. withholding tax.","page_number":37,"box":{"x":61,"y":753,"width":372,"height":11}},{"id":"ff9922c4-dd96-4e53-8aea-17b8ec95d6f9","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":37,"box":{"x":61,"y":775,"width":868,"height":12}},{"id":"183df3d5-a5ea-432d-9b7b-b75c4ffe7023","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":37,"box":{"x":60,"y":790,"width":808,"height":12}},{"id":"0e72b56e-a71f-4345-8633-b29d5d7e0494","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":37,"box":{"x":60,"y":805,"width":874,"height":12}},{"id":"f0b58fe1-ef0e-498a-9cea-abc4326ae44f","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":37,"box":{"x":62,"y":820,"width":789,"height":11}},{"id":"e0b12f98-e63a-4cb6-a881-3d3be8169b8b","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":37,"box":{"x":62,"y":835,"width":858,"height":11}},{"id":"94bf2019-f17e-4734-b61f-202d89b997b3","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":37,"box":{"x":61,"y":849,"width":865,"height":12}},{"id":"fce15726-cf04-4f24-ae12-21ca673675c5","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":37,"box":{"x":61,"y":864,"width":802,"height":12}},{"id":"c4b17420-d459-4195-927e-06dba9cc92a7","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":37,"box":{"x":62,"y":879,"width":639,"height":12}},{"id":"8fe1b0ec-8930-4617-b448-6535b018d6d5","block_type":"box","text":"36","page_number":37,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"be0db8b5-f01a-492e-a5c7-603892505ce1","block_type":"box","text":"NM0926U-5974841-37/45","page_number":37,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"679c9120-fadf-42c2-950f-95583b06c719","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":38,"box":{"x":60,"y":46,"width":855,"height":11}},{"id":"ae7720cd-1cd0-4fc1-afe2-50b9555820ab","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":38,"box":{"x":61,"y":60,"width":832,"height":12}},{"id":"fd818d4a-51f0-4051-bf70-86eca215cf2e","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":38,"box":{"x":62,"y":76,"width":383,"height":11}},{"id":"d13a16e4-6cf7-485e-b817-b326465da3c5","block_type":"box","text":"37","page_number":38,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"02d67ba2-1ffe-4b1d-8114-d29227850cb5","block_type":"box","text":"NM0926U-5974841-38/45","page_number":38,"box":{"x":757,"y":969,"width":144,"height":7}},{"id":"5776fe14-6757-488c-8dcf-cdb6374973ef","block_type":"box","text":"The financial highlights table is intended to help investors understand the Fund’s financial performance for the periods","page_number":39,"box":{"x":60,"y":75,"width":873,"height":12}},{"id":"9b39a0d4-83d6-4e86-b04b-a0609ba438b5","block_type":"box","text":"shown. Certain information reflects financial results for a single share of the Fund. The total returns in the table","page_number":39,"box":{"x":61,"y":90,"width":823,"height":12}},{"id":"4f261d44-d674-4544-ad4b-6ec986d58d53","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":39,"box":{"x":61,"y":105,"width":826,"height":12}},{"id":"d9887bfd-bd59-42c6-b141-419984e3cbad","block_type":"box","text":"reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP whose","page_number":39,"box":{"x":61,"y":120,"width":836,"height":11}},{"id":"01f3c5b9-09cd-4917-8163-8422c642649d","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":39,"box":{"x":61,"y":135,"width":862,"height":11}},{"id":"9886a1b2-2a98-462c-ac67-af4856a0c39b","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":39,"box":{"x":60,"y":149,"width":872,"height":12}},{"id":"75ebacc5-5608-4a9e-9345-da05896e71c6","block_type":"box","text":"upon request and at www.blackrock.com.","page_number":39,"box":{"x":61,"y":165,"width":300,"height":10}},{"id":"d91c258a-f3f9-43d2-b067-eaf534b29908","block_type":"box","text":"BlackRock Strategic Municipal Opportunities 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period)","page_number":39,"box":{"x":69,"y":238,"width":296,"height":9}},{"id":"4a598d8c-d510-4f08-bf55-5aa2af3c43f8","block_type":"box","text":"05/31/22","page_number":39,"box":{"x":859,"y":238,"width":63,"height":9}},{"id":"66330d52-764a-45ff-ac69-9f6b1ce5c182","block_type":"box","text":"Net asset value, beginning of year","page_number":39,"box":{"x":69,"y":255,"width":205,"height":9}},{"id":"15a776ba-97ea-40b5-b344-1ac8670fd404","block_type":"box","text":"$ 10.14 $ 10.41 $ 10.35 $ 10.83 $ 11.94","page_number":39,"box":{"x":474,"y":254,"width":446,"height":9}},{"id":"673dce59-d470-4d4f-ae8e-c3feb50ec1b3","block_type":"box","text":"Net investment income","page_number":39,"box":{"x":85,"y":272,"width":134,"height":7}},{"id":"f5416c31-b02a-428d-9366-99fe78c31ab6","block_type":"box","text":"(a)","page_number":39,"box":{"x":220,"y":272,"width":7,"height":4}},{"id":"b4ffd8f1-f833-4d1f-82c6-92301a1ffda9","block_type":"box","text":"0.41 0.39 0.34 0.29 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