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0.79%","page_number":3,"box":{"x":689,"y":597,"width":236,"height":8}},{"id":"baaedc07-764b-4b0e-9de9-99698daa252d","block_type":"box","text":"Distribution and/or Service (12b-1) Fees 0.25% 1.00% None","page_number":3,"box":{"x":70,"y":615,"width":844,"height":10}},{"id":"873e3dde-580f-4da0-81b6-f47904a97c21","block_type":"box","text":"Other Expenses","page_number":3,"box":{"x":69,"y":633,"width":103,"height":10}},{"id":"b837a3c0-1824-4e74-863d-e4976aaa9b92","block_type":"box","text":"0.19% 0.17% 0.21%","page_number":3,"box":{"x":689,"y":633,"width":236,"height":8}},{"id":"5179e915-4a26-4a47-bdf9-0726282e410c","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":3,"box":{"x":69,"y":651,"width":225,"height":10}},{"id":"c3ac6eb8-5a8f-4347-b9bf-bf5fb8757728","block_type":"box","text":"4","page_number":3,"box":{"x":295,"y":651,"width":4,"height":4}},{"id":"81a09eb7-96fd-4e7b-8590-2968355f0bf6","block_type":"box","text":"0.01% 0.01% 0.01%","page_number":3,"box":{"x":689,"y":651,"width":236,"height":8}},{"id":"b7db667b-0858-4fd4-85aa-5c1cf12ebd0e","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":669,"width":252,"height":11}},{"id":"a3aacc14-6048-4254-89b5-47de4a10ae0f","block_type":"box","text":"4","page_number":3,"box":{"x":322,"y":669,"width":4,"height":4}},{"id":"7030ec0a-88cd-4b31-88f4-c824af98a2d1","block_type":"box","text":"1.24% 1.97% 1.01%","page_number":3,"box":{"x":689,"y":669,"width":236,"height":9}},{"id":"03c8f8b0-dfad-49cd-a03d-8a3d01944a0e","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":687,"width":304,"height":10}},{"id":"dd3d0c88-1d07-40ce-aa3f-2953b9cac89b","block_type":"box","text":"3,5","page_number":3,"box":{"x":375,"y":687,"width":11,"height":5}},{"id":"9ccad57a-23b5-4ae1-836b-ee35835820b9","block_type":"box","text":"(0.13)% (0.11)% (0.15)%","page_number":3,"box":{"x":685,"y":687,"width":245,"height":10}},{"id":"1c978e7e-8057-4554-a117-ed73a1b15891","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":69,"y":705,"width":481,"height":11}},{"id":"b4793521-2deb-4f90-941c-241822387b82","block_type":"box","text":"Reimbursements","page_number":3,"box":{"x":70,"y":719,"width":110,"height":8}},{"id":"8642669d-39ee-4894-b2d5-5338f489918e","block_type":"box","text":"3,5","page_number":3,"box":{"x":181,"y":719,"width":11,"height":5}},{"id":"28e50c9e-9635-4f4f-abcb-5a0ac77985df","block_type":"box","text":"1.11% 1.86% 0.86%","page_number":3,"box":{"x":689,"y":719,"width":236,"height":8}},{"id":"e716e200-e47f-4996-ad51-b1244b410ac5","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":739,"width":3,"height":3}},{"id":"affa20b9-73cd-4c35-b0d3-2c0b36ccf99c","block_type":"box","text":"A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after","page_number":3,"box":{"x":81,"y":738,"width":835,"height":10}},{"id":"ad4d1871-0850-471a-aae3-5d23bc8f18e8","block_type":"box","text":"purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.","page_number":3,"box":{"x":81,"y":748,"width":718,"height":10}},{"id":"18a77a0e-dc45-42ef-96df-8b17fd4ea874","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":762,"width":3,"height":3}},{"id":"2abdc9a1-8209-4d00-a72a-bcbe30480dbc","block_type":"box","text":"There is no CDSC on Investor C Shares after one year.","page_number":3,"box":{"x":81,"y":762,"width":318,"height":9}},{"id":"5c504b0f-ef39-48b1-a2c6-7bb719b37ef9","block_type":"box","text":"3","page_number":3,"box":{"x":61,"y":775,"width":3,"height":3}},{"id":"bd240d2c-73f6-41a2-ab99-8502d88c3cb8","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 45, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":775,"width":837,"height":9}},{"id":"f687b023-7419-4dd1-9eb4-96508b954a60","block_type":"box","text":"waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed","page_number":3,"box":{"x":80,"y":785,"width":854,"height":9}},{"id":"da652c64-38a9-422f-b229-62523d239c0c","block_type":"box","text":"income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through","page_number":3,"box":{"x":81,"y":795,"width":810,"height":9}},{"id":"bf640773-de74-46f9-9432-a5501f8e88c9","block_type":"box","text":"June 30, 2028. 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Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":135,"width":859,"height":12}},{"id":"68e264f6-4644-4273-8ae0-b7988e74370c","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":150,"width":436,"height":11}},{"id":"84d12586-5944-4884-8b5d-061cbbfd3c91","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":179,"width":292,"height":8}},{"id":"3f9c2030-1eb6-4ae0-b5a2-0a5b1b3e875b","block_type":"box","text":"Investor A Shares $632 $886 $1,158 $1,935","page_number":4,"box":{"x":70,"y":196,"width":848,"height":10}},{"id":"c4ca384b-bad2-428f-88b2-494a7f3454de","block_type":"box","text":"Investor C Shares $289 $608 $1,052 $2,098","page_number":4,"box":{"x":70,"y":214,"width":848,"height":10}},{"id":"4ab2e09e-d053-4b3f-a2b5-27ccbc53c6e1","block_type":"box","text":"Institutional Shares $ 88 $307 $ 543 $1,223","page_number":4,"box":{"x":70,"y":232,"width":848,"height":11}},{"id":"ec6713e2-b264-44a7-ba4d-e3be9b9a593f","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":265,"width":532,"height":11}},{"id":"c2db4f92-0119-4f73-9ecc-1072c7ea23c5","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":294,"width":292,"height":8}},{"id":"0e98d9bd-53c3-4e41-9854-c7b51883bdb6","block_type":"box","text":"Investor C Shares $189 $608 $1,052 $2,098","page_number":4,"box":{"x":70,"y":311,"width":848,"height":10}},{"id":"9673abab-161b-4bf2-9427-f28c0241841d","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":336,"width":151,"height":10}},{"id":"eb125657-fbe1-487d-96a5-542bc8dc1251","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":4,"box":{"x":60,"y":353,"width":800,"height":11}},{"id":"261fee22-8fdc-4718-9340-ecc04519e3cf","block_type":"box","text":"portfolio). 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With respect to","page_number":4,"box":{"x":62,"y":507,"width":869,"height":11}},{"id":"822691e0-124d-45d5-a931-b1e22b350092","block_type":"box","text":"such equity investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they","page_number":4,"box":{"x":61,"y":521,"width":860,"height":12}},{"id":"1b9d8be3-150b-4134-8086-a3c109a47c92","block_type":"box","text":"provide investment exposure to the securities included within that policy or to one or more market risk factors","page_number":4,"box":{"x":62,"y":536,"width":805,"height":12}},{"id":"7a6b56b2-13e6-45c8-8af5-41e21daf506f","block_type":"box","text":"associated with such securities. The Fund may invest in securities of companies with any market capitalization, but will","page_number":4,"box":{"x":61,"y":551,"width":873,"height":11}},{"id":"1e93e4d5-8a4f-4738-9f82-9193898017a2","block_type":"box","text":"generally focus on large cap securities. The Fund may invest up to 50% of its assets in equity-linked notes that provide","page_number":4,"box":{"x":60,"y":566,"width":872,"height":11}},{"id":"08444e9f-fe96-44f0-9982-99400d027a44","block_type":"box","text":"exposure to equity securities and covered call options or other types of financial instruments.","page_number":4,"box":{"x":61,"y":581,"width":685,"height":11}},{"id":"f853ab0a-2650-47d0-9e72-9e4bf0fe63aa","block_type":"box","text":"With respect to the Fund’s equity investments, the Fund may invest in common stock, preferred stock and depositary","page_number":4,"box":{"x":60,"y":603,"width":864,"height":12}},{"id":"d1ad0999-eb20-444e-bcc2-6e501e699f28","block_type":"box","text":"receipts. The Fund generally intends to invest in dividend paying stocks. From time to time, the Fund may invest in","page_number":4,"box":{"x":61,"y":618,"width":837,"height":12}},{"id":"424b13f8-e92e-410e-88a2-ae50494cabf2","block_type":"box","text":"shares of companies through initial public offerings (“IPOs”). The Fund may invest in securities from any country,","page_number":4,"box":{"x":61,"y":633,"width":828,"height":11}},{"id":"33017fba-f103-4c2d-b08b-09c4d2363ac0","block_type":"box","text":"including emerging markets. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar","page_number":4,"box":{"x":62,"y":648,"width":848,"height":11}},{"id":"251980d1-9dac-4262-bcc3-2fb46ebbff22","block_type":"box","text":"currencies. BlackRock chooses investments for the Fund that it believes will provide current income and current gains.","page_number":4,"box":{"x":61,"y":662,"width":870,"height":12}},{"id":"2cad9203-0018-4802-9c10-52e662f4b9cb","block_type":"box","text":"The Fund may also purchase convertible securities.","page_number":4,"box":{"x":60,"y":678,"width":377,"height":11}},{"id":"79ba6120-6641-4af4-967b-a1e3b1b285a1","block_type":"box","text":"The Fund’s portfolio, in the aggregate, will be structured in a manner designed to deliver high current income while","page_number":4,"box":{"x":60,"y":700,"width":843,"height":11}},{"id":"e50b2908-6381-47a3-9e77-3e4ea885b923","block_type":"box","text":"maintaining prospects for capital appreciation.","page_number":4,"box":{"x":61,"y":715,"width":340,"height":11}},{"id":"6214993a-14c6-4545-aa60-f87628dcf9a0","block_type":"box","text":"The Fund intends to employ a strategy of writing (selling) covered call and put options on common stocks, indices of","page_number":4,"box":{"x":60,"y":737,"width":854,"height":12}},{"id":"a89fff9f-6c5a-424d-913f-c7d1bec823c2","block_type":"box","text":"securities, sectors of securities and baskets of securities, primarily through structured notes. This option strategy is","page_number":4,"box":{"x":61,"y":752,"width":854,"height":12}},{"id":"b57005a9-31c0-4688-aac3-41fe8b3d445e","block_type":"box","text":"intended to generate current gains from option premiums as a means to enhance distributions payable to the Fund’s","page_number":4,"box":{"x":62,"y":767,"width":858,"height":11}},{"id":"5ab43c50-5041-4f5b-bc93-9752f4880b60","block_type":"box","text":"shareholders. As the Fund writes more covered call options, its ability to benefit from capital appreciation becomes","page_number":4,"box":{"x":61,"y":782,"width":846,"height":11}},{"id":"8f5143d9-04c1-4de6-a7fc-190a8482cc3d","block_type":"box","text":"more limited and the Fund’s total return may deviate more from the returns of the Russell 1000 Value Index, an all","page_number":4,"box":{"x":61,"y":797,"width":843,"height":11}},{"id":"c13b2b2c-f92a-439a-a695-48191af9dc6a","block_type":"box","text":"equity benchmark. The Fund seeks to produce a high level of current income from dividends and from option writing","page_number":4,"box":{"x":61,"y":811,"width":848,"height":12}},{"id":"0cd72a9a-f980-4081-a721-fa0e5ae274e6","block_type":"box","text":"premiums.","page_number":4,"box":{"x":62,"y":826,"width":75,"height":11}},{"id":"a45d30e5-beed-4729-b056-3c72fa00d016","block_type":"box","text":"The Fund may invest in master limited partnerships (“MLPs”) that are generally in energy- and financial-related","page_number":4,"box":{"x":60,"y":849,"width":810,"height":11}},{"id":"b8fbf830-91ee-4dd7-96cd-a46e7caf13b4","block_type":"box","text":"industries and in U.S. and non-U.S. real estate investment trusts (“REITs”), as well as structured products, including","page_number":4,"box":{"x":62,"y":864,"width":855,"height":11}},{"id":"38a01cdc-a6cc-4d37-94af-0339d69b049d","block_type":"box","text":"equity-linked notes, to maximize the Fund’s current income.","page_number":4,"box":{"x":61,"y":879,"width":436,"height":11}},{"id":"068b6505-eb5f-45e7-badd-66b6363159dd","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":4,"box":{"x":60,"y":901,"width":874,"height":12}},{"id":"ccbba999-7f6b-4234-bfb6-b8624ebba295","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"16bba1fb-ac9c-4a6f-bbcf-2344277fa84a","block_type":"box","text":"NM1026U-5985633-4/72","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3625b264-997c-44e3-b3ee-661939cd095b","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":46,"width":354,"height":14}},{"id":"df36ac62-db2b-467d-95b3-e74b0539edb7","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":5,"box":{"x":62,"y":73,"width":860,"height":11}},{"id":"6526e795-cee3-43d5-b212-e66e171844b0","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":5,"box":{"x":61,"y":88,"width":802,"height":11}},{"id":"25a16674-a55e-4c63-acbe-17958b3312d5","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. The following is a","page_number":5,"box":{"x":62,"y":102,"width":842,"height":12}},{"id":"8ead2eae-2301-4d07-a234-153f90812125","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":5,"box":{"x":61,"y":117,"width":857,"height":12}},{"id":"71eb6a37-4f6f-4463-94e9-8998fda60241","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":132,"width":515,"height":12}},{"id":"185bedbb-3d7b-427e-aac6-394efa5e0d0e","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":152,"width":166,"height":11}},{"id":"d03b5645-202b-4e7a-aed3-5296026a7189","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":5,"box":{"x":251,"y":152,"width":685,"height":12}},{"id":"8d1ed555-38b9-4019-84f5-bbfdf1f2d42e","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":167,"width":550,"height":11}},{"id":"bdc81414-9a8e-4044-b4b3-004aa66900ed","block_type":"box","text":"Structured Securities Risk","page_number":5,"box":{"x":81,"y":187,"width":200,"height":9}},{"id":"4f4ca933-aad2-4068-8ca8-4450cfef1ca0","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":5,"box":{"x":285,"y":187,"width":605,"height":11}},{"id":"4bc88409-8e3c-454f-8d6e-f2cd41c02a6f","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":5,"box":{"x":82,"y":202,"width":823,"height":11}},{"id":"9c281611-e1d5-4825-9cd6-9c73238261ba","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":5,"box":{"x":82,"y":216,"width":827,"height":12}},{"id":"c063e61f-5696-4fa5-96ec-0e5f4edc3c63","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":5,"box":{"x":82,"y":231,"width":852,"height":12}},{"id":"4fe7cfa5-26e6-41e1-83cf-9cb687278c65","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":5,"box":{"x":80,"y":246,"width":823,"height":12}},{"id":"ab7dd2ce-5f53-4855-9df3-2c2b00517b24","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":5,"box":{"x":82,"y":261,"width":818,"height":11}},{"id":"268e8d20-7e7d-4274-a2d0-65b8d011873f","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":5,"box":{"x":81,"y":276,"width":842,"height":11}},{"id":"fdc18bf6-dc31-4513-86c7-4c8ba7cd095f","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":5,"box":{"x":81,"y":291,"width":834,"height":11}},{"id":"a4082100-e927-4e67-a06a-b19a4a7869f7","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":5,"box":{"x":82,"y":305,"width":834,"height":12}},{"id":"44d43d8f-244b-4824-9f13-1499999f3489","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":5,"box":{"x":82,"y":320,"width":799,"height":12}},{"id":"360e5841-5d96-4c53-97d1-34fe9e951520","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":5,"box":{"x":81,"y":335,"width":851,"height":12}},{"id":"614a00da-0a8e-4aeb-8a65-dc61e6c80110","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":5,"box":{"x":80,"y":350,"width":814,"height":11}},{"id":"a2f98292-1805-4374-82ef-0b930153a42d","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":5,"box":{"x":81,"y":365,"width":812,"height":11}},{"id":"71617339-4a09-4c74-aaec-1344c4eb5d9a","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":5,"box":{"x":81,"y":380,"width":816,"height":11}},{"id":"d34b9ec6-279f-4528-b4ba-480531d5b7d4","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":5,"box":{"x":81,"y":394,"width":795,"height":12}},{"id":"f7726452-1797-4efd-8c16-ded6f003b006","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":5,"box":{"x":81,"y":409,"width":802,"height":12}},{"id":"e9f1597b-63ca-4791-8c6a-94c24a8bce35","block_type":"box","text":"“investment companies” as defined in the Investment Company Act of 1940, as amended (the “Investment","page_number":5,"box":{"x":82,"y":424,"width":789,"height":11}},{"id":"91981e2f-0c5c-48bd-a472-5d01efb5cdbc","block_type":"box","text":"Company Act”). As a result, the Fund’s investment in such securities may be limited by certain investment","page_number":5,"box":{"x":81,"y":439,"width":781,"height":11}},{"id":"f90e4f97-f7e0-4cba-b5ee-2eeb73bd1871","block_type":"box","text":"restrictions contained in the Investment Company Act.","page_number":5,"box":{"x":82,"y":454,"width":395,"height":11}},{"id":"547474d0-8d88-4e12-8c0a-0e41eaaab5b5","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":5,"box":{"x":81,"y":474,"width":310,"height":11}},{"id":"428b66b2-8d6a-4c1b-a842-f06b4044e595","block_type":"box","text":"—","page_number":5,"box":{"x":396,"y":479,"width":17,"height":1}},{"id":"34b8c224-73eb-4d43-8254-268ef48aa256","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":5,"box":{"x":418,"y":474,"width":507,"height":11}},{"id":"cf230113-826e-4c1e-8013-e61a401ae844","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":5,"box":{"x":80,"y":489,"width":837,"height":11}},{"id":"c6d1eeda-c46c-48e6-b846-af9128d43587","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":5,"box":{"x":81,"y":503,"width":852,"height":12}},{"id":"1bd35c3a-3e68-49c8-8cb7-ae63a4b1efd5","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":523,"width":206,"height":9}},{"id":"36b289e2-937f-470d-9524-7fc1c43e3f6f","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":5,"box":{"x":291,"y":523,"width":593,"height":12}},{"id":"c0faa17b-0865-4fda-a558-23bd49b242b8","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":5,"box":{"x":81,"y":538,"width":853,"height":12}},{"id":"67017266-3265-4cad-8cc6-79e3e05bd753","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":5,"box":{"x":81,"y":553,"width":855,"height":11}},{"id":"e21e9775-8a53-401f-adc0-bcdb69c70454","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":5,"box":{"x":80,"y":568,"width":816,"height":11}},{"id":"fe716149-1aa2-46b9-b096-e68a033ab03d","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":5,"box":{"x":82,"y":583,"width":796,"height":11}},{"id":"c6831c63-4aa3-4aa2-96e6-e637e0f55938","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":5,"box":{"x":81,"y":597,"width":812,"height":12}},{"id":"a2d48f0b-170e-4501-9aba-841f1e1b2025","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":5,"box":{"x":82,"y":612,"width":809,"height":12}},{"id":"322152ac-994e-4ddb-b01d-021331bd0c8d","block_type":"box","text":"Depositary Receipts Risk","page_number":5,"box":{"x":81,"y":632,"width":191,"height":12}},{"id":"74b0fc2c-c2f7-4db7-ac6e-5569b59a19ee","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":5,"box":{"x":276,"y":632,"width":639,"height":12}},{"id":"b8915829-b2e8-4f35-b865-6af01d33e59b","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":5,"box":{"x":80,"y":647,"width":786,"height":11}},{"id":"2d7bdb00-2617-42e0-a8c3-ddea554a9c46","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":5,"box":{"x":82,"y":662,"width":824,"height":11}},{"id":"64555bf1-3cc9-4c97-9373-1d74adfe3738","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":5,"box":{"x":80,"y":677,"width":827,"height":11}},{"id":"8a5d28d9-093d-4b31-a25c-db9c6fc1fde7","block_type":"box","text":"parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":5,"box":{"x":82,"y":691,"width":849,"height":12}},{"id":"0561d8cf-d47a-4462-a756-f7226eb59103","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":5,"box":{"x":81,"y":706,"width":840,"height":12}},{"id":"de1ff69d-66aa-40eb-9665-d7f3e446a640","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":5,"box":{"x":82,"y":721,"width":824,"height":12}},{"id":"d5d654b3-3c43-4df4-be88-4478d503543a","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":5,"box":{"x":82,"y":736,"width":798,"height":11}},{"id":"11cd59e3-1c57-4079-80f2-a5b9f09352fc","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":5,"box":{"x":82,"y":751,"width":847,"height":11}},{"id":"5d4dff8a-b2fd-40b0-9b70-3d85655cc6c2","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":5,"box":{"x":82,"y":766,"width":804,"height":11}},{"id":"bc65ec50-a27f-4df9-b1ba-7c68f48b3e96","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":5,"box":{"x":81,"y":780,"width":558,"height":12}},{"id":"b18faa65-83c4-4158-80e0-3a74bc9d0cb3","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":801,"width":123,"height":9}},{"id":"2a398fad-e61c-4ce0-8cfd-0a0b2009d621","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":5,"box":{"x":207,"y":800,"width":664,"height":12}},{"id":"4915fa66-33bd-470b-8906-bb90fa03ac84","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":815,"width":469,"height":12}},{"id":"5624a999-fdc4-4abe-8027-9b00c3e7e637","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":836,"width":102,"height":11}},{"id":"7df32ae2-698f-4722-9788-0cfaff20624d","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":5,"box":{"x":188,"y":835,"width":723,"height":12}},{"id":"9d54bc38-496d-4359-b06f-9cfd5ae02479","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":5,"box":{"x":82,"y":850,"width":832,"height":12}},{"id":"d265dad8-6a42-4ad7-a3a2-5ff92e39a6ed","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":865,"width":280,"height":11}},{"id":"3fc86e89-b6a2-4cba-8841-2ed9f4e5b261","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":885,"width":87,"height":9}},{"id":"83399e65-186b-4635-ad42-493df509d1e0","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":5,"box":{"x":173,"y":885,"width":728,"height":11}},{"id":"40607036-4845-4305-9416-451eb67bdc56","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":5,"box":{"x":81,"y":900,"width":834,"height":11}},{"id":"920f3508-6f1d-484a-aa0d-adfa3f6584cd","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":5,"box":{"x":82,"y":915,"width":832,"height":11}},{"id":"97a97fb0-45cf-4fe9-9498-da738ca1072b","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"8e2c2df5-d806-49d7-95ed-6b2e0c3a5085","block_type":"box","text":"NM1026U-5985633-5/72","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e16249ce-8638-457d-bb7d-572edc0108a8","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":6,"box":{"x":80,"y":46,"width":779,"height":11}},{"id":"ff184052-374f-433e-b7ed-b305023d5aaf","block_type":"box","text":"derivatives positions to lose value.","page_number":6,"box":{"x":81,"y":61,"width":253,"height":11}},{"id":"d40f8ec1-913b-4897-875a-f4dfd0bbe7f2","block_type":"box","text":"Counterpar ty Risk","page_number":6,"box":{"x":82,"y":81,"width":131,"height":11}},{"id":"1882fb3a-6de4-430f-ac51-24dbeb955c5d","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":6,"box":{"x":217,"y":81,"width":697,"height":11}},{"id":"70c412f6-c5a5-4f74-b663-9a21f24301c9","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":6,"box":{"x":80,"y":95,"width":855,"height":12}},{"id":"307336a8-a027-4da3-bb88-80a4b275cdcc","block_type":"box","text":"exposure to such a counterparty.","page_number":6,"box":{"x":81,"y":110,"width":240,"height":12}},{"id":"8b875748-62a6-4be1-9738-dad59afc5675","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":130,"width":100,"height":12}},{"id":"5249a636-5dc5-4477-9986-48b0d35c8d96","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":130,"width":750,"height":12}},{"id":"f9199c6b-76ce-4e0c-8dfa-e9be6e91ea49","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":6,"box":{"x":80,"y":145,"width":839,"height":11}},{"id":"67b63e33-09c5-468a-b34e-9fc1f0133d8c","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":160,"width":293,"height":11}},{"id":"f79cf9e5-cd81-4ef3-bf1a-bca2b05fd7f0","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":180,"width":120,"height":11}},{"id":"42f98237-e053-41ec-8f96-3358111f4429","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":180,"width":727,"height":11}},{"id":"09460dbf-a7d0-4030-98b7-f5cd0c591341","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":195,"width":607,"height":11}},{"id":"2d9eedc6-e3b0-4f1a-909c-6e2c5f405113","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":215,"width":75,"height":11}},{"id":"02e11650-ae9e-4da5-a534-be33e525b3ed","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":6,"box":{"x":161,"y":214,"width":761,"height":12}},{"id":"46dd3c87-37df-4a2a-a0cc-f9a779e346d6","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":229,"width":198,"height":12}},{"id":"dad3deb5-c472-4b9b-ba2b-27dd561c75c1","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":249,"width":214,"height":12}},{"id":"2d7cb274-e488-4a0f-9f72-0e90c160bc9f","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":6,"box":{"x":300,"y":249,"width":590,"height":12}},{"id":"95fdb547-1839-4daa-a323-f1ba727213aa","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":6,"box":{"x":81,"y":264,"width":775,"height":12}},{"id":"9679e76d-7008-4c25-9032-9a58ec9e3168","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":279,"width":589,"height":11}},{"id":"eb6b6737-2a5c-4f33-bcde-9ff11f602e9a","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":299,"width":102,"height":9}},{"id":"97e0dac6-3e74-46ed-92aa-60e0a3c09aef","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":299,"width":747,"height":11}},{"id":"9d1a1af4-7757-45a5-916b-8aeaa06cee10","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":314,"width":783,"height":11}},{"id":"eeb19e95-ae6a-4178-a614-f264c4b8c212","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":329,"width":273,"height":11}},{"id":"d4f4867b-6c3a-4726-8636-a8d6e51f7e88","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":349,"width":95,"height":11}},{"id":"da64bfff-abe2-483b-bdf0-ac526cb82bbc","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":349,"width":728,"height":11}},{"id":"bcb04f4b-c0c7-4b69-867f-66b213266345","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":6,"box":{"x":81,"y":363,"width":839,"height":12}},{"id":"2b00294c-0ba4-4d71-a66a-e82069f9f85c","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":379,"width":354,"height":11}},{"id":"54b33d68-0cf7-45d4-b6e5-dfc81817cee9","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":398,"width":59,"height":9}},{"id":"1b17f457-cc14-4922-9db4-b1015fcf262e","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":398,"width":719,"height":12}},{"id":"47a2472a-b25b-41f3-8a11-f623f250ec5e","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":413,"width":801,"height":12}},{"id":"dfd6aadf-b4d1-403d-998d-f207d856ea1a","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":428,"width":802,"height":11}},{"id":"2c2fce6c-cf49-4ded-ad65-dab23241b863","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":443,"width":830,"height":11}},{"id":"057b1649-db9b-4da7-9396-fa77a9bcd0b5","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":458,"width":215,"height":9}},{"id":"53bf03d1-ec12-4f00-9058-abc2899e14e5","block_type":"box","text":"Emerging Markets Risk","page_number":6,"box":{"x":81,"y":478,"width":178,"height":11}},{"id":"f6d1f672-9a81-4aa2-8868-d580f4c2132e","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":6,"box":{"x":263,"y":478,"width":617,"height":11}},{"id":"46a397ee-6514-446a-a10c-648930fa3625","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":6,"box":{"x":81,"y":492,"width":825,"height":12}},{"id":"47df85d1-3a59-4977-9761-cbdcd72a5178","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":6,"box":{"x":82,"y":507,"width":822,"height":12}},{"id":"345b610f-dee6-4ea9-9bb9-0d7a2a3ed3a4","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":6,"box":{"x":82,"y":522,"width":816,"height":12}},{"id":"fe1b2ad0-6806-4535-9fcc-a2afa138be03","block_type":"box","text":"liquidity than developed markets.","page_number":6,"box":{"x":82,"y":537,"width":240,"height":11}},{"id":"94d290fe-dc53-4b31-9c11-e39bd090be04","block_type":"box","text":"Foreign Securities Risk","page_number":6,"box":{"x":81,"y":557,"width":176,"height":11}},{"id":"44f3556f-b4fb-4f90-9cb4-e736119f0722","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":6,"box":{"x":260,"y":557,"width":668,"height":11}},{"id":"395a5e84-2c8c-48b2-aa87-5bae8fcf4100","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":6,"box":{"x":82,"y":572,"width":531,"height":11}},{"id":"18c1c772-46b0-4d11-bb95-7824b086af41","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":6,"box":{"x":101,"y":592,"width":823,"height":11}},{"id":"e297c0e0-2c9d-4715-a67f-fc201a4d972c","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":6,"box":{"x":102,"y":606,"width":823,"height":12}},{"id":"f7192783-7b5b-47a4-8a6a-fe1187941ed4","block_type":"box","text":"oversight.","page_number":6,"box":{"x":101,"y":622,"width":70,"height":11}},{"id":"6d03ca2b-facd-48cb-947f-1d6f15656011","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":6,"box":{"x":101,"y":641,"width":644,"height":12}},{"id":"420f2fb0-0f5c-42b2-b821-5e249bf46408","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":6,"box":{"x":101,"y":661,"width":830,"height":12}},{"id":"80f5de3f-dac6-42e4-847c-7e9da9632122","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":6,"box":{"x":102,"y":676,"width":808,"height":12}},{"id":"e1bdff3f-fa24-4a11-aaa1-ce9cb8390f75","block_type":"box","text":"payments position.","page_number":6,"box":{"x":102,"y":691,"width":137,"height":11}},{"id":"e35a16d9-dbab-4979-a40c-b402a6f9cbd4","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":6,"box":{"x":101,"y":711,"width":821,"height":11}},{"id":"734feb9f-1339-43a5-b063-5afbd6c5425e","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":6,"box":{"x":102,"y":726,"width":809,"height":11}},{"id":"e5d0c8dd-8942-4c53-84bb-d86941b79893","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":6,"box":{"x":102,"y":740,"width":784,"height":12}},{"id":"debe23d8-3f36-4c39-bae8-93cd41e68bf3","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":756,"width":352,"height":11}},{"id":"5ac63ddb-f5bd-49f2-a548-81c76e749f62","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":6,"box":{"x":102,"y":775,"width":823,"height":12}},{"id":"f5fed5cd-0e2a-4cd9-959b-bfdc9b5190cf","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":6,"box":{"x":101,"y":790,"width":811,"height":12}},{"id":"1ed0d551-e734-46d6-90e2-447ec28ab443","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":805,"width":148,"height":9}},{"id":"8e08502a-4a66-4701-86f8-7ec8d4467c7a","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":6,"box":{"x":101,"y":825,"width":834,"height":11}},{"id":"584e776a-47fe-4445-81a9-5a96699c4558","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":840,"width":628,"height":11}},{"id":"aea3970d-b189-408d-a3c1-d8be50bbfe5c","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":6,"box":{"x":101,"y":860,"width":830,"height":11}},{"id":"bb3465e1-4495-466d-84ba-697602cb79b0","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":6,"box":{"x":101,"y":875,"width":831,"height":11}},{"id":"f41a3045-6d9d-4f7b-a73e-c17d88902d56","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":6,"box":{"x":101,"y":889,"width":813,"height":12}},{"id":"509138e9-d5a2-4a61-a066-6d44ebdde293","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":6,"box":{"x":101,"y":904,"width":395,"height":12}},{"id":"b64f8d39-cdcf-4a84-af7a-21b53bd9095b","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"96356bee-b49f-4b6b-a101-eca13a9451d0","block_type":"box","text":"NM1026U-5985633-6/72","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"dc2e7e21-43f7-4bfd-a271-309afaaeaab7","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":7,"box":{"x":81,"y":46,"width":276,"height":11}},{"id":"8f3a3adf-9c69-46b9-8379-e18206355ebf","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":7,"box":{"x":361,"y":46,"width":573,"height":11}},{"id":"fb60ffff-4d22-40be-92ce-1099cb75c916","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":7,"box":{"x":81,"y":61,"width":848,"height":11}},{"id":"3311b2c2-4c90-415f-ba2c-2d2dbe24b0bd","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":7,"box":{"x":81,"y":76,"width":839,"height":11}},{"id":"b2c535e0-bae7-4e5c-8301-e844a211cb47","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":7,"box":{"x":82,"y":90,"width":851,"height":12}},{"id":"a4d12668-2008-4bf1-8937-b9d99b155ea5","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":110,"width":107,"height":11}},{"id":"93da89a5-74b4-48e8-89e0-7d51c95bcfa2","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":7,"box":{"x":192,"y":110,"width":741,"height":12}},{"id":"cfc96a69-0697-4439-ac68-3347976b4408","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":7,"box":{"x":81,"y":125,"width":853,"height":11}},{"id":"72816b85-122e-433a-a139-4cca8e4e7fb8","block_type":"box","text":"cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":7,"box":{"x":81,"y":140,"width":856,"height":11}},{"id":"f8e4b74f-4bc8-48e0-8e61-bfa98818fcc0","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and","page_number":7,"box":{"x":80,"y":155,"width":802,"height":11}},{"id":"4aa1ce58-dd5c-43f9-bcf3-15bbfd59a87b","block_type":"box","text":"decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":7,"box":{"x":81,"y":169,"width":686,"height":12}},{"id":"fda9a5a6-6cd0-487b-9e6c-aa493168a5f4","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":190,"width":240,"height":9}},{"id":"337f0375-644c-4df0-ba0f-3e12cff3928d","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":7,"box":{"x":324,"y":190,"width":593,"height":9}},{"id":"db665a90-4a91-4d9a-b546-56894a52071e","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":7,"box":{"x":81,"y":204,"width":851,"height":12}},{"id":"6849cc51-b586-49db-b9e4-ba9d3c5c6695","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":7,"box":{"x":82,"y":219,"width":824,"height":11}},{"id":"1d6183ee-eca4-4c61-947b-9aba05d2f531","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":7,"box":{"x":82,"y":234,"width":851,"height":11}},{"id":"306e4e05-6655-492b-aaaa-71f7e8e438a1","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":7,"box":{"x":82,"y":249,"width":802,"height":11}},{"id":"1e0c28f9-1c6a-404f-bbb3-7bb588b93e28","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":7,"box":{"x":81,"y":263,"width":849,"height":12}},{"id":"857688b8-8140-4e6e-b18d-5487be42054f","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":7,"box":{"x":81,"y":279,"width":843,"height":11}},{"id":"bbf0e5b1-da86-4069-b9c2-82ce86f3fdf8","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":7,"box":{"x":81,"y":293,"width":830,"height":12}},{"id":"c3d11779-65e6-4309-a0ca-9157eba11105","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":7,"box":{"x":82,"y":308,"width":840,"height":12}},{"id":"4629b078-82f5-419b-ae86-16507c494015","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":7,"box":{"x":81,"y":323,"width":789,"height":11}},{"id":"87087c29-bdfa-4f01-b660-89906ae82a54","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":7,"box":{"x":81,"y":338,"width":823,"height":11}},{"id":"cd25db21-f85c-4236-9057-12e109ec1b7b","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":7,"box":{"x":81,"y":352,"width":784,"height":12}},{"id":"ee1a8d85-3eb5-4cd2-936e-b72bd0649533","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":7,"box":{"x":81,"y":367,"width":844,"height":12}},{"id":"7c089b8e-3a9e-4283-802c-3b0aba2b1c45","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":7,"box":{"x":82,"y":387,"width":818,"height":12}},{"id":"7f7792f8-5375-4e62-8826-67ad8744fa52","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":7,"box":{"x":80,"y":402,"width":819,"height":12}},{"id":"114316a4-6d83-41ed-92e4-15a87cd1fa80","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":7,"box":{"x":81,"y":417,"width":819,"height":11}},{"id":"4e790bb2-ae7c-4513-9557-43dd62d852f7","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":7,"box":{"x":81,"y":432,"width":846,"height":11}},{"id":"afa0950f-016e-467a-a02f-c9bda9ca505d","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":447,"width":848,"height":11}},{"id":"2f6b042b-5701-426f-b2f7-b843b046abff","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":462,"width":125,"height":9}},{"id":"f13b235d-f128-428c-9be7-ee5bdbe97215","block_type":"box","text":"Master Limited Partnerships Risk","page_number":7,"box":{"x":81,"y":482,"width":254,"height":11}},{"id":"ae48c52c-7414-4b0a-9b7b-a859df8f6a61","block_type":"box","text":"— The common units of an MLP are listed and traded on U.S. securities","page_number":7,"box":{"x":338,"y":481,"width":531,"height":10}},{"id":"046096b6-8a38-45a1-9ff6-9dc789c4d4a6","block_type":"box","text":"exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the","page_number":7,"box":{"x":81,"y":496,"width":836,"height":12}},{"id":"76dab863-527c-4fcc-8f77-ab90c7fe3db0","block_type":"box","text":"MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have","page_number":7,"box":{"x":82,"y":511,"width":844,"height":12}},{"id":"55e63458-69ef-4ef6-a2aa-01818ff528cd","block_type":"box","text":"no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated","page_number":7,"box":{"x":82,"y":526,"width":830,"height":11}},{"id":"d4f8b009-b0ea-4030-a729-230b27022082","block_type":"box","text":"units, but not over debt or preferred units, to the remaining assets of the MLP.","page_number":7,"box":{"x":82,"y":541,"width":575,"height":11}},{"id":"92657b16-1743-4c6a-bb2d-6e7c86933abc","block_type":"box","text":"“New Issues” Risk","page_number":7,"box":{"x":83,"y":561,"width":139,"height":9}},{"id":"e2f350ac-bb17-4393-a52e-dcc610b1e287","block_type":"box","text":"—","page_number":7,"box":{"x":227,"y":566,"width":17,"height":1}},{"id":"bdd1280f-1584-4d1a-aef3-f509049f2067","block_type":"box","text":"“New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history,","page_number":7,"box":{"x":249,"y":561,"width":681,"height":11}},{"id":"92faaf7d-eb3e-4b87-a272-f2ecd36fd9bd","block_type":"box","text":"and information about the companies may be available for very limited periods. In addition, the prices of securities","page_number":7,"box":{"x":81,"y":575,"width":843,"height":12}},{"id":"e3aaf0f3-15b6-4ee4-9a10-9ae815aea783","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shortly after the IPO.","page_number":7,"box":{"x":81,"y":590,"width":517,"height":12}},{"id":"fc1a3d00-d478-4f84-b45a-2cb6d3c0003d","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":610,"width":254,"height":12}},{"id":"d238ac4d-5ff2-48dd-b400-bae6b4cf9bd6","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":611,"width":578,"height":11}},{"id":"ad466a36-fff4-4a51-9916-d95dd3ae5d42","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":625,"width":779,"height":12}},{"id":"70fe6281-8c82-4f3e-87d1-4ac0dab43482","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":7,"box":{"x":81,"y":640,"width":848,"height":12}},{"id":"c6f4348b-e2c3-4835-931c-eb76ef580430","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":7,"box":{"x":81,"y":655,"width":806,"height":11}},{"id":"10513f18-7a6d-4172-8ca1-23c9f4539776","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":670,"width":807,"height":11}},{"id":"7ebc5b57-5027-4635-97a7-a755bdd063f9","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":684,"width":846,"height":12}},{"id":"58847492-b9a5-45df-9210-2850de93dd4e","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":7,"box":{"x":81,"y":699,"width":836,"height":11}},{"id":"2aaf6b02-19f0-4dac-bce0-c61e39a6fe9f","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":714,"width":474,"height":11}},{"id":"4d5080f1-0eef-4aa9-b0d1-d81395ec1b9c","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":734,"width":189,"height":9}},{"id":"3b6a794e-36ae-4114-b1fb-a140a02f022a","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":734,"width":636,"height":11}},{"id":"a3d91c73-5fc2-4b2c-8ee0-8362344c0eee","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":749,"width":824,"height":11}},{"id":"5cf40912-b9af-456b-8d3f-f0ac2938902c","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":7,"box":{"x":82,"y":764,"width":806,"height":11}},{"id":"575f5f8d-f725-4733-ada9-a6dc91593ac2","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":7,"box":{"x":81,"y":778,"width":842,"height":12}},{"id":"4f7569df-7503-460d-9d83-148a5620a236","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":793,"width":781,"height":12}},{"id":"1f02cccc-0018-4470-a8ef-37ffc2ded684","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":808,"width":812,"height":12}},{"id":"8d6ab2a0-f81f-4761-9a6a-458393b9e665","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":823,"width":129,"height":12}},{"id":"2698f45a-a466-411c-926e-199e429d406a","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":7,"box":{"x":81,"y":843,"width":269,"height":9}},{"id":"ca7b1343-501f-421d-8bf9-3283a277a8eb","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":7,"box":{"x":354,"y":843,"width":527,"height":9}},{"id":"08e30c9a-537d-467b-8b8c-2427a06f589e","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":7,"box":{"x":82,"y":858,"width":816,"height":11}},{"id":"908bb15d-9c4d-4bdd-973c-1b3759c4a2e6","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":7,"box":{"x":81,"y":873,"width":845,"height":11}},{"id":"380e3164-57cb-49ee-874a-65a31f86a332","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and","page_number":7,"box":{"x":81,"y":887,"width":841,"height":12}},{"id":"488d7288-3415-4db4-949a-ac4b3e1f929a","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":7,"box":{"x":82,"y":902,"width":852,"height":12}},{"id":"a01a1126-48a5-41fc-9057-e682d236cd1e","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":7,"box":{"x":81,"y":917,"width":841,"height":12}},{"id":"850724f6-cec1-4d84-8ca0-5647f521de03","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"c52bc173-77c3-4b91-a145-32f727629a2e","block_type":"box","text":"NM1026U-5985633-7/72","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ae4ecce0-e274-4888-86eb-c1b84ed36e21","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":8,"box":{"x":81,"y":46,"width":807,"height":11}},{"id":"6dd9d967-b3e3-45b4-8a4b-c7bdcd34725f","block_type":"box","text":"property type, the Fund will be particularly subject to the risks associated with that area or property type. Many","page_number":8,"box":{"x":82,"y":61,"width":815,"height":11}},{"id":"f6591747-f3ff-4fbf-b3a5-9214aa4b5e31","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":8,"box":{"x":82,"y":75,"width":845,"height":12}},{"id":"5ffaa92c-096c-4a09-907f-355b3230caa0","block_type":"box","text":"The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the","page_number":8,"box":{"x":81,"y":90,"width":828,"height":12}},{"id":"78458a9e-b13d-4598-a313-58b013243803","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":8,"box":{"x":82,"y":105,"width":805,"height":11}},{"id":"68182c54-d852-47bc-be1a-b534e250374b","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":8,"box":{"x":81,"y":120,"width":767,"height":11}},{"id":"fabaf3be-a049-4d57-a1a0-23a6d9da60d0","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":8,"box":{"x":81,"y":135,"width":831,"height":11}},{"id":"d1053058-28f1-4acc-b91c-70b5a9676d40","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":8,"box":{"x":82,"y":149,"width":824,"height":12}},{"id":"92086507-64f3-4f68-b7f6-2aeda4377c8b","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":8,"box":{"x":81,"y":164,"width":817,"height":12}},{"id":"46f36262-f31b-4e0d-bb56-1ade8d22b7dd","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":8,"box":{"x":81,"y":179,"width":367,"height":11}},{"id":"356a28dd-0fe5-4d50-a114-3f9b387a2781","block_type":"box","text":"REIT Investment Risk","page_number":8,"box":{"x":81,"y":199,"width":163,"height":9}},{"id":"8970303d-ecaa-4bb8-8ecd-5a9eac6e0f22","block_type":"box","text":"— Investments in REITs involve unique risks. REITs may have limited financial resources, may","page_number":8,"box":{"x":248,"y":199,"width":689,"height":11}},{"id":"ffdf66fa-d487-4069-b92d-87c2361bf84f","block_type":"box","text":"trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile","page_number":8,"box":{"x":80,"y":214,"width":842,"height":11}},{"id":"0948d541-6c15-4cec-b15a-df8289e92eab","block_type":"box","text":"than other securities. REIT issuers may also fail to maintain their exemptions from investment company registration","page_number":8,"box":{"x":80,"y":229,"width":850,"height":11}},{"id":"fe4014b0-7759-48f9-b809-800e3330bdee","block_type":"box","text":"or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended (the","page_number":8,"box":{"x":81,"y":244,"width":815,"height":11}},{"id":"5cafaacd-19f4-4a35-b66a-ac972ded8723","block_type":"box","text":"“Internal Revenue Code”), which allows REITs to reduce their corporate taxable income for dividends paid to their","page_number":8,"box":{"x":82,"y":258,"width":829,"height":12}},{"id":"760a633c-be7d-40b9-8c1c-077488a4c71f","block_type":"box","text":"shareholders.","page_number":8,"box":{"x":81,"y":273,"width":99,"height":9}},{"id":"a53b98a0-059e-4579-9c3a-a48336628539","block_type":"box","text":"Risk of Investing in the United States","page_number":8,"box":{"x":81,"y":293,"width":283,"height":12}},{"id":"05911860-2604-49e2-a4b5-19ee0c7a1616","block_type":"box","text":"—","page_number":8,"box":{"x":369,"y":299,"width":17,"height":0}},{"id":"69f0483c-61e3-41a9-8590-37e446b7e85b","block_type":"box","text":"Certain changes in the U.S. economy, such as when the U.S. economy","page_number":8,"box":{"x":391,"y":293,"width":518,"height":12}},{"id":"387cd7b0-35a2-43fa-9e33-95e6d34092bc","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":8,"box":{"x":80,"y":308,"width":847,"height":11}},{"id":"3dd8edca-d31b-4d38-8bce-a14dbc8c59da","block_type":"box","text":"exposure.","page_number":8,"box":{"x":81,"y":325,"width":70,"height":9}},{"id":"1a4aaf4b-da19-4b23-b52d-4220cb26555c","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":8,"box":{"x":81,"y":343,"width":327,"height":11}},{"id":"40b4e2a5-7b93-4564-9c3e-39723982c03c","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":8,"box":{"x":412,"y":343,"width":461,"height":11}},{"id":"26651fac-dd4e-4bba-85e4-87ed4c4fcad9","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":8,"box":{"x":82,"y":358,"width":808,"height":11}},{"id":"ec1edeac-dbd7-4ae1-862a-ba3af15258ed","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":8,"box":{"x":82,"y":372,"width":833,"height":12}},{"id":"738045b9-9994-4fa7-ac1f-db07bf49d791","block_type":"box","text":"smaller companies, which tend to be less well known, have shorter operating histories, do not have significant","page_number":8,"box":{"x":81,"y":387,"width":812,"height":12}},{"id":"4f25f4f0-6a5e-4b38-96c7-4743cc10e4b1","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":8,"box":{"x":81,"y":402,"width":603,"height":12}},{"id":"19e28dc1-13fd-4a1b-ab33-5909e77766b9","block_type":"box","text":"Performance Information","page_number":8,"box":{"x":61,"y":441,"width":224,"height":11}},{"id":"efe068e4-6cd1-484f-b3ad-ac27e706004d","block_type":"box","text":"Effective June 12, 2017, the Fund changed its name, investment objective, investment process and investment","page_number":8,"box":{"x":62,"y":467,"width":820,"height":12}},{"id":"1bee9e73-3304-4c1c-9568-4851ef4ed211","block_type":"box","text":"strategies. Performance for the periods prior to June 12, 2017 shown below is based on the investment process and","page_number":8,"box":{"x":61,"y":482,"width":861,"height":12}},{"id":"3359af2c-64d2-4648-abc6-7c8c219f4fde","block_type":"box","text":"investment strategies utilized by the Fund at that time under the name “BlackRock U.S. Opportunities Portfolio.”","page_number":8,"box":{"x":62,"y":497,"width":824,"height":11}},{"id":"dc659e9b-79e9-46c0-bb34-23eec6d97680","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":8,"box":{"x":60,"y":519,"width":855,"height":12}},{"id":"78c4872b-52b0-4859-95a5-2a1ecdb059e5","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the Russell 1000 Index and the","page_number":8,"box":{"x":61,"y":534,"width":858,"height":12}},{"id":"c7d6fcce-c38b-48c7-a250-386e5cf0d162","block_type":"box","text":"Russell 1000 Value Index. The Russell 1000 Value Index is relevant to the Fund because it has characteristics similar","page_number":8,"box":{"x":62,"y":549,"width":866,"height":9}},{"id":"3163b576-9fe8-4a50-b22c-efeec09fdb69","block_type":"box","text":"to the Fund’s investment strategy. To the extent that dividends and distributions have been paid by the Fund, the","page_number":8,"box":{"x":60,"y":564,"width":828,"height":11}},{"id":"af6b7894-be93-4a5e-89f5-7232d4122fac","block_type":"box","text":"performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions.","page_number":8,"box":{"x":62,"y":579,"width":866,"height":11}},{"id":"14c2d124-c8ff-477e-814d-a091ff7bea08","block_type":"box","text":"As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales","page_number":8,"box":{"x":60,"y":594,"width":849,"height":11}},{"id":"b1fb479a-a598-4eca-b291-5d6c0fe4dc85","block_type":"box","text":"charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table","page_number":8,"box":{"x":61,"y":608,"width":849,"height":12}},{"id":"94df15b5-5da0-4250-a5f3-635d93441fcd","block_type":"box","text":"includes all applicable fees and sales charges. If BlackRock and its affiliates had not waived or reimbursed certain","page_number":8,"box":{"x":62,"y":623,"width":843,"height":12}},{"id":"1853a292-fb89-4acd-aa7b-6d699f95bb82","block_type":"box","text":"Fund expenses during these periods, the Fund’s returns would have been lower. 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BlackRock chooses investments for the Fund that it believes will provide current income and current gains.","page_number":12,"box":{"x":61,"y":663,"width":870,"height":12}},{"id":"0c6c93a2-c26c-484f-a74d-e46d1afa7d25","block_type":"box","text":"The Fund may also purchase convertible securities.","page_number":12,"box":{"x":60,"y":678,"width":377,"height":11}},{"id":"b00814b8-341c-41b6-bfc7-2e52a186a64f","block_type":"box","text":"The Fund’s portfolio, in the aggregate, will be structured in a manner designed to deliver high current income while","page_number":12,"box":{"x":60,"y":701,"width":843,"height":11}},{"id":"9839ae6b-f403-497f-ac7c-b09b51a442b1","block_type":"box","text":"maintaining prospects for capital appreciation.","page_number":12,"box":{"x":61,"y":715,"width":340,"height":12}},{"id":"c97749bd-85ac-4423-abea-a30f09240ae8","block_type":"box","text":"The Fund intends to employ a strategy of writing (selling) covered call and put options on common stocks, indices of","page_number":12,"box":{"x":60,"y":738,"width":854,"height":11}},{"id":"fe414489-871d-41ff-8039-ccf589a9c7e6","block_type":"box","text":"securities, sectors of securities and baskets of securities, primarily through structured notes. 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The Fund seeks to produce a high level of current income from dividends and from option writing","page_number":12,"box":{"x":61,"y":812,"width":848,"height":12}},{"id":"1172470e-cec1-4df5-b635-4bf17968a473","block_type":"box","text":"premiums.","page_number":12,"box":{"x":62,"y":827,"width":75,"height":11}},{"id":"5d44410b-f00c-4bbe-a83f-78489f82a118","block_type":"box","text":"The Fund may invest in master limited partnerships (“MLPs”) that are generally in energy- and financial-related","page_number":12,"box":{"x":60,"y":849,"width":810,"height":12}},{"id":"7b8afe51-ba7a-4929-a250-739a01910d37","block_type":"box","text":"industries and in U.S. and non-U.S. real estate investment trusts (“REITs”), as well as structured products, including","page_number":12,"box":{"x":62,"y":864,"width":855,"height":12}},{"id":"50bc9152-3680-4ebb-b5f4-6f48c4edf738","block_type":"box","text":"equity-linked notes, to maximize the Fund’s current income.","page_number":12,"box":{"x":61,"y":879,"width":436,"height":11}},{"id":"d239695e-5c10-4c91-8a74-6c78d9831cd3","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"78f93186-f92a-45bf-ae42-de722743a8b1","block_type":"box","text":"NM1026U-5985633-12/72","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fe4b140e-42c5-4407-bf74-f959f834e9bf","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":46,"width":874,"height":11}},{"id":"694f9a97-0042-427c-997b-c61ccebafb99","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":13,"box":{"x":272,"y":102,"width":453,"height":10}},{"id":"79457133-63d0-42e4-8283-0f826437a3ba","block_type":"box","text":"The Fund is managed by a team of financial professionals. Cem Inal, Kyle McClements, CFA, Tom Pierce and David","page_number":13,"box":{"x":70,"y":125,"width":842,"height":11}},{"id":"50db662b-1aa8-42b1-88c7-32be7ad7ecc2","block_type":"box","text":"Zhao are the portfolio managers and are jointly and primarily responsible for the day-to-day management of the","page_number":13,"box":{"x":71,"y":140,"width":813,"height":11}},{"id":"ca31caae-8581-4346-aebb-a7018311ad8b","block_type":"box","text":"Fund. Please see “Management of the Fund — Portfolio Manager Information” for additional information about the","page_number":13,"box":{"x":72,"y":155,"width":840,"height":11}},{"id":"801a97f5-d990-4aab-840e-d74c6066ae1a","block_type":"box","text":"portfolio management team.","page_number":13,"box":{"x":72,"y":169,"width":207,"height":12}},{"id":"0b8ad18e-824a-4ffe-810e-362ca289c880","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":13,"box":{"x":61,"y":205,"width":327,"height":13}},{"id":"1d56237d-72fd-4b69-b24f-6828d10c2cc9","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":227,"width":870,"height":11}},{"id":"cadcfd9d-a5b8-46f2-9b2a-36ca5fc6ddd9","block_type":"box","text":"investments/strategies:","page_number":13,"box":{"x":62,"y":242,"width":173,"height":11}},{"id":"d0e33247-8976-4d94-90d9-f583c8d06714","block_type":"box","text":"Borrowing","page_number":13,"box":{"x":81,"y":262,"width":78,"height":11}},{"id":"8d4933fd-f326-40e1-a740-b4835083e6fb","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":262,"width":751,"height":11}},{"id":"ce27fea2-590a-46d2-bb93-3d469c7382dc","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":276,"width":815,"height":12}},{"id":"49c9d550-c572-47b8-a538-053acaa502ea","block_type":"box","text":"under the Investment Company Act of 1940, as amended (the “Investment Company Act”), the rules and","page_number":13,"box":{"x":82,"y":291,"width":769,"height":12}},{"id":"e05983ce-6775-4a0a-afd0-84441d8de3e3","block_type":"box","text":"regulations thereunder and any applicable exemptive relief.","page_number":13,"box":{"x":82,"y":306,"width":432,"height":12}},{"id":"7e5d13c6-053b-43b3-8ae4-0b575c7ee45d","block_type":"box","text":"Derivative Transactions—","page_number":13,"box":{"x":81,"y":326,"width":177,"height":9}},{"id":"c51b1103-6520-4c3a-97bc-430688733215","block_type":"box","text":"s— The Fund may use derivatives to hedge its investment portfolio against market, interest","page_number":13,"box":{"x":257,"y":326,"width":666,"height":12}},{"id":"c78e6acf-68c0-4c62-bd87-3fde28b599cf","block_type":"box","text":"rate and currency risks or to seek to enhance its return. The derivatives that the Fund may use include options,","page_number":13,"box":{"x":82,"y":341,"width":816,"height":11}},{"id":"7aa73ee8-68c4-43e7-8b7d-a1e080736db5","block_type":"box","text":"futures, swaps and forward foreign exchange transactions.","page_number":13,"box":{"x":81,"y":356,"width":431,"height":11}},{"id":"5017af3a-0c23-4801-91cb-841dbe02163b","block_type":"box","text":"Illiquid Investments","page_number":13,"box":{"x":81,"y":376,"width":148,"height":11}},{"id":"6ac590ef-32a6-49b0-8443-7aa0873d9743","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":376,"width":677,"height":11}},{"id":"854001dd-a928-4e4f-a22d-7101667b155a","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":390,"width":811,"height":12}},{"id":"6c71d42c-698e-4d23-9d5d-6168f7ad6534","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":405,"width":831,"height":12}},{"id":"a38592a9-5a6e-4366-89c1-21ba9225c14e","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":420,"width":811,"height":12}},{"id":"f81d55e3-5018-44c8-b2bc-7a9227a963cb","block_type":"box","text":"Indexed and Inverse Securities","page_number":13,"box":{"x":81,"y":440,"width":232,"height":9}},{"id":"708e861f-4aa4-4bb1-8994-21d9ad1a818e","block_type":"box","text":"— The Fund may invest in securities the potential return of which is based on the","page_number":13,"box":{"x":317,"y":440,"width":598,"height":12}},{"id":"d120a413-d850-46b9-8349-9199180a89ea","block_type":"box","text":"change in a specified interest rate or equity index (an “indexed security”). For example, the Fund may invest in a","page_number":13,"box":{"x":81,"y":455,"width":823,"height":12}},{"id":"e8212d2c-0fcd-4824-b2c6-322c11b0ab33","block_type":"box","text":"security that pays a variable amount of interest or principal based on the current level of a particular stock market.","page_number":13,"box":{"x":81,"y":470,"width":843,"height":11}},{"id":"ac4abae6-a008-4304-85e4-f0f9ee10d83c","block_type":"box","text":"The Fund may also invest in securities whose return is inversely related to changes in an interest rate or index","page_number":13,"box":{"x":81,"y":485,"width":810,"height":11}},{"id":"8289875b-9128-4537-baac-3e1a131341df","block_type":"box","text":"(“inverse securities”). In general, the return on inverse securities will decrease when the underlying index or interest","page_number":13,"box":{"x":81,"y":500,"width":854,"height":11}},{"id":"da526426-ff2a-464e-aed8-fadbeeeb3ab9","block_type":"box","text":"rate goes up and increase when that index or interest rate goes down.","page_number":13,"box":{"x":82,"y":515,"width":514,"height":11}},{"id":"1f08af2d-aaef-4db5-88a5-2c0fd9b650bd","block_type":"box","text":"Investment Companies","page_number":13,"box":{"x":81,"y":534,"width":172,"height":12}},{"id":"2b3cd7ea-5c51-4c9f-a5d5-1ecafaa9f2cd","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":534,"width":643,"height":12}},{"id":"3c364cdd-dd32-418c-93f0-3c41c8254068","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":13,"box":{"x":80,"y":549,"width":837,"height":11}},{"id":"9456fc97-c251-42e0-ae68-d75d71c26f1c","block_type":"box","text":"under the Investment Company Act, and the rules thereunder. The Fund may invest in affiliated investment","page_number":13,"box":{"x":82,"y":564,"width":782,"height":11}},{"id":"233891f0-a24d-46f1-94d0-04cb2c533594","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":13,"box":{"x":81,"y":579,"width":525,"height":11}},{"id":"49d645cc-e308-46df-8ab3-bf4a9726b617","block_type":"box","text":"Money Market Securities","page_number":13,"box":{"x":81,"y":599,"width":190,"height":11}},{"id":"55072101-9e9f-45bb-832e-23689fdb4317","block_type":"box","text":"— The Fund may invest in high quality money market securities pending investments or","page_number":13,"box":{"x":276,"y":599,"width":641,"height":11}},{"id":"86b2472a-19b7-4f0d-b357-339f5ff1d851","block_type":"box","text":"when it expects to need cash to pay redeeming shareholders. The Fund will not be deemed to deviate from its","page_number":13,"box":{"x":80,"y":613,"width":808,"height":12}},{"id":"98d04867-904c-45c8-a8fa-46112264ac33","block_type":"box","text":"normal strategies if it holds these securities pending investments.","page_number":13,"box":{"x":82,"y":628,"width":485,"height":12}},{"id":"73d0c11f-3046-4b65-b99a-eb365cfcee73","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":13,"box":{"x":81,"y":648,"width":442,"height":12}},{"id":"d6a9b89f-bcc6-4a86-954a-aac6d563d5c5","block_type":"box","text":"—","page_number":13,"box":{"x":528,"y":654,"width":17,"height":1}},{"id":"20656372-74ca-4c25-9715-1edd754b338f","block_type":"box","text":"The Fund may enter into certain types of repurchase","page_number":13,"box":{"x":549,"y":648,"width":384,"height":12}},{"id":"b15a2ed8-c686-4500-8c0d-7dc0cee3b8f8","block_type":"box","text":"agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a","page_number":13,"box":{"x":81,"y":663,"width":813,"height":12}},{"id":"6d55d83c-66b8-4cab-8afd-1b968c99dc9a","block_type":"box","text":"security at a mutually agreed-upon time and price. A purchase and sale contract is similar to a repurchase","page_number":13,"box":{"x":81,"y":678,"width":779,"height":12}},{"id":"d2a2a18f-3122-4dd1-a241-c49918084926","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":13,"box":{"x":81,"y":693,"width":832,"height":11}},{"id":"a246e9ea-d575-438e-8595-3f6e6f0977c3","block_type":"box","text":"paid during the period.","page_number":13,"box":{"x":82,"y":708,"width":162,"height":11}},{"id":"b5efe8ba-5b16-41f7-95e0-c43d5c8501df","block_type":"box","text":"Restricted Securities","page_number":13,"box":{"x":81,"y":728,"width":159,"height":9}},{"id":"1f04e1ca-36d1-428e-ba78-b7ad551797a5","block_type":"box","text":"—","page_number":13,"box":{"x":245,"y":733,"width":17,"height":1}},{"id":"327d4cc7-c3eb-4db0-86ab-e480f04356f5","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":13,"box":{"x":268,"y":728,"width":602,"height":11}},{"id":"2ca2e950-4331-48b0-9355-1f778af2b9a9","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":743,"width":820,"height":11}},{"id":"a71a221a-a302-4578-ba24-3be5d385656a","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":757,"width":839,"height":12}},{"id":"637be16e-a32c-435e-bac9-42fdc8102c93","block_type":"box","text":"institutional buyers but not to the general public, securities of U.S. and non-U.S. issuers that are offered pursuant","page_number":13,"box":{"x":82,"y":772,"width":837,"height":12}},{"id":"18e9d4e9-ab19-42a1-a065-0bbd928ac462","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":13,"box":{"x":80,"y":787,"width":736,"height":11}},{"id":"6a28c2aa-6937-4ec4-9ffa-707360ab126a","block_type":"box","text":"Securities Lending","page_number":13,"box":{"x":81,"y":807,"width":140,"height":11}},{"id":"fa6c3d7a-513c-40ca-84f3-1cb2a9516cdd","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":13,"box":{"x":225,"y":807,"width":396,"height":11}},{"id":"96d09e48-7fa0-4b18-aa9e-f8dfb9ddabd3","block_type":"box","text":"1⁄","page_number":13,"box":{"x":622,"y":807,"width":6,"height":6}},{"id":"612805ab-fab4-4630-bb67-def30e049834","block_type":"box","text":"1⁄3","page_number":13,"box":{"x":626,"y":807,"width":8,"height":9}},{"id":"f3d11e49-a2fd-45d2-bfe5-8ce22cadc5a6","block_type":"box","text":"⁄3","page_number":13,"box":{"x":632,"y":811,"width":6,"height":5}},{"id":"9276fe86-08d0-4b29-829f-9bf39270ea3b","block_type":"box","text":"% of its total assets to financial","page_number":13,"box":{"x":639,"y":807,"width":231,"height":9}},{"id":"3fed009d-bfa1-4e35-af18-7fcde6f9aa8c","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":822,"width":748,"height":11}},{"id":"20e6ee8f-2b48-45dd-a6d1-8c5040ca46c6","block_type":"box","text":"Temporary Defensive Strategies","page_number":13,"box":{"x":82,"y":842,"width":238,"height":11}},{"id":"994ebd9b-8d24-48ab-bc01-a368d733dc87","block_type":"box","text":"—","page_number":13,"box":{"x":325,"y":847,"width":17,"height":1}},{"id":"24269026-2510-467d-a1ff-9f06f56a7c74","block_type":"box","text":"For temporary defensive purposes, for example, to respond to adverse market,","page_number":13,"box":{"x":348,"y":842,"width":577,"height":11}},{"id":"237729c4-6df2-4059-b9a1-c31a7c5ff8d6","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":856,"width":802,"height":12}},{"id":"9d4793e0-8d5a-465c-9bad-4c583549418c","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":872,"width":833,"height":11}},{"id":"ed1e7547-2e80-47c7-b085-843d85374251","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":886,"width":796,"height":12}},{"id":"3095eec1-d46b-4668-ab47-3170d5ad168e","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":13,"box":{"x":81,"y":901,"width":802,"height":12}},{"id":"2573b276-e876-40e6-bce7-da2cf1767b47","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"faadc6ad-9fe6-454b-bbaf-4fcf301d4e2a","block_type":"box","text":"NM1026U-5985633-13/72","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c827a7ee-e717-4b88-ac37-e5220b84f326","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":14,"box":{"x":82,"y":46,"width":778,"height":11}},{"id":"47aa22a6-ecb4-4661-ba81-5e50aa310cf8","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":14,"box":{"x":81,"y":60,"width":781,"height":12}},{"id":"72020f76-0df5-4292-a7a7-3a0787a00ba6","block_type":"box","text":"Warrants","page_number":14,"box":{"x":83,"y":81,"width":66,"height":9}},{"id":"ba3d7941-e9c2-4b38-81b2-6f810c852437","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":14,"box":{"x":153,"y":80,"width":767,"height":12}},{"id":"f7a09ca8-dfb9-4530-b507-025be773543d","block_type":"box","text":"the purchase (or “exercise”) price and the date the warrant expires. The Fund has no obligation to exercise the","page_number":14,"box":{"x":80,"y":96,"width":815,"height":11}},{"id":"73ba1679-acd9-49ff-bf0e-017971a16018","block_type":"box","text":"warrant and buy the stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires.","page_number":14,"box":{"x":80,"y":110,"width":810,"height":12}},{"id":"dd5b601c-4322-4c2d-979d-95c288a2dcc3","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":14,"box":{"x":83,"y":130,"width":545,"height":11}},{"id":"6b592846-aae5-49ff-a0df-70f257b28fc1","block_type":"box","text":"— The purchase or sale of securities on","page_number":14,"box":{"x":632,"y":130,"width":295,"height":11}},{"id":"6e261dae-3c4e-46bb-b74d-4b9fcba16048","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":14,"box":{"x":81,"y":145,"width":851,"height":11}},{"id":"d963e80f-126a-4577-ab4e-0e747dc39413","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":14,"box":{"x":81,"y":160,"width":847,"height":11}},{"id":"a38e1609-ad9f-4c76-8551-4eb0570ba824","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":14,"box":{"x":82,"y":175,"width":842,"height":11}},{"id":"15870871-9bf7-45ce-900e-3cb15ecd60fa","block_type":"box","text":"the transaction.","page_number":14,"box":{"x":80,"y":190,"width":115,"height":9}},{"id":"a9bdccfa-8c9a-49db-91f7-0784db6eafd8","block_type":"box","text":"Investment Risks","page_number":14,"box":{"x":62,"y":228,"width":156,"height":11}},{"id":"a9313cab-968d-4a30-8d20-499eeefbbef2","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":254,"width":811,"height":12}},{"id":"930b89fb-f12f-448f-8518-100fe015b48f","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":269,"width":866,"height":12}},{"id":"4b231d72-f770-42a3-983e-7af02bf1398f","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":284,"width":863,"height":12}},{"id":"4b04d903-ad60-41ee-a0ad-a1d29bf3575a","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not a","page_number":14,"box":{"x":61,"y":299,"width":836,"height":11}},{"id":"7910ed72-adbc-41c2-83b3-9462680a5125","block_type":"box","text":"deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or","page_number":14,"box":{"x":61,"y":314,"width":856,"height":11}},{"id":"d04523c6-80df-4ef5-b99b-e9dc685e3641","block_type":"box","text":"governmental agency. The order of the below risk factors does not indicate the significance of any particular risk factor.","page_number":14,"box":{"x":60,"y":329,"width":875,"height":11}},{"id":"020ab119-8096-43de-ae0a-bcc301a7755a","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":14,"box":{"x":61,"y":352,"width":322,"height":12}},{"id":"f8301b3b-5737-4233-909b-241d302363fe","block_type":"box","text":"Convertible Securities Risk","page_number":14,"box":{"x":81,"y":373,"width":206,"height":9}},{"id":"1a5d2789-5ab4-4a74-899e-c197de051135","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":14,"box":{"x":291,"y":373,"width":593,"height":12}},{"id":"544fe6f0-8bf6-4e08-8542-395ca7bd1f5d","block_type":"box","text":"security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible","page_number":14,"box":{"x":81,"y":388,"width":853,"height":11}},{"id":"2d116241-5ae9-4ac7-a7e5-96b35ca09ed3","block_type":"box","text":"securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and","page_number":14,"box":{"x":81,"y":403,"width":855,"height":11}},{"id":"2438b8b7-211d-4cdd-997a-6c5c9082b35e","block_type":"box","text":"their market value may change based on changes in the issuer’s credit rating or the market’s perception of the","page_number":14,"box":{"x":80,"y":418,"width":816,"height":11}},{"id":"68814604-cf1a-4382-bf5c-09163c429e0b","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":14,"box":{"x":82,"y":432,"width":796,"height":12}},{"id":"5121f475-a5c3-410f-83c7-cc78cc5f5746","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":14,"box":{"x":81,"y":447,"width":812,"height":12}},{"id":"ebffa7e9-2ec1-40a9-a5ab-e7a3f35d8b53","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":14,"box":{"x":82,"y":462,"width":809,"height":12}},{"id":"9211671b-e189-4de0-886f-9268f5306c7e","block_type":"box","text":"Depositary Receipts Risk","page_number":14,"box":{"x":81,"y":482,"width":191,"height":11}},{"id":"780e6945-4f10-4d43-b1e9-dbde04257b00","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":14,"box":{"x":276,"y":482,"width":639,"height":12}},{"id":"26fc3ade-dbde-4c41-a86f-a6e5cb453a72","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":14,"box":{"x":80,"y":497,"width":786,"height":11}},{"id":"86bf2cb4-275d-4c90-9f4e-cf2f14bfd013","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":14,"box":{"x":82,"y":512,"width":824,"height":11}},{"id":"d41237ec-3734-4ddb-ba07-56f7fc0b7c42","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":14,"box":{"x":80,"y":527,"width":827,"height":11}},{"id":"faa78954-f6a8-4a8c-954c-c3bdb1fcf70e","block_type":"box","text":"parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for","page_number":14,"box":{"x":82,"y":541,"width":849,"height":12}},{"id":"6808fc62-5252-4cf7-b9be-33657a5e5106","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":14,"box":{"x":81,"y":556,"width":840,"height":12}},{"id":"a92f80aa-9e46-4967-b481-a454013585d8","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":14,"box":{"x":82,"y":571,"width":824,"height":12}},{"id":"15149ac2-d903-45e4-a4dc-5c33eb1c9600","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":14,"box":{"x":82,"y":586,"width":798,"height":11}},{"id":"cadec2dd-33c7-4be7-96c7-4baa0c585417","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":14,"box":{"x":82,"y":601,"width":847,"height":11}},{"id":"d87fec95-583e-4536-baef-2a966b2b2eaf","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":14,"box":{"x":82,"y":615,"width":804,"height":12}},{"id":"def0c5f3-e9f2-4742-8b10-d7bfc9d62a5d","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":14,"box":{"x":81,"y":630,"width":558,"height":12}},{"id":"69df0c40-0128-4bb4-be8b-7c124fbe6575","block_type":"box","text":"Derivatives Risk","page_number":14,"box":{"x":81,"y":650,"width":123,"height":9}},{"id":"fdb3c669-bae2-470c-9eaa-c0e3f6045b06","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":14,"box":{"x":207,"y":650,"width":664,"height":12}},{"id":"047a253b-1d86-4c5b-bfa3-8909c225ec25","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":14,"box":{"x":82,"y":665,"width":469,"height":12}},{"id":"8fd0d60f-e369-4cd1-847c-cebf0d550408","block_type":"box","text":"Leverage Risk","page_number":14,"box":{"x":82,"y":688,"width":102,"height":11}},{"id":"b331d330-e02c-46b3-8223-436ec4ebd3a4","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":14,"box":{"x":188,"y":688,"width":723,"height":11}},{"id":"1229e121-73dc-46c6-9631-abfda58b4e59","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":14,"box":{"x":82,"y":702,"width":832,"height":12}},{"id":"85a1b6ad-8a16-490d-b9cd-57d1cd26df05","block_type":"box","text":"exceed the amount originally invested.","page_number":14,"box":{"x":81,"y":718,"width":280,"height":11}},{"id":"b5820b27-e100-4ec3-9b4d-1d3306ebfcf3","block_type":"box","text":"Market Risk","page_number":14,"box":{"x":82,"y":740,"width":87,"height":9}},{"id":"f0d363ec-866c-4ea1-9388-ab2135bdfad8","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":14,"box":{"x":173,"y":740,"width":728,"height":11}},{"id":"a814fbe6-d937-4f2b-a8d1-e87e3844e7de","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":14,"box":{"x":81,"y":755,"width":834,"height":11}},{"id":"7f6e67eb-fd6c-4451-811b-dc424b8d2611","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":14,"box":{"x":82,"y":770,"width":832,"height":11}},{"id":"a3bb7257-9b49-41f2-a4c0-995ca1c64fa9","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":14,"box":{"x":80,"y":784,"width":779,"height":12}},{"id":"8077ec03-4103-4467-8621-c2cc79227a5f","block_type":"box","text":"derivatives positions to lose value.","page_number":14,"box":{"x":81,"y":799,"width":253,"height":11}},{"id":"28831402-c1d6-4a72-90c6-6b4838129318","block_type":"box","text":"Counterpar ty Risk","page_number":14,"box":{"x":82,"y":822,"width":131,"height":11}},{"id":"72a43c0e-e2a1-4ea3-9d01-409d51e4fa80","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":14,"box":{"x":217,"y":822,"width":697,"height":11}},{"id":"e32352de-69ed-4cb6-8486-7bd89d24b384","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":14,"box":{"x":80,"y":837,"width":855,"height":11}},{"id":"28989467-7730-4fcf-8eb7-0ed7894ecd2f","block_type":"box","text":"exposure to such a counterparty.","page_number":14,"box":{"x":81,"y":852,"width":240,"height":11}},{"id":"70a0d413-fd0c-404d-b3cc-fb84a413b151","block_type":"box","text":"Illiquidity Risk —","page_number":14,"box":{"x":82,"y":874,"width":122,"height":11}},{"id":"14e26a7a-00d7-40fd-8031-b9d06097e819","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":14,"box":{"x":208,"y":874,"width":728,"height":11}},{"id":"c1cf804f-aa7f-4d4a-8382-f0bdcc54b746","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":14,"box":{"x":80,"y":889,"width":839,"height":11}},{"id":"f50ae697-2cce-4b0e-8834-5737af734431","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":14,"box":{"x":81,"y":904,"width":293,"height":11}},{"id":"f52a32ad-84f8-498d-9585-4c4bf516e550","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"20a743a5-5191-4044-bcf8-c592e538bef3","block_type":"box","text":"NM1026U-5985633-14/72","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d48f1015-9367-4b47-a1c2-456673e8a9dd","block_type":"box","text":"Operational Risk","page_number":15,"box":{"x":82,"y":46,"width":120,"height":11}},{"id":"72171ac4-e008-41f0-add0-4f61f0f83561","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":15,"box":{"x":206,"y":46,"width":727,"height":11}},{"id":"58e8e9fd-d00b-4de8-8a73-652b824edec7","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":15,"box":{"x":82,"y":60,"width":607,"height":12}},{"id":"98bd4938-bc89-4ac2-8209-0d1fb98bc02f","block_type":"box","text":"Legal Risk","page_number":15,"box":{"x":82,"y":83,"width":75,"height":12}},{"id":"ec5513bc-73f9-46f8-aa41-b0a144531d4c","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":83,"width":761,"height":12}},{"id":"65fe64cd-987a-4ba5-8d03-4b4525925e15","block_type":"box","text":"enforceability of a contract.","page_number":15,"box":{"x":81,"y":98,"width":198,"height":11}},{"id":"945dbedc-3655-4110-8560-08ada318b2f4","block_type":"box","text":"Volatility and Correlation Risk","page_number":15,"box":{"x":83,"y":121,"width":214,"height":11}},{"id":"0784f0d4-d1c8-4b92-b811-1725b0641395","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":120,"width":590,"height":12}},{"id":"abba5bf0-3b1c-4557-986b-e3a4614550ff","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":135,"width":855,"height":12}},{"id":"b3e150e5-e037-4554-abb4-2a82b652dc6c","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":150,"width":820,"height":11}},{"id":"e9aece2a-8fd4-4b06-ac44-051cc66ce1f8","block_type":"box","text":"correlate with the overall securities markets.","page_number":15,"box":{"x":81,"y":165,"width":326,"height":9}},{"id":"ef38dd7a-4dff-45d5-a7d8-1d73901a5205","block_type":"box","text":"Valuation Risk","page_number":15,"box":{"x":83,"y":188,"width":102,"height":9}},{"id":"e3235812-89ac-42f6-9005-86cbc8046810","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":187,"width":747,"height":12}},{"id":"2015c7fc-43fa-4c7a-8fd9-00f31f9a4322","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":202,"width":783,"height":12}},{"id":"e5a99e70-e325-40de-9df3-8c6857f02226","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":217,"width":837,"height":12}},{"id":"5e26fd48-c40c-4e17-9144-9914e0e53ef7","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":232,"width":826,"height":11}},{"id":"6793bcfe-ddee-4a92-95b4-3953708fafa6","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":15,"box":{"x":80,"y":247,"width":405,"height":11}},{"id":"bd7a0a84-56d7-45f5-a837-92eb9a48b33b","block_type":"box","text":"Hedging Risk","page_number":15,"box":{"x":82,"y":270,"width":95,"height":11}},{"id":"c2ffe589-037d-4ca6-8ca1-6318c48e3284","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":270,"width":752,"height":11}},{"id":"1693d62b-9d5e-4a90-9b8a-18d7bd63369e","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":284,"width":820,"height":12}},{"id":"9c09d52d-aaa9-4d7b-8358-2f1426f370a9","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":299,"width":823,"height":12}},{"id":"eae364c7-1002-45df-abbc-59301bb99fd6","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":314,"width":813,"height":11}},{"id":"988a0e6e-a16c-482e-9232-f5821205bb34","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":329,"width":832,"height":11}},{"id":"f0e7d560-83d5-49de-9e4c-b775378c7bf4","block_type":"box","text":"noted below.","page_number":15,"box":{"x":82,"y":344,"width":90,"height":9}},{"id":"4e926ee2-92fd-445a-9ed3-e204ae6d430e","block_type":"box","text":"Tax Risk","page_number":15,"box":{"x":83,"y":366,"width":59,"height":9}},{"id":"be61c47a-a26b-43a4-aa57-dd887245b4e7","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":15,"box":{"x":145,"y":366,"width":766,"height":11}},{"id":"86c2477b-8984-4f1b-b420-104299de72ac","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":15,"box":{"x":82,"y":381,"width":826,"height":11}},{"id":"f84b9ba7-a5b7-4ff8-a59e-33b081846abb","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":15,"box":{"x":82,"y":396,"width":846,"height":11}},{"id":"e9a6f73d-1a7d-4146-97dc-3b59bbaa9bd7","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":15,"box":{"x":81,"y":410,"width":817,"height":12}},{"id":"2250e61f-918c-49b7-a2a8-e12439961690","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":15,"box":{"x":82,"y":425,"width":835,"height":12}},{"id":"d145deb2-8fb5-4573-a21d-24bec8abc38c","block_type":"box","text":"be an increase (or decrease) in the amount of taxable dividends paid by the Fund. In addition, the tax treatment of","page_number":15,"box":{"x":81,"y":440,"width":840,"height":12}},{"id":"8feb0be7-cd7d-49a1-8d45-f470c8688df3","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":15,"box":{"x":81,"y":455,"width":750,"height":12}},{"id":"0f3efc41-ea55-4761-a1ba-e236d2d4d443","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":15,"box":{"x":81,"y":470,"width":611,"height":11}},{"id":"4a976460-d89b-412e-98c8-497b759f1a16","block_type":"box","text":"Regulatory Risk","page_number":15,"box":{"x":82,"y":493,"width":115,"height":11}},{"id":"1ceab34b-2b51-4d53-9977-b3a965df10ea","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":15,"box":{"x":201,"y":492,"width":688,"height":12}},{"id":"192e5a55-0deb-4d98-8469-3413d4064b14","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":15,"box":{"x":81,"y":507,"width":851,"height":12}},{"id":"d1e7b6db-69ec-4a67-8cdf-bfd6f1a2761d","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":15,"box":{"x":81,"y":522,"width":811,"height":11}},{"id":"dd72adbb-8dd7-4090-9343-6e7ea5a34732","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":15,"box":{"x":82,"y":537,"width":850,"height":11}},{"id":"3f4d7100-d6a7-4d01-8180-2be4ec44ad77","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":15,"box":{"x":81,"y":552,"width":850,"height":11}},{"id":"9671d1a4-3944-44e9-b0d2-cf29e3445639","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":15,"box":{"x":81,"y":566,"width":838,"height":12}},{"id":"4fd8f00a-a8c2-49f7-afeb-19af74dba287","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":15,"box":{"x":81,"y":582,"width":807,"height":11}},{"id":"8c3d09fb-89ce-4293-80ab-721ea6770740","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":15,"box":{"x":81,"y":596,"width":787,"height":12}},{"id":"5f5ce620-105d-4f49-9609-9edcd25dc3da","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":15,"box":{"x":82,"y":611,"width":837,"height":11}},{"id":"94e8d057-eb2c-4277-82d9-3efc973e0210","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":15,"box":{"x":80,"y":626,"width":804,"height":11}},{"id":"f8e7be73-480b-4a42-8acc-975a696559e6","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":15,"box":{"x":81,"y":641,"width":781,"height":11}},{"id":"79baeac2-a459-4049-9c31-c37f05b46291","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":15,"box":{"x":82,"y":655,"width":773,"height":12}},{"id":"ba9d9597-7f03-4e91-a1c9-052452738f99","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":15,"box":{"x":82,"y":670,"width":836,"height":12}},{"id":"cf892ff8-ce13-4d74-bb69-be8b2bfb2b29","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":15,"box":{"x":82,"y":685,"width":814,"height":12}},{"id":"c0c377fb-76f2-43d4-8857-7db5b9a32372","block_type":"box","text":"investors in the Fund.","page_number":15,"box":{"x":82,"y":700,"width":156,"height":9}},{"id":"6ce4d6b3-e5e4-4a31-a476-d4efe1e80a0a","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":15,"box":{"x":82,"y":723,"width":823,"height":11}},{"id":"989445a1-5768-496b-b217-26bd6caa6705","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":15,"box":{"x":82,"y":737,"width":827,"height":12}},{"id":"24e87cae-3a7e-4787-8650-b65fe0766cdb","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":15,"box":{"x":80,"y":752,"width":849,"height":12}},{"id":"128694f2-52a8-4188-848e-4c4e9eb24da0","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":15,"box":{"x":81,"y":767,"width":846,"height":11}},{"id":"caad1b43-ee38-4101-a5ca-2911782ff3cb","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":15,"box":{"x":81,"y":782,"width":509,"height":11}},{"id":"5045fbef-9e2b-47c3-8fe9-71ee154e239d","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":15,"box":{"x":82,"y":804,"width":399,"height":12}},{"id":"e4005bb5-4abd-4131-b1d3-9ce3f711512e","block_type":"box","text":"Swaps","page_number":15,"box":{"x":102,"y":824,"width":47,"height":12}},{"id":"1ffc544b-9a39-471a-9d10-8cb3e2e92c3b","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":15,"box":{"x":154,"y":824,"width":775,"height":12}},{"id":"0c93d6b4-f40b-49d5-928f-df51ccea6ded","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":15,"box":{"x":101,"y":839,"width":829,"height":12}},{"id":"05ea6c75-cb3d-4f43-8133-f39fc6098df0","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":15,"box":{"x":101,"y":854,"width":807,"height":12}},{"id":"17351eae-4e14-4bf3-9149-d993aec622eb","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":15,"box":{"x":102,"y":869,"width":811,"height":11}},{"id":"a26b8343-b76a-4439-90d1-7a3cdfe7a1ba","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":15,"box":{"x":101,"y":884,"width":820,"height":11}},{"id":"f46f26e4-e77b-4042-836f-ed57a31e50fb","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":15,"box":{"x":102,"y":898,"width":791,"height":12}},{"id":"99207721-01e5-4d32-b32a-cf10797fb585","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"3f1bec2a-107a-458a-ba6e-45148b339d7b","block_type":"box","text":"NM1026U-5985633-15/72","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3ceaac52-257c-4bf3-97c0-b9d7062a8cfc","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":46,"width":789,"height":11}},{"id":"90aa973f-6806-40c2-95b4-c2b269d1b204","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":61,"width":796,"height":11}},{"id":"e3f26fb8-b359-4bd5-8669-ff13188e61a4","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":16,"box":{"x":102,"y":81,"width":335,"height":11}},{"id":"f335adb3-c20c-4927-8628-778d14fa5ff9","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":16,"box":{"x":442,"y":80,"width":437,"height":12}},{"id":"0325467a-af59-4912-b62b-cb075f02eb96","block_type":"box","text":"contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price","page_number":16,"box":{"x":101,"y":95,"width":820,"height":12}},{"id":"7aa0f975-6c26-4557-812c-021825a881c0","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":16,"box":{"x":101,"y":110,"width":801,"height":12}},{"id":"e7127f45-b018-46c7-9346-473189dc9774","block_type":"box","text":"fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for","page_number":16,"box":{"x":101,"y":125,"width":824,"height":11}},{"id":"62679b7b-bee9-469c-bc22-c0de432b282d","block_type":"box","text":"a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.","page_number":16,"box":{"x":101,"y":140,"width":831,"height":11}},{"id":"4a418cf8-66b9-4bcb-a444-7e93bb9d79ff","block_type":"box","text":"Futures","page_number":16,"box":{"x":102,"y":160,"width":54,"height":9}},{"id":"90db5434-2da6-479d-8074-d5124c6c7169","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":16,"box":{"x":161,"y":160,"width":765,"height":11}},{"id":"1759062c-d10f-4bd9-971e-ace0b8a5b6ef","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":175,"width":786,"height":11}},{"id":"8fbaec90-264b-451c-8bdb-03155465b6b0","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":16,"box":{"x":102,"y":189,"width":769,"height":12}},{"id":"8a1bb1bb-309f-4873-b7a4-1685b855ca86","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":16,"box":{"x":102,"y":204,"width":822,"height":12}},{"id":"a0586ebd-4a0e-4056-8d59-1aac8df84998","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":16,"box":{"x":101,"y":219,"width":832,"height":12}},{"id":"c1620da9-282f-49c0-bd02-9f3e251a6486","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":16,"box":{"x":101,"y":234,"width":806,"height":11}},{"id":"41b6443b-818e-4caa-a058-0154bfcce9c8","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":249,"width":793,"height":11}},{"id":"933341a3-2c45-489f-8ea4-6fc5ee5eed61","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":263,"width":787,"height":12}},{"id":"1fdd93be-feb2-402f-a60a-91e352362750","block_type":"box","text":"default in the performance of its obligations.","page_number":16,"box":{"x":101,"y":278,"width":327,"height":12}},{"id":"0f150594-1837-484a-a31a-c74bc482ce63","block_type":"box","text":"Options","page_number":16,"box":{"x":102,"y":298,"width":55,"height":12}},{"id":"d352bbd3-b6be-48c5-8dd7-616ba1fc75d4","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":16,"box":{"x":162,"y":298,"width":772,"height":12}},{"id":"4cba5c45-bb19-4503-8dec-9d6f96563c9b","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":16,"box":{"x":101,"y":313,"width":812,"height":12}},{"id":"df8aa021-5e5d-48c5-acfa-087658410d95","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":16,"box":{"x":101,"y":328,"width":827,"height":12}},{"id":"9649ad49-a982-4125-b8b1-aba8fe96ef88","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":16,"box":{"x":101,"y":343,"width":781,"height":11}},{"id":"f4dc6e58-83e2-45a6-9513-3669089faa4a","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":16,"box":{"x":102,"y":358,"width":785,"height":11}},{"id":"5ac199fd-ebf0-457d-9fb9-297293c8743c","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":16,"box":{"x":101,"y":372,"width":831,"height":12}},{"id":"11a263d5-b737-4e20-ac55-5defeb16e0f7","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":16,"box":{"x":101,"y":387,"width":814,"height":12}},{"id":"434666f5-ae84-4a0e-a6b4-43e1f0527743","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":16,"box":{"x":101,"y":402,"width":826,"height":12}},{"id":"ef91ad21-367c-4ca4-af24-d6c575b91cb1","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":16,"box":{"x":101,"y":417,"width":822,"height":11}},{"id":"db4c0419-0262-41e7-93b3-f4a9db15a093","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":16,"box":{"x":101,"y":432,"width":816,"height":11}},{"id":"686b39bf-cf87-4b9b-bc1c-918a8ad0ea0f","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":16,"box":{"x":101,"y":447,"width":442,"height":11}},{"id":"72f4bfd5-0fb8-4c0d-89df-c61b9c638fa5","block_type":"box","text":"Emerging Markets Risk","page_number":16,"box":{"x":81,"y":467,"width":178,"height":11}},{"id":"7d7d5a83-45d2-463c-bc9f-f9609b2433b8","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":16,"box":{"x":263,"y":467,"width":610,"height":11}},{"id":"d2dd7cdf-e536-417f-a757-5665ca5e62d1","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":16,"box":{"x":82,"y":482,"width":848,"height":11}},{"id":"de9ef19e-a2d9-40bb-b982-f6fab24f0efd","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":16,"box":{"x":81,"y":496,"width":842,"height":12}},{"id":"eab88bca-8a09-45e4-b815-cfd1a8cb423a","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":16,"box":{"x":82,"y":511,"width":838,"height":12}},{"id":"e6280d3f-0229-41e9-8028-753f3b678e0d","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":16,"box":{"x":81,"y":526,"width":825,"height":11}},{"id":"2d2790b5-d95f-47ec-bed1-ce82be204f88","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":16,"box":{"x":82,"y":541,"width":847,"height":11}},{"id":"ab047b4c-fd1a-4c4c-a443-8665a5fd5e6e","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":16,"box":{"x":81,"y":555,"width":853,"height":12}},{"id":"f15ff1e7-210a-47a7-91c8-f0e7aa64f2f5","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":16,"box":{"x":81,"y":570,"width":823,"height":12}},{"id":"72a1bfff-c7b2-4f49-bc47-abf0cf60598e","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":16,"box":{"x":82,"y":585,"width":825,"height":12}},{"id":"07ed674b-10ad-4260-9976-88ca7d9acd00","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":16,"box":{"x":81,"y":600,"width":855,"height":12}},{"id":"9dbdf85a-b326-48e6-9a20-32c5092c4e9c","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":16,"box":{"x":82,"y":615,"width":827,"height":11}},{"id":"1cc2931a-ddd9-4fdf-b5b6-9b654a007877","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":16,"box":{"x":82,"y":630,"width":843,"height":11}},{"id":"0fd82fd7-9276-4a08-bc5b-b72b54cb1339","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":16,"box":{"x":80,"y":645,"width":339,"height":11}},{"id":"b3c4cc0e-8812-4da8-8fd5-8ccbe8aaa222","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":16,"box":{"x":82,"y":664,"width":802,"height":12}},{"id":"3430ae8b-8958-4f5a-b597-22b6f51d1bb9","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":16,"box":{"x":81,"y":679,"width":774,"height":12}},{"id":"e719e7d4-ffe5-4311-b20a-684efe883fed","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":16,"box":{"x":82,"y":694,"width":830,"height":12}},{"id":"60c8f984-f1f1-49e2-8dc1-4773f2acf904","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":16,"box":{"x":82,"y":709,"width":769,"height":11}},{"id":"8d0191c4-1c76-4c2f-a926-7ed7004dde3c","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":16,"box":{"x":81,"y":724,"width":849,"height":11}},{"id":"24dabbdc-58d8-4991-a596-6269119ab141","block_type":"box","text":"settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the","page_number":16,"box":{"x":81,"y":739,"width":820,"height":11}},{"id":"a18f74cc-41a1-423c-b7e5-8de9bdb69b25","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":16,"box":{"x":82,"y":753,"width":779,"height":12}},{"id":"84c3d25a-ef4b-4a98-b03d-c7b31757221d","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":16,"box":{"x":81,"y":768,"width":798,"height":12}},{"id":"cdf01449-def3-4713-b7fc-1bba336b14c7","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":16,"box":{"x":82,"y":783,"width":755,"height":12}},{"id":"90953377-bdd7-4802-ae31-6612ae89b77e","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":16,"box":{"x":81,"y":798,"width":783,"height":11}},{"id":"258b3958-05f7-444a-8cfb-fc3228d9e6ac","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":16,"box":{"x":81,"y":813,"width":839,"height":11}},{"id":"9b811de7-efd4-4d9d-8c18-71cdeabc62b8","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":16,"box":{"x":82,"y":828,"width":827,"height":11}},{"id":"e414ebbc-36d1-47cf-a138-f95ff9ba7cd4","block_type":"box","text":"interests.","page_number":16,"box":{"x":82,"y":843,"width":67,"height":9}},{"id":"48400a4b-3c82-4c21-9e5f-ff09e874b70a","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":16,"box":{"x":82,"y":862,"width":809,"height":12}},{"id":"2ebb0114-8540-4aa2-869a-867dc35e7dce","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":16,"box":{"x":81,"y":877,"width":783,"height":12}},{"id":"12a9f9fb-0eaa-4bad-a86b-63244cb76733","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":16,"box":{"x":82,"y":892,"width":829,"height":11}},{"id":"f3e3204a-7725-46ca-a1f7-a9ecf78d6376","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":16,"box":{"x":81,"y":907,"width":818,"height":11}},{"id":"573a0b4f-cda0-4b59-b163-eacd9732f986","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1d29c6b0-7acd-4371-b0e5-77989f6455fc","block_type":"box","text":"NM1026U-5985633-16/72","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f9910bb0-1d65-485c-ad01-467bf47208ad","block_type":"box","text":"markets do not have income tax treaties with the United States, and as a result, investments by the Fund may be","page_number":17,"box":{"x":82,"y":46,"width":833,"height":11}},{"id":"1db36669-2fa6-4d49-99c9-574ec57200b4","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":17,"box":{"x":81,"y":61,"width":803,"height":11}},{"id":"24186e48-3f50-4297-aca1-51d00cdd7c70","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":17,"box":{"x":82,"y":75,"width":793,"height":12}},{"id":"c230e685-d076-4e41-8c42-b8d569cd76f8","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":17,"box":{"x":81,"y":90,"width":855,"height":12}},{"id":"ecd8d5f4-a405-4399-8eff-3c2acb8aea57","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":17,"box":{"x":82,"y":105,"width":485,"height":12}},{"id":"99dd4855-c2ec-40d1-bbcd-03c7de36fbc7","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":17,"box":{"x":81,"y":125,"width":843,"height":11}},{"id":"d340b54c-e0b2-4bd5-936a-d6cf52469cd4","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":17,"box":{"x":81,"y":140,"width":790,"height":11}},{"id":"877d7321-e0f3-414c-a10e-ca4e04bad185","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":17,"box":{"x":81,"y":155,"width":823,"height":11}},{"id":"a5ef0347-200c-41e4-ac94-f1f28cee9576","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":17,"box":{"x":82,"y":169,"width":843,"height":12}},{"id":"28dcc155-6fbc-47ba-8c82-78fdffdfc84a","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":17,"box":{"x":82,"y":184,"width":845,"height":12}},{"id":"dd539ffc-9925-4d42-91ed-e828349bc93e","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":17,"box":{"x":81,"y":199,"width":837,"height":12}},{"id":"bd57fb3a-34ef-45d2-b69b-9889761dc2d7","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":17,"box":{"x":81,"y":214,"width":844,"height":11}},{"id":"1aeea081-e22e-48a2-bbb3-36c291b2dc7e","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":17,"box":{"x":80,"y":229,"width":474,"height":11}},{"id":"4c349942-a858-4849-bc2a-184341a8b0a0","block_type":"box","text":"Equity Securities Risk","page_number":17,"box":{"x":81,"y":249,"width":166,"height":11}},{"id":"b0606e92-ee8e-4f58-95ac-115bcfe73b4d","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":17,"box":{"x":251,"y":249,"width":666,"height":11}},{"id":"a7f89a1a-cc79-4121-99c3-e58f3680adc9","block_type":"box","text":"are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing","page_number":17,"box":{"x":81,"y":263,"width":850,"height":12}},{"id":"987c6c5d-8107-42ae-a8f6-daa4f935c448","block_type":"box","text":"in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the","page_number":17,"box":{"x":82,"y":278,"width":802,"height":12}},{"id":"b7a0690c-90a7-4d04-822c-38ef6f223d63","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":17,"box":{"x":81,"y":293,"width":854,"height":12}},{"id":"4e4c2f98-c57e-4b35-b49f-f331061a8073","block_type":"box","text":"securities may also decline due to factors that affect a particular industry or industries, such as labor shortages or","page_number":17,"box":{"x":81,"y":308,"width":848,"height":12}},{"id":"169df33d-f7d3-4067-9da3-d2b3e08fd6d1","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":17,"box":{"x":81,"y":323,"width":824,"height":11}},{"id":"f6e322bc-f1a4-440a-a3f8-d83b3c081066","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or","page_number":17,"box":{"x":81,"y":338,"width":782,"height":11}},{"id":"e8c06668-3270-4992-9ec8-2905b932c981","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":17,"box":{"x":82,"y":352,"width":849,"height":12}},{"id":"e2bae353-71fd-4be4-b2a0-523e87535100","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":17,"box":{"x":82,"y":368,"width":482,"height":11}},{"id":"aa0a0949-99a5-4189-8050-7dd70c6d5682","block_type":"box","text":"Foreign Securities Risk","page_number":17,"box":{"x":81,"y":387,"width":176,"height":12}},{"id":"ea1aabe0-90cb-41d3-a355-042a230a1236","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":17,"box":{"x":260,"y":387,"width":677,"height":12}},{"id":"818af4bd-3bb5-4402-9d92-97b053e50099","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":17,"box":{"x":81,"y":402,"width":827,"height":11}},{"id":"d5050898-9eca-423f-822e-b608e6772509","block_type":"box","text":"U.S. investments that can increase the chances that the Fund will lose money. In particular, the Fund is subject to","page_number":17,"box":{"x":82,"y":417,"width":837,"height":11}},{"id":"fdfb4d5b-d569-4752-8595-6ad4b82e9d4a","block_type":"box","text":"the risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded","page_number":17,"box":{"x":80,"y":432,"width":849,"height":11}},{"id":"c9a93879-b9fb-4d1c-89da-62bc9890056c","block_type":"box","text":"each day, it may be more difficult for the Fund to buy and sell securities on those exchanges. In addition, prices of","page_number":17,"box":{"x":81,"y":447,"width":841,"height":11}},{"id":"d1fc9920-aa24-476f-a8d2-86654a84fb77","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":17,"box":{"x":81,"y":461,"width":716,"height":12}},{"id":"b1add7ac-8e40-41bf-9a9a-5a4beb1f258b","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":17,"box":{"x":82,"y":481,"width":468,"height":12}},{"id":"a9696ccc-5e55-4db7-aed1-70cbd02d14fb","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":17,"box":{"x":555,"y":481,"width":358,"height":12}},{"id":"440fbf54-46b6-4992-ac8a-9b5910490b6a","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":17,"box":{"x":81,"y":496,"width":813,"height":12}},{"id":"bcb1a6c5-fb01-4435-a237-e5424a74662d","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":17,"box":{"x":82,"y":511,"width":791,"height":12}},{"id":"c212f537-e1d1-4d41-84be-394bb719c008","block_type":"box","text":"oversight of their operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a","page_number":17,"box":{"x":81,"y":526,"width":818,"height":11}},{"id":"38f801db-139a-4872-8ece-d0312a18004c","block_type":"box","text":"foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more","page_number":17,"box":{"x":81,"y":541,"width":833,"height":11}},{"id":"5c4333d4-af67-4527-bbcd-711adb9e907f","block_type":"box","text":"expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The","page_number":17,"box":{"x":81,"y":555,"width":816,"height":12}},{"id":"ab08c059-f6ba-439c-80e7-7c3d3d6c226d","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":17,"box":{"x":82,"y":570,"width":827,"height":12}},{"id":"031f6a37-c5ec-4733-9831-15362269538d","block_type":"box","text":"typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the","page_number":17,"box":{"x":80,"y":585,"width":848,"height":12}},{"id":"54c7f047-6b7d-482a-8483-d9602507c698","block_type":"box","text":"United States.","page_number":17,"box":{"x":82,"y":600,"width":102,"height":9}},{"id":"c9d011c1-7797-4e26-b7a2-e15c701c4d28","block_type":"box","text":"Currency Risk","page_number":17,"box":{"x":82,"y":620,"width":100,"height":11}},{"id":"517ec941-6f3c-44da-8a0e-973330778bc8","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":17,"box":{"x":186,"y":620,"width":706,"height":11}},{"id":"dfa16753-4c76-458c-8286-3dc699e6d584","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the","page_number":17,"box":{"x":81,"y":635,"width":823,"height":11}},{"id":"bc4a654e-71d4-4a73-b920-09081b32f85b","block_type":"box","text":"value of the Fund’s portfolio.","page_number":17,"box":{"x":80,"y":650,"width":211,"height":11}},{"id":"9300c26a-18bd-4b76-b490-50aab8e16cda","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":17,"box":{"x":81,"y":670,"width":823,"height":11}},{"id":"ae21b314-e5f9-4353-add1-d7ba561b8a48","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":17,"box":{"x":82,"y":684,"width":834,"height":12}},{"id":"46ce56ef-9a60-446b-b506-576192a02612","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":17,"box":{"x":81,"y":699,"width":846,"height":12}},{"id":"ca0a89ef-715f-486c-a117-d1417112eb51","block_type":"box","text":"U.S. dollars. This risk, generally known as “currency risk,” means that a strong U.S. dollar will reduce returns for","page_number":17,"box":{"x":82,"y":714,"width":826,"height":12}},{"id":"bf3eee2e-47a7-4c7f-ad53-04d1376843e8","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":17,"box":{"x":82,"y":729,"width":486,"height":9}},{"id":"3b3972c8-4fd9-4d17-9e8c-45081bb44a49","block_type":"box","text":"Foreign Economy Risk","page_number":17,"box":{"x":82,"y":749,"width":160,"height":11}},{"id":"b8b0ab6b-13c7-494d-8c76-21ddfba9351f","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":17,"box":{"x":246,"y":749,"width":685,"height":11}},{"id":"57ef5aaf-75d3-4868-9463-70aeeeb05a84","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":17,"box":{"x":80,"y":764,"width":785,"height":11}},{"id":"9f98b071-8b33-4171-a9ec-2e639d782efb","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":17,"box":{"x":82,"y":778,"width":845,"height":12}},{"id":"de81524e-d193-4e76-9109-f71f52e622c6","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":17,"box":{"x":81,"y":793,"width":853,"height":12}},{"id":"0b29afb7-fb5f-4184-909f-a2f6b40bf46b","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":17,"box":{"x":82,"y":808,"width":831,"height":12}},{"id":"de1767e5-9708-4486-907d-6d1b86ad8982","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":17,"box":{"x":82,"y":823,"width":846,"height":12}},{"id":"8df34406-6399-4966-a534-f22be90c8753","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":17,"box":{"x":81,"y":838,"width":808,"height":11}},{"id":"601aa98b-8b5b-4ef7-9ad9-737fa3b769e3","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":17,"box":{"x":82,"y":853,"width":851,"height":11}},{"id":"56901f0e-c21c-4856-8064-084627a7618a","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":17,"box":{"x":82,"y":867,"width":832,"height":12}},{"id":"7fdeaea3-b794-4ef9-8cbb-81e35e0918d1","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":17,"box":{"x":81,"y":882,"width":814,"height":12}},{"id":"8135017e-99e1-4f54-a00c-83cca69f6f6d","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":17,"box":{"x":82,"y":897,"width":805,"height":12}},{"id":"69749461-fd76-48db-b3cb-0016af59829c","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":17,"box":{"x":82,"y":912,"width":827,"height":11}},{"id":"271bca99-2401-4faa-ad6a-ef4f02878bc5","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"f09870b0-561a-4094-8e12-de8fc570e0b4","block_type":"box","text":"NM1026U-5985633-17/72","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3f5aa715-0417-4a71-932b-4711d7dd20e5","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":18,"box":{"x":80,"y":46,"width":801,"height":11}},{"id":"b2d84b69-2f82-4128-8a80-02538d114e94","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":18,"box":{"x":81,"y":60,"width":809,"height":12}},{"id":"68337788-5ed4-4299-b4c5-0c4726c6ae02","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":18,"box":{"x":81,"y":75,"width":849,"height":12}},{"id":"765662d4-4ca5-46b8-b963-3eac19d9bb63","block_type":"box","text":"securities and assets, including the ability to transfer the Fund’s assets or income back into the United States, and","page_number":18,"box":{"x":81,"y":90,"width":848,"height":12}},{"id":"20dfc6f5-6e6c-45ef-b8cf-cebd3323e5b9","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":18,"box":{"x":81,"y":105,"width":774,"height":12}},{"id":"853f3de5-453a-41cc-b68e-b74939290c84","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":18,"box":{"x":81,"y":120,"width":355,"height":11}},{"id":"5927794f-cc7a-42fe-b2ca-657cf3ad1965","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":18,"box":{"x":81,"y":140,"width":838,"height":11}},{"id":"a07bbb36-d945-4516-b1a3-43c4cce68b16","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":18,"box":{"x":81,"y":155,"width":815,"height":11}},{"id":"c1e5e95c-51d3-459e-99f3-d724ab3efc41","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":18,"box":{"x":82,"y":170,"width":827,"height":11}},{"id":"374e78c2-c7e2-467f-9a05-59d642e14a9b","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":18,"box":{"x":82,"y":184,"width":832,"height":12}},{"id":"43a709ce-ddb6-41d7-b7a2-48f6494f6606","block_type":"box","text":"and the value of the Fund’s investments, in non-U.S. countries. These factors are extremely difficult, if not","page_number":18,"box":{"x":81,"y":199,"width":781,"height":11}},{"id":"3da2a7d1-2f3d-4ae0-81d5-7c56c70a4e55","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":18,"box":{"x":82,"y":214,"width":617,"height":11}},{"id":"e38584a8-83a1-4e14-b265-c46efb7da40e","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":18,"box":{"x":82,"y":234,"width":476,"height":11}},{"id":"f022d9fe-7e79-49af-943f-37a8aba434b4","block_type":"box","text":"— Many foreign governments do not supervise","page_number":18,"box":{"x":563,"y":234,"width":344,"height":11}},{"id":"125fc61f-918f-440a-8411-b3f9520f809c","block_type":"box","text":"and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in","page_number":18,"box":{"x":81,"y":249,"width":827,"height":11}},{"id":"ac6e9feb-ff21-4150-adb1-d82cba6c2f86","block_type":"box","text":"the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For","page_number":18,"box":{"x":80,"y":264,"width":855,"height":11}},{"id":"fc014046-3c11-419e-9761-5c0d8808665a","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":18,"box":{"x":81,"y":278,"width":831,"height":12}},{"id":"0037027c-e59a-4df1-bdf1-087dd02c15ba","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":18,"box":{"x":82,"y":293,"width":800,"height":12}},{"id":"3c93dd38-9aee-4827-8a3b-39cc88fc91aa","block_type":"box","text":"addition, some countries may have legal systems that may make it difficult for the Fund to vote proxies, exercise","page_number":18,"box":{"x":81,"y":308,"width":829,"height":12}},{"id":"39cf7f20-1124-4471-bb8d-1c0a30a0ebc4","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":18,"box":{"x":81,"y":323,"width":856,"height":11}},{"id":"c622043c-5515-4218-b443-fadf6a609534","block_type":"box","text":"countries are not necessarily the same as in the United States. If the accounting standards in another country do","page_number":18,"box":{"x":81,"y":338,"width":834,"height":11}},{"id":"9e29c6b7-f861-4176-b380-ef7ab8626e27","block_type":"box","text":"not require as much detail as U.S. accounting standards, it may be harder for Fund management to completely and","page_number":18,"box":{"x":82,"y":352,"width":844,"height":12}},{"id":"4b63033e-ed74-451d-ac37-00cdf478fabd","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":18,"box":{"x":81,"y":367,"width":393,"height":12}},{"id":"f4f3ab5b-89b9-4479-bdda-125f6d6a8886","block_type":"box","text":"Settlement Risk","page_number":18,"box":{"x":82,"y":387,"width":117,"height":9}},{"id":"0acbe1df-f9ca-4c38-8ab1-2f96a524cfcb","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":18,"box":{"x":203,"y":387,"width":730,"height":12}},{"id":"a29536f6-c403-4495-b366-c3534108ed24","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":18,"box":{"x":80,"y":402,"width":856,"height":12}},{"id":"94b5d381-6426-47f4-b087-f3e5dd637649","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":18,"box":{"x":81,"y":417,"width":784,"height":11}},{"id":"43e32558-6b45-4054-a24d-a0382386e58a","block_type":"box","text":"investments.","page_number":18,"box":{"x":82,"y":432,"width":92,"height":9}},{"id":"3045330c-29f0-4bdb-a955-71ccddaa6d1d","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":18,"box":{"x":81,"y":452,"width":825,"height":11}},{"id":"6ef55720-d90a-44f6-b84e-fdf5340d8416","block_type":"box","text":"These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed","page_number":18,"box":{"x":81,"y":467,"width":839,"height":11}},{"id":"ee9b4071-7c9f-4900-bc71-cef32d39ef20","block_type":"box","text":"in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":18,"box":{"x":82,"y":481,"width":854,"height":12}},{"id":"939026af-7f90-4d18-853b-b6fc743c1d14","block_type":"box","text":"uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale","page_number":18,"box":{"x":82,"y":496,"width":839,"height":12}},{"id":"74284887-8499-4351-986d-57b8869c5425","block_type":"box","text":"of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security","page_number":18,"box":{"x":81,"y":511,"width":841,"height":11}},{"id":"247c3607-1156-4499-bfcc-f244832f9733","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":18,"box":{"x":80,"y":526,"width":480,"height":11}},{"id":"68fe7c05-bbcd-4094-8be6-9aaf78968d04","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":18,"box":{"x":83,"y":546,"width":221,"height":11}},{"id":"86dccad1-0732-47d5-8136-c480ae085b72","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":18,"box":{"x":308,"y":546,"width":589,"height":11}},{"id":"8de0cc28-38c9-4a8e-baf7-a33a065ff067","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":18,"box":{"x":82,"y":561,"width":838,"height":11}},{"id":"b5b32077-253b-437e-920c-a21eb11ba01e","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":18,"box":{"x":81,"y":576,"width":834,"height":11}},{"id":"b017ba95-399c-4066-a7cf-5f0394a6fa07","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":18,"box":{"x":82,"y":590,"width":836,"height":12}},{"id":"33d12a89-1f00-4753-8fcd-b06edf4d6d28","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":18,"box":{"x":80,"y":605,"width":854,"height":12}},{"id":"b9c345b1-2ac8-48d3-a856-55ac9038f494","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":18,"box":{"x":80,"y":620,"width":831,"height":12}},{"id":"ee95342e-b27a-4020-8eee-d948c11aba7d","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":18,"box":{"x":82,"y":635,"width":852,"height":11}},{"id":"00048f98-558f-45a9-842c-5f414817868e","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time","page_number":18,"box":{"x":81,"y":650,"width":848,"height":11}},{"id":"37109dac-ebad-460d-a2b4-e91e2cb076bf","block_type":"box","text":"an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether","page_number":18,"box":{"x":81,"y":664,"width":831,"height":12}},{"id":"7dce772d-7c5a-42f7-8539-f1243f85b547","block_type":"box","text":"they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been","page_number":18,"box":{"x":80,"y":679,"width":830,"height":12}},{"id":"5762be6f-1257-4b26-b57a-92dfedeb1eb6","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":18,"box":{"x":82,"y":694,"width":832,"height":12}},{"id":"5043bbef-910f-44dc-8076-6f79bdd2592b","block_type":"box","text":"increase in the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from","page_number":18,"box":{"x":82,"y":709,"width":836,"height":11}},{"id":"c3a0754d-edd6-4f4e-a5a5-6e2a6ba0a5a3","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":18,"box":{"x":81,"y":724,"width":325,"height":9}},{"id":"36342d57-06e7-440c-9dd6-d958c631527f","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":18,"box":{"x":81,"y":744,"width":310,"height":11}},{"id":"0d0a3847-9f29-4e54-9a62-8630064411fc","block_type":"box","text":"—","page_number":18,"box":{"x":396,"y":749,"width":17,"height":1}},{"id":"65c985ca-aece-48e5-8356-80821801e642","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":18,"box":{"x":418,"y":744,"width":507,"height":11}},{"id":"d45e1da3-9e03-4663-a919-c37395022122","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":18,"box":{"x":80,"y":759,"width":837,"height":11}},{"id":"7bc9ae16-e689-4839-a725-3e0b9be496aa","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":18,"box":{"x":81,"y":773,"width":852,"height":12}},{"id":"dc06436c-2b5e-4d50-9742-379619ddd6ca","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":18,"box":{"x":81,"y":793,"width":276,"height":12}},{"id":"b89b152a-0056-43e7-8733-b336059f3ecc","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":18,"box":{"x":361,"y":794,"width":573,"height":11}},{"id":"f44d2ab4-d455-4abd-b24c-f44db3e6bfff","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":18,"box":{"x":81,"y":808,"width":848,"height":12}},{"id":"516e5d27-65fa-4149-aebd-d0b5d112aef0","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":18,"box":{"x":81,"y":823,"width":839,"height":12}},{"id":"8e541ccd-033b-433b-ac88-67c3385ca216","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":18,"box":{"x":82,"y":838,"width":851,"height":11}},{"id":"00070043-761c-4d46-a4d4-fac0b50f341d","block_type":"box","text":"Leverage Risk","page_number":18,"box":{"x":81,"y":858,"width":107,"height":11}},{"id":"eb0a8cfa-82c2-4c7d-8b86-33cb69a1e7c4","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":858,"width":741,"height":11}},{"id":"064de094-afa7-45aa-b07a-4214f9f5111c","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":873,"width":787,"height":11}},{"id":"018f8bc5-402c-4ac3-92c0-355a96728e6c","block_type":"box","text":"investment company registered with the Securities and Exchange Commission, the Fund is subject to the federal","page_number":18,"box":{"x":82,"y":887,"width":825,"height":12}},{"id":"46660caf-837e-45b6-b9ad-f199b08e0a24","block_type":"box","text":"securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under the","page_number":18,"box":{"x":81,"y":902,"width":796,"height":12}},{"id":"66e859ad-ffb0-4ab8-afcf-2f91f4cb5b5e","block_type":"box","text":"Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply","page_number":18,"box":{"x":82,"y":917,"width":834,"height":12}},{"id":"199fd8a9-b331-4051-a53a-6b5bd369719d","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b4cf8a38-f5e1-4b13-bf08-256a32518713","block_type":"box","text":"NM1026U-5985633-18/72","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1f2a0df0-fdbd-4b67-a8fc-7ef86daa0e7c","block_type":"box","text":"with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to liquidate","page_number":19,"box":{"x":80,"y":46,"width":850,"height":11}},{"id":"80ec3810-9c70-4636-90ab-43afc7b029e5","block_type":"box","text":"portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable","page_number":19,"box":{"x":82,"y":60,"width":819,"height":12}},{"id":"8cb6060c-597a-45df-9c9a-565695edb9cf","block_type":"box","text":"requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the","page_number":19,"box":{"x":82,"y":75,"width":850,"height":12}},{"id":"e8725f0f-8dcd-4e8a-b024-559631e77fc1","block_type":"box","text":"Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":19,"box":{"x":82,"y":90,"width":465,"height":12}},{"id":"47589157-8e8b-4903-88b0-526cd88b7910","block_type":"box","text":"Market Risk and Selection Risk","page_number":19,"box":{"x":81,"y":110,"width":240,"height":9}},{"id":"249de3bc-1d04-45ba-9efa-13b74d14811b","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":19,"box":{"x":324,"y":110,"width":593,"height":9}},{"id":"33432aee-059a-430a-a581-5b7fffa5f8ba","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":19,"box":{"x":81,"y":125,"width":851,"height":11}},{"id":"0af6750f-f53f-4c30-82c9-d9357604d5b5","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":19,"box":{"x":82,"y":140,"width":824,"height":11}},{"id":"7f15817d-5fc4-44b1-8442-717e0af50d92","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":19,"box":{"x":82,"y":155,"width":851,"height":11}},{"id":"d1cbc47a-0af2-4d3e-8593-93ca180aaa7d","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":19,"box":{"x":82,"y":169,"width":802,"height":12}},{"id":"bb036a08-ce92-4e72-a7a4-85df4f7dcc43","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":19,"box":{"x":81,"y":184,"width":849,"height":12}},{"id":"343962a6-6d87-4fbe-a921-29f3dfcacc34","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":19,"box":{"x":81,"y":199,"width":843,"height":12}},{"id":"53b8aa8c-7d9c-45ee-a998-63dbc27fc57b","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":19,"box":{"x":81,"y":214,"width":830,"height":11}},{"id":"006f05d7-57f9-4776-948e-872b66766d53","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":19,"box":{"x":82,"y":229,"width":840,"height":11}},{"id":"77fc73c0-8821-4d9e-b0e0-40feca343d44","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":19,"box":{"x":81,"y":244,"width":789,"height":11}},{"id":"a365ef06-e661-4dfe-bb0a-b21a368f9582","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":19,"box":{"x":81,"y":258,"width":823,"height":12}},{"id":"3727b7ca-6b41-415c-a2ce-7f3987bf2f1f","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":19,"box":{"x":81,"y":273,"width":784,"height":12}},{"id":"7963538a-81d7-4f2c-99e8-392719540251","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":19,"box":{"x":81,"y":288,"width":844,"height":11}},{"id":"a899ec25-6934-4e5a-b27d-78332d49130a","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":19,"box":{"x":82,"y":308,"width":818,"height":12}},{"id":"4a7a5d05-13ca-4833-b0e0-48cd8ee79a74","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":19,"box":{"x":80,"y":323,"width":819,"height":11}},{"id":"3060b6dd-61f4-4269-9532-5e9a9c888050","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":19,"box":{"x":81,"y":338,"width":819,"height":11}},{"id":"b9abf2c7-627c-4545-b23b-c7e7fb83a46e","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":19,"box":{"x":81,"y":352,"width":846,"height":12}},{"id":"2f514e87-8964-46de-92a5-f3f6beb7b60d","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":19,"box":{"x":81,"y":367,"width":848,"height":12}},{"id":"39c25a36-be08-4aa2-9e11-19a087bec4e0","block_type":"box","text":"the Fund invests.","page_number":19,"box":{"x":80,"y":382,"width":125,"height":9}},{"id":"a1368729-6986-47c4-b519-744a5ea3d958","block_type":"box","text":"Master Limited Partnerships Risk","page_number":19,"box":{"x":81,"y":402,"width":254,"height":11}},{"id":"8a5be9e8-2c2f-427c-8363-476e44ea3d72","block_type":"box","text":"— The common units of an MLP are listed and traded on U.S. securities","page_number":19,"box":{"x":338,"y":402,"width":531,"height":9}},{"id":"a3dbcc97-cc9e-4055-82e4-67bb77cf209d","block_type":"box","text":"exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the","page_number":19,"box":{"x":81,"y":417,"width":836,"height":11}},{"id":"6bd51988-1dc1-4dd8-828b-9ddae4051301","block_type":"box","text":"MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have","page_number":19,"box":{"x":82,"y":432,"width":844,"height":11}},{"id":"93a5b8f2-fee6-4f61-9e53-d6683924b17d","block_type":"box","text":"no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated","page_number":19,"box":{"x":82,"y":447,"width":830,"height":11}},{"id":"8a9e6f91-036d-4c51-b1ce-67ead7e225c0","block_type":"box","text":"units, but not over debt or preferred units, to the remaining assets of the MLP.","page_number":19,"box":{"x":82,"y":461,"width":575,"height":12}},{"id":"d3c3b868-0a28-4be8-a144-4951b360adb6","block_type":"box","text":"“New Issues” Risk","page_number":19,"box":{"x":83,"y":482,"width":139,"height":9}},{"id":"7a8bceea-d4bc-4561-9d1d-9becf831abd1","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":19,"box":{"x":226,"y":481,"width":673,"height":12}},{"id":"32266eab-c463-451c-82fb-671842b22130","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":19,"box":{"x":81,"y":496,"width":833,"height":12}},{"id":"d1327599-4b3c-469f-9840-f9cfdd64aa74","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":19,"box":{"x":82,"y":511,"width":853,"height":12}},{"id":"272e9b25-115c-4ed1-bf9f-ac3edc4f0571","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":19,"box":{"x":81,"y":526,"width":778,"height":11}},{"id":"dd80e1f3-b46f-402d-b9ef-9f140edc426b","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":19,"box":{"x":81,"y":541,"width":827,"height":11}},{"id":"27f2ec22-c2ec-412f-be9b-1e8a594e974b","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":19,"box":{"x":82,"y":555,"width":838,"height":12}},{"id":"9ab7338f-195a-4615-8c24-831d3ae6be04","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":19,"box":{"x":82,"y":570,"width":776,"height":12}},{"id":"f9e2f44b-96af-4360-82d7-29ef86bba7ee","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":19,"box":{"x":81,"y":585,"width":830,"height":12}},{"id":"4045e466-e258-4b88-a1c7-b64c5f796fdf","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":19,"box":{"x":82,"y":600,"width":834,"height":12}},{"id":"01d4d0f9-2664-4840-8913-56b666137f9e","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":19,"box":{"x":80,"y":615,"width":844,"height":11}},{"id":"ce637fe9-c849-40f4-a2be-9daec4381ef9","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":19,"box":{"x":81,"y":630,"width":840,"height":11}},{"id":"904e403b-f4c5-4332-81bc-2e146cbba299","block_type":"box","text":"price as it would like.","page_number":19,"box":{"x":82,"y":645,"width":153,"height":11}},{"id":"005493d2-02e2-4b3b-aeac-d0ba05e3d217","block_type":"box","text":"Operational and Technology Risks","page_number":19,"box":{"x":82,"y":665,"width":254,"height":11}},{"id":"24c4177a-96dc-4d96-88ab-4a7309969b21","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":19,"box":{"x":340,"y":665,"width":549,"height":11}},{"id":"63d869ae-7a61-45d4-b190-5da6f3e3f6ad","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":19,"box":{"x":81,"y":680,"width":790,"height":11}},{"id":"55e24c55-aa51-426f-9bdf-ec7d4a0d74b1","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":19,"box":{"x":81,"y":694,"width":837,"height":12}},{"id":"fb9e773f-3c43-42f2-9432-426a08d36b8a","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":19,"box":{"x":82,"y":709,"width":845,"height":11}},{"id":"776b093b-7dbf-4484-a538-c88bbc8c837e","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":19,"box":{"x":81,"y":724,"width":832,"height":11}},{"id":"17684f56-f558-4617-afb8-b4f70329b127","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":19,"box":{"x":82,"y":739,"width":763,"height":11}},{"id":"e5c4df57-ed1b-4f77-a7c8-cd0d017786f2","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":19,"box":{"x":81,"y":753,"width":825,"height":12}},{"id":"b7ab62aa-eae4-4a91-a758-a3186ef3369f","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":19,"box":{"x":81,"y":768,"width":842,"height":12}},{"id":"a7f5fd87-a2f2-482f-b114-ee89179024b3","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":19,"box":{"x":81,"y":783,"width":852,"height":11}},{"id":"1f5ffeed-f5e3-49e8-ae27-e5d85034da1d","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":19,"box":{"x":82,"y":798,"width":827,"height":11}},{"id":"c440601b-e3e7-4ead-a842-3a2b5a609b5a","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":19,"box":{"x":81,"y":818,"width":821,"height":11}},{"id":"76d043a1-e1c3-43b8-95e2-46e1b6143979","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":19,"box":{"x":82,"y":833,"width":814,"height":11}},{"id":"8c9ca0ce-0928-4021-b394-6337604e288b","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":19,"box":{"x":81,"y":847,"width":824,"height":12}},{"id":"024d4097-7cbf-4596-b6ad-97325f942424","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":19,"box":{"x":81,"y":862,"width":791,"height":12}},{"id":"a0e11120-f29d-4e6c-9f04-b14994a39a28","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":19,"box":{"x":82,"y":877,"width":852,"height":12}},{"id":"31379051-25d6-4a0a-9b11-74e6966cb351","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its net asset value (“NAV”);","page_number":19,"box":{"x":81,"y":892,"width":825,"height":12}},{"id":"b155e413-1639-4d00-877a-3c3f6e204d77","block_type":"box","text":"disclosure of confidential information; impediments to trading; submission of erroneous trades by the Fund or","page_number":19,"box":{"x":81,"y":907,"width":807,"height":11}},{"id":"a7a67ce6-8ae9-4ed8-94f5-625da7c6425d","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"557874bd-f322-48f6-baf2-ebfd83550398","block_type":"box","text":"NM1026U-5985633-19/72","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"380a1d2d-1b2d-4393-b132-30a623409823","block_type":"box","text":"erroneous subscription or redemption orders; the inability of the Fund or its service providers to transact business;","page_number":20,"box":{"x":81,"y":46,"width":844,"height":11}},{"id":"6103d7c4-b130-4cdb-a985-d3d869961ea5","block_type":"box","text":"violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or","page_number":20,"box":{"x":80,"y":60,"width":842,"height":12}},{"id":"9efba6f1-9cb8-40bd-a77f-34382d4bcb19","block_type":"box","text":"other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may","page_number":20,"box":{"x":81,"y":76,"width":820,"height":11}},{"id":"0479a619-209a-441e-8b6a-d0cc069284c0","block_type":"box","text":"render records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":20,"box":{"x":82,"y":90,"width":850,"height":12}},{"id":"bc0ea5f1-c030-4d49-9f10-abb65074050f","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":20,"box":{"x":81,"y":105,"width":829,"height":12}},{"id":"7159fb0a-0857-433f-a319-2b8d2947fac1","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":20,"box":{"x":82,"y":120,"width":846,"height":11}},{"id":"ebe13c11-10d2-4755-81d2-0ad21f8f096b","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":20,"box":{"x":82,"y":135,"width":846,"height":11}},{"id":"7561e53c-1cae-43d8-a764-67e0b6a4e86c","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":20,"box":{"x":81,"y":149,"width":838,"height":12}},{"id":"ed63853c-93b6-44b7-8451-c0b99e5da397","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":20,"box":{"x":80,"y":165,"width":770,"height":11}},{"id":"01cc0f49-6b8d-40cf-b2b7-f48bbd312c73","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":20,"box":{"x":80,"y":179,"width":792,"height":12}},{"id":"f9b40d55-d7a9-4c66-a0c3-b8393d4a0e10","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":20,"box":{"x":82,"y":194,"width":845,"height":11}},{"id":"a54e1d6f-56d8-42f0-b021-254437362f4e","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":20,"box":{"x":80,"y":209,"width":840,"height":11}},{"id":"181c8f79-084f-4209-8a87-4fd39851b87b","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":20,"box":{"x":81,"y":224,"width":841,"height":11}},{"id":"f8b96cd5-02e1-446d-9771-a93337953847","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":20,"box":{"x":80,"y":238,"width":847,"height":12}},{"id":"aaa66799-acdb-48be-9ec6-f98b482d7870","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":20,"box":{"x":82,"y":253,"width":838,"height":12}},{"id":"8bf3c8a9-9503-458f-9829-00a61816f798","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":20,"box":{"x":81,"y":268,"width":847,"height":12}},{"id":"4069104e-faf1-4556-83d2-46aedf588c79","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":20,"box":{"x":81,"y":283,"width":845,"height":11}},{"id":"1ee6a4d0-a8ea-465c-a4dd-da05d7873599","block_type":"box","text":"and the associated risks to the Fund.","page_number":20,"box":{"x":81,"y":298,"width":273,"height":9}},{"id":"d74ebb9b-ec84-4909-9dea-f9a2d5ac39ff","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":20,"box":{"x":81,"y":318,"width":769,"height":11}},{"id":"b2ca6b25-ea18-4ae1-aa45-4f6e50161349","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":20,"box":{"x":81,"y":332,"width":855,"height":12}},{"id":"9fd3f117-34ee-4eb8-9f02-6618d6441cf5","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":20,"box":{"x":80,"y":347,"width":848,"height":12}},{"id":"b097334c-b4ce-4bb2-93d4-f4aa6002bcf9","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":20,"box":{"x":81,"y":362,"width":777,"height":12}},{"id":"edffc639-0a26-4013-bb95-1e66dd7b0aea","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":20,"box":{"x":81,"y":377,"width":824,"height":12}},{"id":"a7c7c5d9-7ee6-4804-9ae9-a7f9f2ca91f4","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":20,"box":{"x":81,"y":392,"width":785,"height":11}},{"id":"53ae5046-dcb3-4957-8419-aea5151db41c","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":20,"box":{"x":82,"y":407,"width":853,"height":11}},{"id":"871cec77-a441-4818-82dd-03f26c1e46bc","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":20,"box":{"x":82,"y":421,"width":855,"height":12}},{"id":"167eb202-b912-45e3-ae9a-fcd77cde0245","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":20,"box":{"x":82,"y":436,"width":813,"height":12}},{"id":"0610e9f4-651a-45b8-97d7-d3c85355ceab","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":20,"box":{"x":81,"y":451,"width":806,"height":12}},{"id":"0312603f-4072-4cef-87ca-30f154e13d5c","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":20,"box":{"x":82,"y":466,"width":602,"height":11}},{"id":"2a955b57-62b8-43a9-a06c-59b2f527d10e","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":20,"box":{"x":82,"y":486,"width":794,"height":11}},{"id":"d91da659-b5b8-4aa1-852a-5755bfc52d0a","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":20,"box":{"x":81,"y":501,"width":840,"height":11}},{"id":"daa79829-8904-47a2-877d-d85e0160fa44","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":20,"box":{"x":81,"y":516,"width":801,"height":11}},{"id":"62f1613a-63de-4f8b-8aee-18200313cabf","block_type":"box","text":"resources to monitor and implement required changes.","page_number":20,"box":{"x":82,"y":531,"width":402,"height":11}},{"id":"6260577a-e6ad-4000-be03-143fa1b9513a","block_type":"box","text":"Preferred Securities Risk","page_number":20,"box":{"x":81,"y":550,"width":189,"height":10}},{"id":"158c93ee-f72c-41de-b3bf-94a7a9d9c346","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":20,"box":{"x":274,"y":550,"width":636,"height":12}},{"id":"84a1f098-2489-4959-8b5b-478e66d62578","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":20,"box":{"x":81,"y":565,"width":824,"height":12}},{"id":"9f8ed551-677c-4e4a-85e3-b353a9f7a55e","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":20,"box":{"x":82,"y":580,"width":806,"height":12}},{"id":"c99f79a2-4ec1-4bb2-a2f6-3c8274623335","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":20,"box":{"x":81,"y":595,"width":842,"height":11}},{"id":"90c7c019-a4e6-4929-ac10-f13d5326eb53","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":20,"box":{"x":81,"y":610,"width":781,"height":11}},{"id":"9241081f-0eff-4ace-a244-d71720843ff2","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":20,"box":{"x":81,"y":624,"width":812,"height":12}},{"id":"5b0e6857-c3e1-433a-9184-6f93ad6a506f","block_type":"box","text":"larger companies.","page_number":20,"box":{"x":82,"y":640,"width":129,"height":11}},{"id":"7b28736d-2f03-4eb3-bb98-b237c03342e5","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":20,"box":{"x":81,"y":659,"width":269,"height":9}},{"id":"72fa8f2d-1971-4957-9e82-40adb21615b8","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":20,"box":{"x":354,"y":659,"width":527,"height":9}},{"id":"f69f73e6-1663-4215-b04a-680f08b7d0cf","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":20,"box":{"x":82,"y":674,"width":816,"height":12}},{"id":"e60eb422-9162-41a0-9e08-222d597db944","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":20,"box":{"x":81,"y":689,"width":845,"height":11}},{"id":"76dff392-5bca-40a0-8bc4-7bb562c3864b","block_type":"box","text":"space under expiring leases on attractive terms, the amount of new construction in a particular area, the laws and","page_number":20,"box":{"x":81,"y":704,"width":841,"height":11}},{"id":"d4ccdde1-2c89-452d-afcb-0dcadc8b9f39","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":20,"box":{"x":82,"y":719,"width":852,"height":11}},{"id":"9fe9fe6a-e72e-4214-922a-c2b10844bf30","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":20,"box":{"x":81,"y":733,"width":841,"height":12}},{"id":"af82613c-e34f-4427-918e-a70318c7f0d3","block_type":"box","text":"estate values. If the Fund’s real estate-related investments are concentrated in one geographic area or in one","page_number":20,"box":{"x":81,"y":748,"width":807,"height":12}},{"id":"805e8274-e1dc-4ca6-b8f4-4631a8c00c25","block_type":"box","text":"property type, the Fund will be particularly subject to the risks associated with that area or property type. Many","page_number":20,"box":{"x":82,"y":763,"width":815,"height":11}},{"id":"45026fde-4287-4f34-b036-c98d92012fb7","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":20,"box":{"x":82,"y":778,"width":845,"height":11}},{"id":"577096d7-4bab-4814-a077-d7696f34cbf4","block_type":"box","text":"The value of the securities the Fund buys will not necessarily track the value of the underlying investments of the","page_number":20,"box":{"x":81,"y":793,"width":828,"height":11}},{"id":"3f2c1c72-42e0-44e1-b285-5c757df8d93f","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":20,"box":{"x":82,"y":808,"width":805,"height":11}},{"id":"427cfd6c-6cb7-48ef-87aa-cf21de76e670","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":20,"box":{"x":81,"y":822,"width":767,"height":12}},{"id":"da49fc21-ea3c-4247-bb58-368454e44044","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":20,"box":{"x":81,"y":837,"width":831,"height":12}},{"id":"4a5f4e77-014a-42dd-93f9-9205e277545e","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":20,"box":{"x":82,"y":852,"width":824,"height":11}},{"id":"161c9920-4e42-4650-803c-928da4caa071","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":20,"box":{"x":81,"y":867,"width":817,"height":11}},{"id":"46f46651-843c-4e71-b1e4-3358900cd1b0","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":20,"box":{"x":81,"y":882,"width":367,"height":11}},{"id":"13cafd45-13fe-404d-9dd4-0d14a8d01e75","block_type":"box","text":"REIT Investment Risk","page_number":20,"box":{"x":81,"y":902,"width":163,"height":9}},{"id":"e1ebfdb6-e1fe-4f4f-94e7-536b5beff01c","block_type":"box","text":"— In addition to the risks facing real estate-related securities, such as a decline in property","page_number":20,"box":{"x":248,"y":902,"width":676,"height":11}},{"id":"0ff24b6e-1e05-403b-b65e-3bb7e16d38ff","block_type":"box","text":"values due to increasing vacancies, a decline in rents resulting from unanticipated economic, legal or technological","page_number":20,"box":{"x":80,"y":916,"width":846,"height":12}},{"id":"a16e20f6-5cf0-4050-8614-6d239a21a969","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"4aba436e-a757-415f-946f-ea4a24673af4","block_type":"box","text":"NM1026U-5985633-20/72","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"32e4851a-1e3a-4b31-a72e-f8c7a9082bf6","block_type":"box","text":"developments or a decline in the price of securities of real estate companies due to a failure of borrowers to pay","page_number":21,"box":{"x":81,"y":46,"width":829,"height":11}},{"id":"468baf55-1015-401b-8b54-efc42398cbe2","block_type":"box","text":"their loans or poor management, investments in REITs involve unique risks. REITs may have limited financial","page_number":21,"box":{"x":80,"y":60,"width":793,"height":12}},{"id":"3463de18-e2d1-47e7-9728-fcf2f802fb7f","block_type":"box","text":"resources, may trade less frequently and in limited volume, may engage in dilutive offerings of securities and may","page_number":21,"box":{"x":82,"y":75,"width":836,"height":12}},{"id":"a38f444a-8bf6-4595-b12c-593b126c6331","block_type":"box","text":"be more volatile than other securities. REIT issuers may also fail to maintain their exemptions from investment","page_number":21,"box":{"x":81,"y":90,"width":814,"height":12}},{"id":"775c4625-e695-4b7c-85a5-2cc24b37a930","block_type":"box","text":"company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code, which","page_number":21,"box":{"x":81,"y":105,"width":825,"height":12}},{"id":"00ac8afb-ad6d-4094-a2f8-06b819a06589","block_type":"box","text":"allows REITs to reduce their corporate taxable income for dividends paid to their shareholders. Ordinary REIT","page_number":21,"box":{"x":81,"y":120,"width":797,"height":11}},{"id":"0925b8cc-8d7f-47a9-8c6e-ba8c7c7ec896","block_type":"box","text":"dividends received by the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary","page_number":21,"box":{"x":81,"y":135,"width":812,"height":11}},{"id":"d853209d-11f4-4525-8db2-ae09868beee1","block_type":"box","text":"income and will not constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT","page_number":21,"box":{"x":82,"y":149,"width":838,"height":12}},{"id":"dc08d5e4-818e-4f7d-adf3-01e05fd97cc4","block_type":"box","text":"shareholder may claim a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated","page_number":21,"box":{"x":81,"y":164,"width":832,"height":12}},{"id":"6276abb6-38d2-4a39-bdbb-a0e211f9619c","block_type":"box","text":"investment company may report dividends as eligible for this deduction to the extent the regulated investment","page_number":21,"box":{"x":82,"y":179,"width":809,"height":12}},{"id":"f4e16dbf-a37f-4540-b579-2871d893b14d","block_type":"box","text":"company’s income is derived from ordinary REIT dividends (reduced by allocable regulated investment company","page_number":21,"box":{"x":81,"y":194,"width":819,"height":11}},{"id":"176e3292-245b-4910-948a-66784d2f218a","block_type":"box","text":"expenses). A shareholder may treat the dividends as such provided the regulated investment company and the","page_number":21,"box":{"x":81,"y":209,"width":813,"height":11}},{"id":"1a4190af-48a6-44fa-ac81-1792133fa749","block_type":"box","text":"shareholder satisfy applicable holding period requirements.","page_number":21,"box":{"x":81,"y":224,"width":434,"height":11}},{"id":"3a2b1b17-be05-4929-8933-97d36fb0bb0c","block_type":"box","text":"Risk of Investing in the United States","page_number":21,"box":{"x":81,"y":244,"width":283,"height":11}},{"id":"687d2fce-e787-4807-8905-04dc9abfe27a","block_type":"box","text":"—","page_number":21,"box":{"x":369,"y":249,"width":17,"height":1}},{"id":"1c3ec516-f12f-44e2-aeef-8d347d6e2388","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":21,"box":{"x":390,"y":244,"width":519,"height":11}},{"id":"2528ef42-cc84-492b-8e15-d58e605db307","block_type":"box","text":"inflation and/or an economic recession in the United States may have a material adverse effect on the U.S.","page_number":21,"box":{"x":82,"y":258,"width":790,"height":12}},{"id":"d37bf1f4-3010-454b-a76e-74a9cb73dee6","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":21,"box":{"x":81,"y":273,"width":835,"height":12}},{"id":"3ecefcd2-8c2e-458d-a09d-4af84f7bad34","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":21,"box":{"x":82,"y":288,"width":784,"height":12}},{"id":"81ed4857-0d3a-446d-bca5-814646c1c8b1","block_type":"box","text":"regulation and may have a significant effect on U.S. markets generally, as well as on the value of certain securities.","page_number":21,"box":{"x":82,"y":303,"width":849,"height":11}},{"id":"ae5f2b24-c06a-4c8f-ba94-ec00a7f32d5f","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":21,"box":{"x":81,"y":318,"width":832,"height":11}},{"id":"ac5c7ab1-7b42-46fc-9782-68db5dbb68d2","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":21,"box":{"x":81,"y":332,"width":851,"height":12}},{"id":"e17dc052-f305-4898-9786-f3e3b6a57a99","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":21,"box":{"x":82,"y":347,"width":471,"height":12}},{"id":"0680c8f2-26e5-49db-9718-187ae117ef4f","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":21,"box":{"x":81,"y":367,"width":847,"height":12}},{"id":"077dd726-ca42-4ca0-a71b-49af649030aa","block_type":"box","text":"certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":21,"box":{"x":81,"y":382,"width":810,"height":12}},{"id":"7eaa4a13-6add-46e1-bacf-cfeddabaa59b","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":21,"box":{"x":82,"y":397,"width":832,"height":11}},{"id":"7aa6cdf8-d9d9-425a-8571-f748dacfddb0","block_type":"box","text":"these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the","page_number":21,"box":{"x":80,"y":412,"width":826,"height":11}},{"id":"6de73678-698f-4ed3-858b-6df3ffa7d001","block_type":"box","text":"Fund invests.","page_number":21,"box":{"x":82,"y":427,"width":95,"height":9}},{"id":"e8bc20a3-dbd7-46ca-b6cd-99c8011ad469","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":21,"box":{"x":81,"y":447,"width":327,"height":11}},{"id":"146fb40e-f0cb-40aa-b084-131e1c65dd0a","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":21,"box":{"x":412,"y":447,"width":461,"height":11}},{"id":"b53890d3-e406-4ae8-bfed-963bf336d66c","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":21,"box":{"x":82,"y":461,"width":808,"height":12}},{"id":"cb8c7cd5-2c82-4158-885a-a82b193ea932","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":21,"box":{"x":82,"y":476,"width":833,"height":12}},{"id":"2955acb3-7588-4fad-b4d7-5825b7ba58f4","block_type":"box","text":"smaller companies, which tend to be less well known, have shorter operating histories, do not have significant","page_number":21,"box":{"x":81,"y":491,"width":812,"height":12}},{"id":"52353ec7-e54b-4d99-9498-8f05268aba13","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":21,"box":{"x":81,"y":506,"width":603,"height":11}},{"id":"1dcfa6d5-ffb9-49fc-91c2-6eeb596999e9","block_type":"box","text":"Structured Securities Risk","page_number":21,"box":{"x":81,"y":526,"width":200,"height":9}},{"id":"cf272208-254b-42eb-b4d1-145d9606f559","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":21,"box":{"x":285,"y":526,"width":605,"height":11}},{"id":"a8fc7d1c-78f9-44af-ad65-9f8fb196aaed","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":21,"box":{"x":82,"y":541,"width":823,"height":11}},{"id":"82d8f158-9491-42f8-8e6d-21af5d8e353a","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":21,"box":{"x":82,"y":555,"width":827,"height":12}},{"id":"77ebdbe3-85b8-45f3-8808-9ac1cc0ff0f4","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":21,"box":{"x":82,"y":570,"width":852,"height":12}},{"id":"99d6b55a-520c-48c6-9a41-3b9145a4062b","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":21,"box":{"x":80,"y":585,"width":823,"height":12}},{"id":"23bb44b9-6fda-4fb1-8521-d5de2957c644","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":21,"box":{"x":82,"y":600,"width":818,"height":12}},{"id":"a366d19e-3cf4-4c9e-90d7-328ff644f456","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":21,"box":{"x":81,"y":615,"width":842,"height":11}},{"id":"a1f8fcb0-e1bc-4906-b5df-141b6a648930","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":21,"box":{"x":81,"y":630,"width":834,"height":11}},{"id":"2621f875-8968-428b-befa-b84fb3b40bb3","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":21,"box":{"x":82,"y":644,"width":834,"height":12}},{"id":"a631d555-5ce4-4404-8d2b-bd9151df7277","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":21,"box":{"x":82,"y":659,"width":799,"height":12}},{"id":"8e6e7389-3752-482c-a960-52a7b6e09350","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":21,"box":{"x":81,"y":674,"width":851,"height":12}},{"id":"d776d1e5-0414-4a93-81d1-5c97af234ae2","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":21,"box":{"x":80,"y":689,"width":814,"height":11}},{"id":"8b7d44ac-f915-443a-9778-ae3d0abc48cb","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":21,"box":{"x":81,"y":704,"width":812,"height":11}},{"id":"ca1d872a-7482-43a5-b9a6-8669eb1116e2","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":21,"box":{"x":81,"y":719,"width":816,"height":11}},{"id":"f0f3cf60-64da-4a57-9d57-83fd319f3e80","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":21,"box":{"x":81,"y":733,"width":795,"height":12}},{"id":"54375ed3-7212-4047-bea3-20da0c7b715c","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":21,"box":{"x":81,"y":748,"width":802,"height":12}},{"id":"edde2207-9566-4705-901b-7cc44bee1307","block_type":"box","text":"“investment companies” as defined in the Investment Company Act. As a result, the Fund’s investment in such","page_number":21,"box":{"x":82,"y":763,"width":816,"height":11}},{"id":"3565e850-00db-4623-be91-968108e7ffdf","block_type":"box","text":"securities may be limited by certain investment restrictions contained in the Investment Company Act.","page_number":21,"box":{"x":81,"y":778,"width":749,"height":11}},{"id":"631e9f87-7a22-4bc0-8796-c573423d1c8d","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":21,"box":{"x":61,"y":801,"width":296,"height":12}},{"id":"e6b7841b-3a05-4a9f-ab6e-56c8bbe25885","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":21,"box":{"x":60,"y":817,"width":832,"height":12}},{"id":"7a754dd8-cfd6-47b6-8f8a-39c8bf67c0ea","block_type":"box","text":"strategies, including:","page_number":21,"box":{"x":61,"y":832,"width":151,"height":12}},{"id":"f2573d3e-1b48-4ffa-ac9a-d5d8d480eea0","block_type":"box","text":"Borrowing Risk","page_number":21,"box":{"x":81,"y":852,"width":115,"height":11}},{"id":"f028e5d1-768f-4a80-b59a-f282423d2a4d","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":21,"box":{"x":200,"y":852,"width":711,"height":12}},{"id":"8f51886d-763f-4a5d-b3c9-9e7794080afd","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":21,"box":{"x":80,"y":867,"width":813,"height":11}},{"id":"b01d3434-8851-41bd-87e7-61012bd6d4d7","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":21,"box":{"x":82,"y":882,"width":846,"height":11}},{"id":"3c310c52-8994-48fa-b9a8-eca52846493e","block_type":"box","text":"do so to satisfy its obligations.","page_number":21,"box":{"x":81,"y":896,"width":225,"height":12}},{"id":"2ff7f50f-b2a3-44e3-a3cd-e88b3ee318c9","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"0043b528-2256-4df6-8d50-41493d3b97d8","block_type":"box","text":"NM1026U-5985633-21/72","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"08897c20-6092-4043-a815-7d27b1a92adf","block_type":"box","text":"Expense Risk","page_number":22,"box":{"x":81,"y":46,"width":102,"height":11}},{"id":"4e1c9255-475d-41a0-a520-a560a898ae47","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":22,"box":{"x":187,"y":46,"width":734,"height":11}},{"id":"3f4bece9-2640-4d0b-902b-58fd483fcfb4","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":22,"box":{"x":81,"y":61,"width":855,"height":11}},{"id":"63291607-0c43-405c-bf74-0e737dfe16a1","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":22,"box":{"x":82,"y":75,"width":842,"height":12}},{"id":"1877e8e2-f7b9-497d-91df-98ff5d3f4574","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":22,"box":{"x":82,"y":90,"width":808,"height":12}},{"id":"8524d4ee-cb5e-405f-a6b3-c8b7d84972ca","block_type":"box","text":"significant.","page_number":22,"box":{"x":81,"y":105,"width":78,"height":12}},{"id":"7e5be5e2-3418-4f0b-8519-ce5052ae7150","block_type":"box","text":"High Portfolio Turnover Risk","page_number":22,"box":{"x":81,"y":125,"width":212,"height":11}},{"id":"4d193884-f01c-49cc-9b30-88f1a9ae8b95","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":22,"box":{"x":297,"y":125,"width":629,"height":11}},{"id":"c17a0eb3-1e27-43d9-a4d1-950a51545b9d","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":22,"box":{"x":82,"y":140,"width":812,"height":11}},{"id":"fbd0980a-7516-4c40-a34a-4b3d4bce8194","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":22,"box":{"x":81,"y":155,"width":817,"height":11}},{"id":"7e0128c3-9f23-4346-88d3-9088e26d57a0","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":22,"box":{"x":81,"y":169,"width":760,"height":12}},{"id":"20737f8a-e717-41b1-bad9-d9b2914c2695","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":22,"box":{"x":81,"y":184,"width":852,"height":12}},{"id":"89046cee-d00d-4408-8801-a6ccd5a9631e","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":22,"box":{"x":81,"y":199,"width":589,"height":12}},{"id":"ce675f27-ae4e-4399-b9fc-b1c5f70d3ff6","block_type":"box","text":"Illiquid Investments Risk","page_number":22,"box":{"x":81,"y":219,"width":186,"height":11}},{"id":"b6bee2cb-180d-49c6-9320-3f6f189da1f6","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":22,"box":{"x":271,"y":219,"width":648,"height":11}},{"id":"449d866a-1bde-41fe-8a4d-1b0119c1f86b","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":22,"box":{"x":80,"y":234,"width":841,"height":11}},{"id":"38e26b19-4a9f-45b2-ab62-4729ed5e1a08","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":22,"box":{"x":82,"y":249,"width":831,"height":11}},{"id":"2c3dd61e-e825-4765-8b25-f461e750d8a9","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":22,"box":{"x":81,"y":263,"width":811,"height":12}},{"id":"6d366105-9cc7-452e-88d1-78bba5e8ab1f","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":22,"box":{"x":82,"y":278,"width":825,"height":12}},{"id":"92447109-3e3f-47b1-95e6-d05b8e7dea92","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":22,"box":{"x":81,"y":293,"width":837,"height":12}},{"id":"f94e3bdd-74d6-467d-8d05-adb55e1f2040","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":22,"box":{"x":80,"y":308,"width":851,"height":12}},{"id":"0a3e7f13-cde6-45bf-b2f0-02023863c7f5","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":22,"box":{"x":82,"y":323,"width":835,"height":11}},{"id":"0ca676c0-904d-44f9-9a5b-5942487e0857","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":22,"box":{"x":82,"y":338,"width":835,"height":11}},{"id":"c4be8fef-bb7e-4d02-9906-09d93f0a4dd4","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":22,"box":{"x":81,"y":352,"width":791,"height":12}},{"id":"4c5158be-8e68-4a71-b939-7d9431f96ebb","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":22,"box":{"x":81,"y":368,"width":846,"height":11}},{"id":"29131331-d21a-4d09-a18b-ede992414202","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":22,"box":{"x":81,"y":382,"width":835,"height":12}},{"id":"7c9a3cbe-4316-40e0-89df-d1af668e4815","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":22,"box":{"x":82,"y":397,"width":839,"height":12}},{"id":"a208f654-ca55-4cce-b846-92ccf71c50d9","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":22,"box":{"x":80,"y":412,"width":834,"height":11}},{"id":"95b81485-29fb-4021-a2c5-d27ca1e6ba88","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":22,"box":{"x":81,"y":427,"width":815,"height":11}},{"id":"01626662-0d88-424f-9c97-c4b05f5e13e7","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":22,"box":{"x":82,"y":441,"width":835,"height":12}},{"id":"2a13a49f-e3cb-45a3-95fb-450229329c41","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":22,"box":{"x":82,"y":456,"width":827,"height":12}},{"id":"35d0afba-461b-495f-9476-b652269ce7cb","block_type":"box","text":"there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be","page_number":22,"box":{"x":80,"y":471,"width":831,"height":11}},{"id":"c0f4fc50-03d7-413a-a019-74657ec6b973","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":22,"box":{"x":81,"y":486,"width":304,"height":11}},{"id":"a48cb4eb-1487-4760-b2b1-daa2c6ba0ec0","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":22,"box":{"x":81,"y":506,"width":271,"height":9}},{"id":"f1cf7c7c-42d2-4a2d-bcc1-80b56bb820d2","block_type":"box","text":"—","page_number":22,"box":{"x":356,"y":511,"width":17,"height":1}},{"id":"3a8b1c45-2af3-459c-ba3e-262cff28d7e9","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":22,"box":{"x":379,"y":506,"width":499,"height":11}},{"id":"9952d2c3-40cf-46d2-9771-d40bf69a876c","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":22,"box":{"x":82,"y":521,"width":839,"height":11}},{"id":"41065856-5d65-4195-b786-189169f3d9a2","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":22,"box":{"x":80,"y":535,"width":799,"height":12}},{"id":"f137ddd7-c00d-4217-bde1-2a3073bfae49","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":22,"box":{"x":82,"y":551,"width":796,"height":11}},{"id":"e56f4578-043c-4079-a8ff-f27d1e40883b","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":22,"box":{"x":81,"y":565,"width":855,"height":12}},{"id":"f8cee60f-9275-4c61-ac47-7e35403922bd","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":22,"box":{"x":82,"y":580,"width":441,"height":12}},{"id":"4a77ffe4-a003-429f-ab6c-ebf3601ebf75","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":22,"box":{"x":81,"y":600,"width":366,"height":11}},{"id":"5184475c-2320-459c-af97-e372f00f86b8","block_type":"box","text":"— As with other investments, investments in other investment","page_number":22,"box":{"x":450,"y":600,"width":459,"height":11}},{"id":"2d7a0c35-4461-4df6-ad66-d2cc73332db0","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":22,"box":{"x":81,"y":615,"width":815,"height":11}},{"id":"edc52fd4-f7e9-4907-bff8-7387b35bebe2","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":22,"box":{"x":82,"y":630,"width":844,"height":11}},{"id":"11afe428-faa9-4ea6-805f-eea0a7402a0e","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":22,"box":{"x":81,"y":644,"width":822,"height":12}},{"id":"92ef7a3c-5741-4936-aa1a-9e28ae965d1e","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":22,"box":{"x":81,"y":659,"width":829,"height":12}},{"id":"2fb3d825-50d9-4f41-90cd-419b89a7ab40","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":22,"box":{"x":81,"y":674,"width":628,"height":12}},{"id":"790bc16a-4c82-488e-ae40-b409c68b39ef","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":22,"box":{"x":81,"y":694,"width":396,"height":11}},{"id":"8fa4b22e-4264-43c1-ba00-fdcacd5da33a","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":22,"box":{"x":481,"y":694,"width":440,"height":12}},{"id":"c04f6dd1-29ce-4cca-b5f0-ec5f803ba7bb","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":22,"box":{"x":82,"y":709,"width":801,"height":11}},{"id":"e88644e2-db64-4b73-bc38-3647aa52a971","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":22,"box":{"x":81,"y":724,"width":825,"height":11}},{"id":"b480e504-51af-4649-9576-247c8529b62d","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":22,"box":{"x":82,"y":739,"width":816,"height":11}},{"id":"2c9856f2-0832-4389-a462-3080cc612214","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":22,"box":{"x":82,"y":753,"width":818,"height":12}},{"id":"be516452-d09d-4214-a5d7-74e827791443","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":22,"box":{"x":80,"y":768,"width":835,"height":12}},{"id":"8aa201fa-efd9-4aaa-81d2-8358aa3b6b19","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":22,"box":{"x":80,"y":783,"width":807,"height":11}},{"id":"dc04648c-75ba-40a9-abce-71f75921900a","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":22,"box":{"x":82,"y":798,"width":841,"height":11}},{"id":"c41c372e-c908-4248-97a9-3744d825ebde","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":22,"box":{"x":80,"y":813,"width":855,"height":11}},{"id":"286e03ec-814e-46a3-8a46-d86ca93e5562","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":22,"box":{"x":81,"y":828,"width":751,"height":10}},{"id":"9739bdd9-b06d-453f-a1bb-781fe1eb9758","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":22,"box":{"x":81,"y":843,"width":785,"height":11}},{"id":"4c17dbe1-8156-4f1f-b0c0-4697dc005e0f","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":22,"box":{"x":81,"y":857,"width":841,"height":12}},{"id":"d173dda5-21b0-473d-af37-316b84fcdea1","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":22,"box":{"x":80,"y":872,"width":824,"height":12}},{"id":"c19f2a11-98df-47ca-b3c9-0b6341a17d09","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":22,"box":{"x":81,"y":887,"width":822,"height":11}},{"id":"61f7bef5-3783-47ed-9090-3396ef1031e1","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":22,"box":{"x":81,"y":902,"width":801,"height":11}},{"id":"6f36014f-7bb5-4dd2-8c4f-fce5d78e9e65","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":22,"box":{"x":80,"y":917,"width":765,"height":11}},{"id":"48821a32-0bd3-4651-9733-f4904f2979eb","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"480860ff-e8a2-40a8-9d37-1eccd6526919","block_type":"box","text":"NM1026U-5985633-22/72","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"eb781b16-4750-4c2a-8728-4aa9c6d2adbf","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":23,"box":{"x":82,"y":46,"width":852,"height":11}},{"id":"ec432911-f4fe-4ee6-90a6-3949eb269709","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":23,"box":{"x":82,"y":61,"width":847,"height":11}},{"id":"283e55c3-e79c-49d9-8943-83b200b621ef","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":23,"box":{"x":80,"y":75,"width":847,"height":12}},{"id":"631b4ff3-0eda-4069-9dc3-3582052bdac3","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":23,"box":{"x":81,"y":90,"width":845,"height":12}},{"id":"3383df9a-c626-40cc-9dbd-517c387cca99","block_type":"box","text":"in kind, subject to certain conditions. See “How to Buy, Sell, Exchange and Transfer Shares - Redemption Proceeds -","page_number":23,"box":{"x":82,"y":105,"width":854,"height":12}},{"id":"be2a0e7c-9633-4ab6-a07a-342f79577a37","block_type":"box","text":"Redemptions in Kind” below. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":23,"box":{"x":82,"y":120,"width":774,"height":11}},{"id":"80a2f47a-f2a0-4dfd-841d-83c33d897186","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":23,"box":{"x":82,"y":135,"width":839,"height":11}},{"id":"7f238ca6-d955-4137-ac8c-0e9b496236a9","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":23,"box":{"x":82,"y":150,"width":461,"height":11}},{"id":"0d2eeb9b-1c79-45aa-a645-341e69374402","block_type":"box","text":"Money Market Securities Risk","page_number":23,"box":{"x":81,"y":170,"width":229,"height":11}},{"id":"8889111b-e0df-4d4e-9ad0-23bfdb31733d","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":23,"box":{"x":314,"y":169,"width":570,"height":12}},{"id":"e29e9266-efc7-4fa8-abee-31cc5bd8ab56","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":23,"box":{"x":81,"y":184,"width":819,"height":12}},{"id":"d2f4e80e-24b6-4d17-bca7-7be6e9ca4afd","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":23,"box":{"x":82,"y":199,"width":657,"height":12}},{"id":"d9cc16ac-1e54-4bf0-b384-0c03006eac1e","block_type":"box","text":"Ownership Limitations Risk","page_number":23,"box":{"x":82,"y":219,"width":205,"height":11}},{"id":"55104cec-cc45-4e24-acf3-4b32dc6cb99c","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":23,"box":{"x":291,"y":219,"width":610,"height":12}},{"id":"a743c68a-ab59-4734-ae3f-1a5c8fbf4766","block_type":"box","text":"transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":23,"box":{"x":80,"y":234,"width":849,"height":11}},{"id":"eb70499f-5abf-4d85-ae37-263088e21c88","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":23,"box":{"x":81,"y":249,"width":798,"height":11}},{"id":"e4f7db52-c11a-4d96-8925-152ae2eeaa45","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":23,"box":{"x":82,"y":263,"width":833,"height":12}},{"id":"d945e8b9-dfed-4bdb-b198-58ab5efaf1ae","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":23,"box":{"x":82,"y":278,"width":851,"height":12}},{"id":"b33a9292-37d3-468f-a996-5661fc4c655a","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":23,"box":{"x":81,"y":293,"width":813,"height":12}},{"id":"c804423a-f093-482d-9563-000934eba6a5","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":23,"box":{"x":82,"y":308,"width":331,"height":12}},{"id":"49617ff4-f436-4f84-b401-b74c1459cd77","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":23,"box":{"x":82,"y":328,"width":826,"height":12}},{"id":"7f69aaf1-4124-4118-9e0e-9962b3f7ef4c","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":23,"box":{"x":81,"y":343,"width":848,"height":11}},{"id":"1ad5b5ca-a3d7-4827-afd4-aa10b454ad8f","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":23,"box":{"x":81,"y":358,"width":799,"height":11}},{"id":"0050715b-70f0-4a1b-80a7-e385c112faa5","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":23,"box":{"x":81,"y":372,"width":828,"height":12}},{"id":"9cc3ab03-e836-4c0f-9758-303bba15d118","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":23,"box":{"x":81,"y":387,"width":828,"height":12}},{"id":"c4b12ab8-8482-47f4-b415-72262906c295","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":23,"box":{"x":80,"y":402,"width":837,"height":12}},{"id":"30576270-8bce-4be4-bc4f-d5ad9982380e","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":23,"box":{"x":80,"y":417,"width":837,"height":11}},{"id":"dbac8abd-48bf-48f8-8a23-1b57e45661a6","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":23,"box":{"x":82,"y":432,"width":800,"height":11}},{"id":"35abb4a0-9a2b-4d60-84cf-59abca381cff","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":23,"box":{"x":81,"y":447,"width":678,"height":11}},{"id":"4fb121c3-5328-4012-9549-c459325e955f","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":23,"box":{"x":81,"y":467,"width":842,"height":11}},{"id":"d521027a-935a-44e5-bb98-ed319214f4ec","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":23,"box":{"x":81,"y":482,"width":833,"height":11}},{"id":"152a39fc-cf9a-4101-b249-de5d482a7ce0","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":23,"box":{"x":82,"y":496,"width":582,"height":12}},{"id":"5fd88c42-9cb0-4ebc-903e-ef7a2e689100","block_type":"box","text":"Reliance on Advisor Risk","page_number":23,"box":{"x":81,"y":516,"width":188,"height":9}},{"id":"aa7bd9d7-a853-4115-ab9d-92503c76761c","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":23,"box":{"x":273,"y":516,"width":614,"height":12}},{"id":"24b78e03-836e-4fbf-a7df-047f9d2208df","block_type":"box","text":"therefore BlackRock’s parent, BlackRock, Inc. BlackRock is not required to devote its full time to the business of","page_number":23,"box":{"x":80,"y":531,"width":830,"height":11}},{"id":"c71b85af-6ea0-4a28-8a7f-d8b42d2d49d0","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":23,"box":{"x":80,"y":546,"width":856,"height":11}},{"id":"61480488-2763-4022-a3ac-bc648a4780a4","block_type":"box","text":"will allocate a substantial portion of his or her time to the Fund. The loss of, or changes in, BlackRock’s personnel","page_number":23,"box":{"x":80,"y":561,"width":841,"height":11}},{"id":"1f6ead0b-8e34-4504-aced-00f239176a7a","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":23,"box":{"x":81,"y":575,"width":649,"height":12}},{"id":"a658aec0-a3df-46d5-87da-6df6be825862","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":23,"box":{"x":81,"y":596,"width":481,"height":11}},{"id":"fb77e403-65a5-4cb8-940c-391b46248b08","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":23,"box":{"x":565,"y":595,"width":370,"height":12}},{"id":"7452bc4d-bebe-41f3-88bf-0099ca9bfd64","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":23,"box":{"x":82,"y":610,"width":827,"height":12}},{"id":"28d56be7-c4fc-479e-bb03-6efca6f6253b","block_type":"box","text":"costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in","page_number":23,"box":{"x":81,"y":625,"width":816,"height":12}},{"id":"0df259e0-acc5-45ba-b753-9d6a4a55d9e0","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":23,"box":{"x":81,"y":640,"width":647,"height":11}},{"id":"619f6e7e-1804-4020-a0ad-1781ec7f5317","block_type":"box","text":"Restricted Securities Risk","page_number":23,"box":{"x":81,"y":660,"width":198,"height":9}},{"id":"f8985ff0-41f1-49a3-876d-71a80147e5af","block_type":"box","text":"—","page_number":23,"box":{"x":284,"y":665,"width":17,"height":1}},{"id":"635f84bf-800b-4ecf-8ed2-c7fe4555f8ab","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":23,"box":{"x":306,"y":660,"width":571,"height":11}},{"id":"ce973d4f-965a-44e2-8845-f3e5dfd7a661","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":23,"box":{"x":82,"y":675,"width":843,"height":11}},{"id":"48ffc945-624b-4193-a2dd-edb220fea7fa","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":23,"box":{"x":81,"y":690,"width":813,"height":11}},{"id":"66bf3be6-d1f5-49da-86cc-1ce842afebd7","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":23,"box":{"x":81,"y":705,"width":851,"height":11}},{"id":"6f863e2f-6552-47e5-bb34-a32600101532","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":23,"box":{"x":81,"y":719,"width":774,"height":12}},{"id":"e14c5911-84cc-42e0-9d19-f12bf4c3a331","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":23,"box":{"x":82,"y":734,"width":839,"height":12}},{"id":"e0ac3e95-83c8-4ce5-8783-a6a656686513","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":23,"box":{"x":81,"y":749,"width":828,"height":11}},{"id":"4e9f55fd-7ea6-45fc-9955-3492fcd4ba7d","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":23,"box":{"x":81,"y":764,"width":830,"height":11}},{"id":"cd8497c5-7bfd-47a7-8852-fce45add4615","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":23,"box":{"x":80,"y":778,"width":787,"height":12}},{"id":"9adcfe57-4081-46cd-a8aa-aee05d86a81c","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":23,"box":{"x":80,"y":793,"width":838,"height":12}},{"id":"c80ccbb5-e0a6-4a77-b764-ed28ac461a78","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":23,"box":{"x":81,"y":808,"width":843,"height":12}},{"id":"988b6711-3010-4b78-952e-92fae3ce617d","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":23,"box":{"x":81,"y":823,"width":827,"height":11}},{"id":"01ca1da2-54b0-46e1-84ce-c936bf64f4eb","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":23,"box":{"x":82,"y":838,"width":812,"height":11}},{"id":"e0152e50-84cd-48de-bab3-0e09325393e5","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":23,"box":{"x":82,"y":853,"width":795,"height":11}},{"id":"9d5db4e9-081d-41d4-bc76-c8b97fa0d09e","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":23,"box":{"x":81,"y":868,"width":468,"height":11}},{"id":"27533157-1ca9-45c7-bddf-cd3b17249a31","block_type":"box","text":"Securities Lending Risk","page_number":23,"box":{"x":81,"y":888,"width":178,"height":11}},{"id":"75cf3ae0-69eb-48c5-8860-2d4e27c2ec0e","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":23,"box":{"x":263,"y":888,"width":661,"height":11}},{"id":"4b0ec696-5609-4c33-b9ee-2467a44c7583","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":23,"box":{"x":82,"y":902,"width":852,"height":12}},{"id":"21876428-0be4-4791-bb9a-3d39d9794cfc","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":23,"box":{"x":81,"y":917,"width":811,"height":12}},{"id":"b4b44b7b-39b3-450a-ab22-a9421f312992","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"9a639d2f-3626-45b8-ab53-f9abad50628b","block_type":"box","text":"NM1026U-5985633-23/72","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"14a2d8ba-ac57-46da-9f58-58e393eac777","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":24,"box":{"x":81,"y":46,"width":829,"height":11}},{"id":"7e7dc997-8f4d-43d5-a2f7-88375cbefdeb","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":24,"box":{"x":81,"y":60,"width":292,"height":12}},{"id":"1d42afe2-1daf-4326-8f3b-641bb0b0340a","block_type":"box","text":"Valuation Risk","page_number":24,"box":{"x":83,"y":81,"width":107,"height":9}},{"id":"9d0e3b42-6d02-4e27-aed0-2cdd79436eb5","block_type":"box","text":"—","page_number":24,"box":{"x":194,"y":86,"width":17,"height":1}},{"id":"ab063558-d24e-40e0-9ce6-9f45873cd1a4","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":24,"box":{"x":215,"y":80,"width":700,"height":12}},{"id":"07b517ac-6820-4c58-938b-f86aa4f95de5","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":24,"box":{"x":81,"y":95,"width":835,"height":12}},{"id":"1459daff-d79f-4600-805e-fd158195c92f","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":24,"box":{"x":81,"y":110,"width":848,"height":12}},{"id":"2ff0339f-387d-4c94-a64d-812db2abb50c","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":24,"box":{"x":82,"y":125,"width":845,"height":11}},{"id":"00f80592-d430-4c67-ad19-ade346893295","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":24,"box":{"x":82,"y":140,"width":840,"height":11}},{"id":"038b72ba-198e-49e2-a1c9-bd5f84d5fde1","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":24,"box":{"x":80,"y":155,"width":783,"height":11}},{"id":"8b58fa41-5333-46f5-b940-93d8414c67ff","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":24,"box":{"x":81,"y":170,"width":810,"height":11}},{"id":"d226f989-18d5-4569-b3d8-9aa887f1baf4","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":24,"box":{"x":81,"y":184,"width":847,"height":12}},{"id":"0bd4d2ec-9ec7-45f5-946b-70a7b5ef3536","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":24,"box":{"x":82,"y":199,"width":848,"height":11}},{"id":"f2e920ba-f02a-4602-8a61-0511b6855c9f","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":24,"box":{"x":80,"y":214,"width":819,"height":11}},{"id":"053ea664-29f3-49f5-a453-76f9965a9ea0","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":24,"box":{"x":81,"y":229,"width":837,"height":11}},{"id":"b60bf490-2ad8-4ca8-be96-f5c907214e64","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":24,"box":{"x":80,"y":244,"width":672,"height":11}},{"id":"70a69189-c21b-4836-9be8-32b5c9199c68","block_type":"box","text":"Warrants Risk","page_number":24,"box":{"x":83,"y":264,"width":105,"height":9}},{"id":"c1c57424-7584-4f52-900a-b6a311393114","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":24,"box":{"x":192,"y":263,"width":698,"height":12}},{"id":"7224992c-1739-4493-a0f4-802a990fde6d","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":24,"box":{"x":81,"y":278,"width":830,"height":12}},{"id":"22d44001-680b-4281-b5f7-d2562132404f","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":24,"box":{"x":81,"y":293,"width":821,"height":12}},{"id":"8ebc82c2-5d30-4d07-a18a-11a48e76477c","block_type":"box","text":"may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily","page_number":24,"box":{"x":82,"y":308,"width":822,"height":12}},{"id":"bf5a1544-5b1b-40cf-ac13-8c39e688d59b","block_type":"box","text":"move with the price of the underlying stock.","page_number":24,"box":{"x":82,"y":323,"width":317,"height":11}},{"id":"bfe046d1-c896-4369-8773-4e5cf053626e","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":24,"box":{"x":83,"y":343,"width":584,"height":11}},{"id":"a0acd486-0e4a-4c62-ae82-96eb5d0451ee","block_type":"box","text":"— When-issued and delayed","page_number":24,"box":{"x":671,"y":343,"width":208,"height":11}},{"id":"165adbb8-add0-46b6-b92a-bae75a0380c6","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":24,"box":{"x":81,"y":358,"width":843,"height":11}},{"id":"7b310b6a-c296-4125-a8da-0a236febd36d","block_type":"box","text":"its delivery. 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Please see","page_number":28,"box":{"x":61,"y":504,"width":869,"height":11}},{"id":"1ba020c9-7cba-4271-bd51-b324d7fce6be","block_type":"box","text":"the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus to","page_number":28,"box":{"x":60,"y":519,"width":872,"height":11}},{"id":"f6f98c8f-7254-45eb-b7ad-1fd3fb26d77f","block_type":"box","text":"determine any sales charge waivers and reductions that may be available to you through your Financial","page_number":28,"box":{"x":61,"y":534,"width":776,"height":11}},{"id":"8c28ec88-fc34-4d74-908d-17dcb35a11a3","block_type":"box","text":"Intermediary.","page_number":28,"box":{"x":61,"y":549,"width":97,"height":11}},{"id":"974f283d-cb73-4032-a31b-f1b072f44ad1","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":28,"box":{"x":62,"y":571,"width":805,"height":12}},{"id":"503d013e-fa5d-466d-87c2-7cb7c1d62444","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":28,"box":{"x":62,"y":586,"width":857,"height":11}},{"id":"779e6397-58f3-4cd2-b120-6ae74bc115ed","block_type":"box","text":"Details About the Share Classes","page_number":28,"box":{"x":61,"y":625,"width":293,"height":11}},{"id":"eb6475eb-8cc1-4979-b3ca-4ca279f537ee","block_type":"box","text":"Investor A Shares — Initial Sales Charge Option","page_number":28,"box":{"x":61,"y":651,"width":396,"height":13}},{"id":"5942b406-d422-4ba2-b468-d1c6d6575921","block_type":"box","text":"The following table shows the front-end sales charges that you may pay if you buy Investor A Shares. The offering price","page_number":28,"box":{"x":60,"y":668,"width":873,"height":11}},{"id":"0b638d1c-fec6-4766-b188-bff7462992c3","block_type":"box","text":"for Investor A Shares includes any front-end sales charge. The front-end sales charge expressed as a percentage of","page_number":28,"box":{"x":60,"y":682,"width":851,"height":12}},{"id":"0f7c0dfe-a5c8-4ef4-b881-bd304f9d15ef","block_type":"box","text":"the offering price may be higher or lower than the charge described below due to rounding. Similarly, any CDSC paid","page_number":28,"box":{"x":60,"y":697,"width":851,"height":12}},{"id":"8d660143-52f5-4bae-bec8-47f518bbd346","block_type":"box","text":"upon certain redemptions of Investor A Shares expressed as a percentage of the applicable redemption amount may","page_number":28,"box":{"x":61,"y":712,"width":859,"height":12}},{"id":"753b81f1-6dd7-4ae2-bfa1-340f35d3e440","block_type":"box","text":"be higher or lower than the charge described below due to rounding. You may qualify for a reduced front-end sales","page_number":28,"box":{"x":61,"y":727,"width":836,"height":12}},{"id":"5734e1de-53b6-4837-93c5-25fb1c561d87","block_type":"box","text":"charge. Purchases of Investor A Shares at certain fixed dollar levels, known as “breakpoints,” cause a reduction in the","page_number":28,"box":{"x":61,"y":742,"width":873,"height":11}},{"id":"07519b82-0d4c-4dc9-8d07-767081148090","block_type":"box","text":"front-end sales charge. Once you achieve a breakpoint, you pay that sales charge on your entire purchase amount (and","page_number":28,"box":{"x":60,"y":757,"width":874,"height":11}},{"id":"1285aa90-ffc9-450a-9252-8cb7ce2507a5","block_type":"box","text":"not just the portion above the breakpoint). If you select Investor A Shares, you will pay a sales charge at the time of","page_number":28,"box":{"x":61,"y":771,"width":852,"height":12}},{"id":"61ae07ab-2e38-4a0a-9aed-bacc6e9c2c02","block_type":"box","text":"purchase as shown in the following table.","page_number":28,"box":{"x":62,"y":786,"width":302,"height":12}},{"id":"2314c360-dfaa-4cd5-b8d6-2797a263b352","block_type":"box","text":"Your Investment","page_number":28,"box":{"x":69,"y":846,"width":96,"height":7}},{"id":"28ce3614-6694-4789-b67c-83829f9500a0","block_type":"box","text":"Sales Charge","page_number":28,"box":{"x":548,"y":825,"width":79,"height":9}},{"id":"265e77fd-238d-4424-801b-f9dfb8ceb655","block_type":"box","text":"as a % of","page_number":28,"box":{"x":561,"y":835,"width":54,"height":8}},{"id":"e5c39ce0-0803-448a-bc8a-f970dca11415","block_type":"box","text":"Offering 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Investment","page_number":28,"box":{"x":679,"y":846,"width":97,"height":7}},{"id":"799d6fa4-1838-4bde-ba4a-6bb0220b52da","block_type":"box","text":"1","page_number":28,"box":{"x":777,"y":846,"width":4,"height":3}},{"id":"deb8162e-6f4c-4a35-bd60-ecb1031fe71c","block_type":"box","text":"Dealer","page_number":28,"box":{"x":855,"y":815,"width":38,"height":7}},{"id":"ca49aefe-9285-4f17-8672-0e30dedba455","block_type":"box","text":"Compensation","page_number":28,"box":{"x":831,"y":825,"width":85,"height":9}},{"id":"d1a77cd2-06a1-42a5-b6d7-149ef84509fe","block_type":"box","text":"as a % of","page_number":28,"box":{"x":847,"y":835,"width":54,"height":8}},{"id":"821ec618-eb7a-4ba2-9437-9c9deb1b6aa9","block_type":"box","text":"Offering Price","page_number":28,"box":{"x":833,"y":845,"width":82,"height":10}},{"id":"d30d1d7d-5362-441a-b19a-e0a72fea698a","block_type":"box","text":"Less than $25,000 5.25% 5.54% 5.00%","page_number":28,"box":{"x":70,"y":862,"width":830,"height":10}},{"id":"a707e65d-c921-43b5-a79a-0f5d6da94dad","block_type":"box","text":"$25,000 but less than $50,000 4.75% 4.99% 4.50%","page_number":28,"box":{"x":70,"y":880,"width":830,"height":10}},{"id":"ca63d79c-2696-43b0-a82f-e4d7a522222d","block_type":"box","text":"$50,000 but less than $100,000 4.00% 4.17% 3.75%","page_number":28,"box":{"x":70,"y":898,"width":830,"height":10}},{"id":"670383cd-a65c-4183-8cbe-233edf1b70ed","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"4e74f62b-69fd-4c4e-9fcb-735f7b48325e","block_type":"box","text":"NM1026U-5985633-28/72","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d0aac5fd-8b72-4f93-a36b-2c675448726b","block_type":"box","text":"Your Investment","page_number":29,"box":{"x":69,"y":81,"width":96,"height":7}},{"id":"9dcc7f28-3c26-464f-8975-702b40e50f51","block_type":"box","text":"Sales Charge","page_number":29,"box":{"x":548,"y":60,"width":79,"height":9}},{"id":"b7dae03e-322c-4a54-be48-ca5d4cadde36","block_type":"box","text":"as a % of","page_number":29,"box":{"x":561,"y":71,"width":54,"height":7}},{"id":"eaa08e1f-99ac-4e04-8d9e-125541f821a4","block_type":"box","text":"Offering Price","page_number":29,"box":{"x":547,"y":81,"width":82,"height":9}},{"id":"b9ebf34a-3a9d-43ee-a5cc-78f17dfab77e","block_type":"box","text":"Sales Charge","page_number":29,"box":{"x":690,"y":60,"width":80,"height":9}},{"id":"c77f2149-4b17-46eb-acf4-40ff906f7503","block_type":"box","text":"as a % of","page_number":29,"box":{"x":703,"y":71,"width":54,"height":7}},{"id":"2231e420-33f3-4af4-b262-ebf207e95495","block_type":"box","text":"Your Investment","page_number":29,"box":{"x":679,"y":81,"width":97,"height":7}},{"id":"f1bcd16b-7f6b-435d-86ee-fccc21480a9e","block_type":"box","text":"1","page_number":29,"box":{"x":777,"y":81,"width":4,"height":4}},{"id":"37700e91-c828-46e9-ac17-0f2acf293c8a","block_type":"box","text":"Dealer","page_number":29,"box":{"x":855,"y":50,"width":38,"height":7}},{"id":"af25eea9-2cb9-435e-a5f6-b3ed6c7dd92d","block_type":"box","text":"Compensation","page_number":29,"box":{"x":831,"y":60,"width":85,"height":9}},{"id":"c71fe8dc-18a7-4b1b-9298-f1df8e3e9d61","block_type":"box","text":"as a % of","page_number":29,"box":{"x":847,"y":71,"width":54,"height":7}},{"id":"d879c0e2-769a-4968-b19a-4a85d7d74a55","block_type":"box","text":"Offering Price","page_number":29,"box":{"x":833,"y":81,"width":82,"height":9}},{"id":"0a77938c-1870-46b2-9db0-0f820fb3f27c","block_type":"box","text":"$100,000 but less than $250,000 3.00% 3.09% 2.75%","page_number":29,"box":{"x":70,"y":98,"width":830,"height":10}},{"id":"32112f51-2cd0-4395-b46d-c603bbf210ac","block_type":"box","text":"$250,000 but less than $500,000 2.50% 2.56% 2.25%","page_number":29,"box":{"x":70,"y":116,"width":830,"height":10}},{"id":"8ae8c019-627a-453e-a221-d669c91cbbe3","block_type":"box","text":"$500,000 but less than $750,000 2.00% 2.04% 1.75%","page_number":29,"box":{"x":70,"y":134,"width":830,"height":10}},{"id":"88ce8413-7be5-4a05-945b-36ede1add4ca","block_type":"box","text":"$750,000 but less than $1,000,000 1.50% 1.52% 1.25%","page_number":29,"box":{"x":70,"y":152,"width":830,"height":10}},{"id":"59691090-ce70-45b9-b668-f9b516bd1621","block_type":"box","text":"$1,000,000 and over","page_number":29,"box":{"x":70,"y":170,"width":142,"height":10}},{"id":"39f34698-e4a1-4893-a611-3af29a10e5d1","block_type":"box","text":"2","page_number":29,"box":{"x":212,"y":170,"width":4,"height":4}},{"id":"1cf30328-6c8f-4a33-83c2-12642c8b55aa","block_type":"box","text":"0.00% 0.00% —","page_number":29,"box":{"x":572,"y":170,"width":318,"height":9}},{"id":"29d47f05-ef66-4d76-bff2-8f3fa09cff27","block_type":"box","text":"2","page_number":29,"box":{"x":890,"y":170,"width":4,"height":4}},{"id":"67d2cc08-3de0-4b76-9c8a-553e529cbb56","block_type":"box","text":"1","page_number":29,"box":{"x":61,"y":190,"width":3,"height":4}},{"id":"5cb3ed3b-706c-4f2c-8be3-0eefa2bde845","block_type":"box","text":"Rounded to the nearest one-hundredth percent.","page_number":29,"box":{"x":81,"y":190,"width":278,"height":9}},{"id":"d364e791-1185-4734-88a8-2d5ad2d37e8c","block_type":"box","text":"2","page_number":29,"box":{"x":61,"y":203,"width":3,"height":4}},{"id":"e8e40276-2f39-499e-a995-fd7906df1b87","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay an initial sales charge. In that case, BlackRock compensates the","page_number":29,"box":{"x":82,"y":202,"width":802,"height":10}},{"id":"eaf4f5e3-5319-4a93-bf11-37561fb6459f","block_type":"box","text":"Financial Intermediary from its own resources. However, if you redeem your shares within 18 months after purchase, you may be charged a","page_number":29,"box":{"x":81,"y":213,"width":819,"height":9}},{"id":"5c3f2e7f-36fd-4212-962c-bb2f205bed91","block_type":"box","text":"deferred sales charge of 1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred","page_number":29,"box":{"x":81,"y":223,"width":821,"height":10}},{"id":"ed034b71-819f-4962-81e9-64b1f76e5e8e","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":29,"box":{"x":81,"y":234,"width":444,"height":9}},{"id":"8bbef68d-de2d-44ed-ad8e-5703d3241185","block_type":"box","text":"No initial sales charge applies to Investor A Shares that you buy through reinvestment of Fund dividends or capital","page_number":29,"box":{"x":62,"y":259,"width":837,"height":12}},{"id":"d4480960-00bf-4d72-8b5e-e4334838a852","block_type":"box","text":"gains.","page_number":29,"box":{"x":60,"y":274,"width":43,"height":11}},{"id":"6b6e54bb-2786-4ccd-ad0e-797ee139eb5b","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":29,"box":{"x":60,"y":297,"width":490,"height":12}},{"id":"a6fa4cec-e73c-4182-ba7f-17b2c6d901d8","block_type":"box","text":"There are several ways in which the sales charge can be reduced or eliminated. Purchases of Investor A Shares at","page_number":29,"box":{"x":60,"y":313,"width":841,"height":12}},{"id":"bae791bb-803a-4576-9577-72f6846eacbc","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":29,"box":{"x":61,"y":328,"width":831,"height":12}},{"id":"aba30d83-3525-4ea8-8ec1-f530ba7e2f3f","block_type":"box","text":"above in the “Investor A Shares — Initial Sales Charge Option” section). Additionally, the front-end sales charge can be","page_number":29,"box":{"x":61,"y":343,"width":876,"height":11}},{"id":"1b8afe1f-76c7-477c-8eaf-bcb5a40b9079","block_type":"box","text":"reduced or eliminated through one or a combination of the following: a Letter of Intent, the right of accumulation, the","page_number":29,"box":{"x":61,"y":358,"width":856,"height":11}},{"id":"bf30e59e-25b6-4300-9eef-54230fae5eea","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":29,"box":{"x":61,"y":372,"width":872,"height":12}},{"id":"eb041aef-eb5f-4cef-bbfa-4da0ce322470","block_type":"box","text":"below).","page_number":29,"box":{"x":61,"y":388,"width":50,"height":11}},{"id":"4a94f5da-4690-421d-aa5d-8ab4947bbbf8","block_type":"box","text":"Reductions or eliminations through a Letter of Intent or right of accumulation will apply to the value of all qualifying","page_number":29,"box":{"x":62,"y":410,"width":840,"height":11}},{"id":"0ae5b88c-f40a-439b-ac20-20bbfe2d6c99","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":29,"box":{"x":61,"y":425,"width":875,"height":11}},{"id":"8ad48a29-0002-494d-98f5-b05b7acf4c3d","block_type":"box","text":"(a) the investor, or (b) the investor’s spouse and any children and a trust, custodial account or fiduciary account for the","page_number":29,"box":{"x":61,"y":439,"width":875,"height":12}},{"id":"efe0b5e4-ac03-40e4-aa9b-ec97653c582b","block_type":"box","text":"benefit of any such individuals. For this purpose, the value of an investor’s holdings means the offering price of the","page_number":29,"box":{"x":61,"y":454,"width":847,"height":12}},{"id":"34bdf9cb-9ae0-46aa-bc66-5cda13a343d0","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":29,"box":{"x":61,"y":469,"width":844,"height":12}},{"id":"60fdab76-6503-40a3-b531-fb2cf713c0e2","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":29,"box":{"x":62,"y":484,"width":484,"height":12}},{"id":"d7f31392-1d2e-4db0-a138-5bf25e5e4ec5","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":506,"width":861,"height":12}},{"id":"b693da20-ce0d-4302-ba8d-1cf0b4bb0473","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":521,"width":817,"height":12}},{"id":"e14e7883-6da2-4524-be2b-651a05fa031d","block_type":"box","text":"Qualifying Holdings","page_number":29,"box":{"x":62,"y":544,"width":143,"height":11}},{"id":"4e5db846-d7eb-4518-8d0b-55c3e3dae8d6","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":29,"box":{"x":209,"y":544,"width":696,"height":11}},{"id":"9330210c-67a6-4abf-ae7f-a708cef04d59","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":29,"box":{"x":62,"y":559,"width":836,"height":11}},{"id":"1fea18b2-f560-480f-91a4-c681c6645272","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":29,"box":{"x":61,"y":574,"width":808,"height":11}},{"id":"41ae281e-7f42-46ec-a84f-147a472f2e0d","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":29,"box":{"x":62,"y":589,"width":314,"height":11}},{"id":"1f893fdc-65bb-4615-aeae-a765ac6800b5","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":29,"box":{"x":61,"y":611,"width":867,"height":11}},{"id":"2538a965-137d-4282-881d-72311071eb03","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":29,"box":{"x":61,"y":626,"width":844,"height":11}},{"id":"4c139ae3-a5eb-4dcc-8579-e1d7558c595a","block_type":"box","text":"accounts, as well as shares purchased by a trust of which the investor is a beneficiary. For purposes of the Letter of","page_number":29,"box":{"x":61,"y":641,"width":856,"height":11}},{"id":"07e111ab-ca6f-4a6c-bada-1b6e185e9df9","block_type":"box","text":"Intent and right of accumulation, the investor may not combine with the investor’s other holdings shares held in","page_number":29,"box":{"x":62,"y":655,"width":818,"height":12}},{"id":"709b6bbc-8304-4954-8a9f-79f61bb0cf4a","block_type":"box","text":"pension, profit sharing or other employer-sponsored retirement plans if those shares are held in the name of a","page_number":29,"box":{"x":62,"y":670,"width":811,"height":12}},{"id":"f189a153-d2d1-4edc-a13d-161bb7d90183","block_type":"box","text":"nominee or custodian.","page_number":29,"box":{"x":61,"y":685,"width":162,"height":9}},{"id":"b83f894f-64d5-43e0-9af0-3e59ecfe4af0","block_type":"box","text":"In order to receive a reduced sales charge, at the time an investor purchases shares of the Fund, the investor should","page_number":29,"box":{"x":62,"y":708,"width":861,"height":11}},{"id":"eb4732a7-df78-42e9-8280-73576416af7e","block_type":"box","text":"inform the Financial Intermediary and/or BlackRock Funds of any other shares of the Fund or any other BlackRock","page_number":29,"box":{"x":62,"y":722,"width":836,"height":12}},{"id":"8367cfbe-bc4a-4174-a9d6-208c6615b299","block_type":"box","text":"Fund or Eligible Unlisted BlackRock Closed-End Fund that qualify for a reduced sales charge. Failure by the investor to","page_number":29,"box":{"x":62,"y":737,"width":862,"height":12}},{"id":"af055516-73a1-4d4f-834b-71a9a2b13493","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":29,"box":{"x":61,"y":752,"width":875,"height":12}},{"id":"a8a5928a-793c-47f6-9bb6-62015f5aeaee","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":29,"box":{"x":60,"y":767,"width":312,"height":9}},{"id":"cf9095b1-95be-4845-b15c-7870a6db7810","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":29,"box":{"x":60,"y":790,"width":828,"height":11}},{"id":"12f7ae77-d0a6-425f-bd5c-df33b35e3706","block_type":"box","text":"records of the original cost of the shares owned by the investor, the investor’s spouse and/or children showing that","page_number":29,"box":{"x":61,"y":804,"width":850,"height":12}},{"id":"0a595e3d-3103-4680-a5a7-850fd99d5759","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":29,"box":{"x":60,"y":819,"width":856,"height":12}},{"id":"b9ce37c8-95e9-4996-a3e6-f3aacf5103f5","block_type":"box","text":"where an account is held or the type of account — the Fund and/or the Financial Intermediary, BlackRock Funds or","page_number":29,"box":{"x":60,"y":834,"width":845,"height":11}},{"id":"5d2f5fbb-f7a8-45b8-89b2-0c49ddb408c1","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":29,"box":{"x":62,"y":849,"width":667,"height":11}},{"id":"0c0b7121-e19c-4b2b-a2af-e1c49640f66e","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":29,"box":{"x":62,"y":871,"width":531,"height":12}},{"id":"198eafa2-e78e-4abf-9b6b-41cce0198b87","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"26dfaa91-584b-40d2-9439-24b54de0b01a","block_type":"box","text":"NM1026U-5985633-29/72","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3f8ed0c3-f8e3-4292-b2cd-06797defb497","block_type":"box","text":"Letter of Intent","page_number":30,"box":{"x":61,"y":46,"width":124,"height":10}},{"id":"adf5d812-0c35-4467-bff7-c039b7e45da3","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of Intent” stating the","page_number":30,"box":{"x":60,"y":62,"width":839,"height":12}},{"id":"5767af2f-eaf4-4277-87cd-5f02c2c331f3","block_type":"box","text":"investor’s intention to make one or more of the following investments within the next 13 months which would, if bought","page_number":30,"box":{"x":62,"y":77,"width":875,"height":12}},{"id":"903e76bf-7f21-40fe-8775-aa5112a5b003","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":30,"box":{"x":61,"y":92,"width":431,"height":12}},{"id":"8b419922-a365-4ad9-9b13-c72a0d562c34","block_type":"box","text":"i. Buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares,","page_number":30,"box":{"x":82,"y":115,"width":794,"height":11}},{"id":"fb930f2a-1d07-48d9-a102-a02a16308905","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":30,"box":{"x":82,"y":137,"width":675,"height":12}},{"id":"8883d0b4-4b7f-47d9-8ffa-f25492508831","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":30,"box":{"x":82,"y":160,"width":820,"height":11}},{"id":"b8cd870d-c6fb-433d-8162-1207c7d424cd","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":30,"box":{"x":60,"y":182,"width":830,"height":12}},{"id":"50d9d353-d316-412a-953f-49392d35fa3d","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":30,"box":{"x":61,"y":197,"width":524,"height":12}},{"id":"d4b53df9-97d1-4e9c-a09a-4607d60a9440","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":30,"box":{"x":60,"y":220,"width":865,"height":11}},{"id":"dc4bb718-0d33-44b9-93be-29b384e91cc6","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":30,"box":{"x":61,"y":235,"width":862,"height":11}},{"id":"e058fdc0-9970-431b-8c1c-428afcc05602","block_type":"box","text":"Program Class A and Class C Units) as of the date of commencement that are eligible under the Right of Accumulation","page_number":30,"box":{"x":61,"y":249,"width":870,"height":12}},{"id":"5c29110c-5e65-463b-89da-a763c2a2bff8","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":30,"box":{"x":61,"y":264,"width":384,"height":12}},{"id":"1310aca6-6d8e-4db5-832a-a0b0fe34152d","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":30,"box":{"x":60,"y":287,"width":823,"height":11}},{"id":"c1e56c95-e5a1-4e20-a0e0-a68d9ac5700d","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":30,"box":{"x":61,"y":302,"width":842,"height":11}},{"id":"a2e03fab-4f7e-40e8-8bb4-530ba81ccd86","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":30,"box":{"x":61,"y":316,"width":765,"height":12}},{"id":"d402148c-0aa4-4b95-9b20-6f8eed5456eb","block_type":"box","text":"During the term of the Letter of Intent, the Fund will hold Investor A Shares representing up to 5% of the indicated","page_number":30,"box":{"x":62,"y":339,"width":833,"height":11}},{"id":"39751a37-2fa3-4395-a118-d63a53819af5","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":30,"box":{"x":61,"y":354,"width":852,"height":11}},{"id":"1295c9fe-9e01-4eb3-9dc4-77c913c205e8","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not pay","page_number":30,"box":{"x":61,"y":369,"width":872,"height":11}},{"id":"6aec789e-e50c-47ee-8a2c-5fa3ff8e33e6","block_type":"box","text":"the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares held in escrow to pay the","page_number":30,"box":{"x":60,"y":383,"width":860,"height":12}},{"id":"5648a755-629a-4111-a355-17cd467d1a65","block_type":"box","text":"difference.","page_number":30,"box":{"x":61,"y":398,"width":77,"height":9}},{"id":"69769471-7fd5-477a-b8c3-4b41dfb085d6","block_type":"box","text":"Right of Accumulation","page_number":30,"box":{"x":61,"y":421,"width":183,"height":13}},{"id":"fbeb0d12-06c2-4c7d-8bdf-3c052dd0e1fb","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":30,"box":{"x":62,"y":438,"width":839,"height":11}},{"id":"7290264d-fb6f-4926-831f-5964c7bb3501","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":30,"box":{"x":61,"y":452,"width":856,"height":12}},{"id":"6a9ee877-b16c-4fd3-983d-0e9dd0b6ec67","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":30,"box":{"x":82,"y":475,"width":821,"height":11}},{"id":"3d3de677-d3a8-4b36-bdeb-d143abc38d6b","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":30,"box":{"x":102,"y":490,"width":306,"height":11}},{"id":"17c5ae7a-4cc2-4b89-b384-d9610b92e219","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":30,"box":{"x":82,"y":512,"width":771,"height":12}},{"id":"6b377dbc-550e-47bb-98c5-4fa334d67ff4","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":30,"box":{"x":82,"y":535,"width":788,"height":11}},{"id":"f123b019-f433-4377-8739-2d207d06b419","block_type":"box","text":"investor’s spouse and children.","page_number":30,"box":{"x":102,"y":550,"width":228,"height":11}},{"id":"76cc2b0d-d56b-4a9b-940e-32ea7ae66089","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":30,"box":{"x":62,"y":572,"width":866,"height":12}},{"id":"4170b5d6-8872-433d-bd72-00db028951bc","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":30,"box":{"x":61,"y":587,"width":866,"height":12}},{"id":"0756175e-3537-4597-9616-81585293e80d","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":30,"box":{"x":62,"y":602,"width":854,"height":11}},{"id":"4b15e693-3b59-4046-be92-2e2cd69e836e","block_type":"box","text":"any previously purchased shares.","page_number":30,"box":{"x":61,"y":617,"width":243,"height":11}},{"id":"2d3740d1-8bea-4197-a6e5-16cab3a9ffe0","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":30,"box":{"x":61,"y":640,"width":314,"height":12}},{"id":"6d9d09b8-dde2-4d7f-9d65-5fdb206eecab","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":30,"box":{"x":60,"y":656,"width":623,"height":12}},{"id":"1c657c37-7677-4675-856d-fce944c20634","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":30,"box":{"x":81,"y":676,"width":846,"height":11}},{"id":"2aecb61a-fbe8-40ba-8533-ff91aa907435","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":30,"box":{"x":82,"y":691,"width":352,"height":11}},{"id":"63e9b75b-d1ff-4fa0-910c-d2f8fa4895bb","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans, provided the shares are","page_number":30,"box":{"x":82,"y":711,"width":817,"height":11}},{"id":"3edd931f-c879-4702-9fb6-5eb73b0a8223","block_type":"box","text":"transferred to Investor A Shares of the same or another BlackRock Fund as either a direct rollover, or subsequent to","page_number":30,"box":{"x":80,"y":726,"width":854,"height":11}},{"id":"2bc83c95-68ea-41b9-a849-17586e73e6ea","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":30,"box":{"x":81,"y":741,"width":840,"height":11}},{"id":"978c8495-5eeb-4f6d-85fa-2fe57d2909a7","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":30,"box":{"x":81,"y":755,"width":760,"height":12}},{"id":"2263a756-07bd-434a-82d4-834079230a2b","block_type":"box","text":"Intermediary firm has entered into a Class A Net Asset Value agreement with respect to such program with the","page_number":30,"box":{"x":82,"y":770,"width":812,"height":12}},{"id":"94605742-eb73-472e-924d-4a69c445f8f9","block_type":"box","text":"Distributor;","page_number":30,"box":{"x":82,"y":785,"width":79,"height":11}},{"id":"f5e9d871-9abc-459f-a0a1-63134685f05e","block_type":"box","text":"Insurance company separate accounts;","page_number":30,"box":{"x":82,"y":805,"width":286,"height":11}},{"id":"6e7cab41-f82d-4e70-b482-77ba2b819ab2","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":30,"box":{"x":82,"y":825,"width":836,"height":11}},{"id":"ddee8d55-10e7-47e9-bbf6-c4b6783aa7a2","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":30,"box":{"x":81,"y":840,"width":446,"height":11}},{"id":"c62224e8-847a-434b-a1e0-4cfc409efd0a","block_type":"box","text":"Persons participating in a fee-based program (such as a wrap account) under which they pay advisory fees to a","page_number":30,"box":{"x":81,"y":860,"width":815,"height":11}},{"id":"a43817b0-9a34-4dc7-a9be-3126b64d28c4","block_type":"box","text":"broker-dealer or other financial institution;","page_number":30,"box":{"x":81,"y":875,"width":306,"height":10}},{"id":"b8e37f46-c5b5-4287-aeca-49d8f9ff6dac","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0cacd6d0-a934-4ea4-b7c9-9b87f5571b20","block_type":"box","text":"NM1026U-5985633-30/72","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8452e971-a067-4dce-9cae-e50fd7c94ab4","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":31,"box":{"x":82,"y":46,"width":828,"height":11}},{"id":"bcf29606-afdc-42e8-a208-048beed17b88","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":31,"box":{"x":82,"y":60,"width":800,"height":12}},{"id":"13b24bfd-5475-4bea-93b2-3bb32565cec1","block_type":"box","text":"transaction fee;","page_number":31,"box":{"x":80,"y":75,"width":114,"height":11}},{"id":"b62a8c0c-e50c-495a-95f0-2511f329bec2","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":31,"box":{"x":81,"y":95,"width":819,"height":12}},{"id":"c3aa6c46-88fd-4cb4-b225-351523010369","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":31,"box":{"x":81,"y":110,"width":846,"height":12}},{"id":"bf2cc469-d048-4acc-aea6-9957f92c0b42","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":31,"box":{"x":82,"y":125,"width":843,"height":11}},{"id":"196b6fd1-24f2-4bc3-987a-51057f6837b1","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":31,"box":{"x":82,"y":140,"width":829,"height":11}},{"id":"fe47a791-0a42-4f35-8460-98bc33fee3d7","block_type":"box","text":"and (e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through (d);","page_number":31,"box":{"x":81,"y":155,"width":815,"height":11}},{"id":"ebddab0f-e41e-4408-932f-c211a30e916c","block_type":"box","text":"State sponsored 529 college savings plans and rollovers of such 529 plans into Roth IRAs as permitted under the","page_number":31,"box":{"x":81,"y":175,"width":841,"height":11}},{"id":"e31abc76-426e-441c-a77e-87fdb207d97c","block_type":"box","text":"Internal Revenue Code; and","page_number":31,"box":{"x":82,"y":190,"width":201,"height":10}},{"id":"381aeb90-5430-42a9-9007-0012b025c7a7","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":31,"box":{"x":81,"y":210,"width":808,"height":11}},{"id":"2b73e8b3-8aba-408d-924e-87943f087c41","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":31,"box":{"x":62,"y":232,"width":852,"height":11}},{"id":"abde7580-3b96-45e0-80c8-9952b9c8c816","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":31,"box":{"x":62,"y":247,"width":846,"height":11}},{"id":"4c2d7d5c-3cd7-40c9-90ad-fd8c7c526a8f","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":31,"box":{"x":62,"y":262,"width":434,"height":11}},{"id":"9153efcc-9829-4c83-986b-9b1d196f2b2d","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":31,"box":{"x":62,"y":284,"width":864,"height":12}},{"id":"373433ad-ff55-4f13-8b38-b335e8bac7a0","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the same","page_number":31,"box":{"x":61,"y":299,"width":852,"height":12}},{"id":"6e5c31fe-f815-4e7a-9fe3-f616d8a6f6cc","block_type":"box","text":"Fund. In such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of","page_number":31,"box":{"x":62,"y":314,"width":837,"height":11}},{"id":"6b7f9c84-73e4-4779-9240-418ef8edae0b","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":31,"box":{"x":62,"y":329,"width":873,"height":11}},{"id":"7bf3b5c6-5078-4697-887d-b2cc10d0ef8c","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":31,"box":{"x":62,"y":343,"width":317,"height":12}},{"id":"3227f665-aa4a-4da9-8d37-ba4ce890e122","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":31,"box":{"x":61,"y":366,"width":861,"height":12}},{"id":"fbd21a84-0ee2-4001-ac57-4776108535e4","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":31,"box":{"x":60,"y":381,"width":817,"height":11}},{"id":"e712e340-5d45-4352-96e5-6f5adefc88e8","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":31,"box":{"x":61,"y":404,"width":306,"height":10}},{"id":"61b7a05f-7e81-4f97-9339-8a2e054a86c7","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you","page_number":31,"box":{"x":62,"y":419,"width":814,"height":13}},{"id":"5925639c-e2e7-4ba4-98a6-5c26191cd957","block_type":"box","text":"redeem your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of","page_number":31,"box":{"x":61,"y":435,"width":828,"height":12}},{"id":"7c3b6493-ef5d-49a0-9590-429b3895c606","block_type":"box","text":"1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion","page_number":31,"box":{"x":62,"y":450,"width":857,"height":11}},{"id":"e949a185-a4a9-4839-ac14-b6cd82652574","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":31,"box":{"x":61,"y":465,"width":451,"height":11}},{"id":"60675ad4-2e81-4a3e-b986-34f719241404","block_type":"box","text":"If you are eligible to buy both Investor A and Institutional Shares, you should buy Institutional Shares since Investor A","page_number":31,"box":{"x":62,"y":487,"width":860,"height":12}},{"id":"73383d21-769d-4d8a-b173-6c0b8c716a36","block_type":"box","text":"Shares are subject to a front-end sales charge and an annual 0.25% service fee, while Institutional Shares are not.","page_number":31,"box":{"x":61,"y":502,"width":847,"height":12}},{"id":"0b4f2eb3-e7e4-49c2-ab2e-79902ccdff92","block_type":"box","text":"The Distributor normally pays the annual Investor A Shares service fee to dealers as a shareholder servicing fee on a","page_number":31,"box":{"x":60,"y":517,"width":863,"height":11}},{"id":"7405994a-e3aa-4a69-8a9a-618b4a763639","block_type":"box","text":"monthly basis.","page_number":31,"box":{"x":61,"y":532,"width":105,"height":11}},{"id":"9384db7b-3c90-4512-996e-76d7ea86f14b","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":31,"box":{"x":61,"y":555,"width":420,"height":12}},{"id":"4cd35f44-cfa6-4b22-b058-796446436a83","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase. However, if you redeem","page_number":31,"box":{"x":62,"y":571,"width":865,"height":12}},{"id":"84dc664e-c510-48cc-9350-6d20d825220d","block_type":"box","text":"your Investor C Shares within one year after purchase, you may be required to pay a deferred sales charge of 1.00%.","page_number":31,"box":{"x":60,"y":586,"width":858,"height":11}},{"id":"e747ffaa-60fa-42c3-9eed-e2e0e580d14b","block_type":"box","text":"The charge will apply to the lesser of the original cost of the shares being redeemed or the proceeds of your","page_number":31,"box":{"x":60,"y":601,"width":795,"height":11}},{"id":"0363ee60-820d-4c3d-80ac-c37fb212a822","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":31,"box":{"x":61,"y":615,"width":874,"height":12}},{"id":"4c204896-2064-4fc6-9dec-ca079c654bff","block_type":"box","text":"charge is charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition,","page_number":31,"box":{"x":61,"y":630,"width":867,"height":12}},{"id":"4e7ab690-92f6-4172-9cc5-89a9c01ad1f0","block_type":"box","text":"you will not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of","page_number":31,"box":{"x":60,"y":645,"width":843,"height":12}},{"id":"aaa25249-4738-44fc-9aea-875ed47044cb","block_type":"box","text":"Fund dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of","page_number":31,"box":{"x":62,"y":660,"width":873,"height":11}},{"id":"06884a21-ff0f-42df-84f4-2b30bac0ee52","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":31,"box":{"x":60,"y":675,"width":745,"height":11}},{"id":"78f829da-6531-47d4-93ab-c190301e2d8c","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":31,"box":{"x":62,"y":697,"width":864,"height":12}},{"id":"12dd918b-8cde-4f90-b39c-dcfc33029632","block_type":"box","text":"approximately eight years after the date of purchase. It is the Financial Intermediary’s responsibility to ensure that the","page_number":31,"box":{"x":61,"y":712,"width":870,"height":12}},{"id":"e76d6f3c-67ff-4acf-bd24-47c3f084d107","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":31,"box":{"x":61,"y":727,"width":823,"height":12}},{"id":"2aa1f9c1-2958-428c-9de1-a4e0927802bc","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":31,"box":{"x":62,"y":742,"width":847,"height":11}},{"id":"f3548d26-2bd0-47d2-ac88-383ff933e583","block_type":"box","text":"may not be able to process such conversions. In such instances, the automatic conversion of Investor C Shares to","page_number":31,"box":{"x":61,"y":757,"width":842,"height":11}},{"id":"6e936efd-885a-4294-890b-9bda1a9be052","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":31,"box":{"x":62,"y":771,"width":865,"height":12}},{"id":"2085f74f-0788-42ac-a2d7-e0f51051fa5c","block_type":"box","text":"Shares to Investor A Shares is not a taxable event for Federal income tax purposes. Please consult your Financial","page_number":31,"box":{"x":61,"y":786,"width":832,"height":12}},{"id":"76578698-0d34-427d-a6e1-239407d97e90","block_type":"box","text":"Intermediary for additional information.","page_number":31,"box":{"x":62,"y":801,"width":285,"height":12}},{"id":"d9a174b4-a2d1-4dc5-b762-46b690fc82c7","block_type":"box","text":"In addition, accounts that do not have a Financial Intermediary associated with them are not eligible to hold Investor C","page_number":31,"box":{"x":62,"y":824,"width":869,"height":11}},{"id":"a2ad4dc3-50c4-4ca6-b3a0-ca9b361bf35e","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":31,"box":{"x":61,"y":839,"width":810,"height":11}},{"id":"237f4337-726a-49bf-b1de-58c434d87114","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":31,"box":{"x":61,"y":861,"width":861,"height":12}},{"id":"ffcefd17-3901-46e6-aec5-5c5aba17e140","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":31,"box":{"x":60,"y":876,"width":817,"height":11}},{"id":"33034e5e-4d45-4993-a9f5-0eb39b7d29f6","block_type":"box","text":"You will also pay distribution fees of 0.75% and service fees of 0.25% for Investor C Shares each year. Because these","page_number":31,"box":{"x":60,"y":898,"width":870,"height":12}},{"id":"d2936a77-e4a4-4386-9a67-2db4da96cbf1","block_type":"box","text":"fees are paid out of the Fund’s assets on an ongoing basis, over time these fees increase the cost of your investment","page_number":31,"box":{"x":60,"y":913,"width":870,"height":12}},{"id":"639ca320-c8f8-4ce0-a685-eb345e757c99","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"2938dee7-c41f-4afe-83b3-a17c1b0cccf8","block_type":"box","text":"NM1026U-5985633-31/72","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d4076405-369b-41df-bb39-96c76c881b2b","block_type":"box","text":"and may cost you more than paying other types of sales charges. The Distributor uses the money that it receives from","page_number":32,"box":{"x":61,"y":46,"width":867,"height":11}},{"id":"f490cf39-5767-43f7-a26d-9c871015d812","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":32,"box":{"x":60,"y":60,"width":849,"height":12}},{"id":"afb066f9-0ffd-4399-b75e-ddd437694dcf","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":32,"box":{"x":60,"y":76,"width":517,"height":11}},{"id":"37663c97-1ca5-4d2c-91ea-54f794451516","block_type":"box","text":"The Distributor currently pays dealers a sales concession of 1.00% of the purchase price of Investor C Shares from its","page_number":32,"box":{"x":60,"y":98,"width":870,"height":11}},{"id":"c4e7fe45-1adb-454f-901f-ff8a61397a0a","block_type":"box","text":"own resources at the time of sale. The Distributor pays the annual Investor C Shares distribution fee and the annual","page_number":32,"box":{"x":61,"y":113,"width":853,"height":11}},{"id":"bec340f7-0990-478e-bbc9-d855042234c4","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":32,"box":{"x":62,"y":127,"width":851,"height":12}},{"id":"cdfd7b8c-6581-47f7-b494-627826b043fa","block_type":"box","text":"for Investor C Shares held for over a year and normally retains the Investor C Shares distribution fee and service fee","page_number":32,"box":{"x":60,"y":142,"width":856,"height":12}},{"id":"991b33ff-0d2c-45e1-9a0a-bfba2fd00020","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":32,"box":{"x":61,"y":157,"width":850,"height":12}},{"id":"be3a679c-6750-49a6-827f-163449f312a5","block_type":"box","text":"Investor C Shares distribution fee and service fee to dealers beginning in the first year after purchase in lieu of paying","page_number":32,"box":{"x":62,"y":172,"width":866,"height":12}},{"id":"35b690ed-e791-4025-a715-e9ee1dcd0a6b","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":32,"box":{"x":60,"y":187,"width":782,"height":11}},{"id":"75590a3e-7f1c-46b7-96fd-bd871fb67f2b","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":32,"box":{"x":62,"y":202,"width":317,"height":11}},{"id":"f466a05f-bc88-4e76-92f8-2c33871f46a2","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":32,"box":{"x":61,"y":225,"width":352,"height":12}},{"id":"ef9e249a-ea49-4b28-9363-327dc5ae0eb0","block_type":"box","text":"The deferred sales charge relating to Investor Shares may be reduced or waived in certain circumstances, such as:","page_number":32,"box":{"x":60,"y":241,"width":847,"height":12}},{"id":"5299bf5f-483b-4ed3-9821-146f5787bf3b","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":32,"box":{"x":82,"y":261,"width":824,"height":11}},{"id":"0b21ad59-c434-449d-bd33-78a6fd65dd37","block_type":"box","text":"investments in the Fund through such plans;","page_number":32,"box":{"x":82,"y":276,"width":324,"height":11}},{"id":"2c464eeb-1ff7-4482-a3e9-21dd99df354c","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":32,"box":{"x":82,"y":296,"width":844,"height":11}},{"id":"63bc3489-3755-4466-9c19-3f951099153b","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":32,"box":{"x":82,"y":311,"width":375,"height":11}},{"id":"6023ed15-0b21-42db-a051-30b38aa2d674","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":32,"box":{"x":82,"y":331,"width":826,"height":11}},{"id":"9dd10631-96e8-44a2-a9ac-9f91a286a433","block_type":"box","text":"shareholder reaching the age of 72;","page_number":32,"box":{"x":81,"y":345,"width":262,"height":12}},{"id":"c488008b-db79-4021-9154-223d09301f37","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":32,"box":{"x":82,"y":365,"width":804,"height":12}},{"id":"7b1e267e-d5d8-4b83-b710-c218f4752a9e","block_type":"box","text":"Redemptions resulting from shareholder death as long as the waiver request is made within one year of death or, if","page_number":32,"box":{"x":82,"y":385,"width":847,"height":12}},{"id":"8f8523ed-a48f-499b-8d18-3d14e0c75fc2","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":32,"box":{"x":82,"y":400,"width":834,"height":12}},{"id":"9ef63967-1a3e-4fb1-9e1e-7a6db5f413aa","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":32,"box":{"x":81,"y":415,"width":297,"height":11}},{"id":"8b77dcd0-c933-43e0-8574-89f312005b0a","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":32,"box":{"x":81,"y":435,"width":847,"height":12}},{"id":"b9cf4722-b2af-4855-90fd-159bead098e4","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":32,"box":{"x":81,"y":450,"width":360,"height":11}},{"id":"4ab1670f-2ca2-40c7-8b3c-f4452fbe0761","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":32,"box":{"x":82,"y":470,"width":525,"height":11}},{"id":"99e1b335-341b-4b0d-9068-80cb0f2b448b","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":32,"box":{"x":81,"y":490,"width":833,"height":11}},{"id":"a4830b2a-f906-4177-9f44-7746efe095af","block_type":"box","text":"affiliate;","page_number":32,"box":{"x":81,"y":505,"width":59,"height":10}},{"id":"c07cdeda-72c4-4f53-b642-19ff80a05a70","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":32,"box":{"x":82,"y":525,"width":823,"height":11}},{"id":"a6169380-2660-48f8-a527-0dcc8c2c1c52","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":32,"box":{"x":82,"y":545,"width":732,"height":11}},{"id":"e347a61c-829d-45d0-a5f8-f9955dc1794a","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":32,"box":{"x":61,"y":567,"width":861,"height":12}},{"id":"284771d0-8993-4257-8724-2b177a72bb18","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":32,"box":{"x":60,"y":582,"width":817,"height":11}},{"id":"e4eb8689-ede8-445b-b860-ec4e46dc61f1","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":32,"box":{"x":62,"y":604,"width":805,"height":12}},{"id":"72732908-fd38-4827-b156-801ba78bdd93","block_type":"box","text":"prominent format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":32,"box":{"x":62,"y":619,"width":857,"height":12}},{"id":"1d47665f-6842-4b21-bd08-449fef44b0a6","block_type":"box","text":"Institutional Shares","page_number":32,"box":{"x":61,"y":642,"width":161,"height":10}},{"id":"cc9ef026-f236-41f8-aefd-277b1eb21239","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":32,"box":{"x":62,"y":659,"width":864,"height":11}},{"id":"4e66c65c-5747-42de-82ba-4c3f70ba517a","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":32,"box":{"x":60,"y":674,"width":865,"height":11}},{"id":"64751727-188b-4d94-b9ae-6ede7dfc0933","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":32,"box":{"x":62,"y":688,"width":845,"height":12}},{"id":"c7852301-d3c9-4913-b1a6-60c0e6139e73","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":32,"box":{"x":61,"y":703,"width":557,"height":12}},{"id":"9275d417-b689-45c1-afaf-4ffa8e5d9f51","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":32,"box":{"x":62,"y":726,"width":826,"height":11}},{"id":"a8533d5c-7eb0-4475-96a2-be26a64a3c40","block_type":"box","text":"Shares on such brokerage platforms through a broker acting as an agent for the investor may be required to pay a","page_number":32,"box":{"x":61,"y":740,"width":838,"height":12}},{"id":"96a1cd97-296b-4625-92a5-107110fe9320","block_type":"box","text":"commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share","page_number":32,"box":{"x":61,"y":755,"width":816,"height":12}},{"id":"2a6b47d7-e1c7-4efc-9f53-fd7bd2364152","block_type":"box","text":"classes that have different fees and expenses.","page_number":32,"box":{"x":61,"y":770,"width":345,"height":11}},{"id":"3159d127-a344-4906-8e1c-7e5543174ba2","block_type":"box","text":"Eligible Institutional Shares investors include the following:","page_number":32,"box":{"x":62,"y":793,"width":429,"height":11}},{"id":"388f5e6d-687f-4db7-8001-2fd906ec6457","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":32,"box":{"x":82,"y":812,"width":854,"height":12}},{"id":"0e819371-09ac-4863-8126-b47b79cd3ae3","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":32,"box":{"x":80,"y":828,"width":849,"height":11}},{"id":"69955c55-2268-4a06-b8b4-49489339061c","block_type":"box","text":"shares;","page_number":32,"box":{"x":81,"y":843,"width":53,"height":10}},{"id":"b72f3d76-76b7-4e37-b646-0125e8965964","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":32,"box":{"x":81,"y":862,"width":838,"height":12}},{"id":"9d4fad9d-01dc-4cf8-b712-14c3184dd511","block_type":"box","text":"services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load","page_number":32,"box":{"x":81,"y":877,"width":829,"height":12}},{"id":"8a449d4c-866a-49e8-b98d-8a89de64e519","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":32,"box":{"x":82,"y":892,"width":604,"height":12}},{"id":"aa3bbd58-98af-4a4a-87de-77f458219d84","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b6313e94-41eb-4844-8221-4c6d89b4a182","block_type":"box","text":"NM1026U-5985633-32/72","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"514081ce-c418-4a27-ad4d-1ea3eb575925","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":33,"box":{"x":81,"y":46,"width":840,"height":11}},{"id":"fc0491c3-64b4-4b18-b47c-ae1942b2f9f6","block_type":"box","text":"such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum","page_number":33,"box":{"x":81,"y":60,"width":853,"height":12}},{"id":"b84514dc-6543-43d6-9344-2f6b0efd75d0","block_type":"box","text":"initial investment of $1,000;","page_number":33,"box":{"x":82,"y":75,"width":207,"height":11}},{"id":"ccc98608-647c-4857-a4ae-0b33bfd78969","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":33,"box":{"x":81,"y":95,"width":816,"height":12}},{"id":"f4231d2e-a176-487e-a3cf-a89574bf0a62","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":33,"box":{"x":82,"y":110,"width":821,"height":12}},{"id":"b6514699-978f-4be0-882a-591018207b20","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":33,"box":{"x":80,"y":125,"width":835,"height":11}},{"id":"08650ab3-be83-4915-8905-2bd653b5aed0","block_type":"box","text":"and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of","page_number":33,"box":{"x":81,"y":140,"width":835,"height":11}},{"id":"68090bc3-e5b6-4b50-b9b2-6129d057dc91","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":33,"box":{"x":80,"y":155,"width":849,"height":11}},{"id":"4b57af33-ba66-4fdd-976b-a1141f8a906b","block_type":"box","text":"shares;","page_number":33,"box":{"x":81,"y":170,"width":53,"height":10}},{"id":"fed28ce8-a879-48b9-b0fc-6ae07d94f149","block_type":"box","text":"Trust department clients of Bank of America, N.A. and its affiliates for whom they (i) act in a fiduciary capacity","page_number":33,"box":{"x":81,"y":189,"width":810,"height":12}},{"id":"640605e7-37b8-4766-9f3e-69607f97bb07","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":33,"box":{"x":81,"y":204,"width":812,"height":12}},{"id":"88912e53-62b3-413a-a169-f1297dc27a85","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":33,"box":{"x":81,"y":218,"width":719,"height":12}},{"id":"a1ac54ef-2180-451d-8d91-1805b37c231d","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":33,"box":{"x":82,"y":239,"width":799,"height":11}},{"id":"91019516-d731-401e-a415-4bebf55e3989","block_type":"box","text":"reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial","page_number":33,"box":{"x":82,"y":254,"width":794,"height":11}},{"id":"544521cb-660e-4777-84da-b325b4d4118a","block_type":"box","text":"investment;","page_number":33,"box":{"x":82,"y":269,"width":83,"height":10}},{"id":"65652c59-a1c5-473f-855e-d52f594da5b9","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":33,"box":{"x":82,"y":289,"width":805,"height":11}},{"id":"fb88cc45-12e4-4214-9c92-799e923934d5","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":33,"box":{"x":82,"y":303,"width":819,"height":12}},{"id":"e725b8ca-eb6a-426b-af27-0e3bb9af3599","block_type":"box","text":"investment;","page_number":33,"box":{"x":82,"y":319,"width":83,"height":10}},{"id":"63f3046e-32cc-403c-bb5a-25be21b666f0","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":33,"box":{"x":81,"y":338,"width":836,"height":12}},{"id":"db292509-1e62-4c7e-abda-05f54d82f8fd","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":33,"box":{"x":81,"y":353,"width":851,"height":12}},{"id":"6c70230f-8b2b-4251-97da-51ef70e53863","block_type":"box","text":"of such persons; and","page_number":33,"box":{"x":81,"y":368,"width":154,"height":11}},{"id":"d9751ff2-41bf-4fa2-b6d7-c8c7130ec519","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":33,"box":{"x":81,"y":388,"width":816,"height":11}},{"id":"3d9de904-8e6a-455a-9070-1b14b6f355fc","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":33,"box":{"x":82,"y":403,"width":851,"height":11}},{"id":"a9079fbe-7434-4c6e-8d7a-36290d178572","block_type":"box","text":"the Fund on an omnibus basis.","page_number":33,"box":{"x":80,"y":418,"width":227,"height":9}},{"id":"40355a74-5146-4e88-a3f3-e15ea1b2236c","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":33,"box":{"x":60,"y":440,"width":620,"height":12}},{"id":"caf85345-7c25-496d-966f-2e8be1fb7368","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":33,"box":{"x":61,"y":479,"width":442,"height":14}},{"id":"9ce210fb-eecf-42c2-8190-0ccaf72a5f3b","block_type":"box","text":"Plan Payments","page_number":33,"box":{"x":61,"y":506,"width":122,"height":12}},{"id":"87098e35-333a-4f7b-9410-a22229b393c8","block_type":"box","text":"The Trust, on behalf of the Fund, has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment","page_number":33,"box":{"x":60,"y":522,"width":815,"height":11}},{"id":"c77b084f-030f-48e0-a0cd-e8e98771cd68","block_type":"box","text":"Company Act with respect to the Investor Shares that allows the Fund to pay distribution fees for the sale of its shares","page_number":33,"box":{"x":61,"y":537,"width":872,"height":11}},{"id":"ab790b40-b477-4a8b-bf04-b64e8cce7399","block_type":"box","text":"and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":33,"box":{"x":61,"y":552,"width":612,"height":11}},{"id":"de032803-2c1b-4514-aaa4-a8006a908c21","block_type":"box","text":"Under the Plan, Investor C Shares pay a distribution fee to the Distributor and/or its affiliates for distribution and sales","page_number":33,"box":{"x":62,"y":574,"width":874,"height":12}},{"id":"9d1394c4-67f5-4555-8ee1-1cf5f5021dee","block_type":"box","text":"support services. The distribution fees may be used to pay the Distributor for distribution and sales support services","page_number":33,"box":{"x":61,"y":589,"width":861,"height":11}},{"id":"ea2da1d4-9356-4604-a038-c21e82b5b63e","block_type":"box","text":"and to pay the Distributor and BlackRock and its affiliates for sales support services provided and related expenses","page_number":33,"box":{"x":61,"y":604,"width":854,"height":11}},{"id":"c570b358-6f5b-4b11-b3a8-505251a2ae34","block_type":"box","text":"incurred in connection with the sale of Investor C Shares. The distribution fees may also be used to pay Financial","page_number":33,"box":{"x":62,"y":619,"width":829,"height":11}},{"id":"516df390-5271-4e10-a9a7-ed417980d32f","block_type":"box","text":"Intermediaries for sales support services and related expenses. All Investor C Shares pay a maximum distribution fee","page_number":33,"box":{"x":62,"y":633,"width":865,"height":12}},{"id":"4d51b59d-a830-46ef-a02c-8b4993605fa9","block_type":"box","text":"per year that is a percentage of the average daily net asset value of the Investor C Shares of the Fund. Institutional","page_number":33,"box":{"x":62,"y":648,"width":844,"height":12}},{"id":"9aa4312f-3a78-4aef-b52a-3b18de77b0b4","block_type":"box","text":"and Investor A Shares do not pay distribution fees.","page_number":33,"box":{"x":61,"y":663,"width":371,"height":12}},{"id":"c7de4bca-c90b-4d74-b2b4-b51089bb61ae","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":33,"box":{"x":62,"y":686,"width":873,"height":11}},{"id":"1c42379b-ab7e-4139-8f71-75c3e89eec8b","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares of the","page_number":33,"box":{"x":60,"y":701,"width":838,"height":11}},{"id":"9edf1af6-2a36-4e0b-8eff-a66ac4a57bfe","block_type":"box","text":"Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":33,"box":{"x":62,"y":715,"width":837,"height":12}},{"id":"0e771b87-f755-4ab5-b201-8557ac2f746e","block_type":"box","text":"Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a","page_number":33,"box":{"x":62,"y":730,"width":853,"height":12}},{"id":"ede9ea40-d338-4277-b7ac-bd76ead07aa4","block_type":"box","text":"shareholder servicing fee.","page_number":33,"box":{"x":61,"y":745,"width":189,"height":12}},{"id":"d04c3cd5-a26b-4ade-8c1b-8a6f398ebc6e","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":33,"box":{"x":62,"y":768,"width":859,"height":11}},{"id":"2d3d6101-b65a-4d71-959f-b8f4852badae","block_type":"box","text":"the following services to their customers who own Investor Shares:","page_number":33,"box":{"x":60,"y":782,"width":492,"height":12}},{"id":"2241c133-e451-4326-b81a-7993788862d9","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":33,"box":{"x":81,"y":803,"width":848,"height":11}},{"id":"9a48b4ec-5e13-410b-a5ea-ace707f547b9","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":33,"box":{"x":82,"y":817,"width":811,"height":12}},{"id":"84df91aa-545c-4604-9c1a-3a1d99fbb24b","block_type":"box","text":"investments;","page_number":33,"box":{"x":82,"y":832,"width":92,"height":11}},{"id":"a26b6aaa-12a3-445a-89af-3d4a2a3ab3a6","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":33,"box":{"x":81,"y":852,"width":801,"height":12}},{"id":"7950fa19-8ad4-48db-8c2c-129f18676849","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":33,"box":{"x":81,"y":872,"width":379,"height":12}},{"id":"48804b35-f933-4ab6-b55a-9a608c3f026a","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"51122bab-6e6a-4119-84fd-9ff59d41112f","block_type":"box","text":"NM1026U-5985633-33/72","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"79df0134-f817-462c-8d32-65782f9c3694","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":34,"box":{"x":60,"y":46,"width":856,"height":11}},{"id":"fd49f0ee-b304-48a0-97ee-fd051b2ed9c2","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":34,"box":{"x":61,"y":60,"width":848,"height":12}},{"id":"4f7b3e89-a2fc-49b5-91e9-1e83fb1f02e7","block_type":"box","text":"sale of the Fund’s shares.","page_number":34,"box":{"x":61,"y":75,"width":191,"height":10}},{"id":"0f83c420-f708-4b7e-ba91-31f2fc11fdba","block_type":"box","text":"Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these","page_number":34,"box":{"x":62,"y":98,"width":850,"height":11}},{"id":"dc746a9e-eced-47f9-815c-0d53d7ac8512","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In","page_number":34,"box":{"x":60,"y":113,"width":836,"height":11}},{"id":"7c7cf75e-a461-4d68-9a00-1e3067517384","block_type":"box","text":"addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales","page_number":34,"box":{"x":61,"y":127,"width":848,"height":12}},{"id":"17fe5999-866b-40ab-ac00-10d1ac275c0e","block_type":"box","text":"charge on Investor A Shares. For more information on the Plan, including a complete list of services provided","page_number":34,"box":{"x":61,"y":142,"width":800,"height":12}},{"id":"0ba30732-d602-4e98-b18b-e550aaab440a","block_type":"box","text":"thereunder, see the SAI.","page_number":34,"box":{"x":60,"y":157,"width":178,"height":11}},{"id":"13dca058-d97b-4645-909e-0397c233b5ea","block_type":"box","text":"Other Payments by the Fund","page_number":34,"box":{"x":61,"y":180,"width":233,"height":13}},{"id":"e8480936-4689-48c7-a393-70fb6d4e496c","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":34,"box":{"x":62,"y":196,"width":874,"height":12}},{"id":"ca3b35eb-3d21-4621-9814-607283f4a419","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":34,"box":{"x":60,"y":211,"width":846,"height":12}},{"id":"a5d1cb95-0289-4562-81a3-426c258d9818","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":34,"box":{"x":61,"y":226,"width":874,"height":12}},{"id":"c32d9d16-2a2a-41a3-b3f5-87ace586d441","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":34,"box":{"x":60,"y":241,"width":843,"height":12}},{"id":"22ad5e76-290e-4bee-8a49-434c5ad58a48","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":34,"box":{"x":61,"y":256,"width":862,"height":11}},{"id":"2481f8b1-5a25-4393-9967-fa9d172c7dea","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":34,"box":{"x":61,"y":271,"width":815,"height":11}},{"id":"4ad20b72-670f-4b82-87b7-6ec03023a3aa","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":34,"box":{"x":61,"y":285,"width":791,"height":12}},{"id":"518e966c-25ef-4d7c-9d2a-643b35cb3337","block_type":"box","text":"Other Payments by BlackRock","page_number":34,"box":{"x":61,"y":309,"width":252,"height":12}},{"id":"4370cc41-429b-42b1-a342-f9e71cccb01f","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":34,"box":{"x":62,"y":325,"width":851,"height":11}},{"id":"f57069e8-d389-4bf9-bf32-96ebec46d744","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":34,"box":{"x":61,"y":340,"width":843,"height":11}},{"id":"5c083190-ff0b-4276-9c6c-f998f9f1aea6","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":34,"box":{"x":60,"y":354,"width":853,"height":12}},{"id":"29977f68-3652-4d40-942a-9a323658bd91","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":34,"box":{"x":61,"y":369,"width":866,"height":12}},{"id":"da020983-4824-4446-b3a9-ddafbb67b662","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":34,"box":{"x":60,"y":384,"width":839,"height":11}},{"id":"0669a05a-4cd7-4390-acb8-0d7d2d70e45e","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":34,"box":{"x":61,"y":399,"width":860,"height":11}},{"id":"1409bc70-8e5c-4380-b281-0c82a272ad5c","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":34,"box":{"x":61,"y":414,"width":841,"height":11}},{"id":"457b3d54-9630-419a-ac22-de38376437e5","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":34,"box":{"x":61,"y":428,"width":856,"height":12}},{"id":"3d362bcd-98c8-40d5-a619-cf891dc19050","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":34,"box":{"x":61,"y":443,"width":813,"height":12}},{"id":"d8a60b11-6971-49a4-91fc-f0c96019dfcb","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":34,"box":{"x":62,"y":458,"width":415,"height":12}},{"id":"812574b8-4bbe-4dd4-bfb3-6eebf1125ccd","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":34,"box":{"x":61,"y":481,"width":869,"height":11}},{"id":"264e0630-3d1b-46bc-9f71-a7ea70928716","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":34,"box":{"x":60,"y":496,"width":495,"height":10}},{"id":"3207b406-2747-4864-9f2b-56ea0cdf98cf","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":34,"box":{"x":61,"y":534,"width":434,"height":14}},{"id":"27ace439-30db-4cb2-adb3-04f0587fe5c8","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":34,"box":{"x":60,"y":561,"width":846,"height":11}},{"id":"7a52e06b-59b2-4e2c-8517-76072813bf20","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":34,"box":{"x":62,"y":575,"width":857,"height":12}},{"id":"2ea3af2a-3910-41d7-bcde-62899f0f6f83","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":34,"box":{"x":60,"y":590,"width":809,"height":12}},{"id":"d375cc85-ddd0-4ab8-893a-d0a1ad7877ce","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":34,"box":{"x":61,"y":605,"width":847,"height":12}},{"id":"faa58252-0424-44b1-a7eb-6e7eaedaf017","block_type":"box","text":"may help you with this decision.","page_number":34,"box":{"x":61,"y":620,"width":232,"height":11}},{"id":"384cacfa-72b9-4dc2-8e5a-cc13b5248f02","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":34,"box":{"x":60,"y":643,"width":867,"height":11}},{"id":"fa660dd8-9f10-4f43-8131-b86c0c57ffdc","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. Under this policy, in order to accept new accounts or additional","page_number":34,"box":{"x":61,"y":657,"width":858,"height":12}},{"id":"6dcbf92c-53c2-4bec-aacd-bd9bc20799f8","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":34,"box":{"x":62,"y":672,"width":845,"height":12}},{"id":"6a5be379-99ea-4fcb-aebc-d5e15f545619","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":34,"box":{"x":61,"y":687,"width":860,"height":12}},{"id":"ae5390c0-1d2e-4398-9e81-19c88f4d34f6","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification","page_number":34,"box":{"x":60,"y":702,"width":868,"height":11}},{"id":"a8b8d072-9ad4-4ddf-b1bd-29726e10d52a","block_type":"box","text":"number, and (ii) a Financial Intermediary or a shareholder that is an entity be domiciled in the United States and have","page_number":34,"box":{"x":61,"y":717,"width":863,"height":11}},{"id":"662165c2-773f-4466-9a6e-33d921b571ce","block_type":"box","text":"a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S. taxpayer","page_number":34,"box":{"x":61,"y":731,"width":787,"height":12}},{"id":"49241843-75ab-4ad2-84e4-4919cb744bc3","block_type":"box","text":"identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be","page_number":34,"box":{"x":62,"y":746,"width":857,"height":12}},{"id":"113ba6d3-54be-4d24-b4c5-4e888e502bf1","block_type":"box","text":"restricted from making additional investments.","page_number":34,"box":{"x":61,"y":761,"width":341,"height":12}},{"id":"3a445f92-1269-4613-b713-a1f57c5a092c","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":34,"box":{"x":60,"y":784,"width":861,"height":11}},{"id":"b32f95e1-6ae3-4a59-8f92-4e1be4869d45","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. In","page_number":34,"box":{"x":60,"y":798,"width":856,"height":12}},{"id":"ba43721d-6203-4982-b2e4-a33fe36b6cb4","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":34,"box":{"x":61,"y":813,"width":822,"height":12}},{"id":"8ec14174-8bd0-468c-9b73-c788e5ecb4e8","block_type":"box","text":"described below.","page_number":34,"box":{"x":61,"y":828,"width":121,"height":9}},{"id":"d7838d96-3f0c-4efa-ab33-79964b19dcb3","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":34,"box":{"x":62,"y":851,"width":797,"height":11}},{"id":"19cc70ba-ea72-410a-9f2e-215b35c451bb","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":34,"box":{"x":61,"y":866,"width":487,"height":11}},{"id":"d2959b06-34c1-4498-9991-93de9e8c8484","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d8f7736d-4691-4009-8856-63445598f7de","block_type":"box","text":"NM1026U-5985633-34/72","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3d6105a8-38d3-4b88-a275-8fe669271784","block_type":"box","text":"How to Buy Shares","page_number":35,"box":{"x":61,"y":46,"width":156,"height":13}},{"id":"fb7b2cd1-10c4-4800-8e87-1d78a3d2b781","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"d09f91c2-a5c9-44f5-a669-7da90ce99799","block_type":"box","text":"Initial Purchase","page_number":35,"box":{"x":61,"y":85,"width":105,"height":9}},{"id":"28b1a963-ea78-4e29-81bf-aa131338cbe1","block_type":"box","text":"First, select the share class","page_number":35,"box":{"x":214,"y":85,"width":183,"height":10}},{"id":"8751b76f-fd57-483e-b48d-1b3a69b42201","block_type":"box","text":"appropriate for you","page_number":35,"box":{"x":214,"y":99,"width":123,"height":10}},{"id":"ec827bd7-976e-4a1c-a9f3-b936e5244651","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":35,"box":{"x":461,"y":85,"width":458,"height":10}},{"id":"7c2871cb-8e9a-4ce6-af64-41f6fad365ef","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":35,"box":{"x":461,"y":99,"width":435,"height":10}},{"id":"0db7609f-0081-4d70-80d9-ec2a52244805","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":35,"box":{"x":461,"y":112,"width":444,"height":11}},{"id":"95fbc2d0-4daa-4c8e-ae53-b9967358e4eb","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":35,"box":{"x":461,"y":126,"width":426,"height":10}},{"id":"b7c81942-6799-4388-a8e1-24453a3ec189","block_type":"box","text":"Shares, you will receive Investor A Shares). Certain factors, such as","page_number":35,"box":{"x":461,"y":139,"width":449,"height":11}},{"id":"79fad7da-00d6-40be-a1e0-9ed2bd8c0f53","block_type":"box","text":"the amount of your investment, your time frame for investing, and your","page_number":35,"box":{"x":460,"y":153,"width":466,"height":10}},{"id":"963b48f0-84b1-4527-8afb-ccbfce847dae","block_type":"box","text":"financial goals, may affect which share class you choose. Your","page_number":35,"box":{"x":460,"y":166,"width":414,"height":11}},{"id":"2ede37be-0974-4485-abc9-d65132d2a2f6","block_type":"box","text":"Financial Intermediary can help you determine which share class is","page_number":35,"box":{"x":461,"y":180,"width":443,"height":10}},{"id":"4d8ccfe1-8dae-4578-8842-04525cc8f2a9","block_type":"box","text":"appropriate for you.","page_number":35,"box":{"x":461,"y":193,"width":127,"height":11}},{"id":"2aec42b9-7484-498f-890d-82b63794b47e","block_type":"box","text":"Next, determine the amount of","page_number":35,"box":{"x":214,"y":212,"width":203,"height":9}},{"id":"296ecc38-7ff4-4c4b-96e8-b2369513c158","block_type":"box","text":"your investment","page_number":35,"box":{"x":213,"y":225,"width":105,"height":10}},{"id":"bfa64ae5-813e-4c69-aaf6-16f0322d0d55","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":35,"box":{"x":461,"y":212,"width":440,"height":8}},{"id":"c20598a8-8bab-4c6e-b5ee-420de2c14bb9","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":35,"box":{"x":461,"y":225,"width":418,"height":10}},{"id":"744d193f-eef6-40aa-94aa-b40573706dab","block_type":"box","text":"investment amounts in Investor C Shares. See “Account Information —","page_number":35,"box":{"x":461,"y":239,"width":471,"height":8}},{"id":"27cae558-5138-4b24-b023-bd865d00608d","block_type":"box","text":"Details About the Share Classes” for information on a lower initial","page_number":35,"box":{"x":461,"y":252,"width":435,"height":8}},{"id":"3a3609e2-adbd-4211-951a-a918fa525df6","block_type":"box","text":"investment requirement for certain Fund investors if their purchase,","page_number":35,"box":{"x":461,"y":266,"width":446,"height":10}},{"id":"77271770-304d-4253-a9d0-481b7e12fe7f","block_type":"box","text":"combined with purchases by other investors received together by the","page_number":35,"box":{"x":461,"y":279,"width":453,"height":11}},{"id":"794b6f24-7610-4bfc-91b4-2615f17c4913","block_type":"box","text":"Fund, meets the minimum investment requirement.","page_number":35,"box":{"x":461,"y":293,"width":337,"height":10}},{"id":"6edf46e3-441a-4256-89a4-436f6dd7a8e8","block_type":"box","text":"Have your Financial Intermediary","page_number":35,"box":{"x":214,"y":311,"width":215,"height":10}},{"id":"41641451-2a91-4b60-9dca-9f7d42bf8294","block_type":"box","text":"submit your purchase order","page_number":35,"box":{"x":214,"y":325,"width":181,"height":10}},{"id":"2eefb55a-657f-4885-adcc-680520e9285f","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":35,"box":{"x":460,"y":311,"width":466,"height":10}},{"id":"47cc59d5-ff68-4ed8-a1bd-6e4a681afd4c","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":35,"box":{"x":461,"y":324,"width":463,"height":11}},{"id":"f6a2c641-39ba-40a0-a748-15d03407557a","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":35,"box":{"x":461,"y":338,"width":443,"height":10}},{"id":"4bbcaebc-d9ee-4b2c-ba8e-c629ab53ac97","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":35,"box":{"x":461,"y":352,"width":445,"height":10}},{"id":"9af0860e-0bca-4b79-9114-57bbbb7f2ade","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":35,"box":{"x":461,"y":365,"width":435,"height":10}},{"id":"f78e5f2c-af29-43e5-bb23-eaea8eddd42d","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":35,"box":{"x":461,"y":378,"width":469,"height":11}},{"id":"7e5e1412-5cd7-4c54-bc6a-c288e6024620","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":35,"box":{"x":461,"y":392,"width":429,"height":10}},{"id":"60a9621d-14e3-4813-869e-d5bff697e601","block_type":"box","text":"determined on the next business day.","page_number":35,"box":{"x":461,"y":406,"width":247,"height":10}},{"id":"15a8aa0b-aa37-411f-b163-fa6255f5ab73","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":35,"box":{"x":460,"y":422,"width":468,"height":10}},{"id":"1e1ab54e-a88e-4079-a8e9-b58f26380b01","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":35,"box":{"x":460,"y":435,"width":470,"height":11}},{"id":"b79a902b-9c1f-4694-9401-bc5e151034d5","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":35,"box":{"x":460,"y":449,"width":471,"height":10}},{"id":"19ff3b8b-b95a-466a-aa5b-c74eac445554","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":35,"box":{"x":460,"y":462,"width":434,"height":10}},{"id":"8c888bc9-3575-4ece-b555-b864c12e5ae4","block_type":"box","text":"table.","page_number":35,"box":{"x":460,"y":476,"width":36,"height":8}},{"id":"58c975d4-4606-457e-9ce1-c7c3de24ba44","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":35,"box":{"x":460,"y":492,"width":473,"height":10}},{"id":"dc35ea0d-9cee-4955-9941-c0ad13bb29ea","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":35,"box":{"x":461,"y":505,"width":453,"height":11}},{"id":"5ea7153e-6c1d-4219-a349-02a0dc841beb","block_type":"box","text":"processing fee to confirm a purchase.","page_number":35,"box":{"x":461,"y":519,"width":249,"height":10}},{"id":"7290e335-4166-4ef6-bd04-1a04770a40df","block_type":"box","text":"Or contact BlackRock (for","page_number":35,"box":{"x":214,"y":537,"width":167,"height":10}},{"id":"4712122e-6540-43eb-9a3a-df031cc12ae9","block_type":"box","text":"accounts held directly with","page_number":35,"box":{"x":214,"y":551,"width":173,"height":10}},{"id":"29121b47-219b-484b-82a0-ba1db2170437","block_type":"box","text":"BlackRock)","page_number":35,"box":{"x":214,"y":564,"width":71,"height":10}},{"id":"fe563c90-a349-40cb-9b2d-af69f97241e6","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":35,"box":{"x":460,"y":537,"width":461,"height":10}},{"id":"e15355f8-9351-4570-9c98-0381be3d3d8d","block_type":"box","text":"request a new account application. Mail the completed application","page_number":35,"box":{"x":461,"y":551,"width":438,"height":10}},{"id":"93fc7daa-db66-4695-8741-8c3aebd50506","block_type":"box","text":"along with a check payable to “BlackRock Funds” to the Transfer Agent","page_number":35,"box":{"x":461,"y":564,"width":468,"height":11}},{"id":"6c292f54-67bc-47bc-9e6f-e6f643e4f668","block_type":"box","text":"at the address on the application. The Fund limits purchases by","page_number":35,"box":{"x":461,"y":578,"width":421,"height":10}},{"id":"e3b74edd-021d-4094-851a-b730e75a08aa","block_type":"box","text":"personal check to $500,000 per trade.","page_number":35,"box":{"x":461,"y":591,"width":257,"height":10}},{"id":"ec4f8fb2-deee-40ac-99b4-ded551a6c66c","block_type":"box","text":"Add to Your","page_number":35,"box":{"x":60,"y":610,"width":78,"height":8}},{"id":"3ecddae2-60f1-48d7-bac1-77e5f281567a","block_type":"box","text":"Investment","page_number":35,"box":{"x":61,"y":621,"width":75,"height":8}},{"id":"d6b51c19-a092-48f4-b53e-0c7f6be92b52","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":35,"box":{"x":214,"y":609,"width":683,"height":10}},{"id":"3e9b4713-7c51-44d6-b8dd-c6337baa0093","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":35,"box":{"x":461,"y":622,"width":415,"height":11}},{"id":"640d3f27-6b75-42f5-b54a-5cea8b7cd070","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":35,"box":{"x":461,"y":636,"width":455,"height":11}},{"id":"4cb10439-179b-45d8-8e38-38a2a350f52c","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":35,"box":{"x":461,"y":650,"width":445,"height":10}},{"id":"d9cd4922-2ea4-423f-9c3c-ce04a9e29c48","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":35,"box":{"x":461,"y":664,"width":436,"height":10}},{"id":"404a5982-e234-4c90-9871-3ece9fb81452","block_type":"box","text":"Institutional Shares have no minimum for additional purchases.","page_number":35,"box":{"x":461,"y":677,"width":418,"height":10}},{"id":"91ccec6b-0b32-49e1-8545-4c0ad4c8f89e","block_type":"box","text":"Have your Financial Intermediary","page_number":35,"box":{"x":214,"y":695,"width":215,"height":10}},{"id":"3ed3883b-ec7d-4939-924b-99b79e937abb","block_type":"box","text":"submit your purchase order for","page_number":35,"box":{"x":214,"y":709,"width":203,"height":10}},{"id":"9985281d-a27b-4e46-8058-54e96829e448","block_type":"box","text":"additional shares","page_number":35,"box":{"x":214,"y":722,"width":113,"height":8}},{"id":"592a8212-e1b2-41d9-bcbc-2904a1d54b76","block_type":"box","text":"To purchase additional shares you may contact your Financial","page_number":35,"box":{"x":460,"y":695,"width":405,"height":10}},{"id":"45c9755a-d5d2-4b3e-b124-47f5f0b2d364","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":35,"box":{"x":461,"y":709,"width":444,"height":10}},{"id":"6c1237b4-94b7-4709-b1a9-a5674c4ef2a5","block_type":"box","text":"Or contact BlackRock (for","page_number":35,"box":{"x":214,"y":740,"width":167,"height":10}},{"id":"e631cd22-8c12-4747-a954-0c6d99880ae1","block_type":"box","text":"accounts held directly with","page_number":35,"box":{"x":214,"y":754,"width":173,"height":10}},{"id":"bbcc3325-5e21-4548-b395-e4d654049f11","block_type":"box","text":"BlackRock)","page_number":35,"box":{"x":214,"y":767,"width":71,"height":10}},{"id":"9249b9a9-b163-4bd7-8035-12ad7ac3d3ae","block_type":"box","text":"Purchase by Telephone:","page_number":35,"box":{"x":461,"y":740,"width":158,"height":10}},{"id":"ef367c65-30fa-4813-9b0e-53a931aa0a36","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":35,"box":{"x":625,"y":740,"width":288,"height":10}},{"id":"10b0f8a4-462c-4c23-9a05-5c513da49647","block_type":"box","text":"our representatives. The Fund has the right to reject any telephone","page_number":35,"box":{"x":461,"y":754,"width":440,"height":10}},{"id":"9d335a60-2f60-4ad1-9d41-5d75d837ae16","block_type":"box","text":"request for any reason.","page_number":35,"box":{"x":461,"y":767,"width":152,"height":10}},{"id":"7f3525bc-1113-4330-b60a-74cd6c168e22","block_type":"box","text":"Purchase in Writing:","page_number":35,"box":{"x":461,"y":783,"width":135,"height":11}},{"id":"0e85ee96-7380-487c-b750-a4c08800b88d","block_type":"box","text":"You may send a written request to BlackRock at","page_number":35,"box":{"x":602,"y":784,"width":316,"height":10}},{"id":"5addbdbc-e744-4b31-91e5-df150ed383c4","block_type":"box","text":"the address on the back cover of this prospectus.","page_number":35,"box":{"x":460,"y":797,"width":329,"height":10}},{"id":"b5e1a80f-96a6-448b-ad12-4ff088ee7e2d","block_type":"box","text":"Purchase by VRU:","page_number":35,"box":{"x":461,"y":813,"width":119,"height":10}},{"id":"8b5a72ae-c5ff-4324-abb6-0c05723df405","block_type":"box","text":"Investor Shares may also be purchased by use of","page_number":35,"box":{"x":587,"y":813,"width":326,"height":10}},{"id":"eb153b21-58c9-4c64-b9db-f714efa33a60","block_type":"box","text":"the Fund’s automated voice response unit (“VRU”) service at","page_number":35,"box":{"x":460,"y":827,"width":404,"height":10}},{"id":"cedad9a6-877b-49d6-94b4-302127df2933","block_type":"box","text":"(800) 441-7762.","page_number":35,"box":{"x":461,"y":840,"width":110,"height":10}},{"id":"9385b1d8-d3fc-4056-9b75-48ac6487cbc1","block_type":"box","text":"Purchase by Internet:","page_number":35,"box":{"x":461,"y":856,"width":144,"height":10}},{"id":"eb872864-ee01-4ef8-b1ff-b46aacf243bd","block_type":"box","text":"You may purchase your shares and view activity","page_number":35,"box":{"x":611,"y":856,"width":314,"height":10}},{"id":"df1f56b1-07bb-4afc-a828-fd6e52a7dbd1","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":35,"box":{"x":461,"y":870,"width":374,"height":10}},{"id":"8400dd73-2d81-4050-874f-bed5d169468d","block_type":"box","text":"www.blackrock.com. 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Intermediary","page_number":37,"box":{"x":214,"y":67,"width":215,"height":10}},{"id":"76d94bbd-53ac-47eb-8ca3-88802d9db35d","block_type":"box","text":"submit your sales order","page_number":37,"box":{"x":214,"y":81,"width":155,"height":10}},{"id":"c55000bf-b407-4c5e-abc3-12514a4537b1","block_type":"box","text":"(continued)","page_number":37,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"431a3fa6-5748-4703-ba94-eaf8bcfa323d","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":37,"box":{"x":460,"y":70,"width":380,"height":10}},{"id":"3b44be96-d918-4a30-a8a8-37ba1fa9e165","block_type":"box","text":"circumstances.","page_number":37,"box":{"x":461,"y":84,"width":98,"height":8}},{"id":"6ccf918a-e437-4059-aaed-c6afad44316c","block_type":"box","text":"Selling shares held directly with","page_number":37,"box":{"x":214,"y":112,"width":207,"height":11}},{"id":"0983daa7-cc11-47be-95bc-76916f93040c","block_type":"box","text":"BlackRock","page_number":37,"box":{"x":214,"y":126,"width":67,"height":8}},{"id":"1ec32935-bc1a-4232-9509-f4c3d0d636fc","block_type":"box","text":"Methods of Redeeming","page_number":37,"box":{"x":461,"y":112,"width":156,"height":11}},{"id":"20fd9349-dd12-4bf0-b9a7-5e40521a29f6","block_type":"box","text":"Redeem by Telephone:","page_number":37,"box":{"x":461,"y":129,"width":150,"height":10}},{"id":"1f6703df-7946-4c6e-8a11-e1d111dbcdb7","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":37,"box":{"x":617,"y":129,"width":302,"height":10}},{"id":"f640a50d-670f-4cde-96ee-4edb1a1b37eb","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":37,"box":{"x":460,"y":142,"width":464,"height":10}},{"id":"6bf96d7f-146e-4c55-ae47-941ef216bc5f","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":37,"box":{"x":461,"y":155,"width":441,"height":11}},{"id":"4d028aec-fabd-46f3-9773-c70ee41fa3da","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":37,"box":{"x":461,"y":168,"width":433,"height":11}},{"id":"6c7ba4dc-b44c-4bb6-936a-96e8dcb11a9a","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":37,"box":{"x":461,"y":183,"width":418,"height":10}},{"id":"d5987668-8a27-424a-8e6f-5d42624b42b0","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":37,"box":{"x":461,"y":196,"width":462,"height":11}},{"id":"b386b472-ee1d-44a2-bd8c-a65930ff3662","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":37,"box":{"x":461,"y":210,"width":456,"height":10}},{"id":"8815275a-74d4-421d-bf03-cc9902510adc","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":37,"box":{"x":461,"y":223,"width":472,"height":11}},{"id":"0fa5caac-9b8a-4c21-89ca-2b68f0a9042c","block_type":"box","text":"for details.","page_number":37,"box":{"x":460,"y":237,"width":70,"height":8}},{"id":"c2d2bbd6-5569-4485-afec-f50376145a02","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":37,"box":{"x":460,"y":253,"width":448,"height":10}},{"id":"b7b3c676-25b3-41f0-8e0a-0d5bcd8a3dac","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":37,"box":{"x":461,"y":267,"width":434,"height":10}},{"id":"f22d9a1e-bfbc-4008-a8f5-a2bf3fc5c733","block_type":"box","text":"association, national securities exchange or registered securities","page_number":37,"box":{"x":461,"y":280,"width":430,"height":10}},{"id":"bdf6ed37-f977-4f84-bb43-af2b01a0f906","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":37,"box":{"x":461,"y":294,"width":366,"height":10}},{"id":"76b85c60-95a1-46c0-8c5e-8bcfc3fe5ba3","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":37,"box":{"x":460,"y":310,"width":468,"height":10}},{"id":"6c852b69-9245-455c-9933-f1d5580be938","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":37,"box":{"x":461,"y":323,"width":474,"height":10}},{"id":"60956822-8383-4d16-8253-92f1d4790a78","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":37,"box":{"x":460,"y":337,"width":450,"height":10}},{"id":"7206e632-b167-49fe-bb59-cd29fe2881ac","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":37,"box":{"x":461,"y":350,"width":450,"height":11}},{"id":"c6283580-c56c-44d9-b39c-ff8ae95f30b4","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":37,"box":{"x":460,"y":364,"width":445,"height":10}},{"id":"2409fc6b-0acb-4568-9110-d52b88f61260","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":37,"box":{"x":461,"y":377,"width":463,"height":11}},{"id":"5aae1279-9c14-466c-9252-4d2e64fe3722","block_type":"box","text":"believes it is advisable to do so.","page_number":37,"box":{"x":461,"y":391,"width":212,"height":8}},{"id":"9ad81525-2448-45ff-88c3-7d994158bca7","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":37,"box":{"x":461,"y":407,"width":452,"height":10}},{"id":"11230a1d-f7ca-4cc3-aaad-8177cc4c7524","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":37,"box":{"x":461,"y":420,"width":427,"height":11}},{"id":"6e9b8871-a5b8-473c-9c04-5094738a32a2","block_type":"box","text":"redemption methods below.","page_number":37,"box":{"x":461,"y":434,"width":181,"height":10}},{"id":"1109c8a9-624e-4ab5-90e6-f805545ab60f","block_type":"box","text":"Redeem by VRU:","page_number":37,"box":{"x":461,"y":450,"width":111,"height":10}},{"id":"d0302b55-8f38-4975-8cf7-3b409a27339d","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":37,"box":{"x":579,"y":450,"width":348,"height":10}},{"id":"c931cbc0-3877-4b57-a102-39afa2b2a40a","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":37,"box":{"x":461,"y":464,"width":469,"height":10}},{"id":"3f36db22-30f3-4ac7-867d-0e83b8e6e347","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":37,"box":{"x":461,"y":477,"width":420,"height":10}},{"id":"a8870e71-0611-4241-894b-d98019bc8580","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":37,"box":{"x":461,"y":490,"width":392,"height":11}},{"id":"1370ddf9-6ab1-4bc4-af3a-68be74b310bd","block_type":"box","text":"Redeem by Internet:","page_number":37,"box":{"x":461,"y":507,"width":136,"height":10}},{"id":"03191050-df53-40f1-99ba-15f730ba2ef9","block_type":"box","text":"You may redeem in your account by logging onto","page_number":37,"box":{"x":603,"y":507,"width":317,"height":10}},{"id":"19c75a5a-074c-4f52-b173-a5a5725fe9c6","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":37,"box":{"x":460,"y":520,"width":461,"height":9}},{"id":"3a2de255-0770-43cc-9d02-fc690fea75a0","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":37,"box":{"x":461,"y":534,"width":473,"height":10}},{"id":"22b9bccd-9b58-49c1-b51e-26f081c57046","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":37,"box":{"x":461,"y":547,"width":472,"height":11}},{"id":"52015729-7439-4e66-9cb9-ef7f210b5974","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":37,"box":{"x":461,"y":560,"width":459,"height":11}},{"id":"6a1f8da9-c24d-4b1f-a87e-c2c76645191e","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":37,"box":{"x":461,"y":574,"width":451,"height":11}},{"id":"b016567b-4c8c-4ec5-b022-16a7b74baa08","block_type":"box","text":"certain institutional investors.","page_number":37,"box":{"x":461,"y":588,"width":196,"height":8}},{"id":"5cb410f0-e38f-4e6d-99bd-6ac0f0721487","block_type":"box","text":"Redeem in Writing:","page_number":37,"box":{"x":461,"y":604,"width":127,"height":10}},{"id":"f739e515-dec9-4cb1-8374-561b9a93d865","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":37,"box":{"x":594,"y":604,"width":338,"height":11}},{"id":"27c26c97-4312-45cd-aceb-c2429f316068","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":37,"box":{"x":461,"y":618,"width":468,"height":10}},{"id":"067aa1ca-b5eb-4dbd-a25d-d1d9f3a46d8f","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":37,"box":{"x":460,"y":631,"width":446,"height":11}},{"id":"61df011a-808c-44aa-99ec-1d9a3672dc22","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":37,"box":{"x":461,"y":645,"width":466,"height":10}},{"id":"135ce917-adb6-4e15-b94f-9e9e24e532fc","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":37,"box":{"x":461,"y":659,"width":460,"height":10}},{"id":"72de60ea-ad9c-4379-a3ca-64c09d95db5c","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":37,"box":{"x":461,"y":672,"width":457,"height":10}},{"id":"84b13359-65e8-40db-ba63-9e1412b5554d","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":37,"box":{"x":461,"y":685,"width":461,"height":11}},{"id":"29604941-015f-4b23-95fe-6856255f01e3","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":37,"box":{"x":461,"y":699,"width":450,"height":10}},{"id":"1ad136b5-8585-4014-ba7c-75a22b93d666","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":37,"box":{"x":461,"y":713,"width":443,"height":10}},{"id":"e2b5ed12-2ea5-42b9-a1c9-e0b20eefa4ff","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":37,"box":{"x":461,"y":726,"width":465,"height":10}},{"id":"5c49cf8f-cbda-4139-bcc8-16b3a566bda0","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":37,"box":{"x":461,"y":739,"width":462,"height":11}},{"id":"f080c6ad-e6f4-42b4-ab42-d2a4a817d491","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":37,"box":{"x":461,"y":753,"width":404,"height":10}},{"id":"99a4f1c7-79cd-4bc2-8cf4-10718e0fc5cc","block_type":"box","text":"Payment of Redemption Proceeds","page_number":37,"box":{"x":461,"y":769,"width":228,"height":10}},{"id":"2948f194-59a1-48b2-a39a-2f527d6a7be4","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":37,"box":{"x":461,"y":785,"width":467,"height":11}},{"id":"d2cbbfd6-32db-450d-99d8-6bcfafc9b3cf","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":37,"box":{"x":461,"y":799,"width":393,"height":10}},{"id":"69f77a0b-7902-412a-9d43-65ff16891f89","block_type":"box","text":"Payment by Check:","page_number":37,"box":{"x":461,"y":815,"width":129,"height":10}},{"id":"60b455a3-11cb-4e60-868c-88ec5ff1a542","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":37,"box":{"x":597,"y":815,"width":329,"height":10}},{"id":"8f24a78e-bd21-4961-b3b3-e2d410adb391","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":37,"box":{"x":460,"y":828,"width":430,"height":11}},{"id":"02b77220-f311-4f8b-b734-0d179e38c0ac","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":37,"box":{"x":461,"y":842,"width":460,"height":10}},{"id":"6a8947c1-1e81-48a4-8492-7d4332f055c6","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":37,"box":{"x":461,"y":856,"width":468,"height":10}},{"id":"e0aa6a44-87bd-436e-a749-f69fac3fd29a","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":37,"box":{"x":461,"y":868,"width":467,"height":11}},{"id":"55017b1b-eccb-4c32-80a8-43c6d6132df6","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":37,"box":{"x":461,"y":883,"width":467,"height":10}},{"id":"20c2b6e4-09d0-4769-b61d-7bac399272b3","block_type":"box","text":"charges imposed by your bank for this service.","page_number":37,"box":{"x":461,"y":896,"width":307,"height":11}},{"id":"01c79e16-4c34-44ca-8494-0b8f471772c1","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"9821d8d7-6796-4d29-a881-211fbf0e3df0","block_type":"box","text":"NM1026U-5985633-37/72","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1b5944ec-96ed-45ee-b916-e5295d8468a8","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"c40b9a24-303c-46e0-9143-3dcb4c09be21","block_type":"box","text":"How to Pay for","page_number":38,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"1810b3b5-ce6a-4a93-a741-3944764c4fc1","block_type":"box","text":"Shares (continued)","page_number":38,"box":{"x":60,"y":81,"width":128,"height":10}},{"id":"ff6ba467-1f94-4091-9e09-74985ac9f367","block_type":"box","text":"Selling shares held directly with","page_number":38,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"a093e95e-45f2-499f-87af-01671e884c9a","block_type":"box","text":"BlackRock (continued)","page_number":38,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"e1e89aba-a8e7-4bdd-b9ce-e43afa9591a3","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":38,"box":{"x":460,"y":70,"width":438,"height":10}},{"id":"6ff0431c-1236-4a68-b30e-3cf544154f74","block_type":"box","text":"amounts (","page_number":38,"box":{"x":461,"y":84,"width":65,"height":9}},{"id":"bf195477-29cb-492b-8935-c8e9c5b02718","block_type":"box","text":"e.g","page_number":38,"box":{"x":528,"y":85,"width":21,"height":9}},{"id":"acaacda4-26cb-4186-a1ad-2459e167a799","block_type":"box","text":"., income dividends or capital gains) which you have","page_number":38,"box":{"x":549,"y":84,"width":341,"height":10}},{"id":"c7ec504f-936f-424d-b46b-2b614ba624b7","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":38,"box":{"x":461,"y":97,"width":403,"height":10}},{"id":"6b87cfc0-dfb3-4642-a234-a885813658a7","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":38,"box":{"x":461,"y":110,"width":467,"height":9}},{"id":"a39e28ad-34dc-4199-9a97-bc994499dc9b","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":38,"box":{"x":460,"y":124,"width":456,"height":10}},{"id":"038bd018-e443-4da1-822a-29fb08ee679d","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":38,"box":{"x":460,"y":138,"width":402,"height":10}},{"id":"7993827e-83a0-400f-9ef2-40d7089c124c","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":38,"box":{"x":461,"y":151,"width":430,"height":10}},{"id":"99a6bee4-d8e3-4afa-a2a8-464469010ea0","block_type":"box","text":"amounts are subject to the risk of loss like any Fund investment. If you","page_number":38,"box":{"x":461,"y":164,"width":468,"height":11}},{"id":"69d65718-4ae0-46f4-9397-bcbe04701e23","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":38,"box":{"x":461,"y":178,"width":473,"height":8}},{"id":"80e087cc-23cd-4c23-b22a-e44a288b85ae","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":38,"box":{"x":461,"y":192,"width":456,"height":10}},{"id":"f85bd7f3-8cff-40ac-a5c1-437431795b54","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":38,"box":{"x":461,"y":205,"width":461,"height":11}},{"id":"3ad3430e-44c0-497c-9726-a7c4eaaec725","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":38,"box":{"x":460,"y":219,"width":469,"height":10}},{"id":"7efd3559-a63b-40f9-9ef5-57b166c35797","block_type":"box","text":"as of the date of payment of the distribution.","page_number":38,"box":{"x":461,"y":232,"width":295,"height":10}},{"id":"2a2837a2-57ab-45fa-89da-2a4d838204c9","block_type":"box","text":"Payment by Wire Transfer:","page_number":38,"box":{"x":461,"y":248,"width":177,"height":11}},{"id":"154d695f-7c1a-445b-b2cc-acf560c9f47c","block_type":"box","text":"Payment for redeemed shares for which a","page_number":38,"box":{"x":644,"y":248,"width":275,"height":11}},{"id":"ae37303b-9530-4c99-86fc-d894740029d7","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":38,"box":{"x":461,"y":262,"width":437,"height":10}},{"id":"c10ad998-354d-4934-9f24-27ec24d1f9d8","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":38,"box":{"x":461,"y":275,"width":471,"height":11}},{"id":"b70bb9a9-e420-49eb-805e-e6935ab58e0f","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":38,"box":{"x":461,"y":289,"width":417,"height":10}},{"id":"6cc22db6-7842-4231-a799-67a0e0a892de","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":38,"box":{"x":461,"y":302,"width":449,"height":11}},{"id":"7a94e73c-518b-4972-ac12-7c41e0b5430b","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":38,"box":{"x":461,"y":316,"width":449,"height":10}},{"id":"08915c61-e8d6-4872-8394-5f182a9f303b","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":38,"box":{"x":461,"y":330,"width":433,"height":10}},{"id":"ec8c0c43-21a1-4e88-8478-77a5b794125b","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":38,"box":{"x":461,"y":343,"width":449,"height":10}},{"id":"9d3af47c-23a7-4aa6-8f92-eac9f87bfc7e","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":38,"box":{"x":461,"y":357,"width":437,"height":10}},{"id":"9cf1b620-97d0-4673-b37a-1254ee927cbe","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":38,"box":{"x":461,"y":370,"width":469,"height":11}},{"id":"98ac87b5-e9bb-423d-a9df-016cac608aeb","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":38,"box":{"x":459,"y":384,"width":448,"height":10}},{"id":"1c956ce7-e1c1-4431-b950-cb9e379b4f66","block_type":"box","text":"Fund.","page_number":38,"box":{"x":461,"y":397,"width":34,"height":9}},{"id":"78d67cb7-2990-4d48-9a3b-0b2b33c6f02d","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":38,"box":{"x":461,"y":413,"width":434,"height":11}},{"id":"4cafa4e7-9b40-4d58-8e3c-d5c7c0ba589b","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":38,"box":{"x":461,"y":427,"width":468,"height":10}},{"id":"c7b7f05b-4880-4104-9547-d391817479de","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":38,"box":{"x":461,"y":440,"width":460,"height":11}},{"id":"eb5a7ea1-07fb-4c65-a828-cd4b4ab8b710","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":38,"box":{"x":461,"y":454,"width":441,"height":10}},{"id":"2d83ec64-862a-41e9-b274-1ed657e6d499","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":38,"box":{"x":461,"y":467,"width":472,"height":11}},{"id":"b26cc675-711b-4dfa-942b-6f8e56801d21","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":38,"box":{"x":460,"y":481,"width":438,"height":10}},{"id":"f902b88e-e010-4e83-bedd-80368f9ad92c","block_type":"box","text":"imposed by the Fund.","page_number":38,"box":{"x":461,"y":495,"width":140,"height":10}},{"id":"2a1ec405-aa98-4c9d-af99-011b7feb00e3","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":38,"box":{"x":460,"y":511,"width":425,"height":10}},{"id":"e9284e90-84c9-4046-91fc-9a12cecfe2c7","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":38,"box":{"x":461,"y":524,"width":455,"height":11}},{"id":"d0b1bb08-d888-46b3-a66b-44b01699c8fa","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":38,"box":{"x":461,"y":538,"width":476,"height":10}},{"id":"fd1d13a9-c003-41df-9a38-47c049c3dc05","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":38,"box":{"x":461,"y":552,"width":455,"height":10}},{"id":"70eba6a3-f3ab-4ea3-81e8-4f6e7980d9b8","block_type":"box","text":"the back cover of this prospectus.","page_number":38,"box":{"x":460,"y":565,"width":224,"height":10}},{"id":"aa0a43f0-78ac-4e1e-a3b6-0b58929ed1b4","block_type":"box","text":"Payment by ACH:","page_number":38,"box":{"x":461,"y":581,"width":116,"height":10}},{"id":"dad704cf-bcf3-4267-8ce3-06c5f6ff66a7","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":38,"box":{"x":584,"y":581,"width":272,"height":10}},{"id":"fdf23ae1-53e3-4131-b276-fb95125e613b","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":38,"box":{"x":461,"y":594,"width":469,"height":11}},{"id":"444c4a37-e47e-4019-8497-3f1cad3e110a","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":38,"box":{"x":461,"y":608,"width":432,"height":10}},{"id":"17ea4c4e-d969-4b31-9121-0e247f9b3106","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":38,"box":{"x":461,"y":622,"width":441,"height":10}},{"id":"78b64e15-db39-4977-a1f1-834843022112","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":38,"box":{"x":461,"y":635,"width":428,"height":10}},{"id":"05b524c9-20a1-433e-918d-1adfe0b4fbbe","block_type":"box","text":"receiving bank within the next two business days (48-72 hours),","page_number":38,"box":{"x":461,"y":649,"width":420,"height":10}},{"id":"11e318f6-7b5a-4dd4-b5b4-683a266d5ddf","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":38,"box":{"x":461,"y":662,"width":467,"height":10}},{"id":"921a5d1a-ff26-4f29-b0b2-0fb67580458c","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":38,"box":{"x":460,"y":676,"width":458,"height":10}},{"id":"3770cb7e-bbbc-4419-9763-3e640207560a","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":38,"box":{"x":461,"y":689,"width":457,"height":10}},{"id":"87b295bc-88bd-4a4b-8369-9787295245ca","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":38,"box":{"x":461,"y":703,"width":449,"height":10}},{"id":"43b6285c-5f63-41ab-af93-2de11bdb4b22","block_type":"box","text":"open for business.","page_number":38,"box":{"x":461,"y":716,"width":121,"height":10}},{"id":"6d2664d4-3be2-4528-9cf5-eef30e72d17a","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":38,"box":{"x":460,"y":733,"width":467,"height":10}},{"id":"d83e7843-ef44-4a4e-b402-de1afe0d9b19","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":38,"box":{"x":461,"y":746,"width":465,"height":10}},{"id":"d5830e43-6de2-45e2-97bf-673afeabc46b","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":38,"box":{"x":461,"y":759,"width":432,"height":11}},{"id":"f2068e05-d07c-4666-821b-e7691619d267","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":38,"box":{"x":461,"y":773,"width":415,"height":10}},{"id":"736583dd-bb50-4d9d-9ac6-c87ca115ebcd","block_type":"box","text":"***","page_number":38,"box":{"x":686,"y":789,"width":25,"height":5}},{"id":"d1d32556-653b-4a8d-90b6-b52e78707308","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":38,"box":{"x":461,"y":803,"width":423,"height":10}},{"id":"c5800a6d-b5b3-42ed-8fe8-96df5398da57","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":38,"box":{"x":461,"y":816,"width":456,"height":11}},{"id":"b9b4c65c-380c-46b4-814e-564781b8bc9f","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":38,"box":{"x":461,"y":830,"width":352,"height":10}},{"id":"a580e648-0dbf-49ef-b50a-6978ee6e2cfc","block_type":"box","text":"Redemption","page_number":38,"box":{"x":61,"y":848,"width":80,"height":10}},{"id":"0e4a520e-999b-4006-bb04-f484a7bab8bf","block_type":"box","text":"Proceeds","page_number":38,"box":{"x":61,"y":862,"width":62,"height":8}},{"id":"a067820c-a7bb-4a53-aecb-bfe64871995b","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":38,"box":{"x":461,"y":851,"width":445,"height":9}},{"id":"8406f3b7-a7bd-417a-9b82-7cad17cb76ee","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":38,"box":{"x":461,"y":864,"width":467,"height":10}},{"id":"a3410ab5-565f-4e6f-aea3-1ab2354fecb8","block_type":"box","text":"portfolio assets to generate cash. The Fund reserves the right to pay","page_number":38,"box":{"x":461,"y":877,"width":456,"height":11}},{"id":"bf631b9e-348c-4742-8206-33465ce1d145","block_type":"box","text":"redemption proceeds with securities from the Fund’s portfolio rather","page_number":38,"box":{"x":461,"y":891,"width":452,"height":10}},{"id":"e6c707b7-7b8a-4983-a658-aece76b65834","block_type":"box","text":"than in cash (“redemptions in kind”), as described below. Redemptions","page_number":38,"box":{"x":460,"y":905,"width":471,"height":10}},{"id":"50f0edb9-08ed-44e8-901d-a0ebdda38360","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ba17959e-a7d7-4536-b2fc-2d7dfe2877d3","block_type":"box","text":"NM1026U-5985633-38/72","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"628e639d-f442-449e-9b91-06bcbd81344a","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":39,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"7cedbdbd-f811-448f-884b-dc2662667f2e","block_type":"box","text":"How to Pay for","page_number":39,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"21bbad47-38ac-4e15-a724-932beac59e90","block_type":"box","text":"Shares (continued)","page_number":39,"box":{"x":60,"y":81,"width":128,"height":10}},{"id":"74e148e3-7eec-4360-9960-c1480ffd660e","block_type":"box","text":"(continued) in kind may be used in certain circumstances if the relevant","page_number":39,"box":{"x":214,"y":67,"width":643,"height":10}},{"id":"408bc7d3-694f-43a6-a11b-eeb8c65648c2","block_type":"box","text":"shareholder is able to accept securities in kind, and may also be used","page_number":39,"box":{"x":461,"y":81,"width":464,"height":10}},{"id":"d81b2dbc-15f0-4097-be29-a02fd55b9360","block_type":"box","text":"in stressed market conditions. During periods of stressed market","page_number":39,"box":{"x":461,"y":94,"width":431,"height":11}},{"id":"799a1dd7-d18d-40aa-9a01-c283215ea4e7","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":39,"box":{"x":461,"y":108,"width":450,"height":10}},{"id":"6b5c19a1-067a-4351-a219-7a1a5fa60fd0","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":39,"box":{"x":461,"y":121,"width":452,"height":11}},{"id":"e0a6e926-bb2f-451f-8c2f-b32c5efbad9f","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":39,"box":{"x":461,"y":135,"width":471,"height":10}},{"id":"be61ff82-ebf4-4ea0-9a07-de8b752edf67","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":39,"box":{"x":461,"y":148,"width":471,"height":11}},{"id":"a3f52c27-e902-456c-bbc6-67ac8a64feb4","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in kind to a","page_number":39,"box":{"x":461,"y":162,"width":406,"height":10}},{"id":"61e8e400-683f-4495-8ef5-64debfbc7d22","block_type":"box","text":"redeeming shareholder. The SAI includes more information about the","page_number":39,"box":{"x":461,"y":175,"width":455,"height":11}},{"id":"0ccb2918-a689-4885-bb32-714f4db7c18e","block_type":"box","text":"Fund’s line of credit.","page_number":39,"box":{"x":461,"y":189,"width":133,"height":8}},{"id":"52046021-5724-4f19-b77c-8748565dbb56","block_type":"box","text":"Redemptions in Kind:","page_number":39,"box":{"x":461,"y":205,"width":142,"height":10}},{"id":"3398e63d-dd3b-4c1d-acb5-228bf6fc28b8","block_type":"box","text":"The Fund reserves the right to honor any request","page_number":39,"box":{"x":609,"y":205,"width":323,"height":11}},{"id":"2996de79-41db-4eac-b34f-5b23b18fabca","block_type":"box","text":"for redemption by making payment in whole or in part by delivering","page_number":39,"box":{"x":460,"y":219,"width":440,"height":10}},{"id":"1351b735-9738-4122-a201-ae32f9304653","block_type":"box","text":"securities valued in the same way as they would be valued for purposes","page_number":39,"box":{"x":461,"y":232,"width":474,"height":10}},{"id":"6d261694-0cba-4398-a397-96cab1218d62","block_type":"box","text":"of computing a Fund’s NAV, except that the Fund is obligated to redeem","page_number":39,"box":{"x":461,"y":246,"width":472,"height":10}},{"id":"49e26936-7663-43ab-94dc-f2ae96802680","block_type":"box","text":"shares solely in cash up to the lesser of $250,000 or 1% of the Fund’s","page_number":39,"box":{"x":461,"y":259,"width":470,"height":11}},{"id":"2b026022-a0cc-49eb-a46e-511e23fa4841","block_type":"box","text":"NAV during any 90-day period for any one shareholder. Redemptions in","page_number":39,"box":{"x":461,"y":273,"width":464,"height":10}},{"id":"0d8b96bf-cb11-4c8a-8759-11bed44a6522","block_type":"box","text":"excess of those amounts will normally be paid in cash but may be paid","page_number":39,"box":{"x":461,"y":286,"width":467,"height":11}},{"id":"ade27550-9d95-4c69-8006-1698a59986da","block_type":"box","text":"wholly or partly by a distribution in kind of securities.","page_number":39,"box":{"x":460,"y":300,"width":347,"height":10}},{"id":"e518ff93-befc-45f7-861f-cd83798cc184","block_type":"box","text":"The specific security or securities to be distributed will be determined","page_number":39,"box":{"x":460,"y":316,"width":459,"height":10}},{"id":"d5e111f4-498b-4bdc-bea6-00e8df63ff38","block_type":"box","text":"by BlackRock and could include a pro-rata representation of the Fund’s","page_number":39,"box":{"x":461,"y":330,"width":467,"height":10}},{"id":"f21f2e36-fe0a-49f9-8367-a20e77328a8b","block_type":"box","text":"portfolio or a non-pro-rata representation of the Fund’s portfolio","page_number":39,"box":{"x":461,"y":343,"width":420,"height":10}},{"id":"46b9239f-1a71-473d-a0fc-35fbb22aa917","block_type":"box","text":"depending upon various circumstances and subject to the Fund’s","page_number":39,"box":{"x":461,"y":357,"width":430,"height":10}},{"id":"8c3f5559-5ef8-4c55-a6fc-4c6b96c4ed29","block_type":"box","text":"policies and procedures and any applicable laws or regulations. In","page_number":39,"box":{"x":461,"y":370,"width":435,"height":11}},{"id":"fd76cc8d-434d-49b8-9cac-76fccdfa2591","block_type":"box","text":"effecting such redemptions in kind, BlackRock may select securities to","page_number":39,"box":{"x":461,"y":384,"width":468,"height":10}},{"id":"e5d4c5e6-55ea-48f1-b965-612ea0fcef9d","block_type":"box","text":"distribute to the redeeming shareholder by considering certain factors,","page_number":39,"box":{"x":461,"y":397,"width":465,"height":11}},{"id":"33db4341-46d0-4ceb-a978-9ab3f83cbb6b","block_type":"box","text":"including, without limitation, the portfolio management team’s model or","page_number":39,"box":{"x":461,"y":411,"width":474,"height":10}},{"id":"1aeb9f1b-b740-4dbb-a67a-264c5f19f98e","block_type":"box","text":"optimal portfolio, risk management considerations, compliance","page_number":39,"box":{"x":461,"y":424,"width":417,"height":11}},{"id":"49891862-b89c-485a-84fd-593f2fc2b898","block_type":"box","text":"considerations, the active positioning of the Fund post-redemption, the","page_number":39,"box":{"x":461,"y":438,"width":467,"height":10}},{"id":"893ad143-f907-4ed3-ac9c-a0f2ca1b7654","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities.","page_number":39,"box":{"x":461,"y":451,"width":400,"height":11}},{"id":"de3453e9-f43a-4129-9be8-1655621e32d4","block_type":"box","text":"The Fund may effect redemptions in kind in an effort to, among other","page_number":39,"box":{"x":460,"y":467,"width":459,"height":11}},{"id":"b7464407-c92d-4ae6-816d-4ce30f42b06a","block_type":"box","text":"considerations: (a) manage the portfolio efficiently or for any other","page_number":39,"box":{"x":461,"y":481,"width":439,"height":10}},{"id":"cc096b08-8766-4af7-b5d1-de0799eccc62","block_type":"box","text":"portfolio management purpose, and (b) externalize certain transaction","page_number":39,"box":{"x":461,"y":495,"width":463,"height":10}},{"id":"ab7dbd7e-6e15-4307-8ef5-40de6f424040","block_type":"box","text":"costs that would otherwise be borne by a Fund in connection with","page_number":39,"box":{"x":461,"y":508,"width":432,"height":10}},{"id":"c730f92c-7829-453b-a362-5353c1c4fa3b","block_type":"box","text":"redemption activity or portfolio turnover. Redemptions in kind may","page_number":39,"box":{"x":461,"y":522,"width":435,"height":10}},{"id":"23311160-ebcf-4784-bac0-0a4e97ac5cc5","block_type":"box","text":"reduce the need for the Fund to maintain short-term cash reserves,","page_number":39,"box":{"x":461,"y":535,"width":446,"height":10}},{"id":"1dc725e6-f149-4793-bc33-e5994f38cb39","block_type":"box","text":"reduce Fund transaction costs, reduce the need for the Fund to sell its","page_number":39,"box":{"x":461,"y":549,"width":466,"height":9}},{"id":"739d78f4-0aa5-4bd7-85a5-c282a608b5f1","block_type":"box","text":"investments at inopportune times, and lower Fund capital gain","page_number":39,"box":{"x":461,"y":562,"width":412,"height":11}},{"id":"803c620c-0eeb-4c2b-b5f6-c2ee40f10d9d","block_type":"box","text":"recognition, all of which may be considerations when determining","page_number":39,"box":{"x":461,"y":576,"width":431,"height":10}},{"id":"5782a11f-a123-46b3-ab9b-e1256684365f","block_type":"box","text":"whether to effect a redemption in kind. However, there can be no","page_number":39,"box":{"x":460,"y":589,"width":430,"height":10}},{"id":"9c9a20f7-4930-40ce-bd23-867ebc3427f6","block_type":"box","text":"assurance that redemptions in kind can or will be effected when they","page_number":39,"box":{"x":461,"y":603,"width":456,"height":10}},{"id":"26104587-a7f2-402f-ae92-27c01517c75f","block_type":"box","text":"would be beneficial to the Fund, and it may be impractical or impossible","page_number":39,"box":{"x":460,"y":616,"width":475,"height":11}},{"id":"7901437d-631b-420f-a3ee-1fd99078545e","block_type":"box","text":"to effect redemptions in kind with many or substantially all of the","page_number":39,"box":{"x":460,"y":630,"width":430,"height":10}},{"id":"5eeb39e6-cb38-41e6-bcd6-fbb67d002174","block_type":"box","text":"Fund’s shareholders because of, among other things, how they hold","page_number":39,"box":{"x":461,"y":643,"width":448,"height":11}},{"id":"d3614685-b749-49b5-955a-e01bb73d26c3","block_type":"box","text":"their Fund shares or the small value of the redemptions.","page_number":39,"box":{"x":460,"y":657,"width":372,"height":10}},{"id":"8f8fdaf4-1eb8-45d0-96f6-0c1991c58db8","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for","page_number":39,"box":{"x":461,"y":673,"width":431,"height":10}},{"id":"a0e9d5db-f8d8-4006-9d9e-e72f276bb19c","block_type":"box","text":"optimization of the Fund’s portfolio, or a combination thereof, the Fund","page_number":39,"box":{"x":461,"y":687,"width":468,"height":10}},{"id":"42145226-9191-45b1-ba85-300830f29911","block_type":"box","text":"in its discretion may accept large purchase orders from one or more","page_number":39,"box":{"x":461,"y":700,"width":450,"height":11}},{"id":"786217fb-b9d5-4bc4-b41a-f2e5884b9aeb","block_type":"box","text":"financial institutions that are willing, upon redemption of their","page_number":39,"box":{"x":460,"y":714,"width":407,"height":10}},{"id":"fd533e77-2f04-4f72-858e-2656f36f0cad","block_type":"box","text":"investment in the Fund, to receive their redemption proceeds in kind","page_number":39,"box":{"x":461,"y":727,"width":450,"height":10}},{"id":"d329c28e-5f9e-42b5-adae-468580df7f22","block_type":"box","text":"rather than in cash. A Fund’s ability to pay these redemption proceeds","page_number":39,"box":{"x":461,"y":741,"width":464,"height":10}},{"id":"71f780d0-d832-4b24-9b48-e5985ae7e80d","block_type":"box","text":"in kind relieves the Fund of the need to sell the securities that are","page_number":39,"box":{"x":461,"y":754,"width":437,"height":9}},{"id":"16c1ab2a-3643-4cee-a14d-147e7fee5a20","block_type":"box","text":"distributed in kind and incur brokerage and other transaction costs","page_number":39,"box":{"x":461,"y":768,"width":440,"height":10}},{"id":"5ab6d006-17d9-4991-b9b4-bd4de4f46d42","block_type":"box","text":"associated with such sale and may have the effect of reducing the","page_number":39,"box":{"x":461,"y":781,"width":439,"height":11}},{"id":"4983f4a9-0dde-463f-a054-83bed404f6b7","block_type":"box","text":"amount of taxable gains the Fund would otherwise be required to","page_number":39,"box":{"x":461,"y":795,"width":429,"height":10}},{"id":"4790e710-7b66-4546-8258-fe315341e5d9","block_type":"box","text":"distribute to shareholders. The Fund’s short-term trading policy, as","page_number":39,"box":{"x":461,"y":809,"width":440,"height":10}},{"id":"73dfd5e1-b36e-46d8-abc4-0702efbdb2dc","block_type":"box","text":"described below, shall not apply to the transactions described in this","page_number":39,"box":{"x":461,"y":822,"width":454,"height":10}},{"id":"1c8db304-ed04-41a4-97be-16f067534c49","block_type":"box","text":"sub-section.","page_number":39,"box":{"x":461,"y":836,"width":78,"height":8}},{"id":"77243cec-921e-4a91-83a6-8d02950bfed3","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to","page_number":39,"box":{"x":461,"y":852,"width":446,"height":10}},{"id":"a4a9526a-513a-4e9b-a059-4a2109f422a0","block_type":"box","text":"convert them to cash, you may pay taxes and brokerage and other","page_number":39,"box":{"x":461,"y":865,"width":438,"height":11}},{"id":"b219c238-a2dc-4df8-b572-4e447921b9ca","block_type":"box","text":"transaction costs to dispose of the securities. You may receive less for","page_number":39,"box":{"x":460,"y":879,"width":470,"height":10}},{"id":"415c01c5-8732-42a1-803b-65291b8719ca","block_type":"box","text":"the securities than the price at which they were valued for purposes of","page_number":39,"box":{"x":460,"y":892,"width":467,"height":11}},{"id":"3a06776f-abd9-45e0-b015-fd910c9867af","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"792d19e0-6435-4deb-b586-f80cac6c0079","block_type":"box","text":"NM1026U-5985633-39/72","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"944e3ac2-6a22-485b-bc51-61ee8b69626c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":40,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"a0a77d78-3a2a-40f4-bb3e-92266dc062a9","block_type":"box","text":"How to Pay for","page_number":40,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"a5e4b155-f05d-43e1-8cba-7ed5d552eb10","block_type":"box","text":"Shares (continued)","page_number":40,"box":{"x":60,"y":81,"width":128,"height":10}},{"id":"dcba01d7-6ef6-4f56-a8af-3bcf5c50fd80","block_type":"box","text":"(continued) effecting the redemption. There may also be a risk that redemption in","page_number":40,"box":{"x":214,"y":67,"width":706,"height":11}},{"id":"d51535ef-0f04-4c18-a4b5-581d76ea1377","block_type":"box","text":"kind activity could negatively impact the market value of the securities","page_number":40,"box":{"x":461,"y":81,"width":462,"height":10}},{"id":"e9812185-9555-4c43-b229-a176f2f0931f","block_type":"box","text":"distributed in kind and, in turn, the NAV of the Fund.","page_number":40,"box":{"x":461,"y":94,"width":342,"height":10}},{"id":"30e30635-5eb5-4152-b7ad-ede87874256a","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":40,"box":{"x":61,"y":119,"width":415,"height":12}},{"id":"4af429c7-ada8-4bf2-83aa-ac99c33a5b3d","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":40,"box":{"x":213,"y":141,"width":478,"height":9}},{"id":"8702c78d-e433-456f-b0b4-5a2d7540ec19","block_type":"box","text":"Exchange Privilege","page_number":40,"box":{"x":61,"y":158,"width":128,"height":10}},{"id":"117c3218-2d11-4109-9b24-7c2a9a796018","block_type":"box","text":"Selling shares of one BlackRock","page_number":40,"box":{"x":214,"y":158,"width":212,"height":10}},{"id":"8fb53d94-7175-47f2-8158-bf572b364ada","block_type":"box","text":"Fund to purchase shares of","page_number":40,"box":{"x":214,"y":172,"width":181,"height":10}},{"id":"4d7f2b1d-7d98-4837-9295-87fff45820c0","block_type":"box","text":"another BlackRock Fund","page_number":40,"box":{"x":214,"y":185,"width":158,"height":8}},{"id":"0570e4f8-5959-4830-9e56-fb6b479bde07","block_type":"box","text":"(“exchanging”)","page_number":40,"box":{"x":214,"y":199,"width":95,"height":10}},{"id":"0db5dbb8-6ab2-4dd3-a976-620ecce45624","block_type":"box","text":"Investor or Institutional Shares of the Fund are generally exchangeable","page_number":40,"box":{"x":461,"y":158,"width":466,"height":10}},{"id":"d38f32ac-2ec6-4045-96e1-78ad95dccd54","block_type":"box","text":"for shares of the same class of another BlackRock Fund, to the extent","page_number":40,"box":{"x":460,"y":172,"width":465,"height":9}},{"id":"56e7bc1b-d2be-45bf-a58f-c5b43f6c3175","block_type":"box","text":"such shares are offered by your Financial Intermediary.","page_number":40,"box":{"x":461,"y":185,"width":362,"height":10}},{"id":"b75187a5-5419-43be-b47c-05db3db15aaa","block_type":"box","text":"You can exchange $1,000 or more of Investor Shares from one fund","page_number":40,"box":{"x":460,"y":201,"width":450,"height":11}},{"id":"a9349e98-a927-47e5-bf60-1fc7773b2573","block_type":"box","text":"into the same class of another fund which offers that class of shares","page_number":40,"box":{"x":461,"y":215,"width":457,"height":8}},{"id":"ebf5fa2e-a8d2-40a7-84ce-4f9fcadacd43","block_type":"box","text":"(you can exchange less than $1,000 of Investor Shares if you already","page_number":40,"box":{"x":461,"y":228,"width":459,"height":11}},{"id":"21b43150-a8b6-47c2-b87b-8cf0fde1274a","block_type":"box","text":"have an account in the fund into which you are exchanging). Investors","page_number":40,"box":{"x":461,"y":242,"width":459,"height":10}},{"id":"c3cc12b7-f8d8-46d5-9fa4-54ba71b7c7e2","block_type":"box","text":"who currently own Institutional Shares of the Fund may make","page_number":40,"box":{"x":460,"y":255,"width":403,"height":11}},{"id":"a1e73686-dff9-4ad0-8d10-90c97e33dce5","block_type":"box","text":"exchanges into Institutional Shares of other BlackRock Funds except for","page_number":40,"box":{"x":461,"y":269,"width":475,"height":10}},{"id":"209792c1-1ea3-494a-a08b-a311e7e50084","block_type":"box","text":"investors holding shares through certain client accounts at Financial","page_number":40,"box":{"x":461,"y":283,"width":450,"height":10}},{"id":"1804574e-ab57-4374-a2c7-136dd618dd35","block_type":"box","text":"Intermediaries that are omnibus with the Fund and do not meet","page_number":40,"box":{"x":461,"y":296,"width":419,"height":8}},{"id":"842225e4-6fd5-4ef0-b0ba-a529598c693f","block_type":"box","text":"applicable minimums.","page_number":40,"box":{"x":461,"y":310,"width":142,"height":10}},{"id":"267ec243-e9b7-4a1a-8b7d-1c939252abf7","block_type":"box","text":"There is no required minimum amount with respect to exchanges of","page_number":40,"box":{"x":460,"y":326,"width":448,"height":10}},{"id":"5275e9e4-6ba4-44ff-96bd-4fb95beadd51","block_type":"box","text":"Institutional Shares.","page_number":40,"box":{"x":461,"y":339,"width":132,"height":8}},{"id":"1f811490-6492-4acd-893d-3373f231eb32","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":40,"box":{"x":460,"y":355,"width":449,"height":11}},{"id":"9a39a17b-7981-461b-80af-c19872151a21","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":40,"box":{"x":461,"y":369,"width":437,"height":10}},{"id":"47937ed6-7bc4-4f55-9a7d-8a32e78293a2","block_type":"box","text":"closed to new investors.","page_number":40,"box":{"x":461,"y":383,"width":159,"height":8}},{"id":"bf86885a-3dd8-4297-8cf8-438af8952198","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":40,"box":{"x":461,"y":398,"width":441,"height":11}},{"id":"5b816c26-85cc-452a-bc2d-9f8ac9c293a6","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":40,"box":{"x":461,"y":412,"width":453,"height":10}},{"id":"decaf780-32c6-4c8d-8df1-78a1920183a3","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":40,"box":{"x":460,"y":426,"width":477,"height":10}},{"id":"7c1292db-a5ca-49de-97a8-f9a7dc4339c3","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":40,"box":{"x":461,"y":439,"width":457,"height":11}},{"id":"1efc3676-bc27-498e-bb98-d92a16e49480","block_type":"box","text":"and any subsequent exchange.","page_number":40,"box":{"x":461,"y":453,"width":203,"height":10}},{"id":"887c29e1-da80-46c6-b360-a4bb2006e8a9","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":40,"box":{"x":460,"y":469,"width":435,"height":10}},{"id":"361412d5-2ff5-4736-b916-f1a7fd25980e","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":40,"box":{"x":461,"y":482,"width":406,"height":11}},{"id":"4999233b-8e2e-444a-8a48-c2a02743c17d","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":40,"box":{"x":461,"y":496,"width":468,"height":10}},{"id":"e7a69117-f9b8-4a5a-b5bc-ab8885fb3fd4","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":40,"box":{"x":461,"y":510,"width":455,"height":10}},{"id":"c838a61a-fcf7-4808-8865-06392349ebac","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":40,"box":{"x":460,"y":523,"width":423,"height":10}},{"id":"bf7139cb-c1f4-40cb-abc9-52cf4556963b","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":40,"box":{"x":461,"y":536,"width":398,"height":11}},{"id":"fe4e8242-ea90-4cb5-8cea-f5a59d8ac954","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":40,"box":{"x":461,"y":550,"width":409,"height":10}},{"id":"44707348-0333-4109-8b39-dae83e379f3f","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":40,"box":{"x":461,"y":564,"width":469,"height":10}},{"id":"595e94dd-3ec1-48d3-a37d-50a731b65908","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":40,"box":{"x":460,"y":577,"width":461,"height":10}},{"id":"35c22618-135a-4733-9daa-2f135594d8c4","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":40,"box":{"x":460,"y":591,"width":469,"height":10}},{"id":"a22b658d-5716-4dd1-ba79-82b2210fa85a","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":40,"box":{"x":460,"y":604,"width":368,"height":11}},{"id":"fec25994-ca44-4b70-bd36-2b3d5fe8efcf","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":40,"box":{"x":460,"y":620,"width":450,"height":11}},{"id":"093caed8-83b3-4508-8014-fea71efaa460","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":40,"box":{"x":460,"y":634,"width":473,"height":10}},{"id":"f8e96a26-dc63-498d-802d-7a4de0a5439b","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":40,"box":{"x":461,"y":647,"width":420,"height":11}},{"id":"16f9ebb7-b87d-4ea8-9fa2-a5ca7793b714","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":40,"box":{"x":461,"y":661,"width":439,"height":10}},{"id":"c10ffe36-fbc8-420a-a557-5d4e8e02b890","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":40,"box":{"x":461,"y":675,"width":460,"height":10}},{"id":"5c9748ca-7998-4f5a-bfd4-85b36c10aee3","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":40,"box":{"x":461,"y":688,"width":430,"height":10}},{"id":"6a6e57bd-d74d-427e-9e31-a9ebe9b819cc","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":40,"box":{"x":461,"y":702,"width":469,"height":10}},{"id":"4a3240bb-a581-4972-acbd-4b43003da0fd","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":40,"box":{"x":460,"y":715,"width":456,"height":10}},{"id":"d3063a2c-c0e8-445a-abf7-1a81a3e8f9ec","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":40,"box":{"x":461,"y":729,"width":390,"height":10}},{"id":"7a506fff-9d9c-4017-a553-fc3014540dda","block_type":"box","text":"Transfer Shares to","page_number":40,"box":{"x":60,"y":747,"width":124,"height":8}},{"id":"0fc77569-3440-42bd-b637-8d0735b8a512","block_type":"box","text":"Another Financial","page_number":40,"box":{"x":60,"y":758,"width":118,"height":8}},{"id":"8d0692f8-b8f5-4cfe-820f-e7df6d5df858","block_type":"box","text":"Intermediary","page_number":40,"box":{"x":61,"y":770,"width":85,"height":10}},{"id":"5337cd4e-667e-4ec1-a9e0-22aee076275c","block_type":"box","text":"Transfer to a participating","page_number":40,"box":{"x":213,"y":747,"width":171,"height":10}},{"id":"735de0ae-32e3-4b46-b9a3-953dddb12226","block_type":"box","text":"Financial Intermediary","page_number":40,"box":{"x":214,"y":760,"width":145,"height":10}},{"id":"760f3613-cf40-4167-88ab-0666c9f000bc","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":40,"box":{"x":460,"y":747,"width":436,"height":10}},{"id":"7d450679-fce9-4457-9a20-f09433f950d1","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":40,"box":{"x":461,"y":760,"width":455,"height":11}},{"id":"27163f95-d44a-4a60-917e-6d991bd0e040","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":40,"box":{"x":461,"y":774,"width":456,"height":10}},{"id":"e845d6fe-abfb-4201-84e7-a639611f6be1","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":40,"box":{"x":461,"y":787,"width":456,"height":11}},{"id":"1cca12c4-8fc4-46a0-93f2-96b75c4ec282","block_type":"box","text":"receiving firm.","page_number":40,"box":{"x":461,"y":801,"width":91,"height":10}},{"id":"9f3c4c71-a7c4-4f34-9478-9f31a92661d8","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":40,"box":{"x":461,"y":817,"width":390,"height":10}},{"id":"9673339a-337b-4089-9dd4-0d157f9efa64","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":40,"box":{"x":461,"y":830,"width":443,"height":11}},{"id":"b14e1697-f512-4a76-9b17-8df026dcb324","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":40,"box":{"x":461,"y":844,"width":394,"height":10}},{"id":"e138f892-879c-4e73-a95b-68a8846db2ba","block_type":"box","text":"Transfer to a non-participating","page_number":40,"box":{"x":213,"y":862,"width":199,"height":10}},{"id":"409a5baf-87f8-44a8-8882-4bc409ba5a23","block_type":"box","text":"Financial Intermediary","page_number":40,"box":{"x":214,"y":876,"width":145,"height":10}},{"id":"cd4e82b4-a87f-4663-b2f0-693a61859161","block_type":"box","text":"You must either:","page_number":40,"box":{"x":460,"y":862,"width":107,"height":8}},{"id":"81248349-7132-43ad-8d17-346b0e001e83","block_type":"box","text":"•","page_number":40,"box":{"x":464,"y":878,"width":3,"height":3}},{"id":"6425ec08-4ecf-4718-a234-49892e5aad42","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":40,"box":{"x":470,"y":875,"width":346,"height":11}},{"id":"958b6978-0604-4809-8a9b-28a043cea9fa","block_type":"box","text":"•","page_number":40,"box":{"x":464,"y":892,"width":3,"height":3}},{"id":"b3e3f0bf-9c5d-4bef-b9c2-2411cd58cf50","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":40,"box":{"x":471,"y":889,"width":409,"height":10}},{"id":"0fcfbff3-c919-44cd-98c2-b743cdb64fb0","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f79a5739-0654-41a1-970e-2c13d3545a64","block_type":"box","text":"NM1026U-5985633-40/72","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9636fcb2-34a3-423c-a6d2-350c9d653c53","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":41,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"ca82efe6-256c-4cef-a2a4-a97a15487908","block_type":"box","text":"Transfer Shares to","page_number":41,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"1a0042f2-e8b0-471a-ae13-a3feac3eed7c","block_type":"box","text":"Another Financial","page_number":41,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"33c25ee0-5c71-4f69-9161-ee36c0965d12","block_type":"box","text":"Intermediary","page_number":41,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"e42198d1-e023-473e-85a4-43bf89d39f03","block_type":"box","text":"(continued)","page_number":41,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"c8374598-6236-4ee0-be2b-b3c7e787059b","block_type":"box","text":"Transfer to a non-participating","page_number":41,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"0e545d45-428a-4bbd-bb8e-29cda8e9e121","block_type":"box","text":"Financial Intermediary","page_number":41,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"4c6742a9-cec0-4cc0-974a-fd45c2e3ce65","block_type":"box","text":"(continued)","page_number":41,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"5918f86f-312d-4249-a877-7938e8cf2dec","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":41,"box":{"x":461,"y":70,"width":390,"height":10}},{"id":"bab56bf3-d88c-4ced-a18f-1aaa92ed1fc2","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":41,"box":{"x":461,"y":83,"width":443,"height":11}},{"id":"57a56887-c82f-4464-afd6-973e3dc94dde","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":41,"box":{"x":461,"y":97,"width":394,"height":10}},{"id":"898c26e5-7e57-4919-bb8e-b59783be8c98","block_type":"box","text":"Account Services and Privileges","page_number":41,"box":{"x":60,"y":148,"width":292,"height":14}},{"id":"678c7cc2-acc0-430a-afd2-927524b47096","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":41,"box":{"x":60,"y":175,"width":865,"height":11}},{"id":"ae61479a-8c7f-450f-8f90-2f2230324fd1","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":41,"box":{"x":61,"y":189,"width":841,"height":12}},{"id":"88a2e14b-9199-4b88-936c-32eaccdf5e02","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":41,"box":{"x":61,"y":204,"width":816,"height":12}},{"id":"6e0eaf1b-d4ea-400b-8b3f-7c5002ce719d","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. 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You may apply for this option upon account opening or by","page_number":41,"box":{"x":461,"y":290,"width":437,"height":11}},{"id":"4e1452a2-28b9-44f5-8640-223b84c262e2","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":41,"box":{"x":461,"y":304,"width":451,"height":10}},{"id":"f449c454-5b78-4cb0-95c8-5dfb9255024c","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":41,"box":{"x":461,"y":317,"width":300,"height":10}},{"id":"9bc3ceb3-cb1e-44bb-b64f-01593e6925cb","block_type":"box","text":"Dividend Allocation","page_number":41,"box":{"x":61,"y":335,"width":129,"height":9}},{"id":"150e3872-479c-48bc-b239-07c24807ee4d","block_type":"box","text":"Plan","page_number":41,"box":{"x":61,"y":347,"width":28,"height":8}},{"id":"ca109653-c07f-4eee-ab92-060b4655a09b","block_type":"box","text":"Automatically invests your","page_number":41,"box":{"x":213,"y":336,"width":172,"height":10}},{"id":"f56d1eec-b598-485a-80e3-24aacc8090a9","block_type":"box","text":"distributions into another","page_number":41,"box":{"x":214,"y":349,"width":165,"height":8}},{"id":"3f5bfed6-de27-4f7d-a064-04038219b7a4","block_type":"box","text":"BlackRock Fund of your choice","page_number":41,"box":{"x":214,"y":362,"width":200,"height":11}},{"id":"61580602-dc6f-443d-8799-e677d02d9e4b","block_type":"box","text":"pursuant to your instructions,","page_number":41,"box":{"x":214,"y":376,"width":193,"height":10}},{"id":"03a7541f-e3d4-46d6-88c9-2bafab4585f7","block_type":"box","text":"without any fees or sales","page_number":41,"box":{"x":213,"y":389,"width":165,"height":11}},{"id":"4188b64d-0253-4799-aa35-1437a18e63af","block_type":"box","text":"charges.","page_number":41,"box":{"x":214,"y":403,"width":55,"height":10}},{"id":"173d1d1e-7d0d-46d9-9333-1f55ac3678e0","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":41,"box":{"x":461,"y":336,"width":433,"height":10}},{"id":"4882c779-5100-49d4-9f3b-fa8dab1301b3","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":41,"box":{"x":461,"y":349,"width":427,"height":10}},{"id":"ec62ae44-71d6-4abd-924b-5ac13a74d882","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":41,"box":{"x":461,"y":363,"width":463,"height":10}},{"id":"79361b31-881b-414e-a372-6ed90831cd42","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":41,"box":{"x":461,"y":376,"width":455,"height":10}},{"id":"5829647d-b377-4bfd-8d26-a2cf8d826054","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":41,"box":{"x":461,"y":389,"width":459,"height":11}},{"id":"759030da-0d74-4ed7-b7ca-74ca23a2570d","block_type":"box","text":"payee. Please call (800) 441-7762 for details. 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Please speak with your Financial Intermediary","page_number":41,"box":{"x":461,"y":448,"width":462,"height":10}},{"id":"1d974c1d-0621-4216-a83b-564c0ebe57f8","block_type":"box","text":"if your account is held elsewhere.)","page_number":41,"box":{"x":461,"y":462,"width":225,"height":10}},{"id":"518483f2-a43b-4e21-a33f-84863d9ba08d","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":41,"box":{"x":461,"y":478,"width":467,"height":10}},{"id":"e4837289-7b90-4585-a6cf-a82345c95552","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":41,"box":{"x":461,"y":491,"width":423,"height":11}},{"id":"675d7121-7357-4515-a3a8-2831528dae02","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":41,"box":{"x":461,"y":505,"width":459,"height":10}},{"id":"08b68503-7eab-4c4d-8792-5992f5b73461","block_type":"box","text":"information, and return the application to the address listed on the","page_number":41,"box":{"x":461,"y":518,"width":442,"height":10}},{"id":"f5caa985-0c2c-4c5c-a7c5-51462d59ed0f","block_type":"box","text":"form.","page_number":41,"box":{"x":460,"y":532,"width":34,"height":8}},{"id":"9a13f5d7-3b69-4ef5-9000-223f4d0f03c7","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":41,"box":{"x":461,"y":548,"width":460,"height":10}},{"id":"dd6c1724-ea3c-4935-b491-815034834868","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":41,"box":{"x":461,"y":562,"width":449,"height":10}},{"id":"41013106-d3ab-4b89-a6aa-ec575835ef6c","block_type":"box","text":"updated on your account. 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Proceeds","page_number":41,"box":{"x":461,"y":589,"width":470,"height":10}},{"id":"e9a30bb1-0fe1-422f-9726-e0b22d630628","block_type":"box","text":"will be sent to your pre-designated bank account.","page_number":41,"box":{"x":460,"y":602,"width":323,"height":11}},{"id":"e97aac10-f434-4000-a71a-d8e5ecb80645","block_type":"box","text":"Systematic","page_number":41,"box":{"x":60,"y":620,"width":76,"height":10}},{"id":"11ebe876-fe31-40d8-8a70-9c6c747ba547","block_type":"box","text":"Exchange Plan","page_number":41,"box":{"x":61,"y":632,"width":99,"height":10}},{"id":"97875abc-a458-46c3-bd45-026a27c9df3e","block_type":"box","text":"This feature can be used by","page_number":41,"box":{"x":213,"y":620,"width":184,"height":11}},{"id":"f8ff0543-9d65-4484-ad15-f762b8bab0c4","block_type":"box","text":"investors to systematically","page_number":41,"box":{"x":214,"y":634,"width":175,"height":10}},{"id":"2de552bd-d27b-4ff9-8c0d-fba3a04eb9af","block_type":"box","text":"exchange money from one fund","page_number":41,"box":{"x":214,"y":647,"width":205,"height":11}},{"id":"513405d4-43f7-4d53-add7-da7971a7a164","block_type":"box","text":"to up to four other funds.","page_number":41,"box":{"x":213,"y":661,"width":165,"height":10}},{"id":"9a4c181e-dc39-410b-8b23-29aa3cfe3a72","block_type":"box","text":"A minimum of $10,000 in the initial BlackRock Fund is required, and","page_number":41,"box":{"x":460,"y":620,"width":454,"height":10}},{"id":"42b9ca53-eb01-40d3-85c1-5bb216cc83d0","block_type":"box","text":"investments in any additional funds must meet minimum initial","page_number":41,"box":{"x":461,"y":634,"width":414,"height":10}},{"id":"8e1d0dec-1de6-4e15-a71f-1b4af75c503d","block_type":"box","text":"investment requirements.","page_number":41,"box":{"x":461,"y":648,"width":167,"height":9}},{"id":"f2027df4-2709-49de-95ab-136679e7b7ef","block_type":"box","text":"Systematic","page_number":41,"box":{"x":60,"y":679,"width":76,"height":10}},{"id":"39e69c89-d00b-41a3-a907-900d9eacf518","block_type":"box","text":"Withdrawal Plan","page_number":41,"box":{"x":60,"y":691,"width":110,"height":8}},{"id":"f8624f13-0d70-4c0a-8218-07c3b1f07322","block_type":"box","text":"This feature can be used by","page_number":41,"box":{"x":213,"y":679,"width":184,"height":10}},{"id":"0b233ee8-a1b7-4475-b2a3-7ee0c3ad856d","block_type":"box","text":"investors who want to receive","page_number":41,"box":{"x":214,"y":693,"width":194,"height":8}},{"id":"a3355a14-f410-4cf8-9319-f8cc0bf3b3de","block_type":"box","text":"regular distributions from their","page_number":41,"box":{"x":214,"y":706,"width":200,"height":10}},{"id":"240c7cef-eff6-4836-943d-d9190092df93","block_type":"box","text":"accounts.","page_number":41,"box":{"x":214,"y":720,"width":62,"height":8}},{"id":"093a7736-ef02-4896-a6d0-1260c308cd12","block_type":"box","text":"To start an SWP, a shareholder must have a current investment of","page_number":41,"box":{"x":460,"y":679,"width":438,"height":10}},{"id":"b318daf5-8874-4bef-9245-f065e5a91bd1","block_type":"box","text":"$10,000 or more in a BlackRock Fund.","page_number":41,"box":{"x":461,"y":692,"width":255,"height":10}},{"id":"2e18b9a9-ffb8-434c-8cdd-131eaf520cee","block_type":"box","text":"Shareholders can elect to receive cash payments of $50 or more at any","page_number":41,"box":{"x":461,"y":708,"width":475,"height":11}},{"id":"d87ef788-9269-4615-bbfe-adcf47bd6ad3","block_type":"box","text":"interval they choose. 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No CDSC will be assessed on","page_number":41,"box":{"x":461,"y":846,"width":450,"height":11}},{"id":"671c2095-d485-4d52-9113-6845cf807ae4","block_type":"box","text":"redemptions of Investor A or Investor C Shares made through the SWP","page_number":41,"box":{"x":461,"y":860,"width":465,"height":10}},{"id":"8f972ae1-05cd-4e33-9416-11171f40d5ce","block_type":"box","text":"that do not exceed 12% of the account’s net asset value on an","page_number":41,"box":{"x":460,"y":874,"width":416,"height":8}},{"id":"75179928-d8e9-41fa-bfc7-0349fb6cfe0d","block_type":"box","text":"annualized basis. 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(continued)","page_number":42,"box":{"x":214,"y":92,"width":141,"height":10}},{"id":"f65832a8-2f79-47fc-8afd-cbed058ce965","block_type":"box","text":"to the CDSC if they do not exceed 1%, 3% and 6%, respectively, of an","page_number":42,"box":{"x":460,"y":51,"width":457,"height":10}},{"id":"d32b471c-7b54-4602-97ab-27684e6e5388","block_type":"box","text":"account’s net asset value on the redemption date. SWP redemptions of","page_number":42,"box":{"x":461,"y":65,"width":474,"height":10}},{"id":"fa66f077-e607-48d8-a082-b8b13afc56c9","block_type":"box","text":"Investor A or Investor C Shares in excess of this limit will still pay any","page_number":42,"box":{"x":461,"y":78,"width":458,"height":10}},{"id":"486c177a-012c-4905-a5f6-9aea0903b7d0","block_type":"box","text":"applicable CDSC.","page_number":42,"box":{"x":461,"y":92,"width":112,"height":10}},{"id":"a4094de5-d009-4a69-b740-aab060b2870b","block_type":"box","text":"Ask your Financial Intermediary for details.","page_number":42,"box":{"x":460,"y":108,"width":281,"height":10}},{"id":"4c1c87e6-ce99-496e-bbbc-b939fe1f851e","block_type":"box","text":"Reinstatement","page_number":42,"box":{"x":61,"y":126,"width":99,"height":8}},{"id":"a41bf066-090a-4ad0-b9a3-6bcebcc84518","block_type":"box","text":"Privilege","page_number":42,"box":{"x":61,"y":138,"width":57,"height":10}},{"id":"341ff79d-ce5c-4d46-a4dc-bd91f3f68d27","block_type":"box","text":"If you redeem Investor A or Institutional Shares and buy new Investor A","page_number":42,"box":{"x":461,"y":126,"width":468,"height":10}},{"id":"f2c83624-d342-4099-a540-e8d5872ffb49","block_type":"box","text":"Shares of the same or another BlackRock Fund (equal to all or a","page_number":42,"box":{"x":461,"y":139,"width":424,"height":11}},{"id":"63063439-d843-4c5b-88da-6238e20b982b","block_type":"box","text":"portion of the redemption amount) within 90 days of such redemption,","page_number":42,"box":{"x":461,"y":153,"width":464,"height":10}},{"id":"9be16bcf-50e6-4198-abde-f2af451bd87f","block_type":"box","text":"you will not pay a sales charge on the new purchase amount. This right","page_number":42,"box":{"x":460,"y":167,"width":470,"height":10}},{"id":"e7bad043-83a0-4542-b9cb-353af7fb30b6","block_type":"box","text":"may be exercised within 90 days of the redemption, provided that the","page_number":42,"box":{"x":461,"y":180,"width":458,"height":10}},{"id":"69003366-8189-4cbd-9120-6e2118a91ac0","block_type":"box","text":"Investor A Share class of that fund is currently open to new investors","page_number":42,"box":{"x":461,"y":194,"width":456,"height":10}},{"id":"a1eacfda-7ff4-44b4-b30e-8e8093f9eaab","block_type":"box","text":"or the shareholder has a current account in that closed fund. Shares","page_number":42,"box":{"x":461,"y":207,"width":454,"height":8}},{"id":"24872546-8229-4ba8-a266-675a338d6dcd","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":42,"box":{"x":460,"y":221,"width":438,"height":10}},{"id":"95ef51ed-95c1-40a8-9859-c51b9e44881e","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":42,"box":{"x":460,"y":234,"width":450,"height":11}},{"id":"5248da1b-c9df-43bd-9c06-7a225582e797","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":42,"box":{"x":460,"y":248,"width":435,"height":8}},{"id":"abcb038d-b603-4650-beb9-c1a2e6e15261","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":42,"box":{"x":461,"y":261,"width":466,"height":10}},{"id":"45afca18-5ce5-47f4-86be-451549bfe9ff","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":42,"box":{"x":461,"y":275,"width":376,"height":10}},{"id":"9fccd62e-1188-4b8e-9655-21dfd92bb63b","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":42,"box":{"x":461,"y":288,"width":371,"height":11}},{"id":"1bfc02e3-cc14-4088-8da5-6402a4d20b81","block_type":"box","text":"Fund’s Rights","page_number":42,"box":{"x":61,"y":329,"width":124,"height":13}},{"id":"51bcd17b-e90d-424e-a787-7532bbec6d0c","block_type":"box","text":"The Fund may:","page_number":42,"box":{"x":60,"y":355,"width":106,"height":11}},{"id":"b54570c9-9d84-4045-82f4-b4a8013a68ba","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":42,"box":{"x":81,"y":375,"width":840,"height":12}},{"id":"c029b0b3-cfea-4505-be97-1c5eda6ee0bc","block_type":"box","text":"described in the Investment Company Act;","page_number":42,"box":{"x":81,"y":390,"width":308,"height":11}},{"id":"0232752f-47dd-4cf1-9bcc-478009b50d13","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":42,"box":{"x":81,"y":410,"width":789,"height":11}},{"id":"7284aac3-db86-4a84-b391-119c7386ca32","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":42,"box":{"x":81,"y":425,"width":850,"height":11}},{"id":"2d5542cb-3eef-42d0-83ac-3572c4b3c318","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":42,"box":{"x":82,"y":439,"width":368,"height":12}},{"id":"917e6659-26ea-4e66-b9f1-cd9d22c4c286","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":42,"box":{"x":82,"y":459,"width":781,"height":12}},{"id":"e87feeee-78b5-4d7c-ae3c-21adff9e79d7","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":42,"box":{"x":82,"y":479,"width":798,"height":12}},{"id":"4bf92334-7224-48b1-b14a-2e4c40e215c9","block_type":"box","text":"specified level.","page_number":42,"box":{"x":81,"y":494,"width":108,"height":11}},{"id":"21e04bf5-d61f-499f-936e-926f8d0bd88c","block_type":"box","text":"Note on Low Balance Accounts.","page_number":42,"box":{"x":61,"y":517,"width":239,"height":9}},{"id":"9ebe9f2b-539a-4a18-8c32-fdd0a171b5d9","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":42,"box":{"x":307,"y":517,"width":600,"height":11}},{"id":"ed204f2d-1352-4c3d-a399-9bb959e6ee64","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (the “Fund Minimum”), and","page_number":42,"box":{"x":61,"y":531,"width":846,"height":12}},{"id":"857f5446-b665-49cb-8e65-c9a86b199ac5","block_type":"box","text":"may redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":42,"box":{"x":61,"y":546,"width":872,"height":12}},{"id":"073fb48b-73e5-4035-833c-7b4308daeb02","block_type":"box","text":"reason, including market fluctuation.","page_number":42,"box":{"x":61,"y":561,"width":267,"height":12}},{"id":"5688cf26-1e25-40e3-8127-3ecf18caa74e","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":42,"box":{"x":60,"y":584,"width":799,"height":11}},{"id":"f2551904-a8ac-4f4f-a6b4-cc6d13514eb8","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":42,"box":{"x":62,"y":599,"width":796,"height":11}},{"id":"26b63801-3f8e-4fd7-b1d9-5d61ed091d22","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":42,"box":{"x":62,"y":613,"width":800,"height":12}},{"id":"c48b96c9-3b30-4315-b257-dedde0a9eeb6","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":42,"box":{"x":61,"y":628,"width":859,"height":12}},{"id":"eea46888-e7df-45ec-b56f-386ceb49a3fb","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":42,"box":{"x":61,"y":643,"width":868,"height":12}},{"id":"344d397a-b772-4bff-8da3-d3d95897148b","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":42,"box":{"x":61,"y":658,"width":420,"height":12}},{"id":"840fa323-d2b9-4e5f-966b-82482c8f2d3c","block_type":"box","text":"Participation in Fee-Based Programs","page_number":42,"box":{"x":61,"y":697,"width":331,"height":13}},{"id":"c5bc1048-3793-4f38-8845-f525701a4d9a","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":42,"box":{"x":62,"y":723,"width":826,"height":12}},{"id":"0fdd1c9d-7559-4601-b1b2-024412f1e770","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":42,"box":{"x":62,"y":738,"width":806,"height":11}},{"id":"40df9b6b-dd58-4022-b71e-d94890dc3b87","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":42,"box":{"x":62,"y":753,"width":833,"height":11}},{"id":"fdae38be-f509-493d-a5f1-762a6cc1cc16","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":42,"box":{"x":61,"y":768,"width":865,"height":11}},{"id":"14a955db-60e9-4177-ace9-c420dc793385","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":42,"box":{"x":60,"y":782,"width":863,"height":12}},{"id":"4ad80395-64bc-4726-bfb7-d2e3f6ffa985","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":42,"box":{"x":62,"y":797,"width":865,"height":12}},{"id":"2695f246-7f55-434f-9be2-587a72f32368","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":42,"box":{"x":61,"y":812,"width":842,"height":11}},{"id":"3f8c6375-ff43-4a59-b933-d554aec4bdbc","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":42,"box":{"x":61,"y":827,"width":838,"height":11}},{"id":"b75b1266-3906-439e-8aac-b6cc516ae0bc","block_type":"box","text":"procedures applicable to your account.","page_number":42,"box":{"x":62,"y":842,"width":282,"height":11}},{"id":"2140877f-939a-4b2c-badc-1a1bbb2fa679","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":42,"box":{"x":61,"y":864,"width":835,"height":12}},{"id":"d4091752-b38e-4502-94c5-6dac06ef1d99","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":42,"box":{"x":61,"y":879,"width":861,"height":11}},{"id":"5862e4f9-a5de-4ffc-82ce-c2100b5fee8b","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":42,"box":{"x":61,"y":894,"width":849,"height":11}},{"id":"ba1a523b-9ebb-4338-93b7-1a06bcfc824d","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":42,"box":{"x":60,"y":909,"width":867,"height":11}},{"id":"08135979-88d4-4345-8074-9e238ad29c23","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e5703a2e-9d39-44dc-aec1-c46b3793b8a8","block_type":"box","text":"NM1026U-5985633-42/72","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a2e6611e-4b90-479a-8669-bc5436f60995","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":43,"box":{"x":62,"y":46,"width":873,"height":11}},{"id":"c22608da-2d9c-4ffb-8723-09449f61fa93","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":43,"box":{"x":61,"y":60,"width":844,"height":12}},{"id":"5ea09b5a-ffd9-4386-82fc-ef35382cfe14","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":43,"box":{"x":61,"y":75,"width":865,"height":12}},{"id":"29966948-d51b-4738-a9b0-f5cea641b912","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":43,"box":{"x":61,"y":90,"width":480,"height":12}},{"id":"37ac3358-06bf-4adb-b363-e620cefb806f","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":43,"box":{"x":61,"y":113,"width":854,"height":11}},{"id":"fdd0af0c-581b-48a3-b25e-995c8a608143","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":43,"box":{"x":61,"y":127,"width":790,"height":12}},{"id":"7cf5e45e-8e7c-4ee6-8159-d35c7f64fd0c","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":43,"box":{"x":62,"y":142,"width":855,"height":12}},{"id":"98c6f609-9603-47ef-a319-1d1e55f038ff","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":43,"box":{"x":61,"y":157,"width":831,"height":12}},{"id":"e020631c-e3e0-43f1-945d-697c8a7c4732","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":43,"box":{"x":61,"y":172,"width":828,"height":12}},{"id":"a916cfc9-d378-4764-b338-3c604f34a583","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":43,"box":{"x":61,"y":187,"width":437,"height":11}},{"id":"f79f5b11-6e26-48fa-bdba-c8eb8a7128f3","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":43,"box":{"x":62,"y":209,"width":859,"height":12}},{"id":"e5479e78-d1e6-47a2-8a4f-4993e0271f4a","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":43,"box":{"x":60,"y":224,"width":858,"height":12}},{"id":"73051000-d04f-4601-a8c1-bd700bbaeebc","block_type":"box","text":"your Financial Intermediary for more information.","page_number":43,"box":{"x":60,"y":239,"width":357,"height":11}},{"id":"f9f3c563-5b91-4c0c-aaff-857de9b792c9","block_type":"box","text":"Short-Term Trading Policy","page_number":43,"box":{"x":61,"y":278,"width":232,"height":13}},{"id":"52fdc8fe-51ec-4a13-bd71-3f7c2472afde","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":43,"box":{"x":60,"y":304,"width":875,"height":12}},{"id":"a75b26fd-22b1-4df0-a543-c22af329a524","block_type":"box","text":"to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in","page_number":43,"box":{"x":60,"y":319,"width":819,"height":12}},{"id":"73aa2438-aef7-49d2-b301-a5255e18776f","block_type":"box","text":"response to short-term market fluctuations — also known as “market timing.” The Fund is not designed for market","page_number":43,"box":{"x":61,"y":334,"width":845,"height":11}},{"id":"10d4a398-d5de-4a98-be25-a1ec107a49d7","block_type":"box","text":"timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange","page_number":43,"box":{"x":60,"y":349,"width":869,"height":11}},{"id":"219fc8bf-d68f-47e4-9d67-9a92da6e3edb","block_type":"box","text":"privilege for Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive","page_number":43,"box":{"x":62,"y":363,"width":836,"height":12}},{"id":"f04fa251-973a-4680-bbcc-5c0a51160457","block_type":"box","text":"purchase and sale or exchange activity may interfere with portfolio management, increase expenses and taxes and","page_number":43,"box":{"x":62,"y":378,"width":845,"height":12}},{"id":"4dce8bbc-1b4a-493b-af42-cfd70cd89a38","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":43,"box":{"x":61,"y":393,"width":863,"height":12}},{"id":"b82b4b21-365f-4aeb-85ec-526338432aee","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":43,"box":{"x":61,"y":408,"width":867,"height":11}},{"id":"9d1ee6bd-bd7e-47dc-8846-f8e5be95e09a","block_type":"box","text":"or other short-term investments or sell securities, rather than maintaining such assets in securities selected to","page_number":43,"box":{"x":61,"y":423,"width":817,"height":11}},{"id":"41b0df9c-38e7-46be-868f-18c114538c94","block_type":"box","text":"achieve the Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable","page_number":43,"box":{"x":61,"y":438,"width":830,"height":11}},{"id":"62373e70-4568-435d-9382-d05e216e6139","block_type":"box","text":"prices, and transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":43,"box":{"x":62,"y":452,"width":737,"height":12}},{"id":"44c08f9a-7720-4267-94fc-2e16c0212ed8","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":43,"box":{"x":60,"y":475,"width":873,"height":11}},{"id":"6e369581-db5a-440c-a172-22efb8cd6df7","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":43,"box":{"x":61,"y":490,"width":872,"height":11}},{"id":"f82dc8dd-6c42-4a57-a9dc-6e5c7671b2ae","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":43,"box":{"x":61,"y":505,"width":865,"height":11}},{"id":"1e77e381-c3af-4770-ae1a-1f0c42ad330f","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":43,"box":{"x":61,"y":519,"width":817,"height":12}},{"id":"faa54c61-d2c9-49de-9e86-59453eca4787","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":43,"box":{"x":61,"y":534,"width":818,"height":12}},{"id":"94f0ae2d-ff16-4a71-b96f-e98c2330496b","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":43,"box":{"x":60,"y":549,"width":865,"height":12}},{"id":"19423e39-f91e-426f-961b-b3e09cd8fb4b","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":43,"box":{"x":61,"y":564,"width":829,"height":11}},{"id":"af5a6954-f89d-4fc0-a2d8-677c50975fb4","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":43,"box":{"x":62,"y":579,"width":671,"height":11}},{"id":"4ba1b99c-26b1-4cc0-aeb7-8226bf45b61c","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":43,"box":{"x":60,"y":601,"width":869,"height":12}},{"id":"5629842a-ae6a-45a9-9651-9d8696de1058","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":43,"box":{"x":60,"y":616,"width":839,"height":12}},{"id":"7c6d9982-aa7c-4171-a778-b6ef77011d6a","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":43,"box":{"x":61,"y":631,"width":869,"height":11}},{"id":"c6b17271-1689-4910-9918-15d0f8566ed6","block_type":"box","text":"on purchases, sales and exchanges of Fund shares. 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The Distributor has entered into agreements with","page_number":43,"box":{"x":62,"y":876,"width":869,"height":11}},{"id":"155ff680-16e9-4535-a3de-b183b2a7c0b8","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":43,"box":{"x":61,"y":891,"width":845,"height":11}},{"id":"ea5024e5-1743-4178-85c2-c27f10fb8bf1","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":43,"box":{"x":62,"y":906,"width":868,"height":11}},{"id":"7f190924-785b-477f-abd9-147b9e287241","block_type":"box","text":"43","page_number":43,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"18ea2014-d7b9-489b-b70c-3e3c7a658e38","block_type":"box","text":"NM1026U-5985633-43/72","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"77398f80-b828-4f19-8d10-e3ec8c062643","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":44,"box":{"x":61,"y":46,"width":861,"height":11}},{"id":"ee3d12d5-db1a-4efc-ac00-20b117a4507a","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":44,"box":{"x":61,"y":60,"width":868,"height":12}},{"id":"045552db-bb07-4e62-9912-738c638b75ef","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":44,"box":{"x":60,"y":76,"width":847,"height":11}},{"id":"5018a6d8-43b8-4d2e-96f6-3cceeeeb3b0a","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Fund’s","page_number":44,"box":{"x":60,"y":90,"width":806,"height":12}},{"id":"3f62af12-514e-4771-8e91-b9b8a037613b","block_type":"box","text":"Distributor, suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":44,"box":{"x":62,"y":105,"width":748,"height":12}},{"id":"5c85be6a-b787-4070-892e-750c52306f30","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":44,"box":{"x":60,"y":128,"width":824,"height":11}},{"id":"b5e9544b-9585-44b6-b82f-d81f5c497a6e","block_type":"box","text":"deemed abusive.","page_number":44,"box":{"x":61,"y":143,"width":123,"height":9}},{"id":"fcfb4e01-5a64-4d94-a984-06094e105584","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":44,"box":{"x":60,"y":165,"width":841,"height":11}},{"id":"c9f3bcee-f6f0-444e-81be-fa16f7bfda1d","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":44,"box":{"x":60,"y":180,"width":572,"height":11}},{"id":"403fbfa8-d9e6-402f-96ab-1d1322fc8cf1","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"23f40f03-20ac-43b3-9888-c40195da2408","block_type":"box","text":"NM1026U-5985633-44/72","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d61a993c-a9a2-400c-a9eb-fd6c99d7cd16","block_type":"box","text":"Management of the Fund","page_number":45,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"85ff5740-544e-425d-bc12-9e2c62f03d6b","block_type":"box","text":"BlackRock","page_number":45,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"4e428011-5daa-4ee9-96c3-c2f3caa54948","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":45,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"7f4c0750-d2ed-48d7-8423-881158f22946","block_type":"box","text":"the oversight of the Board. While BlackRock is ultimately responsible for the management of the Fund, it is able to","page_number":45,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"73854395-97ab-450a-88d1-41c400658f1f","block_type":"box","text":"draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":45,"box":{"x":61,"y":212,"width":796,"height":12}},{"id":"c7cd5c3c-ec1c-4724-8ba1-3ecf224c0808","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":45,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"22a16f4f-e0e1-4dca-ac20-59be988d5202","block_type":"box","text":"BlackRock, Inc.","page_number":45,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"2933ce65-3f0e-4de9-92cd-02e851c72613","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":45,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"f32912e6-3ed4-48ec-a275-fb3060b94318","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":45,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"a35ceb09-5b1b-43b7-bde9-c3c0bc47b035","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":45,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"58fc1bd6-5a15-40d7-b4ef-f18e8b7ad431","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to an investment advisory agreement (the “Management","page_number":45,"box":{"x":62,"y":317,"width":800,"height":11}},{"id":"60c7df79-21f6-4ec1-befa-0ad0c90bcc1f","block_type":"box","text":"Agreement”). 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In addition,","page_number":45,"box":{"x":61,"y":573,"width":856,"height":11}},{"id":"321992f6-4796-4e88-8396-f08f59ab65d6","block_type":"box","text":"BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund","page_number":45,"box":{"x":62,"y":588,"width":872,"height":11}},{"id":"5eca1c9c-7566-49cc-93cb-79a725fe1863","block_type":"box","text":"pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":45,"box":{"x":62,"y":603,"width":866,"height":11}},{"id":"513dbe1f-2e92-4b1f-ac1f-e362cc1872eb","block_type":"box","text":"“affiliated money market fund waiver”) through June 30, 2028. 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These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or","page_number":47,"box":{"x":62,"y":454,"width":862,"height":12}},{"id":"0c9c923c-8313-4e10-ae02-5f860429d16e","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":47,"box":{"x":60,"y":469,"width":565,"height":12}},{"id":"5eba07f0-5878-4cd2-8a32-840263e31322","block_type":"box","text":"The Fund may invest in securities issued by, or engage in other transactions with, entities with which an Affiliate has","page_number":47,"box":{"x":60,"y":492,"width":855,"height":11}},{"id":"4dc4cb8a-5bf9-4a5a-9259-7f6c9ab838a4","block_type":"box","text":"significant debt or equity investments or other interests. 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The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":47,"box":{"x":61,"y":536,"width":866,"height":12}},{"id":"92b15ef1-a2d2-410c-9e2f-abcc755265af","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":47,"box":{"x":62,"y":551,"width":444,"height":12}},{"id":"d11c9aa4-1230-419d-a2e7-aab74ac6ddb8","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":47,"box":{"x":60,"y":574,"width":862,"height":11}},{"id":"a4709d3c-2cd2-492b-a000-8a44eba88e66","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":47,"box":{"x":60,"y":588,"width":567,"height":12}},{"id":"78941059-f224-4d03-8291-2569b1aa2bf2","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":47,"box":{"x":62,"y":611,"width":851,"height":11}},{"id":"6e4041f2-db39-4171-a0f4-2aea72833435","block_type":"box","text":"the Fund. 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The opposite result is also possible.","page_number":47,"box":{"x":61,"y":670,"width":815,"height":12}},{"id":"34b5fe19-553e-4795-8e31-8f001328ae8c","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":47,"box":{"x":62,"y":693,"width":802,"height":11}},{"id":"120a178d-fd5d-4c4f-87e8-2d0a75582f3c","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":47,"box":{"x":61,"y":708,"width":840,"height":11}},{"id":"a26cf271-33d3-4ae0-bd2f-a02850c3f0f7","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":47,"box":{"x":61,"y":722,"width":648,"height":12}},{"id":"be571517-a4fc-4d8e-ab3a-c9325f98f2ec","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":47,"box":{"x":62,"y":745,"width":854,"height":12}},{"id":"cf522835-ec62-4eda-9ef5-8ec5c8e3db87","block_type":"box","text":"with applicable law, purchase and hold shares of the Fund. 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In addition, one or more Affiliates may be among the entities to which the Fund may lend its","page_number":47,"box":{"x":60,"y":894,"width":841,"height":11}},{"id":"db9a5ba4-0ec3-46e4-92fb-8949027970c8","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":47,"box":{"x":62,"y":909,"width":415,"height":11}},{"id":"a8b20300-b772-471a-9739-dd4a08d4f822","block_type":"box","text":"47","page_number":47,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"b31548cf-fbc1-40ef-8738-b83fe3ad2bc0","block_type":"box","text":"NM1026U-5985633-47/72","page_number":47,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ef3bbeee-9dbd-4827-a7a6-ac28e443df0c","block_type":"box","text":"BlackRock and its Affiliates may benefit from a fund using a BlackRock index by creating increasing acceptance in the","page_number":48,"box":{"x":62,"y":46,"width":864,"height":11}},{"id":"16cbebf2-8af1-4193-8e44-56fd3f93761a","block_type":"box","text":"marketplace for such indexes. BlackRock and its Affiliates are not obligated to license an index to a fund, and no fund","page_number":48,"box":{"x":61,"y":60,"width":868,"height":12}},{"id":"ffe26337-6cf5-43e4-96d9-5cc342b3c193","block_type":"box","text":"is under an obligation to use a BlackRock index. The terms of a fund’s index licensing agreement with BlackRock or its","page_number":48,"box":{"x":62,"y":75,"width":870,"height":12}},{"id":"199580ac-a161-4445-bc1a-14a48bfcaf49","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":48,"box":{"x":60,"y":90,"width":545,"height":12}},{"id":"6a9364cb-4d1c-4e0b-ad49-5d7399f48c77","block_type":"box","text":"The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to","page_number":48,"box":{"x":60,"y":113,"width":837,"height":11}},{"id":"e085e7a8-0b03-498c-add1-6893ed632b43","block_type":"box","text":"other conflicts of interest that could disadvantage the Fund and its shareholders. BlackRock has adopted policies and","page_number":48,"box":{"x":61,"y":127,"width":865,"height":12}},{"id":"155630de-2170-4bed-8c98-ba5cbeeae11e","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":48,"box":{"x":62,"y":142,"width":819,"height":12}},{"id":"6c239692-6722-4983-980d-38842aa758d5","block_type":"box","text":"Valuation of Fund Investments","page_number":48,"box":{"x":63,"y":181,"width":271,"height":11}},{"id":"57b413b8-9732-45ec-8292-f4b68df8d828","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":48,"box":{"x":60,"y":207,"width":869,"height":12}},{"id":"c3d1a0b0-aaf9-4b1a-9762-c1ac52a5de1e","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. The net asset value","page_number":48,"box":{"x":61,"y":222,"width":868,"height":12}},{"id":"bb7e538a-84d4-4cf1-b69d-689b6b80580e","block_type":"box","text":"used in determining your share price is the next one calculated after your purchase or redemption order is received.","page_number":48,"box":{"x":61,"y":237,"width":849,"height":12}},{"id":"13ad0531-6fa1-4abc-a9cb-330b8000a6f0","block_type":"box","text":"The net asset value of each class of shares normally is determined once daily Monday through Friday, generally as of","page_number":48,"box":{"x":60,"y":252,"width":862,"height":11}},{"id":"646efbf1-0177-446f-99ed-6a155541468b","block_type":"box","text":"the close of regular trading hours of the NYSE (normally 4:00 p.m., Eastern time), on each day that the NYSE is open","page_number":48,"box":{"x":60,"y":267,"width":861,"height":11}},{"id":"bd389129-a8bb-4d3d-9c04-92c99a0b55b1","block_type":"box","text":"for trading, based on prices at the time of closing, provided that any Fund assets or liabilities denominated in","page_number":48,"box":{"x":60,"y":282,"width":803,"height":11}},{"id":"b194df2f-093b-4bc5-8091-da1d2d8f49e9","block_type":"box","text":"currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of","page_number":48,"box":{"x":61,"y":296,"width":829,"height":12}},{"id":"43783e7a-2b52-45a2-9b5a-866a12c1e7ef","block_type":"box","text":"valuation as quoted by one or more data service providers. The net asset value of shares is calculated by dividing the","page_number":48,"box":{"x":60,"y":311,"width":865,"height":12}},{"id":"542fb5b7-2a05-4fa2-b5b2-832af60f9e2d","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":48,"box":{"x":60,"y":326,"width":829,"height":11}},{"id":"83719312-f953-4428-b52e-3e09c8ce88a6","block_type":"box","text":"number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":48,"box":{"x":61,"y":341,"width":601,"height":11}},{"id":"200f2d1c-00bb-4492-bea1-6af1a9c12a96","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":48,"box":{"x":61,"y":364,"width":830,"height":11}},{"id":"34ef0e11-8d44-48a8-b621-a5ca21042cb6","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C Shares. Also, dividends paid on Investor A and","page_number":48,"box":{"x":62,"y":378,"width":841,"height":12}},{"id":"b301189a-4cc0-4437-ac0a-1a366471d98d","block_type":"box","text":"Institutional Shares will generally be higher than dividends paid on Investor C Shares because Investor A and","page_number":48,"box":{"x":62,"y":393,"width":797,"height":12}},{"id":"a06416e3-2527-461b-9ec0-490b21a2f0fd","block_type":"box","text":"Institutional Shares have lower expenses.","page_number":48,"box":{"x":62,"y":408,"width":304,"height":11}},{"id":"55057714-8bf6-40d7-9377-86a1c2192d73","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":48,"box":{"x":60,"y":430,"width":844,"height":12}},{"id":"a0c825e5-1565-4e6f-80db-d13bc04f5f09","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":48,"box":{"x":60,"y":445,"width":837,"height":12}},{"id":"bc45c7d2-864b-46c1-b02a-6fb4e9f49895","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":48,"box":{"x":62,"y":460,"width":464,"height":12}},{"id":"56f8d053-a60a-4f00-89ac-96546c33fdad","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":48,"box":{"x":62,"y":483,"width":863,"height":11}},{"id":"2eb3b043-7f40-47da-9da4-c30551a0ceb0","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":48,"box":{"x":60,"y":497,"width":858,"height":12}},{"id":"a8242fd9-cdef-4d3b-8f33-674a2afa7f6f","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":48,"box":{"x":62,"y":512,"width":863,"height":12}},{"id":"5c887fd5-b8e4-45f0-a99c-cbb4c15dd7ed","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. 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Pricing services may use valuation models that utilize","page_number":48,"box":{"x":61,"y":609,"width":868,"height":12}},{"id":"3194eb6f-1936-4d40-9a13-f3cecbe56750","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":48,"box":{"x":61,"y":624,"width":842,"height":11}},{"id":"65587fc8-4ae0-4e55-92f0-95aeffafa176","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":48,"box":{"x":61,"y":639,"width":853,"height":11}},{"id":"a22e60f6-f752-4520-a945-38faeb3e43be","block_type":"box","text":"odd lot sizes. 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The","page_number":48,"box":{"x":61,"y":668,"width":822,"height":12}},{"id":"c48a4452-9d39-4f09-bcf6-d79bd3e25578","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":48,"box":{"x":61,"y":683,"width":845,"height":12}},{"id":"b0525a70-1801-4949-9b93-7a00b01bb08d","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":48,"box":{"x":61,"y":698,"width":733,"height":12}},{"id":"dd07ba49-5fa7-46a4-bf32-3cf28dd4c22d","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":48,"box":{"x":61,"y":720,"width":829,"height":12}},{"id":"f09c4eca-2423-445c-b961-c4fd625ba8d8","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the net asset value of the Fund’s","page_number":48,"box":{"x":61,"y":735,"width":857,"height":12}},{"id":"051d5523-f32f-4199-9734-96e2e249bc6f","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":48,"box":{"x":61,"y":750,"width":841,"height":12}},{"id":"12198ef5-fd34-4fae-bc01-ef6d29e385b5","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":48,"box":{"x":61,"y":765,"width":583,"height":12}},{"id":"2990f768-604e-4648-8c65-c8cb2d07d886","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":48,"box":{"x":60,"y":788,"width":839,"height":11}},{"id":"7ebeb58b-ae87-4467-9cd4-ca140883a93e","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":48,"box":{"x":60,"y":803,"width":858,"height":11}},{"id":"cfd4fba5-e1bf-497f-9977-ef9073730ba0","block_type":"box","text":"quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source","page_number":48,"box":{"x":61,"y":817,"width":844,"height":12}},{"id":"e5df7d4d-4769-4571-983f-9321655cf7ab","block_type":"box","text":"due to its lack of trading or other reasons, if a market quotation differs significantly from recent price quotations or","page_number":48,"box":{"x":61,"y":832,"width":845,"height":12}},{"id":"388a2cd2-7e94-4663-bdb2-912841c2d5bf","block_type":"box","text":"otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, when","page_number":48,"box":{"x":61,"y":847,"width":841,"height":11}},{"id":"64a1e557-1c57-423e-8c15-98081df8b114","block_type":"box","text":"there is a significant event subsequent to the most recent market quotation, or if the trading market on which a","page_number":48,"box":{"x":60,"y":862,"width":820,"height":11}},{"id":"807932a2-d55e-481d-8c3d-5933a77d0eae","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":48,"box":{"x":61,"y":876,"width":828,"height":12}},{"id":"c16c1e36-bd87-44da-80e8-c5f022c3057c","block_type":"box","text":"event” is deemed to occur if BlackRock determines, in its reasonable business judgment prior to or at the time of","page_number":48,"box":{"x":61,"y":891,"width":836,"height":12}},{"id":"0ee9234e-ec63-47b0-859b-a497d10de157","block_type":"box","text":"48","page_number":48,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"88ff5c29-b650-4bf5-8d77-1f280bce9c49","block_type":"box","text":"NM1026U-5985633-48/72","page_number":48,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"58cbe101-2771-421e-952f-e4de0d5030e1","block_type":"box","text":"pricing the Fund’s assets or liabilities, that the event is likely to cause a material change to the last exchange closing","page_number":49,"box":{"x":62,"y":46,"width":862,"height":11}},{"id":"f5770d24-f9b0-450b-bfd3-0f29048fc90f","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":49,"box":{"x":62,"y":60,"width":623,"height":12}},{"id":"6a7baf04-2f82-4561-aac0-792bdb92d022","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":49,"box":{"x":62,"y":83,"width":817,"height":12}},{"id":"574ff7a3-12bd-45b8-bfe9-1f64d44dfe4a","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":49,"box":{"x":61,"y":98,"width":871,"height":11}},{"id":"99c6d47c-4ba8-4103-b9c2-9370e2235ac2","block_type":"box","text":"pricing methodology is designed to correlate the prices of foreign assets in one or more non-U.S. markets following the","page_number":49,"box":{"x":62,"y":113,"width":872,"height":11}},{"id":"6ab0b095-8214-4d77-a06b-5c1636448a34","block_type":"box","text":"close of the local markets to the prices that might have prevailed as of the Fund’s pricing time.","page_number":49,"box":{"x":61,"y":127,"width":697,"height":12}},{"id":"04fb9219-4659-45e9-ac32-a7af066d5476","block_type":"box","text":"Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or","page_number":49,"box":{"x":62,"y":150,"width":825,"height":12}},{"id":"28a10eb1-d9b0-4592-bfcb-1e11c1c03cae","block_type":"box","text":"liability held by the Fund is the amount the Fund might reasonably expect to receive from the current sale of that asset","page_number":49,"box":{"x":62,"y":165,"width":871,"height":11}},{"id":"b8c58d4b-79e1-4b0e-ae1f-a266059bceb0","block_type":"box","text":"or the cost to extinguish that liability in an arm’s-length transaction. Valuing the Fund’s investments using fair value","page_number":49,"box":{"x":61,"y":180,"width":847,"height":11}},{"id":"142e1b6b-73cf-47de-a2db-74ebfc246241","block_type":"box","text":"pricing will result in prices that may differ from current market valuations and that may not be the prices at which","page_number":49,"box":{"x":62,"y":195,"width":829,"height":11}},{"id":"3cd1b7f5-bb85-4c24-b665-b4734d504c6e","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":49,"box":{"x":60,"y":209,"width":760,"height":12}},{"id":"9fc1d223-c9e9-4662-8656-9a549b1384b9","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":49,"box":{"x":60,"y":232,"width":830,"height":11}},{"id":"83e19d8e-733b-4cf9-a764-9573d7860709","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":49,"box":{"x":61,"y":247,"width":848,"height":11}},{"id":"4c487a83-a780-42d7-92c4-8d4e664ca95b","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":49,"box":{"x":61,"y":262,"width":868,"height":11}},{"id":"46d63a19-9303-4978-b4ce-f66d76dd4a45","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":49,"box":{"x":61,"y":276,"width":856,"height":12}},{"id":"11dcd31a-8f2d-43b2-99b1-82124ae604ae","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":49,"box":{"x":61,"y":315,"width":311,"height":14}},{"id":"92858c1c-9f16-48ba-b108-18110c5213b0","block_type":"box","text":"BUYING A DIVIDEND","page_number":49,"box":{"x":423,"y":356,"width":152,"height":10}},{"id":"0e7b0385-3ad4-4f12-814b-557c0ba96a83","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":49,"box":{"x":72,"y":379,"width":831,"height":11}},{"id":"9894c903-2be5-4630-8e47-55fef1f7a942","block_type":"box","text":"pays a dividend. The reason? If you buy shares when the Fund has declared but not yet distributed ordinary income","page_number":49,"box":{"x":72,"y":394,"width":845,"height":11}},{"id":"d7bd5d16-ebf2-455a-b7fc-04084f55f121","block_type":"box","text":"or capital gains, you will pay the full price for the shares and then receive a portion of the price back in the form of a","page_number":49,"box":{"x":71,"y":409,"width":855,"height":11}},{"id":"0d24b929-3c91-4c1f-ad68-0cfd6d44d1b2","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":49,"box":{"x":70,"y":423,"width":554,"height":12}},{"id":"507c0d2a-5779-4ff0-9af9-63b91b84b584","block_type":"box","text":"The Fund will distribute net investment income, if any, monthly and net realized capital gains, if any, at least annually.","page_number":49,"box":{"x":60,"y":464,"width":861,"height":12}},{"id":"71552ad7-db21-4636-a21e-3634b3d46bae","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":49,"box":{"x":60,"y":479,"width":857,"height":11}},{"id":"79200856-7f0c-4ee0-b24e-684d4a8e6570","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":49,"box":{"x":62,"y":494,"width":859,"height":11}},{"id":"5f5268ad-a2dd-4973-b497-cad631f755cb","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":49,"box":{"x":60,"y":508,"width":864,"height":12}},{"id":"e30e599b-1512-4890-9980-59d54b4b850a","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":49,"box":{"x":60,"y":523,"width":857,"height":12}},{"id":"fa4b46ff-a5d8-41ca-9d41-d63421de28e8","block_type":"box","text":"consist of ordinary income. Capital gains may be taxable to you at different rates depending on how long the Fund held","page_number":49,"box":{"x":61,"y":538,"width":874,"height":12}},{"id":"0ddf4c5b-7625-4a23-bdda-df8cf61519f2","block_type":"box","text":"the assets sold.","page_number":49,"box":{"x":60,"y":553,"width":118,"height":9}},{"id":"14ba95da-790a-4ab5-84f6-6dc52ceebe8a","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":49,"box":{"x":60,"y":575,"width":869,"height":12}},{"id":"e7bcd1d5-a170-479d-9da1-fc6c2dbe62d5","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":49,"box":{"x":61,"y":590,"width":862,"height":12}},{"id":"280b363c-2461-4008-a6d4-0df73ed2c225","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":49,"box":{"x":60,"y":605,"width":812,"height":12}},{"id":"d508161c-3fc8-4ab4-8c63-adce81e83e5d","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":49,"box":{"x":61,"y":620,"width":852,"height":12}},{"id":"5e91fd1c-2751-4d8f-846f-d46f5e52f713","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":49,"box":{"x":60,"y":635,"width":844,"height":11}},{"id":"9e13cb28-5580-47bb-a841-c46bf0908feb","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":49,"box":{"x":61,"y":650,"width":565,"height":11}},{"id":"9523a129-fa15-42f3-8261-c4fac6d1e054","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":49,"box":{"x":60,"y":672,"width":803,"height":11}},{"id":"dead1975-865b-451d-afce-88658135b447","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":49,"box":{"x":61,"y":686,"width":873,"height":13}},{"id":"b890f0c7-a79b-4c6c-b0d7-36be80251f12","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":49,"box":{"x":60,"y":702,"width":282,"height":11}},{"id":"70344701-02c1-4866-9fa4-151b48e8cbb1","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":49,"box":{"x":60,"y":724,"width":861,"height":12}},{"id":"5b6a85c0-2012-4041-95a1-4ee73a525ea6","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":49,"box":{"x":62,"y":739,"width":679,"height":12}},{"id":"e8bc7700-3311-434b-a499-597bd68ca2bf","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":49,"box":{"x":62,"y":762,"width":827,"height":11}},{"id":"fda8398e-81f9-42c5-ba6e-5eeae47d8803","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":49,"box":{"x":60,"y":777,"width":826,"height":11}},{"id":"daefd8b3-891f-4968-92d1-4e2f47d98042","block_type":"box","text":"withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as capital gain","page_number":49,"box":{"x":60,"y":792,"width":863,"height":11}},{"id":"8655e50b-a599-49df-8b90-7bcbca493e6e","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder may be","page_number":49,"box":{"x":61,"y":806,"width":837,"height":12}},{"id":"0d19d8be-2f5b-4f16-b0f7-f1494d36ba32","block_type":"box","text":"eligible for an exemption from U.S. withholding tax.","page_number":49,"box":{"x":61,"y":821,"width":372,"height":12}},{"id":"1278481e-490a-455a-90e0-abae7990e0fd","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":49,"box":{"x":61,"y":844,"width":868,"height":11}},{"id":"3ab02f27-dade-45d6-b495-327cf66ee250","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":49,"box":{"x":60,"y":858,"width":808,"height":12}},{"id":"d4ceb0e7-889e-4513-8426-6e477b7801a1","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":49,"box":{"x":60,"y":873,"width":874,"height":12}},{"id":"1a9b8336-156e-4699-8a8c-fbd790dc95f2","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":49,"box":{"x":62,"y":888,"width":789,"height":12}},{"id":"7f8b8331-09cf-4157-81c6-f327718387b8","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":49,"box":{"x":62,"y":903,"width":858,"height":11}},{"id":"6331be7c-deb4-4e2c-9c8d-2c9b7d3ba587","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":49,"box":{"x":61,"y":918,"width":865,"height":11}},{"id":"134c40f8-2cc3-48c9-82c6-f9d866ca1425","block_type":"box","text":"49","page_number":49,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"d1236f63-6ca7-460f-9a21-2abf25c54124","block_type":"box","text":"NM1026U-5985633-49/72","page_number":49,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"37d4914a-b436-4832-92b5-6d7d71ab173c","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":50,"box":{"x":61,"y":46,"width":802,"height":11}},{"id":"9bdbd3b9-21c7-47f1-8013-507a955ad1ef","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":50,"box":{"x":62,"y":60,"width":639,"height":12}},{"id":"cc7db608-c34c-4495-b446-0c5f66532257","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":50,"box":{"x":60,"y":83,"width":855,"height":11}},{"id":"c4f601e4-71bf-4fe5-b4ab-37753a1b0083","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":50,"box":{"x":61,"y":98,"width":832,"height":11}},{"id":"15014335-d627-4137-a72b-000d51710bf6","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":50,"box":{"x":62,"y":113,"width":383,"height":11}},{"id":"433eb37a-33d4-4ff7-ab07-360e02241c4c","block_type":"box","text":"50","page_number":50,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b1f1d3da-f98d-4767-b374-7fbf42f4dcd8","block_type":"box","text":"NM1026U-5985633-50/72","page_number":50,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"18837ae1-d15b-4589-86d7-2e5c9de77af3","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":51,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"5eb245d3-35fa-4cfb-8585-20db962915ca","block_type":"box","text":"periods shown. Certain information reflects financial results for a single share of the Fund. The total returns in the","page_number":51,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"8dc28dd4-95eb-4bff-97d0-f1cedad73049","block_type":"box","text":"tables represent the rate of return that an investor would have earned (or lost) on an investment in the Fund,","page_number":51,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"f85ee385-1426-4256-9ecc-a81ee561501a","block_type":"box","text":"assuming reinvestment of all dividends and distributions. The information has been audited by Deloitte & Touche LLP","page_number":51,"box":{"x":61,"y":120,"width":860,"height":11}},{"id":"58258f32-7d2d-459b-85a8-79eac61f906d","block_type":"box","text":"whose report, along with the Fund’s audited financial statements, is included in the Fund’s Annual Financial","page_number":51,"box":{"x":60,"y":135,"width":792,"height":11}},{"id":"3a8a44f4-08cf-4cf9-bcc7-906e58fa09d2","block_type":"box","text":"Statements and Additional Information for the fiscal year ended May 31, 2026, as filed with the SEC on Form N-CSR,","page_number":51,"box":{"x":61,"y":149,"width":859,"height":12}},{"id":"89b46087-4091-4354-83a0-9b99d938b5df","block_type":"box","text":"which is available upon request and at www.blackrock.com.","page_number":51,"box":{"x":60,"y":165,"width":435,"height":10}},{"id":"2260ed68-3990-4143-b6ae-0a0fe17b49d1","block_type":"box","text":"BlackRock High Equity Income Fund","page_number":51,"box":{"x":569,"y":185,"width":218,"height":9}},{"id":"3a7cec3b-9a9e-4e4a-b7ac-1cc22b07b774","block_type":"box","text":"Institutional","page_number":51,"box":{"x":643,"y":201,"width":71,"height":7}},{"id":"be5601f4-7767-40c1-bca7-d9ebdaa3f8a0","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":51,"box":{"x":69,"y":227,"width":296,"height":9}},{"id":"8bfa4aac-0262-4fba-81d9-8d2b35723e85","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":442,"y":217,"width":66,"height":7}},{"id":"701a0f3f-a9a9-4124-a52a-c5792b0b10da","block_type":"box","text":"05/31/26","page_number":51,"box":{"x":444,"y":227,"width":63,"height":9}},{"id":"70a54925-ab04-458a-a0a6-356cb5cf4125","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":545,"y":217,"width":66,"height":7}},{"id":"7feb7f26-f219-4686-85a1-64ee20ae5863","block_type":"box","text":"05/31/25","page_number":51,"box":{"x":546,"y":227,"width":64,"height":9}},{"id":"8c2e3162-d9bf-48ea-916c-19c08f4e775c","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":648,"y":217,"width":66,"height":7}},{"id":"b1f52933-5825-45fe-9aa2-c0f9261b5bbf","block_type":"box","text":"05/31/24","page_number":51,"box":{"x":649,"y":227,"width":64,"height":9}},{"id":"e7832bb4-acbc-45da-a6ca-a3b0e0a2f709","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":751,"y":217,"width":65,"height":7}},{"id":"26763d40-f7bf-4fc5-8e16-cf3730c2f4f2","block_type":"box","text":"05/31/23","page_number":51,"box":{"x":752,"y":227,"width":64,"height":9}},{"id":"b0668745-6334-4e1e-be50-21fe7debc21f","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":850,"y":217,"width":66,"height":7}},{"id":"0d987526-9f66-48c7-9726-99f5a1fff8e3","block_type":"box","text":"05/31/22","page_number":51,"box":{"x":852,"y":227,"width":63,"height":9}},{"id":"e70b0ded-f583-4c2f-b913-32861a3ac283","block_type":"box","text":"Net asset value, beginning of year","page_number":51,"box":{"x":69,"y":244,"width":205,"height":9}},{"id":"c9700fa6-4013-4190-a99b-00d11881654b","block_type":"box","text":"$ 27.86 $ 29.01 $ 26.23 $ 29.54 $ 29.99","page_number":51,"box":{"x":440,"y":244,"width":473,"height":8}},{"id":"04351da6-033b-48ec-bdd8-4d72af20c4c3","block_type":"box","text":"Net investment income","page_number":51,"box":{"x":85,"y":261,"width":134,"height":7}},{"id":"c411121f-a731-45ff-8ffd-8575211f7100","block_type":"box","text":"(a)","page_number":51,"box":{"x":220,"y":261,"width":7,"height":4}},{"id":"50dca013-4010-4684-a2b6-6bcc853087d8","block_type":"box","text":"2.41 2.31 1.89 1.86 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Davidson.","page_number":58,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"2ffcef5f-f044-446c-9dad-c379c54832bc","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":58,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"0fcc2137-ff5b-414c-8cd7-f60c2a27b4b1","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":58,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"f97a62ed-1eff-4b4a-931a-8168918d3d0e","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of","page_number":58,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"b6c5ece6-53bc-4dd7-85c0-ab50a780afdd","block_type":"box","text":"Reinstatement).","page_number":58,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"e7e9a834-95bd-4a57-a1d9-9fc78c53ef32","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted at net asset value to Investor A","page_number":58,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"20bb3e6a-581d-4462-8981-daf1908c3630","block_type":"box","text":"Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the","page_number":58,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"0b62bbf5-1d69-4bee-9f9c-f7fb28ef737d","block_type":"box","text":"conversion is consistent with D.A. 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Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation of rights of","page_number":58,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"5a71b2b6-3d91-4337-b371-d5852d711a39","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":58,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"7197b112-a0a3-4010-9f90-9d3d88afa00e","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":58,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"207e639c-39f6-454b-8831-5590a71bbdcf","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation","page_number":58,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"cd70e764-3b2f-4d98-9317-ea43f7b9c517","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":58,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"c2b5f9a9-010e-4a4f-a501-250953690864","block_type":"box","text":"A-2","page_number":58,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"f95b3242-dce6-4c2c-9d78-81f4da9c3b24","block_type":"box","text":"NM1026U-5985633-58/72","page_number":58,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8344ccf7-c1b6-46ff-91db-d64ec332ec01","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":59,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"42d5cf63-372b-44d3-85ce-b09917dfc313","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":59,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"c9e5668a-96b2-4572-9f73-5c8df355ad16","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":59,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"a9c8fed3-a12b-40d4-b71f-46169a34649e","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":59,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"fafbcd09-758b-4267-868d-51b522cc6c90","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. 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Shareholders should contact Edward Jones if","page_number":59,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"ba4cab1e-a066-4862-9ed5-3eaf38510575","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":59,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"9d105026-ac4a-45de-bc51-1f4603121f42","block_type":"box","text":"Breakpoints","page_number":59,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"1b54ee1d-797e-49bb-8b05-243b1434fbe3","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":59,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"399e9f21-690b-4496-8ffd-427d41ac7e4c","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":59,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"24b83ddf-d6bc-4402-9a71-b7a9f6bcd805","block_type":"box","text":"The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all share","page_number":59,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"33d2e265-f26a-4dd7-98c2-6807aca1c651","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":59,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"60745ef0-110c-440b-8f96-b2393792bfb7","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":59,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"7b5e27a8-0d4c-4cc5-9a3c-c19fc9954481","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). 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Money market funds are included only if such","page_number":59,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"1480b0de-2a79-4814-93d2-1c88a2ee5a68","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":59,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"e07768a6-a2c1-4b94-8695-6a32d4c0a25e","block_type":"box","text":"sales charge.","page_number":59,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"79624797-49f2-48d5-9ab5-33ca888f22dc","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":59,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"7e75faa1-dc71-4681-a26f-44b173feb1ed","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":59,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"a627e890-5bc4-4fef-b55c-bf2baa26963f","block_type":"box","text":"shareholder or pricing group level.","page_number":59,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"3a9eaa2f-a72a-48f8-b79d-c233474c4161","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":59,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"7d49e584-8755-44cc-bf84-47807480d89c","block_type":"box","text":"by NAV).","page_number":59,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"a46252c4-62e8-4121-aa7a-fc44fa2f7c68","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":59,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"33de5118-1162-47ab-a3d1-2bcd9c347e20","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":59,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"70fec345-450c-48ca-aa3e-45d838e9380d","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is","page_number":59,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"6d38784e-55b5-4507-b2e9-2fa756cf4eb7","block_type":"box","text":"determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination","page_number":59,"box":{"x":81,"y":609,"width":829,"height":12}},{"id":"38d69da5-aaec-45bf-9bc5-bacef08455ae","block_type":"box","text":"with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge","page_number":59,"box":{"x":80,"y":624,"width":830,"height":11}},{"id":"f289dfe6-5926-4c64-8fbc-85705eb5d683","block_type":"box","text":"and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the","page_number":59,"box":{"x":81,"y":639,"width":833,"height":11}},{"id":"fe27a476-7df1-459e-a1b2-9b8316393805","block_type":"box","text":"sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible BlackRock Funds","page_number":59,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"d3ef25d7-dfd8-4e62-bb0c-2157649985a1","block_type":"box","text":"assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of","page_number":59,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"30411a8f-7f40-406d-b6e4-a2a48f652128","block_type":"box","text":"calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not","page_number":59,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"9b568bb1-ca6d-4f91-b4ef-1ac0e7556ddf","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":59,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"a82eb358-8f24-4291-bf37-aa5c6ba992da","block_type":"box","text":"If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the","page_number":59,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"99d5b975-4084-4e98-b098-8ef5fb3545db","block_type":"box","text":"IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be","page_number":59,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"57a9e114-96eb-494d-87b9-5db9f6cb7624","block_type":"box","text":"established by the employer.","page_number":59,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"fde7c5db-6be7-4843-8867-bb0414244e98","block_type":"box","text":"Sales Charge Waivers","page_number":59,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"c2afee48-4e57-495f-9502-e8b27465ae7d","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":59,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"1a1e0b2a-a25a-4019-8454-61c4db377978","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":59,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"80fc8be4-4a20-4e80-b6b4-4878baca383d","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. 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Morgan Securities LLC, over a 13-month period of time (if applicable).","page_number":61,"box":{"x":80,"y":714,"width":601,"height":12}},{"id":"f9cf5f35-3037-4689-b0b6-e9e140c0909b","block_type":"box","text":"A-5","page_number":61,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"cb1328e8-1905-4595-a4e2-5472555c2d94","block_type":"box","text":"NM1026U-5985633-61/72","page_number":61,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a7822f03-9a80-451a-bc92-9a51d44052ac","block_type":"box","text":"Janney Montgomery Scott LLC:","page_number":62,"box":{"x":61,"y":46,"width":256,"height":13}},{"id":"3af7608e-fafa-4dc0-ac47-bcfd1d607561","block_type":"box","text":"Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage","page_number":62,"box":{"x":62,"y":70,"width":838,"height":12}},{"id":"63e6fd35-dbca-4d9f-9507-8a7cdcea2ba1","block_type":"box","text":"account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":62,"box":{"x":61,"y":85,"width":830,"height":12}},{"id":"185f27df-706b-4eb3-8e30-e625797cf841","block_type":"box","text":"deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those","page_number":62,"box":{"x":61,"y":100,"width":821,"height":11}},{"id":"690f3f69-1c9d-48ad-8996-1e734b5a94e9","block_type":"box","text":"disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":62,"box":{"x":61,"y":115,"width":393,"height":11}},{"id":"076f0c6d-ce46-4b88-ba56-83a879706ea5","block_type":"box","text":"Front-end sales charge* waivers on Investor A shares available at Janney","page_number":62,"box":{"x":61,"y":138,"width":606,"height":12}},{"id":"a527f063-8da1-444e-ab6d-aa17b3dd4af9","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":62,"box":{"x":81,"y":159,"width":835,"height":12}},{"id":"31f7db73-055f-4334-9d96-7f1ef1b89292","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund).","page_number":62,"box":{"x":81,"y":174,"width":446,"height":11}},{"id":"826ded5b-f25e-447a-be9f-6aecdee44d97","block_type":"box","text":"Shares purchased by employees and registered representatives of Janney or its affiliates and their family members","page_number":62,"box":{"x":81,"y":194,"width":847,"height":11}},{"id":"c613547f-36f5-4f69-91ee-2afc859924f5","block_type":"box","text":"as designated by Janney.","page_number":62,"box":{"x":81,"y":209,"width":182,"height":11}},{"id":"c84288bb-46c3-4890-ac50-cc8f5f50905c","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":62,"box":{"x":81,"y":229,"width":823,"height":11}},{"id":"118b4a62-6e15-4447-a7de-7a68f28f6e9c","block_type":"box","text":"occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same","page_number":62,"box":{"x":81,"y":244,"width":793,"height":11}},{"id":"5e1c4ee4-5506-481e-9aa2-112a0674a4c7","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., right of reinstatement).","page_number":62,"box":{"x":81,"y":258,"width":852,"height":12}},{"id":"fb620a40-964f-44f1-8b86-ec591802c4dd","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":62,"box":{"x":82,"y":278,"width":805,"height":12}},{"id":"e0a372b0-86c2-47a5-9a79-6f8c55be7ef8","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":62,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"6630e066-781f-4cdc-bad4-9671da808bb8","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":62,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"6ac102da-6f9d-4f1c-9976-2cf1bad3bb40","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":62,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"eabeced5-5f74-465b-88a9-30ba81081345","block_type":"box","text":"Investor C shares that are no longer subject to a contingent deferred sales charge and are converted to Investor A","page_number":62,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"fd9783ce-fa75-41eb-a007-dbab55bc6dd6","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":62,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"2667136d-34a5-48d4-a642-15cb4222d0af","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":62,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"4ab284ce-0836-47ef-9578-3d0a50025c5f","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":62,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"f396531d-ce4b-40e0-b454-60fe1e244df3","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":62,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"b8418234-15c2-4d32-8d20-59f333952dfc","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":62,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"9d0ea008-b0df-4cb1-af98-d9d62543058c","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":62,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"806d762c-88b5-4694-a5af-e63f31b3db26","block_type":"box","text":"Revenue Code.","page_number":62,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"98a71b5a-e214-4a8d-a9f4-03e4230914d1","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":62,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"1dea05b9-720b-4e2e-928c-b9f5be6afe8f","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":62,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"3b0775e5-3cc3-4e51-8c11-3ddfa1a1ee68","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":62,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"15d95538-5150-4d7f-92a9-335695c63d0b","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":62,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"59ac1843-5654-423c-b441-94057e4e3bf8","block_type":"box","text":"letters of intent","page_number":62,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"9e6676fe-936d-4f0d-b3d1-4262c3cf6754","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":62,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"da34e3d6-c25b-4f50-8f6b-9e2aee54ecd4","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":62,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"fc9ee67b-8a2e-442c-a62a-7bd4d27105c6","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":62,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"14ddb623-7efa-415c-ae06-5eee8c5e1dd1","block_type":"box","text":"Janney. Eligible BlackRock Fund assets not held at Janney may be included in the ROA calculation only if the","page_number":62,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"6ba6c700-6437-44aa-839e-cce403c61937","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":62,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"5a91cda1-052c-47d5-802c-3bab1fa66b92","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":62,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"956e0521-f8dd-47b1-b883-f2bd895adc73","block_type":"box","text":"a 13-month time period. Eligible BlackRock Fund assets not held at Janney Montgomery Scott may be included in","page_number":62,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"f26a3ed0-256f-4c10-bd87-4e4a193dd862","block_type":"box","text":"the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":62,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"0118083c-d0b6-419d-a689-0437d755d550","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":62,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"9a605a81-d63e-4f59-b0a6-ae16ea07cb25","block_type":"box","text":"A-6","page_number":62,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"1711c3e5-eadb-417f-b9ea-186e7d53a4a6","block_type":"box","text":"NM1026U-5985633-62/72","page_number":62,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"954f34b5-d5b4-4885-8478-16c36d4ed97e","block_type":"box","text":"Merrill Lynch:","page_number":63,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"7e65c32e-dd6a-4540-874d-e9f9485a16ab","block_type":"box","text":"Purchases or sales of front-end (i.e. Investor A) or level-load (i.e., Investor C) mutual fund shares through a Merrill","page_number":63,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"b39129df-0578-45a4-82d0-e27575bae808","block_type":"box","text":"platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end","page_number":63,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"2f413415-7912-477b-91f1-f295475b401b","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":63,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"1c6e64a5-accd-4427-a02b-511f7681bee6","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":63,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"d8db2bcb-4916-40a7-b7dd-ce528a3d68fb","block_type":"box","text":"waivers or discounts not listed below.","page_number":63,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"e193e19d-ee04-4cac-ac19-8621eda0a77c","block_type":"box","text":"It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that","page_number":63,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"8d327a57-2c18-4571-9591-d167ebcb246b","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":63,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"7328c34a-ed63-491f-80f2-d01cf00fb607","block_type":"box","text":"facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.","page_number":63,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"0d7acf2a-b032-4603-8df6-610544ca2991","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":63,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"6d4704b3-1aea-4610-9858-f1f3d9d88861","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":63,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"df2527b9-dc9a-4d55-80a5-983f01b513e8","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":63,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"4e7455e7-b1d9-4c57-a501-4bb6162ce6a2","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":63,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"2ed12828-5b7b-43af-b373-31fdbcf67485","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":63,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"af3619b3-73f0-4b34-b1cb-bc72d7fd7581","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":63,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"0f6c73a8-ec7a-4fde-9d72-6f06cd5eb614","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":63,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"42d237c6-aaa3-4639-b061-e9946baabab0","block_type":"box","text":"are not held in a commission-based brokerage account and shares are held for the benefit of the plan. 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