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The contractual agreements may be","page_number":2,"box":{"x":81,"y":822,"width":795,"height":9}},{"id":"9e0de308-e67c-49c5-9593-b8caf570520d","block_type":"box","text":"terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting","page_number":2,"box":{"x":80,"y":832,"width":821,"height":9}},{"id":"6c45cf43-ce1d-44f0-8ffa-ad18804eb8c6","block_type":"box","text":"securities of the Fund.","page_number":2,"box":{"x":81,"y":842,"width":130,"height":8}},{"id":"dabcdf49-a507-424a-9f93-333762e50dd5","block_type":"box","text":"Example:","page_number":2,"box":{"x":61,"y":860,"width":74,"height":13}},{"id":"4ed96564-80be-4e5e-8ced-9115436809fe","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":2,"box":{"x":60,"y":876,"width":830,"height":12}},{"id":"c0d9c270-9f75-4916-bb0e-6553e65e7103","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":2,"box":{"x":61,"y":891,"width":832,"height":12}},{"id":"d85c0887-046a-4fd5-becc-7c1b0b260ce1","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":2,"box":{"x":61,"y":906,"width":832,"height":12}},{"id":"d65ca53c-c529-4756-971f-eab402282ad5","block_type":"box","text":"2","page_number":2,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"9895f246-6ef0-4bec-ae32-19851cb68c6d","block_type":"box","text":"NM1026U-5972605-2/12","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3ec304c1-bea7-4a32-b311-b718c924c84f","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":3,"box":{"x":61,"y":42,"width":859,"height":11}},{"id":"2217a26b-bf49-41ef-95c4-a006d92cd9d1","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":3,"box":{"x":61,"y":57,"width":436,"height":11}},{"id":"fa5da501-22c2-41d3-a713-ded3620585a7","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":85,"width":292,"height":9}},{"id":"b13821ad-ceb0-4e8c-81ac-864bc3866834","block_type":"box","text":"Investor A Shares $627 $845 $1,079 $1,751","page_number":3,"box":{"x":70,"y":103,"width":848,"height":10}},{"id":"d71ae11c-466e-42d7-bc0a-c0a30b8db23e","block_type":"box","text":"Investor C Shares $291 $591 $1,016 $1,987","page_number":3,"box":{"x":70,"y":121,"width":848,"height":10}},{"id":"f3ed46a2-33bb-4ddf-8aae-398ea1c75eb5","block_type":"box","text":"Institutional Shares $ 83 $259 $ 450 $1,002","page_number":3,"box":{"x":70,"y":139,"width":848,"height":10}},{"id":"370e77a1-9b77-47b5-8621-dd04bf5ad76a","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":3,"box":{"x":60,"y":171,"width":532,"height":12}},{"id":"150cb2b9-2d0e-48c6-9ec5-fc9ee9000704","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":3,"box":{"x":631,"y":200,"width":292,"height":8}},{"id":"f1ddd58d-eebc-4a02-8f86-aca3f84e97e4","block_type":"box","text":"Investor C Shares $191 $591 $1,016 $1,987","page_number":3,"box":{"x":70,"y":217,"width":848,"height":11}},{"id":"76bb183b-a50b-4abe-bf4f-9a289fb0aa8e","block_type":"box","text":"Portfolio Turnover:","page_number":3,"box":{"x":61,"y":243,"width":151,"height":10}},{"id":"82876743-f2af-4245-a60a-a716e1302794","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":3,"box":{"x":60,"y":259,"width":800,"height":11}},{"id":"a40e909a-49f4-40fe-b217-1a52b48f3229","block_type":"box","text":"por tfolio). A higher por tfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":3,"box":{"x":62,"y":274,"width":850,"height":11}},{"id":"3871f3a6-ecc6-4331-b5a9-d6a9032d7690","block_type":"box","text":"shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the","page_number":3,"box":{"x":61,"y":289,"width":870,"height":11}},{"id":"9ecb0774-3302-4ef9-afd7-879a7a457451","block_type":"box","text":"Example, affect the Fund’s per formance. During the most recent fiscal year, the Fund’s por tfolio turnover rate was","page_number":3,"box":{"x":62,"y":303,"width":839,"height":12}},{"id":"362b40ef-1cbe-4176-9656-b73ab31daab6","block_type":"box","text":"61% of the average value of its por tfolio.","page_number":3,"box":{"x":61,"y":318,"width":298,"height":12}},{"id":"40ffe791-ea41-451e-a7f3-2812700a884a","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":3,"box":{"x":61,"y":357,"width":394,"height":14}},{"id":"3d6ce97f-cfde-4d5e-9ffe-2553f7344f03","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its net assets in dividend-paying equity securities","page_number":3,"box":{"x":62,"y":383,"width":843,"height":12}},{"id":"da7ce6ea-52a1-4c79-b8ec-f5f62139e272","block_type":"box","text":"and at least 40% of its assets outside of the United States (unless market conditions are not deemed favorable by","page_number":3,"box":{"x":61,"y":398,"width":844,"height":12}},{"id":"163b92f4-f98b-4413-af00-9aa1d3059cc0","block_type":"box","text":"Fund management, in which case the Fund would invest at least 30% of its assets outside of the United States).","page_number":3,"box":{"x":62,"y":413,"width":825,"height":12}},{"id":"721c5960-0308-4a24-ac78-e6a3b6481ddb","block_type":"box","text":"Investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment","page_number":3,"box":{"x":62,"y":428,"width":815,"height":11}},{"id":"04253414-2bd6-4be3-9b19-9b40e02f5ba0","block_type":"box","text":"exposure to the securities included within that policy or to one or more market risk factors associated with such","page_number":3,"box":{"x":61,"y":443,"width":821,"height":11}},{"id":"46e3c62b-6f96-4a20-b293-14477c885691","block_type":"box","text":"securities. For purposes of the Fund’s 80% policy, dividend-paying equity securities are equity securities of companies","page_number":3,"box":{"x":61,"y":458,"width":865,"height":11}},{"id":"62e4c0f7-cd69-4989-9c30-f5a69e1ceeb8","block_type":"box","text":"that pay out a por tion of their profits to shareholders of such securities on a periodic basis (i.e., at least once within","page_number":3,"box":{"x":60,"y":472,"width":856,"height":12}},{"id":"104eabee-534d-4b93-a4d4-a8c6cbc001ef","block_type":"box","text":"the company’s latest fiscal year). The Fund will primarily invest in common stock, preferred stock and non-conver tible","page_number":3,"box":{"x":60,"y":487,"width":861,"height":12}},{"id":"3eef007f-8bc8-48eb-aee1-1983153a1f7e","block_type":"box","text":"preferred stock. The Fund may invest in securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar","page_number":3,"box":{"x":62,"y":502,"width":864,"height":11}},{"id":"8e41a5b0-9565-4f80-8f82-8834a870f7bd","block_type":"box","text":"based. The Fund may invest in securities of companies of any market capitalization, but intends to invest primarily in","page_number":3,"box":{"x":61,"y":517,"width":856,"height":11}},{"id":"df95e6ec-af97-4000-b910-5f9da3946ea9","block_type":"box","text":"securities of large capitalization companies. The combination of equity securities will be varied from time to time both","page_number":3,"box":{"x":61,"y":532,"width":863,"height":11}},{"id":"73e489d5-c502-4f7a-8388-d12f8159c163","block_type":"box","text":"with respect to types of securities and markets in response to changing market and economic trends. The Fund may","page_number":3,"box":{"x":60,"y":546,"width":855,"height":12}},{"id":"f507b4d4-8c14-4bd4-b259-0630348f7c18","block_type":"box","text":"invest in shares of companies through initial public offerings (“IPOs”) and “new issues.” The Fund may also purchase","page_number":3,"box":{"x":62,"y":561,"width":863,"height":12}},{"id":"d9ccb7c3-5866-4550-8d58-39a42623a2d5","block_type":"box","text":"securities conver tible into common and preferred stock.","page_number":3,"box":{"x":61,"y":576,"width":410,"height":11}},{"id":"f3d582a6-0763-4ba3-a6f0-8418c22f5b2c","block_type":"box","text":"The Fund’s 80% policy is non-fundamental and may not be changed without 60 days’ prior notice to shareholders.","page_number":3,"box":{"x":60,"y":599,"width":834,"height":11}},{"id":"02cc47ff-280a-4491-b691-41bdfdce1b15","block_type":"box","text":"The Fund may invest up to 20% of its net assets in global fixed-income securities, including corporate bonds, U.S.","page_number":3,"box":{"x":60,"y":621,"width":835,"height":12}},{"id":"537daa45-c984-4640-8719-8d55f7d12a27","block_type":"box","text":"Government debt securities, non-U.S. Government and supranational debt securities (an example of such an entity is","page_number":3,"box":{"x":61,"y":636,"width":859,"height":11}},{"id":"e0da4759-a775-4f48-a4fe-e2e47b71d8a7","block_type":"box","text":"the International Bank for Reconstruction and Development (the “World Bank”)), asset-backed securities, mor tgage","page_number":3,"box":{"x":60,"y":651,"width":851,"height":11}},{"id":"282acba8-5704-4f29-a56f-afbbf0af8968","block_type":"box","text":"backed securities, corporate loans, emerging market debt securities and non-investment grade debt securities (high","page_number":3,"box":{"x":61,"y":666,"width":850,"height":11}},{"id":"bf22c987-5c7f-4450-8b8c-77f6a963b5f3","block_type":"box","text":"yield or junk bonds). Investment in fixed-income securities will be made on an oppor tunistic basis. The Fund may invest","page_number":3,"box":{"x":60,"y":681,"width":877,"height":11}},{"id":"71d9a8ec-b13b-4c4a-942a-3f4b889da920","block_type":"box","text":"in fixed-income securities of any duration or maturity.","page_number":3,"box":{"x":62,"y":695,"width":385,"height":12}},{"id":"83bee99d-b1f6-4cd1-bfb4-b7b812f79b4a","block_type":"box","text":"The Fund has no geographic limits in where it may invest and has no specific policy on the number of different","page_number":3,"box":{"x":60,"y":718,"width":811,"height":11}},{"id":"1d49d239-fc09-4509-84d6-17289df4b5db","block_type":"box","text":"countries in which it will invest. The Fund may invest in both developed and emerging markets. The Fund may","page_number":3,"box":{"x":61,"y":733,"width":801,"height":11}},{"id":"0e066acd-63f1-471e-85e4-60ee601b3130","block_type":"box","text":"emphasize foreign securities when Fund management expects these investments to outper form U.S. securities. The","page_number":3,"box":{"x":61,"y":748,"width":853,"height":11}},{"id":"5a3450b4-cc8e-4c53-b591-9f979848430c","block_type":"box","text":"Fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the return","page_number":3,"box":{"x":62,"y":762,"width":865,"height":12}},{"id":"d5d071ed-a01b-4d7f-a715-a0d2a3202e13","block_type":"box","text":"of the Fund or to hedge (or protect) the value of its assets against adverse movements in currency exchange rates,","page_number":3,"box":{"x":61,"y":777,"width":844,"height":12}},{"id":"f63abc90-461d-4178-b5e0-c0cc2df047b7","block_type":"box","text":"interest rates and movements in the securities markets. The Fund may enter into currency transactions on a hedged or","page_number":3,"box":{"x":62,"y":792,"width":874,"height":12}},{"id":"40c90319-7a79-45d1-997a-d12c04645e7b","block_type":"box","text":"unhedged basis in order to seek total return. The Fund may use indexed and inverse securities.","page_number":3,"box":{"x":61,"y":807,"width":700,"height":11}},{"id":"8d9449fb-9bd4-44ab-9911-9cd18c2918a9","block_type":"box","text":"Under normal circumstances, the Fund anticipates it will allocate a substantial amount (at least 40% or more —","page_number":3,"box":{"x":62,"y":830,"width":823,"height":11}},{"id":"b5daf436-1c6e-4180-bddb-60a950a64bbe","block_type":"box","text":"unless market conditions are not deemed favorable by Fund management, in which case the Fund would invest at least","page_number":3,"box":{"x":61,"y":844,"width":876,"height":12}},{"id":"efe36075-b905-41ef-96d8-af796f7d9299","block_type":"box","text":"30%) of its total assets in foreign securities, which may include securities (i) of foreign government issuers, (ii) of","page_number":3,"box":{"x":61,"y":859,"width":833,"height":12}},{"id":"cbcca896-196e-48b1-9948-06eb9b895265","block_type":"box","text":"issuers organized or located outside the United States, (iii) of issuers which primarily trade in a market located outside","page_number":3,"box":{"x":62,"y":874,"width":872,"height":11}},{"id":"4f94df7a-4e34-44f6-a145-349bbf3b36c1","block_type":"box","text":"the United States, or (iv) of issuers doing a substantial amount of business outside the United States, which the Fund","page_number":3,"box":{"x":60,"y":889,"width":868,"height":11}},{"id":"1aee02f2-0be6-4005-92c9-c0ef80c998ab","block_type":"box","text":"considers to be companies that derive at least 50% of their revenue or profits from business outside the United States","page_number":3,"box":{"x":61,"y":904,"width":874,"height":11}},{"id":"cd76f663-d20d-4408-9a60-fc9d824d97d9","block_type":"box","text":"or have at least 50% of their sales or assets outside the United States. The Fund will allocate its assets among","page_number":3,"box":{"x":61,"y":918,"width":821,"height":12}},{"id":"8fb447db-0377-4b9b-b2da-a970e61f34e0","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":947,"width":9,"height":9}},{"id":"2d13677b-aed9-4aeb-aeed-044a2a3355a7","block_type":"box","text":"NM1026U-5972605-3/12","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8d0e630b-7610-4585-a255-d52daca45f5c","block_type":"box","text":"various regions and countries, including the United States (but in no less than three different countries). For temporary","page_number":4,"box":{"x":60,"y":42,"width":876,"height":11}},{"id":"8d2420d3-99a2-4927-94d8-ac4a169c7b3b","block_type":"box","text":"defensive purposes the Fund may deviate very substantially from this allocation.","page_number":4,"box":{"x":61,"y":57,"width":588,"height":11}},{"id":"af51f2d6-6763-4b31-a2dc-9a17961f4c83","block_type":"box","text":"The Fund may engage in active and frequent trading of por tfolio securities to achieve its principal investment","page_number":4,"box":{"x":60,"y":79,"width":799,"height":12}},{"id":"2541457d-e993-4f35-b166-9e77d5f7481f","block_type":"box","text":"strategies.","page_number":4,"box":{"x":61,"y":94,"width":76,"height":12}},{"id":"3b5fea4a-ab73-49af-bd0d-9b577af409ee","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":4,"box":{"x":61,"y":133,"width":354,"height":13}},{"id":"ebbc76a9-55ba-40cd-badb-98665b7c62c9","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":4,"box":{"x":62,"y":159,"width":860,"height":12}},{"id":"209a55a8-4735-432e-bc0e-c44f646e0da0","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose par t or all of your","page_number":4,"box":{"x":61,"y":174,"width":802,"height":11}},{"id":"f327d3e7-3ffc-450f-b103-966cdfb72468","block_type":"box","text":"investment in the Fund or your investment may not per form as well as other similar investments. The following is a","page_number":4,"box":{"x":62,"y":189,"width":842,"height":11}},{"id":"1e5a0ea8-730d-4c9d-9970-47336bee650a","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":4,"box":{"x":61,"y":204,"width":857,"height":11}},{"id":"214d1092-c0fe-4d07-99ae-14e21177e87e","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":4,"box":{"x":61,"y":218,"width":515,"height":12}},{"id":"27b6197d-ede5-4602-b61a-2c48ef468d85","block_type":"box","text":"Equity Securities Risk","page_number":4,"box":{"x":81,"y":239,"width":166,"height":11}},{"id":"5bd11164-2e4b-4d79-954a-79d88a83d548","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":4,"box":{"x":251,"y":238,"width":685,"height":12}},{"id":"6db08b48-f749-405b-a9b4-8ea08fd5b955","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":4,"box":{"x":81,"y":253,"width":550,"height":12}},{"id":"67f84968-ab5e-422f-a4c3-66860b7011a7","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":4,"box":{"x":81,"y":273,"width":310,"height":12}},{"id":"b812aed8-5fea-494a-8381-b4d962145266","block_type":"box","text":"—","page_number":4,"box":{"x":396,"y":279,"width":17,"height":0}},{"id":"0b865207-efbc-41d5-a743-58232597f9ac","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":4,"box":{"x":418,"y":273,"width":507,"height":12}},{"id":"2c5fa323-8798-4316-a519-cae8f72da105","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":4,"box":{"x":80,"y":288,"width":837,"height":12}},{"id":"de484fcc-d3a7-401c-9264-b822ef9e02dd","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":4,"box":{"x":81,"y":303,"width":852,"height":11}},{"id":"84b0979f-694a-4d2f-a604-4369e7cca75a","block_type":"box","text":"Foreign Securities Risk","page_number":4,"box":{"x":81,"y":323,"width":176,"height":11}},{"id":"fcf0d4bc-af2f-4c1d-bf8c-68e2da524b0e","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":4,"box":{"x":260,"y":323,"width":668,"height":11}},{"id":"903065e4-4665-469f-a164-e6e60c7b2c46","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":4,"box":{"x":82,"y":338,"width":531,"height":11}},{"id":"70534584-6528-4e3e-8fc9-174e73cca1d3","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":4,"box":{"x":101,"y":358,"width":823,"height":11}},{"id":"0cef4210-9bd8-4cf8-b0cc-b81b037372d4","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":4,"box":{"x":102,"y":372,"width":823,"height":12}},{"id":"db16622d-6c93-4740-aaf0-c3266c86449d","block_type":"box","text":"oversight.","page_number":4,"box":{"x":101,"y":388,"width":70,"height":11}},{"id":"b1d8e231-74bb-4fdc-92de-4c4a717f14cf","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s por tfolio.","page_number":4,"box":{"x":101,"y":407,"width":644,"height":12}},{"id":"73955f67-7a93-4c95-87b4-df916aad831e","block_type":"box","text":"The economies of cer tain foreign markets may not compare favorably with the economy of the United States with","page_number":4,"box":{"x":101,"y":427,"width":830,"height":12}},{"id":"8a90f0fc-15d8-4b1f-833b-6ccf4663c529","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":4,"box":{"x":102,"y":442,"width":808,"height":12}},{"id":"dee322b7-65ee-41b4-9d3b-109eef67c8fd","block_type":"box","text":"payments position.","page_number":4,"box":{"x":102,"y":457,"width":137,"height":11}},{"id":"ac0636f7-3e0e-4847-a65d-76e244b49fc2","block_type":"box","text":"The governments of cer tain countries, or the U.S. Government with respect to cer tain countries, may prohibit or","page_number":4,"box":{"x":101,"y":477,"width":821,"height":11}},{"id":"3c039249-a849-4e9a-9637-17a1a87ee5bc","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":4,"box":{"x":102,"y":492,"width":809,"height":11}},{"id":"022b4295-ef8f-4d50-bce1-5eff8a972051","block_type":"box","text":"markets or cer tain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":4,"box":{"x":102,"y":506,"width":784,"height":12}},{"id":"31d38437-51d2-45c6-89ad-31125e350d3d","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":4,"box":{"x":101,"y":522,"width":352,"height":11}},{"id":"a97799ef-9136-49e4-a585-4cd63ef964b8","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":4,"box":{"x":102,"y":541,"width":823,"height":12}},{"id":"b89feda6-2cc8-4604-9aeb-2fd42313334f","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":4,"box":{"x":101,"y":556,"width":811,"height":12}},{"id":"24cf1ab4-7f6b-4ad4-a203-019a7bc01283","block_type":"box","text":"U.S. securities laws.","page_number":4,"box":{"x":102,"y":571,"width":148,"height":9}},{"id":"357b6fb2-3f52-4609-be30-605c65b27d83","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets may result in delays in payment for or delivery of","page_number":4,"box":{"x":101,"y":591,"width":834,"height":12}},{"id":"c1b11e54-e27a-42fd-a3a7-7b820ea0e297","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":4,"box":{"x":101,"y":606,"width":628,"height":11}},{"id":"77d907f1-1a15-4db0-b641-3a98a1843d83","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":4,"box":{"x":101,"y":626,"width":830,"height":11}},{"id":"45350cbc-e4c2-4cc5-9e9e-bfb1966ec1a7","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":4,"box":{"x":101,"y":641,"width":831,"height":11}},{"id":"3002871d-73f3-4185-b825-8d84218333d9","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down par tially or in full,","page_number":4,"box":{"x":101,"y":655,"width":813,"height":12}},{"id":"90c7cb16-427b-4b22-94f1-34f3dc2ee236","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":4,"box":{"x":101,"y":670,"width":395,"height":12}},{"id":"268ff933-a2d8-4714-b728-faa5142aad60","block_type":"box","text":"Convertible Securities Risk","page_number":4,"box":{"x":81,"y":690,"width":206,"height":9}},{"id":"28653503-f444-427a-a43e-1641ba0aba9e","block_type":"box","text":"— The market value of a conver tible security per forms like that of a regular debt","page_number":4,"box":{"x":291,"y":690,"width":593,"height":12}},{"id":"6cd9b925-1f1f-4521-badb-64b698ed8fcf","block_type":"box","text":"security; that is, if market interest rates rise, the value of a conver tible security usually falls. In addition, conver tible","page_number":4,"box":{"x":81,"y":705,"width":853,"height":11}},{"id":"1c368cc5-33e4-4058-8352-ce79f4e7aeaa","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":4,"box":{"x":81,"y":720,"width":855,"height":11}},{"id":"db19d914-c166-43e5-9515-649f976d57c4","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":4,"box":{"x":80,"y":735,"width":816,"height":11}},{"id":"bc927e59-0ce7-45ce-9206-0e68ef9c4d8d","block_type":"box","text":"issuer’s creditwor thiness. Since it derives a por tion of its value from the common stock into which it may be","page_number":4,"box":{"x":82,"y":749,"width":796,"height":12}},{"id":"a920153f-7a6f-4503-8a3a-82c868de4a99","block_type":"box","text":"conver ted, a conver tible security is also subject to the same types of market and issuer risks that apply to the","page_number":4,"box":{"x":81,"y":764,"width":812,"height":12}},{"id":"fe769b82-4a21-4a5f-81e9-c66cd62c8369","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the conver tible security.","page_number":4,"box":{"x":82,"y":779,"width":809,"height":12}},{"id":"2da0be42-c41b-4502-9e95-831e6283b4ed","block_type":"box","text":"Corporate Loans Risk","page_number":4,"box":{"x":81,"y":799,"width":162,"height":11}},{"id":"35412c27-6ad6-472f-b55c-57381364a8c9","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":4,"box":{"x":247,"y":799,"width":689,"height":11}},{"id":"80012a82-39c8-4fc1-9754-8e3c4fa5d44b","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":4,"box":{"x":82,"y":814,"width":845,"height":12}},{"id":"bfc4400d-b58e-4b50-926d-eebe4a80ebd8","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":4,"box":{"x":82,"y":829,"width":827,"height":11}},{"id":"bde8f8ba-767c-4220-9493-e20dc0dd6af3","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":4,"box":{"x":81,"y":844,"width":821,"height":11}},{"id":"9c44ece0-4ecd-4176-b6d9-5b688b15c58d","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":4,"box":{"x":81,"y":858,"width":840,"height":12}},{"id":"6f3bb145-244e-408a-8456-bf3bb923ddfe","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition,","page_number":4,"box":{"x":81,"y":873,"width":826,"height":12}},{"id":"11dff291-5060-46c1-b071-c01d34b6659c","block_type":"box","text":"transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate","page_number":4,"box":{"x":80,"y":888,"width":846,"height":12}},{"id":"f2e27fd1-f193-4530-854b-f9aa302f575f","block_type":"box","text":"loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To","page_number":4,"box":{"x":82,"y":903,"width":847,"height":11}},{"id":"2186ef6c-bc51-43a9-b0be-c333ca6e37af","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"6997b7bf-77a9-49f0-9bf1-9df189281d8d","block_type":"box","text":"NM1026U-5972605-4/12","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"51ebdad9-7198-40e7-9b95-d405bd0e45f4","block_type":"box","text":"the extent the extended settlement process gives rise to shor t-term liquidity needs, the Fund may hold additional","page_number":5,"box":{"x":80,"y":42,"width":830,"height":11}},{"id":"37447b12-fe47-4a71-a557-585d9d8b60b0","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders.","page_number":5,"box":{"x":81,"y":57,"width":552,"height":11}},{"id":"5b514d53-8b53-4e12-a98e-55e9ba36359d","block_type":"box","text":"Debt Securities Risk","page_number":5,"box":{"x":81,"y":77,"width":155,"height":9}},{"id":"5ce499dc-37da-4c3e-ae9c-3e260c3feda1","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":5,"box":{"x":240,"y":77,"width":633,"height":10}},{"id":"8e104441-76c8-4a0e-b71c-ef05baae849c","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in fur ther detail below:","page_number":5,"box":{"x":81,"y":91,"width":648,"height":12}},{"id":"e42f9f58-e9e4-48bb-846f-a9a8340476ce","block_type":"box","text":"Credit Risk","page_number":5,"box":{"x":82,"y":112,"width":80,"height":9}},{"id":"a24bd4ff-1c6e-4d06-bf1b-d70166462f8e","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":5,"box":{"x":166,"y":111,"width":737,"height":12}},{"id":"518ac94d-f474-477c-af96-4c7d250215de","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":5,"box":{"x":81,"y":126,"width":816,"height":12}},{"id":"f7290bee-fa05-471a-a4d2-99d9bc524250","block_type":"box","text":"perception of an issuer’s creditwor thiness may also affect the value of the Fund’s investment in that issuer. The","page_number":5,"box":{"x":82,"y":141,"width":826,"height":11}},{"id":"4378b977-7549-4471-b43c-04a576396097","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":5,"box":{"x":81,"y":156,"width":777,"height":11}},{"id":"08a71910-8256-43ca-a2fb-d3c488c8b21d","block_type":"box","text":"Interest Rate Risk","page_number":5,"box":{"x":82,"y":176,"width":132,"height":9}},{"id":"3debacce-5123-4418-8b10-92ea286ef310","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":5,"box":{"x":218,"y":176,"width":704,"height":11}},{"id":"88ce409e-e015-4ad6-a9f3-21069bd3f943","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":5,"box":{"x":82,"y":191,"width":835,"height":11}},{"id":"8e3c914f-538c-488f-a180-f685fec1f173","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":5,"box":{"x":80,"y":205,"width":513,"height":10}},{"id":"394caf9a-2198-44d1-8d1c-0b5493df21a3","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":5,"box":{"x":81,"y":225,"width":843,"height":12}},{"id":"d94bcaae-8c31-499c-a2ab-bda9feef5955","block_type":"box","text":"if interest rates increase by 1%, assuming a current por tfolio duration of ten years, and all other factors being","page_number":5,"box":{"x":82,"y":240,"width":806,"height":12}},{"id":"25d3862b-ae38-448c-bc23-72be154f446b","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":5,"box":{"x":81,"y":255,"width":831,"height":12}},{"id":"a91bc4be-dfd0-4f52-9137-cf1a85f01e73","block_type":"box","text":"price sensitivity of a debt security or por tfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":5,"box":{"x":82,"y":270,"width":854,"height":12}},{"id":"178c048b-0558-4ccc-8c22-a472dcc31674","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":5,"box":{"x":81,"y":285,"width":827,"height":11}},{"id":"660a857d-66a7-4d4d-a2dd-39ae1a32405d","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":5,"box":{"x":81,"y":300,"width":840,"height":11}},{"id":"bd58083f-dd17-4d74-96a7-1638c6c74cf1","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":5,"box":{"x":82,"y":314,"width":851,"height":12}},{"id":"ea797872-11a5-4f95-a8b5-955618d4712a","block_type":"box","text":"Fund may lose money if shor t-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":5,"box":{"x":82,"y":329,"width":808,"height":12}},{"id":"15fe2f2e-8935-4214-9e7d-6929f8c67aa3","block_type":"box","text":"management.","page_number":5,"box":{"x":82,"y":345,"width":98,"height":11}},{"id":"14f3dbb2-f66f-4e2f-9b46-2e319cbae6ff","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mor tgage","page_number":5,"box":{"x":81,"y":364,"width":852,"height":12}},{"id":"98e00fbf-4c1b-4279-b122-40e98d026105","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":5,"box":{"x":81,"y":379,"width":840,"height":11}},{"id":"360e2e32-946c-4719-bd57-6f2798eff82f","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on cer tain floating rate debt securities typically reset","page_number":5,"box":{"x":80,"y":394,"width":834,"height":11}},{"id":"4a5051b5-7309-4d55-a94f-7c0c2107c1b8","block_type":"box","text":"only periodically, changes in prevailing interest rates (and par ticularly sudden and significant changes) can be","page_number":5,"box":{"x":81,"y":409,"width":803,"height":11}},{"id":"77b4328f-7d21-430c-8fcd-3a59b5c27267","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":5,"box":{"x":81,"y":423,"width":839,"height":12}},{"id":"b12850ab-3af9-4cbb-99b6-6318fd9dbfda","block_type":"box","text":"debt securities.","page_number":5,"box":{"x":81,"y":438,"width":112,"height":9}},{"id":"8f7a326e-3fa0-49e2-b0dd-f6ff4c5a3a8d","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":5,"box":{"x":81,"y":458,"width":839,"height":12}},{"id":"48ea4751-580c-4b46-9898-5920820ed455","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":5,"box":{"x":81,"y":473,"width":839,"height":12}},{"id":"710bf20a-dabf-4597-908d-23ac902e7397","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":5,"box":{"x":82,"y":488,"width":831,"height":11}},{"id":"95d1d848-6ed0-4f9f-93c1-b02d6341bc90","block_type":"box","text":"value when interest rates change.","page_number":5,"box":{"x":80,"y":503,"width":248,"height":11}},{"id":"c88c5756-bd9c-4d09-8809-08d68d4a8d80","block_type":"box","text":"A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large","page_number":5,"box":{"x":81,"y":523,"width":855,"height":11}},{"id":"4b24db58-d9a2-4026-ab91-fe0d93b131ef","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":5,"box":{"x":81,"y":537,"width":801,"height":12}},{"id":"b1f8e83b-44ca-4fd1-bd29-8a60d431ab63","block_type":"box","text":"redemptions could cause the Fund to sell assets at inoppor tune times or at a loss or depressed value and could","page_number":5,"box":{"x":82,"y":553,"width":827,"height":11}},{"id":"1c25958d-f47c-45f0-bf92-e5fbe5a9dd14","block_type":"box","text":"hur t the Fund’s per formance.","page_number":5,"box":{"x":82,"y":567,"width":214,"height":11}},{"id":"8f9098ce-a41b-41d2-b177-6b46cd181169","block_type":"box","text":"Extension Risk","page_number":5,"box":{"x":82,"y":587,"width":107,"height":9}},{"id":"9602ea29-c130-4d20-81b8-2ebeec790a8a","block_type":"box","text":"— When interest rates rise, cer tain obligations will be paid off by the obligor more slowly than","page_number":5,"box":{"x":193,"y":587,"width":691,"height":12}},{"id":"2079ce86-6153-40e1-8375-517d6980010c","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":5,"box":{"x":81,"y":602,"width":420,"height":11}},{"id":"c2dc1040-bc9b-457e-8fd6-e00a3bca3052","block_type":"box","text":"Prepayment Risk","page_number":5,"box":{"x":81,"y":622,"width":124,"height":11}},{"id":"98108737-1233-40fa-8c5f-ff9e5a473bd9","block_type":"box","text":"— When interest rates fall, cer tain obligations will be paid off by the obligor more quickly than","page_number":5,"box":{"x":209,"y":622,"width":691,"height":11}},{"id":"801e8c67-9703-4f80-a718-71bfa635a553","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":5,"box":{"x":81,"y":637,"width":724,"height":11}},{"id":"a29a2afc-d182-4855-b08e-27e246089422","block_type":"box","text":"Derivatives Risk","page_number":5,"box":{"x":81,"y":657,"width":123,"height":9}},{"id":"5b4c0206-9369-4771-b83f-970df40c0fbf","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":657,"width":664,"height":11}},{"id":"e8e6cbb6-815e-43fe-abf8-52f484358c97","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":5,"box":{"x":82,"y":671,"width":469,"height":12}},{"id":"2e5b78ac-38cf-4c34-abff-21f9e5c2a4b8","block_type":"box","text":"Leverage Risk","page_number":5,"box":{"x":82,"y":692,"width":102,"height":11}},{"id":"2a3cccd7-85b6-406e-8d0c-1d3fc96f6c1d","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":691,"width":723,"height":12}},{"id":"4df62d49-b475-43f8-9e83-a1b8d96fa5af","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":706,"width":832,"height":12}},{"id":"948f827b-ebab-473b-9aca-50aece0dd8a5","block_type":"box","text":"exceed the amount originally invested.","page_number":5,"box":{"x":81,"y":721,"width":280,"height":12}},{"id":"fd9530f9-4690-4c4c-9daa-7a0418cd4640","block_type":"box","text":"Market Risk","page_number":5,"box":{"x":82,"y":741,"width":87,"height":9}},{"id":"ea97dd2a-aa23-4725-935c-41539fbab491","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":741,"width":728,"height":12}},{"id":"1edc21ed-5456-4cfd-ab52-a394dd2fe4b8","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":756,"width":834,"height":11}},{"id":"0c08cfe5-4fbc-4b41-874e-5acc22a75879","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":771,"width":832,"height":11}},{"id":"02ec964f-f383-40de-9742-dc620b4f20a6","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":5,"box":{"x":80,"y":786,"width":779,"height":11}},{"id":"78f6c4a3-ace1-4fda-95f4-c7978dd6f245","block_type":"box","text":"derivatives positions to lose value.","page_number":5,"box":{"x":81,"y":801,"width":253,"height":11}},{"id":"95f6b729-146f-4d1d-b77f-323ae1f0c05a","block_type":"box","text":"Counterpar ty Risk","page_number":5,"box":{"x":82,"y":821,"width":131,"height":11}},{"id":"a25976ec-539b-4928-9dd2-5475b1555b3b","block_type":"box","text":"— Derivatives are also subject to counterpar ty risk, which is the risk that the other par ty in the","page_number":5,"box":{"x":217,"y":821,"width":697,"height":11}},{"id":"28ec93cc-649c-480a-9b76-a5567eaec05b","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":5,"box":{"x":80,"y":835,"width":855,"height":12}},{"id":"4bf0efdd-604c-401c-82ab-ae600edbe096","block_type":"box","text":"exposure to such a counterpar ty.","page_number":5,"box":{"x":81,"y":850,"width":240,"height":11}},{"id":"7b716aa9-1134-43f1-b9bf-571c624facd4","block_type":"box","text":"Illiquidity Risk","page_number":5,"box":{"x":82,"y":870,"width":100,"height":11}},{"id":"72f8da2e-d860-4d69-a982-5802906d9638","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":5,"box":{"x":186,"y":870,"width":750,"height":12}},{"id":"c871e873-cc5c-4047-b10b-c2b7bd4cb764","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":5,"box":{"x":80,"y":885,"width":839,"height":11}},{"id":"776cab30-475d-4515-a6f0-5968b5f37ac7","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":5,"box":{"x":81,"y":900,"width":293,"height":11}},{"id":"b841224a-9e5c-478c-b732-9a7dcd941428","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":947,"width":9,"height":9}},{"id":"9d40344d-555e-4c6d-9590-23b01edb9482","block_type":"box","text":"NM1026U-5972605-5/12","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"f89a81d9-9cc5-4bcb-b6d1-1b5a15d187a1","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":42,"width":120,"height":11}},{"id":"bb3b89a2-97bd-4d09-acb8-a187bc823cff","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":42,"width":727,"height":11}},{"id":"47014165-afb3-469a-a821-93bcf1e1d3b7","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":57,"width":607,"height":11}},{"id":"26d0f1a9-51ec-4a5a-81d2-18c03caf3438","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":77,"width":75,"height":11}},{"id":"d51aeddc-34eb-443d-ba48-2a2f64f2ae24","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality or","page_number":6,"box":{"x":161,"y":77,"width":761,"height":11}},{"id":"d79850b1-c7f9-4d07-8fab-3e602aebbae5","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":91,"width":198,"height":12}},{"id":"b6f1cb1a-4f6b-48fc-85b4-69dfa186e88d","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":112,"width":214,"height":11}},{"id":"0bfccfb4-56b5-45d5-a032-c54498c60371","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":111,"width":590,"height":12}},{"id":"11b681e7-92be-40f8-9d38-8cb2a9cba749","block_type":"box","text":"fluctuate significantly in price within a shor t time period. A risk of the Fund’s use of derivatives is that the","page_number":6,"box":{"x":81,"y":126,"width":775,"height":12}},{"id":"ef337ce2-1e1f-4737-9a5f-af09a522f7e7","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":141,"width":589,"height":11}},{"id":"f156447b-6428-4b1e-90ab-9cfc61cf46cd","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":161,"width":102,"height":9}},{"id":"ad3dfba3-c7dd-434f-b548-022f715569df","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":161,"width":747,"height":11}},{"id":"3270621d-dff6-4f00-9872-1535193cb919","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":176,"width":783,"height":11}},{"id":"ec93d76e-792c-4982-8da2-396dfcc8d2f1","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":191,"width":273,"height":11}},{"id":"7d8e417b-bc15-405b-ab19-f33561c3ce9e","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":211,"width":95,"height":11}},{"id":"79726803-d0ba-4a75-a0ff-42bb20886259","block_type":"box","text":"— Hedges are sometimes subject to imper fect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":211,"width":728,"height":11}},{"id":"0a426741-9064-4c49-97fd-841c9d4c1960","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":225,"width":839,"height":12}},{"id":"23161b03-cd6b-447e-8252-9e59fe88d107","block_type":"box","text":"may result in cer tain adverse tax consequences.","page_number":6,"box":{"x":82,"y":241,"width":354,"height":11}},{"id":"e6ec2c94-70e4-4ec2-a072-b54a82f4d8f0","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":261,"width":59,"height":9}},{"id":"31568d8b-ed71-4e82-856b-065060a5e881","block_type":"box","text":"— Cer tain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":260,"width":719,"height":12}},{"id":"22b840ba-c582-4024-8e3c-1f96c613648e","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":275,"width":801,"height":12}},{"id":"5b11fa30-9b14-448a-9345-479e7f814d80","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":290,"width":802,"height":12}},{"id":"794d818b-9af7-4957-851d-3efa2b037cfb","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":305,"width":830,"height":11}},{"id":"fa1d4c4d-1c08-4b55-93b5-a0bd9f40ec7a","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":320,"width":215,"height":9}},{"id":"560f11a3-db9e-4d18-a29a-fd9cb4bb0d59","block_type":"box","text":"Emerging Markets Risk","page_number":6,"box":{"x":81,"y":340,"width":178,"height":11}},{"id":"e416c492-932d-489d-bf8e-e664fd519bc1","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":6,"box":{"x":263,"y":340,"width":617,"height":11}},{"id":"65a93af0-f3fe-4d99-ba16-8300b0e7f074","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":354,"width":825,"height":12}},{"id":"e3779144-a759-4f41-a6d3-80d8cd295869","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":369,"width":822,"height":12}},{"id":"f00f429c-2d88-4499-b716-23cc92f739c3","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":384,"width":816,"height":12}},{"id":"29a9c504-a14d-4bc0-aab0-a82f14f095a5","block_type":"box","text":"liquidity than developed markets.","page_number":6,"box":{"x":82,"y":399,"width":240,"height":11}},{"id":"fee72fe3-8926-4857-8d5d-31d0a1d874ec","block_type":"box","text":"Focus Risk","page_number":6,"box":{"x":81,"y":419,"width":84,"height":9}},{"id":"2f1a0ae4-b9bc-4949-a67a-5bb2133fa81a","block_type":"box","text":"— Under normal circumstances, the Fund focuses its investments in the securities of a limited number","page_number":6,"box":{"x":168,"y":419,"width":760,"height":11}},{"id":"9095ff01-5231-4e9d-b270-ef7f1e5519a5","block_type":"box","text":"of issuers. This may subject the Fund to greater issuer-specific risk and potential losses than a fund that invests in","page_number":6,"box":{"x":81,"y":434,"width":845,"height":11}},{"id":"6e74405d-997a-4f04-8bd2-6dfb90a4daef","block_type":"box","text":"the securities of a greater number of issuers.","page_number":6,"box":{"x":80,"y":448,"width":333,"height":12}},{"id":"45496e2e-8769-4c2f-aa40-4e80c7ab087b","block_type":"box","text":"High Yield Bonds Risk","page_number":6,"box":{"x":81,"y":469,"width":167,"height":11}},{"id":"cdd21e8c-4be1-4fc9-95b3-7fd4f41ae218","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":6,"box":{"x":252,"y":468,"width":667,"height":12}},{"id":"f491adeb-f9c8-43e2-adb0-0a3c9bad91d9","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":6,"box":{"x":79,"y":484,"width":835,"height":11}},{"id":"4ec46021-1298-4075-8549-d6e6c4b18a73","block_type":"box","text":"for the Fund.","page_number":6,"box":{"x":81,"y":498,"width":91,"height":9}},{"id":"9f143c40-8e62-484f-9ff2-24cc33c90f10","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":6,"box":{"x":81,"y":518,"width":271,"height":9}},{"id":"527d3dfa-1fc2-4566-9786-938e1f393451","block_type":"box","text":"—","page_number":6,"box":{"x":356,"y":524,"width":17,"height":0}},{"id":"03855c86-8b9e-48d8-b190-9c4c08f64fdd","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":6,"box":{"x":379,"y":518,"width":499,"height":11}},{"id":"dc286103-a8d9-475e-9530-4a731ac2ce4a","block_type":"box","text":"par ticular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":6,"box":{"x":82,"y":533,"width":839,"height":11}},{"id":"458b3aef-c81e-48e9-b71a-205b89a9b3b8","block_type":"box","text":"to the value of the par ticular index. These securities are subject to leverage risk and correlation risk. Cer tain","page_number":6,"box":{"x":80,"y":548,"width":799,"height":11}},{"id":"57e8d640-06c4-4488-a64d-2a107800ee55","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":6,"box":{"x":82,"y":563,"width":796,"height":11}},{"id":"9d750267-ce60-43b3-b8b9-68d8c7876ad3","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":6,"box":{"x":81,"y":577,"width":855,"height":12}},{"id":"782419d3-7616-4d7b-913f-c1b056ff581a","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":6,"box":{"x":82,"y":592,"width":441,"height":12}},{"id":"c5a75fff-5dae-4efe-af8d-19a5dc1b7e7f","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":612,"width":276,"height":12}},{"id":"bfcb3fff-ebbe-47b8-9f34-248b50e77ca4","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":612,"width":573,"height":12}},{"id":"de0dc4dc-1466-440b-bf4c-e25d2a4fd460","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":627,"width":848,"height":12}},{"id":"39fb5af6-bfa1-4deb-ab4d-722069a2f3b5","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":642,"width":839,"height":11}},{"id":"d8f5a416-91aa-4a80-8192-02b88ab6982c","block_type":"box","text":"per formance of large-capitalization companies could trail the overall per formance of the broader securities markets.","page_number":6,"box":{"x":82,"y":657,"width":851,"height":11}},{"id":"835884c4-c0b9-4801-b779-c4384dae9fbb","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":81,"y":677,"width":107,"height":11}},{"id":"e691152c-437b-4dc3-9979-561b60051858","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":6,"box":{"x":192,"y":677,"width":741,"height":11}},{"id":"c2fe2841-e411-401e-bf8c-3296c7b34ad5","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":6,"box":{"x":81,"y":691,"width":853,"height":12}},{"id":"30cb651c-f7d1-4c7a-82f3-4be60d262c05","block_type":"box","text":"cause the Fund to liquidate por tfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":6,"box":{"x":81,"y":706,"width":856,"height":12}},{"id":"1ba9393a-7a1e-4a8d-b4e9-7f00f5ec45c0","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":6,"box":{"x":80,"y":721,"width":775,"height":12}},{"id":"cbe24453-87f7-4725-a2bd-4e7075d3ddab","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s por tfolio will be magnified when the Fund uses","page_number":6,"box":{"x":80,"y":736,"width":814,"height":12}},{"id":"3fc46d9e-be31-4df8-a069-102a6315ba5a","block_type":"box","text":"leverage.","page_number":6,"box":{"x":82,"y":751,"width":63,"height":11}},{"id":"1561997b-fa46-4526-bed5-9c03df8a62ea","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":771,"width":240,"height":9}},{"id":"f7987a52-627c-4172-84f5-a07c4ef21943","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":771,"width":593,"height":9}},{"id":"a37603af-fd71-49c5-b5e0-f4c5fb77c4a7","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":6,"box":{"x":81,"y":786,"width":851,"height":11}},{"id":"cbb79503-8360-4500-82e1-1abf92839406","block_type":"box","text":"lose money over shor t periods due to fluctuation in the Fund’s net asset value in response to shor t-term market","page_number":6,"box":{"x":82,"y":800,"width":824,"height":12}},{"id":"231f81db-0be0-468c-8c0a-500d04f18113","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":815,"width":851,"height":12}},{"id":"68c1060c-da7f-49c2-aaff-aa9bc3372799","block_type":"box","text":"underper form the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":830,"width":802,"height":12}},{"id":"2f2060fe-c98e-451b-a550-058c2d6e9f5d","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to per form as intended. The value of","page_number":6,"box":{"x":81,"y":845,"width":849,"height":11}},{"id":"406ffbcb-f0b8-4499-88c3-931b780c8ce4","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":6,"box":{"x":81,"y":860,"width":843,"height":11}},{"id":"b698d35e-8315-45fc-a7f1-41ea64c0fac4","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a par ticular issuer or","page_number":6,"box":{"x":81,"y":875,"width":830,"height":11}},{"id":"ee5a046e-c714-49c8-9c45-368328c39c3e","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":889,"width":840,"height":12}},{"id":"119cf9fe-a818-4a0d-a934-9385cd6ed455","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":6,"box":{"x":81,"y":904,"width":789,"height":12}},{"id":"c1fac7ea-f97e-4cf9-9491-3914f76aed0c","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"eca67a14-eedf-4090-abfe-555f710aa03b","block_type":"box","text":"NM1026U-5972605-6/12","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"b1af7682-e01c-4092-ab2b-2c78d2f9c428","block_type":"box","text":"economic uncer tainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":7,"box":{"x":81,"y":42,"width":823,"height":11}},{"id":"9af67a2c-1020-40b9-a6d3-760d76269967","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":57,"width":784,"height":11}},{"id":"0ca857e4-e5e4-40d2-b5eb-d006eb13c98a","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":71,"width":844,"height":12}},{"id":"bfe5fc8f-67de-48c7-a95a-9106e08a0587","block_type":"box","text":"Recent policy initiatives under taken by the U.S. government have the potential to impact international relations,","page_number":7,"box":{"x":82,"y":92,"width":818,"height":11}},{"id":"74f23ee4-e653-406e-bb9a-7c685925f9b4","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncer tainty and instability in","page_number":7,"box":{"x":80,"y":106,"width":819,"height":12}},{"id":"214fcbb2-44fc-4e4d-af0a-01aee2d147ce","block_type":"box","text":"domestic and global markets, and could adversely affect the investment per formance of the Fund. In par ticular,","page_number":7,"box":{"x":81,"y":121,"width":819,"height":12}},{"id":"47c10fb6-c51d-4d62-b344-a75e87eae26e","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":136,"width":846,"height":11}},{"id":"30fa3492-c410-424b-8acb-4b5559ef76f8","block_type":"box","text":"costs for impor ted goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":151,"width":848,"height":11}},{"id":"ac4d266c-0638-4ed1-ab65-dc4fb9fba6dc","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":166,"width":125,"height":9}},{"id":"a92a7d52-d7dd-44c0-a4fd-1da1033fc546","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":7,"box":{"x":81,"y":186,"width":346,"height":11}},{"id":"502fddb9-e9d8-4d03-892a-0fa44346b5bb","block_type":"box","text":"— Mor tgage- and asset-backed securities represent interests in","page_number":7,"box":{"x":432,"y":186,"width":469,"height":11}},{"id":"850ffc42-da28-4792-b293-8ca2e6d569c0","block_type":"box","text":"“pools” of mor tgages or other assets, including consumer loans or receivables held in trust. Mor tgage- and asset","page_number":7,"box":{"x":82,"y":200,"width":839,"height":12}},{"id":"878ff6fc-98f7-4359-ba78-8394447a9d3a","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":7,"box":{"x":81,"y":215,"width":822,"height":12}},{"id":"a43e34fd-588c-410f-9b58-7dfb0abc358d","block_type":"box","text":"subject to risk of default on the underlying mor tgage or asset, par ticularly during periods of economic downturn.","page_number":7,"box":{"x":81,"y":230,"width":821,"height":12}},{"id":"8ecaa999-cf77-44c3-a382-875e96aafee6","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":7,"box":{"x":81,"y":245,"width":851,"height":11}},{"id":"a2fdf396-a917-4a42-9e82-e723578112da","block_type":"box","text":"cer tain mor tgage-backed securities.","page_number":7,"box":{"x":81,"y":260,"width":263,"height":11}},{"id":"1e540a5d-66c6-41c9-af4c-b2dfdd60fb02","block_type":"box","text":"“New Issues” Risk","page_number":7,"box":{"x":83,"y":280,"width":139,"height":9}},{"id":"5b914fab-5520-470d-b72b-cef43a6363c9","block_type":"box","text":"—","page_number":7,"box":{"x":227,"y":285,"width":17,"height":1}},{"id":"4c0b32ed-572f-48b1-95b0-9773a95f009a","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":280,"width":681,"height":11}},{"id":"8fd86019-3f4a-4f59-8c3b-b2dbf0b0172e","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":294,"width":843,"height":12}},{"id":"02d05502-b23f-4ac9-8e0f-cca0542f7c42","block_type":"box","text":"sold in IPOs may be highly volatile or may decline shor tly after the IPO.","page_number":7,"box":{"x":81,"y":309,"width":517,"height":12}},{"id":"413755a7-89fb-4f79-8fb5-d10aa96b7328","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":329,"width":254,"height":12}},{"id":"815797ea-4d27-4f4e-9c4c-5336a18c923d","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":330,"width":578,"height":11}},{"id":"43532467-9c68-42f7-8919-aee8a25fc04f","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":344,"width":779,"height":12}},{"id":"a00307d3-1c2a-49cf-85af-c15dd08acc62","block_type":"box","text":"cybersecurity incidents, and the use of ar tificial intelligence and machine learning (“AI”), which may result in losses","page_number":7,"box":{"x":81,"y":359,"width":848,"height":11}},{"id":"c56fb2a9-e360-4eed-89ac-55a4b7e860b2","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":374,"width":806,"height":11}},{"id":"06ec18b5-3123-4449-b3e8-3d9b55a86c42","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":389,"width":807,"height":11}},{"id":"ffa761cf-f9f8-4a4e-b74d-462c954d2d95","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":403,"width":846,"height":12}},{"id":"5fb7baf2-7d41-418c-8b03-13c16fb8ab57","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":418,"width":836,"height":11}},{"id":"6b037f87-1910-47a6-8f5a-7ccbec28547b","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":433,"width":474,"height":11}},{"id":"e918b802-8c82-407c-ac9a-fc00d18b917d","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":453,"width":189,"height":9}},{"id":"b5dc2069-9a6b-4872-8a28-accfefbbe672","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":453,"width":636,"height":11}},{"id":"93d977a3-84e8-406e-8ad8-a7ca7e8988fc","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":468,"width":824,"height":11}},{"id":"2e10c413-3048-4d53-a13d-1a7f1319fc5b","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":483,"width":806,"height":11}},{"id":"ad6b3952-a88e-445e-87ee-491b7a4d36d6","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":497,"width":842,"height":12}},{"id":"a2e87c8a-c900-42f1-a20f-7cf087ad5544","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":512,"width":781,"height":12}},{"id":"62cdcec1-3636-4afa-b3d8-0810904f9b7d","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":527,"width":812,"height":12}},{"id":"4a134f54-245f-4e02-9bad-0e6b64730711","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":542,"width":129,"height":12}},{"id":"180653d8-e1b7-4c3e-9dc5-0086e2117f6f","block_type":"box","text":"Risk of Investing in the United States","page_number":7,"box":{"x":81,"y":562,"width":283,"height":11}},{"id":"2b8075e8-c588-44b2-bed2-9740dc52e74b","block_type":"box","text":"—","page_number":7,"box":{"x":369,"y":567,"width":17,"height":1}},{"id":"b275a34c-2a4b-43d2-a80f-836b6e63a445","block_type":"box","text":"Cer tain changes in the U.S. economy, such as when the U.S. economy","page_number":7,"box":{"x":391,"y":562,"width":518,"height":12}},{"id":"9fd14dff-b7e7-4599-8b50-78f5dbf70c9f","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":7,"box":{"x":80,"y":577,"width":847,"height":11}},{"id":"4fbfab4a-d18e-497c-9ea0-10cf69d1142b","block_type":"box","text":"exposure.","page_number":7,"box":{"x":81,"y":594,"width":70,"height":9}},{"id":"d9a8054f-e17c-410a-9773-5751147eb728","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":7,"box":{"x":81,"y":612,"width":327,"height":11}},{"id":"14159182-6211-41e8-88df-8a8d37da0d0c","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":7,"box":{"x":412,"y":612,"width":461,"height":11}},{"id":"ecdfaa83-45a2-4481-926c-71f3b1f3c559","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":7,"box":{"x":82,"y":626,"width":808,"height":12}},{"id":"dd7d9fac-5f51-43fa-8886-89cc38cb5b59","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":7,"box":{"x":82,"y":641,"width":833,"height":12}},{"id":"09da53f9-ac57-47d7-a015-54acf174c029","block_type":"box","text":"smaller companies, which tend to be less well known, have shor ter operating histories, do not have significant","page_number":7,"box":{"x":81,"y":656,"width":812,"height":12}},{"id":"3d1e58bb-3f8f-40f8-9934-a76807f1bfdf","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":7,"box":{"x":81,"y":671,"width":603,"height":11}},{"id":"7d16a5a1-48b2-40e4-b48b-6b41605d57c7","block_type":"box","text":"Supranational Entities Risk","page_number":7,"box":{"x":81,"y":691,"width":205,"height":11}},{"id":"1b61060b-f4d2-48e0-ab3b-733c532a9068","block_type":"box","text":"— The Fund may invest in obligations issued or guaranteed by the World Bank. The","page_number":7,"box":{"x":290,"y":691,"width":610,"height":11}},{"id":"9eaf35c6-433a-4fb6-8193-73bf922ce3df","block_type":"box","text":"government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many","page_number":7,"box":{"x":81,"y":706,"width":834,"height":11}},{"id":"51c2d6ab-a5bd-4c80-9724-aa9895ef3cc0","block_type":"box","text":"cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.","page_number":7,"box":{"x":81,"y":720,"width":830,"height":12}},{"id":"fb1fe3ee-6ade-4907-9e99-b07362e81148","block_type":"box","text":"There is no guarantee that one or more stockholders of the World Bank will continue to make any necessary","page_number":7,"box":{"x":81,"y":735,"width":795,"height":12}},{"id":"976b2b4c-6049-4f80-ba07-df9ce34d2859","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":7,"box":{"x":81,"y":750,"width":855,"height":12}},{"id":"6cea2b04-5eae-48ab-bdbb-26391b4dab8a","block_type":"box","text":"principal on its debt securities, and the Fund may lose money on such investments.","page_number":7,"box":{"x":82,"y":765,"width":612,"height":11}},{"id":"ba41c818-45a6-4b11-9430-84117f897331","block_type":"box","text":"U.S. Government Issuer Risk","page_number":7,"box":{"x":82,"y":785,"width":215,"height":9}},{"id":"4b0ddc32-5efa-4816-80e4-2ebfcb215d37","block_type":"box","text":"—","page_number":7,"box":{"x":302,"y":790,"width":17,"height":1}},{"id":"712f19c9-fbfc-43de-bbb6-66d8759bdd99","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":7,"box":{"x":323,"y":785,"width":612,"height":12}},{"id":"9245b4af-8344-4ca4-a8af-8c69f2e5b0c5","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying","page_number":7,"box":{"x":81,"y":800,"width":797,"height":11}},{"id":"1b9b5010-b8d3-411d-99d2-89b957574541","block_type":"box","text":"degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can","page_number":7,"box":{"x":81,"y":815,"width":850,"height":11}},{"id":"b4054420-79ef-459d-bae6-c1e87f7bf446","block_type":"box","text":"be given that the U.S. Government will provide financial suppor t to its agencies and authorities if it is not obligated","page_number":7,"box":{"x":81,"y":829,"width":843,"height":12}},{"id":"acce2e65-ecf0-4e50-b009-cb25b012fd79","block_type":"box","text":"by law to do so.","page_number":7,"box":{"x":81,"y":845,"width":114,"height":11}},{"id":"071570f9-b64e-40af-ac8b-9fcd0563cae6","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":947,"width":8,"height":9}},{"id":"c24f7736-e894-4d88-b6bb-ff836831d8ad","block_type":"box","text":"NM1026U-5972605-7/12","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"002f44b4-4e7a-42f0-9b5a-dc5301f6ccbf","block_type":"box","text":"Performance Information","page_number":8,"box":{"x":61,"y":43,"width":224,"height":11}},{"id":"23a210cb-39f9-4f96-86cc-06d6dbc3edcf","block_type":"box","text":"The information shows you how the Fund’s per formance has varied year by year and provides some indication of the","page_number":8,"box":{"x":60,"y":69,"width":855,"height":11}},{"id":"701d1980-db2d-47bb-9ca5-7547f9578579","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s per formance to that of the MSCI All Country World Index","page_number":8,"box":{"x":61,"y":84,"width":868,"height":11}},{"id":"42c8faa9-3d33-4fb3-b6b3-c799e4713dff","block_type":"box","text":"(Net). To the extent that dividends and distributions have been paid by the Fund, the per formance information for the","page_number":8,"box":{"x":61,"y":98,"width":858,"height":12}},{"id":"2fd40b12-fc37-4c2c-bfb6-2722e7c85829","block_type":"box","text":"Fund in the char t and table assumes reinvestment of the dividends and distributions. As with all such investments,","page_number":8,"box":{"x":62,"y":113,"width":844,"height":11}},{"id":"e5f7a88e-5224-4418-ad43-0b63ccb46e12","block_type":"box","text":"past per formance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the","page_number":8,"box":{"x":62,"y":128,"width":864,"height":12}},{"id":"d77a002b-8b62-4e2f-ba5b-bd90399a9f67","block_type":"box","text":"bar char t. If they were, returns would be less than those shown. However, the table includes all applicable fees and","page_number":8,"box":{"x":61,"y":143,"width":849,"height":11}},{"id":"8b8f0a52-fdf0-4774-aa1b-4b2f7a095204","block_type":"box","text":"sales charges. If the Fund’s investment manager and its affiliates had not waived or reimbursed cer tain Fund","page_number":8,"box":{"x":61,"y":158,"width":803,"height":11}},{"id":"129cf70f-3870-4781-a4ec-7d9e500896d0","block_type":"box","text":"expenses during these periods, the Fund’s returns would have been lower. Updated information on the Fund’s","page_number":8,"box":{"x":61,"y":173,"width":807,"height":11}},{"id":"0d4b191d-dca0-4450-8ec2-6ea5c215d68c","block_type":"box","text":"per formance, including its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained","page_number":8,"box":{"x":62,"y":187,"width":861,"height":12}},{"id":"e951d3ba-0ead-4ce7-8b2f-d064350e52cb","block_type":"box","text":"by phone at 800-882-0052.","page_number":8,"box":{"x":61,"y":202,"width":202,"height":12}},{"id":"e74413e1-5bb1-4e2d-8744-b065c7eefe85","block_type":"box","text":"Investor A Shares","page_number":8,"box":{"x":427,"y":225,"width":144,"height":10}},{"id":"c9ffd290-67af-44d0-aa27-822a8d72e86a","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":8,"box":{"x":392,"y":241,"width":212,"height":10}},{"id":"f489927f-046e-409a-b04c-7bd5e53ea2a3","block_type":"box","text":"BlackRock Global Dividend Portfolio","page_number":8,"box":{"x":350,"y":258,"width":298,"height":10}},{"id":"f48d8c0a-5575-4a14-95c5-3d7c535742f6","block_type":"box","text":"As of 12/31","page_number":8,"box":{"x":447,"y":274,"width":103,"height":12}},{"id":"73e5db17-5d57-475b-8019-92f2dfa81d3a","block_type":"box","text":"5.68%","page_number":8,"box":{"x":295,"y":365,"width":37,"height":7}},{"id":"bcdbb296-fa75-48a4-ab15-fafd8cff4a2f","block_type":"box","text":"19.54%","page_number":8,"box":{"x":340,"y":322,"width":44,"height":7}},{"id":"13175c87-bfeb-4531-8b61-da277cd29efb","block_type":"box","text":"-10.70%","page_number":8,"box":{"x":385,"y":431,"width":49,"height":7}},{"id":"94b6b117-2935-4d68-84f0-040163a0fd16","block_type":"box","text":"22.43%","page_number":8,"box":{"x":436,"y":313,"width":45,"height":7}},{"id":"f48b5146-e380-4ca6-90a0-1ef2b3ca6f19","block_type":"box","text":"6.67%","page_number":8,"box":{"x":488,"y":362,"width":37,"height":7}},{"id":"0bf891c0-2e84-4ab4-a9da-be3539c2b1f8","block_type":"box","text":"17.46%","page_number":8,"box":{"x":532,"y":328,"width":45,"height":7}},{"id":"784307b0-3107-4eac-824a-a3512ae809a6","block_type":"box","text":"-13.93%","page_number":8,"box":{"x":578,"y":441,"width":49,"height":7}},{"id":"21b13402-60d9-448a-b79c-0b6b8ea35bc6","block_type":"box","text":"16.28%","page_number":8,"box":{"x":629,"y":332,"width":44,"height":7}},{"id":"8f6a3ef1-03c7-4739-ada6-bce69aa87fcd","block_type":"box","text":"9.48%","page_number":8,"box":{"x":681,"y":353,"width":36,"height":7}},{"id":"659ece04-4379-4a90-97fd-d4933bd37de2","block_type":"box","text":"18.98%","page_number":8,"box":{"x":725,"y":323,"width":45,"height":8}},{"id":"5a434455-ed36-421e-9f53-4ac075d401c6","block_type":"box","text":"-20%","page_number":8,"box":{"x":237,"y":452,"width":28,"height":8}},{"id":"8bf86055-bc88-4af4-abf9-cb3bea79c218","block_type":"box","text":"-10%","page_number":8,"box":{"x":237,"y":421,"width":28,"height":7}},{"id":"963a29b1-6e29-4f0f-8a2c-262fb3e86292","block_type":"box","text":"0%","page_number":8,"box":{"x":248,"y":390,"width":17,"height":7}},{"id":"bf29a6c8-e16b-48bc-9414-191cedbede7f","block_type":"box","text":"10%","page_number":8,"box":{"x":241,"y":359,"width":24,"height":7}},{"id":"7b14423d-830e-45d4-8321-720e9d592239","block_type":"box","text":"20%","page_number":8,"box":{"x":240,"y":328,"width":25,"height":7}},{"id":"853688d4-2dd0-49ac-82b7-7b6004680571","block_type":"box","text":"30%","page_number":8,"box":{"x":240,"y":297,"width":25,"height":7}},{"id":"13497e4f-b947-4615-b86a-aaba5990aa39","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":8,"box":{"x":298,"y":462,"width":465,"height":7}},{"id":"4425cdfd-0ef0-4d03-8634-42c98d39b8f2","block_type":"box","text":"During the ten-year period shown in the bar char t, the highest return for a quar ter was 13.27% (quar ter ended","page_number":8,"box":{"x":62,"y":483,"width":806,"height":11}},{"id":"b2d09452-fce3-4736-aa62-37d84bd1bf90","block_type":"box","text":"December 31, 2022) and the lowest return for a quar ter was -20.22% (quar ter ended March 31, 2020). The year-to","page_number":8,"box":{"x":62,"y":497,"width":853,"height":12}},{"id":"fc9d9a46-79d4-4a12-a655-484075dbf1d1","block_type":"box","text":"date return as of June 30, 2026 was 8.98%.","page_number":8,"box":{"x":61,"y":512,"width":327,"height":11}},{"id":"fcb7aca8-a4c5-4477-847e-beb0646375b3","block_type":"box","text":"For the periods ended 12/31/25","page_number":8,"box":{"x":70,"y":541,"width":223,"height":10}},{"id":"9c8eb1ef-8e46-4817-b2e2-db7bf476c891","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":8,"box":{"x":69,"y":553,"width":854,"height":10}},{"id":"5c81249d-38d9-4ae1-8077-76b5bd9c975f","block_type":"box","text":"BlackRock Global Dividend Por tfolio — Investor A Shares","page_number":8,"box":{"x":70,"y":571,"width":375,"height":8}},{"id":"8a7f8df5-746f-45a0-9131-b1c113a26fc6","block_type":"box","text":"Return Before Taxes 12.74% 7.73% 7.89%","page_number":8,"box":{"x":85,"y":583,"width":840,"height":9}},{"id":"ee712c66-c642-4cab-9432-71040d6daa42","block_type":"box","text":"Return After Taxes on Distributions 7.83% 5.07% 5.90%","page_number":8,"box":{"x":85,"y":596,"width":840,"height":9}},{"id":"ccddfda4-2e9e-4b19-8b8c-17639d44746e","block_type":"box","text":"Return After Taxes on Distributions","page_number":8,"box":{"x":85,"y":609,"width":228,"height":9}},{"id":"db4d01e1-b31f-4978-9864-c31bc9686a35","block_type":"box","text":"and Sale of Fund Shares 10.50% 5.59% 5.98%","page_number":8,"box":{"x":85,"y":621,"width":840,"height":8}},{"id":"4fd25b08-87a8-41fb-ad42-7450c3e7f9f3","block_type":"box","text":"BlackRock Global Dividend Por tfolio — Investor C Shares","page_number":8,"box":{"x":70,"y":639,"width":376,"height":8}},{"id":"b0dcd47d-00b0-4ae2-a8aa-8149e56e1dcb","block_type":"box","text":"Return Before Taxes 17.01% 8.02% 7.81%","page_number":8,"box":{"x":85,"y":652,"width":840,"height":8}},{"id":"7168e2a9-2f0a-4862-9f78-c9e8a664e0a5","block_type":"box","text":"BlackRock Global Dividend Por tfolio — Institutional Shares","page_number":8,"box":{"x":70,"y":670,"width":387,"height":8}},{"id":"7a2fdfa3-44d4-4dc7-b9df-2ba8d1748754","block_type":"box","text":"Return Before Taxes 19.28% 9.18% 8.76%","page_number":8,"box":{"x":85,"y":683,"width":840,"height":8}},{"id":"0c4968ba-3a49-4420-97b0-4c98adbaba80","block_type":"box","text":"MSCI All Country World Index (Net)","page_number":8,"box":{"x":70,"y":701,"width":227,"height":10}},{"id":"5ee09e72-afbc-4700-a1bf-8aa06b458d25","block_type":"box","text":"1","page_number":8,"box":{"x":298,"y":701,"width":4,"height":4}},{"id":"c7175d3f-7fee-4c95-ad9b-a4a72ac741fd","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes,","page_number":8,"box":{"x":69,"y":714,"width":337,"height":10}},{"id":"7245856a-f818-4acd-b18d-d6fbcc9cc330","block_type":"box","text":"except for withholding taxes on reinvested dividends) 22.34% 11.19% 11.72%","page_number":8,"box":{"x":69,"y":728,"width":856,"height":10}},{"id":"a89e5596-5ff1-4a25-b0f2-27246308803e","block_type":"box","text":"1","page_number":8,"box":{"x":61,"y":748,"width":3,"height":3}},{"id":"f4cc78e8-02b0-46dd-a70d-715474e1b0d0","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":8,"box":{"x":69,"y":747,"width":819,"height":10}},{"id":"a2dae214-d043-4380-9db4-b24c4538cfec","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":8,"box":{"x":61,"y":758,"width":870,"height":9}},{"id":"99cee7fb-d5a7-42a9-ad40-3e7e124b53f2","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":8,"box":{"x":60,"y":768,"width":862,"height":9}},{"id":"9de9d307-2e33-4edc-8438-dcd319079c2f","block_type":"box","text":"the case, index per formance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":8,"box":{"x":60,"y":778,"width":834,"height":10}},{"id":"94042d31-f864-49c0-843b-1fc71ac21bd5","block_type":"box","text":"per formance information for the MSCI All Country World Index, please see the Fund’s Statement of Additional Information.","page_number":8,"box":{"x":61,"y":789,"width":718,"height":9}},{"id":"836a70a1-20a2-4577-b18d-f75c5b7462d6","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":8,"box":{"x":60,"y":814,"width":840,"height":12}},{"id":"cd4bbd16-5395-4318-a264-82b56e65f758","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":8,"box":{"x":61,"y":829,"width":835,"height":11}},{"id":"77a13320-8d1a-4379-b670-35cdd4c9e1ad","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":8,"box":{"x":61,"y":844,"width":851,"height":11}},{"id":"1f85ce04-b014-4ae1-9a07-899c300cddb9","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":8,"box":{"x":60,"y":858,"width":840,"height":12}},{"id":"53347f77-4a36-4129-80e0-740429ac48f2","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.","page_number":8,"box":{"x":62,"y":873,"width":700,"height":12}},{"id":"0253bc75-61b6-4098-bd2c-3852d344e7cd","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":947,"width":9,"height":9}},{"id":"fd696e2b-cbae-4167-9df5-7adc8deb3e04","block_type":"box","text":"NM1026U-5972605-8/12","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"362ea648-ac32-4a74-821d-55ceb0bb730f","block_type":"box","text":"Investment Manager","page_number":9,"box":{"x":62,"y":43,"width":187,"height":13}},{"id":"ecdb9b64-c64b-4568-9b1b-dd6d75ebc4ad","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":9,"box":{"x":60,"y":69,"width":832,"height":11}},{"id":"e1c4838f-d4bd-46c1-8cf8-017257ebf0a0","block_type":"box","text":"adviser is BlackRock International Limited. Where applicable, the use of the term BlackRock also refers to the Fund’s","page_number":9,"box":{"x":61,"y":84,"width":862,"height":11}},{"id":"a627d113-6664-4f2f-b544-cf139c400729","block_type":"box","text":"sub-adviser.","page_number":9,"box":{"x":61,"y":99,"width":85,"height":9}},{"id":"c28c4cad-a71d-49be-a52a-14599febb5f3","block_type":"box","text":"Portfolio Managers","page_number":9,"box":{"x":61,"y":137,"width":173,"height":14}},{"id":"17eb37b0-ebeb-40de-9c27-e6b2936b4e25","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":70,"y":181,"width":121,"height":11}},{"id":"8d14c167-25a8-42c9-9899-79a16fee49ee","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":362,"y":170,"width":121,"height":10}},{"id":"6a39c790-9413-4ffa-ae2e-71f3b449f5fb","block_type":"box","text":"of the Fund Since Title","page_number":9,"box":{"x":364,"y":181,"width":426,"height":9}},{"id":"5ac38608-33b8-4e9b-9e52-3d1b063bf2c9","block_type":"box","text":"Zeshan Azam 2026 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":199,"width":826,"height":11}},{"id":"5bae3eeb-704f-4b18-9b73-a2961d0d2930","block_type":"box","text":"Wendy Agnew, CFA 2026 Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":217,"width":758,"height":11}},{"id":"6fd4ee90-d9c9-425d-9932-1370e802201e","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":9,"box":{"x":61,"y":258,"width":309,"height":11}},{"id":"22f32305-eeae-4389-a07c-8e7b143f0cd5","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":9,"box":{"x":60,"y":284,"width":857,"height":12}},{"id":"497939df-0218-4e72-97f0-a320832869d7","block_type":"box","text":"shares you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should contact","page_number":9,"box":{"x":61,"y":299,"width":873,"height":12}},{"id":"a6924b3a-8d91-4b61-921e-96484a0f61dd","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds II, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":9,"box":{"x":60,"y":314,"width":847,"height":11}},{"id":"07bde4e4-1a27-430c-bcb2-770b288e27cc","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":9,"box":{"x":62,"y":329,"width":827,"height":11}},{"id":"6c5c4c54-c82f-4253-aab2-a66f3cb7de07","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":9,"box":{"x":60,"y":343,"width":696,"height":12}},{"id":"fa9ee5cd-3e07-40e5-8a4e-ee32d6716d78","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":9,"box":{"x":232,"y":372,"width":480,"height":7}},{"id":"a458b447-e20c-4f6c-9211-f85b8e2f4ae6","block_type":"box","text":"Minimum Initial","page_number":9,"box":{"x":61,"y":389,"width":104,"height":8}},{"id":"44bf8ec5-ebca-4e57-b5e4-b5c85341f8cb","block_type":"box","text":"Investment","page_number":9,"box":{"x":61,"y":403,"width":75,"height":8}},{"id":"56c2d115-a7eb-4c79-a334-de931a3b999f","block_type":"box","text":"$1,000 for all accounts except:","page_number":9,"box":{"x":232,"y":388,"width":207,"height":11}},{"id":"93f6e3a4-96c9-475c-89fb-560487343ff2","block_type":"box","text":"•","page_number":9,"box":{"x":235,"y":405,"width":4,"height":3}},{"id":"93ad9738-1ade-40a2-bd20-bcaaa460778c","block_type":"box","text":"$50, if establishing an Automatic Investment","page_number":9,"box":{"x":243,"y":402,"width":296,"height":11}},{"id":"53504317-e1dd-4c57-993f-c20939d0e48f","block_type":"box","text":"Plan.","page_number":9,"box":{"x":243,"y":416,"width":30,"height":8}},{"id":"0e67a48e-5168-4c7b-ab7c-23ecea8f8c5c","block_type":"box","text":"•","page_number":9,"box":{"x":235,"y":432,"width":4,"height":3}},{"id":"76dd43c9-a2f0-47ed-b3d5-7a1a213d4bc0","block_type":"box","text":"There is no investment minimum for employer","page_number":9,"box":{"x":242,"y":429,"width":306,"height":11}},{"id":"dd48d9d7-1b33-4b55-9fae-0b18f8021272","block_type":"box","text":"sponsored retirement plans (not including 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