{"annotation_id":"54826d6f-46d2-4f89-90f6-d6282991beb0","file_hash":"2718786291de916e6a597cea8b05229560e3bdce1dcb3d2960c1a70c99a1a7e9","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"98bd7673-ec1a-45c3-a8cc-2e5ae0649eb4","block_type":"box","text":"SEPTEMBER 28, 2026","page_number":1,"box":{"x":754,"y":47,"width":184,"height":11}},{"id":"b4208929-c711-466f-aed8-38f6a93f0dbf","block_type":"box","text":"Prospectus","page_number":1,"box":{"x":106,"y":175,"width":259,"height":32}},{"id":"e684ae68-2e51-4393-8994-eade200141a0","block_type":"box","text":"BlackRock Series, Inc.","page_number":1,"box":{"x":63,"y":297,"width":178,"height":11}},{"id":"359fffc2-4d14-4936-993f-eb581f91b20d","block_type":"box","text":"|","page_number":1,"box":{"x":251,"y":296,"width":3,"height":11}},{"id":"2cf617bb-68a4-48c1-bc52-d34b42dc7abf","block_type":"box","text":"Investor, Institutional and Class R Shares","page_number":1,"box":{"x":265,"y":297,"width":335,"height":11}},{"id":"c3a921af-8d9d-484d-9b08-c5977732243a","block_type":"box","text":"•","page_number":1,"box":{"x":63,"y":325,"width":6,"height":4}},{"id":"ccf33969-3a90-41e1-95a6-1b8ee58b9bf3","block_type":"box","text":"BlackRock International Fund","page_number":1,"box":{"x":84,"y":321,"width":243,"height":10}},{"id":"2f418135-595d-4b80-b531-1c80ef225408","block_type":"box","text":"Investor A: MDILX","page_number":1,"box":{"x":84,"y":339,"width":112,"height":7}},{"id":"ed3f066a-6056-48c8-8579-4a9d9427ccdf","block_type":"box","text":"•","page_number":1,"box":{"x":199,"y":341,"width":3,"height":3}},{"id":"786505ca-389e-43d5-a2c2-1c4a2fdab8e6","block_type":"box","text":"Investor C: MCILX","page_number":1,"box":{"x":207,"y":339,"width":112,"height":7}},{"id":"3f6b6051-eae3-44e5-969f-023395578bf2","block_type":"box","text":"•","page_number":1,"box":{"x":323,"y":341,"width":3,"height":3}},{"id":"195415fc-a966-4b27-9719-c42148469bb0","block_type":"box","text":"Institutional: MAILX","page_number":1,"box":{"x":331,"y":339,"width":124,"height":7}},{"id":"6e90998b-d7ae-4b86-a955-5eb753001233","block_type":"box","text":"•","page_number":1,"box":{"x":459,"y":341,"width":3,"height":3}},{"id":"bbb8081f-c61a-471a-815d-ad549680ffeb","block_type":"box","text":"Class R: BIFRX","page_number":1,"box":{"x":467,"y":339,"width":90,"height":7}},{"id":"1ddfeb49-91a2-4000-9b45-4cbb55d787bc","block_type":"box","text":"This Prospectus contains information you should know before investing, including information about risks.","page_number":1,"box":{"x":63,"y":834,"width":741,"height":11}},{"id":"7affad56-4ea6-48eb-abb5-be58d10e56e7","block_type":"box","text":"Please read it before you invest and keep it for future reference.","page_number":1,"box":{"x":63,"y":850,"width":438,"height":10}},{"id":"130bfad9-76a5-4bf8-be9b-25d815bf847f","block_type":"box","text":"The Securities and Exchange Commission has not approved or disapproved these securities or passed upon","page_number":1,"box":{"x":63,"y":870,"width":749,"height":11}},{"id":"5a60e163-9c14-4269-b3fe-9e43eafd1ab1","block_type":"box","text":"the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.","page_number":1,"box":{"x":63,"y":886,"width":615,"height":10}},{"id":"7af9fa92-edcc-43dc-af20-26488da62c20","block_type":"box","text":"Not FDIC Insured","page_number":1,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"782368c5-1daa-4123-b3b0-c448af01e66a","block_type":"box","text":"•","page_number":1,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"fc6b11e9-83a6-4f5e-a3de-32746e1991ee","block_type":"box","text":"May Lose Value","page_number":1,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"fa55c978-2be3-42e9-bb15-ad0be400ade8","block_type":"box","text":"•","page_number":1,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"67012424-31d2-4d37-8ab0-3f1c96ca8215","block_type":"box","text":"No Bank Guarantee","page_number":1,"box":{"x":344,"y":916,"width":127,"height":8}},{"id":"426c988f-d985-4ef7-8b39-e5c7708f200d","block_type":"box","text":"NM0926U-5975797-1/72","page_number":1,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5ce38ea4-fe7d-4ab7-b89b-ba6ef16cd6cf","block_type":"box","text":"Table of Contents","page_number":2,"box":{"x":371,"y":82,"width":255,"height":18}},{"id":"45fd5db4-43a8-4019-9770-53eaf72dea1d","block_type":"box","text":"Fund Overview","page_number":2,"box":{"x":190,"y":136,"width":155,"height":13}},{"id":"af8cd9fb-9ed9-44e0-b4d8-438ac095bb91","block_type":"box","text":"Key facts and details about the Fund, including investment objective,","page_number":2,"box":{"x":361,"y":140,"width":503,"height":11}},{"id":"a358eb3e-f6eb-461c-ae93-4b03c4c5781c","block_type":"box","text":"principal investment strategies, principal risk factors, fee and expense","page_number":2,"box":{"x":360,"y":155,"width":517,"height":11}},{"id":"952e4ce7-eb2f-423e-80fd-6a9f422ffcaf","block_type":"box","text":"information and historical per formance information","page_number":2,"box":{"x":361,"y":169,"width":374,"height":12}},{"id":"319014db-af46-4537-800b-95d554431e5e","block_type":"box","text":"Investment Objective .............................................................................. 3","page_number":2,"box":{"x":361,"y":185,"width":577,"height":11}},{"id":"8b985c26-aa8e-4296-b757-57858dda59d0","block_type":"box","text":"Fees and Expenses of the Fund ............................................................... 3","page_number":2,"box":{"x":361,"y":200,"width":577,"height":12}},{"id":"d5a66e08-d35d-4482-864b-10cf49be7bbb","block_type":"box","text":"Principal Investment Strategies of the Fund .............................................. 4","page_number":2,"box":{"x":360,"y":216,"width":577,"height":11}},{"id":"99425b31-2a5b-40ff-a2d2-2a97409c55b9","block_type":"box","text":"Principal Risks of Investing in the Fund .................................................... 5","page_number":2,"box":{"x":360,"y":231,"width":578,"height":12}},{"id":"001a2eba-6625-4f85-b127-be1eca4e9f1f","block_type":"box","text":"Per formance Information ........................................................................ 8","page_number":2,"box":{"x":360,"y":247,"width":578,"height":9}},{"id":"2ed22f46-cc25-456e-9012-1b225c04b598","block_type":"box","text":"Investment Manager ............................................................................... 9","page_number":2,"box":{"x":361,"y":262,"width":577,"height":12}},{"id":"eaeb848f-88c0-4f7f-9cb6-677a194ae182","block_type":"box","text":"Por tfolio Managers ................................................................................. 9","page_number":2,"box":{"x":360,"y":278,"width":578,"height":11}},{"id":"62497f63-e228-4906-935c-ccaa0c820ba9","block_type":"box","text":"Purchase and Sale of Fund Shares .......................................................... 10","page_number":2,"box":{"x":360,"y":293,"width":578,"height":9}},{"id":"a1e672b9-3098-4f38-bfe0-ad166f9b67bc","block_type":"box","text":"Tax Information....................................................................................... 11","page_number":2,"box":{"x":361,"y":309,"width":576,"height":9}},{"id":"c9a6c77d-94d1-4624-b2b8-7ba691db7859","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries ................ 11","page_number":2,"box":{"x":360,"y":324,"width":577,"height":12}},{"id":"3a39a31d-d834-4d5e-8862-277cb69ccfa4","block_type":"box","text":"Details About the Fund","page_number":2,"box":{"x":102,"y":348,"width":242,"height":12}},{"id":"7d139160-bbb6-4283-b7df-d7c108a817b7","block_type":"box","text":"Information about how the Fund invests, including investment objective,","page_number":2,"box":{"x":361,"y":351,"width":524,"height":12}},{"id":"a77922ab-a51f-47e1-95e5-0022ff87759f","block_type":"box","text":"investment process, principal strategies and risk factors","page_number":2,"box":{"x":361,"y":366,"width":412,"height":12}},{"id":"53a82412-30bd-4e06-b120-3b7680ea196a","block_type":"box","text":"How the Fund Invests.............................................................................. 12","page_number":2,"box":{"x":361,"y":382,"width":577,"height":9}},{"id":"7b0abb2d-8c65-4e8b-8ca5-9ed1d2cd51ef","block_type":"box","text":"Investment Risks.................................................................................... 14","page_number":2,"box":{"x":361,"y":397,"width":576,"height":9}},{"id":"c5c52cdb-48d5-46af-b67e-1f4262c30b5f","block_type":"box","text":"Account Information","page_number":2,"box":{"x":128,"y":420,"width":215,"height":13}},{"id":"e8fb9063-fbae-4035-bad6-edbf0fcccd1c","block_type":"box","text":"Information about account services, sales charges and waivers,","page_number":2,"box":{"x":361,"y":424,"width":468,"height":12}},{"id":"674330a5-4d55-4483-85bd-78fef645a59d","block_type":"box","text":"shareholder transactions, and distribution and other payments","page_number":2,"box":{"x":360,"y":439,"width":459,"height":11}},{"id":"bcfa50da-63bb-4e9b-ba87-66ff503675dd","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs ...................... 27","page_number":2,"box":{"x":361,"y":454,"width":577,"height":10}},{"id":"37b8a1a3-a600-4f2e-82eb-8185c019af1a","block_type":"box","text":"Details About the Share Classes ............................................................. 31","page_number":2,"box":{"x":361,"y":470,"width":576,"height":9}},{"id":"07b59bd6-3e7d-47e8-a671-7aab0269c63f","block_type":"box","text":"Distribution and Shareholder Servicing Payments...................................... 36","page_number":2,"box":{"x":361,"y":485,"width":577,"height":12}},{"id":"df6afe98-6d3b-464f-a448-30ed27912672","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares ....................................... 37","page_number":2,"box":{"x":361,"y":501,"width":577,"height":11}},{"id":"452d8ad1-a7ac-4c64-88d6-9acc4e4d54d9","block_type":"box","text":"Account Services and Privileges .............................................................. 42","page_number":2,"box":{"x":359,"y":516,"width":579,"height":12}},{"id":"15f13ab5-1727-4426-917c-e0cb637d253d","block_type":"box","text":"Fund’s Rights ......................................................................................... 44","page_number":2,"box":{"x":361,"y":532,"width":576,"height":11}},{"id":"333fd691-60df-4db4-9743-4a950b5efd7a","block_type":"box","text":"Par ticipation in Fee-Based Programs ........................................................ 44","page_number":2,"box":{"x":360,"y":547,"width":577,"height":12}},{"id":"319b0475-626e-4e21-9748-34acdca5afcd","block_type":"box","text":"Shor t-Term Trading Policy ........................................................................ 45","page_number":2,"box":{"x":361,"y":563,"width":577,"height":11}},{"id":"4553c938-4b3e-4891-8bdf-902c83fa184a","block_type":"box","text":"Management of the Fund","page_number":2,"box":{"x":80,"y":586,"width":264,"height":16}},{"id":"cf68b928-dbf9-4a5a-8815-36a0c01e6c36","block_type":"box","text":"Information about BlackRock and the Por tfolio Managers","page_number":2,"box":{"x":361,"y":590,"width":415,"height":11}},{"id":"c1e94673-0c1c-4a49-a607-0ba94987ec37","block_type":"box","text":"BlackRock .............................................................................................. 46","page_number":2,"box":{"x":361,"y":605,"width":577,"height":9}},{"id":"51b91397-acaa-442c-9351-e8afbabb00c2","block_type":"box","text":"Por tfolio Manager Information ................................................................. 47","page_number":2,"box":{"x":360,"y":621,"width":578,"height":11}},{"id":"8b6562e3-853b-4461-8831-7830c4723eba","block_type":"box","text":"Conflicts of Interest ................................................................................ 47","page_number":2,"box":{"x":361,"y":636,"width":577,"height":9}},{"id":"c26a1ae3-0f60-4479-8a9d-224dc0dbdc4c","block_type":"box","text":"Valuation of Fund Investments ................................................................. 48","page_number":2,"box":{"x":362,"y":652,"width":576,"height":9}},{"id":"55719e11-f3aa-4036-af76-1ab01be710ab","block_type":"box","text":"Dividends, Distributions and Taxes........................................................... 50","page_number":2,"box":{"x":361,"y":667,"width":577,"height":11}},{"id":"f254d6f9-30bb-483a-9edf-53ba70bc2463","block_type":"box","text":"Financial Highlights","page_number":2,"box":{"x":136,"y":691,"width":207,"height":15}},{"id":"da63b2b1-4a79-4d55-95f8-ef0eb3297ce1","block_type":"box","text":"Financial Per formance of the Fund ........................................................... 51","page_number":2,"box":{"x":361,"y":694,"width":576,"height":9}},{"id":"8aa198ad-d864-42eb-a54e-ca8208fbf3ed","block_type":"box","text":"General Information","page_number":2,"box":{"x":136,"y":727,"width":207,"height":12}},{"id":"37bd62ad-8bf0-40c9-9076-d71319913fd5","block_type":"box","text":"Shareholder Documents.......................................................................... 55","page_number":2,"box":{"x":361,"y":730,"width":577,"height":9}},{"id":"4d51f092-0265-448b-b750-4e864eae61a0","block_type":"box","text":"Cer tain Fund Policies .............................................................................. 55","page_number":2,"box":{"x":361,"y":746,"width":577,"height":9}},{"id":"a122588b-4445-4239-925c-984553e2b1ce","block_type":"box","text":"Statement of Additional Information ......................................................... 56","page_number":2,"box":{"x":361,"y":761,"width":577,"height":9}},{"id":"ae08ce77-09e9-4831-8c36-b133b8689ed3","block_type":"box","text":"Glossary","page_number":2,"box":{"x":253,"y":785,"width":92,"height":15}},{"id":"feacf990-5e4e-4415-ac74-c901eb49de26","block_type":"box","text":"Glossary of Investment Terms ................................................................. 57","page_number":2,"box":{"x":361,"y":788,"width":577,"height":12}},{"id":"94837a0c-fb94-4548-be56-c0fa20283a58","block_type":"box","text":"Intermediary-Defined","page_number":2,"box":{"x":126,"y":821,"width":218,"height":16}},{"id":"03d4525d-071c-46ec-8b67-a60663824162","block_type":"box","text":"Sales Charge Waiver","page_number":2,"box":{"x":125,"y":841,"width":220,"height":16}},{"id":"9c885ad4-edff-4e3f-b5d1-58e2e4a5298b","block_type":"box","text":"Policies","page_number":2,"box":{"x":261,"y":862,"width":82,"height":13}},{"id":"5d9d183f-c9e5-40bd-ab1c-76f459dfbb51","block_type":"box","text":"Intermediary-Defined Sales Charge Waiver Policies................................... A-1","page_number":2,"box":{"x":361,"y":824,"width":576,"height":12}},{"id":"08777fb9-4a67-4672-9d9f-b52561247174","block_type":"box","text":"For More Information","page_number":2,"box":{"x":122,"y":889,"width":221,"height":13}},{"id":"f3f3b79f-aec5-4f68-83bf-3c608483d487","block_type":"box","text":"Fund and Service Providers ............................................... Inside Back Cover","page_number":2,"box":{"x":361,"y":893,"width":578,"height":9}},{"id":"12e49d92-57ab-48d5-aed2-d0fba85a743d","block_type":"box","text":"Additional Information....................................................... Back Cover","page_number":2,"box":{"x":359,"y":908,"width":580,"height":9}},{"id":"038e7ffb-507b-4e5a-a47a-dd7633490e46","block_type":"box","text":"NM0926U-5975797-2/72","page_number":2,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"8bcb36bf-2c3d-4a8a-a17c-316ae94d4c45","block_type":"box","text":"Fund Overview","page_number":3,"box":{"x":64,"y":82,"width":315,"height":27}},{"id":"9c7d730d-b534-47f1-813b-f9a4e34fc265","block_type":"box","text":"Key Facts About BlackRock International Fund","page_number":3,"box":{"x":62,"y":156,"width":421,"height":14}},{"id":"f21209d8-cf63-4f45-ab46-7255f8e38222","block_type":"box","text":"Investment Objective","page_number":3,"box":{"x":62,"y":187,"width":191,"height":14}},{"id":"b96fa5ef-f5b9-4032-9c9b-cdd28de5d9dd","block_type":"box","text":"The investment objective of BlackRock International Fund (the “Fund”), a series of BlackRock Series, Inc. (the","page_number":3,"box":{"x":60,"y":213,"width":805,"height":12}},{"id":"99612247-2662-4f48-a1c1-a8e19ca6447e","block_type":"box","text":"“Corporation”), is to seek long-term capital growth through investments primarily in a diversified portfolio of equity","page_number":3,"box":{"x":62,"y":228,"width":836,"height":12}},{"id":"c962ae3c-90fa-4d06-978b-5998c73d1ed5","block_type":"box","text":"securities of companies located outside the United States.","page_number":3,"box":{"x":61,"y":243,"width":431,"height":11}},{"id":"5bcb975c-950f-4855-b05e-07ee33c52efe","block_type":"box","text":"Fees and Expenses of the Fund","page_number":3,"box":{"x":61,"y":282,"width":283,"height":13}},{"id":"9af4365b-eafb-494a-9cc3-b36c16944aaf","block_type":"box","text":"This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Amounts in","page_number":3,"box":{"x":60,"y":308,"width":864,"height":11}},{"id":"3051e35d-3b44-4de3-849a-25be36abb0ad","block_type":"box","text":"the table are rounded to the nearest basis point, which in some cases may be “0.00.”","page_number":3,"box":{"x":60,"y":323,"width":636,"height":11}},{"id":"6d0de393-93d7-4ca3-b86d-8a6c6b6c326e","block_type":"box","text":"You may pay other fees, such","page_number":3,"box":{"x":703,"y":323,"width":219,"height":11}},{"id":"f78ee646-6e6f-4472-a9a9-3e32c7600a2b","block_type":"box","text":"as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker,","page_number":3,"box":{"x":61,"y":338,"width":851,"height":11}},{"id":"2b223fd4-c556-4363-a801-121ee1be19cf","block_type":"box","text":"investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (“BlackRock”) and","page_number":3,"box":{"x":61,"y":353,"width":871,"height":11}},{"id":"1c478ecb-e0d8-47f5-97b8-5f5829eeb983","block_type":"box","text":"its affiliates) (each, a “Financial Intermediary”), which are not reflected in the table and example below.","page_number":3,"box":{"x":61,"y":367,"width":786,"height":12}},{"id":"ee8e0cad-bc7d-4c15-bddf-1d1c264c7aca","block_type":"box","text":"You may","page_number":3,"box":{"x":853,"y":368,"width":61,"height":11}},{"id":"c330bbae-097c-4ce6-8306-b60f9d3ed316","block_type":"box","text":"qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the","page_number":3,"box":{"x":61,"y":381,"width":872,"height":13}},{"id":"7a9283a9-5ce8-487d-8575-b8aa0787eb18","block_type":"box","text":"fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available","page_number":3,"box":{"x":60,"y":397,"width":842,"height":11}},{"id":"0e72a5d5-c85f-4485-b6df-c985c49a20a4","block_type":"box","text":"from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales","page_number":3,"box":{"x":60,"y":412,"width":847,"height":11}},{"id":"b9b7f324-a311-4147-a906-765f9dbee701","block_type":"box","text":"Charge Waiver Policies” sections on pages 31 and A-1, respectively, of the Fund’s prospectus and in the “Purchase of","page_number":3,"box":{"x":61,"y":427,"width":868,"height":11}},{"id":"52ae6392-2740-42ce-93d1-27f030b736ec","block_type":"box","text":"Shares” section on page II-97 of Part II of the Fund’s Statement of Additional Information.","page_number":3,"box":{"x":61,"y":441,"width":660,"height":12}},{"id":"f8afe94c-6bbc-4521-a41c-5e3d57fc3835","block_type":"box","text":"Shareholder Fees","page_number":3,"box":{"x":69,"y":478,"width":116,"height":8}},{"id":"ee29f8ef-13d0-4928-9d8a-0fef043f09ce","block_type":"box","text":"(fees paid directly from your investment)","page_number":3,"box":{"x":69,"y":489,"width":275,"height":11}},{"id":"2805555d-49f9-40dd-b2cc-3bdaf936175a","block_type":"box","text":"Investor A","page_number":3,"box":{"x":571,"y":478,"width":68,"height":8}},{"id":"5e012dc2-9894-47dd-8ccf-e12394f2a62c","block_type":"box","text":"Shares","page_number":3,"box":{"x":581,"y":489,"width":46,"height":9}},{"id":"22c0a7c6-9dcb-490e-b526-9b35441dd84f","block_type":"box","text":"Investor C","page_number":3,"box":{"x":668,"y":478,"width":68,"height":8}},{"id":"3251c175-d056-425f-8a1c-01da373fd767","block_type":"box","text":"Shares","page_number":3,"box":{"x":679,"y":489,"width":46,"height":9}},{"id":"f40c1aa4-a084-4943-b281-2aeabe66e224","block_type":"box","text":"Institutional","page_number":3,"box":{"x":759,"y":478,"width":80,"height":8}},{"id":"5a1e6e18-2da9-4595-9eb3-4e28631aa02c","block_type":"box","text":"Shares","page_number":3,"box":{"x":776,"y":489,"width":46,"height":9}},{"id":"9cd7aaa1-2191-4ecc-89dd-f187e763d5f8","block_type":"box","text":"Class R","page_number":3,"box":{"x":871,"y":478,"width":51,"height":8}},{"id":"b6b1b4e0-2a00-4009-a056-e0c96f861cc1","block_type":"box","text":"Shares","page_number":3,"box":{"x":874,"y":489,"width":46,"height":9}},{"id":"435c8346-bbbd-4cb2-8b00-b6bb6b7551fb","block_type":"box","text":"Maximum Sales Charge (Load) Imposed on Purchases (as a percentage","page_number":3,"box":{"x":70,"y":508,"width":473,"height":10}},{"id":"e644d34c-96f2-4baf-b233-c7c672b73577","block_type":"box","text":"of offering price) 5.25% None None None","page_number":3,"box":{"x":69,"y":521,"width":845,"height":10}},{"id":"936a5787-44b9-4220-bf38-0261f80b2940","block_type":"box","text":"Maximum Deferred Sales Charge (Load) (as a percentage of offering","page_number":3,"box":{"x":70,"y":539,"width":452,"height":10}},{"id":"1d795ed3-01f0-44bf-b254-0b7d4117bdf7","block_type":"box","text":"price or redemption proceeds, whichever is lower) None","page_number":3,"box":{"x":70,"y":553,"width":552,"height":10}},{"id":"9b5caba0-6fc9-4013-9187-cb06e056c4b5","block_type":"box","text":"1","page_number":3,"box":{"x":623,"y":553,"width":4,"height":4}},{"id":"d2e74dab-397d-453c-9e54-c690f1881892","block_type":"box","text":"1.00%","page_number":3,"box":{"x":689,"y":553,"width":41,"height":8}},{"id":"7c3f5b96-aa47-45ba-9c86-612e1acf9d6b","block_type":"box","text":"2","page_number":3,"box":{"x":731,"y":553,"width":4,"height":4}},{"id":"16f7fbfa-1dbe-4d4a-8b1d-50e39e20ba10","block_type":"box","text":"None None","page_number":3,"box":{"x":784,"y":553,"width":130,"height":8}},{"id":"6247f3a0-86ef-418e-9f1b-5eaa77d33ad9","block_type":"box","text":"Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":578,"width":222,"height":11}},{"id":"81159c8d-e217-4b49-aabc-1bd7b95f349a","block_type":"box","text":"(expenses that you pay each year as a","page_number":3,"box":{"x":69,"y":590,"width":261,"height":10}},{"id":"3df20fd0-07cc-4747-bd76-08b6032f2716","block_type":"box","text":"percentage of the value of your investment)","page_number":3,"box":{"x":70,"y":602,"width":294,"height":10}},{"id":"90ce2c06-63ad-42c2-b890-d469febd9cfb","block_type":"box","text":"Investor A","page_number":3,"box":{"x":571,"y":590,"width":68,"height":8}},{"id":"092dd1a7-ab98-40f6-a552-aac25496b589","block_type":"box","text":"Shares","page_number":3,"box":{"x":581,"y":602,"width":46,"height":8}},{"id":"da685a22-913c-4954-b425-8e8af6140e28","block_type":"box","text":"Investor C","page_number":3,"box":{"x":668,"y":590,"width":68,"height":8}},{"id":"806d1f03-a599-44c0-9009-e36aaa3930cd","block_type":"box","text":"Shares","page_number":3,"box":{"x":679,"y":602,"width":46,"height":8}},{"id":"31890373-31da-4364-8414-72cf31cf00da","block_type":"box","text":"Institutional","page_number":3,"box":{"x":759,"y":590,"width":80,"height":8}},{"id":"be30feb7-0517-4094-8dd3-28ff541c0f11","block_type":"box","text":"Shares","page_number":3,"box":{"x":776,"y":602,"width":46,"height":8}},{"id":"4d956d8b-064d-4a8b-9032-e04e771b0d23","block_type":"box","text":"Class R","page_number":3,"box":{"x":871,"y":590,"width":51,"height":8}},{"id":"302c49a6-c527-4305-a37e-eac9d7f1142f","block_type":"box","text":"Shares","page_number":3,"box":{"x":874,"y":602,"width":46,"height":8}},{"id":"375bb571-657b-4e2a-81d3-054453681c5e","block_type":"box","text":"Management Fee","page_number":3,"box":{"x":70,"y":620,"width":112,"height":10}},{"id":"bf420d58-7f54-44b8-ae0a-15d936702e9f","block_type":"box","text":"3","page_number":3,"box":{"x":183,"y":620,"width":4,"height":4}},{"id":"27f2f2c1-1b57-4988-90d0-502fff777bfd","block_type":"box","text":"0.59% 0.59% 0.59% 0.59%","page_number":3,"box":{"x":591,"y":620,"width":334,"height":8}},{"id":"21b2c207-82e1-49d5-8bba-ef58bbf9e7d4","block_type":"box","text":"Distribution and/or Service (12b-1) Fees 0.25% 1.00% None 0.50%","page_number":3,"box":{"x":70,"y":638,"width":855,"height":10}},{"id":"fe8837c9-b2ee-46a5-88b5-1ed2f7c60cd6","block_type":"box","text":"Other Expenses 0.23% 0.29% 0.18% 0.28%","page_number":3,"box":{"x":69,"y":656,"width":856,"height":10}},{"id":"6a87bfe5-7506-4d8f-bfb2-00d3695ca9da","block_type":"box","text":"Total Annual Fund Operating Expenses 1.07% 1.88% 0.77% 1.37%","page_number":3,"box":{"x":69,"y":674,"width":856,"height":10}},{"id":"018a98bd-1395-49af-ad5e-528bfebab646","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":692,"width":304,"height":10}},{"id":"9a4bcca8-20d9-4c2c-8549-123f113932bf","block_type":"box","text":"3,4","page_number":3,"box":{"x":375,"y":692,"width":11,"height":5}},{"id":"8007cc66-3b67-4b83-a871-16b38f887d24","block_type":"box","text":"(0.17)% (0.23)% (0.12)% (0.22)%","page_number":3,"box":{"x":587,"y":692,"width":343,"height":10}},{"id":"0ee26e88-a046-47e8-af4a-22cc1689f716","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or","page_number":3,"box":{"x":69,"y":710,"width":421,"height":10}},{"id":"52d3d780-ec98-40d2-ab9b-025aedfc4e60","block_type":"box","text":"Expense Reimbursements","page_number":3,"box":{"x":70,"y":724,"width":170,"height":9}},{"id":"617d8a83-c1bf-4c32-b890-0b73e2962836","block_type":"box","text":"3,4","page_number":3,"box":{"x":241,"y":723,"width":11,"height":5}},{"id":"80156c26-5785-49fb-9707-5df0cd0a80e0","block_type":"box","text":"0.90% 1.65% 0.65% 1.15%","page_number":3,"box":{"x":591,"y":723,"width":334,"height":9}},{"id":"03ea012f-e033-4834-8abe-6c42e8827640","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":743,"width":3,"height":4}},{"id":"fe57379c-0c3c-4f18-a08f-6af54862d285","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":743,"width":835,"height":9}},{"id":"feaaa5f1-2c89-4aeb-9453-95d48c825c4c","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":753,"width":718,"height":10}},{"id":"99485812-038e-4a34-9fc7-423e3813a2d3","block_type":"box","text":"2","page_number":3,"box":{"x":61,"y":766,"width":3,"height":4}},{"id":"9f18ad6e-e2f3-4cbf-80ee-1a25a3aaa1d3","block_type":"box","text":"There is no CDSC on Investor C Shares after one year.","page_number":3,"box":{"x":81,"y":766,"width":318,"height":9}},{"id":"b5fc5224-f8e2-428b-83be-0cc1da2b2e7c","block_type":"box","text":"3","page_number":3,"box":{"x":61,"y":779,"width":3,"height":4}},{"id":"43de8b25-8d59-422a-a12f-9b7cc8fe8218","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 46, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":779,"width":837,"height":9}},{"id":"0dcef870-2158-4b11-b46f-f1ee3ae5fa29","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":789,"width":854,"height":10}},{"id":"60d4e738-0e93-42f0-aba3-1124bf790c63","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":800,"width":810,"height":9}},{"id":"a5398165-4fc2-45f7-9aa6-bb711d7dd8dd","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":3,"box":{"x":81,"y":810,"width":832,"height":9}},{"id":"66eecb38-27c4-40cd-a80c-73f9a69cb6e4","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":3,"box":{"x":81,"y":820,"width":847,"height":10}},{"id":"e28e7dd9-f154-417a-88ac-4a279ebc7231","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote","page_number":3,"box":{"x":81,"y":831,"width":849,"height":9}},{"id":"db890547-634c-47ae-9b82-77abc079a5a9","block_type":"box","text":"of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":841,"width":356,"height":9}},{"id":"fb709da4-b269-420a-a402-1eaee0d1d235","block_type":"box","text":"4","page_number":3,"box":{"x":60,"y":854,"width":4,"height":4}},{"id":"10df41ac-18b1-4e48-a2ee-5b944f17b108","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 46, BlackRock has contractually agreed to","page_number":3,"box":{"x":81,"y":854,"width":837,"height":9}},{"id":"cf104b5e-e142-460d-babd-d1b29e7d17bc","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":80,"y":864,"width":771,"height":9}},{"id":"298535cf-11c0-469b-9fb1-24a27f27d997","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.90%","page_number":3,"box":{"x":81,"y":875,"width":844,"height":9}},{"id":"02a658f9-e253-447a-9630-750b8ae78828","block_type":"box","text":"(for Investor A Shares), 1.65% (for Investor C Shares), 0.65% (for Institutional Shares) and 1.15% (for Class R Shares) of average daily net","page_number":3,"box":{"x":81,"y":885,"width":814,"height":9}},{"id":"7a96b7d4-b620-49fb-ab31-e8789564bca9","block_type":"box","text":"assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors","page_number":3,"box":{"x":81,"y":895,"width":847,"height":9}},{"id":"ec9018d4-d6af-4c7c-a2ea-fd37c1fe16cd","block_type":"box","text":"of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":3,"box":{"x":81,"y":905,"width":539,"height":10}},{"id":"c1f26255-fe6b-468f-9ec1-06489d8d46ab","block_type":"box","text":"3","page_number":3,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"3f00eae7-722e-4e83-a206-a28b4d103ab5","block_type":"box","text":"NM0926U-5975797-3/72","page_number":3,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"c9ec1759-fde8-4820-84e0-1dd1ece1d9b4","block_type":"box","text":"Example:","page_number":4,"box":{"x":61,"y":46,"width":74,"height":12}},{"id":"7f0fcaab-b714-4cf6-90bb-7d7dcba61cf7","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":4,"box":{"x":60,"y":62,"width":830,"height":12}},{"id":"a5795db0-169d-4e89-af26-235e540e9368","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":4,"box":{"x":61,"y":77,"width":832,"height":12}},{"id":"f14b9dc4-18ee-4b8c-9dd4-d88633150833","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":4,"box":{"x":61,"y":92,"width":832,"height":11}},{"id":"30672198-533c-416e-a01e-6216af535a33","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":4,"box":{"x":61,"y":107,"width":859,"height":11}},{"id":"c2c8e2ab-b755-4294-b52d-e5b3ec51867d","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":122,"width":436,"height":11}},{"id":"01abff25-21a6-407b-af2c-3cfc5d40edc7","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":150,"width":292,"height":9}},{"id":"5955c49c-d507-42c2-b865-7102fd957ec8","block_type":"box","text":"Investor A Shares $612 $831 $1,069 $1,748","page_number":4,"box":{"x":70,"y":168,"width":848,"height":10}},{"id":"58ae4012-643c-4fc2-ba33-028986aae39d","block_type":"box","text":"Investor C Shares $268 $569 $ 995 $1,970","page_number":4,"box":{"x":70,"y":186,"width":848,"height":10}},{"id":"923a92c6-7d0d-43bf-99d8-568d14f2aa72","block_type":"box","text":"Institutional Shares $ 66 $234 $ 416 $ 943","page_number":4,"box":{"x":70,"y":204,"width":848,"height":10}},{"id":"01f93ed7-ced0-40b3-8c1c-2cd13367f1ef","block_type":"box","text":"Class R Shares $117 $412 $ 729 $1,627","page_number":4,"box":{"x":69,"y":222,"width":849,"height":10}},{"id":"1fb3f319-9a52-4d1e-aaf9-0c3f209318f5","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":254,"width":532,"height":12}},{"id":"72943b9c-8ca6-467a-a23f-54085ae8da85","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":283,"width":292,"height":8}},{"id":"3f02599e-2809-47fd-a0e0-b8e53143c28a","block_type":"box","text":"Investor C Shares $168 $569 $995 $1,970","page_number":4,"box":{"x":70,"y":301,"width":848,"height":10}},{"id":"a9b6c868-dc28-4bfe-aaa5-ff6ede123eaf","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":326,"width":151,"height":10}},{"id":"c4f6607a-8de2-4608-81ed-5899d6a5ea35","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":342,"width":800,"height":12}},{"id":"f80db833-fcf8-448a-9556-34b83d633926","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":4,"box":{"x":62,"y":357,"width":850,"height":12}},{"id":"e0fbfea4-77eb-44aa-9734-a34eff485d4d","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":4,"box":{"x":61,"y":372,"width":870,"height":11}},{"id":"03d80cd2-4a6b-4458-9635-b1204befcfd7","block_type":"box","text":"Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was","page_number":4,"box":{"x":62,"y":387,"width":839,"height":11}},{"id":"2cdb41cf-1c75-495c-b3d7-324d26674501","block_type":"box","text":"66% of the average value of its portfolio.","page_number":4,"box":{"x":61,"y":401,"width":298,"height":12}},{"id":"f6842ead-6aa7-47dc-8736-79fd742393e4","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":440,"width":394,"height":14}},{"id":"ca8e37ad-4068-4f7d-b297-834d050eba50","block_type":"box","text":"The Fund invests primarily in stocks of companies located outside the United States. The Fund may purchase common","page_number":4,"box":{"x":60,"y":467,"width":871,"height":11}},{"id":"e018222a-6277-40c5-bf07-f89964345c16","block_type":"box","text":"stock, preferred stock, convertible securities and other instruments.","page_number":4,"box":{"x":61,"y":481,"width":501,"height":12}},{"id":"0a55b0f0-cfe6-45d7-80a9-55df167d4100","block_type":"box","text":"The Fund will invest at least 75% of its total assets in global equity securities of any market capitalization, selected for","page_number":4,"box":{"x":60,"y":504,"width":873,"height":11}},{"id":"f437efc1-be26-4a62-a545-e3b0942610ec","block_type":"box","text":"their above average return potential. The Fund may invest in securities issued by companies of all sizes but will focus","page_number":4,"box":{"x":60,"y":519,"width":863,"height":11}},{"id":"2655a39a-5b6a-4781-8b84-3502713438f8","block_type":"box","text":"mainly on medium and large capitalization companies. Companies will be located in developed countries of Europe and","page_number":4,"box":{"x":61,"y":534,"width":874,"height":11}},{"id":"2bb5a582-eac5-4533-bf2c-17ad211f4144","block_type":"box","text":"the Far East, and in countries with emerging capital markets anywhere in the world. The Fund may invest up to 25% of","page_number":4,"box":{"x":60,"y":548,"width":868,"height":12}},{"id":"45236abb-bd99-4ee6-825e-eea9243cc6a2","block_type":"box","text":"its total assets in global fixed income securities, including corporate bonds, U.S. Government debt securities, non-U.S.","page_number":4,"box":{"x":62,"y":563,"width":870,"height":12}},{"id":"6b152f8f-7ad2-4e83-b305-2bc759748548","block_type":"box","text":"Government and supranational debt securities, asset-backed securities, mortgage-backed securities, emerging market","page_number":4,"box":{"x":61,"y":578,"width":871,"height":12}},{"id":"0c64591a-0810-4955-bad0-dcedf686ab2e","block_type":"box","text":"debt securities and non-investment grade debt securities (high yield or junk bonds).","page_number":4,"box":{"x":61,"y":593,"width":610,"height":11}},{"id":"1041d35e-6035-4b0d-a752-86d6017a5867","block_type":"box","text":"The portfolio management team’s investment process seeks to identify and benefit from diverse sources of","page_number":4,"box":{"x":60,"y":615,"width":793,"height":12}},{"id":"35a2c738-0079-4951-944f-93efd47958e3","block_type":"box","text":"inefficiency by applying a combination of stock-specific analysis, and top-down economic research, across the equity","page_number":4,"box":{"x":62,"y":630,"width":854,"height":12}},{"id":"90101509-f05f-4b2a-bba0-54e0842a05bf","block_type":"box","text":"universe and macro-economic environment. The Fund’s allocations to particular countries are based on Fund","page_number":4,"box":{"x":61,"y":645,"width":798,"height":11}},{"id":"878cbe4b-59de-4c3a-8e90-28fa4b19f248","block_type":"box","text":"management’s evaluation of individual companies.","page_number":4,"box":{"x":61,"y":660,"width":371,"height":11}},{"id":"4f4f740e-10e2-4e2e-9db4-57ee5a058d1c","block_type":"box","text":"Under normal circumstances, the Fund will allocate a substantial amount (approximately 40% or more — unless","page_number":4,"box":{"x":62,"y":683,"width":821,"height":11}},{"id":"f6bfb1e0-d5b5-4a46-89c3-3538a1d3f764","block_type":"box","text":"market conditions are not deemed favorable by Fund management, in which case the Fund would invest at least 30%)","page_number":4,"box":{"x":61,"y":697,"width":863,"height":12}},{"id":"7f851c90-3c54-47b5-b09b-80cc2be55527","block_type":"box","text":"of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the United","page_number":4,"box":{"x":61,"y":712,"width":867,"height":12}},{"id":"70fa5093-589f-4726-8440-87fe08cc3ea7","block_type":"box","text":"States, (iii) of issuers which primarily trade in a market located outside the United States, or (iv) of issuers doing a","page_number":4,"box":{"x":61,"y":727,"width":841,"height":12}},{"id":"31b78d7c-fb37-4e20-a8f1-c741f4771a75","block_type":"box","text":"substantial amount of business outside the United States, which the Fund considers to be companies that derive at","page_number":4,"box":{"x":61,"y":742,"width":852,"height":11}},{"id":"b0b459fe-10a5-4e18-9c78-27fc2b4b87f6","block_type":"box","text":"least 50% of their revenue or profits from business outside the United States or have at least 50% of their sales or","page_number":4,"box":{"x":62,"y":757,"width":845,"height":11}},{"id":"23c55ce5-ccf6-47c3-9186-2d50ffb59409","block_type":"box","text":"assets outside the United States. The Fund will allocate its assets among various regions and countries, including the","page_number":4,"box":{"x":61,"y":772,"width":868,"height":11}},{"id":"5b27fadf-1756-47db-ac16-669b074a963b","block_type":"box","text":"United States (but in no less than three different countries). For temporary defensive purposes the Fund may deviate","page_number":4,"box":{"x":62,"y":786,"width":858,"height":12}},{"id":"ef6d6966-12e4-4108-be0e-3524093bbf39","block_type":"box","text":"very substantially from the allocation described above.","page_number":4,"box":{"x":60,"y":801,"width":400,"height":12}},{"id":"be943666-b18e-45c1-92cc-c353015e58fb","block_type":"box","text":"Fund management may, when consistent with the Fund’s investment objective, buy or sell options or futures on a","page_number":4,"box":{"x":62,"y":824,"width":829,"height":11}},{"id":"3c00c248-516f-450f-96ce-2e63e1a63bf7","block_type":"box","text":"security or an index of securities, or enter into interest rate or foreign currency transactions, including swaps","page_number":4,"box":{"x":61,"y":838,"width":797,"height":12}},{"id":"b9d3aaf8-e0dd-47e6-bdbb-5704e34b63ad","block_type":"box","text":"(collectively, commonly known as derivatives).","page_number":4,"box":{"x":61,"y":854,"width":333,"height":11}},{"id":"8a9b3f1a-38e2-4e04-b590-fd1e97639898","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"7465f936-68c4-435f-a398-f9915d34daf6","block_type":"box","text":"NM0926U-5975797-4/72","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"fc3b601c-099d-4ec6-8695-899eaff4f705","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":46,"width":354,"height":14}},{"id":"949aecc8-9cf8-4fe7-8404-29be85fb9844","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":"a02777d6-4c0f-45d1-9676-8740aa57b006","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":"ca4ccd12-f608-499e-83a4-731140f96d6b","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":"5b91d7f2-ebc0-4235-9179-4b2e5882c81d","block_type":"box","text":"summary description of the principal risks of investing in the Fund. An investment in the Fund is not a deposit in any","page_number":5,"box":{"x":61,"y":117,"width":855,"height":12}},{"id":"3e598085-d047-4cdb-b52c-8fd6ab94d6ac","block_type":"box","text":"bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental","page_number":5,"box":{"x":61,"y":132,"width":851,"height":12}},{"id":"03e1013c-cf84-4b58-82ba-0b6efa4128a5","block_type":"box","text":"agency. The relative significance of each risk factor below may change over time and you should review each risk factor","page_number":5,"box":{"x":61,"y":147,"width":874,"height":11}},{"id":"6d94f462-1677-4562-88bf-7bca1823550c","block_type":"box","text":"carefully.","page_number":5,"box":{"x":61,"y":162,"width":63,"height":11}},{"id":"bc598860-4655-4fce-8657-fb1a4ea882d9","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":182,"width":166,"height":11}},{"id":"8a292cb5-bb12-46da-9db7-464252d09c5d","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":182,"width":685,"height":11}},{"id":"c634d87f-fb2d-4652-b1bb-b4a6e07a222e","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":196,"width":550,"height":12}},{"id":"0da5004e-a23f-40e9-ad30-a5738622b999","block_type":"box","text":"Foreign Securities Risk","page_number":5,"box":{"x":81,"y":217,"width":176,"height":11}},{"id":"1d6f77e2-c72c-4581-9dd6-5be273f54ba6","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":5,"box":{"x":260,"y":216,"width":668,"height":12}},{"id":"db501b52-5a01-4dd6-b3ac-8ec7f9c4f176","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":5,"box":{"x":82,"y":232,"width":531,"height":11}},{"id":"476e8771-f65d-4e5f-8081-b3e1b57e995c","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":5,"box":{"x":101,"y":251,"width":823,"height":12}},{"id":"86ac6cb1-5256-4da5-ac67-d53bf181f228","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":5,"box":{"x":102,"y":266,"width":823,"height":12}},{"id":"04ef4789-1cb6-4ac5-90b8-c5e32f160583","block_type":"box","text":"oversight.","page_number":5,"box":{"x":101,"y":281,"width":70,"height":11}},{"id":"4e839703-fb4f-41bb-8bd6-f48ae2079a34","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":5,"box":{"x":101,"y":301,"width":644,"height":11}},{"id":"18de5194-daf9-4078-a9da-11dec0cd5c78","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":5,"box":{"x":101,"y":321,"width":830,"height":11}},{"id":"6224d1d5-b578-4726-ad37-f4a6e57a3c2e","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":5,"box":{"x":102,"y":336,"width":808,"height":11}},{"id":"e0c99b16-3b0e-4fae-bd08-581564591ae1","block_type":"box","text":"payments position.","page_number":5,"box":{"x":102,"y":351,"width":137,"height":11}},{"id":"7f1d9344-26db-41f2-96a5-d8c52e394307","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":5,"box":{"x":101,"y":370,"width":821,"height":12}},{"id":"e7de9088-e32c-4ea6-8571-60eb4bb55cef","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":5,"box":{"x":102,"y":385,"width":809,"height":12}},{"id":"3fab6862-bea9-49f7-b4ec-b33127eb10fb","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":5,"box":{"x":102,"y":400,"width":784,"height":12}},{"id":"fac4dbb8-4937-4660-8684-7c4d08af01f9","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":5,"box":{"x":101,"y":415,"width":352,"height":11}},{"id":"2f1eea90-db07-4c34-93e1-58255a5e2420","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":5,"box":{"x":102,"y":435,"width":823,"height":12}},{"id":"7d0abf4e-0c90-43f9-8474-6697ab97b5ee","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":5,"box":{"x":101,"y":450,"width":811,"height":11}},{"id":"7bc2a828-6b65-461b-b232-4faf7e7112cb","block_type":"box","text":"U.S. securities laws.","page_number":5,"box":{"x":102,"y":465,"width":148,"height":9}},{"id":"40efe484-862a-4155-8f93-ee7601133e11","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":5,"box":{"x":101,"y":485,"width":834,"height":11}},{"id":"2b2fce6f-04da-445e-a7e1-f7086fd63a88","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":5,"box":{"x":101,"y":499,"width":628,"height":12}},{"id":"05d806d2-4c8e-41aa-a7e9-b6f59400bc65","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":5,"box":{"x":101,"y":519,"width":830,"height":12}},{"id":"faeaa044-b99e-4820-9702-28752b8e3a83","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":5,"box":{"x":101,"y":534,"width":831,"height":12}},{"id":"32c8ec8e-0009-4369-ab56-65fe0a1928e9","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":5,"box":{"x":101,"y":549,"width":813,"height":12}},{"id":"b553a122-d603-404c-8c21-a0cccd2bab39","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":5,"box":{"x":101,"y":564,"width":395,"height":11}},{"id":"eed84a95-031b-43be-9add-6fd5ecea7fc4","block_type":"box","text":"Emerging Markets Risk","page_number":5,"box":{"x":81,"y":584,"width":178,"height":11}},{"id":"8c4aa8d4-639f-4abc-91c8-ce580eb8f53f","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":5,"box":{"x":263,"y":584,"width":617,"height":11}},{"id":"6664a75f-538f-4f58-8522-68f55babeb92","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":5,"box":{"x":81,"y":599,"width":825,"height":11}},{"id":"98c7fc8a-690f-4c2a-b900-0627c1d7d7b2","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":5,"box":{"x":82,"y":613,"width":822,"height":12}},{"id":"5c3d33d5-0d1a-4d7f-b82e-7ee1b494071a","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":5,"box":{"x":82,"y":628,"width":816,"height":12}},{"id":"cda1d543-9172-4261-895c-799983041ecc","block_type":"box","text":"liquidity than developed markets.","page_number":5,"box":{"x":82,"y":643,"width":240,"height":12}},{"id":"999ae692-50be-4bf1-94b7-5ca4136b5ee7","block_type":"box","text":"Geographic Concentration Risk","page_number":5,"box":{"x":81,"y":663,"width":235,"height":12}},{"id":"aac98a73-90db-4632-ad8d-110ac8168995","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":5,"box":{"x":320,"y":663,"width":581,"height":12}},{"id":"78ecba99-45eb-4270-a1ee-f95159edbda0","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":5,"box":{"x":82,"y":678,"width":848,"height":12}},{"id":"5a244938-dabb-4031-87ad-fdb24fa29368","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":5,"box":{"x":82,"y":693,"width":841,"height":11}},{"id":"4eb4c210-84b6-41c5-acf4-de045623c949","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":5,"box":{"x":82,"y":708,"width":777,"height":11}},{"id":"0a844a2c-49aa-412d-8ca7-c2a0c42a7e6f","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":5,"box":{"x":81,"y":723,"width":648,"height":11}},{"id":"8e630324-24ac-420a-8c61-347f193ccd04","block_type":"box","text":"Convertible Securities Risk","page_number":5,"box":{"x":81,"y":743,"width":206,"height":9}},{"id":"ceaa15e5-5d81-4b94-8b65-44aeac561656","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":742,"width":593,"height":12}},{"id":"36e591ec-bc94-4e46-8d30-181314f4fe40","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":757,"width":853,"height":12}},{"id":"6a615148-ec3f-4edd-84f6-97b241c5c085","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":772,"width":855,"height":11}},{"id":"89610fac-dec6-4db7-b472-da8bbf8f1dec","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":787,"width":816,"height":11}},{"id":"6332d20a-3a21-4b90-8816-1334cca8416c","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":802,"width":796,"height":11}},{"id":"ea5e508d-e2fd-4097-8c2b-74e946e921ee","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":817,"width":812,"height":11}},{"id":"e157ee6a-9b73-46c6-b5c3-183055116c90","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":831,"width":809,"height":12}},{"id":"5908ec33-c9fe-4979-bce3-b3e02b112f29","block_type":"box","text":"Corporate Loans Risk","page_number":5,"box":{"x":81,"y":851,"width":162,"height":12}},{"id":"57c2dcc4-26b0-461f-9015-cdda3a31557c","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":5,"box":{"x":247,"y":851,"width":689,"height":12}},{"id":"7f49b601-0eb9-4527-9754-14d60968f7d3","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":5,"box":{"x":82,"y":866,"width":845,"height":12}},{"id":"85663ce2-5ff1-4a4e-8d03-a0fdd7b3146d","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":5,"box":{"x":82,"y":881,"width":827,"height":12}},{"id":"a12e2cab-b223-4781-aefd-1967d0e3739a","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":5,"box":{"x":81,"y":896,"width":821,"height":11}},{"id":"f9754c28-2ac4-478c-afdf-85318a69bfb0","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":5,"box":{"x":81,"y":911,"width":840,"height":11}},{"id":"f76a925a-b515-48e0-a59a-3aca72e0f5d6","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"622733a3-56b6-4d59-8b59-9a9098292bed","block_type":"box","text":"NM0926U-5975797-5/72","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4798c47c-c493-4397-9a8b-5c9352672790","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition,","page_number":6,"box":{"x":81,"y":46,"width":826,"height":11}},{"id":"a6fee261-e50e-40e5-86bd-e86a9fdbbd70","block_type":"box","text":"transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate","page_number":6,"box":{"x":80,"y":60,"width":846,"height":12}},{"id":"852c9367-dc00-4055-989c-ea782b194281","block_type":"box","text":"loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To","page_number":6,"box":{"x":82,"y":76,"width":847,"height":11}},{"id":"4f02c3ef-7866-46eb-8542-bef78f1d782f","block_type":"box","text":"the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional","page_number":6,"box":{"x":80,"y":90,"width":830,"height":12}},{"id":"11a4c85c-6fb9-49ee-984c-cc5d5a4ee8f1","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders.","page_number":6,"box":{"x":81,"y":105,"width":552,"height":11}},{"id":"bf626c2e-1ef2-4d55-84d9-ba1da195fb67","block_type":"box","text":"Debt Securities Risk","page_number":6,"box":{"x":81,"y":125,"width":155,"height":9}},{"id":"2f809836-e679-470a-a8eb-79897730f010","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":6,"box":{"x":240,"y":125,"width":633,"height":11}},{"id":"3a31f9e1-f664-4cf6-90ed-99e652abd3c3","block_type":"box","text":"extension risk, and prepayment risk, each of which are described in further detail below:","page_number":6,"box":{"x":81,"y":140,"width":648,"height":11}},{"id":"e1c273bc-8eea-4c00-a8aa-b877c9526896","block_type":"box","text":"Credit Risk","page_number":6,"box":{"x":82,"y":160,"width":80,"height":9}},{"id":"96142a82-46b3-4eaf-b56c-4af838b51fc8","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":6,"box":{"x":166,"y":160,"width":737,"height":11}},{"id":"b45931a6-123f-4a4b-9551-3d0b0a34d89d","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":6,"box":{"x":81,"y":175,"width":816,"height":11}},{"id":"4189e095-928c-4268-9485-7d65e1ac2180","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":6,"box":{"x":82,"y":189,"width":826,"height":12}},{"id":"0c920fbb-4750-47f3-8d6c-5869048fb7c1","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":6,"box":{"x":81,"y":204,"width":777,"height":12}},{"id":"42b5f817-ed27-4c4d-bc63-8fe94bd9ecdd","block_type":"box","text":"Interest Rate Risk","page_number":6,"box":{"x":82,"y":224,"width":132,"height":9}},{"id":"c376d374-5996-43e8-9788-c2720bd8c38e","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":6,"box":{"x":218,"y":224,"width":704,"height":12}},{"id":"5c3c99e6-d755-4272-abea-73ae195f9915","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":6,"box":{"x":82,"y":239,"width":835,"height":12}},{"id":"17bfd12c-637d-4bc4-b60e-e95fef9425da","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":6,"box":{"x":80,"y":254,"width":513,"height":9}},{"id":"b6303542-9e8d-4eb2-9c56-fab8ac39914e","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example,","page_number":6,"box":{"x":81,"y":274,"width":843,"height":11}},{"id":"8a96b39f-7af6-4d60-8620-b4900e303c43","block_type":"box","text":"if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being","page_number":6,"box":{"x":82,"y":289,"width":806,"height":11}},{"id":"572294a0-e62f-48ad-86af-69c4c2d828b4","block_type":"box","text":"equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the","page_number":6,"box":{"x":81,"y":303,"width":831,"height":12}},{"id":"3f8acb17-9cdb-4df2-8598-2e9f961698d0","block_type":"box","text":"price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":6,"box":{"x":82,"y":318,"width":854,"height":12}},{"id":"434719f6-1bc5-40d5-a8eb-4ece1553c6b5","block_type":"box","text":"of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those","page_number":6,"box":{"x":81,"y":333,"width":827,"height":12}},{"id":"2cb876b6-de05-4267-9007-fde99af2ab6a","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":6,"box":{"x":81,"y":348,"width":840,"height":12}},{"id":"f5fadbab-045b-4617-9eb4-31520715968a","block_type":"box","text":"income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The","page_number":6,"box":{"x":82,"y":363,"width":851,"height":11}},{"id":"675348eb-2acb-4c0b-8395-9d9a89ee5989","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":6,"box":{"x":82,"y":378,"width":808,"height":11}},{"id":"7deb8a32-796d-45ff-a1eb-1fe6d8b34cd0","block_type":"box","text":"management.","page_number":6,"box":{"x":82,"y":393,"width":98,"height":11}},{"id":"bac7efbb-39e2-4802-bd3c-4f5efa179488","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":6,"box":{"x":81,"y":412,"width":852,"height":12}},{"id":"9465b711-b162-4fe1-92fc-5a8874ef33a0","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":6,"box":{"x":81,"y":427,"width":840,"height":12}},{"id":"367365e6-119d-4589-a174-6d3b3dc6e901","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":6,"box":{"x":80,"y":442,"width":834,"height":12}},{"id":"5f44f1a1-269d-4c72-b010-566282f23e67","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":6,"box":{"x":81,"y":457,"width":803,"height":11}},{"id":"87019660-1bad-4bca-9f1c-701b0346c714","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":6,"box":{"x":81,"y":472,"width":839,"height":11}},{"id":"dc4ee17d-5e43-4c9f-8c07-dc14c6fadfe8","block_type":"box","text":"debt securities.","page_number":6,"box":{"x":81,"y":487,"width":112,"height":9}},{"id":"a7b4b8c0-3648-414e-92c3-58231246da74","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":6,"box":{"x":81,"y":506,"width":839,"height":12}},{"id":"dc87f09c-f247-4e95-af2f-2df5ecf95e51","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":6,"box":{"x":81,"y":521,"width":839,"height":12}},{"id":"06df4bc8-32e5-4c25-9fac-4bcb7371400a","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":6,"box":{"x":82,"y":536,"width":831,"height":12}},{"id":"bd1d341d-a1de-47b5-9198-a6b149723af2","block_type":"box","text":"value when interest rates change.","page_number":6,"box":{"x":80,"y":551,"width":248,"height":12}},{"id":"7b0fbfc8-5ad7-432e-a675-3ead40f60c9e","block_type":"box","text":"A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large","page_number":6,"box":{"x":81,"y":571,"width":855,"height":12}},{"id":"1551502b-939b-49dc-ac40-de319b00518d","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":6,"box":{"x":81,"y":586,"width":801,"height":11}},{"id":"8422b155-6bcb-4016-9f23-065143f52e89","block_type":"box","text":"redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could","page_number":6,"box":{"x":82,"y":601,"width":827,"height":11}},{"id":"e45e7a86-4c33-47f1-872c-ff345324970b","block_type":"box","text":"hurt the Fund’s performance.","page_number":6,"box":{"x":82,"y":615,"width":214,"height":12}},{"id":"e0bc4e81-4083-4057-b875-1074714847fa","block_type":"box","text":"Extension Risk","page_number":6,"box":{"x":82,"y":636,"width":107,"height":9}},{"id":"17244c94-36d0-4f69-9e58-afcfe4fe88da","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":6,"box":{"x":193,"y":635,"width":691,"height":12}},{"id":"dad5018c-92eb-43df-9d21-5b3a0dd1e574","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":6,"box":{"x":81,"y":650,"width":420,"height":12}},{"id":"bfcab34f-f0c9-4f9b-bbcd-7a2b69c671cc","block_type":"box","text":"Prepayment Risk","page_number":6,"box":{"x":81,"y":670,"width":124,"height":12}},{"id":"92574a8c-cd9b-4ca6-8a46-9ce6d7aebb66","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":6,"box":{"x":209,"y":670,"width":691,"height":12}},{"id":"12dd614f-f10f-4c32-8ac7-36f2b1545c87","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":6,"box":{"x":81,"y":685,"width":724,"height":12}},{"id":"4f3388aa-ed9e-4aea-802c-4d27d9e5a963","block_type":"box","text":"Derivatives Risk","page_number":6,"box":{"x":81,"y":705,"width":123,"height":9}},{"id":"1f055f98-4512-4e89-8816-faed5de16097","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":6,"box":{"x":207,"y":705,"width":664,"height":11}},{"id":"3df5f3e9-ab0b-4426-81e2-89f0f50f1799","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":6,"box":{"x":82,"y":720,"width":469,"height":11}},{"id":"5c42a2f6-9225-4dfa-8735-d0195902a20f","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":82,"y":740,"width":102,"height":11}},{"id":"2a5f0638-640c-4c91-9548-7a8179071b33","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":6,"box":{"x":188,"y":740,"width":723,"height":11}},{"id":"f8ad02da-178a-458c-9394-4129a9c1c12f","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":6,"box":{"x":82,"y":755,"width":832,"height":11}},{"id":"30930f3d-f67b-4075-8b78-3c3f7223c8d0","block_type":"box","text":"exceed the amount originally invested.","page_number":6,"box":{"x":81,"y":770,"width":280,"height":11}},{"id":"a0026f00-13aa-419c-bbe4-eaafa05e367e","block_type":"box","text":"Market Risk","page_number":6,"box":{"x":82,"y":790,"width":87,"height":9}},{"id":"b2ff891a-6837-45a1-b8a7-9b0a63623e4d","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":6,"box":{"x":173,"y":789,"width":728,"height":12}},{"id":"8c952cc0-f206-4a2c-a607-3443cea3e9a3","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":6,"box":{"x":81,"y":804,"width":834,"height":12}},{"id":"9bd862bd-3fda-4c02-9ed1-a6f3aadd436d","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":6,"box":{"x":82,"y":819,"width":832,"height":12}},{"id":"abe5442b-1732-439a-9940-98f2981867fd","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":834,"width":779,"height":11}},{"id":"c5ac430e-2d26-4485-aefc-25ce4af8b673","block_type":"box","text":"derivatives positions to lose value.","page_number":6,"box":{"x":81,"y":849,"width":253,"height":11}},{"id":"59aa2f17-e4f0-4f95-ad6a-33afc5001b1c","block_type":"box","text":"Counterpar ty Risk","page_number":6,"box":{"x":82,"y":869,"width":131,"height":11}},{"id":"6a0d37e8-baf2-44c0-b437-d086945158ef","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":869,"width":697,"height":11}},{"id":"b2ee2f7c-0a09-4429-a68b-b6084771cb6f","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":884,"width":855,"height":11}},{"id":"a8506b21-927d-4029-952d-b59d3476c31a","block_type":"box","text":"exposure to such a counterparty.","page_number":6,"box":{"x":81,"y":899,"width":240,"height":11}},{"id":"3462b2e4-7d14-47f4-b967-a6d3fa56cf23","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"ab75b568-c684-457f-9b16-4efc04df1f2c","block_type":"box","text":"NM0926U-5975797-6/72","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"4a129abf-0d92-4a90-b98e-df0b5f0c2679","block_type":"box","text":"Illiquidity Risk","page_number":7,"box":{"x":82,"y":46,"width":100,"height":11}},{"id":"3a87934f-865b-45db-b936-b1d072b91738","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":7,"box":{"x":186,"y":46,"width":750,"height":11}},{"id":"c37868dd-b14a-43fc-a719-bc4d28f304be","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":7,"box":{"x":80,"y":61,"width":839,"height":11}},{"id":"206e817e-95a3-4833-9b2d-d97806b2366a","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":7,"box":{"x":81,"y":75,"width":293,"height":12}},{"id":"cadaf146-70d4-4c1a-bff0-843f1f149cbf","block_type":"box","text":"Operational Risk","page_number":7,"box":{"x":82,"y":95,"width":120,"height":12}},{"id":"40f1fd75-5686-4195-aa6b-7a9ea710f26c","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":7,"box":{"x":206,"y":95,"width":727,"height":12}},{"id":"3c98e9c1-cf37-4218-9f3c-4ee828776ad2","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":7,"box":{"x":82,"y":110,"width":607,"height":12}},{"id":"df9c3108-a41a-48a8-816b-01ae472d9dcb","block_type":"box","text":"Legal Risk","page_number":7,"box":{"x":82,"y":130,"width":75,"height":12}},{"id":"e152928f-578b-499e-a6db-0cb5af82c8d9","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":7,"box":{"x":161,"y":130,"width":761,"height":12}},{"id":"a87ecda0-ed17-4a15-8eb3-bdefbe6d736d","block_type":"box","text":"enforceability of a contract.","page_number":7,"box":{"x":81,"y":145,"width":198,"height":11}},{"id":"ae962681-f28e-4dfb-b672-7128e6ad946b","block_type":"box","text":"Volatility and Correlation Risk","page_number":7,"box":{"x":83,"y":165,"width":214,"height":11}},{"id":"1e75f6b1-021d-4361-8f85-f3ddc927e71b","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":7,"box":{"x":300,"y":165,"width":590,"height":11}},{"id":"4d3ae5ce-e6ff-402e-a60c-94af7925bb5f","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":7,"box":{"x":81,"y":180,"width":775,"height":11}},{"id":"84e71580-eb6c-47ba-9618-fdc3c4d8b10a","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":7,"box":{"x":81,"y":195,"width":589,"height":11}},{"id":"93c60694-e3cd-432b-99c4-b8dcdda48a42","block_type":"box","text":"Valuation Risk","page_number":7,"box":{"x":83,"y":215,"width":102,"height":9}},{"id":"eead2172-a4c6-4ce1-ad69-6708a0059ba0","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":7,"box":{"x":189,"y":214,"width":747,"height":12}},{"id":"f804ac9f-e7f8-4ea5-9c48-4e7e90a28884","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":7,"box":{"x":82,"y":229,"width":783,"height":12}},{"id":"17634f16-590c-4301-b9eb-5185e7db0752","block_type":"box","text":"instruments or quote prices for them.","page_number":7,"box":{"x":82,"y":244,"width":273,"height":11}},{"id":"0a3a7f10-7edd-465c-be4e-a7e115298fe1","block_type":"box","text":"Hedging Risk","page_number":7,"box":{"x":82,"y":264,"width":95,"height":12}},{"id":"3bb877b8-0248-47fd-867b-996224f8d99a","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":7,"box":{"x":181,"y":264,"width":728,"height":12}},{"id":"484873c5-71ba-4fab-aaf3-48054153c8ce","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":7,"box":{"x":81,"y":279,"width":839,"height":12}},{"id":"0d88ae74-e9ac-4b50-9bd2-eee7a477eca7","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":7,"box":{"x":82,"y":294,"width":354,"height":11}},{"id":"2a2cc4a1-f6b1-48f5-9618-9fb98d0b6900","block_type":"box","text":"Tax Risk","page_number":7,"box":{"x":83,"y":314,"width":59,"height":9}},{"id":"53dea634-acdc-4f66-8b61-bbfd345db582","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":7,"box":{"x":145,"y":314,"width":719,"height":11}},{"id":"d3f87889-6451-44c2-a4ff-7d4d9d661465","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":7,"box":{"x":81,"y":329,"width":801,"height":11}},{"id":"5c5a98c3-2e1a-40f7-9aee-a728539cf8cd","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":7,"box":{"x":82,"y":343,"width":802,"height":12}},{"id":"dd2f1da0-668d-4b8d-b1c4-abe0c10d578c","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":7,"box":{"x":82,"y":358,"width":830,"height":12}},{"id":"2f1e6428-3713-41ba-938f-60d3f2a3711f","block_type":"box","text":"realizes from its investments.","page_number":7,"box":{"x":82,"y":373,"width":215,"height":9}},{"id":"371c717b-5ca8-42c9-a143-f90362b421f6","block_type":"box","text":"Focus Risk","page_number":7,"box":{"x":81,"y":393,"width":84,"height":9}},{"id":"21dae07b-576a-45ae-b9d9-011169e999da","block_type":"box","text":"— Under normal circumstances, the Fund focuses its investments in the securities of a limited number","page_number":7,"box":{"x":168,"y":393,"width":760,"height":11}},{"id":"cd34e149-5b16-4839-abaa-3c4fcb9a43ef","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":7,"box":{"x":81,"y":408,"width":845,"height":11}},{"id":"7b57c5cd-074e-4f0b-8bb8-e054c4b2e88d","block_type":"box","text":"the securities of a greater number of issuers.","page_number":7,"box":{"x":80,"y":423,"width":333,"height":11}},{"id":"c24734d7-94f7-485b-9e4f-531583e6d698","block_type":"box","text":"High Yield Bonds Risk","page_number":7,"box":{"x":81,"y":443,"width":167,"height":11}},{"id":"2716f12c-0be5-48f8-852d-d7535556c3cf","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":7,"box":{"x":252,"y":443,"width":667,"height":11}},{"id":"845b1bf8-d504-440d-8c7c-46c51dcf07f6","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":7,"box":{"x":79,"y":458,"width":835,"height":11}},{"id":"d1d49682-d57b-410f-a140-ae32bead43c0","block_type":"box","text":"for the Fund.","page_number":7,"box":{"x":81,"y":472,"width":91,"height":10}},{"id":"82b4cd64-0c46-4c51-a48f-0d34dae6b4c6","block_type":"box","text":"Leverage Risk","page_number":7,"box":{"x":81,"y":492,"width":107,"height":12}},{"id":"40c9e77e-3f29-42b3-b137-780c984fb49d","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":492,"width":741,"height":12}},{"id":"88fe4575-acc3-4047-8ba3-2f0cbd1af269","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":507,"width":853,"height":12}},{"id":"26122ddf-dc35-433b-9540-0e0691cf7686","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":522,"width":856,"height":12}},{"id":"daa1a9c3-95fb-4571-a719-9bb4b0d80a27","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules","page_number":7,"box":{"x":80,"y":537,"width":775,"height":11}},{"id":"365018c3-5382-4fb0-9449-1bbad2fbc903","block_type":"box","text":"thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses","page_number":7,"box":{"x":80,"y":552,"width":814,"height":11}},{"id":"8c713343-ed50-41d8-be4c-cc932b1ab913","block_type":"box","text":"leverage.","page_number":7,"box":{"x":82,"y":567,"width":63,"height":11}},{"id":"8ecefc27-2ce0-4b38-8e26-83b2e0a220c7","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":7,"box":{"x":81,"y":587,"width":276,"height":11}},{"id":"e40d7545-fa93-4598-9b24-3dd9951d870f","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":7,"box":{"x":361,"y":587,"width":573,"height":11}},{"id":"4caf0424-37bf-4430-91cc-ac484f8a42c8","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":602,"width":848,"height":11}},{"id":"0cd17b5e-bdbc-41b8-9db5-e3024f995138","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":616,"width":839,"height":12}},{"id":"21ea0b69-cc44-4865-acea-65cfcb166be1","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":631,"width":851,"height":11}},{"id":"29787864-39dd-4488-aff6-ee3567d2a5ed","block_type":"box","text":"Market Risk and Selection Risk","page_number":7,"box":{"x":81,"y":651,"width":240,"height":9}},{"id":"f6042b15-b19f-4f34-bb8f-6f3c02c8aec0","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":651,"width":593,"height":9}},{"id":"7992a7be-3a68-4304-b016-7aa376ef4c5a","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":666,"width":851,"height":11}},{"id":"d70ac628-7844-41bf-b359-1479bd4d501c","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":681,"width":824,"height":11}},{"id":"40cfeba0-ee90-4286-940e-3fdc7d989865","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":696,"width":851,"height":11}},{"id":"6ee4552e-8321-41c5-811f-ed0a922c4cb6","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":710,"width":802,"height":12}},{"id":"f9dc481f-1e80-40c4-9011-e106c79d5070","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":725,"width":849,"height":12}},{"id":"8bbfe4f6-3d04-42e8-8080-072714daecf7","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":740,"width":843,"height":11}},{"id":"b827a4f8-f792-4dc3-981c-e84bc35ed2be","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":755,"width":830,"height":11}},{"id":"95cfc7a2-cb3d-4f5c-a469-f23537f6120e","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":769,"width":840,"height":12}},{"id":"716cd32c-063a-4c87-8ac7-2ef1b1059643","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":7,"box":{"x":81,"y":784,"width":851,"height":12}},{"id":"3ee25561-0734-4107-9ec2-c3ee99e0ccc1","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":7,"box":{"x":82,"y":799,"width":815,"height":12}},{"id":"eaeb4feb-50cc-4401-a86c-340cacf50dda","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":7,"box":{"x":81,"y":814,"width":826,"height":12}},{"id":"f167b29e-c5b9-4818-a27d-03461578957f","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":7,"box":{"x":81,"y":829,"width":735,"height":11}},{"id":"2f38d32e-2e0d-4aa5-a54f-058c7da08e3a","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":849,"width":818,"height":11}},{"id":"4d811cd1-1506-4a82-8083-af10c1151ab8","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":864,"width":819,"height":11}},{"id":"39636df9-b2bf-4c75-901d-a4741755af97","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":878,"width":819,"height":12}},{"id":"04df0740-858a-4b48-be20-c6627cad0c16","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"125c47b5-be5e-4be7-bfd5-15943e39ba5a","block_type":"box","text":"NM0926U-5975797-7/72","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"ecb6e08f-7518-478e-871c-7371932c3e10","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":8,"box":{"x":81,"y":46,"width":846,"height":11}},{"id":"10339323-280c-4c4b-886b-720f597003f0","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":8,"box":{"x":81,"y":60,"width":848,"height":12}},{"id":"38beda54-c1df-4c24-82d5-8b875d55db6a","block_type":"box","text":"the Fund invests.","page_number":8,"box":{"x":80,"y":76,"width":125,"height":9}},{"id":"ce7e6de3-92c9-49e0-adcd-0bf6207e08d6","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":8,"box":{"x":81,"y":95,"width":346,"height":12}},{"id":"939b538c-64df-413f-a36a-83cb52aa7ee0","block_type":"box","text":"— Mortgage- and asset-backed securities represent interests in","page_number":8,"box":{"x":432,"y":96,"width":469,"height":11}},{"id":"55dbf51c-a5f2-41e8-8172-ff20ba8603af","block_type":"box","text":"“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset","page_number":8,"box":{"x":82,"y":110,"width":839,"height":12}},{"id":"22f605a4-a14c-45ed-8427-9286315d731e","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":8,"box":{"x":81,"y":125,"width":822,"height":11}},{"id":"aa584e99-bdaa-407f-8178-b030e6d5fbd6","block_type":"box","text":"subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.","page_number":8,"box":{"x":81,"y":140,"width":821,"height":11}},{"id":"00b57774-b1bc-4b52-84fd-ce1388d25d2b","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":8,"box":{"x":81,"y":155,"width":851,"height":11}},{"id":"dc5396ab-3972-4050-a31d-2650892a6531","block_type":"box","text":"certain mortgage-backed securities.","page_number":8,"box":{"x":81,"y":170,"width":263,"height":11}},{"id":"0b687c5b-d3ac-4bcf-a8e6-ed519249146c","block_type":"box","text":"Operational and Technology Risks","page_number":8,"box":{"x":82,"y":190,"width":254,"height":11}},{"id":"612d0b8f-aa57-401c-a974-8e1823a147b6","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":8,"box":{"x":340,"y":190,"width":578,"height":11}},{"id":"d5e325c7-fc9f-48ef-96da-8c813c9c91fe","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":8,"box":{"x":82,"y":204,"width":779,"height":12}},{"id":"2e582017-ec73-400b-b33f-978dbe7e456d","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":8,"box":{"x":81,"y":219,"width":848,"height":12}},{"id":"a542f038-5aad-4fbc-9917-7aec0d6b241f","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":8,"box":{"x":81,"y":234,"width":806,"height":11}},{"id":"161fbf9f-3b51-46cd-85ae-e40d6959e9bc","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":8,"box":{"x":82,"y":249,"width":807,"height":11}},{"id":"aa32a860-01c1-4e94-9660-c901c59ee4a9","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":8,"box":{"x":82,"y":263,"width":846,"height":12}},{"id":"3276360b-9e15-42e4-98fc-fe743e33958b","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":8,"box":{"x":81,"y":278,"width":836,"height":12}},{"id":"2477e846-d29b-4394-9df9-108cd51c50f7","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":8,"box":{"x":82,"y":293,"width":474,"height":12}},{"id":"9fbb80ca-3fe5-46d5-a711-16502d9a503b","block_type":"box","text":"Preferred Securities Risk","page_number":8,"box":{"x":81,"y":313,"width":189,"height":9}},{"id":"a9a46eb9-47f8-4375-b94b-90596e7c7b76","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":8,"box":{"x":274,"y":313,"width":636,"height":12}},{"id":"0ff3e17a-a97f-4f6d-a9b1-a8ad87b28cbd","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":8,"box":{"x":81,"y":328,"width":824,"height":12}},{"id":"2652b8b6-8f86-4f3c-85dc-5a715b1b82aa","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":8,"box":{"x":82,"y":343,"width":806,"height":11}},{"id":"3855a91a-994c-4f73-a897-112a6e1245c9","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":8,"box":{"x":81,"y":358,"width":842,"height":11}},{"id":"eeb48b8b-fb51-4bcf-89a4-62ddee9f6c3f","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":8,"box":{"x":81,"y":372,"width":781,"height":12}},{"id":"07439df0-24e4-4a1a-a334-88c5765b35b8","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":8,"box":{"x":81,"y":387,"width":812,"height":12}},{"id":"73430566-7fa3-4f0c-a1f2-1f227931dfcc","block_type":"box","text":"larger companies.","page_number":8,"box":{"x":82,"y":402,"width":129,"height":12}},{"id":"d057babb-2306-4b3c-b67b-9a1254b0c426","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":8,"box":{"x":81,"y":422,"width":327,"height":11}},{"id":"7639a127-2a45-4966-89eb-f32d9753f4dd","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":8,"box":{"x":412,"y":422,"width":461,"height":11}},{"id":"a51e0d7e-42a4-4d4e-afdf-fa560236681a","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":437,"width":808,"height":11}},{"id":"bd15baa0-af50-4165-af8c-057f1e15e626","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":452,"width":833,"height":11}},{"id":"f2ecbf0c-43e5-4732-a145-52d2845287f2","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":467,"width":812,"height":11}},{"id":"38b8c988-24fc-43c1-b90a-94f3b0e3d842","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":8,"box":{"x":81,"y":481,"width":603,"height":12}},{"id":"28e21441-a5f9-465c-8e01-d188196ef5de","block_type":"box","text":"Supranational Entities Risk","page_number":8,"box":{"x":81,"y":501,"width":205,"height":12}},{"id":"5836efb2-b846-4562-80e5-b3b70982e88a","block_type":"box","text":"— The Fund may invest in obligations issued or guaranteed by the World Bank. The","page_number":8,"box":{"x":290,"y":502,"width":610,"height":11}},{"id":"318215dd-81ff-49dd-9b1a-92a70c2f3480","block_type":"box","text":"government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many","page_number":8,"box":{"x":81,"y":516,"width":834,"height":12}},{"id":"b1399d6c-7967-4238-9904-e62fe2b100d2","block_type":"box","text":"cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.","page_number":8,"box":{"x":81,"y":531,"width":830,"height":12}},{"id":"859b838a-668d-4728-83ac-6e132b48b149","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":8,"box":{"x":81,"y":546,"width":795,"height":11}},{"id":"7d3fdaf6-eb2d-46c0-a497-80746438241c","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":8,"box":{"x":81,"y":561,"width":855,"height":11}},{"id":"13653b8d-4f56-4757-a864-d4d43b8bc82b","block_type":"box","text":"principal on its debt securities, and the Fund may lose money on such investments.","page_number":8,"box":{"x":82,"y":576,"width":612,"height":11}},{"id":"48f30e1c-8658-4364-a09d-a12b7e1a04e8","block_type":"box","text":"U.S. Government Issuer Risk","page_number":8,"box":{"x":81,"y":596,"width":215,"height":9}},{"id":"efd2d923-4618-4423-a831-20f2731eb473","block_type":"box","text":"— Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":8,"box":{"x":301,"y":595,"width":634,"height":12}},{"id":"070b6525-e413-4fd0-b3b0-f8f69584a486","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying","page_number":8,"box":{"x":81,"y":610,"width":797,"height":12}},{"id":"3d4ce66d-dcf8-488d-b195-4836893c542d","block_type":"box","text":"degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can","page_number":8,"box":{"x":81,"y":625,"width":850,"height":12}},{"id":"bde2b4fd-2a22-4031-9169-59c8815eaae9","block_type":"box","text":"be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated","page_number":8,"box":{"x":81,"y":640,"width":843,"height":12}},{"id":"f5811f49-a15f-4d91-ae4d-c3bc611d1341","block_type":"box","text":"by law to do so.","page_number":8,"box":{"x":81,"y":655,"width":114,"height":11}},{"id":"88aef4ab-4cbd-414e-94f6-819b89ff35ac","block_type":"box","text":"Performance Information","page_number":8,"box":{"x":61,"y":694,"width":224,"height":11}},{"id":"c2c48080-f7f3-4381-89dc-558f336ac2a3","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":720,"width":855,"height":11}},{"id":"38a4e899-0a37-4d50-9781-044fd4f20863","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the MSCI ACWI ex USA Index","page_number":8,"box":{"x":61,"y":735,"width":838,"height":11}},{"id":"415eb3b4-278f-4891-87d4-3e96b24971b0","block_type":"box","text":"(Net). To the extent that dividends and distributions have been paid by the Fund, the performance information for the","page_number":8,"box":{"x":61,"y":749,"width":858,"height":12}},{"id":"537582c0-25d0-4adc-b7a4-2b4d3f2f2db2","block_type":"box","text":"Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments,","page_number":8,"box":{"x":62,"y":764,"width":844,"height":11}},{"id":"0a8038f4-2147-482d-8a79-28f59387fb9a","block_type":"box","text":"past performance (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":779,"width":864,"height":12}},{"id":"23447bda-16a7-4867-8e1d-958e6ccda1c3","block_type":"box","text":"bar chart. 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":794,"width":849,"height":11}},{"id":"c004fbeb-2b91-4356-b740-71aade0b929a","block_type":"box","text":"sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these","page_number":8,"box":{"x":61,"y":809,"width":819,"height":11}},{"id":"215e71d4-f804-41cc-baf6-eeba79b85727","block_type":"box","text":"periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its","page_number":8,"box":{"x":62,"y":824,"width":832,"height":11}},{"id":"84b58362-4134-4240-a95f-b47632bcfa8c","block_type":"box","text":"current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at","page_number":8,"box":{"x":61,"y":839,"width":757,"height":11}},{"id":"6d54c67f-ace3-4ff5-bf62-7fc6e4d762aa","block_type":"box","text":"(800) 882-0052.","page_number":8,"box":{"x":61,"y":853,"width":122,"height":12}},{"id":"d1303953-8692-4b64-810a-35dae0067bc6","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"2c79064a-c8d7-4794-82c6-135a5a96234c","block_type":"box","text":"NM0926U-5975797-8/72","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"cfa3f9db-b663-4ded-90a6-94652e903891","block_type":"box","text":"Investor A Shares","page_number":9,"box":{"x":427,"y":46,"width":144,"height":10}},{"id":"dbbdb2f0-3260-408d-b4a8-12eb05faacaa","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":9,"box":{"x":392,"y":62,"width":212,"height":10}},{"id":"c8d5a57d-4e2c-437f-9ae4-25e7ed7c4067","block_type":"box","text":"BlackRock International Fund","page_number":9,"box":{"x":377,"y":78,"width":244,"height":10}},{"id":"5f0e5503-1701-4f75-961f-ae6f461d906b","block_type":"box","text":"As of 12/31","page_number":9,"box":{"x":447,"y":94,"width":103,"height":13}},{"id":"c0f1bf01-3327-4e86-b2c1-3345c88d6efe","block_type":"box","text":"0.33%","page_number":9,"box":{"x":295,"y":198,"width":37,"height":7}},{"id":"d0cb4049-30d0-49a4-8125-d0e2f35b0ed1","block_type":"box","text":"31.32%","page_number":9,"box":{"x":339,"y":129,"width":45,"height":8}},{"id":"d2c79bae-29d5-4fbd-b085-c5d9f31251ef","block_type":"box","text":"-21.65%","page_number":9,"box":{"x":385,"y":262,"width":49,"height":7}},{"id":"4182d946-3786-4cae-8527-72a95c2ee8e9","block_type":"box","text":"31.46%","page_number":9,"box":{"x":436,"y":129,"width":45,"height":7}},{"id":"e79fd9c8-2bbb-4302-ae81-2d1c65bea850","block_type":"box","text":"21.47%","page_number":9,"box":{"x":484,"y":151,"width":45,"height":7}},{"id":"77e20baf-200c-411f-9966-e7b1a750abf9","block_type":"box","text":"9.11%","page_number":9,"box":{"x":536,"y":179,"width":37,"height":7}},{"id":"29adfadc-1770-4600-9a86-7b905e023d45","block_type":"box","text":"-24.43%","page_number":9,"box":{"x":578,"y":268,"width":49,"height":8}},{"id":"51d070f7-f4cc-4e39-bf0e-48bab8b8ae96","block_type":"box","text":"19.38%","page_number":9,"box":{"x":629,"y":156,"width":44,"height":7}},{"id":"2b8d3999-dd7f-4e2e-930b-cf370d36324f","block_type":"box","text":"0.22%","page_number":9,"box":{"x":681,"y":198,"width":36,"height":8}},{"id":"3222f193-27e5-4d27-a6c5-ac8a92c8aeaa","block_type":"box","text":"15.29%","page_number":9,"box":{"x":725,"y":165,"width":45,"height":7}},{"id":"39231591-30d3-40e2-abb1-c3ec6a66c5b4","block_type":"box","text":"-30%","page_number":9,"box":{"x":237,"y":273,"width":28,"height":7}},{"id":"b2f2e445-9383-40a3-bf55-395f666bc4f7","block_type":"box","text":"-20%","page_number":9,"box":{"x":237,"y":251,"width":28,"height":7}},{"id":"152104fc-c60a-4b62-a04e-a0729fc4aa61","block_type":"box","text":"-10%","page_number":9,"box":{"x":237,"y":229,"width":28,"height":7}},{"id":"f7be4610-56f3-4921-9ddc-215c3a2fe36f","block_type":"box","text":"0%","page_number":9,"box":{"x":248,"y":206,"width":17,"height":8}},{"id":"ccc895d3-266a-484a-a18b-18bbbdcfbec4","block_type":"box","text":"10%","page_number":9,"box":{"x":241,"y":184,"width":24,"height":8}},{"id":"0491df72-ede5-4404-bd0a-4a92c3a6464e","block_type":"box","text":"20%","page_number":9,"box":{"x":240,"y":162,"width":25,"height":7}},{"id":"0e5bc6be-3ebc-4755-87b6-432e1d612950","block_type":"box","text":"30%","page_number":9,"box":{"x":240,"y":140,"width":25,"height":7}},{"id":"ed7bac5d-87aa-4297-a26e-d1fd22d6d230","block_type":"box","text":"40%","page_number":9,"box":{"x":240,"y":118,"width":25,"height":7}},{"id":"496f8398-f0a9-47de-98c4-22e904361f80","block_type":"box","text":"2016 2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":9,"box":{"x":298,"y":283,"width":465,"height":7}},{"id":"77284976-94ab-4a29-9dcb-c76bc08d294f","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 26.78% (quarter ended","page_number":9,"box":{"x":62,"y":303,"width":806,"height":12}},{"id":"f799f716-9c73-48ee-b07a-7ec49023a6bf","block_type":"box","text":"June 30, 2020) and the lowest return for a quarter was -25.19% (quarter ended March 31, 2020). The year-to-date","page_number":9,"box":{"x":61,"y":318,"width":845,"height":12}},{"id":"5cbf5abd-c503-4164-a17d-a2ee206d958b","block_type":"box","text":"return as of June 30, 2026 was 10.32%.","page_number":9,"box":{"x":61,"y":333,"width":299,"height":11}},{"id":"84559404-dec5-4785-af75-358ffb311816","block_type":"box","text":"For the periods ended 12/31/25","page_number":9,"box":{"x":70,"y":362,"width":223,"height":10}},{"id":"a066a70a-fe29-4387-a39a-0878dfe3b965","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":9,"box":{"x":69,"y":373,"width":854,"height":11}},{"id":"b6c1b69e-781d-4952-a0e2-c09d17372b2e","block_type":"box","text":"BlackRock International Fund — Investor A Shares","page_number":9,"box":{"x":70,"y":392,"width":331,"height":8}},{"id":"76c314d2-7b62-47aa-933d-00a5010ac068","block_type":"box","text":"Return Before Taxes 9.23% 1.50% 5.91%","page_number":9,"box":{"x":85,"y":404,"width":835,"height":9}},{"id":"f6f9eb48-8574-4117-b980-b2cfeeffbe44","block_type":"box","text":"Return After Taxes on Distributions 8.85% 0.99% 5.61%","page_number":9,"box":{"x":85,"y":417,"width":835,"height":8}},{"id":"a4501746-c253-4b15-80e1-1ca0aa90d817","block_type":"box","text":"Return After Taxes on Distributions","page_number":9,"box":{"x":85,"y":430,"width":228,"height":8}},{"id":"d376aaff-da4b-411c-9164-995491a6555d","block_type":"box","text":"and Sale of Fund Shares 5.79% 1.13% 4.80%","page_number":9,"box":{"x":85,"y":442,"width":835,"height":8}},{"id":"e39e2280-a3c2-4dab-b7f2-52fde2cde2ac","block_type":"box","text":"BlackRock International Fund — Investor C Shares","page_number":9,"box":{"x":70,"y":460,"width":332,"height":8}},{"id":"9c601390-17ea-476a-9fc7-6377067f2f2a","block_type":"box","text":"Return Before Taxes 13.47% 1.85% 5.81%","page_number":9,"box":{"x":85,"y":473,"width":835,"height":8}},{"id":"03b48d79-eb7c-4c81-9e0d-1abb23f20976","block_type":"box","text":"BlackRock International Fund — Institutional Shares","page_number":9,"box":{"x":70,"y":491,"width":344,"height":8}},{"id":"b5467a56-3436-4b41-a704-189ccffe0bf3","block_type":"box","text":"Return Before Taxes 15.60% 2.86% 6.78%","page_number":9,"box":{"x":85,"y":504,"width":835,"height":8}},{"id":"ebdc923d-6898-42f0-a18a-b6b3eb3ed596","block_type":"box","text":"BlackRock International Fund — Class R Shares","page_number":9,"box":{"x":70,"y":522,"width":317,"height":8}},{"id":"79022d83-4847-4fba-9f19-015319863922","block_type":"box","text":"Return Before Taxes 14.98% 2.35% 6.21%","page_number":9,"box":{"x":85,"y":534,"width":835,"height":9}},{"id":"29d131be-9beb-4796-b0a1-bd15caa4140c","block_type":"box","text":"MSCI ACWI ex USA Index (Net)","page_number":9,"box":{"x":70,"y":553,"width":199,"height":10}},{"id":"fff6d1f1-8971-4537-b59d-fc03943418dc","block_type":"box","text":"1","page_number":9,"box":{"x":271,"y":553,"width":3,"height":4}},{"id":"e34e087d-d518-4359-a2fa-2af9679e8214","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes, except for withholding","page_number":9,"box":{"x":69,"y":566,"width":486,"height":10}},{"id":"cca96169-986b-44d2-ab1c-a82c0c3dcd05","block_type":"box","text":"taxes on reinvested dividends) 32.39% 7.91% 8.41%","page_number":9,"box":{"x":69,"y":580,"width":851,"height":10}},{"id":"300d1ebd-fe7d-4f75-9201-069b60c7734c","block_type":"box","text":"1","page_number":9,"box":{"x":61,"y":599,"width":3,"height":4}},{"id":"df7f46eb-121e-4133-92a1-511f697fd5fc","block_type":"box","text":"Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country","page_number":9,"box":{"x":69,"y":599,"width":819,"height":9}},{"id":"0ad4c349-13d6-4d0c-b7e6-584ea1534c4a","block_type":"box","text":"applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate","page_number":9,"box":{"x":61,"y":610,"width":870,"height":9}},{"id":"36bfa555-dbad-4ef5-8835-496e32f2ddda","block_type":"box","text":"than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is","page_number":9,"box":{"x":60,"y":620,"width":862,"height":9}},{"id":"1500d1fb-e531-44d3-baea-1255d0be56a2","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.","page_number":9,"box":{"x":60,"y":630,"width":674,"height":9}},{"id":"10fa9421-5afe-4e15-be4a-6755b0ab05d5","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":9,"box":{"x":60,"y":655,"width":840,"height":12}},{"id":"2317911e-05c6-44bb-9a7f-aea0dd519797","block_type":"box","text":"reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may","page_number":9,"box":{"x":61,"y":670,"width":835,"height":12}},{"id":"d48afaec-4a90-49ca-81b7-0ddf8922418c","block_type":"box","text":"differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through","page_number":9,"box":{"x":61,"y":685,"width":851,"height":12}},{"id":"2f1fea79-dfa9-4e5a-b70d-82e590503abb","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":9,"box":{"x":60,"y":700,"width":840,"height":11}},{"id":"51c31061-e853-4dd3-91d7-e4f189a592ba","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C, Institutional and Class R Shares will vary.","page_number":9,"box":{"x":62,"y":715,"width":766,"height":11}},{"id":"8603347c-bbfa-43d4-8cd2-f260e2809d42","block_type":"box","text":"Investment Manager","page_number":9,"box":{"x":62,"y":754,"width":187,"height":13}},{"id":"b6e9d7c9-5ea5-462f-b0f3-17a09cc3dc89","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":780,"width":832,"height":11}},{"id":"0dd031e8-3f2c-4b9d-8561-11518492ccc2","block_type":"box","text":"adviser is BlackRock International Limited (the “Sub-Adviser”). Where applicable, the use of the term “BlackRock”","page_number":9,"box":{"x":61,"y":795,"width":835,"height":11}},{"id":"32076dd0-cb31-4155-bd53-5b596f99a7ee","block_type":"box","text":"refers also to the Sub-Adviser.","page_number":9,"box":{"x":61,"y":809,"width":219,"height":10}},{"id":"278d8157-1aff-4f48-b2fb-28ba4867842a","block_type":"box","text":"Portfolio Managers","page_number":9,"box":{"x":61,"y":848,"width":173,"height":14}},{"id":"f51cae69-9205-48bb-aa8b-fe7c85883abd","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":70,"y":892,"width":121,"height":10}},{"id":"022d20f2-1965-4bcf-9fa7-94bcf11ae9c1","block_type":"box","text":"Portfolio Manager","page_number":9,"box":{"x":362,"y":881,"width":121,"height":10}},{"id":"71b4b212-f992-4861-8d26-3edc6eaf51ea","block_type":"box","text":"of the Fund Since Title","page_number":9,"box":{"x":364,"y":892,"width":426,"height":9}},{"id":"587ed12a-bbbb-4d36-9b2c-53796bbdcf01","block_type":"box","text":"Zeshan Azam 2026 Managing Director of BlackRock, Inc.","page_number":9,"box":{"x":69,"y":910,"width":826,"height":11}},{"id":"d24ea950-c999-4297-839b-987cd8a625d9","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"f307ca5f-1e3e-4211-9273-8dd827b19f88","block_type":"box","text":"NM0926U-5975797-9/72","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"a47a2f6d-c1c7-4332-a3a7-56533039651f","block_type":"box","text":"Portfolio Manager","page_number":10,"box":{"x":70,"y":62,"width":121,"height":10}},{"id":"bac9fa58-f043-44f2-8c30-69347617b721","block_type":"box","text":"Portfolio Manager","page_number":10,"box":{"x":362,"y":50,"width":121,"height":11}},{"id":"9eb34a26-5cd2-4587-860e-aa2b04a7feca","block_type":"box","text":"of the Fund Since Title","page_number":10,"box":{"x":364,"y":62,"width":426,"height":8}},{"id":"2bf9cadb-ff82-4f89-9ae5-7f1929d5f890","block_type":"box","text":"Wendy Agnew, CFA 2026 Director of BlackRock, Inc.","page_number":10,"box":{"x":69,"y":80,"width":758,"height":10}},{"id":"61a41d16-1b15-4399-88a4-15444c6417f4","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":10,"box":{"x":61,"y":121,"width":309,"height":11}},{"id":"e98216dc-8a94-4cf6-959d-5abd4f4b2ada","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":10,"box":{"x":60,"y":147,"width":857,"height":11}},{"id":"91051107-5e50-4b79-a738-640a12940147","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":10,"box":{"x":61,"y":162,"width":873,"height":11}},{"id":"cc57e9b0-edd5-41ee-9dd5-23ef84671fe5","block_type":"box","text":"the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh, Pennsylvania","page_number":10,"box":{"x":60,"y":177,"width":833,"height":11}},{"id":"a1bc3bcd-04a7-4d7d-8388-77d55f99308b","block_type":"box","text":"15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment minimums","page_number":10,"box":{"x":62,"y":191,"width":827,"height":12}},{"id":"3b7ddc34-2e67-4967-813b-55834fa313b9","block_type":"box","text":"generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":10,"box":{"x":60,"y":206,"width":696,"height":12}},{"id":"29b2f750-a535-4d67-905d-57bcc0fd7093","block_type":"box","text":"Investor A and Investor C","page_number":10,"box":{"x":232,"y":234,"width":152,"height":8}},{"id":"2545eda5-edb8-4adc-b9b0-a7727213acdf","block_type":"box","text":"Shares Institutional Shares Class R Shares","page_number":10,"box":{"x":232,"y":245,"width":604,"height":7}},{"id":"2694044d-6b4a-4248-824d-75e71a9b9ed7","block_type":"box","text":"Minimum Initial","page_number":10,"box":{"x":61,"y":262,"width":104,"height":8}},{"id":"30c817a8-1fcf-49fe-86fb-c7b6ccc330e6","block_type":"box","text":"Investment","page_number":10,"box":{"x":61,"y":276,"width":75,"height":8}},{"id":"2e1c6d4a-ec06-4eaf-b709-1a243a6bebe5","block_type":"box","text":"$1,000 for all accounts","page_number":10,"box":{"x":232,"y":261,"width":155,"height":11}},{"id":"f65e9bad-682e-4fa2-bdbc-17432a10d694","block_type":"box","text":"except:","page_number":10,"box":{"x":232,"y":276,"width":46,"height":9}},{"id":"5e971c63-0a03-4c37-8b81-46479ba9a0f9","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":292,"width":4,"height":3}},{"id":"fd0d5955-658b-4781-8111-40f7efe86ea5","block_type":"box","text":"$50, if establishing an","page_number":10,"box":{"x":243,"y":288,"width":147,"height":11}},{"id":"0f4020e6-1a28-47e9-a60e-a1133f1dd0c9","block_type":"box","text":"Automatic Investment Plan.","page_number":10,"box":{"x":242,"y":303,"width":179,"height":8}},{"id":"3f0ad481-7ce0-407b-8621-4db1b30da854","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":319,"width":4,"height":3}},{"id":"e3624ff8-4dd5-436d-8444-6d0b5b5b952f","block_type":"box","text":"There is no investment","page_number":10,"box":{"x":242,"y":316,"width":151,"height":8}},{"id":"3f00772d-0873-4286-81db-dc49f875c148","block_type":"box","text":"minimum for employer","page_number":10,"box":{"x":243,"y":330,"width":149,"height":10}},{"id":"b366cfd9-b6a7-404b-92ff-559c400fed91","block_type":"box","text":"sponsored retirement","page_number":10,"box":{"x":242,"y":343,"width":142,"height":10}},{"id":"2f778e24-1532-4d72-b063-d9707bcbb733","block_type":"box","text":"plans (not including SEP","page_number":10,"box":{"x":243,"y":357,"width":158,"height":10}},{"id":"92fe9a9a-c5b0-45a4-afa6-58750c83e7a3","block_type":"box","text":"IRAs, SIMPLE IRAs or","page_number":10,"box":{"x":243,"y":370,"width":139,"height":10}},{"id":"8417bba5-51f5-44b1-8b8d-acb33451b962","block_type":"box","text":"SARSEPs).","page_number":10,"box":{"x":242,"y":384,"width":69,"height":10}},{"id":"476f2149-78b2-4198-a0a9-c9bb24adeb40","block_type":"box","text":"•","page_number":10,"box":{"x":235,"y":400,"width":4,"height":3}},{"id":"4a1994f4-732f-4ff3-9ed9-732b8c83b57c","block_type":"box","text":"There is no investment","page_number":10,"box":{"x":242,"y":397,"width":151,"height":9}},{"id":"4f7042e9-c66e-4b58-b65e-587493d190f3","block_type":"box","text":"minimum for certain fee","page_number":10,"box":{"x":243,"y":411,"width":161,"height":8}},{"id":"a7cce5b4-1af1-4e23-8151-2ddd91c1e284","block_type":"box","text":"based programs.","page_number":10,"box":{"x":243,"y":425,"width":109,"height":10}},{"id":"3e566bf9-9d8a-4050-a46b-a2b433dafb72","block_type":"box","text":"There is no minimum initial investment","page_number":10,"box":{"x":443,"y":262,"width":257,"height":8}},{"id":"0d82ff98-83bf-4bc4-ac3c-8c0cad54746e","block_type":"box","text":"for:","page_number":10,"box":{"x":443,"y":275,"width":21,"height":9}},{"id":"7d70243d-adbf-4220-9036-bbdbdb0b6ae9","block_type":"box","text":"•","page_number":10,"box":{"x":447,"y":296,"width":4,"height":3}},{"id":"527c5a4e-621f-4fea-ab0f-19bb4dd6f22a","block_type":"box","text":"Certain employee benefits plans, such","page_number":10,"box":{"x":454,"y":293,"width":254,"height":10}},{"id":"93123149-2960-46b1-865d-16d4fa087ae2","block_type":"box","text":"as health savings accounts, and certain","page_number":10,"box":{"x":454,"y":307,"width":263,"height":10}},{"id":"f7a2f85b-ce39-46de-b67f-b237da7443be","block_type":"box","text":"employer-sponsored retirement plans","page_number":10,"box":{"x":454,"y":320,"width":245,"height":10}},{"id":"4e77a07b-cadd-4114-8fa0-105b883ab191","block_type":"box","text":"(not including SEP IRAs, SIMPLE IRAs or","page_number":10,"box":{"x":454,"y":334,"width":264,"height":10}},{"id":"316baf09-9ee6-4d76-ae87-ecb563b5e5f9","block_type":"box","text":"SARSEPs), state sponsored 529 college","page_number":10,"box":{"x":454,"y":347,"width":265,"height":10}},{"id":"dfc1f674-2aa5-4c6f-86ff-e6d98aa7d89c","block_type":"box","text":"savings plans, collective trust funds,","page_number":10,"box":{"x":454,"y":360,"width":240,"height":11}},{"id":"cdb5b008-a210-41df-bd85-ae20c07da693","block_type":"box","text":"investment companies or other pooled","page_number":10,"box":{"x":454,"y":374,"width":253,"height":10}},{"id":"3e8591f2-306e-4c90-afa0-0d6e64cf6cb2","block_type":"box","text":"investment vehicles, unaffiliated thrifts","page_number":10,"box":{"x":454,"y":388,"width":257,"height":9}},{"id":"8d9da260-c63d-46ef-856c-98a2e571a5bb","block_type":"box","text":"and unaffiliated banks and trust","page_number":10,"box":{"x":454,"y":401,"width":212,"height":8}},{"id":"9675fff0-fe41-4730-bc89-c874a4870793","block_type":"box","text":"companies, each of which may purchase","page_number":10,"box":{"x":454,"y":415,"width":267,"height":10}},{"id":"e9df1366-bd41-486d-a820-165f52e79601","block_type":"box","text":"shares of the Fund through a Financial","page_number":10,"box":{"x":454,"y":428,"width":252,"height":11}},{"id":"dabfb575-68eb-44b2-9bd7-b0c01d453279","block_type":"box","text":"Intermediary that has entered into an","page_number":10,"box":{"x":455,"y":442,"width":245,"height":10}},{"id":"882b1782-d82e-409d-88eb-72112c3fb699","block_type":"box","text":"agreement with the Fund’s distributor to","page_number":10,"box":{"x":454,"y":455,"width":264,"height":11}},{"id":"c11f21c0-409f-4708-9a58-6d793d5a4eae","block_type":"box","text":"purchase such shares.","page_number":10,"box":{"x":454,"y":469,"width":149,"height":10}},{"id":"3f241f0d-e07a-4a20-819e-e83a4c34eba3","block_type":"box","text":"•","page_number":10,"box":{"x":447,"y":489,"width":4,"height":3}},{"id":"a5a0cb8a-bf3b-4ac7-9f8e-20d077c6c5c8","block_type":"box","text":"Clients of Financial Intermediaries that:","page_number":10,"box":{"x":454,"y":486,"width":258,"height":8}},{"id":"15332c97-638f-4e8b-9bb0-10809af7a330","block_type":"box","text":"(i) charge such clients a fee for advisory,","page_number":10,"box":{"x":454,"y":500,"width":267,"height":10}},{"id":"c39baf65-7eec-4629-83fc-7e40f77f42a1","block_type":"box","text":"investment consulting, or similar","page_number":10,"box":{"x":454,"y":513,"width":215,"height":11}},{"id":"43c37155-a03c-427b-ad46-6c06281b4e68","block_type":"box","text":"services or (ii) have entered into an","page_number":10,"box":{"x":454,"y":527,"width":234,"height":10}},{"id":"f2c5cf59-33a9-43d4-a23e-802c292e728d","block_type":"box","text":"agreement with the Fund’s distributor to","page_number":10,"box":{"x":454,"y":541,"width":264,"height":10}},{"id":"13d4a51e-6981-46fc-be82-bdcb354966f7","block_type":"box","text":"offer Institutional Shares through a no","page_number":10,"box":{"x":454,"y":554,"width":256,"height":10}},{"id":"b8ed722b-43e2-4398-81c0-fcef8ce466b2","block_type":"box","text":"load program or investment platform.","page_number":10,"box":{"x":455,"y":567,"width":243,"height":11}},{"id":"57fd1112-8d44-4d3c-937e-0a4e42752fd1","block_type":"box","text":"•","page_number":10,"box":{"x":447,"y":588,"width":4,"height":3}},{"id":"33f6c29c-129d-48b1-8274-2809aa019445","block_type":"box","text":"Clients investing through a self-directed","page_number":10,"box":{"x":454,"y":585,"width":260,"height":10}},{"id":"8f7aac3b-5507-420e-ae87-4c077cc890c1","block_type":"box","text":"IRA brokerage account program","page_number":10,"box":{"x":455,"y":599,"width":205,"height":10}},{"id":"a2de109c-fff1-4f83-ab1b-1521cef56594","block_type":"box","text":"sponsored by a retirement plan record","page_number":10,"box":{"x":454,"y":612,"width":256,"height":10}},{"id":"c1b75078-b0c4-40ca-87c2-faf6fb4d34db","block_type":"box","text":"keeper, provided that such program","page_number":10,"box":{"x":454,"y":626,"width":233,"height":10}},{"id":"ffddd791-9917-4153-a6d4-bb7e312d1ceb","block_type":"box","text":"offers only mutual fund options and that","page_number":10,"box":{"x":454,"y":639,"width":266,"height":10}},{"id":"71ed53a2-45b3-487a-81b7-596d5d78a026","block_type":"box","text":"the program maintains an account with","page_number":10,"box":{"x":453,"y":653,"width":257,"height":10}},{"id":"5323aa78-c2d1-478b-bbd7-1c87fcd3fb9a","block_type":"box","text":"the Fund on an omnibus basis.","page_number":10,"box":{"x":453,"y":666,"width":204,"height":8}},{"id":"9de32a5b-186c-447d-9fb6-fd3d1bc45d69","block_type":"box","text":"$2 million for individuals and “Institutional","page_number":10,"box":{"x":444,"y":683,"width":279,"height":9}},{"id":"c6bb3a0b-2cbb-4821-8504-11f54c86136e","block_type":"box","text":"Investors,” which include, but are not","page_number":10,"box":{"x":445,"y":697,"width":245,"height":10}},{"id":"69d643ba-557e-47c7-90f4-abdeeb6ad3e2","block_type":"box","text":"limited to, endowments, foundations,","page_number":10,"box":{"x":444,"y":710,"width":245,"height":10}},{"id":"f9070970-04d2-4ea7-b013-e693a7a16a53","block_type":"box","text":"family offices, local, city, and state","page_number":10,"box":{"x":443,"y":724,"width":230,"height":10}},{"id":"c2971388-59ae-4679-894b-b60ef4301d2f","block_type":"box","text":"governmental institutions, corporations","page_number":10,"box":{"x":443,"y":738,"width":258,"height":10}},{"id":"355c4259-3b41-4a0c-9d68-fd13c581e5d1","block_type":"box","text":"and insurance company separate","page_number":10,"box":{"x":444,"y":751,"width":218,"height":10}},{"id":"b3757fc1-2829-4960-a848-760652e2caaa","block_type":"box","text":"accounts who may purchase shares of the","page_number":10,"box":{"x":444,"y":765,"width":279,"height":10}},{"id":"afad13af-a80d-44fa-a271-94c71f4a79e7","block_type":"box","text":"Fund through a Financial Intermediary that","page_number":10,"box":{"x":444,"y":778,"width":279,"height":11}},{"id":"53ad74ed-a28d-4c50-9f3a-a07cccc8c720","block_type":"box","text":"has entered into an agreement with the","page_number":10,"box":{"x":444,"y":792,"width":260,"height":10}},{"id":"9e6bb1a9-1f9a-4da6-83f1-b374852f2b07","block_type":"box","text":"Fund’s distributor to purchase such","page_number":10,"box":{"x":444,"y":805,"width":233,"height":10}},{"id":"eddf4408-98ac-4b4c-b3bd-387573b739c2","block_type":"box","text":"shares.","page_number":10,"box":{"x":444,"y":819,"width":48,"height":8}},{"id":"d79d1653-eaef-41cf-b875-f61d4fff1dcf","block_type":"box","text":"$1,000 for:","page_number":10,"box":{"x":444,"y":836,"width":74,"height":10}},{"id":"5ab6a741-b9fa-45df-9d39-fb890fcf24da","block_type":"box","text":"•","page_number":10,"box":{"x":447,"y":856,"width":4,"height":3}},{"id":"5dc8d485-0bd2-48f1-8068-7da8cba6f403","block_type":"box","text":"Clients investing through Financial","page_number":10,"box":{"x":454,"y":854,"width":224,"height":10}},{"id":"a887f3ac-0ac7-4dd8-97bf-476e46a7c9b3","block_type":"box","text":"Intermediaries that offer such shares on","page_number":10,"box":{"x":455,"y":867,"width":266,"height":8}},{"id":"43bdd53e-1794-456d-96ed-5d8edb2e9787","block_type":"box","text":"a platform that charges a transaction","page_number":10,"box":{"x":454,"y":881,"width":245,"height":10}},{"id":"4f23875e-b13d-4c16-ab0b-25f0bfa8f8ca","block_type":"box","text":"based sales commission outside of the","page_number":10,"box":{"x":454,"y":894,"width":260,"height":8}},{"id":"ce845ef7-f929-4335-b71e-7aeafbb19d80","block_type":"box","text":"Fund.","page_number":10,"box":{"x":455,"y":908,"width":33,"height":8}},{"id":"86e14ff2-9c46-41f5-91b1-bbb05f2d13ea","block_type":"box","text":"$100 for all accounts.","page_number":10,"box":{"x":746,"y":261,"width":145,"height":10}},{"id":"349bf684-40f6-46fe-ab17-bee363a09833","block_type":"box","text":"10","page_number":10,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"aa3de393-ec0c-4344-86e5-ff105f870415","block_type":"box","text":"NM0926U-5975797-10/72","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f1aaca3c-0c7e-450b-bcf5-577ceca83680","block_type":"box","text":"Investor A and Investor C","page_number":11,"box":{"x":232,"y":50,"width":152,"height":7}},{"id":"1db580e6-b08f-47ee-8537-46a84a1972f6","block_type":"box","text":"Shares Institutional Shares Class R Shares","page_number":11,"box":{"x":232,"y":60,"width":604,"height":8}},{"id":"f5f3b2da-7939-4b6a-b1bb-4ee045d79a85","block_type":"box","text":"Minimum Initial","page_number":11,"box":{"x":61,"y":78,"width":104,"height":8}},{"id":"627d1b99-1d71-46f1-847a-3f0c7b99d91c","block_type":"box","text":"Investment","page_number":11,"box":{"x":61,"y":91,"width":75,"height":8}},{"id":"1f2be567-751d-4947-a3d1-08ed2e720d13","block_type":"box","text":"(continued)","page_number":11,"box":{"x":61,"y":105,"width":76,"height":10}},{"id":"3bf7c5c9-bc00-4368-87a5-444441d5daac","block_type":"box","text":"•","page_number":11,"box":{"x":447,"y":84,"width":4,"height":3}},{"id":"2ff52813-b97b-43bb-8b9f-d5af3ea26660","block_type":"box","text":"Tax-qualified accounts for insurance","page_number":11,"box":{"x":453,"y":81,"width":236,"height":10}},{"id":"04b8c0b9-5ea6-4e66-941c-f9ba74c7d237","block_type":"box","text":"agents that are registered","page_number":11,"box":{"x":454,"y":95,"width":171,"height":10}},{"id":"e0305b40-f7f7-45f4-a815-c551d47ea739","block_type":"box","text":"representatives of an insurance","page_number":11,"box":{"x":454,"y":108,"width":209,"height":11}},{"id":"8aa49f89-21ac-46ce-ade8-53acde7919ed","block_type":"box","text":"company’s broker-dealer that has","page_number":11,"box":{"x":454,"y":122,"width":220,"height":10}},{"id":"94b4fdfb-79a2-4e5c-99d3-dafadbd1fae1","block_type":"box","text":"entered into an agreement with the","page_number":11,"box":{"x":454,"y":136,"width":232,"height":10}},{"id":"386db4eb-c52d-450d-8c9e-e635b6a0cbd4","block_type":"box","text":"Fund’s distributor to offer Institutional","page_number":11,"box":{"x":455,"y":149,"width":249,"height":8}},{"id":"14d6dfe1-7c1c-4f7f-8a13-f76426bf4914","block_type":"box","text":"Shares, and the family members of such","page_number":11,"box":{"x":454,"y":163,"width":267,"height":10}},{"id":"66c24a0a-8152-4515-ae0d-e634108d1501","block_type":"box","text":"persons.","page_number":11,"box":{"x":454,"y":178,"width":56,"height":8}},{"id":"ecd1f61e-6866-4675-aba9-f14b17f320c2","block_type":"box","text":"Minimum Additional","page_number":11,"box":{"x":61,"y":194,"width":133,"height":8}},{"id":"bc3eef44-83a6-454a-ac2e-348fbb1e0531","block_type":"box","text":"Investment","page_number":11,"box":{"x":61,"y":208,"width":75,"height":8}},{"id":"a7583671-7fb0-4f11-b79b-c3c1f06cf530","block_type":"box","text":"$50 for all accounts (with","page_number":11,"box":{"x":232,"y":194,"width":168,"height":10}},{"id":"615a8e1b-f4ad-49cf-9469-c9e400be5b10","block_type":"box","text":"the exception of certain","page_number":11,"box":{"x":232,"y":208,"width":156,"height":10}},{"id":"74678bfa-317e-4e85-aac0-233b21485334","block_type":"box","text":"employer-sponsored","page_number":11,"box":{"x":232,"y":221,"width":131,"height":11}},{"id":"7a7df9e6-8978-4192-b029-4ba250a77e2b","block_type":"box","text":"retirement plans which may","page_number":11,"box":{"x":233,"y":235,"width":181,"height":10}},{"id":"0bdc1644-64df-4b54-a82a-5e3c46e834c6","block_type":"box","text":"have a lower minimum).","page_number":11,"box":{"x":233,"y":249,"width":155,"height":9}},{"id":"5675571a-10c9-4b78-9184-9d1f320ca056","block_type":"box","text":"No subsequent minimum. No subsequent minimum.","page_number":11,"box":{"x":444,"y":194,"width":470,"height":10}},{"id":"012dd652-9e1a-44b3-abcb-3d1507ba3076","block_type":"box","text":"Tax Information","page_number":11,"box":{"x":63,"y":289,"width":138,"height":11}},{"id":"b4402d83-f8b8-4cef-b8cb-e87f2878bf89","block_type":"box","text":"The Fund’s dividends and distributions may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":11,"box":{"x":60,"y":315,"width":838,"height":11}},{"id":"75d17b8f-8dbe-4c9b-a1a5-424ce1561efa","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor or are investing through a qualified tax-exempt plan","page_number":11,"box":{"x":62,"y":330,"width":829,"height":11}},{"id":"6751bbfa-e484-4725-83cb-8ce680426aec","block_type":"box","text":"described in section 401(a) of the Internal Revenue Code of 1986, as amended, in which case you may be subject to","page_number":11,"box":{"x":61,"y":345,"width":862,"height":11}},{"id":"34af413f-17f2-4f83-bee5-e0f05f722113","block_type":"box","text":"U.S. federal income tax when distributions are received from such tax-deferred arrangements.","page_number":11,"box":{"x":62,"y":360,"width":686,"height":11}},{"id":"b41bef4b-b13f-4c4c-a770-22b24e7fcd14","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":11,"box":{"x":61,"y":398,"width":578,"height":14}},{"id":"b99c9b3e-be10-4811-96af-c67093be0106","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":11,"box":{"x":62,"y":425,"width":848,"height":11}},{"id":"40ebb637-3ad9-4304-873e-7dd96ba5ad97","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":11,"box":{"x":62,"y":439,"width":868,"height":12}},{"id":"69134e9a-de0a-4c7d-b2dd-4add30071a2a","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":11,"box":{"x":60,"y":462,"width":867,"height":12}},{"id":"d2ecf4b8-9ed4-4a1c-8694-a3500c26a47b","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":11,"box":{"x":62,"y":477,"width":455,"height":11}},{"id":"e8725c29-9320-4ad0-9f87-c8d453a7cbc4","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":11,"box":{"x":60,"y":499,"width":790,"height":12}},{"id":"9e6c0435-82d0-4a19-811c-5067c1c4e7bf","block_type":"box","text":"11","page_number":11,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"73aa08a1-940e-4826-85e6-6e1a3cedba8f","block_type":"box","text":"NM0926U-5975797-11/72","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"425fdf7e-0db5-4586-ba0d-6cb2c26c8158","block_type":"box","text":"Details About the Fund","page_number":12,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"9c0c6e37-0790-4e0f-a67c-68da0553a104","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":12,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"dbc918ff-7292-4281-b09c-523b3678440f","block_type":"box","text":"shareholder features of BlackRock International Fund (the “Fund”), a series of BlackRock Series, Inc. (the","page_number":12,"box":{"x":61,"y":161,"width":775,"height":11}},{"id":"176f7c5a-5568-407c-af16-3ed641401cb2","block_type":"box","text":"“Corporation”), and your rights as a shareholder.","page_number":12,"box":{"x":62,"y":176,"width":355,"height":11}},{"id":"53a7cdcf-e7d8-4f37-802f-9c3100b8443b","block_type":"box","text":"How the Fund Invests","page_number":12,"box":{"x":61,"y":215,"width":196,"height":11}},{"id":"810874cb-d13b-4e95-9175-f9a906333169","block_type":"box","text":"Investment Objective","page_number":12,"box":{"x":61,"y":241,"width":175,"height":13}},{"id":"dba054ab-0349-415c-8a00-72bb91b9593f","block_type":"box","text":"The investment objective of the Fund is to seek long-term capital growth through investments primarily in a diversified","page_number":12,"box":{"x":60,"y":258,"width":862,"height":11}},{"id":"bf373c09-4144-4a24-ad3c-f7cf9c26fc2e","block_type":"box","text":"portfolio of equity securities of companies located outside the United States. In other words, the Fund tries to choose","page_number":12,"box":{"x":62,"y":273,"width":864,"height":11}},{"id":"9a6503f3-4f75-4333-aa94-a47f5394d811","block_type":"box","text":"investments located outside the United States that will increase in value.","page_number":12,"box":{"x":62,"y":287,"width":535,"height":10}},{"id":"0fdc2594-f706-4601-9504-2bd785b74038","block_type":"box","text":"This is a fundamental policy of the Fund. To change a fundamental policy requires the approval of a majority of the","page_number":12,"box":{"x":60,"y":310,"width":839,"height":11}},{"id":"8ab362f7-aed9-410b-88b5-e23a2769e7b1","block_type":"box","text":"Fund’s shareholders, as defined in the Investment Company Act of 1940, as amended (the “Investment Company","page_number":12,"box":{"x":62,"y":325,"width":835,"height":11}},{"id":"bba49a29-66d2-4309-a910-3b18565f5c8c","block_type":"box","text":"Act”).","page_number":12,"box":{"x":60,"y":340,"width":39,"height":11}},{"id":"274b6d1d-1afe-458b-8ab7-8b7cee810bfa","block_type":"box","text":"Investment Process","page_number":12,"box":{"x":61,"y":363,"width":165,"height":10}},{"id":"fe281886-acd3-4d6c-a51a-1b35d6dde3cb","block_type":"box","text":"The portfolio management team’s investment process seeks to identify and benefit from diverse sources of","page_number":12,"box":{"x":60,"y":379,"width":793,"height":11}},{"id":"6f732114-3019-4bcb-af9e-06fe4b0d514f","block_type":"box","text":"inefficiency by applying a combination of stock-specific analysis, and top-down economic research, across the equity","page_number":12,"box":{"x":62,"y":394,"width":854,"height":11}},{"id":"f996befb-12d2-40b2-bc66-ba487d225db9","block_type":"box","text":"universe and macro-economic environment. In addition to the portfolio managers, individual stock research is","page_number":12,"box":{"x":61,"y":409,"width":803,"height":11}},{"id":"5b9d4c69-fcd3-4b4f-8448-845b452c06a6","block_type":"box","text":"conducted by global sector, and country, specialists seeking to identify companies with the following characteristics: 1)","page_number":12,"box":{"x":61,"y":423,"width":873,"height":12}},{"id":"fb7f4545-9464-48ea-98d5-d017c4be8817","block_type":"box","text":"sustainable business model, 2) strong financial position, and 3) strong capital allocation with a focus on dividends.","page_number":12,"box":{"x":61,"y":438,"width":846,"height":12}},{"id":"7c94d768-a256-4862-abba-c514ed76452b","block_type":"box","text":"Principal Investment Strategies","page_number":12,"box":{"x":61,"y":461,"width":262,"height":13}},{"id":"e1a8bad5-7f28-4b16-869a-1a31efdcab1d","block_type":"box","text":"The Fund will invest at least 75% of its total assets in global equity securities of any market capitalization, selected for","page_number":12,"box":{"x":60,"y":477,"width":873,"height":12}},{"id":"daee597d-b076-4b6c-8a92-2cde4a30f81a","block_type":"box","text":"their above-average return potential. The Fund primarily seeks to buy common stock but may also invest in preferred","page_number":12,"box":{"x":60,"y":492,"width":854,"height":12}},{"id":"26209a6a-1260-4889-9882-539bb8d81d32","block_type":"box","text":"stock, convertible securities and other instruments. The Fund will allocate its assets among various regions and","page_number":12,"box":{"x":61,"y":507,"width":824,"height":12}},{"id":"867592a7-efb9-4d44-9229-17c34e55a98b","block_type":"box","text":"countries, including the United States (but in no less than three different countries). Under normal circumstances, the","page_number":12,"box":{"x":61,"y":522,"width":867,"height":12}},{"id":"82203de3-9d32-4755-a41b-295787c242c6","block_type":"box","text":"Fund will allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed","page_number":12,"box":{"x":62,"y":537,"width":829,"height":11}},{"id":"cd1600e2-0cd1-44aa-840c-8d0105edd0a1","block_type":"box","text":"favorable by BlackRock, in which case the Fund would invest at least 30%) of its total assets in securities (i) of foreign","page_number":12,"box":{"x":60,"y":552,"width":869,"height":11}},{"id":"33487977-2a27-467c-b99c-24bd30da1fc8","block_type":"box","text":"government issuers, (ii) of issuers organized or located outside the United States, (iii) of issuers which primarily trade","page_number":12,"box":{"x":60,"y":566,"width":865,"height":12}},{"id":"8e82e9d2-6292-4651-bd3d-9388c00be30b","block_type":"box","text":"in a market located outside the United States, or (iv) of issuers doing a substantial amount of business outside the","page_number":12,"box":{"x":62,"y":581,"width":847,"height":12}},{"id":"4834ec37-bf54-4aa5-8218-3bb11c0b30ac","block_type":"box","text":"United States, which the Fund considers to be companies that derive at least 50% of their revenue or profits from","page_number":12,"box":{"x":62,"y":596,"width":833,"height":11}},{"id":"ac28ef6f-00ce-4dae-b936-5e2ed860fedc","block_type":"box","text":"business outside the United States or have at least 50% of their sales or assets outside the United States. For","page_number":12,"box":{"x":61,"y":611,"width":818,"height":9}},{"id":"c126ef90-93fa-4bbb-97d3-a7491efeffb1","block_type":"box","text":"temporary defensive purposes the Fund may deviate very substantially from the allocation described above.","page_number":12,"box":{"x":60,"y":626,"width":791,"height":11}},{"id":"c61c00da-5d09-4419-aacb-460bae1f3161","block_type":"box","text":"Investment in fixed income securities will be made on an opportunistic basis. Securities will be identified based on","page_number":12,"box":{"x":62,"y":648,"width":842,"height":12}},{"id":"af201ce8-86ae-4c9c-a847-9267f3f0d6f8","block_type":"box","text":"factors such as relative value and earnings estimate revisions. The Fund may invest up to 25% of total assets in global","page_number":12,"box":{"x":60,"y":663,"width":875,"height":12}},{"id":"b1ad878f-b7af-4059-91a0-5cec0656f19f","block_type":"box","text":"fixed income securities, including corporate bonds, U.S. Government debt securities, non-U.S. Government and","page_number":12,"box":{"x":60,"y":678,"width":816,"height":12}},{"id":"33c17195-e68d-437b-8b1d-48a3e84d266e","block_type":"box","text":"supranational debt securities, asset-backed securities, mortgage-backed securities, emerging market debt securities","page_number":12,"box":{"x":61,"y":693,"width":858,"height":11}},{"id":"66c09e77-a966-4bcc-ba01-81615efe11c1","block_type":"box","text":"and debt securities of any credit quality, as determined by Fund management. Split rated bonds will be considered to","page_number":12,"box":{"x":61,"y":708,"width":859,"height":11}},{"id":"51c4a473-f22d-4a62-934d-ae16f6f14230","block_type":"box","text":"have the higher credit rating as determined by Fund management.","page_number":12,"box":{"x":61,"y":723,"width":482,"height":11}},{"id":"dd133a7e-c88e-46b8-8e1f-920a1eaa933e","block_type":"box","text":"The Fund will invest in securities of non-U.S. issuers that can be U.S.-dollar based or non-U.S.-dollar based on a","page_number":12,"box":{"x":60,"y":745,"width":821,"height":9}},{"id":"2946d610-c449-4394-a99f-8e27f287e1c6","block_type":"box","text":"hedged or unhedged basis. The Fund may enter into currency transactions on a hedged or unhedged basis in order to","page_number":12,"box":{"x":61,"y":760,"width":862,"height":11}},{"id":"4f8692de-adc3-408d-bd57-0e42f03a7581","block_type":"box","text":"seek total return.","page_number":12,"box":{"x":61,"y":775,"width":125,"height":9}},{"id":"52f92bf3-fa97-459b-b888-97ac5029b9db","block_type":"box","text":"The Fund may, when consistent with the Fund’s investment objective, buy or sell options or futures on a security or an","page_number":12,"box":{"x":60,"y":797,"width":866,"height":12}},{"id":"fe0061c5-912b-4e06-90f3-abfe83f89db8","block_type":"box","text":"index of securities and may buy options on a currency or a basket of currencies, or enter into interest rate or foreign","page_number":12,"box":{"x":62,"y":812,"width":852,"height":12}},{"id":"0613ac25-44b6-4b0a-8be8-81a38801f9d7","block_type":"box","text":"currency transactions, including swaps (collectively, commonly known as derivatives). An option is the right to buy or","page_number":12,"box":{"x":61,"y":827,"width":852,"height":11}},{"id":"6cb9ada2-3bc7-40b9-9d40-e1177f8a6543","block_type":"box","text":"sell a security or an index of securities at a specific price on or before a specific date. A future is an agreement to buy","page_number":12,"box":{"x":61,"y":842,"width":868,"height":11}},{"id":"5827449b-a51c-4fc0-92f7-ae837ca02ba1","block_type":"box","text":"or sell a security or an index of securities at a specific price on a specific date. A swap is an agreement whereby one","page_number":12,"box":{"x":61,"y":856,"width":858,"height":12}},{"id":"cee4bf82-ed00-4973-9ef8-cc038be70916","block_type":"box","text":"party exchanges its right to receive or its obligation to pay one type of currency for another party’s obligation to pay or","page_number":12,"box":{"x":62,"y":871,"width":866,"height":12}},{"id":"cb640462-6fce-4c4c-ad22-5b7057c255b4","block_type":"box","text":"its right to receive another type of currency in the future or for a period of time. The Fund typically uses derivatives as a","page_number":12,"box":{"x":62,"y":886,"width":874,"height":12}},{"id":"0f6a5ef0-aa47-464e-b2ca-5644b1a13c9e","block_type":"box","text":"substitute for taking a position in the underlying asset and/or as part of a strategy designed to reduce exposure to","page_number":12,"box":{"x":61,"y":901,"width":844,"height":12}},{"id":"818ddd83-77fc-473d-a65c-9eb54d9d4250","block_type":"box","text":"other risks, such as currency risk. The Fund may also use derivatives to enhance returns, in which case their use","page_number":12,"box":{"x":61,"y":916,"width":831,"height":11}},{"id":"8d10eeea-845e-4b68-be8a-b0c23fd7a870","block_type":"box","text":"12","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"020c25e8-3913-45f4-ab26-e7730497b526","block_type":"box","text":"NM0926U-5975797-12/72","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"55e9a331-5bca-4fa4-94f1-94812222a19d","block_type":"box","text":"would involve leveraging risk. The Fund may seek to obtain market exposure to the securities in which it primarily","page_number":13,"box":{"x":60,"y":46,"width":829,"height":11}},{"id":"c27b74a9-77c3-456d-87f7-2761052b1a48","block_type":"box","text":"invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as","page_number":13,"box":{"x":62,"y":60,"width":833,"height":12}},{"id":"a4614aa5-ae0e-4491-9ed9-848d7a291a09","block_type":"box","text":"reverse repurchase agreements or dollar rolls). The Fund may also use forward foreign currency exchange contracts","page_number":13,"box":{"x":61,"y":75,"width":850,"height":12}},{"id":"485517ce-11e4-4cd6-a1f7-ddd4ad11657d","block_type":"box","text":"(obligations to buy or sell a currency at a set rate in the future).","page_number":13,"box":{"x":61,"y":90,"width":465,"height":12}},{"id":"e3edfefe-bcd3-4839-b65d-d89b7791caae","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":13,"box":{"x":61,"y":113,"width":327,"height":13}},{"id":"fb6d1282-e347-4c34-a757-2f81b32ec089","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":129,"width":870,"height":12}},{"id":"d4618fe8-0937-4c12-9f08-9e77dd81c322","block_type":"box","text":"investments/strategies:","page_number":13,"box":{"x":62,"y":145,"width":173,"height":11}},{"id":"7a1346fa-0afd-4bc6-b45e-0febda497190","block_type":"box","text":"Borrowing","page_number":13,"box":{"x":81,"y":164,"width":78,"height":12}},{"id":"b09b55fc-7e7a-4aaf-8af1-d239d11fb783","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":164,"width":751,"height":12}},{"id":"8c279ff5-a6f2-4325-9045-7abc96fd2ae2","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":179,"width":815,"height":11}},{"id":"5859856d-5cee-4fa2-bd46-f0485d5f5d19","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":13,"box":{"x":82,"y":194,"width":801,"height":11}},{"id":"196bde2b-387e-47cc-9afe-f9b39da8c09b","block_type":"box","text":"Depositary Receipts","page_number":13,"box":{"x":81,"y":214,"width":152,"height":11}},{"id":"602b3b66-5c32-4585-a4a8-ae6bda5a2142","block_type":"box","text":"— The Fund may invest in securities of foreign issuers in the form of depositary receipts or","page_number":13,"box":{"x":238,"y":214,"width":671,"height":11}},{"id":"29c180ee-b0a5-4e23-a34d-b18be73094f2","block_type":"box","text":"other securities that are convertible into securities of foreign issuers. American Depositary Receipts are receipts","page_number":13,"box":{"x":81,"y":229,"width":829,"height":11}},{"id":"c60205fb-cb79-484a-874a-eb12eddfbb42","block_type":"box","text":"typically issued by an American bank or trust company that evidence underlying securities issued by a foreign","page_number":13,"box":{"x":80,"y":244,"width":802,"height":11}},{"id":"9bd0378a-09b5-4758-aa4e-421f393ec811","block_type":"box","text":"corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout","page_number":13,"box":{"x":81,"y":258,"width":833,"height":12}},{"id":"dac8456a-4cf2-458b-ba8b-71587de74b22","block_type":"box","text":"the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored depositary","page_number":13,"box":{"x":80,"y":273,"width":791,"height":12}},{"id":"e9d04899-4150-4bfc-b265-2e2181dd9146","block_type":"box","text":"receipts.","page_number":13,"box":{"x":82,"y":288,"width":61,"height":11}},{"id":"35b48837-b159-4fb8-b926-84588f511709","block_type":"box","text":"Foreign Exchange Transactions","page_number":13,"box":{"x":81,"y":308,"width":236,"height":11}},{"id":"9ca11fdd-95cd-45fb-af0a-2ec113108c71","block_type":"box","text":"— The Fund may engage in foreign exchange transactions to seek to hedge against","page_number":13,"box":{"x":322,"y":308,"width":613,"height":12}},{"id":"66011869-0390-4121-8ef0-0ce0d718e2cc","block_type":"box","text":"the risk of loss from changes in currency exchange rates, but Fund management cannot guarantee that it will be","page_number":13,"box":{"x":80,"y":323,"width":824,"height":11}},{"id":"4893656a-fa11-4736-8688-72be4161157d","block_type":"box","text":"able to enter into such transactions or that such transactions will be effective.","page_number":13,"box":{"x":81,"y":338,"width":575,"height":9}},{"id":"d0ca03ab-dc81-450a-acb5-532345795cc6","block_type":"box","text":"Illiquid Investments","page_number":13,"box":{"x":81,"y":358,"width":148,"height":11}},{"id":"a6786e05-0292-4ec1-b326-b71d26e25655","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":358,"width":677,"height":11}},{"id":"34a666f9-8ba7-4c96-acaa-80cdf3aecca2","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":372,"width":811,"height":12}},{"id":"29544958-fc0b-42fa-8716-c1a88477d8bc","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":387,"width":831,"height":12}},{"id":"80d1a53d-6ec7-45f5-bc86-83cce862a7bd","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":402,"width":811,"height":12}},{"id":"75efa958-ec6d-4a2a-bd15-411495e26924","block_type":"box","text":"Indexed and Inverse Securities","page_number":13,"box":{"x":81,"y":422,"width":232,"height":9}},{"id":"af380e1e-3cb9-453d-b507-7167311407bb","block_type":"box","text":"— The Fund may invest in securities that provide a return based on fluctuations in a","page_number":13,"box":{"x":317,"y":422,"width":619,"height":11}},{"id":"e29bc321-9e83-4809-92cb-44277cb6f741","block_type":"box","text":"stock or other financial index. For example, the Fund may invest in a security that increases in value with the price","page_number":13,"box":{"x":81,"y":437,"width":838,"height":11}},{"id":"70f7d870-266e-480f-898b-d67bb5ba5eac","block_type":"box","text":"of a particular securities index. In some cases, the return of the security may be inversely related to the price of the","page_number":13,"box":{"x":81,"y":452,"width":852,"height":11}},{"id":"255b80b4-f48c-4b7d-9fdd-8c601375c2fd","block_type":"box","text":"index. This means that the value of the security will rise as the price of the index falls and vice versa. Although","page_number":13,"box":{"x":82,"y":467,"width":811,"height":11}},{"id":"f1e7512a-75ce-47f9-a671-520845ef4719","block_type":"box","text":"these types of securities can make it easier for the Fund to access certain markets or hedge risks of other assets","page_number":13,"box":{"x":80,"y":481,"width":840,"height":12}},{"id":"3bbb6275-d0e4-4c93-a30a-a1ea0776a3f2","block_type":"box","text":"held by the Fund, these securities are subject to the risks related to the underlying index or other assets.","page_number":13,"box":{"x":82,"y":496,"width":771,"height":12}},{"id":"ff5ea303-b9af-4f73-a473-a515793c5885","block_type":"box","text":"Investment Companies","page_number":13,"box":{"x":81,"y":516,"width":172,"height":11}},{"id":"b55b29c2-2a6c-49a7-aaec-fd01dd950209","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":516,"width":643,"height":12}},{"id":"dced90e1-ef3f-4f21-a5b4-b06fa2f8113b","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":531,"width":837,"height":11}},{"id":"803ae7e2-af97-466a-a562-6a8464829d3c","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":546,"width":782,"height":11}},{"id":"f435c615-a1d2-4d02-a9cf-67be71e15311","block_type":"box","text":"companies, including affiliated money market funds and affiliated exchange-traded funds. When determining what","page_number":13,"box":{"x":81,"y":561,"width":835,"height":11}},{"id":"8f9bab8a-4d38-446d-8b70-ec8b101faa78","block_type":"box","text":"country an investment company is located in for purposes of the allocation test described in the Principal","page_number":13,"box":{"x":81,"y":575,"width":772,"height":12}},{"id":"9a0559af-435b-4de5-840d-a9642f6a12d1","block_type":"box","text":"Investment Strategies section of this Prospectus, the Fund may consider investment companies to be located in the","page_number":13,"box":{"x":82,"y":590,"width":852,"height":12}},{"id":"7662667c-2220-4eee-9af8-f7e9298ac448","block_type":"box","text":"country or countries in which they primarily make their portfolio investments.","page_number":13,"box":{"x":81,"y":605,"width":562,"height":12}},{"id":"063837a5-2eb2-4e17-b68d-9386c5f1003c","block_type":"box","text":"Money Market Securities","page_number":13,"box":{"x":81,"y":625,"width":190,"height":11}},{"id":"c4a59a0d-8ff8-4c98-b319-594a1d79774b","block_type":"box","text":"— The Fund may invest in high quality money market securities pending investments or","page_number":13,"box":{"x":276,"y":625,"width":641,"height":12}},{"id":"0a845b8e-020c-4056-9102-d69b8da6899b","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":640,"width":808,"height":12}},{"id":"df0fe09b-b906-4b1d-a15c-2be76b7d0139","block_type":"box","text":"normal strategies if it holds these securities pending investments.","page_number":13,"box":{"x":82,"y":655,"width":485,"height":11}},{"id":"f5ce6b66-14c4-4fcc-a1db-60d71497860e","block_type":"box","text":"“","page_number":13,"box":{"x":82,"y":675,"width":5,"height":4}},{"id":"629058e3-b962-46d3-b20c-ed77aa242cfb","block_type":"box","text":"New Issues”","page_number":13,"box":{"x":89,"y":675,"width":95,"height":9}},{"id":"9936195f-29fd-474b-bbce-a4d38a6977e1","block_type":"box","text":"— From time to time, the Fund may invest in shares of companies through initial public offerings","page_number":13,"box":{"x":188,"y":675,"width":710,"height":11}},{"id":"65403083-4649-4efc-8858-2c431844f0e9","block_type":"box","text":"(“IPOs”).","page_number":13,"box":{"x":81,"y":690,"width":62,"height":11}},{"id":"543c888c-76d5-4f64-9a3d-3946d80918d8","block_type":"box","text":"Real Estate-Related Securities","page_number":13,"box":{"x":81,"y":710,"width":231,"height":9}},{"id":"96976133-f3bf-4eae-b261-fa45e729a610","block_type":"box","text":"— The Fund may invest in securities of issuers that are engaged in or related to the","page_number":13,"box":{"x":316,"y":710,"width":616,"height":11}},{"id":"efd0782e-c4ec-4ca5-b4d8-1890de5ea6bc","block_type":"box","text":"real estate industry. Real estate industry companies may include real estate operating companies whose","page_number":13,"box":{"x":82,"y":725,"width":772,"height":11}},{"id":"93aaed77-21b6-4e61-9129-0101c487f6f5","block_type":"box","text":"businesses and services are related to the real estate industry.","page_number":13,"box":{"x":81,"y":739,"width":468,"height":12}},{"id":"211baf76-b271-4179-a5b3-e0e735a3bb4a","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":13,"box":{"x":81,"y":759,"width":442,"height":12}},{"id":"011eb260-3b05-43b2-88ec-2280c7dd468c","block_type":"box","text":"— The Fund may enter into certain types of repurchase","page_number":13,"box":{"x":527,"y":759,"width":406,"height":12}},{"id":"ff21a492-5bbc-48f2-8411-79724b60ed8c","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":774,"width":813,"height":12}},{"id":"f89b2835-0aa2-4b04-b813-2ad5115df067","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":789,"width":779,"height":11}},{"id":"945e0db5-ab22-4a95-b5e8-02283e14e1da","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":804,"width":832,"height":11}},{"id":"c5843b47-d276-452b-bcbf-b216525262b6","block_type":"box","text":"paid during the period.","page_number":13,"box":{"x":82,"y":819,"width":162,"height":11}},{"id":"4ac2ace5-e420-4761-9dff-8b3d0eb17f0d","block_type":"box","text":"Securities Lending","page_number":13,"box":{"x":81,"y":839,"width":140,"height":11}},{"id":"91f571a1-6cb3-4a01-8781-810e840f8412","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":13,"box":{"x":225,"y":839,"width":396,"height":11}},{"id":"83e823ba-2939-44cb-aa0b-be2a996ed6f4","block_type":"box","text":"1⁄","page_number":13,"box":{"x":622,"y":839,"width":6,"height":5}},{"id":"1894a9f5-7f1b-4937-9549-ccf4650c8af3","block_type":"box","text":"1⁄3","page_number":13,"box":{"x":626,"y":839,"width":8,"height":9}},{"id":"29bb65e8-9601-428b-817f-4348ce23c4fd","block_type":"box","text":"⁄3","page_number":13,"box":{"x":632,"y":842,"width":6,"height":6}},{"id":"acfee439-cf98-40b8-8817-3a5fcfba9133","block_type":"box","text":"% of its total assets to financial","page_number":13,"box":{"x":639,"y":838,"width":231,"height":10}},{"id":"cdb7f80b-4fc7-45ce-8747-d3008621e256","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":853,"width":748,"height":12}},{"id":"63884ba3-48f1-4cd4-a027-af3764eb00fc","block_type":"box","text":"Standby Commitment Agreements","page_number":13,"box":{"x":81,"y":873,"width":259,"height":12}},{"id":"db4aa502-5630-4d93-9452-0974f58bf600","block_type":"box","text":"— Standby commitment agreements commit the Fund, for a stated period of","page_number":13,"box":{"x":344,"y":873,"width":563,"height":12}},{"id":"f7e3ed6c-a30f-4cab-8b1e-143cd7147736","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to the Fund at the option of the issuer.","page_number":13,"box":{"x":80,"y":888,"width":854,"height":12}},{"id":"3fbe7c36-a1a6-4324-be4c-ddc6d0edfc97","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"5dae7aa2-d305-4425-a240-6991e792556a","block_type":"box","text":"NM0926U-5975797-13/72","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"50b6e588-c933-46ba-a1b0-afb966c0da3f","block_type":"box","text":"Temporary Defensive Strategies","page_number":14,"box":{"x":82,"y":46,"width":238,"height":11}},{"id":"1518434f-add4-4c69-a7d7-73736824e426","block_type":"box","text":"—","page_number":14,"box":{"x":325,"y":51,"width":17,"height":1}},{"id":"f29ade87-325e-48a7-8efe-f4f45709cee3","block_type":"box","text":"For temporary defensive purposes, for example, to respond to adverse market,","page_number":14,"box":{"x":348,"y":46,"width":577,"height":11}},{"id":"3c6a9591-8a27-427b-a403-ea3f9af22ff4","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":14,"box":{"x":81,"y":60,"width":802,"height":12}},{"id":"2f11f12a-0102-4919-ae03-17974c71aeab","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":14,"box":{"x":82,"y":76,"width":833,"height":11}},{"id":"b1d92ba8-2874-4a4d-8e03-09f9043700b3","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":14,"box":{"x":81,"y":90,"width":796,"height":12}},{"id":"d04cc7dd-9549-4611-b104-027ceab07598","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":14,"box":{"x":81,"y":105,"width":802,"height":12}},{"id":"59b36170-faf9-42d8-ad46-5c5f271e2b66","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":120,"width":778,"height":11}},{"id":"95897751-c34b-4026-be4d-1d7fb313645d","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":135,"width":781,"height":11}},{"id":"933306cb-5879-408c-a8f8-c4d1c9359aee","block_type":"box","text":"Warrants","page_number":14,"box":{"x":83,"y":155,"width":66,"height":9}},{"id":"fdc76b40-3e36-43b9-ada9-477e48c47a30","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":155,"width":767,"height":11}},{"id":"a0a7789b-ec98-4f7a-a174-26eee0f6a64a","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":170,"width":815,"height":11}},{"id":"7b54db54-4c02-4cb2-a4ae-3d773430c9f3","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":184,"width":810,"height":12}},{"id":"e0a7bbc7-a68e-487c-8c7c-1b46480e3737","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":14,"box":{"x":83,"y":204,"width":545,"height":12}},{"id":"030dcf38-fc23-45a8-85ba-8cb59d449706","block_type":"box","text":"— The purchase or sale of securities on","page_number":14,"box":{"x":632,"y":204,"width":295,"height":11}},{"id":"54723323-4257-424b-be59-f4dfc2d6adc1","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":219,"width":851,"height":12}},{"id":"f6f37e89-d79e-471c-b249-46bb22738286","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":234,"width":847,"height":11}},{"id":"4b1bf2f0-6bb2-4984-aea7-5386bd7824f1","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":249,"width":842,"height":11}},{"id":"d40d64e4-a869-4cf9-bb5f-fceb3df3bc5f","block_type":"box","text":"the transaction.","page_number":14,"box":{"x":80,"y":264,"width":115,"height":9}},{"id":"d92622ea-b99d-4317-a04d-1ee7e782e4f4","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":14,"box":{"x":272,"y":320,"width":453,"height":9}},{"id":"ee13ff47-7597-49fa-8b70-76f61785a59f","block_type":"box","text":"The Fund is managed by a team of financial professionals. Zeshan Azam and Wendy Agnew, CFA, are the portfolio","page_number":14,"box":{"x":70,"y":343,"width":836,"height":11}},{"id":"9e794b2d-45ab-40e3-8a3f-58f2806d8c19","block_type":"box","text":"managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see","page_number":14,"box":{"x":71,"y":358,"width":780,"height":11}},{"id":"e16e4a31-049a-473f-afac-f16692e31e43","block_type":"box","text":"“Management of the Fund -- Portfolio Manager Information” for additional information about the portfolio","page_number":14,"box":{"x":72,"y":372,"width":766,"height":12}},{"id":"174d7906-e571-4b78-8962-b099748f33bc","block_type":"box","text":"management team.","page_number":14,"box":{"x":71,"y":388,"width":141,"height":11}},{"id":"2b5ccfa7-08d8-4d44-836b-921de63c134b","block_type":"box","text":"Investment Risks","page_number":14,"box":{"x":62,"y":439,"width":156,"height":11}},{"id":"30622f66-ebd0-4967-9822-1ac61ddcf1e1","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":465,"width":811,"height":12}},{"id":"66094d38-f389-42e4-ab17-963b95be37df","block_type":"box","text":"Policies” section in the Statement of Additional Information (the “SAI”) also includes more information about the Fund,","page_number":14,"box":{"x":61,"y":480,"width":871,"height":11}},{"id":"1c8fd4f1-a329-4b27-a072-80c087b00a06","block_type":"box","text":"its investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its","page_number":14,"box":{"x":62,"y":495,"width":799,"height":11}},{"id":"3faf29fc-e135-4659-aa5f-77f46872d87a","block_type":"box","text":"investment objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund","page_number":14,"box":{"x":62,"y":510,"width":860,"height":11}},{"id":"ecb8a2df-7d28-452d-ab2e-527c676a509e","block_type":"box","text":"is not a deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any","page_number":14,"box":{"x":62,"y":525,"width":856,"height":11}},{"id":"b73461d8-e870-4e50-8e66-ec6a17eab802","block_type":"box","text":"bank or governmental agency. The order of the below risk factors does not indicate the significance of any particular","page_number":14,"box":{"x":61,"y":539,"width":853,"height":12}},{"id":"2861e504-e6f9-40b5-b8f7-98419f551365","block_type":"box","text":"risk factor.","page_number":14,"box":{"x":61,"y":554,"width":76,"height":9}},{"id":"ebcdbf01-f993-49c7-b7bc-c11a18775bab","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":14,"box":{"x":61,"y":577,"width":322,"height":13}},{"id":"7ed517ce-904d-45da-abcb-5603ef9e28eb","block_type":"box","text":"Convertible Securities Risk","page_number":14,"box":{"x":81,"y":599,"width":206,"height":9}},{"id":"8932117e-950b-49b7-8945-27521f469966","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":599,"width":593,"height":11}},{"id":"9a6c55e3-8b73-477a-abfa-6837c7086bb0","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":613,"width":853,"height":12}},{"id":"fb6a0d22-8543-43e0-a3fa-a692795a2a14","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":629,"width":855,"height":11}},{"id":"3e70f149-f210-4751-a45d-32539085e48b","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":643,"width":816,"height":12}},{"id":"f8daa3cb-e772-4907-83d7-35d1fd9b3d4a","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":658,"width":796,"height":11}},{"id":"74a25506-3aac-432d-836e-4677e8833c47","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":673,"width":812,"height":11}},{"id":"30b1e3b5-c32a-4663-ac9c-44f4ebee87a2","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":688,"width":809,"height":11}},{"id":"8c1524ac-33ac-4881-a6e3-8032785bf177","block_type":"box","text":"Corporate Loans Risk","page_number":14,"box":{"x":81,"y":708,"width":162,"height":11}},{"id":"5a799345-b976-4ad3-b54c-a5cace99910d","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":14,"box":{"x":247,"y":708,"width":689,"height":11}},{"id":"54b46ee1-9542-4793-9c44-fc83cede3c4b","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":14,"box":{"x":82,"y":723,"width":845,"height":11}},{"id":"a72d6156-f846-49f9-9ace-bca810fccde5","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":14,"box":{"x":82,"y":737,"width":827,"height":12}},{"id":"b59b23cc-3916-4f20-8872-c90be24e5b86","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":14,"box":{"x":81,"y":752,"width":821,"height":12}},{"id":"b6a8ac26-a087-42f1-8a62-d8fc5f668762","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":14,"box":{"x":81,"y":767,"width":840,"height":11}},{"id":"998bd2b9-f7b4-4769-bf2c-279704193572","block_type":"box","text":"However, because the trading market for certain corporate loans may be less developed than the secondary market","page_number":14,"box":{"x":82,"y":782,"width":850,"height":11}},{"id":"a419da5e-0fd9-436d-a8a0-c524ca944337","block_type":"box","text":"for bonds and notes, the Fund may experience difficulties in selling its corporate loans. Transactions in corporate","page_number":14,"box":{"x":81,"y":797,"width":831,"height":11}},{"id":"b8976287-bbd0-40e4-8f93-0103f4125bb3","block_type":"box","text":"loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily","page_number":14,"box":{"x":82,"y":811,"width":841,"height":12}},{"id":"0fd162c4-3ba6-4702-9f9d-571440c5dab2","block_type":"box","text":"available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended","page_number":14,"box":{"x":81,"y":826,"width":843,"height":12}},{"id":"89ff94e4-453d-4fcd-973d-6aca479f3b31","block_type":"box","text":"settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or","page_number":14,"box":{"x":81,"y":841,"width":841,"height":12}},{"id":"38f994f7-cfe8-414c-a04c-c70024fc24b8","block_type":"box","text":"temporarily borrow from banks and other lenders. Leading financial institutions often act as agent for a broader","page_number":14,"box":{"x":80,"y":856,"width":819,"height":11}},{"id":"0b8229f8-cf88-4981-af06-6fac64165a58","block_type":"box","text":"group of lenders, generally referred to as a syndicate. The syndicate’s agent arranges the corporate loans, holds","page_number":14,"box":{"x":81,"y":871,"width":827,"height":11}},{"id":"a799e38d-ec6d-4323-9a80-04a4a3cd04af","block_type":"box","text":"collateral and accepts payments of principal and interest. If the agent develops financial problems, the Fund may","page_number":14,"box":{"x":81,"y":885,"width":831,"height":12}},{"id":"2a1faf6a-b086-411d-8c87-da4ef5d4572d","block_type":"box","text":"not recover its investment or recovery may be delayed. By investing in a corporate loan, the Fund may become a","page_number":14,"box":{"x":82,"y":901,"width":822,"height":11}},{"id":"8c6c18e4-5419-40ac-8c18-50c0d903b49e","block_type":"box","text":"member of the syndicate.","page_number":14,"box":{"x":82,"y":915,"width":184,"height":12}},{"id":"d9d8ce5c-d7e5-450e-8a8d-412d87c56a03","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9634771d-df6f-40d2-84cb-a45509906356","block_type":"box","text":"NM0926U-5975797-14/72","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a3993038-cf4a-4b47-851a-ef12fc27c16b","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads.","page_number":15,"box":{"x":81,"y":46,"width":739,"height":11}},{"id":"10caf8f4-796e-4cc1-b42e-4179f77d6d3e","block_type":"box","text":"The corporate loans in which the Fund invests are subject to the risk of loss of principal and income. Although","page_number":15,"box":{"x":81,"y":68,"width":806,"height":12}},{"id":"06928afb-3619-4fca-9db2-92be017889bc","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":15,"box":{"x":81,"y":83,"width":852,"height":12}},{"id":"17a263c2-9688-4320-93cb-9e64b540276a","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":15,"box":{"x":82,"y":98,"width":827,"height":11}},{"id":"3d80a383-71f3-43e1-ba0b-78b638b31d0a","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit the","page_number":15,"box":{"x":81,"y":113,"width":847,"height":11}},{"id":"6fffb782-6853-477d-92ec-2c086a10968c","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":15,"box":{"x":82,"y":127,"width":852,"height":12}},{"id":"7131f98b-ac07-4c86-bd03-d68b8944b67b","block_type":"box","text":"a bankruptcy, the holder of a corporate loan may not recover its principal, may experience a long delay in recovering","page_number":15,"box":{"x":81,"y":142,"width":849,"height":12}},{"id":"ead77700-2e41-448d-b682-d5a3fb185509","block_type":"box","text":"its investment and may not receive interest during the delay.","page_number":15,"box":{"x":82,"y":157,"width":441,"height":12}},{"id":"7d6f89b9-1ec6-4430-82ef-0cece491696b","block_type":"box","text":"Debt Securities Risk","page_number":15,"box":{"x":81,"y":177,"width":155,"height":9}},{"id":"81c99780-18f7-460d-b063-09dd91a19171","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":15,"box":{"x":240,"y":177,"width":633,"height":11}},{"id":"aa0fffe6-dfb7-4884-a636-fdff0db1b9c4","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in further detail below:","page_number":15,"box":{"x":81,"y":192,"width":637,"height":11}},{"id":"5c0b2f8c-2b2a-4943-8ee5-6c5843b202d9","block_type":"box","text":"Credit Risk","page_number":15,"box":{"x":82,"y":215,"width":80,"height":9}},{"id":"07803a12-d4f2-4655-8443-4517b7388386","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":15,"box":{"x":166,"y":214,"width":737,"height":12}},{"id":"928b615d-b59d-4a2c-8bba-acc4b6c89e51","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":15,"box":{"x":81,"y":229,"width":816,"height":12}},{"id":"f2d7f6b7-ce2e-427e-8b89-8c189e8cf753","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":15,"box":{"x":82,"y":244,"width":826,"height":12}},{"id":"564a6cd7-0fe4-4e79-a877-f92a08631eeb","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":15,"box":{"x":81,"y":259,"width":777,"height":12}},{"id":"31f967e7-a9a1-423b-8648-77826577f3e5","block_type":"box","text":"Interest Rate Risk","page_number":15,"box":{"x":82,"y":282,"width":132,"height":9}},{"id":"593e6706-bbe3-4705-a174-53abe8f1a98f","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":15,"box":{"x":218,"y":282,"width":704,"height":11}},{"id":"bf94453a-568b-41d3-83e9-891a8772a8ad","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":15,"box":{"x":82,"y":296,"width":835,"height":12}},{"id":"bbf07d9f-bb91-48d9-967e-b9e2cdfc1a3f","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":15,"box":{"x":80,"y":311,"width":513,"height":9}},{"id":"35f4e7a0-2769-4681-95be-6a1c925ea89b","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":15,"box":{"x":81,"y":334,"width":843,"height":11}},{"id":"b6211a50-d7bc-4904-9f07-86c9a4cf6370","block_type":"box","text":"if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being","page_number":15,"box":{"x":82,"y":349,"width":806,"height":11}},{"id":"91e9f282-6e01-4915-a366-3796785a0351","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":15,"box":{"x":81,"y":363,"width":831,"height":12}},{"id":"66ec3719-a075-4923-a362-b8643d49c80f","block_type":"box","text":"price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude","page_number":15,"box":{"x":82,"y":378,"width":854,"height":12}},{"id":"e3f10bca-a8d6-4f4b-a80b-f8d139f0272a","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":15,"box":{"x":81,"y":393,"width":827,"height":12}},{"id":"e283d65c-47ea-4935-bf26-730786f95e16","block_type":"box","text":"securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest","page_number":15,"box":{"x":81,"y":408,"width":840,"height":11}},{"id":"5dc5c4c6-5cb7-45d2-92e1-4917710c73aa","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":15,"box":{"x":82,"y":423,"width":851,"height":11}},{"id":"5e31e305-a0ac-4723-87d6-cf8d6d7208c8","block_type":"box","text":"Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund","page_number":15,"box":{"x":82,"y":438,"width":808,"height":11}},{"id":"18dbfc45-b717-40a0-bc2a-78c70927823d","block_type":"box","text":"management.","page_number":15,"box":{"x":82,"y":453,"width":98,"height":11}},{"id":"224f1737-0bd8-4d5e-97e8-f12ec37a0cc1","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":15,"box":{"x":81,"y":475,"width":852,"height":11}},{"id":"00adcb85-45b4-4c38-afca-611bab467c87","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":15,"box":{"x":81,"y":490,"width":840,"height":11}},{"id":"fcf5609f-8566-4e7d-9b02-01da2912ed41","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":15,"box":{"x":80,"y":505,"width":834,"height":11}},{"id":"4f07accb-f20e-4374-a82f-af87c72b46b8","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":15,"box":{"x":81,"y":519,"width":803,"height":12}},{"id":"cb24f971-e282-46d2-8d16-f2ea3595654b","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":15,"box":{"x":81,"y":534,"width":839,"height":12}},{"id":"69492d55-6bae-40da-ac17-da160833fafa","block_type":"box","text":"debt securities.","page_number":15,"box":{"x":81,"y":549,"width":112,"height":9}},{"id":"3110d51a-75d6-4430-9912-910873bb8128","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":15,"box":{"x":81,"y":572,"width":839,"height":11}},{"id":"d1aade73-ce4f-41b7-bad9-b27302af69a2","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":15,"box":{"x":81,"y":586,"width":839,"height":12}},{"id":"d88999e2-d9dc-4283-a64f-5cbcc15e9610","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":15,"box":{"x":82,"y":601,"width":831,"height":12}},{"id":"1bceef8a-0b31-40ef-acfd-d0625a610d14","block_type":"box","text":"value when interest rates change.","page_number":15,"box":{"x":80,"y":616,"width":248,"height":12}},{"id":"23068fb4-5188-4719-a2bc-9dfd4e6748b4","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":15,"box":{"x":81,"y":639,"width":842,"height":11}},{"id":"c845b848-bbc0-4a1c-ad81-7501a34d50ad","block_type":"box","text":"could negatively impact the Fund’s performance. A general rise in interest rates has the potential to cause investors","page_number":15,"box":{"x":81,"y":653,"width":855,"height":12}},{"id":"12c93709-5564-4b92-97c6-c298dcc557b0","block_type":"box","text":"to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that","page_number":15,"box":{"x":80,"y":668,"width":828,"height":12}},{"id":"ae386ac3-5296-41c8-80a9-0d52aad575ee","block_type":"box","text":"hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at","page_number":15,"box":{"x":82,"y":683,"width":770,"height":12}},{"id":"34dfd8af-cd69-457f-a9ce-c40cb827f5ce","block_type":"box","text":"inopportune times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":15,"box":{"x":82,"y":698,"width":665,"height":11}},{"id":"02494e07-0917-4373-8fa3-b279bfca5433","block_type":"box","text":"During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Certain","page_number":15,"box":{"x":82,"y":720,"width":836,"height":12}},{"id":"8dad6ba0-cf0c-498b-a9f8-5a1cc0bffdec","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or","page_number":15,"box":{"x":81,"y":735,"width":793,"height":12}},{"id":"020c6dfe-c2f4-41a3-a1ad-40cce4efc49a","block_type":"box","text":"negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero,","page_number":15,"box":{"x":82,"y":750,"width":834,"height":12}},{"id":"f55b9fe4-2588-4063-bce4-4cca92e9965b","block_type":"box","text":"may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund","page_number":15,"box":{"x":82,"y":765,"width":831,"height":12}},{"id":"f6d8b3c6-d84e-45d7-9e36-f409d13684e2","block_type":"box","text":"performance to the extent the Fund is exposed to such interest rates.","page_number":15,"box":{"x":82,"y":780,"width":511,"height":11}},{"id":"0a7dd3a2-eb0a-4afb-8b77-adb120309d4b","block_type":"box","text":"Extension Risk","page_number":15,"box":{"x":82,"y":803,"width":107,"height":9}},{"id":"ff81432d-32db-44f6-9d3f-369c43b59a2f","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":15,"box":{"x":193,"y":802,"width":691,"height":12}},{"id":"45cb5ba9-6299-459d-b9c8-c9920fe2dcb8","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of","page_number":15,"box":{"x":81,"y":817,"width":800,"height":12}},{"id":"ff47d0f6-5521-458f-81f9-c5d108f092d3","block_type":"box","text":"securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally","page_number":15,"box":{"x":81,"y":832,"width":832,"height":12}},{"id":"df2dc7a7-d1b2-451f-9203-6029f5588763","block_type":"box","text":"changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising","page_number":15,"box":{"x":81,"y":847,"width":855,"height":11}},{"id":"81a3ca31-4680-498f-8267-327e6a84abee","block_type":"box","text":"interest rates, securities may exhibit additional volatility and may lose value.","page_number":15,"box":{"x":82,"y":862,"width":559,"height":11}},{"id":"c0d1d003-b29f-411d-85e1-99dccd246aed","block_type":"box","text":"Prepayment Risk","page_number":15,"box":{"x":81,"y":884,"width":124,"height":12}},{"id":"f55cb852-35e3-4e3a-92e5-1dc5f2a9d75c","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":15,"box":{"x":209,"y":884,"width":691,"height":12}},{"id":"5fe0340d-1399-4e01-9b1a-287630bc4213","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. In periods of","page_number":15,"box":{"x":81,"y":899,"width":823,"height":12}},{"id":"96162a27-5cf3-46ac-8006-e0f90ed3dc76","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are","page_number":15,"box":{"x":81,"y":914,"width":793,"height":11}},{"id":"398e8bb1-cd47-4237-ae69-90255b6f8858","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"bb09bbc7-f3b4-4403-ab2c-a18a8bed6115","block_type":"box","text":"NM0926U-5975797-15/72","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1a0dfa53-09dd-4f6d-9714-6463bf980f86","block_type":"box","text":"motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment","page_number":16,"box":{"x":82,"y":46,"width":830,"height":11}},{"id":"1ffa4ad4-5396-4e13-8af8-0b23a133b938","block_type":"box","text":"proceeds by the management team will generally be at lower rates of return than the return on the assets that were","page_number":16,"box":{"x":82,"y":60,"width":849,"height":12}},{"id":"439a8a58-f2da-4dfd-b5b9-189f84e4f345","block_type":"box","text":"prepaid. Prepayment reduces the yield to maturity and the average life of the security.","page_number":16,"box":{"x":82,"y":75,"width":627,"height":12}},{"id":"b5d531dc-8249-4a0a-b079-ceeb82ccb764","block_type":"box","text":"Derivatives Risk","page_number":16,"box":{"x":81,"y":95,"width":123,"height":9}},{"id":"a36bf040-1082-474d-935e-0dbeeec93ba1","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":16,"box":{"x":207,"y":95,"width":664,"height":12}},{"id":"a49c574d-79bb-4d78-b5d8-dad41ec82a5b","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":16,"box":{"x":82,"y":110,"width":469,"height":12}},{"id":"2bebcee9-9e7b-43e0-b375-5ff36515c5e7","block_type":"box","text":"Leverage Risk","page_number":16,"box":{"x":82,"y":130,"width":102,"height":12}},{"id":"fd0a5dff-95a1-4f5e-bb30-95950e6d1c35","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":16,"box":{"x":188,"y":130,"width":723,"height":12}},{"id":"7f8ba7e2-ee90-4918-8270-397f83b7e804","block_type":"box","text":"movements may result in large changes in the value of a derivatives position and can result in losses that greatly","page_number":16,"box":{"x":82,"y":145,"width":832,"height":11}},{"id":"ada8f322-ccd9-4b1a-a747-afcd9db85df1","block_type":"box","text":"exceed the amount originally invested.","page_number":16,"box":{"x":81,"y":160,"width":280,"height":11}},{"id":"082b7955-5b20-464c-94f8-2b16e9cb1a26","block_type":"box","text":"Market Risk","page_number":16,"box":{"x":82,"y":180,"width":87,"height":9}},{"id":"1fcf316d-c3fa-4c2a-a1d7-7288bf005595","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":16,"box":{"x":173,"y":180,"width":728,"height":11}},{"id":"cd6e5e4b-ae15-4655-9986-2b5e1dae380f","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":16,"box":{"x":81,"y":195,"width":834,"height":11}},{"id":"fe6385a3-a266-4ef0-9897-f24ca59bcb83","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":16,"box":{"x":82,"y":210,"width":832,"height":11}},{"id":"55f168c8-e404-4867-bb84-7a015c49087a","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":16,"box":{"x":80,"y":224,"width":779,"height":11}},{"id":"d9e5b787-903e-415e-b117-c36c2a68c7a1","block_type":"box","text":"derivatives positions to lose value.","page_number":16,"box":{"x":81,"y":239,"width":253,"height":11}},{"id":"dcd056cb-2ad0-4433-9a0e-ad8bed20a967","block_type":"box","text":"Counterpar ty Risk","page_number":16,"box":{"x":82,"y":259,"width":131,"height":11}},{"id":"fc20287c-afb4-42a2-bc68-0be4ecd7f864","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":16,"box":{"x":217,"y":259,"width":697,"height":11}},{"id":"8a861156-e435-4972-af33-9a1c31672dba","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":16,"box":{"x":80,"y":274,"width":855,"height":11}},{"id":"b2e903e0-5490-4f40-94fa-06a65c661744","block_type":"box","text":"exposure to such a counterparty.","page_number":16,"box":{"x":81,"y":289,"width":240,"height":11}},{"id":"679fb777-24ca-4542-8232-63b5cbbbd3dc","block_type":"box","text":"Illiquidity Risk","page_number":16,"box":{"x":82,"y":309,"width":100,"height":11}},{"id":"993e4165-208d-4dfd-a9d9-860647cdee0a","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":16,"box":{"x":186,"y":309,"width":750,"height":11}},{"id":"8cda5ec2-56be-47da-9d7b-00b3b9b9dfcd","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":16,"box":{"x":80,"y":324,"width":839,"height":11}},{"id":"7f93f024-f120-48cc-a929-db92509ac43d","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":16,"box":{"x":81,"y":338,"width":293,"height":12}},{"id":"a15c8fb8-1f98-4445-8456-8adb8a263a15","block_type":"box","text":"Operational Risk","page_number":16,"box":{"x":82,"y":358,"width":120,"height":11}},{"id":"0f3c0920-59e9-4a03-9430-8d8bceee750a","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":16,"box":{"x":206,"y":358,"width":727,"height":12}},{"id":"031c1cd0-c24f-4436-91e4-86d2c6e1bf18","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":16,"box":{"x":82,"y":373,"width":607,"height":12}},{"id":"965ef518-1289-4783-8bad-7d1f6b0851ce","block_type":"box","text":"Legal Risk","page_number":16,"box":{"x":82,"y":393,"width":75,"height":12}},{"id":"09397108-3a98-447c-ba0a-e05a3eddbcf2","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":16,"box":{"x":161,"y":393,"width":761,"height":12}},{"id":"56684545-b3b9-4106-985b-27c16564e3c3","block_type":"box","text":"enforceability of a contract.","page_number":16,"box":{"x":81,"y":408,"width":198,"height":11}},{"id":"9bf99efe-bbd5-441a-81c7-7b1d973c11f2","block_type":"box","text":"Volatility and Correlation Risk","page_number":16,"box":{"x":83,"y":428,"width":214,"height":11}},{"id":"b35db2d9-a3e4-49fb-a345-5af2264998ef","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":16,"box":{"x":300,"y":428,"width":590,"height":11}},{"id":"6fc1016f-2661-43ce-a461-ecea18da434f","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":16,"box":{"x":80,"y":443,"width":855,"height":11}},{"id":"3f2318b4-14dc-43de-a0a7-b1fcb254fb57","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":16,"box":{"x":80,"y":458,"width":820,"height":11}},{"id":"90d5831f-5d7f-4f2f-9a02-a3a0537cbbd0","block_type":"box","text":"correlate with the overall securities markets.","page_number":16,"box":{"x":81,"y":473,"width":326,"height":9}},{"id":"69e9a4bf-5564-4369-82fa-764e3ab49673","block_type":"box","text":"Valuation Risk","page_number":16,"box":{"x":83,"y":493,"width":102,"height":9}},{"id":"e6378733-fa63-402f-9e84-c017880220fb","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":16,"box":{"x":189,"y":492,"width":747,"height":12}},{"id":"6576b920-8b03-4c9b-8213-b765df089b25","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":16,"box":{"x":82,"y":507,"width":783,"height":12}},{"id":"5cff89ca-0da2-4e66-a824-de6d9a6b1b63","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":16,"box":{"x":82,"y":522,"width":837,"height":12}},{"id":"a12a7f5e-4fc6-46a8-af32-0d7a637b9db8","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":16,"box":{"x":81,"y":537,"width":826,"height":11}},{"id":"0d0dcb20-09b9-4739-899a-4896e6ce4ba3","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":16,"box":{"x":80,"y":552,"width":405,"height":11}},{"id":"a8be80dd-9d1a-48e6-9a7c-00bb085071a5","block_type":"box","text":"Hedging Risk","page_number":16,"box":{"x":82,"y":572,"width":95,"height":11}},{"id":"70d9daa1-ab35-423e-adf4-2c7a5570ba6e","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":16,"box":{"x":181,"y":572,"width":752,"height":11}},{"id":"4efc49b4-8b01-427a-bc53-b895fb4850c2","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":16,"box":{"x":80,"y":586,"width":820,"height":12}},{"id":"c4a9936f-cffd-4631-be46-ad6ef6a7d313","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":16,"box":{"x":82,"y":602,"width":823,"height":11}},{"id":"0b0fdbcd-9ad7-44fb-9429-d01e256c99af","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":16,"box":{"x":82,"y":616,"width":813,"height":12}},{"id":"d4926a87-c109-47a4-aadf-0dfa882437da","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":16,"box":{"x":82,"y":631,"width":832,"height":11}},{"id":"0d902594-7114-4cbb-87c8-3d0631a6b7ff","block_type":"box","text":"noted below.","page_number":16,"box":{"x":82,"y":646,"width":90,"height":9}},{"id":"a72edad5-a17e-4ee1-957f-a28bf1ca3bfd","block_type":"box","text":"Tax Risk","page_number":16,"box":{"x":83,"y":666,"width":59,"height":9}},{"id":"f8596490-9ba7-431c-b7dc-971695642aa6","block_type":"box","text":"— The federal income tax treatment of a derivative may not be as favorable as a direct investment in an","page_number":16,"box":{"x":145,"y":666,"width":766,"height":11}},{"id":"ed3a9a46-da1d-42d6-91af-ebc36487c165","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":16,"box":{"x":82,"y":681,"width":826,"height":11}},{"id":"eac96a00-3044-4514-a46e-dcc2f132ee13","block_type":"box","text":"investments. As a result, a larger portion of the Fund’s distributions may be treated as ordinary income rather than","page_number":16,"box":{"x":82,"y":695,"width":846,"height":12}},{"id":"a6193739-4e8f-40d3-804e-51e3be77106a","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":16,"box":{"x":81,"y":710,"width":817,"height":12}},{"id":"66c4a564-ed9a-4dfe-a5da-e7acfcaff625","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":16,"box":{"x":82,"y":725,"width":835,"height":11}},{"id":"2310ac8f-2bbe-440b-9094-de60969e00e3","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":16,"box":{"x":81,"y":740,"width":840,"height":11}},{"id":"15580ee0-438d-470c-a522-8c15b5920c99","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":16,"box":{"x":81,"y":755,"width":750,"height":11}},{"id":"3b24c405-e2db-4123-8456-38f04db05a45","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":16,"box":{"x":81,"y":770,"width":611,"height":11}},{"id":"3747eeee-d87f-49d5-b53d-70df60e97478","block_type":"box","text":"Regulatory Risk","page_number":16,"box":{"x":82,"y":790,"width":115,"height":11}},{"id":"96e53b48-a9d3-4a02-a0ab-f9c8f4075edd","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":16,"box":{"x":201,"y":789,"width":688,"height":12}},{"id":"59fb32e2-a0f1-4dd3-a83d-5a9f0560d3d0","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":16,"box":{"x":81,"y":804,"width":851,"height":12}},{"id":"1e49d928-e219-431f-8fff-62c7761404d7","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":16,"box":{"x":81,"y":819,"width":811,"height":12}},{"id":"5eed03cf-47ac-40f8-8b94-053221275b36","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":16,"box":{"x":82,"y":834,"width":850,"height":12}},{"id":"267a47e6-9cc5-4711-af12-3052d7f2ae20","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":16,"box":{"x":81,"y":849,"width":850,"height":11}},{"id":"85fb8219-47e5-4cb7-b6da-662605496f32","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":16,"box":{"x":81,"y":864,"width":838,"height":11}},{"id":"c2f36bac-82d9-4cb0-8435-e150e61a4d43","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":16,"box":{"x":81,"y":879,"width":807,"height":11}},{"id":"2c526731-3fcd-40b3-a5ab-fb2fca5dd1d8","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":16,"box":{"x":81,"y":893,"width":787,"height":12}},{"id":"1f458c42-c797-48f4-aaea-f5380383a3a9","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":16,"box":{"x":82,"y":908,"width":837,"height":12}},{"id":"9a0f845e-5592-4ab7-aae9-85c94379fa07","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"3efaf68f-dc17-43ae-bda7-2d86404e155d","block_type":"box","text":"NM0926U-5975797-16/72","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1f5ae933-e94b-4ed7-a075-61586dbac06e","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":17,"box":{"x":80,"y":46,"width":804,"height":11}},{"id":"3122c272-4cbb-4e94-950b-d4f74ebedcc2","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":17,"box":{"x":81,"y":60,"width":781,"height":12}},{"id":"59751688-3b6c-49e4-adfa-931969c742e7","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":17,"box":{"x":82,"y":75,"width":773,"height":12}},{"id":"fe28505d-e81f-4d7f-a6cb-02f242ba6a5f","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":17,"box":{"x":82,"y":90,"width":836,"height":12}},{"id":"dc9009d5-fb3e-4209-be74-83e509ce5414","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":17,"box":{"x":82,"y":105,"width":814,"height":12}},{"id":"510230d7-1a65-4f64-8a58-c22eaa623d4c","block_type":"box","text":"investors in the Fund.","page_number":17,"box":{"x":82,"y":120,"width":156,"height":9}},{"id":"541fc4c6-dd3d-43fd-8a75-ae6df5102efa","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":17,"box":{"x":82,"y":140,"width":823,"height":11}},{"id":"87e6ffc2-0b11-48fa-be13-c4913455ade9","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":17,"box":{"x":82,"y":155,"width":827,"height":11}},{"id":"a133b588-fdba-49b1-ab88-d3da5f32c202","block_type":"box","text":"the effects of any new governmental regulation that may be implemented on the ability of the Fund to use swaps or","page_number":17,"box":{"x":80,"y":169,"width":849,"height":12}},{"id":"472bed1d-0b3e-4d90-97d3-58d0b9a1d679","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":17,"box":{"x":81,"y":184,"width":846,"height":12}},{"id":"3e80cb2f-8f22-4784-a6c6-8493fc5922df","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":17,"box":{"x":81,"y":199,"width":509,"height":11}},{"id":"d1d61adc-682d-42d8-ba0c-9a42135db65e","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":17,"box":{"x":82,"y":219,"width":399,"height":11}},{"id":"6fc27706-3650-487f-aec4-9084437814c3","block_type":"box","text":"Swaps","page_number":17,"box":{"x":102,"y":239,"width":47,"height":11}},{"id":"900b6581-2e0d-4663-8665-a746f0de8b51","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":17,"box":{"x":154,"y":239,"width":775,"height":12}},{"id":"5caf835c-48f1-4b03-a2e9-8e395d3309e7","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":17,"box":{"x":101,"y":254,"width":829,"height":11}},{"id":"264bf870-527d-4eda-9681-9830c27f811d","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":17,"box":{"x":101,"y":269,"width":807,"height":11}},{"id":"c2cf25f3-f7f5-41d2-9e09-93653004b125","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":17,"box":{"x":102,"y":283,"width":811,"height":12}},{"id":"c4cee12b-9726-4026-9322-c70f15932fe7","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":17,"box":{"x":101,"y":298,"width":820,"height":12}},{"id":"bafba48c-146c-4d7d-ae37-0aa67c4b6481","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":17,"box":{"x":102,"y":313,"width":791,"height":12}},{"id":"70924a8b-82db-4d40-ad1a-d8857d7b87e0","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":17,"box":{"x":101,"y":328,"width":789,"height":12}},{"id":"7610c5b0-ba9e-4b67-8838-d2cc6981836e","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":17,"box":{"x":101,"y":343,"width":796,"height":11}},{"id":"d693e039-a705-420c-8684-9e140f0fbb5e","block_type":"box","text":"Credit Default Swaps","page_number":17,"box":{"x":102,"y":363,"width":153,"height":11}},{"id":"ec1a8951-b72f-486c-ac59-e6ee017e3fef","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":17,"box":{"x":260,"y":363,"width":663,"height":11}},{"id":"b55af804-cd10-4606-9b06-b7f18544b25e","block_type":"box","text":"not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front","page_number":17,"box":{"x":102,"y":378,"width":825,"height":11}},{"id":"4da4c8ad-04b7-4de8-8408-43d850a37196","block_type":"box","text":"payment or a periodic stream of payments over the term of the contract, provided generally that no credit event","page_number":17,"box":{"x":102,"y":392,"width":816,"height":12}},{"id":"f14b16c4-ff3c-4b0b-bf07-18e7ca30ff81","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":17,"box":{"x":101,"y":407,"width":827,"height":12}},{"id":"f43932e4-ce32-4f23-9c73-310e92aa540c","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":17,"box":{"x":101,"y":422,"width":812,"height":12}},{"id":"c356767b-2f3c-41a7-99e6-f9bbb378771a","block_type":"box","text":"generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer","page_number":17,"box":{"x":101,"y":437,"width":822,"height":11}},{"id":"a5ba11dc-d75e-4d84-be90-8b5b0b4addb2","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":17,"box":{"x":101,"y":452,"width":758,"height":11}},{"id":"0bf14fd9-2a90-4886-8fa1-8fc8388f708a","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":17,"box":{"x":102,"y":472,"width":335,"height":11}},{"id":"fcdd9ada-dcde-4ba6-8744-556b80fe0f62","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":17,"box":{"x":442,"y":472,"width":437,"height":11}},{"id":"222f5b86-89ce-48a9-be17-74efd7037c19","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":17,"box":{"x":101,"y":487,"width":820,"height":11}},{"id":"8b1a497a-4049-43fa-b512-e1147224f318","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":17,"box":{"x":101,"y":501,"width":801,"height":12}},{"id":"2f7ae7d0-7c3a-46b8-bc15-e71ef0718f8e","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":17,"box":{"x":101,"y":516,"width":824,"height":12}},{"id":"1a88c93f-8caa-4308-aac5-a7ac5563a4a9","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":17,"box":{"x":101,"y":531,"width":831,"height":12}},{"id":"acd861c0-565f-4300-9d8a-a07e35aca08a","block_type":"box","text":"Futures","page_number":17,"box":{"x":102,"y":551,"width":54,"height":9}},{"id":"1ac4868c-d401-47a2-a762-51a7e61326bd","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":17,"box":{"x":161,"y":551,"width":765,"height":12}},{"id":"630e392a-9273-482f-96a3-a40aa7fa5000","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":17,"box":{"x":101,"y":566,"width":786,"height":11}},{"id":"5c243923-a6bd-46fe-990f-0f36f4ef5634","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":17,"box":{"x":102,"y":581,"width":769,"height":11}},{"id":"070d068c-8bd6-41b3-83e2-66541ea2d61f","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":17,"box":{"x":102,"y":595,"width":822,"height":12}},{"id":"3a635196-bd7f-450b-9828-6f8e4b8b2b30","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":17,"box":{"x":101,"y":610,"width":832,"height":12}},{"id":"6a880767-d5c7-4aab-8031-50f6b8ab6a78","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":17,"box":{"x":101,"y":625,"width":806,"height":12}},{"id":"952f34eb-cf8c-42e9-9e7e-0a242a683eb2","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":17,"box":{"x":102,"y":640,"width":793,"height":11}},{"id":"b4b03b2f-36f8-48a1-b701-0dcf3e82bf98","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":17,"box":{"x":102,"y":655,"width":787,"height":11}},{"id":"f82e8acf-e029-4a70-9b80-116aa2cd4d6f","block_type":"box","text":"default in the performance of its obligations.","page_number":17,"box":{"x":101,"y":670,"width":327,"height":11}},{"id":"8b019c7b-b4da-46d8-b74b-c5cdc50bad73","block_type":"box","text":"Options","page_number":17,"box":{"x":102,"y":690,"width":55,"height":11}},{"id":"eaa3a742-d86a-4ab6-b05a-3f03ad8fe304","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":17,"box":{"x":162,"y":690,"width":772,"height":11}},{"id":"608c2feb-e020-495d-a170-178f24fd8782","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":17,"box":{"x":101,"y":704,"width":812,"height":12}},{"id":"3b6d52d6-8482-4329-8641-6c59c1d4019a","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":17,"box":{"x":101,"y":719,"width":827,"height":12}},{"id":"c615ef4e-b2a9-48d6-81f5-c09d4cc72daa","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":17,"box":{"x":101,"y":734,"width":781,"height":11}},{"id":"2f286f3b-ffcc-4d66-942e-7c9c888aa37d","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":17,"box":{"x":102,"y":749,"width":785,"height":11}},{"id":"8fb029ca-7243-46b3-af8d-f6866f1052c4","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":17,"box":{"x":101,"y":764,"width":831,"height":11}},{"id":"267941ee-3cb7-4347-91db-a7802e8ad6d3","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":17,"box":{"x":101,"y":778,"width":814,"height":12}},{"id":"b4812aba-9796-4448-b202-e660c4c8f587","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":17,"box":{"x":101,"y":793,"width":826,"height":12}},{"id":"c16589ef-4b56-4f6b-ac05-affde2f50cab","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":17,"box":{"x":101,"y":808,"width":822,"height":11}},{"id":"77efb6e0-9dbf-47c9-9fa3-22d89bffaf96","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":17,"box":{"x":101,"y":823,"width":816,"height":12}},{"id":"b68b1135-122f-4d7a-8523-998d5594b25c","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":17,"box":{"x":101,"y":838,"width":442,"height":11}},{"id":"035a52d5-6be3-43ac-bf27-c16362b61529","block_type":"box","text":"Emerging Markets Risk","page_number":17,"box":{"x":81,"y":858,"width":178,"height":11}},{"id":"4adb21b7-be3e-4846-80b7-f8537a008922","block_type":"box","text":"—","page_number":17,"box":{"x":263,"y":863,"width":17,"height":1}},{"id":"42e27e4b-1283-443a-b0d0-1bcc3edb8e6f","block_type":"box","text":"The risks of foreign investments are usually much greater for emerging markets.","page_number":17,"box":{"x":285,"y":858,"width":588,"height":11}},{"id":"02c9e9aa-dd4f-48ae-be9e-5eb27a782d6a","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":17,"box":{"x":82,"y":873,"width":848,"height":11}},{"id":"d4846e53-79a2-4a8f-96bf-fd388c871edc","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":17,"box":{"x":81,"y":888,"width":842,"height":11}},{"id":"01d68635-1493-40d5-bd9e-0290ac86b84b","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":17,"box":{"x":82,"y":903,"width":838,"height":11}},{"id":"b2b8935c-0341-43ab-9fb1-4956f481c513","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":17,"box":{"x":81,"y":917,"width":825,"height":12}},{"id":"0d49b564-cec5-48f8-87ae-863584b6e3bf","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"a097ea10-c699-4bfd-9486-c84f2f698dff","block_type":"box","text":"NM0926U-5975797-17/72","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8b1931c7-880a-4c66-909f-79a6f26131b7","block_type":"box","text":"returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than","page_number":18,"box":{"x":82,"y":46,"width":847,"height":11}},{"id":"94fabd92-3682-43f3-964e-6f8489c90fe1","block_type":"box","text":"developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price","page_number":18,"box":{"x":81,"y":60,"width":853,"height":12}},{"id":"7d07d468-e70e-4652-aa59-ea8ec62c9aed","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":18,"box":{"x":81,"y":75,"width":823,"height":12}},{"id":"4690a49b-5b30-459b-bbfc-123449ab1252","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":18,"box":{"x":82,"y":90,"width":825,"height":12}},{"id":"74da95af-d332-421c-8aa8-7d16d929ca7a","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":18,"box":{"x":81,"y":105,"width":855,"height":12}},{"id":"52122c40-0e68-4f01-9d0e-a11208c999e6","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":18,"box":{"x":82,"y":120,"width":827,"height":11}},{"id":"7930e972-4c8b-470c-a6c5-beafe5a02728","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":18,"box":{"x":82,"y":135,"width":843,"height":11}},{"id":"35d77828-a6e3-42e1-b1b4-4e546988507e","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":18,"box":{"x":80,"y":150,"width":339,"height":11}},{"id":"f79f0820-3dbf-4af1-a858-40096c3885ea","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":18,"box":{"x":82,"y":169,"width":802,"height":12}},{"id":"3247b880-239f-4b10-bb29-a97d47a34422","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":18,"box":{"x":81,"y":184,"width":774,"height":12}},{"id":"c1dd8f3d-241c-4b7e-809c-6edd1bf58ff7","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":18,"box":{"x":82,"y":199,"width":830,"height":12}},{"id":"0614d05f-6e79-4269-895f-38a851f161b3","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":18,"box":{"x":82,"y":214,"width":769,"height":11}},{"id":"a663c212-9818-4a38-b38f-1df17279c491","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":18,"box":{"x":81,"y":229,"width":849,"height":11}},{"id":"64c5281d-8afe-419d-b2b4-434dd02a750c","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":18,"box":{"x":81,"y":244,"width":820,"height":11}},{"id":"98625578-dfeb-4982-a069-481c06c78df0","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":18,"box":{"x":82,"y":258,"width":779,"height":12}},{"id":"da404f45-ca97-4ca7-b6d8-4abe0cff11b7","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":18,"box":{"x":81,"y":273,"width":798,"height":12}},{"id":"29741ca6-6ebd-4709-9fc9-264e6db56994","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":18,"box":{"x":82,"y":288,"width":755,"height":12}},{"id":"5d344ebc-1136-430e-9051-5644388035e0","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":18,"box":{"x":81,"y":303,"width":783,"height":11}},{"id":"96e9724d-88a0-4b9b-a67e-32242cddcc65","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":18,"box":{"x":81,"y":318,"width":839,"height":11}},{"id":"b25f6847-0862-4c75-9e3d-4ad0e5a683ba","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":18,"box":{"x":82,"y":333,"width":827,"height":11}},{"id":"c4eecb83-b525-47e4-aa1f-7f7f08055610","block_type":"box","text":"interests.","page_number":18,"box":{"x":82,"y":348,"width":67,"height":9}},{"id":"18335122-f02c-44c8-8503-1b354a73c60e","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":18,"box":{"x":82,"y":367,"width":809,"height":12}},{"id":"de5d91a0-e379-4cc8-911c-e0c7edc24f05","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":18,"box":{"x":81,"y":382,"width":783,"height":12}},{"id":"61b5f0f9-2b49-4b85-b4eb-698d2886d18b","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":18,"box":{"x":82,"y":397,"width":829,"height":11}},{"id":"c3f0d604-0d05-4bb2-af3e-2ece0d14bd58","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":18,"box":{"x":81,"y":412,"width":818,"height":11}},{"id":"8b87a0fe-9064-4500-9243-b71ff802f1a0","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":18,"box":{"x":82,"y":427,"width":833,"height":11}},{"id":"9eda5c12-d4df-474d-b533-720bc911644b","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":18,"box":{"x":81,"y":442,"width":803,"height":11}},{"id":"98a8a33d-c936-44e5-ae8f-408b514781de","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":18,"box":{"x":82,"y":456,"width":793,"height":12}},{"id":"0fc2c699-5785-41ba-aeff-901a11bda80c","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":18,"box":{"x":81,"y":471,"width":855,"height":12}},{"id":"1d911a2a-d930-4727-8757-13ce7e76520e","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":18,"box":{"x":82,"y":486,"width":485,"height":11}},{"id":"61d3ca95-a00d-46a9-8062-1553dde97c4c","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":18,"box":{"x":81,"y":506,"width":843,"height":11}},{"id":"f7c8f702-0b6c-4ec2-a9a8-aef8f6be382e","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":18,"box":{"x":81,"y":521,"width":790,"height":11}},{"id":"a3ddf97b-a078-49c9-a321-609eca1431ec","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":18,"box":{"x":81,"y":535,"width":823,"height":12}},{"id":"528040aa-9924-4a21-8cae-b1d2d2395803","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":18,"box":{"x":82,"y":550,"width":843,"height":12}},{"id":"07f34640-df82-42be-b847-cf54e030fa11","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":18,"box":{"x":82,"y":565,"width":845,"height":12}},{"id":"9b31441f-3ddb-43e9-8c78-65ade9d2f8e0","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":18,"box":{"x":81,"y":580,"width":837,"height":12}},{"id":"3e772a5d-e3ad-468a-968d-631f5084ee4c","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":18,"box":{"x":81,"y":595,"width":844,"height":11}},{"id":"dc5b23d1-376c-4642-909d-3059bef92a6c","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":18,"box":{"x":80,"y":610,"width":474,"height":11}},{"id":"6627a6cf-e72c-48fa-8744-a57762ba2424","block_type":"box","text":"Equity Securities Risk","page_number":18,"box":{"x":81,"y":630,"width":166,"height":11}},{"id":"94c78a24-0f0d-43ae-8802-f7a4fe22de9d","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":18,"box":{"x":251,"y":630,"width":666,"height":11}},{"id":"3b721294-705f-4d4b-a01e-b9cf25e68bdd","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":18,"box":{"x":81,"y":644,"width":850,"height":12}},{"id":"4edc04c8-6c02-48e5-b8a0-878948cd8a37","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":18,"box":{"x":82,"y":659,"width":802,"height":12}},{"id":"4e50babb-b3fb-4205-9846-ad6efe8b4a81","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":18,"box":{"x":81,"y":674,"width":854,"height":12}},{"id":"3154ce31-20fe-4ef8-a540-2321986a33d9","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":18,"box":{"x":81,"y":689,"width":848,"height":11}},{"id":"df2ab46f-c8e4-4333-b630-776ed43523aa","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":18,"box":{"x":81,"y":704,"width":824,"height":11}},{"id":"106a0ad9-ba59-43d6-a7a3-e3cfcf098746","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":18,"box":{"x":81,"y":719,"width":782,"height":11}},{"id":"49a6c011-f699-4d90-a2e4-fa1ffe96358a","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":18,"box":{"x":82,"y":733,"width":849,"height":12}},{"id":"263ae2b6-1191-4e52-9eea-ea8c3cfe0e68","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":18,"box":{"x":82,"y":748,"width":482,"height":12}},{"id":"90fdc99a-beb9-48ba-a299-fe7b425f91b0","block_type":"box","text":"Focus Risk","page_number":18,"box":{"x":81,"y":768,"width":84,"height":9}},{"id":"d5446ef3-9c75-4c7f-9fb9-ad0adc6d7bd8","block_type":"box","text":"— Under normal circumstances, the Fund focuses its investments in the securities of a limited number","page_number":18,"box":{"x":168,"y":768,"width":760,"height":11}},{"id":"e52c8ebe-cbab-4adc-9884-283a813b12ff","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":18,"box":{"x":81,"y":783,"width":845,"height":12}},{"id":"1093ffe3-1bb8-44b4-9d1e-7514c95afcdb","block_type":"box","text":"the securities of a greater number of issuers.","page_number":18,"box":{"x":80,"y":798,"width":333,"height":11}},{"id":"9f0125c6-46ea-4b49-83f6-e6cce53b5702","block_type":"box","text":"Foreign Securities Risk","page_number":18,"box":{"x":81,"y":818,"width":176,"height":11}},{"id":"863166ff-6d16-4506-8f7b-c1e1cd1e3b02","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":18,"box":{"x":260,"y":818,"width":677,"height":11}},{"id":"60f429cd-16f0-44a1-98d9-5d6e3eb93817","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":18,"box":{"x":81,"y":833,"width":827,"height":11}},{"id":"c215dc6e-863a-4061-adbd-252387c172be","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":18,"box":{"x":82,"y":848,"width":837,"height":11}},{"id":"36b39935-7603-41d7-a69f-f8581d835754","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":18,"box":{"x":80,"y":862,"width":849,"height":12}},{"id":"8a5c27c4-16b0-49cf-8ae7-fb09344f4d91","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":18,"box":{"x":81,"y":877,"width":841,"height":12}},{"id":"9617ca1a-2047-4859-953e-cf80cfcbece9","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":18,"box":{"x":81,"y":892,"width":716,"height":12}},{"id":"d5f61fe5-2300-4632-96dc-5bbad6ce787c","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ef1e6a62-78cb-4b7c-8af5-b381aa31b7d2","block_type":"box","text":"NM0926U-5975797-18/72","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0d370642-e4bb-41d5-af14-a3c26c485d2f","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":19,"box":{"x":82,"y":46,"width":468,"height":11}},{"id":"384ca289-ad04-403c-b17f-a30aeedbcdfc","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":19,"box":{"x":555,"y":46,"width":358,"height":11}},{"id":"44f70dc0-5e56-48d2-bac6-467c7845ea72","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":19,"box":{"x":81,"y":60,"width":813,"height":12}},{"id":"da7fbdec-f598-4ef9-a493-48dae710e0ea","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":19,"box":{"x":82,"y":75,"width":791,"height":12}},{"id":"33856716-a702-4351-99bd-918d77be1e58","block_type":"box","text":"oversight of their operations. Also, the laws of certain countries limit the Fund’s ability to recover its assets if a","page_number":19,"box":{"x":81,"y":90,"width":818,"height":12}},{"id":"990bbe09-4689-4b17-85f4-61a7191ef664","block_type":"box","text":"foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more","page_number":19,"box":{"x":81,"y":105,"width":833,"height":12}},{"id":"813d5ddb-cfee-4098-883f-c9cefdc87cc0","block_type":"box","text":"expensive for the Fund to buy, sell and hold securities in certain foreign markets than in the United States. The","page_number":19,"box":{"x":81,"y":120,"width":816,"height":11}},{"id":"10582e87-e1ee-4489-b151-c7107b007377","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":19,"box":{"x":82,"y":135,"width":827,"height":11}},{"id":"4543fdc3-3e19-44a3-861c-c4f2d8cd2687","block_type":"box","text":"typically results in a higher operating expense ratio for the Fund than for investment companies invested only in the","page_number":19,"box":{"x":80,"y":149,"width":848,"height":12}},{"id":"80bdb6c7-88aa-4aaf-9089-5058bbfc3838","block_type":"box","text":"United States.","page_number":19,"box":{"x":82,"y":164,"width":102,"height":9}},{"id":"a1eea80c-805f-4adb-83b7-daccafc1a2b6","block_type":"box","text":"Currency Risk","page_number":19,"box":{"x":82,"y":184,"width":100,"height":12}},{"id":"55f301bf-30bd-447e-8503-9616878d83ac","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":19,"box":{"x":186,"y":184,"width":706,"height":12}},{"id":"a92883ff-5ef3-4c8a-8d3b-bf83245dc5fc","block_type":"box","text":"currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the","page_number":19,"box":{"x":81,"y":199,"width":823,"height":12}},{"id":"8688138d-d4c8-42c3-9b4b-ade9c328da21","block_type":"box","text":"value of the Fund’s portfolio.","page_number":19,"box":{"x":80,"y":214,"width":211,"height":11}},{"id":"b340e414-b5ec-40f3-a15b-4c16a49b2539","block_type":"box","text":"Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency","page_number":19,"box":{"x":81,"y":234,"width":823,"height":11}},{"id":"d5930ad5-c4b2-4259-b0bc-ec7e19d73533","block_type":"box","text":"loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value","page_number":19,"box":{"x":82,"y":249,"width":834,"height":11}},{"id":"81347e7c-963a-498d-b5b4-0c41ea7c5060","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":19,"box":{"x":81,"y":263,"width":846,"height":12}},{"id":"09e34377-716a-457f-bbce-f893cb5379b2","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":19,"box":{"x":82,"y":278,"width":826,"height":12}},{"id":"74202ad2-427d-481f-8ff5-9f50c85a33c7","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":19,"box":{"x":82,"y":293,"width":486,"height":9}},{"id":"3a6d365a-4b45-48a9-81e6-0209e6266c7f","block_type":"box","text":"Should the Fund invest in a debt security denominated in U.S. dollars and issued by an issuer whose functional","page_number":19,"box":{"x":81,"y":313,"width":817,"height":12}},{"id":"f7f3ab4b-d722-4205-8805-4b799b5b8877","block_type":"box","text":"currency is a currency other than the U.S. dollar, and such currency decreases in value against the U.S. dollar, such","page_number":19,"box":{"x":81,"y":328,"width":851,"height":12}},{"id":"3b41d85f-a312-403d-a4dc-e1114be7b7cf","block_type":"box","text":"issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.","page_number":19,"box":{"x":82,"y":343,"width":799,"height":11}},{"id":"8a76ba2b-9c1f-4986-a1d6-1c84d16e3a57","block_type":"box","text":"Foreign Economy Risk","page_number":19,"box":{"x":82,"y":363,"width":160,"height":11}},{"id":"c7ae0a0f-1ae0-4974-ac78-4b3f511c0802","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":19,"box":{"x":246,"y":363,"width":685,"height":11}},{"id":"be3798ab-c235-4036-ae3e-9c0fc8c551c4","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":19,"box":{"x":80,"y":378,"width":785,"height":11}},{"id":"2be53996-74d2-4788-b8e6-f0952e81c21c","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":19,"box":{"x":82,"y":392,"width":845,"height":12}},{"id":"6a88340f-5ddc-41bf-a46b-36745c14e88f","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":19,"box":{"x":81,"y":407,"width":853,"height":12}},{"id":"46ee1e61-962d-4e38-8415-4231abb87199","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":19,"box":{"x":82,"y":422,"width":831,"height":12}},{"id":"c51f74db-f20c-4a56-bcf2-f6868e9998c2","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":19,"box":{"x":82,"y":437,"width":846,"height":11}},{"id":"3a2a6403-6c8c-47e0-96ce-7bfd67c44b07","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":19,"box":{"x":81,"y":452,"width":808,"height":11}},{"id":"a046357d-851b-4c9c-b908-9c5a88cd9739","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":19,"box":{"x":82,"y":467,"width":851,"height":11}},{"id":"026394a7-8014-4700-9770-d2bdfd9bb8e4","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":19,"box":{"x":82,"y":481,"width":832,"height":12}},{"id":"69714662-b690-4017-8162-667016d35644","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":19,"box":{"x":81,"y":496,"width":814,"height":12}},{"id":"1b99c5d5-43d5-4b75-a3eb-a05f82edd837","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":19,"box":{"x":82,"y":511,"width":805,"height":12}},{"id":"2642bfcb-eb7f-4627-ad9f-769f6e50aa6c","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":19,"box":{"x":82,"y":526,"width":827,"height":11}},{"id":"09659080-2dee-410f-918e-0110ebe27acd","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":19,"box":{"x":80,"y":541,"width":801,"height":11}},{"id":"7768c772-1a00-4836-882d-f9e184092f0b","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":19,"box":{"x":81,"y":555,"width":809,"height":12}},{"id":"4a70cc45-032d-4a5b-b2cc-2d8fbb0ef8ea","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":19,"box":{"x":81,"y":570,"width":849,"height":12}},{"id":"c21c1a79-4c70-42fc-bef0-9a5a6df03ca7","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":19,"box":{"x":81,"y":585,"width":848,"height":12}},{"id":"2a33ade2-fe96-459a-a56a-0a44bd1ecdef","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":19,"box":{"x":81,"y":600,"width":774,"height":12}},{"id":"545a3d37-9d3d-4ebe-b5fc-4977aecddef8","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":19,"box":{"x":81,"y":615,"width":355,"height":11}},{"id":"ff6942f0-5d67-4a95-9295-9788e9a8554f","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":19,"box":{"x":81,"y":635,"width":838,"height":11}},{"id":"c20b660e-464d-49a8-b890-b21866585a27","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":19,"box":{"x":81,"y":650,"width":815,"height":11}},{"id":"7ddc2f70-5bbf-448c-b091-13da89c20346","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":19,"box":{"x":82,"y":665,"width":827,"height":11}},{"id":"2661d2be-cb46-457c-8343-6bd3109ea9d1","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":19,"box":{"x":82,"y":679,"width":832,"height":12}},{"id":"31dba8c8-098d-42ae-88c2-1e3e1aa5c9f0","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":19,"box":{"x":81,"y":694,"width":781,"height":12}},{"id":"dea510d7-6d4d-4736-ad9d-175e91d8a109","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":19,"box":{"x":82,"y":709,"width":617,"height":11}},{"id":"daed3b22-6227-4504-b2b2-f8697425dae3","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":19,"box":{"x":82,"y":729,"width":476,"height":11}},{"id":"8cd0086a-4294-4de6-8238-9937b30b4ffd","block_type":"box","text":"— Many foreign governments do not supervise","page_number":19,"box":{"x":563,"y":729,"width":344,"height":11}},{"id":"6237ffab-7496-4d74-bac8-adf06fc02d1d","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":19,"box":{"x":81,"y":744,"width":827,"height":11}},{"id":"fa441226-4d1f-47f5-8d57-e9d47b2f5709","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":19,"box":{"x":80,"y":759,"width":855,"height":11}},{"id":"1ab6b9d9-6703-4223-aa05-de604994a61e","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":19,"box":{"x":81,"y":773,"width":831,"height":12}},{"id":"0f1d2a8d-1a54-4dd3-9494-2082dc8cd196","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":19,"box":{"x":82,"y":788,"width":800,"height":12}},{"id":"ce4d5e5d-308d-4164-a3e0-ec3271d10419","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":19,"box":{"x":81,"y":803,"width":829,"height":12}},{"id":"71a3f2a4-c7ee-4d5c-a0a3-0b60671ad518","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":19,"box":{"x":81,"y":818,"width":856,"height":11}},{"id":"f91e2dc1-7393-43be-b765-b829b18dd69b","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":19,"box":{"x":81,"y":833,"width":834,"height":11}},{"id":"49f05c0d-0146-40d7-870d-8947b2058aaa","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":19,"box":{"x":82,"y":847,"width":844,"height":12}},{"id":"30a26c43-1307-439f-b3fa-43b044382388","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":19,"box":{"x":81,"y":862,"width":393,"height":12}},{"id":"64f8733c-732e-4f67-a48e-b8efc4368e1d","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"844ac470-9eb6-45b9-a32a-a7fbfb631915","block_type":"box","text":"NM0926U-5975797-19/72","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"355b9c06-af51-44e1-b69f-26d84f549b03","block_type":"box","text":"Settlement Risk","page_number":20,"box":{"x":82,"y":46,"width":117,"height":9}},{"id":"da7285c2-8046-46d3-8737-f9b6f27048ff","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":20,"box":{"x":203,"y":46,"width":730,"height":11}},{"id":"aa05bbb9-e64f-4421-b24a-3afb6af7d3c9","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":20,"box":{"x":80,"y":61,"width":856,"height":11}},{"id":"bda06517-6f3e-424c-92a9-74604773758c","block_type":"box","text":"(such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S.","page_number":20,"box":{"x":81,"y":75,"width":784,"height":12}},{"id":"00b9936f-aa7d-47f6-ae5b-64c5b2ee607d","block_type":"box","text":"investments.","page_number":20,"box":{"x":82,"y":90,"width":92,"height":9}},{"id":"d0d95457-ae38-4dbc-8b3b-cdaec315fcbe","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":20,"box":{"x":81,"y":110,"width":825,"height":12}},{"id":"8eac3889-1b09-49ee-b26d-60b8b1d7dcde","block_type":"box","text":"These problems may make it difficult for the Fund to carry out transactions. If the Fund cannot settle or is delayed","page_number":20,"box":{"x":81,"y":125,"width":839,"height":11}},{"id":"e03a58ce-3656-4f4c-ba89-3f391cfcfeb6","block_type":"box","text":"in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be","page_number":20,"box":{"x":82,"y":140,"width":854,"height":11}},{"id":"7bca7cb4-0ade-4759-bbf7-4ec5c55da1e0","block_type":"box","text":"uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale","page_number":20,"box":{"x":82,"y":155,"width":839,"height":11}},{"id":"95909558-0a14-4cd1-86f5-2a7c146d113c","block_type":"box","text":"of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security","page_number":20,"box":{"x":81,"y":169,"width":841,"height":12}},{"id":"0a44cd4a-2b2f-4f52-89e2-c02aea757d48","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":20,"box":{"x":80,"y":184,"width":480,"height":12}},{"id":"b5d84e86-30ff-4681-bf15-f72a52f3fca7","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":20,"box":{"x":83,"y":204,"width":221,"height":12}},{"id":"09074eec-45c2-4fc2-a10a-4167deaabc36","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":20,"box":{"x":308,"y":204,"width":589,"height":12}},{"id":"7c8ecf18-1ac7-4008-bdbe-702d31209d14","block_type":"box","text":"interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or","page_number":20,"box":{"x":82,"y":219,"width":838,"height":12}},{"id":"f59b67b8-b17f-4d18-b6e6-117132c2214a","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":20,"box":{"x":81,"y":234,"width":834,"height":11}},{"id":"5886a4bd-a601-4634-9078-03954ac6c2ea","block_type":"box","text":"refund is within the control of the tax authorities in such countries. Where the Fund expects to recover withholding","page_number":20,"box":{"x":82,"y":249,"width":836,"height":11}},{"id":"12b2a49c-dc19-4758-abbf-29cb26fe8660","block_type":"box","text":"taxes, the net asset value of the Fund generally includes accruals for such tax refunds. The Fund regularly evaluates","page_number":20,"box":{"x":80,"y":263,"width":854,"height":12}},{"id":"b1540942-8eca-4f0f-a863-cab860cb8567","block_type":"box","text":"the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax","page_number":20,"box":{"x":80,"y":278,"width":831,"height":12}},{"id":"34d3fe8b-d4dc-4717-99bf-4baf8cb35605","block_type":"box","text":"regulation or approach in the foreign country, accruals in the Fund’s net asset value for such refunds may be written","page_number":20,"box":{"x":82,"y":293,"width":852,"height":12}},{"id":"99c8401f-7388-4324-8f8a-af62736caede","block_type":"box","text":"down partially or in full, which will adversely affect the Fund’s net asset value. Shareholders in the Fund at the time","page_number":20,"box":{"x":81,"y":308,"width":848,"height":11}},{"id":"882db4bb-438e-4ea8-a62f-603359aabb15","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":20,"box":{"x":81,"y":323,"width":831,"height":11}},{"id":"9bb46060-5181-4c34-88aa-f25462dfebc6","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":20,"box":{"x":80,"y":338,"width":830,"height":11}},{"id":"40ca19da-0545-4615-8164-7aabdd025948","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":20,"box":{"x":82,"y":352,"width":832,"height":12}},{"id":"a696a60a-e513-4e30-b743-f4d3774f0d60","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":20,"box":{"x":82,"y":367,"width":836,"height":12}},{"id":"6be008b8-6aef-4f1d-91b6-a61e8eb80c4d","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":20,"box":{"x":81,"y":382,"width":325,"height":9}},{"id":"1be5da4d-9b66-42bc-8e20-e85a50bd596b","block_type":"box","text":"Geographic Concentration Risk","page_number":20,"box":{"x":81,"y":402,"width":235,"height":11}},{"id":"78864d28-f58c-4824-8c5f-4b7b865a7d16","block_type":"box","text":"— From time to time the Fund may invest a substantial amount of its assets in","page_number":20,"box":{"x":320,"y":402,"width":581,"height":12}},{"id":"d6ebcec5-d6c9-4ca7-ada7-a69456454d90","block_type":"box","text":"issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this","page_number":20,"box":{"x":82,"y":417,"width":848,"height":11}},{"id":"6bd66a20-60e4-4585-a5ca-22e602e02ad1","block_type":"box","text":"manner, it assumes the risk that economic, political and social conditions in those countries will have a significant","page_number":20,"box":{"x":82,"y":432,"width":841,"height":11}},{"id":"a0ed065e-989a-45e1-872d-b88a21b98171","block_type":"box","text":"impact on its investment performance. The Fund’s investment performance may also be more volatile if it","page_number":20,"box":{"x":82,"y":447,"width":777,"height":11}},{"id":"729d0cc8-5415-4d98-a03d-628a2cf59119","block_type":"box","text":"concentrates its investments in certain countries, especially emerging market countries.","page_number":20,"box":{"x":81,"y":462,"width":648,"height":11}},{"id":"acf23e1f-59e7-4a6c-ba4b-fdc97306f7d9","block_type":"box","text":"High Yield Bonds Risk","page_number":20,"box":{"x":81,"y":482,"width":167,"height":11}},{"id":"53b9d37b-2894-410e-9f9e-8ca21a715bfc","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":20,"box":{"x":252,"y":481,"width":667,"height":12}},{"id":"7255d169-3edc-4874-91a3-01e3da9578c0","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":20,"box":{"x":79,"y":496,"width":835,"height":12}},{"id":"41d8c35a-ab29-4057-9f1d-ebf5a0fc9145","block_type":"box","text":"for the Fund. The major risks of junk bond investments include:","page_number":20,"box":{"x":81,"y":511,"width":462,"height":11}},{"id":"6c437da0-3031-446c-bfd8-dd735a4b53db","block_type":"box","text":"Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds may have a larger amount of","page_number":20,"box":{"x":101,"y":531,"width":789,"height":12}},{"id":"645d1a45-5815-4754-8465-2ef1f23311e0","block_type":"box","text":"outstanding debt relative to their assets than issuers of investment grade bonds. In the event of an issuer’s","page_number":20,"box":{"x":101,"y":546,"width":795,"height":11}},{"id":"9cad3d1a-34bd-4ad1-824c-0d211b6c00d1","block_type":"box","text":"bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving few or no","page_number":20,"box":{"x":102,"y":561,"width":802,"height":11}},{"id":"33424eb2-3903-4731-aa7f-f02bb518ad3d","block_type":"box","text":"assets available to repay junk bond holders.","page_number":20,"box":{"x":101,"y":576,"width":323,"height":11}},{"id":"906f28a8-4912-4315-8fc3-3b4bfc236299","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and","page_number":20,"box":{"x":102,"y":595,"width":786,"height":12}},{"id":"57aa0bab-c9cf-4b74-9912-0b4ab7c36977","block_type":"box","text":"general economic conditions may have a greater impact on the prices of junk bonds than on other higher rated","page_number":20,"box":{"x":101,"y":610,"width":811,"height":12}},{"id":"268c3dfb-9bf5-4e1c-9f45-ef2bb54176ff","block_type":"box","text":"fixed-income securities.","page_number":20,"box":{"x":101,"y":625,"width":171,"height":9}},{"id":"bf4cf7e8-fd75-4cd9-aecf-c36c527a3409","block_type":"box","text":"Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an","page_number":20,"box":{"x":102,"y":645,"width":778,"height":12}},{"id":"ff440ae6-7e80-445a-9330-b0727b882f8a","block_type":"box","text":"economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":20,"box":{"x":101,"y":660,"width":689,"height":11}},{"id":"725df0a7-3753-4bfa-bd11-f81f0dd1f334","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund","page_number":20,"box":{"x":101,"y":680,"width":817,"height":11}},{"id":"ec723891-45c6-4607-acb8-4ff61bd73aa9","block_type":"box","text":"before it matures. If the issuer redeems junk bonds, the Fund may have to invest the proceeds in bonds with","page_number":20,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"623bbc94-5ca9-4f0a-951f-92f45c80d85b","block_type":"box","text":"lower yields and may lose income.","page_number":20,"box":{"x":102,"y":710,"width":249,"height":11}},{"id":"33245b43-6c1d-474c-b5a8-dd8a9e1dde90","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.","page_number":20,"box":{"x":101,"y":730,"width":831,"height":11}},{"id":"f68c16c1-775c-4bb7-be23-3fa7b3698479","block_type":"box","text":"There are fewer dealers in the junk bond market, and there may be significant differences in the prices quoted for","page_number":20,"box":{"x":101,"y":744,"width":836,"height":12}},{"id":"b9e8daff-dd5b-47d1-9806-b35643d09095","block_type":"box","text":"junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may","page_number":20,"box":{"x":99,"y":759,"width":825,"height":12}},{"id":"ba043e10-1bee-4bcd-a636-6eed999d68ec","block_type":"box","text":"play a greater role in valuing junk bonds than is the case with securities trading in a more liquid market.","page_number":20,"box":{"x":102,"y":774,"width":761,"height":12}},{"id":"150c6430-2c51-4eca-88db-903b5b8342df","block_type":"box","text":"The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms","page_number":20,"box":{"x":101,"y":794,"width":815,"height":12}},{"id":"8ef230d9-04b0-4956-9205-3779232c7301","block_type":"box","text":"with a defaulting issuer.","page_number":20,"box":{"x":101,"y":809,"width":173,"height":11}},{"id":"3fe2f587-9733-45af-8d90-77992b87644f","block_type":"box","text":"The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market","page_number":20,"box":{"x":81,"y":831,"width":817,"height":12}},{"id":"0ac73494-6f74-4911-97fa-73c61448afd4","block_type":"box","text":"value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":20,"box":{"x":80,"y":846,"width":811,"height":12}},{"id":"2ce7bda1-1a56-4f71-bdf6-13bf5c599f02","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":20,"box":{"x":81,"y":866,"width":276,"height":12}},{"id":"63f2251b-83c4-4d7e-85d5-f5e190d15ed0","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":20,"box":{"x":361,"y":866,"width":573,"height":12}},{"id":"620a723f-72f1-4aa6-99ab-beadb10dceeb","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":20,"box":{"x":81,"y":881,"width":848,"height":12}},{"id":"1aba069a-50e2-41d6-ad5f-8f188b06b786","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":20,"box":{"x":81,"y":896,"width":839,"height":11}},{"id":"59ecc189-e1b4-4415-93c0-d66ac739f53e","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":20,"box":{"x":82,"y":911,"width":851,"height":11}},{"id":"2344bd06-cf69-4c06-83e5-32947e9ea2be","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f8002a42-fde9-4993-bb91-b732e1ca2253","block_type":"box","text":"NM0926U-5975797-20/72","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0c61107b-a414-4aad-a489-05a9d0d17e8e","block_type":"box","text":"Leverage Risk","page_number":21,"box":{"x":81,"y":46,"width":107,"height":11}},{"id":"61b79d5f-1409-40d9-94ef-8dff9f803e62","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":21,"box":{"x":192,"y":46,"width":741,"height":11}},{"id":"90e91f38-41c0-4265-b588-984f3e851467","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. As an open-end","page_number":21,"box":{"x":81,"y":61,"width":787,"height":11}},{"id":"4961344c-918f-4801-ada9-201cfa7eafca","block_type":"box","text":"investment company registered with the SEC the Fund is subject to the federal securities laws, including the","page_number":21,"box":{"x":82,"y":75,"width":793,"height":12}},{"id":"a91f05c1-a571-418c-802c-ecfefc08e755","block_type":"box","text":"Investment Company Act and the rules thereunder. Under Rule 18f-4 under the Investment Company Act, among","page_number":21,"box":{"x":82,"y":90,"width":824,"height":12}},{"id":"c771bd9c-ee1d-4a6e-bf03-8d2c137336d8","block_type":"box","text":"other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage","page_number":21,"box":{"x":81,"y":105,"width":852,"height":12}},{"id":"725aec33-596b-4264-b06b-21736a94b831","block_type":"box","text":"risk based on value-at-risk. The use of leverage may cause the Fund to liquidate portfolio positions when it may not","page_number":21,"box":{"x":82,"y":120,"width":845,"height":11}},{"id":"2e4a0643-7b28-4066-945a-640da09ad95c","block_type":"box","text":"be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment","page_number":21,"box":{"x":81,"y":135,"width":797,"height":11}},{"id":"dd9eb135-e603-404f-9913-a9623b5d12b9","block_type":"box","text":"Company Act and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":21,"box":{"x":81,"y":149,"width":787,"height":12}},{"id":"97795679-2ef9-4187-b35a-3d6362eaee09","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":21,"box":{"x":82,"y":164,"width":293,"height":12}},{"id":"5db1c07e-2559-485a-968a-cf05b0f9fd95","block_type":"box","text":"Market Risk and Selection Risk","page_number":21,"box":{"x":81,"y":184,"width":240,"height":9}},{"id":"5233e008-6f90-4703-9f0a-5e802da6be9a","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":21,"box":{"x":324,"y":184,"width":593,"height":9}},{"id":"bb5c8f29-0194-4d87-836a-17c2995feb43","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":21,"box":{"x":81,"y":199,"width":851,"height":12}},{"id":"a31c9f93-a02b-44f1-98ab-63d4619b9371","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":21,"box":{"x":82,"y":214,"width":824,"height":11}},{"id":"a25cc067-93cb-4856-bf5f-aeb52704c8a1","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":21,"box":{"x":82,"y":229,"width":851,"height":11}},{"id":"75361271-b585-4ef0-bb39-a975e8920ff0","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":21,"box":{"x":82,"y":244,"width":802,"height":11}},{"id":"01e8aac3-87d2-4026-9421-381ac3433bb7","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":21,"box":{"x":81,"y":258,"width":849,"height":12}},{"id":"1f9b7417-7dfe-4323-bced-048b9705091e","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":21,"box":{"x":81,"y":273,"width":843,"height":12}},{"id":"cf9135ac-f2a3-41ae-b541-5abe65bbb9f8","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":21,"box":{"x":81,"y":288,"width":830,"height":11}},{"id":"40a28ab2-b56e-4805-9b0f-8075a4e17eaf","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":21,"box":{"x":82,"y":303,"width":840,"height":11}},{"id":"ba7b5da4-821e-4a04-8e9d-ffdb2e72ee63","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":21,"box":{"x":81,"y":318,"width":851,"height":11}},{"id":"574965b9-4c1c-42c2-9ea4-ecbd34b64f0c","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":21,"box":{"x":82,"y":332,"width":815,"height":12}},{"id":"6c3055f4-573c-494b-8909-d88db10f488c","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":21,"box":{"x":81,"y":347,"width":826,"height":12}},{"id":"b554f5f2-8103-4655-bb48-f9166cb3df1b","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":21,"box":{"x":81,"y":362,"width":735,"height":11}},{"id":"7528d149-6095-441e-a786-d37ae6df4006","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":21,"box":{"x":82,"y":382,"width":818,"height":12}},{"id":"73f4a2cd-83be-49ad-ae43-c124634fea51","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":21,"box":{"x":80,"y":397,"width":819,"height":12}},{"id":"3c79261d-a261-4400-b441-a940d4ce49f5","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":21,"box":{"x":81,"y":412,"width":819,"height":11}},{"id":"1749d001-cf98-4e51-968d-8c2dd8ec3f44","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":21,"box":{"x":81,"y":427,"width":846,"height":11}},{"id":"afe811bd-f85b-4a5a-9ed8-b892259e4396","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":21,"box":{"x":81,"y":441,"width":848,"height":12}},{"id":"c715680c-43b9-405c-9e1c-746ce17f681b","block_type":"box","text":"the Fund invests.","page_number":21,"box":{"x":80,"y":456,"width":125,"height":9}},{"id":"18d7ce04-279a-425c-999f-62bcf8de1ba1","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":21,"box":{"x":81,"y":476,"width":346,"height":12}},{"id":"b4022692-5ee4-4dd6-9dce-cc1c4d3ccb8f","block_type":"box","text":"— Mortgage-backed securities (residential and commercial) and","page_number":21,"box":{"x":432,"y":476,"width":470,"height":12}},{"id":"0edf28cc-8d24-4c3c-863a-28c485301fc3","block_type":"box","text":"asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or","page_number":21,"box":{"x":81,"y":491,"width":835,"height":12}},{"id":"20f26ec4-5c45-4327-aeed-a04b52176851","block_type":"box","text":"receivables held in trust. Although asset-backed and commercial mortgage-backed securities (“CMBS”) generally","page_number":21,"box":{"x":82,"y":506,"width":828,"height":11}},{"id":"90fe8448-64bf-48b3-ae04-0ac6ec191cb9","block_type":"box","text":"experience less prepayment than residential mortgage-backed securities, mortgage-backed and asset-backed","page_number":21,"box":{"x":81,"y":521,"width":804,"height":11}},{"id":"020166c8-9501-4085-8593-c1e017a33a5d","block_type":"box","text":"securities, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension","page_number":21,"box":{"x":81,"y":535,"width":820,"height":12}},{"id":"b9f24a48-fd6c-4467-869f-f98e994f2566","block_type":"box","text":"risks.","page_number":21,"box":{"x":82,"y":551,"width":37,"height":9}},{"id":"01aba9ef-18ff-4b8e-81c2-085e24f61879","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":21,"box":{"x":81,"y":570,"width":851,"height":12}},{"id":"711e4e96-761f-4456-a180-ef44c28c57ed","block_type":"box","text":"certain mortgage-backed securities. The Fund’s investments in asset-backed securities are subject to risks similar","page_number":21,"box":{"x":81,"y":585,"width":842,"height":12}},{"id":"e6b73e45-275e-4c47-98c1-d954a53d53e9","block_type":"box","text":"to those associated with mortgage-related securities, as well as additional risks associated with the nature of the","page_number":21,"box":{"x":80,"y":600,"width":837,"height":12}},{"id":"9668d428-5637-4a56-ac1e-0fe2d722d3cf","block_type":"box","text":"assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying","page_number":21,"box":{"x":81,"y":615,"width":840,"height":11}},{"id":"630865b7-01a8-482a-a41c-4c1b30d71936","block_type":"box","text":"mortgages or assets, particularly during periods of economic downturn. Certain CMBS are issued in several classes","page_number":21,"box":{"x":82,"y":630,"width":852,"height":11}},{"id":"1ae3667c-38e6-4a6f-83da-a2f869f31f0b","block_type":"box","text":"with different levels of yield and credit protection. The Fund’s investments in CMBS with several classes may be in","page_number":21,"box":{"x":80,"y":644,"width":842,"height":12}},{"id":"1d2ad37a-0e13-447c-954a-3f8c4c184500","block_type":"box","text":"the lower classes that have greater risks than the higher classes, including greater interest rate, credit and","page_number":21,"box":{"x":80,"y":660,"width":787,"height":11}},{"id":"703d54c0-19ad-4373-9f30-7e8b4759eef2","block_type":"box","text":"prepayment risks.","page_number":21,"box":{"x":82,"y":674,"width":128,"height":12}},{"id":"60fc474f-f7a4-4ba2-bff5-de29c13a628c","block_type":"box","text":"Mortgage-backed securities may be either pass-through securities or collateralized mortgage obligations (“CMOs”).","page_number":21,"box":{"x":82,"y":694,"width":842,"height":12}},{"id":"92e60f6d-2fad-46fa-a6c1-3348ff00160b","block_type":"box","text":"Pass-through securities represent a right to receive principal and interest payments collected on a pool of","page_number":21,"box":{"x":81,"y":709,"width":776,"height":11}},{"id":"ce21a319-9a5a-4272-b5ce-598c09393ea0","block_type":"box","text":"mortgages, which are passed through to security holders. CMOs are created by dividing the principal and interest","page_number":21,"box":{"x":82,"y":724,"width":831,"height":11}},{"id":"d38000dd-2cd6-4bee-ae6d-827093e59a72","block_type":"box","text":"payments collected on a pool of mortgages into several revenue streams (“tranches”) with different priority rights to","page_number":21,"box":{"x":82,"y":739,"width":852,"height":11}},{"id":"1da4c5c8-c58b-4b48-aaef-e8cbe5b31774","block_type":"box","text":"portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive interest only","page_number":21,"box":{"x":82,"y":753,"width":846,"height":12}},{"id":"ec23e78b-3970-4b3b-8e1d-6768eacde9f8","block_type":"box","text":"(“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an “inverse floater”).","page_number":21,"box":{"x":81,"y":768,"width":843,"height":12}},{"id":"e27e3724-a5b7-4385-a4f0-51959bb44691","block_type":"box","text":"These securities are frequently referred to as “mortgage derivatives” and may be extremely sensitive to changes in","page_number":21,"box":{"x":81,"y":783,"width":846,"height":12}},{"id":"442475be-54ce-4b17-96b0-28a5295a8501","block_type":"box","text":"interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate (which","page_number":21,"box":{"x":82,"y":798,"width":828,"height":11}},{"id":"6b85f147-bdcb-4d5f-98e9-fe4b9902ad8f","block_type":"box","text":"may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and will","page_number":21,"box":{"x":82,"y":813,"width":838,"height":11}},{"id":"1f15d29c-48ff-4dd9-8537-8239f22e36e5","block_type":"box","text":"increase when short-term rates decrease. These securities have the effect of providing a degree of investment","page_number":21,"box":{"x":82,"y":827,"width":813,"height":12}},{"id":"299f5db0-a5dc-4e3f-8c09-8936805a3d86","block_type":"box","text":"leverage. In response to changes in market interest rates or other market conditions, the value of an inverse floater","page_number":21,"box":{"x":82,"y":842,"width":850,"height":12}},{"id":"8110f894-e3a6-486b-b9c1-8e62380eb892","block_type":"box","text":"may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities. If the","page_number":21,"box":{"x":82,"y":857,"width":834,"height":12}},{"id":"a63ac282-9c6d-4dbe-9273-616c2d6c655f","block_type":"box","text":"Fund invests in CMO tranches (including CMO tranches issued by government agencies) and interest rates move in","page_number":21,"box":{"x":82,"y":872,"width":842,"height":12}},{"id":"3d2d47d1-f463-4476-a5af-5bd84432d987","block_type":"box","text":"a manner not anticipated by Fund management, it is possible that the Fund could lose all or substantially all of its","page_number":21,"box":{"x":81,"y":887,"width":836,"height":11}},{"id":"6aa590bc-5e25-4324-acfc-3105d572ea30","block_type":"box","text":"investment. Certain mortgage-backed securities in which the Fund may invest may also provide a degree of","page_number":21,"box":{"x":82,"y":902,"width":787,"height":11}},{"id":"f4319fa1-68f1-4414-8670-8b252e9b54d6","block_type":"box","text":"investment leverage, which could cause the Fund to lose all or substantially all of its investment.","page_number":21,"box":{"x":82,"y":916,"width":708,"height":12}},{"id":"369ec2af-05ae-414d-bb09-6084e7296efc","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"59a2dcc8-0978-4888-a922-267e25926893","block_type":"box","text":"NM0926U-5975797-21/72","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1cfe8619-bd18-4a96-9f67-6b56c34bbd81","block_type":"box","text":"The mortgage market in the United States has experienced difficulties that may adversely affect the performance","page_number":22,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"caa45dc7-36be-40d9-a904-d4551a970579","block_type":"box","text":"and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage","page_number":22,"box":{"x":81,"y":60,"width":825,"height":12}},{"id":"ff25bb5e-0704-451b-849d-94c6746280fa","block_type":"box","text":"loans (including subprime and second-lien mortgage loans) and a decline in or flattening of real estate values (in","page_number":22,"box":{"x":82,"y":75,"width":825,"height":12}},{"id":"0ab36be2-156d-4f58-8c0c-a7c67f01da5c","block_type":"box","text":"each case as has been experienced and may continue to be experienced in many housing markets) may exacerbate","page_number":22,"box":{"x":81,"y":90,"width":850,"height":12}},{"id":"7a5a4871-a3ac-4f26-a65d-7e0097cdffe8","block_type":"box","text":"such delinquencies and losses. Also, a number of mortgage loan originators have experienced serious financial","page_number":22,"box":{"x":81,"y":105,"width":818,"height":12}},{"id":"72f04b34-fd85-41c7-a624-77ae9545985b","block_type":"box","text":"difficulties or bankruptcy. Reduced investor demand for mortgage loans and mortgage-related securities and","page_number":22,"box":{"x":81,"y":120,"width":796,"height":11}},{"id":"709d05e2-69b3-469d-8438-3fbd3f825912","block_type":"box","text":"increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related","page_number":22,"box":{"x":82,"y":135,"width":825,"height":11}},{"id":"e4815975-084a-4dd5-977e-32d73e80838a","block_type":"box","text":"securities, which can adversely affect the market value of mortgage-related securities. It is possible that such","page_number":22,"box":{"x":81,"y":149,"width":807,"height":12}},{"id":"a5610092-239b-4b90-9a7c-03c4eb44ae43","block_type":"box","text":"limited liquidity in such secondary markets could continue or worsen.","page_number":22,"box":{"x":82,"y":165,"width":505,"height":11}},{"id":"b62f2980-eab7-4c6e-8e90-6c24999ad924","block_type":"box","text":"Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that in","page_number":22,"box":{"x":81,"y":184,"width":839,"height":12}},{"id":"197305d1-7efe-4274-a61d-4bc9dbbdb6c7","block_type":"box","text":"certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed securities.","page_number":22,"box":{"x":81,"y":199,"width":849,"height":12}},{"id":"716ee2e0-c55e-43ef-846b-8ecd60b7209f","block_type":"box","text":"In addition, certain asset-backed securities are based on loans that are unsecured, which means that there is no","page_number":22,"box":{"x":82,"y":214,"width":832,"height":11}},{"id":"8dfb46f6-e80c-44de-bd25-adf4d930c8ca","block_type":"box","text":"collateral to seize if the underlying borrower defaults.","page_number":22,"box":{"x":81,"y":229,"width":388,"height":11}},{"id":"0c129195-6fc6-4111-a58e-453bcae535b5","block_type":"box","text":"Operational and Technology Risks","page_number":22,"box":{"x":82,"y":249,"width":254,"height":11}},{"id":"d6718f70-4d0f-4c40-b963-2a6173dd2e84","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":22,"box":{"x":340,"y":249,"width":549,"height":11}},{"id":"4dbfe02a-b99a-421b-ba18-5a77044e40e3","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":22,"box":{"x":81,"y":264,"width":790,"height":11}},{"id":"c999e721-b2cf-4e70-b9e3-81ed35f3c7cb","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":22,"box":{"x":81,"y":278,"width":837,"height":12}},{"id":"405df747-7cd1-4b68-972b-c2433734eaf4","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":22,"box":{"x":82,"y":293,"width":845,"height":12}},{"id":"652946cc-c2c5-4174-a9b4-c30292acc1eb","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":22,"box":{"x":81,"y":308,"width":832,"height":12}},{"id":"241a0889-5db0-4a3b-aac7-b33b62b4835e","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":22,"box":{"x":82,"y":323,"width":763,"height":11}},{"id":"f42c911c-a7fc-4a07-bdde-4332067af86a","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":22,"box":{"x":81,"y":338,"width":825,"height":11}},{"id":"c0025815-f5e4-406a-8a61-8e64b52b1936","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":22,"box":{"x":81,"y":352,"width":842,"height":12}},{"id":"117ad812-545f-46f2-b854-36bfd9a2d591","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":22,"box":{"x":81,"y":367,"width":852,"height":12}},{"id":"47821689-bc99-45ef-996d-e557ffe6a622","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":22,"box":{"x":82,"y":382,"width":827,"height":12}},{"id":"98f66977-14b4-44a2-b3f6-b7040dd97fdf","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":22,"box":{"x":81,"y":402,"width":821,"height":12}},{"id":"683e6b90-079a-4996-be26-85e5e414045e","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":22,"box":{"x":82,"y":417,"width":814,"height":11}},{"id":"a437156e-af07-4080-ae84-4fac6d472fc2","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":22,"box":{"x":81,"y":432,"width":824,"height":11}},{"id":"ce172eac-950f-4bbb-b8ec-7a1c23225d54","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":22,"box":{"x":81,"y":447,"width":791,"height":11}},{"id":"1a27ff74-4ebd-4109-9989-1d2005c30d42","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":22,"box":{"x":82,"y":461,"width":852,"height":12}},{"id":"5e61dd8d-7fc1-4de6-a8a9-ba801909d3e3","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":22,"box":{"x":81,"y":476,"width":784,"height":12}},{"id":"7d2e9ff3-703b-4ced-9d85-8f3c4c307996","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":22,"box":{"x":81,"y":491,"width":787,"height":12}},{"id":"77420422-d084-4530-a9eb-167fa4fda3b4","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":22,"box":{"x":81,"y":506,"width":840,"height":11}},{"id":"5de01c84-dba5-4f54-9164-777a1295b7ab","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":22,"box":{"x":81,"y":521,"width":809,"height":11}},{"id":"09d03eb5-ca0f-466f-abdb-2a6530d11a74","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":22,"box":{"x":81,"y":536,"width":829,"height":11}},{"id":"62d598f4-15c5-4ef8-a544-24b712ebbdd1","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":22,"box":{"x":82,"y":550,"width":798,"height":12}},{"id":"e2c16ed5-eb86-4152-a7c5-eac366be21b7","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":22,"box":{"x":81,"y":565,"width":829,"height":12}},{"id":"7b416f75-438b-4a46-a09c-a2d48353ff74","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":22,"box":{"x":82,"y":580,"width":846,"height":12}},{"id":"5dcd8c8f-91da-4e4f-a2f6-c7efe3bf4cb5","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":22,"box":{"x":82,"y":595,"width":846,"height":11}},{"id":"848b9834-e177-4f00-b0ee-6ec01c4414d3","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":22,"box":{"x":81,"y":610,"width":838,"height":11}},{"id":"f2b450d7-ab56-4786-bc08-cde622a2043d","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":22,"box":{"x":80,"y":625,"width":770,"height":11}},{"id":"fe8dd595-3969-42b6-978f-22e0c095951c","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":22,"box":{"x":80,"y":639,"width":792,"height":12}},{"id":"0f11fbc2-8b50-4763-bb0b-1a91b5df4460","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":22,"box":{"x":82,"y":654,"width":845,"height":11}},{"id":"722caf05-aef2-4d8f-b258-21b732b03c68","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":22,"box":{"x":80,"y":669,"width":840,"height":12}},{"id":"5b771367-7e06-4acc-89ed-f28a33100c3e","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":22,"box":{"x":81,"y":684,"width":841,"height":11}},{"id":"0dd2e642-b343-4a3a-a67a-bf0b4d9fcf4b","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":22,"box":{"x":80,"y":699,"width":847,"height":11}},{"id":"a237eb48-efb7-4732-a7c8-4eb4b3832c78","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":22,"box":{"x":82,"y":713,"width":838,"height":12}},{"id":"04e612e7-2fab-4d5f-83fe-4d251f5536f9","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":22,"box":{"x":81,"y":728,"width":847,"height":12}},{"id":"9cbd5f3b-d9b6-404f-97a9-adec485aa434","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":22,"box":{"x":81,"y":743,"width":845,"height":11}},{"id":"538418f9-941f-406a-bd24-ba718c46f5dd","block_type":"box","text":"and the associated risks to the Fund.","page_number":22,"box":{"x":81,"y":758,"width":273,"height":9}},{"id":"3b983f35-a1e3-486d-9561-ca6cddeebc6e","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":22,"box":{"x":81,"y":778,"width":769,"height":11}},{"id":"6f8d0046-9c0c-4b3e-bcad-4080493d7ba7","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":22,"box":{"x":81,"y":793,"width":855,"height":11}},{"id":"7f9b3c1d-db21-46c8-9b68-71b9233bc6b2","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":22,"box":{"x":80,"y":808,"width":848,"height":11}},{"id":"4b62bcb8-1e24-4b9e-a227-729dd9903261","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":22,"box":{"x":81,"y":823,"width":777,"height":11}},{"id":"ffc1ed2b-32f1-46f2-be13-e6ff2c928449","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":22,"box":{"x":81,"y":837,"width":824,"height":12}},{"id":"b286adfa-4d14-407c-9e37-c02c87f5abdc","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":22,"box":{"x":81,"y":852,"width":785,"height":12}},{"id":"c7706bee-36f6-4a57-979c-36c1895317db","block_type":"box","text":"identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or","page_number":22,"box":{"x":82,"y":867,"width":853,"height":11}},{"id":"daa7db22-2650-46a3-8c6f-59ba4462413d","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":22,"box":{"x":82,"y":882,"width":855,"height":11}},{"id":"6de3ff63-175a-44a8-a0ec-9aa01b46cbe8","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":22,"box":{"x":82,"y":896,"width":813,"height":12}},{"id":"732dd447-868d-44b0-afa3-f71973d6336b","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"41ae7604-9112-40e5-802b-0d25c4c0bc22","block_type":"box","text":"NM0926U-5975797-22/72","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"97d4ba83-b975-43f3-84a4-509a08ffed6f","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":23,"box":{"x":81,"y":46,"width":806,"height":11}},{"id":"6b1dd898-6f1f-4120-8682-1a43ab1eb5ed","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":23,"box":{"x":82,"y":60,"width":602,"height":12}},{"id":"edaa18e0-b160-4b27-915a-f07757fec848","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":23,"box":{"x":82,"y":81,"width":794,"height":11}},{"id":"1466b85e-07f5-4ac6-97fa-dfd64d1966a4","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":23,"box":{"x":81,"y":96,"width":840,"height":11}},{"id":"5c6bc797-a34a-48fb-b9c3-2fda3efefa5d","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":23,"box":{"x":81,"y":110,"width":801,"height":12}},{"id":"1cf255f4-d19c-4e4c-a9fb-cd3f3b777295","block_type":"box","text":"resources to monitor and implement required changes.","page_number":23,"box":{"x":82,"y":125,"width":402,"height":11}},{"id":"b76b3986-b162-4719-bda5-5844abce2fb3","block_type":"box","text":"Preferred Securities Risk","page_number":23,"box":{"x":81,"y":145,"width":189,"height":9}},{"id":"18e3b382-34ff-4ac8-adb9-f414d45db986","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":23,"box":{"x":274,"y":145,"width":636,"height":11}},{"id":"0423f8b6-776e-4fd0-a6b0-52788d664ca8","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":23,"box":{"x":81,"y":160,"width":824,"height":11}},{"id":"53df9cc7-af77-4b9f-b2c8-f2edc17a1e7b","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":23,"box":{"x":82,"y":175,"width":806,"height":11}},{"id":"0975aebe-8226-4315-a989-18f6dade64a2","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":23,"box":{"x":81,"y":189,"width":842,"height":12}},{"id":"3c3b9ab3-17b8-4c3b-8ea3-14c03f089989","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":23,"box":{"x":81,"y":204,"width":781,"height":12}},{"id":"eb1ca7b8-f374-420f-b219-9515cf235ea4","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":23,"box":{"x":81,"y":219,"width":812,"height":11}},{"id":"79d6d025-682c-444d-a5d0-0968f05072d4","block_type":"box","text":"larger companies.","page_number":23,"box":{"x":82,"y":234,"width":129,"height":11}},{"id":"0161b3a9-6e4a-450d-8e7f-f692b79c8033","block_type":"box","text":"Small and Mid-Capitalization Company Risk","page_number":23,"box":{"x":81,"y":254,"width":327,"height":11}},{"id":"2ad2f1ae-0335-46fd-9458-d0f89cb687f3","block_type":"box","text":"— Companies with small or mid-size market capitalizations will","page_number":23,"box":{"x":412,"y":254,"width":461,"height":11}},{"id":"80044256-c40f-466b-b032-4eb531ed094f","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more","page_number":23,"box":{"x":82,"y":269,"width":808,"height":11}},{"id":"fb0c2c45-8d27-4bb9-ac38-235529f364fd","block_type":"box","text":"limited management group than larger capitalized companies. In addition, it is more difficult to get information on","page_number":23,"box":{"x":82,"y":283,"width":833,"height":12}},{"id":"d9e3a5cc-eda8-4be4-bc7b-896a1e0c76e5","block_type":"box","text":"smaller companies, which tend to be less well known, have shorter operating histories, do not have significant","page_number":23,"box":{"x":81,"y":298,"width":812,"height":12}},{"id":"2d098beb-a70c-4c7e-9b86-209d8b06b6ea","block_type":"box","text":"ownership by large investors and are followed by relatively few securities analysts.","page_number":23,"box":{"x":81,"y":313,"width":603,"height":12}},{"id":"58addd98-daf6-459f-80c8-7083540bee8f","block_type":"box","text":"Supranational Entities Risk","page_number":23,"box":{"x":81,"y":333,"width":205,"height":11}},{"id":"cd9186ec-f2a3-4116-9c33-6b79cc882528","block_type":"box","text":"— The Fund may invest in obligations issued or guaranteed by the World Bank. The","page_number":23,"box":{"x":290,"y":333,"width":610,"height":12}},{"id":"fae104f0-194f-482a-9180-6e4fdb611718","block_type":"box","text":"government members, or “stockholders,” usually make initial capital contributions to the World Bank and in many","page_number":23,"box":{"x":81,"y":348,"width":834,"height":12}},{"id":"fb5696a8-e49b-4db6-9b49-e8a5edbaba50","block_type":"box","text":"cases are committed to make additional capital contributions if the World Bank is unable to repay its borrowings.","page_number":23,"box":{"x":81,"y":363,"width":830,"height":11}},{"id":"06f2fd2e-5cbb-4bb9-b684-f25a043f5c7f","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":23,"box":{"x":81,"y":378,"width":795,"height":11}},{"id":"bfe2e8b6-10a0-44a4-bf2b-5fc64910663c","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":23,"box":{"x":81,"y":392,"width":855,"height":12}},{"id":"484dbbf4-de25-415d-a127-062ef15b5278","block_type":"box","text":"principal on its debt securities, and the Fund may lose money on such investments.","page_number":23,"box":{"x":82,"y":408,"width":612,"height":11}},{"id":"0c5cca84-a06e-4944-b30e-5bb15e844029","block_type":"box","text":"U.S. Government Issuer Risk","page_number":23,"box":{"x":82,"y":427,"width":215,"height":9}},{"id":"2328bd8b-4c9d-4173-adfc-7b394493a7cc","block_type":"box","text":"—","page_number":23,"box":{"x":302,"y":433,"width":17,"height":0}},{"id":"6023a653-99b7-4875-82e2-1e0845de079b","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":23,"box":{"x":323,"y":427,"width":612,"height":12}},{"id":"fdbfdad9-c165-4513-82e7-4f6ce0c4aab7","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying","page_number":23,"box":{"x":81,"y":442,"width":797,"height":12}},{"id":"8378b679-0b66-4e17-a53f-c0b41df98545","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":23,"box":{"x":81,"y":457,"width":850,"height":11}},{"id":"732478df-7c2a-4860-ba58-f883d0f38b0e","block_type":"box","text":"be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated","page_number":23,"box":{"x":81,"y":472,"width":843,"height":11}},{"id":"ce304bfd-e157-40b4-90f3-f3e4e0dbbb4b","block_type":"box","text":"by law to do so.","page_number":23,"box":{"x":81,"y":487,"width":114,"height":11}},{"id":"4441a338-fa3e-437d-85fb-2ed71fee89e0","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":23,"box":{"x":61,"y":510,"width":296,"height":12}},{"id":"c1928fba-be72-4428-a532-e6456b8d29ec","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":23,"box":{"x":60,"y":526,"width":832,"height":11}},{"id":"88a6547b-ad5b-4752-a16a-91989179ac70","block_type":"box","text":"strategies, including:","page_number":23,"box":{"x":61,"y":541,"width":151,"height":11}},{"id":"f4d61fdc-91a1-4173-ae04-ae7122f02e16","block_type":"box","text":"Borrowing Risk","page_number":23,"box":{"x":81,"y":561,"width":115,"height":11}},{"id":"8ad0fd63-b55e-4651-94e3-7b9bda58355c","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":23,"box":{"x":200,"y":561,"width":711,"height":11}},{"id":"d94d609a-940c-4011-a37f-7ef9d7d7c0b8","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":23,"box":{"x":80,"y":575,"width":813,"height":12}},{"id":"64cc5d38-42bc-4dbf-9c60-fb3073baaca6","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":23,"box":{"x":82,"y":591,"width":846,"height":11}},{"id":"091ca714-5b82-4449-9fc0-1f450d4663db","block_type":"box","text":"do so to satisfy its obligations.","page_number":23,"box":{"x":81,"y":605,"width":225,"height":12}},{"id":"325f951f-22ca-4775-809e-49b6a85e9f88","block_type":"box","text":"Depositary Receipts Risk","page_number":23,"box":{"x":81,"y":625,"width":191,"height":11}},{"id":"ae9025e3-7215-43e3-a1bc-950a6daa4a68","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":23,"box":{"x":276,"y":625,"width":639,"height":12}},{"id":"3196bcbe-42c8-4a39-abab-9d3bb7a54aa6","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":23,"box":{"x":80,"y":640,"width":786,"height":11}},{"id":"2ce14162-44f9-4503-8a5c-b8b61d6f1b3a","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":23,"box":{"x":82,"y":655,"width":824,"height":11}},{"id":"9620edfd-956b-491a-b136-a7bd12ec9f21","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":23,"box":{"x":80,"y":670,"width":827,"height":11}},{"id":"540b7520-5ae5-4319-a21a-7118f2f7569c","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":23,"box":{"x":82,"y":684,"width":849,"height":12}},{"id":"5b3bed06-8b4f-4035-b2e6-faf2f4cd140d","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":23,"box":{"x":81,"y":699,"width":840,"height":12}},{"id":"8bddc6e1-6ac2-47c3-9a8d-df045e6b16e7","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":23,"box":{"x":82,"y":714,"width":824,"height":12}},{"id":"324fabfb-ca08-4240-bf0d-58a12b78b738","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":23,"box":{"x":82,"y":729,"width":798,"height":11}},{"id":"ac3be5e2-ddf4-4ef2-a71b-7e52eb77d054","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":23,"box":{"x":82,"y":744,"width":847,"height":11}},{"id":"2551928c-a86d-4dae-aaf2-70842dcaa203","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":23,"box":{"x":82,"y":759,"width":804,"height":11}},{"id":"78142622-a21c-4e1d-aa34-6fa0b07c6c25","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":23,"box":{"x":81,"y":773,"width":558,"height":12}},{"id":"2d448232-beff-49d5-a39c-9b6eb88b79d2","block_type":"box","text":"Expense Risk","page_number":23,"box":{"x":81,"y":793,"width":102,"height":12}},{"id":"fc056016-7151-41fc-a7af-0634c5ef0afa","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":23,"box":{"x":187,"y":793,"width":734,"height":12}},{"id":"17650475-26d1-4e08-a93a-a545ff09bf9c","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":23,"box":{"x":81,"y":808,"width":855,"height":12}},{"id":"41f17ca0-1973-4872-aafe-40be3c78f4c0","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":23,"box":{"x":82,"y":823,"width":842,"height":12}},{"id":"14289ae5-a075-47f6-ba1e-6937de005ac2","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":23,"box":{"x":82,"y":838,"width":808,"height":11}},{"id":"e2522f02-2657-4cbe-ba87-f3915788964b","block_type":"box","text":"significant.","page_number":23,"box":{"x":81,"y":853,"width":78,"height":11}},{"id":"3776c0e1-0ea5-49f5-9456-f731ecc862e1","block_type":"box","text":"Illiquid Investments Risk","page_number":23,"box":{"x":81,"y":873,"width":186,"height":11}},{"id":"85108691-d5fb-491d-98a0-ea455031522c","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":23,"box":{"x":271,"y":873,"width":648,"height":11}},{"id":"61b80fed-544f-4310-9d25-da35519bb9a7","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":23,"box":{"x":80,"y":887,"width":841,"height":12}},{"id":"bc1b1b7f-8e2f-4dbd-9259-dc9093cac1c9","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":23,"box":{"x":82,"y":902,"width":831,"height":12}},{"id":"89c7b4db-5c7e-433b-a80b-dcae3afd617c","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":23,"box":{"x":81,"y":917,"width":811,"height":12}},{"id":"fea5b42a-a409-4624-b016-9cbc5588b2a5","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"d0c9bc98-5a9e-4780-b275-0148e741aecd","block_type":"box","text":"NM0926U-5975797-23/72","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ea9859f8-dacf-4b7f-8440-6724d88961db","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":24,"box":{"x":82,"y":46,"width":825,"height":11}},{"id":"5a5f4e0e-6fcd-41dd-b489-0bdf96502bc3","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":24,"box":{"x":81,"y":61,"width":837,"height":11}},{"id":"0b836fb9-9880-4b22-9ff3-c3f5dd28ba1e","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":24,"box":{"x":80,"y":75,"width":851,"height":12}},{"id":"a3916b2a-e06e-41f3-a28c-211601d4af55","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":24,"box":{"x":82,"y":90,"width":835,"height":12}},{"id":"000ab4c6-6b4e-4ad7-adc6-4fa17ebac4b5","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":24,"box":{"x":82,"y":105,"width":835,"height":12}},{"id":"e67e8843-fb44-4fda-890f-5e2c9037b0e8","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":24,"box":{"x":81,"y":120,"width":791,"height":11}},{"id":"3094bb4f-02cc-42e7-9045-5c4474ec69cf","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":24,"box":{"x":81,"y":135,"width":846,"height":11}},{"id":"e2a4b5d5-7e64-426c-b7b6-f80d87841692","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":24,"box":{"x":81,"y":149,"width":835,"height":12}},{"id":"949b33b9-347e-4a70-bf21-61a14f65922e","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":24,"box":{"x":82,"y":164,"width":839,"height":12}},{"id":"3acf301f-6265-4b78-8d79-c6d443f4cb3e","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":24,"box":{"x":80,"y":179,"width":834,"height":12}},{"id":"b84a16b5-fcf3-48e3-9327-e928d663e7a1","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":24,"box":{"x":81,"y":194,"width":815,"height":11}},{"id":"768ca98e-d99c-48aa-874e-9dc3e40e3732","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":24,"box":{"x":82,"y":209,"width":835,"height":11}},{"id":"56fa8d58-aad0-4877-9b1c-c0dad9839e4c","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":24,"box":{"x":82,"y":224,"width":827,"height":11}},{"id":"b7f7718a-afc4-49a7-854e-d68f797608d2","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":24,"box":{"x":80,"y":238,"width":831,"height":12}},{"id":"09ea0d3b-d7b5-474e-8e08-98c7726f8d52","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":24,"box":{"x":81,"y":253,"width":304,"height":12}},{"id":"729ea7c3-17cd-4b2d-bb0c-6bd2a2c6b34c","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":24,"box":{"x":81,"y":273,"width":271,"height":9}},{"id":"3c8b2449-238a-4ab7-ad7f-ee72eecbff55","block_type":"box","text":"—","page_number":24,"box":{"x":356,"y":279,"width":17,"height":0}},{"id":"cf007a6b-d11f-4a26-a794-c1661185c312","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":24,"box":{"x":379,"y":273,"width":499,"height":11}},{"id":"1f9b4b5a-84aa-4c95-bfd9-c0706422c9fb","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":24,"box":{"x":82,"y":288,"width":839,"height":11}},{"id":"a7b9395a-6913-4105-a4d5-a7528b815921","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":24,"box":{"x":80,"y":303,"width":799,"height":11}},{"id":"6c0a26dd-2570-4f9f-9445-098fbff49b18","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":24,"box":{"x":82,"y":318,"width":796,"height":11}},{"id":"26c9c150-5189-40e2-803f-845a501f9e43","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":24,"box":{"x":81,"y":332,"width":855,"height":12}},{"id":"c7d8da92-d993-414b-84ec-ae97ebf26fd8","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":24,"box":{"x":82,"y":348,"width":441,"height":11}},{"id":"9c297230-b471-4acb-a36d-c8e85b4ddc10","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":24,"box":{"x":81,"y":367,"width":366,"height":12}},{"id":"ebb1b65f-0226-453d-a911-0210a1ab43fb","block_type":"box","text":"— As with other investments, investments in other investment","page_number":24,"box":{"x":450,"y":368,"width":459,"height":10}},{"id":"36f35faf-9b9c-44b5-b78c-1b41a458e832","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":24,"box":{"x":81,"y":382,"width":815,"height":12}},{"id":"86377f7a-7611-4a1d-a6b9-f9a45b19bf3a","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":24,"box":{"x":82,"y":397,"width":844,"height":11}},{"id":"787cada5-e6bc-4ad8-aa50-15bfac3b097c","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":24,"box":{"x":81,"y":412,"width":822,"height":11}},{"id":"62d4e98c-6891-4128-abb9-f4d35ee40b82","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":24,"box":{"x":81,"y":427,"width":829,"height":11}},{"id":"fce823b5-5b1d-4e21-a167-99206e0b5756","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":24,"box":{"x":81,"y":441,"width":628,"height":12}},{"id":"f6cc235a-9ade-45d2-9bfc-950914e3cfbf","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":24,"box":{"x":81,"y":462,"width":396,"height":11}},{"id":"2527c13e-8e55-4a3a-8033-e8bdb08a468c","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":24,"box":{"x":481,"y":462,"width":440,"height":11}},{"id":"9d5ea550-8bf8-4a1e-9d21-3af0bc54004f","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":24,"box":{"x":82,"y":476,"width":801,"height":12}},{"id":"66fa607a-d142-4803-88f1-b162c52501dc","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":24,"box":{"x":81,"y":491,"width":825,"height":12}},{"id":"52dcdbde-b1bf-4479-844c-bb14d0580c25","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":24,"box":{"x":82,"y":506,"width":816,"height":11}},{"id":"0d34d906-f585-49f6-b196-ecde31237db3","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":24,"box":{"x":82,"y":521,"width":818,"height":11}},{"id":"49c01daa-50b7-4c74-9feb-f10d25fc81ab","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":24,"box":{"x":80,"y":535,"width":835,"height":12}},{"id":"39690b6b-dfca-4ba0-8180-81509da66e6f","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":24,"box":{"x":80,"y":550,"width":807,"height":12}},{"id":"7155e1d5-0b24-472a-bc88-9ca556d940b3","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":24,"box":{"x":82,"y":565,"width":841,"height":12}},{"id":"2d2b87b7-a050-47a0-9662-73d5be510f26","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":24,"box":{"x":80,"y":580,"width":855,"height":12}},{"id":"cb61b1e3-7117-4f7f-8120-5d169e26ce10","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":24,"box":{"x":81,"y":595,"width":751,"height":11}},{"id":"73687afe-b889-44cd-92f4-be1972cd1e2a","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":24,"box":{"x":81,"y":610,"width":785,"height":11}},{"id":"c4832199-8944-4233-9cdd-13a2e334dc72","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":24,"box":{"x":81,"y":624,"width":841,"height":12}},{"id":"f9c7afd8-c9de-41a9-bdcd-375db6945858","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":24,"box":{"x":80,"y":640,"width":824,"height":11}},{"id":"6802b2b6-2a53-4ebf-bd17-91ca87acecec","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":24,"box":{"x":81,"y":654,"width":822,"height":12}},{"id":"bc2cb7fe-ca19-492e-8d77-f40ffbc34002","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":24,"box":{"x":81,"y":669,"width":801,"height":12}},{"id":"17bebcd8-84c4-4f4e-89f1-d894671c68ed","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":24,"box":{"x":80,"y":684,"width":765,"height":11}},{"id":"089ff52a-c3f3-4722-9287-0ab0bf5aab47","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":24,"box":{"x":82,"y":699,"width":852,"height":11}},{"id":"e4f6b3d4-9f58-4cc1-a283-2fbc5b1edd09","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":24,"box":{"x":82,"y":714,"width":847,"height":11}},{"id":"78a8de05-113a-4640-9035-845d7d5b6314","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":24,"box":{"x":80,"y":728,"width":847,"height":12}},{"id":"e40c2d87-7cb6-4d1c-a5e1-fc5d50240d64","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":24,"box":{"x":81,"y":743,"width":845,"height":12}},{"id":"ffbacbf7-0ab8-4325-85f5-c58788f48f0a","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":24,"box":{"x":82,"y":758,"width":835,"height":11}},{"id":"303ab8c2-fdac-43d6-a1e4-0b27689bd5a2","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":24,"box":{"x":82,"y":773,"width":839,"height":11}},{"id":"1274a300-d584-419f-9331-66014e146e28","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":24,"box":{"x":82,"y":788,"width":461,"height":11}},{"id":"984e749d-3a64-47a7-a48d-d9e86fba04d0","block_type":"box","text":"Money Market Securities Risk","page_number":24,"box":{"x":81,"y":808,"width":229,"height":11}},{"id":"7eb8f746-7579-4310-9af9-fbb1b7e1e172","block_type":"box","text":"— If market conditions improve while the Fund has invested some or all of its","page_number":24,"box":{"x":314,"y":808,"width":570,"height":11}},{"id":"e75b5caf-c16b-406b-870d-13947afa682c","block_type":"box","text":"assets in high quality money market securities, this strategy could result in reducing the potential gain from the","page_number":24,"box":{"x":81,"y":822,"width":819,"height":12}},{"id":"3067502a-8b22-40b3-a2a1-e449604615ba","block_type":"box","text":"market upswing, thus reducing the Fund’s opportunity to achieve its investment objective.","page_number":24,"box":{"x":82,"y":837,"width":657,"height":12}},{"id":"c05546fc-5fa8-4444-b776-66c67a603d69","block_type":"box","text":"“New Issues” Risk","page_number":24,"box":{"x":83,"y":857,"width":139,"height":9}},{"id":"ded27fa1-853d-477a-8971-5ee1dd64faa7","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":24,"box":{"x":226,"y":857,"width":673,"height":12}},{"id":"efef9144-ab18-4823-bb6c-3036d2e8edff","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":24,"box":{"x":81,"y":872,"width":833,"height":12}},{"id":"2148307e-48c5-4c8c-8726-1c5a0333347f","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":24,"box":{"x":82,"y":887,"width":853,"height":11}},{"id":"def5a12b-e5d7-4293-83ab-3a6fd37fe265","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":24,"box":{"x":81,"y":902,"width":778,"height":11}},{"id":"5531f7fb-1707-4b3d-b4cc-dbc140e0a339","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":24,"box":{"x":81,"y":916,"width":827,"height":12}},{"id":"7e8e15b8-f28c-4ed3-9c01-f24565a65ac7","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"03e45d3b-3f6f-4d1b-9504-f260f2c11ad1","block_type":"box","text":"NM0926U-5975797-24/72","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"df2cfd2e-c2c0-4c6d-a2c0-4f15f9a4df35","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":25,"box":{"x":82,"y":46,"width":838,"height":11}},{"id":"92cd4838-7a67-4306-b00b-d18771325333","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":25,"box":{"x":82,"y":60,"width":776,"height":12}},{"id":"b1d2044c-384a-4a13-a1d1-96507bdea1c6","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":25,"box":{"x":81,"y":75,"width":830,"height":12}},{"id":"0c03da96-98ff-476f-b1bd-1b308ab65b77","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":25,"box":{"x":82,"y":90,"width":834,"height":12}},{"id":"222d06b4-c504-48f5-98dc-ff20020f52d4","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":25,"box":{"x":80,"y":105,"width":844,"height":12}},{"id":"b832437b-3cf0-4649-b585-f1a67f1fc30a","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":25,"box":{"x":81,"y":120,"width":840,"height":11}},{"id":"86b90778-dbaf-4736-9056-56cee45327a6","block_type":"box","text":"price as it would like.","page_number":25,"box":{"x":82,"y":135,"width":153,"height":11}},{"id":"6027ef1d-6956-4c80-8ed0-3b69023a4a51","block_type":"box","text":"Ownership Limitations Risk","page_number":25,"box":{"x":82,"y":155,"width":205,"height":11}},{"id":"be6a3f8b-5aa0-4f5c-a5ce-de6f15959438","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":25,"box":{"x":291,"y":155,"width":610,"height":11}},{"id":"a436a527-b0dc-4fdd-9fc9-8ce44c0484eb","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":25,"box":{"x":80,"y":169,"width":849,"height":12}},{"id":"5ec347b4-a402-444b-b904-5b28c0ae73d2","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":25,"box":{"x":81,"y":184,"width":798,"height":12}},{"id":"0d598068-38df-4e76-adb7-96770f44c5fc","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":25,"box":{"x":82,"y":199,"width":833,"height":12}},{"id":"b98b3a37-4ce9-4295-b522-1d8b3484e8f5","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":25,"box":{"x":82,"y":214,"width":851,"height":11}},{"id":"4a0600cd-d457-4cbb-9395-0ae957a3c8db","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":25,"box":{"x":81,"y":229,"width":813,"height":11}},{"id":"2e0e6c95-ae4e-4432-8674-c8bd4f746ae3","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":25,"box":{"x":82,"y":244,"width":331,"height":11}},{"id":"3fc041f5-1da3-40d8-963c-b6f260fc9d01","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":25,"box":{"x":82,"y":264,"width":826,"height":11}},{"id":"6c1c0eff-c181-4f99-abe4-df44b513f7c7","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":25,"box":{"x":81,"y":278,"width":848,"height":12}},{"id":"b2ce97b1-3f35-43e4-a2dd-a0c1ec4a08a2","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":25,"box":{"x":81,"y":293,"width":799,"height":12}},{"id":"8b8464c4-da19-46a8-b692-f2399025181e","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":25,"box":{"x":81,"y":308,"width":828,"height":12}},{"id":"599a9069-ae44-434d-93b1-4d2bbfa3ec90","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":25,"box":{"x":81,"y":323,"width":828,"height":11}},{"id":"d6c5b6bf-c620-4c9b-8f62-3201aa89f163","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":25,"box":{"x":80,"y":338,"width":837,"height":11}},{"id":"5c756549-f8c3-4238-ac9c-abb97c949269","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":25,"box":{"x":80,"y":352,"width":837,"height":12}},{"id":"34be59a0-fb80-4e5b-8eda-f672071dae92","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":25,"box":{"x":82,"y":368,"width":800,"height":11}},{"id":"648c0b0d-0680-4534-8995-d509ed7edea4","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":25,"box":{"x":81,"y":382,"width":678,"height":12}},{"id":"c9d62d87-462d-47d0-bb14-8fa60bc53384","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":25,"box":{"x":81,"y":402,"width":842,"height":12}},{"id":"5bdadc71-80fc-4a16-afa4-4e5855babdb7","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":25,"box":{"x":81,"y":417,"width":833,"height":11}},{"id":"8333935e-54fd-4085-b8d2-dee8e2289f64","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":25,"box":{"x":82,"y":432,"width":582,"height":11}},{"id":"8dbb7b8a-daee-453d-b10e-44b5ea37a7da","block_type":"box","text":"Real Estate-Related Securities Risk","page_number":25,"box":{"x":81,"y":452,"width":269,"height":9}},{"id":"0bbab2f6-ea15-4106-a298-59dd7186087c","block_type":"box","text":"— The main risk of real estate-related securities is that the value of the","page_number":25,"box":{"x":354,"y":452,"width":527,"height":9}},{"id":"f8cc57c2-7774-4755-876c-1d71871d004e","block_type":"box","text":"underlying real estate may go down. Many factors may affect real estate values. These factors include both the","page_number":25,"box":{"x":82,"y":467,"width":816,"height":11}},{"id":"6f111129-d9f7-4124-b8cc-f9fd80b4d039","block_type":"box","text":"general and local economies, vacancy rates, changes in rent schedules, tenant bankruptcies, the ability to re-lease","page_number":25,"box":{"x":81,"y":482,"width":845,"height":11}},{"id":"0e083606-ffc2-456e-9dac-58713eccdd08","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":25,"box":{"x":81,"y":496,"width":841,"height":12}},{"id":"6ef32828-dff1-48e5-905b-d5ef8cc03f9d","block_type":"box","text":"regulations (including zoning, environmental and tax laws) affecting real estate and the costs of owning, maintaining","page_number":25,"box":{"x":82,"y":511,"width":852,"height":12}},{"id":"960c804b-2b0f-48b5-8f2c-09c16208c866","block_type":"box","text":"and improving real estate. The availability of mortgage financing and changes in interest rates may also affect real","page_number":25,"box":{"x":81,"y":526,"width":841,"height":11}},{"id":"43247476-fdec-482d-95b0-e1cbe9d938cf","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":25,"box":{"x":81,"y":541,"width":807,"height":11}},{"id":"481fbd9e-c66c-4e7e-9741-842846387326","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":25,"box":{"x":82,"y":556,"width":815,"height":11}},{"id":"ec205bf5-a8d6-4867-a2d1-5e29e9085579","block_type":"box","text":"issuers of real estate-related securities are highly leveraged, which increases the risk to holders of such securities.","page_number":25,"box":{"x":82,"y":570,"width":845,"height":12}},{"id":"6c13873a-3fe2-42d3-a374-b4876b7a1f5b","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":25,"box":{"x":81,"y":585,"width":828,"height":12}},{"id":"f2e8af43-4f3a-487b-ac36-2b2344fb2eb3","block_type":"box","text":"issuers of such securities. In addition, certain issuers of real estate-related securities may have developed or","page_number":25,"box":{"x":82,"y":600,"width":805,"height":11}},{"id":"6e1e664e-7dd8-4a3f-bf8e-f7840dac7eed","block_type":"box","text":"commenced development on properties and may develop additional properties in the future. Real estate","page_number":25,"box":{"x":81,"y":615,"width":767,"height":11}},{"id":"fda4ddec-9034-4e74-ade7-f4c1b06cfdc7","block_type":"box","text":"development involves significant risks in addition to those involved in the ownership and operation of established","page_number":25,"box":{"x":81,"y":630,"width":831,"height":11}},{"id":"00f36fb6-e9b2-4fce-9b36-1e84ab2fb719","block_type":"box","text":"properties. Real estate securities may have limited diversification and are, therefore, subject to risks inherent in","page_number":25,"box":{"x":82,"y":644,"width":824,"height":12}},{"id":"1859df0a-c0e9-4d92-81ae-936b7e4bff1b","block_type":"box","text":"operating and financing a limited number of projects. Real estate securities are also subject to heavy cash flow","page_number":25,"box":{"x":81,"y":659,"width":817,"height":12}},{"id":"33bf7b65-f417-4661-adc5-94d727091269","block_type":"box","text":"dependency and defaults by borrowers or tenants.","page_number":25,"box":{"x":81,"y":674,"width":367,"height":12}},{"id":"21d66ee4-0f3f-44dc-b715-36e9e387e6ad","block_type":"box","text":"Reliance on Advisor Risk","page_number":25,"box":{"x":81,"y":694,"width":188,"height":9}},{"id":"e7ebdbc2-48d4-4793-b924-bf5efa26b857","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":25,"box":{"x":273,"y":694,"width":614,"height":12}},{"id":"44f886fd-71ef-480b-ae74-ba96968906d7","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":25,"box":{"x":80,"y":709,"width":830,"height":11}},{"id":"0ca75211-4ccb-4f3f-bb24-b9910d508ab2","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":25,"box":{"x":80,"y":724,"width":856,"height":11}},{"id":"12bed5ed-b145-4bb4-bb23-82503cdf7cce","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":25,"box":{"x":80,"y":739,"width":841,"height":11}},{"id":"947ffa7d-8f4b-48a7-8c5f-c81d20b67652","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":25,"box":{"x":81,"y":753,"width":649,"height":12}},{"id":"e029ec47-8b7c-423d-904d-d52648cac51e","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":25,"box":{"x":81,"y":773,"width":481,"height":12}},{"id":"4f6c5a1b-c8b0-479f-adc9-f7a55b435734","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":25,"box":{"x":565,"y":773,"width":370,"height":12}},{"id":"6e0b66a3-cf3a-4437-b3cc-8efd2a693460","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":25,"box":{"x":82,"y":788,"width":827,"height":12}},{"id":"c61cb1ba-afae-455a-85c9-0a47ea100824","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":25,"box":{"x":81,"y":803,"width":816,"height":12}},{"id":"e90273f2-d515-4f77-a6d2-6805134451a8","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":25,"box":{"x":81,"y":818,"width":647,"height":11}},{"id":"f465d9cd-b132-4f49-9703-fd9b65a6298b","block_type":"box","text":"Securities Lending Risk","page_number":25,"box":{"x":81,"y":838,"width":178,"height":11}},{"id":"1478f331-e435-47c9-874a-8ce4a18fb005","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":25,"box":{"x":263,"y":838,"width":661,"height":11}},{"id":"5b9e14d5-ba96-4c91-8596-2c9355a13032","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":25,"box":{"x":82,"y":853,"width":852,"height":11}},{"id":"893531b6-371d-4de0-9a1d-79643bd8a6ba","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":25,"box":{"x":81,"y":867,"width":811,"height":12}},{"id":"ef3e295e-b2a3-4313-889a-a614681d5fa8","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":25,"box":{"x":81,"y":882,"width":829,"height":12}},{"id":"c308e2e1-3bd2-43c0-bdbe-c42ea58fdd56","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":25,"box":{"x":81,"y":897,"width":292,"height":11}},{"id":"aa290e37-3adb-48dc-b4a0-41f584a185fa","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"72597a0e-4975-49e3-9483-6466118473c0","block_type":"box","text":"NM0926U-5975797-25/72","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5bd8cc1b-e1cf-42ef-bdff-512f3fb9f645","block_type":"box","text":"Sovereign Debt Risk","page_number":26,"box":{"x":81,"y":46,"width":154,"height":11}},{"id":"f8df38b4-6652-44b8-b053-055ffcd3f7ec","block_type":"box","text":"— Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":26,"box":{"x":239,"y":46,"width":686,"height":11}},{"id":"9309b397-57ff-4086-bbc7-8fba240a1a5c","block_type":"box","text":"refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient","page_number":26,"box":{"x":82,"y":60,"width":844,"height":12}},{"id":"3f44a299-c452-4a33-af9e-fc7d36c2d49b","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":26,"box":{"x":81,"y":75,"width":821,"height":12}},{"id":"bba5551b-f8bc-4e7d-ae00-62f97ac7ace4","block_type":"box","text":"relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund","page_number":26,"box":{"x":82,"y":90,"width":845,"height":12}},{"id":"e00f9d32-ef9b-4bfb-ab4d-6d3a0a591295","block_type":"box","text":"or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for","page_number":26,"box":{"x":81,"y":105,"width":810,"height":12}},{"id":"00d11d9e-fe8f-480e-a8f9-a559939fa153","block_type":"box","text":"further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there","page_number":26,"box":{"x":81,"y":120,"width":840,"height":11}},{"id":"bea9613b-d522-48b3-b5cd-cf0321ba483f","block_type":"box","text":"bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid","page_number":26,"box":{"x":81,"y":135,"width":826,"height":11}},{"id":"9ac19740-e930-4fef-954b-cdb43cb7cac1","block_type":"box","text":"may be collected.","page_number":26,"box":{"x":82,"y":150,"width":126,"height":11}},{"id":"30020839-7c21-4cf7-a30f-e591b8447b99","block_type":"box","text":"Standby Commitment Agreements Risk","page_number":26,"box":{"x":81,"y":170,"width":298,"height":11}},{"id":"520b4cc1-5559-4ff6-8fd9-d83764d1aea7","block_type":"box","text":"—","page_number":26,"box":{"x":383,"y":175,"width":17,"height":1}},{"id":"667a1eea-b3cd-4c13-ab5a-70e7299b23c8","block_type":"box","text":"Standby commitment agreements involve the risk that the security the","page_number":26,"box":{"x":405,"y":170,"width":514,"height":11}},{"id":"8facc04c-79ad-4904-b17a-77c8b8797351","block_type":"box","text":"Fund buys will lose value prior to its delivery to the Fund and will no longer be worth what the Fund has agreed to","page_number":26,"box":{"x":82,"y":184,"width":829,"height":12}},{"id":"dcc7774a-451e-4b7c-9e52-3ca6eb5c41e2","block_type":"box","text":"pay for it. These agreements also involve the risk that if the security goes up in value, the counterparty will decide","page_number":26,"box":{"x":82,"y":199,"width":836,"height":12}},{"id":"6bcb3a5d-c349-47b0-b1ac-8e4003bb3351","block_type":"box","text":"not to issue the security. In this case, the Fund loses both the investment opportunity for the assets it set aside to","page_number":26,"box":{"x":82,"y":214,"width":844,"height":11}},{"id":"6e9c794a-7b48-4f47-a84b-bfbbfaa390bb","block_type":"box","text":"pay for the security and any gain in the security’s price.","page_number":26,"box":{"x":82,"y":229,"width":403,"height":11}},{"id":"864fdb1e-c20d-4bf1-ac34-69e263f67a6e","block_type":"box","text":"Valuation Risk","page_number":26,"box":{"x":83,"y":249,"width":107,"height":9}},{"id":"e9ff7724-b237-4b26-a527-b8e4c67f7491","block_type":"box","text":"—","page_number":26,"box":{"x":194,"y":254,"width":17,"height":1}},{"id":"bebde3a5-38fd-40fe-882b-87280b0d4d16","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":26,"box":{"x":215,"y":249,"width":700,"height":11}},{"id":"add1f045-12f5-4263-b14d-8a7405cdcd3c","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":26,"box":{"x":81,"y":263,"width":835,"height":12}},{"id":"65199305-10af-4e74-8a7d-bcb640857db7","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":26,"box":{"x":81,"y":278,"width":848,"height":12}},{"id":"14d3dab6-d5bf-4eda-90fd-727a141afaa1","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":26,"box":{"x":82,"y":293,"width":845,"height":12}},{"id":"3b3572cd-0f5f-420f-a2aa-716844a94937","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":26,"box":{"x":82,"y":308,"width":840,"height":12}},{"id":"4182f721-4134-4356-85ca-e8de817a6f73","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":26,"box":{"x":80,"y":323,"width":783,"height":11}},{"id":"f595b9cb-9897-4673-9dca-e0abf34005c8","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":26,"box":{"x":81,"y":338,"width":810,"height":11}},{"id":"9f2b7253-6cb1-4edd-86c0-6cd73f77fcb1","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":26,"box":{"x":81,"y":352,"width":847,"height":12}},{"id":"c69dce30-ac30-4333-baf9-42bda4bd0583","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":26,"box":{"x":82,"y":367,"width":848,"height":12}},{"id":"2e2d2c1b-f299-4ecd-99ec-87bdc53a1f1f","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":26,"box":{"x":80,"y":382,"width":819,"height":12}},{"id":"ca749919-b6a2-4ce3-aa02-fc1dc1824eb7","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":26,"box":{"x":81,"y":397,"width":837,"height":11}},{"id":"9297be31-b57d-475a-b850-d11e8740d183","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":26,"box":{"x":80,"y":412,"width":672,"height":11}},{"id":"f31d7e1b-23fd-4f76-9919-a661f1ac1edd","block_type":"box","text":"Warrants Risk","page_number":26,"box":{"x":83,"y":432,"width":105,"height":9}},{"id":"62c49c06-a933-4cb3-a8f3-fc6df1e9bed6","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":26,"box":{"x":192,"y":432,"width":698,"height":11}},{"id":"7ffb96b0-8bf2-455a-be65-6cc3bf109a7b","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":26,"box":{"x":81,"y":447,"width":830,"height":11}},{"id":"dc8dce67-e92e-4406-ba8b-37cd126c32f1","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":26,"box":{"x":81,"y":462,"width":821,"height":11}},{"id":"bff87130-8884-4844-8cb9-a178d7ec7fec","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":26,"box":{"x":82,"y":476,"width":822,"height":12}},{"id":"10b409ab-5492-445f-8143-f42b9e966b63","block_type":"box","text":"move with the price of the underlying stock.","page_number":26,"box":{"x":82,"y":491,"width":317,"height":12}},{"id":"aae837ee-a3bc-48bb-9f23-01cba669c477","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":26,"box":{"x":83,"y":511,"width":584,"height":11}},{"id":"952959e9-8355-476b-813a-7e48e5433061","block_type":"box","text":"— When-issued and delayed","page_number":26,"box":{"x":671,"y":511,"width":208,"height":11}},{"id":"7e24f379-2d51-435c-aa4c-725e7c9c7ceb","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":26,"box":{"x":81,"y":526,"width":843,"height":11}},{"id":"290057be-00ca-411f-a0e8-7f212d2a898e","block_type":"box","text":"its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will","page_number":26,"box":{"x":82,"y":541,"width":830,"height":11}},{"id":"dd83eea8-077f-4513-a44a-631add357645","block_type":"box","text":"not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside","page_number":26,"box":{"x":82,"y":555,"width":849,"height":12}},{"id":"c62594f7-47b7-494b-a05a-65f88ba8aac4","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":26,"box":{"x":80,"y":570,"width":425,"height":12}},{"id":"debdbcca-3a4a-4a9e-8c3f-96ce426a38b3","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c9b89b2d-c579-4b2c-bf6c-31d3b103c487","block_type":"box","text":"NM0926U-5975797-26/72","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dd4523d6-01a0-46e5-839e-efcb7608a70c","block_type":"box","text":"Account Information","page_number":27,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"ba9edbaa-52dd-43a9-bdf8-3077f9f73453","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":27,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"4f6c6c37-4071-48bc-9891-dfc0bc5a825e","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C, Institutional and Class R Shares in this","page_number":27,"box":{"x":60,"y":182,"width":820,"height":12}},{"id":"e3241aed-4bb6-4101-b064-a13a41c9dd75","block_type":"box","text":"prospectus), each with its own sales charge and expense structure, allowing you to invest in the way that best suits","page_number":27,"box":{"x":62,"y":197,"width":850,"height":12}},{"id":"a7622b22-2318-4009-977d-78e30d884a22","block_type":"box","text":"your needs. Each share class represents an ownership interest in the same investment portfolio of the Fund. When","page_number":27,"box":{"x":60,"y":212,"width":848,"height":11}},{"id":"bb7f3de8-b7d2-4748-a47b-c669059a2a65","block_type":"box","text":"you choose your class of shares, you should consider the size of your investment and how long you plan to hold your","page_number":27,"box":{"x":60,"y":227,"width":857,"height":11}},{"id":"28c19884-82f3-4273-ad72-3bc646b55049","block_type":"box","text":"shares. Either your financial professional or your selected securities dealer, broker, investment adviser, service","page_number":27,"box":{"x":61,"y":242,"width":815,"height":11}},{"id":"5c2cd895-7c6a-433d-bc53-385d4572f142","block_type":"box","text":"provider or industry professional (including BlackRock and its affiliates) (each, a “Financial Intermediary”) can help you","page_number":27,"box":{"x":62,"y":256,"width":871,"height":12}},{"id":"be519bca-7cc1-44d5-b96b-115ad26a1f09","block_type":"box","text":"determine which share class is best suited to your personal financial goals. Investor A Shares and Investor C Shares","page_number":27,"box":{"x":61,"y":271,"width":858,"height":12}},{"id":"9eef040f-c9c1-4805-a7e7-e687d982c321","block_type":"box","text":"are sometimes referred to herein collectively as “Investor Shares.”","page_number":27,"box":{"x":61,"y":286,"width":490,"height":11}},{"id":"7624ca1b-cc8a-4c87-8c17-b61db0017dc5","block_type":"box","text":"For example, if you select Institutional Shares of the Fund, you will not pay any sales charge. However, only certain","page_number":27,"box":{"x":62,"y":309,"width":841,"height":11}},{"id":"c40afb75-7454-4aee-99c6-da0b2d82039e","block_type":"box","text":"investors may buy Institutional Shares. If you select Investor A Shares of the Fund, you generally pay a sales charge at","page_number":27,"box":{"x":62,"y":323,"width":870,"height":12}},{"id":"cb792e97-37ba-4517-9ac8-bb79172006a7","block_type":"box","text":"the time of purchase and an ongoing service fee of 0.25% per year. You may be eligible for a sales charge reduction or","page_number":27,"box":{"x":60,"y":338,"width":874,"height":12}},{"id":"9a4eab07-b3a8-4402-9f12-c5a2226bcba7","block_type":"box","text":"waiver.","page_number":27,"box":{"x":60,"y":353,"width":49,"height":9}},{"id":"9d9dad44-f67f-4980-a813-d8800c9b7ae8","block_type":"box","text":"If you select Investor C or Class R Shares, you will invest the full amount of your purchase price, but you will be subject","page_number":27,"box":{"x":62,"y":376,"width":874,"height":11}},{"id":"51fb57a3-3be8-4199-bef4-65ea4883e42b","block_type":"box","text":"to a distribution fee of 0.75% per year for Investor C Shares and 0.25% per year for Class R Shares, and a service fee","page_number":27,"box":{"x":60,"y":390,"width":869,"height":12}},{"id":"3a2642d7-af82-4b20-b97b-49eea494e509","block_type":"box","text":"of 0.25% per year for both classes of shares under a plan adopted pursuant to Rule 12b-1 under the Investment","page_number":27,"box":{"x":61,"y":405,"width":826,"height":12}},{"id":"76857e1e-287b-42da-a804-1eccda0a0290","block_type":"box","text":"Company Act. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time these fees","page_number":27,"box":{"x":61,"y":420,"width":816,"height":12}},{"id":"a130f1aa-87d1-43ec-b223-ff2016a858aa","block_type":"box","text":"increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, you","page_number":27,"box":{"x":62,"y":435,"width":868,"height":12}},{"id":"a660abd9-098c-4007-9535-df584a74ddf1","block_type":"box","text":"may be subject to a deferred sales charge when you sell Investor C Shares within one year. Classes with lower","page_number":27,"box":{"x":61,"y":450,"width":813,"height":11}},{"id":"481d4c7b-9971-465a-ab57-1a0c1deb59a9","block_type":"box","text":"expenses will have higher net asset values and dividends relative to other share classes.","page_number":27,"box":{"x":61,"y":465,"width":654,"height":11}},{"id":"8cffb809-8de2-4e4c-b392-06720efe1405","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":27,"box":{"x":60,"y":487,"width":811,"height":12}},{"id":"09237c1b-7c6e-4af1-8246-39aaf7271dbb","block_type":"box","text":"The table on the following pages summarizes key features of each of the share classes offered by this prospectus.","page_number":27,"box":{"x":60,"y":510,"width":845,"height":11}},{"id":"06e41b88-6f4e-4c88-b75d-6ca9159618f2","block_type":"box","text":"Share Classes at a Glance","page_number":27,"box":{"x":387,"y":533,"width":218,"height":10}},{"id":"67760dad-67a4-4846-ae8a-6dde49e83750","block_type":"box","text":"1","page_number":27,"box":{"x":605,"y":533,"width":6,"height":5}},{"id":"f26f5593-a5f0-4c36-a2bb-ef69b0f5b1bb","block_type":"box","text":"Investor A Investor C","page_number":27,"box":{"x":232,"y":562,"width":215,"height":7}},{"id":"4e17e4ad-c022-41a3-b8ef-d5b16047a27e","block_type":"box","text":"2,3","page_number":27,"box":{"x":448,"y":562,"width":9,"height":4}},{"id":"d3201f27-448c-451e-9ab9-b666b41f1f98","block_type":"box","text":"Institutional Class R","page_number":27,"box":{"x":542,"y":562,"width":306,"height":7}},{"id":"8a622fd9-3480-4571-8ed7-591934084a5f","block_type":"box","text":"Availability","page_number":27,"box":{"x":60,"y":579,"width":73,"height":10}},{"id":"34d1cbf1-f1df-4888-8314-44d1e81c7f6c","block_type":"box","text":"Generally available","page_number":27,"box":{"x":232,"y":579,"width":123,"height":10}},{"id":"d9e2b1ef-775e-4da9-acfa-9373ea6638e9","block_type":"box","text":"through Financial","page_number":27,"box":{"x":232,"y":593,"width":111,"height":10}},{"id":"830e2b2c-1a6f-4fe2-9a6a-d9ffdce2e50f","block_type":"box","text":"Intermediaries.","page_number":27,"box":{"x":233,"y":606,"width":97,"height":8}},{"id":"f80e934c-7a8b-44db-8888-d8e114ededf7","block_type":"box","text":"Generally available","page_number":27,"box":{"x":387,"y":579,"width":122,"height":10}},{"id":"fc5fe993-806a-42e5-a0d7-05ce21d1c118","block_type":"box","text":"through Financial","page_number":27,"box":{"x":386,"y":593,"width":112,"height":10}},{"id":"44266cbc-5ce7-4431-891a-3ba6920efa55","block_type":"box","text":"Intermediaries.","page_number":27,"box":{"x":387,"y":606,"width":98,"height":8}},{"id":"e2418191-d724-48ee-822e-1b32a73ee1ee","block_type":"box","text":"Must be held","page_number":27,"box":{"x":387,"y":620,"width":85,"height":8}},{"id":"6224a68f-205c-4a81-87d4-655b216d5701","block_type":"box","text":"through a Financial","page_number":27,"box":{"x":386,"y":633,"width":124,"height":11}},{"id":"a6082d6f-97e5-4370-b66a-6650613a5210","block_type":"box","text":"Intermediary.","page_number":27,"box":{"x":387,"y":647,"width":85,"height":10}},{"id":"77b15448-b68a-44e1-a49c-faf5d24c9545","block_type":"box","text":"Limited to certain investors, including:","page_number":27,"box":{"x":542,"y":579,"width":239,"height":10}},{"id":"456882a6-f906-4059-975a-acc35579b781","block_type":"box","text":"•","page_number":27,"box":{"x":544,"y":593,"width":4,"height":3}},{"id":"5d839864-939b-416f-80e8-cab350916f0e","block_type":"box","text":"Individuals and “Institutional","page_number":27,"box":{"x":552,"y":591,"width":178,"height":8}},{"id":"23102f87-d3e5-4bb1-87d8-50bde1cd90b0","block_type":"box","text":"Investors,” which include, but are","page_number":27,"box":{"x":552,"y":602,"width":210,"height":10}},{"id":"a7ef1a21-5ed6-4db3-a5e6-02234de184bf","block_type":"box","text":"not limited to, endowments,","page_number":27,"box":{"x":552,"y":614,"width":175,"height":9}},{"id":"f23205d7-4376-4e16-bf9c-90d549240df7","block_type":"box","text":"foundations, family offices, local,","page_number":27,"box":{"x":551,"y":625,"width":208,"height":11}},{"id":"8b3b513f-47cb-436e-9673-f891d9faf99b","block_type":"box","text":"city, and state governmental","page_number":27,"box":{"x":551,"y":637,"width":177,"height":10}},{"id":"0db54e9b-1d97-4036-a0f9-80cb5c2498ee","block_type":"box","text":"institutions, corporations and","page_number":27,"box":{"x":552,"y":649,"width":183,"height":10}},{"id":"e701b597-8103-4c63-b37f-02eb3cafafb0","block_type":"box","text":"insurance company separate","page_number":27,"box":{"x":552,"y":660,"width":181,"height":10}},{"id":"fd00abcc-91d4-4f57-a880-e7a1648f3195","block_type":"box","text":"accounts, who may purchase","page_number":27,"box":{"x":552,"y":672,"width":183,"height":10}},{"id":"8672cc37-d6d3-447e-8e6a-8f31e1bbcdde","block_type":"box","text":"shares of the Fund through a","page_number":27,"box":{"x":551,"y":683,"width":183,"height":11}},{"id":"3831d610-a8f7-43a7-9218-a32c2e6c6549","block_type":"box","text":"Financial Intermediary that has","page_number":27,"box":{"x":552,"y":695,"width":195,"height":10}},{"id":"ed4c23d6-f22f-42eb-9943-a48916da427c","block_type":"box","text":"entered into an agreement with the","page_number":27,"box":{"x":551,"y":707,"width":222,"height":10}},{"id":"6a27e238-2d42-4632-a4fd-4b1c744d23b3","block_type":"box","text":"Distributor to purchase such","page_number":27,"box":{"x":552,"y":718,"width":178,"height":10}},{"id":"3f335573-35b3-42ae-b136-43e0f01063c7","block_type":"box","text":"shares.","page_number":27,"box":{"x":551,"y":730,"width":46,"height":8}},{"id":"52118dea-db00-4fe9-a359-ceb205e049e1","block_type":"box","text":"•","page_number":27,"box":{"x":544,"y":744,"width":4,"height":3}},{"id":"486833b8-ae7c-458e-b4f8-1f2ca827076f","block_type":"box","text":"Certain employee benefits plans,","page_number":27,"box":{"x":551,"y":741,"width":209,"height":11}},{"id":"e8568eec-de99-4217-b9d6-1adbc2ac1ff8","block_type":"box","text":"such as health savings accounts,","page_number":27,"box":{"x":551,"y":753,"width":210,"height":10}},{"id":"47a41867-b34b-487f-a1b0-c642fc252de9","block_type":"box","text":"and certain employer-sponsored","page_number":27,"box":{"x":552,"y":765,"width":202,"height":10}},{"id":"db698c5d-94fc-4451-b6ce-bfee4a4ccfc3","block_type":"box","text":"retirement plans (not including SEP","page_number":27,"box":{"x":552,"y":776,"width":221,"height":11}},{"id":"d07b31ac-cd8b-4b6f-b50f-14a104a598a1","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs),","page_number":27,"box":{"x":552,"y":788,"width":204,"height":10}},{"id":"620c8ef0-ede9-4e71-9547-4533f4e640cd","block_type":"box","text":"state sponsored 529 college","page_number":27,"box":{"x":551,"y":800,"width":182,"height":10}},{"id":"a060994c-6877-430c-92d0-224be8d671e7","block_type":"box","text":"savings plans, collective trust funds,","page_number":27,"box":{"x":551,"y":811,"width":230,"height":10}},{"id":"45e90581-cc00-4877-a9c1-c0625cedf036","block_type":"box","text":"investment companies or other","page_number":27,"box":{"x":552,"y":823,"width":196,"height":10}},{"id":"484a3a11-860b-49dc-bbd8-1c2bbc256357","block_type":"box","text":"pooled investment vehicles,","page_number":27,"box":{"x":552,"y":834,"width":174,"height":10}},{"id":"a3f1e961-d0dd-4fa6-9b01-e1fc6384b27f","block_type":"box","text":"unaffiliated thrifts and unaffiliated","page_number":27,"box":{"x":552,"y":846,"width":214,"height":8}},{"id":"ef222c47-6549-4662-9c75-18840e1079ea","block_type":"box","text":"banks and trust companies, each of","page_number":27,"box":{"x":552,"y":857,"width":228,"height":11}},{"id":"1c5592b0-9f83-4ba8-9e58-aec7f2fc0a50","block_type":"box","text":"which may purchase shares of the","page_number":27,"box":{"x":551,"y":869,"width":217,"height":10}},{"id":"6c289e36-5f61-46c7-907f-5a8898c35a31","block_type":"box","text":"Fund through a Financial","page_number":27,"box":{"x":552,"y":881,"width":152,"height":10}},{"id":"a0b3ff80-52a3-4851-b853-85dac26f1636","block_type":"box","text":"Intermediary that has entered into","page_number":27,"box":{"x":552,"y":892,"width":216,"height":11}},{"id":"c122620e-0b63-40e3-b1dc-9b04b8131b67","block_type":"box","text":"Available only to","page_number":27,"box":{"x":803,"y":579,"width":101,"height":10}},{"id":"65bac7f1-8f24-4040-9226-8a2f902379a1","block_type":"box","text":"certain employer","page_number":27,"box":{"x":803,"y":593,"width":109,"height":10}},{"id":"38a75218-7727-4f73-891a-05d3500e8590","block_type":"box","text":"sponsored","page_number":27,"box":{"x":803,"y":606,"width":66,"height":10}},{"id":"9c512288-220f-474c-9a99-8d2abac07d91","block_type":"box","text":"retirement plans.","page_number":27,"box":{"x":804,"y":620,"width":106,"height":10}},{"id":"c4221104-f488-49aa-81fb-005a0166f8e8","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"dbd87480-d7e0-4066-a089-b9bcfdb4462c","block_type":"box","text":"NM0926U-5975797-27/72","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d1ace15d-f99a-4de4-9418-79c9408ce521","block_type":"box","text":"Investor A Investor C","page_number":28,"box":{"x":232,"y":50,"width":215,"height":7}},{"id":"d94362fd-b946-429d-9844-4b81861f7653","block_type":"box","text":"2,3","page_number":28,"box":{"x":448,"y":50,"width":9,"height":5}},{"id":"cc785aae-2ea1-4d2f-9f42-e2af2a41b8a7","block_type":"box","text":"Institutional Class R","page_number":28,"box":{"x":542,"y":50,"width":306,"height":7}},{"id":"9634c597-a5a2-485f-81f6-7b295471e012","block_type":"box","text":"Availability","page_number":28,"box":{"x":60,"y":67,"width":73,"height":10}},{"id":"8ba20e15-1104-4c52-907d-c1e8ac9e16af","block_type":"box","text":"(continued)","page_number":28,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"d2a1fa16-afad-4a53-a895-7fc9035b55c9","block_type":"box","text":"an agreement with the Distributor to","page_number":28,"box":{"x":552,"y":67,"width":227,"height":11}},{"id":"be5f9807-7f0a-49d4-8c70-8a0e696291f8","block_type":"box","text":"purchase such shares.","page_number":28,"box":{"x":552,"y":79,"width":143,"height":10}},{"id":"f887d9c9-b9e4-4ad0-90ae-d39e2aea0c96","block_type":"box","text":"•","page_number":28,"box":{"x":544,"y":93,"width":4,"height":3}},{"id":"5996c347-8dd3-44cb-a935-85e2ff4f1a02","block_type":"box","text":"Employees, officers and directors/","page_number":28,"box":{"x":552,"y":90,"width":219,"height":11}},{"id":"92414ebb-fed1-44eb-911d-3e6ce22b332b","block_type":"box","text":"trustees of BlackRock or its","page_number":28,"box":{"x":551,"y":102,"width":175,"height":8}},{"id":"a04fc2a9-6def-4297-9d88-62fd10796f49","block_type":"box","text":"affiliates and immediate family","page_number":28,"box":{"x":552,"y":114,"width":195,"height":10}},{"id":"4eaa4157-638a-4ecf-81df-95121d6dca6f","block_type":"box","text":"members of such persons.","page_number":28,"box":{"x":552,"y":125,"width":168,"height":10}},{"id":"3d0772df-2d75-42c6-8828-3aa4e2227d58","block_type":"box","text":"•","page_number":28,"box":{"x":544,"y":140,"width":4,"height":3}},{"id":"20a66a25-fd0e-43cf-8beb-c61d65566d65","block_type":"box","text":"Participants in certain programs","page_number":28,"box":{"x":552,"y":137,"width":202,"height":10}},{"id":"1fe48c0e-09ca-48ee-99d7-353bdc90c52f","block_type":"box","text":"sponsored by BlackRock or its","page_number":28,"box":{"x":551,"y":149,"width":191,"height":10}},{"id":"a0e81fc2-737e-49e9-a3ad-88aaf70b1188","block_type":"box","text":"affiliates or other Financial","page_number":28,"box":{"x":552,"y":160,"width":166,"height":8}},{"id":"993c4206-ac8d-4a55-b173-0b2ea1408ae4","block_type":"box","text":"Intermediaries.","page_number":28,"box":{"x":552,"y":172,"width":93,"height":8}},{"id":"f3cb06df-ea37-4526-b2b5-6c044d7f5551","block_type":"box","text":"•","page_number":28,"box":{"x":544,"y":186,"width":4,"height":3}},{"id":"7c47ce62-bc89-4b8a-a922-240b2918d7a4","block_type":"box","text":"Tax-qualified accounts for insurance","page_number":28,"box":{"x":551,"y":183,"width":225,"height":10}},{"id":"1cfaba7e-8878-4b55-92c9-1f1b04afebc1","block_type":"box","text":"agents that are registered","page_number":28,"box":{"x":552,"y":195,"width":163,"height":10}},{"id":"6a3d9ce3-fded-462f-9be3-ef9f136a74e5","block_type":"box","text":"representatives of an insurance","page_number":28,"box":{"x":552,"y":206,"width":199,"height":11}},{"id":"225417dd-2e9d-4f18-b2be-4d6d7c365aef","block_type":"box","text":"company’s broker-dealer that has","page_number":28,"box":{"x":551,"y":218,"width":211,"height":10}},{"id":"dfedb794-0cb2-4501-8b2a-2dd0813e89d8","block_type":"box","text":"entered into an agreement with the","page_number":28,"box":{"x":551,"y":230,"width":222,"height":10}},{"id":"05739e3d-f01f-4838-9bf9-af9da844bdcf","block_type":"box","text":"Distributor to offer Institutional","page_number":28,"box":{"x":552,"y":241,"width":193,"height":9}},{"id":"6c76306c-884f-4633-baac-407bcab76cea","block_type":"box","text":"Shares, and the family members of","page_number":28,"box":{"x":551,"y":253,"width":224,"height":10}},{"id":"8eedd2aa-3e84-4cdf-a354-07363541d806","block_type":"box","text":"such persons.","page_number":28,"box":{"x":551,"y":265,"width":89,"height":10}},{"id":"4f29caa3-2b50-4aa1-9740-2834e7573dae","block_type":"box","text":"•","page_number":28,"box":{"x":544,"y":279,"width":4,"height":3}},{"id":"6d46173a-6d2f-4e24-a3f9-4ade229f3e51","block_type":"box","text":"Clients investing through Financial","page_number":28,"box":{"x":551,"y":276,"width":215,"height":10}},{"id":"6f54bb24-8e03-46ce-abeb-0484af4844d0","block_type":"box","text":"Intermediaries that have entered","page_number":28,"box":{"x":552,"y":288,"width":205,"height":8}},{"id":"f33882df-6de4-4b3b-97a3-a8a6b6933b53","block_type":"box","text":"into an agreement with the","page_number":28,"box":{"x":552,"y":299,"width":168,"height":11}},{"id":"eef0ce67-d841-45ec-912e-536e3fb55135","block_type":"box","text":"Distributor to offer such shares on a","page_number":28,"box":{"x":552,"y":311,"width":229,"height":8}},{"id":"29687e72-ad19-4487-89a5-59f10f4c863d","block_type":"box","text":"platform that charges a transaction","page_number":28,"box":{"x":552,"y":322,"width":222,"height":11}},{"id":"8a0d3c71-dee5-4ede-a507-05fb2ffb171c","block_type":"box","text":"based sales commission outside of","page_number":28,"box":{"x":552,"y":334,"width":225,"height":8}},{"id":"ca521f3a-6c00-40c2-8025-fb1e58c424b2","block_type":"box","text":"the Fund. Financial Intermediaries","page_number":28,"box":{"x":551,"y":346,"width":214,"height":8}},{"id":"0ca49f2b-6490-4fd6-9c31-17c22c0be37b","block_type":"box","text":"that have entered into an","page_number":28,"box":{"x":551,"y":357,"width":159,"height":9}},{"id":"5d9db20b-7160-4841-8e80-db2a2f58b117","block_type":"box","text":"agreement with the Distributor to","page_number":28,"box":{"x":552,"y":369,"width":207,"height":10}},{"id":"28e87769-c67c-4f51-a36a-fbc5b3b51be0","block_type":"box","text":"offer such shares on a platform that","page_number":28,"box":{"x":551,"y":380,"width":230,"height":11}},{"id":"e8ce6c4c-2129-4d09-b023-35f591ef5990","block_type":"box","text":"charges a transaction based sales","page_number":28,"box":{"x":551,"y":392,"width":219,"height":10}},{"id":"f467e64e-cfe8-4bc4-87db-9be0449efb09","block_type":"box","text":"commission outside of the Fund.","page_number":28,"box":{"x":551,"y":404,"width":206,"height":8}},{"id":"17837526-accd-4ec6-96a8-8ce46f054cbf","block_type":"box","text":"•","page_number":28,"box":{"x":544,"y":418,"width":4,"height":3}},{"id":"47255224-4083-4934-bf23-0813771fd072","block_type":"box","text":"Clients investing through a self","page_number":28,"box":{"x":551,"y":415,"width":198,"height":11}},{"id":"3217550d-fdc5-43bf-893a-cbb108aea37f","block_type":"box","text":"directed IRA brokerage account","page_number":28,"box":{"x":551,"y":427,"width":198,"height":10}},{"id":"d4ae8fc3-47f6-4ada-8eb1-998e339b0edb","block_type":"box","text":"program sponsored by a retirement","page_number":28,"box":{"x":552,"y":439,"width":222,"height":10}},{"id":"592a413f-72a7-4bdf-a9e8-c95017da2b3f","block_type":"box","text":"plan record-keeper, provided that","page_number":28,"box":{"x":552,"y":450,"width":207,"height":10}},{"id":"0b132d8b-9e5c-42fc-aeae-3bce0342d60c","block_type":"box","text":"such program offers only mutual","page_number":28,"box":{"x":551,"y":462,"width":204,"height":10}},{"id":"be1b2701-1cb1-48ab-a491-c4900789b244","block_type":"box","text":"fund options and that the program","page_number":28,"box":{"x":551,"y":473,"width":216,"height":11}},{"id":"3c135e4e-584f-42bc-bfab-ad2bedae70ae","block_type":"box","text":"maintains an account with the Fund","page_number":28,"box":{"x":552,"y":485,"width":223,"height":8}},{"id":"d5be3c92-c06f-46fd-9c49-17a3ab9a5086","block_type":"box","text":"on an omnibus basis.","page_number":28,"box":{"x":551,"y":497,"width":136,"height":8}},{"id":"26dc39a6-cf38-43fb-b574-bc95c08cdb19","block_type":"box","text":"Minimum Investment","page_number":28,"box":{"x":61,"y":515,"width":136,"height":8}},{"id":"985e3948-1f0d-4f16-ad66-668e6ab8c87f","block_type":"box","text":"$1,000 for all","page_number":28,"box":{"x":232,"y":514,"width":86,"height":10}},{"id":"6357c071-1b16-48fb-a06a-61a43d5157e6","block_type":"box","text":"accounts except:","page_number":28,"box":{"x":232,"y":529,"width":106,"height":9}},{"id":"5e29bc57-91e5-4231-ba0e-2571f17b66a1","block_type":"box","text":"•","page_number":28,"box":{"x":235,"y":544,"width":4,"height":3}},{"id":"f2febc99-ab88-483c-af11-0f799236b48f","block_type":"box","text":"$50, if establishing","page_number":28,"box":{"x":243,"y":541,"width":122,"height":11}},{"id":"159b79e6-d6ad-4e87-be6f-ff5098546585","block_type":"box","text":"an Automatic","page_number":28,"box":{"x":242,"y":555,"width":83,"height":8}},{"id":"5137dedf-7714-47e9-a3cc-dd7a1b32f5d3","block_type":"box","text":"Investment Plan","page_number":28,"box":{"x":243,"y":569,"width":100,"height":8}},{"id":"5f3128ca-2e66-492c-9643-65dfb0fb8edc","block_type":"box","text":"(“AIP”).","page_number":28,"box":{"x":242,"y":582,"width":45,"height":10}},{"id":"d0b72aa8-f7b8-4fee-8f84-2e49e5790ddd","block_type":"box","text":"•","page_number":28,"box":{"x":235,"y":599,"width":4,"height":2}},{"id":"78a0c72c-f5c0-4bd2-900a-6382fbd603a5","block_type":"box","text":"There is no","page_number":28,"box":{"x":242,"y":596,"width":70,"height":8}},{"id":"d044b7b0-7dbd-4ad8-ace6-741d6b324ec1","block_type":"box","text":"investment","page_number":28,"box":{"x":243,"y":610,"width":69,"height":8}},{"id":"7d71e13a-4264-4931-8275-71b7271186a3","block_type":"box","text":"minimum for","page_number":28,"box":{"x":243,"y":623,"width":79,"height":8}},{"id":"0dc32383-3ec9-485a-92fc-3d77a011980a","block_type":"box","text":"employer","page_number":28,"box":{"x":242,"y":637,"width":60,"height":10}},{"id":"2ca487aa-c95d-4982-b9f7-57229772bc3a","block_type":"box","text":"sponsored","page_number":28,"box":{"x":242,"y":650,"width":66,"height":10}},{"id":"f7b7644a-341a-470d-8107-1360ba442235","block_type":"box","text":"retirement plans","page_number":28,"box":{"x":243,"y":664,"width":102,"height":10}},{"id":"3d3208d0-8979-4f7d-a287-b68645c2b7e9","block_type":"box","text":"(not including SEP","page_number":28,"box":{"x":242,"y":677,"width":114,"height":10}},{"id":"8d6806ed-01d3-4980-92e3-29d01de454a3","block_type":"box","text":"IRAs, SIMPLE IRAs","page_number":28,"box":{"x":243,"y":691,"width":116,"height":9}},{"id":"0888d76d-4796-43a2-bc7a-2138a7179cf7","block_type":"box","text":"or SARSEPs).","page_number":28,"box":{"x":242,"y":704,"width":83,"height":10}},{"id":"6c8bf88b-7714-41ec-93a9-941c848d6051","block_type":"box","text":"•","page_number":28,"box":{"x":235,"y":720,"width":4,"height":3}},{"id":"68faa083-a507-40ca-bf87-df9cf3be300b","block_type":"box","text":"There is no","page_number":28,"box":{"x":242,"y":718,"width":70,"height":8}},{"id":"7c7ed6ea-384a-4f83-a33a-83b3364d22a6","block_type":"box","text":"investment","page_number":28,"box":{"x":243,"y":731,"width":69,"height":8}},{"id":"ff0c211c-8752-4089-9492-ef98280bd810","block_type":"box","text":"minimum for","page_number":28,"box":{"x":243,"y":745,"width":79,"height":8}},{"id":"445755d8-0784-4ed9-b102-f9209ecc8310","block_type":"box","text":"certain fee-based","page_number":28,"box":{"x":242,"y":758,"width":110,"height":8}},{"id":"35f9eec0-8501-4358-a024-e1d051c30e0d","block_type":"box","text":"programs.","page_number":28,"box":{"x":243,"y":773,"width":62,"height":9}},{"id":"2a9b1715-8b6f-4d17-8eef-0a620bc1a3bd","block_type":"box","text":"$1,000 for all","page_number":28,"box":{"x":387,"y":514,"width":86,"height":10}},{"id":"0cd4097a-c6d5-42a9-ac6b-953a3cafa123","block_type":"box","text":"accounts except:","page_number":28,"box":{"x":387,"y":529,"width":105,"height":9}},{"id":"eeb93896-7821-4c84-92eb-92c5c6463bb7","block_type":"box","text":"•","page_number":28,"box":{"x":390,"y":544,"width":3,"height":3}},{"id":"7d4eb874-166b-4fb9-890b-f7b559ae4f4d","block_type":"box","text":"$50, if establishing","page_number":28,"box":{"x":397,"y":541,"width":122,"height":11}},{"id":"29aab4ea-60c8-4da6-9a7e-bac4d1009897","block_type":"box","text":"an AIP.","page_number":28,"box":{"x":397,"y":555,"width":41,"height":8}},{"id":"b27bd7b8-7b6c-4d0a-abc1-af710da51cd4","block_type":"box","text":"•","page_number":28,"box":{"x":390,"y":571,"width":3,"height":3}},{"id":"71ca3260-1cd7-4455-bee4-a2064a8d2417","block_type":"box","text":"There is no","page_number":28,"box":{"x":396,"y":569,"width":71,"height":8}},{"id":"d5dfefc1-0bd5-4fe4-86ad-7f241a70d299","block_type":"box","text":"investment","page_number":28,"box":{"x":397,"y":582,"width":69,"height":9}},{"id":"97c58b2c-432d-41fa-941c-7abb6b715e03","block_type":"box","text":"minimum for","page_number":28,"box":{"x":397,"y":596,"width":79,"height":8}},{"id":"7b312b4e-2f73-4d4d-928f-77a4e21e1afe","block_type":"box","text":"employer","page_number":28,"box":{"x":397,"y":610,"width":60,"height":10}},{"id":"d4760f5b-2720-48f5-9122-23e58392db0a","block_type":"box","text":"sponsored","page_number":28,"box":{"x":397,"y":623,"width":66,"height":10}},{"id":"d398f9ba-5781-453b-afac-f69e1ec6462c","block_type":"box","text":"retirement plans","page_number":28,"box":{"x":397,"y":637,"width":103,"height":9}},{"id":"b26e0aa6-8ed7-44a8-b3ba-d7aed4ccc163","block_type":"box","text":"(not including SEP","page_number":28,"box":{"x":397,"y":650,"width":113,"height":10}},{"id":"3f160b99-1b28-4ca4-a718-212b9d3d312d","block_type":"box","text":"IRAs, SIMPLE IRAs","page_number":28,"box":{"x":397,"y":664,"width":117,"height":9}},{"id":"6478d0f4-b64f-49ef-9a1a-4964033746d8","block_type":"box","text":"or SARSEPs).","page_number":28,"box":{"x":397,"y":677,"width":83,"height":10}},{"id":"35b79d1e-3f05-4f60-b8d9-0317e9666d9b","block_type":"box","text":"•","page_number":28,"box":{"x":390,"y":693,"width":3,"height":3}},{"id":"6c92e1ab-1e6e-40a7-b156-e7af08ee3910","block_type":"box","text":"There is no","page_number":28,"box":{"x":396,"y":691,"width":71,"height":8}},{"id":"35f0c9fe-71fc-4489-93bc-b7243d534b20","block_type":"box","text":"investment","page_number":28,"box":{"x":397,"y":704,"width":69,"height":8}},{"id":"c54b2173-6384-4054-9699-d8b5a8710023","block_type":"box","text":"minimum for","page_number":28,"box":{"x":397,"y":718,"width":79,"height":8}},{"id":"30495f20-811b-41ad-a0d2-12076b01a493","block_type":"box","text":"certain fee-based","page_number":28,"box":{"x":397,"y":731,"width":109,"height":8}},{"id":"770ae246-3689-413a-9d33-7c04e962241c","block_type":"box","text":"programs.","page_number":28,"box":{"x":397,"y":746,"width":62,"height":9}},{"id":"67051f7a-0eeb-4bd3-9c2b-272bac11acc2","block_type":"box","text":"There is no investment minimum for:","page_number":28,"box":{"x":541,"y":515,"width":232,"height":8}},{"id":"553001f1-5343-46eb-9407-be35e8d12c0b","block_type":"box","text":"•","page_number":28,"box":{"x":544,"y":530,"width":4,"height":3}},{"id":"5de0e91b-9024-404b-b79c-51c4336757f1","block_type":"box","text":"Certain employee benefits plans,","page_number":28,"box":{"x":551,"y":527,"width":209,"height":11}},{"id":"543c2517-baea-436b-a2bd-ed6eaea4d9b4","block_type":"box","text":"such as health savings accounts,","page_number":28,"box":{"x":551,"y":541,"width":210,"height":10}},{"id":"480aa9ef-1c34-4043-9286-fe18a57ce298","block_type":"box","text":"and certain employer-sponsored","page_number":28,"box":{"x":552,"y":553,"width":202,"height":10}},{"id":"5c644585-49ff-4144-9987-34ab3450388a","block_type":"box","text":"retirement plans (not including SEP","page_number":28,"box":{"x":552,"y":566,"width":221,"height":11}},{"id":"b2a72f21-8bc1-4770-87ed-a36540108370","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs),","page_number":28,"box":{"x":552,"y":579,"width":204,"height":10}},{"id":"0bbf6f08-133e-4ec6-b2cf-f0bf09bcae0d","block_type":"box","text":"state sponsored 529 college","page_number":28,"box":{"x":551,"y":592,"width":182,"height":10}},{"id":"c144e814-9c4b-4278-b399-e6c5597992c9","block_type":"box","text":"savings plans, collective trust funds,","page_number":28,"box":{"x":551,"y":605,"width":230,"height":10}},{"id":"d66d704d-96b1-4972-9120-9f8be00baabb","block_type":"box","text":"investment companies or other","page_number":28,"box":{"x":552,"y":618,"width":196,"height":10}},{"id":"0d38d637-6500-4fd4-84a4-721c30119fdb","block_type":"box","text":"pooled investment vehicles,","page_number":28,"box":{"x":552,"y":631,"width":174,"height":10}},{"id":"62c23237-8302-4d13-b6ad-f3ba7c684762","block_type":"box","text":"unaffiliated thrifts and unaffiliated","page_number":28,"box":{"x":552,"y":643,"width":214,"height":9}},{"id":"5cd1e25b-6db6-43ad-860e-c0f59e1b0912","block_type":"box","text":"banks and trust companies.","page_number":28,"box":{"x":552,"y":657,"width":176,"height":9}},{"id":"5f41add6-e543-4331-9612-e9c6b3237f4c","block_type":"box","text":"•","page_number":28,"box":{"x":544,"y":672,"width":4,"height":3}},{"id":"707657ab-19f3-4108-b8b3-c945782c744b","block_type":"box","text":"Employees, officers and directors/","page_number":28,"box":{"x":552,"y":669,"width":219,"height":11}},{"id":"941e269c-e749-4565-a9a6-d2b224910941","block_type":"box","text":"trustees of BlackRock or its","page_number":28,"box":{"x":551,"y":682,"width":175,"height":8}},{"id":"dc020c73-1b19-49cb-9e49-f4cce829e4b0","block_type":"box","text":"affiliates and immediate family","page_number":28,"box":{"x":552,"y":695,"width":195,"height":10}},{"id":"b89daee4-b806-4d8b-85e9-110db45b96c2","block_type":"box","text":"members of such persons.","page_number":28,"box":{"x":552,"y":708,"width":168,"height":10}},{"id":"8f94512d-0548-4210-a3b4-15119c29460e","block_type":"box","text":"•","page_number":28,"box":{"x":544,"y":724,"width":4,"height":3}},{"id":"9d2b7cb4-c497-4a07-91c9-4b4cc4e6ae46","block_type":"box","text":"Clients of Financial Intermediaries","page_number":28,"box":{"x":551,"y":721,"width":214,"height":8}},{"id":"6b5161ed-6a47-4c5e-a658-64f61f837338","block_type":"box","text":"that: (i) charge such clients a fee for","page_number":28,"box":{"x":551,"y":734,"width":230,"height":10}},{"id":"09221745-ed44-4ea7-80a7-73ef946ac724","block_type":"box","text":"advisory, investment consulting, or","page_number":28,"box":{"x":552,"y":747,"width":219,"height":10}},{"id":"e6e1f439-1e39-4c06-b609-7be949bc81db","block_type":"box","text":"similar services or (ii) have entered","page_number":28,"box":{"x":551,"y":760,"width":222,"height":10}},{"id":"4a131930-4872-4f1b-bfa6-93af0070f0dc","block_type":"box","text":"into an agreement with the","page_number":28,"box":{"x":552,"y":773,"width":168,"height":10}},{"id":"d508c9ab-362d-47b9-beec-f05f8482e9c3","block_type":"box","text":"Distributor to offer Institutional","page_number":28,"box":{"x":552,"y":785,"width":193,"height":9}},{"id":"7b982b43-fc79-4f30-bf24-971b21dfdcb2","block_type":"box","text":"Shares through a no-load program","page_number":28,"box":{"x":551,"y":798,"width":215,"height":11}},{"id":"cac990aa-dd15-4f56-ab0a-7bf991887736","block_type":"box","text":"or investment platform.","page_number":28,"box":{"x":551,"y":811,"width":147,"height":10}},{"id":"a0927c08-9d8e-40d9-937f-a57eeb520d47","block_type":"box","text":"•","page_number":28,"box":{"x":544,"y":827,"width":4,"height":3}},{"id":"8e830e54-5a09-42c4-9be0-dc6aa5d351c7","block_type":"box","text":"Clients investing through a self","page_number":28,"box":{"x":551,"y":824,"width":198,"height":10}},{"id":"dc3e16a3-489d-41bf-b188-d68e4cb4976c","block_type":"box","text":"directed IRA brokerage account","page_number":28,"box":{"x":551,"y":837,"width":198,"height":10}},{"id":"d751d5e5-9f03-46ef-adda-33d30207fa7c","block_type":"box","text":"program sponsored by a retirement","page_number":28,"box":{"x":552,"y":850,"width":222,"height":10}},{"id":"5c99447e-65d5-4492-92d8-5a31e30b55b3","block_type":"box","text":"plan record-keeper, provided that","page_number":28,"box":{"x":552,"y":863,"width":207,"height":10}},{"id":"d19b81ba-2eea-4dd3-8ec3-ea8d6fe1bc4f","block_type":"box","text":"such program offers only mutual","page_number":28,"box":{"x":551,"y":875,"width":204,"height":11}},{"id":"60ab650e-a395-48ce-91d8-05e3d9b34c7e","block_type":"box","text":"fund options and that the program","page_number":28,"box":{"x":551,"y":888,"width":216,"height":11}},{"id":"d2764695-49bb-48fa-a893-1615ebd76cc8","block_type":"box","text":"$100 for all","page_number":28,"box":{"x":804,"y":514,"width":73,"height":10}},{"id":"c510f691-d8ed-4f20-ae05-1e6ce8271b4d","block_type":"box","text":"accounts.","page_number":28,"box":{"x":804,"y":529,"width":59,"height":7}},{"id":"6608dd1c-e7e4-4cd7-a5e3-c9ba489c04f3","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f120e365-c570-498e-aee5-211933984306","block_type":"box","text":"NM0926U-5975797-28/72","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5452da78-1753-476f-a4bf-15217ff8e463","block_type":"box","text":"Investor A Investor C","page_number":29,"box":{"x":232,"y":50,"width":215,"height":7}},{"id":"86c97944-4506-4615-b025-cb728a73e130","block_type":"box","text":"2,3","page_number":29,"box":{"x":448,"y":50,"width":9,"height":5}},{"id":"7cf33aa0-1bd0-4605-b67c-6c72cd04b154","block_type":"box","text":"Institutional Class R","page_number":29,"box":{"x":542,"y":50,"width":306,"height":7}},{"id":"8552924c-6073-460a-854b-7e93a935a7f0","block_type":"box","text":"Minimum Investment","page_number":29,"box":{"x":61,"y":67,"width":136,"height":8}},{"id":"3694f29b-9c73-4b72-a245-670436dfbfeb","block_type":"box","text":"(continued)","page_number":29,"box":{"x":61,"y":81,"width":73,"height":10}},{"id":"7218ed6a-a2f6-49a8-9ef2-013d0e7b2b73","block_type":"box","text":"maintains an account with the Fund","page_number":29,"box":{"x":552,"y":67,"width":223,"height":8}},{"id":"e19b45fa-bfd1-42ec-9ab4-90cfecf12c62","block_type":"box","text":"on an omnibus basis.","page_number":29,"box":{"x":551,"y":80,"width":136,"height":8}},{"id":"820e7c8c-1770-45af-8dba-e7285b960570","block_type":"box","text":"$2 million for individuals and","page_number":29,"box":{"x":542,"y":95,"width":180,"height":10}},{"id":"9721f9ca-00a6-4cf7-99a8-199e674dea85","block_type":"box","text":"Institutional Investors.","page_number":29,"box":{"x":542,"y":109,"width":138,"height":8}},{"id":"6f29d0e9-17c6-4456-acfc-fa2aa0f25b0a","block_type":"box","text":"$1,000 investment minimum for:","page_number":29,"box":{"x":542,"y":123,"width":208,"height":11}},{"id":"b9f20990-f4c9-45f4-84d3-6e8389cb5d6c","block_type":"box","text":"•","page_number":29,"box":{"x":544,"y":140,"width":4,"height":3}},{"id":"dd0c2ccd-4345-44b2-bf6e-f42098116ef3","block_type":"box","text":"Clients investing through Financial","page_number":29,"box":{"x":551,"y":137,"width":215,"height":10}},{"id":"c5b48dd7-b17d-4c97-ba76-f86d86955786","block_type":"box","text":"Intermediaries that offer such","page_number":29,"box":{"x":552,"y":150,"width":187,"height":8}},{"id":"7ae4de01-e227-4013-9ed8-b30a7e2ae43a","block_type":"box","text":"shares on a platform that charges a","page_number":29,"box":{"x":551,"y":163,"width":228,"height":10}},{"id":"19639b26-c9d8-4506-aa97-b2e3a064a071","block_type":"box","text":"transaction based sales","page_number":29,"box":{"x":551,"y":176,"width":152,"height":8}},{"id":"fd40b336-8220-46cf-9c6e-ca2c2fe01640","block_type":"box","text":"commission outside of the Fund.","page_number":29,"box":{"x":551,"y":188,"width":206,"height":9}},{"id":"43dd6df0-afc4-43bc-9e8d-96aeacaf1dcc","block_type":"box","text":"•","page_number":29,"box":{"x":544,"y":204,"width":4,"height":3}},{"id":"117d7801-25c8-4c87-b654-b81ec894cce0","block_type":"box","text":"Tax-qualified accounts for insurance","page_number":29,"box":{"x":551,"y":201,"width":225,"height":10}},{"id":"6d36a8e6-51b0-4940-8355-9e62cfed87c0","block_type":"box","text":"agents that are registered","page_number":29,"box":{"x":552,"y":214,"width":163,"height":11}},{"id":"035e62a7-a5ba-4541-81d4-ef18dd9f0bd2","block_type":"box","text":"representatives of an insurance","page_number":29,"box":{"x":552,"y":227,"width":199,"height":10}},{"id":"df5b17f5-f473-438d-972e-06a19489f79e","block_type":"box","text":"company’s broker-dealer that has","page_number":29,"box":{"x":551,"y":240,"width":211,"height":10}},{"id":"a14454a1-aa58-4ba3-b361-01ee0c7d4441","block_type":"box","text":"entered into an agreement with the","page_number":29,"box":{"x":551,"y":253,"width":222,"height":10}},{"id":"58bfdb67-a70b-44cf-b45f-7ccfcb686c4c","block_type":"box","text":"Distributor to offer Institutional","page_number":29,"box":{"x":552,"y":266,"width":193,"height":8}},{"id":"aa89cf30-2b45-4ab4-a49d-9f6342eb53b9","block_type":"box","text":"Shares, and the family members of","page_number":29,"box":{"x":551,"y":279,"width":224,"height":10}},{"id":"a4db2c29-f307-4182-85fd-538ce2a05cbc","block_type":"box","text":"such persons.","page_number":29,"box":{"x":551,"y":292,"width":89,"height":10}},{"id":"424c143e-3a57-417d-be9b-6d707f9cf676","block_type":"box","text":"Initial Sales Charge?","page_number":29,"box":{"x":61,"y":310,"width":134,"height":10}},{"id":"b16c57f4-9e91-4115-a3fb-622066ff1e58","block_type":"box","text":"Yes. Payable at time","page_number":29,"box":{"x":232,"y":310,"width":128,"height":10}},{"id":"2be2420b-409d-4248-b508-1e7686119691","block_type":"box","text":"of purchase. Lower","page_number":29,"box":{"x":232,"y":323,"width":121,"height":10}},{"id":"a442c8c1-b2b4-4278-b346-51931457288f","block_type":"box","text":"sales charges are","page_number":29,"box":{"x":232,"y":337,"width":113,"height":10}},{"id":"2010598e-f024-49f3-b9f9-597601a6cadf","block_type":"box","text":"available for larger","page_number":29,"box":{"x":232,"y":350,"width":117,"height":11}},{"id":"e545da7d-10e7-4371-ad67-9d58652df622","block_type":"box","text":"investments.","page_number":29,"box":{"x":233,"y":364,"width":79,"height":8}},{"id":"0cb92980-3b64-4de9-bf92-eb5adcbf5401","block_type":"box","text":"No. Entire purchase","page_number":29,"box":{"x":387,"y":310,"width":124,"height":10}},{"id":"7f7b4920-7c5c-4d9f-949c-858f91402fd0","block_type":"box","text":"price is invested in","page_number":29,"box":{"x":387,"y":323,"width":117,"height":10}},{"id":"a6b91e09-28c5-43f0-8802-e974a49b711b","block_type":"box","text":"shares of the Fund.","page_number":29,"box":{"x":387,"y":337,"width":121,"height":8}},{"id":"2d65ae21-a20e-4628-a43e-8f5db5f23609","block_type":"box","text":"No. Entire purchase price is invested","page_number":29,"box":{"x":542,"y":310,"width":231,"height":10}},{"id":"f4e5f1ce-dc7b-4508-870f-20bfba7d22d0","block_type":"box","text":"in shares of the Fund.","page_number":29,"box":{"x":542,"y":323,"width":136,"height":8}},{"id":"6aeff9c2-7e8e-465c-8764-1b88e1f49e4c","block_type":"box","text":"No. Entire purchase","page_number":29,"box":{"x":804,"y":310,"width":124,"height":10}},{"id":"37c67d3e-d107-472a-b8f6-18205f0f6df8","block_type":"box","text":"price is invested in","page_number":29,"box":{"x":804,"y":323,"width":117,"height":10}},{"id":"3e15002d-acf4-47f1-8701-b220d2443713","block_type":"box","text":"shares of the Fund.","page_number":29,"box":{"x":803,"y":337,"width":122,"height":8}},{"id":"1249cc98-f990-4fda-85a7-5d3dedf6abc7","block_type":"box","text":"Deferred Sales","page_number":29,"box":{"x":61,"y":382,"width":94,"height":8}},{"id":"95f93b54-f760-4f11-86aa-7260b07552aa","block_type":"box","text":"Charge?","page_number":29,"box":{"x":61,"y":395,"width":54,"height":11}},{"id":"5b74f4f1-d44f-4cf6-8612-2eafeb75c89c","block_type":"box","text":"No. (May be charged","page_number":29,"box":{"x":233,"y":382,"width":129,"height":10}},{"id":"9ffe13fd-3ee3-4a21-92be-f4a13fe98c3a","block_type":"box","text":"for purchases of","page_number":29,"box":{"x":232,"y":395,"width":104,"height":10}},{"id":"aeb60adc-2627-466e-8a0e-ca6da5976caf","block_type":"box","text":"$1 million or more","page_number":29,"box":{"x":232,"y":408,"width":116,"height":10}},{"id":"d91ddd61-1bb7-4710-8101-d58cb0879257","block_type":"box","text":"that are redeemed","page_number":29,"box":{"x":232,"y":423,"width":117,"height":8}},{"id":"75d8e07a-5eaf-4079-af09-94c2015671e5","block_type":"box","text":"within 18 months.)","page_number":29,"box":{"x":232,"y":436,"width":118,"height":10}},{"id":"a3e16fe8-e30c-423e-9baa-a56753f6a57a","block_type":"box","text":"Yes. Payable if you","page_number":29,"box":{"x":386,"y":382,"width":117,"height":10}},{"id":"fa946b25-b0db-4157-9ec4-e1dc6bd6dc9a","block_type":"box","text":"redeem within one","page_number":29,"box":{"x":387,"y":396,"width":116,"height":8}},{"id":"eb893b36-8880-4655-93b5-0ebf2d7c9787","block_type":"box","text":"year of purchase.","page_number":29,"box":{"x":386,"y":409,"width":109,"height":10}},{"id":"8cc36385-ab38-4d0a-9e21-5a37e4bf54bc","block_type":"box","text":"No. No.","page_number":29,"box":{"x":542,"y":382,"width":281,"height":8}},{"id":"22cd2988-e331-4f2c-ac40-411a08a6811d","block_type":"box","text":"Distribution and","page_number":29,"box":{"x":61,"y":454,"width":102,"height":8}},{"id":"18ceab88-b25b-45f8-a4ec-6eb5666f04ec","block_type":"box","text":"Service (12b-1) Fees?","page_number":29,"box":{"x":60,"y":468,"width":144,"height":10}},{"id":"34a8c513-b1c6-467b-9911-e1de8b7239ef","block_type":"box","text":"No Distribution Fee.","page_number":29,"box":{"x":233,"y":454,"width":123,"height":8}},{"id":"c05f41ce-eeba-46ba-adf6-871ff5e70b3c","block_type":"box","text":"0.25% Annual","page_number":29,"box":{"x":232,"y":468,"width":87,"height":8}},{"id":"430eabf9-5e1c-4120-9ad6-bea3ce2f0a2a","block_type":"box","text":"Service Fee.","page_number":29,"box":{"x":232,"y":481,"width":77,"height":8}},{"id":"b2c80f24-38d0-4512-8dd3-5511e3a4140a","block_type":"box","text":"0.75% Annual","page_number":29,"box":{"x":387,"y":454,"width":86,"height":8}},{"id":"474455a7-bf0e-4c15-baa5-a1d9f522667d","block_type":"box","text":"Distribution Fee.","page_number":29,"box":{"x":387,"y":468,"width":102,"height":8}},{"id":"16c32f98-dc06-4e2c-b4ea-31fda070db4b","block_type":"box","text":"0.25% Annual","page_number":29,"box":{"x":387,"y":481,"width":86,"height":8}},{"id":"a0ada5f3-28bd-45f2-ae36-54d0fda45419","block_type":"box","text":"Service Fee.","page_number":29,"box":{"x":387,"y":495,"width":77,"height":8}},{"id":"139d3b3c-da63-436c-aad0-cbfee6afbe3e","block_type":"box","text":"No. 0.25% Annual","page_number":29,"box":{"x":542,"y":454,"width":348,"height":8}},{"id":"9701e893-76ce-436c-9c40-ebf407841b61","block_type":"box","text":"Distribution Fee.","page_number":29,"box":{"x":804,"y":468,"width":101,"height":8}},{"id":"74ae38bd-d1b1-481b-95ea-52fd243d3434","block_type":"box","text":"0.25% Annual","page_number":29,"box":{"x":803,"y":481,"width":87,"height":8}},{"id":"771a2e11-d813-4d89-a862-15c385664327","block_type":"box","text":"Service Fee.","page_number":29,"box":{"x":803,"y":495,"width":77,"height":8}},{"id":"cd4c95b9-a7d7-4f00-a09b-5f8bdb133671","block_type":"box","text":"Redemption Fees?","page_number":29,"box":{"x":61,"y":513,"width":120,"height":10}},{"id":"b97cff50-720d-4fe3-ae6a-354fe3fd4fc1","block_type":"box","text":"No. No. No. No.","page_number":29,"box":{"x":233,"y":513,"width":590,"height":8}},{"id":"efc74355-36e6-4bfc-b694-5dc92556489d","block_type":"box","text":"Conversion to","page_number":29,"box":{"x":61,"y":531,"width":88,"height":8}},{"id":"cd9bd699-a005-47f0-bebf-6aebb9e4a35f","block_type":"box","text":"Investor A Shares?","page_number":29,"box":{"x":61,"y":544,"width":122,"height":8}},{"id":"26814197-b499-4728-8cf9-b4713ab089f8","block_type":"box","text":"N/A Yes, automatically","page_number":29,"box":{"x":233,"y":531,"width":268,"height":10}},{"id":"e8d53ce6-03da-48d5-9a29-0b1e6ba60334","block_type":"box","text":"approximately eight","page_number":29,"box":{"x":387,"y":544,"width":122,"height":11}},{"id":"5864894b-ba9d-42b1-86bf-ac7d34a3acc5","block_type":"box","text":"years after the date","page_number":29,"box":{"x":386,"y":558,"width":124,"height":10}},{"id":"b1cfc34d-10f0-4a4c-8693-c5dc70fda038","block_type":"box","text":"of purchase. It is the","page_number":29,"box":{"x":387,"y":571,"width":130,"height":10}},{"id":"28506760-22e5-452f-808f-6a452aad5519","block_type":"box","text":"Financial","page_number":29,"box":{"x":387,"y":585,"width":54,"height":8}},{"id":"7f0bc722-acae-4a24-b141-a7ef8e66097c","block_type":"box","text":"Intermediary’s","page_number":29,"box":{"x":387,"y":599,"width":90,"height":10}},{"id":"9fb69641-6df8-46dd-af12-394136e21456","block_type":"box","text":"responsibility to","page_number":29,"box":{"x":387,"y":612,"width":99,"height":10}},{"id":"a960c045-757b-4889-b2e6-cb02bb004eb1","block_type":"box","text":"ensure that the","page_number":29,"box":{"x":387,"y":626,"width":96,"height":8}},{"id":"2aa5e780-fb98-49d8-90dc-45f79cca7b7b","block_type":"box","text":"shareholder is","page_number":29,"box":{"x":387,"y":639,"width":89,"height":8}},{"id":"12159e0d-6c5a-45a1-a92b-0d1f0d6330b0","block_type":"box","text":"credited with the","page_number":29,"box":{"x":387,"y":653,"width":104,"height":8}},{"id":"999415dc-780e-4f74-9aea-c9b33e3e5f0e","block_type":"box","text":"proper holding","page_number":29,"box":{"x":387,"y":666,"width":90,"height":10}},{"id":"93ef0a39-fd54-4196-a69b-7106ba5d91d8","block_type":"box","text":"period. As of the","page_number":29,"box":{"x":387,"y":680,"width":103,"height":10}},{"id":"d3352375-0f94-4b8a-b3bc-52fcc9b9541c","block_type":"box","text":"Effective Date (as","page_number":29,"box":{"x":387,"y":693,"width":111,"height":10}},{"id":"97fe3729-28ce-47d7-b414-f76945e842ee","block_type":"box","text":"defined below),","page_number":29,"box":{"x":387,"y":707,"width":94,"height":10}},{"id":"15a03c92-7f8a-4927-ad4d-b74f091ea215","block_type":"box","text":"certain Financial","page_number":29,"box":{"x":387,"y":720,"width":102,"height":8}},{"id":"19efb29e-e0d4-45a8-81d2-cc086a333ea9","block_type":"box","text":"Intermediaries,","page_number":29,"box":{"x":387,"y":734,"width":94,"height":9}},{"id":"83ad9fff-ae14-4581-9049-45c12a511292","block_type":"box","text":"including group","page_number":29,"box":{"x":387,"y":747,"width":94,"height":11}},{"id":"3a352311-5884-4f55-bdf0-27eee303f7d9","block_type":"box","text":"retirement","page_number":29,"box":{"x":387,"y":761,"width":65,"height":8}},{"id":"22fc98b7-f6fa-4aa0-9742-586c8e7795e4","block_type":"box","text":"recordkeeping","page_number":29,"box":{"x":387,"y":775,"width":89,"height":10}},{"id":"383f2532-612e-4f3c-a021-d5bdce3dc307","block_type":"box","text":"platforms, may not","page_number":29,"box":{"x":387,"y":788,"width":119,"height":10}},{"id":"3fa0615e-4e9e-4740-a253-d9d7ad5124e2","block_type":"box","text":"have been tracking","page_number":29,"box":{"x":387,"y":802,"width":119,"height":10}},{"id":"cf5b4eee-1e9d-4132-8820-ceecf2ad5aeb","block_type":"box","text":"such holding periods","page_number":29,"box":{"x":387,"y":815,"width":130,"height":10}},{"id":"8c979cb5-27c6-4fb5-9320-1e676fb79f5f","block_type":"box","text":"and therefore may","page_number":29,"box":{"x":387,"y":828,"width":115,"height":11}},{"id":"470c3eb7-63b0-4055-af5c-987874ce74ee","block_type":"box","text":"not be able to","page_number":29,"box":{"x":387,"y":842,"width":87,"height":8}},{"id":"349988f5-c0b7-452f-a8fe-ce7b525d2961","block_type":"box","text":"process such","page_number":29,"box":{"x":387,"y":856,"width":83,"height":10}},{"id":"52103591-a49f-4b66-8b47-97fe237666ba","block_type":"box","text":"conversions. In such","page_number":29,"box":{"x":387,"y":869,"width":129,"height":8}},{"id":"ec7ba75f-9377-463f-a667-3d62800c0ce8","block_type":"box","text":"instances, the","page_number":29,"box":{"x":387,"y":883,"width":89,"height":9}},{"id":"15abf1d0-13fa-42a8-b23c-66bfe0ac3337","block_type":"box","text":"automatic","page_number":29,"box":{"x":387,"y":896,"width":62,"height":8}},{"id":"bd98a466-f24b-42f1-86f5-09ac555d541a","block_type":"box","text":"conversion of","page_number":29,"box":{"x":387,"y":910,"width":84,"height":8}},{"id":"2088efec-3534-4443-ac68-63435514e654","block_type":"box","text":"No. No.","page_number":29,"box":{"x":542,"y":531,"width":281,"height":8}},{"id":"c0d14d93-ae9f-4c2e-8977-2f000a33806b","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"6a637c02-10fd-43d5-860d-112b98e50526","block_type":"box","text":"NM0926U-5975797-29/72","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b1b38503-84e0-430b-a6a6-a0f22eb69b22","block_type":"box","text":"Investor A Investor C","page_number":30,"box":{"x":232,"y":50,"width":215,"height":7}},{"id":"3e9a079e-a97a-4732-9638-4d8c08b8e549","block_type":"box","text":"2,3","page_number":30,"box":{"x":448,"y":50,"width":9,"height":5}},{"id":"72ed9157-670c-4463-87d3-5484e05d99ec","block_type":"box","text":"Institutional Class R","page_number":30,"box":{"x":542,"y":50,"width":306,"height":7}},{"id":"ad8d0e26-2d78-4a3a-878b-b403a41e17cf","block_type":"box","text":"Conversion to","page_number":30,"box":{"x":61,"y":67,"width":88,"height":8}},{"id":"9f390111-8a73-4e9b-88e6-690ebeca8ece","block_type":"box","text":"Investor A Shares?","page_number":30,"box":{"x":61,"y":81,"width":122,"height":8}},{"id":"5502426d-5363-4317-b3b9-69c6816c5962","block_type":"box","text":"(continued)","page_number":30,"box":{"x":61,"y":94,"width":73,"height":10}},{"id":"4385fb5e-e8af-4875-ac44-dc6963f1b520","block_type":"box","text":"Investor C Shares to","page_number":30,"box":{"x":387,"y":67,"width":128,"height":8}},{"id":"47d2b3a6-ff07-4702-aaf3-ed3754ae95a3","block_type":"box","text":"Investor A Shares","page_number":30,"box":{"x":387,"y":81,"width":111,"height":8}},{"id":"2f1199c4-5637-4be5-b99b-b2576ec36cf9","block_type":"box","text":"will occur","page_number":30,"box":{"x":386,"y":94,"width":59,"height":9}},{"id":"c44c3136-22f1-4faa-8f29-210e0bc2f056","block_type":"box","text":"approximately eight","page_number":30,"box":{"x":387,"y":108,"width":122,"height":10}},{"id":"a96bdde2-8c9b-4ef9-b540-666c1d1092bc","block_type":"box","text":"years after the","page_number":30,"box":{"x":386,"y":121,"width":91,"height":11}},{"id":"f7ffbb76-2517-47ee-9b10-6fb82db843ee","block_type":"box","text":"Effective Date.","page_number":30,"box":{"x":387,"y":135,"width":91,"height":8}},{"id":"3745699e-5e7c-4986-81f1-d756df5b6f09","block_type":"box","text":"In addition, accounts","page_number":30,"box":{"x":387,"y":151,"width":131,"height":10}},{"id":"6911fee5-9923-4f88-8fbf-5eeb1ab226ef","block_type":"box","text":"that do not have a","page_number":30,"box":{"x":386,"y":165,"width":115,"height":8}},{"id":"a79347cd-4833-4e90-b732-ff48d712bf03","block_type":"box","text":"Financial","page_number":30,"box":{"x":387,"y":178,"width":54,"height":8}},{"id":"8981200d-806f-4b08-8036-57f82c8e4459","block_type":"box","text":"Intermediary","page_number":30,"box":{"x":387,"y":192,"width":79,"height":10}},{"id":"e32797b7-63bb-4010-90d5-569f2de2a898","block_type":"box","text":"associated with","page_number":30,"box":{"x":387,"y":205,"width":97,"height":8}},{"id":"0c324dd1-16ab-4daf-9864-5e205091d95d","block_type":"box","text":"them are not eligible","page_number":30,"box":{"x":386,"y":219,"width":130,"height":10}},{"id":"c9b41b83-26fb-40be-a3b7-87698195d734","block_type":"box","text":"to hold Investor C","page_number":30,"box":{"x":386,"y":232,"width":111,"height":8}},{"id":"acef4c8d-8989-4c59-bd97-dd22499639bf","block_type":"box","text":"Shares, and any","page_number":30,"box":{"x":387,"y":246,"width":103,"height":10}},{"id":"cd57b9be-359c-40cb-aceb-3bd5f5246b91","block_type":"box","text":"Investor C Shares","page_number":30,"box":{"x":387,"y":259,"width":112,"height":9}},{"id":"0bba9758-a7e0-4956-a04d-0e306200014f","block_type":"box","text":"held in such","page_number":30,"box":{"x":387,"y":273,"width":75,"height":8}},{"id":"97a815c9-e071-44ad-a0c2-6c544ebbbb7d","block_type":"box","text":"accounts will be","page_number":30,"box":{"x":387,"y":287,"width":100,"height":8}},{"id":"d29e4c8a-a2dd-4a1a-84dd-02799935ad60","block_type":"box","text":"automatically","page_number":30,"box":{"x":387,"y":300,"width":83,"height":10}},{"id":"9f8cfdf2-3bb0-432c-883a-822a736913e8","block_type":"box","text":"converted to","page_number":30,"box":{"x":387,"y":314,"width":78,"height":8}},{"id":"13762102-f9c2-42b1-806d-e29890d87216","block_type":"box","text":"Investor A Shares.","page_number":30,"box":{"x":387,"y":327,"width":114,"height":8}},{"id":"c5928ef4-69ff-47b1-b923-0dcdea35f4ec","block_type":"box","text":"Advantage","page_number":30,"box":{"x":60,"y":345,"width":69,"height":10}},{"id":"09d68ead-5d7c-43b7-9c40-3f59684bca2b","block_type":"box","text":"Makes sense for","page_number":30,"box":{"x":233,"y":345,"width":105,"height":8}},{"id":"badb628c-d558-4087-b5e4-017e58dd9bc8","block_type":"box","text":"investors who are","page_number":30,"box":{"x":233,"y":359,"width":110,"height":8}},{"id":"6f397368-7bfe-4fca-b5bf-7de5a103856d","block_type":"box","text":"eligible to have the","page_number":30,"box":{"x":232,"y":372,"width":119,"height":10}},{"id":"6a010b90-f315-46dd-90fa-6bb40f01c722","block_type":"box","text":"sales charge","page_number":30,"box":{"x":232,"y":386,"width":81,"height":10}},{"id":"5f410e82-b10f-4aca-bf17-d1ccc84428c0","block_type":"box","text":"reduced or","page_number":30,"box":{"x":233,"y":399,"width":67,"height":8}},{"id":"ef5c8f6e-9c03-4d37-a257-9a8c5db87a14","block_type":"box","text":"eliminated or who","page_number":30,"box":{"x":232,"y":413,"width":111,"height":8}},{"id":"6e6d2a7d-c30b-4887-b750-ba143b2bd33e","block_type":"box","text":"have a long-term","page_number":30,"box":{"x":233,"y":426,"width":103,"height":11}},{"id":"e3d079dc-f5d6-400f-ad90-d06b23d57379","block_type":"box","text":"investment horizon","page_number":30,"box":{"x":233,"y":440,"width":117,"height":8}},{"id":"b5d6ec2e-46b2-49ca-a9e0-8fb3696ad2d2","block_type":"box","text":"because there are","page_number":30,"box":{"x":233,"y":454,"width":114,"height":8}},{"id":"3f350a40-ccd6-48b9-8acc-f1edc2791c7a","block_type":"box","text":"no ongoing","page_number":30,"box":{"x":233,"y":467,"width":68,"height":10}},{"id":"b6023b99-3fd5-4755-8663-9d829d7c69e8","block_type":"box","text":"distribution fees.","page_number":30,"box":{"x":232,"y":480,"width":105,"height":9}},{"id":"2f26f6ba-51f3-4d64-9967-8621bd9a4a3d","block_type":"box","text":"No up-front sales","page_number":30,"box":{"x":387,"y":345,"width":107,"height":10}},{"id":"faad4383-9a0d-4130-b339-98e97ef3dca8","block_type":"box","text":"charge so you start","page_number":30,"box":{"x":387,"y":359,"width":123,"height":10}},{"id":"920eabdf-51c6-4548-b2d8-8f6cf6cd8949","block_type":"box","text":"off owning more","page_number":30,"box":{"x":387,"y":372,"width":101,"height":10}},{"id":"69302051-18db-4e2c-a5d6-76ac597f0e95","block_type":"box","text":"shares. These","page_number":30,"box":{"x":387,"y":386,"width":89,"height":8}},{"id":"8db87bc3-970c-46a0-a62f-11210a26895e","block_type":"box","text":"shares may make","page_number":30,"box":{"x":387,"y":399,"width":112,"height":10}},{"id":"6085d14e-0a03-4e70-b541-57a169a55aa0","block_type":"box","text":"sense for investors","page_number":30,"box":{"x":387,"y":413,"width":120,"height":8}},{"id":"a4dc4be2-d223-4986-b657-0611f898d627","block_type":"box","text":"who have a shorter","page_number":30,"box":{"x":386,"y":426,"width":123,"height":9}},{"id":"d94666a9-1f70-44f6-bb23-02b20bef2c0a","block_type":"box","text":"investment horizon","page_number":30,"box":{"x":387,"y":440,"width":118,"height":8}},{"id":"82da7a4f-8678-4d84-a40a-ef50b6dc5bf4","block_type":"box","text":"relative to Investor A","page_number":30,"box":{"x":387,"y":454,"width":129,"height":8}},{"id":"5b0079b6-5fbc-4805-adcd-bb57bf8fa021","block_type":"box","text":"Shares.","page_number":30,"box":{"x":387,"y":467,"width":47,"height":8}},{"id":"38d60d1e-026d-467b-b529-474e54936e0f","block_type":"box","text":"No up-front sales charge so you start","page_number":30,"box":{"x":542,"y":345,"width":235,"height":10}},{"id":"80e11c24-1d1d-4124-8232-068620e50ea8","block_type":"box","text":"off owning more shares. No","page_number":30,"box":{"x":541,"y":359,"width":175,"height":10}},{"id":"f1f12996-1857-48d2-b58d-a47482b1f631","block_type":"box","text":"distribution or service fees.","page_number":30,"box":{"x":541,"y":372,"width":172,"height":8}},{"id":"c05dded6-7133-4685-a713-7d819062dfbc","block_type":"box","text":"No up-front sales","page_number":30,"box":{"x":804,"y":345,"width":107,"height":10}},{"id":"80cdf72f-6d45-485c-ab86-7f7910f1804e","block_type":"box","text":"charge so you start","page_number":30,"box":{"x":803,"y":359,"width":123,"height":10}},{"id":"ff3ed6ab-364a-4339-85ee-6df564d7b2b1","block_type":"box","text":"off owning more","page_number":30,"box":{"x":803,"y":372,"width":102,"height":10}},{"id":"9ee4337c-c774-4de6-ab30-86e32883fc86","block_type":"box","text":"shares.","page_number":30,"box":{"x":803,"y":386,"width":46,"height":8}},{"id":"685b9eee-3b2b-416f-b377-79c806f07a80","block_type":"box","text":"Disadvantage","page_number":30,"box":{"x":61,"y":499,"width":87,"height":10}},{"id":"29492ab6-b1ab-4a40-a868-fe443f8a98cf","block_type":"box","text":"You pay a sales","page_number":30,"box":{"x":232,"y":499,"width":98,"height":10}},{"id":"46a344fc-c5f7-4d59-9dc7-aa49f28be588","block_type":"box","text":"charge up-front, and","page_number":30,"box":{"x":232,"y":512,"width":126,"height":10}},{"id":"279c5632-36dd-4452-8f23-f9824e6545c5","block_type":"box","text":"therefore you start","page_number":30,"box":{"x":232,"y":525,"width":118,"height":11}},{"id":"c0a12266-942f-4985-ae54-52bb321525e3","block_type":"box","text":"off owning fewer","page_number":30,"box":{"x":232,"y":539,"width":104,"height":10}},{"id":"934945e2-7258-4eb3-b520-1af88b6d4a31","block_type":"box","text":"shares.","page_number":30,"box":{"x":232,"y":553,"width":46,"height":8}},{"id":"e675a54d-6c64-4d37-9acf-4c45e0bca8a5","block_type":"box","text":"You pay ongoing","page_number":30,"box":{"x":386,"y":499,"width":102,"height":10}},{"id":"04e1b47e-f5d2-49c7-9b8f-c0102ecf4e96","block_type":"box","text":"distribution fees","page_number":30,"box":{"x":387,"y":512,"width":101,"height":8}},{"id":"68feb156-4aed-486a-ab48-3bd15fe1866a","block_type":"box","text":"each year you own","page_number":30,"box":{"x":387,"y":526,"width":115,"height":10}},{"id":"bbb72c2d-23f6-4a6d-bfb5-09cbbaf1f074","block_type":"box","text":"Investor C Shares,","page_number":30,"box":{"x":387,"y":539,"width":115,"height":10}},{"id":"736d597f-2be8-44d2-b4df-e37204c9bbd0","block_type":"box","text":"which means that","page_number":30,"box":{"x":386,"y":553,"width":113,"height":8}},{"id":"57e4b5a5-60ed-4612-8c5d-4887b2a72033","block_type":"box","text":"over the long term","page_number":30,"box":{"x":387,"y":566,"width":114,"height":11}},{"id":"0dd8003c-1a25-45be-8375-4c8cd847722b","block_type":"box","text":"you can expect","page_number":30,"box":{"x":386,"y":580,"width":95,"height":10}},{"id":"82bba1f9-c11d-457c-b855-7e6f415b9238","block_type":"box","text":"higher total fees per","page_number":30,"box":{"x":387,"y":593,"width":127,"height":11}},{"id":"04bf652a-b897-4842-9f9b-bca31045dc98","block_type":"box","text":"share than","page_number":30,"box":{"x":387,"y":607,"width":67,"height":8}},{"id":"0031ff58-79d8-4c2b-8d8e-7d8e7f95aac2","block_type":"box","text":"Investor A Shares","page_number":30,"box":{"x":387,"y":620,"width":111,"height":9}},{"id":"02d78627-ceef-4938-9d01-d4d740910e2e","block_type":"box","text":"and, as a result,","page_number":30,"box":{"x":387,"y":634,"width":102,"height":9}},{"id":"18b9ff7b-b187-490b-83e7-2cb0b32b4925","block_type":"box","text":"lower total","page_number":30,"box":{"x":387,"y":648,"width":64,"height":8}},{"id":"7c18f60a-5cf2-4af8-8c26-b6fa1198a0d0","block_type":"box","text":"performance.","page_number":30,"box":{"x":387,"y":661,"width":84,"height":10}},{"id":"9c4c7b0d-910f-456b-af04-3fc21fb13717","block_type":"box","text":"Limited availability. Limited availability.","page_number":30,"box":{"x":542,"y":499,"width":379,"height":10}},{"id":"5c1fa287-3057-4b52-8ad9-beca1655b44c","block_type":"box","text":"You pay ongoing","page_number":30,"box":{"x":803,"y":512,"width":102,"height":10}},{"id":"b537db5c-721f-4e24-84cb-1f34786c1e11","block_type":"box","text":"distribution fees","page_number":30,"box":{"x":803,"y":525,"width":102,"height":9}},{"id":"f1752086-cfdc-43bb-83ef-a3e366792b84","block_type":"box","text":"each year you own","page_number":30,"box":{"x":803,"y":539,"width":116,"height":10}},{"id":"8c598d7f-5c92-45c9-85df-f4b41e6a3496","block_type":"box","text":"Class R Shares,","page_number":30,"box":{"x":803,"y":553,"width":101,"height":9}},{"id":"1ccfed28-3061-4c46-be67-d4a77f843fdb","block_type":"box","text":"which means that","page_number":30,"box":{"x":803,"y":566,"width":112,"height":8}},{"id":"e0e2ded3-54e7-4e1a-8d6c-7de40a146095","block_type":"box","text":"over the long term","page_number":30,"box":{"x":803,"y":580,"width":114,"height":10}},{"id":"a86f448a-64d1-4e0a-a4fa-0d7ad16fb91e","block_type":"box","text":"you can expect","page_number":30,"box":{"x":803,"y":594,"width":94,"height":9}},{"id":"a92afda6-cac3-4294-b668-e3ae23d4e2ba","block_type":"box","text":"higher total fees per","page_number":30,"box":{"x":804,"y":607,"width":126,"height":10}},{"id":"190bdeb4-1fef-492e-b7ae-61cdc26128d0","block_type":"box","text":"share than","page_number":30,"box":{"x":803,"y":620,"width":67,"height":9}},{"id":"2cc57b70-05b4-4e84-b879-8082255b59cf","block_type":"box","text":"Investor A Shares","page_number":30,"box":{"x":804,"y":634,"width":110,"height":8}},{"id":"1e20bcf4-078b-44d3-b9f9-a688da50b62b","block_type":"box","text":"and, as a result,","page_number":30,"box":{"x":804,"y":648,"width":102,"height":9}},{"id":"c38e7142-f93d-41af-9087-79b6a72eba2a","block_type":"box","text":"lower total","page_number":30,"box":{"x":804,"y":661,"width":63,"height":8}},{"id":"85036c00-1cf9-4f38-ba63-1d348a34c69d","block_type":"box","text":"performance.","page_number":30,"box":{"x":804,"y":674,"width":83,"height":11}},{"id":"9d79d1c4-67bc-4281-8b04-59d2bfaadffa","block_type":"box","text":"1","page_number":30,"box":{"x":61,"y":694,"width":3,"height":4}},{"id":"51f7903a-d61a-4756-9789-51cd064f758f","block_type":"box","text":"Please see “Details About the Share Classes” for more information about each share class.","page_number":30,"box":{"x":81,"y":694,"width":541,"height":7}},{"id":"39254b41-69ba-4594-9b5c-cf7e7722b0ee","block_type":"box","text":"2","page_number":30,"box":{"x":61,"y":707,"width":3,"height":4}},{"id":"c0ba1780-b1d4-4a9f-a3d3-081f5efc1d42","block_type":"box","text":"If you establish a new account, or have an existing account, directly with the Fund and do not have a Financial Intermediary associated with your","page_number":30,"box":{"x":82,"y":707,"width":847,"height":9}},{"id":"d8345e79-95d6-4995-89d5-02784e7dd3fc","block_type":"box","text":"account, you may only invest in Investor A Shares. Applications without a Financial Intermediary that select Investor C Shares will not be","page_number":30,"box":{"x":81,"y":717,"width":800,"height":9}},{"id":"27f32c7b-c5e5-4988-b5ef-a67718fb7be5","block_type":"box","text":"accepted and accounts without an associated Financial Intermediary will not be eligible to hold Investor C Shares.","page_number":30,"box":{"x":81,"y":728,"width":669,"height":9}},{"id":"59aee9ba-e9ea-4c04-afb6-4cef230c6d2b","block_type":"box","text":"3","page_number":30,"box":{"x":61,"y":741,"width":3,"height":3}},{"id":"1b510fa1-25fe-4295-a496-9c7729139a1a","block_type":"box","text":"The Fund will not accept a purchase order of $500,000 or more for Investor C Shares (may be lower on funds that have set a lower breakpoint","page_number":30,"box":{"x":81,"y":740,"width":838,"height":10}},{"id":"b615aea9-f4a9-4392-8b88-e95c96a1d7de","block_type":"box","text":"for purchasing Investor A Shares without a front-end sales charge). Your Financial Intermediary may set a lower maximum for Investor C Shares.","page_number":30,"box":{"x":81,"y":751,"width":844,"height":9}},{"id":"a6d3c8b3-9a19-4dcb-8bab-101b31d2c0cd","block_type":"box","text":"The following pages will cover the additional details of each share class, including the Institutional and Class R Shares","page_number":30,"box":{"x":60,"y":776,"width":872,"height":12}},{"id":"e20deabf-b23a-4a3f-b2fa-7f36b9460e73","block_type":"box","text":"requirements, the sales charge table for Investor A Shares, reduced sales charge information, Investor C Share","page_number":30,"box":{"x":61,"y":791,"width":819,"height":11}},{"id":"c25b4bbd-13b6-49ad-bfb7-4950377a44ea","block_type":"box","text":"contingent deferred sales charge (“CDSC”) information, and sales charge waivers.","page_number":30,"box":{"x":61,"y":806,"width":604,"height":11}},{"id":"09ce2d3e-6b45-4f5b-b832-3ed2f79a8524","block_type":"box","text":"The availability of certain sales charge waivers and reductions will depend on whether you purchase your shares","page_number":30,"box":{"x":60,"y":828,"width":825,"height":12}},{"id":"b74b4734-33e7-4e69-bacf-81da1ecd23de","block_type":"box","text":"directly from the Fund or through a Financial Intermediary. Financial Intermediaries may have different policies and","page_number":30,"box":{"x":61,"y":843,"width":840,"height":12}},{"id":"be358680-e083-4be8-a1dc-3a2a3124c126","block_type":"box","text":"procedures regarding the availability of front-end sales charge waivers or deferred sales charge waivers, which are","page_number":30,"box":{"x":62,"y":858,"width":838,"height":11}},{"id":"90efd90b-6548-46cf-a7f0-d106f9e2f6b1","block_type":"box","text":"discussed below. In all instances, it is your responsibility to notify the Fund or your Financial Intermediary at the time","page_number":30,"box":{"x":61,"y":873,"width":857,"height":11}},{"id":"1024bd55-c18a-4bc3-bb7d-78c6baf81202","block_type":"box","text":"of purchase of any relationship or other facts qualifying you for sales charge waivers or reductions.","page_number":30,"box":{"x":61,"y":887,"width":724,"height":12}},{"id":"22b0a4d0-741f-439a-92aa-e1171583e2a7","block_type":"box","text":"For waivers and","page_number":30,"box":{"x":792,"y":888,"width":117,"height":9}},{"id":"d0f5e148-999a-4277-be9d-0bde59482ff3","block_type":"box","text":"discounts not available through a particular Financial Intermediary, shareholders will have to purchase Fund shares","page_number":30,"box":{"x":61,"y":902,"width":867,"height":12}},{"id":"787d4911-785e-4b38-9b98-a766defb84ee","block_type":"box","text":"directly from the Fund or through another Financial Intermediary to receive these waivers or reductions. Please see","page_number":30,"box":{"x":61,"y":917,"width":869,"height":12}},{"id":"0fc8a2d0-bd44-4f50-88ee-e7eecb9971dc","block_type":"box","text":"30","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f6a804d5-f963-416e-b82d-e2b31b038541","block_type":"box","text":"NM0926U-5975797-30/72","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6e5b4fe4-43ea-40b4-a89a-751396b81e05","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":31,"box":{"x":60,"y":46,"width":872,"height":11}},{"id":"fe8ac6e0-3e94-40b2-86e3-bd3a409199d1","block_type":"box","text":"determine any sales charge waivers and reductions that may be available to you through your Financial","page_number":31,"box":{"x":61,"y":61,"width":776,"height":11}},{"id":"4da97ffb-9238-4979-b035-93ad6d73d749","block_type":"box","text":"Intermediary.","page_number":31,"box":{"x":61,"y":75,"width":97,"height":12}},{"id":"a0fc2074-5bc4-47e7-97f2-f64ee16a7201","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":31,"box":{"x":62,"y":98,"width":805,"height":11}},{"id":"f35d4d3a-defb-44f7-a248-e0d6c1322498","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":31,"box":{"x":62,"y":113,"width":857,"height":11}},{"id":"8ddf304b-c6c6-48c1-a84b-21157654c0c3","block_type":"box","text":"Details About the Share Classes","page_number":31,"box":{"x":61,"y":152,"width":293,"height":11}},{"id":"efc18a63-9079-4179-b073-8f6dc58f36d5","block_type":"box","text":"Investor A Shares — Initial Sales Charge Option","page_number":31,"box":{"x":61,"y":178,"width":396,"height":13}},{"id":"cb294562-c75d-49e5-8d49-ba36d6174edd","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":31,"box":{"x":60,"y":195,"width":873,"height":11}},{"id":"506e89e6-08ad-4e59-9604-b1e4d84488ea","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":31,"box":{"x":60,"y":209,"width":851,"height":12}},{"id":"5ea6060e-2509-46ba-b14a-d474d2fd7c94","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":31,"box":{"x":60,"y":224,"width":851,"height":12}},{"id":"cc418288-7281-4f43-a981-8e86f27a07b0","block_type":"box","text":"upon certain redemptions of Investor A Shares expressed as a percentage of the applicable redemption amount may","page_number":31,"box":{"x":61,"y":239,"width":859,"height":12}},{"id":"015e95bb-4d33-4bc8-8679-2697a6b5587e","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":31,"box":{"x":61,"y":254,"width":836,"height":11}},{"id":"71e7bb06-858a-4766-91df-a5a2efdcc8a3","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":31,"box":{"x":61,"y":269,"width":873,"height":11}},{"id":"a0215e63-e69a-4ffe-9896-75de9224d037","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":31,"box":{"x":60,"y":283,"width":874,"height":12}},{"id":"84175166-abbd-4d9f-b62b-56a2eeefd259","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":31,"box":{"x":61,"y":298,"width":852,"height":12}},{"id":"a0a7b9e3-4c58-4764-808d-d3567a40a1f3","block_type":"box","text":"purchase as shown in the following table.","page_number":31,"box":{"x":62,"y":313,"width":302,"height":12}},{"id":"ac39d996-1cfd-43d4-bc81-aaee8a984746","block_type":"box","text":"Your Investment","page_number":31,"box":{"x":69,"y":373,"width":96,"height":7}},{"id":"6031a28f-82a8-4b55-8fc0-9305ad0f99ec","block_type":"box","text":"Sales Charge","page_number":31,"box":{"x":548,"y":352,"width":79,"height":9}},{"id":"9f41993c-f629-4d1e-a3f6-fe7d304a0efc","block_type":"box","text":"as a % of","page_number":31,"box":{"x":561,"y":362,"width":54,"height":7}},{"id":"a5e317ef-88c2-4576-beaf-fa09691744b4","block_type":"box","text":"Offering Price","page_number":31,"box":{"x":547,"y":372,"width":82,"height":9}},{"id":"9bd7c79a-e8e0-4d10-9551-6f8fb4e459fc","block_type":"box","text":"Sales Charge","page_number":31,"box":{"x":690,"y":352,"width":80,"height":9}},{"id":"667b5016-a964-4444-9645-f909197bbf65","block_type":"box","text":"as a % of","page_number":31,"box":{"x":703,"y":362,"width":54,"height":7}},{"id":"c388ab66-4da9-4517-aec8-270e6486eb1e","block_type":"box","text":"Your Investment","page_number":31,"box":{"x":679,"y":373,"width":97,"height":7}},{"id":"70e931ba-62bb-4c35-bfc9-21a25436672d","block_type":"box","text":"1","page_number":31,"box":{"x":777,"y":373,"width":4,"height":3}},{"id":"aaeed3e9-f870-4c92-bb5e-72a0025c12d8","block_type":"box","text":"Dealer","page_number":31,"box":{"x":855,"y":342,"width":38,"height":7}},{"id":"3d6c2f0b-d72c-4b00-8a25-f30752663581","block_type":"box","text":"Compensation","page_number":31,"box":{"x":831,"y":352,"width":85,"height":9}},{"id":"dec4dfcd-99fc-4a99-860a-4ebacc6a2ac9","block_type":"box","text":"as a % of","page_number":31,"box":{"x":847,"y":362,"width":54,"height":7}},{"id":"cb34839e-ddc0-4fb3-ab5d-06d2bd5062e9","block_type":"box","text":"Offering Price","page_number":31,"box":{"x":833,"y":372,"width":82,"height":9}},{"id":"74eab1d2-e38e-4a1c-a132-c968196a15f9","block_type":"box","text":"Less than $25,000 5.25% 5.54% 5.00%","page_number":31,"box":{"x":70,"y":389,"width":830,"height":10}},{"id":"c240ee1e-4468-42fd-945f-16ed2b81f9a7","block_type":"box","text":"$25,000 but less than $50,000 4.75% 4.99% 4.50%","page_number":31,"box":{"x":70,"y":407,"width":830,"height":10}},{"id":"a8573e39-e7d2-470c-9a5c-7617d668edca","block_type":"box","text":"$50,000 but less than $100,000 4.00% 4.17% 3.75%","page_number":31,"box":{"x":70,"y":425,"width":830,"height":10}},{"id":"10c673b7-8969-4eb5-8264-8dd8558d78da","block_type":"box","text":"$100,000 but less than $250,000 3.00% 3.09% 2.75%","page_number":31,"box":{"x":70,"y":443,"width":830,"height":10}},{"id":"84a5158f-098a-4004-a2d1-e67e4eb20868","block_type":"box","text":"$250,000 but less than $500,000 2.50% 2.56% 2.25%","page_number":31,"box":{"x":70,"y":461,"width":830,"height":10}},{"id":"092a4e81-3561-4167-9a2c-f32eaed1d271","block_type":"box","text":"$500,000 but less than $750,000 2.00% 2.04% 1.75%","page_number":31,"box":{"x":70,"y":479,"width":830,"height":10}},{"id":"dc7aee0c-85cb-4890-8c95-d44c773ebb9e","block_type":"box","text":"$750,000 but less than $1,000,000 1.50% 1.52% 1.25%","page_number":31,"box":{"x":70,"y":497,"width":830,"height":10}},{"id":"02c30dea-657d-4bc6-8c0b-121af258fe65","block_type":"box","text":"$1,000,000 and over","page_number":31,"box":{"x":70,"y":515,"width":142,"height":10}},{"id":"15b14cfe-0f16-4143-aec3-423fce39bfe6","block_type":"box","text":"2","page_number":31,"box":{"x":212,"y":516,"width":4,"height":4}},{"id":"f4c634f8-e393-426b-b5f4-ded5a1c32049","block_type":"box","text":"0.00% 0.00% —","page_number":31,"box":{"x":572,"y":516,"width":318,"height":8}},{"id":"9e342149-c209-4258-a954-e0e0a02c0ed4","block_type":"box","text":"2","page_number":31,"box":{"x":890,"y":516,"width":4,"height":4}},{"id":"b8203297-b29d-4a28-9083-c79dbe765433","block_type":"box","text":"1","page_number":31,"box":{"x":61,"y":536,"width":3,"height":3}},{"id":"7372f87e-4157-4d6b-9f60-cb6dc00ec842","block_type":"box","text":"Rounded to the nearest one-hundredth percent.","page_number":31,"box":{"x":81,"y":536,"width":278,"height":8}},{"id":"92e33d9d-ac87-4afe-824b-d4daf0c34241","block_type":"box","text":"2","page_number":31,"box":{"x":61,"y":548,"width":3,"height":4}},{"id":"29b50407-5019-4fd4-b905-7b396f031bdf","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":31,"box":{"x":82,"y":548,"width":802,"height":10}},{"id":"c48ae589-72ee-461d-a8cb-fb6d9296f4b4","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":31,"box":{"x":81,"y":559,"width":819,"height":9}},{"id":"334e6940-f7cc-471d-be1f-b07c6dfa0d86","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":31,"box":{"x":81,"y":569,"width":821,"height":9}},{"id":"d418981e-5382-4f6f-b451-d385e3df9cc6","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":31,"box":{"x":81,"y":579,"width":444,"height":9}},{"id":"761c18c8-eb19-4fd7-a6f6-bfc1837362fe","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":31,"box":{"x":62,"y":604,"width":837,"height":12}},{"id":"08d7fc97-52cc-47f6-b49f-720af190800c","block_type":"box","text":"gains.","page_number":31,"box":{"x":60,"y":620,"width":43,"height":11}},{"id":"868dac3b-16d5-4351-8c23-63940670463d","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":31,"box":{"x":60,"y":642,"width":490,"height":13}},{"id":"a1f4b9be-56e2-445a-9cc0-dd353cc11c6b","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":31,"box":{"x":60,"y":659,"width":841,"height":11}},{"id":"f07383dc-a566-486f-a111-ae5611097997","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":31,"box":{"x":61,"y":673,"width":831,"height":12}},{"id":"0fc359e9-bd0e-4e9d-b93a-def5ab5ee2b7","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":31,"box":{"x":61,"y":688,"width":876,"height":12}},{"id":"3ba49407-f279-46b8-9973-1ef681361f36","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":31,"box":{"x":61,"y":703,"width":856,"height":12}},{"id":"d7bb729d-5108-409a-992b-a9bdef4eab11","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":31,"box":{"x":61,"y":718,"width":872,"height":11}},{"id":"43ef2233-5304-4bc9-9aa6-f8f703cd4222","block_type":"box","text":"below).","page_number":31,"box":{"x":61,"y":733,"width":50,"height":11}},{"id":"763702fb-0bb5-47c4-b062-7e7c4ae5cbdc","block_type":"box","text":"Reductions or eliminations through a Letter of Intent or the right of accumulation will apply to the value of all qualifying","page_number":31,"box":{"x":62,"y":755,"width":869,"height":12}},{"id":"06026812-9eb1-4d86-b80b-efd084d54c1e","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":31,"box":{"x":61,"y":770,"width":875,"height":12}},{"id":"98afd2b7-08f0-4355-a5d9-83dad522931c","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":31,"box":{"x":61,"y":785,"width":875,"height":11}},{"id":"5ca8d49e-274d-4a74-bc0a-7b78506838a9","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":31,"box":{"x":61,"y":800,"width":847,"height":11}},{"id":"1d392ea0-ade0-4cad-9ab4-2486568ba41e","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":31,"box":{"x":61,"y":815,"width":844,"height":11}},{"id":"a38f476c-2b71-40e4-8c1f-f311c0adf86b","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":31,"box":{"x":62,"y":829,"width":484,"height":12}},{"id":"89897d5f-6d56-483c-9e24-b22551467a5d","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":852,"width":861,"height":12}},{"id":"7636e2ce-a8c8-4bbf-8df4-742f632e6269","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":867,"width":817,"height":11}},{"id":"8e98e440-50d9-4a26-8ceb-a6f9c0dc4a6d","block_type":"box","text":"Qualifying Holdings","page_number":31,"box":{"x":61,"y":889,"width":142,"height":12}},{"id":"a33fb296-4bf2-46f0-aeeb-67d2941afb75","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":31,"box":{"x":209,"y":890,"width":696,"height":11}},{"id":"2fe959a4-823f-4802-bc42-20e09a1eef66","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":31,"box":{"x":62,"y":904,"width":836,"height":12}},{"id":"310d5eb5-f181-4f16-b8f0-c7a01ad262b3","block_type":"box","text":"31","page_number":31,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"ceb8f8b4-9dd7-4a7a-9fc8-ab302ed9a9a6","block_type":"box","text":"NM0926U-5975797-31/72","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b8f669ee-638b-4be1-8fcf-9b9beb1a30ee","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":32,"box":{"x":61,"y":46,"width":808,"height":11}},{"id":"5a874d03-c44c-428a-8d38-f7a03f839bbc","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":32,"box":{"x":62,"y":61,"width":314,"height":11}},{"id":"a60740ae-9c7b-469a-980e-71c0a1312158","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":32,"box":{"x":61,"y":83,"width":867,"height":12}},{"id":"84fe0993-8173-4743-8a48-74a54cbe62e8","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":32,"box":{"x":61,"y":98,"width":844,"height":11}},{"id":"848a9595-d447-48fc-9aff-d565c3a643fa","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":32,"box":{"x":61,"y":113,"width":856,"height":11}},{"id":"22f0578d-8141-499b-8231-280faa60044d","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":32,"box":{"x":62,"y":127,"width":818,"height":12}},{"id":"ae4e866a-355a-4198-a485-af6a991a7e86","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":32,"box":{"x":62,"y":142,"width":811,"height":12}},{"id":"277b5c60-a7e4-45b2-879d-c7a01160fb6a","block_type":"box","text":"nominee or custodian.","page_number":32,"box":{"x":61,"y":157,"width":162,"height":9}},{"id":"26bc1f43-635a-4e60-b822-e5bcdaa2b11f","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":32,"box":{"x":62,"y":180,"width":861,"height":11}},{"id":"0fdb7c2a-122e-4d5d-b40d-94192681b143","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":32,"box":{"x":62,"y":195,"width":836,"height":11}},{"id":"37a9a46a-1e2a-4441-b67e-2e008ff6504f","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":32,"box":{"x":62,"y":209,"width":862,"height":12}},{"id":"cb7349f9-c724-4380-b835-0d92aeeba9b4","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":32,"box":{"x":61,"y":224,"width":875,"height":12}},{"id":"dcd8daf5-f7d5-4ea9-911c-37d8712466e7","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":32,"box":{"x":60,"y":239,"width":312,"height":9}},{"id":"e56b0c70-b84a-4a0b-9d59-0a297b34c738","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":32,"box":{"x":60,"y":262,"width":828,"height":11}},{"id":"d2e0d763-5c0a-49f6-8123-da47d355c1fc","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":32,"box":{"x":61,"y":276,"width":850,"height":12}},{"id":"b784f3a8-c63d-4436-ad26-04242f7dfdf1","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":32,"box":{"x":60,"y":291,"width":856,"height":12}},{"id":"d54dafc8-256d-41ae-bfa0-3ea2789efef6","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":32,"box":{"x":60,"y":306,"width":845,"height":11}},{"id":"bc84210c-4d6b-4fb6-b808-27bac778ae7a","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":32,"box":{"x":62,"y":321,"width":667,"height":11}},{"id":"bc26863d-5b55-4473-a5a9-90934e920c9f","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":32,"box":{"x":62,"y":343,"width":531,"height":12}},{"id":"fec82dce-afc7-4652-8b37-ab91ad57a667","block_type":"box","text":"Letter of Intent","page_number":32,"box":{"x":61,"y":366,"width":124,"height":11}},{"id":"c6a5dd3b-2e25-438f-95b3-06b7585e1cd5","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":32,"box":{"x":60,"y":383,"width":839,"height":11}},{"id":"50380006-9122-4386-b54c-539515887e0f","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":32,"box":{"x":62,"y":398,"width":875,"height":11}},{"id":"2c1f92e7-ab25-424d-8b81-12ceaf20f664","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":32,"box":{"x":61,"y":412,"width":431,"height":12}},{"id":"29303c8f-cfff-4777-b9e8-6de026b8769a","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":32,"box":{"x":82,"y":435,"width":794,"height":11}},{"id":"9dd087f2-3ca7-4f8a-99af-b4e183868ef5","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":32,"box":{"x":82,"y":458,"width":675,"height":11}},{"id":"fd619e9b-a880-48de-98d0-b7a247752ee7","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":32,"box":{"x":82,"y":480,"width":820,"height":12}},{"id":"2f6909de-2d57-4728-9bde-5a243cdddb2e","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":32,"box":{"x":60,"y":503,"width":830,"height":11}},{"id":"f95952d2-b222-4844-9971-1de99c653b09","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":32,"box":{"x":61,"y":517,"width":524,"height":12}},{"id":"87dbf016-b055-4c42-b39c-28af29394c8c","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":32,"box":{"x":60,"y":540,"width":865,"height":12}},{"id":"0ee2e668-12c3-451c-b7f7-16ea2444a33f","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":32,"box":{"x":61,"y":555,"width":862,"height":11}},{"id":"aa473391-d386-494c-8d55-fb175a37d05c","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":32,"box":{"x":61,"y":570,"width":870,"height":11}},{"id":"7f57a36c-d9ea-45a6-80e0-ea58ec22d82a","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":32,"box":{"x":61,"y":585,"width":384,"height":11}},{"id":"81e86909-6c8a-4067-a714-9efdddb197ca","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":32,"box":{"x":60,"y":607,"width":823,"height":12}},{"id":"a2ab31fe-c3e9-419e-86c0-680a8c8e8bbf","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":32,"box":{"x":61,"y":622,"width":842,"height":11}},{"id":"e8adbd65-1a9e-4a97-a974-e7c9c6c771c7","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":32,"box":{"x":61,"y":637,"width":765,"height":11}},{"id":"452323c1-7205-4fe8-af1a-248da6e4c8f7","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":32,"box":{"x":62,"y":659,"width":833,"height":12}},{"id":"9956cde2-81db-4df0-a711-9adf701dcf72","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":32,"box":{"x":61,"y":674,"width":852,"height":12}},{"id":"12a95117-fdab-48a6-8c3b-22fc418c621f","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":32,"box":{"x":61,"y":689,"width":872,"height":11}},{"id":"43a4e962-e05c-4a80-94ee-3b3aa991cd64","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":32,"box":{"x":60,"y":704,"width":860,"height":11}},{"id":"5c6245f9-8d5c-4c04-a38e-e49fe8341ccd","block_type":"box","text":"difference.","page_number":32,"box":{"x":61,"y":719,"width":77,"height":9}},{"id":"9e3c355c-f23a-41b3-b934-c76014bc2c0d","block_type":"box","text":"Right of Accumulation","page_number":32,"box":{"x":61,"y":742,"width":183,"height":12}},{"id":"48956965-68d0-414f-a4b2-2ecbdd6e4007","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":32,"box":{"x":62,"y":758,"width":839,"height":11}},{"id":"df8798c3-7bb6-467c-832c-397972e12c5a","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":32,"box":{"x":61,"y":773,"width":856,"height":11}},{"id":"f819b332-13b3-4dd9-ad73-d4826b8d20bf","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":32,"box":{"x":82,"y":795,"width":821,"height":12}},{"id":"2670d02f-0ffd-4c2d-a432-d2ff06c689bd","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":32,"box":{"x":102,"y":810,"width":306,"height":11}},{"id":"4d9cd5ee-a638-4571-9fef-a5ae1d0708ac","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":32,"box":{"x":82,"y":833,"width":771,"height":11}},{"id":"8c826edf-b533-412e-b04f-ec5999d64a71","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":32,"box":{"x":82,"y":855,"width":788,"height":12}},{"id":"9882e23d-45c4-4823-bd1b-0821da6ee3c8","block_type":"box","text":"investor’s spouse and children.","page_number":32,"box":{"x":102,"y":870,"width":228,"height":11}},{"id":"86871c27-3a60-40a6-a485-6e8cf08a877f","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":32,"box":{"x":62,"y":893,"width":866,"height":11}},{"id":"72bb0053-79fd-4e9c-b216-5b5f52ccb709","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":32,"box":{"x":61,"y":907,"width":866,"height":12}},{"id":"15f87cdf-e1a8-4c2c-98f5-c14a8643166c","block_type":"box","text":"32","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"53cce36a-c26b-412b-bdc6-acf7bc23d32a","block_type":"box","text":"NM0926U-5975797-32/72","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8a43cdf0-e1e8-4ec5-a146-7e16ef4380d5","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":33,"box":{"x":62,"y":46,"width":854,"height":11}},{"id":"4913d3ec-8dbf-4b16-a11c-775e58964a69","block_type":"box","text":"any previously purchased shares.","page_number":33,"box":{"x":61,"y":61,"width":243,"height":11}},{"id":"c63b56fe-67b3-481e-9e19-13973b89fb2c","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":33,"box":{"x":61,"y":84,"width":314,"height":12}},{"id":"7dbf1563-93e6-43f1-8091-d199aba112e9","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":33,"box":{"x":60,"y":100,"width":623,"height":11}},{"id":"378d6386-4997-46a0-9e4b-843858fb8592","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":33,"box":{"x":81,"y":120,"width":846,"height":11}},{"id":"12446deb-1f4e-44e2-878b-063f9f107ad7","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":33,"box":{"x":82,"y":135,"width":352,"height":10}},{"id":"7a23802e-c282-4c75-8235-8c0bb62a8a28","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans, provided the shares are","page_number":33,"box":{"x":82,"y":155,"width":817,"height":11}},{"id":"66c4790f-1bff-499b-8356-08a9a480d710","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":33,"box":{"x":80,"y":169,"width":854,"height":12}},{"id":"b8e38550-05c8-424c-a10f-c5d3fcd4e82c","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":33,"box":{"x":81,"y":184,"width":840,"height":12}},{"id":"4374ddc7-fef3-4fdd-a87e-ac7afb9c6419","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":33,"box":{"x":81,"y":199,"width":760,"height":12}},{"id":"e16c2882-48f7-484e-a38d-6b3e9000da52","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":33,"box":{"x":82,"y":214,"width":812,"height":11}},{"id":"10ea16d0-b26d-4f51-a4dc-21052d1b2c78","block_type":"box","text":"Distributor;","page_number":33,"box":{"x":82,"y":229,"width":79,"height":10}},{"id":"580cbaf0-1a43-444c-8cab-429456fb5695","block_type":"box","text":"Insurance company separate accounts;","page_number":33,"box":{"x":82,"y":249,"width":286,"height":11}},{"id":"ceb718b7-c9f7-4edc-b2ab-42f6cc327d16","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":33,"box":{"x":82,"y":269,"width":836,"height":11}},{"id":"71ca74cf-2ded-4478-b6f2-b580d0d4e003","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":33,"box":{"x":81,"y":284,"width":446,"height":11}},{"id":"4028aa4c-b5e3-4429-bca4-ccb2dde5ceb9","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":33,"box":{"x":81,"y":303,"width":815,"height":12}},{"id":"e934feb4-b0bb-4521-9019-6edba297af71","block_type":"box","text":"broker-dealer or other financial institution;","page_number":33,"box":{"x":81,"y":318,"width":306,"height":11}},{"id":"80683bf7-863b-4ec2-bf6f-cb9530d6efb4","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":33,"box":{"x":82,"y":339,"width":828,"height":11}},{"id":"0b78f2c7-a749-4312-951c-963eeb59c0d7","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":33,"box":{"x":82,"y":353,"width":800,"height":12}},{"id":"b0fa5977-75f2-4d21-87d4-7ad8415a2588","block_type":"box","text":"transaction fee;","page_number":33,"box":{"x":80,"y":368,"width":114,"height":11}},{"id":"43ff35b4-6137-486a-a228-9658db5f67fe","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":33,"box":{"x":81,"y":388,"width":819,"height":11}},{"id":"61e9554a-d37f-4a1e-9a36-26226d7d8a3b","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":33,"box":{"x":81,"y":403,"width":846,"height":11}},{"id":"54fd66ae-09d1-42a8-9058-2ec48ddf0bdb","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":33,"box":{"x":82,"y":418,"width":843,"height":11}},{"id":"65f464ad-28c5-430a-854b-86c66dc557bf","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":33,"box":{"x":82,"y":432,"width":829,"height":12}},{"id":"fd429526-13fd-4376-a56e-47c4522a7461","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":33,"box":{"x":81,"y":447,"width":815,"height":12}},{"id":"684f2c36-d9b3-41cc-91ad-a476221a948d","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":33,"box":{"x":81,"y":467,"width":841,"height":12}},{"id":"05788a44-e889-412c-9dfe-01af4195dfb8","block_type":"box","text":"Internal Revenue Code; and","page_number":33,"box":{"x":82,"y":482,"width":201,"height":11}},{"id":"c45b0f0c-747b-4875-bed6-48eabbba6e20","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":33,"box":{"x":81,"y":502,"width":808,"height":11}},{"id":"75331eda-b239-46c6-a1b9-28c9d87ad3fa","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":33,"box":{"x":62,"y":525,"width":852,"height":11}},{"id":"265d222f-0a9d-4d1e-b9f8-cb92865ff127","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":33,"box":{"x":62,"y":539,"width":846,"height":12}},{"id":"134cd425-fdf6-4fe3-b8ff-359ffb1239bd","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":33,"box":{"x":62,"y":554,"width":434,"height":12}},{"id":"d301c204-447e-4428-8c1e-6edb7aabd3f7","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":33,"box":{"x":62,"y":577,"width":864,"height":11}},{"id":"79978377-7947-4674-aa9f-d4cd9261c529","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the Fund. In","page_number":33,"box":{"x":61,"y":592,"width":870,"height":11}},{"id":"a9787439-3c43-4126-8dce-1af0b6ec4e54","block_type":"box","text":"such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of Investor A","page_number":33,"box":{"x":61,"y":606,"width":851,"height":12}},{"id":"e904a7db-1bb7-4bf0-b8e7-a82243e43d8c","block_type":"box","text":"Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":33,"box":{"x":61,"y":621,"width":796,"height":12}},{"id":"b38c27dd-63ac-4a80-98b7-39fd06e64e7f","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":33,"box":{"x":62,"y":636,"width":317,"height":11}},{"id":"99cc6683-85d5-4ca0-8cfa-1876830c0cd2","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":33,"box":{"x":61,"y":659,"width":861,"height":11}},{"id":"0eae17db-1be1-4ee8-9661-e176028039a4","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":33,"box":{"x":60,"y":673,"width":817,"height":12}},{"id":"56e712a7-fa28-4e9b-860b-c897731a536d","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":33,"box":{"x":61,"y":697,"width":306,"height":10}},{"id":"7712c9d4-36b2-4dc9-a907-2c0422c007f6","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":33,"box":{"x":62,"y":712,"width":814,"height":12}},{"id":"26e86787-e469-4117-a0e1-9cffe012188d","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":33,"box":{"x":61,"y":728,"width":828,"height":11}},{"id":"6024cb79-cccf-47a6-9856-1e420b811ec7","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":33,"box":{"x":62,"y":742,"width":857,"height":12}},{"id":"769179f5-f081-40dd-8a3d-ffcc03b024d1","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":33,"box":{"x":61,"y":757,"width":451,"height":12}},{"id":"c84e9877-a19c-4cf9-9a98-2795f0674b9f","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":33,"box":{"x":62,"y":780,"width":860,"height":11}},{"id":"977dc584-7bc0-41ba-bafe-254ec2e9f97f","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":33,"box":{"x":61,"y":795,"width":848,"height":11}},{"id":"ca1ea63e-f053-4c7c-9974-7a0f7b10ee0a","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":33,"box":{"x":60,"y":809,"width":863,"height":12}},{"id":"39f18ca3-7b9c-435f-bf09-e5446ac838cd","block_type":"box","text":"monthly basis.","page_number":33,"box":{"x":61,"y":825,"width":105,"height":11}},{"id":"c64b7fe0-dc95-4b1d-a340-129ffb167526","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":33,"box":{"x":61,"y":847,"width":420,"height":13}},{"id":"976f0992-cf69-47be-a326-b1e16c085475","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":33,"box":{"x":62,"y":864,"width":865,"height":11}},{"id":"6dc29031-c12a-4753-9f22-f04b302d71cb","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":33,"box":{"x":60,"y":878,"width":858,"height":12}},{"id":"b193fd69-a4f0-4164-81f9-586fffbfdd8d","block_type":"box","text":"The charge will apply to the lesser of the original cost of shares being redeemed or the proceeds of your redemption.","page_number":33,"box":{"x":60,"y":893,"width":859,"height":12}},{"id":"2af74eb1-d091-41d4-8751-e691f1d4f92a","block_type":"box","text":"When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales charge is","page_number":33,"box":{"x":60,"y":908,"width":854,"height":12}},{"id":"0e4a2ba5-5c36-42ea-a956-20d1ef8870e7","block_type":"box","text":"33","page_number":33,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"94e7301d-7708-4ada-8763-efd76d8d62a3","block_type":"box","text":"NM0926U-5975797-33/72","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"bf612086-ee2c-4467-bc60-1a5cf1ddc528","block_type":"box","text":"charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition, you will","page_number":34,"box":{"x":61,"y":46,"width":853,"height":11}},{"id":"2c6ab41e-e302-48e3-8efe-7dba87ec2282","block_type":"box","text":"not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of Fund","page_number":34,"box":{"x":61,"y":60,"width":823,"height":12}},{"id":"91686066-3e28-471b-a547-81b1ab6be7a5","block_type":"box","text":"dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of the","page_number":34,"box":{"x":61,"y":75,"width":861,"height":12}},{"id":"4c235df5-497d-431d-8308-295512962018","block_type":"box","text":"applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":34,"box":{"x":61,"y":90,"width":715,"height":12}},{"id":"ae209e6c-d9ef-468d-9765-6424ce364dd1","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":34,"box":{"x":62,"y":113,"width":864,"height":11}},{"id":"0f05eea2-1073-49e8-8086-41603c7360fa","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":34,"box":{"x":61,"y":127,"width":870,"height":12}},{"id":"47370d75-e4d4-4cc9-a10c-c01d5ff7924f","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":34,"box":{"x":61,"y":142,"width":823,"height":12}},{"id":"e5f3eeb3-b5a1-4919-830f-8c80a064ec0b","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":34,"box":{"x":62,"y":157,"width":847,"height":12}},{"id":"d987efe3-ce59-4297-a6dd-a930064b2ce3","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":34,"box":{"x":61,"y":172,"width":842,"height":11}},{"id":"f2017339-0eee-4c0f-ac37-b7c37c53b1ca","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":34,"box":{"x":62,"y":187,"width":865,"height":11}},{"id":"898dcb4a-5148-452f-9131-6a8935004cdf","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":34,"box":{"x":61,"y":202,"width":832,"height":11}},{"id":"0f2d9ceb-39fe-4c35-9212-72df56acc9c9","block_type":"box","text":"Intermediary for additional information.","page_number":34,"box":{"x":62,"y":216,"width":285,"height":12}},{"id":"eb63a5ea-dfa6-4cd1-a4b8-951d1c58432b","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":34,"box":{"x":62,"y":239,"width":869,"height":12}},{"id":"da65ff05-bb16-4355-9a1f-2d306e4a7b6c","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":34,"box":{"x":61,"y":254,"width":810,"height":11}},{"id":"f44262be-56ab-46f0-b3e2-75dd8fccf855","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":34,"box":{"x":61,"y":276,"width":861,"height":12}},{"id":"0c0fa9cf-a09b-4f4a-880f-c77eca4ddcd0","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":34,"box":{"x":60,"y":291,"width":817,"height":12}},{"id":"eca3bd05-b401-4356-81eb-871fe5622c16","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":34,"box":{"x":60,"y":314,"width":870,"height":11}},{"id":"f6be00d0-fcd7-436d-ba64-152b6acedec0","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":34,"box":{"x":60,"y":329,"width":870,"height":11}},{"id":"5c676adf-3d06-417a-9d6f-b67e29bad343","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":34,"box":{"x":61,"y":343,"width":867,"height":12}},{"id":"e9cbb21b-a945-421e-bcab-35cfa9279436","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":34,"box":{"x":60,"y":358,"width":849,"height":12}},{"id":"bda7ab12-5978-4fba-83f9-802b276ee335","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":34,"box":{"x":60,"y":373,"width":517,"height":12}},{"id":"768012f6-fcd9-469c-bb0d-dd399edf5785","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":34,"box":{"x":60,"y":396,"width":870,"height":11}},{"id":"6815f1e3-a4ee-451b-b8ea-cf969bb66759","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":34,"box":{"x":61,"y":410,"width":853,"height":12}},{"id":"a40a0fa1-640a-4ea0-8876-8fbf0ba10601","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":34,"box":{"x":62,"y":425,"width":851,"height":12}},{"id":"02b23b5d-47c0-4577-a375-505447db61aa","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":34,"box":{"x":60,"y":440,"width":856,"height":12}},{"id":"266f1728-f5e0-4f00-8382-4d2b91c27f19","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":34,"box":{"x":61,"y":455,"width":850,"height":12}},{"id":"0e6423ba-9122-452c-a62d-9343fc72e988","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":34,"box":{"x":62,"y":470,"width":866,"height":11}},{"id":"6bdd86e3-b78d-4fd8-9cbe-627e6efafb60","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":34,"box":{"x":60,"y":485,"width":782,"height":11}},{"id":"8e1deec6-e7e0-4744-ba71-998b19d823c4","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":34,"box":{"x":62,"y":499,"width":317,"height":12}},{"id":"7a61d2fb-35f8-4fc2-b5b0-dd4ed8d9e8d0","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":34,"box":{"x":61,"y":522,"width":352,"height":13}},{"id":"f7dc7502-df86-4d63-a289-766a9b81595f","block_type":"box","text":"The deferred sales charge relating to Investor A and Investor C Shares may be reduced or waived in certain","page_number":34,"box":{"x":60,"y":539,"width":788,"height":11}},{"id":"de6c9768-7dcb-4cd1-821f-86a876e75da4","block_type":"box","text":"circumstances, such as:","page_number":34,"box":{"x":61,"y":554,"width":177,"height":10}},{"id":"1ea3d4f9-c18f-4872-8e7b-63719d8304d2","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":34,"box":{"x":82,"y":574,"width":824,"height":11}},{"id":"50569b0e-1002-41f4-88f5-1c59a80f7ea1","block_type":"box","text":"investments in the Fund through such plans;","page_number":34,"box":{"x":82,"y":589,"width":324,"height":11}},{"id":"72725f6d-1b65-439d-bdbe-ec84966db540","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":34,"box":{"x":82,"y":608,"width":844,"height":12}},{"id":"8de54bc5-f74b-4621-9cfe-8eee835f91bc","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":34,"box":{"x":82,"y":623,"width":375,"height":12}},{"id":"07a4c65e-0a66-4160-87cc-bb00f466ed7b","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":34,"box":{"x":82,"y":643,"width":826,"height":11}},{"id":"4cec1cfb-f928-4fdd-8afc-3f5cf753842f","block_type":"box","text":"shareholder reaching the age of 72;","page_number":34,"box":{"x":81,"y":658,"width":262,"height":12}},{"id":"564e1ecb-481d-488a-b442-10438c3cc12c","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":34,"box":{"x":82,"y":678,"width":804,"height":11}},{"id":"2abbaf28-f410-472b-987f-62dc948ba345","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":34,"box":{"x":82,"y":698,"width":847,"height":12}},{"id":"110a50e1-93ff-4ce8-a0d2-80a75e33b6cd","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":34,"box":{"x":82,"y":713,"width":834,"height":11}},{"id":"b97ffd9e-f797-42f7-af7b-ba2f004ba604","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":34,"box":{"x":81,"y":728,"width":297,"height":11}},{"id":"801800d4-6c9a-4434-8998-b9ea0168d6fd","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":34,"box":{"x":81,"y":748,"width":847,"height":11}},{"id":"36f43e9d-b479-473d-b06c-4104ace68a53","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":34,"box":{"x":81,"y":762,"width":360,"height":12}},{"id":"ce1b6671-3b95-405f-988d-e3a2f58a347e","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":34,"box":{"x":82,"y":782,"width":525,"height":12}},{"id":"aee11fc9-979d-4b5e-840e-8f0aefee2550","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":34,"box":{"x":81,"y":802,"width":833,"height":12}},{"id":"b56d4cd7-2bd0-4385-bb11-bf7c6ec7f7be","block_type":"box","text":"affiliate;","page_number":34,"box":{"x":81,"y":817,"width":59,"height":11}},{"id":"eb2a1c88-993b-4fbb-b616-0459ef0a53a2","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":34,"box":{"x":82,"y":837,"width":823,"height":12}},{"id":"5ddc74aa-d8e8-4c6c-a3cc-d6b0ffd4a462","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":34,"box":{"x":82,"y":857,"width":732,"height":11}},{"id":"967aa66b-dd76-456a-a295-7f550a1b850c","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":34,"box":{"x":61,"y":880,"width":861,"height":11}},{"id":"0cd3bf1e-bd3b-4cf1-9384-1f1b391792f1","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":34,"box":{"x":60,"y":895,"width":817,"height":11}},{"id":"fe28e0a1-6121-4716-80ea-c8d022a1c4a1","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"935f305b-706e-4260-94e0-7dfbee3809eb","block_type":"box","text":"NM0926U-5975797-34/72","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7bc2b6f0-b223-45f9-90cc-14a297775e50","block_type":"box","text":"More information about existing sales charge reductions and waivers is available free of charge in a clear and","page_number":35,"box":{"x":62,"y":46,"width":805,"height":11}},{"id":"6bb85a1f-682d-4d4c-bf33-3509e21ce75d","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":35,"box":{"x":62,"y":60,"width":857,"height":12}},{"id":"8aae2b74-5f76-4629-bcb8-47072f6f747d","block_type":"box","text":"Institutional Shares","page_number":35,"box":{"x":61,"y":84,"width":161,"height":10}},{"id":"e8ee58c4-74a8-4841-8cd2-44caf1b2679f","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":35,"box":{"x":62,"y":100,"width":864,"height":11}},{"id":"6cf458a4-222e-4f6f-971a-525e8bc0b1d2","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":35,"box":{"x":60,"y":115,"width":865,"height":11}},{"id":"b572276f-6e5d-464a-aa72-3061eb3e3f9e","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":35,"box":{"x":62,"y":129,"width":845,"height":12}},{"id":"02dc0883-13eb-43d7-afff-a97bada6919c","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":35,"box":{"x":61,"y":145,"width":557,"height":11}},{"id":"d8fd1833-25f2-45f8-9b69-08edf93493da","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":35,"box":{"x":62,"y":167,"width":826,"height":11}},{"id":"d1f43920-07ee-48a1-be15-ab7a51b69d2c","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":35,"box":{"x":61,"y":182,"width":838,"height":11}},{"id":"3dbf44b3-28be-49ae-89c3-717d0fc5d176","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":35,"box":{"x":61,"y":196,"width":816,"height":12}},{"id":"67e177f3-7e8a-4bed-8ace-c7952b4107d7","block_type":"box","text":"classes that have different fees and expenses.","page_number":35,"box":{"x":61,"y":211,"width":345,"height":12}},{"id":"c5dbd351-c43b-4273-8a5a-2788c0bf3b5f","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":35,"box":{"x":62,"y":234,"width":421,"height":11}},{"id":"d5c80489-18f1-45a1-a0be-50fae43a8384","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":35,"box":{"x":82,"y":253,"width":854,"height":12}},{"id":"a10837a9-027c-441f-97de-c76ccc0b963c","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":35,"box":{"x":80,"y":269,"width":849,"height":11}},{"id":"a42536f1-ed04-42e8-a677-859504d549d2","block_type":"box","text":"shares;","page_number":35,"box":{"x":81,"y":284,"width":53,"height":10}},{"id":"f9c20edc-ebe2-4356-a61b-81d4a9ec80ce","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":35,"box":{"x":81,"y":303,"width":838,"height":12}},{"id":"b70cac17-fa7b-4855-88e4-0846c31821a8","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":35,"box":{"x":81,"y":318,"width":829,"height":12}},{"id":"87ec6cf1-ef14-49b8-8284-3180017e6c6f","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":35,"box":{"x":82,"y":333,"width":604,"height":12}},{"id":"3b7618d2-4cc5-400d-ba3c-9870d9c8554a","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":35,"box":{"x":81,"y":353,"width":840,"height":12}},{"id":"8f17335b-f1c6-45ea-ac07-13ecea9041c4","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":35,"box":{"x":81,"y":368,"width":853,"height":11}},{"id":"eeab8162-380c-4379-9bbe-579bde28738a","block_type":"box","text":"initial investment of $1,000;","page_number":35,"box":{"x":82,"y":382,"width":207,"height":12}},{"id":"77993213-80eb-4463-acc1-8636ef3503ce","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer benefits plans, such as","page_number":35,"box":{"x":81,"y":403,"width":831,"height":11}},{"id":"2e655c9b-985f-4cfd-9008-5743687cb115","block_type":"box","text":"health savings accounts, and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs or","page_number":35,"box":{"x":82,"y":418,"width":848,"height":11}},{"id":"810715d8-675b-4f35-96c3-b882dc411a9f","block_type":"box","text":"SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies or other","page_number":35,"box":{"x":81,"y":432,"width":803,"height":12}},{"id":"601fe1b1-5785-41bf-9879-fc90a2d8c2cb","block_type":"box","text":"pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which is not","page_number":35,"box":{"x":82,"y":447,"width":823,"height":11}},{"id":"8363ba8d-3187-4193-8791-ab4b517364ad","block_type":"box","text":"subject to any minimum initial investment and may purchase shares of the Fund through a Financial Intermediary","page_number":35,"box":{"x":81,"y":462,"width":831,"height":12}},{"id":"97b1bbab-653a-41bf-9646-1b366fc6cbc5","block_type":"box","text":"that has entered into an agreement with the Distributor to purchase such shares;","page_number":35,"box":{"x":80,"y":477,"width":598,"height":11}},{"id":"767c519a-e6ef-4e44-a1c1-765dc5acaa48","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":35,"box":{"x":81,"y":497,"width":810,"height":11}},{"id":"7694e3a7-fb70-40a2-97e2-187bd55e0adb","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":35,"box":{"x":81,"y":512,"width":812,"height":11}},{"id":"83e1e8fe-e14d-43bb-9ea1-710d5c20676a","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":35,"box":{"x":81,"y":526,"width":719,"height":12}},{"id":"5af4bc38-13ee-4462-81b7-c47980950bab","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":35,"box":{"x":82,"y":546,"width":799,"height":12}},{"id":"dcd78005-a22d-4bca-9b85-2ebc4d749d1b","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":35,"box":{"x":82,"y":561,"width":794,"height":12}},{"id":"211c11b2-1b5f-445d-a17d-85ba5068e8c7","block_type":"box","text":"investment;","page_number":35,"box":{"x":82,"y":576,"width":83,"height":11}},{"id":"144e966d-e403-4e57-b4fe-497d40afa327","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":35,"box":{"x":82,"y":596,"width":805,"height":12}},{"id":"2bd0bddf-1be6-431a-a1d6-e4311282fb12","block_type":"box","text":"respective affiliates and immediate family members of such persons;","page_number":35,"box":{"x":82,"y":611,"width":507,"height":11}},{"id":"49279690-e6f8-412b-9f03-124be1aebd18","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":35,"box":{"x":81,"y":631,"width":836,"height":11}},{"id":"e45c3083-671b-4bcb-bfd2-cbfc0a5d0ecf","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":35,"box":{"x":81,"y":646,"width":851,"height":11}},{"id":"535371d3-fa75-4d68-a3c8-5537c2e681a1","block_type":"box","text":"of such persons; and","page_number":35,"box":{"x":81,"y":661,"width":154,"height":11}},{"id":"862b6ffc-a7ac-4ef5-b897-7bbfb429b06a","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":35,"box":{"x":81,"y":681,"width":816,"height":11}},{"id":"12d25dfe-5e1b-40a7-b430-29950d7ece48","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":35,"box":{"x":82,"y":695,"width":851,"height":12}},{"id":"5d1908cc-1369-4dc4-9c5c-0229747cb159","block_type":"box","text":"the Fund on an omnibus basis.","page_number":35,"box":{"x":80,"y":710,"width":227,"height":9}},{"id":"d49d9865-8fa5-4d7e-a3b3-a5c699da8e24","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":35,"box":{"x":60,"y":733,"width":620,"height":11}},{"id":"fa027102-9ebe-4816-81bb-19a1dc7cadf6","block_type":"box","text":"Class R Shares","page_number":35,"box":{"x":61,"y":756,"width":124,"height":10}},{"id":"d0a11356-2cbf-49da-a7a7-c9ea1e5fdcaa","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored retirement plans. For this purpose, employer","page_number":35,"box":{"x":61,"y":772,"width":810,"height":11}},{"id":"881a957c-1466-4c2c-96c9-7f22072a8fa1","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs. If you buy Class R Shares, you will pay","page_number":35,"box":{"x":61,"y":787,"width":873,"height":11}},{"id":"0e419249-8e91-49e0-a6bd-cb83d3dbd603","block_type":"box","text":"neither an initial sales charge nor a CDSC. However, Class R Shares are subject to a distribution fee of 0.25% per year","page_number":35,"box":{"x":61,"y":802,"width":874,"height":11}},{"id":"32a68970-0dad-4409-9d23-b637e43bcfba","block_type":"box","text":"and a service fee of 0.25% per year. Because these fees are paid out of the Fund’s assets on an ongoing basis, over","page_number":35,"box":{"x":61,"y":817,"width":863,"height":11}},{"id":"d1fad675-c11f-4bf6-b48a-a10c10bc235d","block_type":"box","text":"time these fees increase the cost of your investment and may cost you more than paying other types of sales charges.","page_number":35,"box":{"x":60,"y":831,"width":873,"height":12}},{"id":"b5d1b35f-6863-43d7-a0c4-a196b9f820b5","block_type":"box","text":"Class R Shares do not offer a conversion privilege.","page_number":35,"box":{"x":61,"y":854,"width":371,"height":12}},{"id":"b521cb7c-db45-4e78-bebe-7e77daa09858","block_type":"box","text":"The Distributor currently pays the annual Class R Shares distribution fee and annual Class R Shares service fee to","page_number":35,"box":{"x":60,"y":876,"width":843,"height":12}},{"id":"a718868a-fde5-4f78-b465-6532d2f27f17","block_type":"box","text":"dealers as an ongoing concession and as a shareholder servicing fee, respectively, on a monthly basis.","page_number":35,"box":{"x":61,"y":891,"width":759,"height":12}},{"id":"5efb423c-e9fc-480b-8ae0-daa27c79fd6a","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"62f48bea-87d3-46a9-8cff-50dfd52c3af2","block_type":"box","text":"NM0926U-5975797-35/72","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4aa730df-19a5-4b23-b86a-8dc0a164ca68","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":36,"box":{"x":61,"y":47,"width":442,"height":13}},{"id":"b026820e-63e7-4859-a23c-0dd10e7a886e","block_type":"box","text":"Plan Payments","page_number":36,"box":{"x":61,"y":73,"width":122,"height":13}},{"id":"d78ffe09-2fb8-4574-94ec-72c1ce9167d2","block_type":"box","text":"The Corporation, on behalf of the Fund, has adopted plans (the “Plans”) pursuant to Rule 12b-1 under the Investment","page_number":36,"box":{"x":60,"y":89,"width":866,"height":12}},{"id":"68780f1b-c683-4e5f-bdc4-97988e261dfc","block_type":"box","text":"Company Act with respect to the Investor Shares and Class R Shares that allow the Fund to pay distribution fees for","page_number":36,"box":{"x":61,"y":104,"width":852,"height":12}},{"id":"d80ca53f-e3f6-4691-bb13-67033df35759","block_type":"box","text":"the sale of its shares and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":36,"box":{"x":60,"y":119,"width":776,"height":12}},{"id":"76f034c9-6185-4795-aecc-c5f871a85eab","block_type":"box","text":"Under the Plans, Investor C and Class R Shares pay a distribution fee to the Distributor and/or its affiliates for","page_number":36,"box":{"x":62,"y":142,"width":813,"height":11}},{"id":"4b3ec317-d1eb-4858-8295-c80d4d4bd843","block_type":"box","text":"distribution and sales support services. The distribution fees may be used to pay the Distributor for distribution and","page_number":36,"box":{"x":61,"y":156,"width":851,"height":12}},{"id":"bface083-f649-40ef-81c0-671f5ab15f50","block_type":"box","text":"sales support services and to pay the Distributor and BlackRock and its affiliates for sales support services provided","page_number":36,"box":{"x":61,"y":171,"width":864,"height":12}},{"id":"7c538ad8-6e28-4f95-8991-c1f4914560d8","block_type":"box","text":"and related expenses incurred in connection with the sale of Investor C and Class R Shares. The distribution fees may","page_number":36,"box":{"x":61,"y":186,"width":870,"height":12}},{"id":"1e4a3062-0c90-4da0-82a0-1a97736481c5","block_type":"box","text":"also be used to pay Financial Intermediaries for sales support services and related expenses. All Investor C and Class","page_number":36,"box":{"x":61,"y":201,"width":871,"height":11}},{"id":"487b8669-bc25-4133-b526-e385ff4ccd24","block_type":"box","text":"R Shares pay a maximum distribution fee per year that is a percentage of the average daily net asset value of the","page_number":36,"box":{"x":62,"y":216,"width":832,"height":11}},{"id":"b9df6c64-ff0e-421c-83cd-fc36ff84573e","block_type":"box","text":"Investor C and Class R Shares of the Fund. Institutional and Investor A Shares do not pay distribution fees.","page_number":36,"box":{"x":62,"y":231,"width":785,"height":11}},{"id":"f2de6057-1d39-47ce-b8b0-7b35d451aaf7","block_type":"box","text":"Under the Plans, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison","page_number":36,"box":{"x":62,"y":253,"width":814,"height":12}},{"id":"894fff7b-455b-44d1-a8c3-81b96b53c32d","block_type":"box","text":"services fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares of","page_number":36,"box":{"x":61,"y":268,"width":876,"height":12}},{"id":"d4af0380-1584-4506-a7b7-db8dc43509d6","block_type":"box","text":"the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":36,"box":{"x":60,"y":283,"width":867,"height":11}},{"id":"8dc658d3-0f45-42ac-9d22-6b833a676ebb","block_type":"box","text":"Investor A, Investor C and Class R Shares of the Fund. All Investor Shares pay this shareholder servicing fee.","page_number":36,"box":{"x":62,"y":298,"width":799,"height":11}},{"id":"a4eb2d1d-17be-4f0d-8e02-a9a4cd61dbc4","block_type":"box","text":"Institutional Shares do not pay a shareholder servicing fee.","page_number":36,"box":{"x":62,"y":312,"width":433,"height":12}},{"id":"cedfd55e-fd29-4e6e-abb0-3f883711f20f","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":36,"box":{"x":62,"y":335,"width":859,"height":12}},{"id":"1a045275-5bf8-4b1f-aeb8-286b52956dfe","block_type":"box","text":"the following services to their customers who own Investor A, Investor C and Class R Shares:","page_number":36,"box":{"x":60,"y":350,"width":684,"height":11}},{"id":"7dd6eaa8-7fa5-44ea-a4b2-757a0a09161f","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":36,"box":{"x":81,"y":370,"width":848,"height":11}},{"id":"07769929-a22e-4148-ab13-6ad4d9c09739","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":36,"box":{"x":82,"y":385,"width":811,"height":11}},{"id":"8b39f9a4-58cf-4ed2-a95b-d737f6f1cbfe","block_type":"box","text":"investments;","page_number":36,"box":{"x":82,"y":400,"width":92,"height":10}},{"id":"3c7644e4-8a72-4352-bb2b-f1ad18d3df7b","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":36,"box":{"x":81,"y":420,"width":801,"height":11}},{"id":"b084ffce-1434-4cdd-bc51-77cf6f29daed","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":36,"box":{"x":81,"y":440,"width":379,"height":11}},{"id":"e9083af3-9b5a-4c4a-ab0c-b4da39b23d37","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plans are paid to compensate Financial Intermediaries for the","page_number":36,"box":{"x":60,"y":462,"width":864,"height":12}},{"id":"48b14cf9-82c0-4f60-a042-1b5e6afed145","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":36,"box":{"x":61,"y":477,"width":848,"height":11}},{"id":"132cacb4-6714-49dd-8b68-15936d00818d","block_type":"box","text":"sale of the Fund’s shares.","page_number":36,"box":{"x":61,"y":492,"width":191,"height":9}},{"id":"4e0d7342-7b37-43df-8382-297116a5ad7a","block_type":"box","text":"Because the fees paid by the Fund under the Plans are paid out of Fund assets on an ongoing basis, over time these","page_number":36,"box":{"x":62,"y":514,"width":859,"height":12}},{"id":"fd61d5a1-49dc-40a2-a882-6c01e14e5d6b","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":36,"box":{"x":60,"y":529,"width":836,"height":12}},{"id":"bd39fc88-2277-4b6e-8642-d3a876929b70","block_type":"box","text":"addition, the distribution fees paid by Investor C and Class R Shares may over time cost investors more than the front","page_number":36,"box":{"x":61,"y":544,"width":871,"height":11}},{"id":"661008e2-1594-4a70-be53-10db272d9ce8","block_type":"box","text":"end sales charge on Investor A Shares.","page_number":36,"box":{"x":61,"y":559,"width":287,"height":11}},{"id":"9ab328a1-f500-4100-88cb-8f733a18b8dd","block_type":"box","text":"For more information on the Plans, including a complete list of services provided thereunder, see the SAI.","page_number":36,"box":{"x":62,"y":581,"width":774,"height":12}},{"id":"b37681ef-fb0b-45b2-8a2e-8d04bd5ef702","block_type":"box","text":"Other Payments by the Fund","page_number":36,"box":{"x":61,"y":604,"width":233,"height":13}},{"id":"0a9e64cf-91f4-4b2d-8aba-8812572a777e","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plans and fees the Fund pays to","page_number":36,"box":{"x":62,"y":621,"width":860,"height":11}},{"id":"e30fda56-3e57-4ad5-a377-b7a40c30346b","block_type":"box","text":"its transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":36,"box":{"x":62,"y":635,"width":867,"height":12}},{"id":"bf16df90-60d6-4d12-a9c8-b506575fc6c4","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":36,"box":{"x":61,"y":650,"width":874,"height":12}},{"id":"eaf0611c-00ff-4d21-9574-4dcabfcff7db","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":36,"box":{"x":60,"y":665,"width":843,"height":12}},{"id":"21f9aa9d-bcba-4504-b378-f591c2edb168","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":36,"box":{"x":61,"y":680,"width":862,"height":11}},{"id":"471ccd79-99bf-4a27-9cb4-610e3c357c0b","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":36,"box":{"x":61,"y":695,"width":815,"height":11}},{"id":"a09de92d-fd1d-4f8d-8c0d-f251a4cc3e74","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":36,"box":{"x":61,"y":710,"width":791,"height":11}},{"id":"fff34834-f772-48a8-915d-ae9212ff26ba","block_type":"box","text":"Other Payments by BlackRock","page_number":36,"box":{"x":61,"y":733,"width":252,"height":12}},{"id":"94e9aeda-1ed3-4b2b-8c76-7bf2f2cb4728","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":36,"box":{"x":62,"y":749,"width":851,"height":11}},{"id":"baabb8ed-f6f8-4bf5-940d-abf1a78f1831","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":36,"box":{"x":61,"y":764,"width":843,"height":11}},{"id":"e462c128-6d05-44a6-9299-0f2457146b8e","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":36,"box":{"x":60,"y":778,"width":853,"height":12}},{"id":"3191a467-3c86-43e2-80df-c5374805d0b4","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":36,"box":{"x":61,"y":793,"width":866,"height":12}},{"id":"9211d41e-a7bb-4931-af64-fa7e38403ffa","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":36,"box":{"x":60,"y":808,"width":839,"height":12}},{"id":"fc2b9343-a1a1-4c7f-99ad-7aa0c3255cc4","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":36,"box":{"x":61,"y":823,"width":860,"height":12}},{"id":"ac6939e2-917e-4411-807b-cf0139f9ae61","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":36,"box":{"x":61,"y":838,"width":841,"height":11}},{"id":"c5ed57ee-0889-4058-aecb-460677e833a3","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":36,"box":{"x":61,"y":853,"width":856,"height":11}},{"id":"05d22d93-753a-472b-b861-84695ef063a3","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":36,"box":{"x":61,"y":867,"width":813,"height":12}},{"id":"8495865e-94d7-4160-92f9-3d54bc6453ec","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":36,"box":{"x":62,"y":882,"width":415,"height":12}},{"id":"e12db72b-c48f-4bf8-bdda-2d21e3f122c5","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"661c2450-a71b-47ab-b34b-b30108398168","block_type":"box","text":"NM0926U-5975797-36/72","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f508b2e5-0eec-4329-8993-1f8426d3df10","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":37,"box":{"x":61,"y":46,"width":869,"height":11}},{"id":"ee5e733d-6961-449c-bc6c-e4cd2f650ba3","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":37,"box":{"x":60,"y":60,"width":495,"height":11}},{"id":"ae7343e4-bf99-49bf-a40c-2430d109aa78","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":37,"box":{"x":61,"y":99,"width":434,"height":14}},{"id":"5b72ecfc-2e9b-48d6-b040-e61def066f7d","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":37,"box":{"x":60,"y":126,"width":846,"height":11}},{"id":"773f0cd4-e581-4fd7-b29f-815c62647f12","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":37,"box":{"x":62,"y":140,"width":857,"height":12}},{"id":"dcf8e209-928b-4a78-bd0c-ec11a5e26767","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":37,"box":{"x":60,"y":155,"width":809,"height":12}},{"id":"61f1edd1-8085-453d-a850-7af25546708b","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":37,"box":{"x":61,"y":170,"width":847,"height":11}},{"id":"a7382899-1a34-4c2d-939d-cd35d349d3da","block_type":"box","text":"may help you with this decision.","page_number":37,"box":{"x":61,"y":185,"width":232,"height":11}},{"id":"1582bf79-0038-4364-b84f-0953b477a39b","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":37,"box":{"x":60,"y":208,"width":867,"height":11}},{"id":"519fd9f5-1311-4e2a-aef0-98653b24d5f1","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":37,"box":{"x":61,"y":222,"width":858,"height":12}},{"id":"1a3990fb-7863-4719-9541-2e35f02e7034","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":37,"box":{"x":62,"y":237,"width":845,"height":12}},{"id":"ba0ea814-2de7-4c21-ad82-9a74fd88821e","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":37,"box":{"x":61,"y":252,"width":860,"height":11}},{"id":"5d62053c-5af9-491c-9015-a142f1c4f7fd","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":37,"box":{"x":60,"y":267,"width":868,"height":11}},{"id":"fd40c364-b161-451b-b8d1-069d386972c6","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":37,"box":{"x":61,"y":282,"width":863,"height":11}},{"id":"73f3549b-955a-471f-9f4e-ccafe290832a","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":37,"box":{"x":61,"y":296,"width":787,"height":12}},{"id":"100ec423-911a-474a-b2ec-a417abee4e5d","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":37,"box":{"x":62,"y":311,"width":857,"height":12}},{"id":"ed795f0f-959a-43a0-bb5a-0ee55b56622a","block_type":"box","text":"restricted from making additional investments.","page_number":37,"box":{"x":61,"y":326,"width":341,"height":12}},{"id":"9285a375-6cfa-4a7d-aef0-b6cce2d1f1bb","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":37,"box":{"x":60,"y":349,"width":861,"height":11}},{"id":"80c19177-28fe-4848-9a9f-118a09608fa4","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":37,"box":{"x":60,"y":363,"width":856,"height":12}},{"id":"6c115f39-fd4f-4a0d-b8ca-e7c1ed9f3db4","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":37,"box":{"x":61,"y":378,"width":822,"height":12}},{"id":"5fac04a0-e596-4211-85ee-4171fd4d6680","block_type":"box","text":"described below.","page_number":37,"box":{"x":61,"y":393,"width":121,"height":9}},{"id":"600830b3-07d5-4ebd-b589-9e0c0c09504b","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":37,"box":{"x":62,"y":416,"width":797,"height":11}},{"id":"00b1308f-1ddb-469f-b544-cb27c1414e87","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":37,"box":{"x":61,"y":430,"width":487,"height":12}},{"id":"26ae70b6-8fda-4acb-a4d9-6176fdf2b26e","block_type":"box","text":"How to Buy Shares","page_number":37,"box":{"x":61,"y":454,"width":156,"height":12}},{"id":"247f0502-59f6-4ca2-b89b-20a7e037ebd5","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":476,"width":478,"height":8}},{"id":"8db328bf-e553-4365-b6e9-a5b9ea7350ed","block_type":"box","text":"Initial Purchase","page_number":37,"box":{"x":61,"y":493,"width":105,"height":8}},{"id":"b18f8da7-8480-4d78-a719-0c69ec49d126","block_type":"box","text":"First, select the share class","page_number":37,"box":{"x":214,"y":493,"width":183,"height":9}},{"id":"ff7662f1-e4d9-4b7e-99cd-55c7659014a6","block_type":"box","text":"appropriate for you","page_number":37,"box":{"x":214,"y":506,"width":123,"height":10}},{"id":"827c63df-4492-42b0-86a2-f8c3f1a0543e","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":37,"box":{"x":461,"y":493,"width":458,"height":10}},{"id":"8bbd2bd3-9e24-4876-80f8-6579fde53fe7","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":37,"box":{"x":461,"y":506,"width":435,"height":10}},{"id":"0d243f77-d992-4fdb-bcc0-2d1b261086ce","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":37,"box":{"x":461,"y":520,"width":444,"height":10}},{"id":"a97e83f5-8d29-4322-8bd3-fad5c997830c","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":37,"box":{"x":461,"y":533,"width":426,"height":10}},{"id":"13cc3fab-c6cf-44fb-9ff0-158ff99df475","block_type":"box","text":"Shares, you will receive Investor A Shares).","page_number":37,"box":{"x":461,"y":547,"width":284,"height":10}},{"id":"1aab99bf-11c2-4100-8f9d-4ffe1281f480","block_type":"box","text":"Certain factors, such as the amount of your investment, your time","page_number":37,"box":{"x":461,"y":563,"width":435,"height":10}},{"id":"5e58cb78-2d9b-4b97-bd96-0420acf689df","block_type":"box","text":"frame for investing and your financial goals, may affect which share","page_number":37,"box":{"x":460,"y":576,"width":446,"height":11}},{"id":"88ec859b-9388-45f9-b14e-aaa888a4b519","block_type":"box","text":"class you choose. Your Financial Intermediary can help you determine","page_number":37,"box":{"x":461,"y":590,"width":460,"height":10}},{"id":"5139828d-3c79-4244-a6d9-e38d6e7795a3","block_type":"box","text":"which share class is appropriate for you.","page_number":37,"box":{"x":460,"y":603,"width":267,"height":11}},{"id":"ac280b53-7e7e-46b1-a580-363b4dbf50d8","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored","page_number":37,"box":{"x":461,"y":620,"width":426,"height":10}},{"id":"03d50a16-9575-41bd-aa03-de38cfaaa168","block_type":"box","text":"retirement plans.","page_number":37,"box":{"x":461,"y":633,"width":111,"height":10}},{"id":"85338840-19b2-4644-98fe-fa6c52c13219","block_type":"box","text":"Next, determine the amount of","page_number":37,"box":{"x":214,"y":651,"width":203,"height":10}},{"id":"d5ec2727-9dc8-452f-9af8-5c1ff4a06fe5","block_type":"box","text":"your investment","page_number":37,"box":{"x":213,"y":665,"width":105,"height":10}},{"id":"2c7aa663-dc64-4d0c-9b89-f400054d21c4","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":37,"box":{"x":461,"y":651,"width":440,"height":8}},{"id":"6c09c808-1f55-46f8-a1fe-9df0567ef3f3","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":37,"box":{"x":461,"y":665,"width":418,"height":10}},{"id":"af0f45d0-44d6-46b3-b0ec-e757bbc80ff1","block_type":"box","text":"investment amounts in Investor C Shares.","page_number":37,"box":{"x":461,"y":678,"width":276,"height":9}},{"id":"6f6a2533-267a-4675-bbb9-46ca882962ec","block_type":"box","text":"See “Account Information — Details About the Share Classes” for","page_number":37,"box":{"x":461,"y":694,"width":437,"height":9}},{"id":"cff9ccdd-d107-4bb8-b94f-d8646f618511","block_type":"box","text":"information on a lower initial investment requirement for certain Fund","page_number":37,"box":{"x":461,"y":708,"width":457,"height":10}},{"id":"c2d90b2c-6fab-4741-851e-d6e93c393e84","block_type":"box","text":"investors if their purchase, combined with purchases by other investors","page_number":37,"box":{"x":461,"y":721,"width":471,"height":11}},{"id":"554df819-079e-4734-a28a-97dda84b24ea","block_type":"box","text":"received together by the Fund, meets the minimum investment","page_number":37,"box":{"x":461,"y":735,"width":413,"height":10}},{"id":"992c7c6e-05ef-4248-bdc1-cf8675638101","block_type":"box","text":"requirement.","page_number":37,"box":{"x":461,"y":749,"width":82,"height":10}},{"id":"9bb3b8d5-e4e1-474a-a636-e2f323b9cbf9","block_type":"box","text":"Have your Financial Intermediary","page_number":37,"box":{"x":214,"y":767,"width":215,"height":10}},{"id":"b09abf59-e4fc-45b2-88e0-69f20061f05e","block_type":"box","text":"submit your purchase order","page_number":37,"box":{"x":214,"y":780,"width":181,"height":10}},{"id":"a312cf01-42a9-40c7-a9bd-f57988db0381","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":37,"box":{"x":460,"y":767,"width":466,"height":10}},{"id":"bfa6300c-ec99-4751-9065-1ad1c73aadb4","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":37,"box":{"x":461,"y":780,"width":463,"height":10}},{"id":"644ad3b0-4dd2-4902-9fef-8abca933f383","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":37,"box":{"x":461,"y":794,"width":443,"height":10}},{"id":"c4b6774d-5f35-41f1-87d7-8e35845a8027","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":37,"box":{"x":461,"y":807,"width":445,"height":11}},{"id":"5e409ec4-9fff-4fb9-a119-cd4a5cc3a236","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":37,"box":{"x":461,"y":821,"width":435,"height":10}},{"id":"fbded9c7-34d9-4661-9a95-c5596fefeaf0","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":37,"box":{"x":461,"y":834,"width":469,"height":11}},{"id":"74af9673-98fc-4893-97af-6f389a60799d","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":37,"box":{"x":461,"y":848,"width":429,"height":10}},{"id":"34128864-fd02-43cd-ae81-3069607143d3","block_type":"box","text":"determined on the next business day.","page_number":37,"box":{"x":461,"y":862,"width":247,"height":10}},{"id":"9ce5b3b2-6e25-42e4-b848-2dc1661c2437","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":37,"box":{"x":460,"y":877,"width":468,"height":11}},{"id":"0c4358ee-4f02-4d83-9b3c-20c3e52a96c1","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":37,"box":{"x":460,"y":891,"width":470,"height":10}},{"id":"1577fee3-6858-42d1-9adc-f0a3319be690","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":37,"box":{"x":460,"y":904,"width":471,"height":11}},{"id":"a53dda37-382a-439f-b024-6b16c2e7dbbd","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"bf928bf0-e5ad-4fff-8217-4bfc0f39a380","block_type":"box","text":"NM0926U-5975797-37/72","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4d403bc1-9f97-4223-84db-41958cf0b653","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":"f71d3fbd-6984-4de9-ad2b-b5ade4adee9c","block_type":"box","text":"Initial Purchase","page_number":38,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"7892da59-49a4-4f65-a90b-951bb632dbd7","block_type":"box","text":"(continued)","page_number":38,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"3ab05a05-a58f-4f41-bacc-249db7e8d0ff","block_type":"box","text":"Have your Financial Intermediary","page_number":38,"box":{"x":214,"y":67,"width":215,"height":10}},{"id":"c58f6954-0e8a-401a-8b90-b54bddcc31ab","block_type":"box","text":"submit your purchase order","page_number":38,"box":{"x":214,"y":81,"width":181,"height":10}},{"id":"eb8203e9-9718-42a3-9aa5-08870d9c0461","block_type":"box","text":"(continued)","page_number":38,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"7565fd1a-632d-40d8-8e92-a5e1b9ebbf4a","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":38,"box":{"x":460,"y":67,"width":434,"height":10}},{"id":"2607af96-1cb7-45d1-9230-538c5a027779","block_type":"box","text":"table.","page_number":38,"box":{"x":460,"y":81,"width":36,"height":8}},{"id":"d1db03ad-88eb-48a5-b0c4-ce5f306ea5a3","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":38,"box":{"x":460,"y":97,"width":473,"height":10}},{"id":"a4e4635e-52f7-4b86-857a-07cff8659e0d","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":38,"box":{"x":461,"y":110,"width":453,"height":11}},{"id":"dece2cee-e4a5-49b8-af81-e2130de08fe2","block_type":"box","text":"processing fee to confirm a purchase.","page_number":38,"box":{"x":461,"y":124,"width":249,"height":10}},{"id":"98f676e8-5415-476e-99ad-312c1b953e00","block_type":"box","text":"Or contact BlackRock (for","page_number":38,"box":{"x":214,"y":142,"width":167,"height":10}},{"id":"e6eb0330-d06e-4355-ba4b-286041b2d55e","block_type":"box","text":"accounts held directly with","page_number":38,"box":{"x":214,"y":156,"width":173,"height":10}},{"id":"d8b4b649-3c96-463f-a043-9ee5327635c3","block_type":"box","text":"BlackRock)","page_number":38,"box":{"x":214,"y":169,"width":71,"height":10}},{"id":"ac213f85-dfb9-4f21-8179-180bfb30b28d","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":38,"box":{"x":460,"y":142,"width":461,"height":10}},{"id":"31d2a83a-89e8-4096-b857-164e35ec6ac3","block_type":"box","text":"request a new account application. Mail the completed application","page_number":38,"box":{"x":461,"y":156,"width":438,"height":10}},{"id":"60b9e2da-208d-4cce-b17b-dd979f871a21","block_type":"box","text":"along with a check payable to “BlackRock Funds” to the Transfer Agent","page_number":38,"box":{"x":461,"y":169,"width":468,"height":10}},{"id":"0e05eea0-f433-4591-9e40-cb5f2ae0b7d1","block_type":"box","text":"at the address on the application. The Fund limits purchases by","page_number":38,"box":{"x":461,"y":183,"width":421,"height":10}},{"id":"10a5fae5-1bf5-41dd-86f0-92f9bddbd2b8","block_type":"box","text":"personal check to $500,000 per trade.","page_number":38,"box":{"x":461,"y":196,"width":257,"height":10}},{"id":"1536660d-24e8-4ff9-8c9a-57f4580fbc5b","block_type":"box","text":"Add to Your","page_number":38,"box":{"x":60,"y":214,"width":78,"height":8}},{"id":"9ea56a87-f94c-42f1-b16b-e4dd63129faf","block_type":"box","text":"Investment","page_number":38,"box":{"x":61,"y":226,"width":75,"height":8}},{"id":"0fde13a9-e5bf-46b5-915e-c99f56b64969","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":38,"box":{"x":214,"y":214,"width":683,"height":10}},{"id":"fc13de2f-1ba8-4a9d-b96f-c462917c0408","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":38,"box":{"x":461,"y":227,"width":415,"height":11}},{"id":"77c36d8a-b2d0-4742-a180-df5341981551","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":38,"box":{"x":461,"y":241,"width":455,"height":11}},{"id":"aec8acff-c78a-4565-b906-1474f55d7a61","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":38,"box":{"x":461,"y":255,"width":445,"height":10}},{"id":"bdf691ee-1614-4564-826d-25435b4ea705","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":38,"box":{"x":461,"y":269,"width":436,"height":10}},{"id":"5e4594d1-a679-4118-8d96-b58df4ae2a87","block_type":"box","text":"Institutional Shares and Class R Shares have no minimum for","page_number":38,"box":{"x":461,"y":282,"width":408,"height":8}},{"id":"d238d31a-accc-4a32-a978-b7f72c7a8ba3","block_type":"box","text":"additional purchases.","page_number":38,"box":{"x":461,"y":296,"width":140,"height":9}},{"id":"89f18d18-e92b-43ca-9b01-d7d3a86defcf","block_type":"box","text":"Have your Financial Intermediary","page_number":38,"box":{"x":214,"y":314,"width":215,"height":10}},{"id":"40b4f6b7-edaa-4ac2-a14a-612c857263e5","block_type":"box","text":"submit your purchase order for","page_number":38,"box":{"x":214,"y":327,"width":203,"height":10}},{"id":"21ad88c0-3090-4492-b2e7-384202b4f77d","block_type":"box","text":"additional shares","page_number":38,"box":{"x":214,"y":341,"width":113,"height":8}},{"id":"15a22d5e-2fe5-4220-b6d4-9bbf474e1d79","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":38,"box":{"x":460,"y":314,"width":409,"height":10}},{"id":"c29681c2-258f-474d-8701-53e548ffae73","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":38,"box":{"x":461,"y":327,"width":444,"height":10}},{"id":"d39eda32-aceb-4ad3-998f-8dec977e4b66","block_type":"box","text":"Or contact BlackRock (for","page_number":38,"box":{"x":214,"y":359,"width":167,"height":10}},{"id":"9fb6d842-359a-40e2-bbb7-e3d687f0c26e","block_type":"box","text":"accounts held directly with","page_number":38,"box":{"x":214,"y":372,"width":173,"height":10}},{"id":"cfdac3f4-0864-4dca-a4a0-570759ae4623","block_type":"box","text":"BlackRock)","page_number":38,"box":{"x":214,"y":386,"width":71,"height":10}},{"id":"c3d6737f-9bc1-4043-9e87-5922b751efc8","block_type":"box","text":"Purchase by Telephone:","page_number":38,"box":{"x":461,"y":359,"width":158,"height":10}},{"id":"54eadfce-fa76-49cc-9808-9df1081160b6","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":38,"box":{"x":625,"y":359,"width":288,"height":10}},{"id":"34f50b45-29d1-4be8-9285-fbe2cd502a06","block_type":"box","text":"our representatives. The Fund has the right to reject any telephone","page_number":38,"box":{"x":461,"y":372,"width":440,"height":10}},{"id":"2ec02700-b1f8-488a-a7aa-c693fa20ad34","block_type":"box","text":"request for any reason.","page_number":38,"box":{"x":461,"y":386,"width":152,"height":10}},{"id":"41957727-800b-4c95-b7a0-4e9a74ad319a","block_type":"box","text":"Purchase in Writing:","page_number":38,"box":{"x":461,"y":402,"width":135,"height":10}},{"id":"adf19755-4b25-4dde-8d8a-b34614db8b2c","block_type":"box","text":"You may send a written request to BlackRock at","page_number":38,"box":{"x":602,"y":402,"width":316,"height":10}},{"id":"6073fed4-a423-444a-b466-763118d8a41a","block_type":"box","text":"the address on the back cover of this prospectus.","page_number":38,"box":{"x":460,"y":415,"width":329,"height":10}},{"id":"f9b1d32e-58a1-4cf0-ba6a-8b37fe0067c9","block_type":"box","text":"Purchase by VRU:","page_number":38,"box":{"x":461,"y":432,"width":119,"height":10}},{"id":"e066b4c6-cff3-4017-a50b-43e9e6bf7476","block_type":"box","text":"Investor Shares may also be purchased by use of","page_number":38,"box":{"x":587,"y":431,"width":326,"height":11}},{"id":"697bf534-8bb4-49e2-85ee-badf6255b5d2","block_type":"box","text":"the Fund’s automated voice response unit (“VRU”) service at","page_number":38,"box":{"x":460,"y":445,"width":404,"height":10}},{"id":"d05eed1c-2886-47e9-b093-2bcdc6c6a1e4","block_type":"box","text":"(800) 441-7762.","page_number":38,"box":{"x":461,"y":459,"width":110,"height":10}},{"id":"cc720c8c-3e0d-4e71-b2b9-ee7d48d784e1","block_type":"box","text":"Purchase by Internet:","page_number":38,"box":{"x":461,"y":475,"width":144,"height":10}},{"id":"1dd618cf-a715-46fc-b7ea-031d8546d006","block_type":"box","text":"You may purchase your shares and view activity","page_number":38,"box":{"x":611,"y":475,"width":314,"height":10}},{"id":"aa8ac294-442b-4a8f-b8af-0676a05a873c","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":38,"box":{"x":461,"y":488,"width":374,"height":11}},{"id":"d255b061-84d6-48ac-bf17-212ecdf5febc","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":38,"box":{"x":460,"y":502,"width":416,"height":10}},{"id":"9bb5c244-c84a-4669-94e4-ff088a7d70d4","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":38,"box":{"x":460,"y":515,"width":450,"height":11}},{"id":"0897831a-3d20-434c-89de-15ad9a761edd","block_type":"box","text":"day after the purchase is made.","page_number":38,"box":{"x":461,"y":529,"width":209,"height":10}},{"id":"290172a4-74d5-4a3e-b69a-dba1795ddfa0","block_type":"box","text":"Certain institutional clients’ purchase orders of Institutional Shares","page_number":38,"box":{"x":461,"y":545,"width":445,"height":10}},{"id":"388f9f1f-b516-4834-894e-733e936ba9a1","block_type":"box","text":"placed by wire prior to the close of business on the NYSE will be priced","page_number":38,"box":{"x":461,"y":558,"width":469,"height":11}},{"id":"274ed07e-0f8c-4373-9e9e-4f5cf567e867","block_type":"box","text":"at the net asset value determined that day. Contact your Financial","page_number":38,"box":{"x":461,"y":572,"width":434,"height":10}},{"id":"ff11b848-f31b-4526-a1bc-26c8b2eb25c8","block_type":"box","text":"Intermediary or BlackRock for further information. The Fund limits","page_number":38,"box":{"x":461,"y":585,"width":433,"height":11}},{"id":"99ce4c92-3e4b-47a7-a4cb-15cbadc67219","block_type":"box","text":"Internet purchases in shares of the Fund to $100,000 per account per","page_number":38,"box":{"x":461,"y":598,"width":467,"height":11}},{"id":"cb86fe5f-2a0e-41bb-8a69-f20448c349b4","block_type":"box","text":"day. Different maximums may apply to certain institutional investors.","page_number":38,"box":{"x":461,"y":612,"width":453,"height":11}},{"id":"116edbe2-3695-4bf1-b7c3-562b2ee88502","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":38,"box":{"x":461,"y":629,"width":430,"height":8}},{"id":"b692830f-1b7f-419b-9a05-74fd70777157","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":38,"box":{"x":460,"y":642,"width":417,"height":11}},{"id":"2a1aedba-3d4f-4e54-b19b-85b61ef34f33","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":38,"box":{"x":461,"y":656,"width":448,"height":10}},{"id":"26b03616-2d61-42ab-bc2a-43256b13c906","block_type":"box","text":"before attempting to transact online.","page_number":38,"box":{"x":461,"y":669,"width":240,"height":11}},{"id":"33c9a86d-da75-4c65-ad5a-65393f3b65bd","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":38,"box":{"x":460,"y":685,"width":464,"height":11}},{"id":"c9198445-c490-44aa-8779-3a9155180fae","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":38,"box":{"x":461,"y":699,"width":419,"height":10}},{"id":"8985160a-9a37-4ad7-8cee-294eb477bb3a","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":38,"box":{"x":460,"y":713,"width":431,"height":10}},{"id":"e1013bde-ad4d-487c-ac50-e511b70a7285","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":38,"box":{"x":460,"y":726,"width":453,"height":10}},{"id":"b1c06d7a-6cea-4cde-abd8-3e46ab13d61f","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":38,"box":{"x":460,"y":739,"width":440,"height":11}},{"id":"7e9a845f-e649-48f7-968e-c4974f499551","block_type":"box","text":"Acquire additional shares","page_number":38,"box":{"x":213,"y":758,"width":167,"height":10}},{"id":"480c57ca-456a-453d-8d8d-381fea44950b","block_type":"box","text":"by reinvesting dividends and","page_number":38,"box":{"x":214,"y":771,"width":185,"height":10}},{"id":"ae45f1fc-abf1-4260-80bf-ad3767c319b5","block_type":"box","text":"capital gains","page_number":38,"box":{"x":214,"y":785,"width":82,"height":10}},{"id":"4da4ce11-986c-4e75-b11c-7194b192f069","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":38,"box":{"x":460,"y":758,"width":405,"height":10}},{"id":"52bd8abc-48f4-45a0-aaac-e513570f2ebb","block_type":"box","text":"reinvested without a sales charge. To make any changes to your","page_number":38,"box":{"x":461,"y":771,"width":423,"height":10}},{"id":"edc03785-865e-4ab5-9351-cd1c954aa002","block_type":"box","text":"dividend and/or capital gains distributions options, please call","page_number":38,"box":{"x":461,"y":785,"width":411,"height":10}},{"id":"0f75bb6a-6ce7-4a63-b8f9-a6f9a5007e91","block_type":"box","text":"(800) 441-7762 or contact your Financial Intermediary (if your account","page_number":38,"box":{"x":461,"y":798,"width":466,"height":10}},{"id":"6dd44ed8-deeb-479f-aabb-a1dacb4961b9","block_type":"box","text":"is not held directly with BlackRock).","page_number":38,"box":{"x":461,"y":812,"width":232,"height":10}},{"id":"c75afed9-cf13-4973-aef1-36b30e138d5b","block_type":"box","text":"Participate in the AIP BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":38,"box":{"x":214,"y":830,"width":698,"height":10}},{"id":"dd2ca4b1-50e9-4311-94a7-4940dec12407","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":38,"box":{"x":461,"y":843,"width":431,"height":11}},{"id":"f1b455a0-ea39-4d2a-943e-fa673b5cdcab","block_type":"box","text":"account.","page_number":38,"box":{"x":461,"y":858,"width":54,"height":7}},{"id":"1854758c-ffd2-4335-b0ca-be6944e736ed","block_type":"box","text":"Refer to the “Account Services and Privileges” section of this","page_number":38,"box":{"x":461,"y":873,"width":404,"height":10}},{"id":"25dd96da-7b6e-4137-8564-00dafdd0cb02","block_type":"box","text":"prospectus for additional information.","page_number":38,"box":{"x":461,"y":886,"width":247,"height":11}},{"id":"85a37e63-0edf-47d0-9d8e-5e1a1933a7a5","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ce7c2be4-9ccc-4723-ac88-aa10530ff178","block_type":"box","text":"NM0926U-5975797-38/72","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d239d4e0-edb2-4ca8-bfbd-e9d59bc10f96","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":"9232a4ed-07fc-4aa1-b1ef-659658393e84","block_type":"box","text":"How to Pay for","page_number":39,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"a3157207-6143-4deb-9f9d-487347d2f42f","block_type":"box","text":"Shares","page_number":39,"box":{"x":60,"y":79,"width":46,"height":8}},{"id":"2f9f4024-9d16-46ed-9c13-ed24ecd22d76","block_type":"box","text":"Making payment for purchases Payment for an order must be made in Federal funds or other","page_number":39,"box":{"x":214,"y":67,"width":651,"height":11}},{"id":"b2d2a5a6-e0f5-4355-baa5-f77cf7416c3c","block_type":"box","text":"immediately available funds by the time specified by your Financial","page_number":39,"box":{"x":461,"y":81,"width":438,"height":10}},{"id":"704343bf-f27f-4e0a-a7b2-805d9f39bda6","block_type":"box","text":"Intermediary, but in no event later than 4:00 p.m. (Eastern time) on","page_number":39,"box":{"x":461,"y":94,"width":446,"height":11}},{"id":"08a74fbb-8018-41b5-a31b-64224a847d1e","block_type":"box","text":"the first business day following BlackRock’s receipt of the order. If","page_number":39,"box":{"x":460,"y":108,"width":439,"height":10}},{"id":"f7ea6c46-f230-4c16-b8c7-7ffbe2c79554","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":39,"box":{"x":461,"y":122,"width":445,"height":10}},{"id":"845f113e-bb58-4e48-9588-6a468952becf","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":39,"box":{"x":460,"y":135,"width":460,"height":10}},{"id":"bc40271b-3a60-47a3-aa77-281d06feb0a4","block_type":"box","text":"the Fund.","page_number":39,"box":{"x":460,"y":149,"width":61,"height":8}},{"id":"7eadb341-8f76-4cd5-a595-825022cc3802","block_type":"box","text":"For shares purchased directly from the Fund, a check payable to","page_number":39,"box":{"x":461,"y":164,"width":423,"height":11}},{"id":"a6a5be53-9b73-4782-b345-0f1f94d2f210","block_type":"box","text":"BlackRock Funds which bears the name of the Fund you are purchasing","page_number":39,"box":{"x":461,"y":178,"width":471,"height":10}},{"id":"827e7cc5-880a-4c02-83e8-9fb5c807a08c","block_type":"box","text":"must accompany a completed purchase application. The Fund limits","page_number":39,"box":{"x":461,"y":192,"width":448,"height":10}},{"id":"8cc04ffd-145c-4de6-8023-7d7117fcd381","block_type":"box","text":"purchases by personal check to $500,000 per trade. There is a $20","page_number":39,"box":{"x":461,"y":205,"width":452,"height":10}},{"id":"3d821500-e0d6-4547-9802-be2ed5ca540e","block_type":"box","text":"fee for each purchase check that is returned due to insufficient funds.","page_number":39,"box":{"x":460,"y":219,"width":464,"height":10}},{"id":"7b4ebeaf-a91c-43e0-9196-ead51766f5ad","block_type":"box","text":"The Fund does not accept third-party checks. You may also wire Federal","page_number":39,"box":{"x":460,"y":232,"width":473,"height":10}},{"id":"bdd616fc-ea88-4ac2-bb3d-d59c55174a16","block_type":"box","text":"funds to the Fund to purchase shares, but you must call","page_number":39,"box":{"x":460,"y":246,"width":371,"height":10}},{"id":"8c65578b-00c5-401b-a895-d6496a1ac5b9","block_type":"box","text":"(800) 441-7762 before doing so to confirm the wiring instructions.","page_number":39,"box":{"x":461,"y":259,"width":439,"height":11}},{"id":"f2fe8dde-9ec6-4549-8249-980408c54b63","block_type":"box","text":"How to Sell Shares","page_number":39,"box":{"x":61,"y":284,"width":156,"height":10}},{"id":"b7ece566-7559-4763-aac2-d33afb8f77c9","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":39,"box":{"x":213,"y":306,"width":478,"height":9}},{"id":"52b8c3bd-1458-4746-adb2-8a7163949d75","block_type":"box","text":"Full or Partial","page_number":39,"box":{"x":61,"y":323,"width":90,"height":8}},{"id":"c5b77ae5-b074-4903-87db-67e42fed7dd5","block_type":"box","text":"Redemption of","page_number":39,"box":{"x":61,"y":335,"width":98,"height":10}},{"id":"b3f14ebc-3680-46fe-86bf-3e5f02069d80","block_type":"box","text":"Shares","page_number":39,"box":{"x":60,"y":346,"width":46,"height":9}},{"id":"128b4c80-121e-4089-b72a-70900cf966ef","block_type":"box","text":"Have your Financial Intermediary","page_number":39,"box":{"x":214,"y":323,"width":215,"height":10}},{"id":"0c869445-b99b-49de-a169-cd8c5156cdc7","block_type":"box","text":"submit your sales order","page_number":39,"box":{"x":214,"y":337,"width":155,"height":10}},{"id":"f0386885-6174-4def-b4ed-a68666d88165","block_type":"box","text":"You can make redemption requests through your Financial","page_number":39,"box":{"x":460,"y":323,"width":382,"height":10}},{"id":"56b9b54f-7dc1-43c2-808e-685282c92f26","block_type":"box","text":"Intermediary. Shareholders should indicate whether they are","page_number":39,"box":{"x":461,"y":337,"width":398,"height":10}},{"id":"92f01292-37c8-421e-a5a1-75b24052b091","block_type":"box","text":"redeeming Investor A, Investor C, Institutional or Class R Shares. The","page_number":39,"box":{"x":461,"y":350,"width":458,"height":11}},{"id":"f2581d9e-0c17-4f64-84d7-ae4811843d3d","block_type":"box","text":"price of your shares is based on the next calculation of the Fund’s net","page_number":39,"box":{"x":461,"y":364,"width":463,"height":10}},{"id":"c86c13e8-c1f3-483c-a082-8d125f5f6af1","block_type":"box","text":"asset value after your order is placed. For your redemption request to","page_number":39,"box":{"x":461,"y":377,"width":458,"height":11}},{"id":"bf005e49-2e27-4ff2-945c-cc61be5d3c90","block_type":"box","text":"be priced at the net asset value on the day of your request, you must","page_number":39,"box":{"x":461,"y":391,"width":457,"height":10}},{"id":"3b02b0f3-78ee-4d1b-83f0-63032dd76d3d","block_type":"box","text":"submit your request to your Financial Intermediary prior to that day’s","page_number":39,"box":{"x":461,"y":405,"width":452,"height":10}},{"id":"7b1c01b3-1a39-4a94-8f65-18c16eb8572b","block_type":"box","text":"close of business on the NYSE (generally 4:00 p.m. Eastern time).","page_number":39,"box":{"x":461,"y":418,"width":438,"height":10}},{"id":"738f9b42-036f-48a5-af47-d78196be9c62","block_type":"box","text":"Certain Financial Intermediaries, however, may require submission of","page_number":39,"box":{"x":461,"y":431,"width":457,"height":11}},{"id":"92395801-41e9-4a04-8f2c-89270c8a923b","block_type":"box","text":"orders prior to that time. Any redemption request placed after that time","page_number":39,"box":{"x":461,"y":445,"width":470,"height":10}},{"id":"cd7184a8-6ac3-47c4-9680-a755542f6f1a","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":39,"box":{"x":460,"y":458,"width":447,"height":11}},{"id":"b514a620-e4d1-4d0e-929d-e386564d3213","block_type":"box","text":"next business day.","page_number":39,"box":{"x":461,"y":472,"width":121,"height":10}},{"id":"e1fd1777-ac68-461b-b31d-1854a2d9e1e7","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":39,"box":{"x":461,"y":488,"width":437,"height":10}},{"id":"4fb685bb-764d-41ec-930f-28b37564c07b","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":39,"box":{"x":461,"y":502,"width":458,"height":10}},{"id":"9069c479-9b17-4dde-b13d-75052f3c9fea","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":39,"box":{"x":460,"y":515,"width":465,"height":10}},{"id":"e0e8db1d-2853-41a4-9b9a-875e7d8fed8c","block_type":"box","text":"but in any event, within seven days.","page_number":39,"box":{"x":461,"y":529,"width":233,"height":10}},{"id":"2ce0e2ff-dc0c-4cc8-bb53-51c028e04e33","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":39,"box":{"x":461,"y":545,"width":415,"height":10}},{"id":"6d8e2787-3b1c-40ae-82ae-9f4a247edc96","block_type":"box","text":"redemption of shares.","page_number":39,"box":{"x":461,"y":558,"width":144,"height":10}},{"id":"f6f4081d-6369-4813-856f-36d31f700219","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":39,"box":{"x":460,"y":575,"width":380,"height":10}},{"id":"088e7648-7e35-42b8-81f3-fa9d8c63949c","block_type":"box","text":"circumstances.","page_number":39,"box":{"x":461,"y":588,"width":98,"height":8}},{"id":"28f6e989-691f-411a-b901-eee5e5a74490","block_type":"box","text":"Selling shares held directly with","page_number":39,"box":{"x":214,"y":606,"width":207,"height":10}},{"id":"32b7ae46-04a8-4bf5-8e44-f5f56b59336a","block_type":"box","text":"BlackRock","page_number":39,"box":{"x":214,"y":620,"width":67,"height":8}},{"id":"453108e9-8be9-4a96-8001-19cf2bf0fa49","block_type":"box","text":"Methods of Redeeming","page_number":39,"box":{"x":461,"y":606,"width":156,"height":10}},{"id":"8411d75d-4cb3-4bfe-a6dd-ef64be114886","block_type":"box","text":"Redeem by Telephone:","page_number":39,"box":{"x":461,"y":622,"width":150,"height":10}},{"id":"6dcf2143-9ff7-4853-8de5-511d42f451d7","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":39,"box":{"x":617,"y":622,"width":302,"height":10}},{"id":"63a9c350-58f8-4484-aef2-c166f6aaa5e2","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":39,"box":{"x":460,"y":636,"width":464,"height":10}},{"id":"f8e0fbec-23e6-49b1-ad56-0a50354ca5e3","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":39,"box":{"x":461,"y":649,"width":441,"height":11}},{"id":"6d7f19cd-9fbc-41f8-b660-678930d0ae15","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":39,"box":{"x":461,"y":662,"width":433,"height":11}},{"id":"0dca1948-5cec-49c1-ac8f-c9c20ecc82fd","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":39,"box":{"x":461,"y":676,"width":418,"height":10}},{"id":"378e6291-35f0-4395-bdc6-625fb76c139e","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":39,"box":{"x":461,"y":690,"width":462,"height":10}},{"id":"b95b2ec2-45e8-43ad-bfe4-183fa064da6c","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":39,"box":{"x":461,"y":703,"width":456,"height":11}},{"id":"c1a87d62-34a8-4bcd-a5c6-76ab314753fb","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":39,"box":{"x":461,"y":717,"width":472,"height":10}},{"id":"8e63ccae-0926-4515-9898-6912ca8d0aa7","block_type":"box","text":"for details.","page_number":39,"box":{"x":460,"y":730,"width":70,"height":9}},{"id":"77e32daa-d931-4e89-834f-dcd2c7ec57fb","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":39,"box":{"x":460,"y":747,"width":448,"height":10}},{"id":"f508f1c3-4eff-4dc0-9f05-b64123972038","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":39,"box":{"x":461,"y":760,"width":434,"height":11}},{"id":"9473cf0c-07e6-46fe-9f69-772842503d5d","block_type":"box","text":"association, national securities exchange or registered securities","page_number":39,"box":{"x":461,"y":774,"width":430,"height":10}},{"id":"f398ae3c-1364-44a4-a3b7-10191c3ea355","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":39,"box":{"x":461,"y":787,"width":366,"height":10}},{"id":"62b571c5-4ed0-4e51-94ac-eb349cebc89a","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":39,"box":{"x":460,"y":804,"width":468,"height":10}},{"id":"d0b7e756-40d4-496c-ab5e-0917e6da7237","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":39,"box":{"x":461,"y":817,"width":474,"height":10}},{"id":"f48a3651-a5ff-40e9-90cc-7256887e896b","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":39,"box":{"x":460,"y":830,"width":450,"height":11}},{"id":"f5e45fd4-290d-4aaf-86fc-defab3bd243a","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":39,"box":{"x":461,"y":844,"width":450,"height":10}},{"id":"c2df99d6-3b8f-4b81-9830-27ace6642b1e","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":39,"box":{"x":460,"y":858,"width":445,"height":10}},{"id":"d8aac3b7-0acb-4503-aef9-e55ce866d284","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":39,"box":{"x":461,"y":871,"width":463,"height":10}},{"id":"ef29f5f3-7fc6-4f92-a399-637159f2b30f","block_type":"box","text":"believes it is advisable to do so.","page_number":39,"box":{"x":461,"y":885,"width":212,"height":8}},{"id":"719c2b75-19d2-4a55-999d-a08a468f06b5","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"a2e49f41-4235-4d94-8d54-6bfdf6eee73e","block_type":"box","text":"NM0926U-5975797-39/72","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cff76795-41e7-44c7-936a-77e4715a156a","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":"b8505a28-cea4-4c9f-bbe2-9bc12b09bc27","block_type":"box","text":"Full or Partial","page_number":40,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"35e4b88a-473c-41b3-84a3-d0778da7d123","block_type":"box","text":"Redemption of","page_number":40,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"12177876-0100-4212-b9cf-33dbc70a7163","block_type":"box","text":"Shares (continued)","page_number":40,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"809a187c-a9b7-4441-aeb5-4526ae69ce5a","block_type":"box","text":"Selling shares held directly with","page_number":40,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"af8493ee-5cb2-4404-955b-c8b0beb46111","block_type":"box","text":"BlackRock (continued)","page_number":40,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"4e57571a-7439-4c3a-8659-1f9d753a7ded","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":40,"box":{"x":461,"y":70,"width":452,"height":10}},{"id":"af473ff7-b273-44cf-934a-448150c165e5","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":40,"box":{"x":461,"y":83,"width":427,"height":11}},{"id":"38e70a93-212a-4729-a120-ce41991fc4f2","block_type":"box","text":"redemption methods below.","page_number":40,"box":{"x":461,"y":97,"width":181,"height":10}},{"id":"64da9809-accf-4863-8c87-d3a9e5aaf69f","block_type":"box","text":"Redeem by VRU:","page_number":40,"box":{"x":461,"y":113,"width":111,"height":10}},{"id":"3710271c-df2b-4323-8af9-89cbf993a635","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":40,"box":{"x":579,"y":113,"width":348,"height":10}},{"id":"840d09c7-0551-4c39-8bc4-f8b293abaf5a","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":40,"box":{"x":461,"y":126,"width":469,"height":11}},{"id":"246e48f3-b70d-4cb2-b965-d4471e24329d","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":40,"box":{"x":461,"y":140,"width":420,"height":10}},{"id":"f6ac2549-37da-4bcd-b771-f52d81f770e5","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":40,"box":{"x":461,"y":153,"width":392,"height":11}},{"id":"05a0e23d-9c2a-4bff-baf4-dacdfe03bf9e","block_type":"box","text":"Redeem by Internet:","page_number":40,"box":{"x":461,"y":170,"width":136,"height":10}},{"id":"cff9f546-9fec-436d-b30e-4e9b2f8e8f7b","block_type":"box","text":"You may redeem in your account by logging onto","page_number":40,"box":{"x":603,"y":170,"width":317,"height":10}},{"id":"88790a47-b294-4252-be05-1fcd54a4cad4","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":40,"box":{"x":460,"y":183,"width":461,"height":9}},{"id":"c47ae93e-69dd-433b-8ff5-5a69205f7f8f","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":40,"box":{"x":461,"y":197,"width":473,"height":10}},{"id":"0a9f3612-4d91-4e9a-a269-89ffc12494ba","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":40,"box":{"x":461,"y":210,"width":472,"height":11}},{"id":"f28211f3-c55d-40cd-8511-9398c32a4eac","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":40,"box":{"x":461,"y":223,"width":459,"height":11}},{"id":"ee3b2c8c-0768-4c6c-837d-daf84a80e13e","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":40,"box":{"x":461,"y":237,"width":451,"height":11}},{"id":"13bdc9e4-8877-4629-b1c2-5c2fde0dc328","block_type":"box","text":"certain institutional investors.","page_number":40,"box":{"x":461,"y":251,"width":196,"height":8}},{"id":"71f4190f-e2c4-42bf-b986-a6f61332d44f","block_type":"box","text":"Redeem in Writing:","page_number":40,"box":{"x":461,"y":267,"width":127,"height":10}},{"id":"c995c487-d5a1-4fe8-9e36-88c1e99a2bcd","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":40,"box":{"x":594,"y":267,"width":338,"height":10}},{"id":"a5e42bae-9011-4a8c-9dd2-9ac6e0631cb0","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":40,"box":{"x":461,"y":281,"width":468,"height":10}},{"id":"a6e95e61-90d9-455e-98d0-af720304262c","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":40,"box":{"x":460,"y":294,"width":446,"height":10}},{"id":"7679b1e0-0639-4a8d-af10-07d6b5f61266","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":40,"box":{"x":461,"y":308,"width":466,"height":10}},{"id":"e0799683-312f-4c77-8ada-275606cc2662","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":40,"box":{"x":461,"y":321,"width":460,"height":11}},{"id":"0a924ffc-c3ee-459a-b256-51bb4a2b1b2d","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":40,"box":{"x":461,"y":335,"width":457,"height":10}},{"id":"0b5312d7-4150-4fc8-85d3-046e6f146992","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":40,"box":{"x":461,"y":348,"width":461,"height":11}},{"id":"2ab4dcc9-0ff1-492b-b815-754fde4264dc","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":40,"box":{"x":461,"y":362,"width":450,"height":10}},{"id":"1272d50f-53f3-4a84-997e-7ac4e6286e45","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":40,"box":{"x":461,"y":376,"width":443,"height":10}},{"id":"3e86d80f-a038-4f09-a2bc-c2ae169f7e3d","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":40,"box":{"x":461,"y":389,"width":465,"height":10}},{"id":"91fa1a7d-32fb-456c-8016-fe1340dc8b38","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":40,"box":{"x":461,"y":402,"width":462,"height":11}},{"id":"38cece77-2e8d-49d1-be42-ca5d19ec624c","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":40,"box":{"x":461,"y":416,"width":404,"height":10}},{"id":"087df073-4b19-4b4d-8c08-36f9698c893d","block_type":"box","text":"Payment of Redemption Proceeds","page_number":40,"box":{"x":461,"y":429,"width":228,"height":11}},{"id":"6e8d8bfd-f8ed-466e-9e96-9b962f7f9f3e","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":40,"box":{"x":461,"y":446,"width":467,"height":10}},{"id":"be6bf8b4-b9b6-4ca3-8b1f-453be1ddcd1d","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":40,"box":{"x":461,"y":459,"width":393,"height":11}},{"id":"cfe5a1b7-c63d-4a16-9048-5a053f9797db","block_type":"box","text":"Payment by Check:","page_number":40,"box":{"x":461,"y":475,"width":129,"height":10}},{"id":"15183262-94e7-4e30-9edc-595bc5317c0a","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":40,"box":{"x":597,"y":475,"width":329,"height":10}},{"id":"d89b7216-c639-49bc-aa80-26881dea4e38","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":40,"box":{"x":460,"y":489,"width":430,"height":10}},{"id":"2ec78e72-932a-4f29-b92c-3f579f39ec48","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":40,"box":{"x":461,"y":502,"width":460,"height":11}},{"id":"59e8ad99-59bf-4a4a-902a-3f36a092e314","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":40,"box":{"x":461,"y":516,"width":468,"height":10}},{"id":"e12ddc94-ebe2-4d4a-a4b9-5e68a89295a3","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":40,"box":{"x":461,"y":529,"width":467,"height":11}},{"id":"e4f69095-3240-4b0f-8e0c-55d0fc45afe0","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":40,"box":{"x":461,"y":543,"width":467,"height":10}},{"id":"c54fe0e5-15eb-4701-8314-5120eeeac829","block_type":"box","text":"charges imposed by your bank for this service.","page_number":40,"box":{"x":461,"y":556,"width":307,"height":11}},{"id":"6a496f77-19cf-47b3-903c-cd5303712756","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":40,"box":{"x":460,"y":573,"width":438,"height":10}},{"id":"490dc3ce-6496-4f8b-aca8-82bb9b479727","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":40,"box":{"x":461,"y":586,"width":429,"height":10}},{"id":"5e452bcd-1f81-45fb-ac49-bc57cc692d23","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":40,"box":{"x":461,"y":600,"width":403,"height":10}},{"id":"81279791-8504-43c2-ab94-9b38d8095266","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":40,"box":{"x":461,"y":613,"width":467,"height":8}},{"id":"5d577720-93c8-480b-b657-ad2876b26f38","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":40,"box":{"x":460,"y":627,"width":456,"height":10}},{"id":"baa8841e-0e97-485f-9ec1-2aba69bd2239","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":40,"box":{"x":460,"y":640,"width":402,"height":11}},{"id":"39e46ae9-0b04-40f3-a3db-f2d07dd2c062","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":40,"box":{"x":461,"y":654,"width":430,"height":10}},{"id":"f1d76a15-def7-4527-b42f-6aeca54119b3","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":40,"box":{"x":461,"y":667,"width":465,"height":11}},{"id":"6c7f1acb-63ac-4a7f-a3f8-ba681c509b25","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":40,"box":{"x":461,"y":681,"width":473,"height":8}},{"id":"34f364e6-2d88-4c66-91f5-d256675e9e67","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":40,"box":{"x":461,"y":694,"width":456,"height":11}},{"id":"a41aa2d7-6d7d-4b03-acd7-52f036594dbf","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":40,"box":{"x":461,"y":708,"width":461,"height":10}},{"id":"96669c27-93d0-44d1-87c8-2f3077bb8680","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":40,"box":{"x":460,"y":722,"width":469,"height":10}},{"id":"03292351-0e24-43e3-ba02-dd191d073eb5","block_type":"box","text":"as of the date of payment of the distribution.","page_number":40,"box":{"x":461,"y":735,"width":295,"height":10}},{"id":"0869103c-5a65-46d8-aadc-ab0906be385f","block_type":"box","text":"Payment by Wire Transfer:","page_number":40,"box":{"x":461,"y":751,"width":177,"height":10}},{"id":"4c279a76-ee14-4ad3-b63e-3d17b5b178e3","block_type":"box","text":"Payment for redeemed shares for which a","page_number":40,"box":{"x":644,"y":751,"width":275,"height":10}},{"id":"f9e24a2b-9d2e-453a-b275-ecc59c0aa77a","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":40,"box":{"x":461,"y":765,"width":437,"height":10}},{"id":"499005f6-a44f-4919-9f43-05c080bcbbd4","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":40,"box":{"x":461,"y":778,"width":471,"height":11}},{"id":"0bfc1e77-50e7-415e-9245-95525c66ac4c","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":40,"box":{"x":461,"y":792,"width":417,"height":10}},{"id":"d806f7bd-c6ea-453b-b088-be8a27816950","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":40,"box":{"x":461,"y":805,"width":449,"height":11}},{"id":"47524097-ba4a-4062-b185-7238e978efdd","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":40,"box":{"x":461,"y":819,"width":449,"height":10}},{"id":"ab154a37-9a22-49b9-b5d4-f15fc04308ee","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":40,"box":{"x":461,"y":832,"width":433,"height":11}},{"id":"bd67b41c-31eb-4113-a16e-358daabd45dc","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":40,"box":{"x":461,"y":846,"width":449,"height":10}},{"id":"4d39c96a-756a-4886-acf2-79274e42ba72","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":40,"box":{"x":461,"y":859,"width":437,"height":11}},{"id":"bb92deee-b07b-48a3-8281-49951fbeb1ec","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":40,"box":{"x":461,"y":873,"width":469,"height":10}},{"id":"f32207ca-eade-4506-938f-5dc07754daec","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":40,"box":{"x":459,"y":886,"width":448,"height":11}},{"id":"6642cea7-000d-4d89-a468-a3267243159c","block_type":"box","text":"Fund.","page_number":40,"box":{"x":461,"y":900,"width":34,"height":8}},{"id":"53f015a1-c776-43dc-973e-dec9a63363e0","block_type":"box","text":"40","page_number":40,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"565daad6-bb03-4830-9571-1a5df2eee81b","block_type":"box","text":"NM0926U-5975797-40/72","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"00ef608a-c89e-4af3-afaa-d36659b65a48","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":"6f59bed3-b52a-4a11-826f-abd114ecf283","block_type":"box","text":"Full or Partial","page_number":41,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"f90f71d7-5771-4922-b5c3-8ddcf0869048","block_type":"box","text":"Redemption of","page_number":41,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"d2286763-6320-4c2c-8148-635f84c80a62","block_type":"box","text":"Shares (continued)","page_number":41,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"3e3b1d33-4aae-4a05-8b57-abd97d335f98","block_type":"box","text":"Selling shares held directly with","page_number":41,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"704cee17-378e-458d-94d0-bb488aa65d4f","block_type":"box","text":"BlackRock (continued)","page_number":41,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"1241a9fa-a2f2-47e9-bb33-c7cb4032aedd","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":41,"box":{"x":461,"y":70,"width":434,"height":10}},{"id":"3af13067-1c57-4b2e-9d32-90935261debc","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":41,"box":{"x":461,"y":83,"width":468,"height":11}},{"id":"2afe11a8-420f-4a1b-bb29-290b54e6b0d6","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":41,"box":{"x":461,"y":96,"width":460,"height":11}},{"id":"68209973-b1a0-42f2-a77c-875e4fe260f3","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":41,"box":{"x":461,"y":110,"width":441,"height":11}},{"id":"5630087e-1d66-415b-a3e1-4ca9639f626e","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":41,"box":{"x":461,"y":124,"width":472,"height":10}},{"id":"df7a2e0c-2cb1-4156-9296-472a15966d5d","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":41,"box":{"x":460,"y":138,"width":438,"height":10}},{"id":"3a530a0a-c65a-415c-acd5-95d1f85289f3","block_type":"box","text":"imposed by the Fund.","page_number":41,"box":{"x":461,"y":151,"width":140,"height":10}},{"id":"20b4b88d-d645-407e-9e82-8c218e643dc4","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":41,"box":{"x":460,"y":167,"width":425,"height":10}},{"id":"753247b6-b943-421d-96ac-3ec415cfe073","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":41,"box":{"x":461,"y":181,"width":455,"height":10}},{"id":"1f0cf471-2acd-4673-a607-4ec9fbd6ec30","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":41,"box":{"x":461,"y":194,"width":476,"height":11}},{"id":"4031bd4b-c557-4a31-af69-90e9dc0aff17","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":41,"box":{"x":461,"y":208,"width":455,"height":10}},{"id":"2c626447-3d4e-49de-b9ca-e489dfa05d9f","block_type":"box","text":"the back cover of this prospectus.","page_number":41,"box":{"x":460,"y":221,"width":224,"height":10}},{"id":"69140fd0-ec44-4721-8a1a-d48002f80998","block_type":"box","text":"Payment by ACH:","page_number":41,"box":{"x":461,"y":237,"width":116,"height":11}},{"id":"15732c92-d18b-4c62-afa6-2005f594f488","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":41,"box":{"x":584,"y":238,"width":272,"height":10}},{"id":"788f5ee0-726a-4e41-b739-68b947725405","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":41,"box":{"x":461,"y":251,"width":469,"height":10}},{"id":"fe04c84b-42bc-4e3e-9fa9-3e3959079957","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":41,"box":{"x":461,"y":264,"width":432,"height":11}},{"id":"17edd4d4-e1a3-43a0-8129-3fb996fc2b29","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":41,"box":{"x":461,"y":278,"width":441,"height":10}},{"id":"53bf0a8f-ea6a-4224-8a03-e37255c8cefd","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":41,"box":{"x":461,"y":292,"width":428,"height":10}},{"id":"992a2a46-fb72-40c2-ab4c-e4d44896e66d","block_type":"box","text":"receiving bank within the next two business days (48-72 hours);","page_number":41,"box":{"x":461,"y":305,"width":420,"height":10}},{"id":"06f639c4-76b1-4afa-8f58-c845e837f6d3","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":41,"box":{"x":461,"y":319,"width":467,"height":10}},{"id":"ed215e15-a9ed-44f6-9438-901bb7a59c4e","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":41,"box":{"x":460,"y":332,"width":458,"height":10}},{"id":"c3c11916-2a67-4f9c-8aba-1cd607caeec0","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":41,"box":{"x":461,"y":346,"width":457,"height":10}},{"id":"bb5f9058-ab07-4e65-9bc9-77ced8737405","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":41,"box":{"x":461,"y":359,"width":449,"height":11}},{"id":"0c274867-f219-43bb-b2b7-11d43fb7aff4","block_type":"box","text":"open for business.","page_number":41,"box":{"x":461,"y":373,"width":121,"height":10}},{"id":"f23cc608-058a-4b64-af97-7d1d4310101c","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":41,"box":{"x":460,"y":389,"width":467,"height":10}},{"id":"dc4ee5eb-a493-4a23-9a5a-2f51d893311f","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":41,"box":{"x":461,"y":402,"width":465,"height":11}},{"id":"c8d19da6-7373-4410-b502-bce49840f804","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":41,"box":{"x":461,"y":416,"width":432,"height":10}},{"id":"9408f48e-0b95-4b37-b4d6-7c04b829b2c9","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":41,"box":{"x":461,"y":430,"width":415,"height":10}},{"id":"57184822-d344-464d-bbbe-332a82f962ef","block_type":"box","text":"***","page_number":41,"box":{"x":686,"y":446,"width":25,"height":5}},{"id":"2563bd1c-514a-4cca-8ebf-cc4664827530","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":41,"box":{"x":461,"y":459,"width":423,"height":10}},{"id":"fad48400-8685-4e7d-8d5c-bf44668fad0b","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":41,"box":{"x":461,"y":473,"width":456,"height":10}},{"id":"cfe56857-87d9-4730-9fa7-2b89dfd38f41","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":41,"box":{"x":461,"y":486,"width":352,"height":10}},{"id":"1607b93a-6f2d-4474-95df-46f3ec0507f2","block_type":"box","text":"Redemption","page_number":41,"box":{"x":61,"y":504,"width":80,"height":10}},{"id":"a2461b63-ee6f-428c-8b30-69965db65df2","block_type":"box","text":"Proceeds","page_number":41,"box":{"x":61,"y":516,"width":62,"height":8}},{"id":"7432354a-f30e-4d61-ae34-1d0140701f30","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":41,"box":{"x":461,"y":507,"width":445,"height":10}},{"id":"8bad13e7-8cc2-4920-8f21-8e142f199448","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":41,"box":{"x":461,"y":520,"width":467,"height":11}},{"id":"e8f1763d-537e-437a-96d4-eedf9e20707c","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":41,"box":{"x":461,"y":534,"width":455,"height":10}},{"id":"dfd95606-619e-4362-979f-a66294119783","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":41,"box":{"x":461,"y":547,"width":450,"height":11}},{"id":"2a6b7f5e-5429-4707-826a-bcad64a8856e","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":41,"box":{"x":461,"y":561,"width":452,"height":10}},{"id":"49e961f0-cd35-4232-956f-a07f6a319371","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":41,"box":{"x":461,"y":575,"width":471,"height":10}},{"id":"645a5a83-48d4-415f-a345-6413f51f0b90","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":41,"box":{"x":461,"y":588,"width":471,"height":10}},{"id":"1f47e8e0-e0e0-4057-9edf-1e0616afd252","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":41,"box":{"x":461,"y":602,"width":453,"height":10}},{"id":"c3f5bd92-eddb-43be-a627-f8725e3c413a","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":41,"box":{"x":461,"y":615,"width":405,"height":8}},{"id":"0dc5ef1c-1f21-4ce5-a1f3-7db0f79b436c","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":41,"box":{"x":461,"y":631,"width":408,"height":11}},{"id":"0bce37cd-3862-43af-bf42-c4c2b11e66d6","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":41,"box":{"x":461,"y":645,"width":457,"height":10}},{"id":"feeb44ed-b907-43f7-95c1-455043e68b73","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":41,"box":{"x":460,"y":658,"width":440,"height":11}},{"id":"2a9d3f3f-6094-43fa-90e9-ebae29668699","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":41,"box":{"x":460,"y":672,"width":340,"height":10}},{"id":"99b63a32-2ef5-41e3-b106-dc923546599b","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":41,"box":{"x":61,"y":696,"width":415,"height":13}},{"id":"278ee7bb-6266-4bf5-b354-a69e9404c3ae","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":41,"box":{"x":213,"y":719,"width":478,"height":8}},{"id":"79ba7a92-42bd-4565-a395-2d466418f086","block_type":"box","text":"Exchange Privilege","page_number":41,"box":{"x":61,"y":736,"width":128,"height":10}},{"id":"d40409a4-7fec-4511-90b4-d3ed4591e301","block_type":"box","text":"Selling shares of one BlackRock","page_number":41,"box":{"x":214,"y":736,"width":212,"height":10}},{"id":"ab938400-c8c6-4e30-9f31-ac5f1808b440","block_type":"box","text":"Fund to purchase shares of","page_number":41,"box":{"x":214,"y":749,"width":181,"height":10}},{"id":"a7f75342-dee3-42c2-904a-9eed2f573781","block_type":"box","text":"another BlackRock Fund","page_number":41,"box":{"x":214,"y":763,"width":158,"height":8}},{"id":"b8f9f5c3-3c47-4767-959b-b6c8e8b757b3","block_type":"box","text":"(“exchanging”)","page_number":41,"box":{"x":214,"y":776,"width":95,"height":11}},{"id":"c088c434-f2ab-4744-b513-f26cabc3d4e0","block_type":"box","text":"Investor or Institutional Shares of the Fund are generally exchangeable","page_number":41,"box":{"x":461,"y":736,"width":466,"height":10}},{"id":"988a4e84-21b3-4bda-b652-0d4c2de41819","block_type":"box","text":"for shares of the same class of another BlackRock Fund, to the extent","page_number":41,"box":{"x":460,"y":749,"width":465,"height":10}},{"id":"07c0b7ea-4ba7-4e6f-8084-7108f5bd0f27","block_type":"box","text":"such shares are offered by your Financial Intermediary. No exchange","page_number":41,"box":{"x":461,"y":763,"width":453,"height":10}},{"id":"d5fd49d3-7d73-4d80-a483-47c856f7cffd","block_type":"box","text":"privilege is available for Class R Shares","page_number":41,"box":{"x":461,"y":776,"width":260,"height":11}},{"id":"af66f15d-67da-447e-b2b4-41a09a75ee22","block_type":"box","text":"You can exchange $1,000 or more of Investor Shares from one fund","page_number":41,"box":{"x":460,"y":792,"width":450,"height":11}},{"id":"eec69f5e-cee1-473f-9423-555365c7b6bb","block_type":"box","text":"into the class of another fund which offers that class of shares (you","page_number":41,"box":{"x":461,"y":806,"width":448,"height":10}},{"id":"8a21adee-742f-4f9a-aaf2-03b3ba43d07c","block_type":"box","text":"can exchange less than $1,000 of Investor Shares if you already have","page_number":41,"box":{"x":461,"y":819,"width":463,"height":11}},{"id":"ef6b6856-7970-46a5-8d33-79a1b7b854f8","block_type":"box","text":"an account in the fund into which you are exchanging). Investors who","page_number":41,"box":{"x":461,"y":833,"width":454,"height":10}},{"id":"5acba3f4-6048-4057-ae94-abeb40e329db","block_type":"box","text":"currently own Institutional Shares of the Fund may make exchanges into","page_number":41,"box":{"x":461,"y":846,"width":475,"height":11}},{"id":"3c3851e5-df56-4732-9c14-87161a25bde6","block_type":"box","text":"Institutional Shares of other BlackRock Funds except for investors","page_number":41,"box":{"x":461,"y":860,"width":435,"height":10}},{"id":"17289e16-d0c6-431a-adc4-0f565b52c974","block_type":"box","text":"holding shares through certain client accounts at Financial","page_number":41,"box":{"x":461,"y":874,"width":385,"height":10}},{"id":"734871e6-7baa-4841-a9d5-a4decc4f0fa0","block_type":"box","text":"Intermediaries that are omnibus with the Fund and do not meet","page_number":41,"box":{"x":461,"y":887,"width":419,"height":8}},{"id":"b933ab29-43b6-48ea-ae52-abad5db4ba69","block_type":"box","text":"applicable minimums. There is no required minimum amount with","page_number":41,"box":{"x":461,"y":901,"width":431,"height":10}},{"id":"f7e13e7d-6f5d-4e46-b0a0-e5c0f9c2aed4","block_type":"box","text":"41","page_number":41,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"2d7a8b33-911f-4970-a35c-6906c73be3ef","block_type":"box","text":"NM0926U-5975797-41/72","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3687137e-c1ee-44ab-a313-5794f298bb3f","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":42,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"53072d03-5a49-41c2-ba74-ce88b4330b2a","block_type":"box","text":"Exchange Privilege","page_number":42,"box":{"x":61,"y":67,"width":128,"height":10}},{"id":"0da8d670-52a5-4a4b-81e9-0c0e0949f58d","block_type":"box","text":"(continued)","page_number":42,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"2530d1d6-85d1-4d4d-a420-f0ad28cd1a4c","block_type":"box","text":"Selling shares of one BlackRock","page_number":42,"box":{"x":214,"y":67,"width":212,"height":11}},{"id":"d03de91a-199a-4eb6-a116-9feaa4ea5a37","block_type":"box","text":"Fund to purchase shares of","page_number":42,"box":{"x":214,"y":81,"width":181,"height":10}},{"id":"b5f6403a-495d-4e36-9927-d320971308f8","block_type":"box","text":"another BlackRock Fund","page_number":42,"box":{"x":214,"y":94,"width":158,"height":9}},{"id":"7c973c26-b749-45e5-a437-99cd62f794ac","block_type":"box","text":"(“exchanging”) (continued)","page_number":42,"box":{"x":214,"y":108,"width":173,"height":10}},{"id":"2e139da5-3d5e-41d2-be21-886f2fb01848","block_type":"box","text":"respect to exchanges of Institutional Shares.","page_number":42,"box":{"x":461,"y":67,"width":295,"height":11}},{"id":"f4c781ec-c147-44b5-a6ec-4170bef446e8","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":42,"box":{"x":460,"y":83,"width":449,"height":11}},{"id":"16717221-5deb-48e2-915e-8af1fc163ab9","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":42,"box":{"x":461,"y":97,"width":437,"height":10}},{"id":"334303bf-98e4-45a0-be42-1ff3c284ad05","block_type":"box","text":"closed to new investors.","page_number":42,"box":{"x":461,"y":111,"width":159,"height":8}},{"id":"c72efc0d-4abe-4431-975f-4b5df4d7e0f7","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":42,"box":{"x":461,"y":126,"width":441,"height":11}},{"id":"c4c8f4b1-a933-4c84-b6f9-6848c9676f4b","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":42,"box":{"x":461,"y":140,"width":453,"height":10}},{"id":"0bc3516d-3ed0-450d-bf12-e50e085436c0","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":42,"box":{"x":460,"y":154,"width":477,"height":10}},{"id":"0e336629-280c-4670-a5a5-fbbef74854af","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":42,"box":{"x":461,"y":167,"width":457,"height":11}},{"id":"17e5b928-c4fb-470a-8379-88f49f4b66f4","block_type":"box","text":"and any subsequent exchange.","page_number":42,"box":{"x":461,"y":181,"width":203,"height":10}},{"id":"7847156b-c213-444a-a739-4be8530a0400","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":42,"box":{"x":460,"y":197,"width":435,"height":10}},{"id":"ece296b5-5489-453b-8af1-2f7c52d7b773","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":42,"box":{"x":461,"y":210,"width":406,"height":11}},{"id":"6a5c6399-43f0-4f3d-9979-d2339e156be4","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":42,"box":{"x":461,"y":224,"width":468,"height":10}},{"id":"1688d780-5971-4a31-ac61-dd615a2da275","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":42,"box":{"x":461,"y":238,"width":455,"height":10}},{"id":"6784db23-e533-4efd-ad27-4217db2c461d","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":42,"box":{"x":460,"y":251,"width":423,"height":10}},{"id":"4b8fe000-fdab-407d-b780-b73efabb27ee","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":42,"box":{"x":461,"y":264,"width":398,"height":11}},{"id":"c88d6bb2-7b74-414a-9ff8-1c884ab04885","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":42,"box":{"x":461,"y":278,"width":409,"height":10}},{"id":"6c3fa173-adda-4dd2-9cf9-c77348947616","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":42,"box":{"x":461,"y":292,"width":469,"height":10}},{"id":"2e4e0d34-50e3-45b7-b447-2cd37d95937d","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":42,"box":{"x":460,"y":305,"width":461,"height":10}},{"id":"dc5947df-2b6f-4c56-8acc-19452cf9020b","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":42,"box":{"x":460,"y":319,"width":469,"height":10}},{"id":"8d84eba9-3adf-4c86-9441-90fbe7099b2f","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":42,"box":{"x":460,"y":332,"width":368,"height":11}},{"id":"d60657b6-b6c8-452d-8e12-af6e5cc1667c","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":42,"box":{"x":460,"y":348,"width":450,"height":11}},{"id":"609314d0-2862-4c70-8b87-d76ff5b76ea4","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":42,"box":{"x":460,"y":362,"width":473,"height":10}},{"id":"f0890508-2fe7-494b-9285-773ceb94f0b9","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":42,"box":{"x":461,"y":375,"width":420,"height":11}},{"id":"7359f09f-279b-4fb8-b400-7cddac2700d0","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":42,"box":{"x":461,"y":389,"width":439,"height":10}},{"id":"fff41e07-19a7-4d11-bd3e-fb96a4e2491b","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":42,"box":{"x":461,"y":403,"width":460,"height":10}},{"id":"526f0427-c39d-4aa3-86ac-b66a41ccefff","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":42,"box":{"x":461,"y":416,"width":430,"height":10}},{"id":"f6409685-b7a8-4769-ac46-2e8caff62b1a","block_type":"box","text":"income tax purposes, a share exchange is a taxable event and a capital","page_number":42,"box":{"x":461,"y":430,"width":473,"height":10}},{"id":"22451c51-ebe9-462e-aee6-bf9702630a67","block_type":"box","text":"gain or loss may be realized.","page_number":42,"box":{"x":460,"y":443,"width":188,"height":10}},{"id":"dbfd242c-f345-4051-8a98-3a1d4aed8e8a","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":42,"box":{"x":461,"y":459,"width":457,"height":10}},{"id":"f05ae030-9639-4f4a-84d7-a75eba864b00","block_type":"box","text":"making an exchange request.","page_number":42,"box":{"x":461,"y":473,"width":192,"height":10}},{"id":"cf46a125-b585-4780-bae6-3fb376693db2","block_type":"box","text":"Transfer Shares to","page_number":42,"box":{"x":60,"y":491,"width":124,"height":8}},{"id":"13ac35db-0897-4fa8-97b4-27392552820b","block_type":"box","text":"Another Financial","page_number":42,"box":{"x":60,"y":502,"width":118,"height":9}},{"id":"e19a1e30-a6ec-45af-be12-35f981c02012","block_type":"box","text":"Intermediary","page_number":42,"box":{"x":61,"y":514,"width":85,"height":10}},{"id":"0cefc1ef-120f-4f9d-8ec2-23f2c308b662","block_type":"box","text":"Transfer to a participating","page_number":42,"box":{"x":213,"y":491,"width":171,"height":10}},{"id":"3b59cc70-2c04-491f-90b5-e563eb27f7ec","block_type":"box","text":"Financial Intermediary","page_number":42,"box":{"x":214,"y":504,"width":145,"height":10}},{"id":"44aad0eb-47de-43d6-a07f-931edf7133cf","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":42,"box":{"x":460,"y":491,"width":436,"height":10}},{"id":"ca644bda-9898-4a3b-9fdf-402b71ab0867","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":42,"box":{"x":461,"y":504,"width":455,"height":11}},{"id":"73b867b5-1c62-4d15-b6d9-0f3cd54ba015","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":42,"box":{"x":461,"y":518,"width":456,"height":10}},{"id":"d531740f-b2f1-4bfb-b60c-9e0fa9fe1d9e","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":42,"box":{"x":461,"y":531,"width":456,"height":11}},{"id":"98e25aae-7a3a-45a4-9480-0996ba3d0db8","block_type":"box","text":"receiving firm.","page_number":42,"box":{"x":461,"y":545,"width":91,"height":10}},{"id":"87438a63-b6a1-4924-9b92-9492a5e28125","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":42,"box":{"x":461,"y":561,"width":390,"height":10}},{"id":"996b2ba3-72f5-4f6b-98f4-0d8286bd6e3a","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":42,"box":{"x":461,"y":575,"width":443,"height":10}},{"id":"24671b80-9543-4344-afb4-4f9de11538b0","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":42,"box":{"x":461,"y":588,"width":394,"height":10}},{"id":"8388dd37-8cfe-4653-9d5b-fafb8d0e5809","block_type":"box","text":"Transfer to a non-participating","page_number":42,"box":{"x":213,"y":606,"width":199,"height":10}},{"id":"49cada30-bc1e-44d6-9360-687736d28387","block_type":"box","text":"Financial Intermediary","page_number":42,"box":{"x":214,"y":620,"width":145,"height":10}},{"id":"4b30a362-354a-4595-9178-f75a0f2acad7","block_type":"box","text":"You must either:","page_number":42,"box":{"x":460,"y":606,"width":107,"height":8}},{"id":"2d721ea6-9f57-401b-bef1-3829db295db4","block_type":"box","text":"•","page_number":42,"box":{"x":464,"y":622,"width":3,"height":3}},{"id":"bb04590a-9800-4a71-8394-731289d700a7","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":42,"box":{"x":470,"y":620,"width":346,"height":10}},{"id":"09bf2a90-0bcf-49ff-bda1-5dca1be464f1","block_type":"box","text":"•","page_number":42,"box":{"x":464,"y":636,"width":3,"height":3}},{"id":"7630abd2-9c4c-4f6a-8f86-19ab3e925437","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":42,"box":{"x":471,"y":633,"width":409,"height":11}},{"id":"2ad5f0cc-09d3-4245-98cf-9e9cedba6965","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":42,"box":{"x":461,"y":649,"width":390,"height":11}},{"id":"b81e31d9-8cf2-42a8-8b97-f1564bd77860","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":42,"box":{"x":461,"y":663,"width":443,"height":10}},{"id":"48618b6b-01d1-41f4-b1b0-c19c0c960f56","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":42,"box":{"x":461,"y":676,"width":394,"height":11}},{"id":"b33f5118-5034-4853-a131-4912a2b50859","block_type":"box","text":"Account Services and Privileges","page_number":42,"box":{"x":60,"y":717,"width":292,"height":13}},{"id":"b0f5a9d1-359a-4bdb-a7cc-1a2ff3e1d75c","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":42,"box":{"x":60,"y":743,"width":865,"height":12}},{"id":"6837795a-f9ee-427b-932d-3b4bc77b5a82","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":42,"box":{"x":61,"y":758,"width":841,"height":11}},{"id":"dc359ef0-1732-4412-b1a2-b9d663802338","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":42,"box":{"x":61,"y":773,"width":816,"height":11}},{"id":"4f913148-211c-4d48-9b9b-95011053ea03","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":42,"box":{"x":60,"y":788,"width":824,"height":11}},{"id":"84e59463-5b72-4efd-b575-41a264a083e4","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":42,"box":{"x":62,"y":802,"width":759,"height":12}},{"id":"86a05491-1d8e-44be-9431-3e8ba02f91e1","block_type":"box","text":"Automatic","page_number":42,"box":{"x":60,"y":832,"width":70,"height":8}},{"id":"3259ed35-dc78-4979-9a9e-ff76a314b158","block_type":"box","text":"Investment Plan","page_number":42,"box":{"x":61,"y":843,"width":109,"height":9}},{"id":"3b06e7f6-7be3-4dd9-b51b-6dea87641abe","block_type":"box","text":"Allows systematic investments","page_number":42,"box":{"x":213,"y":832,"width":202,"height":10}},{"id":"1c09202a-4db3-4629-88fe-2e83a8d240bb","block_type":"box","text":"on a periodic basis from your","page_number":42,"box":{"x":214,"y":845,"width":192,"height":10}},{"id":"b7de412b-fda0-4eb4-b802-10fe625528d3","block_type":"box","text":"checking or savings account.","page_number":42,"box":{"x":214,"y":859,"width":189,"height":10}},{"id":"a424c712-b87d-496d-bd60-a340af85454d","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":42,"box":{"x":461,"y":832,"width":451,"height":10}},{"id":"d6cf4ede-973e-4524-ae9a-4dc89f893b5d","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":42,"box":{"x":461,"y":845,"width":431,"height":11}},{"id":"bcd757db-f8da-47f9-ac97-08bf135ea1b6","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":42,"box":{"x":461,"y":859,"width":437,"height":10}},{"id":"3cb70ea9-2cc1-41da-9a8b-f03f4f5f3bce","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":42,"box":{"x":461,"y":872,"width":451,"height":11}},{"id":"fe6897b5-f057-411a-b6de-4bfc3ee7b0cc","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":42,"box":{"x":461,"y":885,"width":300,"height":11}},{"id":"5714119b-93e0-4fd9-b16b-934c72ddd995","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"4a4802fd-36f9-444e-9c70-ebd3c0dffcb3","block_type":"box","text":"NM0926U-5975797-42/72","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ac7d15d6-87d5-4d69-bddb-2f4f986903f5","block_type":"box","text":"Dividend Allocation","page_number":43,"box":{"x":61,"y":51,"width":129,"height":8}},{"id":"7e700924-ae7e-48e3-b8eb-3fcbf7d3cef3","block_type":"box","text":"Plan","page_number":43,"box":{"x":61,"y":63,"width":28,"height":8}},{"id":"3e623d4e-9b07-45e8-ab44-72096ad32d26","block_type":"box","text":"Automatically invests your","page_number":43,"box":{"x":213,"y":51,"width":172,"height":10}},{"id":"cc70feb0-6aad-491f-99fb-55b610f03142","block_type":"box","text":"distributions into another","page_number":43,"box":{"x":214,"y":65,"width":165,"height":8}},{"id":"81eb2a94-35bb-4799-bd88-2cc245200bac","block_type":"box","text":"BlackRock Fund of your choice","page_number":43,"box":{"x":214,"y":78,"width":200,"height":10}},{"id":"da9f2f2f-da5f-493c-88ac-330a16066687","block_type":"box","text":"pursuant to your instructions,","page_number":43,"box":{"x":214,"y":92,"width":193,"height":10}},{"id":"d72ad363-a64e-4cf5-bfbb-7f4f9e12bd3b","block_type":"box","text":"without any fees or sales","page_number":43,"box":{"x":213,"y":105,"width":165,"height":10}},{"id":"c24229ea-1ad6-4064-9358-b83ed615094c","block_type":"box","text":"charges.","page_number":43,"box":{"x":214,"y":119,"width":55,"height":10}},{"id":"fc5a764f-d309-403e-b853-8a86b09fe614","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":43,"box":{"x":461,"y":51,"width":433,"height":10}},{"id":"c9ce8ce9-44ff-4594-9b1c-21fe0ae3e7c2","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":43,"box":{"x":461,"y":65,"width":427,"height":10}},{"id":"e7d8bac8-7680-4e29-b3c4-74882153e321","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":43,"box":{"x":461,"y":78,"width":463,"height":10}},{"id":"3f2de0eb-652c-40c2-8bbc-29efa77fef31","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":43,"box":{"x":461,"y":92,"width":455,"height":10}},{"id":"c4596538-013f-4a7e-bb29-d16773553131","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":43,"box":{"x":461,"y":105,"width":459,"height":11}},{"id":"4baa0ba4-1ecb-4d8e-956d-93ff1f9172da","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":43,"box":{"x":461,"y":119,"width":454,"height":10}},{"id":"ba870000-a045-4b57-abca-7eadce6afd07","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":43,"box":{"x":460,"y":132,"width":467,"height":11}},{"id":"41c3671c-c571-4aca-a920-81676c4faad2","block_type":"box","text":"EZ Trader","page_number":43,"box":{"x":61,"y":151,"width":65,"height":8}},{"id":"1fb73b66-6441-468b-9030-822e6236bd60","block_type":"box","text":"Allows an investor to purchase or","page_number":43,"box":{"x":213,"y":151,"width":220,"height":9}},{"id":"f34452b9-b860-442d-9e94-717f784513ff","block_type":"box","text":"sell Investor Shares by telephone","page_number":43,"box":{"x":214,"y":164,"width":219,"height":10}},{"id":"75074d15-7ba6-4d7e-8455-b36a80614a7b","block_type":"box","text":"or over the Internet through ACH.","page_number":43,"box":{"x":214,"y":178,"width":216,"height":10}},{"id":"1ffca827-0197-46da-936a-9914e79107ef","block_type":"box","text":"(NOTE: This option is offered to shareholders whose accounts are held","page_number":43,"box":{"x":461,"y":150,"width":467,"height":11}},{"id":"60c0af9e-43f8-4a67-8fb9-fe2f37f67ab7","block_type":"box","text":"directly with BlackRock. Please speak with your Financial Intermediary","page_number":43,"box":{"x":461,"y":164,"width":462,"height":10}},{"id":"e880595b-b78a-486e-b306-5bc6b395410c","block_type":"box","text":"if your account is held elsewhere.)","page_number":43,"box":{"x":461,"y":177,"width":225,"height":11}},{"id":"5f022607-ce2c-470f-b136-2f8bd62b0e82","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":43,"box":{"x":461,"y":194,"width":467,"height":10}},{"id":"3021ed9f-874f-489a-869f-c9a146c960e1","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":43,"box":{"x":461,"y":207,"width":423,"height":10}},{"id":"db46835e-64ad-421c-8209-2197aa449062","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":43,"box":{"x":461,"y":221,"width":459,"height":10}},{"id":"1d7ba302-c13c-4d27-9280-7c023e25036c","block_type":"box","text":"information, and return the application to the address listed on the","page_number":43,"box":{"x":461,"y":234,"width":442,"height":10}},{"id":"3c8b127a-158b-4b90-b225-5a461742e82e","block_type":"box","text":"form.","page_number":43,"box":{"x":460,"y":248,"width":34,"height":8}},{"id":"3218bae8-41ca-4739-9b0a-2ee56f6d8e26","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":43,"box":{"x":461,"y":264,"width":460,"height":10}},{"id":"708efb36-37d3-4834-ba4f-785d032a1f40","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":43,"box":{"x":461,"y":277,"width":449,"height":11}},{"id":"3d3e438b-e188-4d3a-906a-143b54eca7ce","block_type":"box","text":"updated on your account. Once this is established, you may place your","page_number":43,"box":{"x":461,"y":291,"width":466,"height":10}},{"id":"5673f4a5-8479-4c42-93c1-c977dd6c700d","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. Proceeds","page_number":43,"box":{"x":461,"y":305,"width":470,"height":10}},{"id":"d6e805ec-44a3-4a88-acb4-b6c16b52d87d","block_type":"box","text":"will be sent to your pre-designated bank account.","page_number":43,"box":{"x":460,"y":318,"width":323,"height":10}},{"id":"ab5dc7f8-fbdd-47fd-ac7b-48f202efde60","block_type":"box","text":"Systematic","page_number":43,"box":{"x":60,"y":336,"width":76,"height":10}},{"id":"3ce8e5cb-f727-4e24-adf5-f5268bd3d7fa","block_type":"box","text":"Exchange Plan","page_number":43,"box":{"x":61,"y":348,"width":99,"height":10}},{"id":"8deb3c44-938d-4952-99b3-bfefb93c8d4d","block_type":"box","text":"This feature can be used by","page_number":43,"box":{"x":213,"y":336,"width":184,"height":10}},{"id":"b61f6ece-86b7-4f79-93a6-7a2f46cb0995","block_type":"box","text":"investors to systematically","page_number":43,"box":{"x":214,"y":350,"width":175,"height":10}},{"id":"ca424b39-ee0e-40ed-b749-ffb2caaa5729","block_type":"box","text":"exchange money from one fund","page_number":43,"box":{"x":214,"y":363,"width":205,"height":10}},{"id":"9d1623f1-04d8-4971-9f83-47b4903dc120","block_type":"box","text":"to up to four other funds.","page_number":43,"box":{"x":213,"y":377,"width":165,"height":10}},{"id":"0396c722-014e-487d-bb78-da036144de6e","block_type":"box","text":"A minimum of $10,000 in the initial BlackRock Fund is required, and","page_number":43,"box":{"x":460,"y":335,"width":454,"height":11}},{"id":"13d4cfb2-ada9-44c7-a543-d6bb5d883f0f","block_type":"box","text":"investments in any additional funds must meet minimum initial","page_number":43,"box":{"x":461,"y":349,"width":414,"height":11}},{"id":"a4e9fa4d-8544-4d97-8985-aa42bc4ae00c","block_type":"box","text":"investment requirements.","page_number":43,"box":{"x":461,"y":363,"width":167,"height":10}},{"id":"dae239a6-69c0-4eb2-a9e6-75f2ee763d1a","block_type":"box","text":"Systematic","page_number":43,"box":{"x":60,"y":395,"width":76,"height":10}},{"id":"67319070-d9dd-4869-bc0c-fe64ba03c97c","block_type":"box","text":"Withdrawal Plan","page_number":43,"box":{"x":60,"y":406,"width":110,"height":9}},{"id":"16468dc6-4ca1-46d3-a843-2b5e47c27dc6","block_type":"box","text":"This feature can be used by","page_number":43,"box":{"x":213,"y":395,"width":184,"height":10}},{"id":"903d6c34-a996-4255-9767-2512ea57d461","block_type":"box","text":"investors who want to receive","page_number":43,"box":{"x":214,"y":408,"width":194,"height":8}},{"id":"d1fc4984-5303-442a-a342-d623a6f1ad94","block_type":"box","text":"regular distributions from their","page_number":43,"box":{"x":214,"y":422,"width":200,"height":10}},{"id":"3337dad7-5974-4a1f-a463-1a59652c2919","block_type":"box","text":"accounts.","page_number":43,"box":{"x":214,"y":436,"width":62,"height":8}},{"id":"95e09ba2-f4e6-41ab-ba40-c992a482b60e","block_type":"box","text":"To start an SWP, a shareholder must have a current investment of","page_number":43,"box":{"x":460,"y":395,"width":438,"height":9}},{"id":"3707111e-d098-4209-96da-6ffdd7302bc3","block_type":"box","text":"$10,000 or more in a BlackRock Fund.","page_number":43,"box":{"x":461,"y":408,"width":255,"height":10}},{"id":"c5b56eb2-ff76-47b1-aaec-8d79eb7ed3ce","block_type":"box","text":"Shareholders can elect to receive cash payments of $50 or more at any","page_number":43,"box":{"x":461,"y":424,"width":475,"height":11}},{"id":"90cf6fa4-2eb8-45e8-bd75-f15a0cd979cf","block_type":"box","text":"interval they choose. Shareholders may sign up by completing the SWP","page_number":43,"box":{"x":461,"y":438,"width":469,"height":10}},{"id":"d332e353-faeb-486c-9729-e1483ef84077","block_type":"box","text":"Application Form, which may be obtained from BlackRock. Shareholders","page_number":43,"box":{"x":460,"y":451,"width":474,"height":11}},{"id":"f7092bcf-ee93-406a-985c-cfbe8f901d18","block_type":"box","text":"should realize that if withdrawals exceed income the invested principal","page_number":43,"box":{"x":461,"y":465,"width":464,"height":10}},{"id":"28b402a3-6894-451a-bcda-41083229f13e","block_type":"box","text":"in their account will be depleted.","page_number":43,"box":{"x":461,"y":479,"width":213,"height":10}},{"id":"51f8ac26-32c1-44eb-845c-b63721a1b5b4","block_type":"box","text":"To participate in the SWP, shareholders must have their dividends","page_number":43,"box":{"x":460,"y":495,"width":435,"height":10}},{"id":"d1e8a62c-90df-4900-bdb1-7c7145bffdce","block_type":"box","text":"reinvested. Shareholders may change or cancel the SWP at any time,","page_number":43,"box":{"x":461,"y":508,"width":455,"height":10}},{"id":"5ea0007a-f67c-4d1d-9182-550a91b3f640","block_type":"box","text":"with a minimum of 24 hours’ notice. If a shareholder purchases","page_number":43,"box":{"x":460,"y":522,"width":422,"height":10}},{"id":"6b2d8976-cdba-44a0-b37c-d7cda6a524c2","block_type":"box","text":"additional Investor A Shares of a fund at the same time he or she","page_number":43,"box":{"x":461,"y":535,"width":433,"height":8}},{"id":"57ccf3f9-693f-4e3a-9e15-3ea6edfe33c7","block_type":"box","text":"redeems shares through the SWP, that investor may lose money","page_number":43,"box":{"x":461,"y":549,"width":424,"height":10}},{"id":"d0a3349c-d946-4d10-b95a-e88c86031bff","block_type":"box","text":"because of the sales charge involved. No CDSC will be assessed on","page_number":43,"box":{"x":461,"y":562,"width":450,"height":11}},{"id":"762163d5-5365-448d-8dc3-b8581d6850cb","block_type":"box","text":"redemptions of Investor A or Investor C Shares made through the SWP","page_number":43,"box":{"x":461,"y":576,"width":465,"height":10}},{"id":"b93987b4-3ff5-4941-94c6-baabd50b34cd","block_type":"box","text":"that do not exceed 12% of the account’s net asset value on an","page_number":43,"box":{"x":460,"y":589,"width":416,"height":9}},{"id":"5c76da06-5093-4dac-9a75-773ca22f9f30","block_type":"box","text":"annualized basis. For example, monthly, quarterly, and semi-annual","page_number":43,"box":{"x":461,"y":603,"width":442,"height":10}},{"id":"bbe832ab-b59c-4d29-a556-9a74cbdb9adf","block_type":"box","text":"SWP redemptions of Investor A or Investor C Shares will not be subject","page_number":43,"box":{"x":461,"y":616,"width":468,"height":11}},{"id":"46c5c9ba-ad5a-41c2-b24d-dbc2c6cccd87","block_type":"box","text":"to the CDSC if they do not exceed 1%, 3% and 6%, respectively, of an","page_number":43,"box":{"x":460,"y":630,"width":457,"height":10}},{"id":"d2d8135a-396e-4321-b67f-4364d0e61c1d","block_type":"box","text":"account’s net asset value on the redemption date. SWP redemptions of","page_number":43,"box":{"x":461,"y":643,"width":474,"height":11}},{"id":"09329403-ba08-48f4-aa4b-833de8d40dc4","block_type":"box","text":"Investor A or Investor C Shares in excess of this limit will still pay any","page_number":43,"box":{"x":461,"y":657,"width":458,"height":10}},{"id":"7fb9c521-51cc-4f26-bf3d-04d08686ccd0","block_type":"box","text":"applicable CDSC.","page_number":43,"box":{"x":461,"y":671,"width":112,"height":10}},{"id":"3bab1ca9-71e0-4bfb-9225-21a8c3b4e18e","block_type":"box","text":"Ask your Financial Intermediary for details.","page_number":43,"box":{"x":460,"y":687,"width":281,"height":10}},{"id":"a45a2e37-02a0-4f0e-9498-a2bbdb70abb2","block_type":"box","text":"Reinstatement","page_number":43,"box":{"x":61,"y":705,"width":99,"height":8}},{"id":"84938a57-1444-4ffe-9530-a49d8980668d","block_type":"box","text":"Privilege","page_number":43,"box":{"x":61,"y":716,"width":57,"height":11}},{"id":"240b8714-2426-4af8-854a-284538d6f5d0","block_type":"box","text":"If you redeem Investor A or Institutional Shares and buy new Investor A","page_number":43,"box":{"x":461,"y":705,"width":468,"height":10}},{"id":"acdb576f-506c-485f-9953-a0e790d14196","block_type":"box","text":"Shares of the same or another BlackRock Fund (equal to all or a","page_number":43,"box":{"x":461,"y":718,"width":424,"height":10}},{"id":"656188d7-3fd4-4cc2-bbe2-346a5914e9af","block_type":"box","text":"portion of the redemption amount) within 90 days of such redemption,","page_number":43,"box":{"x":461,"y":732,"width":464,"height":10}},{"id":"59a6ad1c-056f-4dab-8414-99af96f480a5","block_type":"box","text":"you will not pay a sales charge on the new purchase amount. This right","page_number":43,"box":{"x":460,"y":746,"width":470,"height":10}},{"id":"6410b138-5d75-4ed5-82f6-feb330b248cd","block_type":"box","text":"may be exercised within 90 days of the redemption, provided that the","page_number":43,"box":{"x":461,"y":759,"width":458,"height":10}},{"id":"40608978-3d79-49ce-82a3-e297e69904fd","block_type":"box","text":"Investor A Share class of that fund is currently open to new investors","page_number":43,"box":{"x":461,"y":772,"width":456,"height":11}},{"id":"63a1a447-4f08-46ef-847e-3df6391ad3a1","block_type":"box","text":"or the shareholder has a current account in that closed fund. Shares","page_number":43,"box":{"x":461,"y":786,"width":454,"height":8}},{"id":"ef460715-cf1f-4193-af17-fd32efc41a56","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":43,"box":{"x":460,"y":799,"width":438,"height":11}},{"id":"4aa6af46-c243-4ea0-8a46-22bc962bf4bf","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":43,"box":{"x":460,"y":813,"width":450,"height":10}},{"id":"00a56aa4-05a9-4f75-8805-f88344b52763","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":43,"box":{"x":460,"y":826,"width":435,"height":9}},{"id":"969652f1-1702-41eb-8c1e-92278f15baaa","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":43,"box":{"x":461,"y":840,"width":466,"height":10}},{"id":"55e63a85-130d-4c9f-8030-7197b0c830cd","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":43,"box":{"x":461,"y":854,"width":376,"height":10}},{"id":"8740b09c-09e1-4731-a439-31608e8e72ec","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":43,"box":{"x":461,"y":867,"width":371,"height":11}},{"id":"c42be327-b4b1-41f6-8104-067fbc0aad07","block_type":"box","text":"43","page_number":43,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"45483f95-a737-43cd-81e3-765aa02eebee","block_type":"box","text":"NM0926U-5975797-43/72","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e96d2599-7382-4e7e-b507-28e2189c4b84","block_type":"box","text":"Fund’s Rights","page_number":44,"box":{"x":61,"y":47,"width":124,"height":13}},{"id":"a7acdeb0-04ad-4cc6-9ac3-794eed3c8943","block_type":"box","text":"The Fund may:","page_number":44,"box":{"x":60,"y":73,"width":106,"height":11}},{"id":"a509477f-7484-40b8-aa56-61cd7bdb7594","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":44,"box":{"x":81,"y":93,"width":840,"height":11}},{"id":"1147c568-a5da-4796-866c-743e6db88694","block_type":"box","text":"described in the Investment Company Act;","page_number":44,"box":{"x":81,"y":108,"width":308,"height":11}},{"id":"458e2cb6-db05-43ab-a8f3-c73dd88b3ff3","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":44,"box":{"x":81,"y":127,"width":789,"height":12}},{"id":"e8148d8b-b3f7-4573-9251-ece76dd0b247","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":44,"box":{"x":81,"y":142,"width":850,"height":12}},{"id":"aac109c3-6477-4bf9-b289-8210c35ad447","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":44,"box":{"x":82,"y":157,"width":368,"height":12}},{"id":"8cf0d837-ea8a-4eab-812a-db051482fde9","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":44,"box":{"x":82,"y":177,"width":781,"height":12}},{"id":"24d040bb-2589-44c4-a081-b7a4e24b0916","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":44,"box":{"x":82,"y":197,"width":798,"height":12}},{"id":"36f6fb92-290d-4da6-b54c-a14de6cceb14","block_type":"box","text":"specified level.","page_number":44,"box":{"x":81,"y":212,"width":108,"height":11}},{"id":"7048fe7e-7a05-424c-99b0-8e7c9cff2810","block_type":"box","text":"Note on Low Balance Accounts.","page_number":44,"box":{"x":61,"y":235,"width":239,"height":9}},{"id":"fb8f35fc-097d-4b21-92f5-5d43995535bf","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":44,"box":{"x":307,"y":234,"width":600,"height":12}},{"id":"a98ff642-f46b-4c31-9edb-d56352b72a19","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":44,"box":{"x":61,"y":249,"width":846,"height":12}},{"id":"0b28272d-d641-4e3f-a852-f95995e2c362","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":44,"box":{"x":61,"y":263,"width":872,"height":13}},{"id":"e73cbbd8-21ed-4793-865c-513f85c97044","block_type":"box","text":"reason, including market fluctuation.","page_number":44,"box":{"x":61,"y":279,"width":267,"height":12}},{"id":"963020df-d32f-48d6-bbc6-4340ab8352de","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":44,"box":{"x":60,"y":302,"width":799,"height":11}},{"id":"4c7728f1-2358-44b1-b321-f7904a7548a7","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":44,"box":{"x":62,"y":316,"width":796,"height":12}},{"id":"91056283-977d-4f00-b28a-fb01b665938b","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":44,"box":{"x":62,"y":331,"width":800,"height":12}},{"id":"d7fd0915-0c00-49e7-a4e8-68d6041fc265","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":44,"box":{"x":61,"y":346,"width":859,"height":12}},{"id":"7334e7f6-4fe5-42c4-b81b-1445bbd9bd7c","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":44,"box":{"x":61,"y":361,"width":868,"height":11}},{"id":"7c0f9c06-c176-4947-9841-af5617b0e91a","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":44,"box":{"x":61,"y":376,"width":420,"height":11}},{"id":"ecf7f0f6-9a63-4c60-8c55-d1608e6f1de9","block_type":"box","text":"Participation in Fee-Based Programs","page_number":44,"box":{"x":61,"y":415,"width":331,"height":13}},{"id":"b119cb9f-b254-4419-a101-0948b3da9663","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":44,"box":{"x":62,"y":441,"width":826,"height":11}},{"id":"6efa6c71-81a3-47a1-97cb-6f26e3cade86","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":44,"box":{"x":62,"y":456,"width":806,"height":11}},{"id":"0f02130c-1c18-4e4b-9b1b-6e18a831236f","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":44,"box":{"x":62,"y":470,"width":833,"height":12}},{"id":"f16cd7aa-3e1b-485a-9f94-86322f0c3809","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":44,"box":{"x":61,"y":486,"width":865,"height":11}},{"id":"9120b746-4b4f-4397-9a59-e5a8b19ea48c","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":44,"box":{"x":60,"y":500,"width":863,"height":12}},{"id":"1fa6c7e8-0abb-44a1-9289-5e9cef094ae7","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":44,"box":{"x":62,"y":515,"width":865,"height":11}},{"id":"16fd18b5-653e-4b94-85d1-d8ac21b25281","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":44,"box":{"x":61,"y":530,"width":842,"height":11}},{"id":"55bbd202-c9ee-4ee4-bb1a-4214df6feb03","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":44,"box":{"x":61,"y":545,"width":838,"height":11}},{"id":"3980858f-dd6b-4e48-be64-9e44278362a3","block_type":"box","text":"procedures applicable to your account.","page_number":44,"box":{"x":62,"y":560,"width":282,"height":11}},{"id":"b4e40388-2fff-4526-9ea7-aeb895518fde","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":44,"box":{"x":61,"y":582,"width":840,"height":11}},{"id":"f442c50d-8f6d-4922-b538-8defda25847e","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":44,"box":{"x":61,"y":597,"width":861,"height":11}},{"id":"d3298786-7bf6-42f4-a50a-e7d98b2ddf55","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":44,"box":{"x":61,"y":612,"width":849,"height":11}},{"id":"656d69b9-9372-4592-803d-2655cbdb80bc","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":44,"box":{"x":60,"y":626,"width":867,"height":12}},{"id":"1260b415-aabf-4d0b-9557-4ce35f929b76","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":44,"box":{"x":62,"y":641,"width":873,"height":12}},{"id":"f2efaaaf-683f-42d6-af6f-ba896f7492cc","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":44,"box":{"x":61,"y":656,"width":844,"height":12}},{"id":"e1d9396e-e0ae-448b-8544-2b11a473e830","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":44,"box":{"x":61,"y":671,"width":865,"height":11}},{"id":"47a79a4c-fcac-4b67-9699-d3bd49b27804","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":44,"box":{"x":61,"y":686,"width":480,"height":11}},{"id":"58e47c49-ebad-4809-9f7c-8281a8c9b32b","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":44,"box":{"x":61,"y":708,"width":854,"height":12}},{"id":"6c59662e-4835-41a9-95f9-d0d4ffe41927","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":44,"box":{"x":61,"y":723,"width":790,"height":12}},{"id":"7aa9d799-4ac6-4d38-b6f1-2063e4a5eb30","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":44,"box":{"x":62,"y":738,"width":855,"height":11}},{"id":"692a6134-928e-4699-968f-a26ee76ec08b","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":44,"box":{"x":61,"y":753,"width":831,"height":11}},{"id":"cfd02dda-fb50-45ae-97d7-e2ffc0a99739","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":44,"box":{"x":61,"y":768,"width":828,"height":11}},{"id":"f0333a56-1c52-4e9e-bda8-50879f1a7283","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":44,"box":{"x":61,"y":782,"width":437,"height":12}},{"id":"ef670bc0-b531-4683-b138-ac2f94011565","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":44,"box":{"x":62,"y":805,"width":859,"height":12}},{"id":"7d76d53a-9292-491e-9e56-25076cd6b09a","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":44,"box":{"x":60,"y":820,"width":858,"height":11}},{"id":"58e5824e-bb7d-466c-93e3-eada257c1c3e","block_type":"box","text":"your Financial Intermediary for more information.","page_number":44,"box":{"x":60,"y":835,"width":357,"height":11}},{"id":"931f60e3-a1ed-417a-998e-3b095a4a6744","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5967d8cf-61ab-4621-a45c-ae7c38a7b51c","block_type":"box","text":"NM0926U-5975797-44/72","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6068e971-ebf5-45fc-a67c-2eb928e37f16","block_type":"box","text":"Short-Term Trading Policy","page_number":45,"box":{"x":61,"y":47,"width":232,"height":13}},{"id":"8f33984d-c81b-49be-9ee9-526cd4dcfc28","block_type":"box","text":"The Board of Directors of the Corporation (the “Board”) has determined that the interests of long-term shareholders","page_number":45,"box":{"x":60,"y":73,"width":852,"height":11}},{"id":"8e86e648-3846-4667-92ef-df14921c0b93","block_type":"box","text":"and the Fund’s ability to manage its investments may be adversely affected when shares are repeatedly bought, sold","page_number":45,"box":{"x":61,"y":88,"width":860,"height":11}},{"id":"01dce0b7-4694-449b-ad7a-248e5cc5552e","block_type":"box","text":"or exchanged in response to short-term market fluctuations — also known as “market timing.” The Fund is not","page_number":45,"box":{"x":61,"y":102,"width":814,"height":12}},{"id":"6470c557-9b6f-4184-b2d0-d86868b60c92","block_type":"box","text":"designed for market timing organizations or other entities using programmed or frequent purchases and sales or","page_number":45,"box":{"x":61,"y":117,"width":827,"height":12}},{"id":"c6b9f5fe-901e-408a-bd52-4040277dbe96","block_type":"box","text":"exchanges. The exchange privilege is not intended as a vehicle for short-term trading. Excessive purchase and sale or","page_number":45,"box":{"x":61,"y":132,"width":866,"height":12}},{"id":"111fc3cd-cb2c-462f-9614-15f9e3bb7dd7","block_type":"box","text":"exchange activity may interfere with portfolio management, increase expenses and taxes and may have an adverse","page_number":45,"box":{"x":61,"y":147,"width":846,"height":11}},{"id":"438a7d56-d09a-48f9-836c-1714a5ca7ae5","block_type":"box","text":"effect on the performance of the Fund and its returns to shareholders. For example, large flows of cash into and out of","page_number":45,"box":{"x":61,"y":162,"width":876,"height":11}},{"id":"5d022214-b1a4-4810-9d56-438a7ee4e287","block_type":"box","text":"the Fund may require the management team to allocate a significant amount of assets to cash or other short-term","page_number":45,"box":{"x":60,"y":176,"width":841,"height":12}},{"id":"c11ac74f-e2d8-4b84-9f97-ea61d04d2bb8","block_type":"box","text":"investments or sell securities, rather than maintaining such assets in securities selected to achieve the Fund’s","page_number":45,"box":{"x":62,"y":192,"width":815,"height":11}},{"id":"976e309a-15fb-4347-aa08-5ff7f252c37b","block_type":"box","text":"investment objective. Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction","page_number":45,"box":{"x":62,"y":206,"width":859,"height":12}},{"id":"b71d4c67-1cab-4954-bec0-84769cd10884","block_type":"box","text":"costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":45,"box":{"x":61,"y":221,"width":564,"height":12}},{"id":"c9318c79-2002-4cb7-9e6a-68507faa96c8","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":45,"box":{"x":60,"y":244,"width":873,"height":11}},{"id":"37ac88d6-df2d-412f-957d-c9703e6f3a1e","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":45,"box":{"x":61,"y":258,"width":872,"height":12}},{"id":"77f914d9-5e6e-4666-828a-88b2798008e6","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":45,"box":{"x":61,"y":273,"width":865,"height":12}},{"id":"6bb51355-0d8c-470c-9d35-877b6b9403be","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":45,"box":{"x":61,"y":288,"width":817,"height":11}},{"id":"3d80097b-2a4f-4e04-9fbc-8e89481306f9","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":45,"box":{"x":61,"y":303,"width":818,"height":11}},{"id":"f69fa5a6-12c1-431c-a84f-0975aab03a08","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":45,"box":{"x":60,"y":318,"width":865,"height":11}},{"id":"39a73b07-4117-45c9-acc9-d8542ce3ce13","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":45,"box":{"x":61,"y":332,"width":829,"height":12}},{"id":"ada94ab5-68aa-47cd-9f68-2b64d65d9ffd","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":45,"box":{"x":62,"y":347,"width":671,"height":12}},{"id":"63db01e1-daeb-47fa-bcc3-024bcf9a1eb7","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":45,"box":{"x":60,"y":370,"width":869,"height":11}},{"id":"7b78271f-82fc-4837-aada-f444d3aa9486","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":45,"box":{"x":60,"y":385,"width":839,"height":11}},{"id":"0368f918-1741-4dab-9799-f75b0f66ee6a","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":45,"box":{"x":61,"y":399,"width":869,"height":12}},{"id":"c52408b4-240c-4216-a5f8-0f718d7adbbe","block_type":"box","text":"on purchases, sales and exchanges of Fund shares because certain legitimate strategies will not result in harm to the","page_number":45,"box":{"x":61,"y":414,"width":870,"height":12}},{"id":"6b6e796e-3267-428a-8f75-fe36c0a7014b","block_type":"box","text":"Fund or its shareholders.","page_number":45,"box":{"x":62,"y":429,"width":181,"height":9}},{"id":"b9bc442a-61b7-4ba6-90f6-d8493f84a2c9","block_type":"box","text":"If as a result of its own investigation, information provided by a Financial Intermediary or other third-party, or","page_number":45,"box":{"x":62,"y":452,"width":795,"height":11}},{"id":"bc0fd99a-3b80-476e-8378-8e88533e8e82","block_type":"box","text":"otherwise, the Fund believes, in its sole discretion, that your short-term trading is excessive or that you are engaging","page_number":45,"box":{"x":61,"y":467,"width":860,"height":11}},{"id":"23c1fe1f-5d39-4a6b-b31f-b1e7cfb10050","block_type":"box","text":"in market timing activity, it reserves the right to reject any specific purchase or exchange order. If the Fund rejects your","page_number":45,"box":{"x":62,"y":481,"width":871,"height":12}},{"id":"ffe1c893-e0fb-4e17-8592-65f3d077f0bc","block_type":"box","text":"purchase or exchange order, you will not be able to execute that transaction, and the Fund will not be responsible for","page_number":45,"box":{"x":62,"y":496,"width":858,"height":12}},{"id":"cc844e8b-e803-45c0-a45a-d0103527ad8e","block_type":"box","text":"any losses you therefore may suffer. For transactions placed directly with the Fund, the Fund may consider the trading","page_number":45,"box":{"x":61,"y":511,"width":866,"height":12}},{"id":"61b0ff8b-4a69-4857-ba29-900c7cc495f3","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":45,"box":{"x":61,"y":526,"width":829,"height":11}},{"id":"5aa561d6-cf0b-459b-824d-0c12519f03d0","block_type":"box","text":"placed through the same Financial Intermediary on an omnibus basis may be deemed part of a group for the purpose","page_number":45,"box":{"x":62,"y":541,"width":862,"height":11}},{"id":"71a5225c-1659-43e0-9a28-038122f5fbdf","block_type":"box","text":"of this policy and may be rejected in whole or in part by the Fund. Certain accounts, such as omnibus accounts and","page_number":45,"box":{"x":61,"y":555,"width":849,"height":12}},{"id":"4760cdff-6323-4de7-b2dd-f7dc7a0e37e9","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":45,"box":{"x":61,"y":571,"width":866,"height":11}},{"id":"3c25fd26-0ed5-444f-844a-2f504aae5430","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":45,"box":{"x":60,"y":585,"width":806,"height":12}},{"id":"c361cd99-0278-4f31-b9c6-2f3e9efaaa19","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":45,"box":{"x":61,"y":600,"width":804,"height":12}},{"id":"685c4387-a622-410c-8cde-76412bb8166d","block_type":"box","text":"exchangers whose orders are aggregated may not be known by the Fund. While the Fund monitors for market timing","page_number":45,"box":{"x":61,"y":615,"width":849,"height":11}},{"id":"573c7f9f-ac90-40f3-a040-33e8cdb89f18","block_type":"box","text":"activity, the Fund may be unable to identify such activities because the netting effect in omnibus accounts often makes","page_number":45,"box":{"x":61,"y":630,"width":875,"height":11}},{"id":"89977211-1c9b-4ab4-bc9c-e71a8402fd80","block_type":"box","text":"it more difficult to locate and eliminate market timers from the Fund. The Distributor has entered into agreements with","page_number":45,"box":{"x":62,"y":644,"width":869,"height":12}},{"id":"0f658e8c-a187-4de4-9b36-f69f4bb8b066","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":45,"box":{"x":61,"y":659,"width":845,"height":12}},{"id":"03f85d6f-90f9-4526-815b-d062b41ddae3","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":45,"box":{"x":62,"y":674,"width":868,"height":12}},{"id":"f1f5c123-79f1-4ed5-818c-81e3294689d0","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":45,"box":{"x":61,"y":689,"width":861,"height":11}},{"id":"b83165d1-9ffa-461a-a528-7960b9fa6507","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":45,"box":{"x":61,"y":704,"width":868,"height":11}},{"id":"941e36f5-4574-4879-8446-84bd5aa0e42b","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":45,"box":{"x":60,"y":719,"width":847,"height":11}},{"id":"e34b2045-6a93-4252-b5a6-670217145f2c","block_type":"box","text":"trading activity, the Distributor may terminate such Financial Intermediary’s agreement with the Fund’s Distributor,","page_number":45,"box":{"x":60,"y":734,"width":837,"height":11}},{"id":"4bb7c787-bf36-4a92-aa21-8a37077d34b4","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":45,"box":{"x":61,"y":748,"width":663,"height":12}},{"id":"5d6e15bb-a618-47a4-9e62-281ce6fc442c","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":45,"box":{"x":60,"y":771,"width":824,"height":11}},{"id":"6ea00594-4018-4193-8af4-fcf2be37b914","block_type":"box","text":"deemed abusive.","page_number":45,"box":{"x":61,"y":786,"width":123,"height":9}},{"id":"9c411975-691e-4a40-b34c-7d28c558c10f","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":45,"box":{"x":60,"y":808,"width":841,"height":12}},{"id":"29d43e33-0357-4f74-aa82-71b150e1ec15","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":45,"box":{"x":60,"y":823,"width":572,"height":12}},{"id":"c347af84-ffb7-44b5-97fc-73e3a0bb3d57","block_type":"box","text":"45","page_number":45,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"fb0f25b4-529e-4e38-a838-a0386c51a396","block_type":"box","text":"NM0926U-5975797-45/72","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"beb6d10f-97b6-4ce0-9f22-2f3be53bf6d2","block_type":"box","text":"Management of the Fund","page_number":46,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"0c5834c3-ab94-48f7-b10f-71e451fadc90","block_type":"box","text":"BlackRock","page_number":46,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"d1ff3782-7391-43e4-9461-4ff7f438e377","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the investments and business operations of the Fund subject to","page_number":46,"box":{"x":62,"y":182,"width":857,"height":12}},{"id":"33f20187-04b3-4c17-b16c-143398aaaf8d","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":46,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"cf617532-0fb8-44a1-a32c-6f82acdac67f","block_type":"box","text":"draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":46,"box":{"x":61,"y":212,"width":796,"height":12}},{"id":"dc3a0d24-1764-48ff-b120-3df4ee5b1d43","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":46,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"12093193-5e01-480c-adb4-d779639f0036","block_type":"box","text":"BlackRock, Inc.","page_number":46,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"baa3e4ba-ba32-4d8b-a740-16dcc2f3027e","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":46,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"f60b5ab9-948d-49e3-a3cf-2a295a317889","block_type":"box","text":"companies. BlackRock International Limited (“BIL”), a registered investment adviser organized in 1995 and an affiliate","page_number":46,"box":{"x":61,"y":279,"width":872,"height":12}},{"id":"c3d6cd40-9037-4d25-94d3-7ea500207741","block_type":"box","text":"of BlackRock, acts as sub-adviser for the Fund. BlackRock and its affiliates had approximately $15.3 trillion in","page_number":46,"box":{"x":61,"y":293,"width":808,"height":12}},{"id":"cc2438cb-5b67-4506-86e1-a0df002920dd","block_type":"box","text":"investment company and other portfolio assets under management as of June 30, 2026.","page_number":46,"box":{"x":62,"y":309,"width":654,"height":11}},{"id":"bb47ce47-58f3-4aa5-97af-78553cd02d1e","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Under the","page_number":46,"box":{"x":60,"y":331,"width":827,"height":12}},{"id":"c2e48376-d9b4-4f3b-900b-997d94161c39","block_type":"box","text":"Management Agreement, BlackRock receives for its services to the Fund a fee at an annual rate of the Fund’s average","page_number":46,"box":{"x":62,"y":346,"width":870,"height":12}},{"id":"11ddc7b5-a2a0-497a-aede-f796af4f5400","block_type":"box","text":"daily net assets.","page_number":46,"box":{"x":61,"y":361,"width":119,"height":11}},{"id":"b0951ecf-e91f-4eca-aa0a-81c897039691","block_type":"box","text":"The annual management fee payable to BlackRock (as a percentage of average daily net assets) is calculated as","page_number":46,"box":{"x":60,"y":383,"width":829,"height":12}},{"id":"d63ebc56-b82e-481e-8e55-322af4aec15e","block_type":"box","text":"follows:","page_number":46,"box":{"x":60,"y":398,"width":55,"height":9}},{"id":"60b7784e-6d77-4a77-a6fd-4c327162bbbe","block_type":"box","text":"Average Daily Net Assets","page_number":46,"box":{"x":69,"y":437,"width":151,"height":9}},{"id":"e0bd6ccd-fc39-4676-94e1-a847650a7d53","block_type":"box","text":"Rate of","page_number":46,"box":{"x":844,"y":427,"width":43,"height":7}},{"id":"64b81241-f460-47f6-8501-6018f5ce1246","block_type":"box","text":"Management Fee","page_number":46,"box":{"x":813,"y":437,"width":104,"height":9}},{"id":"8568dd49-264e-46a8-9a75-4096456bb949","block_type":"box","text":"Not exceeding $1 billion","page_number":46,"box":{"x":70,"y":453,"width":157,"height":11}},{"id":"e755906f-8564-4e5c-baf9-a039a2851b4b","block_type":"box","text":"0.60%","page_number":46,"box":{"x":849,"y":454,"width":42,"height":8}},{"id":"c294a9c0-a434-4a01-8180-2305b66d6592","block_type":"box","text":"In excess of $1 billion but not more than $3 billion 0.56%","page_number":46,"box":{"x":70,"y":471,"width":821,"height":10}},{"id":"a65f68ab-b7c3-4637-9401-2c891eecafaa","block_type":"box","text":"In excess of $3 billion but not more than $5 billion 0.54%","page_number":46,"box":{"x":70,"y":489,"width":821,"height":10}},{"id":"9da6b9f7-354c-4366-b485-7700f4c575fa","block_type":"box","text":"In excess of $5 billion but not more than $10 billion 0.52%","page_number":46,"box":{"x":70,"y":507,"width":821,"height":10}},{"id":"be1563e0-db10-4156-b6a7-1d11ac5e8a18","block_type":"box","text":"In excess of $10 billion","page_number":46,"box":{"x":70,"y":526,"width":153,"height":9}},{"id":"72a84b46-6472-48d4-839f-5ed1fd2247e5","block_type":"box","text":"0.51%","page_number":46,"box":{"x":849,"y":526,"width":42,"height":8}},{"id":"6c2748d6-d8af-4e0a-bdfb-c0d16cc651fc","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":46,"box":{"x":62,"y":558,"width":840,"height":12}},{"id":"ce0f0588-2eab-4325-a0a0-85b13bcb95b1","block_type":"box","text":"estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by","page_number":46,"box":{"x":61,"y":573,"width":824,"height":11}},{"id":"13739560-b733-4587-a279-a78efc36c7ef","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock","page_number":46,"box":{"x":62,"y":588,"width":843,"height":11}},{"id":"6bf5d35f-15f1-4faa-a1e4-39a90a6b851c","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to","page_number":46,"box":{"x":61,"y":603,"width":851,"height":11}},{"id":"a633b1cd-40ee-4b50-89d0-7ceffd671136","block_type":"box","text":"BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates (the","page_number":46,"box":{"x":62,"y":617,"width":808,"height":12}},{"id":"e6b5d735-2a7b-4327-9d6e-cfcf6c6152f8","block_type":"box","text":"“affiliated money market fund waiver”), through June 30, 2028. The contractual agreements may be terminated upon","page_number":46,"box":{"x":62,"y":632,"width":860,"height":12}},{"id":"3cb92a90-2494-4ccd-ba0a-347a4065e0e0","block_type":"box","text":"90 days’ notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the","page_number":46,"box":{"x":61,"y":647,"width":810,"height":11}},{"id":"5d9c0e93-ec51-4150-88fa-51dc8cd24d76","block_type":"box","text":"outstanding voting securities of the Fund.","page_number":46,"box":{"x":61,"y":662,"width":302,"height":11}},{"id":"f6a9ce32-b4c4-4061-a1df-de831bb83b99","block_type":"box","text":"BlackRock has agreed to cap net expenses (excluding (i) interest, taxes, dividends tied to short sales, brokerage","page_number":46,"box":{"x":62,"y":685,"width":827,"height":11}},{"id":"adb64154-feed-4452-ab10-00de87afbb5a","block_type":"box","text":"commissions, and other expenditures which are capitalized in accordance with generally accepted accounting","page_number":46,"box":{"x":61,"y":699,"width":803,"height":12}},{"id":"f83a6b52-25ad-4276-a2cb-fb081fb873f7","block_type":"box","text":"principles; (ii) the Fund’s pro rata share of the fees and expenses incurred indirectly by the Fund as a result of","page_number":46,"box":{"x":62,"y":714,"width":810,"height":11}},{"id":"b7404ffa-ce67-4bca-9500-bad4293d3656","block_type":"box","text":"investing in other investment companies; (iii) other expenses attributable to, and incurred as a result of, the Fund’s","page_number":46,"box":{"x":62,"y":729,"width":847,"height":11}},{"id":"10267a26-b468-4c6a-940f-b7b4f1a08794","block_type":"box","text":"investments; and (iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the","page_number":46,"box":{"x":62,"y":744,"width":858,"height":11}},{"id":"6c85cf61-fc2f-4c2a-9777-21a746a5f2a1","block_type":"box","text":"Fund’s business, if any) of each share class of the Fund at the levels shown below and in the Fund’s fees and","page_number":46,"box":{"x":62,"y":759,"width":807,"height":11}},{"id":"d520d7cd-e560-4181-81bb-fb6df32df872","block_type":"box","text":"expenses table in the “Fund Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the preceding sentence","page_number":46,"box":{"x":61,"y":773,"width":866,"height":12}},{"id":"7158afb6-adb8-407a-9b3f-b68b9da96146","block_type":"box","text":"are referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and","page_number":46,"box":{"x":61,"y":788,"width":835,"height":11}},{"id":"5f4174aa-6f9f-49d6-ad4a-84e56e656cdd","block_type":"box","text":"certain other Fund expenses.” To achieve these expense caps, BlackRock has agreed to waive and/or reimburse fees","page_number":46,"box":{"x":61,"y":803,"width":866,"height":12}},{"id":"edf79eaf-2cba-4042-89cd-8d101e9eb3d8","block_type":"box","text":"or expenses if these operating expenses exceed a certain limit.","page_number":46,"box":{"x":61,"y":818,"width":466,"height":11}},{"id":"9203f63c-3462-42db-9c73-475093b51ab9","block_type":"box","text":"With respect to the Fund, BlackRock has agreed to waive and/or reimburse fees or expenses in order to limit Total","page_number":46,"box":{"x":60,"y":840,"width":841,"height":12}},{"id":"4361db1f-8568-4d1f-b978-273bad16cbf2","block_type":"box","text":"Annual Fund Operating Expenses as a percentage of average daily net assets to the amounts noted in the table below.","page_number":46,"box":{"x":60,"y":855,"width":871,"height":12}},{"id":"cf464077-a998-4886-8e2b-1016a59cfee5","block_type":"box","text":"46","page_number":46,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0bf8cfce-1b4c-4cfa-a7fb-016a7a25fed4","block_type":"box","text":"NM0926U-5975797-46/72","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2fe500c6-bfa3-4828-833d-2a84faa79e2f","block_type":"box","text":"Caps on Total Annual Fund Operating Expenses","page_number":47,"box":{"x":629,"y":50,"width":284,"height":9}},{"id":"e517d8fd-27a5-4111-9729-0dd7df68614f","block_type":"box","text":"1","page_number":47,"box":{"x":913,"y":50,"width":4,"height":4}},{"id":"e34571f8-269b-4309-af45-663faceb30f8","block_type":"box","text":"(excluding Dividend Expense, Interest Expense,","page_number":47,"box":{"x":629,"y":60,"width":287,"height":9}},{"id":"6b6fe67b-f301-40e7-ac34-88a9d74a6744","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":47,"box":{"x":670,"y":71,"width":205,"height":9}},{"id":"af618635-1eb0-41c5-be03-ef91125072ee","block_type":"box","text":"and certain other Fund expenses)","page_number":47,"box":{"x":672,"y":81,"width":201,"height":9}},{"id":"9844c932-5b61-425f-93ad-81075ce6295f","block_type":"box","text":"Contractual Cap","page_number":47,"box":{"x":641,"y":98,"width":97,"height":9}},{"id":"da994dc9-4a73-445f-b0d1-6038fbb6c97e","block_type":"box","text":"2","page_number":47,"box":{"x":739,"y":98,"width":4,"height":3}},{"id":"7f20ee0f-bfd0-4631-8f67-6f013d2ec8d4","block_type":"box","text":"Voluntary Cap","page_number":47,"box":{"x":817,"y":98,"width":84,"height":9}},{"id":"6a82e119-b4bd-4091-8632-bebf9c297e5d","block_type":"box","text":"3","page_number":47,"box":{"x":901,"y":98,"width":4,"height":4}},{"id":"a251b192-5980-4739-a72d-47bcbaa4a52b","block_type":"box","text":"Investor A Shares","page_number":47,"box":{"x":70,"y":115,"width":115,"height":8}},{"id":"72f246e2-dd21-4dda-a714-4e25de6e99a9","block_type":"box","text":"0.90% 0.75%","page_number":47,"box":{"x":676,"y":115,"width":211,"height":8}},{"id":"9d1184dc-f584-43b6-bb94-ca53c1401571","block_type":"box","text":"Investor C Shares","page_number":47,"box":{"x":70,"y":133,"width":116,"height":8}},{"id":"027ca15d-b0bf-44fa-a86c-f0c3c4b062da","block_type":"box","text":"1.65% 1.50%","page_number":47,"box":{"x":677,"y":133,"width":210,"height":8}},{"id":"36291001-03c8-47e9-bf6f-8e5adcc0dcd9","block_type":"box","text":"Institutional Shares 0.65% 0.50%","page_number":47,"box":{"x":70,"y":151,"width":817,"height":8}},{"id":"ef44c817-2e39-48e6-b6ae-f484c03c98b0","block_type":"box","text":"Class R Shares","page_number":47,"box":{"x":69,"y":169,"width":101,"height":8}},{"id":"2f6217b3-f78b-4199-a3a7-d6cce4e3df20","block_type":"box","text":"1.15% 1.00%","page_number":47,"box":{"x":677,"y":169,"width":210,"height":8}},{"id":"1c535088-fc97-425f-92f3-7f631aa3cd26","block_type":"box","text":"1","page_number":47,"box":{"x":61,"y":189,"width":3,"height":3}},{"id":"68887a57-7993-4e4c-b874-90bb9be0d0e3","block_type":"box","text":"As a percentage of average daily net assets.","page_number":47,"box":{"x":81,"y":189,"width":260,"height":9}},{"id":"d9157fa7-4756-4640-9fa1-993cbc2c8986","block_type":"box","text":"2","page_number":47,"box":{"x":61,"y":202,"width":3,"height":3}},{"id":"786a7580-e73e-42b1-9a53-a51ff2424aab","block_type":"box","text":"The contractual caps are in effect through June 30, 2028. The contractual agreement may be terminated with respect to the Fund upon 90 days’","page_number":47,"box":{"x":81,"y":201,"width":851,"height":10}},{"id":"95b772f5-4115-4294-994b-6fc804d95d5f","block_type":"box","text":"notice by a majority of the non-interested directors of the Corporation or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":47,"box":{"x":81,"y":212,"width":839,"height":9}},{"id":"fbc4c8d6-28ec-43c4-8c0d-cc53165937bd","block_type":"box","text":"3","page_number":47,"box":{"x":61,"y":225,"width":3,"height":4}},{"id":"5c080f10-727c-4c97-9f39-8813ab1e3d40","block_type":"box","text":"The voluntary waiver and/or reimbursement was effective June 1, 2026 and may be reduced or discontinued at any time without notice.","page_number":47,"box":{"x":81,"y":225,"width":799,"height":9}},{"id":"f6a8852d-b57a-4c4a-8b0d-1b191b393095","block_type":"box","text":"The amount of the contractual waivers and/or reimbursements of fees and expenses made pursuant to the contractual","page_number":47,"box":{"x":60,"y":250,"width":875,"height":11}},{"id":"478d2ad2-3458-43be-bdef-f23f31d6aef9","block_type":"box","text":"caps on net expenses will be reduced by the amount of the affiliated money market fund waiver.","page_number":47,"box":{"x":61,"y":265,"width":705,"height":11}},{"id":"7b5bfcd5-e106-4739-ba05-1f8ac160c58f","block_type":"box","text":"BlackRock has entered into a sub-advisory agreement with BIL with respect to the Fund under which BlackRock pays","page_number":47,"box":{"x":62,"y":288,"width":853,"height":11}},{"id":"3ea9a926-dccb-415d-914b-783e2fe2fbb4","block_type":"box","text":"BIL for services it provides for the portion of the Fund for which it acts as sub-adviser a monthly fee at an annual rate","page_number":47,"box":{"x":62,"y":302,"width":861,"height":12}},{"id":"404bac2a-544a-4540-b4a2-d6c303373024","block_type":"box","text":"equal to a percentage of the management fee paid to BlackRock under the Management Agreement.","page_number":47,"box":{"x":61,"y":317,"width":737,"height":12}},{"id":"8453ce2d-3ea7-4688-9ff0-119de75c2470","block_type":"box","text":"A discussion of the basis for the Board’s approval of the Management Agreement with BlackRock and the sub-advisory","page_number":47,"box":{"x":60,"y":340,"width":874,"height":11}},{"id":"a0f0d858-fae3-4ec8-81c3-2f65e7a4f1b1","block_type":"box","text":"agreement with BIL is available in the Fund’s reports filed on Form N-CSR for the fiscal year ended May 31, 2026.","page_number":47,"box":{"x":61,"y":354,"width":837,"height":12}},{"id":"568ef8f0-e332-48ff-96a4-73e5ec440946","block_type":"box","text":"For the fiscal year ended May 31, 2026, BlackRock received a management fee, net of management fee waivers, at","page_number":47,"box":{"x":62,"y":377,"width":851,"height":12}},{"id":"babcb7f9-7f51-4b3b-acdb-808b74c3db99","block_type":"box","text":"the annual rate of 0.59% of the Fund’s average daily net assets.","page_number":47,"box":{"x":60,"y":392,"width":473,"height":11}},{"id":"4179e189-8e41-474d-93d2-3ce1de9c0d79","block_type":"box","text":"From time to time, a manager, analyst, or other employee of BlackRock or its affiliates may express views regarding a","page_number":47,"box":{"x":62,"y":414,"width":864,"height":12}},{"id":"406feb3c-50f1-4a54-8b30-cba94c53a09e","block_type":"box","text":"particular asset class, company, security, industry, or market sector. The views expressed by any such person are the","page_number":47,"box":{"x":62,"y":429,"width":863,"height":12}},{"id":"02087717-265c-487e-858f-b6c3a296f77c","block_type":"box","text":"views of only that individual as of the time expressed and do not necessarily represent the views of BlackRock or any","page_number":47,"box":{"x":60,"y":444,"width":861,"height":11}},{"id":"e36ca7cf-b072-405c-b83f-7318527c285f","block_type":"box","text":"other person within the BlackRock organization. Any such views are subject to change at any time based upon market","page_number":47,"box":{"x":61,"y":459,"width":864,"height":11}},{"id":"7de16713-a567-4d19-94bb-22e19bbacc92","block_type":"box","text":"or other conditions and BlackRock disclaims any responsibility to update such views. These views may not be relied on","page_number":47,"box":{"x":61,"y":474,"width":872,"height":11}},{"id":"08ec41bc-83ca-4e81-a6d4-b2d9e97d7a68","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":47,"box":{"x":61,"y":488,"width":841,"height":12}},{"id":"c08c5d10-bb2e-4eb2-bbbf-c5f1a682edde","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":47,"box":{"x":61,"y":503,"width":472,"height":12}},{"id":"1f5ca6ec-8ce7-487c-bce0-452a3971adab","block_type":"box","text":"Portfolio Manager Information","page_number":47,"box":{"x":61,"y":542,"width":272,"height":14}},{"id":"a76960cc-e0b8-44a9-96ed-f592342cec86","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. Further information regarding the portfolio","page_number":47,"box":{"x":62,"y":568,"width":869,"height":12}},{"id":"64863ca0-9302-4d49-bb22-7d09e33171e2","block_type":"box","text":"managers, including other accounts managed, compensation, ownership of Fund shares, and possible conflicts of","page_number":47,"box":{"x":61,"y":583,"width":837,"height":12}},{"id":"c3c54311-de3e-42bf-902c-9a7ab28abbb7","block_type":"box","text":"interest, is available in the Fund’s SAI.","page_number":47,"box":{"x":62,"y":598,"width":281,"height":11}},{"id":"eef3f6b6-2b50-4c19-beec-3d290a1920c0","block_type":"box","text":"Portfolio Manager Primary Role Since Title and Recent Biography","page_number":47,"box":{"x":61,"y":626,"width":797,"height":10}},{"id":"83f7bd35-e1a9-43ab-a1dd-dcf145499d07","block_type":"box","text":"Zeshan Azam Jointly and primarily responsible for","page_number":47,"box":{"x":60,"y":643,"width":425,"height":11}},{"id":"a4e72d14-c79f-40fa-9548-cab2977362a8","block_type":"box","text":"the day-to-day management of the","page_number":47,"box":{"x":252,"y":657,"width":223,"height":10}},{"id":"6e9b4c54-6f1a-4c00-8535-369b9fb715e8","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":47,"box":{"x":253,"y":670,"width":245,"height":11}},{"id":"a6e06f13-008e-4c99-b397-5c558d86f329","block_type":"box","text":"Fund’s overall investment strategy","page_number":47,"box":{"x":253,"y":684,"width":225,"height":10}},{"id":"185f247e-1d99-4e74-adfa-47a5d4138550","block_type":"box","text":"and overseeing the management of","page_number":47,"box":{"x":253,"y":698,"width":233,"height":10}},{"id":"7cb5a608-54a7-4e7d-a992-e9c06c34a2b2","block_type":"box","text":"the Fund.","page_number":47,"box":{"x":252,"y":711,"width":60,"height":8}},{"id":"9d7f28cc-6223-4154-aac2-193afffdd6a1","block_type":"box","text":"2026 Managing Director of BlackRock, Inc. and Head","page_number":47,"box":{"x":545,"y":643,"width":380,"height":11}},{"id":"257e34a9-944f-483e-8275-4b46c0d1a717","block_type":"box","text":"of Global Equities for Citi Portfolio Solutions","page_number":47,"box":{"x":615,"y":657,"width":290,"height":10}},{"id":"d9208fad-edcd-4969-b198-01a7d0cb42a1","block_type":"box","text":"Powered by BlackRock since 2025; Director of","page_number":47,"box":{"x":616,"y":670,"width":306,"height":11}},{"id":"a479bd81-9cd8-4a30-8bef-70ffcb74d174","block_type":"box","text":"Citi Investment Management from 2016 to","page_number":47,"box":{"x":615,"y":684,"width":282,"height":10}},{"id":"ae3fc30d-0584-41a7-89e3-4a72a22474d3","block_type":"box","text":"2025.","page_number":47,"box":{"x":615,"y":698,"width":39,"height":8}},{"id":"c1227375-9d91-4e87-9646-89a13a5b51e7","block_type":"box","text":"Wendy Agnew, CFA Jointly and primarily responsible for","page_number":47,"box":{"x":60,"y":729,"width":425,"height":11}},{"id":"01d6a14c-0c31-4073-9060-54fd54cf6da4","block_type":"box","text":"the day-to-day management of the","page_number":47,"box":{"x":252,"y":743,"width":223,"height":10}},{"id":"1ee9a646-213a-40d6-b58e-27451739582b","block_type":"box","text":"Fund’s portfolio, including setting the","page_number":47,"box":{"x":253,"y":756,"width":245,"height":11}},{"id":"35a0694f-b0ac-4374-8008-bbc8362c65e4","block_type":"box","text":"Fund’s overall investment strategy","page_number":47,"box":{"x":253,"y":770,"width":225,"height":10}},{"id":"8377b6b0-da4e-4778-8ff6-06c073c5cd01","block_type":"box","text":"and overseeing the management of","page_number":47,"box":{"x":253,"y":783,"width":233,"height":11}},{"id":"c25ee1ed-1c69-47a3-892c-8b02d911abff","block_type":"box","text":"the Fund.","page_number":47,"box":{"x":252,"y":797,"width":60,"height":8}},{"id":"a8ce63d2-be08-4f37-87e5-f1ec675549ae","block_type":"box","text":"2026 Director of BlackRock, Inc. and Senior Portfolio","page_number":47,"box":{"x":545,"y":729,"width":380,"height":10}},{"id":"9baa3308-7b3b-4617-9f85-0c260d393798","block_type":"box","text":"Manager within Citi Portfolio Solutions","page_number":47,"box":{"x":616,"y":743,"width":251,"height":10}},{"id":"29364416-0fe7-42d2-99a8-30d0c8f5ab6c","block_type":"box","text":"Powered by BlackRock since 2025; Senior","page_number":47,"box":{"x":616,"y":756,"width":278,"height":11}},{"id":"378437c5-40b3-4b77-8c03-75c0972f40b5","block_type":"box","text":"Portfolio Manager of Citi Investment","page_number":47,"box":{"x":616,"y":770,"width":237,"height":10}},{"id":"5d34127f-d96a-4b77-94f5-48320326a387","block_type":"box","text":"Management from 2020 to 2025.","page_number":47,"box":{"x":616,"y":783,"width":222,"height":11}},{"id":"21f1bbce-9e67-43ee-8626-c5830cab1add","block_type":"box","text":"Conflicts of Interest","page_number":47,"box":{"x":61,"y":837,"width":181,"height":11}},{"id":"bb42e077-4f27-49ac-94de-88a6ee7d5fcf","block_type":"box","text":"The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the","page_number":47,"box":{"x":60,"y":864,"width":871,"height":11}},{"id":"44eec0c6-e89c-4c5a-90c1-0a93342194b3","block_type":"box","text":"“Affiliates”)), and their respective directors, officers or employees, in managing their own accounts and other","page_number":47,"box":{"x":62,"y":878,"width":801,"height":12}},{"id":"332be7b8-a6b0-4983-b21c-df1e4f72d45b","block_type":"box","text":"accounts, may present conflicts of interest that could disadvantage the Fund and its shareholders.","page_number":47,"box":{"x":61,"y":893,"width":723,"height":12}},{"id":"ba70291b-a1a8-48cf-9d3d-a35f502f352c","block_type":"box","text":"47","page_number":47,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"56042c00-8e5b-43a4-bf88-4a3183eaca31","block_type":"box","text":"NM0926U-5975797-47/72","page_number":47,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b5b92b63-c1ea-4377-b008-95b1c81b1bee","block_type":"box","text":"BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management","page_number":48,"box":{"x":62,"y":46,"width":871,"height":11}},{"id":"53cc00bc-5033-4549-8d26-7d70cbf8a0e6","block_type":"box","text":"activities and in the ordinary course of business may engage in activities in which their interests or the interests of","page_number":48,"box":{"x":61,"y":60,"width":845,"height":12}},{"id":"2a4f35b5-dbce-43a9-a03e-a05224e7c1b2","block_type":"box","text":"other clients may conflict with those of the Fund. BlackRock and its Affiliates act, or may act, as an investor, research","page_number":48,"box":{"x":61,"y":75,"width":865,"height":12}},{"id":"7876e9e9-fbf5-4c33-b953-9294dd66295f","block_type":"box","text":"provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser,","page_number":48,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"dbc13bac-93d5-41f2-a21a-c11e9982a944","block_type":"box","text":"trader, lender, index provider, agent and/or principal. BlackRock and its Affiliates may have other direct and indirect","page_number":48,"box":{"x":60,"y":105,"width":850,"height":12}},{"id":"cbb6845c-90e3-426f-9942-7110324d8fde","block_type":"box","text":"interests in securities, currencies, commodities, derivatives and other assets in which the Fund may directly or","page_number":48,"box":{"x":62,"y":120,"width":813,"height":11}},{"id":"e14a4d57-740a-454d-a4a5-d177c59758fc","block_type":"box","text":"indirectly invest.","page_number":48,"box":{"x":62,"y":135,"width":116,"height":11}},{"id":"be406c02-5e30-4d80-8f0c-45031b842c51","block_type":"box","text":"BlackRock and its Affiliates may engage in proprietary trading and advise accounts and other funds that have","page_number":48,"box":{"x":62,"y":157,"width":801,"height":12}},{"id":"71c9f249-dba6-45c8-bbe0-4bd2f2376e38","block_type":"box","text":"investment objectives similar to those of the Fund and/or that engage in and compete for transactions in the same or","page_number":48,"box":{"x":62,"y":172,"width":865,"height":12}},{"id":"1fdd2b94-d994-4fcc-9a85-bb6f605c8105","block_type":"box","text":"similar types of securities, currencies and other assets as are held by the Fund. This may include transactions in","page_number":48,"box":{"x":61,"y":187,"width":829,"height":11}},{"id":"b06ef7e0-8687-4fe4-98f6-619ef2baca53","block_type":"box","text":"securities issued by other open-end and closed-end investment companies, including investment companies that are","page_number":48,"box":{"x":61,"y":202,"width":856,"height":11}},{"id":"2eb7c666-b47e-45ba-b0d8-67b751c01e94","block_type":"box","text":"affiliated with the Fund and BlackRock, to the extent permitted under the Investment Company Act. The trading","page_number":48,"box":{"x":61,"y":216,"width":814,"height":12}},{"id":"6221ec5d-0902-4e12-b4b1-f33dd1e83460","block_type":"box","text":"activities of BlackRock and its Affiliates are carried out without reference to positions held directly or indirectly by the","page_number":48,"box":{"x":61,"y":231,"width":860,"height":12}},{"id":"fca5129e-332d-40d0-9dbc-024c3fd81af0","block_type":"box","text":"Fund. These activities may result in BlackRock or an Affiliate having positions in assets that are senior or junior to, or","page_number":48,"box":{"x":62,"y":246,"width":862,"height":12}},{"id":"36ac8c36-9ef0-4fba-bf1f-210518853fbc","block_type":"box","text":"that have interests different from or adverse to, the assets held by the Fund.","page_number":48,"box":{"x":60,"y":261,"width":565,"height":11}},{"id":"bf4135f8-2ca6-4ab8-a22e-c4189f0e42df","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":48,"box":{"x":60,"y":283,"width":855,"height":12}},{"id":"fd6f82c7-5a36-458c-ba67-9d6b6f4d2d39","block_type":"box","text":"significant debt or equity investments or other interests. The Fund may also invest in issuances (such as debt","page_number":48,"box":{"x":61,"y":298,"width":807,"height":12}},{"id":"40d5b3d9-411b-4471-8f47-2525261dd75c","block_type":"box","text":"offerings or structured notes) for which an Affiliate is compensated for providing advisory, cash management or other","page_number":48,"box":{"x":61,"y":313,"width":862,"height":12}},{"id":"46754a63-a559-48fd-ade5-3b47d479333e","block_type":"box","text":"services. The Fund also may invest in securities of, or engage in other transactions with, entities for which an Affiliate","page_number":48,"box":{"x":61,"y":328,"width":866,"height":12}},{"id":"17493664-52e5-4d74-ac75-36450cddf2d6","block_type":"box","text":"provides or may provide research coverage or other analysis.","page_number":48,"box":{"x":62,"y":343,"width":444,"height":11}},{"id":"c87db7d0-13fd-4b7c-a903-c5d367e8d6c4","block_type":"box","text":"An Affiliate may have business relationships with, and receive compensation from, distributors, consultants or others","page_number":48,"box":{"x":60,"y":365,"width":862,"height":12}},{"id":"04294980-6ef4-4594-b274-3e9779fc6060","block_type":"box","text":"who recommend the Fund or who engage in transactions with or for the Fund.","page_number":48,"box":{"x":60,"y":380,"width":567,"height":12}},{"id":"cc637661-87f9-4d47-91a6-6a0144285f34","block_type":"box","text":"Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with","page_number":48,"box":{"x":62,"y":403,"width":851,"height":11}},{"id":"3f4d5452-44b2-4646-9c3d-fdde29713b54","block_type":"box","text":"the Fund. As a result, an Affiliate may compete with the Fund for appropriate investment opportunities. The results of","page_number":48,"box":{"x":60,"y":418,"width":864,"height":11}},{"id":"afff04b2-6f6c-4585-bce7-07fe4d5668ef","block_type":"box","text":"the Fund’s investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by an","page_number":48,"box":{"x":60,"y":432,"width":865,"height":12}},{"id":"514706fe-33a7-4151-9d6d-ec9a2fa57881","block_type":"box","text":"Affiliate. It is possible that the Fund could sustain losses during periods in which one or more Affiliates and other","page_number":48,"box":{"x":60,"y":447,"width":834,"height":12}},{"id":"48653ef4-772f-44f2-84d4-a9aa916d62a2","block_type":"box","text":"accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.","page_number":48,"box":{"x":61,"y":462,"width":815,"height":12}},{"id":"beaef9aa-4e98-49e4-a0b2-2eedfaf4ceaa","block_type":"box","text":"In addition, the Fund may enter into transactions in which BlackRock or an Affiliate or their directors, officers,","page_number":48,"box":{"x":62,"y":485,"width":802,"height":11}},{"id":"02b4cae3-804d-42fc-b1a4-fdafae05b2ee","block_type":"box","text":"employees or clients have an adverse interest. The Fund may be adversely impacted by the effects of transactions","page_number":48,"box":{"x":61,"y":499,"width":840,"height":12}},{"id":"d6fecf54-ec2d-49cf-8595-e7fcb9efc303","block_type":"box","text":"undertaken by BlackRock or an Affiliate or their directors, officers, employees or clients.","page_number":48,"box":{"x":61,"y":514,"width":648,"height":12}},{"id":"36eb9a75-1c3e-4cef-a64a-e143e6ed7a29","block_type":"box","text":"From time to time, BlackRock or its advisory clients (including other funds and accounts) may, subject to compliance","page_number":48,"box":{"x":62,"y":537,"width":854,"height":11}},{"id":"2db98c23-fb3f-43b6-921c-657d90a5fe16","block_type":"box","text":"with applicable law, purchase and hold shares of the Fund. The price, availability, liquidity, and (in some cases)","page_number":48,"box":{"x":60,"y":552,"width":814,"height":11}},{"id":"0a0afbca-4381-493b-93a2-04cb2a68f378","block_type":"box","text":"expense ratio of the Fund may be impacted by purchases and sales of the Fund by BlackRock or its advisory clients.","page_number":48,"box":{"x":61,"y":566,"width":853,"height":12}},{"id":"969b6976-4142-4986-b262-f9f52eeabc7d","block_type":"box","text":"The Fund’s activities may be limited because of regulatory restrictions applicable to BlackRock or an Affiliate or their","page_number":48,"box":{"x":60,"y":589,"width":858,"height":12}},{"id":"bb27ace7-049b-40eb-9772-ab4c47ad323b","block_type":"box","text":"policies designed to comply with such restrictions.","page_number":48,"box":{"x":62,"y":604,"width":367,"height":11}},{"id":"11757aec-4640-4e77-a271-59f1a0da23ba","block_type":"box","text":"Under a securities lending program approved by the Board, the Fund has retained BlackRock Investment Management,","page_number":48,"box":{"x":62,"y":627,"width":869,"height":11}},{"id":"c33e5e6c-6793-45ae-a01f-652bc6baeeb1","block_type":"box","text":"LLC, an Affiliate of BlackRock, to serve as its securities lending agent to the extent that it participates in the securities","page_number":48,"box":{"x":62,"y":641,"width":875,"height":12}},{"id":"f977812e-0907-4ba6-99f6-d3b814ff57b0","block_type":"box","text":"lending program. For these services, the securities lending agent will receive a fee from the participating Fund based","page_number":48,"box":{"x":62,"y":656,"width":857,"height":12}},{"id":"e5c20977-ac04-4e6b-b1e1-eab3f90ad042","block_type":"box","text":"on the returns earned on the Fund’s lending activities, including the investment of the cash received as collateral for","page_number":48,"box":{"x":61,"y":671,"width":857,"height":11}},{"id":"8118ab92-6f84-43d5-9194-ca1a4633cf53","block_type":"box","text":"the loaned securities. In addition, one or more Affiliates may be among the entities to which the Fund may lend its","page_number":48,"box":{"x":60,"y":686,"width":841,"height":11}},{"id":"ba79f235-9d0d-4bd3-8716-3028d6fc5567","block_type":"box","text":"portfolio securities under the securities lending program.","page_number":48,"box":{"x":62,"y":701,"width":415,"height":11}},{"id":"e11828c4-a66d-458b-826b-46bef35ebbf6","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":723,"width":864,"height":12}},{"id":"9f68dfc3-b553-4b86-a217-8506fe9cba16","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":738,"width":868,"height":11}},{"id":"5d6b39d6-9821-4ef0-9f5c-c4921607f5dc","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":753,"width":870,"height":11}},{"id":"f98dc7a0-d512-4b3a-86eb-deb404913693","block_type":"box","text":"Affiliates may not be as favorable as the terms offered to other licensees.","page_number":48,"box":{"x":60,"y":768,"width":545,"height":11}},{"id":"92cf7bb0-90da-4364-9a30-8fe4cdfc9184","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":790,"width":837,"height":12}},{"id":"9180a4cc-a4b0-4bd9-967c-eb2457c0a2fd","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":805,"width":865,"height":12}},{"id":"7b383f1e-9cce-45ec-adb1-c155cb103cee","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":820,"width":819,"height":11}},{"id":"8aa0b8a3-923a-4400-9d47-90116f00a0d9","block_type":"box","text":"Valuation of Fund Investments","page_number":48,"box":{"x":63,"y":859,"width":271,"height":11}},{"id":"0eeae673-a4b7-453e-a0d0-ce9186c4a702","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":885,"width":869,"height":11}},{"id":"6b911742-dc57-48fb-a796-8767878088bb","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":900,"width":868,"height":11}},{"id":"6c91b57f-46a5-40cb-8d1b-45709d271c62","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":915,"width":849,"height":11}},{"id":"f02d697e-cade-4262-a557-59052bd73285","block_type":"box","text":"48","page_number":48,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f4cb54cd-9100-4cb8-a306-5523d394771c","block_type":"box","text":"NM0926U-5975797-48/72","page_number":48,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"31c485ed-f7f1-423e-8bad-a0c812386b4f","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":49,"box":{"x":60,"y":46,"width":862,"height":11}},{"id":"b8a10288-18bb-47d3-9f3a-e7a51e6cd533","block_type":"box","text":"the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on","page_number":49,"box":{"x":60,"y":60,"width":842,"height":12}},{"id":"b393516c-fd22-4146-b358-99320d218351","block_type":"box","text":"each day that the NYSE is open for trading, based on prices at the time of closing, provided that any Fund assets or","page_number":49,"box":{"x":61,"y":75,"width":851,"height":12}},{"id":"dcd17445-88e3-4891-a44b-2789c4799c76","block_type":"box","text":"liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market","page_number":49,"box":{"x":62,"y":90,"width":866,"height":12}},{"id":"e2403cd5-4ab8-4a85-b261-116ed18d1481","block_type":"box","text":"rates on the date of valuation as quoted by one or more data service providers. The net asset value of shares is","page_number":49,"box":{"x":61,"y":105,"width":825,"height":11}},{"id":"60c8a5e6-fcb5-4b2f-a79a-4cf3130d4360","block_type":"box","text":"calculated by dividing the value of the net assets of each class of shares (i.e., the value of its total assets less total","page_number":49,"box":{"x":61,"y":120,"width":854,"height":11}},{"id":"06fe6fd4-5ec6-4849-ad74-71da3dd3c670","block_type":"box","text":"liabilities) by the total number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":49,"box":{"x":62,"y":135,"width":764,"height":11}},{"id":"b0816da5-e19b-4a46-a7be-2e74e9535a4d","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":49,"box":{"x":61,"y":157,"width":830,"height":12}},{"id":"192de9df-fa09-4d6c-8a4a-97fa9fc06bab","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C, or Class R Shares, and Class R Shares will have","page_number":49,"box":{"x":62,"y":172,"width":861,"height":12}},{"id":"bb2625dc-10ba-42c1-8be8-b652cc38a21e","block_type":"box","text":"a higher net asset value than Investor C Shares. Also, dividends paid on Investor A, Institutional and Class R Shares","page_number":49,"box":{"x":61,"y":187,"width":855,"height":11}},{"id":"2dc382bb-66b4-4d3a-bee7-761743d52cbb","block_type":"box","text":"will generally be higher than dividends paid on Investor C Shares because Investor A, Institutional and Class R Shares","page_number":49,"box":{"x":60,"y":202,"width":866,"height":11}},{"id":"f7956d49-0f54-4490-a5be-ad0b04395bc4","block_type":"box","text":"have lower expenses.","page_number":49,"box":{"x":61,"y":217,"width":156,"height":11}},{"id":"65e75d41-22fa-4af2-a90a-40d363fa9618","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":49,"box":{"x":60,"y":239,"width":844,"height":11}},{"id":"07e718f8-a936-4758-b3e9-e36a433a015c","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":49,"box":{"x":60,"y":254,"width":837,"height":11}},{"id":"79b34bc9-7553-4d3b-8f8f-4be07f6c2b88","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":49,"box":{"x":62,"y":269,"width":464,"height":11}},{"id":"aa74c060-0a84-4bc2-aff1-b487328f5f84","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":49,"box":{"x":62,"y":291,"width":863,"height":12}},{"id":"c67ee17c-3262-48c0-a0e9-d338356198bd","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":49,"box":{"x":60,"y":306,"width":858,"height":12}},{"id":"f7bbbeef-cd14-4aaa-8610-afe33eda2fc4","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":49,"box":{"x":62,"y":321,"width":863,"height":11}},{"id":"590b4bb5-e5b3-4824-aeb9-4c5630a1c8c3","block_type":"box","text":"or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open","page_number":49,"box":{"x":61,"y":336,"width":852,"height":11}},{"id":"e9748e78-b2c1-41eb-b855-049b5ff74a30","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares of","page_number":49,"box":{"x":61,"y":351,"width":872,"height":11}},{"id":"b6967eea-0963-4f80-bb5b-ce88d0322523","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":49,"box":{"x":61,"y":365,"width":763,"height":12}},{"id":"eaae1219-a8b2-415f-ba07-82b856fad77e","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":49,"box":{"x":60,"y":388,"width":857,"height":11}},{"id":"0fa34497-5e55-4628-8849-a5a811f94469","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":49,"box":{"x":61,"y":403,"width":870,"height":11}},{"id":"d129206c-446f-4305-ae0c-5e42b71a1e08","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":49,"box":{"x":61,"y":418,"width":868,"height":11}},{"id":"8818eba3-d788-465d-8c2a-f32197e1a0aa","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":49,"box":{"x":61,"y":432,"width":842,"height":12}},{"id":"92058cf9-c02d-46f9-98c4-6c9a1f794e85","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":49,"box":{"x":61,"y":447,"width":853,"height":12}},{"id":"f7676f0f-3ad9-4123-a084-33e6690b605f","block_type":"box","text":"odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots,","page_number":49,"box":{"x":61,"y":462,"width":844,"height":11}},{"id":"58de1e4f-b1db-4d35-82b9-94d23041022d","block_type":"box","text":"and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":49,"box":{"x":61,"y":477,"width":822,"height":11}},{"id":"482bffbf-bc92-48ea-a082-76b0518e2c06","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":49,"box":{"x":61,"y":492,"width":845,"height":11}},{"id":"ef16ecc6-9df8-425d-8332-a3d87aaa1808","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":49,"box":{"x":61,"y":506,"width":733,"height":12}},{"id":"b3892ab1-35de-4056-aff4-5e43c5662e63","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":49,"box":{"x":61,"y":529,"width":829,"height":12}},{"id":"aa4c2761-8a40-4903-aa1d-4d0edabf4d89","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":49,"box":{"x":61,"y":544,"width":857,"height":11}},{"id":"a8e7e1c0-468e-4e0e-bdb2-0c3dd0c994bb","block_type":"box","text":"shares are determined as of such times. U.S. government securities, money market instruments and fixed income","page_number":49,"box":{"x":61,"y":559,"width":841,"height":11}},{"id":"cd9b29e0-64fa-43b9-ab13-d97c5b256ee6","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":49,"box":{"x":61,"y":574,"width":583,"height":11}},{"id":"54e2b0af-f817-4454-9437-bd3b4414b5b3","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":49,"box":{"x":60,"y":596,"width":839,"height":12}},{"id":"4f63a963-7ea2-4f0c-8278-8da48deb6a23","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":49,"box":{"x":60,"y":611,"width":858,"height":11}},{"id":"17756f67-3247-4483-91cb-6fdf960c44ef","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":49,"box":{"x":61,"y":626,"width":844,"height":11}},{"id":"4049840a-029e-49b5-b225-e26e5f3abead","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":49,"box":{"x":61,"y":641,"width":845,"height":11}},{"id":"313075ba-df0c-4c79-9e6c-b0734c130ef2","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":49,"box":{"x":61,"y":655,"width":841,"height":12}},{"id":"ce79a5ca-c0ab-407c-8d8b-e63baf49fd74","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":49,"box":{"x":60,"y":670,"width":820,"height":12}},{"id":"a054d6ae-ef75-4426-9609-c0c1840cf86a","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":49,"box":{"x":61,"y":685,"width":828,"height":12}},{"id":"cdbeb424-f79f-4d4d-9d92-74566f214903","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":49,"box":{"x":61,"y":700,"width":836,"height":11}},{"id":"b085db01-aee2-49ac-811a-24d8716becf3","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":715,"width":862,"height":11}},{"id":"f86e2e46-430b-40ae-9ec7-9eb13cf6f7ce","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":730,"width":623,"height":11}},{"id":"855b9b5b-c0a1-428f-9851-691199cca1f9","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":752,"width":817,"height":12}},{"id":"d35c7e12-5260-4834-aee6-d444c72f1f87","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":767,"width":871,"height":11}},{"id":"2d91b41d-1b2e-4ff9-83a3-e04076ad1506","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":782,"width":872,"height":11}},{"id":"443f6b5f-1fa9-474f-9079-b2dc9f12b489","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":797,"width":697,"height":11}},{"id":"de482ec2-d5fa-4259-8a0d-d889e21d4f0a","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":819,"width":825,"height":12}},{"id":"c122e41d-1fcc-4464-b78a-16e9d3980af1","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":834,"width":871,"height":12}},{"id":"6c76da73-d6dd-4886-afce-42d813d43eb7","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":849,"width":847,"height":11}},{"id":"3871a933-600e-4783-95f7-b82eb49d42e7","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":864,"width":829,"height":11}},{"id":"dd8f448e-d5df-4d3f-a74c-98f71db26cfe","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":878,"width":760,"height":12}},{"id":"39dcaab4-9340-4efb-ad53-631de5e4fe2e","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":901,"width":830,"height":12}},{"id":"73fdcec0-9058-427c-9aa3-a44392cf6010","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":916,"width":848,"height":11}},{"id":"9c5f857b-07ba-4cc4-a4dd-a975c61a3428","block_type":"box","text":"49","page_number":49,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"1901921a-f3d8-454d-a8aa-b676db1d97ee","block_type":"box","text":"NM0926U-5975797-49/72","page_number":49,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"eaa8b241-0515-4dad-8789-0ca57714dcff","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":50,"box":{"x":61,"y":46,"width":868,"height":11}},{"id":"f23fdeb0-429c-4e74-90cf-90a864137099","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":50,"box":{"x":61,"y":60,"width":856,"height":12}},{"id":"21d14ec2-3adf-416f-aae8-2d7b88172751","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":50,"box":{"x":61,"y":99,"width":311,"height":14}},{"id":"0adcf640-6c38-4f5a-b219-f96d6847a8cc","block_type":"box","text":"BUYING A DIVIDEND","page_number":50,"box":{"x":423,"y":141,"width":152,"height":9}},{"id":"bd723345-ee71-4af6-b232-6939b246a35b","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":50,"box":{"x":72,"y":163,"width":831,"height":12}},{"id":"cc43e669-15e6-4d2f-98a1-8b63d50b0a1d","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":50,"box":{"x":72,"y":178,"width":845,"height":11}},{"id":"d9035b47-7435-4759-96d9-fa8d561e840d","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":50,"box":{"x":71,"y":193,"width":855,"height":11}},{"id":"6d5f3ab2-1d98-4045-9ae1-b63191964f63","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":50,"box":{"x":70,"y":207,"width":554,"height":12}},{"id":"3baa7e96-278a-425d-9928-a820d503867d","block_type":"box","text":"The Fund will distribute net investment income, if any, and net realized capital gains, if any, at least annually. The Fund","page_number":50,"box":{"x":60,"y":248,"width":871,"height":12}},{"id":"fe134322-6e7b-402d-8e86-b836ad4160d3","block_type":"box","text":"may also pay a special distribution at the end of the calendar year to comply with federal tax requirements. Dividends","page_number":50,"box":{"x":61,"y":263,"width":862,"height":11}},{"id":"2ac03709-db60-44f5-af33-ca8b888fb75e","block_type":"box","text":"may be reinvested automatically in shares of the Fund at net asset value without a sales charge or may be taken in","page_number":50,"box":{"x":61,"y":278,"width":847,"height":11}},{"id":"3825a553-2b40-4365-a748-c072986485fa","block_type":"box","text":"cash. If you would like to receive dividends in cash, contact your Financial Intermediary or the Fund. Although this","page_number":50,"box":{"x":61,"y":292,"width":832,"height":12}},{"id":"41b8f133-c122-47ea-9714-2fc8d62f7748","block_type":"box","text":"cannot be predicted with any certainty, the Fund anticipates that a significant amount of its dividends, if any, will","page_number":50,"box":{"x":61,"y":307,"width":824,"height":12}},{"id":"c600c440-1f87-4248-b172-5f3ad56d9324","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":50,"box":{"x":61,"y":322,"width":874,"height":12}},{"id":"c9297483-75c2-4ef4-9ea2-8eb3a5da78d0","block_type":"box","text":"the assets sold.","page_number":50,"box":{"x":60,"y":337,"width":118,"height":9}},{"id":"4de3404e-eaef-4dac-af51-4226346c2c5d","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":50,"box":{"x":60,"y":360,"width":869,"height":11}},{"id":"5ea7d72b-5cf0-4332-ae4a-c950b6c02de8","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":50,"box":{"x":61,"y":374,"width":862,"height":12}},{"id":"3664fdd1-2d28-4d91-b5f0-e7b8c2c6cee2","block_type":"box","text":"gain on the transaction may be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":50,"box":{"x":60,"y":389,"width":812,"height":12}},{"id":"742e837d-6aea-41f6-aa4d-c6c0798fd980","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":50,"box":{"x":61,"y":404,"width":852,"height":12}},{"id":"6110a26c-60cb-4dbe-901c-e734f63d6c72","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":50,"box":{"x":60,"y":419,"width":844,"height":11}},{"id":"f0c818ac-ddef-42b9-9d5f-01e426b29c91","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":50,"box":{"x":61,"y":434,"width":565,"height":11}},{"id":"45524d85-acff-4e9d-96c0-d6ed668be769","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":50,"box":{"x":60,"y":456,"width":803,"height":12}},{"id":"916a5526-edea-4017-9fe8-f5b0d9d9e39e","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":50,"box":{"x":61,"y":470,"width":873,"height":13}},{"id":"c95bf420-7f6b-4f0f-b8e8-92acca44be8a","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":50,"box":{"x":60,"y":486,"width":282,"height":11}},{"id":"1694c130-70a9-41e3-80b8-d16a58cbb738","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":50,"box":{"x":60,"y":508,"width":861,"height":12}},{"id":"b410680f-736b-4eea-9521-1fa2c2848073","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":50,"box":{"x":62,"y":523,"width":679,"height":12}},{"id":"9db15a94-6195-4660-a492-b8677a67a9fe","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":50,"box":{"x":62,"y":546,"width":827,"height":11}},{"id":"46975cc8-3d49-4da8-84b7-ca28e6985990","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s ordinary income dividends will generally be subject to a","page_number":50,"box":{"x":60,"y":561,"width":876,"height":11}},{"id":"9ea14374-7aff-41db-9994-e77e06967c43","block_type":"box","text":"30% U.S. withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as","page_number":50,"box":{"x":61,"y":576,"width":846,"height":11}},{"id":"07cb69a5-4ace-46c6-89cd-681301a4b6e5","block_type":"box","text":"capital gain dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder","page_number":50,"box":{"x":61,"y":590,"width":869,"height":12}},{"id":"15916e89-0338-4a91-a369-d4e631d1ffe7","block_type":"box","text":"may be eligible for an exemption from U.S. withholding tax.","page_number":50,"box":{"x":61,"y":605,"width":430,"height":12}},{"id":"5aa972f9-5d83-49e9-9be7-836f308e6d60","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":50,"box":{"x":61,"y":628,"width":868,"height":11}},{"id":"5d7cc133-e5eb-44e8-8f91-4796d5045531","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":50,"box":{"x":60,"y":642,"width":808,"height":12}},{"id":"16c13e19-7dcb-4a21-9755-4a39ed2339df","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":50,"box":{"x":60,"y":657,"width":874,"height":12}},{"id":"11f37afd-a001-4532-a475-90f224acac99","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":50,"box":{"x":62,"y":672,"width":789,"height":12}},{"id":"bc034ac9-a15a-4d69-abed-1fff384396cc","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":50,"box":{"x":62,"y":687,"width":858,"height":12}},{"id":"628f40e1-b4b5-410b-8cd6-15f13bc9a91e","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":50,"box":{"x":61,"y":702,"width":865,"height":11}},{"id":"bfaf604c-d490-47c4-b179-322e10295472","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":717,"width":802,"height":11}},{"id":"33d3dc80-46a2-4fc3-a98a-449fa17cfade","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":731,"width":639,"height":12}},{"id":"3fd029a9-4418-404d-b5c7-7c78f0f9adfd","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":754,"width":855,"height":11}},{"id":"73efb3db-d720-4e8c-bb33-8587231417e2","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":769,"width":832,"height":11}},{"id":"7b5bc8da-659b-4d4e-bf7d-63f390f5f914","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":50,"box":{"x":62,"y":784,"width":383,"height":11}},{"id":"8b4b779a-b819-44d8-bd13-3df6f72c8dd9","block_type":"box","text":"50","page_number":50,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"67de5b9e-aba4-4043-a870-0944b58c14a5","block_type":"box","text":"NM0926U-5975797-50/72","page_number":50,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"036a1fd7-9693-491c-a066-6a5224750242","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":"260ec8dd-5f1c-46ad-9c48-2a391bfb82a7","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":"b7688fd7-0cc9-432c-b42d-38096010670f","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":"dead3041-e838-4105-a432-30363c90f600","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":863,"height":11}},{"id":"a196d3ef-58fd-4680-82cc-ccf7c4123638","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":"38eef6d0-451c-4c32-946b-13d7e127b043","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":"863793f9-df8a-4693-977e-e69a5726bbda","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":"83efea0f-76df-4591-960b-7b0499f1c361","block_type":"box","text":"BlackRock International Fund","page_number":51,"box":{"x":599,"y":185,"width":178,"height":7}},{"id":"c17cedd4-4da5-4b17-8035-2e9d5c5112b4","block_type":"box","text":"Institutional","page_number":51,"box":{"x":652,"y":201,"width":71,"height":7}},{"id":"3e02bde5-87d3-43ee-aa0e-c66f12581154","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":51,"box":{"x":69,"y":227,"width":296,"height":9}},{"id":"51ba4d38-3a37-4566-a8f4-e68d6b87016a","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":452,"y":217,"width":66,"height":7}},{"id":"95bcbb63-34b7-45e1-83bd-a9208e59b53f","block_type":"box","text":"05/31/26","page_number":51,"box":{"x":453,"y":227,"width":64,"height":9}},{"id":"3fd60d97-4b63-4621-9cec-7804a323ef9d","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":549,"y":217,"width":66,"height":7}},{"id":"213491f2-c72b-4369-932b-8559e78f8982","block_type":"box","text":"05/31/25","page_number":51,"box":{"x":550,"y":227,"width":64,"height":9}},{"id":"f1c93bf4-7eee-473d-803e-03baef9d934c","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":649,"y":217,"width":65,"height":7}},{"id":"1fec094d-8104-4f61-8621-7a310b5ad6ab","block_type":"box","text":"05/31/24","page_number":51,"box":{"x":650,"y":227,"width":64,"height":9}},{"id":"70a853ab-aa7b-481d-9b1e-4ecdec6ee61d","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":751,"y":217,"width":66,"height":7}},{"id":"d69503b0-61ae-426d-b9c7-bcd98805d871","block_type":"box","text":"05/31/23","page_number":51,"box":{"x":753,"y":227,"width":63,"height":9}},{"id":"34fa02f2-f274-424a-b4b1-1d2c8208ec77","block_type":"box","text":"Year Ended","page_number":51,"box":{"x":854,"y":217,"width":66,"height":7}},{"id":"02764068-fa06-4ac1-9757-241191967ee7","block_type":"box","text":"05/31/22","page_number":51,"box":{"x":856,"y":227,"width":63,"height":9}},{"id":"87db5e9e-c033-42a3-abf4-e8d7de1b0228","block_type":"box","text":"Net asset value, beginning of year","page_number":51,"box":{"x":69,"y":244,"width":205,"height":9}},{"id":"206908bb-566b-4248-8fe4-d9060249ac64","block_type":"box","text":"$ 20.79 $ 20.28 $ 17.76 $ 18.08 $ 24.93","page_number":51,"box":{"x":456,"y":244,"width":467,"height":8}},{"id":"9bcf2a4f-d2a3-48cb-a618-e9ebbf988fc6","block_type":"box","text":"Net investment income","page_number":51,"box":{"x":85,"y":261,"width":134,"height":7}},{"id":"d82d8e4f-7383-4596-b96d-b62fdc15fa60","block_type":"box","text":"(a)","page_number":51,"box":{"x":220,"y":261,"width":7,"height":4}},{"id":"6951c516-969e-4865-8c5a-6434419a8e87","block_type":"box","text":"0.34 0.22 0.23 0.19 0.28","page_number":51,"box":{"x":488,"y":261,"width":435,"height":7}},{"id":"4bad776d-f199-4799-9797-8b62ea910698","block_type":"box","text":"Net realized and unrealized gain (loss) 3.84 0.47 2.50 (0.32) (5.51)","page_number":51,"box":{"x":85,"y":273,"width":842,"height":9}},{"id":"0fe7ad3e-4792-428d-baa1-6a17dbbf52a1","block_type":"box","text":"Net increase (decrease) from investment operations 4.18 0.69 2.73 (0.13) (5.23)","page_number":51,"box":{"x":70,"y":284,"width":857,"height":9}},{"id":"3fbefd27-017d-488a-ab49-527d5ac8c718","block_type":"box","text":"Distributions","page_number":51,"box":{"x":69,"y":301,"width":76,"height":7}},{"id":"0bf89ea9-1567-458d-8879-3be6a4728d5f","block_type":"box","text":"(b)","page_number":51,"box":{"x":145,"y":301,"width":8,"height":4}},{"id":"5f6fce53-8c48-4e73-b96f-64e507c6d106","block_type":"box","text":"From net investment income (0.40) (0.18) (0.21) (0.19) (0.17)","page_number":51,"box":{"x":85,"y":312,"width":842,"height":9}},{"id":"6ba17000-858e-4038-bffa-1fa04921a5ba","block_type":"box","text":"From net realized gain — — — — (1.45)","page_number":51,"box":{"x":85,"y":324,"width":842,"height":9}},{"id":"5207a0a8-d2f9-4697-985d-3c665d53c30d","block_type":"box","text":"Total distributions (0.40) (0.18) (0.21) (0.19) (1.62)","page_number":51,"box":{"x":69,"y":341,"width":858,"height":9}},{"id":"a09bd37f-8d0a-4106-8969-702c0a8c6f7c","block_type":"box","text":"Net asset value, end of year","page_number":51,"box":{"x":69,"y":358,"width":168,"height":9}},{"id":"0439c108-bdc0-413e-9f93-deb0b6ecf9d5","block_type":"box","text":"$ 24.57 $ 20.79 $ 20.28 $ 17.76 $ 18.08","page_number":51,"box":{"x":456,"y":357,"width":467,"height":9}},{"id":"8cd63b74-81cc-42d9-8cf0-becf9675bd46","block_type":"box","text":"Total Return","page_number":51,"box":{"x":69,"y":374,"width":73,"height":8}},{"id":"bbcb126c-693d-4222-903d-2045407af903","block_type":"box","text":"(c)","page_number":51,"box":{"x":143,"y":374,"width":8,"height":5}},{"id":"9babf2ce-91fe-4e98-b8ed-c8c4329fbe82","block_type":"box","text":"Based on net asset value 20.40% 3.41% 15.47% (0.60)% (22.33)%","page_number":51,"box":{"x":70,"y":391,"width":867,"height":9}},{"id":"3029aba1-3535-4c85-950f-a23e04ffb91e","block_type":"box","text":"Ratios to Average Net Assets","page_number":51,"box":{"x":70,"y":408,"width":176,"height":9}},{"id":"b958ca54-e2c2-433f-a7d6-8b8100ffb570","block_type":"box","text":"(d)","page_number":51,"box":{"x":247,"y":408,"width":8,"height":4}},{"id":"821aa404-0020-45f7-8360-4abe08922627","block_type":"box","text":"Total expenses 0.77% 0.77% 0.77% 0.77% 0.73%","page_number":51,"box":{"x":69,"y":425,"width":864,"height":9}},{"id":"ddad4fd8-2440-4842-b52e-0f9f97308075","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 0.65% 0.67% 0.66% 0.65% 0.65%","page_number":51,"box":{"x":69,"y":441,"width":864,"height":9}},{"id":"5702aa71-b267-44d1-8f2a-6d19f098273f","block_type":"box","text":"Total expenses after fees waived and/or reimbursed and","page_number":51,"box":{"x":69,"y":458,"width":332,"height":9}},{"id":"8cce87af-1664-41d6-b390-49d2567bf893","block_type":"box","text":"excluding interest expense and professional fees for foreign","page_number":51,"box":{"x":69,"y":470,"width":351,"height":10}},{"id":"998420a7-f1af-49e5-a2b1-a0a4f95e8b19","block_type":"box","text":"withholding tax claims 0.65% 0.65% 0.66% 0.65% 0.65%","page_number":51,"box":{"x":69,"y":483,"width":864,"height":9}},{"id":"acafb389-1bf5-4b0a-b6e7-6dbd9f447d73","block_type":"box","text":"Net investment income 1.56% 1.09% 1.22% 1.16% 1.28%","page_number":51,"box":{"x":70,"y":499,"width":863,"height":8}},{"id":"2149fd39-ec75-43e6-a6f3-0261344e2211","block_type":"box","text":"Supplemental Data","page_number":51,"box":{"x":69,"y":516,"width":114,"height":9}},{"id":"88715ad1-ef67-49f6-9d07-7d49b44463d0","block_type":"box","text":"Net assets, end of year (000) $610,355 $645,238 $1,040,611 $1,045,591 $1,335,501","page_number":51,"box":{"x":70,"y":532,"width":853,"height":10}},{"id":"064de93e-b3ae-4e37-879b-28e1d56c7d40","block_type":"box","text":"Portfolio turnover rate 66% 95% 86% 81% 103%","page_number":51,"box":{"x":69,"y":550,"width":864,"height":7}},{"id":"771d6aca-2c9f-40bd-894b-7d16e580179e","block_type":"box","text":"(a)","page_number":51,"box":{"x":61,"y":570,"width":7,"height":4}},{"id":"4b04910f-9b01-413f-8f12-184e66f06169","block_type":"box","text":"Based on average shares outstanding.","page_number":51,"box":{"x":81,"y":570,"width":225,"height":9}},{"id":"8747a1d7-a733-4f1b-837c-545ace4ad755","block_type":"box","text":"(b)","page_number":51,"box":{"x":61,"y":583,"width":7,"height":4}},{"id":"f6582376-9b1d-44f8-a92e-8fa07e46fb7d","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":51,"box":{"x":82,"y":582,"width":582,"height":10}},{"id":"21fcd592-f443-4840-9273-d6b9d4fb2232","block_type":"box","text":"(c)","page_number":51,"box":{"x":61,"y":596,"width":6,"height":4}},{"id":"4b5c1a9f-df73-49e9-a50b-8b17aaa86609","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":51,"box":{"x":81,"y":595,"width":361,"height":9}},{"id":"db6fcb4f-55ba-49f9-879d-380e71dfd1b7","block_type":"box","text":"(d)","page_number":51,"box":{"x":61,"y":608,"width":7,"height":5}},{"id":"eac215a4-9244-4a90-9d7e-6f07dfab5887","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":51,"box":{"x":82,"y":608,"width":550,"height":9}},{"id":"4b769811-7758-49e6-875b-ae3149ff44eb","block_type":"box","text":"Financial Highlights","page_number":51,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"004d12ad-7639-4b51-9b70-7f123b8ce543","block_type":"box","text":"51","page_number":51,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"660a184c-02ab-4926-aadf-15d9ddcd360f","block_type":"box","text":"NM0926U-5975797-51/72","page_number":51,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"897e753e-1a51-48d3-acac-9efac28252ba","block_type":"box","text":"BlackRock International Fund","page_number":52,"box":{"x":608,"y":186,"width":178,"height":7}},{"id":"ad522209-d1cb-4b47-af0d-80d9e289b5e2","block_type":"box","text":"Investor A","page_number":52,"box":{"x":667,"y":202,"width":60,"height":8}},{"id":"6e1b45a2-4c62-4aab-a4e5-02813d879919","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":52,"box":{"x":69,"y":229,"width":296,"height":9}},{"id":"38a2f7dc-ecc5-431f-ae41-c58eb65f010d","block_type":"box","text":"Year Ended","page_number":52,"box":{"x":470,"y":218,"width":66,"height":8}},{"id":"873419ef-3515-4c7e-a89e-4cf206095862","block_type":"box","text":"05/31/26","page_number":52,"box":{"x":471,"y":229,"width":64,"height":9}},{"id":"dc278a8d-3932-49c3-9fa0-8560d1f638d7","block_type":"box","text":"Year Ended","page_number":52,"box":{"x":567,"y":218,"width":66,"height":8}},{"id":"f11a43df-81d2-4f00-bd61-70a1f1ba49a3","block_type":"box","text":"05/31/25","page_number":52,"box":{"x":568,"y":229,"width":64,"height":9}},{"id":"e5bdc373-ca46-444b-abeb-b5088441e7a3","block_type":"box","text":"Year Ended","page_number":52,"box":{"x":664,"y":218,"width":65,"height":8}},{"id":"33a98c64-3d41-4fe4-8070-0361f64a6720","block_type":"box","text":"05/31/24","page_number":52,"box":{"x":665,"y":229,"width":64,"height":9}},{"id":"06a7db56-dad4-4098-985b-32500857f44a","block_type":"box","text":"Year Ended","page_number":52,"box":{"x":760,"y":218,"width":66,"height":8}},{"id":"ec44ff76-8d24-4de5-8c0a-f07988f6aa04","block_type":"box","text":"05/31/23","page_number":52,"box":{"x":762,"y":229,"width":63,"height":9}},{"id":"65d60f07-a921-4e62-8feb-28a814be854d","block_type":"box","text":"Year Ended","page_number":52,"box":{"x":857,"y":218,"width":66,"height":8}},{"id":"6080dbc7-1144-4b18-b916-3192681c586e","block_type":"box","text":"05/31/22","page_number":52,"box":{"x":859,"y":229,"width":63,"height":9}},{"id":"7aa0da69-6c7d-44d2-98fc-558e92dacdab","block_type":"box","text":"Net asset value, beginning of year","page_number":52,"box":{"x":69,"y":245,"width":205,"height":9}},{"id":"53807306-1762-45d5-b836-d99d549d082d","block_type":"box","text":"$ 20.25 $ 19.76 $ 17.32 $ 17.62 $ 24.34","page_number":52,"box":{"x":474,"y":245,"width":446,"height":8}},{"id":"4994636a-2cc8-48b7-8f67-b95f5048d16b","block_type":"box","text":"Net investment income","page_number":52,"box":{"x":85,"y":262,"width":134,"height":7}},{"id":"3026da1a-aef2-4559-9e87-76dc3bbd53b7","block_type":"box","text":"(a)","page_number":52,"box":{"x":220,"y":262,"width":7,"height":5}},{"id":"20b0c925-710f-4226-b213-990bc344dfaf","block_type":"box","text":"0.29 0.18 0.18 0.15 0.18","page_number":52,"box":{"x":506,"y":262,"width":414,"height":7}},{"id":"1ab36e72-5e3f-4633-a50f-8090cc193ade","block_type":"box","text":"Net realized and unrealized gain (loss) 3.74 0.44 2.43 (0.31) (5.34)","page_number":52,"box":{"x":85,"y":274,"width":839,"height":9}},{"id":"8013ceec-7185-43fb-be54-87c1b2b6a842","block_type":"box","text":"Net increase (decrease) from investment operations 4.03 0.62 2.61 (0.16) (5.16)","page_number":52,"box":{"x":70,"y":285,"width":854,"height":9}},{"id":"6d08c613-7da0-4a4d-9378-d989fb178b6d","block_type":"box","text":"Distributions","page_number":52,"box":{"x":69,"y":302,"width":76,"height":7}},{"id":"f24a89df-ed4d-4cdd-8fb2-0cf838148d8c","block_type":"box","text":"(b)","page_number":52,"box":{"x":145,"y":302,"width":8,"height":5}},{"id":"da22b3bb-dba8-4766-b428-8133dc36c31a","block_type":"box","text":"From net investment income (0.35) (0.13) (0.17) (0.14) (0.11)","page_number":52,"box":{"x":85,"y":314,"width":839,"height":9}},{"id":"170cb275-dfeb-4920-a768-7dc78b26c706","block_type":"box","text":"From net realized gain — — — — (1.45)","page_number":52,"box":{"x":85,"y":325,"width":839,"height":10}},{"id":"92e9db15-06ef-4169-af3c-21a927b2c125","block_type":"box","text":"Total distributions (0.35) (0.13) (0.17) (0.14) (1.56)","page_number":52,"box":{"x":69,"y":342,"width":855,"height":9}},{"id":"b6816054-e61a-42b6-86cd-902b20ba6510","block_type":"box","text":"Net asset value, end of year","page_number":52,"box":{"x":69,"y":359,"width":168,"height":9}},{"id":"4275f098-84b0-4e21-be26-50cb8bcf79ea","block_type":"box","text":"$ 23.93 $ 20.25 $ 19.76 $ 17.32 $ 17.62","page_number":52,"box":{"x":474,"y":358,"width":446,"height":9}},{"id":"9aa29fac-750a-43f2-81a9-527f1f76d8ca","block_type":"box","text":"Total Return","page_number":52,"box":{"x":69,"y":376,"width":73,"height":7}},{"id":"160ceb6c-45cf-4178-8b40-f0bafbd45c83","block_type":"box","text":"(c)","page_number":52,"box":{"x":143,"y":376,"width":8,"height":4}},{"id":"107060b9-00cb-4e02-8d09-d3eb1901bb4a","block_type":"box","text":"Based on net asset value 20.16% 3.14% 15.12% (0.78)% (22.55)%","page_number":52,"box":{"x":70,"y":392,"width":864,"height":9}},{"id":"0e01a6da-3caf-425d-86a2-12e42d4c725a","block_type":"box","text":"Ratios to Average Net Assets","page_number":52,"box":{"x":70,"y":409,"width":176,"height":9}},{"id":"71147720-b9c2-4292-ad32-e19f2706ebf7","block_type":"box","text":"(d)","page_number":52,"box":{"x":247,"y":409,"width":8,"height":5}},{"id":"58cef951-af9a-45f7-9209-b27f30cee049","block_type":"box","text":"Total expenses 1.07% 1.04% 1.04% 1.11% 1.03%","page_number":52,"box":{"x":69,"y":426,"width":861,"height":9}},{"id":"18bbcc95-b430-44c5-81fd-1d0505cd742c","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 0.90% 0.92% 0.91% 0.90% 0.90%","page_number":52,"box":{"x":69,"y":443,"width":861,"height":9}},{"id":"87002ad9-5898-4524-afb3-0c6e148fb910","block_type":"box","text":"Total expenses after fees waived and/or reimbursed and excluding","page_number":52,"box":{"x":69,"y":459,"width":391,"height":10}},{"id":"25c8f2ea-690e-4648-bc3b-f2545a08cad4","block_type":"box","text":"interest expense and professional fees for foreign withholding tax","page_number":52,"box":{"x":70,"y":472,"width":384,"height":9}},{"id":"8edb3ce3-9730-486b-9ed0-905337d73d6c","block_type":"box","text":"claims 0.90% 0.90% 0.91% 0.90% 0.90%","page_number":52,"box":{"x":69,"y":484,"width":861,"height":7}},{"id":"5b044004-c9a2-432f-8fd7-74151ef08660","block_type":"box","text":"Net investment income 1.34% 0.93% 0.97% 0.94% 0.83%","page_number":52,"box":{"x":70,"y":501,"width":860,"height":7}},{"id":"df7fc1ec-ac90-47aa-a556-cfa0624659ba","block_type":"box","text":"Supplemental Data","page_number":52,"box":{"x":69,"y":517,"width":114,"height":9}},{"id":"709265b9-e39c-4e70-93f3-c2587ef469e8","block_type":"box","text":"Net assets, end of year (000) $304,092 $295,097 $343,143 $341,132 $406,976","page_number":52,"box":{"x":70,"y":534,"width":850,"height":9}},{"id":"ccc78bc7-e843-4eba-942b-b0aff07d8654","block_type":"box","text":"Portfolio turnover rate 66% 95% 86% 81% 103%","page_number":52,"box":{"x":69,"y":551,"width":861,"height":7}},{"id":"504fbd07-f166-4e3a-be5f-c89c973ec5d6","block_type":"box","text":"(a)","page_number":52,"box":{"x":61,"y":571,"width":7,"height":4}},{"id":"5bba3fdb-cf17-47a2-90bb-980c53aadad5","block_type":"box","text":"Based on average shares outstanding.","page_number":52,"box":{"x":81,"y":571,"width":225,"height":9}},{"id":"ffcea209-4af5-4774-b29c-c0b6ab451b37","block_type":"box","text":"(b)","page_number":52,"box":{"x":61,"y":584,"width":7,"height":4}},{"id":"c7d681f8-42c0-4c5f-abb7-d67b8e2f0cd6","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":52,"box":{"x":82,"y":584,"width":582,"height":9}},{"id":"5b01dc6c-a541-4905-b58c-7efc2c3e3c71","block_type":"box","text":"(c)","page_number":52,"box":{"x":61,"y":597,"width":6,"height":4}},{"id":"64eda325-dfe5-42df-a334-8fc11e310a91","block_type":"box","text":"Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.","page_number":52,"box":{"x":81,"y":597,"width":636,"height":9}},{"id":"d1a5b732-dfbc-4355-9955-68c9f9b816e7","block_type":"box","text":"(d)","page_number":52,"box":{"x":61,"y":610,"width":7,"height":4}},{"id":"b341556f-f594-4a9e-b52c-d452a24ff2ad","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":52,"box":{"x":82,"y":610,"width":550,"height":9}},{"id":"9fd86454-1ef4-4b3f-8cf8-0aa680372f64","block_type":"box","text":"Financial Highlights","page_number":52,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"852ea7f2-8095-4de8-b18d-40757a1d3efc","block_type":"box","text":"(continued)","page_number":52,"box":{"x":244,"y":48,"width":81,"height":12}},{"id":"aae7186b-ae51-4919-b91b-c2bbc1b5589a","block_type":"box","text":"52","page_number":52,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"fffc0bbe-3813-4367-b35c-85bd508d4cbb","block_type":"box","text":"NM0926U-5975797-52/72","page_number":52,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d6ef7fe4-08c5-40aa-96ef-80ccad4cc4fb","block_type":"box","text":"BlackRock International Fund","page_number":53,"box":{"x":608,"y":186,"width":178,"height":7}},{"id":"660288ad-0379-4f68-a3ec-98678162fbc7","block_type":"box","text":"Investor C","page_number":53,"box":{"x":667,"y":202,"width":60,"height":8}},{"id":"8ebac6c9-6a19-4f26-86ff-76a129d4436d","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":53,"box":{"x":69,"y":229,"width":296,"height":9}},{"id":"88b81d8f-6c39-4783-8bd2-f4ca1149ae05","block_type":"box","text":"Year Ended","page_number":53,"box":{"x":470,"y":218,"width":66,"height":8}},{"id":"edffdf43-cd35-454e-87a9-190e89b46d49","block_type":"box","text":"05/31/26","page_number":53,"box":{"x":471,"y":229,"width":64,"height":9}},{"id":"9ea2962a-7a52-4312-9fa3-28758299989b","block_type":"box","text":"Year Ended","page_number":53,"box":{"x":567,"y":218,"width":66,"height":8}},{"id":"347987d1-a2ca-4c71-8af6-bb05d4622124","block_type":"box","text":"05/31/25","page_number":53,"box":{"x":568,"y":229,"width":64,"height":9}},{"id":"36928d9e-f5d7-4ec4-89a6-bccbf4a70b97","block_type":"box","text":"Year Ended","page_number":53,"box":{"x":664,"y":218,"width":65,"height":8}},{"id":"96511581-a44f-449d-b3f9-2115c7e38e27","block_type":"box","text":"05/31/24","page_number":53,"box":{"x":665,"y":229,"width":64,"height":9}},{"id":"5d069504-2385-4ece-93ba-a969aff317a0","block_type":"box","text":"Year Ended","page_number":53,"box":{"x":760,"y":218,"width":66,"height":8}},{"id":"0332eaac-5900-4d74-b7a6-f2a09b43ebc1","block_type":"box","text":"05/31/23","page_number":53,"box":{"x":762,"y":229,"width":63,"height":9}},{"id":"bc2e3ac5-b818-47be-b0f7-91364e9baea4","block_type":"box","text":"Year Ended","page_number":53,"box":{"x":857,"y":218,"width":66,"height":8}},{"id":"6a51e4ae-33b0-452b-aa02-cde60550b61e","block_type":"box","text":"05/31/22","page_number":53,"box":{"x":859,"y":229,"width":63,"height":9}},{"id":"707c940f-26fb-4b26-899f-9ac03bda96cc","block_type":"box","text":"Net asset value, beginning of year","page_number":53,"box":{"x":69,"y":245,"width":205,"height":9}},{"id":"8a4165fe-2734-422c-978d-94f18995ff35","block_type":"box","text":"$18.50 $18.12 $15.89 $16.21 $ 22.54","page_number":53,"box":{"x":482,"y":245,"width":434,"height":8}},{"id":"9b2eb186-173a-42de-a74c-c399525bac6e","block_type":"box","text":"Net investment income","page_number":53,"box":{"x":85,"y":262,"width":134,"height":7}},{"id":"d98a0f88-9c94-49eb-b81f-e93371daf88e","block_type":"box","text":"(a)","page_number":53,"box":{"x":220,"y":262,"width":7,"height":5}},{"id":"eaadf716-10e6-48e7-b4c0-1e299de4983c","block_type":"box","text":"0.11 0.02 0.03 0.02 0.03","page_number":53,"box":{"x":498,"y":262,"width":418,"height":7}},{"id":"f54ea192-08e2-4a2c-8bd4-6311800de130","block_type":"box","text":"Net realized and unrealized gain (loss) 3.42 0.40 2.25 (0.28) (4.94)","page_number":53,"box":{"x":85,"y":274,"width":835,"height":9}},{"id":"1480e798-c20c-4a49-aa9a-e380c1326de0","block_type":"box","text":"Net increase (decrease) from investment operations 3.53 0.42 2.28 (0.26) (4.91)","page_number":53,"box":{"x":70,"y":285,"width":850,"height":9}},{"id":"8de00731-c9cb-4cda-8add-22a3c228f41b","block_type":"box","text":"Distributions","page_number":53,"box":{"x":69,"y":302,"width":76,"height":7}},{"id":"f9e49dde-183d-46c1-b448-6d68285e78cb","block_type":"box","text":"(b)","page_number":53,"box":{"x":145,"y":302,"width":8,"height":5}},{"id":"7ac4c277-113e-4aea-8642-e7ba9f73a522","block_type":"box","text":"From net investment income (0.21) (0.04) (0.05) (0.06) (0.02)","page_number":53,"box":{"x":85,"y":314,"width":835,"height":9}},{"id":"4c38ed01-3d01-4879-9e3b-2c7828476390","block_type":"box","text":"From net realized gain — — — — (1.40)","page_number":53,"box":{"x":85,"y":325,"width":835,"height":10}},{"id":"1f38657a-66a0-4f33-957f-409449c0d536","block_type":"box","text":"Total distributions (0.21) (0.04) (0.05) (0.06) (1.42)","page_number":53,"box":{"x":69,"y":342,"width":851,"height":9}},{"id":"4c9e4c24-2427-4504-8f16-ec9a812f52f7","block_type":"box","text":"Net asset value, end of year","page_number":53,"box":{"x":69,"y":359,"width":168,"height":9}},{"id":"aa7ebbd0-0afc-4a0b-b57c-b514a616b6d4","block_type":"box","text":"$21.82 $18.50 $18.12 $15.89 $ 16.21","page_number":53,"box":{"x":482,"y":358,"width":434,"height":9}},{"id":"7d5d8ab9-cc6b-4829-955d-78b58edc246e","block_type":"box","text":"Total Return","page_number":53,"box":{"x":69,"y":376,"width":73,"height":7}},{"id":"c97984ae-1ae8-4be8-ab78-efdb970e0f9c","block_type":"box","text":"(c)","page_number":53,"box":{"x":143,"y":376,"width":8,"height":4}},{"id":"382fc288-2145-42db-ac15-ce856abbc0db","block_type":"box","text":"Based on net asset value 19.24% 2.32% 14.34% (1.58)% (23.12)%","page_number":53,"box":{"x":70,"y":392,"width":860,"height":9}},{"id":"04657638-27f1-41c4-b9d5-82a6f1840cab","block_type":"box","text":"Ratios to Average Net Assets","page_number":53,"box":{"x":70,"y":409,"width":176,"height":9}},{"id":"e0ae809d-f7ee-41e8-8c11-fc8a06117c45","block_type":"box","text":"(d)","page_number":53,"box":{"x":247,"y":409,"width":8,"height":5}},{"id":"56d4bd3b-56f6-419b-835b-52a54a8d87d1","block_type":"box","text":"Total expenses 1.88% 1.84% 1.81% 1.82% 1.81%","page_number":53,"box":{"x":69,"y":426,"width":857,"height":9}},{"id":"cfcb5e9b-0e11-4850-a97a-82988e16837b","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 1.65% 1.67% 1.66% 1.65% 1.65%","page_number":53,"box":{"x":69,"y":443,"width":857,"height":9}},{"id":"a4d33366-6ea4-4987-8ff3-914c5d7ef7fd","block_type":"box","text":"Total expenses after fees waived and/or reimbursed and excluding","page_number":53,"box":{"x":69,"y":459,"width":391,"height":10}},{"id":"385be8d8-57ee-4a82-8ad3-26ebcb70892c","block_type":"box","text":"interest expense and professional fees for foreign withholding tax","page_number":53,"box":{"x":70,"y":472,"width":384,"height":9}},{"id":"e278a6cb-cacd-46da-b409-bf97d532ea6d","block_type":"box","text":"claims 1.65% 1.65% 1.66% 1.65% 1.65%","page_number":53,"box":{"x":69,"y":484,"width":857,"height":7}},{"id":"9a880040-300c-436f-9415-4cae267e9071","block_type":"box","text":"Net investment income 0.56% 0.14% 0.21% 0.14% 0.14%","page_number":53,"box":{"x":70,"y":501,"width":856,"height":7}},{"id":"fc449d80-fded-4f66-8dab-a805d049d02a","block_type":"box","text":"Supplemental Data","page_number":53,"box":{"x":69,"y":517,"width":114,"height":9}},{"id":"dfbec41a-1904-4776-9120-79ab923d4835","block_type":"box","text":"Net assets, end of year (000) $3,669 $3,884 $5,185 $6,299 $ 9,006","page_number":53,"box":{"x":70,"y":534,"width":846,"height":9}},{"id":"053a2952-574c-4a85-a65e-05d0c96b5436","block_type":"box","text":"Portfolio turnover rate 66% 95% 86% 81% 103%","page_number":53,"box":{"x":69,"y":551,"width":857,"height":7}},{"id":"44db1f67-2562-4e97-925a-c887e5e334be","block_type":"box","text":"(a)","page_number":53,"box":{"x":61,"y":571,"width":7,"height":4}},{"id":"c84e3e4e-fb75-490c-9eae-7f199851cc1c","block_type":"box","text":"Based on average shares outstanding.","page_number":53,"box":{"x":81,"y":571,"width":225,"height":9}},{"id":"6a27f0c3-4b2c-4173-aa56-d5ff94a5d531","block_type":"box","text":"(b)","page_number":53,"box":{"x":61,"y":584,"width":7,"height":4}},{"id":"3248fc0a-2e12-4ad8-bc94-a12ae4d126f0","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":53,"box":{"x":82,"y":584,"width":582,"height":9}},{"id":"3dc3321b-3211-4312-a9a8-fa5b632711a4","block_type":"box","text":"(c)","page_number":53,"box":{"x":61,"y":597,"width":6,"height":4}},{"id":"c71935d1-a456-44b5-a789-a20168391b99","block_type":"box","text":"Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.","page_number":53,"box":{"x":81,"y":597,"width":636,"height":9}},{"id":"84d0da1d-d6d1-443f-9af4-8cac19cd96d1","block_type":"box","text":"(d)","page_number":53,"box":{"x":61,"y":610,"width":7,"height":4}},{"id":"2640e8ac-5aa0-45a7-a12d-43e977489c23","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":53,"box":{"x":82,"y":610,"width":550,"height":9}},{"id":"a4f6b3be-8e1f-4d34-831c-33c258869ab4","block_type":"box","text":"Financial Highlights","page_number":53,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"94e83450-8592-4eb1-aa3d-1386488e40a3","block_type":"box","text":"(continued)","page_number":53,"box":{"x":244,"y":48,"width":81,"height":12}},{"id":"d4c09441-cd02-44fe-b43b-cc32d49d2a41","block_type":"box","text":"53","page_number":53,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"7c2bf585-9524-4e3d-ad91-f9fcfd34a75d","block_type":"box","text":"NM0926U-5975797-53/72","page_number":53,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e0ef8d73-5a49-4fbf-aa39-0f31f1cf7b2e","block_type":"box","text":"BlackRock International Fund","page_number":54,"box":{"x":608,"y":186,"width":178,"height":7}},{"id":"8897e4e6-ce33-42af-bd4e-f259cdd8ac21","block_type":"box","text":"Class R","page_number":54,"box":{"x":674,"y":202,"width":45,"height":8}},{"id":"7cd533dc-9b96-4017-8a3e-8ca3589ccfe1","block_type":"box","text":"(For a share outstanding throughout each period)","page_number":54,"box":{"x":69,"y":229,"width":296,"height":9}},{"id":"f56e271f-d7c7-4ea0-b06f-49c738c73f40","block_type":"box","text":"Year Ended","page_number":54,"box":{"x":470,"y":218,"width":66,"height":8}},{"id":"c0c8eae4-81b1-4c54-beda-c06658cb894c","block_type":"box","text":"05/31/26","page_number":54,"box":{"x":471,"y":229,"width":64,"height":9}},{"id":"ce70eb5d-4541-46ae-9e75-5856bdb23f88","block_type":"box","text":"Year Ended","page_number":54,"box":{"x":567,"y":218,"width":66,"height":8}},{"id":"1c774eb9-91cc-4d90-bfae-6a517f987f30","block_type":"box","text":"05/31/25","page_number":54,"box":{"x":568,"y":229,"width":64,"height":9}},{"id":"2e3c9a55-3a96-4e0b-9f82-365b4516d436","block_type":"box","text":"Year Ended","page_number":54,"box":{"x":664,"y":218,"width":65,"height":8}},{"id":"ca121959-da17-4cc6-8107-6adcede7ae07","block_type":"box","text":"05/31/24","page_number":54,"box":{"x":665,"y":229,"width":64,"height":9}},{"id":"21ec322d-4481-4ae3-9c3d-c731ca30294e","block_type":"box","text":"Year Ended","page_number":54,"box":{"x":760,"y":218,"width":66,"height":8}},{"id":"39867d47-8c4a-40fe-b862-6a9eb5d86971","block_type":"box","text":"05/31/23","page_number":54,"box":{"x":762,"y":229,"width":63,"height":9}},{"id":"4df98162-2b87-455d-afea-5416fb10052f","block_type":"box","text":"Year Ended","page_number":54,"box":{"x":857,"y":218,"width":66,"height":8}},{"id":"61dd1a65-a063-42e9-88d8-72bf80beb59d","block_type":"box","text":"05/31/22","page_number":54,"box":{"x":859,"y":229,"width":63,"height":9}},{"id":"8d22b358-0443-4a6a-961a-e247be7f4b44","block_type":"box","text":"Net asset value, beginning of year","page_number":54,"box":{"x":69,"y":245,"width":205,"height":9}},{"id":"a36c132a-b144-4b2d-a466-6c54858dcbbb","block_type":"box","text":"$20.32 $19.83 $17.39 $17.69 $ 24.43","page_number":54,"box":{"x":482,"y":245,"width":434,"height":8}},{"id":"02054515-0fbc-4c25-8cad-e599e92545d1","block_type":"box","text":"Net investment income","page_number":54,"box":{"x":85,"y":262,"width":134,"height":7}},{"id":"7adf3f82-ac94-48e6-b97e-e9c7362b6a72","block_type":"box","text":"(a)","page_number":54,"box":{"x":220,"y":262,"width":7,"height":5}},{"id":"91eb7677-70c2-44d6-bc9c-6f1c78a45360","block_type":"box","text":"0.22 0.13 0.13 0.11 0.15","page_number":54,"box":{"x":498,"y":262,"width":418,"height":7}},{"id":"0b34a084-aa6e-4829-8cfa-636df204a0e4","block_type":"box","text":"Net realized and unrealized gain (loss) 3.76 0.44 2.44 (0.31) (5.39)","page_number":54,"box":{"x":85,"y":274,"width":835,"height":9}},{"id":"dabba47e-1032-4985-a9ec-62de02cf325a","block_type":"box","text":"Net increase (decrease) from investment operations 3.98 0.57 2.57 (0.20) (5.24)","page_number":54,"box":{"x":70,"y":285,"width":850,"height":9}},{"id":"e170d722-5aff-4453-b5ac-fa8aa8c4ad0e","block_type":"box","text":"Distributions","page_number":54,"box":{"x":69,"y":302,"width":76,"height":7}},{"id":"3b6daa58-39ae-41ad-a586-1367414b1045","block_type":"box","text":"(b)","page_number":54,"box":{"x":145,"y":302,"width":8,"height":5}},{"id":"3c933174-d084-4c07-a6fa-7de00c51ac87","block_type":"box","text":"From net investment income (0.28) (0.08) (0.13) (0.10) (0.05)","page_number":54,"box":{"x":85,"y":314,"width":835,"height":9}},{"id":"5bbbf0d3-864d-480a-a87a-1136783c3e55","block_type":"box","text":"From net realized gain — — — — (1.45)","page_number":54,"box":{"x":85,"y":325,"width":835,"height":10}},{"id":"9b55dc30-92ab-45a7-a675-bf0b3265a425","block_type":"box","text":"Total distributions (0.28) (0.08) (0.13) (0.10) (1.50)","page_number":54,"box":{"x":69,"y":342,"width":851,"height":9}},{"id":"abd3fe3f-143d-4e24-a2a8-03f9d1f5a035","block_type":"box","text":"Net asset value, end of year","page_number":54,"box":{"x":69,"y":359,"width":168,"height":9}},{"id":"f8273434-4173-48e9-8107-49b98d05c0fa","block_type":"box","text":"$24.02 $20.32 $19.83 $17.39 $ 17.69","page_number":54,"box":{"x":482,"y":358,"width":434,"height":9}},{"id":"7e3dbd38-3fe4-48d7-8275-98d23970916a","block_type":"box","text":"Total Return","page_number":54,"box":{"x":69,"y":376,"width":73,"height":7}},{"id":"0b001f09-8539-4c9a-88f9-dc40d88c7345","block_type":"box","text":"(c)","page_number":54,"box":{"x":143,"y":376,"width":8,"height":4}},{"id":"aa51559d-c3c5-4f26-93ab-9a5c2490abb6","block_type":"box","text":"Based on net asset value 19.83% 2.88% 14.83% (1.03)% (22.74)%","page_number":54,"box":{"x":70,"y":392,"width":860,"height":9}},{"id":"4e48e9bb-6008-4ee6-854d-3cfba545a013","block_type":"box","text":"Ratios to Average Net Assets","page_number":54,"box":{"x":70,"y":409,"width":176,"height":9}},{"id":"8228aea5-ba96-460c-90ef-fe2bfa473a1d","block_type":"box","text":"(d)","page_number":54,"box":{"x":247,"y":409,"width":8,"height":5}},{"id":"edaaec21-1e16-41f5-8831-45d5a12034cf","block_type":"box","text":"Total expenses 1.37% 1.36% 1.38% 1.43% 1.40%","page_number":54,"box":{"x":69,"y":426,"width":857,"height":9}},{"id":"c2d0e316-a29b-42cc-a962-3c29adf1b6f6","block_type":"box","text":"Total expenses after fees waived and/or reimbursed 1.15% 1.17% 1.16% 1.15% 1.15%","page_number":54,"box":{"x":69,"y":443,"width":857,"height":9}},{"id":"4306c7f7-5440-42e1-9827-d8aeced865d4","block_type":"box","text":"Total expenses after fees waived and/or reimbursed and excluding","page_number":54,"box":{"x":69,"y":459,"width":391,"height":10}},{"id":"dfbfc50f-9d75-40e9-96b8-c4ea29a0bb31","block_type":"box","text":"interest expense and professional fees for foreign withholding tax","page_number":54,"box":{"x":70,"y":472,"width":384,"height":9}},{"id":"364ee392-7321-470d-97ab-09d62562f262","block_type":"box","text":"claims 1.15% 1.15% 1.16% 1.15% 1.15%","page_number":54,"box":{"x":69,"y":484,"width":857,"height":7}},{"id":"7b601a9f-870c-4974-bcbb-f9441078ae79","block_type":"box","text":"Net investment income 1.04% 0.65% 0.72% 0.67% 0.70%","page_number":54,"box":{"x":70,"y":501,"width":856,"height":7}},{"id":"3d0a9aef-641f-41c0-89b4-77acc35128f0","block_type":"box","text":"Supplemental Data","page_number":54,"box":{"x":69,"y":517,"width":114,"height":9}},{"id":"d81969a4-a41d-4788-ba06-9e6f5b0597a2","block_type":"box","text":"Net assets, end of year (000) $3,806 $4,326 $5,938 $4,560 $ 5,171","page_number":54,"box":{"x":70,"y":534,"width":846,"height":9}},{"id":"0d2872bc-118f-48ec-90fc-f6083f30e22d","block_type":"box","text":"Portfolio turnover rate 66% 95% 86% 81% 103%","page_number":54,"box":{"x":69,"y":551,"width":857,"height":7}},{"id":"aeb07d2b-f700-40c3-b0f3-1ad084144a03","block_type":"box","text":"(a)","page_number":54,"box":{"x":61,"y":571,"width":7,"height":4}},{"id":"b2abe393-05f8-4466-9f81-8b3fa49a19c3","block_type":"box","text":"Based on average shares outstanding.","page_number":54,"box":{"x":81,"y":571,"width":225,"height":9}},{"id":"21f58a58-1dd7-45f7-b190-df0740e854bc","block_type":"box","text":"(b)","page_number":54,"box":{"x":61,"y":584,"width":7,"height":4}},{"id":"fd6f313b-aced-4bc1-adcf-6fbe496efcfe","block_type":"box","text":"Distributions for annual periods determined in accordance with U.S. federal income tax regulations.","page_number":54,"box":{"x":82,"y":584,"width":582,"height":9}},{"id":"582892cf-2005-451a-80ab-d69359fff76a","block_type":"box","text":"(c)","page_number":54,"box":{"x":61,"y":597,"width":6,"height":4}},{"id":"14afb30f-0efb-4862-9781-6393899063c0","block_type":"box","text":"Where applicable, assumes the reinvestment of distributions.","page_number":54,"box":{"x":81,"y":597,"width":361,"height":9}},{"id":"0e3691d4-f422-4e85-9621-c41cb9785815","block_type":"box","text":"(d)","page_number":54,"box":{"x":61,"y":610,"width":7,"height":4}},{"id":"8df9b229-21e8-4426-9957-4b29e750668e","block_type":"box","text":"Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.","page_number":54,"box":{"x":82,"y":610,"width":550,"height":9}},{"id":"db1ed741-0deb-46ca-9f40-6bb47fdea567","block_type":"box","text":"Financial Highlights","page_number":54,"box":{"x":61,"y":47,"width":178,"height":13}},{"id":"833f170c-98b3-4ba6-92b2-61f3cc28e9d5","block_type":"box","text":"(concluded)","page_number":54,"box":{"x":244,"y":48,"width":83,"height":12}},{"id":"880e76c0-4839-44d2-9052-50f8b7c10631","block_type":"box","text":"54","page_number":54,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"dcc8bf65-bbd8-473b-98a0-d47e05970e7c","block_type":"box","text":"NM0926U-5975797-54/72","page_number":54,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7590c091-4d51-4f77-af65-d8c6076d491a","block_type":"box","text":"General Information","page_number":55,"box":{"x":63,"y":82,"width":431,"height":27}},{"id":"e10740a6-8e3c-4a3d-8205-fcc2ca094088","block_type":"box","text":"Shareholder Documents","page_number":55,"box":{"x":61,"y":156,"width":216,"height":11}},{"id":"85c02d42-4264-47df-b601-3a31a4c01a65","block_type":"box","text":"Electronic Access to Annual and Semi-Annual Reports, Annual and Semi-Annual Financial Statements and","page_number":55,"box":{"x":61,"y":183,"width":875,"height":12}},{"id":"e471fcfb-510f-47cb-8f2f-3fec2ac46094","block_type":"box","text":"Additional Information and Prospectuses","page_number":55,"box":{"x":60,"y":200,"width":336,"height":12}},{"id":"02b98c97-78c5-4f31-b5ef-b6e9b5fef1f1","block_type":"box","text":"Electronic copies of most financial reports and prospectuses are available on BlackRock’s website. Shareholders can","page_number":55,"box":{"x":62,"y":216,"width":862,"height":11}},{"id":"847ec3b2-ff34-412f-9900-40ef4995c77f","block_type":"box","text":"sign up for e-mail notifications of annual and semi-annual reports, Annual and Semi-Annual Financial Statements and","page_number":55,"box":{"x":61,"y":231,"width":858,"height":11}},{"id":"5eeedada-5977-472e-9767-9a6481f4c084","block_type":"box","text":"Additional Information and prospectuses by enrolling in the Fund’s electronic delivery program. To enroll:","page_number":55,"box":{"x":60,"y":245,"width":767,"height":12}},{"id":"10fbe524-4b2e-48e5-9ab0-7960528a4fbe","block_type":"box","text":"Shareholders Who Hold Accounts with Investment Advisers, Banks or Brokerages:","page_number":55,"box":{"x":60,"y":268,"width":619,"height":11}},{"id":"343d5f45-8157-411a-9c12-afddb22f742c","block_type":"box","text":"Please contact your Financial","page_number":55,"box":{"x":686,"y":268,"width":211,"height":11}},{"id":"17aefa66-6f01-465a-99cb-232141d985a8","block_type":"box","text":"Intermediary. Please note that not all investment advisers, banks or brokerages may offer this service.","page_number":55,"box":{"x":62,"y":283,"width":754,"height":11}},{"id":"a9b5eb53-6c61-4128-9114-572c4690fe1b","block_type":"box","text":"Shareholders Who Hold Accounts Directly With BlackRock:","page_number":55,"box":{"x":60,"y":306,"width":445,"height":11}},{"id":"a02f3b07-2c5d-449f-bcb6-3085cf127dbc","block_type":"box","text":"Access the BlackRock website at http://www.blackrock.com/edelivery; and","page_number":55,"box":{"x":81,"y":326,"width":552,"height":11}},{"id":"0212e7ad-d588-4b51-af6e-3f8fe55583e2","block_type":"box","text":"Log into your account.","page_number":55,"box":{"x":82,"y":346,"width":159,"height":11}},{"id":"9ea55df5-6832-493d-88b5-36a66a21774c","block_type":"box","text":"Delivery of Shareholder Documents","page_number":55,"box":{"x":61,"y":368,"width":289,"height":13}},{"id":"3a46ca95-8063-4061-9608-d630e35172e7","block_type":"box","text":"The Fund delivers only one copy of shareholder documents, including prospectuses, shareholder reports and proxy","page_number":55,"box":{"x":60,"y":385,"width":843,"height":11}},{"id":"cf437600-3662-47fe-ac16-6f8f9d5c9877","block_type":"box","text":"statements, to shareholders with multiple accounts at the same address. This practice is known as “householding”","page_number":55,"box":{"x":61,"y":400,"width":849,"height":11}},{"id":"d98572d8-f7fd-4e96-a508-1c4d06c5111c","block_type":"box","text":"and is intended to eliminate duplicate mailings and reduce expenses. Mailings of your shareholder documents may be","page_number":55,"box":{"x":61,"y":414,"width":868,"height":12}},{"id":"282032e0-6f67-405b-9663-54f15f32a982","block_type":"box","text":"householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be","page_number":55,"box":{"x":61,"y":429,"width":844,"height":12}},{"id":"1aa0dccc-007c-4f16-b1b9-68ebcbb0af01","block_type":"box","text":"combined with those for other members of your household, please contact the Fund at (800) 441-7762.","page_number":55,"box":{"x":61,"y":444,"width":764,"height":11}},{"id":"dd2d0ebd-4630-42b4-98f0-a9d3881613d1","block_type":"box","text":"Certain Fund Policies","page_number":55,"box":{"x":61,"y":483,"width":194,"height":11}},{"id":"ce93c5ef-f0ad-4248-801f-d4235668c381","block_type":"box","text":"Anti-Money Laundering Requirements","page_number":55,"box":{"x":60,"y":510,"width":309,"height":12}},{"id":"6463f302-dab0-4bcc-8cfa-9ada381a0cb4","block_type":"box","text":"The Fund is subject to the USA PATRIOT Act (the “Patriot Act”). The Patriot Act is intended to prevent the use of the","page_number":55,"box":{"x":60,"y":526,"width":844,"height":11}},{"id":"e9c7cc45-6ab8-4402-adb7-a21411139e61","block_type":"box","text":"U.S. financial system in furtherance of money laundering, terrorism or other illicit activities. Pursuant to requirements","page_number":55,"box":{"x":62,"y":541,"width":861,"height":11}},{"id":"77046f1f-6720-4d89-9da2-bfb137978c1a","block_type":"box","text":"under the Patriot Act, the Fund is required to obtain sufficient information from shareholders to enable it to form a","page_number":55,"box":{"x":61,"y":555,"width":840,"height":12}},{"id":"66ecde80-00d0-4775-aa3f-3eb84df8aed3","block_type":"box","text":"reasonable belief that it knows the true identity of its shareholders. This information will be used to verify the identity","page_number":55,"box":{"x":61,"y":570,"width":861,"height":12}},{"id":"970aa0bf-aaa7-44bf-95a0-1b3f8b8b11d7","block_type":"box","text":"of investors or, in some cases, the status of Financial Intermediaries. Such information may be verified using third","page_number":55,"box":{"x":61,"y":585,"width":844,"height":12}},{"id":"fc8a6b07-2d7b-422e-90b7-d40959af2bd2","block_type":"box","text":"party sources. This information will be used only for compliance with the Patriot Act or other applicable laws,","page_number":55,"box":{"x":62,"y":600,"width":795,"height":11}},{"id":"5065947c-579e-4453-8ee3-c4c20a43a98c","block_type":"box","text":"regulations and rules in connection with money laundering, terrorism, or economic sanctions.","page_number":55,"box":{"x":61,"y":615,"width":684,"height":11}},{"id":"0280fa0b-431b-4256-a104-8b87c5322d94","block_type":"box","text":"The Fund reserves the right to reject purchase orders from persons who have not submitted information sufficient to","page_number":55,"box":{"x":60,"y":637,"width":858,"height":12}},{"id":"f747a750-e595-4cf8-95ff-aaa483df895f","block_type":"box","text":"allow the Fund to verify their identity. The Fund also reserves the right to redeem any amounts in the Fund from","page_number":55,"box":{"x":61,"y":652,"width":815,"height":12}},{"id":"375f861b-cb3f-4110-9948-04afc3e0b0fc","block_type":"box","text":"persons whose identity it is unable to verify on a timely basis. It is the Fund’s policy to cooperate fully with appropriate","page_number":55,"box":{"x":62,"y":667,"width":869,"height":11}},{"id":"a079ca04-5962-44c6-9670-cb0cabeaa7e5","block_type":"box","text":"regulators in any investigations conducted with respect to potential money laundering, terrorism, or other illicit","page_number":55,"box":{"x":61,"y":682,"width":810,"height":11}},{"id":"9c77647c-1a48-41bb-9031-848b7c30ad42","block_type":"box","text":"activities.","page_number":55,"box":{"x":61,"y":697,"width":68,"height":9}},{"id":"80fa21f8-3697-49d4-863f-e4a295b1e48d","block_type":"box","text":"BlackRock Privacy Principles","page_number":55,"box":{"x":61,"y":720,"width":241,"height":12}},{"id":"efe68d62-f110-496b-8f65-9f98adc60c91","block_type":"box","text":"BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients","page_number":55,"box":{"x":62,"y":736,"width":821,"height":12}},{"id":"b7316ca4-389d-4703-ae3a-eca05946bd2b","block_type":"box","text":"(collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided","page_number":55,"box":{"x":61,"y":751,"width":868,"height":11}},{"id":"e92c031e-59eb-4805-80b1-00cc20bfafb9","block_type":"box","text":"to help you understand what personal information BlackRock collects, how we protect that information and why in","page_number":55,"box":{"x":60,"y":766,"width":834,"height":11}},{"id":"c657ea59-ae72-4195-8e99-81ab7daf628f","block_type":"box","text":"certain cases we share such information with select parties.","page_number":55,"box":{"x":61,"y":780,"width":445,"height":12}},{"id":"0d191d01-5c9b-4abf-aba4-78ffb26dc18a","block_type":"box","text":"If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with","page_number":55,"box":{"x":62,"y":803,"width":823,"height":12}},{"id":"e488dad4-6439-4726-bff1-58f913a89404","block_type":"box","text":"additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those","page_number":55,"box":{"x":61,"y":818,"width":832,"height":11}},{"id":"4ab56e05-2945-4d4a-99ae-46efbe24d7cd","block_type":"box","text":"specific laws, rules or regulations.","page_number":55,"box":{"x":61,"y":833,"width":250,"height":11}},{"id":"7523a027-d4a5-4f37-b619-c843692f206e","block_type":"box","text":"BlackRock obtains or verifies personal non-public information from and about you from different sources, including the","page_number":55,"box":{"x":62,"y":855,"width":867,"height":12}},{"id":"7c715625-c9a2-488f-9a32-cb2adf7edaeb","block_type":"box","text":"following: (i) information we receive from you or, if applicable, your Financial Intermediary, on applications, forms or","page_number":55,"box":{"x":60,"y":870,"width":847,"height":12}},{"id":"c713eaab-5f14-4d44-a5cb-afc4cf513571","block_type":"box","text":"other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive","page_number":55,"box":{"x":61,"y":885,"width":858,"height":11}},{"id":"b84bb930-3cda-48e7-81c0-f6eb13e0b407","block_type":"box","text":"from a consumer reporting agency; and (iv) from visits to our website.","page_number":55,"box":{"x":60,"y":900,"width":511,"height":11}},{"id":"7b6392ba-f3eb-4efe-8b65-0c3d04b0d01f","block_type":"box","text":"55","page_number":55,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"4f56e5fe-2ca0-465a-820f-7f3e0ddcbaab","block_type":"box","text":"NM0926U-5975797-55/72","page_number":55,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9b8b315c-e3fc-497a-9255-6d284a1d74f5","block_type":"box","text":"BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients,","page_number":56,"box":{"x":62,"y":46,"width":872,"height":11}},{"id":"3172a76e-bfec-4eb0-b9f2-c465dc71ca49","block_type":"box","text":"except as permitted by law, or as is necessary to respond to regulatory requests or to service Client accounts. These","page_number":56,"box":{"x":61,"y":61,"width":863,"height":11}},{"id":"2389c3a0-81c1-4551-a64f-1f73bf087d50","block_type":"box","text":"non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only","page_number":56,"box":{"x":61,"y":75,"width":863,"height":12}},{"id":"552893c5-c553-45f2-8315-ef8e176280b2","block_type":"box","text":"for its intended purpose.","page_number":56,"box":{"x":60,"y":90,"width":180,"height":11}},{"id":"8f68a36c-8da5-4f06-88fe-7367dd089c59","block_type":"box","text":"We may share information with our affiliates to service your account or to provide you with information about other","page_number":56,"box":{"x":60,"y":113,"width":842,"height":11}},{"id":"0dbcc653-de8a-4ba0-9514-91d0c7a68996","block_type":"box","text":"BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public","page_number":56,"box":{"x":62,"y":127,"width":846,"height":12}},{"id":"d0b08218-ad00-4055-a56f-49b2d2a89674","block_type":"box","text":"personal information about its Clients to those BlackRock employees with a legitimate business need for the","page_number":56,"box":{"x":62,"y":142,"width":798,"height":12}},{"id":"aa124bf6-bb84-48b8-9fa6-f7587d95b9e4","block_type":"box","text":"information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non","page_number":56,"box":{"x":62,"y":157,"width":867,"height":12}},{"id":"d963c41f-293b-4798-a518-c211cc5cad55","block_type":"box","text":"public personal information of its Clients, including procedures relating to the proper storage and disposal of such","page_number":56,"box":{"x":62,"y":172,"width":836,"height":12}},{"id":"e1c8cbde-0921-491f-ae72-1a69975c5043","block_type":"box","text":"information.","page_number":56,"box":{"x":62,"y":187,"width":85,"height":9}},{"id":"8d5d9b93-1041-439c-972a-3fe410b8895f","block_type":"box","text":"Statement of Additional Information","page_number":56,"box":{"x":61,"y":226,"width":324,"height":11}},{"id":"35af1fc4-da46-4c04-a284-9a17a93eae89","block_type":"box","text":"If you would like further information about the Fund, including how it invests, please see the SAI.","page_number":56,"box":{"x":62,"y":252,"width":708,"height":11}},{"id":"a9a74571-18ff-4dcf-a4a5-a0677525b416","block_type":"box","text":"For a discussion of the Fund’s policies and procedures regarding the selective disclosure of its portfolio holdings,","page_number":56,"box":{"x":62,"y":274,"width":833,"height":12}},{"id":"2a0cf68d-bd25-4c70-a68f-ab53971d23c7","block_type":"box","text":"please see the SAI. The Fund makes its top ten holdings available on a monthly basis at www.blackrock.com generally","page_number":56,"box":{"x":62,"y":289,"width":867,"height":12}},{"id":"1a742ba6-62e5-4181-8b47-8fd9cf146389","block_type":"box","text":"within 5 business days after the end of the month to which the information applies.","page_number":56,"box":{"x":60,"y":304,"width":612,"height":12}},{"id":"a44ca39e-b503-4425-8170-bf569cc3efe1","block_type":"box","text":"56","page_number":56,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ea7f7c72-ab3f-46b6-9c46-b5d63fb70d33","block_type":"box","text":"NM0926U-5975797-56/72","page_number":56,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b6e07429-6654-4fba-bbd5-2c5dbccbca44","block_type":"box","text":"Glossary","page_number":57,"box":{"x":63,"y":82,"width":192,"height":34}},{"id":"2258f5bc-e3b5-4afa-9abe-f1ce5e2714f0","block_type":"box","text":"This glossary contains an explanation of some of the common terms used in this prospectus. For additional","page_number":57,"box":{"x":60,"y":146,"width":792,"height":12}},{"id":"97fc3fc5-af17-4201-a48a-af4f4ad9a185","block_type":"box","text":"information about the Fund, please see the SAI.","page_number":57,"box":{"x":62,"y":161,"width":350,"height":11}},{"id":"ffde1f22-211d-4d76-9d75-02be1284dd05","block_type":"box","text":"Acquired Fund Fees and Expenses","page_number":57,"box":{"x":60,"y":184,"width":259,"height":11}},{"id":"45396494-bcd1-4819-ba4b-9a69487fd4f6","block_type":"box","text":"— the Fund’s pro rata share of the fees and expenses incurred indirectly by the","page_number":57,"box":{"x":323,"y":184,"width":585,"height":11}},{"id":"244576db-4de9-4167-a465-328ebe4bead4","block_type":"box","text":"Fund as a result of investing in other investment companies.","page_number":57,"box":{"x":62,"y":198,"width":442,"height":12}},{"id":"6bbea41e-1d50-4be1-917d-e305b686fe98","block_type":"box","text":"Annual Fund Operating Expenses","page_number":57,"box":{"x":60,"y":221,"width":249,"height":11}},{"id":"38a39213-c876-441b-8870-1ee2490ad4bd","block_type":"box","text":"— expenses that cover the costs of operating the Fund.","page_number":57,"box":{"x":313,"y":221,"width":409,"height":12}},{"id":"c74c3f23-6c7a-49fb-9b20-f8873b66f810","block_type":"box","text":"Distribution Fees","page_number":57,"box":{"x":61,"y":244,"width":128,"height":9}},{"id":"a5baa09d-a8cb-455b-8994-b42fccbdb0b3","block_type":"box","text":"— fees used to support the Fund’s marketing and distribution efforts, such as compensating","page_number":57,"box":{"x":193,"y":244,"width":688,"height":11}},{"id":"d285eeb3-ec3c-43fd-87a1-ab9f53d404a4","block_type":"box","text":"Financial Intermediaries, advertising and promotion.","page_number":57,"box":{"x":62,"y":259,"width":380,"height":11}},{"id":"879de5f7-86f1-4966-b04b-68474ab7217c","block_type":"box","text":"Interest Expense","page_number":57,"box":{"x":61,"y":281,"width":128,"height":11}},{"id":"12721449-e784-44e2-9146-d675ab0735c7","block_type":"box","text":"— the cost of borrowing money to buy additional securities.","page_number":57,"box":{"x":193,"y":281,"width":437,"height":11}},{"id":"4c70ceec-c1a2-4ec3-87f9-942b5cfa913c","block_type":"box","text":"Management Fee","page_number":57,"box":{"x":61,"y":304,"width":131,"height":11}},{"id":"8d819953-6510-4c0e-9052-97650281ccbf","block_type":"box","text":"— a fee paid to BlackRock for managing the Fund.","page_number":57,"box":{"x":196,"y":303,"width":369,"height":12}},{"id":"e2b24116-ad28-4375-bd76-62bb39b63382","block_type":"box","text":"MSCI ACWI ex USA Index","page_number":57,"box":{"x":61,"y":326,"width":195,"height":9}},{"id":"677d4f83-1ab9-4953-b70c-2d22d355d2fe","block_type":"box","text":"— an index that captures large- and mid-cap representation across 22 of 23 developed","page_number":57,"box":{"x":260,"y":326,"width":641,"height":12}},{"id":"ea1ed4f8-96d4-4d2b-ab94-1879d9e94fc3","block_type":"box","text":"markets countries (excluding the U.S.) and 24 emerging markets countries. With 1,983 constituents, the index covers","page_number":57,"box":{"x":61,"y":341,"width":866,"height":11}},{"id":"bf98b6da-1e2d-4f02-8e1c-72f791862fb4","block_type":"box","text":"approximately 85% of the global equity opportunity set outside the U.S.","page_number":57,"box":{"x":61,"y":356,"width":522,"height":11}},{"id":"c548ba4d-b108-47a9-91fe-fd537d629f5d","block_type":"box","text":"Other Expenses","page_number":57,"box":{"x":62,"y":378,"width":117,"height":12}},{"id":"d13249b8-b136-4480-8219-cfb0c9a3c063","block_type":"box","text":"— include accounting, administration, transfer agency, custody, professional and registration fees.","page_number":57,"box":{"x":184,"y":378,"width":722,"height":12}},{"id":"64a3a72e-6220-46a7-925b-8ec4bf29cf81","block_type":"box","text":"Service Fees","page_number":57,"box":{"x":61,"y":401,"width":97,"height":9}},{"id":"2fa2d061-363f-4d44-b8f2-d700b3a0c434","block_type":"box","text":"— fees used to compensate Financial Intermediaries for certain shareholder servicing activities.","page_number":57,"box":{"x":162,"y":401,"width":708,"height":11}},{"id":"72aa7b91-88ce-45db-9a14-5414a3ba11c1","block_type":"box","text":"Shareholder Fees","page_number":57,"box":{"x":61,"y":423,"width":130,"height":10}},{"id":"5852ce2f-91a3-4fd9-aef0-b5e4620bff96","block_type":"box","text":"— fees paid directly by a shareholder, including sales charges that you may pay when you buy or sell","page_number":57,"box":{"x":196,"y":423,"width":739,"height":12}},{"id":"cb0ba87e-ef8c-42a7-bc36-5e9ba64738d3","block_type":"box","text":"shares of the Fund.","page_number":57,"box":{"x":61,"y":438,"width":141,"height":9}},{"id":"d0492366-6c8f-400c-b295-4b4e805af317","block_type":"box","text":"57","page_number":57,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"67ac1e9a-c302-46e8-a2bf-a4074af87003","block_type":"box","text":"NM0926U-5975797-57/72","page_number":57,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f3c9dbcc-2540-4897-aaf6-edf6c54d9e76","block_type":"box","text":"Intermediary-Defined Sales Charge","page_number":58,"box":{"x":65,"y":47,"width":762,"height":34}},{"id":"93ee981d-821b-4432-9461-1e5563cb7d2a","block_type":"box","text":"Waiver Policies","page_number":58,"box":{"x":61,"y":89,"width":325,"height":27}},{"id":"d9bf8464-df2b-4033-a66a-f10658cd91ac","block_type":"box","text":"Intermediary-Defined Sales Charge Waiver Policies","page_number":58,"box":{"x":62,"y":163,"width":456,"height":13}},{"id":"84991312-f11f-4c40-ba3f-e5f6269ae0bd","block_type":"box","text":"Ameriprise Financial:","page_number":58,"box":{"x":60,"y":189,"width":173,"height":13}},{"id":"2d679293-4e6e-4f78-a114-d6585e9fd091","block_type":"box","text":"Front-end sales charge reductions on Investor A Shares purchased through Ameriprise Financial","page_number":58,"box":{"x":61,"y":214,"width":792,"height":12}},{"id":"261cb338-4d56-447a-9b88-b7565851e4d7","block_type":"box","text":"Shareholders purchasing Investor A Shares of the Fund through an Ameriprise Financial platform or account are eligible","page_number":58,"box":{"x":61,"y":230,"width":875,"height":12}},{"id":"d4131cd0-bbb7-4908-b534-e3004e906ec7","block_type":"box","text":"only for the following sales charge reductions, which may differ from those disclosed elsewhere in this Fund’s","page_number":58,"box":{"x":61,"y":245,"width":806,"height":11}},{"id":"1722b2cb-7974-42d4-ab20-7b2a891b7198","block_type":"box","text":"prospectus or SAI. Such shareholders can reduce their initial sales charge on the purchase of Investor A Shares as","page_number":58,"box":{"x":62,"y":260,"width":846,"height":11}},{"id":"5687e7d6-9784-47f5-ae5f-828e0dd68769","block_type":"box","text":"follows:","page_number":58,"box":{"x":60,"y":274,"width":55,"height":10}},{"id":"1f0109e7-15d0-480f-94e5-e8b65bfaa4b1","block_type":"box","text":"Transaction size breakpoints,","page_number":58,"box":{"x":83,"y":295,"width":212,"height":11}},{"id":"283a9608-2bf0-451f-88c5-e555df57baf6","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":58,"box":{"x":302,"y":295,"width":337,"height":11}},{"id":"af02a02e-c54a-4c04-8c4c-802a0805e6c8","block_type":"box","text":"Rights of accumulation (ROA),","page_number":58,"box":{"x":82,"y":314,"width":216,"height":12}},{"id":"03ea000c-bfed-40d9-91b5-00c51089551d","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":58,"box":{"x":305,"y":315,"width":338,"height":11}},{"id":"f7951516-cbfd-4df0-9b1d-39983cd39aba","block_type":"box","text":"Letter of intent,","page_number":58,"box":{"x":82,"y":334,"width":111,"height":11}},{"id":"6fd73ab4-941e-47c0-b459-f99c4a3161b9","block_type":"box","text":"as described in this Fund’s prospectus or SAI.","page_number":58,"box":{"x":200,"y":335,"width":337,"height":11}},{"id":"de6fcbbd-2c66-4bba-831e-5cc162a388e2","block_type":"box","text":"Front-end sales charge waivers on Investor A shares purchased through Ameriprise Financial","page_number":58,"box":{"x":61,"y":357,"width":766,"height":13}},{"id":"bf5f1327-917f-47f2-9ec7-dfd438f81a2d","block_type":"box","text":"Shareholders purchasing Fund shares through an Ameriprise Financial platform or account are eligible for the following","page_number":58,"box":{"x":61,"y":374,"width":870,"height":11}},{"id":"e10dce82-e486-4bce-bdc4-1ba9ddce7b89","block_type":"box","text":"front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":58,"box":{"x":60,"y":389,"width":838,"height":11}},{"id":"0cc6a630-46ba-432f-91e8-7fc27950614b","block_type":"box","text":"Such shareholders may purchase Investor A shares at NAV without payment of a sales charge as follows:","page_number":58,"box":{"x":61,"y":403,"width":772,"height":12}},{"id":"cc8b4067-2e04-4f12-b9a8-e345d809fdeb","block_type":"box","text":"Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored","page_number":58,"box":{"x":81,"y":423,"width":817,"height":12}},{"id":"59453ce8-425c-4c76-bf1a-fb7d42241c44","block_type":"box","text":"403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this","page_number":58,"box":{"x":81,"y":438,"width":821,"height":12}},{"id":"0f3d2e0e-191e-4cfb-b27d-447e218be13b","block_type":"box","text":"provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.","page_number":58,"box":{"x":82,"y":453,"width":728,"height":11}},{"id":"ec6f6d69-dedd-499c-92a2-128ac44f72b7","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":58,"box":{"x":81,"y":473,"width":835,"height":12}},{"id":"a11c1dfc-2a89-4076-93ca-8d8080e5f1e8","block_type":"box","text":"shares of the same Fund (but not any other fund within BlackRock Funds).","page_number":58,"box":{"x":81,"y":488,"width":542,"height":11}},{"id":"9db02bf9-86e8-41eb-ac6a-c8d4f5b3d3d7","block_type":"box","text":"Shares exchanged from Investor C Shares of the same fund in the month of or following the 7-year anniversary of","page_number":58,"box":{"x":81,"y":508,"width":833,"height":11}},{"id":"69a39db4-57c5-480d-b1cf-ab48d4bdfd3a","block_type":"box","text":"the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of","page_number":58,"box":{"x":80,"y":523,"width":846,"height":11}},{"id":"a2680eed-c903-4a8f-9dce-c012110486d7","block_type":"box","text":"Investor C Shares or conversion of Investor C Shares following a shorter holding period, that waiver will apply to","page_number":58,"box":{"x":82,"y":537,"width":818,"height":12}},{"id":"0224031f-48a0-42c1-ae40-fc4bf2509fba","block_type":"box","text":"exchanges following such shorter period. To the extent that this Fund’s prospectus elsewhere provides for a waiver","page_number":58,"box":{"x":81,"y":552,"width":845,"height":12}},{"id":"0065acb1-0c89-420b-b8ef-27ff897187c0","block_type":"box","text":"with respect to exchanges of Investor C Shares for load waived shares, that waiver will also apply to such","page_number":58,"box":{"x":80,"y":567,"width":774,"height":12}},{"id":"43443d20-1edc-45f4-ab2a-b069bbb18819","block_type":"box","text":"exchanges.","page_number":58,"box":{"x":81,"y":582,"width":81,"height":11}},{"id":"f2e3f1a7-7da9-47f5-a41d-dbd8604b372c","block_type":"box","text":"Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their","page_number":58,"box":{"x":81,"y":602,"width":824,"height":11}},{"id":"b7b7a29c-e449-438b-87e3-43d6ba84872f","block_type":"box","text":"immediate family members.","page_number":58,"box":{"x":82,"y":617,"width":201,"height":11}},{"id":"7985342f-b229-4938-8b76-e6f1ddcaa13e","block_type":"box","text":"Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s,","page_number":58,"box":{"x":81,"y":637,"width":847,"height":11}},{"id":"a08ae0c2-bf83-4f88-b522-7a616df845f8","block_type":"box","text":"403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an","page_number":58,"box":{"x":81,"y":652,"width":844,"height":11}},{"id":"e5582d87-3f88-4be0-a8e2-4cf4f340c246","block_type":"box","text":"Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother,","page_number":58,"box":{"x":81,"y":666,"width":837,"height":12}},{"id":"464fe881-1355-4810-9faa-939704eda32f","block_type":"box","text":"grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step","page_number":58,"box":{"x":81,"y":681,"width":810,"height":12}},{"id":"04e943e1-d5ac-4fa4-a6f8-7c9ccec17871","block_type":"box","text":"daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family","page_number":58,"box":{"x":81,"y":696,"width":792,"height":12}},{"id":"56f62ee3-c96c-4ddf-ab3d-fa58baf6c6cf","block_type":"box","text":"member who is a lineal descendant.","page_number":58,"box":{"x":82,"y":711,"width":263,"height":9}},{"id":"5529e689-4da3-4959-938b-1947bc83c69b","block_type":"box","text":"Shares purchased from the proceeds of redemptions within BlackRock Funds, provided (1) the repurchase occurs","page_number":58,"box":{"x":81,"y":731,"width":834,"height":11}},{"id":"14ebe472-648a-4786-abc8-bb1cd6385056","block_type":"box","text":"within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":58,"box":{"x":80,"y":746,"width":781,"height":11}},{"id":"3e738241-77da-4141-aa1d-2eaff8c60d2b","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (i.e. Rights of Reinstatement).","page_number":58,"box":{"x":81,"y":760,"width":766,"height":12}},{"id":"d340e1e1-30a5-45ea-914c-18d7e3fc4c0b","block_type":"box","text":"CDSC waivers on Investor A and C Shares purchased through Ameriprise Financial","page_number":58,"box":{"x":61,"y":784,"width":679,"height":12}},{"id":"2b3813b4-f09e-410d-9f99-67906dc23918","block_type":"box","text":"Fund shares purchased through an Ameriprise Financial retail brokerage account are eligible only for the following","page_number":58,"box":{"x":62,"y":800,"width":832,"height":11}},{"id":"0a71b58b-d62a-4a13-b81e-4d7709f33e3e","block_type":"box","text":"CDSC waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI:","page_number":58,"box":{"x":61,"y":813,"width":715,"height":12}},{"id":"cc83d84b-b0e1-4ecc-b3b9-deb972bc1f8d","block_type":"box","text":"Redemptions due to death or disability of the shareholder","page_number":58,"box":{"x":82,"y":830,"width":423,"height":11}},{"id":"61859f63-f3c9-4d36-aa46-81d15cb6ade6","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in this Fund’s prospectus or SAI","page_number":58,"box":{"x":81,"y":846,"width":720,"height":11}},{"id":"c0ca9043-ddb2-4a5a-9f07-9378a56dedea","block_type":"box","text":"Redemptions made in connection with a return of excess contributions from an IRA account","page_number":58,"box":{"x":82,"y":862,"width":671,"height":11}},{"id":"244423d1-f548-4ef6-a0af-5ac50e1c2bc7","block_type":"box","text":"Shares purchased through a Right of Reinstatement (as defined above)","page_number":58,"box":{"x":81,"y":878,"width":522,"height":12}},{"id":"82c6f937-805e-4e4d-9e21-fb73f8fc0e3c","block_type":"box","text":"Redemptions made as part of a required minimum distribution for IRA and retirement accounts pursuant to the","page_number":58,"box":{"x":82,"y":895,"width":814,"height":11}},{"id":"974cbce0-615d-4d4a-a66d-b40d9b742348","block_type":"box","text":"Internal Revenue Code","page_number":58,"box":{"x":82,"y":908,"width":164,"height":10}},{"id":"7ef29837-8dac-4d63-8a7f-4fd77cb812ad","block_type":"box","text":"A-1","page_number":58,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"7ca56900-719d-4132-bc86-6fc62f7aa8f6","block_type":"box","text":"NM0926U-5975797-58/72","page_number":58,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8c1b27c1-69c0-454f-b7d3-8735632adcc8","block_type":"box","text":"D.A. Davidson & Co. (“D.A. Davidson”):","page_number":59,"box":{"x":61,"y":46,"width":324,"height":12}},{"id":"c053a74f-ef39-4526-b278-26d63fd7105d","block_type":"box","text":"Effective March 1, 2021, shareholders purchasing Fund shares including existing Fund shareholders, through a D.A.","page_number":59,"box":{"x":62,"y":62,"width":852,"height":12}},{"id":"9280766a-db01-4899-a20e-93c5d10bedb3","block_type":"box","text":"Davidson platform or account, or through an introducing broker-dealer or independent registered investment adviser for","page_number":59,"box":{"x":62,"y":77,"width":873,"height":12}},{"id":"5abc7129-0139-4b10-b3d8-1befa5202e6f","block_type":"box","text":"which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following","page_number":59,"box":{"x":60,"y":92,"width":840,"height":12}},{"id":"f6c91b3c-29e7-4e36-a60b-4f100ee9fc33","block_type":"box","text":"sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and","page_number":59,"box":{"x":61,"y":107,"width":864,"height":11}},{"id":"5bb374ec-bc69-4608-a000-adf5cc6629a0","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund’s SAI.","page_number":59,"box":{"x":61,"y":122,"width":713,"height":11}},{"id":"0f18d438-3201-4c7d-9d44-8e246edf5352","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at D.A. Davidson","page_number":59,"box":{"x":61,"y":145,"width":664,"height":12}},{"id":"6897e85c-81e3-4ff8-89a9-b09fb735c3cd","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":59,"box":{"x":81,"y":166,"width":845,"height":12}},{"id":"c3c4ec79-0b7f-46ad-b7ae-ddebb9274d08","block_type":"box","text":"and dividend distributions.","page_number":59,"box":{"x":81,"y":181,"width":192,"height":9}},{"id":"a5c78cc2-843f-46c9-b932-bf26a5d64907","block_type":"box","text":"Shares purchased by employees and registered representatives of D.A. Davidson or its affiliates and their family","page_number":59,"box":{"x":81,"y":201,"width":827,"height":12}},{"id":"c243670c-b685-4ed2-9f6e-891032137693","block_type":"box","text":"members as designated by D.A. Davidson.","page_number":59,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"bbcb8abb-f594-4c41-b7f7-f45ea10d8c6c","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":59,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"ca55ad2b-7523-4267-865b-11122ec4d88b","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":59,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"bf6061a1-8d31-47e1-92c6-6dec507630b9","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":59,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"a2e014e2-0646-41e6-b670-91894392005b","block_type":"box","text":"Reinstatement).","page_number":59,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"ba2f873b-33a0-4513-b99a-79579ae9a2c3","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":59,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"d170a36f-82de-4be8-aeb0-29ec77d08e52","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":59,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"bf859807-e628-4e4d-81b6-27672d9c8253","block_type":"box","text":"conversion is consistent with D.A. Davidson’s policies and procedures.","page_number":59,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"3eaa2c08-f57e-4675-8c85-963b612a3724","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. Davidson","page_number":59,"box":{"x":61,"y":353,"width":571,"height":10}},{"id":"2ccd027f-d959-4f46-bd6c-d7b18c373fba","block_type":"box","text":"Shares sold due to the death or disability of the shareholder.","page_number":59,"box":{"x":81,"y":374,"width":446,"height":12}},{"id":"e9056795-9160-4cf2-a7d1-d681fdebfaa8","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":59,"box":{"x":81,"y":394,"width":672,"height":12}},{"id":"212c0b9e-c4c2-4e67-a5c2-a4a0dc78cf21","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account.","page_number":59,"box":{"x":81,"y":414,"width":540,"height":12}},{"id":"455b3f24-be4f-456d-a0a7-046bade963bb","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to","page_number":59,"box":{"x":81,"y":434,"width":836,"height":12}},{"id":"cd76c5bd-5141-4f94-a856-916cd9c90d71","block_type":"box","text":"the Internal Revenue Code.","page_number":59,"box":{"x":80,"y":449,"width":199,"height":9}},{"id":"16846d03-d32f-489a-be8b-e5865d6f690b","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":59,"box":{"x":81,"y":469,"width":372,"height":12}},{"id":"a8d8352f-fc41-4cd4-b8f7-9fe3558e8bbc","block_type":"box","text":"Front-End Sales Charge Discounts Available at D.A. Davidson: Breakpoints, Rights of Accumulation and/","page_number":59,"box":{"x":61,"y":492,"width":867,"height":13}},{"id":"5c18e5e1-9f64-435e-bae2-0c9578838e99","block_type":"box","text":"or Letters of Intent","page_number":59,"box":{"x":61,"y":509,"width":155,"height":10}},{"id":"6456b7cf-161c-4081-938e-f8fd57f902fc","block_type":"box","text":"Breakpoints as described in this Prospectus.","page_number":59,"box":{"x":82,"y":531,"width":327,"height":11}},{"id":"cfa0a344-1e34-49fb-8a2d-a9ae3a2c70d8","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":59,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"d15050f0-29b3-495f-950d-28ce4a6338c0","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at D.A.","page_number":59,"box":{"x":80,"y":565,"width":796,"height":12}},{"id":"c503b3c5-0aa8-46d9-bce3-c516e327527f","block_type":"box","text":"Davidson. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation of rights of","page_number":59,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"654cfd86-4cef-435f-92a5-fdbaee59cf87","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":59,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"7521ecf9-f308-4f52-a2b3-9067d1b1b4c7","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":59,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"83080a86-72d0-4bb0-b0da-286106f3bb5e","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":59,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"d727cdaa-9954-484e-82b2-4dfe29e4008c","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":59,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"d9c2338e-5173-4193-8f53-eeb1b5a2cba5","block_type":"box","text":"A-2","page_number":59,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"f9c44063-fae9-4f06-b4a3-0cb3a08ba6a3","block_type":"box","text":"NM0926U-5975797-59/72","page_number":59,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4f185bb3-13f8-4231-ac2b-731fa823d859","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":60,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"69ffbef6-17d4-4ba3-8117-be0018941e5e","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":60,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"0a2babe8-78a9-4b75-baaf-496d03d09810","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":60,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"b5cf2a00-374a-4a93-8734-8f11951959ce","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":60,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"28471810-ec11-4352-9376-bb3e1e653894","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":60,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"cb7160b7-9497-4025-8fd8-e5ea75871b29","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":60,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"297ec443-5bae-482c-b3d8-70b787dd8e13","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":60,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"542021bb-c508-4e94-8f05-f898a2d12ac0","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":60,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"1c016ba0-b26a-4158-af7f-f1ec5c6b7896","block_type":"box","text":"through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time","page_number":60,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"e80512c5-55b8-43ad-81be-252e6d11cf53","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":60,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"08db63ba-a442-4e95-a839-bf23fbfb6e52","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":60,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"fd2a21b7-cd33-4128-b9b5-83cd05d534b8","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":60,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"5f97b9f6-03f5-456d-95ec-7ac99dd48bf7","block_type":"box","text":"Breakpoints","page_number":60,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"192ec8cb-c222-413b-a1cd-b4c908abad8e","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":60,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"d7146e20-375c-42b1-8b83-b9169d4db05d","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":60,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"1ad72034-4dbb-4fd3-ab04-ea74cab0311f","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":60,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"40d06eda-194d-4069-82af-3cb0fb097401","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":60,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"74429234-d082-4784-9ee9-d7c7764206a1","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":60,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"ce069937-257c-4702-9f08-63485017387e","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets","page_number":60,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"60114cdc-2437-45b6-9be4-9a9d0eb574e6","block_type":"box","text":"as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another","page_number":60,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"32c21492-efad-4427-82c6-6183b4badecf","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":60,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"039cf5cd-59fc-4d8d-9d07-be2ed0cd99d9","block_type":"box","text":"notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such","page_number":60,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"c49613a2-5b98-4f01-9d38-469eb047d713","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":60,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"73158491-5cb7-45ba-984b-e498b02e95bf","block_type":"box","text":"sales charge.","page_number":60,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"52dcfe51-fa57-4ff8-9c41-53fb786c65e5","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":60,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"b389e5a2-a8db-43f5-8823-4b8038e50c2d","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":60,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"8cb63410-5e3c-4542-89a2-cac44ceb5279","block_type":"box","text":"shareholder or pricing group level.","page_number":60,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"0b745711-f6ab-4e31-8505-603a0513af3f","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":60,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"7371a950-3f73-4fef-935f-c9f7c2d1fc16","block_type":"box","text":"by NAV).","page_number":60,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"b817b2dd-de69-492f-a7e9-232ad22e02c9","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":60,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"2a918732-3a86-4b4c-8761-654bdf876aed","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":60,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"1622db45-5e97-48fb-865f-dd70bf624ffa","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":60,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"7dfcf53c-7e2f-4dc9-ab96-3ce8d1c30ff7","block_type":"box","text":"determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination","page_number":60,"box":{"x":81,"y":609,"width":829,"height":12}},{"id":"6684ba8a-5ce1-416b-8902-c8f5d2944239","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":60,"box":{"x":80,"y":624,"width":830,"height":11}},{"id":"d57bf309-e7d5-40df-a3da-fae7785289f1","block_type":"box","text":"and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the","page_number":60,"box":{"x":81,"y":639,"width":833,"height":11}},{"id":"ee091c8b-0f1f-4712-8984-e0427c69f599","block_type":"box","text":"sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible BlackRock Funds","page_number":60,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"c3927bf8-4ac2-4742-a67e-d56ca7e5a1d1","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":60,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"96502e12-9112-4da4-975a-2f90ce5b869d","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":60,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"45a35ca3-64ec-40b0-9c9d-36d66bdf0a65","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":60,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"bb3dc17e-c53c-4c3e-9e1d-118be0a9a2ea","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":60,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"1ebdf1a0-1de3-4f15-8dfd-0396b1000599","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":60,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"22f9e9c2-b8b3-4b5b-a585-f0e7707afcd9","block_type":"box","text":"established by the employer.","page_number":60,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"65a6162e-8c3c-4117-95e9-5b10f53fbecb","block_type":"box","text":"Sales Charge Waivers","page_number":60,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"86a69763-7de3-473d-adb0-ba8902608da1","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":60,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"ae0023ad-42df-42f4-bb84-f1333b7c2aa9","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":60,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"5a590609-5887-4f33-aea7-6b83c71f3c81","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the","page_number":60,"box":{"x":82,"y":822,"width":850,"height":11}},{"id":"9af6a2b5-01c1-4a28-804e-fb3d6629e82e","block_type":"box","text":"associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant","page_number":60,"box":{"x":81,"y":837,"width":846,"height":11}},{"id":"0286906c-753c-419a-be8b-33225cb547f5","block_type":"box","text":"to Edward Jones’ policies and procedures.","page_number":60,"box":{"x":80,"y":852,"width":310,"height":11}},{"id":"cebc82d9-abda-42c2-ad2c-05639a8f6617","block_type":"box","text":"Shares purchased in an Edward Jones fee-based program.","page_number":60,"box":{"x":81,"y":871,"width":427,"height":12}},{"id":"ef9e5196-d331-4b5c-b93e-2829c5249052","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.","page_number":60,"box":{"x":81,"y":891,"width":710,"height":12}},{"id":"66ce47de-f94c-45b9-b6b3-d41469db01ed","block_type":"box","text":"A-3","page_number":60,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"151e0043-a9b9-4e0b-918b-5e57360e627a","block_type":"box","text":"NM0926U-5975797-60/72","page_number":60,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"10634653-fbc5-4a80-94a7-ed0c93ca7036","block_type":"box","text":"Shares purchased from the proceeds of redeemed shares of BlackRock Funds so long as the following conditions","page_number":61,"box":{"x":81,"y":46,"width":834,"height":11}},{"id":"0e5a292e-fbea-47d2-b012-7a26bb1a833c","block_type":"box","text":"are met: the proceeds are from the sale of shares within 60 days of the purchase, the sale and purchase are made","page_number":61,"box":{"x":81,"y":60,"width":850,"height":12}},{"id":"cab2d4ff-0913-4126-813e-2b8230b89d0b","block_type":"box","text":"from a share class that charges a front load and one of the following (“Right of Reinstatement”):","page_number":61,"box":{"x":81,"y":75,"width":708,"height":12}},{"id":"ccc622ce-dad7-4d38-8b98-159bb5328925","block_type":"box","text":"The redemption and repurchase occur in the same account.","page_number":61,"box":{"x":101,"y":96,"width":438,"height":11}},{"id":"e77dbea7-6c4f-4889-9dfc-3fad43d602ee","block_type":"box","text":"The redemption proceeds are used to process an: IRA contribution, return of excess contributions, conversion,","page_number":61,"box":{"x":101,"y":115,"width":811,"height":11}},{"id":"b1ca70cb-bff4-4697-a5a2-ceb5d808e889","block_type":"box","text":"recharacterizing of contributions, or distribution, and the repurchase is done in an account within the same","page_number":61,"box":{"x":102,"y":130,"width":784,"height":12}},{"id":"a137e590-8176-4815-b4b3-2410e7e55c42","block_type":"box","text":"Edward Jones grouping for ROA.","page_number":61,"box":{"x":102,"y":145,"width":231,"height":11}},{"id":"f684bfef-af77-4749-ab51-c4d9d4d133ae","block_type":"box","text":"The Right of Reinstatement excludes systematic or automatic transactions including, but not limited to, purchases","page_number":61,"box":{"x":76,"y":166,"width":839,"height":12}},{"id":"13487350-e60d-42bd-89ca-45167f7d6eb4","block_type":"box","text":"made through payroll deductions, liquidations to cover account fees, and reinvestments from non-mutual fund","page_number":61,"box":{"x":76,"y":179,"width":805,"height":12}},{"id":"90f247d0-4e8a-4543-9790-74441ed6359f","block_type":"box","text":"products.","page_number":61,"box":{"x":77,"y":192,"width":66,"height":11}},{"id":"d4bcb95e-ec35-405b-a92e-c536b353df0a","block_type":"box","text":"Shares exchanged into Investor A Shares from another share class so long as the exchange is into the same fund","page_number":61,"box":{"x":81,"y":210,"width":837,"height":12}},{"id":"e23ae3e6-8406-4c38-a54c-e11c1be7e976","block_type":"box","text":"and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSCs due to","page_number":61,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"c1c24be9-9ba2-414a-a69e-3127c3cad81b","block_type":"box","text":"BlackRock, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the","page_number":61,"box":{"x":82,"y":240,"width":796,"height":11}},{"id":"ca08af63-e917-4b2b-8a42-1a0e4a3b79e0","block_type":"box","text":"prospectus.","page_number":61,"box":{"x":82,"y":255,"width":84,"height":11}},{"id":"43668746-c79c-4c75-97d5-1919c2032389","block_type":"box","text":"Exchanges from Investor C Shares to Investor A Shares of the same fund, generally, in the 84th month following the","page_number":61,"box":{"x":82,"y":274,"width":850,"height":12}},{"id":"3e194622-90db-49d7-aebb-35cb33b1e3e9","block_type":"box","text":"anniversary of the purchase date or earlier at the discretion of Edward Jones.","page_number":61,"box":{"x":81,"y":289,"width":567,"height":12}},{"id":"396c2885-2618-4c3a-a62d-33123d8e7845","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers","page_number":61,"box":{"x":61,"y":312,"width":437,"height":13}},{"id":"c3f78eca-e9c0-4687-a2c3-f553b369dbaf","block_type":"box","text":"If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is","page_number":61,"box":{"x":62,"y":329,"width":854,"height":11}},{"id":"6944c080-fce7-4492-89b6-8e78d1948354","block_type":"box","text":"expired, the shareholder is responsible to pay the CDSC except in the following conditions:","page_number":61,"box":{"x":61,"y":343,"width":665,"height":12}},{"id":"47d6029c-b6e4-48d8-be9d-0530aa792229","block_type":"box","text":"The death or disability of the shareholder.","page_number":61,"box":{"x":81,"y":363,"width":304,"height":12}},{"id":"ba6787f9-fc81-439c-8ae2-eb5253e32e22","block_type":"box","text":"Systematic withdrawals with up to 10% per year of the account value.","page_number":61,"box":{"x":81,"y":383,"width":508,"height":12}},{"id":"bb4356dd-7e5e-4bde-b44c-0cbc1dfd1ff5","block_type":"box","text":"Return of excess contributions from an IRA.","page_number":61,"box":{"x":82,"y":403,"width":317,"height":10}},{"id":"9ee0c107-858c-4787-a0ef-6c271e32ad22","block_type":"box","text":"Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is","page_number":61,"box":{"x":81,"y":423,"width":834,"height":12}},{"id":"58a78638-ebfe-44db-a383-b2420547ca8c","block_type":"box","text":"taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.","page_number":61,"box":{"x":80,"y":438,"width":739,"height":12}},{"id":"bdb264cb-3ec0-4fc9-9773-8b65d83018e7","block_type":"box","text":"Shares redeemed to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward","page_number":61,"box":{"x":81,"y":458,"width":820,"height":12}},{"id":"f7da0e6e-5307-47c3-8eab-7fc68ee7cfa3","block_type":"box","text":"Jones.","page_number":61,"box":{"x":81,"y":473,"width":46,"height":9}},{"id":"2570624a-49a0-4a5a-9c30-4f42bbacfa92","block_type":"box","text":"Shares exchanged in an Edward Jones fee-based program.","page_number":61,"box":{"x":81,"y":493,"width":428,"height":12}},{"id":"2cd50fc5-7d98-4fb5-a901-6c19aeeaa3d8","block_type":"box","text":"Shares acquired through a NAV Reinstatement.","page_number":61,"box":{"x":81,"y":513,"width":344,"height":12}},{"id":"607a9461-8e1b-4927-b54c-09e3f803a992","block_type":"box","text":"Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.","page_number":61,"box":{"x":81,"y":533,"width":705,"height":11}},{"id":"0b7d2c92-be42-4f99-85b5-92379736da32","block_type":"box","text":"Other Important Information Regarding Transactions Through Edward Jones","page_number":61,"box":{"x":61,"y":556,"width":624,"height":12}},{"id":"6f339000-adeb-463a-890a-4a9a44f18a81","block_type":"box","text":"Minimum Purchase Amounts for Investor A and Investor C Shares","page_number":61,"box":{"x":61,"y":580,"width":541,"height":11}},{"id":"fddf0ccb-9adf-496b-aebb-fb4f6a9bc071","block_type":"box","text":"Initial purchase minimum: $250","page_number":61,"box":{"x":82,"y":601,"width":234,"height":12}},{"id":"d816e949-82a6-462f-85fb-555ebf374b04","block_type":"box","text":"Subsequent purchase minimum: none","page_number":61,"box":{"x":81,"y":622,"width":279,"height":11}},{"id":"610b5a0b-a274-4578-9d1e-508d75c01002","block_type":"box","text":"Minimum Balances","page_number":61,"box":{"x":61,"y":645,"width":156,"height":10}},{"id":"9e6989d2-1979-4684-80c9-3d8be90352ff","block_type":"box","text":"Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following","page_number":61,"box":{"x":82,"y":666,"width":837,"height":12}},{"id":"c5fa8c74-d84f-433a-821c-460ce78d5890","block_type":"box","text":"are examples of accounts that are not included in this policy:","page_number":61,"box":{"x":81,"y":681,"width":447,"height":12}},{"id":"63ce22d7-82ec-4706-b090-97e026aa52bd","block_type":"box","text":"A fee-based account held on an Edward Jones platform","page_number":61,"box":{"x":101,"y":701,"width":403,"height":11}},{"id":"a3fd4a4a-55ed-4dfe-a12b-41dee25b6fc2","block_type":"box","text":"A 529 account held on an Edward Jones platform","page_number":61,"box":{"x":101,"y":721,"width":361,"height":11}},{"id":"1b5ab081-ecdd-445f-be59-398053795e45","block_type":"box","text":"An account with an active systematic investment plan or LOI","page_number":61,"box":{"x":101,"y":741,"width":440,"height":12}},{"id":"da151e31-dd1a-4161-9cbb-6259ba4fcdcb","block_type":"box","text":"Exchanging Share Classes","page_number":61,"box":{"x":61,"y":764,"width":218,"height":13}},{"id":"d22d12b3-b46a-474b-a21f-f3a8267a8c36","block_type":"box","text":"At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a","page_number":61,"box":{"x":81,"y":786,"width":836,"height":11}},{"id":"f325958c-a542-4ef8-a8ae-677610cea34f","block_type":"box","text":"fund to Investor A Shares of the same fund at NAV, provided that Edward Jones will be responsible for any remaining","page_number":61,"box":{"x":81,"y":800,"width":855,"height":12}},{"id":"bc2a0312-09e6-4994-b20d-4cd1cfe9de28","block_type":"box","text":"CDSC due to BlackRock, if applicable, and that the shareholders meet the eligibility requirements of the new share","page_number":61,"box":{"x":81,"y":815,"width":844,"height":12}},{"id":"d783f910-e0b7-4bcd-a513-63ba0900d448","block_type":"box","text":"class.","page_number":61,"box":{"x":81,"y":830,"width":42,"height":9}},{"id":"a1bda2a0-3e68-4569-a8fb-0ec1a14da4b8","block_type":"box","text":"A-4","page_number":61,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"74489a29-b87f-45d7-b682-682cca258d90","block_type":"box","text":"NM0926U-5975797-61/72","page_number":61,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"681fa790-6122-4cc5-94bb-bdbf3a613f05","block_type":"box","text":"J.P. Morgan Securities LLC:","page_number":62,"box":{"x":61,"y":46,"width":225,"height":13}},{"id":"6764ccca-c31d-474b-a0c4-acce006cbda0","block_type":"box","text":"Effective September 29, 2023, if you purchase or hold Fund shares through an applicable J.P. Morgan Securities LLC","page_number":62,"box":{"x":62,"y":62,"width":860,"height":12}},{"id":"c890bb01-edb3-42f8-badb-4465e2dec3a8","block_type":"box","text":"brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and","page_number":62,"box":{"x":61,"y":77,"width":825,"height":12}},{"id":"66c25629-1e8f-4997-95a8-4ca8b2ef342b","block_type":"box","text":"contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and","page_number":62,"box":{"x":61,"y":92,"width":836,"height":12}},{"id":"a3e2194c-4f47-4994-9754-4895a69f870b","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":62,"box":{"x":61,"y":107,"width":684,"height":11}},{"id":"acd3c359-c417-4d2b-9009-9c76026f6ef9","block_type":"box","text":"Front-end sales charge waivers on Investor A Shares available at J.P. Morgan Securities LLC","page_number":62,"box":{"x":61,"y":130,"width":762,"height":12}},{"id":"296fa55d-632c-4af8-b4e7-cef8e327471c","block_type":"box","text":"Shares exchanged from Investor C (i.e., level-load) Shares of the same Fund pursuant to J.P. Morgan Securities","page_number":62,"box":{"x":81,"y":151,"width":817,"height":12}},{"id":"47d29e89-7e42-4693-8bf7-65906cc37e68","block_type":"box","text":"LLC’s policies relating to sales load discounts and waivers.","page_number":62,"box":{"x":82,"y":166,"width":432,"height":12}},{"id":"87aa912e-5d00-4dfa-9b9c-b25969561449","block_type":"box","text":"Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred","page_number":62,"box":{"x":81,"y":186,"width":807,"height":12}},{"id":"2462f121-1062-4476-b637-858bb0d803d0","block_type":"box","text":"compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this","page_number":62,"box":{"x":81,"y":201,"width":798,"height":11}},{"id":"57e0c692-1f66-4db6-9b54-5717ec899396","block_type":"box","text":"provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.","page_number":62,"box":{"x":82,"y":216,"width":690,"height":11}},{"id":"4be2558e-0dcd-4cb2-8f49-650623b4a03b","block_type":"box","text":"Shares of Funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.","page_number":62,"box":{"x":81,"y":236,"width":707,"height":11}},{"id":"1b899f53-a1dd-4912-8826-da1a0987069f","block_type":"box","text":"Shares purchased through rights of reinstatement.","page_number":62,"box":{"x":81,"y":256,"width":370,"height":11}},{"id":"0e555e57-670a-4300-bd86-ef840a000399","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":62,"box":{"x":81,"y":276,"width":835,"height":11}},{"id":"6c5b7364-dc5e-4605-872d-7d157d827efc","block_type":"box","text":"shares of the same Fund (but not any other fund within the fund family).","page_number":62,"box":{"x":81,"y":291,"width":526,"height":11}},{"id":"a7ea4a91-5aac-43cd-a88f-b466a149d9d3","block_type":"box","text":"Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and","page_number":62,"box":{"x":81,"y":311,"width":832,"height":11}},{"id":"ecbb1e34-d118-4878-ad51-a8e065fa98a4","block_type":"box","text":"their spouse or financial dependent.","page_number":62,"box":{"x":80,"y":325,"width":265,"height":12}},{"id":"acc545cb-d8ab-41e3-81af-c7b2a5ee44ca","block_type":"box","text":"Investor C to Investor A Share conversion","page_number":62,"box":{"x":61,"y":348,"width":343,"height":10}},{"id":"87e8fd3e-072b-4800-acaf-f0f4e37b7c0e","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted by J.P. Morgan Securities LLC to","page_number":62,"box":{"x":81,"y":370,"width":817,"height":11}},{"id":"33861bfe-ac51-4fb0-957d-1e5d444c6ce7","block_type":"box","text":"Investor A Shares (or the appropriate share class) of the same Fund if the shares are no longer subject to a CDSC","page_number":62,"box":{"x":82,"y":385,"width":838,"height":11}},{"id":"1c4f2022-b7b7-45ad-81b2-60fc8da91efa","block_type":"box","text":"and the conversion is consistent with J.P. Morgan Securities LLC’s policies and procedures.","page_number":62,"box":{"x":81,"y":400,"width":672,"height":11}},{"id":"488ea945-ceca-4b53-889b-5e3485ae01d6","block_type":"box","text":"CDSC waivers on Investor A and C Shares available at J.P. Morgan Securities LLC","page_number":62,"box":{"x":61,"y":423,"width":674,"height":12}},{"id":"6a937422-b5bb-485c-8789-c913e35e5ce9","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":62,"box":{"x":81,"y":444,"width":436,"height":11}},{"id":"d72387e4-dbe4-46bc-8b05-732e0dc83340","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":62,"box":{"x":81,"y":464,"width":672,"height":11}},{"id":"427ed63f-3c80-468a-a7eb-a6228089b5be","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":484,"width":667,"height":11}},{"id":"529e7177-a557-481b-a195-116311685e74","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":504,"width":820,"height":11}},{"id":"d3a0b9e2-a010-4f1a-8511-1888a175494e","block_type":"box","text":"Revenue Code.","page_number":62,"box":{"x":82,"y":519,"width":108,"height":9}},{"id":"b21a1842-969d-4000-8ca4-fa76d30ae39e","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":62,"box":{"x":81,"y":539,"width":362,"height":11}},{"id":"f6fe228e-47ee-4098-a9ab-1cad8483080b","block_type":"box","text":"Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation &","page_number":62,"box":{"x":61,"y":562,"width":856,"height":12}},{"id":"185674a9-ed9c-4093-a6d3-a46e2a36e0b3","block_type":"box","text":"letters of intent","page_number":62,"box":{"x":61,"y":579,"width":128,"height":10}},{"id":"c80b77ed-2312-48de-b5d6-fd4cd7bb2a50","block_type":"box","text":"Breakpoints as described in the prospectus.","page_number":62,"box":{"x":82,"y":600,"width":323,"height":11}},{"id":"185c1b04-afc2-4b8c-bcc6-5d5effc0e29d","block_type":"box","text":"Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund’s","page_number":62,"box":{"x":82,"y":620,"width":789,"height":12}},{"id":"485a2ed9-af2a-4097-bd75-6e7e845cc083","block_type":"box","text":"prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts","page_number":62,"box":{"x":82,"y":635,"width":847,"height":11}},{"id":"ecfaeb52-89b4-4266-b83e-9bf212804c4b","block_type":"box","text":"within the purchaser’s household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan","page_number":62,"box":{"x":80,"y":650,"width":840,"height":11}},{"id":"a43f72b2-a111-4248-bca7-9ce13436337e","block_type":"box","text":"Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the","page_number":62,"box":{"x":81,"y":664,"width":853,"height":12}},{"id":"259adc9d-2049-4b51-8105-08f0c08f8360","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":62,"box":{"x":81,"y":679,"width":490,"height":9}},{"id":"512548ee-28c7-4cdc-b35e-4c5d841d9582","block_type":"box","text":"Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family,","page_number":62,"box":{"x":82,"y":699,"width":818,"height":12}},{"id":"2645e3a5-bea8-4470-ac7e-1d0074e911c4","block_type":"box","text":"through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).","page_number":62,"box":{"x":80,"y":714,"width":601,"height":12}},{"id":"8490a685-baa1-4191-90eb-f0fb26d38e95","block_type":"box","text":"A-5","page_number":62,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"c600f3c9-d777-46d3-9b40-06d6ccc636bf","block_type":"box","text":"NM0926U-5975797-62/72","page_number":62,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dacaa62b-df58-49eb-96ba-a1d8af49d587","block_type":"box","text":"Janney Montgomery Scott LLC:","page_number":63,"box":{"x":61,"y":46,"width":256,"height":13}},{"id":"db2b92c3-20b5-4798-babc-8f13eae96228","block_type":"box","text":"Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage","page_number":63,"box":{"x":62,"y":70,"width":838,"height":12}},{"id":"47b5fdff-dc89-430c-86df-d9ef6c9a20d5","block_type":"box","text":"account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":63,"box":{"x":61,"y":85,"width":830,"height":12}},{"id":"2f6fe9f7-2942-474e-a683-a5f1c503b9ed","block_type":"box","text":"deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those","page_number":63,"box":{"x":61,"y":100,"width":821,"height":11}},{"id":"d8e6d887-7ce9-4b49-9ded-b53f1882dedd","block_type":"box","text":"disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":63,"box":{"x":61,"y":115,"width":393,"height":11}},{"id":"5388f7b3-a428-413b-9c7a-bec5da5a5eab","block_type":"box","text":"Front-end sales charge* waivers on Investor A shares available at Janney","page_number":63,"box":{"x":61,"y":138,"width":606,"height":12}},{"id":"fe4ca8f9-7685-4ff6-9180-9820d916d279","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":63,"box":{"x":81,"y":159,"width":835,"height":12}},{"id":"042a52b3-3aff-4b58-86e4-6e562a340204","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund).","page_number":63,"box":{"x":81,"y":174,"width":446,"height":11}},{"id":"bc12b2c7-fb7f-4995-8c8a-526013a791dd","block_type":"box","text":"Shares purchased by employees and registered representatives of Janney or its affiliates and their family members","page_number":63,"box":{"x":81,"y":194,"width":847,"height":11}},{"id":"d68a60b9-48be-4944-9c52-48e78ef44554","block_type":"box","text":"as designated by Janney.","page_number":63,"box":{"x":81,"y":209,"width":182,"height":11}},{"id":"034b10e4-393b-4167-8105-cdc44c558ca8","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":63,"box":{"x":81,"y":229,"width":823,"height":11}},{"id":"fcddb097-d897-4194-8bc8-9162a02bca82","block_type":"box","text":"occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same","page_number":63,"box":{"x":81,"y":244,"width":793,"height":11}},{"id":"af4a5ff0-fa38-4e50-a29c-9f64bfdefcfa","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":63,"box":{"x":81,"y":258,"width":852,"height":12}},{"id":"df92f611-3c86-4d34-a46f-ca6125b84c76","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":63,"box":{"x":82,"y":278,"width":805,"height":12}},{"id":"13ac9d0b-a18a-4262-831e-65f47214de02","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":63,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"2bfefa8b-4f16-49ee-9b55-84463343a27b","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":63,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"9e19abc8-8ed9-425a-9993-1fb85b126863","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":63,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"6d7233a8-090f-41dd-bf25-e2a6dbf2b8dc","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":63,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"d9dd6e3a-652d-4eb4-9bf9-461a8c50af75","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":63,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"e46f679b-4a38-45ab-bf3f-9682a3ca31cf","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":63,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"7c7e96a7-4855-4896-b59d-b47300ffa059","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":63,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"706bf3a2-cb78-48ac-be2a-03a7241a5791","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":63,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"0664ce26-dfb4-477a-9dc0-7c4bf6e866d2","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":63,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"e10eabd8-619a-48b6-95ea-df369ce48f48","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":63,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"fb5d3dc4-025b-4fe6-8b9a-4b1e6061f1fa","block_type":"box","text":"Revenue Code.","page_number":63,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"13869f66-577d-4b5a-9f4d-06bc53e90b9c","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":63,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"0bd61a56-a723-4d54-9397-de3f9b7fc7e4","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":63,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"8991bff3-177c-4633-9320-3b3a37c2b2e8","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":63,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"ba1e5640-8f76-46ad-819c-a35c6db7ec82","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":63,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"e0b132ea-c22c-462f-acec-ba17235933ec","block_type":"box","text":"letters of intent","page_number":63,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"44013218-6edd-4d66-ad6b-fa98175a226d","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":63,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"6e6672d7-a8fb-439d-97ef-fed776e8386e","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":63,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"dcb5d9fe-c66f-43ff-9491-3fc0195eff74","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":63,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"5f13a517-a629-4f1f-b06b-56d9e62b9767","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":63,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"5230028c-a0df-41e3-90ad-0d706e5d5e66","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":63,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"1263af6c-936c-4d5a-820b-69aefff969c5","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":63,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"1ffd166a-193a-48e3-ae81-f7e2262c47d0","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":63,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"9f2f67d9-8c12-4c6e-a8cf-030f3735db11","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":63,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"544f05e2-b3e2-467c-a677-c72b7d77bb6c","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":63,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"7acc6d1f-f273-4c88-83a2-8e77f3d8b755","block_type":"box","text":"A-6","page_number":63,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"c12220f1-778b-4424-9386-eb22a31ea9df","block_type":"box","text":"NM0926U-5975797-63/72","page_number":63,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"484cca89-ade8-42c5-bea8-7c2b55868e35","block_type":"box","text":"Merrill Lynch:","page_number":64,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"421e9c29-d57a-4776-92d4-94aa54395d68","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":64,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"1de8fb96-0125-485b-ac82-206a96fda1a1","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":64,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"d3145fe6-768a-4052-a89e-789ac2918cb9","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":64,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"648217c6-307c-4101-80d3-3cdb7db5f167","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":64,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"dc6b0a80-afe6-4346-b80f-a47d516b6c17","block_type":"box","text":"waivers or discounts not listed below.","page_number":64,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"6d0d47b1-a265-4d4b-beb7-d8700d4c6795","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":64,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"29093660-446f-4c78-afe6-d4d39e054ec3","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":64,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"d7baab66-294f-4954-8f51-8b2ec3c7ddc1","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":64,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"8285fc22-812c-45ca-bd5c-449787eb59da","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":64,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"2bb730d4-5a32-4ce1-b229-5fa50da97ab1","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":64,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"622ced67-bd6f-46d8-a48a-1d4dd6289419","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":64,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"970fe8b2-e07e-4335-ba6e-8bb177ac742b","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":64,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"c40d0e23-5266-46b6-a3f3-9187423b2f25","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":64,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"8842223d-b6a7-4c12-9119-2b79be7f885b","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":64,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"eca9f708-45a0-4a5c-af3b-d41273fad79b","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":64,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"f54aa748-6827-4cef-8ca8-a3d8ef8b21bb","block_type":"box","text":"are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes","page_number":64,"box":{"x":81,"y":315,"width":854,"height":12}},{"id":"8808852f-632d-48e9-b67b-6e04e7fc2762","block_type":"box","text":"of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh","page_number":64,"box":{"x":81,"y":330,"width":832,"height":11}},{"id":"400c91a1-5aaa-4dde-8275-4f84df898721","block_type":"box","text":"plans","page_number":64,"box":{"x":82,"y":345,"width":38,"height":11}},{"id":"b684d5f6-66ba-4954-8d3e-3721e2d94ef5","block_type":"box","text":"Shares purchased through a Merrill investment advisory program","page_number":64,"box":{"x":81,"y":365,"width":476,"height":11}},{"id":"7fb48449-e40b-4bd4-af9d-9a619d721955","block_type":"box","text":"Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment","page_number":64,"box":{"x":82,"y":385,"width":853,"height":11}},{"id":"7fa47bd8-ede4-41c5-9d49-428e240f73ee","block_type":"box","text":"advisory program to a Merrill brokerage account","page_number":64,"box":{"x":81,"y":400,"width":352,"height":11}},{"id":"52ff93b8-c475-4059-a2fb-1e08203b8c88","block_type":"box","text":"Shares purchased through the Merrill Edge Self-Directed platform","page_number":64,"box":{"x":81,"y":419,"width":479,"height":12}},{"id":"40889d1a-c83c-45c1-bc83-3fb1b75ebf71","block_type":"box","text":"Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment","page_number":64,"box":{"x":81,"y":439,"width":820,"height":12}},{"id":"28005baa-be7b-4f0c-8b39-c2c3e3d72503","block_type":"box","text":"when purchasing shares of the same mutual fund in the same account","page_number":64,"box":{"x":80,"y":454,"width":521,"height":12}},{"id":"fa6c131e-d9b3-46e8-8c20-0faf62e6b694","block_type":"box","text":"Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the","page_number":64,"box":{"x":81,"y":474,"width":839,"height":12}},{"id":"76258a2e-da05-46e9-978b-0b28464356b2","block_type":"box","text":"description in the Merrill SLWD Supplement","page_number":64,"box":{"x":81,"y":489,"width":319,"height":11}},{"id":"0b79b7be-402b-422e-b6e5-571721ba9417","block_type":"box","text":"Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in","page_number":64,"box":{"x":81,"y":509,"width":850,"height":12}},{"id":"873de292-28f5-4835-9c0e-aea206f32e69","block_type":"box","text":"accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)","page_number":64,"box":{"x":81,"y":524,"width":697,"height":11}},{"id":"2e316833-0939-4935-aa1f-f5e951d0900b","block_type":"box","text":"Shares purchased by eligible persons associated with the Fund as defined in this prospectus (e.g. the Fund’s","page_number":64,"box":{"x":81,"y":544,"width":803,"height":11}},{"id":"bbe32234-97a2-469d-ad4d-3c05c35fe858","block_type":"box","text":"officers or trustees)","page_number":64,"box":{"x":81,"y":559,"width":145,"height":11}},{"id":"bfab5adf-622f-4b36-a5dd-801c74eef67e","block_type":"box","text":"Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the","page_number":64,"box":{"x":81,"y":579,"width":788,"height":11}},{"id":"b8804f4a-09d3-42ae-a623-9e5f3a98a16a","block_type":"box","text":"repurchase is in a mutual fund within the same fund family, (2) the repurchase occurs within 90 calendar days from","page_number":64,"box":{"x":82,"y":594,"width":847,"height":11}},{"id":"539592f1-6232-454a-ac5c-3ad8ff93e0dd","block_type":"box","text":"the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of","page_number":64,"box":{"x":80,"y":608,"width":827,"height":12}},{"id":"30ddab19-e6c4-45e3-a63b-66c5ef6504da","block_type":"box","text":"Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after","page_number":64,"box":{"x":82,"y":623,"width":823,"height":12}},{"id":"4c5b2e85-fda8-4afe-b79d-0cb1be59cd72","block_type":"box","text":"shares are automatically sold to pay Merrill’s account maintenance fees are not eligible for Rights of Reinstatement","page_number":64,"box":{"x":81,"y":638,"width":852,"height":12}},{"id":"041e3bd6-4d16-45ca-98da-071bee054040","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers on Front-end, Back-end, and Level Load Shares","page_number":64,"box":{"x":61,"y":661,"width":830,"height":12}},{"id":"09b98421-2170-498e-a306-242a0a1aedc4","block_type":"box","text":"Available at Merrill","page_number":64,"box":{"x":60,"y":678,"width":155,"height":10}},{"id":"41a77982-e0f7-47c2-96b5-7df6c6666037","block_type":"box","text":"Shares sold due to the client’s death or disability (as defined by Internal Revenue Code Section 22(e)(3))","page_number":64,"box":{"x":81,"y":699,"width":771,"height":12}},{"id":"12394dd5-3b40-4734-9fea-fcc12b8ab51a","block_type":"box","text":"Shares sold pursuant to a systematic withdrawal program subject to Merrill’s maximum systematic withdrawal limits","page_number":64,"box":{"x":81,"y":719,"width":852,"height":12}},{"id":"e52ee1bb-8c16-45c8-bc2e-f824b64d6bfc","block_type":"box","text":"as described in the Merrill SLWD Supplement","page_number":64,"box":{"x":81,"y":734,"width":333,"height":11}},{"id":"c1c3e19a-39f7-4c0a-9bce-9a26c22de550","block_type":"box","text":"Shares sold due to return of excess contributions from an IRA account","page_number":64,"box":{"x":81,"y":754,"width":517,"height":9}},{"id":"16a9c738-d70d-485d-a604-89b8c02384db","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the investor reaching","page_number":64,"box":{"x":81,"y":774,"width":854,"height":12}},{"id":"5774e90a-dc0e-41fb-a93e-44a8a5c919f9","block_type":"box","text":"the qualified age based on applicable IRS regulation","page_number":64,"box":{"x":80,"y":789,"width":383,"height":11}},{"id":"3d840b09-8d02-403d-9a85-5531cf836679","block_type":"box","text":"Front-end or level-load shares held in commission-based, non-taxable retirement brokerage accounts (e.g.","page_number":64,"box":{"x":82,"y":809,"width":772,"height":11}},{"id":"c8102ae2-bdaf-476b-a33d-bd57c050d056","block_type":"box","text":"traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans) that are transferred to fee-based","page_number":64,"box":{"x":80,"y":824,"width":804,"height":11}},{"id":"8b4337fc-edca-4ab7-9289-5cba47a636b7","block_type":"box","text":"accounts or platforms and exchanged for a lower cost share class of the same mutual fund","page_number":64,"box":{"x":81,"y":838,"width":670,"height":12}},{"id":"17812920-d7b1-4abb-aa92-76508489c4aa","block_type":"box","text":"Front-end Load Discounts Available at Merrill: Breakpoints, Rights of Accumulation & Letters of Intent","page_number":64,"box":{"x":61,"y":861,"width":845,"height":13}},{"id":"1dd48738-8d7d-49bc-8c49-e615d98f4a85","block_type":"box","text":"Breakpoint discounts, as described in this prospectus, where the sales load is at or below the maximum sales load","page_number":64,"box":{"x":82,"y":883,"width":848,"height":11}},{"id":"f4d71d40-e7e1-48b5-a590-a661958bb3bb","block_type":"box","text":"that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement","page_number":64,"box":{"x":80,"y":898,"width":817,"height":11}},{"id":"f99d0e56-4a23-422a-a03a-41fa7f7bb20c","block_type":"box","text":"A-7","page_number":64,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"39e3325f-665d-4e80-ba31-ecdfde055e4b","block_type":"box","text":"NM0926U-5975797-64/72","page_number":64,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"029b7853-55f7-49f3-a5c1-b724c6360681","block_type":"box","text":"Rights of Accumulation (ROA), as described in the Merrill SLWD Supplement, which entitle clients to breakpoint","page_number":65,"box":{"x":82,"y":46,"width":815,"height":11}},{"id":"12b89909-39f6-41c2-b588-3e7b34ff2790","block_type":"box","text":"discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill","page_number":65,"box":{"x":81,"y":60,"width":772,"height":12}},{"id":"c328362e-1355-4b1d-91dc-ae92422c089f","block_type":"box","text":"Household","page_number":65,"box":{"x":82,"y":76,"width":76,"height":9}},{"id":"cdc398bf-502d-4285-8153-a0fa2b279319","block_type":"box","text":"On or about May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation. For more detail","page_number":65,"box":{"x":76,"y":97,"width":859,"height":11}},{"id":"4a230b51-d50b-40bb-a756-e23a19b2fdb8","block_type":"box","text":"on the timing and calculation, please refer to the Merrill SLWD Supplement","page_number":65,"box":{"x":76,"y":109,"width":551,"height":12}},{"id":"9784e152-c62a-494c-a45a-18935a25e181","block_type":"box","text":"Letters of Intent (LOI), which allow for breakpoint discounts on eligible new purchases based on anticipated future","page_number":65,"box":{"x":82,"y":127,"width":836,"height":12}},{"id":"e206b415-640a-4dd0-9b35-1832229ad435","block_type":"box","text":"eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in","page_number":65,"box":{"x":81,"y":142,"width":840,"height":12}},{"id":"585d88d7-ecd2-4170-8f2b-284eb444e439","block_type":"box","text":"the Merrill SLWD Supplement","page_number":65,"box":{"x":80,"y":157,"width":216,"height":11}},{"id":"d06bbaf1-7a5e-4b6e-af6c-f0371be3792f","block_type":"box","text":"On or about May 1, 2026, Merrill will no longer accept new LOIs. For more detail on the timing, please refer to the","page_number":65,"box":{"x":76,"y":178,"width":838,"height":12}},{"id":"f5c5b9a0-8794-4cbc-87b9-82cd1e2cc383","block_type":"box","text":"Merrill SLWD Supplement.","page_number":65,"box":{"x":77,"y":191,"width":189,"height":12}},{"id":"39c2a0a1-e79a-4839-87ee-d859bd5ff6b5","block_type":"box","text":"A-8","page_number":65,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"fda059d9-295f-48ee-b857-3d38afa448a5","block_type":"box","text":"NM0926U-5975797-65/72","page_number":65,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"415f046b-3a2e-4030-acfa-deddabfee92c","block_type":"box","text":"Morgan Stanley Wealth Management:","page_number":66,"box":{"x":61,"y":46,"width":312,"height":13}},{"id":"1f4dcba3-9e29-48f7-b24b-b52e24885d78","block_type":"box","text":"Morgan Stanley Wealth Management Investor A Share Front-End Sales Charge Waiver","page_number":66,"box":{"x":61,"y":71,"width":711,"height":12}},{"id":"9d330a52-ea9e-42f8-b832-3c08d50d552a","block_type":"box","text":"Effective July 1, 2018, Morgan Stanley Wealth Management clients purchasing Investor A Shares of the Fund through","page_number":66,"box":{"x":62,"y":87,"width":861,"height":11}},{"id":"0a2721f6-a891-416e-af81-cd426772c776","block_type":"box","text":"Morgan Stanley’s transactional brokerage accounts are entitled to a waiver of the front-end sales charge in the","page_number":66,"box":{"x":62,"y":102,"width":813,"height":11}},{"id":"eeaba281-e634-4dba-93ed-8dd9390dbdd3","block_type":"box","text":"following circumstances:","page_number":66,"box":{"x":60,"y":117,"width":179,"height":11}},{"id":"459e5cb1-4c8c-41f6-9c87-e9aadf1b6955","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":66,"box":{"x":82,"y":137,"width":805,"height":11}},{"id":"54e6bd8e-f46d-48c4-ac8e-c8766bbf5c4e","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":66,"box":{"x":81,"y":151,"width":826,"height":12}},{"id":"6453a6ab-6767-426c-98ea-62229edf11ed","block_type":"box","text":"sponsored retirement plans does not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans","page_number":66,"box":{"x":81,"y":166,"width":697,"height":12}},{"id":"7022b557-e797-4137-adf3-46889d878366","block_type":"box","text":"Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules","page_number":66,"box":{"x":82,"y":186,"width":807,"height":12}},{"id":"370de19b-16c3-49c7-a0cb-2f87cf271e15","block_type":"box","text":"Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the","page_number":66,"box":{"x":81,"y":206,"width":846,"height":12}},{"id":"88eef9ca-7890-4a51-996a-b9b58fae100a","block_type":"box","text":"same fund","page_number":66,"box":{"x":81,"y":221,"width":76,"height":9}},{"id":"e4fa47dd-4cfa-485d-9f03-6b07fdb036d0","block_type":"box","text":"Shares purchased through a Morgan Stanley self-directed brokerage account","page_number":66,"box":{"x":81,"y":241,"width":564,"height":12}},{"id":"5ddff972-0450-40a1-9e49-0b7eabc147b7","block_type":"box","text":"Investor C Shares that are no longer subject to a contingent deferred sales charge and are exchanged for Investor A","page_number":66,"box":{"x":82,"y":261,"width":852,"height":11}},{"id":"74add139-1802-4405-b35e-b8869da9032a","block_type":"box","text":"Shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program","page_number":66,"box":{"x":81,"y":276,"width":799,"height":11}},{"id":"58b1b38d-c2dd-44c5-b639-dab96b357462","block_type":"box","text":"Shares purchased from the proceeds of redemptions within BlackRock Funds under a Rights of Reinstatement","page_number":66,"box":{"x":81,"y":296,"width":811,"height":11}},{"id":"bfbc39e3-9c89-4d5b-8fd8-5429cfb1f561","block_type":"box","text":"provision, provided the repurchase occurs within 90 days following the redemption, the redemption and purchase","page_number":66,"box":{"x":82,"y":311,"width":830,"height":11}},{"id":"43ce46c9-a1e2-473f-bc6c-030f491ae033","block_type":"box","text":"occur in the same account, and redeemed shares were subject to a front-end or deferred sales charge","page_number":66,"box":{"x":81,"y":325,"width":753,"height":12}},{"id":"0227f2dd-c89a-4814-9e9f-2e69452ee49e","block_type":"box","text":"Unless specifically described above, no other front-end sales charge waivers are available to mutual fund purchases by","page_number":66,"box":{"x":62,"y":348,"width":874,"height":12}},{"id":"b145c825-6d50-4626-a710-d4b380194fab","block_type":"box","text":"Morgan Stanley Wealth Management clients through Morgan Stanley’s transactional brokerage accounts.","page_number":66,"box":{"x":62,"y":363,"width":770,"height":11}},{"id":"2c6ad29c-ae11-4f42-aca9-bcb7622d01e0","block_type":"box","text":"A-9","page_number":66,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"081de427-2aae-4519-83b5-90c04749fb1e","block_type":"box","text":"NM0926U-5975797-66/72","page_number":66,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0e0b75a7-87d4-4f0f-9a12-8183aa3badff","block_type":"box","text":"Oppenheimer & Co. Inc.:","page_number":67,"box":{"x":61,"y":46,"width":200,"height":12}},{"id":"b2ad5bb1-1e4e-4b27-8ff1-8c21939a664c","block_type":"box","text":"Effective May 1, 2020, shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“OPCO”) platform or","page_number":67,"box":{"x":62,"y":62,"width":872,"height":12}},{"id":"744d8787-863d-4e45-8fcb-0f44fd3d8d0a","block_type":"box","text":"account are eligible only for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":67,"box":{"x":61,"y":77,"width":806,"height":12}},{"id":"d7ad5d02-830c-4bc7-8491-c6d61437d7d9","block_type":"box","text":"deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this","page_number":67,"box":{"x":61,"y":92,"width":854,"height":12}},{"id":"088a5814-7dae-4bda-aff8-c60820be914f","block_type":"box","text":"Fund’s prospectus or SAI.","page_number":67,"box":{"x":62,"y":107,"width":186,"height":11}},{"id":"b34ed713-dd5c-463f-9af4-32953b3e5864","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares available at OPCO","page_number":67,"box":{"x":61,"y":130,"width":596,"height":12}},{"id":"cf4bf80c-a6a8-448f-a6b1-984f0beeca4b","block_type":"box","text":"Shares purchased by employer-sponsored retirement, deferred compensation and employee benefit plans (including","page_number":67,"box":{"x":81,"y":151,"width":852,"height":12}},{"id":"374b2ee4-aed8-4b7d-9405-c0fca183a107","block_type":"box","text":"health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a","page_number":67,"box":{"x":82,"y":166,"width":766,"height":12}},{"id":"8f88bda2-27e8-49f4-b20b-283da2f482fb","block_type":"box","text":"commission-based brokerage account and shares are held for the benefit of the plan","page_number":67,"box":{"x":81,"y":181,"width":622,"height":12}},{"id":"b6e6e46a-c5b2-4f1a-a7ca-e707d8ce4181","block_type":"box","text":"Shares purchased by or through a 529 Plan","page_number":67,"box":{"x":81,"y":201,"width":320,"height":12}},{"id":"b64920b3-cc4c-4a30-9f1a-a9a7c3001731","block_type":"box","text":"Shares purchased through an OPCO affiliated investment advisory program","page_number":67,"box":{"x":81,"y":221,"width":551,"height":12}},{"id":"14316dc9-446f-453f-9a6d-d4914029b163","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":67,"box":{"x":81,"y":241,"width":835,"height":12}},{"id":"7b4cab26-fab1-4f47-9dd7-edd70888cf06","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund)","page_number":67,"box":{"x":81,"y":256,"width":441,"height":11}},{"id":"a46488a2-8949-4c54-ac34-94ad1172ba66","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":67,"box":{"x":81,"y":276,"width":823,"height":11}},{"id":"9857344a-b0da-48d8-a375-8d6d06cea481","block_type":"box","text":"occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":67,"box":{"x":81,"y":291,"width":834,"height":11}},{"id":"7b2d4829-f2c0-487b-b0de-b5a83215736a","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement)","page_number":67,"box":{"x":81,"y":305,"width":808,"height":12}},{"id":"4b1e0131-91d3-4206-b5cc-bf1d57f98fc2","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":67,"box":{"x":81,"y":326,"width":812,"height":9}},{"id":"039c4ca9-532d-469b-9db3-e8934e7f39a9","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":67,"box":{"x":81,"y":340,"width":776,"height":12}},{"id":"61ca1c04-33fa-4b4c-83f8-a6cfb574a3a4","block_type":"box","text":"conversion is in line with the policies and procedures of OPCO","page_number":67,"box":{"x":81,"y":355,"width":455,"height":11}},{"id":"433f0515-5ee0-43e4-ab93-b3041753b975","block_type":"box","text":"Shares purchased by employees and registered representatives of OPCO or its affiliates and their family members","page_number":67,"box":{"x":81,"y":375,"width":839,"height":12}},{"id":"46cfe481-cee4-42c9-805b-9bbc9ebf4322","block_type":"box","text":"Shares purchased by directors or trustees of the Fund, and employees of the Fund’s investment adviser or any of","page_number":67,"box":{"x":81,"y":395,"width":834,"height":11}},{"id":"f8b3041e-0d44-4324-a87f-e87ea4410a5b","block_type":"box","text":"its affiliates, as described in this prospectus","page_number":67,"box":{"x":82,"y":410,"width":327,"height":11}},{"id":"b9afa683-57ba-466d-9bcf-531644921ff0","block_type":"box","text":"CDSC Waivers on Investor A and C Shares available at OPCO","page_number":67,"box":{"x":61,"y":433,"width":503,"height":10}},{"id":"8d5c33a2-c619-4356-ae9b-2b85c93d49e7","block_type":"box","text":"Shares sold due to death or disability of the shareholder","page_number":67,"box":{"x":81,"y":454,"width":415,"height":12}},{"id":"ff4517c8-4451-4b0c-aec2-f049a7347b40","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus","page_number":67,"box":{"x":81,"y":474,"width":668,"height":12}},{"id":"d6b80ae1-6658-4958-bcee-0f5e1d39dd0c","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account","page_number":67,"box":{"x":81,"y":494,"width":537,"height":12}},{"id":"222a6f9a-99f0-4cae-ba3e-d7bdf50f5eb7","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":67,"box":{"x":81,"y":514,"width":816,"height":11}},{"id":"0bafec27-b657-433c-8a1e-cb8916019644","block_type":"box","text":"reaching the qualified age based on applicable IRS regulations as described in the prospectus","page_number":67,"box":{"x":82,"y":529,"width":690,"height":12}},{"id":"7d7a50d7-3837-4e01-a7b6-540e3bd07d04","block_type":"box","text":"Shares sold to pay OPCO fees but only if the transaction is initiated by OPCO","page_number":67,"box":{"x":81,"y":549,"width":563,"height":11}},{"id":"3a3b49a4-9445-42cf-b2cb-066599f91234","block_type":"box","text":"Shares acquired through a right of reinstatement","page_number":67,"box":{"x":81,"y":569,"width":358,"height":12}},{"id":"92107bf2-f492-47a4-a57b-02bdc6b5d02b","block_type":"box","text":"Front-End Sales Charge Discounts Available at OPCO: Breakpoints, Rights of Accumulation & Letters of","page_number":67,"box":{"x":61,"y":592,"width":857,"height":13}},{"id":"7ad32686-bd3b-4abc-a03f-e2d93fcf0756","block_type":"box","text":"Intent","page_number":67,"box":{"x":61,"y":609,"width":48,"height":10}},{"id":"92b44b25-88de-47d5-9a86-639575f84c57","block_type":"box","text":"Breakpoints as described in this prospectus","page_number":67,"box":{"x":82,"y":631,"width":322,"height":10}},{"id":"cdff8140-fe5e-429c-8c80-bc6e0a00df8d","block_type":"box","text":"Rights of Accumulation (“ROA”) and Letters of Intent (“LOI”) which entitle shareholders to breakpoint discounts will","page_number":67,"box":{"x":82,"y":650,"width":842,"height":12}},{"id":"8d79b418-cb02-4ff1-b33d-c492a7c489ab","block_type":"box","text":"be automatically calculated based on the aggregated holding of BlackRock Fund assets held by accounts within the","page_number":67,"box":{"x":81,"y":665,"width":845,"height":12}},{"id":"5d1fdfde-d539-4401-bcaf-72ee0703466f","block_type":"box","text":"purchaser’s household at OPCO. Eligible BlackRock Fund assets not held at OPCO may be included in the ROA or","page_number":67,"box":{"x":82,"y":680,"width":830,"height":11}},{"id":"2e1dca22-dd0f-4c1e-a097-d6b646ec7bdf","block_type":"box","text":"LOI calculation only if the shareholder notifies his or her financial advisor about such assets","page_number":67,"box":{"x":82,"y":695,"width":675,"height":11}},{"id":"72ca2077-bf6d-4f7c-9202-08df29d64cdd","block_type":"box","text":"A-10","page_number":67,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"a1a1bcf8-8bc7-478d-99fd-acb191bd1c94","block_type":"box","text":"NM0926U-5975797-67/72","page_number":67,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a07a7d35-99d6-4eff-a051-24455a6b0680","block_type":"box","text":"Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and Each Entity’s Affiliates","page_number":68,"box":{"x":61,"y":46,"width":863,"height":13}},{"id":"7a806d39-2af1-4efe-95a7-7437f2b69d59","block_type":"box","text":"(“Raymond James”):","page_number":68,"box":{"x":61,"y":63,"width":169,"height":12}},{"id":"385d19a4-f238-4ad2-b6c0-4954ceabd2b8","block_type":"box","text":"Effective March 1, 2019, shareholders purchasing Fund shares through a Raymond James platform or account, or","page_number":68,"box":{"x":62,"y":87,"width":838,"height":11}},{"id":"af873e44-2a22-4939-9d13-effb202ced74","block_type":"box","text":"through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides","page_number":68,"box":{"x":60,"y":102,"width":867,"height":11}},{"id":"ccebf6e9-cdfb-46b3-86dc-643c96ab90a0","block_type":"box","text":"trade execution, clearance, and/or custody services, will be eligible only for the following sales charge waivers (front","page_number":68,"box":{"x":60,"y":117,"width":860,"height":11}},{"id":"3a6f0bda-6620-4b19-98c2-5e8f651797a1","block_type":"box","text":"end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this","page_number":68,"box":{"x":61,"y":131,"width":858,"height":12}},{"id":"3579f2d3-33cb-4e8c-bcfc-ddf8a4f08a9c","block_type":"box","text":"prospectus or the SAI.","page_number":68,"box":{"x":62,"y":146,"width":161,"height":11}},{"id":"4375bf2d-f7e1-4211-852a-872a606c380a","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at Raymond James","page_number":68,"box":{"x":61,"y":169,"width":682,"height":13}},{"id":"0a2b75c1-856d-4048-b719-379efdca2830","block_type":"box","text":"Shares purchased in a Raymond James investment advisory program.","page_number":68,"box":{"x":81,"y":191,"width":512,"height":11}},{"id":"e77fe2be-7923-4d04-8100-7f4396d416a7","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":68,"box":{"x":81,"y":211,"width":845,"height":11}},{"id":"f0a077e1-844c-49af-9c06-9067e7a530e1","block_type":"box","text":"distributions and dividend distributions.","page_number":68,"box":{"x":81,"y":226,"width":288,"height":9}},{"id":"e04b99a7-568d-41fc-a6a7-66007c577657","block_type":"box","text":"Shares purchased by employees and registered representatives of Raymond James or its affiliates and their family","page_number":68,"box":{"x":81,"y":245,"width":844,"height":12}},{"id":"7226eece-73f0-4a75-8b5f-537f6ae85bff","block_type":"box","text":"members as designated by Raymond James.","page_number":68,"box":{"x":82,"y":261,"width":326,"height":11}},{"id":"6b13be08-503a-4296-9f94-16978db1768b","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":68,"box":{"x":81,"y":280,"width":823,"height":12}},{"id":"cf3259db-3ec8-486a-9a59-9a8b47c7f1c2","block_type":"box","text":"occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and","page_number":68,"box":{"x":81,"y":295,"width":834,"height":12}},{"id":"bd471f0d-d067-423b-ab5e-5888aad9a398","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).","page_number":68,"box":{"x":81,"y":310,"width":812,"height":11}},{"id":"e363d995-b7b3-4baa-a630-5cd780e5a295","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":68,"box":{"x":81,"y":330,"width":810,"height":9}},{"id":"0340398c-fbce-4e84-9a55-2a0824593cce","block_type":"box","text":"shares of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and","page_number":68,"box":{"x":81,"y":345,"width":844,"height":11}},{"id":"0367924c-905d-44f8-b86e-24938944b48e","block_type":"box","text":"procedures of Raymond James.","page_number":68,"box":{"x":82,"y":360,"width":228,"height":11}},{"id":"bd44474f-3eb6-4301-838f-47dc90ea86bc","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at Raymond James","page_number":68,"box":{"x":61,"y":383,"width":589,"height":12}},{"id":"76f07873-1231-480f-8c1f-1cc7684281fb","block_type":"box","text":"Shares sold due to death or disability of the shareholder.","page_number":68,"box":{"x":81,"y":404,"width":417,"height":11}},{"id":"9d555647-be6f-4aa5-8e70-c7586e592ed4","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":68,"box":{"x":81,"y":424,"width":672,"height":11}},{"id":"95ca9809-34ae-4c8c-a214-5ed994407147","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA Account.","page_number":68,"box":{"x":81,"y":444,"width":541,"height":12}},{"id":"1b716287-0c45-4719-bae3-a6c951362781","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":68,"box":{"x":81,"y":464,"width":816,"height":11}},{"id":"5f5d70e9-1ab3-4129-98d5-bca0a33b076e","block_type":"box","text":"reaching the qualified age based on applicable IRS regulations as described in the Fund’s prospectus or SAI.","page_number":68,"box":{"x":82,"y":479,"width":797,"height":11}},{"id":"97cc264b-b775-42c3-bfe6-3258898c94d6","block_type":"box","text":"Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.","page_number":68,"box":{"x":81,"y":499,"width":723,"height":11}},{"id":"018d6cb6-b060-41d9-97ee-a22c158bddeb","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":68,"box":{"x":81,"y":519,"width":372,"height":11}},{"id":"9aa4adad-f5ad-4480-80a8-4fdfe3ee7da0","block_type":"box","text":"Front-End Sales Charge Discounts Available at Raymond James: Breakpoints, Rights of Accumulation","page_number":68,"box":{"x":61,"y":542,"width":837,"height":12}},{"id":"571b2d04-e9e5-44e7-91b4-af2ba690b39b","block_type":"box","text":"and/or Letters of Intent","page_number":68,"box":{"x":61,"y":559,"width":196,"height":12}},{"id":"f81f4565-cb9e-43df-9b30-d37ac3015f7d","block_type":"box","text":"Breakpoints as described in this prospectus.","page_number":68,"box":{"x":82,"y":580,"width":327,"height":11}},{"id":"fd14b01b-1a38-4f63-88bc-80d77e4a61f0","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":68,"box":{"x":82,"y":600,"width":849,"height":12}},{"id":"9f593b59-3111-4cc1-aeee-a8739ee3cc41","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at Raymond","page_number":68,"box":{"x":80,"y":615,"width":833,"height":11}},{"id":"d3d8d11b-eca5-45dd-9314-f4a2cf81018d","block_type":"box","text":"James. Eligible BlackRock Fund assets not held at Raymond James may be included in the calculation of rights of","page_number":68,"box":{"x":81,"y":630,"width":834,"height":11}},{"id":"f0c0ff13-c82f-4e46-99a8-b9f551cafde4","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":68,"box":{"x":81,"y":644,"width":670,"height":12}},{"id":"9094f0e6-4276-4b58-bf63-36a47a9cbcf7","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds over a","page_number":68,"box":{"x":82,"y":664,"width":828,"height":12}},{"id":"86d3a997-a7cc-425c-b7d0-06a89ab1a07a","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at Raymond James may be included in the","page_number":68,"box":{"x":82,"y":679,"width":775,"height":12}},{"id":"1ea06490-f00b-4a05-b193-fa046d8120d6","block_type":"box","text":"calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":68,"box":{"x":81,"y":694,"width":789,"height":12}},{"id":"cce44a22-4370-46f3-9f26-b98cdab653f1","block_type":"box","text":"A-11","page_number":68,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"ebe9ab68-d228-42db-ac90-816553f0c0ce","block_type":"box","text":"NM0926U-5975797-68/72","page_number":68,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c949ea88-5a3b-4f39-ad0a-f09bd9ad36b6","block_type":"box","text":"Robert W. Baird & Co. (“Baird”):","page_number":69,"box":{"x":61,"y":46,"width":268,"height":12}},{"id":"c084b7d1-5e2b-4cd0-b8c8-dd04c0a1838c","block_type":"box","text":"Effective January 1, 2026, shareholders purchasing Fund shares through a Baird platform or account will only be","page_number":69,"box":{"x":62,"y":70,"width":828,"height":12}},{"id":"c39d1163-3c4c-4a7c-bd98-b89ba5c9ed41","block_type":"box","text":"eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which","page_number":69,"box":{"x":61,"y":85,"width":870,"height":12}},{"id":"673cb894-7ff9-4f9d-af9d-76729674af17","block_type":"box","text":"may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":69,"box":{"x":61,"y":100,"width":556,"height":11}},{"id":"2f87b821-64a3-4737-8eeb-137b79e97e19","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at Baird","page_number":69,"box":{"x":61,"y":123,"width":592,"height":12}},{"id":"3a26ce38-afc6-48e5-ac10-bf3b564ab349","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":69,"box":{"x":81,"y":144,"width":835,"height":12}},{"id":"b6117d9e-e460-4393-a472-34588a5b1974","block_type":"box","text":"shares of the same fund","page_number":69,"box":{"x":81,"y":159,"width":179,"height":9}},{"id":"430b7e74-c3ed-46fd-8411-254ddf7dbf1d","block_type":"box","text":"Shares purchased by employees and registered representatives of Baird or its affiliates and their family members","page_number":69,"box":{"x":81,"y":179,"width":835,"height":12}},{"id":"5208d8c2-6ec0-49d5-b5d9-5c163f647b91","block_type":"box","text":"as designated by Baird","page_number":69,"box":{"x":81,"y":194,"width":167,"height":11}},{"id":"b6a1000f-4094-471b-b5ce-1f8c9a88fa91","block_type":"box","text":"Shares purchased within 90 days following a redemption from a BlackRock Fund, provided (1) the redemption and","page_number":69,"box":{"x":81,"y":214,"width":836,"height":11}},{"id":"9566b13e-2cdb-4f00-ac1d-de4c8c358b35","block_type":"box","text":"purchase occur within the purchaser’s Baird household, and (2) redeemed shares were subject to a front-end or","page_number":69,"box":{"x":82,"y":229,"width":822,"height":11}},{"id":"779afe64-b045-45ff-a217-3d629805cd89","block_type":"box","text":"deferred sales charge (known as Rights of Reinstatement)","page_number":69,"box":{"x":81,"y":244,"width":427,"height":11}},{"id":"847b70ad-4b36-4ba7-9eb8-efef1c312598","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":69,"box":{"x":81,"y":264,"width":810,"height":9}},{"id":"dc153584-9e91-483e-98ac-4618ebbc6ac9","block_type":"box","text":"shares of the fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and","page_number":69,"box":{"x":81,"y":278,"width":827,"height":12}},{"id":"69183b66-99fe-4956-848d-b4f15002129f","block_type":"box","text":"procedures of Baird","page_number":69,"box":{"x":82,"y":293,"width":142,"height":11}},{"id":"54a72db3-4d30-4ed8-849f-8826970243e2","block_type":"box","text":"Shares purchased by employer-sponsored retirement plans or charitable accounts in a transactional brokerage","page_number":69,"box":{"x":81,"y":313,"width":812,"height":12}},{"id":"ea9a7997-dc0a-4ca4-983f-add4ae9bae1e","block_type":"box","text":"account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money","page_number":69,"box":{"x":81,"y":328,"width":829,"height":12}},{"id":"a978680e-cc1d-4369-ac02-363571d243bf","block_type":"box","text":"purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement","page_number":69,"box":{"x":82,"y":343,"width":834,"height":11}},{"id":"ec786331-2594-4641-900e-ce803c111fcd","block_type":"box","text":"plans do not include SEP IRAs, Simple IRAs or SAR-SEPs","page_number":69,"box":{"x":82,"y":358,"width":414,"height":11}},{"id":"1fc0c0ce-7eec-4775-a0a8-042850e29ce1","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at Baird","page_number":69,"box":{"x":61,"y":381,"width":499,"height":10}},{"id":"fb0f263d-9931-4254-8891-14ff6c5d18e6","block_type":"box","text":"Shares sold due to death or disability of the shareholder","page_number":69,"box":{"x":81,"y":402,"width":415,"height":12}},{"id":"c3c33dfc-e84e-4bb0-8cf4-9760f29e706e","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus","page_number":69,"box":{"x":81,"y":422,"width":668,"height":11}},{"id":"6980eab4-9c36-4ac7-94a3-bd7dab8903dc","block_type":"box","text":"Shares bought due to returns of excess contributions from an IRA account","page_number":69,"box":{"x":81,"y":442,"width":545,"height":12}},{"id":"4e48417d-eafc-4eed-9542-454c6fd705fc","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder","page_number":69,"box":{"x":81,"y":462,"width":816,"height":11}},{"id":"72e9fd22-79a8-4c6d-9abf-444a0bb777db","block_type":"box","text":"reaching the qualified age based on applicable Internal Revenue Service regulations as described in the Fund’s","page_number":69,"box":{"x":82,"y":477,"width":816,"height":11}},{"id":"07b5ca62-fd6a-4f2e-9e59-dde51975ccff","block_type":"box","text":"prospectus","page_number":69,"box":{"x":82,"y":492,"width":80,"height":11}},{"id":"5840f4fc-9840-4f17-8285-c4ed193f16d0","block_type":"box","text":"Shares sold to pay Baird fees but only if the transaction is initiated by Baird","page_number":69,"box":{"x":81,"y":512,"width":555,"height":11}},{"id":"657efebf-55c7-4bb8-b8cd-a20758e73abf","block_type":"box","text":"Shares acquired through a right of reinstatement","page_number":69,"box":{"x":81,"y":532,"width":358,"height":11}},{"id":"d1fc9d43-d62d-4c41-af40-b41040f20d6b","block_type":"box","text":"Front-End Sales Charge Discounts Available at Baird: Breakpoints, Rights of Accumulation, & Letters of","page_number":69,"box":{"x":61,"y":555,"width":859,"height":12}},{"id":"c636f09a-fd06-4ab8-92f5-061cd0a6725b","block_type":"box","text":"Intent","page_number":69,"box":{"x":61,"y":572,"width":48,"height":9}},{"id":"bd29fecd-f4e8-4285-8e94-3f84b51097be","block_type":"box","text":"Breakpoints as described in this prospectus","page_number":69,"box":{"x":82,"y":593,"width":322,"height":11}},{"id":"ad3bbae8-fa67-41e3-be98-d5631f72bda8","block_type":"box","text":"Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts will be automatically calculated","page_number":69,"box":{"x":82,"y":613,"width":838,"height":11}},{"id":"336871e7-2c2f-4b42-8114-64ed24dd940f","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":69,"box":{"x":81,"y":628,"width":834,"height":11}},{"id":"7556a0ab-fcea-454a-809c-d5ba32262260","block_type":"box","text":"Baird. Eligible BlackRock Fund assets not held at Baird may be included in ROA calculation only if the shareholder","page_number":69,"box":{"x":82,"y":642,"width":834,"height":12}},{"id":"8c2d1cd0-6659-45f0-9839-7a32d56f565b","block_type":"box","text":"notifies his or her financial advisor about such assets","page_number":69,"box":{"x":82,"y":657,"width":393,"height":10}},{"id":"dd349950-00db-411a-accb-a37ebac03d1a","block_type":"box","text":"Letters of Intent (“LOI”) allow for breakpoint discounts based on anticipated purchases of BlackRock Funds through","page_number":69,"box":{"x":82,"y":677,"width":847,"height":12}},{"id":"a99e0c2c-900e-43b4-a59a-a26cc7d1d095","block_type":"box","text":"Baird, over a 13-month period of time","page_number":69,"box":{"x":82,"y":692,"width":273,"height":11}},{"id":"f9476c65-37e3-4318-980d-34bc3096447c","block_type":"box","text":"A-12","page_number":69,"box":{"x":482,"y":935,"width":32,"height":9}},{"id":"290c783d-61e6-4695-8d1b-e7aa385a006f","block_type":"box","text":"NM0926U-5975797-69/72","page_number":69,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e382e812-a061-4abe-9c23-cf41a2585a79","block_type":"box","text":"Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC (collectively, “Wells","page_number":70,"box":{"x":60,"y":46,"width":869,"height":13}},{"id":"f5f674d1-b5a3-413c-b7fa-770f982a3472","block_type":"box","text":"Fargo Advisors”)","page_number":70,"box":{"x":61,"y":63,"width":136,"height":12}},{"id":"866edf4e-58b9-400d-9c68-fd344b20f2ed","block_type":"box","text":"Wells Fargo Clearing Services, LLC operates a First Clearing business, but these rules are not intended","page_number":70,"box":{"x":60,"y":87,"width":855,"height":13}},{"id":"9fa9938b-b273-4bb1-8ad3-177de712448a","block_type":"box","text":"to include First Clearing firms.","page_number":70,"box":{"x":60,"y":104,"width":250,"height":13}},{"id":"982fdc45-1457-464b-b896-24951b1be6fc","block_type":"box","text":"Effective April 1, 2026, clients of Wells Fargo Advisors purchasing Fund shares through Wells Fargo Advisors are","page_number":70,"box":{"x":62,"y":120,"width":825,"height":12}},{"id":"d4c88f3f-d4dd-4d1e-bab8-c785fa219c9e","block_type":"box","text":"eligible for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from","page_number":70,"box":{"x":61,"y":135,"width":863,"height":12}},{"id":"247f7a67-20e4-42f5-85b4-fd206ddff81e","block_type":"box","text":"discounts and waivers described elsewhere in the prospectus or SAI. In all instances, it is the investor’s responsibility","page_number":70,"box":{"x":61,"y":150,"width":868,"height":11}},{"id":"995ecf54-e969-4e0a-9fa7-50ca74e45129","block_type":"box","text":"to inform Wells Fargo Advisors at the time of purchase of any relationship, holdings, or other facts qualifying the","page_number":70,"box":{"x":60,"y":165,"width":824,"height":11}},{"id":"dcdfbcb3-3995-4f80-ac69-47c6b7f074b5","block_type":"box","text":"investor for discounts or waivers. Wells Fargo Advisors can ask for documentation supporting the qualification.","page_number":70,"box":{"x":62,"y":180,"width":809,"height":11}},{"id":"0de1c165-27ef-4f43-a549-c06dbee51b90","block_type":"box","text":"Wells Fargo Advisors Investor A Share front-end sales charge waivers information.","page_number":70,"box":{"x":60,"y":203,"width":678,"height":12}},{"id":"b1cb9cab-6b24-4696-ab75-d5b01914177b","block_type":"box","text":"Wells Fargo Advisors clients purchasing or converting to Investor A Shares of the Fund in a Wells Fargo Advisors","page_number":70,"box":{"x":60,"y":219,"width":822,"height":12}},{"id":"73a74d86-4eb2-4fec-8bd3-e116bfce8152","block_type":"box","text":"brokerage account are entitled to a waiver of the front-end load in the following circumstances:","page_number":70,"box":{"x":61,"y":234,"width":694,"height":11}},{"id":"83ab6c35-52f5-4329-b358-d162260c7959","block_type":"box","text":"Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor’s employee account","page_number":70,"box":{"x":81,"y":254,"width":855,"height":11}},{"id":"4d0b0736-e217-455f-be92-ab903e72c27b","block_type":"box","text":"linking rules. Legacy accounts and positions receiving affiliate discounts prior to April 1, 2026 will continue to","page_number":70,"box":{"x":82,"y":269,"width":805,"height":11}},{"id":"a35c1f38-5a42-4587-9f74-d0e28f5ebd1f","block_type":"box","text":"receive discounts. Going forward employees of affiliate businesses will not be offered NAV.","page_number":70,"box":{"x":82,"y":283,"width":667,"height":12}},{"id":"d1a83ef3-65f5-42b1-8de0-b8a6bf6de37f","block_type":"box","text":"Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the","page_number":70,"box":{"x":81,"y":303,"width":846,"height":12}},{"id":"f559fc1e-da1a-42d8-876d-a7e9460a8a89","block_type":"box","text":"same fund.","page_number":70,"box":{"x":81,"y":318,"width":81,"height":10}},{"id":"40cd44cc-b703-45b8-b9ec-bd2de94c3a98","block_type":"box","text":"WellsTrade, the firm’s online self-directed brokerage account, generally offers no-load share classes but there could be","page_number":70,"box":{"x":60,"y":341,"width":875,"height":11}},{"id":"78cf0dda-8367-4272-b0b8-ea7131b2bbd8","block_type":"box","text":"instances where an Investor A Share is offered without a front-end sales charge.","page_number":70,"box":{"x":62,"y":356,"width":589,"height":11}},{"id":"e579563c-08f1-4b03-bcfe-598cf6d7c9a5","block_type":"box","text":"Unless specifically described above, other front-end load waivers are not available on mutual fund purchases through","page_number":70,"box":{"x":62,"y":378,"width":858,"height":12}},{"id":"dbceb1a7-7f7d-41f5-bfd6-b14b89a2a24e","block_type":"box","text":"Wells Fargo Advisors.","page_number":70,"box":{"x":60,"y":393,"width":155,"height":12}},{"id":"cf10dbf6-7137-4d9e-8b17-175a09d1911f","block_type":"box","text":"Wells Fargo Advisors Contingent Deferred Sales Charge information.","page_number":70,"box":{"x":60,"y":416,"width":565,"height":13}},{"id":"1b7c31ef-fe61-4715-978b-af4fae3844a1","block_type":"box","text":"CDSC imposed on Fund redemptions will not be rebated based on future purchases.","page_number":70,"box":{"x":61,"y":432,"width":618,"height":12}},{"id":"76b9a43c-b8e7-4a60-827b-69fca056dca7","block_type":"box","text":"Wells Fargo Advisors Investor A Share front-end load discounts","page_number":70,"box":{"x":60,"y":455,"width":521,"height":13}},{"id":"fd116d90-4880-466c-9534-730f7868d309","block_type":"box","text":"Wells Fargo Advisors clients purchasing Investor A Shares of the Fund through Wells Fargo Advisors brokerage","page_number":70,"box":{"x":60,"y":472,"width":809,"height":11}},{"id":"2ced2e60-23e4-4402-8991-1a2cbd998767","block_type":"box","text":"accounts will follow the following aggregation rules for breakpoint discounts:","page_number":70,"box":{"x":61,"y":487,"width":558,"height":11}},{"id":"330b467f-1ae6-4163-adc8-c64d5912a9e8","block_type":"box","text":"Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the","page_number":70,"box":{"x":82,"y":506,"width":820,"height":12}},{"id":"989b01eb-390e-455e-9586-aba17ee74015","block_type":"box","text":"client’s personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still","page_number":70,"box":{"x":81,"y":521,"width":845,"height":12}},{"id":"e908b5c0-b9c6-4a57-b1a3-c68f7612b9aa","block_type":"box","text":"be aggregated as a group plan.","page_number":70,"box":{"x":81,"y":536,"width":227,"height":12}},{"id":"8d0636e7-0ca9-497c-8a17-ca5c964e8b62","block_type":"box","text":"Effective April 1, 2026, employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored","page_number":70,"box":{"x":82,"y":556,"width":823,"height":12}},{"id":"b9c56581-a343-4a05-b428-70c0c7bbd3b5","block_type":"box","text":"403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate","page_number":70,"box":{"x":81,"y":571,"width":841,"height":12}},{"id":"7214b471-16c7-4da9-ad27-cfd2a9508b06","block_type":"box","text":"with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts","page_number":70,"box":{"x":80,"y":586,"width":815,"height":11}},{"id":"8a55a218-f38c-4e76-bc94-1b9da2a123cc","block_type":"box","text":"under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans","page_number":70,"box":{"x":82,"y":601,"width":842,"height":11}},{"id":"49ccc706-9e40-413e-8af4-d788905e8c97","block_type":"box","text":"do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.","page_number":70,"box":{"x":81,"y":616,"width":481,"height":11}},{"id":"1417b7a3-4203-4d2d-8acd-418ec7d88578","block_type":"box","text":"Gifts of shares will not be considered when determining breakpoint discounts.","page_number":70,"box":{"x":81,"y":635,"width":572,"height":12}},{"id":"cb9f7eb6-01fc-4a51-9bcf-3dc8f523f5d1","block_type":"box","text":"A-13","page_number":70,"box":{"x":482,"y":935,"width":33,"height":9}},{"id":"525b6ca6-461b-47be-a93e-16ba6502166a","block_type":"box","text":"NM0926U-5975797-70/72","page_number":70,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"deb79a4e-1493-4852-b467-7d0ff0e474cb","block_type":"box","text":"For More Information","page_number":71,"box":{"x":64,"y":82,"width":455,"height":27}},{"id":"4adc5d75-dd37-43df-9814-3c9751aa7634","block_type":"box","text":"Fund and Service Providers","page_number":71,"box":{"x":61,"y":156,"width":246,"height":11}},{"id":"5bbb2071-491a-49cd-958c-9af27cc02e4d","block_type":"box","text":"THE FUND","page_number":71,"box":{"x":101,"y":188,"width":74,"height":9}},{"id":"3f16476a-8bc8-4eb8-b43f-51730627eee5","block_type":"box","text":"BlackRock Series, Inc.","page_number":71,"box":{"x":102,"y":204,"width":169,"height":11}},{"id":"082c980f-a9f2-4ffc-b532-ce0f3f4730a5","block_type":"box","text":"BlackRock International Fund","page_number":71,"box":{"x":102,"y":219,"width":211,"height":9}},{"id":"70577e4b-c5d6-459b-a4f9-f4e2db38ba26","block_type":"box","text":"100 Bellevue Parkway","page_number":71,"box":{"x":102,"y":235,"width":161,"height":11}},{"id":"fc93fbf8-8552-47a1-9b01-898240dae1fc","block_type":"box","text":"Wilmington, Delaware 19809","page_number":71,"box":{"x":101,"y":250,"width":213,"height":12}},{"id":"b7fcc8f9-6359-465a-b68d-a4982fec7cda","block_type":"box","text":"Written Correspondence:","page_number":71,"box":{"x":103,"y":269,"width":180,"height":12}},{"id":"6e3fcd2e-05c6-4b9c-8814-a649f19fe092","block_type":"box","text":"P.O. Box 534429","page_number":71,"box":{"x":102,"y":285,"width":124,"height":9}},{"id":"5efd4b05-e218-4d46-b67c-7d2da9e5cb78","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":71,"box":{"x":102,"y":300,"width":277,"height":12}},{"id":"97a3dad1-cf22-4698-8969-433abc772b4e","block_type":"box","text":"Overnight Mail:","page_number":71,"box":{"x":102,"y":320,"width":109,"height":11}},{"id":"18d868ef-b7cf-44b7-a12e-b5c64124693a","block_type":"box","text":"Attention: 534429","page_number":71,"box":{"x":101,"y":335,"width":135,"height":9}},{"id":"aa97dd47-73eb-4df4-ac61-dd4e9f0f5fd0","block_type":"box","text":"1350 Penn Avenue, Suite 102","page_number":71,"box":{"x":102,"y":351,"width":221,"height":10}},{"id":"c50284c2-244d-4730-a9c7-a9edf7bf8c5f","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":71,"box":{"x":102,"y":366,"width":233,"height":12}},{"id":"b3c12e9f-cead-4aaf-81f1-f79fee2de194","block_type":"box","text":"(800) 441-7762","page_number":71,"box":{"x":101,"y":385,"width":118,"height":12}},{"id":"f5a4c0d1-1546-49d0-89e6-dcf1bf5dc16b","block_type":"box","text":"MANAGER","page_number":71,"box":{"x":102,"y":409,"width":75,"height":9}},{"id":"5a170856-102b-41a5-acc2-6bb7e7ad4371","block_type":"box","text":"BlackRock Advisors, LLC","page_number":71,"box":{"x":102,"y":424,"width":171,"height":11}},{"id":"39951828-8ea3-4aab-937a-56a8bda05531","block_type":"box","text":"100 Bellevue Parkway","page_number":71,"box":{"x":102,"y":440,"width":154,"height":11}},{"id":"2bfcf6e2-eaa1-4302-84a3-2066f58b2671","block_type":"box","text":"Wilmington, Delaware 19809","page_number":71,"box":{"x":101,"y":455,"width":205,"height":12}},{"id":"6403146a-c8f5-403b-9d51-274c6d92e323","block_type":"box","text":"SUB-ADVISER","page_number":71,"box":{"x":101,"y":478,"width":100,"height":9}},{"id":"8b8eeee7-8ebc-4c48-84dc-8c303dc94d3d","block_type":"box","text":"BlackRock International Limited","page_number":71,"box":{"x":102,"y":494,"width":220,"height":9}},{"id":"001ab75c-8e14-4721-b624-9ccc5fc6ebab","block_type":"box","text":"Dundas House","page_number":71,"box":{"x":102,"y":509,"width":102,"height":9}},{"id":"a59e6195-1b51-4c4a-891b-3d48375770ce","block_type":"box","text":"20 Brandon Street","page_number":71,"box":{"x":102,"y":525,"width":129,"height":9}},{"id":"ad41a4d2-0181-4901-9564-c15991bae4fd","block_type":"box","text":"Edinburgh, EH3 5PP","page_number":71,"box":{"x":102,"y":540,"width":140,"height":12}},{"id":"37a2882a-fd0f-40b7-a3bc-259e5f979c12","block_type":"box","text":"United Kingdom","page_number":71,"box":{"x":102,"y":556,"width":109,"height":11}},{"id":"86c7a037-e398-422a-a6b7-42b0773a6304","block_type":"box","text":"TRANSFER AGENT","page_number":71,"box":{"x":101,"y":579,"width":134,"height":9}},{"id":"48f8f454-1708-4d52-942b-dbec2f3c22f1","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc.","page_number":71,"box":{"x":102,"y":594,"width":295,"height":12}},{"id":"fe8b6a7a-d7d3-435d-beee-447b266fbb05","block_type":"box","text":"118 Flanders Road","page_number":71,"box":{"x":102,"y":610,"width":133,"height":9}},{"id":"14ff1259-80f3-4ca1-869f-7ce21e553176","block_type":"box","text":"Westborough, Massachusetts 01581","page_number":71,"box":{"x":101,"y":625,"width":263,"height":12}},{"id":"32e181e1-cde2-4282-8d3f-e66de31ae712","block_type":"box","text":"INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM","page_number":71,"box":{"x":525,"y":188,"width":410,"height":9}},{"id":"eacd23ad-452f-480b-b6d8-231218f385b2","block_type":"box","text":"Deloitte & Touche LLP","page_number":71,"box":{"x":525,"y":204,"width":153,"height":9}},{"id":"7182e006-1145-4f30-9261-0ae83230db37","block_type":"box","text":"115 Federal Street","page_number":71,"box":{"x":525,"y":219,"width":132,"height":9}},{"id":"0e3b17d1-0cb7-4c4a-b880-2fe3e1691461","block_type":"box","text":"Boston, Massachusetts 02110","page_number":71,"box":{"x":525,"y":235,"width":220,"height":10}},{"id":"ee5ebe1d-5523-4cb3-a27b-a44762e3134a","block_type":"box","text":"ACCOUNTING SERVICES PROVIDER","page_number":71,"box":{"x":524,"y":258,"width":260,"height":9}},{"id":"78aafbac-7e25-40c1-b880-b2d1b17062ad","block_type":"box","text":"The Bank of New York Mellon","page_number":71,"box":{"x":524,"y":273,"width":204,"height":9}},{"id":"10678307-f97a-4760-9c3e-d884a60d5a05","block_type":"box","text":"240 Greenwich Street","page_number":71,"box":{"x":525,"y":289,"width":154,"height":9}},{"id":"fdc48d14-cf08-4d33-8080-e9f1385cb0d8","block_type":"box","text":"New York, NY 10286","page_number":71,"box":{"x":525,"y":304,"width":145,"height":11}},{"id":"ae93c4c6-c4d4-4c8e-9880-c7941b8be254","block_type":"box","text":"DISTRIBUTOR","page_number":71,"box":{"x":525,"y":327,"width":100,"height":10}},{"id":"81d94c9a-b446-45a1-bd2b-7e756f7407e3","block_type":"box","text":"BlackRock Investments, LLC","page_number":71,"box":{"x":525,"y":343,"width":198,"height":11}},{"id":"c5229100-b4ac-4ff4-84e9-3f7e800753be","block_type":"box","text":"50 Hudson Yards","page_number":71,"box":{"x":525,"y":358,"width":120,"height":9}},{"id":"8a40b076-7683-4c9c-98de-efccec4ccf41","block_type":"box","text":"New York, New York 10001","page_number":71,"box":{"x":525,"y":374,"width":190,"height":10}},{"id":"adf15899-a57f-4b31-9bc5-363cd52f3ba9","block_type":"box","text":"CUSTODIAN","page_number":71,"box":{"x":524,"y":397,"width":86,"height":9}},{"id":"09bff8a6-8a1c-4095-a184-e5dbb88d2479","block_type":"box","text":"The Bank of New York Mellon","page_number":71,"box":{"x":524,"y":416,"width":204,"height":9}},{"id":"45633380-e7e4-4061-b763-f8f5b93dfe27","block_type":"box","text":"240 Greenwich Street","page_number":71,"box":{"x":525,"y":432,"width":154,"height":9}},{"id":"19a0406b-b4e9-4cd7-bf0d-6b345029ded8","block_type":"box","text":"New York, New York 10286","page_number":71,"box":{"x":525,"y":447,"width":190,"height":11}},{"id":"dfc86fda-e29e-4acb-b61a-2d63ef04882c","block_type":"box","text":"COUNSEL","page_number":71,"box":{"x":524,"y":471,"width":70,"height":9}},{"id":"89954950-3002-4811-a4e6-c89f1d9a4293","block_type":"box","text":"Ropes & Gray LLP","page_number":71,"box":{"x":525,"y":486,"width":125,"height":11}},{"id":"6336f503-5775-44b9-afd4-631205f7aff4","block_type":"box","text":"1211 Avenue of the Americas","page_number":71,"box":{"x":525,"y":501,"width":208,"height":10}},{"id":"27a390d5-a197-49bf-820a-02cc377e324e","block_type":"box","text":"New York, New York 10036","page_number":71,"box":{"x":525,"y":517,"width":190,"height":11}},{"id":"a45f395e-f1bd-4c7d-93f5-9a812afa402f","block_type":"box","text":"NM0926U-5975797-71/72","page_number":71,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d15eac71-7f16-4c43-abc6-90ec4e25585b","block_type":"box","text":"Additional Information","page_number":72,"box":{"x":90,"y":87,"width":197,"height":10}},{"id":"3a2624f4-981c-4348-8838-75a03ad56083","block_type":"box","text":"For more information:","page_number":72,"box":{"x":92,"y":140,"width":155,"height":9}},{"id":"2d4366dc-0bc3-483a-9d51-0672855d973b","block_type":"box","text":"This prospectus contains important information you should","page_number":72,"box":{"x":91,"y":156,"width":390,"height":11}},{"id":"ecd1cf57-ff17-4946-8e97-fa5f080faa79","block_type":"box","text":"know before investing, including information about risks.","page_number":72,"box":{"x":91,"y":171,"width":372,"height":11}},{"id":"de1151fb-4c4e-4520-b34b-7f3dc3d666bf","block_type":"box","text":"Please read it before you invest and keep it for future","page_number":72,"box":{"x":92,"y":187,"width":350,"height":11}},{"id":"b854f460-68ae-41a2-901f-0f217b1f5438","block_type":"box","text":"reference. More information about the Fund is available at","page_number":72,"box":{"x":91,"y":202,"width":387,"height":9}},{"id":"e4a61e99-6f51-4d31-9eab-4bb7629ee432","block_type":"box","text":"no charge upon request. This information includes:","page_number":72,"box":{"x":91,"y":218,"width":338,"height":11}},{"id":"d2a0a24f-f4e5-4554-a4ee-444d402ab867","block_type":"box","text":"Annual/Semi-Annual Reports and Form N-CSR","page_number":72,"box":{"x":90,"y":241,"width":335,"height":11}},{"id":"f342b09a-abed-4229-a001-5c52a3fecb2f","block_type":"box","text":"The Fund’s annual and semi-annual reports and Form N","page_number":72,"box":{"x":91,"y":257,"width":381,"height":10}},{"id":"8d9182c6-c33a-4fad-aa4f-8a5302ba3023","block_type":"box","text":"CSR contain additional information about the Fund’s","page_number":72,"box":{"x":91,"y":272,"width":349,"height":8}},{"id":"990085c9-f5f8-4b9d-a84b-45d6e7583b6e","block_type":"box","text":"investments. The annual report describes the Fund’s","page_number":72,"box":{"x":91,"y":288,"width":350,"height":10}},{"id":"e9d8a7bd-c1f3-4d26-8f36-30175f07e495","block_type":"box","text":"performance, lists portfolio holdings, and discusses recent","page_number":72,"box":{"x":91,"y":303,"width":388,"height":11}},{"id":"5ce51f5c-ff8a-4610-91e9-cef19169e188","block_type":"box","text":"market conditions, economic trends and Fund investment","page_number":72,"box":{"x":91,"y":318,"width":381,"height":10}},{"id":"4d6519c5-0597-470c-8300-bd9294cc248d","block_type":"box","text":"strategies that significantly affected the Fund’s","page_number":72,"box":{"x":91,"y":334,"width":309,"height":11}},{"id":"382fefa1-686f-47f2-ae90-ea271d303f19","block_type":"box","text":"performance for the last fiscal year. In Form N-CSR, you","page_number":72,"box":{"x":91,"y":349,"width":373,"height":11}},{"id":"a267ef02-2a3f-4270-b69f-27caf0d41193","block_type":"box","text":"will find the Fund’s financial statements.","page_number":72,"box":{"x":91,"y":365,"width":264,"height":8}},{"id":"f9d24f9f-e1db-40cf-ad77-f02208acbd7b","block_type":"box","text":"Statement of Additional Information","page_number":72,"box":{"x":91,"y":388,"width":255,"height":8}},{"id":"226898ec-ec0c-428e-a8a3-3a8e96240e45","block_type":"box","text":"A Statement of Additional Information (“SAI”), dated","page_number":72,"box":{"x":90,"y":403,"width":347,"height":11}},{"id":"b190d369-45c5-48ce-b377-9f93eb086fad","block_type":"box","text":"September 28, 2026, has been filed with the Securities","page_number":72,"box":{"x":91,"y":419,"width":365,"height":11}},{"id":"b2231532-27fe-4011-9fe1-4843aff5af91","block_type":"box","text":"and Exchange Commission (the “SEC”). The SAI, which","page_number":72,"box":{"x":91,"y":434,"width":373,"height":11}},{"id":"bb2d0276-f538-4063-b369-6e461e55e9c8","block_type":"box","text":"includes additional information about the Fund, may be","page_number":72,"box":{"x":91,"y":450,"width":367,"height":11}},{"id":"bebd17a4-aa32-4a0b-a30d-1bb45585dfd6","block_type":"box","text":"obtained free of charge, along with the Fund’s annual and","page_number":72,"box":{"x":91,"y":465,"width":385,"height":11}},{"id":"c9cfa2b8-1889-41ec-9f07-52360bb994fb","block_type":"box","text":"semi-annual reports and other information such as Fund","page_number":72,"box":{"x":91,"y":481,"width":376,"height":10}},{"id":"0595d9dc-527a-4c84-9676-4ee2b8d71c69","block_type":"box","text":"financial statements, by calling (800) 441-7762. The SAI,","page_number":72,"box":{"x":91,"y":496,"width":378,"height":11}},{"id":"745c3002-d148-4fef-b0dc-4ef9a14384bc","block_type":"box","text":"as amended and/or supplemented from time to time, is","page_number":72,"box":{"x":91,"y":512,"width":364,"height":10}},{"id":"070c15fa-5d36-4d4b-ada0-38ad2f80b3af","block_type":"box","text":"incorporated by reference into this prospectus.","page_number":72,"box":{"x":91,"y":527,"width":308,"height":11}},{"id":"f638bebe-4e15-4d34-986a-98036793d84d","block_type":"box","text":"BlackRock Investor Services","page_number":72,"box":{"x":92,"y":550,"width":205,"height":9}},{"id":"efeb6519-4866-4e36-a5b2-e58355bd950b","block_type":"box","text":"Representatives are available to discuss account balance","page_number":72,"box":{"x":92,"y":566,"width":382,"height":11}},{"id":"c165a646-cdd4-4b3e-b5fc-b485795f25aa","block_type":"box","text":"information, mutual fund prospectuses, literature,","page_number":72,"box":{"x":91,"y":581,"width":326,"height":11}},{"id":"c2ce88d5-79a9-41c0-8eda-9e75b7625310","block_type":"box","text":"programs and services available. Hours: 8:00 a.m. to","page_number":72,"box":{"x":91,"y":597,"width":353,"height":11}},{"id":"76912fae-ce20-4be4-bcf7-6791a7f5a5ed","block_type":"box","text":"6:00 p.m. (Eastern time), on any business day. Call:","page_number":72,"box":{"x":91,"y":612,"width":342,"height":11}},{"id":"0a1f2c79-8a4e-4f1f-bcdf-3cecef7ded35","block_type":"box","text":"(800) 441-7762.","page_number":72,"box":{"x":91,"y":628,"width":106,"height":11}},{"id":"d123295c-7ede-4a52-9af4-43e6f4f3ff2f","block_type":"box","text":"Purchases and Redemptions","page_number":72,"box":{"x":92,"y":651,"width":205,"height":11}},{"id":"1f29c8ba-7a6a-49ef-8ae1-b68e03197c30","block_type":"box","text":"Call your Financial Intermediary or BlackRock","page_number":72,"box":{"x":91,"y":666,"width":306,"height":11}},{"id":"9c193421-a049-4f7d-95f9-e126574f173c","block_type":"box","text":"Investor Services at (800) 441-7762.","page_number":72,"box":{"x":92,"y":682,"width":242,"height":11}},{"id":"f042ea76-abed-44e6-9222-b98d4784f0eb","block_type":"box","text":"World Wide Web","page_number":72,"box":{"x":91,"y":705,"width":118,"height":9}},{"id":"dd672406-a175-4c08-9c68-5cd0d9bd44e2","block_type":"box","text":"General Fund information and specific Fund performance,","page_number":72,"box":{"x":91,"y":721,"width":386,"height":10}},{"id":"6ed0479f-5dde-43b3-80d4-6498ed45f856","block_type":"box","text":"including the SAI, annual/semi-annual reports and other","page_number":72,"box":{"x":91,"y":736,"width":374,"height":11}},{"id":"4c4dbb93-f681-4e8f-9fa6-e6a81d6c0a6c","block_type":"box","text":"information such as Fund financial statements, can be","page_number":72,"box":{"x":91,"y":751,"width":361,"height":11}},{"id":"4af34b8a-42df-4e8f-994a-80fd7c57566c","block_type":"box","text":"accessed free of charge at www.blackrock.com/","page_number":72,"box":{"x":91,"y":767,"width":320,"height":11}},{"id":"44c49cea-6f05-4add-8d14-1d5f360f45f0","block_type":"box","text":"prospectus. Mutual fund prospectuses and literature can","page_number":72,"box":{"x":91,"y":782,"width":375,"height":11}},{"id":"7f149ede-ddeb-4512-8b53-e624bd593fe2","block_type":"box","text":"also be requested via this website.","page_number":72,"box":{"x":91,"y":798,"width":228,"height":11}},{"id":"d6069100-2aa0-49c4-b076-3ff565ae7129","block_type":"box","text":"Written Correspondence","page_number":72,"box":{"x":514,"y":140,"width":176,"height":11}},{"id":"dd4d5ad5-c539-48be-8e72-46797b8605af","block_type":"box","text":"BlackRock International Fund","page_number":72,"box":{"x":515,"y":156,"width":196,"height":8}},{"id":"d8f4574c-8978-4da6-84db-6a6be02ed5cc","block_type":"box","text":"P.","page_number":72,"box":{"x":515,"y":171,"width":8,"height":9}},{"id":"342a3210-f2de-4e5b-96f1-3348199e3ba8","block_type":"box","text":"P.O. Box 534429","page_number":72,"box":{"x":521,"y":171,"width":101,"height":9}},{"id":"36c07e77-bd01-4888-912f-09842722c216","block_type":"box","text":"Pittsburgh, Pennsylvania 15253-4429","page_number":72,"box":{"x":515,"y":187,"width":248,"height":11}},{"id":"cdbedf68-643d-4bc8-bcd7-52b7ee6840ec","block_type":"box","text":"Overnight Mail","page_number":72,"box":{"x":514,"y":210,"width":104,"height":11}},{"id":"549af252-e0d8-4f22-a8b3-d469552d269b","block_type":"box","text":"BlackRock International Fund","page_number":72,"box":{"x":515,"y":226,"width":196,"height":8}},{"id":"f9f3d91f-8213-46b0-a81c-30cbc7c55013","block_type":"box","text":"Attention: 534429","page_number":72,"box":{"x":514,"y":241,"width":118,"height":9}},{"id":"6338ecd8-32a4-415e-9545-ab6cff626a99","block_type":"box","text":"1350 Penn Avenue Suite 102","page_number":72,"box":{"x":515,"y":256,"width":192,"height":9}},{"id":"f7fd57b1-56b5-4a5e-89e5-eb948cad9f5d","block_type":"box","text":"Pittsburgh, Pennsylvania 15222","page_number":72,"box":{"x":515,"y":272,"width":210,"height":11}},{"id":"7112d44f-2185-4a72-aabd-bfcb603186a1","block_type":"box","text":"Internal Wholesalers/Broker Dealer Support","page_number":72,"box":{"x":515,"y":295,"width":312,"height":11}},{"id":"ab7dd856-16c2-417e-9940-2a1f19e3838e","block_type":"box","text":"Available on any business day to support investment","page_number":72,"box":{"x":514,"y":311,"width":350,"height":10}},{"id":"14559534-3b6e-46c2-827e-620e57dc9365","block_type":"box","text":"professionals. Call: (800) 882-0052.","page_number":72,"box":{"x":515,"y":326,"width":236,"height":11}},{"id":"c4ed38d4-4571-41fb-982d-b5667e4c3739","block_type":"box","text":"Portfolio Characteristics and Holdings","page_number":72,"box":{"x":515,"y":349,"width":274,"height":11}},{"id":"cf3b48a2-4317-4c63-9fb5-6ab11e248d6c","block_type":"box","text":"A description of the Fund’s policies and procedures","page_number":72,"box":{"x":514,"y":365,"width":343,"height":10}},{"id":"88fb8b17-d754-498e-9659-ada6a9dd8bbf","block_type":"box","text":"related to disclosure of portfolio characteristics and","page_number":72,"box":{"x":515,"y":380,"width":341,"height":11}},{"id":"5e460ba9-0636-4919-835e-340aede25490","block_type":"box","text":"holdings is available in the SAI.","page_number":72,"box":{"x":515,"y":396,"width":207,"height":11}},{"id":"83e17c7b-02d8-4ac6-b0f3-29758ac68338","block_type":"box","text":"For information about portfolio holdings and","page_number":72,"box":{"x":515,"y":419,"width":290,"height":11}},{"id":"f96a5423-1ef6-47ee-9a93-e7a77bf4120c","block_type":"box","text":"characteristics, BlackRock fund shareholders and","page_number":72,"box":{"x":514,"y":434,"width":330,"height":10}},{"id":"7d46bd1e-baa0-4628-a01b-dfcea24a6602","block_type":"box","text":"prospective investors may call (800) 882-0052.","page_number":72,"box":{"x":515,"y":450,"width":309,"height":11}},{"id":"de029c90-cb8d-4818-b10f-c5c9218b01b8","block_type":"box","text":"Securities and Exchange Commission","page_number":72,"box":{"x":514,"y":473,"width":273,"height":11}},{"id":"be0470e7-d9ef-46a0-82d5-9b8d3a099536","block_type":"box","text":"You may also view and copy public information about the","page_number":72,"box":{"x":514,"y":488,"width":379,"height":11}},{"id":"c738acc5-16b7-4dd9-bcc8-650667eabe4a","block_type":"box","text":"Fund, including the SAI, by visiting the EDGAR database","page_number":72,"box":{"x":515,"y":504,"width":379,"height":11}},{"id":"0b3a8b32-dc06-4eab-9de4-f018d1c8d7d2","block_type":"box","text":"on the SEC’s website (http://www.sec.gov). Copies of this","page_number":72,"box":{"x":514,"y":519,"width":383,"height":11}},{"id":"e2ea966b-7f33-4673-94a4-0998e020e514","block_type":"box","text":"information can be obtained, for a duplicating fee, by","page_number":72,"box":{"x":515,"y":535,"width":350,"height":11}},{"id":"2482e48e-3578-4050-be4b-e8f922f44c39","block_type":"box","text":"electronic request at the following e-mail address:","page_number":72,"box":{"x":514,"y":550,"width":330,"height":11}},{"id":"a1d05faa-0f5a-400b-b5d1-f5c874f57ef2","block_type":"box","text":"publicinfo@sec.gov.","page_number":72,"box":{"x":515,"y":566,"width":130,"height":11}},{"id":"f9ec1836-6daf-457a-8f76-0588c7280f67","block_type":"box","text":"You should rely only on the information contained in","page_number":72,"box":{"x":514,"y":589,"width":378,"height":11}},{"id":"7a1e8026-db22-4a63-9a54-753037d9e943","block_type":"box","text":"this prospectus. No one is authorized to provide you","page_number":72,"box":{"x":514,"y":605,"width":377,"height":10}},{"id":"79ca5b8b-5663-407e-af47-1f433fb98899","block_type":"box","text":"with information that is different from information","page_number":72,"box":{"x":514,"y":620,"width":355,"height":9}},{"id":"69dd7ed6-d0d9-4ee3-bdf5-d35f1f893383","block_type":"box","text":"contained in this prospectus.","page_number":72,"box":{"x":514,"y":636,"width":209,"height":10}},{"id":"c8f18a87-4b99-44c2-8c25-f4988abbde4a","block_type":"box","text":"The SEC has not approved or disapproved these","page_number":72,"box":{"x":514,"y":659,"width":326,"height":10}},{"id":"5f1a5580-b0b7-42fe-852b-2d06df403f35","block_type":"box","text":"securities or passed upon the adequacy of this","page_number":72,"box":{"x":514,"y":674,"width":313,"height":11}},{"id":"a59c6f57-10e6-4159-bc80-a15bbf815143","block_type":"box","text":"prospectus. Any representation to the contrary is a","page_number":72,"box":{"x":515,"y":690,"width":336,"height":10}},{"id":"3c2c7b36-d612-447e-bb29-26e6db24cae9","block_type":"box","text":"criminal offense.","page_number":72,"box":{"x":514,"y":705,"width":108,"height":9}},{"id":"500b0120-572b-4b89-b700-cc3822683281","block_type":"box","text":"BLACKROCK SERIES, INC.:","page_number":72,"box":{"x":515,"y":728,"width":192,"height":10}},{"id":"4ff08012-9951-4523-bcb8-4a2e9f80686d","block_type":"box","text":"INVESTMENT COMPANY ACT FILE # 811-08797","page_number":72,"box":{"x":515,"y":744,"width":334,"height":8}},{"id":"f0835a34-bfc1-40bc-ab23-0a0cf071caac","block_type":"box","text":"PRO-IF-0926","page_number":72,"box":{"x":828,"y":919,"width":78,"height":7}},{"id":"48ea5a22-19ce-4fbf-8be1-fa35de4f1555","block_type":"box","text":"NM0926U-5975797-72/72","page_number":72,"box":{"x":757,"y":969,"width":145,"height":7}}],"unit":"per_mille","page_width":594,"page_height":774,"attributes":{"chunk_type":"page_range","start_page":1,"end_page":72}},"source":{"type":"Model","id":"github:dorsalhub/pdf-extractor","version":"0.5.0","execution_id":"458ed512-419d-4ea1-a2e5-12bf49ec6903"},"user_id":1000002,"date_created":"2026-10-02T11:59:37.563000Z","date_modified":"2026-10-02T11:59:37.563000Z","private":false}