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0.03%","page_number":3,"box":{"x":85,"y":680,"width":821,"height":10}},{"id":"a0cff17c-fa00-4246-a8e5-3d4462d8e151","block_type":"box","text":"Total Annual Fund Operating Expenses","page_number":3,"box":{"x":69,"y":698,"width":252,"height":10}},{"id":"e4d9aa4b-aa91-4448-9691-8093de0f47a7","block_type":"box","text":"5","page_number":3,"box":{"x":322,"y":698,"width":4,"height":4}},{"id":"fa99bde7-1681-47e1-90e1-ca7ebeffbbd6","block_type":"box","text":"1.15% 1.89% 0.89%","page_number":3,"box":{"x":689,"y":698,"width":236,"height":8}},{"id":"836dbfea-ba6c-4768-8150-87bc3dad3f21","block_type":"box","text":"Fee Waivers and/or Expense Reimbursements","page_number":3,"box":{"x":70,"y":716,"width":304,"height":10}},{"id":"750d224f-034a-498b-9e85-ec1fa9862395","block_type":"box","text":"3,6","page_number":3,"box":{"x":375,"y":716,"width":11,"height":4}},{"id":"3382cce4-86d3-4d13-ac3d-d59cc17159af","block_type":"box","text":"(0.15)% (0.14)% (0.14)%","page_number":3,"box":{"x":685,"y":716,"width":245,"height":10}},{"id":"3683e0d9-81a2-41e2-b318-2a844d219597","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":3,"box":{"x":69,"y":734,"width":481,"height":10}},{"id":"8b7b3b2b-fe80-45b3-987e-0e52a90355c0","block_type":"box","text":"Reimbursements","page_number":3,"box":{"x":70,"y":747,"width":110,"height":9}},{"id":"cef5f3dd-d8db-4e8d-a45a-b1bc1a0c034d","block_type":"box","text":"3,6","page_number":3,"box":{"x":181,"y":747,"width":11,"height":5}},{"id":"eb098e16-2641-4301-a070-fd3309c4aa71","block_type":"box","text":"1.00% 1.75% 0.75%","page_number":3,"box":{"x":689,"y":747,"width":236,"height":8}},{"id":"6c5d4d31-4665-4190-9373-d279ed738122","block_type":"box","text":"1","page_number":3,"box":{"x":61,"y":767,"width":3,"height":4}},{"id":"2aa9ebce-d764-4161-adba-48b95399e21e","block_type":"box","text":"A contingent deferred sales charge (“CDSC”) of 1.00% is assessed 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Although your actual costs may be higher","page_number":4,"box":{"x":61,"y":177,"width":859,"height":11}},{"id":"0ace75a0-7fb6-408c-8377-8b7d6940bf75","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":4,"box":{"x":61,"y":192,"width":436,"height":11}},{"id":"21e0bfca-3816-4427-8185-baccb0632290","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":220,"width":292,"height":8}},{"id":"62d9f286-eab1-4a47-a63f-106be27042e4","block_type":"box","text":"Investor A Shares $622 $857 $1,111 $1,836","page_number":4,"box":{"x":70,"y":237,"width":848,"height":11}},{"id":"d8200e2b-7762-4f1f-8bb4-ca1450527531","block_type":"box","text":"Investor C Shares $278 $580 $1,008 $2,007","page_number":4,"box":{"x":70,"y":255,"width":848,"height":11}},{"id":"64e1f69f-5f0a-4eee-9f81-e7b681a388d1","block_type":"box","text":"Institutional Shares $ 77 $270 $ 479 $1,083","page_number":4,"box":{"x":70,"y":273,"width":848,"height":11}},{"id":"132a4f64-8725-4ec7-ba8a-7f4f1e5b1730","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":4,"box":{"x":60,"y":306,"width":532,"height":12}},{"id":"d7cce6cc-818d-40bb-bacd-3e6bca9310d5","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":4,"box":{"x":631,"y":335,"width":292,"height":8}},{"id":"ef82882c-f4a9-4362-ab36-374288f0d889","block_type":"box","text":"Investor C Shares $178 $580 $1,008 $2,007","page_number":4,"box":{"x":70,"y":352,"width":848,"height":10}},{"id":"d6b5a54a-f0cb-4406-98e6-55ae99d943a1","block_type":"box","text":"Portfolio Turnover:","page_number":4,"box":{"x":61,"y":377,"width":151,"height":10}},{"id":"ccc603c9-32ba-4f6e-b7b6-330d4b845821","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":394,"width":800,"height":11}},{"id":"67a1b931-1ded-4aac-a4d1-b1750de19140","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":409,"width":850,"height":11}},{"id":"891eb397-438f-4406-80dd-11121c43ff13","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":423,"width":870,"height":12}},{"id":"74792511-174d-491f-be88-ef7f6a781421","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":438,"width":839,"height":12}},{"id":"24138bb9-2503-4382-8635-2e5027e387c4","block_type":"box","text":"88% of the average value of its portfolio.","page_number":4,"box":{"x":61,"y":453,"width":298,"height":12}},{"id":"18d0047c-ce70-4f57-9ea3-9f3a4e00ed1e","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":4,"box":{"x":61,"y":492,"width":394,"height":13}},{"id":"9a598419-d575-489e-9fb3-8598ca2b9bc7","block_type":"box","text":"Under normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":4,"box":{"x":62,"y":518,"width":850,"height":12}},{"id":"0c3d478f-9bf3-455f-8008-341bebe5a38e","block_type":"box","text":"purposes, in commodity-linked derivatives or equity investments in commodity-related companies, including, but not","page_number":4,"box":{"x":62,"y":533,"width":847,"height":12}},{"id":"968fc8a4-1b26-46e8-80fd-8938379057cc","block_type":"box","text":"limited to, companies operating in the mining, energy and agricultural sectors. With respect to such equity","page_number":4,"box":{"x":62,"y":548,"width":778,"height":11}},{"id":"8d363c4d-a374-4653-aa09-11ba7270feee","block_type":"box","text":"investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide","page_number":4,"box":{"x":62,"y":563,"width":828,"height":11}},{"id":"ad9e8b4f-a964-4d7e-b15d-cfa5ff3966dc","block_type":"box","text":"investment exposure to the securities included within that policy or to one or more market risk factors associated with","page_number":4,"box":{"x":62,"y":577,"width":866,"height":12}},{"id":"d1407d0f-1f01-49e8-99a5-f6c8d181e2ca","block_type":"box","text":"such securities.","page_number":4,"box":{"x":61,"y":592,"width":114,"height":9}},{"id":"405d8409-90d2-4669-b623-de33d6e20ad1","block_type":"box","text":"The Fund’s 80% policy is non-fundamental and may not be changed without 60 days’ prior notice to shareholders.","page_number":4,"box":{"x":60,"y":615,"width":834,"height":11}},{"id":"415505c8-111d-432b-8f33-28a75497aaa1","block_type":"box","text":"The Fund utilizes two strategies and under normal circumstances expects to invest approximately 50% of its total","page_number":4,"box":{"x":60,"y":637,"width":832,"height":12}},{"id":"87d1cef4-6f8f-4503-8dfe-3acca4e46545","block_type":"box","text":"assets in each strategy; provided, however, that from time to time, Fund management may alter the weightings if it","page_number":4,"box":{"x":61,"y":652,"width":843,"height":12}},{"id":"287e1ca6-ab25-44dd-adc3-9daeff85c8df","block_type":"box","text":"deems it prudent to do so based on market conditions, trends or movements or other similar factors.","page_number":4,"box":{"x":61,"y":667,"width":743,"height":11}},{"id":"301227df-5fdc-4eef-9da3-9fa5b3373824","block_type":"box","text":"One strategy focuses on investments in commodity-linked derivatives. To meet coverage and collateral requirements","page_number":4,"box":{"x":61,"y":690,"width":852,"height":11}},{"id":"0be1bb04-867e-4521-9c83-62cae49f0f7d","block_type":"box","text":"associated with these derivative investments, and to invest excess cash, the Fund holds a portion of its portfolio in","page_number":4,"box":{"x":61,"y":704,"width":848,"height":12}},{"id":"e79a5596-8adc-405c-a177-da6cec92e25b","block_type":"box","text":"investment-grade short-term fixed-income securities. The other strategy focuses on equity investments in commodity","page_number":4,"box":{"x":62,"y":719,"width":857,"height":12}},{"id":"68f95003-7da4-4440-8012-50004c6a02e9","block_type":"box","text":"related companies, including, but not limited to, companies operating in the mining, energy and agricultural sectors.","page_number":4,"box":{"x":61,"y":734,"width":850,"height":12}},{"id":"79770fc2-6ce4-4eef-bfd9-dede4524d2a8","block_type":"box","text":"The Fund invests in equity securities of such companies in order to complement the commodity exposures achieved","page_number":4,"box":{"x":60,"y":749,"width":851,"height":11}},{"id":"6c15d0af-f57a-480d-9308-75a943d888d0","block_type":"box","text":"through investments in commodity-linked derivatives. Taken together, these two strategies offer broad exposure to","page_number":4,"box":{"x":60,"y":764,"width":840,"height":11}},{"id":"46edeb91-148d-4074-b82e-07a637881803","block_type":"box","text":"global commodities market trends across asset classes, industries, sectors, and regions.","page_number":4,"box":{"x":60,"y":779,"width":660,"height":11}},{"id":"65b69a09-42bb-4782-8d0e-cc802f7c7dfd","block_type":"box","text":"Commodities are assets that have tangible properties, such as oil and other energy products, metals, and agricultural","page_number":4,"box":{"x":61,"y":801,"width":867,"height":12}},{"id":"08eac8df-bee8-4020-909b-313bc8077713","block_type":"box","text":"products. Commodity-linked derivative instruments include, but are not limited to, commodity-linked notes, swap","page_number":4,"box":{"x":62,"y":816,"width":823,"height":11}},{"id":"a60b2b3c-b028-47ae-b806-bca139987c54","block_type":"box","text":"agreements, commodity options, futures and options on futures, that provide exposure to the investment returns of","page_number":4,"box":{"x":61,"y":831,"width":850,"height":11}},{"id":"d3e36ffc-e3ff-4129-adfd-7f23fa38b5d0","block_type":"box","text":"the commodities markets, without investing directly in physical commodities.","page_number":4,"box":{"x":60,"y":846,"width":563,"height":11}},{"id":"679a9c6f-35a6-4148-824b-0ef8cc5834fb","block_type":"box","text":"Commodity-related companies include, but are not limited to, companies in commodities, natural resources and energy","page_number":4,"box":{"x":61,"y":868,"width":876,"height":12}},{"id":"c3663c6c-627f-4e43-bcb4-51e93c1a1f41","block_type":"box","text":"businesses and in associated businesses and companies that provide services or have exposure to such businesses","page_number":4,"box":{"x":61,"y":883,"width":865,"height":11}},{"id":"78246bf6-c6b8-48ea-8384-14a252e41ed5","block_type":"box","text":"(collectively, the “Commodities Sector”). These companies include, without limitation, companies engaged in the","page_number":4,"box":{"x":61,"y":898,"width":827,"height":11}},{"id":"6014b3f8-3222-437d-9d25-0f2bc691a711","block_type":"box","text":"exploration, ownership, production, refinement, processing, transportation, distribution or marketing of commodities,","page_number":4,"box":{"x":61,"y":913,"width":857,"height":11}},{"id":"0e8dcb88-97b8-412f-8445-477d3ee0692e","block_type":"box","text":"4","page_number":4,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"df4d806c-fb22-4150-9b9a-6ba9cec5acf1","block_type":"box","text":"NM1026U-5981105-4/76","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"32b2396c-87b2-4ba0-a41f-95dfadff28c8","block_type":"box","text":"companies that use commodities extensively in their products and companies that provide technology and services to","page_number":5,"box":{"x":61,"y":46,"width":866,"height":11}},{"id":"a1c4c2de-553b-4f36-a2e2-d91281116298","block_type":"box","text":"commodity-related companies. This includes companies that are engaged in businesses such as integrated oil, oil and","page_number":5,"box":{"x":61,"y":61,"width":870,"height":11}},{"id":"a2195c6c-e818-4677-83f1-b1d9f10dd627","block_type":"box","text":"gas exploration and production, energy services and technology, chemicals and oil products, coal and other","page_number":5,"box":{"x":60,"y":76,"width":790,"height":11}},{"id":"f129f119-355f-4bb8-b4c0-c26ebf539919","block_type":"box","text":"consumable fuel, gold and precious metals, metals and minerals, forest products, agricultural chemicals and services,","page_number":5,"box":{"x":61,"y":90,"width":872,"height":12}},{"id":"744b0a46-1540-448e-80b3-2ad27782479f","block_type":"box","text":"farm land, alternative energy sources, environmental services and agricultural products (including crop growers,","page_number":5,"box":{"x":60,"y":105,"width":821,"height":12}},{"id":"273739c6-98d6-44f7-a992-9bc1a2a22dac","block_type":"box","text":"owners of plantations, and companies that produce and process foods), as well as related transportation companies,","page_number":5,"box":{"x":61,"y":120,"width":863,"height":11}},{"id":"262ea201-d153-47a1-9268-0cc02056636f","block_type":"box","text":"equipment manufacturers, service providers and engineering, procurement and construction (“EPC”) companies.","page_number":5,"box":{"x":61,"y":135,"width":826,"height":11}},{"id":"70c93039-3bf8-48c8-b1fd-e0f5580aba53","block_type":"box","text":"The Fund may make investments directly or through investments in the Subsidiary, a wholly-owned subsidiary of the","page_number":5,"box":{"x":60,"y":157,"width":850,"height":12}},{"id":"0ec6ac1d-6fc5-466d-8264-a0418b0bfa90","block_type":"box","text":"Fund formed in the Cayman Islands. The Subsidiary is managed by BlackRock and has the same investment objective","page_number":5,"box":{"x":62,"y":172,"width":864,"height":12}},{"id":"fbfe2f90-57c0-42f7-9c84-de6fd4bc445e","block_type":"box","text":"as the Fund. The assets of the Subsidiary are subject to the same investment restrictions and limitations, and follow","page_number":5,"box":{"x":61,"y":187,"width":860,"height":11}},{"id":"f8e71161-17a2-4e0b-9b8f-e717bbf02c89","block_type":"box","text":"the same compliance policies and procedures, as the Fund, except that the Subsidiary does not invest in equity","page_number":5,"box":{"x":60,"y":202,"width":824,"height":11}},{"id":"d7c783de-24b8-42ef-a74a-517c42d704e0","block_type":"box","text":"securities of commodity-related companies, and may invest without limitation in commodity-linked derivative","page_number":5,"box":{"x":61,"y":216,"width":790,"height":12}},{"id":"61d8deed-b082-42f7-85f4-08eb68fbf0bf","block_type":"box","text":"instruments. The Fund will not invest more than 25% of its total assets (measured at the time of investment) in the","page_number":5,"box":{"x":62,"y":231,"width":846,"height":12}},{"id":"b39303f7-6efd-4353-b2cf-ebc3215f93ea","block_type":"box","text":"Subsidiary.","page_number":5,"box":{"x":61,"y":246,"width":79,"height":12}},{"id":"b6b96ffa-8eb0-4e6a-be40-7aafa57339ba","block_type":"box","text":"The Fund manages the term structure of its commodity-linked derivative positions and has the flexibility to gain","page_number":5,"box":{"x":60,"y":269,"width":814,"height":11}},{"id":"7c68910c-53ab-4fd9-9df6-4443a84a0728","block_type":"box","text":"exposure to futures maturities which differ from those in the Fund’s benchmark, the Bloomberg Commodity Index Total","page_number":5,"box":{"x":61,"y":283,"width":870,"height":12}},{"id":"c4fd900c-91a2-4ebe-9184-de198730c2fd","block_type":"box","text":"Return","page_number":5,"box":{"x":62,"y":299,"width":46,"height":9}},{"id":"22f9d09f-5b7d-45b3-bef6-44ce6514eb7f","block_type":"box","text":"SM","page_number":5,"box":{"x":109,"y":299,"width":11,"height":4}},{"id":"d922a16d-c694-421a-9681-43436b832937","block_type":"box","text":". This is done in an effort to achieve efficient investment results and minimize any adverse effects on returns","page_number":5,"box":{"x":123,"y":298,"width":805,"height":12}},{"id":"f1b3c528-54b9-4bec-aef3-5fd81eda3f66","block_type":"box","text":"caused by commodity term structures.","page_number":5,"box":{"x":61,"y":313,"width":281,"height":12}},{"id":"dc85b03c-9875-4811-9396-1a9dc981d870","block_type":"box","text":"Equity securities held by the Fund may include common stocks, preferred stocks, warrants, depositary receipts, and","page_number":5,"box":{"x":62,"y":336,"width":851,"height":11}},{"id":"b734b632-fca7-4d7d-91e3-d0d4dd8cb1ca","block_type":"box","text":"other instruments whose price is linked to the value of common stock, and equity interests in master limited","page_number":5,"box":{"x":61,"y":351,"width":797,"height":11}},{"id":"a31a6dc3-d039-47e6-b498-8d8424788f61","block_type":"box","text":"partnerships. In addition, the Fund may also invest in fixed-income instruments (of any credit quality and any duration)","page_number":5,"box":{"x":62,"y":365,"width":866,"height":12}},{"id":"d4a9bb14-353e-4f4c-806e-bf9e07373312","block_type":"box","text":"of commodity-related companies. The Fund may also purchase convertible securities.","page_number":5,"box":{"x":61,"y":380,"width":625,"height":12}},{"id":"1006fe55-560c-4d3b-9dd7-5c8b57642a4e","block_type":"box","text":"There are no restrictions on investment in terms of geography or market capitalization. As such, the Fund may invest in","page_number":5,"box":{"x":60,"y":403,"width":875,"height":11}},{"id":"a6130c4b-0f62-4013-8ddf-5a9b8b8ccffa","block_type":"box","text":"both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated","page_number":5,"box":{"x":61,"y":418,"width":859,"height":11}},{"id":"5dd9049c-e471-4c28-bcf9-bf485f315e2a","block_type":"box","text":"in both U.S. dollars and foreign currencies.","page_number":5,"box":{"x":62,"y":432,"width":313,"height":12}},{"id":"13bdfae5-bec5-4a32-b745-bf73ee469ffd","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":471,"width":354,"height":14}},{"id":"4041238c-2b88-4eb6-8568-7431fe7fcca0","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":497,"width":860,"height":12}},{"id":"cbbec54e-9b3a-4fd0-8b1d-0c89375b4753","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":512,"width":802,"height":12}},{"id":"f19e33f2-b178-4f3d-9065-606d22f1aa35","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":527,"width":842,"height":12}},{"id":"389d22c2-bd4c-4fa1-82fe-9cdbd3a58102","block_type":"box","text":"summary description of the principal risks of investing in the Fund. The relative significance of each risk factor below","page_number":5,"box":{"x":61,"y":542,"width":857,"height":12}},{"id":"fbb66095-fb17-432a-b727-4055b33a1907","block_type":"box","text":"may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":557,"width":515,"height":11}},{"id":"92b09c5c-99a7-4483-a7bc-42824001ffbd","block_type":"box","text":"Commodities Investment Risk","page_number":5,"box":{"x":81,"y":577,"width":227,"height":9}},{"id":"cba9795c-b0bd-422f-80f9-8793c3ca5d53","block_type":"box","text":"— Investing in commodity-linked derivative instruments and equity securities of","page_number":5,"box":{"x":312,"y":577,"width":582,"height":11}},{"id":"dfbc30ad-6225-40a8-8a17-06602c2b636e","block_type":"box","text":"commodity-related companies may subject the Fund to greater volatility than investments in traditional securities.","page_number":5,"box":{"x":81,"y":592,"width":831,"height":11}},{"id":"3c34a042-f569-4104-87b7-2fb58e1da7dd","block_type":"box","text":"The commodities markets have experienced periods of extreme volatility. Similar future market conditions may","page_number":5,"box":{"x":81,"y":606,"width":810,"height":12}},{"id":"326de124-1252-4dbb-a146-781f14c1bfa8","block_type":"box","text":"result in rapid and substantial valuation increases or decreases in the Fund’s holdings.","page_number":5,"box":{"x":82,"y":622,"width":639,"height":11}},{"id":"f20e8c7f-a0b9-4b1d-ae59-ccab54104d71","block_type":"box","text":"The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment","page_number":5,"box":{"x":81,"y":641,"width":842,"height":12}},{"id":"90c8c830-4fae-420e-8056-937707dd8873","block_type":"box","text":"prices are outside of the Fund’s control and may not be anticipated by Fund management. Price movements may be","page_number":5,"box":{"x":82,"y":656,"width":849,"height":12}},{"id":"aeb16a89-ffc2-4c29-8e72-c0c53030007e","block_type":"box","text":"influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control","page_number":5,"box":{"x":82,"y":671,"width":784,"height":11}},{"id":"67805167-1a15-4bc8-9ab6-a0caea89c05a","block_type":"box","text":"programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions;","page_number":5,"box":{"x":82,"y":686,"width":845,"height":11}},{"id":"6d491406-417f-45b7-a8a0-201a72e6f617","block_type":"box","text":"changing supply and demand relationships and levels of domestic production and imported commodities; the","page_number":5,"box":{"x":81,"y":701,"width":802,"height":11}},{"id":"09d75cf9-62ad-44d6-aae6-fdd5bba3e8a2","block_type":"box","text":"availability of local, intrastate and interstate transportation systems; energy conservation; the success of","page_number":5,"box":{"x":81,"y":715,"width":776,"height":12}},{"id":"57447d4e-69bf-4beb-a6fe-f94ec54fc113","block_type":"box","text":"exploration projects; changes in international balances of payments and trade; domestic and foreign rates of","page_number":5,"box":{"x":81,"y":730,"width":800,"height":12}},{"id":"9c80c5b2-8e3c-494c-b68f-e9d811a39f7c","block_type":"box","text":"inflation; currency devaluations and revaluations; domestic and foreign political and economic events; domestic and","page_number":5,"box":{"x":82,"y":745,"width":850,"height":12}},{"id":"67ef6417-fdc3-4ec3-98ab-0040f7f67679","block_type":"box","text":"foreign interest rates and/or investor expectations concerning interest rates; foreign currency/exchange rates;","page_number":5,"box":{"x":81,"y":760,"width":811,"height":11}},{"id":"34d93cf6-8576-4271-be9f-087f868f9d4f","block_type":"box","text":"domestic and foreign governmental regulation and taxation; war, acts of terrorism and other political upheaval and","page_number":5,"box":{"x":81,"y":775,"width":838,"height":11}},{"id":"302cae2b-be0d-48b7-9d93-2d4ef9b85b8d","block_type":"box","text":"conflicts; governmental expropriation; investment and trading activities of mutual funds, hedge funds and","page_number":5,"box":{"x":81,"y":789,"width":772,"height":12}},{"id":"2a6d51f6-b76d-40f2-adda-335d3669a225","block_type":"box","text":"commodities funds; changes in philosophies and emotions of market participants. The frequency and magnitude of","page_number":5,"box":{"x":81,"y":804,"width":847,"height":12}},{"id":"13906512-9fd5-4072-8187-33c9fb42d6e5","block_type":"box","text":"such changes cannot be predicted.","page_number":5,"box":{"x":81,"y":819,"width":256,"height":12}},{"id":"0895c48f-6cd9-437f-8cde-1410a5518aed","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among other factors,","page_number":5,"box":{"x":81,"y":839,"width":822,"height":12}},{"id":"7b0fcff1-6f00-49cd-bea6-f57d4868a8d9","block_type":"box","text":"lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures","page_number":5,"box":{"x":82,"y":854,"width":785,"height":12}},{"id":"e8f41a6e-c476-4d53-8ad1-560a8eac37a8","block_type":"box","text":"exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in","page_number":5,"box":{"x":81,"y":869,"width":852,"height":11}},{"id":"1e0b86a0-d87a-4148-b3cd-b61abf9a3ad6","block_type":"box","text":"a single business day (generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a","page_number":5,"box":{"x":81,"y":884,"width":844,"height":11}},{"id":"9932d07c-716b-4c4c-886b-75ba8d408e77","block_type":"box","text":"contract as a result of these limits is referred to as a “limit price.” If the limit price has been reached in a particular","page_number":5,"box":{"x":81,"y":898,"width":853,"height":12}},{"id":"b76a9745-cd88-4ba3-ab9d-8ef142846362","block_type":"box","text":"5","page_number":5,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"40e200be-3a71-4dc2-9054-3993af1f7a9e","block_type":"box","text":"NM1026U-5981105-5/76","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"a54a04ad-05da-4e51-8969-3e1a18cb952c","block_type":"box","text":"contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a","page_number":6,"box":{"x":81,"y":46,"width":804,"height":11}},{"id":"2e7b049e-7937-4bba-a188-df48cc01af7f","block_type":"box","text":"particular contract or forcing the liquidation of contracts at disadvantageous times or prices.","page_number":6,"box":{"x":82,"y":60,"width":676,"height":12}},{"id":"569a3da3-671e-4b78-bad1-06934f91c9c2","block_type":"box","text":"Equity Securities Risk","page_number":6,"box":{"x":81,"y":81,"width":166,"height":11}},{"id":"f7b90441-ea18-4f43-b551-d529981553ca","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":6,"box":{"x":251,"y":80,"width":685,"height":12}},{"id":"8866eb4c-bd0f-4675-bd70-fc317e9205cf","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":6,"box":{"x":81,"y":95,"width":550,"height":12}},{"id":"0e86a10f-b0ff-4a6b-bfcb-5b07d41b2647","block_type":"box","text":"Derivatives Risk","page_number":6,"box":{"x":81,"y":115,"width":123,"height":9}},{"id":"9ced3526-80fa-44fa-b474-8371c2274068","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":115,"width":664,"height":12}},{"id":"b7ac9c02-2ae6-452b-85a9-3d87c3636906","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":6,"box":{"x":82,"y":130,"width":469,"height":12}},{"id":"d1231720-f687-4dae-a9f4-a00af290165c","block_type":"box","text":"Leverage Risk","page_number":6,"box":{"x":82,"y":150,"width":102,"height":12}},{"id":"bc8aa271-cd91-4c5d-886b-db6822033eb8","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":150,"width":723,"height":12}},{"id":"ab112c14-0f17-469a-ac83-3364d883c295","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":165,"width":832,"height":11}},{"id":"d793da2e-ba0e-40df-b99b-929035681112","block_type":"box","text":"exceed the amount originally invested.","page_number":6,"box":{"x":81,"y":180,"width":280,"height":11}},{"id":"aeeda280-ee4a-4abe-aa7f-624a276fe37a","block_type":"box","text":"Market Risk","page_number":6,"box":{"x":82,"y":200,"width":87,"height":9}},{"id":"a14e3b02-b326-44e5-936b-f90c05d0c1af","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":200,"width":728,"height":11}},{"id":"50d82d80-8bdd-444f-afcd-0bee1efefe38","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":214,"width":834,"height":12}},{"id":"90104b1b-22e1-4604-a202-d13590b0219c","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":230,"width":832,"height":11}},{"id":"580843c1-8fa8-4dae-9caa-056452234953","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":244,"width":779,"height":11}},{"id":"2c5ff799-1eff-490a-ae94-325897c0a394","block_type":"box","text":"derivatives positions to lose value.","page_number":6,"box":{"x":81,"y":259,"width":253,"height":11}},{"id":"5ffb4a4d-8c61-4be4-aa20-72d3b9941324","block_type":"box","text":"Counterpar ty Risk","page_number":6,"box":{"x":82,"y":279,"width":131,"height":11}},{"id":"993597ca-d401-4aef-a324-50ccc04620d0","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":279,"width":697,"height":11}},{"id":"5dc2e7b5-c015-49d6-8487-dc1dcb698dd2","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":294,"width":855,"height":11}},{"id":"cea1fc40-d9a4-426f-8a37-f5656f304b66","block_type":"box","text":"exposure to such a counterparty.","page_number":6,"box":{"x":81,"y":309,"width":240,"height":11}},{"id":"5fccaa97-7436-4b3f-be47-e6f0a8233b4b","block_type":"box","text":"Illiquidity Risk","page_number":6,"box":{"x":82,"y":329,"width":100,"height":11}},{"id":"323ea238-227a-4c9d-8646-5406c61260e1","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":6,"box":{"x":186,"y":329,"width":750,"height":11}},{"id":"01c724b0-87af-4a53-b770-36bf91e3cdf0","block_type":"box","text":"to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more","page_number":6,"box":{"x":80,"y":344,"width":839,"height":11}},{"id":"ea3106b0-b88c-474c-9c05-9182bf1049f8","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":6,"box":{"x":81,"y":358,"width":293,"height":12}},{"id":"09385979-f92e-49d2-9dce-82c4a46d3cb3","block_type":"box","text":"Operational Risk","page_number":6,"box":{"x":82,"y":378,"width":120,"height":11}},{"id":"65eccddb-99a9-4dd7-af41-b93a5ec58e10","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":6,"box":{"x":206,"y":378,"width":727,"height":12}},{"id":"b0443f88-e187-4f05-b8cb-5e15198a3153","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":6,"box":{"x":82,"y":393,"width":607,"height":11}},{"id":"ca8d2471-eb8b-40fe-bc74-be63d4e4a3be","block_type":"box","text":"Legal Risk","page_number":6,"box":{"x":82,"y":413,"width":75,"height":12}},{"id":"f011697d-c9ab-4cbb-b95a-560418a7fe87","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":6,"box":{"x":161,"y":413,"width":761,"height":12}},{"id":"4d99ed7f-e59b-4d3d-916a-164e38a35124","block_type":"box","text":"enforceability of a contract.","page_number":6,"box":{"x":81,"y":428,"width":198,"height":11}},{"id":"03800fde-bb0e-48bd-8ac3-7faad7cde2d9","block_type":"box","text":"Volatility and Correlation Risk","page_number":6,"box":{"x":83,"y":448,"width":214,"height":11}},{"id":"6551b938-7e22-4959-bdd2-20ac45556013","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":6,"box":{"x":300,"y":448,"width":590,"height":11}},{"id":"e788dffb-3c7e-42e3-91cf-365ddae9b894","block_type":"box","text":"fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the","page_number":6,"box":{"x":81,"y":463,"width":775,"height":11}},{"id":"1070238a-cfdd-4173-8e41-6fa4b606a4eb","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":6,"box":{"x":81,"y":477,"width":589,"height":12}},{"id":"41b0d39c-ae8f-453b-a4e3-48d1f6447080","block_type":"box","text":"Valuation Risk","page_number":6,"box":{"x":83,"y":498,"width":102,"height":9}},{"id":"5ae73fc1-324b-4371-804b-2c65271142b4","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":6,"box":{"x":189,"y":497,"width":747,"height":12}},{"id":"d16c97bb-8261-4a94-9be8-e6e5a5c078ce","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":6,"box":{"x":82,"y":512,"width":783,"height":12}},{"id":"e8efc979-628c-4fab-8895-a4ebcca08e29","block_type":"box","text":"instruments or quote prices for them.","page_number":6,"box":{"x":82,"y":527,"width":273,"height":11}},{"id":"5b203a84-78f2-44e3-a653-f85a927f358f","block_type":"box","text":"Hedging Risk","page_number":6,"box":{"x":82,"y":547,"width":95,"height":12}},{"id":"56bc78f2-7328-4436-8bd4-9ab90fb7ef20","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":6,"box":{"x":181,"y":547,"width":728,"height":12}},{"id":"73359e88-b256-4cf0-85d9-2e6c32e8a953","block_type":"box","text":"security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging","page_number":6,"box":{"x":81,"y":562,"width":839,"height":12}},{"id":"aed5bc7b-7724-470c-a7a7-6a8db205b94c","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":6,"box":{"x":82,"y":577,"width":354,"height":11}},{"id":"865fa230-4eba-4075-81b2-10663f77a178","block_type":"box","text":"Tax Risk","page_number":6,"box":{"x":83,"y":597,"width":59,"height":9}},{"id":"e75c9aab-6101-45bd-92f3-2274c4ad9044","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":6,"box":{"x":145,"y":597,"width":719,"height":11}},{"id":"b4e51f03-5753-4f0e-9253-d37edf4eae16","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":6,"box":{"x":81,"y":612,"width":801,"height":11}},{"id":"94ab0828-9c6e-44d4-8aa5-b5606fd88f0b","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":6,"box":{"x":82,"y":626,"width":802,"height":12}},{"id":"82da2896-bc27-455d-a121-b0b4d6c9ebda","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":6,"box":{"x":82,"y":641,"width":830,"height":12}},{"id":"aa10901d-5365-4775-9d04-3490c0a20215","block_type":"box","text":"realizes from its investments.","page_number":6,"box":{"x":82,"y":656,"width":215,"height":9}},{"id":"43e927d7-bdae-4732-a55f-7103d9e87a3d","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":6,"box":{"x":82,"y":676,"width":399,"height":11}},{"id":"16f6dbc0-658c-4798-ace5-0ab3961b5bdd","block_type":"box","text":"Commodity-Linked Derivatives","page_number":6,"box":{"x":102,"y":696,"width":218,"height":11}},{"id":"81e3b263-e914-43e0-86db-f46d49cc44f8","block_type":"box","text":"— The value of a commodity-linked derivative investment typically is based upon","page_number":6,"box":{"x":325,"y":696,"width":588,"height":11}},{"id":"b88cfd7f-2c3c-41a1-a4c7-94da722e505d","block_type":"box","text":"the price movements of a commodity, a commodity futures contract or commodity index, or some other readily","page_number":6,"box":{"x":101,"y":711,"width":809,"height":11}},{"id":"1a2e33c1-50c6-4bc7-aeeb-cf2b8a6708a4","block_type":"box","text":"measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes","page_number":6,"box":{"x":102,"y":726,"width":833,"height":11}},{"id":"ef31ea00-eaae-4b52-8403-74af0f1d7429","block_type":"box","text":"in overall market movements, volatility of the underlying benchmark, changes in inflation, interest rates, or","page_number":6,"box":{"x":102,"y":740,"width":781,"height":12}},{"id":"3ead0e3d-9776-40bc-8dd1-afeede2a6a70","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease,","page_number":6,"box":{"x":101,"y":755,"width":768,"height":12}},{"id":"daf03b52-5baa-4cf4-b717-29f2a8c45b9a","block_type":"box","text":"embargoes, tariffs and international economic, political and regulatory developments. The value of commodity","page_number":6,"box":{"x":101,"y":770,"width":813,"height":12}},{"id":"2da77ba5-8655-4128-996a-bee951403ce5","block_type":"box","text":"linked derivatives will rise or fall in response to changes in the underlying commodity or related index.","page_number":6,"box":{"x":102,"y":785,"width":744,"height":12}},{"id":"50090425-f8c8-46b2-9b61-6d1b9860afdd","block_type":"box","text":"Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based","page_number":6,"box":{"x":102,"y":800,"width":772,"height":11}},{"id":"655d5edb-45e1-47e7-b64e-08571664eba8","block_type":"box","text":"investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there","page_number":6,"box":{"x":102,"y":815,"width":815,"height":11}},{"id":"c59c4fcc-488c-4ad2-b851-1911c30770be","block_type":"box","text":"can be no assurance that one will develop.","page_number":6,"box":{"x":101,"y":830,"width":313,"height":11}},{"id":"432e7d71-06c1-45b0-bda5-d3ee026d934d","block_type":"box","text":"Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the","page_number":6,"box":{"x":101,"y":849,"width":785,"height":12}},{"id":"ca110e34-dd62-4a69-b4c8-b051351554f3","block_type":"box","text":"values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it","page_number":6,"box":{"x":101,"y":864,"width":789,"height":12}},{"id":"22536185-afbe-461a-8f6e-d4da8012c013","block_type":"box","text":"originally invested. The Fund might receive interest payments that are more or less than the stated coupon","page_number":6,"box":{"x":101,"y":879,"width":784,"height":12}},{"id":"adb570a9-1031-44cb-962e-2b9e41020469","block_type":"box","text":"interest payments.","page_number":6,"box":{"x":102,"y":894,"width":135,"height":11}},{"id":"7c95c13a-3d47-4b35-9ae7-94e823656eb2","block_type":"box","text":"6","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"78946a58-6159-4b2e-90f7-30ee74e658e1","block_type":"box","text":"NM1026U-5981105-6/76","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"d84c5e98-19bf-4d35-a171-3fa362481a3e","block_type":"box","text":"In connection with the Fund’s direct and indirect investments in commodity-linked derivatives, the Fund will","page_number":7,"box":{"x":102,"y":46,"width":781,"height":11}},{"id":"d82bb7a1-d227-4268-b93d-6176aaeef1a8","block_type":"box","text":"attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to","page_number":7,"box":{"x":101,"y":61,"width":835,"height":11}},{"id":"6398c7b1-0c11-42dc-84c0-381e724ebba0","block_type":"box","text":"the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at","page_number":7,"box":{"x":101,"y":75,"width":833,"height":12}},{"id":"39e4d013-098a-41e2-aa9b-1e8ccaab6ec8","block_type":"box","text":"any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest","page_number":7,"box":{"x":101,"y":90,"width":820,"height":12}},{"id":"1286700d-29fb-4c62-b436-a17261be73e9","block_type":"box","text":"in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may","page_number":7,"box":{"x":102,"y":105,"width":783,"height":11}},{"id":"7582a295-816c-48ff-bf75-dfd3946b0226","block_type":"box","text":"increase the Fund’s exposure to counterparty credit risk. There can be no assurance that the Fund will be able to","page_number":7,"box":{"x":102,"y":120,"width":830,"height":11}},{"id":"cd893dee-f261-48d9-8ef3-60f31f7d4d96","block_type":"box","text":"limit exposure to any one counterparty at all times.","page_number":7,"box":{"x":102,"y":135,"width":373,"height":11}},{"id":"5ae50a4a-e24a-4e99-adf6-197ff44b852e","block_type":"box","text":"Commodity-Linked Notes","page_number":7,"box":{"x":102,"y":155,"width":180,"height":11}},{"id":"8b2c58c0-05fc-4723-8268-5f2a22caada8","block_type":"box","text":"— Commodity-linked notes involve substantial risks, including the risk of loss of a","page_number":7,"box":{"x":287,"y":155,"width":602,"height":11}},{"id":"baa44efc-bbac-427c-a653-48ce055d7678","block_type":"box","text":"significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be","page_number":7,"box":{"x":101,"y":169,"width":827,"height":12}},{"id":"dee26c84-298b-43ec-b776-d94d94a78a22","block_type":"box","text":"subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and","page_number":7,"box":{"x":101,"y":184,"width":807,"height":12}},{"id":"32dde619-25ab-4f2f-bacc-c630cb73f729","block_type":"box","text":"risk of greater volatility, that do not affect traditional equity and debt securities.","page_number":7,"box":{"x":102,"y":199,"width":581,"height":12}},{"id":"78d86c0c-60a0-4fc5-b219-5d329ca7cabd","block_type":"box","text":"Futures","page_number":7,"box":{"x":102,"y":219,"width":54,"height":9}},{"id":"1529d08d-0c2a-441c-8aee-19c8365c51c6","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":7,"box":{"x":161,"y":219,"width":765,"height":12}},{"id":"de86eabd-c6f7-4d0b-a880-fe007bdfbfb9","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":7,"box":{"x":101,"y":234,"width":786,"height":11}},{"id":"ee0f125d-b7d2-4008-a649-41358d89b6a1","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":7,"box":{"x":102,"y":249,"width":769,"height":11}},{"id":"9d3bf1d3-2f39-4a44-a09e-6972025cc29d","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":7,"box":{"x":102,"y":263,"width":822,"height":12}},{"id":"67acd437-afb9-4fe3-bfa7-1a3a7d2ad8b6","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":7,"box":{"x":101,"y":278,"width":832,"height":12}},{"id":"cf75eade-b0d9-4c40-960b-ed01429166d9","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":7,"box":{"x":101,"y":293,"width":806,"height":12}},{"id":"4f0e72e9-5c04-446f-add0-a037c884dbd0","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":7,"box":{"x":102,"y":308,"width":793,"height":11}},{"id":"64b3535e-60b9-403e-bc99-c29807a1aef8","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":7,"box":{"x":102,"y":323,"width":787,"height":11}},{"id":"efc3cb77-8247-4459-89d3-07553516c8c0","block_type":"box","text":"default in the performance of its obligations.","page_number":7,"box":{"x":101,"y":338,"width":327,"height":11}},{"id":"af2942ca-33d0-44b1-9290-b31ed93c48a1","block_type":"box","text":"Swaps","page_number":7,"box":{"x":102,"y":358,"width":47,"height":11}},{"id":"6142f51c-706f-40e1-9218-f8944cf0d4cd","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":7,"box":{"x":154,"y":358,"width":775,"height":11}},{"id":"de1f97cb-0ad5-4187-92d3-b34edfeaed11","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":7,"box":{"x":101,"y":372,"width":829,"height":12}},{"id":"1c4d09e5-4e29-4eb6-831c-a09bb3d497f9","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":7,"box":{"x":101,"y":387,"width":807,"height":12}},{"id":"d95e372c-1831-4d9b-a93a-158f25fc6f01","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":7,"box":{"x":102,"y":402,"width":811,"height":12}},{"id":"70edf702-7894-460c-bc43-8d1b0c6c3ad6","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":7,"box":{"x":101,"y":417,"width":820,"height":11}},{"id":"8736b0a1-f9f6-452e-9bb7-bd44e42c8c69","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":7,"box":{"x":102,"y":432,"width":791,"height":11}},{"id":"b9984e4d-ddab-4571-a668-cac539c847c1","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":7,"box":{"x":101,"y":447,"width":789,"height":11}},{"id":"1b447de5-201e-4721-b9d5-df741a43afb8","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":7,"box":{"x":101,"y":462,"width":796,"height":11}},{"id":"e8915bba-2ff4-4385-803b-b1053b934e6e","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":7,"box":{"x":102,"y":482,"width":335,"height":11}},{"id":"ebea30e3-98af-4c7a-9866-3d42d179944c","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":7,"box":{"x":442,"y":481,"width":437,"height":12}},{"id":"1cf30606-43f0-4cc5-b16c-c51db19a715c","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":7,"box":{"x":101,"y":496,"width":820,"height":12}},{"id":"5ac1b104-f97f-42ac-a272-3b84ccac3c82","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":7,"box":{"x":101,"y":511,"width":801,"height":12}},{"id":"24d415aa-1000-4a2f-9c44-6d971ff303ea","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":7,"box":{"x":101,"y":526,"width":824,"height":11}},{"id":"cec4d09b-2d34-4795-8a39-16efa3f2d50d","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":7,"box":{"x":101,"y":541,"width":831,"height":11}},{"id":"8e6e8272-ace4-4818-b74b-15e67f90fcf0","block_type":"box","text":"Commodities Regulatory Risk","page_number":7,"box":{"x":81,"y":561,"width":224,"height":11}},{"id":"733da0aa-f816-487d-b66d-99d569d8db6c","block_type":"box","text":"— Commodity-related companies are subject to significant federal, state and local","page_number":7,"box":{"x":309,"y":561,"width":603,"height":11}},{"id":"7d2b14f6-afe8-4849-9979-657683244fa0","block_type":"box","text":"government regulation in virtually every aspect of their operations, including how facilities are constructed,","page_number":7,"box":{"x":81,"y":575,"width":782,"height":12}},{"id":"56cb3b5f-7b7f-4d18-9cfd-5de03ea2b281","block_type":"box","text":"maintained and operated, environmental and safety controls, and the prices they may charge for the products and","page_number":7,"box":{"x":82,"y":590,"width":836,"height":12}},{"id":"92d2e9b1-86e8-4eae-a832-194ddb9e4c07","block_type":"box","text":"services they provide. The Commodity Futures Trading Commission (the “CFTC”) and the U.S. commodities","page_number":7,"box":{"x":81,"y":605,"width":784,"height":12}},{"id":"b7007c72-77f3-4c0b-9e62-3387a03be659","block_type":"box","text":"exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example,","page_number":7,"box":{"x":81,"y":620,"width":843,"height":12}},{"id":"de5d3749-fcff-4cad-bd1c-12a9a730c565","block_type":"box","text":"the imposition of higher margin requirements, the establishment of daily limits and the suspension of trading. Any","page_number":7,"box":{"x":80,"y":635,"width":839,"height":11}},{"id":"a5934251-528f-4b16-b184-e64d1bfa9a99","block_type":"box","text":"of these actions, if taken, could adversely affect the returns of the Fund by limiting or precluding investment","page_number":7,"box":{"x":81,"y":650,"width":794,"height":11}},{"id":"3da10752-5bc0-4724-8833-dd449e016891","block_type":"box","text":"decisions the Fund might otherwise make.","page_number":7,"box":{"x":81,"y":665,"width":310,"height":11}},{"id":"49a13bcd-a43b-4a3f-861e-602778ce4450","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits referred to as “speculative position limits” on the","page_number":7,"box":{"x":81,"y":687,"width":820,"height":12}},{"id":"a356ec01-c0a3-4b1a-a30f-a10aca5a5bea","block_type":"box","text":"maximum net long or net short speculative positions that any person may hold or control in any particular futures,","page_number":7,"box":{"x":82,"y":702,"width":836,"height":11}},{"id":"6e2e66e4-dd28-4c2b-8fa3-d4629d72b9dd","block_type":"box","text":"options contracts or swaps traded on U.S. commodities exchanges, including with respect to futures and options on","page_number":7,"box":{"x":81,"y":717,"width":852,"height":11}},{"id":"0c2ae814-6f2a-4620-aa7b-776239be4a87","block_type":"box","text":"futures on many physical commodities, such as energy, metals and agricultural commodities (the “core referenced","page_number":7,"box":{"x":81,"y":731,"width":841,"height":12}},{"id":"6c71c058-ad62-4729-9f17-46758a58d3f3","block_type":"box","text":"futures contracts”), and on economically equivalent swaps. Certain position limits include an exemption from limits","page_number":7,"box":{"x":81,"y":746,"width":846,"height":12}},{"id":"16caae6e-4f07-453e-82f4-05d2054d2075","block_type":"box","text":"for bona fide hedging transactions or positions. As a consequence of these position limits, the size or duration of","page_number":7,"box":{"x":81,"y":761,"width":833,"height":12}},{"id":"29d9d5e9-4f68-4387-a8fa-40bb5527322b","block_type":"box","text":"positions available to the Fund may be severely limited.","page_number":7,"box":{"x":82,"y":776,"width":405,"height":11}},{"id":"3a41e8e4-ff30-4f34-9ae8-c83657eaf293","block_type":"box","text":"In addition, the Internal Revenue Service (the “IRS”) will no longer issue private letter rulings on the tax treatment","page_number":7,"box":{"x":82,"y":799,"width":836,"height":11}},{"id":"5ad0eff2-ddcf-4022-93dd-093e51550190","block_type":"box","text":"of a mutual fund investment in commodity-linked derivatives if the ruling would depend on whether the investment is","page_number":7,"box":{"x":81,"y":813,"width":853,"height":12}},{"id":"40d9babb-9196-44c7-ab30-b877932f203c","block_type":"box","text":"a security under the Investment Company Act of 1940, as amended (the “Investment Company Act”).","page_number":7,"box":{"x":81,"y":828,"width":742,"height":12}},{"id":"8bcf80c2-d2e9-4dd4-8214-8b39b8f5eafc","block_type":"box","text":"Precious Metal and Related Securities Risk","page_number":7,"box":{"x":81,"y":848,"width":329,"height":9}},{"id":"bf884e7d-c668-41ac-8c2f-8008231240ab","block_type":"box","text":"—","page_number":7,"box":{"x":415,"y":854,"width":17,"height":0}},{"id":"fe47d589-f313-4b38-8008-98a4be790587","block_type":"box","text":"Prices of precious metals and of precious metal related securities","page_number":7,"box":{"x":437,"y":848,"width":483,"height":11}},{"id":"d1312ed4-ff1d-4d54-bf30-9c16c940735f","block_type":"box","text":"historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial","page_number":7,"box":{"x":82,"y":863,"width":820,"height":12}},{"id":"0219aa58-2c8f-4809-9a5c-8a990ce7e049","block_type":"box","text":"condition of companies involved with precious metals. The production and sale of precious metals by governments","page_number":7,"box":{"x":81,"y":878,"width":842,"height":11}},{"id":"fc3e43dd-3941-4da3-bddb-51a1023cabd9","block_type":"box","text":"or central banks or other larger holders can be affected by various economic, financial, social and political factors,","page_number":7,"box":{"x":81,"y":893,"width":840,"height":11}},{"id":"a06e7736-7120-4acd-88c5-82900a07212a","block_type":"box","text":"which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that","page_number":7,"box":{"x":80,"y":907,"width":843,"height":12}},{"id":"f63f9e70-6f7e-4b2b-8d90-11a365b0000d","block_type":"box","text":"7","page_number":7,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"669bac08-b262-4330-a193-8aaf31da7a6a","block_type":"box","text":"NM1026U-5981105-7/76","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"0b5032ec-e9d3-4488-8256-8ab251003075","block_type":"box","text":"may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for","page_number":8,"box":{"x":82,"y":46,"width":846,"height":11}},{"id":"ffbd27e5-2e85-4aec-bd8c-39b21ac6af7d","block_type":"box","text":"inflation and changes in industrial and commercial demand for precious metals.","page_number":8,"box":{"x":82,"y":60,"width":584,"height":12}},{"id":"7e0f9c80-0796-4883-b901-2384297360be","block_type":"box","text":"Credit Risk","page_number":8,"box":{"x":81,"y":81,"width":85,"height":9}},{"id":"7200f068-6781-47bb-b2b0-34fdb7a46480","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will be unable","page_number":8,"box":{"x":170,"y":80,"width":763,"height":12}},{"id":"e170e10c-6dd6-4ab5-a540-5f5b0f176af6","block_type":"box","text":"or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations.","page_number":8,"box":{"x":81,"y":95,"width":797,"height":12}},{"id":"6fe9337f-1b25-4f3a-8946-501b0e61da34","block_type":"box","text":"Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the","page_number":8,"box":{"x":81,"y":110,"width":842,"height":12}},{"id":"9dc32bf3-4807-405a-b006-c437b38e4940","block_type":"box","text":"value of the Fund’s investment in that issuer.","page_number":8,"box":{"x":80,"y":125,"width":332,"height":9}},{"id":"1e07ac96-62a5-4a24-8c6f-ab8f1d02277c","block_type":"box","text":"Emerging Markets Risk","page_number":8,"box":{"x":81,"y":145,"width":178,"height":11}},{"id":"713f63df-a20a-4387-8c3b-cfa404701d5a","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":8,"box":{"x":263,"y":145,"width":617,"height":11}},{"id":"1bc9ca74-1bc7-42e9-b9e1-e4504deefed4","block_type":"box","text":"develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative.","page_number":8,"box":{"x":81,"y":160,"width":825,"height":11}},{"id":"3ebaa468-4734-4b26-9024-49b8655132d2","block_type":"box","text":"Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":8,"box":{"x":82,"y":175,"width":822,"height":11}},{"id":"0a57c765-3cb0-418f-b109-d1f8a26c7a58","block_type":"box","text":"returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less","page_number":8,"box":{"x":82,"y":189,"width":816,"height":12}},{"id":"05e93e84-ce6d-4a42-821c-04e7cbc6fe3a","block_type":"box","text":"liquidity than developed markets.","page_number":8,"box":{"x":82,"y":204,"width":240,"height":12}},{"id":"e98ec57a-d923-4f3d-b0f5-db50b9b2dc87","block_type":"box","text":"Foreign Securities Risk","page_number":8,"box":{"x":81,"y":224,"width":176,"height":12}},{"id":"16b44fae-b4cc-4f50-ba70-e7e27f1bc157","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":8,"box":{"x":260,"y":224,"width":668,"height":12}},{"id":"88fa586c-6d5f-43f5-a8da-ead2c8eecb17","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":8,"box":{"x":82,"y":239,"width":531,"height":11}},{"id":"02ebd293-a943-48c4-8347-d6b927416f83","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":8,"box":{"x":101,"y":259,"width":823,"height":12}},{"id":"73463d28-e763-4b7c-9fe0-48472c5d5c32","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":8,"box":{"x":102,"y":274,"width":823,"height":11}},{"id":"7e19f23f-d7e9-4c45-94ca-fc5e1b935536","block_type":"box","text":"oversight.","page_number":8,"box":{"x":101,"y":289,"width":70,"height":11}},{"id":"eb4814ce-e9de-4a39-b9cc-52ab7ac8fa42","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":8,"box":{"x":101,"y":309,"width":644,"height":11}},{"id":"cbab8034-1697-490c-aeb9-b14f46e0c98b","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":8,"box":{"x":101,"y":329,"width":830,"height":11}},{"id":"90849b0e-e713-4a99-a2b4-a6e794b34f7e","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":8,"box":{"x":102,"y":343,"width":808,"height":12}},{"id":"045806db-68a1-4239-8ed0-202e45697e0b","block_type":"box","text":"payments position.","page_number":8,"box":{"x":102,"y":359,"width":137,"height":11}},{"id":"3a72d446-4882-46fc-b098-7af1fdcb5fc3","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":8,"box":{"x":101,"y":378,"width":821,"height":12}},{"id":"77ba6934-527f-4e86-8f19-e359597e96f6","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":8,"box":{"x":102,"y":393,"width":809,"height":12}},{"id":"76893000-4e4b-4b38-a8d4-b9c596f16176","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":8,"box":{"x":102,"y":408,"width":784,"height":11}},{"id":"e818b1f0-9057-4375-926a-a4089d9f04a4","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":8,"box":{"x":101,"y":423,"width":352,"height":11}},{"id":"049bf4d7-742e-4f1e-81d3-c1cf4dcb8d09","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":8,"box":{"x":102,"y":443,"width":823,"height":11}},{"id":"97a200f0-6416-47bd-9467-1217d659942a","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":8,"box":{"x":101,"y":458,"width":811,"height":11}},{"id":"6adb9ec3-4405-4039-9971-d257ec369db5","block_type":"box","text":"U.S. securities laws.","page_number":8,"box":{"x":102,"y":472,"width":148,"height":10}},{"id":"360f4b6d-59f8-42b1-97ff-8c1a9c37f6a8","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":8,"box":{"x":101,"y":492,"width":834,"height":12}},{"id":"f2480f4f-3207-49f8-9a39-5b0f26a39802","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":8,"box":{"x":101,"y":507,"width":628,"height":12}},{"id":"b2c5e356-65b2-44a3-b439-9060915551d9","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":8,"box":{"x":101,"y":527,"width":830,"height":12}},{"id":"b28a6447-60aa-4970-8575-61a0502a550e","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":8,"box":{"x":101,"y":542,"width":831,"height":12}},{"id":"b18664f3-26d5-4258-b031-c2b54b1d5a1e","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":8,"box":{"x":101,"y":557,"width":813,"height":11}},{"id":"eb69852d-1886-43e2-9c1b-1b4af97cccd8","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":8,"box":{"x":101,"y":572,"width":395,"height":11}},{"id":"b1d02544-17ae-4644-9054-3f3b904f62dd","block_type":"box","text":"Interest Rate Risk","page_number":8,"box":{"x":81,"y":592,"width":139,"height":9}},{"id":"a37707c4-62e0-4713-9c44-d349e1fc7437","block_type":"box","text":"—","page_number":8,"box":{"x":225,"y":597,"width":17,"height":1}},{"id":"9cb48db4-cf4c-4d44-9c46-d5073dd993b2","block_type":"box","text":"Interest rate risk is the risk that the value of a debt security may fall when interest rates rise.","page_number":8,"box":{"x":247,"y":592,"width":683,"height":11}},{"id":"b21daa06-7769-4787-bd5c-b6ec254c4f8a","block_type":"box","text":"In general, the market price of debt securities with longer maturities will go up or down more in response to changes","page_number":8,"box":{"x":82,"y":606,"width":854,"height":12}},{"id":"2cb7b8ff-b574-47c8-a365-4a92f6d417dd","block_type":"box","text":"in interest rates than the market price of shorter-term securities. Due to fluctuations in interest rates, the market","page_number":8,"box":{"x":82,"y":621,"width":832,"height":11}},{"id":"9cd2a282-0914-4ea0-b0db-16736e7b46b5","block_type":"box","text":"value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative","page_number":8,"box":{"x":80,"y":636,"width":809,"height":12}},{"id":"920841bf-89f0-4bdd-a6a9-317c6b2e67ee","block_type":"box","text":"interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be","page_number":8,"box":{"x":82,"y":651,"width":842,"height":11}},{"id":"614c96e1-0904-4356-9fd5-d08d718bb71a","block_type":"box","text":"unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater","page_number":8,"box":{"x":82,"y":666,"width":824,"height":11}},{"id":"ac62bdc5-4250-4f4d-ba08-fa181c4249af","block_type":"box","text":"risk of rising interest rates during a period of low interest rates. Changing interest rates may have unpredictable","page_number":8,"box":{"x":82,"y":681,"width":820,"height":11}},{"id":"103519f3-cfa0-4760-81a6-1c3cfebe9139","block_type":"box","text":"effects on markets, may result in heightened market volatility and may detract from the Fund’s ability to achieve its","page_number":8,"box":{"x":81,"y":695,"width":846,"height":12}},{"id":"e17a2db7-4722-4591-ab89-cc60f15117fc","block_type":"box","text":"investment objective.","page_number":8,"box":{"x":82,"y":710,"width":153,"height":12}},{"id":"182dc39f-72c9-42b3-83f1-70ecbc3ab2cb","block_type":"box","text":"Leverage Risk","page_number":8,"box":{"x":81,"y":730,"width":107,"height":12}},{"id":"cd2ba2f4-9fde-4d29-b5aa-bac793ef6dd3","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":8,"box":{"x":192,"y":730,"width":741,"height":12}},{"id":"0aa039e7-5fff-44b1-a0e3-ab7cafd4dfe4","block_type":"box","text":"among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may","page_number":8,"box":{"x":81,"y":745,"width":853,"height":12}},{"id":"a5cffd85-82be-4ce0-8898-23fe1b994762","block_type":"box","text":"cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or","page_number":8,"box":{"x":81,"y":760,"width":856,"height":11}},{"id":"ad704b5b-a622-483e-867a-d485edfc3dd8","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act, and the rules thereunder. Increases and","page_number":8,"box":{"x":80,"y":775,"width":807,"height":11}},{"id":"be973216-280b-4681-bf26-b95dee8a1ccb","block_type":"box","text":"decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":8,"box":{"x":81,"y":789,"width":686,"height":12}},{"id":"6aa7e26e-f855-4f1c-933e-4533608a68c0","block_type":"box","text":"Market Risk and Selection Risk","page_number":8,"box":{"x":81,"y":810,"width":240,"height":9}},{"id":"100b292b-681e-44c5-a81b-e11520facd68","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":8,"box":{"x":324,"y":810,"width":593,"height":9}},{"id":"18a4ee64-2c87-4a8e-8588-415febe6be72","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":8,"box":{"x":81,"y":825,"width":851,"height":11}},{"id":"38781e1f-569b-4fb0-be10-9933c1f348e5","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":8,"box":{"x":82,"y":839,"width":824,"height":12}},{"id":"5dd3dd7b-4342-4e14-95a0-d0205c3ad7f1","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":8,"box":{"x":82,"y":854,"width":851,"height":12}},{"id":"cfb76a17-73d7-4752-a2e7-70e862c4bb9a","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":8,"box":{"x":82,"y":869,"width":802,"height":11}},{"id":"e9cb7994-265f-4555-8340-776cc7742537","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":8,"box":{"x":81,"y":884,"width":849,"height":11}},{"id":"a0f1db60-317d-4fa3-82d5-386dea8d8a00","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":8,"box":{"x":81,"y":899,"width":843,"height":11}},{"id":"4040dbaa-8828-4285-a928-6512cc6acd09","block_type":"box","text":"are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or","page_number":8,"box":{"x":81,"y":913,"width":830,"height":12}},{"id":"7411c478-d240-434f-b927-26903a2f9be2","block_type":"box","text":"8","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"92e4a4b0-dee1-4bec-89c1-9d3b850ae62b","block_type":"box","text":"NM1026U-5981105-8/76","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e81ee066-fc85-43e2-9a47-9bea953a9642","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":9,"box":{"x":82,"y":46,"width":840,"height":11}},{"id":"32a88633-eac9-425a-8fc5-9330099dc854","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":9,"box":{"x":81,"y":60,"width":789,"height":12}},{"id":"594c770b-3301-4b30-a565-58256870f1e2","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":9,"box":{"x":81,"y":75,"width":823,"height":12}},{"id":"3d1fb3f3-67e9-4425-98c6-5d3759d1e473","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":9,"box":{"x":81,"y":90,"width":784,"height":12}},{"id":"0dc5ca11-74e7-4848-a157-3bc19e84afa7","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":9,"box":{"x":81,"y":105,"width":844,"height":11}},{"id":"050858cc-fc80-44fc-bbc8-6ccdb845059b","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":9,"box":{"x":82,"y":125,"width":818,"height":11}},{"id":"ba003e39-4c76-46d6-8f21-b795fc78f978","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":9,"box":{"x":80,"y":140,"width":819,"height":11}},{"id":"499e4cf9-55b0-4c48-b834-41c104760a3c","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":9,"box":{"x":81,"y":155,"width":819,"height":11}},{"id":"ccc521a5-a602-482d-9326-65e2056c1fb9","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":9,"box":{"x":81,"y":169,"width":846,"height":12}},{"id":"ae1e326c-8baf-4acb-aa79-20fb8e997fe6","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":9,"box":{"x":81,"y":184,"width":848,"height":12}},{"id":"4738679a-5181-4186-85cd-03f1ce404fc7","block_type":"box","text":"the Fund invests.","page_number":9,"box":{"x":80,"y":199,"width":125,"height":9}},{"id":"935b35b3-1241-4d16-8a27-7f0b97dc2729","block_type":"box","text":"Mid Cap Securities Risk","page_number":9,"box":{"x":81,"y":219,"width":182,"height":11}},{"id":"390b89e8-8613-4293-9414-370f595ef633","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":9,"box":{"x":267,"y":219,"width":665,"height":12}},{"id":"1df7c5a5-23a2-4c87-93d2-6b21f8383771","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":9,"box":{"x":81,"y":234,"width":789,"height":11}},{"id":"f22c99d4-e31e-4bd9-b81c-170e03db87e5","block_type":"box","text":"Operational and Technology Risks","page_number":9,"box":{"x":82,"y":254,"width":254,"height":11}},{"id":"050202e5-5c0f-4d99-808b-2fa1e76458a3","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":9,"box":{"x":340,"y":254,"width":578,"height":11}},{"id":"c4f8e065-103a-490b-acf1-01329c818049","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":9,"box":{"x":82,"y":269,"width":779,"height":11}},{"id":"30a522c8-776e-42d4-99b3-824d32021e45","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":9,"box":{"x":81,"y":283,"width":848,"height":12}},{"id":"f8f13281-b8f2-4394-a5be-6ddccf6d4d00","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":9,"box":{"x":81,"y":298,"width":806,"height":12}},{"id":"4b088ee1-9017-493b-9038-8549174d76b3","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":9,"box":{"x":82,"y":313,"width":807,"height":12}},{"id":"42bba64c-117b-4d64-b0cb-41a8ab4ee18e","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":9,"box":{"x":82,"y":328,"width":846,"height":12}},{"id":"b20030a5-5538-4bd9-b17d-afb132a1c262","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":9,"box":{"x":81,"y":343,"width":836,"height":11}},{"id":"517dc262-ef25-4f88-a8c9-5135892a915e","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":9,"box":{"x":82,"y":358,"width":474,"height":11}},{"id":"9755a339-e3d5-4d2b-a21e-7de343cb53c4","block_type":"box","text":"Sector Risk","page_number":9,"box":{"x":81,"y":378,"width":88,"height":9}},{"id":"4a0421cc-82a2-46b6-ba38-dec48255ae35","block_type":"box","text":"— Sector risk is the risk that the Fund’s concentration in the securities of companies in a specific","page_number":9,"box":{"x":173,"y":378,"width":720,"height":11}},{"id":"335c084b-ad8c-4c5b-a6c1-a2ba746a2c4d","block_type":"box","text":"market sector or industry will cause the Fund to be more exposed to the price movements of companies in and","page_number":9,"box":{"x":82,"y":392,"width":814,"height":12}},{"id":"496471fa-a3f6-43e1-b637-b0710a3193bd","block_type":"box","text":"developments affecting that sector than a more broadly diversified fund. Because the Fund invests primarily in one","page_number":9,"box":{"x":81,"y":407,"width":842,"height":12}},{"id":"e01fdbbc-9af6-44d1-86e1-10c56429cb66","block_type":"box","text":"sector, there is the risk that the Fund will perform poorly during a downturn in that sector.","page_number":9,"box":{"x":81,"y":422,"width":656,"height":12}},{"id":"1e616ecf-e3c7-48ff-8ee0-8e9e8e80d49c","block_type":"box","text":"The Fund’s investments will be concentrated in a group of industries that make up the Commodities Sector.","page_number":9,"box":{"x":81,"y":439,"width":790,"height":12}},{"id":"f080ec9b-ed95-497e-95fa-27cf3634457f","block_type":"box","text":"Because the Fund is focused in specific industries, it may present more risks than if it were broadly diversified over","page_number":9,"box":{"x":82,"y":454,"width":847,"height":12}},{"id":"c3156a25-8ae9-4bed-b91e-f7ab0dfaa7f3","block_type":"box","text":"numerous industries and sectors of the economy. A downturn in the Commodities Sector would have a larger impact","page_number":9,"box":{"x":82,"y":469,"width":853,"height":12}},{"id":"bf6cb8f5-7435-41ce-99a5-f1f2cc3e90f2","block_type":"box","text":"on the Fund than on an investment company that does not concentrate in the industries or businesses in the","page_number":9,"box":{"x":81,"y":484,"width":801,"height":11}},{"id":"405116d0-dcbf-4c86-9241-5ec336771f64","block_type":"box","text":"Commodities Sector. The industries and businesses in the Commodities Sector in which the Fund will concentrate","page_number":9,"box":{"x":81,"y":499,"width":836,"height":9}},{"id":"ee159237-f418-4f6f-bb4d-038abd35fa57","block_type":"box","text":"its investments can be significantly affected by the supply of and demand for specific products and services,","page_number":9,"box":{"x":82,"y":514,"width":798,"height":11}},{"id":"4faae528-c5a6-4c70-b15a-9c84e7da8628","block_type":"box","text":"exploration and production spending, government regulation, world events and economic conditions. The","page_number":9,"box":{"x":81,"y":529,"width":767,"height":11}},{"id":"eb0b3c49-67c2-4ddb-892b-db77ecbe3d83","block_type":"box","text":"Commodities Sector can also be significantly affected by events relating to international political developments,","page_number":9,"box":{"x":81,"y":543,"width":820,"height":12}},{"id":"448d3985-8937-48c9-b579-804236fa6779","block_type":"box","text":"energy conservation, the success of exploration projects, commodity prices, and tax and government regulations.","page_number":9,"box":{"x":81,"y":558,"width":832,"height":12}},{"id":"d0495904-4f35-444d-a45d-440836c77876","block_type":"box","text":"The stock prices of commodity-related companies may also experience greater price volatility than other types of","page_number":9,"box":{"x":81,"y":573,"width":825,"height":11}},{"id":"b42ad6b0-860e-436c-94f2-ef5dd9ad5d8f","block_type":"box","text":"common stocks. Securities issued by commodity-related companies are sensitive to changes in the prices of, and in","page_number":9,"box":{"x":81,"y":588,"width":853,"height":11}},{"id":"12c2b6f0-ed99-4e8f-9d8d-9ffdfd12a16a","block_type":"box","text":"supply and demand for, the indicated commodities. The value of securities issued by commodity-related companies","page_number":9,"box":{"x":81,"y":603,"width":846,"height":11}},{"id":"1a45329d-89fa-449b-b2e9-d300b89fd819","block_type":"box","text":"may be affected by changes in overall market movements, changes in inflation, interest rates, or factors affecting a","page_number":9,"box":{"x":82,"y":617,"width":849,"height":12}},{"id":"3fa95142-87ec-4a54-a7ad-3fa8934ee256","block_type":"box","text":"particular industry or commodity, such as weather, embargoes, tariffs, policies of commodity cartels and","page_number":9,"box":{"x":82,"y":632,"width":769,"height":12}},{"id":"169c60e1-9c94-4437-ab59-4e9b4320cf22","block_type":"box","text":"international economic, political and regulatory developments. Fund management’s judgments about trends in the","page_number":9,"box":{"x":82,"y":647,"width":837,"height":12}},{"id":"93977a28-ca89-47b6-aaa1-ac21a591dc15","block_type":"box","text":"prices of these securities and commodities may prove to be incorrect. At times, the performance of securities of","page_number":9,"box":{"x":82,"y":662,"width":827,"height":11}},{"id":"76d1f6f3-0867-43d7-ae2b-283c77982961","block_type":"box","text":"companies in the Commodities Sector will lag behind the performance of other industries or the broader market as","page_number":9,"box":{"x":81,"y":677,"width":844,"height":11}},{"id":"06f80cf9-9abc-400c-9d88-4a3cd61b1769","block_type":"box","text":"a whole.","page_number":9,"box":{"x":81,"y":692,"width":59,"height":9}},{"id":"612ed9ed-b0e6-40fa-be8d-2d753218bf05","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":9,"box":{"x":81,"y":712,"width":363,"height":11}},{"id":"ceccf3fd-7ed6-4dd3-bf43-0980b1fe1469","block_type":"box","text":"— Small cap or emerging growth companies may have limited","page_number":9,"box":{"x":448,"y":712,"width":453,"height":11}},{"id":"72c6d689-7dd4-4862-aa6c-d64082e1fb4c","block_type":"box","text":"product lines or markets. They may be less financially secure than larger, more established companies. They may","page_number":9,"box":{"x":82,"y":726,"width":833,"height":12}},{"id":"23b0212b-6224-43e9-95e1-5e94c29e81b1","block_type":"box","text":"depend on a more limited management group than larger capitalized companies.","page_number":9,"box":{"x":81,"y":741,"width":591,"height":12}},{"id":"0bf70f86-6236-43f4-97c9-0012247389e3","block_type":"box","text":"Subsidiary Risk","page_number":9,"box":{"x":81,"y":761,"width":117,"height":11}},{"id":"dcf925d8-aee3-4ccd-b6c3-a79156aa58f1","block_type":"box","text":"—","page_number":9,"box":{"x":202,"y":767,"width":17,"height":0}},{"id":"c3a6120d-2b23-4163-bee6-58a1a680c524","block_type":"box","text":"By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":9,"box":{"x":225,"y":761,"width":679,"height":12}},{"id":"2ea4eede-9d3f-4562-bfb8-e7c1bffaa111","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":9,"box":{"x":81,"y":776,"width":841,"height":12}},{"id":"26b0d9cf-2ca0-4c58-b2a0-9f871a3b07bb","block_type":"box","text":"that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held","page_number":9,"box":{"x":80,"y":791,"width":851,"height":11}},{"id":"594bf801-f103-4801-997a-33308263f440","block_type":"box","text":"directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved.","page_number":9,"box":{"x":81,"y":806,"width":825,"height":11}},{"id":"c58a689a-0c97-45eb-8dbd-1ec78f447dd4","block_type":"box","text":"The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this","page_number":9,"box":{"x":81,"y":821,"width":766,"height":11}},{"id":"57b0bb67-fbeb-4460-932b-37e0734b6baf","block_type":"box","text":"prospectus, is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly","page_number":9,"box":{"x":82,"y":835,"width":840,"height":12}},{"id":"b3ad8c3e-ae51-4620-93a3-d1d1806f6d56","block_type":"box","text":"owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock, making it","page_number":9,"box":{"x":81,"y":850,"width":811,"height":12}},{"id":"b295ee9b-c63f-4dbf-8d4f-e2d7eb420c79","block_type":"box","text":"unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board","page_number":9,"box":{"x":82,"y":865,"width":824,"height":11}},{"id":"4ac419c6-8670-4092-a41f-6b1a7d9385c0","block_type":"box","text":"has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and","page_number":9,"box":{"x":82,"y":880,"width":845,"height":11}},{"id":"50cd32d8-cbcc-480e-ab82-ab41da70dcd5","block_type":"box","text":"the Fund’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions","page_number":9,"box":{"x":80,"y":895,"width":853,"height":11}},{"id":"7ce011c8-7780-42dc-969b-1ae7815b3345","block_type":"box","text":"and limitations, and follows the same compliance policies and procedures, as the Fund, except that the Subsidiary","page_number":9,"box":{"x":81,"y":909,"width":845,"height":12}},{"id":"b8e1f5d4-a59e-441c-b135-30382533842c","block_type":"box","text":"9","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"99b13ae1-6020-47d5-bc75-ff71a30d252e","block_type":"box","text":"NM1026U-5981105-9/76","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"cc9cfdf5-b204-4801-b498-c384acbc887b","block_type":"box","text":"does not invest in equity securities of commodity-related companies, and may invest without limitation in","page_number":10,"box":{"x":81,"y":46,"width":768,"height":11}},{"id":"21ae4d34-d619-4265-b71d-20e2c1cbd6f5","block_type":"box","text":"commodity-linked derivative instruments. Changes in the laws of the United States and/or the Cayman Islands could","page_number":10,"box":{"x":81,"y":60,"width":855,"height":12}},{"id":"5f32ead2-bba7-4c83-8e5f-1a28c82d291c","block_type":"box","text":"result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and","page_number":10,"box":{"x":82,"y":75,"width":841,"height":12}},{"id":"7db05678-8a11-4a3a-9296-317a826bcef3","block_type":"box","text":"could adversely affect the Fund.","page_number":10,"box":{"x":81,"y":90,"width":233,"height":12}},{"id":"aa750ebf-4385-4d92-bc37-a7dd1028b32e","block_type":"box","text":"Tax Risk","page_number":10,"box":{"x":82,"y":110,"width":64,"height":9}},{"id":"87d4cc1a-b056-4760-b8c2-ab46a5758a7f","block_type":"box","text":"—T","page_number":10,"box":{"x":151,"y":115,"width":17,"height":1}},{"id":"34880d58-846a-4d03-904a-e80f96510dca","block_type":"box","text":"—The Fund invests in commodity-related instruments indirectly through the Subsidiary because income","page_number":10,"box":{"x":167,"y":110,"width":742,"height":12}},{"id":"8d3168d9-2a19-40f0-a13b-3edf005cd32c","block_type":"box","text":"from these investments, if made directly, might not be treated as “qualifying income” for purposes of the Fund","page_number":10,"box":{"x":81,"y":125,"width":811,"height":11}},{"id":"fb82e6a5-e7d9-4609-925f-31a3a962b26b","block_type":"box","text":"qualifying as a regulated investment company for U.S. federal income tax purposes. Based on final regulations","page_number":10,"box":{"x":81,"y":140,"width":812,"height":11}},{"id":"95cd4117-9157-4486-b671-a530e83392f0","block_type":"box","text":"issued by the U.S. Internal Revenue Service (“IRS”) on which taxpayers may rely for taxable years beginning after","page_number":10,"box":{"x":82,"y":155,"width":830,"height":11}},{"id":"e3bfa56f-6c1c-407b-b5cc-bb6d3c36c840","block_type":"box","text":"September 28, 2016, the Fund expects its income with respect to the Subsidiary to be qualifying income. In the","page_number":10,"box":{"x":81,"y":169,"width":824,"height":12}},{"id":"7c21beea-23a1-4209-a750-e4026eb9dbb5","block_type":"box","text":"future, if the IRS issues new regulations or other guidance, or Congress enacts legislation, limiting the","page_number":10,"box":{"x":81,"y":184,"width":752,"height":12}},{"id":"09c23c69-7a7a-432b-8235-b34303e53a68","block_type":"box","text":"circumstances in which the Fund’s income with respect to the Subsidiary will be considered “qualifying income,” the","page_number":10,"box":{"x":81,"y":199,"width":854,"height":12}},{"id":"f1b6836c-13e2-4d39-8fde-53fb9aaa1579","block_type":"box","text":"Fund might be required to make changes to its operations, which could reduce the Fund’s ability to gain investment","page_number":10,"box":{"x":82,"y":214,"width":847,"height":11}},{"id":"23c1b262-0c51-4f9e-9e3e-abb079dc13eb","block_type":"box","text":"exposure to commodities. Fund shareholders could also experience adverse tax consequences in such","page_number":10,"box":{"x":81,"y":229,"width":754,"height":11}},{"id":"1dd6bb53-55ba-4faf-8387-ed0c8c70042a","block_type":"box","text":"circumstances.","page_number":10,"box":{"x":81,"y":244,"width":110,"height":9}},{"id":"c11ebebf-8878-4616-a23f-0c99a39bbc4f","block_type":"box","text":"Performance Information","page_number":10,"box":{"x":61,"y":282,"width":224,"height":11}},{"id":"21812ba1-9ca8-4086-9bc0-709fada83e18","block_type":"box","text":"The information shows you how the Fund’s performance has varied year by year and provides some indication of the","page_number":10,"box":{"x":60,"y":309,"width":855,"height":11}},{"id":"0904f25c-be94-4498-b3df-94684bf35cd8","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the MSCI All Country World Index","page_number":10,"box":{"x":61,"y":323,"width":868,"height":12}},{"id":"dc0a4f9c-2308-4762-801b-3bc1f3bb6a2d","block_type":"box","text":"(Net) and the Bloomberg Commodity Index Total Return","page_number":10,"box":{"x":61,"y":338,"width":402,"height":12}},{"id":"fd704354-5280-461d-b2d2-217dd7712890","block_type":"box","text":"SM","page_number":10,"box":{"x":464,"y":339,"width":11,"height":4}},{"id":"53e475ad-2f13-4159-a34f-f6248d939684","block_type":"box","text":". The Bloomberg Commodity Index Total Return","page_number":10,"box":{"x":477,"y":338,"width":341,"height":12}},{"id":"86c80f5c-f015-49a6-851d-f003488027a4","block_type":"box","text":"SM","page_number":10,"box":{"x":820,"y":339,"width":11,"height":4}},{"id":"49eca759-6880-498c-9c96-88a21a0445f8","block_type":"box","text":"is relevant to","page_number":10,"box":{"x":838,"y":339,"width":93,"height":8}},{"id":"93450ed6-40e3-480e-8631-2a9c6bb1195a","block_type":"box","text":"the Fund because it has characteristics similar to the Fund’s investment strategy. To the extent that dividends and","page_number":10,"box":{"x":60,"y":353,"width":840,"height":12}},{"id":"97805ba8-f751-4d7b-af82-5b4251b58d77","block_type":"box","text":"distributions have been paid by the Fund, the performance information for the Fund in the chart and table assumes","page_number":10,"box":{"x":61,"y":368,"width":848,"height":11}},{"id":"ca5988c8-cb30-43f4-a4f9-0d3979990411","block_type":"box","text":"reinvestment of the dividends and distributions. As with all such investments, past performance (before and after","page_number":10,"box":{"x":61,"y":383,"width":835,"height":11}},{"id":"98ca7139-859e-44a9-8f53-17cfebac534c","block_type":"box","text":"taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns","page_number":10,"box":{"x":60,"y":398,"width":831,"height":11}},{"id":"e36c24ed-c8d1-4d9b-8926-d0783b18e739","block_type":"box","text":"would be less than those shown. However, the table includes all applicable fees and sales charges. If BlackRock and","page_number":10,"box":{"x":60,"y":412,"width":861,"height":12}},{"id":"e771f77e-0772-49f3-ae7a-31d2a9ae5a37","block_type":"box","text":"its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would have","page_number":10,"box":{"x":62,"y":427,"width":869,"height":12}},{"id":"8bd402ad-8c1c-411b-bfd6-854f88779651","block_type":"box","text":"been lower. 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Such indices use withholding tax rates that are often at a higher rate","page_number":11,"box":{"x":61,"y":200,"width":870,"height":9}},{"id":"cc31bdb6-c5dd-4d79-a3b8-9aed28d97c74","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":11,"box":{"x":60,"y":210,"width":862,"height":9}},{"id":"598aeda4-3dfe-4b56-b5e1-59838f34417f","block_type":"box","text":"the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. For additional comparative","page_number":11,"box":{"x":60,"y":220,"width":834,"height":9}},{"id":"3c04c347-8f84-44ea-84cd-d1ef9aacc67b","block_type":"box","text":"performance information for the MSCI All Country World Index, please see the Fund’s Statement of Additional Information.","page_number":11,"box":{"x":61,"y":231,"width":718,"height":9}},{"id":"d09c0fde-8a74-4c2d-9db8-0516bc63109d","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":11,"box":{"x":60,"y":256,"width":840,"height":11}},{"id":"5750dd67-5420-4774-a615-2f2a92e64436","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":11,"box":{"x":61,"y":271,"width":835,"height":11}},{"id":"9cc832e4-8126-4625-bd11-7c42ebb1e3ef","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":11,"box":{"x":61,"y":285,"width":851,"height":12}},{"id":"53aa1bcb-9ee4-40d1-b514-082b8b277998","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for","page_number":11,"box":{"x":60,"y":300,"width":840,"height":12}},{"id":"ddffa106-8b76-4009-820d-e47e41bd1474","block_type":"box","text":"Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.","page_number":11,"box":{"x":62,"y":315,"width":700,"height":11}},{"id":"75ac8338-350d-45b2-ab43-e5846347eb2b","block_type":"box","text":"Investment Manager","page_number":11,"box":{"x":62,"y":354,"width":187,"height":14}},{"id":"7fd6abe8-7aec-4829-80ef-82b94281f320","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":11,"box":{"x":60,"y":380,"width":832,"height":12}},{"id":"edfc12a6-0b5c-4ec6-9f46-3508bbe62469","block_type":"box","text":"adviser is BlackRock International Limited (the “Sub-Adviser”). Where applicable, the use of the term “BlackRock”","page_number":11,"box":{"x":61,"y":395,"width":835,"height":11}},{"id":"5a937d3b-a16a-434b-abb1-1f24e916458f","block_type":"box","text":"refers also to the Sub-Adviser.","page_number":11,"box":{"x":61,"y":410,"width":219,"height":9}},{"id":"85541a90-322a-457e-a736-bb4b5746926d","block_type":"box","text":"Portfolio Managers","page_number":11,"box":{"x":61,"y":449,"width":173,"height":13}},{"id":"7d718c48-79c8-4530-9729-b0198009eea6","block_type":"box","text":"Portfolio Manager","page_number":11,"box":{"x":70,"y":493,"width":121,"height":10}},{"id":"89dbb7dd-4c39-49bd-a9a9-4aa37d0230f9","block_type":"box","text":"Portfolio Manager","page_number":11,"box":{"x":373,"y":481,"width":121,"height":10}},{"id":"e752df35-ee7c-4c65-ab37-c5041f19cc20","block_type":"box","text":"of the Fund Since Title","page_number":11,"box":{"x":374,"y":493,"width":416,"height":8}},{"id":"bec574cf-71e5-43e1-afdf-3bed6a920313","block_type":"box","text":"Alastair Bishop 2017 Managing Director of BlackRock, Inc.","page_number":11,"box":{"x":69,"y":511,"width":826,"height":10}},{"id":"717e6494-f1d9-461c-a32a-12e27cbf6c0f","block_type":"box","text":"Hannah Johnson, CFA 2016 Director of BlackRock, Inc.","page_number":11,"box":{"x":70,"y":529,"width":757,"height":9}},{"id":"9c478cdb-bd60-45ea-92b8-9e3ed7fa0d23","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":11,"box":{"x":61,"y":569,"width":309,"height":11}},{"id":"b36aff12-c4ba-4853-84dc-e8682d283e9d","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. To purchase or sell","page_number":11,"box":{"x":60,"y":595,"width":857,"height":12}},{"id":"e452ed30-8e9a-44a4-9ace-ff52da1b7bd7","block_type":"box","text":"shares, you should contact your Financial Intermediary, or, if you hold your shares through the Fund, you should","page_number":11,"box":{"x":61,"y":610,"width":818,"height":12}},{"id":"202f2234-ee42-48e7-97c4-2d974c55d07a","block_type":"box","text":"contact the Fund by phone at (800) 441-7762, by mail (c/o BlackRock Funds, P.O. Box 534429, Pittsburgh,","page_number":11,"box":{"x":61,"y":625,"width":791,"height":12}},{"id":"3da1463c-89f0-4310-bf82-7b33927c690a","block_type":"box","text":"Pennsylvania 15253-4429), or by the Internet at www.blackrock.com. The Fund’s initial and subsequent investment","page_number":11,"box":{"x":61,"y":640,"width":848,"height":11}},{"id":"cdf06977-e16d-44ad-a037-704375e3a547","block_type":"box","text":"minimums generally are as follows, although the Fund may reduce or waive the minimums in some cases:","page_number":11,"box":{"x":61,"y":655,"width":777,"height":11}},{"id":"e93c1536-70b3-43dd-8d45-1cbe51aafd7d","block_type":"box","text":"Investor A and Investor C Shares Institutional Shares","page_number":11,"box":{"x":232,"y":683,"width":480,"height":7}},{"id":"2a1c5aca-ba25-42b8-a7cf-cdc5ac8c808f","block_type":"box","text":"Minimum Initial","page_number":11,"box":{"x":61,"y":700,"width":104,"height":8}},{"id":"7e6a8a7d-e498-4ce2-a595-f987cf06cae9","block_type":"box","text":"Investment","page_number":11,"box":{"x":61,"y":714,"width":75,"height":8}},{"id":"3c180216-fbbc-4ad7-a071-66a8a0212af9","block_type":"box","text":"$1,000 for all accounts except:","page_number":11,"box":{"x":232,"y":700,"width":207,"height":10}},{"id":"696528c5-de07-42a2-b03e-715ce2faa7e8","block_type":"box","text":"•","page_number":11,"box":{"x":235,"y":716,"width":4,"height":3}},{"id":"8f5c6f1d-3901-4cb4-8377-d2466455bae1","block_type":"box","text":"$50, if establishing an Automatic Investment","page_number":11,"box":{"x":243,"y":713,"width":296,"height":11}},{"id":"6c7b90c2-ad88-4b2c-9397-ee3c5039b90c","block_type":"box","text":"Plan.","page_number":11,"box":{"x":243,"y":727,"width":30,"height":9}},{"id":"a3b25735-8ce7-49b7-b4d0-80fc991079ba","block_type":"box","text":"•","page_number":11,"box":{"x":235,"y":744,"width":4,"height":2}},{"id":"4fda7c73-a973-424f-b008-55bbaf1adb09","block_type":"box","text":"There is no investment minimum for employer","page_number":11,"box":{"x":242,"y":741,"width":306,"height":10}},{"id":"29dcdc28-e306-4f0a-b7f9-88db3d0c2b71","block_type":"box","text":"sponsored retirement plans (not including SEP","page_number":11,"box":{"x":242,"y":754,"width":306,"height":11}},{"id":"0baca9b5-f0e8-48c9-b5dc-c7a0a6d80ee0","block_type":"box","text":"IRAs, SIMPLE IRAs or SARSEPs).","page_number":11,"box":{"x":243,"y":768,"width":213,"height":10}},{"id":"f3910576-1997-415a-af82-750e1c070e37","block_type":"box","text":"•","page_number":11,"box":{"x":235,"y":784,"width":4,"height":3}},{"id":"630d2e97-9c41-4aef-beae-c86ab87bc98d","block_type":"box","text":"There is no investment minimum for certain fee","page_number":11,"box":{"x":242,"y":781,"width":318,"height":9}},{"id":"62a72735-c597-4770-add0-a70f4ec4b761","block_type":"box","text":"based programs.","page_number":11,"box":{"x":243,"y":795,"width":109,"height":10}},{"id":"a28c316a-d514-4a19-81bd-98e5891430f5","block_type":"box","text":"There is no minimum initial investment 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The other strategy focuses on equity investments in commodity-related companies,","page_number":13,"box":{"x":61,"y":679,"width":868,"height":11}},{"id":"bd322b47-de91-47ea-9738-0d9b0229c836","block_type":"box","text":"including, but not limited to, companies operating in the mining, energy and agricultural sectors. The Fund invests in","page_number":13,"box":{"x":62,"y":694,"width":851,"height":11}},{"id":"2f5a716f-04e4-4827-9a06-8db4d264a057","block_type":"box","text":"securities of such companies in order to complement the commodity exposures achieved through investments in","page_number":13,"box":{"x":61,"y":708,"width":827,"height":12}},{"id":"91b6f125-62f3-40c4-af9d-bc31fc459881","block_type":"box","text":"commodity-linked derivatives.","page_number":13,"box":{"x":61,"y":723,"width":213,"height":12}},{"id":"eb56be45-1455-4f41-a528-bc62f881ce59","block_type":"box","text":"Commodities are assets that have tangible properties, and include, without limitation, minerals, metals (including","page_number":13,"box":{"x":61,"y":746,"width":836,"height":11}},{"id":"ce13ecec-c6fc-4a63-a9af-147428d5dd6f","block_type":"box","text":"precious, industrial and rare metals), steel, agricultural products and commodities, livestock, environmental","page_number":13,"box":{"x":62,"y":761,"width":790,"height":11}},{"id":"ab8f4286-42dc-4794-a8ef-e2b09fe0c3a0","block_type":"box","text":"commodities, wool, ethanol, chemicals, forest products (including wood, pulp and paper), plastic, rubber, sugar,","page_number":13,"box":{"x":61,"y":775,"width":820,"height":12}},{"id":"7f45337a-78e6-46f8-9470-1d7aab416a0e","block_type":"box","text":"cotton, cocoa, coffee, basic materials, building materials, water, oil, gas, consumable fuel, energy and other natural","page_number":13,"box":{"x":61,"y":790,"width":851,"height":12}},{"id":"5611099c-a8c1-4e87-bd77-f8e2ac3e1ee2","block_type":"box","text":"resources.","page_number":13,"box":{"x":61,"y":807,"width":76,"height":7}},{"id":"b439a006-7f2a-4d6e-957a-ceceac4dc2dd","block_type":"box","text":"Commodity-related companies include, but are not limited to, companies in commodities, natural resources and energy","page_number":13,"box":{"x":61,"y":828,"width":876,"height":11}},{"id":"f92274e1-75ac-4bb2-89f9-dfa6bd9b2388","block_type":"box","text":"businesses and in associated businesses and companies that provide services or have exposure to such businesses","page_number":13,"box":{"x":61,"y":843,"width":865,"height":11}},{"id":"f69f4c56-0f9b-4806-8245-0e45bfe8067d","block_type":"box","text":"(collectively, the “Commodities Sector”). These companies include, without limitation, companies engaged in the","page_number":13,"box":{"x":61,"y":857,"width":827,"height":12}},{"id":"02bdd205-6b3b-4211-8fc1-5309dd0aa6ee","block_type":"box","text":"exploration, ownership, production, refinement, processing, transportation, distribution or marketing of commodities,","page_number":13,"box":{"x":61,"y":872,"width":857,"height":12}},{"id":"bd5258a1-2c2d-4d18-ab5a-cd29ee3e2fc8","block_type":"box","text":"companies that use commodities extensively in their products and companies that provide technology and services to","page_number":13,"box":{"x":61,"y":887,"width":866,"height":11}},{"id":"8819d965-0b9b-4fd6-ab7b-38d236ef2e7d","block_type":"box","text":"commodity-related companies. This includes companies that are engaged in businesses such as integrated oil, oil and","page_number":13,"box":{"x":61,"y":902,"width":870,"height":11}},{"id":"9ec0b618-0984-4461-8682-74acae349a93","block_type":"box","text":"gas exploration and production, energy services and technology, chemicals and oil products, coal and other","page_number":13,"box":{"x":60,"y":917,"width":790,"height":11}},{"id":"ab72b748-9080-4bcb-8181-97de457ca521","block_type":"box","text":"13","page_number":13,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"77ad2c8b-48e0-48c2-bd6f-cd1336b43c19","block_type":"box","text":"NM1026U-5981105-13/76","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e636da34-0f93-4d7d-ad6f-2903e27b392a","block_type":"box","text":"consumable fuel, gold and precious metals, metals and minerals, forest products, agricultural chemicals and services,","page_number":14,"box":{"x":61,"y":46,"width":872,"height":11}},{"id":"b625a639-b549-4717-a436-d3ca40071f04","block_type":"box","text":"farm land, alternative energy sources, environmental services and agricultural products (including crop growers,","page_number":14,"box":{"x":60,"y":60,"width":821,"height":12}},{"id":"7a5cd374-ed31-4e73-9ecc-ef713d17154f","block_type":"box","text":"owners of plantations, and companies that produce and process foods), as well as related transportation companies,","page_number":14,"box":{"x":61,"y":75,"width":863,"height":12}},{"id":"e08a56d2-822f-4556-a0e0-93fe789251fb","block_type":"box","text":"equipment manufacturers, service providers and engineering, procurement and construction (“EPC”) companies.","page_number":14,"box":{"x":61,"y":90,"width":826,"height":12}},{"id":"884dfe81-a87d-4d20-acba-89759f3f882b","block_type":"box","text":"Commodity-linked derivatives may be used to hedge a position or for non-hedging purposes, such as to gain exposure","page_number":14,"box":{"x":61,"y":113,"width":862,"height":11}},{"id":"667d4bce-f580-48ec-a8a1-47aeef8e08f7","block_type":"box","text":"to a particular type of commodity or commodity market. Commodity-linked derivatives include, but are not limited to,","page_number":14,"box":{"x":60,"y":127,"width":851,"height":12}},{"id":"1f6fc23f-2eb1-40db-9150-719c5106da59","block_type":"box","text":"commodities contracts, commodity futures or options thereon (investments in contracts for the future purchase or sale","page_number":14,"box":{"x":61,"y":142,"width":873,"height":12}},{"id":"fc4a7413-99c2-46ab-af7f-937dd5b237b6","block_type":"box","text":"of commodities); commodity exchange-traded funds (exchange-traded funds that track a benchmark tied to one or more","page_number":14,"box":{"x":61,"y":157,"width":875,"height":12}},{"id":"6f13be59-d27b-46e7-9c1f-d212bd6c6b9d","block_type":"box","text":"commodities or commodity sectors); total return swaps based on a commodity index (permitting one party to receive/","page_number":14,"box":{"x":61,"y":172,"width":865,"height":12}},{"id":"20b8c820-1c81-4858-9591-f7e38b8e0e4f","block_type":"box","text":"pay the total return on a commodity index against payment/receipt of an agreed upon spread/interest rate);","page_number":14,"box":{"x":62,"y":187,"width":792,"height":11}},{"id":"898e20c1-79ed-4fab-a029-f860784c9187","block_type":"box","text":"commodity-linked notes (providing a return based on a formula referenced to a commodity index); commodity exchange","page_number":14,"box":{"x":61,"y":202,"width":873,"height":11}},{"id":"055822fd-39f8-4eca-aaf4-f9a213290525","block_type":"box","text":"traded notes (non-interest paying debt instruments whose price fluctuates (by contractual commitment) with an","page_number":14,"box":{"x":60,"y":216,"width":815,"height":12}},{"id":"f505856d-854a-4250-8fbc-40a4673324e0","block_type":"box","text":"underlying commodities index); sovereign issued oil warrants (a sovereign obligation the coupon on which is contingent","page_number":14,"box":{"x":61,"y":232,"width":873,"height":11}},{"id":"e55ea17a-cc87-458a-aba5-6913cd7a1d72","block_type":"box","text":"on the price of oil); and any other commodity-linked derivative permitted by law.","page_number":14,"box":{"x":61,"y":246,"width":579,"height":12}},{"id":"65b805c9-a7d8-45db-84af-9a4ac0ec0dc4","block_type":"box","text":"A commodity-linked note is a derivative instrument that has characteristics of a debt security and of a commodity","page_number":14,"box":{"x":60,"y":269,"width":835,"height":11}},{"id":"c5c1f645-0172-47c1-ba96-78d024b7ecfc","block_type":"box","text":"linked derivative. A commodity-linked note typically provides for interest payments and a principal payment at maturity","page_number":14,"box":{"x":62,"y":283,"width":862,"height":12}},{"id":"6efb0eb8-8dc9-489a-bdee-afc6a769c605","block_type":"box","text":"linked to the price movement of the underlying commodity, commodity index or commodity futures or option contract.","page_number":14,"box":{"x":62,"y":298,"width":855,"height":12}},{"id":"b307f07e-609a-4265-8998-19d5a7c2b8d9","block_type":"box","text":"These notes are sometimes referred to as “structured notes” because the terms of these notes may be structured by","page_number":14,"box":{"x":60,"y":313,"width":870,"height":12}},{"id":"29d3aaf1-edeb-42c4-b939-e7f4a89843ed","block_type":"box","text":"the issuer and the purchaser of the note. The value of these notes will rise or fall in response to changes in the","page_number":14,"box":{"x":60,"y":328,"width":821,"height":12}},{"id":"a091ccf5-cdd7-4e75-9e5d-a2a87429cd84","block_type":"box","text":"underlying commodity, commodity futures contract, subset of commodities, subset of commodity futures contracts or","page_number":14,"box":{"x":61,"y":343,"width":859,"height":11}},{"id":"f970f145-e5db-4957-a050-54a4dfe68990","block_type":"box","text":"commodity index. These notes expose the Fund economically to movements in commodity prices. These notes also are","page_number":14,"box":{"x":61,"y":358,"width":875,"height":11}},{"id":"a9b5c02d-d5d2-4a30-85d8-4c3bc9ce34ac","block_type":"box","text":"subject to risks, such as counterparty, credit, market and interest rate risks. In addition, these notes are often","page_number":14,"box":{"x":61,"y":372,"width":812,"height":12}},{"id":"5c80371d-548c-4b17-bf00-9bb1cbb61445","block_type":"box","text":"leveraged, increasing the volatility of each note’s market value relative to changes in the underlying commodity,","page_number":14,"box":{"x":62,"y":387,"width":815,"height":12}},{"id":"ab5dfa3f-2a3a-4d07-b0e7-4f87d257faa3","block_type":"box","text":"commodity futures contract or commodity index. Therefore, at the maturity of the note, the Fund may receive more or","page_number":14,"box":{"x":61,"y":402,"width":858,"height":12}},{"id":"c46df2db-a0df-4abf-a9f2-fa204d8c877b","block_type":"box","text":"less principal than it originally invested. The Fund might receive interest payments on the note that are more or less","page_number":14,"box":{"x":62,"y":417,"width":850,"height":11}},{"id":"215fa3ae-20e1-4b2b-8df8-8cad6da09aa8","block_type":"box","text":"than the stated coupon interest payments.","page_number":14,"box":{"x":60,"y":432,"width":313,"height":11}},{"id":"7698a51f-95c5-4bc2-acff-9f8b3b95f142","block_type":"box","text":"The Fund may make investments directly or through investments in the BlackRock Cayman Commodity Strategies","page_number":14,"box":{"x":60,"y":454,"width":831,"height":12}},{"id":"c6077bc7-0026-4b5a-8842-8a63208d0afc","block_type":"box","text":"Fund, Ltd. (the “Subsidiary”). The Subsidiary is managed by BlackRock Advisors, LLC (“BlackRock”) and has the same","page_number":14,"box":{"x":62,"y":469,"width":868,"height":12}},{"id":"cf0e563f-72ed-4252-a28a-dc827a6e9559","block_type":"box","text":"investment objective as the Fund. The assets of the Subsidiary are subject to the same investment restrictions and","page_number":14,"box":{"x":62,"y":484,"width":848,"height":11}},{"id":"ed72b29c-072e-4cc6-8dfc-8ce5ba4bd49d","block_type":"box","text":"limitations, and follow the same compliance policies and procedures, as the Fund, except that the Subsidiary does not","page_number":14,"box":{"x":62,"y":499,"width":872,"height":11}},{"id":"a7f04e61-ac99-41b1-9af9-e7ad541feffc","block_type":"box","text":"invest in equity securities of commodity-related companies, and may invest without limitation in commodity-linked","page_number":14,"box":{"x":62,"y":514,"width":829,"height":11}},{"id":"17bc89d3-237b-4e53-b2cc-d5abc0154a00","block_type":"box","text":"derivative instruments. The Fund will not invest more than 25% of its total assets (measured at the time of investment)","page_number":14,"box":{"x":61,"y":528,"width":875,"height":12}},{"id":"f6225a0f-23af-451c-8b30-dbf275b56cba","block_type":"box","text":"in the Subsidiary. BlackRock has entered into a sub-advisory agreement with BlackRock International Limited with","page_number":14,"box":{"x":62,"y":543,"width":833,"height":12}},{"id":"e0b493c5-1eaf-422d-8f0b-6b01aab45204","block_type":"box","text":"respect to the Subsidiary.","page_number":14,"box":{"x":61,"y":558,"width":187,"height":12}},{"id":"51fd464d-411a-46e2-aeaa-30042e5f3980","block_type":"box","text":"The Fund manages the term structure of its commodity-linked derivative positions and has the flexibility to gain","page_number":14,"box":{"x":60,"y":581,"width":814,"height":11}},{"id":"7b6ce4f4-9747-4f53-90e9-027fd0d57c90","block_type":"box","text":"exposure to futures maturities which differ from those in the Fund’s benchmark, the Bloomberg Commodity Index Total","page_number":14,"box":{"x":61,"y":595,"width":870,"height":12}},{"id":"a81bdd73-91f0-4271-a2bb-a49f972dc1d6","block_type":"box","text":"Return","page_number":14,"box":{"x":62,"y":611,"width":46,"height":9}},{"id":"fed34e39-b928-419c-b039-c90738c7f6d6","block_type":"box","text":"SM","page_number":14,"box":{"x":109,"y":611,"width":11,"height":4}},{"id":"3b2173f5-4afd-4385-801f-13b87e2b80fa","block_type":"box","text":". This is done in an effort to achieve efficient investment results and minimize any adverse effects on returns","page_number":14,"box":{"x":123,"y":610,"width":805,"height":12}},{"id":"0b7df4a8-03f7-4022-a59e-f1ce6da863c0","block_type":"box","text":"caused by commodity term structures.","page_number":14,"box":{"x":61,"y":625,"width":281,"height":12}},{"id":"1b63dc36-0512-482d-97b3-766dde04e1cd","block_type":"box","text":"The value of commodity-linked derivative instruments may be affected by overall market movements and other factors,","page_number":14,"box":{"x":60,"y":648,"width":869,"height":11}},{"id":"72ec2a00-d9bf-45d8-9cd5-50da6318ee27","block_type":"box","text":"affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and","page_number":14,"box":{"x":61,"y":662,"width":819,"height":12}},{"id":"ba209d50-1da8-4f64-889b-bfef2e4940c6","block_type":"box","text":"regulatory developments.","page_number":14,"box":{"x":61,"y":678,"width":184,"height":11}},{"id":"2ec509df-9e4d-4f54-9d87-e821e89a9077","block_type":"box","text":"As forward and futures contracts approach maturity, the Fund will generally replace, or “roll,” them. Alternatively, if the","page_number":14,"box":{"x":60,"y":700,"width":869,"height":11}},{"id":"c0774579-5881-4de2-9936-8f4f7f5c54fc","block_type":"box","text":"Fund holds commodity futures-linked derivatives, the returns of these derivatives will reflect this rolling. The Fund","page_number":14,"box":{"x":62,"y":715,"width":828,"height":11}},{"id":"100eddf7-6bbc-486b-a833-1c704ce212ac","block_type":"box","text":"manages the term structure of its commodity-linked derivative positions in seeking to reduce the negative roll yield","page_number":14,"box":{"x":61,"y":730,"width":841,"height":11}},{"id":"41580145-9474-4acb-8d81-baaf6f5884cf","block_type":"box","text":"associated with contango. “Contango” exists when the price of a forward or futures contract is higher than the current","page_number":14,"box":{"x":61,"y":744,"width":869,"height":12}},{"id":"2812a9dd-9327-40b5-9781-b775e12e4bc9","block_type":"box","text":"spot price. In contango, the futures or forward curve would be upward sloping, reflecting that such contracts would","page_number":14,"box":{"x":61,"y":759,"width":842,"height":12}},{"id":"94cb6898-b7d1-4d23-bb9e-5d731a050785","block_type":"box","text":"trade at higher prices in the future. In contrast, “backwardation” exists when the price of a futures or forward contract","page_number":14,"box":{"x":60,"y":774,"width":868,"height":12}},{"id":"19661528-5a45-47c6-a712-a3240b9e276d","block_type":"box","text":"is lower than the current spot price. In that case, the forward or futures curve would be downward sloping. “Roll yield”","page_number":14,"box":{"x":62,"y":789,"width":866,"height":11}},{"id":"d09b86d5-77c9-4f8e-839f-5d01342d2636","block_type":"box","text":"refers to the amount of return generated during periods of backwardation, and “negative roll yield” refers to the","page_number":14,"box":{"x":61,"y":804,"width":818,"height":11}},{"id":"0a496f8c-f0f2-4be9-89cf-28cdbb1fe200","block_type":"box","text":"amount of return lost during periods of contango.","page_number":14,"box":{"x":61,"y":818,"width":359,"height":12}},{"id":"d769f1d8-ae36-49f2-8d3d-193d707c1045","block_type":"box","text":"Equity securities held by the Fund may include common stocks, preferred stocks, warrants, depositary receipts and","page_number":14,"box":{"x":62,"y":841,"width":846,"height":11}},{"id":"5e1dafd4-d7df-4f67-b101-044d7b28ecee","block_type":"box","text":"other instruments whose price is linked to the value of common stock, and equity interests in master limited","page_number":14,"box":{"x":61,"y":856,"width":797,"height":11}},{"id":"ac4937af-d6d2-4953-8445-aceefec5b043","block_type":"box","text":"partnerships (“MLPs”). The Fund may also purchase convertible securities.","page_number":14,"box":{"x":62,"y":871,"width":550,"height":11}},{"id":"5d0f2dc5-b28e-4d2a-be8a-bb80118e80f9","block_type":"box","text":"The Fund may also invest in fixed-income instruments (of any credit quality and any duration) of commodity-related","page_number":14,"box":{"x":60,"y":893,"width":838,"height":12}},{"id":"4ebf1651-5365-4566-adcd-c37aab017a6d","block_type":"box","text":"companies.","page_number":14,"box":{"x":61,"y":908,"width":83,"height":11}},{"id":"cfddbdfb-8f54-424c-a507-b97b50a80598","block_type":"box","text":"14","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"82ec8612-ecb7-4193-961b-29fa7d9e99fa","block_type":"box","text":"NM1026U-5981105-14/76","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f023dcd0-79ec-467f-9ec3-e6f316f796bd","block_type":"box","text":"There are no restrictions on investment in terms of geography or market capitalization. The Fund may invest in both","page_number":15,"box":{"x":60,"y":46,"width":847,"height":11}},{"id":"a5772b70-19a0-4cdd-b291-8710d76697e3","block_type":"box","text":"U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated in","page_number":15,"box":{"x":62,"y":61,"width":838,"height":11}},{"id":"b1d32ab1-9313-472e-8f05-bac07fb094c8","block_type":"box","text":"both U.S. dollars and foreign currencies. The Fund may invest in securities of issuers of any market capitalization.","page_number":15,"box":{"x":61,"y":75,"width":836,"height":12}},{"id":"8fe20dc6-4a7c-4f84-9bb5-3dc60df94c8a","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":15,"box":{"x":61,"y":98,"width":327,"height":13}},{"id":"952b1306-b23d-464d-bf3e-95f98fd8de15","block_type":"box","text":"In addition to the principal strategies discussed above, the Fund may also invest or engage in the following","page_number":15,"box":{"x":62,"y":115,"width":784,"height":11}},{"id":"7a4c2549-12ab-4f96-9111-c9a550da86a3","block_type":"box","text":"investments/strategies:","page_number":15,"box":{"x":62,"y":130,"width":173,"height":11}},{"id":"ff00ced1-652b-4612-bf50-a44bc2999f2b","block_type":"box","text":"Borrowing","page_number":15,"box":{"x":81,"y":150,"width":78,"height":11}},{"id":"c8ea2174-0d83-42df-b61d-be4ead5ed686","block_type":"box","text":"— The Fund may borrow up to the limits set forth under the Investment Company Act of 1940, as","page_number":15,"box":{"x":162,"y":149,"width":717,"height":12}},{"id":"00992dd7-5f0c-49a4-bd21-c891d427bd57","block_type":"box","text":"amended (the “Investment Company Act”), the rules and regulations thereunder and any applicable exemptive relief.","page_number":15,"box":{"x":81,"y":164,"width":855,"height":12}},{"id":"5b723f28-3513-4e31-9c70-7e056d7d976f","block_type":"box","text":"Convertible Securities","page_number":15,"box":{"x":81,"y":184,"width":167,"height":9}},{"id":"6fc8580c-a97c-4927-85ca-7186068df7a0","block_type":"box","text":"— The Fund may invest in convertible securities. Convertible securities generally are debt","page_number":15,"box":{"x":252,"y":184,"width":660,"height":12}},{"id":"cfd3b5d2-2787-4ad3-897c-f8f290fcfc93","block_type":"box","text":"securities or preferred stock that may be converted into common stock. Convertible securities typically pay current","page_number":15,"box":{"x":81,"y":199,"width":843,"height":11}},{"id":"ff02e2fe-8cb6-416a-9f19-fe70d33ea19b","block_type":"box","text":"income as either interest (debt security convertibles) or dividends (preferred stock). A convertible security’s value","page_number":15,"box":{"x":82,"y":214,"width":833,"height":11}},{"id":"7ad5a632-0071-43b0-a040-2a95252b2ef4","block_type":"box","text":"usually reflects both the stream of current income payments and the market value of the underlying common stock.","page_number":15,"box":{"x":82,"y":229,"width":847,"height":11}},{"id":"518acc15-b711-40cd-934b-6ec4054123b4","block_type":"box","text":"Depositary Receipts","page_number":15,"box":{"x":81,"y":249,"width":152,"height":11}},{"id":"2e11bf73-a4b7-4282-955f-61d5142096fc","block_type":"box","text":"— The Fund may invest in securities of foreign issuers in the form of depositary receipts or","page_number":15,"box":{"x":238,"y":249,"width":671,"height":11}},{"id":"263f7ef0-ecb3-429b-9d8a-781822302a7e","block_type":"box","text":"other securities that are convertible into securities of foreign issuers. American Depositary Receipts are receipts","page_number":15,"box":{"x":81,"y":263,"width":829,"height":12}},{"id":"0233203a-29ac-4dbb-8d0c-d7d814dd2831","block_type":"box","text":"typically issued by an American bank or fund company that evidence underlying securities issued by a foreign","page_number":15,"box":{"x":80,"y":278,"width":800,"height":12}},{"id":"9c6e1bd1-a71d-4d5d-a995-5dcebcdb4b50","block_type":"box","text":"corporation. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout","page_number":15,"box":{"x":81,"y":293,"width":833,"height":12}},{"id":"6f669dab-265b-473d-96e1-da6c7dada73c","block_type":"box","text":"the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored Depositary","page_number":15,"box":{"x":80,"y":308,"width":793,"height":12}},{"id":"ab0f98b1-2278-4128-b373-65d9b7de8cba","block_type":"box","text":"Receipts.","page_number":15,"box":{"x":82,"y":323,"width":66,"height":11}},{"id":"8ff19bcb-1a09-4c3b-8af3-bc997dba45e9","block_type":"box","text":"Illiquid Investments","page_number":15,"box":{"x":81,"y":343,"width":148,"height":11}},{"id":"470030c5-4f09-42b7-b6a1-1475c2585695","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":15,"box":{"x":233,"y":343,"width":677,"height":11}},{"id":"7154fad6-7bc5-4cb3-a2c3-741629f0597e","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":15,"box":{"x":82,"y":358,"width":811,"height":11}},{"id":"b9ce9eda-7682-401f-bbd7-b45552049e81","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":15,"box":{"x":82,"y":372,"width":831,"height":12}},{"id":"0d913207-6d16-44f2-ae9c-34733ce67a26","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":15,"box":{"x":81,"y":387,"width":811,"height":12}},{"id":"6942d1cf-70a2-4c57-a1e5-37098f965493","block_type":"box","text":"Indexed and Inverse Securities","page_number":15,"box":{"x":81,"y":407,"width":232,"height":9}},{"id":"02c45f6b-378c-4e7d-b81d-dcba160862b1","block_type":"box","text":"— The Fund may invest in securities the potential return of which is based on the","page_number":15,"box":{"x":317,"y":407,"width":598,"height":12}},{"id":"679fb750-2cd7-4e6c-91a4-81e1271c59f4","block_type":"box","text":"change in a specified interest rate or equity index (an “indexed security”). For example, the Fund may invest in a","page_number":15,"box":{"x":81,"y":422,"width":823,"height":12}},{"id":"63792ec3-0342-40f9-9d59-404cd0721c48","block_type":"box","text":"security that pays a variable amount of interest or principal based on the current level of a particular stock market.","page_number":15,"box":{"x":81,"y":437,"width":843,"height":11}},{"id":"63077104-e425-4c64-a035-c81940a88cb3","block_type":"box","text":"The Fund may also invest in indexed securities the potential return of which is based inversely on the change in a","page_number":15,"box":{"x":81,"y":454,"width":832,"height":12}},{"id":"f06ae659-9644-4354-b6fa-c9d767284a38","block_type":"box","text":"specified interest rate or equity index. The Fund may also invest in securities whose return is inversely related to","page_number":15,"box":{"x":81,"y":469,"width":827,"height":12}},{"id":"a9cf3566-1815-4581-ba79-fb3fc3ef5dbe","block_type":"box","text":"changes in an interest rate or index (“inverse securities”). In general, the return on inverse securities will decrease","page_number":15,"box":{"x":81,"y":484,"width":844,"height":12}},{"id":"64a92dc5-6dea-4b54-a65f-9cc4a44e174b","block_type":"box","text":"when the underlying index or interest rate goes up and increase when that index or interest rate goes down.","page_number":15,"box":{"x":80,"y":499,"width":791,"height":11}},{"id":"f69acb75-d565-4100-8c00-c735da8a5588","block_type":"box","text":"Investment Companies","page_number":15,"box":{"x":81,"y":519,"width":172,"height":11}},{"id":"5a7149c2-afc4-447e-9218-ec0559af1f82","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":15,"box":{"x":258,"y":519,"width":643,"height":11}},{"id":"123aa739-cc95-43dd-b37b-a89b413022ff","block_type":"box","text":"traded funds (including commodity exchange-traded funds), unit investment trusts, and open-end and closed-end","page_number":15,"box":{"x":80,"y":534,"width":825,"height":11}},{"id":"301f0784-fd21-47f3-92a7-30cab4ea96ee","block_type":"box","text":"funds, subject to the applicable limits under the Investment Company Act and the rules thereunder. The Fund may","page_number":15,"box":{"x":81,"y":548,"width":837,"height":12}},{"id":"f6144bd5-cca1-4693-9add-356d2edc19a9","block_type":"box","text":"invest in affiliated investment companies, including affiliated money market funds and affiliated exchange-traded","page_number":15,"box":{"x":82,"y":563,"width":828,"height":12}},{"id":"d561e2d8-5c88-40d3-a7e0-80959e762868","block_type":"box","text":"funds.","page_number":15,"box":{"x":81,"y":578,"width":44,"height":9}},{"id":"6446cc2a-4418-4733-a09d-72e979b2794f","block_type":"box","text":"Master Limited Partnerships","page_number":15,"box":{"x":81,"y":598,"width":215,"height":11}},{"id":"3b821f9a-fc13-43f0-8239-7e79283373c5","block_type":"box","text":"— The Fund may invest in publicly traded MLPs, which are limited partnerships or","page_number":15,"box":{"x":300,"y":598,"width":600,"height":11}},{"id":"06c550c5-20ef-4072-8bfa-45c2c9fe40fc","block_type":"box","text":"limited liability companies taxable as partnerships. MLPs generally have two classes of owners, the general partner","page_number":15,"box":{"x":82,"y":613,"width":849,"height":11}},{"id":"492b006e-cc44-45f0-b4d1-c953fdf9672d","block_type":"box","text":"and limited partners. If investing in an MLP, the Fund intends to purchase publicly traded common units issued to","page_number":15,"box":{"x":81,"y":628,"width":834,"height":11}},{"id":"79c7a08d-4dd0-4457-8992-d0e03edcfa37","block_type":"box","text":"limited partners of the MLP. Limited partners have a limited role in the operations and management of the MLP.","page_number":15,"box":{"x":82,"y":642,"width":820,"height":12}},{"id":"c6e57fed-e59d-42d3-bcc6-ed3dcbcf6efa","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":15,"box":{"x":81,"y":663,"width":442,"height":11}},{"id":"a085f265-f235-4e7d-974c-c8806946620b","block_type":"box","text":"— The Fund may enter into certain types of repurchase","page_number":15,"box":{"x":527,"y":662,"width":406,"height":12}},{"id":"08fbdb84-a5f9-4840-b105-84b9fd3be8e9","block_type":"box","text":"agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a","page_number":15,"box":{"x":81,"y":678,"width":813,"height":11}},{"id":"5c3e074e-b561-47fc-b691-f9d791801215","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":15,"box":{"x":81,"y":692,"width":779,"height":12}},{"id":"6c590339-4289-4fe1-9aa2-456ae0632fcc","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":15,"box":{"x":81,"y":707,"width":832,"height":12}},{"id":"68836a86-c58b-494e-9ce4-e5fe1e9cdd34","block_type":"box","text":"paid during the period.","page_number":15,"box":{"x":82,"y":722,"width":162,"height":11}},{"id":"318535db-791c-4ab9-b4c0-14a541c743d6","block_type":"box","text":"Restricted Securities","page_number":15,"box":{"x":81,"y":742,"width":159,"height":9}},{"id":"02b57009-4326-42a5-8ab0-2b33f1970fb4","block_type":"box","text":"— Restricted securities are securities that cannot be offered for public resale unless","page_number":15,"box":{"x":245,"y":742,"width":625,"height":11}},{"id":"4db5ec0c-f7cf-4fbc-98eb-58b4e35569dc","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":15,"box":{"x":82,"y":757,"width":820,"height":11}},{"id":"b6486aa9-b95b-4da8-b74e-4cce61a3eae2","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":15,"box":{"x":82,"y":771,"width":839,"height":12}},{"id":"826e081e-c00f-40fe-9fce-5806dd5ecb4f","block_type":"box","text":"institutional buyers but not to the general public, securities of U.S. and non-U.S. issuers that are offered pursuant","page_number":15,"box":{"x":82,"y":786,"width":837,"height":12}},{"id":"4147c1c2-b5b2-4336-80b1-3452fa5f7813","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":15,"box":{"x":80,"y":801,"width":736,"height":12}},{"id":"45e1dc86-d517-4195-bce1-0586f4523a2a","block_type":"box","text":"Securities Lending","page_number":15,"box":{"x":81,"y":821,"width":140,"height":11}},{"id":"b99ac030-5afc-4a28-b760-c0968ecf8f46","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":15,"box":{"x":225,"y":821,"width":396,"height":11}},{"id":"c61ed4fb-1eb1-41bf-8e21-3feb5152b39b","block_type":"box","text":"1⁄","page_number":15,"box":{"x":622,"y":821,"width":6,"height":6}},{"id":"5d2f82fa-a7ee-45d3-b22d-946a71224e13","block_type":"box","text":"1⁄3","page_number":15,"box":{"x":626,"y":821,"width":8,"height":9}},{"id":"205efd0f-f909-4256-b481-b73ca686ea16","block_type":"box","text":"⁄3","page_number":15,"box":{"x":632,"y":825,"width":6,"height":5}},{"id":"67d2d782-e386-4e9e-a0dd-eca0d0b75b93","block_type":"box","text":"% of its total assets to financial","page_number":15,"box":{"x":639,"y":821,"width":231,"height":9}},{"id":"5a4efa45-c538-4d72-aee3-6ad10f73f66d","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":15,"box":{"x":82,"y":836,"width":748,"height":11}},{"id":"0753be47-6c51-4b0a-9e4e-905140d44681","block_type":"box","text":"Short Sales","page_number":15,"box":{"x":81,"y":856,"width":87,"height":9}},{"id":"2e36a8d2-fdd4-483c-b0f3-2e4cbcdf6e62","block_type":"box","text":"— The Fund may make short sales of securities either as a hedge against potential declines in the","page_number":15,"box":{"x":173,"y":856,"width":727,"height":11}},{"id":"99ae1da4-83c1-4409-a7f7-ecf4c95d049d","block_type":"box","text":"value of a portfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":15,"box":{"x":80,"y":871,"width":846,"height":11}},{"id":"0936b0b2-2edd-4ccb-a80e-7c47c5bc90d9","block_type":"box","text":"The Fund may also make short sales “against the box” without being subject to such limitations. In this type of","page_number":15,"box":{"x":81,"y":885,"width":818,"height":12}},{"id":"b82e396e-8d78-495a-9a91-c610e2539798","block_type":"box","text":"short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire the","page_number":15,"box":{"x":81,"y":900,"width":807,"height":12}},{"id":"11ccc94c-fa84-43e2-99ab-6d3c889ab8ae","block_type":"box","text":"identical security at no additional cost.","page_number":15,"box":{"x":82,"y":915,"width":281,"height":12}},{"id":"97755c2c-2b56-44dc-91d7-e3361986878c","block_type":"box","text":"15","page_number":15,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"53c68470-6802-4417-ab2b-a6eca932f2bc","block_type":"box","text":"NM1026U-5981105-15/76","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cab32f3e-90bc-467d-aca3-b345b5c6be3b","block_type":"box","text":"Short-Term Investments","page_number":16,"box":{"x":81,"y":46,"width":180,"height":9}},{"id":"75891f61-5826-4b92-b312-74f491cfdc2f","block_type":"box","text":"— The Fund can invest its excess funds in short-term investments, including U.S.","page_number":16,"box":{"x":265,"y":46,"width":599,"height":11}},{"id":"904d0f59-ee9c-46ae-b4aa-ba4b06030fac","block_type":"box","text":"Government securities, money market funds, commercial paper, certificates of deposit, floating rate notes, bankers’","page_number":16,"box":{"x":81,"y":60,"width":854,"height":12}},{"id":"e2a00f88-0689-4e66-90c5-c2209109d502","block_type":"box","text":"acceptances and cash management vehicles which may be managed by BlackRock or one of its affiliates.","page_number":16,"box":{"x":81,"y":75,"width":776,"height":12}},{"id":"74ae278e-4939-43b2-9586-142bf55e1c57","block_type":"box","text":"Temporary Defensive Strategies","page_number":16,"box":{"x":82,"y":95,"width":238,"height":12}},{"id":"783e8333-3eb6-4468-879e-e3f7a8a5d4dc","block_type":"box","text":"—","page_number":16,"box":{"x":325,"y":101,"width":17,"height":0}},{"id":"dece7e2a-d200-43ce-b0aa-a7a1a3cdd88b","block_type":"box","text":"For temporary defensive purposes, for example, to respond to adverse market,","page_number":16,"box":{"x":348,"y":95,"width":577,"height":12}},{"id":"23d84202-326a-4e95-8afa-b77b70eb43c1","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":16,"box":{"x":81,"y":110,"width":802,"height":12}},{"id":"c887427a-f8ae-4b27-9050-12c495cb64f6","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":16,"box":{"x":82,"y":125,"width":833,"height":11}},{"id":"54e9f224-ef07-4b37-a76d-c67f5b3f3140","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":16,"box":{"x":81,"y":140,"width":796,"height":11}},{"id":"644b4472-6abd-4e6e-a2f3-809684ff45c0","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":16,"box":{"x":81,"y":155,"width":802,"height":11}},{"id":"391daea4-f8d4-41e7-9ad2-f51e6c3eaccb","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed-income","page_number":16,"box":{"x":82,"y":169,"width":777,"height":12}},{"id":"b8002583-8fd3-40f2-8c6b-4000df981bc1","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":16,"box":{"x":81,"y":184,"width":781,"height":12}},{"id":"f5e8b187-8bd4-401c-921a-eeae442cf6cb","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":16,"box":{"x":83,"y":204,"width":545,"height":12}},{"id":"725fd09b-6d6c-436d-b9fa-60cd37279406","block_type":"box","text":"— The purchase or sale of securities on","page_number":16,"box":{"x":632,"y":204,"width":295,"height":11}},{"id":"34c2c191-da08-4d00-9277-1032034cfab3","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":16,"box":{"x":81,"y":219,"width":851,"height":12}},{"id":"bf207225-3092-41f9-b1fa-10302dcf20db","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":16,"box":{"x":81,"y":234,"width":847,"height":11}},{"id":"67eea2c6-a651-41f5-93b6-e9f28bebc138","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":16,"box":{"x":82,"y":249,"width":842,"height":11}},{"id":"ac7d33c8-95fd-4a98-9e01-afa4d77cc50b","block_type":"box","text":"the transaction.","page_number":16,"box":{"x":80,"y":264,"width":115,"height":9}},{"id":"a6d8aaee-de95-49b8-937c-ca53122d4776","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":16,"box":{"x":272,"y":320,"width":453,"height":9}},{"id":"cf803aa9-367e-4616-b866-67543cc792e0","block_type":"box","text":"The Fund is managed by a team of financial professionals. Alastair Bishop and Hannah Johnson, CFA, are the","page_number":16,"box":{"x":70,"y":343,"width":805,"height":11}},{"id":"fa430247-c6c6-4f43-8906-ad9f6d671f3a","block_type":"box","text":"portfolio managers of the Fund and are jointly and primarily responsible for the day-to-day management of the Fund.","page_number":16,"box":{"x":72,"y":358,"width":846,"height":11}},{"id":"9e527351-a5a6-49d9-a3f4-468c2a7c8c06","block_type":"box","text":"Please see “Management of the Fund — Portfolio Manager Information” for additional information about the","page_number":16,"box":{"x":71,"y":372,"width":796,"height":12}},{"id":"a7938bc7-58c7-4854-8835-d9f74d1b9e58","block_type":"box","text":"portfolio management team.","page_number":16,"box":{"x":72,"y":387,"width":207,"height":12}},{"id":"f5deb4de-8e6e-4b14-ba84-eaa452bd0222","block_type":"box","text":"Investment Risks","page_number":16,"box":{"x":62,"y":439,"width":156,"height":11}},{"id":"d6ebbe73-9ab7-4af9-934e-e929da298cac","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objective and","page_number":16,"box":{"x":60,"y":465,"width":811,"height":12}},{"id":"c9ed92e6-e196-4764-b80d-0be1d632bc87","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":16,"box":{"x":61,"y":480,"width":866,"height":11}},{"id":"d3d185c8-dc25-4a1c-a986-745b07ab49d0","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":16,"box":{"x":62,"y":495,"width":863,"height":11}},{"id":"e17208fb-eb5a-4dc5-8ae3-5e7f50fd8d90","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not a","page_number":16,"box":{"x":61,"y":510,"width":836,"height":11}},{"id":"8953c657-9dec-4575-9e85-4a67c3c9756b","block_type":"box","text":"deposit in any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or","page_number":16,"box":{"x":61,"y":525,"width":856,"height":11}},{"id":"1a0c46ab-dd2b-485a-989a-8240c9c3bafe","block_type":"box","text":"governmental agency. The order of the below risk factors does not indicate the significance of any particular risk factor.","page_number":16,"box":{"x":60,"y":539,"width":875,"height":12}},{"id":"2ab7fefa-79e6-4cd5-86c5-9119083c06b5","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":16,"box":{"x":61,"y":562,"width":322,"height":13}},{"id":"889de4cd-5672-43e0-ad55-78a511b35615","block_type":"box","text":"Commodities Investment Risk","page_number":16,"box":{"x":81,"y":584,"width":227,"height":9}},{"id":"90bd4782-ab66-4637-9c6b-0ec2b1d65cc7","block_type":"box","text":"— Investing in commodity-linked derivative instruments and equity securities of","page_number":16,"box":{"x":312,"y":584,"width":582,"height":11}},{"id":"b084cc89-8638-43fa-90ff-a2a31e71c0f4","block_type":"box","text":"commodity-related companies may subject the Fund to greater volatility than investments in traditional securities.","page_number":16,"box":{"x":81,"y":599,"width":831,"height":11}},{"id":"366f110b-c9d2-4b9d-a855-ba40849473c6","block_type":"box","text":"The commodities markets have experienced periods of extreme volatility. Similar future market conditions may","page_number":16,"box":{"x":81,"y":613,"width":810,"height":12}},{"id":"cc7f4f45-2eae-468d-b9f8-f4df1fbdbff1","block_type":"box","text":"result in rapid and substantial valuation increases or decreases in the Fund’s holdings.","page_number":16,"box":{"x":82,"y":629,"width":639,"height":11}},{"id":"e7e5c089-5189-4fca-ad90-eededa6a66c8","block_type":"box","text":"The commodities markets may fluctuate widely based on a variety of factors. Movements in commodity investment","page_number":16,"box":{"x":81,"y":648,"width":842,"height":12}},{"id":"7072027d-929d-4441-bdfc-c086ee28d2d7","block_type":"box","text":"prices are outside of the Fund’s control and may not be anticipated by Fund management. Price movements may be","page_number":16,"box":{"x":82,"y":663,"width":849,"height":12}},{"id":"1ec8c639-2cc0-4ece-b5e6-332948491ec4","block_type":"box","text":"influenced by, among other things: governmental, agricultural, trade, fiscal, monetary and exchange control","page_number":16,"box":{"x":82,"y":678,"width":784,"height":12}},{"id":"679d1cf3-d908-4410-9197-f3ec7d196ba8","block_type":"box","text":"programs and policies; changing market and economic conditions; market liquidity; weather and climate conditions,","page_number":16,"box":{"x":82,"y":693,"width":845,"height":11}},{"id":"cd8badc8-21ce-46d9-81ff-ea6940303599","block_type":"box","text":"including droughts and floods; livestock disease; changing supply and demand relationships and levels of domestic","page_number":16,"box":{"x":82,"y":708,"width":846,"height":11}},{"id":"8aae35dd-f21d-42b4-ba87-5ec107913159","block_type":"box","text":"production and imported commodities; changes in storage costs; the availability of local, intrastate and interstate","page_number":16,"box":{"x":82,"y":722,"width":835,"height":12}},{"id":"b537520d-e7ca-49a8-8f29-610e87fb03d6","block_type":"box","text":"transportation systems; energy conservation; the success of exploration projects; changes in international balances","page_number":16,"box":{"x":80,"y":737,"width":855,"height":12}},{"id":"9c76914a-44b2-460f-9a08-950dba211d5b","block_type":"box","text":"of payments and trade; domestic and foreign rates of inflation; currency devaluations and revaluations; domestic","page_number":16,"box":{"x":81,"y":752,"width":829,"height":12}},{"id":"71ef5a78-b0df-43e4-ba76-161cb5bc626e","block_type":"box","text":"and foreign political and economic events; domestic and foreign interest rates and/or investor expectations","page_number":16,"box":{"x":81,"y":767,"width":790,"height":11}},{"id":"7ef23d7b-1a92-476b-84d9-b38cabf6ac15","block_type":"box","text":"concerning interest rates; foreign currency/exchange rates; domestic and foreign governmental regulation and","page_number":16,"box":{"x":81,"y":782,"width":809,"height":11}},{"id":"c92f02ee-2df2-42e3-b801-ef2b8d7fffb9","block_type":"box","text":"taxation; war, acts of terrorism and other political upheaval and conflicts; governmental expropriation; investment","page_number":16,"box":{"x":80,"y":797,"width":833,"height":11}},{"id":"c475e495-c762-4182-96c3-947fad0f452a","block_type":"box","text":"and trading activities of mutual funds, hedge funds and commodities funds; changes in philosophies and emotions","page_number":16,"box":{"x":81,"y":811,"width":844,"height":12}},{"id":"bf4dde38-8c20-4d27-8fe9-31a012d41be5","block_type":"box","text":"of market participants. The frequency and magnitude of such changes cannot be predicted.","page_number":16,"box":{"x":81,"y":826,"width":670,"height":12}},{"id":"9383047b-5c62-4a82-943e-cd67da8bd03e","block_type":"box","text":"The prices of commodities can also fluctuate widely due to supply and demand disruptions in major producing or","page_number":16,"box":{"x":81,"y":846,"width":827,"height":12}},{"id":"749573e5-4d2f-4e76-9a85-a10dbbc68c1d","block_type":"box","text":"consuming regions. Certain commodities or natural resources may be produced in a limited number of countries","page_number":16,"box":{"x":81,"y":861,"width":824,"height":12}},{"id":"ca5e3c2a-7e55-4be3-91f9-fa7190460ad0","block_type":"box","text":"and may be controlled by a small number of producers or groups of producers. As a result, political, economic and","page_number":16,"box":{"x":81,"y":876,"width":839,"height":11}},{"id":"875ecf88-c19c-4618-95b8-734b5387dcfd","block_type":"box","text":"supply related events in such countries could have a disproportionate impact on the prices of such commodities.","page_number":16,"box":{"x":81,"y":891,"width":830,"height":11}},{"id":"cfa69bad-5e76-4369-bbbf-bc8b6a5a97a0","block_type":"box","text":"16","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"48e8f651-2e60-454f-a1f9-6b138276aa29","block_type":"box","text":"NM1026U-5981105-16/76","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"cef2ab08-735c-4cde-bf64-5942bb80a328","block_type":"box","text":"A decrease in the production of a physical commodity or a decrease in the volume of such commodity available for","page_number":17,"box":{"x":81,"y":46,"width":841,"height":11}},{"id":"a186a136-1070-40f2-a1fd-51a3190831e9","block_type":"box","text":"transportation, mining, processing, storage or distribution may adversely impact the financial performance of a","page_number":17,"box":{"x":80,"y":60,"width":816,"height":12}},{"id":"021bfe42-9c1f-4a89-8178-7b77b8f7e692","block_type":"box","text":"commodity or commodity-related company that devotes a portion of its business to that commodity. Production","page_number":17,"box":{"x":81,"y":75,"width":813,"height":12}},{"id":"3ce576c3-0463-4dff-98fe-dbae8d2efe78","block_type":"box","text":"declines and volume decreases could be caused by various factors, including catastrophic events affecting","page_number":17,"box":{"x":81,"y":90,"width":786,"height":12}},{"id":"0eeacf78-5eca-42c2-9043-b1b428592346","block_type":"box","text":"production, depletion of resources, labor difficulties, environmental proceedings, increased regulations, equipment","page_number":17,"box":{"x":82,"y":105,"width":844,"height":12}},{"id":"31a47a74-44fe-48e4-8bc5-8a7faa8e1664","block_type":"box","text":"failures and unexpected maintenance problems, import supply disruption, governmental expropriation, political","page_number":17,"box":{"x":81,"y":120,"width":813,"height":11}},{"id":"95b5321a-817e-4bb0-af73-079c81ddfb04","block_type":"box","text":"upheaval or conflicts or increased competition from alternative energy sources or commodity prices. Agricultural","page_number":17,"box":{"x":82,"y":135,"width":819,"height":11}},{"id":"32ad8916-d5cd-44e5-a188-f98f2eab1915","block_type":"box","text":"commodities may be adversely affected by weather or other natural phenomena, such as drought, floods and pests.","page_number":17,"box":{"x":81,"y":149,"width":851,"height":12}},{"id":"9725ec5a-8efa-4f77-8630-60611ac9d59c","block_type":"box","text":"A sustained decline in demand for such commodities could also adversely affect the financial performance of","page_number":17,"box":{"x":81,"y":169,"width":805,"height":12}},{"id":"b0c339c4-e594-427d-8c0a-d6520328dfd5","block_type":"box","text":"commodity-related companies. Factors that could lead to a decline in demand include economic recession or other","page_number":17,"box":{"x":81,"y":184,"width":842,"height":12}},{"id":"63f08bb4-dbc0-4a14-b875-d972e51940a8","block_type":"box","text":"adverse economic conditions, higher taxes on commodities or increased governmental regulations, increases in fuel","page_number":17,"box":{"x":81,"y":199,"width":853,"height":12}},{"id":"834e42b8-2898-40f3-b923-d5d3fb9292f4","block_type":"box","text":"economy, consumer shifts to the use of alternative commodities or fuel sources, changes in commodity prices, or","page_number":17,"box":{"x":81,"y":214,"width":836,"height":11}},{"id":"1ba3d689-c392-45c0-a8dc-347c049f21fb","block_type":"box","text":"weather.","page_number":17,"box":{"x":80,"y":229,"width":61,"height":9}},{"id":"4e600941-f05d-48fe-a8b6-f15e52f06b18","block_type":"box","text":"The commodity markets are subject to temporary distortions and other disruptions due to, among other factors,","page_number":17,"box":{"x":81,"y":249,"width":822,"height":11}},{"id":"17567757-6577-4bfe-b4e9-c7e4ae59bbbc","block_type":"box","text":"lack of liquidity, the participation of speculators, and government regulation and other actions. U.S. futures","page_number":17,"box":{"x":82,"y":263,"width":785,"height":12}},{"id":"a0877ed0-400e-4a8e-ad4c-e75454fc9c5e","block_type":"box","text":"exchanges and some foreign exchanges limit the amount of fluctuation in futures contract prices which may occur in","page_number":17,"box":{"x":81,"y":278,"width":852,"height":12}},{"id":"c01a9e9a-073c-4ec3-92ca-880919f58fdb","block_type":"box","text":"a single business day (generally referred to as “daily price fluctuation limits”). The maximum or minimum price of a","page_number":17,"box":{"x":81,"y":293,"width":844,"height":12}},{"id":"d91dcbe6-db47-442d-a5c5-32b030e988c7","block_type":"box","text":"contract as a result of these limits is referred to as a “limit price.” If the limit price has been reached in a particular","page_number":17,"box":{"x":81,"y":308,"width":853,"height":11}},{"id":"f8cfa205-5467-4465-9ffb-80f8f34cf0d3","block_type":"box","text":"contract, no trades may be made beyond the limit price. Limit prices have the effect of precluding trading in a","page_number":17,"box":{"x":81,"y":323,"width":804,"height":11}},{"id":"50ba5d18-ed66-4974-b749-971d909fc27e","block_type":"box","text":"particular contract or forcing the liquidation of contracts at disadvantageous times or prices.","page_number":17,"box":{"x":82,"y":338,"width":676,"height":11}},{"id":"2f77a100-345e-4957-92b0-2aaf987840ba","block_type":"box","text":"Commodity-related companies may underperform the stock market as a whole. The value of securities issued by","page_number":17,"box":{"x":81,"y":358,"width":826,"height":11}},{"id":"71e24244-77c2-43aa-b346-7ddea59bc9f5","block_type":"box","text":"commodity-related companies may be affected by factors affecting a particular industry or commodity. The","page_number":17,"box":{"x":81,"y":372,"width":781,"height":12}},{"id":"34f2b910-3e63-485c-aaa2-c3a6246b499c","block_type":"box","text":"operations and financial performance of commodity-related companies may be directly affected by commodity","page_number":17,"box":{"x":81,"y":387,"width":806,"height":12}},{"id":"5554f455-3b3d-4d2b-b84d-77a4b874744d","block_type":"box","text":"prices, especially those commodity-related companies that own the underlying commodity. The stock prices of such","page_number":17,"box":{"x":82,"y":402,"width":844,"height":12}},{"id":"c2020c7a-018d-4845-a971-f9c9296c4f53","block_type":"box","text":"companies may also experience greater price volatility than other types of common stocks. Securities issued by","page_number":17,"box":{"x":81,"y":417,"width":820,"height":11}},{"id":"a82290de-8899-4a61-8116-cd43c7a521b8","block_type":"box","text":"commodity-related companies are sensitive to changes in the supply and demand for, and thus the prices of,","page_number":17,"box":{"x":81,"y":432,"width":798,"height":11}},{"id":"662241c7-4326-472c-ae6f-05c4c4cca2d5","block_type":"box","text":"commodities. Volatility of commodity prices, which may lead to a reduction in production or supply, may also","page_number":17,"box":{"x":81,"y":447,"width":793,"height":11}},{"id":"a9d0adf8-6052-428e-9b37-22b04196aea9","block_type":"box","text":"negatively impact the performance of commodity-related companies that are solely involved in the transportation,","page_number":17,"box":{"x":82,"y":461,"width":830,"height":12}},{"id":"0c9b2f18-ac4b-482a-9625-0006f64df4f6","block_type":"box","text":"processing, storing, distribution or marketing of commodities. Volatility of commodity prices may also make it more","page_number":17,"box":{"x":82,"y":476,"width":842,"height":12}},{"id":"be192712-c969-4d15-9d55-9714cb30ea4b","block_type":"box","text":"difficult for commodity-related companies to raise capital to the extent the market perceives that their performance","page_number":17,"box":{"x":81,"y":491,"width":846,"height":11}},{"id":"30a08f84-da26-4f23-935b-74d2416bc0b4","block_type":"box","text":"may be directly or indirectly tied to commodity prices.","page_number":17,"box":{"x":82,"y":506,"width":388,"height":11}},{"id":"b5d6b4c8-cccc-4080-9292-f301fab6b493","block_type":"box","text":"No active trading market may exist for certain commodities investments, which may impair the ability of the Fund to","page_number":17,"box":{"x":82,"y":526,"width":847,"height":11}},{"id":"8bd5bd6d-7ba0-4e4b-8e5f-bb32787d8bd0","block_type":"box","text":"sell or to realize the full value of such investments in the event of the need to liquidate such investments. In","page_number":17,"box":{"x":81,"y":541,"width":796,"height":11}},{"id":"6000a3e8-e227-45b9-83e9-0c62bd047544","block_type":"box","text":"addition, adverse market conditions may impair the liquidity of actively traded commodities or natural resources","page_number":17,"box":{"x":81,"y":555,"width":820,"height":12}},{"id":"df6af97f-7979-473a-81db-7f2bb1e75813","block_type":"box","text":"investments.","page_number":17,"box":{"x":82,"y":571,"width":92,"height":9}},{"id":"46eb8dee-6778-405f-b1c3-133f2f281def","block_type":"box","text":"Commodities Regulatory Risk","page_number":17,"box":{"x":81,"y":590,"width":224,"height":12}},{"id":"cb4a7426-1a5a-4ded-98cf-31c3359b4e77","block_type":"box","text":"—","page_number":17,"box":{"x":310,"y":596,"width":17,"height":0}},{"id":"8876c00e-7f5e-4709-af83-9213964c557a","block_type":"box","text":"Commodity-related companies are subject to significant federal, state and local","page_number":17,"box":{"x":332,"y":590,"width":580,"height":12}},{"id":"1dd50175-23e5-4587-8004-19845904b0a5","block_type":"box","text":"government regulation in virtually every aspect of their operations, including how facilities are constructed,","page_number":17,"box":{"x":81,"y":605,"width":782,"height":12}},{"id":"dd554802-e976-47b2-b9d1-8e7505b6470a","block_type":"box","text":"maintained and operated, environmental and safety controls, and the prices they may charge for the products and","page_number":17,"box":{"x":82,"y":620,"width":836,"height":12}},{"id":"191c3275-cde5-4666-a113-d52fcd38cd2e","block_type":"box","text":"services they provide. Various governmental authorities have the power to enforce compliance with these","page_number":17,"box":{"x":81,"y":635,"width":771,"height":11}},{"id":"1da8da19-b1b3-4639-adcf-a09bf05ba65b","block_type":"box","text":"regulations and the permits issued under them, and violators are subject to administrative, civil and criminal","page_number":17,"box":{"x":82,"y":650,"width":795,"height":11}},{"id":"41d4ef0b-3380-4a84-ba8e-9d864b185572","block_type":"box","text":"penalties, including civil fines, injunctions or both. The Commodity Futures Trading Commission (the “CFTC”) and the","page_number":17,"box":{"x":82,"y":664,"width":854,"height":12}},{"id":"344e2ad2-2297-448e-9cdf-2fa6e7c159b3","block_type":"box","text":"U.S. commodities exchanges are authorized to take extraordinary actions in the event of a market emergency,","page_number":17,"box":{"x":82,"y":679,"width":806,"height":12}},{"id":"34cdb759-0f35-43fc-aa89-fcb56a152c8a","block_type":"box","text":"including, for example, the imposition of higher margin requirements, the establishment of daily limits and the","page_number":17,"box":{"x":82,"y":694,"width":807,"height":12}},{"id":"08cb8b47-f33c-4d7b-b971-6914a73cfd3b","block_type":"box","text":"suspension of trading. Any of these actions, if taken, could adversely affect the returns of the Fund by limiting or","page_number":17,"box":{"x":81,"y":709,"width":827,"height":11}},{"id":"c600344c-2b02-43af-9cb0-09d71af7d863","block_type":"box","text":"precluding investment decisions the Fund might otherwise make.","page_number":17,"box":{"x":82,"y":724,"width":476,"height":11}},{"id":"37007850-ba84-46b4-b639-efd1ae42e97a","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits referred to as “speculative position limits” on the","page_number":17,"box":{"x":81,"y":744,"width":820,"height":11}},{"id":"0d7f5040-6b9a-49d7-ba6b-f14296804056","block_type":"box","text":"maximum net long or net short speculative positions that any person may hold or control in any particular futures,","page_number":17,"box":{"x":82,"y":759,"width":836,"height":11}},{"id":"533a3018-7183-4e7f-9845-e2383b4a3efd","block_type":"box","text":"options contracts or swaps traded on U.S. commodities exchanges, including with respect to futures and options on","page_number":17,"box":{"x":81,"y":773,"width":852,"height":12}},{"id":"fb6aae56-6cb1-4ea4-9da1-fb2454f0022f","block_type":"box","text":"futures on many physical commodities, such as energy, metals and agricultural commodities (the “core referenced","page_number":17,"box":{"x":81,"y":788,"width":841,"height":12}},{"id":"f8cf7145-478d-4613-a1a1-dff2fe858168","block_type":"box","text":"futures contracts”), and on economically equivalent swaps. An economically equivalent swap is a swap with","page_number":17,"box":{"x":81,"y":803,"width":789,"height":11}},{"id":"66e16c74-f11a-41d8-ab29-74a44424bdf4","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract,","page_number":17,"box":{"x":82,"y":818,"width":763,"height":11}},{"id":"e7f57c5c-73d9-4980-9fe8-0d28f1041599","block_type":"box","text":"disregarding differences with respect to any of the following: (1) lot size specifications or notional amounts,","page_number":17,"box":{"x":81,"y":833,"width":789,"height":11}},{"id":"0f69ca28-ae4b-4eab-baf3-c6cf378d61c5","block_type":"box","text":"(2) post-trade risk management arrangements and (3) delivery dates for physically-settled swaps as long as these","page_number":17,"box":{"x":81,"y":847,"width":836,"height":12}},{"id":"44a85787-8386-4722-8b26-b2ca1d46d151","block_type":"box","text":"delivery dates diverge by less than one calendar day from the referenced contract’s delivery date (or, for natural","page_number":17,"box":{"x":81,"y":862,"width":822,"height":12}},{"id":"0a934293-1dbe-4720-90d3-c7e6431f7204","block_type":"box","text":"gas, two calendar days). The CFTC and the U.S. commodities exchanges’ rules require “aggregation” of positions","page_number":17,"box":{"x":81,"y":877,"width":831,"height":12}},{"id":"b3bd75a4-c140-4981-bf82-667dfb7460ae","block_type":"box","text":"across multiple accounts for which a person directly or indirectly controls trading or holds a 10% or greater","page_number":17,"box":{"x":81,"y":892,"width":783,"height":12}},{"id":"b09df590-ef4c-4949-9525-338064c95a51","block_type":"box","text":"17","page_number":17,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"327e0365-130f-48c9-b317-18deb01077af","block_type":"box","text":"NM1026U-5981105-17/76","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"526ac8a7-85c1-435d-8256-5361f96d744a","block_type":"box","text":"ownership interest, as well as the positions of any other entity that with whom the person trades pursuant to an","page_number":18,"box":{"x":81,"y":46,"width":821,"height":11}},{"id":"31cbf435-bf88-4b79-810c-225326ddd48d","block_type":"box","text":"express or implied agreement with that person.","page_number":18,"box":{"x":81,"y":61,"width":346,"height":11}},{"id":"f969e918-8cd9-400d-85ae-460d54704578","block_type":"box","text":"Certain position limits rules include an exemption from limits for bona fide hedging transactions or positions. A","page_number":18,"box":{"x":81,"y":80,"width":816,"height":12}},{"id":"a1c72785-18f8-4d83-b382-c1f48b498871","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":18,"box":{"x":81,"y":95,"width":814,"height":12}},{"id":"4ff69acb-e405-4937-b571-96bee333ad1b","block_type":"box","text":"position: (1) represents a substitute for transactions or positions made or to be made at a later time in a physical","page_number":18,"box":{"x":82,"y":110,"width":835,"height":12}},{"id":"21d4a11d-608b-4bff-91ea-5b055183695e","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":18,"box":{"x":82,"y":125,"width":854,"height":11}},{"id":"ee59e2c9-060b-4f89-b61c-4f8b9ab9ac08","block_type":"box","text":"a commercial enterprise; and (3) arises from the potential change in value of (A) assets which a person owns,","page_number":18,"box":{"x":81,"y":140,"width":807,"height":11}},{"id":"22eaa5a1-a28b-4437-a1b9-de75dce3f064","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing","page_number":18,"box":{"x":82,"y":155,"width":844,"height":11}},{"id":"65598680-aebf-4655-9d82-c530cc633b42","block_type":"box","text":"or merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides","page_number":18,"box":{"x":81,"y":170,"width":847,"height":11}},{"id":"af5b229a-34f9-41df-a5bf-4342cd0d442b","block_type":"box","text":"or purchases, or anticipates providing or purchasing. The CFTC’s position rules set forth a list of enumerated bona","page_number":18,"box":{"x":81,"y":184,"width":843,"height":12}},{"id":"ed23e884-1a79-480b-b04b-f2494ca6a4f7","block_type":"box","text":"fide hedges for which a market participant is not required to request prior approval from the CFTC in order to hold a","page_number":18,"box":{"x":81,"y":199,"width":848,"height":12}},{"id":"50527f2c-218b-448d-bba6-af04d3f7eb9f","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market participant holding an enumerated","page_number":18,"box":{"x":81,"y":214,"width":818,"height":11}},{"id":"6cdcd62e-9bc3-4799-a77a-5beec7e179be","block_type":"box","text":"bona fide hedge position still would need to request an exemption from the relevant exchange for exchange-set","page_number":18,"box":{"x":81,"y":229,"width":816,"height":11}},{"id":"6a4493c9-7bdf-48f0-8d19-c7b8beade2ce","block_type":"box","text":"limits. For non-enumerated bona fide hedge positions, a market participant may request CFTC approval (directly or","page_number":18,"box":{"x":82,"y":244,"width":837,"height":11}},{"id":"9335639c-5c1b-4363-9b14-325872976d74","block_type":"box","text":"indirectly through the applicable exchange) which must be granted prior to exceeding the applicable federal position","page_number":18,"box":{"x":82,"y":258,"width":846,"height":12}},{"id":"b829ad85-623f-4f90-b4bd-22154f4fa537","block_type":"box","text":"limit, except where there is a demonstrated sudden or unforeseen increase in bona fide hedging needs (in which","page_number":18,"box":{"x":82,"y":273,"width":826,"height":12}},{"id":"74716a31-a729-4594-9239-7fb0e7ae53c6","block_type":"box","text":"case the application must be submitted within five business days after the market participant exceeds the","page_number":18,"box":{"x":81,"y":288,"width":782,"height":11}},{"id":"198acdad-18f7-4ef5-8b0a-cdbb533c8600","block_type":"box","text":"applicable limit).","page_number":18,"box":{"x":81,"y":303,"width":119,"height":11}},{"id":"70544d0b-0e24-4321-97e9-cfae6867f67f","block_type":"box","text":"As a consequence of the CFTC’s position limits, the size or duration of positions available to the Fund may be","page_number":18,"box":{"x":81,"y":323,"width":806,"height":11}},{"id":"fa08a1a4-eb40-435e-952e-9a18e662276c","block_type":"box","text":"severely limited. All trading accounts owned or managed by BlackRock and its principals generally must be","page_number":18,"box":{"x":81,"y":338,"width":781,"height":11}},{"id":"652a607a-a77a-4995-8746-7f854589cd39","block_type":"box","text":"combined for speculative position limit purposes. BlackRock or the Fund may be required to liquidate positions in","page_number":18,"box":{"x":81,"y":352,"width":831,"height":12}},{"id":"25ba5d2f-d49a-43c9-82a8-a350f221f001","block_type":"box","text":"order to comply with such limits, or may not be able to fully implement trading instructions generated by its trading","page_number":18,"box":{"x":81,"y":367,"width":842,"height":12}},{"id":"61ac27f2-079a-46f3-8630-366ef746c726","block_type":"box","text":"models, in order to comply with such limits. The Fund may be required to liquidate positions or not take positions","page_number":18,"box":{"x":82,"y":382,"width":830,"height":12}},{"id":"d7ee75d4-814c-46b6-a20a-a1fed4272e2d","block_type":"box","text":"because BlackRock has or would have an aggregate position in excess of applicable position limits when calculated","page_number":18,"box":{"x":81,"y":397,"width":849,"height":12}},{"id":"fd6821b9-811b-4461-b6d9-2d47a8680c0a","block_type":"box","text":"across multiple accounts, even if the Fund itself is not over any position limit. Any liquidation or limited","page_number":18,"box":{"x":81,"y":412,"width":754,"height":11}},{"id":"2eb3122f-7755-4cd3-b5e6-de261eb0f7ee","block_type":"box","text":"implementation caused by the application of position limits to the Fund’s positions could result in substantial costs","page_number":18,"box":{"x":82,"y":427,"width":847,"height":11}},{"id":"c83947c8-4349-4232-9f6c-b01b7596d506","block_type":"box","text":"to the Fund.","page_number":18,"box":{"x":80,"y":442,"width":87,"height":9}},{"id":"9648d6d0-a6fe-4e07-9821-77a3f14c3993","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest in commodity-linked derivatives. Changing","page_number":18,"box":{"x":82,"y":462,"width":830,"height":11}},{"id":"be62b06a-5112-4784-9745-30ab9f452010","block_type":"box","text":"approaches to regulation may have a negative impact on the entities or on securities or derivatives linked to the","page_number":18,"box":{"x":81,"y":476,"width":822,"height":12}},{"id":"496098d0-ca30-4093-886b-31a984d0171c","block_type":"box","text":"underlying price of commodities in which the Fund invests. Legislation or regulation may also change the way in","page_number":18,"box":{"x":82,"y":491,"width":816,"height":12}},{"id":"a800d347-0ad1-4094-a30a-a1fc81a77209","block_type":"box","text":"which the Fund itself is regulated. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the","page_number":18,"box":{"x":80,"y":506,"width":849,"height":11}},{"id":"348ae43d-5e00-4465-a49f-e923f185ca8d","block_type":"box","text":"“Dodd-Frank Act”), swaps and other financial derivative products are subject to increased regulatory oversight and","page_number":18,"box":{"x":82,"y":521,"width":836,"height":11}},{"id":"b663c902-74e0-4b63-8fa3-59618493ab6c","block_type":"box","text":"may in the future become subject to further increased regulatory oversight. BlackRock cannot predict the effects of","page_number":18,"box":{"x":82,"y":535,"width":847,"height":12}},{"id":"0f675a29-5203-4016-bdea-e31543284682","block_type":"box","text":"any new governmental regulation that may be implemented on the ability of the Fund to use swaps or any other","page_number":18,"box":{"x":81,"y":550,"width":817,"height":12}},{"id":"a5749169-2aa7-48cf-a1d3-fe8738d0ae83","block_type":"box","text":"financial derivative product, including commodity-linked derivatives, and there can be no assurance that any new","page_number":18,"box":{"x":81,"y":565,"width":824,"height":12}},{"id":"37867aa9-f066-47d0-ac1e-506bbb5fec2d","block_type":"box","text":"governmental regulation will not adversely affect the Fund’s ability to achieve its investment objectives.","page_number":18,"box":{"x":81,"y":580,"width":757,"height":12}},{"id":"fb7a3ee5-703b-490b-8fb3-c7c61f11f3ef","block_type":"box","text":"In addition, the Internal Revenue Service (the “IRS”) will no longer issue private letter rulings on the tax treatment","page_number":18,"box":{"x":82,"y":600,"width":836,"height":12}},{"id":"3e0b1e8e-1258-4bff-bc9b-29f31cf24ace","block_type":"box","text":"of a mutual fund investment in commodity-linked derivatives if the ruling would depend on whether the investment is","page_number":18,"box":{"x":81,"y":615,"width":853,"height":11}},{"id":"fe09a7d8-5394-420c-9eab-acebc5c0b62b","block_type":"box","text":"a security under the Investment Company Act.","page_number":18,"box":{"x":81,"y":630,"width":336,"height":11}},{"id":"aeed3dd7-f77c-4f43-8c4a-27c46fafd889","block_type":"box","text":"Credit Risk","page_number":18,"box":{"x":81,"y":650,"width":85,"height":9}},{"id":"3a8e4587-2cf4-4004-877b-3166ab7ee8ce","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will be unable","page_number":18,"box":{"x":170,"y":650,"width":763,"height":11}},{"id":"feda1ce7-4285-4827-9506-a524a30968b5","block_type":"box","text":"or unwilling to make timely payments of interest and principal when due or otherwise honor their obligations.","page_number":18,"box":{"x":81,"y":664,"width":797,"height":12}},{"id":"c433610d-7d3b-45e7-8943-34b6b05db675","block_type":"box","text":"Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the","page_number":18,"box":{"x":81,"y":679,"width":842,"height":12}},{"id":"ac6b50a1-071f-447d-9ae4-93de3f96d8bd","block_type":"box","text":"value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition of","page_number":18,"box":{"x":80,"y":694,"width":833,"height":12}},{"id":"06040346-c3a9-491f-864a-e3ee20b7d214","block_type":"box","text":"the issuer and the terms of the obligation.","page_number":18,"box":{"x":80,"y":709,"width":310,"height":11}},{"id":"03ba3918-c6a1-4f99-82d7-f0da3791c9c5","block_type":"box","text":"Derivatives Risk","page_number":18,"box":{"x":81,"y":729,"width":123,"height":9}},{"id":"a6c77920-77fe-485d-88dc-5af80546c167","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":18,"box":{"x":207,"y":729,"width":664,"height":11}},{"id":"30fe25ae-9ecc-4e5c-802f-9e21608125bd","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":18,"box":{"x":82,"y":744,"width":469,"height":11}},{"id":"c5cca6a7-d9dd-4eb2-824a-8dce32fafb1a","block_type":"box","text":"Leverage Risk —","page_number":18,"box":{"x":82,"y":767,"width":124,"height":11}},{"id":"4ff42268-43ca-4514-b818-a15fc7ed6aec","block_type":"box","text":"The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":18,"box":{"x":210,"y":766,"width":701,"height":12}},{"id":"8c5cc12d-beef-418d-ad05-9c3d12372f14","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":18,"box":{"x":82,"y":781,"width":832,"height":12}},{"id":"7b16f169-b360-4170-a329-0f9bd33fcf00","block_type":"box","text":"exceed the amount originally invested.","page_number":18,"box":{"x":81,"y":796,"width":280,"height":11}},{"id":"f5458ace-5c1b-4c2a-8205-2d5a6de7fb24","block_type":"box","text":"Market Risk —","page_number":18,"box":{"x":82,"y":819,"width":109,"height":9}},{"id":"c83995d5-8d35-40c8-a70b-1978774a0388","block_type":"box","text":"Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":18,"box":{"x":196,"y":818,"width":705,"height":12}},{"id":"1b5ccb0d-d0b7-46b7-8556-8c477e1ca201","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":18,"box":{"x":81,"y":833,"width":834,"height":12}},{"id":"2df97696-091d-46e6-97c8-7d79b08ebf75","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":18,"box":{"x":82,"y":848,"width":832,"height":12}},{"id":"1b3105ab-0fb8-4d43-b5e2-1d8d534ac29a","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":18,"box":{"x":80,"y":863,"width":779,"height":11}},{"id":"024f8b77-ebe7-4905-90fa-66a85b93378d","block_type":"box","text":"derivatives positions to lose value.","page_number":18,"box":{"x":81,"y":878,"width":253,"height":11}},{"id":"a3c8399a-22bf-4beb-bf08-2168fdeba85a","block_type":"box","text":"18","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"56e8eee5-2741-4177-85ca-ea0733b74957","block_type":"box","text":"NM1026U-5981105-18/76","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8480a40b-7aad-4a77-bdb3-671b7086dea1","block_type":"box","text":"Counterpar ty Risk","page_number":19,"box":{"x":82,"y":46,"width":131,"height":11}},{"id":"fa92f4fc-b8b6-4785-9429-621e0ced66eb","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":19,"box":{"x":217,"y":46,"width":697,"height":11}},{"id":"0885e13e-4648-426b-91f5-34ce2adf96c7","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":19,"box":{"x":80,"y":60,"width":855,"height":12}},{"id":"3e61bfbd-d622-45a7-9f2c-62a4baf9066b","block_type":"box","text":"exposure to such a counterparty.","page_number":19,"box":{"x":81,"y":76,"width":240,"height":11}},{"id":"2aa92cb0-ad7e-4e02-b228-dafbe58ed442","block_type":"box","text":"Illiquidity Risk —T","page_number":19,"box":{"x":82,"y":98,"width":122,"height":11}},{"id":"9d4dbbc2-c0fb-4b8b-bd92-3942c3c9d8ea","block_type":"box","text":"—The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":19,"box":{"x":203,"y":98,"width":728,"height":11}},{"id":"92fe20d5-2a34-4590-a7ad-6aba406a6ae1","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":19,"box":{"x":80,"y":113,"width":839,"height":11}},{"id":"a5b29c9e-b30a-4586-bc69-240d2d02b6eb","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":19,"box":{"x":81,"y":127,"width":293,"height":12}},{"id":"3ae1ed81-a726-4f6c-b541-27fbdd8192ef","block_type":"box","text":"Operational Risk","page_number":19,"box":{"x":82,"y":150,"width":120,"height":11}},{"id":"32b80e8f-d45f-4e24-8b38-c265a0636cbd","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":19,"box":{"x":206,"y":150,"width":727,"height":12}},{"id":"b9c19688-49ee-47dd-b70b-ad000ff9d9f1","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":19,"box":{"x":82,"y":165,"width":607,"height":11}},{"id":"37227d7d-1098-4dcc-ad9d-bce427d23cd6","block_type":"box","text":"Legal Risk —","page_number":19,"box":{"x":82,"y":188,"width":97,"height":11}},{"id":"75485c05-f178-4e97-9e00-0b8e2bd01860","block_type":"box","text":"The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":19,"box":{"x":183,"y":187,"width":739,"height":12}},{"id":"68aa08d4-74f7-4db4-82e5-c7ab2f1dd1ac","block_type":"box","text":"enforceability of a contract.","page_number":19,"box":{"x":81,"y":202,"width":198,"height":12}},{"id":"4ea791bf-26db-4d1b-8557-d5bee0d2a8cf","block_type":"box","text":"Volatility and Correlation Risk","page_number":19,"box":{"x":83,"y":225,"width":214,"height":11}},{"id":"465a4671-aa8f-40a8-9683-7f6557b1a22c","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":19,"box":{"x":300,"y":225,"width":590,"height":11}},{"id":"cd8db80e-c7ae-48e8-8f72-f8c4a7730b9d","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":19,"box":{"x":80,"y":240,"width":855,"height":11}},{"id":"1347c60d-f815-47ef-b989-ef58885f50eb","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":19,"box":{"x":80,"y":254,"width":820,"height":12}},{"id":"ffd16ad6-98db-4fca-b8b5-ea09412d3cc8","block_type":"box","text":"correlate with the overall securities markets.","page_number":19,"box":{"x":81,"y":270,"width":326,"height":9}},{"id":"3ae3bf09-b445-4cf7-8c2f-f02a175278e0","block_type":"box","text":"Valuation Risk","page_number":19,"box":{"x":83,"y":292,"width":102,"height":9}},{"id":"c1697cc6-64ff-4f86-ae35-17453499c4f9","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":19,"box":{"x":189,"y":292,"width":747,"height":11}},{"id":"2c19d31a-b049-4562-9674-a55754636632","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":19,"box":{"x":82,"y":307,"width":783,"height":11}},{"id":"1e4618b6-2160-465c-8260-90f0d7cb6ab6","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":19,"box":{"x":82,"y":321,"width":837,"height":12}},{"id":"b1b6d51f-f779-481d-881e-12fad6c3cb25","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":19,"box":{"x":81,"y":336,"width":826,"height":12}},{"id":"be74d0b6-a230-42ed-b6c0-930d6b0d415f","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":19,"box":{"x":80,"y":351,"width":405,"height":12}},{"id":"d9621f08-9c86-460c-bacb-3372074162bc","block_type":"box","text":"Hedging Risk","page_number":19,"box":{"x":82,"y":374,"width":95,"height":11}},{"id":"4f7608e3-e7b5-4900-af72-4b68cab3fe20","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":19,"box":{"x":181,"y":374,"width":752,"height":11}},{"id":"83e6f5f1-628f-4cc5-af2a-708cd1f931fc","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":19,"box":{"x":80,"y":389,"width":820,"height":11}},{"id":"f1711fe6-6c05-4238-8410-e6e68ee256da","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":19,"box":{"x":82,"y":404,"width":823,"height":11}},{"id":"321acec7-a4ad-4562-95be-79e637215ee8","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":19,"box":{"x":82,"y":418,"width":813,"height":12}},{"id":"1c57c0f1-d292-41c1-ab07-780ac93c1fd5","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":19,"box":{"x":82,"y":433,"width":832,"height":12}},{"id":"751404da-848c-460c-8ab2-bdb16972faff","block_type":"box","text":"noted below.","page_number":19,"box":{"x":82,"y":448,"width":90,"height":9}},{"id":"8f7c9eed-9e09-4570-a2c5-f05310877526","block_type":"box","text":"Tax Risk —","page_number":19,"box":{"x":83,"y":471,"width":80,"height":9}},{"id":"af7d7823-68d3-49b1-a3f7-15c9d1c630df","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":19,"box":{"x":167,"y":470,"width":744,"height":12}},{"id":"de5bb1f3-713f-4bcf-b1de-70366df94986","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":19,"box":{"x":82,"y":485,"width":826,"height":12}},{"id":"1314d35d-d7b6-4dca-a58c-f8f113ea0e50","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":19,"box":{"x":82,"y":500,"width":846,"height":12}},{"id":"6fdafb92-795d-47af-9c4e-14eebcfd22f1","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":19,"box":{"x":81,"y":515,"width":817,"height":11}},{"id":"e4cf8402-8d23-4e59-b869-fd21f2faa3f8","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":19,"box":{"x":82,"y":530,"width":835,"height":11}},{"id":"d2807e85-9f8e-453a-b16e-1f85bfdf5db3","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":19,"box":{"x":81,"y":545,"width":840,"height":11}},{"id":"80cd2823-9f36-48ba-b4d9-5b645547ca84","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":19,"box":{"x":81,"y":559,"width":750,"height":12}},{"id":"ec9b162a-61d3-4d2f-bed5-1f9c468a9a2b","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":19,"box":{"x":81,"y":574,"width":611,"height":12}},{"id":"535c7a9e-ae7a-465f-b869-c3fc417fe53f","block_type":"box","text":"Regulatory Risk","page_number":19,"box":{"x":82,"y":597,"width":115,"height":11}},{"id":"32d4fbae-f1d4-401f-8e81-1b35e767ae82","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Act in the United States and","page_number":19,"box":{"x":201,"y":597,"width":724,"height":11}},{"id":"9a2d80e0-aa74-494c-a194-21b1f661458a","block_type":"box","text":"under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect","page_number":19,"box":{"x":82,"y":612,"width":843,"height":11}},{"id":"022bd926-c36e-44b2-ae38-bedad8a5eac3","block_type":"box","text":"to uncleared swaps, swap dealers are required to exchange variation margin with the Fund and may be required by","page_number":19,"box":{"x":80,"y":627,"width":843,"height":11}},{"id":"a5eab324-4cfc-4ef1-91af-3289b2393a2f","block_type":"box","text":"applicable regulations to collect and/or exchange initial margin with the Fund. Both initial and variation margin may","page_number":19,"box":{"x":81,"y":641,"width":845,"height":12}},{"id":"5f2654c9-e783-441c-b31d-81a378e82212","block_type":"box","text":"be comprised of cash and/or securities, subject to applicable regulatory haircuts. In certain cases, shares of","page_number":19,"box":{"x":81,"y":656,"width":804,"height":12}},{"id":"ac0b30b6-ff01-454a-9914-916fb479818c","block_type":"box","text":"investment companies may not be posted as collateral under applicable regulations. In addition, regulations","page_number":19,"box":{"x":82,"y":671,"width":793,"height":11}},{"id":"9ef4c2a5-4eb8-4627-ae83-a8836b2c8229","block_type":"box","text":"adopted by global prudential regulators require certain bank-regulated counterparties and certain of their affiliates","page_number":19,"box":{"x":81,"y":686,"width":840,"height":11}},{"id":"72659b33-6c40-40b6-b98b-4509c7b68246","block_type":"box","text":"to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights","page_number":19,"box":{"x":80,"y":701,"width":843,"height":11}},{"id":"3b19ae03-4938-4653-bcb7-2ca784a00a95","block_type":"box","text":"of counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default","page_number":19,"box":{"x":81,"y":715,"width":837,"height":12}},{"id":"2e65d752-d6b1-4516-8a72-23eca99d0032","block_type":"box","text":"rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to","page_number":19,"box":{"x":82,"y":730,"width":820,"height":12}},{"id":"3bdb44f5-5d8a-445c-9e0d-17bb0266e3e1","block_type":"box","text":"certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to","page_number":19,"box":{"x":81,"y":745,"width":824,"height":12}},{"id":"0ebacd9d-c8ee-4208-be3d-606c59789e3f","block_type":"box","text":"derivatives, as well as regulations under global regulations regarding clearing, mandatory trading and margining of","page_number":19,"box":{"x":81,"y":760,"width":839,"height":11}},{"id":"fc7a94dc-a263-41a6-ad9f-1f4e41e06cef","block_type":"box","text":"other derivatives, may increase the costs and risks to the Fund of trading in these instruments and, as a result,","page_number":19,"box":{"x":81,"y":775,"width":820,"height":11}},{"id":"e70f5edb-15b6-407c-9bf8-5983e43b8843","block_type":"box","text":"may affect returns to investors in the Fund.","page_number":19,"box":{"x":82,"y":789,"width":316,"height":12}},{"id":"4d8cd917-d7bf-4dd1-9ef6-1f8f41cfd706","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":19,"box":{"x":82,"y":812,"width":823,"height":12}},{"id":"51a1b361-c3ee-4205-9b2d-f97eb4812fd2","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":19,"box":{"x":82,"y":827,"width":827,"height":11}},{"id":"c4492853-80f7-4b28-ade7-0806955f0c35","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":19,"box":{"x":80,"y":842,"width":849,"height":11}},{"id":"282958c1-7bd1-4b25-bb9b-bf05541cf6cd","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":19,"box":{"x":81,"y":856,"width":846,"height":12}},{"id":"f246817f-e4eb-4732-88b7-63f473b8bbd5","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":19,"box":{"x":81,"y":871,"width":509,"height":12}},{"id":"85458acf-002b-4ff9-af0a-f86b33810227","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":19,"box":{"x":82,"y":894,"width":399,"height":11}},{"id":"4e356ae0-9fdc-4ea2-aeb4-1e89ab293274","block_type":"box","text":"19","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"11dcb65e-3b3a-4c0a-a462-c804b44f0d65","block_type":"box","text":"NM1026U-5981105-19/76","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5b205dff-958a-475d-8f9f-7f645d9743cb","block_type":"box","text":"Commodity-Linked Derivatives","page_number":20,"box":{"x":102,"y":46,"width":218,"height":11}},{"id":"0dabf006-789e-4eb9-a565-b1946bae00d3","block_type":"box","text":"— The value of a commodity-linked derivative investment typically is based upon","page_number":20,"box":{"x":325,"y":46,"width":588,"height":11}},{"id":"68eb4c11-4f81-4dbb-8f9f-4badf115eb96","block_type":"box","text":"the price movements of a commodity, a commodity futures contract or commodity index, or some other readily","page_number":20,"box":{"x":101,"y":60,"width":809,"height":12}},{"id":"4aafb884-4ca8-4880-8e4d-47df282a0a91","block_type":"box","text":"measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes","page_number":20,"box":{"x":102,"y":75,"width":833,"height":12}},{"id":"25b4c3a1-95b7-4096-b028-90b08773ca7d","block_type":"box","text":"in overall market movements, volatility of the underlying benchmark, changes in inflation, interest rates, or","page_number":20,"box":{"x":102,"y":90,"width":781,"height":12}},{"id":"19a0786e-9dab-4865-9bc1-2dc5c73c5e29","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease,","page_number":20,"box":{"x":101,"y":105,"width":768,"height":12}},{"id":"7a3273be-83bc-45c8-a959-9753d868af6e","block_type":"box","text":"embargoes, tariffs and international economic, political and regulatory developments. The value of commodity","page_number":20,"box":{"x":101,"y":120,"width":813,"height":11}},{"id":"1994d7cb-0298-45a9-a243-f3f95a41befd","block_type":"box","text":"linked derivatives will rise or fall in response to changes in the underlying commodity or related index.","page_number":20,"box":{"x":102,"y":135,"width":744,"height":11}},{"id":"6de26bfd-59aa-4ede-b065-52d05465b2ac","block_type":"box","text":"Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based","page_number":20,"box":{"x":102,"y":150,"width":772,"height":11}},{"id":"648ebc4a-412c-497f-8ca7-627d763e2655","block_type":"box","text":"investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there","page_number":20,"box":{"x":102,"y":164,"width":815,"height":12}},{"id":"ff271848-147b-4748-84d2-3ea68f82e32e","block_type":"box","text":"can be no assurance that one will develop.","page_number":20,"box":{"x":101,"y":179,"width":313,"height":11}},{"id":"c9557d95-9f3b-494a-8c21-ca68ed3c0ec3","block_type":"box","text":"Commodity-linked derivatives also may be subject to credit and interest rate risks that in general affect the","page_number":20,"box":{"x":101,"y":202,"width":785,"height":11}},{"id":"b50af2db-011d-4007-955e-8dc3e124c046","block_type":"box","text":"values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it","page_number":20,"box":{"x":101,"y":216,"width":789,"height":12}},{"id":"e9a44f03-ea4a-4c1a-9734-8cfec4bc56bf","block_type":"box","text":"originally invested. The Fund might receive interest payments that are more or less than the stated coupon","page_number":20,"box":{"x":101,"y":232,"width":784,"height":11}},{"id":"99a761c7-30ec-45c6-a52d-d8195e494db3","block_type":"box","text":"interest payments.","page_number":20,"box":{"x":102,"y":246,"width":135,"height":12}},{"id":"6d006f60-9ee9-41fc-9f88-413d833baa0c","block_type":"box","text":"In connection with the Fund’s direct and indirect investments in commodity-linked derivatives, the Fund will","page_number":20,"box":{"x":102,"y":269,"width":781,"height":11}},{"id":"47af7b60-b821-42f1-9c50-299f585d1e9f","block_type":"box","text":"attempt to manage its counterparty exposure so as to limit its exposure to any one counterparty. However, due to","page_number":20,"box":{"x":101,"y":284,"width":835,"height":11}},{"id":"7e35dd25-b843-4118-bf65-1cc7446d05a0","block_type":"box","text":"the limited number of entities that may serve as counterparties (and which the Fund believes are creditworthy) at","page_number":20,"box":{"x":101,"y":298,"width":833,"height":12}},{"id":"257fa666-1772-415b-a7c0-de00dd1d7f6c","block_type":"box","text":"any one time the Fund may enter into swap agreements with a limited number of counterparties and may invest","page_number":20,"box":{"x":101,"y":313,"width":820,"height":12}},{"id":"6d1bb73c-3e29-4e34-8e19-6d6020580c77","block_type":"box","text":"in commodity-linked notes issued by a limited number of issuers that will act as counterparties, which may","page_number":20,"box":{"x":102,"y":328,"width":783,"height":11}},{"id":"64bb4c7a-229a-40c0-aa79-dc1f332fea73","block_type":"box","text":"increase the Fund’s exposure to counterparty credit risk. There can be no assurance that the Fund will be able to","page_number":20,"box":{"x":102,"y":343,"width":830,"height":11}},{"id":"5edb95f8-c223-4e5b-a312-4a1f4b8ff816","block_type":"box","text":"limit exposure to any one counterparty at all times.","page_number":20,"box":{"x":102,"y":358,"width":373,"height":11}},{"id":"30bf4059-72ce-4f80-9498-321b6cedb8b8","block_type":"box","text":"Commodity-Linked Notes","page_number":20,"box":{"x":102,"y":380,"width":180,"height":12}},{"id":"f215a11c-9f3a-46ac-842b-5bca1916d6c5","block_type":"box","text":"— Commodity-linked notes involve substantial risks, including the risk of loss of a","page_number":20,"box":{"x":287,"y":380,"width":602,"height":12}},{"id":"73567bea-29a9-4050-90cf-a41a2b2c8b59","block_type":"box","text":"significant portion of their principal value. In addition to commodity risk and general derivatives risk, they may be","page_number":20,"box":{"x":101,"y":395,"width":827,"height":12}},{"id":"2ef5a418-bec4-4851-8d2c-e58b956384ea","block_type":"box","text":"subject to additional special risks, such as risk of loss of interest and principal, lack of secondary market and","page_number":20,"box":{"x":101,"y":410,"width":807,"height":11}},{"id":"bb764a4c-a022-4ad0-a389-56f0a4ea1740","block_type":"box","text":"risk of greater volatility, that do not affect traditional equity and debt securities.","page_number":20,"box":{"x":102,"y":425,"width":581,"height":11}},{"id":"e49bf861-cf2c-41d3-a95a-201b8ea8ab0a","block_type":"box","text":"Futures","page_number":20,"box":{"x":102,"y":445,"width":54,"height":9}},{"id":"eca71e76-fce4-4c1a-83ff-1c6ac5fbc60e","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":20,"box":{"x":161,"y":445,"width":765,"height":11}},{"id":"d5dd0e5d-a754-4dae-aa90-d697dbc412a3","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":20,"box":{"x":101,"y":459,"width":786,"height":12}},{"id":"3248f9a8-4abe-469e-b2fb-ea15e984d2c1","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":20,"box":{"x":102,"y":474,"width":769,"height":12}},{"id":"b3f93389-9492-49e9-bcba-177a800dcede","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":20,"box":{"x":102,"y":489,"width":822,"height":12}},{"id":"7aa7552e-c92a-484e-98b3-fd22f7f9bc58","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":20,"box":{"x":101,"y":504,"width":832,"height":12}},{"id":"0b3ed7ed-e955-4ecf-9cd3-ad419f12c84c","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":20,"box":{"x":101,"y":519,"width":806,"height":11}},{"id":"04492fe5-1588-4814-9487-15e4a6b5a403","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":20,"box":{"x":102,"y":534,"width":793,"height":11}},{"id":"1bfc88a1-89d0-4dbe-ae75-b8f3f2163ad3","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":20,"box":{"x":102,"y":548,"width":787,"height":12}},{"id":"76872b3b-c081-48ca-84a9-e527cf5485ec","block_type":"box","text":"default in the performance of its obligations.","page_number":20,"box":{"x":101,"y":563,"width":327,"height":12}},{"id":"88712006-4480-476c-9b72-75a567c40df8","block_type":"box","text":"Emerging Markets Risk","page_number":20,"box":{"x":81,"y":583,"width":178,"height":12}},{"id":"d1df5d43-24a8-489b-95f7-b226e1baabb3","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":20,"box":{"x":263,"y":583,"width":610,"height":12}},{"id":"4b726c62-5a56-45d0-9680-5797c693a58f","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":20,"box":{"x":82,"y":598,"width":848,"height":12}},{"id":"38bb231a-ae17-4b6a-a76c-ace26129c928","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":20,"box":{"x":81,"y":613,"width":842,"height":11}},{"id":"b58a8259-3203-47ea-8d90-a1815a140089","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":20,"box":{"x":82,"y":628,"width":838,"height":11}},{"id":"569878f3-b902-4d6e-b9a9-568853dc73f4","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":20,"box":{"x":81,"y":642,"width":825,"height":12}},{"id":"ec9f3e3b-91fb-45e7-b45a-5d34db930ee9","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":20,"box":{"x":82,"y":657,"width":847,"height":12}},{"id":"8959e74c-c06d-4a10-90db-a66b758d5792","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":20,"box":{"x":81,"y":672,"width":853,"height":12}},{"id":"112a3711-63ae-44ac-a81b-92b2a024d896","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":20,"box":{"x":81,"y":687,"width":823,"height":12}},{"id":"ce03877f-7d09-44e9-9733-5bfbb351b075","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":20,"box":{"x":82,"y":702,"width":825,"height":11}},{"id":"77ea3085-231f-428f-8a46-89308935fd30","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":20,"box":{"x":81,"y":717,"width":855,"height":11}},{"id":"92027dab-2167-4caa-beb0-dcadecb5cd0a","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":20,"box":{"x":82,"y":732,"width":827,"height":11}},{"id":"c1c9d214-1b0d-4765-8b91-ffd92f125a24","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":20,"box":{"x":82,"y":746,"width":843,"height":12}},{"id":"3cdc077c-d1da-4255-97e1-a96788b4201e","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":20,"box":{"x":80,"y":761,"width":339,"height":12}},{"id":"2c5059c1-b724-44fa-9a4e-68ec3460e3ad","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":20,"box":{"x":82,"y":781,"width":802,"height":12}},{"id":"08d30299-3aa8-4f29-8d29-e80dedd807ce","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":20,"box":{"x":81,"y":796,"width":774,"height":11}},{"id":"4099e5fc-ef85-46f4-b71b-d7b29704203b","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":20,"box":{"x":82,"y":811,"width":830,"height":11}},{"id":"bdeadc6d-bb33-4cdf-9315-254d2b1a274a","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":20,"box":{"x":82,"y":826,"width":769,"height":11}},{"id":"99caae79-4086-4212-a1c3-1527719eb1f7","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":20,"box":{"x":81,"y":840,"width":849,"height":12}},{"id":"ece4c474-74d2-45da-889d-09c605b0931c","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":20,"box":{"x":81,"y":855,"width":820,"height":11}},{"id":"f44b6221-53e9-4991-b3b4-bce44cecbc1d","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":20,"box":{"x":82,"y":870,"width":779,"height":11}},{"id":"2fe9c46d-8866-4394-8956-2f4e708fcf34","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":20,"box":{"x":81,"y":885,"width":798,"height":11}},{"id":"6879eb97-19ca-4b2a-a8de-ac9646bfb9a2","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":20,"box":{"x":82,"y":900,"width":755,"height":11}},{"id":"d5612e74-9bcc-4a3c-a38d-a592501dfd85","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":20,"box":{"x":81,"y":915,"width":783,"height":11}},{"id":"23046c44-f42b-4b96-aeeb-9f8084ee22a4","block_type":"box","text":"20","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"e2bad1a2-4baf-495b-bc94-c249ecaa286c","block_type":"box","text":"NM1026U-5981105-20/76","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c58a26d2-37de-4b84-af58-d43b5fbf5a95","block_type":"box","text":"securities markets, which may impair investment and economic growth. National policies that may limit the Fund’s","page_number":21,"box":{"x":81,"y":46,"width":839,"height":11}},{"id":"c120687f-a019-4001-b30c-ff85b37f22e6","block_type":"box","text":"investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national","page_number":21,"box":{"x":82,"y":61,"width":827,"height":11}},{"id":"36906b08-1a68-458a-9f17-659d3e2e2d59","block_type":"box","text":"interests.","page_number":21,"box":{"x":82,"y":76,"width":67,"height":9}},{"id":"889ffc42-2f92-4bc7-a21d-896f621a2ec5","block_type":"box","text":"Emerging markets may also have differing legal systems and the existence or possible imposition of exchange","page_number":21,"box":{"x":82,"y":95,"width":809,"height":12}},{"id":"bc21a72f-e911-4b00-a8cc-ebf8a937212a","block_type":"box","text":"controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such","page_number":21,"box":{"x":81,"y":110,"width":783,"height":12}},{"id":"ba4e1cf0-ee6c-4f7f-9876-5b3b3210238d","block_type":"box","text":"investments may adversely affect the Fund’s performance. Sometimes, they may lack or be in the relatively early","page_number":21,"box":{"x":82,"y":125,"width":829,"height":11}},{"id":"8343b7c3-6263-45b5-a4dd-32e19b43f76b","block_type":"box","text":"development of legal structures governing private and foreign investments and private property. Many emerging","page_number":21,"box":{"x":81,"y":140,"width":818,"height":11}},{"id":"7fb8fad8-7098-4568-9da9-a6add7175dfb","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":21,"box":{"x":82,"y":155,"width":833,"height":11}},{"id":"545e2257-8088-4b02-959d-bc7c5db920dc","block_type":"box","text":"subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may","page_number":21,"box":{"x":81,"y":170,"width":803,"height":11}},{"id":"7a891317-e799-4a6e-9cac-d0f1141fee5f","block_type":"box","text":"impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S.","page_number":21,"box":{"x":82,"y":184,"width":793,"height":12}},{"id":"8264af98-4539-4361-a7ef-93036eac4470","block_type":"box","text":"exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which","page_number":21,"box":{"x":81,"y":199,"width":855,"height":12}},{"id":"8457a5d0-ffa0-4928-a397-f891e35eafc4","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":21,"box":{"x":82,"y":214,"width":485,"height":11}},{"id":"4b0f4067-4b99-48c1-b07f-b018ac893804","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in","page_number":21,"box":{"x":81,"y":234,"width":843,"height":11}},{"id":"100da3c0-a877-4a23-aace-c6c3b0b7025f","block_type":"box","text":"developed markets, in part because the Fund will need to use brokers and counterparties that are less well","page_number":21,"box":{"x":81,"y":249,"width":790,"height":11}},{"id":"88ae9ba1-4a79-4525-9acd-3cd146bb6a90","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":21,"box":{"x":81,"y":263,"width":823,"height":12}},{"id":"9a4b508e-5199-400a-8157-b099fedb7a54","block_type":"box","text":"negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging","page_number":21,"box":{"x":82,"y":278,"width":843,"height":12}},{"id":"fd8b5995-dd0c-4926-a26c-3f5644ba7962","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. The Fund would","page_number":21,"box":{"x":82,"y":293,"width":845,"height":12}},{"id":"a227c456-ded0-404b-8878-5aba57c6fd9e","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation. In","page_number":21,"box":{"x":81,"y":308,"width":837,"height":12}},{"id":"a99a1dac-d52b-4468-b9f1-96391fb8745e","block_type":"box","text":"addition, communications between the United States and emerging market countries may be unreliable, increasing","page_number":21,"box":{"x":81,"y":323,"width":844,"height":11}},{"id":"3475e77b-4b64-4422-985c-15cc14f5af65","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":21,"box":{"x":80,"y":338,"width":474,"height":11}},{"id":"a8eb082e-183c-428d-9991-82cd0b76b722","block_type":"box","text":"Equity Securities Risk","page_number":21,"box":{"x":81,"y":358,"width":166,"height":11}},{"id":"4ee0e9a4-3101-43b9-87bc-56601b70f4b5","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":21,"box":{"x":251,"y":358,"width":666,"height":11}},{"id":"0ae331b0-1ae4-457e-8413-1d53b20323a0","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":21,"box":{"x":81,"y":372,"width":850,"height":12}},{"id":"6190e405-9ad0-4966-9bfb-bfc3c50acbec","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":21,"box":{"x":82,"y":387,"width":802,"height":12}},{"id":"a1c81296-1476-4b89-a591-254e8eeae203","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":21,"box":{"x":81,"y":402,"width":854,"height":12}},{"id":"e46daa21-6dd7-44f1-ac42-77f8cb476eee","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":21,"box":{"x":81,"y":417,"width":848,"height":11}},{"id":"53cd5df2-7246-4b27-aaae-7fc2e8d34d0b","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":21,"box":{"x":81,"y":432,"width":824,"height":11}},{"id":"81242409-c89f-4788-b4fb-f8178bb08bf3","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":21,"box":{"x":81,"y":447,"width":782,"height":11}},{"id":"4302a0fd-e221-4c97-af6b-4ece0aef0609","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":21,"box":{"x":82,"y":461,"width":849,"height":12}},{"id":"2d62799f-0717-4a6d-8d17-51bf4dd57519","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":21,"box":{"x":82,"y":476,"width":482,"height":12}},{"id":"82cca4f4-7783-4597-9093-e502f29095dc","block_type":"box","text":"Foreign Securities Risk","page_number":21,"box":{"x":81,"y":496,"width":176,"height":12}},{"id":"ac89118e-4bf7-41c5-8ee7-aae0bad2dabb","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":21,"box":{"x":260,"y":496,"width":677,"height":12}},{"id":"420e20f7-ac8a-40d5-a360-90a5939ef1af","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":21,"box":{"x":81,"y":511,"width":827,"height":11}},{"id":"945d9c96-bb10-4500-b986-718db1ff793b","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":21,"box":{"x":82,"y":526,"width":837,"height":11}},{"id":"21f673a0-7033-42ff-92be-d92db62c2811","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":21,"box":{"x":80,"y":541,"width":849,"height":11}},{"id":"0f90ed90-db50-422b-9b82-57905851159e","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":21,"box":{"x":81,"y":555,"width":841,"height":12}},{"id":"30782316-c484-42e6-a898-a4ff499e97ff","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":21,"box":{"x":81,"y":570,"width":716,"height":12}},{"id":"4668ae61-a991-46a9-af45-68db6b6d18f8","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":21,"box":{"x":82,"y":590,"width":468,"height":12}},{"id":"141ae366-3a45-4de5-bd8a-a45e7001c2c7","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":21,"box":{"x":555,"y":590,"width":358,"height":12}},{"id":"cacbcc09-742d-405b-9406-5f2d3742ff5c","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":21,"box":{"x":81,"y":605,"width":813,"height":12}},{"id":"0e9d1da0-5a79-4494-aad2-ae762bfd74d9","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":21,"box":{"x":82,"y":620,"width":791,"height":12}},{"id":"30109bf3-5742-4e3f-af6b-24cf53a43ff8","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":21,"box":{"x":81,"y":635,"width":818,"height":11}},{"id":"d0e5a4af-a670-48ed-9ff9-680d55317562","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":21,"box":{"x":81,"y":650,"width":833,"height":11}},{"id":"abb36c0c-53b6-4ef8-948d-e17bdab472d6","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":21,"box":{"x":81,"y":664,"width":816,"height":12}},{"id":"f93b74f3-98f1-4900-8e21-967bf4d63c7b","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":21,"box":{"x":82,"y":679,"width":827,"height":12}},{"id":"7842a259-ddcb-45a0-adeb-4f815bf4ffe2","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":21,"box":{"x":80,"y":694,"width":848,"height":12}},{"id":"bee7556e-87eb-4cd0-969e-592625f85389","block_type":"box","text":"United States.","page_number":21,"box":{"x":82,"y":709,"width":102,"height":9}},{"id":"364d832d-3845-4ff1-a97f-d0f0ead20e02","block_type":"box","text":"Currency Risk","page_number":21,"box":{"x":82,"y":729,"width":100,"height":11}},{"id":"f6d0c183-ae6f-453b-838b-316901140ad9","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":21,"box":{"x":186,"y":729,"width":706,"height":11}},{"id":"62c450c7-c5ee-4553-bdae-efd4f75e84b0","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":21,"box":{"x":81,"y":744,"width":823,"height":11}},{"id":"3cccdfa6-1723-49be-9dfa-4db722b8c54a","block_type":"box","text":"value of the Fund’s portfolio.","page_number":21,"box":{"x":80,"y":759,"width":211,"height":11}},{"id":"3a92e7a6-d54c-4419-a137-bb55f2bd0f3a","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":21,"box":{"x":81,"y":778,"width":823,"height":12}},{"id":"49859cba-d597-4fa5-9b11-3e0d8d26e521","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":21,"box":{"x":82,"y":793,"width":834,"height":12}},{"id":"b4de5d91-9297-4ed8-ad93-13ac7deacca1","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":21,"box":{"x":81,"y":808,"width":846,"height":12}},{"id":"0997e0d0-6e61-431b-9296-3e8ad895ff0a","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":21,"box":{"x":82,"y":823,"width":826,"height":12}},{"id":"d1d56102-2d2c-4db0-a2e0-0c0bb4f51359","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":21,"box":{"x":82,"y":838,"width":486,"height":9}},{"id":"2b34df75-aa64-42ba-9511-ba70ea2f4741","block_type":"box","text":"Foreign Economy Risk","page_number":21,"box":{"x":82,"y":858,"width":160,"height":11}},{"id":"146e5fd9-96df-41ce-a4b8-5a3c7462ee9d","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":21,"box":{"x":246,"y":858,"width":685,"height":11}},{"id":"8e4567f6-42a2-4dad-9bef-e1940b1c9468","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":21,"box":{"x":80,"y":873,"width":785,"height":11}},{"id":"43ea80a3-0bc0-46e9-b977-1c3b2bb9d6a6","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":21,"box":{"x":82,"y":887,"width":845,"height":12}},{"id":"5680354c-e33a-4e09-8f75-fb28f31d9ae0","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":21,"box":{"x":81,"y":902,"width":853,"height":12}},{"id":"98916dcc-071e-4cb4-acc2-d6ce49462dcf","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":21,"box":{"x":82,"y":917,"width":831,"height":12}},{"id":"1d924a10-9208-493d-a96a-0bd15ad1430d","block_type":"box","text":"21","page_number":21,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"dcb547ee-d419-4c74-ba70-894d4e272171","block_type":"box","text":"NM1026U-5981105-21/76","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dae5ae88-6f18-436f-9cf8-095b86057f22","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":22,"box":{"x":82,"y":46,"width":846,"height":11}},{"id":"674c60d3-82df-4a2b-bf88-8cee92a6a71e","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":22,"box":{"x":81,"y":60,"width":808,"height":12}},{"id":"d69638e0-9a58-4c1e-bae3-a93460096fa3","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":22,"box":{"x":82,"y":75,"width":851,"height":12}},{"id":"1407514c-5ca1-4f98-987a-c1bd9d2c129e","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":22,"box":{"x":82,"y":90,"width":832,"height":12}},{"id":"c8e32044-c117-42b7-9150-d6d4c3a785e3","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":22,"box":{"x":81,"y":105,"width":814,"height":12}},{"id":"b21c94d7-dbe6-4030-867f-0004fcf16661","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":22,"box":{"x":82,"y":120,"width":805,"height":11}},{"id":"d908b616-7a9c-4ad5-b5f9-24cf5415ca73","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":22,"box":{"x":82,"y":135,"width":827,"height":11}},{"id":"ad286033-0f65-4619-97ee-652fd4e377d1","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":22,"box":{"x":80,"y":149,"width":801,"height":12}},{"id":"431e17f5-1809-4b0e-953f-35788dde4470","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":22,"box":{"x":81,"y":164,"width":809,"height":12}},{"id":"cb0de9db-6cdf-4fd9-bbfc-f1995b1f80bb","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":22,"box":{"x":81,"y":179,"width":849,"height":12}},{"id":"f4484016-6173-45f3-ad14-4d74aeb79f3d","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":22,"box":{"x":81,"y":194,"width":848,"height":11}},{"id":"bbe6abee-525c-43b3-9fc6-9f37eeaa22ab","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":22,"box":{"x":81,"y":209,"width":774,"height":11}},{"id":"a5a3ce48-674d-45d7-87c5-436223a43784","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":22,"box":{"x":81,"y":224,"width":355,"height":11}},{"id":"a9430008-568f-4dbc-82f3-037452c5b802","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":22,"box":{"x":81,"y":244,"width":838,"height":11}},{"id":"18d42677-a94f-4c02-95c7-b4e2c0fe0482","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":22,"box":{"x":81,"y":258,"width":815,"height":12}},{"id":"32e1d496-820c-459c-9c5f-90df4792599d","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":22,"box":{"x":82,"y":273,"width":827,"height":12}},{"id":"a1303323-7a93-4b84-8f21-3cc047f33b39","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":22,"box":{"x":82,"y":288,"width":832,"height":12}},{"id":"110fd23d-2daa-4346-8c73-6f7a13c4ace0","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":22,"box":{"x":81,"y":303,"width":781,"height":11}},{"id":"d5f1691f-2daa-405c-9aa0-db5abd3e6a50","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":22,"box":{"x":82,"y":318,"width":617,"height":11}},{"id":"776262a6-b407-43b7-9137-3588d29e959c","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":22,"box":{"x":82,"y":338,"width":476,"height":11}},{"id":"c15df7f2-b7a6-49b8-9e55-1ac6e2991407","block_type":"box","text":"— Many foreign governments do not supervise","page_number":22,"box":{"x":563,"y":338,"width":344,"height":11}},{"id":"2890ef7c-a50f-4350-b938-4ebf7e9e4223","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":22,"box":{"x":81,"y":352,"width":827,"height":12}},{"id":"0788822b-f3bf-47e6-bd2e-271cdaf62cfd","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":22,"box":{"x":80,"y":367,"width":855,"height":12}},{"id":"43737e34-fad1-4161-9e93-33cd2748315c","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":22,"box":{"x":81,"y":382,"width":831,"height":12}},{"id":"a878a4b4-73ee-4392-99ff-7d1128d35120","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":22,"box":{"x":82,"y":397,"width":800,"height":11}},{"id":"d5deab8e-5cff-4a8f-9819-8d22383630a1","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":22,"box":{"x":81,"y":412,"width":829,"height":11}},{"id":"c167f31b-a13e-403c-9dc6-703ac21849e6","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":22,"box":{"x":81,"y":427,"width":856,"height":11}},{"id":"f36f6a19-1e59-491a-a60f-ecbf0b1c8d97","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":22,"box":{"x":81,"y":441,"width":834,"height":12}},{"id":"3439d49e-0191-47a6-9d3a-8d6239a9824e","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":22,"box":{"x":82,"y":456,"width":844,"height":12}},{"id":"8e22d422-d53e-436a-b780-e0df29ad5413","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":22,"box":{"x":81,"y":471,"width":393,"height":11}},{"id":"343529e5-4640-460f-8e90-adf20c7dfb17","block_type":"box","text":"Settlement Risk","page_number":22,"box":{"x":82,"y":491,"width":117,"height":9}},{"id":"a15cdeaa-deae-44bc-b550-a079ee639dc4","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":22,"box":{"x":203,"y":491,"width":730,"height":12}},{"id":"98085ef0-bd24-4f97-9365-ff7dc7fbe8a6","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":22,"box":{"x":80,"y":506,"width":856,"height":11}},{"id":"0b8042cb-85d3-499f-bba7-0038ccababc5","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":22,"box":{"x":81,"y":521,"width":784,"height":11}},{"id":"8cb5624e-4495-4b86-bebe-6d0cf380c8c2","block_type":"box","text":"investments.","page_number":22,"box":{"x":82,"y":536,"width":92,"height":9}},{"id":"e5179f1d-c8f6-40fe-b126-44f03683d6e6","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":22,"box":{"x":81,"y":555,"width":825,"height":12}},{"id":"4993aa49-e9b6-499e-aee0-1ab938b9b0c5","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":22,"box":{"x":81,"y":570,"width":839,"height":12}},{"id":"df7674d3-64bc-49fb-822a-7c1af3fc4991","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":22,"box":{"x":82,"y":585,"width":854,"height":12}},{"id":"e578985b-5bec-461a-acf1-4c81bd2a729a","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":22,"box":{"x":82,"y":600,"width":839,"height":12}},{"id":"17edfc34-c4c6-4c36-b2b4-785416bdcd08","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":22,"box":{"x":81,"y":615,"width":841,"height":11}},{"id":"2787d2e6-7d01-4810-aefc-eb5c8dc46de4","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":22,"box":{"x":80,"y":630,"width":480,"height":11}},{"id":"b27da7c7-9754-4cce-9de8-88511b0861ad","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":22,"box":{"x":83,"y":650,"width":221,"height":11}},{"id":"1a9a0bb9-f30e-4875-86bc-d6b5e78b070d","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":22,"box":{"x":308,"y":650,"width":589,"height":11}},{"id":"4b439a50-486e-4eef-a093-c90b2bb92f1b","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":22,"box":{"x":82,"y":664,"width":838,"height":12}},{"id":"194ce767-d0bb-4c58-b258-4220536898d4","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":22,"box":{"x":81,"y":680,"width":834,"height":11}},{"id":"0853cb6f-fbe4-4703-bcea-7ff872990999","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":22,"box":{"x":82,"y":694,"width":836,"height":12}},{"id":"8c53da22-e5b9-46c6-9212-c7fb4405a172","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":22,"box":{"x":80,"y":709,"width":854,"height":11}},{"id":"c7b32fea-c3e7-44ae-bc91-226a1ee17e6b","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":22,"box":{"x":80,"y":724,"width":831,"height":11}},{"id":"bda5920d-8014-4f78-8c23-80c752212ecc","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":22,"box":{"x":82,"y":739,"width":852,"height":11}},{"id":"816853da-296c-4a68-af9e-c927703a6ca1","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":22,"box":{"x":81,"y":753,"width":848,"height":12}},{"id":"df716dfe-0cd6-4caa-adb4-905bbf4011ac","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":22,"box":{"x":81,"y":768,"width":831,"height":12}},{"id":"1fc85b90-deba-4db5-9bfc-57a4c918d9b6","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":22,"box":{"x":80,"y":783,"width":830,"height":12}},{"id":"e75575c2-02be-4570-adf1-73e7dd21b1b9","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":22,"box":{"x":82,"y":798,"width":832,"height":11}},{"id":"427d9db0-7ae2-454c-8c02-3202b14470d6","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":22,"box":{"x":82,"y":813,"width":836,"height":11}},{"id":"366d6563-e548-4f0b-a4f2-0e4585197230","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":22,"box":{"x":81,"y":828,"width":325,"height":9}},{"id":"55abab40-9c6e-4548-ae9d-6edb42f207d9","block_type":"box","text":"Interest Rate Risk","page_number":22,"box":{"x":81,"y":848,"width":139,"height":9}},{"id":"acaa77eb-009d-4d23-88b6-c71718347a31","block_type":"box","text":"—","page_number":22,"box":{"x":225,"y":853,"width":17,"height":1}},{"id":"125154f8-62a9-406d-8b60-b79665d4eff4","block_type":"box","text":"Interest rate risk is the risk that the value of a debt security may fall when interest rates rise.","page_number":22,"box":{"x":247,"y":847,"width":683,"height":12}},{"id":"eb842728-6577-4116-9302-c8536fa64c04","block_type":"box","text":"In general, the market price of debt securities with longer maturities will go up or down more in response to changes","page_number":22,"box":{"x":82,"y":862,"width":854,"height":12}},{"id":"328e5ccb-da9b-46d3-9cdb-65ca94d03731","block_type":"box","text":"in interest rates than the market price of shorter-term securities. Due to fluctuations in interest rates, the market","page_number":22,"box":{"x":82,"y":877,"width":832,"height":11}},{"id":"091223df-5a6f-4bbe-8b87-f2b39944695b","block_type":"box","text":"value of such securities may vary during the period shareholders own shares of the Fund. Very low or negative","page_number":22,"box":{"x":80,"y":892,"width":809,"height":12}},{"id":"46d7d67c-e46c-4acb-a2cd-dc9c0a4c8e29","block_type":"box","text":"interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be","page_number":22,"box":{"x":82,"y":907,"width":842,"height":11}},{"id":"49a6c040-0c6e-4161-beea-10e9aa717519","block_type":"box","text":"22","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"f913c9d0-050f-4fc0-b760-7a3e2021dfb7","block_type":"box","text":"NM1026U-5981105-22/76","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1dac5715-3526-4989-b3e2-1ff1808a1107","block_type":"box","text":"unable to maintain positive returns or pay dividends to Fund shareholders. The Fund may be subject to a greater","page_number":23,"box":{"x":82,"y":46,"width":824,"height":11}},{"id":"be796ec3-518b-43d2-9336-5955485a292d","block_type":"box","text":"risk of rising interest rates during a period of low interest rates. Changing interest rates may have unpredictable","page_number":23,"box":{"x":82,"y":60,"width":820,"height":12}},{"id":"653e01ec-4377-4b00-a398-fb99ecef0862","block_type":"box","text":"effects on markets, may result in heightened market volatility and may detract from the Fund’s ability to achieve its","page_number":23,"box":{"x":81,"y":75,"width":846,"height":12}},{"id":"08187999-b6d3-486f-9e67-db590f4a8391","block_type":"box","text":"investment objective.","page_number":23,"box":{"x":82,"y":90,"width":153,"height":12}},{"id":"665ffeac-fb28-4302-81cf-632c670ac7f0","block_type":"box","text":"Leverage Risk","page_number":23,"box":{"x":81,"y":110,"width":107,"height":11}},{"id":"d91f0d71-0218-4492-9c02-93e253e3abcb","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":23,"box":{"x":192,"y":110,"width":741,"height":12}},{"id":"c2df253e-67f1-48bc-bace-58e55c5efd2a","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":23,"box":{"x":81,"y":125,"width":787,"height":11}},{"id":"4a632044-505e-4f4b-a2c3-464ec1d7775d","block_type":"box","text":"investment company registered with the Securities and Exchange Commission (“SEC”), the Fund is subject to the","page_number":23,"box":{"x":82,"y":140,"width":831,"height":11}},{"id":"2cd2c838-f064-4f04-aff1-f9eab65aef1e","block_type":"box","text":"federal securities laws, including the Investment Company Act and the rules thereunder. Under Rule 18f-4 under the","page_number":23,"box":{"x":81,"y":155,"width":851,"height":11}},{"id":"a7dd4aad-0f0d-4326-b1a1-9c90b464e864","block_type":"box","text":"Investment Company Act, among other things, the Fund must either use derivatives in a limited manner or comply","page_number":23,"box":{"x":82,"y":170,"width":834,"height":11}},{"id":"3663eca5-be70-4af9-acb1-e57b23c9fa5a","block_type":"box","text":"with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Fund to liquidate","page_number":23,"box":{"x":80,"y":184,"width":850,"height":12}},{"id":"ea4a4138-bfa5-4cba-94fc-346dd9ad758b","block_type":"box","text":"portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable","page_number":23,"box":{"x":82,"y":199,"width":819,"height":12}},{"id":"24be10ae-2c82-4cc5-9636-79191a271137","block_type":"box","text":"requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the","page_number":23,"box":{"x":82,"y":214,"width":850,"height":11}},{"id":"a16c280e-41f6-48bf-8361-40566dd20238","block_type":"box","text":"Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":23,"box":{"x":82,"y":229,"width":465,"height":11}},{"id":"b13704f6-1615-4e7b-b574-d6d2723e08e9","block_type":"box","text":"Market Risk and Selection Risk","page_number":23,"box":{"x":81,"y":249,"width":240,"height":9}},{"id":"9b353fab-23a6-4c30-8c8d-b348e303a2b3","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":23,"box":{"x":324,"y":249,"width":593,"height":9}},{"id":"f7d8e4ee-6139-45ae-b58b-e241dc41796e","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":23,"box":{"x":81,"y":264,"width":851,"height":11}},{"id":"9ba4380c-0f18-4a9d-b1a6-ca14978ce3f6","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":23,"box":{"x":82,"y":278,"width":824,"height":12}},{"id":"2e81eb67-54b7-46a2-b242-a618bd9a0f11","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":23,"box":{"x":82,"y":293,"width":851,"height":12}},{"id":"8a5fe847-8bef-4d91-a078-50356ea4e9c3","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":23,"box":{"x":82,"y":308,"width":802,"height":11}},{"id":"2b5c8d4c-1aa3-4081-b02d-e3899b7cc046","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":23,"box":{"x":81,"y":323,"width":849,"height":11}},{"id":"dfc2b69d-1bb9-46e0-9674-78f618f3fede","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":23,"box":{"x":81,"y":338,"width":843,"height":11}},{"id":"d7e563c5-5abe-481e-baf4-683b3ac692ef","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":23,"box":{"x":81,"y":352,"width":830,"height":12}},{"id":"2dee66b8-e7d5-48ee-8d99-e501e7f1d1bc","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":23,"box":{"x":82,"y":367,"width":840,"height":12}},{"id":"0a36eb81-e503-4b01-8eeb-61c96f804b21","block_type":"box","text":"The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates,","page_number":23,"box":{"x":81,"y":382,"width":789,"height":12}},{"id":"303c05fc-a36c-4819-84c6-d8eb19e90a64","block_type":"box","text":"economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions,","page_number":23,"box":{"x":81,"y":397,"width":823,"height":12}},{"id":"b0038de5-5827-4494-8f8b-eb6c6deba0ff","block_type":"box","text":"currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and","page_number":23,"box":{"x":81,"y":412,"width":784,"height":11}},{"id":"b076eaeb-10d0-498b-8bb2-bf9988c683b9","block_type":"box","text":"environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":23,"box":{"x":81,"y":427,"width":844,"height":11}},{"id":"e6ba88a0-fb65-419c-86f7-d3f1a8b718de","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":23,"box":{"x":82,"y":447,"width":818,"height":11}},{"id":"c3aa7eaf-24f2-408e-bd45-551f9b90ee73","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":23,"box":{"x":80,"y":462,"width":819,"height":11}},{"id":"6a3c060d-81ee-475f-929e-1888fac1546d","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":23,"box":{"x":81,"y":476,"width":819,"height":12}},{"id":"c7a8a992-aaec-432d-b171-f667e2531fc3","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":23,"box":{"x":81,"y":491,"width":846,"height":12}},{"id":"e4a6d1ae-58fa-473c-9a18-36d0e5692068","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":23,"box":{"x":81,"y":506,"width":848,"height":11}},{"id":"f4077b9d-6a59-4356-9788-d5dae113fba4","block_type":"box","text":"the Fund invests.","page_number":23,"box":{"x":80,"y":521,"width":125,"height":9}},{"id":"9903f8c6-548a-4439-b4da-33d6a418b0d0","block_type":"box","text":"Mid Cap Securities Risk","page_number":23,"box":{"x":81,"y":541,"width":182,"height":11}},{"id":"23724773-22fc-4fb0-97c6-bb91155a59d4","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":23,"box":{"x":267,"y":541,"width":665,"height":11}},{"id":"c73e1926-51a4-4943-bced-b6ea178a9e31","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":23,"box":{"x":81,"y":555,"width":789,"height":12}},{"id":"0f208478-dc19-4eef-bbdb-17a9454ecac1","block_type":"box","text":"Operational and Technology Risks","page_number":23,"box":{"x":82,"y":576,"width":254,"height":11}},{"id":"37d9014c-95fc-4263-a2f2-87f84c28ea18","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":23,"box":{"x":340,"y":576,"width":549,"height":11}},{"id":"97e46dbd-578a-40f8-b332-3df98b71e827","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":23,"box":{"x":81,"y":591,"width":790,"height":11}},{"id":"fc2c7776-a755-4c2f-ad8f-81a29a9b59d3","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":23,"box":{"x":81,"y":605,"width":837,"height":12}},{"id":"d292ed48-d94c-460a-81b5-dd2b5b79d1f6","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":23,"box":{"x":82,"y":620,"width":845,"height":12}},{"id":"07947b74-7e3b-4e6a-b643-1a82f79eed67","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":23,"box":{"x":81,"y":635,"width":832,"height":11}},{"id":"b00d3e16-961a-4ce6-b3cf-7df3a35f87f8","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":23,"box":{"x":82,"y":650,"width":763,"height":11}},{"id":"62e23686-1527-4c7d-9dee-0d998e6bdfaa","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":23,"box":{"x":81,"y":664,"width":825,"height":12}},{"id":"57780550-4206-4593-886c-9d002ddff5ec","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":23,"box":{"x":81,"y":679,"width":842,"height":12}},{"id":"52f911f9-395f-4090-863c-22e63f6d5cee","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":23,"box":{"x":81,"y":694,"width":852,"height":12}},{"id":"c5e3ecc4-452d-407d-be13-89ba763c9582","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":23,"box":{"x":82,"y":709,"width":827,"height":11}},{"id":"9c049a7e-1897-4fbd-b430-084128808eff","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":23,"box":{"x":81,"y":729,"width":821,"height":11}},{"id":"1d0c52dc-61cd-4d5a-b167-00c17699cf85","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":23,"box":{"x":82,"y":744,"width":814,"height":11}},{"id":"24597610-3e5a-48ac-8bcb-f15c2f5da3fd","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":23,"box":{"x":81,"y":759,"width":824,"height":11}},{"id":"d8583739-acd8-443a-a4e9-010772ca7f1b","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":23,"box":{"x":81,"y":773,"width":791,"height":12}},{"id":"92abd8ac-2a9d-4397-b085-ee4a024ca317","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":23,"box":{"x":82,"y":788,"width":852,"height":12}},{"id":"a026dcf6-39e7-4b17-91ac-8db3e89c956a","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its net asset value (“NAV”);","page_number":23,"box":{"x":81,"y":803,"width":825,"height":12}},{"id":"5af83d7a-4f83-4af8-bbd0-76bb1793f5e4","block_type":"box","text":"disclosure of confidential information; impediments to trading; submission of erroneous trades by the Fund or","page_number":23,"box":{"x":81,"y":818,"width":807,"height":11}},{"id":"d90cfb82-5cb0-42ff-8ff9-fa7a2cad69dc","block_type":"box","text":"erroneous subscription or redemption orders; the inability of the Fund or its service providers to transact business;","page_number":23,"box":{"x":81,"y":833,"width":844,"height":11}},{"id":"addbfba7-9dd2-4dd2-9e0f-12aaa5a162b3","block_type":"box","text":"violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or","page_number":23,"box":{"x":80,"y":847,"width":842,"height":12}},{"id":"fdf2b41b-b336-4af7-90f0-e890c643a6ea","block_type":"box","text":"other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may","page_number":23,"box":{"x":81,"y":863,"width":820,"height":11}},{"id":"5e602801-5fc9-45f4-b2d7-b23a0b979569","block_type":"box","text":"render records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":23,"box":{"x":82,"y":877,"width":850,"height":12}},{"id":"8210833f-6d60-4a90-b7d4-c71f94541740","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":23,"box":{"x":81,"y":892,"width":829,"height":12}},{"id":"71af1175-7c64-46c2-8ac0-ca2274f7c667","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":23,"box":{"x":82,"y":907,"width":846,"height":11}},{"id":"bb3480e0-ad57-49a3-a626-665c8fcd22bb","block_type":"box","text":"23","page_number":23,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"8f83ebc3-4171-454b-9ef0-37303d3d2bfd","block_type":"box","text":"NM1026U-5981105-23/76","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"bad9b292-7268-4576-88cf-1dc16642e989","block_type":"box","text":"relied upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":24,"box":{"x":82,"y":46,"width":846,"height":11}},{"id":"343dc651-9adb-4ab5-9c9c-20587ff92a6d","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI","page_number":24,"box":{"x":81,"y":60,"width":838,"height":12}},{"id":"0ca8bc42-82b6-4d5d-b595-8140fe462101","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":24,"box":{"x":80,"y":76,"width":770,"height":11}},{"id":"83c974ed-1620-4d8b-abf7-b8f06eea6392","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":24,"box":{"x":80,"y":90,"width":792,"height":12}},{"id":"1bd2e72a-a244-4f78-933b-8a4cb69d095e","block_type":"box","text":"incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such","page_number":24,"box":{"x":82,"y":105,"width":845,"height":11}},{"id":"bd7ac488-33a1-42b3-97e1-d7ace65b42b6","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":24,"box":{"x":80,"y":120,"width":840,"height":11}},{"id":"04517f20-6aca-443b-878a-73b67708eb5e","block_type":"box","text":"or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI","page_number":24,"box":{"x":81,"y":135,"width":841,"height":11}},{"id":"32bf4410-deb4-4eb2-8b5a-7cfb71873d81","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":24,"box":{"x":80,"y":149,"width":847,"height":12}},{"id":"dba70d12-04cc-406a-aba0-3b87ea5fd506","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":24,"box":{"x":82,"y":164,"width":838,"height":12}},{"id":"c375c805-6fd7-4f1b-b16b-1d2340de1cc6","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":24,"box":{"x":81,"y":179,"width":847,"height":12}},{"id":"6eb9988b-2540-4c41-bc2c-2f763c32c1e4","block_type":"box","text":"operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules","page_number":24,"box":{"x":81,"y":194,"width":845,"height":11}},{"id":"9eba8b77-fcdc-4f1f-9a02-de1bee69b2da","block_type":"box","text":"and the associated risks to the Fund.","page_number":24,"box":{"x":81,"y":209,"width":273,"height":9}},{"id":"9a058771-88a9-4b20-af48-9204beb7d8b9","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":24,"box":{"x":81,"y":229,"width":769,"height":11}},{"id":"8fbb541f-bbf1-4a5a-a6f6-0fe08c0265ad","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":24,"box":{"x":81,"y":244,"width":855,"height":11}},{"id":"3138ad9f-e4ee-4da5-b982-dd482240518e","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":24,"box":{"x":80,"y":258,"width":848,"height":12}},{"id":"68df9aae-8660-4b8d-b2d5-50e6c39fedfc","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":24,"box":{"x":81,"y":273,"width":777,"height":12}},{"id":"81f49d8d-d840-4a6e-9a69-01a5fdda2dab","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":24,"box":{"x":81,"y":288,"width":824,"height":12}},{"id":"d7688f11-7c25-4172-89ce-a0597b9a40ff","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":24,"box":{"x":81,"y":303,"width":785,"height":11}},{"id":"fa85cd00-f50d-45eb-88b0-b205d7f97146","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":24,"box":{"x":82,"y":318,"width":853,"height":11}},{"id":"1134a671-e83e-4078-bf72-64a41defb644","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":24,"box":{"x":82,"y":332,"width":855,"height":12}},{"id":"167f5adf-7b80-4f85-920d-9043bf8b75ba","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":24,"box":{"x":82,"y":347,"width":813,"height":12}},{"id":"0c04912b-c40d-49fd-b58f-3ea244f6f18c","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":24,"box":{"x":81,"y":362,"width":806,"height":12}},{"id":"7bc64a80-33d5-43e8-b035-7acd4c13dc7f","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":24,"box":{"x":82,"y":377,"width":602,"height":11}},{"id":"bb5b539a-2287-4260-b31b-4bbcff04dca7","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":24,"box":{"x":82,"y":397,"width":794,"height":12}},{"id":"d67413df-5f7c-4b5b-bd8f-bc4ab8af431d","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":24,"box":{"x":81,"y":412,"width":840,"height":11}},{"id":"8c3edd57-d68c-4c42-8210-e641e5c8c4a2","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":24,"box":{"x":81,"y":427,"width":801,"height":11}},{"id":"0aacb320-e7d6-41cc-8f5f-b56474152c10","block_type":"box","text":"resources to monitor and implement required changes.","page_number":24,"box":{"x":82,"y":442,"width":402,"height":11}},{"id":"54e25e1f-b7a0-4000-8bcb-4f2ed571403f","block_type":"box","text":"Precious Metal and Related Securities Risk","page_number":24,"box":{"x":81,"y":462,"width":329,"height":9}},{"id":"0fb4c8f1-be0b-4068-8c5f-a299b199804a","block_type":"box","text":"—","page_number":24,"box":{"x":415,"y":467,"width":17,"height":1}},{"id":"58bafa2b-b93e-4194-811d-92e8184e0103","block_type":"box","text":"Prices of precious metals and of precious metal related securities","page_number":24,"box":{"x":437,"y":461,"width":483,"height":12}},{"id":"817cb3b9-c6f0-41b1-a98e-5a45bc944ba8","block_type":"box","text":"historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial","page_number":24,"box":{"x":82,"y":476,"width":820,"height":12}},{"id":"f6ffe9dd-2ac8-46cd-a096-38da138a7a2d","block_type":"box","text":"condition of companies involved with precious metals. The production and sale of precious metals by governments","page_number":24,"box":{"x":81,"y":491,"width":842,"height":12}},{"id":"2ef5b952-083b-4cf4-b653-c770ce2a88a7","block_type":"box","text":"or central banks or other larger holders can be affected by various economic, financial, social and political factors,","page_number":24,"box":{"x":81,"y":506,"width":840,"height":11}},{"id":"db64b466-0506-4821-95f9-a6f1033dd6d9","block_type":"box","text":"which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that","page_number":24,"box":{"x":80,"y":521,"width":843,"height":11}},{"id":"dbaadfcb-4848-4561-be56-3ee8db6a424f","block_type":"box","text":"may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for","page_number":24,"box":{"x":82,"y":535,"width":846,"height":12}},{"id":"845b78a3-5de0-457c-9669-d02d3b1668ee","block_type":"box","text":"inflation and changes in industrial and commercial demand for precious metals.","page_number":24,"box":{"x":82,"y":550,"width":584,"height":12}},{"id":"d32a4e8e-9e77-4102-9674-02f0302f32e0","block_type":"box","text":"Sector Risk","page_number":24,"box":{"x":81,"y":570,"width":88,"height":10}},{"id":"2bc6349e-4143-4cd1-b986-10029950570d","block_type":"box","text":"— Sector risk is the risk that the Fund’s concentration in the securities of companies in a specific","page_number":24,"box":{"x":173,"y":570,"width":720,"height":12}},{"id":"4ac5e39a-4ea6-4815-ba4a-68d026c12bd0","block_type":"box","text":"market sector or industry will cause the Fund to be more exposed to the price movements of companies in and","page_number":24,"box":{"x":82,"y":585,"width":814,"height":12}},{"id":"6280ea66-13a8-4e91-ad52-27c643d6eb04","block_type":"box","text":"developments affecting that sector than a more broadly diversified fund. Because the Fund invests primarily in one","page_number":24,"box":{"x":81,"y":600,"width":842,"height":12}},{"id":"70bb7690-6936-4dea-b834-26de7a8762e5","block_type":"box","text":"sector, there is the risk that the Fund will perform poorly during a downturn in that sector.","page_number":24,"box":{"x":81,"y":615,"width":656,"height":11}},{"id":"a0b9a509-8d2a-4a71-8fba-937b844caec8","block_type":"box","text":"The Fund’s investments will be concentrated in a group of industries that make up the Commodities Sector.","page_number":24,"box":{"x":81,"y":635,"width":790,"height":11}},{"id":"6cb19e61-c538-49b3-983a-2ff153d43c37","block_type":"box","text":"Because the Fund is focused in specific industries, it may present more risks than if it were broadly diversified over","page_number":24,"box":{"x":82,"y":650,"width":847,"height":11}},{"id":"88b68830-d390-4962-8d9a-f9e4a61fd1cc","block_type":"box","text":"numerous industries and sectors of the economy. A downturn in the Commodities Sector would have a larger impact","page_number":24,"box":{"x":82,"y":664,"width":853,"height":12}},{"id":"7266afb2-1ccc-4029-b842-b66bdce5da97","block_type":"box","text":"on the Fund than on an investment company that does not concentrate in the industries or businesses in the","page_number":24,"box":{"x":81,"y":680,"width":801,"height":11}},{"id":"fc654321-9aa3-4671-baf3-08d36ff36e13","block_type":"box","text":"Commodities Sector. The industries and businesses in the Commodities Sector in which the Fund will concentrate","page_number":24,"box":{"x":81,"y":694,"width":836,"height":9}},{"id":"ec6c6afc-ffe1-4da2-bd12-88c5e6e527cb","block_type":"box","text":"its investments can be significantly affected by the supply of and demand for specific products and services,","page_number":24,"box":{"x":82,"y":709,"width":798,"height":11}},{"id":"f154f181-077e-4b69-8d71-c121d140c23a","block_type":"box","text":"exploration and production spending, government regulation, world events and economic conditions. The","page_number":24,"box":{"x":81,"y":724,"width":767,"height":11}},{"id":"0c6e8198-5721-4832-aa18-3243699de53e","block_type":"box","text":"Commodities Sector can also be significantly affected by events relating to international political developments,","page_number":24,"box":{"x":81,"y":739,"width":820,"height":11}},{"id":"97c4471d-1d80-4a13-882b-3f5bb597ec9c","block_type":"box","text":"energy conservation, the success of exploration projects, commodity prices, and tax and government regulations.","page_number":24,"box":{"x":81,"y":753,"width":832,"height":12}},{"id":"8ad0f274-7439-49e1-9d92-77960e282035","block_type":"box","text":"The stock prices of commodity-related companies may also experience greater price volatility than other types of","page_number":24,"box":{"x":81,"y":768,"width":825,"height":12}},{"id":"33f713ad-a09d-421c-85a2-a6a6e66c979b","block_type":"box","text":"common stocks. Securities issued by commodity-related companies are sensitive to changes in the prices of, and in","page_number":24,"box":{"x":81,"y":783,"width":853,"height":12}},{"id":"54538e1b-043f-488d-91a5-c7a9ce232f88","block_type":"box","text":"supply and demand for, the indicated commodities. The value of securities issued by commodity-related companies","page_number":24,"box":{"x":81,"y":798,"width":846,"height":11}},{"id":"ca62a9d1-3f23-4b18-8d74-93d4ed5135d1","block_type":"box","text":"may be affected by changes in overall market movements, changes in inflation, interest rates, or factors affecting a","page_number":24,"box":{"x":82,"y":813,"width":849,"height":11}},{"id":"f8242a98-0182-41eb-8ee9-1193ab525ea6","block_type":"box","text":"particular industry or commodity, such as weather, embargoes, tariffs, policies of commodity cartels and","page_number":24,"box":{"x":82,"y":827,"width":769,"height":12}},{"id":"0aefb095-fc5c-4fca-b05b-c89d6d6e7a6a","block_type":"box","text":"international economic, political and regulatory developments. Fund management’s judgments about trends in the","page_number":24,"box":{"x":82,"y":843,"width":837,"height":11}},{"id":"1b00cf5a-9e62-4b24-a91e-4213fa7bc8c2","block_type":"box","text":"prices of these securities and commodities may prove to be incorrect. At times, the performance of securities of","page_number":24,"box":{"x":82,"y":857,"width":827,"height":12}},{"id":"3b8e1e79-177c-4475-a087-6f80309d5ec3","block_type":"box","text":"companies in the Commodities Sector will lag behind the performance of other industries or the broader market as","page_number":24,"box":{"x":81,"y":872,"width":844,"height":12}},{"id":"f44b4612-4eb7-441d-ad04-20067b57787a","block_type":"box","text":"a whole.","page_number":24,"box":{"x":81,"y":887,"width":59,"height":9}},{"id":"a24f3961-ffcd-439b-90b6-81f58f92a991","block_type":"box","text":"24","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"46691dce-8d1b-48af-ac52-69c0a87b9d89","block_type":"box","text":"NM1026U-5981105-24/76","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"606d15a5-b494-4820-9655-ac2d6502ff02","block_type":"box","text":"Small Cap and Emerging Growth Securities Risk","page_number":25,"box":{"x":81,"y":46,"width":363,"height":11}},{"id":"5f15e6c5-63a1-47fd-9637-ca15e5296724","block_type":"box","text":"— Small cap or emerging growth companies may have limited","page_number":25,"box":{"x":448,"y":46,"width":453,"height":11}},{"id":"fe43cb9a-d85c-44c6-a81e-5ee657c4e29f","block_type":"box","text":"product lines or markets. They may be less financially secure than larger, more established companies. They may","page_number":25,"box":{"x":82,"y":60,"width":833,"height":12}},{"id":"a979bddd-8ee6-4ad4-a0c8-2b5c25c2e33d","block_type":"box","text":"depend on a small number of key personnel. If a product fails or there are other adverse developments, or if","page_number":25,"box":{"x":81,"y":75,"width":797,"height":12}},{"id":"1b32e8a0-5410-4ec2-a487-2d18e2ad6012","block_type":"box","text":"management changes, the Fund’s investment in a small cap or emerging growth company may lose substantial","page_number":25,"box":{"x":82,"y":90,"width":815,"height":12}},{"id":"bb91ac6b-0313-4c80-a8a2-b712c882c1cc","block_type":"box","text":"value. In addition, it is more difficult to get information on smaller companies, which tend to be less well known,","page_number":25,"box":{"x":80,"y":105,"width":825,"height":12}},{"id":"dc089959-e7db-43ac-862b-d9342054b8ae","block_type":"box","text":"have shorter operating histories, do not have significant ownership by large investors and are followed by relatively","page_number":25,"box":{"x":82,"y":120,"width":842,"height":11}},{"id":"d0baf234-889c-487c-85e0-ea27c5fe192e","block_type":"box","text":"few securities analysts.","page_number":25,"box":{"x":81,"y":135,"width":171,"height":11}},{"id":"44bbbd6e-43cd-4e8b-a9bb-33663ab78dc6","block_type":"box","text":"The securities of small cap and emerging growth companies generally trade in lower volumes and are subject to","page_number":25,"box":{"x":81,"y":155,"width":820,"height":11}},{"id":"6dd5bd06-b77b-4a4a-901c-076264738e5e","block_type":"box","text":"greater and more unpredictable price changes than larger cap securities or the market as a whole. In addition, small","page_number":25,"box":{"x":81,"y":170,"width":855,"height":11}},{"id":"558d25d8-502f-4d55-a83f-18bd1133dcd8","block_type":"box","text":"cap and emerging growth securities may be particularly sensitive to changes in interest rates, borrowing costs and","page_number":25,"box":{"x":81,"y":184,"width":842,"height":12}},{"id":"2a8938a2-285c-46ae-bf35-9ac8e0cb0da1","block_type":"box","text":"earnings. Investing in small cap and emerging growth securities requires a longer term view.","page_number":25,"box":{"x":81,"y":199,"width":675,"height":12}},{"id":"151a14fb-b123-4f1c-a2a3-255f2ec3280d","block_type":"box","text":"Subsidiary Risk","page_number":25,"box":{"x":81,"y":219,"width":117,"height":11}},{"id":"e9228900-f86b-464e-8493-6364865e3827","block_type":"box","text":"— By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":25,"box":{"x":201,"y":219,"width":703,"height":12}},{"id":"1bbe9ad2-92a8-4b73-9d04-e8bfb7675c9f","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":25,"box":{"x":81,"y":234,"width":841,"height":11}},{"id":"0584f036-65a5-433a-8464-6e94135c6221","block_type":"box","text":"that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held","page_number":25,"box":{"x":80,"y":249,"width":851,"height":11}},{"id":"ea43618a-b563-4ad0-8a54-1f9a69b767ed","block_type":"box","text":"directly by the Fund. There can be no assurance that the investment objective of the Subsidiary will be achieved.","page_number":25,"box":{"x":81,"y":263,"width":825,"height":12}},{"id":"fc56e77c-cded-41e3-89af-79fb420c9778","block_type":"box","text":"The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this","page_number":25,"box":{"x":81,"y":278,"width":766,"height":12}},{"id":"81283c68-213a-410a-bb49-4d8408967aa1","block_type":"box","text":"prospectus, is not subject to all the investor protections of the Investment Company Act. However, the Fund wholly","page_number":25,"box":{"x":82,"y":293,"width":840,"height":12}},{"id":"d986dfbf-b424-42c6-80d2-9b849807833d","block_type":"box","text":"owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by BlackRock, making it","page_number":25,"box":{"x":81,"y":308,"width":811,"height":12}},{"id":"c5fbf626-5620-4a1a-8c15-0bdafa23608d","block_type":"box","text":"unlikely that the Subsidiary will take action contrary to the interests of the Fund and its shareholders. The Board","page_number":25,"box":{"x":82,"y":323,"width":824,"height":11}},{"id":"d63c0a77-ba70-4ad5-9922-99b96efb435c","block_type":"box","text":"has oversight responsibility for the investment activities of the Fund, including its investment in the Subsidiary, and","page_number":25,"box":{"x":82,"y":338,"width":845,"height":11}},{"id":"816d0467-33e8-4296-bd00-90f18438357b","block_type":"box","text":"the Fund’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions","page_number":25,"box":{"x":80,"y":352,"width":853,"height":12}},{"id":"c2c132fa-8369-43d1-85ae-eeee437b73d1","block_type":"box","text":"and limitations, and follows the same compliance policies and procedures, as the Fund, except that the Subsidiary","page_number":25,"box":{"x":81,"y":367,"width":845,"height":12}},{"id":"8796cb46-38e1-4236-a814-f9938703ea5b","block_type":"box","text":"does not invest in equity securities of commodity-related companies, and may invest without limitation in","page_number":25,"box":{"x":81,"y":382,"width":768,"height":12}},{"id":"bc618f37-4df2-4a58-a911-b06f801712c6","block_type":"box","text":"commodity-linked derivative instruments. Changes in the laws of the United States and/or the Cayman Islands could","page_number":25,"box":{"x":81,"y":397,"width":855,"height":12}},{"id":"147b0853-d55c-4008-bceb-20573dea19eb","block_type":"box","text":"result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and","page_number":25,"box":{"x":82,"y":412,"width":841,"height":11}},{"id":"b695abe5-fa1a-4309-921e-1000fcaf6c91","block_type":"box","text":"could adversely affect the Fund.","page_number":25,"box":{"x":81,"y":427,"width":233,"height":11}},{"id":"675c6420-330b-4a48-9af3-126107281e6e","block_type":"box","text":"Tax Risk","page_number":25,"box":{"x":82,"y":447,"width":64,"height":9}},{"id":"5bbc0d31-9a5b-4c9d-9441-5eebb137237d","block_type":"box","text":"—T","page_number":25,"box":{"x":151,"y":452,"width":17,"height":1}},{"id":"ed4304eb-93e8-4b38-8761-f34172aec015","block_type":"box","text":"—The Fund invests in commodity-related instruments indirectly through the Subsidiary because income","page_number":25,"box":{"x":167,"y":447,"width":742,"height":11}},{"id":"e118356e-2c97-4788-a63c-2cc905235d5d","block_type":"box","text":"from these investments, if made directly, might not be treated as “qualifying income” for purposes of the Fund","page_number":25,"box":{"x":81,"y":461,"width":811,"height":12}},{"id":"bea876f6-c808-4c04-bb97-775d98aa12f4","block_type":"box","text":"qualifying as a regulated investment company for U.S. federal income tax purposes. Based on final regulations","page_number":25,"box":{"x":81,"y":476,"width":812,"height":12}},{"id":"1da65642-74af-4f0b-8bab-14eb2ee17b61","block_type":"box","text":"issued by the U.S. Internal Revenue Service (“IRS”) on which taxpayers may rely for taxable years beginning after","page_number":25,"box":{"x":82,"y":491,"width":830,"height":12}},{"id":"5e394dd2-dbb2-4dc0-ad70-9f2eb1cb0367","block_type":"box","text":"September 28, 2016, the Fund expects its income with respect to the Subsidiary to be qualifying income. In the","page_number":25,"box":{"x":81,"y":506,"width":824,"height":11}},{"id":"31d0a794-eef1-4bf9-a37a-4ba6b5e97a35","block_type":"box","text":"future, if the IRS issues new regulations or other guidance, or Congress enacts legislation, limiting the","page_number":25,"box":{"x":81,"y":521,"width":752,"height":11}},{"id":"5aa3bfd1-0b2e-4fde-82a7-e2d4d08f0cd1","block_type":"box","text":"circumstances in which the Fund’s income with respect to the Subsidiary will be considered “qualifying income,” the","page_number":25,"box":{"x":81,"y":535,"width":854,"height":12}},{"id":"078ca927-da65-470f-af01-b9ecc41bf277","block_type":"box","text":"Fund might be required to make changes to its operations, which could reduce the Fund’s ability to gain investment","page_number":25,"box":{"x":82,"y":551,"width":847,"height":11}},{"id":"55d86e50-e27d-4e80-afcc-c1bed05bb979","block_type":"box","text":"exposure to commodities. Fund shareholders could also experience adverse tax consequences in such","page_number":25,"box":{"x":81,"y":565,"width":754,"height":11}},{"id":"84f42623-f1cc-4b97-a67f-dbd89ee8fe94","block_type":"box","text":"circumstances.","page_number":25,"box":{"x":81,"y":580,"width":110,"height":9}},{"id":"c451f481-80a9-4cfa-9fa6-c9817c3e0b0c","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":25,"box":{"x":61,"y":603,"width":296,"height":12}},{"id":"8e02fc23-7db9-4805-a19a-a1590961e2fc","block_type":"box","text":"The Fund may also be subject to certain other risks associated with its investments and investment strategies,","page_number":25,"box":{"x":60,"y":620,"width":817,"height":11}},{"id":"9b6d432c-0ce9-4c1e-b606-556fd79f8f2c","block_type":"box","text":"including:","page_number":25,"box":{"x":62,"y":634,"width":67,"height":12}},{"id":"fe3135d1-c387-42dd-8c3c-36eea97b7240","block_type":"box","text":"Borrowing Risk","page_number":25,"box":{"x":81,"y":654,"width":115,"height":12}},{"id":"10935bcf-3aa0-4884-8474-d8fd16335f08","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":25,"box":{"x":200,"y":654,"width":711,"height":12}},{"id":"1b45e297-f630-40cd-be8c-1ae00e5e71b6","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":25,"box":{"x":80,"y":669,"width":813,"height":12}},{"id":"a4078bd1-5402-43cc-9943-f981e51cee84","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":25,"box":{"x":82,"y":684,"width":846,"height":11}},{"id":"814a37ed-ad99-43b8-8087-d47073457cac","block_type":"box","text":"do so to satisfy its obligations.","page_number":25,"box":{"x":81,"y":699,"width":225,"height":11}},{"id":"1cd2e6b0-77c2-4d7f-85cf-a815628221a2","block_type":"box","text":"Convertible Securities Risk","page_number":25,"box":{"x":81,"y":719,"width":206,"height":9}},{"id":"1eecd7b0-c3a1-4195-b3cd-dae36e8a3352","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":25,"box":{"x":291,"y":719,"width":593,"height":11}},{"id":"552ba7f7-d107-4bca-a63d-bf7cf1783ae1","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":25,"box":{"x":81,"y":733,"width":853,"height":12}},{"id":"d55897dd-78f6-46fa-ac41-3b45ca31793c","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":25,"box":{"x":81,"y":748,"width":855,"height":12}},{"id":"83acfef2-17af-4f17-a677-4349e57e2cd7","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":25,"box":{"x":80,"y":763,"width":816,"height":12}},{"id":"6c68b33e-ba72-4feb-8ad3-231694f3d560","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":25,"box":{"x":82,"y":778,"width":796,"height":11}},{"id":"1cbac9fc-2b26-46de-bb92-f02e344bf184","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":25,"box":{"x":81,"y":793,"width":812,"height":11}},{"id":"9349e122-938c-4a47-b0c0-2ca065f4ed07","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":25,"box":{"x":82,"y":808,"width":809,"height":11}},{"id":"1c0b3467-f551-4612-902b-cd2fd6d6f98d","block_type":"box","text":"Depositary Receipts Risk","page_number":25,"box":{"x":81,"y":828,"width":191,"height":11}},{"id":"d59f44cc-d31b-4cbb-95b9-fa4dc1139fda","block_type":"box","text":"— Depositary receipts are generally subject to the same risks as the foreign securities","page_number":25,"box":{"x":276,"y":827,"width":639,"height":12}},{"id":"3a69a186-8ee1-4d92-b3da-d2e1a6e45263","block_type":"box","text":"that they evidence or into which they may be converted. In addition to investment risks associated with the","page_number":25,"box":{"x":80,"y":843,"width":786,"height":11}},{"id":"314a26a4-dcbf-4909-89e7-5d673f93290e","block_type":"box","text":"underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms","page_number":25,"box":{"x":82,"y":857,"width":824,"height":12}},{"id":"bd2a4460-44a3-412c-94b9-857925674da6","block_type":"box","text":"that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other","page_number":25,"box":{"x":80,"y":872,"width":827,"height":12}},{"id":"4880f824-dead-4858-a0a9-126a999ba4dc","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":25,"box":{"x":82,"y":887,"width":849,"height":11}},{"id":"1cd46e2b-15eb-4514-bfad-4c718311c5a9","block_type":"box","text":"depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that","page_number":25,"box":{"x":81,"y":902,"width":840,"height":11}},{"id":"02814137-631b-47ea-be2d-5ba78f16035d","block_type":"box","text":"is, in the United States, considered material. Therefore, there may be less information available regarding these","page_number":25,"box":{"x":82,"y":916,"width":824,"height":12}},{"id":"97cd88d1-ee2b-4aee-9555-85138e8ca8a7","block_type":"box","text":"25","page_number":25,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"a37a3c12-8cd2-4bba-8771-a7009ce2dd88","block_type":"box","text":"NM1026U-5981105-25/76","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ad555572-cf2b-4730-ba28-b3d42bcc9c4e","block_type":"box","text":"issuers and there may not be a correlation between such information and the market value of the depositary","page_number":26,"box":{"x":82,"y":46,"width":798,"height":11}},{"id":"55e2c7d2-9ea0-4511-9d4a-ad5b8a10a7a3","block_type":"box","text":"receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their","page_number":26,"box":{"x":82,"y":60,"width":847,"height":12}},{"id":"f2f6efd9-c80e-40ae-9072-ea0d731bfdf7","block_type":"box","text":"respective markets and currencies, they continue to be subject to many of the risks associated with investing","page_number":26,"box":{"x":82,"y":75,"width":804,"height":12}},{"id":"87987704-2b2e-4dff-adcc-94891ba72105","block_type":"box","text":"directly in foreign securities, including political, economic, and currency risk.","page_number":26,"box":{"x":81,"y":90,"width":558,"height":12}},{"id":"864affb7-463e-4dd2-99da-4b11e262595f","block_type":"box","text":"Expense Risk","page_number":26,"box":{"x":81,"y":110,"width":102,"height":11}},{"id":"bb72d0f1-6994-4402-b860-9884f00abd5f","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":26,"box":{"x":187,"y":110,"width":734,"height":12}},{"id":"1d428d8c-feee-456d-a3bd-9241acd6d047","block_type":"box","text":"Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Fund’s","page_number":26,"box":{"x":81,"y":125,"width":855,"height":11}},{"id":"2c9d136e-a192-46de-aee8-6456a2b87ece","block_type":"box","text":"net assets decrease due to market declines or redemptions, the Fund’s expenses will increase as a percentage of","page_number":26,"box":{"x":82,"y":140,"width":842,"height":11}},{"id":"60ad5732-9ee4-42c6-8045-14a43d6f1c0c","block_type":"box","text":"Fund net assets. During periods of high market volatility, these increases in the Fund’s expense ratio could be","page_number":26,"box":{"x":82,"y":155,"width":808,"height":11}},{"id":"30a6dce2-1e80-4fd1-a932-2d8f16d43e3a","block_type":"box","text":"significant.","page_number":26,"box":{"x":81,"y":169,"width":78,"height":12}},{"id":"f692d1ba-e322-436d-89ec-d5d8c1579fa3","block_type":"box","text":"High Portfolio Turnover Risk","page_number":26,"box":{"x":81,"y":189,"width":212,"height":12}},{"id":"881e013a-754d-439f-8601-db511513fdc7","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":26,"box":{"x":297,"y":189,"width":629,"height":12}},{"id":"29c6cb5e-62cc-4d51-bf1b-34cdd7d4694b","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":26,"box":{"x":82,"y":204,"width":812,"height":12}},{"id":"51b24974-55a4-4119-a643-66d2ecc68ec4","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":26,"box":{"x":81,"y":219,"width":817,"height":11}},{"id":"63aabfde-fcab-4095-98b4-b5a6a01c16e5","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":26,"box":{"x":81,"y":234,"width":760,"height":11}},{"id":"603b56e1-60a4-478f-a480-04491cdd9812","block_type":"box","text":"shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects","page_number":26,"box":{"x":81,"y":249,"width":852,"height":11}},{"id":"c29f7e52-3fe4-4c04-b249-0247d858868a","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":26,"box":{"x":81,"y":263,"width":589,"height":12}},{"id":"db757704-5f0f-43e4-889a-05bde2c28f54","block_type":"box","text":"Illiquid Investments Risk","page_number":26,"box":{"x":81,"y":284,"width":186,"height":11}},{"id":"b27aba6e-d755-422f-90db-575023d585a7","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":26,"box":{"x":271,"y":283,"width":648,"height":12}},{"id":"7a570a17-1c06-47bb-974d-981554c1afb6","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":26,"box":{"x":80,"y":298,"width":841,"height":12}},{"id":"a6f74681-d6c4-464d-9ef8-bae3bdc025c1","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":26,"box":{"x":82,"y":313,"width":831,"height":12}},{"id":"e8af930f-5cdb-4381-a4c1-73346019f440","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. The","page_number":26,"box":{"x":81,"y":328,"width":843,"height":12}},{"id":"b8f48f9c-66da-4a51-9647-5fc08d1c3306","block_type":"box","text":"Subsidiary will also limit its investment in illiquid investments to 15% of its net assets. In applying the illiquid","page_number":26,"box":{"x":81,"y":343,"width":802,"height":11}},{"id":"4a99dfac-b298-4513-9d62-15905358cb5c","block_type":"box","text":"investments restriction to the Fund, the Fund’s investment in the Subsidiary is considered to be liquid. Liquid","page_number":26,"box":{"x":82,"y":358,"width":802,"height":11}},{"id":"4cbcea3f-32bd-4266-9244-cecb23b24401","block_type":"box","text":"investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can","page_number":26,"box":{"x":82,"y":372,"width":854,"height":12}},{"id":"3c5552be-b11d-4b8b-ac2c-d7ffc3a74975","block_type":"box","text":"be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid","page_number":26,"box":{"x":81,"y":388,"width":846,"height":11}},{"id":"494e59f3-326a-46ef-97c4-311c3994e940","block_type":"box","text":"for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an illiquid","page_number":26,"box":{"x":81,"y":402,"width":815,"height":12}},{"id":"809919fd-93bb-4465-b174-afec4a61e3bb","block_type":"box","text":"investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce","page_number":26,"box":{"x":82,"y":417,"width":837,"height":11}},{"id":"2ab70429-1a74-4b15-85ba-a3432edc20e6","block_type":"box","text":"the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price.","page_number":26,"box":{"x":80,"y":432,"width":847,"height":11}},{"id":"fac86d09-0397-4757-ac6d-6d08fff937a3","block_type":"box","text":"In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when shareholders","page_number":26,"box":{"x":82,"y":447,"width":827,"height":11}},{"id":"fde2c6f8-eb4d-4efd-9064-ab88d45006e0","block_type":"box","text":"are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to dispose of","page_number":26,"box":{"x":81,"y":461,"width":828,"height":12}},{"id":"bc1e71f7-b0f3-4308-b16c-374e9be42083","block_type":"box","text":"liquid securities to meet redemption requests and illiquid securities will become a larger portion of the Fund’s","page_number":26,"box":{"x":82,"y":476,"width":806,"height":12}},{"id":"27cd9549-1992-4c35-95b8-ca8edf31c8e9","block_type":"box","text":"holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional","page_number":26,"box":{"x":82,"y":491,"width":840,"height":12}},{"id":"7726cc08-4a22-49de-a6c4-39d09a12d379","block_type":"box","text":"market participants to make a market in fixed-income securities or the lack of an active trading market. To the","page_number":26,"box":{"x":82,"y":506,"width":807,"height":11}},{"id":"79b9c10a-cf3c-4bfd-ac1a-45a358654237","block_type":"box","text":"extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/","page_number":26,"box":{"x":81,"y":521,"width":845,"height":11}},{"id":"42be163b-29ff-4c2f-b708-78f90e4a78aa","block_type":"box","text":"or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments. Illiquid","page_number":26,"box":{"x":81,"y":536,"width":832,"height":11}},{"id":"f6e88295-395b-4bb5-9aa8-bbb0dd58c0a6","block_type":"box","text":"investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":26,"box":{"x":82,"y":550,"width":782,"height":12}},{"id":"a0a42889-1844-4c2e-a083-aef239af8348","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. This may be","page_number":26,"box":{"x":82,"y":565,"width":790,"height":12}},{"id":"8596700d-bda4-45b3-8d77-0a1c3b4d9347","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":26,"box":{"x":82,"y":580,"width":844,"height":12}},{"id":"d72a2384-7f83-4aca-9bbd-aa7ad92f384a","block_type":"box","text":"shares may be higher than normal. In addition, when there is illiquidity in the market for certain securities, the","page_number":26,"box":{"x":81,"y":595,"width":810,"height":11}},{"id":"6737b699-c07c-45de-aa32-f516160cd956","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":26,"box":{"x":82,"y":610,"width":715,"height":11}},{"id":"14aeb673-9009-40a5-9b57-348b5e728f8f","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":26,"box":{"x":81,"y":630,"width":271,"height":9}},{"id":"0740d990-7ac9-414e-bda5-dc54d08fa96f","block_type":"box","text":"—","page_number":26,"box":{"x":356,"y":635,"width":17,"height":1}},{"id":"ad368ee5-6ecb-4e3a-9620-c4ccdbea7633","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":26,"box":{"x":379,"y":630,"width":499,"height":11}},{"id":"3bd9eae8-b838-4053-8587-01b3882d91f0","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":26,"box":{"x":82,"y":644,"width":839,"height":12}},{"id":"8a47a72f-2384-4eb1-89d1-7fbeb62bec58","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":26,"box":{"x":80,"y":659,"width":799,"height":12}},{"id":"a254d2c1-eb3a-44e2-9cfc-57c67c2e4c43","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":26,"box":{"x":82,"y":674,"width":796,"height":12}},{"id":"88182291-ce76-451e-bcf7-ca7334962d72","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":26,"box":{"x":81,"y":689,"width":855,"height":11}},{"id":"4882e999-90eb-4229-b9fe-06a39fc97180","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":26,"box":{"x":82,"y":704,"width":441,"height":11}},{"id":"cfb765bb-cb83-42a8-bac4-42285978f3ec","block_type":"box","text":"Investment Companies and ETFs Risk","page_number":26,"box":{"x":81,"y":724,"width":285,"height":11}},{"id":"4a03e7bb-69b2-4e0e-9477-b0f50ddfcc92","block_type":"box","text":"— Subject to the limitations set forth in the Investment Company Act and","page_number":26,"box":{"x":370,"y":724,"width":539,"height":11}},{"id":"0a52f444-4805-43b5-917f-da9dd1b14269","block_type":"box","text":"the rules thereunder, the Fund may acquire shares in other investment companies and in exchange-traded funds","page_number":26,"box":{"x":80,"y":739,"width":826,"height":11}},{"id":"34ff3a2b-146a-4cea-8327-ce7f9518ef82","block_type":"box","text":"(“ETFs”), some of which may be affiliated investment companies. These investment companies and ETFs will","page_number":26,"box":{"x":81,"y":753,"width":799,"height":12}},{"id":"6c6a7d03-3ffb-4a47-8331-7bb8b7b1ade3","block_type":"box","text":"generally have investment exposure to the commodities markets which may subject them to greater volatility than","page_number":26,"box":{"x":81,"y":768,"width":834,"height":12}},{"id":"3bcac5e0-0297-416d-8ca7-2ac2047de72a","block_type":"box","text":"investments in traditional securities. The market value of the shares of other investment companies and ETFs may","page_number":26,"box":{"x":82,"y":783,"width":841,"height":11}},{"id":"fc26a075-c2af-4394-9111-2118e73febe4","block_type":"box","text":"differ from their net asset value. As an investor in investment companies and ETFs, the Fund would bear its ratable","page_number":26,"box":{"x":81,"y":798,"width":846,"height":11}},{"id":"62e6aa69-d9bc-4aa7-9d71-e20bc42fc584","block_type":"box","text":"share of that entity’s expenses, including its investment advisory and administration fees, while continuing to pay","page_number":26,"box":{"x":81,"y":813,"width":835,"height":11}},{"id":"676a5a1a-a098-4451-bf8b-df9112ec35c2","block_type":"box","text":"its own advisory and administration fees and other expenses (to the extent not offset by BlackRock through","page_number":26,"box":{"x":82,"y":827,"width":789,"height":12}},{"id":"0e00fc1a-de37-4941-b738-04a64597a3fa","block_type":"box","text":"waivers). As a result, shareholders will be absorbing duplicate levels of fees with respect to investments in other","page_number":26,"box":{"x":80,"y":842,"width":829,"height":12}},{"id":"7c88b467-75f1-4873-99ce-c58b70a7a61f","block_type":"box","text":"investment companies and ETFs (to the extent not offset by BlackRock through waivers).","page_number":26,"box":{"x":82,"y":857,"width":648,"height":12}},{"id":"fd4d325f-c263-4ac8-800e-1f3523390fa5","block_type":"box","text":"The securities of other investment companies and ETFs in which the Fund may invest may be leveraged. As a result,","page_number":26,"box":{"x":81,"y":877,"width":851,"height":12}},{"id":"2b4cb67c-e83b-42e2-a85f-6defeb109950","block_type":"box","text":"the Fund may be indirectly exposed to leverage through an investment in such securities. An investment in","page_number":26,"box":{"x":80,"y":892,"width":781,"height":12}},{"id":"0436c03d-8bec-46cc-a75d-049a22c85e5e","block_type":"box","text":"securities of other investment companies and ETFs that use leverage may expose the Fund to higher volatility in the","page_number":26,"box":{"x":81,"y":907,"width":850,"height":11}},{"id":"dc1ab6b1-de86-4d72-8b7b-5b7305a06895","block_type":"box","text":"26","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"eda3a900-3225-4ae7-8581-7200ebfc9bb5","block_type":"box","text":"NM1026U-5981105-26/76","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"880e7dfc-f52a-457b-aaa6-b0b177c57078","block_type":"box","text":"market value of such securities and the possibility that the Fund’s long-term returns on such securities (and,","page_number":27,"box":{"x":82,"y":46,"width":796,"height":11}},{"id":"a5b319a0-7c79-47eb-82e4-620f8b46e360","block_type":"box","text":"indirectly, the long-term returns of shares of the Fund) will be diminished.","page_number":27,"box":{"x":82,"y":60,"width":535,"height":12}},{"id":"42908005-63d1-4930-91e8-a208e6cb8961","block_type":"box","text":"As with other investments, investments in other investment companies, including ETFs, are subject to market and","page_number":27,"box":{"x":81,"y":81,"width":835,"height":11}},{"id":"9fd007eb-cd74-4be0-b918-5a3bbff96823","block_type":"box","text":"selection risk. To the extent the Fund is held by an affiliated fund, the ability of the Fund itself to hold other","page_number":27,"box":{"x":81,"y":95,"width":787,"height":12}},{"id":"5ccda96c-62ef-48f0-a428-75cd40304396","block_type":"box","text":"investment companies may be limited.","page_number":27,"box":{"x":82,"y":110,"width":280,"height":12}},{"id":"90a4fc57-2ab4-476a-8d5b-0dda9bb1018c","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":27,"box":{"x":81,"y":130,"width":396,"height":11}},{"id":"bf280e3f-fcbb-45e8-b9f0-8d4176c9b940","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":27,"box":{"x":481,"y":130,"width":440,"height":12}},{"id":"7ef198ff-b838-43a8-89ad-53d0b9fc1695","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":27,"box":{"x":82,"y":145,"width":801,"height":11}},{"id":"a4f8fbe3-df9d-4be2-bda1-3790f264f2a5","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":27,"box":{"x":81,"y":160,"width":825,"height":11}},{"id":"66877112-4854-41bf-9232-565fe8ee0686","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":27,"box":{"x":82,"y":175,"width":816,"height":11}},{"id":"6aba6f18-eeb3-4a41-9234-ba6d8dec96a1","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":27,"box":{"x":82,"y":189,"width":818,"height":12}},{"id":"6d4b23bf-aa29-4c25-ba0f-fcda4b19bd4d","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":27,"box":{"x":80,"y":204,"width":835,"height":12}},{"id":"092455fa-b51f-4c66-8d44-474bd46f70df","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":27,"box":{"x":80,"y":219,"width":807,"height":11}},{"id":"8331b1ff-c6d1-4a36-aeee-4087d73f1c06","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":27,"box":{"x":82,"y":234,"width":841,"height":11}},{"id":"11184364-8b72-4eec-b497-9e68bf94bf0f","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":27,"box":{"x":80,"y":249,"width":855,"height":11}},{"id":"49e19eef-3f1f-40bc-aef3-1efd815cb86c","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":27,"box":{"x":81,"y":264,"width":751,"height":10}},{"id":"4abdd3d9-9c1b-4a4d-b186-f33502a59d61","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":27,"box":{"x":81,"y":279,"width":785,"height":11}},{"id":"7ab471bc-1450-4066-a64a-59bd5a12ad0f","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":27,"box":{"x":81,"y":293,"width":841,"height":12}},{"id":"b010bc9f-1a88-4295-bcde-b6a698d1f7e3","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":27,"box":{"x":80,"y":308,"width":824,"height":12}},{"id":"f45134e1-931b-4a1c-aafb-219b3e6c4430","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":27,"box":{"x":81,"y":323,"width":822,"height":11}},{"id":"21595d5b-4951-4963-8db3-d71d2f77a500","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":27,"box":{"x":81,"y":338,"width":801,"height":11}},{"id":"403418ac-fce3-4eac-b4ed-146a48127602","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":27,"box":{"x":80,"y":353,"width":765,"height":11}},{"id":"653b633d-52b9-45f9-a80e-8747e7880ff9","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":27,"box":{"x":82,"y":367,"width":852,"height":12}},{"id":"7f30d9ad-82e2-46ef-8172-51197f483004","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":27,"box":{"x":82,"y":382,"width":847,"height":12}},{"id":"8c556161-c61b-432a-8bf2-e154afb03bf8","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":27,"box":{"x":80,"y":397,"width":847,"height":12}},{"id":"5ad49702-58d2-4eb9-9d8b-c39a8e2aef95","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":27,"box":{"x":81,"y":412,"width":845,"height":11}},{"id":"9ffe11a3-6a1e-4349-8268-d2309a3bbaf5","block_type":"box","text":"in-kind, subject to certain conditions. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":27,"box":{"x":82,"y":427,"width":835,"height":11}},{"id":"83782e75-c2f2-4ec9-832e-988326e5a1e6","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":27,"box":{"x":82,"y":441,"width":839,"height":12}},{"id":"1813f058-86f2-4b70-b404-ec3245833cea","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":27,"box":{"x":82,"y":456,"width":461,"height":12}},{"id":"9ca3dd9d-8f7c-4c46-9808-eab7b5103f32","block_type":"box","text":"Master Limited Partnerships Risk","page_number":27,"box":{"x":81,"y":476,"width":254,"height":12}},{"id":"9b318156-c21a-4ce0-b3f9-09c1fd796087","block_type":"box","text":"— The common units of an MLP are listed and traded on U.S. securities","page_number":27,"box":{"x":338,"y":476,"width":531,"height":9}},{"id":"300eb526-ec1d-4a26-bc3e-5ec5d8de2250","block_type":"box","text":"exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the","page_number":27,"box":{"x":81,"y":491,"width":836,"height":12}},{"id":"d31a163f-07bb-40b8-9041-7175d88008ba","block_type":"box","text":"MLP. Unlike owners of common stock of a corporation, owners of common units have limited voting rights and have","page_number":27,"box":{"x":82,"y":506,"width":844,"height":11}},{"id":"123936d9-13fa-4463-8b85-dcf39e4053e2","block_type":"box","text":"no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated","page_number":27,"box":{"x":82,"y":521,"width":830,"height":11}},{"id":"1c2650a3-8718-4aa1-aead-5f928af5cd63","block_type":"box","text":"units, but not over debt or preferred units, to the remaining assets of the MLP.","page_number":27,"box":{"x":82,"y":535,"width":575,"height":12}},{"id":"e3db3dd7-a690-428e-b9a3-4e4087179b06","block_type":"box","text":"Ownership Limitations Risk","page_number":27,"box":{"x":82,"y":556,"width":205,"height":11}},{"id":"5d7765df-ffa5-42ab-9c44-cf2e09fde92b","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":27,"box":{"x":291,"y":555,"width":610,"height":12}},{"id":"758c2d93-d75e-4bf7-9b99-b37cad802c30","block_type":"box","text":"transactions undertaken by BlackRock, its affiliates or the Fund, or as a result of third-party transactions or actions","page_number":27,"box":{"x":80,"y":570,"width":849,"height":12}},{"id":"37ddf9a3-f1ba-4276-b5a9-58ee1ada5f00","block_type":"box","text":"by an issuer or regulator, the ability of BlackRock and its affiliates on behalf of clients (including the Fund) to","page_number":27,"box":{"x":81,"y":585,"width":798,"height":12}},{"id":"d6b740d4-2847-41b7-978b-e8428048e6d2","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":27,"box":{"x":82,"y":600,"width":833,"height":12}},{"id":"7bf59879-e9bd-4915-a4d8-18d547780d50","block_type":"box","text":"regulation or rule or otherwise impaired. The capacity of the Fund to invest in certain securities or other assets may","page_number":27,"box":{"x":82,"y":615,"width":851,"height":11}},{"id":"410a6b02-a143-4591-955d-551e3b550aba","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":27,"box":{"x":81,"y":630,"width":813,"height":11}},{"id":"3379e7d7-9769-4b07-bd58-247daa9b2f82","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":27,"box":{"x":82,"y":644,"width":331,"height":12}},{"id":"33aa6ede-e2a1-4d56-bdcb-bc9f05e0d4ea","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":27,"box":{"x":82,"y":665,"width":826,"height":11}},{"id":"81d1aaf7-85b8-444a-a2ca-32e8ae5bd527","block_type":"box","text":"certain international markets. Such limits also may apply where the investing entity (such as the Fund) is subject to","page_number":27,"box":{"x":81,"y":679,"width":848,"height":12}},{"id":"f6b5bd14-b27e-4a12-a56d-46826f4f8602","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":27,"box":{"x":81,"y":694,"width":799,"height":12}},{"id":"0158a9d9-175f-427c-8be0-0618fc63da48","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":27,"box":{"x":81,"y":709,"width":828,"height":11}},{"id":"84297b5b-f704-45a6-9a20-efb2fe91ea35","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":27,"box":{"x":81,"y":724,"width":828,"height":11}},{"id":"c47293b4-1149-455b-a88c-e07082dd9422","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":27,"box":{"x":80,"y":739,"width":837,"height":11}},{"id":"06a59a4c-b8fd-4ff1-a66e-03c3b9e28742","block_type":"box","text":"there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a","page_number":27,"box":{"x":80,"y":753,"width":837,"height":12}},{"id":"7ba45f3e-ff35-431f-b1ae-5ad7535c3363","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":27,"box":{"x":82,"y":768,"width":800,"height":12}},{"id":"26414dee-b197-47c1-96c3-80fab8ebcdaf","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":27,"box":{"x":81,"y":783,"width":678,"height":12}},{"id":"fe382b10-4216-4826-b0f0-ba6ab0da0ab9","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or be","page_number":27,"box":{"x":81,"y":803,"width":842,"height":12}},{"id":"a1b3cc3e-7485-46db-ad18-108db01948fc","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":27,"box":{"x":81,"y":818,"width":833,"height":11}},{"id":"61b2502d-ef5a-44ff-8974-bce3ee832bb9","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":27,"box":{"x":82,"y":833,"width":582,"height":11}},{"id":"16d2d78c-9621-4b31-8927-79731f894bf1","block_type":"box","text":"Reliance on Advisor Risk","page_number":27,"box":{"x":81,"y":853,"width":188,"height":9}},{"id":"dfe90392-412d-40c1-ac8a-f1d39999e26c","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":27,"box":{"x":273,"y":853,"width":614,"height":11}},{"id":"ec491914-b945-4bf2-852f-df73118cc429","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":27,"box":{"x":80,"y":867,"width":830,"height":12}},{"id":"87f9c9c3-9c14-4ed7-b161-0f68ac44ec2c","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":27,"box":{"x":80,"y":882,"width":856,"height":12}},{"id":"1a1f3893-bb92-4d66-b19a-52654564f245","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":27,"box":{"x":80,"y":897,"width":841,"height":12}},{"id":"ec325d12-01ae-48d6-a546-a2ebb5d37753","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":27,"box":{"x":81,"y":912,"width":649,"height":12}},{"id":"a9e8f8ca-5cd2-437c-825f-6e20d7621ed2","block_type":"box","text":"27","page_number":27,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"68c59490-5c80-480e-b068-dd72c45f7a43","block_type":"box","text":"NM1026U-5981105-27/76","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2a9b2ce5-a172-4588-aa2e-32123bcf5767","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":28,"box":{"x":81,"y":46,"width":481,"height":11}},{"id":"cd76e062-707a-4346-a687-8ec2581b0561","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":28,"box":{"x":565,"y":46,"width":370,"height":11}},{"id":"8678bf99-127a-44d5-a9f5-27f5264229a6","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":28,"box":{"x":82,"y":60,"width":827,"height":12}},{"id":"57f52044-b484-4bd4-87ab-b402ffcd10d9","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":28,"box":{"x":81,"y":75,"width":816,"height":12}},{"id":"462ddf81-734d-43f4-b704-4189e477e968","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":28,"box":{"x":81,"y":90,"width":647,"height":12}},{"id":"bb3369d8-bbab-4dd3-aa18-71033c44ecd8","block_type":"box","text":"Restricted Securities Risk","page_number":28,"box":{"x":81,"y":110,"width":198,"height":9}},{"id":"778782e6-3963-4f32-820e-bab890202886","block_type":"box","text":"—","page_number":28,"box":{"x":284,"y":115,"width":17,"height":1}},{"id":"12c25960-65f6-4974-a73a-c1f650d3a88b","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":28,"box":{"x":306,"y":110,"width":571,"height":12}},{"id":"268e9c7e-27e9-4543-becc-337e31dbe4c8","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":28,"box":{"x":82,"y":125,"width":843,"height":11}},{"id":"c226f1aa-63f1-4a16-8060-5f950a7bcc40","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":28,"box":{"x":81,"y":140,"width":813,"height":11}},{"id":"3bef81dc-69f6-47c2-bec2-10aecba76bed","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":28,"box":{"x":81,"y":155,"width":851,"height":11}},{"id":"d429e8e4-42af-4cc1-8d2b-5c32c586ef91","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":28,"box":{"x":81,"y":169,"width":774,"height":12}},{"id":"548be4cc-adf2-4c9b-a1f9-382073f0fbd7","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":28,"box":{"x":82,"y":184,"width":839,"height":12}},{"id":"0d0ed7a1-0a40-4880-a571-b45e8a87fc7c","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":28,"box":{"x":81,"y":199,"width":828,"height":11}},{"id":"cbab826f-00f0-40a9-85b1-3ff9aaa8b3f5","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":28,"box":{"x":81,"y":214,"width":830,"height":11}},{"id":"11b0ebc4-6d25-47df-b7b7-07ca7bd13745","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":28,"box":{"x":80,"y":229,"width":787,"height":11}},{"id":"33a01a6b-a7c7-4887-a6e1-acda3d5342cd","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":28,"box":{"x":80,"y":244,"width":838,"height":11}},{"id":"36867e1a-eb95-4473-b4bf-cfc8ef5b2548","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":28,"box":{"x":81,"y":258,"width":843,"height":12}},{"id":"9289f76a-9b59-4f3d-aaba-7db97beebcee","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":28,"box":{"x":81,"y":273,"width":827,"height":12}},{"id":"e93f0713-d2d5-4b77-95fa-99096a2ed7d0","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":28,"box":{"x":82,"y":288,"width":812,"height":11}},{"id":"a5720c55-8b5a-4467-9ace-47dddffd4511","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":28,"box":{"x":82,"y":303,"width":795,"height":11}},{"id":"67fcc4d4-fa1c-4827-a32f-6143daf448e7","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":28,"box":{"x":81,"y":318,"width":468,"height":11}},{"id":"d58e29a5-b6e5-4928-910d-da82f95813e3","block_type":"box","text":"Securities Lending Risk","page_number":28,"box":{"x":81,"y":338,"width":178,"height":11}},{"id":"39104b2f-cb45-44f3-9955-0da8c296d7d1","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":28,"box":{"x":263,"y":338,"width":661,"height":11}},{"id":"b9875537-55c3-435d-ab24-bb1907ce6b0d","block_type":"box","text":"Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner","page_number":28,"box":{"x":82,"y":352,"width":852,"height":12}},{"id":"93b732e5-4508-4436-a605-6f62f251bb32","block_type":"box","text":"or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned","page_number":28,"box":{"x":81,"y":367,"width":811,"height":12}},{"id":"fbccde2d-38c6-44dd-84a6-084643b5e0d3","block_type":"box","text":"securities or a decline in the value of any investments made with cash collateral. These events could also trigger","page_number":28,"box":{"x":81,"y":382,"width":829,"height":12}},{"id":"6a32c9d8-c333-4d8e-8b15-d3321ed4f7e9","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":28,"box":{"x":81,"y":397,"width":292,"height":11}},{"id":"db7399b6-2e12-43b4-9df4-10d21fe05959","block_type":"box","text":"Short Sales and Short Position Risk","page_number":28,"box":{"x":81,"y":417,"width":271,"height":9}},{"id":"884e156a-98ec-4a8b-b06b-8490c2006f48","block_type":"box","text":"—","page_number":28,"box":{"x":357,"y":422,"width":17,"height":1}},{"id":"c05a0f0d-2b35-47d8-aae3-d38da562b606","block_type":"box","text":"Because making short sales or taking short positions in securities that it","page_number":28,"box":{"x":379,"y":417,"width":537,"height":11}},{"id":"5ec401f6-8b07-4b8d-b834-0335dc2019ec","block_type":"box","text":"does not own would expose the Fund to the risks associated with those securities, such short sales or positions","page_number":28,"box":{"x":81,"y":432,"width":828,"height":11}},{"id":"6cc174f4-5664-4110-8bc7-b6e405635136","block_type":"box","text":"involve speculative exposure risk. In such situations, the Fund will incur a loss as a result of a short sale or position","page_number":28,"box":{"x":82,"y":447,"width":853,"height":11}},{"id":"b04e4544-5fae-4f7a-b28a-400e2524a7aa","block_type":"box","text":"if the price of the reference instrument increases after the Fund entered into the short sale or position. The Fund","page_number":28,"box":{"x":82,"y":461,"width":829,"height":12}},{"id":"e958f385-186b-49a2-abe8-bc786a16c4e3","block_type":"box","text":"may engage in short sales and gain short exposure through certain derivative instruments, such as futures, options","page_number":28,"box":{"x":82,"y":476,"width":852,"height":12}},{"id":"c0bbabfb-7660-4ddf-b5b1-8f3e87113e22","block_type":"box","text":"or swaps. The Fund may lose more money than the actual cost of a short sale or position and the potential losses","page_number":28,"box":{"x":81,"y":491,"width":840,"height":11}},{"id":"9eefa924-0623-442c-836b-a691c2e0d3c8","block_type":"box","text":"are theoretically unlimited on a short sale or position.","page_number":28,"box":{"x":81,"y":506,"width":394,"height":11}},{"id":"4dd77a16-fa21-451c-af05-25586e26dd3b","block_type":"box","text":"U.S. Government Obligations Risk","page_number":28,"box":{"x":82,"y":526,"width":254,"height":11}},{"id":"8bd91617-0b6e-4641-89a2-c26a1b7f4a1b","block_type":"box","text":"— Not all U.S. Government securities are backed by the full faith and credit of","page_number":28,"box":{"x":340,"y":526,"width":576,"height":11}},{"id":"c520b2f4-2a30-4843-ab05-03ff851f4e70","block_type":"box","text":"the United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the","page_number":28,"box":{"x":80,"y":541,"width":840,"height":11}},{"id":"24ae205a-556c-48a0-871c-0a7379772e41","block_type":"box","text":"U.S. Government are backed by the full faith and credit of the United States (","page_number":28,"box":{"x":82,"y":555,"width":565,"height":12}},{"id":"9cb32871-55e2-4b83-8db9-e59714613041","block_type":"box","text":"e.g","page_number":28,"box":{"x":649,"y":557,"width":23,"height":10}},{"id":"3e90e9ec-dac2-4d7c-9828-f81219ab3f36","block_type":"box","text":"., the Government National","page_number":28,"box":{"x":672,"y":556,"width":196,"height":10}},{"id":"9b2d3b03-1cd5-406c-9e03-1a16bf03d2f6","block_type":"box","text":"Mortgage Association); other obligations are backed by the right of the issuer to borrow from the U.S. Treasury","page_number":28,"box":{"x":82,"y":570,"width":814,"height":12}},{"id":"68f79372-cf78-4d95-bb09-7945120891e7","block_type":"box","text":"(","page_number":28,"box":{"x":81,"y":585,"width":4,"height":11}},{"id":"7d14b2c9-7b9c-4a22-b090-062026999b29","block_type":"box","text":"e.g","page_number":28,"box":{"x":86,"y":587,"width":24,"height":10}},{"id":"f4b2706e-3dfa-436b-a701-2a86f7a033c3","block_type":"box","text":"., the Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S.","page_number":28,"box":{"x":110,"y":585,"width":734,"height":12}},{"id":"bafd7297-289c-4f61-aee0-bbfd71b2cfbd","block_type":"box","text":"Government to purchase an agency’s obligations. Still others are backed only by the credit of the agency, authority,","page_number":28,"box":{"x":81,"y":600,"width":843,"height":12}},{"id":"0d7ee839-8a7f-400f-800b-3f6f78b617ba","block_type":"box","text":"instrumentality or sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government","page_number":28,"box":{"x":82,"y":615,"width":852,"height":11}},{"id":"eaa070e6-483e-4eb5-abab-5dd203e59d75","block_type":"box","text":"would provide financial support to any of these entities if it is not obligated to do so by law. In addition,","page_number":28,"box":{"x":80,"y":630,"width":758,"height":11}},{"id":"a4e62b2e-bdbb-49d6-a8d7-adc60b6d7153","block_type":"box","text":"circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government","page_number":28,"box":{"x":81,"y":644,"width":794,"height":12}},{"id":"5a61ae2b-50b6-43f3-b001-030de594bb50","block_type":"box","text":"obligations, such as reaching the legislative “debt ceiling.” Such non-payment could result in losses to the Fund and","page_number":28,"box":{"x":81,"y":659,"width":854,"height":12}},{"id":"f45eee96-7716-4535-80af-7a8519db29e0","block_type":"box","text":"substantial negative consequences for the U.S. economy and the global financial system.","page_number":28,"box":{"x":81,"y":674,"width":656,"height":12}},{"id":"de3e1d1e-e016-4db6-8a12-5b7b917ef644","block_type":"box","text":"Valuation Risk","page_number":28,"box":{"x":83,"y":694,"width":107,"height":9}},{"id":"e95407d2-8843-4ceb-95c8-c883b515e9f9","block_type":"box","text":"—","page_number":28,"box":{"x":194,"y":699,"width":17,"height":1}},{"id":"092b3e6c-278d-48a3-9e65-bcab0c0c0af7","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":28,"box":{"x":215,"y":694,"width":700,"height":12}},{"id":"b6d37045-0319-4c12-89c1-e647b1d316bf","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":28,"box":{"x":81,"y":709,"width":835,"height":11}},{"id":"6caaef63-d316-4864-af35-ec7b46ae468e","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":28,"box":{"x":81,"y":724,"width":848,"height":11}},{"id":"86bfc370-f82f-40f3-8de8-1a26f71268e2","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":28,"box":{"x":82,"y":739,"width":845,"height":11}},{"id":"a26c7783-cf5d-40f4-907f-cb2e47741269","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":28,"box":{"x":82,"y":753,"width":840,"height":12}},{"id":"6921f42d-93b6-4345-b1c1-01d31c19eb41","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":28,"box":{"x":80,"y":768,"width":783,"height":12}},{"id":"762c7b82-8be7-4cca-a27d-434325778476","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":28,"box":{"x":81,"y":783,"width":810,"height":12}},{"id":"5a5f88d1-872f-4897-a541-8ef798da4052","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":28,"box":{"x":81,"y":798,"width":847,"height":11}},{"id":"87a30ee2-26d0-458a-a890-3c8912ca1d3f","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":28,"box":{"x":82,"y":813,"width":848,"height":11}},{"id":"8932ebf0-a4ab-4ef0-9bb6-664924a3dc4d","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":28,"box":{"x":80,"y":828,"width":819,"height":11}},{"id":"c986259d-cc0d-494e-b1e3-afa52ee1e23a","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":28,"box":{"x":81,"y":842,"width":837,"height":12}},{"id":"60f9aeb1-5755-4d67-be85-f5e4abd65340","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":28,"box":{"x":80,"y":857,"width":672,"height":12}},{"id":"d216cd69-c16e-4534-9933-54c4f5f81ac0","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":28,"box":{"x":83,"y":877,"width":584,"height":12}},{"id":"b0558ad3-2f20-4072-8977-382179d4c0d0","block_type":"box","text":"— When-issued and delayed","page_number":28,"box":{"x":671,"y":877,"width":208,"height":12}},{"id":"20274358-f9e7-499c-905a-6b1e74932589","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":28,"box":{"x":81,"y":892,"width":843,"height":11}},{"id":"097dfe84-7417-41b8-8d09-727fd41b9ff9","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":28,"box":{"x":82,"y":907,"width":830,"height":11}},{"id":"438a6d40-b514-4aa5-94cc-c240e4bff02c","block_type":"box","text":"28","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"4967b29a-3822-454c-8437-46b50fd66b86","block_type":"box","text":"NM1026U-5981105-28/76","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"47ce78b1-b4d7-4bba-896d-17283f3b65c3","block_type":"box","text":"not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside","page_number":29,"box":{"x":82,"y":46,"width":849,"height":11}},{"id":"12a77b94-54e4-4034-b330-444fd5a771d1","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":29,"box":{"x":80,"y":60,"width":425,"height":12}},{"id":"465142e2-7c6b-4aa3-b68b-19079524be5d","block_type":"box","text":"29","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"26356116-9913-4ab8-8754-c99aa8c724be","block_type":"box","text":"NM1026U-5981105-29/76","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"36d7a712-d327-4c46-87f6-263ca4cdc986","block_type":"box","text":"Account Information","page_number":30,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"fdb94fc7-40b5-49b7-b2eb-b7a3dfe90fab","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":30,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"46296ac0-bcbc-45f0-b09e-6ad8726251b8","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C and Institutional Shares in this prospectus),","page_number":30,"box":{"x":60,"y":182,"width":849,"height":12}},{"id":"f8bc900b-0b8a-4edf-a281-cb55176a075b","block_type":"box","text":"each with its own sales charge and expense structure, allowing you to invest in the way that best suits your needs.","page_number":30,"box":{"x":61,"y":197,"width":844,"height":12}},{"id":"f87cb738-4f9a-467a-a58f-debe7cc6a2e7","block_type":"box","text":"Each share class represents an ownership interest in the same investment portfolio of the Fund. When you choose","page_number":30,"box":{"x":62,"y":212,"width":845,"height":11}},{"id":"c4bcf59d-db9d-4b74-8302-ddaaa63dba65","block_type":"box","text":"your class of shares, you should consider the size of your investment and how long you plan to hold your shares. Either","page_number":30,"box":{"x":60,"y":227,"width":877,"height":11}},{"id":"d0780497-6b0e-48f4-ae6e-4ee7ca34855b","block_type":"box","text":"your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry","page_number":30,"box":{"x":60,"y":242,"width":857,"height":11}},{"id":"82869606-ec5d-4cf2-a030-9604ffa8fa98","block_type":"box","text":"professional (including BlackRock and its affiliates) (each, a “Financial Intermediary”) can help you determine which","page_number":30,"box":{"x":62,"y":256,"width":850,"height":12}},{"id":"ed9be999-ec93-4081-9cf7-2d363b6d4993","block_type":"box","text":"share class is best suited to your personal financial goals. Investor A Shares and Investor C Shares are sometimes","page_number":30,"box":{"x":61,"y":271,"width":847,"height":12}},{"id":"60398be2-2994-4754-8425-3d863616485e","block_type":"box","text":"referred to herein collectively as “Investor Shares.”","page_number":30,"box":{"x":61,"y":286,"width":375,"height":11}},{"id":"04eda6d1-2685-458a-a3a6-f3d63d3aaa6d","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":30,"box":{"x":62,"y":309,"width":841,"height":11}},{"id":"485f6260-5460-4772-93c3-38459e6c4350","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":30,"box":{"x":62,"y":323,"width":870,"height":12}},{"id":"cf2a0f6a-4890-4fc7-965f-736b5935ee2d","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":30,"box":{"x":60,"y":338,"width":874,"height":12}},{"id":"5f65de99-bcf2-41cb-8da9-20ae27b6717e","block_type":"box","text":"waiver.","page_number":30,"box":{"x":60,"y":353,"width":49,"height":9}},{"id":"c1e04df9-b9e0-4a68-bc5a-62b6e7ca8302","block_type":"box","text":"If you select Investor C Shares of the Fund, you will invest the full amount of your purchase price, but you will be","page_number":30,"box":{"x":62,"y":376,"width":822,"height":11}},{"id":"5dbbaeb2-0dde-454d-aef0-3a371f2f5be6","block_type":"box","text":"subject to a distribution fee of 0.75% per year and a service fee of 0.25% per year under a plan adopted pursuant to","page_number":30,"box":{"x":61,"y":390,"width":856,"height":12}},{"id":"b0a8687e-73d9-4a23-9997-4d3a77ca44c2","block_type":"box","text":"Rule 12b-1 under the Investment Company Act. Because these fees are paid out of the Fund’s assets on an ongoing","page_number":30,"box":{"x":62,"y":405,"width":856,"height":12}},{"id":"9037a69e-d7e0-4b19-a06a-39c2b8140658","block_type":"box","text":"basis, over time these fees increase the cost of your investment and may cost you more than paying other types of","page_number":30,"box":{"x":61,"y":420,"width":846,"height":12}},{"id":"3362c43f-ec0a-467f-8e91-d5a782da4387","block_type":"box","text":"sales charges. In addition, you may be subject to a deferred sales charge when you sell Investor C Shares of the Fund","page_number":30,"box":{"x":61,"y":435,"width":868,"height":12}},{"id":"1d92e9ab-ccfb-4088-953f-650c40723c74","block_type":"box","text":"within one year. Classes with lower expenses will have higher net asset values and dividends relative to other share","page_number":30,"box":{"x":60,"y":450,"width":851,"height":11}},{"id":"ad054a2c-6281-4ae9-ac24-96d156b7ae1a","block_type":"box","text":"classes.","page_number":30,"box":{"x":61,"y":465,"width":59,"height":9}},{"id":"a335e13d-ba68-4130-ba3a-ab794229ef5a","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":30,"box":{"x":60,"y":487,"width":811,"height":12}},{"id":"ba5784ae-f84e-4bad-b1cc-e0157ffa4957","block_type":"box","text":"The table below summarizes key features of each of the share classes of the Fund offered by this prospectus.","page_number":30,"box":{"x":60,"y":510,"width":811,"height":11}},{"id":"43f4867d-2c03-4d92-9f84-34979f3f4bb3","block_type":"box","text":"Share Classes at a Glance","page_number":30,"box":{"x":387,"y":533,"width":218,"height":10}},{"id":"9c2d89a1-d534-4a8a-bf73-79c1b0816dd6","block_type":"box","text":"1","page_number":30,"box":{"x":605,"y":533,"width":6,"height":5}},{"id":"9fbceb17-ae90-43db-a114-36a78f4da88f","block_type":"box","text":"Investor A Investor C","page_number":30,"box":{"x":232,"y":562,"width":282,"height":7}},{"id":"034ccc4a-f4f8-4286-875b-7b65acba3a2f","block_type":"box","text":"2,3","page_number":30,"box":{"x":515,"y":562,"width":10,"height":4}},{"id":"4d8010f1-5d9c-44e9-b8b5-127702f07590","block_type":"box","text":"Institutional","page_number":30,"box":{"x":676,"y":562,"width":71,"height":7}},{"id":"0adaeffe-fc35-4f54-b924-783499feeec0","block_type":"box","text":"Availability","page_number":30,"box":{"x":60,"y":579,"width":73,"height":10}},{"id":"d949c15f-c5fa-4c5c-a94e-fbf7214c26af","block_type":"box","text":"Generally available through","page_number":30,"box":{"x":232,"y":579,"width":177,"height":10}},{"id":"4b4da4a5-0599-4fe1-ac45-0812b926129e","block_type":"box","text":"Financial Intermediaries.","page_number":30,"box":{"x":233,"y":593,"width":160,"height":8}},{"id":"150469f9-d92b-4844-94bc-7b77ecf7c9e3","block_type":"box","text":"Generally available through","page_number":30,"box":{"x":454,"y":579,"width":177,"height":10}},{"id":"f346f753-f72c-4f32-9d90-9d45da093dfd","block_type":"box","text":"Financial Intermediaries. 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Your Financial Intermediary may set a lower maximum for Investor C Shares.","page_number":33,"box":{"x":81,"y":338,"width":844,"height":9}},{"id":"e2ad3863-8a28-4e9a-9307-2a32e0cb99d4","block_type":"box","text":"The following pages will cover the additional details of each share class, including the Institutional Shares","page_number":33,"box":{"x":60,"y":363,"width":778,"height":11}},{"id":"42fb8c17-8f91-4036-9616-03561e50839a","block_type":"box","text":"requirements, the sales charge table for Investor A Shares, reduced sales charge information, Investor C Share","page_number":33,"box":{"x":61,"y":378,"width":819,"height":11}},{"id":"5dc9ff60-6240-482a-a726-72e48c50aa81","block_type":"box","text":"contingent deferred sales charge (“CDSC”) information, and sales charge waivers.","page_number":33,"box":{"x":61,"y":392,"width":604,"height":12}},{"id":"08f19ee4-6846-4640-b0a6-a4b5e8906403","block_type":"box","text":"The availability of certain sales charge waivers and reductions will depend on whether you purchase your shares","page_number":33,"box":{"x":60,"y":415,"width":825,"height":12}},{"id":"29b4d52d-154a-49a9-b2af-280384cc1878","block_type":"box","text":"directly from the Fund or through a Financial Intermediary. 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percent.","page_number":34,"box":{"x":81,"y":190,"width":278,"height":9}},{"id":"340a9b56-171a-4a9d-9f7f-7068b4a01325","block_type":"box","text":"2","page_number":34,"box":{"x":61,"y":203,"width":3,"height":4}},{"id":"058b0b19-4507-437f-86df-6cf5c8343393","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":34,"box":{"x":82,"y":202,"width":802,"height":10}},{"id":"23a2fde1-9ff2-4baf-9e9e-446d4b25cc59","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":34,"box":{"x":81,"y":213,"width":819,"height":9}},{"id":"55167e4e-8642-49b6-bcb2-dc61f5813728","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":34,"box":{"x":81,"y":223,"width":821,"height":10}},{"id":"efaad092-c396-4df3-8636-b7d7396ec91d","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":34,"box":{"x":81,"y":234,"width":444,"height":9}},{"id":"6ca2a705-d77a-49ff-8e10-311e7f3aa0fd","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":34,"box":{"x":62,"y":259,"width":837,"height":12}},{"id":"7c52646c-e265-459d-91e1-1996e4238963","block_type":"box","text":"gains.","page_number":34,"box":{"x":60,"y":274,"width":43,"height":11}},{"id":"19b6a558-7897-403a-9025-24a93b0fd2dd","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":34,"box":{"x":60,"y":297,"width":490,"height":12}},{"id":"b2767e2c-d246-4820-99c7-489b27f53f7f","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":34,"box":{"x":60,"y":313,"width":841,"height":12}},{"id":"3470bcbd-21d6-456d-837a-e1c280ae646b","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":34,"box":{"x":61,"y":328,"width":831,"height":12}},{"id":"a31d852c-5ec3-4ad0-bdcd-d0ccdcb06ef5","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":34,"box":{"x":61,"y":343,"width":876,"height":11}},{"id":"9ffb752a-c08a-454a-9a2a-94473f07f19d","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":34,"box":{"x":61,"y":358,"width":856,"height":11}},{"id":"4ad7ef20-678d-4d05-8d2d-5ccba293c4e6","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":34,"box":{"x":61,"y":372,"width":872,"height":12}},{"id":"77e9784d-9e05-40b2-b57b-7c44b4d28a81","block_type":"box","text":"below).","page_number":34,"box":{"x":61,"y":388,"width":50,"height":11}},{"id":"f340fa45-a2e3-4ccc-9e80-67a9922aa3a4","block_type":"box","text":"Reductions or eliminations through a Letter of Intent or right of accumulation will apply to the value of all qualifying","page_number":34,"box":{"x":62,"y":410,"width":840,"height":11}},{"id":"159df687-a065-49d9-bdc1-8cccf42c3afc","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":34,"box":{"x":61,"y":425,"width":875,"height":11}},{"id":"07b40b97-39a2-4710-a9ca-38a33b9c03e9","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":34,"box":{"x":61,"y":439,"width":875,"height":12}},{"id":"c4d36202-21dc-4b77-95b2-d20c7d335041","block_type":"box","text":"benefit of any such individuals. 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Failure by the investor to","page_number":34,"box":{"x":62,"y":737,"width":862,"height":12}},{"id":"084b16c0-0d3a-4ec1-8689-a586c7f832c5","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":34,"box":{"x":61,"y":752,"width":875,"height":12}},{"id":"e43f0d4b-a324-40f1-bdf9-0c9e1cc90dd0","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":34,"box":{"x":60,"y":767,"width":312,"height":9}},{"id":"8b2adb6e-2d95-40f1-bfbb-967abb19d892","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":34,"box":{"x":60,"y":790,"width":828,"height":11}},{"id":"1e0c0838-9ce8-4116-9bdf-994a95c1437e","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":34,"box":{"x":61,"y":804,"width":850,"height":12}},{"id":"17b091c5-c99f-4354-a372-d8ec8f130184","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":34,"box":{"x":60,"y":819,"width":856,"height":12}},{"id":"79b6984e-f156-4e2c-852a-157786b83c19","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":34,"box":{"x":60,"y":834,"width":845,"height":11}},{"id":"24a82ea0-e4c6-46a4-8f72-a1997a9cfa7c","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":34,"box":{"x":62,"y":849,"width":667,"height":11}},{"id":"38091456-0b37-4b8c-8a6d-8c3c90e16540","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":34,"box":{"x":62,"y":871,"width":531,"height":12}},{"id":"61acfe56-be2f-45e7-bcdc-096d02406e4d","block_type":"box","text":"34","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"a724dfa8-690d-4b29-97fb-fe61c663aa0c","block_type":"box","text":"NM1026U-5981105-34/76","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"37b4c49e-e9c8-4391-a74b-1de43c659122","block_type":"box","text":"Letter of Intent","page_number":35,"box":{"x":61,"y":46,"width":124,"height":10}},{"id":"e0c7a651-ae8c-40dc-ab1e-1ae256452414","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":35,"box":{"x":60,"y":62,"width":839,"height":12}},{"id":"3c76d2c0-de59-48fd-ad63-356ad101d77a","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":35,"box":{"x":62,"y":77,"width":875,"height":12}},{"id":"d858d4a5-a51d-4b51-ba17-8bae58fd99cb","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":35,"box":{"x":61,"y":92,"width":431,"height":12}},{"id":"515ceb1c-3e12-462a-8ad3-35c2070c7c63","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":35,"box":{"x":82,"y":115,"width":794,"height":11}},{"id":"64153486-5cea-4b04-85f1-153222586829","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":35,"box":{"x":82,"y":137,"width":675,"height":12}},{"id":"d9b08279-2449-401a-9fdf-a74b70e0d854","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":35,"box":{"x":82,"y":160,"width":820,"height":11}},{"id":"69064930-c7e6-4c22-8b8d-e1b97c120dab","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":35,"box":{"x":60,"y":182,"width":830,"height":12}},{"id":"f1de9723-0d16-4065-993a-b59286bfc4db","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":35,"box":{"x":61,"y":197,"width":524,"height":12}},{"id":"86fdfb6a-3116-4fe5-be5b-53f2951204be","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":35,"box":{"x":60,"y":220,"width":865,"height":11}},{"id":"b45bcb28-7d14-406b-81bc-1b83b077b558","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":35,"box":{"x":61,"y":235,"width":862,"height":11}},{"id":"3dd2a1b7-09f6-44d3-a9a3-3ced61af570d","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":35,"box":{"x":61,"y":249,"width":870,"height":12}},{"id":"2a1c42a0-a1ba-4d52-8aef-3ace5f069858","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":35,"box":{"x":61,"y":264,"width":384,"height":12}},{"id":"34511264-a917-46b3-a915-abac5d70b00e","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":35,"box":{"x":60,"y":287,"width":823,"height":11}},{"id":"1ff4c656-f17f-4f78-8dbc-10d8a24a4fcb","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":35,"box":{"x":61,"y":302,"width":842,"height":11}},{"id":"2c01bfad-40bf-4112-8ae1-c3522fb66227","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":35,"box":{"x":61,"y":316,"width":765,"height":12}},{"id":"2aeada08-a326-4e1d-ad61-57f9c3898997","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":35,"box":{"x":62,"y":339,"width":833,"height":11}},{"id":"351855fa-848d-48c6-b027-38040a296a0f","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":35,"box":{"x":61,"y":354,"width":852,"height":11}},{"id":"a1b28ae0-de57-4743-ba0b-970744a3794d","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":35,"box":{"x":61,"y":369,"width":872,"height":11}},{"id":"b382627f-fe76-4b77-9e40-606f667fc88c","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":35,"box":{"x":60,"y":383,"width":860,"height":12}},{"id":"d42fb194-b168-4f32-bbd1-7fa5c1914700","block_type":"box","text":"difference.","page_number":35,"box":{"x":61,"y":398,"width":77,"height":9}},{"id":"cb268242-bfdf-437c-bbb1-03dd358f19c3","block_type":"box","text":"Right of Accumulation","page_number":35,"box":{"x":61,"y":421,"width":183,"height":13}},{"id":"f8bd358c-6b0a-421d-80d4-532a58ce8416","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":35,"box":{"x":62,"y":438,"width":839,"height":11}},{"id":"d32e6f68-19f2-41fa-80ea-5f93b67f6bef","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":35,"box":{"x":61,"y":452,"width":856,"height":12}},{"id":"70d36857-2104-4042-9784-22456fa016fb","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":35,"box":{"x":82,"y":475,"width":821,"height":11}},{"id":"36d03c2f-c68e-4ba1-b965-a3a2c902f1c6","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":35,"box":{"x":102,"y":490,"width":306,"height":11}},{"id":"af3152dc-47ea-4710-86d4-9dd43fe3bb00","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":35,"box":{"x":82,"y":512,"width":771,"height":12}},{"id":"bd30022d-6c54-4e8e-b320-0e690f344606","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":35,"box":{"x":82,"y":535,"width":788,"height":11}},{"id":"015399e1-dcd7-4ab6-94f9-68e9844ea3e8","block_type":"box","text":"investor’s spouse and children.","page_number":35,"box":{"x":102,"y":550,"width":228,"height":11}},{"id":"d22c6a8a-4271-4a68-a1db-f4aa19828838","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":35,"box":{"x":62,"y":572,"width":866,"height":12}},{"id":"5059d437-bf40-4d00-9356-449472122484","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":35,"box":{"x":61,"y":587,"width":866,"height":12}},{"id":"a882f631-e6ae-4eb8-b76e-909494a3033e","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":35,"box":{"x":62,"y":602,"width":854,"height":11}},{"id":"a685f041-d9bd-4306-8836-5a7009e5b316","block_type":"box","text":"any previously purchased shares.","page_number":35,"box":{"x":61,"y":617,"width":243,"height":11}},{"id":"4f01b66b-588e-471b-bc40-aa72447e2e20","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":35,"box":{"x":61,"y":640,"width":314,"height":12}},{"id":"9bf213f6-a83f-47bf-aed4-9e1f77b3f563","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":35,"box":{"x":60,"y":656,"width":623,"height":12}},{"id":"8ba0f01c-4245-47e3-877f-2785a337b11e","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":35,"box":{"x":81,"y":676,"width":846,"height":11}},{"id":"cdd00a15-f489-481d-93b3-5407a50474ac","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":35,"box":{"x":82,"y":691,"width":352,"height":11}},{"id":"b48d2225-1ee7-408e-b4fc-3321d176217a","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans, provided the shares are","page_number":35,"box":{"x":82,"y":711,"width":817,"height":11}},{"id":"1e8bf539-847b-4424-9a2a-53bd4c67759b","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":35,"box":{"x":80,"y":726,"width":854,"height":11}},{"id":"ddeadca2-71b5-41b4-bc01-433eba6d32f8","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":35,"box":{"x":81,"y":741,"width":840,"height":11}},{"id":"7e65bdfd-bd42-41ea-9dbd-5115ad8002c5","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":35,"box":{"x":81,"y":755,"width":760,"height":12}},{"id":"34a3ca00-aab1-49dc-8c44-3caff01d3336","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":35,"box":{"x":82,"y":770,"width":812,"height":12}},{"id":"fb9c17e1-f439-4415-8346-005d23e9cd10","block_type":"box","text":"Distributor;","page_number":35,"box":{"x":82,"y":785,"width":79,"height":11}},{"id":"d31552a1-a750-4c9e-b0f8-4de02d662e1b","block_type":"box","text":"Insurance company separate accounts;","page_number":35,"box":{"x":82,"y":805,"width":286,"height":11}},{"id":"5cb9b960-2db5-4c0f-b053-8538f4ad4995","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":35,"box":{"x":82,"y":825,"width":836,"height":11}},{"id":"91502a47-47f6-4a0b-9844-0d4d6a9180b5","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":35,"box":{"x":81,"y":840,"width":446,"height":11}},{"id":"90b9f544-a115-42dd-9dc4-0bdf52df6329","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":35,"box":{"x":81,"y":860,"width":815,"height":11}},{"id":"69bee08e-09a3-4957-9d65-64335b2fc27a","block_type":"box","text":"broker-dealer or other financial institution;","page_number":35,"box":{"x":81,"y":875,"width":306,"height":10}},{"id":"5ef2cccd-7713-4017-b4cc-51ef9c04bc7e","block_type":"box","text":"35","page_number":35,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"ad7e11b9-0daf-462d-a168-55bd8d590aca","block_type":"box","text":"NM1026U-5981105-35/76","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b111ad91-80c8-4bd8-b308-f4adbcb13d09","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":36,"box":{"x":82,"y":46,"width":828,"height":11}},{"id":"cfb910e7-0370-4474-a284-05c2f3c80635","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":36,"box":{"x":82,"y":60,"width":800,"height":12}},{"id":"cf08268d-cf7d-46e9-9a5b-47eb33422707","block_type":"box","text":"transaction fee;","page_number":36,"box":{"x":80,"y":75,"width":114,"height":11}},{"id":"a2599b1f-d6d8-4a7f-b823-2a5afaf05f2f","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":36,"box":{"x":81,"y":95,"width":819,"height":12}},{"id":"d4bb6324-01a3-4206-a51f-2d146fe754ab","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":36,"box":{"x":81,"y":110,"width":846,"height":12}},{"id":"a7827471-0a40-4d41-be37-914443252cd4","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":36,"box":{"x":82,"y":125,"width":843,"height":11}},{"id":"2c34ec84-254e-4ab6-bebd-e1a4082b7412","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":36,"box":{"x":82,"y":140,"width":829,"height":11}},{"id":"67935112-5372-4b5e-8caf-eb7c20e35afc","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":36,"box":{"x":81,"y":155,"width":815,"height":11}},{"id":"424b1e7d-ee1a-4b8f-a512-2874d5407684","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":36,"box":{"x":81,"y":175,"width":841,"height":11}},{"id":"edf5f745-2a37-43bf-a26f-5dcabb01efdb","block_type":"box","text":"Internal Revenue Code; and","page_number":36,"box":{"x":82,"y":190,"width":201,"height":10}},{"id":"d90dc18d-f5d0-4c58-9d5a-bde4dc700a82","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":36,"box":{"x":81,"y":210,"width":808,"height":11}},{"id":"13effbc1-8689-4c46-9740-5c7b03a2603b","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":36,"box":{"x":62,"y":232,"width":852,"height":11}},{"id":"62c927e6-dea2-426e-9fd6-73ce4f4a4b1a","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":36,"box":{"x":62,"y":247,"width":846,"height":11}},{"id":"a3c18cc6-a3ce-4ae0-ba6f-e2e199fb2135","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":36,"box":{"x":62,"y":262,"width":434,"height":11}},{"id":"b05a024e-f03f-44ea-8d5c-413374db1c7e","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":36,"box":{"x":62,"y":284,"width":864,"height":12}},{"id":"e17f7906-eecc-41d1-870b-c606928cb1fe","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the same","page_number":36,"box":{"x":61,"y":299,"width":852,"height":12}},{"id":"0f4cd143-ad37-4e60-b892-bb0e23b416cd","block_type":"box","text":"Fund. In such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of","page_number":36,"box":{"x":62,"y":314,"width":837,"height":11}},{"id":"79dda46f-8dda-4ee5-803e-19a3940765fc","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":36,"box":{"x":62,"y":329,"width":873,"height":11}},{"id":"b318305c-3622-4f32-80f5-b02486a78cf3","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":36,"box":{"x":62,"y":343,"width":317,"height":12}},{"id":"b4a6807f-1681-469c-956d-81f0057a5659","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":36,"box":{"x":61,"y":366,"width":861,"height":12}},{"id":"92017ddf-946d-410e-8b28-8c28ad0c68d2","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":36,"box":{"x":60,"y":381,"width":817,"height":11}},{"id":"78a9c87f-6b97-44a7-9d0b-67475eafc462","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":36,"box":{"x":61,"y":404,"width":306,"height":10}},{"id":"a3f4f02e-ab74-40fb-9656-9da88ebecd90","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":36,"box":{"x":62,"y":419,"width":814,"height":13}},{"id":"44331826-b88b-4e12-9a82-93b1f19bf1d1","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":36,"box":{"x":61,"y":435,"width":828,"height":12}},{"id":"037ea813-228b-4ef4-8104-37c7a1c602bc","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":36,"box":{"x":62,"y":450,"width":857,"height":11}},{"id":"23009641-e95e-40f3-acba-5c318330311d","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":36,"box":{"x":61,"y":465,"width":451,"height":11}},{"id":"8536ade2-15b0-4ef6-b305-9f4a0d396e73","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":36,"box":{"x":62,"y":487,"width":860,"height":12}},{"id":"a5871bcc-4837-425e-86c0-693219ebaa10","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":36,"box":{"x":61,"y":502,"width":847,"height":12}},{"id":"24af8c15-7317-472e-bb42-fff9d3dcfa7e","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":36,"box":{"x":60,"y":517,"width":863,"height":11}},{"id":"0359dbdc-fbd7-4f96-ae49-a53f2f88c2c8","block_type":"box","text":"monthly basis.","page_number":36,"box":{"x":61,"y":532,"width":105,"height":11}},{"id":"7403ec95-e931-4629-bdc4-0cd61b76a5cb","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":36,"box":{"x":61,"y":555,"width":420,"height":12}},{"id":"69e2c987-8f84-49b1-b799-32ce704db3fd","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":36,"box":{"x":62,"y":571,"width":865,"height":12}},{"id":"83c76b90-a633-4cb9-85e4-d1dfb1ce0d06","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":36,"box":{"x":60,"y":586,"width":858,"height":11}},{"id":"b9e6a615-ddbd-4d99-a135-c04f1b30cd16","block_type":"box","text":"The charge will apply to the lesser of the original cost of the shares being redeemed or the proceeds of your","page_number":36,"box":{"x":60,"y":601,"width":795,"height":11}},{"id":"80282d25-3863-4d8d-8af1-035ecda2ab2e","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":36,"box":{"x":61,"y":615,"width":874,"height":12}},{"id":"8dd78961-73b9-4895-bdd9-506eb28140d2","block_type":"box","text":"charge is charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition,","page_number":36,"box":{"x":61,"y":630,"width":867,"height":12}},{"id":"3d221c2f-53c4-45b3-b148-82ed80782b68","block_type":"box","text":"you will not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of","page_number":36,"box":{"x":60,"y":645,"width":843,"height":12}},{"id":"cd701a4a-b37f-4a27-beca-d3613f3a0964","block_type":"box","text":"Fund dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of","page_number":36,"box":{"x":62,"y":660,"width":873,"height":11}},{"id":"31a640a3-a122-4f3a-ba19-9c0637bb8e50","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":36,"box":{"x":60,"y":675,"width":745,"height":11}},{"id":"a8894f26-8a2e-4700-a3e3-9371c508d823","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":36,"box":{"x":62,"y":697,"width":864,"height":12}},{"id":"d2c7e20c-2a83-400f-b98b-11944d18343c","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":36,"box":{"x":61,"y":712,"width":870,"height":12}},{"id":"7170eba5-97cb-4e91-b380-1b75bfc66d7b","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":36,"box":{"x":61,"y":727,"width":823,"height":12}},{"id":"9ce160d7-de4d-4d8b-b93f-278637396726","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":36,"box":{"x":62,"y":742,"width":847,"height":11}},{"id":"7ec440c0-cbc9-4102-8788-f1c42ebc482f","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":36,"box":{"x":61,"y":757,"width":842,"height":11}},{"id":"d77af22e-c876-4cbc-bc26-dc5a277234b9","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":36,"box":{"x":62,"y":771,"width":865,"height":12}},{"id":"4268cd25-b390-4ed1-9a40-085d56b98cf1","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":36,"box":{"x":61,"y":786,"width":832,"height":12}},{"id":"2c4c29b5-3041-4076-8d32-059aa8ceda30","block_type":"box","text":"Intermediary for additional information.","page_number":36,"box":{"x":62,"y":801,"width":285,"height":12}},{"id":"c24eb12a-a281-4d93-b5b2-6ddff26338de","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":36,"box":{"x":62,"y":824,"width":869,"height":11}},{"id":"43f98208-9320-49db-94ee-9d9d6a5f6f93","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":36,"box":{"x":61,"y":839,"width":810,"height":11}},{"id":"e0aee25a-4848-4fa0-ae7c-2de3880b38b8","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":36,"box":{"x":61,"y":861,"width":861,"height":12}},{"id":"1d9ff411-407c-4c3b-bce7-db9c6ed28191","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":36,"box":{"x":60,"y":876,"width":817,"height":11}},{"id":"ef9c3012-65fb-4c99-9e16-c4cdfa58a3a0","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":36,"box":{"x":60,"y":898,"width":870,"height":12}},{"id":"768ad683-7377-4b05-9953-4af931f1a435","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":36,"box":{"x":60,"y":913,"width":870,"height":12}},{"id":"069aa79f-a2e0-45ff-b750-5ae43eda7b2a","block_type":"box","text":"36","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"665ad2d6-029b-491e-9a82-39e1b9f4004b","block_type":"box","text":"NM1026U-5981105-36/76","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"fcb0dfc1-b782-4fcc-a9db-23b1d73c45da","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":37,"box":{"x":61,"y":46,"width":867,"height":11}},{"id":"74ac2c3e-f6f4-462a-be10-a5a394fa40d1","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":37,"box":{"x":60,"y":60,"width":849,"height":12}},{"id":"d2c1dc2f-5700-488e-9226-85cf512548f4","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":37,"box":{"x":60,"y":76,"width":517,"height":11}},{"id":"7e45ddc2-c2e3-401b-b8ca-2efb9b91fcde","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":37,"box":{"x":60,"y":98,"width":870,"height":11}},{"id":"47e43c1b-6695-4028-aae7-4b7e139dec56","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":37,"box":{"x":61,"y":113,"width":853,"height":11}},{"id":"e6d886d6-ddaf-4ecc-a0db-1419af5e11c5","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":37,"box":{"x":62,"y":127,"width":851,"height":12}},{"id":"86a7d948-edb0-4c89-8729-4f858b0ad428","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":37,"box":{"x":60,"y":142,"width":856,"height":12}},{"id":"fdff9b84-af0e-4d7f-bded-0be3a9452c27","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":37,"box":{"x":61,"y":157,"width":850,"height":12}},{"id":"5d4bacfd-ceb0-47eb-bd25-1d85990be716","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":37,"box":{"x":62,"y":172,"width":866,"height":12}},{"id":"44995bb6-e1e4-4905-af68-cc50e1d54458","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":37,"box":{"x":60,"y":187,"width":782,"height":11}},{"id":"cd756b8d-cd8c-44fd-8aa5-4c1d38bdaab7","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":37,"box":{"x":62,"y":202,"width":317,"height":11}},{"id":"0faf8184-e803-44d6-8ef4-ab9a24adfc08","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":37,"box":{"x":61,"y":225,"width":352,"height":12}},{"id":"23a1865d-d4b2-444d-876e-37c618fdee03","block_type":"box","text":"The deferred sales charge relating to Investor Shares may be reduced or waived in certain circumstances, such as:","page_number":37,"box":{"x":60,"y":241,"width":847,"height":12}},{"id":"975112dc-b292-432a-a176-4337129a5d27","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":37,"box":{"x":82,"y":261,"width":824,"height":11}},{"id":"acf93812-fcdf-4f26-a1b6-094d54717425","block_type":"box","text":"investments in the Fund through such plans;","page_number":37,"box":{"x":82,"y":276,"width":324,"height":11}},{"id":"ea056bb5-f7c3-4bb1-83d7-8a135113dd56","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":37,"box":{"x":82,"y":296,"width":844,"height":11}},{"id":"cc08b8f9-0924-491d-a1e3-4efe30d8d454","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":37,"box":{"x":82,"y":311,"width":375,"height":11}},{"id":"ac219c04-4b01-446d-8666-c79fc174a838","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":37,"box":{"x":82,"y":331,"width":826,"height":11}},{"id":"f0e320e3-9af0-4793-98e0-5b71fe3997bf","block_type":"box","text":"shareholder reaching the age of 72;","page_number":37,"box":{"x":81,"y":345,"width":262,"height":12}},{"id":"739bde6d-eb23-48db-aa18-5abadb22e4c3","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":37,"box":{"x":82,"y":365,"width":804,"height":12}},{"id":"8a2df710-7f59-4959-86bc-356d09f9709f","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":37,"box":{"x":82,"y":385,"width":847,"height":12}},{"id":"fdbacf7d-d1c1-4321-9327-e9860c2d6c22","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":37,"box":{"x":82,"y":400,"width":834,"height":12}},{"id":"b8dd52ed-8ab7-4d16-8075-04f508706d02","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":37,"box":{"x":81,"y":415,"width":297,"height":11}},{"id":"25a26894-af7a-49a5-9cf9-aa8233a98c39","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":37,"box":{"x":81,"y":435,"width":847,"height":12}},{"id":"55c7325b-4f79-4b56-b71f-24afd89a6d23","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":37,"box":{"x":81,"y":450,"width":360,"height":11}},{"id":"651cc8ff-ff68-4222-8522-8c4fa0cc5910","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":37,"box":{"x":82,"y":470,"width":525,"height":11}},{"id":"eb09a6ad-c27e-4581-8e94-08797c404793","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (SWP) offered by the Fund, BlackRock or an","page_number":37,"box":{"x":81,"y":490,"width":818,"height":11}},{"id":"42d2f3e7-4f4a-4891-8b39-c65f1a762b90","block_type":"box","text":"affiliate;","page_number":37,"box":{"x":81,"y":505,"width":59,"height":10}},{"id":"0c55ed5f-426f-408e-9fb1-9f2be6557b60","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":37,"box":{"x":82,"y":525,"width":823,"height":11}},{"id":"80bb5c3d-2d2d-48e4-b0fb-dabbb48bcf52","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":37,"box":{"x":82,"y":545,"width":732,"height":11}},{"id":"599f18fb-a701-4d56-9e76-ddc8d92b9d44","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":37,"box":{"x":61,"y":567,"width":861,"height":12}},{"id":"3f7a12ee-d6dc-4ea6-ae32-551979fa9a35","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries. More","page_number":37,"box":{"x":60,"y":582,"width":860,"height":11}},{"id":"2457bfa3-9b85-470a-bcd7-59041b542fc8","block_type":"box","text":"information about existing sales charge reductions and waivers is available free of charge in a clear and prominent","page_number":37,"box":{"x":62,"y":597,"width":843,"height":11}},{"id":"61bcc368-62ab-45ab-8ff0-4f2796c6331c","block_type":"box","text":"format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":37,"box":{"x":60,"y":612,"width":779,"height":11}},{"id":"ff08a7aa-0bd8-48e1-afe5-c4911eacd5cb","block_type":"box","text":"Institutional Shares","page_number":37,"box":{"x":61,"y":635,"width":161,"height":10}},{"id":"a0fc26ad-05e0-4817-bab2-344671be0a1e","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":37,"box":{"x":62,"y":651,"width":864,"height":11}},{"id":"f10e533c-d28f-46e8-814e-f80e2ab933e7","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":37,"box":{"x":60,"y":666,"width":865,"height":11}},{"id":"54cfd409-8505-4923-9643-8f84a2e9b87f","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":37,"box":{"x":62,"y":681,"width":845,"height":11}},{"id":"1ff6c821-8255-4fca-9d53-4add294e8ec6","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":37,"box":{"x":61,"y":696,"width":557,"height":11}},{"id":"5dc8cc37-5ffb-4883-b602-4a8490dab550","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":37,"box":{"x":62,"y":718,"width":826,"height":11}},{"id":"001b2d3c-4778-44d1-a67a-5edaf5dcb723","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":37,"box":{"x":61,"y":733,"width":838,"height":11}},{"id":"dfa6eb37-b765-4f58-9ff3-fe8a0b16fc72","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":37,"box":{"x":61,"y":748,"width":816,"height":11}},{"id":"e70cca52-a4ef-4684-8c64-74aa690f6120","block_type":"box","text":"classes that have different fees and expenses.","page_number":37,"box":{"x":61,"y":762,"width":345,"height":12}},{"id":"a9cc4b3b-a936-44a1-ae99-35722c14e838","block_type":"box","text":"Eligible Institutional Share investors include the following:","page_number":37,"box":{"x":62,"y":785,"width":421,"height":12}},{"id":"1b990b50-0ec8-4896-b17c-427eb85a587e","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":37,"box":{"x":82,"y":804,"width":854,"height":12}},{"id":"3d22774e-4258-42fc-90cb-f02ff8029bd4","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":37,"box":{"x":80,"y":820,"width":849,"height":11}},{"id":"ec9c708c-ffd5-469c-9ca6-a163704ad56a","block_type":"box","text":"shares;","page_number":37,"box":{"x":81,"y":835,"width":53,"height":10}},{"id":"8e93c927-072a-4fa0-b21c-3da157fbe402","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":37,"box":{"x":81,"y":855,"width":838,"height":11}},{"id":"eb2535fe-31a3-4e5c-8fd9-b685b092df6f","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":37,"box":{"x":81,"y":869,"width":829,"height":12}},{"id":"08c22977-7ae2-4bbc-b891-4634897d67d7","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":37,"box":{"x":82,"y":884,"width":604,"height":12}},{"id":"791cf6da-3069-4f81-b909-ca2566224118","block_type":"box","text":"37","page_number":37,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"ed590af7-98d1-4701-bd6d-e6449a70c76c","block_type":"box","text":"NM1026U-5981105-37/76","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0ccee85e-2bff-453b-ac3d-e33bfaddb3bd","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":38,"box":{"x":81,"y":46,"width":840,"height":11}},{"id":"586a979c-69ad-4c82-be8f-385f74ae4cce","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":38,"box":{"x":81,"y":60,"width":853,"height":12}},{"id":"35c81191-abfd-49d5-9ba0-e2e93ab52de3","block_type":"box","text":"initial investment of $1,000;","page_number":38,"box":{"x":82,"y":75,"width":207,"height":11}},{"id":"9326d00c-2d15-4871-baee-b56bb34fbcd5","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":38,"box":{"x":81,"y":95,"width":816,"height":12}},{"id":"a55c2aa3-e67b-4c15-8537-2748e5ccd88f","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":38,"box":{"x":82,"y":110,"width":821,"height":12}},{"id":"665f2463-a499-48ab-89c6-3d1255ef5739","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":38,"box":{"x":80,"y":125,"width":835,"height":11}},{"id":"dd31a731-ee26-4554-b33c-141138cdf3f3","block_type":"box","text":"and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of","page_number":38,"box":{"x":81,"y":140,"width":835,"height":11}},{"id":"eb4c2090-5e79-47f1-8991-1e53340b3897","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":38,"box":{"x":80,"y":155,"width":849,"height":11}},{"id":"5126e2bc-7ed3-416d-a44f-cf3ddc8677f0","block_type":"box","text":"shares;","page_number":38,"box":{"x":81,"y":170,"width":53,"height":10}},{"id":"be65bae6-524e-4467-917d-8edc6d3568b2","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":38,"box":{"x":81,"y":189,"width":810,"height":12}},{"id":"b1f0ea24-2907-46e6-827f-a9e30cf8bb9c","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":38,"box":{"x":81,"y":204,"width":812,"height":12}},{"id":"0d4f41cf-c83c-487a-8dad-b15f35c7e706","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":38,"box":{"x":81,"y":218,"width":719,"height":12}},{"id":"50ced90e-71e3-44ff-adde-87abbbef439d","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":38,"box":{"x":82,"y":239,"width":799,"height":11}},{"id":"4eaf4946-a160-442a-b0f4-dd84f6dfeea0","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":38,"box":{"x":82,"y":254,"width":794,"height":11}},{"id":"4bcde395-7575-4656-82d6-d4ea3ffa549e","block_type":"box","text":"investment;","page_number":38,"box":{"x":82,"y":269,"width":83,"height":10}},{"id":"4336deb8-b5ff-422a-8a6c-0a90fed5e712","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":38,"box":{"x":82,"y":289,"width":805,"height":11}},{"id":"cc4a567e-b310-4a0a-a9a0-c638ea668d32","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":38,"box":{"x":82,"y":303,"width":819,"height":12}},{"id":"a51c2571-30e2-4f00-bab9-530dbb82cbec","block_type":"box","text":"investment;","page_number":38,"box":{"x":82,"y":319,"width":83,"height":10}},{"id":"94c76e2a-8ef7-4ee0-8748-0c0a0d6b0c8c","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":38,"box":{"x":81,"y":338,"width":836,"height":12}},{"id":"5b042864-a040-4237-be12-8d8beba01a65","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":38,"box":{"x":81,"y":353,"width":851,"height":12}},{"id":"de8dff62-cfaf-489c-bae8-8f20257b324e","block_type":"box","text":"of such persons; and","page_number":38,"box":{"x":81,"y":368,"width":154,"height":11}},{"id":"33f2d0a1-894a-4cb4-9a97-8d7b39223cd3","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":38,"box":{"x":81,"y":388,"width":816,"height":11}},{"id":"3992a488-57a9-442c-a9fb-e0e0f94d0794","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":38,"box":{"x":82,"y":403,"width":851,"height":11}},{"id":"4a681f33-8963-4ab5-b621-ad75fd5fd307","block_type":"box","text":"the Fund on an omnibus basis.","page_number":38,"box":{"x":80,"y":418,"width":227,"height":9}},{"id":"3edd557e-7b62-4464-ae68-69cac73547f5","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":38,"box":{"x":60,"y":440,"width":620,"height":12}},{"id":"76e9e7d0-1b60-4789-ba6d-d6a9dd1084e3","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":38,"box":{"x":61,"y":479,"width":442,"height":14}},{"id":"189166eb-74c9-4bb4-9c9c-95fdc0afe36d","block_type":"box","text":"Plan Payments","page_number":38,"box":{"x":61,"y":506,"width":122,"height":12}},{"id":"37c3c50c-705f-46f5-afe2-31642d5db44d","block_type":"box","text":"The Trust, on behalf of the Fund, has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment","page_number":38,"box":{"x":60,"y":522,"width":815,"height":11}},{"id":"67305172-a35f-49f4-955d-41a1a0951e91","block_type":"box","text":"Company Act with respect to the Investor Shares that allows the Fund to pay distribution fees for the sale of its shares","page_number":38,"box":{"x":61,"y":537,"width":872,"height":11}},{"id":"931aadd3-90fa-4133-9817-f2d82960d01f","block_type":"box","text":"and/or shareholder servicing fees for certain services provided to its shareholders.","page_number":38,"box":{"x":61,"y":552,"width":612,"height":11}},{"id":"9c30662b-07cc-463b-8868-771fc32cd6c9","block_type":"box","text":"Under the Plan, Investor C Shares pay a distribution fee to the Distributor and/or its affiliates for distribution and sales","page_number":38,"box":{"x":62,"y":574,"width":874,"height":12}},{"id":"e07eeda3-5566-4bc7-8746-acc05ed732e3","block_type":"box","text":"support services. The distribution fees may be used to pay the Distributor for distribution and sales support services","page_number":38,"box":{"x":61,"y":589,"width":861,"height":11}},{"id":"0d92fb5e-d1b6-4326-880e-a5d12e456f7c","block_type":"box","text":"and to pay the Distributor and BlackRock and its affiliates for sales support services provided and related expenses","page_number":38,"box":{"x":61,"y":604,"width":854,"height":11}},{"id":"5284ce8d-5626-46b5-add3-818482a65d70","block_type":"box","text":"incurred in connection with the sale of Investor C Shares. The distribution fees may also be used to pay Financial","page_number":38,"box":{"x":62,"y":619,"width":829,"height":11}},{"id":"29961981-c4d7-4350-90dd-8ce352e2206b","block_type":"box","text":"Intermediaries for sales support services and related expenses. All Investor C Shares pay a maximum distribution fee","page_number":38,"box":{"x":62,"y":633,"width":865,"height":12}},{"id":"60114f9b-2fe9-41d1-90dd-79d0bcb79547","block_type":"box","text":"per year that is a percentage of the average daily net asset value of the Investor C Shares of the Fund. Institutional","page_number":38,"box":{"x":62,"y":648,"width":844,"height":12}},{"id":"11402287-8a88-4a9e-a794-c323dd721e44","block_type":"box","text":"and Investor A Shares do not pay distribution fees.","page_number":38,"box":{"x":61,"y":663,"width":371,"height":12}},{"id":"ef67ad95-22e7-4acc-83fd-923e497f0700","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":38,"box":{"x":62,"y":686,"width":873,"height":11}},{"id":"206e26de-8aa4-4d35-ba82-0116fc607503","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares of the","page_number":38,"box":{"x":60,"y":701,"width":838,"height":11}},{"id":"cd36c29c-5b61-449a-846b-9f8139133b81","block_type":"box","text":"Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily net asset value of","page_number":38,"box":{"x":62,"y":715,"width":837,"height":12}},{"id":"14da7863-0758-40a2-8132-a13cba54d28e","block_type":"box","text":"Investor Shares of the Fund. All Investor Shares pay this shareholder servicing fee. Institutional Shares do not pay a","page_number":38,"box":{"x":62,"y":730,"width":853,"height":12}},{"id":"dc122c4c-43f4-4525-8536-9ba8f1957d29","block_type":"box","text":"shareholder servicing fee.","page_number":38,"box":{"x":61,"y":745,"width":189,"height":12}},{"id":"04b8da86-19fc-46ea-91ee-e8861bd3486b","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":38,"box":{"x":62,"y":768,"width":859,"height":11}},{"id":"04792f3d-030e-4976-b795-44fd3c06d4b6","block_type":"box","text":"the following services to their customers who own Investor Shares:","page_number":38,"box":{"x":60,"y":782,"width":492,"height":12}},{"id":"d8149646-d53c-41a7-b2f1-581d5d08b00f","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":38,"box":{"x":81,"y":803,"width":848,"height":11}},{"id":"8e965c38-43b5-4dfa-8f4e-900875aa3c04","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":38,"box":{"x":82,"y":817,"width":811,"height":12}},{"id":"acd60f81-0bee-4e06-bb0e-cd03f4aebb9c","block_type":"box","text":"investments;","page_number":38,"box":{"x":82,"y":832,"width":92,"height":11}},{"id":"0c3c76bc-fc14-4328-a7b9-a06b36cff356","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":38,"box":{"x":81,"y":852,"width":801,"height":12}},{"id":"a052bfad-966d-4de6-8d86-9591bb1cb561","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":38,"box":{"x":81,"y":872,"width":379,"height":12}},{"id":"3a37bcac-69c6-4891-96be-907c4ce82bb8","block_type":"box","text":"38","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0318694b-1f23-4be3-bc67-fbf58294ba51","block_type":"box","text":"NM1026U-5981105-38/76","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3d063382-deff-4ddf-8118-c68967ca0ce3","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":39,"box":{"x":60,"y":46,"width":856,"height":11}},{"id":"c59e1f57-8f7d-44cb-b886-5afb8b60fb62","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":39,"box":{"x":61,"y":60,"width":848,"height":12}},{"id":"33d2a34d-b495-4cb8-a552-b9959f2d72cd","block_type":"box","text":"sale of the Fund’s shares.","page_number":39,"box":{"x":61,"y":75,"width":191,"height":10}},{"id":"66ca8f7f-482a-4504-b91b-4489774f5a2a","block_type":"box","text":"Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these","page_number":39,"box":{"x":62,"y":98,"width":850,"height":11}},{"id":"b5d463d3-5665-4726-be47-99673fb52023","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":39,"box":{"x":60,"y":113,"width":836,"height":11}},{"id":"e8a12a99-c45c-4f91-9b7e-dd8cf60405d8","block_type":"box","text":"addition, the distribution fees paid by Investor C Shares may over time cost investors more than the front-end sales","page_number":39,"box":{"x":61,"y":127,"width":848,"height":12}},{"id":"10e92cb9-da47-45b6-a995-ad23af649c61","block_type":"box","text":"charge on Investor A Shares. For more information on the Plan, including a complete list of services provided","page_number":39,"box":{"x":61,"y":142,"width":800,"height":12}},{"id":"85de81a7-7a0c-4a5e-8921-f7ced892d808","block_type":"box","text":"thereunder, see the SAI.","page_number":39,"box":{"x":60,"y":157,"width":178,"height":11}},{"id":"dc9180c1-4ca6-4d89-af15-92bf7b04fdaa","block_type":"box","text":"Other Payments by the Fund","page_number":39,"box":{"x":61,"y":180,"width":233,"height":13}},{"id":"2c78f1a0-11bc-49a0-a8b9-83d532d642e8","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its","page_number":39,"box":{"x":62,"y":196,"width":874,"height":12}},{"id":"ee8c6ee6-6bec-4f0a-a207-de317d4ef8f7","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":39,"box":{"x":60,"y":211,"width":846,"height":12}},{"id":"59e9393f-6d02-438f-a29f-6b892a763c3e","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":39,"box":{"x":61,"y":226,"width":874,"height":12}},{"id":"78b2109e-da9f-4e93-aa5e-8c445987b3a1","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":39,"box":{"x":60,"y":241,"width":843,"height":12}},{"id":"8892067f-0dc9-469d-98b3-136ba50977d0","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":39,"box":{"x":61,"y":256,"width":862,"height":11}},{"id":"7ec65290-9527-40c6-abe4-027fb51b1cf7","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":39,"box":{"x":61,"y":271,"width":815,"height":11}},{"id":"c5f763ab-84a7-4553-a2f7-80434c022794","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":39,"box":{"x":61,"y":285,"width":791,"height":12}},{"id":"0296fe3d-46e6-465d-89b0-e424104c3ac7","block_type":"box","text":"Other Payments by BlackRock","page_number":39,"box":{"x":61,"y":309,"width":252,"height":12}},{"id":"ed85ceb4-8573-4f2e-9475-be7f6d769dab","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":39,"box":{"x":62,"y":325,"width":851,"height":11}},{"id":"7bb22aa4-8b3c-4d39-b5ec-a1f73df147df","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":39,"box":{"x":61,"y":340,"width":843,"height":11}},{"id":"c1fa98e2-f7b2-4fc2-86f5-fff9ff839081","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":39,"box":{"x":60,"y":354,"width":853,"height":12}},{"id":"84a3ccd6-86cf-4c02-8ebf-b527946f12f1","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":39,"box":{"x":61,"y":369,"width":866,"height":12}},{"id":"4ec39be1-5a67-4eab-909d-f9dee98edc83","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":39,"box":{"x":60,"y":384,"width":839,"height":11}},{"id":"d2a426c4-05a5-40df-9a32-26eec5ebe633","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":39,"box":{"x":61,"y":399,"width":860,"height":11}},{"id":"88e620ab-a1e9-4275-b61c-c91878d8f87b","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":39,"box":{"x":61,"y":414,"width":841,"height":11}},{"id":"479bd8eb-a3b9-4933-befb-7f0cddfddcd8","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":39,"box":{"x":61,"y":428,"width":856,"height":12}},{"id":"11ab2699-2614-48a6-90e0-4a4d899aa505","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":39,"box":{"x":61,"y":443,"width":813,"height":12}},{"id":"b2b0a502-a5f9-4504-a94a-c3f7a823a06e","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":39,"box":{"x":62,"y":458,"width":415,"height":12}},{"id":"93b0e202-081e-472c-810f-b54ad0ade936","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":39,"box":{"x":61,"y":481,"width":869,"height":11}},{"id":"25d532a2-7959-4e5d-80e9-d570a9134a89","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":39,"box":{"x":60,"y":496,"width":495,"height":10}},{"id":"7e6135e6-28b5-4817-bd2b-6643ed236b99","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":39,"box":{"x":61,"y":534,"width":434,"height":14}},{"id":"5f12ca67-7ee5-4aaf-a5c5-3efee258e5ab","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":39,"box":{"x":60,"y":561,"width":846,"height":11}},{"id":"b8b2de4d-4aa5-400c-ae92-9aecfd9b7dae","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":39,"box":{"x":62,"y":575,"width":857,"height":12}},{"id":"e757ec38-9f5e-41b4-99ad-8d8017dd8e87","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":39,"box":{"x":60,"y":590,"width":809,"height":12}},{"id":"8ef80e4d-fabe-4703-8339-41c524d08a3a","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":39,"box":{"x":61,"y":605,"width":847,"height":12}},{"id":"244a17c4-24e3-4e46-a0ad-85d52f5ab63e","block_type":"box","text":"may help you with this decision.","page_number":39,"box":{"x":61,"y":620,"width":232,"height":11}},{"id":"9c758598-f1ee-4ca6-a70d-a17245f25e0a","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":39,"box":{"x":60,"y":643,"width":867,"height":11}},{"id":"b725b145-fb4e-4f0b-b88a-b5edb5d2bc1d","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":39,"box":{"x":61,"y":657,"width":858,"height":12}},{"id":"afe89051-4521-46be-823d-231cfbec72cb","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":39,"box":{"x":62,"y":672,"width":845,"height":12}},{"id":"3d8957d3-0a69-4332-b330-4bbf8706cba4","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":39,"box":{"x":61,"y":687,"width":860,"height":12}},{"id":"0d83ef69-c5ae-4ee2-acb9-a92ec8cf9c6e","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":39,"box":{"x":60,"y":702,"width":868,"height":11}},{"id":"bca9e8b2-d4e7-409a-8ffd-0bb00464061a","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":39,"box":{"x":61,"y":717,"width":863,"height":11}},{"id":"a2082815-3f81-4e6a-b670-418db36c6e32","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":39,"box":{"x":61,"y":731,"width":787,"height":12}},{"id":"b517e347-27b5-488f-8efe-f9f44fee9712","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":39,"box":{"x":62,"y":746,"width":857,"height":12}},{"id":"6ae810d1-0972-4e27-a004-51d8ea998f6c","block_type":"box","text":"restricted from making additional investments.","page_number":39,"box":{"x":61,"y":761,"width":341,"height":12}},{"id":"9afe0710-2b9d-440d-ba1d-35efd27e1d8f","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":39,"box":{"x":60,"y":784,"width":861,"height":11}},{"id":"2250b914-424d-44ab-a6e8-1016a6cd984f","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":39,"box":{"x":60,"y":798,"width":856,"height":12}},{"id":"27f414a0-caad-4a70-bf5e-63e948da5db8","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":39,"box":{"x":61,"y":813,"width":822,"height":12}},{"id":"b4ed389c-7a5f-4115-87d1-605b408eb0e8","block_type":"box","text":"described below.","page_number":39,"box":{"x":61,"y":828,"width":121,"height":9}},{"id":"35032b76-23c4-4af3-938a-e2c313762698","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":39,"box":{"x":62,"y":851,"width":797,"height":11}},{"id":"039f3ca8-8841-438c-893f-48f9ba661837","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":39,"box":{"x":61,"y":866,"width":487,"height":11}},{"id":"2b3b091c-adee-4120-9bf2-4b51434ee5ef","block_type":"box","text":"39","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"068edc1a-c483-473c-829c-b4fd2b5fdbb9","block_type":"box","text":"NM1026U-5981105-39/76","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"90458ea3-8333-4d47-ad78-ab90b3814962","block_type":"box","text":"How to Buy Shares","page_number":40,"box":{"x":61,"y":46,"width":156,"height":13}},{"id":"1104a826-0246-49d3-af32-dc94ce0863e8","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":40,"box":{"x":213,"y":68,"width":478,"height":9}},{"id":"accfa570-66f1-4b1b-86b6-b7217a78f7dd","block_type":"box","text":"Initial Purchase","page_number":40,"box":{"x":61,"y":85,"width":105,"height":9}},{"id":"f5d8eee6-967a-421d-a4be-c68515d32449","block_type":"box","text":"First, select the share class","page_number":40,"box":{"x":214,"y":85,"width":183,"height":10}},{"id":"2508bc90-91c3-4bd3-a3f4-65c064ca2ac1","block_type":"box","text":"appropriate for you","page_number":40,"box":{"x":214,"y":99,"width":123,"height":10}},{"id":"ce18bc47-4924-4939-9fce-48f2d75a9e01","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":40,"box":{"x":461,"y":85,"width":458,"height":10}},{"id":"e91cf29c-7779-46bd-96e1-4cdc8cc34876","block_type":"box","text":"sure to read this prospectus carefully). When you place your initial","page_number":40,"box":{"x":461,"y":99,"width":435,"height":10}},{"id":"ffe4bde5-34b5-4787-891f-9100a4a1d389","block_type":"box","text":"order, you must indicate which share class you select (if you do not","page_number":40,"box":{"x":461,"y":112,"width":444,"height":11}},{"id":"fd007667-8760-4687-8de2-4b28e57b8292","block_type":"box","text":"specify a share class and do not qualify to purchase Institutional","page_number":40,"box":{"x":461,"y":126,"width":426,"height":10}},{"id":"87eea875-475f-4ed9-8ce1-cbe435af7632","block_type":"box","text":"Shares, you will receive Investor A Shares).","page_number":40,"box":{"x":461,"y":139,"width":284,"height":11}},{"id":"3689c0cf-dc34-414d-9d0c-af72d61cd1c7","block_type":"box","text":"Certain factors, such as the amount of your investment, your time","page_number":40,"box":{"x":461,"y":155,"width":435,"height":11}},{"id":"4bc3cd74-c77b-48d8-8ed3-3c7b7a947862","block_type":"box","text":"frame for investing and your financial goals, may affect which share","page_number":40,"box":{"x":460,"y":169,"width":446,"height":10}},{"id":"7ecd0584-8494-4b7a-94eb-acf41addf18b","block_type":"box","text":"class you choose. Your Financial Intermediary can help you determine","page_number":40,"box":{"x":461,"y":183,"width":460,"height":10}},{"id":"addafaee-8db5-4d11-978b-8290931e3acf","block_type":"box","text":"which share class is appropriate for you.","page_number":40,"box":{"x":460,"y":196,"width":267,"height":10}},{"id":"deebf76c-891d-43ed-8e02-68e75618ed8d","block_type":"box","text":"Next, determine the amount of","page_number":40,"box":{"x":214,"y":214,"width":203,"height":10}},{"id":"d5bb0ada-5e14-4c84-9e43-c7e4bdc7b2f8","block_type":"box","text":"your investment","page_number":40,"box":{"x":213,"y":228,"width":105,"height":10}},{"id":"1ee5f7a7-50dc-4d84-8ffc-f32f2967f8bc","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":40,"box":{"x":461,"y":214,"width":440,"height":8}},{"id":"d113c960-6782-456f-aa1e-b40150ef937e","block_type":"box","text":"Glance” table of this prospectus. Be sure to note the maximum","page_number":40,"box":{"x":461,"y":228,"width":418,"height":10}},{"id":"d92fb5d7-846c-4f28-9378-63ecb45e5222","block_type":"box","text":"investment amounts in Investor C Shares.","page_number":40,"box":{"x":461,"y":241,"width":276,"height":9}},{"id":"d42dcbe4-d28b-469f-a62c-8f9bcb80ef4e","block_type":"box","text":"See “Account Information — Details About the Share Classes” for","page_number":40,"box":{"x":461,"y":257,"width":437,"height":9}},{"id":"1c2aea0b-52ad-4ac8-98b2-16a4ffab18cc","block_type":"box","text":"information on a lower initial investment requirement for certain Fund","page_number":40,"box":{"x":461,"y":271,"width":457,"height":10}},{"id":"0e4ae65d-11c8-496f-9ce4-2328292dc592","block_type":"box","text":"investors if their purchase, combined with purchases by other investors","page_number":40,"box":{"x":461,"y":284,"width":471,"height":11}},{"id":"11851aca-7ba5-4468-b454-ac5c082f13e6","block_type":"box","text":"received together by the Fund, meets the minimum investment","page_number":40,"box":{"x":461,"y":298,"width":413,"height":10}},{"id":"f5c388df-905f-43e4-9e65-1b7a67fa4800","block_type":"box","text":"requirement.","page_number":40,"box":{"x":461,"y":312,"width":82,"height":10}},{"id":"b6c6ff3e-4102-455e-9214-8bc5ac8598f4","block_type":"box","text":"Have your Financial Intermediary","page_number":40,"box":{"x":214,"y":330,"width":215,"height":10}},{"id":"30b2a704-daa8-41c7-8128-177e6c553739","block_type":"box","text":"submit your purchase order","page_number":40,"box":{"x":214,"y":343,"width":181,"height":10}},{"id":"c493399c-d131-4ebd-b5d7-65789e3281ad","block_type":"box","text":"The price of your shares is based on the next calculation of the Fund’s","page_number":40,"box":{"x":460,"y":330,"width":466,"height":10}},{"id":"8f4b85bd-e37b-4143-9cb3-0cc7570326ce","block_type":"box","text":"net asset value after your order is placed. Any purchase orders placed","page_number":40,"box":{"x":461,"y":343,"width":463,"height":10}},{"id":"3a5adf76-a35d-4eab-86c0-c3b35cd68e54","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":40,"box":{"x":461,"y":357,"width":443,"height":10}},{"id":"a32fe1e3-94f2-4681-9d64-3cb897c0c3e8","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":40,"box":{"x":461,"y":370,"width":445,"height":11}},{"id":"b23d8101-13ac-47aa-8817-1c8f5a36eb41","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":40,"box":{"x":461,"y":384,"width":435,"height":10}},{"id":"bc7878ad-ebcb-448e-9861-0411c0d18f4f","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":40,"box":{"x":461,"y":397,"width":469,"height":10}},{"id":"915ece9c-ee20-4336-9391-ddc442cbf6a1","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":40,"box":{"x":461,"y":411,"width":429,"height":10}},{"id":"7bbd7c4a-001e-4e5b-8a9b-bea630856802","block_type":"box","text":"determined on the next business day.","page_number":40,"box":{"x":461,"y":425,"width":247,"height":10}},{"id":"bf796076-e78e-49aa-9fb4-c72b7b47c086","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":40,"box":{"x":460,"y":440,"width":468,"height":11}},{"id":"08552def-fca8-466c-8db2-28768bce3d16","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":40,"box":{"x":460,"y":454,"width":470,"height":10}},{"id":"3124fe1c-1d8b-487c-b59f-6f926ae6498c","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":40,"box":{"x":460,"y":467,"width":471,"height":11}},{"id":"2fc6e6ac-6db3-4ea0-9b99-cb07bb0e2861","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":40,"box":{"x":460,"y":481,"width":434,"height":10}},{"id":"c16c77fb-e9ef-429d-a8fa-5937de794fc3","block_type":"box","text":"table.","page_number":40,"box":{"x":460,"y":495,"width":36,"height":8}},{"id":"978fd139-9fbf-4767-810b-b0e5ca00c878","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":40,"box":{"x":460,"y":511,"width":473,"height":10}},{"id":"beb511d6-fe9e-4e02-82b2-09bfbea8c373","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":40,"box":{"x":461,"y":524,"width":453,"height":11}},{"id":"0f5f08cd-764d-4da2-8601-033aa456ccff","block_type":"box","text":"processing fee to confirm a purchase.","page_number":40,"box":{"x":461,"y":538,"width":249,"height":10}},{"id":"b1a578d3-140f-41c3-b4e7-1527e536bec7","block_type":"box","text":"Or contact BlackRock (for","page_number":40,"box":{"x":214,"y":556,"width":167,"height":10}},{"id":"70b6b090-c307-4df7-acab-2dcf08ea0963","block_type":"box","text":"accounts held directly with","page_number":40,"box":{"x":214,"y":570,"width":173,"height":10}},{"id":"b4fbb759-7601-49a6-bd3a-0db362ef5fab","block_type":"box","text":"BlackRock)","page_number":40,"box":{"x":214,"y":583,"width":71,"height":10}},{"id":"aed82b83-8275-4661-8de5-309f538f878d","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":40,"box":{"x":460,"y":556,"width":461,"height":10}},{"id":"75a64f61-39a5-4f05-9369-582f49df8cb2","block_type":"box","text":"request a new account application. Mail the completed application","page_number":40,"box":{"x":461,"y":570,"width":438,"height":9}},{"id":"28452368-d0e0-4dce-addd-dfbd14c98c5a","block_type":"box","text":"along with a check payable to “BlackRock Funds” to the Transfer Agent","page_number":40,"box":{"x":461,"y":583,"width":468,"height":10}},{"id":"0312f6de-1a93-4039-9c80-e953398113c9","block_type":"box","text":"at the address on the application. The Fund limits purchases by","page_number":40,"box":{"x":461,"y":597,"width":421,"height":10}},{"id":"dfea667b-5bd3-45f6-8418-1f0e4651eb29","block_type":"box","text":"personal check to $500,000 per trade.","page_number":40,"box":{"x":461,"y":609,"width":257,"height":11}},{"id":"0659b4fb-26c7-43f8-be9f-61bcc80a3f7c","block_type":"box","text":"Add to Your","page_number":40,"box":{"x":60,"y":628,"width":78,"height":8}},{"id":"40d3718e-1e3e-4607-a7ac-785d29acf031","block_type":"box","text":"Investment","page_number":40,"box":{"x":61,"y":640,"width":75,"height":8}},{"id":"41a4095b-2d20-4a40-b7ed-f63a5dceb5bc","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":40,"box":{"x":214,"y":628,"width":683,"height":10}},{"id":"17a81db8-c21d-458c-af11-542783bdb43d","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":40,"box":{"x":461,"y":641,"width":415,"height":11}},{"id":"dfc04ea0-f494-4e99-aead-8d97b08e8809","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":40,"box":{"x":461,"y":655,"width":455,"height":10}},{"id":"6c74f193-88d1-404f-a320-05c614898a92","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":40,"box":{"x":461,"y":669,"width":445,"height":10}},{"id":"ae8f3404-eef5-4610-bed5-deae694955e9","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":40,"box":{"x":461,"y":682,"width":436,"height":10}},{"id":"68d73de1-b9ca-4c1c-b4c6-7bd6fc94f117","block_type":"box","text":"Institutional Shares have no minimum for additional purchases.","page_number":40,"box":{"x":461,"y":696,"width":418,"height":10}},{"id":"847e19e4-9edc-4ef7-a3a0-394f89a4f7b5","block_type":"box","text":"Have your Financial Intermediary","page_number":40,"box":{"x":214,"y":714,"width":215,"height":10}},{"id":"3315b6eb-9490-46d9-a24e-b6af08fcb558","block_type":"box","text":"submit your purchase order for","page_number":40,"box":{"x":214,"y":727,"width":203,"height":11}},{"id":"c8b109ef-699f-414f-833b-31344f632d91","block_type":"box","text":"additional shares","page_number":40,"box":{"x":214,"y":741,"width":113,"height":8}},{"id":"912bcb41-3439-430a-bfba-e0e9721661e7","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":40,"box":{"x":460,"y":714,"width":409,"height":10}},{"id":"e35f5786-4b92-4181-9738-e3d9f58bc650","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":40,"box":{"x":461,"y":727,"width":444,"height":11}},{"id":"ee174a1e-c896-4b14-9e65-14ba2a2faf28","block_type":"box","text":"Or contact BlackRock (for","page_number":40,"box":{"x":214,"y":759,"width":167,"height":10}},{"id":"dc86894f-6c43-4e3b-926f-6c51a5c4a8d7","block_type":"box","text":"accounts held directly with","page_number":40,"box":{"x":214,"y":773,"width":173,"height":10}},{"id":"99175ed4-eb13-45ef-9756-6ab3793b548d","block_type":"box","text":"BlackRock)","page_number":40,"box":{"x":214,"y":786,"width":71,"height":10}},{"id":"984b8ad2-a3c7-4d7b-a1e1-b04de10c750d","block_type":"box","text":"Purchase by Telephone:","page_number":40,"box":{"x":461,"y":759,"width":158,"height":10}},{"id":"d4cad923-297e-4012-a3b5-580c0ec7c908","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":40,"box":{"x":625,"y":759,"width":288,"height":10}},{"id":"29ac5d72-a4d2-44b7-b76a-25a9f6402e91","block_type":"box","text":"our representatives. The Fund has the right to reject any telephone","page_number":40,"box":{"x":461,"y":773,"width":440,"height":10}},{"id":"af213201-42c2-4fee-bcb8-74bd75f0656b","block_type":"box","text":"request for any reason.","page_number":40,"box":{"x":461,"y":786,"width":152,"height":10}},{"id":"532b338a-933c-451e-8d5c-e98c14a39277","block_type":"box","text":"Purchase in Writing:","page_number":40,"box":{"x":461,"y":802,"width":135,"height":10}},{"id":"08f16a61-e554-4f5b-8fb9-ae1fa51c93e7","block_type":"box","text":"You may send a written request to BlackRock at","page_number":40,"box":{"x":602,"y":802,"width":316,"height":10}},{"id":"6f45fa78-eece-4315-a289-15bc93d498a8","block_type":"box","text":"the address on the back cover of this prospectus.","page_number":40,"box":{"x":460,"y":816,"width":329,"height":10}},{"id":"1df735fd-2468-40cf-a2d2-2925e3f2843b","block_type":"box","text":"Purchase by VRU:","page_number":40,"box":{"x":461,"y":832,"width":119,"height":10}},{"id":"0da5f107-8043-45ad-b884-14332888925a","block_type":"box","text":"Investor Shares may also be purchased by use of","page_number":40,"box":{"x":587,"y":832,"width":326,"height":10}},{"id":"25cb18d1-7932-460f-95b8-6a4ec5e92200","block_type":"box","text":"the Fund’s automated voice response unit (“VRU”) service at","page_number":40,"box":{"x":460,"y":845,"width":404,"height":10}},{"id":"37d16598-cf19-45e2-bf5f-7cc4f4f8923e","block_type":"box","text":"(800) 441-7762.","page_number":40,"box":{"x":461,"y":859,"width":110,"height":10}},{"id":"8bfed7dd-c3b1-40fe-8825-1df42c174585","block_type":"box","text":"Purchase by Internet:","page_number":40,"box":{"x":461,"y":875,"width":144,"height":10}},{"id":"0fb21713-962a-4163-8c19-715b9bb3467a","block_type":"box","text":"You may purchase your shares and view activity","page_number":40,"box":{"x":611,"y":875,"width":314,"height":10}},{"id":"bd2156d0-4cae-4dad-b716-9e7ec7d79126","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":40,"box":{"x":461,"y":889,"width":374,"height":10}},{"id":"32b07565-76fc-43cb-ae11-830f28f4bcf5","block_type":"box","text":"www.blackrock.com. 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a","page_number":42,"box":{"x":461,"y":83,"width":415,"height":11}},{"id":"63b08873-c0d1-47fa-b7d5-280b662768a2","block_type":"box","text":"redemption of shares.","page_number":42,"box":{"x":461,"y":97,"width":144,"height":10}},{"id":"e5a7da94-c7de-4a3a-91b2-a6ff73190ce5","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":42,"box":{"x":460,"y":113,"width":380,"height":10}},{"id":"f544d1ac-a9ac-400e-adba-73ce325d6241","block_type":"box","text":"circumstances.","page_number":42,"box":{"x":461,"y":127,"width":98,"height":8}},{"id":"bcc08e8f-c341-4b09-947a-5ca473856946","block_type":"box","text":"Selling shares held directly with","page_number":42,"box":{"x":214,"y":145,"width":207,"height":10}},{"id":"75db91d3-c6ad-4c1e-beac-63ea848561d8","block_type":"box","text":"BlackRock","page_number":42,"box":{"x":214,"y":158,"width":67,"height":8}},{"id":"c059cfc4-70cd-45ca-a82a-ab1354e76687","block_type":"box","text":"Methods of Redeeming","page_number":42,"box":{"x":461,"y":145,"width":156,"height":10}},{"id":"20d0844d-d206-4e61-9f01-2a77aa595e03","block_type":"box","text":"Redeem by Telephone:","page_number":42,"box":{"x":461,"y":161,"width":150,"height":10}},{"id":"6a2ba83b-0080-4960-845b-a520ee78d5d0","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":42,"box":{"x":617,"y":161,"width":302,"height":10}},{"id":"c849a446-416f-440e-b08c-ce7417c5fa4a","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":42,"box":{"x":460,"y":174,"width":464,"height":10}},{"id":"1a9348d1-ae4f-4b42-aad8-0de1f17e679e","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":42,"box":{"x":461,"y":187,"width":441,"height":11}},{"id":"c5966098-6cdd-480e-a91a-e55c19986ea8","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":42,"box":{"x":461,"y":201,"width":433,"height":11}},{"id":"44f1282a-8f12-4b22-93d3-44b04fe4d4ad","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":42,"box":{"x":461,"y":215,"width":418,"height":10}},{"id":"822e7b3a-011c-4f23-af65-c1c260c52613","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":42,"box":{"x":461,"y":229,"width":462,"height":10}},{"id":"3dd8def4-64e3-46d1-988f-caf447857bac","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":42,"box":{"x":461,"y":242,"width":456,"height":10}},{"id":"0afc9e44-5942-4173-b066-667e78d7b3bc","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":42,"box":{"x":461,"y":256,"width":472,"height":10}},{"id":"6d3d1e60-012b-4cc5-af3f-a3c8f0cf6771","block_type":"box","text":"for details.","page_number":42,"box":{"x":460,"y":269,"width":70,"height":8}},{"id":"3e9309a5-5213-4ebe-83cd-721075c8296e","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":42,"box":{"x":460,"y":285,"width":448,"height":10}},{"id":"2dd16480-e209-429d-a999-a998f586e7a1","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":42,"box":{"x":461,"y":299,"width":434,"height":10}},{"id":"dbf79609-3c6e-4f6c-aea7-421236d71b7f","block_type":"box","text":"association, national securities exchange or registered securities","page_number":42,"box":{"x":461,"y":312,"width":430,"height":11}},{"id":"56f494f8-3676-4a5b-9be1-6ed84860ee51","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":42,"box":{"x":461,"y":326,"width":366,"height":10}},{"id":"d0f05270-d996-4eca-ab35-95720b3f5acd","block_type":"box","text":"The Fund, its administrator and the Distributor will employ reasonable","page_number":42,"box":{"x":460,"y":342,"width":460,"height":10}},{"id":"79688cb6-2442-4191-90fe-055c86d3578a","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":42,"box":{"x":461,"y":355,"width":474,"height":11}},{"id":"53bbe939-551b-4ab7-97fd-6ddbe61a765a","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":42,"box":{"x":460,"y":369,"width":450,"height":10}},{"id":"d22f41ab-6d34-4316-abdb-4714cd1f5bd7","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":42,"box":{"x":461,"y":382,"width":450,"height":11}},{"id":"dcbdca88-a6d7-4b39-8a1a-596563ebb6eb","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":42,"box":{"x":460,"y":396,"width":445,"height":10}},{"id":"c562145f-5e5e-426b-80c7-149ccfd13d29","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":42,"box":{"x":461,"y":409,"width":463,"height":11}},{"id":"dc2eb57f-5e16-4642-9dac-1196d12a990a","block_type":"box","text":"believes it is advisable to do so.","page_number":42,"box":{"x":461,"y":423,"width":212,"height":8}},{"id":"d45b51a4-9aff-479e-a2e9-289373e6ccd4","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":42,"box":{"x":461,"y":439,"width":452,"height":11}},{"id":"5f26a1a4-4f7c-4937-b778-5778d8b1faf3","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":42,"box":{"x":461,"y":453,"width":427,"height":10}},{"id":"bc72619a-2840-40f8-8b14-344032f0c3f0","block_type":"box","text":"redemption methods below.","page_number":42,"box":{"x":461,"y":466,"width":181,"height":10}},{"id":"5b3b1aca-af0c-4062-9f72-ae0958ff52b4","block_type":"box","text":"Redeem by VRU:","page_number":42,"box":{"x":461,"y":483,"width":111,"height":10}},{"id":"f1648b8d-9c60-4651-94ec-25e142ceee49","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":42,"box":{"x":579,"y":482,"width":348,"height":11}},{"id":"91958020-5999-4deb-ac8a-1c7fced805e4","block_type":"box","text":"Fund’s automated VRU service. Payment for Investor Shares redeemed","page_number":42,"box":{"x":461,"y":496,"width":469,"height":10}},{"id":"7b703f06-d013-4230-872c-47653c806477","block_type":"box","text":"by the VRU service may be made for non-retirement accounts in","page_number":42,"box":{"x":461,"y":509,"width":420,"height":11}},{"id":"2f31d679-700c-42f9-9a1f-f1a7d3497e5c","block_type":"box","text":"amounts up to $25,000, either through check, ACH or wire.","page_number":42,"box":{"x":461,"y":522,"width":392,"height":11}},{"id":"e22352d2-3e58-42b7-baaa-ca49d01fb3e7","block_type":"box","text":"Redeem by Internet:","page_number":42,"box":{"x":461,"y":539,"width":136,"height":10}},{"id":"059a229d-0591-4245-996e-f71f87eb89e8","block_type":"box","text":"You may redeem in your account by logging onto","page_number":42,"box":{"x":603,"y":539,"width":317,"height":10}},{"id":"f2d87fe2-1819-4170-bee0-56414a76692a","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":42,"box":{"x":460,"y":553,"width":461,"height":8}},{"id":"f0e58680-9092-427f-a5b0-3eb22b3b2b27","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":42,"box":{"x":461,"y":566,"width":473,"height":10}},{"id":"7f9899d7-9ee3-4fe9-9438-a8b8971c436a","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":42,"box":{"x":461,"y":580,"width":472,"height":10}},{"id":"67de3291-16c1-4e06-b6c8-6ec924badff3","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":42,"box":{"x":461,"y":593,"width":459,"height":10}},{"id":"50f6b7a5-068a-4fea-a53f-b50b2cfa83cf","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":42,"box":{"x":461,"y":607,"width":451,"height":10}},{"id":"aa42e320-04c2-4b6a-9e43-230915cdbe55","block_type":"box","text":"certain institutional investors.","page_number":42,"box":{"x":461,"y":620,"width":196,"height":9}},{"id":"05e37e62-553a-4397-af2c-b6b3c8de3b41","block_type":"box","text":"Redeem in Writing:","page_number":42,"box":{"x":461,"y":636,"width":127,"height":11}},{"id":"d9692ba8-42c3-444c-aba5-1f66da327b05","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":42,"box":{"x":594,"y":637,"width":338,"height":10}},{"id":"434344dc-cf67-49d7-8514-90b498a088b2","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":42,"box":{"x":461,"y":650,"width":468,"height":10}},{"id":"42333736-2188-4961-9fec-8eceb0ddd8b9","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":42,"box":{"x":460,"y":663,"width":446,"height":11}},{"id":"0d412ca0-e12b-4b77-86de-0a940ccc573f","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":42,"box":{"x":461,"y":677,"width":466,"height":10}},{"id":"3a4560a1-b721-42cb-8ff3-4ace09a8b22d","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":42,"box":{"x":461,"y":691,"width":460,"height":10}},{"id":"83967fcf-e30d-4887-806b-b63017ec696d","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":42,"box":{"x":461,"y":704,"width":457,"height":10}},{"id":"099bd862-a4a1-45d7-b195-99efc0e9da50","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":42,"box":{"x":461,"y":718,"width":461,"height":10}},{"id":"1db78220-ab2d-40df-a6e1-458f14755c51","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":42,"box":{"x":461,"y":731,"width":450,"height":11}},{"id":"ea27cec9-b8a7-45b1-9840-615567342140","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":42,"box":{"x":461,"y":745,"width":443,"height":10}},{"id":"364d7a3a-ec6c-454b-bcd5-d1eff9f869f8","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":42,"box":{"x":461,"y":758,"width":465,"height":10}},{"id":"d3eef5c4-ca69-471e-9eee-128b08818876","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":42,"box":{"x":461,"y":772,"width":462,"height":10}},{"id":"f381e1ec-4d52-4409-97f5-1ffdea9a1cbf","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":42,"box":{"x":461,"y":785,"width":404,"height":10}},{"id":"9ffee933-ed51-4b36-8e4f-7dd7681d9209","block_type":"box","text":"Payment of Redemption Proceeds","page_number":42,"box":{"x":461,"y":799,"width":228,"height":10}},{"id":"070b973b-5648-45c8-b702-38114b625a4f","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":42,"box":{"x":461,"y":815,"width":467,"height":10}},{"id":"29f92721-b0c1-415e-8dd0-258c6cc2903e","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":42,"box":{"x":461,"y":828,"width":393,"height":11}},{"id":"e87a6dce-1e97-4d1d-a6ad-e61e8ac3f3bc","block_type":"box","text":"Payment by Check:","page_number":42,"box":{"x":461,"y":845,"width":129,"height":10}},{"id":"68e727c4-2dea-4e43-aa50-c31a26b2a773","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":42,"box":{"x":597,"y":845,"width":329,"height":10}},{"id":"34ab2c49-f578-4324-9c07-944b0d1389df","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":42,"box":{"x":460,"y":858,"width":430,"height":11}},{"id":"6212d967-de8e-42cf-8577-9b114b775da1","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":42,"box":{"x":461,"y":872,"width":460,"height":10}},{"id":"668134d6-8ff7-4cfd-994a-13633a32b459","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":42,"box":{"x":461,"y":885,"width":468,"height":10}},{"id":"836dec8e-8589-4fbc-9d7a-f9dcff79f1b1","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":42,"box":{"x":461,"y":898,"width":467,"height":11}},{"id":"352b8a8a-38bf-49de-99ce-7970e69fa781","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":42,"box":{"x":461,"y":912,"width":467,"height":11}},{"id":"a4160f07-462f-4a77-b584-4543a21167df","block_type":"box","text":"42","page_number":42,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"1f0f2dd9-02fc-4d61-84b4-93ce9c97278b","block_type":"box","text":"NM1026U-5981105-42/76","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"2430bd92-6851-4023-9729-f615e64e3cba","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":43,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"eefaabc5-a47e-4eac-9941-bd38f7957bc2","block_type":"box","text":"Full or Partial","page_number":43,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"cd012d61-0e1c-4ea3-b3e9-f01b1fab0644","block_type":"box","text":"Redemption of","page_number":43,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"6238d4f9-e331-4e51-a16c-fa2a513225b4","block_type":"box","text":"Shares (continued)","page_number":43,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"0eedf4ca-9464-4ef2-92f4-91fed9c941ab","block_type":"box","text":"Selling shares held directly with","page_number":43,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"9b3c43f4-2372-4b46-8119-e7dac7862198","block_type":"box","text":"BlackRock (continued)","page_number":43,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"deca2d8c-c274-4cb2-af01-9cd282cae7e5","block_type":"box","text":"charges imposed by your bank for this service.","page_number":43,"box":{"x":461,"y":67,"width":307,"height":11}},{"id":"305f0768-be74-4ccb-bd04-b7630da00138","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":43,"box":{"x":460,"y":84,"width":438,"height":10}},{"id":"29e0bc7d-3791-4953-bf70-73d6d202eb81","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":43,"box":{"x":461,"y":97,"width":429,"height":10}},{"id":"8cae000c-36df-4ba8-bc48-47574fd6cd12","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":43,"box":{"x":461,"y":111,"width":403,"height":10}},{"id":"22647595-9467-4613-a375-92574115d80c","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":43,"box":{"x":461,"y":124,"width":467,"height":8}},{"id":"cbf63dbe-8914-4e91-8c89-5014a8beba8d","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":43,"box":{"x":460,"y":138,"width":456,"height":10}},{"id":"ca5893ce-da2f-4fa0-81f2-94eea720bca5","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":43,"box":{"x":460,"y":151,"width":402,"height":10}},{"id":"25660547-e344-4f79-a8b5-7bc57a6e0908","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":43,"box":{"x":461,"y":164,"width":430,"height":11}},{"id":"70564086-8ecf-4566-a64c-1d9eb627786b","block_type":"box","text":"amounts are subject to the risk of loss like any Fund investment. If you","page_number":43,"box":{"x":461,"y":178,"width":468,"height":10}},{"id":"c0af9463-17a0-40d8-85b9-ba6632af61dc","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":43,"box":{"x":461,"y":192,"width":473,"height":8}},{"id":"136a9418-5991-4859-af3a-a44a3fa02d5e","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":43,"box":{"x":461,"y":205,"width":456,"height":10}},{"id":"aaa3ea47-99d1-4fff-af8d-c9724279be6b","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":43,"box":{"x":461,"y":219,"width":461,"height":10}},{"id":"4dafc683-febc-4403-8d0f-e9acb68ba577","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":43,"box":{"x":460,"y":232,"width":469,"height":11}},{"id":"7a0df267-8142-45ad-865e-4e03ef2173cc","block_type":"box","text":"as of the date of payment of the distribution.","page_number":43,"box":{"x":461,"y":246,"width":295,"height":10}},{"id":"59cfedc2-1c3e-4b1e-8432-0d3e29ff7a31","block_type":"box","text":"Payment by Wire Transfer:","page_number":43,"box":{"x":461,"y":262,"width":177,"height":10}},{"id":"5797d313-efbc-4efa-9a49-e1c3589d94fa","block_type":"box","text":"Payment for redeemed shares for which a","page_number":43,"box":{"x":644,"y":262,"width":275,"height":10}},{"id":"563cf598-5cc9-4770-a764-6e6016cdfc1e","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":43,"box":{"x":461,"y":275,"width":437,"height":11}},{"id":"5b3221f1-4913-49ff-bb2e-f9bf3ab57fb2","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":43,"box":{"x":461,"y":289,"width":471,"height":10}},{"id":"bacce7e7-dab7-40e4-a3d6-bc5dbecc4bd3","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":43,"box":{"x":461,"y":303,"width":417,"height":10}},{"id":"25003f5f-2b97-4480-8aa2-5c213f2029c2","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":43,"box":{"x":461,"y":316,"width":449,"height":10}},{"id":"1c58bfcd-bc91-40b9-bf02-ffd3e2597c7b","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":43,"box":{"x":461,"y":330,"width":449,"height":10}},{"id":"35f3a04c-110e-474b-8747-cb893d0e696d","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":43,"box":{"x":461,"y":343,"width":433,"height":10}},{"id":"e222b798-d8b6-4a8f-830b-a46e7693f6c6","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":43,"box":{"x":461,"y":357,"width":449,"height":10}},{"id":"e2121152-c740-4fa9-9da8-51ffb1befaf1","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":43,"box":{"x":461,"y":370,"width":437,"height":11}},{"id":"df66b63e-2f5a-4066-a7af-3f4b761e46fa","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":43,"box":{"x":461,"y":384,"width":469,"height":10}},{"id":"b7816f98-0829-4f56-b162-38aeb3d0ee6e","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":43,"box":{"x":459,"y":397,"width":448,"height":11}},{"id":"669c6bf6-76a9-41f1-96c2-6548a55e165d","block_type":"box","text":"Fund.","page_number":43,"box":{"x":461,"y":411,"width":34,"height":8}},{"id":"cb290e5f-539a-4a14-ab59-dbb2d31f5f05","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":43,"box":{"x":461,"y":427,"width":434,"height":10}},{"id":"476601b5-58c3-434e-9a78-47f3531c3799","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":43,"box":{"x":461,"y":440,"width":468,"height":11}},{"id":"ff49b37b-a394-4733-b46f-a39ed47d7949","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":43,"box":{"x":461,"y":453,"width":460,"height":11}},{"id":"4196a107-10d1-4b15-b2a2-c04191b1a68f","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":43,"box":{"x":461,"y":467,"width":441,"height":11}},{"id":"1bb10ac4-1a4d-4642-acbb-3e06b8e5b5e4","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":43,"box":{"x":461,"y":481,"width":472,"height":10}},{"id":"2f6cfdb1-f13b-4387-81ed-7feb5a621710","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":43,"box":{"x":460,"y":495,"width":438,"height":10}},{"id":"9f4aa52a-774a-4514-9714-2b29005acebf","block_type":"box","text":"imposed by the Fund.","page_number":43,"box":{"x":461,"y":508,"width":140,"height":10}},{"id":"d6a75262-ac17-457a-9385-6c1ec005dd8b","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":43,"box":{"x":460,"y":524,"width":425,"height":10}},{"id":"1232ff66-957c-4441-9a38-2644bdd153ac","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":43,"box":{"x":461,"y":538,"width":455,"height":10}},{"id":"84546421-3228-4e64-8aaa-a589c501fbb7","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":43,"box":{"x":461,"y":552,"width":476,"height":10}},{"id":"edcd8c10-f61b-404e-a28f-7dbb268d5e09","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":43,"box":{"x":461,"y":565,"width":455,"height":10}},{"id":"1ec9431e-7900-4fbe-98bb-134fa8cab21f","block_type":"box","text":"the back cover of this prospectus.","page_number":43,"box":{"x":460,"y":578,"width":224,"height":10}},{"id":"7fd6d177-a866-4da1-8e91-a2488393ff26","block_type":"box","text":"Payment by ACH:","page_number":43,"box":{"x":461,"y":595,"width":116,"height":10}},{"id":"d82ea370-5d45-4d0e-bdfa-c6b28cceeebe","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":43,"box":{"x":584,"y":595,"width":272,"height":10}},{"id":"9e5f4ac6-7cb0-47ee-b15d-ef4603bad8f5","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":43,"box":{"x":461,"y":608,"width":469,"height":10}},{"id":"430c3743-e031-449d-bb29-787b52ff5bcc","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":43,"box":{"x":461,"y":622,"width":432,"height":10}},{"id":"e15925e6-32eb-4aa9-9da7-c19be7a499f4","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":43,"box":{"x":461,"y":635,"width":441,"height":10}},{"id":"3778f91a-437a-42fb-aadc-952d3ce8965d","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":43,"box":{"x":461,"y":649,"width":428,"height":10}},{"id":"b7a7ceff-6cab-4bba-a184-3889adb88a73","block_type":"box","text":"receiving bank within the next two business days (48-72 hours);","page_number":43,"box":{"x":461,"y":662,"width":420,"height":11}},{"id":"cadc3993-479b-4e97-814a-0cc208235d3c","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":43,"box":{"x":461,"y":676,"width":467,"height":10}},{"id":"906338ed-0e02-44e6-888a-30ff507290bf","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":43,"box":{"x":460,"y":689,"width":458,"height":10}},{"id":"888ae87d-5710-44b9-b54c-7e9d4e1c9728","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":43,"box":{"x":461,"y":703,"width":457,"height":10}},{"id":"4518e149-a607-4353-a628-29ba11c93720","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":43,"box":{"x":461,"y":716,"width":449,"height":11}},{"id":"57db9808-b504-48a9-b855-7d13ad02bedf","block_type":"box","text":"open for business.","page_number":43,"box":{"x":461,"y":730,"width":121,"height":10}},{"id":"40f69277-2b2c-4ec4-b473-366586ac5fc6","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":43,"box":{"x":460,"y":746,"width":467,"height":10}},{"id":"f01ecffd-3428-41e2-937c-7b30198fb2ea","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":43,"box":{"x":461,"y":759,"width":465,"height":11}},{"id":"564e818c-8432-482f-a823-3e5490ba1456","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":43,"box":{"x":461,"y":773,"width":432,"height":10}},{"id":"06858722-0a2f-4f12-ad2d-3357bdaf0f89","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":43,"box":{"x":461,"y":787,"width":415,"height":10}},{"id":"8c00da23-410d-417a-85bf-fc8c73804267","block_type":"box","text":"***","page_number":43,"box":{"x":686,"y":803,"width":25,"height":5}},{"id":"2838c619-d36b-49d7-90c6-c064b1b37972","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":43,"box":{"x":461,"y":816,"width":423,"height":10}},{"id":"4e4875a3-12fc-4c09-b898-4940021d0cdf","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":43,"box":{"x":461,"y":830,"width":456,"height":10}},{"id":"255c2e47-cc00-43b9-b1df-3d292e76214a","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":43,"box":{"x":461,"y":844,"width":352,"height":10}},{"id":"f3efc009-1c40-4808-9ae2-04cddfc41bea","block_type":"box","text":"Redemption","page_number":43,"box":{"x":61,"y":861,"width":80,"height":10}},{"id":"fe62d145-ebd4-472e-89d1-de0ed938ca10","block_type":"box","text":"Proceeds","page_number":43,"box":{"x":61,"y":873,"width":62,"height":8}},{"id":"7522701c-2d04-4f07-8ce9-8015fff3ffb3","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":43,"box":{"x":461,"y":864,"width":445,"height":10}},{"id":"1106e141-da64-4a53-b328-2b9bebbd2700","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":43,"box":{"x":461,"y":877,"width":467,"height":11}},{"id":"73bfc842-9b5c-41e9-ae0e-1c53eeeaeb23","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":43,"box":{"x":461,"y":891,"width":455,"height":10}},{"id":"17cbbb67-2fd9-4c4d-8ec8-c2d59b1517ef","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":43,"box":{"x":461,"y":904,"width":450,"height":11}},{"id":"b70fa5bd-dbbe-4611-b81e-61285ed251b2","block_type":"box","text":"43","page_number":43,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"4286eb1a-41fe-45ee-a451-6a026e0a7153","block_type":"box","text":"NM1026U-5981105-43/76","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7b7ca59a-c3f9-40e0-b26b-ee0a089cfd82","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":44,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"006b7bfc-9e53-4165-87ab-471bfc6ba0f2","block_type":"box","text":"Redemption","page_number":44,"box":{"x":61,"y":67,"width":80,"height":10}},{"id":"1a7bb90b-b551-491e-a1b5-2f3432c22ada","block_type":"box","text":"Proceeds","page_number":44,"box":{"x":61,"y":81,"width":62,"height":8}},{"id":"7c293564-a363-4aaa-b268-e51ffd4cd724","block_type":"box","text":"(continued)","page_number":44,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"c859a7b6-5565-48a5-b97a-99583bec7936","block_type":"box","text":"(continued) comprised of less-liquid investments, the Fund may be more likely to","page_number":44,"box":{"x":214,"y":67,"width":699,"height":10}},{"id":"74e38397-cf23-4ade-85bc-9110819b0bc7","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":44,"box":{"x":461,"y":81,"width":471,"height":10}},{"id":"4222c5dc-1082-40c4-b9f0-29484bd38837","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":44,"box":{"x":461,"y":94,"width":471,"height":11}},{"id":"e9acf9de-9980-4234-91c9-5de1a72ade70","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":44,"box":{"x":461,"y":108,"width":453,"height":10}},{"id":"5831add8-5428-4c18-8609-c1eb47e8716b","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":44,"box":{"x":461,"y":121,"width":405,"height":9}},{"id":"a6895bfa-abf3-46be-94e5-4ff5ad45e594","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":44,"box":{"x":461,"y":137,"width":408,"height":11}},{"id":"2513a08e-e9e9-4463-9ecf-b0565deb43b2","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":44,"box":{"x":461,"y":151,"width":457,"height":10}},{"id":"56131a51-01f6-4433-8d74-7652cded63c2","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":44,"box":{"x":460,"y":164,"width":440,"height":11}},{"id":"73dea742-ae71-4552-9e6d-c4b8577dab7b","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":44,"box":{"x":460,"y":178,"width":340,"height":10}},{"id":"c6a6e8ab-4933-4614-a2b1-7afebba5c390","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":44,"box":{"x":61,"y":203,"width":415,"height":12}},{"id":"e2978499-44f2-4a88-a481-c6c101117d4c","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":44,"box":{"x":213,"y":225,"width":478,"height":9}},{"id":"67cd08e1-d864-4788-910c-6de748d74947","block_type":"box","text":"Exchange Privilege","page_number":44,"box":{"x":61,"y":242,"width":128,"height":10}},{"id":"a3fb9e36-b3b6-4fb7-9216-8ba342d1d20a","block_type":"box","text":"Selling shares of one BlackRock","page_number":44,"box":{"x":214,"y":242,"width":212,"height":10}},{"id":"a35747be-ed4c-4fa1-b4bc-146184786b94","block_type":"box","text":"Fund to purchase shares of","page_number":44,"box":{"x":214,"y":255,"width":181,"height":11}},{"id":"2eda6e21-0ab2-4e73-b6c4-eb0b3ec55c6d","block_type":"box","text":"another BlackRock Fund","page_number":44,"box":{"x":214,"y":269,"width":158,"height":8}},{"id":"9243b7df-2b0e-4350-87c8-8df99427d615","block_type":"box","text":"(“exchanging”)","page_number":44,"box":{"x":214,"y":283,"width":95,"height":10}},{"id":"c8670e72-46eb-494e-92dd-206c30b5082a","block_type":"box","text":"Investor and Institutional Shares of the Fund are generally","page_number":44,"box":{"x":461,"y":242,"width":383,"height":10}},{"id":"d91e41c7-d007-4ee9-8fe3-74850d826592","block_type":"box","text":"exchangeable for shares of the same class of another BlackRock Fund,","page_number":44,"box":{"x":461,"y":255,"width":469,"height":11}},{"id":"6cc2efb9-1b15-42b8-8e25-85d6ac985fad","block_type":"box","text":"to the extent such shares are offered by your Financial Intermediary.","page_number":44,"box":{"x":460,"y":269,"width":452,"height":10}},{"id":"0767387c-c23e-4744-b158-98bb4314a2ec","block_type":"box","text":"You can exchange $1,000 or more of Investor Shares from one fund","page_number":44,"box":{"x":460,"y":284,"width":450,"height":11}},{"id":"940b09f2-2476-40e3-ae4a-bdf6c0fefe29","block_type":"box","text":"into the same class of another fund which offers that class of shares","page_number":44,"box":{"x":461,"y":299,"width":457,"height":8}},{"id":"8e5dbf9c-6d54-422d-a6d7-83e6b23ade53","block_type":"box","text":"(you can exchange less than $1,000 of Investor Shares if you already","page_number":44,"box":{"x":461,"y":312,"width":459,"height":11}},{"id":"dfc697d3-16b5-44ed-8406-755847e7172b","block_type":"box","text":"have an account in the fund into which you are exchanging). Investors","page_number":44,"box":{"x":461,"y":326,"width":459,"height":10}},{"id":"bbe00da8-9f37-4ed0-9e6e-357a890790cf","block_type":"box","text":"who currently own Institutional Shares of the Fund may make","page_number":44,"box":{"x":460,"y":339,"width":403,"height":10}},{"id":"208bcacb-ab70-4504-8a34-809ff71c0409","block_type":"box","text":"exchanges into Institutional Shares of other BlackRock Funds except for","page_number":44,"box":{"x":461,"y":353,"width":475,"height":10}},{"id":"45f0c3c4-3180-4b19-b04e-2b8c10431a5f","block_type":"box","text":"investors holding shares through certain client accounts at Financial","page_number":44,"box":{"x":461,"y":366,"width":450,"height":11}},{"id":"0cd39959-a96f-4f78-8280-a2d6d5bec581","block_type":"box","text":"Intermediaries that are omnibus with the Fund and do not meet","page_number":44,"box":{"x":461,"y":380,"width":419,"height":8}},{"id":"e2e70395-5130-423d-8f34-a8940d39a88f","block_type":"box","text":"applicable minimums. There is no required minimum amount with","page_number":44,"box":{"x":461,"y":394,"width":431,"height":9}},{"id":"848bd105-7e64-4c7d-9394-5a9a340de6e4","block_type":"box","text":"respect to exchanges of Institutional Shares.","page_number":44,"box":{"x":461,"y":407,"width":295,"height":10}},{"id":"0ffd59a3-6b3a-412d-9c8f-844f5439ac80","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":44,"box":{"x":460,"y":423,"width":449,"height":10}},{"id":"e170f7af-b1bc-42a7-a711-6bb1d3c6f625","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":44,"box":{"x":461,"y":437,"width":437,"height":10}},{"id":"b987ea79-7c37-4060-8136-46481a9a8e1c","block_type":"box","text":"closed to new investors.","page_number":44,"box":{"x":461,"y":450,"width":159,"height":8}},{"id":"12699e58-ac18-4083-ab53-9e4700e86b61","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":44,"box":{"x":461,"y":466,"width":441,"height":10}},{"id":"06efeb08-e8cb-4146-b645-ee4d7b70dc3e","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":44,"box":{"x":461,"y":480,"width":453,"height":10}},{"id":"38aaf413-6b33-41f0-a4c8-1923b67c4ed3","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":44,"box":{"x":460,"y":493,"width":477,"height":11}},{"id":"40e0b395-8640-452f-9563-fdd227cdf27f","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":44,"box":{"x":461,"y":507,"width":457,"height":10}},{"id":"b9632939-e72a-47bc-b93b-270f95aeb88e","block_type":"box","text":"and any subsequent exchange.","page_number":44,"box":{"x":461,"y":521,"width":203,"height":10}},{"id":"5a28b315-3e6a-4130-8073-7398764ddadc","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":44,"box":{"x":460,"y":537,"width":435,"height":10}},{"id":"e8409dfa-9a08-4fc9-a730-71b0e6d9d4f9","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":44,"box":{"x":461,"y":550,"width":406,"height":10}},{"id":"7bbed26b-aacd-4756-8b5e-fbbee3761fa9","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":44,"box":{"x":461,"y":563,"width":468,"height":11}},{"id":"ea4632a7-b9ae-442f-bde7-4109f6e8c7f0","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":44,"box":{"x":461,"y":577,"width":455,"height":10}},{"id":"c499b272-02fc-4f3c-8b1a-992a16b277c1","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":44,"box":{"x":460,"y":591,"width":423,"height":10}},{"id":"34f2fcc9-e0eb-4b56-b7e2-735e8700adf5","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":44,"box":{"x":461,"y":604,"width":398,"height":10}},{"id":"768b6161-1b42-47b1-bcc7-161c56b29024","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":44,"box":{"x":461,"y":618,"width":409,"height":10}},{"id":"acce95f9-3e99-45e1-af35-78421bd7f587","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":44,"box":{"x":461,"y":631,"width":469,"height":11}},{"id":"d7839aa7-8203-4269-8aac-30820d8f3dfc","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":44,"box":{"x":460,"y":645,"width":461,"height":10}},{"id":"00165ea6-3aa7-4cf6-a1ea-cc3c7a48b944","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":44,"box":{"x":460,"y":658,"width":469,"height":11}},{"id":"37b51094-7951-4c56-ab51-6d9d35a8d453","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":44,"box":{"x":460,"y":672,"width":368,"height":10}},{"id":"bfbb6d95-bfb5-4cd5-9b2f-4fc2f33f8177","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":44,"box":{"x":460,"y":688,"width":450,"height":10}},{"id":"e3cb72c3-8b57-40d1-99b4-516e47843757","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":44,"box":{"x":460,"y":701,"width":473,"height":11}},{"id":"37be188e-2d11-4219-b5be-38034ebf9012","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":44,"box":{"x":461,"y":715,"width":420,"height":10}},{"id":"787f2174-1099-4a9e-a407-897bbe998ae8","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":44,"box":{"x":461,"y":729,"width":439,"height":10}},{"id":"0a386639-e0a7-4840-9674-978228604d58","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":44,"box":{"x":461,"y":742,"width":460,"height":10}},{"id":"93eecdc0-4a3d-4285-b59f-f738ebfb8e80","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":44,"box":{"x":461,"y":756,"width":430,"height":10}},{"id":"a98c211b-6a42-48c1-8847-47968a836fb5","block_type":"box","text":"income tax purposes, a share exchange is a taxable event and a capital","page_number":44,"box":{"x":461,"y":769,"width":473,"height":11}},{"id":"68dd12da-4dc2-4e22-a5eb-9de16a0f4601","block_type":"box","text":"gain or loss may be realized.","page_number":44,"box":{"x":460,"y":783,"width":188,"height":10}},{"id":"ed4c1e5f-d1b6-43a3-ac3e-aee6147ee827","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":44,"box":{"x":461,"y":799,"width":457,"height":10}},{"id":"25b4a14d-7a2c-45b0-ab58-2eb9133d4183","block_type":"box","text":"making an exchange request.","page_number":44,"box":{"x":461,"y":813,"width":192,"height":10}},{"id":"aaf16707-059b-454e-b5a8-2a466ab4ddd2","block_type":"box","text":"Transfer Shares to","page_number":44,"box":{"x":60,"y":830,"width":124,"height":9}},{"id":"03f0eb6e-950e-466d-91a1-af93b8283d46","block_type":"box","text":"Another Financial","page_number":44,"box":{"x":60,"y":842,"width":118,"height":8}},{"id":"564b17f9-a5c4-4ab7-bbc2-1a9a4fab67b3","block_type":"box","text":"Intermediary","page_number":44,"box":{"x":61,"y":854,"width":85,"height":10}},{"id":"8a70ac7e-1dd5-4194-adc7-8510a7475de1","block_type":"box","text":"Transfer to a participating","page_number":44,"box":{"x":213,"y":830,"width":171,"height":11}},{"id":"307fc1a6-f380-4132-a670-211d56ccc58e","block_type":"box","text":"Financial Intermediary","page_number":44,"box":{"x":214,"y":844,"width":145,"height":10}},{"id":"7c00d0cf-22d6-4323-a614-8c593173d76e","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":44,"box":{"x":460,"y":830,"width":436,"height":11}},{"id":"97378cff-4400-4c9b-8c3c-6c324e349286","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":44,"box":{"x":461,"y":844,"width":455,"height":10}},{"id":"1123a25e-474e-43ea-8b4d-79a782faad77","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":44,"box":{"x":461,"y":857,"width":456,"height":11}},{"id":"55027507-0ab2-4e4a-b110-429574fc3f88","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":44,"box":{"x":461,"y":871,"width":456,"height":10}},{"id":"ab199cc0-87cb-400a-a841-ff077c23f22f","block_type":"box","text":"receiving firm.","page_number":44,"box":{"x":461,"y":884,"width":91,"height":11}},{"id":"2e383edc-d4df-4fee-9d4f-cdd5eebfe195","block_type":"box","text":"44","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"929b8f8f-b3ec-4232-a3bc-6a2e0f754cd3","block_type":"box","text":"NM1026U-5981105-44/76","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"35480bac-cb83-416f-ab84-8cb1039080a5","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":45,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"750485ca-9647-412a-9092-230441dd6f54","block_type":"box","text":"Transfer Shares to","page_number":45,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"d7ea9207-b742-4e95-9885-fd77d21c1dfc","block_type":"box","text":"Another Financial","page_number":45,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"3e967ca4-1116-46bf-81ee-cc675fd2638f","block_type":"box","text":"Intermediary","page_number":45,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"4dad3793-45bf-4ca7-aec6-fa08749433ba","block_type":"box","text":"(continued)","page_number":45,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"ba448e40-bd76-4dae-964d-27f42648b8a8","block_type":"box","text":"Transfer to a participating","page_number":45,"box":{"x":213,"y":67,"width":171,"height":11}},{"id":"9570dea6-0cdb-413d-8615-09889dd96344","block_type":"box","text":"Financial Intermediary","page_number":45,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"8d8c5715-686b-4760-84f0-663d30808cf3","block_type":"box","text":"(continued)","page_number":45,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"75991459-5750-483e-b051-ce2e73137af9","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":45,"box":{"x":461,"y":70,"width":390,"height":10}},{"id":"f1090582-ae05-473e-905d-c1966e51a590","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":45,"box":{"x":461,"y":83,"width":443,"height":11}},{"id":"531c9fb0-569f-41c0-9a26-9042efc867fd","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":45,"box":{"x":461,"y":97,"width":394,"height":10}},{"id":"fa1e03de-a37e-4868-af4e-b5b14a9dcd39","block_type":"box","text":"Transfer to a non-participating","page_number":45,"box":{"x":213,"y":126,"width":199,"height":10}},{"id":"6c0cd40a-bb93-4ec6-a34f-b01e71ae07b7","block_type":"box","text":"Financial Intermediary","page_number":45,"box":{"x":214,"y":140,"width":145,"height":10}},{"id":"2da926fc-12ce-4a40-b8c9-bfdb9b56fc46","block_type":"box","text":"You must either:","page_number":45,"box":{"x":460,"y":126,"width":107,"height":8}},{"id":"b6b5fbaa-cabe-495f-b0d8-512976e891d3","block_type":"box","text":"•","page_number":45,"box":{"x":464,"y":142,"width":3,"height":3}},{"id":"bf21064f-235e-401b-aef8-ce49e3499032","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":45,"box":{"x":470,"y":139,"width":346,"height":11}},{"id":"f451e656-dbb3-4d51-9e83-23fa0b783d52","block_type":"box","text":"•","page_number":45,"box":{"x":464,"y":156,"width":3,"height":3}},{"id":"f8030af5-9648-44fc-954a-d4865306ff4c","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":45,"box":{"x":471,"y":153,"width":409,"height":10}},{"id":"e54ed594-d7eb-4d24-ab07-c791e01340fd","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":45,"box":{"x":461,"y":169,"width":390,"height":10}},{"id":"03f6fb6c-951d-4269-97dd-a45aa6e56f80","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":45,"box":{"x":461,"y":183,"width":443,"height":10}},{"id":"f4f0bf32-f16e-4c69-87e0-14dd91b4b650","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":45,"box":{"x":461,"y":196,"width":394,"height":10}},{"id":"14fc74af-6997-492f-9517-4bf52f2dc3f2","block_type":"box","text":"Account Services and Privileges","page_number":45,"box":{"x":60,"y":237,"width":292,"height":13}},{"id":"c3204161-5c87-428a-98af-6c9a220682e2","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":45,"box":{"x":60,"y":263,"width":865,"height":11}},{"id":"9c16d136-0645-4a9c-87e9-fa45684b6532","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":45,"box":{"x":61,"y":278,"width":841,"height":11}},{"id":"40a8e87f-f6fa-43d8-ae57-11cff3f5e191","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":45,"box":{"x":61,"y":292,"width":816,"height":12}},{"id":"792477cb-c555-4adc-b361-cd327640a446","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":45,"box":{"x":60,"y":307,"width":824,"height":12}},{"id":"1d890824-8344-47ee-a452-d7c05ac778a2","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":45,"box":{"x":62,"y":322,"width":759,"height":12}},{"id":"0c9839c8-1ee6-47bf-bdf8-697f38670b96","block_type":"box","text":"Automatic","page_number":45,"box":{"x":60,"y":352,"width":70,"height":8}},{"id":"871f5f56-f110-4a27-8d05-8e6021543f77","block_type":"box","text":"Investment Plan","page_number":45,"box":{"x":61,"y":363,"width":109,"height":8}},{"id":"c19e8e0a-78d7-4457-a59a-7b9aff5bebf0","block_type":"box","text":"Allows systematic investments","page_number":45,"box":{"x":213,"y":352,"width":202,"height":10}},{"id":"755f0e3f-7611-4ad4-bcbf-383556161268","block_type":"box","text":"on a periodic basis from your","page_number":45,"box":{"x":214,"y":365,"width":192,"height":10}},{"id":"8fe064d7-b51f-4c52-8a15-f568848003cd","block_type":"box","text":"checking or savings account.","page_number":45,"box":{"x":214,"y":379,"width":189,"height":10}},{"id":"b36d3f0c-27f9-4782-b50d-84058e70fb18","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":45,"box":{"x":461,"y":351,"width":451,"height":11}},{"id":"d7e15665-c4a7-42c8-8d9b-49962de01f8c","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":45,"box":{"x":461,"y":365,"width":431,"height":10}},{"id":"65b0867a-b6c3-4d6f-8736-a7fc9ae60176","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":45,"box":{"x":461,"y":378,"width":437,"height":11}},{"id":"18187782-165a-4e4c-9591-58187039f70e","block_type":"box","text":"completing the Automatic Investment Plan application. The minimum","page_number":45,"box":{"x":461,"y":392,"width":452,"height":10}},{"id":"2cc9f3ac-78ce-4bc2-91e2-5813d35fb59c","block_type":"box","text":"investment amount for an automatic investment is $50 per portfolio.","page_number":45,"box":{"x":461,"y":405,"width":453,"height":11}},{"id":"7d5e18da-149f-46b4-b111-c3a316903005","block_type":"box","text":"Dividend Allocation","page_number":45,"box":{"x":61,"y":424,"width":129,"height":8}},{"id":"95de9a7d-be6d-450f-8e9e-7e8ac99aad1b","block_type":"box","text":"Plan","page_number":45,"box":{"x":61,"y":435,"width":28,"height":9}},{"id":"0e09d73c-1b41-42e0-b034-0ab17f8463a9","block_type":"box","text":"Automatically invests your","page_number":45,"box":{"x":213,"y":424,"width":172,"height":10}},{"id":"de4032a5-947e-45dc-a3be-45c695864ed8","block_type":"box","text":"distributions into another","page_number":45,"box":{"x":214,"y":437,"width":165,"height":8}},{"id":"35b22255-872f-40f0-9e11-2943af1e6fdb","block_type":"box","text":"BlackRock Fund of your choice","page_number":45,"box":{"x":214,"y":451,"width":200,"height":10}},{"id":"d2f68cb0-e394-4c8c-9e55-71d0ada331e0","block_type":"box","text":"pursuant to your instructions,","page_number":45,"box":{"x":214,"y":464,"width":193,"height":11}},{"id":"d1f35f9a-8954-400f-a15e-dc7dc4dcbceb","block_type":"box","text":"without any fees or sales","page_number":45,"box":{"x":213,"y":478,"width":165,"height":10}},{"id":"e0c4a5ff-ed9b-4ba4-bbfb-5f0ca82c644c","block_type":"box","text":"charges.","page_number":45,"box":{"x":214,"y":492,"width":55,"height":10}},{"id":"96b0a65d-0b17-4871-98d8-269b5360f3a7","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":45,"box":{"x":461,"y":424,"width":433,"height":10}},{"id":"74e8af4a-ae19-4ce8-bbfc-8d7a17f56c09","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":45,"box":{"x":461,"y":437,"width":427,"height":11}},{"id":"45a70d64-2304-4eb6-ae75-3ee14bab238b","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":45,"box":{"x":461,"y":451,"width":463,"height":10}},{"id":"02629f4c-62ff-4ac6-8376-dfb37a04c327","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":45,"box":{"x":461,"y":464,"width":455,"height":11}},{"id":"5fddf14c-1121-437f-915d-86e5c56945a6","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":45,"box":{"x":461,"y":478,"width":459,"height":10}},{"id":"fa32cd9e-5e7a-4dbd-8f38-8e4360198466","block_type":"box","text":"payee. Please call (800) 441-7762 for details. If investing in another","page_number":45,"box":{"x":461,"y":491,"width":454,"height":11}},{"id":"ce177d58-141d-4534-b469-4bf3a2459621","block_type":"box","text":"fund at BlackRock, the receiving fund must be open to new purchases.","page_number":45,"box":{"x":460,"y":505,"width":467,"height":10}},{"id":"c8498858-85e8-4178-944d-4c5161700a31","block_type":"box","text":"EZ Trader","page_number":45,"box":{"x":61,"y":523,"width":65,"height":8}},{"id":"6d338c3e-930c-44a5-8fb2-647591dc4f59","block_type":"box","text":"Allows an investor to purchase or","page_number":45,"box":{"x":213,"y":523,"width":220,"height":10}},{"id":"5453bad2-cf61-47d3-a5c0-240b4254919a","block_type":"box","text":"sell Investor Shares by telephone","page_number":45,"box":{"x":214,"y":537,"width":219,"height":10}},{"id":"5ea53e3c-5565-424d-967e-df358042dd0c","block_type":"box","text":"or over the Internet through ACH.","page_number":45,"box":{"x":214,"y":550,"width":216,"height":10}},{"id":"bd7e7aa2-fa6d-462d-9543-8547beb3cf3c","block_type":"box","text":"(NOTE: This option is offered to shareholders whose accounts are held","page_number":45,"box":{"x":461,"y":523,"width":467,"height":10}},{"id":"17ec9e75-6e23-4276-861c-17279c0a1066","block_type":"box","text":"directly with BlackRock. Please speak with your Financial Intermediary","page_number":45,"box":{"x":461,"y":537,"width":462,"height":10}},{"id":"5206ffd7-9d7d-4cf2-93d4-4468e95cd78e","block_type":"box","text":"if your account is held elsewhere.)","page_number":45,"box":{"x":461,"y":550,"width":225,"height":10}},{"id":"eb69ed9a-8d18-4a4b-9ba7-b27fa1fa49ed","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":45,"box":{"x":461,"y":566,"width":467,"height":10}},{"id":"994ae1ab-880b-420f-8253-4f03e13226c8","block_type":"box","text":"confirm that it is a member of the ACH system. Once confirmed,","page_number":45,"box":{"x":461,"y":580,"width":423,"height":10}},{"id":"6f45e7e7-acb4-4a61-b42c-41d282bc40bf","block_type":"box","text":"complete an application, making sure to include the appropriate bank","page_number":45,"box":{"x":461,"y":593,"width":459,"height":11}},{"id":"6ccdf87d-06bb-4d3c-81ae-8328dd2c2800","block_type":"box","text":"information, and return the application to the address listed on the","page_number":45,"box":{"x":461,"y":607,"width":442,"height":10}},{"id":"74276fbd-2170-46d6-819c-ee27abd887a0","block_type":"box","text":"form.","page_number":45,"box":{"x":460,"y":620,"width":34,"height":9}},{"id":"28b2d579-b684-4c77-9e09-af8af26825e1","block_type":"box","text":"Prior to placing a telephone or Internet purchase or sale order, please","page_number":45,"box":{"x":461,"y":637,"width":460,"height":10}},{"id":"18689952-21d5-4eaf-a015-22e1ed49ecf9","block_type":"box","text":"call (800) 441-7762 to confirm that your bank information has been","page_number":45,"box":{"x":461,"y":650,"width":449,"height":10}},{"id":"54efa187-fbb5-4878-8be1-3a4575b6a9f8","block_type":"box","text":"updated on your account. Once this is established, you may place your","page_number":45,"box":{"x":461,"y":664,"width":466,"height":10}},{"id":"123e9766-2bc0-4d91-8c75-8ff8306148a4","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. 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Shares","page_number":46,"box":{"x":461,"y":288,"width":454,"height":9}},{"id":"24de5f30-5064-4302-a68d-5371aecef639","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":46,"box":{"x":460,"y":302,"width":438,"height":10}},{"id":"bfe6b261-4658-4b8a-9388-e4f9ef7df01a","block_type":"box","text":"trading on the day the request is received. 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Sales","page_number":46,"box":{"x":62,"y":834,"width":833,"height":12}},{"id":"5f057f09-58c3-44ba-b4a9-94f6f06bb21f","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":46,"box":{"x":61,"y":849,"width":865,"height":11}},{"id":"ecbc794d-ee27-4716-85a6-4f97e2137ad7","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":46,"box":{"x":60,"y":864,"width":863,"height":11}},{"id":"077e4ade-4d79-4245-8fbe-d026ef991cb2","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":46,"box":{"x":62,"y":878,"width":865,"height":12}},{"id":"c4c38878-5d38-4d78-9499-783688f2258d","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":46,"box":{"x":61,"y":893,"width":842,"height":12}},{"id":"d8434890-3ecd-49f7-8254-3e0f544f6844","block_type":"box","text":"46","page_number":46,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b4661141-c3af-432b-b7d9-15b3bde96116","block_type":"box","text":"NM1026U-5981105-46/76","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c51c51bf-e45e-4ec5-9a88-ec616e968e4f","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":47,"box":{"x":61,"y":46,"width":838,"height":11}},{"id":"d35bdf6a-c743-4ed2-a674-46322707cb7a","block_type":"box","text":"procedures applicable to your account.","page_number":47,"box":{"x":62,"y":61,"width":282,"height":11}},{"id":"2b21227c-0122-427d-a8ce-4ca8c7bc19cb","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":47,"box":{"x":61,"y":83,"width":835,"height":12}},{"id":"b134e1b5-c252-49b8-985d-60a7913cc9e2","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":47,"box":{"x":61,"y":98,"width":861,"height":11}},{"id":"73773c66-5e31-4b64-acc7-a2393d781b76","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":47,"box":{"x":61,"y":113,"width":849,"height":11}},{"id":"ed326ded-d729-4be9-9ec7-d8238db05d03","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":47,"box":{"x":60,"y":127,"width":867,"height":12}},{"id":"6e5672cd-3083-4b31-b1fc-b78bc0b17342","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":47,"box":{"x":62,"y":142,"width":873,"height":12}},{"id":"6eb2ed94-1a51-4f32-84b5-1b19b80d7f8a","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":47,"box":{"x":61,"y":157,"width":844,"height":12}},{"id":"d3442e4e-2b7c-4d3f-aa2a-3ff95a3a8cec","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":47,"box":{"x":61,"y":172,"width":865,"height":12}},{"id":"6f9e07f7-7589-4589-92e2-898e42f43857","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":47,"box":{"x":61,"y":187,"width":480,"height":11}},{"id":"e5d7b091-a2fd-4ab6-923b-1ec3aba6f0e6","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":47,"box":{"x":61,"y":209,"width":854,"height":12}},{"id":"d6e17bbf-fca6-45e5-b3e7-6185a6f88934","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":47,"box":{"x":61,"y":224,"width":790,"height":12}},{"id":"77b9d2da-eadd-41f8-8e58-c9002ee6dec8","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":47,"box":{"x":62,"y":239,"width":855,"height":12}},{"id":"30ab7b06-1372-4e2d-8bb6-75c50e879aa7","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":47,"box":{"x":61,"y":254,"width":831,"height":11}},{"id":"ffa42ba0-d934-43e2-9a9d-d5d674012c10","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":47,"box":{"x":61,"y":269,"width":828,"height":11}},{"id":"a0d37603-0d2f-49d5-afdf-35d441292004","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":47,"box":{"x":61,"y":283,"width":437,"height":12}},{"id":"41e8d45c-8a55-4674-914b-3d69e055273d","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":47,"box":{"x":62,"y":306,"width":859,"height":12}},{"id":"ead28539-ae58-4bf7-bfb1-9d603c97a81f","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":47,"box":{"x":60,"y":321,"width":858,"height":11}},{"id":"75efd0ba-d41e-4dae-abb6-d475401b66da","block_type":"box","text":"your Financial Intermediary for more information.","page_number":47,"box":{"x":60,"y":336,"width":357,"height":11}},{"id":"8e6cd662-98f9-4dfb-9aa5-3899de90c91a","block_type":"box","text":"Short-Term Trading Policy","page_number":47,"box":{"x":61,"y":375,"width":232,"height":13}},{"id":"402ba34c-f1e0-4eb3-a634-c0b8e4871d05","block_type":"box","text":"The Board of Trustees (the “Board”) has determined that the interests of long-term shareholders and the Fund’s ability","page_number":47,"box":{"x":60,"y":401,"width":875,"height":11}},{"id":"664223f8-8eab-435b-9ff0-d5906fc466ba","block_type":"box","text":"to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in","page_number":47,"box":{"x":60,"y":416,"width":819,"height":11}},{"id":"42c65adf-0e24-4c7a-97e9-b04cd6f4ad8d","block_type":"box","text":"response to short-term market fluctuations — also known as “market timing.” The Fund is not designed for market","page_number":47,"box":{"x":61,"y":430,"width":845,"height":12}},{"id":"5e419ee1-674a-45d5-92d7-e1136e3892a3","block_type":"box","text":"timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange","page_number":47,"box":{"x":60,"y":445,"width":869,"height":12}},{"id":"07094aed-0633-4cb4-a8fc-62609a0def01","block_type":"box","text":"privilege for Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive","page_number":47,"box":{"x":62,"y":460,"width":836,"height":12}},{"id":"a444f696-0e91-47c8-bbbc-00a2387089ee","block_type":"box","text":"purchase and sale or exchange activity may interfere with portfolio management, increase expenses and taxes and","page_number":47,"box":{"x":62,"y":475,"width":845,"height":11}},{"id":"6f30b1b7-c685-4abe-84b7-7f723a5ac698","block_type":"box","text":"may have an adverse effect on the performance of the Fund and its returns to shareholders. For example, large flows","page_number":47,"box":{"x":61,"y":490,"width":863,"height":11}},{"id":"bd2bd919-7254-47fd-a279-95ce3de112c1","block_type":"box","text":"of cash into and out of the Fund may require the management team to allocate a significant amount of assets to cash","page_number":47,"box":{"x":61,"y":505,"width":867,"height":11}},{"id":"380464b7-9be7-4532-9a62-2beefb3e4f44","block_type":"box","text":"or other short-term investments or sell securities, rather than maintaining such assets in securities selected to","page_number":47,"box":{"x":61,"y":520,"width":817,"height":11}},{"id":"a4da7ff9-a6f2-472b-9943-6e3460918000","block_type":"box","text":"achieve the Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable","page_number":47,"box":{"x":61,"y":534,"width":830,"height":12}},{"id":"9867ba35-e7a3-4e5d-a653-91ecef5d25b5","block_type":"box","text":"prices, and transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":47,"box":{"x":62,"y":549,"width":737,"height":12}},{"id":"0357dc5d-a8aa-4c94-bf7b-cf7d13244f55","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":47,"box":{"x":60,"y":572,"width":873,"height":11}},{"id":"f3df0a71-d94f-40d7-83c4-96396c23a8ca","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":47,"box":{"x":61,"y":586,"width":872,"height":12}},{"id":"84e07cb2-bf80-4d8e-86a1-6e0c1fcdae51","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":47,"box":{"x":61,"y":601,"width":865,"height":12}},{"id":"7a307f1d-f672-451f-9486-53c54f5fef4b","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":47,"box":{"x":61,"y":616,"width":817,"height":11}},{"id":"19564011-4e69-44ff-b124-261b5c58e656","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":47,"box":{"x":61,"y":631,"width":818,"height":11}},{"id":"471a0838-0170-4d61-b80c-79d0505cd762","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":47,"box":{"x":60,"y":646,"width":865,"height":11}},{"id":"14a882e0-4f0d-4bba-ac19-5b57afb6b30b","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":47,"box":{"x":61,"y":661,"width":829,"height":11}},{"id":"fc5444f4-6038-48ad-b09b-581cf443e545","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":47,"box":{"x":62,"y":675,"width":671,"height":12}},{"id":"d292e173-dbc1-4a8e-bbe0-efccbe058428","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":47,"box":{"x":60,"y":698,"width":869,"height":12}},{"id":"4ee30c60-201d-4ed6-ab06-9dcf68d20643","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":47,"box":{"x":60,"y":713,"width":839,"height":11}},{"id":"43ed0010-3587-4bc0-b264-712a6c44c31c","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":47,"box":{"x":61,"y":728,"width":869,"height":11}},{"id":"1d4f9b16-3b55-4899-b4b3-3be04213686e","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":47,"box":{"x":61,"y":742,"width":870,"height":12}},{"id":"20af8d43-2f84-4aeb-a1c0-530394ac75b5","block_type":"box","text":"Fund or its shareholders.","page_number":47,"box":{"x":62,"y":758,"width":181,"height":8}},{"id":"1e74fb55-1ae6-40ad-9710-3ac7d23cfaa8","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":47,"box":{"x":62,"y":780,"width":795,"height":11}},{"id":"4e471fb9-8022-48c6-a894-f46140f47cda","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":47,"box":{"x":61,"y":795,"width":860,"height":11}},{"id":"54e3038f-7a14-4150-83aa-6f10967b8e09","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":47,"box":{"x":62,"y":809,"width":871,"height":12}},{"id":"a94a86c2-8be8-4b7b-bdfb-bac3668fa588","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":47,"box":{"x":62,"y":824,"width":858,"height":12}},{"id":"f8977bfe-aa81-4523-a62d-b14394324d72","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":47,"box":{"x":61,"y":839,"width":866,"height":12}},{"id":"78964027-da51-417a-908b-f03568ac92b6","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":47,"box":{"x":61,"y":854,"width":829,"height":12}},{"id":"4ea9b60d-4bf4-430f-b93c-bf6e80d6d6bb","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":47,"box":{"x":62,"y":869,"width":862,"height":11}},{"id":"daf85364-0e03-4a65-b51f-6fc2305ba70c","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":47,"box":{"x":61,"y":884,"width":849,"height":11}},{"id":"bb45f11b-3f4b-4358-b0f2-d464d9805f7e","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":47,"box":{"x":61,"y":899,"width":866,"height":11}},{"id":"740e5843-56fb-43f4-b5ac-77c2a892fef0","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":47,"box":{"x":60,"y":913,"width":806,"height":12}},{"id":"b2690ff5-b0c5-42d8-b493-89d09f3a598a","block_type":"box","text":"47","page_number":47,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"a2e5f0c0-4620-4f54-841a-db9ffc70955e","block_type":"box","text":"NM1026U-5981105-47/76","page_number":47,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9a8c622c-994d-4c21-ac98-2e6aa781cc7b","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":48,"box":{"x":61,"y":46,"width":804,"height":11}},{"id":"047f89f6-c491-40ac-9be3-723f548fc2c2","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":48,"box":{"x":61,"y":60,"width":849,"height":12}},{"id":"9fa381eb-e0d6-4a0e-963d-75d201738dec","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":48,"box":{"x":61,"y":75,"width":875,"height":12}},{"id":"5302c951-a5b3-453e-9dce-aca6c396d57e","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":48,"box":{"x":62,"y":90,"width":869,"height":12}},{"id":"2bc18fcb-c03d-4073-be2f-f59554b351c7","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":48,"box":{"x":61,"y":105,"width":845,"height":12}},{"id":"06625e15-21cb-416f-a6fb-a8a59fb73e7b","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":48,"box":{"x":62,"y":120,"width":868,"height":11}},{"id":"c4914be8-4b06-44c4-9c2a-cfab748f2091","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":48,"box":{"x":61,"y":135,"width":861,"height":11}},{"id":"d7702a25-d834-4ff2-b36e-eba2a0c2f484","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":48,"box":{"x":61,"y":149,"width":868,"height":12}},{"id":"48ac7675-1f73-4f87-b929-4731b48cde24","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":48,"box":{"x":60,"y":165,"width":847,"height":11}},{"id":"7376ba39-0ae4-4e69-8f29-ef17380d4cc5","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":48,"box":{"x":60,"y":179,"width":837,"height":12}},{"id":"341472eb-6e31-4af1-946e-32a9673b6aa5","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":48,"box":{"x":61,"y":194,"width":663,"height":11}},{"id":"05165d70-745b-40be-b31a-477de7e3490a","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":48,"box":{"x":60,"y":217,"width":824,"height":11}},{"id":"c723d195-dbd8-4f35-b10d-4fa6004ef4c0","block_type":"box","text":"deemed abusive.","page_number":48,"box":{"x":61,"y":232,"width":123,"height":8}},{"id":"839799bc-cdab-4ec6-8eb2-fd9e4fe7941c","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":48,"box":{"x":60,"y":254,"width":841,"height":11}},{"id":"6f9344ec-d51b-4344-b04a-dc7cec7cbeeb","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":48,"box":{"x":60,"y":269,"width":572,"height":11}},{"id":"6ecbbdd3-5714-4e44-a64c-98996cebccbf","block_type":"box","text":"48","page_number":48,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2a31bb64-40fa-4ff3-a0f4-f270566d6355","block_type":"box","text":"NM1026U-5981105-48/76","page_number":48,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"08759c4f-0731-4dde-a197-024470e4eaf0","block_type":"box","text":"Management of the Fund","page_number":49,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"c764e84e-f862-40ac-9519-b215b1207a47","block_type":"box","text":"BlackRock","page_number":49,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"54767d92-e0d6-4f3a-8807-50d268671381","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":49,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"508d4cde-23bd-493f-ad95-abd9ace5573e","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":49,"box":{"x":60,"y":197,"width":841,"height":12}},{"id":"1a46dda6-46d5-4bc4-ab11-02897b1b7c8d","block_type":"box","text":"draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":49,"box":{"x":61,"y":212,"width":796,"height":12}},{"id":"e48468af-1b7e-4c30-801c-a0cee7216309","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":49,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"39b93f08-e4cc-4b09-be13-e694d92847e7","block_type":"box","text":"BlackRock, Inc.","page_number":49,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"e6288b6a-bbf6-4a45-b198-2d00335fce44","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":49,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"a8cbe346-11ba-43e3-b8b9-af062b38f0cd","block_type":"box","text":"companies. BlackRock International Limited (“BIL”), the sub-adviser to the Fund and an affiliate of BlackRock, is a","page_number":49,"box":{"x":61,"y":279,"width":838,"height":11}},{"id":"4fc18b11-88d1-4d4d-bac5-00c55996cbcc","block_type":"box","text":"registered investment adviser organized in 1995. BlackRock and its affiliates had approximately $15.3 trillion in","page_number":49,"box":{"x":61,"y":293,"width":824,"height":12}},{"id":"e97d27c2-bded-4d82-bac0-f69500ce6d73","block_type":"box","text":"investment company and other portfolio assets under management as of June 30, 2026.","page_number":49,"box":{"x":62,"y":309,"width":654,"height":11}},{"id":"4a817805-564d-45ec-92ab-7ce1ca8c78f6","block_type":"box","text":"BlackRock serves as manager to the Fund pursuant to an investment advisory agreement (the “Management","page_number":49,"box":{"x":62,"y":331,"width":800,"height":12}},{"id":"be598598-dc86-4098-97cc-8e346291ea8b","block_type":"box","text":"Agreement”). 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Items (i), (ii), (iii) and (iv) in the","page_number":49,"box":{"x":60,"y":773,"width":870,"height":12}},{"id":"c98436d7-c080-4f24-9682-5191f5473a8a","block_type":"box","text":"preceding sentence are referred to in this prospectus as “Dividend Expense, Interest Expense, Acquired Fund Fees","page_number":49,"box":{"x":62,"y":788,"width":843,"height":12}},{"id":"166d5ef1-b630-44bb-97b0-4a146d06c6b3","block_type":"box","text":"and Expenses and certain other Fund expenses.” To achieve these expense caps, BlackRock has agreed to waive","page_number":49,"box":{"x":61,"y":803,"width":835,"height":12}},{"id":"a6e43d64-ca11-42ee-9eee-96af3fe210e2","block_type":"box","text":"and/or reimburse fees or expenses if the Fund’s operating expenses exceed a certain limit.","page_number":49,"box":{"x":61,"y":818,"width":673,"height":11}},{"id":"c2d552f7-7b3e-4492-bb7b-4cc472ba1e75","block_type":"box","text":"With respect to the Fund, BlackRock has contractually agreed to waive and/or reimburse fees or 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These views may not be relied on","page_number":50,"box":{"x":61,"y":503,"width":872,"height":11}},{"id":"b417bed9-89f7-45c2-9330-a58c4595f890","block_type":"box","text":"as investment advice and, because investment decisions for the Fund are based on numerous factors, may not be","page_number":50,"box":{"x":61,"y":517,"width":841,"height":12}},{"id":"d2353b69-0a88-40d1-ad44-8e11fe7e4d1f","block_type":"box","text":"relied on as an indication of trading intent on behalf of the Fund.","page_number":50,"box":{"x":61,"y":532,"width":472,"height":12}},{"id":"ed393efb-12cb-4cc3-ad60-cb9193c6056a","block_type":"box","text":"Portfolio Manager Information","page_number":50,"box":{"x":61,"y":571,"width":272,"height":14}},{"id":"84f1fd3a-09f4-4b9f-9905-48f1665d8343","block_type":"box","text":"Information regarding the portfolio managers of the Fund is set forth below. 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The net asset value of shares is","page_number":52,"box":{"x":61,"y":176,"width":825,"height":12}},{"id":"0ebc1168-6b75-4e19-b208-6684fb39fbc9","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":52,"box":{"x":61,"y":191,"width":854,"height":12}},{"id":"74276dbc-ada1-4ae1-919a-2791dc3173aa","block_type":"box","text":"liabilities) by the total number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":52,"box":{"x":62,"y":206,"width":764,"height":12}},{"id":"65e3be43-ca56-4b0e-bd8c-589584a55e9c","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":52,"box":{"x":61,"y":229,"width":830,"height":11}},{"id":"e6b1cda0-fe7a-4f65-8201-785591f370bf","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C Shares. Also, dividends paid on Investor A and","page_number":52,"box":{"x":62,"y":244,"width":841,"height":11}},{"id":"9e76cc5a-522c-4c29-a67b-987b99e21968","block_type":"box","text":"Institutional Shares will generally be higher than dividends paid on Investor C Shares because Investor A and","page_number":52,"box":{"x":62,"y":258,"width":797,"height":12}},{"id":"9fc64062-6877-429c-9912-732b92199aed","block_type":"box","text":"Institutional Shares have lower expenses.","page_number":52,"box":{"x":62,"y":273,"width":304,"height":11}},{"id":"5575a26c-a412-4fff-9c8a-845357175e79","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":52,"box":{"x":60,"y":296,"width":844,"height":11}},{"id":"db01ddeb-4ec5-4ca3-88f0-7735ae67e589","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":52,"box":{"x":60,"y":311,"width":837,"height":11}},{"id":"b686ee79-7187-4593-ba4c-04f4d1df3196","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":52,"box":{"x":62,"y":326,"width":464,"height":11}},{"id":"9759fa56-79b6-4bb2-8c1e-b4c435a2be9a","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":52,"box":{"x":62,"y":348,"width":863,"height":11}},{"id":"4c4c5003-67a6-4905-9376-8f2d2cb30a75","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":52,"box":{"x":60,"y":363,"width":858,"height":11}},{"id":"f71d69bd-708e-431a-8dc3-28078a3b4891","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":52,"box":{"x":62,"y":378,"width":863,"height":11}},{"id":"2191a977-a2f2-4268-8d81-c27e2dd665d9","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":52,"box":{"x":61,"y":392,"width":852,"height":12}},{"id":"ebd1fc51-0c06-440d-8cca-18ab29cb1e82","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. 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Pricing services may use valuation models that utilize","page_number":52,"box":{"x":61,"y":475,"width":868,"height":11}},{"id":"77e2a130-4baa-4a7c-9eca-36401a661f33","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":52,"box":{"x":61,"y":489,"width":842,"height":12}},{"id":"9d8fa012-f253-4342-99ca-6944c69492c3","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":52,"box":{"x":61,"y":504,"width":853,"height":11}},{"id":"e860c088-e658-4b4a-a8c5-987a5c5e41b7","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":52,"box":{"x":61,"y":519,"width":844,"height":11}},{"id":"0612be78-6eff-4ce1-b41c-ba532f53f37f","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":52,"box":{"x":61,"y":534,"width":822,"height":11}},{"id":"bcd0ab42-cbb8-4640-b08f-3d55f5adc383","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":52,"box":{"x":61,"y":548,"width":845,"height":12}},{"id":"56cc0bbf-6a4a-422f-9b5e-e2b972dc3071","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":52,"box":{"x":61,"y":563,"width":733,"height":12}},{"id":"d432ecab-8dc2-4bb4-9691-6cb1b688deb5","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":52,"box":{"x":61,"y":586,"width":829,"height":11}},{"id":"8be5e34d-a8c6-475c-a9ce-dc5a04e105a9","block_type":"box","text":"regular trading hours of the NYSE. 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U.S. government securities, money market instruments and fixed income","page_number":52,"box":{"x":61,"y":615,"width":841,"height":12}},{"id":"8222477b-f711-4165-a2bd-abe893e2c5c0","block_type":"box","text":"securities are generally priced as of close of regular trading hours on the NYSE.","page_number":52,"box":{"x":61,"y":630,"width":583,"height":12}},{"id":"479e3521-4316-4adb-a0de-fd0df66ba263","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":52,"box":{"x":60,"y":653,"width":839,"height":11}},{"id":"50978652-7453-458e-9752-33c2ef071a01","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":52,"box":{"x":60,"y":668,"width":858,"height":11}},{"id":"d2066485-74d8-41ed-a286-a01688f3f7a1","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":52,"box":{"x":61,"y":682,"width":844,"height":12}},{"id":"0bae31e4-29f0-4791-b195-759b2a27f37f","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":52,"box":{"x":61,"y":697,"width":845,"height":12}},{"id":"eb5ff6b8-8998-4e32-a734-696bc7f5088a","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":52,"box":{"x":61,"y":712,"width":841,"height":12}},{"id":"676a8742-f127-417b-8e4b-f97f4209148c","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":52,"box":{"x":60,"y":727,"width":820,"height":12}},{"id":"b4f9a680-c93e-4903-9a10-0c8c8e4b5537","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":52,"box":{"x":61,"y":742,"width":828,"height":11}},{"id":"9e2ffe1f-2485-4c9a-aca1-6a3d339c49ed","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":52,"box":{"x":61,"y":757,"width":836,"height":11}},{"id":"88762e20-183a-41ab-bbb4-3dddef712b78","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":52,"box":{"x":62,"y":772,"width":862,"height":11}},{"id":"77b4c12c-934d-49a6-8c67-5e6b6ae8eb4b","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":52,"box":{"x":62,"y":786,"width":623,"height":12}},{"id":"f4162032-4d96-4960-974a-8b92a0f0c672","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":52,"box":{"x":62,"y":809,"width":817,"height":11}},{"id":"bc75b039-61b8-4545-ae4f-ebc105b51012","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":52,"box":{"x":61,"y":824,"width":871,"height":11}},{"id":"bf32ccd6-1788-4e95-9428-29de1182f984","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":52,"box":{"x":62,"y":838,"width":872,"height":12}},{"id":"4c610595-df36-4f77-8c05-3079bf682d7a","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":52,"box":{"x":61,"y":853,"width":697,"height":12}},{"id":"7a9110ea-5367-4da7-b5da-50f16cde03ab","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":52,"box":{"x":62,"y":876,"width":825,"height":11}},{"id":"605fbfd0-71c8-4de1-ace8-ef3076fdb024","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":52,"box":{"x":62,"y":891,"width":871,"height":11}},{"id":"d3a1b4be-746e-4cd0-af77-c50f47006312","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":52,"box":{"x":61,"y":905,"width":847,"height":12}},{"id":"c57f7108-ddd4-4473-bfb7-daf0046e4859","block_type":"box","text":"52","page_number":52,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"0cbf2d6d-2c3f-443c-84d4-3d33ab0ae082","block_type":"box","text":"NM1026U-5981105-52/76","page_number":52,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"9be1e5ef-f1be-4c56-8b7d-3b572f8f95a9","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":53,"box":{"x":62,"y":46,"width":829,"height":11}},{"id":"2e694196-88a4-4fe6-86bc-1806d4ef350d","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":53,"box":{"x":60,"y":60,"width":760,"height":12}},{"id":"801db3b6-b38a-4a45-bda8-b6ecf93801c3","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":53,"box":{"x":60,"y":83,"width":830,"height":12}},{"id":"16228791-43ab-4d81-b2b8-c5aba0d2ae86","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":53,"box":{"x":61,"y":98,"width":848,"height":11}},{"id":"df0ad724-9702-4fbf-8897-50239b72dcfc","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":53,"box":{"x":61,"y":113,"width":868,"height":11}},{"id":"10ab9775-10d8-46ef-a834-da1353e7435d","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":53,"box":{"x":61,"y":127,"width":856,"height":12}},{"id":"09a74c7e-a86c-4f21-ba38-b94edcd5375f","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":53,"box":{"x":61,"y":166,"width":311,"height":14}},{"id":"2cb3234b-b32e-4b01-b6c2-669333eab6f7","block_type":"box","text":"BUYING A DIVIDEND","page_number":53,"box":{"x":423,"y":208,"width":152,"height":9}},{"id":"9ccdfeb0-bf1f-421f-b5d2-cd367fd2fec4","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":53,"box":{"x":72,"y":230,"width":831,"height":12}},{"id":"437c5ad6-525f-4132-84c7-348134832988","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":53,"box":{"x":72,"y":245,"width":845,"height":11}},{"id":"0e59970d-76f2-403c-93f5-7a6566e66f63","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":53,"box":{"x":71,"y":260,"width":855,"height":11}},{"id":"0253c936-735e-4e6f-ba9a-342b87a2feb1","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":53,"box":{"x":70,"y":274,"width":554,"height":12}},{"id":"bd553220-2207-4071-a9b5-ce25951235be","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":53,"box":{"x":60,"y":315,"width":871,"height":12}},{"id":"5eff56f7-8a7e-48b3-a177-37b9c13bd172","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":53,"box":{"x":61,"y":330,"width":862,"height":11}},{"id":"b8c4c67a-4c6d-48b2-ab04-1b48a28a0eb5","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":53,"box":{"x":61,"y":345,"width":847,"height":11}},{"id":"d65c064a-0be4-4e9b-9f3e-e4bbe39435d2","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":53,"box":{"x":61,"y":360,"width":832,"height":11}},{"id":"f07d41a7-1e12-4405-af1e-6a2148985f0a","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":53,"box":{"x":61,"y":374,"width":824,"height":12}},{"id":"eab5bff5-f8de-47de-b1e3-1b3bbedb5df6","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":53,"box":{"x":61,"y":389,"width":874,"height":12}},{"id":"378fc137-4c4c-47ea-a60e-c849491826fc","block_type":"box","text":"the assets sold.","page_number":53,"box":{"x":60,"y":404,"width":118,"height":9}},{"id":"4d6745ce-3c00-4ca3-a7cf-6dd360e8569d","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":53,"box":{"x":60,"y":427,"width":869,"height":11}},{"id":"83ea1411-f60f-416a-9fb2-0ccb2cc2889d","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":53,"box":{"x":61,"y":441,"width":862,"height":12}},{"id":"21e52cf1-2fda-419f-9796-fefe9533afa4","block_type":"box","text":"gain on the transaction generally will be subject to tax. Fund distributions derived from qualified dividend income, which","page_number":53,"box":{"x":60,"y":456,"width":876,"height":12}},{"id":"088b211d-ee08-4c90-a63c-3758060a995a","block_type":"box","text":"consists of dividends received from U.S. corporations and qualifying foreign corporations, and from long-term capital","page_number":53,"box":{"x":61,"y":471,"width":852,"height":12}},{"id":"e359883b-6227-4d9a-b983-54b0d1d08b21","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":53,"box":{"x":60,"y":486,"width":849,"height":11}},{"id":"359ea813-460a-4b7d-b4f0-70af689e1239","block_type":"box","text":"exceeds certain threshold amounts, which are adjusted annually for inflation.","page_number":53,"box":{"x":61,"y":501,"width":565,"height":11}},{"id":"708f0441-dcf2-4212-8e91-9d83be7b48df","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":53,"box":{"x":60,"y":523,"width":803,"height":12}},{"id":"3bbcad86-3a54-4704-871f-c3dec7270d43","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":53,"box":{"x":61,"y":537,"width":873,"height":13}},{"id":"f1084850-29b5-448e-b4ae-ca6f4d5c2202","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":53,"box":{"x":60,"y":553,"width":282,"height":11}},{"id":"dc71c6f4-497f-4e9b-9ebc-d5356740fd55","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":53,"box":{"x":60,"y":575,"width":861,"height":12}},{"id":"a40e365d-2a2b-4698-83a7-08ccb5fccba2","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":53,"box":{"x":62,"y":590,"width":679,"height":12}},{"id":"72c9e9f2-f242-46d0-889e-2ca596c31313","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":53,"box":{"x":62,"y":613,"width":827,"height":11}},{"id":"94b31214-c794-4ad1-ba58-d912065909ca","block_type":"box","text":"through entity to the extent owned by U.S. persons), the Fund’s dividends will generally be subject to a 30% U.S.","page_number":53,"box":{"x":60,"y":628,"width":826,"height":11}},{"id":"9426fd1c-2975-4683-9582-d2d226c4b9e7","block_type":"box","text":"withholding tax, unless a lower treaty rate applies. However, certain distributions reported by the Fund as capital gain","page_number":53,"box":{"x":60,"y":643,"width":863,"height":11}},{"id":"51d2e3a3-f3db-4dc1-9a86-695405d19247","block_type":"box","text":"dividends, interest-related dividends or short-term capital gain dividends and paid to a foreign shareholder may be","page_number":53,"box":{"x":61,"y":657,"width":837,"height":12}},{"id":"751c2a57-1161-4436-8e5a-135319ac5252","block_type":"box","text":"eligible for an exemption from U.S. withholding tax.","page_number":53,"box":{"x":61,"y":672,"width":372,"height":12}},{"id":"8e4290a2-dc1a-4473-8d79-9d45cdb45883","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":53,"box":{"x":61,"y":695,"width":868,"height":11}},{"id":"50e3a03c-e940-4447-8cf6-aaf13dd77c37","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":53,"box":{"x":60,"y":710,"width":808,"height":11}},{"id":"316f9b9f-d016-4bfd-8587-92416d7f905f","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":53,"box":{"x":60,"y":724,"width":874,"height":12}},{"id":"6f4f0396-09b5-44e5-8ffa-4cb946d43a5e","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":53,"box":{"x":62,"y":739,"width":789,"height":12}},{"id":"3dbdeedb-efe5-433c-9daf-f2cb58bac30b","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":53,"box":{"x":62,"y":754,"width":858,"height":12}},{"id":"91d887e3-93cc-4237-b192-c16601edb9cf","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":53,"box":{"x":61,"y":769,"width":865,"height":11}},{"id":"c4e65e27-6c9d-4219-a509-b6f299df5b2e","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":53,"box":{"x":61,"y":784,"width":802,"height":11}},{"id":"3bbaaacf-259c-4ed7-a6c6-0739111e66f9","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":53,"box":{"x":62,"y":798,"width":639,"height":12}},{"id":"18b9c5d1-4144-4a5a-b164-6b30a5299e20","block_type":"box","text":"Dividends and interest received by the Fund and capital gains recognized by the Fund may give rise to withholding and","page_number":53,"box":{"x":62,"y":821,"width":863,"height":12}},{"id":"26b12b88-5c1d-493d-836b-1714253f5d2c","block_type":"box","text":"other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may","page_number":53,"box":{"x":61,"y":836,"width":823,"height":11}},{"id":"bd8f1fa9-6b2b-4437-9ac8-8ed0d308a873","block_type":"box","text":"reduce or eliminate such taxes. You may be able to claim a credit or take a deduction for foreign taxes paid by the","page_number":53,"box":{"x":61,"y":851,"width":837,"height":11}},{"id":"fa4a470b-fc09-4439-981c-96ef3580728e","block_type":"box","text":"Fund if certain requirements are met.","page_number":53,"box":{"x":62,"y":866,"width":272,"height":11}},{"id":"ba831114-2d1c-441b-a1af-e09a7393b112","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":53,"box":{"x":60,"y":888,"width":855,"height":11}},{"id":"9976067b-17c9-4caa-bdd8-aff50b3e09cf","block_type":"box","text":"not a substitute for individualized tax advice. Consult your tax adviser about the potential tax consequences of an","page_number":53,"box":{"x":61,"y":903,"width":832,"height":11}},{"id":"5c6267b0-2aad-49d6-bf88-461759220cc2","block_type":"box","text":"investment in the Fund under all applicable tax laws.","page_number":53,"box":{"x":62,"y":918,"width":383,"height":11}},{"id":"92a77891-bb84-4132-8f32-b31c3f30891a","block_type":"box","text":"53","page_number":53,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"fc21c285-0712-4dd7-993d-ddbebf726618","block_type":"box","text":"NM1026U-5981105-53/76","page_number":53,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"caac1e46-e62c-4a8b-aee5-eef77e8d63f7","block_type":"box","text":"The financial highlights tables are intended to help investors understand the Fund’s financial performance for the","page_number":54,"box":{"x":60,"y":75,"width":833,"height":12}},{"id":"bf94e92c-5675-4ec6-b3fb-58e89eecb062","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":54,"box":{"x":62,"y":90,"width":839,"height":12}},{"id":"8c30302f-03b3-4530-ada8-c8773d05791f","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":54,"box":{"x":60,"y":105,"width":800,"height":11}},{"id":"d7edff4a-6833-4fe4-b870-ee614066305d","block_type":"box","text":"assuming reinvestment of all dividends and distributions. 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and","page_number":60,"box":{"x":80,"y":746,"width":781,"height":11}},{"id":"320e96e6-85af-464a-b331-15c4dbefef8e","block_type":"box","text":"(3) redeemed shares were subject to a front-end or deferred sales charge (i.e. Rights of Reinstatement).","page_number":60,"box":{"x":81,"y":760,"width":766,"height":12}},{"id":"94286153-e9a1-4249-89f9-ceef47046316","block_type":"box","text":"CDSC waivers on Investor A and C Shares purchased through Ameriprise Financial","page_number":60,"box":{"x":61,"y":784,"width":679,"height":12}},{"id":"56c3520a-ba3e-495e-aecb-650755f695c5","block_type":"box","text":"Fund shares purchased through an Ameriprise Financial retail brokerage account are eligible only for the following","page_number":60,"box":{"x":62,"y":800,"width":832,"height":11}},{"id":"acbba24e-ba4b-4f2b-abd7-6be303448b70","block_type":"box","text":"CDSC waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI:","page_number":60,"box":{"x":61,"y":813,"width":715,"height":12}},{"id":"33d6dfd9-c4d2-4608-b0ab-28c281fc9953","block_type":"box","text":"Redemptions due to death or disability of the shareholder","page_number":60,"box":{"x":82,"y":830,"width":423,"height":11}},{"id":"daba1f08-0e73-4af1-a420-eed9fe09f50c","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in this Fund’s prospectus or SAI","page_number":60,"box":{"x":81,"y":846,"width":720,"height":11}},{"id":"0166ca06-3bd3-4a05-b9a5-3d3fc517a688","block_type":"box","text":"Redemptions made in connection with a return of excess contributions from an IRA account","page_number":60,"box":{"x":82,"y":862,"width":671,"height":11}},{"id":"07ab8184-e3b8-4cde-beb9-8967b8b51c99","block_type":"box","text":"Shares purchased through a Right of Reinstatement (as defined 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Davidson & Co. (“D.A. Davidson”):","page_number":61,"box":{"x":61,"y":46,"width":324,"height":12}},{"id":"5f84b86b-24f9-4449-bfd4-e4bd227ffdeb","block_type":"box","text":"Effective March 1, 2021, shareholders purchasing Fund shares including existing Fund shareholders, through a D.A.","page_number":61,"box":{"x":62,"y":62,"width":852,"height":12}},{"id":"9a396e0d-1d47-4056-a983-eb0994090180","block_type":"box","text":"Davidson platform or account, or through an introducing broker-dealer or independent registered investment adviser for","page_number":61,"box":{"x":62,"y":77,"width":873,"height":12}},{"id":"e4337cf8-4103-43fa-915b-9fa1470e7fa2","block_type":"box","text":"which D.A. Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following","page_number":61,"box":{"x":60,"y":92,"width":840,"height":12}},{"id":"3d3f3b9e-3a1e-4226-a710-a90fa61ae134","block_type":"box","text":"sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and","page_number":61,"box":{"x":61,"y":107,"width":864,"height":11}},{"id":"cf0a5a7b-4732-4d5c-9880-cf6ad1e8aba3","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund’s SAI.","page_number":61,"box":{"x":61,"y":122,"width":713,"height":11}},{"id":"b8afee41-42be-443e-9ae1-01c6ea5b4e75","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at D.A. Davidson","page_number":61,"box":{"x":61,"y":145,"width":664,"height":12}},{"id":"851b3094-9c80-4da8-bf1c-f3e1d6b24a1b","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":61,"box":{"x":81,"y":166,"width":845,"height":12}},{"id":"48992886-e8bf-46ef-923c-416fe27c3ad1","block_type":"box","text":"and dividend distributions.","page_number":61,"box":{"x":81,"y":181,"width":192,"height":9}},{"id":"b2f0742f-e64c-4c5c-b4c1-ca865f118b4a","block_type":"box","text":"Shares purchased by employees and registered representatives of D.A. Davidson or its affiliates and their family","page_number":61,"box":{"x":81,"y":201,"width":827,"height":12}},{"id":"40268358-50ce-4594-93fa-068fc8abe4e4","block_type":"box","text":"members as designated by D.A. Davidson.","page_number":61,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"f9057286-f22f-4d4e-8d44-fd14847d13ee","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":61,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"323f926c-34f9-45cc-842a-393ad897e4f4","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":61,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"b42f64c1-875f-4a30-916d-bfcb8bf46098","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":61,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"e331cda7-930c-4bd3-95ad-efff76ac502d","block_type":"box","text":"Reinstatement).","page_number":61,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"41f37d31-e442-4e60-aadc-57ce7cd041fe","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":61,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"c098d878-b062-4227-b04b-e843ce39cac8","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":61,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"aee950cd-58be-4210-9edd-3dd921ea9510","block_type":"box","text":"conversion is consistent with D.A. Davidson’s policies and procedures.","page_number":61,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"17431361-eba2-47bc-933e-bb19fa2301e8","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. Davidson","page_number":61,"box":{"x":61,"y":353,"width":571,"height":10}},{"id":"433c5d59-8966-4430-995c-48884739de17","block_type":"box","text":"Shares sold due to the death or disability of the shareholder.","page_number":61,"box":{"x":81,"y":374,"width":446,"height":12}},{"id":"897d401a-6a26-405e-8a8d-a5e61d1d2d2d","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":61,"box":{"x":81,"y":394,"width":672,"height":12}},{"id":"fa3e1062-b3a4-46fb-a0bc-f39383811e0c","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account.","page_number":61,"box":{"x":81,"y":414,"width":540,"height":12}},{"id":"e044bc76-e33a-4b84-9493-b81463b1eafe","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to","page_number":61,"box":{"x":81,"y":434,"width":836,"height":12}},{"id":"8f459425-a9cf-47e8-968a-d4a50b68486a","block_type":"box","text":"the Internal Revenue Code.","page_number":61,"box":{"x":80,"y":449,"width":199,"height":9}},{"id":"79e49836-a054-4d8b-8572-ba33bc1be42c","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":61,"box":{"x":81,"y":469,"width":372,"height":12}},{"id":"ff57cbe6-4c1c-4720-afc7-54e74e1e9d3d","block_type":"box","text":"Front-End Sales Charge Discounts Available at D.A. 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Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation of rights of","page_number":61,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"deea8677-35ed-4371-b423-307aaf17a82b","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":61,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"1b1237a8-c86a-48b6-87be-2308e7ce568a","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":61,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"c3555e53-cac5-40a0-9430-d50af5681581","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":61,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"1dcfe909-d39e-4e1c-9d71-1fe2c2d3da20","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":61,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"fda2c1fb-c051-49df-958f-58567a7797ec","block_type":"box","text":"A-2","page_number":61,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"2f7c1ca3-f6ea-436a-af3c-21c16230bf24","block_type":"box","text":"NM1026U-5981105-61/76","page_number":61,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5df72dc5-6b58-4566-9748-7eb828687451","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":62,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"358d3ab7-9f5c-4765-acbc-25b19055acfb","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":62,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"6c85abec-f90d-4baf-bdee-ebce4b3a38d0","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":62,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"89f28d53-8aba-459f-a247-d31e9676cccb","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":62,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"139ce429-daee-4977-afee-3a519a59824a","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":62,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"c70a0080-9415-4ce6-b4cc-4d6172dbbad5","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":62,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"f51376c4-1443-483d-93a1-f52247cb1fc8","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":62,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"3d8b7744-cae6-4942-aa0e-8156d0565d1d","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":62,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"a023afb7-2639-4add-9614-6455882252e9","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":62,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"17cc55a5-3279-4c90-8ecb-18f500ea525c","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":62,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"0e96689e-3ffd-4d8c-9a87-7ab3e6b4ad28","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":62,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"c85bca3b-a4e2-45f2-8c64-350e95a64ac5","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":62,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"cf9acd73-0fc3-4a89-8d12-ef8eee91b8ec","block_type":"box","text":"Breakpoints","page_number":62,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"16a0aa78-f790-4da9-8986-84c703b70bd0","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":62,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"81270de1-22d5-4234-967e-57614890aae7","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":62,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"c52a7f6d-f2b9-4685-b77c-604fafafcfac","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":62,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"cf9b4035-dc87-4f57-b145-0e33441b1c8c","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":62,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"76e99627-c746-443d-a1c2-04df0480cb67","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":62,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"ad07397e-7f1b-407f-87d6-3cd8ddb1918d","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets","page_number":62,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"28506d04-a728-4fce-863e-377182bc7b65","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":62,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"7ac2d032-20c0-42fd-87a1-1a12667db0eb","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":62,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"168bf580-c075-4e15-a5f3-0414fd2e1bd5","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":62,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"82688480-ec16-4fda-8204-098e1b30aa9c","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":62,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"06428d96-5839-4c18-b0aa-274fec9edc31","block_type":"box","text":"sales charge.","page_number":62,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"6e74fdc1-c834-4623-a8ea-cd24ef03a099","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":62,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"e2ddc5e5-5361-49f5-8375-3d524945b424","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":62,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"253575a7-8589-4945-940a-0645e0f376a2","block_type":"box","text":"shareholder or pricing group level.","page_number":62,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"7ba1b4ac-7880-49e0-b4b6-0b66fe1c1461","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":62,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"e8657fff-6f29-427a-a4f6-fd3b401590a8","block_type":"box","text":"by NAV).","page_number":62,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"5612318a-b73d-4590-8251-dcc1831a8397","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":62,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"eaa2a9a6-7025-40ab-8e8a-532d820dd569","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":62,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"966a494c-a59b-4b7e-b183-2ddd004def25","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. 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The inclusion of eligible BlackRock Funds","page_number":62,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"3b21e78a-b915-4ce3-b1fa-2528e1c93471","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":62,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"0bd6f85a-e53f-485a-96e4-7c8ac6492775","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":62,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"e5bc5790-6095-47f9-bfbe-567a5f520fc8","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":62,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"4fc58036-f28c-4434-86b8-eab3317417df","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":62,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"92fe5a74-bc2c-4de0-b88f-b2299b8ee44b","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":62,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"a9683198-6be3-4b4f-ae55-ac930a7411c2","block_type":"box","text":"established by the employer.","page_number":62,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"84fe317f-a90c-44e3-a1d8-091af0458757","block_type":"box","text":"Sales Charge Waivers","page_number":62,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"c231172f-f590-45a9-b7dd-8192f6ccc7b1","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":62,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"bdc27d0d-e9db-4100-b4b6-38c49f91206c","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":62,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"8bca078e-1920-48e3-9606-4e01b4733751","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. 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Edward Jones is responsible for any remaining CDSCs due to","page_number":63,"box":{"x":81,"y":225,"width":834,"height":11}},{"id":"522c0ea4-09c1-4151-aad3-0c0764c5b104","block_type":"box","text":"BlackRock, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the","page_number":63,"box":{"x":82,"y":240,"width":796,"height":11}},{"id":"194be4bc-da4f-43b0-bb0c-27cdb283d8c8","block_type":"box","text":"prospectus.","page_number":63,"box":{"x":82,"y":255,"width":84,"height":11}},{"id":"a53289d3-8164-4a9f-9e82-14495f244ca3","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":63,"box":{"x":82,"y":274,"width":850,"height":12}},{"id":"5f1d639a-4110-4f1d-ad14-7d4e5219816d","block_type":"box","text":"anniversary of the purchase date or earlier at the discretion of Edward Jones.","page_number":63,"box":{"x":81,"y":289,"width":567,"height":12}},{"id":"3f2441b0-c02a-4a92-84d6-c66ca34010b8","block_type":"box","text":"Contingent Deferred Sales Charge (“CDSC”) Waivers","page_number":63,"box":{"x":61,"y":312,"width":437,"height":13}},{"id":"8cd566fe-b76e-4bb4-b85f-4ccc844a0bb7","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":63,"box":{"x":62,"y":329,"width":854,"height":11}},{"id":"583aa00e-1f63-418d-b8a0-03771c383f2c","block_type":"box","text":"expired, the shareholder is responsible to pay the CDSC except in the following conditions:","page_number":63,"box":{"x":61,"y":343,"width":665,"height":12}},{"id":"7a04c122-7317-471c-926e-32582c419f76","block_type":"box","text":"The death or disability of the shareholder.","page_number":63,"box":{"x":81,"y":363,"width":304,"height":12}},{"id":"d8552237-1846-43e5-92df-b358cf9e1210","block_type":"box","text":"Systematic withdrawals with up to 10% per year of the account value.","page_number":63,"box":{"x":81,"y":383,"width":508,"height":12}},{"id":"69fd6cbd-4273-4814-85dc-b495d7363f95","block_type":"box","text":"Return of excess contributions from an IRA.","page_number":63,"box":{"x":82,"y":403,"width":317,"height":10}},{"id":"fcdb638d-e07e-4ed9-b858-bd683be6dd61","block_type":"box","text":"Shares redeemed as part of a required minimum distribution for IRA and retirement accounts if the redemption is","page_number":63,"box":{"x":81,"y":423,"width":834,"height":12}},{"id":"05f769ef-2c78-426c-8e68-649202b482ca","block_type":"box","text":"taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.","page_number":63,"box":{"x":80,"y":438,"width":739,"height":12}},{"id":"d284225e-a051-46ce-8849-2f7ede05da31","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":63,"box":{"x":81,"y":458,"width":820,"height":12}},{"id":"b181de03-2ccb-486d-bf57-dec12d848471","block_type":"box","text":"Jones.","page_number":63,"box":{"x":81,"y":473,"width":46,"height":9}},{"id":"ac1986b7-faa8-4fa5-8c4c-edce62cbb465","block_type":"box","text":"Shares exchanged in an Edward Jones fee-based program.","page_number":63,"box":{"x":81,"y":493,"width":428,"height":12}},{"id":"fe9efe84-8108-4861-8d2b-b009f83d396e","block_type":"box","text":"Shares acquired through a NAV Reinstatement.","page_number":63,"box":{"x":81,"y":513,"width":344,"height":12}},{"id":"0ae10f1b-ea1f-4aeb-bdf3-27c809b2d205","block_type":"box","text":"Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.","page_number":63,"box":{"x":81,"y":533,"width":705,"height":11}},{"id":"96d3e63e-52a0-4c6a-850f-1d0b117e3565","block_type":"box","text":"Other Important Information Regarding Transactions Through Edward Jones","page_number":63,"box":{"x":61,"y":556,"width":624,"height":12}},{"id":"b06f68b1-0d53-4d3f-bb85-19e3e7a7505a","block_type":"box","text":"Minimum Purchase Amounts for Investor A and Investor C Shares","page_number":63,"box":{"x":61,"y":580,"width":541,"height":11}},{"id":"9c91b7c4-06be-44e2-a9cc-2bc165cddfb2","block_type":"box","text":"Initial purchase minimum: $250","page_number":63,"box":{"x":82,"y":601,"width":234,"height":12}},{"id":"18930fb8-9872-4363-961f-11f1806edeed","block_type":"box","text":"Subsequent purchase minimum: none","page_number":63,"box":{"x":81,"y":622,"width":279,"height":11}},{"id":"4105ce7b-f08b-43ee-b0b0-f6f49b404209","block_type":"box","text":"Minimum Balances","page_number":63,"box":{"x":61,"y":645,"width":156,"height":10}},{"id":"bdd3c504-dc06-4664-aec3-52eb7bd5da9b","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":63,"box":{"x":82,"y":666,"width":837,"height":12}},{"id":"d4aa5063-35c8-4085-82df-27ab2985f397","block_type":"box","text":"are examples of accounts that are not included in this policy:","page_number":63,"box":{"x":81,"y":681,"width":447,"height":12}},{"id":"cc74eddf-5ee0-42ac-97ad-9aa8e95313be","block_type":"box","text":"A fee-based account held on an Edward Jones platform","page_number":63,"box":{"x":101,"y":701,"width":403,"height":11}},{"id":"97f23edd-c6cb-4e6b-8e5c-b26cffc8f021","block_type":"box","text":"A 529 account held on an Edward Jones platform","page_number":63,"box":{"x":101,"y":721,"width":361,"height":11}},{"id":"0954c8b8-fcce-48d5-8b04-61bb44674a29","block_type":"box","text":"An account with an active systematic investment plan or LOI","page_number":63,"box":{"x":101,"y":741,"width":440,"height":12}},{"id":"814b0741-589e-4bed-8ac3-f2656dbaf46c","block_type":"box","text":"Exchanging Share Classes","page_number":63,"box":{"x":61,"y":764,"width":218,"height":13}},{"id":"08b23bb0-e9ce-4cc4-9a2b-2194deac73e6","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":63,"box":{"x":81,"y":786,"width":836,"height":11}},{"id":"1bf6a235-6d5a-4e76-a9da-ca4a85cefb8e","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":63,"box":{"x":81,"y":800,"width":855,"height":12}},{"id":"d9766c7e-2ca5-4280-a139-00afb2fa407b","block_type":"box","text":"CDSC due to BlackRock, if applicable, and that the shareholders meet the eligibility requirements of the new share","page_number":63,"box":{"x":81,"y":815,"width":844,"height":12}},{"id":"952cb846-9f32-478d-8bc8-51060ee3bc6d","block_type":"box","text":"class.","page_number":63,"box":{"x":81,"y":830,"width":42,"height":9}},{"id":"53315169-e93e-43d4-abe5-8309b349073f","block_type":"box","text":"A-4","page_number":63,"box":{"x":487,"y":935,"width":23,"height":9}},{"id":"a5443b18-3cec-45c2-94e4-15d0788c08c0","block_type":"box","text":"NM1026U-5981105-63/76","page_number":63,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"83061b36-a2ed-497f-99df-913b7c5532a7","block_type":"box","text":"J.P. 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For purposes of this provision, employer","page_number":65,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"df74a57a-d2a4-46de-a782-d0b58e0e752c","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":65,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"9ae5e151-379b-4098-83f5-9783930678cd","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":65,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"ec997560-33df-405c-9466-6291370d707b","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":65,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"aa848bfa-afa2-42bc-8b53-e4bc4b4d1eed","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":65,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"b0b9d8ea-664c-4e34-9cb9-fdd031c3e3c2","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":65,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"bd5317ec-813a-450e-8297-70bc13457db2","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":65,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"75503923-7b03-4ef6-b6be-03a94ad075d2","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":65,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"2c537a94-2793-4a61-bf7d-a523e0801f48","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":65,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"25cce646-18d5-46e9-9e92-b206fdb857b3","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":65,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"edf33965-efb3-4313-871a-89b3bafc3fd6","block_type":"box","text":"Revenue Code.","page_number":65,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"ea7ec281-40cc-4aa5-a7aa-bde31e0633ef","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":65,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"107c6c4e-042e-4331-aa82-749e5e056912","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":65,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"aa8f7de8-ae7e-4e88-ae6e-1032a35c1d83","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":65,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"d11a8ce2-4f49-402c-bf5a-528b052fa87e","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":65,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"8d4265dd-f224-41e4-a35a-1a3d54f46984","block_type":"box","text":"letters of intent","page_number":65,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"10dd928d-5c2a-43a2-bc4a-5e7cd5d66713","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":65,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"9543dfe0-5ed0-447c-aa22-3559ed315ca1","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":65,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"ef964c7d-a854-4b3e-86c1-da4fc11a4ab2","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":65,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"e47cc836-cf67-4944-be34-aff58a829ad2","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":65,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"3894295a-1f68-4f20-896b-1bd342658f94","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":65,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"f818b949-d2ce-4ec3-b318-51746530e3c1","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":65,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"5632b7f2-fb02-4eeb-9bce-db71fd096924","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":65,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"81f7a360-f1c5-433d-8933-b9a0157514cc","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":65,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"61f8c252-e85b-4036-b097-b7c2fa60a6c4","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":65,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"ac1c405f-3952-49e5-8144-890a602814f9","block_type":"box","text":"A-6","page_number":65,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"2b9a4297-011f-4a47-a5eb-8dd286eb51f9","block_type":"box","text":"NM1026U-5981105-65/76","page_number":65,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"aa8b60c4-9cc3-4fff-a64d-03951d166c14","block_type":"box","text":"Merrill Lynch:","page_number":66,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"b3f50ae0-2c61-4de0-ad1e-358db3aae909","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":66,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"5876ad21-67b1-471d-8636-3babf60bf8c0","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":66,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"04384788-3688-4cac-b31f-a80a786de791","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":66,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"da9e3fc6-9ec0-424d-9666-b99953158707","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":66,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"da54409b-c17f-4fa0-bea7-21f8c14befa7","block_type":"box","text":"waivers or discounts not listed below.","page_number":66,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"f0021700-96fa-454d-bc03-35948f30a73c","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":66,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"d9391c42-7f35-4c6f-bad9-604b7cec884f","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":66,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"37df788d-8dc3-4d88-9bf5-23a0e64dc0c2","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":66,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"5ae2d4f9-de7a-4818-8b21-586a5fbc8e4a","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":66,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"724f9ae0-8cf2-4b9f-9671-368b541348f1","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":66,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"0aae6431-6729-4a42-b3d8-adf6a5bedc90","block_type":"box","text":"ml.com/funds. 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