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Any representation to the","page_number":3,"box":{"x":63,"y":870,"width":739,"height":11}},{"id":"a8d68ee6-d89b-4f1d-baa1-468f3e0f9972","block_type":"box","text":"contrary is a criminal offense.","page_number":3,"box":{"x":63,"y":886,"width":204,"height":10}},{"id":"5be440fd-941d-48ca-8849-faa003d0f35e","block_type":"box","text":"Not FDIC Insured","page_number":3,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"e4beb0b5-ff64-4d75-85d2-eeb2cf6b3e46","block_type":"box","text":"•","page_number":3,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"a0856dd5-9cd1-40cc-a224-fa9c97f79eca","block_type":"box","text":"May Lose Value","page_number":3,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"c0a28ee1-4d00-4673-9722-9690855eff80","block_type":"box","text":"•","page_number":3,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"1917c564-cc47-4d2b-a107-bd4a6cc9627f","block_type":"box","text":"No Bank 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................................................................................. 11","page_number":4,"box":{"x":360,"y":292,"width":577,"height":12}},{"id":"43739d70-0843-46fd-90d0-617c2e1c98d1","block_type":"box","text":"Purchase and Sale of Fund Shares .......................................................... 11","page_number":4,"box":{"x":360,"y":308,"width":577,"height":9}},{"id":"f2ebe0c2-1f86-4f26-b355-21d49f996351","block_type":"box","text":"Tax Information....................................................................................... 11","page_number":4,"box":{"x":361,"y":323,"width":576,"height":10}},{"id":"ca5272a7-a08f-4d7a-ade2-b20e1045e496","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries ................ 11","page_number":4,"box":{"x":360,"y":339,"width":577,"height":11}},{"id":"18f1051e-27b2-4581-9aa4-d706073eba51","block_type":"box","text":"Details About the 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Fees","page_number":5,"box":{"x":70,"y":448,"width":266,"height":10}},{"id":"ac793a3d-26a4-4e30-bb78-5ba652151763","block_type":"box","text":"None","page_number":5,"box":{"x":882,"y":448,"width":32,"height":8}},{"id":"1d30720d-8ecb-44e0-a993-b51e7a217aec","block_type":"box","text":"Other Expenses","page_number":5,"box":{"x":69,"y":466,"width":103,"height":10}},{"id":"e49b770b-d4ce-439a-a3e6-a07855e64169","block_type":"box","text":"2","page_number":5,"box":{"x":173,"y":466,"width":4,"height":4}},{"id":"3474dcb3-aa40-474e-b5c6-188f6f3a1f7d","block_type":"box","text":"0.12%","page_number":5,"box":{"x":884,"y":466,"width":41,"height":8}},{"id":"c5ade446-9e1c-4476-98a0-a0cd80ec0d5e","block_type":"box","text":"Other Expenses of the Fund","page_number":5,"box":{"x":84,"y":479,"width":182,"height":10}},{"id":"47b9a87d-1f5c-4539-a95d-370afb0340d3","block_type":"box","text":"0.12%","page_number":5,"box":{"x":865,"y":479,"width":41,"height":8}},{"id":"a4e580a8-877f-419d-b842-9781bc764198","block_type":"box","text":"Other Expenses of the Subsidiary","page_number":5,"box":{"x":84,"y":492,"width":221,"height":10}},{"id":"aaf42b8a-5394-45e1-a70e-e4a8b39a5a55","block_type":"box","text":"2","page_number":5,"box":{"x":305,"y":492,"width":4,"height":4}},{"id":"ac44567a-a340-454c-a88b-80b016b592f5","block_type":"box","text":"0.00%","page_number":5,"box":{"x":865,"y":492,"width":41,"height":8}},{"id":"cdede7b1-1fc0-4442-8242-cb3e136658e1","block_type":"box","text":"Acquired Fund Fees and 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and","page_number":5,"box":{"x":80,"y":594,"width":833,"height":9}},{"id":"0172e006-caec-4506-bf92-1639ee8a95b5","block_type":"box","text":"fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee and","page_number":5,"box":{"x":81,"y":604,"width":813,"height":10}},{"id":"d20d44c0-f995-4be6-a995-3cf75f275bc9","block_type":"box","text":"(ii) other exchange-traded products sponsored by BlackRock or its affiliates, through June 30, 2027. In addition, BlackRock has contractually","page_number":5,"box":{"x":81,"y":615,"width":828,"height":9}},{"id":"2898dec3-dfc3-4736-bbe1-89344a1b16af","block_type":"box","text":"agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in","page_number":5,"box":{"x":81,"y":625,"width":848,"height":9}},{"id":"43e00a57-f5c5-462c-a79a-78db9f3eb39e","block_type":"box","text":"money market funds managed by BlackRock or its affiliates, through June 30, 2027. The contractual agreements may be terminated upon 90","page_number":5,"box":{"x":81,"y":635,"width":833,"height":10}},{"id":"038047d4-44cd-406e-a29a-81052ff55c69","block_type":"box","text":"days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":5,"box":{"x":81,"y":646,"width":835,"height":9}},{"id":"5e2cdd30-0808-4a3a-85af-4abea87b733d","block_type":"box","text":"2","page_number":5,"box":{"x":61,"y":659,"width":3,"height":3}},{"id":"7443aa83-758d-44a4-9778-bad78a712565","block_type":"box","text":"Other Expenses of Strategic Global Bond Fund (Cayman) (the “Subsidiary”) were less than 0.01% for the Fund’s last fiscal year.","page_number":5,"box":{"x":81,"y":658,"width":748,"height":10}},{"id":"c3477313-f746-4d3a-8809-039280d80b51","block_type":"box","text":"3","page_number":5,"box":{"x":61,"y":672,"width":3,"height":3}},{"id":"a1b841f3-a8f0-43ad-afa4-17a06686e7f0","block_type":"box","text":"The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund’s most recent","page_number":5,"box":{"x":81,"y":671,"width":813,"height":10}},{"id":"2c3aba7a-72f7-4022-8a33-fbbceb4cc1a7","block_type":"box","text":"Annual Financial Statements and Additional Information, which does not include Acquired Fund Fees and Expenses.","page_number":5,"box":{"x":81,"y":682,"width":677,"height":9}},{"id":"96ee84a1-9040-4a5c-9d02-37a62cd176ee","block_type":"box","text":"4","page_number":5,"box":{"x":60,"y":695,"width":4,"height":3}},{"id":"707c5416-36ad-43fe-a17c-f0e289fc1943","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 38, BlackRock has contractually agreed to","page_number":5,"box":{"x":81,"y":695,"width":837,"height":9}},{"id":"391ec7ee-fdfe-4f1b-8174-76f7609625b6","block_type":"box","text":"waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense","page_number":5,"box":{"x":80,"y":705,"width":771,"height":9}},{"id":"b547f105-eef9-46a2-afb4-a57f1462863a","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.48%","page_number":5,"box":{"x":81,"y":715,"width":844,"height":9}},{"id":"b131862c-761a-4b4f-a206-9bf40c7e1a9e","block_type":"box","text":"of average daily net assets through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non","page_number":5,"box":{"x":81,"y":726,"width":851,"height":9}},{"id":"fc8a7330-1a07-462c-b06b-7c0f59a58b38","block_type":"box","text":"interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":5,"box":{"x":81,"y":736,"width":618,"height":9}},{"id":"d6ea7b83-4445-4ffb-8b46-c7ada81657c2","block_type":"box","text":"Example:","page_number":5,"box":{"x":61,"y":754,"width":74,"height":12}},{"id":"e8fa960c-7de0-45e0-ba4d-c43ac68abe10","block_type":"box","text":"This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other","page_number":5,"box":{"x":60,"y":770,"width":830,"height":12}},{"id":"f84be7b4-3cff-493d-aa0e-02c9814d6be3","block_type":"box","text":"mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then","page_number":5,"box":{"x":61,"y":784,"width":832,"height":12}},{"id":"41297964-59f9-4365-b32a-a1d2fd5e236a","block_type":"box","text":"redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5%","page_number":5,"box":{"x":61,"y":800,"width":832,"height":11}},{"id":"402e9cd3-ce5c-4b0f-b0db-d2a8108f9b43","block_type":"box","text":"return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher","page_number":5,"box":{"x":61,"y":815,"width":859,"height":11}},{"id":"8a1c048a-62d8-4ed5-9e63-97ed066469ed","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":5,"box":{"x":61,"y":830,"width":436,"height":11}},{"id":"ff74f763-7290-4313-b68b-a30668ca1a19","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":5,"box":{"x":631,"y":858,"width":292,"height":8}},{"id":"03f3c9cc-c692-45f7-af40-fc6cdad83f71","block_type":"box","text":"Class K Shares $50 $188 $337 $773","page_number":5,"box":{"x":69,"y":876,"width":843,"height":9}},{"id":"97d361a8-ca84-488e-8a86-3dfdc97cc0a6","block_type":"box","text":"3","page_number":5,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"89dbd64b-9d09-4370-baf5-36662b879ddc","block_type":"box","text":"NM1026U-5982658-5/54","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"bafd7cdf-5ba9-4973-896b-08575f40bec0","block_type":"box","text":"Portfolio Turnover:","page_number":6,"box":{"x":61,"y":46,"width":151,"height":10}},{"id":"86519ddb-f66d-4d44-a03b-edbeaa1ff52f","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":6,"box":{"x":60,"y":63,"width":800,"height":11}},{"id":"2bbf667a-0817-4599-8096-8d1fc7cddcce","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":6,"box":{"x":62,"y":77,"width":850,"height":12}},{"id":"14c5ab3c-d90d-4389-bf2b-d57d584f5496","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":6,"box":{"x":61,"y":92,"width":870,"height":12}},{"id":"e404c17a-bdf0-4b0d-99d7-f307a4de931c","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":6,"box":{"x":62,"y":107,"width":839,"height":11}},{"id":"14983b69-3452-46ce-8f61-1c8554e607dd","block_type":"box","text":"366% of the average value of its portfolio.","page_number":6,"box":{"x":61,"y":122,"width":308,"height":11}},{"id":"04d0b7b0-a86d-42ee-8a16-dc58779f8365","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":6,"box":{"x":61,"y":161,"width":394,"height":13}},{"id":"2aeb9b3c-a86a-4057-914e-994bd58113ad","block_type":"box","text":"The Fund mainly invests in bonds and other fixed-income securities that periodically pay interest or dividends. Fixed","page_number":6,"box":{"x":60,"y":187,"width":851,"height":11}},{"id":"34d6177c-3e5e-4ac2-9795-cf5e2c32cbb8","block_type":"box","text":"income securities are securities that represent an obligation by the issuer to pay a specified rate of interest or","page_number":6,"box":{"x":62,"y":202,"width":811,"height":11}},{"id":"0f44dfd0-6d7b-4dae-bf41-9e8f5e08961d","block_type":"box","text":"dividend at specified times. These securities may be denominated and pay interest in U.S. dollars or other currencies","page_number":6,"box":{"x":61,"y":216,"width":863,"height":12}},{"id":"227d49c1-e0b6-4c31-bf26-c99c27b778ea","block_type":"box","text":"and may be issued by U.S. or foreign governments or corporations.","page_number":6,"box":{"x":61,"y":231,"width":490,"height":12}},{"id":"08d2fd4c-e6c6-47f6-ba0f-951f7272bcdc","block_type":"box","text":"The Fund will spread its investments among different types of fixed-income securities and different countries based","page_number":6,"box":{"x":60,"y":254,"width":849,"height":11}},{"id":"320d69db-bba3-4636-9384-be58d5394460","block_type":"box","text":"upon Fund management’s analysis of the yield, maturity and currency considerations affecting these securities. The","page_number":6,"box":{"x":61,"y":269,"width":851,"height":11}},{"id":"22611ae4-fecd-40c6-b50c-632156624af5","block_type":"box","text":"Fund may invest in U.S. and foreign government and corporate fixed-income securities, including junk bonds and","page_number":6,"box":{"x":62,"y":283,"width":821,"height":12}},{"id":"03e639b1-280f-45b2-a398-d7f13a93389b","block_type":"box","text":"unrated securities. The Fund normally will invest at least 80% of its net assets plus any borrowings for investment","page_number":6,"box":{"x":61,"y":298,"width":838,"height":12}},{"id":"6f12f05a-6ed3-4d96-a88e-d2da2e732ad8","block_type":"box","text":"purposes in bonds and related derivative instruments with similar economic characteristics. For the purposes of this","page_number":6,"box":{"x":62,"y":313,"width":853,"height":11}},{"id":"25003752-a252-49ef-a227-8929b171bece","block_type":"box","text":"strategy, “bonds” include the following: obligations issued or guaranteed by the U.S. Government or a foreign","page_number":6,"box":{"x":61,"y":328,"width":801,"height":12}},{"id":"1b60fae1-8c83-41ce-837f-ab1f44df54d3","block_type":"box","text":"government or their agencies, instrumentalities or political subdivisions; mortgage-backed securities, including agency","page_number":6,"box":{"x":60,"y":343,"width":870,"height":11}},{"id":"89bc3bdf-dc82-48c7-a9e0-bca53f666fcf","block_type":"box","text":"mortgage pass-through securities and commercial mortgage-backed securities; mortgage to-be-announced (“TBA”)","page_number":6,"box":{"x":61,"y":358,"width":840,"height":11}},{"id":"5b519ddb-4d66-4e1a-b7c2-1fd89a0f7f59","block_type":"box","text":"securities; debt obligations of U.S. or foreign issuers; municipal securities; and asset-backed securities. The Fund’s","page_number":6,"box":{"x":61,"y":372,"width":851,"height":12}},{"id":"b72ae8d8-fd30-4afd-985e-89bc63336e13","block_type":"box","text":"investments in derivatives will be counted toward the Fund’s 80% policy to the extent that they provide investment","page_number":6,"box":{"x":62,"y":387,"width":837,"height":12}},{"id":"a52173db-e83a-4615-ab40-9a28f9338d41","block_type":"box","text":"exposure to the securities included within that policy or to one or more market risk factors associated with such","page_number":6,"box":{"x":61,"y":402,"width":821,"height":12}},{"id":"0c61ca45-3620-490a-81be-c5b9e88ed6b3","block_type":"box","text":"securities. The Fund may invest up to 100% of its assets in securities classified as junk bonds.","page_number":6,"box":{"x":61,"y":417,"width":700,"height":11}},{"id":"3a2475a1-5c04-43ef-b6f9-1089bef0091a","block_type":"box","text":"Under normal circumstances, the Fund anticipates it will allocate a substantial amount (approximately 40% or more —","page_number":6,"box":{"x":62,"y":440,"width":869,"height":11}},{"id":"07d91c8e-59d7-4542-b7e0-330dee6ecd75","block_type":"box","text":"unless market conditions are not deemed favorable by BlackRock, in which case the Fund would invest at least 30%)","page_number":6,"box":{"x":61,"y":454,"width":857,"height":12}},{"id":"d32c099a-a55b-498f-b0ae-385897f3d47c","block_type":"box","text":"of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or located outside the U.S.,","page_number":6,"box":{"x":61,"y":469,"width":856,"height":12}},{"id":"19ad6624-dfe9-4d62-b797-a69e49becb05","block_type":"box","text":"(iii) of issuers which primarily trade in a market located outside the U.S., or (iv) of issuers doing a substantial amount","page_number":6,"box":{"x":61,"y":484,"width":862,"height":12}},{"id":"4e6addb2-be33-4c58-b60c-49f3a190350b","block_type":"box","text":"of business outside the U.S., which the Fund considers to be companies that derive at least 50% of their revenue or","page_number":6,"box":{"x":61,"y":499,"width":854,"height":11}},{"id":"5e4e06e9-ac1b-4d4d-8ae2-465bd5befe99","block_type":"box","text":"profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Fund will","page_number":6,"box":{"x":62,"y":514,"width":836,"height":11}},{"id":"9ee01c0c-e381-4cf9-a64c-7e63e122b870","block_type":"box","text":"allocate its assets among various regions and countries, including the United States (but in no less than three","page_number":6,"box":{"x":61,"y":529,"width":811,"height":11}},{"id":"1c894d83-d54f-41b8-a306-ba68f8600551","block_type":"box","text":"different countries). For temporary defensive purposes the Fund may deviate very substantially from the allocation","page_number":6,"box":{"x":61,"y":543,"width":838,"height":12}},{"id":"58cd9a03-2cd4-45ca-b6da-483add25b687","block_type":"box","text":"described above.","page_number":6,"box":{"x":61,"y":558,"width":123,"height":9}},{"id":"bfe4751c-2fe2-49f4-9e7e-531074c195a5","block_type":"box","text":"The Fund may invest in securities of any maturity or duration. The average maturity of the Fund’s portfolio securities","page_number":6,"box":{"x":60,"y":581,"width":851,"height":11}},{"id":"55715834-7651-475d-a53e-27d8c3e21672","block_type":"box","text":"will vary based upon BlackRock’s view of economic and market conditions. However, the Fund does not expect the","page_number":6,"box":{"x":60,"y":595,"width":841,"height":12}},{"id":"b8e90b6c-878b-46b8-bbc8-c36c41c62eb4","block_type":"box","text":"average maturity of its portfolio to exceed fifteen years.","page_number":6,"box":{"x":61,"y":610,"width":406,"height":12}},{"id":"796ce08c-9ef6-4bb6-9289-ba307a87a878","block_type":"box","text":"Fund management presently expects that the Fund will invest primarily in securities denominated in the currencies","page_number":6,"box":{"x":62,"y":633,"width":838,"height":11}},{"id":"93c35ad8-0ab2-44dd-858c-ca7397f4edb3","block_type":"box","text":"represented in the Bloomberg Global Aggregate Bond Index, but the Fund also can invest in securities denominated in","page_number":6,"box":{"x":61,"y":648,"width":865,"height":11}},{"id":"aa86d2dd-b301-4442-8ec7-09de410b551e","block_type":"box","text":"other currencies. Issuers of securities may not always be located in the country in whose currency the securities are","page_number":6,"box":{"x":61,"y":662,"width":855,"height":12}},{"id":"35506360-3664-4b32-ab25-759bf0c1fd3d","block_type":"box","text":"denominated. The Fund’s investments ordinarily will be denominated in at least three currencies. No set portion of the","page_number":6,"box":{"x":61,"y":677,"width":871,"height":12}},{"id":"8bed0b1a-29f6-4653-a397-80cf2c0c8d8a","block_type":"box","text":"Fund’s investments is required to be denominated in any particular currency. Substantially all of the Fund’s","page_number":6,"box":{"x":62,"y":692,"width":786,"height":12}},{"id":"caa12274-cd49-4894-8b55-c7c598ee2992","block_type":"box","text":"investments may be denominated in a single currency, including U.S. dollars.","page_number":6,"box":{"x":62,"y":707,"width":563,"height":12}},{"id":"c6e29c28-d5e1-485f-8bc2-6ab1b7b17432","block_type":"box","text":"The Fund may invest in several different kinds of securities issued by the U.S. Government. These include U.S.","page_number":6,"box":{"x":60,"y":730,"width":815,"height":11}},{"id":"a0b5c8c1-a146-42fa-a1ff-31d3b3b2782e","block_type":"box","text":"Treasury obligations (bills, notes and bonds) that have different interest rates and maturities and are issued at","page_number":6,"box":{"x":60,"y":744,"width":818,"height":12}},{"id":"8f42ad6a-bfe9-4927-9ce1-faf65ba44d75","block_type":"box","text":"different times. These securities are backed by the full faith and credit of the U.S. Government. The Fund also may","page_number":6,"box":{"x":61,"y":759,"width":844,"height":12}},{"id":"1c421265-9607-4223-b8f1-48c46e2b46e0","block_type":"box","text":"invest in obligations issued or guaranteed by U.S. Government agencies or other U.S. Government organizations.","page_number":6,"box":{"x":62,"y":774,"width":827,"height":12}},{"id":"18546450-84bb-41e9-a380-d48bf8f03912","block_type":"box","text":"These include but are not limited to government guaranteed mortgage-related or asset-backed securities. Some of","page_number":6,"box":{"x":60,"y":789,"width":841,"height":11}},{"id":"a709598c-1767-424b-a7b0-22de519dc52c","block_type":"box","text":"these securities may be backed by the full faith and credit of the U.S. Treasury, some may be supported by the right of","page_number":6,"box":{"x":60,"y":804,"width":874,"height":11}},{"id":"2eee130e-549d-4603-b2a5-dec49c482fc1","block_type":"box","text":"the issuer to borrow from the U.S. Treasury, and some are backed only by the credit of the issuer itself.","page_number":6,"box":{"x":60,"y":818,"width":761,"height":12}},{"id":"73f9e7a0-2657-4e65-af95-8c861d5120a4","block_type":"box","text":"The obligations of foreign governments and their related organizations have various kinds of government support.","page_number":6,"box":{"x":60,"y":841,"width":833,"height":12}},{"id":"8fec719a-9a7d-42c4-9b18-554184cd60a4","block_type":"box","text":"These obligations may or may not be supported by the full faith and credit of a foreign government. The Fund may","page_number":6,"box":{"x":60,"y":856,"width":836,"height":11}},{"id":"c0dc1d0d-b50d-4f25-847d-cdf7dc98d286","block_type":"box","text":"invest in securities issued by international organizations designated or supported by governments or government","page_number":6,"box":{"x":62,"y":871,"width":829,"height":11}},{"id":"d11e3e7e-49d6-4576-b1e5-9c75360736a8","block_type":"box","text":"agencies to promote economic reconstruction or development.","page_number":6,"box":{"x":61,"y":886,"width":458,"height":11}},{"id":"826fd018-7324-43f8-995f-b88929ba0b53","block_type":"box","text":"4","page_number":6,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"c8f7f371-9348-423f-a448-b6b4141a262b","block_type":"box","text":"NM1026U-5982658-6/54","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"5f09b3cc-51dc-4adc-baa1-df373634d8aa","block_type":"box","text":"The debt securities in which the Fund invests may include credit-linked notes, credit-linked trust certificates, structured","page_number":7,"box":{"x":60,"y":46,"width":875,"height":11}},{"id":"7c5a56f5-b2cc-4da5-a1ae-58a7d1d6d568","block_type":"box","text":"notes or other instruments evidencing interests in special purpose vehicles, trusts or other entities that hold or","page_number":7,"box":{"x":61,"y":61,"width":818,"height":11}},{"id":"737d6623-17f7-48d3-a49b-c92566f0cd22","block_type":"box","text":"represent interests in debt securities. In addition, the Fund may invest in corporate loans.","page_number":7,"box":{"x":61,"y":76,"width":659,"height":11}},{"id":"f2562f4b-8ec6-44e2-ae38-8b4c06ddc84a","block_type":"box","text":"The Fund may use a variety of portfolio strategies to hedge its portfolio against interest rate and currency risk, or to","page_number":7,"box":{"x":60,"y":98,"width":852,"height":11}},{"id":"cb77f441-e81e-4384-a4f8-76605e35826b","block_type":"box","text":"seek to enhance its return. These strategies include the use of derivatives, such as options on portfolio positions or","page_number":7,"box":{"x":61,"y":113,"width":856,"height":11}},{"id":"5d4a1a3c-16ce-4511-b6cc-49e9b420c236","block_type":"box","text":"currencies, financial and currency futures and options on these futures, forward foreign currency transactions, interest","page_number":7,"box":{"x":61,"y":127,"width":873,"height":12}},{"id":"a0aa3434-9cfb-425e-81c3-c630fdb28850","block_type":"box","text":"rate swaps and credit default swaps. Derivatives are financial instruments whose value is derived from another","page_number":7,"box":{"x":61,"y":142,"width":817,"height":12}},{"id":"3f0bbc47-06af-4fae-bdf0-1fcb39357b67","block_type":"box","text":"security or an index such as the Bloomberg Global Aggregate Bond Index. The Fund may invest in indexed and inverse","page_number":7,"box":{"x":61,"y":157,"width":863,"height":12}},{"id":"b3c2cc07-76b4-42e3-b4ea-b88161fd2889","block_type":"box","text":"securities.","page_number":7,"box":{"x":61,"y":172,"width":74,"height":9}},{"id":"f003398c-5e72-47c3-8b5a-3a949e1d987c","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":7,"box":{"x":60,"y":195,"width":863,"height":11}},{"id":"aaf7db4c-74d2-4857-9c13-b2cf09ae8c77","block_type":"box","text":"through investment in commodity-linked derivative instruments and investment vehicles such as exchange traded","page_number":7,"box":{"x":60,"y":210,"width":831,"height":11}},{"id":"3b8f82b5-a0c2-4673-93e4-de5f8ee5acec","block_type":"box","text":"funds that exclusively invest in commodities and are designed to provide this exposure without direct investment in","page_number":7,"box":{"x":60,"y":224,"width":846,"height":12}},{"id":"7069c70b-9920-43ab-96d9-0d80b6db68ba","block_type":"box","text":"physical commodities. The Fund may also gain exposure to commodity markets by investing up to 25% of its total","page_number":7,"box":{"x":62,"y":239,"width":831,"height":12}},{"id":"9204943d-53a9-4e08-81b2-c533565c1e5b","block_type":"box","text":"assets in the Subsidiary, a wholly owned subsidiary of the Fund formed in the Cayman Islands, which invests primarily","page_number":7,"box":{"x":61,"y":254,"width":868,"height":11}},{"id":"4f1348f5-3f15-47a9-a1da-7abece4b4b01","block_type":"box","text":"in commodity-related instruments.","page_number":7,"box":{"x":62,"y":269,"width":248,"height":11}},{"id":"ebec2f06-ecf1-414f-9044-d6d7278721cc","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":7,"box":{"x":61,"y":308,"width":354,"height":13}},{"id":"a7249202-398c-42e7-b6cd-d1b9ccfc8d92","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":7,"box":{"x":62,"y":334,"width":860,"height":11}},{"id":"25a576a8-4b1c-48a8-80df-531f0c2222ae","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":7,"box":{"x":61,"y":349,"width":802,"height":11}},{"id":"86fa2a51-5725-4320-bb25-466c91df1d37","block_type":"box","text":"investment in the Fund or your investment may not perform as well as other similar investments. An investment in the","page_number":7,"box":{"x":62,"y":363,"width":866,"height":12}},{"id":"f5712e70-368e-42e0-b783-dea3fd2f2cbf","block_type":"box","text":"Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other","page_number":7,"box":{"x":62,"y":378,"width":869,"height":12}},{"id":"018816ec-a3de-47e4-bee1-30ce1ab4eafb","block_type":"box","text":"Government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":7,"box":{"x":61,"y":393,"width":837,"height":12}},{"id":"0b0720e6-dcfc-4b00-8b52-9dd8b90303bb","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":7,"box":{"x":61,"y":408,"width":793,"height":11}},{"id":"3c4093a4-7d06-4f40-b43e-805ae41737bc","block_type":"box","text":"Debt Securities Risk","page_number":7,"box":{"x":81,"y":428,"width":155,"height":9}},{"id":"a8e94b02-9f5f-43bc-936e-0a0a55f4e66f","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":7,"box":{"x":240,"y":428,"width":633,"height":11}},{"id":"9130f222-11a9-460c-9074-5cce2523d3d9","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in further detail below:","page_number":7,"box":{"x":81,"y":443,"width":637,"height":11}},{"id":"5c9565b7-8ab2-4940-808f-4d34160ba828","block_type":"box","text":"Credit Risk","page_number":7,"box":{"x":82,"y":463,"width":80,"height":9}},{"id":"6b7622ef-8458-4201-b955-3be31db46ee9","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":7,"box":{"x":166,"y":463,"width":737,"height":11}},{"id":"0c8b4e24-e66a-43cc-aa3f-3abd864761a6","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":7,"box":{"x":81,"y":477,"width":816,"height":12}},{"id":"7e41f103-8dd9-4c0d-87b3-a59d0f78fa2b","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":7,"box":{"x":82,"y":492,"width":826,"height":12}},{"id":"193b3237-32b0-4bf3-8e32-c4fc0f43b6ef","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":7,"box":{"x":81,"y":507,"width":777,"height":12}},{"id":"74b22dff-0862-4b5b-9688-0d990be3711e","block_type":"box","text":"Interest Rate Risk","page_number":7,"box":{"x":82,"y":527,"width":132,"height":9}},{"id":"994bfa9f-46ba-41cf-89ca-4026128aad8d","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":7,"box":{"x":218,"y":527,"width":704,"height":12}},{"id":"f4b5b93f-833f-440e-8f70-ad958670c357","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":7,"box":{"x":82,"y":542,"width":835,"height":12}},{"id":"cf882966-fa40-4fdd-8aa3-87bbfb70a14a","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":7,"box":{"x":80,"y":557,"width":513,"height":9}},{"id":"4809f3d9-f63f-4c5f-96b7-fa83961f24e9","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For","page_number":7,"box":{"x":81,"y":577,"width":855,"height":11}},{"id":"11953507-0252-49c5-8953-0950912cd9d1","block_type":"box","text":"example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors","page_number":7,"box":{"x":81,"y":592,"width":834,"height":11}},{"id":"55894c7c-8f18-45a0-aab6-7cbc511325e3","block_type":"box","text":"being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of","page_number":7,"box":{"x":81,"y":606,"width":849,"height":12}},{"id":"d93b931d-502e-44ef-a0cf-d924ca145f1e","block_type":"box","text":"the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates). The","page_number":7,"box":{"x":80,"y":621,"width":803,"height":12}},{"id":"c5538587-37b6-4dc5-a076-60def403fbf6","block_type":"box","text":"magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater","page_number":7,"box":{"x":82,"y":636,"width":838,"height":12}},{"id":"ea1c30fd-02c7-4e3c-a16b-a2d1b0b21f91","block_type":"box","text":"for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect","page_number":7,"box":{"x":81,"y":651,"width":849,"height":11}},{"id":"600b2bbf-2091-49c4-95b7-2676cb7adb0f","block_type":"box","text":"interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset","page_number":7,"box":{"x":82,"y":666,"width":833,"height":11}},{"id":"7d1e3c56-0d6b-4931-86c4-5ee2bde2f71a","block_type":"box","text":"value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by","page_number":7,"box":{"x":80,"y":681,"width":852,"height":11}},{"id":"5a16b28c-5c78-4076-bdae-cea2467d135c","block_type":"box","text":"Fund management.","page_number":7,"box":{"x":82,"y":696,"width":138,"height":11}},{"id":"0abba7fd-798b-4ee5-9a44-c8e283a883d3","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":7,"box":{"x":81,"y":715,"width":852,"height":12}},{"id":"5d87d346-7a6f-42a5-a103-1e3af8a7fcb7","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":7,"box":{"x":81,"y":730,"width":840,"height":12}},{"id":"99cae848-0a38-4a47-a8f9-b4f957de679f","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":7,"box":{"x":80,"y":745,"width":834,"height":12}},{"id":"c41d3aa2-276f-4f42-973f-fe85052ee8da","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":7,"box":{"x":81,"y":760,"width":803,"height":11}},{"id":"2f7bc65f-9be4-431e-8fa0-860506fb2db8","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":7,"box":{"x":81,"y":775,"width":839,"height":11}},{"id":"ffd60fad-c3c8-4c73-a150-68f430a49a00","block_type":"box","text":"debt securities.","page_number":7,"box":{"x":81,"y":790,"width":112,"height":9}},{"id":"df19ce75-508c-4010-a514-5a4b8cbbcf6e","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":7,"box":{"x":81,"y":809,"width":839,"height":12}},{"id":"4b65c8d0-c56d-4916-8ecc-d986d3274348","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":7,"box":{"x":81,"y":824,"width":839,"height":12}},{"id":"cfbf17a3-bde3-4fa1-9357-d7411bfaff95","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":7,"box":{"x":82,"y":839,"width":831,"height":12}},{"id":"85b5b3dd-4a31-49af-8423-dcb6cba4a622","block_type":"box","text":"value when interest rates change.","page_number":7,"box":{"x":80,"y":854,"width":248,"height":12}},{"id":"c091cb35-e36a-49d9-8523-ba90ef81a2bb","block_type":"box","text":"A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large","page_number":7,"box":{"x":81,"y":874,"width":855,"height":11}},{"id":"dabc3345-8a0b-4349-b31c-158cac3996af","block_type":"box","text":"scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy","page_number":7,"box":{"x":81,"y":889,"width":801,"height":11}},{"id":"451ae9a8-a516-4712-8acc-3e128294dfb1","block_type":"box","text":"redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could","page_number":7,"box":{"x":82,"y":904,"width":827,"height":11}},{"id":"6c0bfafe-c098-41b5-bffd-5a4dda164317","block_type":"box","text":"hurt the Fund’s performance.","page_number":7,"box":{"x":82,"y":918,"width":214,"height":12}},{"id":"f475383d-a954-4357-a46f-e3a9a5cc3026","block_type":"box","text":"5","page_number":7,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"f50b07e0-68b7-4e1b-a0bf-7128f173d11d","block_type":"box","text":"NM1026U-5982658-7/54","page_number":7,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"640f1b3f-f677-4de7-b0e4-13cac4d76bc2","block_type":"box","text":"Extension Risk","page_number":8,"box":{"x":82,"y":46,"width":107,"height":9}},{"id":"e1f548db-8fe7-4e48-a369-29e6337d651c","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":8,"box":{"x":193,"y":46,"width":691,"height":11}},{"id":"d5b8f67f-579d-482e-bf10-49b489ea9561","block_type":"box","text":"anticipated, causing the value of these obligations to fall.","page_number":8,"box":{"x":81,"y":60,"width":420,"height":12}},{"id":"4079e653-b231-4ef1-be1c-0d34f1a2b9cc","block_type":"box","text":"Prepayment Risk","page_number":8,"box":{"x":81,"y":81,"width":124,"height":11}},{"id":"120d86eb-ca5d-4a80-9f84-772ad40299ce","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":8,"box":{"x":209,"y":80,"width":691,"height":12}},{"id":"74de3eb8-222d-4540-95a9-a7a13fec086f","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.","page_number":8,"box":{"x":81,"y":96,"width":724,"height":11}},{"id":"a728330d-9f91-4c7d-89cc-4c4df08e7178","block_type":"box","text":"Foreign Securities Risk","page_number":8,"box":{"x":81,"y":115,"width":176,"height":12}},{"id":"08c118d8-bd1d-4f01-a169-72ea5e5ad34e","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":115,"width":668,"height":12}},{"id":"c4506879-7636-4d26-bbcb-371dd2bb04fc","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":8,"box":{"x":82,"y":130,"width":531,"height":12}},{"id":"7f99b658-5c91-47d2-8b77-b1d95b1af8d1","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":150,"width":823,"height":12}},{"id":"be9ca1d7-3fdc-4fc8-977e-a0b7a262b82a","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":165,"width":823,"height":11}},{"id":"c645de32-6b81-46d4-9c9c-bf93e593784a","block_type":"box","text":"oversight.","page_number":8,"box":{"x":101,"y":180,"width":70,"height":11}},{"id":"0d881288-0edb-42e4-a845-28c1def14957","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":200,"width":644,"height":11}},{"id":"339586fb-e109-4491-b582-6938668af96d","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":220,"width":830,"height":11}},{"id":"24cb9943-6c41-4332-83d4-ab38a03e87ed","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":234,"width":808,"height":12}},{"id":"e74c28dc-cdd3-482d-8819-7d1366632d5c","block_type":"box","text":"payments position.","page_number":8,"box":{"x":102,"y":250,"width":137,"height":11}},{"id":"0de29220-38b0-48da-97cf-e67480f56673","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":269,"width":821,"height":12}},{"id":"ef093ebd-be86-4c34-8b67-e343367f06cb","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":284,"width":809,"height":12}},{"id":"61917fa2-175e-4b4d-b1fe-499963ee495e","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":299,"width":784,"height":11}},{"id":"516ad753-f748-46fe-8b2e-d2ba34f66748","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":8,"box":{"x":101,"y":314,"width":352,"height":11}},{"id":"c47def55-254b-47dc-9bf8-f0bc2180cd69","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":334,"width":823,"height":11}},{"id":"4120e04c-541f-4f88-8e66-a31161538932","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":349,"width":811,"height":11}},{"id":"85d2b293-6a66-4bbe-9411-fc5983ccb506","block_type":"box","text":"U.S. securities laws.","page_number":8,"box":{"x":102,"y":364,"width":148,"height":9}},{"id":"bdc6928b-3924-4b1b-9858-eec8f1a37b66","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":383,"width":834,"height":12}},{"id":"70a4ea8a-5875-4228-ae5b-63ad8e458808","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":8,"box":{"x":101,"y":398,"width":628,"height":12}},{"id":"87c88098-7bf7-4af7-8a38-084b70281674","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":418,"width":830,"height":12}},{"id":"0b190613-4eac-4ff6-ac94-220fcc7d0c6d","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":433,"width":831,"height":12}},{"id":"8ed354aa-f965-43df-b1b4-788ecd891da9","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":448,"width":813,"height":11}},{"id":"e79887c2-39a9-435c-8b4b-f75885781e6e","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":8,"box":{"x":101,"y":463,"width":395,"height":11}},{"id":"732982c7-8270-4384-99ed-f28d9ffca550","block_type":"box","text":"Emerging Markets Risk","page_number":8,"box":{"x":81,"y":483,"width":178,"height":11}},{"id":"c0f5dec9-c28f-4c34-a010-14485ff66ed8","block_type":"box","text":"— Emerging markets are riskier than more developed markets because they tend to","page_number":8,"box":{"x":263,"y":483,"width":617,"height":11}},{"id":"9969cd9d-2e71-4a80-b460-ee34c3a32779","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":497,"width":825,"height":12}},{"id":"132b79e6-1132-4f73-89e7-e889ca895bc5","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":512,"width":822,"height":12}},{"id":"d4030f35-f35a-4e5c-a8b8-d385ab47a0bf","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":527,"width":816,"height":12}},{"id":"f730f8e2-d218-4ac3-9c1c-0845dfc82f1b","block_type":"box","text":"liquidity than developed markets.","page_number":8,"box":{"x":82,"y":542,"width":240,"height":11}},{"id":"31954a86-554e-4448-8b15-2da7e618b470","block_type":"box","text":"Commodities Related Investments Risk","page_number":8,"box":{"x":81,"y":562,"width":298,"height":9}},{"id":"efe2c462-a038-4cd3-9888-1409a6528cbb","block_type":"box","text":"—","page_number":8,"box":{"x":384,"y":567,"width":17,"height":1}},{"id":"17fe08a8-7c30-490f-ab05-e2fe536a6032","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":8,"box":{"x":406,"y":562,"width":517,"height":12}},{"id":"17af1fa2-7ca7-41a7-8388-4fb8999cca4a","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":8,"box":{"x":80,"y":577,"width":824,"height":11}},{"id":"126f0424-a58d-4626-b7b1-3599cedb3309","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":8,"box":{"x":81,"y":592,"width":849,"height":11}},{"id":"e9b0d2f8-7980-4967-a1b5-db170f37625f","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":8,"box":{"x":81,"y":606,"width":804,"height":12}},{"id":"013d07fc-6ef6-42da-89f6-278b33d7a210","block_type":"box","text":"international economic, political and regulatory developments.","page_number":8,"box":{"x":82,"y":622,"width":455,"height":11}},{"id":"7f459c2b-6978-4c39-af13-cbf2a3a809b0","block_type":"box","text":"Corporate Loans Risk","page_number":8,"box":{"x":81,"y":641,"width":162,"height":12}},{"id":"b98e4fc8-75a2-4f71-8f51-4ec8809546a5","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":8,"box":{"x":247,"y":641,"width":689,"height":11}},{"id":"f15c9409-68e4-4c27-ba4e-e97d1efa2c3d","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":8,"box":{"x":82,"y":656,"width":845,"height":12}},{"id":"0a59097a-253a-4d39-a4cb-40b07f5fd8ed","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":8,"box":{"x":82,"y":671,"width":827,"height":11}},{"id":"374ca9fe-cc4f-4fb8-acfd-24b0e02f267c","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":8,"box":{"x":81,"y":686,"width":821,"height":11}},{"id":"0c4a6b10-59b3-4f07-ba3b-66245e6de304","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":8,"box":{"x":81,"y":701,"width":840,"height":11}},{"id":"e195de5f-9ebe-4001-982e-fbb3c6c96859","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads. In addition,","page_number":8,"box":{"x":81,"y":715,"width":826,"height":12}},{"id":"991d06a4-bee9-41e3-885e-79c69f03a71e","block_type":"box","text":"transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate","page_number":8,"box":{"x":80,"y":730,"width":846,"height":12}},{"id":"d8101c18-b254-42bd-949f-e8e9a5f742d6","block_type":"box","text":"loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. To","page_number":8,"box":{"x":82,"y":745,"width":847,"height":12}},{"id":"c6d2c6b1-afd7-4296-9553-5c82070d418f","block_type":"box","text":"the extent the extended settlement process gives rise to short-term liquidity needs, the Fund may hold additional","page_number":8,"box":{"x":80,"y":760,"width":830,"height":11}},{"id":"f0629c84-e0a9-4fcd-a870-b5db6b466d48","block_type":"box","text":"cash, sell investments or temporarily borrow from banks and other lenders. The corporate loans in which the Fund","page_number":8,"box":{"x":81,"y":775,"width":837,"height":11}},{"id":"b1c366ad-3b49-4107-9771-e353766699e3","block_type":"box","text":"invests are usually rated below investment grade.","page_number":8,"box":{"x":82,"y":790,"width":362,"height":11}},{"id":"14c89c4c-11c2-42f6-8c64-8c6862d1a833","block_type":"box","text":"Derivatives Risk","page_number":8,"box":{"x":81,"y":810,"width":123,"height":9}},{"id":"ebf91c1b-6a0b-4fc1-b9b4-5a823dcdba63","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":8,"box":{"x":207,"y":809,"width":664,"height":12}},{"id":"6167a9a7-5b51-42d6-96ab-d2394a866cd6","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":8,"box":{"x":82,"y":824,"width":469,"height":12}},{"id":"19771ee3-2bb4-4c2d-ba79-f31f0cd7fd34","block_type":"box","text":"Leverage Risk","page_number":8,"box":{"x":82,"y":845,"width":102,"height":11}},{"id":"df9b2323-2e95-434d-8b03-f3a98e26ca55","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":8,"box":{"x":188,"y":844,"width":723,"height":12}},{"id":"90cda60e-cc06-4fc7-89ce-39e692c7d10d","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":8,"box":{"x":82,"y":859,"width":832,"height":12}},{"id":"bf9c83c2-14e9-406f-ad40-95f5eafe0762","block_type":"box","text":"exceed the amount originally invested.","page_number":8,"box":{"x":81,"y":874,"width":280,"height":11}},{"id":"675c173b-f927-481d-b8f2-5c71c879cdb6","block_type":"box","text":"Market Risk","page_number":8,"box":{"x":82,"y":894,"width":87,"height":9}},{"id":"d97a827a-1a81-48c5-a8aa-626951039c1e","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":8,"box":{"x":173,"y":894,"width":728,"height":11}},{"id":"d9857baf-ceb8-4969-ba2c-be858c146d2a","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":8,"box":{"x":81,"y":909,"width":834,"height":11}},{"id":"e533759b-2bd6-4e8a-af20-c27f1c3eb233","block_type":"box","text":"6","page_number":8,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"6a7cc30a-1c38-4443-9c13-3c5667fea8c9","block_type":"box","text":"NM1026U-5982658-8/54","page_number":8,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"994606ab-6528-4af1-a4f7-924ceeebff3a","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":9,"box":{"x":82,"y":46,"width":832,"height":11}},{"id":"73e53c21-ff6b-4b56-8f02-a0d6cd91e8dd","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":9,"box":{"x":80,"y":60,"width":779,"height":12}},{"id":"abf508c7-96ab-47e4-90df-07c2d5761218","block_type":"box","text":"derivatives positions to lose value.","page_number":9,"box":{"x":81,"y":76,"width":253,"height":11}},{"id":"b1ac1ccc-68c1-4753-b03e-b33045e00a24","block_type":"box","text":"Counterpar ty Risk","page_number":9,"box":{"x":82,"y":95,"width":131,"height":12}},{"id":"e51a7141-a261-49ad-b08b-1014cf9467b9","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":9,"box":{"x":217,"y":96,"width":697,"height":11}},{"id":"57aaec40-52fa-4788-8cff-c8838c711416","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":9,"box":{"x":80,"y":110,"width":855,"height":12}},{"id":"c134fba7-2de6-4bbf-86cf-f87ebe496813","block_type":"box","text":"exposure to such a counterparty.","page_number":9,"box":{"x":81,"y":125,"width":240,"height":11}},{"id":"77cec12b-5fce-4791-a10d-63fd820fc188","block_type":"box","text":"Illiquidity Risk","page_number":9,"box":{"x":82,"y":145,"width":100,"height":11}},{"id":"e8a18baa-5a7a-4293-8b42-6c432f2b5504","block_type":"box","text":"— The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":9,"box":{"x":186,"y":145,"width":750,"height":11}},{"id":"03506cdb-2d04-4909-a5d7-a83506710e39","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":9,"box":{"x":80,"y":160,"width":839,"height":11}},{"id":"d791cc12-0f58-4302-8fd5-0dac5fc230ad","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":9,"box":{"x":81,"y":175,"width":293,"height":11}},{"id":"3a7c59f8-b4f3-4992-be4c-23fea180e707","block_type":"box","text":"Operational Risk","page_number":9,"box":{"x":82,"y":195,"width":120,"height":11}},{"id":"9e67300f-59cf-43aa-8553-b32a88fb2487","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":9,"box":{"x":206,"y":195,"width":727,"height":11}},{"id":"baeeb18e-d6b3-4e95-aa5f-95d9798cb16b","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":9,"box":{"x":82,"y":209,"width":607,"height":12}},{"id":"58f29c83-7ce6-4097-b6c2-a3e7bb015464","block_type":"box","text":"Legal Risk","page_number":9,"box":{"x":82,"y":230,"width":75,"height":11}},{"id":"12090ab7-ed25-4430-99f3-e69cb1aa948c","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":9,"box":{"x":161,"y":229,"width":761,"height":12}},{"id":"2f9e66e3-14dc-46d2-b341-99d445dcdbf0","block_type":"box","text":"enforceability of a contract.","page_number":9,"box":{"x":81,"y":244,"width":198,"height":12}},{"id":"264a896c-0357-48c6-bbca-712e4a335fbf","block_type":"box","text":"Volatility and Correlation Risk","page_number":9,"box":{"x":83,"y":264,"width":214,"height":12}},{"id":"b075f208-14b9-4a98-83d2-dfb10558d622","block_type":"box","text":"— Volatility is defined as the characteristic of a security, an index or a market to","page_number":9,"box":{"x":300,"y":264,"width":590,"height":12}},{"id":"bb55b2a6-c3e8-46d0-b0fc-41557c7caba0","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":9,"box":{"x":81,"y":279,"width":775,"height":12}},{"id":"da51743d-3af0-44a3-8422-97eb39a870ae","block_type":"box","text":"fluctuations in their values may not correlate with the overall securities markets.","page_number":9,"box":{"x":81,"y":294,"width":589,"height":11}},{"id":"f71eb55c-6070-455f-aaf2-d4e3fb340162","block_type":"box","text":"Valuation Risk","page_number":9,"box":{"x":83,"y":314,"width":102,"height":9}},{"id":"52e438a7-0d6d-4ca3-9281-e91493d348a3","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":9,"box":{"x":189,"y":314,"width":747,"height":11}},{"id":"ca6aa1bd-731e-408d-af4c-f27c39dd0229","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":9,"box":{"x":82,"y":329,"width":783,"height":11}},{"id":"45de50ec-5de8-4cec-bf0a-b9d841884746","block_type":"box","text":"instruments or quote prices for them.","page_number":9,"box":{"x":82,"y":343,"width":273,"height":12}},{"id":"567a6378-bd70-4c16-9558-54c734d22b62","block_type":"box","text":"Hedging Risk","page_number":9,"box":{"x":82,"y":364,"width":95,"height":11}},{"id":"4b55b441-f3de-44a6-9c90-2f92ed3dc243","block_type":"box","text":"— Hedges are sometimes subject to imperfect matching between the derivative and the underlying","page_number":9,"box":{"x":181,"y":363,"width":728,"height":12}},{"id":"f9558b64-4668-409d-8e70-a8bbc388152a","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":9,"box":{"x":81,"y":378,"width":839,"height":12}},{"id":"9717553e-5826-4d11-928f-58a27a7bf2a7","block_type":"box","text":"may result in certain adverse tax consequences.","page_number":9,"box":{"x":82,"y":393,"width":354,"height":11}},{"id":"355115bd-5c79-4a85-aa5a-e5e22b24172b","block_type":"box","text":"Tax Risk","page_number":9,"box":{"x":83,"y":413,"width":59,"height":9}},{"id":"b5fb775e-6cec-4009-9ad0-1b94df0b9db0","block_type":"box","text":"— Certain aspects of the tax treatment of derivative instruments, including swap agreements and","page_number":9,"box":{"x":145,"y":413,"width":719,"height":12}},{"id":"03f16d3a-94a4-47ba-a1f2-e3cf0d526f64","block_type":"box","text":"commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation,","page_number":9,"box":{"x":81,"y":428,"width":801,"height":11}},{"id":"1b1c5c2b-d5c4-47ab-9c70-261fc74015e9","block_type":"box","text":"regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct","page_number":9,"box":{"x":82,"y":443,"width":802,"height":11}},{"id":"cf92dff9-36b3-44d5-a55c-9f1dda6ba437","block_type":"box","text":"investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund","page_number":9,"box":{"x":82,"y":458,"width":830,"height":11}},{"id":"57c3564c-2c96-4f14-8354-6a84445a6a90","block_type":"box","text":"realizes from its investments.","page_number":9,"box":{"x":82,"y":472,"width":215,"height":10}},{"id":"a6fba70a-1d6c-4d5d-bf8f-8e604d81e719","block_type":"box","text":"High Portfolio Turnover Risk","page_number":9,"box":{"x":81,"y":492,"width":212,"height":12}},{"id":"816192b1-ffab-40c9-b5c7-43cf5023c769","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":9,"box":{"x":297,"y":492,"width":629,"height":12}},{"id":"0e798766-9078-4047-ae4f-f2e6c0d8a03c","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":9,"box":{"x":82,"y":507,"width":812,"height":12}},{"id":"56c9073c-37a0-431d-9956-a94b72bd2032","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":9,"box":{"x":81,"y":522,"width":817,"height":11}},{"id":"ba652a89-4c29-4640-aa87-8dd2da456552","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":9,"box":{"x":81,"y":537,"width":760,"height":11}},{"id":"634959d6-0f81-4352-9fa6-e1dc08e545bb","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":9,"box":{"x":81,"y":552,"width":852,"height":11}},{"id":"1bf40489-ccff-4f2a-8280-d7ebf17c45c2","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":9,"box":{"x":81,"y":566,"width":589,"height":12}},{"id":"b19a4439-1d59-4a8a-abe4-c47c93cfc712","block_type":"box","text":"High Yield Bonds Risk","page_number":9,"box":{"x":81,"y":587,"width":167,"height":11}},{"id":"81eb4dbf-2c39-4118-938d-ee3e0c359a40","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":9,"box":{"x":252,"y":586,"width":667,"height":12}},{"id":"a21c5e6e-044b-4667-b45d-00f124e75dc3","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":9,"box":{"x":79,"y":602,"width":835,"height":11}},{"id":"c219c225-4703-421e-a87e-78015993b533","block_type":"box","text":"for the Fund.","page_number":9,"box":{"x":81,"y":616,"width":91,"height":9}},{"id":"3f75fa83-748c-4d20-890b-b563f214135f","block_type":"box","text":"Illiquid Investments Risk","page_number":9,"box":{"x":81,"y":636,"width":186,"height":11}},{"id":"cf3fdcfa-9bbb-4ec7-881c-0100230465f9","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":9,"box":{"x":271,"y":636,"width":648,"height":11}},{"id":"c3f67876-a16a-44bc-b388-fdbc2a1fa873","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":9,"box":{"x":80,"y":651,"width":841,"height":11}},{"id":"6218428a-aa4e-4019-87a6-7c4701025c84","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":9,"box":{"x":82,"y":666,"width":831,"height":11}},{"id":"5eebecfa-37f8-458e-b375-f7a474dfdd6f","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. The","page_number":9,"box":{"x":81,"y":681,"width":843,"height":11}},{"id":"c1dc6c51-29c4-420d-869f-6137d58b7f49","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":9,"box":{"x":81,"y":695,"width":802,"height":12}},{"id":"cf0550df-fad2-41d0-b6d0-0595ffb30151","block_type":"box","text":"investments restriction to the Fund, the Fund’s investment in the Subsidiary is considered to be liquid. Liquid","page_number":9,"box":{"x":82,"y":710,"width":802,"height":12}},{"id":"32e33f18-6068-49ec-b48a-b75978d5e868","block_type":"box","text":"investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can","page_number":9,"box":{"x":82,"y":725,"width":854,"height":12}},{"id":"3a48e2f8-6ae7-4404-aab9-d56246ceecf1","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":9,"box":{"x":81,"y":740,"width":846,"height":11}},{"id":"e9818090-44a5-41d3-993d-10abfddf347c","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":9,"box":{"x":81,"y":755,"width":815,"height":11}},{"id":"f931e737-b5ef-4fdb-8053-21af3b197727","block_type":"box","text":"investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce","page_number":9,"box":{"x":82,"y":770,"width":837,"height":11}},{"id":"d45d2873-29ef-430a-8be6-90dc30f8b6ba","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":9,"box":{"x":80,"y":784,"width":847,"height":12}},{"id":"189b35be-f773-4805-aa6e-2c89a533c157","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":9,"box":{"x":82,"y":799,"width":827,"height":12}},{"id":"e176c89e-2da0-4b2f-8c0f-997c6ff6f2ea","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":9,"box":{"x":81,"y":814,"width":828,"height":12}},{"id":"84d4dfca-772e-43e1-a7da-428c5ac40e39","block_type":"box","text":"liquid securities to meet redemption requests and illiquid securities will become a larger portion of the Fund’s","page_number":9,"box":{"x":82,"y":829,"width":806,"height":11}},{"id":"2d5cbefc-1dd0-4e57-95ff-0a5d65a351a1","block_type":"box","text":"holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional","page_number":9,"box":{"x":82,"y":844,"width":840,"height":11}},{"id":"e862ebde-4577-4981-a60b-95548c52db0f","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":9,"box":{"x":82,"y":858,"width":807,"height":12}},{"id":"c6c0628c-249c-4bba-8473-f252e051895d","block_type":"box","text":"extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/","page_number":9,"box":{"x":81,"y":874,"width":845,"height":11}},{"id":"f3724bf6-1daa-4cbd-9eb1-4540db4ee348","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":9,"box":{"x":81,"y":888,"width":832,"height":12}},{"id":"972e6634-df66-4c0e-bf1f-948b6c2f760e","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":9,"box":{"x":82,"y":903,"width":782,"height":11}},{"id":"9905c5cb-1410-4e61-a73a-72e98132b7d3","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":9,"box":{"x":82,"y":918,"width":790,"height":11}},{"id":"ab26a0f9-e63f-4b4d-b85d-532b14a68551","block_type":"box","text":"7","page_number":9,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"5b8c7062-f285-47e4-b463-a9a758adddde","block_type":"box","text":"NM1026U-5982658-9/54","page_number":9,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"35f5841a-4c24-48fd-a7c3-be265f95c1d8","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":10,"box":{"x":82,"y":46,"width":844,"height":11}},{"id":"ca3d4298-3e67-4806-a904-fc10304cf81b","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":10,"box":{"x":81,"y":60,"width":810,"height":12}},{"id":"4ddc8e7b-992d-44e4-b357-f965b2a0437c","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":10,"box":{"x":82,"y":76,"width":715,"height":11}},{"id":"7d9f1480-b6c7-46fb-88da-7372c0b03557","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":10,"box":{"x":81,"y":95,"width":271,"height":9}},{"id":"761a67f2-c58c-4465-ac34-83b1c422adcd","block_type":"box","text":"—","page_number":10,"box":{"x":356,"y":101,"width":17,"height":0}},{"id":"b994895f-7222-4c7d-9a61-582c181b1f81","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":10,"box":{"x":379,"y":96,"width":499,"height":11}},{"id":"42aed8b9-a126-4909-b22a-8164228cd042","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":10,"box":{"x":82,"y":110,"width":839,"height":12}},{"id":"ded847c1-183b-4327-8fc4-20b504d30778","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":10,"box":{"x":80,"y":125,"width":799,"height":11}},{"id":"c31bd80f-ad32-4a03-9081-afeaffa860bf","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":10,"box":{"x":82,"y":140,"width":796,"height":11}},{"id":"1cb469b4-5a71-4ff1-98dc-08fa65a537f9","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":10,"box":{"x":81,"y":155,"width":855,"height":11}},{"id":"3c08097a-3046-4125-9899-f1ff6d412d6c","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":10,"box":{"x":82,"y":170,"width":441,"height":11}},{"id":"9349cb95-cd28-4ada-a47d-ed85b26f8026","block_type":"box","text":"Leverage Risk","page_number":10,"box":{"x":81,"y":190,"width":107,"height":11}},{"id":"b005e2c0-3231-4ca0-909d-d2203d367f4f","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":10,"box":{"x":192,"y":189,"width":741,"height":12}},{"id":"2d6a9a4e-bb9d-4ff9-b841-1c73d20069ae","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":10,"box":{"x":81,"y":204,"width":853,"height":12}},{"id":"d33a9820-e79c-401f-8d8e-a3dc34f036b1","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":10,"box":{"x":81,"y":219,"width":856,"height":12}},{"id":"2ffec3f7-7f21-4445-917f-99eaedac95b6","block_type":"box","text":"to meet the applicable requirements of the Investment Company Act (as defined below) and the rules thereunder.","page_number":10,"box":{"x":80,"y":234,"width":833,"height":11}},{"id":"9f68df9f-5d73-4890-bd22-57ba918e9184","block_type":"box","text":"Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage.","page_number":10,"box":{"x":82,"y":249,"width":794,"height":11}},{"id":"d99574fe-9044-45ab-86c2-f4473e931abc","block_type":"box","text":"Market Risk and Selection Risk","page_number":10,"box":{"x":81,"y":269,"width":240,"height":9}},{"id":"56c7523b-5cc7-4754-9f58-8971f66db651","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":10,"box":{"x":324,"y":269,"width":593,"height":9}},{"id":"626ab999-7760-494a-b749-d90e676776ef","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a","page_number":10,"box":{"x":81,"y":283,"width":829,"height":12}},{"id":"3d01648f-4d90-4dee-abe4-fcb26f227173","block_type":"box","text":"security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":10,"box":{"x":81,"y":299,"width":829,"height":11}},{"id":"b8a5af13-3e9c-404c-9941-6e8c2a95dec5","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":10,"box":{"x":81,"y":313,"width":830,"height":12}},{"id":"ea0109e9-8f5c-4b25-96f2-58c7f62e440b","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":10,"box":{"x":82,"y":328,"width":840,"height":12}},{"id":"a1c9c1b4-0c76-442e-a2bc-2d5b71feb32d","block_type":"box","text":"Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health","page_number":10,"box":{"x":82,"y":343,"width":851,"height":11}},{"id":"7ce55afb-c26a-41cd-981c-66493ce9e0da","block_type":"box","text":"issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its","page_number":10,"box":{"x":82,"y":358,"width":852,"height":11}},{"id":"cb5e6121-44be-4f6e-a4f3-cdd25fb2e558","block_type":"box","text":"investments. Selection risk is the risk that the securities selected by Fund management will underperform the","page_number":10,"box":{"x":82,"y":372,"width":806,"height":12}},{"id":"17bbfac9-8638-4980-8b45-129cc04dbeb4","block_type":"box","text":"markets, the relevant indices or the securities selected by other funds with similar investment objectives and","page_number":10,"box":{"x":82,"y":387,"width":799,"height":12}},{"id":"a4346d5a-e299-460f-9532-dc6fc2344345","block_type":"box","text":"investment strategies. This means you may lose money.","page_number":10,"box":{"x":82,"y":402,"width":409,"height":12}},{"id":"84368cc7-e5ff-4e08-8272-679df0a34ccb","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":10,"box":{"x":82,"y":422,"width":818,"height":12}},{"id":"3fd98672-1fe1-42b6-bc86-47acc7632f2b","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":10,"box":{"x":80,"y":437,"width":819,"height":11}},{"id":"5e5befd1-d75f-4405-b5f7-3b88c3091f5a","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":10,"box":{"x":81,"y":452,"width":819,"height":11}},{"id":"5d76f2dc-3c6c-418b-b8a6-205907eca110","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":10,"box":{"x":81,"y":467,"width":846,"height":11}},{"id":"31e25627-8872-4994-82fe-6bb24890f253","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":10,"box":{"x":81,"y":481,"width":848,"height":12}},{"id":"2d7dac4b-5614-4b34-827c-ba88212936ce","block_type":"box","text":"the Fund invests.","page_number":10,"box":{"x":80,"y":496,"width":125,"height":9}},{"id":"39d24f3d-9fa1-4130-a0e6-0bfaea66a9d4","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":10,"box":{"x":81,"y":516,"width":346,"height":12}},{"id":"ca4d4ba7-dade-4da7-b3a0-fb0513fa199e","block_type":"box","text":"— Mortgage- and asset-backed securities represent interests in","page_number":10,"box":{"x":432,"y":516,"width":469,"height":12}},{"id":"6151071d-116e-4f23-8d5e-cbe2d7c57ddf","block_type":"box","text":"“pools” of mortgages or other assets, including consumer loans or receivables held in trust. Mortgage- and asset","page_number":10,"box":{"x":82,"y":531,"width":839,"height":12}},{"id":"91bc68ca-91f2-401a-8d9d-284199d84f54","block_type":"box","text":"backed securities are subject to credit, interest rate, prepayment and extension risks. These securities also are","page_number":10,"box":{"x":81,"y":546,"width":822,"height":11}},{"id":"dbd49f7e-4e6b-4a6e-add0-612e06b8999e","block_type":"box","text":"subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.","page_number":10,"box":{"x":81,"y":561,"width":821,"height":11}},{"id":"9ada6234-0c57-4d48-b9ec-1837dff27482","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":10,"box":{"x":81,"y":575,"width":851,"height":12}},{"id":"2ab22f76-2b69-44fe-80ef-08fbb5fd8827","block_type":"box","text":"certain mortgage-backed securities.","page_number":10,"box":{"x":81,"y":591,"width":263,"height":11}},{"id":"c9b6f968-91c0-47ce-b262-cee6ea2406a3","block_type":"box","text":"Operational and Technology Risks","page_number":10,"box":{"x":82,"y":610,"width":254,"height":12}},{"id":"28233c1f-c123-4625-9ce7-136ca39d4152","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":10,"box":{"x":340,"y":611,"width":578,"height":11}},{"id":"38d9ea0b-6bdc-4e02-bf99-72f55c8f4567","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":10,"box":{"x":82,"y":625,"width":779,"height":12}},{"id":"1c176427-2374-4713-927e-11127006a8cb","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":10,"box":{"x":81,"y":640,"width":848,"height":12}},{"id":"748d39ba-08c9-4f28-9582-cc1bf59342a3","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":10,"box":{"x":81,"y":655,"width":806,"height":11}},{"id":"d1640b9e-a3e4-4c1b-98c8-2f2908b9e6df","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":10,"box":{"x":82,"y":670,"width":807,"height":11}},{"id":"1cef8899-09cf-47d0-9273-7069d57423fa","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":10,"box":{"x":82,"y":684,"width":846,"height":12}},{"id":"b2db587a-52c7-4085-9bdd-2f4ee68fe1a5","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":10,"box":{"x":81,"y":699,"width":836,"height":11}},{"id":"2b5ba092-7710-4b1c-8de5-2d6a863c6ede","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":10,"box":{"x":82,"y":714,"width":474,"height":11}},{"id":"7bcbbf99-a3cd-4ea0-a0b7-8cbd6fda3e06","block_type":"box","text":"Preferred Securities Risk","page_number":10,"box":{"x":81,"y":734,"width":189,"height":9}},{"id":"6f6e463d-838c-4fa4-921b-a65505c1b1fe","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":10,"box":{"x":274,"y":734,"width":636,"height":11}},{"id":"edb28b9a-4b3b-447b-a115-3580a0b9dc61","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":10,"box":{"x":81,"y":749,"width":824,"height":11}},{"id":"3e5ac46c-992b-40d3-939a-30823b5c4b77","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":10,"box":{"x":82,"y":764,"width":806,"height":11}},{"id":"bde6358b-a819-47fb-a052-1db4c9389c9e","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":10,"box":{"x":81,"y":778,"width":842,"height":12}},{"id":"d704b4c8-3166-4f35-ab4b-0b92b85ab187","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":10,"box":{"x":81,"y":793,"width":781,"height":12}},{"id":"23f7c624-0713-45aa-8ed6-1a7085883519","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":10,"box":{"x":81,"y":808,"width":812,"height":12}},{"id":"c1268253-ca98-4946-8d99-b1e32c94ac42","block_type":"box","text":"larger companies.","page_number":10,"box":{"x":82,"y":823,"width":129,"height":12}},{"id":"7c4d3a23-a0ae-4c34-994f-dce24538f559","block_type":"box","text":"Risks of Concentrating in One Country","page_number":10,"box":{"x":81,"y":843,"width":290,"height":11}},{"id":"67856ba6-53a1-4a72-9283-679f4c83e546","block_type":"box","text":"—","page_number":10,"box":{"x":376,"y":848,"width":17,"height":1}},{"id":"cf7914c8-54f7-4c4b-8bcc-21152e27b2f6","block_type":"box","text":"Investing a significant portion of assets in one country makes the Fund","page_number":10,"box":{"x":398,"y":843,"width":522,"height":12}},{"id":"e2c76033-37e7-483a-982a-f3776828db95","block_type":"box","text":"more dependent upon the political and economic circumstances of that particular country than a mutual fund that is","page_number":10,"box":{"x":82,"y":858,"width":853,"height":11}},{"id":"206af482-de1c-4686-8fc2-22b466ce9b80","block_type":"box","text":"more widely diversified. The Fund may not invest more than 25% of its total assets, at the time of purchase, in","page_number":10,"box":{"x":82,"y":873,"width":811,"height":11}},{"id":"dd67e7b1-b809-4a4d-baa6-bd09fe7bbdd5","block_type":"box","text":"sovereign debt instruments of any one foreign government.","page_number":10,"box":{"x":81,"y":887,"width":432,"height":12}},{"id":"532cf56f-356b-4237-acf5-4770d7912add","block_type":"box","text":"8","page_number":10,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"5b1af017-e71b-4c2d-9f8f-4bd6bc003f3a","block_type":"box","text":"NM1026U-5982658-10/54","page_number":10,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b39bd94c-21eb-4ba8-b188-fc48264a1c7f","block_type":"box","text":"Sovereign Debt Risk","page_number":11,"box":{"x":81,"y":46,"width":154,"height":11}},{"id":"847e6171-3657-4d98-9858-10cc67350b1d","block_type":"box","text":"—","page_number":11,"box":{"x":239,"y":51,"width":17,"height":1}},{"id":"3fe5af62-d9db-400e-bd62-833fba8ec883","block_type":"box","text":"Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":11,"box":{"x":261,"y":46,"width":664,"height":11}},{"id":"e7eeacb4-e463-4f10-96aa-412c9058f5b9","block_type":"box","text":"refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient","page_number":11,"box":{"x":82,"y":60,"width":844,"height":12}},{"id":"d06904ff-0e1d-4b88-8b93-2c7415d7cbac","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":11,"box":{"x":81,"y":75,"width":821,"height":12}},{"id":"0d560bd5-c0c2-4072-9527-9e1f77326a16","block_type":"box","text":"relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund","page_number":11,"box":{"x":82,"y":90,"width":845,"height":12}},{"id":"b84fb181-6b55-4e57-b097-5eca4c7ab0c0","block_type":"box","text":"or other multilateral agencies.","page_number":11,"box":{"x":81,"y":105,"width":218,"height":12}},{"id":"bfff9ca5-1f7b-4e0c-a277-a92c033ec032","block_type":"box","text":"Structured Notes Risk","page_number":11,"box":{"x":81,"y":125,"width":168,"height":9}},{"id":"16a369b1-a325-4eed-a1d1-eeea68160791","block_type":"box","text":"—","page_number":11,"box":{"x":254,"y":130,"width":17,"height":1}},{"id":"e8986948-e5b9-420a-a6c8-dcfbc41319c7","block_type":"box","text":"Structured notes and other related instruments purchased by the Fund are generally","page_number":11,"box":{"x":276,"y":125,"width":618,"height":11}},{"id":"14af9db7-15fc-4f15-b0b9-7f45a8dc7c30","block_type":"box","text":"privately negotiated debt obligations where the principal and/or interest is determined by reference to the","page_number":11,"box":{"x":82,"y":140,"width":775,"height":11}},{"id":"c2b70fce-a0eb-4a44-8298-5d15267609c0","block_type":"box","text":"performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The purchase of","page_number":11,"box":{"x":82,"y":155,"width":845,"height":11}},{"id":"d3f23bda-28ee-4314-b9cb-e262899318d8","block_type":"box","text":"structured notes exposes the Fund to the credit risk of the issuer of the structured product. Structured notes may","page_number":11,"box":{"x":81,"y":169,"width":837,"height":12}},{"id":"8680eaa9-3917-4ed2-a9b2-6d108b880561","block_type":"box","text":"be leveraged, increasing the volatility of each structured note’s value relative to the change in the reference","page_number":11,"box":{"x":81,"y":184,"width":792,"height":12}},{"id":"95aac363-4bc3-4002-9ee6-63d6f7fa84ab","block_type":"box","text":"measure. Structured notes may also be less liquid and more difficult to price accurately than less complex","page_number":11,"box":{"x":82,"y":199,"width":783,"height":11}},{"id":"31285beb-ae54-48c9-9291-ff21e279065b","block_type":"box","text":"securities and instruments or more traditional debt securities.","page_number":11,"box":{"x":81,"y":214,"width":455,"height":9}},{"id":"6802f336-d8d1-47ea-bf11-08d388bfc2fa","block_type":"box","text":"Structured Securities Risk","page_number":11,"box":{"x":81,"y":234,"width":200,"height":9}},{"id":"7eaa23fb-bd6b-488f-8745-5eed529f2411","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":11,"box":{"x":285,"y":234,"width":605,"height":11}},{"id":"517e2c4d-27dd-4358-aa8c-bbd6a737ca08","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":11,"box":{"x":82,"y":249,"width":823,"height":11}},{"id":"22bd7d9c-b5c3-47c7-ae94-208327315829","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":11,"box":{"x":82,"y":263,"width":827,"height":12}},{"id":"97a297fb-e007-4b3d-bfd3-ab3ff4509877","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":11,"box":{"x":82,"y":278,"width":852,"height":12}},{"id":"92545020-29fe-459b-afe6-b8300703ea8a","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":11,"box":{"x":80,"y":293,"width":823,"height":12}},{"id":"02101b93-8cd9-4c10-adaf-3737afc7a97c","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":11,"box":{"x":82,"y":308,"width":818,"height":12}},{"id":"d4998708-1aa4-4f4d-96ab-884efcda138d","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":11,"box":{"x":81,"y":323,"width":842,"height":11}},{"id":"4a22c448-faac-46bd-9204-0b9b51c9e535","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":11,"box":{"x":81,"y":338,"width":834,"height":11}},{"id":"4f84048e-e203-4fa1-b83f-e9b1d8bd01f6","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":11,"box":{"x":82,"y":352,"width":834,"height":12}},{"id":"ca1211b2-435b-4953-9802-5ffb36560cec","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":11,"box":{"x":82,"y":367,"width":799,"height":12}},{"id":"224ce908-e6a5-469e-b6c8-3a7a4c8e8d16","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":11,"box":{"x":81,"y":382,"width":851,"height":12}},{"id":"39394d67-4565-43f0-a825-2e9163ae0d21","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":11,"box":{"x":80,"y":397,"width":814,"height":12}},{"id":"299313dc-90a1-4624-859e-af443d939c65","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":11,"box":{"x":81,"y":412,"width":812,"height":11}},{"id":"934e58a1-0a8c-4759-8121-1c07a0601a97","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":11,"box":{"x":81,"y":427,"width":816,"height":11}},{"id":"2ba7cc84-f73c-404f-ac3e-18aec73050cc","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":11,"box":{"x":81,"y":441,"width":795,"height":12}},{"id":"7feba7b1-28a0-4da1-a3ed-e2c2a4e98858","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":11,"box":{"x":81,"y":456,"width":802,"height":12}},{"id":"2f208276-d18c-4e7d-87dd-4ee4cbed5ad5","block_type":"box","text":"“investment companies” as defined in the Investment Company Act of 1940, as amended (the “Investment","page_number":11,"box":{"x":82,"y":471,"width":789,"height":11}},{"id":"88c6bcf2-daac-4e41-8111-c5694c2f4d88","block_type":"box","text":"Company Act”). As a result, the Fund’s investment in such securities may be limited by certain investment","page_number":11,"box":{"x":81,"y":486,"width":781,"height":11}},{"id":"b2ca0e82-add2-4731-8b88-512963ce317d","block_type":"box","text":"restrictions contained in the Investment Company Act.","page_number":11,"box":{"x":82,"y":501,"width":395,"height":11}},{"id":"b83a8f89-071a-4013-a4b5-ccca7838ce7d","block_type":"box","text":"Subsidiary Risk","page_number":11,"box":{"x":81,"y":521,"width":117,"height":11}},{"id":"49fec8ca-e94e-4af8-9df5-f4c2739e5fa0","block_type":"box","text":"—","page_number":11,"box":{"x":202,"y":526,"width":17,"height":1}},{"id":"4bf67a9a-174b-4cfc-bed9-df3b2e2f224b","block_type":"box","text":"By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":11,"box":{"x":225,"y":521,"width":679,"height":11}},{"id":"30a26465-ae4c-41ad-a000-7f548b44984c","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":11,"box":{"x":81,"y":536,"width":841,"height":11}},{"id":"7f2db087-8a85-4fc7-bfc7-cf868b2a11fb","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":11,"box":{"x":80,"y":550,"width":851,"height":12}},{"id":"38d321c6-4622-44ad-b523-694630c21831","block_type":"box","text":"directly by the Fund (see “Commodities Related Investments Risk” above). There can be no assurance that the","page_number":11,"box":{"x":81,"y":565,"width":814,"height":12}},{"id":"015a5a0a-a9e6-4a96-b63f-202a1e262268","block_type":"box","text":"investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment","page_number":11,"box":{"x":82,"y":580,"width":807,"height":12}},{"id":"24a992be-982b-4c6f-9f06-e8ca528fdc71","block_type":"box","text":"Company Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the","page_number":11,"box":{"x":81,"y":595,"width":830,"height":11}},{"id":"f2176abc-ddc6-4ff6-8d04-16c798d685f6","block_type":"box","text":"Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the","page_number":11,"box":{"x":82,"y":610,"width":790,"height":11}},{"id":"01ea1caa-9563-4197-a84b-b8db022d1307","block_type":"box","text":"Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the","page_number":11,"box":{"x":81,"y":625,"width":827,"height":11}},{"id":"e1306588-ff30-42ab-8caf-fcafecf930e1","block_type":"box","text":"interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of","page_number":11,"box":{"x":82,"y":639,"width":827,"height":12}},{"id":"4939877c-9b31-4d60-8bfa-b7e172b4e3fe","block_type":"box","text":"the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The","page_number":11,"box":{"x":80,"y":654,"width":845,"height":12}},{"id":"e7516d36-59f9-4dcc-ad3c-1f2353148bcc","block_type":"box","text":"Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies","page_number":11,"box":{"x":81,"y":669,"width":850,"height":11}},{"id":"8d8586c3-bede-4ba5-8f36-d066c217276d","block_type":"box","text":"and procedures, as the Fund, except that the Subsidiary may invest without limitation in commodity-related","page_number":11,"box":{"x":81,"y":684,"width":785,"height":11}},{"id":"09ce056b-ab0e-48e2-a7c4-9e50a7694131","block_type":"box","text":"instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the","page_number":11,"box":{"x":82,"y":699,"width":850,"height":11}},{"id":"d2a39e69-d040-4b92-bc9f-2c9dc69d6871","block_type":"box","text":"Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the","page_number":11,"box":{"x":82,"y":713,"width":834,"height":12}},{"id":"916015da-f393-4d50-8f53-1e946637c681","block_type":"box","text":"Fund.","page_number":11,"box":{"x":82,"y":729,"width":37,"height":8}},{"id":"6712ae3e-446b-45bc-9975-5bfba42f30d3","block_type":"box","text":"U.S. Government Obligations Risk","page_number":11,"box":{"x":82,"y":748,"width":254,"height":12}},{"id":"59331893-1d2e-4d37-a65b-612da3be59de","block_type":"box","text":"— Certain securities in which the Fund may invest, including securities issued by","page_number":11,"box":{"x":340,"y":748,"width":596,"height":12}},{"id":"d9ad18de-c13b-4bf2-915c-50c3bf02f250","block_type":"box","text":"certain U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S.","page_number":11,"box":{"x":81,"y":763,"width":819,"height":12}},{"id":"3928b2b8-ef87-426d-951e-aed861fd6c51","block_type":"box","text":"Government or supported by the full faith and credit of the United States. In addition, circumstances could arise","page_number":11,"box":{"x":81,"y":778,"width":824,"height":11}},{"id":"9847854a-75f6-4687-9d43-93c2b5a75527","block_type":"box","text":"that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the","page_number":11,"box":{"x":80,"y":793,"width":846,"height":11}},{"id":"935307ba-a4ea-4c80-a52f-c4448a185028","block_type":"box","text":"legislative “debt ceiling.” Such non-payment could result in losses to the Fund and substantial negative","page_number":11,"box":{"x":82,"y":808,"width":757,"height":11}},{"id":"36eaf6a1-b463-40fb-9f13-aa43c5e41bd8","block_type":"box","text":"consequences for the U.S. economy and the global financial system.","page_number":11,"box":{"x":81,"y":822,"width":502,"height":12}},{"id":"6eb31584-c438-410c-9e29-03871448330a","block_type":"box","text":"Performance Information","page_number":11,"box":{"x":61,"y":861,"width":224,"height":11}},{"id":"8c71cc8a-c039-4bdf-9870-cbbc27082054","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":11,"box":{"x":60,"y":887,"width":855,"height":12}},{"id":"25da77c7-120f-4c98-8334-6bf579d18528","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the Bloomberg Global Aggregate","page_number":11,"box":{"x":61,"y":902,"width":862,"height":12}},{"id":"45601c79-1ec3-4bd3-892f-633303fee26f","block_type":"box","text":"Bond Index and a customized performance benchmark comprised of 80% Bloomberg Global Aggregate ex EM Bond","page_number":11,"box":{"x":62,"y":917,"width":842,"height":12}},{"id":"e83a6ee3-d8b3-484e-ba73-cca466023206","block_type":"box","text":"9","page_number":11,"box":{"x":928,"y":935,"width":8,"height":9}},{"id":"08556404-9857-4426-913c-4c11d2e248f7","block_type":"box","text":"NM1026U-5982658-11/54","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ec33a6c5-f0cf-4a3d-a543-a1048611efd8","block_type":"box","text":"Index and 20% Bloomberg EM ex Korea Bond Index (the “Custom Benchmark”). To the extent that dividends and","page_number":12,"box":{"x":62,"y":46,"width":823,"height":11}},{"id":"9d94db9d-ccbf-444e-9cfe-809dc9cf034e","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":12,"box":{"x":61,"y":60,"width":848,"height":12}},{"id":"285edcca-632a-4184-bd2a-3de17ff241ce","block_type":"box","text":"reinvestment of the dividends and distributions. As with all such investments, past performance (before and after","page_number":12,"box":{"x":61,"y":75,"width":835,"height":12}},{"id":"b7ecf340-3d7b-4ee4-879f-29ec2c9eeb45","block_type":"box","text":"taxes) is not an indication of future results. The table includes all applicable fees. If the Fund’s investment manager","page_number":12,"box":{"x":60,"y":90,"width":854,"height":12}},{"id":"20b45c32-4507-42aa-9cfd-1b9d3f2bd644","block_type":"box","text":"and its affiliates had not waived or reimbursed certain Fund expenses during these periods, the Fund’s returns would","page_number":12,"box":{"x":61,"y":105,"width":862,"height":12}},{"id":"31142688-0ed3-402f-b549-561331b84dcf","block_type":"box","text":"have been lower. Updated information on the Fund’s performance, including its current net asset value, can be","page_number":12,"box":{"x":61,"y":120,"width":816,"height":11}},{"id":"63a261a5-b86e-4e0a-b63a-e6cf81dfca99","block_type":"box","text":"obtained by visiting www.blackrock.com or can be obtained by phone at (800) 882-0052.","page_number":12,"box":{"x":61,"y":135,"width":650,"height":11}},{"id":"5fefa09d-745e-4aff-b8f5-eca0ddd2f02c","block_type":"box","text":"Class K Shares","page_number":12,"box":{"x":437,"y":158,"width":124,"height":10}},{"id":"cb887d42-77de-466b-b84a-fb97cacc90d8","block_type":"box","text":"ANNUAL TOTAL RETURNS","page_number":12,"box":{"x":392,"y":174,"width":212,"height":10}},{"id":"85f0dd04-edc5-4751-b86e-03afe78e4f7b","block_type":"box","text":"BlackRock Strategic Global Bond Fund","page_number":12,"box":{"x":339,"y":190,"width":320,"height":12}},{"id":"f4ecfe6a-766b-421d-92fc-388bb2c7a889","block_type":"box","text":"As of 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2017 2018 2019 2020 2021 2022 2023 2024 2025","page_number":12,"box":{"x":298,"y":394,"width":465,"height":8}},{"id":"a7722d98-ec73-4045-9d6e-726663f94287","block_type":"box","text":"During the ten-year period shown in the bar chart, the highest return for a quarter was 8.25% (quarter ended","page_number":12,"box":{"x":62,"y":415,"width":796,"height":12}},{"id":"e20b8f20-de5f-498c-80a1-1f680856bf80","block_type":"box","text":"December 31, 2023) and the lowest return for a quarter was -6.39% (quarter ended March 31, 2022).","page_number":12,"box":{"x":62,"y":430,"width":752,"height":11}},{"id":"356c9e78-a286-4584-963d-a556c9724596","block_type":"box","text":"For the periods ended 12/31/25","page_number":12,"box":{"x":70,"y":459,"width":223,"height":10}},{"id":"d82acb93-9947-43e0-84de-fef970c41bec","block_type":"box","text":"Average Annual Total Returns 1 Year 5 Years 10 Years","page_number":12,"box":{"x":69,"y":470,"width":854,"height":10}},{"id":"d93e7e51-b4d2-4097-96ec-f3e2bd80d34d","block_type":"box","text":"BlackRock Strategic Global Bond Fund — Class K Shares","page_number":12,"box":{"x":70,"y":488,"width":377,"height":10}},{"id":"9bf5e61e-925b-4429-97f8-2067c76112ea","block_type":"box","text":"Return Before Taxes 8.53% (0.32)% 2.67%","page_number":12,"box":{"x":85,"y":501,"width":835,"height":10}},{"id":"44fd0957-5e29-484d-b7bd-e40f6bde5da3","block_type":"box","text":"Return After Taxes on Distributions 6.60% (1.11)% 1.64%","page_number":12,"box":{"x":85,"y":514,"width":835,"height":10}},{"id":"44939131-61be-4689-98fd-09fbbc0b1529","block_type":"box","text":"Return After Taxes on Distributions","page_number":12,"box":{"x":85,"y":527,"width":228,"height":8}},{"id":"5557cd2d-dd44-465d-8b54-0bb49052f42c","block_type":"box","text":"and Sale of Fund Shares 5.01% (0.58)% 1.62%","page_number":12,"box":{"x":85,"y":538,"width":835,"height":11}},{"id":"b0057304-6460-4418-951f-238fb632d3a8","block_type":"box","text":"Bloomberg Global Aggregate Bond Index","page_number":12,"box":{"x":70,"y":557,"width":264,"height":10}},{"id":"776c6e5e-3d39-4b2d-93aa-a5c58ca4489d","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 8.17% (2.15)% 1.26%","page_number":12,"box":{"x":69,"y":570,"width":851,"height":10}},{"id":"7e29829b-65f0-4224-9496-30dda1f9ebad","block_type":"box","text":"Custom Benchmark","page_number":12,"box":{"x":69,"y":588,"width":129,"height":8}},{"id":"3aafbcdd-90a5-4c7f-a86b-7a5576a42e29","block_type":"box","text":"(Reflects no deduction for fees, expenses or taxes) 8.49% (1.98)% 1.52%","page_number":12,"box":{"x":69,"y":602,"width":851,"height":10}},{"id":"8c546db7-4c6f-41d4-914e-306c483ba814","block_type":"box","text":"After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not","page_number":12,"box":{"x":60,"y":633,"width":840,"height":12}},{"id":"3ed7fef0-3f15-4161-b8e0-93ca192bc6fb","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":12,"box":{"x":61,"y":648,"width":835,"height":12}},{"id":"cdfa95d5-6be0-4ea4-ba7f-95c5c0de4405","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":12,"box":{"x":61,"y":663,"width":851,"height":12}},{"id":"12a769b8-194c-4da9-8f47-98b3ba2d1654","block_type":"box","text":"tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.","page_number":12,"box":{"x":60,"y":678,"width":611,"height":12}},{"id":"14c1f7bc-273e-47e9-8b65-30cf1f7b9777","block_type":"box","text":"Investment Manager","page_number":12,"box":{"x":62,"y":717,"width":187,"height":13}},{"id":"2e46439c-b126-4e21-9711-fb28bcf354d3","block_type":"box","text":"The Fund’s investment manager is BlackRock Advisors, LLC (previously defined as “BlackRock”). The Fund’s sub","page_number":12,"box":{"x":60,"y":743,"width":832,"height":12}},{"id":"0f3bc56f-5253-4172-88f8-21eb362c6026","block_type":"box","text":"advisers are BlackRock International Limited and BlackRock (Singapore) Limited. Where applicable, the use of the term","page_number":12,"box":{"x":61,"y":758,"width":875,"height":11}},{"id":"b8ecf893-96a1-439b-bc37-c43db5d4a8a9","block_type":"box","text":"BlackRock also refers to the Fund’s sub-advisers.","page_number":12,"box":{"x":62,"y":773,"width":361,"height":9}},{"id":"d9b65ae2-35de-494a-8a41-179821862688","block_type":"box","text":"10","page_number":12,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"48309094-bef1-40c6-93a9-57cbcc0b86dd","block_type":"box","text":"NM1026U-5982658-12/54","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"91dbb90b-188f-43d1-b00e-1eb729cc5bde","block_type":"box","text":"Portfolio Managers","page_number":13,"box":{"x":61,"y":46,"width":173,"height":14}},{"id":"7f6074af-033a-416a-ad5e-039e0e9080c9","block_type":"box","text":"Portfolio Manager","page_number":13,"box":{"x":70,"y":90,"width":121,"height":11}},{"id":"c43b3748-b645-4714-a108-e91ec3b23172","block_type":"box","text":"Portfolio Manager","page_number":13,"box":{"x":326,"y":79,"width":121,"height":10}},{"id":"6b0417ed-aa1c-4629-91bf-e997b848a5ba","block_type":"box","text":"of the Fund Since Title","page_number":13,"box":{"x":327,"y":90,"width":425,"height":9}},{"id":"2389d023-285e-4106-8d23-504947a23a89","block_type":"box","text":"Rick Rieder 2015","page_number":13,"box":{"x":70,"y":163,"width":333,"height":8}},{"id":"c492ede4-8d79-44c0-b83b-6ca5cfec60d3","block_type":"box","text":"Chief Investment Officer of Global Fixed Income,","page_number":13,"box":{"x":578,"y":108,"width":318,"height":10}},{"id":"27f7bb5c-e9d6-4a53-875a-971dded2b744","block_type":"box","text":"Head of Global Allocation Investment Team,","page_number":13,"box":{"x":594,"y":122,"width":286,"height":10}},{"id":"89b8534d-8359-413d-96df-786a4497f4a3","block_type":"box","text":"member of the Global Executive Committee,","page_number":13,"box":{"x":593,"y":135,"width":288,"height":10}},{"id":"3c949850-ebf2-4b5d-a183-9ff89a432435","block_type":"box","text":"Global Operating Committee and Chairman of","page_number":13,"box":{"x":588,"y":149,"width":300,"height":10}},{"id":"819948db-c9b9-40f7-9c7b-413679c2f411","block_type":"box","text":"the BlackRock, Inc. firmwide Investment Council","page_number":13,"box":{"x":578,"y":163,"width":317,"height":9}},{"id":"6e774e49-984e-409a-9263-b47bb110e8e2","block_type":"box","text":"Russell Brownback 2018 Managing Director of BlackRock, Inc.","page_number":13,"box":{"x":70,"y":181,"width":788,"height":10}},{"id":"e8a983ca-e96c-4d6f-b0f1-d3f47ba5f4a2","block_type":"box","text":"Dylan Price 2024 Director of BlackRock, Inc.","page_number":13,"box":{"x":70,"y":199,"width":753,"height":10}},{"id":"fc7fdf4b-8d22-405b-bf56-7253a22bcf2c","block_type":"box","text":"Purchase and Sale of Fund Shares","page_number":13,"box":{"x":61,"y":239,"width":309,"height":11}},{"id":"d47e143d-3cf7-4ab0-bb92-f5033f0de353","block_type":"box","text":"Class K Shares of the Fund are available only to (i) certain employee benefit plans, such as health savings accounts,","page_number":13,"box":{"x":61,"y":265,"width":859,"height":12}},{"id":"33614a34-43f5-432c-91d2-3944903160aa","block_type":"box","text":"and certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively,","page_number":13,"box":{"x":61,"y":280,"width":844,"height":12}},{"id":"69bc4e29-f5b0-450b-a658-4bb107e7cbfc","block_type":"box","text":"“Employer-Sponsored Retirement Plans”), (ii) collective trust funds, investment companies and other pooled","page_number":13,"box":{"x":62,"y":295,"width":791,"height":12}},{"id":"3e888399-f2b3-4418-9c52-fac43eb1cfc4","block_type":"box","text":"investment vehicles, each of which may purchase shares of the Fund through a Financial Intermediary that has entered","page_number":13,"box":{"x":62,"y":310,"width":874,"height":11}},{"id":"bbbdc6ed-9bb3-4d55-bf1e-622e24e91894","block_type":"box","text":"into an agreement with the Fund’s distributor to purchase such shares, (iii) “Institutional Investors,” which include, but","page_number":13,"box":{"x":62,"y":325,"width":871,"height":11}},{"id":"5d50eb49-17b5-45ae-beec-8aeff6c0241c","block_type":"box","text":"are not limited to, endowments, foundations, family offices, banks and bank trusts, local, city, and state governmental","page_number":13,"box":{"x":61,"y":340,"width":870,"height":11}},{"id":"62fc3c36-ecae-4294-b497-42a00453852d","block_type":"box","text":"institutions, corporations and insurance company separate accounts, each of which may purchase shares of the Fund","page_number":13,"box":{"x":62,"y":354,"width":863,"height":12}},{"id":"ce7f1d07-6e71-4c71-841b-b29aa0cc1e78","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s distributor to purchase such","page_number":13,"box":{"x":60,"y":369,"width":832,"height":12}},{"id":"c2a00a8f-af95-4116-976d-d6eb1c8bea7d","block_type":"box","text":"shares, (iv) clients of private banks that purchase shares of the Fund through a Financial Intermediary that has","page_number":13,"box":{"x":61,"y":384,"width":815,"height":12}},{"id":"aaef034d-de70-4b55-a718-6ffae19cefe2","block_type":"box","text":"entered into an agreement with the Fund’s distributor to sell such shares, (v) fee-based advisory platforms of a","page_number":13,"box":{"x":61,"y":399,"width":816,"height":11}},{"id":"2eeb9782-394f-46a9-8f05-28a4ebf2f920","block_type":"box","text":"Financial Intermediary that (a) has specifically acknowledged in a written agreement with the Fund’s distributor and/or","page_number":13,"box":{"x":62,"y":414,"width":867,"height":11}},{"id":"e45a1986-958d-413a-b648-506ec5e70b79","block_type":"box","text":"its affiliate(s) that the Financial Intermediary shall offer such shares to fee-based advisory clients through an omnibus","page_number":13,"box":{"x":62,"y":428,"width":868,"height":12}},{"id":"67ee7c21-1347-4164-b8b3-e7a736473a45","block_type":"box","text":"account held at the Fund or (b) transacts in the Fund’s shares through another intermediary that has executed such an","page_number":13,"box":{"x":61,"y":444,"width":874,"height":11}},{"id":"d03e1032-929d-4a4e-9918-26d6b2eb213f","block_type":"box","text":"agreement and (vi) any other investors who met the eligibility criteria for BlackRock Shares or Class K Shares prior to","page_number":13,"box":{"x":61,"y":458,"width":859,"height":12}},{"id":"85673377-118e-4bfb-8662-c3da5c6ddc27","block_type":"box","text":"August 15, 2016 and have continually held Class K Shares of the Fund in the same account since August 15, 2016.","page_number":13,"box":{"x":60,"y":473,"width":857,"height":12}},{"id":"1107e355-eb71-4785-8fa5-788244573075","block_type":"box","text":"You may purchase or redeem shares of the Fund each day the New York Stock Exchange is open. Purchase orders may","page_number":13,"box":{"x":60,"y":496,"width":874,"height":11}},{"id":"5f7d66f3-661e-4732-8191-6aaa17e8b39f","block_type":"box","text":"also be placed by calling (800) 537-4942, by mail (c/o BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-","page_number":13,"box":{"x":61,"y":511,"width":868,"height":11}},{"id":"bd860ec1-2398-4113-9d78-93b9cbc8c406","block_type":"box","text":"4429), or online at www.blackrock.com. Institutional Investors are subject to a $5 million minimum initial investment","page_number":13,"box":{"x":61,"y":525,"width":857,"height":12}},{"id":"c8dd34b1-139e-4adc-957b-f4c8b5007fd1","block_type":"box","text":"requirement. Other investors, including Employer-Sponsored Retirement Plans, have no minimum initial investment","page_number":13,"box":{"x":61,"y":540,"width":842,"height":12}},{"id":"077393db-54d6-4643-8289-ce3e3b4e857a","block_type":"box","text":"requirement. There is no minimum investment amount for additional purchases.","page_number":13,"box":{"x":61,"y":555,"width":586,"height":11}},{"id":"1818f66e-2d14-4d1a-bb46-c001413fe0b6","block_type":"box","text":"Tax Information","page_number":13,"box":{"x":63,"y":594,"width":138,"height":11}},{"id":"bc2cd1d3-9ffa-4e80-88a2-0de866ee6ebd","block_type":"box","text":"Different income tax rules apply depending on whether you are invested through a qualified tax-exempt plan described","page_number":13,"box":{"x":62,"y":620,"width":865,"height":12}},{"id":"a6bed605-76cf-4469-96fd-c572168089b9","block_type":"box","text":"in section 401(a) of the Internal Revenue Code of 1986, as amended. If you are invested through such a plan (and","page_number":13,"box":{"x":62,"y":635,"width":842,"height":11}},{"id":"6d542fdc-ac5b-4f46-aa65-095a73bf5ebc","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then the dividends paid by the Fund and the gain realized","page_number":13,"box":{"x":62,"y":650,"width":850,"height":11}},{"id":"8425599e-9558-4af2-8b66-8787ca79cb18","block_type":"box","text":"from a redemption or exchange of Fund shares will generally not be subject to U.S. federal income taxes until you","page_number":13,"box":{"x":60,"y":664,"width":833,"height":12}},{"id":"4b2135f8-7206-44b5-9421-09379c950896","block_type":"box","text":"withdraw or receive distributions from the plan. If you are not invested through such a plan, then the Fund’s dividends","page_number":13,"box":{"x":60,"y":679,"width":865,"height":12}},{"id":"ab875fe2-9ad0-460d-86e8-44dd3745940c","block_type":"box","text":"and gain from a redemption or exchange may be subject to U.S. federal income taxes and may be taxed as ordinary","page_number":13,"box":{"x":61,"y":694,"width":851,"height":12}},{"id":"3efb6a0e-1487-40d9-a19a-22b17bf9c0c1","block_type":"box","text":"income or capital gains, unless you are a tax-exempt investor.","page_number":13,"box":{"x":62,"y":709,"width":451,"height":11}},{"id":"0fc6bd64-efa7-4e4e-8683-ca42beda0906","block_type":"box","text":"Payments to Broker/Dealers and Other Financial Intermediaries","page_number":13,"box":{"x":61,"y":748,"width":578,"height":13}},{"id":"86a97ce6-bb79-4232-b8fb-d48721a5001a","block_type":"box","text":"If you purchase shares of the Fund through a Financial Intermediary, the Fund and BlackRock Investments, LLC, the","page_number":13,"box":{"x":62,"y":774,"width":848,"height":12}},{"id":"82ed40b0-5b6a-4e13-bb34-76959c248d8f","block_type":"box","text":"Fund’s distributor, or its affiliates may pay the Financial Intermediary for the sale of Fund shares and related services.","page_number":13,"box":{"x":62,"y":789,"width":868,"height":11}},{"id":"72dff1c2-db76-446c-ab96-bc7a576f9c69","block_type":"box","text":"These payments may create a conflict of interest by influencing the Financial Intermediary and your individual financial","page_number":13,"box":{"x":60,"y":811,"width":867,"height":12}},{"id":"c14e3ed9-d48f-49e4-ad95-839cad5c2060","block_type":"box","text":"professional to recommend the Fund over another investment.","page_number":13,"box":{"x":62,"y":826,"width":455,"height":11}},{"id":"384e4721-80b4-4a54-990c-eafbd1300858","block_type":"box","text":"Class K Shares are only available through a Financial Intermediary if the Financial Intermediary will not receive from","page_number":13,"box":{"x":61,"y":849,"width":849,"height":11}},{"id":"dc7266fd-e75c-4cbf-9902-79a0679f9baf","block_type":"box","text":"Fund assets, or the Fund’s distributor’s or an affiliate’s resources, any commission payments, shareholder servicing","page_number":13,"box":{"x":62,"y":864,"width":857,"height":11}},{"id":"30401e11-b2ff-490d-b217-f5dcf2f4321b","block_type":"box","text":"fees (including sub-transfer agent and networking fees), or distribution fees (including Rule 12b-1 fees) with respect to","page_number":13,"box":{"x":60,"y":878,"width":869,"height":12}},{"id":"65c4be2d-dd4b-4c4f-bf0c-dec75c663bbd","block_type":"box","text":"assets invested in Class K Shares.","page_number":13,"box":{"x":61,"y":893,"width":256,"height":9}},{"id":"b3f5d27f-016b-437f-8736-dc0ef988178c","block_type":"box","text":"Ask your individual financial professional or visit your Financial Intermediary’s website for more information.","page_number":13,"box":{"x":60,"y":916,"width":790,"height":11}},{"id":"f2ef9d4b-bc71-4243-816f-7087efc66c38","block_type":"box","text":"11","page_number":13,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"b9f9d8d9-c17b-4d96-936e-41ec460fa51e","block_type":"box","text":"NM1026U-5982658-13/54","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"00bf8c10-34da-4562-be22-9461493944e9","block_type":"box","text":"Details About the Fund","page_number":14,"box":{"x":65,"y":82,"width":494,"height":27}},{"id":"862a25f3-c28a-4779-9bbf-f80b31e753f1","block_type":"box","text":"Included in this prospectus are sections that tell you about buying and selling shares, management information,","page_number":14,"box":{"x":62,"y":146,"width":821,"height":12}},{"id":"472a8b33-899a-41e8-9cac-d03f47539156","block_type":"box","text":"shareholder features of the BlackRock Strategic Global Bond Fund, Inc. (the “Fund”) and your rights as a shareholder.","page_number":14,"box":{"x":61,"y":161,"width":863,"height":12}},{"id":"b1a3f3ea-f17d-4866-8347-88d4eb3975a5","block_type":"box","text":"How the Fund Invests","page_number":14,"box":{"x":61,"y":200,"width":196,"height":11}},{"id":"03abcd20-aeaa-47e8-b8d2-f0360946bc34","block_type":"box","text":"Investment Objective","page_number":14,"box":{"x":61,"y":227,"width":175,"height":12}},{"id":"d7e6eae9-1e35-4647-af01-3499c3c70598","block_type":"box","text":"The Fund seeks high current income by investing in a global portfolio of fixed income securities denominated in various","page_number":14,"box":{"x":60,"y":243,"width":876,"height":11}},{"id":"17eb9b0c-1371-49b0-9105-b9bce9f16962","block_type":"box","text":"currencies, including multi-national currency units.","page_number":14,"box":{"x":61,"y":258,"width":367,"height":11}},{"id":"29b62d44-172f-4978-9a10-e3982b9a7963","block_type":"box","text":"This investment objective is a fundamental policy of the Fund and may not be changed without approval of a majority of","page_number":14,"box":{"x":60,"y":280,"width":876,"height":12}},{"id":"5d6e2ed3-dad1-46ab-b9dd-c60c364e327e","block_type":"box","text":"the Fund’s outstanding voting securities, as defined in the Investment Company Act of 1940, as amended (the","page_number":14,"box":{"x":60,"y":295,"width":814,"height":12}},{"id":"98f4fdfc-2e1b-47cf-a7cf-67c58e50e184","block_type":"box","text":"“Investment Company Act”).","page_number":14,"box":{"x":62,"y":310,"width":204,"height":11}},{"id":"3a728746-777e-4c08-88de-b40562725212","block_type":"box","text":"Investment Process","page_number":14,"box":{"x":61,"y":333,"width":163,"height":10}},{"id":"6dd8680c-cbc9-4663-8728-9192890baa09","block_type":"box","text":"The Fund will spread its investments among different types of fixed-income securities and different countries based","page_number":14,"box":{"x":60,"y":349,"width":849,"height":12}},{"id":"14cebc0f-589c-4e8e-952f-c14db07d90e6","block_type":"box","text":"upon Fund management’s analysis of the yield, maturity and currency considerations affecting these securities. The","page_number":14,"box":{"x":61,"y":364,"width":851,"height":12}},{"id":"8a75c938-1a0c-476a-837b-4b6780440162","block_type":"box","text":"Fund will normally invest in securities denominated in at least three different currencies. The Fund presently expects it","page_number":14,"box":{"x":62,"y":379,"width":870,"height":11}},{"id":"386800a9-dcc0-4350-9225-156e11bf9a0e","block_type":"box","text":"will invest primarily in securities denominated in the currencies represented in the Bloomberg Global Aggregate Bond","page_number":14,"box":{"x":60,"y":394,"width":858,"height":11}},{"id":"2c20def0-4a6b-4bb7-bc31-2ca0129bda45","block_type":"box","text":"Index. No set portion of the Fund’s investments is required to be denominated in any particular currency. Substantially","page_number":14,"box":{"x":62,"y":409,"width":871,"height":11}},{"id":"7291618c-95ca-4a91-9e51-6a7aaa2a64d0","block_type":"box","text":"all of the Fund’s investments may be denominated in a single currency, including U.S. dollars.","page_number":14,"box":{"x":61,"y":423,"width":687,"height":12}},{"id":"d1199c5a-d726-4930-a37b-dcf4b252225f","block_type":"box","text":"Principal Investment Strategies","page_number":14,"box":{"x":61,"y":446,"width":260,"height":13}},{"id":"93c52c52-d6d2-431c-82b5-692ef7c1e107","block_type":"box","text":"In trying to achieve its objective, the Fund mainly invests in bonds and other fixed-income securities that periodically","page_number":14,"box":{"x":62,"y":463,"width":852,"height":11}},{"id":"e20512d8-2182-4622-8179-cfd72bf61b4a","block_type":"box","text":"pay interest or dividends. Fixed-income securities are securities that represent an obligation by the issuer to pay a","page_number":14,"box":{"x":62,"y":478,"width":837,"height":11}},{"id":"5bea9e1f-3748-47e9-bf67-cde32354aaa3","block_type":"box","text":"specified rate of interest or dividend at specified times. These securities may be denominated and pay interest in U.S.","page_number":14,"box":{"x":61,"y":492,"width":869,"height":12}},{"id":"7e843ba6-59a5-4cd2-abb9-f16f2bb924a1","block_type":"box","text":"dollars or other currencies and may be issued by U.S. or foreign governments or corporations.","page_number":14,"box":{"x":61,"y":507,"width":688,"height":12}},{"id":"a93eee3e-d3ad-45ac-b13e-c064e3eb85d2","block_type":"box","text":"There is no restriction on the types of debt securities the Fund can buy or on the maturity of those securities. The Fund","page_number":14,"box":{"x":60,"y":530,"width":874,"height":11}},{"id":"56a8ccd3-d2fc-44a4-b625-526b063b70b1","block_type":"box","text":"may invest in U.S. and foreign government and corporate fixed-income securities, including junk bonds and unrated","page_number":14,"box":{"x":61,"y":545,"width":843,"height":11}},{"id":"ae6b8e84-a675-4317-a28b-6a4d91f3b563","block_type":"box","text":"securities. Government securities include securities issued or guaranteed by a government or a governmental agency","page_number":14,"box":{"x":61,"y":559,"width":861,"height":12}},{"id":"132a55c4-6913-4f8f-b7b1-a944ef8c1106","block_type":"box","text":"or instrumentality. The Fund also may invest in securities issued by certain international organizations. The Fund","page_number":14,"box":{"x":61,"y":574,"width":826,"height":12}},{"id":"1c21fa3f-d41d-4369-a819-bb3f8d927b3c","block_type":"box","text":"normally will invest at least 80% of its net assets plus any borrowings for investment purposes in bonds and related","page_number":14,"box":{"x":61,"y":589,"width":852,"height":12}},{"id":"a77a4f65-e207-4657-823b-249be877d702","block_type":"box","text":"derivative instruments with similar economic characteristics. For the purposes of this strategy, “bonds” include the","page_number":14,"box":{"x":61,"y":604,"width":843,"height":11}},{"id":"609a5348-5faa-4455-b48a-84a80a2fa271","block_type":"box","text":"following: obligations issued or guaranteed by the U.S. Government or a foreign government or their agencies,","page_number":14,"box":{"x":60,"y":619,"width":806,"height":11}},{"id":"5ccfca42-0bf5-4570-9bde-90f04493f41a","block_type":"box","text":"instrumentalities or political subdivisions; mortgage-backed securities, including agency mortgage pass-through","page_number":14,"box":{"x":62,"y":634,"width":817,"height":11}},{"id":"42693ecd-a66d-45a8-8e3f-fb4748b736d1","block_type":"box","text":"securities and commercial mortgage-backed securities; mortgage to-be-announced (“TBA”) securities; debt obligations","page_number":14,"box":{"x":61,"y":649,"width":869,"height":11}},{"id":"735fde9b-6937-4dda-88d5-7c5ab2373097","block_type":"box","text":"of U.S. or foreign issuers; municipal securities; and asset-backed securities. The Fund’s investment in derivatives will","page_number":14,"box":{"x":61,"y":663,"width":862,"height":12}},{"id":"085950f4-3010-459d-93f9-4b789decd56e","block_type":"box","text":"be counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities","page_number":14,"box":{"x":61,"y":678,"width":810,"height":11}},{"id":"fd6add5e-be34-454f-a1bd-e35fc0c1b5e5","block_type":"box","text":"included within that policy or to one or more market risk factors associated with such securities. The 80% policy is a","page_number":14,"box":{"x":62,"y":693,"width":852,"height":11}},{"id":"44a53ed9-a96c-49d0-b670-b40584b1e370","block_type":"box","text":"nonfundamental policy of the Fund and may not be changed without 60 days’ prior notice to shareholders. The Fund","page_number":14,"box":{"x":61,"y":708,"width":850,"height":11}},{"id":"244d5f3f-9b3f-4fa4-bfb6-e50541c5faad","block_type":"box","text":"may invest up to 100% of its assets in securities classified as junk bonds. The Fund will spread its investments among","page_number":14,"box":{"x":61,"y":722,"width":876,"height":12}},{"id":"b5988cbb-cb40-4674-b6da-40507f0d7cc7","block_type":"box","text":"different types of fixed-income securities and different countries based upon Fund management’s analysis of the yield,","page_number":14,"box":{"x":61,"y":737,"width":872,"height":12}},{"id":"627449a5-6881-4d83-800c-878af327bd86","block_type":"box","text":"maturity and currency considerations affecting these securities.","page_number":14,"box":{"x":61,"y":752,"width":466,"height":12}},{"id":"e79b0def-c933-4413-859a-2fab0b14b8d9","block_type":"box","text":"Under normal circumstances, the Fund anticipates it will allocate a substantial amount (approximately 40% or more —","page_number":14,"box":{"x":62,"y":775,"width":869,"height":11}},{"id":"fbbaed9b-a319-498b-9f90-6eaa5be56586","block_type":"box","text":"unless market conditions are not deemed favorable by BlackRock Advisors, LLC (“BlackRock”), in which case the Fund","page_number":14,"box":{"x":61,"y":789,"width":868,"height":12}},{"id":"187fa08b-a693-4c06-b726-309026a9c143","block_type":"box","text":"would invest at least 30%) of its total assets in securities (i) of foreign government issuers, (ii) of issuers organized or","page_number":14,"box":{"x":60,"y":804,"width":869,"height":12}},{"id":"e96ae25a-3f39-409d-aa48-18c54473487a","block_type":"box","text":"located outside the U.S., (iii) of issuers which primarily trade in a market located outside the U.S., or (iv) of issuers","page_number":14,"box":{"x":62,"y":819,"width":842,"height":12}},{"id":"7ec16efe-c326-4f3c-8d6a-c5a7a1d93822","block_type":"box","text":"doing a substantial amount of business outside the U.S., which the Fund considers to be companies that derive at","page_number":14,"box":{"x":61,"y":834,"width":842,"height":12}},{"id":"d0ba3968-8ec6-47eb-97c0-c51be744e34d","block_type":"box","text":"least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets","page_number":14,"box":{"x":62,"y":849,"width":830,"height":11}},{"id":"d143ffff-dec9-40e5-8225-b35ac78c207d","block_type":"box","text":"outside the U.S. The Fund will allocate its assets among various regions and countries, including the United States","page_number":14,"box":{"x":61,"y":864,"width":844,"height":11}},{"id":"2b4321bd-8e61-4f0b-b86c-c99c958b94f2","block_type":"box","text":"(but in no less than three different countries). For temporary defensive purposes the Fund may deviate very","page_number":14,"box":{"x":61,"y":878,"width":790,"height":12}},{"id":"9618b485-110e-4abf-b8a3-caa684ce96ef","block_type":"box","text":"substantially from the allocation described above.","page_number":14,"box":{"x":61,"y":893,"width":364,"height":12}},{"id":"c0ca969c-abde-4ecb-89c5-a56685d47e1f","block_type":"box","text":"12","page_number":14,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c68f2c72-f94d-458c-b83a-a700ef7b98dc","block_type":"box","text":"NM1026U-5982658-14/54","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4bda89ed-9fe2-4a68-8d0f-e2873bf186fb","block_type":"box","text":"The Fund may invest in securities of any maturity or duration. The average maturity of the Fund’s portfolio securities","page_number":15,"box":{"x":60,"y":46,"width":851,"height":11}},{"id":"eda98aee-1b66-4a6e-a804-ffe862cb71ae","block_type":"box","text":"will vary based upon BlackRock’s view of economic and market conditions. However, the Fund does not expect the","page_number":15,"box":{"x":60,"y":60,"width":841,"height":12}},{"id":"96ed931d-5565-4510-8669-3606f8b72d0c","block_type":"box","text":"average maturity of its portfolio to exceed fifteen years.","page_number":15,"box":{"x":61,"y":75,"width":406,"height":12}},{"id":"0726f603-1293-4ae5-b10d-f3ca44a4b00f","block_type":"box","text":"Fund management presently expects that the Fund will invest primarily in securities denominated in the currencies","page_number":15,"box":{"x":62,"y":98,"width":838,"height":11}},{"id":"b17280b1-dcd9-49da-9733-a2091cc63ed6","block_type":"box","text":"represented in the Bloomberg Global Aggregate Bond Index, but the Fund also can invest in securities denominated in","page_number":15,"box":{"x":61,"y":113,"width":865,"height":11}},{"id":"0bd9e2f5-7a19-4d5e-b4b6-3710db572bed","block_type":"box","text":"other currencies. Issuers of securities may not always be located in the country in whose currency the securities are","page_number":15,"box":{"x":61,"y":127,"width":855,"height":12}},{"id":"c9ff0f39-1cf4-445b-8ea5-97e696015e03","block_type":"box","text":"denominated. For example, the Fund may invest in a security denominated in U.S. dollars but issued by a government","page_number":15,"box":{"x":61,"y":142,"width":864,"height":12}},{"id":"d666f00e-e5b5-4cbe-a3c2-a71d768eb2f1","block_type":"box","text":"or corporation located in a country commonly considered to be an emerging market.","page_number":15,"box":{"x":61,"y":157,"width":615,"height":12}},{"id":"c21b67ad-4fe2-4919-94cd-f1a70e4a5084","block_type":"box","text":"The Fund may invest in several different kinds of securities issued by the U.S. Government. These include U.S.","page_number":15,"box":{"x":60,"y":180,"width":815,"height":11}},{"id":"1e7b1181-6f78-4068-a548-5d1ac8a2b66d","block_type":"box","text":"Treasury obligations (bills, notes and bonds) that have different interest rates and maturities and are issued at","page_number":15,"box":{"x":60,"y":195,"width":818,"height":11}},{"id":"d8c64726-a67c-4af8-a6d1-b99e1edb8a6b","block_type":"box","text":"different times. These securities are backed by the full faith and credit of the U.S. Government. The Fund also may","page_number":15,"box":{"x":61,"y":209,"width":844,"height":12}},{"id":"3dbe1c5c-7b8d-40d2-a655-c03b646ea308","block_type":"box","text":"invest in obligations issued or guaranteed by U.S. Government agencies or other U.S. Government organizations.","page_number":15,"box":{"x":62,"y":224,"width":827,"height":12}},{"id":"01745d15-e14a-40f8-9175-82984a41e99a","block_type":"box","text":"These include but are not limited to government guaranteed mortgage-related or asset-backed securities. Some of","page_number":15,"box":{"x":60,"y":239,"width":841,"height":12}},{"id":"7dc94ab6-4141-4883-a8bd-b366d5afb782","block_type":"box","text":"these securities may be backed by the full faith and credit of the U.S. Treasury, some may be supported by the right of","page_number":15,"box":{"x":60,"y":254,"width":874,"height":11}},{"id":"ea03ce25-f694-4965-ba2b-e8fb552fe85e","block_type":"box","text":"the issuer to borrow from the U.S. Treasury, and some are backed only by the credit of the issuer itself.","page_number":15,"box":{"x":60,"y":269,"width":761,"height":11}},{"id":"65fd14a9-8282-4edb-afa8-f178505eab7c","block_type":"box","text":"The obligations of foreign governments and their related organizations have various kinds of government support.","page_number":15,"box":{"x":60,"y":291,"width":833,"height":12}},{"id":"409ec3d4-fe47-4fb5-b558-a867c3cf75bb","block_type":"box","text":"These obligations may or may not be supported by the full faith and credit of a foreign government.","page_number":15,"box":{"x":60,"y":306,"width":727,"height":12}},{"id":"9b5794fe-6086-4025-b226-f8bc88ad11c6","block_type":"box","text":"The Fund may invest in securities issued by international organizations designated or supported by governments or","page_number":15,"box":{"x":60,"y":329,"width":847,"height":11}},{"id":"16a32cf2-8d93-410a-8457-83245e3354aa","block_type":"box","text":"government agencies to promote economic reconstruction or development. Examples of these organizations include","page_number":15,"box":{"x":60,"y":343,"width":853,"height":12}},{"id":"549265e7-11b7-493b-a837-4b0505e792cb","block_type":"box","text":"the International Bank for Reconstruction and Development (the World Bank), the European Coal and Steel Community,","page_number":15,"box":{"x":60,"y":358,"width":873,"height":12}},{"id":"6bfb8107-6090-44e2-abbb-e7e0992e94ff","block_type":"box","text":"the Asian Development Bank and the Inter-American Development Bank.","page_number":15,"box":{"x":60,"y":373,"width":530,"height":11}},{"id":"afe76592-4b18-42b9-ad2c-e724c4c02b89","block_type":"box","text":"The debt securities in which the Fund invests may include credit-linked notes, credit-linked trust certificates, structured","page_number":15,"box":{"x":60,"y":396,"width":875,"height":11}},{"id":"235f2e7f-029a-4571-a30e-aefb4d3532f2","block_type":"box","text":"notes or other instruments evidencing interests in special purpose vehicles, trusts or other entities that hold or","page_number":15,"box":{"x":61,"y":411,"width":818,"height":11}},{"id":"ebb2c1e0-6519-45b6-a78a-9a2d382b7be3","block_type":"box","text":"represent interests in debt securities.","page_number":15,"box":{"x":61,"y":426,"width":276,"height":11}},{"id":"e70c3721-ad90-43d3-a378-77bc2f950c19","block_type":"box","text":"The Fund may invest in corporate loans. Corporate loans are direct obligations of U.S. or foreign corporations that are","page_number":15,"box":{"x":60,"y":448,"width":864,"height":11}},{"id":"136830ed-aaf5-43b5-9971-fdade9e090c0","block_type":"box","text":"purchased by the Fund in the secondary market.","page_number":15,"box":{"x":62,"y":463,"width":353,"height":11}},{"id":"e41f651d-14f8-480f-b82a-830ddefa6366","block_type":"box","text":"The Fund may use a variety of portfolio strategies to hedge its portfolio against interest rate and currency risk, or to","page_number":15,"box":{"x":60,"y":485,"width":852,"height":12}},{"id":"206dcff8-4700-4ce8-84f0-ad64d3ff8500","block_type":"box","text":"seek to enhance its return. These strategies include the use of derivatives, such as options on portfolio positions or","page_number":15,"box":{"x":61,"y":500,"width":856,"height":12}},{"id":"59657b40-62c6-48b9-b38e-95e5203a8dcc","block_type":"box","text":"currencies, financial and currency futures and options on these futures, forward foreign currency transactions, interest","page_number":15,"box":{"x":61,"y":515,"width":873,"height":11}},{"id":"eed9ca61-e7b7-41c2-a141-95e8429a1805","block_type":"box","text":"rate swaps and credit default swaps. Derivatives are financial instruments whose value is derived from another","page_number":15,"box":{"x":61,"y":530,"width":817,"height":11}},{"id":"c3bc0f94-39ea-4a59-946d-47012a7627e5","block_type":"box","text":"security or an index such as the Bloomberg Global Aggregate Bond Index. A swap is an agreement whereby one party","page_number":15,"box":{"x":61,"y":545,"width":860,"height":11}},{"id":"fcab9ecc-1494-4bd4-8b13-1887ce0da954","block_type":"box","text":"exchanges its right to receive or its obligation to pay one type of interest or currency for another party’s obligation to","page_number":15,"box":{"x":61,"y":559,"width":855,"height":12}},{"id":"50235d79-a214-43db-bab2-db6130ca6f84","block_type":"box","text":"pay or its right to receive another type of interest or currency in the future or for a period of time. A credit default swap","page_number":15,"box":{"x":62,"y":574,"width":868,"height":12}},{"id":"ce977dcd-da22-4e03-b4e6-d98e79b4ab46","block_type":"box","text":"is a type of swap whereby one party would pay a counterparty a periodic stream of payments over the term of the","page_number":15,"box":{"x":62,"y":589,"width":832,"height":11}},{"id":"80b4cfaf-7d72-4204-aa92-bf532682e0ab","block_type":"box","text":"contract provided that no event of default on a specific bond has occurred and in return, upon any event of default on","page_number":15,"box":{"x":61,"y":604,"width":862,"height":11}},{"id":"961dfc73-f4cf-4f55-909f-f270731c28a5","block_type":"box","text":"such bond, the first party would receive from the counterparty a payment equal to the par (or other agreed-upon) value","page_number":15,"box":{"x":61,"y":619,"width":869,"height":11}},{"id":"eb5ed6d6-ada4-4240-9e91-3e0c62f122ac","block_type":"box","text":"of such bond. The Fund may invest in indexed and inverse securities (which are securities that provide a potential","page_number":15,"box":{"x":61,"y":633,"width":833,"height":12}},{"id":"12d6fdcb-4b83-45bb-8e79-f6fb9332e196","block_type":"box","text":"return based on a particular index of value or interest rates).","page_number":15,"box":{"x":61,"y":648,"width":444,"height":12}},{"id":"09fb7f68-3bbe-4df3-9917-a5ee5ad0d462","block_type":"box","text":"The Fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets","page_number":15,"box":{"x":60,"y":671,"width":863,"height":11}},{"id":"6abfa669-b245-405b-8d31-add0299cb44c","block_type":"box","text":"through investment in commodity-related instruments and investment vehicles such as exchange traded funds that","page_number":15,"box":{"x":60,"y":686,"width":844,"height":11}},{"id":"c7328ff5-b218-4eac-9f05-487bd14d1cd7","block_type":"box","text":"invest exclusively in commodities and are designed to provide this exposure without direct investment in physical","page_number":15,"box":{"x":62,"y":701,"width":828,"height":11}},{"id":"9322d6cb-8119-4112-b3e7-a72c399ad8d9","block_type":"box","text":"commodities. The Fund may also gain exposure to commodity markets by investing in Strategic Global Bond Fund","page_number":15,"box":{"x":61,"y":715,"width":830,"height":12}},{"id":"5392050c-e35c-4e3b-b47a-e88ad9c57f8a","block_type":"box","text":"(Cayman) (the “Subsidiary”). The Subsidiary invests primarily in commodity-related instruments. The Subsidiary may","page_number":15,"box":{"x":61,"y":730,"width":853,"height":12}},{"id":"84f3de3d-ba4f-4e16-bdc2-37658762aaef","block_type":"box","text":"also hold cash and invest in other instruments, including fixed-income securities, either as investments or to serve as","page_number":15,"box":{"x":61,"y":745,"width":867,"height":12}},{"id":"795120f6-62e8-4fb1-9562-e02b55b25181","block_type":"box","text":"margin or collateral for the Subsidiary’s derivative positions. BlackRock is the manager of the Subsidiary. The","page_number":15,"box":{"x":61,"y":760,"width":804,"height":11}},{"id":"9b4d2d06-072e-480f-b8af-492a8cc9673f","block_type":"box","text":"Subsidiary (unlike the Fund) may invest without limitation in commodity-related instruments. However, the Subsidiary is","page_number":15,"box":{"x":61,"y":775,"width":874,"height":11}},{"id":"a1b8969f-9e8b-46a0-a7c2-fb8a2fc54e4c","block_type":"box","text":"otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Fund.","page_number":15,"box":{"x":61,"y":789,"width":854,"height":12}},{"id":"c6594e0c-5d1e-4f81-b864-d00819601085","block_type":"box","text":"The Fund will limit its investments in the Subsidiary to 25% of its total assets.","page_number":15,"box":{"x":60,"y":804,"width":574,"height":12}},{"id":"14acf68a-4df8-4fb9-86b4-4ff8fb2ce11c","block_type":"box","text":"The Subsidiary is managed pursuant to compliance policies and procedures that are the same, in all material","page_number":15,"box":{"x":60,"y":827,"width":804,"height":11}},{"id":"4de7a48f-254f-48d1-b821-2e65adbdbf54","block_type":"box","text":"respects, as the policies and procedures adopted by the Fund. As a result, BlackRock, in managing the Subsidiary’s","page_number":15,"box":{"x":61,"y":842,"width":854,"height":11}},{"id":"7304cbb8-6fb5-4153-9366-2fd209d27918","block_type":"box","text":"portfolio, is subject to the same investment policies and restrictions that apply to the management of the Fund, and,","page_number":15,"box":{"x":62,"y":856,"width":856,"height":12}},{"id":"f1fd1ff8-b82a-45dd-b6f8-8cfab509ee22","block_type":"box","text":"in particular, to the requirements relating to portfolio leverage, liquidity, brokerage, and the timing and method of the","page_number":15,"box":{"x":62,"y":871,"width":857,"height":12}},{"id":"72536371-136c-4fcc-90e6-0acb24622caf","block_type":"box","text":"valuation of the Subsidiary’s portfolio investments and shares of the Subsidiary. These policies and restrictions are","page_number":15,"box":{"x":60,"y":886,"width":852,"height":12}},{"id":"2d4eb151-9711-48c8-b3c5-0bf15e745fdf","block_type":"box","text":"described in detail in the Statement of Additional Information (“SAI”). The Fund and Subsidiary test for compliance with","page_number":15,"box":{"x":61,"y":901,"width":875,"height":11}},{"id":"b3e314a5-07c7-4a7d-b37c-aafe91a2823a","block_type":"box","text":"certain investment restrictions on a consolidated basis.","page_number":15,"box":{"x":61,"y":916,"width":409,"height":9}},{"id":"a29df3a4-31a0-4901-a37b-baac470136f4","block_type":"box","text":"13","page_number":15,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"41b1b3ff-c18e-4e94-a1d1-db69ef201f51","block_type":"box","text":"NM1026U-5982658-15/54","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4d97aeb8-f2aa-4dee-8955-616847d15e7c","block_type":"box","text":"BlackRock provides investment management and other services to the Subsidiary. BlackRock does not receive","page_number":16,"box":{"x":62,"y":46,"width":812,"height":11}},{"id":"e5c051db-d848-4cf0-b32c-d61c01d40aa8","block_type":"box","text":"separate compensation from the Subsidiary for providing it with investment management or administrative services.","page_number":16,"box":{"x":61,"y":60,"width":852,"height":12}},{"id":"8cbc49c7-f5e2-4d3d-9d6f-98c7a6e2edd0","block_type":"box","text":"However, the Fund pays BlackRock based on the Fund’s assets, including the assets invested in the Subsidiary.","page_number":16,"box":{"x":62,"y":75,"width":821,"height":12}},{"id":"b8be5e30-02f9-4e85-b42b-bd3f165e5449","block_type":"box","text":"BlackRock has entered into sub-advisory agreements with BlackRock International Limited and BlackRock (Singapore)","page_number":16,"box":{"x":62,"y":90,"width":862,"height":12}},{"id":"eccda4ca-158c-412f-8680-78e772c02ed6","block_type":"box","text":"Limited with respect to the Subsidiary. The Subsidiary will also enter into separate contracts for the provision of","page_number":16,"box":{"x":62,"y":105,"width":822,"height":11}},{"id":"0b9fd787-6168-45f6-90ea-4af306bfa6bd","block_type":"box","text":"advisory, custody, accounting agent and audit services with the same or with affiliates of the same service providers","page_number":16,"box":{"x":61,"y":120,"width":857,"height":11}},{"id":"f7367d4b-9a4d-4b52-8d8a-6d8a719c8475","block_type":"box","text":"that provide those services to the Fund.","page_number":16,"box":{"x":60,"y":135,"width":293,"height":11}},{"id":"5f7c613c-db0d-43f8-b567-ee792b9c65fd","block_type":"box","text":"The financial statements of the Subsidiary are consolidated with the Fund’s financial statements in the Fund’s Annual","page_number":16,"box":{"x":60,"y":157,"width":866,"height":12}},{"id":"b455a300-2d4d-44a2-a928-eeb151a8de7b","block_type":"box","text":"and Semi-Annual Financial Statements and Additional Information. The Fund’s Annual and Semi-Annual Financial","page_number":16,"box":{"x":61,"y":172,"width":822,"height":9}},{"id":"f9e0e30e-63d2-4a8c-bdb8-635199eaf633","block_type":"box","text":"Statements and Additional Information are filed with the SEC on Form N-CSR and are provided without charge upon","page_number":16,"box":{"x":61,"y":187,"width":844,"height":11}},{"id":"02c6c27e-2a48-4d31-88d7-42ed2c7b6ba8","block_type":"box","text":"request as indicated on the back cover of this prospectus. Please refer to the SAI for additional information about the","page_number":16,"box":{"x":61,"y":202,"width":864,"height":11}},{"id":"4a938ab0-0399-4921-a2ca-d05f9a3b52a2","block_type":"box","text":"organization and management of the Subsidiary.","page_number":16,"box":{"x":61,"y":216,"width":354,"height":12}},{"id":"0e72749b-1ecf-45e6-9022-50bb8a644b9c","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":16,"box":{"x":61,"y":240,"width":327,"height":12}},{"id":"2f4adc3e-fb00-43e5-96ad-b011e24f32ba","block_type":"box","text":"In addition to the principal strategies discussed above, the Fund may also invest or engage in the following","page_number":16,"box":{"x":62,"y":256,"width":784,"height":11}},{"id":"988e6ed0-07e3-426e-93d8-3acab6d8d304","block_type":"box","text":"investments/strategies:","page_number":16,"box":{"x":62,"y":271,"width":173,"height":11}},{"id":"86172477-d8cd-42e0-86b3-c648811fccd1","block_type":"box","text":"The Fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies.","page_number":16,"box":{"x":60,"y":293,"width":874,"height":12}},{"id":"ca5275e6-944a-4b6b-ae26-26760b300889","block_type":"box","text":"Borrowing","page_number":16,"box":{"x":81,"y":313,"width":78,"height":12}},{"id":"aba3ccae-8929-4cc5-8c79-375100e727c2","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":16,"box":{"x":162,"y":313,"width":751,"height":12}},{"id":"961bc6da-faf1-4cc8-b1b7-1045955ddb52","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":16,"box":{"x":82,"y":328,"width":815,"height":11}},{"id":"9f75874f-ff21-45b4-aa67-9ef7ae5ce2e0","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":16,"box":{"x":82,"y":343,"width":801,"height":11}},{"id":"9380cf5c-c925-4cbc-99f0-5eaf5eb568cc","block_type":"box","text":"Collateralized Loan Obligations","page_number":16,"box":{"x":81,"y":363,"width":233,"height":11}},{"id":"87d3c66c-848f-48a3-903f-097bea28c525","block_type":"box","text":"—","page_number":16,"box":{"x":319,"y":368,"width":17,"height":1}},{"id":"182a96c5-b0ba-4897-981f-c07069f423c7","block_type":"box","text":"The Fund may invest in collateralized loan obligations (“CLOs”). CLOs are","page_number":16,"box":{"x":340,"y":363,"width":537,"height":11}},{"id":"5a623306-1ddf-45c3-80ce-d508a0e1fc01","block_type":"box","text":"ordinarily issued by a trust or other special purpose entity and are typically collateralized by a pool of loans, which","page_number":16,"box":{"x":81,"y":378,"width":835,"height":11}},{"id":"1b8fef10-2671-4ddf-8169-08e1fe899d7e","block_type":"box","text":"may include, among others, domestic and non-U.S. senior secured loans, senior unsecured loans, and subordinate","page_number":16,"box":{"x":82,"y":393,"width":844,"height":11}},{"id":"0641a79d-60a9-4082-a5bb-1f9fbb3be353","block_type":"box","text":"corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, held by","page_number":16,"box":{"x":81,"y":408,"width":817,"height":11}},{"id":"0e2d5def-d579-4e5e-8535-1f5a45bfce38","block_type":"box","text":"such issuer.","page_number":16,"box":{"x":81,"y":422,"width":87,"height":9}},{"id":"c466a6f3-7af1-4434-b5f9-068de6597d9f","block_type":"box","text":"Convertible Securities","page_number":16,"box":{"x":81,"y":442,"width":167,"height":9}},{"id":"558f1ca3-a45b-4efa-a4f1-8adfd8454240","block_type":"box","text":"— The Fund may invest in convertible securities. Convertible securities generally are debt","page_number":16,"box":{"x":252,"y":442,"width":660,"height":12}},{"id":"b9766763-132f-46f6-8a13-f14f7a5ba27b","block_type":"box","text":"securities or preferred stock that may be converted into common stock. Convertible securities typically pay current","page_number":16,"box":{"x":81,"y":457,"width":843,"height":11}},{"id":"a0ade8b5-c9f7-4b78-85a3-c8324eb9032a","block_type":"box","text":"income as either interest (debt security convertibles) or dividends (preferred stock). A convertible security’s value","page_number":16,"box":{"x":82,"y":472,"width":833,"height":11}},{"id":"bc92e4dd-82ab-48db-a658-faaf1fd1cc56","block_type":"box","text":"usually reflects both the stream of current income payments and the market value of the underlying common stock.","page_number":16,"box":{"x":82,"y":487,"width":847,"height":11}},{"id":"a56a7862-694b-46f7-96ef-c39d96382913","block_type":"box","text":"Distressed Securities","page_number":16,"box":{"x":81,"y":507,"width":161,"height":9}},{"id":"48857256-2aa3-41c6-911b-9f5fae344b9e","block_type":"box","text":"— The Fund may invest a portion of its assets in securities, including loans purchased in the","page_number":16,"box":{"x":246,"y":506,"width":684,"height":12}},{"id":"4f4f71c7-fe35-4208-a072-0a92b60e553b","block_type":"box","text":"secondary market, that are the subject of bankruptcy proceedings or otherwise in default or at risk of being in","page_number":16,"box":{"x":81,"y":521,"width":807,"height":12}},{"id":"472ec26a-3158-4503-8876-7e86f241e0e6","block_type":"box","text":"default as to the repayment of principal and/or interest at the time of acquisition or that are rated in the lower","page_number":16,"box":{"x":81,"y":536,"width":811,"height":12}},{"id":"2be96a46-1628-4a50-969c-14a8113faeff","block_type":"box","text":"rating categories by one or more nationally recognized statistical rating organizations (for example, Ca or lower by","page_number":16,"box":{"x":82,"y":551,"width":831,"height":12}},{"id":"7c2ce497-7046-4fba-b283-c60eae067f86","block_type":"box","text":"Moody’s and CC or lower by S&P or Fitch) or, if unrated, are in the judgment of BlackRock of equivalent quality.","page_number":16,"box":{"x":82,"y":566,"width":810,"height":11}},{"id":"9b881a2f-e665-478e-a355-86446a64c0c8","block_type":"box","text":"Equity Securities","page_number":16,"box":{"x":81,"y":586,"width":127,"height":11}},{"id":"7ff87fb6-05c5-43e8-9b29-b49b7f626226","block_type":"box","text":"— The Fund may invest up to 10% of the Fund’s assets in equity securities, including common","page_number":16,"box":{"x":213,"y":586,"width":693,"height":11}},{"id":"1dc82394-3df0-4b78-8952-5ef9cc80533d","block_type":"box","text":"stock, preferred stock and convertible securities.","page_number":16,"box":{"x":81,"y":601,"width":360,"height":11}},{"id":"7abcf9a7-7d30-437b-bcf7-da73e453de21","block_type":"box","text":"Investment Companies","page_number":16,"box":{"x":81,"y":621,"width":172,"height":11}},{"id":"bff7f74a-10c1-44f6-abc6-f9c1a5f46613","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":16,"box":{"x":258,"y":621,"width":643,"height":11}},{"id":"afb35f15-ed9c-484b-b249-d8f458dda491","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds. The Fund may invest in affiliated","page_number":16,"box":{"x":80,"y":635,"width":850,"height":12}},{"id":"ccfbda1b-a649-42b7-8f70-1f4493bc4d4b","block_type":"box","text":"investment companies, including affiliated money market funds and affiliated ETFs.","page_number":16,"box":{"x":82,"y":650,"width":610,"height":12}},{"id":"f6417c4a-8384-4947-8c2f-eafb68e71200","block_type":"box","text":"New Issues","page_number":16,"box":{"x":81,"y":670,"width":86,"height":9}},{"id":"b48ca464-4c89-4e6b-9c14-505ed974cc9b","block_type":"box","text":"— The Fund may invest in new issues, which are initial public offerings (“IPOs”) of equity securities.","page_number":16,"box":{"x":171,"y":670,"width":734,"height":12}},{"id":"9274544b-6fb4-4876-b3db-7649b523a9aa","block_type":"box","text":"Pay-in-kind Bonds","page_number":16,"box":{"x":81,"y":690,"width":133,"height":12}},{"id":"8b559929-f4e0-482c-bfc2-fbae4f92361a","block_type":"box","text":"— The Fund may invest in pay-in-kind bonds, which are bonds that allow the lender, at its option,","page_number":16,"box":{"x":218,"y":690,"width":709,"height":12}},{"id":"8a1bf0cc-b92a-410b-8de7-852aeeffcdd3","block_type":"box","text":"to make current interest payments on such securities either in cash or in additional securities.","page_number":16,"box":{"x":80,"y":705,"width":695,"height":11}},{"id":"fe2bdc29-da08-4b7f-a77b-81a1377bb098","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":16,"box":{"x":81,"y":725,"width":442,"height":11}},{"id":"b1e95ffe-c750-40a9-918e-058191b6b313","block_type":"box","text":"— Under repurchase agreements and purchase and","page_number":16,"box":{"x":527,"y":725,"width":381,"height":12}},{"id":"fcd4837a-5290-4f1c-bfbc-875caa70fd10","block_type":"box","text":"sale contracts, the other party agrees, upon entering into the contract with the Fund, to repurchase a security sold","page_number":16,"box":{"x":81,"y":740,"width":840,"height":11}},{"id":"d489f5c4-f433-49ad-9a3a-af9120e989cd","block_type":"box","text":"to the Fund at a mutually agreed-upon time and price in a specified currency, thereby determining the yield during","page_number":16,"box":{"x":80,"y":755,"width":832,"height":11}},{"id":"10c4e701-b2f3-4835-ab91-abf920a6f0ef","block_type":"box","text":"the term of the agreement.","page_number":16,"box":{"x":80,"y":769,"width":198,"height":12}},{"id":"7792d30c-ba02-4189-b0af-a35fb2458e7c","block_type":"box","text":"Reverse Repurchase Agreements","page_number":16,"box":{"x":81,"y":790,"width":251,"height":11}},{"id":"bf5e3a1f-8094-4356-af48-09a60ebab05b","block_type":"box","text":"— Reverse repurchase agreements involve the sale of securities held by the","page_number":16,"box":{"x":336,"y":789,"width":561,"height":12}},{"id":"53693d52-3339-40f6-9972-909edecf2019","block_type":"box","text":"Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment.","page_number":16,"box":{"x":82,"y":805,"width":773,"height":11}},{"id":"e592f9fc-94ea-4128-b775-fccf15ddfdec","block_type":"box","text":"Securities Lending","page_number":16,"box":{"x":81,"y":824,"width":140,"height":12}},{"id":"7ade361d-36c2-44bc-a893-b4330d5a1704","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":16,"box":{"x":225,"y":824,"width":396,"height":12}},{"id":"40bc8fe3-391e-42ca-ac06-d6f11b96a2d2","block_type":"box","text":"1⁄","page_number":16,"box":{"x":622,"y":825,"width":6,"height":5}},{"id":"f6a205d2-6c91-4b45-bc1f-528e783ee363","block_type":"box","text":"1⁄3","page_number":16,"box":{"x":626,"y":825,"width":8,"height":8}},{"id":"2a1b66ff-9520-4df4-b08c-b2cca1fc7507","block_type":"box","text":"⁄3","page_number":16,"box":{"x":632,"y":828,"width":6,"height":5}},{"id":"c1af95d3-bf12-492f-9f59-615fcbe86fdb","block_type":"box","text":"% of its total assets to financial","page_number":16,"box":{"x":639,"y":824,"width":231,"height":10}},{"id":"c4f9e67a-7542-43d3-96f5-a323662caa30","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":16,"box":{"x":82,"y":839,"width":748,"height":12}},{"id":"47faf979-42af-4d78-9074-9705c99b377e","block_type":"box","text":"Short Sales","page_number":16,"box":{"x":81,"y":859,"width":87,"height":9}},{"id":"6800ad0b-8073-4eda-a09a-6283e2cf36dc","block_type":"box","text":"— The Fund may engage in short sales of securities, either as a hedge against potential declines in","page_number":16,"box":{"x":173,"y":859,"width":734,"height":12}},{"id":"64564376-b7a0-48da-8f52-07d9ef9254fe","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":16,"box":{"x":80,"y":874,"width":846,"height":11}},{"id":"db1c1bd1-f425-46c6-b653-e000e675b85f","block_type":"box","text":"A short sale is a transaction in which the Fund sells securities borrowed from others with the expectation that the","page_number":16,"box":{"x":81,"y":889,"width":836,"height":11}},{"id":"0b4c9f7a-feeb-40e6-87ca-a196a44d9dcd","block_type":"box","text":"price of the security will fall before the Fund must purchase the security to return it to the lender. The Fund will not","page_number":16,"box":{"x":82,"y":904,"width":839,"height":11}},{"id":"e2eeb530-4fe5-42e4-a2b6-d16c09fe872f","block_type":"box","text":"make a short sale if, after giving effect to such sale, the market value of all securities sold short exceeds 10% of","page_number":16,"box":{"x":82,"y":918,"width":834,"height":12}},{"id":"58564701-00bb-45e9-be3f-89ea95718e59","block_type":"box","text":"14","page_number":16,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2e9b6437-cb21-4c07-b123-1de5fbb04366","block_type":"box","text":"NM1026U-5982658-16/54","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b8f5d235-60bd-4ff2-93a6-98646066208a","block_type":"box","text":"the value of its total assets. The Fund also may make short sales “against the box” without limitation. In this type","page_number":17,"box":{"x":80,"y":46,"width":840,"height":11}},{"id":"b6333cbf-4265-41c9-acf0-315397aa911f","block_type":"box","text":"of short sale, at the time of the sale, the Fund owns or has the immediate and unconditional right to acquire the","page_number":17,"box":{"x":81,"y":60,"width":826,"height":12}},{"id":"855d4f60-86f1-411b-9836-573221108720","block_type":"box","text":"identical security at no additional cost.","page_number":17,"box":{"x":82,"y":76,"width":281,"height":11}},{"id":"93e2e4d7-1749-4c6d-bc0e-cbacf3de280f","block_type":"box","text":"Short-Term Securities","page_number":17,"box":{"x":81,"y":95,"width":163,"height":9}},{"id":"ae3d7071-e69e-4b59-a17c-eec823f99416","block_type":"box","text":"—","page_number":17,"box":{"x":248,"y":100,"width":17,"height":2}},{"id":"a0caffb8-acd6-48ce-9c80-b1ce0f062048","block_type":"box","text":"The Fund may invest in money market securities or commercial paper.","page_number":17,"box":{"x":270,"y":96,"width":513,"height":11}},{"id":"f07624c0-0155-4da8-9768-cdab1b84802d","block_type":"box","text":"Temporary Defensive Strategies","page_number":17,"box":{"x":82,"y":115,"width":238,"height":12}},{"id":"8622eecd-4978-4dd6-b0b8-b4c2a24129ae","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":17,"box":{"x":325,"y":115,"width":600,"height":12}},{"id":"d83d36f2-c805-4d31-938a-4e8a06a84c3c","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":17,"box":{"x":81,"y":130,"width":802,"height":12}},{"id":"9b811379-509d-45f1-9da4-349217d9f4e0","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":17,"box":{"x":82,"y":145,"width":833,"height":11}},{"id":"61cff5d6-9017-4af1-977f-60ea97938a95","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":17,"box":{"x":81,"y":160,"width":796,"height":11}},{"id":"3a85175f-d670-4353-b11c-17e666c33b65","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":17,"box":{"x":81,"y":175,"width":802,"height":11}},{"id":"795fea7f-7244-4f68-bf58-9ce1020f3c0a","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed-income","page_number":17,"box":{"x":82,"y":189,"width":777,"height":12}},{"id":"a945e119-d097-4c77-861a-8c8048c7eacb","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":17,"box":{"x":81,"y":204,"width":781,"height":12}},{"id":"e38b0fc1-ba53-4bb1-8ed5-c686a5661036","block_type":"box","text":"Warrants","page_number":17,"box":{"x":83,"y":224,"width":66,"height":9}},{"id":"261b0550-9274-46b0-81a9-edca49b511c2","block_type":"box","text":"— The Fund may invest in warrants, which are options to buy, directly from the issuer, a stated number of","page_number":17,"box":{"x":153,"y":224,"width":778,"height":12}},{"id":"e959aba7-17e7-4d60-8e7b-ebf5b2844bcd","block_type":"box","text":"shares of stock at a specified price anytime during the life of the warrant. Since a warrant does not carry with it the","page_number":17,"box":{"x":81,"y":239,"width":848,"height":12}},{"id":"4c940580-dffd-4aab-a8aa-25e64d278941","block_type":"box","text":"right to dividends or voting rights with respect to securities that the warrant holder is entitled to purchase, and","page_number":17,"box":{"x":82,"y":254,"width":809,"height":11}},{"id":"fbab82a2-a748-4e5e-ad70-be906987fc75","block_type":"box","text":"because it does not represent any rights to the assets of the issuer, a warrant may be considered more speculative","page_number":17,"box":{"x":81,"y":269,"width":850,"height":11}},{"id":"3bf25ba2-61b1-47b6-899c-f4224f2074ae","block_type":"box","text":"than certain other types of investments.","page_number":17,"box":{"x":80,"y":283,"width":294,"height":12}},{"id":"31a78dcb-122c-4534-b9a8-b950470f40b5","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":17,"box":{"x":83,"y":304,"width":545,"height":11}},{"id":"0edcff19-a503-498f-9967-d050077f6896","block_type":"box","text":"— The purchase or sale of securities on","page_number":17,"box":{"x":632,"y":303,"width":295,"height":12}},{"id":"858916a7-5522-4caf-bebd-20580d1aed2e","block_type":"box","text":"a when-issued basis or on a delayed delivery basis or through a forward commitment involves the purchase or sale","page_number":17,"box":{"x":81,"y":318,"width":845,"height":12}},{"id":"0f8d9062-55b9-497d-a022-25e185451cec","block_type":"box","text":"of securities by the Fund at an established price with payment and delivery taking place in the future. The Fund","page_number":17,"box":{"x":81,"y":333,"width":814,"height":12}},{"id":"2cd9491e-c17b-445c-91f7-a46010c88865","block_type":"box","text":"enters into these transactions to obtain what is considered an advantageous price to the Fund at the time of","page_number":17,"box":{"x":81,"y":348,"width":799,"height":12}},{"id":"4b1ecaf0-f4a9-49a5-8bcf-e34b2f450582","block_type":"box","text":"entering into the transaction.","page_number":17,"box":{"x":81,"y":363,"width":211,"height":11}},{"id":"0573f95b-e8fa-4434-b239-d120afce5a90","block_type":"box","text":"Zero Coupon Securities","page_number":17,"box":{"x":82,"y":383,"width":176,"height":11}},{"id":"85ac63fa-865b-4481-a0ad-02b444095f94","block_type":"box","text":"— The Fund may invest in zero coupon securities, which are securities that do not pay","page_number":17,"box":{"x":263,"y":383,"width":634,"height":11}},{"id":"db33f26c-6e8f-4649-9a36-539c8c1d50a4","block_type":"box","text":"interest during the life of the security but instead, are bought at a deep discount from their face value. When a zero","page_number":17,"box":{"x":82,"y":398,"width":846,"height":11}},{"id":"83aca5fe-9654-41b3-b57a-14033d571149","block_type":"box","text":"coupon security matures, the investor receives a lump sum payment equal to the face value of the bond (initial","page_number":17,"box":{"x":81,"y":412,"width":813,"height":12}},{"id":"751fc183-0e8d-4a93-bc46-4818195a783b","block_type":"box","text":"investment plus the imputed interest).","page_number":17,"box":{"x":82,"y":427,"width":278,"height":12}},{"id":"bed3066c-ba05-435d-90ad-a9d7cc1871d7","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT OF THE FUND","page_number":17,"box":{"x":296,"y":484,"width":405,"height":9}},{"id":"a61aa965-0a8f-4809-9aaa-362787ff6326","block_type":"box","text":"The Fund is managed by a team of financial professionals. Rick Rieder, Russell Brownback and Dylan Price are the","page_number":17,"box":{"x":70,"y":506,"width":842,"height":12}},{"id":"e1987297-66d3-4987-a614-2c277cb2fc2a","block_type":"box","text":"portfolio managers and are jointly and primarily responsible for the day-to-day management of the Fund. Please see","page_number":17,"box":{"x":72,"y":521,"width":845,"height":12}},{"id":"132f515d-9a40-40a9-ae3a-6dcb7b325341","block_type":"box","text":"“Management of the Fund — Portfolio Manager Information” for additional information about the portfolio","page_number":17,"box":{"x":72,"y":536,"width":775,"height":12}},{"id":"59292651-c9ae-4575-bc88-0d82573e80f1","block_type":"box","text":"management team.","page_number":17,"box":{"x":71,"y":552,"width":141,"height":11}},{"id":"d344b74f-b264-4e9c-abfe-f7ae01f38242","block_type":"box","text":"Investment Risks","page_number":17,"box":{"x":62,"y":603,"width":156,"height":11}},{"id":"9bdcdb8c-94c6-486e-8f7f-f652c96a1a05","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objectives and","page_number":17,"box":{"x":60,"y":629,"width":820,"height":12}},{"id":"f43160db-c79a-4d41-853e-f6d4c493d363","block_type":"box","text":"Policies” section in the SAI also includes more information about the Fund, its investments and the related risks. As","page_number":17,"box":{"x":61,"y":644,"width":854,"height":11}},{"id":"c086a8f7-7bec-4567-833b-163f032eed7b","block_type":"box","text":"with any fund, there can be no guarantee that the Fund will meet its investment objective or that the Fund’s","page_number":17,"box":{"x":60,"y":659,"width":789,"height":11}},{"id":"f6f337ab-bf1d-4c01-8291-451d6bd440fb","block_type":"box","text":"performance will be positive for any period of time. An investment in the Fund is not insured or guaranteed by the","page_number":17,"box":{"x":62,"y":673,"width":831,"height":12}},{"id":"a5f8b1a7-ac0d-43e0-a3a0-7da1b4b0c773","block_type":"box","text":"Federal Deposit Insurance Corporation or by any bank or governmental agency. The order of the below risk factors does","page_number":17,"box":{"x":62,"y":688,"width":873,"height":12}},{"id":"cc16bf56-cbf6-45dd-809d-cad70a1016e6","block_type":"box","text":"not indicate the significance of any particular risk factor.","page_number":17,"box":{"x":61,"y":703,"width":412,"height":12}},{"id":"f72868e9-25dd-4bb7-adb6-d2fc51ca619a","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":17,"box":{"x":61,"y":726,"width":322,"height":13}},{"id":"b319a35e-6bec-4d5b-9d47-459e5b833a27","block_type":"box","text":"Commodities Related Investments Risk","page_number":17,"box":{"x":81,"y":748,"width":298,"height":9}},{"id":"a7302c24-aef4-4f16-a6d8-e2935f598037","block_type":"box","text":"—","page_number":17,"box":{"x":384,"y":753,"width":17,"height":1}},{"id":"e354b4e4-e631-42a6-9837-ca6f7b0860cd","block_type":"box","text":"Exposure to the commodities markets may subject the Fund to greater","page_number":17,"box":{"x":406,"y":748,"width":517,"height":11}},{"id":"b4e67712-d608-4279-868a-6e528c517d9f","block_type":"box","text":"volatility than investments in traditional securities. The value of commodity-linked derivative investments may be","page_number":17,"box":{"x":80,"y":762,"width":824,"height":12}},{"id":"3cb37a79-5289-4b78-be64-5d93acbdc4a2","block_type":"box","text":"affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates, or","page_number":17,"box":{"x":81,"y":777,"width":849,"height":12}},{"id":"0ed02d30-b2d7-4bd2-98a5-1ae26264a55d","block_type":"box","text":"factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and","page_number":17,"box":{"x":81,"y":792,"width":804,"height":12}},{"id":"c835d912-fb8c-4b9f-8404-267548f19355","block_type":"box","text":"international economic, political and regulatory developments.","page_number":17,"box":{"x":82,"y":807,"width":455,"height":11}},{"id":"5d91256c-d7aa-49c3-93ca-4e11cf6ec50c","block_type":"box","text":"Corporate Loans Risk","page_number":17,"box":{"x":81,"y":827,"width":162,"height":11}},{"id":"9560696a-a2c4-4eda-a061-aaab0c750a5a","block_type":"box","text":"— Commercial banks and other financial institutions or institutional investors make corporate","page_number":17,"box":{"x":247,"y":827,"width":689,"height":11}},{"id":"d1ea1cdd-2510-4d5f-9775-c440e7c053a7","block_type":"box","text":"loans to companies that need capital to grow or restructure. Borrowers generally pay interest on corporate loans at","page_number":17,"box":{"x":82,"y":842,"width":845,"height":11}},{"id":"35d4b591-e354-426b-a070-d03edf425b94","block_type":"box","text":"rates that change in response to changes in market interest rates such as the Secured Overnight Financing Rate","page_number":17,"box":{"x":82,"y":857,"width":827,"height":11}},{"id":"faf9f5d1-ecf8-4473-a8f5-d6df23b93039","block_type":"box","text":"(“SOFR”) or the prime rates of U.S. banks. As a result, the value of corporate loan investments is generally less","page_number":17,"box":{"x":81,"y":871,"width":821,"height":12}},{"id":"16570d33-fcb4-4072-8548-e1bed58d18fd","block_type":"box","text":"exposed to the adverse effects of shifts in market interest rates than investments that pay a fixed rate of interest.","page_number":17,"box":{"x":81,"y":886,"width":840,"height":12}},{"id":"6746d400-cc0b-48b0-b536-52957b108cf9","block_type":"box","text":"However, because the trading market for certain corporate loans may be less developed than the secondary market","page_number":17,"box":{"x":82,"y":901,"width":850,"height":12}},{"id":"505341df-5117-468d-bb4e-ba107f5296d1","block_type":"box","text":"for bonds and notes, the Fund may experience difficulties in selling its corporate loans. Transactions in corporate","page_number":17,"box":{"x":81,"y":916,"width":831,"height":11}},{"id":"27441cac-6c3f-468b-bf8c-a49b64ad07c9","block_type":"box","text":"15","page_number":17,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"f0ec9c7f-4a33-4ecd-928c-38a124889d21","block_type":"box","text":"NM1026U-5982658-17/54","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5cb43559-9931-4c78-ba85-756e017f45fe","block_type":"box","text":"loans may settle on a delayed basis. As a result, the proceeds from the sale of corporate loans may not be readily","page_number":18,"box":{"x":82,"y":46,"width":841,"height":11}},{"id":"5f99b528-767b-41d4-b8e8-3ac554bf1a64","block_type":"box","text":"available to make additional investments or to meet the Fund’s redemption obligations. To the extent the extended","page_number":18,"box":{"x":81,"y":61,"width":843,"height":11}},{"id":"3ef4f981-67af-4256-95cd-d34f5f158cdc","block_type":"box","text":"settlement process gives rise to short-term liquidity needs, the Fund may hold additional cash, sell investments or","page_number":18,"box":{"x":81,"y":76,"width":841,"height":11}},{"id":"60e607de-96eb-4131-a5e7-8409d8fa7694","block_type":"box","text":"temporarily borrow from banks and other lenders. Leading financial institutions often act as agent for a broader","page_number":18,"box":{"x":80,"y":90,"width":819,"height":12}},{"id":"83adfa95-9b03-4dc9-b848-71cbfd4a66c2","block_type":"box","text":"group of lenders, generally referred to as a syndicate. The syndicate’s agent arranges the corporate loans, holds","page_number":18,"box":{"x":81,"y":105,"width":827,"height":12}},{"id":"f3314592-f214-4dd5-904c-8857be92b1b6","block_type":"box","text":"collateral and accepts payments of principal and interest. If the agent develops financial problems, the Fund may","page_number":18,"box":{"x":81,"y":120,"width":831,"height":11}},{"id":"1af6347c-f90e-4707-b043-b759f8eca70e","block_type":"box","text":"not recover its investment or recovery may be delayed. By investing in a corporate loan, the Fund may become a","page_number":18,"box":{"x":82,"y":135,"width":822,"height":11}},{"id":"ee883c91-5948-4018-8c04-b89f2dbe69d7","block_type":"box","text":"member of the syndicate.","page_number":18,"box":{"x":82,"y":149,"width":184,"height":12}},{"id":"8a4b31a0-ac93-4110-b3c3-7ef13ce2e1d4","block_type":"box","text":"The market for corporate loans may be subject to irregular trading activity and wide bid/ask spreads.","page_number":18,"box":{"x":81,"y":172,"width":739,"height":12}},{"id":"86f7eb75-b017-48d0-b2e4-e45840241fef","block_type":"box","text":"The corporate loans in which the Fund invests are subject to the risk of loss of principal and income. Although","page_number":18,"box":{"x":81,"y":195,"width":806,"height":11}},{"id":"0a84ddad-6716-454e-9420-6bd23614f75e","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":18,"box":{"x":81,"y":209,"width":852,"height":12}},{"id":"df3e7a60-dad0-4e37-be59-2988034a8891","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":18,"box":{"x":82,"y":224,"width":827,"height":12}},{"id":"1aa80322-1714-45c6-9968-1839a5655842","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit the","page_number":18,"box":{"x":81,"y":239,"width":847,"height":11}},{"id":"b9aa408f-509c-400b-81e2-77748a34ac1c","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":18,"box":{"x":82,"y":254,"width":852,"height":11}},{"id":"6e9708b6-4b7b-44d7-8876-86e046d07743","block_type":"box","text":"a bankruptcy, the holder of a corporate loan may not recover its principal, may experience a long delay in recovering","page_number":18,"box":{"x":81,"y":269,"width":849,"height":11}},{"id":"a59215ca-81f4-42c6-a9db-60dd3ad94b2b","block_type":"box","text":"its investment and may not receive interest during the delay.","page_number":18,"box":{"x":82,"y":284,"width":441,"height":11}},{"id":"b974a754-c17d-4694-80f4-dd2294ad856b","block_type":"box","text":"Debt Securities Risk","page_number":18,"box":{"x":81,"y":304,"width":155,"height":9}},{"id":"4c7006bf-920a-4e29-bc0e-e5bfbb4f0d93","block_type":"box","text":"— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk,","page_number":18,"box":{"x":240,"y":304,"width":633,"height":10}},{"id":"afc64cb5-cc72-476a-a8af-9209013fa3d9","block_type":"box","text":"extension risk, and prepayment risk, each of which is described in further detail below:","page_number":18,"box":{"x":81,"y":318,"width":637,"height":12}},{"id":"e28e4e1c-d625-4178-a28e-bd7f34ed637c","block_type":"box","text":"Credit Risk","page_number":18,"box":{"x":82,"y":341,"width":80,"height":9}},{"id":"4a7e807f-21e0-41c0-85ee-7d094783272c","block_type":"box","text":"— Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be","page_number":18,"box":{"x":166,"y":341,"width":737,"height":11}},{"id":"6d9452d1-36cb-4d41-adf6-33d950c9c762","block_type":"box","text":"able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s","page_number":18,"box":{"x":81,"y":356,"width":816,"height":11}},{"id":"176766f4-6be8-4102-af64-f65f3fb6c570","block_type":"box","text":"perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The","page_number":18,"box":{"x":82,"y":370,"width":826,"height":12}},{"id":"10c0a485-7621-4fae-a21c-30b6d903a11d","block_type":"box","text":"degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.","page_number":18,"box":{"x":81,"y":385,"width":777,"height":12}},{"id":"f3dbcea5-2ed6-4660-b8fe-25810684aba5","block_type":"box","text":"Interest Rate Risk","page_number":18,"box":{"x":82,"y":408,"width":132,"height":9}},{"id":"f73dab82-98ce-4a37-8567-94bc148fa20f","block_type":"box","text":"— The market value of bonds and other fixed-income securities changes in response to interest","page_number":18,"box":{"x":218,"y":408,"width":704,"height":11}},{"id":"52b2b2e3-9895-4ec1-9521-4bc91266a61e","block_type":"box","text":"rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities","page_number":18,"box":{"x":82,"y":423,"width":835,"height":11}},{"id":"15588dd7-0963-4365-a726-f78a024e703e","block_type":"box","text":"will increase as interest rates fall and decrease as interest rates rise.","page_number":18,"box":{"x":80,"y":438,"width":513,"height":9}},{"id":"14a232bd-9b82-45b1-b470-cbde14284607","block_type":"box","text":"The Fund may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For","page_number":18,"box":{"x":81,"y":460,"width":855,"height":12}},{"id":"3cc7f654-cc93-4929-ae32-e6670ba81835","block_type":"box","text":"example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors","page_number":18,"box":{"x":81,"y":475,"width":834,"height":11}},{"id":"43e6c0a7-5cf9-4387-9d5d-7dd97a5eb60d","block_type":"box","text":"being equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of","page_number":18,"box":{"x":81,"y":490,"width":849,"height":11}},{"id":"953b5120-bf81-4841-b457-5b91b8d91977","block_type":"box","text":"the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates). The","page_number":18,"box":{"x":80,"y":505,"width":803,"height":11}},{"id":"e94cdb85-78a6-4d9a-a20f-3f3848466725","block_type":"box","text":"magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater","page_number":18,"box":{"x":82,"y":519,"width":838,"height":12}},{"id":"29320e7e-5e1c-423e-b42e-968e95d98076","block_type":"box","text":"for those securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect","page_number":18,"box":{"x":81,"y":534,"width":849,"height":12}},{"id":"29afe9a0-3296-4f42-a204-294042d0359f","block_type":"box","text":"interest income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset","page_number":18,"box":{"x":82,"y":549,"width":833,"height":11}},{"id":"2d2e095e-6d32-4ef3-9bef-28d6b8860f43","block_type":"box","text":"value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by","page_number":18,"box":{"x":80,"y":564,"width":852,"height":11}},{"id":"122652fb-284d-4c56-a864-d0cda8270006","block_type":"box","text":"Fund management.","page_number":18,"box":{"x":82,"y":579,"width":138,"height":11}},{"id":"56f7feba-505d-4167-a5fe-0e7b87d99fc8","block_type":"box","text":"To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage","page_number":18,"box":{"x":81,"y":601,"width":852,"height":12}},{"id":"f8f6f664-17a5-486f-8410-18736177dd83","block_type":"box","text":"backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of","page_number":18,"box":{"x":81,"y":616,"width":840,"height":12}},{"id":"2f366549-0461-4690-adeb-6c1c0c6b9c66","block_type":"box","text":"the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset","page_number":18,"box":{"x":80,"y":631,"width":834,"height":11}},{"id":"45588313-6e6f-4bb2-a35a-f4ea1aa98c33","block_type":"box","text":"only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be","page_number":18,"box":{"x":81,"y":646,"width":803,"height":11}},{"id":"3afc4a28-13ef-42bb-9f9f-81779d89ec21","block_type":"box","text":"expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate","page_number":18,"box":{"x":81,"y":661,"width":839,"height":11}},{"id":"4f4d62b5-ca0e-4655-a41a-80a7c67841ec","block_type":"box","text":"debt securities.","page_number":18,"box":{"x":81,"y":676,"width":112,"height":9}},{"id":"e149ce59-3367-455c-a047-b9433274cd2b","block_type":"box","text":"These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith","page_number":18,"box":{"x":81,"y":698,"width":839,"height":11}},{"id":"6256c87d-aefc-4649-8c6a-f15fddca2fbd","block_type":"box","text":"and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not","page_number":18,"box":{"x":81,"y":713,"width":839,"height":11}},{"id":"a4d364f3-fbb0-4486-ad97-4c1eed7eb7bb","block_type":"box","text":"its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in","page_number":18,"box":{"x":82,"y":728,"width":831,"height":11}},{"id":"1c46c9cf-1543-463c-a437-85fb960eeb24","block_type":"box","text":"value when interest rates change.","page_number":18,"box":{"x":80,"y":743,"width":248,"height":11}},{"id":"2b0996c1-577b-409f-8ada-94a04e9b8adc","block_type":"box","text":"Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and","page_number":18,"box":{"x":81,"y":765,"width":842,"height":12}},{"id":"e029be42-e2a5-418b-8cab-b77e73658a94","block_type":"box","text":"could negatively impact the Fund’s performance. A general rise in interest rates has the potential to cause investors","page_number":18,"box":{"x":81,"y":780,"width":855,"height":11}},{"id":"6b64f62d-9279-401b-ac24-a94dbc7a4e5f","block_type":"box","text":"to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that","page_number":18,"box":{"x":80,"y":795,"width":828,"height":11}},{"id":"d7332a72-38d0-4219-b594-2df10e35799a","block_type":"box","text":"hold large amounts of fixed-income securities. Heavy redemptions could cause the Fund to sell assets at","page_number":18,"box":{"x":82,"y":809,"width":770,"height":12}},{"id":"fa06a45e-978c-4f66-9448-05be34af26af","block_type":"box","text":"inopportune times or at a loss or depressed value and could hurt the Fund’s performance.","page_number":18,"box":{"x":82,"y":824,"width":665,"height":12}},{"id":"47b4b58d-c9c2-4321-8b88-5759aece2cb7","block_type":"box","text":"During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Certain","page_number":18,"box":{"x":82,"y":847,"width":836,"height":11}},{"id":"aa59abe1-4807-46cc-8045-f59f06de2c5c","block_type":"box","text":"countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or","page_number":18,"box":{"x":81,"y":862,"width":793,"height":11}},{"id":"5bc48261-95e8-4e59-93e1-6e40d1e70e75","block_type":"box","text":"negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero,","page_number":18,"box":{"x":82,"y":876,"width":834,"height":12}},{"id":"7f4c4811-2d45-4b06-8725-a50b27cefa5d","block_type":"box","text":"may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund","page_number":18,"box":{"x":82,"y":891,"width":831,"height":12}},{"id":"e48cecc7-29f7-40c8-aa30-c733989692e1","block_type":"box","text":"performance to the extent the Fund is exposed to such interest rates.","page_number":18,"box":{"x":82,"y":906,"width":511,"height":11}},{"id":"0c9862c5-e792-439e-9d8d-d2fb6341279a","block_type":"box","text":"16","page_number":18,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"779e74c4-aab8-4d38-aca3-df17e237cebf","block_type":"box","text":"NM1026U-5982658-18/54","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6a569ca6-8e4e-48c1-a3f8-aab94d7baaf8","block_type":"box","text":"Extension Risk","page_number":19,"box":{"x":82,"y":46,"width":107,"height":9}},{"id":"82bebc68-4382-4663-9c6e-f64704815024","block_type":"box","text":"— When interest rates rise, certain obligations will be paid off by the obligor more slowly than","page_number":19,"box":{"x":193,"y":46,"width":691,"height":11}},{"id":"88a5c851-3a73-4c64-a617-cf54d6e4ff56","block_type":"box","text":"anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of","page_number":19,"box":{"x":81,"y":60,"width":800,"height":12}},{"id":"3952203d-8b70-4910-9e53-d9d58c3acb09","block_type":"box","text":"securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally","page_number":19,"box":{"x":81,"y":75,"width":832,"height":12}},{"id":"7f17681a-5050-4806-bdcd-fc8665b13bbf","block_type":"box","text":"changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising","page_number":19,"box":{"x":81,"y":90,"width":855,"height":12}},{"id":"5232c1d5-c2ba-4feb-9596-0c171dd5aae6","block_type":"box","text":"interest rates, securities may exhibit additional volatility and may lose value.","page_number":19,"box":{"x":82,"y":105,"width":559,"height":11}},{"id":"ca1479db-1a4e-40c4-933b-9f7b212e758a","block_type":"box","text":"Prepayment Risk","page_number":19,"box":{"x":81,"y":128,"width":124,"height":11}},{"id":"51ca0137-8768-46d5-9863-1ed78c5ced3f","block_type":"box","text":"— When interest rates fall, certain obligations will be paid off by the obligor more quickly than","page_number":19,"box":{"x":209,"y":127,"width":691,"height":12}},{"id":"8efa9772-5110-47d9-83e3-491725f7287c","block_type":"box","text":"originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. In periods of","page_number":19,"box":{"x":81,"y":142,"width":823,"height":12}},{"id":"8a95b8a0-d9b4-47d1-827f-9d48bb568c1e","block_type":"box","text":"falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are","page_number":19,"box":{"x":81,"y":157,"width":793,"height":12}},{"id":"845e0d6d-9b4d-4ea8-aba8-324296358398","block_type":"box","text":"motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment","page_number":19,"box":{"x":82,"y":172,"width":830,"height":12}},{"id":"b8d900ce-a319-4612-af64-01dc03483846","block_type":"box","text":"proceeds by the management team will generally be at lower rates of return than the return on the assets that were","page_number":19,"box":{"x":82,"y":187,"width":849,"height":11}},{"id":"24dd429f-a8b8-479d-8c7c-9297d0ebb16c","block_type":"box","text":"prepaid. Prepayment reduces the yield to maturity and the average life of the security.","page_number":19,"box":{"x":82,"y":202,"width":627,"height":11}},{"id":"fc879a2e-0ca8-4e39-ae62-b6efbb94fc48","block_type":"box","text":"Derivatives Risk","page_number":19,"box":{"x":81,"y":222,"width":123,"height":9}},{"id":"e7c5cecf-4d4b-4188-823a-f1361d4a698f","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":19,"box":{"x":207,"y":222,"width":664,"height":11}},{"id":"711ca01b-c8e6-4af1-baa7-0fd3b22fb309","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":19,"box":{"x":82,"y":236,"width":469,"height":12}},{"id":"e095e3a2-b920-4e46-a143-d7d5b066407f","block_type":"box","text":"Leverage Risk","page_number":19,"box":{"x":82,"y":259,"width":102,"height":12}},{"id":"a200e124-c96a-465d-b018-e94c1956a434","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":19,"box":{"x":188,"y":259,"width":723,"height":12}},{"id":"4539a2a9-6589-4c11-9ebf-f6b73953f1e0","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":19,"box":{"x":82,"y":274,"width":832,"height":11}},{"id":"dd95a13d-ca56-4487-ad60-9c717eb7658b","block_type":"box","text":"exceed the amount originally invested.","page_number":19,"box":{"x":81,"y":289,"width":280,"height":11}},{"id":"700934a0-3872-4478-8b67-8b51316a17ea","block_type":"box","text":"Market Risk","page_number":19,"box":{"x":82,"y":311,"width":87,"height":9}},{"id":"075b6cab-898b-4d85-99af-896cc413d7bd","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":19,"box":{"x":173,"y":311,"width":728,"height":12}},{"id":"5e9a0003-b153-4b22-9953-c4f51838b0da","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":19,"box":{"x":81,"y":326,"width":834,"height":11}},{"id":"aadceabc-5379-4239-910a-a5b0452a2c1b","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":19,"box":{"x":82,"y":341,"width":832,"height":11}},{"id":"8e98181b-3618-42ea-a9bd-9688fdf5de69","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":19,"box":{"x":80,"y":356,"width":779,"height":11}},{"id":"4f70c55b-9661-49fd-9bdf-31bd7d02efd5","block_type":"box","text":"derivatives positions to lose value.","page_number":19,"box":{"x":81,"y":371,"width":253,"height":11}},{"id":"718c26e9-a7e1-4120-afc6-b3023888f3e6","block_type":"box","text":"Counterpar ty Risk","page_number":19,"box":{"x":82,"y":393,"width":131,"height":11}},{"id":"98037185-6454-4ccc-8577-2905aac2d682","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":393,"width":697,"height":11}},{"id":"95840f60-01df-4ee4-ab4a-120c9da61dfb","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":408,"width":855,"height":11}},{"id":"5d5b0632-a43f-4e12-b320-853677e54931","block_type":"box","text":"exposure to such a counterparty.","page_number":19,"box":{"x":81,"y":423,"width":240,"height":11}},{"id":"e3441df8-329c-4679-9b08-2f3b4b6f47c7","block_type":"box","text":"Illiquidity Risk","page_number":19,"box":{"x":82,"y":446,"width":100,"height":11}},{"id":"42c5088f-ce9c-4a36-8216-44e0ae21997a","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":186,"y":445,"width":750,"height":12}},{"id":"67da9277-c23b-4472-b30a-948bfc4f9e69","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":460,"width":839,"height":11}},{"id":"e2ffa448-c694-4f8d-839f-fb55b3b25fde","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":19,"box":{"x":81,"y":475,"width":293,"height":11}},{"id":"bd9b1299-fc97-46ea-b4b5-c07061f72fef","block_type":"box","text":"Operational Risk","page_number":19,"box":{"x":82,"y":498,"width":120,"height":11}},{"id":"392a260a-ce13-46d1-bf42-d75090e747b9","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":19,"box":{"x":206,"y":497,"width":727,"height":12}},{"id":"94a24505-260c-4499-b804-ef3bf821c240","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":19,"box":{"x":82,"y":512,"width":607,"height":12}},{"id":"441f9605-b499-415b-90d1-7beb6aa55e3c","block_type":"box","text":"Legal Risk","page_number":19,"box":{"x":82,"y":535,"width":75,"height":11}},{"id":"b7450dbf-62f6-438b-9cfe-fdec90e8a784","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":19,"box":{"x":161,"y":535,"width":761,"height":11}},{"id":"fd86cda8-2745-455a-9b5d-cbc1694f78e0","block_type":"box","text":"enforceability of a contract.","page_number":19,"box":{"x":81,"y":550,"width":198,"height":11}},{"id":"86cd1761-09a4-4e07-96f8-cf3e50e2817e","block_type":"box","text":"Volatility and Correlation Risk","page_number":19,"box":{"x":83,"y":572,"width":214,"height":12}},{"id":"2041e910-c888-4087-8a49-9b6696e959fe","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":572,"width":590,"height":12}},{"id":"2b1b23f3-cdf2-4230-8b60-979e5fee0c8c","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":587,"width":855,"height":12}},{"id":"9f61aa4d-38b6-44d4-9684-f5404dc57b47","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":602,"width":820,"height":11}},{"id":"f09e421d-cd83-43ac-9b15-d69d56c3f473","block_type":"box","text":"correlate with the overall securities markets.","page_number":19,"box":{"x":81,"y":617,"width":326,"height":9}},{"id":"5d0ac836-cce4-4ffc-8fdd-38640ec6fd81","block_type":"box","text":"Valuation Risk","page_number":19,"box":{"x":83,"y":640,"width":102,"height":9}},{"id":"c7989349-fba9-441b-80ad-123d285beb0b","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":639,"width":747,"height":12}},{"id":"8ce2d280-f4b0-4990-85cc-8c4e3fc03a96","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":654,"width":783,"height":12}},{"id":"b770f4b1-07de-4c9d-a425-114ec466a6ff","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":669,"width":837,"height":12}},{"id":"956beb38-7d75-43e3-81cb-464e9257cf01","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":684,"width":826,"height":11}},{"id":"af215026-d65e-436d-9290-88bacff69b05","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":19,"box":{"x":80,"y":699,"width":405,"height":11}},{"id":"d55ec9c7-0956-4296-8cdb-2d74a9a65530","block_type":"box","text":"Hedging Risk","page_number":19,"box":{"x":82,"y":721,"width":95,"height":12}},{"id":"22cc1797-3ad0-455c-b3c3-d3f39cb4a68d","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":721,"width":752,"height":12}},{"id":"33eb72b0-34f1-461c-87ec-e844a35ee08f","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":736,"width":820,"height":12}},{"id":"a00570c9-4335-49aa-b6a3-e61f7d0b90ff","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":751,"width":823,"height":11}},{"id":"402a0c0b-213f-427e-b19c-253b0e3750d9","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":766,"width":813,"height":11}},{"id":"58655121-29b8-4365-a6ab-2cfd3dd28cf2","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":780,"width":832,"height":12}},{"id":"a2d17e46-bf93-42c5-bcc6-c2a6f0565086","block_type":"box","text":"noted below.","page_number":19,"box":{"x":82,"y":796,"width":90,"height":9}},{"id":"97440d78-15ff-46b3-8a64-d1bd068cba55","block_type":"box","text":"Tax Risk","page_number":19,"box":{"x":83,"y":818,"width":59,"height":9}},{"id":"612bfa9e-1514-490c-b9c6-f6f1369899db","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":145,"y":818,"width":766,"height":11}},{"id":"906b5491-6597-4d42-ba40-69ba49622736","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":833,"width":826,"height":11}},{"id":"987db938-075e-4697-a6c9-8b2aa6a6e208","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":847,"width":846,"height":12}},{"id":"eb2b86ac-cab5-4a7c-a9b1-ed80c67b8c87","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":862,"width":817,"height":12}},{"id":"13b8c7da-ca07-46fd-bc62-8c361e441e12","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":877,"width":835,"height":11}},{"id":"003afce2-c220-48d6-a44c-7eac6dfdb08d","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":892,"width":840,"height":11}},{"id":"60cd3b0c-150e-4445-842c-3327d846b4de","block_type":"box","text":"17","page_number":19,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"8167f969-a00c-4f08-b86e-b91311a2d552","block_type":"box","text":"NM1026U-5982658-19/54","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0e296755-f175-4488-9496-acaf781a9c00","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":20,"box":{"x":81,"y":46,"width":750,"height":11}},{"id":"fc0705d9-01d7-4458-86bb-9cdf54e2c53e","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":20,"box":{"x":81,"y":61,"width":611,"height":11}},{"id":"c7dbb114-f05e-4a5c-843e-62f62a9147ea","block_type":"box","text":"Regulatory Risk","page_number":20,"box":{"x":82,"y":83,"width":115,"height":12}},{"id":"cea67b28-23e5-44ee-9efb-10f3ab259d2c","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":20,"box":{"x":201,"y":83,"width":688,"height":12}},{"id":"d674d185-a269-4c9a-9efb-33228f453fef","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":20,"box":{"x":81,"y":98,"width":851,"height":11}},{"id":"444f5c8e-3812-4a45-b046-8445d89fc388","block_type":"box","text":"and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are","page_number":20,"box":{"x":81,"y":113,"width":811,"height":11}},{"id":"dd6535f2-606c-4162-90e5-6d92a71be277","block_type":"box","text":"required to collect variation margin from the Fund and may be required by applicable regulations to collect initial","page_number":20,"box":{"x":82,"y":127,"width":820,"height":12}},{"id":"4aab9ae2-7ab4-4d6f-945a-0f657b0fcd15","block_type":"box","text":"margin from the Fund. Both initial and variation margin may be comprised of cash and/or securities, subject to","page_number":20,"box":{"x":82,"y":142,"width":812,"height":12}},{"id":"7e08bacd-9800-4a0b-a830-6f25d794bf44","block_type":"box","text":"applicable regulatory haircuts. Shares of investment companies (other than certain money market funds) may not","page_number":20,"box":{"x":81,"y":157,"width":835,"height":12}},{"id":"9d808cff-8c89-485a-9cf7-0f741ce4219d","block_type":"box","text":"be posted as collateral under applicable regulations. In addition, regulations adopted by global prudential regulators","page_number":20,"box":{"x":81,"y":172,"width":852,"height":12}},{"id":"ac353a31-0027-45c1-ac4b-cde9de9387f9","block_type":"box","text":"that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in","page_number":20,"box":{"x":80,"y":187,"width":807,"height":11}},{"id":"ecae461e-482f-4322-b6bd-107a3a8c61a9","block_type":"box","text":"certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of","page_number":20,"box":{"x":81,"y":202,"width":767,"height":11}},{"id":"75381215-c5c4-4fd0-a97f-d2a06b6f527c","block_type":"box","text":"counterparties, such as the Fund, to terminate such contracts, foreclose upon collateral, exercise other default","page_number":20,"box":{"x":81,"y":216,"width":818,"height":12}},{"id":"78aad1d0-d761-4f83-b078-5459380cf6e1","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":20,"box":{"x":82,"y":231,"width":820,"height":12}},{"id":"269ec93d-c816-4f97-a8da-8b09012dbeb6","block_type":"box","text":"certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to","page_number":20,"box":{"x":81,"y":246,"width":824,"height":12}},{"id":"9ab0c4c7-4cba-4895-a495-1d581ee89aeb","block_type":"box","text":"derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of","page_number":20,"box":{"x":81,"y":261,"width":847,"height":11}},{"id":"bff58e68-b62c-4cc9-a34b-cadba0c82c10","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":20,"box":{"x":81,"y":276,"width":820,"height":11}},{"id":"6e4cbef4-baf0-41af-b8e9-89032de939f5","block_type":"box","text":"may affect returns to investors in the Fund.","page_number":20,"box":{"x":82,"y":291,"width":316,"height":11}},{"id":"5282e889-9255-47c7-a13f-6bbcbbe09763","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":20,"box":{"x":82,"y":313,"width":823,"height":12}},{"id":"06e8785b-6ed5-4cd8-b644-e1ba53c30fd2","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":20,"box":{"x":82,"y":328,"width":827,"height":12}},{"id":"d36f4c0c-837c-471d-a20f-5b5c759438c5","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":20,"box":{"x":80,"y":343,"width":849,"height":11}},{"id":"774f098d-d272-4066-950b-0e6bab25c7b8","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":20,"box":{"x":81,"y":358,"width":846,"height":11}},{"id":"bbf5287f-8147-4c5d-812a-41f85affe732","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":20,"box":{"x":81,"y":372,"width":509,"height":12}},{"id":"72974e97-984e-4f34-b978-7fcd67228bc4","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":20,"box":{"x":82,"y":395,"width":399,"height":11}},{"id":"de8c0a71-0f69-430a-a8e3-f01ac2b3e2bc","block_type":"box","text":"Swaps","page_number":20,"box":{"x":102,"y":415,"width":47,"height":11}},{"id":"116a73db-60b4-4e76-a8e6-9ca988820aa7","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":20,"box":{"x":154,"y":415,"width":775,"height":12}},{"id":"54784032-9f33-418a-bbff-0c060e5db07d","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":20,"box":{"x":101,"y":430,"width":829,"height":11}},{"id":"72b9e23f-484d-4120-ab3c-4f37275036be","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":20,"box":{"x":101,"y":445,"width":807,"height":11}},{"id":"30a59d25-d50c-4f1d-9a93-fc7fb54c4d89","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":20,"box":{"x":102,"y":459,"width":811,"height":12}},{"id":"cac4de0e-5e21-4e0b-a0b7-c811f845a6fc","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":20,"box":{"x":101,"y":474,"width":820,"height":12}},{"id":"551e3eee-0781-4123-a80c-f81d14458968","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":20,"box":{"x":102,"y":489,"width":791,"height":12}},{"id":"d0a910e9-cb8f-42b1-9fc1-9ac1597624da","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":20,"box":{"x":101,"y":504,"width":789,"height":12}},{"id":"744d91dd-c381-479e-b180-983c9d2786a7","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":20,"box":{"x":101,"y":519,"width":796,"height":11}},{"id":"3f70d0c1-cc79-48f1-8aa5-4f48b35dac23","block_type":"box","text":"Credit Default Swaps","page_number":20,"box":{"x":102,"y":539,"width":153,"height":11}},{"id":"78a2e74a-4dd3-43c9-a1f7-6918d7f5fddb","block_type":"box","text":"— Credit default swaps may have as reference obligations one or more securities that are","page_number":20,"box":{"x":260,"y":539,"width":663,"height":11}},{"id":"6b0c2382-b9c1-4b80-a9c7-2df033652990","block_type":"box","text":"not currently held by the Fund. The protection “buyer” may be obligated to pay the protection “seller” an up-front","page_number":20,"box":{"x":102,"y":554,"width":825,"height":11}},{"id":"c5dcf463-d4ab-423c-8ad5-b36e81748355","block_type":"box","text":"payment or a periodic stream of payments over the term of the contract, provided generally that no credit event","page_number":20,"box":{"x":102,"y":568,"width":816,"height":12}},{"id":"66dd4893-ee7e-4cfa-97fa-2b9ca580ae4c","block_type":"box","text":"on a reference obligation has occurred. Credit default swaps involve special risks in addition to those mentioned","page_number":20,"box":{"x":101,"y":583,"width":827,"height":12}},{"id":"64003af5-a2f6-4179-ba5f-7baac9e6722e","block_type":"box","text":"above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and","page_number":20,"box":{"x":101,"y":598,"width":812,"height":12}},{"id":"e45c048c-1a7c-4fbe-b0b4-eeac60b9c307","block_type":"box","text":"generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer","page_number":20,"box":{"x":101,"y":613,"width":822,"height":11}},{"id":"e8c216a5-e681-4361-a41b-a96cc4597039","block_type":"box","text":"of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).","page_number":20,"box":{"x":101,"y":628,"width":758,"height":11}},{"id":"9b4c824a-189e-4435-93d8-81e65955ca76","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":20,"box":{"x":102,"y":648,"width":335,"height":11}},{"id":"608ae9dd-128f-4068-934b-cdec990e1ebf","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":20,"box":{"x":442,"y":648,"width":437,"height":11}},{"id":"918400cd-dda2-4d5b-bac1-b2076544ab37","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":20,"box":{"x":101,"y":662,"width":820,"height":12}},{"id":"554ab753-4753-43dd-8e09-127617980e8d","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":20,"box":{"x":101,"y":677,"width":801,"height":12}},{"id":"0629261b-6c62-4a0a-9426-1bd190803a36","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":20,"box":{"x":101,"y":692,"width":824,"height":12}},{"id":"18034dd7-3b24-48fd-9390-2e77df14f26e","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":20,"box":{"x":101,"y":707,"width":831,"height":12}},{"id":"9d2f8cdc-5736-42c6-9d4a-a2638ddf3979","block_type":"box","text":"Futures","page_number":20,"box":{"x":102,"y":727,"width":54,"height":9}},{"id":"4ad56ab4-5bf1-466f-a94f-2dac3fe0d06c","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":727,"width":765,"height":12}},{"id":"70273f07-efdd-4484-92b3-07d2f1515917","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":742,"width":786,"height":11}},{"id":"1c2c639d-155f-41fe-9a57-06919b3235dd","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between","page_number":20,"box":{"x":102,"y":757,"width":827,"height":11}},{"id":"af23be23-60c6-4e07-a06e-b7eb76181505","block_type":"box","text":"the change in market value of the instruments held by the Fund and the price of the futures contract or option;","page_number":20,"box":{"x":101,"y":771,"width":811,"height":12}},{"id":"72ecfb5b-1dc9-4f91-ac3d-413e176b488c","block_type":"box","text":"(b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a","page_number":20,"box":{"x":101,"y":786,"width":791,"height":12}},{"id":"47fe0157-4c33-45ba-836b-19909c1b6761","block_type":"box","text":"futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":20,"box":{"x":101,"y":801,"width":791,"height":12}},{"id":"e0c45961-8a1b-46b6-8e23-5517dc9b8d32","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":816,"width":793,"height":11}},{"id":"138e7c9f-e6fb-4e70-8e10-5137089d20c9","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":831,"width":787,"height":11}},{"id":"6973ed0f-6101-4f25-bd2f-b4eca2803872","block_type":"box","text":"default in the performance of its obligations.","page_number":20,"box":{"x":101,"y":846,"width":327,"height":11}},{"id":"935f0f36-f727-4094-a41b-13eedd94d1e3","block_type":"box","text":"Options","page_number":20,"box":{"x":102,"y":866,"width":55,"height":11}},{"id":"a0e80093-7a80-4ecd-8d7a-bfa6dbc7ea6f","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":20,"box":{"x":162,"y":866,"width":772,"height":11}},{"id":"749e8220-f1d9-4ca5-a4ef-ecdb4edc48dd","block_type":"box","text":"the right but not the obligation to buy (a “call option”) or sell (a “put option”) the underlying asset (or settle for","page_number":20,"box":{"x":101,"y":880,"width":812,"height":12}},{"id":"9012855f-ead8-430d-bf2b-698f74a884ff","block_type":"box","text":"cash in an amount based on an underlying asset, rate, or index) at a specified price (the “exercise price”) during","page_number":20,"box":{"x":101,"y":895,"width":827,"height":12}},{"id":"246c651a-00fd-4ea4-b8e1-dcab210d7589","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":20,"box":{"x":101,"y":910,"width":781,"height":11}},{"id":"d40784e3-3bd7-4dbd-a7d8-276646415e03","block_type":"box","text":"18","page_number":20,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"bd4cd3ba-c407-4b54-998c-e2985312d381","block_type":"box","text":"NM1026U-5982658-20/54","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a023e3d4-d0d9-490e-b1f1-2589f2849f82","block_type":"box","text":"purchases an option, it may lose the total premium paid for it if the price of the underlying security or other","page_number":21,"box":{"x":102,"y":46,"width":785,"height":11}},{"id":"1078a59c-33c1-45b1-9ae4-f3acd32bf9c6","block_type":"box","text":"assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case","page_number":21,"box":{"x":101,"y":60,"width":831,"height":12}},{"id":"50d50c67-c5e3-4c90-b755-6fd19f1144c4","block_type":"box","text":"of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price","page_number":21,"box":{"x":101,"y":75,"width":814,"height":12}},{"id":"e27e2af3-8ab6-4b27-8bb9-fb2d3320caf3","block_type":"box","text":"(in the case of a put option). If a put or call option purchased by the Fund were permitted to expire without being","page_number":21,"box":{"x":101,"y":90,"width":826,"height":12}},{"id":"e6a9c7e8-bce6-450c-af0b-26f652c2e9b8","block_type":"box","text":"sold or exercised, its premium would represent a loss to the Fund. To the extent that the Fund writes or sells an","page_number":21,"box":{"x":101,"y":105,"width":822,"height":11}},{"id":"2a5dd145-b12c-4eb4-8ed9-2ece88e9b3fe","block_type":"box","text":"option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the","page_number":21,"box":{"x":101,"y":120,"width":816,"height":11}},{"id":"3bb138d8-9c9e-4ba0-841d-d60db2d20554","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":21,"box":{"x":101,"y":135,"width":442,"height":11}},{"id":"dbe3418c-cc43-46e3-a3c3-75d8336909c3","block_type":"box","text":"Emerging Markets Risk","page_number":21,"box":{"x":81,"y":155,"width":178,"height":11}},{"id":"5e5c4e80-fd2d-4ff2-ba1b-362e51d7d1a7","block_type":"box","text":"— The risks of foreign investments are usually much greater for emerging markets.","page_number":21,"box":{"x":263,"y":155,"width":610,"height":11}},{"id":"ccfe3835-53cc-42c3-9429-c65c311b6637","block_type":"box","text":"Investments in emerging markets may be considered speculative. Emerging markets may include those in countries","page_number":21,"box":{"x":82,"y":170,"width":848,"height":11}},{"id":"e89bb393-c815-4554-a3a6-93a9c2e616dc","block_type":"box","text":"considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.","page_number":21,"box":{"x":81,"y":184,"width":842,"height":12}},{"id":"6a600d8b-76c2-4a17-8be2-84d667280ee0","block_type":"box","text":"Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never","page_number":21,"box":{"x":82,"y":199,"width":838,"height":12}},{"id":"673ffb5f-9e8d-44d8-a82b-9ccda22b686c","block_type":"box","text":"fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect","page_number":21,"box":{"x":81,"y":214,"width":825,"height":11}},{"id":"29d04021-7fda-43bb-8450-66ca1550cd7a","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":21,"box":{"x":82,"y":229,"width":847,"height":11}},{"id":"f3c495b9-cf34-4000-91ac-7b43c3aff429","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":21,"box":{"x":81,"y":244,"width":853,"height":11}},{"id":"e279e4b1-0a24-4f4a-8377-f20e502dd1df","block_type":"box","text":"changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few","page_number":21,"box":{"x":81,"y":258,"width":823,"height":12}},{"id":"49c4ec39-69c6-4909-aed1-cdeb5135e454","block_type":"box","text":"large investors. In addition, traditional measures of investment value used in the United States, such as price to","page_number":21,"box":{"x":82,"y":273,"width":825,"height":12}},{"id":"a92817f1-3cd1-4012-b05c-c4b108a529c8","block_type":"box","text":"earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about","page_number":21,"box":{"x":81,"y":288,"width":855,"height":12}},{"id":"b5a0ac47-896b-4453-b2ae-dc5dc50ee0d5","block_type":"box","text":"issuers in emerging markets than would be available about issuers in more developed capital markets, and such","page_number":21,"box":{"x":82,"y":303,"width":827,"height":11}},{"id":"d85081a7-1db8-42ad-9e8d-8752889c5189","block_type":"box","text":"issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable","page_number":21,"box":{"x":82,"y":318,"width":843,"height":11}},{"id":"511bfc98-bbfb-4bef-bdf8-c21382053cb5","block_type":"box","text":"to those to which U.S. companies are subject.","page_number":21,"box":{"x":80,"y":333,"width":339,"height":11}},{"id":"e2ded99c-89a6-4358-8893-a1f116860608","block_type":"box","text":"Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their","page_number":21,"box":{"x":82,"y":352,"width":802,"height":12}},{"id":"d4d75553-afdf-4c88-9df9-0875254662e7","block_type":"box","text":"governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign","page_number":21,"box":{"x":81,"y":367,"width":774,"height":12}},{"id":"5b0f5827-a20f-42c0-b63a-adc3a0a685ae","block_type":"box","text":"investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high","page_number":21,"box":{"x":82,"y":382,"width":830,"height":12}},{"id":"0306e025-00ec-4398-af0a-68d28e7700a9","block_type":"box","text":"rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have","page_number":21,"box":{"x":82,"y":397,"width":769,"height":12}},{"id":"c21db224-e1f1-4485-88c2-965a5a01acf4","block_type":"box","text":"expropriated substantial amounts of private property, and most claims of the property owners have never been fully","page_number":21,"box":{"x":81,"y":412,"width":849,"height":11}},{"id":"cdcfa05b-3299-4073-a30b-5ec319e71108","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":21,"box":{"x":81,"y":427,"width":820,"height":11}},{"id":"6d3b2eb4-2886-4a56-8254-3eb0058d20f4","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. Some countries have pervasive","page_number":21,"box":{"x":82,"y":441,"width":779,"height":12}},{"id":"dfb7811f-7aca-4f56-aac4-7aeeea8b7490","block_type":"box","text":"corruption and crime that may hinder investments. Certain emerging markets may also face other significant","page_number":21,"box":{"x":81,"y":456,"width":798,"height":12}},{"id":"704cf9f0-c3f7-4791-9de5-84fd5ea12ade","block_type":"box","text":"internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition,","page_number":21,"box":{"x":82,"y":471,"width":755,"height":12}},{"id":"ae6d26e0-479f-4226-b3a0-e4acf9febf9b","block_type":"box","text":"governments in many emerging market countries participate to a significant degree in their economies and","page_number":21,"box":{"x":81,"y":486,"width":783,"height":11}},{"id":"b35034ca-4e4d-4fc7-8f72-5c04b67bf02f","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":501,"width":839,"height":11}},{"id":"c4bd209d-b240-4a85-bef1-98835c9cfdfc","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":516,"width":827,"height":11}},{"id":"9cdb3985-ab09-424c-b933-612a0c73c9d0","block_type":"box","text":"interests.","page_number":21,"box":{"x":82,"y":531,"width":67,"height":9}},{"id":"b226d78a-1560-4721-8c12-ee8fefa7c286","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":550,"width":809,"height":12}},{"id":"b131c720-46bc-4edc-a462-567ea422b6f0","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":565,"width":783,"height":12}},{"id":"a2805084-7c9f-4b0d-8b4c-2cbdedaae646","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":580,"width":829,"height":11}},{"id":"968d2014-ae6d-4605-9772-515c3fe348b1","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":595,"width":818,"height":11}},{"id":"ac83bee6-ffb3-4ac0-a470-34a760899ccc","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":610,"width":833,"height":11}},{"id":"1be41959-afcb-428d-b79a-e0de51cb5b99","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":625,"width":803,"height":11}},{"id":"724f43f9-ae10-4318-88be-893d66936e63","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":639,"width":793,"height":12}},{"id":"0d5e28eb-8d14-4e60-aba3-fc9695ee9a17","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":654,"width":855,"height":12}},{"id":"9c034422-3b01-4bb5-8a4c-08a089cc4ea3","block_type":"box","text":"may significantly decrease the liquidity and value of the securities.","page_number":21,"box":{"x":82,"y":669,"width":485,"height":12}},{"id":"0eb48d4b-4e23-4f4c-b107-85e14b9e4f2e","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":689,"width":843,"height":11}},{"id":"add2ca0f-195e-498f-b98a-dcb7d40083bd","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":704,"width":790,"height":11}},{"id":"a15d8c5d-bc12-4e3f-bae9-fb4dc205fdeb","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":719,"width":823,"height":11}},{"id":"c5b345c4-54a3-46b8-b1b1-ac4d19998d66","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":733,"width":843,"height":12}},{"id":"9c69ea95-2315-4a9f-9eaa-1ad779294f9b","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":748,"width":845,"height":12}},{"id":"36628595-1af7-40a9-8b12-32647c185360","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":763,"width":837,"height":12}},{"id":"e0cb956b-a388-4ccb-ab77-69175b387325","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":778,"width":844,"height":11}},{"id":"dc04ad42-ed54-4cdc-9ba1-951bf9883714","block_type":"box","text":"the risk of delayed settlements or losses of security certificates.","page_number":21,"box":{"x":80,"y":793,"width":474,"height":11}},{"id":"e90e4db9-f2f9-4e4e-8935-9821babd6a36","block_type":"box","text":"Foreign Securities Risk","page_number":21,"box":{"x":81,"y":813,"width":176,"height":11}},{"id":"38584457-8602-4dad-b07b-85df344bbe21","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":21,"box":{"x":260,"y":813,"width":677,"height":11}},{"id":"7a76adf2-37a3-4f58-b3f7-33e1df8c254b","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":827,"width":827,"height":12}},{"id":"f4d57759-4b2b-46e2-a408-166c458658fd","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":842,"width":837,"height":12}},{"id":"5bc41da5-325f-47a8-9572-159854b9afa9","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":857,"width":849,"height":12}},{"id":"7a27e5fe-76cb-43ed-9df4-51144f495c38","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":872,"width":841,"height":12}},{"id":"daef979e-0e4d-4507-b0fa-4da8057713df","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":887,"width":716,"height":11}},{"id":"0c0aa39f-e84c-40b4-aade-c1ba992f964b","block_type":"box","text":"19","page_number":21,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"408569bf-9568-472a-84e7-b6a66e04fcea","block_type":"box","text":"NM1026U-5982658-21/54","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b0b9e8ae-3357-481e-9af8-a162bac7c3af","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":22,"box":{"x":82,"y":46,"width":468,"height":11}},{"id":"085d2af8-12d6-4bba-ac0a-dafb70f6570d","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":22,"box":{"x":555,"y":46,"width":358,"height":11}},{"id":"6b1940a3-b129-4dab-9617-159a629eac5f","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":22,"box":{"x":81,"y":60,"width":813,"height":12}},{"id":"2e6ae191-40be-4ca3-b3ff-3bfd9b6fba75","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":22,"box":{"x":82,"y":75,"width":791,"height":12}},{"id":"ec752a06-816a-43e3-9a19-3b16c51c1512","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":22,"box":{"x":81,"y":90,"width":818,"height":12}},{"id":"623bfab8-249a-4cee-9e78-1ec8fdaa9213","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":22,"box":{"x":81,"y":105,"width":833,"height":12}},{"id":"906e0730-8a13-470d-aa8a-e01ce545a005","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":22,"box":{"x":81,"y":120,"width":816,"height":11}},{"id":"4286132c-4bcd-4b08-a75b-f4c4e48fc998","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":22,"box":{"x":82,"y":135,"width":827,"height":11}},{"id":"432bde20-15f5-46b6-bbd8-b5683e615a34","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":22,"box":{"x":80,"y":149,"width":848,"height":12}},{"id":"f4690f15-6e3c-4a0f-a97b-fb4d20b4b086","block_type":"box","text":"United States.","page_number":22,"box":{"x":82,"y":164,"width":102,"height":9}},{"id":"9e7a7b41-7cfe-4b16-82e7-973930bbd09c","block_type":"box","text":"Currency Risk","page_number":22,"box":{"x":82,"y":184,"width":100,"height":12}},{"id":"7ce0b2c2-370c-4444-ba63-c443078bc69b","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":22,"box":{"x":186,"y":184,"width":706,"height":12}},{"id":"34abe4bf-52e4-4e60-8609-23adc295518e","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":22,"box":{"x":81,"y":199,"width":823,"height":12}},{"id":"5300582f-2c07-4e63-a6c3-16d27b4bba67","block_type":"box","text":"value of the Fund’s portfolio.","page_number":22,"box":{"x":80,"y":214,"width":211,"height":11}},{"id":"855d689c-19f9-4882-8f61-7a6c8651d596","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":22,"box":{"x":81,"y":234,"width":823,"height":11}},{"id":"e42afd82-36f6-47b2-9076-b52e7e637ab8","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":22,"box":{"x":82,"y":249,"width":834,"height":11}},{"id":"22148fd0-71ef-469f-baae-6e62cc0edf32","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":22,"box":{"x":81,"y":263,"width":846,"height":12}},{"id":"6c9578c2-9959-4c39-919e-e6b4f27fa54c","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":22,"box":{"x":82,"y":278,"width":826,"height":12}},{"id":"0dc17532-2b0b-4de8-9942-ee59d0dd69da","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":22,"box":{"x":82,"y":293,"width":486,"height":9}},{"id":"b0660dc2-db3e-4abc-b100-893f963c9a82","block_type":"box","text":"Should the Fund invest in a debt security denominated in U.S. dollars and issued by an issuer whose functional","page_number":22,"box":{"x":81,"y":313,"width":817,"height":12}},{"id":"8bbd02db-db7b-4648-bf92-218cee0b2f5f","block_type":"box","text":"currency is a currency other than the U.S. dollar, and such currency decreases in value against the U.S. dollar, such","page_number":22,"box":{"x":81,"y":328,"width":851,"height":12}},{"id":"6260c114-ad8d-4d4d-aaa1-40e7d0d41cf0","block_type":"box","text":"issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.","page_number":22,"box":{"x":82,"y":343,"width":799,"height":11}},{"id":"54680618-e0f3-49b8-beb6-cc67a2ddf3d8","block_type":"box","text":"Foreign Economy Risk","page_number":22,"box":{"x":82,"y":363,"width":160,"height":11}},{"id":"8227b9c4-efd5-42ab-9da0-3b48ada3e8d5","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":22,"box":{"x":246,"y":363,"width":685,"height":11}},{"id":"16025b4c-0a87-4a60-8498-2936055b7e54","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":22,"box":{"x":80,"y":378,"width":785,"height":11}},{"id":"2ec1e8de-83c0-46c7-8979-7dfeb66a32bf","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":22,"box":{"x":82,"y":392,"width":845,"height":12}},{"id":"78653a63-418f-4913-8288-c8896e9dd638","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":22,"box":{"x":81,"y":407,"width":853,"height":12}},{"id":"ec6bf725-79f2-4871-9d67-8f11e02797bb","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":22,"box":{"x":82,"y":422,"width":831,"height":12}},{"id":"635eea55-11e2-4a75-98b3-a70187493e7f","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":437,"width":846,"height":11}},{"id":"9b65226a-3f3d-4c5c-937f-7e6e894399ea","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":452,"width":808,"height":11}},{"id":"5e7600c6-b561-424c-97ad-be4faddfa2a0","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":467,"width":851,"height":11}},{"id":"a40b0c12-e4ec-422f-8fcd-64f3e62bc9c4","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":481,"width":832,"height":12}},{"id":"b4d90676-a2a7-4503-a52e-8aaee7cd5f9f","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":496,"width":814,"height":12}},{"id":"a82b089b-be8c-45c5-8362-fdb1bf2f8250","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":511,"width":805,"height":12}},{"id":"e139f718-2878-4f70-86b5-c3596fcd0ff6","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":526,"width":827,"height":11}},{"id":"71ba7263-0dff-416a-aad9-d59dae77a9c2","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":541,"width":801,"height":11}},{"id":"80f84f5d-2ec9-4bf2-988b-bb7fda6be1e4","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":555,"width":809,"height":12}},{"id":"8f14cb3a-80db-493f-82ad-a0a9c6d6ecde","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":570,"width":849,"height":12}},{"id":"8a0a7c97-71e7-4be0-b0a4-f1438e2fc822","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":585,"width":848,"height":12}},{"id":"69607655-150b-44b3-9a95-3e233ae10676","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":600,"width":774,"height":12}},{"id":"f65fd166-90f5-46cc-b2f7-da3280b0864f","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":22,"box":{"x":81,"y":615,"width":355,"height":11}},{"id":"5492c13d-8bd2-40a3-85b5-569db4ecbab2","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":635,"width":838,"height":11}},{"id":"6652a025-49d0-4535-8831-7ef28ba55934","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":650,"width":815,"height":11}},{"id":"c7e35fdd-3cdf-4bde-92ab-0ae55312c6ff","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":22,"box":{"x":82,"y":665,"width":827,"height":11}},{"id":"aa74354e-9366-4b5f-8db4-bfbf8dedf4a0","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":679,"width":832,"height":12}},{"id":"f247c8e8-3ce8-449a-8bcf-fb20e6d5fe61","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":694,"width":781,"height":12}},{"id":"8ca3a450-d7cd-4d9a-b78a-09f1b5239963","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":709,"width":617,"height":11}},{"id":"e00d4f7f-3fd9-458c-a791-5e4c1637d182","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":22,"box":{"x":82,"y":729,"width":476,"height":11}},{"id":"07ffa11d-1045-4e78-8735-e9337024d6d2","block_type":"box","text":"— Many foreign governments do not supervise","page_number":22,"box":{"x":563,"y":729,"width":344,"height":11}},{"id":"38596120-f34d-4a0f-b34d-7c55f3d94427","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":744,"width":827,"height":11}},{"id":"373cc1b7-a864-459c-a6a3-99332a24b637","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":759,"width":855,"height":11}},{"id":"a06be1f1-260f-4810-9c9a-2b6ff125adfa","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":773,"width":831,"height":12}},{"id":"b82decb3-55da-4de6-b5bd-f93cc58e7529","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":788,"width":800,"height":12}},{"id":"f86be322-3db2-41b3-9255-5ff4b462377c","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":803,"width":829,"height":12}},{"id":"a8fbf315-2e82-4357-9b69-13eb5ddb9613","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":818,"width":856,"height":11}},{"id":"c5a0df96-3fe6-452b-97f0-b7d9e628c59e","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":833,"width":834,"height":11}},{"id":"4294c1f2-93f4-4aaa-8d11-ae3deca706c8","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":847,"width":844,"height":12}},{"id":"aa41d4f9-6969-4035-ad4d-805d235931e4","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":22,"box":{"x":81,"y":862,"width":393,"height":12}},{"id":"775f2967-8ea1-4f1e-acda-9e9b01f400d3","block_type":"box","text":"20","page_number":22,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"d0bb4155-3275-4717-9e2a-de5c35e603c3","block_type":"box","text":"NM1026U-5982658-22/54","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"209da676-1a00-4725-88c9-e25ab5062ebb","block_type":"box","text":"Settlement Risk","page_number":23,"box":{"x":82,"y":46,"width":117,"height":9}},{"id":"4ef3f04e-8718-48c9-bdc4-2134cc285564","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":23,"box":{"x":203,"y":46,"width":730,"height":11}},{"id":"874b9c7a-ed99-4b70-9222-d20fc92e87b4","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":23,"box":{"x":80,"y":61,"width":856,"height":11}},{"id":"004779ce-d0cb-40f6-88cd-7bfa20e9e0e2","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":23,"box":{"x":81,"y":75,"width":784,"height":12}},{"id":"42592b22-924e-45f0-ba4a-60b3f131f702","block_type":"box","text":"investments.","page_number":23,"box":{"x":82,"y":90,"width":92,"height":9}},{"id":"ac24287d-ee6a-48e4-9a43-04c37aad9375","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":23,"box":{"x":81,"y":110,"width":825,"height":12}},{"id":"994e44e9-af08-44a8-9d91-e5d4041e3737","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":23,"box":{"x":81,"y":125,"width":839,"height":11}},{"id":"f6547be2-4b88-401e-833c-fd208eb04331","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":23,"box":{"x":82,"y":140,"width":854,"height":11}},{"id":"0749a294-22a7-4a17-8a75-ebeedec70568","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":23,"box":{"x":82,"y":155,"width":839,"height":11}},{"id":"b234a2c7-9c35-4fb1-919b-15404532e8fc","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":23,"box":{"x":81,"y":169,"width":841,"height":12}},{"id":"6aa8cd81-e5f3-4c4a-bbe8-379ff014699f","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":23,"box":{"x":80,"y":184,"width":480,"height":12}},{"id":"e5f1bb20-8ddd-4973-bf4b-6d86ec775b2d","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":23,"box":{"x":83,"y":204,"width":221,"height":12}},{"id":"23df0520-b4e3-4a4d-8b62-220cb995c4b7","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":23,"box":{"x":308,"y":204,"width":589,"height":12}},{"id":"3661a120-bda5-43ec-b8e7-ba938302d24b","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":23,"box":{"x":82,"y":219,"width":838,"height":12}},{"id":"1e262f7c-68c7-402a-ba9b-ba03d09fd180","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":23,"box":{"x":81,"y":234,"width":834,"height":11}},{"id":"7445bf13-0643-4762-921d-8f868d6597a8","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":23,"box":{"x":82,"y":249,"width":836,"height":11}},{"id":"5a946dda-0294-42b9-8076-ff4fb84bd106","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":23,"box":{"x":80,"y":263,"width":854,"height":12}},{"id":"c00b2870-9523-4b06-a731-04539184c556","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":23,"box":{"x":80,"y":278,"width":831,"height":12}},{"id":"d1156a63-fd74-41fb-8b78-69a472e2504b","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":23,"box":{"x":82,"y":293,"width":852,"height":12}},{"id":"30ac7766-5f1d-4f3c-876b-a5eada524a73","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":23,"box":{"x":81,"y":308,"width":848,"height":11}},{"id":"66e3ffa0-6979-464b-a81a-1266a3ac58f7","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":23,"box":{"x":81,"y":323,"width":831,"height":11}},{"id":"a6be9593-2a35-4c13-83d9-12d7bfb00b2d","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":23,"box":{"x":80,"y":338,"width":830,"height":11}},{"id":"39c64155-ec1c-4eb0-9538-a57f051ceec4","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":23,"box":{"x":82,"y":352,"width":832,"height":12}},{"id":"91997b86-9999-42df-b816-4caa8b899fcf","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":23,"box":{"x":82,"y":367,"width":836,"height":12}},{"id":"5e69294e-94a6-4709-8766-b90e5678b662","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":23,"box":{"x":81,"y":382,"width":325,"height":9}},{"id":"74bf9c7c-8f53-41a2-9119-1f9b424195b9","block_type":"box","text":"High Portfolio Turnover Risk","page_number":23,"box":{"x":81,"y":402,"width":212,"height":11}},{"id":"512a6a12-7451-465a-9914-c72db99387ca","block_type":"box","text":"— The Fund may engage in active and frequent trading of its portfolio securities. High","page_number":23,"box":{"x":297,"y":402,"width":629,"height":12}},{"id":"966e60a4-2690-4c66-ae66-ac45c8b1d820","block_type":"box","text":"portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage","page_number":23,"box":{"x":82,"y":417,"width":812,"height":11}},{"id":"04eaa4aa-2f2d-4daa-aef2-3b5efc72768c","block_type":"box","text":"commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in","page_number":23,"box":{"x":81,"y":432,"width":817,"height":11}},{"id":"95f9a3e7-7dbe-41e1-adb6-a5a678a58f8b","block_type":"box","text":"other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to","page_number":23,"box":{"x":81,"y":447,"width":760,"height":11}},{"id":"758ce646-96ac-40ab-8c7a-c1b24542d349","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":23,"box":{"x":81,"y":461,"width":852,"height":12}},{"id":"79c9a51e-8c31-4ac6-bd3a-89d71ab7beb8","block_type":"box","text":"of higher than normal portfolio turnover may adversely affect Fund performance.","page_number":23,"box":{"x":81,"y":476,"width":589,"height":12}},{"id":"9996a772-289d-46b5-8d03-326e523ebfca","block_type":"box","text":"High Yield Bonds Risk","page_number":23,"box":{"x":81,"y":496,"width":167,"height":12}},{"id":"e60d7b19-b72f-44ed-9b2e-719d342773b5","block_type":"box","text":"— Although junk bonds generally pay higher rates of interest than investment grade bonds,","page_number":23,"box":{"x":252,"y":496,"width":667,"height":12}},{"id":"f5f72770-3efc-4596-bdec-eabeb731682a","block_type":"box","text":"junk bonds are high risk investments that are considered speculative and may cause income and principal losses","page_number":23,"box":{"x":79,"y":511,"width":835,"height":12}},{"id":"750b8e26-1b8e-4eda-bf98-2e386a21ae08","block_type":"box","text":"for the Fund. The major risks of junk bond investments include:","page_number":23,"box":{"x":81,"y":526,"width":462,"height":11}},{"id":"95b0c6fe-8075-4f5b-8ced-22ceadf433dd","block_type":"box","text":"Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds may have a larger amount of","page_number":23,"box":{"x":101,"y":546,"width":789,"height":11}},{"id":"d588f8a3-1f1c-40c3-b6a3-2fee4e861854","block_type":"box","text":"outstanding debt relative to their assets than issuers of investment grade bonds. In the event of an issuer’s","page_number":23,"box":{"x":101,"y":561,"width":795,"height":11}},{"id":"287dfc6a-e15f-4947-bc89-f5806b189104","block_type":"box","text":"bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving few or no","page_number":23,"box":{"x":102,"y":575,"width":802,"height":12}},{"id":"7dee87fd-8bf6-4709-9dd5-d0635969b4b1","block_type":"box","text":"assets available to repay junk bond holders.","page_number":23,"box":{"x":101,"y":591,"width":323,"height":11}},{"id":"be827e25-2166-49ee-8fdf-bfbd54c04ad6","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer’s industry and","page_number":23,"box":{"x":102,"y":610,"width":786,"height":12}},{"id":"b74ff59e-915a-4c4e-85f3-ac988cd80cb0","block_type":"box","text":"general economic conditions may have a greater impact on the prices of junk bonds than on other higher rated","page_number":23,"box":{"x":101,"y":625,"width":811,"height":12}},{"id":"976a2366-27f7-4eb8-b6eb-8ac5782261e2","block_type":"box","text":"fixed-income securities.","page_number":23,"box":{"x":101,"y":640,"width":171,"height":9}},{"id":"9ddd629c-e37f-4a5b-ad31-795649fead63","block_type":"box","text":"Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an","page_number":23,"box":{"x":102,"y":660,"width":778,"height":11}},{"id":"b57b4e82-0658-41c7-9dbe-923dac7d73f2","block_type":"box","text":"economic downturn, specific issuer developments, or the unavailability of additional financing.","page_number":23,"box":{"x":101,"y":675,"width":689,"height":11}},{"id":"5f3f7bc7-9c6c-41c9-bede-d31f647371c0","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Fund","page_number":23,"box":{"x":101,"y":695,"width":817,"height":11}},{"id":"7eccef4d-286b-4780-aeda-97d942c362a7","block_type":"box","text":"before it matures. If the issuer redeems junk bonds, the Fund may have to invest the proceeds in bonds with","page_number":23,"box":{"x":102,"y":710,"width":798,"height":11}},{"id":"37ce1cae-de45-4145-9791-0186adebf74f","block_type":"box","text":"lower yields and may lose income.","page_number":23,"box":{"x":102,"y":725,"width":249,"height":11}},{"id":"4cda7b6d-93a4-4371-8b66-08429efeb1fb","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.","page_number":23,"box":{"x":101,"y":744,"width":831,"height":12}},{"id":"d35fc356-dcb8-4db2-a66b-793442869d4d","block_type":"box","text":"There are fewer dealers in the junk bond market, and there may be significant differences in the prices quoted for","page_number":23,"box":{"x":101,"y":759,"width":836,"height":12}},{"id":"1f519881-4b75-4b4c-8f17-91dbce16c2df","block_type":"box","text":"junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may","page_number":23,"box":{"x":99,"y":774,"width":825,"height":12}},{"id":"bbedaa7a-3569-4108-b710-e963e48c03c7","block_type":"box","text":"play a greater role in valuing junk bonds than is the case with securities trading in a more liquid market.","page_number":23,"box":{"x":102,"y":789,"width":761,"height":11}},{"id":"fa451fe8-0577-4137-9345-56a485997f2d","block_type":"box","text":"The Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms","page_number":23,"box":{"x":101,"y":809,"width":815,"height":11}},{"id":"bbf2b188-69ab-4ebe-9567-bc2d62524fda","block_type":"box","text":"with a defaulting issuer.","page_number":23,"box":{"x":101,"y":824,"width":173,"height":11}},{"id":"c372bacf-e5a9-41ef-8d68-4755b1491a59","block_type":"box","text":"The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market","page_number":23,"box":{"x":81,"y":846,"width":817,"height":12}},{"id":"0a1c4317-2412-4108-87f6-456952c45ee7","block_type":"box","text":"value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.","page_number":23,"box":{"x":80,"y":861,"width":811,"height":12}},{"id":"98623655-04a9-4135-adcc-145e3dd3a8fb","block_type":"box","text":"Illiquid Investments Risk","page_number":23,"box":{"x":81,"y":881,"width":186,"height":11}},{"id":"46b5f2db-2d87-49cf-867f-2bc962a41b5a","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":23,"box":{"x":271,"y":881,"width":648,"height":11}},{"id":"6346f6be-8aff-414c-bd39-0a4e2c926a13","block_type":"box","text":"the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":23,"box":{"x":80,"y":896,"width":841,"height":11}},{"id":"4a9ef9af-51d3-4890-8f37-75489343791a","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":23,"box":{"x":82,"y":911,"width":831,"height":11}},{"id":"deb14555-0d85-423c-bac6-77db185ed96b","block_type":"box","text":"21","page_number":23,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"3921e2dd-b101-42ae-9ca1-5e0e8c9167d6","block_type":"box","text":"NM1026U-5982658-23/54","page_number":23,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e1121b18-5ca7-4b3a-8f02-cc974f3708d7","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. The","page_number":24,"box":{"x":81,"y":46,"width":843,"height":11}},{"id":"9a095e57-1979-4d53-a0d9-e336e51698c3","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":24,"box":{"x":81,"y":60,"width":802,"height":12}},{"id":"6032e999-4833-4c0e-b2f4-2d79bf345799","block_type":"box","text":"investments restriction to the Fund, the Fund’s investment in the Subsidiary is considered to be liquid. Liquid","page_number":24,"box":{"x":82,"y":75,"width":802,"height":12}},{"id":"a5e0edf6-3e74-409d-a652-76c57c3feddb","block_type":"box","text":"investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil. There can","page_number":24,"box":{"x":82,"y":90,"width":854,"height":12}},{"id":"6fb02a2d-e0ba-42a4-9a1a-15de18ad70fd","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":24,"box":{"x":81,"y":105,"width":846,"height":11}},{"id":"a7360dc4-77ce-45af-8e2d-5bade377b5e6","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":24,"box":{"x":81,"y":120,"width":815,"height":11}},{"id":"db21bb8f-ebb9-43d9-ad55-202f9524084c","block_type":"box","text":"investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may reduce","page_number":24,"box":{"x":82,"y":135,"width":837,"height":11}},{"id":"f2803753-1fbe-4ae0-a8ff-aa62c3e5204b","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":24,"box":{"x":80,"y":149,"width":847,"height":12}},{"id":"f49baea2-31a7-4e5c-8a7b-207905f32090","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":24,"box":{"x":82,"y":164,"width":827,"height":12}},{"id":"634c9415-a90b-4214-b5b6-c52d2780f55f","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":24,"box":{"x":81,"y":179,"width":828,"height":12}},{"id":"ec535051-1075-46d8-90d2-f5b2ecd83466","block_type":"box","text":"liquid securities to meet redemption requests and illiquid securities will become a larger portion of the Fund’s","page_number":24,"box":{"x":82,"y":194,"width":806,"height":11}},{"id":"20ca4c5b-fc64-4e28-ac6c-4302b3ae6692","block_type":"box","text":"holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional","page_number":24,"box":{"x":82,"y":209,"width":840,"height":11}},{"id":"c6cd2fa3-ea88-49b8-9f60-855d76f938c4","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":24,"box":{"x":82,"y":224,"width":807,"height":11}},{"id":"f5634e62-0ec2-4492-b3b7-38932cb78e6d","block_type":"box","text":"extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market and/","page_number":24,"box":{"x":81,"y":239,"width":845,"height":11}},{"id":"bf08b629-a40f-4deb-b398-dae8201d7bc1","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":24,"box":{"x":81,"y":253,"width":832,"height":12}},{"id":"fd7bc4d0-bed7-4603-9703-b35e1e76be95","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":24,"box":{"x":82,"y":268,"width":782,"height":12}},{"id":"9d8530b9-844c-45bb-8ccc-d839559c7248","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":24,"box":{"x":82,"y":283,"width":790,"height":11}},{"id":"76b9474d-dd05-482a-afc8-f19ad22f6683","block_type":"box","text":"magnified in a rising interest rate environment or other circumstances where investor redemptions or sales of Fund","page_number":24,"box":{"x":82,"y":298,"width":844,"height":11}},{"id":"618ddde2-15a8-4423-95dd-5c2117f4f1a5","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":24,"box":{"x":81,"y":312,"width":810,"height":12}},{"id":"dc049e94-3f94-4c8b-83d8-bb0345a8e1fe","block_type":"box","text":"Fund, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.","page_number":24,"box":{"x":82,"y":328,"width":715,"height":11}},{"id":"0d70d1ef-a168-4fee-9edb-4f4f593a6d1a","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":24,"box":{"x":81,"y":347,"width":271,"height":10}},{"id":"e9916c06-a52d-478c-9bbf-2cca39942513","block_type":"box","text":"—","page_number":24,"box":{"x":356,"y":353,"width":17,"height":0}},{"id":"5795b9b2-266a-442c-a89a-a6c2bad5065b","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":24,"box":{"x":379,"y":348,"width":499,"height":11}},{"id":"f1baaae2-adbb-43be-a80e-52f0e5cbbd6c","block_type":"box","text":"particular index of value or interest rates. The Fund’s return on these securities will be subject to risk with respect","page_number":24,"box":{"x":82,"y":362,"width":839,"height":12}},{"id":"c04aa347-ac85-4e62-95ad-89eff8ada9bf","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":24,"box":{"x":80,"y":377,"width":799,"height":12}},{"id":"f5ac6c95-d906-4056-8614-601a25eb92f3","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":24,"box":{"x":82,"y":392,"width":796,"height":11}},{"id":"91eec91d-0267-4d3e-b4e8-9915371ab7b2","block_type":"box","text":"securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index","page_number":24,"box":{"x":81,"y":407,"width":855,"height":11}},{"id":"ef95f6f6-b1e9-41d1-bbfd-1cccd761cf86","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":24,"box":{"x":82,"y":422,"width":441,"height":11}},{"id":"344fb09c-5409-4fc4-b104-024a8ce0ea35","block_type":"box","text":"Leverage Risk","page_number":24,"box":{"x":81,"y":442,"width":107,"height":11}},{"id":"663a77aa-9974-4e7b-a3eb-a5349780022d","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":24,"box":{"x":192,"y":441,"width":741,"height":12}},{"id":"9d57d597-a520-4df8-a714-e5b2682f3adf","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":24,"box":{"x":81,"y":456,"width":787,"height":12}},{"id":"fb20f76a-8116-47be-9c23-b5c6b357d915","block_type":"box","text":"investment company registered with the SEC, the Fund is subject to the federal securities laws, including the","page_number":24,"box":{"x":82,"y":471,"width":798,"height":12}},{"id":"2453dc3e-9489-4d8b-902a-9c57910f6700","block_type":"box","text":"Investment Company Act and the rules thereunder. Under Rule 18f-4 under the Investment Company Act, among","page_number":24,"box":{"x":82,"y":486,"width":824,"height":11}},{"id":"c9f6bc3a-cf20-44af-aae1-02d0ff98f67f","block_type":"box","text":"other things, the Fund must either use derivatives in a limited manner or comply with an outer limit on fund leverage","page_number":24,"box":{"x":81,"y":501,"width":852,"height":11}},{"id":"118e53c5-7477-4f61-b70e-34f7b287dfdd","block_type":"box","text":"risk based on value-at-risk. The use of leverage may cause the Fund to liquidate portfolio positions when it may not","page_number":24,"box":{"x":82,"y":516,"width":845,"height":11}},{"id":"51047ca2-44f5-48b3-9562-96140ed324f1","block_type":"box","text":"be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment","page_number":24,"box":{"x":81,"y":530,"width":797,"height":12}},{"id":"d6331c67-1e83-421a-958f-f274605d7588","block_type":"box","text":"Company Act and the rules thereunder. Increases and decreases in the value of the Fund’s portfolio will be","page_number":24,"box":{"x":81,"y":545,"width":787,"height":12}},{"id":"b8da2ace-28e5-4403-89b5-2582fb391af9","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":24,"box":{"x":82,"y":560,"width":293,"height":12}},{"id":"0a67f872-80c4-4a0f-8a86-4992209b7a81","block_type":"box","text":"Market Risk and Selection Risk","page_number":24,"box":{"x":81,"y":580,"width":240,"height":9}},{"id":"6327a5e3-e704-4a23-a11f-359b82666fbb","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":24,"box":{"x":324,"y":580,"width":593,"height":9}},{"id":"dd432dc0-9ea0-4302-b7c7-eb9126bffab2","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a","page_number":24,"box":{"x":81,"y":595,"width":829,"height":11}},{"id":"76998386-3e30-4683-9447-339169d08b20","block_type":"box","text":"security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":24,"box":{"x":81,"y":610,"width":829,"height":11}},{"id":"b3fd760b-c080-4d29-b7b2-8f187df5f7d4","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":24,"box":{"x":81,"y":624,"width":830,"height":12}},{"id":"ae3dd05d-9cfd-4123-a53e-14f897322c4b","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":24,"box":{"x":82,"y":639,"width":840,"height":12}},{"id":"8349a0b4-5cd3-4ec5-a1d9-2702d4c13545","block_type":"box","text":"Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health","page_number":24,"box":{"x":82,"y":654,"width":851,"height":12}},{"id":"e921bd8f-fc5d-4c0e-aa97-2d6ee09420c5","block_type":"box","text":"issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its","page_number":24,"box":{"x":82,"y":669,"width":852,"height":12}},{"id":"f47ce497-7de4-42a2-92a5-8643c6e82fa5","block_type":"box","text":"investments. Selection risk is the risk that the securities selected by Fund management will underperform the","page_number":24,"box":{"x":82,"y":684,"width":806,"height":11}},{"id":"03885ad2-c8a1-41d9-9634-9610689defa9","block_type":"box","text":"markets, the relevant indices or the securities selected by other funds with similar investment objectives and","page_number":24,"box":{"x":82,"y":699,"width":799,"height":11}},{"id":"c5003cf0-7f9f-46eb-b0c5-47672dd0f794","block_type":"box","text":"investment strategies. This means you may lose money.","page_number":24,"box":{"x":82,"y":714,"width":409,"height":11}},{"id":"c075ce85-1347-44c6-b457-d9d72e0c1d5f","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":24,"box":{"x":82,"y":734,"width":818,"height":11}},{"id":"9f8d0598-7bf5-46f4-8c85-5e1fba2aa87f","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":24,"box":{"x":80,"y":748,"width":819,"height":12}},{"id":"b4626ab2-0011-44bc-bdf3-22ba6be34bfa","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":24,"box":{"x":81,"y":763,"width":819,"height":12}},{"id":"911ccd41-8ea1-400b-95eb-b433c92e7b09","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":24,"box":{"x":81,"y":778,"width":846,"height":11}},{"id":"d7567a98-6d90-4c50-af01-b3a2b7a0fab4","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":24,"box":{"x":81,"y":793,"width":848,"height":11}},{"id":"ce3e2ef9-2e35-4896-8d7b-74f9af706e51","block_type":"box","text":"the Fund invests.","page_number":24,"box":{"x":80,"y":808,"width":125,"height":9}},{"id":"e6180056-93d5-48d5-bf11-08196eee1e55","block_type":"box","text":"Mortgage- and Asset-Backed Securities Risks","page_number":24,"box":{"x":81,"y":828,"width":346,"height":11}},{"id":"377fccea-1519-4577-a6f4-848d32a1f432","block_type":"box","text":"— Mortgage-backed securities (residential and commercial) and","page_number":24,"box":{"x":432,"y":828,"width":470,"height":11}},{"id":"5db75c10-1a72-4ee6-bee9-ebb50d77570a","block_type":"box","text":"asset-backed securities represent interests in “pools” of mortgages or other assets, including consumer loans or","page_number":24,"box":{"x":81,"y":842,"width":835,"height":12}},{"id":"62c4e056-c56e-48c1-979d-30a7d9275d93","block_type":"box","text":"receivables held in trust. Although asset-backed and commercial mortgage-backed securities (“CMBS”) generally","page_number":24,"box":{"x":82,"y":857,"width":828,"height":12}},{"id":"5e315d5e-9797-40f0-91f6-ffb4d304f2c8","block_type":"box","text":"experience less prepayment than residential mortgage-backed securities, mortgage-backed and asset-backed","page_number":24,"box":{"x":81,"y":872,"width":804,"height":12}},{"id":"b8295068-24c6-414d-85b7-4b0c0f6de689","block_type":"box","text":"securities, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension","page_number":24,"box":{"x":81,"y":887,"width":820,"height":11}},{"id":"139d8060-6090-47d7-837d-c03810df3f7f","block_type":"box","text":"risks.","page_number":24,"box":{"x":82,"y":902,"width":37,"height":9}},{"id":"74d6306b-7d40-4fc2-a577-f01957716f7c","block_type":"box","text":"22","page_number":24,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"7b4c3f1a-73da-4b1a-b3d3-94f9ba610888","block_type":"box","text":"NM1026U-5982658-24/54","page_number":24,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"225140ab-b150-476c-be2b-a06e1addbf77","block_type":"box","text":"Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of","page_number":25,"box":{"x":81,"y":46,"width":851,"height":11}},{"id":"8600feb2-7caa-4edd-afc8-98d9edf90362","block_type":"box","text":"certain mortgage-backed securities. The Fund’s investments in asset-backed securities are subject to risks similar","page_number":25,"box":{"x":81,"y":61,"width":842,"height":11}},{"id":"146a736f-3341-49b6-862f-a8e0b83a1f3d","block_type":"box","text":"to those associated with mortgage-related securities, as well as additional risks associated with the nature of the","page_number":25,"box":{"x":80,"y":75,"width":837,"height":12}},{"id":"f6c479c5-2dac-4523-a076-232683e488b3","block_type":"box","text":"assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying","page_number":25,"box":{"x":81,"y":90,"width":840,"height":12}},{"id":"f4828aa8-1985-4ceb-94c0-e599a710d0fa","block_type":"box","text":"mortgages or assets, particularly during periods of economic downturn. Certain CMBS are issued in several classes","page_number":25,"box":{"x":82,"y":105,"width":852,"height":12}},{"id":"6d792c78-329f-455e-a2eb-71fcf93a386d","block_type":"box","text":"with different levels of yield and credit protection. The Fund’s investments in CMBS with several classes may be in","page_number":25,"box":{"x":80,"y":120,"width":842,"height":11}},{"id":"9a216248-0e0e-401e-8938-a9e1a0431925","block_type":"box","text":"the lower classes that have greater risks than the higher classes, including greater interest rate, credit and","page_number":25,"box":{"x":80,"y":135,"width":787,"height":11}},{"id":"67b4b35d-a7a9-48bc-a8a0-5fb9a8a37554","block_type":"box","text":"prepayment risks.","page_number":25,"box":{"x":82,"y":150,"width":128,"height":11}},{"id":"e0359b04-1135-4f43-8e6b-b21e335377d2","block_type":"box","text":"Mortgage-backed securities may be either pass-through securities or collateralized mortgage obligations (“CMOs”).","page_number":25,"box":{"x":82,"y":170,"width":842,"height":11}},{"id":"1fdd2962-1094-4aa1-9b6a-6821fb4dbdfa","block_type":"box","text":"Pass-through securities represent a right to receive principal and interest payments collected on a pool of","page_number":25,"box":{"x":81,"y":184,"width":776,"height":12}},{"id":"798802be-e440-49c7-b7fe-14454a17ea34","block_type":"box","text":"mortgages, which are passed through to security holders. CMOs are created by dividing the principal and interest","page_number":25,"box":{"x":82,"y":199,"width":831,"height":12}},{"id":"32407a0c-e98d-4da9-beed-3c08ba3acacc","block_type":"box","text":"payments collected on a pool of mortgages into several revenue streams (“tranches”) with different priority rights to","page_number":25,"box":{"x":82,"y":214,"width":852,"height":11}},{"id":"ea0042c8-bc0c-4d20-b37f-2a93106e2898","block_type":"box","text":"portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive interest only","page_number":25,"box":{"x":82,"y":229,"width":846,"height":11}},{"id":"854dc3d4-56b3-4c79-8b66-1dfb632b46d9","block_type":"box","text":"(“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an “inverse floater”).","page_number":25,"box":{"x":81,"y":244,"width":843,"height":11}},{"id":"503bc4d8-f5a7-48e7-8f32-657a4e0cb18e","block_type":"box","text":"These securities are frequently referred to as “mortgage derivatives” and may be extremely sensitive to changes in","page_number":25,"box":{"x":81,"y":258,"width":846,"height":12}},{"id":"687efd00-29e5-4949-96df-4c32dd0d9ccd","block_type":"box","text":"interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate (which","page_number":25,"box":{"x":82,"y":273,"width":828,"height":12}},{"id":"7f853e55-9bb5-4eb9-b7e6-457cace4faf4","block_type":"box","text":"may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and will","page_number":25,"box":{"x":82,"y":288,"width":838,"height":11}},{"id":"9c3deaa8-1aa5-47f2-8437-03d01f70f29e","block_type":"box","text":"increase when short-term rates decrease. These securities have the effect of providing a degree of investment","page_number":25,"box":{"x":82,"y":303,"width":813,"height":11}},{"id":"bd159ea5-b4f0-465f-b5a6-99fff921e5aa","block_type":"box","text":"leverage. In response to changes in market interest rates or other market conditions, the value of an inverse floater","page_number":25,"box":{"x":82,"y":318,"width":850,"height":11}},{"id":"a2cada09-b67c-44f4-9a6e-7950f7670e68","block_type":"box","text":"may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities. If the","page_number":25,"box":{"x":82,"y":332,"width":834,"height":12}},{"id":"fcb9d91d-1155-42ab-afdc-001c8fa9bca8","block_type":"box","text":"Fund invests in CMO tranches (including CMO tranches issued by government agencies) and interest rates move in","page_number":25,"box":{"x":82,"y":347,"width":842,"height":12}},{"id":"8709ac84-f2d4-41fc-80bf-ba7ce916609a","block_type":"box","text":"a manner not anticipated by Fund management, it is possible that the Fund could lose all or substantially all of its","page_number":25,"box":{"x":81,"y":362,"width":836,"height":12}},{"id":"6d480930-9cdc-472b-bb57-be8368f073af","block_type":"box","text":"investment. Certain mortgage-backed securities in which the Fund may invest may also provide a degree of","page_number":25,"box":{"x":82,"y":377,"width":787,"height":12}},{"id":"09f7f149-9f54-4f02-9c99-5b6718e3838b","block_type":"box","text":"investment leverage, which could cause the Fund to lose all or substantially all of its investment.","page_number":25,"box":{"x":82,"y":392,"width":708,"height":11}},{"id":"a2fd45c0-5869-4764-ada9-dcc270f3817e","block_type":"box","text":"The mortgage market in the United States has experienced difficulties that may adversely affect the performance","page_number":25,"box":{"x":81,"y":412,"width":834,"height":11}},{"id":"fd6d56d7-1192-47aa-ae22-0ef0e6c40b2d","block_type":"box","text":"and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage","page_number":25,"box":{"x":81,"y":427,"width":825,"height":11}},{"id":"434f28d0-0359-4ca5-bc9a-c9c4aa9abf1e","block_type":"box","text":"loans (including subprime and second-lien mortgage loans) and a decline in or flattening of real estate values (in","page_number":25,"box":{"x":82,"y":441,"width":825,"height":12}},{"id":"39f17027-4c3b-486e-87ae-2d7bdc6ae767","block_type":"box","text":"each case as has been experienced and may continue to be experienced in many housing markets) may exacerbate","page_number":25,"box":{"x":81,"y":456,"width":850,"height":12}},{"id":"a6ab6a22-0aff-4b75-a887-666ebdbf09ea","block_type":"box","text":"such delinquencies and losses. Also, a number of mortgage loan originators have experienced serious financial","page_number":25,"box":{"x":81,"y":471,"width":818,"height":12}},{"id":"3eebb12c-e83f-4eb8-bea9-fea5367d4452","block_type":"box","text":"difficulties or bankruptcy. Reduced investor demand for mortgage loans and mortgage-related securities and","page_number":25,"box":{"x":81,"y":486,"width":796,"height":11}},{"id":"9588877c-933d-4807-b755-f06f4e2328a1","block_type":"box","text":"increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related","page_number":25,"box":{"x":82,"y":501,"width":825,"height":11}},{"id":"db45a215-4bbd-4fbf-b92d-9102516a5c1d","block_type":"box","text":"securities, which can adversely affect the market value of mortgage-related securities. It is possible that such","page_number":25,"box":{"x":81,"y":516,"width":807,"height":11}},{"id":"cb7ecb10-ce19-4fbc-8ca2-0e0c50a53faf","block_type":"box","text":"limited liquidity in such secondary markets could continue or worsen.","page_number":25,"box":{"x":82,"y":531,"width":505,"height":11}},{"id":"1b90aeca-b7a2-4b28-8398-6e6b4c36e390","block_type":"box","text":"Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that in","page_number":25,"box":{"x":81,"y":551,"width":839,"height":11}},{"id":"1fe0085b-bb03-42d5-ae31-3b77c06f3d61","block_type":"box","text":"certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed securities.","page_number":25,"box":{"x":81,"y":565,"width":849,"height":12}},{"id":"ca9bcc7e-2eb5-49f7-a4db-59a727a56262","block_type":"box","text":"In addition, certain asset-backed securities are based on loans that are unsecured, which means that there is no","page_number":25,"box":{"x":82,"y":580,"width":832,"height":11}},{"id":"8482d26f-1857-4997-8f1d-9e5589d31114","block_type":"box","text":"collateral to seize if the underlying borrower defaults.","page_number":25,"box":{"x":81,"y":595,"width":388,"height":11}},{"id":"c0d7ade9-6149-4e97-a084-4112858e9331","block_type":"box","text":"Operational and Technology Risks","page_number":25,"box":{"x":82,"y":615,"width":254,"height":11}},{"id":"c4267c46-d238-4c1d-a285-a54ea7893f46","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":25,"box":{"x":340,"y":615,"width":549,"height":11}},{"id":"ff68f186-f856-48fd-bfd1-d3c9ea2b6075","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":25,"box":{"x":81,"y":630,"width":790,"height":11}},{"id":"d4ff6959-a9a5-46cf-a015-018c9c315852","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":25,"box":{"x":81,"y":644,"width":837,"height":12}},{"id":"76b349ce-8dda-4293-9f46-c03f55748d7e","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":25,"box":{"x":82,"y":659,"width":845,"height":12}},{"id":"03adf71a-a8aa-4756-ac5c-35ea677805ac","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":25,"box":{"x":81,"y":674,"width":832,"height":12}},{"id":"3ae9edec-3a34-485b-8b83-481aaef5a37f","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":25,"box":{"x":82,"y":689,"width":763,"height":11}},{"id":"2bff6878-67e3-4c2f-ab21-64ff5f1a77f8","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":25,"box":{"x":81,"y":704,"width":825,"height":11}},{"id":"2d35b65f-b0fa-4cb3-9419-30646718719a","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":25,"box":{"x":81,"y":719,"width":842,"height":11}},{"id":"cbfe150f-387b-4ab5-bd71-36a0f9447abe","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":25,"box":{"x":81,"y":733,"width":852,"height":12}},{"id":"690dabb7-adef-4c03-9185-8714f0f37de4","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":25,"box":{"x":82,"y":748,"width":827,"height":12}},{"id":"6b433177-8a56-4316-b0cb-b800969b12f3","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":25,"box":{"x":81,"y":768,"width":821,"height":12}},{"id":"f66a3815-34ac-4243-8098-c3c4b4c31526","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":25,"box":{"x":82,"y":783,"width":814,"height":12}},{"id":"537c9efa-3b63-4a02-8d6b-c38738abb41c","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":25,"box":{"x":81,"y":798,"width":824,"height":11}},{"id":"96016d7c-cd02-4caf-b70e-075e438b669e","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":25,"box":{"x":81,"y":813,"width":791,"height":11}},{"id":"d5f1a216-f00b-4f37-975b-89990774cb8d","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":25,"box":{"x":82,"y":827,"width":852,"height":12}},{"id":"9900ada5-576b-40ce-a9f7-c80e80b37833","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":25,"box":{"x":81,"y":842,"width":784,"height":12}},{"id":"1a75890d-d375-432f-b1c5-7aaa6e7ddd69","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":25,"box":{"x":81,"y":857,"width":787,"height":12}},{"id":"9785b2a9-b725-453c-b1ff-066eff3b606a","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":25,"box":{"x":81,"y":872,"width":840,"height":11}},{"id":"257cd655-ab9a-4609-9f88-b3e70ae47e3a","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":25,"box":{"x":81,"y":887,"width":809,"height":11}},{"id":"6e66530f-306d-48f5-8102-b33d09ac9420","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render","page_number":25,"box":{"x":81,"y":902,"width":829,"height":11}},{"id":"51028fa7-b641-42d5-84b7-2ddb6254e9da","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund","page_number":25,"box":{"x":82,"y":916,"width":798,"height":12}},{"id":"edd626ab-3264-4bbc-9eb1-e73daca6f611","block_type":"box","text":"23","page_number":25,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"e607d729-8d76-4d6a-ad8b-e7f51de20f45","block_type":"box","text":"NM1026U-5982658-25/54","page_number":25,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"a43c9267-91cd-428c-b11f-991caa2aa067","block_type":"box","text":"shares, and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages,","page_number":26,"box":{"x":81,"y":46,"width":829,"height":11}},{"id":"8fa92386-978a-450b-90fc-ff75acda644c","block_type":"box","text":"natural disasters, equipment malfunctions and processing errors that threaten information and technology systems","page_number":26,"box":{"x":82,"y":60,"width":846,"height":12}},{"id":"d5102c07-d377-4495-970c-e5dd405bdeb8","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":26,"box":{"x":82,"y":76,"width":846,"height":11}},{"id":"a06b22d0-4cd2-474f-a56c-47e1956c8d0d","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":26,"box":{"x":81,"y":90,"width":838,"height":12}},{"id":"04033b82-b4f8-4d6b-a60d-950d12fd3082","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":26,"box":{"x":80,"y":105,"width":770,"height":12}},{"id":"583e02d2-b80b-4ff1-99ca-855f1c082ef3","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":26,"box":{"x":80,"y":120,"width":792,"height":11}},{"id":"8e4752e1-8896-4f92-a609-544f4845eb74","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":26,"box":{"x":82,"y":135,"width":845,"height":11}},{"id":"1ff18114-62f6-443a-931a-8a02695a8332","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":26,"box":{"x":80,"y":149,"width":840,"height":12}},{"id":"2e24fbbc-aaa6-4473-9235-efb744e4baba","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":26,"box":{"x":81,"y":165,"width":841,"height":11}},{"id":"98c07340-f398-4c86-9986-e2bd287fe06c","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":26,"box":{"x":80,"y":179,"width":847,"height":12}},{"id":"a9a0c338-9765-40a3-a229-aa375672fece","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":26,"box":{"x":82,"y":194,"width":838,"height":11}},{"id":"855234bf-6049-454d-bc26-b377d3ab2a00","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":26,"box":{"x":81,"y":209,"width":847,"height":11}},{"id":"d9d70c3e-be77-449b-bff6-1eee8ca4d7c3","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":26,"box":{"x":81,"y":224,"width":845,"height":11}},{"id":"e4981411-9ab8-4728-8f6d-ff934bee2026","block_type":"box","text":"and the associated risks to the Fund.","page_number":26,"box":{"x":81,"y":239,"width":273,"height":9}},{"id":"43136b03-87b2-4bf7-a4ba-765bf9e744f4","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":26,"box":{"x":81,"y":258,"width":769,"height":12}},{"id":"8e83b7fa-4348-49ca-af2a-ba5bc89d10b2","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":26,"box":{"x":81,"y":273,"width":855,"height":12}},{"id":"c3398470-d696-47fe-9571-a396de076a19","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":26,"box":{"x":80,"y":288,"width":848,"height":12}},{"id":"f34cd092-4087-494c-8407-72dd21f39d49","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":26,"box":{"x":81,"y":303,"width":777,"height":11}},{"id":"a626ae86-2206-417e-a995-2520ae24d08c","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":26,"box":{"x":81,"y":318,"width":824,"height":11}},{"id":"5f3ffe8b-a92f-4f8b-af14-cdf29c34bfab","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":26,"box":{"x":81,"y":332,"width":785,"height":12}},{"id":"dd90b6c7-b7e1-429e-b233-b406c84a02f1","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":26,"box":{"x":82,"y":347,"width":853,"height":12}},{"id":"53e7dfea-b2f9-4ae1-be0f-22de476a86e1","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":26,"box":{"x":82,"y":362,"width":855,"height":12}},{"id":"7b6f84b7-7a8e-44ce-b346-06b167921749","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":26,"box":{"x":82,"y":377,"width":813,"height":12}},{"id":"8c0543da-7a9c-4d4b-8182-e71f7157d8ec","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":26,"box":{"x":81,"y":392,"width":806,"height":11}},{"id":"f6e3bed8-5d49-4457-9b75-418f4a12cb1b","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":26,"box":{"x":82,"y":407,"width":602,"height":11}},{"id":"c64679ee-c476-4928-afcf-3197e4eacad8","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":26,"box":{"x":82,"y":427,"width":794,"height":11}},{"id":"33aab337-3a87-4404-92a6-818271337028","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":26,"box":{"x":81,"y":442,"width":840,"height":11}},{"id":"cd8f18a7-886b-401f-9590-d8da3ae432f4","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":26,"box":{"x":81,"y":456,"width":801,"height":12}},{"id":"7fade68b-1b65-4fa3-b77e-a29aaea3a218","block_type":"box","text":"resources to monitor and implement required changes.","page_number":26,"box":{"x":82,"y":471,"width":402,"height":12}},{"id":"74c6160b-0743-4e92-840c-783ee7523e2c","block_type":"box","text":"Preferred Securities Risk","page_number":26,"box":{"x":81,"y":491,"width":189,"height":9}},{"id":"151d6c7f-3944-46da-b4dd-b6d46f450eec","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":26,"box":{"x":274,"y":491,"width":636,"height":11}},{"id":"f5cd78d8-ce75-45bb-a10c-c1f591a3bfa8","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":26,"box":{"x":81,"y":506,"width":824,"height":11}},{"id":"4f747ed3-f7c8-4fb4-9e03-44f01a4237d8","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":26,"box":{"x":82,"y":521,"width":806,"height":11}},{"id":"b7220b0f-4aa6-44d4-8f15-7dd4ef145a1f","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":26,"box":{"x":81,"y":535,"width":842,"height":12}},{"id":"d94f25f7-c5f6-474f-8e90-8277584d054c","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":26,"box":{"x":81,"y":550,"width":781,"height":12}},{"id":"b35f6e3b-3dae-4f98-9964-27dd5cc1c29d","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":26,"box":{"x":81,"y":565,"width":812,"height":12}},{"id":"8001d7bb-db6a-405b-9e25-cffeb765042f","block_type":"box","text":"larger companies.","page_number":26,"box":{"x":82,"y":580,"width":129,"height":12}},{"id":"0f2403ab-a3e3-4e5b-a0db-a23901f298e9","block_type":"box","text":"Risks of Concentrating in One Country","page_number":26,"box":{"x":81,"y":600,"width":290,"height":11}},{"id":"5b3d4978-b76f-4464-9e9b-7c86fb01fa89","block_type":"box","text":"—","page_number":26,"box":{"x":376,"y":605,"width":17,"height":1}},{"id":"53423f4b-cc29-49c7-a0de-cd8e3612c82b","block_type":"box","text":"Investing a significant portion of assets in one country makes the Fund","page_number":26,"box":{"x":398,"y":600,"width":522,"height":12}},{"id":"028b5309-3786-4f44-96a5-2ea0a6318675","block_type":"box","text":"more dependent upon the political and economic circumstances of that particular country than a mutual fund that is","page_number":26,"box":{"x":82,"y":615,"width":853,"height":11}},{"id":"ee31af1b-1e27-40d1-90ab-12d2780f39e6","block_type":"box","text":"more widely diversified. The Fund may not invest more than 25% of its total assets, at the time of purchase, in","page_number":26,"box":{"x":82,"y":630,"width":811,"height":11}},{"id":"b2ca1693-02fb-4929-a87c-787a4d9456bf","block_type":"box","text":"sovereign debt instruments of any one foreign government.","page_number":26,"box":{"x":81,"y":644,"width":432,"height":12}},{"id":"0d658e05-85cd-4202-a013-a864e2a93d8a","block_type":"box","text":"Sovereign Debt Risk","page_number":26,"box":{"x":81,"y":665,"width":154,"height":11}},{"id":"b90f1672-bf5e-4b42-acb8-db04a94c5247","block_type":"box","text":"— Sovereign debt instruments are subject to the risk that a governmental entity may delay or","page_number":26,"box":{"x":239,"y":665,"width":686,"height":11}},{"id":"4de1a41a-1aac-4463-b7ac-256be349ead2","block_type":"box","text":"refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient","page_number":26,"box":{"x":82,"y":679,"width":844,"height":12}},{"id":"585ff412-ceca-42ef-bf73-3c453e3710f3","block_type":"box","text":"foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in","page_number":26,"box":{"x":81,"y":694,"width":821,"height":12}},{"id":"5e078763-50e0-4e66-bffc-97bd57a62ba6","block_type":"box","text":"relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund","page_number":26,"box":{"x":82,"y":709,"width":845,"height":11}},{"id":"21820621-55c0-419a-8dfd-92b3df47962b","block_type":"box","text":"or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay or for","page_number":26,"box":{"x":81,"y":724,"width":810,"height":11}},{"id":"e5f069d0-107a-47b6-a3e3-7d50caad398e","block_type":"box","text":"further loans. There is no legal process for collecting sovereign debt that a government does not pay nor are there","page_number":26,"box":{"x":81,"y":739,"width":840,"height":11}},{"id":"2ab975b7-517f-42ee-bc3d-26cea50a0ef7","block_type":"box","text":"bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid","page_number":26,"box":{"x":81,"y":753,"width":826,"height":12}},{"id":"2df6d843-b6d9-46f6-b18a-ccddf3b2daf7","block_type":"box","text":"may be collected.","page_number":26,"box":{"x":82,"y":768,"width":126,"height":12}},{"id":"c0913f6c-7caf-444f-a6de-9928c7856679","block_type":"box","text":"Structured Notes Risk","page_number":26,"box":{"x":81,"y":788,"width":168,"height":9}},{"id":"12eb904f-5a66-4960-b46b-c66eb2f0f719","block_type":"box","text":"—","page_number":26,"box":{"x":254,"y":794,"width":17,"height":0}},{"id":"df015f2e-a85d-4d0b-8105-288ecff9ee7c","block_type":"box","text":"Structured notes and other related instruments purchased by the Fund are generally","page_number":26,"box":{"x":276,"y":788,"width":618,"height":12}},{"id":"aaaf0d21-38e3-4c0e-ad06-c88cb27840b5","block_type":"box","text":"privately negotiated debt obligations where the principal and/or interest is determined by reference to the","page_number":26,"box":{"x":82,"y":803,"width":775,"height":12}},{"id":"18744cc2-10e3-40a0-b40b-49f670eba0bb","block_type":"box","text":"performance of a specific asset, benchmark asset, market or interest rate (“reference measure”). The interest rate","page_number":26,"box":{"x":82,"y":818,"width":847,"height":11}},{"id":"14c83bb6-b935-4900-8f62-20209c326e53","block_type":"box","text":"or the principal amount payable upon maturity or redemption may increase or decrease, depending upon changes in","page_number":26,"box":{"x":81,"y":833,"width":850,"height":11}},{"id":"b4ce6a77-ac5a-42c8-a5ba-35f01ff28817","block_type":"box","text":"the value of the reference measure. The terms of a structured note may provide that, in certain circumstances, no","page_number":26,"box":{"x":80,"y":847,"width":842,"height":12}},{"id":"d0b83d6b-6785-4826-a139-3c6a495d9878","block_type":"box","text":"principal is due at maturity and, therefore, may result in a loss of invested capital by the Fund. The interest and/or","page_number":26,"box":{"x":82,"y":862,"width":841,"height":12}},{"id":"e959d3de-612d-45e0-a870-7469dd88eb4b","block_type":"box","text":"principal payments that may be made on a structured product may vary widely, depending on a variety of factors,","page_number":26,"box":{"x":82,"y":877,"width":826,"height":12}},{"id":"2713c8c1-84dd-4a14-81fe-1a6872b5b002","block_type":"box","text":"including the volatility of the reference measure.","page_number":26,"box":{"x":82,"y":892,"width":352,"height":12}},{"id":"dc1414e3-60aa-43e8-a9f6-4eff815de6c9","block_type":"box","text":"24","page_number":26,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"79979004-f5ad-45af-ab43-346261e3269f","block_type":"box","text":"NM1026U-5982658-26/54","page_number":26,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"eaa984ad-7387-4541-af16-f2b01c361558","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may produce","page_number":27,"box":{"x":81,"y":46,"width":855,"height":11}},{"id":"9b28a5d4-3fd1-4097-8733-b83023a8c512","block_type":"box","text":"an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":27,"box":{"x":81,"y":60,"width":783,"height":12}},{"id":"3b0a2bea-5f5c-4629-8c5b-cb33a55f571f","block_type":"box","text":"structured notes may be determined by applying a multiplier to the performance or differential performance of","page_number":27,"box":{"x":81,"y":75,"width":811,"height":12}},{"id":"a3daf84c-b56e-4793-9388-7915427423c6","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":27,"box":{"x":82,"y":90,"width":851,"height":12}},{"id":"0bbc7875-89a5-4200-8018-6adbc3f708aa","block_type":"box","text":"the risk of loss.","page_number":27,"box":{"x":80,"y":105,"width":114,"height":9}},{"id":"c3abeb63-ee9e-40b0-8688-5669958b437a","block_type":"box","text":"The purchase of structured notes exposes the Fund to the credit risk of the issuer of the structured product.","page_number":27,"box":{"x":81,"y":125,"width":796,"height":11}},{"id":"d51bc452-d25a-415f-9a71-8115d30e62b8","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":27,"box":{"x":81,"y":140,"width":820,"height":11}},{"id":"3e11ec4d-b925-4232-8bef-eb3cbb007593","block_type":"box","text":"securities and instruments or more traditional debt securities.","page_number":27,"box":{"x":81,"y":155,"width":455,"height":9}},{"id":"d98aeb05-2ae1-435f-9840-7eadea8cbba3","block_type":"box","text":"Structured Securities Risk","page_number":27,"box":{"x":81,"y":175,"width":200,"height":9}},{"id":"edae92db-1b2c-46d3-8e7f-97337c273224","block_type":"box","text":"— Because structured securities of the type in which the Fund may invest typically","page_number":27,"box":{"x":285,"y":175,"width":605,"height":11}},{"id":"63649ed0-580f-4f4d-9825-67844674269f","block_type":"box","text":"involve no credit enhancement, their credit risk generally will be equivalent to that of the underlying instruments,","page_number":27,"box":{"x":82,"y":189,"width":823,"height":12}},{"id":"c1e4484e-5bb7-4b4d-b801-8dd1f74f52f9","block_type":"box","text":"index or reference obligation and will also be subject to counterparty risk. The Fund may have the right to receive","page_number":27,"box":{"x":82,"y":204,"width":827,"height":12}},{"id":"53f539ff-3e70-482c-beda-a60e2ff71ff3","block_type":"box","text":"payments only from the structured security, and generally does not have direct rights against the issuer or the entity","page_number":27,"box":{"x":82,"y":219,"width":852,"height":12}},{"id":"f77df9e7-5f9f-45cb-841d-8cbe2c0a835a","block_type":"box","text":"that sold the assets to be securitized. In addition to the general risks associated with debt securities discussed","page_number":27,"box":{"x":80,"y":234,"width":823,"height":11}},{"id":"65262d5c-0c88-4fd2-bb85-1f427174fb8c","block_type":"box","text":"herein, structured securities carry additional risks, including, but not limited to: the possibility that distributions","page_number":27,"box":{"x":82,"y":249,"width":818,"height":11}},{"id":"7351fcbf-81bd-4e00-bf57-15e226f1ed80","block_type":"box","text":"from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may","page_number":27,"box":{"x":81,"y":263,"width":842,"height":12}},{"id":"18c518ed-1f5b-4537-aeb7-f3f425bc472b","block_type":"box","text":"decline in value or default; and the possibility that the structured securities are subordinate to other classes. The","page_number":27,"box":{"x":81,"y":278,"width":834,"height":12}},{"id":"cf1ca7d6-e9a3-4394-af96-fe574de8eb29","block_type":"box","text":"Fund is permitted to invest in a class of structured securities that is either subordinated or unsubordinated to the","page_number":27,"box":{"x":82,"y":293,"width":834,"height":11}},{"id":"413c0a81-1e70-4851-8f4e-d54e93c8eaa9","block_type":"box","text":"right of payment of another class. Subordinated structured securities typically have higher yields and present","page_number":27,"box":{"x":82,"y":308,"width":799,"height":12}},{"id":"5bbefac0-0cf4-4ee6-abb0-bbd6b374490c","block_type":"box","text":"greater risks than unsubordinated structured securities. Structured securities are typically sold in private placement","page_number":27,"box":{"x":81,"y":323,"width":851,"height":11}},{"id":"1a7235bc-e034-42b9-8660-856a98b677ba","block_type":"box","text":"transactions, and there currently is no active trading market for structured securities. Structured securities are","page_number":27,"box":{"x":80,"y":338,"width":814,"height":11}},{"id":"bbda3d07-4a08-490c-bc91-e6844ce975e7","block_type":"box","text":"based upon the movement of one or more factors, including currency exchange rates, interest rates, reference","page_number":27,"box":{"x":81,"y":352,"width":812,"height":12}},{"id":"9ab91a76-d43e-4ba2-a5d2-9389efc57901","block_type":"box","text":"bonds and stock indices, and changes in interest rates and impact of these factors may cause significant price","page_number":27,"box":{"x":81,"y":367,"width":816,"height":12}},{"id":"74ccdeaf-ac55-4f12-a712-b92dc4f0d005","block_type":"box","text":"fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the","page_number":27,"box":{"x":81,"y":382,"width":795,"height":12}},{"id":"448a358f-b4d4-48f6-b071-b5adf8193671","block_type":"box","text":"structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be","page_number":27,"box":{"x":81,"y":397,"width":802,"height":11}},{"id":"5d3ff6b9-3038-4b1c-8627-121823c342aa","block_type":"box","text":"“investment companies” as defined in the Investment Company Act of 1940, as amended (the “Investment","page_number":27,"box":{"x":82,"y":412,"width":789,"height":11}},{"id":"c3105cce-ed7e-4c7a-aa2c-d73c45e3e4e7","block_type":"box","text":"Company Act”). As a result, the Fund’s investment in such securities may be limited by certain investment","page_number":27,"box":{"x":81,"y":427,"width":781,"height":11}},{"id":"236b66de-51a8-47db-a2e0-1548963ce7e7","block_type":"box","text":"restrictions contained in the Investment Company Act.","page_number":27,"box":{"x":82,"y":442,"width":395,"height":11}},{"id":"aeea0225-290e-4764-8932-33c7461ec26e","block_type":"box","text":"Subsidiary Risk","page_number":27,"box":{"x":81,"y":462,"width":117,"height":11}},{"id":"c5bba864-0b13-412f-9b8d-413310b9b887","block_type":"box","text":"—","page_number":27,"box":{"x":202,"y":467,"width":17,"height":1}},{"id":"81297296-450a-4b06-8658-18db2faf9961","block_type":"box","text":"By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the","page_number":27,"box":{"x":225,"y":462,"width":679,"height":11}},{"id":"b6f2da7e-2e09-41bc-b6e1-c5d334d4791e","block_type":"box","text":"Subsidiary’s investments. The commodity-related instruments held by the Subsidiary are generally similar to those","page_number":27,"box":{"x":81,"y":476,"width":841,"height":12}},{"id":"5b709c37-9cb0-4529-b69d-b4d695ddd9bb","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":27,"box":{"x":80,"y":491,"width":851,"height":11}},{"id":"b69d3fd0-c2c7-4fb2-8acc-0c8397604e59","block_type":"box","text":"directly by the Fund (see “Commodities Related Investments Risk” above). There can be no assurance that the","page_number":27,"box":{"x":81,"y":506,"width":814,"height":11}},{"id":"6a6f0239-678a-4485-9a0c-8c246cb45da5","block_type":"box","text":"investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment","page_number":27,"box":{"x":82,"y":521,"width":807,"height":11}},{"id":"46c7aeab-439c-4879-a6c6-011871e6da5f","block_type":"box","text":"Company Act, and, unless otherwise noted in this prospectus, is not subject to all the investor protections of the","page_number":27,"box":{"x":81,"y":535,"width":830,"height":12}},{"id":"afe1105c-3cd0-47fe-980f-1a1669fc89fd","block_type":"box","text":"Investment Company Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the","page_number":27,"box":{"x":82,"y":550,"width":790,"height":12}},{"id":"94b1cdae-e249-4399-bd86-84f9138cae96","block_type":"box","text":"Subsidiary are both managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the","page_number":27,"box":{"x":81,"y":565,"width":827,"height":12}},{"id":"15b672fd-d5a0-496b-accb-024dd77ab139","block_type":"box","text":"interests of the Fund and its shareholders. The Board has oversight responsibility for the investment activities of","page_number":27,"box":{"x":82,"y":580,"width":827,"height":12}},{"id":"1365ada0-b91c-40b1-b7ae-6efc8f94b487","block_type":"box","text":"the Fund, including its investment in the Subsidiary, and the Fund’s role as sole shareholder of the Subsidiary. The","page_number":27,"box":{"x":80,"y":595,"width":845,"height":11}},{"id":"72f45b4f-20e6-4bd6-a604-dadb7cfddb3f","block_type":"box","text":"Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies","page_number":27,"box":{"x":81,"y":610,"width":850,"height":11}},{"id":"1a8beb4b-8c8f-442d-bdae-6635940cf857","block_type":"box","text":"and procedures, as the Fund, except that the Subsidiary may invest without limitation in commodity-related","page_number":27,"box":{"x":81,"y":625,"width":785,"height":11}},{"id":"e9d7e183-0f66-4d2d-81e2-eea735ca9c89","block_type":"box","text":"instruments. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the","page_number":27,"box":{"x":82,"y":639,"width":850,"height":12}},{"id":"c9566a48-ccfe-494d-a1d9-dce5413121f3","block_type":"box","text":"Fund and/or the Subsidiary to operate as described in this prospectus and the SAI and could adversely affect the","page_number":27,"box":{"x":82,"y":654,"width":834,"height":12}},{"id":"6d0d5085-c4e4-4167-8acf-2dc0c858ec79","block_type":"box","text":"Fund.","page_number":27,"box":{"x":82,"y":669,"width":37,"height":9}},{"id":"c318b972-6454-4a24-b12e-661f92ef87fa","block_type":"box","text":"U.S. Government Obligations Risk","page_number":27,"box":{"x":82,"y":689,"width":254,"height":11}},{"id":"de7c32c3-4b6b-4cc2-a265-cbc13d19e508","block_type":"box","text":"— Not all U.S. Government securities are backed by the full faith and credit of","page_number":27,"box":{"x":340,"y":689,"width":576,"height":11}},{"id":"ceb00c7c-3f06-4bea-8f47-b91d86f474bc","block_type":"box","text":"the United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the","page_number":27,"box":{"x":80,"y":704,"width":840,"height":11}},{"id":"fabf6752-ef76-44e3-9425-e499b2c377f3","block_type":"box","text":"U.S. Government are backed by the full faith and credit of the United States (","page_number":27,"box":{"x":82,"y":719,"width":565,"height":11}},{"id":"6b4e7770-e3c9-43c3-bb01-4862deca9921","block_type":"box","text":"e.g","page_number":27,"box":{"x":649,"y":720,"width":23,"height":10}},{"id":"80abf164-ecba-46e5-9a30-9bf7b1466031","block_type":"box","text":"., the Government National","page_number":27,"box":{"x":672,"y":719,"width":196,"height":10}},{"id":"89b40562-4b79-427d-b550-523b54df76a3","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":27,"box":{"x":82,"y":733,"width":814,"height":12}},{"id":"d13c79c5-a55a-40a4-87f8-6e8ca8e7e589","block_type":"box","text":"(","page_number":27,"box":{"x":81,"y":748,"width":4,"height":12}},{"id":"6756dcf8-50e8-42d7-afd7-2415e9f0389b","block_type":"box","text":"e.g","page_number":27,"box":{"x":86,"y":750,"width":24,"height":10}},{"id":"70101960-762e-4379-9cbb-62efa16d238f","block_type":"box","text":"., the Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S.","page_number":27,"box":{"x":110,"y":748,"width":734,"height":12}},{"id":"b26fe9f3-876f-46a6-8aed-611ccdeb34cb","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":27,"box":{"x":81,"y":763,"width":843,"height":12}},{"id":"6a37f8da-6a9b-4e99-aa74-24f2955b6864","block_type":"box","text":"instrumentality or sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government","page_number":27,"box":{"x":82,"y":778,"width":852,"height":11}},{"id":"baa3626d-f7ca-4d2c-bb34-9cec3d76f115","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":27,"box":{"x":80,"y":793,"width":758,"height":11}},{"id":"37bc8258-0e2a-4d37-97df-d1bd5ff86e8f","block_type":"box","text":"circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government","page_number":27,"box":{"x":81,"y":808,"width":794,"height":11}},{"id":"ff4e301f-8f9d-4166-870d-bbfba52a3ea8","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":27,"box":{"x":81,"y":822,"width":854,"height":12}},{"id":"f0dc0832-9437-4aa7-a147-06165e221544","block_type":"box","text":"substantial negative consequences for the U.S. economy and the global financial system.","page_number":27,"box":{"x":81,"y":837,"width":656,"height":12}},{"id":"a9f3a31a-92eb-4c2d-a2a6-f4274db2cf21","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":27,"box":{"x":60,"y":860,"width":832,"height":11}},{"id":"e118926e-6ab4-4616-aa9f-8a154d09c7bd","block_type":"box","text":"strategies, including:","page_number":27,"box":{"x":61,"y":875,"width":151,"height":11}},{"id":"ec51dcc4-5347-4fae-940f-c9bcd3803535","block_type":"box","text":"Borrowing Risk","page_number":27,"box":{"x":81,"y":895,"width":115,"height":11}},{"id":"68472863-c6d1-4e15-b625-2ec8861a8bf6","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":27,"box":{"x":200,"y":895,"width":711,"height":11}},{"id":"01979d52-605d-41a0-851e-6819ff02043d","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":27,"box":{"x":80,"y":909,"width":813,"height":12}},{"id":"2aebaaff-3b74-4de3-a7d0-c3c9dc671b71","block_type":"box","text":"25","page_number":27,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"e2da86d2-bce1-43f8-a22a-6b1207a5f05d","block_type":"box","text":"NM1026U-5982658-27/54","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b3244f07-2bb4-4dd5-9327-fe8ab7ce5be1","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":28,"box":{"x":82,"y":46,"width":846,"height":11}},{"id":"6cdccca0-dbfa-4ed0-8684-11493b7b7f57","block_type":"box","text":"do so to satisfy its obligations.","page_number":28,"box":{"x":81,"y":60,"width":225,"height":12}},{"id":"f86972dd-8a84-4865-96b3-20df849295ce","block_type":"box","text":"Collateralized Loan Obligations Risk","page_number":28,"box":{"x":81,"y":81,"width":271,"height":11}},{"id":"09b91ff7-103b-497d-84b1-4a8a80d1ab3a","block_type":"box","text":"— The risks of investing in CLOs depend largely on the type of the collateral","page_number":28,"box":{"x":356,"y":80,"width":558,"height":12}},{"id":"1c019707-5268-4955-b4ac-f26b670cb988","block_type":"box","text":"securities and the tranche of the CLO. In stressed market conditions, it is possible that even senior CLO debt","page_number":28,"box":{"x":81,"y":95,"width":805,"height":12}},{"id":"124db388-1337-4c09-810a-0a461602a6e1","block_type":"box","text":"tranches, such as those in which the Fund will invest, could experience losses due to actual defaults, downgrades","page_number":28,"box":{"x":80,"y":110,"width":839,"height":12}},{"id":"b9aa9fbb-d717-4221-bc4f-0dbbdb4d2be3","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":28,"box":{"x":81,"y":125,"width":831,"height":11}},{"id":"1d5d9e10-0319-46c0-983b-8f9a18be581f","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and the disappearance of protecting tranches,","page_number":28,"box":{"x":80,"y":140,"width":805,"height":11}},{"id":"10518de7-3d0c-446d-85d4-2bb003ecb974","block_type":"box","text":"market anticipation of defaults as well as investor aversion to CLO securities as an asset class. To the extent that","page_number":28,"box":{"x":82,"y":155,"width":838,"height":11}},{"id":"4c9c0a08-331c-43dd-8887-f71fa38c154c","block_type":"box","text":"the Fund invests in unrated CLO tranches, the Fund’s ability to achieve its investment objective will be more","page_number":28,"box":{"x":80,"y":170,"width":793,"height":11}},{"id":"695b248e-ca5d-4516-945e-bb83eec59c5f","block_type":"box","text":"dependent on Fund management’s credit analysis than would be the case when the Fund invests in rated CLO","page_number":28,"box":{"x":81,"y":184,"width":808,"height":12}},{"id":"5b51c285-6d81-4df6-9720-a23aba41b242","block_type":"box","text":"tranches.","page_number":28,"box":{"x":80,"y":199,"width":68,"height":9}},{"id":"27747f8d-eb5f-41be-ad9b-a041c4131844","block_type":"box","text":"Further, interest on certain tranches of a CLO may be paid in kind or deferred and capitalized (paid in the form of","page_number":28,"box":{"x":82,"y":219,"width":830,"height":11}},{"id":"1ec2d30e-62c2-4f7c-b2ee-d13560023398","block_type":"box","text":"obligations of the same type rather than cash), which involves continued exposure to default risk with respect to","page_number":28,"box":{"x":81,"y":234,"width":824,"height":11}},{"id":"25a205fc-a866-4528-ac99-31b1b0931e9c","block_type":"box","text":"such payments. Fund management may not be able to accurately predict how specific CLOs or the portfolio of","page_number":28,"box":{"x":81,"y":249,"width":807,"height":11}},{"id":"3e0abe17-d48b-45e0-a477-119b3e290e6a","block_type":"box","text":"underlying loans or bonds for such CLOs will perform based on financial models or react to changes or stresses in","page_number":28,"box":{"x":82,"y":263,"width":839,"height":12}},{"id":"26525252-9bb8-4575-907b-bfc79c5d812d","block_type":"box","text":"the market, including changes in interest rates.","page_number":28,"box":{"x":80,"y":279,"width":347,"height":11}},{"id":"3a9fbe6f-7352-43d5-a0d5-598b5e57a5bb","block_type":"box","text":"CLOs, and their underlying loan obligations, are typically not registered for sale to the public and therefore are","page_number":28,"box":{"x":81,"y":298,"width":807,"height":12}},{"id":"f3082006-dad9-4e69-8efc-a1ce85745839","block_type":"box","text":"subject to certain restrictions on transfer and sale, potentially making them less liquid than other types of","page_number":28,"box":{"x":81,"y":313,"width":780,"height":12}},{"id":"a37a1175-bc44-4508-8e76-f41514ca3ab2","block_type":"box","text":"securities. Some unrated CLO securities may not have an active trading market or may be difficult to value.","page_number":28,"box":{"x":81,"y":328,"width":786,"height":12}},{"id":"63410192-180c-4088-8254-0af5956c931a","block_type":"box","text":"Additionally, when the Fund purchases a newly issued CLO security in the primary market (rather than from the","page_number":28,"box":{"x":81,"y":343,"width":811,"height":11}},{"id":"b361a91e-78bc-43cc-a259-e5fd58334474","block_type":"box","text":"secondary market), there often may be a delayed settlement period. As a result, the proceeds from the sale of CLO","page_number":28,"box":{"x":81,"y":358,"width":848,"height":11}},{"id":"986f7311-b1a6-4b8a-89ad-e01404ca1ae6","block_type":"box","text":"securities may not be readily available to make additional investments or to meet the Fund’s redemption","page_number":28,"box":{"x":81,"y":373,"width":768,"height":11}},{"id":"20cacbe5-d261-4ac2-bc0a-142f79c2efb4","block_type":"box","text":"obligations. During a delayed settlement period, the liquidity of the CLO may be further reduced. During periods of","page_number":28,"box":{"x":81,"y":387,"width":837,"height":12}},{"id":"5f1af373-75aa-43ae-8387-f105c1838e51","block_type":"box","text":"limited liquidity and higher price volatility, the Fund’s ability to acquire or dispose of CLO securities at a price and","page_number":28,"box":{"x":82,"y":402,"width":827,"height":12}},{"id":"9c1a27b2-5394-4502-83e0-484f3a4006a4","block_type":"box","text":"time the Fund deems advantageous may be impaired. To the extent the extended settlement process gives rise to","page_number":28,"box":{"x":80,"y":417,"width":838,"height":11}},{"id":"089f2214-4024-4a72-9773-aa6d944bb9b4","block_type":"box","text":"short-term liquidity needs, the Fund may hold additional cash, sell investments or temporarily borrow from banks","page_number":28,"box":{"x":81,"y":432,"width":828,"height":11}},{"id":"6c228bcf-d16f-4514-ab0c-1be1089cc73a","block_type":"box","text":"and other lenders. CLO securities are generally considered to be long-term investments and there is no guarantee","page_number":28,"box":{"x":81,"y":447,"width":836,"height":11}},{"id":"63900ccf-a65e-46a0-9ee3-cd0de862fc7e","block_type":"box","text":"that an active secondary market will exist or be maintained for any given CLO security.","page_number":28,"box":{"x":80,"y":461,"width":632,"height":12}},{"id":"28b23c33-2c32-48a4-9ecd-7da6c0308943","block_type":"box","text":"Convertible Securities Risk","page_number":28,"box":{"x":81,"y":482,"width":206,"height":9}},{"id":"d9835614-3bd2-4bc7-947f-590742e1fcdf","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":28,"box":{"x":291,"y":481,"width":593,"height":12}},{"id":"bc416aec-e575-44e0-b724-e2099404a55f","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":28,"box":{"x":81,"y":496,"width":853,"height":12}},{"id":"c713bc29-70e0-4e34-ab9e-cbe82359d56b","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":28,"box":{"x":81,"y":511,"width":855,"height":11}},{"id":"458e6a43-ed34-40e7-ac00-4ca59e991bb8","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":28,"box":{"x":80,"y":526,"width":816,"height":11}},{"id":"30247c4b-eda9-4602-bc1c-1921ecb0bf29","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":28,"box":{"x":82,"y":541,"width":796,"height":11}},{"id":"7c876978-716f-4fbf-be5d-81f45131a92e","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":28,"box":{"x":81,"y":555,"width":812,"height":12}},{"id":"ba690e19-6a09-4ff3-8848-7110ad573913","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":28,"box":{"x":82,"y":570,"width":809,"height":12}},{"id":"7196263b-7df7-4c7d-9ebf-e789822b845c","block_type":"box","text":"Distressed Securities Risk","page_number":28,"box":{"x":81,"y":590,"width":200,"height":10}},{"id":"9e58f44f-b71d-4fd7-9b8e-88929a0b4e7b","block_type":"box","text":"—","page_number":28,"box":{"x":285,"y":596,"width":17,"height":0}},{"id":"411988c6-116d-44f8-b1c0-460f04b96d23","block_type":"box","text":"Distressed securities are speculative and involve substantial risks in addition to the","page_number":28,"box":{"x":308,"y":591,"width":615,"height":11}},{"id":"81b0a10a-238a-496e-a374-726fced35cb7","block_type":"box","text":"risks of investing in junk bonds. The Fund will generally not receive interest payments on the distressed securities","page_number":28,"box":{"x":82,"y":605,"width":835,"height":12}},{"id":"59d32e01-4725-42d6-bf7a-25ae3aa0ec09","block_type":"box","text":"and may incur costs to protect its investment. In addition, distressed securities involve the substantial risk that","page_number":28,"box":{"x":81,"y":620,"width":820,"height":11}},{"id":"a9817c8a-1f22-42f4-8abc-47e79a195f02","block_type":"box","text":"principal will not be repaid. These securities may present a substantial risk of default or may be in default at the","page_number":28,"box":{"x":82,"y":635,"width":824,"height":11}},{"id":"a7f92113-9610-4bd2-aa08-946c3a7ea601","block_type":"box","text":"time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a","page_number":28,"box":{"x":80,"y":650,"width":821,"height":11}},{"id":"6b7275dc-4083-4ecf-86d6-bda9f9797d47","block_type":"box","text":"default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation","page_number":28,"box":{"x":81,"y":664,"width":792,"height":12}},{"id":"80db2118-f6f6-48a9-b36f-0cdb96bf3f2d","block_type":"box","text":"proceeding relating to a portfolio company, the Fund may lose its entire investment or may be required to accept","page_number":28,"box":{"x":82,"y":679,"width":826,"height":12}},{"id":"6bf4308c-8115-40f8-8e25-fe0d06306de2","block_type":"box","text":"cash or securities with a value less than its original investment. Distressed securities and any securities received in","page_number":28,"box":{"x":81,"y":694,"width":852,"height":12}},{"id":"b464317a-f6df-49bc-a17a-8906c522ea2c","block_type":"box","text":"an exchange for such securities may be subject to restrictions on resale.","page_number":28,"box":{"x":81,"y":709,"width":534,"height":11}},{"id":"7beef434-1aef-4700-8f22-6774abbdc222","block_type":"box","text":"Equity Securities Risk","page_number":28,"box":{"x":81,"y":729,"width":166,"height":11}},{"id":"496baa03-2e7a-4c75-9be7-397642b9788e","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":28,"box":{"x":251,"y":729,"width":666,"height":11}},{"id":"02d3a02e-c15d-4731-91eb-8605cdbf0343","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":28,"box":{"x":81,"y":744,"width":850,"height":11}},{"id":"4a12ddeb-e4a7-4ed3-afb5-2225abb3a2ad","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":28,"box":{"x":82,"y":759,"width":802,"height":11}},{"id":"d73c60d8-857a-4c34-a458-d1f453c0ccc3","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":28,"box":{"x":81,"y":773,"width":854,"height":12}},{"id":"0ad51401-266a-4759-9843-65ece334ec0c","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":28,"box":{"x":81,"y":788,"width":848,"height":12}},{"id":"2121f2db-8896-4547-87dc-192bbbd364cc","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":28,"box":{"x":81,"y":803,"width":824,"height":11}},{"id":"4bbc7681-4d57-4b24-81a5-414eb73866bc","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":28,"box":{"x":81,"y":818,"width":782,"height":11}},{"id":"c17069cd-1780-4f19-b0b7-818f98ed2256","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":28,"box":{"x":82,"y":833,"width":849,"height":11}},{"id":"171e5830-cccc-4d29-b9a4-270047a54eec","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":28,"box":{"x":82,"y":848,"width":482,"height":11}},{"id":"1973e9d9-2752-444e-9255-cf5df8e7c329","block_type":"box","text":"Event Risk","page_number":28,"box":{"x":81,"y":868,"width":81,"height":9}},{"id":"68ca2021-ef9a-470e-a674-a6b32b268a75","block_type":"box","text":"— Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged","page_number":28,"box":{"x":166,"y":868,"width":759,"height":11}},{"id":"4ff8cb56-7d78-4c6b-823f-450e45f1c7ab","block_type":"box","text":"buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality","page_number":28,"box":{"x":81,"y":882,"width":832,"height":12}},{"id":"3519a3f2-126a-435a-a4de-bd04780ee0c3","block_type":"box","text":"and market value of a company’s bonds and/or other debt securities may decline significantly.","page_number":28,"box":{"x":81,"y":897,"width":692,"height":12}},{"id":"82d3c5e6-f51d-43a3-862c-f4702a573e99","block_type":"box","text":"26","page_number":28,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"9f76dbd5-3228-4340-98c8-c2a429a99dba","block_type":"box","text":"NM1026U-5982658-28/54","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"ed17a1e1-f237-4153-b9e5-dc9bb1fb60f9","block_type":"box","text":"Expense Risk","page_number":29,"box":{"x":81,"y":46,"width":102,"height":11}},{"id":"81ef0f86-3107-468f-8f71-7a4227948ff7","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":29,"box":{"x":187,"y":46,"width":734,"height":11}},{"id":"dbe0efce-b252-416e-a548-bbe3278a309a","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":29,"box":{"x":81,"y":61,"width":855,"height":11}},{"id":"35d68700-1336-4c9d-a56f-4bea062ead23","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":29,"box":{"x":82,"y":75,"width":842,"height":12}},{"id":"f1903a29-afd3-49e0-af3e-b6ea784db5fd","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":29,"box":{"x":82,"y":90,"width":808,"height":12}},{"id":"bd053bad-8e71-4b41-a483-09823dfc2bd0","block_type":"box","text":"significant.","page_number":29,"box":{"x":81,"y":105,"width":78,"height":12}},{"id":"6a82275a-3edc-4881-889c-ec6d664241ff","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":29,"box":{"x":81,"y":125,"width":366,"height":11}},{"id":"f4eecd58-47c4-4560-95d3-b61bf56edd07","block_type":"box","text":"— As with other investments, investments in other investment","page_number":29,"box":{"x":450,"y":125,"width":459,"height":11}},{"id":"9447bb4e-2105-46a6-ae23-a8ed1849f15f","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":29,"box":{"x":81,"y":140,"width":815,"height":11}},{"id":"0af7d136-8667-40b3-af1d-db860c329cff","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":29,"box":{"x":82,"y":155,"width":844,"height":11}},{"id":"84cc63a2-3558-458c-a19d-43d08d3d728b","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":29,"box":{"x":81,"y":169,"width":822,"height":12}},{"id":"1271ede7-f5f5-4a62-86d1-afcd02254f72","block_type":"box","text":"companies (to the extent not offset by BlackRock through waivers). To the extent the Fund is held by an affiliated","page_number":29,"box":{"x":81,"y":184,"width":829,"height":12}},{"id":"31218285-a717-4881-ad0f-a923ce72e98a","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":29,"box":{"x":81,"y":199,"width":628,"height":11}},{"id":"e8877d30-1d41-4ca4-a3a6-b9ffd849206c","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":29,"box":{"x":81,"y":219,"width":396,"height":11}},{"id":"119e98ac-dff4-481b-ba7a-5a73c61bb384","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":29,"box":{"x":481,"y":219,"width":440,"height":12}},{"id":"77f3b8c3-7331-499a-abb4-47c772650b78","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":29,"box":{"x":82,"y":234,"width":801,"height":11}},{"id":"54b1c03c-8934-4c62-9fb0-8477789d1a44","block_type":"box","text":"substantial amount of Fund shares or may invest in the Fund and hold its investment for a limited period of time.","page_number":29,"box":{"x":81,"y":249,"width":828,"height":11}},{"id":"57390196-21be-46f6-b391-1b402c04ade9","block_type":"box","text":"There can be no assurance that any large shareholder or large group of shareholders would not redeem their","page_number":29,"box":{"x":81,"y":263,"width":800,"height":12}},{"id":"b93e015f-42a8-4da9-8644-7c7b0611ba6a","block_type":"box","text":"investment or that the size of the Fund would be maintained. Redemptions of a large number of Fund shares by","page_number":29,"box":{"x":82,"y":278,"width":819,"height":12}},{"id":"9fdc93cb-f17c-4538-9dbf-ee363b66ab84","block_type":"box","text":"these shareholders may adversely affect the Fund’s liquidity and net assets. These redemptions may force the Fund","page_number":29,"box":{"x":80,"y":293,"width":855,"height":12}},{"id":"4ff46527-6c20-45a5-a155-6bf846a5e5c7","block_type":"box","text":"to sell portfolio securities to meet redemption requests when it might not otherwise do so, which may negatively","page_number":29,"box":{"x":80,"y":308,"width":828,"height":12}},{"id":"1cdae760-276f-45e1-9739-1079c622c0c7","block_type":"box","text":"impact the Fund’s NAV and increase the Fund’s brokerage costs and/or accelerate the realization of taxable income","page_number":29,"box":{"x":82,"y":323,"width":851,"height":11}},{"id":"13ea5e47-cb17-4787-b33e-1c7b21682641","block_type":"box","text":"and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In","page_number":29,"box":{"x":81,"y":338,"width":852,"height":9}},{"id":"79eaf85c-0e45-4363-94a7-cb84c2c4da0f","block_type":"box","text":"addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a","page_number":29,"box":{"x":81,"y":353,"width":719,"height":11}},{"id":"fa5cd282-44f2-4f90-8059-5857b0cf0f1b","block_type":"box","text":"disproportionately large taxable distribution during or with respect to such tax year. The Fund also may be required","page_number":29,"box":{"x":81,"y":368,"width":840,"height":11}},{"id":"52cd83c0-a46b-4167-b9a4-9963d2089707","block_type":"box","text":"to sell its more liquid Fund investments to meet a large redemption, in which case the Fund’s remaining assets may","page_number":29,"box":{"x":80,"y":382,"width":856,"height":12}},{"id":"592140bb-54cf-4555-8556-e9010c2d3dd9","block_type":"box","text":"be less liquid, more volatile, and more difficult to price. In addition, large redemptions can result in the Fund’s","page_number":29,"box":{"x":81,"y":397,"width":811,"height":12}},{"id":"cee2d4a4-b3e7-4616-bf5f-4b511583aa14","block_type":"box","text":"current expenses being allocated over a smaller asset base, which generally results in an increase in the Fund’s","page_number":29,"box":{"x":81,"y":412,"width":826,"height":11}},{"id":"9a94296b-826a-4d72-91ee-52d602cc456d","block_type":"box","text":"expense ratio. Because large redemptions can adversely affect a portfolio manager’s ability to implement a fund’s","page_number":29,"box":{"x":81,"y":427,"width":841,"height":11}},{"id":"fbb7a1b8-beb7-494a-b6e2-7adbee6acc52","block_type":"box","text":"investment strategy, the Fund also reserves the right to redeem in-kind, subject to certain conditions. In addition,","page_number":29,"box":{"x":82,"y":442,"width":830,"height":11}},{"id":"ed994966-d103-48c4-9d28-9418c24039cb","block_type":"box","text":"large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed","page_number":29,"box":{"x":82,"y":456,"width":849,"height":12}},{"id":"413151e1-9c14-4c74-b39c-db470f7837bd","block_type":"box","text":"in investing new cash and is required to maintain a larger cash position than it ordinarily would, diluting its","page_number":29,"box":{"x":82,"y":471,"width":781,"height":12}},{"id":"21f5aceb-1c36-43f7-aede-4aa550719901","block_type":"box","text":"investment returns.","page_number":29,"box":{"x":82,"y":486,"width":141,"height":9}},{"id":"7884e5aa-bfa2-4084-b288-3c3f167d6681","block_type":"box","text":"“New Issues” Risk","page_number":29,"box":{"x":83,"y":506,"width":139,"height":9}},{"id":"0f9caec7-4601-4b9d-98df-c1cafc5e0e0a","block_type":"box","text":"— “New issues” are IPOs of equity securities. Investments in companies that have recently","page_number":29,"box":{"x":226,"y":506,"width":673,"height":11}},{"id":"e1043342-f532-4f9c-9105-e1ab29ba4331","block_type":"box","text":"gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the","page_number":29,"box":{"x":81,"y":521,"width":833,"height":11}},{"id":"ef788468-4ac1-4583-8096-8165419e5078","block_type":"box","text":"Fund will have access to profitable IPOs and therefore investors should not rely on these past gains as an indication","page_number":29,"box":{"x":82,"y":535,"width":853,"height":12}},{"id":"522f2d58-99a9-45f9-bda2-ca4f237711f9","block_type":"box","text":"of future performance. The investment performance of the Fund during periods when it is unable to invest","page_number":29,"box":{"x":81,"y":550,"width":778,"height":12}},{"id":"768acb0d-ef21-489c-84af-a751340346cd","block_type":"box","text":"significantly or at all in IPOs may be lower than during periods when the Fund is able to do so. In addition, as the","page_number":29,"box":{"x":81,"y":565,"width":827,"height":12}},{"id":"5219baea-e939-4a2e-9052-aa681419b056","block_type":"box","text":"Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease. Securities issued in","page_number":29,"box":{"x":82,"y":580,"width":838,"height":12}},{"id":"e59b7018-d209-4283-b737-98fcaf4650ab","block_type":"box","text":"IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":29,"box":{"x":82,"y":595,"width":776,"height":11}},{"id":"6485ee77-2124-4e0a-ba74-cdecd06e7739","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":29,"box":{"x":81,"y":610,"width":830,"height":11}},{"id":"3067bbaf-5b8a-48b7-b00f-793656a04893","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shortly after","page_number":29,"box":{"x":82,"y":624,"width":834,"height":12}},{"id":"4fe3ded3-7f5c-4dff-b437-a63e1372bf1b","block_type":"box","text":"the IPO. When an IPO is brought to the market, availability may be limited and the Fund may not be able to buy any","page_number":29,"box":{"x":80,"y":639,"width":844,"height":12}},{"id":"c50b769a-83ac-400e-a8f4-64e202272974","block_type":"box","text":"shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering","page_number":29,"box":{"x":81,"y":654,"width":840,"height":12}},{"id":"fb4f2ccb-cc55-4c3c-96c2-ffc134721249","block_type":"box","text":"price as it would like.","page_number":29,"box":{"x":82,"y":669,"width":153,"height":11}},{"id":"9874664a-fa5a-4a72-a94e-12c314700668","block_type":"box","text":"Ownership Limitations Risk","page_number":29,"box":{"x":82,"y":689,"width":205,"height":11}},{"id":"aee8572b-c117-48e4-83af-48e3ef803def","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":29,"box":{"x":291,"y":689,"width":610,"height":11}},{"id":"cb5d178e-9c3a-4500-a82f-e8971038ca1d","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":29,"box":{"x":80,"y":704,"width":849,"height":11}},{"id":"0f953d4c-35d9-46f1-ae7d-9c428a530e02","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":29,"box":{"x":81,"y":719,"width":798,"height":11}},{"id":"c09f1733-2d89-4b5f-ab96-89579f2a39a3","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":29,"box":{"x":82,"y":733,"width":833,"height":12}},{"id":"7a33b44c-d539-47a3-bed0-45ca93cb3646","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":29,"box":{"x":82,"y":748,"width":851,"height":12}},{"id":"9d795a6e-0db8-483c-a395-c0abfd6584f7","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":29,"box":{"x":81,"y":763,"width":813,"height":11}},{"id":"c2a33360-c202-4828-92f5-ff5d10fc1ef3","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":29,"box":{"x":82,"y":778,"width":331,"height":11}},{"id":"c4896560-fed0-4909-8379-d797f336dada","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":29,"box":{"x":82,"y":798,"width":826,"height":11}},{"id":"461ce618-41ef-4a99-9f29-ab0aa9fb3415","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":29,"box":{"x":81,"y":813,"width":848,"height":11}},{"id":"4c97785b-2548-40d0-ac05-db09d9a402bf","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":29,"box":{"x":81,"y":827,"width":799,"height":12}},{"id":"e41302c4-448f-4ef1-9815-62995c92aeb1","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":29,"box":{"x":81,"y":842,"width":828,"height":12}},{"id":"648ffbd0-bc77-4fa7-aae1-979747f5815e","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":29,"box":{"x":81,"y":857,"width":828,"height":12}},{"id":"44b7afb1-d7bf-4847-b6ec-ce0a74f8b37d","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":29,"box":{"x":80,"y":872,"width":837,"height":12}},{"id":"3ba03e02-5231-4f6c-8b59-d064cc8090c4","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":29,"box":{"x":80,"y":887,"width":837,"height":11}},{"id":"65c93a5f-d977-424c-a29e-d25d17fa7db3","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":29,"box":{"x":82,"y":902,"width":800,"height":11}},{"id":"a50f1836-0d36-480d-8fb9-a0ba61478afd","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":29,"box":{"x":81,"y":916,"width":678,"height":12}},{"id":"779ae144-9752-427e-b11c-a8e99e660600","block_type":"box","text":"27","page_number":29,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"d0aa185b-3b78-45d2-b298-4addc95b757c","block_type":"box","text":"NM1026U-5982658-29/54","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"08fe543c-0008-4203-b13b-9c53ffd93155","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":30,"box":{"x":81,"y":46,"width":842,"height":11}},{"id":"3ab797d1-c664-47c8-a735-07576fe255b2","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":30,"box":{"x":81,"y":61,"width":833,"height":11}},{"id":"afe7e6e4-af55-4907-926a-4bac21e4fdcc","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":30,"box":{"x":82,"y":75,"width":582,"height":12}},{"id":"5500d67d-c082-481b-b3cc-ebe99c5ffc2c","block_type":"box","text":"Pay-in-kind Bonds Risk","page_number":30,"box":{"x":81,"y":95,"width":172,"height":12}},{"id":"29324820-7695-4647-8d6d-bfc4f0b022c8","block_type":"box","text":"— Similar to zero coupon obligations, pay-in-kind bonds also carry additional risk as holders","page_number":30,"box":{"x":256,"y":95,"width":676,"height":12}},{"id":"21fd552f-d906-4064-85fc-361275e18390","block_type":"box","text":"of these types of securities realize no cash until the cash payment date unless a portion of such securities is sold","page_number":30,"box":{"x":81,"y":110,"width":840,"height":12}},{"id":"9d253bd5-2d3b-48c0-9410-ec1ee89ec35d","block_type":"box","text":"and, if the issuer defaults, the Fund may obtain no return at all on its investment. The market price of pay-in-kind","page_number":30,"box":{"x":81,"y":125,"width":827,"height":11}},{"id":"966285ac-6324-410e-bad3-3534d7b575c3","block_type":"box","text":"bonds is affected by interest rate changes to a greater extent, and therefore tends to be more volatile, than that of","page_number":30,"box":{"x":81,"y":140,"width":846,"height":11}},{"id":"cc54289e-56ea-4f25-a3ec-3c110aeb460e","block_type":"box","text":"securities which pay interest in cash. Additionally, current federal tax law requires the holder of certain pay-in-kind","page_number":30,"box":{"x":81,"y":155,"width":834,"height":11}},{"id":"8682339a-6434-47b3-b160-3430aa52e882","block_type":"box","text":"bonds to accrue income with respect to these securities prior to the receipt of cash payments. To maintain its","page_number":30,"box":{"x":81,"y":169,"width":807,"height":12}},{"id":"0952d95e-21e6-4298-950b-0daaee3eae51","block_type":"box","text":"qualification as a regulated investment company and avoid liability for U.S. federal income and excise taxes, the","page_number":30,"box":{"x":81,"y":184,"width":823,"height":12}},{"id":"b56a81fd-6258-4631-8ec2-aeedf88c6c8f","block_type":"box","text":"Fund may be required to distribute income accrued with respect to these securities and may have to dispose of","page_number":30,"box":{"x":82,"y":199,"width":819,"height":11}},{"id":"6bae603f-6b1a-4f0d-bbab-973acc348243","block_type":"box","text":"portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution","page_number":30,"box":{"x":82,"y":214,"width":820,"height":11}},{"id":"f83abcab-1544-44c9-8637-5c28b73dd926","block_type":"box","text":"requirements.","page_number":30,"box":{"x":82,"y":229,"width":99,"height":11}},{"id":"a96be201-dc5e-4901-9193-6f9fc5261d2c","block_type":"box","text":"Reference Rate Replacement Risk","page_number":30,"box":{"x":81,"y":249,"width":260,"height":11}},{"id":"d4ef3e5f-5133-4ebc-a4f0-48d140ebd33a","block_type":"box","text":"— The Fund may be exposed to financial instruments that recently transitioned","page_number":30,"box":{"x":345,"y":249,"width":580,"height":11}},{"id":"1af30cb0-e8cb-4380-8746-15da311e1463","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (“LIBOR”) to determine payment obligations,","page_number":30,"box":{"x":81,"y":263,"width":816,"height":12}},{"id":"ccac26c7-4a88-4fbe-b6a9-577f19863a1b","block_type":"box","text":"financing terms, hedging strategies or investment value.","page_number":30,"box":{"x":81,"y":278,"width":411,"height":12}},{"id":"3dc494a2-1a7a-437a-bb5d-bc284846dddd","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all LIBOR","page_number":30,"box":{"x":81,"y":298,"width":843,"height":12}},{"id":"36720d3b-3c86-4f58-abe7-f5bdb22a68b0","block_type":"box","text":"settings. In April 2023, however, the FCA announced that some USD LIBOR settings would continue to be published","page_number":30,"box":{"x":81,"y":313,"width":849,"height":12}},{"id":"952aab2f-deef-405b-9fe9-86d9770a7b91","block_type":"box","text":"under a synthetic methodology until September 30, 2024 for certain legacy contracts. After September 30, 2024,","page_number":30,"box":{"x":82,"y":328,"width":835,"height":12}},{"id":"f228bdfd-6bc2-4462-85fb-a791ecbe80e2","block_type":"box","text":"the remaining synthetic LIBOR settings ceased to be published, and all LIBOR settings have permanently ceased.","page_number":30,"box":{"x":80,"y":343,"width":832,"height":11}},{"id":"37b31fb3-7a0e-4bd5-b1fa-335eb4b28fe2","block_type":"box","text":"The Secured Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight","page_number":30,"box":{"x":81,"y":358,"width":789,"height":11}},{"id":"e06d9803-412f-4095-a2d0-10a00460f027","block_type":"box","text":"collateralized by U.S. Treasury securities in the repurchase agreement (“repo”) market and has been used","page_number":30,"box":{"x":81,"y":373,"width":781,"height":11}},{"id":"5e42db85-54ae-4021-96d2-e59e796753f3","block_type":"box","text":"increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a","page_number":30,"box":{"x":82,"y":387,"width":819,"height":12}},{"id":"ccb7783b-fae6-4bf4-bdea-11ee2e1ca828","block_type":"box","text":"statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain","page_number":30,"box":{"x":81,"y":402,"width":828,"height":12}},{"id":"caa83064-1039-42d3-a305-a6b419bcf63e","block_type":"box","text":"financial contracts.","page_number":30,"box":{"x":81,"y":417,"width":138,"height":9}},{"id":"934cb2a3-beb0-4918-9e3f-169b2c8e66fc","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some existing","page_number":30,"box":{"x":82,"y":437,"width":835,"height":11}},{"id":"b4338c4b-e090-44ee-ac36-704da9ce0898","block_type":"box","text":"LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":30,"box":{"x":82,"y":452,"width":796,"height":11}},{"id":"7433e807-07ba-49dc-b4c9-9345ae9975f0","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such","page_number":30,"box":{"x":81,"y":467,"width":829,"height":11}},{"id":"81a5ec2f-357f-40bb-b5bf-7ba7da409bd5","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":30,"box":{"x":81,"y":482,"width":832,"height":11}},{"id":"ecc04586-ba89-4517-afcb-ba482a510489","block_type":"box","text":"setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative","page_number":30,"box":{"x":81,"y":496,"width":835,"height":12}},{"id":"2d995f2a-651b-43bd-b5af-ec8891eb7d8b","block_type":"box","text":"rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using","page_number":30,"box":{"x":82,"y":511,"width":827,"height":12}},{"id":"e9e800ce-143f-473f-9e6b-fe086690a4da","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty","page_number":30,"box":{"x":82,"y":526,"width":850,"height":11}},{"id":"413d5830-eed2-4ee0-9721-fbc5c55b9868","block_type":"box","text":"of performance and the possibility of litigation. The Fund may have instruments linked to other interbank offered","page_number":30,"box":{"x":81,"y":541,"width":825,"height":11}},{"id":"aa3c3941-6a4c-4399-99ce-699b248762ba","block_type":"box","text":"rates that may also cease to be published in the future.","page_number":30,"box":{"x":82,"y":555,"width":407,"height":12}},{"id":"30383426-6781-48d0-bb7f-33c06fc4c5cd","block_type":"box","text":"Reliance on Advisor Risk","page_number":30,"box":{"x":81,"y":576,"width":188,"height":9}},{"id":"7e413da5-d0c4-4736-b0e9-125bbfa96d37","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":30,"box":{"x":273,"y":576,"width":614,"height":11}},{"id":"29f34cbd-3d4a-47c5-a3df-45b2e073422a","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":30,"box":{"x":80,"y":590,"width":830,"height":12}},{"id":"b8238b73-a00e-4f0f-b7c9-0e5f1540138e","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":30,"box":{"x":80,"y":605,"width":856,"height":12}},{"id":"5afbce4e-c67c-43e4-bbd9-e64aff7019f8","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":30,"box":{"x":80,"y":620,"width":841,"height":12}},{"id":"7b6ad16a-574e-4bcc-928a-bde8736b7a62","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":30,"box":{"x":81,"y":635,"width":649,"height":11}},{"id":"b93bbdd4-58f7-4029-b74f-e401ccfab814","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":30,"box":{"x":81,"y":655,"width":481,"height":11}},{"id":"86b03be1-b3c2-4773-a6e1-ce26ad768220","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":30,"box":{"x":565,"y":655,"width":370,"height":11}},{"id":"70b9570d-9b59-47e4-9065-f3026cf71f07","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":30,"box":{"x":82,"y":670,"width":827,"height":11}},{"id":"6b7a3c50-f5f3-4964-8ad3-54b8a0819065","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":30,"box":{"x":81,"y":684,"width":816,"height":12}},{"id":"4b8b77f7-4ed3-4226-bd78-92ee1399835e","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":30,"box":{"x":81,"y":699,"width":647,"height":12}},{"id":"95ed91d5-cd43-4c39-baf2-5ba2d03ed826","block_type":"box","text":"Reverse Repurchase Agreements Risk","page_number":30,"box":{"x":81,"y":719,"width":289,"height":12}},{"id":"58a40952-4236-4564-8175-c33f9bbe4a8d","block_type":"box","text":"— Reverse repurchase agreements involve the sale of securities held by the","page_number":30,"box":{"x":374,"y":719,"width":562,"height":12}},{"id":"023b2b79-ca87-4b2a-86a0-01747d8d64d4","block_type":"box","text":"Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse","page_number":30,"box":{"x":82,"y":734,"width":838,"height":12}},{"id":"264a37b3-2955-48af-8601-52704c885699","block_type":"box","text":"repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at","page_number":30,"box":{"x":82,"y":749,"width":852,"height":11}},{"id":"cb5643c5-b196-4fab-b7b5-04c90a67a227","block_type":"box","text":"all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the","page_number":30,"box":{"x":81,"y":764,"width":821,"height":11}},{"id":"c849cb92-a77d-477a-9d5b-e42ade69f731","block_type":"box","text":"Fund, including the value of the investments made with cash collateral, is less than the value of the securities.","page_number":30,"box":{"x":82,"y":778,"width":812,"height":12}},{"id":"e944f63f-212d-4821-857d-595e2f08c960","block_type":"box","text":"These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements","page_number":30,"box":{"x":81,"y":793,"width":854,"height":12}},{"id":"fe2367aa-7f84-4937-9c1a-a869413e735b","block_type":"box","text":"involve the risk that the interest income earned in the investment of the proceeds will be less than the interest","page_number":30,"box":{"x":82,"y":808,"width":814,"height":11}},{"id":"ca0a433b-e753-4c9e-b2d5-2b68112eacd3","block_type":"box","text":"expense.","page_number":30,"box":{"x":81,"y":825,"width":64,"height":9}},{"id":"f15fd837-5138-4676-a270-0e4f90c52af8","block_type":"box","text":"Securities Lending Risk","page_number":30,"box":{"x":81,"y":843,"width":178,"height":11}},{"id":"6a1c263b-b96f-480c-b3ec-06e100f4bd71","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":30,"box":{"x":263,"y":843,"width":661,"height":12}},{"id":"13c1faf4-ff2f-44b0-b7d7-a8fc886bbfbb","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":30,"box":{"x":82,"y":858,"width":852,"height":11}},{"id":"ea5f533b-ed5d-46e2-8e1c-fcf9787a7410","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":30,"box":{"x":81,"y":873,"width":811,"height":11}},{"id":"31e4330b-d331-4708-945c-388bb1465a29","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":30,"box":{"x":81,"y":887,"width":829,"height":12}},{"id":"784da5ad-ea5e-4934-8584-34b45a80504f","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":30,"box":{"x":81,"y":902,"width":292,"height":12}},{"id":"f3df2477-7c8b-4436-86c2-1ba2021d3329","block_type":"box","text":"28","page_number":30,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"68bb5510-ace0-4f13-9962-cd8277e74c53","block_type":"box","text":"NM1026U-5982658-30/54","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6d0dc6fc-c1de-424f-9a49-c55ef5ebf7f1","block_type":"box","text":"Short Sales Risk","page_number":31,"box":{"x":81,"y":46,"width":126,"height":9}},{"id":"e285af62-2924-406b-a2a0-66c2fb9dc396","block_type":"box","text":"— Because making short sales in securities that it does not own exposes the Fund to the risks","page_number":31,"box":{"x":211,"y":46,"width":702,"height":11}},{"id":"7d3ef747-0920-4eca-9b0a-a6309fee7236","block_type":"box","text":"associated with those securities, such short sales involve speculative exposure risk. The Fund will incur a loss as a","page_number":31,"box":{"x":81,"y":61,"width":850,"height":11}},{"id":"1224b294-e02c-483f-8d4a-04737808e21e","block_type":"box","text":"result of a short sale if the price of the security increases between the date of the short sale and the date on which","page_number":31,"box":{"x":82,"y":75,"width":851,"height":12}},{"id":"80fbe37a-0486-4035-bfa5-35febd7a0eea","block_type":"box","text":"the Fund replaces the security sold short. The Fund will realize a gain if the security declines in price between those","page_number":31,"box":{"x":80,"y":90,"width":852,"height":12}},{"id":"80329cee-a7e6-4a43-9bd5-bab3daaf6065","block_type":"box","text":"dates. As a result, if the Fund makes short sales in securities that increase in value, it will likely underperform","page_number":31,"box":{"x":81,"y":105,"width":813,"height":11}},{"id":"6eb944a5-fbf2-4ecb-ac1b-44a5239ac091","block_type":"box","text":"similar funds that do not make short sales in securities they do not own. There can be no assurance that the Fund","page_number":31,"box":{"x":81,"y":120,"width":843,"height":11}},{"id":"bec05d4d-2084-4cf3-b88a-543fe4fbc962","block_type":"box","text":"will be able to close out a short sale position at any particular time or at an acceptable price. Although the Fund’s","page_number":31,"box":{"x":80,"y":135,"width":838,"height":11}},{"id":"05535f9e-1218-4a03-87ac-b676ab9093fb","block_type":"box","text":"gain is limited to the amount at which it sold a security short, its potential loss is limited only by the maximum","page_number":31,"box":{"x":81,"y":150,"width":811,"height":11}},{"id":"b751ce73-9926-4c68-aeab-a6e6059c59b8","block_type":"box","text":"attainable price of the security, less the price at which the security was sold. The Fund may also pay transaction","page_number":31,"box":{"x":81,"y":164,"width":822,"height":12}},{"id":"f8f2e5ae-ac76-4e95-a439-6b6a873f5250","block_type":"box","text":"costs and borrowing fees in connection with short sales.","page_number":31,"box":{"x":81,"y":179,"width":415,"height":12}},{"id":"429e4d95-77de-479d-b045-5617e88e3abf","block_type":"box","text":"Valuation Risk","page_number":31,"box":{"x":83,"y":199,"width":107,"height":9}},{"id":"25fe21ef-1809-41ba-893f-b7cdc2720f59","block_type":"box","text":"—","page_number":31,"box":{"x":194,"y":204,"width":17,"height":1}},{"id":"3e10550c-8a98-4aaa-8f9b-b85bcd453487","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":31,"box":{"x":215,"y":199,"width":700,"height":11}},{"id":"926152e9-f438-4633-83f1-8be6c2176657","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":31,"box":{"x":81,"y":214,"width":835,"height":11}},{"id":"8ab69468-9746-464c-aca9-f0b51228dbd7","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":31,"box":{"x":81,"y":229,"width":848,"height":11}},{"id":"973ed72f-677f-4327-ab14-0c66733aa258","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":31,"box":{"x":82,"y":244,"width":845,"height":11}},{"id":"052ab5b3-6f3e-42a9-8b2f-0950ef3d3edd","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":31,"box":{"x":82,"y":258,"width":840,"height":12}},{"id":"e6d0c8ff-6217-46b3-943a-7350aebc6018","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":31,"box":{"x":80,"y":273,"width":783,"height":12}},{"id":"84324b8a-355e-4abb-bd0e-17625330e981","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":31,"box":{"x":81,"y":288,"width":810,"height":12}},{"id":"6ed2db6b-3605-4cdf-ad3b-b0ce2eff3aa5","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but may be","page_number":31,"box":{"x":81,"y":303,"width":837,"height":11}},{"id":"b4f623fd-19d5-4f84-b67b-45ff5b38e814","block_type":"box","text":"held or transactions may be conducted in such securities in smaller, odd lot sizes. Odd lots of securities in certain","page_number":31,"box":{"x":82,"y":318,"width":840,"height":11}},{"id":"f4f50aa2-e37a-4b4e-947a-e297a72453dd","block_type":"box","text":"asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the","page_number":31,"box":{"x":81,"y":333,"width":819,"height":11}},{"id":"43f3fdb6-674b-4269-b124-90f7bbaeed22","block_type":"box","text":"securities are sold could differ from the prices used by the Fund. The Fund’s ability to value its investments may","page_number":31,"box":{"x":81,"y":347,"width":826,"height":12}},{"id":"bbb36d98-b76b-4cb8-8fbd-816cf01b879d","block_type":"box","text":"also be impacted by technological issues and/or errors by pricing services or other third-party service providers.","page_number":31,"box":{"x":81,"y":362,"width":824,"height":12}},{"id":"e4c8783b-df83-4598-8054-4ed7d5b16cfb","block_type":"box","text":"Warrants Risk","page_number":31,"box":{"x":83,"y":382,"width":105,"height":9}},{"id":"48f8761c-54f8-421c-8677-20f4b08ac3ea","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":31,"box":{"x":192,"y":382,"width":698,"height":12}},{"id":"eae684c7-c2dc-4e01-8f60-9acff4ca31ad","block_type":"box","text":"expires, the warrant generally expires without any value and the Fund will lose any amount it paid for the warrant.","page_number":31,"box":{"x":81,"y":397,"width":830,"height":11}},{"id":"d26d4250-30bc-4c95-92aa-baf4a1c65055","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":31,"box":{"x":81,"y":412,"width":821,"height":11}},{"id":"3f47fabf-4f39-4a21-9526-23ef36df208e","block_type":"box","text":"may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily","page_number":31,"box":{"x":82,"y":427,"width":822,"height":11}},{"id":"41108d33-ecb7-40d5-b4d7-3f2c1bfe9a61","block_type":"box","text":"move with the price of the underlying stock.","page_number":31,"box":{"x":82,"y":441,"width":317,"height":12}},{"id":"63bb2a4c-2202-47fb-b7b3-8edf186cd6d3","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":31,"box":{"x":83,"y":462,"width":584,"height":11}},{"id":"d256b8ec-0feb-474a-91b1-a4e750151dca","block_type":"box","text":"— When-issued and delayed","page_number":31,"box":{"x":671,"y":462,"width":208,"height":11}},{"id":"7fc7cd01-d08e-48c8-b236-76af1ccfe86a","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":31,"box":{"x":81,"y":476,"width":843,"height":12}},{"id":"16300d31-841b-46bb-9c66-3925f04b4ecd","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":31,"box":{"x":82,"y":491,"width":830,"height":11}},{"id":"cdddb0d1-8c22-4032-aa6e-0625f744d803","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":31,"box":{"x":82,"y":506,"width":849,"height":11}},{"id":"e21200d9-c1fc-4ea5-a559-3083f6d85128","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":31,"box":{"x":80,"y":521,"width":425,"height":11}},{"id":"ad353313-7d6f-4e7c-9b36-d98b28391211","block_type":"box","text":"Zero Coupon Securities Risk","page_number":31,"box":{"x":82,"y":541,"width":215,"height":11}},{"id":"30394fa4-3244-41fb-961f-02510055ae40","block_type":"box","text":"—","page_number":31,"box":{"x":302,"y":546,"width":17,"height":1}},{"id":"24aea0e2-4927-493e-a908-6d2ee60b2515","block_type":"box","text":"While interest payments are not made on such securities, holders of such","page_number":31,"box":{"x":323,"y":541,"width":543,"height":11}},{"id":"51111cc6-ca34-4716-863a-7f5df3f2b425","block_type":"box","text":"securities are deemed to have received income (“phantom income”) annually, notwithstanding that cash may not be","page_number":31,"box":{"x":81,"y":556,"width":851,"height":11}},{"id":"a6906523-6cec-4f7c-8651-9dac131bd6da","block_type":"box","text":"received currently. The effect of owning instruments that do not make current interest payments is that a fixed yield","page_number":31,"box":{"x":82,"y":570,"width":848,"height":12}},{"id":"e21168d6-8c27-454c-81e7-b4fec349abda","block_type":"box","text":"is earned not only on the original investment but also, in effect, on all discount accretion during the life of the","page_number":31,"box":{"x":82,"y":585,"width":805,"height":12}},{"id":"fb67cc95-d10f-4751-b8a3-b6e3961d7b90","block_type":"box","text":"obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest","page_number":31,"box":{"x":81,"y":600,"width":800,"height":12}},{"id":"927d54df-34da-4fcb-b58f-37300b6e4a4e","block_type":"box","text":"distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the","page_number":31,"box":{"x":81,"y":615,"width":825,"height":11}},{"id":"25a2a38a-aded-4aa3-91bf-54f9699c48f8","block_type":"box","text":"holder’s ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to","page_number":31,"box":{"x":82,"y":630,"width":844,"height":11}},{"id":"9c99b229-7c57-4f69-8d13-0f4cc9c27f48","block_type":"box","text":"substantially greater price fluctuations during periods of changing market interest rates than are comparable","page_number":31,"box":{"x":81,"y":644,"width":796,"height":12}},{"id":"5440ee93-eaa7-40de-9f0d-638789ba825d","block_type":"box","text":"securities that pay interest currently. Longer term zero coupon bonds are more exposed to interest rate risk than","page_number":31,"box":{"x":81,"y":660,"width":827,"height":11}},{"id":"275b2cbf-2865-4883-afa2-38ba58600015","block_type":"box","text":"shorter term zero coupon bonds. These investments benefit the issuer by mitigating its need for cash to meet debt","page_number":31,"box":{"x":81,"y":674,"width":846,"height":12}},{"id":"dd74d0aa-a3ef-44f6-ac5b-d24115597f78","block_type":"box","text":"service, but also require a higher rate of return to attract investors who are willing to defer receipt of cash.","page_number":31,"box":{"x":81,"y":689,"width":782,"height":11}},{"id":"b48b3971-8ab5-4957-a0ee-6abf1dd551e8","block_type":"box","text":"29","page_number":31,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"0b106c17-da7c-4b33-9158-6966565c9659","block_type":"box","text":"NM1026U-5982658-31/54","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b79b9ce8-3b40-4aab-ba67-ad0327465e15","block_type":"box","text":"Account Information","page_number":32,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"5f116bfa-f1e1-4062-a95a-6ef4e5de3b1b","block_type":"box","text":"Details About the Share Class","page_number":32,"box":{"x":61,"y":156,"width":272,"height":11}},{"id":"435f424b-f4f2-480e-b056-5b0d9fa078dc","block_type":"box","text":"The Fund currently offers multiple share classes (Class K Shares in this prospectus), each with its own sales charge","page_number":32,"box":{"x":60,"y":182,"width":858,"height":12}},{"id":"473d3686-25b9-40c8-94fb-f058764aa5e2","block_type":"box","text":"and expense structure, allowing you to invest in the way that best suits your needs. Each share class represents an","page_number":32,"box":{"x":61,"y":197,"width":851,"height":12}},{"id":"7b7fcaed-b8f7-42ea-b771-27a80e5c8843","block_type":"box","text":"ownership interest in the same investment portfolio of the Fund. When you choose your class of shares, you should","page_number":32,"box":{"x":61,"y":212,"width":850,"height":11}},{"id":"254d4902-2c2c-4b55-a927-60169d04c6ff","block_type":"box","text":"consider the size of your investment and how long you plan to hold your shares. Only certain investors are eligible to","page_number":32,"box":{"x":61,"y":227,"width":854,"height":11}},{"id":"a97f902d-f19b-425e-a02c-572388c77e73","block_type":"box","text":"buy Class K Shares. Either your financial professional or your selected securities dealer, broker, investment adviser,","page_number":32,"box":{"x":61,"y":242,"width":850,"height":11}},{"id":"e4014abc-4661-4059-b06b-1b48ffbfdd52","block_type":"box","text":"service provider or industry professional (including BlackRock and its affiliates) (each, a “Financial Intermediary”) can","page_number":32,"box":{"x":61,"y":256,"width":864,"height":12}},{"id":"4a34fde5-b6d0-423e-9491-d3124f305e26","block_type":"box","text":"help you determine whether you are eligible to buy Class K Shares.","page_number":32,"box":{"x":61,"y":271,"width":491,"height":12}},{"id":"72ce75ac-4ad2-4cb0-9fe4-21da841a75f5","block_type":"box","text":"The Fund’s shares are distributed by BlackRock Investments, LLC (the “Distributor”), an affiliate of BlackRock.","page_number":32,"box":{"x":60,"y":294,"width":811,"height":11}},{"id":"40c69cc5-07ff-4ee8-8a85-1f56311fa7db","block_type":"box","text":"The table below summarizes key features of Class K Shares of the Fund.","page_number":32,"box":{"x":60,"y":316,"width":534,"height":12}},{"id":"84d0fe25-afae-4072-8e73-3989da3ddf67","block_type":"box","text":"Class K Shares at a Glance","page_number":32,"box":{"x":386,"y":339,"width":225,"height":10}},{"id":"e513ffec-ab92-4729-9dc0-47a2c50061f2","block_type":"box","text":"Availability","page_number":32,"box":{"x":60,"y":378,"width":73,"height":10}},{"id":"6ba7f43a-5287-4487-9916-1378cbd47ccc","block_type":"box","text":"Available only to (i) certain employee benefit plans, such as health-savings accounts and","page_number":32,"box":{"x":348,"y":378,"width":585,"height":10}},{"id":"318639d9-cefe-4718-96ce-9abf332a7586","block_type":"box","text":"certain employer-sponsored retirement plans (not including SEP IRAs, SIMPLE IRAs and","page_number":32,"box":{"x":348,"y":392,"width":576,"height":10}},{"id":"bf818626-2856-49cc-a273-565cdeeed954","block_type":"box","text":"SARSEPs) (collectively, “Employer-Sponsored Retirement Plans”), (ii) collective trust","page_number":32,"box":{"x":348,"y":405,"width":552,"height":10}},{"id":"9bc5f324-e376-495f-ad85-96715a978092","block_type":"box","text":"funds, investment companies and other pooled investment vehicles, each of which may","page_number":32,"box":{"x":348,"y":418,"width":578,"height":11}},{"id":"cb149a80-9b81-495a-b007-c58a37831651","block_type":"box","text":"purchase shares of the Fund through a Financial Intermediary that has entered into an","page_number":32,"box":{"x":349,"y":432,"width":570,"height":10}},{"id":"5adc6fed-b15d-4afe-9a17-7216c866f458","block_type":"box","text":"agreement with the Distributor to purchase such shares, (iii) “Institutional Investors,”","page_number":32,"box":{"x":348,"y":446,"width":563,"height":10}},{"id":"d0fbe6cd-66a7-4e3f-9241-d409a4275fa5","block_type":"box","text":"which include, but are not limited to, endowments, foundations, family offices, banks","page_number":32,"box":{"x":348,"y":459,"width":563,"height":10}},{"id":"b6492867-6887-4f25-80ad-839cd6db28ae","block_type":"box","text":"and bank trusts, local, city, and state governmental institutions, corporations and","page_number":32,"box":{"x":348,"y":473,"width":537,"height":10}},{"id":"d5d37642-ca66-4777-800f-82df912af70e","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund","page_number":32,"box":{"x":349,"y":486,"width":578,"height":10}},{"id":"eb92f1ae-338c-4012-8f0a-32c5375c8bb4","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Distributor","page_number":32,"box":{"x":348,"y":500,"width":583,"height":10}},{"id":"b408af58-7c68-4ab0-8dcb-62130641c339","block_type":"box","text":"to purchase such shares, (iv) clients of private banks that purchase shares of the Fund","page_number":32,"box":{"x":348,"y":513,"width":575,"height":10}},{"id":"114c0a10-cf01-4510-a20d-6afe93dd6d28","block_type":"box","text":"through a Financial Intermediary that has entered into an agreement with the Fund’s","page_number":32,"box":{"x":348,"y":527,"width":558,"height":10}},{"id":"de4a0798-f546-4cd3-80ac-3c40bdbb7c10","block_type":"box","text":"distributor to sell such shares, (v) fee-based advisory platforms of a Financial","page_number":32,"box":{"x":348,"y":540,"width":510,"height":11}},{"id":"ded9e6c9-c18a-45f3-b24e-a2f085815e52","block_type":"box","text":"Intermediary that (a) has specifically acknowledged in a written agreement with the","page_number":32,"box":{"x":349,"y":554,"width":547,"height":10}},{"id":"3edc47c4-075b-41a0-acbd-d0e2118ba243","block_type":"box","text":"Distributor and/or its affiliate(s) that the Financial Intermediary shall offer such shares","page_number":32,"box":{"x":349,"y":567,"width":574,"height":11}},{"id":"a6225d13-38cc-4577-8129-20139a586bd0","block_type":"box","text":"to fee-based advisory clients through an omnibus account held at the Fund or","page_number":32,"box":{"x":348,"y":581,"width":512,"height":10}},{"id":"9e35bb90-4788-4160-a35e-5e2ddc206265","block_type":"box","text":"(b) transacts in the Fund’s shares through another intermediary that has executed such","page_number":32,"box":{"x":348,"y":595,"width":579,"height":10}},{"id":"346df8ce-25bd-406e-923c-b0ac555ab43e","block_type":"box","text":"an agreement and (vi) any other investors who met the eligibility criteria for BlackRock","page_number":32,"box":{"x":348,"y":608,"width":567,"height":10}},{"id":"27860dfa-af95-48b3-9847-4bef424efff0","block_type":"box","text":"Shares or Class K Shares prior to August 15, 2016 and have continually held Class K","page_number":32,"box":{"x":348,"y":622,"width":567,"height":10}},{"id":"33ba93b2-1ceb-409d-8435-78776189c481","block_type":"box","text":"Shares of the Fund in the same account since August 15, 2016.","page_number":32,"box":{"x":348,"y":635,"width":426,"height":10}},{"id":"6025c2a4-fa10-4c25-b585-d88dd05f55ec","block_type":"box","text":"Minimum Investment","page_number":32,"box":{"x":61,"y":653,"width":142,"height":8}},{"id":"0e47f22e-e057-4f33-a9aa-97fc6a731b6d","block_type":"box","text":"$5 million minimum initial investment for Institutional Investors.","page_number":32,"box":{"x":348,"y":655,"width":421,"height":10}},{"id":"b791a68a-24a1-446a-ba19-ff25adf02d5f","block_type":"box","text":"There is no minimum initial investment requirement for any Employer-Sponsored","page_number":32,"box":{"x":348,"y":672,"width":528,"height":10}},{"id":"f1b05d3e-c34f-41e5-93d3-f552f98985a0","block_type":"box","text":"Retirement Plans or any other eligible investors other than Institutional Investors.","page_number":32,"box":{"x":349,"y":686,"width":535,"height":10}},{"id":"9eb5c05c-58eb-4e4b-90fe-dd3c3acec108","block_type":"box","text":"There is no minimum investment amount for additional purchases.","page_number":32,"box":{"x":348,"y":701,"width":439,"height":11}},{"id":"3cd057d9-226c-4d7f-ac3a-29a6799bcc3f","block_type":"box","text":"Initial Sales Charge?","page_number":32,"box":{"x":61,"y":720,"width":140,"height":10}},{"id":"49973705-4618-453f-8f7a-cfc7ac59f740","block_type":"box","text":"No. Entire purchase price is invested in shares of the Fund.","page_number":32,"box":{"x":349,"y":719,"width":391,"height":11}},{"id":"0a329976-8bfb-4b76-b90c-a92476f616aa","block_type":"box","text":"Deferred Sales Charge?","page_number":32,"box":{"x":61,"y":738,"width":159,"height":10}},{"id":"02a13cf7-ed25-49f4-ad5f-d712bdcb0f31","block_type":"box","text":"No.","page_number":32,"box":{"x":349,"y":738,"width":20,"height":8}},{"id":"4b04489b-0ead-4c5b-956f-9c452a16de63","block_type":"box","text":"Distribution and Service (12b-1) Fees?","page_number":32,"box":{"x":61,"y":756,"width":261,"height":10}},{"id":"d50c97b2-4d50-466c-a2e2-c5a8833a3942","block_type":"box","text":"No.","page_number":32,"box":{"x":349,"y":756,"width":20,"height":8}},{"id":"06dba0db-ba49-4d4e-8c83-815ad5c5ebef","block_type":"box","text":"Redemption Fees?","page_number":32,"box":{"x":61,"y":774,"width":125,"height":10}},{"id":"19cf5166-9e00-4b98-a4bd-d3d039af9d49","block_type":"box","text":"No.","page_number":32,"box":{"x":349,"y":774,"width":20,"height":8}},{"id":"69a3bbe8-d806-4695-ba50-c759dbe562d0","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":32,"box":{"x":60,"y":806,"width":620,"height":11}},{"id":"f87c1c20-5a8c-462f-af48-6770b9a825f3","block_type":"box","text":"When Class K Shares are purchased through a customer’s account in an Employer-Sponsored Retirement Plan through","page_number":32,"box":{"x":60,"y":828,"width":874,"height":12}},{"id":"b62490b4-84e5-4b68-970d-636696e93551","block_type":"box","text":"procedures established by the Employer-Sponsored Retirement Plan, confirmation of share purchases and","page_number":32,"box":{"x":62,"y":843,"width":778,"height":11}},{"id":"0926451e-1dcd-43e2-a84c-832a042486b6","block_type":"box","text":"redemptions will be sent to the Employer-Sponsored Retirement Plan. A customer’s ownership of shares will be","page_number":32,"box":{"x":61,"y":858,"width":817,"height":11}},{"id":"93c8423a-572d-482c-8ed4-ef5451f99f7a","block_type":"box","text":"recorded by the Employer-Sponsored Retirement Plan and reflected in the account statements provided by the","page_number":32,"box":{"x":61,"y":873,"width":807,"height":11}},{"id":"d9e79b49-89a9-4a3b-8a4d-dd7572f6efe1","block_type":"box","text":"Employer-Sponsored Retirement Plan to its participants.","page_number":32,"box":{"x":62,"y":888,"width":410,"height":11}},{"id":"a8f0f51c-e6c3-4957-949f-32bd3d8edb85","block_type":"box","text":"30","page_number":32,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"eb0eb2ec-6a0f-4ac3-a3c3-492fe2236ccc","block_type":"box","text":"NM1026U-5982658-32/54","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"87dbce36-0773-4465-b4ff-efa2ff68f8fb","block_type":"box","text":"If you purchased your shares through an Employer-Sponsored Retirement Plan and you transfer your investment from","page_number":33,"box":{"x":62,"y":46,"width":856,"height":11}},{"id":"9af6e18c-61c2-4644-baf8-ac870bf5a499","block_type":"box","text":"an Employer-Sponsored Retirement Plan to a type of account, such as an individual retirement account, that is not an","page_number":33,"box":{"x":61,"y":60,"width":862,"height":12}},{"id":"919e9391-fae8-4390-be1b-8485f80b6912","block_type":"box","text":"eligible Class K Share investor in the Fund, you must liquidate your investment in Class K Shares of the Fund and","page_number":33,"box":{"x":61,"y":75,"width":833,"height":12}},{"id":"9e59fc2e-7176-4ed6-94a6-895f33af714f","block_type":"box","text":"purchase a share class of the Fund or another fund advised by BlackRock or its affiliates that is available for purchase","page_number":33,"box":{"x":62,"y":90,"width":871,"height":12}},{"id":"dffbf147-0e0c-435f-a3a9-c513640ee8f5","block_type":"box","text":"by that type of account.","page_number":33,"box":{"x":61,"y":105,"width":170,"height":11}},{"id":"81b9d7c0-c078-4010-bcc5-bd378fa4a841","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored Retirement Plan, please see below for information","page_number":33,"box":{"x":62,"y":127,"width":873,"height":12}},{"id":"87752925-bcc4-45a8-96f8-f97f129c7b1e","block_type":"box","text":"on how to buy, sell, exchange and transfer shares.","page_number":33,"box":{"x":61,"y":142,"width":369,"height":12}},{"id":"8790d847-3036-4873-aab1-2c11e9ba9cf8","block_type":"box","text":"Right of Accumulation","page_number":33,"box":{"x":61,"y":165,"width":183,"height":13}},{"id":"90046cfa-3994-497e-a774-fefda34c2c84","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":33,"box":{"x":62,"y":182,"width":839,"height":11}},{"id":"af8e8f95-a247-4675-ad19-0ac71fd23073","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":33,"box":{"x":61,"y":196,"width":856,"height":12}},{"id":"ae525e08-dc47-4737-be99-380f78bac029","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":33,"box":{"x":82,"y":219,"width":821,"height":12}},{"id":"ab8b3201-879a-409b-bc62-ad795952451e","block_type":"box","text":"Premier Shares in most mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”),","page_number":33,"box":{"x":102,"y":234,"width":823,"height":11}},{"id":"6073656b-1ebb-4299-89fe-9c2c5a71a378","block_type":"box","text":"ii. The current value of an investor’s existing shares of certain unlisted closed-end management investment","page_number":33,"box":{"x":82,"y":256,"width":792,"height":12}},{"id":"ff2b9281-ad27-4d89-a54a-3c3685fb4840","block_type":"box","text":"companies sponsored and advised by BlackRock or its affiliates and","page_number":33,"box":{"x":101,"y":271,"width":501,"height":12}},{"id":"cce230ae-abae-43ee-bf49-b304414d1b8a","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":33,"box":{"x":82,"y":294,"width":788,"height":11}},{"id":"a709c6f4-acf1-4950-8d45-53580983329b","block_type":"box","text":"investor’s spouse and children.","page_number":33,"box":{"x":102,"y":309,"width":228,"height":11}},{"id":"627118ae-3925-4768-b2d2-1c864efec1b1","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":33,"box":{"x":62,"y":331,"width":866,"height":12}},{"id":"8f6b0481-ff1e-42f4-a0c4-4a9ca036403c","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":33,"box":{"x":61,"y":346,"width":866,"height":12}},{"id":"fa6628d5-499e-4e60-aa51-adabbc7fd394","block_type":"box","text":"Intermediary will be treated similarly. In order to use this right, the investor must alert BlackRock to the existence of","page_number":33,"box":{"x":62,"y":361,"width":854,"height":11}},{"id":"baea104d-7abf-4bff-9c2d-c559edf37fa6","block_type":"box","text":"any previously purchased shares.","page_number":33,"box":{"x":61,"y":376,"width":243,"height":11}},{"id":"ad695ee4-74df-4624-94d6-e495389e3e0b","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":33,"box":{"x":61,"y":415,"width":434,"height":13}},{"id":"8432cece-dce7-4e15-bcc4-09b023a0f8fe","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":33,"box":{"x":60,"y":441,"width":846,"height":11}},{"id":"38b6a0b0-7b6b-4edf-97a9-3a3cf666103d","block_type":"box","text":"Intermediary. If you are not purchasing shares through an Employer-Sponsored Retirement Plan, you may also buy, sell,","page_number":33,"box":{"x":62,"y":456,"width":874,"height":11}},{"id":"53789989-d985-45de-b397-78028d5f3321","block_type":"box","text":"exchange and transfer shares through BlackRock if your account is held directly with BlackRock. To learn more about","page_number":33,"box":{"x":61,"y":470,"width":857,"height":12}},{"id":"70affdc5-9b92-4f4b-82ca-1aa9d92dbf5a","block_type":"box","text":"buying, selling, exchanging or transferring shares through BlackRock, call (800) 537-4942. Because the selection of a","page_number":33,"box":{"x":61,"y":485,"width":867,"height":12}},{"id":"5acfc58a-4cb9-497a-b162-7dc9a5736a94","block_type":"box","text":"mutual fund involves many considerations, your Financial Intermediary may help you with this decision.","page_number":33,"box":{"x":61,"y":500,"width":754,"height":11}},{"id":"e2b9376e-f28d-4e1e-b004-4ed161fb685c","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":33,"box":{"x":60,"y":523,"width":867,"height":11}},{"id":"ee68ec62-63cc-48c5-9822-d18553dc100b","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. 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Any existing account that is updated to reflect a non-U.S. address will also be","page_number":33,"box":{"x":62,"y":626,"width":857,"height":12}},{"id":"8bcad52e-2f49-403e-af6d-feb1dc2c8466","block_type":"box","text":"restricted from making additional investments.","page_number":33,"box":{"x":61,"y":641,"width":341,"height":12}},{"id":"3c7c448b-1540-47a9-af7b-14d86066d8df","block_type":"box","text":"The Fund may reject any purchase order, modify or waive the minimum initial or subsequent investment requirements","page_number":33,"box":{"x":60,"y":664,"width":861,"height":11}},{"id":"ab7b6d1f-b462-44a9-a8cd-4a037f96264e","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. 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Purchase","page_number":34,"box":{"x":461,"y":135,"width":469,"height":10}},{"id":"d9f3589c-1def-4adf-9151-b7a5e3249034","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":34,"box":{"x":461,"y":148,"width":429,"height":11}},{"id":"c3f9999f-721c-466a-b31a-2fb88ba7b2fe","block_type":"box","text":"determined on the next business day.","page_number":34,"box":{"x":461,"y":162,"width":247,"height":10}},{"id":"fbb3f6d8-f0d4-4fff-bb75-e15d94514e36","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":34,"box":{"x":460,"y":178,"width":468,"height":10}},{"id":"4470913a-9b09-45c0-a3b4-c86e7abb3b81","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":34,"box":{"x":460,"y":192,"width":470,"height":10}},{"id":"918c9adc-ff74-4892-8355-ec36c95fb2b6","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":34,"box":{"x":460,"y":205,"width":471,"height":10}},{"id":"91185d35-9c01-48f4-b79c-7bb7186357d9","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":34,"box":{"x":460,"y":219,"width":434,"height":10}},{"id":"57b897a7-28d5-4628-bb4d-ea15169c67af","block_type":"box","text":"table.","page_number":34,"box":{"x":460,"y":232,"width":36,"height":8}},{"id":"d670a3bf-ba27-4afc-94ef-00cd165fb51e","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":34,"box":{"x":460,"y":249,"width":473,"height":10}},{"id":"ff36513b-370b-48e7-8890-dc23809f9cd0","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":34,"box":{"x":461,"y":262,"width":453,"height":10}},{"id":"909be1c5-a35d-4cbe-88bd-f962dd217402","block_type":"box","text":"processing fee to confirm a purchase.","page_number":34,"box":{"x":461,"y":275,"width":249,"height":11}},{"id":"d91576df-e714-4624-bd0d-3cb98f833dcb","block_type":"box","text":"Or contact BlackRock","page_number":34,"box":{"x":214,"y":294,"width":140,"height":8}},{"id":"9c6a1529-db80-4a47-b6cb-bc97af87ebf2","block_type":"box","text":"(for accounts held","page_number":34,"box":{"x":214,"y":307,"width":117,"height":10}},{"id":"48239310-19f5-4240-bf17-aa71852dbd07","block_type":"box","text":"directly with BlackRock)","page_number":34,"box":{"x":214,"y":321,"width":154,"height":10}},{"id":"91849d40-73ea-4f0f-905d-f4ecbaee9493","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":34,"box":{"x":461,"y":294,"width":450,"height":10}},{"id":"bbb5e0d5-4074-4be4-8673-756c2d9e58ef","block_type":"box","text":"Retirement Plan, to purchase shares directly from BlackRock, call","page_number":34,"box":{"x":461,"y":307,"width":432,"height":10}},{"id":"038ffbf2-88b2-4c6c-9842-460ff1e83882","block_type":"box","text":"(800) 537-4942 and request a new account application.","page_number":34,"box":{"x":461,"y":321,"width":370,"height":10}},{"id":"e62ecf9d-0a3c-458a-97a2-0da548931edd","block_type":"box","text":"Add to Your","page_number":34,"box":{"x":60,"y":339,"width":78,"height":8}},{"id":"acf00f1f-72fb-4572-8177-513c66b0539c","block_type":"box","text":"Investment","page_number":34,"box":{"x":61,"y":350,"width":75,"height":8}},{"id":"86642906-ddcd-4b62-98e9-ea8d8ed6fd62","block_type":"box","text":"Purchase additional shares There is no minimum investment amount for additional purchases.","page_number":34,"box":{"x":214,"y":339,"width":685,"height":10}},{"id":"c7e8d2f5-018e-4802-a8aa-fe5898723a1c","block_type":"box","text":"Have your Financial","page_number":34,"box":{"x":214,"y":368,"width":125,"height":10}},{"id":"2eea8f66-931e-4896-bd6d-a7feb6993ac7","block_type":"box","text":"Intermediary submit","page_number":34,"box":{"x":214,"y":382,"width":132,"height":10}},{"id":"623c9048-15cf-4b71-9054-7b5b20a253dc","block_type":"box","text":"your purchase order for","page_number":34,"box":{"x":213,"y":395,"width":154,"height":11}},{"id":"1d99a38b-9a5c-4a97-ab78-2afc05ece478","block_type":"box","text":"additional shares","page_number":34,"box":{"x":214,"y":409,"width":113,"height":8}},{"id":"d80438e5-a697-4588-b29c-24fb4729996d","block_type":"box","text":"To purchase additional shares, you may contact your Financial","page_number":34,"box":{"x":460,"y":368,"width":409,"height":10}},{"id":"b8c5fd4c-13d7-4b05-9631-7d865b646de9","block_type":"box","text":"Intermediary or Employer-Sponsored Retirement Plan.","page_number":34,"box":{"x":461,"y":382,"width":353,"height":10}},{"id":"4fa40d0b-6f65-49a2-a2ca-ef45979b9a3e","block_type":"box","text":"Or contact BlackRock","page_number":34,"box":{"x":214,"y":427,"width":140,"height":8}},{"id":"6359a48c-c503-45fe-858a-a9295e1024e7","block_type":"box","text":"(for accounts held","page_number":34,"box":{"x":214,"y":440,"width":117,"height":11}},{"id":"b74df1fd-b698-4c6f-9113-92cbf2073c98","block_type":"box","text":"directly with BlackRock)","page_number":34,"box":{"x":214,"y":454,"width":154,"height":10}},{"id":"2d53d081-10ee-4bac-9820-d10401a0aaca","block_type":"box","text":"For investors not purchasing shares through an Employer-Sponsored","page_number":34,"box":{"x":461,"y":427,"width":450,"height":10}},{"id":"621c777f-fb5c-4a5e-9156-84f600eb2ab7","block_type":"box","text":"Retirement Plan:","page_number":34,"box":{"x":461,"y":441,"width":108,"height":8}},{"id":"312c0904-0fbe-4ee4-b6fe-f43a1d2c4d30","block_type":"box","text":"Purchase by Telephone","page_number":34,"box":{"x":461,"y":457,"width":154,"height":10}},{"id":"61c66e7b-aa50-4ead-858b-32b2a06a0d9e","block_type":"box","text":":","page_number":34,"box":{"x":617,"y":459,"width":4,"height":6}},{"id":"ba4296f6-731b-4108-bee0-a397650d83fb","block_type":"box","text":"Call the Fund at (800) 537-4942 and speak","page_number":34,"box":{"x":625,"y":457,"width":290,"height":10}},{"id":"aebc18ad-8ad4-48f7-93ec-cabdf8fe221c","block_type":"box","text":"with one of our representatives. The Fund has the right to reject any","page_number":34,"box":{"x":460,"y":470,"width":449,"height":10}},{"id":"d760db10-a71f-4848-a3c2-a593b4be0aed","block_type":"box","text":"telephone request for any reason.","page_number":34,"box":{"x":460,"y":484,"width":223,"height":10}},{"id":"5999c41f-f0e3-41f6-80ad-36db4ea6c975","block_type":"box","text":"Purchase by Internet","page_number":34,"box":{"x":461,"y":500,"width":140,"height":10}},{"id":"36ac07c5-90e3-4783-b16b-e1e0cbf87111","block_type":"box","text":":","page_number":34,"box":{"x":603,"y":502,"width":4,"height":6}},{"id":"56b8d880-230e-44b9-946e-04ecc1cbb42d","block_type":"box","text":"You may purchase your shares and view activity","page_number":34,"box":{"x":611,"y":500,"width":314,"height":10}},{"id":"c799baa1-3499-4c6e-9d57-c60bb22a6d9b","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":34,"box":{"x":461,"y":513,"width":374,"height":11}},{"id":"aa495b94-dc65-4c74-bdc6-cb0cf2397122","block_type":"box","text":"www.blackrock.com. Purchases made on the Internet using the","page_number":34,"box":{"x":460,"y":527,"width":416,"height":10}},{"id":"9f6b373c-cafb-4df5-a757-6f9eeba4f9d5","block_type":"box","text":"Automated Clearing House (“ACH”) will have a trade date that is the","page_number":34,"box":{"x":460,"y":540,"width":450,"height":11}},{"id":"6b45d188-1fd1-4ad8-beb8-6af2f36a8ebf","block_type":"box","text":"day after the purchase is made.","page_number":34,"box":{"x":461,"y":554,"width":209,"height":10}},{"id":"9b17698d-e33d-488a-a866-61caf5e5d228","block_type":"box","text":"Certain institutional clients’ purchase orders placed by wire prior to the","page_number":34,"box":{"x":461,"y":570,"width":470,"height":10}},{"id":"e53318d7-3b81-437f-bcb1-83f332410b78","block_type":"box","text":"close of business on the NYSE will be priced at the net asset value","page_number":34,"box":{"x":461,"y":583,"width":443,"height":11}},{"id":"bf31c185-393c-4283-af0e-066508b90a75","block_type":"box","text":"determined that day. Contact your Financial Intermediary or BlackRock","page_number":34,"box":{"x":461,"y":597,"width":464,"height":10}},{"id":"54a9512f-08d1-48cf-9dd8-d5b7d526bb85","block_type":"box","text":"for further information. Limits on amounts that may be purchased via","page_number":34,"box":{"x":460,"y":611,"width":458,"height":10}},{"id":"791ad591-7f58-4aaf-a2e9-6cfebc133bc4","block_type":"box","text":"Internet may vary. For additional information call BlackRock at","page_number":34,"box":{"x":461,"y":624,"width":409,"height":10}},{"id":"4fc3f17b-da32-421e-9b4d-7ee88925f9f6","block_type":"box","text":"(800) 537-4942.","page_number":34,"box":{"x":461,"y":638,"width":110,"height":10}},{"id":"efe6db0b-6af8-4dc8-b1a9-801e2218b9a9","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":34,"box":{"x":461,"y":654,"width":430,"height":8}},{"id":"7ef3a53a-0f3a-4565-b8e4-6133c257ae05","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":34,"box":{"x":460,"y":667,"width":417,"height":11}},{"id":"e5e7d31f-ef4a-44ab-bea1-3bd490ac50b8","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":34,"box":{"x":461,"y":681,"width":448,"height":10}},{"id":"d3a0f0e1-b640-4b0b-9b3d-8611090c2621","block_type":"box","text":"before attempting to transact online.","page_number":34,"box":{"x":461,"y":694,"width":240,"height":11}},{"id":"d945ddbd-4059-4f40-9dc3-6d1c93ee26fe","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":34,"box":{"x":460,"y":710,"width":464,"height":11}},{"id":"fb159ce9-b3ce-4106-9b11-9981b1c9d387","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":34,"box":{"x":461,"y":724,"width":419,"height":10}},{"id":"24ba875e-1277-407a-b5ae-77daed9927e0","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":34,"box":{"x":460,"y":738,"width":431,"height":10}},{"id":"fee48548-fade-495c-bb7e-728ecf1bd29a","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":34,"box":{"x":460,"y":751,"width":453,"height":11}},{"id":"e053e94d-03ac-422e-b3ef-c8dd3fc920c0","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":34,"box":{"x":460,"y":765,"width":440,"height":10}},{"id":"1dbc615d-5d23-4f62-a2e5-1c77939ac179","block_type":"box","text":"Acquire additional shares by","page_number":34,"box":{"x":213,"y":783,"width":187,"height":10}},{"id":"790860f0-4555-409c-9e3f-642d9164a6d0","block_type":"box","text":"reinvesting dividends and","page_number":34,"box":{"x":214,"y":796,"width":166,"height":11}},{"id":"86d942b5-fb7f-4851-b402-8ae309ef22c0","block_type":"box","text":"capital gains","page_number":34,"box":{"x":214,"y":810,"width":82,"height":10}},{"id":"042d8b56-e387-4098-8dc6-953c6c2846d9","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":34,"box":{"x":460,"y":783,"width":405,"height":10}},{"id":"804bb3fc-0d40-4dd8-81ae-c5fcd19bc541","block_type":"box","text":"reinvested in shares of the Fund at net asset value. To make any","page_number":34,"box":{"x":461,"y":796,"width":429,"height":10}},{"id":"1929e44e-d26f-43da-bb50-08c8a94ff3fb","block_type":"box","text":"changes to your dividend and/or capital gains distributions options,","page_number":34,"box":{"x":461,"y":810,"width":445,"height":10}},{"id":"352d62e8-779a-4855-9766-1ce2666470a1","block_type":"box","text":"please call BlackRock at (800) 537-4942 (for investors who are not","page_number":34,"box":{"x":461,"y":823,"width":447,"height":10}},{"id":"03bba078-e9ef-493e-a443-ad680037bb41","block_type":"box","text":"purchasing shares through an Employer-Sponsored Retirement Plan) or","page_number":34,"box":{"x":461,"y":837,"width":468,"height":10}},{"id":"d6d04291-99fa-41e8-b0dd-b0f9f74c78ad","block_type":"box","text":"contact your Financial Intermediary.","page_number":34,"box":{"x":461,"y":851,"width":233,"height":10}},{"id":"35d58513-e967-4276-b8ef-9dfa035713ba","block_type":"box","text":"32","page_number":34,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"73351986-0f2f-45cc-8d99-539fe81f7830","block_type":"box","text":"NM1026U-5982658-34/54","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"105b0dcd-33bb-444a-8af7-f700e3615527","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"895712c9-d6da-4ef2-b48e-e3c4b94f0016","block_type":"box","text":"How to Pay for","page_number":35,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"4ea2241d-acd2-419c-8226-6b757785a5a3","block_type":"box","text":"Shares","page_number":35,"box":{"x":60,"y":79,"width":46,"height":8}},{"id":"6b562609-ebd3-4ec9-9a87-95024d954387","block_type":"box","text":"Making payment for purchases If you are purchasing shares through an Employer-Sponsored","page_number":35,"box":{"x":214,"y":67,"width":648,"height":11}},{"id":"ce4aff39-e75c-48a9-93a1-a0520d02016b","block_type":"box","text":"Retirement Plan, payment for an order must be made in Federal funds","page_number":35,"box":{"x":461,"y":81,"width":462,"height":10}},{"id":"aaedf35b-6eb8-4d18-ae54-2a67f56c09b2","block_type":"box","text":"or other immediately available funds by the time specified by your","page_number":35,"box":{"x":461,"y":94,"width":433,"height":11}},{"id":"8b0354d9-7df4-4b21-8c93-b3d6b9feee34","block_type":"box","text":"Financial Intermediary, but in no event later than 4:00 p.m. (Eastern","page_number":35,"box":{"x":461,"y":108,"width":449,"height":10}},{"id":"b0281a77-e3bf-4c6e-a526-a455f9d71aab","block_type":"box","text":"time) on the first business day following the receipt of the order. If","page_number":35,"box":{"x":460,"y":121,"width":439,"height":11}},{"id":"4d9ac0d4-ac8c-48f9-bcbb-583e22a10f4f","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":35,"box":{"x":461,"y":135,"width":445,"height":10}},{"id":"5a3e5a58-11f7-44ce-b75e-9ca332e22cfd","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":35,"box":{"x":460,"y":148,"width":460,"height":11}},{"id":"005c7341-e486-458a-a145-15967895d14e","block_type":"box","text":"the Fund.","page_number":35,"box":{"x":460,"y":162,"width":61,"height":8}},{"id":"47126148-6288-478d-a033-b889012355b2","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored","page_number":35,"box":{"x":461,"y":178,"width":427,"height":10}},{"id":"7dbf64c7-b461-4e98-baa8-788c20582ac0","block_type":"box","text":"Retirement Plan, payment for shares must normally be made in Federal","page_number":35,"box":{"x":461,"y":192,"width":470,"height":10}},{"id":"26eee5d8-c1bf-488a-8bb9-6661e6afcda3","block_type":"box","text":"funds or other immediately available funds by the time specified by your","page_number":35,"box":{"x":460,"y":205,"width":475,"height":10}},{"id":"226df543-3302-4d7c-add8-4f0360d7d64f","block_type":"box","text":"Financial Intermediary but in no event later than 4:00 p.m. (Eastern","page_number":35,"box":{"x":461,"y":219,"width":446,"height":10}},{"id":"f120ae0b-5a1b-4907-84cc-7e044f1e98ae","block_type":"box","text":"time) on the first business day following the receipt of the order.","page_number":35,"box":{"x":460,"y":232,"width":424,"height":11}},{"id":"41a06b09-e3b7-4045-bf47-e7f4c044992c","block_type":"box","text":"Payment may also, at the discretion of the Fund, be made in the form","page_number":35,"box":{"x":461,"y":246,"width":459,"height":10}},{"id":"5e91802f-9cf5-4592-9f49-8c27839746d5","block_type":"box","text":"of securities that are permissible investments for the respective fund. 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These procedures may vary according to the type of account","page_number":35,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"facd0773-ab06-4578-a722-6fb280d6060d","block_type":"box","text":"and the Financial Intermediary involved, and customers should consult","page_number":35,"box":{"x":461,"y":418,"width":466,"height":10}},{"id":"4d4ead6c-ab1a-4fe0-bd96-be7131ea778a","block_type":"box","text":"their Financial Intermediary in this regard. Financial Intermediaries are","page_number":35,"box":{"x":460,"y":432,"width":465,"height":10}},{"id":"63561ab3-4109-4ef0-aa64-3f97c8d1d3c9","block_type":"box","text":"responsible for transmitting redemption orders and crediting their","page_number":35,"box":{"x":461,"y":445,"width":432,"height":10}},{"id":"b8ba73de-bd36-4880-a129-32cd00603390","block_type":"box","text":"customers’ accounts with redemption proceeds on a timely basis.","page_number":35,"box":{"x":461,"y":459,"width":434,"height":10}},{"id":"55c52e71-1dca-4f60-a6e5-1648cb8e6394","block_type":"box","text":"Information relating to such redemption services and charges to","page_number":35,"box":{"x":461,"y":472,"width":424,"height":10}},{"id":"28c7f56e-22d1-4fe5-8a71-5c47ae576cd9","block_type":"box","text":"process a redemption of shares, if any, should be obtained by","page_number":35,"box":{"x":461,"y":485,"width":409,"height":11}},{"id":"4a562e9e-66b8-443f-8ff7-83a51ec6f37d","block_type":"box","text":"customers from their Financial Intermediaries.","page_number":35,"box":{"x":461,"y":499,"width":303,"height":8}},{"id":"3c466312-83fb-4872-abcb-93f1b137818d","block_type":"box","text":"If you did not purchase your shares through an Employer-Sponsored","page_number":35,"box":{"x":461,"y":515,"width":446,"height":11}},{"id":"9c65cdf7-7b8f-475e-84ff-b3fcfa95dec2","block_type":"box","text":"Retirement Plan, you can make redemption requests through your","page_number":35,"box":{"x":461,"y":529,"width":434,"height":10}},{"id":"4ac1ecf8-ae50-4937-a90a-09168b593a4d","block_type":"box","text":"Financial Intermediary.","page_number":35,"box":{"x":461,"y":542,"width":147,"height":11}},{"id":"c912f344-4c0a-4dbc-96fa-ecc9301e3852","block_type":"box","text":"The price of Class K Shares is based on the next calculation of the","page_number":35,"box":{"x":460,"y":558,"width":442,"height":10}},{"id":"db3fe98d-0944-46a1-b3d2-7002e8e85b4b","block_type":"box","text":"Fund’s net asset value after your order is placed. For your redemption","page_number":35,"box":{"x":461,"y":572,"width":460,"height":10}},{"id":"7863daa2-447e-49dc-ad74-66c25dc03164","block_type":"box","text":"request to be priced at the net asset value on the day of your request,","page_number":35,"box":{"x":461,"y":585,"width":463,"height":11}},{"id":"3382da38-6d20-4414-b55b-d6cfef975d75","block_type":"box","text":"you must submit your request to your Financial Intermediary prior to","page_number":35,"box":{"x":460,"y":599,"width":448,"height":10}},{"id":"2831dbc2-40de-42c6-902d-d532f4a98bd4","block_type":"box","text":"that day’s close of business on the NYSE (generally 4:00 p.m. (Eastern","page_number":35,"box":{"x":460,"y":612,"width":471,"height":11}},{"id":"332aa271-b516-4e99-a0e0-69a678283b85","block_type":"box","text":"time)). Certain Financial Intermediaries, however, may require","page_number":35,"box":{"x":460,"y":626,"width":407,"height":10}},{"id":"cc840d51-3a74-46aa-8969-10587383d4e8","block_type":"box","text":"submission of orders prior to that time. Any redemption request placed","page_number":35,"box":{"x":461,"y":640,"width":468,"height":10}},{"id":"a623ba14-ab90-48e9-b0f8-56c7cf5d3b3d","block_type":"box","text":"after that time will be priced at the net asset value at the close of","page_number":35,"box":{"x":461,"y":653,"width":435,"height":10}},{"id":"4dd3b905-7ea0-41ef-8d66-ec5c7c757044","block_type":"box","text":"business on the next business day.","page_number":35,"box":{"x":461,"y":667,"width":232,"height":10}},{"id":"e372079d-c0df-427a-ab6c-9869d9f092d8","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":35,"box":{"x":461,"y":683,"width":437,"height":10}},{"id":"fedad463-507d-431d-843a-9b6364ef6a74","block_type":"box","text":"redemption proceeds (check or wire), your redemption proceeds","page_number":35,"box":{"x":461,"y":697,"width":421,"height":10}},{"id":"fddf2c3e-8d72-43a6-8e90-9c0c0103b3d9","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":35,"box":{"x":460,"y":710,"width":465,"height":10}},{"id":"89fe1971-b7b9-49b9-a8ee-248024ba3a5c","block_type":"box","text":"but in any event, within seven days.","page_number":35,"box":{"x":461,"y":724,"width":233,"height":10}},{"id":"473c3ca3-b1e2-4aed-b644-0319741ba22f","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":35,"box":{"x":461,"y":739,"width":415,"height":11}},{"id":"ee96fb31-ef19-49c3-b5cd-4f86f6deae78","block_type":"box","text":"redemption of shares.","page_number":35,"box":{"x":461,"y":753,"width":144,"height":10}},{"id":"1b9671b5-83e8-49fb-aac1-15e8437f01d6","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":35,"box":{"x":460,"y":769,"width":380,"height":10}},{"id":"2b354b24-7627-4bb1-bc75-d3b3b257bebb","block_type":"box","text":"circumstances.","page_number":35,"box":{"x":461,"y":783,"width":98,"height":8}},{"id":"2c6f8de3-7881-44be-92ce-d93461c51826","block_type":"box","text":"Selling shares held","page_number":35,"box":{"x":214,"y":801,"width":125,"height":10}},{"id":"a8bf7abf-5b50-4cec-a330-902ae0e58cfe","block_type":"box","text":"directly with BlackRock","page_number":35,"box":{"x":214,"y":814,"width":150,"height":11}},{"id":"3c56b986-a4a2-4cc4-bf1f-80e847a3c60e","block_type":"box","text":"Methods of Redeeming if You Did Not Purchase Your Shares Through","page_number":35,"box":{"x":461,"y":801,"width":462,"height":10}},{"id":"3cb97fda-4fa4-43d4-a756-b98854c579d6","block_type":"box","text":"an Employer-Sponsored Retirement Plan","page_number":35,"box":{"x":460,"y":814,"width":271,"height":10}},{"id":"fee923c6-c946-41f9-9ae5-dfcad8d7b129","block_type":"box","text":"Redeem by Telephone","page_number":35,"box":{"x":461,"y":831,"width":146,"height":10}},{"id":"b53660e9-ea9b-446f-a2bc-078f0cbc5520","block_type":"box","text":": You may sell shares held at BlackRock by","page_number":35,"box":{"x":609,"y":831,"width":282,"height":10}},{"id":"868096b9-35ca-4bca-9e11-15b7a892e51d","block_type":"box","text":"telephone request. Call (800) 537-4942 for details.","page_number":35,"box":{"x":460,"y":844,"width":341,"height":10}},{"id":"d0176ffe-da5d-4a7b-9bcb-396376e762db","block_type":"box","text":"The Fund, its administrator and the Distributor will employ reasonable","page_number":35,"box":{"x":460,"y":860,"width":460,"height":10}},{"id":"77997e18-ee34-4e74-b919-eaf9c4e055ba","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":35,"box":{"x":461,"y":874,"width":474,"height":10}},{"id":"310f793e-facd-4dd1-84ad-93836a4d81dc","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":35,"box":{"x":460,"y":887,"width":450,"height":10}},{"id":"92269705-7a16-40c9-a1bd-4a058c8626b7","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":35,"box":{"x":461,"y":901,"width":450,"height":10}},{"id":"5cca5609-386c-4820-95ee-e108a410c0b4","block_type":"box","text":"33","page_number":35,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"29e68990-ef40-4488-8aa9-df5dcefaa59b","block_type":"box","text":"NM1026U-5982658-35/54","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1bbf19db-855b-4a23-82d3-57a642611190","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":36,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"c5b90783-bdd5-45b6-a619-f9cbd1a0abf9","block_type":"box","text":"Full or Partial","page_number":36,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"113dd55b-e54b-4ea5-ae6e-a5d522a6049d","block_type":"box","text":"Redemption of","page_number":36,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"54fd9a0f-5724-4d35-afaf-09d1db5f40f2","block_type":"box","text":"Shares (continued)","page_number":36,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"7dcf759e-cc46-486c-aecd-5f1b42ec6ec3","block_type":"box","text":"Selling shares held","page_number":36,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"1f676339-e095-4cfc-b041-ab81d4beae32","block_type":"box","text":"directly with BlackRock","page_number":36,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"a965e8be-1d4a-443b-861a-fb8644ee7da9","block_type":"box","text":"(continued)","page_number":36,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"1d4a3058-8502-440a-828b-2d97ae81ff7b","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":36,"box":{"x":460,"y":67,"width":445,"height":11}},{"id":"b840bb57-5e2a-492a-bfe5-908a9dd0b05f","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":36,"box":{"x":461,"y":81,"width":463,"height":10}},{"id":"75ae4a23-73b2-4287-b13e-8a8de864119d","block_type":"box","text":"believes it is advisable to do so.","page_number":36,"box":{"x":461,"y":94,"width":212,"height":9}},{"id":"bc99f99f-18ff-456f-b18e-6c87a1bf35fe","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":36,"box":{"x":461,"y":110,"width":452,"height":11}},{"id":"ea426600-b81f-447b-9396-4c567147a932","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":36,"box":{"x":461,"y":124,"width":427,"height":10}},{"id":"ae00fc48-2a1f-478c-9bb6-53bba7380c20","block_type":"box","text":"redemption methods below.","page_number":36,"box":{"x":461,"y":138,"width":181,"height":10}},{"id":"988563b2-352f-4ea6-938d-43436e910298","block_type":"box","text":"Redeem by Internet:","page_number":36,"box":{"x":461,"y":154,"width":136,"height":10}},{"id":"9a047dd6-ce68-465b-ad8d-e5bcb2605199","block_type":"box","text":"You may redeem in your account by logging onto","page_number":36,"box":{"x":603,"y":154,"width":317,"height":10}},{"id":"c084f8d3-d335-49bc-804c-d913230d6355","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":36,"box":{"x":460,"y":167,"width":461,"height":8}},{"id":"33b9cc0e-d187-4c63-a6b9-a019b5c56cca","block_type":"box","text":"redemptions will be sent via wire to the bank account of record.","page_number":36,"box":{"x":461,"y":181,"width":419,"height":10}},{"id":"aecab2a8-e6ee-4b4f-8045-e3fda66128a7","block_type":"box","text":"Redeem in Writing:","page_number":36,"box":{"x":461,"y":197,"width":127,"height":10}},{"id":"bf9e9008-39c8-4a43-ac27-fe89db81f9e0","block_type":"box","text":"Redemption requests may be sent in proper form","page_number":36,"box":{"x":595,"y":197,"width":324,"height":10}},{"id":"50392114-5956-4af8-a255-30ba36cf5c3a","block_type":"box","text":"to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429","page_number":36,"box":{"x":460,"y":210,"width":468,"height":11}},{"id":"16561839-cb70-4b24-b045-04be8671c54a","block_type":"box","text":"or for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":36,"box":{"x":461,"y":224,"width":463,"height":10}},{"id":"b3400885-bee9-45d1-8992-d088d7de3404","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. Under certain circumstances, a","page_number":36,"box":{"x":461,"y":237,"width":463,"height":11}},{"id":"62b81e11-894e-471c-b1b3-661dec21be3a","block_type":"box","text":"medallion signature guarantee will be required.","page_number":36,"box":{"x":461,"y":251,"width":308,"height":10}},{"id":"ac30a85d-bba7-4a2c-95fa-e17a0440fc84","block_type":"box","text":"Payment of Redemption Proceeds","page_number":36,"box":{"x":461,"y":267,"width":228,"height":10}},{"id":"71151144-8eec-4dbb-8e2b-a10ce94476ea","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":36,"box":{"x":461,"y":283,"width":467,"height":10}},{"id":"3c7c443c-9cb6-489e-833f-d3cdd4f52797","block_type":"box","text":"banking information on file, by wire transfer.","page_number":36,"box":{"x":461,"y":297,"width":289,"height":10}},{"id":"b4f32df2-d386-4a4c-8e26-90d8ae659026","block_type":"box","text":"Payment by Check:","page_number":36,"box":{"x":461,"y":313,"width":129,"height":10}},{"id":"9cea0841-4edb-4353-a2fe-222a193d1741","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":36,"box":{"x":597,"y":313,"width":329,"height":10}},{"id":"e4b22e91-4809-4176-9341-a2cd94cbc22f","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":36,"box":{"x":460,"y":326,"width":430,"height":11}},{"id":"d330fca6-a604-4cb4-a751-97c4141a9f3a","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":36,"box":{"x":461,"y":340,"width":460,"height":10}},{"id":"932dcd8b-19fa-448d-b3bf-5efb59c22daf","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":36,"box":{"x":461,"y":354,"width":468,"height":10}},{"id":"12c9ccca-5084-4208-8adb-40f85d4c75e1","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":36,"box":{"x":461,"y":366,"width":467,"height":11}},{"id":"251d266b-af8b-499c-a1dc-655f70386dd5","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":36,"box":{"x":461,"y":380,"width":467,"height":11}},{"id":"8f0aac4f-87e1-4857-86ff-18dfaf1005ad","block_type":"box","text":"charges imposed by your bank for this service.","page_number":36,"box":{"x":461,"y":394,"width":307,"height":10}},{"id":"6964c74d-e11d-4797-9620-c73afdbc5eab","block_type":"box","text":"The Fund reserves the right to reinvest any dividend or distribution","page_number":36,"box":{"x":460,"y":410,"width":438,"height":11}},{"id":"4cfdacf6-41a7-4a3d-bf52-f4fd35fb9725","block_type":"box","text":"amounts (e.g., income dividends or capital gains) which you have","page_number":36,"box":{"x":461,"y":424,"width":429,"height":10}},{"id":"f0f6fff1-547f-4fec-91e3-59fb56166232","block_type":"box","text":"elected to receive by check should your check be returned as","page_number":36,"box":{"x":461,"y":437,"width":403,"height":10}},{"id":"8a441905-f3b1-4bf2-be6b-4f94a4485e7e","block_type":"box","text":"undeliverable or remain uncashed for more than 6 months. No interest","page_number":36,"box":{"x":461,"y":451,"width":467,"height":8}},{"id":"5faa9cca-5044-456f-b5d6-70499fc21a55","block_type":"box","text":"will accrue on amounts represented by uncashed checks. Your check","page_number":36,"box":{"x":460,"y":464,"width":456,"height":11}},{"id":"d5dcad86-1458-40f5-80a8-ca799117a8ac","block_type":"box","text":"will be reinvested in your account at the net asset value next","page_number":36,"box":{"x":460,"y":478,"width":402,"height":10}},{"id":"407c0556-0c72-4045-8c23-931ffefa4d44","block_type":"box","text":"calculated, on the day of the investment. When reinvested, those","page_number":36,"box":{"x":461,"y":491,"width":430,"height":11}},{"id":"039640fd-4048-486e-8095-e10e016b565c","block_type":"box","text":"amounts are subject to the risk of loss like any fund investment. If you","page_number":36,"box":{"x":461,"y":505,"width":465,"height":10}},{"id":"2705f78c-c1f1-4123-8a11-63e22dbced25","block_type":"box","text":"elect to receive distributions in cash and a check remains undeliverable","page_number":36,"box":{"x":461,"y":519,"width":473,"height":8}},{"id":"c6bae9ab-e5e7-454e-a951-fc4c519ced35","block_type":"box","text":"or uncashed for more than 6 months, your cash election may also be","page_number":36,"box":{"x":461,"y":532,"width":456,"height":10}},{"id":"049dabf7-0fd3-4097-8438-e272e728ab48","block_type":"box","text":"changed automatically to reinvest and your future dividend and capital","page_number":36,"box":{"x":461,"y":545,"width":461,"height":11}},{"id":"f2bd5d3c-caff-42e8-a4a5-5e4778e0dd1f","block_type":"box","text":"gains distributions will be reinvested in the Fund at the net asset value","page_number":36,"box":{"x":460,"y":559,"width":469,"height":10}},{"id":"73e5e658-b2f5-49f6-8002-0fa1dce6f6ae","block_type":"box","text":"as of the date of payment of the distribution.","page_number":36,"box":{"x":461,"y":573,"width":295,"height":10}},{"id":"592b0e36-6f31-4d52-b679-c0dc0f04fd88","block_type":"box","text":"Payment by Wire Transfer:","page_number":36,"box":{"x":461,"y":589,"width":177,"height":10}},{"id":"96f95122-d54d-4a01-bcc1-1d52bed12601","block_type":"box","text":"Payment for redeemed shares for which a","page_number":36,"box":{"x":644,"y":589,"width":275,"height":10}},{"id":"3654c931-4ce3-4a68-8e9d-64baa3f69558","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":36,"box":{"x":461,"y":602,"width":437,"height":10}},{"id":"63d32355-18aa-4561-b1b1-30baf4d64413","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":36,"box":{"x":461,"y":616,"width":471,"height":10}},{"id":"078d6053-cafc-4f56-94dc-d7fee21dfa92","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":36,"box":{"x":461,"y":629,"width":417,"height":11}},{"id":"26481ecc-9ef0-4bfe-b2c1-15a42925604d","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":36,"box":{"x":461,"y":643,"width":449,"height":10}},{"id":"9aef664c-7c59-4a4f-8c9d-a56d5568b491","block_type":"box","text":"received after 4:00 p.m. (Eastern time) or on a day when the Fund’s","page_number":36,"box":{"x":461,"y":656,"width":449,"height":11}},{"id":"c7060536-7d81-44c2-aa32-fa406a3f03bd","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":36,"box":{"x":461,"y":670,"width":433,"height":10}},{"id":"bb7eea96-c8f8-4bdd-a947-2cd7aaa82a01","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":36,"box":{"x":461,"y":683,"width":449,"height":11}},{"id":"bc3eb397-383e-4af0-b740-7206ce6a1508","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":36,"box":{"x":461,"y":697,"width":437,"height":10}},{"id":"2c24ada5-5b7a-41c6-ac20-bcbd0c250c70","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":36,"box":{"x":461,"y":710,"width":469,"height":11}},{"id":"7aa39619-0e1f-448b-8e84-fe457396a505","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":36,"box":{"x":459,"y":724,"width":448,"height":10}},{"id":"f25e58cb-39a6-481b-ab2c-0670e95d3374","block_type":"box","text":"Fund. Shares can be redeemed by Federal wire transfer to a single","page_number":36,"box":{"x":461,"y":738,"width":439,"height":10}},{"id":"ff2ef6bf-9ab1-46d5-ad48-df93c6c8c805","block_type":"box","text":"previously designated bank account. No charge for wiring redemption","page_number":36,"box":{"x":461,"y":751,"width":455,"height":11}},{"id":"5a0e840c-bbab-44d3-8248-864953fee909","block_type":"box","text":"payments with respect to Class K Shares is imposed by the Fund. You","page_number":36,"box":{"x":461,"y":765,"width":462,"height":10}},{"id":"ad917eda-db47-42a6-8f70-9633cfbbc2ff","block_type":"box","text":"are responsible for any additional charges imposed by your bank for","page_number":36,"box":{"x":461,"y":778,"width":448,"height":11}},{"id":"bfdadf01-015f-486e-9731-bb7fd9eb6bab","block_type":"box","text":"wire transfers.","page_number":36,"box":{"x":460,"y":792,"width":94,"height":8}},{"id":"3a2dd744-7d1b-4232-b763-61849983cdc0","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":36,"box":{"x":460,"y":808,"width":425,"height":10}},{"id":"565b557e-d9a3-4d0d-b2d0-0b02dfee7e6a","block_type":"box","text":"system or the shareholder’s firm or bank. To change the name of the","page_number":36,"box":{"x":461,"y":821,"width":455,"height":11}},{"id":"e533c3de-644c-4f56-b745-05a7a090715f","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":36,"box":{"x":461,"y":835,"width":476,"height":10}},{"id":"c9cd26f2-5824-419c-893a-4b0142f83bda","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":36,"box":{"x":461,"y":849,"width":455,"height":10}},{"id":"5d4b9c50-f8aa-4a46-aa89-93bd4fef6c14","block_type":"box","text":"the back cover of this prospectus.","page_number":36,"box":{"x":460,"y":862,"width":224,"height":10}},{"id":"cc5dd538-56d2-45d1-8898-813f857b46b8","block_type":"box","text":"***","page_number":36,"box":{"x":686,"y":878,"width":25,"height":5}},{"id":"3f7cbb61-6fd5-45c6-bd0f-fd21fe3aab04","block_type":"box","text":"34","page_number":36,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"4f62134f-cbc1-43c4-8b36-4d605122320f","block_type":"box","text":"NM1026U-5982658-36/54","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e83423f9-97db-4c9d-bfa8-fcf326af9e4a","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"3f8e1429-81e9-4c66-8ea4-29775a652bff","block_type":"box","text":"Full or Partial","page_number":37,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"0bee84c7-ca1a-438d-8b4a-00dda1445b84","block_type":"box","text":"Redemption of","page_number":37,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"2b4cfadf-ca6c-4e8e-9b7e-87532855cf86","block_type":"box","text":"Shares (continued)","page_number":37,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"453ddb7a-923a-46e9-be32-ab6ed22a7042","block_type":"box","text":"Selling shares held","page_number":37,"box":{"x":214,"y":67,"width":125,"height":11}},{"id":"4be72922-92c0-4b2d-bd81-aa3999d522a5","block_type":"box","text":"directly with BlackRock","page_number":37,"box":{"x":214,"y":81,"width":150,"height":10}},{"id":"7eb761eb-83e7-4025-b913-955dc7d39eff","block_type":"box","text":"(continued)","page_number":37,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"db0e4301-5ab8-47bc-aef7-9e57879cf57b","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":37,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"3b689656-1d35-49f0-9f5e-92f6f17fc58c","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":37,"box":{"x":461,"y":83,"width":456,"height":11}},{"id":"30e44752-2a3f-4228-a65d-59a4091ec7ad","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":37,"box":{"x":461,"y":97,"width":352,"height":10}},{"id":"89b50265-a427-46d5-9838-ad573be61f62","block_type":"box","text":"Redemption","page_number":37,"box":{"x":61,"y":115,"width":80,"height":10}},{"id":"94fa5365-b886-458c-b69a-140866a55e31","block_type":"box","text":"Proceeds","page_number":37,"box":{"x":61,"y":127,"width":62,"height":8}},{"id":"a16ec6b0-06e1-45c5-9d03-955cc8eded91","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":37,"box":{"x":461,"y":118,"width":445,"height":10}},{"id":"8c2a555c-3fd2-4906-acf9-db602d147592","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":37,"box":{"x":461,"y":131,"width":467,"height":10}},{"id":"d0a67c17-a42d-4f12-bb76-707d3cf07739","block_type":"box","text":"portfolio assets to generate cash. During periods of stressed market","page_number":37,"box":{"x":461,"y":145,"width":455,"height":10}},{"id":"8ef9b3f2-e7cd-4fab-a18e-e31aa6d2ec5e","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":37,"box":{"x":461,"y":158,"width":450,"height":10}},{"id":"ee7929e6-fca3-4e44-86a0-786cf35ce999","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":37,"box":{"x":461,"y":172,"width":452,"height":10}},{"id":"72b00fa1-f875-45dd-b3a5-fbd7073ee786","block_type":"box","text":"limit cash redemptions and may determine to pay redemption proceeds","page_number":37,"box":{"x":461,"y":185,"width":471,"height":10}},{"id":"53b6159d-a26a-4ebd-add7-d000b04fd56c","block_type":"box","text":"by (i) borrowing under a line of credit it has entered into with a group of","page_number":37,"box":{"x":461,"y":199,"width":471,"height":10}},{"id":"03e875d3-36d3-4a9c-bf11-2df0d12bb4ce","block_type":"box","text":"lenders and/or (ii) transferring portfolio securities in-kind to you. The","page_number":37,"box":{"x":461,"y":212,"width":453,"height":11}},{"id":"e7e6017d-4ffb-46a0-ac45-7699c02e7731","block_type":"box","text":"SAI includes more information about the Fund’s line of credit.","page_number":37,"box":{"x":461,"y":226,"width":405,"height":8}},{"id":"693af8ad-3b7a-42a2-8ce6-f0f2c7d2529d","block_type":"box","text":"If the Fund pays redemption proceeds by transferring portfolio","page_number":37,"box":{"x":461,"y":242,"width":408,"height":10}},{"id":"9a282719-6796-4acb-b23f-73adfb5fe212","block_type":"box","text":"securities in-kind to you, you may pay transaction costs to dispose of","page_number":37,"box":{"x":461,"y":255,"width":457,"height":11}},{"id":"b71fc40d-8f0a-489a-89c4-8f738b72ff72","block_type":"box","text":"the securities, and you may receive less for them than the price at","page_number":37,"box":{"x":460,"y":269,"width":440,"height":10}},{"id":"bde3e1af-00c1-4224-a1d5-222992b922f1","block_type":"box","text":"which they were valued for purposes of redemption.","page_number":37,"box":{"x":460,"y":282,"width":340,"height":11}},{"id":"56f325c7-0c20-4789-8df1-50df92de64a3","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":37,"box":{"x":61,"y":307,"width":415,"height":13}},{"id":"20bb40bc-8ddc-4809-a194-b6cf75e11257","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":37,"box":{"x":213,"y":329,"width":478,"height":9}},{"id":"37de04aa-1f1a-46cf-aab1-8b15b4c59340","block_type":"box","text":"Exchange Privilege","page_number":37,"box":{"x":61,"y":346,"width":128,"height":11}},{"id":"5ebf6daa-f360-4906-94f1-5f11150842e4","block_type":"box","text":"Selling shares of one BlackRock","page_number":37,"box":{"x":214,"y":346,"width":212,"height":11}},{"id":"6f23ead6-9e8e-4565-9477-5211b56ddcfc","block_type":"box","text":"Fund to purchase shares of","page_number":37,"box":{"x":214,"y":360,"width":181,"height":10}},{"id":"db0b8ee4-b04f-4ac4-ac6b-1854177bbe80","block_type":"box","text":"another BlackRock Fund","page_number":37,"box":{"x":214,"y":374,"width":158,"height":8}},{"id":"d401538d-0bff-4142-bb26-2677c0c668e7","block_type":"box","text":"(“exchanging”)","page_number":37,"box":{"x":214,"y":387,"width":95,"height":10}},{"id":"a8aea579-03a3-4292-8824-7a9e1c318c6d","block_type":"box","text":"Class K Shares of the Fund are generally exchangeable for shares of","page_number":37,"box":{"x":461,"y":346,"width":454,"height":11}},{"id":"d5976c0d-9c6d-4a80-a71f-60495bdd06f9","block_type":"box","text":"the same class of another BlackRock Fund, to the extent such shares","page_number":37,"box":{"x":460,"y":360,"width":461,"height":9}},{"id":"c511905b-6c38-4a7d-9903-5ea40599c7cd","block_type":"box","text":"are offered by your Financial Intermediary. Investors who currently own","page_number":37,"box":{"x":461,"y":373,"width":465,"height":11}},{"id":"1cae88fc-4071-4e0f-8939-38c7c29018f2","block_type":"box","text":"Class K Shares of the Fund may make exchanges into Class K Shares","page_number":37,"box":{"x":461,"y":387,"width":463,"height":10}},{"id":"8bae60ef-fe45-4cba-babc-4fbc0b57b81b","block_type":"box","text":"of other BlackRock Funds except for investors holding shares through","page_number":37,"box":{"x":461,"y":400,"width":457,"height":11}},{"id":"97530e1a-b832-428b-b129-a123e87b9b0c","block_type":"box","text":"certain client accounts at Financial Intermediaries that are omnibus","page_number":37,"box":{"x":461,"y":414,"width":447,"height":8}},{"id":"199692fc-8f4d-48a4-980d-1fe6ec1ed782","block_type":"box","text":"with the Fund and do not meet applicable minimums. There is no","page_number":37,"box":{"x":460,"y":428,"width":429,"height":10}},{"id":"36f6e010-7204-484a-b411-f0dfcab17b37","block_type":"box","text":"required minimum amount with respect to exchanges of Class K","page_number":37,"box":{"x":461,"y":441,"width":423,"height":10}},{"id":"88a74f47-78da-4721-8458-497f05a2720f","block_type":"box","text":"Shares. You may only exchange into Class K Shares of a BlackRock","page_number":37,"box":{"x":461,"y":455,"width":446,"height":10}},{"id":"3de6263c-26e6-457b-8db7-a5991d9fcd30","block_type":"box","text":"Fund that is open to new investors or in which you have a current","page_number":37,"box":{"x":461,"y":468,"width":430,"height":10}},{"id":"e74b58b0-dda6-4912-ab76-51c72db9c87f","block_type":"box","text":"account, if the BlackRock Fund is closed to new investors.","page_number":37,"box":{"x":461,"y":482,"width":383,"height":9}},{"id":"f6230b8e-09c2-4329-b326-ef4ad3f9b7d4","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":37,"box":{"x":460,"y":498,"width":435,"height":10}},{"id":"e9a13aff-d131-48bb-8094-f5d69ea815f0","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":37,"box":{"x":461,"y":511,"width":406,"height":11}},{"id":"da1cce91-6528-45e2-87d4-628fed57b32e","block_type":"box","text":"BlackRock, you may: (i) call (800) 537-4942 and speak with one of our","page_number":37,"box":{"x":461,"y":525,"width":468,"height":10}},{"id":"300f1d54-1424-401b-b690-b86c2b98fb45","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":37,"box":{"x":461,"y":539,"width":455,"height":10}},{"id":"f73c5196-d687-4930-a390-14aafee27680","block_type":"box","text":"your account online at www.blackrock.com or (iii) send a written request","page_number":37,"box":{"x":460,"y":552,"width":475,"height":10}},{"id":"4ae82842-9946-462c-afd4-62d230915f9d","block_type":"box","text":"to the Fund at the address on the back cover of this prospectus. Please","page_number":37,"box":{"x":460,"y":565,"width":475,"height":11}},{"id":"f0071b2d-5f45-434a-833d-19a1042ecdbe","block_type":"box","text":"note, if you indicated on your new account application that you did not","page_number":37,"box":{"x":461,"y":579,"width":462,"height":10}},{"id":"02f36eb3-dd6b-4758-9ebe-aa8fe6f2ccee","block_type":"box","text":"want the Telephone Exchange Privilege, you will not be able to place","page_number":37,"box":{"x":460,"y":593,"width":448,"height":10}},{"id":"8df65b43-15a2-4ba8-aed4-e869ce33c906","block_type":"box","text":"exchanges via the telephone until you update this option either in","page_number":37,"box":{"x":461,"y":606,"width":431,"height":10}},{"id":"7076ca52-e75d-46d9-8ab1-0ca57f2cb4a8","block_type":"box","text":"writing or by calling (800) 537-4942. The Fund has the right to reject","page_number":37,"box":{"x":460,"y":620,"width":454,"height":10}},{"id":"20b99678-3549-4312-8c2e-d536a9cbd88f","block_type":"box","text":"any telephone request for any reason.","page_number":37,"box":{"x":461,"y":633,"width":249,"height":10}},{"id":"a5142e96-e2a6-4c3a-8949-812dd558a062","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":37,"box":{"x":460,"y":649,"width":450,"height":11}},{"id":"29e52eb2-3fd8-4f93-a5c1-f4b9d4cf5940","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":37,"box":{"x":460,"y":663,"width":473,"height":10}},{"id":"8d1857b9-38d2-4f9a-837b-65839c08cd7f","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":37,"box":{"x":461,"y":676,"width":420,"height":11}},{"id":"03bdf630-232d-44f0-8a61-97192b0b6bde","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":37,"box":{"x":461,"y":690,"width":439,"height":10}},{"id":"d29b33ac-1c29-4fe0-89ad-1ea0c72f012b","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":37,"box":{"x":461,"y":704,"width":460,"height":10}},{"id":"6a2a76a8-b144-4c04-b78d-7268406f4d9e","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":37,"box":{"x":461,"y":717,"width":430,"height":10}},{"id":"9bc426b1-3c1f-467c-8b4a-6eea1333c97d","block_type":"box","text":"income tax purposes, a share exchange is a taxable event and a capital","page_number":37,"box":{"x":461,"y":731,"width":473,"height":10}},{"id":"1f6f21a1-b8cc-4ade-995f-c945d2dedb0c","block_type":"box","text":"gain or loss may be realized.","page_number":37,"box":{"x":460,"y":744,"width":188,"height":10}},{"id":"434406f6-47e3-4f01-9bfc-33311aa85182","block_type":"box","text":"Please consult your tax adviser or other Financial Intermediary before","page_number":37,"box":{"x":461,"y":760,"width":457,"height":10}},{"id":"8ea6eecf-96a2-44ab-a581-22f964e5c8e9","block_type":"box","text":"making an exchange request.","page_number":37,"box":{"x":461,"y":774,"width":192,"height":10}},{"id":"f0807be6-ab3a-44d9-83e6-1e4ec2186037","block_type":"box","text":"Transfer Shares to","page_number":37,"box":{"x":60,"y":792,"width":124,"height":8}},{"id":"8ae3c14b-0337-4e4e-9ffb-e771561c62df","block_type":"box","text":"Another Financial","page_number":37,"box":{"x":60,"y":803,"width":118,"height":9}},{"id":"78456a65-7ba1-46c4-b82f-3218cf47c872","block_type":"box","text":"Intermediary","page_number":37,"box":{"x":61,"y":815,"width":85,"height":10}},{"id":"70fce9cd-be49-4d19-b363-2e79766bc2b0","block_type":"box","text":"Transfer to a participating","page_number":37,"box":{"x":213,"y":792,"width":171,"height":10}},{"id":"39af826d-c1de-4734-a865-9a83084f5a95","block_type":"box","text":"Financial Intermediary","page_number":37,"box":{"x":214,"y":805,"width":145,"height":11}},{"id":"5755c612-5173-4f0b-baa6-d117bc9af6e3","block_type":"box","text":"You may transfer your Class K Shares of the Fund only to another","page_number":37,"box":{"x":460,"y":792,"width":432,"height":10}},{"id":"fc50f9b5-9b5c-49d4-869d-d23b97c09cc3","block_type":"box","text":"Financial Intermediary that has entered into an agreement with the","page_number":37,"box":{"x":461,"y":805,"width":441,"height":11}},{"id":"f53fb20f-dc54-4494-a3a6-447b0a58b496","block_type":"box","text":"Distributor. Certain shareholder services may not be available for the","page_number":37,"box":{"x":461,"y":819,"width":456,"height":10}},{"id":"6ca04356-0c34-44c2-b33f-19537c5e0c0b","block_type":"box","text":"transferred shares. All future trading of these assets must be","page_number":37,"box":{"x":460,"y":832,"width":407,"height":11}},{"id":"0dae10fa-6b80-45f8-be70-3c0d02671ad0","block_type":"box","text":"coordinated by the receiving firm. Please contact your Financial","page_number":37,"box":{"x":461,"y":846,"width":415,"height":10}},{"id":"20af55f6-d91c-46c8-bc5e-26263c7053db","block_type":"box","text":"Intermediary to accomplish the transfer of your Class K Shares.","page_number":37,"box":{"x":461,"y":859,"width":420,"height":11}},{"id":"69eed26c-fec7-4c5b-b44b-66eca654aaec","block_type":"box","text":"Transfer to a non-participating","page_number":37,"box":{"x":213,"y":877,"width":199,"height":11}},{"id":"808a6cc3-9bc3-4de2-bde0-f0f1766abd8d","block_type":"box","text":"Financial Intermediary","page_number":37,"box":{"x":214,"y":891,"width":145,"height":10}},{"id":"2c9f2f50-53af-4e9c-9a54-24d1472b160d","block_type":"box","text":"You must either:","page_number":37,"box":{"x":460,"y":878,"width":107,"height":8}},{"id":"542c4626-8e65-43cc-8b0d-e112a155e646","block_type":"box","text":"•","page_number":37,"box":{"x":464,"y":894,"width":3,"height":3}},{"id":"cb5d2275-fce5-4020-bd61-df6cf5eb5a11","block_type":"box","text":"Transfer your Class K Shares to an account with the Fund; or","page_number":37,"box":{"x":470,"y":891,"width":402,"height":10}},{"id":"bd748b44-b865-4b15-b1c1-548c5c481571","block_type":"box","text":"•","page_number":37,"box":{"x":464,"y":907,"width":3,"height":3}},{"id":"ce998a78-c0b5-43e6-ae0c-0ece3ea8ecd8","block_type":"box","text":"Sell your Class K Shares.","page_number":37,"box":{"x":471,"y":905,"width":166,"height":10}},{"id":"eb33e3fd-06a3-40a5-9cbb-17aae2a40149","block_type":"box","text":"35","page_number":37,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"71357e54-fea1-459b-8122-d30d9651bbef","block_type":"box","text":"NM1026U-5982658-37/54","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8a8a599a-7a4d-4632-ab7e-06595b091210","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"61004953-dc1a-4dea-9e4a-9e6aa1ed36f8","block_type":"box","text":"Transfer Shares to","page_number":38,"box":{"x":60,"y":67,"width":124,"height":8}},{"id":"fd769b14-f022-4aa0-bf3c-531f6154ad9f","block_type":"box","text":"Another Financial","page_number":38,"box":{"x":60,"y":81,"width":118,"height":8}},{"id":"f69b2a68-9550-4a91-bcba-6c5f093731b7","block_type":"box","text":"Intermediary","page_number":38,"box":{"x":61,"y":94,"width":85,"height":10}},{"id":"a0efe836-2fc0-4e8c-8461-fa818cbfa221","block_type":"box","text":"(continued)","page_number":38,"box":{"x":61,"y":108,"width":76,"height":10}},{"id":"7f1f3e26-25bf-458b-b7fc-84e6dbf547d8","block_type":"box","text":"Transfer to a non-participating","page_number":38,"box":{"x":213,"y":67,"width":199,"height":11}},{"id":"7ab8feab-5483-4091-bf63-41c829201599","block_type":"box","text":"Financial Intermediary","page_number":38,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"24cb3fbe-dcdc-4c7d-9d0e-5e22284ea695","block_type":"box","text":"(continued)","page_number":38,"box":{"x":214,"y":94,"width":72,"height":10}},{"id":"83b4b716-d6eb-4ca2-bc82-2139e053aefe","block_type":"box","text":"Please contact your Financial Intermediary to accomplish the transfer of","page_number":38,"box":{"x":461,"y":70,"width":475,"height":10}},{"id":"f9191a99-5b50-4be7-b716-1a163486bd10","block_type":"box","text":"your Class K Shares.","page_number":38,"box":{"x":460,"y":83,"width":137,"height":11}},{"id":"35176282-e838-4ce6-b77b-d96d967eea68","block_type":"box","text":"Additional Purchase and Redemption Information Applicable to the Fund if You Are Not Purchasing","page_number":38,"box":{"x":60,"y":132,"width":815,"height":13}},{"id":"14631010-b2b0-455a-8c3b-1b55671efac0","block_type":"box","text":"Shares Through an Employer-Sponsored Retirement Plan","page_number":38,"box":{"x":60,"y":149,"width":467,"height":13}},{"id":"a17468a5-cf9c-490c-83ff-ee7f254a2e10","block_type":"box","text":"If you are not purchasing shares through an Employer-Sponsored Retirement Plan, the Fund may authorize one or more","page_number":38,"box":{"x":62,"y":171,"width":872,"height":11}},{"id":"9a0ddfba-a7ff-44c4-a160-fb806b8508df","block_type":"box","text":"banks, savings and loan associations and other financial institutions (each a “Service Organization”) to accept","page_number":38,"box":{"x":61,"y":185,"width":814,"height":12}},{"id":"ad5e578f-2167-4d08-9f23-7f7640411da0","block_type":"box","text":"purchase and redemption orders on its behalf. Such Service Organizations may be authorized to designate other","page_number":38,"box":{"x":62,"y":200,"width":826,"height":12}},{"id":"c1495045-b4ef-4679-9064-d4207a65cfdf","block_type":"box","text":"intermediaries to accept purchase and redemption orders on the Fund’s behalf. If you purchase or redeem shares","page_number":38,"box":{"x":62,"y":215,"width":836,"height":12}},{"id":"648c11c8-d527-4b8b-aa6d-344ebfb918f6","block_type":"box","text":"through a Service Organization or its designee, that entity may have its own deadlines for the receipt of the purchase","page_number":38,"box":{"x":60,"y":230,"width":861,"height":12}},{"id":"d36df61e-e20b-4d0d-96ca-b0305a2f12b1","block_type":"box","text":"or redemption order that may be earlier than those stated in the prospectus. The Fund will be deemed to have received","page_number":38,"box":{"x":61,"y":245,"width":875,"height":11}},{"id":"00aa0977-eabb-4d1e-8bc5-99989c99aec9","block_type":"box","text":"a purchase or redemption order when a Service Organization or, if applicable, that Service Organization’s authorized","page_number":38,"box":{"x":61,"y":260,"width":853,"height":11}},{"id":"ad6f7961-536b-4260-9d92-a1088e3f1038","block_type":"box","text":"designee, accepts the order. These orders will be priced at the Fund’s net asset value per share next calculated after","page_number":38,"box":{"x":61,"y":274,"width":862,"height":12}},{"id":"9db02827-3ccd-4128-916d-e7d3354f4e41","block_type":"box","text":"they are so accepted.","page_number":38,"box":{"x":60,"y":290,"width":158,"height":11}},{"id":"8e305d09-08af-401f-8335-1c25814ea3ca","block_type":"box","text":"Fund’s Rights","page_number":38,"box":{"x":61,"y":328,"width":124,"height":14}},{"id":"d8429c99-d3d5-42a7-b33e-4098b9f3ff3d","block_type":"box","text":"The Fund may:","page_number":38,"box":{"x":60,"y":355,"width":106,"height":11}},{"id":"e8e9b9b6-a60f-4403-8023-b9239a03d509","block_type":"box","text":"Suspend the right of redemption if trading is halted or restricted on the NYSE or under other emergency conditions","page_number":38,"box":{"x":81,"y":374,"width":840,"height":12}},{"id":"9ac9cc25-38e2-40cf-aaae-018e620b6149","block_type":"box","text":"described in the Investment Company Act;","page_number":38,"box":{"x":81,"y":389,"width":308,"height":12}},{"id":"3ab73405-cd32-48f5-8c64-f2d1ecccc809","block_type":"box","text":"Postpone the date of payment upon redemption if trading is halted or restricted on the NYSE or under other","page_number":38,"box":{"x":81,"y":409,"width":789,"height":12}},{"id":"5d16026b-27e3-4659-92d6-6fdfcebed5ff","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":38,"box":{"x":81,"y":424,"width":850,"height":12}},{"id":"4dcbbe4b-e3d3-45c9-999c-57d92bd99147","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":38,"box":{"x":82,"y":439,"width":368,"height":11}},{"id":"58de41b8-c061-4f4c-942f-393beedac1c4","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":38,"box":{"x":82,"y":459,"width":781,"height":11}},{"id":"3522926e-7e26-411f-8529-fedfcacec0d6","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":38,"box":{"x":82,"y":479,"width":798,"height":11}},{"id":"95e8b29b-9e3d-4b10-aa84-e2733bb52091","block_type":"box","text":"specified level.","page_number":38,"box":{"x":81,"y":494,"width":108,"height":11}},{"id":"4e543ba2-aabc-4600-a52f-a14551b17a63","block_type":"box","text":"Note on Low Balance Accounts.","page_number":38,"box":{"x":61,"y":516,"width":239,"height":9}},{"id":"bf7bbd6e-c3ab-49d3-a041-d8ff7086fa62","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":38,"box":{"x":307,"y":516,"width":600,"height":12}},{"id":"d6d8ec3c-339c-425e-ae7f-8cad4db0cca2","block_type":"box","text":"has set a minimum balance of $500 in each Fund position you hold within your account (“Fund Minimum”), and may","page_number":38,"box":{"x":61,"y":530,"width":854,"height":12}},{"id":"8c0119b9-a1a3-4a2d-a9d2-d074914aa96c","block_type":"box","text":"redeem the shares in your account if the net asset value of those shares in your account falls below $500 for any","page_number":38,"box":{"x":61,"y":545,"width":837,"height":12}},{"id":"424eeca5-4373-4ebf-b14e-5963356a0df9","block_type":"box","text":"reason, including market fluctuation.","page_number":38,"box":{"x":61,"y":561,"width":267,"height":11}},{"id":"e04ccb63-55c0-4f46-b935-98ea49e5fddd","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":38,"box":{"x":60,"y":583,"width":799,"height":12}},{"id":"3e7f1b7e-ade3-49d9-8160-16d9a3add325","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":38,"box":{"x":62,"y":598,"width":796,"height":11}},{"id":"8e1b6751-3e0c-42dc-af9f-fa924305e5a5","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":38,"box":{"x":62,"y":612,"width":800,"height":12}},{"id":"88f76fae-e850-4635-a9ec-a547c57a1c65","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":38,"box":{"x":61,"y":628,"width":859,"height":11}},{"id":"0d5ae180-3e14-447f-8057-405b6ac2b880","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":38,"box":{"x":61,"y":642,"width":868,"height":12}},{"id":"6ab56a95-3047-4b18-bcad-33ca1c670c1f","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":38,"box":{"x":61,"y":657,"width":420,"height":12}},{"id":"0b721183-0756-4cc2-9241-995f7cfef2cf","block_type":"box","text":"Short-Term Trading Policy","page_number":38,"box":{"x":61,"y":696,"width":232,"height":14}},{"id":"1ab8341d-8d0c-4cca-8ccf-eadcf9e8c410","block_type":"box","text":"The Board has determined that the interests of long-term shareholders and the Fund’s ability to manage its","page_number":38,"box":{"x":60,"y":722,"width":790,"height":12}},{"id":"5f2719d7-f94e-490a-90a8-63e0455cd5f2","block_type":"box","text":"investments may be adversely affected when shares are repeatedly bought, sold or exchanged in response to short","page_number":38,"box":{"x":62,"y":737,"width":853,"height":12}},{"id":"b6c88fb8-e530-4379-aa05-27abffac8517","block_type":"box","text":"term market fluctuations — also known as “market timing.” The Fund is not designed for market timing organizations","page_number":38,"box":{"x":60,"y":752,"width":863,"height":12}},{"id":"e4a0a5e7-f698-453d-93b5-a7898f6cc334","block_type":"box","text":"or other entities using programmed or frequent purchases and sales or exchanges. The exchange privilege is not","page_number":38,"box":{"x":61,"y":767,"width":828,"height":11}},{"id":"2e3da8e2-3278-4e31-9bc9-524aa9823ea2","block_type":"box","text":"intended as a vehicle for short-term trading. Excessive purchase and sale or exchange activity may interfere with","page_number":38,"box":{"x":62,"y":782,"width":826,"height":11}},{"id":"417e2fa2-1cc6-49e2-875e-66daabbec393","block_type":"box","text":"portfolio management, increase expenses and taxes and may have an adverse effect on the performance of the Fund","page_number":38,"box":{"x":62,"y":797,"width":864,"height":11}},{"id":"d5ad0d4f-1121-459e-96e9-d1d77861bed6","block_type":"box","text":"and its returns to shareholders. For example, large flows of cash into and out of the Fund may require the","page_number":38,"box":{"x":61,"y":811,"width":776,"height":12}},{"id":"cca18e89-7f90-463e-978b-823cd51534b0","block_type":"box","text":"management team to allocate a significant amount of assets to cash or other short-term investments or sell","page_number":38,"box":{"x":61,"y":826,"width":796,"height":12}},{"id":"073cab6c-38ae-4300-871d-e58d9a6c69f7","block_type":"box","text":"securities, rather than maintaining such assets in securities selected to achieve the Fund’s investment objective.","page_number":38,"box":{"x":61,"y":841,"width":831,"height":12}},{"id":"8b2b7acd-a8a2-4763-9f87-38faa2b3e6e5","block_type":"box","text":"Frequent trading may cause the Fund to sell securities at less favorable prices, and transaction costs, such as","page_number":38,"box":{"x":62,"y":856,"width":811,"height":11}},{"id":"87cafd27-0e1c-426a-bb74-57d3dfdf70dd","block_type":"box","text":"brokerage commissions, can reduce the Fund’s performance.","page_number":38,"box":{"x":61,"y":871,"width":451,"height":11}},{"id":"9969e09f-a67e-452e-a299-fbd3ac9513c7","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":38,"box":{"x":60,"y":893,"width":873,"height":12}},{"id":"eee72f23-2cc1-40a1-9ccb-5e2ca433bbb8","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":38,"box":{"x":61,"y":908,"width":872,"height":12}},{"id":"699cb67f-ee8f-4bd5-bbb4-f785480797b0","block_type":"box","text":"36","page_number":38,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"33529875-051c-448c-8c35-1aad927493a6","block_type":"box","text":"NM1026U-5982658-38/54","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"6d231042-9e0f-4c53-b709-f0c129033710","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":39,"box":{"x":61,"y":46,"width":865,"height":11}},{"id":"e9395e1e-2597-4f53-a2b2-8cc5753855c1","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":39,"box":{"x":61,"y":60,"width":817,"height":12}},{"id":"a648167f-78a8-4bca-9908-7dfc5a3b0b33","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":39,"box":{"x":61,"y":75,"width":818,"height":12}},{"id":"850fe031-fca1-4d38-94aa-09690789d4d4","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":39,"box":{"x":60,"y":90,"width":865,"height":12}},{"id":"a00b820f-ebf0-4e90-a80a-865e78c02cee","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":39,"box":{"x":61,"y":105,"width":829,"height":12}},{"id":"7bcba7a3-07a0-4759-a2de-b60b2907dbb3","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":39,"box":{"x":62,"y":120,"width":671,"height":11}},{"id":"f2dee1b5-f4ff-41f1-b17f-c1c0565493fe","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":39,"box":{"x":60,"y":142,"width":869,"height":12}},{"id":"5908786c-83ec-45f9-935a-3fbb04de2c08","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":39,"box":{"x":60,"y":157,"width":839,"height":12}},{"id":"7c95244d-f120-47d2-a924-673b91166758","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":39,"box":{"x":61,"y":172,"width":869,"height":12}},{"id":"5a52530b-afd9-4c82-b341-332d90a06ff2","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":39,"box":{"x":61,"y":187,"width":870,"height":11}},{"id":"8fdbb958-8202-4127-a48a-bebf837b282f","block_type":"box","text":"Fund or its shareholders.","page_number":39,"box":{"x":62,"y":202,"width":181,"height":9}},{"id":"0c8b6698-0ef4-4da6-85a8-43d1ab59fdb2","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":39,"box":{"x":62,"y":224,"width":795,"height":12}},{"id":"695b423f-a9a2-47ab-a48f-7592a15f7a21","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":39,"box":{"x":61,"y":239,"width":860,"height":12}},{"id":"47e47c3b-7d6a-4162-96f4-e4d93a387ded","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":39,"box":{"x":62,"y":254,"width":871,"height":11}},{"id":"8a40d425-9356-43d8-b315-74fe6e373c7a","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":39,"box":{"x":62,"y":269,"width":858,"height":11}},{"id":"eb252c29-ffdf-47d9-b635-35e4c69b7034","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":39,"box":{"x":61,"y":283,"width":866,"height":12}},{"id":"fbf1fb7b-2514-4bca-9362-b33e373550bf","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":39,"box":{"x":61,"y":298,"width":829,"height":12}},{"id":"08857712-7113-4ab1-b655-661064370a01","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":39,"box":{"x":62,"y":313,"width":862,"height":12}},{"id":"d0d9c844-0d6e-4fe1-bc68-74a3c2293fed","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":39,"box":{"x":61,"y":328,"width":849,"height":11}},{"id":"a1322b68-1a8a-4da3-a20f-f10ebd2506ba","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":39,"box":{"x":61,"y":343,"width":866,"height":11}},{"id":"df785a50-b476-4b92-a45a-52476b3af581","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":39,"box":{"x":60,"y":358,"width":806,"height":11}},{"id":"b9c32269-85de-4e0b-859a-63a25b6177b0","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":39,"box":{"x":61,"y":372,"width":804,"height":12}},{"id":"89d611a2-e9c2-421a-b67d-91d18d970592","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":39,"box":{"x":61,"y":387,"width":849,"height":12}},{"id":"8c122530-9f89-442e-a95d-7c4b1ea06a2b","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":39,"box":{"x":61,"y":402,"width":875,"height":12}},{"id":"a8f66cd4-bdb1-4d86-aecf-9ee5a34c99cb","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":39,"box":{"x":62,"y":417,"width":869,"height":11}},{"id":"22b2d172-2148-4664-8842-e735e68617f5","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":39,"box":{"x":61,"y":432,"width":845,"height":11}},{"id":"c8f0e5c8-a2b5-47e9-9b47-10227487a65f","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":39,"box":{"x":62,"y":447,"width":868,"height":11}},{"id":"317f67ba-5cd3-4252-8142-4061e4f20437","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":39,"box":{"x":61,"y":462,"width":861,"height":11}},{"id":"9bdc496c-066a-4316-a938-7c5a84da0002","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":39,"box":{"x":61,"y":476,"width":868,"height":12}},{"id":"cdc79f8c-63f3-4647-9297-e0f52f77f1a4","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":39,"box":{"x":60,"y":491,"width":847,"height":12}},{"id":"fe18fbaa-8a9f-4fef-b80c-d382c225029a","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":39,"box":{"x":60,"y":506,"width":837,"height":11}},{"id":"1c146fd7-42df-4d47-b07a-2c33ce1098e7","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":39,"box":{"x":61,"y":521,"width":663,"height":11}},{"id":"42a813f0-38a2-4037-812b-0b9151f6acad","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":39,"box":{"x":60,"y":544,"width":824,"height":11}},{"id":"49a6acef-ac9e-4e82-9634-86fecd2ce833","block_type":"box","text":"deemed abusive.","page_number":39,"box":{"x":61,"y":558,"width":123,"height":9}},{"id":"6721897d-d5cb-4ceb-8d66-a3054231856d","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":39,"box":{"x":60,"y":581,"width":841,"height":11}},{"id":"4ec74375-9574-4e6e-b990-620468e67ca6","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":39,"box":{"x":60,"y":596,"width":572,"height":11}},{"id":"d80a6035-92ff-4e14-8a7c-3e292c91fb8f","block_type":"box","text":"37","page_number":39,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"9c66d8fc-109e-4a07-9a2d-c90e67037c4d","block_type":"box","text":"NM1026U-5982658-39/54","page_number":39,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5c26bb76-c163-4e32-98fb-97946c390cd3","block_type":"box","text":"Management of the Fund","page_number":40,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"fc801151-faa9-4ee8-ae21-50e951a36ee8","block_type":"box","text":"BlackRock","page_number":40,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"9ef0df5a-171f-495f-819f-398f8ea7dc0a","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":40,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"75dcc813-a66a-4f70-b1b7-379035a9b3f3","block_type":"box","text":"the oversight of the Board of the Fund. While BlackRock is ultimately responsible for the management of the Fund, it is","page_number":40,"box":{"x":60,"y":197,"width":873,"height":12}},{"id":"ae0ee7ff-b6f1-4750-84ec-98d01c367e6b","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":40,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"ad435ee9-8afb-4a20-8809-a9a7e573afff","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":40,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"2fa7dbce-f90f-4b97-848f-a3accb301ce3","block_type":"box","text":"BlackRock, Inc.","page_number":40,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"40bcd5ac-beb7-4657-aef1-e04a1bf818b7","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":40,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"c9ba1962-b07f-442c-9e79-fa9beb6b1d9a","block_type":"box","text":"companies. BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BSL”), the sub-advisers to the","page_number":40,"box":{"x":61,"y":279,"width":874,"height":12}},{"id":"bb715913-c39c-4c11-85ef-d6e16466963b","block_type":"box","text":"Fund (together, the “Sub-Advisers”), are registered investment advisers organized in 1995 and 2000, respectively.","page_number":40,"box":{"x":62,"y":294,"width":838,"height":11}},{"id":"d74aa2c5-38f4-4b92-9d51-0892fe979f5c","block_type":"box","text":"BlackRock and its affiliates had approximately $13.9 trillion in investment company and other portfolio assets under","page_number":40,"box":{"x":62,"y":308,"width":857,"height":12}},{"id":"ff9d3b88-0f8b-4d01-8bec-4029fb478184","block_type":"box","text":"management as of March 31, 2026.","page_number":40,"box":{"x":61,"y":323,"width":267,"height":12}},{"id":"27413b58-ffb9-4dd3-882d-071a59e673d7","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. Under the","page_number":40,"box":{"x":60,"y":346,"width":827,"height":12}},{"id":"dad707be-6190-453c-bf02-609f0b2f44f9","block_type":"box","text":"Management Agreement, BlackRock receives for its services to the Fund a fee computed daily and payable monthly in","page_number":40,"box":{"x":62,"y":361,"width":865,"height":11}},{"id":"8bc9e95e-0746-40bc-be18-f60007474b85","block_type":"box","text":"arrears. The annual management fees payable to BlackRock (as a percentage of average daily net assets) are","page_number":40,"box":{"x":61,"y":376,"width":808,"height":11}},{"id":"39777e1d-2f37-453f-9e25-987faeffc9f6","block_type":"box","text":"calculated as follows:","page_number":40,"box":{"x":61,"y":390,"width":157,"height":10}},{"id":"f4a9037e-192b-43ca-aece-77b7b411b2d6","block_type":"box","text":"Average Daily Net Assets","page_number":40,"box":{"x":210,"y":429,"width":152,"height":9}},{"id":"e461f2f0-f7c0-4dca-9c23-f310d69434f0","block_type":"box","text":"Rate of","page_number":40,"box":{"x":682,"y":419,"width":43,"height":7}},{"id":"c2ffc785-ebef-48a9-b02b-f9a0f251966e","block_type":"box","text":"Management Fee","page_number":40,"box":{"x":652,"y":429,"width":103,"height":9}},{"id":"e30584ac-5225-41d4-b243-1478e3113542","block_type":"box","text":"Not exceeding $1 billion 0.50%","page_number":40,"box":{"x":211,"y":446,"width":518,"height":11}},{"id":"d8f5afe0-82b7-4c43-9a9d-4580b20dfe33","block_type":"box","text":"In excess of $1 billion but not more than $3 billion 0.47%","page_number":40,"box":{"x":211,"y":464,"width":518,"height":9}},{"id":"4162721f-ce2f-4f7f-a1f0-392a6b97e2a7","block_type":"box","text":"In excess of $3 billion but not more than $5 billion 0.45%","page_number":40,"box":{"x":211,"y":482,"width":518,"height":9}},{"id":"ed37bc85-684e-424b-bf0b-12140deef4ff","block_type":"box","text":"In excess of $5 billion but not more than $10 billion 0.44%","page_number":40,"box":{"x":211,"y":500,"width":518,"height":9}},{"id":"77aae318-9fdf-49f0-b937-0046771d684b","block_type":"box","text":"In excess of $10 billion 0.43%","page_number":40,"box":{"x":211,"y":518,"width":518,"height":9}},{"id":"89b1d59d-0b8f-458e-a7ba-d6b01e8a4e75","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets","page_number":40,"box":{"x":62,"y":550,"width":840,"height":12}},{"id":"34d56cc0-692d-43e3-a0f9-7d0eca4dbeee","block_type":"box","text":"estimated to be attributable to investments in (i) other equity and fixed-income mutual funds and ETFs managed by","page_number":40,"box":{"x":61,"y":565,"width":844,"height":12}},{"id":"48946640-4b12-4ba5-8d42-4c8630473774","block_type":"box","text":"BlackRock or its affiliates that have a contractual management fee and (ii) other exchange-traded products sponsored","page_number":40,"box":{"x":62,"y":580,"width":864,"height":12}},{"id":"9b286413-7d62-418a-86ad-17eeb9fe3437","block_type":"box","text":"by BlackRock or its affiliates, through June 30, 2027. In addition, BlackRock has contractually agreed to waive its","page_number":40,"box":{"x":61,"y":595,"width":835,"height":11}},{"id":"5267e90f-e33d-4712-9d5d-c798bf6d6b13","block_type":"box","text":"management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its","page_number":40,"box":{"x":61,"y":610,"width":812,"height":11}},{"id":"9d0647b2-92b3-4752-9bfa-1786f8f41c18","block_type":"box","text":"investment in money market funds managed by BlackRock or its affiliates, through June 30, 2027. The contractual","page_number":40,"box":{"x":62,"y":624,"width":842,"height":12}},{"id":"529142da-af0f-4cb7-85bd-ad0babe9fe55","block_type":"box","text":"agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a","page_number":40,"box":{"x":61,"y":639,"width":857,"height":12}},{"id":"20976979-11e3-4aa6-b69d-0be7a9819bf7","block_type":"box","text":"vote of a majority of the outstanding voting securities of the Fund.","page_number":40,"box":{"x":60,"y":654,"width":482,"height":12}},{"id":"1153b495-bde4-472f-ae43-54dc9038592c","block_type":"box","text":"BlackRock has entered into sub-advisory agreements with the Sub-Advisers, affiliates of BlackRock. Under the sub","page_number":40,"box":{"x":62,"y":677,"width":844,"height":11}},{"id":"52f3921c-a0bd-4487-b497-59daaf1fea7e","block_type":"box","text":"advisory agreements, BlackRock pays the Sub-Advisers for services they provide for that portion of the Fund for which","page_number":40,"box":{"x":61,"y":691,"width":865,"height":12}},{"id":"e1824449-d12b-4cf7-a3bc-da3a116e312f","block_type":"box","text":"each Sub-Adviser acts as a sub-adviser a fee equal to a percentage of the management fee paid to BlackRock under","page_number":40,"box":{"x":61,"y":706,"width":855,"height":12}},{"id":"aa53b223-7803-4d95-9a00-710e586aaf05","block_type":"box","text":"the Management Agreement.","page_number":40,"box":{"x":60,"y":721,"width":212,"height":12}},{"id":"4a4cff06-f23a-4796-bde3-6d6b0f245252","block_type":"box","text":"In rendering investment advisory services to the Fund, BlackRock uses the portfolio management, research and other","page_number":40,"box":{"x":62,"y":744,"width":866,"height":11}},{"id":"bfd57676-2ba6-4073-88fd-18ac71dac59a","block_type":"box","text":"resources of BlackRock Investment Management (Australia) Limited (“BlackRock Australia”), a foreign affiliate of","page_number":40,"box":{"x":61,"y":759,"width":828,"height":11}},{"id":"640b67e5-15c5-4166-84e4-0c948b9348aa","block_type":"box","text":"BlackRock that is not registered under the Investment Advisers Act of 1940, as amended. 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BlackRock has adopted policies and","page_number":43,"box":{"x":61,"y":314,"width":865,"height":11}},{"id":"6c412b2e-3a46-4642-95cd-72022b28b5a6","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":43,"box":{"x":62,"y":329,"width":819,"height":11}},{"id":"6e07121b-bb48-4f8d-af44-fcb29d508c5c","block_type":"box","text":"Valuation of Fund Investments","page_number":43,"box":{"x":63,"y":367,"width":271,"height":11}},{"id":"6d2dd122-f7e6-44af-a826-e951970a4693","block_type":"box","text":"When you buy shares, you pay the net asset value. This is the offering price. Shares are also redeemed at their net","page_number":43,"box":{"x":60,"y":394,"width":849,"height":11}},{"id":"83ca176b-0893-46bf-ab0f-82250450457a","block_type":"box","text":"asset value. 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The net asset value of each class of shares normally is determined once daily Monday","page_number":43,"box":{"x":61,"y":423,"width":857,"height":12}},{"id":"3ce4ddc8-7d7e-4db0-be25-18fa11f12937","block_type":"box","text":"through Friday, generally as of the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally","page_number":43,"box":{"x":60,"y":438,"width":853,"height":12}},{"id":"2c652b82-8e5c-4afa-b23f-389adce50917","block_type":"box","text":"4:00 p.m., Eastern time), on each day that the NYSE is open for trading, based on prices at the time of closing,","page_number":43,"box":{"x":61,"y":453,"width":819,"height":12}},{"id":"ea00986f-2b66-45ce-a7a7-e8769f60e17d","block_type":"box","text":"provided that any Fund assets or liabilities denominated in currencies other than the U.S. dollar are translated into","page_number":43,"box":{"x":62,"y":468,"width":842,"height":11}},{"id":"21a73662-9977-441e-977b-be9dba5f54d6","block_type":"box","text":"U.S. dollars at the prevailing market rates on the date of valuation as quoted by one or more data service providers.","page_number":43,"box":{"x":62,"y":483,"width":851,"height":11}},{"id":"55f1ab2a-f543-4c91-ba49-688947218221","block_type":"box","text":"The net asset value of shares is calculated by dividing the value of the net assets of each class of shares (i.e., the","page_number":43,"box":{"x":60,"y":497,"width":846,"height":12}},{"id":"a15dd9e6-c5ed-4ac7-89fb-96a060385a24","block_type":"box","text":"value of its total assets less total liabilities) by the total number of outstanding shares of the class, generally rounded","page_number":43,"box":{"x":60,"y":512,"width":868,"height":12}},{"id":"f32599d5-53e2-42f4-a731-ab84933740f2","block_type":"box","text":"to the nearest cent.","page_number":43,"box":{"x":60,"y":527,"width":144,"height":9}},{"id":"d32f3cbc-03cd-4491-89a6-b1d79c564bb4","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":43,"box":{"x":60,"y":550,"width":844,"height":11}},{"id":"b4c2cb10-9932-4f04-b2ce-e31f4ed17630","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":43,"box":{"x":60,"y":564,"width":837,"height":12}},{"id":"442cd20d-1643-4005-8a59-da498ba2095d","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":43,"box":{"x":62,"y":579,"width":464,"height":12}},{"id":"c1bcd97b-fc08-4568-a481-1b3855157a81","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":43,"box":{"x":62,"y":602,"width":863,"height":11}},{"id":"cd90c701-4319-4d4e-92f1-610d74828f17","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":43,"box":{"x":60,"y":617,"width":858,"height":11}},{"id":"b58fd363-f4a9-477b-b930-6465fd6d9609","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":43,"box":{"x":62,"y":632,"width":863,"height":11}},{"id":"0f6ef9ce-4bf0-4442-abcd-9ae0c8592bd2","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":43,"box":{"x":61,"y":646,"width":852,"height":12}},{"id":"3e262a8a-0665-436a-84df-848ca6a49dab","block_type":"box","text":"end funds (including money market funds) are valued at net asset value. Shares of underlying exchange-traded closed","page_number":43,"box":{"x":61,"y":661,"width":869,"height":12}},{"id":"a76ba04c-26fa-4831-9a70-820c13af4d9c","block_type":"box","text":"end funds or other ETFs are valued at their most recent closing price.","page_number":43,"box":{"x":61,"y":676,"width":507,"height":12}},{"id":"c036de9f-644e-4197-a223-8e2ef94af4ed","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using bid prices provided by","page_number":43,"box":{"x":60,"y":699,"width":826,"height":11}},{"id":"25972d20-75bc-42fb-88b0-80e178c697dc","block_type":"box","text":"dealers or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services,","page_number":43,"box":{"x":61,"y":714,"width":871,"height":11}},{"id":"cafcb84a-79ad-4c61-a2fb-c40641f6f615","block_type":"box","text":"each in accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models","page_number":43,"box":{"x":61,"y":729,"width":845,"height":11}},{"id":"74d7fbb2-b7e0-40ee-bb5c-44a6a8701a9d","block_type":"box","text":"that utilize certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities","page_number":43,"box":{"x":60,"y":743,"width":848,"height":12}},{"id":"c2b2f4e2-34cd-4e8b-b5bf-528f63441f8f","block_type":"box","text":"assuming orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in","page_number":43,"box":{"x":61,"y":758,"width":869,"height":11}},{"id":"0bfacba8-be15-4eb9-827c-cb4becc26b3a","block_type":"box","text":"smaller odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round","page_number":43,"box":{"x":61,"y":773,"width":867,"height":11}},{"id":"ccc2db62-0d15-428d-ae01-069a86963316","block_type":"box","text":"lots, and the value ultimately realized when the securities are sold could differ from the prices used by the Fund. The","page_number":43,"box":{"x":62,"y":788,"width":858,"height":11}},{"id":"6ad46343-9ebb-4c60-851d-75b3a09e5ab9","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":43,"box":{"x":61,"y":802,"width":845,"height":12}},{"id":"16048c6d-b6b6-4439-9150-e83527491025","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":43,"box":{"x":61,"y":817,"width":733,"height":12}},{"id":"bf9c68d6-543f-42bb-a93a-65ce3be83a08","block_type":"box","text":"Generally, trading in non-U.S. securities, U.S. government securities, money market instruments and certain fixed","page_number":43,"box":{"x":61,"y":840,"width":832,"height":11}},{"id":"6057156b-7640-4f16-91b9-afd2cb0e9c0b","block_type":"box","text":"income securities is substantially completed each day at various times prior to the close of regular trading hours of the","page_number":43,"box":{"x":62,"y":855,"width":873,"height":11}},{"id":"8a4baed3-07e1-41a3-9b84-6a2c766d0826","block_type":"box","text":"NYSE. The values of such securities used in computing the net asset value of the Fund’s shares are determined as of","page_number":43,"box":{"x":62,"y":869,"width":867,"height":12}},{"id":"76934d10-aab4-464a-800c-db8abdb11157","block_type":"box","text":"such times.","page_number":43,"box":{"x":61,"y":884,"width":84,"height":9}},{"id":"2550461b-a7d6-4506-9f63-0c9e4998dcaa","block_type":"box","text":"41","page_number":43,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"39d4a5f8-52e2-4098-86f7-6f5043e7edb5","block_type":"box","text":"NM1026U-5982658-43/54","page_number":43,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3b2cf7eb-4bab-477c-8270-6e20ea681333","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair","page_number":44,"box":{"x":60,"y":46,"width":839,"height":11}},{"id":"dacde5b9-926d-44fb-91c8-492c17eb6c99","block_type":"box","text":"value the Fund’s investments in accordance with its policies and procedures. BlackRock may conclude that a market","page_number":44,"box":{"x":60,"y":61,"width":858,"height":11}},{"id":"09397252-b774-41dd-94c4-313335de4adf","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":44,"box":{"x":61,"y":75,"width":844,"height":12}},{"id":"93816749-096b-43f8-9480-e519e590a2a2","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":44,"box":{"x":61,"y":90,"width":845,"height":12}},{"id":"a455b4cf-e9c6-49f5-9390-4703a6ce698d","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":44,"box":{"x":61,"y":105,"width":841,"height":12}},{"id":"05241b8f-a017-45b5-9956-a7a555114e88","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":44,"box":{"x":60,"y":120,"width":820,"height":11}},{"id":"bb17dceb-7c28-4eb1-ae33-4fa63f19bda8","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":44,"box":{"x":61,"y":135,"width":828,"height":11}},{"id":"8df65bb5-5de2-4598-96a0-4d7de2820366","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":44,"box":{"x":61,"y":149,"width":836,"height":12}},{"id":"27f4771f-b1bd-4674-afde-c0e854e8edc6","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":44,"box":{"x":62,"y":165,"width":862,"height":11}},{"id":"6e0555ce-711e-4010-ae0b-7236b3aa751d","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":44,"box":{"x":62,"y":179,"width":623,"height":12}},{"id":"9d4182c3-ba2f-4a1e-8c91-26f8ec8c2f49","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":44,"box":{"x":62,"y":202,"width":817,"height":11}},{"id":"31832539-d81b-471e-b15d-563d0731256a","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value","page_number":44,"box":{"x":61,"y":216,"width":871,"height":12}},{"id":"8c951f15-acdb-4326-a53c-e1ff56b49b4e","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":44,"box":{"x":62,"y":231,"width":872,"height":12}},{"id":"559701d7-6e2f-465c-a4ef-a180bd136b42","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":44,"box":{"x":61,"y":246,"width":697,"height":12}},{"id":"76800517-c313-4c3d-ae22-2ebaf811b790","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":44,"box":{"x":62,"y":269,"width":825,"height":11}},{"id":"6e979847-4044-43b2-9d0f-4983b70329d3","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":44,"box":{"x":62,"y":283,"width":871,"height":12}},{"id":"c283a3b9-8989-439d-a64d-5505ee8f9d14","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":44,"box":{"x":61,"y":298,"width":847,"height":12}},{"id":"c46b9c72-8588-4b7c-b37f-d201987d36a6","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":44,"box":{"x":62,"y":313,"width":829,"height":12}},{"id":"32bccc6c-1acf-486e-872b-6a28723c7fab","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":44,"box":{"x":60,"y":328,"width":760,"height":12}},{"id":"669cbb03-16f9-4666-93e3-7d0690b38409","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":44,"box":{"x":60,"y":351,"width":830,"height":11}},{"id":"9ede993d-c3e2-42d7-aaa4-9c36d94e68ba","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":44,"box":{"x":61,"y":366,"width":848,"height":11}},{"id":"fee9a481-78b7-4d2f-abbb-a2fd93dbbe9b","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":44,"box":{"x":61,"y":380,"width":868,"height":12}},{"id":"00e57438-df93-4c78-8136-a76f6e064249","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":44,"box":{"x":61,"y":395,"width":856,"height":12}},{"id":"1affb265-27d0-455e-9ccc-9bd008b99e1a","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":44,"box":{"x":61,"y":434,"width":311,"height":13}},{"id":"63f7dca3-ccf3-496b-a1af-e80ab118da1d","block_type":"box","text":"BUYING A DIVIDEND","page_number":44,"box":{"x":423,"y":475,"width":152,"height":9}},{"id":"9f82cb8a-59fe-4cf3-acc7-cadcdb4fbe2f","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":44,"box":{"x":72,"y":497,"width":831,"height":12}},{"id":"19b9e35b-cc95-41b3-9c5b-f54fbdf85b3a","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":44,"box":{"x":72,"y":512,"width":845,"height":12}},{"id":"7f25eafc-cbdf-46d7-815e-f863c69e4a58","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":44,"box":{"x":71,"y":527,"width":855,"height":12}},{"id":"ef2c8e02-a1e5-4390-8d01-ec7a9707cc50","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":44,"box":{"x":70,"y":542,"width":554,"height":12}},{"id":"6d599d18-1872-45c6-9cee-cf9a61cf6eff","block_type":"box","text":"The Fund will distribute net investment income, if any, monthly and net realized capital gains, if any, at least annually.","page_number":44,"box":{"x":60,"y":583,"width":861,"height":11}},{"id":"3f5a245f-4e70-4fd8-9f13-d9be2c299404","block_type":"box","text":"The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.","page_number":44,"box":{"x":60,"y":597,"width":857,"height":12}},{"id":"447949bc-393d-485c-b0c1-4a145716f435","block_type":"box","text":"Dividends may be reinvested automatically in shares of the Fund at net asset value or may be taken in cash. If you","page_number":44,"box":{"x":62,"y":612,"width":841,"height":12}},{"id":"7166ea84-6215-4dbb-8502-50e4c8ee5a30","block_type":"box","text":"would like to receive dividends in cash, contact your Financial Intermediary or the Fund.","page_number":44,"box":{"x":60,"y":627,"width":642,"height":11}},{"id":"fc806013-a9ce-4910-85b9-a816b2274c82","block_type":"box","text":"Your tax consequences from an investment in the Fund will depend on whether you have invested through a qualified","page_number":44,"box":{"x":60,"y":650,"width":856,"height":11}},{"id":"400b2d92-b855-49df-acad-8d1463ca18d0","block_type":"box","text":"tax-exempt plan described in section 401(a) of the Internal Revenue Code (a “Qualified Plan”).","page_number":44,"box":{"x":60,"y":664,"width":692,"height":12}},{"id":"2ab7f63e-f8da-4d8c-9343-16b86f647b2c","block_type":"box","text":"Investments Through a Qualified Plan","page_number":44,"box":{"x":62,"y":687,"width":272,"height":12}},{"id":"5ae19395-f7ce-4acb-9081-ef35c1920006","block_type":"box","text":"Special tax rules apply to investments made through Qualified Plans. If you are invested through a Qualified Plan (and","page_number":44,"box":{"x":61,"y":710,"width":864,"height":11}},{"id":"79df63c8-d5b1-4446-b4ae-e66fa2239f07","block_type":"box","text":"Fund shares are not “debt-financed property” to the plan), then you will not be subject to U.S. federal income tax on","page_number":44,"box":{"x":62,"y":724,"width":851,"height":12}},{"id":"32c1ade0-54a2-4a40-be2e-2acd9e03cf4a","block_type":"box","text":"the dividends paid by the Fund or the gain realized from a redemption or exchange of Fund shares until you withdraw or","page_number":44,"box":{"x":60,"y":739,"width":875,"height":12}},{"id":"ed066221-59df-4186-acd6-1c3dd20d7cd3","block_type":"box","text":"receive distributions from the plan. Distributions you receive from the Qualified Plan may be subject to U.S. federal","page_number":44,"box":{"x":61,"y":754,"width":841,"height":11}},{"id":"c4033aa1-901f-4a6f-8521-93912bd3c1d1","block_type":"box","text":"withholding tax depending on the kind of payment you receive.","page_number":44,"box":{"x":60,"y":769,"width":455,"height":11}},{"id":"5dc280db-0e5b-41e7-a12b-94f3bf58e006","block_type":"box","text":"Investments Not Made Through Qualified Plans","page_number":44,"box":{"x":62,"y":791,"width":344,"height":12}},{"id":"95e4c878-0f8f-4c39-8a9b-a91deb3852ee","block_type":"box","text":"If you are not invested through a Qualified Plan, you will generally pay tax on dividends from the Fund whether you","page_number":44,"box":{"x":62,"y":814,"width":831,"height":12}},{"id":"c8627b54-f2df-42cb-bf4d-8136fcc080eb","block_type":"box","text":"receive them in cash or additional shares. If you redeem Fund shares or exchange them for shares of another fund,","page_number":44,"box":{"x":61,"y":829,"width":847,"height":11}},{"id":"7aaf0617-857d-4d20-8d58-dc808a79c8d4","block_type":"box","text":"you generally will be treated as having sold your shares and any gain on the transaction may be subject to tax. Fund","page_number":44,"box":{"x":60,"y":844,"width":851,"height":11}},{"id":"fe333fd7-2838-49d4-b939-e8e683c21068","block_type":"box","text":"distributions derived from qualified dividend income, which consists of dividends received from U.S. corporations and","page_number":44,"box":{"x":61,"y":858,"width":859,"height":12}},{"id":"73406ceb-301d-4236-bcdd-ebe109cd2bbb","block_type":"box","text":"qualifying foreign corporations, and long-term capital gains, are eligible for taxation at a maximum rate of 15% or 20%","page_number":44,"box":{"x":61,"y":873,"width":863,"height":12}},{"id":"4d02576e-f427-4398-9a56-f37cabad99ad","block_type":"box","text":"for individuals, depending on whether their income exceeds certain threshold amounts, which are adjusted annually for","page_number":44,"box":{"x":60,"y":888,"width":875,"height":12}},{"id":"23ae28cc-0edb-4c14-9269-d567fb75fa70","block_type":"box","text":"inflation.","page_number":44,"box":{"x":62,"y":903,"width":61,"height":9}},{"id":"25940809-0548-4257-a002-19abe73db1c5","block_type":"box","text":"42","page_number":44,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"ecaf0069-2531-433d-ab31-a41c51d7afa3","block_type":"box","text":"NM1026U-5982658-44/54","page_number":44,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d2ee7732-925f-400f-9772-9c9a5cd36f31","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":45,"box":{"x":60,"y":46,"width":803,"height":11}},{"id":"a458b87b-0b9c-4cbf-82ea-0194848f78ad","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":45,"box":{"x":61,"y":60,"width":873,"height":12}},{"id":"fb589f24-4480-410d-99ae-3d8b94bd9cdc","block_type":"box","text":"filing jointly, and of trusts and estates.","page_number":45,"box":{"x":60,"y":75,"width":282,"height":12}},{"id":"3c2d3626-d100-4162-abe3-742cbe73bec4","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":45,"box":{"x":60,"y":98,"width":861,"height":11}},{"id":"57ff75ae-7a95-4a53-8112-3b2a5f83a2f0","block_type":"box","text":"identification number or social security number or the number you have provided is incorrect.","page_number":45,"box":{"x":62,"y":113,"width":679,"height":11}},{"id":"c8d003d4-880c-4795-87c5-f88e71083545","block_type":"box","text":"The Subsidiary will not be subject to U.S. federal income tax. It will, however, be considered a controlled foreign","page_number":45,"box":{"x":60,"y":135,"width":821,"height":12}},{"id":"d6bb13e8-c902-4c27-a86a-1081380793b0","block_type":"box","text":"corporation, and the Fund will be required to include as income annually amounts earned by the Subsidiary during that","page_number":45,"box":{"x":61,"y":150,"width":870,"height":12}},{"id":"8944e394-05b1-4118-b306-a93c636903b0","block_type":"box","text":"year. Based on final regulations on which taxpayers may rely for taxable years beginning after September 28, 2016,","page_number":45,"box":{"x":60,"y":165,"width":849,"height":11}},{"id":"743ab843-0403-4f76-bc57-99d4f156b858","block_type":"box","text":"the Fund anticipates treating the income and gain generated from its investment in the Subsidiary as “qualifying","page_number":45,"box":{"x":60,"y":180,"width":826,"height":11}},{"id":"2531b96a-919a-4803-ae91-a8eaab030c88","block_type":"box","text":"income” for regulated investment company qualification purposes. Gains from the sales of investments by the","page_number":45,"box":{"x":62,"y":195,"width":808,"height":11}},{"id":"5313a2c4-04f1-40de-93c2-a9c64fc4e6da","block_type":"box","text":"Subsidiary will not be eligible for capital gains treatment but instead will be treated as ordinary income when included","page_number":45,"box":{"x":61,"y":209,"width":865,"height":12}},{"id":"9ecec193-3264-4ffa-9e6c-28427710f38a","block_type":"box","text":"in income by the Fund. Furthermore, the Fund will distribute net investment income, if any, and net realized capital","page_number":45,"box":{"x":62,"y":224,"width":838,"height":12}},{"id":"36e9fd29-db1d-418a-88ff-ea32e874ad92","block_type":"box","text":"gain, if any, at least annually, on such Subsidiary income, whether or not the Subsidiary makes a distribution to the","page_number":45,"box":{"x":60,"y":239,"width":848,"height":12}},{"id":"978a4f31-684c-4db3-bf62-be09fc12762a","block_type":"box","text":"Fund during the taxable year.","page_number":45,"box":{"x":62,"y":254,"width":209,"height":11}},{"id":"9880ce3e-10eb-4ae9-9b3c-f488c7c96a60","block_type":"box","text":"Special Considerations for Non-U.S. Persons","page_number":45,"box":{"x":62,"y":276,"width":326,"height":12}},{"id":"00dad2b6-9c6b-4a71-9382-54d77107d24e","block_type":"box","text":"If you are not invested through a Qualified Plan and you are neither a tax resident nor a citizen of the United States or","page_number":45,"box":{"x":62,"y":299,"width":864,"height":12}},{"id":"6c0017ed-2e50-4815-9d78-a64cf07efe1b","block_type":"box","text":"if you are a foreign entity (other than a pass-through entity to the extent owned by U.S. persons), the Fund’s ordinary","page_number":45,"box":{"x":62,"y":314,"width":856,"height":11}},{"id":"15dbbb7e-ed70-4dc5-843e-ad349db60d91","block_type":"box","text":"income dividends will generally be subject to a 30% U.S. withholding tax, unless a lower treaty rate applies. However,","page_number":45,"box":{"x":62,"y":329,"width":857,"height":11}},{"id":"d693642e-3935-4493-8deb-c5fe0f23a0a4","block_type":"box","text":"certain distributions paid to a foreign shareholder and reported by the Fund as capital gain dividends, interest-related","page_number":45,"box":{"x":61,"y":343,"width":862,"height":12}},{"id":"1a49246a-032a-425b-b914-88be48d32335","block_type":"box","text":"dividends or short-term capital gain dividends may be eligible for an exemption from U.S. withholding tax.","page_number":45,"box":{"x":61,"y":358,"width":770,"height":12}},{"id":"ad4a8d99-c947-412a-9ad5-3b7c280edba5","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":45,"box":{"x":61,"y":381,"width":868,"height":11}},{"id":"0a434437-31fa-48a5-b226-56f4fc8efb52","block_type":"box","text":"to (i) certain foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid","page_number":45,"box":{"x":60,"y":396,"width":808,"height":11}},{"id":"d5b69cde-09aa-4538-b28b-19b407123d51","block_type":"box","text":"withholding, foreign financial institutions and investment funds will generally either need to (a) collect and report to the","page_number":45,"box":{"x":60,"y":410,"width":874,"height":12}},{"id":"3688d3d4-d2a6-4267-88ab-bc7f90acb839","block_type":"box","text":"IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due diligence","page_number":45,"box":{"x":62,"y":425,"width":789,"height":12}},{"id":"a6b59a19-7908-4bc5-ab3d-359fd523c2c2","block_type":"box","text":"procedures for identifying U.S. accounts and withhold tax on certain payments made to noncomplying foreign entities","page_number":45,"box":{"x":62,"y":440,"width":858,"height":12}},{"id":"227ef4dc-4b5c-4c98-9ba3-f4beec969840","block_type":"box","text":"and account holders or (b) if an intergovernmental agreement is entered into and implementing legislation is adopted,","page_number":45,"box":{"x":61,"y":455,"width":865,"height":12}},{"id":"415f4aba-833b-4c53-8d59-45a6cb466e81","block_type":"box","text":"comply with the agreement and legislation. Other foreign entities will generally either need to provide detailed","page_number":45,"box":{"x":61,"y":470,"width":802,"height":11}},{"id":"d9121563-721a-4ea7-a131-a1bd33e075c4","block_type":"box","text":"information identifying each substantial U.S. owner or certify there are no such owners.","page_number":45,"box":{"x":62,"y":485,"width":639,"height":11}},{"id":"9fa0d55e-e951-4fc2-ae34-0a99209300d8","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":45,"box":{"x":60,"y":507,"width":855,"height":11}},{"id":"06768109-4eab-47a0-ac4b-0a1ea809f8d9","block_type":"box","text":"not a substitute for individualized tax advice. 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