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Any representation to the contrary is a criminal offense.","page_number":2,"box":{"x":63,"y":886,"width":615,"height":10}},{"id":"04578bff-4cb8-4d96-87e2-bc3f9624dd9b","block_type":"box","text":"Not FDIC Insured","page_number":2,"box":{"x":101,"y":916,"width":112,"height":8}},{"id":"e7cdc8b0-6c57-4048-add2-f84611086733","block_type":"box","text":"•","page_number":2,"box":{"x":218,"y":919,"width":5,"height":3}},{"id":"4a350dba-e6a7-4129-8e93-a09596155155","block_type":"box","text":"May Lose Value","page_number":2,"box":{"x":228,"y":916,"width":101,"height":10}},{"id":"c6a921ce-530d-4ca6-943b-3184f5056773","block_type":"box","text":"•","page_number":2,"box":{"x":334,"y":919,"width":4,"height":3}},{"id":"acea546d-4c22-4acd-9f35-de5e83a28a00","block_type":"box","text":"No Bank 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.............................................................................................. 42","page_number":3,"box":{"x":361,"y":605,"width":577,"height":9}},{"id":"40054ae7-c887-45bc-8bc4-59f420046f9d","block_type":"box","text":"Por tfolio Manager Information ................................................................. 43","page_number":3,"box":{"x":360,"y":621,"width":578,"height":11}},{"id":"c2ad920e-3848-4144-a382-1b3e5f4579d9","block_type":"box","text":"Conflicts of Interest ................................................................................ 43","page_number":3,"box":{"x":361,"y":636,"width":577,"height":9}},{"id":"de4b5908-73a4-4be5-9b17-3f67c2878a97","block_type":"box","text":"Valuation of Fund Investments ................................................................. 44","page_number":3,"box":{"x":362,"y":652,"width":575,"height":9}},{"id":"c1a8db30-b7a9-4503-b52f-3c465b13e24f","block_type":"box","text":"Dividends, Distributions and 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1.22%","page_number":4,"box":{"x":591,"y":719,"width":334,"height":8}},{"id":"6e550d8a-4cd7-4019-ac5f-f117635c0ad8","block_type":"box","text":"1","page_number":4,"box":{"x":61,"y":739,"width":3,"height":3}},{"id":"5ce45649-dc81-4e4f-bb8f-3212b2b3f80f","block_type":"box","text":"A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after","page_number":4,"box":{"x":81,"y":738,"width":835,"height":10}},{"id":"9170ea83-b915-4e98-a19a-4efcf2ab7ad7","block_type":"box","text":"purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.","page_number":4,"box":{"x":81,"y":748,"width":718,"height":10}},{"id":"9080184e-613c-4e28-8f1e-2e80f1188d86","block_type":"box","text":"2","page_number":4,"box":{"x":61,"y":762,"width":3,"height":3}},{"id":"481314fe-bd41-4c83-98b1-71d7fd9dbdd3","block_type":"box","text":"There is no CDSC on Investor C Shares after one 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through","page_number":4,"box":{"x":81,"y":795,"width":810,"height":9}},{"id":"3475a6c4-e376-4b11-ae47-8e2decf16d66","block_type":"box","text":"June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the","page_number":4,"box":{"x":81,"y":805,"width":832,"height":10}},{"id":"5096e909-3b47-455d-9fe3-a4a3fa87e7f5","block_type":"box","text":"Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028.","page_number":4,"box":{"x":81,"y":816,"width":847,"height":9}},{"id":"f57d99c5-dfa2-430a-8ada-8345a2d99e48","block_type":"box","text":"The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Fund or by a vote of a","page_number":4,"box":{"x":81,"y":826,"width":833,"height":9}},{"id":"54f0b0c2-c2b9-4035-902f-5945f35dac56","block_type":"box","text":"majority of the outstanding voting securities of the Fund.","page_number":4,"box":{"x":81,"y":836,"width":330,"height":10}},{"id":"b75c5008-cadb-419e-9efb-f3d0a04011d6","block_type":"box","text":"4","page_number":4,"box":{"x":60,"y":850,"width":4,"height":3}},{"id":"f947753f-9795-4299-a6e6-c47051f6b549","block_type":"box","text":"The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent","page_number":4,"box":{"x":81,"y":849,"width":820,"height":10}},{"id":"5bcac33e-2e48-4f34-94df-35b879374c55","block_type":"box","text":"Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses.","page_number":4,"box":{"x":81,"y":860,"width":662,"height":9}},{"id":"3c766d4e-2d7c-4c10-b9ce-58dac8061806","block_type":"box","text":"5","page_number":4,"box":{"x":61,"y":873,"width":3,"height":3}},{"id":"bd80ce22-761d-4fc2-90d2-a876227b8711","block_type":"box","text":"As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to","page_number":4,"box":{"x":81,"y":872,"width":837,"height":10}},{"id":"f1f5a11e-f3ae-4152-8010-391899d41f54","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":4,"box":{"x":80,"y":883,"width":771,"height":9}},{"id":"c634a201-b226-4929-bf66-c2ddc6df5cc8","block_type":"box","text":"Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.96%","page_number":4,"box":{"x":81,"y":893,"width":844,"height":9}},{"id":"691d153f-4b3b-44aa-8f90-299777aaefd4","block_type":"box","text":"(for Investor A Shares), 1.71% (for Investor C Shares), 0.71% (for Institutional Shares) and 1.21% (for Class R Shares) of average daily net","page_number":4,"box":{"x":81,"y":903,"width":814,"height":10}},{"id":"582f8c9a-5033-4058-8e49-0d50b8a19c0c","block_type":"box","text":"3","page_number":4,"box":{"x":927,"y":935,"width":9,"height":9}},{"id":"de964bdf-908b-4647-9206-bfbe33cb3faf","block_type":"box","text":"NM1026U-5993019-4/69","page_number":4,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"e9ae8160-f081-4600-a802-20b8b6a27b1d","block_type":"box","text":"assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees","page_number":5,"box":{"x":81,"y":46,"width":845,"height":9}},{"id":"4f994d7d-fd1c-4d2c-9896-114fc5a1cee7","block_type":"box","text":"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":56,"width":499,"height":10}},{"id":"40dfcbe1-34b8-465e-b88b-c4b0d30164c4","block_type":"box","text":"Example:","page_number":5,"box":{"x":61,"y":75,"width":74,"height":12}},{"id":"f4fa8fad-c3dc-46a7-98df-5f81857013af","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":91,"width":830,"height":11}},{"id":"898cfa30-bec0-4995-ac31-0c081a049148","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":105,"width":832,"height":12}},{"id":"bca2f370-bbdc-469f-8c7e-80dacc0d3ec5","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":120,"width":832,"height":12}},{"id":"fa52e744-1354-43e9-a43a-5ca9dd89811f","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":135,"width":859,"height":12}},{"id":"c8af3797-768d-48ed-9b85-b97aaa5b0382","block_type":"box","text":"or lower, based on these assumptions your costs would be:","page_number":5,"box":{"x":61,"y":150,"width":436,"height":11}},{"id":"e641153e-f2b6-475e-be0d-138724215ff9","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":5,"box":{"x":631,"y":179,"width":292,"height":8}},{"id":"1afb9ae6-3162-48af-be6b-c2901c79f1b9","block_type":"box","text":"Investor A Shares $615 $806 $1,013 $1,608","page_number":5,"box":{"x":70,"y":196,"width":848,"height":10}},{"id":"fc88f334-0319-4216-96ab-f451a50168da","block_type":"box","text":"Investor C Shares $272 $535 $ 922 $1,803","page_number":5,"box":{"x":70,"y":214,"width":848,"height":10}},{"id":"5e3ab46b-c40c-4b6b-88cf-29356ec8b3d9","block_type":"box","text":"Institutional Shares $ 72 $224 $ 390 $ 871","page_number":5,"box":{"x":70,"y":232,"width":848,"height":10}},{"id":"2725c7ed-7a5e-4947-945b-f7cfc3187ba3","block_type":"box","text":"Class R Shares $124 $400 $ 696 $1,540","page_number":5,"box":{"x":69,"y":250,"width":849,"height":11}},{"id":"f0f3e13f-97b4-4443-8bd1-2fa7de70dfd2","block_type":"box","text":"You would pay the following expenses if you did not redeem your shares:","page_number":5,"box":{"x":60,"y":283,"width":532,"height":11}},{"id":"0a0c561f-616a-42de-810c-a2096e9cd530","block_type":"box","text":"1 Year 3 Years 5 Years 10 Years","page_number":5,"box":{"x":631,"y":312,"width":292,"height":8}},{"id":"fd46dbf1-8435-4802-a980-52fe9027dc9a","block_type":"box","text":"Investor C Shares $172 $535 $922 $1,803","page_number":5,"box":{"x":70,"y":329,"width":848,"height":10}},{"id":"0e199081-b381-49fd-bf2d-ea064100db12","block_type":"box","text":"Portfolio Turnover:","page_number":5,"box":{"x":61,"y":354,"width":151,"height":10}},{"id":"f9a1a556-c05f-4a8e-9b9b-8f5f3f880746","block_type":"box","text":"The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its","page_number":5,"box":{"x":60,"y":371,"width":800,"height":11}},{"id":"09554d66-5033-4f6a-9252-3fe502a10c6e","block_type":"box","text":"portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when","page_number":5,"box":{"x":62,"y":385,"width":850,"height":12}},{"id":"193439f0-2a67-40d5-bdcc-04971c8e2df3","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":5,"box":{"x":61,"y":400,"width":870,"height":12}},{"id":"95af55a4-d46f-4930-beaa-97870a8fe287","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":5,"box":{"x":62,"y":415,"width":839,"height":12}},{"id":"53d9764d-5a3d-4678-9b6d-87f47cd10c3a","block_type":"box","text":"75% of the average value of its portfolio.","page_number":5,"box":{"x":61,"y":430,"width":298,"height":11}},{"id":"c24bcfdb-1379-41b7-8722-d245c1e01db4","block_type":"box","text":"Principal Investment Strategies of the Fund","page_number":5,"box":{"x":61,"y":469,"width":394,"height":13}},{"id":"1eb7b64d-df57-4cd3-8897-5dc19ca8905e","block_type":"box","text":"The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of equity securities. Under","page_number":5,"box":{"x":60,"y":495,"width":824,"height":11}},{"id":"15e9ce97-cb1d-4db0-a818-377f75898843","block_type":"box","text":"normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":5,"box":{"x":61,"y":510,"width":803,"height":11}},{"id":"5b0529de-a839-43d3-9121-4b74b632903f","block_type":"box","text":"purposes, in dividend-paying equity securities and derivatives that provide investment exposure to such securities or to","page_number":5,"box":{"x":62,"y":525,"width":872,"height":11}},{"id":"7c4e554a-38c2-4dcb-a721-5e277d6955a9","block_type":"box","text":"one or more market risk factors associated with such securities. The Fund may invest in securities of companies with","page_number":5,"box":{"x":61,"y":539,"width":861,"height":12}},{"id":"a11d56bb-f8cb-4d20-b6a8-6ef37cefd8c9","block_type":"box","text":"any market capitalization, but will generally focus on large cap securities. The Fund may also invest in convertible","page_number":5,"box":{"x":61,"y":554,"width":832,"height":12}},{"id":"6c1243ad-aa56-4a25-9e5b-60f79525f136","block_type":"box","text":"securities and non-convertible preferred stock. Equity securities include common stock, preferred stock, or securities","page_number":5,"box":{"x":61,"y":569,"width":861,"height":11}},{"id":"2171a9b5-5cf5-4e8a-bf89-909cd112dfc9","block_type":"box","text":"or other instruments whose price is linked to the value of common stock. For purposes of the Fund’s 80% policy,","page_number":5,"box":{"x":61,"y":584,"width":826,"height":11}},{"id":"65de350c-ed24-4248-b5bd-324ecc29278b","block_type":"box","text":"dividend-paying equity securities are securities of companies that pay out a portion of their profits to shareholders of","page_number":5,"box":{"x":61,"y":599,"width":859,"height":11}},{"id":"436b6c77-5f08-41bc-800d-59a7091007e2","block_type":"box","text":"such securities on a periodic basis (i.e., at least once within the company’s latest fiscal year).","page_number":5,"box":{"x":61,"y":613,"width":690,"height":12}},{"id":"f5e37966-546c-49ce-97cc-b9b0d712c8e9","block_type":"box","text":"The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities","page_number":5,"box":{"x":60,"y":636,"width":848,"height":12}},{"id":"de3adff9-c29c-4bff-935c-4fa78b1ea73c","block_type":"box","text":"from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.","page_number":5,"box":{"x":60,"y":651,"width":856,"height":11}},{"id":"70acd651-3985-4939-af1b-9a300dbfee81","block_type":"box","text":"The Fund may invest in the securities of foreign issuers in the form of American Depositary Receipts, European","page_number":5,"box":{"x":60,"y":666,"width":817,"height":11}},{"id":"de539e00-140d-4155-95ed-85607cf16627","block_type":"box","text":"Depositary Receipts or other securities convertible into securities of foreign issuers.","page_number":5,"box":{"x":62,"y":681,"width":618,"height":11}},{"id":"ee94815a-e0b5-4b56-8b70-11337947cd5e","block_type":"box","text":"BlackRock chooses investments for the Fund that it believes will both increase in value over the long term and provide","page_number":5,"box":{"x":62,"y":703,"width":868,"height":12}},{"id":"b0830363-ef8d-4ef4-8003-c17fcaa60044","block_type":"box","text":"current income, focusing on investments that will do both instead of those that will favor current income over capital","page_number":5,"box":{"x":61,"y":718,"width":854,"height":11}},{"id":"c13865c4-2af0-4d75-a001-a1a803888e05","block_type":"box","text":"appreciation.","page_number":5,"box":{"x":61,"y":733,"width":93,"height":11}},{"id":"118a86b1-1361-45c3-b68e-8d666995f997","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":5,"box":{"x":61,"y":772,"width":354,"height":13}},{"id":"0fbda481-496d-4d73-92b5-37cec1f1ce70","block_type":"box","text":"Risk is inherent in all investing. The value of your investment in the Fund, as well as the amount of return you receive","page_number":5,"box":{"x":62,"y":798,"width":860,"height":11}},{"id":"807851c3-5a3b-43d4-9a39-a482d247861b","block_type":"box","text":"on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your","page_number":5,"box":{"x":61,"y":813,"width":802,"height":11}},{"id":"2a57434e-3d13-4a34-96d0-0a873baa7c36","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":5,"box":{"x":62,"y":827,"width":866,"height":12}},{"id":"9c6f7ced-8311-42e4-9473-e92a4523580d","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":5,"box":{"x":62,"y":842,"width":869,"height":12}},{"id":"3b9c7dcf-ef96-4984-8065-5c77f8fd0535","block_type":"box","text":"government agency. The following is a summary description of principal risks of investing in the Fund. The relative","page_number":5,"box":{"x":60,"y":857,"width":835,"height":12}},{"id":"0eaa3222-5941-486f-935a-1e13cf31dcad","block_type":"box","text":"significance of each risk factor below may change over time and you should review each risk factor carefully.","page_number":5,"box":{"x":61,"y":872,"width":793,"height":12}},{"id":"0ea27e71-b7a0-4e0b-94ab-f7d4aa0c7793","block_type":"box","text":"Equity Securities Risk","page_number":5,"box":{"x":81,"y":892,"width":166,"height":11}},{"id":"a2f2c814-62ea-48b8-b313-90f1235ffd7a","block_type":"box","text":"— Stock markets are volatile. The price of equity securities fluctuates based on changes in a","page_number":5,"box":{"x":251,"y":892,"width":685,"height":12}},{"id":"a30db013-aba9-415d-b2aa-02db55b8ba03","block_type":"box","text":"company’s financial condition and overall market and economic conditions.","page_number":5,"box":{"x":81,"y":907,"width":550,"height":11}},{"id":"d480ecc3-8fe5-4474-a1e8-318382f3f53b","block_type":"box","text":"4","page_number":5,"box":{"x":61,"y":935,"width":9,"height":9}},{"id":"f21f3fa6-cc8a-4df9-8329-89c31ae6f4d9","block_type":"box","text":"NM1026U-5993019-5/69","page_number":5,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"3176809a-c538-4f66-9607-a39bbb253ec4","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":6,"box":{"x":81,"y":46,"width":310,"height":11}},{"id":"77a77a25-60ee-4834-8051-f46961bba8e9","block_type":"box","text":"—","page_number":6,"box":{"x":396,"y":51,"width":17,"height":1}},{"id":"613665d6-7e17-4a96-9cdb-e4e8f0ae9046","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":6,"box":{"x":418,"y":46,"width":507,"height":11}},{"id":"d7258dd1-fe22-42b5-aa34-dacbd278ac28","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":6,"box":{"x":80,"y":61,"width":837,"height":11}},{"id":"baa57eed-7f99-4a57-9f86-99daf5ba9984","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":6,"box":{"x":81,"y":75,"width":852,"height":12}},{"id":"d8d33046-e85e-4ff0-acd3-ee3158866b97","block_type":"box","text":"Investment Style Risk","page_number":6,"box":{"x":81,"y":95,"width":166,"height":12}},{"id":"2a6a99f4-262a-411c-bd47-7ae7eedbd8d8","block_type":"box","text":"—","page_number":6,"box":{"x":252,"y":101,"width":17,"height":0}},{"id":"086bdc52-c8c1-4252-a8a0-62bb9bc027ae","block_type":"box","text":"Under certain market conditions, value investments have performed better during periods","page_number":6,"box":{"x":274,"y":95,"width":658,"height":12}},{"id":"b3ffb9a8-494f-4da7-b07b-dc1b10e42c3a","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":6,"box":{"x":81,"y":110,"width":809,"height":12}},{"id":"52dab271-01a7-4f0e-9a06-5dce34a943cd","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different","page_number":6,"box":{"x":82,"y":125,"width":841,"height":11}},{"id":"383d56a8-04e1-4e44-b3a8-209c183bc765","block_type":"box","text":"investment styles.","page_number":6,"box":{"x":82,"y":140,"width":131,"height":11}},{"id":"ae7006f7-661f-44bc-90f4-d5b92246c8ba","block_type":"box","text":"Foreign Securities Risk","page_number":6,"box":{"x":81,"y":160,"width":176,"height":11}},{"id":"d541b8c5-71e2-4ae4-a105-56c3da6194f6","block_type":"box","text":"— Foreign investments often involve special risks not present in U.S. investments that can","page_number":6,"box":{"x":260,"y":160,"width":668,"height":11}},{"id":"721bbdeb-64c9-4f8a-82c6-c6cb55b5d24e","block_type":"box","text":"increase the chances that the Fund will lose money. These risks include:","page_number":6,"box":{"x":82,"y":175,"width":531,"height":11}},{"id":"5c6de345-2b2f-47a3-a4c5-05679f90c277","block_type":"box","text":"The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may","page_number":6,"box":{"x":101,"y":195,"width":823,"height":11}},{"id":"3eb9b900-2c54-4c45-b9d7-d0dc89c742be","block_type":"box","text":"be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory","page_number":6,"box":{"x":102,"y":209,"width":823,"height":12}},{"id":"23c147c4-f662-4d9e-9b20-2bde0a59b891","block_type":"box","text":"oversight.","page_number":6,"box":{"x":101,"y":224,"width":70,"height":12}},{"id":"fb3f8f01-7a56-4aa1-b747-c856b7fec1bd","block_type":"box","text":"Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.","page_number":6,"box":{"x":101,"y":244,"width":644,"height":12}},{"id":"89980422-ed27-49ae-b94d-4c64a3de7876","block_type":"box","text":"The economies of certain foreign markets may not compare favorably with the economy of the United States with","page_number":6,"box":{"x":101,"y":264,"width":830,"height":12}},{"id":"c257f1d5-a408-4e76-8436-74f5f47ed5a3","block_type":"box","text":"respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of","page_number":6,"box":{"x":102,"y":279,"width":808,"height":12}},{"id":"dee5e881-7af3-4e6a-a1c8-98d22d8c209e","block_type":"box","text":"payments position.","page_number":6,"box":{"x":102,"y":294,"width":137,"height":11}},{"id":"122918eb-af5b-4f4c-b1d9-d19cc8b344da","block_type":"box","text":"The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or","page_number":6,"box":{"x":101,"y":314,"width":821,"height":11}},{"id":"8c2c9bb0-4bcd-400c-925e-28ee3c86eed4","block_type":"box","text":"impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital","page_number":6,"box":{"x":102,"y":329,"width":809,"height":11}},{"id":"61e3a746-8269-4461-92e6-5959e03b263e","block_type":"box","text":"markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer","page_number":6,"box":{"x":102,"y":343,"width":784,"height":12}},{"id":"a251cac3-83fb-4ca5-8f4c-24e8f447bd19","block_type":"box","text":"currency, securities, derivatives or other assets.","page_number":6,"box":{"x":101,"y":359,"width":352,"height":11}},{"id":"3e21209b-7414-4e48-8bd2-3ed1287266c6","block_type":"box","text":"Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to","page_number":6,"box":{"x":102,"y":378,"width":823,"height":12}},{"id":"27f7144f-cc94-4bc8-96ca-35e98633b147","block_type":"box","text":"the same extent as does the United States and may not have laws to protect investors that are comparable to","page_number":6,"box":{"x":101,"y":393,"width":811,"height":11}},{"id":"5db7432f-fbdd-42aa-80ef-052dae16a9b3","block_type":"box","text":"U.S. securities laws.","page_number":6,"box":{"x":102,"y":408,"width":148,"height":9}},{"id":"acbf016d-c9ec-4587-9cf8-54bad2b6a452","block_type":"box","text":"Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of","page_number":6,"box":{"x":101,"y":428,"width":834,"height":11}},{"id":"b5942d20-94c9-4440-ae8d-f88cb2ab4dd7","block_type":"box","text":"securities not typically associated with settlement and clearance of U.S. investments.","page_number":6,"box":{"x":101,"y":443,"width":628,"height":11}},{"id":"7918da08-279d-4e62-b315-b82db92666f2","block_type":"box","text":"The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of","page_number":6,"box":{"x":101,"y":463,"width":830,"height":11}},{"id":"41629216-2cae-4eef-b777-8e44ffdba687","block_type":"box","text":"foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the","page_number":6,"box":{"x":101,"y":477,"width":831,"height":12}},{"id":"cc248129-7795-4d40-bec9-bcdf19f1f25a","block_type":"box","text":"foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full,","page_number":6,"box":{"x":101,"y":492,"width":813,"height":12}},{"id":"59ddd076-189e-4993-81e3-6e9aeca88c92","block_type":"box","text":"which will adversely affect the Fund’s net asset value.","page_number":6,"box":{"x":101,"y":507,"width":395,"height":12}},{"id":"0ac70253-490c-4d3c-b66d-e193c1545884","block_type":"box","text":"Convertible Securities Risk","page_number":6,"box":{"x":81,"y":527,"width":206,"height":9}},{"id":"2a027b47-abe7-443a-a033-3237df40b6c2","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":6,"box":{"x":291,"y":527,"width":593,"height":12}},{"id":"24e175ae-4a0b-4461-970a-b5c7f4795024","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":6,"box":{"x":81,"y":542,"width":853,"height":11}},{"id":"f90d820d-eb12-4653-a9e8-cd452ebc940b","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":6,"box":{"x":81,"y":557,"width":855,"height":11}},{"id":"99dbada6-4ed8-490c-ab54-9f43a13b4126","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":6,"box":{"x":80,"y":572,"width":816,"height":11}},{"id":"8fb94fc4-d836-4b45-a9e5-482ade395090","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":6,"box":{"x":82,"y":586,"width":796,"height":12}},{"id":"6c03465f-1737-42e9-a13a-2879ba3160ed","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":6,"box":{"x":81,"y":601,"width":812,"height":12}},{"id":"52a269b2-6409-4665-ad8e-ce0f4c1f2698","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":6,"box":{"x":82,"y":616,"width":809,"height":12}},{"id":"7d26c0e1-8a17-4b29-83d0-cc6161c814fe","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":6,"box":{"x":81,"y":636,"width":276,"height":11}},{"id":"45799126-a793-4a6f-910e-f044f7ecdd0e","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":6,"box":{"x":361,"y":636,"width":573,"height":12}},{"id":"e0df791f-6245-4efe-b350-dfaf281c55b6","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":6,"box":{"x":81,"y":651,"width":848,"height":11}},{"id":"b1624455-b8fa-4f7d-b824-416b3ba5e665","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":6,"box":{"x":81,"y":666,"width":839,"height":11}},{"id":"f0516b8b-faa8-40da-9b79-653c4b6643e6","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":6,"box":{"x":82,"y":681,"width":851,"height":11}},{"id":"e4cc48c2-a10b-435a-9285-d33eef3ff877","block_type":"box","text":"Market Risk and Selection Risk","page_number":6,"box":{"x":81,"y":701,"width":240,"height":9}},{"id":"03ebb8a7-08ae-485f-9799-5b2091b25980","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":6,"box":{"x":324,"y":701,"width":593,"height":9}},{"id":"a43a1e41-37a3-43b9-b32a-a13e5256fb3b","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":6,"box":{"x":81,"y":716,"width":851,"height":11}},{"id":"1e0fcb5e-13e2-4d07-b90b-e2e1e63a9880","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":6,"box":{"x":82,"y":730,"width":824,"height":12}},{"id":"9b9d0c3e-65e9-4942-8087-3f2b5cfa9960","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":6,"box":{"x":82,"y":745,"width":851,"height":12}},{"id":"0bcd4e58-c068-447b-86d2-8949b57448d0","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":6,"box":{"x":82,"y":760,"width":802,"height":11}},{"id":"7944c218-87a9-4f9f-8dc0-650e0bb751f5","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":6,"box":{"x":81,"y":775,"width":849,"height":11}},{"id":"ffe3d189-e51e-47f9-bbfb-35e384431b34","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":6,"box":{"x":81,"y":790,"width":843,"height":11}},{"id":"969a3853-907e-44b7-b6fc-72e4727c9ad1","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":6,"box":{"x":81,"y":804,"width":830,"height":12}},{"id":"35d16050-fc80-4e58-8af9-410d1664e154","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":6,"box":{"x":82,"y":819,"width":840,"height":12}},{"id":"84667c23-019e-48e1-baf0-398ca4decd75","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":6,"box":{"x":81,"y":834,"width":851,"height":11}},{"id":"3f1258bf-7ea5-49ea-a581-82ab2f3a2bca","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":6,"box":{"x":82,"y":849,"width":815,"height":11}},{"id":"9e3678b0-bad2-400e-aea2-a94d6ad8a8ce","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":6,"box":{"x":81,"y":864,"width":826,"height":11}},{"id":"080c7799-2319-420e-8ff6-beb98a260b03","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":6,"box":{"x":81,"y":878,"width":735,"height":12}},{"id":"82e0b3af-b8fc-4fca-b39e-e9ed3f549d28","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":6,"box":{"x":82,"y":899,"width":818,"height":11}},{"id":"66302e50-0014-45a5-983e-67b66ad1e501","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":6,"box":{"x":80,"y":913,"width":819,"height":12}},{"id":"d8e2916f-9af2-48d4-a79a-907969763061","block_type":"box","text":"5","page_number":6,"box":{"x":928,"y":935,"width":9,"height":9}},{"id":"6db0894b-282d-4972-9e6a-abf0ac6c08bf","block_type":"box","text":"NM1026U-5993019-6/69","page_number":6,"box":{"x":757,"y":969,"width":138,"height":7}},{"id":"89b294ce-fa43-4fba-b1d0-28faed43e1a2","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":7,"box":{"x":81,"y":46,"width":819,"height":11}},{"id":"ac1f59eb-a7dd-4858-8069-2125e8de65b6","block_type":"box","text":"actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased","page_number":7,"box":{"x":81,"y":60,"width":846,"height":12}},{"id":"94d72786-bb04-462b-b9fe-78266bffca48","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":7,"box":{"x":81,"y":75,"width":848,"height":12}},{"id":"e2c6b054-13d4-429f-9cac-6eef23d6cab8","block_type":"box","text":"the Fund invests.","page_number":7,"box":{"x":80,"y":90,"width":125,"height":9}},{"id":"8cc6e7b6-632c-43e0-80f0-fdeec08830ef","block_type":"box","text":"Operational and Technology Risks","page_number":7,"box":{"x":82,"y":110,"width":254,"height":11}},{"id":"f89bd331-3499-4412-bc72-5e68ff28f280","block_type":"box","text":"— The Fund is directly and indirectly susceptible to operational and technology","page_number":7,"box":{"x":340,"y":110,"width":578,"height":12}},{"id":"4bbfc967-5de5-4cd1-849b-3f4ea250de83","block_type":"box","text":"risks, including those related to human errors, processing errors, communication errors, systems failures,","page_number":7,"box":{"x":82,"y":125,"width":779,"height":11}},{"id":"87438303-2c39-484d-872d-add322469482","block_type":"box","text":"cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses","page_number":7,"box":{"x":81,"y":140,"width":848,"height":11}},{"id":"e2bf26e8-1b94-4d99-b737-20ce5e02b117","block_type":"box","text":"for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are","page_number":7,"box":{"x":81,"y":155,"width":806,"height":11}},{"id":"4b64eba9-21b9-41f2-ae1c-1c3090224e8c","block_type":"box","text":"required to have appropriate operational, information security and cybersecurity risk management policies and","page_number":7,"box":{"x":82,"y":169,"width":807,"height":12}},{"id":"76cea3ee-55e4-4972-a331-64155cee947d","block_type":"box","text":"procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks","page_number":7,"box":{"x":82,"y":184,"width":846,"height":12}},{"id":"4a5bd130-52dd-4711-a9d2-9fc78df8fec0","block_type":"box","text":"for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and","page_number":7,"box":{"x":81,"y":199,"width":836,"height":11}},{"id":"95785618-ef5d-43e6-b876-7adf7eb474fc","block_type":"box","text":"may cause the Fund’s investments in such issuers to lose value.","page_number":7,"box":{"x":82,"y":214,"width":474,"height":11}},{"id":"89eb1bc8-1e89-4e0e-9f5c-e628578f21e1","block_type":"box","text":"Preferred Securities Risk","page_number":7,"box":{"x":81,"y":234,"width":189,"height":9}},{"id":"a2f57894-9977-4d9e-b06c-a3fe8a9cb73d","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":7,"box":{"x":274,"y":234,"width":636,"height":11}},{"id":"7fb6cee5-84eb-4326-ab74-0aa57b625fa4","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":7,"box":{"x":81,"y":249,"width":824,"height":11}},{"id":"23f43e2a-6cfd-4f76-9151-ba4618645a2a","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":7,"box":{"x":82,"y":263,"width":806,"height":12}},{"id":"31951de2-3582-4967-9774-191079269369","block_type":"box","text":"bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds","page_number":7,"box":{"x":81,"y":278,"width":842,"height":12}},{"id":"9131ecee-33d9-41b1-bd0c-4b73423da11f","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":7,"box":{"x":81,"y":293,"width":781,"height":12}},{"id":"40363d8d-e13c-4a26-813d-3c1e741cf453","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":7,"box":{"x":81,"y":308,"width":812,"height":11}},{"id":"5f263ec5-f254-479c-a293-5820e8efb63a","block_type":"box","text":"larger companies.","page_number":7,"box":{"x":82,"y":323,"width":129,"height":11}},{"id":"a5479589-5668-4259-a3cd-ac97f4f50915","block_type":"box","text":"Risk of Investing in the United States","page_number":7,"box":{"x":81,"y":343,"width":283,"height":11}},{"id":"bae5f9da-dbc2-40a6-9650-beb7da899285","block_type":"box","text":"—","page_number":7,"box":{"x":369,"y":348,"width":17,"height":1}},{"id":"f6db9ebd-8db7-424c-b2ed-ac16d53a1df7","block_type":"box","text":"Certain changes in the U.S. economy, such as when the U.S. economy","page_number":7,"box":{"x":391,"y":343,"width":518,"height":11}},{"id":"d86611b2-bf09-46d6-b4d6-03f8c2d8ff0c","block_type":"box","text":"weakens or when its financial markets decline, may have an adverse effect on the securities to which the Fund has","page_number":7,"box":{"x":80,"y":358,"width":847,"height":11}},{"id":"fc41d829-744e-43d2-a092-66792fd93fa3","block_type":"box","text":"exposure.","page_number":7,"box":{"x":81,"y":375,"width":70,"height":9}},{"id":"e5ac582f-0e1a-4d07-8199-0ac7aa56fd80","block_type":"box","text":"Performance Information","page_number":7,"box":{"x":61,"y":411,"width":224,"height":11}},{"id":"c8fac146-3be2-4348-a8f1-df0bf00797d9","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":7,"box":{"x":60,"y":438,"width":855,"height":11}},{"id":"a35b10ed-56b2-4a75-92ba-e8eb7a37ff7f","block_type":"box","text":"risks of investing in the Fund. The table compares the Fund’s performance to that of the Standard & Poor’s (S&P) 500","page_number":7,"box":{"x":61,"y":452,"width":871,"height":12}},{"id":"8dee88a5-1a2c-4fe8-8a7f-3f223645949d","block_type":"box","text":"Index and the Russell 1000 Value Index, which are relevant to the Fund because they have characteristics similar to","page_number":7,"box":{"x":62,"y":467,"width":851,"height":12}},{"id":"81c69513-eaf6-4891-a2c0-c7d9025862fb","block_type":"box","text":"the Fund’s investment strategies. To the extent that dividends and distributions have been paid by the Fund, the","page_number":7,"box":{"x":60,"y":482,"width":824,"height":12}},{"id":"3662d64d-3b89-4acd-9ac9-eebf5c6273ea","block_type":"box","text":"performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions.","page_number":7,"box":{"x":62,"y":497,"width":866,"height":11}},{"id":"5294da6f-f585-4163-a6ba-d69dc8de814d","block_type":"box","text":"As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales","page_number":7,"box":{"x":60,"y":512,"width":849,"height":11}},{"id":"509b968f-c198-4c7d-aaea-e822f1482d8c","block_type":"box","text":"charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table","page_number":7,"box":{"x":61,"y":526,"width":849,"height":12}},{"id":"265fe023-8c2c-4ced-8493-604bdfde5dc2","block_type":"box","text":"includes all applicable fees and sales charges. If the Fund’s investment manager and its affiliates had not waived or","page_number":7,"box":{"x":62,"y":541,"width":856,"height":12}},{"id":"9cb6dc90-d711-458b-9f06-546f8ad2240b","block_type":"box","text":"reimbursed certain Fund expenses during these periods, the Fund’s returns would have been lower. 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Under","page_number":11,"box":{"x":60,"y":612,"width":824,"height":11}},{"id":"96f05ec8-6ccf-4787-b788-9c13c58af86c","block_type":"box","text":"normal circumstances, the Fund will invest at least 80% of its net assets, plus any borrowings for investment","page_number":11,"box":{"x":61,"y":626,"width":803,"height":12}},{"id":"1b5588c5-f0e9-4a88-b16b-bfb599538a8c","block_type":"box","text":"purposes, in dividend-paying equity securities and derivatives that provide investment exposure to such securities or to","page_number":11,"box":{"x":62,"y":641,"width":872,"height":12}},{"id":"3f6994a3-026f-43b4-bd9d-547e8d453e87","block_type":"box","text":"one or more market risk factors associated with such securities. Equity securities include common stock, preferred","page_number":11,"box":{"x":61,"y":656,"width":846,"height":11}},{"id":"5930e165-1137-46ca-851f-2761b0624cc7","block_type":"box","text":"stock or securities or other instruments whose price is linked to the value of common stock. For purposes of the","page_number":11,"box":{"x":61,"y":671,"width":826,"height":11}},{"id":"71dfe468-0408-4e0e-8e03-40e51c25fe26","block_type":"box","text":"Fund’s 80% policy, dividend-paying equity securities are securities of companies that pay out a portion of their profits","page_number":11,"box":{"x":62,"y":686,"width":858,"height":11}},{"id":"062caefd-d914-4a45-934b-e6d681c703cf","block_type":"box","text":"to shareholders of such securities on a periodic basis (i.e., at least once within the company’s latest fiscal year). The","page_number":11,"box":{"x":60,"y":701,"width":863,"height":11}},{"id":"a847787d-2f81-47e0-b390-868705e66975","block_type":"box","text":"Fund will focus on issuers that have good prospects for capital appreciation and current income. Although the Fund","page_number":11,"box":{"x":62,"y":715,"width":844,"height":12}},{"id":"6e8d63b3-06a5-44d1-a31c-76b68ac99515","block_type":"box","text":"invests primarily in dividend-paying securities, portions of the distributions paid by the Fund may not be subject to the","page_number":11,"box":{"x":62,"y":730,"width":862,"height":12}},{"id":"db01b3a5-3912-4235-8a9f-750c4f2d28ae","block_type":"box","text":"lower income tax rates applicable to dividends.","page_number":11,"box":{"x":62,"y":745,"width":342,"height":11}},{"id":"0c4d9479-bb38-4c3c-b8ee-baa411b973e6","block_type":"box","text":"The Fund may invest in securities of companies with any market capitalization, but will generally focus on large cap","page_number":11,"box":{"x":60,"y":768,"width":845,"height":11}},{"id":"245cad3b-63e2-4a72-a2c9-8c771d78be73","block_type":"box","text":"securities. The Fund’s portfolio, in the aggregate, will be structured in a manner designed to seek long-term capital","page_number":11,"box":{"x":61,"y":782,"width":844,"height":12}},{"id":"de12d3ae-4644-4247-a814-1af77711bbc5","block_type":"box","text":"appreciation as well as net portfolio yield in excess of the average yield of mutual funds invested primarily in U.S.","page_number":11,"box":{"x":61,"y":797,"width":832,"height":12}},{"id":"c5d2d3bd-da47-4561-9ca1-26c51d7e9592","block_type":"box","text":"equities.","page_number":11,"box":{"x":61,"y":812,"width":61,"height":11}},{"id":"b4c79a2a-33b9-4c10-904e-426b8e3fdae6","block_type":"box","text":"The Fund may also invest in securities convertible into common stock and non-convertible preferred stock. Convertible","page_number":11,"box":{"x":60,"y":835,"width":872,"height":11}},{"id":"7ad1329b-30f6-4fb0-842d-adcf85286323","block_type":"box","text":"securities are generally debt securities or preferred stock that may be converted into common stock. Convertible","page_number":11,"box":{"x":61,"y":849,"width":829,"height":12}},{"id":"ff81c2aa-c9a7-481f-87f6-9ca1f885c8db","block_type":"box","text":"securities typically pay current income as either interest (debt security convertibles) or dividends (preferred stock). A","page_number":11,"box":{"x":61,"y":864,"width":856,"height":12}},{"id":"ef13d4fe-2c70-4725-9967-155d579fbad8","block_type":"box","text":"convertible’s value usually reflects both the stream of current income payments and the market value of the underlying","page_number":11,"box":{"x":61,"y":879,"width":875,"height":12}},{"id":"746744a3-5a9d-49d9-93f9-c1978da87533","block_type":"box","text":"10","page_number":11,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"76d43621-5f44-4e92-af6c-3eff372ef0b7","block_type":"box","text":"NM1026U-5993019-11/69","page_number":11,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"f7ab55e8-2c29-4c54-bc3e-037844993d71","block_type":"box","text":"common stock. Preferred stock is a class of stock that often pays dividends at a specified rate and has preference","page_number":12,"box":{"x":61,"y":46,"width":845,"height":11}},{"id":"727e92fb-14cb-4015-9418-6284cd5bf858","block_type":"box","text":"over common stock in dividend payments and liquidation of assets. Preferred stock may also be convertible into","page_number":12,"box":{"x":61,"y":60,"width":825,"height":12}},{"id":"f8220c8a-356f-4a66-a5ef-bfb42ea6c0bf","block_type":"box","text":"common stock.","page_number":12,"box":{"x":61,"y":76,"width":110,"height":9}},{"id":"7781e572-f7f8-4ad5-9e41-68ed3927c034","block_type":"box","text":"The Fund may invest up to 25% of its total assets in securities of foreign issuers. The Fund may invest in securities","page_number":12,"box":{"x":60,"y":98,"width":848,"height":11}},{"id":"5beb9fc2-ab0d-4c0b-9aa0-a4e0e38f1c6e","block_type":"box","text":"from any country. The Fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.","page_number":12,"box":{"x":60,"y":113,"width":856,"height":11}},{"id":"68a09e63-9a24-4dec-9fac-4575ba69d92a","block_type":"box","text":"The Fund may invest in the securities of foreign issuers in the form of American Depositary Receipts (“ADRs”),","page_number":12,"box":{"x":60,"y":135,"width":812,"height":12}},{"id":"4289e118-82a6-417b-9e35-d9c97a6d3767","block_type":"box","text":"European Depositary Receipts (“EDRs”) or other securities convertible into securities of foreign issuers. These","page_number":12,"box":{"x":62,"y":150,"width":813,"height":12}},{"id":"48c734c6-bf4c-41da-b137-be8f2aacbc78","block_type":"box","text":"securities may not necessarily be denominated in the same currency as the securities into which they may be","page_number":12,"box":{"x":61,"y":165,"width":805,"height":11}},{"id":"3d75d9c9-498f-416d-99c5-ee21076777f3","block_type":"box","text":"converted. ADRs are receipts typically issued by a United States bank or trust company that evidence ownership of","page_number":12,"box":{"x":61,"y":180,"width":845,"height":11}},{"id":"00595c75-86f6-42f3-bf2a-03653e33033f","block_type":"box","text":"underlying securities issued by a foreign corporation. EDRs are receipts issued in Europe that evidence a similar","page_number":12,"box":{"x":61,"y":195,"width":825,"height":11}},{"id":"0536e537-d839-48cf-b061-c0f4b9f132ad","block_type":"box","text":"ownership arrangement. Generally, ADRs, which are issued in registered form, are designed for use in the United","page_number":12,"box":{"x":61,"y":209,"width":829,"height":12}},{"id":"09443aa4-4c98-4cd9-8281-d90d029530dd","block_type":"box","text":"States securities markets, and EDRs, which are issued in bearer form, are designed for use in European securities","page_number":12,"box":{"x":61,"y":224,"width":844,"height":12}},{"id":"0268b5e8-1c66-49fa-a0f9-bc4cdc4e271e","block_type":"box","text":"markets. In a sponsored ADR or EDR arrangement, the foreign issuer assumes the obligation to pay some or all of the","page_number":12,"box":{"x":61,"y":239,"width":869,"height":12}},{"id":"d3265977-a12b-4a58-b67f-495fa3f2dfdb","block_type":"box","text":"depositary’s transaction fees, whereas in an unsponsored arrangement the foreign issuer assumes no obligations and","page_number":12,"box":{"x":61,"y":254,"width":872,"height":11}},{"id":"c50d07b3-194c-4c81-8430-46cabb7fa173","block_type":"box","text":"the depositary’s transaction fees are paid by the ADR or EDR holders. Foreign issuers in respect of whose securities","page_number":12,"box":{"x":60,"y":269,"width":857,"height":11}},{"id":"bf371f3b-bf7d-4432-8a28-fa1dbab81668","block_type":"box","text":"unsponsored ADRs or EDRs have been issued are not necessarily obligated to disclose material information in the","page_number":12,"box":{"x":61,"y":283,"width":840,"height":12}},{"id":"501a1f98-f971-4ebb-b3f1-06d2942f1f42","block_type":"box","text":"markets in which the unsponsored ADRs or EDRs are traded and, therefore, there may not be a correlation between","page_number":12,"box":{"x":61,"y":298,"width":850,"height":12}},{"id":"5d3a813b-92c5-44de-8f67-b9704c5ce422","block_type":"box","text":"such information and the market value of such securities.","page_number":12,"box":{"x":61,"y":313,"width":423,"height":9}},{"id":"3647d31a-02a6-4b16-8da6-94bef2bc878b","block_type":"box","text":"The 80% policies noted above are non-fundamental policies of the Fund and may not be changed without 60 days’ prior","page_number":12,"box":{"x":60,"y":336,"width":877,"height":11}},{"id":"52563a44-5dba-40d2-b289-d3d81f53a541","block_type":"box","text":"notice to shareholders.","page_number":12,"box":{"x":61,"y":351,"width":168,"height":9}},{"id":"d57b862c-a93f-4184-aff1-efbfb20fb931","block_type":"box","text":"Other Strategies Applicable to the Fund","page_number":12,"box":{"x":61,"y":374,"width":327,"height":12}},{"id":"f03516c0-f95f-4710-90d6-a8fa5b939972","block_type":"box","text":"In addition to the principal investment strategies discussed above, the Fund may also invest or engage in the following","page_number":12,"box":{"x":62,"y":390,"width":870,"height":11}},{"id":"4824827c-d8fb-498b-a959-17cc8d7426cb","block_type":"box","text":"investments/strategies:","page_number":12,"box":{"x":62,"y":405,"width":173,"height":11}},{"id":"b2c937ba-91ed-416e-affd-019f64d01f46","block_type":"box","text":"Borrowing","page_number":12,"box":{"x":81,"y":425,"width":78,"height":11}},{"id":"5ce7ffb9-35b6-42c2-a428-f8dc1fbfb6bd","block_type":"box","text":"— The Fund may borrow for temporary or emergency purposes, including to meet redemptions, for the","page_number":12,"box":{"x":162,"y":425,"width":751,"height":11}},{"id":"80b0b37b-9beb-4567-a200-8ec90f3ad88d","block_type":"box","text":"payment of dividends, for share repurchases or for the clearance of transactions, subject to the limits set forth","page_number":12,"box":{"x":82,"y":439,"width":815,"height":12}},{"id":"1f70ca8d-3750-4b3a-b0aa-46631e68544d","block_type":"box","text":"under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief.","page_number":12,"box":{"x":82,"y":454,"width":801,"height":12}},{"id":"ea84a854-01d9-4323-9e82-71ef4679ddb2","block_type":"box","text":"Debt Securities","page_number":12,"box":{"x":81,"y":474,"width":116,"height":10}},{"id":"487c797b-695e-4cfb-9796-bc07ea383607","block_type":"box","text":"— This includes fixed income securities issued by companies, as well as U.S. and foreign","page_number":12,"box":{"x":202,"y":474,"width":659,"height":12}},{"id":"68730e6c-3497-4c72-b18f-39590e928aeb","block_type":"box","text":"sovereign debt obligations. When choosing debt securities, Fund management considers various factors including","page_number":12,"box":{"x":81,"y":489,"width":834,"height":12}},{"id":"32f3e92f-3722-4440-9412-553ced915d3d","block_type":"box","text":"the credit quality of issuers and yield analysis. The Fund may invest in debt securities that are rated investment","page_number":12,"box":{"x":80,"y":504,"width":821,"height":11}},{"id":"bd60ef15-3bbc-4901-9b0c-370a753fd7fe","block_type":"box","text":"grade of any maturity or determined by Fund management to be of similar quality.","page_number":12,"box":{"x":81,"y":519,"width":595,"height":11}},{"id":"b8d04bcf-f923-4524-8982-6d739e6d5685","block_type":"box","text":"Derivative Transactions","page_number":12,"box":{"x":81,"y":539,"width":177,"height":9}},{"id":"17d341c9-147a-47ce-9064-5792a0e3e23b","block_type":"box","text":"— The Fund may use derivatives to hedge its investment portfolio against market, interest","page_number":12,"box":{"x":262,"y":539,"width":666,"height":11}},{"id":"9afdec7d-ab54-46ef-85a3-81592b4eadf1","block_type":"box","text":"rate and currency risks or to seek to enhance its return. The derivatives that the Fund may use include options,","page_number":12,"box":{"x":82,"y":554,"width":816,"height":11}},{"id":"e7a68878-a085-412e-8546-c087cfa8f988","block_type":"box","text":"futures, swaps and forward foreign exchange transactions.","page_number":12,"box":{"x":81,"y":568,"width":431,"height":12}},{"id":"82f3717d-e547-4bef-a67c-1babad13fd3d","block_type":"box","text":"Illiquid Investments","page_number":12,"box":{"x":81,"y":589,"width":148,"height":11}},{"id":"9013fe8e-493a-44dc-ae20-a22cfe09ec56","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition, the","page_number":12,"box":{"x":233,"y":588,"width":677,"height":12}},{"id":"d411d662-4a2f-4ae6-bea7-b79bcad251bb","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":12,"box":{"x":82,"y":603,"width":811,"height":12}},{"id":"01595548-6605-45cf-b20c-6350ddbc446d","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":12,"box":{"x":82,"y":618,"width":831,"height":11}},{"id":"473f2ce0-d170-472e-b67b-60d62198381a","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":12,"box":{"x":81,"y":633,"width":811,"height":11}},{"id":"3787c70a-d772-4c39-86b2-edd3177bcada","block_type":"box","text":"Indexed and Inverse Securities","page_number":12,"box":{"x":81,"y":653,"width":232,"height":9}},{"id":"cde157dc-f135-4bd6-ac0b-ffcaaba74b81","block_type":"box","text":"— The Fund may invest in securities the potential return of which is based on the","page_number":12,"box":{"x":317,"y":653,"width":598,"height":11}},{"id":"563b3936-d0ce-427d-8ada-b7ee280138ca","block_type":"box","text":"change in a specified interest rate or equity index (an “indexed security”). The Fund may also invest in securities the","page_number":12,"box":{"x":81,"y":668,"width":854,"height":11}},{"id":"693608bb-a660-4225-b688-e59ca3ea626f","block_type":"box","text":"return of which is inversely related to changes in an interest rate or index (“inverse securities”). In general, the","page_number":12,"box":{"x":82,"y":682,"width":812,"height":12}},{"id":"65a642f9-c23e-4023-8c31-b76f4e5c99f9","block_type":"box","text":"return on inverse securities will decrease when the underlying index or interest rate goes up and increase when that","page_number":12,"box":{"x":82,"y":698,"width":851,"height":11}},{"id":"d1282fb9-4bce-4a5c-9647-60c72de9c4ca","block_type":"box","text":"index or interest rate goes down.","page_number":12,"box":{"x":82,"y":712,"width":239,"height":12}},{"id":"6d4d4a7d-70a9-49ad-a997-7be945bb79ad","block_type":"box","text":"Investment Companies","page_number":12,"box":{"x":81,"y":732,"width":172,"height":11}},{"id":"9c1b3434-eb7b-4788-955c-5dd3bc9cbd04","block_type":"box","text":"— The Fund has the ability to invest in other investment companies, such as exchange","page_number":12,"box":{"x":258,"y":732,"width":643,"height":12}},{"id":"04c2dc38-1b80-4862-be26-46bb920d3209","block_type":"box","text":"traded funds (“ETFs”), unit investment trusts, and open-end and closed-end funds, subject to the applicable limits","page_number":12,"box":{"x":80,"y":747,"width":837,"height":11}},{"id":"5aa37c47-ab61-4612-bd16-27a910783855","block_type":"box","text":"under the Investment Company Act and the rules thereunder. The Fund may invest in affiliated investment","page_number":12,"box":{"x":82,"y":762,"width":777,"height":11}},{"id":"91dfe0f4-0c3b-42c0-9a0d-a9f7198b99b6","block_type":"box","text":"companies, including affiliated money market funds and affiliated ETFs.","page_number":12,"box":{"x":81,"y":777,"width":525,"height":11}},{"id":"4aadd8fa-6715-4f41-84b6-4effe082b5e0","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts","page_number":12,"box":{"x":81,"y":797,"width":442,"height":11}},{"id":"b3a0b4ed-9dd3-444b-a352-bb07c694e1c6","block_type":"box","text":"— The Fund may enter into certain types of repurchase","page_number":12,"box":{"x":527,"y":797,"width":406,"height":11}},{"id":"3815290c-d454-4e36-9ddc-1f2777fcb95d","block_type":"box","text":"agreements or purchase and sale contracts. Under a repurchase agreement, the seller agrees to repurchase a","page_number":12,"box":{"x":81,"y":812,"width":813,"height":11}},{"id":"d8152290-c355-4557-ad09-038dba912799","block_type":"box","text":"security at a mutually agreed-upon time and price. A purchase and sale contract is similar to a repurchase","page_number":12,"box":{"x":81,"y":826,"width":779,"height":12}},{"id":"bf00b560-1960-4655-a811-366bb24ecc32","block_type":"box","text":"agreement, but purchase and sale contracts also provide that the purchaser receives any interest on the security","page_number":12,"box":{"x":81,"y":841,"width":832,"height":12}},{"id":"766da167-287d-4d10-a123-22424239a184","block_type":"box","text":"paid during the period.","page_number":12,"box":{"x":82,"y":856,"width":162,"height":11}},{"id":"e5785ed1-9f42-4afb-b698-adfb25682714","block_type":"box","text":"Restricted Securities","page_number":12,"box":{"x":81,"y":876,"width":159,"height":9}},{"id":"75429b23-bea9-4c7a-bd6c-93abfa4b1208","block_type":"box","text":"—","page_number":12,"box":{"x":245,"y":881,"width":17,"height":1}},{"id":"3fe885cb-ea7a-4f03-a8f3-ab13dc036c42","block_type":"box","text":"Restricted securities are securities that cannot be offered for public resale unless","page_number":12,"box":{"x":268,"y":876,"width":602,"height":11}},{"id":"c6bd6c55-2f98-43ad-aa1e-7a4f88d20d3c","block_type":"box","text":"registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their","page_number":12,"box":{"x":82,"y":891,"width":820,"height":11}},{"id":"d14aae49-c212-407d-bd93-a718ee68a433","block_type":"box","text":"resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified","page_number":12,"box":{"x":82,"y":905,"width":839,"height":12}},{"id":"97dab801-8525-4ff3-8af2-39c6b77b4f45","block_type":"box","text":"11","page_number":12,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"15015c76-c0eb-48c4-bf8e-b102777b678a","block_type":"box","text":"NM1026U-5993019-12/69","page_number":12,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4d27d793-35c6-4623-97cc-5d3e35dd980b","block_type":"box","text":"institutional buyers but not to the general public, securities of U.S. and non-U.S. issuers that are offered pursuant","page_number":13,"box":{"x":82,"y":46,"width":837,"height":11}},{"id":"8963465d-e0ba-4359-9288-bc06eea605a6","block_type":"box","text":"to Regulation S under the Securities Act of 1933, as amended, and securities of private companies.","page_number":13,"box":{"x":80,"y":60,"width":736,"height":12}},{"id":"c79b154d-f80d-4519-b104-b12d5d43d4fc","block_type":"box","text":"Reverse Repurchase Agreements","page_number":13,"box":{"x":81,"y":81,"width":251,"height":11}},{"id":"72434e7f-912c-439c-9500-e2708ab424f2","block_type":"box","text":"— The Fund may enter into reverse repurchase agreements. The Fund is","page_number":13,"box":{"x":336,"y":81,"width":532,"height":11}},{"id":"efba841f-99a6-4faa-a965-e0ae11d4a168","block_type":"box","text":"permitted to invest up to one-third of its total assets in reverse repurchase agreements. Investments in reverse","page_number":13,"box":{"x":82,"y":95,"width":818,"height":12}},{"id":"92c4d361-447f-43b9-a597-098a5984f753","block_type":"box","text":"repurchase agreements and securities lending transactions (described below) will be aggregated for purposes of","page_number":13,"box":{"x":82,"y":110,"width":825,"height":12}},{"id":"2ea78209-71f3-46e4-9471-9c1383f29aa2","block_type":"box","text":"this investment limitation.","page_number":13,"box":{"x":80,"y":125,"width":190,"height":9}},{"id":"62f4c13b-b856-4899-82b5-030d14d25bc8","block_type":"box","text":"Rights","page_number":13,"box":{"x":81,"y":145,"width":49,"height":11}},{"id":"d4fe3af6-c595-446e-9c5b-7f8092566f70","block_type":"box","text":"— The Fund may purchase securities pursuant to the exercise of subscription rights, which allow an issuer’s","page_number":13,"box":{"x":134,"y":145,"width":797,"height":11}},{"id":"458e23b4-0119-4d3e-93f0-2e8bccd94867","block_type":"box","text":"existing shareholders to purchase additional common stock at a price substantially below the market price of the","page_number":13,"box":{"x":81,"y":160,"width":830,"height":11}},{"id":"b2b3d5ab-a3db-4a0b-849b-9220bbe1f7f7","block_type":"box","text":"shares.","page_number":13,"box":{"x":81,"y":175,"width":53,"height":9}},{"id":"aa313da5-0aaa-4ae0-a271-e8fb2baf36da","block_type":"box","text":"Securities Lending","page_number":13,"box":{"x":81,"y":195,"width":140,"height":11}},{"id":"d6597236-66c9-4a44-a78f-cdfabc5c781b","block_type":"box","text":"— The Fund may lend securities with a value up to 33","page_number":13,"box":{"x":225,"y":195,"width":396,"height":11}},{"id":"bf3bcade-f833-4d0d-afa3-2b4a0a4ac5dd","block_type":"box","text":"1⁄","page_number":13,"box":{"x":622,"y":195,"width":6,"height":5}},{"id":"65c8ebee-660d-45cb-8e36-cabc95be3994","block_type":"box","text":"1⁄3","page_number":13,"box":{"x":626,"y":195,"width":8,"height":9}},{"id":"820ee4ad-2311-408a-9dac-6097a227c09f","block_type":"box","text":"⁄3","page_number":13,"box":{"x":632,"y":198,"width":6,"height":6}},{"id":"242b9c90-6975-4ff4-ba64-ac9109b6eaae","block_type":"box","text":"% of its total assets to financial","page_number":13,"box":{"x":639,"y":195,"width":231,"height":9}},{"id":"af65fac7-e91b-4673-94f7-78f0f3396a51","block_type":"box","text":"institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.","page_number":13,"box":{"x":82,"y":209,"width":748,"height":12}},{"id":"1a545888-56df-4c17-b6de-9545d9754ef7","block_type":"box","text":"Short-term Securities","page_number":13,"box":{"x":81,"y":229,"width":161,"height":10}},{"id":"cecbe4b1-bc40-4169-9fb5-6d71d05f1bb3","block_type":"box","text":"— The Fund will normally invest a portion of its assets in short-term debt securities, money","page_number":13,"box":{"x":246,"y":229,"width":674,"height":12}},{"id":"3d09398a-013d-42c4-b4d5-31a2fc4a39b1","block_type":"box","text":"market securities, including repurchase agreements, or cash. The Fund invests in such securities or cash when","page_number":13,"box":{"x":82,"y":244,"width":816,"height":12}},{"id":"6c4f21ae-3826-42ce-a6bb-1ee26b8c6ecc","block_type":"box","text":"Fund management is unable to find enough attractive long-term investments to reduce exposure to stocks when","page_number":13,"box":{"x":82,"y":259,"width":820,"height":12}},{"id":"04aae984-e662-45df-aa79-4a505c9c86fe","block_type":"box","text":"Fund management believes it is advisable to do so or to meet redemptions. Except during temporary defensive","page_number":13,"box":{"x":82,"y":274,"width":814,"height":11}},{"id":"f5fc046b-3826-4184-95cd-443cdfb59618","block_type":"box","text":"periods, such investments will not exceed 20% of the Fund’s assets.","page_number":13,"box":{"x":82,"y":289,"width":503,"height":11}},{"id":"da4293d1-82ba-47e8-914e-a44deae822e3","block_type":"box","text":"Standby Commitment Agreements","page_number":13,"box":{"x":81,"y":309,"width":259,"height":11}},{"id":"37a7e05d-bf4f-40d2-81b5-2882d4ccaf8b","block_type":"box","text":"— Standby commitment agreements commit the Fund, for a stated period of","page_number":13,"box":{"x":344,"y":309,"width":563,"height":11}},{"id":"bd4b22f5-faea-429a-a96d-f4a902f19087","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to the Fund at the option of the issuer.","page_number":13,"box":{"x":80,"y":323,"width":854,"height":12}},{"id":"be1ff867-9753-4ae1-a1d6-34ad3527be7e","block_type":"box","text":"Temporary Defensive Strategies","page_number":13,"box":{"x":82,"y":344,"width":238,"height":11}},{"id":"ec69f46b-becc-4158-885b-06884db26c68","block_type":"box","text":"— For temporary defensive purposes, for example, to respond to adverse market,","page_number":13,"box":{"x":325,"y":343,"width":600,"height":12}},{"id":"ba516f54-acca-4ad2-89fa-79dab6733828","block_type":"box","text":"economic, political or other conditions, the Fund may depart from its principal investment strategies and may","page_number":13,"box":{"x":81,"y":358,"width":802,"height":12}},{"id":"0020be32-b375-4781-9458-95fa3e0d638b","block_type":"box","text":"restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money market","page_number":13,"box":{"x":82,"y":373,"width":833,"height":12}},{"id":"85bc61fb-791e-492b-9ea2-ad93299f404c","block_type":"box","text":"securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt","page_number":13,"box":{"x":81,"y":388,"width":796,"height":11}},{"id":"4039d9f9-47d8-4ffc-b670-adc3cfc10305","block_type":"box","text":"obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term,","page_number":13,"box":{"x":81,"y":403,"width":802,"height":11}},{"id":"4a6d415c-775b-4f6d-b685-b7d235b5bd85","block_type":"box","text":"unsecured, negotiable promissory notes of a domestic or foreign issuer) or other high quality fixed income","page_number":13,"box":{"x":82,"y":418,"width":778,"height":11}},{"id":"ff2f7ecd-b9d5-4a25-9c17-a8ddf7a701f8","block_type":"box","text":"securities. Temporary defensive positions may affect the Fund’s ability to achieve its investment objective.","page_number":13,"box":{"x":81,"y":432,"width":781,"height":12}},{"id":"2415335b-0e29-4056-8ceb-e29c47122486","block_type":"box","text":"Warrants","page_number":13,"box":{"x":83,"y":453,"width":66,"height":9}},{"id":"33ea1535-7cd7-470d-8b54-a20c6dfd7bd7","block_type":"box","text":"— A warrant gives the Fund the right to buy stock. The warrant specifies the amount of underlying stock,","page_number":13,"box":{"x":153,"y":452,"width":767,"height":12}},{"id":"70dce990-8db9-4880-b746-35d06f88d93d","block_type":"box","text":"the purchase (or “exercise”) price and the date the warrant expires. The Fund has no obligation to exercise the","page_number":13,"box":{"x":80,"y":467,"width":815,"height":12}},{"id":"99eb5c44-6ab4-4c23-ac04-afc3676eb284","block_type":"box","text":"warrant and buy the stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires.","page_number":13,"box":{"x":80,"y":482,"width":810,"height":11}},{"id":"fcd9fb35-ab68-41fe-bd7c-11cc0cb092de","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments","page_number":13,"box":{"x":83,"y":502,"width":545,"height":11}},{"id":"a8b52efd-4bfe-45fd-8aca-c7b33e1228d8","block_type":"box","text":"— The purchase or sale of securities on","page_number":13,"box":{"x":632,"y":502,"width":295,"height":11}},{"id":"830a959a-fc59-40c7-8ce2-723b6e5c46a0","block_type":"box","text":"a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of","page_number":13,"box":{"x":81,"y":517,"width":851,"height":11}},{"id":"8d4f77da-1dfd-4bf9-8f60-f181d7be0f2d","block_type":"box","text":"securities by the Fund at an established price with payment and delivery taking place in the future. The Fund enters","page_number":13,"box":{"x":81,"y":532,"width":847,"height":11}},{"id":"4620fd79-b704-4b38-8e93-9b0508afb39d","block_type":"box","text":"into these transactions to obtain what is considered an advantageous price to the Fund at the time of entering into","page_number":13,"box":{"x":82,"y":546,"width":842,"height":12}},{"id":"116d420f-43dd-4b6c-9efb-3e9e1e695dd5","block_type":"box","text":"the transaction.","page_number":13,"box":{"x":80,"y":562,"width":115,"height":9}},{"id":"8d3e41f4-73a9-44ad-bc9a-7916af9bf1a1","block_type":"box","text":"ABOUT THE PORTFOLIO MANAGEMENT TEAM OF THE FUND","page_number":13,"box":{"x":272,"y":618,"width":453,"height":9}},{"id":"62c46800-4604-484d-9997-69fc13e6a0f4","block_type":"box","text":"The Fund is managed by a team of financial professionals. Cem Inal and David Zhao are the portfolio managers and","page_number":13,"box":{"x":70,"y":641,"width":852,"height":11}},{"id":"34518b70-ffbe-4281-b4d4-068cea236b2c","block_type":"box","text":"are jointly and primarily responsible for the day-to-day management of the Fund. Please see “Management of the","page_number":13,"box":{"x":71,"y":655,"width":826,"height":12}},{"id":"18238401-81a9-4583-be12-ba2157674d16","block_type":"box","text":"Fund — Portfolio Manager Information” for additional information about the portfolio management team.","page_number":13,"box":{"x":72,"y":670,"width":766,"height":12}},{"id":"52d63e45-7e8e-4f9a-9d9c-ca81f607c065","block_type":"box","text":"Investment Risks","page_number":13,"box":{"x":62,"y":722,"width":156,"height":11}},{"id":"c47c6c10-9aa1-4b40-b322-176f271836ce","block_type":"box","text":"This section contains a discussion of the general risks of investing in the Fund. The “Investment Objectives and","page_number":13,"box":{"x":60,"y":748,"width":820,"height":12}},{"id":"84e9b271-8c43-4450-91d9-28903414708b","block_type":"box","text":"Policies” section in the Statement of Additional Information (“SAI”) also includes more information about the Fund, its","page_number":13,"box":{"x":61,"y":763,"width":866,"height":11}},{"id":"382f5eb1-3c71-448f-8de0-716f3caeecab","block_type":"box","text":"investments and the related risks. As with any fund, there can be no guarantee that the Fund will meet its investment","page_number":13,"box":{"x":62,"y":778,"width":863,"height":11}},{"id":"7e24065e-11cc-4b3e-a985-3d17753bfdb2","block_type":"box","text":"objective or that the Fund’s performance will be positive for any period of time. An investment in the Fund is not","page_number":13,"box":{"x":61,"y":793,"width":822,"height":11}},{"id":"ed72c3db-75e5-44b0-b0d2-ef3734400416","block_type":"box","text":"insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. The order","page_number":13,"box":{"x":62,"y":808,"width":867,"height":11}},{"id":"0f0ee816-1cf7-43f6-bf73-f82380e464df","block_type":"box","text":"of the below risk factors does not indicate the significance of any particular risk factor.","page_number":13,"box":{"x":61,"y":822,"width":635,"height":12}},{"id":"2898d47a-b2f8-41cd-9e88-dcaf702ab651","block_type":"box","text":"Principal Risks of Investing in the Fund","page_number":13,"box":{"x":61,"y":845,"width":322,"height":13}},{"id":"ab936da0-1575-4df1-b246-c7e1b80cf25a","block_type":"box","text":"Convertible Securities Risk","page_number":13,"box":{"x":81,"y":867,"width":206,"height":9}},{"id":"23d25a8b-ae33-40d3-8198-0b697be79182","block_type":"box","text":"— The market value of a convertible security performs like that of a regular debt","page_number":13,"box":{"x":291,"y":867,"width":593,"height":11}},{"id":"bc0c4d43-f5ee-409b-9b47-597cf1422a34","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":13,"box":{"x":81,"y":882,"width":853,"height":11}},{"id":"69854612-b656-4e04-b785-97e9af48ccfe","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":13,"box":{"x":81,"y":897,"width":855,"height":11}},{"id":"8d0e2faa-c235-4dc9-a809-03af0b6cfb05","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":13,"box":{"x":80,"y":911,"width":816,"height":12}},{"id":"69468a26-a897-4faa-bd2e-22502e17f377","block_type":"box","text":"12","page_number":13,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"8638a3f7-33cb-40a9-ad04-c07c8cf51ba7","block_type":"box","text":"NM1026U-5993019-13/69","page_number":13,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e9051fe9-70f3-4fe5-a552-ae9e16cb3038","block_type":"box","text":"issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be","page_number":14,"box":{"x":82,"y":46,"width":796,"height":11}},{"id":"c7502c63-ade5-4f47-85e9-de9d28f71124","block_type":"box","text":"converted, a convertible security is also subject to the same types of market and issuer risks that apply to the","page_number":14,"box":{"x":81,"y":60,"width":812,"height":12}},{"id":"c755138c-aefe-4967-a581-e4e7fa5db927","block_type":"box","text":"underlying common stock, including the potential for increased volatility in the price of the convertible security.","page_number":14,"box":{"x":82,"y":75,"width":809,"height":12}},{"id":"560f10d5-f672-418a-ae43-c44a50880804","block_type":"box","text":"Equity Securities Risk","page_number":14,"box":{"x":81,"y":95,"width":166,"height":12}},{"id":"d48bb588-2e7c-4c61-8bc1-b201202e4fef","block_type":"box","text":"— Common and preferred stocks represent equity ownership in a company. Stock markets","page_number":14,"box":{"x":251,"y":95,"width":666,"height":12}},{"id":"bf8c6efe-eed9-45c2-84dd-1a012619900f","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":14,"box":{"x":81,"y":110,"width":850,"height":12}},{"id":"79c1d965-5d3d-4098-924d-e5cb7abcf182","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":14,"box":{"x":82,"y":125,"width":802,"height":11}},{"id":"ebd35848-5289-41bd-ab22-ce9f13686006","block_type":"box","text":"companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity","page_number":14,"box":{"x":81,"y":140,"width":854,"height":11}},{"id":"ce92b1be-23da-4bf9-8ea5-1f730c530196","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":14,"box":{"x":81,"y":155,"width":848,"height":11}},{"id":"fd2ebae9-7941-4c22-ab86-61337b7a4bc4","block_type":"box","text":"an increase in production costs and competitive conditions within an industry. In addition, the value may decline","page_number":14,"box":{"x":81,"y":170,"width":824,"height":11}},{"id":"2e208e22-6f95-4e86-afde-1de4b922ed90","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":14,"box":{"x":81,"y":184,"width":782,"height":12}},{"id":"e1121310-d50a-455a-9af2-c9aaf603e152","block_type":"box","text":"perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation,","page_number":14,"box":{"x":82,"y":199,"width":849,"height":12}},{"id":"a7d4b0a1-eb6b-479b-853d-dbbb38382f2e","block_type":"box","text":"interest or currency rates or generally adverse investor sentiment.","page_number":14,"box":{"x":82,"y":214,"width":482,"height":11}},{"id":"c833cb07-dcf5-4f45-8af7-5e4535df29d6","block_type":"box","text":"Foreign Securities Risk","page_number":14,"box":{"x":81,"y":234,"width":176,"height":11}},{"id":"ceac2f73-40b5-40d9-a2c1-50451500c2dd","block_type":"box","text":"— Securities traded in foreign markets have often (though not always) performed differently","page_number":14,"box":{"x":260,"y":234,"width":677,"height":11}},{"id":"33861cc7-a10a-4c0b-8fcc-24673f84bbbf","block_type":"box","text":"from securities traded in the United States. However, such investments often involve special risks not present in","page_number":14,"box":{"x":81,"y":249,"width":827,"height":11}},{"id":"1d72bf61-161c-4e12-ab9b-e1234a790e88","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":14,"box":{"x":82,"y":264,"width":837,"height":11}},{"id":"42a73f85-52ae-476a-8a9c-83ba15a2f8ae","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":14,"box":{"x":80,"y":278,"width":849,"height":12}},{"id":"8e316cd4-7d56-437d-9f58-4bae9fcaf6ab","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":14,"box":{"x":81,"y":293,"width":841,"height":12}},{"id":"d7eb7673-0330-4be1-88a7-335ea116aec1","block_type":"box","text":"foreign securities may go up and down more than prices of securities traded in the United States.","page_number":14,"box":{"x":81,"y":308,"width":716,"height":12}},{"id":"eb3d1ed2-20b6-4ef3-bcb1-4ec4c45d9bee","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States","page_number":14,"box":{"x":82,"y":328,"width":468,"height":12}},{"id":"9314fe24-5760-4861-8225-09fe674ba699","block_type":"box","text":"— The Fund generally holds its foreign securities","page_number":14,"box":{"x":555,"y":328,"width":358,"height":12}},{"id":"52e9ff91-def8-4df9-b4d0-503c34837acc","block_type":"box","text":"and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be","page_number":14,"box":{"x":81,"y":343,"width":813,"height":11}},{"id":"74b6559c-25b0-46ec-9f1b-cf72184ae426","block_type":"box","text":"recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory","page_number":14,"box":{"x":82,"y":358,"width":791,"height":11}},{"id":"eb7c51f7-5bdc-4200-87a0-11697b798765","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":14,"box":{"x":81,"y":372,"width":818,"height":12}},{"id":"4adb57c7-47c7-45e2-892f-95ccd37b65d6","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":14,"box":{"x":81,"y":387,"width":833,"height":12}},{"id":"689dab68-5bee-4aca-8763-44f0138e8259","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":14,"box":{"x":81,"y":402,"width":816,"height":12}},{"id":"8ea36750-c203-4e7d-8f25-6c1a5a9da7c3","block_type":"box","text":"increased expense of investing in foreign markets reduces the amount the Fund can earn on its investments and","page_number":14,"box":{"x":82,"y":417,"width":827,"height":11}},{"id":"fecfddef-3d27-43ac-ae2e-ecdb1ba463eb","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":14,"box":{"x":80,"y":432,"width":848,"height":11}},{"id":"4dc995d4-e157-4563-9697-a6f43000ab8f","block_type":"box","text":"United States.","page_number":14,"box":{"x":82,"y":447,"width":102,"height":9}},{"id":"a936dc35-c59b-4d48-843c-41b21062662e","block_type":"box","text":"Currency Risk","page_number":14,"box":{"x":82,"y":467,"width":100,"height":11}},{"id":"f502d7a9-8506-49d7-8e6f-4bbd107d28b1","block_type":"box","text":"— Securities and other instruments in which the Fund invests may be denominated or quoted in","page_number":14,"box":{"x":186,"y":467,"width":706,"height":11}},{"id":"161dddee-e84a-43f1-b8d5-3d98f28e6781","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":14,"box":{"x":81,"y":481,"width":823,"height":12}},{"id":"a6f8b241-fa4e-4bd3-b3c9-df3bf282d15a","block_type":"box","text":"value of the Fund’s portfolio.","page_number":14,"box":{"x":80,"y":496,"width":211,"height":11}},{"id":"09542f83-8b58-4e05-826a-69bbfdb4a531","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":14,"box":{"x":81,"y":516,"width":823,"height":12}},{"id":"17641d52-5b3f-4714-a8f2-472339a66851","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":14,"box":{"x":82,"y":531,"width":834,"height":11}},{"id":"71dc667c-1728-41bb-9149-92ac7b6657cf","block_type":"box","text":"against a foreign currency, a security denominated in that currency gains value because the currency is worth more","page_number":14,"box":{"x":81,"y":546,"width":846,"height":11}},{"id":"92f9473c-9230-4832-ad17-94eaef25e2b4","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":14,"box":{"x":82,"y":561,"width":826,"height":11}},{"id":"844b7e71-8466-4a2e-9408-e2c4b39f0350","block_type":"box","text":"U.S. investors while a weak U.S. dollar will increase those returns.","page_number":14,"box":{"x":82,"y":576,"width":486,"height":9}},{"id":"4860867d-80f7-4279-af36-e95b0736b64b","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":14,"box":{"x":81,"y":595,"width":817,"height":12}},{"id":"a5ba472e-d4b7-4f80-a394-66b575ca79ed","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":14,"box":{"x":81,"y":610,"width":851,"height":12}},{"id":"704e3b16-8304-4dda-aede-32e23aeb7acc","block_type":"box","text":"issuer’s ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.","page_number":14,"box":{"x":82,"y":625,"width":799,"height":12}},{"id":"1c4a6536-2de2-46a9-a362-1b3f12ff9a44","block_type":"box","text":"Foreign Economy Risk","page_number":14,"box":{"x":82,"y":645,"width":160,"height":12}},{"id":"c96c0cba-e4aa-481e-972a-c4dc62b4dd39","block_type":"box","text":"— The economies of certain foreign markets may not compare favorably with the economy of","page_number":14,"box":{"x":246,"y":645,"width":685,"height":12}},{"id":"e5124b16-d7d7-4ca9-add0-ba198a680753","block_type":"box","text":"the United States with respect to such issues as growth of gross national product, reinvestment of capital,","page_number":14,"box":{"x":80,"y":660,"width":785,"height":11}},{"id":"1f263703-39d3-491a-949e-abdeed7d8e94","block_type":"box","text":"resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or","page_number":14,"box":{"x":82,"y":675,"width":845,"height":11}},{"id":"db9f365d-6725-4b0a-9f30-6d5d70823d56","block_type":"box","text":"foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a","page_number":14,"box":{"x":81,"y":690,"width":853,"height":11}},{"id":"0a786416-869d-4d2a-b4fc-7f2f00f023ff","block_type":"box","text":"particular country or countries, changes in international trading patterns, trade barriers and other protectionist or","page_number":14,"box":{"x":82,"y":705,"width":831,"height":11}},{"id":"a6d0f08b-807d-4c4d-89b5-8b549ff6b73f","block_type":"box","text":"retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such","page_number":14,"box":{"x":82,"y":719,"width":846,"height":12}},{"id":"fe396a7c-533d-4fe6-8499-a0ff3aa13525","block_type":"box","text":"as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the","page_number":14,"box":{"x":81,"y":734,"width":808,"height":11}},{"id":"c75bc12c-1df4-4361-92ff-d94b8ca91536","block_type":"box","text":"imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest","page_number":14,"box":{"x":82,"y":749,"width":851,"height":11}},{"id":"e5cf7daa-9dee-43bd-a83d-f7ad1ae0fb37","block_type":"box","text":"rates, political events, military action and other conditions may, without prior warning, lead to the governments of","page_number":14,"box":{"x":82,"y":764,"width":832,"height":11}},{"id":"12e7df4d-49e6-46e1-b3a8-96ce2e89c280","block_type":"box","text":"certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial","page_number":14,"box":{"x":81,"y":779,"width":814,"height":11}},{"id":"c72322a5-6a4e-4447-83a2-7394285dc92f","block_type":"box","text":"restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain","page_number":14,"box":{"x":82,"y":793,"width":805,"height":12}},{"id":"3e18ecb6-6a9f-46a6-824c-3bd864daac59","block_type":"box","text":"industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on,","page_number":14,"box":{"x":82,"y":808,"width":827,"height":12}},{"id":"390956b1-914e-467d-aff8-fbef4cbee8a5","block_type":"box","text":"the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory","page_number":14,"box":{"x":80,"y":823,"width":801,"height":11}},{"id":"2fb9633d-5a04-46a1-8e37-e16690ee1c62","block_type":"box","text":"actions of one government against another government, such as seizure of assets. Any of these actions could","page_number":14,"box":{"x":81,"y":838,"width":809,"height":11}},{"id":"baf5b3de-bad1-4a48-8ea2-9e22bf66ddea","block_type":"box","text":"severely impair the Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign","page_number":14,"box":{"x":81,"y":853,"width":849,"height":11}},{"id":"f0664482-2ea4-47f9-9dac-973907796c3c","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":14,"box":{"x":81,"y":867,"width":848,"height":12}},{"id":"2e011dc9-14dc-474a-8367-46c3269af4a4","block_type":"box","text":"could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Fund’s","page_number":14,"box":{"x":81,"y":882,"width":774,"height":12}},{"id":"3714bf6f-239f-4926-99b6-626a90b49078","block_type":"box","text":"operations, causing the Fund to decline in value.","page_number":14,"box":{"x":81,"y":897,"width":355,"height":12}},{"id":"bb9caf84-c101-438f-b11a-76ecc7ad29e4","block_type":"box","text":"13","page_number":14,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"f3893550-c018-4c1d-9121-8eac20e75bbb","block_type":"box","text":"NM1026U-5993019-14/69","page_number":14,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"95ec2f93-89ae-4227-979f-1e9391fd4a79","block_type":"box","text":"Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on","page_number":15,"box":{"x":81,"y":46,"width":838,"height":11}},{"id":"70e5cd11-b209-4e98-9554-113e39af00fd","block_type":"box","text":"foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social","page_number":15,"box":{"x":81,"y":60,"width":815,"height":12}},{"id":"12baf45c-36a5-42a6-aa99-6e29cc2edac4","block_type":"box","text":"instability. Diplomatic and political developments, including rapid and adverse political changes, social instability,","page_number":15,"box":{"x":82,"y":76,"width":827,"height":11}},{"id":"70e0acfb-0cdc-4089-ab4e-0e8a6143929a","block_type":"box","text":"regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets,","page_number":15,"box":{"x":82,"y":90,"width":832,"height":12}},{"id":"6b96f544-e359-4130-837e-4641475ffad8","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":15,"box":{"x":81,"y":105,"width":781,"height":11}},{"id":"e4205d88-a721-4854-8b6b-3c427705bf0f","block_type":"box","text":"impossible, to predict and take into account with respect to the Fund’s investments.","page_number":15,"box":{"x":82,"y":120,"width":617,"height":11}},{"id":"2f22d0ca-8d65-4796-b6ab-67a62a5b8e2f","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards","page_number":15,"box":{"x":82,"y":140,"width":476,"height":11}},{"id":"1fc51038-0c3a-4a98-9728-ddfb51db14bd","block_type":"box","text":"— Many foreign governments do not supervise","page_number":15,"box":{"x":563,"y":140,"width":344,"height":11}},{"id":"74a42c0a-135b-400a-8b08-caef19fb0aa6","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":15,"box":{"x":81,"y":155,"width":827,"height":11}},{"id":"77e6335f-af8f-4bf3-9bc6-4d611a568ae8","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":15,"box":{"x":80,"y":170,"width":855,"height":11}},{"id":"304ee801-6924-4bc5-8d45-6612c8d99e0c","block_type":"box","text":"example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a","page_number":15,"box":{"x":81,"y":184,"width":831,"height":12}},{"id":"8a567dc5-5917-46e6-adf5-dbc1c773bf03","block_type":"box","text":"person buys or sells a company’s securities based on material non-public information about that company. In","page_number":15,"box":{"x":82,"y":199,"width":800,"height":11}},{"id":"c31aa8e9-aa8a-4fac-b7ff-ba5797826c8c","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":15,"box":{"x":81,"y":214,"width":829,"height":11}},{"id":"bcd8c344-2177-419e-ab1d-f1692d7d137b","block_type":"box","text":"shareholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other","page_number":15,"box":{"x":81,"y":229,"width":856,"height":11}},{"id":"26d65da4-99b8-419d-b278-692e9a06245f","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":15,"box":{"x":81,"y":244,"width":834,"height":11}},{"id":"4cf23ee6-d400-4783-856c-ff401de7f2ae","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":15,"box":{"x":82,"y":258,"width":844,"height":12}},{"id":"0c692e08-c94f-4a62-b0ee-6a0df1eb3930","block_type":"box","text":"accurately determine a company’s financial condition.","page_number":15,"box":{"x":81,"y":273,"width":393,"height":12}},{"id":"04664820-c226-497c-90c2-ff02684c5a37","block_type":"box","text":"Settlement Risk","page_number":15,"box":{"x":82,"y":293,"width":117,"height":9}},{"id":"05dc2ec5-8736-4c6b-b4c7-2dc072d41c36","block_type":"box","text":"— Settlement and clearance procedures in certain foreign markets differ significantly from those in","page_number":15,"box":{"x":203,"y":293,"width":730,"height":12}},{"id":"e21e5fe9-2a12-4364-a376-ae84816c345f","block_type":"box","text":"the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks","page_number":15,"box":{"x":80,"y":308,"width":856,"height":12}},{"id":"ea3802f1-e7f1-4249-a3e6-d531a65ce20b","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":15,"box":{"x":81,"y":323,"width":784,"height":11}},{"id":"727226c2-3fa6-4f8d-b0c4-44aeb8c4ffb6","block_type":"box","text":"investments.","page_number":15,"box":{"x":82,"y":338,"width":92,"height":9}},{"id":"19869834-48c9-4b93-9153-77e696b86f01","block_type":"box","text":"At times, settlements in certain foreign countries have not kept pace with the number of securities transactions.","page_number":15,"box":{"x":81,"y":358,"width":825,"height":11}},{"id":"45144ca5-f6cd-45d5-bf54-53494a3fb72b","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":15,"box":{"x":81,"y":372,"width":839,"height":12}},{"id":"ace7fe14-7b96-43ab-81cb-2c48a7bfe6e6","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":15,"box":{"x":82,"y":387,"width":854,"height":12}},{"id":"6c173541-ff75-46f9-a3f6-f95048069fa4","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":15,"box":{"x":82,"y":402,"width":839,"height":12}},{"id":"2b25da1a-3dfc-47ca-b2da-f990ed39e29e","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":15,"box":{"x":81,"y":417,"width":841,"height":11}},{"id":"adab788e-3383-45ad-80eb-c3130df4afd4","block_type":"box","text":"to another party, the Fund could be liable for any losses incurred.","page_number":15,"box":{"x":80,"y":432,"width":480,"height":11}},{"id":"42d5e52a-7c1a-4ce0-9af8-2c25d21dc870","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":15,"box":{"x":83,"y":452,"width":221,"height":11}},{"id":"346bfecb-2e1e-47a2-b372-33f324d64779","block_type":"box","text":"— The Fund may file claims to recover foreign withholding taxes on dividend and","page_number":15,"box":{"x":308,"y":452,"width":589,"height":11}},{"id":"bf0d87e1-c777-4226-8806-54f8393d10b0","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":15,"box":{"x":82,"y":467,"width":838,"height":11}},{"id":"fa8893a1-8ef8-4867-afd0-213352bb2b43","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax","page_number":15,"box":{"x":81,"y":482,"width":834,"height":11}},{"id":"498171bc-2444-4622-b4d2-237c3cfe0ed6","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":15,"box":{"x":82,"y":496,"width":836,"height":12}},{"id":"0521841a-9e84-4b02-b8a0-18990d2805b8","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":15,"box":{"x":80,"y":511,"width":854,"height":12}},{"id":"f272b4f3-ced8-439a-89cb-e172b6dc4ac9","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":15,"box":{"x":80,"y":526,"width":831,"height":11}},{"id":"92f620d2-6181-48c1-bc7a-c1cadcc20bbd","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":15,"box":{"x":82,"y":541,"width":852,"height":11}},{"id":"a674665d-6cb8-48bb-85f2-72ef5e233da3","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":15,"box":{"x":81,"y":555,"width":848,"height":12}},{"id":"8a9c947e-31cd-468f-ac57-9d3dee88200c","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":15,"box":{"x":81,"y":570,"width":831,"height":12}},{"id":"29549ac7-5907-47ad-b967-7dfb045fe753","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":15,"box":{"x":80,"y":585,"width":830,"height":12}},{"id":"acf30acb-f1c6-4bc8-9b90-f0da800f49e2","block_type":"box","text":"previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting","page_number":15,"box":{"x":82,"y":600,"width":832,"height":12}},{"id":"15b5e26d-7e6f-4562-a5a8-050b0f7d733f","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":15,"box":{"x":82,"y":615,"width":836,"height":11}},{"id":"69820b57-7fc2-4d93-802c-f4f9df2d81ff","block_type":"box","text":"such increase in the Fund’s net asset value.","page_number":15,"box":{"x":81,"y":630,"width":325,"height":9}},{"id":"1dbd80b0-600e-4d60-8990-84a0cdf6e2e7","block_type":"box","text":"Income Producing Stock Availability Risk","page_number":15,"box":{"x":81,"y":650,"width":310,"height":11}},{"id":"77f35e34-7cf0-4f8e-b31b-ea067427a4b6","block_type":"box","text":"—","page_number":15,"box":{"x":396,"y":655,"width":17,"height":1}},{"id":"0aa9c11b-19b9-4330-a90c-f44146a4c3b9","block_type":"box","text":"Depending upon market conditions, income producing common stock","page_number":15,"box":{"x":418,"y":650,"width":507,"height":11}},{"id":"e5b1d03f-7b46-4816-a6a7-c91ea811ce85","block_type":"box","text":"that meets the Fund’s investment criteria may not be widely available and/or may be highly concentrated in only a","page_number":15,"box":{"x":80,"y":665,"width":837,"height":11}},{"id":"d135f13a-7587-4c93-80a5-6c21db1194e5","block_type":"box","text":"few market sectors. This may limit the ability of the Fund to produce current income while remaining fully diversified.","page_number":15,"box":{"x":81,"y":679,"width":852,"height":12}},{"id":"a0b451e5-b6a4-4f31-9a53-d834754b838b","block_type":"box","text":"Investment Style Risk","page_number":15,"box":{"x":81,"y":699,"width":166,"height":12}},{"id":"659c7886-7fc9-4667-81fb-f28bbb4f6ab5","block_type":"box","text":"—","page_number":15,"box":{"x":252,"y":705,"width":17,"height":0}},{"id":"400490be-4789-4745-a4a4-05afc0b9e8e8","block_type":"box","text":"Under certain market conditions, value investments have performed better during periods","page_number":15,"box":{"x":274,"y":699,"width":658,"height":12}},{"id":"8d657a44-eb1d-4417-bf7a-ea0d178ec941","block_type":"box","text":"of economic recovery. Therefore, this investment style may over time go in and out of favor. At times when the","page_number":15,"box":{"x":81,"y":714,"width":809,"height":12}},{"id":"f150d6d2-ebe9-4187-bfe9-6d5e230b05d5","block_type":"box","text":"investment style used by the Fund is out of favor, the Fund may underperform other equity funds that use different","page_number":15,"box":{"x":82,"y":729,"width":841,"height":11}},{"id":"c507bfde-4b14-44af-b0a3-580419567401","block_type":"box","text":"investment styles.","page_number":15,"box":{"x":82,"y":744,"width":131,"height":11}},{"id":"67840cbe-e960-410f-b655-68f6a5d80bf3","block_type":"box","text":"Large-Capitalization Companies Risk","page_number":15,"box":{"x":81,"y":764,"width":276,"height":11}},{"id":"a5852e76-04db-4e13-8862-55e132553873","block_type":"box","text":"— Large-capitalization companies may be less able than smaller-capitalization","page_number":15,"box":{"x":361,"y":764,"width":573,"height":11}},{"id":"8c803cb4-e9a0-4252-b2c6-b3ff4a1b01fe","block_type":"box","text":"companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may","page_number":15,"box":{"x":81,"y":779,"width":848,"height":11}},{"id":"5be71177-6540-4434-9b13-84735d49cc3b","block_type":"box","text":"be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The","page_number":15,"box":{"x":81,"y":794,"width":839,"height":11}},{"id":"30bba24d-4bd6-4a8f-b5b4-5197b2f4953a","block_type":"box","text":"performance of large-capitalization companies could trail the overall performance of the broader securities markets.","page_number":15,"box":{"x":82,"y":808,"width":851,"height":12}},{"id":"8a508e52-ee5a-40f5-97f8-005d05f921a9","block_type":"box","text":"Market Risk and Selection Risk","page_number":15,"box":{"x":81,"y":828,"width":240,"height":9}},{"id":"30d672c7-be94-4b7d-80e6-89de3269d9d4","block_type":"box","text":"— Market risk is the risk that one or more markets in which the Fund invests will","page_number":15,"box":{"x":324,"y":828,"width":593,"height":9}},{"id":"20611e90-7a22-4418-bd8f-0e367f99f862","block_type":"box","text":"go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could","page_number":15,"box":{"x":81,"y":843,"width":851,"height":12}},{"id":"e72a6cf0-1ea0-4835-8bea-dcff264dfe3f","block_type":"box","text":"lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market","page_number":15,"box":{"x":82,"y":858,"width":824,"height":11}},{"id":"f1b695c8-704d-4556-8ca1-531c2a0ad41d","block_type":"box","text":"movements and over longer periods during market downturns. Securities or other investments held by the Fund may","page_number":15,"box":{"x":82,"y":873,"width":851,"height":11}},{"id":"f063aa24-81e9-4876-9e11-b99087dad464","block_type":"box","text":"underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with","page_number":15,"box":{"x":82,"y":887,"width":802,"height":12}},{"id":"16763836-c37a-4859-b410-6b837f95198f","block_type":"box","text":"similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of","page_number":15,"box":{"x":81,"y":902,"width":849,"height":12}},{"id":"435b9a9f-9af7-435e-be4d-ae8684399a58","block_type":"box","text":"a security or other asset may decline due to changes in general market conditions, economic trends or events that","page_number":15,"box":{"x":81,"y":917,"width":843,"height":12}},{"id":"59e483cb-8c8f-402f-a19b-28ca2492a4d2","block_type":"box","text":"14","page_number":15,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2608bdad-5062-4343-b83b-a91a13886a27","block_type":"box","text":"NM1026U-5993019-15/69","page_number":15,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c45c000c-cb1f-4ab8-bfce-fbf9bd680209","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":16,"box":{"x":81,"y":46,"width":830,"height":11}},{"id":"79b9a564-e814-42a8-97ec-3692eaf82984","block_type":"box","text":"issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class.","page_number":16,"box":{"x":82,"y":60,"width":840,"height":12}},{"id":"0f4dbe20-4f52-4d85-83d2-fc777f707492","block_type":"box","text":"The success of a Fund’s activities could be affected by interest rates, availability of credit, inflation rates, economic","page_number":16,"box":{"x":81,"y":75,"width":851,"height":12}},{"id":"bb2d1a2c-1106-4d60-be80-a4dcf47b3040","block_type":"box","text":"uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, currency","page_number":16,"box":{"x":82,"y":90,"width":815,"height":12}},{"id":"35a9692c-29ca-48fc-9180-ab7ce48c03db","block_type":"box","text":"exchange controls, and local, regional or global events such as war, acts of terrorism, natural and environmental","page_number":16,"box":{"x":81,"y":105,"width":826,"height":12}},{"id":"f2f5f8b5-4037-42a9-9bdc-4715be9a8a86","block_type":"box","text":"disasters, the spread of infectious illness or other public health issues, recessions, or other events.","page_number":16,"box":{"x":81,"y":120,"width":735,"height":11}},{"id":"d3168ea2-f877-4144-aa1c-a10f5457db54","block_type":"box","text":"Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations,","page_number":16,"box":{"x":82,"y":140,"width":818,"height":11}},{"id":"dbd5d153-0304-4705-b7a9-a94d6cf2cc2d","block_type":"box","text":"trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in","page_number":16,"box":{"x":80,"y":155,"width":819,"height":11}},{"id":"114b32ff-edbe-41f8-95e0-d681bd3279d1","block_type":"box","text":"domestic and global markets, and could adversely affect the investment performance of the Fund. In particular,","page_number":16,"box":{"x":81,"y":169,"width":819,"height":12}},{"id":"e7c7af4c-7b2c-4c8c-98e2-3ba99d7c0ab0","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":16,"box":{"x":81,"y":184,"width":846,"height":12}},{"id":"a09ed36e-c5bc-43d9-a428-6d002bc8bfb2","block_type":"box","text":"costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where","page_number":16,"box":{"x":81,"y":199,"width":848,"height":12}},{"id":"8453e0da-842c-4d6c-bb16-52d1229cd279","block_type":"box","text":"the Fund invests.","page_number":16,"box":{"x":80,"y":214,"width":125,"height":9}},{"id":"b9037de6-94e1-4267-b4f8-cc629f580464","block_type":"box","text":"Operational and Technology Risks","page_number":16,"box":{"x":82,"y":234,"width":254,"height":11}},{"id":"36f4d677-7145-4fb9-9a86-ca854868997b","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":16,"box":{"x":340,"y":234,"width":549,"height":11}},{"id":"a415314a-ea03-4c2f-8b29-3de0dc5daad2","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":16,"box":{"x":81,"y":249,"width":790,"height":11}},{"id":"ed94ca9a-f405-4cb3-8d95-37e4b08f09f2","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine","page_number":16,"box":{"x":81,"y":263,"width":837,"height":12}},{"id":"ab1aef99-d118-4d83-8e5b-6fb857c7d9bc","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":16,"box":{"x":82,"y":278,"width":845,"height":12}},{"id":"1e1ff1c6-1e3f-462f-807f-683cb36a815b","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":16,"box":{"x":81,"y":293,"width":832,"height":12}},{"id":"f79ae605-2aaf-40ea-a1ed-7fe7fe57bd76","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":16,"box":{"x":82,"y":308,"width":763,"height":12}},{"id":"7dee18d0-6569-4ba3-9808-de4b650f2d89","block_type":"box","text":"counterparties, market makers, authorized participants, listing exchanges, other financial market operators, and","page_number":16,"box":{"x":81,"y":323,"width":825,"height":11}},{"id":"a413f5f7-a02f-477c-8b1c-b3327ce0c1b5","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":16,"box":{"x":81,"y":338,"width":842,"height":11}},{"id":"1e9e99d5-6252-4670-bb2e-7659c89c73cd","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":16,"box":{"x":81,"y":352,"width":852,"height":12}},{"id":"3b58cc17-f962-400e-bcac-73b61fc8e41e","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":16,"box":{"x":82,"y":368,"width":827,"height":11}},{"id":"0ecdc55a-b69b-432b-be42-5de8a33c8079","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":16,"box":{"x":81,"y":387,"width":821,"height":12}},{"id":"586d1215-99b7-4e0e-9395-0fd56aab0123","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":16,"box":{"x":82,"y":402,"width":814,"height":12}},{"id":"9ff9a85a-09d9-4a4d-bcda-cfb36bcda7f0","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":16,"box":{"x":81,"y":417,"width":824,"height":11}},{"id":"c7cf86d5-5e48-416f-91af-b76e2f8b7398","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":16,"box":{"x":81,"y":432,"width":791,"height":11}},{"id":"f4d22a69-8614-446a-bda9-6f2c4c082bf8","block_type":"box","text":"particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":16,"box":{"x":82,"y":447,"width":852,"height":11}},{"id":"87976644-f8b3-4fa5-a1ef-6c5c17f7b051","block_type":"box","text":"any of the following: financial losses; interference with the Fund’s ability to calculate its NAV; disclosure of","page_number":16,"box":{"x":81,"y":461,"width":784,"height":12}},{"id":"869bcc23-856d-4592-9a88-b51642924e8d","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":16,"box":{"x":81,"y":476,"width":787,"height":12}},{"id":"a86ed2f2-b8bc-4cee-af6e-0db4ecf4bc35","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations","page_number":16,"box":{"x":81,"y":491,"width":840,"height":11}},{"id":"bb81afb0-bf2a-4952-8d02-7c975e76f022","block_type":"box","text":"of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":16,"box":{"x":81,"y":506,"width":809,"height":11}},{"id":"8623f700-b6dd-440d-ae99-ace9ce19cf98","block_type":"box","text":"compensation costs; and other legal and compliance expenses. 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In addition, the risks of increased use of AI","page_number":16,"box":{"x":81,"y":595,"width":838,"height":11}},{"id":"9cd425d2-42a0-4b09-92b6-13e88125885d","block_type":"box","text":"technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI","page_number":16,"box":{"x":80,"y":610,"width":770,"height":11}},{"id":"fbbae809-4232-4af0-a852-5b0314e500f2","block_type":"box","text":"technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may","page_number":16,"box":{"x":80,"y":624,"width":792,"height":12}},{"id":"d94dfd55-6ab6-4c69-b4fe-c031dbde155b","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":16,"box":{"x":82,"y":640,"width":845,"height":11}},{"id":"218d4768-1e3d-47cc-b7fe-214ef2f7151c","block_type":"box","text":"technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted","page_number":16,"box":{"x":80,"y":654,"width":840,"height":12}},{"id":"751aa266-e5d0-4554-9473-13083be4ba47","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":16,"box":{"x":81,"y":669,"width":841,"height":12}},{"id":"18389400-420d-4d4a-b6bf-bc4bee695600","block_type":"box","text":"technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The","page_number":16,"box":{"x":80,"y":684,"width":847,"height":11}},{"id":"bf6cc069-fd94-41a7-92bc-3116d687a0cf","block_type":"box","text":"Fund and its shareholders could be negatively impacted as a result of these risks associated with AI technologies.","page_number":16,"box":{"x":82,"y":699,"width":838,"height":11}},{"id":"eb6153a1-5525-40c7-b3ce-b054526d20bd","block_type":"box","text":"AI technologies and their current and potential future applications, and the regulatory frameworks within which they","page_number":16,"box":{"x":81,"y":713,"width":847,"height":12}},{"id":"f3395659-d354-47a3-8b10-a17597426aa7","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":16,"box":{"x":81,"y":728,"width":845,"height":12}},{"id":"5777d504-91d9-4b14-9d5c-02d44313179a","block_type":"box","text":"and the associated risks to the Fund.","page_number":16,"box":{"x":81,"y":743,"width":273,"height":9}},{"id":"65707bd9-9cf0-4458-a56a-1be38c8a18e6","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":16,"box":{"x":81,"y":763,"width":769,"height":11}},{"id":"af98cd1d-a6f9-41e7-a25a-297c0066c41d","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":16,"box":{"x":81,"y":778,"width":855,"height":11}},{"id":"b1a41294-03ef-4b86-acf6-52c41843fd00","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":16,"box":{"x":80,"y":793,"width":848,"height":11}},{"id":"e6674e68-5743-4f14-85ac-1aedde34c51f","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":16,"box":{"x":81,"y":808,"width":777,"height":11}},{"id":"416d30b2-1fcd-41c6-9a48-ebdcbb1df395","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in","page_number":16,"box":{"x":81,"y":823,"width":824,"height":11}},{"id":"86259031-2b47-4ddd-a9d5-33c360369588","block_type":"box","text":"such plans and systems, including the possibility that certain risks that may affect the Fund have not been","page_number":16,"box":{"x":81,"y":837,"width":785,"height":12}},{"id":"e9a3582b-e210-4092-ae1d-c84313988c34","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":16,"box":{"x":82,"y":852,"width":853,"height":12}},{"id":"1980e393-e903-4954-97e3-a48dbd69d227","block_type":"box","text":"mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that","page_number":16,"box":{"x":82,"y":867,"width":855,"height":11}},{"id":"3eb5860d-800a-4dfd-9876-dadf81c27366","block_type":"box","text":"prevention and remediation efforts will not be successful or that incidents will go undetected. The Fund cannot","page_number":16,"box":{"x":82,"y":882,"width":813,"height":11}},{"id":"706cc322-abf0-4ca3-915c-67e085e0ed25","block_type":"box","text":"control the systems, information security or other cybersecurity of the issuers in which it invests or its service","page_number":16,"box":{"x":81,"y":896,"width":806,"height":12}},{"id":"111850ba-a6cf-464f-a55e-fb220eaca308","block_type":"box","text":"providers, counterparties, and other third parties whose activities affect the Fund.","page_number":16,"box":{"x":82,"y":911,"width":602,"height":12}},{"id":"6cb71240-5d90-4c13-934b-bf65ad02f98a","block_type":"box","text":"15","page_number":16,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"be2d2fdc-b817-4a42-b10f-b2f20b773509","block_type":"box","text":"NM1026U-5993019-16/69","page_number":16,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1b6b8d81-d405-428d-b7b1-36c366dd0164","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":17,"box":{"x":82,"y":46,"width":794,"height":11}},{"id":"29ffdc34-2e3d-4698-a8fc-2cb9f8443031","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":17,"box":{"x":81,"y":61,"width":840,"height":11}},{"id":"24c2a886-9f48-4356-a379-52c2afa66f52","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":17,"box":{"x":81,"y":75,"width":801,"height":12}},{"id":"ff78cc01-9112-4340-ba32-9d89ae250494","block_type":"box","text":"resources to monitor and implement required changes.","page_number":17,"box":{"x":82,"y":90,"width":402,"height":12}},{"id":"8986f5c7-3bc4-4356-9447-e92863eead7c","block_type":"box","text":"Preferred Securities Risk","page_number":17,"box":{"x":81,"y":110,"width":189,"height":9}},{"id":"dce911c4-cee4-4eb2-91a6-c6bc9dbf9304","block_type":"box","text":"— Preferred securities may pay fixed or adjustable rates of return. Preferred securities","page_number":17,"box":{"x":274,"y":110,"width":636,"height":12}},{"id":"edf7ef8a-b8f5-4c38-895c-eb4584007720","block_type":"box","text":"are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s","page_number":17,"box":{"x":81,"y":125,"width":824,"height":11}},{"id":"2dbf9934-1e04-489b-a15a-cc60626cbe7b","block_type":"box","text":"preferred securities generally pay dividends only after the company makes required payments to holders of its","page_number":17,"box":{"x":82,"y":140,"width":806,"height":11}},{"id":"7ae4f6ef-6ab6-40d2-a028-6dec43204511","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":17,"box":{"x":81,"y":155,"width":842,"height":11}},{"id":"5b7512e6-50bc-4ec2-b966-bb3fdd0aed10","block_type":"box","text":"and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred","page_number":17,"box":{"x":81,"y":169,"width":781,"height":12}},{"id":"ce953dcf-a5f4-4b85-a949-19aebafeeb97","block_type":"box","text":"securities of smaller companies may be more vulnerable to adverse developments than preferred securities of","page_number":17,"box":{"x":81,"y":184,"width":812,"height":12}},{"id":"65028567-d5dd-4e0d-9ed9-60e7ce76cd97","block_type":"box","text":"larger companies.","page_number":17,"box":{"x":82,"y":199,"width":129,"height":12}},{"id":"cdb2924a-f8b0-471f-b0a8-026c8f1e7e80","block_type":"box","text":"Risk of Investing in the United States","page_number":17,"box":{"x":81,"y":219,"width":283,"height":11}},{"id":"36084676-4d92-42ee-acdc-e88ea81a47dc","block_type":"box","text":"—","page_number":17,"box":{"x":369,"y":224,"width":17,"height":1}},{"id":"cc0c5ef4-b223-4dfa-aa59-32970ef99072","block_type":"box","text":"A decrease in imports or exports, changes in trade regulations, tariffs,","page_number":17,"box":{"x":390,"y":219,"width":519,"height":12}},{"id":"34bde678-7991-4908-89e6-38a7f44994e0","block_type":"box","text":"inflation and/or an economic recession in the United States may have a material adverse effect on the U.S.","page_number":17,"box":{"x":82,"y":234,"width":790,"height":11}},{"id":"70365952-4ff8-4d2d-8db6-ef751da199ab","block_type":"box","text":"economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the","page_number":17,"box":{"x":81,"y":249,"width":835,"height":11}},{"id":"1c0a97e5-5d9b-497a-8d94-603d66fa09f9","block_type":"box","text":"United States are changing many aspects of financial, commercial, public health, environmental, and other","page_number":17,"box":{"x":82,"y":263,"width":784,"height":12}},{"id":"762e4434-b80c-43e7-8876-ce353f34f03f","block_type":"box","text":"regulation and may have a significant effect on U.S. markets generally, as well as on the value of certain securities.","page_number":17,"box":{"x":82,"y":278,"width":849,"height":12}},{"id":"3c0f0bbf-abd0-4735-9ce9-7ecbdc8bd692","block_type":"box","text":"Governmental agencies project that the United States will continue to maintain elevated public debt levels for the","page_number":17,"box":{"x":81,"y":293,"width":832,"height":12}},{"id":"34300143-d27b-4da1-ac5a-e468f66eca67","block_type":"box","text":"foreseeable future. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated","page_number":17,"box":{"x":81,"y":308,"width":851,"height":12}},{"id":"6a8ce8a1-adb0-4fb8-9d73-648b0fbb9d02","block_type":"box","text":"public debt service costs may constrain future economic growth.","page_number":17,"box":{"x":82,"y":323,"width":471,"height":11}},{"id":"d733883a-f872-4ff6-8bbe-e95cd06d27ea","block_type":"box","text":"The United States has developed increasingly strained relations with a number of foreign countries. If relations with","page_number":17,"box":{"x":81,"y":343,"width":847,"height":11}},{"id":"d43153fb-67c2-46ad-ba2e-11c3d605f179","block_type":"box","text":"certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":17,"box":{"x":81,"y":358,"width":810,"height":11}},{"id":"d4a4900f-eec0-4464-a055-e69f0ccaac44","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and political discord. If","page_number":17,"box":{"x":82,"y":372,"width":832,"height":12}},{"id":"1d4e0f0a-d646-4184-b1e9-e7841b007663","block_type":"box","text":"these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the","page_number":17,"box":{"x":80,"y":387,"width":826,"height":12}},{"id":"9deb6eb5-58ed-4021-891e-7647d0eb36de","block_type":"box","text":"Fund invests.","page_number":17,"box":{"x":82,"y":402,"width":95,"height":9}},{"id":"70925b4d-a01a-4313-84b8-1a4fa4bb2ab6","block_type":"box","text":"Other Risks of Investing in the Fund","page_number":17,"box":{"x":61,"y":425,"width":296,"height":13}},{"id":"6040dbc6-6a44-42e6-8916-223295e7de4d","block_type":"box","text":"The Fund may also be subject to certain other non-principal risks associated with its investments and investment","page_number":17,"box":{"x":60,"y":442,"width":832,"height":11}},{"id":"0a5a9a4a-0e1e-4cd4-895b-a7fb09132700","block_type":"box","text":"strategies, including:","page_number":17,"box":{"x":61,"y":456,"width":151,"height":12}},{"id":"20ba61d5-a9a6-4613-9373-1d5755f9ab7e","block_type":"box","text":"Borrowing Risk","page_number":17,"box":{"x":81,"y":476,"width":115,"height":12}},{"id":"6e3f760a-2b0e-4d58-8e8c-7f7755829a94","block_type":"box","text":"— Borrowing may exaggerate changes in the net asset value of Fund shares and in the return on","page_number":17,"box":{"x":200,"y":476,"width":711,"height":12}},{"id":"e912a1f9-a6e6-4184-81ed-73f60c25de5d","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":17,"box":{"x":80,"y":491,"width":813,"height":12}},{"id":"ae4c732f-59d0-4907-be69-5cd28a3002db","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":17,"box":{"x":82,"y":506,"width":846,"height":11}},{"id":"22d1435f-5f07-464f-b537-61b201fd832f","block_type":"box","text":"do so to satisfy its obligations.","page_number":17,"box":{"x":81,"y":521,"width":225,"height":11}},{"id":"9fb6c301-c5b9-476d-9cb5-138dc1365153","block_type":"box","text":"Debt Securities Risk","page_number":17,"box":{"x":81,"y":541,"width":155,"height":9}},{"id":"bb127362-61a8-4e03-97b1-85fb0de92536","block_type":"box","text":"— Debt securities, such as bonds, involve credit risk. Credit risk refers to the possibility that","page_number":17,"box":{"x":240,"y":541,"width":682,"height":11}},{"id":"533d2ec4-9e47-4983-b180-a6898f041954","block_type":"box","text":"the issuer of a debt security (i.e., the borrower) will not be able to make payments of interest and principal when","page_number":17,"box":{"x":80,"y":555,"width":827,"height":12}},{"id":"7c13d439-779f-4663-8d86-cd83a3d628ea","block_type":"box","text":"due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect","page_number":17,"box":{"x":81,"y":570,"width":851,"height":12}},{"id":"310e4253-6c27-43a2-964e-7367ad67b3c5","block_type":"box","text":"the value of the Fund’s investment in that issuer. The degree of credit risk depends on both the financial condition","page_number":17,"box":{"x":80,"y":585,"width":840,"height":12}},{"id":"23a89df5-789d-43f1-aa8b-59ba2b3db795","block_type":"box","text":"of the issuer and the terms of the obligation. Debt securities are also subject to interest rate risk. Interest rate risk","page_number":17,"box":{"x":81,"y":600,"width":847,"height":12}},{"id":"51f7705c-88d4-4b54-8c3e-2937b4adec7e","block_type":"box","text":"is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt","page_number":17,"box":{"x":82,"y":615,"width":822,"height":11}},{"id":"d5634445-b92e-4b63-abb3-c6bad0982f55","block_type":"box","text":"securities with longer maturities will go up or down more in response to changes in interest rates than the market","page_number":17,"box":{"x":81,"y":630,"width":836,"height":11}},{"id":"6fd1e0ec-ff35-460e-af93-fb1c5a493db4","block_type":"box","text":"price of shorter term securities. The Fund may be subject to a greater risk of rising interest rates during a period of","page_number":17,"box":{"x":82,"y":644,"width":845,"height":12}},{"id":"b3bc2524-b04b-4afa-8f8d-2f9341bfda8c","block_type":"box","text":"low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened","page_number":17,"box":{"x":82,"y":659,"width":822,"height":12}},{"id":"dd853f34-4301-4433-a63c-be46195adf0e","block_type":"box","text":"market volatility, and could negatively impact the Fund’s performance.","page_number":17,"box":{"x":82,"y":674,"width":512,"height":12}},{"id":"ac1da6b2-8c1c-45bb-b5ee-299e936032b2","block_type":"box","text":"Derivatives Risk","page_number":17,"box":{"x":81,"y":694,"width":123,"height":9}},{"id":"cd6d4f34-b4eb-49b7-8dfd-d1a146da340b","block_type":"box","text":"— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or","page_number":17,"box":{"x":207,"y":694,"width":664,"height":12}},{"id":"da8ca457-8a92-4616-9c7e-d21a62ebef5c","block_type":"box","text":"increase volatility. Derivatives involve significant risks, including:","page_number":17,"box":{"x":82,"y":709,"width":469,"height":11}},{"id":"1275e9c7-4d7e-4c7b-baad-91db307fe63d","block_type":"box","text":"Leverage Risk","page_number":17,"box":{"x":82,"y":732,"width":102,"height":11}},{"id":"fde4a5ea-b57d-49c3-ad32-a27fd63e50aa","block_type":"box","text":"— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market","page_number":17,"box":{"x":188,"y":731,"width":723,"height":12}},{"id":"56b196e5-60c9-455a-b0fb-3ecbff668ccf","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":17,"box":{"x":82,"y":746,"width":832,"height":12}},{"id":"2ba9c7d3-d814-4064-ae84-8a7928314d26","block_type":"box","text":"exceed the amount originally invested.","page_number":17,"box":{"x":81,"y":761,"width":280,"height":12}},{"id":"f8a34710-e56b-4fc7-b58b-e3ef2849c684","block_type":"box","text":"Market Risk","page_number":17,"box":{"x":82,"y":784,"width":87,"height":9}},{"id":"aa569035-0951-42b3-bd3c-8e36c951095a","block_type":"box","text":"— Some derivatives are more sensitive to interest rate changes and market price fluctuations than","page_number":17,"box":{"x":173,"y":784,"width":728,"height":11}},{"id":"6e371b2a-16b3-4ef4-a99b-c8d690a7110e","block_type":"box","text":"other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated","page_number":17,"box":{"x":81,"y":798,"width":834,"height":12}},{"id":"c8d791a2-0353-4b1f-891e-7ab749c26a6f","block_type":"box","text":"market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly","page_number":17,"box":{"x":82,"y":814,"width":832,"height":11}},{"id":"77b78283-99f7-4934-8422-98819b268dd3","block_type":"box","text":"the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s","page_number":17,"box":{"x":80,"y":828,"width":779,"height":11}},{"id":"da400848-fd4f-48fe-aa9e-f2bce16b9b6d","block_type":"box","text":"derivatives positions to lose value.","page_number":17,"box":{"x":81,"y":843,"width":253,"height":11}},{"id":"f05ce2f0-27e4-4286-8f81-f07a517e14c7","block_type":"box","text":"Counterpar ty Risk","page_number":17,"box":{"x":82,"y":866,"width":131,"height":11}},{"id":"9bd7c0c8-926c-412a-9468-c1c1ad1939b7","block_type":"box","text":"— Derivatives are also subject to counterparty risk, which is the risk that the other party in the","page_number":17,"box":{"x":217,"y":866,"width":697,"height":11}},{"id":"5e45a213-a38a-4165-b3c2-855323c03de9","block_type":"box","text":"transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated","page_number":17,"box":{"x":80,"y":880,"width":855,"height":12}},{"id":"930e82bc-38a7-4ae8-ba4d-b22c9082b44e","block_type":"box","text":"exposure to such a counterparty.","page_number":17,"box":{"x":81,"y":895,"width":240,"height":12}},{"id":"d2b15441-63b7-4854-9d28-2b0f5117ba2e","block_type":"box","text":"16","page_number":17,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"47385bb1-b24d-43c9-813e-81319b81552b","block_type":"box","text":"NM1026U-5993019-17/69","page_number":17,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"11cd6ce7-d79b-4633-8c16-cd4afca25a73","block_type":"box","text":"Illiquidity Risk —","page_number":18,"box":{"x":82,"y":46,"width":122,"height":11}},{"id":"2f88ea3c-9d63-43e7-8598-6a29e28b1ae7","block_type":"box","text":"The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund","page_number":18,"box":{"x":208,"y":46,"width":728,"height":11}},{"id":"404ed8a7-b6cf-4750-822f-be31a9d62fb7","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":18,"box":{"x":80,"y":61,"width":839,"height":11}},{"id":"4f5ef0ba-2442-4b62-993a-959b60f1bc15","block_type":"box","text":"difficult for the Fund to value accurately.","page_number":18,"box":{"x":81,"y":75,"width":293,"height":12}},{"id":"9a53b248-418c-4806-a541-c4977a3dabfc","block_type":"box","text":"Operational Risk","page_number":18,"box":{"x":82,"y":98,"width":120,"height":11}},{"id":"13a68a29-70dc-4d21-aafd-e4435d5686b0","block_type":"box","text":"— The use of derivatives includes the risk of potential operational issues, including documentation","page_number":18,"box":{"x":206,"y":98,"width":727,"height":11}},{"id":"16569eb6-7188-4e6d-9ce2-141e1477d3ac","block_type":"box","text":"issues, settlement issues, systems failures, inadequate controls and human error.","page_number":18,"box":{"x":82,"y":113,"width":607,"height":11}},{"id":"6e64c0e6-1266-40b4-8773-0c77100f3b73","block_type":"box","text":"Legal Risk","page_number":18,"box":{"x":82,"y":135,"width":75,"height":12}},{"id":"d00be0ae-f2e1-4588-b59b-65dbe728ff3e","block_type":"box","text":"— The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or","page_number":18,"box":{"x":161,"y":135,"width":761,"height":12}},{"id":"eaa2fea5-a6a2-444f-8646-c7bf7222742b","block_type":"box","text":"enforceability of a contract.","page_number":18,"box":{"x":81,"y":150,"width":198,"height":11}},{"id":"2b4ae10f-9a0d-4269-946f-7154ec22555f","block_type":"box","text":"Volatility and Correlation Risk","page_number":18,"box":{"x":83,"y":173,"width":214,"height":11}},{"id":"be22f258-a5d7-4b29-b95f-23ac102f2e91","block_type":"box","text":"— The Fund’s use of derivatives may reduce the Fund’s returns and/or increase","page_number":18,"box":{"x":300,"y":173,"width":590,"height":11}},{"id":"fa575142-25e7-4140-adf8-1b413622405a","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":18,"box":{"x":80,"y":187,"width":855,"height":12}},{"id":"cf54d331-5008-47d2-a371-29cff054d22e","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":18,"box":{"x":80,"y":202,"width":820,"height":12}},{"id":"532b501f-ac7b-4389-a73a-4d05f05169bc","block_type":"box","text":"correlate with the overall securities markets.","page_number":18,"box":{"x":81,"y":217,"width":326,"height":9}},{"id":"bbdb3132-f83c-40f8-b76c-1419de54dc38","block_type":"box","text":"Valuation Risk","page_number":18,"box":{"x":83,"y":240,"width":102,"height":9}},{"id":"ee8ae630-882e-409a-9652-a80790553077","block_type":"box","text":"— Valuation for derivatives may not be readily available in the market. Valuation may be more difficult","page_number":18,"box":{"x":189,"y":240,"width":747,"height":11}},{"id":"d50c2a05-4696-470d-a2bc-58854195e306","block_type":"box","text":"in times of market turmoil since many investors and market makers may be reluctant to purchase complex","page_number":18,"box":{"x":82,"y":254,"width":783,"height":12}},{"id":"b1f51e2c-bf70-4223-a90d-bb47db1cb988","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":18,"box":{"x":82,"y":269,"width":837,"height":12}},{"id":"c7be8a0c-5178-4222-9611-bab8fd0dc3fc","block_type":"box","text":"Certain transactions in derivatives involve substantial leverage risk and may expose the Fund to potential losses","page_number":18,"box":{"x":81,"y":284,"width":826,"height":12}},{"id":"460b3b5f-afad-49fb-b473-31c207ab9dde","block_type":"box","text":"that exceed the amount originally invested by the Fund.","page_number":18,"box":{"x":80,"y":299,"width":405,"height":12}},{"id":"98116ecf-a42a-4f53-b800-779126233f2b","block_type":"box","text":"Hedging Risk","page_number":18,"box":{"x":82,"y":322,"width":95,"height":11}},{"id":"50d16b89-fe2f-481e-8957-d59f54b58462","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":18,"box":{"x":181,"y":322,"width":752,"height":11}},{"id":"3d8b2efc-0487-4659-af3e-74cccae67314","block_type":"box","text":"the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While","page_number":18,"box":{"x":80,"y":336,"width":820,"height":12}},{"id":"05eafd22-fa8c-4710-b205-e6450aaa5a6d","block_type":"box","text":"hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to","page_number":18,"box":{"x":82,"y":351,"width":823,"height":12}},{"id":"a26a5b40-41db-4d43-a863-e9f1f0648d90","block_type":"box","text":"imperfect matching between the derivative and the underlying security, and there can be no assurance that the","page_number":18,"box":{"x":82,"y":366,"width":813,"height":12}},{"id":"1692a29e-eed1-4e68-9f8b-e519968a88da","block_type":"box","text":"Fund’s hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences","page_number":18,"box":{"x":82,"y":381,"width":832,"height":11}},{"id":"49a9821e-4d73-4ad1-84e2-8511df812f8f","block_type":"box","text":"noted below.","page_number":18,"box":{"x":82,"y":396,"width":90,"height":9}},{"id":"fe0f1c26-6749-45d5-9603-9254fbd4baae","block_type":"box","text":"Tax Risk","page_number":18,"box":{"x":83,"y":418,"width":59,"height":9}},{"id":"a1ad29b6-910b-429b-88c0-f29b9b938600","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":18,"box":{"x":145,"y":418,"width":766,"height":12}},{"id":"1ba8a8ca-b778-471f-84a4-a6a183b9fac3","block_type":"box","text":"underlying asset and may adversely affect the timing, character and amount of income the Fund realizes from its","page_number":18,"box":{"x":82,"y":433,"width":826,"height":12}},{"id":"c524a114-9264-4911-b957-5b72ce491e1d","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":18,"box":{"x":82,"y":448,"width":846,"height":11}},{"id":"c12b69d2-9448-4428-aa9a-830bf8dc2eb3","block_type":"box","text":"capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal","page_number":18,"box":{"x":81,"y":463,"width":817,"height":11}},{"id":"5e43bb28-df6b-41c4-9b38-0a134271e50a","block_type":"box","text":"Revenue Code of 1986, as amended (the “Internal Revenue Code”). If such provisions are applicable, there could","page_number":18,"box":{"x":82,"y":477,"width":835,"height":12}},{"id":"3ebf2e65-bce9-46c2-b3d3-f667fb5e5bdd","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":18,"box":{"x":81,"y":492,"width":840,"height":12}},{"id":"b1da7f8a-ec3d-4af7-ac8f-fa0a993bbdb8","block_type":"box","text":"certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or","page_number":18,"box":{"x":81,"y":507,"width":750,"height":12}},{"id":"64dfb116-c8be-41e2-bbf7-8fdb09f3c100","block_type":"box","text":"administrative pronouncements issued by the Internal Revenue Service (the “IRS”).","page_number":18,"box":{"x":81,"y":522,"width":611,"height":11}},{"id":"97c41182-50ed-4e5b-94b3-f4fff89505ca","block_type":"box","text":"Regulatory Risk","page_number":18,"box":{"x":82,"y":545,"width":115,"height":11}},{"id":"34fdbc51-355b-4498-95a4-e1dff4157bad","block_type":"box","text":"— Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and","page_number":18,"box":{"x":201,"y":545,"width":688,"height":11}},{"id":"d48ec0a5-f619-4b31-a46c-b7cef5d616aa","block_type":"box","text":"Consumer Protection Act (the “Dodd-Frank Act”) in the United States and under comparable regimes in Europe, Asia","page_number":18,"box":{"x":81,"y":559,"width":851,"height":12}},{"id":"e791db9d-5be0-44fa-b0ef-4e3b580e8f8b","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":18,"box":{"x":81,"y":574,"width":811,"height":12}},{"id":"f8203942-f5df-4428-924e-ef200e6d4612","block_type":"box","text":"required to exchange variation margin with the Fund and may be required by applicable regulations to collect and/or","page_number":18,"box":{"x":82,"y":589,"width":850,"height":12}},{"id":"3fd65318-e667-4fc5-90eb-dcfa4b093f8f","block_type":"box","text":"exchange initial margin with the Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":18,"box":{"x":81,"y":604,"width":850,"height":11}},{"id":"3b4c0d3b-6403-4a80-9678-58c3ad960500","block_type":"box","text":"subject to applicable regulatory haircuts. In certain cases, shares of investment companies may not be posted as","page_number":18,"box":{"x":81,"y":619,"width":838,"height":11}},{"id":"a97b6295-74ab-4f6a-9eb7-443fb5755480","block_type":"box","text":"collateral under applicable regulations. In addition, regulations adopted by global prudential regulators require","page_number":18,"box":{"x":81,"y":634,"width":807,"height":11}},{"id":"00200c55-9bd6-4be4-99eb-c3a82ca65d59","block_type":"box","text":"certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts,","page_number":18,"box":{"x":81,"y":648,"width":787,"height":12}},{"id":"fcb42083-9453-45a6-8ece-72abb49c6382","block_type":"box","text":"including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Fund, to","page_number":18,"box":{"x":82,"y":663,"width":837,"height":12}},{"id":"37d98430-34dd-4448-9545-7c87a94de4be","block_type":"box","text":"terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":18,"box":{"x":80,"y":678,"width":804,"height":12}},{"id":"7d18c9da-e334-4f9a-8b4c-fc898fb0e637","block_type":"box","text":"support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or","page_number":18,"box":{"x":81,"y":693,"width":781,"height":11}},{"id":"19da2fa8-a7e6-4262-9b72-eda860c5c7ad","block_type":"box","text":"insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as","page_number":18,"box":{"x":82,"y":708,"width":773,"height":11}},{"id":"d8579c72-895f-48f0-91f7-327ba9010bc8","block_type":"box","text":"regulations under global regulations regarding clearing, mandatory trading and margining of other derivatives, may","page_number":18,"box":{"x":82,"y":722,"width":836,"height":12}},{"id":"808749d3-e5b6-4508-a426-431e58c08c7e","block_type":"box","text":"increase the costs and risks to the Fund of trading in these instruments and, as a result, may affect returns to","page_number":18,"box":{"x":82,"y":737,"width":814,"height":12}},{"id":"90b0cffe-e633-40c9-991b-5bda727d213f","block_type":"box","text":"investors in the Fund.","page_number":18,"box":{"x":82,"y":752,"width":156,"height":9}},{"id":"06d6fa84-0971-423b-ac46-58624809306f","block_type":"box","text":"Future regulatory developments may impact the Fund’s ability to invest or remain invested in certain derivatives.","page_number":18,"box":{"x":82,"y":775,"width":823,"height":11}},{"id":"2e5583b0-0ddc-457d-b989-98f199ba526d","block_type":"box","text":"Legislation or regulation may also change the way in which the Fund itself is regulated. BlackRock cannot predict","page_number":18,"box":{"x":82,"y":789,"width":827,"height":12}},{"id":"4e50fc97-2e24-4706-a039-fa39ce5ffcd5","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":18,"box":{"x":80,"y":804,"width":849,"height":12}},{"id":"2b8db049-6587-4283-a4e1-77326648c08c","block_type":"box","text":"any other financial derivative product, and there can be no assurance that any new governmental regulation will not","page_number":18,"box":{"x":81,"y":819,"width":846,"height":12}},{"id":"4a4235c8-121a-4a4d-8620-a7a01fc5ff3e","block_type":"box","text":"adversely affect the Fund’s ability to achieve its investment objective.","page_number":18,"box":{"x":81,"y":834,"width":509,"height":11}},{"id":"69fb2118-bf72-44e9-9690-931b29c07708","block_type":"box","text":"Risks Specific to Cer tain Derivatives Used by the Fund","page_number":18,"box":{"x":82,"y":856,"width":399,"height":12}},{"id":"8a6cb42c-d871-4dac-a2f2-22b0521a08bb","block_type":"box","text":"Swaps","page_number":18,"box":{"x":102,"y":877,"width":47,"height":11}},{"id":"6e2dbcef-03bb-4055-b964-fae5bc2ec96c","block_type":"box","text":"— Swap agreements, including total return swaps that may be referred to as contracts for difference, are","page_number":18,"box":{"x":154,"y":876,"width":775,"height":12}},{"id":"0e97abde-0a61-4011-a92f-5b989a8f2ff8","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":18,"box":{"x":101,"y":891,"width":829,"height":12}},{"id":"4a0b7bae-d064-4420-991e-0a7d53eeefcc","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":18,"box":{"x":101,"y":906,"width":807,"height":12}},{"id":"4387e14b-ac6a-4ef4-95a3-d35602b14aec","block_type":"box","text":"17","page_number":18,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"ce14a8f4-afd0-44c7-886e-d125ec43ed22","block_type":"box","text":"NM1026U-5993019-18/69","page_number":18,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"86d28f0a-6a5f-4d6c-81a5-a61cb372500a","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":19,"box":{"x":102,"y":46,"width":811,"height":11}},{"id":"134ef778-215d-4861-9213-47fba18e3a1f","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":19,"box":{"x":101,"y":60,"width":820,"height":12}},{"id":"e28b05ad-2560-4f99-aee5-577e2ea22b95","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":19,"box":{"x":102,"y":75,"width":791,"height":12}},{"id":"98c407de-d1b6-4007-8bd7-484fe5e8ac47","block_type":"box","text":"correlation between the return on the Fund’s obligation to its counterparty and the return on the referenced","page_number":19,"box":{"x":101,"y":90,"width":789,"height":12}},{"id":"90065140-54c2-4a0c-9a2f-6ec262734f41","block_type":"box","text":"asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.","page_number":19,"box":{"x":101,"y":105,"width":796,"height":12}},{"id":"3324ff64-0556-4ca7-8077-e441775f083d","block_type":"box","text":"Forward Foreign Currency Exchange Contracts","page_number":19,"box":{"x":102,"y":125,"width":335,"height":11}},{"id":"d515b55d-a655-4461-84e9-9296080bcced","block_type":"box","text":"— Forward foreign currency exchange transactions are OTC","page_number":19,"box":{"x":442,"y":125,"width":437,"height":11}},{"id":"86f11962-d894-4111-99ac-a1efe18ccd5c","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":19,"box":{"x":101,"y":140,"width":820,"height":11}},{"id":"0babce70-4a49-40be-a6cf-0b4b7a5d8336","block_type":"box","text":"and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate","page_number":19,"box":{"x":101,"y":155,"width":801,"height":11}},{"id":"85d27316-258e-48df-af0d-56b6d71ea43d","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":19,"box":{"x":101,"y":169,"width":824,"height":12}},{"id":"925d8ae5-9fca-4bce-8005-9b4c84b649f6","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":19,"box":{"x":101,"y":184,"width":831,"height":12}},{"id":"d9af2650-f1fc-4e62-a133-d95e406335ec","block_type":"box","text":"Futures","page_number":19,"box":{"x":102,"y":204,"width":54,"height":9}},{"id":"f7e520cf-5720-4f1e-9cd9-6a95f836246d","block_type":"box","text":"— Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a","page_number":19,"box":{"x":161,"y":204,"width":765,"height":12}},{"id":"d40aef8d-0197-4c7c-b43b-5ed9a0d615d3","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":19,"box":{"x":101,"y":219,"width":786,"height":11}},{"id":"f18ade24-d0b8-40af-a473-9b12a33cf372","block_type":"box","text":"primary risks associated with the use of futures contracts and options are: (a) the imperfect correlations","page_number":19,"box":{"x":102,"y":234,"width":769,"height":11}},{"id":"7be39bb6-99ec-42a5-ba26-99a70d0ce965","block_type":"box","text":"between the change in market value of the instruments held by the Fund and the price of the futures contract or","page_number":19,"box":{"x":102,"y":249,"width":822,"height":11}},{"id":"47631991-09bb-4c7a-aeac-021c9f706a3f","block_type":"box","text":"option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close","page_number":19,"box":{"x":101,"y":263,"width":832,"height":12}},{"id":"dd052df3-cc72-4fca-beba-b134eb77ec14","block_type":"box","text":"a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially","page_number":19,"box":{"x":101,"y":278,"width":806,"height":12}},{"id":"3b52bffd-a09e-40a6-8b13-1527765af9b6","block_type":"box","text":"unlimited; (d) the investment adviser’s inability to predict correctly the direction of securities prices, interest","page_number":19,"box":{"x":102,"y":293,"width":793,"height":12}},{"id":"5b5bae6a-24ee-493f-a54b-486c9a1f54c4","block_type":"box","text":"rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will","page_number":19,"box":{"x":102,"y":308,"width":787,"height":12}},{"id":"b01de3b8-c9bf-4277-a6fd-f309cd3b8c0f","block_type":"box","text":"default in the performance of its obligations.","page_number":19,"box":{"x":101,"y":323,"width":327,"height":11}},{"id":"031f9286-5b7a-42f8-bf54-8e429343af40","block_type":"box","text":"Options","page_number":19,"box":{"x":102,"y":343,"width":55,"height":11}},{"id":"a6e59a4d-0236-4443-8134-0048b50261ad","block_type":"box","text":"— An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser)","page_number":19,"box":{"x":162,"y":343,"width":772,"height":11}},{"id":"13992ed3-c34c-4838-acd6-97923f558c7c","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":19,"box":{"x":101,"y":358,"width":812,"height":11}},{"id":"e8298446-da2d-4a53-b423-1145221ef6bb","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":19,"box":{"x":101,"y":372,"width":827,"height":12}},{"id":"0fa907ea-8708-4dd2-9d6d-2407d7383931","block_type":"box","text":"a period of time or on a specified date. Investments in options are considered speculative. When the Fund","page_number":19,"box":{"x":101,"y":387,"width":781,"height":11}},{"id":"c3664d13-ce8b-44d0-aec8-981e56ba7135","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":19,"box":{"x":102,"y":402,"width":785,"height":12}},{"id":"5cf0900b-cd3c-413c-8d2f-07e695f4c71e","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":19,"box":{"x":101,"y":417,"width":831,"height":11}},{"id":"3b84f515-c74a-4cd9-8404-2bff247866df","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":19,"box":{"x":101,"y":432,"width":814,"height":11}},{"id":"529bbaf8-f043-43c6-b66c-5f3b5215d23a","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":19,"box":{"x":101,"y":447,"width":826,"height":11}},{"id":"5355b713-b7f5-4a00-9203-ff81c28665a2","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":19,"box":{"x":101,"y":462,"width":822,"height":11}},{"id":"e91ca354-c6f9-4d4e-b0c0-bba4eddb665e","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":19,"box":{"x":101,"y":476,"width":816,"height":12}},{"id":"59e2664d-61ff-47c6-841f-994aa8bc37d0","block_type":"box","text":"written option, the Fund could experience a substantial loss.","page_number":19,"box":{"x":101,"y":491,"width":442,"height":11}},{"id":"4975ac5d-09fc-4eee-80cb-2e0d09ebf112","block_type":"box","text":"Expense Risk","page_number":19,"box":{"x":81,"y":511,"width":102,"height":11}},{"id":"cdd65e6f-618b-4f27-8e41-3f24d6fddd39","block_type":"box","text":"— Fund expenses are subject to a variety of factors, including fluctuations in the Fund’s net assets.","page_number":19,"box":{"x":187,"y":511,"width":734,"height":12}},{"id":"1aa7503f-6c7c-4449-bc90-8f9c45c4ab41","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":19,"box":{"x":81,"y":526,"width":855,"height":11}},{"id":"c37ae81a-4d2b-4517-82da-aac7f77988c1","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":19,"box":{"x":82,"y":541,"width":842,"height":11}},{"id":"3b668149-8ec7-4ce0-a6b1-ac69cc6d65e7","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":19,"box":{"x":82,"y":555,"width":808,"height":12}},{"id":"4a859e0d-d767-4f30-a51a-c7cb0f624ec6","block_type":"box","text":"significant.","page_number":19,"box":{"x":81,"y":570,"width":78,"height":12}},{"id":"057ca680-a903-416b-b8bc-26ee6e23a3f4","block_type":"box","text":"Illiquid Investments Risk","page_number":19,"box":{"x":81,"y":590,"width":186,"height":12}},{"id":"c4d4cc06-3f08-45a7-aa03-facd6d3036e1","block_type":"box","text":"— The Fund may not acquire any illiquid investment if, immediately after the acquisition,","page_number":19,"box":{"x":271,"y":590,"width":648,"height":12}},{"id":"a939f70a-fc9c-4721-84ce-9e34e2a38105","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":19,"box":{"x":80,"y":605,"width":841,"height":12}},{"id":"e868f2cc-25d1-4721-9806-bd1d63607523","block_type":"box","text":"investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":19,"box":{"x":82,"y":620,"width":831,"height":11}},{"id":"b2b64071-644b-43a1-b861-1a17f371f1fe","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment.","page_number":19,"box":{"x":81,"y":635,"width":811,"height":11}},{"id":"21272a0f-4c1d-40cc-9b45-38a3ca2049e2","block_type":"box","text":"Liquid investments may become illiquid after purchase by the Fund, particularly during periods of market turmoil.","page_number":19,"box":{"x":82,"y":650,"width":825,"height":11}},{"id":"b2f130a0-c75d-4d2c-8f2e-576bea5a43bd","block_type":"box","text":"There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue","page_number":19,"box":{"x":81,"y":665,"width":837,"height":11}},{"id":"f6d64c2f-9b0b-4b7c-b6fe-34fae959704b","block_type":"box","text":"to be liquid for as long as it is held by the Fund, and any security or instrument held by the Fund may be deemed an","page_number":19,"box":{"x":80,"y":679,"width":851,"height":12}},{"id":"652d1dc6-ea42-4ae9-a450-48cb8cdf65d7","block_type":"box","text":"illiquid investment pursuant to the Fund’s liquidity risk management program. The Fund’s illiquid investments may","page_number":19,"box":{"x":82,"y":694,"width":835,"height":12}},{"id":"d54551cc-008e-4a45-ab9e-37eb69984d6f","block_type":"box","text":"reduce the returns of the Fund because it may be difficult to sell the illiquid investments at an advantageous time","page_number":19,"box":{"x":82,"y":709,"width":835,"height":11}},{"id":"752af78f-ab19-4b6f-941a-c2a66687edcb","block_type":"box","text":"or price. In addition, if the Fund is limited in its ability to dispose of illiquid investments during periods when","page_number":19,"box":{"x":81,"y":724,"width":791,"height":11}},{"id":"2e667f2c-4da3-46b9-bd1c-3049f3ac1504","block_type":"box","text":"shareholders are redeeming or selling their shares or the Fund’s net assets otherwise shrink, the Fund will need to","page_number":19,"box":{"x":81,"y":739,"width":846,"height":11}},{"id":"e3a8c92c-72a8-4b88-b918-f4e5b258a136","block_type":"box","text":"dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the","page_number":19,"box":{"x":81,"y":753,"width":835,"height":12}},{"id":"b6b517bd-153a-43ab-8a9e-1199fc8b68b4","block_type":"box","text":"Fund’s holdings. An investment may be illiquid due to, among other things, the lack of an active trading market. To","page_number":19,"box":{"x":82,"y":768,"width":839,"height":12}},{"id":"375316c2-5ca7-4b45-bc64-5f9811923a8d","block_type":"box","text":"the extent that the Fund’s principal investment strategies involve derivatives or securities with substantial market","page_number":19,"box":{"x":80,"y":783,"width":834,"height":12}},{"id":"4079cf09-300c-4459-bcf1-3c35bc6f0e62","block_type":"box","text":"and/or credit risk, the Fund will tend to have greater exposure to the risks associated with illiquid investments.","page_number":19,"box":{"x":81,"y":798,"width":815,"height":11}},{"id":"676050af-799e-417c-81a1-55266cad26c7","block_type":"box","text":"Illiquid investments may be harder to value, especially in changing markets, and if the Fund is forced to sell these","page_number":19,"box":{"x":82,"y":813,"width":835,"height":11}},{"id":"53283d46-c611-4807-8793-caa0e59479c3","block_type":"box","text":"investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. In addition, when","page_number":19,"box":{"x":82,"y":827,"width":827,"height":12}},{"id":"f6ca30fd-4ce7-4fe0-9735-05ca8398118f","block_type":"box","text":"there is illiquidity in the market for certain securities, the Fund, due to limitations on illiquid investments, may be","page_number":19,"box":{"x":80,"y":842,"width":831,"height":12}},{"id":"5121f3a3-dc50-459e-9290-6b40fff0aec6","block_type":"box","text":"subject to purchase and sale restrictions.","page_number":19,"box":{"x":81,"y":857,"width":304,"height":12}},{"id":"7ea34fbd-8703-41b2-9e82-4597ef1207b5","block_type":"box","text":"Indexed and Inverse Securities Risk","page_number":19,"box":{"x":81,"y":877,"width":271,"height":9}},{"id":"9552969e-b898-4a54-b8c9-09ae60b64b41","block_type":"box","text":"—","page_number":19,"box":{"x":356,"y":883,"width":17,"height":0}},{"id":"c63adde3-2e34-4c63-bdb5-b9de9fde01ad","block_type":"box","text":"Indexed and inverse securities provide a potential return based on a","page_number":19,"box":{"x":379,"y":877,"width":499,"height":11}},{"id":"44725a8d-fd01-46e3-9d4a-1ef4b5a26eff","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":19,"box":{"x":82,"y":892,"width":839,"height":11}},{"id":"27d56345-bd52-4c57-af46-872c4e030aa9","block_type":"box","text":"to the value of the particular index. These securities are subject to leverage risk and correlation risk. Certain","page_number":19,"box":{"x":80,"y":907,"width":799,"height":11}},{"id":"7de4d587-6b01-4f44-b502-19ec785d56b2","block_type":"box","text":"18","page_number":19,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"6b157a30-f247-4bbc-8b99-a0bdd70552c0","block_type":"box","text":"NM1026U-5993019-19/69","page_number":19,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"12f4177c-012a-4f48-af88-a70ec06560a8","block_type":"box","text":"indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other","page_number":20,"box":{"x":82,"y":46,"width":796,"height":11}},{"id":"7cdec93e-8c53-4a48-b6f6-61ae2259ab5b","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":20,"box":{"x":81,"y":60,"width":855,"height":12}},{"id":"c8552082-bba0-4090-aa8d-974ba146f76e","block_type":"box","text":"levels move in a way Fund management does not anticipate.","page_number":20,"box":{"x":82,"y":76,"width":441,"height":11}},{"id":"863c2217-825c-4190-8e2b-0ce754b99dc1","block_type":"box","text":"Investment in Other Investment Companies Risk","page_number":20,"box":{"x":81,"y":95,"width":366,"height":12}},{"id":"1982e178-4b57-4bfd-9c3f-19e895c06487","block_type":"box","text":"— As with other investments, investments in other investment","page_number":20,"box":{"x":450,"y":96,"width":459,"height":10}},{"id":"ddca0380-db3b-423a-aedc-d366ed66a03d","block_type":"box","text":"companies, including ETFs, are subject to market and selection risk. In addition, if the Fund acquires shares of","page_number":20,"box":{"x":81,"y":110,"width":815,"height":12}},{"id":"b7936463-0a6c-4a1a-939d-5b7cde7f467e","block_type":"box","text":"investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of","page_number":20,"box":{"x":82,"y":125,"width":844,"height":11}},{"id":"3286bc4b-1af3-430a-b44c-3ef4b8804a99","block_type":"box","text":"expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment","page_number":20,"box":{"x":81,"y":140,"width":822,"height":11}},{"id":"ab6d55d4-7bb7-45e0-ad1b-d982e99c36f6","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":20,"box":{"x":81,"y":155,"width":829,"height":11}},{"id":"7c6a52a5-b723-4713-937d-411732c1a20f","block_type":"box","text":"fund, the ability of the Fund itself to hold other investment companies may be limited.","page_number":20,"box":{"x":81,"y":169,"width":628,"height":12}},{"id":"77ebb1e8-c784-42e0-b7a6-7f2e161a5b98","block_type":"box","text":"Large Shareholder and Large-Scale Redemption Risk","page_number":20,"box":{"x":81,"y":190,"width":396,"height":11}},{"id":"2c1ad7df-03be-485f-8fec-f59ec783b9a9","block_type":"box","text":"— Certain shareholders, including a third-party investor, the","page_number":20,"box":{"x":481,"y":190,"width":440,"height":11}},{"id":"f16f376a-6bea-4c69-ba71-13ee035697e9","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":20,"box":{"x":82,"y":204,"width":801,"height":12}},{"id":"e5992c6f-88e7-4d38-b8a2-d0c17ada23a6","block_type":"box","text":"substantial amount of Fund shares, including funds or accounts over which the Fund’s adviser has discretion, or","page_number":20,"box":{"x":81,"y":219,"width":825,"height":12}},{"id":"d84d44e3-1795-4949-b938-2e3ed2c4b6cf","block_type":"box","text":"may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any","page_number":20,"box":{"x":82,"y":234,"width":816,"height":11}},{"id":"734fdd84-5d27-4b8d-bbbb-8b1d093c0e1c","block_type":"box","text":"large shareholder or large group of shareholders would not redeem their investment or that the size of the Fund","page_number":20,"box":{"x":82,"y":249,"width":818,"height":11}},{"id":"c99ff1f3-f8bb-474a-9e5f-8e164714421e","block_type":"box","text":"would be maintained. Redemptions of a large number of Fund shares by these shareholders may adversely affect","page_number":20,"box":{"x":80,"y":263,"width":835,"height":12}},{"id":"ef545208-923b-4904-b221-02c8468a89e9","block_type":"box","text":"the Fund’s liquidity and net assets. These redemptions may force the Fund to sell portfolio securities to meet","page_number":20,"box":{"x":80,"y":278,"width":807,"height":12}},{"id":"4ab1be40-1e5f-48f7-9599-109115f8bd06","block_type":"box","text":"redemption requests when it might not otherwise do so, which may negatively impact the Fund’s NAV and increase","page_number":20,"box":{"x":82,"y":293,"width":841,"height":12}},{"id":"c6f63b27-f70d-4e4e-814a-d79df2b3d0fa","block_type":"box","text":"the Fund’s brokerage costs and/or accelerate the realization of taxable income and cause the Fund to make taxable","page_number":20,"box":{"x":80,"y":308,"width":855,"height":12}},{"id":"36567d3d-8098-43e5-b6ca-eafd50c24333","block_type":"box","text":"distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain","page_number":20,"box":{"x":81,"y":323,"width":751,"height":11}},{"id":"18924d5b-6086-4252-9fa0-4a3255f6e421","block_type":"box","text":"circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable","page_number":20,"box":{"x":81,"y":338,"width":785,"height":11}},{"id":"49f9ba13-ba2b-42d6-9380-c5d9761d9905","block_type":"box","text":"distribution during or with respect to such tax year. The effects of taxable income and/or gains resulting from such","page_number":20,"box":{"x":81,"y":352,"width":841,"height":12}},{"id":"95604a12-45d7-4e24-b5ea-078b385e2c63","block_type":"box","text":"transactions would particularly impact non-redeeming shareholders who do not hold their Fund shares in an IRA,","page_number":20,"box":{"x":80,"y":368,"width":824,"height":11}},{"id":"fa78cfcc-c6f5-4f61-9a49-0390f1bf21a6","block_type":"box","text":"401(k) plan or other tax-advantaged plan. To the extent that such transactions result in short-term capital gains,","page_number":20,"box":{"x":81,"y":382,"width":822,"height":12}},{"id":"0764fe57-884d-4097-85f6-a797041548e0","block_type":"box","text":"such gains will generally be taxed at the ordinary income tax rate for shareholders who hold Fund shares in a","page_number":20,"box":{"x":81,"y":397,"width":801,"height":12}},{"id":"b37248ff-3fe8-46c3-a21d-f1edc942b420","block_type":"box","text":"taxable account. The Fund also may be required to sell its more liquid Fund investments to meet a large","page_number":20,"box":{"x":80,"y":412,"width":765,"height":11}},{"id":"f760ef98-07da-4a78-9a5a-8e0b4655e5ef","block_type":"box","text":"redemption, in which case the Fund’s remaining assets may be less liquid, more volatile, and more difficult to price.","page_number":20,"box":{"x":82,"y":427,"width":852,"height":11}},{"id":"413f5234-5f6c-4fd4-8b7a-5d6a1acc42d2","block_type":"box","text":"In addition, large redemptions can result in the Fund’s current expenses being allocated over a smaller asset base,","page_number":20,"box":{"x":82,"y":442,"width":847,"height":11}},{"id":"f426ca57-4f54-43d1-8dd1-1d1c02405df6","block_type":"box","text":"which generally results in an increase in the Fund’s expense ratio. Because large redemptions can adversely affect","page_number":20,"box":{"x":80,"y":456,"width":847,"height":12}},{"id":"a735f766-f1a2-4df9-85a3-7b9c0a7136fe","block_type":"box","text":"a portfolio manager’s ability to implement a fund’s investment strategy, the Fund also reserves the right to redeem","page_number":20,"box":{"x":81,"y":471,"width":845,"height":12}},{"id":"b665dbda-cc7b-473f-a7f5-aff65439d525","block_type":"box","text":"in kind, subject to certain conditions. See “How to Buy, Sell, Exchange and Transfer Shares - Redemption Proceeds -","page_number":20,"box":{"x":82,"y":486,"width":854,"height":11}},{"id":"42abdcc8-2453-474b-991c-d4da1fe122b2","block_type":"box","text":"Redemption in Kind” below. In addition, large purchases of Fund shares may adversely affect the Fund’s","page_number":20,"box":{"x":82,"y":501,"width":765,"height":11}},{"id":"990a1180-8ac3-4200-9184-041ff5e085d5","block_type":"box","text":"performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash","page_number":20,"box":{"x":82,"y":516,"width":839,"height":11}},{"id":"0a13bcb6-e6f2-46d6-b325-3f134e62b9b8","block_type":"box","text":"position than it ordinarily would, diluting its investment returns.","page_number":20,"box":{"x":82,"y":531,"width":461,"height":11}},{"id":"c4739a73-d889-4d1d-b5aa-b1eefd8c0680","block_type":"box","text":"Leverage Risk","page_number":20,"box":{"x":81,"y":550,"width":107,"height":12}},{"id":"64401f02-ffe8-4e31-a4d3-b3a0939ee0b2","block_type":"box","text":"— Some transactions may give rise to a form of economic leverage. These transactions may include,","page_number":20,"box":{"x":192,"y":550,"width":741,"height":12}},{"id":"5464751e-f0f6-4346-9198-ef74771251c9","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":20,"box":{"x":81,"y":565,"width":787,"height":12}},{"id":"29d2d9e5-fd5e-4188-bd67-dab3a5a9c6b1","block_type":"box","text":"investment company registered with the Securities and Exchange Commission, the Fund is subject to the federal","page_number":20,"box":{"x":82,"y":580,"width":825,"height":12}},{"id":"2cafefd4-edcf-48ec-99a4-434e71e6d6ce","block_type":"box","text":"securities laws, including the Investment Company Act. Under Rule 18f-4 under the Investment Company Act, among","page_number":20,"box":{"x":81,"y":595,"width":856,"height":11}},{"id":"7cb1aa3b-91d4-4e8f-aa50-a1d9a7d9aa5e","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":20,"box":{"x":81,"y":610,"width":852,"height":11}},{"id":"3b302fa5-8038-429f-a27e-4dcb702b05e9","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":20,"box":{"x":82,"y":624,"width":845,"height":12}},{"id":"f16e04ac-6ba1-4f5f-85d5-5ab818843604","block_type":"box","text":"be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment","page_number":20,"box":{"x":81,"y":639,"width":797,"height":12}},{"id":"f900c0ae-da92-4e3c-81a3-fe39ba4b6651","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":20,"box":{"x":81,"y":654,"width":787,"height":12}},{"id":"778c0e34-4c4b-4eda-91be-dbb7c9954eb5","block_type":"box","text":"magnified when the Fund uses leverage.","page_number":20,"box":{"x":82,"y":669,"width":293,"height":12}},{"id":"fbe5a484-3e94-4215-92a7-2e576d27b38c","block_type":"box","text":"Mid Cap Securities Risk","page_number":20,"box":{"x":81,"y":689,"width":182,"height":11}},{"id":"9818df5e-1f1e-4a70-b470-4f39bbb8dc50","block_type":"box","text":"— The securities of mid cap companies generally trade in lower volumes and are generally","page_number":20,"box":{"x":267,"y":689,"width":665,"height":11}},{"id":"2ba64aaa-43d8-4288-b96f-98e21c949338","block_type":"box","text":"subject to greater and less predictable price changes than the securities of larger capitalization companies.","page_number":20,"box":{"x":81,"y":704,"width":789,"height":11}},{"id":"70f472a6-add9-4179-9f82-3e95b4ceb808","block_type":"box","text":"Ownership Limitations Risk","page_number":20,"box":{"x":82,"y":724,"width":205,"height":11}},{"id":"ebf73c38-066a-4540-a85c-2b5fe32c4de9","block_type":"box","text":"— If certain aggregate and/or fund-level ownership thresholds are reached through","page_number":20,"box":{"x":291,"y":724,"width":610,"height":11}},{"id":"8e82a1f4-bc9a-460f-baae-34cffe7d32bd","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":20,"box":{"x":80,"y":739,"width":849,"height":11}},{"id":"8c754842-5d1b-45db-a87b-42f36c92890b","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":20,"box":{"x":81,"y":753,"width":798,"height":12}},{"id":"4e4dd4da-ab1f-462c-b118-d59a11341687","block_type":"box","text":"purchase or dispose of investments, exercise rights or undertake business transactions may be restricted by law,","page_number":20,"box":{"x":82,"y":768,"width":833,"height":12}},{"id":"4c2c052c-0e4b-4bae-a31e-bd23b214484c","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":20,"box":{"x":82,"y":783,"width":851,"height":12}},{"id":"db804d36-902e-4e96-bce6-34a73d1317f3","block_type":"box","text":"be affected by the relevant threshold limits, and such limitations may have adverse effects on the liquidity and","page_number":20,"box":{"x":81,"y":798,"width":813,"height":11}},{"id":"87ec1989-49ad-410f-99e0-674900dbb889","block_type":"box","text":"performance of the Fund’s portfolio holdings.","page_number":20,"box":{"x":82,"y":813,"width":331,"height":11}},{"id":"e5eda3dd-1146-4f40-bc51-04c610f03d6a","block_type":"box","text":"For example, ownership limits may apply to securities whose issuers operate in certain regulated industries or in","page_number":20,"box":{"x":82,"y":833,"width":826,"height":11}},{"id":"c469f86d-b530-4687-84d2-0a298efd1140","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":20,"box":{"x":81,"y":848,"width":848,"height":11}},{"id":"10b8d32a-04a3-42da-ba40-785e0f593f24","block_type":"box","text":"corporate or regulatory ownership restrictions or invests in certain futures or other derivative transactions. In","page_number":20,"box":{"x":81,"y":862,"width":799,"height":12}},{"id":"2f25acc6-f973-4a8a-be0d-7a9e458f198f","block_type":"box","text":"certain circumstances, aggregate and/or fund-level amounts invested or voted by BlackRock and its affiliates for","page_number":20,"box":{"x":81,"y":877,"width":828,"height":12}},{"id":"b2549909-2120-48d4-9d84-41e5fa1726d5","block_type":"box","text":"client funds and accounts managed by BlackRock (including the Fund) may not exceed the relevant limits without","page_number":20,"box":{"x":81,"y":892,"width":828,"height":12}},{"id":"fdb08c3c-285a-49cd-aebb-26767e7eb923","block_type":"box","text":"the grant of a license or other regulatory or corporate approval, order, consent, relief or non-disapproval. However,","page_number":20,"box":{"x":80,"y":907,"width":837,"height":11}},{"id":"51e003da-8361-411f-8050-34191e47a6b1","block_type":"box","text":"19","page_number":20,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"db3bd74b-6a49-49a9-af73-8f08aa7ddb78","block_type":"box","text":"NM1026U-5993019-20/69","page_number":20,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3292fba6-c8a8-4751-93ec-4e8191f3cb9b","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":21,"box":{"x":80,"y":46,"width":837,"height":11}},{"id":"fc3641c4-974a-4fd6-b531-be9a25a88751","block_type":"box","text":"later date with minimal or no notice. In other cases, exceeding such thresholds may cause BlackRock and its","page_number":21,"box":{"x":82,"y":61,"width":800,"height":11}},{"id":"1926befe-879a-4207-98f2-8ab18a769695","block_type":"box","text":"affiliates, the Fund or other client accounts to suffer disadvantages or business restrictions.","page_number":21,"box":{"x":81,"y":75,"width":678,"height":12}},{"id":"3013c3d6-a4e4-43bb-b020-ba764fb3bdbb","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":21,"box":{"x":81,"y":95,"width":842,"height":12}},{"id":"bb0cbfdc-f804-40ca-9fbd-1e75bec81e2e","block_type":"box","text":"granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or","page_number":21,"box":{"x":81,"y":110,"width":833,"height":12}},{"id":"5379f5e0-d3db-4244-9909-20219965d8a5","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":21,"box":{"x":82,"y":125,"width":582,"height":11}},{"id":"788b92b9-9b43-451d-b1aa-6c5f61d48dd0","block_type":"box","text":"Reliance on Advisor Risk","page_number":21,"box":{"x":81,"y":145,"width":188,"height":9}},{"id":"5ef9710d-43b1-4103-9e5f-eb4cad9603e7","block_type":"box","text":"— The Fund is dependent upon services and resources provided by BlackRock, and","page_number":21,"box":{"x":273,"y":145,"width":614,"height":11}},{"id":"c811ace4-97bd-44c4-885a-f2eaa51c44c2","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":21,"box":{"x":80,"y":160,"width":830,"height":11}},{"id":"1cad606d-bef4-4261-8f45-9c8595f4c487","block_type":"box","text":"the Fund and there is no guarantee or requirement that any investment professional or other employee of BlackRock","page_number":21,"box":{"x":80,"y":175,"width":856,"height":11}},{"id":"12257547-ee95-4ba7-a189-37720ea0b2e2","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":21,"box":{"x":80,"y":189,"width":841,"height":12}},{"id":"d3d9e7b2-bd1e-4aac-aa6e-c2e4dc80e9a0","block_type":"box","text":"could have a negative effect on the performance or the continued operation of the Fund.","page_number":21,"box":{"x":81,"y":204,"width":649,"height":12}},{"id":"bba99d39-0251-4296-a733-b8d708fd3c18","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts Risk","page_number":21,"box":{"x":81,"y":224,"width":481,"height":12}},{"id":"cf8a8310-a5d8-4eff-a006-e90fac255d09","block_type":"box","text":"— If the other party to a repurchase agreement or","page_number":21,"box":{"x":565,"y":224,"width":370,"height":12}},{"id":"46fd7edc-b1ed-4105-ac86-78891bbcda8c","block_type":"box","text":"purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur","page_number":21,"box":{"x":82,"y":239,"width":827,"height":12}},{"id":"d9d4ba21-5988-49ca-8850-a318782186e2","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":21,"box":{"x":81,"y":254,"width":816,"height":11}},{"id":"df335cd7-1c87-44af-a5c0-1398e89e3c50","block_type":"box","text":"either situation and the market value of the security declines, the Fund may lose money.","page_number":21,"box":{"x":81,"y":269,"width":647,"height":11}},{"id":"fd70cce5-ad9b-4558-aed7-d02f160eb4c6","block_type":"box","text":"Restricted Securities Risk","page_number":21,"box":{"x":81,"y":289,"width":198,"height":9}},{"id":"116b1b3e-ff4e-4711-87d5-f3e349c1eb77","block_type":"box","text":"—","page_number":21,"box":{"x":284,"y":294,"width":17,"height":1}},{"id":"f6642dd3-0597-4e70-9021-f1c122c07bfa","block_type":"box","text":"Limitations on the resale, including any required lock-up or holding periods, of","page_number":21,"box":{"x":306,"y":289,"width":571,"height":11}},{"id":"20295fb2-1a28-469e-ab8e-77d921e9371e","block_type":"box","text":"restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Fund","page_number":21,"box":{"x":82,"y":303,"width":843,"height":12}},{"id":"12f3e9bf-551a-4015-9754-607ed8168708","block_type":"box","text":"from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be listed on an","page_number":21,"box":{"x":81,"y":318,"width":813,"height":12}},{"id":"f0406786-4612-49eb-a480-3b2e6a54fdd9","block_type":"box","text":"exchange and may have no active trading market. In order to sell certain restricted securities, the Fund may have to","page_number":21,"box":{"x":81,"y":333,"width":851,"height":12}},{"id":"d3532e51-2891-453d-a70e-155f7d2492aa","block_type":"box","text":"bear the expense of registering the securities for resale and the risk of substantial delays in effecting the","page_number":21,"box":{"x":81,"y":348,"width":774,"height":12}},{"id":"f8d12c15-cd8c-4e0d-b6bd-f9d771f535de","block_type":"box","text":"registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted","page_number":21,"box":{"x":82,"y":363,"width":839,"height":11}},{"id":"988e44b9-8d36-4b3a-9b78-956b809bdb0e","block_type":"box","text":"securities may be difficult to value because market quotations may not be readily available, there may be limited","page_number":21,"box":{"x":81,"y":378,"width":828,"height":11}},{"id":"e0366cb2-b329-4eb9-a4f9-55e55b329acc","block_type":"box","text":"other information regarding the investment’s market or fair value, and the securities’ values may have significant","page_number":21,"box":{"x":81,"y":392,"width":830,"height":12}},{"id":"3c458dff-2606-418d-8b21-50fa22617270","block_type":"box","text":"volatility. Also, the Fund may get only limited information about the issuer of a given restricted security, and","page_number":21,"box":{"x":80,"y":407,"width":787,"height":12}},{"id":"0637caa2-ad15-4854-9810-8228e7c2b143","block_type":"box","text":"therefore may be less able to determine the security’s market or fair value or assess the investment risks as fully","page_number":21,"box":{"x":80,"y":422,"width":838,"height":11}},{"id":"03c47323-efc2-4fd2-a6e0-21fb404d43a8","block_type":"box","text":"as for other issuers for which more information is available. Certain restricted securities may involve a high degree","page_number":21,"box":{"x":81,"y":437,"width":843,"height":11}},{"id":"1bd2a284-d92d-4199-9e96-8b60c8b8eff5","block_type":"box","text":"of business and financial risk and may result in substantial losses to the Fund. Certain restricted securities may","page_number":21,"box":{"x":81,"y":452,"width":827,"height":11}},{"id":"f34fe222-35a3-4a0c-a0e3-4be8e1901b19","block_type":"box","text":"represent limited investment opportunities and each shareholder’s proportionate investment exposure to such","page_number":21,"box":{"x":82,"y":467,"width":812,"height":11}},{"id":"f668a350-70cc-4a2c-b463-34390763515a","block_type":"box","text":"limited investment opportunities may be reduced proportionately as the Fund’s net assets grow from new or","page_number":21,"box":{"x":82,"y":481,"width":795,"height":12}},{"id":"11db3678-ddbc-46ae-9f50-f9e3b83ce502","block_type":"box","text":"additional investments made in the Fund by other shareholders.","page_number":21,"box":{"x":81,"y":496,"width":468,"height":12}},{"id":"cf140b54-e317-42cf-b495-9f4273537ad4","block_type":"box","text":"Reverse Repurchase Agreements Risk","page_number":21,"box":{"x":81,"y":516,"width":289,"height":12}},{"id":"c4506c92-3501-4057-8b9a-73f2a4af07cc","block_type":"box","text":"— Reverse repurchase agreements involve the sale of securities held by the","page_number":21,"box":{"x":374,"y":516,"width":562,"height":12}},{"id":"0ada9214-41cb-43b7-8f95-f11d54bdada4","block_type":"box","text":"Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse","page_number":21,"box":{"x":82,"y":531,"width":838,"height":12}},{"id":"0f140d73-d58e-4a5b-bc24-a3236a772a1c","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":21,"box":{"x":82,"y":546,"width":852,"height":11}},{"id":"5fbe375d-96f4-4e0b-a733-1b83c0c3aa81","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":21,"box":{"x":81,"y":561,"width":821,"height":11}},{"id":"83f47b50-949a-4ef6-b9aa-7c8b45458033","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":21,"box":{"x":82,"y":575,"width":812,"height":12}},{"id":"e50804bf-e614-4d86-862c-1a47e9e90d55","block_type":"box","text":"These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements","page_number":21,"box":{"x":81,"y":590,"width":854,"height":12}},{"id":"2eb0d1a8-a4a3-40bb-a812-65fb0585b262","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":21,"box":{"x":82,"y":605,"width":814,"height":11}},{"id":"49ef08e4-6bb1-4809-b7f0-949ccb963174","block_type":"box","text":"expense.","page_number":21,"box":{"x":81,"y":622,"width":64,"height":9}},{"id":"3148f914-c6a9-450d-9fde-362ae7b1f17a","block_type":"box","text":"Rights Risk","page_number":21,"box":{"x":81,"y":640,"width":88,"height":11}},{"id":"bf886f7c-88f3-4155-bf43-1737103c2cbf","block_type":"box","text":"—","page_number":21,"box":{"x":173,"y":645,"width":17,"height":1}},{"id":"95f293d7-d544-4920-8596-1e392d7f47b2","block_type":"box","text":"The failure to exercise subscription rights to purchase common stock would result in the dilution of","page_number":21,"box":{"x":194,"y":640,"width":728,"height":12}},{"id":"88b59f79-4803-4aa8-8883-f2327e58d657","block_type":"box","text":"the Fund’s interest in the issuing company. The market for such rights is not well developed, and, accordingly, the","page_number":21,"box":{"x":80,"y":655,"width":836,"height":11}},{"id":"19a26f58-b1f3-41a9-b067-26107e212982","block_type":"box","text":"Fund may not always realize full value on the sale of rights.","page_number":21,"box":{"x":82,"y":670,"width":431,"height":11}},{"id":"7c69d9ec-f41a-408b-ab35-1ed649802cb4","block_type":"box","text":"Securities Lending Risk","page_number":21,"box":{"x":81,"y":690,"width":178,"height":11}},{"id":"3d2685d6-5185-42cc-aade-ddcabb53f6f8","block_type":"box","text":"— The Fund may engage in securities lending. Securities lending involves the risk that the","page_number":21,"box":{"x":263,"y":690,"width":661,"height":11}},{"id":"06f063a8-2458-4c65-b9d4-4020d1cee4a7","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":21,"box":{"x":82,"y":704,"width":852,"height":12}},{"id":"d78230c7-386c-4971-8a25-044a3e4a8c26","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":21,"box":{"x":81,"y":719,"width":811,"height":12}},{"id":"53ef73a9-2f0f-44cc-9b97-da934b66c407","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":21,"box":{"x":81,"y":734,"width":829,"height":12}},{"id":"0310959c-4c1e-4a92-80d7-f2657c7de84b","block_type":"box","text":"adverse tax consequences for the Fund.","page_number":21,"box":{"x":81,"y":749,"width":292,"height":11}},{"id":"2efb9b93-510c-4732-b488-40c87b3cc4c0","block_type":"box","text":"Small Cap Securities Risk","page_number":21,"box":{"x":81,"y":769,"width":196,"height":11}},{"id":"e6d73e5f-3e70-4797-bc24-eaf28e2ca512","block_type":"box","text":"— Small cap companies may have limited product lines or markets. They may be less","page_number":21,"box":{"x":280,"y":769,"width":630,"height":11}},{"id":"55d6409a-4fc4-4fe6-ba2a-cf12a9871e20","block_type":"box","text":"financially secure than larger, more established companies. They may depend on a small number of key personnel.","page_number":21,"box":{"x":81,"y":784,"width":844,"height":11}},{"id":"98c56e40-8804-49b6-9293-3be505e88d53","block_type":"box","text":"If a product fails or there are other adverse developments, or if management changes, the Fund’s investment in a","page_number":21,"box":{"x":82,"y":798,"width":835,"height":12}},{"id":"dbbf1ac4-d4a1-406c-bc7e-f54529fd1770","block_type":"box","text":"small cap company may lose substantial value. In addition, it is more difficult to get information on smaller","page_number":21,"box":{"x":81,"y":813,"width":787,"height":12}},{"id":"419966f3-7c26-46e6-a1e9-6eeb4e7b1ab3","block_type":"box","text":"companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by","page_number":21,"box":{"x":81,"y":828,"width":854,"height":12}},{"id":"41522609-ca77-4ee9-98f7-d6a2bdfed671","block_type":"box","text":"large investors and are followed by relatively few securities analysts.","page_number":21,"box":{"x":82,"y":843,"width":501,"height":12}},{"id":"cda04c4f-6ce7-40b1-ab41-165ddc45e828","block_type":"box","text":"The securities of small cap companies generally trade in lower volumes and are subject to greater and more","page_number":21,"box":{"x":81,"y":863,"width":794,"height":12}},{"id":"9d0a61ff-b8ba-49e4-aa90-7c9ace4a74fc","block_type":"box","text":"unpredictable price changes than larger cap securities or the market as a whole. In addition, small cap securities","page_number":21,"box":{"x":82,"y":878,"width":830,"height":11}},{"id":"e2422825-800a-460b-938a-45a14cd4f6c7","block_type":"box","text":"may be particularly sensitive to changes in interest rates, borrowing costs and earnings. Investing in small cap","page_number":21,"box":{"x":82,"y":893,"width":812,"height":11}},{"id":"81baabe2-3130-45a9-84e1-a3dd636a0ec4","block_type":"box","text":"securities requires a longer term view.","page_number":21,"box":{"x":81,"y":908,"width":279,"height":11}},{"id":"b583ab30-43b0-4808-94ce-bf82595978a1","block_type":"box","text":"20","page_number":21,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"347ee94c-b76d-4869-b41b-89eef0641005","block_type":"box","text":"NM1026U-5993019-21/69","page_number":21,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"e6d32cd4-6a4b-4f9c-bd71-f9d349e0f9c7","block_type":"box","text":"Standby Commitment Agreements Risk","page_number":22,"box":{"x":81,"y":46,"width":298,"height":11}},{"id":"e15e8296-6f7e-4329-93b7-029172e5e4be","block_type":"box","text":"—","page_number":22,"box":{"x":383,"y":51,"width":17,"height":1}},{"id":"fee16749-cc4e-4b18-9cd9-89311077507c","block_type":"box","text":"Standby commitment agreements involve the risk that the security the","page_number":22,"box":{"x":405,"y":46,"width":514,"height":11}},{"id":"8a2fb2a5-5a59-4464-b342-b3752916ff3f","block_type":"box","text":"Fund buys will lose value prior to its delivery to the Fund and will no longer be worth what the Fund has agreed to","page_number":22,"box":{"x":82,"y":61,"width":829,"height":11}},{"id":"93e1cde1-6af6-41c7-8712-80b9f2cff026","block_type":"box","text":"pay for it. These agreements also involve the risk that if the security goes up in value, the counterparty will decide","page_number":22,"box":{"x":82,"y":75,"width":836,"height":12}},{"id":"7a10e555-71ee-494c-b642-adc82a1afec6","block_type":"box","text":"not to issue the security. In this case, the Fund loses both the investment opportunity for the assets it set aside to","page_number":22,"box":{"x":82,"y":90,"width":844,"height":12}},{"id":"c82d55c8-ad7a-4ef1-a666-db378463b5f0","block_type":"box","text":"pay for the security and any gain in the security’s price.","page_number":22,"box":{"x":82,"y":105,"width":403,"height":12}},{"id":"f7420f9a-1189-45d5-9c86-7773b089dfe1","block_type":"box","text":"Valuation Risk","page_number":22,"box":{"x":83,"y":125,"width":107,"height":9}},{"id":"55a2cb5b-a21b-417d-9e20-b344788d4f92","block_type":"box","text":"—","page_number":22,"box":{"x":194,"y":130,"width":17,"height":1}},{"id":"329352aa-ead9-41dd-9602-d67023a3275d","block_type":"box","text":"The price the Fund could receive upon the sale of any particular portfolio investment may differ","page_number":22,"box":{"x":215,"y":125,"width":700,"height":11}},{"id":"aeec1f55-e22e-439f-98e4-f32a812560b9","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":22,"box":{"x":81,"y":140,"width":835,"height":11}},{"id":"a72c8d9a-e4cd-4706-a821-524db071398a","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":22,"box":{"x":81,"y":155,"width":848,"height":11}},{"id":"b54186d1-5cb6-4c7a-beb4-74d38bc5d938","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":22,"box":{"x":82,"y":169,"width":845,"height":12}},{"id":"9fb6f3bc-0514-4aae-8820-8a641bdb14ba","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":22,"box":{"x":82,"y":184,"width":840,"height":12}},{"id":"10498298-673d-4f96-9155-e4bd22fc05c6","block_type":"box","text":"that value fixed-income securities generally utilize a range of market-based and security-specific inputs and","page_number":22,"box":{"x":80,"y":199,"width":783,"height":12}},{"id":"7bb6f99a-b2e7-465f-8458-f784b265a700","block_type":"box","text":"assumptions, as well as considerations about general market conditions, to establish a price. Pricing services","page_number":22,"box":{"x":81,"y":214,"width":810,"height":11}},{"id":"b77978ef-e07e-4212-8941-200bdaa2de7f","block_type":"box","text":"generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund","page_number":22,"box":{"x":81,"y":229,"width":847,"height":11}},{"id":"e188ea3d-73d6-4d8f-acc7-1f91a1edb0b6","block_type":"box","text":"may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may","page_number":22,"box":{"x":82,"y":244,"width":848,"height":11}},{"id":"d54fbf86-8a64-41c7-9128-49999ea7abad","block_type":"box","text":"trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold","page_number":22,"box":{"x":80,"y":259,"width":819,"height":11}},{"id":"5b6e4bcb-7626-4053-a8bd-8d5bd4a8005b","block_type":"box","text":"could differ from the prices used by the Fund. The Fund’s ability to value its investments may also be impacted by","page_number":22,"box":{"x":81,"y":273,"width":837,"height":12}},{"id":"745c3b07-106a-4a43-acdc-64840ef73214","block_type":"box","text":"technological issues and/or errors by pricing services or other third-party service providers.","page_number":22,"box":{"x":80,"y":288,"width":672,"height":12}},{"id":"c83aec6e-da28-4d93-b0f9-448855a4d89a","block_type":"box","text":"Warrants Risk","page_number":22,"box":{"x":83,"y":308,"width":105,"height":9}},{"id":"201d4805-a6dd-4d5e-bb99-a32ff378be7c","block_type":"box","text":"— If the price of the underlying stock does not rise above the exercise price before the warrant","page_number":22,"box":{"x":192,"y":308,"width":698,"height":12}},{"id":"97af38c5-2d48-4262-b887-7c3bb59d63f0","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":22,"box":{"x":81,"y":323,"width":830,"height":11}},{"id":"bfe01afd-02be-41af-a8fd-6d442347c675","block_type":"box","text":"Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants","page_number":22,"box":{"x":81,"y":338,"width":821,"height":11}},{"id":"1faf2e0b-4f98-4d3c-ac5b-f5c4ab457c81","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":22,"box":{"x":82,"y":352,"width":822,"height":12}},{"id":"6b6ef415-b842-45d6-bc6a-dfe09b840543","block_type":"box","text":"move with the price of the underlying stock.","page_number":22,"box":{"x":82,"y":367,"width":317,"height":12}},{"id":"5a6074c9-69d8-44f5-a5d4-a78ce8b81a3f","block_type":"box","text":"When-Issued and Delayed Delivery Securities and Forward Commitments Risk","page_number":22,"box":{"x":83,"y":387,"width":584,"height":12}},{"id":"8a11460d-fc73-4545-9d78-48169d13f5be","block_type":"box","text":"— When-issued and delayed","page_number":22,"box":{"x":671,"y":388,"width":208,"height":11}},{"id":"f9d56c9a-504f-4084-8514-13f7be1a53f1","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":22,"box":{"x":81,"y":402,"width":843,"height":12}},{"id":"51a08ff4-1927-4116-8ce0-a4e54cf6a125","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":22,"box":{"x":82,"y":417,"width":830,"height":11}},{"id":"fabf2a99-d020-45cf-a7e8-0ac4ec0fc864","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":22,"box":{"x":82,"y":432,"width":849,"height":11}},{"id":"0fa3704d-5246-4c6e-961a-5ab49d8a31c1","block_type":"box","text":"to pay for the security and any gain in the security’s price.","page_number":22,"box":{"x":80,"y":447,"width":425,"height":11}},{"id":"fd33d535-7260-48c2-8125-4f4a01fb837a","block_type":"box","text":"21","page_number":22,"box":{"x":918,"y":935,"width":19,"height":9}},{"id":"774b3977-a219-477f-b0b0-a3f7bbb631e6","block_type":"box","text":"NM1026U-5993019-22/69","page_number":22,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"14b0b7c7-9b8b-4ec5-8ca8-2c2386e3cd29","block_type":"box","text":"Account Information","page_number":23,"box":{"x":61,"y":82,"width":437,"height":27}},{"id":"5bcd3fa5-3305-404b-9428-0cb957d82358","block_type":"box","text":"How to Choose the Share Class that Best Suits Your Needs","page_number":23,"box":{"x":61,"y":156,"width":536,"height":11}},{"id":"b011650f-241f-4f2d-b327-04591c691748","block_type":"box","text":"The Fund currently offers multiple share classes (Investor A, Investor C, Institutional and Class R Shares in this","page_number":23,"box":{"x":60,"y":182,"width":820,"height":12}},{"id":"54f3b298-b14e-4381-bd0b-e624456b9f1e","block_type":"box","text":"prospectus), each with its own sales charge and expense structure, allowing you to invest in the way that best suits","page_number":23,"box":{"x":62,"y":197,"width":850,"height":12}},{"id":"09e2ea94-38d1-4b50-b2b4-cd8a23c6d6d2","block_type":"box","text":"your needs. Each share class represents an ownership interest in the same investment portfolio. When you choose","page_number":23,"box":{"x":60,"y":212,"width":849,"height":11}},{"id":"8fcdc104-ed56-4536-8ddf-c143d1398ace","block_type":"box","text":"your class of shares, you should consider the size of your investment and how long you plan to hold your shares. Either","page_number":23,"box":{"x":60,"y":227,"width":877,"height":11}},{"id":"66ba1a10-be90-47cf-9b1f-e3c8ab59b480","block_type":"box","text":"your financial professional or your selected securities dealer, broker, investment adviser, service provider or industry","page_number":23,"box":{"x":60,"y":242,"width":857,"height":11}},{"id":"f8cbffd1-21d4-461f-8cc0-3adacfd6d222","block_type":"box","text":"professional (including BlackRock and its affiliates) (each a “Financial Intermediary”) can help you determine which","page_number":23,"box":{"x":62,"y":256,"width":845,"height":12}},{"id":"7b524eb0-97ec-4b7d-83d4-91ff020b1f9b","block_type":"box","text":"share class is best suited to your personal financial goals. Investor A Shares and Investor C Shares are sometimes","page_number":23,"box":{"x":61,"y":271,"width":847,"height":12}},{"id":"a57ab8a9-5b68-413b-8e7c-f8eb2ada34b7","block_type":"box","text":"referred to herein collectively as “Investor Shares.”","page_number":23,"box":{"x":61,"y":286,"width":375,"height":11}},{"id":"ef329212-6f0a-4edd-84d8-d9ee72d3c7fe","block_type":"box","text":"For example, if you select Institutional Shares, you will not pay any sales charge. However, only certain investors may","page_number":23,"box":{"x":62,"y":309,"width":861,"height":11}},{"id":"c1d5d738-5bd9-4714-b55e-e223d877d035","block_type":"box","text":"buy Institutional Shares. If you select Investor A Shares, you generally pay a sales charge at the time of purchase and","page_number":23,"box":{"x":61,"y":323,"width":865,"height":12}},{"id":"fe154394-837f-47b5-89e1-d1725a14e03b","block_type":"box","text":"an ongoing service fee of 0.25% per year. You may be eligible for a sales charge reduction or waiver.","page_number":23,"box":{"x":61,"y":338,"width":736,"height":12}},{"id":"511f312a-c641-41e9-ba01-eff03d9599ba","block_type":"box","text":"If you select Investor C or Class R Shares, you will invest the full amount of your purchase price, but you will be subject","page_number":23,"box":{"x":62,"y":361,"width":874,"height":11}},{"id":"02c5bc76-d877-4f53-9135-79e0fb10be7a","block_type":"box","text":"to a distribution fee of 0.75% per year for Investor C Shares and 0.25% per year for Class R Shares, and a service fee","page_number":23,"box":{"x":60,"y":376,"width":869,"height":11}},{"id":"5f1209c9-2de2-449d-927f-1fd8d0d959c0","block_type":"box","text":"of 0.25% per year for both classes of shares under a plan adopted pursuant to Rule 12b-1 under the Investment","page_number":23,"box":{"x":61,"y":390,"width":826,"height":12}},{"id":"ca7255c7-c1af-4562-8b58-4b18df3a6cd8","block_type":"box","text":"Company Act. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time these fees","page_number":23,"box":{"x":61,"y":405,"width":816,"height":12}},{"id":"ddeeb0fd-0acf-4f34-b7f9-daecd7ac26f2","block_type":"box","text":"increase the cost of your investment and may cost you more than paying other types of sales charges. In addition, you","page_number":23,"box":{"x":62,"y":420,"width":868,"height":12}},{"id":"69c1f09c-dca2-4592-a300-871f705bd8a9","block_type":"box","text":"may be subject to a deferred sales charge when you sell Investor C Shares within one year. 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Your Financial Intermediary may set a lower maximum for Investor C Shares.","page_number":26,"box":{"x":81,"y":669,"width":844,"height":10}},{"id":"5e10e865-c81e-4eaa-af94-605226b59b0a","block_type":"box","text":"The following pages will cover the additional details of each share class, including the Institutional Shares","page_number":26,"box":{"x":60,"y":695,"width":778,"height":11}},{"id":"15acfde4-b325-46e3-bd6e-cc6d551c808d","block_type":"box","text":"requirements, the sales charge table for Investor A Shares, reduced sales charge information, Investor C Share","page_number":26,"box":{"x":61,"y":710,"width":819,"height":11}},{"id":"ff493753-9c76-48e4-aea2-29fe6f75c28c","block_type":"box","text":"contingent deferred sales charge (“CDSC”) information, and sales charge waivers.","page_number":26,"box":{"x":61,"y":724,"width":604,"height":12}},{"id":"4322f8c5-c1ab-4232-9f18-63c30c50861e","block_type":"box","text":"The availability of certain sales charge waivers and reductions will depend on whether you purchase your shares","page_number":26,"box":{"x":60,"y":747,"width":825,"height":12}},{"id":"aef46b4d-4520-4c7d-a174-2a4a439cb514","block_type":"box","text":"directly from the Fund or through a Financial Intermediary. Financial Intermediaries may have different policies and","page_number":26,"box":{"x":61,"y":762,"width":840,"height":11}},{"id":"349a9fb0-797b-46b1-b50c-1318526c8557","block_type":"box","text":"procedures regarding the availability of front-end sales charge waivers or deferred sales charge waivers, which are","page_number":26,"box":{"x":62,"y":777,"width":838,"height":11}},{"id":"f54b5296-1667-4ac3-95ae-36ac26fb6a9a","block_type":"box","text":"discussed below. 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In that case, BlackRock compensates the","page_number":27,"box":{"x":82,"y":443,"width":802,"height":9}},{"id":"a12b94d6-4996-49bb-a6f0-e200de85be04","block_type":"box","text":"Financial Intermediary from its own resources. However, if you redeem your shares within 18 months after purchase, you may be charged a","page_number":27,"box":{"x":81,"y":454,"width":819,"height":9}},{"id":"3c9c245b-d2f7-4d7f-a9e0-f0c7fd1076ab","block_type":"box","text":"deferred sales charge of 1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. Such deferred","page_number":27,"box":{"x":81,"y":464,"width":821,"height":9}},{"id":"ba36053f-5dd3-4c6c-bb7a-7b7934737d42","block_type":"box","text":"sales charge may be waived in connection with certain fee-based programs.","page_number":27,"box":{"x":81,"y":474,"width":444,"height":9}},{"id":"5c22fb44-bdbf-47dc-8aa7-e24c0c3e46be","block_type":"box","text":"No initial sales charge applies to Investor A Shares that you buy through reinvestment of Fund dividends or capital","page_number":27,"box":{"x":62,"y":499,"width":837,"height":12}},{"id":"934dab48-09e3-4ee0-a98b-78390e700138","block_type":"box","text":"gains.","page_number":27,"box":{"x":60,"y":515,"width":43,"height":11}},{"id":"2e113013-d6cb-42c6-b182-21b8d6b78e5d","block_type":"box","text":"Sales Charges Reduced or Eliminated for Investor A Shares","page_number":27,"box":{"x":60,"y":537,"width":490,"height":13}},{"id":"6e994c5b-2600-4551-8553-5e76f5a1fc41","block_type":"box","text":"There are several ways in which the sales charge can be reduced or eliminated. Purchases of Investor A Shares at","page_number":27,"box":{"x":60,"y":554,"width":841,"height":11}},{"id":"629d3995-9aec-4028-9142-5981aff18364","block_type":"box","text":"certain fixed dollar levels, known as “breakpoints,” cause a reduction in the front-end sales charge (as described","page_number":27,"box":{"x":61,"y":568,"width":831,"height":12}},{"id":"6d54c25f-c490-4858-9f51-691d48af7b45","block_type":"box","text":"above in the “Investor A Shares — Initial Sales Charge Option” section). Additionally, the front-end sales charge can be","page_number":27,"box":{"x":61,"y":583,"width":876,"height":12}},{"id":"b2d4e8e8-e1a1-4c8c-8f6d-46b732668727","block_type":"box","text":"reduced or eliminated through one or a combination of the following: a Letter of Intent, the right of accumulation, the","page_number":27,"box":{"x":61,"y":598,"width":856,"height":12}},{"id":"e1030d91-6fef-46ac-bb72-669b5df5eb21","block_type":"box","text":"reinstatement privilege (described under “Account Services and Privileges”), or a waiver of the sales charge (described","page_number":27,"box":{"x":61,"y":613,"width":872,"height":11}},{"id":"c4f2ebec-9a4f-4b07-9de8-a79429425557","block_type":"box","text":"below).","page_number":27,"box":{"x":61,"y":628,"width":50,"height":11}},{"id":"469669b5-6e38-44ae-b55b-8403d54a2dbd","block_type":"box","text":"Reductions or eliminations through a Letter of Intent or right of accumulation will apply to the value of all qualifying","page_number":27,"box":{"x":62,"y":650,"width":840,"height":12}},{"id":"217b900c-1b7b-4eeb-8bac-94a2e9d85451","block_type":"box","text":"holdings in shares of mutual funds sponsored and advised by BlackRock or its affiliates (“BlackRock Funds”) owned by","page_number":27,"box":{"x":61,"y":665,"width":875,"height":12}},{"id":"c6c796da-53bf-427b-b7f9-a4e8c9bb3b93","block_type":"box","text":"(a) the investor, or (b) the investor’s spouse and any children and a trust, custodial account or fiduciary account for the","page_number":27,"box":{"x":61,"y":680,"width":875,"height":11}},{"id":"34439607-23de-463e-8003-451b7ada7e80","block_type":"box","text":"benefit of any such individuals. For this purpose, the value of an investor’s holdings means the offering price of the","page_number":27,"box":{"x":61,"y":695,"width":847,"height":11}},{"id":"7a3a25e1-3a38-49fb-9043-08f1eb68597d","block_type":"box","text":"newly purchased shares (including any applicable sales charge) plus the current value (including any sales charges","page_number":27,"box":{"x":61,"y":710,"width":844,"height":11}},{"id":"eddf1a23-fc3d-4684-b60c-460b5b652a4b","block_type":"box","text":"paid) of all other shares the investor already holds taken together.","page_number":27,"box":{"x":62,"y":724,"width":484,"height":12}},{"id":"091423df-3a52-4450-a2b0-f924c3dc352a","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":27,"box":{"x":61,"y":747,"width":861,"height":12}},{"id":"26ee2a05-63eb-47fa-a272-0409afb9720e","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":27,"box":{"x":60,"y":762,"width":817,"height":11}},{"id":"c4485f0c-1fdb-4750-80bf-210e36a08663","block_type":"box","text":"Qualifying Holdings","page_number":27,"box":{"x":62,"y":784,"width":143,"height":12}},{"id":"6af0965d-50c3-4972-95df-db4f31ddfa49","block_type":"box","text":"— Investor A and A1, Investor C, Investor P, Institutional, Class K and Premier Shares (in most","page_number":27,"box":{"x":209,"y":784,"width":696,"height":12}},{"id":"7ee531c7-2385-47f5-8175-4e732c987f1c","block_type":"box","text":"BlackRock Funds), investments in certain unlisted closed-end management investment companies sponsored and","page_number":27,"box":{"x":62,"y":799,"width":836,"height":12}},{"id":"657e7762-3697-488c-9088-6ec59f29f41d","block_type":"box","text":"advised by BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and investments in the","page_number":27,"box":{"x":61,"y":814,"width":808,"height":12}},{"id":"512164c9-afd0-44fe-aee2-3aedf43a976b","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program.","page_number":27,"box":{"x":62,"y":829,"width":314,"height":11}},{"id":"8a719981-0aad-4ccf-9911-67e065a00250","block_type":"box","text":"Qualifying Holdings may include shares held in accounts held at a Financial Intermediary, including personal accounts,","page_number":27,"box":{"x":61,"y":851,"width":867,"height":12}},{"id":"3ba09983-090e-4d65-a9bc-56a9a13f6804","block_type":"box","text":"certain retirement accounts, UGMA/UTMA accounts, Joint Tenancy accounts, trust accounts and Transfer on Death","page_number":27,"box":{"x":61,"y":866,"width":844,"height":12}},{"id":"bd684c70-f81d-4473-8bba-5a99c6a99f3d","block_type":"box","text":"accounts, as well as shares purchased by a trust of which the investor is a beneficiary. For purposes of the Letter of","page_number":27,"box":{"x":61,"y":881,"width":856,"height":11}},{"id":"0b0fd65f-119d-4378-8dec-bd4a97047735","block_type":"box","text":"Intent and right of accumulation, the investor may not combine with the investor’s other holdings shares held in","page_number":27,"box":{"x":62,"y":896,"width":818,"height":11}},{"id":"ac548861-fd43-4189-b86e-bfd50fdd0e98","block_type":"box","text":"26","page_number":27,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"2eff5cee-0658-4bda-ac19-9a4d61a61ea9","block_type":"box","text":"NM1026U-5993019-27/69","page_number":27,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"5164253f-8a9e-44be-9b60-9a05537295dc","block_type":"box","text":"pension, profit sharing or other employer-sponsored retirement plans if those shares are held in the name of a","page_number":28,"box":{"x":62,"y":46,"width":811,"height":11}},{"id":"1b1e760a-02cd-4e8e-976f-704774e56267","block_type":"box","text":"nominee or custodian.","page_number":28,"box":{"x":61,"y":61,"width":162,"height":9}},{"id":"6ec41dec-c796-4a72-a032-eeb0251bdc07","block_type":"box","text":"In order to receive a reduced sales charge, at the time an investor purchases shares of the Fund, the investor should","page_number":28,"box":{"x":62,"y":83,"width":861,"height":12}},{"id":"45ef01a0-4aee-4707-8078-88c2990500db","block_type":"box","text":"inform the Financial Intermediary and/or BlackRock Funds of any other shares of the Fund or any other BlackRock","page_number":28,"box":{"x":62,"y":98,"width":836,"height":11}},{"id":"e7e79c63-1e8d-44db-a2bc-bec700cb8368","block_type":"box","text":"Fund or Eligible Unlisted BlackRock Closed-End Fund that qualify for a reduced sales charge. Failure by the investor to","page_number":28,"box":{"x":62,"y":113,"width":862,"height":11}},{"id":"a94bc5ac-c31d-4f47-aa82-500ce886a0ef","block_type":"box","text":"notify the Financial Intermediary or BlackRock Funds may result in the investor not receiving the sales charge reduction","page_number":28,"box":{"x":61,"y":127,"width":875,"height":12}},{"id":"1c4adc43-8f8d-445f-a054-490b30131460","block_type":"box","text":"to which the investor is otherwise entitled.","page_number":28,"box":{"x":60,"y":143,"width":312,"height":9}},{"id":"39cae336-e59a-49a6-8c65-325be69697af","block_type":"box","text":"The Financial Intermediary or BlackRock Funds may request documentation — including account statements and","page_number":28,"box":{"x":60,"y":165,"width":828,"height":11}},{"id":"9acf3fc1-24fd-47db-9bc4-e877e1fb2a12","block_type":"box","text":"records of the original cost of the shares owned by the investor, the investor’s spouse and/or children showing that","page_number":28,"box":{"x":61,"y":180,"width":850,"height":11}},{"id":"22c352c3-22ce-40ba-ab4a-4c11c7475383","block_type":"box","text":"the investor qualifies for a reduced sales charge. The investor should retain these records because — depending on","page_number":28,"box":{"x":60,"y":195,"width":856,"height":11}},{"id":"8d1cad18-bca1-4096-a424-fdf3c79a23a0","block_type":"box","text":"where an account is held or the type of account — the Fund and/or the Financial Intermediary, BlackRock Funds or","page_number":28,"box":{"x":60,"y":209,"width":845,"height":12}},{"id":"00d9cf70-e7a5-414b-9e61-f3dddb15e0d9","block_type":"box","text":"Eligible Unlisted BlackRock Closed-End Funds may not be able to maintain this information.","page_number":28,"box":{"x":62,"y":224,"width":667,"height":12}},{"id":"3012d0c0-9af7-49ec-920f-1c13a5513935","block_type":"box","text":"For more information, see the SAI or contact your Financial Intermediary.","page_number":28,"box":{"x":62,"y":247,"width":531,"height":11}},{"id":"d360cc79-c6fa-481c-827e-032c98376a57","block_type":"box","text":"Letter of Intent","page_number":28,"box":{"x":61,"y":270,"width":124,"height":10}},{"id":"0fb9d6a7-ec12-4a8e-8ebd-93fbb68c09b9","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of Intent” stating the","page_number":28,"box":{"x":60,"y":286,"width":839,"height":12}},{"id":"1d4c1480-ef57-4307-a3ae-9fc9911e43d0","block_type":"box","text":"investor’s intention to make one or more of the following investments within the next 13 months which would, if bought","page_number":28,"box":{"x":62,"y":301,"width":875,"height":11}},{"id":"5801f61f-4ac4-433a-b728-01624eaff86a","block_type":"box","text":"all at once, qualify the investor for a reduced sales charge:","page_number":28,"box":{"x":61,"y":316,"width":431,"height":11}},{"id":"70f9c5ef-3d74-4f9f-951a-eb48467efbff","block_type":"box","text":"i. Buy a specified amount of Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares,","page_number":28,"box":{"x":82,"y":338,"width":794,"height":12}},{"id":"d6e6d378-ae9d-439d-8f90-c2a41235a1d4","block_type":"box","text":"ii. Make an investment in one or more Eligible Unlisted BlackRock Closed-End Funds and/or","page_number":28,"box":{"x":82,"y":361,"width":675,"height":11}},{"id":"6ad11486-7774-417d-985d-ed0131988c8c","block_type":"box","text":"iii. Make an investment through the BlackRock CollegeAdvantage 529 Program in one or more BlackRock Funds.","page_number":28,"box":{"x":82,"y":384,"width":820,"height":11}},{"id":"50296d0f-a4c1-48cc-b20a-2501a010ee92","block_type":"box","text":"The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period","page_number":28,"box":{"x":60,"y":406,"width":830,"height":11}},{"id":"3dfc6a42-f01c-420d-a1ff-c18158bb2f75","block_type":"box","text":"commences on the day that the Letter of Intent is received by the Fund.","page_number":28,"box":{"x":61,"y":421,"width":524,"height":11}},{"id":"83e903fb-1f0f-4a95-a825-9eda26f8db6f","block_type":"box","text":"The market value of current holdings in the BlackRock Funds (including Investor A, Investor C, Investor P, Institutional,","page_number":28,"box":{"x":60,"y":443,"width":865,"height":12}},{"id":"3886d860-0a8b-49ca-b68a-51ab623cb7aa","block_type":"box","text":"Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the BlackRock CollegeAdvantage 529","page_number":28,"box":{"x":61,"y":458,"width":862,"height":12}},{"id":"444467dc-a8c6-4e92-9893-a7d7e80309df","block_type":"box","text":"Program Class A and Class C Units) as of the date of commencement that are eligible under the Right of Accumulation","page_number":28,"box":{"x":61,"y":473,"width":870,"height":12}},{"id":"9309d6cf-83f9-4b86-b9e3-5895f4382753","block_type":"box","text":"may be counted towards the sales charge reduction.","page_number":28,"box":{"x":61,"y":488,"width":384,"height":11}},{"id":"9480f510-6c35-45cd-9761-977b0b369d53","block_type":"box","text":"The investor must notify the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock","page_number":28,"box":{"x":60,"y":510,"width":823,"height":12}},{"id":"810adc72-03f5-4a57-8565-c27969953f94","block_type":"box","text":"Closed-End Funds and/or the BlackRock CollegeAdvantage 529 Program that should be counted towards the sales","page_number":28,"box":{"x":61,"y":525,"width":842,"height":12}},{"id":"f4e8319c-8a76-470c-8605-2f9ebf681212","block_type":"box","text":"charge reduction and (ii) any subsequent purchases that should be counted towards the Letter of Intent.","page_number":28,"box":{"x":61,"y":540,"width":765,"height":12}},{"id":"2f6c5679-0440-4d01-9fd6-07b82a79e4f4","block_type":"box","text":"During the term of the Letter of Intent, the Fund will hold Investor A Shares representing up to 5% of the indicated","page_number":28,"box":{"x":62,"y":563,"width":833,"height":11}},{"id":"b34e18f0-00f2-4b6e-b126-5043882ff1b9","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":28,"box":{"x":61,"y":577,"width":852,"height":12}},{"id":"727cad8b-974a-4783-a59a-09ee94ad4c59","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not pay","page_number":28,"box":{"x":61,"y":592,"width":872,"height":12}},{"id":"5ee0d05a-8d7a-4de3-b3c8-3725e144fdde","block_type":"box","text":"the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares held in escrow to pay the","page_number":28,"box":{"x":60,"y":607,"width":860,"height":12}},{"id":"ed510cf9-2c97-4423-a8ff-fc8f59504c01","block_type":"box","text":"difference.","page_number":28,"box":{"x":61,"y":622,"width":77,"height":9}},{"id":"3282c849-ece6-4920-b437-8e20a59241ac","block_type":"box","text":"Right of Accumulation","page_number":28,"box":{"x":61,"y":645,"width":183,"height":12}},{"id":"03a19012-ce13-4b38-a4f3-b75b6fae2230","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":28,"box":{"x":62,"y":661,"width":839,"height":12}},{"id":"34017655-2633-4043-b6e8-975f32fb36bc","block_type":"box","text":"current purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge:","page_number":28,"box":{"x":61,"y":676,"width":856,"height":12}},{"id":"055880af-d2ee-4637-b970-c4d3f83ad981","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":28,"box":{"x":82,"y":699,"width":821,"height":11}},{"id":"7fafe4cd-bf31-4603-9e96-f05be5561651","block_type":"box","text":"Premier Shares in most BlackRock Funds,","page_number":28,"box":{"x":102,"y":714,"width":306,"height":10}},{"id":"fe912f97-1020-4564-8ccb-b4d8ccc4e4c4","block_type":"box","text":"ii. The current value of an investor’s existing shares of Eligible Unlisted BlackRock Closed-End Funds and","page_number":28,"box":{"x":82,"y":736,"width":771,"height":12}},{"id":"187b9d3b-39de-4cfb-a048-1aff808b9f7d","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":28,"box":{"x":82,"y":759,"width":788,"height":11}},{"id":"81acca86-9f82-4e39-a105-bd29f6b5f986","block_type":"box","text":"investor’s spouse and children.","page_number":28,"box":{"x":102,"y":774,"width":228,"height":11}},{"id":"32cc5196-e0da-45ec-ba77-00e9f8f18bde","block_type":"box","text":"Financial Intermediaries may value current holdings of their customers differently for purposes of determining whether","page_number":28,"box":{"x":62,"y":796,"width":866,"height":11}},{"id":"06fd0dec-60ac-4225-906e-521d924d18b2","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":28,"box":{"x":61,"y":811,"width":866,"height":11}},{"id":"fbe0ddc1-83d7-47af-8bf3-5eafed9e7ba1","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":28,"box":{"x":62,"y":826,"width":854,"height":11}},{"id":"abe7e6c7-e4ae-4fcb-b8b5-2b9410f35814","block_type":"box","text":"any previously purchased shares.","page_number":28,"box":{"x":61,"y":841,"width":243,"height":11}},{"id":"ce9c1405-abe9-4176-b0ed-2d1a42237533","block_type":"box","text":"Other Front-End Sales Charge Waivers","page_number":28,"box":{"x":61,"y":863,"width":314,"height":13}},{"id":"c7f48b33-b62b-49f6-9562-af83c8a781ac","block_type":"box","text":"The following persons may also buy Investor A Shares without paying a sales charge:","page_number":28,"box":{"x":60,"y":880,"width":623,"height":11}},{"id":"7e861aaa-0b6b-4fe3-93ea-de6f296798d7","block_type":"box","text":"Certain employer-sponsored retirement plans. For purposes of this waiver, employer-sponsored retirement plans do","page_number":28,"box":{"x":81,"y":900,"width":846,"height":11}},{"id":"ba8daa10-67e9-4cd4-a328-fbd91f5cd09e","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs;","page_number":28,"box":{"x":82,"y":915,"width":352,"height":10}},{"id":"ca12529d-24f2-4ce8-b5b4-185a9866e1b4","block_type":"box","text":"27","page_number":28,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"457d9567-5cda-44b0-8139-15584db0ad99","block_type":"box","text":"NM1026U-5993019-28/69","page_number":28,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4b06c699-3077-42fb-88a3-e6fb2b0137d1","block_type":"box","text":"Rollovers of current investments through certain employer-sponsored retirement plans, provided the shares are","page_number":29,"box":{"x":82,"y":46,"width":817,"height":11}},{"id":"12f65b77-52d3-4fba-a3e0-fabbc15925d5","block_type":"box","text":"transferred to Investor A Shares of the same or another BlackRock Fund as either a direct rollover, or subsequent to","page_number":29,"box":{"x":80,"y":60,"width":854,"height":12}},{"id":"e101c116-b804-4410-82ef-390679d2d518","block_type":"box","text":"distribution, the rolled-over proceeds are contributed to a BlackRock IRA through an account directly with the Fund;","page_number":29,"box":{"x":81,"y":76,"width":840,"height":11}},{"id":"d276844d-67fc-4c14-9fa1-263048053fc7","block_type":"box","text":"or purchases by IRA programs that are sponsored by Financial Intermediary firms provided the Financial","page_number":29,"box":{"x":81,"y":90,"width":760,"height":12}},{"id":"0dbbb855-790b-43b8-a34f-adf177debc5b","block_type":"box","text":"Intermediary firm has entered into a Class A Net Asset Value agreement with respect to such program with the","page_number":29,"box":{"x":82,"y":105,"width":812,"height":12}},{"id":"ceabd2be-c7a7-4d50-9ba4-30a9866dd1be","block_type":"box","text":"Distributor;","page_number":29,"box":{"x":82,"y":120,"width":79,"height":11}},{"id":"c3c6697e-3e88-4640-bd6b-8f446c66932c","block_type":"box","text":"Insurance company separate accounts;","page_number":29,"box":{"x":82,"y":140,"width":286,"height":11}},{"id":"ca3e4206-66e4-4726-b32f-1e7ec2c46888","block_type":"box","text":"Registered investment advisers, trust companies and bank trust departments exercising discretionary investment","page_number":29,"box":{"x":82,"y":160,"width":836,"height":11}},{"id":"3421af8f-5c49-4eff-968f-f5d22b0f6cf8","block_type":"box","text":"authority with respect to amounts to be invested in the Fund;","page_number":29,"box":{"x":81,"y":175,"width":446,"height":11}},{"id":"7734330b-8ee8-41b4-b84e-928f03ea207d","block_type":"box","text":"Persons participating in a fee-based program (such as a wrap account) under which they pay advisory fees to a","page_number":29,"box":{"x":81,"y":195,"width":815,"height":11}},{"id":"b0a168e0-e15a-4b3c-ac1a-39f3f4ca4a3a","block_type":"box","text":"broker-dealer or other financial institution;","page_number":29,"box":{"x":81,"y":209,"width":306,"height":11}},{"id":"d52a845b-868d-482b-a17a-43c0c003933c","block_type":"box","text":"Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the","page_number":29,"box":{"x":82,"y":230,"width":828,"height":11}},{"id":"e46ee8b5-24b7-47cc-88de-518019735438","block_type":"box","text":"Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not charge a","page_number":29,"box":{"x":82,"y":244,"width":800,"height":12}},{"id":"1f29d0f3-1e9f-4716-8fcb-93c60b212894","block_type":"box","text":"transaction fee;","page_number":29,"box":{"x":80,"y":259,"width":114,"height":11}},{"id":"1ecf3dd3-a8a7-41db-830b-1fedabcf2d1d","block_type":"box","text":"Persons associated with the Fund, the Fund’s manager, the Fund’s sub-adviser, transfer agent, Distributor, fund","page_number":29,"box":{"x":81,"y":279,"width":819,"height":12}},{"id":"ccb14b8b-6d49-45e5-98f5-0b3961cfa2cc","block_type":"box","text":"accounting agents, Barclays PLC (“Barclays”) and their respective affiliates (to the extent permitted by these firms)","page_number":29,"box":{"x":81,"y":294,"width":846,"height":11}},{"id":"6ba5b0bf-786f-485e-8fda-78eeed2b94a3","block_type":"box","text":"including: (a) officers, directors and partners; (b) employees and retirees; (c) employees of firms who have entered","page_number":29,"box":{"x":82,"y":309,"width":843,"height":11}},{"id":"6d247c92-de7d-4e19-92d8-b8dc22bca9f5","block_type":"box","text":"into selling agreements to distribute shares of BlackRock Funds; (d) immediate family members of such persons;","page_number":29,"box":{"x":82,"y":323,"width":829,"height":12}},{"id":"c107d4db-9d03-463e-8f22-997d8da96adb","block_type":"box","text":"and (e) any trust, pension, profit-sharing or other benefit plan for any of the persons set forth in (a) through (d);","page_number":29,"box":{"x":81,"y":338,"width":815,"height":12}},{"id":"8221c88e-4281-4e40-9a8f-5f5ae052d8c5","block_type":"box","text":"State sponsored 529 college savings plans and rollovers of such 529 plans into Roth IRAs as permitted under the","page_number":29,"box":{"x":81,"y":358,"width":841,"height":12}},{"id":"7adfa4a8-258b-470d-9f5f-f47af5277942","block_type":"box","text":"Internal Revenue Code; and","page_number":29,"box":{"x":82,"y":373,"width":201,"height":11}},{"id":"de74946c-5590-4791-b2b8-772d5e249792","block_type":"box","text":"Accounts opened directly with the Fund that do not have a Financial Intermediary associated with the account.","page_number":29,"box":{"x":81,"y":393,"width":808,"height":11}},{"id":"4b1195cc-547a-4da4-b953-83e1335ca1b3","block_type":"box","text":"In addition, a sales charge waiver may be available for investors exchanging Investor P Shares of another BlackRock","page_number":29,"box":{"x":62,"y":416,"width":852,"height":11}},{"id":"3b6ada90-e86b-4bd8-8670-bff11f26d6b0","block_type":"box","text":"Fund for Investor A Shares of the Fund through an intermediary-processed exchange, provided that the investor had","page_number":29,"box":{"x":62,"y":430,"width":846,"height":12}},{"id":"fe97c5b9-93cd-46e5-bbe6-5754e331068e","block_type":"box","text":"previously paid a sales charge with respect to such shares.","page_number":29,"box":{"x":62,"y":446,"width":434,"height":11}},{"id":"a4438f26-681a-41a4-ad2d-a0198e40122a","block_type":"box","text":"In addition, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with","page_number":29,"box":{"x":62,"y":468,"width":864,"height":11}},{"id":"d4f07893-a6c1-4b93-9b2b-fd2506931a55","block_type":"box","text":"a Financial Intermediary’s policies and procedures, exchange one class of shares for Investor A Shares of the same","page_number":29,"box":{"x":61,"y":483,"width":852,"height":11}},{"id":"dc81af15-161a-4ceb-8e80-99a9d9b87ee8","block_type":"box","text":"Fund. In such cases, such exchange would not be subject to an Investor A Shares sales charge. The availability of","page_number":29,"box":{"x":62,"y":497,"width":837,"height":12}},{"id":"153e823e-cf34-42b7-be14-363ee2f58cd3","block_type":"box","text":"Investor A Shares sales charge waivers may depend on the policies, procedures and trading platforms of your Financial","page_number":29,"box":{"x":62,"y":512,"width":873,"height":12}},{"id":"48f0790e-dbcb-4e80-9807-cc50ed42987c","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":29,"box":{"x":62,"y":527,"width":317,"height":12}},{"id":"6227192e-9d6d-4f79-a83a-280a75ff93b1","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":29,"box":{"x":61,"y":550,"width":861,"height":11}},{"id":"1b7453c6-dd4a-4405-ae92-4db0b8afc644","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":29,"box":{"x":60,"y":564,"width":817,"height":12}},{"id":"3920d347-4b28-4a54-b4a2-86137d2bbbd6","block_type":"box","text":"Investor A Shares at Net Asset Value","page_number":29,"box":{"x":61,"y":588,"width":306,"height":10}},{"id":"f781ea7b-fe03-406d-90cb-80817378776f","block_type":"box","text":"If you invest $1,000,000 or more in Investor A Shares, you will not pay any initial sales charge. However, if you","page_number":29,"box":{"x":62,"y":603,"width":814,"height":12}},{"id":"b9ab9ce7-b7fd-4451-9890-a0b11acca209","block_type":"box","text":"redeem your Investor A Shares within 18 months after purchase, you may be charged a deferred sales charge of","page_number":29,"box":{"x":61,"y":619,"width":828,"height":11}},{"id":"f34dad11-12c8-4536-8af2-de8e1af05199","block_type":"box","text":"1.00% of the lesser of the original cost of the shares being redeemed or your redemption proceeds. For a discussion","page_number":29,"box":{"x":62,"y":633,"width":857,"height":12}},{"id":"e3f5980a-5e0c-4134-aa36-2fdf58a86c90","block_type":"box","text":"on waivers, see “Contingent Deferred Sales Charge Waivers.”","page_number":29,"box":{"x":61,"y":648,"width":451,"height":12}},{"id":"aba96d89-6fb5-4c3e-b8cf-7feaa16145c0","block_type":"box","text":"If you are eligible to buy both Investor A and Institutional Shares, you should buy Institutional Shares since Investor A","page_number":29,"box":{"x":62,"y":671,"width":860,"height":11}},{"id":"b4edaf74-09e4-44f0-8ea3-48f6d2f97a44","block_type":"box","text":"Shares are subject to a front-end sales charge and an annual 0.25% service fee, while Institutional Shares are not.","page_number":29,"box":{"x":61,"y":686,"width":847,"height":11}},{"id":"f96502f2-010e-4cef-91eb-333d6b9890dc","block_type":"box","text":"The Distributor normally pays the annual Investor A Shares service fee to dealers as a shareholder servicing fee on a","page_number":29,"box":{"x":60,"y":701,"width":863,"height":11}},{"id":"2f6f0b30-463f-454c-a8d5-297369da42f0","block_type":"box","text":"monthly basis.","page_number":29,"box":{"x":61,"y":716,"width":105,"height":11}},{"id":"bee4a42f-59dd-4c81-b361-1c99154baca0","block_type":"box","text":"Investor C Shares — Deferred Sales Charge Option","page_number":29,"box":{"x":61,"y":738,"width":420,"height":13}},{"id":"3fb31bbd-bcf9-4108-adcb-370a7cdf4589","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase. However, if you redeem","page_number":29,"box":{"x":62,"y":755,"width":865,"height":11}},{"id":"f7348faa-a6cc-4dcc-8450-1904b244f61f","block_type":"box","text":"your Investor C Shares within one year after purchase, you may be required to pay a deferred sales charge of 1.00%.","page_number":29,"box":{"x":60,"y":769,"width":858,"height":12}},{"id":"13e9974a-6899-4925-b77a-f1637aca3618","block_type":"box","text":"The charge will apply to the lesser of the original cost of the shares being redeemed or the proceeds of your","page_number":29,"box":{"x":60,"y":784,"width":795,"height":12}},{"id":"88a007ad-c339-4f5c-97a9-c5332abf6a6b","block_type":"box","text":"redemption. When you redeem Investor C Shares, the redemption order is processed so that the lowest deferred sales","page_number":29,"box":{"x":61,"y":799,"width":874,"height":12}},{"id":"b29705f4-3250-4a62-9a7d-ad693450a5ed","block_type":"box","text":"charge is charged. Investor C Shares that are not subject to the deferred sales charge are redeemed first. In addition,","page_number":29,"box":{"x":61,"y":814,"width":867,"height":12}},{"id":"c417eb5f-a8be-41b7-a940-7723cabfebab","block_type":"box","text":"you will not be charged a deferred sales charge when you redeem shares that you acquire through reinvestment of","page_number":29,"box":{"x":60,"y":829,"width":843,"height":11}},{"id":"d21c3e8f-f14e-47e3-82db-aa1b9ead54f8","block_type":"box","text":"Fund dividends or capital gains. Any CDSC paid on the redemptions of Investor C Shares expressed as a percentage of","page_number":29,"box":{"x":62,"y":844,"width":873,"height":11}},{"id":"82e5f9c6-c05f-4b56-95f7-7453d14ad75a","block_type":"box","text":"the applicable redemption amount may be higher or lower than the charge described due to rounding.","page_number":29,"box":{"x":60,"y":859,"width":745,"height":11}},{"id":"7ea47225-6751-4638-906b-f3be7a3909e7","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), Investor C Shares will automatically convert to Investor A Shares","page_number":29,"box":{"x":62,"y":881,"width":864,"height":11}},{"id":"cbeffa11-51eb-4709-a4da-71d930174620","block_type":"box","text":"approximately eight years after the date of purchase. It is the Financial Intermediary’s responsibility to ensure that the","page_number":29,"box":{"x":61,"y":896,"width":870,"height":11}},{"id":"84934e4e-0b42-4a2b-8aad-4760ae7a55bb","block_type":"box","text":"shareholder is credited with the proper holding period. As of the Effective Date, certain Financial Intermediaries,","page_number":29,"box":{"x":61,"y":911,"width":823,"height":11}},{"id":"59c5f18c-8d5a-450c-85c5-05b580017feb","block_type":"box","text":"28","page_number":29,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"5689ae59-7cd8-4810-8095-ab6e6c04807f","block_type":"box","text":"NM1026U-5993019-29/69","page_number":29,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"8191d39a-c276-42ba-af81-d9cefdaa3e3a","block_type":"box","text":"including group retirement recordkeeping platforms, may not have been tracking such holding periods and therefore","page_number":30,"box":{"x":62,"y":46,"width":847,"height":11}},{"id":"2c504939-9265-466b-9e92-8a6e05057626","block_type":"box","text":"may not be able to process such conversions. In such instances, the automatic conversion of Investor C Shares to","page_number":30,"box":{"x":61,"y":60,"width":842,"height":12}},{"id":"a5abcae9-dc7c-4b2f-9802-2837a1055998","block_type":"box","text":"Investor A Shares will occur approximately eight years after the Effective Date. The automatic conversion of Investor C","page_number":30,"box":{"x":62,"y":75,"width":865,"height":12}},{"id":"46f3535f-6ce8-4917-8afa-be864a8575b9","block_type":"box","text":"Shares to Investor A Shares is not a taxable event for Federal income tax purposes. Please consult your Financial","page_number":30,"box":{"x":61,"y":90,"width":832,"height":12}},{"id":"f1718150-bbac-476e-8b7a-ee5ca6a83810","block_type":"box","text":"Intermediary for additional information.","page_number":30,"box":{"x":62,"y":105,"width":285,"height":11}},{"id":"35ba45a9-6350-4871-8858-84c0d6333fdb","block_type":"box","text":"In addition, accounts that do not have a Financial Intermediary associated with them are not eligible to hold Investor C","page_number":30,"box":{"x":62,"y":128,"width":869,"height":11}},{"id":"97ea4973-db57-460f-bfd5-56e5fe9c8d36","block_type":"box","text":"Shares, and any Investor C Shares held in such accounts will be automatically converted to Investor A Shares.","page_number":30,"box":{"x":61,"y":142,"width":810,"height":12}},{"id":"8104b637-2d2a-414e-a16d-87c40ee273b9","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":30,"box":{"x":61,"y":165,"width":861,"height":11}},{"id":"b8f59652-cb5d-42c2-ab8a-1e5be264ef11","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries.","page_number":30,"box":{"x":60,"y":180,"width":817,"height":11}},{"id":"fc1ca053-a22c-4ff8-b762-de4b873c1ec6","block_type":"box","text":"You will also pay distribution fees of 0.75% and service fees of 0.25% for Investor C Shares each year. Because these","page_number":30,"box":{"x":60,"y":202,"width":870,"height":12}},{"id":"6086aa95-bdbc-42dd-a698-fa5c149c8de0","block_type":"box","text":"fees are paid out of the Fund’s assets on an ongoing basis, over time these fees increase the cost of your investment","page_number":30,"box":{"x":60,"y":217,"width":870,"height":12}},{"id":"9dcde0c9-3048-4160-9714-ad23187d5a1d","block_type":"box","text":"and may cost you more than paying other types of sales charges. The Distributor uses the money that it receives from","page_number":30,"box":{"x":61,"y":232,"width":867,"height":11}},{"id":"490a7e69-f37d-4368-a601-b3b1f9075228","block_type":"box","text":"the deferred sales charges and the distribution fees to cover the costs of marketing, advertising and compensating","page_number":30,"box":{"x":60,"y":247,"width":849,"height":11}},{"id":"e9a24649-a1ff-4629-a62f-806fb7c6132f","block_type":"box","text":"the Financial Intermediary who assists you in purchasing Fund shares.","page_number":30,"box":{"x":60,"y":262,"width":517,"height":11}},{"id":"2654d158-a566-4bbc-bbae-d43575b73452","block_type":"box","text":"The Distributor currently pays dealers a sales concession of 1.00% of the purchase price of Investor C Shares from its","page_number":30,"box":{"x":60,"y":284,"width":870,"height":12}},{"id":"cbab0d78-10ed-4490-ad03-8e655ec78173","block_type":"box","text":"own resources at the time of sale. The Distributor pays the annual Investor C Shares distribution fee and the annual","page_number":30,"box":{"x":61,"y":299,"width":853,"height":11}},{"id":"ae5aa587-a873-4b48-9977-cd27a474c825","block_type":"box","text":"Investor C Shares service fee as an ongoing concession and as a shareholder servicing fee, respectively, to dealers","page_number":30,"box":{"x":62,"y":314,"width":851,"height":11}},{"id":"52f98eed-05d4-48b6-80ea-728954b0b12a","block_type":"box","text":"for Investor C Shares held for over a year and normally retains the Investor C Shares distribution fee and service fee","page_number":30,"box":{"x":60,"y":329,"width":856,"height":11}},{"id":"2569d07d-bd03-4618-8401-f7d80bc694a3","block_type":"box","text":"during the first year after purchase. For certain employer-sponsored retirement plans, the Distributor will pay the full","page_number":30,"box":{"x":61,"y":343,"width":850,"height":12}},{"id":"b87c202a-5af6-4435-a0fe-9cd2115c52d9","block_type":"box","text":"Investor C Shares distribution fee and service fee to dealers beginning in the first year after purchase in lieu of paying","page_number":30,"box":{"x":62,"y":358,"width":866,"height":12}},{"id":"ccad1b96-0cd1-4bff-a04b-a226bcf71f90","block_type":"box","text":"the sales concession. This may depend on the policies, procedures and trading platforms of your Financial","page_number":30,"box":{"x":60,"y":373,"width":782,"height":12}},{"id":"d107ef0a-fbbc-4500-8fff-804e9430de1c","block_type":"box","text":"Intermediary; consult your financial adviser.","page_number":30,"box":{"x":62,"y":388,"width":317,"height":11}},{"id":"831cf245-95f4-47cf-aede-6a63a599db81","block_type":"box","text":"Contingent Deferred Sales Charge Waivers","page_number":30,"box":{"x":61,"y":411,"width":352,"height":12}},{"id":"010ae82d-3e51-478f-b630-ca77d2aac726","block_type":"box","text":"The deferred sales charge relating to Investor A and Investor C Shares may be reduced or waived in certain","page_number":30,"box":{"x":60,"y":427,"width":788,"height":12}},{"id":"cc0ecc2a-3dd0-43aa-8154-697d438d6777","block_type":"box","text":"circumstances, such as:","page_number":30,"box":{"x":61,"y":442,"width":177,"height":11}},{"id":"88c0bbc4-48df-43bb-9403-8ed8e314558e","block_type":"box","text":"Redemptions of shares purchased through certain employer-sponsored retirement plans and rollovers of current","page_number":30,"box":{"x":82,"y":462,"width":824,"height":12}},{"id":"b3c70825-41a2-41e6-acc1-fe15832b8c4a","block_type":"box","text":"investments in the Fund through such plans;","page_number":30,"box":{"x":82,"y":477,"width":324,"height":11}},{"id":"8133e6d6-2ed8-4ab0-8661-de4335c20511","block_type":"box","text":"Exchanges pursuant to the exchange privilege, as described in “How to Buy, Sell, Exchange and Transfer Shares —","page_number":30,"box":{"x":82,"y":497,"width":844,"height":11}},{"id":"bf105e7a-bf16-4529-9045-f21c4cc44776","block_type":"box","text":"How to Exchange Shares or Transfer Your Account”;","page_number":30,"box":{"x":82,"y":512,"width":375,"height":11}},{"id":"b1a921c7-d9ab-4a8d-b164-b0f871b48457","block_type":"box","text":"Redemptions made in connection with minimum required distributions from IRA or 403(b)(7) accounts due to the","page_number":30,"box":{"x":82,"y":532,"width":826,"height":11}},{"id":"7b6e3cf2-f204-4a03-a628-a647fb76724f","block_type":"box","text":"shareholder reaching the age of 72;","page_number":30,"box":{"x":81,"y":546,"width":262,"height":12}},{"id":"6215173e-befb-45c9-a8d8-96b71c2844b3","block_type":"box","text":"Redemptions made with respect to certain retirement plans sponsored by the Fund, BlackRock or an affiliate;","page_number":30,"box":{"x":82,"y":566,"width":804,"height":12}},{"id":"ca2ede63-b6b3-4680-a3d8-601973c0d1de","block_type":"box","text":"Redemptions resulting from shareholder death as long as the waiver request is made within one year of death or, if","page_number":30,"box":{"x":82,"y":586,"width":847,"height":12}},{"id":"147cc64d-22c8-4d77-bee9-4db546d1dd46","block_type":"box","text":"later, reasonably promptly following completion of probate (including in connection with the distribution of account","page_number":30,"box":{"x":82,"y":601,"width":834,"height":12}},{"id":"4f2441a7-c511-4065-8ac5-bacad4e26db9","block_type":"box","text":"assets to a beneficiary of the decedent);","page_number":30,"box":{"x":81,"y":616,"width":297,"height":12}},{"id":"dffecc78-d396-4473-afb5-86a50451f087","block_type":"box","text":"Withdrawals resulting from shareholder disability (as defined in the Internal Revenue Code) as long as the disability","page_number":30,"box":{"x":81,"y":636,"width":847,"height":12}},{"id":"3d677db1-c3b7-4c22-8fde-6b023df3d525","block_type":"box","text":"arose subsequent to the purchase of the shares;","page_number":30,"box":{"x":81,"y":651,"width":360,"height":11}},{"id":"45d6b652-ebba-4d4f-8380-a1757c4d1ce8","block_type":"box","text":"Involuntary redemptions made of shares in accounts with low balances;","page_number":30,"box":{"x":82,"y":671,"width":525,"height":11}},{"id":"2092c24d-9acc-4e3d-95b5-adb4cfeb95ea","block_type":"box","text":"Certain redemptions made through the Systematic Withdrawal Plan (“SWP”) offered by the Fund, BlackRock or an","page_number":30,"box":{"x":81,"y":691,"width":833,"height":11}},{"id":"ee9c1a94-98de-4444-bf3f-49c36ddbd5e3","block_type":"box","text":"affiliate;","page_number":30,"box":{"x":81,"y":706,"width":59,"height":10}},{"id":"30a6b61e-3f3d-4e89-b4ff-1ffca8ca652a","block_type":"box","text":"Redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":30,"box":{"x":82,"y":726,"width":823,"height":11}},{"id":"17718354-2114-4a36-9bdd-3faa8a68fea5","block_type":"box","text":"Redemptions when a shareholder can demonstrate hardship, in the absolute discretion of the Fund.","page_number":30,"box":{"x":82,"y":746,"width":732,"height":11}},{"id":"35f631b4-da3a-4abc-9ed7-834d29caa86a","block_type":"box","text":"See the “Intermediary-Defined Sales Charge Waiver Policies” section beginning on page A-1 of the Fund’s prospectus","page_number":30,"box":{"x":61,"y":768,"width":861,"height":12}},{"id":"2b42d8df-d810-4d0c-bd23-250549fec16b","block_type":"box","text":"for sales charge reductions and waivers that may be available to customers of certain Financial Intermediaries. More","page_number":30,"box":{"x":60,"y":783,"width":860,"height":12}},{"id":"eb1eefd7-a7da-44ac-832a-ff73dc0dbb47","block_type":"box","text":"information about existing sales charge reductions and waivers is available free of charge in a clear and prominent","page_number":30,"box":{"x":62,"y":798,"width":843,"height":11}},{"id":"8b2d9862-7720-4487-b437-428a97b83fb2","block_type":"box","text":"format via hyperlink at www.blackrock.com and in the SAI, which is available on the website or on request.","page_number":30,"box":{"x":60,"y":813,"width":779,"height":11}},{"id":"9342b59f-bf6b-499e-a7fc-a3e6faa9d2f2","block_type":"box","text":"Institutional Shares","page_number":30,"box":{"x":61,"y":836,"width":161,"height":10}},{"id":"9524fd8c-ceef-4e39-8174-441c21a702d9","block_type":"box","text":"Institutional Shares are not subject to any sales charge. Only certain investors are eligible to buy Institutional Shares.","page_number":30,"box":{"x":62,"y":852,"width":864,"height":12}},{"id":"8f7fe997-c510-489f-8cb2-02b8e7998c80","block_type":"box","text":"Your Financial Intermediary can help you determine whether you are eligible to buy Institutional Shares. The Fund may","page_number":30,"box":{"x":60,"y":867,"width":865,"height":11}},{"id":"0e149970-22c3-4fd1-87dc-84e41a97b40f","block_type":"box","text":"permit a lower initial investment for certain investors if their purchase, combined with purchases by other investors","page_number":30,"box":{"x":62,"y":882,"width":845,"height":11}},{"id":"81cdd1b6-ce03-4c8a-83bb-b1fa0b6d96a8","block_type":"box","text":"received together by the Fund, meets the minimum investment requirement.","page_number":30,"box":{"x":61,"y":897,"width":557,"height":11}},{"id":"94691324-c586-40ea-94bc-33b613000927","block_type":"box","text":"29","page_number":30,"box":{"x":918,"y":935,"width":18,"height":9}},{"id":"65c00a5b-0780-4c8e-a95a-dcf3d05135cd","block_type":"box","text":"NM1026U-5993019-30/69","page_number":30,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"50b76121-5676-497d-a438-09bd7cc01abb","block_type":"box","text":"Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional","page_number":31,"box":{"x":62,"y":46,"width":826,"height":11}},{"id":"5a6e830e-d245-436d-833f-d6ae343a223a","block_type":"box","text":"Shares on such brokerage platforms through a broker acting as an agent for the investor may be required to pay a","page_number":31,"box":{"x":61,"y":60,"width":838,"height":12}},{"id":"2a3a2889-833c-4ad9-b3b7-3c6e43cb0e8d","block_type":"box","text":"commission and/or other forms of compensation to the broker. Shares of the Fund are available in other share","page_number":31,"box":{"x":61,"y":75,"width":816,"height":12}},{"id":"719ad335-31ff-4f34-84d4-55624201506a","block_type":"box","text":"classes that have different fees and expenses.","page_number":31,"box":{"x":61,"y":90,"width":345,"height":11}},{"id":"4896b05d-58cd-4e91-acc8-1ab1c12fedd1","block_type":"box","text":"Eligible Institutional Shares investors include the following:","page_number":31,"box":{"x":62,"y":113,"width":429,"height":11}},{"id":"d10f82c2-87aa-4f51-b3a3-b6176130cfa4","block_type":"box","text":"Individuals and “Institutional Investors” with a minimum initial investment of $2 million who may purchase shares of","page_number":31,"box":{"x":82,"y":132,"width":854,"height":12}},{"id":"230f7c18-2f55-4b18-89df-8c94d5d92699","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":31,"box":{"x":80,"y":148,"width":849,"height":11}},{"id":"a615b1e3-b555-4dbb-92bf-d8ec01270654","block_type":"box","text":"shares;","page_number":31,"box":{"x":81,"y":163,"width":53,"height":10}},{"id":"61ad6b4e-1466-48d9-a21d-c4adcd11d2de","block_type":"box","text":"Clients of Financial Intermediaries that: (i) charge such clients a fee for advisory, investment consulting, or similar","page_number":31,"box":{"x":81,"y":182,"width":838,"height":12}},{"id":"37a6d457-ec35-40fa-8f90-25beca9c2a6d","block_type":"box","text":"services or (ii) have entered into an agreement with the Distributor to offer Institutional Shares through a no-load","page_number":31,"box":{"x":81,"y":197,"width":829,"height":12}},{"id":"8ffd734b-9e4e-4ef6-a521-70829927c4ad","block_type":"box","text":"program or investment platform, in each case, with no minimum initial investment;","page_number":31,"box":{"x":82,"y":212,"width":604,"height":12}},{"id":"6fe29a3a-7e81-471c-93be-f5ef94e78ef0","block_type":"box","text":"Clients investing through Financial Intermediaries that have entered into an agreement with the Distributor to offer","page_number":31,"box":{"x":81,"y":232,"width":840,"height":11}},{"id":"671a0c44-d754-4ca2-b2bb-e134d1d30d14","block_type":"box","text":"such shares on a platform that charges a transaction based sales commission outside of the Fund, with a minimum","page_number":31,"box":{"x":81,"y":247,"width":853,"height":11}},{"id":"92801851-5976-4b7b-a43e-0beeadc88019","block_type":"box","text":"initial investment of $1,000;","page_number":31,"box":{"x":82,"y":261,"width":207,"height":11}},{"id":"99c9844c-4a8b-4b19-a6bf-ee9ad02da172","block_type":"box","text":"Certain employee benefits plans, such as health savings accounts, and certain employer-sponsored retirement","page_number":31,"box":{"x":81,"y":282,"width":816,"height":11}},{"id":"bcb8e387-b2a7-4789-9810-9db7b63afb38","block_type":"box","text":"plans (not including SEP IRAs, SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective","page_number":31,"box":{"x":82,"y":297,"width":821,"height":11}},{"id":"8afbb73c-b289-4e9e-9aea-6372ae38c5af","block_type":"box","text":"trust funds, investment companies or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks","page_number":31,"box":{"x":80,"y":311,"width":835,"height":11}},{"id":"f271de6e-fcec-41ac-be5f-19d5b57cec46","block_type":"box","text":"and trust companies, each of which is not subject to any minimum initial investment and may purchase shares of","page_number":31,"box":{"x":81,"y":326,"width":835,"height":11}},{"id":"0fb2d3eb-5417-428a-a7a7-d470a17ca0b3","block_type":"box","text":"the Fund through a Financial Intermediary that has entered into an agreement with the Distributor to purchase such","page_number":31,"box":{"x":80,"y":341,"width":849,"height":11}},{"id":"5282af85-53d9-46b0-b553-51df4e94abe0","block_type":"box","text":"shares;","page_number":31,"box":{"x":81,"y":356,"width":53,"height":10}},{"id":"31b4b806-cffd-45b2-9aab-d67afd54cdb0","block_type":"box","text":"Trust department clients of Bank of America, N.A. and its affiliates for whom they (i) act in a fiduciary capacity","page_number":31,"box":{"x":81,"y":376,"width":810,"height":11}},{"id":"556ab641-506b-438e-9275-5d282829d9e6","block_type":"box","text":"(excluding participant directed employee benefit plans); (ii) otherwise have investment discretion; or (iii) act as","page_number":31,"box":{"x":81,"y":390,"width":812,"height":12}},{"id":"1682d07e-9ae0-4025-97cf-61deda3ad495","block_type":"box","text":"custodian for at least $2 million in assets, who are not subject to any minimum initial investment;","page_number":31,"box":{"x":81,"y":405,"width":719,"height":12}},{"id":"3d11f149-a0f8-4270-8a06-96a529490108","block_type":"box","text":"Holders of certain Bank of America Corporation (“BofA Corp.”) sponsored unit investment trusts (“UITs”) who","page_number":31,"box":{"x":82,"y":425,"width":799,"height":12}},{"id":"568aaf88-6ab6-41b4-a840-d7c8f48703e8","block_type":"box","text":"reinvest dividends received from such UITs in shares of the Fund, who are not subject to any minimum initial","page_number":31,"box":{"x":82,"y":440,"width":794,"height":12}},{"id":"488532e9-1e2e-481b-a49f-fb864d1b59f7","block_type":"box","text":"investment;","page_number":31,"box":{"x":82,"y":455,"width":83,"height":11}},{"id":"52aa0325-838e-47aa-9608-0f59d17595be","block_type":"box","text":"Employees, officers and directors/trustees of BlackRock, Inc., BlackRock Funds, BofA Corp., Barclays or their","page_number":31,"box":{"x":82,"y":475,"width":805,"height":11}},{"id":"1587340a-d8f3-4872-9fc9-6ab4369ef865","block_type":"box","text":"respective affiliates and immediate family members of such persons who are not subject to any minimum initial","page_number":31,"box":{"x":82,"y":490,"width":819,"height":11}},{"id":"480ca8b0-c7af-4d28-a1d5-1b5abbe02b3d","block_type":"box","text":"investment;","page_number":31,"box":{"x":82,"y":505,"width":83,"height":10}},{"id":"475e339d-7cb7-4d34-bf2a-56c6b1743de9","block_type":"box","text":"Tax-qualified accounts for insurance agents that are registered representatives of an insurance company’s broker","page_number":31,"box":{"x":81,"y":525,"width":836,"height":11}},{"id":"0fccf032-907d-4ccd-9cff-e5ac38ba9f23","block_type":"box","text":"dealer that has entered into an agreement with the Distributor to offer Institutional Shares, and the family members","page_number":31,"box":{"x":81,"y":539,"width":851,"height":12}},{"id":"44b36ef7-47b7-4362-9660-c4a595c505c1","block_type":"box","text":"of such persons; and","page_number":31,"box":{"x":81,"y":554,"width":154,"height":11}},{"id":"62720e1e-d21d-4b9a-8bc7-e112ce6a0b1b","block_type":"box","text":"Clients investing through a self-directed IRA brokerage account program sponsored by a retirement plan record","page_number":31,"box":{"x":81,"y":574,"width":816,"height":12}},{"id":"9a9bc5e0-3de8-4edc-a4c4-6b45705a764e","block_type":"box","text":"keeper, provided that such program offers only mutual fund options and that the program maintains an account with","page_number":31,"box":{"x":82,"y":589,"width":851,"height":12}},{"id":"7ad1dcb0-8849-4e7f-a4cd-c45164d9aff7","block_type":"box","text":"the Fund on an omnibus basis.","page_number":31,"box":{"x":80,"y":604,"width":227,"height":9}},{"id":"2dafde47-4707-4bf1-a7c9-24b6ac7a7a21","block_type":"box","text":"The Fund reserves the right to modify or waive the above-stated policies at any time.","page_number":31,"box":{"x":60,"y":626,"width":620,"height":12}},{"id":"77bb8e0b-ddde-4ff5-84d3-729b3c7a9331","block_type":"box","text":"Class R Shares","page_number":31,"box":{"x":61,"y":649,"width":124,"height":10}},{"id":"3e590318-1274-4439-9151-455802bff536","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored retirement plans. For this purpose, employer","page_number":31,"box":{"x":61,"y":666,"width":810,"height":11}},{"id":"16cc5372-39dd-4220-b6f2-40fdd8aabd04","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs or SARSEPs. If you buy Class R Shares, you will pay","page_number":31,"box":{"x":61,"y":681,"width":873,"height":11}},{"id":"5d46022f-593d-44c8-b072-11e6baf3b843","block_type":"box","text":"neither an initial sales charge nor a CDSC. However, Class R Shares are subject to a distribution fee of 0.25% per year","page_number":31,"box":{"x":61,"y":695,"width":874,"height":12}},{"id":"597e9ab5-65cb-48f0-8aa1-21bdb1638bf6","block_type":"box","text":"and a service fee of 0.25% per year. Because these fees are paid out of the Fund’s assets on an ongoing basis, over","page_number":31,"box":{"x":61,"y":710,"width":863,"height":12}},{"id":"fa65c348-16ce-4669-b0a4-2b73b0bc54f0","block_type":"box","text":"time these fees increase the cost of your investment and may cost you more than paying other types of sales charges.","page_number":31,"box":{"x":60,"y":725,"width":873,"height":12}},{"id":"888b32c3-58ee-49b1-a801-d5a349c24ded","block_type":"box","text":"Class R Shares do not offer a conversion privilege.","page_number":31,"box":{"x":61,"y":748,"width":371,"height":11}},{"id":"f947aa1d-61e0-4961-a79e-ba6d6de7372d","block_type":"box","text":"The Distributor currently pays the annual Class R Shares distribution fee and annual Class R Shares service fee to","page_number":31,"box":{"x":60,"y":770,"width":843,"height":12}},{"id":"ac7370e0-e187-4f0f-bda4-2523f6fc82ad","block_type":"box","text":"dealers as an ongoing concession and as a shareholder servicing fee, respectively, on a monthly basis.","page_number":31,"box":{"x":61,"y":785,"width":759,"height":12}},{"id":"c056c484-7beb-41bb-8cd8-13118a7f4bae","block_type":"box","text":"Distribution and Shareholder Servicing Payments","page_number":31,"box":{"x":61,"y":824,"width":442,"height":13}},{"id":"2d651a80-daf0-429c-8ebc-88fbe7de8997","block_type":"box","text":"Plan Payments","page_number":31,"box":{"x":61,"y":851,"width":122,"height":12}},{"id":"b8f842d2-0c45-4f62-8b2a-cf6eef6352cd","block_type":"box","text":"The Fund has adopted a plan (the “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with respect to","page_number":31,"box":{"x":60,"y":867,"width":855,"height":11}},{"id":"dbdc72a5-b43a-4e2a-a280-cc375579276e","block_type":"box","text":"the Investor Shares and Class R Shares that allows the Fund to pay distribution fees for the sale of its shares and/or","page_number":31,"box":{"x":60,"y":882,"width":865,"height":11}},{"id":"e32b8c6e-cc15-48a9-8b30-afbf575990dc","block_type":"box","text":"shareholder servicing fees for certain services provided to its shareholders.","page_number":31,"box":{"x":61,"y":896,"width":557,"height":12}},{"id":"238a502b-d58a-4056-bdeb-86d98c0941c9","block_type":"box","text":"30","page_number":31,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"875a2753-0e6d-4ce7-9e64-34e906c4a08f","block_type":"box","text":"NM1026U-5993019-31/69","page_number":31,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1e2454fb-f145-4bfe-82b7-fb7ede56da27","block_type":"box","text":"Under the Plan, Investor C and Class R Shares pay a distribution fee to the Distributor and/or its affiliates for","page_number":32,"box":{"x":62,"y":46,"width":804,"height":11}},{"id":"e6f30d91-9c6d-411b-b470-17a77213cf44","block_type":"box","text":"distribution and sales support services. The distribution fees may be used to pay the Distributor for distribution and","page_number":32,"box":{"x":61,"y":60,"width":851,"height":12}},{"id":"7a9a8c34-ccaf-4fed-b338-fa993e81f9cf","block_type":"box","text":"sales support services and to pay the Distributor and BlackRock and its affiliates for sales support services provided","page_number":32,"box":{"x":61,"y":75,"width":864,"height":12}},{"id":"6d2bafb7-4335-4a34-add3-a39e48420ac7","block_type":"box","text":"and related expenses incurred in connection with the sale of Investor C and Class R Shares. The distribution fees may","page_number":32,"box":{"x":61,"y":90,"width":870,"height":12}},{"id":"b2c9e9ed-4434-4fc6-b8c1-1972b41c580d","block_type":"box","text":"also be used to pay Financial Intermediaries for sales support services and related expenses. All Investor C and Class","page_number":32,"box":{"x":61,"y":105,"width":871,"height":11}},{"id":"ef1ce443-7d0b-46eb-8c7d-b9d530564913","block_type":"box","text":"R Shares pay a maximum distribution fee per year that is a percentage of the average daily net asset value of the","page_number":32,"box":{"x":62,"y":120,"width":832,"height":11}},{"id":"6032147c-226e-49ee-a38b-a50c0ecb3c94","block_type":"box","text":"Investor C and Class R Shares of the Fund. Institutional and Investor A Shares do not pay distribution fees.","page_number":32,"box":{"x":62,"y":135,"width":785,"height":11}},{"id":"2813ceb6-50e3-41f4-90fa-3c90014e90f1","block_type":"box","text":"Under the Plan, the Fund also pays shareholder servicing fees (also referred to as general shareholder liaison services","page_number":32,"box":{"x":62,"y":157,"width":873,"height":12}},{"id":"41d4cf01-0326-4db8-99d7-e430cce810ec","block_type":"box","text":"fees) to Financial Intermediaries for providing support services to their customers who own Investor Shares and/or","page_number":32,"box":{"x":60,"y":172,"width":846,"height":12}},{"id":"b7793a1a-3851-4243-9ab4-1770913ae643","block_type":"box","text":"Class R Shares of the Fund. The shareholder servicing fee payment is calculated as a percentage of the average daily","page_number":32,"box":{"x":61,"y":187,"width":866,"height":11}},{"id":"7d5c66ad-82a7-4312-905a-acf1ecd03386","block_type":"box","text":"net asset value of Investor Shares and Class R Shares of the Fund. All Investor Shares and Class R Shares pay this","page_number":32,"box":{"x":61,"y":202,"width":851,"height":11}},{"id":"c0d12c77-4861-4ebd-b836-993286f9a6db","block_type":"box","text":"shareholder servicing fee. Institutional Shares do not pay a shareholder servicing fee.","page_number":32,"box":{"x":61,"y":216,"width":630,"height":12}},{"id":"1e51a976-9ccf-48a4-9085-bf67678b64b2","block_type":"box","text":"In return for the shareholder servicing fee, Financial Intermediaries (including BlackRock) may provide one or more of","page_number":32,"box":{"x":62,"y":239,"width":859,"height":12}},{"id":"904a8281-cc28-4f4a-9a3b-505bc219fcb2","block_type":"box","text":"the following services to their customers who own Investor Shares and Class R Shares:","page_number":32,"box":{"x":60,"y":254,"width":643,"height":11}},{"id":"512b930a-eba9-4726-9af7-d9308bc63b49","block_type":"box","text":"Answering customer inquiries regarding account status and history, the manner in which purchases, exchanges and","page_number":32,"box":{"x":81,"y":274,"width":848,"height":11}},{"id":"596b495f-13ab-4cb4-ad45-668cf7d184d1","block_type":"box","text":"redemptions or repurchases of shares may be effected and certain other matters pertaining to the customers’","page_number":32,"box":{"x":82,"y":289,"width":811,"height":11}},{"id":"432a6197-2625-492e-93ee-aa522f627fc7","block_type":"box","text":"investments;","page_number":32,"box":{"x":82,"y":304,"width":92,"height":10}},{"id":"25d5a1e5-e360-4c2c-aee4-bc58288e3e68","block_type":"box","text":"Assisting customers in designating and changing dividend options, account designations and addresses; and","page_number":32,"box":{"x":81,"y":324,"width":801,"height":11}},{"id":"e2813acd-6ab7-4a74-8a2d-f60f6694d3c3","block_type":"box","text":"Providing other similar shareholder liaison services.","page_number":32,"box":{"x":81,"y":344,"width":379,"height":11}},{"id":"63f50c81-0541-4066-af60-95a1b34187a2","block_type":"box","text":"The shareholder servicing fees payable pursuant to the Plan are paid to compensate Financial Intermediaries for the","page_number":32,"box":{"x":60,"y":366,"width":856,"height":12}},{"id":"76354b33-f9c0-4d33-97db-5d3e1d9713a2","block_type":"box","text":"administration and servicing of shareholder accounts and are not costs which are primarily intended to result in the","page_number":32,"box":{"x":61,"y":381,"width":848,"height":11}},{"id":"bfb624f1-7d24-4e30-a016-e73758de9b09","block_type":"box","text":"sale of the Fund’s shares.","page_number":32,"box":{"x":61,"y":396,"width":191,"height":9}},{"id":"f7b53371-8605-48b6-93f8-c1819fd0ac3a","block_type":"box","text":"Because the fees paid by the Fund under the Plan are paid out of Fund assets on an ongoing basis, over time these","page_number":32,"box":{"x":62,"y":418,"width":850,"height":12}},{"id":"b035bc3f-52ce-469a-9eff-27d72f770829","block_type":"box","text":"fees will increase the cost of your investment and may cost you more than paying other types of sales charges. In","page_number":32,"box":{"x":60,"y":433,"width":836,"height":12}},{"id":"4bcc1852-b69d-4858-90aa-e8aaec85d29e","block_type":"box","text":"addition, the distribution fees paid by Investor C and Class R Shares may over time cost investors more than the front","page_number":32,"box":{"x":61,"y":448,"width":871,"height":11}},{"id":"fe3f6655-0a7f-4935-9e7d-e894f3ce90e5","block_type":"box","text":"end sales charge on Investor A Shares. For more information on the Plan, including a complete list of services","page_number":32,"box":{"x":61,"y":463,"width":810,"height":11}},{"id":"e1e94860-371f-4ce5-8eda-bf5e0ae2dba8","block_type":"box","text":"provided thereunder, see the SAI.","page_number":32,"box":{"x":62,"y":478,"width":243,"height":11}},{"id":"ab0825ce-f3cc-4e4e-8bf5-c2fa0e9de8b8","block_type":"box","text":"Other Payments by the Fund","page_number":32,"box":{"x":61,"y":501,"width":233,"height":12}},{"id":"b882c364-dbf0-4985-b895-7dfd9babb2ce","block_type":"box","text":"In addition to fees that the Fund may pay to a Financial Intermediary pursuant to the Plan and fees the Fund pays to its","page_number":32,"box":{"x":62,"y":517,"width":874,"height":11}},{"id":"107cbde3-6076-4b75-8e5e-a5fd8499cc80","block_type":"box","text":"transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”), BlackRock, on behalf of the Fund,","page_number":32,"box":{"x":60,"y":532,"width":846,"height":11}},{"id":"2b4d5263-6019-49bc-aa75-1c62b0afaeb6","block_type":"box","text":"may enter into non-Plan agreements with affiliated and unaffiliated Financial Intermediaries pursuant to which the Fund","page_number":32,"box":{"x":61,"y":546,"width":874,"height":12}},{"id":"a87825f5-b783-4430-aef2-8755a7d27d35","block_type":"box","text":"will pay a Financial Intermediary for administrative, networking, recordkeeping, sub-transfer agency, sub-accounting","page_number":32,"box":{"x":60,"y":561,"width":843,"height":12}},{"id":"187a8a6a-4101-4bef-9d82-093d0a2bcad5","block_type":"box","text":"and/or shareholder services. These non-Plan payments are generally based on either (1) a percentage of the average","page_number":32,"box":{"x":61,"y":576,"width":862,"height":12}},{"id":"1c62afdb-2bee-4177-bbb7-402d958e9f07","block_type":"box","text":"daily net assets of Fund shareholders serviced by a Financial Intermediary or (2) a fixed dollar amount for each","page_number":32,"box":{"x":61,"y":591,"width":815,"height":11}},{"id":"6365c641-1bfb-425f-8a92-e7a5c1e79d56","block_type":"box","text":"account serviced by a Financial Intermediary. The aggregate amount of these payments may be substantial.","page_number":32,"box":{"x":61,"y":606,"width":791,"height":11}},{"id":"5ddeede9-011f-4f9b-8992-6a4470e26839","block_type":"box","text":"Other Payments by BlackRock","page_number":32,"box":{"x":61,"y":629,"width":252,"height":12}},{"id":"25957d1e-3e78-43cd-a07e-98d0b0b507c4","block_type":"box","text":"From time to time, BlackRock, the Distributor or their affiliates also may pay a portion of the fees for administrative,","page_number":32,"box":{"x":62,"y":645,"width":851,"height":12}},{"id":"c1b4f92c-5344-4cf2-89e5-dcbf6740eb27","block_type":"box","text":"networking, recordkeeping, sub-transfer agency, sub-accounting and shareholder services described above at its or","page_number":32,"box":{"x":61,"y":660,"width":843,"height":11}},{"id":"6e2518a8-bcde-452c-b15e-6ef037754766","block_type":"box","text":"their own expense and out of its or their profits. BlackRock, the Distributor and their affiliates may also compensate","page_number":32,"box":{"x":60,"y":675,"width":853,"height":11}},{"id":"f3ea95c7-7a9a-4fe1-8a0a-05eb93e284be","block_type":"box","text":"affiliated and unaffiliated Financial Intermediaries for the sale and distribution of shares of the Fund. These payments","page_number":32,"box":{"x":61,"y":690,"width":866,"height":11}},{"id":"06699f40-f499-4d9a-8a82-d3ef087d19aa","block_type":"box","text":"would be in addition to the Fund payments described in this prospectus and may be a fixed dollar amount, may be","page_number":32,"box":{"x":60,"y":704,"width":839,"height":12}},{"id":"a805d0d3-38ff-4d4a-9d3f-3350fd513cf5","block_type":"box","text":"based on the number of customer accounts maintained by the Financial Intermediary, may be based on a percentage","page_number":32,"box":{"x":61,"y":719,"width":860,"height":12}},{"id":"178bcfa6-2403-4117-8ef0-4a4db16c3fa0","block_type":"box","text":"of the value of shares sold to, or held by, customers of the Financial Intermediary or may be calculated on another","page_number":32,"box":{"x":61,"y":734,"width":841,"height":11}},{"id":"26b08257-2b3a-4d0f-ae9a-d34f83dee0f0","block_type":"box","text":"basis. The aggregate amount of these payments by BlackRock, the Distributor and their affiliates may be substantial","page_number":32,"box":{"x":61,"y":749,"width":856,"height":11}},{"id":"de193f46-706c-4c61-b0f3-bac0eca04506","block_type":"box","text":"and, in some circumstances, may create an incentive for a Financial Intermediary, its employees or associated","page_number":32,"box":{"x":61,"y":764,"width":813,"height":11}},{"id":"551a20d2-59da-4708-a5ac-c2bc2ecc34b3","block_type":"box","text":"persons to recommend or sell shares of the Fund to you.","page_number":32,"box":{"x":62,"y":778,"width":415,"height":12}},{"id":"de78ab22-51ba-49fe-ac87-83904c2e07e0","block_type":"box","text":"Please contact your Financial Intermediary for details about payments it may receive from the Fund or from BlackRock,","page_number":32,"box":{"x":61,"y":801,"width":869,"height":12}},{"id":"c21ae5d6-ce3d-445d-8929-8b71ed675284","block_type":"box","text":"the Distributor or their affiliates. For more information, see the SAI.","page_number":32,"box":{"x":60,"y":816,"width":495,"height":11}},{"id":"da107f59-5208-4c50-b3db-6824eb86e416","block_type":"box","text":"How to Buy, Sell, Exchange and Transfer Shares","page_number":32,"box":{"x":61,"y":855,"width":434,"height":13}},{"id":"dcb92f3f-0220-43e8-b5cc-2e97fcd78ad6","block_type":"box","text":"The chart on the following pages summarizes how to buy, sell, exchange and transfer shares through your Financial","page_number":32,"box":{"x":60,"y":881,"width":846,"height":12}},{"id":"75aab809-5f78-48ea-afa7-da599ee39cd0","block_type":"box","text":"Intermediary. You may also buy, sell, exchange and transfer shares through BlackRock if your account is held directly","page_number":32,"box":{"x":62,"y":896,"width":857,"height":11}},{"id":"1947da89-dcd7-47e2-bf04-50b290822dfb","block_type":"box","text":"with BlackRock. To learn more about buying, selling, exchanging or transferring shares through BlackRock, call","page_number":32,"box":{"x":60,"y":911,"width":809,"height":11}},{"id":"6ce7c2a5-7ca4-4a4a-8387-cfe658df054f","block_type":"box","text":"31","page_number":32,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"ae5516a2-070d-45f7-b920-db03fa2fe309","block_type":"box","text":"NM1026U-5993019-32/69","page_number":32,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"783f353f-b555-4a84-838f-2106bcd73883","block_type":"box","text":"(800) 441-7762. Because the selection of a mutual fund involves many considerations, your Financial Intermediary","page_number":33,"box":{"x":61,"y":46,"width":847,"height":11}},{"id":"fcea31e5-49cd-4d53-82be-2c0e0d9fe0c4","block_type":"box","text":"may help you with this decision.","page_number":33,"box":{"x":61,"y":61,"width":232,"height":11}},{"id":"1db7e726-01af-4cc9-9dfd-c329c4690e05","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":83,"width":867,"height":12}},{"id":"71a23064-88f1-4aec-bf75-a330b7c8500b","block_type":"box","text":"not be distributed by a foreign Financial Intermediary. Under this policy, in order to accept new accounts or additional","page_number":33,"box":{"x":61,"y":98,"width":858,"height":11}},{"id":"1abc8a05-349e-415c-adf8-c5832efd8b27","block_type":"box","text":"investments (including by way of exchange from another BlackRock Fund) into existing accounts, the Fund generally","page_number":33,"box":{"x":62,"y":113,"width":845,"height":11}},{"id":"5e2c17eb-dad0-4133-a525-abbec7344f58","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":33,"box":{"x":61,"y":128,"width":860,"height":11}},{"id":"52094d82-9d7c-499b-98d5-8373d8c0af26","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer identification","page_number":33,"box":{"x":60,"y":142,"width":868,"height":12}},{"id":"8c12049b-5687-47ef-a60f-a68474c7d319","block_type":"box","text":"number, and (ii) a Financial Intermediary or a shareholder that is an entity be domiciled in the United States and have","page_number":33,"box":{"x":61,"y":157,"width":863,"height":12}},{"id":"c1557f7e-7243-479e-84f7-7f3ce80d7b4a","block_type":"box","text":"a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S. taxpayer","page_number":33,"box":{"x":61,"y":172,"width":787,"height":11}},{"id":"c3898c63-e00e-49db-87e8-d855ea3c5c6b","block_type":"box","text":"identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will also be","page_number":33,"box":{"x":62,"y":187,"width":857,"height":11}},{"id":"d5b1cee9-b2b9-4d38-9fe0-fb71cf8418b8","block_type":"box","text":"restricted from making additional investments.","page_number":33,"box":{"x":61,"y":202,"width":341,"height":11}},{"id":"48c201f0-6d74-47cd-9d1a-6c9a36b3dd86","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":224,"width":861,"height":12}},{"id":"04aa7ae8-1eb3-49ea-98fb-7a5929dff743","block_type":"box","text":"for any shareholders and suspend and resume the sale of any share class of the Fund at any time for any reason. In","page_number":33,"box":{"x":60,"y":239,"width":856,"height":11}},{"id":"f0cb5d32-d69f-4efd-bff4-aa658391c6d0","block_type":"box","text":"addition, the Fund may waive certain requirements regarding the purchase, sale, exchange or transfer of shares","page_number":33,"box":{"x":61,"y":254,"width":822,"height":11}},{"id":"b833fcae-e64d-4e80-b36b-25d8a6d11b48","block_type":"box","text":"described below.","page_number":33,"box":{"x":61,"y":269,"width":121,"height":9}},{"id":"b23ea862-2744-46e7-a9e4-32aeb88c66ee","block_type":"box","text":"Under certain circumstances, if no activity occurs in an account within a time period specified by state law, a","page_number":33,"box":{"x":62,"y":291,"width":797,"height":12}},{"id":"16705bf0-f08e-455a-a5dc-f73e6fdc39a8","block_type":"box","text":"shareholder’s shares in the Fund may be transferred to that state.","page_number":33,"box":{"x":61,"y":306,"width":487,"height":11}},{"id":"9e8facce-f560-4185-8874-274413f87dfe","block_type":"box","text":"How to Buy Shares","page_number":33,"box":{"x":61,"y":329,"width":156,"height":12}},{"id":"4bcf1510-54f3-4adc-a339-3d2ae511b709","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":33,"box":{"x":213,"y":351,"width":478,"height":9}},{"id":"c7beeac8-05dd-487c-bb59-bdb44ea8a5d7","block_type":"box","text":"Initial Purchase","page_number":33,"box":{"x":61,"y":368,"width":105,"height":8}},{"id":"0aa64af3-1598-41de-b48b-8bc7e724c4a4","block_type":"box","text":"First, select the share class","page_number":33,"box":{"x":214,"y":368,"width":183,"height":10}},{"id":"84389164-b821-463b-a48b-4c069a7ed55b","block_type":"box","text":"appropriate for you","page_number":33,"box":{"x":214,"y":382,"width":123,"height":10}},{"id":"ca859784-fef2-4ce8-9580-1cefde64f4d0","block_type":"box","text":"Refer to the “Share Classes at a Glance” table in this prospectus (be","page_number":33,"box":{"x":461,"y":368,"width":458,"height":10}},{"id":"1aeb6819-3520-499b-b2c9-fb00e4d648eb","block_type":"box","text":"sure to read this prospectus carefully). 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Your Financial Intermediary can help you determine","page_number":33,"box":{"x":461,"y":466,"width":460,"height":10}},{"id":"e866f023-392f-43c5-afa9-12610a912dd7","block_type":"box","text":"which share class is appropriate for you.","page_number":33,"box":{"x":460,"y":479,"width":267,"height":10}},{"id":"e3127fe2-d947-4325-8bd9-ddd55130dec6","block_type":"box","text":"Class R Shares are available only to certain employer-sponsored","page_number":33,"box":{"x":461,"y":502,"width":426,"height":10}},{"id":"b154239d-5a75-4ae9-83cb-0ec94bdd9ae9","block_type":"box","text":"retirement plans","page_number":33,"box":{"x":461,"y":515,"width":107,"height":10}},{"id":"5d627f2d-918a-4fc1-a752-08aee8b0e5c0","block_type":"box","text":"Next, determine the amount of","page_number":33,"box":{"x":214,"y":533,"width":203,"height":10}},{"id":"93c948df-310a-4568-9ad6-04ecf4c72d66","block_type":"box","text":"your investment","page_number":33,"box":{"x":213,"y":547,"width":105,"height":10}},{"id":"f4a95c9b-ef9e-45e5-b308-f4c27271f391","block_type":"box","text":"Refer to the minimum initial investment in the “Share Classes at a","page_number":33,"box":{"x":461,"y":533,"width":440,"height":9}},{"id":"47da6131-8803-4211-a3b2-fd540af41e8f","block_type":"box","text":"Glance” table of this prospectus. 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Any purchase orders placed","page_number":33,"box":{"x":461,"y":660,"width":463,"height":10}},{"id":"fcfba234-91c2-485a-bc22-17de99238555","block_type":"box","text":"prior to the close of business on the New York Stock Exchange (the","page_number":33,"box":{"x":461,"y":673,"width":443,"height":10}},{"id":"51104fdf-a7e1-4caa-b63d-818546c22643","block_type":"box","text":"“NYSE”) (generally 4:00 p.m. Eastern time) will be priced at the net","page_number":33,"box":{"x":461,"y":687,"width":445,"height":10}},{"id":"9bbf64ba-668f-493a-b0d4-82d544e535e7","block_type":"box","text":"asset value determined that day. Certain Financial Intermediaries,","page_number":33,"box":{"x":461,"y":700,"width":435,"height":10}},{"id":"9acdc847-3b57-454d-b2b5-92028523786d","block_type":"box","text":"however, may require submission of orders prior to that time. Purchase","page_number":33,"box":{"x":461,"y":714,"width":469,"height":10}},{"id":"9a1a8c41-95a0-4ea3-a4be-536d1e653c01","block_type":"box","text":"orders placed after that time will be priced at the net asset value","page_number":33,"box":{"x":461,"y":727,"width":429,"height":10}},{"id":"82749b1e-d1f4-4cc6-adea-2737b30ba836","block_type":"box","text":"determined on the next business day.","page_number":33,"box":{"x":461,"y":741,"width":247,"height":10}},{"id":"2434ef5c-1d5b-49f9-bf29-08312020cb76","block_type":"box","text":"A broker-dealer or financial institution maintaining the account in which","page_number":33,"box":{"x":460,"y":757,"width":468,"height":10}},{"id":"52cbd758-75fd-4eee-942e-e3cdb653e622","block_type":"box","text":"you hold shares may charge a separate account, service or transaction","page_number":33,"box":{"x":460,"y":771,"width":470,"height":10}},{"id":"0c3c33a3-2b7a-4197-9c34-c89c6bd06426","block_type":"box","text":"fee on the purchase or sale of Fund shares that would be in addition to","page_number":33,"box":{"x":460,"y":784,"width":471,"height":10}},{"id":"38b3bb09-39bd-4f30-9869-72def65d3f7b","block_type":"box","text":"the fees and expenses shown in the Fund’s “Fees and Expenses”","page_number":33,"box":{"x":460,"y":797,"width":434,"height":11}},{"id":"6c3f728a-d8c6-4332-b13b-de94b848cca0","block_type":"box","text":"table.","page_number":33,"box":{"x":460,"y":811,"width":36,"height":8}},{"id":"a8771c70-4c46-414d-b312-98ad8bbff21f","block_type":"box","text":"The Fund may reject any order to buy shares and may suspend the sale","page_number":33,"box":{"x":460,"y":827,"width":473,"height":10}},{"id":"83c3781c-ec3a-4666-8ac2-bbd02a4ae79a","block_type":"box","text":"of shares at any time. Certain Financial Intermediaries may charge a","page_number":33,"box":{"x":461,"y":841,"width":453,"height":10}},{"id":"8908994a-5c05-49d1-ad18-878b4fb06414","block_type":"box","text":"processing fee to confirm a purchase.","page_number":33,"box":{"x":461,"y":854,"width":249,"height":11}},{"id":"163bd35d-0fe5-4223-afe6-33210b57163a","block_type":"box","text":"32","page_number":33,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"c884ab39-bf41-4a8c-a708-d2258842fc27","block_type":"box","text":"NM1026U-5993019-33/69","page_number":33,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1b0e2c46-5261-4afe-8ed7-923c0efe542b","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":34,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"545187fe-c362-48db-9db5-b194634b4494","block_type":"box","text":"Initial Purchase","page_number":34,"box":{"x":61,"y":67,"width":105,"height":8}},{"id":"84e7ba0b-c91a-49b5-b34b-7b2b9af325e1","block_type":"box","text":"(continued)","page_number":34,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"4df761fa-d0a0-4d59-994c-b1d33ba9b613","block_type":"box","text":"Or contact BlackRock (for","page_number":34,"box":{"x":214,"y":67,"width":167,"height":10}},{"id":"9c5c820a-af8c-45cd-b689-1ac66e1d3bd0","block_type":"box","text":"accounts held directly with","page_number":34,"box":{"x":214,"y":81,"width":173,"height":10}},{"id":"81f80235-303a-47be-95d7-81be95f3a962","block_type":"box","text":"BlackRock)","page_number":34,"box":{"x":214,"y":94,"width":71,"height":10}},{"id":"28727caf-d6cb-4a52-b2f9-3caca383b65a","block_type":"box","text":"To purchase shares directly from BlackRock, call (800) 441-7762 and","page_number":34,"box":{"x":460,"y":67,"width":461,"height":10}},{"id":"22e38371-4d97-4489-94e6-7bf38e7240da","block_type":"box","text":"request a new account application. 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The Fund limits purchases by","page_number":34,"box":{"x":461,"y":108,"width":421,"height":10}},{"id":"bd9d593f-a12b-4e29-8002-e7a34876bb41","block_type":"box","text":"personal check to $500,000 per trade.","page_number":34,"box":{"x":461,"y":121,"width":257,"height":10}},{"id":"ee2115f9-1513-43bf-8f1a-e6d22e03f514","block_type":"box","text":"Add to Your","page_number":34,"box":{"x":60,"y":140,"width":78,"height":8}},{"id":"ccdba529-6dbf-46ea-af7d-630e5411e96d","block_type":"box","text":"Investment","page_number":34,"box":{"x":61,"y":151,"width":75,"height":8}},{"id":"0c468c37-3db9-491d-a95c-0f8747353616","block_type":"box","text":"Purchase additional shares For Investor A and Investor C Shares, the minimum investment for","page_number":34,"box":{"x":214,"y":139,"width":683,"height":10}},{"id":"3000773b-e079-467b-bae4-f354abbcb4f8","block_type":"box","text":"additional purchases is generally $50 for all accounts (with the","page_number":34,"box":{"x":461,"y":152,"width":415,"height":11}},{"id":"c29686e5-c777-48e0-958f-c95a0e385a8d","block_type":"box","text":"exception of certain employer-sponsored retirement plans which may","page_number":34,"box":{"x":461,"y":166,"width":455,"height":11}},{"id":"7d579114-95d6-4524-94c9-19bb01f30f9a","block_type":"box","text":"have a lower minimum for additional purchases). The minimums for","page_number":34,"box":{"x":461,"y":180,"width":445,"height":10}},{"id":"2a4303eb-40cf-40e9-a707-7c09273c4579","block_type":"box","text":"additional purchases may be waived under certain circumstances.","page_number":34,"box":{"x":461,"y":194,"width":436,"height":10}},{"id":"7bfcd5d2-ba60-441f-83f3-7ada83952f42","block_type":"box","text":"Institutional and Class R Shares have no minimum for additional","page_number":34,"box":{"x":461,"y":207,"width":425,"height":8}},{"id":"5eeabc6b-e31e-4e01-94fd-fd394a4cc42a","block_type":"box","text":"purchases.","page_number":34,"box":{"x":461,"y":221,"width":71,"height":10}},{"id":"ac227cf8-7679-4ebc-83ab-c520486ae4a5","block_type":"box","text":"Have your Financial Intermediary","page_number":34,"box":{"x":214,"y":239,"width":215,"height":10}},{"id":"aa24506b-6e45-4182-af86-84e80f92bf4f","block_type":"box","text":"submit your purchase order for","page_number":34,"box":{"x":214,"y":252,"width":203,"height":10}},{"id":"79f86b0b-be1c-4ca6-b444-890f4d603339","block_type":"box","text":"additional shares","page_number":34,"box":{"x":214,"y":266,"width":113,"height":8}},{"id":"91146590-9222-42d4-b750-33c7d2c9ad51","block_type":"box","text":"To purchase additional shares you may contact your Financial","page_number":34,"box":{"x":460,"y":239,"width":405,"height":10}},{"id":"7c12e5ae-2ead-4db4-b3c1-09e0b52f2b9c","block_type":"box","text":"Intermediary. For more details on purchasing by Internet see below.","page_number":34,"box":{"x":461,"y":252,"width":444,"height":11}},{"id":"fd211217-c351-4d70-84be-9c9e002beb3c","block_type":"box","text":"Or contact BlackRock (for","page_number":34,"box":{"x":214,"y":284,"width":167,"height":10}},{"id":"71b1f7af-5c06-4ab5-81f3-481181d23f70","block_type":"box","text":"accounts held directly with","page_number":34,"box":{"x":214,"y":298,"width":173,"height":10}},{"id":"22a5494f-6775-457b-a3a1-922fa9a20e21","block_type":"box","text":"BlackRock)","page_number":34,"box":{"x":214,"y":311,"width":71,"height":10}},{"id":"65eae118-cc89-47c0-abc3-4641150de1ba","block_type":"box","text":"Purchase by Telephone:","page_number":34,"box":{"x":461,"y":284,"width":158,"height":10}},{"id":"1926b39d-a6f0-4484-b123-d2076071a2a3","block_type":"box","text":"Call (800) 441-7762 and speak with one of","page_number":34,"box":{"x":625,"y":284,"width":288,"height":10}},{"id":"b9ddc806-88cf-4b2c-affb-d4894f1a791a","block_type":"box","text":"our representatives. The Fund has the right to reject any telephone","page_number":34,"box":{"x":461,"y":298,"width":440,"height":10}},{"id":"045b0857-f881-4e22-af13-35a49b8d63d1","block_type":"box","text":"request for any reason.","page_number":34,"box":{"x":461,"y":311,"width":152,"height":10}},{"id":"063ff88c-76e5-4ac6-82bd-e1ee62e10922","block_type":"box","text":"Purchase in Writing:","page_number":34,"box":{"x":461,"y":327,"width":135,"height":10}},{"id":"a55a20ba-daa9-4993-83da-2aeab8aff2d1","block_type":"box","text":"You may send a written request to BlackRock at","page_number":34,"box":{"x":602,"y":327,"width":316,"height":10}},{"id":"e796eb5e-08f6-4b2a-9d43-4f49f0571fff","block_type":"box","text":"the address on the back cover of this prospectus.","page_number":34,"box":{"x":460,"y":340,"width":329,"height":11}},{"id":"74f1eff5-0d49-4198-9123-1a67de37f47a","block_type":"box","text":"Purchase by VRU:","page_number":34,"box":{"x":461,"y":357,"width":119,"height":10}},{"id":"bca23f15-8c84-4ee2-959b-4ecd5d7167e2","block_type":"box","text":"Investor Shares may also be purchased by use of","page_number":34,"box":{"x":587,"y":357,"width":326,"height":10}},{"id":"5f0422f3-cf86-4230-bdc9-df15dcd75dbc","block_type":"box","text":"the Fund’s automated voice response unit (“VRU”) service at","page_number":34,"box":{"x":460,"y":370,"width":404,"height":10}},{"id":"30390533-73d6-4879-8d7b-e18fe57d2591","block_type":"box","text":"(800) 441-7762.","page_number":34,"box":{"x":461,"y":384,"width":110,"height":10}},{"id":"e5db3cd7-e19c-45b7-b449-6d73a3e13c65","block_type":"box","text":"Purchase by Internet:","page_number":34,"box":{"x":461,"y":400,"width":144,"height":10}},{"id":"1ac33da9-5fe0-4426-b307-49f9d3cfa5d5","block_type":"box","text":"You may purchase your shares and view activity","page_number":34,"box":{"x":611,"y":400,"width":314,"height":10}},{"id":"916b4cc1-b4a4-473a-9480-f81c16094eed","block_type":"box","text":"in your account by logging onto the BlackRock website at","page_number":34,"box":{"x":461,"y":414,"width":374,"height":10}},{"id":"a3090258-29b4-4cb8-b80b-029f3349af32","block_type":"box","text":"www.blackrock.com. 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Different maximums may apply to certain institutional investors.","page_number":34,"box":{"x":461,"y":538,"width":453,"height":10}},{"id":"f54647b2-1781-4ba9-b4e4-64d0e1211c0d","block_type":"box","text":"Please read the On-Line Services Disclosure Statement and User","page_number":34,"box":{"x":461,"y":554,"width":430,"height":8}},{"id":"fbad9c25-ea57-433c-b42a-4c358bd3538d","block_type":"box","text":"Agreement, the Terms and Conditions page and the Consent to","page_number":34,"box":{"x":460,"y":568,"width":417,"height":10}},{"id":"c7e7d86e-2134-446b-98cd-3aefb756fec9","block_type":"box","text":"Electronic Delivery Agreement (if you consent to electronic delivery),","page_number":34,"box":{"x":461,"y":581,"width":448,"height":10}},{"id":"36c1218d-4d9d-4646-a442-8d379ac98dfd","block_type":"box","text":"before attempting to transact online.","page_number":34,"box":{"x":461,"y":594,"width":240,"height":11}},{"id":"ed6bd3ae-dbb8-4d71-8910-9919f10df95d","block_type":"box","text":"The Fund employs reasonable procedures to confirm that transactions","page_number":34,"box":{"x":460,"y":611,"width":464,"height":10}},{"id":"42f47bbd-d4f2-447a-85ed-7bffc5a6509d","block_type":"box","text":"entered over the Internet are genuine. By entering into the User","page_number":34,"box":{"x":461,"y":624,"width":419,"height":11}},{"id":"639eadc0-356b-40ac-aaf1-6d1940d05ec3","block_type":"box","text":"Agreement with the Fund in order to open an account through the","page_number":34,"box":{"x":460,"y":638,"width":431,"height":10}},{"id":"6a4a1bc9-a130-4c45-bc7f-d697c332aadc","block_type":"box","text":"website, the shareholder waives any right to reclaim any losses from","page_number":34,"box":{"x":460,"y":651,"width":453,"height":11}},{"id":"e0f7f565-124f-4798-b9dc-b4cfb84490cb","block_type":"box","text":"the Fund or any of its affiliates incurred through fraudulent activity.","page_number":34,"box":{"x":460,"y":665,"width":440,"height":10}},{"id":"876e425f-b605-4b5b-81d0-739a5af9e636","block_type":"box","text":"Acquire additional shares by","page_number":34,"box":{"x":213,"y":683,"width":187,"height":10}},{"id":"b71cb5e7-6184-40fa-add6-6a8e74cf8343","block_type":"box","text":"reinvesting dividends and capital","page_number":34,"box":{"x":214,"y":697,"width":214,"height":10}},{"id":"9ab80b8f-89c2-40fe-84df-eaa9c7546c1f","block_type":"box","text":"gains","page_number":34,"box":{"x":213,"y":710,"width":35,"height":10}},{"id":"3d00d40c-7e0a-4478-a049-b55b3b9be675","block_type":"box","text":"All dividends and capital gains distributions are automatically","page_number":34,"box":{"x":460,"y":683,"width":405,"height":10}},{"id":"17f90fad-b669-4a51-afde-4de82ad55e04","block_type":"box","text":"reinvested without a sales charge. To make any changes to your","page_number":34,"box":{"x":461,"y":697,"width":423,"height":10}},{"id":"c9b55423-6aef-4708-a3ac-6b42d36f1730","block_type":"box","text":"dividend and/or capital gains distributions options, please call","page_number":34,"box":{"x":461,"y":710,"width":411,"height":10}},{"id":"bae1de2d-f997-4314-92a1-ce97786a6670","block_type":"box","text":"(800) 441-7762, or contact your Financial Intermediary (if your account","page_number":34,"box":{"x":461,"y":723,"width":470,"height":11}},{"id":"2e18da1d-ed8e-429d-9960-d2b2fdf010dd","block_type":"box","text":"is not held directly with BlackRock).","page_number":34,"box":{"x":461,"y":737,"width":232,"height":10}},{"id":"93625a41-e481-423f-b785-df801e3f9632","block_type":"box","text":"Participate in the AIP BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":34,"box":{"x":214,"y":755,"width":698,"height":10}},{"id":"76ca0c72-9a9e-4a8a-8afa-4d2697f1995f","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":34,"box":{"x":461,"y":768,"width":431,"height":11}},{"id":"48700d09-bb7b-4612-8f01-0ec1aed33dd2","block_type":"box","text":"account.","page_number":34,"box":{"x":461,"y":783,"width":54,"height":7}},{"id":"20113ceb-9cc6-4524-a0d0-893825668043","block_type":"box","text":"Refer to the “Account Services and Privileges” section of this","page_number":34,"box":{"x":461,"y":798,"width":404,"height":11}},{"id":"5e30e351-e5fb-4f4e-a0b3-2a27c4c4bcc4","block_type":"box","text":"prospectus for additional information.","page_number":34,"box":{"x":461,"y":812,"width":247,"height":10}},{"id":"b1a82b25-c8fb-4d48-b4b8-8a3cfa336933","block_type":"box","text":"How to Pay for","page_number":34,"box":{"x":61,"y":830,"width":99,"height":10}},{"id":"37db7b5f-ff9e-4c7d-87d9-aba0d1bdfb8b","block_type":"box","text":"Shares","page_number":34,"box":{"x":60,"y":841,"width":46,"height":9}},{"id":"4a5234da-5d94-4d0c-aee8-9d9ce85bf69a","block_type":"box","text":"Making payment for purchases Payment for an order must be made in Federal funds or other","page_number":34,"box":{"x":214,"y":830,"width":651,"height":10}},{"id":"1c53550c-9ce9-4bee-bbff-4a8683ddaac5","block_type":"box","text":"immediately available funds by the time specified by your Financial","page_number":34,"box":{"x":461,"y":843,"width":438,"height":11}},{"id":"c84c8845-b11c-4613-9d46-c50bebc7c518","block_type":"box","text":"Intermediary, but in no event later than 4:00 p.m. (Eastern time) on","page_number":34,"box":{"x":461,"y":857,"width":446,"height":10}},{"id":"9e336823-9eef-4b05-9168-18026d33bad9","block_type":"box","text":"the first business day following BlackRock’s receipt of the order. If","page_number":34,"box":{"x":460,"y":870,"width":439,"height":11}},{"id":"5416ae65-5267-477e-8e9c-78ecd1a4cc2a","block_type":"box","text":"payment is not received by this time, the order will be canceled and","page_number":34,"box":{"x":461,"y":884,"width":445,"height":10}},{"id":"06c4062a-63fe-49e7-a486-79ad25bdaf74","block_type":"box","text":"you and your Financial Intermediary will be responsible for any loss to","page_number":34,"box":{"x":460,"y":897,"width":460,"height":11}},{"id":"6403aee3-22ed-4701-8e2a-e58f51a5b8ef","block_type":"box","text":"the Fund.","page_number":34,"box":{"x":460,"y":911,"width":61,"height":8}},{"id":"3cb33a40-d554-48c0-acbf-98411605bcbb","block_type":"box","text":"33","page_number":34,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"9385e294-c127-44bf-a736-96af50fcdb7f","block_type":"box","text":"NM1026U-5993019-34/69","page_number":34,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"0544f4ee-246c-4bde-b7ad-3600256ada4f","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":"42c00901-9e88-4411-8371-06a44a51669b","block_type":"box","text":"How to Pay for","page_number":35,"box":{"x":61,"y":67,"width":99,"height":10}},{"id":"d67c5a12-7e6a-4f97-9b3c-dec175c20203","block_type":"box","text":"Shares (continued)","page_number":35,"box":{"x":60,"y":81,"width":128,"height":10}},{"id":"7b7b01f1-e0b9-43e6-b0a5-899f1cfbc786","block_type":"box","text":"Making payment for purchases","page_number":35,"box":{"x":214,"y":67,"width":202,"height":11}},{"id":"9a6847d7-3670-4efe-9a80-e012f050dedd","block_type":"box","text":"(continued)","page_number":35,"box":{"x":214,"y":81,"width":72,"height":10}},{"id":"a083e06e-ee8b-489e-9fb7-db126b8586b4","block_type":"box","text":"For shares purchased directly from the Fund, a check payable to","page_number":35,"box":{"x":461,"y":70,"width":423,"height":10}},{"id":"6f885d44-a69f-4eaa-bf95-b5ceaa577684","block_type":"box","text":"BlackRock Funds which bears the name of the Fund must accompany a","page_number":35,"box":{"x":461,"y":83,"width":470,"height":11}},{"id":"a4599b42-9bb6-4b07-8437-e17a3a060c28","block_type":"box","text":"completed purchase application. The Fund limits purchases by personal","page_number":35,"box":{"x":461,"y":97,"width":473,"height":10}},{"id":"0b3e5bcd-fd56-4e0b-924d-b2059f7ee616","block_type":"box","text":"check to $500,000 per trade. There is a $20 fee for each purchase","page_number":35,"box":{"x":461,"y":110,"width":447,"height":10}},{"id":"b6c39652-4dcd-45da-9701-45c8380589a5","block_type":"box","text":"check that is returned due to insufficient funds. The Fund does not","page_number":35,"box":{"x":461,"y":124,"width":442,"height":8}},{"id":"08c4a2f8-5b30-472b-b7d1-f56e993f814d","block_type":"box","text":"accept third-party checks. You may also wire Federal funds to the Fund","page_number":35,"box":{"x":461,"y":137,"width":465,"height":11}},{"id":"a797003d-b62f-4f1a-93b3-a5777585d2bb","block_type":"box","text":"to purchase shares, but you must call (800) 441-7762 before doing so","page_number":35,"box":{"x":460,"y":151,"width":470,"height":10}},{"id":"88942393-2632-4e4b-b8cc-82a49f1677df","block_type":"box","text":"to confirm the wiring instructions.","page_number":35,"box":{"x":460,"y":164,"width":221,"height":11}},{"id":"55501738-1de5-4de0-8d3c-aa320d9a14e4","block_type":"box","text":"How to Sell Shares","page_number":35,"box":{"x":61,"y":189,"width":156,"height":10}},{"id":"70180fb9-f1a2-466c-aa70-1a0182795c5f","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":35,"box":{"x":213,"y":211,"width":478,"height":9}},{"id":"71a24441-aede-412c-a523-487f0732ece1","block_type":"box","text":"Full or Partial","page_number":35,"box":{"x":61,"y":228,"width":90,"height":9}},{"id":"c946e0c3-b578-4f9a-9295-f59dd8309516","block_type":"box","text":"Redemption of","page_number":35,"box":{"x":61,"y":240,"width":98,"height":10}},{"id":"7ace277f-12c0-4bd5-9b7e-4708b4d19c20","block_type":"box","text":"Shares","page_number":35,"box":{"x":60,"y":252,"width":46,"height":8}},{"id":"c447bf1b-0e87-4d0a-a494-81c7e29dadfd","block_type":"box","text":"Have your Financial Intermediary","page_number":35,"box":{"x":214,"y":229,"width":215,"height":10}},{"id":"b623353b-6fc7-42a1-900c-382f1377fe01","block_type":"box","text":"submit your sales order","page_number":35,"box":{"x":214,"y":242,"width":155,"height":10}},{"id":"e4ca4958-7e73-48a9-b8a4-fda84784f8a8","block_type":"box","text":"You can make redemption requests through your Financial","page_number":35,"box":{"x":460,"y":229,"width":382,"height":10}},{"id":"7baa7672-8686-4b6a-8cf1-d4660a1444fc","block_type":"box","text":"Intermediary. Shareholders should indicate whether they are","page_number":35,"box":{"x":461,"y":242,"width":398,"height":10}},{"id":"3489bdf1-04d4-4bc8-9c11-f3fb88731225","block_type":"box","text":"redeeming Investor A, Investor C, Institutional or Class R Shares. The","page_number":35,"box":{"x":461,"y":256,"width":458,"height":10}},{"id":"7633a25b-6129-4fa9-84f1-5f4285ef018f","block_type":"box","text":"price of your shares is based on the next calculation of the Fund’s net","page_number":35,"box":{"x":461,"y":269,"width":463,"height":10}},{"id":"39cc59e1-607c-4d60-b0ca-f519a75122cd","block_type":"box","text":"asset value after your order is placed. For your redemption request to","page_number":35,"box":{"x":461,"y":282,"width":458,"height":11}},{"id":"5bf09342-a8a7-48a8-bb56-73a727c6a18f","block_type":"box","text":"be priced at the net asset value on the day of your request, you must","page_number":35,"box":{"x":461,"y":296,"width":457,"height":10}},{"id":"c2adb486-93d6-4f5e-af32-da1816e3dcb1","block_type":"box","text":"submit your request to your Financial Intermediary prior to that day’s","page_number":35,"box":{"x":461,"y":310,"width":452,"height":10}},{"id":"d2830fdc-2bb3-45ca-829b-2f54f91dc228","block_type":"box","text":"close of business on the NYSE (generally 4:00 p.m. Eastern time).","page_number":35,"box":{"x":461,"y":323,"width":438,"height":10}},{"id":"a2a045f7-a8af-4ad9-840a-19a102ff62ab","block_type":"box","text":"Certain Financial Intermediaries, however, may require submission of","page_number":35,"box":{"x":461,"y":337,"width":457,"height":10}},{"id":"62a3ef26-a2f0-47fc-9939-b15bce7d0f32","block_type":"box","text":"orders prior to that time. Any redemption request placed after that time","page_number":35,"box":{"x":461,"y":350,"width":470,"height":10}},{"id":"574c79b9-0202-468c-b393-1110577a6e1b","block_type":"box","text":"will be priced at the net asset value at the close of business on the","page_number":35,"box":{"x":460,"y":364,"width":447,"height":10}},{"id":"26b77b82-b627-4b0a-b1a1-ca7b27608eb1","block_type":"box","text":"next business day.","page_number":35,"box":{"x":461,"y":377,"width":121,"height":11}},{"id":"f458e790-a7e1-45af-9c5c-4a49d97e6ce5","block_type":"box","text":"Regardless of the method the Fund uses to make payment of your","page_number":35,"box":{"x":461,"y":393,"width":437,"height":11}},{"id":"56d6559d-9d48-438f-b190-290a455a5d0b","block_type":"box","text":"redemption proceeds (check, wire or ACH), your redemption proceeds","page_number":35,"box":{"x":461,"y":407,"width":458,"height":10}},{"id":"3391c8d7-533c-41fd-becf-ddbb7171add3","block_type":"box","text":"typically will be sent one business day after your request is submitted,","page_number":35,"box":{"x":460,"y":420,"width":465,"height":11}},{"id":"5225f0cd-0e6e-4309-9420-6a1e3afc6661","block_type":"box","text":"but in any event, within seven days.","page_number":35,"box":{"x":461,"y":434,"width":233,"height":10}},{"id":"ae055949-c112-46de-9a79-24d3a5f77195","block_type":"box","text":"Certain Financial Intermediaries may charge a fee to process a","page_number":35,"box":{"x":461,"y":450,"width":415,"height":10}},{"id":"75b7d49a-427a-47df-b457-4a085544534d","block_type":"box","text":"redemption of shares.","page_number":35,"box":{"x":461,"y":464,"width":144,"height":10}},{"id":"e942bea3-f993-4202-b4a1-4d1148b9c281","block_type":"box","text":"The Fund may reject an order to sell shares under certain","page_number":35,"box":{"x":460,"y":480,"width":380,"height":10}},{"id":"d530d1a5-d1f3-4958-92c9-e5d3f2290087","block_type":"box","text":"circumstances.","page_number":35,"box":{"x":461,"y":493,"width":98,"height":9}},{"id":"7327389e-3d1d-43aa-9dea-47dc5ff497a2","block_type":"box","text":"Selling shares held directly with","page_number":35,"box":{"x":214,"y":511,"width":207,"height":11}},{"id":"0d02003b-f1f1-48a8-92c3-78f25b5b0df6","block_type":"box","text":"BlackRock","page_number":35,"box":{"x":214,"y":525,"width":67,"height":8}},{"id":"cc4c0ce3-9cba-4665-abdb-56a33aa14d49","block_type":"box","text":"Methods of Redeeming","page_number":35,"box":{"x":461,"y":511,"width":156,"height":11}},{"id":"a14f293d-18f8-458a-832c-a5fae24acfbc","block_type":"box","text":"Redeem by Telephone:","page_number":35,"box":{"x":461,"y":528,"width":150,"height":10}},{"id":"e8236576-011b-460a-a48e-0bf0fe82776f","block_type":"box","text":"You may redeem Investor Shares held directly","page_number":35,"box":{"x":617,"y":528,"width":302,"height":10}},{"id":"e5ab99b6-908c-4354-8d80-f685b1c7f6a2","block_type":"box","text":"with BlackRock by telephone request if certain conditions are met and","page_number":35,"box":{"x":460,"y":541,"width":464,"height":10}},{"id":"b93e42b6-fc87-4cd7-b361-11b17fe9dc51","block_type":"box","text":"if the amount being sold is less than (i) $100,000 for payments by","page_number":35,"box":{"x":461,"y":554,"width":441,"height":11}},{"id":"ec71f342-4fb4-48bd-a76b-587e7b864729","block_type":"box","text":"check or (ii) $250,000 for payments through ACH or wire transfer.","page_number":35,"box":{"x":461,"y":567,"width":433,"height":11}},{"id":"610cf557-4018-45e2-b80d-0badf84e7363","block_type":"box","text":"Certain redemption requests, such as those in excess of these","page_number":35,"box":{"x":461,"y":582,"width":418,"height":10}},{"id":"5680d0de-d09b-406b-a580-4e2fdb4e26dc","block_type":"box","text":"amounts, must be in writing with a medallion signature guarantee. For","page_number":35,"box":{"x":461,"y":595,"width":462,"height":11}},{"id":"60301e49-9055-4954-b94c-7b6bf77d41b3","block_type":"box","text":"Institutional Shares, certain redemption requests may require written","page_number":35,"box":{"x":461,"y":609,"width":456,"height":10}},{"id":"4a443796-14e1-4bc8-af15-9ae1568e2701","block_type":"box","text":"instructions with a medallion signature guarantee. Call (800) 441-7762","page_number":35,"box":{"x":461,"y":622,"width":472,"height":11}},{"id":"21ca5409-263f-44d3-9483-b19419de6a78","block_type":"box","text":"for details.","page_number":35,"box":{"x":460,"y":636,"width":70,"height":8}},{"id":"b64ea5cc-9a14-4db8-b938-28a7734ad6bd","block_type":"box","text":"You can obtain a medallion signature guarantee stamp from a bank,","page_number":35,"box":{"x":460,"y":652,"width":448,"height":10}},{"id":"2721edae-2f55-4db3-a21a-c3a298d14913","block_type":"box","text":"securities dealer, securities broker, credit union, savings and loan","page_number":35,"box":{"x":461,"y":666,"width":434,"height":10}},{"id":"7bdd989a-b132-4639-bc6c-395b72bd4c8d","block_type":"box","text":"association, national securities exchange or registered securities","page_number":35,"box":{"x":461,"y":679,"width":430,"height":10}},{"id":"7e3cb679-c1fc-421c-9e3f-6bcd166cae0a","block_type":"box","text":"association. A notary public seal will not be acceptable.","page_number":35,"box":{"x":461,"y":693,"width":366,"height":10}},{"id":"a3d4efeb-311a-4059-a02e-1feca64e2c69","block_type":"box","text":"The Fund, its administrators and the Distributor will employ reasonable","page_number":35,"box":{"x":460,"y":709,"width":468,"height":10}},{"id":"01debd59-d1a8-4e07-bb07-9ba94bc1b4e8","block_type":"box","text":"procedures to confirm that instructions communicated by telephone are","page_number":35,"box":{"x":461,"y":722,"width":474,"height":10}},{"id":"28927378-c4b4-4d5d-abfa-3f5fe184554c","block_type":"box","text":"genuine. The Fund and its service providers will not be liable for any","page_number":35,"box":{"x":460,"y":736,"width":450,"height":10}},{"id":"9f3b5b36-1777-4d08-a8b2-9490e19920e6","block_type":"box","text":"loss, liability, cost or expense for acting upon telephone instructions","page_number":35,"box":{"x":461,"y":749,"width":450,"height":11}},{"id":"8db441ce-3e36-4159-b05c-1a7aa00ec8fd","block_type":"box","text":"that are reasonably believed to be genuine in accordance with such","page_number":35,"box":{"x":460,"y":763,"width":445,"height":10}},{"id":"dcbef004-9d98-445b-bf3e-4551435dd987","block_type":"box","text":"procedures. The Fund may refuse a telephone redemption request if it","page_number":35,"box":{"x":461,"y":776,"width":463,"height":11}},{"id":"c2c182b4-46ae-430e-89de-d2d9ac28366b","block_type":"box","text":"believes it is advisable to do so.","page_number":35,"box":{"x":461,"y":790,"width":212,"height":8}},{"id":"0edf4e3c-af30-46c0-a154-98f4e7bafa3e","block_type":"box","text":"During periods of substantial economic or market change, telephone","page_number":35,"box":{"x":461,"y":806,"width":452,"height":10}},{"id":"5e7a5d52-1176-4593-95f7-a51ef1d98316","block_type":"box","text":"redemptions may be difficult to complete. Please find alternative","page_number":35,"box":{"x":461,"y":819,"width":427,"height":11}},{"id":"5da561e2-a993-4f90-8f0f-c7af67a6b805","block_type":"box","text":"redemption methods below.","page_number":35,"box":{"x":461,"y":833,"width":181,"height":10}},{"id":"95dda0ca-f083-4ebc-9bf8-2d4e6ca55bfe","block_type":"box","text":"Redeem by VRU:","page_number":35,"box":{"x":461,"y":849,"width":111,"height":10}},{"id":"90e7ebb1-a8a3-4233-a1d0-debdc6882ca3","block_type":"box","text":"Investor Shares may also be redeemed by use of the","page_number":35,"box":{"x":579,"y":849,"width":348,"height":10}},{"id":"3d704adb-05f1-4f22-bcde-417e6af1d1aa","block_type":"box","text":"Fund’s automated voice response unit service (VRU). Payment for","page_number":35,"box":{"x":461,"y":863,"width":434,"height":10}},{"id":"768a8836-671e-4c6a-898a-bd0561d4ad10","block_type":"box","text":"Investor Shares redeemed by the VRU service may be made for non","page_number":35,"box":{"x":461,"y":876,"width":451,"height":10}},{"id":"a189952b-1e65-4c24-957d-c4a570a43cea","block_type":"box","text":"retirement accounts in amounts up to $25,000, either through check,","page_number":35,"box":{"x":461,"y":889,"width":460,"height":11}},{"id":"28062922-5216-4a40-820d-289ebda0f9b3","block_type":"box","text":"ACH or wire.","page_number":35,"box":{"x":460,"y":903,"width":80,"height":9}},{"id":"1a416cb2-d0fc-462a-8a94-462f14cebece","block_type":"box","text":"34","page_number":35,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"b6132a02-8f36-4058-8c44-dfcceeeae08d","block_type":"box","text":"NM1026U-5993019-35/69","page_number":35,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"1bdf27dc-e752-4db6-8c2c-227809690d38","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":"feb5f90c-60c6-4939-954b-10e3a31a7887","block_type":"box","text":"Full or Partial","page_number":36,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"c6ff8033-d10d-4eaf-9fc1-c609d499a5ca","block_type":"box","text":"Redemption of","page_number":36,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"925b2a80-5763-4386-90ae-176136bfe064","block_type":"box","text":"Shares (continued)","page_number":36,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"901ba4c3-68a9-4205-8652-c3a45bfc1414","block_type":"box","text":"Selling shares held directly with","page_number":36,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"69ff1939-1707-427d-b2e5-4ede3f98a936","block_type":"box","text":"BlackRock (continued)","page_number":36,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"ef060e72-3cd0-454d-9e9e-eec6e0306b86","block_type":"box","text":"Redeem by Internet:","page_number":36,"box":{"x":461,"y":70,"width":136,"height":10}},{"id":"598aaff7-cefc-4abe-a6cf-4ad5e0803c5b","block_type":"box","text":"You may redeem in your account, by logging onto","page_number":36,"box":{"x":603,"y":70,"width":321,"height":10}},{"id":"a7c0c9a2-5da5-414e-b899-6fd01889056e","block_type":"box","text":"the BlackRock website at www.blackrock.com. Proceeds from Internet","page_number":36,"box":{"x":460,"y":83,"width":461,"height":9}},{"id":"1ad73a5c-ed0b-4bfd-b4f6-51dd5b4c01f6","block_type":"box","text":"redemptions may be sent via check, ACH or wire to the bank account of","page_number":36,"box":{"x":461,"y":97,"width":473,"height":10}},{"id":"87c68570-965e-43f2-b42c-2a63bba8c17c","block_type":"box","text":"record. Payment for shares redeemed by Internet may be made for non","page_number":36,"box":{"x":461,"y":110,"width":472,"height":11}},{"id":"806b1d1d-aabe-4f5c-b769-a285a437d878","block_type":"box","text":"retirement accounts in amounts up to $100,000 per account per day,","page_number":36,"box":{"x":461,"y":123,"width":459,"height":11}},{"id":"c2157dcf-71a2-403b-b390-d8ac7b764210","block_type":"box","text":"either through check, ACH or wire. Different maximums may apply to","page_number":36,"box":{"x":461,"y":137,"width":451,"height":11}},{"id":"c03872c4-ddd2-41d7-9268-c448a70e8c1c","block_type":"box","text":"certain institutional investors.","page_number":36,"box":{"x":461,"y":151,"width":196,"height":8}},{"id":"dba089f9-4273-4507-ae01-bebcc3e3a196","block_type":"box","text":"Redeem in Writing:","page_number":36,"box":{"x":461,"y":167,"width":127,"height":10}},{"id":"e979f49a-f2d5-4487-be83-e07d16b31c34","block_type":"box","text":"You may sell shares held at BlackRock by writing to","page_number":36,"box":{"x":594,"y":167,"width":338,"height":11}},{"id":"7b4db4df-7b05-45f7-a845-aae0f29ad4b4","block_type":"box","text":"BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429 or","page_number":36,"box":{"x":461,"y":181,"width":468,"height":10}},{"id":"7c251e9d-6fcf-4f29-8b39-69a3f44247c9","block_type":"box","text":"for overnight delivery, Attention: 534429, 1350 Penn Avenue, Suite","page_number":36,"box":{"x":460,"y":194,"width":446,"height":11}},{"id":"89e38a9d-1403-4f1c-9089-e1af403d00d1","block_type":"box","text":"102, Pittsburgh, Pennsylvania 15222. All shareholders on the account","page_number":36,"box":{"x":461,"y":208,"width":466,"height":10}},{"id":"85b76599-533d-495e-86df-c75d9742e416","block_type":"box","text":"must sign the letter. A medallion signature guarantee will generally be","page_number":36,"box":{"x":461,"y":221,"width":460,"height":11}},{"id":"c4088a41-9f6d-4ba1-86b5-83b773ffc267","block_type":"box","text":"required but may be waived in certain limited circumstances. You can","page_number":36,"box":{"x":461,"y":235,"width":457,"height":10}},{"id":"65e3cbf2-f5c7-4acd-bc10-2c66682969f7","block_type":"box","text":"obtain a medallion signature guarantee stamp from a bank, securities","page_number":36,"box":{"x":461,"y":248,"width":461,"height":11}},{"id":"9930fa34-4b49-4e89-9bfe-7ca6ac6bd3b0","block_type":"box","text":"dealer, securities broker, credit union, savings and loan association,","page_number":36,"box":{"x":461,"y":262,"width":450,"height":10}},{"id":"163982cb-ab77-4dcc-9d21-7029e8042c0f","block_type":"box","text":"national securities exchange or registered securities association. A","page_number":36,"box":{"x":461,"y":276,"width":443,"height":10}},{"id":"f904c48e-898d-43c3-90a5-522133d5b6de","block_type":"box","text":"notary public seal will not be acceptable. If you hold stock certificates,","page_number":36,"box":{"x":461,"y":289,"width":465,"height":10}},{"id":"d29d3ac3-1e68-4ae7-8a70-ff10447d0ff3","block_type":"box","text":"return the certificates with the letter. Proceeds from redemptions may","page_number":36,"box":{"x":461,"y":302,"width":462,"height":11}},{"id":"c1cc61b6-9312-4733-aff9-024a13abeab6","block_type":"box","text":"be sent via check, ACH or wire to the bank account of record.","page_number":36,"box":{"x":461,"y":316,"width":404,"height":10}},{"id":"d3d091e7-c6d3-4e13-80b8-c0e911875bc1","block_type":"box","text":"Payment of Redemption Proceeds","page_number":36,"box":{"x":461,"y":332,"width":228,"height":10}},{"id":"5a42a860-872a-403b-9ff8-1b8ec5139b82","block_type":"box","text":"Redemption proceeds may be paid by check or, if the Fund has verified","page_number":36,"box":{"x":461,"y":346,"width":467,"height":10}},{"id":"71514d0b-8cb5-4bd3-8013-2f4331673927","block_type":"box","text":"banking information on file, through ACH or by wire transfer.","page_number":36,"box":{"x":461,"y":359,"width":393,"height":11}},{"id":"5f65951d-bb6c-4206-8c34-dfaf6c93be29","block_type":"box","text":"Payment by Check:","page_number":36,"box":{"x":461,"y":375,"width":129,"height":11}},{"id":"2558ef00-9bd4-4d0f-ad63-95a378d2c569","block_type":"box","text":"BlackRock will normally mail redemption proceeds","page_number":36,"box":{"x":597,"y":376,"width":329,"height":10}},{"id":"aff3dbba-2225-455e-ab4d-1e6ec3f5ece3","block_type":"box","text":"within one business day following receipt of a properly completed","page_number":36,"box":{"x":460,"y":389,"width":430,"height":10}},{"id":"621a4299-ec38-492c-a5e1-ee80bfe86bb0","block_type":"box","text":"request, but in any event within seven days. Shares can be redeemed","page_number":36,"box":{"x":461,"y":402,"width":460,"height":11}},{"id":"c6b06d43-585b-495d-b4e1-9e5df2c601c9","block_type":"box","text":"by telephone and the proceeds sent by check to the shareholder at the","page_number":36,"box":{"x":461,"y":416,"width":468,"height":10}},{"id":"df304c66-fced-4cea-890d-b0ec4e3aba2c","block_type":"box","text":"address on record. Shareholders will pay $15 for redemption proceeds","page_number":36,"box":{"x":461,"y":429,"width":467,"height":11}},{"id":"0749bfc8-684f-43e6-a1b3-9e1195ead021","block_type":"box","text":"sent by check via overnight mail. You are responsible for any additional","page_number":36,"box":{"x":461,"y":443,"width":467,"height":10}},{"id":"7855ab5b-544b-4c07-a874-cd8f5f97d4d2","block_type":"box","text":"charges imposed by your bank for this service. The Fund reserves the","page_number":36,"box":{"x":461,"y":456,"width":461,"height":11}},{"id":"1536ebf5-d65d-4609-941b-11a08d83dc49","block_type":"box","text":"right to reinvest any dividend or distribution amounts (e.g., income","page_number":36,"box":{"x":461,"y":470,"width":438,"height":10}},{"id":"6eb5593b-441c-4107-a7d3-cd0296ec53f8","block_type":"box","text":"dividends or capital gains) which you have elected to receive by check","page_number":36,"box":{"x":461,"y":484,"width":460,"height":10}},{"id":"6d105ce6-7e71-4409-bad9-06861eff1426","block_type":"box","text":"should your check be returned as undeliverable or remain uncashed for","page_number":36,"box":{"x":461,"y":497,"width":471,"height":10}},{"id":"29ca2db7-c18f-45cf-8289-f9932c9a6fc5","block_type":"box","text":"more than 6 months. No interest will accrue on amounts represented","page_number":36,"box":{"x":461,"y":511,"width":458,"height":10}},{"id":"b8bf492c-0e97-4741-b765-0a49cff669f9","block_type":"box","text":"by uncashed checks. Your check will be reinvested in your account at","page_number":36,"box":{"x":461,"y":524,"width":455,"height":10}},{"id":"362abbeb-8042-4e03-8bcc-ee6c00d2479c","block_type":"box","text":"the net asset value next calculated, on the day of the investment. When","page_number":36,"box":{"x":460,"y":538,"width":475,"height":10}},{"id":"db5a6242-70e0-4e76-93b4-bf3b5c2107ed","block_type":"box","text":"reinvested, those amounts are subject to the risk of loss like any Fund","page_number":36,"box":{"x":461,"y":551,"width":466,"height":11}},{"id":"016fce7f-9fd8-4816-9f90-b721f1dfa2c7","block_type":"box","text":"investment. If you elect to receive distributions in cash and a check","page_number":36,"box":{"x":461,"y":565,"width":446,"height":10}},{"id":"06af2ef8-14ef-4e9c-b845-169bc875c833","block_type":"box","text":"remains undeliverable or uncashed for more than 6 months, your cash","page_number":36,"box":{"x":461,"y":578,"width":464,"height":11}},{"id":"188d112a-58a3-4855-84a5-fdc90d22187c","block_type":"box","text":"election may also be changed automatically to reinvest and your future","page_number":36,"box":{"x":461,"y":592,"width":466,"height":10}},{"id":"d4cd40a9-19c0-4fad-8978-1dfd11685366","block_type":"box","text":"dividend and capital gains distributions will be reinvested in the Fund at","page_number":36,"box":{"x":461,"y":606,"width":473,"height":10}},{"id":"d62b0678-2d77-4fc4-ba87-61165668c547","block_type":"box","text":"the net asset value as of the date of payment of the distribution.","page_number":36,"box":{"x":460,"y":619,"width":428,"height":10}},{"id":"ea4b9543-6da9-4e28-806b-f059cd0ba5f3","block_type":"box","text":"Payment by Wire Transfer:","page_number":36,"box":{"x":461,"y":635,"width":177,"height":10}},{"id":"1d65bfdb-736c-4320-a09d-ce2049aee4e6","block_type":"box","text":"Payment for redeemed shares for which a","page_number":36,"box":{"x":644,"y":635,"width":275,"height":10}},{"id":"3a2656ad-6e9f-4620-895f-69fa26fcba82","block_type":"box","text":"redemption order is received before 4:00 p.m. (Eastern time) on a","page_number":36,"box":{"x":461,"y":649,"width":437,"height":10}},{"id":"57380147-9d12-49ae-abfc-2364116f6481","block_type":"box","text":"business day is normally made in Federal funds wired to the redeeming","page_number":36,"box":{"x":461,"y":662,"width":471,"height":11}},{"id":"2ef4cf61-9a5c-4ae4-9b2a-bdd35dba170b","block_type":"box","text":"shareholder on the next business day, provided that the Fund’s","page_number":36,"box":{"x":461,"y":676,"width":417,"height":10}},{"id":"389e152f-7c04-454c-97bb-8096126e1c70","block_type":"box","text":"custodian is also open for business. Payment for redemption orders","page_number":36,"box":{"x":461,"y":689,"width":449,"height":10}},{"id":"d0e49bdb-6eab-4051-9856-474708aee499","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":703,"width":449,"height":10}},{"id":"01f12f51-b954-4f2e-a669-1a248c88e4a6","block_type":"box","text":"custodian is closed is normally wired in Federal funds on the next","page_number":36,"box":{"x":461,"y":716,"width":433,"height":11}},{"id":"4ce6b1b9-0873-481b-aa46-f40417bbd58e","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":36,"box":{"x":461,"y":730,"width":449,"height":10}},{"id":"71f87869-07ec-41b7-a799-dfea9dfb1890","block_type":"box","text":"open for business. The Fund reserves the right to wire redemption","page_number":36,"box":{"x":461,"y":743,"width":437,"height":11}},{"id":"ed692f7f-f30f-4d64-ae9b-f3438be6192a","block_type":"box","text":"proceeds within seven days after receiving a redemption order if, in the","page_number":36,"box":{"x":461,"y":757,"width":469,"height":10}},{"id":"3bf0c543-9828-4ba7-9edc-7b9c826146a6","block_type":"box","text":"judgment of the Fund, an earlier payment could adversely affect the","page_number":36,"box":{"x":459,"y":770,"width":448,"height":11}},{"id":"597b8b2e-0ca0-4c3f-8e53-f71f2ef8e5e6","block_type":"box","text":"Fund.","page_number":36,"box":{"x":461,"y":784,"width":34,"height":8}},{"id":"1d5bea80-762d-4151-8294-3f3db124c7c7","block_type":"box","text":"If a shareholder has given authorization for expedited redemption,","page_number":36,"box":{"x":461,"y":800,"width":434,"height":10}},{"id":"51c99c10-0718-4908-b2c2-92fcef3f58ff","block_type":"box","text":"shares can be redeemed by Federal wire transfer to a single previously","page_number":36,"box":{"x":461,"y":814,"width":468,"height":10}},{"id":"fc3defa7-9685-44e1-b6b9-a9adbbd45321","block_type":"box","text":"designated bank account. Shareholders will pay $7.50 for redemption","page_number":36,"box":{"x":461,"y":827,"width":460,"height":11}},{"id":"1e6002b3-bea0-46fd-a3b8-9012bd8b6d4a","block_type":"box","text":"proceeds sent by Federal wire transfer. You are responsible for any","page_number":36,"box":{"x":461,"y":841,"width":441,"height":10}},{"id":"e41dee15-58fa-44b7-9bd9-2263134fe7c6","block_type":"box","text":"additional charges imposed by your bank for this service. No charge for","page_number":36,"box":{"x":461,"y":854,"width":472,"height":11}},{"id":"93255761-4722-4b4d-b4e1-fac2acbfbcdc","block_type":"box","text":"wiring redemption payments with respect to Institutional Shares is","page_number":36,"box":{"x":460,"y":868,"width":438,"height":10}},{"id":"c5b8bfbb-d0d7-4915-a2d1-291d5881d606","block_type":"box","text":"imposed by the Fund.","page_number":36,"box":{"x":461,"y":882,"width":140,"height":10}},{"id":"79d86e99-da8e-429c-8325-be9744fdf32d","block_type":"box","text":"The Fund is not responsible for the efficiency of the Federal wire","page_number":36,"box":{"x":460,"y":897,"width":425,"height":11}},{"id":"34f1dc08-0cf5-490a-8156-7e29fb6153a8","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":911,"width":455,"height":10}},{"id":"6b492834-1078-4b7b-a760-7bc786d6b4b8","block_type":"box","text":"35","page_number":36,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"76f58feb-62e4-415a-98c3-08a0c8520a9e","block_type":"box","text":"NM1026U-5993019-36/69","page_number":36,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"3e929ce0-6c07-4191-90c1-3664da859376","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":"9d70bed6-86ea-4d6e-8852-e01b7b851b82","block_type":"box","text":"Full or Partial","page_number":37,"box":{"x":61,"y":67,"width":90,"height":8}},{"id":"56ffa89b-abb8-445a-9a3d-c5401c7efeea","block_type":"box","text":"Redemption of","page_number":37,"box":{"x":61,"y":81,"width":98,"height":10}},{"id":"b90b2603-0c62-481b-bba5-35eb007ffa0f","block_type":"box","text":"Shares (continued)","page_number":37,"box":{"x":60,"y":94,"width":128,"height":10}},{"id":"f208cb3e-01de-431b-a060-47aad459f684","block_type":"box","text":"Selling shares held directly with","page_number":37,"box":{"x":214,"y":67,"width":207,"height":11}},{"id":"6cc18e80-dc59-4aaa-ba91-70f537fb4267","block_type":"box","text":"BlackRock (continued)","page_number":37,"box":{"x":214,"y":81,"width":145,"height":10}},{"id":"eb25bbc2-039f-4b99-92a4-a70cc1599e63","block_type":"box","text":"single, designated bank account to receive wire redemption proceeds, it","page_number":37,"box":{"x":461,"y":67,"width":476,"height":11}},{"id":"de256c4d-6ea0-4a2b-a209-cfc0fa508178","block_type":"box","text":"is necessary to send a written request to the Fund at the address on","page_number":37,"box":{"x":461,"y":81,"width":455,"height":10}},{"id":"0fc61789-b10d-43be-b184-c599c076fd6f","block_type":"box","text":"the back cover of this prospectus.","page_number":37,"box":{"x":460,"y":94,"width":224,"height":10}},{"id":"ff572d70-a83a-4ae7-922d-111563353674","block_type":"box","text":"Payment by ACH:","page_number":37,"box":{"x":461,"y":110,"width":116,"height":11}},{"id":"c0a6bfd5-8ed2-4df3-9bb7-02d0142e43b3","block_type":"box","text":"Redemption proceeds may be sent to the","page_number":37,"box":{"x":584,"y":111,"width":272,"height":10}},{"id":"159d2582-5051-43d7-b7c0-d83eb8404c43","block_type":"box","text":"shareholder’s bank account (checking or savings) via ACH. Payment for","page_number":37,"box":{"x":461,"y":124,"width":469,"height":10}},{"id":"1f847db1-fdcc-43b2-a0f3-97ae9d2f23a4","block_type":"box","text":"redeemed shares for which a redemption order is received before","page_number":37,"box":{"x":461,"y":137,"width":432,"height":11}},{"id":"28c17cba-7920-452b-845b-efb00bd04404","block_type":"box","text":"4:00 p.m. (Eastern time) on a business day is normally sent to the","page_number":37,"box":{"x":461,"y":151,"width":441,"height":10}},{"id":"3318862c-1b2d-4278-80ce-f52229baca9a","block_type":"box","text":"redeeming shareholder the next business day, with receipt at the","page_number":37,"box":{"x":461,"y":165,"width":428,"height":10}},{"id":"ca6b51f5-bfc3-40cf-840d-83996ae86b70","block_type":"box","text":"receiving bank within the next two business days (48-72 hours);","page_number":37,"box":{"x":461,"y":178,"width":420,"height":10}},{"id":"d67a4d2b-c988-451e-86c9-ad0dac10b7e4","block_type":"box","text":"provided that the Fund’s custodian is also open for business. Payment","page_number":37,"box":{"x":461,"y":192,"width":467,"height":10}},{"id":"57af8a06-f68a-487b-92ed-ef62ba06824a","block_type":"box","text":"for redemption orders received after 4:00 p.m. (Eastern time) or on a","page_number":37,"box":{"x":460,"y":205,"width":458,"height":10}},{"id":"d56546e2-82e8-4c6b-b1e7-a7d6fc5e55eb","block_type":"box","text":"day when the Fund’s custodian is closed is normally sent on the next","page_number":37,"box":{"x":461,"y":219,"width":457,"height":10}},{"id":"eb376aa5-c367-40ca-bd86-ed81a0b2b98e","block_type":"box","text":"business day following redemption on which the Fund’s custodian is","page_number":37,"box":{"x":461,"y":232,"width":449,"height":11}},{"id":"e1f243c5-b39b-40d2-91b3-cd59fc5946ed","block_type":"box","text":"open for business.","page_number":37,"box":{"x":461,"y":246,"width":121,"height":10}},{"id":"b451c41e-e545-4f4a-87a5-5d8bfaed5068","block_type":"box","text":"The Fund reserves the right to send redemption proceeds within seven","page_number":37,"box":{"x":460,"y":262,"width":467,"height":10}},{"id":"fda8cdb2-381f-48ef-98a7-6b2f0280b087","block_type":"box","text":"days after receiving a redemption order if, in the judgment of the Fund,","page_number":37,"box":{"x":461,"y":275,"width":465,"height":11}},{"id":"57cf2785-ca35-4c23-93b1-44793276d9fb","block_type":"box","text":"an earlier payment could adversely affect the Fund. No charge for","page_number":37,"box":{"x":461,"y":289,"width":432,"height":10}},{"id":"ac9ad537-a93b-4344-a658-8fb4c15e8f3a","block_type":"box","text":"sending redemption payments via ACH is imposed by the Fund.","page_number":37,"box":{"x":461,"y":303,"width":415,"height":10}},{"id":"3aa89b6e-7f3f-448f-832f-917a60201db6","block_type":"box","text":"***","page_number":37,"box":{"x":686,"y":319,"width":25,"height":5}},{"id":"749f9198-31ca-4ff8-9250-586d21404e5b","block_type":"box","text":"If you make a redemption request before the Fund has collected","page_number":37,"box":{"x":461,"y":332,"width":423,"height":10}},{"id":"71961df6-2a1b-432f-b87a-694950446db8","block_type":"box","text":"payment for the purchase of shares, the Fund may delay mailing your","page_number":37,"box":{"x":461,"y":346,"width":456,"height":10}},{"id":"22258aeb-ae64-4860-8bde-5d3e3e8969ea","block_type":"box","text":"proceeds. This delay will usually not exceed ten days.","page_number":37,"box":{"x":461,"y":359,"width":352,"height":10}},{"id":"e9fd4d7c-aa88-4db6-8c83-aeb36c1064dd","block_type":"box","text":"Redemption","page_number":37,"box":{"x":61,"y":391,"width":80,"height":10}},{"id":"ad9e6bd8-8225-449c-922b-ec53474d0ebc","block_type":"box","text":"Proceeds","page_number":37,"box":{"x":61,"y":403,"width":62,"height":8}},{"id":"e190253b-9761-4967-b364-54b49e232dfa","block_type":"box","text":"Under normal circumstances, the Fund expects to meet redemption","page_number":37,"box":{"x":461,"y":391,"width":445,"height":10}},{"id":"cdce59ad-e76f-4f6d-89e4-20f589ed8912","block_type":"box","text":"requests by using cash or cash equivalents in its portfolio or by selling","page_number":37,"box":{"x":461,"y":404,"width":467,"height":11}},{"id":"a19ad7e2-5ae0-4b84-94fa-7e8cc695ab05","block_type":"box","text":"portfolio assets to generate cash. The Fund reserves the right to pay","page_number":37,"box":{"x":461,"y":418,"width":456,"height":10}},{"id":"2c624c3b-5982-4ade-9d66-897c701bb361","block_type":"box","text":"redemption proceeds with securities from the Fund’s portfolio rather","page_number":37,"box":{"x":461,"y":431,"width":452,"height":10}},{"id":"168e72da-cc63-49da-8376-efca723395d0","block_type":"box","text":"than in cash (“redemptions in kind”) as described below. Redemptions","page_number":37,"box":{"x":460,"y":445,"width":467,"height":10}},{"id":"4ba16ba5-b050-43a9-a2cc-e7ccafdaf592","block_type":"box","text":"in kind may be used in certain circumstances if the relevant","page_number":37,"box":{"x":461,"y":458,"width":396,"height":11}},{"id":"d1567ec3-ca8f-4821-a5bc-040983bca410","block_type":"box","text":"shareholder is able to accept securities in kind, and may also be used","page_number":37,"box":{"x":461,"y":472,"width":464,"height":10}},{"id":"3b9a4990-73bb-440d-94b6-c21ad5b140cb","block_type":"box","text":"in stressed market conditions. During periods of stressed market","page_number":37,"box":{"x":461,"y":485,"width":431,"height":11}},{"id":"80241641-6529-4898-97e2-d964a4753d25","block_type":"box","text":"conditions, when a significant portion of the Fund’s portfolio may be","page_number":37,"box":{"x":461,"y":499,"width":450,"height":10}},{"id":"b9470d91-a0b5-4f9a-b95c-355ffc697f06","block_type":"box","text":"comprised of less-liquid investments, the Fund may be more likely to","page_number":37,"box":{"x":461,"y":513,"width":452,"height":10}},{"id":"db9eee21-edb2-4c2f-97d0-a78f62c260fa","block_type":"box","text":"limit cash redemptions and may determine to pay redemption","page_number":37,"box":{"x":461,"y":526,"width":406,"height":10}},{"id":"bd3f98a3-c2cf-4042-96cc-ee18986536ef","block_type":"box","text":"proceeds by (i) borrowing under a line of credit it has entered into with","page_number":37,"box":{"x":461,"y":540,"width":463,"height":10}},{"id":"d75de4c5-1c50-4183-992d-7170a056c0fb","block_type":"box","text":"a group of lenders and/or (ii) transferring portfolio securities in kind to","page_number":37,"box":{"x":461,"y":553,"width":465,"height":11}},{"id":"6a0437e3-8174-4bd3-afa6-15f78f86cd7d","block_type":"box","text":"a redeeming shareholder. 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Redemptions in","page_number":37,"box":{"x":461,"y":664,"width":464,"height":10}},{"id":"1501d2fe-1d91-4642-a714-3b92aac87392","block_type":"box","text":"excess of those amounts will normally be paid in cash but may be paid","page_number":37,"box":{"x":461,"y":678,"width":467,"height":10}},{"id":"c0696ce9-e0dd-42b2-b3ea-6d8eb98e521e","block_type":"box","text":"wholly or partly by a distribution in kind of securities.","page_number":37,"box":{"x":460,"y":691,"width":347,"height":10}},{"id":"334fe1f3-5232-4d7f-885b-98af95256514","block_type":"box","text":"The specific security or securities to be distributed will be determined","page_number":37,"box":{"x":460,"y":707,"width":459,"height":11}},{"id":"d0bce9d3-884b-403d-abd4-b3134982c93b","block_type":"box","text":"by BlackRock and could include a pro-rata representation of the Fund’s","page_number":37,"box":{"x":461,"y":721,"width":467,"height":10}},{"id":"46dca9f2-ceac-4d19-a185-04d853854f0a","block_type":"box","text":"portfolio or a non-pro-rata representation of the Fund’s portfolio","page_number":37,"box":{"x":461,"y":734,"width":420,"height":10}},{"id":"4548f41a-29cb-403b-bd3b-0389c42c3539","block_type":"box","text":"depending upon various circumstances and subject to the Fund’s","page_number":37,"box":{"x":461,"y":748,"width":430,"height":10}},{"id":"53fe30e1-9c97-42bb-95cb-8151d4ee26f0","block_type":"box","text":"policies and procedures and any applicable laws or regulations. In","page_number":37,"box":{"x":461,"y":762,"width":435,"height":10}},{"id":"69eb34c7-8bd9-4c24-a433-f0c19de9766d","block_type":"box","text":"effecting such redemptions in kind, BlackRock may select securities to","page_number":37,"box":{"x":461,"y":775,"width":468,"height":10}},{"id":"2abf1a83-55e1-40cd-8538-e67addd5337f","block_type":"box","text":"distribute to the redeeming shareholder by considering certain factors,","page_number":37,"box":{"x":461,"y":788,"width":465,"height":11}},{"id":"3e096c21-41ac-4598-b5b6-ad2f036b4462","block_type":"box","text":"including, without limitation, the portfolio management team’s model or","page_number":37,"box":{"x":461,"y":802,"width":474,"height":10}},{"id":"e9569c28-86f6-42af-8b96-ea676bba7fc6","block_type":"box","text":"optimal portfolio, risk management considerations, compliance","page_number":37,"box":{"x":461,"y":816,"width":417,"height":10}},{"id":"17a999aa-bed3-4774-8ede-7773ec650c6d","block_type":"box","text":"considerations, the active positioning of the Fund post-redemption, the","page_number":37,"box":{"x":461,"y":829,"width":467,"height":10}},{"id":"d0eabce7-5d00-4470-9da5-0825757f0208","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities.","page_number":37,"box":{"x":461,"y":843,"width":400,"height":10}},{"id":"d013b809-6f20-4371-b535-2d2c5146798e","block_type":"box","text":"The Fund may effect redemptions in kind in an effort to, among other","page_number":37,"box":{"x":460,"y":859,"width":459,"height":10}},{"id":"03c28114-95c3-4261-9acd-ce2ef90341bf","block_type":"box","text":"considerations: (a) manage the portfolio efficiently or for any other","page_number":37,"box":{"x":461,"y":872,"width":439,"height":11}},{"id":"12b907f9-f86b-4140-bfd9-79e05469edb4","block_type":"box","text":"portfolio management purpose, and (b) externalize certain transaction","page_number":37,"box":{"x":461,"y":886,"width":463,"height":10}},{"id":"6a9d71d2-6e11-483e-b037-c9f8954117e7","block_type":"box","text":"costs that would otherwise be borne by a Fund in connection with","page_number":37,"box":{"x":461,"y":900,"width":432,"height":10}},{"id":"37d90160-8f17-496e-9b08-5cecf737806e","block_type":"box","text":"redemption activity or portfolio turnover. Redemptions in kind may","page_number":37,"box":{"x":461,"y":913,"width":435,"height":10}},{"id":"d0a2d3f1-93c2-4f2e-91d5-f036e3530219","block_type":"box","text":"36","page_number":37,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"bdb0c5f3-1ef6-417d-a2bc-7337c4940148","block_type":"box","text":"NM1026U-5993019-37/69","page_number":37,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"dcb67eb1-b67d-4018-86c0-4ab727253eb7","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":"47643566-299b-4dd7-ad8e-e3863f86a593","block_type":"box","text":"Redemption","page_number":38,"box":{"x":61,"y":67,"width":80,"height":10}},{"id":"1ce4db72-d5d0-4d3e-afa2-9daa38446c16","block_type":"box","text":"Proceeds","page_number":38,"box":{"x":61,"y":81,"width":62,"height":8}},{"id":"dcf7824a-76d5-4f7d-a2df-304f8b09e87f","block_type":"box","text":"(continued)","page_number":38,"box":{"x":61,"y":94,"width":76,"height":10}},{"id":"d2501f92-b960-4f42-ab0f-b3efa04d5243","block_type":"box","text":"(continued) reduce the need for the Fund to maintain short-term cash reserves,","page_number":38,"box":{"x":214,"y":67,"width":693,"height":10}},{"id":"0b1c0d6b-f8ea-4cb4-8bc6-b0e939949e33","block_type":"box","text":"reduce Fund transaction costs, reduce the need for the Fund to sell its","page_number":38,"box":{"x":461,"y":81,"width":466,"height":9}},{"id":"fc4c805d-7b0d-49da-9ae0-8c9bd60c8ed4","block_type":"box","text":"investments at inopportune times, and lower Fund capital gain","page_number":38,"box":{"x":461,"y":94,"width":412,"height":11}},{"id":"b535f6cd-f525-4096-97dd-b150505ec118","block_type":"box","text":"recognition, all of which may be considerations when determining","page_number":38,"box":{"x":461,"y":108,"width":431,"height":10}},{"id":"e44e5a3d-4c3f-4833-9b61-12c9d26a3520","block_type":"box","text":"whether to effect a redemption in kind. However, there can be no","page_number":38,"box":{"x":460,"y":121,"width":430,"height":10}},{"id":"d2b5593d-592e-439e-b94a-d248534ae795","block_type":"box","text":"assurance that redemptions in kind can or will be effected when they","page_number":38,"box":{"x":461,"y":135,"width":456,"height":10}},{"id":"d6b418f5-b5a2-495a-aa5c-502af135e8c3","block_type":"box","text":"would be beneficial to the Fund, and it may be impractical or impossible","page_number":38,"box":{"x":460,"y":148,"width":475,"height":11}},{"id":"71456ac0-d6dd-4093-af59-370ad247b709","block_type":"box","text":"to effect redemptions in kind with many or substantially all of the","page_number":38,"box":{"x":460,"y":162,"width":430,"height":10}},{"id":"e9dfa2e8-5e7b-4054-a1ee-72818ed9ba79","block_type":"box","text":"Fund’s shareholders because of, among other things, how they hold","page_number":38,"box":{"x":461,"y":175,"width":448,"height":11}},{"id":"86428616-dbbe-49b1-908a-29f4b1004d48","block_type":"box","text":"their Fund shares or the small value of the redemptions.","page_number":38,"box":{"x":460,"y":189,"width":372,"height":10}},{"id":"384abaa9-ce80-4227-8f8f-a88b7237761e","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for","page_number":38,"box":{"x":461,"y":205,"width":431,"height":10}},{"id":"42f19671-4b25-46c4-bed4-b5cfdbf43af3","block_type":"box","text":"optimization of the Fund’s portfolio, or a combination thereof, the Fund","page_number":38,"box":{"x":461,"y":219,"width":468,"height":10}},{"id":"9b20ed45-0595-4cc8-9190-10aacb1a0e60","block_type":"box","text":"in its discretion may accept large purchase orders from one or more","page_number":38,"box":{"x":461,"y":232,"width":450,"height":11}},{"id":"2a047f83-94b8-4f48-b650-9f679cb64fd9","block_type":"box","text":"financial institutions that are willing, upon redemption of their","page_number":38,"box":{"x":460,"y":246,"width":407,"height":10}},{"id":"dc8aa149-e3b2-4b19-8b49-1d55f465811c","block_type":"box","text":"investment in the Fund, to receive their redemption proceeds in kind","page_number":38,"box":{"x":461,"y":260,"width":450,"height":9}},{"id":"f1c92791-6d2c-40da-8357-f1f688d2c09f","block_type":"box","text":"rather than in cash. A Fund’s ability to pay these redemption proceeds","page_number":38,"box":{"x":461,"y":273,"width":464,"height":10}},{"id":"a625dc1a-3ae0-4a3b-a324-98cb08bcb849","block_type":"box","text":"in kind relieves the Fund of the need to sell the securities that are","page_number":38,"box":{"x":461,"y":286,"width":437,"height":9}},{"id":"55d744ab-e423-402a-ba76-041072431da4","block_type":"box","text":"distributed in kind and incur brokerage and other transaction costs","page_number":38,"box":{"x":461,"y":300,"width":440,"height":10}},{"id":"25a6feaa-d277-498a-a4fd-395bb4758295","block_type":"box","text":"associated with such sale and may have the effect of reducing the","page_number":38,"box":{"x":461,"y":313,"width":439,"height":11}},{"id":"a1910f43-8b94-4220-b2f7-f674de42086b","block_type":"box","text":"amount of taxable gains the Fund would otherwise be required to","page_number":38,"box":{"x":461,"y":327,"width":429,"height":10}},{"id":"67108425-6fd8-49a1-9fa7-ca2026513421","block_type":"box","text":"distribute to shareholders. The Fund’s short-term trading policy, as","page_number":38,"box":{"x":461,"y":341,"width":440,"height":10}},{"id":"88305191-af0a-4409-8978-36570b508da4","block_type":"box","text":"described below, shall not apply to the transactions described in this","page_number":38,"box":{"x":461,"y":354,"width":454,"height":10}},{"id":"bdc0e219-b053-4e9e-aa90-435c511ae586","block_type":"box","text":"sub-section.","page_number":38,"box":{"x":461,"y":368,"width":78,"height":8}},{"id":"8c0b82e8-f32b-4c88-9c26-1d704a6f68dd","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to","page_number":38,"box":{"x":461,"y":384,"width":446,"height":10}},{"id":"8c17aaa8-52b8-4d0e-b4e3-09ca7cd82954","block_type":"box","text":"convert them to cash, you may pay taxes and brokerage and other","page_number":38,"box":{"x":461,"y":397,"width":438,"height":11}},{"id":"d8085aef-79b5-46b7-98f3-26f01a8bd598","block_type":"box","text":"transaction costs to dispose of the securities. You may receive less for","page_number":38,"box":{"x":460,"y":411,"width":470,"height":10}},{"id":"414ff3b4-3ef5-401f-9c8b-6a81ad208858","block_type":"box","text":"the securities than the price at which they were valued for purposes of","page_number":38,"box":{"x":460,"y":424,"width":467,"height":11}},{"id":"1fa00178-61c1-49b4-aaf0-74354eb82cc7","block_type":"box","text":"effecting the redemption. There may also be a risk that redemption in","page_number":38,"box":{"x":461,"y":438,"width":459,"height":10}},{"id":"36b94b12-3095-437b-9049-7d758f5ff1e7","block_type":"box","text":"kind activity could negatively impact the market value of the securities","page_number":38,"box":{"x":461,"y":451,"width":462,"height":11}},{"id":"2ae96eff-8a55-45ef-a43d-e73f5e4ed6d5","block_type":"box","text":"distributed in kind and, in turn, the NAV of the Fund.","page_number":38,"box":{"x":461,"y":465,"width":342,"height":10}},{"id":"339b12a8-38ff-46de-a4e2-91df2290710e","block_type":"box","text":"How to Exchange Shares or Transfer Your Account","page_number":38,"box":{"x":61,"y":490,"width":415,"height":12}},{"id":"8b790620-6d64-4f94-b100-ffac0afe7a28","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":38,"box":{"x":213,"y":512,"width":478,"height":9}},{"id":"5337d4e3-e98e-4f63-b03b-cc57f59101a2","block_type":"box","text":"Exchange Privilege","page_number":38,"box":{"x":61,"y":529,"width":128,"height":10}},{"id":"45cb6ea5-fb7e-4002-9ef1-ff216b2c0adc","block_type":"box","text":"Selling shares of one BlackRock","page_number":38,"box":{"x":214,"y":529,"width":212,"height":10}},{"id":"d6efcad0-9e78-4037-8b97-2355b1e1ff1a","block_type":"box","text":"Fund to purchase shares of","page_number":38,"box":{"x":214,"y":542,"width":181,"height":10}},{"id":"94f21329-fbb5-4a05-8813-e88881ba971b","block_type":"box","text":"another BlackRock Fund","page_number":38,"box":{"x":214,"y":556,"width":158,"height":8}},{"id":"c30c690b-989a-4ac1-8ae3-0e24e77b5ae5","block_type":"box","text":"(“exchanging”)","page_number":38,"box":{"x":214,"y":570,"width":95,"height":10}},{"id":"2f4cf2f9-8ddf-4814-8f50-cce41b9ccb72","block_type":"box","text":"Investor or Institutional Shares of the Fund are generally exchangeable","page_number":38,"box":{"x":461,"y":529,"width":466,"height":10}},{"id":"2c5f3bbc-702a-481f-a720-feac9aef5df4","block_type":"box","text":"for shares of the same class of another BlackRock Fund, to the extent","page_number":38,"box":{"x":460,"y":542,"width":465,"height":10}},{"id":"748413aa-2eb5-438a-8387-6f458f888522","block_type":"box","text":"such shares are offered by your Financial Intermediary. No exchange","page_number":38,"box":{"x":461,"y":556,"width":453,"height":10}},{"id":"273ba65d-3e3f-4d93-9f9c-780c2561dc7d","block_type":"box","text":"privilege is available for Class R Shares.","page_number":38,"box":{"x":461,"y":569,"width":264,"height":11}},{"id":"9df60afe-3148-4901-a9f4-beb71e0fa7c1","block_type":"box","text":"You can exchange $1,000 or more of Investor Shares from one fund","page_number":38,"box":{"x":460,"y":585,"width":450,"height":11}},{"id":"d54ffc44-59cf-48cb-9416-482443525eb9","block_type":"box","text":"into the same class of another fund which offers that class of shares","page_number":38,"box":{"x":461,"y":599,"width":457,"height":8}},{"id":"8cd6a1f7-6bcd-480d-9469-ddaadbe1d33a","block_type":"box","text":"(you can exchange less than $1,000 of Investor Shares if you already","page_number":38,"box":{"x":461,"y":612,"width":459,"height":11}},{"id":"4efd066a-94f0-45b2-a9ca-7780b63b8086","block_type":"box","text":"have an account in the fund into which you are exchanging). Investors","page_number":38,"box":{"x":461,"y":626,"width":459,"height":10}},{"id":"8eac7349-8f8d-4d28-9af1-20c06ff0469d","block_type":"box","text":"who currently own Institutional Shares of the Fund may make","page_number":38,"box":{"x":460,"y":640,"width":403,"height":10}},{"id":"814f3744-f13a-46e5-9183-cd4b9de64775","block_type":"box","text":"exchanges into Institutional Shares of other BlackRock Funds except for","page_number":38,"box":{"x":461,"y":653,"width":475,"height":11}},{"id":"64b80584-b4f8-47fc-ab03-a08b9927f328","block_type":"box","text":"investors holding shares through certain client accounts at Financial","page_number":38,"box":{"x":461,"y":667,"width":450,"height":10}},{"id":"58536e36-5fe3-4175-856a-1707336ce2fc","block_type":"box","text":"Intermediaries that are omnibus with the Fund and do not meet","page_number":38,"box":{"x":461,"y":680,"width":419,"height":8}},{"id":"51d397b3-edca-4543-a93d-6fd7afc855f1","block_type":"box","text":"applicable minimums. There is no required minimum amount with","page_number":38,"box":{"x":461,"y":694,"width":431,"height":10}},{"id":"7e96deac-e968-4295-94ad-ff0eeab01985","block_type":"box","text":"respect to exchanges of Institutional Shares.","page_number":38,"box":{"x":461,"y":707,"width":295,"height":11}},{"id":"2c9ea845-b3be-48ad-bfbb-d9233b9eeabb","block_type":"box","text":"You may only exchange into a share class and fund that are open to","page_number":38,"box":{"x":460,"y":723,"width":449,"height":11}},{"id":"58870cbe-434e-48ff-b90f-8ec1a95bc1d6","block_type":"box","text":"new investors or in which you have a current account if the fund is","page_number":38,"box":{"x":461,"y":737,"width":437,"height":10}},{"id":"8388427b-fc18-4c19-84c5-703d917003ff","block_type":"box","text":"closed to new investors.","page_number":38,"box":{"x":461,"y":751,"width":159,"height":8}},{"id":"f11045b1-05c9-4981-aa8f-b14b55325950","block_type":"box","text":"Some of the BlackRock Funds impose a different initial or deferred","page_number":38,"box":{"x":461,"y":767,"width":441,"height":10}},{"id":"02283671-717c-460e-87eb-97b0f7bc14e8","block_type":"box","text":"sales charge schedule. The CDSC will continue to be measured from","page_number":38,"box":{"x":461,"y":780,"width":453,"height":10}},{"id":"2a06c56b-6baa-444d-8fc5-850f5077d781","block_type":"box","text":"the date of the original purchase. The CDSC schedule applicable to your","page_number":38,"box":{"x":460,"y":794,"width":477,"height":10}},{"id":"4108fa58-7ed4-44bc-9ac5-095786447a36","block_type":"box","text":"original purchase will apply to the shares you receive in the exchange","page_number":38,"box":{"x":461,"y":807,"width":457,"height":11}},{"id":"bb4e8993-0e1e-4de9-8846-096795753781","block_type":"box","text":"and any subsequent exchange.","page_number":38,"box":{"x":461,"y":821,"width":203,"height":10}},{"id":"fbbbcb5b-ccd1-4fe3-874d-c9f53ed99a64","block_type":"box","text":"To exercise the exchange privilege, you may contact your Financial","page_number":38,"box":{"x":460,"y":837,"width":435,"height":10}},{"id":"04a7e76b-db2b-4d04-a6b5-d2dc1dbf16c1","block_type":"box","text":"Intermediary. Alternatively, if your account is held directly with","page_number":38,"box":{"x":461,"y":850,"width":406,"height":11}},{"id":"bf032dfe-4607-4d3b-891b-fe251c40b638","block_type":"box","text":"BlackRock, you may: (i) call (800) 441-7762 and speak with one of our","page_number":38,"box":{"x":461,"y":864,"width":468,"height":10}},{"id":"20b84a8a-ee5f-43b6-82d6-9bce454afb32","block_type":"box","text":"representatives, (ii) make the exchange via the Internet by accessing","page_number":38,"box":{"x":461,"y":878,"width":455,"height":10}},{"id":"2a63608e-358d-437b-a735-d0ec7c3a4c8d","block_type":"box","text":"your account online at www.blackrock.com, or (iii) send a written","page_number":38,"box":{"x":460,"y":891,"width":423,"height":10}},{"id":"004b32ba-de97-4ab5-aeab-d1380a9481ff","block_type":"box","text":"request to the Fund at the address on the back cover of this","page_number":38,"box":{"x":461,"y":904,"width":398,"height":11}},{"id":"846669e2-4877-44d6-b1d7-3d769e2e8fa8","block_type":"box","text":"37","page_number":38,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"2b2bd3e1-1438-4367-a285-c6679f2c6417","block_type":"box","text":"NM1026U-5993019-38/69","page_number":38,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d531fafe-628b-4bbf-8117-64017039a6d1","block_type":"box","text":"Your Choices Important Information for You to Know","page_number":39,"box":{"x":213,"y":50,"width":478,"height":9}},{"id":"6ada540a-988b-4ea2-b7c2-98924f7f6684","block_type":"box","text":"Exchange Privilege","page_number":39,"box":{"x":61,"y":67,"width":128,"height":10}},{"id":"f9b25b8b-0efd-4fdc-a55c-416b6d5c6ffc","block_type":"box","text":"(continued)","page_number":39,"box":{"x":61,"y":81,"width":76,"height":10}},{"id":"68d4b11c-071a-499c-ac8c-0c2bb84bfba3","block_type":"box","text":"Selling shares of one BlackRock","page_number":39,"box":{"x":214,"y":67,"width":212,"height":11}},{"id":"67ad7b4c-0cfa-4ff9-98a2-e776aa0b7cef","block_type":"box","text":"Fund to purchase shares of","page_number":39,"box":{"x":214,"y":81,"width":181,"height":10}},{"id":"90638532-b1fb-44e6-94a5-5ae48286f014","block_type":"box","text":"another BlackRock Fund","page_number":39,"box":{"x":214,"y":94,"width":158,"height":9}},{"id":"a4971e67-9b5e-450e-ae17-f0432856234b","block_type":"box","text":"(“exchanging”) (continued)","page_number":39,"box":{"x":214,"y":108,"width":173,"height":10}},{"id":"303b860f-e3b4-4f9b-bf3d-0df973e64481","block_type":"box","text":"prospectus. Please note, if you indicated on your new account","page_number":39,"box":{"x":461,"y":67,"width":409,"height":10}},{"id":"336dfe09-561a-4915-a7ba-a3bd7ff13ee7","block_type":"box","text":"application that you did not want the Telephone Exchange Privilege, you","page_number":39,"box":{"x":461,"y":81,"width":469,"height":10}},{"id":"d06095e6-c527-4ec1-82ed-dbc64a0f0f64","block_type":"box","text":"will not be able to place exchanges via the telephone until you update","page_number":39,"box":{"x":460,"y":94,"width":461,"height":11}},{"id":"0e35bba0-f21a-4b11-a792-1137e6b70f05","block_type":"box","text":"this option either in writing or by calling (800) 441-7762. The Fund has","page_number":39,"box":{"x":460,"y":108,"width":469,"height":10}},{"id":"60d9fc5f-6e40-452b-9243-f775bf1f581b","block_type":"box","text":"the right to reject any telephone request for any reason.","page_number":39,"box":{"x":460,"y":121,"width":368,"height":11}},{"id":"ebf5e493-b180-41e0-ba64-2ce2aa62a66e","block_type":"box","text":"Although there is currently no limit on the number of exchanges that","page_number":39,"box":{"x":460,"y":137,"width":450,"height":11}},{"id":"1bed45ca-1f69-448a-838b-1b598ed71177","block_type":"box","text":"you can make, the exchange privilege may be modified or terminated at","page_number":39,"box":{"x":460,"y":151,"width":473,"height":10}},{"id":"2bd0e773-5945-47f0-bcf0-a590c700d477","block_type":"box","text":"any time in the future. The Fund may suspend or terminate your","page_number":39,"box":{"x":461,"y":164,"width":420,"height":11}},{"id":"af37992a-f00f-4bcb-b9dd-64916e6fec72","block_type":"box","text":"exchange privilege at any time for any reason, including if the Fund","page_number":39,"box":{"x":461,"y":178,"width":439,"height":10}},{"id":"a4499ac2-d97a-4881-9dec-87d60148081a","block_type":"box","text":"believes, in its sole discretion, that you are engaging in market timing","page_number":39,"box":{"x":461,"y":192,"width":460,"height":10}},{"id":"45f4c07c-8a65-4d9b-b6bc-2eaf1fd6e743","block_type":"box","text":"activities. See “Short-Term Trading Policy” below. For U.S. federal","page_number":39,"box":{"x":461,"y":205,"width":430,"height":11}},{"id":"ca686218-a33b-40ad-ad74-cddafebf2b36","block_type":"box","text":"income tax purposes a share exchange is a taxable event and a capital","page_number":39,"box":{"x":461,"y":219,"width":469,"height":10}},{"id":"eae69fb7-0f66-4def-b5cd-bb6ed9d874f6","block_type":"box","text":"gain or loss may be realized. Please consult your tax adviser or other","page_number":39,"box":{"x":460,"y":232,"width":456,"height":11}},{"id":"c1128539-809e-4a60-9a4d-429e6f9635db","block_type":"box","text":"Financial Intermediary before making an exchange request.","page_number":39,"box":{"x":461,"y":246,"width":390,"height":10}},{"id":"db2247ea-f571-4084-9514-538c1ab43bb0","block_type":"box","text":"Transfer Shares to","page_number":39,"box":{"x":60,"y":264,"width":124,"height":8}},{"id":"009c19e6-402c-40f7-93b9-e131fff80f60","block_type":"box","text":"Another Financial","page_number":39,"box":{"x":60,"y":275,"width":118,"height":9}},{"id":"d71098b2-f9e5-4a7f-8e88-5b3e4d75f177","block_type":"box","text":"Intermediary","page_number":39,"box":{"x":61,"y":287,"width":85,"height":10}},{"id":"136be21e-82a3-46ff-9f4f-0407c6f5f4d7","block_type":"box","text":"Transfer to a participating","page_number":39,"box":{"x":213,"y":264,"width":171,"height":10}},{"id":"aa8c6672-fb44-4c3e-ac46-730de0c6b883","block_type":"box","text":"Financial Intermediary","page_number":39,"box":{"x":214,"y":278,"width":145,"height":10}},{"id":"6971f12a-c601-477a-9540-e3272a3a484f","block_type":"box","text":"You may transfer your shares of the Fund only to another Financial","page_number":39,"box":{"x":460,"y":264,"width":436,"height":10}},{"id":"92054fad-f1d8-436c-a6cf-2755a8eb2ae3","block_type":"box","text":"Intermediary that has entered into an agreement with the Distributor.","page_number":39,"box":{"x":461,"y":278,"width":455,"height":10}},{"id":"b7971d7e-c489-4259-a667-eca44b89b198","block_type":"box","text":"Certain shareholder services may not be available for the transferred","page_number":39,"box":{"x":461,"y":291,"width":456,"height":10}},{"id":"2470aa93-e8ae-4e69-8dbe-824bed2c8e01","block_type":"box","text":"shares. All future trading of these assets must be coordinated by the","page_number":39,"box":{"x":461,"y":304,"width":456,"height":11}},{"id":"73be24fc-2c8f-48a4-b5da-9df6aa2ab0d4","block_type":"box","text":"receiving firm.","page_number":39,"box":{"x":461,"y":318,"width":91,"height":10}},{"id":"43b9f074-29b0-49b0-a49b-4ef5839efe7e","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":39,"box":{"x":461,"y":334,"width":390,"height":10}},{"id":"8c8f8c63-0d99-44f4-90d0-e909ecf68c68","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":39,"box":{"x":461,"y":348,"width":443,"height":10}},{"id":"dd65cea3-a13d-48f1-95b5-cefe6f100b20","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":39,"box":{"x":461,"y":361,"width":394,"height":10}},{"id":"a30f6a22-0825-4afc-8f34-4aadca0356ca","block_type":"box","text":"Transfer to a non-participating","page_number":39,"box":{"x":213,"y":379,"width":199,"height":11}},{"id":"37ca80b8-6d86-4684-95e1-e1d32f2eb0b8","block_type":"box","text":"Financial Intermediary","page_number":39,"box":{"x":214,"y":393,"width":145,"height":10}},{"id":"db7ccfe5-0386-45ca-ab76-687d0bcc145b","block_type":"box","text":"You must either:","page_number":39,"box":{"x":460,"y":379,"width":107,"height":8}},{"id":"d7fe2c92-1eed-4d63-8957-698195faf9cc","block_type":"box","text":"•","page_number":39,"box":{"x":464,"y":396,"width":3,"height":2}},{"id":"991ef8b2-7bee-41c7-b79e-579652dc8b26","block_type":"box","text":"Transfer your shares to an account with the Fund; or","page_number":39,"box":{"x":470,"y":393,"width":346,"height":10}},{"id":"f5a510a4-58b3-4a09-a146-c9de96ff8357","block_type":"box","text":"•","page_number":39,"box":{"x":464,"y":409,"width":3,"height":3}},{"id":"97312b10-5ca8-4f4e-a5be-d52bc4a6dc53","block_type":"box","text":"Sell your shares, paying any applicable deferred sales charge.","page_number":39,"box":{"x":471,"y":406,"width":409,"height":11}},{"id":"a23117e7-b0ea-411f-8e6e-999a55b4ed93","block_type":"box","text":"If your account is held directly with BlackRock, you may call","page_number":39,"box":{"x":461,"y":422,"width":390,"height":11}},{"id":"da73bd73-046c-49b3-8266-9bbb3d9d3cde","block_type":"box","text":"(800) 441-7762 with any questions; otherwise please contact your","page_number":39,"box":{"x":461,"y":436,"width":443,"height":10}},{"id":"e65dd6ed-a6b2-433c-bbaf-00c9c415e6f7","block_type":"box","text":"Financial Intermediary to accomplish the transfer of shares.","page_number":39,"box":{"x":461,"y":449,"width":394,"height":11}},{"id":"3baca809-1470-4435-96e7-75c7017d13b9","block_type":"box","text":"Account Services and Privileges","page_number":39,"box":{"x":60,"y":490,"width":292,"height":14}},{"id":"67a486d1-008a-4b3c-8123-4f57dfff3f1f","block_type":"box","text":"The following table provides examples of account services and privileges available in your BlackRock account. Certain","page_number":39,"box":{"x":60,"y":516,"width":865,"height":12}},{"id":"2b834189-3f2e-405a-8471-d320aceae7ae","block_type":"box","text":"of these account services and privileges are only available to shareholders of Investor Shares whose accounts are","page_number":39,"box":{"x":61,"y":531,"width":841,"height":12}},{"id":"bfe6295f-8100-4208-a446-2cf27a86b2ee","block_type":"box","text":"held directly with BlackRock. If your account is held directly with BlackRock, please call (800) 441-7762 or visit","page_number":39,"box":{"x":61,"y":546,"width":816,"height":11}},{"id":"c0694a2a-3119-44a1-a251-a40d340a2c4a","block_type":"box","text":"www.blackrock.com for additional information as well as forms and applications. Otherwise, please contact your","page_number":39,"box":{"x":60,"y":561,"width":824,"height":11}},{"id":"94d631b3-4f99-408b-bb96-f15c0591ed9d","block_type":"box","text":"Financial Intermediary for assistance in requesting one or more of the following services and privileges.","page_number":39,"box":{"x":62,"y":575,"width":759,"height":12}},{"id":"f2949a2e-b902-48d8-b0cb-04b873e9ac4b","block_type":"box","text":"Automatic","page_number":39,"box":{"x":60,"y":605,"width":70,"height":8}},{"id":"b9a81ba2-efaa-4357-90e3-f49d85c16c2d","block_type":"box","text":"Investment Plan","page_number":39,"box":{"x":61,"y":617,"width":109,"height":8}},{"id":"bc440ff0-a969-492c-971c-7d2138674ddb","block_type":"box","text":"Allows systematic investments","page_number":39,"box":{"x":213,"y":605,"width":202,"height":10}},{"id":"03e1cb40-5fb5-4bd8-8ac9-5384c6564dd4","block_type":"box","text":"on a periodic basis from your","page_number":39,"box":{"x":214,"y":618,"width":192,"height":11}},{"id":"20e289e1-6b47-4c92-89bd-baf8bd56baeb","block_type":"box","text":"checking or savings account.","page_number":39,"box":{"x":214,"y":632,"width":189,"height":10}},{"id":"1c400c23-e205-4d0c-9fe8-7cd69dac5a3c","block_type":"box","text":"BlackRock’s AIP allows you to invest a specific amount on a periodic","page_number":39,"box":{"x":461,"y":605,"width":451,"height":10}},{"id":"7ed7b887-3440-46d9-901e-c9c97db395e2","block_type":"box","text":"basis from your checking or savings account into your investment","page_number":39,"box":{"x":461,"y":618,"width":431,"height":11}},{"id":"2b94042a-f299-48cc-85ff-e79feff14d12","block_type":"box","text":"account. You may apply for this option upon account opening or by","page_number":39,"box":{"x":461,"y":632,"width":437,"height":10}},{"id":"03c87df7-f675-482c-95f0-63531f9b333d","block_type":"box","text":"completing the AIP application. The minimum investment amount for","page_number":39,"box":{"x":461,"y":645,"width":451,"height":11}},{"id":"326cc5a0-0d5f-42d5-bd78-246d12844948","block_type":"box","text":"an automatic investment is $50 per portfolio.","page_number":39,"box":{"x":461,"y":658,"width":300,"height":11}},{"id":"d9e1a91c-ca29-40d5-b997-1335143f0e24","block_type":"box","text":"Dividend Allocation","page_number":39,"box":{"x":61,"y":677,"width":129,"height":8}},{"id":"00a5371d-5ffc-459e-b917-103a88e12f3c","block_type":"box","text":"Plan","page_number":39,"box":{"x":61,"y":689,"width":28,"height":8}},{"id":"efa81e8b-c76a-4cf3-82a2-46ec00d2b52c","block_type":"box","text":"Automatically invests your","page_number":39,"box":{"x":213,"y":677,"width":172,"height":10}},{"id":"e0b4e91c-f4b6-412e-8474-0518dcaa1fc4","block_type":"box","text":"distributions into another","page_number":39,"box":{"x":214,"y":691,"width":165,"height":8}},{"id":"0905e2d4-cf5b-4b54-bee9-f2691868773e","block_type":"box","text":"BlackRock Fund of your choice","page_number":39,"box":{"x":214,"y":704,"width":200,"height":10}},{"id":"3ab66625-a4ec-42e9-8d30-ce5b10ef8985","block_type":"box","text":"pursuant to your instructions,","page_number":39,"box":{"x":214,"y":718,"width":193,"height":10}},{"id":"8b654c5d-9687-49fc-be73-0da2a50ba43d","block_type":"box","text":"without any fees or sales","page_number":39,"box":{"x":213,"y":731,"width":165,"height":10}},{"id":"d9e3b6e8-4c35-442f-bfa2-187b26e78aef","block_type":"box","text":"charges.","page_number":39,"box":{"x":214,"y":745,"width":55,"height":10}},{"id":"29f05abf-b473-4d07-81a8-acd03259d5f6","block_type":"box","text":"Dividend and capital gains distributions may be reinvested in your","page_number":39,"box":{"x":461,"y":677,"width":433,"height":10}},{"id":"dd857858-86d7-438c-8297-7767f9427f0d","block_type":"box","text":"account to purchase additional shares or paid in cash. Using the","page_number":39,"box":{"x":461,"y":691,"width":427,"height":10}},{"id":"ce25c6e8-1801-42b8-be3f-d3d1b6aabf3e","block_type":"box","text":"Dividend Allocation Plan, you can direct your distributions to your bank","page_number":39,"box":{"x":461,"y":704,"width":463,"height":10}},{"id":"78fe7d9a-f8b2-4f1d-8191-b0946b897516","block_type":"box","text":"account (checking or savings), to purchase shares of another fund at","page_number":39,"box":{"x":461,"y":718,"width":455,"height":10}},{"id":"7d026aa1-5627-4663-ab02-bf0c68ddec65","block_type":"box","text":"BlackRock without any fees or sales charges, or by check to a special","page_number":39,"box":{"x":461,"y":731,"width":459,"height":11}},{"id":"92cb319a-2ce0-4201-b3a7-641998d89307","block_type":"box","text":"payee. Please call (800) 441-7762 for details. 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Please speak with your Financial Intermediary","page_number":39,"box":{"x":461,"y":790,"width":462,"height":10}},{"id":"e5298b7f-ab7c-4063-bff7-fbf30cbe7b94","block_type":"box","text":"if your account is held elsewhere.)","page_number":39,"box":{"x":461,"y":803,"width":225,"height":11}},{"id":"6c81d610-ddca-4031-b7f4-04d26eb8c8e1","block_type":"box","text":"Prior to establishing an EZ Trader account, please contact your bank to","page_number":39,"box":{"x":461,"y":820,"width":467,"height":10}},{"id":"b54aefd2-2037-414a-bbc7-f136866ba319","block_type":"box","text":"confirm that it is a member of the ACH system. 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Once this is established, you may place your","page_number":40,"box":{"x":461,"y":51,"width":466,"height":10}},{"id":"cb2e9588-e5fa-4af0-8cae-94f7605cbaa0","block_type":"box","text":"request to sell shares with the Fund by telephone or Internet. 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Shares","page_number":40,"box":{"x":461,"y":560,"width":454,"height":8}},{"id":"73158a22-6985-4825-8707-31ce079625a1","block_type":"box","text":"will be purchased at the net asset value calculated at the close of","page_number":40,"box":{"x":460,"y":573,"width":438,"height":10}},{"id":"98bf1799-ab1b-44a2-bfc9-180829d9505d","block_type":"box","text":"trading on the day the request is received. To exercise this privilege,","page_number":40,"box":{"x":460,"y":587,"width":450,"height":10}},{"id":"125b7374-a632-4da4-ad50-b1d118195653","block_type":"box","text":"the Fund must receive written notification from the shareholder of","page_number":40,"box":{"x":460,"y":600,"width":435,"height":9}},{"id":"7aa0b9f7-5488-49f0-a929-484b7eed2bca","block_type":"box","text":"record or the Financial Intermediary of record, at the time of purchase.","page_number":40,"box":{"x":461,"y":614,"width":466,"height":10}},{"id":"b817207a-f76c-46d5-be4e-f7f4f2332a88","block_type":"box","text":"Investors should consult a tax adviser concerning the tax","page_number":40,"box":{"x":461,"y":628,"width":376,"height":10}},{"id":"8a431f0d-070f-4d15-8ab8-4dbf6f4c6ba8","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":40,"box":{"x":461,"y":641,"width":371,"height":10}},{"id":"91ceb843-aed3-40a6-9b06-3f38e16fcd98","block_type":"box","text":"Fund’s Rights","page_number":40,"box":{"x":61,"y":681,"width":124,"height":14}},{"id":"b219ed6b-1916-44ee-aecf-d65667ca869e","block_type":"box","text":"The Fund may:","page_number":40,"box":{"x":60,"y":708,"width":106,"height":11}},{"id":"a98ce8d9-3832-4ea6-8610-3cf20e1ea929","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":40,"box":{"x":81,"y":728,"width":840,"height":11}},{"id":"90935f21-52f4-4a88-a45e-2ed02146a416","block_type":"box","text":"described in the Investment Company Act;","page_number":40,"box":{"x":81,"y":743,"width":308,"height":11}},{"id":"b9decbb6-154d-46fa-b366-ec806190efde","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":40,"box":{"x":81,"y":762,"width":789,"height":12}},{"id":"2e2498d9-df08-4d3c-b378-2f89d0f6055f","block_type":"box","text":"emergency conditions described in the Investment Company Act or if a redemption request is made before the Fund","page_number":40,"box":{"x":81,"y":777,"width":850,"height":12}},{"id":"4a2281e3-1fa8-4317-bc60-594a18369a58","block_type":"box","text":"has collected payment for the purchase of shares;","page_number":40,"box":{"x":82,"y":792,"width":368,"height":11}},{"id":"99cda615-4006-4685-9bd8-dea8d657a1bd","block_type":"box","text":"Redeem shares for property other than cash as may be permitted under the Investment Company Act; and","page_number":40,"box":{"x":82,"y":812,"width":781,"height":11}},{"id":"e797bb75-3cf4-4799-995b-e31d3b6d4372","block_type":"box","text":"Redeem shares involuntarily in certain cases, such as when the value of a shareholder account falls below a","page_number":40,"box":{"x":82,"y":832,"width":798,"height":11}},{"id":"c9cd9dfe-aefa-4011-80d1-800281fba773","block_type":"box","text":"specified level.","page_number":40,"box":{"x":81,"y":847,"width":108,"height":11}},{"id":"bc70d9ee-44dc-40b4-a772-4155b529be3c","block_type":"box","text":"Note on Low Balance Accounts.","page_number":40,"box":{"x":61,"y":870,"width":239,"height":9}},{"id":"944f8e9b-210a-4b23-9ed0-79ed6460d4a1","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts, BlackRock","page_number":40,"box":{"x":307,"y":869,"width":600,"height":12}},{"id":"745b61d4-5a96-4def-bd64-90cfaeb43f1d","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":40,"box":{"x":61,"y":884,"width":854,"height":12}},{"id":"92292b2e-4f8d-464d-b46b-6542dc9aca2b","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":40,"box":{"x":61,"y":898,"width":837,"height":12}},{"id":"4ea7bc34-8eba-450d-b1de-d207e681488a","block_type":"box","text":"reason, including market fluctuation.","page_number":40,"box":{"x":61,"y":914,"width":267,"height":11}},{"id":"ff21955b-5b4b-4e40-85e3-f43ee84f6b85","block_type":"box","text":"39","page_number":40,"box":{"x":917,"y":935,"width":19,"height":9}},{"id":"87de4cf8-9154-4a92-92bf-9cb1052b6ed1","block_type":"box","text":"NM1026U-5993019-40/69","page_number":40,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"62fcf7e5-9e31-401c-9db9-25c71c8bd0d6","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":41,"box":{"x":60,"y":46,"width":799,"height":11}},{"id":"e833e5d2-da45-4a79-9e8a-6a7ca4efdf6a","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":41,"box":{"x":62,"y":60,"width":796,"height":12}},{"id":"eeeb81bf-3ee0-4312-a4c4-e19905dc9fe9","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":41,"box":{"x":62,"y":75,"width":800,"height":12}},{"id":"252c7262-3717-4ff0-a2ae-696e040e05c0","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":41,"box":{"x":61,"y":90,"width":859,"height":12}},{"id":"f6b96a11-2ae7-4e1d-9966-c31af6d86b59","block_type":"box","text":"certain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts, and","page_number":41,"box":{"x":61,"y":105,"width":868,"height":12}},{"id":"3ad346a2-6f63-4f53-8219-b1f5fcad628a","block_type":"box","text":"select fee-based programs at your Financial Intermediary.","page_number":41,"box":{"x":61,"y":120,"width":420,"height":11}},{"id":"0e15359d-8af0-46d5-b75b-2c371b0be5a1","block_type":"box","text":"Participation in Fee-Based Programs","page_number":41,"box":{"x":61,"y":159,"width":331,"height":13}},{"id":"3c0e569c-bb08-4789-a1eb-a8c06496a884","block_type":"box","text":"If you participate in certain fee-based programs offered by BlackRock or an affiliate of BlackRock, or by Financial","page_number":41,"box":{"x":62,"y":185,"width":826,"height":11}},{"id":"f8c40207-f3a7-4372-aa86-1fa7d491ebe2","block_type":"box","text":"Intermediaries that have agreements with the Distributor or in certain fee-based programs in which BlackRock","page_number":41,"box":{"x":62,"y":200,"width":806,"height":11}},{"id":"8378137a-8b21-48b8-bd92-90b5c96e4106","block_type":"box","text":"participates, you may be able to buy Institutional Shares, including by exchanges from other share classes. Sales","page_number":41,"box":{"x":62,"y":214,"width":833,"height":12}},{"id":"1e1aa64e-1248-4e6d-b1b5-a334f7bf9731","block_type":"box","text":"charges on the shares being exchanged may be reduced or waived under certain circumstances. You generally cannot","page_number":41,"box":{"x":61,"y":230,"width":865,"height":11}},{"id":"0a311217-7df9-4c9f-ad83-9514d387de46","block_type":"box","text":"transfer shares held through a fee-based program into another account. Instead, if you choose to leave the fee-based","page_number":41,"box":{"x":60,"y":244,"width":863,"height":12}},{"id":"3e1833ff-8029-4455-a55f-03fd096c86b2","block_type":"box","text":"program, you may have to redeem your shares held through the program and purchase shares of another class, which","page_number":41,"box":{"x":62,"y":259,"width":865,"height":12}},{"id":"e1dde808-81ae-40e3-a792-6d410fa300c9","block_type":"box","text":"may be subject to distribution and service fees. This may be a taxable event and you may pay any applicable sales","page_number":41,"box":{"x":61,"y":274,"width":842,"height":11}},{"id":"83939c6e-2b44-4ec7-899d-d93d7f330b0c","block_type":"box","text":"charges or redemption fee. Please speak to your Financial Intermediary for information about specific policies and","page_number":41,"box":{"x":61,"y":289,"width":838,"height":11}},{"id":"da566bd1-ca29-48e6-b6b3-cb847efcdd89","block_type":"box","text":"procedures applicable to your account.","page_number":41,"box":{"x":62,"y":304,"width":282,"height":11}},{"id":"c7daba37-e5c5-47e4-abf2-6cd152bb9cbf","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in an","page_number":41,"box":{"x":61,"y":326,"width":835,"height":12}},{"id":"9656959b-68ca-4d18-bc65-071db0b33020","block_type":"box","text":"account. In certain instances, when a shareholder chooses to continue to hold the shares, whatever share class was","page_number":41,"box":{"x":61,"y":341,"width":861,"height":11}},{"id":"c677ca7f-2d91-4406-9fd9-c45a9e1815c6","block_type":"box","text":"held in the program can be held after termination. Shares that have been held for less than specified periods within","page_number":41,"box":{"x":61,"y":356,"width":849,"height":11}},{"id":"d2cce1b2-c486-4439-9547-e63c20ff87a1","block_type":"box","text":"the program may be subject to a fee upon redemption. Shareholders that held Investor A or Institutional Shares in the","page_number":41,"box":{"x":60,"y":370,"width":867,"height":12}},{"id":"c54133c0-45e2-48af-af58-23f9c38a4b50","block_type":"box","text":"program may be eligible to purchase additional shares of the respective share class of the Fund, but may be subject to","page_number":41,"box":{"x":62,"y":385,"width":873,"height":12}},{"id":"37a09f71-5fbb-43c2-bb86-5911640ba7c4","block_type":"box","text":"upfront sales charges with respect to Investor A Shares. Additional purchases of Institutional Shares are permitted","page_number":41,"box":{"x":61,"y":400,"width":844,"height":12}},{"id":"ec3a9623-9fcf-4a95-8408-e08098e6285d","block_type":"box","text":"only if you have an existing position at the time of purchase or are otherwise eligible to purchase Institutional Shares.","page_number":41,"box":{"x":61,"y":415,"width":865,"height":12}},{"id":"8641743c-9abf-4332-8b62-4423b67180e0","block_type":"box","text":"Please speak to your Financial Intermediary for more information.","page_number":41,"box":{"x":61,"y":430,"width":480,"height":11}},{"id":"e0147d88-df9d-4c4c-acc4-64025d457c99","block_type":"box","text":"Certain Financial Intermediaries may, in connection with a change in account type (for example, due to leaving a fee","page_number":41,"box":{"x":61,"y":452,"width":854,"height":12}},{"id":"ca2e5a7c-896b-4af2-90cb-a1787f780f46","block_type":"box","text":"based program or upon termination of the fee-based program) or otherwise in accordance with the Financial","page_number":41,"box":{"x":61,"y":467,"width":790,"height":12}},{"id":"abccf60b-2b5d-4065-97f0-df0d758e3c62","block_type":"box","text":"Intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":41,"box":{"x":62,"y":482,"width":855,"height":12}},{"id":"da0dfb75-a093-4f4d-8a21-73c7e26e5f3d","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":41,"box":{"x":61,"y":497,"width":831,"height":11}},{"id":"a68c270c-8c5f-4948-9b46-c512866f5303","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your Financial Intermediary for information about","page_number":41,"box":{"x":61,"y":512,"width":828,"height":11}},{"id":"e7278bf1-3862-45f5-bdef-33b92017cf0f","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":41,"box":{"x":61,"y":526,"width":437,"height":12}},{"id":"f0844086-7ed1-492a-a690-a7a13604393e","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are included in","page_number":41,"box":{"x":62,"y":549,"width":859,"height":12}},{"id":"1db7c76d-5324-4e75-ab42-75588c9eebdd","block_type":"box","text":"the client agreement for each fee-based program and are available from your Financial Intermediary. Please speak to","page_number":41,"box":{"x":60,"y":564,"width":858,"height":11}},{"id":"44b7a638-aed5-434f-83d6-be961e9290bb","block_type":"box","text":"your Financial Intermediary for more information.","page_number":41,"box":{"x":60,"y":579,"width":357,"height":11}},{"id":"0a5ec640-de18-4a71-ac68-e9830b9db309","block_type":"box","text":"Short-Term Trading Policy","page_number":41,"box":{"x":61,"y":618,"width":232,"height":13}},{"id":"4d39be07-b9ab-4cce-bc95-aa2c5e3fb60c","block_type":"box","text":"The Board of Trustees (the “Board”) has determined that the interests of long-term shareholders and the Fund’s ability","page_number":41,"box":{"x":60,"y":644,"width":875,"height":11}},{"id":"61199e2c-f319-41c3-bdcb-703d3a496b9c","block_type":"box","text":"to manage its investments may be adversely affected when shares are repeatedly bought, sold or exchanged in","page_number":41,"box":{"x":60,"y":659,"width":819,"height":11}},{"id":"78fd5e4c-7355-4370-8c3b-14c9306b4c6e","block_type":"box","text":"response to short-term market fluctuations — also known as “market timing.” The Fund is not designed for market","page_number":41,"box":{"x":61,"y":673,"width":845,"height":12}},{"id":"6373a164-5985-44f9-8948-83ad17330226","block_type":"box","text":"timing organizations or other entities using programmed or frequent purchases and sales or exchanges. The exchange","page_number":41,"box":{"x":60,"y":688,"width":869,"height":12}},{"id":"a4e2ad80-cb63-4651-81d6-6189e98127e8","block_type":"box","text":"privilege for Investor Shares and Institutional Shares is not intended as a vehicle for short-term trading. Excessive","page_number":41,"box":{"x":62,"y":703,"width":836,"height":12}},{"id":"a44d6b34-8564-4ace-b4a0-37fb523fa290","block_type":"box","text":"purchase and sale or exchange activity may interfere with portfolio management, increase expenses and taxes and","page_number":41,"box":{"x":62,"y":718,"width":845,"height":11}},{"id":"2b868b2a-75e7-466c-97e0-06998f003446","block_type":"box","text":"may have an adverse effect on the performance of the Fund and its returns to shareholders. For example, large flows","page_number":41,"box":{"x":61,"y":733,"width":863,"height":11}},{"id":"f4593eef-1a79-4f40-8a84-7a9fa9ebb9b6","block_type":"box","text":"of cash into and out of the Fund may require the management team to allocate a significant amount of assets to cash","page_number":41,"box":{"x":61,"y":748,"width":867,"height":11}},{"id":"bc5fe011-ecbc-4109-ad96-1c2f33628910","block_type":"box","text":"or other short-term investments or sell securities, rather than maintaining such assets in securities selected to","page_number":41,"box":{"x":61,"y":763,"width":817,"height":11}},{"id":"52891994-91db-44ea-90c9-86173212f98f","block_type":"box","text":"achieve the Fund’s investment objective. Frequent trading may cause the Fund to sell securities at less favorable","page_number":41,"box":{"x":61,"y":777,"width":830,"height":12}},{"id":"0d593432-845d-47a5-806f-9e8dba0406f0","block_type":"box","text":"prices, and transaction costs, such as brokerage commissions, can reduce the Fund’s performance.","page_number":41,"box":{"x":62,"y":792,"width":737,"height":12}},{"id":"74431f9f-84ce-4990-87f3-a2e351e58caf","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":41,"box":{"x":60,"y":815,"width":873,"height":11}},{"id":"f735092a-6bc6-4540-824b-188d443d03ef","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":41,"box":{"x":61,"y":829,"width":872,"height":12}},{"id":"89ff6abd-afd1-4908-902f-cd4c86a234bf","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":41,"box":{"x":61,"y":844,"width":865,"height":12}},{"id":"d2f93311-2559-49de-acdc-3ec226118897","block_type":"box","text":"reflect their true value. A similar risk exists for funds that invest in securities of small capitalization companies,","page_number":41,"box":{"x":61,"y":859,"width":817,"height":11}},{"id":"6d5ebed0-74b3-46bf-b485-691f531ea5ff","block_type":"box","text":"securities of issuers located in emerging markets or high yield securities (junk bonds) that are thinly traded and","page_number":41,"box":{"x":61,"y":874,"width":818,"height":11}},{"id":"17e3e610-42b7-42e6-a3b9-7d7d211afad3","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":41,"box":{"x":60,"y":889,"width":865,"height":11}},{"id":"091e51b5-40f0-46f6-9c21-28ddd73951ba","block_type":"box","text":"return received by long-term shareholders. The Fund will seek to eliminate these opportunities by using fair value","page_number":41,"box":{"x":61,"y":904,"width":829,"height":11}},{"id":"f252148a-79db-46d4-8609-9d79195a9558","block_type":"box","text":"pricing, as described in “Management of the Fund — Valuation of Fund Investments” below.","page_number":41,"box":{"x":62,"y":918,"width":671,"height":12}},{"id":"47aaff89-0a99-453c-93e1-5866681e35d6","block_type":"box","text":"40","page_number":41,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"4f81e749-e84d-4181-ab8d-58d6f86ebba2","block_type":"box","text":"NM1026U-5993019-41/69","page_number":41,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"4dae06f2-e6e6-488a-91d5-afec6769a9a2","block_type":"box","text":"The Fund discourages market timing and seeks to prevent frequent purchases and sales or exchanges of Fund shares","page_number":42,"box":{"x":60,"y":46,"width":869,"height":11}},{"id":"656b9d64-389d-4d02-ab82-61fc367e019a","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":42,"box":{"x":60,"y":61,"width":839,"height":11}},{"id":"0aef2bc0-74db-4bf6-8496-8640f29bdf64","block_type":"box","text":"discussed below to seek to deter market timing activity. The Board has not adopted any specific numerical restrictions","page_number":42,"box":{"x":61,"y":75,"width":869,"height":12}},{"id":"40f0f659-c715-47be-8176-aa66c55f8c2c","block_type":"box","text":"on purchases, sales and exchanges of Fund shares. These policies do not restrict transactions by a shareholder that","page_number":42,"box":{"x":61,"y":90,"width":860,"height":12}},{"id":"ba2b1fb0-a032-4b1f-beab-dc934f404e32","block_type":"box","text":"BlackRock has determined are in the best interests of the Fund, including redemptions in kind","page_number":42,"box":{"x":62,"y":105,"width":690,"height":12}},{"id":"8fbdc332-d7f9-4b3d-8f0f-bbb8e1e9235a","block_type":"box","text":".","page_number":42,"box":{"x":62,"y":127,"width":2,"height":2}},{"id":"1660e0d5-0cd6-4002-9158-b5185b8729c2","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":42,"box":{"x":62,"y":142,"width":796,"height":12}},{"id":"e5709055-302d-4bdd-b41f-1b4fe76b263d","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":42,"box":{"x":61,"y":157,"width":860,"height":12}},{"id":"6edd7e18-7ef9-4727-9216-8fe88ff03522","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":42,"box":{"x":62,"y":172,"width":871,"height":12}},{"id":"6ed9d52c-072f-4399-b801-be3be3c2aa98","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":42,"box":{"x":62,"y":187,"width":858,"height":11}},{"id":"7d632d26-758f-4091-9419-4ed6c551e353","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":42,"box":{"x":61,"y":202,"width":866,"height":11}},{"id":"14d8d51a-0b2e-4e0a-8fc9-4a42e364404f","block_type":"box","text":"history of accounts under common ownership or control for the purpose of enforcing these policies. Transactions","page_number":42,"box":{"x":61,"y":216,"width":829,"height":12}},{"id":"75caced8-8122-4d11-9915-1447fff6ad31","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":42,"box":{"x":62,"y":231,"width":862,"height":12}},{"id":"ce25e34b-66d2-42e8-8a88-9e14ca31c4d6","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":42,"box":{"x":61,"y":246,"width":849,"height":12}},{"id":"74ceeaea-1387-4445-95a7-e04fc875972c","block_type":"box","text":"accounts at Financial Intermediaries, however, include multiple investors and such accounts typically provide the Fund","page_number":42,"box":{"x":61,"y":261,"width":866,"height":11}},{"id":"b40d0017-8bd3-4e39-abe9-78c362da9e5e","block_type":"box","text":"with net purchase or redemption and exchange requests on any given day where purchases, redemptions and","page_number":42,"box":{"x":60,"y":276,"width":806,"height":11}},{"id":"0c95125a-ab9d-4f47-9fef-8a6f6296667a","block_type":"box","text":"exchanges of shares are netted against one another and the identity of individual purchasers, redeemers and","page_number":42,"box":{"x":61,"y":291,"width":804,"height":11}},{"id":"1ef194d9-3538-4ee9-a67f-f448541f9912","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":42,"box":{"x":61,"y":305,"width":849,"height":12}},{"id":"866dac5c-4ed4-4038-a9cd-96d6878b53a2","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":42,"box":{"x":61,"y":320,"width":875,"height":12}},{"id":"16143182-843b-4e57-86cb-c12b76323c31","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":42,"box":{"x":62,"y":335,"width":869,"height":12}},{"id":"eef58b18-f928-4759-8082-068a4a3acdc6","block_type":"box","text":"respect to Financial Intermediaries that maintain omnibus accounts with the Transfer Agent pursuant to which such","page_number":42,"box":{"x":61,"y":350,"width":845,"height":11}},{"id":"2248a672-6126-44ee-afee-485a34ae2a37","block_type":"box","text":"Financial Intermediaries undertake to cooperate with the Distributor in monitoring purchase, exchange and redemption","page_number":42,"box":{"x":62,"y":365,"width":868,"height":11}},{"id":"13067443-9344-456a-abc2-762e44adcd5c","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":42,"box":{"x":61,"y":380,"width":861,"height":11}},{"id":"5cf66fc4-d8a1-42e3-8c8d-0044c5298296","block_type":"box","text":"such accounts. Identification of market timers may also be limited by operational systems and technical limitations. In","page_number":42,"box":{"x":61,"y":394,"width":868,"height":12}},{"id":"c8a80d5b-a8c2-4183-8655-0564f72817c6","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":42,"box":{"x":60,"y":409,"width":847,"height":12}},{"id":"1ef211bc-472a-42af-8586-7048e376aad9","block_type":"box","text":"trading activity, the Fund’s Distributor may terminate such Financial Intermediary’s agreement with the Distributor,","page_number":42,"box":{"x":60,"y":424,"width":837,"height":12}},{"id":"61d5e12d-8ef4-4c10-bdac-106e299ca9fd","block_type":"box","text":"suspend such Financial Intermediary’s trading privileges or take other appropriate actions.","page_number":42,"box":{"x":61,"y":439,"width":663,"height":11}},{"id":"09dae5f0-03b7-4f42-ad40-5f1db19abd9b","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":42,"box":{"x":60,"y":462,"width":824,"height":11}},{"id":"f1d54ba8-bf60-4ce2-b88b-a24b31c59128","block_type":"box","text":"deemed abusive.","page_number":42,"box":{"x":61,"y":476,"width":123,"height":9}},{"id":"3d268a45-648a-48d5-a848-c285116ec8b4","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":42,"box":{"x":60,"y":499,"width":841,"height":11}},{"id":"cb178068-faef-4f8d-a3dd-622b6112b575","block_type":"box","text":"trading activity that may be detrimental to the Fund or long-term shareholders.","page_number":42,"box":{"x":60,"y":514,"width":572,"height":11}},{"id":"947da8e7-d676-4bd9-8ba9-13c5122f8a1c","block_type":"box","text":"41","page_number":42,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"31b3380e-d6f0-4440-8b87-44ffcadc3a5e","block_type":"box","text":"NM1026U-5993019-42/69","page_number":42,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"7d1a38b5-8767-4894-a97e-f29376ea5f7e","block_type":"box","text":"Management of the Fund","page_number":43,"box":{"x":64,"y":82,"width":544,"height":34}},{"id":"b1ee36be-1460-4786-ae57-99ff2045e9de","block_type":"box","text":"BlackRock","page_number":43,"box":{"x":62,"y":156,"width":98,"height":11}},{"id":"4813f24b-5e09-46b9-9da0-8df858d34cb1","block_type":"box","text":"BlackRock, the Fund’s investment adviser, manages the Fund’s investments and its business operations subject to","page_number":43,"box":{"x":62,"y":183,"width":846,"height":11}},{"id":"ab33f62a-c959-4119-9fa2-9a1a656a5a84","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":43,"box":{"x":60,"y":197,"width":873,"height":12}},{"id":"ce4cf0a8-a0ad-46f1-94fa-55e2ddc1b5fe","block_type":"box","text":"able to draw upon the trading, research and expertise of its asset management affiliates for portfolio decisions and","page_number":43,"box":{"x":61,"y":212,"width":851,"height":12}},{"id":"7c4a71ba-e281-4d04-a3b1-9db46326c863","block_type":"box","text":"management with respect to certain portfolio securities. BlackRock is an indirect, majority-owned subsidiary of","page_number":43,"box":{"x":61,"y":227,"width":814,"height":11}},{"id":"bc900253-691f-4160-8ce7-11c070e97793","block_type":"box","text":"BlackRock, Inc.","page_number":43,"box":{"x":62,"y":242,"width":109,"height":10}},{"id":"8f56eed9-118d-4bfc-9d7b-0ee6dae9e6cc","block_type":"box","text":"BlackRock, a registered investment adviser, was organized in 1994 to perform advisory services for investment","page_number":43,"box":{"x":62,"y":264,"width":821,"height":12}},{"id":"cdbca18d-a6ff-439c-b4f0-2481bebfb88a","block_type":"box","text":"companies. BlackRock and its affiliates had approximately $15.3 trillion in investment company and other portfolio","page_number":43,"box":{"x":61,"y":278,"width":845,"height":12}},{"id":"08d1b877-b97f-4b36-bb5c-a228f5608e09","block_type":"box","text":"assets under management as of June 30, 2026.","page_number":43,"box":{"x":61,"y":294,"width":357,"height":11}},{"id":"3f887490-e3c2-4caf-aeb0-69c089274f3d","block_type":"box","text":"The Fund has entered into a management agreement (the “Management Agreement”) with BlackRock. 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In addition, BlackRock","page_number":43,"box":{"x":62,"y":627,"width":843,"height":12}},{"id":"18934f38-ddf2-4a18-8271-380fb70da1a7","block_type":"box","text":"has contractually agreed to waive its management fees by the amount of advisory fees the Fund pays to BlackRock","page_number":43,"box":{"x":61,"y":642,"width":846,"height":11}},{"id":"a937477c-4417-4fb4-94ef-6ed664ba22d9","block_type":"box","text":"indirectly through its investment in money market funds managed by BlackRock or its affiliates, through","page_number":43,"box":{"x":62,"y":657,"width":759,"height":11}},{"id":"79a348af-96e9-4ab6-9467-672647a6dc31","block_type":"box","text":"June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non","page_number":43,"box":{"x":61,"y":671,"width":809,"height":12}},{"id":"90c2935a-54fa-4fe5-ae14-f61bf8630fbd","block_type":"box","text":"interested trustees of the Fund or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":43,"box":{"x":62,"y":686,"width":769,"height":12}},{"id":"2085d817-8ffa-4dc6-8c09-fce91adf0c7a","block_type":"box","text":"BlackRock has contractually agreed to cap net expenses (excluding: (i) interest, taxes, dividends tied to short sales, brokerage","page_number":43,"box":{"x":62,"y":710,"width":875,"height":12}},{"id":"23aebda1-082c-4fcd-aa53-dff172b3b4d1","block_type":"box","text":"commissions, and other expenditures which are capitalized in accordance with generally accepted accounting principles;","page_number":43,"box":{"x":61,"y":725,"width":875,"height":12}},{"id":"43f614e2-709f-470a-b05d-2dfd01c63245","block_type":"box","text":"(ii) the Fund’s pro rata share of fees and expenses incurred directly or indirectly by the Fund as a result of investing in","page_number":43,"box":{"x":61,"y":740,"width":875,"height":11}},{"id":"cc9cc465-a97c-4f4a-bf20-ae56224315bb","block_type":"box","text":"other investment companies; (iii) other expenses attributable to, and incurred as a result of, the Fund’s investments; and","page_number":43,"box":{"x":61,"y":755,"width":875,"height":11}},{"id":"3b6ee35b-13b0-43a6-923a-0ecf5b13ee48","block_type":"box","text":"(iv) extraordinary expenses (including litigation expenses) not incurred in the ordinary course of the Fund’s business, if","page_number":43,"box":{"x":61,"y":769,"width":877,"height":12}},{"id":"e38b78f1-12e3-45a8-b58f-f57bb05ab12e","block_type":"box","text":"any) of each share class of the Fund at the levels shown below and in the Fund’s fees and expenses table in the “Fund","page_number":43,"box":{"x":61,"y":784,"width":875,"height":12}},{"id":"aed2e971-1d2c-484a-9b42-eac7370129f0","block_type":"box","text":"Overview” section of this prospectus. Items (i), (ii), (iii) and (iv) in the preceding sentence are referred to in this prospectus","page_number":43,"box":{"x":61,"y":799,"width":876,"height":12}},{"id":"41632dbd-0897-469a-b6aa-3ef591f9318f","block_type":"box","text":"as “Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses.” To achieve","page_number":43,"box":{"x":61,"y":814,"width":876,"height":11}},{"id":"fc48d7fa-5f09-4e71-935a-9a79398d900b","block_type":"box","text":"these expense caps, BlackRock has agreed to waive and/or reimburse fees or expenses if the Fund’s operating expenses","page_number":43,"box":{"x":60,"y":829,"width":877,"height":11}},{"id":"2a27b96f-e669-485d-b187-4defd2c26c61","block_type":"box","text":"exceed a certain limit.","page_number":43,"box":{"x":61,"y":844,"width":161,"height":9}},{"id":"29e61f63-06c0-41c6-9841-293ed3fa5815","block_type":"box","text":"With respect to the Fund, BlackRock has contractually agreed to waive and/or reimburse fees or 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0.69%","page_number":44,"box":{"x":70,"y":196,"width":781,"height":8}},{"id":"886fcdf1-54f6-4737-8905-26b8db3f5298","block_type":"box","text":"Class R Shares 1.21% 1.21%","page_number":44,"box":{"x":69,"y":214,"width":782,"height":8}},{"id":"40228528-d38a-4270-b148-e69c82e47db9","block_type":"box","text":"1","page_number":44,"box":{"x":61,"y":234,"width":3,"height":3}},{"id":"328ceacf-8068-4b26-822e-ed5cf41c8118","block_type":"box","text":"The contractual caps are in effect through June 30, 2028. 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BlackRock has adopted policies and","page_number":45,"box":{"x":61,"y":775,"width":865,"height":12}},{"id":"7c203294-acd7-4d63-89ab-0f269a5d33db","block_type":"box","text":"procedures designed to address these potential conflicts of interest. Please see the SAI for further information.","page_number":45,"box":{"x":62,"y":790,"width":819,"height":12}},{"id":"920d0205-6c3f-4146-a49f-629016947ff2","block_type":"box","text":"Valuation of Fund Investments","page_number":45,"box":{"x":63,"y":829,"width":271,"height":11}},{"id":"3b75cc8a-2668-4c33-96d2-72531205bd16","block_type":"box","text":"When you buy shares, you pay the net asset value, plus any applicable sales charge. This is the offering price. Shares","page_number":45,"box":{"x":60,"y":855,"width":869,"height":12}},{"id":"8a999d94-3946-4f5a-8a54-24855aef4043","block_type":"box","text":"are also redeemed at their net asset value, minus any applicable sales charge or redemption fee. The net asset value","page_number":45,"box":{"x":61,"y":870,"width":868,"height":12}},{"id":"6610c706-14c1-4ff1-9a32-f96d4be22bdd","block_type":"box","text":"used in determining your share price is the next one calculated after your purchase or redemption order is received.","page_number":45,"box":{"x":61,"y":885,"width":849,"height":11}},{"id":"a4b943a0-b4d2-4f26-80e9-55fa955236fc","block_type":"box","text":"The net asset value of each class of shares normally is determined once daily Monday through Friday, generally as of","page_number":45,"box":{"x":60,"y":900,"width":862,"height":11}},{"id":"28c7ed7a-b2f7-4fa4-a3eb-e7daccf2b55f","block_type":"box","text":"the close of regular trading hours of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time), on","page_number":45,"box":{"x":60,"y":915,"width":842,"height":11}},{"id":"7dd92372-fa38-4d4f-a535-b32a9a32191e","block_type":"box","text":"44","page_number":45,"box":{"x":61,"y":935,"width":19,"height":9}},{"id":"886cee54-1955-43af-a4e7-b0c4394f21c1","block_type":"box","text":"NM1026U-5993019-45/69","page_number":45,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"d0172547-2bc8-468e-95ab-ca7764ae79b3","block_type":"box","text":"each day that the NYSE is open for trading, based on prices at the time of closing, provided that any Fund assets or","page_number":46,"box":{"x":61,"y":46,"width":851,"height":11}},{"id":"078f0549-11b4-4c13-ae30-ee65e6aaf8ed","block_type":"box","text":"liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market","page_number":46,"box":{"x":62,"y":61,"width":866,"height":11}},{"id":"299b1ac6-f2e5-4b59-81c8-d24715668dcf","block_type":"box","text":"rates on the date of valuation as quoted by one or more data service providers. The net asset value of shares is","page_number":46,"box":{"x":61,"y":75,"width":825,"height":12}},{"id":"f6659590-acfb-42a6-aa78-014e2699ef90","block_type":"box","text":"calculated by dividing the value of the net assets of each class of shares (i.e., the value of its total assets less total","page_number":46,"box":{"x":61,"y":90,"width":854,"height":12}},{"id":"b51a1538-88bb-4c00-bf11-09c37096378a","block_type":"box","text":"liabilities) by the total number of outstanding shares of the class, generally rounded to the nearest cent.","page_number":46,"box":{"x":62,"y":105,"width":764,"height":12}},{"id":"34408edc-4e16-47db-82c5-960190ebf2e1","block_type":"box","text":"Generally, Institutional Shares will have the highest net asset value because that class has the lowest expenses.","page_number":46,"box":{"x":61,"y":128,"width":830,"height":11}},{"id":"3161c091-3be9-47dd-a3c8-f137952acd55","block_type":"box","text":"Investor A Shares will have a higher net asset value than Investor C or Class R Shares, and Class R Shares will have a","page_number":46,"box":{"x":62,"y":142,"width":870,"height":12}},{"id":"e057ddf7-c84a-48c6-9c1f-536a1f93f8b1","block_type":"box","text":"higher net asset value than Investor C Shares. Also, dividends paid on Investor A, Institutional and Class R Shares will","page_number":46,"box":{"x":61,"y":157,"width":869,"height":12}},{"id":"74bc33ce-458f-4a7e-9e1f-0f2728f078ea","block_type":"box","text":"generally be higher than dividends paid on Investor C Shares because Investor A, Institutional and Class R Shares","page_number":46,"box":{"x":60,"y":172,"width":838,"height":12}},{"id":"67f51d58-8f58-4f02-b1d2-da100a1bb505","block_type":"box","text":"have lower expenses.","page_number":46,"box":{"x":61,"y":187,"width":156,"height":11}},{"id":"67ba8099-aad3-4069-b89b-9c44a67c4360","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":46,"box":{"x":60,"y":209,"width":844,"height":12}},{"id":"56a11c39-ae46-4fb5-83f6-9c97e3c1de24","block_type":"box","text":"valuation policies and procedures. BlackRock has been designated by the Board as the valuation designee for the","page_number":46,"box":{"x":60,"y":224,"width":837,"height":12}},{"id":"57188e65-a0c7-4a85-9bc9-3566c5cbcd3f","block_type":"box","text":"Fund pursuant to Rule 2a-5 under the Investment Company Act.","page_number":46,"box":{"x":62,"y":239,"width":464,"height":11}},{"id":"c5b74c44-c0c4-45a6-b63d-33c32d9e3ca1","block_type":"box","text":"Equity securities and other equity instruments (except ETF options, equity index options or those that are customized)","page_number":46,"box":{"x":62,"y":262,"width":863,"height":11}},{"id":"fe01c92c-d1fd-481c-807b-f96d68c31ca3","block_type":"box","text":"for which market quotations are readily available are valued at market value, which is generally determined using the","page_number":46,"box":{"x":60,"y":276,"width":858,"height":12}},{"id":"41c2996e-23df-4471-bf78-0b408ab6aae6","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":46,"box":{"x":62,"y":291,"width":863,"height":12}},{"id":"d2202903-9f5f-4aa1-9a47-8ec0f9ce09c2","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":46,"box":{"x":61,"y":306,"width":852,"height":12}},{"id":"5862f602-305d-42f3-a2df-9ad5a50c5452","block_type":"box","text":"end funds that are not traded on an exchange (including money market funds) are valued at net asset value. Shares of","page_number":46,"box":{"x":61,"y":321,"width":872,"height":11}},{"id":"e03e5d0d-ad96-4705-9255-a09ec77faf9a","block_type":"box","text":"underlying exchange-traded closed-end funds or other ETFs are valued at their most recent closing price.","page_number":46,"box":{"x":61,"y":336,"width":763,"height":11}},{"id":"a623e38a-86d7-4fed-9006-df6b57859573","block_type":"box","text":"The Fund values fixed-income portfolio securities and certain derivative instruments using prices provided by dealers","page_number":46,"box":{"x":60,"y":358,"width":857,"height":12}},{"id":"c540c294-e574-4d34-a1b3-35d7eb601ee2","block_type":"box","text":"or prices (including evaluated prices) supplied by the Fund’s approved independent third-party pricing services, each in","page_number":46,"box":{"x":61,"y":373,"width":870,"height":12}},{"id":"b9460905-1a92-47bb-8134-e7015bf58aed","block_type":"box","text":"accordance with BlackRock’s valuation policies and procedures. Pricing services may use valuation models that utilize","page_number":46,"box":{"x":61,"y":388,"width":868,"height":11}},{"id":"8ba92d1f-ba54-44f1-8790-a3bd717d78a7","block_type":"box","text":"certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming","page_number":46,"box":{"x":61,"y":403,"width":842,"height":11}},{"id":"6ed6b518-0276-4dd1-b7ca-3dd632d60b17","block_type":"box","text":"orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller","page_number":46,"box":{"x":61,"y":418,"width":853,"height":11}},{"id":"5bf075ac-cb07-45d2-b2aa-a25a77940447","block_type":"box","text":"odd lot sizes. 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The","page_number":46,"box":{"x":61,"y":447,"width":822,"height":12}},{"id":"c5ed6423-57d7-43fa-af66-093697b793b5","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":46,"box":{"x":61,"y":462,"width":845,"height":12}},{"id":"4cab3fc1-09e0-4640-9cfb-495375e8b041","block_type":"box","text":"maturity unless BlackRock determines in good faith that such method does not represent fair value.","page_number":46,"box":{"x":61,"y":477,"width":733,"height":11}},{"id":"777e8451-b20c-49e9-9476-076b78381f12","block_type":"box","text":"Generally, trading in non-U.S. securities is substantially completed each day at various times prior to the close of","page_number":46,"box":{"x":61,"y":499,"width":829,"height":12}},{"id":"d613f79d-c820-4d7c-9d36-faece81eccce","block_type":"box","text":"regular trading hours of the NYSE. The values of such securities used in computing the net asset value of the Fund’s","page_number":46,"box":{"x":61,"y":514,"width":857,"height":12}},{"id":"7c1537dd-6972-43de-abc0-771c91aa71ab","block_type":"box","text":"shares are determined as of such times. 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BlackRock may conclude that a market","page_number":46,"box":{"x":60,"y":582,"width":858,"height":11}},{"id":"d2d2e242-9a2c-4e03-ae96-7b4f0fa7e9d9","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":46,"box":{"x":61,"y":596,"width":844,"height":12}},{"id":"c10842af-4330-4604-842e-e5561860ef54","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":46,"box":{"x":61,"y":611,"width":845,"height":11}},{"id":"a838c994-300c-47a3-8919-55756280da32","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":46,"box":{"x":61,"y":626,"width":841,"height":11}},{"id":"3695948e-9685-435a-958f-2a4422099fd1","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":46,"box":{"x":60,"y":641,"width":820,"height":11}},{"id":"6c80cefc-4c02-428c-afae-8dd48e09819c","block_type":"box","text":"security is listed is suspended or closed and no appropriate alternative trading market is available. A “significant","page_number":46,"box":{"x":61,"y":655,"width":828,"height":12}},{"id":"c165f5aa-c628-4fdd-931f-3e629cd6f1e6","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":46,"box":{"x":61,"y":670,"width":836,"height":12}},{"id":"3b6345be-ef31-4619-a32b-efbd9036e0c6","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":46,"box":{"x":62,"y":685,"width":862,"height":12}},{"id":"a4e0923a-c19b-46cd-9a69-9f711d19fecd","block_type":"box","text":"price or closing market price of one or more assets held by, or liabilities of, the Fund.","page_number":46,"box":{"x":62,"y":700,"width":623,"height":11}},{"id":"fc1a75bc-45b6-4dba-bc61-431980392620","block_type":"box","text":"For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the","page_number":46,"box":{"x":62,"y":722,"width":817,"height":12}},{"id":"243849c7-0cb0-4f07-81f0-533f31043a9e","block_type":"box","text":"movement of a proprietary multi-factor model after the relevant foreign markets have closed. 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The fair value of an asset or","page_number":46,"box":{"x":62,"y":789,"width":825,"height":12}},{"id":"f2ef577c-0d97-4293-b854-d3b3aa308017","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":46,"box":{"x":62,"y":804,"width":871,"height":12}},{"id":"ac8aa06c-5247-4c89-ab0a-87343698929f","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":46,"box":{"x":61,"y":819,"width":847,"height":12}},{"id":"ae89f9b9-b13a-406a-9abf-6a2120b49c28","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":46,"box":{"x":62,"y":834,"width":829,"height":12}},{"id":"af952065-29d9-463d-bd25-d6beb964ee4f","block_type":"box","text":"those investments could have been sold during the period in which the particular fair values were used.","page_number":46,"box":{"x":60,"y":849,"width":760,"height":11}},{"id":"854e1841-64dc-4cb9-b0a1-e4ab7c7adb0f","block_type":"box","text":"The Fund may accept orders from certain authorized Financial Intermediaries or their designees. The Fund will be","page_number":46,"box":{"x":60,"y":871,"width":830,"height":12}},{"id":"36080886-81ee-4641-9fbb-db6397cc307a","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":46,"box":{"x":61,"y":886,"width":848,"height":12}},{"id":"15bdfb40-33d9-42d6-95d9-8e0d9c76d502","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":46,"box":{"x":61,"y":901,"width":868,"height":11}},{"id":"b11979bd-d415-4ce4-bbcd-65c83ce2b785","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":46,"box":{"x":61,"y":916,"width":856,"height":11}},{"id":"fabaafee-779e-4670-a0e8-6027105c56c1","block_type":"box","text":"45","page_number":46,"box":{"x":917,"y":935,"width":20,"height":9}},{"id":"569bfbea-876b-4758-bb0a-ef0aed7eaf89","block_type":"box","text":"NM1026U-5993019-46/69","page_number":46,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c3aaf644-6b59-4543-901f-828d8777a04e","block_type":"box","text":"Dividends, Distributions and Taxes","page_number":47,"box":{"x":61,"y":47,"width":311,"height":13}},{"id":"4a29c545-25fd-4c53-8004-46e7e859be84","block_type":"box","text":"BUYING A DIVIDEND","page_number":47,"box":{"x":423,"y":88,"width":152,"height":9}},{"id":"7decb5a0-76dc-4776-8a06-71650ad8bb6b","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":47,"box":{"x":72,"y":110,"width":831,"height":12}},{"id":"c013adb7-9ae4-48e3-92a9-934eed503c7e","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":47,"box":{"x":72,"y":125,"width":845,"height":11}},{"id":"924519be-6386-4b32-a2ec-7f76fc6613ef","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":47,"box":{"x":71,"y":140,"width":855,"height":11}},{"id":"83746640-863b-4cfb-90ac-f74ccea6dac7","block_type":"box","text":"taxable dividend. Before investing you may want to consult your tax adviser.","page_number":47,"box":{"x":70,"y":155,"width":554,"height":11}},{"id":"f421155c-7b10-40f3-ab46-1bf43c4830f1","block_type":"box","text":"The Fund will distribute net investment income, if any, at least quarterly and net realized capital gains, if any, at least","page_number":47,"box":{"x":60,"y":195,"width":861,"height":12}},{"id":"b3dcc8e4-c108-4971-ac7b-cccbe9f7a9d8","block_type":"box","text":"annually. The Fund may also pay a special distribution at the end of the calendar year to comply with federal tax","page_number":47,"box":{"x":61,"y":210,"width":819,"height":11}},{"id":"b3e7f0d3-4f1e-432a-b77c-a531f2fa5865","block_type":"box","text":"requirements. Dividends may be reinvested automatically in shares of the Fund at net asset value without a sales","page_number":47,"box":{"x":61,"y":225,"width":836,"height":11}},{"id":"66640b1d-6830-40f3-9664-df900ac6b8b2","block_type":"box","text":"charge or may be taken in cash. If you would like to receive dividends in cash, contact your Financial Intermediary or","page_number":47,"box":{"x":61,"y":240,"width":854,"height":11}},{"id":"b8b8ef60-4dd4-4198-9bb5-e5ceaf83dbb2","block_type":"box","text":"the Fund. Although this cannot be predicted with any certainty, the Fund anticipates that a significant amount of its","page_number":47,"box":{"x":60,"y":254,"width":844,"height":12}},{"id":"634dc0eb-23c2-45aa-ad64-e5cd32264104","block_type":"box","text":"dividends, if any, will consist of capital gains. Capital gains may be taxable to you at different rates depending on how","page_number":47,"box":{"x":61,"y":269,"width":865,"height":12}},{"id":"1e640c5d-1706-4146-99fd-a9850daff526","block_type":"box","text":"long the Fund held the assets sold.","page_number":47,"box":{"x":62,"y":284,"width":257,"height":12}},{"id":"6cb0b062-93d1-41cf-b4d1-e6ff2e1364cd","block_type":"box","text":"You will pay tax on dividends from the Fund whether you receive them in cash or additional shares. 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Davidson provides trade execution, clearance, and/or custody services, will be eligible for the following","page_number":56,"box":{"x":60,"y":92,"width":840,"height":12}},{"id":"f4106768-cc43-44ed-a7f3-9d1644120322","block_type":"box","text":"sales charge waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and","page_number":56,"box":{"x":61,"y":107,"width":864,"height":11}},{"id":"28a57af0-09a5-425f-bf2a-2ec2501af7fa","block_type":"box","text":"discounts, which may differ from those disclosed elsewhere in this Prospectus or the Fund’s SAI.","page_number":56,"box":{"x":61,"y":122,"width":713,"height":11}},{"id":"5d929808-b3af-42e0-916d-bc75649c3d8d","block_type":"box","text":"Front-End Sales Charge Waivers on Investor A Shares Available at D.A. Davidson","page_number":56,"box":{"x":61,"y":145,"width":664,"height":12}},{"id":"6030ec7d-0c03-4fcd-a869-2333ad9542cc","block_type":"box","text":"Shares purchased of the same Fund or another BlackRock Fund through a systematic reinvestment of capital gains","page_number":56,"box":{"x":81,"y":166,"width":845,"height":12}},{"id":"e1a7d467-d871-44ad-af32-35034072e676","block_type":"box","text":"and dividend distributions.","page_number":56,"box":{"x":81,"y":181,"width":192,"height":9}},{"id":"b022dd08-f8fc-418e-99b5-2ab0cda7b6f3","block_type":"box","text":"Shares purchased by employees and registered representatives of D.A. Davidson or its affiliates and their family","page_number":56,"box":{"x":81,"y":201,"width":827,"height":12}},{"id":"3dd41740-4e05-441d-988a-f104d7c68230","block_type":"box","text":"members as designated by D.A. Davidson.","page_number":56,"box":{"x":82,"y":216,"width":309,"height":11}},{"id":"3ceaf7e8-0de5-4f8b-a5f6-87557ce5be74","block_type":"box","text":"Shares purchased from the proceeds of redemptions of the same Fund or another BlackRock Fund, provided (1) the","page_number":56,"box":{"x":81,"y":236,"width":851,"height":11}},{"id":"60854eb7-2e3b-48f3-9047-78590e08e595","block_type":"box","text":"repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same","page_number":56,"box":{"x":82,"y":251,"width":820,"height":11}},{"id":"564f3d7a-c44c-44de-86fb-bbcd7b4ccca1","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as Rights of","page_number":56,"box":{"x":81,"y":265,"width":792,"height":12}},{"id":"fa98de97-ce87-4e10-b019-80d0bd25e61e","block_type":"box","text":"Reinstatement).","page_number":56,"box":{"x":82,"y":281,"width":114,"height":11}},{"id":"332f2f24-9347-4ca0-8b2a-c72ec9fab82f","block_type":"box","text":"A shareholder in the Fund’s Investor C Shares will have their shares converted at net asset value to Investor A","page_number":56,"box":{"x":81,"y":300,"width":812,"height":9}},{"id":"b8606996-765c-47c8-ace7-9838d4174f35","block_type":"box","text":"Shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the","page_number":56,"box":{"x":81,"y":315,"width":776,"height":12}},{"id":"7f881e42-854a-46de-91ab-550c380d9199","block_type":"box","text":"conversion is consistent with D.A. Davidson’s policies and procedures.","page_number":56,"box":{"x":81,"y":330,"width":519,"height":11}},{"id":"2358c133-30f2-409f-a645-d6f9fb7baf9a","block_type":"box","text":"CDSC Waivers on Investor A and C Shares Available at D.A. Davidson","page_number":56,"box":{"x":61,"y":353,"width":571,"height":10}},{"id":"08c630dd-610b-4007-9568-353bd6ee5ed7","block_type":"box","text":"Shares sold due to the death or disability of the shareholder.","page_number":56,"box":{"x":81,"y":374,"width":446,"height":12}},{"id":"bf6b9783-dcf3-4468-a2ba-65ba4e914559","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus.","page_number":56,"box":{"x":81,"y":394,"width":672,"height":12}},{"id":"1bd1c2e9-d0f7-415b-b137-268ab69b251c","block_type":"box","text":"Shares bought due to return of excess contributions from an IRA account.","page_number":56,"box":{"x":81,"y":414,"width":540,"height":12}},{"id":"e703e644-9f88-45bc-97f9-6b2dbcfce12a","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA or other qualifying retirement accounts pursuant to","page_number":56,"box":{"x":81,"y":434,"width":836,"height":12}},{"id":"32274189-56c2-4dcc-aff0-97cb478a9700","block_type":"box","text":"the Internal Revenue Code.","page_number":56,"box":{"x":80,"y":449,"width":199,"height":9}},{"id":"c6ae2da7-1fbf-46ce-8663-c9d8ae95a3d8","block_type":"box","text":"Shares acquired through a Right of Reinstatement.","page_number":56,"box":{"x":81,"y":469,"width":372,"height":12}},{"id":"a4462787-b432-46ff-97f9-59f82ab8af4c","block_type":"box","text":"Front-End Sales Charge Discounts Available at D.A. Davidson: Breakpoints, Rights of Accumulation and/","page_number":56,"box":{"x":61,"y":492,"width":867,"height":13}},{"id":"f90fdcea-58ea-4ffb-8f48-ed5e8402e31b","block_type":"box","text":"or Letters of Intent","page_number":56,"box":{"x":61,"y":509,"width":155,"height":10}},{"id":"81de1e51-93e4-4ed1-88be-54b27a54cdbe","block_type":"box","text":"Breakpoints as described in this Prospectus.","page_number":56,"box":{"x":82,"y":531,"width":327,"height":11}},{"id":"ace4e956-f22d-476c-9cc0-f8f96405e361","block_type":"box","text":"Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on","page_number":56,"box":{"x":82,"y":550,"width":849,"height":12}},{"id":"d3af4330-127f-4b76-bb78-e10f7db3cfa2","block_type":"box","text":"the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at D.A.","page_number":56,"box":{"x":80,"y":565,"width":796,"height":12}},{"id":"57d58582-fc67-4752-870b-8be596f4bb0a","block_type":"box","text":"Davidson. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation of rights of","page_number":56,"box":{"x":82,"y":580,"width":837,"height":12}},{"id":"0846dfd6-f92a-4aca-be70-ab82aaee20f1","block_type":"box","text":"accumulation only if the shareholder notifies his or her financial advisor about such assets.","page_number":56,"box":{"x":81,"y":595,"width":670,"height":11}},{"id":"4c82c6b5-fe17-4411-b307-19103d88306d","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases of BlackRock Funds, over a","page_number":56,"box":{"x":82,"y":615,"width":833,"height":11}},{"id":"57c4411e-e6b6-4164-8eb9-538f9ee9a46e","block_type":"box","text":"13-month time period. Eligible BlackRock Fund assets not held at D.A. Davidson may be included in the calculation","page_number":56,"box":{"x":82,"y":630,"width":841,"height":11}},{"id":"d19289aa-d80c-4d08-a912-683ff6d7f25d","block_type":"box","text":"of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":56,"box":{"x":81,"y":644,"width":705,"height":12}},{"id":"471db726-25de-45df-b035-4e1ba30b0338","block_type":"box","text":"A-2","page_number":56,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"d852475b-13f4-4968-99c6-383d87078f42","block_type":"box","text":"NM1026U-5993019-56/69","page_number":56,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"b3aaa399-be95-4e49-9709-95a042b0735b","block_type":"box","text":"Edward D. Jones & Co., L.P. (“Edward Jones”):","page_number":57,"box":{"x":61,"y":46,"width":383,"height":12}},{"id":"46b20845-9583-4ef4-a03c-ac943a305aeb","block_type":"box","text":"Policies Regarding Transactions Through Edward Jones","page_number":57,"box":{"x":61,"y":71,"width":456,"height":12}},{"id":"e3f92e6c-e468-476a-a1ef-ea6884cb3136","block_type":"box","text":"The following information has been provided by Edward Jones:","page_number":57,"box":{"x":62,"y":102,"width":455,"height":11}},{"id":"1ab51118-896f-4e99-a7da-51a70c626cca","block_type":"box","text":"Effective on or after June 10, 2026, the following information supersedes prior information with respect to","page_number":57,"box":{"x":62,"y":124,"width":780,"height":12}},{"id":"48bc04fd-8a19-46b2-9309-b9e78ace453e","block_type":"box","text":"transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also","page_number":57,"box":{"x":60,"y":139,"width":817,"height":12}},{"id":"eba77afc-5c17-47a5-8d06-43972447817e","block_type":"box","text":"referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are","page_number":57,"box":{"x":61,"y":154,"width":863,"height":11}},{"id":"558ca3ba-361e-4435-9b64-28599954fbec","block_type":"box","text":"eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ","page_number":57,"box":{"x":61,"y":169,"width":860,"height":11}},{"id":"bfca2843-4ad4-4b53-9e4e-f9ee27f619fa","block_type":"box","text":"from discounts and waivers described elsewhere in this prospectus or statement of additional information (“SAI”) or","page_number":57,"box":{"x":60,"y":184,"width":854,"height":11}},{"id":"44b9c01a-b702-464a-88f3-6879989fb97e","block_type":"box","text":"through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time","page_number":57,"box":{"x":60,"y":198,"width":875,"height":12}},{"id":"17bc6c97-87f4-4265-9655-d60ed1abb236","block_type":"box","text":"of purchase of any relationship, holdings of BlackRock Funds, or other facts qualifying the purchaser for discounts or","page_number":57,"box":{"x":61,"y":213,"width":857,"height":12}},{"id":"03976337-ac7f-45db-84b9-4d9e147bf838","block_type":"box","text":"waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if","page_number":57,"box":{"x":60,"y":228,"width":871,"height":9}},{"id":"1ecca663-fe88-4a50-937a-df392595bea6","block_type":"box","text":"they have questions regarding their eligibility for these discounts and waivers.","page_number":57,"box":{"x":60,"y":243,"width":570,"height":11}},{"id":"99bc244f-1fd0-4523-a214-87caebcdaf9d","block_type":"box","text":"Breakpoints","page_number":57,"box":{"x":61,"y":266,"width":99,"height":12}},{"id":"9a923b90-5a22-4554-a8f7-1440fe8afa28","block_type":"box","text":"Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.","page_number":57,"box":{"x":82,"y":288,"width":788,"height":11}},{"id":"87f9ebe8-7922-4559-850c-76009fdcc2d3","block_type":"box","text":"Rights of Accumulation (“ROA”)","page_number":57,"box":{"x":61,"y":310,"width":265,"height":13}},{"id":"a4c5b400-b364-4704-98a3-14f37d8957b1","block_type":"box","text":"The applicable sales charge on a purchase of Investor A Shares is determined by taking into account all share","page_number":57,"box":{"x":81,"y":332,"width":810,"height":11}},{"id":"539e7604-f8e6-4975-8a99-42f31935df41","block_type":"box","text":"classes (except certain money market funds and any assets held in group retirement plans) of BlackRock Funds and","page_number":57,"box":{"x":81,"y":347,"width":855,"height":11}},{"id":"17176a7c-65bb-4d7d-9b44-9c52862980f5","block_type":"box","text":"the BlackRock CollegeAdvantage 529 Program held by the shareholder or in an account grouped by Edward Jones","page_number":57,"box":{"x":80,"y":362,"width":834,"height":11}},{"id":"60ad0049-4346-401f-b341-f6a5ad09855e","block_type":"box","text":"with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets","page_number":57,"box":{"x":80,"y":376,"width":849,"height":12}},{"id":"3b6583b5-5892-40c3-b5bf-aacac8aad5c8","block_type":"box","text":"as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another","page_number":57,"box":{"x":81,"y":391,"width":793,"height":11}},{"id":"6db93f80-2082-44bc-92f0-1c2c563ca67d","block_type":"box","text":"platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder","page_number":57,"box":{"x":82,"y":406,"width":794,"height":12}},{"id":"f309eac9-57a7-4fee-8160-b968907f883e","block_type":"box","text":"notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such","page_number":57,"box":{"x":82,"y":421,"width":811,"height":11}},{"id":"fa54eeae-055a-4e24-852b-a29a005455d4","block_type":"box","text":"shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a","page_number":57,"box":{"x":81,"y":436,"width":841,"height":11}},{"id":"ccf41f62-c681-4a16-8175-d8a7017f8361","block_type":"box","text":"sales charge.","page_number":57,"box":{"x":81,"y":451,"width":97,"height":11}},{"id":"c75f999f-a5a3-45aa-9bd8-418f555b0b3d","block_type":"box","text":"The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA","page_number":57,"box":{"x":81,"y":470,"width":846,"height":12}},{"id":"768203ce-dd89-4744-9a54-ea9a4a7e8810","block_type":"box","text":"accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a","page_number":57,"box":{"x":81,"y":486,"width":769,"height":11}},{"id":"8e6d6010-1b8e-4e31-a896-9f98813a0f58","block_type":"box","text":"shareholder or pricing group level.","page_number":57,"box":{"x":81,"y":500,"width":248,"height":12}},{"id":"fd557e99-2b9b-40c6-b18b-62696077f2c8","block_type":"box","text":"ROA is determined by calculating the higher of cost minus redemptions or market value (current shares multiplied","page_number":57,"box":{"x":82,"y":520,"width":833,"height":12}},{"id":"388f3760-f85e-427e-ac56-bba63c003ff3","block_type":"box","text":"by NAV).","page_number":57,"box":{"x":81,"y":535,"width":58,"height":11}},{"id":"764713de-42c1-48d6-b547-7ef7455fa152","block_type":"box","text":"Letter of Intent (“LOI”)","page_number":57,"box":{"x":61,"y":558,"width":188,"height":12}},{"id":"9bb441d9-d75b-47d6-b6b7-117edb0a49da","block_type":"box","text":"Through a LOI, a shareholder can receive the sales charge and breakpoint discounts for purchases such","page_number":57,"box":{"x":81,"y":579,"width":765,"height":12}},{"id":"6fe7a5e5-9d9e-4b2f-978e-478dad0cc44f","block_type":"box","text":"shareholder intends to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is","page_number":57,"box":{"x":81,"y":594,"width":804,"height":11}},{"id":"c0ce5da1-cbb4-4439-9cf8-eae0527c5ce3","block_type":"box","text":"determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination","page_number":57,"box":{"x":81,"y":609,"width":829,"height":12}},{"id":"a5edb830-5914-4c75-8da9-0ec92a0a1cdc","block_type":"box","text":"with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge","page_number":57,"box":{"x":80,"y":624,"width":830,"height":11}},{"id":"51bf3784-357c-44ec-8f6d-0d697ca679d8","block_type":"box","text":"and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the","page_number":57,"box":{"x":81,"y":639,"width":833,"height":11}},{"id":"710311d8-5a39-45b7-a191-04766639606e","block_type":"box","text":"sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible BlackRock Funds","page_number":57,"box":{"x":81,"y":653,"width":827,"height":12}},{"id":"36da502e-81f3-4273-99f9-f2b6f1193772","block_type":"box","text":"assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of","page_number":57,"box":{"x":81,"y":668,"width":845,"height":12}},{"id":"2cbd8052-c11f-4b3d-9a35-0ed19b28bb2c","block_type":"box","text":"calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not","page_number":57,"box":{"x":81,"y":683,"width":851,"height":12}},{"id":"d52e5990-99de-4dff-ae36-54a5ec4fb43f","block_type":"box","text":"reduce the sales charge previously paid. Sales charges will be adjusted if the LOI is not met.","page_number":57,"box":{"x":82,"y":698,"width":680,"height":12}},{"id":"d57669d9-bef4-49d5-949d-00ff6ab894c1","block_type":"box","text":"If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the","page_number":57,"box":{"x":82,"y":718,"width":842,"height":11}},{"id":"0450aad3-cfb5-4b18-826f-b1d69a1ac731","block_type":"box","text":"IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be","page_number":57,"box":{"x":82,"y":733,"width":829,"height":11}},{"id":"98a8ac73-11f5-411f-b3ff-23194a26029a","block_type":"box","text":"established by the employer.","page_number":57,"box":{"x":81,"y":748,"width":209,"height":11}},{"id":"c0b93c89-7be1-41a4-ad2b-c7c0e4b4bc2e","block_type":"box","text":"Sales Charge Waivers","page_number":57,"box":{"x":60,"y":771,"width":180,"height":12}},{"id":"7bae7df7-df9a-47d8-9800-2cc3add55179","block_type":"box","text":"Sales charges are waived for the following shareholders and in the following situations:","page_number":57,"box":{"x":61,"y":787,"width":639,"height":11}},{"id":"5f55f693-98df-484b-8b19-dca042faae40","block_type":"box","text":"Associates of Edward Jones and its affiliates and other accounts in the same pricing group (as determined by","page_number":57,"box":{"x":81,"y":807,"width":806,"height":11}},{"id":"f881cccc-47c2-4dfb-9f09-f6c6311dc92c","block_type":"box","text":"Edward Jones under its policies and procedures) as the associate. 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Morgan Securities LLC, over a 13-month period of time (if applicable).","page_number":59,"box":{"x":80,"y":714,"width":601,"height":12}},{"id":"412c594c-201a-416f-83e4-184c5c4c3e9d","block_type":"box","text":"A-5","page_number":59,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"e86ea62d-268a-45d4-b042-bd48d6a9d86e","block_type":"box","text":"NM1026U-5993019-59/69","page_number":59,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"06154dfc-ef7b-4ded-8c24-caa9eb8ab887","block_type":"box","text":"Janney Montgomery Scott LLC:","page_number":60,"box":{"x":61,"y":46,"width":256,"height":13}},{"id":"007d35fc-400b-4146-ac3b-79d6e8d2326d","block_type":"box","text":"Effective May 1, 2020, if you purchase fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage","page_number":60,"box":{"x":62,"y":70,"width":838,"height":12}},{"id":"40b42ccd-073b-48df-bd74-76f8f4be319c","block_type":"box","text":"account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent","page_number":60,"box":{"x":61,"y":85,"width":830,"height":12}},{"id":"15a4f084-9c2a-4876-9a44-6b31ac1c7f06","block_type":"box","text":"deferred sales charge (“CDSC”), or back-end sales charge, waivers) and discounts, which may differ from those","page_number":60,"box":{"x":61,"y":100,"width":821,"height":11}},{"id":"49be8af5-1a68-427c-bb30-c3482bbbf8de","block_type":"box","text":"disclosed elsewhere in this Fund’s prospectus or SAI.","page_number":60,"box":{"x":61,"y":115,"width":393,"height":11}},{"id":"f5ff6cfc-a1e5-4f8b-ad39-02a22bdfa303","block_type":"box","text":"Front-end sales charge* waivers on Investor A shares available at Janney","page_number":60,"box":{"x":61,"y":138,"width":606,"height":12}},{"id":"70f3881e-88b0-43d1-92a9-3a96871e944f","block_type":"box","text":"Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing","page_number":60,"box":{"x":81,"y":159,"width":835,"height":12}},{"id":"72cafbfd-e8d1-4960-bd4a-7bf5d37bf0e1","block_type":"box","text":"shares of the same fund (but not any other BlackRock Fund).","page_number":60,"box":{"x":81,"y":174,"width":446,"height":11}},{"id":"3db0595b-2c51-483b-b69a-c3c6e866201c","block_type":"box","text":"Shares purchased by employees and registered representatives of Janney or its affiliates and their family members","page_number":60,"box":{"x":81,"y":194,"width":847,"height":11}},{"id":"5af358af-8a39-40b1-b8fe-19f4dd6fa93c","block_type":"box","text":"as designated by Janney.","page_number":60,"box":{"x":81,"y":209,"width":182,"height":11}},{"id":"d3978bc9-0f84-4655-9c42-1ead11d98d96","block_type":"box","text":"Shares purchased from the proceeds of redemptions from another BlackRock Fund, provided (1) the repurchase","page_number":60,"box":{"x":81,"y":229,"width":823,"height":11}},{"id":"593a17b5-0eab-4fa7-a86b-33144ab6587e","block_type":"box","text":"occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same","page_number":60,"box":{"x":81,"y":244,"width":793,"height":11}},{"id":"5f9598dc-5c60-465a-83d0-93b9562b3ca4","block_type":"box","text":"account, and (3) redeemed shares were subject to a front-end or deferred sales charge (i.e., right of reinstatement).","page_number":60,"box":{"x":81,"y":258,"width":852,"height":12}},{"id":"5b886791-f7fb-4ecd-832b-d9759c89ada5","block_type":"box","text":"Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit","page_number":60,"box":{"x":82,"y":278,"width":805,"height":12}},{"id":"c0d27e73-6797-463b-add1-69091be0cfc9","block_type":"box","text":"sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer","page_number":60,"box":{"x":81,"y":293,"width":826,"height":12}},{"id":"feba2b96-bdfa-4533-8d11-464bf77eb84c","block_type":"box","text":"sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.","page_number":60,"box":{"x":81,"y":308,"width":684,"height":12}},{"id":"28a94d23-91ae-416c-8894-5d6b3f202c22","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":60,"box":{"x":81,"y":328,"width":362,"height":12}},{"id":"605198d5-211b-46f3-8434-02c4cc37c2d5","block_type":"box","text":"Investor C shares that are no longer subject to a contingent deferred sales charge and are converted to Investor A","page_number":60,"box":{"x":82,"y":348,"width":840,"height":12}},{"id":"932cee22-2fed-4634-9aa3-fbbead83eb2d","block_type":"box","text":"shares of the same fund pursuant to Janney’s policies and procedures.","page_number":60,"box":{"x":81,"y":363,"width":523,"height":11}},{"id":"16d72b5d-3962-4419-b7b3-62a8b41cc8c2","block_type":"box","text":"CDSC waivers on Investor A and C shares available at Janney","page_number":60,"box":{"x":61,"y":386,"width":507,"height":12}},{"id":"d557bbc4-d6f9-49ab-ad7d-c91c09afa0a8","block_type":"box","text":"Shares sold upon the death or disability of the shareholder.","page_number":60,"box":{"x":81,"y":407,"width":436,"height":12}},{"id":"f67425aa-d611-4dc9-b8b1-8f37380d0846","block_type":"box","text":"Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus or SAI.","page_number":60,"box":{"x":81,"y":427,"width":721,"height":12}},{"id":"896d20c6-d88f-4e85-bc22-c17d4cd6a8e6","block_type":"box","text":"Shares purchased in connection with a return of excess contributions from an IRA account.","page_number":60,"box":{"x":81,"y":447,"width":667,"height":11}},{"id":"da52f06d-ecac-4ede-b6d2-7a43344f036e","block_type":"box","text":"Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal","page_number":60,"box":{"x":81,"y":467,"width":820,"height":11}},{"id":"8bd941f1-8246-420e-8ba2-72fdfda07378","block_type":"box","text":"Revenue Code.","page_number":60,"box":{"x":82,"y":482,"width":108,"height":9}},{"id":"927163d1-5663-45e7-b980-da80ba8c4933","block_type":"box","text":"Shares sold to pay Janney fees but only if the transaction is initiated by Janney.","page_number":60,"box":{"x":81,"y":502,"width":583,"height":11}},{"id":"1aa28fc9-3992-40e7-8dec-beb1d39eca9c","block_type":"box","text":"Shares acquired through a right of reinstatement.","page_number":60,"box":{"x":81,"y":522,"width":362,"height":12}},{"id":"5927044b-1f21-4a9e-83b3-cf6f0650ff3f","block_type":"box","text":"Shares exchanged into the same share class of a different fund.","page_number":60,"box":{"x":81,"y":542,"width":473,"height":12}},{"id":"e7d6bee9-876c-4f4a-a671-afa29f38071b","block_type":"box","text":"Front-end sales charge* discounts available at Janney: breakpoints, rights of accumulation, and/or","page_number":60,"box":{"x":61,"y":565,"width":822,"height":12}},{"id":"b18e57b5-17ad-42a8-b262-8c502f8873ac","block_type":"box","text":"letters of intent","page_number":60,"box":{"x":61,"y":582,"width":128,"height":10}},{"id":"e6577f38-dbf3-4e03-a279-915b2a0afdf6","block_type":"box","text":"Breakpoints as described in the Fund’s prospectus or SAI.","page_number":60,"box":{"x":82,"y":603,"width":426,"height":11}},{"id":"eb757c37-7b6c-4aed-8911-a17bf03c0925","block_type":"box","text":"Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated","page_number":60,"box":{"x":82,"y":623,"width":847,"height":12}},{"id":"38ad9cbb-abe7-4c1e-8eb9-a2e9257b083e","block_type":"box","text":"based on the aggregated holding of BlackRock Fund assets held by accounts within the purchaser’s household at","page_number":60,"box":{"x":81,"y":638,"width":834,"height":12}},{"id":"b4500f75-8909-4570-a1c2-7e5a876e33c5","block_type":"box","text":"Janney. Eligible BlackRock Fund assets not held at Janney may be included in the ROA calculation only if the","page_number":60,"box":{"x":81,"y":653,"width":793,"height":11}},{"id":"3636fe3a-ec55-4bbf-9d31-7f19b73240d5","block_type":"box","text":"shareholder notifies his or her financial advisor about such assets.","page_number":60,"box":{"x":81,"y":668,"width":490,"height":9}},{"id":"435b1d3f-9c15-46de-9fa8-edc000197e6f","block_type":"box","text":"Letters of intent which allow for breakpoint discounts based on anticipated purchases within a BlackRock Fund, over","page_number":60,"box":{"x":82,"y":688,"width":854,"height":11}},{"id":"a5f69893-d91b-4427-9927-d2d4add0c78b","block_type":"box","text":"a 13-month time period. Eligible BlackRock Fund assets not held at Janney Montgomery Scott may be included in","page_number":60,"box":{"x":81,"y":703,"width":831,"height":11}},{"id":"e5bc12b5-e7b8-4a72-9060-ca01066e0f15","block_type":"box","text":"the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.","page_number":60,"box":{"x":80,"y":717,"width":818,"height":12}},{"id":"57f0b919-42d9-4d15-8568-5dc746585bd9","block_type":"box","text":"*Also referred to as an “initial sales charge.”","page_number":60,"box":{"x":62,"y":740,"width":332,"height":11}},{"id":"b06122e0-9783-40ad-8f7b-c16aa18a94ed","block_type":"box","text":"A-6","page_number":60,"box":{"x":487,"y":935,"width":22,"height":9}},{"id":"e1c17cf3-77b1-488e-98ae-ba62fa5129f4","block_type":"box","text":"NM1026U-5993019-60/69","page_number":60,"box":{"x":757,"y":969,"width":145,"height":7}},{"id":"c05a7471-64bc-4a2c-861a-2ea44126d740","block_type":"box","text":"Merrill Lynch:","page_number":61,"box":{"x":61,"y":46,"width":110,"height":13}},{"id":"3b358387-56a5-4085-97c1-9ce68c646d9b","block_type":"box","text":"Purchases or sales of front-end (i.e. Investor A) or level-load (i.e., Investor C) mutual fund shares through a Merrill","page_number":61,"box":{"x":61,"y":62,"width":834,"height":12}},{"id":"c11b1a57-3254-4b57-a2b0-14368b1c40e7","block_type":"box","text":"platform or account will be eligible only for the following sales load waivers (front-end, contingent deferred, or back-end","page_number":61,"box":{"x":62,"y":77,"width":870,"height":12}},{"id":"c483ed8c-292d-479a-8c40-9c845ed23503","block_type":"box","text":"waivers) and discounts, which differ from those disclosed elsewhere in this Fund’s prospectus. Purchasers will have to","page_number":61,"box":{"x":60,"y":92,"width":874,"height":11}},{"id":"c3ae6447-19fd-40cc-9733-45bb3d15a2c0","block_type":"box","text":"buy mutual fund shares directly from the mutual fund company or through another intermediary to be eligible for","page_number":61,"box":{"x":61,"y":107,"width":823,"height":11}},{"id":"50405ac5-39dc-4b20-988b-48de29ea590c","block_type":"box","text":"waivers or discounts not listed below.","page_number":61,"box":{"x":60,"y":122,"width":274,"height":9}},{"id":"fe9e381d-1ba1-4d4b-a59d-8f16d5b1f83b","block_type":"box","text":"It is the client’s responsibility to notify Merrill at the time of purchase or sale of any relationship or other facts that","page_number":61,"box":{"x":62,"y":144,"width":841,"height":12}},{"id":"4d2b9f1c-5d10-4e98-9591-382cb070d402","block_type":"box","text":"qualify the transaction for a waiver or discount. A Merrill representative may ask for reasonable documentation of such","page_number":61,"box":{"x":61,"y":159,"width":870,"height":12}},{"id":"153f32f6-ceb8-42b1-a716-e25d6e8fabff","block_type":"box","text":"facts and Merrill may condition the granting of a waiver or discount on the timely receipt of such documentation.","page_number":61,"box":{"x":60,"y":174,"width":823,"height":11}},{"id":"00ae2187-329c-44f7-87b1-139f974e75e6","block_type":"box","text":"Additional information on waivers, discounts, and share class exchanges is available in the Merrill Sales Load Waiver","page_number":61,"box":{"x":60,"y":196,"width":862,"height":12}},{"id":"cbc6aadf-5de9-42fc-968d-0cbd4a4b9f7e","block_type":"box","text":"and Discounts Supplement (the “Merrill SLWD Supplement”) and in the Mutual Fund Investing at Merrill pamphlet at","page_number":61,"box":{"x":61,"y":211,"width":853,"height":12}},{"id":"6f3ac443-e903-48de-85c9-2157a0b93656","block_type":"box","text":"ml.com/funds. Clients are encouraged to review these documents and speak with their financial advisor to determine","page_number":61,"box":{"x":61,"y":226,"width":863,"height":12}},{"id":"eea208f9-ca30-4197-88d8-28b3b3fb66ec","block_type":"box","text":"whether a transaction is eligible for a waiver or discount.","page_number":61,"box":{"x":60,"y":241,"width":415,"height":12}},{"id":"5024aaf2-51de-4cc4-85fc-c3cfe7536240","block_type":"box","text":"Front-end Load Waivers Available at Merrill","page_number":61,"box":{"x":61,"y":264,"width":352,"height":10}},{"id":"5e9b936f-7276-4dcd-8325-e557b4634746","block_type":"box","text":"Shares of mutual funds available for purchase by employer-sponsored retirement, deferred compensation, and","page_number":61,"box":{"x":81,"y":285,"width":811,"height":12}},{"id":"6c799e3c-5252-4d98-a2d3-89b7941229ef","block_type":"box","text":"employee benefit plans (including health savings accounts) and trusts used to fund those plans provided the shares","page_number":61,"box":{"x":81,"y":300,"width":853,"height":12}},{"id":"2fc5805d-358c-4ec6-b157-8525bb88c836","block_type":"box","text":"are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes","page_number":61,"box":{"x":81,"y":315,"width":854,"height":12}},{"id":"50f7fcfe-5a30-4f0b-ac77-a1c25a5424fc","block_type":"box","text":"of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh","page_number":61,"box":{"x":81,"y":330,"width":832,"height":11}},{"id":"0493069d-a7b2-4b99-9025-574e58dfc17d","block_type":"box","text":"plans","page_number":61,"box":{"x":82,"y":345,"width":38,"height":11}},{"id":"5b1a6285-1eae-40ca-bd77-6dc030d2e950","block_type":"box","text":"Shares purchased through a Merrill investment advisory program","page_number":61,"box":{"x":81,"y":365,"width":476,"height":11}},{"id":"a65cbac5-da88-46cf-95f5-e394dc011d5b","block_type":"box","text":"Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment","page_number":61,"box":{"x":82,"y":385,"width":853,"height":11}},{"id":"0f67f1db-fbdd-4e3f-8996-44ec17d0f1ea","block_type":"box","text":"advisory program to a Merrill brokerage account","page_number":61,"box":{"x":81,"y":400,"width":352,"height":11}},{"id":"c52dd8f3-bcc8-4e62-9d3a-3d639d5625c7","block_type":"box","text":"Shares purchased through the Merrill Edge Self-Directed platform","page_number":61,"box":{"x":81,"y":419,"width":479,"height":12}},{"id":"b62a261e-3a43-42f0-b89b-7e63c129a0be","block_type":"box","text":"Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment","page_number":61,"box":{"x":81,"y":439,"width":820,"height":12}},{"id":"31abe9ef-81b6-49a1-b258-98294b10c5f0","block_type":"box","text":"when purchasing shares of the same mutual fund in the same account","page_number":61,"box":{"x":80,"y":454,"width":521,"height":12}},{"id":"1fade1b8-b28a-481e-b0f7-78ff5778e995","block_type":"box","text":"Shares exchanged from level-load shares to front-end load shares of the same mutual fund in accordance with the","page_number":61,"box":{"x":81,"y":474,"width":839,"height":12}},{"id":"a633b42f-c0e6-47db-8072-25b9e8712ff0","block_type":"box","text":"description in the Merrill SLWD Supplement","page_number":61,"box":{"x":81,"y":489,"width":319,"height":11}},{"id":"1223f4f5-0f95-4f8d-8ad2-a5a18882810a","block_type":"box","text":"Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in","page_number":61,"box":{"x":81,"y":509,"width":850,"height":12}},{"id":"2888361b-8901-4a82-a1c2-960862a379a7","block_type":"box","text":"accounts within the employee’s Merrill Household (as defined in the Merrill SLWD Supplement)","page_number":61,"box":{"x":81,"y":524,"width":697,"height":11}},{"id":"6151ccb2-6802-4899-a856-cd258981adda","block_type":"box","text":"Shares purchased by eligible persons associated with the Fund as defined in this prospectus (e.g. the Fund’s","page_number":61,"box":{"x":81,"y":544,"width":803,"height":11}},{"id":"45296918-f192-4576-9ea7-938070f78679","block_type":"box","text":"officers or trustees)","page_number":61,"box":{"x":81,"y":559,"width":145,"height":11}},{"id":"f0b2bee1-6b34-4022-b209-ad184016d4aa","block_type":"box","text":"Shares purchased from the proceeds of a mutual fund redemption in front-end load shares provided (1) the","page_number":61,"box":{"x":81,"y":579,"width":788,"height":11}},{"id":"f1ff56d2-1110-4ff6-a2db-34d303e73ad3","block_type":"box","text":"repurchase is in a mutual fund within the same fund family, (2) the repurchase occurs within 90 calendar days from","page_number":61,"box":{"x":82,"y":594,"width":847,"height":11}},{"id":"ab3ba80f-48a6-4a1c-ac66-8e8f13de6b9b","block_type":"box","text":"the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of","page_number":61,"box":{"x":80,"y":608,"width":827,"height":12}},{"id":"d9665485-a57f-4261-a8ce-2a3f886ff383","block_type":"box","text":"Reinstatement). 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